<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000805650
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
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002 A000000 777 MARINERS ISLAND BLVD.
002 B000000 SAN MATEO
002 C000000 CA
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002 D020000 7777
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006 000000 N
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007 C020100 RISING DIVIDENDS FUND
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007 C020200 INVESTMENT GRADE INCOME FUND
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007 C020300 COPORATE QUALIFIED DIVIDEND FUND
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008 D02AA01 NJ
008 D03AA01 07024
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
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010 C04AA01 7777
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<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 1585
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 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
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 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B00AA07 S
<PAGE> PAGE 3
015 C01AA07 GABARONE
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 ROYAL BANK OF CANADA
015 B00AA09 S
015 C01AA09 MONTREAL
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 BANCO DE CHILE
015 B00AA11 S
015 C01AA11 SANTIAGO
015 D01AA11 CHILE
015 E04AA11 X
015 A00AA12 THE STANDARD CHARTERED BANK, HONG KONG
015 B00AA12 S
015 C01AA12 HONG KONG
015 D01AA12 CHINA
015 E04AA12 X
015 A00AA13 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA13 S
015 C01AA13 BOGOTA
015 D01AA13 COLOMBIA
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHODNI BANKA A.S. (CSOB)
015 B00AA14 S
015 C01AA14 PRAHA (PRAGUE)
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 CITIBANK, N.A.
015 B00AA16 S
015 C01AA16 QUITO
015 D01AA16 ECUADOR
015 E04AA16 X
015 A00AA17 CITIBANK, N.A. - EGYPT BRANCH
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015 C01AA17 CAIRO
<PAGE> PAGE 4
015 D01AA17 EGYPT
015 E04AA17 X
015 A00AA18 MERITA BANK LTD (MB)
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 CREDIT COMMERCIAL DE FRANCE
