<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000805650
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BLVD.
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
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008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94403
008 D04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
<PAGE> PAGE 2
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
013 B04AA01 1707
014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 BANK OF AMERICA NT & SA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
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
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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 BRUXELLES 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
<PAGE> PAGE 3
015 A00AA08 STANDARD CHARTERED BANK
015 B00AA08 S
015 C01AA08 SHANGHAI
015 D01AA08 CHINA
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
015 B00AA09 S
015 C01AA09 SHENZHEN
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA10 S
015 C01AA10 BOGOTA
015 D01AA10 COLOMBIA
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK
015 B00AA11 S
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 AND SHANGHAI BANKING CORP., LTD.
015 B00AA16 S
015 C01AA16 HONG KONG
015 D01AA16 HONG KONG
015 E04AA16 X
015 A00AA17 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA17 S
015 C01AA17 BOMBAY
015 D01AA17 INDIA
015 E04AA17 X
015 A00AA18 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
<PAGE> PAGE 4
015 B00AA18 S
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 ALLIED IRISH BANK (AIB)
015 B00AA19 S
015 C01AA19 DUBLIN
015 D01AA19 IRELAND
015 E04AA19 X
015 A00AA20 BANCA COMMERCIALE ITALIANA (BCI)
015 B00AA20 S
015 C01AA20 MILAN
015 D01AA20 ITALY
015 E04AA20 X
015 A00AA21 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B00AA21 S
015 C01AA21 TOKYO
015 D01AA21 JAPAN
015 E04AA21 X
015 A00AA22 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B00AA22 S
015 C01AA22 KUALA LUMPUR
015 D01AA22 MALAYSIA
015 E04AA22 X
015 A00AA23 BANQUE COMMERCIALE DU MAROC (BCM)
015 B00AA23 S
015 C01AA23 CASABLANCA
015 D01AA23 MOROCCO
015 E04AA23 X
015 A00AA24 BANCO NACIONAL DE MEXICO
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015 C01AA24 MEXICO CITY
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 C01AA26 WELLINGTON
015 D01AA26 NEW ZEALAND
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK (SCB)
