FRANKLIN RESOURCES INC — Director's Dealing 2006

Dec 8, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FRANKLIN RESOURCES INC (BEN)
CIK: 0000038777
Period of Report: 2006-12-05

Reporting Person: TATLOCK ANNE M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-05	Common Stock, par value $.10	M	46337	$31.9500	Acquired	215939.0000	Direct
2006-12-05	Common Stock, par value $.10	M	25743	$47.5700	Acquired	241682.0000	Direct
2006-12-05	Common Stock, par value $.10	S	500	$110.7500	Disposed	241182.0000	Direct
2006-12-05	Common Stock, par value $.10	S	900	$110.7600	Disposed	240282.0000	Direct
2006-12-05	Common Stock, par value $.10	S	600	$110.7700	Disposed	239682.0000	Direct
2006-12-05	Common Stock, par value $.10	S	2000	$110.7800	Disposed	237682.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1199	$110.8000	Disposed	235983.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1900	$110.8100	Disposed	234083.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1098	$110.8200	Disposed	232985.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1302	$110.8300	Disposed	231683.0000	Direct
2006-12-05	Common Stock, par value $.10	S	400	$110.8400	Disposed	231283.0000	Direct
2006-12-05	Common Stock, par value $.10	S	2300	$110.8500	Disposed	228983.0000	Direct
2006-12-05	Common Stock, par value $.10	S	800	$110.8600	Disposed	228183.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1394	$110.8700	Disposed	226789.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1194	$110.8800	Disposed	225595.0000	Direct
2006-12-05	Common Stock, par value $.10	S	1600	$110.8900	Disposed	223995.0000	Direct
2006-12-05	Common Stock, par value $.10	S	28828	$110.9000	Disposed	195167.0000	Direct
2006-12-05	Common Stock, par value $.10	S	7444	$110.9100	Disposed	187723.0000	Direct
2006-12-05	Common Stock, par value $.10	S	6798	$110.9200	Disposed	180925.0000	Direct
2006-12-05	Common Stock, par value $.10	S	2320	$110.9300	Disposed	178605.0000	Direct
2006-12-05	Common Stock, par value $.10	S	3600	$110.9400	Disposed	175005.0000	Direct
2006-12-05	Common Stock, par value $.10	S	500	$110.9500	Disposed	174505.0000	Direct
2006-12-05	Common Stock, par value $.10	S	100	$110.9800	Disposed	174405.0000	Direct
2006-12-05	Common Stock, par value $.10	S	4303	$110.9900	Disposed	170102.0000	Direct
2006-12-05	Common Stock, par value $.10	S	100	$111.0000	Disposed	170002.0000	Direct
2006-12-05	Common Stock, par value $.10	S	300	$111.0100	Disposed	169702.0000	Direct
2006-12-05	Common Stock, par value $.10	S	100	$111.0300	Disposed	169602.0000	Direct
2006-12-05	Common Stock, par value $.10	S	500	$110.7900	Disposed	237182.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-05	Employee Stock Option (Right to Buy)	$31.9500	M	46337	Disposed	2012-11-09	Common Stock, par value $.10 (46337.0000)	Direct
2006-12-05	Employee Stock Option (Right to Buy)	$47.5700	M	25743	Disposed	2013-11-11	Common Stock, par value $.10 (25743.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.10	40238.3650	Indirect
Common Stock, par value $.10	2621.0000	Indirect

Footnotes

F1: Of the amount of securities beneficially owned, 2,090 shares represent unvested awards of restricted stock shares at the time of the transaction.

F2: Reporting person holds shares in Franklin Templeton Profit Sharing 401(k) Plan. Information is based on a plan statement as of September 15, 2006.

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

F4: Reflects adjustment in connection with the special cash dividend paid by Franklin Resources, Inc. on April 15, 2005.

F5: This report reflects the exercise of options orginally granted on November 12, 2002.

F6: This report reflects the exercise of options orginally granted on November 12, 2003.