ADV STKP 7/96
Supplement to Prospectus
dated July 1, 1996
FRANKLIN VALUE INVESTORS TRUST
Franklin Balance Sheet Investment Fund
dated March 1, 1996
Franklin Value Fund
dated March 11, 1996
Franklin MicroCap Value Fund
dated December 12, 1995
FRANKLIN MANAGED TRUST
Franklin Corporate Qualified Dividend Fund
Franklin Rising Dividends Fund
Franklin Investment Grade Income Fund
all dated February 1, 1996
(each as may be amended and supplemented from time to time)
The Boards of Trustees of Franklin Value Investors Trust and Franklin Managed
Trust (the "Boards") have approved new investment management agreements on
behalf of Franklin Balance Sheet Investment Fund, Franklin Value Fund, Franklin
MicroCap Value Fund, Franklin Corporate Qualified Dividend Fund, Franklin Rising
Dividends Fund and Franklin Investment Grade Income Fund (the "Funds") with
Franklin Advisory Services, Inc. ("Advisory"), with offices located at One
Parker Plaza, Sixteenth Floor, Fort Lee, New Jersey, 07024.
In approving the new agreements, the Boards considered that Advisory, a
registered investment adviser, is also a wholly-owned subsidiary of Franklin
Resources, Inc., the parent company of Franklin Advisers, Inc., the previous
investment manager of the Funds, and will employ the same individuals to be
responsible for the day to day portfolio management of the Funds as the previous
manager and that the terms and conditions of the management services to the
Funds will remain unchanged.