015 B00AA27 S
015 C01AA27 KARACHI
015 D01AA27 PAKISTAN
015 E04AA27 X
015 A00AA28 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA28 S
<PAGE> PAGE 5
015 C01AA28 MANILA
015 D01AA28 PHILIPPINES
015 E04AA28 X
015 A00AA29 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B00AA29 S
015 C01AA29 LISBON
015 D01AA29 PORTUGAL
015 E04AA29 X
015 A00AA30 UNITED OVERSEAS BANK (UOB)
015 B00AA30 S
015 C01AA30 SINGAPORE
015 D01AA30 SINGAPORE
015 E04AA30 X
015 A00AA31 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B00AA31 S
015 C01AA31 JOHANNESBURG
015 D01AA31 SOUTH AFRICA
015 E04AA31 X
015 A00AA32 BANCO BILBAO VIZCAYA (BBV)
015 B00AA32 S
015 C01AA32 MADRID/BILBAO
015 D01AA32 SPAIN
015 E04AA32 X
015 A00AA33 STANDARD CHARTERED BANK (SCB)
015 B00AA33 S
015 C01AA33 COLOMBO
015 D01AA33 SRI LANKA
015 E04AA33 X
015 A00AA34 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B00AA34 S
015 C01AA34 STOCKHOLM
015 D01AA34 SWEDEN
015 E04AA34 X
015 A00AA35 UNION BANK OF SWITZERLAND (UBS)
015 B00AA35 S
015 C01AA35 ZURICH
015 D01AA35 SWITZERLAND
015 E04AA35 X
015 A00AA36 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B00AA36 S
015 C01AA36 BANGKOK
015 D01AA36 THAILAND
015 E04AA36 X
015 A00AA37 CITIBANK, N.A.
015 B00AA37 S
015 C01AA37 ISTANBUL
015 D01AA37 TURKEY
015 E04AA37 X
015 A00AA38 THE BANK OF NEW YORK
015 B00AA38 S
015 C01AA38 LONDON
<PAGE> PAGE 6
015 D01AA38 UNITED KINGDOM
015 E04AA38 X
015 A00AA39 THE BANK OF BOSTON
015 B00AA39 S
015 C01AA39 SANTIAGO
015 D01AA39 CHILE
015 E04AA39 X
015 A00AA40 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B00AA40 S
015 C01AA40 PRAHA (PRAGUE)
015 D01AA40 CZECH REPUBLIC
015 E04AA40 X
015 A00AA41 THE BANK OF BOSTON
015 B00AA41 S
015 C01AA41 SAO PAULO
015 D01AA41 BRAZIL
015 E04AA41 X
015 A00AA42 CEDEL
015 B00AA42 S
015 C01AA42 LUXEMBOURG CITY
015 D01AA42 LUXEMBOURG
015 E04AA42 X
015 A00AA43 CITIBANK, N.A.
015 B00AA43 S
015 C01AA43 BUDAPEST
015 D01AA43 HUNGARY
015 E04AA43 X
015 A00AA44 ISRAEL DISCOUNT BANK
015 B00AA44 S
015 C01AA44 TEL AVIV
015 D01AA44 ISRAEL
015 E04AA44 X
015 A00AA45 DEN NORSKE BANK A.S.
015 B00AA45 S
015 C01AA45 BERGEN/OSLO
015 D01AA45 NORWAY
015 E04AA45 X
015 A00AA46 CITIBANK, N.A.
015 B00AA46 S
015 C01AA46 LIMA
015 D01AA46 PERU
015 E04AA46 X
015 A00AA47 BANK HANDLOWY W WARSZAWIE S.A.
015 B00AA47 S
015 C01AA47 WARSAW
015 D01AA47 POLAND
015 E04AA47 X
015 A00AA48 SEOULBANK (SB)
015 B00AA48 S
015 C01AA48 SEOUL
015 D01AA48 SOUTH KOREA
<PAGE> PAGE 7
015 E04AA48 X
015 A00AA49 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA49 S
015 C01AA49 TAIPEI
015 D01AA49 TAIWAN
015 E04AA49 X
015 A00AA50 THE BANK OF BOSTON
015 B00AA50 S
015 C01AA50 MONTEVIDEO
015 D01AA50 URUGUAY
015 E04AA50 X
015 A00AA51 CITIBANK, N.A.
015 B00AA51 S
015 C01AA51 CARACAS
015 D01AA51 VENEZUELA
015 E04AA51 X
015 A00AA52 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B00AA52 S
015 C01AA52 LONDON
015 D01AA52 LUXEMBOURG
015 E04AA52 X
015 A00AA53 BANCO DE CHILE
015 B00AA53 S
015 C01AA53 SANTIAGO
015 D01AA53 CHILE
015 E04AA53 X
015 A00AA54 CITIBANK DELAWARE
015 B00AA54 C
015 C01AA54 NEW CASTLE
015 C02AA54 DE
015 C03AA54 19720
015 C04AA54 2409
015 E01AA54 X
015 A00AA55 THE BANK OF NEW YORK
015 B00AA55 C
015 C01AA55 NEW YORK
015 C02AA55 NY
015 C03AA55 10286
015 E01AA55 X
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019 A00AA00 Y
019 B00AA00 193
019 C00AA00 FRNKTEMGRP
020 A000001 INSTINET CORP
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020 C000001 22
020 A000002 EDWARDS (A.G.) & SONS INC
020 B000002 43-0895447
020 C000002 20
020 A000003 ROBOTTI & ENG, INCORPORATED
020 B000003 11-2627501
<PAGE> PAGE 8
020 C000003 14
020 A000004 GOLDMAN SACHS & CO
020 B000004 13-5108880
020 C000004 14
020 A000005 LEGG MASON WOOD WALKER INC
020 B000005 52-0902557
020 C000005 14
020 A000006 CLEARY, GULL, REILAND, MCDEVITT
020 B000006 39-1567700
020 C000006 13
020 A000007 CONNING &CO
020 B000007 06-1174588
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020 B000008 95-2622900
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022 C000003 954688
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022 C000005 861448
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022 C000006 774995
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<PAGE> PAGE 9
022 A000008 LEHMAN BROTHERS INC
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022 C000010 502118
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 H00AA00 Y
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<PAGE> PAGE 10
078 000000 N
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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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070 M020200 N
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070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 5057
071 B000200 4406
071 C000200 21963
071 D000200 20
072 A000200 12
072 B000200 1691
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 144
072 G000200 0
072 H000200 0
072 I000200 22
072 J000200 1
072 K000200 6
072 L000200 9
072 M000200 3
072 N000200 12
072 O000200 0
072 P000200 0
072 Q000200 40
072 R000200 9
