Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
158-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
2
Notes
to
Schedule
of
Investments
5
Franklin
Managed
Trust
Schedule
of
Investments
(unaudited),
June
30,
2025
Franklin
Rising
Dividends
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
98.3%
Aerospace
&
Defense
3.6%
General
Dynamics
Corp.
..............................................
1,440,000
$
419,990,400
RTX
Corp.
........................................................
3,920,000
572,398,400
992,388,800
Banks
3.0%
JPMorgan
Chase
&
Co.
...............................................
2,825,000
818,995,750
Beverages
1.2%
PepsiCo,
Inc.
......................................................
2,445,000
322,837,800
Biotechnology
1.4%
AbbVie,
Inc.
.......................................................
2,105,000
390,730,100
Building
Products
3.2%
Carlisle
Cos.,
Inc.
...................................................
920,000
343,528,000
Johnson
Controls
International
plc
.......................................
5,010,000
529,156,200
872,684,200
Capital
Markets
7.4%
Ares
Management
Corp.
,
A
............................................
2,077,500
359,823,000
Charles
Schwab
Corp.
(The)
...........................................
5,590,000
510,031,600
Morgan
Stanley
.....................................................
4,060,000
571,891,600
Nasdaq,
Inc.
.......................................................
6,520,000
583,018,400
2,024,764,600
Chemicals
6.2%
Air
Products
and
Chemicals,
Inc.
........................................
1,140,000
321,548,400
Ecolab,
Inc.
........................................................
1,315,750
354,515,680
Linde
plc
..........................................................
1,700,000
797,606,000
Sherwin-Williams
Co.
(The)
............................................
641,874
220,393,857
1,694,063,937
Commercial
Services
&
Supplies
1.7%
Cintas
Corp.
.......................................................
2,050,000
456,883,500
Consumer
Staples
Distribution
&
Retail
4.0%
Casey's
General
Stores,
Inc.
...........................................
500,000
255,135,000
Target
Corp.
.......................................................
1,110,000
109,501,500
Walmart,
Inc.
......................................................
7,515,000
734,816,700
1,099,453,200
Electric
Utilities
1.1%
NextEra
Energy,
Inc.
.................................................
4,505,000
312,737,100
Electrical
Equipment
1.6%
nVent
Electric
plc
...................................................
6,105,000
447,191,250
Financial
Services
3.4%
Visa,
Inc.
,
A
........................................................
2,632,500
934,669,125
Food
Products
0.8%
McCormick
&
Co.,
Inc.
...............................................
2,750,000
208,505,000
Health
Care
Equipment
&
Supplies
6.9%
Abbott
Laboratories
..................................................
4,500,000
612,045,000
Becton
Dickinson
&
Co.
...............................................
1,489,000
256,480,250
STERIS
plc
........................................................
1,070,500
257,155,510
Stryker
Corp.
......................................................
1,970,000
779,391,100
1,905,071,860
Franklin
Managed
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
0.2%
UnitedHealth
Group,
Inc.
..............................................
178,986
$
55,838,262
Hotels,
Restaurants
&
Leisure
1.9%
McDonald's
Corp.
...................................................
1,820,500
531,895,485
Household
Durables
0.5%
DR
Horton,
Inc.
.....................................................
1,140,000
146,968,800
Household
Products
2.6%
Colgate-Palmolive
Co.
...............................................
2,320,000
210,888,000
Procter
&
Gamble
Co.
(The)
...........................................
3,148,500
501,619,020
712,507,020
Industrial
Conglomerates
1.8%
Honeywell
International,
Inc.
...........................................
2,085,000
485,554,800
Insurance
1.7%
Erie
Indemnity
Co.
,
A
.................................................
604,250
209,547,858
Marsh
&
McLennan
Cos.,
Inc.
..........................................
1,210,000
264,554,400
474,102,258
IT
Services
2.2%
Accenture
plc
,
A
....................................................
1,990,000
594,791,100
Life
Sciences
Tools
&
Services
1.8%
Danaher
Corp.
.....................................................
1,615,000
319,027,100
West
Pharmaceutical
Services,
Inc.
......................................
858,500
187,839,800
506,866,900
Machinery
1.1%
Parker-Hannifin
Corp.
................................................
445,000
310,819,150
Oil,
Gas
&
Consumable
Fuels
2.6%
Chevron
Corp.
.....................................................
2,223,000
318,311,370
EOG
Resources,
Inc.
................................................
1,470,000
175,826,700
Exxon
Mobil
Corp.
...................................................
2,155,000
232,309,000
726,447,070
Pharmaceuticals
2.9%
Eli
Lilly
&
Co.
......................................................
457,500
356,634,975
Johnson
&
Johnson
.................................................
2,830,000
432,282,500
788,917,475
Semiconductors
&
Semiconductor
Equipment
9.9%
Analog
Devices,
Inc.
.................................................
2,248,500
535,187,970
Applied
Materials,
Inc.
................................................
975,000
178,493,250
Broadcom,
Inc.
.....................................................
4,555,000
1,255,585,750
Texas
Instruments,
Inc.
...............................................
3,702,500
768,713,050
2,737,980,020
Software
15.3%
Microsoft
Corp.
.....................................................
5,420,000
2,695,962,200
Oracle
Corp.
.......................................................
3,708,000
810,680,040
Roper
Technologies,
Inc.
..............................................
1,262,500
715,635,500
4,222,277,740
Specialty
Retail
3.4%
Lowe's
Cos.,
Inc.
....................................................
2,005,000
444,849,350
Ross
Stores,
Inc.
...................................................
2,677,500
341,595,450
Franklin
Managed
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Tractor
Supply
Co.
..................................................
2,615,000
$
137,993,550
924,438,350
Technology
Hardware,
Storage
&
Peripherals
2.9%
Apple,
Inc.
........................................................
3,935,000
807,343,950
Textiles,
Apparel
&
Luxury
Goods
0.5%
NIKE,
Inc.
,
B
.......................................................
1,800,000
127,872,000
Trading
Companies
&
Distributors
1.5%
WW
Grainger,
Inc.
...................................................
398,500
414,535,640
Total
Common
Stocks
(Cost
$
11,407,815,635
)
...................................
27,050,132,242
a
a
a
a
Short
Term
Investments
1.8%
a
Money
Market
Funds
1.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..................
490,244,298
490,244,298
Total
Money
Market
Funds
(Cost
$
490,244,298
)
.................................
490,244,298
Total
Short
Term
Investments
(Cost
$
490,244,298
)
...............................
490,244,298
a
Total
Investments
(Cost
$
11,898,059,933
)
100.1
%
................................
$27,540,376,540
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(15,795,507)
Net
Assets
100.0%
...........................................................
$27,524,581,033
Franklin
Managed
Trust
5
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Managed
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
one
fund,
Franklin
Rising
Dividends
Fund
(Fund).
The
Fund
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
Franklin
Managed
Trust
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
For
additional
information
on
the
Fund’s
significant
accounting
policies,
please
refer
to
the Fund’s
most
recent
semiannual
or
annual
shareholder
report. 
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
June
30,
2025,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Rising
Dividends
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
$312,631,626
$2,788,276,812
$(2,610,664,140)
$—
$—
$490,244,298
490,244,298
$14,918,119
Total
Affiliated
Securities
...
$312,631,626
$2,788,276,812
$(2,610,664,140)
$—
$—
$490,244,298
$14,918,119