# EDGAR Filing Document

**Accession Number:** 0000805650
**File Stem:** 0001133228-26-008614
**Filing Date:** 2026-6
**Character Count:** 91430
**Document Hash:** c6f785f5fe1ed5d74e01fb389cb10368
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008614.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008614

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MANAGED TRUST
- **CENTRAL INDEX KEY:** 0000805650

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04894
- **FILM NUMBER:** 261049795

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-3000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROTHSCHILD L F MANAGED TRUST
- **DATE OF NAME CHANGE:** 19880831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROTHSCHILD L F UNTERBERG TOWBIN INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19870111

## Series and Classes Contracts Data

### FRANKLIN RISING DIVIDENDS FUND (Series ID: S000006858)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018531 | ADVISOR CLASS | FRDAX           |
| C000018532 | CLASS A       | FRDPX           |
| C000018534 | CLASS C       | FRDTX           |
| C000018535 | CLASS R       | FRDRX           |
| C000128832 | Class R6      | FRISX           |

?xml version='1.0' encoding='ASCII'? 2026-04-2074200010700_FranklinRisingDividendsFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04894**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin Managed Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **September 30**

Date of reporting period: **March 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Rising Dividends Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRDPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Rising Dividends Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $41 | 0.83% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $25764451603 |
| **Total Number of Portfolio Holdings** | 58 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6986img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Rising Dividends Fund PAGE 1 158-STSR-0526

25.216.714.814.07.76.95.34.43.91.1 ------

---

| | |
|:---|:---|
| **Franklin Rising Dividends Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRDTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Rising Dividends Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $78 | 1.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $25764451603 |
| **Total Number of Portfolio Holdings** | 58 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6987img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Rising Dividends Fund PAGE 1 258-STSR-0526

25.216.714.814.07.76.95.34.43.91.1 ---

| | |
|:---|:---|
| **Franklin Rising Dividends Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRDRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Rising Dividends Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $53 | 1.08% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $25764451603 |
| **Total Number of Portfolio Holdings** | 58 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6989img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Rising Dividends Fund PAGE 1 858-STSR-0526

25.216.714.814.07.76.95.34.43.91.1 ---

| | |
|:---|:---|
| **Franklin Rising Dividends Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRISX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Rising Dividends Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $25764451603 |
| **Total Number of Portfolio Holdings** | 58 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6988img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Rising Dividends Fund PAGE 1 348-STSR-0526

25.216.714.814.07.76.95.34.43.91.1 ---

| | |
|:---|:---|
| **Franklin Rising Dividends Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRDAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Rising Dividends Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $25764451603 |
| **Total Number of Portfolio Holdings** | 58 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6985img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Rising Dividends Fund PAGE 1 658-STSR-0526

25.216.714.814.07.76.95.34.43.91.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Rising

#### Dividends

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March

31,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 10
Notes

to

Financial

Statements

#### 14
Changes

In

and

Disagreements

with

Accountants

#### 21
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Managed

Trust

Financial

Highlights

#### Franklin

#### Rising

#### Dividends

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$98.51

$100.08

$84.29

$76.32

$90.55

$72.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.35 0.76 0.90 0.94 0.76 0.63 Net

realized

and

unrealized

gains

(losses)

(1.95)

6.66 18.92 11.20 (10.61)

18.30 Total

from

investment

operations

........

(1.60)

7.42 19.82 12.14 (9.85)

18.93 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.71)

(0.84)

(0.83)

(0.64)

(0.63)

Net

realized

gains

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

(8.51)

(8.28)

(3.19)

(3.34)

(3.74)

—

Total

distributions

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

(8.87)

(8.99)

(4.03)

(4.17)

(4.38)

(0.63)

Net

asset

value,

end

of

period

..........

$88.04

$98.51

$100.08

$84.29

$76.32

$90.55

Total

return

c

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

(1.91)%

8.35%

24.27%

15.99%

(11.63)%

26.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.83%

0.83%

0.83%

0.84%

0.84%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.83%

e

0.82%

0.82%

0.83%

f

0.84%

e,f

0.85%

e,f

Net

investment

income

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

0.74%

0.81%

0.98%

1.11%

0.86%

0.74%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$17,873,093

$19,467,848

$19,760,586

$17,081,636

$15,339,642

$17,819,162

Portfolio

turnover

rate

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

12.36%

g

11.20%

12.32%

1.88%

3.02%

g

5.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Managed

Trust

Financial

Highlights

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$95.88

$97.68

$82.31

$74.58

$88.67

$70.77

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.01)

0.06 0.21 0.29 0.09 (—)

c

Net

realized

and

unrealized

gains

(losses)

(1.88)

6.49 18.49 10.97 (10.38)

17.95 Total

from

investment

operations

........