072 S000200 2
072 T000200 55
072 U000200 0
072 V000200 0
072 W000200 3
<PAGE> PAGE 19
072 X000200 306
072 Y000200 0
072 Z000200 1385
072AA000200 136
072BB000200 0
072CC010200 0
072CC020200 291
072DD010200 1292
072DD020200 0
072EE000200 0
073 A010200 0.4060
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 40
074 B000200 6984
074 C000200 0
074 D000200 21955
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 442
074 M000200 0
074 N000200 29421
074 O000200 0
074 P000200 24
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 25
074 S000200 0
074 T000200 29372
074 U010200 3259
074 U020200 0
074 V010200 9.01
074 V020200 0.00
074 W000200 0.0000
074 X000200 1877
074 Y000200 0
075 A000200 0
075 B000200 28814
076 000200 0.00
024 000300 N
025 A000301 DELETE
025 D000301 0
025 A000302 DELETE
<PAGE> PAGE 20
025 D000302 0
025 A000303 DELETE
025 D000303 0
025 A000304 DELETE
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1322
028 A020300 101
028 A030300 0
028 A040300 652
028 B010300 1418
028 B020300 92
028 B030300 0
028 B040300 1150
028 C010300 1329
028 C020300 94
028 C030300 0
028 C040300 689
028 D010300 494
028 D020300 96
028 D030300 0
028 D040300 2204
028 E010300 404
028 E020300 92
028 E030300 0
028 E040300 341
028 F010300 1041
028 F020300 90
028 F030300 0
028 F040300 884
028 G010300 6008
028 G020300 565
028 G030300 0
028 G040300 5920
028 H000300 6008
029 000300 Y
030 A000300 104
030 B000300 1.50
030 C000300 0.00
031 A000300 1
031 B000300 0
032 000300 103
033 000300 0
034 000300 Y
035 000300 0
036 A000300 N
036 B000300 0
042 A000300 0
<PAGE> PAGE 21
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 59
044 000300 20
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
<PAGE> PAGE 22
062 H000300 0.0
062 I000300 0.0
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
063 A000300 0
063 B000300 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
<PAGE> PAGE 23
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 7211
071 B000300 5611
071 C000300 22549
071 D000300 25
072 A000300 12
072 B000300 258
072 C000300 1303
072 D000300 0
072 E000300 0
072 F000300 137
072 G000300 0
072 H000300 0
072 I000300 5
072 J000300 1
072 K000300 4
072 L000300 3
072 M000300 3
072 N000300 22
072 O000300 0
072 P000300 0
072 Q000300 40
072 R000300 12
072 S000300 6
072 T000300 58
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 292
072 Y000300 0
072 Z000300 1269
072AA000300 0
072BB000300 186
072CC010300 0
072CC020300 30
072DD010300 1330
072DD020300 0
072EE000300 0
073 A010300 1.1500
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
<PAGE> PAGE 24
074 B000300 2817
074 C000300 0
074 D000300 0
074 E000300 23577
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1200
074 K000300 0
074 L000300 335
074 M000300 0
074 N000300 27929
074 O000300 0
074 P000300 22
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 116
074 S000300 0
074 T000300 27791
074 U010300 1182
074 U020300 0
074 V010300 23.52
074 V020300 0.00
074 W000300 0.0000
074 X000300 456
074 Y000300 0
075 A000300 0
075 B000300 27354
076 000300 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREAS., & PAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST SEPTEMBER 30, 1996 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> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 208,052,737
<INVESTMENTS-AT-VALUE> 272,004,009
<RECEIVABLES> 10,583,126
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,587,135
<PAYABLE-FOR-SECURITIES> 229,698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 729,342
<TOTAL-LIABILITIES> 959,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 202,435,473
<SHARES-COMMON-STOCK> 13,865,090
<SHARES-COMMON-PRIOR> 15,070,272
<ACCUMULATED-NII-CURRENT> 184,895
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,056,455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,951,272
<NET-ASSETS> 281,628,095
<DIVIDEND-INCOME> 6,566,371
<INTEREST-INCOME> 1,335,489
<OTHER-INCOME> 0
<EXPENSES-NET> (3,851,793)
<NET-INVESTMENT-INCOME> 4,050,067
<REALIZED-GAINS-CURRENT> 18,376,109
<APPREC-INCREASE-CURRENT> 22,297,141
<NET-CHANGE-FROM-OPS> 44,723,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,942,788)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,088,118
<NUMBER-OF-SHARES-REDEEMED> (3,505,315)
<SHARES-REINVESTED> 212,015
<NET-CHANGE-IN-ASSETS> 19,650,837
<ACCUMULATED-NII-PRIOR> 1,107,307
<ACCUMULATED-GAINS-PRIOR> (3,319,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,052,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,851,793
<AVERAGE-NET-ASSETS> 273,531,700
<PER-SHARE-NAV-BEGIN> 17.310
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> 2.779
<PER-SHARE-DIVIDEND> (.339)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.030
<EXPENSE-RATIO> 1.400
<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 SEPTEMBER 30, 1996 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> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 208,052,737
<INVESTMENTS-AT-VALUE> 272,004,009
<RECEIVABLES> 10,583,126
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,587,135
<PAYABLE-FOR-SECURITIES> 229,698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 729,342
