FRANKLIN RESOURCES INC — Director's Dealing 2004

Sep 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2004-09-14

Reporting Person: LEWIS KENNETH A (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-14	Common Stock, par value $.10	M	2786	$38.3800	Acquired	13557.1209	Direct
2004-09-14	Common Stock, par value $.10	S	2786	$55.1500	Disposed	10771.1209	Direct
2004-09-14	Common Stock, par value $.10	M	6667	$37.3800	Acquired	17438.1209	Direct
2004-09-14	Common Stock, par value $.10	S	6667	$55.1500	Disposed	10771.1209	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-14	Employee Stock Option (Right to Buy)	$37.3800	M	6667	Disposed	2011-11-19	Common Stock, par value $.10 (6667.0000)	Direct
2004-09-14	Employee Stock Options (Right to Buy)	$38.3800	M	2786	Disposed	2010-11-16	Common Stock, par value $.10 (2786.0000)	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 2001, 2002 and 2003 of 585, 1,879 and 1,930 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 6,667 shares out of a total of 20,000 shares available under an option granted on November 19, 2001. The remaining increment 6,666 become exercisable on September 30, 2004.

F3: This report reflects the exercise of 2,786 shares available under an option granted on November 16, 2000.