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Schedule
of
Investments
(unaudited)
Franklin
Managed
Municipal
Income
Trust
2
Notes
to
Schedule
of
Investments
18
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Warrants
a
Value
a
a
a
a
a
Warrants
0.0%
Financial
Services
0.0%
a,b
Brightline
Train
Holdings
West
LLC
,
11/26/35
..............................
5,400
$
—
Total
Warrants
(Cost
$
–
)
......................................................
—
Principal
Amount
Municipal
Bonds
140.1%
Alabama
0.4%
c,d
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
515,447
c
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
......................................................
480,000
482,201
997,648
Alaska
1.7%
e
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
5,125,000
4,712,498
Arizona
5.2%
d
Arizona
Industrial
Development
Authority
,
c
Copper
World,
Inc.
,
Revenue
,
144A,
2026
A
,
Mandatory
Put
,
4.5
%
,
7/02/36
......
325,000
324,192
Somerset
Academy
of
Las
Vegas
,
Revenue
,
144A,
2021
A
,
4
%
,
12/15/41
........
500,000
427,138
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
d
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
7/01/35
........................................................
825,000
825,004
d
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
250,000
237,268
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........
1,700,000
1,700,963
d
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.875
%
,
11/15/52
........
1,500,000
1,585,384
d
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2012
,
5
%
,
3/01/32
.
660,000
660,088
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/34
....................................................
460,000
460,017
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
500,000
502,821
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
2,330,000
2,229,492
Maricopa
County
Industrial
Development
Authority
,
d
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
1,800,000
1,868,848
Horizon
Community
Learning
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
750,000
750,164
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
2,000,000
2,106,473
d
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
300,000
242,381
Tempe
Industrial
Development
Authority
,
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2025
A
,
5.625
%
,
12/01/55
...................................
750,000
766,817
14,687,050
California
10.1%
d
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
475,000
392,106
d,f
California
Infrastructure
&
Economic
Development
Bank
,
WFCS
Holdings
II
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
7.45
%,
1/01/61
........................
4,045,000
341,459
California
Municipal
Finance
Authority
,
g
Revenue
,
FRN
,
2025-1
,
A-2
,
3.537
%
,
2/20/41
............................
2,121,394
1,898,441
d,g
Revenue,
Sub.
Lien
,
144A,
FRN
,
2025-1
,
B
,
3.537
%
,
6/20/49
.................
500,000
324,974
d
Catalyst
Impact
Fund
1
LLC
,
Revenue
,
144A,
2024
,
I
,
6
%
,
1/01/39
.............
800,000
822,111
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/54
................
2,410,000
1,721,759
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
c,d
Foothill
150
LLC
,
Revenue
,
144A,
2026
A
,
Mandatory
Put
,
6
%
,
7/01/36
.........
$
775,000
$
775,000
d
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.2
%
,
6/15/54
..........
800,000
831,667
d
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.................................
750,000
659,553
d
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
500,000
366,898
d
City
&
County
of
San
Francisco
,
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/41
.......................................
500,000
455,723
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
.............................................
450,000
405,670
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
605,000
606,797
d
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
2,500,000
1,897,883
d
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
339,322
d
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
1,225,000
825,905
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
500,000
371,719
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
835,000
746,996
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
7,150,000
5,189,188
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
2,500,000
1,719,252
d
Golden
State
Connect
Authority
,
Revenue
,
144A,
2025
,
6.5
%
,
12/01/60
...........
525,000
508,549
d
Sacramento
Housing
Authority
,
Revenue
,
144A,
2026
B-1
,
IA
,
5.8
%
,
7/01/38
.......
400,000
381,822
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
4
%
,
5/01/49
........................................
7,420,000
6,575,833
Revenue
,
2019
A
,
Pre-Refunded
,
4
%
,
5/01/49
............................
80,000
80,498
28,239,125
Colorado
3.0%
f
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
........................................................
500,000
470,033
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
300,000
294,760
Colorado
Educational
&
Cultural
Facilities
Authority
,
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
150,000
143,635
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
175,000
154,316
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
350,000
280,882
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.625
%
,
9/15/59
..............................................
350,000
351,975
d
Jefferson
Center
Metropolitan
District
No.
2
,
Revenue
,
144A,
2026
A
,
Refunding
,
5.75
%
,
12/01/46
...................................................
