FRANKLIN RESOURCES INC — Director's Dealing 2004

Sep 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2004-09-10

Reporting Person: SIMPSON MURRAY (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-10	Common Stock, par value $.10	S	10000	$54.7500	Disposed	22706.0000	Direct
2004-09-13	Common Stock, par value $.10	M	20000	$33.4375	Acquired	42706.0000	Direct
2004-09-13	Common Stock, par value $.10	S	20000	$55.3332	Disposed	22706.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-13	Employee Stock Options (Right to Buy)	$33.4375	M	20000	Disposed	2007-09-28	Common Stock, par value $.10 (20000.0000)	Direct

Footnotes

F1: Shares represent grant of award of common stock under the Franklin Resources, Inc. 2002 Universal Stock Incentive Plan (the ''2002 Plan''). Unvested balances for the fiscal years 2001, 2002 and 2003 are 947, 2,255 and 3,088 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 20,000 shares offered in a grant approved on January 11, 2000.