(1.89)

6.55 18.70 11.26 (10.29)

17.95 Less

distributions

from:

Net

investment

income

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

—

(0.07)

(0.14)

(0.19)

(0.06)

(0.05)

Net

realized

gains

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

(8.51)

(8.28)

(3.19)

(3.34)

(3.74)

—

Total

distributions

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

(8.51)

(8.35)

(3.33)

(3.53)

(3.80)

(0.05)

Net

asset

value,

end

of

period

..........

$85.48

$95.88

$97.68

$82.31

$74.58

$88.67

Total

return

d

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

(2.28)%

7.54%

23.33%

15.15%

(12.31)%

25.37%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.58%

1.58%

1.58%

1.59%

1.59%

1.60%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.58%

f

1.57%

1.57%

1.58%

g

1.59%

f,g

1.60%

f,g

Net

investment

income

(loss)

..........

(0.01)%

0.07%

0.24%

0.35%

0.10%

(—)%

h

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$624,561

$743,907

$900,965

$925,650

$1,101,919

$1,572,738

Portfolio

turnover

rate

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

12.36%

i

11.20%

12.32%

1.88%

3.02%

i

5.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Managed

Trust

Financial

Highlights

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$98.06

$99.66

$83.95

$76.02

$90.21

$71.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.53 0.67 0.73 0.54 0.42 Net

realized

and

unrealized

gains

(losses)

(1.93)

6.62 18.85 11.16 (10.59)

18.24 Total

from

investment

operations

........

(1.70)

7.15 19.52 11.89 (10.05)

18.66 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.47)

(0.62)

(0.62)

(0.40)

(0.43)

Net

realized

gains

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

(8.51)

(8.28)

(3.19)

(3.34)

(3.74)

—

Total

distributions

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

(8.75)

(8.75)

(3.81)

(3.96)

(4.14)

(0.43)

Net

asset

value,

end

of

period

..........

$87.61

$98.06

$99.66

$83.95

$76.02

$90.21

Total

return

c

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

(2.03)%

8.07%

23.95%

15.72%

(11.87)%

26.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.08%

1.08%

1.08%

1.09%

1.09%

1.10%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.08%

e

1.07%

1.07%

1.08%

f

1.09%

e,f

1.10%

e,f

Net

investment

income

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

0.49%

0.57%

0.73%

0.85%

0.61%

0.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$165,506

$178,613

$189,852

$168,492

$159,396

$192,325

Portfolio

turnover

rate

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

12.36%

g

11.20%

12.32%

1.88%

3.02%

g

5.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Managed

Trust

Financial

Highlights

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$98.40

$99.99

$84.22

$76.27

$90.51

$72.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.49 1.05 1.19 1.21 1.05 0.90 Net

realized

and

unrealized

gains

(losses)

(1.94)

6.64 18.90 11.18 (10.62)

18.29 Total

from

investment

operations

........

(1.45)

7.69 20.09 12.39 (9.57)

19.19 Less

distributions

from:

Net

investment

income

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

(0.52)

(1.00)

(1.13)

(1.10)

(0.93)

(0.89)

Net

realized

gains

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

(8.51)

(8.28)

(3.19)

(3.34)

(3.74)

—

Total

distributions

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

(9.03)

(9.28)

(4.32)

(4.44)

(4.67)

(0.89)

Net

asset

value,

end

of

period

..........

