FRANKLIN RESOURCES INC — Director's Dealing 2003

Oct 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-10-29

Reporting Person: ALEXANDER PENELOPE S (Vice-President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-29	Common Stock, par value $.10	M	4000	$32.9000	Acquired	42243.0000	Direct
2003-10-29	Common Stock, par value $.10	S	4000	$47.9367	Disposed	38243.0000	Direct
2003-10-29	Common Stock, par value $.10	M	1245	$32.6250	Acquired	39488.0000	Direct
2003-10-29	Common Stock, par value $.10	S	1245	$47.9367	Disposed	38243.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-29	Employee Stock Option (Right to Buy)	$32.6250	M	1245	Disposed	2007-09-28	Common Stock, par value $.10 (1245.0000)	Direct
2003-10-29	Employee Stock Option (Right to Buy)	$32.9000	M	4000	Disposed	2012-11-09	Common Stock, par value $.10 (4000.0000)	Direct

Footnotes

F1: Shares represent grants of awards of common stock under the Franklin Resources, Inc.'s 2002 Universal Stock Incentive Plan (the ''2002 Plan''). Unvested balances for the fiscal years 2001 and 2002 are 337 and 714 shares, respectively. The holder is entitled to receive dividends and vote such shares, however, such shares are subject to vesting requirements under the 2002 Plan.

F2: This report reflects the exercise of all of the 1,245 shares available under an option granted on November 15, 1999.

F3: This report reflects the exercise of 4,000 shares out of a total of 12,000 shares available under an option granted on November 12, 2002. The remaining increments of the option become exercisable as follows: 4,000 shares on September 30, 2004 and 4,000 shares on September 30, 2005.