<PAGE> PAGE 1
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002 A000000 777 MARINERS ISLAND BLVD.
002 B000000 SAN MATEO
002 C000000 CA
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002 D020000 1585
003 000000 N
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007 B000000 3
007 C010100 1
007 C020100 RISING DIVIDENDS FUND
007 C030100 N
007 C010200 2
007 C020200 INVESTMENT GRADE INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 CORPORATE QUALIFIED DIVIDEND FUND
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007 C010500 5
007 C010600 6
007 C010700 7
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008 D02AA01 CA
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014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 BANK OF AMERICA NT & SA
015 B00AA01 C
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<PAGE> PAGE 2
015 C02AA01 CA
015 C03AA01 94104
015 C04AA01 1502
015 E01AA01 X
015 A00AA02 THE BANK OF BOSTON
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK PLC (SCB)
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 BANQUE BRUSSELS LAMBERT (BBL)
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 THE ROYAL TRUST CORPORATION OF CANADA
015 B00AA07 S
015 C01AA07 MONTREAL
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 STANDARD CHARTERED BANK
015 B00AA08 S
015 C01AA08 SHANGHAI
015 D01AA08 CHINA
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
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015 C01AA09 SHENZHEN
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C01AA10 BOGOTA
015 D01AA10 COLOMBIA
015 E04AA10 X
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<PAGE> PAGE 3
015 C01AA11 COPENHAGEN
015 D01AA11 DENMARK
015 E04AA11 X
015 A00AA12 MERITA BANK (MB)
015 B00AA12 S
015 C01AA12 HELSINKI
015 D01AA12 FINLAND
015 E04AA12 X
015 A00AA13 BANQUE PARIBAS
015 B00AA13 S
015 C01AA13 PARIS
015 D01AA13 FRANCE
015 E04AA13 X
015 A00AA14 DRESDNER BANK AG
015 B00AA14 S
015 C01AA14 FRANKFURT
015 D01AA14 GERMANY
015 E04AA14 X
015 A00AA15 ALPHA CREDIT BANK A.E.
015 B00AA15 S
015 C01AA15 ATHENS
015 D01AA15 GREECE
015 E04AA15 X
015 A00AA16 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B00AA16 S
015 C01AA16 HONG KONG
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015 E04AA16 X
015 A00AA17 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B00AA17 S
015 C01AA17 BOMBAY
015 D01AA17 INDIA
015 E04AA17 X
015 A00AA18 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B00AA18 S
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 ALLIED IRISH BANK (ATB)
015 B00AA19 S
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015 D01AA19 IRELAND
015 E04AA19 X
015 A00AA20 BANCA COMMERCIALE ITALIANA (BCI)
015 B00AA20 S
015 C01AA20 MILAN
015 D01AA20 ITALY
015 E04AA20 X
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<PAGE> PAGE 4
015 D01AA21 JAPAN
015 E04AA21 X
015 A00AA22 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
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015 D01AA22 MALAYSIA
015 E04AA22 X
015 A00AA23 BANQUE COMMERCIALE DU MAROC (BCM)
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015 A00AA24 BANCO NACIONAL DE MEXICO
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015 D01AA24 MEXICO
015 E04AA24 X
015 A00AA25 MEESPIERSON
015 B00AA25 S
015 C01AA25 AMSTERDAM
015 D01AA25 NETHERLANDS
015 E04AA25 X
015 A00AA26 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK (SCB)
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015 C01AA27 KARACHI
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015 E04AA27 X
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015 E04AA28 X
015 A00AA29 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
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015 A00AA30 UNITED OVERSEAS BANK (UOB)
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015 E04AA30 X
015 A00AA31 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
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<PAGE> PAGE 5
015 E04AA31 X
015 A00AA32 BANCO BILBAO VIZCAYA (BBV)
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015 A00AA33 STANDARD CHARTERED BANK (SCB)
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015 A00AA34 SKANDINAVISKA ENSKILDA BANKEN (SEB)
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015 A00AA35 UNION BANK OF SWITZERLAND (UBS)
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015 A00AA36 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