500,000
498,830
d
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
1,650,000
1,650,497
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
875,000
845,796
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
1,000,000
899,201
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
375,000
376,647
Southlands
Metropolitan
District
No.
1
,
GO
,
2017
A-1
,
Refunding
,
5
%
,
12/01/37
.....
500,000
501,390
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Metropolitan
District
No.
4
Subdistrict
A
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
6.5
%
,
12/01/54
.........
1,000,000
1,031,411
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
300,000
293,608
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
500,000
504,137
8,297,118
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
1.4%
f
Aquarion
Water
Authority
,
Water
System
,
Revenue
,
2026
E
,
BAM
Insured
,
5.3
%,
8/01/50
................
$
250,000
$
72,339
Water
System
,
Revenue
,
2026
E
,
5.43
%,
8/01/51
..........................
250,000
66,584
Water
System
,
Revenue
,
2026
E
,
BAM
Insured
,
5.37
%,
8/01/52
...............
250,000
64,157
d
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
3,500,000
3,516,959
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
100,000
103,350
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
150,000
151,661
3,975,050
Delaware
1.4%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/36
....
705,000
704,945
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/51
....
1,035,000
904,760
d
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.25
%
,
7/01/44
...............................................
875,000
877,053
d
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.125
%
,
7/01/38
.................................................
490,000
491,357
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.25
%
,
7/01/48
..................................................
997,000
976,155
3,954,270
Florida
17.7%
Angeline
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
300,000
295,715
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............................................
100,000
101,851
d
Capital
Trust
Agency,
Inc.
,
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,900,000
1,593,886
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
4.5
%
,
1/01/35
...............
740,000
715,327
d
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.375
%
,
7/01/50
.......
825,000
835,696
Classical
Academy
of
Sarasota,
Inc.
(The)
,
Revenue
,
144A,
2025
,
6.125
%
,
7/01/60
425,000
415,517
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
165,000
156,042
d
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
160,000
152,906
d
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/55
..........................
300,000
294,145
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
750,000
748,190
d
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/41
..................................
1,000,000
902,995
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
5,000,000
5,328,057
d
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
375,000
371,666
Connerton
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
.....................................
160,000
157,034
d
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
385,000
389,747
d
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/57
......
625,000
545,143
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....
1,600,000
1,598,384
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Curiosity
Creek
Community
Development
District
,
Curiosity
Creek
Community
Development
District
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.........................................................
$
160,000
$
156,547
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
660,000
645,225
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
105,000
106,692
d
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
200,000
196,882
d
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
250,000
247,036
EA
McKinnon
Groves
Community
Development
District
,
Capital
Improvement
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/56
.....................................
370,000
356,797
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
425,000
434,094
East
Palm
Drive
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.7
%
,
6/15/56
.....................................
175,000
171,718
Esplanade
at
Wellen
Park
Community
Development
District
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/56
................................................
115,000
112,869
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
275,000
272,066
Firethorn
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.6
%
,
5/01/55
................................................
275,000
266,997
Florida
Development
Finance
Corp.
,
d
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
...................................
500,000
410,566
d
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
700,000
650,312
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
1,500,000
1,373,711
Florida
Higher
Educational
Facilities
Financing
Authority
,
Rollins
College
,
Revenue
,
2024
,
4.125
%
,
12/01/54
.........................
1,000,000
847,271
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/44
..
1,370,000
1,058,969
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
.............................................
650,000
660,456
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
..............................................
825,000
822,904
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
210,000
203,178
d
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
100,000
102,276
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
105,000
105,994
GIR
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
................................................
300,000
296,734
Governors
Park
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
....................................
375,000
359,126
Harvest
Hills
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
....................................
125,000
121,161
Highland
Trails
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.85
%
,
5/01/56
....................................
100,000
97,633
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
5/01/56
...............................
180,000
177,135
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
500,000
506,030
Hunt
Club
Grove
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
12/15/55
....................................
175,000
173,582
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2026
,
6
%
,
5/01/55
.................................................
260,000
261,329
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.......................................
$
125,000
$
125,879
Kissimmee
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
...................................
370,000
376,850
Lake
Hideaway
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/57
.....................................
400,000
385,141
d
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
98,675
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
1,140,000
1,195,456
Assessments
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...................
