Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
158-Q3PH
1
Statement
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
2
Notes
to
Statement
of
Investments
5
Franklin
Managed
Trust
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
Rising
Dividends
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
98.9%
Aerospace
&
Defense
3.6%
General
Dynamics
Corp.
..............................................
1,713,090
$
322,506,323
Raytheon
Technologies
Corp.
..........................................
7,669,928
654,321,558
976,827,881
Air
Freight
&
Logistics
2.2%
United
Parcel
Service,
Inc.,
B
..........................................
2,784,500
579,092,465
Banks
1.3%
JPMorgan
Chase
&
Co.
...............................................
2,194,100
341,270,314
Beverages
1.5%
PepsiCo,
Inc.
......................................................
2,764,077
409,553,289
Biotechnology
1.0%
AbbVie,
Inc.
.......................................................
2,353,100
265,053,184
Building
Products
1.9%
Johnson
Controls
International
plc
.......................................
7,233,349
496,424,742
Capital
Markets
1.1%
Nasdaq,
Inc.
.......................................................
1,753,250
308,221,350
Chemicals
10.1%
Air
Products
and
Chemicals,
Inc.
........................................
2,618,658
753,335,533
Albemarle
Corp.
....................................................
3,535,400
595,573,484
Ecolab,
Inc.
........................................................
1,878,572
386,929,475
Linde
plc
..........................................................
2,997,335
866,529,549
Sherwin-Williams
Co.
(The)
............................................
339,800
92,578,510
2,694,946,551
Commercial
Services
&
Supplies
1.8%
Cintas
Corp.
.......................................................
1,243,700
475,093,400
Electrical
Equipment
0.6%
nVent
Electric
plc
...................................................
5,122,468
160,025,900
Food
&
Staples
Retailing
1.4%
Walmart,
Inc.
......................................................
2,644,664
372,950,517
Food
Products
1.3%
McCormick
&
Co.,
Inc.
...............................................
3,865,300
341,383,296
Health
Care
Equipment
&
Supplies
13.6%
Abbott
Laboratories
..................................................
4,640,800
538,007,944
Becton
Dickinson
and
Co.
.............................................
2,492,056
606,043,099
Medtronic
plc
......................................................
5,750,000
713,747,500
Stryker
Corp.
......................................................
3,750,818
974,199,959
West
Pharmaceutical
Services,
Inc.
......................................
2,225,500
799,177,050
3,631,175,552
Health
Care
Providers
&
Services
2.5%
CVS
Health
Corp.
...................................................
1,389,300
115,923,192
UnitedHealth
Group,
Inc.
..............................................
1,389,500
556,411,380
672,334,572
Hotels,
Restaurants
&
Leisure
1.7%
McDonald's
Corp.
...................................................
1,948,154
450,004,093
Household
Products
2.7%
Colgate-Palmolive
Co.
...............................................
3,736,210
303,940,683
Procter
&
Gamble
Co.
(The)
...........................................
3,026,988
408,431,491
712,372,174
Franklin
Managed
Trust
Statement
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Industrial
Conglomerates
8.0%
Carlisle
Cos.,
Inc.
...................................................
841,829
$
161,109,234
Honeywell
International,
Inc.
...........................................
3,178,100
697,116,235
Roper
Technologies,
Inc.
..............................................
2,701,602
1,270,293,260
2,128,518,729
Insurance
0.7%
Erie
Indemnity
Co.,
A
.................................................
971,922
187,921,119
IT
Services
6.4%
Accenture
plc,
A
....................................................
3,560,700
1,049,658,753
Visa,
Inc.,
A
........................................................
2,828,900
661,453,398
1,711,112,151
Machinery
3.4%
Donaldson
Co.,
Inc.
.................................................
2,809,804
178,506,848
Dover
Corp.
.......................................................
2,846,300
428,652,780
Pentair
plc
........................................................
4,521,168
305,133,629
912,293,257
Multiline
Retail
3.0%
Target
Corp.
.......................................................
3,268,791
790,197,536
Oil,
Gas
&
Consumable
Fuels
2.0%
Chevron
Corp.
.....................................................
2,309,300
241,876,082
EOG
Resources,
Inc.
................................................
1,827,500
152,486,600
Exxon
Mobil
Corp.
...................................................
2,236,800
141,097,344
535,460,026
Pharmaceuticals
2.5%
Johnson
&
Johnson
.................................................
2,927,000
482,193,980
Pfizer,
Inc.
.........................................................
5,096,300
199,571,108
681,765,088
Road
&
Rail
1.4%
Norfolk
Southern
Corp.
...............................................
1,372,653
364,315,833
Semiconductors
&
Semiconductor
Equipment
6.9%
Analog
Devices,
Inc.
.................................................
5,270,419
907,355,335
Texas
Instruments,
Inc.
...............................................
4,875,100
937,481,730
1,844,837,065
Software
8.9%
Microsoft
Corp.
.....................................................
8,772,800
2,376,551,520
Specialty
Retail
4.0%
Lowe's
Cos.,
Inc.
....................................................
2,950,500
572,308,485
Ross
Stores,
Inc.
...................................................
4,025,550
499,168,200
1,071,476,685
Textiles,
Apparel
&
Luxury
Goods
2.5%
NIKE,
Inc.,
B
.......................................................
4,335,900
669,853,191
Trading
Companies
&
Distributors
0.9%
WW
Grainger,
Inc.
...................................................
582,100
254,959,800
Total
Common
Stocks
(Cost
$9,844,193,626)
....................................
26,415,991,280
a
a
a
a
Franklin
Managed
Trust
Statement
of
Investments
(unaudited)
Franklin
Rising
Dividends
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
Short
Term
Investments
1.1%
a
a
Shares
a
Value
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
294,195,971
$
294,195,971
Total
Money
Market
Funds
(Cost
$294,195,971)
.................................
294,195,971
Total
Short
Term
Investments
(Cost
$294,195,971
)
...............................
294,195,971
a
Total
Investments
(Cost
$10,138,389,597)
100.0%
...............................
$26,710,187,251
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(13,497,324)
Net
Assets
100.0%
...........................................................
$26,696,689,927
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Managed
Trust
5
Quarterly
Statement
of
Investments
Notes
to
Statement
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)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
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
Statement
of
Investments
(unaudited)
6
Quarterly
Statement
of
Investments
3.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
4.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5. 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,
2021,
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
Statement
of
Investments.
6.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
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,
0.01%
.......
$274,357,053
$851,549,263
$(831,710,345)
$—
$—
$294,195,971
294,195,971
$9,923
Total
Affiliated
Securities
....
$274,357,053
$851,549,263
$(831,710,345)
$—
$—
$294,195,971
$9,923
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.