0001193125-24-047628.txt : 20240227 0001193125-24-047628.hdr.sgml : 20240227 20240227134353 ACCESSION NUMBER: 0001193125-24-047628 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240227 DATE AS OF CHANGE: 20240227 EFFECTIVENESS DATE: 20240227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN LTD DURATION INCOME TRUST CENTRAL INDEX KEY: 0001233087 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21357 FILM NUMBER: 24684935 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 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 N-CSR 1 d785243dncsr.htm FRANKLIN LIMITED DURATION INCOME TRUST Franklin Limited Duration Income Trust
0001233087falseN-CSRThe Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund’s average daily Managed Assets. “Managed Assets” are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the outstanding amount of any borrowing and other financial leverage). If the Fund uses leverage, the amount of fees paid to the Investment Manager for investment management services will be higher than if the Fund does not use leverage because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with leverage.The Fund enters into reverse repurchase agreements. Additionally, the Fund participates in a committed financing arrangement through which the Fund is authorized to borrow up to $100 million.“Other Expenses” are based on estimated amounts for the current fiscal year.Total amount of each class of senior securities outstanding at the end of the period presented.The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading. 0001233087 2023-01-01 2023-12-31 0001233087 cik0001233087:PortfolioTurnoverMember 2023-01-01 2023-12-31 0001233087 cik0001233087:ManagementOneMember 2023-01-01 2023-12-31 0001233087 cik0001233087:MortgageSecuritiesAndAssetbackedSecuritiesMember 2023-01-01 2023-12-31 0001233087 cik0001233087:IncomeMember 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 2054
9
FORM
N–CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-21357
Franklin Limited Duration Income 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, 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:
12/31
Date of reporting period:
12/31/23
Item 1. Reports to Stockholders.
 
a.)
The following is a copy of the report transmitted to shareholders pursuant to
Rule30e-1
under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR
270.30e-1.)
LOGO
 
         
  
Not FDIC Insured 
        
May Lose Value 
        
No Bank Guarantee 
 
Managed Distribution Policy
: Until December 31, 2023, the Fund employed a managed distribution policy whereby the Fund made distributions to common shareholders at an annual minimum fixed rate of 10%, based on the average monthly net asset value (NAV) of the Fund’s common shares. Effective January 1, 2024, the Board has implemented a new managed distribution plan where the Fund will distribute a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund’s plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the plan will be successful in doing so.
Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s managed distribution plan.
The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders, however, at this time there are no reasonably foreseeable circumstances that might cause the termination of the Plan. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.
Please see the “Important Information to Shareholders” section for additional information.
Contents
 
 
 
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Visit
franklintempleton.com
for fund
updates, to access your account, or to
find helpful financial planning tools.
     
 
           
franklintempleton.com  
Annual Report
            1
Franklin Limited Duration Income Trust
 
Dear Shareholder,
This annual report for Franklin Limited Duration Income Trust covers the fiscal year ended December 31, 2023.
Fund Overview
Q. What is the Fund’s investment strategy?
A.
The Fund seeks to provide high, current income, with a secondary objective of capital appreciation to the extent possible and consistent with the Fund’s primary objective, through a portfolio consisting primarily of high-yield corporate bonds, floating rate corporate loans and mortgage- and other asset-backed securities. We invest in a diversified mix of fixed income securities, primarily high-yield corporate bonds, senior secured floating rate corporate loans, and mortgage- and other asset-backed securities. The Fund may also invest a portion in marketplace loans. Our top-down analysis of macroeconomic trends combined with a bottom-up analysis of market sectors, industries and issuers drives our investment process. We seek to maintain a limited duration, or interest-rate sensitivity, to moderate the impact that fluctuating interest rates might have on the Fund’s fixed income portfolio. Within the corporate bond and corporate loan sectors, we seek securities trading at reasonable valuations from issuers with characteristics such as strong market positions, stable cash flows, reasonable capital structures, supportive asset values, strong sponsorship and improving credit fundamentals. In the mortgage- and other asset-backed securities sector, we look to capture an attractive income stream and total return through our analysis of security prepayment assumptions, potential pricing inefficiencies and underlying collateral characteristics.
Q. What were the overall market conditions during the Fund’s reporting period?
A.
Fixed income markets experienced a high-volatility environment as concerns over high levels of inflation and the U.S. Federal Reserve’s (Fed’s) policy response dominated the economic and market discussion. Yields changed rapidly in response to an evolving macroeconomic landscape and changing global monetary policies. Geopolitical risk remained an overhang to the market throughout the year as the war in Ukraine continued and a new conflict in the Middle East emerged, putting temporary pressure on global energy prices. Inflation increased through the summer months before the Consumer Price Index moderated towards the end of the year. By November 2023, the 12-month change dropped to 3.1%. While markets were unsettled during much of the year, corporate fundamentals continued on a robust
pace, which benefited the Fund’s loan and bond holdings. The Fed came into the year pursuing their monetary policy tightening policies, increasing the fed funds rate by an additional 100 basis points (bps) before pausing at the September 2023 meeting and subsequent meetings. As part of the Fed’s Summary of Economic Projections released at their December 2023 meeting, participant’s median projection for the fed funds rate penciled in a total of three potential rate cuts in 2024. Ten-year U.S. Treasury (UST) yields traded in a wide range, peaking at 5.0% in October 2023 before falling, ending the year at 3.88%.
Q. How did we respond to these changing market conditions?
A.
While debate about the likelihood of a recession was a constant theme over the course of the year, no matter the outcome, the fact remains that the lower-end consumer has faced increasing pressure from inflation and high interest rates. We positioned the portfolio to minimize exposure to the lower-end consumer. For instance, within the marketplace loan portion of the portfolio, we shifted our exposure from consumer loans to small business loans, which was made via the Square program. With interest rates relatively high and volatile, yet with corporate fundamentals showing ongoing strength, we favored both leveraged loans and high-yield corporate bonds. With rates rising throughout much of the year, we maintained exposure to mortgage-backed securities at the low end of the typical range, and instead favored floating-rate collateralized loan obligation (CLO) debt in the asset-backed portion of the portfolio.
Portfolio Composition
12/31/23
 
     
% of Total
Investments
  
Corporate Bonds
      32.4%  
 
  
Senior Floating Rate Interests
      29.2%  
 
  
Marketplace Loans
      14.5%  
 
  
Mortgage-Backed Securities
      10.6%  
 
  
Asset-Backed Securities*
      9.8%  
 
  
Commercial Mortgage-Backed Securities
      0.7%  
 
  
Other
†
      0.4%  
 
  
Short-Term Investments
      2.4%  
 
  
*Includes non-agency residential mortgage backed securities, collateralized loan obligations and consumer loan certificates.
†
Categories within the Other category are listed in full in the Fund’s Schedule of Investments (SOI), which can be found later in this report.
 
The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Schedule of Investments (SOI). The SOI begins on page 9.
 
           
2           
Annual Report
   franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
 
Performance Overview
For the 12 months under review, the Fund posted cumulative total returns of +12.36% based on net asset value and +12.17% based on market price. The Fund’s benchmark, the blended 1/3 Credit Suisse (CS) High Yield Index + 1/3 CS Leveraged Loan Index + 1/3 Bloomberg Mortgage-Backed Securities (MBS) Index, posted a +10.56% cumulative total return.
1
Individually, the CS High Yield Index, which is designed to mirror the investable universe of the U.S. dollar-denominated high-yield debt traded in the U.S. credit market, posted a 13.55% cumulative total return.
2
While, the CS Leveraged Loan Index, which is designed to mirror the investable universe of the U.S. dollar-denominated leverage loan market, posted a 13.04% cumulative total return.
2
Additionally, Bloomberg MBS Index, which tracks the performance of fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC), posted a 5.05% cumulative total return.
2
Over the period, net asset value increased from $7.06 per share on December 31, 2022, to $7.18 at period-end, and the market price increased from $6.21 to $6.22 by period-end. You can find the Fund’s long-term performance data in the Performance Summary on page 5.
Until December 31, 2023, the Fund employed a managed distribution policy whereby the Fund made distributions to common shareholders at an annual minimum fixed rate of 10%, based on the average monthly net asset value (NAV) of the Fund’s common shares. Effective January 1, 2024, the Board has implemented a new managed distribution plan where the Fund will distribute a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund’s plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the plan will be successful in doing so. Please see the “Important Information to Shareholders” section for additional information.
Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.
Q. What were the leading contributors to performance?
A.
The Fund’s corporate exposure, in the form of both leveraged loans and high-yield corporate bonds, contributed to performance as corporate fundamentals were resilient to the higher rate environment, which kept expectations for future defaults subdued. Within the asset-backed portion of the portfolio, CLO debt outperformed fixed-rate mortgage-backed securities.
Q. What were the leading detractors from performance?
A.
Mortgage-backed securities underperformed most of the Fund’s other asset classes, as they were more susceptible to the general rise in interest rates over the course of the year.
Q. Were there any significant changes to the Fund during the reporting period?
A.
There were no significant changes to the Fund. We have been favoring bank loans and high-yield corporates over mortgage-backed securities for some time. The shift to Square from consumer loans in the MPL portion of the portfolio has been ongoing, although we did increase our commitment to Square during the year.
Thank you for your continued participation in Franklin Limited Duration Income Trust. We look forward to serving your future investment needs.
Sincerely,
Sonal Desai, Ph.D.
Glenn I. Voyles, CFA
Justin Ma, CFA
Patrick A. Klein, Ph.D.
Portfolio Management Team
 
 
The foregoing information reflects our analysis, opinions and portfolio holdings as of December 31, 2023, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and
 
1. Source: Factset. The Blended Benchmark was calculated internally.
2. Source: Morningstar.
The indexes are unmanaged and includes reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is not representative of the Fund’s portfolio.
Important data provider notices and terms available at www.franklintempletondatasources.com.
CFA
®
is a trademark owned by CFA Institute.
 
           
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Annual Report
            3
FRANKLIN LIMITED DURATION INCOME TRUST
 
economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
 
           
4           
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   franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
Performance Summary as of December 31, 2023
Total return reflects reinvestment of the Fund’s dividends and capital gain distributions, if any, and any unrealized gains or losses. Total returns do not reflect any sales charges paid at inception or brokerage commissions paid on secondary market purchases. The performance tables and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gains on the sale of Fund shares. Your dividend income will vary depending on dividends or interest paid by securities in the Fund’s portfolio, adjusted for operating expenses. Capital gain distributions are net profits realized from the sale of portfolio securities.
Performance as of 12/31/23
1,2
 
    
  Cumulative Total Return
3
  
     
 
     
  Average Annual Total Return
3
  
  
     
Based on
NAV
4
     
Based on
market price
5
             
Based on
NAV
4
     
Based on
market price
5
  
1-Year
      +12.36%        +12.17%     
 
 
 
      +12.36%        +12.17%  
5-Year
      +17.50%        +18.56%     
 
 
 
      +3.28%        +3.46%  
10-Year
      +22.15%        +24.87%     
 
 
 
      +2.02%        +2.25%  
Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.
Share Prices
 
Symbol: FTF
   
12/31/23
     
12/31/22
     
Change
  
Net Asset Value (NAV)
      $7.18        $7.06        +$0.12  
Market Price (NYSE)
      $6.22        $6.21        +$0.01  
 
 
See page 7 for Performance Summary footnotes.
 
           
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Annual Report
            5
FRANKLIN LIMITED DURATION INCOME TRUST
PERFORMANCE SUMMARY
Total Return Index Comparison for a Hypothetical $10,000 Investment
Total return represents the change in value of an investment over the periods shown. It includes any applicable maximum sales charge, Fund expenses, account fees and reinvested distributions. The unmanaged index includes reinvestment of any income or distributions. It differs from the Fund in composition and does not pay management fees or expenses. One cannot invest directly in an index.
12/31/13–12/31/23
 
LOGO
 
See page 7 for Performance Summary footnotes.
 
           
6           
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   franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
PERFORMANCE SUMMARY
Distributions
(1/1/23–12/31/23)
 
    
Net Investment
Income
     
Tax Return
of Capital
     
Total
  
 
     $0.4081        $0.3014        $0.7095  
Events such as the spread of deadly diseases, disasters, and financial, political or social disruptions, may heighten risks and adversely affect performance. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results.
All investments involve risks, including possible loss of principal. Fixed income securities
involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls.
Asset-backed, mortgage-backed or mortgage-related securities
are subject to prepayment and extension risks.
Low-rated, high-yield bonds
are subject to greater price volatility, illiquidity and possibility of default. The manager may consider
environmental, social and governance (ESG) criteria
in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.
1. Figures are for common shares. As of 12/31/23, the Fund had leverage in the amount of 31.66% of the Fund’s total portfolio. The Fund employs leverage through participation in a Credit Facility, entering into reverse repurchase agreements, and purchase of Mortgage Dollar Rolls. The use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the Fund’s leverage may be offset by increased/decreased income from the Fund’s floating rate investments.
2. Gross expenses are the Fund’s total annual operating expenses as of the Fund’s annual report available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect voluntary fee waivers, expense caps and/or reimbursements. Voluntary waivers may be modified or discontinued at any time without notice.
3. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.
4. Assumes reinvestment of distributions based on net asset value.
5. Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan.
6. Sources: Bloomberg and Credit Suisse. The Blended Benchmark is calculated internally and is composed of 1/3 Credit Suisse (CS) High Yield Index, 1/3 CS Leveraged Loan Index and 1/3 Bloomberg MBS Index. The CS High Yield Index is designed to mirror the investable universe of the U.S. dollar-denominnated high-yield debt traded in the U.S. credit market. The CS Leveraged Loan Index (CS LLI) is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. Loans must be below investment-grade and rated no higher than Baa/BB+ or Ba1/BBB+ by Moody’s or S&P. The Bloomberg MBS Index tracks the performance of fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC). Effective June 1, 2017, hybrid adjustable-rate mortgages were removed from the index.
Important data provider notices and terms available at www.franklintempletondatasources.com.
 
           
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Annual Report
            7
FRANKLIN LIMITED DURATION INCOME TRUST
 
Financial Highlights
 
    
Year Ended December 31,
     
2023
       
2022
     
2021
     
2020
     
2019
Per share operating performance
                       
(for a share outstanding throughout the year)
                       
Net asset value, beginning of year
      $7.06        $8.97      $9.43      $10.00      $10.11
Income from investment operations:
                       
Net investment income
a
      0.65        0.62      0.52      0.51      0.53
Net realized and unrealized gains (losses)
      0.18        (1.46)      (0.05)      (0.15)      0.39
Total from investment operations
      0.83        (0.84)      0.47      0.36      0.92
Less distributions from:
                       
Net investment income
      (0.41)        (0.57)      (0.55)      (0.55)      (0.58)
Tax return of capital
      (0.30)        (0.21)      (0.38)      (0.38)      (0.45)
Total distributions
      (0.71)        (0.78)      (0.93)      (0.93)      (1.03)
Dilution effect of rights offering
      —        (0.29)
b
      —      —      —
Net asset value, end of year
      $7.18        $7.06      $8.97      $9.43      $10.00
Market value, end of year
c
      $6.22        $6.21      $9.09      $9.42      $9.59
Total return (based on net asset value per share)
d
      12.36%        (12.75)%      5.16%      4.26%      9.33%
Total return (based on market value per share)
d
      12.17%        (23.52)%      6.77%      9.43%      18.34%
 
Ratios to average net assets
                       
Expenses before waiver and payments by affiliates
      4.07%        2.69%      1.76%      1.86%      2.16%
Expenses net of waiver and payments by affiliates
e
      4.06%        2.68%      1.75%      1.85%      2.15%
Net investment income
      9.16%        8.16%      5.58%      5.51%      5.15%
Supplemental data
                       
Net assets, end of year (000’s)
      $290,198        $285,319      $270,437      $284,199      $301,452
Portfolio turnover rate
      104.86%        95.50%      107.66%      106.46%      113.49%
Portfolio turnover rate excluding mortgage dollar rolls
f
      71.14%        52.93%      51.04%      60.46%      57.50%
Total credit facility and reverse repurchase agreementsoutstanding at end of year (000’s)
      $109,652        $117,090      $116,359      $111,505      $107,117
Asset coverage per $1,000 of debt
      $3,647        $3,437      $3,324      $3,549      $3,814
 
a
Based on average daily shares outstanding.
b
Represents the impact of Fund’s rights offering of 10,250,000 common shares in February 2022 as a subscription price per share based on a formula.
c
Based on the last sale on the NYSE American.
d
The Market Value Total Return is calculated assuming a purchase of common shares on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Dividend Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase, sale and dividend reinvestment dates instead of market value. Total return does not reflect brokerage commissions or sales charges in connection with the purchase or sale of Fund shares.
e
Benefit of expense reduction rounds to less than 0.01%.
f
See Note 1(e) regarding mortgage dollar rolls.
 
       
8       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
 
Schedule of Investments, December 31, 2023
 
    
Country
     
Shares
           
Value
  
   
Common Stocks 0.6%
           
Hotels, Restaurants & Leisure 0.0%
†
           
a
24 Hour Fitness Worldwide, Inc.
      United States        24,950               
 
 $4,553
 
  
 
Independent Power and Renewable Electricity Producers 0.4%
           
a
Talen Energy Corp.
      United States        17,000          1,088,000  
a
Talen Energy Corp.
     
 United
States		  
 		      3,338         
 
 213,632
 
  
 
            
 
 1,301,632
 
  
 
Metals & Mining 0.1%
           
a
Petra Diamonds Ltd.
      South Africa        331,401         
 
 295,729
 
  
 
Oil, Gas & Consumable Fuels 0.1%
           
a
Amplify Energy Corp.
     
 United
States		  
 		      281          1,666  
Birch Permian Holdings, Inc.
      United States        20,307          211,528  
California Resources Corp.
      United States        42         
 
 2,297
 
  
 
            
 
 215,491
 
  
 
Total Common Stocks (Cost $1,479,119)
           
 
 
    1,817,405
 
 
 
Preferred Stocks 0.0%
†
           
Hotels, Restaurants & Leisure 0.0%
†
           
a
24 Hour Fitness Worldwide, Inc.
      United States        59,089         
 
 886
 
  
 
Total Preferred Stocks (Cost $79,741)
           
 
 
886
 
 
 
           
Warrants
               
Warrants 0.0%
†
           
Oil, Gas & Consumable Fuels 0.0%
†
           
a
California Resources Corp., 10/27/24
      United States        96         
 
 1,861
 
  
 
Total Warrants (Cost $–)
           
 
 
1,861
 
 
 
           
Principal
Amount
*
               
Corporate Bonds 46.9%
           
Aerospace & Defense 0.3%
           
b,c
TransDigm, Inc., Senior Secured Note, 144A, 6.25%, 3/15/26
      United States        900,000         
 
 899,359
 
  
 
Automobile Components 1.3%
           
b,c
Aerospace & Defense 0.3%
           
 Senior Note, 144A, 8.25%, 4/15/31
      United States        1,200,000          1,271,633  
 Senior Secured Note, 144A, 7%, 4/15/28
      United States        400,000          413,705  
b,c,d
Dornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%, 10/15/29
      United States        1,100,000          993,101  
c
Goodyear Tire & Rubber Co. (The), Senior Note, 9.5%, 5/31/25
      United States        1,000,000         
 
 1,015,345
 
  
 
            
 
 3,693,784
 
  
 
Automobiles 0.4%
           
b,c
Jaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, 7/15/29
      United Kingdom        1,300,000         
 
 1,268,423
 
  
 
Banks 0.5%
           
c,e,f
JPMorgan Chase & Co., R, Junior Sub. Bond, FRN, 8.939%, (3-month SOFR + 3.562%), Perpetual
      United States        1,500,000         
 
 1,516,875
 
  
 
Beverages 0.2%
           
b,c
Primo Water Holdings, Inc., Senior Note, 144A, 4.375%, 4/30/29
      Canada        700,000         
 
 645,783
 
  
 
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       9
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Biotechnology 0.1%
           
b
Emergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28
      United States        900,000         
 
 $369,193
 
  
 
Broadline Retail 0.3%
           
d
Nordstrom, Inc., Senior Bond, 4%, 3/15/27
      United States        1,000,000         
 
 932,585
 
  
 
Building Products 1.8%
           
b,c
AmeriTex HoldCo Intermediate LLC, Senior Secured Note, 144A, 10.25%, 10/15/28
      United States        600,000          615,750  
b,c
Camelot Return Merger Sub, Inc., Senior Secured Note, 144A, 8.75%, 8/01/28
     
 United
States		  
 		      500,000          508,162  
b,c
Cornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, 1/15/29
     
 United
States		  
 		      1,000,000          821,025  
b,c
Eco Material Technologies, Inc., Senior Secured Note, 144A, 7.875%, 1/31/27
     
 United
States		  
 		      1,000,000          1,001,250  
b,c
Emerald Debt Merger Sub LLC, Senior Secured Note, 144A, 6.625%, 12/15/30
     
 United
States		  
 		      1,100,000          1,124,882  
b
Smyrna Ready Mix Concrete LLC, Senior Secured Note, 144A, 8.875%, 11/15/31
     
 United
States		  
 		      1,200,000         
 
 1,262,731
 
  
 
       
 
 
 
     
 
     5,333,800
 
  
 
Capital Markets 0.2%
           
b,c
Jane Street Group / JSG Finance, Inc., Senior Secured Note, 144A, 4.5%, 11/15/29
     
 United
States		  
 		      500,000         
 
 466,819
 
  
 
Chemicals 2.2%
           
b,g,h
Anagram Holdings LLC / Anagram International, Inc., Secured Note, 144A, PIK, 10%, 8/15/26
      United States        166,428          3,328  
b,c
ASP Unifrax Holdings, Inc., Senior Secured Note, 144A, 5.25%, 9/30/28
     
 United
States		  
 		      200,000          144,680  
b
Braskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32
      Mexico        300,000          175,901  
c
Celanese US Holdings LLC, Senior Note, 6.33%, 7/15/29
     
 United
States		  
 		      1,000,000          1,049,304  
b,c
Consolidated Energy Finance SA, Senior Note, 144A, 5.625%, 10/15/28
      Switzerland        600,000          508,776  
b,c
Element Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28
     
 United
States		  
 		      200,000          184,323  
b,d
GPD Cos., Inc., Senior Secured Note, 144A, 10.125%, 4/01/26
     
 United
States		  
 		      1,500,000          1,388,250  
b,c
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note, 144A, 9%, 7/01/28
     
 United
States		  
 		      1,000,000          957,400  
b,g
Kobe US Midco 2, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26
     
 United
States		  
 		      210,000          153,167  
b,c
Rain Carbon, Inc., Senior Secured Note, 144A, 12.25%, 9/01/29
     
 United
States		  
 		      1,000,000          978,750  
b
Rain CII Carbon LLC / CII Carbon Corp., Secured Note, 144A, 7.25%, 4/01/25
      United States        22,000          21,326  
b,d
Vibrantz Technologies, Inc., Senior Note, 144A, 9%, 2/15/30
     
 United
States		  
 		      1,000,000         
 
 794,221
 
  
 
            
 
 6,359,426
 
  
 
Commercial Services & Supplies 0.9%
           
b,c
APX Group, Inc., Senior Note, 144A, 5.75%, 7/15/29
      United States        800,000          746,831  
b,c
Enviri Corp., Senior Note, 144A, 5.75%, 7/31/27
     
 United
States		  
 		      1,400,000          1,306,445  
b,c
Prime Security Services Borrower LLC / Prime Finance, Inc., Senior Secured Note, 144A, 3.375%, 8/31/27
     
 United
States		  
 		      600,000         
 
 556,692
 
  
 
            
 
 2,609,968
 
  
 
Communications Equipment 0.1%
           
b
Viasat, Inc., Senior Note, 144A, 7.5%, 5/30/31
     
 United
States		  
 		      300,000         
 
 235,875
 
  
 
Construction & Engineering 0.4%
           
b,c
Arcosa, Inc., Senior Note, 144A, 4.375%, 4/15/29
     
 United
States		  
 		      300,000          279,735  
 
       
10       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Construction & Engineering
(continued)
           
b,c
VM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29
      United States        800,000         
 
 $756,211
 
  
 
            
 
 1,035,946
 
  
 
Consumer Finance 1.0%
           
c
OneMain Finance Corp., Senior Note, 9%, 1/15/29
      United States        1,500,000          1,587,118  
b,c
PROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29
     
 United
States		  
 		      1,400,000         
 
 1,291,913
 
  
 
       
 
 
 
     
 
     2,879,031
 
  
 
Consumer Staples Distribution & Retail 0.2%
           
b,c
US Foods, Inc., Senior Note, 144A, 6.875%, 9/15/28
     
 United
States		  
 		      700,000         
 
 721,427
 
  
 
Containers & Packaging 2.9%
           
b,c
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal b,cArdagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, Senior Note, 144A, 4%, 9/01/29
     
 United
States		  
 		      1,500,000          1,271,605  
b
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.,
           
d
 Senior Note, 144A, 5.25%, 8/15/27
     
 United
States		  
 		      600,000          466,824  
c
 Senior Secured Note, 144A, 5.25%, 4/30/25
     
 United
States		  
 		      600,000          584,005  
c
Crown Americas LLC / Crown Americas Capital Corp. VI, Senior Note, 4.75%, 2/01/26
     
 United
States		  
 		      500,000          495,566  
b,c
LABL, Inc., Senior Secured Note, 144A, 9.5%, 11/01/28
      United States        800,000          809,000  
b,c
Mauser Packaging Solutions Holding Co.,
           
Secured Note, 144A, 9.25%, 4/15/27
      United States        1,500,000          1,473,960  
Senior Secured Note, 144A, 7.875%, 8/15/26
      United States        1,200,000          1,222,297  
b,d
Owens-Brockway Glass Container, Inc., Senior Note, 144A, 6.625%, 5/13/27
     
 United
States		  
 		      375,000          375,499  
b,c
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., Senior Secured Note, 144A, 4.375%, 10/15/28
     
 United
States		  
 		      300,000          280,768  
b,d
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, Senior Secured Note, 144A, 4%, 10/15/27
     
 United
States		  
 		      1,200,000          1,122,750  
b,c
Trivium Packaging Finance BV, Senior Note, 144A, 8.5%, 8/15/27
      Netherlands        400,000         
 
 392,651
 
  
 
            
 
 8,494,925
 
  
 
Distributors 0.3%
           
b,c
Ritchie Bros Holdings, Inc.,
           
Senior Note, 144A, 7.75%, 3/15/31
      Canada        500,000          533,680  
Senior Secured Note, 144A, 6.75%, 3/15/28
      Canada        300,000         
 
 309,247
 
  
 
            
 
 842,927
 
  
 
Diversified Consumer Services 0.4%
           
d
Grand Canyon University, Secured Note, 5.125%, 10/01/28
      United States        1,300,000         
 
 1,165,658
 
  
 
Diversified REITs 0.7%
           
b,c
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, Senior Note, 144A, 3.75%, 12/15/27
     
 United
States		  
 		      800,000          669,165  
b,c
Necessity Retail REIT, Inc. (The) / American Finance Operating Partner LP, Senior Note, 144A, 4.5%, 9/30/28
     
 United
States		  
 		      900,000          758,871  
b,c
VICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, 2/15/27
     
 United
States		  
 		      700,000         
 
 661,205
 
  
 
            
 
 2,089,241
 
  
 
Diversified Telecommunication Services 0.3%
           
b,c
CCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, 144A, 6.375%, 9/01/29
     
 United
States		  
 		      1,000,000         
 
 987,493
 
  
 