585,000
596,631
Azario
,
Special
Assessment
,
2019
,
4
%
,
5/01/40
...........................
1,000,000
941,618
d
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/50
....................................................
250,000
207,021
Villages
Lakewood
Ranch
South
,
Special
Assessment
,
2016
,
5.125
%
,
5/01/46
....
740,000
739,983
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
492,264
LT
Ranch
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.9
%
,
5/01/56
.....................................
120,000
119,135
Metropica
Community
Development
District
,
Assessment
Area
1
Master
Infrastructure
,
Special
Assessment
,
2026
,
7
%
,
11/01/30
................................
220,000
218,918
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
1,225,000
1,225,324
d
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
100,000
102,276
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
100,000
100,774
Old
Town
Floridian
Community
Development
District
,
Special
Assessment
,
2026
,
5.65
%
,
5/01/56
...................................................
250,000
240,881
e
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
2,570,000
2,158,712
Palm
Gate
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2026
,
5.6
%
,
5/01/56
................................................
325,000
311,760
Parkside
Trails
Community
Development
District
,
2025
Project
Area
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
375,000
362,498
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
.....................................
500,000
491,710
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
1,690,000
1,692,596
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
250,000
250,496
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
240,000
234,571
d
Riverwalk
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
5.625
%
,
5/01/55
...................................................
260,000
255,118
d
Sagebrush
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.6
%
,
5/01/56
...........................................
295,000
282,982
d
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2026
,
6.05
%
,
5/01/57
...............................................
150,000
151,143
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
..........................
1,000,000
1,001,024
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
1,500,000
1,304,267
Solaeris
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.8
%
,
5/01/57
................................................
335,000
329,102
Somerset
Bay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.8
%
,
5/01/56
.....................................
310,000
305,168
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d,h
Sorrento
Pines
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
5/01/56
...............................
$
350,000
$
350,470
Southpointe
of
Manatee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.625
%
,
5/01/56
.............................
180,000
175,513
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/36
355,000
334,211
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/41
500,000
439,540
d
Starling
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/56
.........................................................
500,000
478,956
d
Stuart
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/54
................................
120,000
116,547
d
Sugarloaf
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
12/15/55
........................................
180,000
175,163
d
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
500,000
478,994
Terra
Lago
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
400,000
388,257
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/54
..............................................
525,000
503,793
Tranquility
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/55
.........................................................
300,000
290,278
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2026
,
5.875
%
,
5/01/56
...................................
145,000
143,453
Verandah
West
Community
Development
District
,
Assessments
,
Special
Assessment
,
2013
,
Refunding
,
5
%
,
5/01/33
........................................
370,000
370,170
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
2
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................................
150,000
152,336
Village
Community
Development
District
No.
12
,
Phase
II
,
Special
Assessment
,
2018
,
4
%
,
5/01/33
......................................................
660,000
651,327
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
100,000
97,923
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/56
.................
200,000
200,373
Assessment
Area
,
Special
Assessment
,
2026
,
5.65
%
,
5/01/56
................
280,000
279,125
Wellness
Ridge
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2026
,
5.625
%
,
6/15/56
...................................
450,000
446,249
d
West
Port
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/45
................................
185,000
190,689
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
...............................
400,000
384,962
d
Westview
South
Community
Development
District
,
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
......................
275,000
281,399
Willow
Creek
II
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2026
,
5.625
%
,
5/01/56
...................................
185,000
178,864
d
Windsor
Cay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
300,000
289,537
d
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
220,000
214,136
49,707,829
Georgia
3.5%
d
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
115,000
117,131
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/45
...............................
1,785,000
1,394,846
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,072,510
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/63
......................................................
$
515,000
$
460,105
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,000,000
1,401,184
c
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,200,000
2,317,245
9,763,021
Illinois
8.0%
Chicago
Board
of
Education
,
GO
,
2015
C
,
5.25
%
,
12/01/39
........................................
1,500,000
1,462,607
GO
,
2023
A
,
5.875
%
,
12/01/47
........................................
1,700,000
1,718,166
GO
,
2025
A
,
5.75
%
,
12/01/50
.........................................
850,000
854,193
GO
,
2025
B
,
Refunding
,
5
%
,
12/01/40
..................................
500,000
476,296
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
1,250,000
1,300,339
e
Chicago
O'Hare
International
Airport
,
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5.5
%
,
1/01/55
..........................
