FRANKLIN RESOURCES INC — Director's Dealing 2005

Feb 2, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2005-01-31

Reporting Person: BAIO JAMES R (SVP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-31	Common Stock, par value $.10	A	125.2756	$67.5800	Acquired	22587.5634	Direct
2005-02-01	Common Stock, par value $.10	S	49.7721	$67.5800	Disposed	22537.7913	Direct

Footnotes

F1: Of the amount of securities beneficially owned, 9,752 shares represent unvested awards of restricted stock shares.

F2: Also includes shares acquired pursuant to Franklin Resources, Inc.'s Employee Stock Investment Plan.