Electric 2Utilities 0.6%
           
b
Vistra Operations Co. LLC,
           
c Senior Note, 144A, 5.625%, 2/15/27
      United States        1,300,000          1,283,125  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       11
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Electric Utilities
(continued)
           
b
Vistra Operations Co. LLC, (continued)
           
d
 Senior Note, 144A, 4.375%, 5/01/29
      United States        400,000         
 
 $373,847
 
  
 
            
 
 1,656,972
 
  
 
Electrical Equipment 0.7%
           
b,c
Sensata Technologies BV, Senior Note, 144A, 4%, 4/15/29
     
 United
States		  
 		      1,000,000          930,425  
b,c,d
Vertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28
     
 United
States		  
 		      1,300,000         
 
 1,220,498
 
  
 
       
 
 
 
     
 
     2,150,923
 
  
 
Electronic Equipment, Instruments & Components 0.3%
           
b,c
TTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29
     
 United
States		  
 		      1,000,000         
 
 909,590
 
  
 
Energy Equipment & Services 1.8%
           
b
CSI Compressco LP / CSI Compressco Finance, Inc.,
           
g
 Secured Note, 144A, PIK, 10%, 4/01/26
     
 United
States		  
 		      1,058,831          1,098,580  
Senior Secured Note, 144A, 7.5%, 4/01/25
      United States        325,000          324,974  
b,c
Enerflex Ltd., Senior Secured Note, 144A, 9%, 10/15/27
      Canada        900,000          869,142  
b,c
Nabors Industries Ltd., Senior Note, 144A, 7.25%, 1/15/26
     
 United
States		  
 		      1,000,000          962,220  
b
Oceaneering International, Inc., Senior Note, 144A, 6%, 2/01/28
     
 United
States		  
 		      300,000          291,123  
b
Transocean Titan Financing Ltd., Senior Secured Note, 144A, 8.375%, 2/01/28
     
 United
States		  
 		      100,000          103,818  
b,c
Transocean, Inc., Senior Secured Note, 144A, 8.75%, 2/15/30
     
 United
States		  
 		      760,000          794,622  
b,c
Weatherford International Ltd., Senior Note, 144A, 8.625%, 4/30/30
     
 United
States		  
 		      700,000         
 
 731,475
 
  
 
            
 
 5,175,954
 
  
 
Entertainment 0.4%
           
b,c
Banijay Entertainment SASU, Senior Secured Note, 144A, 8.125%, 5/01/29
      France        1,100,000         
 
 1,133,566
 
  
 
Financial Services 1.1%
           
b
GGAM Finance Ltd.,
           
 Senior Note, 144A, 8%, 2/15/27
      Ireland        200,000          205,258  
c
 Senior Note, 144A, 8%, 6/15/28
      Ireland        700,000          725,000  
b,c
Jefferson Capital Holdings LLC, Senior Note, 144A, 6%, 8/15/26
     
 United
States		  
 		      1,200,000          1,149,611  
b,c
PRA Group, Inc.,
           
 Senior Note, 144A, 8.375%, 2/01/28
      United States        600,000          578,004  
 Senior Note, 144A, 5%, 10/01/29
      United States        300,000          247,980  
b,c
United Wholesale Mortgage LLC, Senior Note, 144A, 5.5%, 11/15/25
     
 United
States		  
 		      400,000         
 
 397,834
 
  
 
            
 
 3,303,687
 
  
 
Food Products 0.7%
           
c
B&G Foods, Inc.,
           
 Senior Note, 5.25%, 4/01/25
      United States        352,000          346,901  
 Senior Note, 5.25%, 9/15/27
      United States        400,000          363,861  
c
Pilgrim’s Pride Corp., Senior Bond, 6.875%, 5/15/34
     
 United
States		  
 		      1,100,000         
 
 1,188,917
 
  
 
            
 
 1,899,679
 
  
 
Ground Transportation 0.3%
           
b,c
First Student Bidco, Inc. / First Transit Parent, Inc., Senior Secured Note, 144A, 4%, 7/31/29
     
 United
States		  
 		      900,000         
 
 781,339
 
  
 
Health Care Equipment & Supplies 0.6%
           
b,c
Bausch & Lomb Escrow Corp., Senior Secured Note, 144A, 8.375%, 10/01/28
     
 United
States		  
 		      600,000          633,714  
b,c
Garden Spinco Corp., Senior Note, 144A, 8.625%, 7/20/30
     
 United
States		  
 		      400,000          427,778  
b,c
Medline Borrower LP,
           
 Senior Note, 144A, 5.25%, 10/01/29
      United States        500,000          471,958  
 
       
12       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Health Care Equipment & Supplies
(continued)
           
b,c
Medline Borrower LP, (continued)
           
Senior Secured Note, 144A, 3.875%, 4/01/29
      United States        200,000         
 
 $181,071
 
  
 
            
 
 1,714,521
 
  
 
Health Care Providers & Services 2.1%
           
b
CHS/Community Health Systems, Inc.,
           
d
 Secured Note, 144A, 6.125%, 4/01/30
      United States        500,000          324,360  
Senior Secured Note, 144A, 8%, 3/15/26
      United States        247,000          246,399  
c
 Senior Secured Note, 144A, 5.625%, 3/15/27
      United States        400,000          372,177  
Senior Secured Note, 144A, 10.875%, 1/15/32
      United States        500,000          523,190  
b,c
DaVita, Inc., Senior Note, 144A, 4.625%, 6/01/30
      United States        1,200,000          1,048,650  
b,c
Kedrion SpA, Senior Secured Note, 144A, 6.5%, 9/01/29
      Italy        1,500,000          1,372,500  
b,d
MPH Acquisition Holdings LLC, Senior Note, 144A, 5.75%, 11/01/28
      United States        1,100,000          894,957  
c
Tenet Healthcare Corp.,
           
Senior Secured Note, 4.875%, 1/01/26
      United States        500,000          494,718  
Senior Secured Note, 6.125%, 6/15/30
      United States        700,000          708,636  
       
 
 
 
     
 
     5,985,587
 
  
 
Hotel & Resort REITs 0.1%
           
b,c
RHP Hotel Properties LP / RHP Finance Corp., Senior Note, 144A, 7.25%, 7/15/28
      United States        300,000         
 
 312,093
 
  
 
Hotels, Restaurants & Leisure 4.1%
           
b,h,i
24 Hour Fitness Worldwide, Inc., Senior Note, 144A, 8%, 6/01/22
      United States        1,500,000          —  
b
Allwyn Entertainment Financing UK plc, Senior Secured Note, 144A, 7.875%, 4/30/29
      Czech Republic        800,000          818,000  
b,c
Boyne USA, Inc., Senior Note, 144A, 4.75%, 5/15/29
      United States        300,000          282,436  
b,c
Carnival Corp.,
           
Senior Note, 144A, 7.625%, 3/01/26
      United States        400,000          407,483  
Senior Note, 144A, 5.75%, 3/01/27
      United States        1,500,000          1,464,275  
b,c
Carnival Holdings Bermuda Ltd., Senior Note, 144A, 10.375%, 5/01/28
      United States        400,000          435,677  
b,c
Everi Holdings, Inc., Senior Note, 144A, 5%, 7/15/29
      United States        1,200,000          1,090,747  
b,c
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,
           
Senior Note, 144A, 6.75%, 1/15/30
      United States        1,300,000          1,142,892  
b,d
NCL Corp. Ltd., Senior Note, 144A, 5.875%, 3/15/26
      United States        300,000          293,356  
b,c
Royal Caribbean Cruises Ltd.,
           
Senior Note, 144A, 5.5%, 8/31/26
      United States        500,000          495,386  
Senior Note, 144A, 11.625%, 8/15/27
      United States        700,000          762,212  
b,c
Station Casinos LLC, Senior Note, 144A, 4.5%, 2/15/28
      United States        200,000          188,718  
b
Studio City Finance Ltd., Senior Note, 144A, 5%, 1/15/29
      Macau        1,500,000          1,262,226  
b,c
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., Senior Bond, 144A, 5.5%, 3/01/25
      United States        1,700,000          1,692,414  
b,c
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Senior Note, 144A, 7.125%, 2/15/31
      United States        1,500,000         
 
 1,563,873
 
  
 
            
 
 11,899,695
 
  
 
Household Durables 1.2%
           
b,c
Ashton Woods USA LLC / Ashton Woods Finance Co.,
           
Senior Note, 144A, 6.625%, 1/15/28
      United States        500,000          487,840  
Senior Note, 144A, 4.625%, 4/01/30
      United States        1,000,000          897,561  
b,c
Dream Finders Homes, Inc., Senior Note, 144A, 8.25%, 8/15/28
      United States        500,000          528,960  
b
LGI Homes, Inc., Senior Note, 144A, 8.75%, 12/15/28
      United States        800,000          851,500  
b,c
Weekley Homes LLC / Weekley Finance Corp., Senior Note, 144A, 4.875%, 9/15/28
      United States        800,000         
 
 746,818
 
  
 
            
 
 3,512,679
 
  
 
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       13
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Independent Power and Renewable Electricity Producers 1.1%
           
b,c
Calpine Corp., Senior Note, 144A, 5.125%, 3/15/28
      United States        1,500,000          $1,439,105  
b,c
Clearway Energy Operating LLC,
           
Senior Bond, 144A, 3.75%, 1/15/32
      United States        400,000          348,943  
Senior Note, 144A, 4.75%, 3/15/28
      United States        300,000          289,255  
Senior Note, 144A, 3.75%, 2/15/31
      United States        200,000          176,395  
b,c
Leeward Renewable Energy Operations LLC, Senior Note, 144A, 4.25%, 7/01/29
      United States        1,000,000         
 
 872,301
 
  
 
            
 
 3,125,999
 
  
 
Insurance 0.6%
           
b,c
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Senior Note, 144A, 6.75%, 10/15/27
      United States        400,000          399,000  
b,c
Jones Deslauriers Insurance Management, Inc., Senior Note, 144A, 10.5%, 12/15/30
      Canada        1,300,000         
 
 1,372,237
 
  
 
            
 
 1,771,237
 
  
 
IT Services 0.9%
           
b,c
Cablevision Lightpath LLC, Senior Secured Note, 144A, 3.875%, 9/15/27
      United States        700,000          615,391  
b,c
Gartner, Inc.,
           
Senior Note, 144A, 4.5%, 7/01/28
      United States        500,000          474,476  
Senior Note, 144A, 3.625%, 6/15/29
      United States        200,000          180,735  
b,c
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., Senior Note, 144A, 6%, 2/15/28
      United States        1,100,000          1,018,090  
b,c
Presidio Holdings, Inc., Senior Note, 144A, 8.25%, 2/01/28
      United States        400,000          404,521  
       
 
 
 
         2,693,213  
Life Sciences Tools & Services 0.3%
           
b,c
Fortrea Holdings, Inc., Senior Secured Note, 144A, 7.5%, 7/01/30 .
      United States        1,000,000         
 
 1,028,222
 
  
 
Machinery 1.1%
           
b,c
ATS Corp., Senior Note, 144A, 4.125%, 12/15/28
      Canada        1,300,000          1,196,560  
b,c
Calderys Financing LLC, Senior Secured Note, 144A, 11.25%, 6/01/28
      France        800,000          838,912  
b,c
Chart Industries, Inc., Senior Secured Note, 144A, 7.5%, 1/01/30 .
      United States        700,000          732,548  
b
Titan Acquisition Ltd. / Titan Co-Borrower LLC, Senior Note, 144A, 7.75%, 4/15/26
      Canada        300,000         
 
 302,183
 
  
 
            
 
 3,070,203
 
  
 
Media 2.3%
           
b,
c
Clear Channel International BV, Senior Secured Note, 144A, 6.625%, 8/01/25
      United Kingdom        300,000          301,693  
b
Clear Channel Outdoor Holdings, Inc.,
           
c
 Senior Note, 144A, 7.75%, 4/15/28
      United States        300,000          258,946  
c Senior Note, 144A, 7.5%, 6/01/29
      United States        900,000          749,183  
Senior Secured Note, 144A, 9%, 9/15/28
      United States        500,000          522,095  
c
CSC Holdings LLC,
           
Senior Bond, 5.25%, 6/01/24
      United States        500,000          489,821  
b
 Senior Note, 144A, 11.25%, 5/15/28
      United States        700,000          721,745  
b,c
,hDiamond Sports Group LLC / Diamond Sports Finance Co.,
           
Senior Note, 144A, 6.625%, 8/15/27
      United States        500,000          26,250  
Senior Secured Note, 144A, 5.375%, 8/15/26
      United States        800,000          41,000  
b,c
Directv Financing LLC / Directv Financing Co-Obligor, Inc., Senior Secured Note, 144A, 5.875%, 8/15/27
      United States        200,000          188,079  
b,c
DISH DBS Corp., Senior Secured Note, 144A, 5.75%, 12/01/28
      United States        1,000,000          799,475  
b,d
News Corp., Senior Note, 144A, 3.875%, 5/15/29
      United States        1,200,000          1,104,570  
 
       
14       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
     
Country
     
Principal
Amount
*
            
Value
  
Corporate Bonds
(continued)
           
Media
(continued)
           
b
Outfront Media Capital LLC / Outfront Media Capital Corp., Senior Bond, 144A, 4.625%, 3/15/30
      United States        100,000          $89,266  
b,c
Scripps Escrow, Inc., Senior Note, 144A, 5.875%, 7/15/27
      United States        500,000          444,682  
b,c
Sirius XM Radio, Inc., Senior Note, 144A, 4%, 7/15/28
      United States        600,000          555,290  
b,c
Univision Communications, Inc., Senior Secured Note, 144A, 4.5%, 5/01/29
      United States        400,000          357,353  
                         6,649,448  
Metals & Mining 1.0%
           
c
ATI, Inc., Senior Note, 7.25%, 8/15/30
      United States        700,000          729,135  
b,c
Constellium SE, Senior Note, 144A, 3.75%, 4/15/29
      United States        600,000          545,274  
b,g
Petra Diamonds US Treasury plc, Senior Secured Note, 144A, PIK, 9.75%, 3/08/26
      South Africa        781,938          598,183  
b,c
SunCoke Energy, Inc., Senior Secured Note, 144A, 4.875%, 6/30/29
      United States        1,100,000          991,136  
             2,863,728  
Mortgage Real Estate Investment Trusts (REITs) 0.7%
           
b,c
Apollo Commercial Real Estate Finance, Inc., Senior Secured Note, 144A, 4.625%, 6/15/29
      United States        1,500,000          1,263,528  
b,c
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., Senior Note, 144A, 4.75%, 6/15/29
      United States        800,000          722,440  
             1,985,968  
Oil, Gas & Consumable Fuels 4.9%
           
b,c
Antero Resources Corp., Senior Note, 144A, 7.625%, 2/01/29
      United States        166,000          170,487  
b,c
Calumet Specialty Products Partners LP / Calumet Finance Corp., Senior Note, 144A, 8.125%, 1/15/27
      United States        900,000          885,127  
Cheniere Energy Partners LP, Senior Note, 4.5%, 10/01/29
      United States        400,000          383,101  
b,c
Chesapeake Energy Corp., Senior Note, 144A, 6.75%, 4/15/29
      United States        500,000          505,187  
b,c
CITGO Petroleum Corp., Senior Secured Note, 144A, 8.375%, 1/15/29
      United States        600,000          617,490  
b,c
Civitas Resources, Inc.,
           
Senior Note, 144A, 8.375%, 7/01/28
      United States        700,000          731,636  
Senior Note, 144A, 8.75%, 7/01/31
      United States        700,000          746,058  
b,c
CrownRock LP / CrownRock Finance, Inc., Senior Note, 144A, 5%, 5/01/29
      United States        300,000          292,845  
b,c
Endeavor Energy Resources LP / EER Finance, Inc., Senior Bond, 144A, 5.75%, 1/30/28
      United States        800,000          801,255  
b,c
Energy Transfer LP, Senior Note, 144A, 8%, 4/01/29
      United States        500,000          520,613  
b,c
EnLink Midstream LLC, Senior Note, 144A, 6.5%, 9/01/30
      United States        800,000          817,689  
b,c
EQM Midstream Partners LP, Senior Note, 144A, 7.5%, 6/01/27
      United States        100,000          103,102  
b,c
Harbour Energy plc, Senior Note, 144A, 5.5%, 10/15/26
      United Kingdom        500,000          489,227  
b,c
Hilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%, 2/01/29
      United States        500,000          483,408  
b,c
Kinetik Holdings LP, Senior Note, 144A, 5.875%, 6/15/30
      United States        600,000          589,423  
b,c
Martin Midstream Partners LP / Martin Midstream Finance Corp., Secured Note, 144A, 11.5%, 2/15/28
      United States        1,800,000          1,850,664  
b,g,h,i
Murray Energy Corp., Secured Note, 144A, PIK, 12%, 4/15/24
      United States        606,187          —  
b
PBF Holding Co. LLC / PBF Finance Corp., Senior Note, 144A, 7.875%, 9/15/30
      United States        200,000          203,917  
b,c
Venture Global Calcasieu Pass LLC,
           
Senior Secured Bond, 144A, 4.125%, 8/15/31
      United States        300,000          264,686  
Senior Secured Note, 144A, 3.875%, 8/15/29
      United States        300,000          272,535  
b,c
Venture Global LNG, Inc.,
           
Senior Secured Note, 144A, 8.125%, 6/01/28
      United States        600,000          606,484  
Senior Secured Note, 144A, 9.5%, 2/01/29
      United States        500,000          529,396  
Senior Secured Note, 144A, 8.375%, 6/01/31
      United States        500,000          500,494  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       15
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Oil, Gas & Consumable Fuels
(continued)
           
b,c
Viper Energy, Inc., Senior Note, 144A, 7.375%, 11/01/31
      United States        700,000                $725,291  
c
Vital Energy, Inc.,
           
Senior Note, 10.125%, 1/15/28
      United States        500,000                514,157  
Senior Note, 9.75%, 10/15/30
      United States        500,000                518,713  
             14,122,985  
Paper & Forest Products 0.1%
           
b
Glatfelter Corp., Senior Note, 144A, 4.75%, 11/15/29
      United States        400,000          281,722  
Passenger Airlines 0.4%
           
b,c
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., Senior Secured Note, 144A, 5.5%, 4/20/26
      United States        833,333          827,935  
b,c
United Airlines, Inc.,
           
Senior Secured Note, 144A, 4.375%, 4/15/26
      United States        100,000          97,519  
Senior Secured Note, 144A, 4.625%, 4/15/29
      United States        300,000          280,884  
             1,206,338  
Personal Care Products 0.2%
           
b,c
Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, Senior Secured Note, 144A, 6.625%, 7/15/30
      United States        600,000          616,761  
Pharmaceuticals 0.8%
           
b,c
1375209 BC Ltd., Senior Secured Note, 144A, 9%, 1/30/28
      Canada        327,000          319,105  
b
Bausch Health Cos., Inc.,
           
Secured Note, 144A, 14%, 10/15/30
      United States        115,000          64,551  
c
Senior Secured Note, 144A, 11%, 9/30/28
      United States        581,000          423,828  
b,c,h
Endo Dac / Endo Finance LLC / Endo Finco, Inc.,
           
Secured Note, 144A, 9.5%, 7/31/27
      United States        492,000          35,055  
Senior Note, 144A, 6%, 6/30/28
      United States        613,000          43,676  
b,c,h
Endo Luxembourg Finance Co. I SARL / Endo US, Inc., Senior Secured Note, 144A, 6.125%, 4/01/29
      United States        500,000          320,460  
b,c,h
Par Pharmaceutical, Inc., Senior Secured Note, 144A, 8.5%, 4/01/27
      United States        203,000          130,126  
c
Teva Pharmaceutical Finance Netherlands III BV, Senior Note, 4.75%, 5/09/27
      Israel        900,000          862,875  
             2,199,676  
Real Estate Management & Development 0.7%
           
b,c
Five Point Operating Co. LP / Five Point Capital Corp., Senior Note, 144A, 7.875%, 11/15/25
      United States        1,000,000          990,945  
b,c
Forestar Group, Inc., Senior Note, 144A, 3.85%, 5/15/26
      United States        500,000          476,845  
b
Greystar Real Estate Partners LLC, Senior Secured Note, 144A, 7.75%, 9/01/30
      United States        500,000          524,425  
             1,992,215  
Software 1.0%
           
b,c
Camelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26
      United States        700,000          683,932  
b,d
McAfee Corp., Senior Note, 144A, 7.375%, 2/15/30
      United States        1,300,000          1,188,962  
b,c
Rocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29
      United States        1,300,000          1,132,385  
             3,005,279  
Specialized REITs 0.4%
           
b,c
Iron Mountain, Inc., Senior Note, 144A, 7%, 2/15/29
      United States        1,000,000          1,028,503  
Specialty Retail 0.7%
           
b,c
Evergreen Acqco 1 LP / TVI, Inc., Senior Secured Note, 144A, 9.75%, 4/26/28
      United States        720,000          767,365  
b,c
Gap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29
      United States            700,000          599,358  
 
       
16       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Corporate Bonds
(continued)
           
Specialty Retail
(continued)
           
b
Michaels Cos., Inc. (The),
           
d
Senior Note, 144A, 7.875%, 5/01/29
      United States        600,000                $378,393  
c
Senior Secured Note, 144A, 5.25%, 5/01/28
      United States        300,000          237,399  
b
Party City Corp., Senior Secured Bond, 144A, 10.821%, (6-month USD LIBOR + 5%), 12/31/49
      United States        239,415          27,952  
            
 
 2,010,467
 
  
 
Textiles, Apparel & Luxury Goods 0.1%
           
b,c
Hanesbrands, Inc., Senior Note, 144A, 9%, 2/15/31
      United States        400,000          392,338  
Trading Companies & Distributors 0.7%
           
b,c
EquipmentShare.com, Inc., Secured Note, 144A, 9%, 5/15/28
      United States        800,000          824,080  
b,c
H&E Equipment Services, Inc., Senior Note, 144A, 3.875%, 12/15/28
      United States        1,200,000          1,092,025  
             1,916,105  
Wireless Telecommunication Services 0.4%
           
b
Altice France Holding SA,
           
Senior Note, 144A, 6%, 2/15/28
      Luxembourg        300,000          144,361  
Senior Secured Note, 144A, 10.5%, 5/15/27
      Luxembourg        1,700,000          1,102,687  
Digicel Group Holdings Ltd.,
Zero Cpn., 11/17/33
      Bermuda        36,500          1,923  
             1,248,971  
Total Corporate Bonds (Cost $146,383,588)
           
 
 
    136,194,201
 
 
 
j
Senior Floating Rate Interests 42.3%
      United Kingdom        1,177,390          1,056,802  
k
Aerospace & Defense 0.7%
           
g
Alloy FinCo Ltd., Term Loan, B, PIK, 14%, (3-month USD LIBOR + 0.5%), 3/06/25
           
Cobham Ultra SeniorCo SARL, Term Loan, B, 9.363%, (6-month SOFR + 3.5%), 8/03/29
      Luxembourg        331,397          327,420  
Dynasty Acquisition Co., Inc.,
           
2023 Specified Refinancing CME Term Loan, B-1, 9.356%, (1-month SOFR + 4%), 8/24/28
      United States        141,182          141,724  
2023 Specified Refinancing CME Term Loan, B-2, 9.356%, (1-month SOFR + 4%), 8/24/28
      United States        60,507          60,739  
Vertex Aerospace Services Corp., First Lien, Initial Term Loan, 8.706%, (1-month SOFR + 3.25%), 12/06/28
      United States        545,223          546,491  
            
 
 2,133,176
 
  
 
k
Air Freight & Logistics 0.7%
           
Forward Air Corp., Covenant-Lite Senior Secured CME Term Loan, B, 9.856%, (1-month SOFR + 4%), 9/20/30
      United States        411,765          391,518  
Kenan Advantage Group, Inc. (The), U.S. Term Loan, B1, 9.22%, (1-month SOFR + 3.864%), 3/24/26
      United States        1,300,330          1,297,944  
Rand Parent LLC, First Lien, CME Term Loan, B, 9.598%, (3-month SOFR + 4.25%), 3/17/30
      United States        359,177          358,503  
            
 
 2,047,965
 
  
 
k
Automobile Components 1.5%
           
Adient US LLC, CME Term Loan, B1, 8.72%, (1-month SOFR + 3.25%), 4/10/28
      United States        474,655          476,978  
DexKo Global, Inc.,
           
First Lien, 2023 Incremental CME Term Loan, 9.64%, (3-month SOFR + 4.25%), 10/04/28
      United States        236,842          236,842  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       17
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
         
Value
  
   
j
Senior Floating Rate Interests
(continued)
           
k
Automobile Components
(continued)
             
DexKo Global, Inc., (continued)
           
First Lien, Closing Date Term Loan, 9.402%, (3-month SOFR + 3.75%), 10/04/28
      United States        472,356        $ 470,584  
First Brands Group LLC,
           
2022-II Incremental CME Term Loan, 10.881%, (6-month SOFR + 5%), 3/30/27
      United States        1,041,861          1,036,006  
First Lien, 2021 CME Term Loan, 10.881%, (6-month SOFR + 5%), 3/30/27
      United States        1,207,854          1,200,305  
Highline Aftermarket Acquisition LLC, First Lien, Initial Term Loan, 9.956%, (1-month SOFR + 4.5%), 11/09/27
      United States        534,654          535,991  
Tenneco, Inc., First Lien, CME Term Loan, B, 10.469%, (3-month SOFR + 5%), 11/17/28
      United States        327,225          289,615  
                  4,246,321  
Automobiles 0.4%
           
k
American Trailer World Corp., First Lien, Initial CME Term Loan, 9.206%, (1-month SOFR + 3.75%), 3/03/28
      United States           1,135,380          1,115,670  
k
Beverages 0.3%
           
City Brewing Co. LLC, First Lien, Closing Date Term Loan, 9.164%, (3-month SOFR + 3.5%), 4/05/28
      United States        466,667          371,000  
Triton Water Holdings, Inc., First Lien, Initial Term Loan, 8.86%, (3-month SOFR + 3.25%), 3/31/28
      United States        562,031          557,816  
             928,816  
Broadline Retail 0.1%
           
k
Knot Worldwide, Inc. (The), First Lien, Amendment No.4 CME Term Loan, 9.876%, (1-month SOFR + 4.5%; 3-month SOFR + 4.5%), 1/31/28
      United States        389,992          389,992  
Capital Markets 1.7%
           
k
Aretec Group, Inc., CME Term Loan, B1, 9.956%, (1-month SOFR + 4.5%), 8/09/30
      United States        429,954          430,247  
k
Citadel Securities LP, CME Term Loan, 7.963%, (1-month SOFR + 2.5%), 7/29/30
      United States        316,806          317,928  
k
Deerfield Dakota Holding LLC, First Lien, Initial Dollar CME Term Loan, 9.098%, (3-month SOFR + 3.75%), 4/09/27
      United States        567,922          563,662  
k
Edelman Financial Engines Center LLC (The), First Lien, 2021 Initial Term Loan, 8.97%,
(1-month
SOFR + 3.5%), 4/07/28
      United States        973,607          976,197  
l,m
GTCR W Merger Sub LLC, USD CME Term Loan, B, TBD, 9/20/30
      United States        434,783          437,228  
k
Jane Street Group LLC, Dollar Term Loan, 8.22%, (1-month SOFR + 2.75%), 1/26/28
      United States        534,834          537,733  
k
Osmosis Buyer Ltd., 2022 Refinancing CME Term Loan, B, 9.093%, (1-month SOFR + 3.75%), 7/31/28
      United Kingdom        1,055,357          1,057,479  
k
Russell Investments US Institutional Holdco, Inc., 2025 CME Term Loan, 8.948%, (1-month SOFR + 3.5%), 5/30/25
      United States        582,356          547,050  
             4,867,524  
k
Chemicals 2.7%
           
