<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000805650
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FRANKLIN MANAGED TRUST
001 B000000 811-4894
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
007 C011000 10
008 A00AA01 FRANKLIN ADVISORY SERVICES, INC.
008 B00AA01 A
008 C00AA01 801-51967
008 D01AA01 FORT LEE
008 D02AA01 NJ
008 D03AA01 07013
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94403
010 C04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
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 CREDITANSTALT BANKVEREIN
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 BRUXELLES LAMBERT (BBL)
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 ROYAL BANK OF CANADA
<PAGE> PAGE 3
015 B00AA07 S
015 C01AA07 MONTREAL
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 THE STANDARD CHARTERED BANK, HONG KONG
015 B00AA08 S
015 C01AA08 HONG KONG
015 D01AA08 CHINA
015 E04AA08 X
015 A00AA09 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B00AA09 S
015 C01AA09 GABARONE
015 D01AA09 BOTSWANA
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 LTD. (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/MAIN
015 D01AA14 GERMANY
015 E04AA14 X
015 A00AA15 NATIONAL BANK OF GREECE SA
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
<PAGE> PAGE 4
015 C01AA17 MUMBAI
015 D01AA17 INDIA
015 E04AA17 X
015 A00AA18 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA18 S
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 ALLIED IRISH BANKS,PLC (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 BANK OF TOKYO MITSUBISHI (BTM)
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
015 B00AA24 S
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
015 B00AA26 S
015 C01AA26 WELLINGTON
015 D01AA26 NEW ZEALAND
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK (SCB)
015 B00AA27 S
015 C01AA27 KARACHI
<PAGE> PAGE 5
015 D01AA27 PAKISTAN
015 E04AA27 X
015 A00AA28 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA28 S
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 LIMITED (UOB)
015 B00AA30 S
015 C01AA30 SINGAPORE
015 D01AA30 SINGAPORE
015 E04AA30 X
015 A00AA31 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
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
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
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. - ISTANBUL BRANCH
015 B00AA37 S
015 C01AA37 ISTANBUL
015 D01AA37 TURKEY
<PAGE> PAGE 6
015 E04AA37 X
015 A00AA38 THE BANK OF NEW YORK
015 B00AA38 S
015 C01AA38 LONDON
015 D01AA38 UNITED KINGDOM
015 E04AA38 X
015 A00AA39 THE FIRST NATIONAL 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 FIRST NATIONAL BANK OF BOSTON
015 B00AA41 S
015 C01AA41 SAO PAULO
015 D01AA41 BRAZIL
015 E04AA41 X
015 A00AA42 CEDEL (DEPOSITORY)
015 B00AA42 S
015 C01AA42 LUXEMBOURG CITY
015 D01AA42 LUXEMBOURG
015 E04AA42 X
015 A00AA43 CITIBANK BUDAPEST RT.
015 B00AA43 S
015 C01AA43 BUDAPEST
015 D01AA43 HUNGARY
015 E04AA43 X
015 A00AA44 BANK LEUMI LE-ISRAEL B.M.
015 B00AA44 S
015 C01AA44 TEL AVIV
015 D01AA44 ISRAEL
015 E04AA44 X
015 A00AA45 DEN NORSKE BANK ASA
015 B00AA45 S
015 C01AA45 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
<PAGE> PAGE 7
015 A00AA48 SEOULBANK (SB)
015 B00AA48 S
015 C01AA48 SEOUL
015 D01AA48 SOUTH KOREA
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 FIRST NATIONAL 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 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA52 S