3,500,000
3,606,303
City
of
Chicago
,
GO
,
2019
A
,
5.5
%
,
1/01/49
...........................................
305,000
305,322
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/30
...................................
1,800,000
1,846,200
GO
,
2021
B
,
Refunding
,
BAM
Insured
,
4
%
,
1/01/38
........................
2,747,000
2,610,014
d
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.04
%
,
12/01/28
........................................
241,000
236,206
d
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.38
%
,
12/01/31
........................................
341,000
327,211
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
233,000
233,007
Illinois
Finance
Authority
,
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/37
.........................
1,200,000
1,194,736
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
1,500,000
1,389,301
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.....
400,000
393,925
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.....
1,000,000
903,087
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/56
.....
815,000
721,767
Metropolitan
Pier
&
Exposition
Authority
,
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
4.849
%,
12/15/47
.......................................
1,500,000
1,102,697
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
2,100,000
1,748,770
22,430,147
Indiana
0.8%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
..................
500,000
474,495
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.375
%
,
6/01/64
..................
1,150,000
1,122,776
Indiana
Housing
&
Community
Development
Authority
,
Cambridge
Square
North
Housing
LP
,
Revenue
,
2026
,
FNMA
Insured
,
4.5
%
,
8/01/42
..................
725,000
708,177
2,305,448
Iowa
0.8%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
600,000
661,471
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.125
%
,
5/15/59
........................................................
1,500,000
1,398,898
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Finance
Authority,
(continued)
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.75
%
,
10/01/55
..
$
300,000
$
305,174
2,365,543
Kentucky
1.5%
Kentucky
Bond
Development
Corp.
,
PRG
Wildcats
LLC
,
Revenue
,
2026
A
,
5.5
%
,
10/31/56
........................................................
1,300,000
1,359,525
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.................
1,000,000
850,075
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
2,100,000
2,133,025
4,342,625
Louisiana
1.0%
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%
,
11/15/53
........................................................
1,300,000
1,236,319
Louisiana
Public
Facilities
Authority
,
d
Acadiana
Renaissance
Charter
Academy
,
Revenue
,
144A,
2025
,
6
%
,
6/15/59
....
140,000
139,702
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
1,500,000
1,544,380
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
20,000
20,317
2,940,718
Maryland
1.7%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
548,000
554,194
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
210,000
210,121
County
of
Frederick
,
d
Mount
St.
Mary's
University,
Inc.
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
9/01/37
.
500,000
485,110
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.75
%
,
7/01/39
........................................................
1,410,000
1,312,360
d
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
7/01/39
................................
1,000,000
1,002,367
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
4
%
,
9/01/40
........................................................
755,000
684,917
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
4
%
,
9/01/50
........................................................
750,000
618,167
4,867,236
Massachusetts
1.8%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/39
...............
1,000,000
999,966
Massachusetts
Development
Finance
Agency
,
d,i
Adventcare
Obligated
Group
,
Revenue
,
144A,
2007
,
6.65
%
,
10/15/28
..........
995,000
10
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2015
D
,
5
%
,
7/01/44
....
365,000
364,973
d
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,000,000
921,423
d
CHF
Wentworth,
Inc.
,
Revenue
,
144A,
2026
A
,
5.5
%
,
7/01/66
.................
225,000
219,510
Lasell
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
...................
1,000,000
887,774
Simmons
University
,
Revenue
,
K-1
,
Refunding
,
5
%
,
10/01/36
.................
650,000
608,685
Tufts
Medicine
Obligated
Group
,
Revenue
,
2026
A
,
5.5
%
,
10/01/43
............
1,000,000
1,074,652
5,076,993
Michigan
4.8%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
4,656,271
3,658,293
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.125
%
,
11/01/60
.....................
$
625,000
$
627,582
Michigan
Finance
Authority
,
Aquinas
College
,
Revenue
,
2021
,
Refunding
,
5
%
,
5/01/46
...................
500,000
392,649
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
2/01/47
........................................................
650,000
591,045
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,000,000
601,290
d
Michigan
Strategic
Fund
,
Detroit
Brownfield
Redevelopment
Authority
Bedrock
Detroit
,
Revenue
,
144A,
2026
,
5.5
%
,
10/01/53
..................................