CPC Acquisition Corp., First Lien, Initial Term Loan, 9.36%, (3-month SOFR + 3.75%), 12/29/27
      United States        688,266          559,216  
Cyanco Intermediate 2 Corp., Initial CME Term Loan, 10.106%, (1-month SOFR + 4.75%), 7/10/28
      United States        177,886          178,701  
Hexion Holdings Corp.,
           
First Lien, Initial CME Term Loan, 10.022%, (3-month SOFR + 4.5%), 3/15/29
      United States        985,000          948,944  
 
       
18       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
         
Value
  
   
j
Senior Floating Rate Interests (continued)
           
k
Chemicals (continued)
           
Hexion Holdings Corp., (continued)
           
Second Lien, Initial CME Term Loan, 12.893%, (1-month SOFR + 7.438%), 3/15/30
      United States        279,070          $ 236,861  
INEOS US Finance LLC, 2027-II Dollar CME Term Loan, 9.206%, (1-month SOFR + 3.75%), 11/08/27
      Luxembourg        317,600          319,090  
INEOS US Petrochem LLC, USD CME Term Loan, 9.706%, (1-month SOFR + 4.25%), 4/02/29
      United States        915,591          911,013  
LSF11 A5 Holdco LLC, CME Term Loan, 8.97%, (1-month SOFR + 3.5%), 10/15/28
      United States        619,731          622,058  
Lummus Technology Holdings V LLC, 2021 Refinancing Term Loan, B, 8.97%, (1-month SOFR + 3.5%), 6/30/27
      United States        910,897          913,689  
Nouryon Finance BV,
           
2023 CME Term Loan, 9.441%, (1-month SOFR + 4%), 4/03/28
      Netherlands        272,070          273,431  
Extended Dollar CME Term Loan, 9.467%, (3-month SOFR + 4%), 4/03/28
      Netherlands        505,000          507,603  
PMHC II, Inc., Initial CME Term Loan, B, 9.807%, (3-month SOFR + 4.25%), 4/23/29
      United States        1,185,000          1,138,465  
SCIH Salt Holdings, Inc., First Lien, Incremental Term Loan, B1, 9.463%, (1-month SOFR + 4%), 3/16/27
      United States           1,182,275          1,185,692  
                  7,794,763  
k
Commercial Services & Supplies 2.5%
           
Allied Universal Holdco LLC,
           
Amendment No. 3 CME Term Loan, 10.106%, (1-month SOFR + 4.75%), 5/12/28
      United States        349,125          349,916  
Initial U.S. Dollar CME Term Loan, 9.206%, (1-month SOFR + 3.75%), 5/12/28
      United States        1,347,897          1,344,406  
Amentum Government Services Holdings LLC, First Lien, CME Term Loan, 3, 9.358%, (1-month SOFR + 4%), 2/15/29
      United States        1,050,154          1,052,517  
CCI Buyer, Inc., First Lien, Initial CME Term Loan, 9.348%, (3-month SOFR + 4%), 12/17/27
      United States        698,495          697,496  
Madison IAQ LLC, Term Loan, 8.721%, (1-month USD LIBOR + 3.25%), 6/21/28
      United States        791,678          790,328  
Pitney Bowes, Inc., Refinancing CME Term Loan, B, 9.47%, (1-month SOFR + 4%), 3/17/28
      United States        1,750,500          1,727,533  
Prime Security Services Borrower LLC, First Lien, 2023 Refinancing CME Term Loan, B-1, 7.841%, (1-month SOFR + 2.5%), 10/13/30
      United States        270,495          271,615  
Spin Holdco, Inc., Initial Term Loan, 9.625%, (3-month SOFR + 4%), 3/04/28
      United States        1,264,250          1,116,156  
             7,349,967  
 Communications Equipment 0.1%
           
k
CommScope, Inc., Initial Term Loan, 8.72%, (1-month SOFR + 3.25%), 4/06/26
      United States        397,922          356,886  
k
Construction & Engineering 0.4%
           
Brown Group Holding LLC, Incremental CME Term Loan, B2, 9.129%, (1-month SOFR + 3.75%; 3-month SOFR + 3.75%), 7/02/29
      United States        162,418          163,072  
USIC Holdings, Inc., First Lien, Initial Term Loan, 8.963%, (1-month SOFR + 3.5%), 5/12/28
      United States        660,655          656,691  
Zekelman Industries, Inc., 2020 Term Loan, 7.476%, (1-month SOFR + 2%), 1/24/27
      United States        395,373          396,487  
             1,216,250  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       19
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
         
Value
  
   
j
Senior Floating Rate Interests (continued)
           
Consumer Finance 0.1%
           
k,m
Nuvei Technologies Corp., Initial CME Term Loan, 7.963%, (1-month SOFR + 3%), 9/29/25
      Canada        220,848        $
 
 221,090
 
  
 
k
Consumer Staples Distribution & Retail 0.1%
           
GNC Holdings, Inc., Second Lien, CME Term Loan, 11.415%, (1-month SOFR + 6%), 10/07/26
      United States        98,493          90,121  
Shearer’s Foods LLC, First Lien, Refinancing CME Term Loan, 8.97%, (1-month SOFR + 3.5%), 9/23/27
      United States        162,831          163,266  
             253,387  
k
Containers & Packaging 1.6%
           
Charter Next Generation, Inc., First Lien, 2021 Initial Term Loan, 9.22%, (1-month SOFR + 3.75%), 12/01/27
      United States        1,533,510          1,542,381  
Kleopatra Finco SARL, USD CME Term Loan, B, 10.476%, (6-month SOFR + 4.725%), 2/12/26
      Luxembourg        1,594,088          1,508,908  
Mauser Packaging Solutions Holding Co., Initial CME Term Loan, 9.343%, (1-month SOFR + 4%), 8/14/26
      United States           1,194,000          1,200,054  
ProAmpac PG Borrower LLC, 2023-1 CME Term Loan, 9.881%, (3-month SOFR + 4.5%), 9/15/28
      United States        485,185          486,701  
                    4,738,044  
k
Diversified Consumer Services 0.8%
           
KUEHG Corp., Initial CME Term Loan, 10.348%, (3-month SOFR + 5%), 6/12/30
      United States        498,750          501,555  
Pre-Paid Legal Services, Inc., First Lien, Initial Term Loan, 9.22%, (1-month SOFR + 3.75%), 12/15/28
      United States        693,081          689,401  
Sedgwick Claims Management Services, Inc., 2023 CME Term Loan, 9.106%, (1-month SOFR + 3.75%), 2/24/28
      United States        844,298          847,932  
m
WW International, Inc., Initial Term Loan, 8.97%, (1-month SOFR + 3.5%), 4/13/28
      United States        500,000          356,458  
             2,395,346  
k
Diversified Telecommunication Services 0.8%
           
Altice France SA, USD CME Term Loan, B14, 10.894%, (3-month SOFR + 5.5%), 8/15/28
      France        482,978          435,284  
Global Tel*Link Corp., First Lien, CME Term Loan, 9.783%, (3-month SOFR + 4.25%), 11/29/25
      United States        1,899,809          1,818,003  
             2,253,287  
Electrical Equipment 0.1%
           
k
AZZ, Inc., Initial CME Term Loan, 9.106%, (1-month SOFR + 3.75%), 5/13/29
      United States        255,645          257,174  
Electronic Equipment, Instruments & Components 0.2%
           
k
Roper Industrial Products Investment Co., First Lien, CME Term Loan, 9.348%, (3-month SOFR + 4%), 11/22/29
      United States        556,711          558,626  
k
Entertainment 0.3%
           
Playtika Holding Corp., Term Loan, B1, 8.22%, (1-month SOFR + 2.75%), 3/13/28
      United States        593,939          594,406  
William Morris Endeavor Entertainment LLC (IMG Worldwide Holdings LLC), First Lien, Term Loan, B1, 8.22%, (1-month SOFR + 2.75%), 5/18/25
      United States        317,849          319,091  
             913,497  
k
Financial Services 0.9%
           
Mercury Borrower, Inc., First Lien, Initial CME Term Loan, 8.97%, (1-month SOFR + 3.5%), 8/02/28
      United States        804,258          803,655  
 
       
20       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
     
Country
     
Principal
Amount
*
            
Value
  
j
Senior Floating Rate Interests
(continued)
           
k
Financial Services
(continued)
           
Red Planet Borrower LLC, Initial CME Term Loan, 9.206%, (1-month SOFR + 3.75%), 10/02/28
      United States        273,961        $ 263,876  
Verscend Holding Corp., Term Loan, B1, 9.47%, (1-month SOFR + 4%), 8/27/25
      United States        1,572,102          1,579,303  
                        2,646,834  
k
Food Products 0.2%
           
B&G Foods, Inc., Tranche Term Loan, B4, 7.848%, (1-month SOFR + 2.5%), 10/10/26
      United States        314,833          312,793  
Primary Products Finance LLC, CME Term Loan, B, 9.546%, (3-month SOFR + 4%), 4/01/29
      United States        203,793         
 
 204,467
 
  
 
            
 
 517,260
 
  
 
k
Ground Transportation 0.3%
           
Avis Budget Car Rental LLC, New CME Term Loan, C, 8.456%, (1-month SOFR + 3%), 3/16/29
      United States        288,053          289,044  
PECF USS Intermediate Holding III Corp., Initial Term Loan, 9.894%, (1-month SOFR + 4.25%; 3-month SOFR + 4.25%), 12/15/28
      United States        570,545         
 
 448,203
 
  
 
            
 
 737,247
 
  
 
k
Health Care Equipment & Supplies 0.5%
           
Bausch + Lomb Corp., Incremental CME Term Loan, 9.356%, (1-month SOFR + 4%), 9/29/28
      United States        498,750          499,373  
Medline Borrower LP, Initial Dollar Term Loan, 8.47%, (1-month SOFR + 3%), 10/23/28
      United States        296,231          298,059  
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.), Closing Date Term Loan, 10.748%, (3-month SOFR + 5.25%), 12/15/27
      United States        579,503         
 
 575,638
 
  
 
            
 
 1,373,070
 
  
 
Health Care Providers & Services 3.8%
           
ADMI Corp.,
           
l,m
  Amendment No. 10 Refinancing CME Term Loan, TBD, 12/13/27
      United States        129,870          128,247  
k
  Amendment No. 4 Refinancing Term Loan, 8.838%, (1-month SOFR + 3.375%), 12/23/27
      United States        761,550          721,568  
k
  Amendment No. 5 Incremental Term Loan, 9.213%, (1-month SOFR + 3.75%), 12/23/27
      United States        205,146          195,529  
k
Aveanna Healthcare LLC, First Lien, 2021 Extended Term Loan, 9.238%, (3-month SOFR + 3.75%), 7/17/28
      United States        416,492          388,826  
k
Charlotte Buyer, Inc., First Lien, Initial CME Term Loan, B, 10.607%, (1-month SOFR + 5.25%), 2/11/28
      United States        711,780          715,634  
k
CNT Holdings I Corp., First Lien, Initial CME Term Loan, 8.926%, (3-month SOFR + 3.5%), 11/08/27
      United States        146,125          146,592  
k
eResearchTechnology, Inc., First Lien, Initial CME Term Loan, 9.963%, (1-month SOFR + 4.5%), 2/04/27
      United States        646,875          647,027  
k
FINThrive Software Intermediate Holdings, Inc., First Lien, Initial Term Loan, 9.47%, (1-month SOFR + 4%), 12/18/28
      United States        623,433          498,435  
k
Global Medical Response, Inc., 2018 New Term Loan, 9.895%, (3-month SOFR + 4.25%), 3/14/25
      United States        498,687          393,132  
k
Medical Solutions Holdings, Inc., First Lien, Initial Term Loan, 8.706%, (1-month SOFR + 3.25%), 11/01/28
      United States        378,194          356,134  
k
MPH Acquisition Holdings LLC, Initial Term Loan, 9.9%, (3-month SOFR + 4.25%), 9/01/28
      United States        626,133          605,392  
k
National Mentor Holdings, Inc.,
First Lien, Initial CME Term Loan, 9.24%, (3-month SOFR + 3.75%), 3/02/28
      United States            1,486,815          1,358,265  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       21
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
     
Country
     
Principal
Amount
*
            
Value
  
j
Senior Floating Rate Interests
(continued)
           
Health Care Providers & Services
(continued)
           
k
National Mentor Holdings, Inc., (continued)
           
First Lien, Initial Term Loan, C, 9.24%, (3-month SOFR + 3.75%), 3/02/28
      United States        48,018        $ 43,867  
k
Owens & Minor, Inc., CME Term Loan, B1, 9.213%, (1-month SOFR + 3.75%; 3-month SOFR + 3.75%), 3/29/29
      United States        129,900          130,305  
k
Pacific Dental Services LLC, Term Loan, 8.97%, (1-month SOFR + 3.5%), 5/05/28
      United States        489,789          490,632  
k
Pathway Vet Alliance LLC, First Lien, 2021 Replacement Term Loan, 9.22%, (1-month SOFR + 3.75%), 3/31/27
      United States        718,644          635,439  
k
Phoenix Newco, Inc., First Lien, Initial Term Loan, 8.72%, (1-month SOFR + 3.25%), 11/15/28
      United States        253,548          255,355  
k
Pluto Acquisition I, Inc., First Lien, 2021 Term Loan, 9.65%, (3-month SOFR + 4%), 6/22/26
      United States        540,455          425,160  
k
Radiology Partners, Inc., First Lien, CME Term Loan, B, 10.179%, (6-month SOFR + 4.25%), 7/09/25
      United States        720,669          584,870  
k
Star Parent, Inc., CME Term Loan, 9.348%, (3-month SOFR + 4%), 9/27/30
      United States        466,667          462,324  
k,m
Surgery Center Holdings, Inc., Initial CME Term Loan, 8.856%, (1-month SOFR + 3.5%), 12/19/30
      United States        71,225          71,604  
k
U.S. Anesthesia Partners, Inc., First Lien, Initial Term Loan, 9.707%, (1-month SOFR + 4.25%), 10/01/28
      United States        343,083          314,875  
k
Waystar Technologies, Inc., First Lien, Initial Term Loan, 9.47%, (1-month SOFR + 4%), 10/22/26
      United States        1,537,636          1,545,324  
             11,114,536  
Health Care Technology 0.6%
           
k
athenahealth Group, Inc., Initial CME Term Loan, 8.606%, (1-month SOFR + 3.25%), 2/15/29
      United States        1,754,343                     1,749,080  
k
Hotels, Restaurants & Leisure 2.0%
           
g
24 Hour Fitness Worldwide, Inc., Tranche 1 Term Loan, PIK, 10.61%, (3-month SOFR + 5%), 12/29/25
      United States        1,251,192          537,491  
Bally’s Corp., Term Loan, B, 8.927%, (3-month SOFR + 3.25%), 10/02/28
      United States        982,985          934,307  
Caesars Entertainment, Inc., 2023 Incremental CME Term Loan, B, 8.706%, (1-month SOFR + 3.25%), 2/06/30
      United States        297,750          298,937  
Fertitta Entertainment LLC, Initial CME Term Loan, B, 9.356%, (1-month SOFR + 4%), 1/27/29
      United States        672,321          673,477  
Flutter Entertainment plc, Third Amendment CME Term Loan, 2028 B, 8.902%, (3-month SOFR + 3.25%), 7/22/28
      Ireland        58,689          58,967  
Flynn Restaurant Group LP, First Lien, 2021 CME Term Loan, 9.72%, (1-month SOFR + 4.25%), 11/22/28
      United States        765,696          770,482  
Hilton Grand Vacations Borrower LLC, Initial Term Loan, 8.22%, (1-month SOFR + 2.75%), 8/02/28
      United States        664,493          665,739  
IRB Holding Corp., 2022 Replacement CME Term Loan, B, 8.448%, (1-month SOFR + 3%), 12/15/27
      United States        348,248          349,242  
Ontario Gaming GTA LP, CME Term Loan, B, 9.598%, (3-month SOFR + 4.25%), 8/01/30
      Canada        181,928          182,935  
Penn National Gaming, Inc., CME Term Loan, B, 8.198%, (1-month SOFR + 2.75%), 5/03/29
      United States        108,562          108,957  
Raptor Acquisition Corp., First Lien, Term Loan, B, 9.633%, (3-month SOFR + 4%), 11/01/26
      United States        542,585          545,355  
Scientific Games Holdings LP, First Lien, Initial Dollar CME Term Loan, 8.664%, (3-month SOFR + 3.25%), 4/04/29
      United States        500,843          501,656  
Scientific Games International, Inc., Initial CME Term Loan, B, 8.465%,
(1-month
SOFR + 3%), 4/14/29
      United States            160,349          161,050  
 
             5,788,595  
 
       
22       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
     
Country
     
Principal
Amount
*
            
Value
  
j
Senior Floating Rate Interests
(continued)
           
Household Durables 0.2%
           
l,m
AI Aqua Merger Sub, Inc., Incremental CME Term Loan, TBD, 7/31/28
      United States        158,730        $ 159,722  
k
Hunter Douglas Holding BV, CME Term Loan, B1, 8.88%, (3-month SOFR + 3.5%), 2/26/29
      Netherlands        296,241         
 
 295,648
 
  
 
            
 
 455,370
 
  
 
Household Products 0.1%
           
k
Energizer Holdings, Inc., 2020 Term Loan, 7.721%, (1-month SOFR + 2.25%), 12/22/27
      United States        181,285         
 
 181,511
 
  
 
Independent Power and Renewable Electricity Producers 0.1%
           
k
Talen Energy Supply LLC,
Initial CME Term Loan, B, 9.869%, (3-month SOFR + 4.5%), 5/17/30
      United States        209,260          210,743  
Initial CME Term Loan, C, 9.869%, (3-month SOFR + 4.5%), 5/17/30
      United States        49,735         
 
 50,088
 
  
 
            
 
 260,831
 
  
 
k
Insurance 1.6%
           
Acrisure LLC,
           
First Lien, 2020 Term Loan, 9.15%, (3-month USD LIBOR + 3.5%), 2/15/27
      United States        773,869          773,664  
First Lien, 2021-1 Additional Term Loan, 9.4%, (3-month USD LIBOR + 3.75%), 2/15/27
      United States        191,250                191,394  
First Lien, 2021-2 Additional Term Loan, 9.9%, (3-month USD LIBOR + 4.25%), 2/15/27
      United States        171,329          172,078  
Alliant Holdings Intermediate LLC,
           
New CME Term Loan, B5, 8.835%, (1-month SOFR + 3.5%), 11/05/27
      United States        100,175          100,745  
New Term Loan, B4, 8.939%, (1-month USD LIBOR + 3.5%), 11/05/27
      United States        491,360          494,155  
AssuredPartners, Inc.,
           
2020 CME Term Loan, 8.856%, (1-month SOFR + 3.5%), 2/12/27
      United States        400,156          401,557  
2021 Term Loan, 8.97%, (1-month SOFR + 3.5%), 2/12/27
      United States        241,206          242,111  
2023 CME Term Loan, 9.098%, (1-month SOFR + 3.75%), 2/12/27
      United States        658,728          662,140  
Asurion LLC,
           
New CME Term Loan, B10, 9.456%, (1-month SOFR + 4%), 8/19/28
      United States        395,000          393,888  
Second Lien, New Term Loan, B3, 10.72%, (1-month SOFR + 5.25%), 1/31/28
      United States        32,665          31,222  
Second Lien, New Term Loan, B4, 10.72%, (1-month SOFR + 5.25%), 1/20/29
      United States        1,085,259          1,026,839  
HUB International Ltd., 2022 Incremental CME Term Loan, 9.369%, (3-month SOFR + 4%), 11/10/29
      United States        256,034         
 
 257,315
 
  
 
            
 
      4,747,108
 
  
 
k
IT Services 1.8%
           
Aventiv Technologies LLC, First Lien, Initial Term Loan, 10.231%, (3-month USD LIBOR + 4.5%), 11/01/24
      United States        1,906,451          1,484,057  
Barracuda Parent LLC, First Lien, Initial CME Term Loan, 9.883%, (3-month SOFR + 4.5%), 8/15/29
      United States        829,609          812,241  
Gainwell Acquisition Corp., First Lien, Term Loan, B, 9.448%, (3-month SOFR + 4%), 10/01/27
      United States        1,126,143          1,097,990  
Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Amendment No. 6 CME Term Loan, 7.856%, (1-month SOFR + 2.5%), 11/09/29
      United States        157,147          157,863  
Peraton Corp., First Lien, Term Loan, B, 9.206%, (1-month SOFR + 3.75%), 2/01/28
      United States            1,421,793          1,427,124  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       23
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
     
Country
     
Principal
Amount
*
            
Value
  
j
Senior Floating Rate Interests
(continued)
           
k
IT Services
(continued)
           
Thrasio LLC, Initial Term Loan, 12.652%, (3-month SOFR + 7%), 12/18/26
      United States        342,965        $
 
 166,909
 
  
 
            
 
 5,146,184
 
  
 
k
Machinery 0.6%
           
ASP Blade Holdings, Inc., Initial Term Loan, 9.61%, (3-month SOFR + 4%), 10/13/28
      United States        543,805          487,725  
Tiger Acquisition LLC, First Lien, Initial CME Term Loan, 8.706%, (1-month SOFR + 3.25%), 6/01/28
      United States        531,973          530,366  
TK Elevator Midco GmbH, USD Term Loan, B1, 9.381%, (6-month SOFR + 3.5%), 7/30/27
      Germany        697,487         
 
 699,928
 
  
 
            
 
 1,718,019
 
  
 
k
Media 2.8%
           
Cengage Learning, Inc., First Lien, Term Loan, B, 10.405%, (3-month SOFR + 4.75%), 7/14/26
      United States        973,414          977,731  
Clear Channel Outdoor Holdings, Inc., Term Loan, B, 9.145%, (3-month SOFR + 3.5%), 8/21/26
      United States        625,645          620,299  
CSC Holdings LLC, March 2017 Refinancing Term Loan, 7.726%, (1-month USD LIBOR + 2.25%), 7/17/25
      United States        779,488          768,774  
Gray Television, Inc., Term Loan, D, 8.457%, (1-month SOFR + 3%), 12/01/28
      United States        294,737          293,148  
McGraw-Hill Education, Inc., Initial CME Term Loan, 10.22%, (1-month SOFR + 4.75%), 7/28/28
      United States        988,373                988,685  
MH Sub I LLC (Micro Holding Corp.), First Lien, 2023 May Incremental CME Term Loan, 9.606%, (1-month SOFR + 4.25%), 5/03/28
      United States        1,087,454          1,071,142  
Radiate Holdco LLC, Amendment No. 6 Term Loan, B, 8.72%, (1-month SOFR + 3.25%), 9/25/26
      United States        1,748,662          1,408,495  
Univision Communications, Inc.,
First Lien, 2021 Replacement Converted Term Loan, 8.72%, (1-month SOFR + 3.25%), 3/15/26
      United States        958,555          961,556  
First Lien, Initial Term Loan, B, 8.72%, (1-month SOFR + 3.25%), 1/31/29
      United States        336,399          336,503  
Virgin Media Bristol LLC, Term Loan, Q, 8.726%, (1-month SOFR + 3.25%), 1/31/29
      United States        762,949         
 
 762,991
 
  
 
          
 
 
  
            
 
 8,189,324
 
  
 
          
 
 
  
Metals & Mining 0.1%
           
k
Arsenal AIC Parent LLC, CME Term Loan, B, 9.856%, (1-month SOFR + 4.5%), 8/18/30
      United States        377,523         
 
 379,647
 
  
 
k
Passenger Airlines 1.7%
           
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Initial Term Loan, 10.427%, (3-month SOFR + 4.75%), 4/20/28
      United States        651,716          670,505  
Air Canada, Term Loan, 9.139%, (3-month SOFR + 3.5%), 8/11/28
      Canada        1,177,228          1,182,284  
American Airlines, Inc., Initial CME Term Loan, 8.869%, (3-month SOFR + 3.5%), 6/04/29
      United States        800,000          802,716  
Kestrel Bidco, Inc., Term Loan, 8.455%, (1-month SOFR + 3%), 12/11/26
      Canada        1,176,179          1,175,997  
United Airlines, Inc., Term Loan, B, 9.22%, (1-month SOFR + 3.75%), 4/21/28
      United States        993,039         
 
 998,004
 
  
 
            
 
       4,829,506
 
  
 
k
Personal Care Products 0.5%
           
Conair Holdings LLC, First Lien, Initial Term Loan, 9.22%, (1-month SOFR + 3.75%), 5/17/28
      United States            658,340          647,369  
 
       
24       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
j
Senior Floating Rate Interests
(continued)
           
k
Personal Care Products
(continued)
           
Sunshine Luxembourg VII SARL, Term Loan, B3, 8.948%, (3-month SOFR + 3.5%), 10/01/26
      Luxembourg        829,951        $ 835,362  
            
 
 1,482,731
 
  
 
k
Pharmaceuticals 0.6%
           
Grifols Worldwide Operations Ltd., Dollar Tranche Term Loan, B, 7.538%, (3-month SOFR + 2%), 11/15/27
      Spain        498,701          499,325  
Jazz Pharmaceuticals plc, Initial Dollar Term Loan, 8.97%, (1-month SOFR + 3.5%), 5/05/28
      United States        627,304          631,353  
Organon & Co., Dollar Term Loan, 8.472%, (1-month SOFR + 3%), 6/02/28
      United States        675,709          678,247  
             1,808,925  
k
Professional Services 0.5%
           
CCRR Parent, Inc., First Lien, Initial Term Loan, 9.22%, (1-month SOFR + 3.75%), 3/06/28
      United States        779,237          758,782  
CHG Healthcare Services, Inc.,
           
First Lien, 2023 Incremental CME Term Loan, 9.145%, (3-month SOFR + 3.75%), 9/29/28
      United States        146,341          146,814  
First Lien, Initial Term Loan, 8.72%, (1-month SOFR + 3.25%), 9/29/28
      United States        421,077          422,224  
                  
 
     1,327,820
 
  
 
Real Estate Management & Development 0.0%
†
           
k
Greystar Real Estate Partners LLC, CME Term Loan, 9.125%, (3-month SOFR + 3.75%), 8/21/30
      United States        126,066          126,381  
Semiconductors & Semiconductor Equipment 0.4%
           
k
MKS Instruments, Inc., 2023-1 Dollar CME Term Loan, B, 7.841%, (1-month SOFR + 2.5%), 8/17/29
      United States        1,074,894          1,079,215  
k
Software 5.2%
           
Central Parent LLC, First Lien, 2023 Refinancing CME Term Loan, 9.348%, (3-month SOFR + 4%), 7/06/29
      United States        1,254,209          1,262,763  
Cloudera, Inc., First Lien, Initial CME Term Loan, 9.198%, (1-month SOFR + 3.75%), 10/08/28
      United States        372,649          370,087  
Cornerstone OnDemand, Inc., First Lien, Initial Term Loan, 9.22%, (1-month SOFR + 3.75%), 10/16/28
      United States        643,559          624,253  
DCert Buyer, Inc., First Lien, Initial CME Term Loan, 9.356%, (1-month SOFR + 4%), 10/16/26
      United States        1,703,168          1,691,655  
ECI Macola/MAX Holding LLC, First Lien, Initial Term Loan, 9.402%, (3-month SOFR + 3.75%), 11/09/27
      United States        685,219          686,342  
Epicor Software Corp.,
           