015 B00AA20 S
015 C01AA20 PARIS
015 D01AA20 FRANCE
015 E04AA20 X
015 A00AA21 DRESDNER BANK AG
015 B00AA21 S
015 C01AA21 FRANKFURT/MAIN
015 D01AA21 GERMANY
015 E04AA21 X
015 A00AA22 MERCHANT BANK (GHANA) LIMITED
015 B00AA22 S
015 C01AA22 ACCRA
015 D01AA22 GHANA
015 E04AA22 X
015 A00AA23 NATIONAL BANK OF GREECE SA
015 B00AA23 S
015 C01AA23 ATHENS
015 D01AA23 GREECE
015 E04AA23 X
015 A00AA24 THE HONGKONG AND SHANGHAI BANKING CORP, LTD
015 B00AA24 S
015 C01AA24 HONG KONG
015 D01AA24 HONG KONG
015 E04AA24 X
015 A00AA25 CITIBANK BUDAPEST RT.
015 B00AA25 S
015 C01AA25 BUDAPEST
015 D01AA25 HUNGARY
015 E04AA25 X
015 A00AA26 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA26 S
015 C01AA26 MUMBAI
015 D01AA26 INDIA
015 E04AA26 X
015 A00AA27 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA27 S
015 C01AA27 JAKARTA
015 D01AA27 INDONESIA
<PAGE> PAGE 5
015 E04AA27 X
015 A00AA28 ALLIED IRISH BANKS, PLC (AIB)
015 B00AA28 S
015 C01AA28 DUBLIN
015 D01AA28 IRELAND
015 E04AA28 X
015 A00AA29 BANCA COMMERCIALE ITALIANA (BCI)
015 B00AA29 S
015 C01AA29 MILAN
015 D01AA29 ITALY
015 E04AA29 X
015 A00AA30 BANQUE PARIBAS SA
015 B00AA30 S
015 C01AA30 MILAN
015 D01AA30 ITALY
015 E04AA30 X
015 A00AA31 BANK OF TOKYO MITSUBISHI (BTM)
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015 C01AA31 TOKYO
015 D01AA31 JAPAN
015 E04AA31 X
015 A00AA32 JASDEC (DEPOSITORY)
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015 D01AA32 JAPAN
015 E04AA32 X
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015 D01AA33 JORDAN
015 E04AA33 X
015 A00AA34 STANBIC BANK KENYA LIMITED (STANBIC)
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015 D01AA34 KENYA
015 E04AA34 X
015 A00AA35 BANQUE INTERNATIONALE A LUXEMBOURG
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015 D01AA35 LUXEMBOURG
015 E04AA35 X
015 A00AA36 CEDEL (DEPOSITORY)
015 B00AA36 S
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015 D01AA36 LUXEMBOURG
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015 C01AA37 KUALA LUMPUR
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<PAGE> PAGE 6
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015 C01AA38 MEXICO CITY
015 D01AA38 MEXICO
015 E04AA38 X
015 A00AA39 BANQUE COMMERCIALE DU MAROC (BCM)
015 B00AA39 S
015 C01AA39 CASABLANCA
015 D01AA39 MOROCCO
015 E04AA39 X
015 A00AA40 STANBIC BANK NAMIBIA LIMITED (STANBIC)
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015 C01AA40 WINDHOEK
015 D01AA40 NAMIBIA
015 E04AA40 X
015 A00AA41 MEESPIERSON
015 B00AA41 S
015 C01AA41 AMSTERDAM
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015 E04AA41 X
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015 C01AA42 AMSTERDAM
015 D01AA42 NETHERLANDS
015 E04AA42 X
015 A00AA43 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA43 S
015 C01AA43 WELLINGTON
015 D01AA43 NEW ZEALAND
015 E04AA43 X
015 A00AA44 STANBIC MERCHANT BANK NIGERIA LTD (STANBIC)
015 B00AA44 S
015 C01AA44 LAGOS
015 D01AA44 NIGERIA
015 E04AA44 X
015 A00AA45 DEN NORSKE BANK ASA
015 B00AA45 S
015 C01AA45 OSLO
015 D01AA45 NORWAY
015 E04AA45 X
015 A00AA46 STANDARD CHARTERED BANK (SCB)
015 B00AA46 S
015 C01AA46 KARACHI
015 D01AA46 PAKISTAN
015 E04AA46 X
015 A00AA47 CITIBANK, N.A.
015 B00AA47 S
015 C01AA47 LIMA
015 D01AA47 PERU
015 E04AA47 X
015 A00AA48 THE HONGKONG AND SHANGHAI BANKING CORP, LTD
<PAGE> PAGE 7
