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CALIFORNIA / News and Insight on Business in the Golden
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Spotlight: Franklin Resources Joining S & P 500

April 28, 1998

San Mateo-based Franklin Resources Inc. will replace CoreStates Financial Corp. on the Standard & Poor's 500-stock index effective after the close of trading today. CoreStates is being acquired by First Union Corp. in a $17-billion acquisition that is expected to close today. Franklin Resources, the U.S.' largest publicly traded mutual fund company in terms of assets, reported fiscal second-quarter earnings of $126.7 million, or 50 cents a diluted share, from $101.4 million, or 40 cents, a year ago.

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