015 C01AA52 LUXEMBOURG CITY
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
015 A00AA56 CITIBANK, N.A.
015 B00AA56 S
015 C01AA56 QUITO
015 D01AA56 ECUADOR
015 E04AA56 X
015 A00AA57 CITIBANK, N.A. - EGYPT BRANCH
015 B00AA57 S
015 C01AA57 CAIRO
<PAGE> PAGE 8
015 D01AA57 EGYPT
015 E04AA57 X
015 A00AA58 MERCHANT BANK (GHANA) LIMITED
015 B00AA58 S
015 C01AA58 ACCRA
015 D01AA58 GHANA
015 E04AA58 X
015 A00AA59 BANQUE PARIBAS SA
015 B00AA59 S
015 C01AA59 MILAN
015 D01AA59 ITALY
015 E04AA59 X
015 A00AA60 JASDEC (DEPOSITORY)
015 B00AA60 S
015 C01AA60 TOKYO
015 D01AA60 JAPAN
015 E04AA60 X
015 A00AA61 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA61 S
015 C01AA61 AMMAN
015 D01AA61 JORDAN
015 E04AA61 X
015 A00AA62 STANBIC BANK KENYA LIMITED (STANBIC)
015 B00AA62 S
015 C01AA62 NAIROBI
015 D01AA62 KENYA
015 E04AA62 X
015 A00AA63 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B00AA63 S
015 C01AA63 WINDHOEK
015 D01AA63 NAMIBIA
015 E04AA63 X
015 A00AA64 KAS -ASSOCIATIE NV
015 B00AA64 S
015 C01AA64 AMSTERDAM
015 D01AA64 NETHERLANDS
015 E04AA64 X
015 A00AA65 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
015 B00AA65 S
015 C01AA65 LAGOS
015 D01AA65 NIGERIA
015 E04AA65 X
015 A00AA66 DEVELOPMENT BANK OF SINGAPORE
015 B00AA66 S
015 C01AA66 SINGAPORE
015 D01AA66 SINGAPORE
015 E04AA66 X
015 A00AA67 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B00AA67 S
015 C01AA67 BRATISLAVA
015 D01AA67 SLOVAK REPUBLIC
<PAGE> PAGE 9
015 E04AA67 X
015 A00AA68 STANBIC BANK SWAZILAND LIMITED (STANBIC)
015 B00AA68 S
015 C01AA68 MBABANE
015 D01AA68 SWAZILAND
015 E04AA68 X
015 A00AA69 BANK LEU LTD.
015 B00AA69 S
015 C01AA69 ZURICH
015 D01AA69 SWITZERLAND
015 E04AA69 X
015 A00AA70 BANGKOK BANK PUBLIC COMPANY LTD.
015 B00AA70 S
015 C01AA70 BANGKOK
015 D01AA70 THAILAND
015 E04AA70 X
015 A00AA71 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B00AA71 S
015 C01AA71 LONDON
015 D01AA71 UNITED KINGDOM
015 E04AA71 X
015 A00AA72 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B00AA72 S
015 C01AA72 LUSAKA
015 D01AA72 ZAMBIA
015 E04AA72 X
015 A00AA73 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
015 B00AA73 S
015 C01AA73 HARARE
015 D01AA73 ZIMBABWE
015 E04AA73 X
015 A00AA74 CREDIT COMMERCIAL DE FRANCE
015 B00AA74 S
015 C01AA74 PARIS
015 D01AA74 FRANCE
015 E04AA74 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 206
019 C00AA00 FRNKTEMGRP
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001 26
020 A000002 DAIN BOSWORTH, INC.
020 B000002 41-0212020
020 C000002 16
020 A000003 EDWARDS (A.G.) & SONS, INC.
020 B000003 43-0895447
020 C000003 13
020 A000004 BAIRD (ROBERT W) & CO., INC.
020 B000004 39-6037917
<PAGE> PAGE 10
020 C000004 10
020 A000005 HOEFER & ARNETT INCORPORATED
020 B000005 94-2831518
020 C000005 8
020 A000006 BANK OF AMERICA NT & SA
020 B000006 94-1687665
020 C000006 8
020 A000007 KEEFE BRUYETTE & WOODS, INC.
020 B000007 13-1964616
020 C000007 7
020 A000008 GOLDMAN SACHS & CO.
020 B000008 13-5108880
020 C000008 5
020 A000009 FOX-PITT KELTON, INC.
020 B000009 06-1058201
020 C000009 4
020 A000010 SALOMON BROTHERS, INC.
020 B000010 13-3082694
020 C000010 4
021 000000 166
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022 C000001 277215
022 D000001 0
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022 B000002 13-3038090
022 C000002 266074
022 D000002 0
022 A000003 DAIWA SECURITIES AMERICA, INC.
022 B000003 13-5680329
022 C000003 263144
022 D000003 0
022 A000004 BEAR, STEARNS & CO., INC.
022 B000004 13-3299429
022 C000004 214427
022 D000004 1056
022 A000005 CIBC WOOD GUNDY SECURITY
022 B000005 13-3639028
022 C000005 212380
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022 A000006 SBCI SWISS BANK CORP. INV. BANK
022 B000006 13-2639550
022 C000006 206934
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022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 205842
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022 A000008 AUBREY LANSTON & COMPANY
