0000902664-16-006780.txt : 20160420 0000902664-16-006780.hdr.sgml : 20160420 20160420165114 ACCESSION NUMBER: 0000902664-16-006780 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160420 DATE AS OF CHANGE: 20160420 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN LTD DURATION INCOME TRUST CENTRAL INDEX KEY: 0001233087 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-82397 FILM NUMBER: 161581796 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TEMPLETON LTD DURATION INCOME TRUST DATE OF NAME CHANGE: 20060111 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TEMPLETON LIMITED DURATION INCOME TRUST DATE OF NAME CHANGE: 20030718 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TEMPLETON STRATEGIC INCOME TRUST DATE OF NAME CHANGE: 20030515 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Saba Capital Management, L.P. CENTRAL INDEX KEY: 0001510281 IRS NUMBER: 800361690 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 BUSINESS PHONE: 212-542-4635 MAIL ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 SC 13D/A 1 p16-1112sc13da.htm SABA CAPITAL MANAGEMENT, L.P.
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 

Franklin Limited Duration Income Trust

(Name of Issuer)
 

Common Stock, without par value

(Title of Class of Securities)
 

35472T101

(CUSIP Number)
 

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D'Angelo

(212) 542-4635

 

with a copy to:

 

Eleazer Klein, Esq.

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

(212) 756-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

April 20, 2016

(Date of Event Which Requires Filing of This Statement)
 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ý

 

(Page 1 of 7 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 35472T101SCHEDULE 13D/APage 2 of 7 Pages
 

 

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

4,032,405

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

4,032,405

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

4,032,405

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

15.03%1

14

TYPE OF REPORTING PERSON

PN; IA

 

         

 

 

 

 

 

 

1 The percentages used in this Schedule 13D/A are calculated based upon 26,835,650 Shares outstanding as of September 30, 2015 as reported in the Issuer's Annual Report to Shareholders on Form N-CSRS filed on December 1, 2015.

 

 

CUSIP No. 35472T101SCHEDULE 13D/APage 3 of 7 Pages
 

 

1

NAME OF REPORTING PERSON

Boaz R. Weinstein

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

4,032,405

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

4,032,405

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

4,032,405

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

15.03%1

14

TYPE OF REPORTING PERSON

IN

         

 

 

 

____________________________

1 The percentages used in this Schedule 13D/A are calculated based upon 26,835,650 Shares outstanding as of September 30, 2015 as reported in the Issuer's Annual Report to Shareholders on Form N-CSRS filed on December 1, 2015.

 

 

CUSIP No. 35472T101SCHEDULE 13D/APage 4 of 7 Pages
 

 

  This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D filed on March 4, 2016 (the "Original Schedule 13D", and as amended hereby, the "Schedule 13D") with respect to the common stock, without par value (the "Shares"), of Franklin Limited Duration Income Trust (the "Issuer").  Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D.  This Amendment No. 1 amends Items 3, 4, 5 and 7 as set forth below.  

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
  Item 3 of the Schedule 13D is hereby amended and restated as follows:
   
  Funds for the purchase of the Shares were derived from the subscription proceeds from investors in SCMF, SCMF II, SCLMF, SCS, SCEF 1 and SCEF 2 and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Shares reported herein. A total of $46,456,927 was paid to acquire the Shares reported herein.

 

Item 4. PURPOSE OF TRANSACTION
   
  Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
   
  The Reporting Persons have engaged, and may continue to engage, in discussions with management and the Board of Directors of the Issuer regarding the long-term performance of the Issuer and the trading of the Shares at a discount to the Issuer's net asset value.  On April 20, 2016, Saba Capital sent a letter to the Issuer containing a stockholder proposal under Rule 14a-8 requesting that the Board of Directors consider authorizing a self-tender for all outstanding Shares of the Issuer at or close to net asset value; provided, however, if more than 50% of the Issuer's outstanding Shares are submitted for tender, the tender offer should be cancelled and the Issuer should be liquidated or converted into an open-end mutual fund.  A copy of the letter is attached as Exhibit 2.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
  Items 5(a), (b) and (c) of the Schedule 13D are hereby amended and restated as follows:

 

 

CUSIP No. 35472T101SCHEDULE 13D/APage 5 of 7 Pages
 

 

(a) See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentages of the Shares beneficially owned by each of the Reporting Persons.  The percentages used in this Schedule 13D are calculated based upon 26,835,650 Shares outstanding as of September 30, 2015 as reported in the Issuer's Annual Report to Shareholders on Form N-CSRS filed on December 1, 2015.
   
(b) See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
   
(c) The transactions in the Shares effected by Saba Capital since the filing of the Original Schedule 13D, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
   

 

Item 7. MATERIAL TO BE FILED AS EXHIBITS
   
  Item 7 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
   
Exhibit 2: Letter dated April 20, 2016 sent by Saba Capital to the Issuer.

 

 

CUSIP No. 35472T101SCHEDULE 13D/APage 6 of 7 Pages
 

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: April 20, 2016

 

  SABA CAPITAL Management, L.P.
   
