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: 2004-11-29

Reporting Person: JOHNSON CHARLES B (Director, Chairman of the Board, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-29	Common Stock, par value $.10	G	3500	—	Disposed	37316552.0000	Direct
2004-11-29	Common Stock, par value $.10	G	500	—	Disposed	37316052.0000	Direct
2004-11-29	Common Stock, par value $.10	G	600	—	Disposed	37315452.0000	Direct
2004-11-29	Common Stock, par value $.10	G	600	—	Disposed	37314852.0000	Direct
2004-11-29	Common Stock, par value $.10	G	500	—	Disposed	37314352.0000	Direct
2004-11-29	Common Stock, par value $.10	G	17000	—	Disposed	37297352.0000	Direct
2004-11-29	Common Stock, par value $.10	G	17000	—	Disposed	37280352.0000	Direct
2004-11-29	Common Stock, par value $.10	G	35000	—	Disposed	37245352.0000	Direct
2004-12-15	Common Stock, par value $.10	M	23000	$33.2500	Acquired	37268352.0000	Direct
2004-12-15	Common Stock, par value $.10	S	23000	$68.0700	Disposed	37245352.0000	Direct
2004-12-15	Common Stock, par value $.10	S	100000	$68.0700	Disposed	37145352.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-15	Employee Stock Option (Right to Buy)	$33.2500	M	23000	Disposed	2004-12-31	Common Stock, par value $.10 (23000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	3563675.0000	Indirect
Common Stock, par value $.10	7016.9500	Indirect
Common Stock, par value $.10	3000000.0000	Indirect

Footnotes

F1: Shares represent a pro-rata number of shares equivalent to Mr. Johnson's percentage of ownership of the holdings of the Franklin Resources, Inc. Profit Sharing Plan as of September 30, 2004. Mr. Johnson disclaims beneficial ownership of such shares.

F2: Shares are owned indirectly by a limited partnership in which Mr. Johnson is a limited partner.