022 B000008 13-5552129
022 C000008 184696
<PAGE> PAGE 11
022 D000008 0
022 A000009 NIKKO SECURITIES CO. INTL., INC.
022 B000009 94-1302123
022 C000009 180165
022 D000009 0
022 A000010 LEHMAN BROTHERS, INC.
022 B000010 13-2518466
022 C000010 155411
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054 F00AA00 N
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054 H00AA00 Y
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<PAGE> PAGE 12
054 L00AA00 Y
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054 O00AA00 N
055 A00AA00 N
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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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028 G010200 12459
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030 A000200 88
030 B000200 4.25
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031 A000200 5
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<PAGE> PAGE 18
048 A010200 500000
048 A020200 0.500
048 B010200 500000
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048 C020200 0.000
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048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 1000000
048 K020200 0.400
058 A000200 N
059 000200 Y
060 A000200 Y
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061 000200 100
062 A000200 Y
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062 D000200 28.6
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062 G000200 0.0
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062 K000200 0.0
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062 N000200 5.0
062 O000200 0.0
062 P000200 35.1
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062 R000200 0.0
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063 B000200 1.5
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
<PAGE> PAGE 19
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
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 7506
071 B000200 3440
071 C000200 22928
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<PAGE> PAGE 20
072 I000200 11
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073 A020200 0.1059
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074 A000200 79
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074 D000200 25891
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<PAGE> PAGE 21
074 T000200 36958
074 U010200 4117
074 U020200 4
074 V010200 8.97
074 V020200 8.96
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074 X000200 1931
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076 000200 0.00
028 A010300 468
028 A020300 92
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028 A040300 1309
028 B010300 616
028 B020300 90
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028 B040300 1909
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028 C040300 1509
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<PAGE> PAGE 22
036 B000300 0
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058 A000300 N
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<PAGE> PAGE 23
062 J000300 0.0
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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 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
<PAGE> PAGE 24
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
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<PAGE> PAGE 25
074 D000300 0
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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 MARCH 31, 1997 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-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 223,259,195
<INVESTMENTS-AT-VALUE> 298,628,504
<RECEIVABLES> 8,586,465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 307,214,969
<PAYABLE-FOR-SECURITIES> 760,619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 851,373
<TOTAL-LIABILITIES> 1,611,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 210,345,937
<SHARES-COMMON-STOCK> 14,150,247
<SHARES-COMMON-PRIOR> 13,865,090
<ACCUMULATED-NII-CURRENT> 49,997
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,837,734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,369,309
<NET-ASSETS> 305,602,977
<DIVIDEND-INCOME> 3,150,931
<INTEREST-INCOME> 245,719
<OTHER-INCOME> 0
<EXPENSES-NET> (2,116,494)
<NET-INVESTMENT-INCOME> 1,280,156
<REALIZED-GAINS-CURRENT> 23,110,691
<APPREC-INCREASE-CURRENT> 11,418,037
<NET-CHANGE-FROM-OPS> 35,808,884
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,404,304)
<DISTRIBUTIONS-OF-GAINS> (18,052,928)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,069,989
<NUMBER-OF-SHARES-REDEEMED> (1,550,795)
<SHARES-REINVESTED> 765,963
<NET-CHANGE-IN-ASSETS> 23,974,882
<ACCUMULATED-NII-PRIOR> 184,895
<ACCUMULATED-GAINS-PRIOR> 15,056,455
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,144,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,116,494
<AVERAGE-NET-ASSETS> 304,900,700
<PER-SHARE-NAV-BEGIN> 20.030
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> 2.451
<PER-SHARE-DIVIDEND> (0.100)
<PER-SHARE-DISTRIBUTIONS> (1.311)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 21.160
<EXPENSE-RATIO> 1.380
<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 MARCH 31, 1997 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-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 223,259,195
<INVESTMENTS-AT-VALUE> 298,628,504
<RECEIVABLES> 8,586,465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 307,214,969
<PAYABLE-FOR-SECURITIES> 760,619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 851,373
<TOTAL-LIABILITIES> 1,611,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 210,345,937
<SHARES-COMMON-STOCK> 295,079
<SHARES-COMMON-PRIOR> 194,268
<ACCUMULATED-NII-CURRENT> 49,997
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,837,734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,369,309
<NET-ASSETS> 305,602,977
<DIVIDEND-INCOME> 3,150,931
<INTEREST-INCOME> 245,719
<OTHER-INCOME> 0
<EXPENSES-NET> (2,116,494)
<NET-INVESTMENT-INCOME> 1,280,156
<REALIZED-GAINS-CURRENT> 23,110,691
<APPREC-INCREASE-CURRENT> 11,418,037
