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EXHIBIT 21

FRANKLIN RESOURCES, INC.

LIST OF SUBSIDIARIES*

(as of September 30, 2024)

Name**						State or Jurisdiction of Incorporation or Organization
AdvisorEngine Inc.						Delaware
Benji Staking, LLC						Delaware
Brandywine Global Investment Management (Europe) Limited						United Kingdom
Clarion Partners (Deutschland) Europe GmbH						Germany
Clarion Partners EMEA Limited						United Kingdom
Clarion Partners Europe Limited						Jersey
Clarion Partners Europe (UK) Limited						United Kingdom
Clarion Partners Holdings LLC						Delaware
Clarion Partners, LLC						New York
Clarion Partners Securities, LLC						Delaware
Clarion REIM South America Holdings, LLC						Delaware
Clarion REIM South America Invsetimentos Imobiliarios Ltda						Brazil
ClearBridge Investments Limited						Australia
ClearBridge Investments (North America) Pty Limited						Australia
CP Industrial Management, LLC						Delaware
CP Intermediate Holdco, Inc.						Delaware
Fiduciary International Holding, Inc.						New York
Fiduciary Trust Company International						New York
Fiduciary Trust Company International of Pennsylvania						Pennsylvania
Fiduciary Trust Company of Canada						Canada
Fiduciary Trust International, LLC						Delaware
Fiduciary Trust International of California						California
Fiduciary Trust International of Delaware						Delaware
Fiduciary Trust International of the South						Florida
Franklin Advisers GP, LLC						Delaware
Franklin Advisers, Inc.						California
Franklin Advisory Services, LLC						Delaware
Franklin Distributors, LLC						Delaware
Franklin Holdings, LLC						Delaware
Franklin Digital Lending GP, LLC						Delaware
Franklin Managed Options Strategies, LLC						Delaware
Franklin Mutual Advisers, LLC						Delaware
Franklin SystematiQ Advisers, LLC						Delaware
Franklin Templeton Alternative Investments (India) Private Limited						India
Franklin Templeton Asia Pacific Alternative Limited						Hong Kong
Franklin Templeton Asset Management (IFSC) Private Limited						India
Franklin Templeton Asset Management (India) Private Limited						India
Franklin Templeton Asset Management (Malaysia) Sdn. Bhd.						Malaysia
Franklin Templeton Asset Management Mexico, S.A. de C.V., Sociedad Operadora de Fondos de Inversion						Mexico
Franklin Templeton Austria GmbH						Austria

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Name**						State or Jurisdiction of Incorporation or Organization
Franklin Templeton (Australia) Holdings Pty Ltd						Australia
Franklin Templeton Australia Limited						Australia
Franklin Templeton Blockchain Fund II GP, LLC						Cayman Islands
Franklin Templeton Blockchain GP, LLC						Delaware
Franklin Templeton Capital Holdings Private Limited						Singapore
Franklin Templeton Chile SpA. V.						Chile
Franklin Templeton Companies, LLC						Delaware
Franklin Templeton Financial Company						Kingdom of Saudi Arabia
Franklin Templeton Fund Adviser, LLC						Delaware
Franklin Templeton Fund Management Limited						United Kingdom
Franklin Templeton Global Investors Limited						United Kingdom
Franklin Templeton GSC Asset Management Sdn. Bhd.						Malaysia
Franklin Templeton Holding (Cayman) Ltd.						Cayman Islands
Franklin Templeton Holding Limited						Mauritius
Franklin Templeton International Services (India) Private Limited						India
Franklin Templeton International Services S.à r.l.						Luxembourg
Franklin Templeton Investímentos (Brasil) Ltda.						Brazil
Franklin Templeton Investment Advisors Korea Co., Ltd.						South Korea
Franklin Templeton Investment Management Limited						United Kingdom
Franklin Templeton Investment Services Mexico S. de R.L.						Mexico
Franklin Templeton Investments (Asia) Limited						Hong Kong
Franklin Templeton Investments Australia Limited						Australia
Franklin Templeton Investments Corp.						Canada
Franklin Templeton Investments (ME) Limited						U.A.E.
Franklin Templeton Investments Poland sp. z o.o.						Poland
Franklin Templeton Investments South Africa (Pty) Ltd						South Africa
Franklin Templeton Investor Services, LLC						Delaware
Franklin Templeton Luxembourg S.A.						Luxembourg
Franklin Templeton Magyarorszag Kft.						Hungary
Franklin Templeton Overseas Investment Fund Management (Shanghai) Co., Limited						China
Franklin Templeton Private Fund Management (Shanghai) Co., Limited						China
Franklin Templeton Private Portfolio Group, LLC						Delaware
Franklin Templeton Services, LLC						Delaware
Franklin Templeton Services (India) Private Limited						India
Franklin Templeton Servicios de Consultoría México, S. de R.L. de C.V.						Mexico
Franklin Templeton Slovakia, s.r.o.						Slovakia
Franklin Templeton Social Infrastructure GP, S.à r.l.						Luxembourg
Franklin Templeton Strategic Investments Ltd.						Cayman Islands
Franklin Templeton Switzerland Ltd.						Switzerland
Franklin Templeton Trustee Services Private Limited						India
Franklin Templeton Turkey Advisory Services A.S.						Turkey
Franklin Templeton UK Property Limited						United Kingdom
Franklin Templeton Uruguay S.A.						Uruguay
Franklin Venture Partners, LLC						Delaware
Franklin Venture Partners (Talos Cayman GP), LLC						Delaware

