FRANKLIN RESOURCES INC — Director's Dealing 2004

Nov 15, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2004-09-30

Reporting Person: JOHNSON GREGORY E (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-29	Common Stock, par value $.10	G	428	—	Acquired	447429.0000	Direct
2004-05-20	Common Stock, par value $.10	G	520	—	Disposed	446909.0000	Direct
2004-05-26	Common Stock, par value $.10	G	200	—	Disposed	446709.0000	Direct
2004-06-07	Common Stock, par value $.10	G	200	—	Disposed	446509.0000	Direct
2004-09-27	Common Stock, par value $.10	G	250	—	Disposed	446259.0000	Direct
2003-12-29	Common Stock, par value $.10	G	856	—	Acquired	14652.0000	Indirect
2003-12-29	Common Stock, par value $.10	G	428	—	Acquired	3068.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	1235.5460	Indirect

Footnotes

F1: Shares represent grants of awards of common stock under the Franklin Resources, Inc. 2002 Universal Stock Incentive Plan (the ''2002 Plan''). Unvested balances for the fiscal years 2002 and 2003 are 4,698 and 15,436 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: Shares are held by Mr. Johnson as Trustee for Mr. Johnson's minor children. Mr. Johnson disclaims any beneficial ownership of such shares.

F3: Shares are held by a member of Mr. Johnson's immediate family. Mr. Johnson disclaims any beneficial ownership of such shares.

F4: 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, 2003. Mr. Johnson disclaims beneficial ownership of such shares.