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015 E04AA36 X
015 A00AA37 CITIBANK, N.A.
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015 B00AA38 S
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015 A00AA39 THE BANK OF BOSTON
015 B00AA39 S
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015 A00AA40 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
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<PAGE> PAGE 6
015 A00AA42 CEDEL
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015 E04AA45 X
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015 E04AA49 X
015 A00AA50 THE BANK OF BOSTON
015 B00AA50 S
015 C01AA50 MONTEVIDEO
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015 E04AA50 X
015 A00AA51 CITIBANK, N.A.
015 B00AA51 C
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015 A00AA52 FIRST CHICAGO CLEARING CENTRE (FCCC)
<PAGE> PAGE 7
015 B00AA52 S
015 C01AA52 LONDON
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015 E04AA52 X
015 A00AA53 BANCO DECHILE
015 B00AA53 S
015 C01AA53 SANTIAGO
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015 A00AA54 CITIBANK DELAWARE
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015 C02AA54 DE
015 C03AA54 19720
015 C04AA54 2409
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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
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076 000200 0.00
024 000300 Y
025 A000301 DAIWA SECURITIES AMERICA INC
025 B000301 13-5680329
025 C000301 D
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025 A000302 LEHMAN BROTHERS SECS
025 B000302 13-2518466
025 C000302 D
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025 A000303 FUJI SECURITIES INC
025 B000303 13-3038090
025 C000303 D
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025 A000304 NIKKO SECURITIES CO INTL INC
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025 C000304 D
025 D000304 1222
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MANAGED TRUST MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN RISING DIVIDENDS FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 192,105,039
<INVESTMENTS-AT-VALUE> 249,247,945
<RECEIVABLES> 28,376,815
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 277,624,760
<PAYABLE-FOR-SECURITIES> 1,287,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 629,592
<TOTAL-LIABILITIES> 1,916,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214,785,113
<SHARES-COMMON-STOCK> 14,572,606
<SHARES-COMMON-PRIOR> 15,070,272
<ACCUMULATED-NII-CURRENT> 200,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,579,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,142,906
<NET-ASSETS> 275,707,855
<DIVIDEND-INCOME> 3,151,400
<INTEREST-INCOME> 858,552
<OTHER-INCOME> 0
<EXPENSES-NET> (1,935,296)
<NET-INVESTMENT-INCOME> 2,074,656
<REALIZED-GAINS-CURRENT> 6,898,976
<APPREC-INCREASE-CURRENT> 15,488,775
<NET-CHANGE-FROM-OPS> 24,462,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,966,284)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,103,967
<NUMBER-OF-SHARES-REDEEMED> (1,730,937)
<SHARES-REINVESTED> 129,305
<NET-CHANGE-IN-ASSETS> 13,730,597
<ACCUMULATED-NII-PRIOR> 1,107,307
<ACCUMULATED-GAINS-PRIOR> (3,319,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,025,878
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,935,296
<AVERAGE-NET-ASSETS> 271,690,618
<PER-SHARE-NAV-BEGIN> 17.31
<PER-SHARE-NII> .140
<PER-SHARE-GAIN-APPREC> 1.489
<PER-SHARE-DIVIDEND> (.199)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.74
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MANAGED TRUST MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN RISING DIVIDENDS FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 192,105,039
<INVESTMENTS-AT-VALUE> 249,247,945
<RECEIVABLES> 28,376,815
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 277,624,760
<PAYABLE-FOR-SECURITIES> 1,287,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 629,592
<TOTAL-LIABILITIES> 1,916,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214,785,113
<SHARES-COMMON-STOCK> 139,078
<SHARES-COMMON-PRIOR> 61,326