First Lien, Incremental CME Term Loan, 9.106%, (1-month SOFR + 3.75%), 7/30/27
      United States        372,093          375,814  
Term Loan, C, 8.72%, (1-month SOFR + 3.25%), 7/30/27
      United States        652,143          655,231  
Genesys Cloud Services Holdings I LLC, 2020 Initial Dollar CME Term Loan, 9.47%, (1-month SOFR + 4%), 12/01/27
      United States        956,313          961,176  
Idera, Inc., First Lien, CME Term Loan, B1, 9.277%, (3-month SOFR + 3.75%), 3/02/28
      United States        1,162,486          1,158,853  
IGT Holding IV AB, CME Term Loan, B2, 8.462%, (3-month SOFR + 3.4%), 3/31/28
      Sweden        517,532          518,179  
Ivanti Software, Inc.,
           
First Lien, 2021 Specified Refinancing Term Loan, 9.907%, (3-month SOFR + 4.25%), 12/01/27
      United States        782,070          744,499  
First Lien, First Amendment Term Loan, 9.668%, (3-month SOFR + 4%), 12/01/27
      United States        57,304          54,451  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       25
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
j
Senior Floating Rate Interests
(continued)
           
k
Software
(continued)
           
McAfee Corp., CME Term Loan, B1, 9.193%, (1-month SOFR + 3.75%), 3/01/29
      United States        781,841        $ 780,703  
Mitchell International, Inc., First Lien, Initial Term Loan, 9.4%, (3-month SOFR + 3.75%), 10/15/28
      United States        676,444          677,127  
Polaris Newco LLC, First Lien, Dollar Term Loan, 9.47%, (1-month SOFR + 4%), 6/02/28
      United States        1,407,817          1,390,747  
Precisely Software, Inc., First Lien, Third Amendment Term Loan, 9.64%, (3-month SOFR + 4%), 4/24/28
      United States        454,653          451,925  
Project Alpha Intermediate Holding, Inc., Initial CME Term Loan, 10.106%, (1-month SOFR + 4.75%), 10/28/30
      United States        600,000          604,437  
m
Project Boost Purchaser LLC, 2021 CME Term Loan, 2, 8.97%, (1-month SOFR + 3.5%), 5/30/26
      United States        303,569          304,202  
Quest Software US Holdings, Inc., First Lien, Initial CME Term Loan, 9.783%, (3-month SOFR + 4.25%), 2/01/29
      United States        691,250          531,495  
Rocket Software, Inc., Extended Dollar CME Term Loan, 10.106%, (1-month SOFR + 4.75%), 11/28/28
      United States      411,257          404,831  
Sovos Compliance LLC, First Lien, Initial Term Loan, 9.97%, (1-month SOFR + 4.5%), 8/11/28
      United States        622,501          616,276  
UKG, Inc., Second Lien, 2021 Incremental CME Term Loan, 10.764%, (3-month SOFR + 5.25%), 5/03/27
      United States        270,096          271,134  
                  
 
     15,136,180
 
  
 
k
Specialty Retail 2.0%
           
Evergreen AcqCo 1 LP, Initial CME Term Loan, 10.86%, (3-month SOFR + 5.25%), 4/26/28
      United States        379,744          381,833  
Great Outdoors Group LLC, Term Loan, B2, 9.36%, (3-month SOFR + 3.75%), 3/06/28
      United States        757,373          758,320  
Michaels Cos., Inc. (The), Term Loan, B, 9.86%, (3-month SOFR + 4.25%), 4/15/28
      United States        994,990          829,821  
Park River Holdings, Inc., First Lien, Initial Term Loan, 8.907%, (3-month SOFR + 3.25%), 12/28/27
      United States        645,796          631,915  
PetSmart LLC, Initial CME Term Loan, 9.206%, (1-month SOFR + 3.75%), 2/11/28
      United States        506,469          501,658  
RealTruck Group, Inc., Initial Term Loan, 8.97%, (1-month SOFR + 3.5%), 1/31/28
      United States        794,064          785,461  
SRS Distribution, Inc.,
           
2021 Refinancing Term Loan, 8.97%, (1-month SOFR + 3.5%), 6/02/28
      United States        520,470          521,990  
2022 Refinancing CME Term Loan, 8.956%, (1-month SOFR + 3.5%), 6/02/28
      United States        23,446          23,483  
Staples, Inc., 2019 Refinancing New Term Loan, B1, 10.457%, (1-month USD LIBOR + 5%), 4/16/26
      United States        537,310          510,756  
White Cap Supply Holdings LLC, Initial Closing Date CME Term Loan, 9.106%, (1-month SOFR + 3.75%), 10/19/27
      United States        388,088          389,382  
Woof Holdings, Inc., First Lien, Initial Term Loan, 9.36%, (3-month SOFR + 3.75%), 12/21/27
      United States        520,105          423,792  
             5,758,411  
Technology Hardware, Storage & Peripherals 0.2%
           
k
Magenta Buyer LLC, First Lien, Initial Term Loan, 10.645%, (3-month SOFR + 5%), 7/27/28
      United States        779,487          557,820  
Textiles, Apparel & Luxury Goods 0.1%
           
k
Champ Acquisition Corp., First Lien, Initial Term Loan, 11.11%, (3-month SOFR + 5.5%), 12/19/25
      United States        400,097          402,098  
 
       
26       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
j
Senior Floating Rate Interests
(continued)
           
k
Transportation Infrastructure 0.4%
           
First Student Bidco, Inc.,
           
Incremental CME Term Loan, B, 9.448%, (3-month SOFR + 4%), 7/21/28
      United States        371,183          $370,951  
Initial Term Loan, B, 8.652%, (3-month SOFR + 3%), 7/21/28
      United States        352,174          350,340  
Initial Term Loan, C, 8.652%, (3-month SOFR + 3%), 7/21/28
      United States        106,521          105,967  
LaserShip, Inc., First Lien, Initial CME Term Loan, 10.396%, (6-month SOFR + 4.5%), 5/07/28
      United States        457,310          421,297  
             1,248,555  
Total Senior Floating Rate Interests (Cost $125,774,648)
           
 
122,800,039
 
n
Marketplace Loans 21.1%
           
i
Financial Services 21.1%
           
Total Marketplace Loans (Cost $66,141,940)
           
 
61,197,754
 
Asset-Backed Securities 14.2%
           
Capital Markets 0.0%
†
           
c,k
Merrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN, 9.595%, (1-month SOFR + 4.239%), 7/25/34
      United States        33,301          12,982  
Commercial Services & Supplies 0.5%
           
b,k
KKR CLO 26 Ltd., CR, 144A, FRN, 7.855%, (3-month SOFR + 2.462%), 10/15/34
      United States        1,500,000          1,503,135  
Financial Services 13.7%
           
b,k
AMMC CLO 22 Ltd., 2018-22A, C, 144A, FRN, 7.39%, (3-month SOFR + 2.012%), 4/25/31
     
 United
States		  
 		      1,500,000                1,481,726  
b,k
BlueMountain CLO XXV Ltd., 2019-25A, CR, 144A, FRN, 7.905%, (3-month SOFR + 2.512%), 7/15/36
     
 United
States		  
 		      1,500,000          1,477,652  
b,c,k
BlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 7.877%, (3-month SOFR + 2.462%), 10/20/34
     
 United
States		  
 		      2,000,000          1,931,147  
b,k
BlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 8.658%, (3-month SOFR + 3.262%), 4/19/34
     
 United
States		  
 		      1,000,000          957,779  
b,k
BlueMountain CLO XXXV Ltd., 2022-35A, D, 144A, FRN, 9.412%, (3-month SOFR + 4%), 7/22/35
     
 United
States		  
 		      1,500,000          1,498,304  
b,k
Carlyle Global Market Strategies CLO Ltd.,
           
2014-1A, CR2, 144A, FRN, 7.464%, (3-month SOFR + 2.062%), 4/17/31
      United States        1,500,000          1,453,402  
2014-1A, DR, 144A, FRN, 8.264%, (3-month SOFR + 2.862%), 4/17/31
      United States        2,300,000          2,192,651  
b,k
Carlyle US CLO Ltd.,
           
2017-4A, C, 144A, FRN, 8.455%, (3-month SOFR + 3.062%), 1/15/30
      United States        1,000,000          982,068  
2019-1A, BR, 144A, FRN, 7.877%, (3-month SOFR + 2.462%), 4/20/31
      United States        1,500,000          1,507,529  
b,o
Consumer Loan Underlying Bond Certificate Issuer Trust I,
           
2018-29, PT, 144A, FRN, 25.86%, 12/15/43
      United States        772          722  
2019-26, PT, 144A, FRN, 16.947%, 8/15/44
      United States        30,812          28,746  
2019-31, PT, 144A, FRN, 15.569%, 9/15/44
      United States        28,504          26,045  
2019-37, PT, 144A, FRN, 17.594%, 10/17/44
      United States        33,336          31,458  
2019-42, PT, 144A, FRN, 16.336%, 11/15/44
      United States        32,057          29,966  
2019-51, PT, 144A, FRN, 15.711%, 1/15/45
      United States        39,962          37,647  
2019-52, PT, 144A, FRN, 14.456%, 1/15/45
      United States        36,688          34,489  
2019-S1, PT, 144A, FRN, 0.677%, 4/15/44
      United States        3,329          3,277  
2019-S2, PT, 144A, FRN, 5.415%, 5/16/44
      United States        7,341          6,839  
2019-S3, PT, 144A, FRN, 8.081%, 6/15/44
      United States        24,493          22,678  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       27
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Asset-Backed Securities
(continued)
           
Financial Services
(continued)
           
b,o
Consumer Loan Underlying Bond Certificate Issuer Trust I, (continued)
           
2019-S4, PT, 144A, FRN, 10.197%, 8/15/44
      United States        18,542          $17,714  
2019-S5, PT, 144A, FRN, 10.138%, 9/15/44
      United States        21,166                19,671  
2019-S6, PT, 144A, FRN, 10.489%, 10/17/44
      United States        26,636          24,651  
2019-S7, PT, 144A, FRN, 10.445%, 12/15/44
      United States        18,638          17,358  
2019-S8, PT, 144A, FRN, 9.691%, 1/15/45
      United States        21,228          19,659  
2020-2, PT, 144A, FRN, 14.837%, 3/15/45
      United States        40,343          37,868  
2020-7, PT, 144A, FRN, 15.323%, 4/17/45
      United States        25,563          23,688  
b,k
Dryden 38 Senior Loan Fund, 2015-38A, DR, 144A, FRN, 8.655%, (3-month SOFR + 3.262%), 7/15/30
      United States        2,500,000          2,423,528  
b,k
Dryden 42 Senior Loan Fund,
           
2016-42A, CR, 144A, FRN, 7.705%, (3-month SOFR + 2.312%), 7/15/30
      United States        2,400,000          2,378,464  
2016-42A, DR, 144A, FRN, 8.585%, (3-month SOFR + 3.192%), 7/15/30
      United States        1,000,000          938,316  
b,k
Dryden 58 CLO Ltd., 2018-58A, C, 144A, FRN, 7.464%, (3-month SOFR + 2.062%), 7/17/31
      United States        3,000,000          2,969,720  
b,k
KKR CLO 20 Ltd., C, 144A, FRN, 7.605%, (3-month SOFR + 2.212%), 10/16/30
      United States        1,000,000          995,087  
b,k
Madison Park Funding XXXI Ltd., 2018-31A, D, 144A, FRN, 8.674%, (3-month SOFR + 3.262%), 1/23/31
      United States        1,250,000          1,247,284  
b,k
Magnetite XXII Ltd., 2019-22A, DR, 144A, FRN, 8.755%, (3-month SOFR + 3.362%), 4/15/31
      United States        1,000,000          1,001,658  
c,k
Morgan Stanley ABS Capital I, Inc. Trust, 2003-NC10, B1, FRN, 10.42%, (1-month SOFR + 5.064%), 10/25/33
      United States        169,868          182,890  
b,k
Newark BSL CLO 1 Ltd., 2016-1A, CR, 144A, FRN, 8.649%, (3-month SOFR + 3.262%), 12/21/29
      United States        1,000,000          979,977  
b,k
Octagon Investment Partners 32 Ltd., 2017-1A, CR, 144A, FRN, 7.705%, (3-month SOFR + 2.312%), 7/15/29
      United States        1,500,000          1,497,001  
b,k
Octagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN, 7.574%, (3-month SOFR + 2.162%), 1/22/30
      United States        6,050,000          6,030,892  
b,k
OHA Credit Funding 9 Ltd., 2021-9A, D, 144A, FRN, 8.608%, (3-month SOFR + 3.212%), 7/19/35
      United States        1,500,000          1,493,977  
b,o
Prosper Pass-Thru Trust III,
           
2020-PT1, A, 144A, FRN, 14.089%, 3/15/26
      United States        21,618          20,930  
2020-PT2, A, 144A, FRN, 12.177%, 4/15/26
      United States        25,590          24,350  
2020-PT3, A, 144A, FRN, 3.692%, 5/15/26
      United States        7,267          6,282  
c,k
Structured Asset Investment Loan Trust, 2003-BC2, M3, FRN, 10.345%, (1-month SOFR + 4.989%), 4/25/33
      United States        13,987          15,413  
b,o
Upgrade Master Pass-Thru Trust, 2019-PT2, A, 144A, FRN, 16.425%, 2/15/26
      United States        20,523          19,997  
b,k
Voya CLO Ltd.,
           
2014-1A, BR2, 144A, FRN, 7.557%, (3-month SOFR + 2.162%), 4/18/31
      United States        1,300,000          1,269,757  
2014-1A, CR2, 144A, FRN, 8.457%, (3-month SOFR + 3.062%), 4/18/31
      United States        500,000          471,379  
2016-3A, CR, 144A, FRN, 8.907%, (3-month SOFR + 3.512%), 10/18/31
      United States        2,000,000         
 
 1,865,639
 
  
 
            
 
 39,697,275
 
  
 
Total Asset-Backed Securities (Cost $41,212,823)
           
 
 
41,213,392
 
 
 
Commercial Mortgage-Backed Securities 1.0%
           
Financial Services 1.0%
           
d
Citigroup Commercial Mortgage Trust, 2015-GC27, A5, 3.137%, 2/10/48
      United States        1,520,000          1,483,481  
 
       
28       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Principal
Amount
*
           
Value
  
   
Commercial Mortgage-Backed Securities
(continued)
           
Financial Services
(continued)
           
o
Commercial Mortgage Trust, 2006-GG7, AJ, FRN, 6.012%, 7/10/38
      United States        194,980          $49,135  
d
JPMBB Commercial Mortgage Securities Trust, 2015-C28, A4, 3.227%, 10/15/48
      United States        1,410,000         
 
 1,359,265
 
  
 
            
 
 2,891,881
 
  
 
Total Commercial Mortgage-Backed Securities (Cost $3,164,689)
           
 
2,891,881
 
Mortgage-Backed Securities 15.4%
           
Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 1.1%
           
c
FHLMC Gold Pool, 20 Year, 6.5%, 8/01/27
      United States        42,603                43,716  
c
FHLMC Gold Pool, 30 Year, 3.5%, 3/01/45
      United States        8,914          8,334  
c
FHLMC Gold Pool, 30 Year, 3.5%, 12/01/48
      United States        1,656,675          1,551,249  
c
FHLMC Gold Pool, 30 Year, 4%, 5/01/48
      United States        1,175,494          1,136,853  
c
FHLMC Gold Pool, 30 Year, 6%, 7/01/28 - 11/01/36
      United States        176,916          183,968  
c
FHLMC Gold Pool, 30 Year, 6.5%, 3/01/38
      United States        5,597          5,865  
c
FHLMC Gold Pool, 30 Year, 7%, 9/01/27
      United States        14,459          14,942  
c
FHLMC Gold Pool, 30 Year, 8.5%, 7/01/31
      United States        48,576         
 
 51,095
 
  
 
            
 
 2,996,022
 
  
 
p
Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%
†
           
FNMA, 5.665% - 7.475%, (6-month Refinitiv USD IBOR Consumer Cash Fallbacks +/- MBS Margin), 6/01/32 - 7/01/34
      United States        48,355         
 
 48,289
 
  
 
            
 
 48,289
 
  
 
Federal National Mortgage Association (FNMA) Fixed Rate 9.6%
           
FNMA, 3.5%, 7/01/56
      United States        374,090          339,826  
c
FNMA, 15 Year, 2%, 9/01/35
      United States        798,585          721,326  
c
FNMA, 15 Year, 3%, 8/01/27
      United States        2,537          2,429  
c
FNMA, 15 Year, 3.5%, 1/01/26
      United States        2,716          2,650  
c
FNMA, 20 Year, 4.5%, 5/01/24 - 9/01/29
      United States        11,535          11,441  
c
FNMA, 30 Year, 3%, 10/01/50
      United States        2,466,546          2,195,830  
c
FNMA, 30 Year, 3.5%, 1/01/45 - 6/01/45
      United States        390,317          365,669  
c
FNMA, 30 Year, 4%, 10/01/47
      United States        1,755,223          1,692,825  
c
FNMA, 30 Year, 4%, 11/01/44 - 1/01/48
      United States        540,069          520,656  
c
FNMA, 30 Year, 4.5%, 3/01/44
      United States        595          591  
c
FNMA, 30 Year, 5%, 5/01/38 - 7/01/39
      United States        131,235          133,407  
c
FNMA, 30 Year, 5.5%, 6/01/37
      United States        108,994          112,285  
c
FNMA, 30 Year, 6%, 4/01/33 - 6/01/38
      United States        265,304          277,006  
c
FNMA, 30 Year, 6.5%, 8/01/32
      United States        38,669          40,428  
c
FNMA, 30 Year, 6.5%, 11/01/53
      United States        9,067,143          9,294,797  
q
FNMA, Single-family, 30 Year, 5.5%, 1/25/54
      United States        12,136,000         
 
 12,189,095
 
  
 
            
 
 27,900,261
 
  
 
Government National Mortgage Association (GNMA) Fixed Rate 4.7%
           
c
GNMA I, Single-family, 30 Year, 6.5%, 6/15/31 - 12/15/33
      United States        148,377          154,656  
c
GNMA II, Single-family, 30 Year, 3.5%, 12/20/49
      United States        674,700          634,904  
q
GNMA II, Single-family, 30 Year, 6%, 1/15/54
      United States        6,950,000          7,067,553  
q
GNMA II, Single-family, 30 Year, 6.5%, 1/15/54
      United States        5,640,000          5,774,170  
c
GNMA II, Single-family, 30 Year, 7%, 1/20/29
      United States        5,411          5,566  
c
GNMA II, Single-family, 30 Year, 8%, 1/20/28 - 10/20/31
      United States        31,651         
 
 33,156
 
  
 
            
 
 13,670,005
 
  
 
Total Mortgage-Backed Securities (Cost $45,179,486)
           
 
44,614,577
 
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       29
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
    
Country
     
Shares
         
Value
  
     
Escrows and Litigation Trusts 0.0%
           
a,i
Onsite Rental Group Operations Pty. Ltd., Escrow Account
      Australia        522,133          $—  
Total Escrows and Litigation Trusts (Cost $–)
              —  
Total Long Term Investments (Cost $429,416,034)
           
 
410,731,996
 
Short Term Investments 3.4%
           
    
Country
     
Shares
         
Value
  
     
Money Market Funds 3.4%
           
r,s
Institutional Fiduciary Trust - Money Market Portfolio, 5.034%
      United States           9,910,192          9,910,192  
Total Money Market Funds (Cost $9,910,192)
           
 
9,910,192
 
Total Short Term Investments (Cost $9,910,192)
           
 
     9,910,192
 
Total Investments (Cost $439,326,226) 144.9%
           
 
$420,642,188
 
Reverse Repurchase Agreements (4.2)%
           
 
(12,335,804
) 
t
Credit Facility (33.6)%
           
 
(97,500,000
) 
Other Assets, less Liabilities (7.1)%
           
 
(20,608,015
) 
Net Assets 100.0%
        
 
   
 
$290,198,369
 
           
Amount
Borrowed
         
Payable
  
     
 
 
       
 
 
  
u
Reverse Repurchase Agreements (4.2)%
           
Counterparty UBS AG, 6.25%, 1/10/24
         $994,500          $(1,009,521 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         1,177,500          (1,195,284 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         921,000          (934,911 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         886,500          (899,890 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         673,750          (683,926 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         643,750          (653,473 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         885,625          (899,002 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         293,000          (297,426 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         226,875          (230,302 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         402,750          (408,833 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         201,250          (204,290 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         318,281          (323,089 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         561,000          (569,473 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         312,000          (316,713 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         380,000          (385,740 ) 
Counterparty UBS AG, 6.25%, 1/10/24
         748,750          (760,059 ) 
Counterparty UBS AG, 6.3%, 1/10/24
         1,208,723          (1,227,125 ) 
Counterparty UBS AG, 6.3%, 1/10/24
         1,316,700          (1,336,747 ) 
Total Reverse Repurchase Agreements (Proceeds $12,151,954)
           
 
$(12,335,804
) 
See Abbreviations on page 145.
 
       
30       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
* The principal amount is stated in U.S. dollars unless otherwise indicated.
†
Rounds to less than 0.1% of net assets.
a
Non-income producing.
b
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 December 31, 2023, the aggregate value of these securities was $162,831,099, representing 56.1% of net assets.
c
A portion or all of the security is pledged as collateral in connection with the Fund’s revolving credit facility.
d
A portion or all of the security is designated as collateral for reverse repurchase agreements.
e
Perpetual security with no stated maturity date.
f
The coupon rate shown represents the rate at period end.
g
Income may be received in additional securities and/or cash.
h
See Note 9 regarding credit risk and defaulted securities.
i
Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements.
j
See Note 1(f) regarding senior floating rate interests.
k
The coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.
l
A portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of the settlement and will be based upon a reference index/floor plus a spread.
m
A portion or all of the security purchased on a delayed delivery basis. See Note 1(c).
n
See Note 1(g) regarding Marketplace Lending. See full breakdown of marketplace loans holdings in the table at the end of this schedule.
o
Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end.
p
Adjustable Rate Mortgage-Backed Security (ARM); the rate shown is the effective rate at period end. ARM rates are not based on a published reference rate and spread, but instead pass-through weighted average interest income inclusive of any caps or floors, if applicable, from the underlying mortgage loans in which the majority of mortgages pay interest based on the index shown at their designated reset dates plus a spread, less the applicable servicing and guaranty fee (MBS margin).
q
Security purchased on a to-be-announced (TBA) basis. See Note 1(c).
r
See Note 5(c) regarding investments in affiliated management investment companies.
s
The rate shown is the annualized seven-day effective yield at period end.
t
See Note 3 regarding credit facility.
u
See Note 4 regarding reverse repurchase agreements.
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       31
FRANKLIN LIMITED DURATION INCOME TRUST
 
Schedule of Investments, December 31, 2023
Franklin Limited Duration Income Trust
At December 31, 2023, the Fund had the following marketplace loans outstanding. See Note 1(g).
 
Description
   
Principal
Amount
  
Value
Marketplace Loans - 21.1%
 
Block, Inc.
     
5989835.SQ.FTS.B, Zero Cpn, 4/13/24
    $ 3,543     $ 1,586  
5989942.SQ.FTS.B, Zero Cpn, 4/13/24
      4,240       2,789  
5990519.SQ.FTS.B, Zero Cpn, 4/13/24
      2,685       1,517  
5993663.SQ.FTS.B, Zero Cpn, 4/14/24
      2,868       725  
5994040.SQ.FTS.B, Zero Cpn, 4/14/24
      6,214       2,776  
5994215.SQ.FTS.B, Zero Cpn, 4/14/24
      618       429  
5996345.SQ.FTS.B, Zero Cpn, 4/15/24
      731        302   
5996474.SQ.FTS.B, Zero Cpn, 4/15/24
      17,017       3,485  
5996762.SQ.FTS.B, Zero Cpn, 4/15/24
      1,589       484  
5997200.SQ.FTS.B, Zero Cpn, 4/16/24
      2,782       930  
5997223.SQ.FTS.B, Zero Cpn, 4/16/24
      457       193  
5997475.SQ.FTS.B, Zero Cpn, 4/16/24
      1,656       1,177  
5997562.SQ.FTS.B, Zero Cpn, 4/16/24
      1,305       1,103  
5997611.SQ.FTS.B, Zero Cpn, 4/16/24
      2,569       605  
5997689.SQ.FTS.B, Zero Cpn, 4/16/24
      603       97  
5998517.SQ.FTS.B, Zero Cpn, 4/17/24
      155       139  
6000301.SQ.FTS.B, Zero Cpn, 4/17/24
      3,546       1,552  
6001577.SQ.FTS.B, Zero Cpn, 4/18/24
      1,056       451  
6001892.SQ.FTS.B, Zero Cpn, 4/18/24
      4,076       1,607  
6003779.SQ.FTS.B, Zero Cpn, 4/18/24
      2,488       988  
6003889.SQ.FTS.B, Zero Cpn, 4/18/24
      1,504       643  
6003901.SQ.FTS.B, Zero Cpn, 4/18/24
      1,608       699  
6004196.SQ.FTS.B, Zero Cpn, 4/18/24
      461       365  
6004440.SQ.FTS.B, Zero Cpn, 4/18/24
      1,108       203  
6004621.SQ.FTS.B, Zero Cpn, 4/18/24
      960       807  
6007122.SQ.FTS.B, Zero Cpn, 4/19/24
      17,976        11,277  
6011390.SQ.FTS.B, Zero Cpn, 4/20/24
      1,154       678  
6012017.SQ.FTS.B, Zero Cpn, 4/20/24
      4,327       3,445  
6012758.SQ.FTS.B, Zero Cpn, 4/21/24
      723       500  
6012911.SQ.FTS.B, Zero Cpn, 4/21/24
      2,149       528  
6013492.SQ.FTS.B, Zero Cpn, 4/21/24
      534       474  
6013648.SQ.FTS.B, Zero Cpn, 4/21/24
      1,455       432  
6014070.SQ.FTS.B, Zero Cpn, 4/21/24
      897       299  
6014090.SQ.FTS.B, Zero Cpn, 4/21/24
      1,266       709  
6014484.SQ.FTS.B, Zero Cpn, 4/21/24
      1,401       356  
6014890.SQ.FTS.B, Zero Cpn, 4/21/24
      9,174       2,833  
6015092.SQ.FTS.B, Zero Cpn, 4/21/24
      3,643       1,068  
6015679.SQ.FTS.B, Zero Cpn, 4/21/24
      212       209  
6015930.SQ.FTS.B, Zero Cpn, 4/22/24
      575       284  
6016033.SQ.FTS.B, Zero Cpn, 4/22/24
      616       361  
6016148.SQ.FTS.B, Zero Cpn, 4/22/24
      5,838       1,968  
6016515.SQ.FTS.B, Zero Cpn, 4/22/24
      387       101  
6016613.SQ.FTS.B, Zero Cpn, 4/23/24
      3,729       1,738  
6016658.SQ.FTS.B, Zero Cpn, 4/23/24
      4,732       3,438  
6016785.SQ.FTS.B, Zero Cpn, 4/23/24
      338       94  
6017013.SQ.FTS.B, Zero Cpn, 4/23/24
      1,385       507  
6017113.SQ.FTS.B, Zero Cpn, 4/23/24
      5,641       2,724  
6017818.SQ.FTS.B, Zero Cpn, 4/24/24
      1,515       618  
6017943.SQ.FTS.B, Zero Cpn, 4/24/24
      7,488       4,315  
6020247.SQ.FTS.B, Zero Cpn, 4/24/24
      1,619       996  
6021095.SQ.FTS.B, Zero Cpn, 4/25/24
      1,821       271  
6022765.SQ.FTS.B, Zero Cpn, 4/25/24
      4,447       1,392  
6023252.SQ.FTS.B, Zero Cpn, 4/25/24
      641       495  
6024576.SQ.FTS.B, Zero Cpn, 4/26/24
      1,276       323  
6024861.SQ.FTS.B, Zero Cpn, 4/26/24
      2,667       285  
6025458.SQ.FTS.B, Zero Cpn, 4/26/24
      1,141       919  
Description
   
