FRANKLIN RESOURCES INC — Director's Dealing 2003

Sep 12, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-09-11

Reporting Person: BAIO JAMES R (SVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-11	Common Stock, par value $.10	M	16667	$38.3800	Acquired	33407.2308	Direct
2003-09-11	Common Stock, par value $.10	S	16667	$44.3046	Disposed	16740.2308	Direct
2003-09-11	Common Stock, par value $.10	M	8334	$37.3800	Acquired	25074.2308	Direct
2003-09-11	Common Stock, par value $.10	S	8334	$44.3046	Disposed	16740.2308	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-11	Employee Stock Option (Right to Buy)	$37.3800	M	8334	Disposed	2011-11-19	Common Stock, par value $.10 (8334.0000)	Direct
2003-09-11	Employee Stock Options (Right to Buy)	$38.3800	M	16667	Disposed	2010-11-16	Common Stock, par value $.10 (16667.0000)	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''), including unvested balances for fiscal years 2000, 2001 and 2002 of 484, 1,102 and 1,805 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 8,334 shares out of a total of 25,000 shares available under an option granted on November 19, 2001. The remaining increments of 8,333 and 8,333 become exercisable on September 30, 2003 and September 30, 2004, respectively.

F3: This report reflects the exercise of 16,667 shares out of a total of 25,000 shares available under an option granted on November 16, 2000. The remaining 8,333 becomes exercisable on September 30, 2003.