710,000
713,631
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/45
.............................................
3,575,000
3,334,084
GO
,
2020
,
4
%
,
5/01/50
.............................................
4,025,000
3,555,579
13,474,153
Minnesota
1.2%
d
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
300,000
295,236
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
500,000
414,263
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
575,000
576,022
Minnesota
Health
&
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
....................................................
1,250,000
859,437
St.
Paul
Port
Authority
,
HealthPartners
Obligated
Group
,
Revenue
,
2007-1
,
5
%
,
8/01/36
905,000
905,289
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/41
......................................................
380,000
327,778
3,378,025
Missouri
3.4%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Children's
Mercy
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
5/15/48
......
5,600,000
4,936,924
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/38
....................................................
900,000
835,045
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
2,270,000
2,057,520
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,900,000
1,723,836
9,553,325
Nevada
1.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
405,000
382,354
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
580,000
527,885
Special
Improvement
District
No.
815
,
Special
Assessment
,
2020
,
5
%
,
12/01/49
...
575,000
573,228
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
640,000
508,759
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.5
%
,
6/01/38
..
370,000
391,523
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.75
%
,
6/01/43
.
490,000
520,447
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/48
....
345,000
363,541
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/53
....
495,000
516,424
County
of
Clark
,
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/32
.........................................................
360,000
360,217
4,144,378
New
Hampshire
1.9%
New
Hampshire
Business
Finance
Authority
,
d,g
Revenue
,
144A,
FRN
,
2026-1
,
B
,
15.613
%
,
7/20/41
........................
350,000
509,511
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
675,000
662,597
National
Finance
Authority
,
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..............
2,208,620
2,078,527
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Hampshire
(continued)
New
Hampshire
Business
Finance
Authority,
(continued)
g
National
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
........
$
986,555
$
942,207
c
National
Finance
Authority
,
Revenue
,
2026-2
,
A-1
,
Mandatory
Put
,
4.4
%
,
4/01/36
..
1,098,646
1,089,630
5,282,472
New
Jersey
0.8%
d
Middlesex
County
Improvement
Authority
,
H3
Residential
Urban
Renewal
LLC
,
Revenue
,
144A,
2026
,
IA
,
5.95
%
,
6/01/61
...
450,000
459,112
H3
Residential
Urban
Renewal
LLC
,
Revenue
,
144A,
2026
,
II
,
7.125
%
,
6/01/61
...
925,000
940,193
New
Jersey
Economic
Development
Authority
,
United
Airlines,
Inc.
,
Revenue
,
2000
B
,
5.625
%
,
11/15/30
..................................................
430,000
430,592
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
450,000
452,389
2,282,286
New
York
8.6%
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
.
3,000,000
2,591,053
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
2.875
%
,
11/15/46
...........................
1,860,000
1,365,457
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
3
%
,
11/15/51
...................
3,000,000
2,111,343
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
4,215,000
2,901,424
d
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.375
%
,
11/15/40
.
750,000
750,894
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
2.75
%
,
2/15/44
........................................................
1,835,000
1,390,878
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
1,250,000
1,274,389
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
1,000,000
1,060,351
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/55
..............................
4,000,000
4,202,051
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/59
..............................
1,000,000
1,047,691
d
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
1,000,000
992,351
e
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,460,000
2,485,747
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,000,000
2,033,924
24,207,553
North
Carolina
1.0%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
3/01/36
....................................................
2,320,000
2,305,714
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..............
500,000
484,777
2,790,491
North
Dakota
0.4%
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,052,010
Ohio
2.2%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
.............................................
1,300,000
919,353
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
500,000
516,115
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
1,575,000
1,266,933
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/45
..............................
450,000
394,721
Ohio
Higher
Educational
Facility
Commission
,
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
...........................................
1,560,000
1,528,048
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
d
Port
of
Greater
Cincinnati
Development
Authority
,
City
of
Cincinnati
Assigned
City
Residual
Funds
,
Revenue
,
144A,
2021
,
4.25
%
,
12/01/50
....................
$
1,320,000
$
1,279,053
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
................................
150,000
133,010
6,037,233
Oklahoma
0.2%
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
..........................................
475,000
520,648
Oregon
0.1%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
210,000
210,100
Pennsylvania
3.7%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School
,
Revenue
,
2017
A
,
5.125
%
,
10/15/37
...............
