FRANKLIN RESOURCES INC — Director's Dealing 2003

Aug 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-07-31

Reporting Person: LEWIS KENNETH A (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-31	Common Stock, par value $.10	M	6667	$37.3800	Acquired	24569.0958	Direct
2003-07-31	Common Stock, par value $.10	M	3334	$34.5000	Acquired	27903.0958	Direct
2003-07-31	Common Stock, par value $.10	M	13334	$38.3800	Acquired	41237.0958	Direct
2003-07-31	Common Stock, par value $.10	S	23335	$44.0207	Disposed	17902.0958	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-31	Employee Stock Option (Right to Buy)	$34.5000	M	3334	Disposed	2010-12-15	Common Stock, par value $.10 (3334.0000)	Direct
2003-07-31	Employee Stock Option (Right to Buy)	$37.3800	M	6667	Disposed	2011-11-19	Common Stock, par value $.10 (6667.0000)	Direct
2003-07-31	Employee Stock Options (Right to Buy)	$38.3800	M	13334	Disposed	2010-11-16	Common Stock, par value $.10 (13334.0000)	Direct

Footnotes

F1: Shares representing 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 471, 1,171 and 2,819 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 3,334 shares out of a total of 5,000 shares available under an option granted on December 15, 2000. The remaining 1,666 becomes exercisable on September 30, 2003.

F3: This report reflects the exercise of 6,667 shares out of a total of 20,000 shares available under an option granted on November 19, 2001. The remaining increments of 6,667 and 6,666 become exercisable on September 30, 2003 and September 30, 2004, respectively.

F4: This report reflects the exercise of 13,334 shares out of a total of 20,000 shares available under an option granted on November 16, 2000. The remaining 6,666 becomes exercisable on September 30, 2003.