<TOTAL-LIABILITIES> 959,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 202,435,473
<SHARES-COMMON-STOCK> 194,268
<SHARES-COMMON-PRIOR> 61,326
<ACCUMULATED-NII-CURRENT> 184,895
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,056,455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,951,272
<NET-ASSETS> 281,628,095
<DIVIDEND-INCOME> 6,566,371
<INTEREST-INCOME> 1,335,489
<OTHER-INCOME> 0
<EXPENSES-NET> (3,851,793)
<NET-INVESTMENT-INCOME> 4,050,067
<REALIZED-GAINS-CURRENT> 18,376,109
<APPREC-INCREASE-CURRENT> 22,297,141
<NET-CHANGE-FROM-OPS> 44,723,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,691)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 146,186
<NUMBER-OF-SHARES-REDEEMED> (14,322)
<SHARES-REINVESTED> 1,078
<NET-CHANGE-IN-ASSETS> 19,650,837
<ACCUMULATED-NII-PRIOR> 1,107,307
<ACCUMULATED-GAINS-PRIOR> (3,319,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,052,026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,851,793
<AVERAGE-NET-ASSETS> 273,531,700
<PER-SHARE-NAV-BEGIN> 17.280
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> 2.735
<PER-SHARE-DIVIDEND> (.245)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.980
<EXPENSE-RATIO> 1.950
<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 SEPTEMBER 30, 1996 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> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 21,760,163
<INVESTMENTS-AT-VALUE> 21,954,902
<RECEIVABLES> 7,426,250
<ASSETS-OTHER> 40,339
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,421,491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,318
<TOTAL-LIABILITIES> 49,318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,098,939
<SHARES-COMMON-STOCK> 3,259,170
<SHARES-COMMON-PRIOR> 3,298,953
<ACCUMULATED-NII-CURRENT> 233,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,154,744)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194,739
<NET-ASSETS> 29,372,173
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,690,723
<OTHER-INCOME> 0
<EXPENSES-NET> (305,313)
<NET-INVESTMENT-INCOME> 1,385,410
<REALIZED-GAINS-CURRENT> 136,241
<APPREC-INCREASE-CURRENT> (291,022)
<NET-CHANGE-FROM-OPS> 1,230,629
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,292,338)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,086,667
<NUMBER-OF-SHARES-REDEEMED> (1,227,244)
<SHARES-REINVESTED> 100,794
<NET-CHANGE-IN-ASSETS> (451,533)
<ACCUMULATED-NII-PRIOR> 140,167
<ACCUMULATED-GAINS-PRIOR> (1,430,260)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144,011
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 305,313
<AVERAGE-NET-ASSETS> 28,813,639
<PER-SHARE-NAV-BEGIN> 9.040
<PER-SHARE-NII> .440
<PER-SHARE-GAIN-APPREC> (.064)
<PER-SHARE-DIVIDEND> (.406)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.010
<EXPENSE-RATIO> 1.060
<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 SEPTEMBER 30, 1996 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> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 24,123,976
<INVESTMENTS-AT-VALUE> 23,576,598
<RECEIVABLES> 4,352,566
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,929,164
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,749
<TOTAL-LIABILITIES> 137,749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,340,684
<SHARES-COMMON-STOCK> 1,181,769
<SHARES-COMMON-PRIOR> 1,169,933
<ACCUMULATED-NII-CURRENT> 222,995
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,224,886)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (547,378)
<NET-ASSETS> 27,791,415
<DIVIDEND-INCOME> 1,303,312
<INTEREST-INCOME> 257,928
<OTHER-INCOME> 0
<EXPENSES-NET> (292,109)
<NET-INVESTMENT-INCOME> 1,269,131
<REALIZED-GAINS-CURRENT> (186,161)
<APPREC-INCREASE-CURRENT> (29,860)
<NET-CHANGE-FROM-OPS> 1,053,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,330,351)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 461,688
<NUMBER-OF-SHARES-REDEEMED> (499,062)
<SHARES-REINVESTED> 49,210
<NET-CHANGE-IN-ASSETS> (1,618)
<ACCUMULATED-NII-PRIOR> 284,215
<ACCUMULATED-GAINS-PRIOR> (8,415,261)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292,109
<AVERAGE-NET-ASSETS> 27,353,714
<PER-SHARE-NAV-BEGIN> 23.760
<PER-SHARE-NII> 1.100
<PER-SHARE-GAIN-APPREC> (.190)
<PER-SHARE-DIVIDEND> (1.150)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 23.520
<EXPENSE-RATIO> 1.070
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC 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 Rising Dividends Portfolio, Franklin
Corporate Qualified Dividend Portfolio and Franklin Investment
Grade Portfolio, each a series of shares of Franklin Managed Trust,
for the year ended September 30, 1996,
we considered their internal control structures, including
procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structures.
The management of the Trust 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 and financial highlights 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, 1996.
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 purposes.
S\TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
October 25, 1996