Principal
Amount
  
Value
   
 
Block, Inc. (continued)
     
6026172.SQ.FTS.B, Zero Cpn, 4/26/24
    $ 322     $ 62  
6029319.SQ.FTS.B, Zero Cpn, 4/27/24
      178       159  
6029494.SQ.FTS.B, Zero Cpn, 4/27/24
      1,527       526  
6030087.SQ.FTS.B, Zero Cpn, 4/27/24
      8,826       2,424  
6030215.SQ.FTS.B, Zero Cpn, 4/27/24
      478       447  
6031754.SQ.FTS.B, Zero Cpn, 4/27/24
      7,755       4,698  
6032061.SQ.FTS.B, Zero Cpn, 4/27/24
      680        113   
6032658.SQ.FTS.B, Zero Cpn, 4/27/24
      1,966       561  
6032706.SQ.FTS.B, Zero Cpn, 4/27/24
      1,225       459  
6032730.SQ.FTS.B, Zero Cpn, 4/27/24
      389       305  
6035626.SQ.FTS.B, Zero Cpn, 4/28/24
      8,559       4,410  
6036691.SQ.FTS.B, Zero Cpn, 4/28/24
      3,762       3,016  
6037441.SQ.FTS.B, Zero Cpn, 4/29/24
      1,034       752  
6037579.SQ.FTS.B, Zero Cpn, 4/29/24
      253       217  
6037594.SQ.FTS.B, Zero Cpn, 4/29/24
      550       300  
6037922.SQ.FTS.B, Zero Cpn, 4/30/24
      3,705       2,299  
6041346.SQ.FTS.B, Zero Cpn, 4/30/24
      1,333       442  
6041494.SQ.FTS.B, Zero Cpn, 4/30/24
      1,329       1,135  
6043960.SQ.FTS.B, Zero Cpn, 5/01/24
      15,277       6,081  
6047068.SQ.FTS.B, Zero Cpn, 5/02/24
      386       117  
6048225.SQ.FTS.B, Zero Cpn, 5/02/24
      8,442       1,379  
6048454.SQ.FTS.B, Zero Cpn, 5/02/24
      118       109  
6053985.SQ.FTS.B, Zero Cpn, 5/03/24
      793       196  
6054550.SQ.FTS.B, Zero Cpn, 5/03/24
      4,497       1,400  
6054630.SQ.FTS.B, Zero Cpn, 5/03/24
      622       172  
6057387.SQ.FTS.B, Zero Cpn, 5/04/24
      2,028       538  
6058469.SQ.FTS.B, Zero Cpn, 5/05/24
      1,557       307  
6058566.SQ.FTS.B, Zero Cpn, 5/05/24
      1,473       1,289  
6061935.SQ.FTS.B, Zero Cpn, 5/07/24
      484       476  
6062778.SQ.FTS.B, Zero Cpn, 5/07/24
      308       193  
6064293.SQ.FTS.B, Zero Cpn, 5/08/24
      1,549       911  
6066411.SQ.FTS.B, Zero Cpn, 5/08/24
      1,582       622  
6120695.SQ.FTS.B, Zero Cpn, 5/09/24
      16,890       1,696  
6124160.SQ.FTS.B, Zero Cpn, 5/10/24
      3,491       1,520  
6125454.SQ.FTS.B, Zero Cpn, 5/11/24
      3,336       1,763  
6126546.SQ.FTS.B, Zero Cpn, 5/12/24
      19,042       8,065  
6126842.SQ.FTS.B, Zero Cpn, 5/13/24
      637       194  
6126949.SQ.FTS.B, Zero Cpn, 5/13/24
      1,559       1,125  
6127161.SQ.FTS.B, Zero Cpn, 5/13/24
      2,329       1,081  
6131519.SQ.FTS.B, Zero Cpn, 5/15/24
      1,530       625  
6131558.SQ.FTS.B, Zero Cpn, 5/15/24
      8,198       4,422  
6133045.SQ.FTS.B, Zero Cpn, 5/15/24
      853       355  
6133120.SQ.FTS.B, Zero Cpn, 5/15/24
      1,496       1,316  
6133881.SQ.FTS.B, Zero Cpn, 5/15/24
      3,145       887  
6134336.SQ.FTS.B, Zero Cpn, 5/15/24
      1,810       833  
6134817.SQ.FTS.B, Zero Cpn, 5/15/24
      2,697       286  
6135260.SQ.FTS.B, Zero Cpn, 5/16/24
      1,443       503  
6137211.SQ.FTS.B, Zero Cpn, 5/16/24
      1,706       557  
6137559.SQ.FTS.B, Zero Cpn, 5/16/24
      5,593       2,649  
6137598.SQ.FTS.B, Zero Cpn, 5/16/24
      643       499  
6137705.SQ.FTS.B, Zero Cpn, 5/16/24
      361       169  
6139905.SQ.FTS.B, Zero Cpn, 5/17/24
      17,210        10,180  
6143142.SQ.FTS.B, Zero Cpn, 5/17/24
      2,658       1,652  
6145832.SQ.FTS.B, Zero Cpn, 5/18/24
      9,035       5,055  
6146677.SQ.FTS.B, Zero Cpn, 5/18/24
      8,942       3,367  
6148823.SQ.FTS.B, Zero Cpn, 5/21/24
      716       550  
 
       
32       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6149304.SQ.FTS.B, Zero Cpn, 5/21/24
    $ 471     $ 152  
6150788.SQ.FTS.B, Zero Cpn, 5/21/24
      14,529       7,774  
6151394.SQ.FTS.B, Zero Cpn, 5/21/24
      5,927       2,407  
6153438.SQ.FTS.B, Zero Cpn, 5/22/24
      7,548       4,853  
6157628.SQ.FTS.B, Zero Cpn, 5/23/24
      4,793       1,608  
6157908.SQ.FTS.B, Zero Cpn, 5/23/24
      4,938       2,275  
6158205.SQ.FTS.B, Zero Cpn, 5/23/24
      84        55   
6159034.SQ.FTS.B, Zero Cpn, 5/23/24
      7,919       3,324  
6163607.SQ.FTS.B, Zero Cpn, 5/25/24
      1,355       227  
6164713.SQ.FTS.B, Zero Cpn, 5/25/24
      459       100  
6165270.SQ.FTS.B, Zero Cpn, 5/26/24
      778       763  
6165752.SQ.FTS.B, Zero Cpn, 5/27/24
      1,207       491  
6165844.SQ.FTS.B, Zero Cpn, 5/27/24
      599       207  
6165865.SQ.FTS.B, Zero Cpn, 5/27/24
      1,499       414  
6166008.SQ.FTS.B, Zero Cpn, 5/27/24
      456       453  
6166473.SQ.FTS.B, Zero Cpn, 5/28/24
      6,722        3,852  
6169281.SQ.FTS.B, Zero Cpn, 5/28/24
      625       126  
6169671.SQ.FTS.B, Zero Cpn, 5/29/24
      2,687       1,219  
6171528.SQ.FTS.B, Zero Cpn, 5/29/24
      244       215  
6172125.SQ.FTS.B, Zero Cpn, 5/29/24
      3,361       2,672  
6173152.SQ.FTS.B, Zero Cpn, 5/29/24
      496       237  
6173179.SQ.FTS.B, Zero Cpn, 5/29/24
      2,092       978  
6173941.SQ.FTS.B, Zero Cpn, 5/30/24
      778       619  
6174157.SQ.FTS.B, Zero Cpn, 5/30/24
      1,917       567  
6174486.SQ.FTS.B, Zero Cpn, 5/30/24
      444       260  
6174804.SQ.FTS.B, Zero Cpn, 5/30/24
      2,819       1,968  
6176070.SQ.FTS.B, Zero Cpn, 5/30/24
      716       224  
6176080.SQ.FTS.B, Zero Cpn, 5/30/24
      1,109       565  
6176406.SQ.FTS.B, Zero Cpn, 5/30/24
      11,958       3,440  
6178845.SQ.FTS.B, Zero Cpn, 6/01/24
      1,200       1,125  
6179452.SQ.FTS.B, Zero Cpn, 6/01/24
      231       212  
6179839.SQ.FTS.B, Zero Cpn, 6/01/24
      5,592       5,357  
6180859.SQ.FTS.B, Zero Cpn, 6/01/24
      1,978       1,262  
6180900.SQ.FTS.B, Zero Cpn, 6/01/24
      2,443       1,541  
6181153.SQ.FTS.B, Zero Cpn, 6/01/24
      3,462       3,044  
6183036.SQ.FTS.B, Zero Cpn, 6/02/24
      1,503       677  
6183364.SQ.FTS.B, Zero Cpn, 6/02/24
      936       904  
6183979.SQ.FTS.B, Zero Cpn, 6/02/24
      3,382       2,477  
6184220.SQ.FTS.B, Zero Cpn, 6/02/24
      829       671  
6186590.SQ.FTS.B, Zero Cpn, 6/04/24
      976       882  
6186681.SQ.FTS.B, Zero Cpn, 6/04/24
      775       605  
6187581.SQ.FTS.B, Zero Cpn, 6/05/24
      3,182       2,729  
6188827.SQ.FTS.B, Zero Cpn, 6/05/24
      314       80  
6190034.SQ.FTS.B, Zero Cpn, 6/05/24
      215       190  
6191126.SQ.FTS.B, Zero Cpn, 6/05/24
      1,433       543  
6191169.SQ.FTS.B, Zero Cpn, 6/06/24
      1,219       1,141  
6193278.SQ.FTS.B, Zero Cpn, 6/06/24
      84       77  
6193329.SQ.FTS.B, Zero Cpn, 6/06/24
      4,613       937  
6193576.SQ.FTS.B, Zero Cpn, 6/06/24
      6,381       1,753  
6193734.SQ.FTS.B, Zero Cpn, 6/06/24
      27       24  
6193772.SQ.FTS.B, Zero Cpn, 6/06/24
      2,583       1,917  
6194847.SQ.FTS.B, Zero Cpn, 6/06/24
      3,396       1,709  
6199807.SQ.FTS.B, Zero Cpn, 6/07/24
      2,692       1,060  
6200219.SQ.FTS.B, Zero Cpn, 6/07/24
      830       656  
6200483.SQ.FTS.B, Zero Cpn, 6/07/24
      4,958       1,291  
6204710.SQ.FTS.B, Zero Cpn, 6/08/24
      7,518       2,292  
6207163.SQ.FTS.B, Zero Cpn, 6/09/24
      384       169  
6207794.SQ.FTS.B, Zero Cpn, 6/09/24
      1,521       236  
Description
   
Principal
Amount
  
Value
   
 
Block, Inc. (continued)
     
6207882.SQ.FTS.B, Zero Cpn, 6/09/24
    $ 1,369     $ 527  
6207918.SQ.FTS.B, Zero Cpn, 6/09/24
      14,807       2,295  
6208258.SQ.FTS.B, Zero Cpn, 6/09/24
      403       378  
6208363.SQ.FTS.B, Zero Cpn, 6/09/24
      1,588       1,163  
6210576.SQ.FTS.B, Zero Cpn, 6/11/24
      139       127  
6210686.SQ.FTS.B, Zero Cpn, 6/11/24
      3,226       1,240  
6210859.SQ.FTS.B, Zero Cpn, 6/11/24
      1,111        271   
6210921.SQ.FTS.B, Zero Cpn, 6/11/24
      348       270  
6212506.SQ.FTS.B, Zero Cpn, 6/12/24
      3,976        3,678  
6213041.SQ.FTS.B, Zero Cpn, 6/12/24
      890       383  
6213085.SQ.FTS.B, Zero Cpn, 6/12/24
      267       111  
6213956.SQ.FTS.B, Zero Cpn, 6/12/24
      3,141       671  
6214132.SQ.FTS.B, Zero Cpn, 6/12/24
      3,271       2,036  
6214585.SQ.FTS.B, Zero Cpn, 6/12/24
      2,893       912  
6217157.SQ.FTS.B, Zero Cpn, 6/13/24
      272       162  
6217578.SQ.FTS.B, Zero Cpn, 6/13/24
      4,547       2,404  
6220890.SQ.FTS.B, Zero Cpn, 6/14/24
      11,147       6,052  
6223684.SQ.FTS.B, Zero Cpn, 6/15/24
      1,837       602  
6224739.SQ.FTS.B, Zero Cpn, 6/15/24
      67       54  
6225158.SQ.FTS.B, Zero Cpn, 6/15/24
      8,695       5,421  
6226524.SQ.FTS.B, Zero Cpn, 6/15/24
      2,241       1,158  
6226697.SQ.FTS.B, Zero Cpn, 6/15/24
      6,802       2,241  
6227048.SQ.FTS.B, Zero Cpn, 6/16/24
      917       864  
6227108.SQ.FTS.B, Zero Cpn, 6/16/24
      24       23  
6227126.SQ.FTS.B, Zero Cpn, 6/16/24
      856       396  
6228233.SQ.FTS.B, Zero Cpn, 6/16/24
      37       35  
6228282.SQ.FTS.B, Zero Cpn, 6/16/24
      1,974       1,589  
6228983.SQ.FTS.B, Zero Cpn, 6/16/24
      126       123  
6229176.SQ.FTS.B, Zero Cpn, 6/16/24
      4,816       1,069  
6229351.SQ.FTS.B, Zero Cpn, 6/16/24
      6,830       6,533  
6234422.SQ.FTS.B, Zero Cpn, 6/16/24
      7,794       7,159  
6234975.SQ.FTS.B, Zero Cpn, 6/17/24
      158       106  
6234996.SQ.FTS.B, Zero Cpn, 6/17/24
      704       685  
6236022.SQ.FTS.B, Zero Cpn, 6/18/24
      571       544  
6236283.SQ.FTS.B, Zero Cpn, 6/18/24
      119       118  
6236524.SQ.FTS.B, Zero Cpn, 6/18/24
      687       322  
6238082.SQ.FTS.B, Zero Cpn, 6/19/24
      907       430  
6239020.SQ.FTS.B, Zero Cpn, 6/19/24
      390       305  
6239689.SQ.FTS.B, Zero Cpn, 6/19/24
      793       481  
6240450.SQ.FTS.B, Zero Cpn, 6/20/24
      9,022       6,286  
6242053.SQ.FTS.B, Zero Cpn, 6/20/24
      3,405       340  
6242376.SQ.FTS.B, Zero Cpn, 6/20/24
      5,760       5,057  
6245607.SQ.FTS.B, Zero Cpn, 6/21/24
      717       348  
6252808.SQ.FTS.B, Zero Cpn, 6/23/24
      5,809       2,094  
6253020.SQ.FTS.B, Zero Cpn, 6/23/24
      4,329       2,677  
6253221.SQ.FTS.B, Zero Cpn, 6/23/24
      28,281       5,250  
6253814.SQ.FTS.B, Zero Cpn, 6/23/24
      6,393       3,620  
6254118.SQ.FTS.B, Zero Cpn, 6/23/24
      10,644       9,679  
6254832.SQ.FTS.B, Zero Cpn, 6/23/24
      2,498       756  
6254961.SQ.FTS.B, Zero Cpn, 6/23/24
      5,460       2,766  
6255052.SQ.FTS.B, Zero Cpn, 6/24/24
      1,168       376  
6255882.SQ.FTS.B, Zero Cpn, 6/25/24
      1,148       584  
6256293.SQ.FTS.B, Zero Cpn, 6/26/24
      284       235  
6257152.SQ.FTS.B, Zero Cpn, 6/27/24
      4,028       3,684  
6257645.SQ.FTS.B, Zero Cpn, 6/27/24
      968       414  
6257833.SQ.FTS.B, Zero Cpn, 6/27/24
      4,816       4,612  
6258307.SQ.FTS.B, Zero Cpn, 6/27/24
      165       159  
6258738.SQ.FTS.B, Zero Cpn, 6/27/24
      15,964       3,486  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       33
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6259129.SQ.FTS.B, Zero Cpn, 6/27/24
    $ 178     $ 170  
6259203.SQ.FTS.B, Zero Cpn, 6/27/24
      445       402  
6259245.SQ.FTS.B, Zero Cpn, 6/27/24
      617       379  
6259346.SQ.FTS.B, Zero Cpn, 6/27/24
      5,264       4,667  
6260850.SQ.FTS.B, Zero Cpn, 6/28/24
      22,752       8,561  
6261735.SQ.FTS.B, Zero Cpn, 6/28/24
      1,936       1,906  
6261882.SQ.FTS.B, Zero Cpn, 6/28/24
      1,738        1,543   
6262224.SQ.FTS.B, Zero Cpn, 6/28/24
      868       712  
6267148.SQ.FTS.B, Zero Cpn, 6/29/24
      2,408       2,353  
6267406.SQ.FTS.B, Zero Cpn, 6/29/24
      6,092       633  
6268142.SQ.FTS.B, Zero Cpn, 6/30/24
      4,489       1,884  
6268263.SQ.FTS.B, Zero Cpn, 6/30/24
      2,015       642  
6268433.SQ.FTS.B, Zero Cpn, 6/30/24
      851       723  
6269245.SQ.FTS.B, Zero Cpn, 6/30/24
      4,558       3,396  
6269741.SQ.FTS.B, Zero Cpn, 6/30/24
      9,788       4,407  
6270137.SQ.FTS.B, Zero Cpn, 6/30/24
      6,722       4,350  
6271064.SQ.FTS.B, Zero Cpn, 6/30/24
      1,555       1,186  
6271110.SQ.FTS.B, Zero Cpn, 6/30/24
      791       341  
6271247.SQ.FTS.B, Zero Cpn, 6/30/24
      856       801  
6271589.SQ.FTS.B, Zero Cpn, 7/01/24
      4,588       1,208  
6271709.SQ.FTS.B, Zero Cpn, 7/01/24
      81       77  
6272126.SQ.FTS.B, Zero Cpn, 7/02/24
      13,411        11,698  
6272614.SQ.FTS.B, Zero Cpn, 7/02/24
      490       279  
6272668.SQ.FTS.B, Zero Cpn, 7/02/24
      4,149       3,835  
6274032.SQ.FTS.B, Zero Cpn, 7/03/24
      2,950       938  
6277193.SQ.FTS.B, Zero Cpn, 7/04/24
      1,122       128  
6277212.SQ.FTS.B, Zero Cpn, 7/04/24
      3,482       3,385  
6277552.SQ.FTS.B, Zero Cpn, 7/04/24
      2,717       2,589  
6277703.SQ.FTS.B, Zero Cpn, 7/04/24
      3,553       3,278  
6280720.SQ.FTS.B, Zero Cpn, 7/05/24
      1,492       1,364  
6282655.SQ.FTS.B, Zero Cpn, 7/05/24
      1,878       530  
6284271.SQ.FTS.B, Zero Cpn, 7/06/24
      4,490       2,904  
6284407.SQ.FTS.B, Zero Cpn, 7/06/24
      2,682       1,467  
6284746.SQ.FTS.B, Zero Cpn, 7/06/24
      1,231       524  
6285358.SQ.FTS.B, Zero Cpn, 7/06/24
      329       290  
6285379.SQ.FTS.B, Zero Cpn, 7/06/24
      295       171  
6285826.SQ.FTS.B, Zero Cpn, 7/07/24
      15,326       2,603  
6285989.SQ.FTS.B, Zero Cpn, 7/07/24
      691       439  
6286324.SQ.FTS.B, Zero Cpn, 7/08/24
      699       635  
6286529.SQ.FTS.B, Zero Cpn, 7/08/24
      439       147  
6287596.SQ.FTS.B, Zero Cpn, 7/09/24
      944       698  
6287915.SQ.FTS.B, Zero Cpn, 7/09/24
      16,261       4,554  
6290558.SQ.FTS.B, Zero Cpn, 7/10/24
      2,304       1,778  
6290686.SQ.FTS.B, Zero Cpn, 7/10/24
      730       324  
6290705.SQ.FTS.B, Zero Cpn, 7/10/24
      2,878       1,719  
6290807.SQ.FTS.B, Zero Cpn, 7/10/24
      1,215       1,185  
6292303.SQ.FTS.B, Zero Cpn, 7/11/24
      586       576  
6293924.SQ.FTS.B, Zero Cpn, 7/11/24
      1,517       1,133  
6297973.SQ.FTS.B, Zero Cpn, 7/12/24
      8,469       7,612  
6299822.SQ.FTS.B, Zero Cpn, 7/12/24
      19,889       12,840  
6301004.SQ.FTS.B, Zero Cpn, 7/13/24
      198       183  
6301138.SQ.FTS.B, Zero Cpn, 7/13/24
      1,452       1,068  
6301313.SQ.FTS.B, Zero Cpn, 7/13/24
      1,595       412  
6301622.SQ.FTS.B, Zero Cpn, 7/13/24
      529       525  
6301794.SQ.FTS.B, Zero Cpn, 7/13/24
      12,847       6,836  
6302451.SQ.FTS.B, Zero Cpn, 7/13/24
      48,924       12,919  
6303731.SQ.FTS.B, Zero Cpn, 7/14/24
      1,065       252  
6305199.SQ.FTS.B, Zero Cpn, 7/16/24
      399       206  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6305552.SQ.FTS.B, Zero Cpn, 7/16/24
    $ 1,640     $ 631  
6305711.SQ.FTS.B, Zero Cpn, 7/16/24
      4,598       1,584  
6307093.SQ.FTS.B, Zero Cpn, 7/17/24
      344       240  
6307646.SQ.FTS.B, Zero Cpn, 7/17/24
      1,109       528  
6307843.SQ.FTS.B, Zero Cpn, 7/17/24
      53,032       12,676  
6308517.SQ.FTS.B, Zero Cpn, 7/18/24
      989       941  
6308638.SQ.FTS.B, Zero Cpn, 7/18/24
      12,615        2,741   
6308867.SQ.FTS.B, Zero Cpn, 7/18/24
      542       501  
6309782.SQ.FTS.B, Zero Cpn, 7/18/24
      5,323       4,557  
6310777.SQ.FTS.B, Zero Cpn, 7/18/24
      933       865  
6313211.SQ.FTS.B, Zero Cpn, 7/19/24
      1,423       1,039  
6313277.SQ.FTS.B, Zero Cpn, 7/19/24
      1,832       1,794  
6317901.SQ.FTS.B, Zero Cpn, 7/20/24
      6,093       3,801  
6319473.SQ.FTS.B, Zero Cpn, 7/21/24
      1,093       793  
6319500.SQ.FTS.B, Zero Cpn, 7/21/24
      1,273       1,208  
6320015.SQ.FTS.B, Zero Cpn, 7/21/24
      2,205       924  
6321672.SQ.FTS.B, Zero Cpn, 7/23/24
      756       229  
6335477.SQ.FTS.B, Zero Cpn, 7/23/24
      557       407  
6351220.SQ.FTS.B, Zero Cpn, 7/23/24
      7,497       2,611  
6351314.SQ.FTS.B, Zero Cpn, 7/23/24
      805       752  
6351415.SQ.FTS.B, Zero Cpn, 7/23/24
      1,845       1,819  
6351923.SQ.FTS.B, Zero Cpn, 7/24/24
      645       230  
6353747.SQ.FTS.B, Zero Cpn, 7/24/24
      53,369        28,775  
6355080.SQ.FTS.B, Zero Cpn, 7/25/24
      647       633  
6359308.SQ.FTS.B, Zero Cpn, 7/26/24
      1,800       1,753  
6359818.SQ.FTS.B, Zero Cpn, 7/26/24
      2,122       2,004  
6360951.SQ.FTS.B, Zero Cpn, 7/26/24
      2,205       2,035  
6362559.SQ.FTS.B, Zero Cpn, 7/26/24
      26,180       8,619  
6362860.SQ.FTS.B, Zero Cpn, 7/27/24
      3,011       2,734  
6363846.SQ.FTS.B, Zero Cpn, 7/27/24
      2,566       2,389  
6364316.SQ.FTS.B, Zero Cpn, 7/27/24
      3,460       3,337  
6365238.SQ.FTS.B, Zero Cpn, 7/27/24
      2,087       1,741  
6365338.SQ.FTS.B, Zero Cpn, 7/27/24
      1,279       1,201  
6365589.SQ.FTS.B, Zero Cpn, 7/27/24
      16,357       15,291  
6366011.SQ.FTS.B, Zero Cpn, 7/28/24
      11,360       10,228  
6368537.SQ.FTS.B, Zero Cpn, 7/30/24
      276       250  
6369532.SQ.FTS.B, Zero Cpn, 7/30/24
      413       399  
6369651.SQ.FTS.B, Zero Cpn, 7/30/24
      2,382       1,725  
6369707.SQ.FTS.B, Zero Cpn, 7/30/24
      81       80  
6369816.SQ.FTS.B, Zero Cpn, 7/30/24
      300       298  
6369918.SQ.FTS.B, Zero Cpn, 7/30/24
      956       474  
6371193.SQ.FTS.B, Zero Cpn, 7/31/24
      1,848       765  
6372459.SQ.FTS.B, Zero Cpn, 7/31/24
      2,642       2,575  
6373935.SQ.FTS.B, Zero Cpn, 8/01/24
      6,267       5,819  
6374829.SQ.FTS.B, Zero Cpn, 8/01/24
      5,779       2,887  
6375258.SQ.FTS.B, Zero Cpn, 8/01/24
      4,177       1,988  
6375409.SQ.FTS.B, Zero Cpn, 8/01/24
      1,703       1,487  
6375782.SQ.FTS.B, Zero Cpn, 8/01/24
      3,258       2,637  
6375880.SQ.FTS.B, Zero Cpn, 8/01/24
      740       714  
6376252.SQ.FTS.B, Zero Cpn, 8/01/24
      1,202       534  
6376382.SQ.FTS.B, Zero Cpn, 8/01/24
      1       1  
6376430.SQ.FTS.B, Zero Cpn, 8/01/24
      2,964       2,540  
6379217.SQ.FTS.B, Zero Cpn, 8/02/24
      478       459  
6381071.SQ.FTS.B, Zero Cpn, 8/02/24
      2,571       1,633  
6381758.SQ.FTS.B, Zero Cpn, 8/02/24
      2,586       2,051  
6382230.SQ.FTS.B, Zero Cpn, 8/03/24
      1,124       722  
6382270.SQ.FTS.B, Zero Cpn, 8/03/24
      949       846  
6382392.SQ.FTS.B, Zero Cpn, 8/03/24
      649       594  
 