750,000
700,293
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,000,000
948,479
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
500,000
484,716
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
2,040,000
1,823,556
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/49
.............................................
900,000
879,968
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
1,000,000
770,934
Maxatawny
Township
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/41
...
1,400,000
1,419,955
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/42
...
1,450,000
1,465,636
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
1,000,000
1,047,822
c
Talen
Energy
Supply
LLC
,
Revenue
,
2009
C
,
Refunding
,
Mandatory
Put
,
5.25
%
,
6/01/27
........................................................
500,000
500,374
Pennsylvania
Higher
Education
Assistance
Agency
,
Revenue
,
2026-1A
,
4.25
%
,
6/01/47
275,000
265,408
d
Philadelphia
Authority
for
Industrial
Development
,
i
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
807,977
161,595
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
Pre-Refunded
,
5
%
,
3/15/45
...
40,000
41,402
10,510,138
South
Carolina
5.6%
d
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
175,000
174,388
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.375
%
,
11/01/49
........................................................
1,000,000
877,273
d
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
...........................................
120,000
122,977
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
1,000,000
999,892
d
Green
Charter
School
Spartanburg
LLC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/56
............................................
1,020,000
682,648
d
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/39
............
500,000
472,762
d
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/49
............
1,000,000
926,559
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
4
%
,
12/01/41
.......................................
4,000,000
3,791,279
Revenue
,
2021
B
,
4
%
,
12/01/42
.......................................
5,250,000
4,961,218
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Public
Service
Authority,
(continued)
Revenue
,
2021
B
,
4
%
,
12/01/51
.......................................
$
3,000,000
$
2,620,537
15,629,533
Tennessee
0.9%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.
1,750,000
1,379,884
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/39
.....
1,000,000
1,075,408
2,455,292
Texas
13.2%
Arlington
Higher
Education
Finance
Corp.
,
d
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
.........
1,200,000
1,054,328
d
Magellan
School
(The)
,
Revenue
,
144A,
2022
,
6.375
%
,
6/01/62
...............
1,100,000
1,056,675
Wayside
Schools
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/41
.................
610,000
516,861
d
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
570,000
559,711
City
of
Anna
,
d
Crystal
Park
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/15/55
.............................
225,000
229,625
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/55
..........................
100,000
100,501
City
of
Aransas
Pass
,
Aransas
Oaks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6
%
,
9/01/56
............................
100,000
98,837
d
City
of
Austin
,
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
11/01/44
...............................
555,000
555,838
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
11/01/53
.............................
750,000
729,668
d
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/45
...............................
150,000
148,741
d
City
of
Dayton
,
Dayton
Public
Improvement
District
No.
5
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
..........................
350,000
349,344
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
300,000
296,276
d
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
325,000
326,246
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.
1,250,000
1,145,011
d
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/01/56
.............................
200,000
194,916
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/45
.............................
390,000
390,881
d
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
............................
500,000
500,918
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.75
%
,
9/15/55
....................................
110,000
109,634
City
of
Lockhart
,
Seawillow
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.125
%
,
9/01/56
.............................
115,000
114,846
d,h
City
of
Lowry
Crossing
,
Lowry
Trails
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/15/56
.......................
450,000
438,554
d
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
................................
150,000
156,939
Newhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
........................................................
125,000
127,867
d
City
of
Mansfield
,
Staybolt
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
.........................
350,000
359,179
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
...................................
$
100,000
$
100,588
City
of
Pilot
Point
,
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
2026
,
7
%
,
9/15/56
.....................................
130,000
128,629
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.25
%
,
9/15/56
...................................
145,000
143,352
City
of
Princeton
,
d
Eastridge
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
250,000
250,455
Southbridge
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
..................................
270,000
270,023
Windmore
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
..................................
250,000
250,454
d
City
of
Royse
City
,
Waterscape
Annex
Public
Improvement
District
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/15/56
...............................
200,000
194,909
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2022
A
,
4
%
,
8/15/51
.........................................................
1,200,000
971,603
d
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
125,000
128,808
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
250,000
256,415
County
of
Medina
,
d
Haby
Farms
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2026
,
5.65
%
,
9/01/56
..............................
325,000
312,973
Viera
Public
Improvement
District
1
Improvement
Area
No.
