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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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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
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 20
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 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
<PAGE> PAGE 21
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 0
071 B000300 16926
071 C000300 12401
071 D000300 0
072 A000300 12
072 B000300 270
072 C000300 753
072 D000300 0
072 E000300 0
072 F000300 89
072 G000300 0
072 H000300 0
072 I000300 6
072 J000300 0
072 K000300 3
072 L000300 0
072 M000300 1
072 N000300 15
072 O000300 0
072 P000300 0
072 Q000300 32
072 R000300 0
072 S000300 6
072 T000300 50
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 203
072 Y000300 0
072 Z000300 820
072AA000300 253
072BB000300 274
072CC010300 25
072CC020300 0
072DD010300 1093
072DD020300 0
072EE000300 0
073 A010300 1.3000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
<PAGE> PAGE 22
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 22567
076 000300 0.00
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, 1998 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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 407,310,441
<INVESTMENTS-AT-VALUE> 442,272,784
<RECEIVABLES> 10,018,670
<ASSETS-OTHER> 553,852
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 452,845,306
<PAYABLE-FOR-SECURITIES> 137,596
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,581,961
<TOTAL-LIABILITIES> 1,719,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 374,484,068
<SHARES-COMMON-STOCK> 18,917,914
<SHARES-COMMON-PRIOR> 14,663,468
<ACCUMULATED-NII-CURRENT> 736,183
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,943,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,962,343
<NET-ASSETS> 451,125,749
<DIVIDEND-INCOME> 8,333,734
<INTEREST-INCOME> 778,232
<OTHER-INCOME> 0
<EXPENSES-NET> (6,850,554)
<NET-INVESTMENT-INCOME> 2,261,412
<REALIZED-GAINS-CURRENT> 45,956,036
<APPREC-INCREASE-CURRENT> (99,023,374)
<NET-CHANGE-FROM-OPS> (50,805,926)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,828,381)
<DISTRIBUTIONS-OF-GAINS> (48,479,814)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,690,317
<NUMBER-OF-SHARES-REDEEMED> (4,203,389)
<SHARES-REINVESTED> 1,767,518
<NET-CHANGE-IN-ASSETS> 41,726,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 45,879,382
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,577,836)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,850,554)
<AVERAGE-NET-ASSETS> 479,082,856
<PER-SHARE-NAV-BEGIN> 26.930
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (2.220)
<PER-SHARE-DIVIDEND> (.110)
<PER-SHARE-DISTRIBUTIONS> (3.200)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 21.530
<EXPENSE-RATIO> 1.390
<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, 1998 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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 407,310,441
<INVESTMENTS-AT-VALUE> 442,272,784
<RECEIVABLES> 10,018,670
<ASSETS-OTHER> 553,852
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 452,845,306
<PAYABLE-FOR-SECURITIES> 137,596
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,581,961
<TOTAL-LIABILITIES> 1,719,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 374,484,068
<SHARES-COMMON-STOCK> 2,041,512
<SHARES-COMMON-PRIOR> 540,970
<ACCUMULATED-NII-CURRENT> 736,183
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,943,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,962,343
<NET-ASSETS> 451,125,749
<DIVIDEND-INCOME> 8,333,734
<INTEREST-INCOME> 778,232
<OTHER-INCOME> 0
<EXPENSES-NET> (6,850,554)
<NET-INVESTMENT-INCOME> 2,261,412
<REALIZED-GAINS-CURRENT> 45,956,036
<APPREC-INCREASE-CURRENT> (99,023,374)
<NET-CHANGE-FROM-OPS> (50,805,926)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,086)
<DISTRIBUTIONS-OF-GAINS> (2,105,211)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,797,364
<NUMBER-OF-SHARES-REDEEMED> (373,593)
<SHARES-REINVESTED> 76,771
<NET-CHANGE-IN-ASSETS> 41,726,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 45,879,382
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,577,836)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,850,554)
<AVERAGE-NET-ASSETS> 479,082,856
<PER-SHARE-NAV-BEGIN> 26.850
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> (2.200)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (3.200)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 21.450
<EXPENSE-RATIO> 1.940