       
34       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6385173.SQ.FTS.B, Zero Cpn, 8/03/24
    $ 1,563     $ 1,466  
6385533.SQ.FTS.B, Zero Cpn, 8/04/24
      883       821  
6385708.SQ.FTS.B, Zero Cpn, 8/04/24
      1,261       1,222  
6386107.SQ.FTS.B, Zero Cpn, 8/05/24
      300       251  
6386123.SQ.FTS.B, Zero Cpn, 8/05/24
      3,613       1,073  
6388188.SQ.FTS.B, Zero Cpn, 8/06/24
      906       813  
6388334.SQ.FTS.B, Zero Cpn, 8/06/24
      784        769   
6388839.SQ.FTS.B, Zero Cpn, 8/06/24
      3,266       1,512  
6389692.SQ.FTS.B, Zero Cpn, 8/06/24
      4,795       4,328  
6389937.SQ.FTS.B, Zero Cpn, 8/06/24
      4,041       3,796  
6390236.SQ.FTS.B, Zero Cpn, 8/07/24
      6,363       6,209  
6391119.SQ.FTS.B, Zero Cpn, 8/07/24
      8,903       5,222  
6391376.SQ.FTS.B, Zero Cpn, 8/07/24
      2,057       521  
6391785.SQ.FTS.B, Zero Cpn, 8/07/24
      334       324  
6392541.SQ.FTS.B, Zero Cpn, 8/07/24
      7,616       6,822  
6392804.SQ.FTS.B, Zero Cpn, 8/07/24
      7,857       6,648  
6394656.SQ.FTS.B, Zero Cpn, 8/08/24
      718       683  
6394978.SQ.FTS.B, Zero Cpn, 8/08/24
      3,045       1,214  
6395225.SQ.FTS.B, Zero Cpn, 8/08/24
      4,335       4,239  
6395381.SQ.FTS.B, Zero Cpn, 8/08/24
      1,358       1,255  
6395473.SQ.FTS.B, Zero Cpn, 8/08/24
      786       753  
6397785.SQ.FTS.B, Zero Cpn, 8/09/24
      56       54  
6399623.SQ.FTS.B, Zero Cpn, 8/09/24
      3,629       2,048  
6399808.SQ.FTS.B, Zero Cpn, 8/09/24
      5,425       1,540  
6401143.SQ.FTS.B, Zero Cpn, 8/10/24
      1,204       1,199  
6401578.SQ.FTS.B, Zero Cpn, 8/10/24
      2,297       2,154  
6402002.SQ.FTS.B, Zero Cpn, 8/10/24
      738       724  
6404013.SQ.FTS.B, Zero Cpn, 8/11/24
      1,738       192  
6404470.SQ.FTS.B, Zero Cpn, 8/11/24
      11,152       2,394  
6404711.SQ.FTS.B, Zero Cpn, 8/12/24
      2,111       244  
6404986.SQ.FTS.B, Zero Cpn, 8/12/24
      698       677  
6405225.SQ.FTS.B, Zero Cpn, 8/12/24
      5,045       3,143  
6407421.SQ.FTS.B, Zero Cpn, 8/13/24
      1,963       1,388  
6407869.SQ.FTS.B, Zero Cpn, 8/13/24
      820       676  
6408411.SQ.FTS.B, Zero Cpn, 8/13/24
      2,939       2,807  
6408982.SQ.FTS.B, Zero Cpn, 8/14/24
      2,687       845  
6409817.SQ.FTS.B, Zero Cpn, 8/14/24
      21,148        16,131  
6410779.SQ.FTS.B, Zero Cpn, 8/14/24
      2,221       2,134  
6411928.SQ.FTS.B, Zero Cpn, 8/14/24
      17,251       16,767  
6412065.SQ.FTS.B, Zero Cpn, 8/15/24
      2,988       1,058  
6412205.SQ.FTS.B, Zero Cpn, 8/15/24
      1,420       1,170  
6412313.SQ.FTS.B, Zero Cpn, 8/15/24
      1,764       1,366  
6412494.SQ.FTS.B, Zero Cpn, 8/15/24
      1,353       1,310  
6414176.SQ.FTS.B, Zero Cpn, 8/15/24
      5,785       5,305  
6414417.SQ.FTS.B, Zero Cpn, 8/15/24
      1,424       745  
6417918.SQ.FTS.B, Zero Cpn, 8/16/24
      595       378  
6417951.SQ.FTS.B, Zero Cpn, 8/16/24
      5,876       4,078  
6418930.SQ.FTS.B, Zero Cpn, 8/16/24
      2,492       2,468  
6419394.SQ.FTS.B, Zero Cpn, 8/16/24
      9,101       2,687  
6420400.SQ.FTS.B, Zero Cpn, 8/16/24
      422       410  
6421972.SQ.FTS.B, Zero Cpn, 8/17/24
      1,585       1,467  
6422299.SQ.FTS.B, Zero Cpn, 8/17/24
      904       886  
6423457.SQ.FTS.B, Zero Cpn, 8/17/24
      665       132  
6424183.SQ.FTS.B, Zero Cpn, 8/18/24
      1,296       1,287  
6424352.SQ.FTS.B, Zero Cpn, 8/18/24
      225       209  
6425215.SQ.FTS.B, Zero Cpn, 8/19/24
      1,887       1,831  
6425500.SQ.FTS.B, Zero Cpn, 8/19/24
      634       605  
6425535.SQ.FTS.B, Zero Cpn, 8/20/24
      9,372       8,469  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6426717.SQ.FTS.B, Zero Cpn, 8/20/24
    $ 1,691     $ 1,594  
6427032.SQ.FTS.B, Zero Cpn, 8/21/24
      1,472       430  
6427051.SQ.FTS.B, Zero Cpn, 8/21/24
      7,857       3,453  
6427445.SQ.FTS.B, Zero Cpn, 8/21/24
      6,571       2,697  
6427754.SQ.FTS.B, Zero Cpn, 8/21/24
      2,526       1,301  
6428886.SQ.FTS.B, Zero Cpn, 8/21/24
      1,864       1,738  
6429072.SQ.FTS.B, Zero Cpn, 8/21/24
      513        444   
6431296.SQ.FTS.B, Zero Cpn, 8/22/24
      920       838  
6431499.SQ.FTS.B, Zero Cpn, 8/22/24
      451       290  
6432592.SQ.FTS.B, Zero Cpn, 8/22/24
      4,933       4,224  
6433271.SQ.FTS.B, Zero Cpn, 8/22/24
      3,084       1,175  
6435246.SQ.FTS.B, Zero Cpn, 8/23/24
      16,041       15,695  
6436620.SQ.FTS.B, Zero Cpn, 8/23/24
      3,776       2,688  
6436847.SQ.FTS.B, Zero Cpn, 8/23/24
      3,544       3,085  
6439336.SQ.FTS.B, Zero Cpn, 8/23/24
      10,031       2,653  
6439799.SQ.FTS.B, Zero Cpn, 8/23/24
      493       456  
6439919.SQ.FTS.B, Zero Cpn, 8/23/24
      4,906       3,478  
6440056.SQ.FTS.B, Zero Cpn, 8/23/24
      2,022       1,603  
6440087.SQ.FTS.B, Zero Cpn, 8/23/24
      1,016       992  
6440247.SQ.FTS.B, Zero Cpn, 8/23/24
      2,100       2,048  
6443705.SQ.FTS.B, Zero Cpn, 8/24/24
      1,309       134  
6443722.SQ.FTS.B, Zero Cpn, 8/24/24
      11,723       6,512  
6443946.SQ.FTS.B, Zero Cpn, 8/24/24
      2,284       783  
6444409.SQ.FTS.B, Zero Cpn, 8/25/24
      2,651       2,632  
6446832.SQ.FTS.B, Zero Cpn, 8/27/24
      1,541       1,495  
6447362.SQ.FTS.B, Zero Cpn, 8/27/24
      10,354       6,555  
6449069.SQ.FTS.B, Zero Cpn, 8/27/24
      1,289       1,107  
6449442.SQ.FTS.B, Zero Cpn, 8/28/24
      10,638        10,237  
6450204.SQ.FTS.B, Zero Cpn, 8/28/24
      2,599       2,040  
6450586.SQ.FTS.B, Zero Cpn, 8/28/24
      6,195       4,530  
6450873.SQ.FTS.B, Zero Cpn, 8/28/24
      759       713  
6450914.SQ.FTS.B, Zero Cpn, 8/28/24
      6,838       6,562  
6451649.SQ.FTS.B, Zero Cpn, 8/28/24
      9,620       8,211  
6452781.SQ.FTS.B, Zero Cpn, 8/28/24
      626       619  
6454149.SQ.FTS.B, Zero Cpn, 9/01/24
      455       443  
6454476.SQ.FTS.B, Zero Cpn, 9/01/24
      12,930       7,818  
6457335.SQ.FTS.B, Zero Cpn, 9/02/24
      1,059       708  
6458143.SQ.FTS.B, Zero Cpn, 9/02/24
      2,028       1,888  
6458308.SQ.FTS.B, Zero Cpn, 9/02/24
      824       733  
6458371.SQ.FTS.B, Zero Cpn, 9/02/24
      3,870       2,645  
6459191.SQ.FTS.B, Zero Cpn, 9/02/24
      293       282  
6459855.SQ.FTS.B, Zero Cpn, 9/02/24
      1,743       1,497  
6460082.SQ.FTS.B, Zero Cpn, 9/02/24
      4,111       3,727  
6460963.SQ.FTS.B, Zero Cpn, 9/03/24
      8,331       7,514  
6462265.SQ.FTS.B, Zero Cpn, 9/03/24
      4,607       4,568  
6462700.SQ.FTS.B, Zero Cpn, 9/03/24
      2,871       2,435  
6463025.SQ.FTS.B, Zero Cpn, 9/03/24
      855       823  
6463165.SQ.FTS.B, Zero Cpn, 9/03/24
      1,267       1,026  
6463274.SQ.FTS.B, Zero Cpn, 9/03/24
      17,484       16,382  
6463708.SQ.FTS.B, Zero Cpn, 9/04/24
      597       557  
6463746.SQ.FTS.B, Zero Cpn, 9/04/24
      1,388       1,356  
6463795.SQ.FTS.B, Zero Cpn, 9/04/24
      253       246  
6463826.SQ.FTS.B, Zero Cpn, 9/04/24
      46       41  
6464055.SQ.FTS.B, Zero Cpn, 9/04/24
      740       736  
6465179.SQ.FTS.B, Zero Cpn, 9/05/24
      8,443       7,560  
6467182.SQ.FTS.B, Zero Cpn, 9/06/24
      2,321       2,173  
6468712.SQ.FTS.B, Zero Cpn, 9/06/24
      598       403  
6468827.SQ.FTS.B, Zero Cpn, 9/06/24
      1,718       1,522  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       35
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Block, Inc. (continued)
     
6469473.SQ.FTS.B, Zero Cpn, 9/07/24
    $ 1,158     $ 1,110  
6469565.SQ.FTS.B, Zero Cpn, 9/07/24
      1,168       1,047  
6470042.SQ.FTS.B, Zero Cpn, 9/07/24
      4,140       3,620  
6471142.SQ.FTS.B, Zero Cpn, 9/07/24
      184       163  
6471145.SQ.FTS.B, Zero Cpn, 9/07/24
      3,746       2,703  
6472563.SQ.FTS.B, Zero Cpn, 9/07/24
      1,124       815  
6472660.SQ.FTS.B, Zero Cpn, 9/08/24
      3,554        3,451   
6474103.SQ.FTS.B, Zero Cpn, 9/08/24
      17,089       16,688  
6475632.SQ.FTS.B, Zero Cpn, 9/08/24
      11,673       9,485  
6480025.SQ.FTS.B, Zero Cpn, 9/09/24
      6,855       3,573  
6481471.SQ.FTS.B, Zero Cpn, 9/10/24
      56,731       16,202  
6483524.SQ.FTS.B, Zero Cpn, 9/10/24
      224       219  
6483676.SQ.FTS.B, Zero Cpn, 9/10/24
      1,876       1,820  
6483811.SQ.FTS.B, Zero Cpn, 9/10/24
      18,279       16,282  
6484457.SQ.FTS.B, Zero Cpn, 9/10/24
      436       426  
6484508.SQ.FTS.B, Zero Cpn, 9/10/24
      907       377  
6484644.SQ.FTS.B, Zero Cpn, 9/10/24
      9,385       9,018  
6484990.SQ.FTS.B, Zero Cpn, 9/11/24
      8,174       3,761  
6485599.SQ.FTS.B, Zero Cpn, 9/11/24
      3,350       2,170  
6485654.SQ.FTS.B, Zero Cpn, 9/11/24
      12,120       11,206  
6486754.SQ.FTS.B, Zero Cpn, 9/13/24
      12,875       7,407  
6488534.SQ.FTS.B, Zero Cpn, 9/13/24
      4,069       2,405  
6488780.SQ.FTS.B, Zero Cpn, 9/13/24
      27,770        25,933  
6490032.SQ.FTS.B, Zero Cpn, 9/13/24
      1,366       493  
6491102.SQ.FTS.B, Zero Cpn, 9/14/24
      346       309  
6493336.SQ.FTS.B, Zero Cpn, 9/14/24
      4,117       3,840  
6493558.SQ.FTS.B, Zero Cpn, 9/14/24
      946       841  
6493703.SQ.FTS.B, Zero Cpn, 9/14/24
      738       708  
6493807.SQ.FTS.B, Zero Cpn, 9/15/24
      798       559  
6493862.SQ.FTS.B, Zero Cpn, 9/15/24
      232       216  
6493901.SQ.FTS.B, Zero Cpn, 9/15/24
      2,297       2,162  
6494303.SQ.FTS.B, Zero Cpn, 9/15/24
      7,802       7,513  
6495272.SQ.FTS.B, Zero Cpn, 9/15/24
      2,996       2,227  
6495825.SQ.FTS.B, Zero Cpn, 9/15/24
      22,440       21,484  
6496824.SQ.FTS.B, Zero Cpn, 9/15/24
      1,687       1,331  
6497045.SQ.FTS.B, Zero Cpn, 9/15/24
      1,506       928  
6497072.SQ.FTS.B, Zero Cpn, 9/15/24
      19,493       10,848  
6499066.SQ.FTS.B, Zero Cpn, 9/16/24
      3,326       1,452  
6499262.SQ.FTS.B, Zero Cpn, 9/16/24
      1,322       1,293  
6499390.SQ.FTS.B, Zero Cpn, 9/16/24
      2,373       1,012  
6499466.SQ.FTS.B, Zero Cpn, 9/16/24
      2,687       1,937  
6501269.SQ.FTS.B, Zero Cpn, 9/16/24
      255       248  
6501304.SQ.FTS.B, Zero Cpn, 9/16/24
      7,564       4,170  
6501466.SQ.FTS.B, Zero Cpn, 9/16/24
      2,658       2,244  
6502410.SQ.FTS.B, Zero Cpn, 9/16/24
      81       80  
6502500.SQ.FTS.B, Zero Cpn, 9/16/24
      1,065       1,026  
6502619.SQ.FTS.B, Zero Cpn, 9/17/24
      9,755       9,176  
6503613.SQ.FTS.B, Zero Cpn, 9/17/24
      2,267       2,224  
6504146.SQ.FTS.B, Zero Cpn, 9/17/24
      1,090       868  
6504331.SQ.FTS.B, Zero Cpn, 9/17/24
      16,006       9,044  
6505651.SQ.FTS.B, Zero Cpn, 9/17/24
      15,776       9,050  
6506335.SQ.FTS.B, Zero Cpn, 9/18/24
      8,208       7,226  
6506691.SQ.FTS.B, Zero Cpn, 9/19/24
      2,518       1,877  
6508226.SQ.FTS.B, Zero Cpn, 9/20/24
      1,748       1,703  
6508733.SQ.FTS.B, Zero Cpn, 9/20/24
      12,994       11,200  
6509842.SQ.FTS.B, Zero Cpn, 9/20/24
      5,661       1,200  
6509983.SQ.FTS.B, Zero Cpn, 9/20/24
      3,876       3,452  
6510199.SQ.FTS.B, Zero Cpn, 9/20/24
      9,765       4,004  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6510343.SQ.FTS.B, Zero Cpn, 9/20/24
    $ 4,622     $ 4,480  
6510720.SQ.FTS.B, Zero Cpn, 9/20/24
      965       937  
6510764.SQ.FTS.B, Zero Cpn, 9/21/24
      2,685       2,525  
6511065.SQ.FTS.B, Zero Cpn, 9/21/24
      2,692       2,665  
6511915.SQ.FTS.B, Zero Cpn, 9/21/24
      329       287  
6512121.SQ.FTS.B, Zero Cpn, 9/21/24
      252       242  
6512152.SQ.FTS.B, Zero Cpn, 9/21/24
      948        932   
6512555.SQ.FTS.B, Zero Cpn, 9/21/24
      25,963        20,064  
6513435.SQ.FTS.B, Zero Cpn, 9/21/24
      2,255       2,219  
6513671.SQ.FTS.B, Zero Cpn, 9/21/24
      3,652       2,664  
6514830.SQ.FTS.B, Zero Cpn, 9/22/24
      2,477       2,397  
6514993.SQ.FTS.B, Zero Cpn, 9/22/24
      11,666       6,678  
6515316.SQ.FTS.B, Zero Cpn, 9/22/24
      2,630       2,401  
6515734.SQ.FTS.B, Zero Cpn, 9/22/24
      7,764       7,489  
6516245.SQ.FTS.B, Zero Cpn, 9/22/24
      1,208       1,060  
6516894.SQ.FTS.B, Zero Cpn, 9/22/24
      1,690       1,668  
6516963.SQ.FTS.B, Zero Cpn, 9/22/24
      694       685  
6516986.SQ.FTS.B, Zero Cpn, 9/22/24
      4,292       4,115  
6519159.SQ.FTS.B, Zero Cpn, 9/23/24
      390       372  
6519784.SQ.FTS.B, Zero Cpn, 9/23/24
      752       731  
6520559.SQ.FTS.B, Zero Cpn, 9/23/24
      2,500       2,426  
6521426.SQ.FTS.B, Zero Cpn, 9/23/24
      3,734       3,506  
6522679.SQ.FTS.B, Zero Cpn, 9/24/24
      9,583       9,113  
6523612.SQ.FTS.B, Zero Cpn, 9/24/24
      2,214       1,486  
6523865.SQ.FTS.B, Zero Cpn, 9/24/24
      836       830  
6524043.SQ.FTS.B, Zero Cpn, 9/24/24
      558       536  
6524093.SQ.FTS.B, Zero Cpn, 9/24/24
      2,051       2,000  
6524904.SQ.FTS.B, Zero Cpn, 9/24/24
      1,013       1,001  
6525996.SQ.FTS.B, Zero Cpn, 9/25/24
      8,147       7,339  
6526395.SQ.FTS.B, Zero Cpn, 9/26/24
      1,243       939  
6526438.SQ.FTS.B, Zero Cpn, 9/26/24
      2,043       684  
6526512.SQ.FTS.B, Zero Cpn, 9/26/24
      2,302       2,108  
6526594.SQ.FTS.B, Zero Cpn, 9/26/24
      5,119       4,721  
6526719.SQ.FTS.B, Zero Cpn, 9/26/24
      7,822       7,536  
6527233.SQ.FTS.B, Zero Cpn, 9/27/24
      531       332  
6527937.SQ.FTS.B, Zero Cpn, 9/27/24
      1,185       1,028  
6528470.SQ.FTS.B, Zero Cpn, 9/27/24
      7,059       5,235  
6529069.SQ.FTS.B, Zero Cpn, 9/27/24
      5,796       1,557  
6529479.SQ.FTS.B, Zero Cpn, 9/27/24
      15,856       9,597  
6531083.SQ.FTS.B, Zero Cpn, 9/28/24
      1,903       1,862  
6531610.SQ.FTS.B, Zero Cpn, 9/28/24
      9,005       8,380  
6532625.SQ.FTS.B, Zero Cpn, 9/28/24
      1,322       1,262  
6532833.SQ.FTS.B, Zero Cpn, 9/28/24
      4,688       4,504  
6533389.SQ.FTS.B, Zero Cpn, 9/28/24
      1,970       1,791  
6533471.SQ.FTS.B, Zero Cpn, 9/28/24
      5,455       1,837  
6533609.SQ.FTS.B, Zero Cpn, 9/28/24
      407       395  
6533664.SQ.FTS.B, Zero Cpn, 9/28/24
      8,327       8,199  
6534234.SQ.FTS.B, Zero Cpn, 9/29/24
      401       395  
6534741.SQ.FTS.B, Zero Cpn, 9/29/24
      1,989       1,938  
6536620.SQ.FTS.B, Zero Cpn, 9/29/24
      5,702       5,506  
6537793.SQ.FTS.B, Zero Cpn, 9/29/24
      4,315       2,449  
6537833.SQ.FTS.B, Zero Cpn, 9/29/24
      4,274       2,764  
6537896.SQ.FTS.B, Zero Cpn, 9/29/24
      2,648       2,601  
6539774.SQ.FTS.B, Zero Cpn, 9/30/24
      8,136       4,141  
6540744.SQ.FTS.B, Zero Cpn, 9/30/24
      1,307       1,286  
6541605.SQ.FTS.B, Zero Cpn, 9/30/24
      7,564       7,514  
6542910.SQ.FTS.B, Zero Cpn, 9/30/24
      18,163       15,690  
6543248.SQ.FTS.B, Zero Cpn, 9/30/24
      678       503  
 