1
Project
,
Special
Assessment
,
2026
,
5.45
%
,
9/01/46
...................................
218,000
217,040
County
of
Montgomery
,
Villages
of
Greystone
Public
Improvement
District
,
Special
Assessment
,
2026
,
5.75
%
,
9/15/56
....................................
360,000
351,699
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/45
..
7,000,000
7,182,821
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
60,000
60,081
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
1,000,000
947,166
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,250,000
1,301,817
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AG
Insured
,
4.125
%
,
7/01/53
.....................
1,000,000
851,034
d
Port
Arthur
Housing
Authority
,
Foothill
Willow
Lakes
LLC
,
Revenue
,
144A,
2026
A-S-A
,
7.5
%
,
10/01/36
...................................................
300,000
288,906
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
.......................................
1,270,000
1,021,085
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/49
..................
1,000,000
995,083
d
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
575,000
528,790
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
,
Revenue
,
2026
,
5
%
,
4/01/36
....
2,000,000
2,066,178
f
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.77
%,
8/01/39
.............................................
700,000
381,732
e
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
7,000,000
7,469,322
d
Travis
County
Development
Authority
,
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
9/01/56
......
230,000
227,574
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/37
................................
900,000
707,482
37,167,415
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
2.1%
d
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
$
1,266,609
$
1,283,600
d,f
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..
500,000
437,737
d
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment
,
144A,
2020
A
,
5
%
,
8/01/50
..........................
1,045,000
1,019,837
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
1,150,000
962,214
d
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
300,000
299,435
Utah
Infrastructure
Agency
,
Revenue
,
2023
,
6
%
,
10/15/47
........................................
1,350,000
1,450,566
Revenue
,
2025
,
5.25
%
,
10/15/49
......................................
350,000
345,844
5,799,233
Vermont
0.2%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/46
..............................
750,000
585,816
Virginia
1.3%
d
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.4
%
,
3/01/45
.........................................................
995,000
995,767
James
City
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes
of
Williamsburg,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/47
.....................................
1,000,000
819,116
Williamsburg
Landing,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......................................................
1,235,000
1,002,344
d
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
430,000
430,049
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
500,000
499,142
3,746,418
Washington
4.2%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
3,000,000
3,231,044
d
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5.25
%
,
1/01/38
...............
750,000
756,502
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
1,000,000
1,007,706
Washington
State
Housing
Finance
Commission
,
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
3,107,501
2,847,679
g
Revenue
,
FRN
,
2024-1
,
A
,
4.221
%
,
3/20/40
..............................
738,698
704,992
d
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
1/01/36
.....................................
1,175,000
1,177,239
d
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
360,000
380,122
d
Spokane
International
Academy
,
Revenue
,
144A,
2021
A
,
5
%
,
7/01/56
..........
1,130,000
962,225
d
Wesley
Homes
Lea
Hill
LLC
,
Revenue
,
144A,
2016
,
Refunding
,
5
%
,
7/01/36
.....
580,000
580,030
11,647,539
West
Virginia
2.0%
West
Virginia
Hospital
Finance
Authority
,
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/48
...............................
5,250,000
5,604,807
Wisconsin
9.1%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
2,070,164
2,127,261
d
AMCP
Franklin
LLC
,
Revenue
,
144A,
2025
A-T
,
10
%
,
12/01/60
...............
650,000
648,689
d
C/HP
Cove,
Inc.
,
Revenue
,
144A,
2026
,
A
,
7.5
%
,
11/01/36
...................
300,000
290,068
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
Celanese
US
Holdings
LLC
,
Revenue
,
2016
C
,
Refunding
,
4.3
%
,
11/01/30
.......
$
300,000
$
298,350
d
CFC-SA
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6
%
,
2/01/62
................
1,000,000
1,016,127
d
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.75
%
,
7/01/63
........
1,000,000
934,386
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/30
........................................................
945,000
945,522
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
1,425,000
1,465,346
d
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/55
....................................................
1,000,000
890,904
d
Inperium,
Inc.
Obligated
Group
,
Revenue
,
144A,
2026
,
6
%
,
12/01/50
...........
300,000
305,287
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5.5
%
,
6/15/55
410,000
418,575
d
Mary's
Woods
at
Marylhurst
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5.25
%
,
5/15/37
..................................................