015 B00AA48 S
015 C01AA48 PASIG CITY MANILA
015 D01AA48 PHILIPPINES
015 E04AA48 X
015 A00AA49 THE PHILIPPINE CENTRAL DEPOSITORY, INC
015 B00AA49 S
015 C01AA49 MAKATI CITY
015 D01AA49 PHILIPPINES
015 E04AA49 X
015 A00AA50 BANK HANDLOWY W WARSZAWIE S.A.
015 B00AA50 S
015 C01AA50 WARSAW
015 D01AA50 POLAND
015 E04AA50 X
015 A00AA51 BANCO COMERCIAL PORTUGUES, S.A.
015 B00AA51 S
015 C01AA51 LISBON
015 D01AA51 PORTUGAL
015 E04AA51 X
015 A00AA52 UNITED OVERSEAS BANK LTD (UOB)
015 B00AA52 S
015 C01AA52 SINGAPORE
015 D01AA52 SINGAPORE
015 E04AA52 X
015 A00AA53 DEVELOPMENT BANK OF SINGAPORE
015 B00AA53 S
015 C01AA53 SINGAPORE
015 D01AA53 SINGAPORE
015 E04AA53 X
015 A00AA54 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B00AA54 S
015 C01AA54 BRATISLAVA
015 D01AA54 SLOVAK REPUBLIC
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015 A00AA55 STANDARD CORP AND MERCHANT BANK (SCMB)
015 B00AA55 S
015 C01AA55 JOHANNESBURG
015 D01AA55 SOUTH AFRICA
015 E04AA55 X
015 A00AA56 SEOULBANK (SB)
015 B00AA56 S
015 C01AA56 SEOUL
015 D01AA56 SOUTH KOREA
015 E04AA56 X
015 A00AA57 BANCO BILBAO VIZCAYA (BBV)
015 B00AA57 S
015 C01AA57 MADRID
015 D01AA57 SPAIN
015 E04AA57 X
015 A00AA58 STANDARD CHARTERED BANK (SCB)
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<PAGE> PAGE 8
015 C01AA58 COLOMBO
015 D01AA58 SRI LANKA
015 E04AA58 X
015 A00AA59 STANBIC BANK SWAZILAND LIMITED (STANBIC)
015 B00AA59 S
015 C01AA59 MBABANE
015 D01AA59 SWAZILAND
015 E04AA59 X
015 A00AA60 SKANDINAVISKA ENSKILDA BANKEN (SEB)
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015 C01AA60 STOCKHOLM
015 D01AA60 SWEDEN
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015 A00AA61 BANK LEU LTD
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015 D01AA61 SWITZERLAND
015 E04AA61 X
015 A00AA62 UNION BANK OF SWITZERLAND
015 B00AA62 S
015 C01AA62 ZURICH
015 D01AA62 SWITZERLAND
015 E04AA62 X
015 A00AA63 THE HONGKONG AND SHANGHAI BANKING CORP, LTD
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015 C01AA63 TAIPEI
015 D01AA63 TAIWAN
015 E04AA63 X
015 A00AA64 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B00AA64 S
015 C01AA64 BANGKOK
015 D01AA64 THAILAND
015 E04AA64 X
015 A00AA65 BANGKOK BANK PUBLIC COMPANY LTD
015 B00AA65 S
015 C01AA65 BANGKOK
015 D01AA65 THAILAND
015 E04AA65 X
015 A00AA66 OSMANLI BANKSAI A.S. (OTTOMAN BANK)
015 B00AA66 S
015 C01AA66 ISTANBUL
015 D01AA66 TURKEY
015 E04AA66 X
015 A00AA67 THE BANK OF NEW YORK
015 B00AA67 S
015 C01AA67 LONDON
015 D01AA67 UNITED KINGDOM
015 E04AA67 X
015 A00AA68 FIRST CHICAGO CLEARING CENTRE (FCCC)
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<PAGE> PAGE 9
015 D01AA68 UNITED KINGDOM
015 E04AA68 X
015 A00AA69 THE FIRST NATIONAL BANK OF BOSTON
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015 C01AA69 MONTEVIDEO
015 D01AA69 URUGUAY
015 E04AA69 X
015 A00AA70 CITIBANK, N.A.
015 B00AA70 S
015 C01AA70 CARACAS
015 D01AA70 VENEZUELA
015 E04AA70 X
015 A00AA71 STANBIC BANK ZIMBIA LIMITED (STANBIC)
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015 C01AA71 LUSAKA
015 D01AA71 ZAMBIA
015 E04AA71 X
015 A00AA72 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
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015 C01AA72 HARARE
015 D01AA72 ZIMBABWE
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015 A00AA73 BANK LEUMI LE-ISRAEL B.M.