       
36       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6543660.SQ.FTS.B, Zero Cpn, 9/30/24
    $ 1,309     $ 1,102  
6543823.SQ.FTS.B, Zero Cpn, 9/30/24
      6,162       4,846  
6545006.SQ.FTS.B, Zero Cpn, 9/30/24
      260       221  
6545017.SQ.FTS.B, Zero Cpn, 9/30/24
      5,706       2,145  
6545555.SQ.FTS.B, Zero Cpn, 9/30/24
      31,054        24,294  
6546339.SQ.FTS.B, Zero Cpn, 9/30/24
      3,311       3,153  
6547200.SQ.FTS.B, Zero Cpn, 10/01/24
      5,521        5,390   
6547519.SQ.FTS.B, Zero Cpn, 10/02/24
      4,211       3,533  
6547675.SQ.FTS.B, Zero Cpn, 10/02/24
      958       941  
6547839.SQ.FTS.B, Zero Cpn, 10/02/24
      2,061       1,988  
6547912.SQ.FTS.B, Zero Cpn, 10/02/24
      4,462       2,334  
6549708.SQ.FTS.B, Zero Cpn, 10/03/24
      445       426  
6550180.SQ.FTS.B, Zero Cpn, 10/03/24
      4,162       3,894  
6550386.SQ.FTS.B, Zero Cpn, 10/03/24
      9,652       8,358  
6550936.SQ.FTS.B, Zero Cpn, 10/03/24
      1,416       1,298  
6551062.SQ.FTS.B, Zero Cpn, 10/03/24
      631       608  
6551100.SQ.FTS.B, Zero Cpn, 10/03/24
      3,763       3,497  
6551310.SQ.FTS.B, Zero Cpn, 10/03/24
      1,637       427  
6551325.SQ.FTS.B, Zero Cpn, 10/03/24
      2,281       1,075  
6551364.SQ.FTS.B, Zero Cpn, 10/03/24
      4,278       2,378  
6551473.SQ.FTS.B, Zero Cpn, 10/03/24
      5,524       5,386  
6551899.SQ.FTS.B, Zero Cpn, 10/04/24
      6,168       4,600  
6552075.SQ.FTS.B, Zero Cpn, 10/04/24
      1,622       1,591  
6552179.SQ.FTS.B, Zero Cpn, 10/04/24
      1,236       849  
6552210.SQ.FTS.B, Zero Cpn, 10/04/24
      2,141       2,084  
6552833.SQ.FTS.B, Zero Cpn, 10/04/24
      1,922       491  
6553327.SQ.FTS.B, Zero Cpn, 10/04/24
      15,678       10,636  
6553758.SQ.FTS.B, Zero Cpn, 10/04/24
      1,378       1,351  
6553988.SQ.FTS.B, Zero Cpn, 10/04/24
      1,669       1,121  
6554035.SQ.FTS.B, Zero Cpn, 10/04/24
      1,673       1,646  
6554254.SQ.FTS.B, Zero Cpn, 10/04/24
      981       907  
6554698.SQ.FTS.B, Zero Cpn, 10/04/24
      5,365       5,329  
6556308.SQ.FTS.B, Zero Cpn, 10/05/24
      1,015       588  
6556334.SQ.FTS.B, Zero Cpn, 10/05/24
      11,936       11,526  
6557212.SQ.FTS.B, Zero Cpn, 10/05/24
      1,456       1,123  
6557353.SQ.FTS.B, Zero Cpn, 10/05/24
      6,745       6,238  
6557673.SQ.FTS.B, Zero Cpn, 10/05/24
      12,026       5,358  
6560669.SQ.FTS.B, Zero Cpn, 10/06/24
      1,425       1,029  
6561570.SQ.FTS.B, Zero Cpn, 10/06/24
      498       467  
6561882.SQ.FTS.B, Zero Cpn, 10/06/24
      1,195       1,184  
6562135.SQ.FTS.B, Zero Cpn, 10/06/24
      741       358  
6563144.SQ.FTS.B, Zero Cpn, 10/07/24
      1,362       1,331  
6563378.SQ.FTS.B, Zero Cpn, 10/07/24
      909       849  
6563463.SQ.FTS.B, Zero Cpn, 10/07/24
      4,276       3,962  
6563811.SQ.FTS.B, Zero Cpn, 10/07/24
      3,843       2,957  
6564200.SQ.FTS.B, Zero Cpn, 10/07/24
      4,592       3,018  
6565265.SQ.FTS.B, Zero Cpn, 10/07/24
      1,237       1,190  
6565297.SQ.FTS.B, Zero Cpn, 10/07/24
      2,764       1,819  
6566183.SQ.FTS.B, Zero Cpn, 10/08/24
      190       187  
6566308.SQ.FTS.B, Zero Cpn, 10/08/24
      635       591  
6566320.SQ.FTS.B, Zero Cpn, 10/08/24
      1,311       1,064  
6566462.SQ.FTS.B, Zero Cpn, 10/08/24
      6,468       6,363  
6566839.SQ.FTS.B, Zero Cpn, 10/08/24
      16,351       14,081  
6567613.SQ.FTS.B, Zero Cpn, 10/10/24
      20,555       16,057  
6568498.SQ.FTS.B, Zero Cpn, 10/10/24
      11,250       8,491  
6568787.SQ.FTS.B, Zero Cpn, 10/10/24
      3,081       2,357  
6568887.SQ.FTS.B, Zero Cpn, 10/10/24
      5,378       5,292  
6569379.SQ.FTS.B, Zero Cpn, 10/10/24
      6,083       2,561  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6569436.SQ.FTS.B, Zero Cpn, 10/10/24
    $ 2,037     $ 1,987  
6569513.SQ.FTS.B, Zero Cpn, 10/10/24
      2,753       2,720  
6570606.SQ.FTS.B, Zero Cpn, 10/10/24
      1,475       983  
6570635.SQ.FTS.B, Zero Cpn, 10/10/24
      347       333  
6570747.SQ.FTS.B, Zero Cpn, 10/10/24
      124       123  
6570850.SQ.FTS.B, Zero Cpn, 10/10/24
      3,641       3,417  
6570932.SQ.FTS.B, Zero Cpn, 10/10/24
      1,315        1,297   
6571863.SQ.FTS.B, Zero Cpn, 10/11/24
      3,835       3,035  
6572671.SQ.FTS.B, Zero Cpn, 10/11/24
      3,238       3,192  
6573048.SQ.FTS.B, Zero Cpn, 10/11/24
      3,847       3,749  
6573298.SQ.FTS.B, Zero Cpn, 10/11/24
      963       953  
6573435.SQ.FTS.B, Zero Cpn, 10/11/24
      434       409  
6574031.SQ.FTS.B, Zero Cpn, 10/11/24
      949       936  
6574100.SQ.FTS.B, Zero Cpn, 10/11/24
      640       504  
6574600.SQ.FTS.B, Zero Cpn, 10/12/24
      741       586  
6575505.SQ.FTS.B, Zero Cpn, 10/12/24
      1,667       1,113  
6575554.SQ.FTS.B, Zero Cpn, 10/12/24
      4,167       2,033  
6575711.SQ.FTS.B, Zero Cpn, 10/12/24
      754       741  
6575921.SQ.FTS.B, Zero Cpn, 10/12/24
      2,811       1,221  
6576074.SQ.FTS.B, Zero Cpn, 10/12/24
      2,618       2,593  
6576379.SQ.FTS.B, Zero Cpn, 10/12/24
      1,557       1,538  
6576801.SQ.FTS.B, Zero Cpn, 10/12/24
      3,443       3,359  
6576942.SQ.FTS.B, Zero Cpn, 10/12/24
      2,262       982  
6577417.SQ.FTS.B, Zero Cpn, 10/12/24
      943       634  
6577454.SQ.FTS.B, Zero Cpn, 10/12/24
      1,479       1,443  
6579848.SQ.FTS.B, Zero Cpn, 10/13/24
      195       194  
6580139.SQ.FTS.B, Zero Cpn, 10/13/24
      662       644  
6580189.SQ.FTS.B, Zero Cpn, 10/13/24
      5,601       2,582  
6580568.SQ.FTS.B, Zero Cpn, 10/13/24
      4,519       4,293  
6580960.SQ.FTS.B, Zero Cpn, 10/13/24
      837       809  
6580994.SQ.FTS.B, Zero Cpn, 10/13/24
      765       741  
6581139.SQ.FTS.B, Zero Cpn, 10/13/24
      797       771  
6581363.SQ.FTS.B, Zero Cpn, 10/13/24
      7,539       5,503  
6581602.SQ.FTS.B, Zero Cpn, 10/13/24
      209       192  
6582973.SQ.FTS.B, Zero Cpn, 10/13/24
      4,350       3,468  
6583130.SQ.FTS.B, Zero Cpn, 10/13/24
      4,598       2,777  
6583381.SQ.FTS.B, Zero Cpn, 10/13/24
      1,860       1,287  
6584064.SQ.FTS.B, Zero Cpn, 10/14/24
      4,002       2,195  
6584210.SQ.FTS.B, Zero Cpn, 10/14/24
      2,047       1,934  
6584507.SQ.FTS.B, Zero Cpn, 10/14/24
      2,546       1,546  
6584703.SQ.FTS.B, Zero Cpn, 10/14/24
      3,214       3,138  
6585055.SQ.FTS.B, Zero Cpn, 10/14/24
      612       597  
6585297.SQ.FTS.B, Zero Cpn, 10/14/24
      4,792       4,677  
6586628.SQ.FTS.B, Zero Cpn, 10/15/24
      774       732  
6586986.SQ.FTS.B, Zero Cpn, 10/15/24
      10,149       9,644  
6587681.SQ.FTS.B, Zero Cpn, 10/16/24
      6,242       6,090  
6587881.SQ.FTS.B, Zero Cpn, 10/16/24
      259       247  
6588233.SQ.FTS.B, Zero Cpn, 10/17/24
      1,211       1,043  
6588360.SQ.FTS.B, Zero Cpn, 10/17/24
      953       941  
6588657.SQ.FTS.B, Zero Cpn, 10/17/24
      1,742       936  
6588814.SQ.FTS.B, Zero Cpn, 10/17/24
      10,420       9,799  
6589375.SQ.FTS.B, Zero Cpn, 10/17/24
      1,274       1,254  
6589496.SQ.FTS.B, Zero Cpn, 10/17/24
      9,064       8,925  
6589928.SQ.FTS.B, Zero Cpn, 10/17/24
      520       504  
6590159.SQ.FTS.B, Zero Cpn, 10/17/24
      2,358       2,328  
6590283.SQ.FTS.B, Zero Cpn, 10/17/24
      2,628       2,556  
6590374.SQ.FTS.B, Zero Cpn, 10/17/24
      5,004       4,840  
6591557.SQ.FTS.B, Zero Cpn, 10/18/24
      22,190        14,780  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       37
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6592520.SQ.FTS.B, Zero Cpn, 10/18/24
    $ 4,198     $ 3,163  
6592677.SQ.FTS.B, Zero Cpn, 10/18/24
      1,453       1,367  
6592955.SQ.FTS.B, Zero Cpn, 10/18/24
      537       503  
6593615.SQ.FTS.B, Zero Cpn, 10/18/24
      25,767       24,293  
6594417.SQ.FTS.B, Zero Cpn, 10/18/24
      3,035       2,966  
6594576.SQ.FTS.B, Zero Cpn, 10/19/24
      31,539        27,525  
6596089.SQ.FTS.B, Zero Cpn, 10/19/24
      2,530        2,513   
6596616.SQ.FTS.B, Zero Cpn, 10/19/24
      2,070       2,032  
6596708.SQ.FTS.B, Zero Cpn, 10/19/24
      14,990       13,471  
6597179.SQ.FTS.B, Zero Cpn, 10/19/24
      2,159       1,983  
6599062.SQ.FTS.B, Zero Cpn, 10/20/24
      411       390  
6599868.SQ.FTS.B, Zero Cpn, 10/20/24
      2,120       1,722  
6599932.SQ.FTS.B, Zero Cpn, 10/20/24
      1,393       1,291  
6600942.SQ.FTS.B, Zero Cpn, 10/20/24
      9,579       7,052  
6601133.SQ.FTS.B, Zero Cpn, 10/20/24
      1,089       1,076  
6601226.SQ.FTS.B, Zero Cpn, 10/20/24
      2,487       2,431  
6601578.SQ.FTS.B, Zero Cpn, 10/20/24
      1,171       548  
6601641.SQ.FTS.B, Zero Cpn, 10/20/24
      5,140       4,212  
6601952.SQ.FTS.B, Zero Cpn, 10/21/24
      4,230       4,139  
6602369.SQ.FTS.B, Zero Cpn, 10/21/24
      2,672       2,330  
6602708.SQ.FTS.B, Zero Cpn, 10/21/24
      20,691       14,375  
6603320.SQ.FTS.B, Zero Cpn, 10/21/24
      2,096       1,870  
6603490.SQ.FTS.B, Zero Cpn, 10/21/24
      5,842       5,727  
6603872.SQ.FTS.B, Zero Cpn, 10/21/24
      599       584  
6604390.SQ.FTS.B, Zero Cpn, 10/22/24
      10,265       5,909  
6604551.SQ.FTS.B, Zero Cpn, 10/22/24
      1,136       1,068  
6604668.SQ.FTS.B, Zero Cpn, 10/22/24
      3,088       2,999  
6604745.SQ.FTS.B, Zero Cpn, 10/22/24
      10,317       9,903  
6605032.SQ.FTS.B, Zero Cpn, 10/23/24
      6,419       6,281  
6606355.SQ.FTS.B, Zero Cpn, 10/24/24
      3,197       2,889  
6606708.SQ.FTS.B, Zero Cpn, 10/24/24
      3,540       2,372  
6606972.SQ.FTS.B, Zero Cpn, 10/24/24
      2,981       2,417  
6607191.SQ.FTS.B, Zero Cpn, 10/24/24
      3,694       3,481  
6607380.SQ.FTS.B, Zero Cpn, 10/24/24
      9,059       8,523  
6607699.SQ.FTS.B, Zero Cpn, 10/24/24
      22,775       21,518  
6608433.SQ.FTS.B, Zero Cpn, 10/24/24
      8,294       6,852  
6608761.SQ.FTS.B, Zero Cpn, 10/25/24
      529       338  
6608821.SQ.FTS.B, Zero Cpn, 10/25/24
      2,645       2,252  
6608920.SQ.FTS.B, Zero Cpn, 10/25/24
      7,835       6,208  
6609054.SQ.FTS.B, Zero Cpn, 10/25/24
      4,541       4,500  
6609798.SQ.FTS.B, Zero Cpn, 10/25/24
      2,540       2,296  
6610249.SQ.FTS.B, Zero Cpn, 10/25/24
      1,420       1,398  
6610365.SQ.FTS.B, Zero Cpn, 10/25/24
      2,604       2,166  
6610472.SQ.FTS.B, Zero Cpn, 10/25/24
      1,457       978  
6610546.SQ.FTS.B, Zero Cpn, 10/25/24
      2,806       812  
6610649.SQ.FTS.B, Zero Cpn, 10/25/24
      1,094       1,065  
6610669.SQ.FTS.B, Zero Cpn, 10/25/24
      145       144  
6610691.SQ.FTS.B, Zero Cpn, 10/25/24
      1,555       910  
6610757.SQ.FTS.B, Zero Cpn, 10/25/24
      386       380  
6610859.SQ.FTS.B, Zero Cpn, 10/25/24
      2,985       1,586  
6610893.SQ.FTS.B, Zero Cpn, 10/25/24
      2,865       2,789  
6611467.SQ.FTS.B, Zero Cpn, 10/25/24
      3,137       3,076  
6611766.SQ.FTS.B, Zero Cpn, 10/26/24
      358       349  
6611834.SQ.FTS.B, Zero Cpn, 10/26/24
      6,514       3,977  
6612679.SQ.FTS.B, Zero Cpn, 10/26/24
      3,150       3,081  
6613062.SQ.FTS.B, Zero Cpn, 10/26/24
      1,749       1,727  
6613242.SQ.FTS.B, Zero Cpn, 10/26/24
      1,001       899  
6613302.SQ.FTS.B, Zero Cpn, 10/26/24
      13,299       11,867  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6616878.SQ.FTS.B, Zero Cpn, 10/27/24
    $ 4,514     $ 1,280  
6617214.SQ.FTS.B, Zero Cpn, 10/27/24
      3,245       3,130  
6619853.SQ.FTS.B, Zero Cpn, 10/27/24
      14,222        13,994  
6620492.SQ.FTS.B, Zero Cpn, 10/28/24
      2,987       2,495  
6620628.SQ.FTS.B, Zero Cpn, 10/28/24
      1,434       1,328  
6621177.SQ.FTS.B, Zero Cpn, 10/28/24
      428       354  
6621277.SQ.FTS.B, Zero Cpn, 10/28/24
      646        325   
6621488.SQ.FTS.B, Zero Cpn, 10/28/24
      2,694       2,611  
6621683.SQ.FTS.B, Zero Cpn, 10/28/24
      1,292       1,255  
6622405.SQ.FTS.B, Zero Cpn, 10/28/24
      229       228  
6622782.SQ.FTS.B, Zero Cpn, 10/28/24
      8,121       3,812  
6622989.SQ.FTS.B, Zero Cpn, 10/28/24
      11,172       7,968  
6623306.SQ.FTS.B, Zero Cpn, 10/28/24
      6,900       6,605  
6623576.SQ.FTS.B, Zero Cpn, 10/28/24
      5,033       2,374  
6623816.SQ.FTS.B, Zero Cpn, 10/28/24
      640       627  
6623886.SQ.FTS.B, Zero Cpn, 10/28/24
      3,000       2,780  
6624096.SQ.FTS.B, Zero Cpn, 10/28/24
      4,545       4,118  
6624130.SQ.FTS.B, Zero Cpn, 10/29/24
      971       952  
6624216.SQ.FTS.B, Zero Cpn, 10/29/24
      4,416       4,160  
6624697.SQ.FTS.B, Zero Cpn, 10/29/24
      1,515       1,503  
6626622.SQ.FTS.B, Zero Cpn, 11/01/24
      6,395       6,208  
6626954.SQ.FTS.B, Zero Cpn, 11/01/24
      1,479       1,336  
6626988.SQ.FTS.B, Zero Cpn, 11/01/24
      1,021       422  
6627023.SQ.FTS.B, Zero Cpn, 11/01/24
      9,110       4,280  
6627435.SQ.FTS.B, Zero Cpn, 11/01/24
      2,150       2,117  
6628093.SQ.FTS.B, Zero Cpn, 11/01/24
      6,540       5,665  
6628287.SQ.FTS.B, Zero Cpn, 11/01/24
      519       340  
6628291.SQ.FTS.B, Zero Cpn, 11/01/24
      681       645  
6628683.SQ.FTS.B, Zero Cpn, 11/01/24
      198       165  
6628857.SQ.FTS.B, Zero Cpn, 11/01/24
      2,678       2,267  
6629071.SQ.FTS.B, Zero Cpn, 11/01/24
      189       181  
6629563.SQ.FTS.B, Zero Cpn, 11/01/24
      905       621  
6629803.SQ.FTS.B, Zero Cpn, 11/02/24
      10,597       8,908  
6630805.SQ.FTS.B, Zero Cpn, 11/02/24
      883       839  
6630852.SQ.FTS.B, Zero Cpn, 11/02/24
      3,643       3,555  
6631079.SQ.FTS.B, Zero Cpn, 11/02/24
      945       934  
6631536.SQ.FTS.B, Zero Cpn, 11/02/24
      717       681  
6631597.SQ.FTS.B, Zero Cpn, 11/02/24
      6,152       4,749  
6632193.SQ.FTS.B, Zero Cpn, 11/02/24
      761       729  
6632217.SQ.FTS.B, Zero Cpn, 11/02/24
      1,841       1,755  
6632672.SQ.FTS.B, Zero Cpn, 11/02/24
      1,043       1,029  
6632935.SQ.FTS.B, Zero Cpn, 11/02/24
      1,675       969  
6632956.SQ.FTS.B, Zero Cpn, 11/02/24
      440       370  
6632986.SQ.FTS.B, Zero Cpn, 11/02/24
      1,646       1,600  
6633229.SQ.FTS.B, Zero Cpn, 11/03/24
      124       122  
6633291.SQ.FTS.B, Zero Cpn, 11/03/24
      9,373       8,991  
6633840.SQ.FTS.B, Zero Cpn, 11/03/24
      2,713       2,581  
6633957.SQ.FTS.B, Zero Cpn, 11/03/24
      3,318       3,146  
6634320.SQ.FTS.B, Zero Cpn, 11/03/24
      29,065       28,079  
6635247.SQ.FTS.B, Zero Cpn, 11/03/24
      3,565       3,418  
6635542.SQ.FTS.B, Zero Cpn, 11/03/24
      556       444  
6635792.SQ.FTS.B, Zero Cpn, 11/03/24
      3,472       3,279  
6635855.SQ.FTS.B, Zero Cpn, 11/03/24
      12,466       11,922  
6637931.SQ.FTS.B, Zero Cpn, 11/04/24
      2,563       2,518  
6638387.SQ.FTS.B, Zero Cpn, 11/04/24
      10,454       6,227  
6639250.SQ.FTS.B, Zero Cpn, 11/04/24
      15,765       15,617  
6640836.SQ.FTS.B, Zero Cpn, 11/04/24
      4,791       4,586  
6640951.SQ.FTS.B, Zero Cpn, 11/04/24
      4,937       4,517  
 
       
38       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6641106.SQ.FTS.B, Zero Cpn, 11/04/24
    $ 6,207     $ 5,899  
6641506.SQ.FTS.B, Zero Cpn, 11/05/24
      1,749       1,599  
6642363.SQ.FTS.B, Zero Cpn, 11/05/24
      544       534  
6642443.SQ.FTS.B, Zero Cpn, 11/05/24
      1,132       726  
6642494.SQ.FTS.B, Zero Cpn, 11/05/24
      2,440       2,092  
6642683.SQ.FTS.B, Zero Cpn, 11/05/24
      2,544       2,426  
6642786.SQ.FTS.B, Zero Cpn, 11/05/24
      3,931        2,040   
6642839.SQ.FTS.B, Zero Cpn, 11/05/24
      53       51  
6642924.SQ.FTS.B, Zero Cpn, 11/05/24
      918       214  
6642953.SQ.FTS.B, Zero Cpn, 11/05/24
      3,875       2,863  
6643070.SQ.FTS.B, Zero Cpn, 11/05/24
      2,669       2,409  
6643269.SQ.FTS.B, Zero Cpn, 11/05/24
      24,184       21,893  
6644035.SQ.FTS.B, Zero Cpn, 11/05/24
      171       164  
6644229.SQ.FTS.B, Zero Cpn, 11/05/24
      3,353       3,292  
6644424.SQ.FTS.B, Zero Cpn, 11/05/24
      27,721        23,530  
6644589.SQ.FTS.B, Zero Cpn, 11/06/24
      3,184       2,911  
6644691.SQ.FTS.B, Zero Cpn, 11/06/24
      2,468       2,436  
6644831.SQ.FTS.B, Zero Cpn, 11/06/24
      3,520       3,475  
6645434.SQ.FTS.B, Zero Cpn, 11/07/24
      213       210  
6645686.SQ.FTS.B, Zero Cpn, 11/07/24
      267       243  
6645710.SQ.FTS.B, Zero Cpn, 11/07/24
      3,692       3,669  
6647009.SQ.FTS.B, Zero Cpn, 11/08/24
      2,539       2,378  
6647219.SQ.FTS.B, Zero Cpn, 11/08/24
      4,933       4,392  
6647368.SQ.FTS.B, Zero Cpn, 11/08/24
      65       63  
6647408.SQ.FTS.B, Zero Cpn, 11/08/24
      1,306       1,169  
6647503.SQ.FTS.B, Zero Cpn, 11/08/24
      571       414  
6647522.SQ.FTS.B, Zero Cpn, 11/08/24
      1,497       1,456  
6647681.SQ.FTS.B, Zero Cpn, 11/08/24
      2,683       2,410  
6648824.SQ.FTS.B, Zero Cpn, 11/08/24
      9,958       9,714  
6649348.SQ.FTS.B, Zero Cpn, 11/08/24
      7,096       6,634  
6649650.SQ.FTS.B, Zero Cpn, 11/09/24
      15,319       11,393  
6650425.SQ.FTS.B, Zero Cpn, 11/09/24
      607       581  
6650783.SQ.FTS.B, Zero Cpn, 11/09/24
      3,592       3,438  
6651043.SQ.FTS.B, Zero Cpn, 11/09/24
      3,354       3,195  
6651196.SQ.FTS.B, Zero Cpn, 11/09/24
      4,547       4,436  
6652684.SQ.FTS.B, Zero Cpn, 11/09/24
      6,934       6,495  
6655017.SQ.FTS.B, Zero Cpn, 11/10/24
      6,082       5,554  
6655324.SQ.FTS.B, Zero Cpn, 11/10/24
      3,220       2,953  
6655765.SQ.FTS.B, Zero Cpn, 11/10/24
      22,725       7,396  
6658757.SQ.FTS.B, Zero Cpn, 11/11/24
      1,049       1,005  
6659753.SQ.FTS.B, Zero Cpn, 11/11/24
      3,032       2,870  
6659902.SQ.FTS.B, Zero Cpn, 11/11/24
      6,209       1,490  
6660038.SQ.FTS.B, Zero Cpn, 11/11/24
      5,004       3,174  
6660224.SQ.FTS.B, Zero Cpn, 11/11/24
      356       284  
6660432.SQ.FTS.B, Zero Cpn, 11/11/24
      2,214       2,194  
6661547.SQ.FTS.B, Zero Cpn, 11/11/24
      1,219       1,167  
6661803.SQ.FTS.B, Zero Cpn, 11/12/24
      748       736  
6661932.SQ.FTS.B, Zero Cpn, 11/12/24
      2,271       2,157  
6662049.SQ.FTS.B, Zero Cpn, 11/12/24
      3,831       3,767  
6662402.SQ.FTS.B, Zero Cpn, 11/12/24
      16,704       12,111  
6662851.SQ.FTS.B, Zero Cpn, 11/12/24
      867       673  
6663839.SQ.FTS.B, Zero Cpn, 11/12/24
      943       243  
6664058.SQ.FTS.B, Zero Cpn, 11/12/24
      4,113       3,817  
6664234.SQ.FTS.B, Zero Cpn, 11/12/24
      27,606       26,385  
6664879.SQ.FTS.B, Zero Cpn, 11/13/24
      434       426  
6665182.SQ.FTS.B, Zero Cpn, 11/13/24
      2,147       2,052  
6665278.SQ.FTS.B, Zero Cpn, 11/13/24
      45       44  
6665298.SQ.FTS.B, Zero Cpn, 11/13/24
      2,937       2,544  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6665806.SQ.FTS.B, Zero Cpn, 11/14/24
    $ 7,142     $ 6,938  
6666383.SQ.FTS.B, Zero Cpn, 11/15/24
      1,467       1,372  
6666620.SQ.FTS.B, Zero Cpn, 11/15/24
      4,770       4,563  
6666966.SQ.FTS.B, Zero Cpn, 11/15/24
      1,985       1,949  
6667210.SQ.FTS.B, Zero Cpn, 11/15/24
      813       758  
6667444.SQ.FTS.B, Zero Cpn, 11/15/24
      14,341        9,185   
6667839.SQ.FTS.B, Zero Cpn, 11/15/24
      4,653       4,044  
6668063.SQ.FTS.B, Zero Cpn, 11/15/24
      2,281       1,431  
6668614.SQ.FTS.B, Zero Cpn, 11/15/24
      2,828       2,783  
6668973.SQ.FTS.B, Zero Cpn, 11/15/24
      2,774       2,720  
6669104.SQ.FTS.B, Zero Cpn, 11/15/24
      4,585       4,499  
6669319.SQ.FTS.B, Zero Cpn, 11/15/24
      5,754       4,022  
6669601.SQ.FTS.B, Zero Cpn, 11/15/24
      1,875       1,150  
6669990.SQ.FTS.B, Zero Cpn, 11/15/24
      2,054       932  
6670082.SQ.FTS.B, Zero Cpn, 11/16/24
      3,067       3,037  
6671220.SQ.FTS.B, Zero Cpn, 11/16/24
      31,731       30,704  
6672633.SQ.FTS.B, Zero Cpn, 11/16/24
      964       951  
6672685.SQ.FTS.B, Zero Cpn, 11/16/24
      9,657       3,148  
6672873.SQ.FTS.B, Zero Cpn, 11/16/24
      2,315       1,748  
6672984.SQ.FTS.B, Zero Cpn, 11/16/24
      4,394       3,842  
6673193.SQ.FTS.B, Zero Cpn, 11/16/24
      4,465       4,049  
6673364.SQ.FTS.B, Zero Cpn, 11/16/24
      226       222  
6673470.SQ.FTS.B, Zero Cpn, 11/16/24
      3,395       3,355  
6673620.SQ.FTS.B, Zero Cpn, 11/17/24
      454       434  
6673661.SQ.FTS.B, Zero Cpn, 11/17/24
      2,498       2,184  
6674173.SQ.FTS.B, Zero Cpn, 11/17/24
      4,322       4,182  
6675519.SQ.FTS.B, Zero Cpn, 11/17/24
      9,352       6,303  
6675866.SQ.FTS.B, Zero Cpn, 11/17/24
      3,544       3,136  
6675965.SQ.FTS.B, Zero Cpn, 11/17/24
      2,074       2,011  
6676305.SQ.FTS.B, Zero Cpn, 11/17/24
      6,003       5,821  
6678248.SQ.FTS.B, Zero Cpn, 11/18/24
      7,041       6,727  
6678686.SQ.FTS.B, Zero Cpn, 11/18/24
      1,708       1,694  
6678969.SQ.FTS.B, Zero Cpn, 11/18/24
      1,375       1,310  
6679174.SQ.FTS.B, Zero Cpn, 11/18/24
      2,619       2,571  
6680117.SQ.FTS.B, Zero Cpn, 11/18/24
      1,529       970  
6680134.SQ.FTS.B, Zero Cpn, 11/18/24
      9,298       9,119  
6680574.SQ.FTS.B, Zero Cpn, 11/18/24
      3,621       3,540  
6681160.SQ.FTS.B, Zero Cpn, 11/18/24
      10,995       7,382  
6681453.SQ.FTS.B, Zero Cpn, 11/18/24
      3,869       3,570  
6681505.SQ.FTS.B, Zero Cpn, 11/18/24
      1,922       1,849  
6681576.SQ.FTS.B, Zero Cpn, 11/18/24
      2,334       2,033  
6681713.SQ.FTS.B, Zero Cpn, 11/19/24
      4,188       1,182  
6681892.SQ.FTS.B, Zero Cpn, 11/19/24
      5,794       5,000  
6682514.SQ.FTS.B, Zero Cpn, 11/19/24
      2,765       2,537  
6682726.SQ.FTS.B, Zero Cpn, 11/19/24
      2,139       1,913  
6682799.SQ.FTS.B, Zero Cpn, 11/19/24
      5,744       5,330  
6683291.SQ.FTS.B, Zero Cpn, 11/19/24
      6,871       5,227  
6683903.SQ.FTS.B, Zero Cpn, 11/19/24
      2,314       727  
6683953.SQ.FTS.B, Zero Cpn, 11/19/24
      873       857  
6684258.SQ.FTS.B, Zero Cpn, 11/19/24
      5,219       3,099  
6684307.SQ.FTS.B, Zero Cpn, 11/19/24
      159       153  
6684432.SQ.FTS.B, Zero Cpn, 11/19/24
      10,890        10,066  
6684729.SQ.FTS.B, Zero Cpn, 11/19/24
      1,709       1,351  
6684752.SQ.FTS.B, Zero Cpn, 11/19/24
      4,093       3,499  
6684883.SQ.FTS.B, Zero Cpn, 11/19/24
      4,175       4,077  
6685159.SQ.FTS.B, Zero Cpn, 11/20/24
      10,158       8,766  
6685416.SQ.FTS.B, Zero Cpn, 11/20/24
      182       178  
6685457.SQ.FTS.B, Zero Cpn, 11/20/24
      306       286  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       39
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6685537.SQ.FTS.B, Zero Cpn, 11/20/24
    $ 1,352     $ 1,299  
6685588.SQ.FTS.B, Zero Cpn, 11/20/24
      5,640       4,965  
6685843.SQ.FTS.B, Zero Cpn, 11/21/24
      1,738       1,366  
6685974.SQ.FTS.B, Zero Cpn, 11/21/24
      326       302  
6686130.SQ.FTS.B, Zero Cpn, 11/21/24
      8,783       8,160  
6687098.SQ.FTS.B, Zero Cpn, 11/22/24
      1,311       1,290  
6687486.SQ.FTS.B, Zero Cpn, 11/22/24
      1,208        1,124   
6688395.SQ.FTS.B, Zero Cpn, 11/22/24
      14,251       13,741  
6688955.SQ.FTS.B, Zero Cpn, 11/22/24
      3,350       3,220  
6689300.SQ.FTS.B, Zero Cpn, 11/22/24
      12,554       9,991  
6689606.SQ.FTS.B, Zero Cpn, 11/22/24
      19,673        19,397  
6689861.SQ.FTS.B, Zero Cpn, 11/23/24
      3,821       3,383  
6690020.SQ.FTS.B, Zero Cpn, 11/23/24
      6,210       6,039  
6690377.SQ.FTS.B, Zero Cpn, 11/23/24
      408       277  
6690395.SQ.FTS.B, Zero Cpn, 11/23/24
      6,798       6,601  
6691088.SQ.FTS.B, Zero Cpn, 11/23/24
      1,115       907  
6691152.SQ.FTS.B, Zero Cpn, 11/23/24
      11,972       11,630  
6691958.SQ.FTS.B, Zero Cpn, 11/23/24
      141       136  
6692249.SQ.FTS.B, Zero Cpn, 11/23/24
      4,540       4,490  
6693426.SQ.FTS.B, Zero Cpn, 11/24/24
      1,163       1,147  
6693537.SQ.FTS.B, Zero Cpn, 11/24/24
      12,291       10,278  
6693905.SQ.FTS.B, Zero Cpn, 11/24/24
      5,302       5,245  
6694528.SQ.FTS.B, Zero Cpn, 11/24/24
      4,500       4,288  
6694760.SQ.FTS.B, Zero Cpn, 11/24/24
      2,900       2,789  
6694918.SQ.FTS.B, Zero Cpn, 11/24/24
      14,857       9,110  
6695590.SQ.FTS.B, Zero Cpn, 11/24/24
      31,811       31,236  
6699812.SQ.FTS.B, Zero Cpn, 11/25/24
      7,033       6,824  
6701151.SQ.FTS.B, Zero Cpn, 11/25/24
      3,830       3,685  
6701552.SQ.FTS.B, Zero Cpn, 11/25/24
      4,180       3,539  
6701879.SQ.FTS.B, Zero Cpn, 11/25/24
      946       582  
6702173.SQ.FTS.B, Zero Cpn, 11/25/24
      19,019       18,028  
6703045.SQ.FTS.B, Zero Cpn, 11/25/24
      2,336       1,930  
6705690.SQ.FTS.B, Zero Cpn, 11/26/24
      4,229       4,059  
6705993.SQ.FTS.B, Zero Cpn, 11/26/24
      3,907       1,469  
6706951.SQ.FTS.B, Zero Cpn, 11/26/24
      1,617       1,376  
6706998.SQ.FTS.B, Zero Cpn, 11/26/24
      4,568       3,026  
6707438.SQ.FTS.B, Zero Cpn, 11/27/24
      1,386       1,361  
6707492.SQ.FTS.B, Zero Cpn, 11/27/24
      3,159       3,103  
6707788.SQ.FTS.B, Zero Cpn, 11/27/24
      3,703       3,339  
6708167.SQ.FTS.B, Zero Cpn, 11/28/24
      2,824       2,710  
6708252.SQ.FTS.B, Zero Cpn, 11/28/24
      2,781       2,632  
6708335.SQ.FTS.B, Zero Cpn, 11/28/24
      861       762  
6708353.SQ.FTS.B, Zero Cpn, 11/28/24
      1,080       973  
6708382.SQ.FTS.B, Zero Cpn, 11/28/24
      290       274  
6708398.SQ.FTS.B, Zero Cpn, 11/28/24
      4,230       4,109  
6708592.SQ.FTS.B, Zero Cpn, 11/28/24
      4,107       3,649  
6708765.SQ.FTS.B, Zero Cpn, 11/29/24
      22,644       15,789  
6709139.SQ.FTS.B, Zero Cpn, 11/29/24
      3,156       1,898  
6709178.SQ.FTS.B, Zero Cpn, 11/29/24
      1,628       1,051  
6709217.SQ.FTS.B, Zero Cpn, 11/29/24
      1,457       1,406  
6709254.SQ.FTS.B, Zero Cpn, 11/29/24
      4,938       4,605  
6709428.SQ.FTS.B, Zero Cpn, 11/29/24
      9,869       6,911  
6713041.SQ.FTS.B, Zero Cpn, 11/30/24
      1,739       778  
6713072.SQ.FTS.B, Zero Cpn, 11/30/24
      213       205  
6713490.SQ.FTS.B, Zero Cpn, 11/30/24
      6,847       6,806  
6715927.SQ.FTS.B, Zero Cpn, 11/30/24
      8,447       7,897  
6716386.SQ.FTS.B, Zero Cpn, 11/30/24
      14,513       11,797  
6717878.SQ.FTS.B, Zero Cpn, 12/01/24
      9,033       7,591  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6718145.SQ.FTS.B, Zero Cpn, 12/01/24
    $ 1,640     $ 1,399  
6718221.SQ.FTS.B, Zero Cpn, 12/01/24
      1,032       1,005  
6718331.SQ.FTS.B, Zero Cpn, 12/01/24
      3,933       3,055  
6718564.SQ.FTS.B, Zero Cpn, 12/01/24
      3,535       1,931  
6718911.SQ.FTS.B, Zero Cpn, 12/01/24
      727       691  
6718949.SQ.FTS.B, Zero Cpn, 12/01/24
      7,681       6,591  
6719242.SQ.FTS.B, Zero Cpn, 12/01/24
      6,433        6,298   
6719978.SQ.FTS.B, Zero Cpn, 12/01/24
      14,427        14,147  
6721290.SQ.FTS.B, Zero Cpn, 12/01/24
      2,189       2,136  
6721560.SQ.FTS.B, Zero Cpn, 12/01/24
      724       655  
6721588.SQ.FTS.B, Zero Cpn, 12/01/24
      1,627       1,610  
6721650.SQ.FTS.B, Zero Cpn, 12/01/24
      13,234       12,959  
6723064.SQ.FTS.B, Zero Cpn, 12/02/24
      558       484  
6723114.SQ.FTS.B, Zero Cpn, 12/02/24
      5,351       5,220  
6723654.SQ.FTS.B, Zero Cpn, 12/02/24
      4,453       2,998  
6724267.SQ.FTS.B, Zero Cpn, 12/02/24
      1,524       1,503  
6724412.SQ.FTS.B, Zero Cpn, 12/02/24
      2,944       2,188  
6724523.SQ.FTS.B, Zero Cpn, 12/02/24
      14,037       13,686  
6725475.SQ.FTS.B, Zero Cpn, 12/02/24
      2,866       2,744  
6725598.SQ.FTS.B, Zero Cpn, 12/03/24
      18,471       16,278  
6725990.SQ.FTS.B, Zero Cpn, 12/03/24
      3,406       3,331  
6726195.SQ.FTS.B, Zero Cpn, 12/04/24
      1,477       826  
6726243.SQ.FTS.B, Zero Cpn, 12/04/24
      866       846  
6726273.SQ.FTS.B, Zero Cpn, 12/04/24
      16,240       15,124  
6727203.SQ.FTS.B, Zero Cpn, 12/05/24
      2,007       1,859  
6727516.SQ.FTS.B, Zero Cpn, 12/05/24
      572       562  
6727887.SQ.FTS.B, Zero Cpn, 12/05/24
      895       876  
6727976.SQ.FTS.B, Zero Cpn, 12/05/24
      1,609       1,496  
6728257.SQ.FTS.B, Zero Cpn, 12/05/24
      4,563       4,226  
6728372.SQ.FTS.B, Zero Cpn, 12/05/24
      485       473  
6728464.SQ.FTS.B, Zero Cpn, 12/05/24
      11,209       10,795  
6728832.SQ.FTS.B, Zero Cpn, 12/05/24
      963       942  
6728878.SQ.FTS.B, Zero Cpn, 12/05/24
      1,316       1,093  
6728900.SQ.FTS.B, Zero Cpn, 12/05/24
      5,952       5,883  
6729193.SQ.FTS.B, Zero Cpn, 12/05/24
      299       281  
6729382.SQ.FTS.B, Zero Cpn, 12/05/24
      3,514       3,371  
6730021.SQ.FTS.B, Zero Cpn, 12/05/24
      1,463       1,403  
6730247.SQ.FTS.B, Zero Cpn, 12/06/24
      1,359       1,296  
6730619.SQ.FTS.B, Zero Cpn, 12/06/24
      2,011       1,962  
6730706.SQ.FTS.B, Zero Cpn, 12/06/24
      813       588  
6730739.SQ.FTS.B, Zero Cpn, 12/06/24
      1,317       1,276  
6731212.SQ.FTS.B, Zero Cpn, 12/06/24
      7,639       7,459  
6731584.SQ.FTS.B, Zero Cpn, 12/06/24
      10,058       8,066  
6732279.SQ.FTS.B, Zero Cpn, 12/06/24
      4,879       4,679  
6733839.SQ.FTS.B, Zero Cpn, 12/07/24
      868       855  
6733916.SQ.FTS.B, Zero Cpn, 12/07/24
      719       691  
6733962.SQ.FTS.B, Zero Cpn, 12/07/24
      1,654       1,577  
6734123.SQ.FTS.B, Zero Cpn, 12/07/24
      467       462  
6734360.SQ.FTS.B, Zero Cpn, 12/07/24
      3,576       2,933  
6735518.SQ.FTS.B, Zero Cpn, 12/07/24
      2,812       2,695  
6735675.SQ.FTS.B, Zero Cpn, 12/07/24
      809       772  
6735929.SQ.FTS.B, Zero Cpn, 12/07/24
      11,343       4,507  
6736151.SQ.FTS.B, Zero Cpn, 12/07/24
      1,618       1,463  
6736189.SQ.FTS.B, Zero Cpn, 12/07/24
      808       787  
6736973.SQ.FTS.B, Zero Cpn, 12/07/24
      19,574       18,829  
6739672.SQ.FTS.B, Zero Cpn, 12/08/24
      702       684  
6739737.SQ.FTS.B, Zero Cpn, 12/08/24
      464       458  
6739956.SQ.FTS.B, Zero Cpn, 12/08/24
      3,365       3,152  
 