<ACCUMULATED-NII-CURRENT> 200,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,579,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,142,906
<NET-ASSETS> 275,707,855
<DIVIDEND-INCOME> 3,151,400
<INTEREST-INCOME> 858,552
<OTHER-INCOME> 0
<EXPENSES-NET> (1,935,296)
<NET-INVESTMENT-INCOME> 2,074,656
<REALIZED-GAINS-CURRENT> 6,898,976
<APPREC-INCREASE-CURRENT> 15,488,775
<NET-CHANGE-FROM-OPS> 24,462,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,165)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,973
<NUMBER-OF-SHARES-REDEEMED> (1,736)
<SHARES-REINVESTED> 519
<NET-CHANGE-IN-ASSETS> 13,730,597
<ACCUMULATED-NII-PRIOR> 1,107,307
<ACCUMULATED-GAINS-PRIOR> (3,319,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,025,878
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,935,296
<AVERAGE-NET-ASSETS> 1,799,515
<PER-SHARE-NAV-BEGIN> 17.280
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> 1.446
<PER-SHARE-DIVIDEND> (.156)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.690
<EXPENSE-RATIO> 1.960
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN INVESTMENT GRADE INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 22,251,280
<INVESTMENTS-AT-VALUE> 22,563,369
<RECEIVABLES> 5,630,153
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,193,522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139,839
<TOTAL-LIABILITIES> 139,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,866,587
<SHARES-COMMON-STOCK> 3,105,789
<SHARES-COMMON-PRIOR> 3,298,953
<ACCUMULATED-NII-CURRENT> 171,436
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,296,429)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 312,089
<NET-ASSETS> 28,053,683
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 853,341
<OTHER-INCOME> 0
<EXPENSES-NET> (155,351)
<NET-INVESTMENT-INCOME> 697,990
<REALIZED-GAINS-CURRENT> 133,831
<APPREC-INCREASE-CURRENT> (173,672)
<NET-CHANGE-FROM-OPS> 658,149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (666,721)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 454,266
<NUMBER-OF-SHARES-REDEEMED> (698,072)
<SHARES-REINVESTED> 50,643
<NET-CHANGE-IN-ASSETS> (1,770,023)
<ACCUMULATED-NII-PRIOR> 140,167
<ACCUMULATED-GAINS-PRIOR> (1,430,260)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72,911
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,351
<AVERAGE-NET-ASSETS> 29,715,856
<PER-SHARE-NAV-BEGIN> 9.040
<PER-SHARE-NII> .220
<PER-SHARE-GAIN-APPREC> (.022)
<PER-SHARE-DIVIDEND> (.208)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.03
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MANAGED TRUST MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN CORPORATE QUALIFIED DIVIDEND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 21,398,976
<INVESTMENTS-AT-VALUE> 20,853,536
<RECEIVABLES> 6,371,684
<ASSETS-OTHER> 32,188
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,257,408
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,344
<TOTAL-LIABILITIES> 21,344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,065,011
<SHARES-COMMON-STOCK> 1,153,938
<SHARES-COMMON-PRIOR> 1,169,933
<ACCUMULATED-NII-CURRENT> 256,270
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,539,777)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (545,440)
<NET-ASSETS> 27,236,064
<DIVIDEND-INCOME> 679,924
<INTEREST-INCOME> 107,572
<OTHER-INCOME> 0
<EXPENSES-NET> (137,471)
<NET-INVESTMENT-INCOME> 650,025
<REALIZED-GAINS-CURRENT> (124,516)
<APPREC-INCREASE-CURRENT> (27,922)
<NET-CHANGE-FROM-OPS> 497,587
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (677,970)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205,799
<NUMBER-OF-SHARES-REDEEMED> (246,893)
<SHARES-REINVESTED> 25,098
<NET-CHANGE-IN-ASSETS> (556,969)
<ACCUMULATED-NII-PRIOR> 284,215
<ACCUMULATED-GAINS-PRIOR> (8,415,261)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,471
<AVERAGE-NET-ASSETS> 26,684,765
<PER-SHARE-NAV-BEGIN> 23.760
<PER-SHARE-NII> .580
<PER-SHARE-GAIN-APPREC> (.140)
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 23.600
<EXPENSE-RATIO> 1.030
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