380,000
381,395
d
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/54
........................................................
910,000
811,238
Piedmont
Community
Charter
School,
Inc.
,
Revenue
,
2019
,
5
%
,
6/15/53
........
1,150,000
1,065,401
d
Roseman
University
of
Health
Sciences
,
Revenue
,
144A,
2020
,
5
%
,
4/01/40
.....
1,085,000
1,070,118
d
SLAM
Academy
of
Nevada
Obligated
Group
,
Revenue
,
144A,
2026
A
,
5.5
%
,
7/15/61
850,000
801,767
d
Southminster,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
10/01/48
........
800,000
762,076
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
500,000
516,347
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
2,100,000
2,299,713
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-1
,
4
%
,
7/01/61
........
600,000
379,366
d
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/51
........................................................
2,000,000
1,476,712
d
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
1,700,000
1,435,915
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/41
........................................................
4,000,000
3,748,309
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
300,000
310,488
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/41
........................................................
270,000
250,757
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/45
........................................................
1,150,000
1,022,495
25,672,612
U.S.
Territories
11.7%
District
of
Columbia
7.8%
District
of
Columbia
,
GO
,
2023
A
,
5
%
,
1/01/45
............................................
6,675,000
6,990,958
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/52
....................................................
1,000,000
918,114
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/39
............
400,000
404,820
KIPP
DC
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
....................
750,000
663,220
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/50
...............................
2,470,000
2,236,680
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/35
..............
1,140,000
1,251,221
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/36
..............
1,365,000
1,498,108
d
Rocketship
DC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
.........
400,000
325,307
f
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
7.96
%,
6/15/46
.........
7,500,000
1,635,821
e
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
..........................................
1,065,000
888,468
e
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,077,096
21,889,813
Franklin
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
20
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
3.9%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
$
1,920,000
$
1,921,338
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
3,388,447
3,178,634
i
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
1,815,000
1,322,681
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
4,700,000
4,468,745
10,891,398
Total
U.S.
Territories
....................................................................
32,781,211
Total
Municipal
Bonds
(Cost
$
397,940,507
)
.....................................
393,195,007
Total
Long
Term
Investments
(Cost
$
397,940,507
)
...............................
393,195,007
a
a
a
a
a
Short
Term
Investments
1.0%
Shares
a
Management
Investment
Companies
1.0%
j,k
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.819
%
.......................
2,864,225
2,864,225
Total
Management
Investment
Companies
(Cost
$
2,864,225
)
.....................
2,864,225
Total
Short
Term
Investments
(Cost
$
2,864,225
)
.................................
2,864,225
a
Total
Investments
(Cost
$
400,804,732
)
141.1
%
..................................
$396,059,232
Remarketed
Preferred
Shares
(
35.4
)
%
.........................................
(99,350,000)
Floating
Rate
Notes
Issued
(
6.7
)
%
.............................................
(18,700,374)
Other
Assets,
less
Liabilities
1.0
%
.............................................
2,620,163
Net
Assets
100.0%
...........................................................
$280,629,021
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$91,522,233,
representing
32.6%
of
net
assets.
e
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
f
The
rate
shown
represents
the
yield
at
period
end.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Security
purchased
on
a
when-issued
basis.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Managed
Municipal
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
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.
Effective July
15,
2026, Putnam
Managed
Municipal
Income
Trust
was
renamed Franklin
Managed
Municipal
Income
Trust.
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 Trust'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.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
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. 
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
July
31,
2026
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Franklin
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
19
Quarterly
Schedule
of
Investments
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.
A
summary
of
inputs
used
as
of
July
31,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
    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
Managed
Municipal
Income
Trust
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
......
$110,154
$50,942,131
$(48,188,060)
$—
$—
$2,864,225
2,864,225
$141,246
Total
Affiliated
Securities
...
$110,154
$50,942,131
$(48,188,060)
$—
$—
$2,864,225
$141,246
Level
1
Level
2
Level
3
Total
Franklin
Managed
Municipal
Income
Trust
Assets:
Investments
in
Securities:
a
Warrants
...............................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
393,195,007
—
393,195,007
Short
Term
Investments
...................
2,864,225
—
—
2,864,225
Total
Investments
in
Securities
...........
$2,864,225
$393,195,007
$—
$396,059,232
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
20
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GO
General
Obligation
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.