FRANKLIN RESOURCES INC — Director's Dealing 2004

Sep 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2003-12-12

Reporting Person: JOHNSON CHARLES B (Director, Chairman of the Board & CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-12	Common Stock, par value $.10	G	73337	—	Disposed	37456608.0000	Direct
2003-12-29	Common Stock, par value $.10	G	11556	—	Disposed	37445052.0000	Direct
2004-09-02	Common Stock, par value $.10	S	300000	$53.6800	Disposed	3563675.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	7037.0120	Indirect
Common Stock, par value $.10	3000000.0000	Indirect

Footnotes

F1: Shares reported do not include shares owned by Mr. Johnson's immediate family, directly or indirectly or by a private foundation of which Mr. Johnson is a trustee.

F2: 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.

F3: Shares are owned indirectly by a limited partnership in which Mr. Johnson is a limited partner.