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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 17
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<PAGE> PAGE 18
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064 B000200 N
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<PAGE> PAGE 19
070 G020200 N
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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
067 000300 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST SEPTEMBER 30, 1997 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-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 263,462,113
<INVESTMENTS-AT-VALUE> 397,447,830
<RECEIVABLES> 18,131,120
<ASSETS-OTHER> 289,911
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 415,868,861
<PAYABLE-FOR-SECURITIES> 5,431,856
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,037,577
<TOTAL-LIABILITIES> 6,469,433
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 229,534,329
<SHARES-COMMON-STOCK> 14,663,468
<SHARES-COMMON-PRIOR> 13,865,090
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,879,382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 133,985,717
<NET-ASSETS> 409,399,428
<DIVIDEND-INCOME> 6,469,602
<INTEREST-INCOME> 547,152
<OTHER-INCOME> 0
<EXPENSES-NET> (4,703,287)
<NET-INVESTMENT-INCOME> 2,313,467
<REALIZED-GAINS-CURRENT> 49,210,010
<APPREC-INCREASE-CURRENT> 70,034,445
<NET-CHANGE-FROM-OPS> 121,557,922
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,490,290)
<DISTRIBUTIONS-OF-GAINS> (18,098,843)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,748,993
<NUMBER-OF-SHARES-REDEEMED> (2,754,192)
<SHARES-REINVESTED> 803,577
<NET-CHANGE-IN-ASSETS> 127,771,333
<ACCUMULATED-NII-PRIOR> 184,895
<ACCUMULATED-GAINS-PRIOR> 15,056,455
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,483,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,703,287
<AVERAGE-NET-ASSETS> 331,102,922
<PER-SHARE-NAV-BEGIN> 20.030
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 8.230
<PER-SHARE-DIVIDEND> (0.180)
<PER-SHARE-DISTRIBUTIONS> (1.310)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 26.930
<EXPENSE-RATIO> 1.410
<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 30,1997 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-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 263,462,113
<INVESTMENTS-AT-VALUE> 397,447,830
<RECEIVABLES> 18,131,120
<ASSETS-OTHER> 289,911
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 415,868,861
<PAYABLE-FOR-SECURITIES> 5,431,856
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,037,577
<TOTAL-LIABILITIES> 6,469,433
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 229,534,329
<SHARES-COMMON-STOCK> 540,970
<SHARES-COMMON-PRIOR> 194,268
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,879,382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 133,985,717
<NET-ASSETS> 409,399,428
<DIVIDEND-INCOME> 6,469,602
<INTEREST-INCOME> 547,152
<OTHER-INCOME> 0
<EXPENSES-NET> (4,703,287)
<NET-INVESTMENT-INCOME> 2,313,467
<REALIZED-GAINS-CURRENT> 49,210,010
<APPREC-INCREASE-CURRENT> 70,034,445
<NET-CHANGE-FROM-OPS> 121,557,922
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,072)
<DISTRIBUTIONS-OF-GAINS> (288,240)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428,747
<NUMBER-OF-SHARES-REDEEMED> (93,599)
<SHARES-REINVESTED> 11,554
<NET-CHANGE-IN-ASSETS> 127,771,333
<ACCUMULATED-NII-PRIOR> 184,895
<ACCUMULATED-GAINS-PRIOR> 15,056,455
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,483,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,703,287
<AVERAGE-NET-ASSETS> 331,102,922
<PER-SHARE-NAV-BEGIN> 19.980
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 8.170
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> (1.310)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 26.850
<EXPENSE-RATIO> 1.950
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST SEPTEMBER 30, 1997 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> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 33,329,435
<INVESTMENTS-AT-VALUE> 33,445,366
<RECEIVABLES> 12,126,796
<ASSETS-OTHER> 51,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,623,785
<PAYABLE-FOR-SECURITIES> 1,320,221
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 695,948
<TOTAL-LIABILITIES> 2,016,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,032,129
<SHARES-COMMON-STOCK> 4,799,828
<SHARES-COMMON-PRIOR> 3,259,170
<ACCUMULATED-NII-CURRENT> 269,981
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (810,425)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 115,931
<NET-ASSETS> 43,607,616
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,108,623
