FRANKLIN RESOURCES INC — Director's Dealing 2003

Dec 13, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-12-10

Reporting Person: JOHNSON CHARLES B (Director, Chairman of the Board & CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-10	Employee Stock Option (Right to Buy)	$33.2500	D	23000	Disposed	2003-12-31	Common Stock, par value $.10 (23000.0000)	Direct
2003-12-10	Employee Stock Option (Right to Buy)	$33.2500	A	23000	Acquired	2004-12-31	Common Stock, par value $.10 (23000.0000)	Direct

Footnotes

F1: Amendment of option to change expiration date.

F2: Not Applicable