<NET-CHANGE-FROM-OPS> 35,808,884
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,750)
<DISTRIBUTIONS-OF-GAINS> (276,484)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123,531
<NUMBER-OF-SHARES-REDEEMED> (33,971)
<SHARES-REINVESTED> 11,251
<NET-CHANGE-IN-ASSETS> 23,974,882
<ACCUMULATED-NII-PRIOR> 184,895
<ACCUMULATED-GAINS-PRIOR> 15,056,455
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,144,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,116,494
<AVERAGE-NET-ASSETS> 304,900,700
<PER-SHARE-NAV-BEGIN> 19.980
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> 2.444
<PER-SHARE-DIVIDEND> (0.043)
<PER-SHARE-DISTRIBUTIONS> (1.311)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 21.110
<EXPENSE-RATIO> 1.920
<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 MARCH 31, 1997 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 - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 25,974,862
<INVESTMENTS-AT-VALUE> 25,891,215
<RECEIVABLES> 11,016,633
<ASSETS-OTHER> 78,728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,986,576
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,969
<TOTAL-LIABILITIES> 28,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,872,406
<SHARES-COMMON-STOCK> 4,116,882
<SHARES-COMMON-PRIOR> 3,259,170
<ACCUMULATED-NII-CURRENT> 181,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,012,824)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (83,647)
<NET-ASSETS> 36,957,607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 939,266
<OTHER-INCOME> 0
<EXPENSES-NET> (169,779)
<NET-INVESTMENT-INCOME> 769,487
<REALIZED-GAINS-CURRENT> 141,920
<APPREC-INCREASE-CURRENT> (278,386)
<NET-CHANGE-FROM-OPS> 633,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (820,747)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,376,768
<NUMBER-OF-SHARES-REDEEMED> (589,646)
<SHARES-REINVESTED> 70,590
<NET-CHANGE-IN-ASSETS> 7,585,434
<ACCUMULATED-NII-PRIOR> 233,239
<ACCUMULATED-GAINS-PRIOR> (1,154,744)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,349
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,779
<AVERAGE-NET-ASSETS> 32,899,719
<PER-SHARE-NAV-BEGIN> 9.010
<PER-SHARE-NII> .200
<PER-SHARE-GAIN-APPREC> (.009)
<PER-SHARE-DIVIDEND> (.231)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.970
<EXPENSE-RATIO> 1.030
<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, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN INVESTMENT GRADE INCOME FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 25,974,862
<INVESTMENTS-AT-VALUE> 25,891,215
<RECEIVABLES> 11,016,633
<ASSETS-OTHER> 78,728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,986,576
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,969
<TOTAL-LIABILITIES> 28,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,872,406
<SHARES-COMMON-STOCK> 4,233
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 181,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,012,824)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (83,647)
<NET-ASSETS> 36,957,607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 939,266
<OTHER-INCOME> 0
<EXPENSES-NET> (169,779)
<NET-INVESTMENT-INCOME> 769,487
<REALIZED-GAINS-CURRENT> 141,920
<APPREC-INCREASE-CURRENT> (278,386)
<NET-CHANGE-FROM-OPS> 633,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (307)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,199
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 7,585,434
<ACCUMULATED-NII-PRIOR> 233,239
<ACCUMULATED-GAINS-PRIOR> (1,154,744)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,349
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,779
<AVERAGE-NET-ASSETS> 32,899,719
<PER-SHARE-NAV-BEGIN> 9.030
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (.094)
<PER-SHARE-DIVIDEND> (.106)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.960
<EXPENSE-RATIO> .840
<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, 1997 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-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 20,829,676
<INVESTMENTS-AT-VALUE> 20,686,603
<RECEIVABLES> 5,782,812
<ASSETS-OTHER> 108,345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,577,760
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,186
<TOTAL-LIABILITIES> 36,186
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,657,333
<SHARES-COMMON-STOCK> 1,110,659
<SHARES-COMMON-PRIOR> 1,181,769
<ACCUMULATED-NII-CURRENT> 226,500
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,199,186)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (143,073)
<NET-ASSETS> 26,541,574
<DIVIDEND-INCOME> 648,204
<INTEREST-INCOME> 78,276
<OTHER-INCOME> 0
<EXPENSES-NET> (141,160)
<NET-INVESTMENT-INCOME> 585,320
<REALIZED-GAINS-CURRENT> 25,700
<APPREC-INCREASE-CURRENT> 404,305
<NET-CHANGE-FROM-OPS> 1,015,325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (581,815)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182,989
<NUMBER-OF-SHARES-REDEEMED> (275,832)
<SHARES-REINVESTED> 21,733
<NET-CHANGE-IN-ASSETS> (1,249,841)
<ACCUMULATED-NII-PRIOR> 222,995
<ACCUMULATED-GAINS-PRIOR> (3,224,886)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141,160
<AVERAGE-NET-ASSETS> 26,154,264
<PER-SHARE-NAV-BEGIN> 23.520
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> .365
<PER-SHARE-DIVIDEND> (.525)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 23.900
<EXPENSE-RATIO> 1.080
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
NAME OF REGISTRANT:
Franklin Managed Trust
File No. 811-4894
EXHIBIT ITEM No. 77I(b):
The Franklin Investment Grade Income Fund series of registrant began offering a
second class of shares on January 1, 1997: Franklin Investment Grade Income
Fund - Class I and Franklin Investment Grade Income Fund - Advisor Class.
Class I and Advisor Class shares differ as to sales charges, expenses and
services. Shares of each class of a series represent proportionate interests
in the assets of the series and have the same voting and other rights and
preferences as the other classes and series of the Regist for matters that
affect the Registrant as a whole.
wpdoc2\nsar\1997\0159-77i.doc 5/8/97
