<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 75
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 500000
048 A020300 0.500
048 B010300 500000
048 B020300 0.450
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 1000000
048 K020300 0.400
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 25000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
<PAGE> PAGE 20
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 Y
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
<PAGE> PAGE 21
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 8505
071 B000300 12052
071 C000300 26437
071 D000300 32
072 A000300 12
072 B000300 243
072 C000300 1466
072 D000300 0
072 E000300 0
072 F000300 164
072 G000300 0
072 H000300 0
072 I000300 3
072 J000300 4
072 K000300 6
072 L000300 3
072 M000300 3
072 N000300 17
072 O000300 0
072 P000300 0
072 Q000300 40
072 R000300 10
072 S000300 1
072 T000300 75
072 U000300 0
072 V000300 0
072 W000300 4
072 X000300 330
072 Y000300 0
072 Z000300 1379
072AA000300 20
072BB000300 348
072CC010300 0
072CC020300 816
072DD010300 1297
072DD020300 0
072EE000300 0
073 A010300 0.9560
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 74
074 B000300 6907
074 C000300 0
074 D000300 0
074 E000300 23645
<PAGE> PAGE 22
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1100
074 K000300 0
074 L000300 105
074 M000300 0
074 N000300 31831
074 O000300 0
074 P000300 25
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 16
074 S000300 0
074 T000300 31790
074 U010300 1342
074 U020300 0
074 V010300 23.69
074 V020300 0.00
074 W000300 0.0000
074 X000300 512
074 Y000300 0
075 A000300 0
075 B000300 32891
076 000300 0.00
SIGNATURE KENNETH V. DOMINGUES
TITLE VP, TREAS, CFO & CAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MANAGED TRUST SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN RISING DIVIDENDS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 224,445,091
<INVESTMENTS-AT-VALUE> 232,781,852
<RECEIVABLES> 29,809,866
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 262,591,718
<PAYABLE-FOR-SECURITIES> 133,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 996,872
<TOTAL-LIABILITIES> 1,130,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 263,185,854
<SHARES-COMMON-STOCK> 17,826,523
<SHARES-COMMON-PRIOR> 23,121,373
<ACCUMULATED-NII-CURRENT> 664,042
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,725,516)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,336,761
<NET-ASSETS> 261,461,141
<DIVIDEND-INCOME> 8,360,695
<INTEREST-INCOME> 1,497,136
<OTHER-INCOME> 0
<EXPENSES-NET> (4,356,159)
<NET-INVESTMENT-INCOME> 5,501,672
<REALIZED-GAINS-CURRENT> (6,786,530)
<APPREC-INCREASE-CURRENT> (10,342,790)
<NET-CHANGE-FROM-OPS> (11,627,648)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,837,881)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,585,961
<NUMBER-OF-SHARES-REDEEMED> (9,114,970)
<SHARES-REINVESTED> 234,159
<NET-CHANGE-IN-ASSETS> (95,246,670)
<ACCUMULATED-NII-PRIOR> 251
<ACCUMULATED-GAINS-PRIOR> (3,938,986)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,279,672)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,356,159)
<AVERAGE-NET-ASSETS> 304,081,800
<PER-SHARE-NAV-BEGIN> 15.430
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> (.800)
<PER-SHARE-DIVIDEND> (.240)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.670
<EXPENSE-RATIO> 1.430
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN INVESTMENT GRADE INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 28,180,499
<INVESTMENTS-AT-VALUE> 27,064,711
<RECEIVABLES> 2,512,650
<ASSETS-OTHER> 18,678
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,596,039
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,698
<TOTAL-LIABILITIES> 42,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,252,932
<SHARES-COMMON-STOCK> 3,351,180
<SHARES-COMMON-PRIOR> 3,863,818
<ACCUMULATED-NII-CURRENT> 266,049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (849,852)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,115,788)
<NET-ASSETS> 29,553,341
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,857,941
<OTHER-INCOME> 0
<EXPENSES-NET> (327,374)
<NET-INVESTMENT-INCOME> 1,530,567
<REALIZED-GAINS-CURRENT> 44,247
<APPREC-INCREASE-CURRENT> (1,862,578)
<NET-CHANGE-FROM-OPS> (287,764)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,374,547)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,156,684
<NUMBER-OF-SHARES-REDEEMED> 1,761,415
<SHARES-REINVESTED> 92,093
<NET-CHANGE-IN-ASSETS> (6,416,253)
<ACCUMULATED-NII-PRIOR> 110,029
<ACCUMULATED-GAINS-PRIOR> (894,099)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (155,866)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (327,374)
<AVERAGE-NET-ASSETS> 31,192,126
<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> .450
<PER-SHARE-GAIN-APPREC> (.544)
<PER-SHARE-DIVIDEND> (.396)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.82
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MANAGED TRUST SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN CORPORATE QUALIFIED DIVIDEND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 24,247,149
<INVESTMENTS-AT-VALUE> 23,645,034
<RECEIVABLES> 8,111,457
<ASSETS-OTHER> 74,177
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,830,668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,302
<TOTAL-LIABILITIES> 40,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,571,985
<SHARES-COMMON-STOCK> 1,342,017
<SHARES-COMMON-PRIOR> 1,383,010
<ACCUMULATED-NII-CURRENT> 231,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,410,804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (602,115)
<NET-ASSETS> 31,790,366
<DIVIDEND-INCOME> 1,466,438
<INTEREST-INCOME> 242,523
<OTHER-INCOME> 0
<EXPENSES-NET> (329,822)
<NET-INVESTMENT-INCOME> 1,379,139
<REALIZED-GAINS-CURRENT> (328,483)
<APPREC-INCREASE-CURRENT> (815,985)
<NET-CHANGE-FROM-OPS> 234,671
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,296,853)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 675,809
<NUMBER-OF-SHARES-REDEEMED> 763,627
<SHARES-REINVESTED> 46,825
<NET-CHANGE-IN-ASSETS> (2,058,711)
<ACCUMULATED-NII-PRIOR> 149,014
<ACCUMULATED-GAINS-PRIOR> (10,082,321)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (164,449)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (329,822)
<AVERAGE-NET-ASSETS> 32,890,648
<PER-SHARE-NAV-BEGIN> 24.470
<PER-SHARE-NII> 1.020
<PER-SHARE-GAIN-APPREC> (.844)
<PER-SHARE-DIVIDEND> (.956)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 23.69
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT CERTIFIED ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Franklin Managed Trust
San Mateo, California
In planning and performing our audit of the financial statements
of the Franklin Corporate Qualified Dividend Fund, Franklin Rising
Dividends Fund, and Franklin Investment Grade Income Fund, each a
series of shares of the Franklin Managed Trust, for the year ended
September 30, 1994, we considered their internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined
above, as of September 30, 1994.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
S\TAIT, WELLER & BAKER
Tait, Weller & Baker
Philadelphia, Pennsylvania
October 28, 1994
