Manifested content is what a message or other configuration of signs (such as a dream) manifests (on the surface) or directly conveys.
Manifested content is often constructed as something superficial, i.e., floating on the surface while latent content is something hidden or buried beneath the surface.
It is generally accepted that the latent is more important than that which is manifested, although deconstructivists like Jacques Derrida test the tendency to prioritize the hidden and the profound over the superficial and accessible.