EXHIBIT 21
FRANKLIN RESOURCES, INC.
FOR FISCAL YEAR ENDED SEPTEMBER 30, 1997
LIST OF PRINCIPAL SUBSIDIARIES*
State or
Nation of
Name Incorporation
- --------------------------------------------------------------------------------
Closed Joint-Stock Company Templeton Russia
Continental Property Management Company California
Franklin Advisers, Inc. California
Franklin Advisory Services, Inc. Delaware
Franklin Agency, Inc. California
Franklin Asset Management (Proprietary) Limited South Africa
Franklin Bank California
Franklin Capital Corporation Utah
Franklin Institutional Services Corporation California
Franklin Investment Advisory Services, Inc. Delaware
Franklin Management, Inc. California
Franklin Mutual Advisers, Inc. Delaware
Franklin Partners, Inc. California
Franklin Properties, Inc. California
Franklin Real Estate Management, Inc. California
Franklin Templeton Holding Limited Mauritius
Franklin Templeton Services, Inc. Delaware
Franklin Templeton Trust Company California
Franklin/Templeton Distributors, Inc. New York
Franklin/Templeton Investor Services, Inc. California
Franklin/Templeton Travel, Inc. California
FS Capital Group California
FS Properties Inc. California
Happy Dragon Holdings Ltd. British
Virgin
Islands
Orion Fund Management Limited Bermuda
Property Resources Equity Trust California
Property Resources, Inc. California
T.G.H. Holdings Ltd. Bahamas
TDA Emerging Europe Fund, LLC Delaware
Templeton Global Value Investors, Inc. Delaware
Templeton Asset Management India Pvt. Ltd. India
Templeton Asset Management Ltd. Japan
Templeton Direct Advisors, Inc. Delaware
Templeton do Brasil-Consultoria Financeira LTDA. Brazil
Templeton Direct Investments, Inc. Delaware
Templeton Direct Advisors, L.P. Delaware
Templeton France S.A. France
Templeton/Franklin Investment Services, Inc. Delaware
Templeton Funds Annuity Company Florida
Templeton Funds Trust Company Florida
Templeton Global Advisors Limited Bahamas
Templeton Global Investors Limited England
Templeton Global Investors, Inc. Delaware
Templeton Global Strategic Services (Deutschland) GmbH Germany
Templeton Global Strategic Services S.A. Luxembourg
Templeton Global Value Investors, Inc. Delaware
Templeton Heritage Limited Canada
Templeton Holdings Limited England
Templeton International, Inc. Delaware
Templeton Investment Counsel, Inc. Florida
Templeton Investment Holdings (Cyprus) Limited Cyprus
Templeton Investment Management (Australia) Limited Australia
Templeton Investment Management Co., Ltd. Singapore
Templeton Investment Management Limited England
Templeton Italia, Srl. Italy
Templeton Management Limited Canada
Templeton Research Poland SP.z.o.o. Poland
Templeton (Switzerland) Ltd. Switzerland
Templeton Trust Services Pvt. Ltd. India
Templeton Unit Trust Managers Limited England
Templeton Worldwide, Inc. Delaware
Templeton/Franklin Investment Services (Asia) Limited Hong Kong
Templeton/Franklin Investment Services, Inc. Delaware
*All subsidiaries currently do business only under their corporate name except
for Templeton Quantitative Advisors, Inc., which also operates under the assumed
name, "The DAIS Group"; Templeton Investment Counsel, Inc. which also operates
under the name "Templeton Global Bond Managers"; and Templeton/Franklin
Investment Services, Inc. which also operates under the assumed name, "Templeton
Portfolio Advisory". All Templeton subsidiaries also on occasion use the name
Templeton Worldwide.