EXHIBIT 21
FRANKLIN RESOURCES, INC.
LIST OF SUBSIDIARIES
State or Nation of
Name Incorporation
- --------------------------------------------------------------------------- ------------------------
Continental Property Management Company California
FCC Receivables Corporation Delaware
FTCI (Cayman) Ltd. Cayman Islands
FTI-Banque Fiduciary Trust Switzerland
FTI Institutional, LLC Delaware
Fiduciary Financial Services Corp. New York
Fiduciary International, Inc. New York
Fiduciary International Holding, Inc. New York
Fiduciary International Ireland Limited Ireland
Fiduciary Investment Corporation New York
Fiduciary Investment Management International, Inc. Delaware
Fiduciary Tax Services, Inc. New York
Fiduciary Trust (International) S.A. Switzerland
Fiduciary Trust Company International New York
Fiduciary Trust International Asia Limited Hong Kong
Fiduciary Trust International Australia Limited Australia
Fiduciary Trust International Investment Management, Inc. Japan
Fiduciary Trust International Limited England
Fiduciary Trust International of California California
Fiduciary Trust International of Delaware Delaware
Fiduciary Trust International of the South Florida
Franklin Advisers, Inc. California
Franklin Advisory Services, LLC Delaware
Franklin Agency, Inc. California
Franklin Capital Corporation Utah
Franklin Investment Advisory Services, Inc. Delaware
Franklin Mutual Advisers, LLC Delaware
Franklin Private Client Group, Inc. California
Franklin Properties, Inc. California
Franklin Receivables LLC Delaware
Franklin Templeton Asset Strategies, LLC Delaware
Franklin Templeton Asset Management S.A. France
Franklin Templeton Bank & Trust, F.S.B. United States
Franklin Templeton Companies, LLC Delaware
Franklin Templeton France S.A. France
Franklin Templeton Global Investors Limited United Kingdom
Franklin Templeton Holding Limited Mauritius
Franklin Templeton International Services S.A. Luxembourg
Franklin Templeton Investment Management Limited United Kingdom
Franklin Templeton Investment Services GmbH Germany
Franklin Templeton Investment Trust Management Co., Ltd. Korea
Franklin Templeton Investments (Asia) Limited Hong Kong
Franklin Templeton Investments Australia Limited Australia
Franklin Templeton Investments Corp. Canada
Franklin Templeton Investments Japan Limited Japan
Franklin Templeton Investor Services, LLC Delaware
Franklin Templeton Italia SIM S.p.A. Italy
Franklin Templeton Management Luxembourg SA Luxembourg
Franklin Templeton NIB Asset Management (Proprietary) Limited South Africa
Franklin Templeton NIB Investments Limited South Africa
Franklin Templeton NIB Management Company Limited South Africa
Franklin Templeton Services, LLC Delaware
Franklin Templeton Services Limited Ireland
Franklin/Templeton Distributors, Inc. New York
Franklin/Templeton Securities Investment Consulting (SinoAm) Inc. Taiwan
Franklin/Templeton Travel, Inc. California
FS Capital Group California
FS Properties, Inc. California
Happy Dragon Holdings Limited British Virgin Islands
ITI Capital Markets Limited India
Pioneer ITI AMC Limited India
Pioneer ITI Mutual Fund Private Limited India
Property Resources, Inc. California
Templeton (Switzerland) Ltd. Switzerland
Templeton Asian Direct Investments Limited Hong Kong
Templeton Asset Management (India) Private Limited India
Templeton Asset Management (Labuan) Limited Malaysia
Templeton Asset Management Ltd. Singapore
Templeton Capital Advisors Ltd. Bahamas
Templeton China Research Limited Hong Kong
Templeton do Brasil Ltda. Brazil
Templeton Franklin Global Distributors, Ltd. Bermuda
Templeton Funds Annuity Company Florida
Templeton Global Advisors Limited Bahamas
Templeton Global Holdings Ltd. Bahamas
Templeton Heritage Limited Canada
Templeton International, Inc. Delaware
Templeton Investment Counsel, LLC Delaware
Templeton Research and Management Venezuela, C.A. Venezuela
Templeton Research Poland SP.z.o.o. Poland
Templeton Restructured Investments, L.L.C. Delaware
Templeton Trust Services Private Limited India
Templeton Worldwide, Inc. Delaware
Templeton/Franklin Investment Services, Inc. Delaware
TRFI Investments Limited Cyprus
*All subsidiaries currently do business principally under their respective
corporate name except as follows: Templeton/Franklin Investment Services, Inc.
operates as Templeton Private Client Group; Franklin Private Client Group, Inc.
conducts business as Private Client Group. Some Templeton subsidiaries also
occasionally use the name Templeton Worldwide.