$87.92

$98.40

$99.99

$84.22

$76.27

$90.51

Total

return

c

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

(1.77)%

8.68%

24.66%

16.36%

(11.35)%

26.72%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.52%

0.51%

0.52%

0.52%

0.52%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.52%

e

0.51%

e

0.51%

0.51%

f

0.52%

e,f

0.53%

e,f

Net

investment

income

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

1.05%

1.13%

1.30%

1.42%

1.19%

1.06%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,238,901

$3,539,590

$3,551,789

$2,923,672

$2,331,423

$2,510,987

Portfolio

turnover

rate

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

12.36%

g

11.20%

12.32%

1.88%

3.02%

g

5.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Managed

Trust

Financial

Highlights

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$98.41

$100.00

$84.23

$76.27

$90.50

$72.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.46 1.00 1.13 1.15 0.98 0.84 Net

realized

and

unrealized

gains

(losses)

(1.93)

6.63 18.90 11.19 (10.61)

18.28 Total

from

investment

operations

........

(1.47)

7.63 20.03 12.34 (9.63)

19.12 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.94)

(1.07)

(1.04)

(0.86)

(0.83)

Net

realized

gains

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

(8.51)

(8.28)

(3.19)

(3.34)

(3.74)

—

Total

distributions

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

(9.00)

(9.22)

(4.26)

(4.38)

(4.60)

(0.83)

Net

asset

value,

end

of

period

..........

$87.94

$98.41

$100.00

$84.23

$76.27

$90.50

Total

return

c

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

(1.79)%

8.61%

24.58%

16.28%

(11.41)%

26.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.58%

0.58%

0.58%

0.59%

0.59%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.58%

e

0.57%

0.57%

0.58%

f

0.59%

e,f

0.60%

e,f

Net

investment

income

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

0.99%

1.07%

1.23%

1.36%

1.11%

0.99%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,862,391

$4,287,978

$4,476,068

$3,878,570

$3,430,804

$4,295,258

Portfolio

turnover

rate

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

12.36%

g

11.20%

12.32%

1.88%

3.02%

g

5.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Managed

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 99.0%

#### Aerospace

#### &

#### Defense

#### 3.3%
General

Dynamics

Corp.

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

1,095,000

$

375,825,900

RTX

Corp.

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

2,450,000

472,605,000

848,430,900

#### Banks

#### 3.7%
JPMorgan

Chase

&

Co.

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

3,255,000

957,490,800

#### Beverages

#### 1.0%
PepsiCo,

Inc.

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

1,610,000

250,016,900

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

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

2,105,000

457,816,450

#### Building

#### Products

#### 2.6%
Carlisle

Cos.,

Inc.

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

665,000

221,857,300

Johnson

Controls

International

plc

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

3,365,000

440,646,750

662,504,050

#### Capital

#### Markets

#### 9.0%
Ares

Management

Corp.

,

A

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

3,265,000

356,211,500

Charles

Schwab

Corp.

(The)

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

5,185,000

487,286,300

KKR

&

Co.,

Inc.

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

1,080,000

99,900,000

Morgan

Stanley

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

4,050,000

666,508,500

Nasdaq,

Inc.

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

5,860,000

497,455,400

S&P

Global,

Inc.

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

495,000

210,543,300

2,317,905,000

#### Chemicals

#### 5.3%
Ecolab,

Inc.

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

1,237,500

329,199,750

Linde

plc

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

1,700,000

842,792,000

Sherwin-Williams

Co.

(The)

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

641,874

205,752,711

1,377,744,461

#### Commercial

#### Services

#### &

#### Supplies

#### 1.2%
Cintas

Corp.

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

1,825,000

308,680,500

#### Communications

#### Equipment

#### 1.0%
Motorola

Solutions,

Inc.

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

580,000

251,702,600

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 4.7%
Casey's

General

Stores,

Inc.

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

415,000

302,061,900

Walmart,

Inc.

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

7,355,000

914,079,400

1,216,141,300

#### Electric

#### Utilities

#### 1.5%
NextEra

Energy,

Inc.

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

4,050,000

376,164,000

#### Electrical

#### Equipment

#### 1.5%
nVent

Electric

plc

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

3,260,000

385,592,800

#### Financial

#### Services

#### 3.1%
Visa,

Inc.

,

A

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

2,620,000

791,868,800

#### Ground

#### Transportation

#### 1.1%
Old

Dominion

Freight

Line,

Inc.

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

1,490,000

291,146,000

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.9%
Abbott

Laboratories

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

4,635,000

475,875,450

STERIS

plc

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

1,065,500

235,614,015

Stryker

Corp.