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Name**						State or Jurisdiction of Incorporation or Organization
FT FinTech Holdings, LLC						Delaware
FTC Investor Services Inc.						Canada
FTCI (Cayman) Ltd.						Cayman Islands
Goldberry Wealth GmbH						Germany
Legg Mason Australia Holdings Pty Limited						Australia
Legg Mason (Chile) Inversiones Holdings Limitada						Chile
Legg Mason & Co (UK) Limited						United Kingdom
Legg Mason & Co., LLC						Maryland
Legg Mason Holding (Switzerland) GmbH						Switzerland
Legg Mason, Inc.						Maryland
Legg Mason Investments (Europe) Limited						United Kingdom
Legg Mason Investments (Switzerland) GmbH						Switzerland
Legg Mason Royce Holdings, LLC						Delaware
Lexington Partners L.P.						Delaware
LM (BVI) Limited						British Virgin Islands
LM Holdings 2 Limited						United Kingdom
LM International Holding LP						Cayman Islands
Onsa Inc.						Delaware
O’Shaughnessy Asset Management, L.L.C.						Delaware
Putnam Advisory Holdings II, LLC						Delaware
Putnam Advisory Holdings, LLC						Delaware
Putnam Capital, L.L.C.						Delaware
Putnam Fiduciary Trust Company, LLC						New Hampshire
Putnam International Distributors, Ltd.						Cayman Islands
Putnam Investment Holdings, LLC						Delaware
Putnam Investment Management, LLC						Delaware
Putnam Investments Australia Pty Limited						Australia
Putnam Investments Canada ULC						Canada
Putnam Investments Japan Co., Ltd						Japan
Putnam Investments Limited						United Kingdom
Putnam Investor Services, Inc.						Massachusetts
Putnam U.S. Holdings I, LLC						Delaware
Random Forest Capital, LLC						California
Royce & Associates GP, LLC						Delaware
Royce & Associates, LP						Delaware
Royce Fund Services, LLC						New York
Savings Investments, LLC						Delaware
Templeton Asset Management Ltd.						Singapore
Templeton Asset Management (Poland) TFI S.A.						Poland
Templeton do Brasil Ltda.						Brazil
Templeton Global Advisors Limited						The Bahamas
Templeton Global Holdings Ltd.						The Bahamas
Templeton Hana Asset Management Co., Ltd.						South Korea
Templeton International, Inc.						Delaware

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Name**						State or Jurisdiction of Incorporation or Organization
Templeton Investment Counsel, LLC						Delaware
Templeton Restructured Investments, L.L.C.						Delaware
Templeton Restructured Investments III, Ltd.						Cayman Islands
Templeton Restructured Investments IV, Ltd.						Cayman Islands
Templeton Turkey Fund GP Ltd.						Cayman Islands
Templeton Worldwide, Inc.						Delaware
The Putnam Advisory Company, LLC						Delaware
TSEMF III (Jersey) Limited						Jersey (Channel Islands)
TSEMF IV (Jersey) Limited						Jersey (Channel Islands)
Western Asset Management (Brazil) Holdings Limitada						Brazil
Western Asset Management (Cayman) Holdings Limited						Cayman Islands
Western Asset Management Company Distribuidora de Titulos e Valores Mobiliarios Limitada						Brazil
Western Asset Management Company Limited						United Kingdom
Western Asset Management Company, LLC						California
Western Asset Management Company Pte. Ltd.						Singapore
Western Asset Management Company Pty Ltd						Australia
37 Capital Bluescale General Partner, LLC						Delaware
37 Capital General Partner, LLC						Delaware
37 Capital Private Mortgage II General Partner, LLC						Delaware
37 Capital Structured Credit General Partner, LLC						Delaware

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*    Certain subsidiaries have been omitted because, when considered in the aggregate, they do not constitute a significant subsidiary.

**    Our subsidiaries currently do business principally under their respective corporate names except as follows:

•some of our subsidiaries may use the names Franklin Templeton, Franklin Templeton International and Templeton Worldwide;

•Fiduciary Trust Company of Canada may use the names Fiduciary Trust Canada and Franklin Templeton Multi-Asset Solutions in various Canadian jurisdictions;

•Franklin Templeton Investments Corp. may use the names Franklin Templeton Canada, Franklin Templeton Investments Canada, Franklin Bissett Investment Management, Franklin Templeton Investments and Franklin Templeton Institutional in various Canadian jurisdictions;

•Legg Mason, Inc. may use the name Legg Mason Global Asset Management; and

•Royce & Associates, LP may use the name Royce Investment Partners.