Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

158-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

Rising

Dividends

Fund

2

Notes

to

Schedule

of

Investments

5

Franklin

Managed

Trust

Schedule

of

Investments

(unaudited),

December

31,

2022

Franklin

Rising

Dividends

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Shares

a

Value

a

Common

Stocks

97.7%

Aerospace

&

Defense

4.4%

General

Dynamics

Corp.

..............................................

1,573,345

$

390,362,628

Raytheon

Technologies

Corp.

..........................................

7,005,142

706,958,931

1,097,321,559

Air

Freight

&

Logistics

2.0%

United

Parcel

Service,

Inc.,

B

..........................................

2,909,052

505,709,600

Banks

1.4%

JPMorgan

Chase

&

Co.

...............................................

2,565,290

344,005,389

Beverages

2.0%

PepsiCo,

Inc.

......................................................

2,783,083

502,791,775

Biotechnology

1.7%

AbbVie,

Inc.

.......................................................

2,612,432

422,195,135

Building

Products

2.7%

Carlisle

Cos.,

Inc.

...................................................

1,017,507

239,775,525

Johnson

Controls

International

plc

.......................................

6,596,177

422,155,328

661,930,853

Capital

Markets

1.3%

Nasdaq,

Inc.

.......................................................

5,410,128

331,911,353

Chemicals

9.7%

Air

Products

and

Chemicals,

Inc.

........................................

2,351,440

724,854,894

Albemarle

Corp.

....................................................

1,775,116

384,951,656

Ecolab,

Inc.

........................................................

1,836,997

267,393,283

Linde

plc

..........................................................

2,707,634

883,176,058

Sherwin-Williams

Co.

(The)

............................................

644,274

152,905,549

2,413,281,440

Commercial

Services

&

Supplies

1.9%

Cintas

Corp.

.......................................................

1,022,423

461,746,675

Electrical

Equipment

0.8%

nVent

Electric

plc

...................................................

5,009,065

192,698,731

Food

&

Staples

Retailing

1.5%

Walmart,

Inc.

......................................................

2,586,107

366,684,111

Food

Products

2.3%

McCormick

&

Co.,

Inc.

...............................................

4,268,978

353,855,587

Mondelez

International,

Inc.,

A

..........................................

3,421,025

228,011,316

581,866,903

Health

Care

Equipment

&

Supplies

9.3%

Abbott

Laboratories

..................................................

4,513,177

495,501,703

Becton

Dickinson

and

Co.

.............................................

2,400,500

610,447,150

Medtronic

plc

......................................................

5,112,790

397,366,039

Stryker

Corp.

......................................................

3,352,474

819,646,368

2,322,961,260

Health

Care

Providers

&

Services

3.4%

CVS

Health

Corp.

...................................................

1,300,095

121,155,853

UnitedHealth

Group,

Inc.

..............................................

1,381,432

732,407,618

853,563,471

Hotels,

Restaurants

&

Leisure

2.5%

McDonald's

Corp.

...................................................

1,894,100

499,152,173

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)

Hotels,

Restaurants

&

Leisure

(continued)

Starbucks

Corp.

....................................................

1,317,687

$

130,714,550

629,866,723

Household

Products

3.0%

Colgate-Palmolive

Co.

...............................................

3,653,490

287,858,477

Procter

&

Gamble

Co.

(The)

...........................................

2,959,991

448,616,236

736,474,713

Industrial

Conglomerates

2.6%

Honeywell

International,

Inc.

...........................................

3,007,092

644,419,816

Insurance

0.9%

Erie

Indemnity

Co.,

A

.................................................

934,478

232,423,368

IT

Services

5.4%

Accenture

plc,

A

....................................................

2,818,028

751,962,591

Visa,

Inc.,

A

........................................................

2,882,721

598,914,115

1,350,876,706

Life

Sciences

Tools

&

Services

1.9%

Danaher

Corp.

.....................................................

336,655

89,354,970

West

Pharmaceutical

Services,

Inc.

......................................

1,569,781

369,447,958

458,802,928

Machinery

2.3%

Donaldson

Co.,

Inc.

.................................................

2,473,417

145,610,059

Dover

Corp.

.......................................................

2,502,810

338,905,502

Pentair

plc

........................................................

1,975,665

88,865,412

573,380,973

Multiline

Retail

1.8%

Target

Corp.

.......................................................

3,059,614

456,004,871

Oil,

Gas

&

Consumable

Fuels

3.6%

Chevron

Corp.

.....................................................

2,201,898

395,218,672

EOG

Resources,

Inc.

................................................

2,074,212

268,651,938

Exxon

Mobil

Corp.

...................................................

2,173,138

239,697,122

903,567,732

Pharmaceuticals

3.1%

Johnson

&

Johnson

.................................................

2,845,857

502,720,639

Pfizer,

Inc.

.........................................................

4,957,904

254,043,001

756,763,640

Road

&

Rail

2.2%

JB

Hunt

Transport

Services,

Inc.

........................................

1,173,960

204,691,666

Norfolk

Southern

Corp.

...............................................

1,367,167

336,897,292

541,588,958

Semiconductors

&

Semiconductor

Equipment

5.4%

Analog

Devices,

Inc.

.................................................

4,197,700

688,548,731

Texas

Instruments,

Inc.

...............................................

4,024,873

664,989,517

1,353,538,248

Software

11.4%

Microsoft

Corp.

.....................................................

7,992,683

1,916,805,237

Roper

Technologies,

Inc.

..............................................

2,152,547

930,094,033

2,846,899,270

Franklin

Managed

Trust

Schedule

of

Investments

(unaudited)

Franklin

Rising

Dividends

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Specialty

Retail

3.8%

Lowe's

Cos.,

Inc.

....................................................

2,451,364

$

488,409,763

Ross

Stores,

Inc.

...................................................

3,905,372

453,296,528

941,706,291

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

........................................................

430,708

55,961,890

Textiles,

Apparel

&

Luxury

Goods

1.9%

NIKE,

Inc.,

B

.......................................................

4,056,497

474,650,714

Trading

Companies

&

Distributors

1.3%

WW

Grainger,

Inc.

...................................................

569,266

316,654,212

Total

Common

Stocks

(Cost

$9,970,766,709)

....................................

24,332,249,308

a

a

a

a

Short

Term

Investments

2.4%

a

Money

Market

Funds

2.4%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.782%

..................

608,533,720

608,533,720

Total

Money

Market

Funds

(Cost

$608,533,720)

.................................

608,533,720

Total

Short

Term

Investments

(Cost

$608,533,720

)

...............................

608,533,720

a

Total

Investments

(Cost

$10,579,300,429)

100.1%

...............................

$24,940,783,028

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(33,391,412)

Net

Assets

100.0%

...........................................................

$24,907,391,616

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.

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

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

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

December

31,

2022,

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 December

31,

2022,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

1

inputs.

    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,

3.782%

$

643,587,163

$

260,583,587

$

(295,637,030)

$

—

$

—

$

608,533,720

608,533,720

$

4,697,084

Total

Affiliated

Securities

...

$643,587,163

$260,583,587

$(295,637,030)

$—

$—

$608,533,720

$4,697,084