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

1,669,000

548,416,710

1,259,906,175

Franklin

Managed

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.0%
McDonald's

Corp.

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

1,650,000

$

512,803,500

#### Household

#### Durables

#### 0.9%
DR

Horton,

Inc.

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

1,620,000

222,296,400

#### Household

#### Products

#### 2.0%
Procter

&

Gamble

Co.

(The)

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

3,595,000

519,261,800

#### Industrial

#### Conglomerates

#### 0.9%
Honeywell

International,

Inc.

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

1,075,000

242,982,250

#### Insurance

#### 1.0%
Erie

Indemnity

Co.

,

A

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

150,000

37,696,500

Marsh

&

McLennan

Cos.,

Inc.

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

1,210,000

209,874,500

247,571,000

#### IT

#### Services

#### 0.7%
Accenture

plc

,

A

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

980,000

194,324,200

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.5%
Danaher

Corp.

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

2,065,000

391,524,000

#### Machinery

#### 1.7%
Parker-Hannifin

Corp.

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

490,000

438,667,600

#### Multi-Utilities

#### 2.4%
Ameren

Corp.

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

2,780,000

305,577,600

WEC

Energy

Group,

Inc.

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

2,705,000

313,157,850

618,735,450

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.4%
Chevron

Corp.

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

2,195,000

454,145,500

EOG

Resources,

Inc.

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

2,200,000

318,054,000

Exxon

Mobil

Corp.

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

2,105,000

357,134,300

1,129,333,800

#### Pharmaceuticals

#### 6.6%
Eli

Lilly

&

Co.

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

830,000

763,409,100

Johnson

&

Johnson

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

2,795,000

683,209,800

Merck

&

Co.,

Inc.

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

2,155,000

259,224,950

1,705,843,850

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 10.5%
Analog

Devices,

Inc.

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

1,945,000

618,782,300

Applied

Materials,

Inc.

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

1,250,000

427,237,500

Broadcom,

Inc.

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

3,920,000

1,213,279,200

Texas

Instruments,

Inc.

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

2,275,000

441,668,500

2,700,967,500

#### Software

#### 9.3%
Intuit,

Inc.

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

172,500

74,585,550

Microsoft

Corp.

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

4,225,000

1,563,968,250

Oracle

Corp.

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

4,330,000

636,986,300

Roper

Technologies,

Inc.

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

310,000

109,696,600

2,385,236,700

#### Specialty

#### Retail

#### 4.0%
Lowe's

Cos.,

Inc.

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

1,740,000

411,127,200

Ross

Stores,

Inc.

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

1,675,000

362,855,250

Tractor

Supply

Co.

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

5,740,000

260,022,000

1,034,004,450

Franklin

Managed

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.8%
Apple,

Inc.

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

3,890,000

$

987,243,100

#### Trading

#### Companies

#### &

#### Distributors

#### 1.6%
WW

Grainger,

Inc.

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

390,000

425,415,900

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 12,972,996,283

####)
...................................

#### 25,509,322,236
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.1%
a

#### Money

#### Market

#### Funds

#### 1.1%
a,b

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

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

276,666,311

276,666,311

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 276,666,311

####)
.................................

#### 276,666,311

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 276,666,311

####)
...............................

#### 276,666,311

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 13,249,662,594

####)
100.1 #### %
...............................

#### $25,785,988,547

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (21,536,944)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $25,764,451,603
a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Managed

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Rising

#### Dividends

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$12,972,996,283

Cost

-

Non-controlled

affiliates

(Note

f)

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

276,666,311

Value

-

Unaffiliated

issuers

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

$25,509,322,236

Value

-

Non-controlled

affiliates

(Note

f)

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

276,666,311

Cash

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

3,775,399

Receivables:

Capital

shares

sold

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

7,472,236

Dividends

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

9,704,226

Total

assets

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

25,806,940,408

Liabilities:

Payables:

Capital

shares

redeemed

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

22,385,737

Management

fees

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

10,913,826

Distribution

fees

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

4,488,748

Transfer

agent

fees

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

4,050,785

Trustees'

fees

and

expenses

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

24,704

Distributions

to

shareholders

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

Accrued

expenses

and

other

liabilities

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

624,942

Total

liabilities

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

42,488,805

Net

assets,

at

value

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

$25,764,451,603

Net

assets

consist

of:

Paid-in

capital

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

$9,849,282,812

Total

distributable

earnings

(losses)

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

15,915,168,791

Net

assets,

at

value

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

$25,764,451,603

Franklin

Managed

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$17,873,092,564

Shares

outstanding

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

203,014,316

Net

asset

value

per

share

a

,b

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

$88.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

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

$93.16

#### Class

#### C:
Net

assets,

at

value

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

$624,560,913

Shares

outstanding

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

7,306,922

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$85.48

#### Class

#### R:
Net

assets,

at

value

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

$165,506,259

Shares

outstanding

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

1,889,198

Net

asset

value

and

maximum

offering

price

per

share

b

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

$87.61

#### Class

#### R6:
Net

assets,

at

value

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

$3,238,900,925

Shares

outstanding

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

36,837,422

Net

asset

value

and

maximum

offering

price

per

share

b

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

$87.92

#### Advisor

#### Class:
Net

assets,

at

value

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

$3,862,390,942

Shares

outstanding

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

43,922,623

Net

asset

value

and

maximum

offering

price

per

share

b

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

$87.94

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Managed

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Rising

#### Dividends

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

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

$207,467,568

Non-controlled

affiliates

(Note

f)

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

6,998,441

Total

investment

income

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

214,466,009

Expenses:

Management

fees

(Note

a)

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

67,056,959

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

23,648,691

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

3,482,360

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

437,075

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

7,688,270

Class

C

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

282,624

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

71,046

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

300,419

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

1,689,032

Custodian

fees

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

73,916

Reports

to

shareholders

fees

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

571,224

Registration

and

filing

fees

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

265,549

Professional

fees

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

36,582

Trustees'

fees

and

expenses

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

157,231

Other

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

315,981

Total

expenses

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

106,076,959

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(318,156)

Net

expenses

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

105,758,803

Net

investment

income

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

108,707,206

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

Unaffiliated

issuers

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

3,577,099,666

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(4,164,623,470)

Net

realized

and

unrealized

gain

(loss)

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

(587,523,804)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(478,816,598)

\*

Includes

gains

from

redemption

in-kind.

See

Note

7. Franklin

Managed

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$108,707,206

$239,296,982

Net

realized

gain

(loss)

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

3,577,099,666

2,749,717,076

Net

change

in

unrealized

appreciation

(depreciation)

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

(4,164,623,470)

(806,354,530)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(478,816,598)

2,182,659,528

Distributions

to

shareholders:

Class

A

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

(1,715,145,869)

(1,752,882,468)

Class

C

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

(62,269,182)

(72,908,038)

Class

R

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

(15,662,162)

(16,319,016)

Class

R6

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

(317,143,301)

(326,580,656)

Advisor

Class

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

(386,006,765)

(407,452,821)

Total

distributions

to

shareholders

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

(2,496,227,279)

(2,576,142,999)

Capital

share

transactions:

(Note

2)

Class

A

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

458,650,738

(37,158,274)

Class

C

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

(43,175,794)

(135,423,586)

Class

R

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

5,879,466

(8,456,809)

Class

R6

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

73,178,244

29,636,596

Advisor

Class

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

27,026,129

(116,436,587)

Total

capital

share

transactions

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

521,558,783

(267,838,660)

Net

increase

(decrease)

in

net

assets

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

(2,453,485,094)

(661,322,131)

Net

assets:

Beginning

of

period

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

28,217,936,697

28,879,258,828

End

of

period

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

$25,764,451,603

$28,217,936,697

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### Rising

#### Dividends

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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.

b. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

March

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund. Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

d. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

e. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

5,367,748

$504,043,698

11,620,397

$1,082,033,338

Shares

issued

in

reinvestment

of

distributions

..........

18,253,813

1,663,897,563

18,898,042

1,697,283,435

Shares

redeemed

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

(18,229,401)

(1,709,290,523)

(30,341,637)

(2,816,475,047)

Net

increase

(decrease)

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

5,392,160

$458,650,738

176,802

$(37,158,274)

#### Class

#### C

#### Shares:
Shares

sold

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

347,508

$31,788,433

800,737

$73,003,544

Shares

issued

in

reinvestment

of

distributions

..........