<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, 1998 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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 45,194,777
<INVESTMENTS-AT-VALUE> 46,151,078
<RECEIVABLES> 12,777,337
<ASSETS-OTHER> 3,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,932,140
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,468,536
<TOTAL-LIABILITIES> 1,468,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,941,727
<SHARES-COMMON-STOCK> 5,959,513
<SHARES-COMMON-PRIOR> 4,799,829
<ACCUMULATED-NII-CURRENT> 305,768
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (740,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 956,301
<NET-ASSETS> 57,463,604
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,935,984
<OTHER-INCOME> 0
<EXPENSES-NET> (551,583)
<NET-INVESTMENT-INCOME> 2,384,401
<REALIZED-GAINS-CURRENT> 7,326
<APPREC-INCREASE-CURRENT> 840,370
<NET-CHANGE-FROM-OPS> 3,232,097
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,346,104)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,275,365
<NUMBER-OF-SHARES-REDEEMED> (2,335,040)
<SHARES-REINVESTED> 219,360
<NET-CHANGE-IN-ASSETS> 13,855,988
<ACCUMULATED-NII-PRIOR> 269,981
<ACCUMULATED-GAINS-PRIOR> (810,425)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (251,633)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (551,583)
<AVERAGE-NET-ASSETS> 50,307,990
<PER-SHARE-NAV-BEGIN> 9.080
<PER-SHARE-NII> .430
<PER-SHARE-GAIN-APPREC> .140
<PER-SHARE-DIVIDEND> (.430)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.220
<EXPENSE-RATIO> 1.100
<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, 1998 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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 45,194,777
<INVESTMENTS-AT-VALUE> 46,151,078
<RECEIVABLES> 12,777,337
<ASSETS-OTHER> 3,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,932,140
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,468,536
<TOTAL-LIABILITIES> 1,468,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,941,727
<SHARES-COMMON-STOCK> 271,551
<SHARES-COMMON-PRIOR> 4,331
<ACCUMULATED-NII-CURRENT> 305,768
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (740,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 956,301
<NET-ASSETS> 57,463,604
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,935,984
<OTHER-INCOME> 0
<EXPENSES-NET> (551,583)
<NET-INVESTMENT-INCOME> 2,384,401
<REALIZED-GAINS-CURRENT> 7,326
<APPREC-INCREASE-CURRENT> 840,370
<NET-CHANGE-FROM-OPS> 3,232,097
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,510)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267,539
<NUMBER-OF-SHARES-REDEEMED> (634)
<SHARES-REINVESTED> 315
<NET-CHANGE-IN-ASSETS> 13,855,988
<ACCUMULATED-NII-PRIOR> 269,981
<ACCUMULATED-GAINS-PRIOR> (810,425)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (251,633)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (551,583)
<AVERAGE-NET-ASSETS> 50,307,990
<PER-SHARE-NAV-BEGIN> 9.070
<PER-SHARE-NII> .430
<PER-SHARE-GAIN-APPREC> .190
<PER-SHARE-DIVIDEND> (.460)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.230
<EXPENSE-RATIO> .820
<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, 1998 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-30-1998
<PERIOD-END> SEP-30-1998<F1>
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,021,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 753,178
<INTEREST-INCOME> 269,642
<OTHER-INCOME> 0
<EXPENSES-NET> (202,965)
<NET-INVESTMENT-INCOME> 819,855
<REALIZED-GAINS-CURRENT> (20,638)
<APPREC-INCREASE-CURRENT> 24,830
<NET-CHANGE-FROM-OPS> 4,192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,092,896)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 214,690
<NUMBER-OF-SHARES-REDEEMED> (1,276,182)
<SHARES-REINVESTED> 40,217
<NET-CHANGE-IN-ASSETS> (24,545,503)
<ACCUMULATED-NII-PRIOR> 273,041
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,968,650)
<GROSS-ADVISORY-FEES> (89,335)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (202,965)
<AVERAGE-NET-ASSETS> 22,566,911
<PER-SHARE-NAV-BEGIN> 24.030
<PER-SHARE-NII> 1.560
<PER-SHARE-GAIN-APPREC> (.680)
<PER-SHARE-DIVIDEND> (1.300)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (23.610)
<PER-SHARE-NAV-END> .000
<EXPENSE-RATIO> .860
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE FUND WAS LIQUIDATED EFFECTIVE JULY 15, 1998.
</FN>
</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, 1998, 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, 1998.
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
November 5, 1998