   
  /s/ Michael D'Angelo
 

Name: Michael D'Angelo

Title: Chief Compliance Officer

   
  BOAZ R. WEINSTEIN
   
   
  /s/ Michael D'Angelo
  Name: Michael D'Angelo
  Title: Attorney-in-fact*
   
* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

 

 

 

 

CUSIP No. 35472T101SCHEDULE 13D/APage 7 of 7 Pages
 

Schedule A

 

This Schedule sets forth information with respect to each purchase and sale of Shares which were effectuated by Saba Capital since the filing of the Original Schedule 13D/A. All transactions were effectuated in the open market through a broker.

 

Trade Date Shares Purchased (Sold) Price ($)*
     
04/14/2016 13,634 11.24
04/14/2016 8,658 11.26
04/13/2016 1,604 11.27
04/13/2016 5,200 11.23
04/08/2016 4,227 11.26
04/06/2016 8,441 11.22
04/05/2016 4,755 11.15
03/31/2016 2,706 11.24
03/30/2016 2,129 11.19
03/29/2016 11,159 11.14
03/28/2016 14,777 11.21
03/22/2016 5,364 11.27
03/21/2016 4,051 11.24
03/21/2016 25,630 11.21
03/18/2016 5,987 11.18
03/17/2016 4,947 11.15
03/16/2016 11,833 11.10
03/15/2016 11,489 11.09
     

 

* Excluding commissions.

 

 

 EX-99 2 p16-1112exhibit2.htm EXHIBIT 2

 

 

April 20, 2016

 

VIA EMAIL and FEDERAL EXPRESS

 

 

Franklin Limited Duration Income Trust

Attention: Karen L. Skidmore

Vice President and Secretary

One Franklin Parkway

San Mateo, CA 94403-1906

 

Re: Franklin Limited Duration Income Trust (the “Fund”)

 

Dear Ms. Skidmore:

 

As you know, we represent certain investment funds managed by Saba Capital Management, L.P. ("Saba") that collectively own approximately 4 million common shares, or approximately 14.94%, of the outstanding common shares of the Fund.

 

This letter shall serve as notice to the Fund as to Saba's timely submittal of a shareholder proposal pursuant to Rule 14a-8 of the Securities Exchange Act of 1934 for presentation to the Fund's shareholders at the Fund's next annual shareholders' meeting anticipated to be held on September 15, 2016, or any postponement or adjournment thereof (the "Meeting").

 

Saba's Rule 14a-8 shareholder proposal (the "Proposal") is as follows:

 

PROPOSAL

 

“BE IT RESOLVED, that the shareholders of Franklin Limited Duration Income Trust (the "Fund"), request that the Board of Trustees (the “Board”) consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value (“NAV”). If more than 50% of the Fund's outstanding shares are submitted for tender, the tender offer should be cancelled and the Fund should be liquidated or converted into an open-end mutual fund.

 

 
 

 

 

SUPPORTING STATEMENT

 

A fund's NAV is the total value of a fund's assets minus its liabilities. When compared to an index, it provides investors and Boards with a way to examine whether an adviser is meeting or exceeding benchmark returns.

 

The Fund's long-term performance has been disappointing. The Fund has traded at an average discount to NAV of more than 10.7% over the last three years. Moreover, the Fund’s income and total return have been rated in the lowest and second lowest quintiles for 2014 and for the previous annualized three, five- and 10-year periods in recent reports prepared by Lipper, Inc., an independent organization.

 

When funds underperform, investors require: (1) a thoughtful and thorough explanation of management's recent decisions, and (2) the Board's plan going forward. Neither of these proactive steps have been offered by the Board, which is why we believe the Fund's underperformance has also led to perpetually wide discounts.

 

The Fund's excessive discount level indicates that the market has lost faith in the Fund's adviser's ability to significantly add to shareholder value. Compounding the problem, the Board has done little to address the adviser's poor performance.

 

Similar to many other recent corporate actions in the closed end fund space, shareholders should have the opportunity to realize a price for their shares close to NAV. Toward that end, the Board should consider authorizing a self-tender offer for all outstanding shares of the Fund at or close to NAV. If a majority of the Fund's outstanding shares are tendered, that would demonstrate that there is insufficient shareholder support for continuing the Fund as a closed-end fund. In that case, the tender offer should be cancelled and the Fund should be liquidated or converted into an open-end mutual fund.

 

The Fund and Board are likely to come up with a litany of arguments against our Proposal but the simple fact of the matter is that the Board has not been able to effectively manage the Fund's discount, nor have they taken action to address its adviser's perpetual underperformance.

 
 

Please vote FOR the Proposal and tell the Fund's Board that you want it to take action to collapse the Fund's discount and increase shareholder value.

 

END OF PROPOSAL

We began purchasing the shares as early as 2013. As is required by Rule 14a-8 of the Securities Exchange Act of 1934, attached are letters from Goldman Sachs & Company and National Financial Services verifying that the Saba fund referenced therein continuously and beneficially owned shares having a market value of $2,000 or more for at least one year prior to the date of the submittal of the above Proposal. Saba intends to continue to hold the shares referenced through the date of the Meeting.

 

Please notify us as soon as possible if you would like any further information or if you believe this notice is deficient in any way or if additional information is required so that Saba may promptly provide it to you in order to cure any deficiency.

 

Thank you for your time and consideration.

 

Sincerely,  
   
/s/ Michael D'Angelo  
   
Michael D'Angelo  
General Counsel  
   
   
   
Cc: Rupert H. Johnson, Jr.  
  Marguerite C. Bateman, Esq.  
  Eleazer Klein, Schulte Roth & Zabel LLP  

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