694,046

61,450,792

820,585

71,771,010

Shares

redeemed

a

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

(1,493,368)

(136,415,019)

(3,085,961)

(280,198,140)

Net

increase

(decrease)

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

(451,814)

$(43,175,794)

(1,464,639)

$(135,423,586)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

#### 3

#### .

#### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated daily and

paid

monthly,

to

Advisers based

on the

average

daily net

assets

of

the

Fund

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Shares

sold

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

68,919

$6,471,483

165,775

$15,319,768

Shares

issued

in

reinvestment

of

distributions

..........

172,186

15,619,681

182,081

16,283,127

Shares

redeemed

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

(173,313)

(16,211,698)

(431,459)

(40,059,704)

Net

increase

(decrease)

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

67,792

$5,879,466

(83,603)

$(8,456,809)

#### Class

#### R6

#### Shares:
Shares

sold

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

9,463,253

$875,659,281

5,190,420

$481,985,829

Shares

issued

in

reinvestment

of

distributions

..........

3,333,899

303,429,557

3,476,951

311,831,596

Shares

redeemed

in-kind

(Note

7)

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

(7,047,810)

(648,808,907)

—

—

Shares

redeemed

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

(4,882,796)

(457,101,687)

(8,216,878)

(764,180,829)

Net

increase

(decrease)

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

866,546

$73,178,244

450,493

$29,636,596

#### Advisor

#### Class

#### Shares:
Shares

sold

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

2,220,438

$208,674,365

4,696,118

$437,238,455

Shares

issued

in

reinvestment

of

distributions

..........

3,963,599

360,810,049

4,237,979

380,160,121

Shares

redeemed

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

(5,832,518)

(542,458,285)

(10,123,077)

(933,835,163)

Net

increase

(decrease)

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

351,519

$27,026,129

(1,188,980)

$(116,436,587)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

Up

to

and

including

$500

million

0.625%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$5

billion

0.490%

Over

$5

billion,

up

to

and

including

$10

billion

0.480%

Over

$10

billion,

up

to

and

including

$20

billion

0.470%

In

excess

of

$20

billion

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

For

the

period

ended

March

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.490%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

A

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's Class

C

and

R compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

March

31,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$2,712,455

was

retained

by

Investor

Services.

Class

A

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

0.25%

Class

C

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

1.00%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$592,050

CDSC

retained

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

$55,445

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

f. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

March

31,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until January 31,

2027. 4. #### Income

#### Taxes
At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2026,

aggregated

$3,352,046,606 and

$4,532,742,570,

respectively. Sales

of

investments

excluded

in-kind

transactions

of

$630,046,940.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Rising

#### Dividends

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

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

$332,065,022

$2,596,472,130

$(2,651,870,841)

$—

$—

$276,666,311

276,666,311

$6,998,441

#### Total

#### Affiliated

#### Securities

#### ...
$332,065,022

$2,596,472,130

$(2,651,870,841)

$—

$—

$276,666,311

$6,998,441

Cost

of

investments

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

$13,273,298,070

Unrealized

appreciation

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

$12,944,045,535

Unrealized

depreciation

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

(431,355,058)

Net

unrealized

appreciation

(depreciation)

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

$12,512,690,477

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

6. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

March

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

7. #### Redemption

#### In-Kind
During

the

period

ended

March

31,

2026,

Franklin

Rising

Dividends

Fund

realized

$589,751,849

of

net

gains

resulting

from

non-pro

rata

redemptions

in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

selected

portfolio

securities

held

by

the

Fund,

whereby

portfolio

securities

selected

by

the

investment

manager

were

distributed

to

the

redeeming

shareholders

of

the

Fund.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gain

to

paid-in

capital.

8. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

March

31,

2026,

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.

9. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

Franklin

Managed

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Rising

#### Dividends

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

10. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

9. #### Operating

#### Segments
(continued)

Franklin

Managed

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4358-SFSOI

05/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fmt-efp24630_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fmt-efp24630_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Managed Trust**

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| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | May 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | May 29, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2026 |

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## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Managed Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 29, 2026 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Managed Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: May 29, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Managed Trust (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin Managed Trust | Franklin Managed Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: May 29, 2026 | Date: May 29, 2026 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.