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: TATLOCK ANNE M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-10	Common Stock, par value $.10	S	200	$54.4000	Disposed	211412.0000	Direct
2004-09-10	Common Stock, par value $.10	S	200	$54.4200	Disposed	211212.0000	Direct
2004-09-10	Common Stock, par value $.10	S	800	$54.4300	Disposed	210412.0000	Direct
2004-09-10	Common Stock, par value $.10	S	900	$54.4400	Disposed	209512.0000	Direct
2004-09-10	Common Stock, par value $.10	S	3800	$54.4500	Disposed	205712.0000	Direct
2004-09-10	Common Stock, par value $.10	S	800	$54.4600	Disposed	204912.0000	Direct
2004-09-10	Common Stock, par value $.10	S	300	$54.4800	Disposed	204612.0000	Direct
2004-09-10	Common Stock, par value $.10	S	100	$54.4900	Disposed	204512.0000	Direct
2004-09-10	Common Stock, par value $.10	S	11400	$54.5000	Disposed	193112.0000	Direct
2004-09-10	Common Stock, par value $.10	S	245	$54.5300	Disposed	192867.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	38492.9300	Indirect
Common Stock, par value $.10	2621.0000	Indirect

Footnotes

F1: Shares represent grant of award of common stock under the Franklin Resources, Inc. 2002 Universal Stock Incentive Plan (the ''2002 Plan''), including the unvested balances for fiscal year 2002 of 2,931, 5,028 and 4,666 shares, respectively, and the unvested balance for fiscal year 2003 of 6,252 shares. 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 in connection with an employee benefit plan.

F3: Shares are held by Mrs. Tatlock's spouse as the trustee for Ms. Tatlock's minor child. Ms. Tatlock disclaims any beneficial ownership of such shares.