FRANKLIN RESOURCES INC — Director's Dealing 2003

Nov 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-11-06

Reporting Person: BURNS HARMON E (Director, Vice Chariman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-06	Common Stock, par value $.10	M	69000	$33.2500	Acquired	1271132.6678	Direct
2003-11-06	Common Stock, par value $.10	M	68059	$32.8750	Acquired	1339191.6678	Direct
2003-11-06	Common Stock, par value $.10	S	2105	$47.6430	Disposed	1337086.6678	Direct
2003-11-06	Common Stock, par value $.10	S	52621	$47.6430	Disposed	1284465.6678	Direct
2003-11-06	Common Stock, par value $.10	S	2122	$47.6430	Disposed	1282343.6678	Direct
2003-11-06	Common Stock, par value $.10	S	51477	$47.6430	Disposed	1230866.6678	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-06	Employee Stock Option (Right to Buy)	$33.2500	M	69000	Disposed	2003-12-31	Common Stock, par value $.10 (69000.0000)	Direct
2003-11-06	Employee Stock Option (Right to Buy)	$32.8750	M	68059	Disposed	2007-09-28	Common Stock, par value $.10 (68059.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	83000.0000	Indirect
Common Stock, par value $.10	500001.5000	Indirect
Common Stock, par value $.10	5038.0000	Indirect

Footnotes

F1: Mr. Burns disclaims beneficial ownership of these shares, which are held by a private foundation of which Mr. Burns is a trustee.

F2: Shares represent a pro-rata number of shares equivalent to Mr. Burns' percentage of ownership of the holdings of the Franklin Resources, Inc. Profit Sharing Plan as of September 30, 2002. Mr. Burns disclaims beneficial ownership of such shares.

F3: The option becomes exercisable in three approximately equal increments on each of September 29, 2000, September 28, 2001, and September 30, 2002.