FRANKLIN RESOURCES INC — Director's Dealing 2004

Dec 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2004-12-15

Reporting Person: KRATTER LESLIE M (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-15	Common Stock, par value $.10	M	35000	$38.3800	Acquired	90872.9387	Direct
2004-12-15	Common Stock, par value $.10	S	29790	$68.5281	Disposed	61082.9387	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-15	Employee Stock Options (Right to Buy)	$38.3800	M	35000	Disposed	2010-11-16	Common Stock, par value $.10 (35000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	12864.0000	Indirect

Footnotes

F1: Of the amount of securities beneficially owned, 9,001 shares represent unvested awards of restricted stock shares.

F2: Shares are held by a member of Mr. Kratter's immediate family. Mr. Kratter disclaims beneficial ownership of such shares under Section 16 of the Securities Exchange Act of 1934.