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: LEWIS KENNETH A (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-10	Common Stock, par value $.10	M	3880	$38.3800	Acquired	14651.1209	Direct
2004-09-10	Common Stock, par value $.10	S	3880	$55.0000	Disposed	10771.1209	Direct
2004-09-10	Common Stock, par value $.10	M	1666	$34.5000	Acquired	12437.1209	Direct
2004-09-10	Common Stock, par value $.10	S	1666	$55.0000	Disposed	10771.1209	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-10	Employee Stock Option (Right to Buy)	$34.5000	M	1666	Disposed	2010-12-15	Common Stock, par value $.10 (1666.0000)	Direct
2004-09-10	Employee Stock Options (Right to Buy)	$38.3800	M	3880	Disposed	2010-11-16	Common Stock, par value $.10 (3880.0000)	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 all of the 1,666 shares available under an option granted on December 15, 2000.

F3: This report reflects the exercise of 3880 shares available under an option granted on November 16, 2000.