<OTHER-INCOME> 0
<EXPENSES-NET> (383,907)
<NET-INVESTMENT-INCOME> 1,724,716
<REALIZED-GAINS-CURRENT> 344,319
<APPREC-INCREASE-CURRENT> (78,808)
<NET-CHANGE-FROM-OPS> 1,990,227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,686,440)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,081,133
<NUMBER-OF-SHARES-REDEEMED> (1,688,767)
<SHARES-REINVESTED> 148,291
<NET-CHANGE-IN-ASSETS> 14,235,443
<ACCUMULATED-NII-PRIOR> 233,239
<ACCUMULATED-GAINS-PRIOR> (1,154,744)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 182,521
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 383,907
<AVERAGE-NET-ASSETS> 36,499,123
<PER-SHARE-NAV-BEGIN> 9.010
<PER-SHARE-NII> .410
<PER-SHARE-GAIN-APPREC> .090
<PER-SHARE-DIVIDEND> (.430)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.080
<EXPENSE-RATIO> 1.050
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MANAGED TRUST SEPTEMBER 30, 1997 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> FRANKLIN INVESTMENT GRADE INCOME FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 33,329,435
<INVESTMENTS-AT-VALUE> 33,445,366
<RECEIVABLES> 12,126,796
<ASSETS-OTHER> 51,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,623,785
<PAYABLE-FOR-SECURITIES> 1,320,221
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 695,948
<TOTAL-LIABILITIES> 2,016,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,032,129
<SHARES-COMMON-STOCK> 4,331
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 269,981
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (810,425)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 115,931
<NET-ASSETS> 43,607,616
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,108,623
<OTHER-INCOME> 0
<EXPENSES-NET> (383,907)
<NET-INVESTMENT-INCOME> 1,724,716
<REALIZED-GAINS-CURRENT> 344,319
<APPREC-INCREASE-CURRENT> (78,808)
<NET-CHANGE-FROM-OPS> 1,990,227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,534)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,121
<NUMBER-OF-SHARES-REDEEMED> (9,923)
<SHARES-REINVESTED> 133
<NET-CHANGE-IN-ASSETS> 14,235,443
<ACCUMULATED-NII-PRIOR> 233,239
<ACCUMULATED-GAINS-PRIOR> (1,154,744)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 182,521
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 383,907
<AVERAGE-NET-ASSETS> 36,499,123
<PER-SHARE-NAV-BEGIN> 9.030
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .070
<PER-SHARE-DIVIDEND> (.310)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.070
<EXPENSE-RATIO> .850
<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, 1997 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 18,394,242
<INVESTMENTS-AT-VALUE> 18,369,412
<RECEIVABLES> 6,242,078
<ASSETS-OTHER> 56,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,667,820
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122,317
<TOTAL-LIABILITIES> 122,317
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,265,942
<SHARES-COMMON-STOCK> 1,021,275
<SHARES-COMMON-PRIOR> 1,181,769
<ACCUMULATED-NII-CURRENT> 273,041
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,968,650)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (24,830)
<NET-ASSETS> 24,545,503
<DIVIDEND-INCOME> 1,194,122
<INTEREST-INCOME> 250,503
<OTHER-INCOME> 0
<EXPENSES-NET> (267,176)
<NET-INVESTMENT-INCOME> 1,177,449
<REALIZED-GAINS-CURRENT> 5,034
<APPREC-INCREASE-CURRENT> 522,548
<NET-CHANGE-FROM-OPS> 1,705,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,127,403)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 317,340
<NUMBER-OF-SHARES-REDEEMED> (520,179)
<SHARES-REINVESTED> 42,345
<NET-CHANGE-IN-ASSETS> (3,245,912)
<ACCUMULATED-NII-PRIOR> 222,995
<ACCUMULATED-GAINS-PRIOR> (3,224,886)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 267,176
<AVERAGE-NET-ASSETS> 25,820,394
<PER-SHARE-NAV-BEGIN> 23.520
<PER-SHARE-NII> 1.110
<PER-SHARE-GAIN-APPREC> .440
<PER-SHARE-DIVIDEND> (1.040)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.030
<EXPENSE-RATIO> 1.030
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees
of Franklin Managed Trust:
In planning and performing our audit of the
financial statements of the Franklin Rising
Dividends Fund, Franklin Investment Grade Income
Fund, and Franklin Corporate Qualified Dividend
Fund, each a series of shares of Franklin Managed
Trust (the "Trust"), for the year ended September
30, 1997, we considered its 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
structures.
The management of the Trust is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments 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, 1997.
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
Philadelphia, Pennsylvania
October 23, 1997