       
40       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6740201.SQ.FTS.B, Zero Cpn, 12/08/24
    $ 584     $ 572  
6741238.SQ.FTS.B, Zero Cpn, 12/08/24
      1,165       1,119  
6741295.SQ.FTS.B, Zero Cpn, 12/08/24
      5,460       5,097  
6741515.SQ.FTS.B, Zero Cpn, 12/08/24
      1,509       1,478  
6741627.SQ.FTS.B, Zero Cpn, 12/08/24
      1,291       1,256  
6741768.SQ.FTS.B, Zero Cpn, 12/08/24
      1,242       1,002  
6741879.SQ.FTS.B, Zero Cpn, 12/08/24
      1,543        885   
6743270.SQ.FTS.B, Zero Cpn, 12/09/24
      1,569       1,417  
6743380.SQ.FTS.B, Zero Cpn, 12/09/24
      8,256       7,313  
6744125.SQ.FTS.B, Zero Cpn, 12/09/24
      26,925       26,173  
6746144.SQ.FTS.B, Zero Cpn, 12/09/24
      4,873       4,073  
6746276.SQ.FTS.B, Zero Cpn, 12/09/24
      1,548       1,524  
6746391.SQ.FTS.B, Zero Cpn, 12/09/24
      5,777       5,559  
6746846.SQ.FTS.B, Zero Cpn, 12/10/24
      561       449  
6746881.SQ.FTS.B, Zero Cpn, 12/10/24
      8,567       8,246  
6747248.SQ.FTS.B, Zero Cpn, 12/10/24
      1,303       1,275  
6747289.SQ.FTS.B, Zero Cpn, 12/10/24
      5,840       4,265  
6747386.SQ.FTS.B, Zero Cpn, 12/11/24
      2,976       2,892  
6747476.SQ.FTS.B, Zero Cpn, 12/11/24
      1,417       1,363  
6747633.SQ.FTS.B, Zero Cpn, 12/11/24
      1,214       1,098  
6747650.SQ.FTS.B, Zero Cpn, 12/11/24
      3,308       3,259  
6747940.SQ.FTS.B, Zero Cpn, 12/11/24
      1,876       1,838  
6748006.SQ.FTS.B, Zero Cpn, 12/11/24
      815       801  
6748347.SQ.FTS.B, Zero Cpn, 12/12/24
      711       470  
6748412.SQ.FTS.B, Zero Cpn, 12/12/24
      4,566       4,002  
6748685.SQ.FTS.B, Zero Cpn, 12/12/24
      3,084       3,002  
6748923.SQ.FTS.B, Zero Cpn, 12/12/24
      4,937       4,597  
6749151.SQ.FTS.B, Zero Cpn, 12/12/24
      3,151       3,024  
6749419.SQ.FTS.B, Zero Cpn, 12/12/24
      642       588  
6749489.SQ.FTS.B, Zero Cpn, 12/12/24
      4,166       3,993  
6749687.SQ.FTS.B, Zero Cpn, 12/12/24
      931       845  
6749790.SQ.FTS.B, Zero Cpn, 12/12/24
      14,159       13,568  
6750446.SQ.FTS.B, Zero Cpn, 12/12/24
      19,333        19,017  
6751154.SQ.FTS.B, Zero Cpn, 12/12/24
      30,506       29,371  
6751963.SQ.FTS.B, Zero Cpn, 12/13/24
      2,498       2,436  
6752465.SQ.FTS.B, Zero Cpn, 12/13/24
      2,085       2,001  
6753157.SQ.FTS.B, Zero Cpn, 12/13/24
      949       559  
6753170.SQ.FTS.B, Zero Cpn, 12/13/24
      409       399  
6753232.SQ.FTS.B, Zero Cpn, 12/13/24
      1,844       1,806  
6753345.SQ.FTS.B, Zero Cpn, 12/13/24
      536       522  
6753691.SQ.FTS.B, Zero Cpn, 12/13/24
      2,113       1,790  
6753999.SQ.FTS.B, Zero Cpn, 12/13/24
      19,624       18,838  
6754631.SQ.FTS.B, Zero Cpn, 12/13/24
      391       379  
6754679.SQ.FTS.B, Zero Cpn, 12/13/24
      2,851       2,805  
6755154.SQ.FTS.B, Zero Cpn, 12/13/24
      7,871       6,549  
6755529.SQ.FTS.B, Zero Cpn, 12/14/24
      3,237       2,391  
6755599.SQ.FTS.B, Zero Cpn, 12/14/24
      3,652       2,489  
6755745.SQ.FTS.B, Zero Cpn, 12/14/24
      2,554       1,733  
6755867.SQ.FTS.B, Zero Cpn, 12/14/24
      2,609       2,549  
6756551.SQ.FTS.B, Zero Cpn, 12/14/24
      5,099       4,826  
6756754.SQ.FTS.B, Zero Cpn, 12/14/24
      44,456       41,488  
6758108.SQ.FTS.B, Zero Cpn, 12/14/24
      14,865       14,709  
6763133.SQ.FTS.B, Zero Cpn, 12/15/24
      977       941  
6763891.SQ.FTS.B, Zero Cpn, 12/15/24
      7,768       7,665  
6764435.SQ.FTS.B, Zero Cpn, 12/15/24
      4,238       4,196  
6765372.SQ.FTS.B, Zero Cpn, 12/15/24
      1,133       1,004  
6765455.SQ.FTS.B, Zero Cpn, 12/15/24
      2,260       1,683  
6765716.SQ.FTS.B, Zero Cpn, 12/16/24
      2,196       2,128  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6765978.SQ.FTS.B, Zero Cpn, 12/16/24
    $ 3,834     $ 1,650  
6766125.SQ.FTS.B, Zero Cpn, 12/16/24
      3,785       3,733  
6766669.SQ.FTS.B, Zero Cpn, 12/16/24
      7,558       7,368  
6767297.SQ.FTS.B, Zero Cpn, 12/16/24
      1,636       1,220  
6767344.SQ.FTS.B, Zero Cpn, 12/16/24
      1,598       1,358  
6767513.SQ.FTS.B, Zero Cpn, 12/16/24
      4,658       3,953  
6767719.SQ.FTS.B, Zero Cpn, 12/16/24
      569        555   
6767913.SQ.FTS.B, Zero Cpn, 12/16/24
      3,731       3,622  
6768092.SQ.FTS.B, Zero Cpn, 12/16/24
      3,741       3,435  
6768480.SQ.FTS.B, Zero Cpn, 12/16/24
      6,891       6,859  
6768974.SQ.FTS.B, Zero Cpn, 12/17/24
      9,736       8,517  
6769287.SQ.FTS.B, Zero Cpn, 12/17/24
      3,215       3,022  
6769374.SQ.FTS.B, Zero Cpn, 12/17/24
      935       907  
6769419.SQ.FTS.B, Zero Cpn, 12/17/24
      2,508       2,228  
6769489.SQ.FTS.B, Zero Cpn, 12/17/24
      2,864       2,719  
6769628.SQ.FTS.B, Zero Cpn, 12/18/24
      5,434       5,307  
6769902.SQ.FTS.B, Zero Cpn, 12/18/24
      5,427       4,993  
6770088.SQ.FTS.B, Zero Cpn, 12/18/24
      528       524  
6770294.SQ.FTS.B, Zero Cpn, 12/19/24
      1,307       451  
6770314.SQ.FTS.B, Zero Cpn, 12/19/24
      928       748  
6770333.SQ.FTS.B, Zero Cpn, 12/19/24
      426       383  
6770494.SQ.FTS.B, Zero Cpn, 12/19/24
      1,865       1,808  
6770538.SQ.FTS.B, Zero Cpn, 12/19/24
      2,958       2,885  
6770622.SQ.FTS.B, Zero Cpn, 12/19/24
      128       126  
6770673.SQ.FTS.B, Zero Cpn, 12/19/24
      4,878       4,453  
6770792.SQ.FTS.B, Zero Cpn, 12/19/24
      3,049       2,925  
6770865.SQ.FTS.B, Zero Cpn, 12/19/24
      4,256       3,112  
6770950.SQ.FTS.B, Zero Cpn, 12/19/24
      3,158       2,894  
6771055.SQ.FTS.B, Zero Cpn, 12/19/24
      1,502       1,459  
6771080.SQ.FTS.B, Zero Cpn, 12/19/24
      3,094       2,985  
6771628.SQ.FTS.B, Zero Cpn, 12/20/24
      13,665       9,542  
6772432.SQ.FTS.B, Zero Cpn, 12/20/24
      3,675       2,781  
6772769.SQ.FTS.B, Zero Cpn, 12/20/24
      9,384       9,210  
6773205.SQ.FTS.B, Zero Cpn, 12/20/24
      3,785       3,621  
6773299.SQ.FTS.B, Zero Cpn, 12/20/24
      2,157       2,088  
6773346.SQ.FTS.B, Zero Cpn, 12/20/24
      1,791       1,753  
6773444.SQ.FTS.B, Zero Cpn, 12/20/24
      2,423       2,367  
6773882.SQ.FTS.B, Zero Cpn, 12/20/24
      19,082        18,604  
6774309.SQ.FTS.B, Zero Cpn, 12/20/24
      1,934       1,775  
6774627.SQ.FTS.B, Zero Cpn, 12/20/24
      2,511       2,444  
6774726.SQ.FTS.B, Zero Cpn, 12/20/24
      1,248       1,221  
6774845.SQ.FTS.B, Zero Cpn, 12/20/24
      782       771  
6774867.SQ.FTS.B, Zero Cpn, 12/20/24
      22,736       21,334  
6775831.SQ.FTS.B, Zero Cpn, 12/21/24
      1,047       986  
6775859.SQ.FTS.B, Zero Cpn, 12/21/24
      5,238       2,874  
6775946.SQ.FTS.B, Zero Cpn, 12/21/24
      965       335  
6775959.SQ.FTS.B, Zero Cpn, 12/21/24
      749       723  
6777532.SQ.FTS.B, Zero Cpn, 12/21/24
      2,715       2,665  
6777712.SQ.FTS.B, Zero Cpn, 12/21/24
      948       922  
6777789.SQ.FTS.B, Zero Cpn, 12/21/24
      1,093       1,078  
6780392.SQ.FTS.B, Zero Cpn, 12/22/24
      506       496  
6780403.SQ.FTS.B, Zero Cpn, 12/22/24
      11,966       11,521  
6781042.SQ.FTS.B, Zero Cpn, 12/22/24
      22,263       21,791  
6782244.SQ.FTS.B, Zero Cpn, 12/22/24
      5,746       5,481  
6782677.SQ.FTS.B, Zero Cpn, 12/22/24
      394       389  
6782796.SQ.FTS.B, Zero Cpn, 12/22/24
      6,185       5,558  
6785814.SQ.FTS.B, Zero Cpn, 12/23/24
      3,173       1,769  
6785949.SQ.FTS.B, Zero Cpn, 12/24/24
      58,663       54,165  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       41
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6788178.SQ.FTS.B, Zero Cpn, 12/26/24
    $ 11,154     $ 10,611  
6788693.SQ.FTS.B, Zero Cpn, 12/26/24
      2,884       2,760  
6788822.SQ.FTS.B, Zero Cpn, 12/26/24
      5,687       5,273  
6789037.SQ.FTS.B, Zero Cpn, 12/26/24
      1,743       1,474  
6789128.SQ.FTS.B, Zero Cpn, 12/26/24
      7,278       6,754  
6789389.SQ.FTS.B, Zero Cpn, 12/26/24
      2,048       1,992  
6789467.SQ.FTS.B, Zero Cpn, 12/26/24
      3,775        3,680   
6789729.SQ.FTS.B, Zero Cpn, 12/26/24
      23,615       19,198  
6790557.SQ.FTS.B, Zero Cpn, 12/26/24
      1,413       1,266  
6790594.SQ.FTS.B, Zero Cpn, 12/26/24
      1,882       1,835  
6790865.SQ.FTS.B, Zero Cpn, 12/26/24
      3,506       3,416  
6791003.SQ.FTS.B, Zero Cpn, 12/27/24
      3,974       3,808  
6791344.SQ.FTS.B, Zero Cpn, 12/27/24
      5,440       5,306  
6791651.SQ.FTS.B, Zero Cpn, 12/27/24
      1,842       1,701  
6792371.SQ.FTS.B, Zero Cpn, 12/27/24
      431       309  
6792382.SQ.FTS.B, Zero Cpn, 12/27/24
      7,931       7,060  
6792899.SQ.FTS.B, Zero Cpn, 12/27/24
      21,578       15,484  
6794344.SQ.FTS.B, Zero Cpn, 12/27/24
      1,577       1,362  
6794372.SQ.FTS.B, Zero Cpn, 12/27/24
      306       300  
6794378.SQ.FTS.B, Zero Cpn, 12/27/24
      2,676       2,555  
6795070.SQ.FTS.B, Zero Cpn, 12/27/24
      2,107       2,057  
6795337.SQ.FTS.B, Zero Cpn, 12/28/24
      6,441       6,219  
6795789.SQ.FTS.B, Zero Cpn, 12/28/24
      859       846  
6795851.SQ.FTS.B, Zero Cpn, 12/28/24
      14,043       6,629  
6796208.SQ.FTS.B, Zero Cpn, 12/28/24
      1,194       1,139  
6796277.SQ.FTS.B, Zero Cpn, 12/28/24
      4,666       4,150  
6796406.SQ.FTS.B, Zero Cpn, 12/28/24
      349       342  
6796454.SQ.FTS.B, Zero Cpn, 12/28/24
      6,365       6,223  
6796709.SQ.FTS.B, Zero Cpn, 12/28/24
      38,869       37,316  
6797488.SQ.FTS.B, Zero Cpn, 12/28/24
      1,649       1,536  
6797588.SQ.FTS.B, Zero Cpn, 12/28/24
      6,274       6,091  
6800051.SQ.FTS.B, Zero Cpn, 12/29/24
      3,506       3,418  
6800164.SQ.FTS.B, Zero Cpn, 12/29/24
      1,088       768  
6800808.SQ.FTS.B, Zero Cpn, 12/29/24
      4,674       1,485  
6801023.SQ.FTS.B, Zero Cpn, 12/29/24
      18,273       17,544  
6801650.SQ.FTS.B, Zero Cpn, 12/29/24
      4,982       4,045  
6801798.SQ.FTS.B, Zero Cpn, 12/29/24
      2,071       1,982  
6801907.SQ.FTS.B, Zero Cpn, 12/29/24
      6,334       5,462  
6802028.SQ.FTS.B, Zero Cpn, 12/29/24
      18,749       18,431  
6802747.SQ.FTS.B, Zero Cpn, 12/29/24
      941       876  
6802819.SQ.FTS.B, Zero Cpn, 12/29/24
      517       489  
6803211.SQ.FTS.B, Zero Cpn, 12/29/24
      26,432        20,937  
6804906.SQ.FTS.B, Zero Cpn, 12/30/24
      1,806       1,746  
6804970.SQ.FTS.B, Zero Cpn, 12/30/24
      1,321       1,297  
6805036.SQ.FTS.B, Zero Cpn, 12/30/24
      5,342       4,923  
6805294.SQ.FTS.B, Zero Cpn, 12/30/24
      4,325       4,230  
6805472.SQ.FTS.B, Zero Cpn, 12/30/24
      3,757       3,630  
6805712.SQ.FTS.B, Zero Cpn, 12/30/24
      1,011       999  
6805829.SQ.FTS.B, Zero Cpn, 12/30/24
      3,060       2,944  
6806039.SQ.FTS.B, Zero Cpn, 12/30/24
      1,540       1,421  
6806108.SQ.FTS.B, Zero Cpn, 12/30/24
      1,837       1,814  
6806298.SQ.FTS.B, Zero Cpn, 12/30/24
      5,256       5,181  
6806611.SQ.FTS.B, Zero Cpn, 12/30/24
      1,663       1,634  
6806965.SQ.FTS.B, Zero Cpn, 12/30/24
      2,990       2,910  
6807255.SQ.FTS.B, Zero Cpn, 12/30/24
      4,825       2,686  
6807351.SQ.FTS.B, Zero Cpn, 12/30/24
      3,090       3,002  
6808014.SQ.FTS.B, Zero Cpn, 12/30/24
      51,943       48,477  
6808142.SQ.FTS.B, Zero Cpn, 1/01/25
      53,006       46,489  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6810819.SQ.FTS.B, Zero Cpn, 1/03/25
    $ 2,990     $ 2,915  
6810919.SQ.FTS.B, Zero Cpn, 1/03/25
      9,551       9,172  
6811198.SQ.FTS.B, Zero Cpn, 1/03/25
      8,238       5,546  
6811681.SQ.FTS.B, Zero Cpn, 1/03/25
      1,152       379  
6811703.SQ.FTS.B, Zero Cpn, 1/03/25
      8,808       6,974  
6811965.SQ.FTS.B, Zero Cpn, 1/03/25
      6,778       6,550  
6812315.SQ.FTS.B, Zero Cpn, 1/03/25
      1,796        1,749   
6812362.SQ.FTS.B, Zero Cpn, 1/03/25
      1,127       1,103  
6812476.SQ.FTS.B, Zero Cpn, 1/03/25
      3,869       3,473  
6812718.SQ.FTS.B, Zero Cpn, 1/03/25
      8,766       6,253  
6812838.SQ.FTS.B, Zero Cpn, 1/03/25
      4,748       3,422  
6812932.SQ.FTS.B, Zero Cpn, 1/03/25
      2,980       1,421  
6813008.SQ.FTS.B, Zero Cpn, 1/03/25
      2,078       1,810  
6813154.SQ.FTS.B, Zero Cpn, 1/03/25
      1,741       1,450  
6813401.SQ.FTS.B, Zero Cpn, 1/04/25
      1,134       1,117  
6813445.SQ.FTS.B, Zero Cpn, 1/04/25
      7,588       7,371  
6813634.SQ.FTS.B, Zero Cpn, 1/04/25
      4,627       4,322  
6813882.SQ.FTS.B, Zero Cpn, 1/04/25
      1,292       1,279  
6813928.SQ.FTS.B, Zero Cpn, 1/04/25
      2,696       2,571  
6813993.SQ.FTS.B, Zero Cpn, 1/04/25
      5,913       5,689  
6814457.SQ.FTS.B, Zero Cpn, 1/05/25
      231       223  
6814508.SQ.FTS.B, Zero Cpn, 1/05/25
      5,642       5,343  
6814910.SQ.FTS.B, Zero Cpn, 1/05/25
      1,320       1,299  
6814997.SQ.FTS.B, Zero Cpn, 1/05/25
      429       394  
6815051.SQ.FTS.B, Zero Cpn, 1/05/25
      4,366       4,234  
6815212.SQ.FTS.B, Zero Cpn, 1/05/25
      2,265       2,211  
6815336.SQ.FTS.B, Zero Cpn, 1/05/25
      1,094       696  
6815365.SQ.FTS.B, Zero Cpn, 1/05/25
      11,727       10,100  
6815623.SQ.FTS.B, Zero Cpn, 1/05/25
      4,607       3,374  
6815745.SQ.FTS.B, Zero Cpn, 1/05/25
      1,652       1,624  
6815900.SQ.FTS.B, Zero Cpn, 1/05/25
      5,362       4,843  
6815980.SQ.FTS.B, Zero Cpn, 1/05/25
      6,631       6,263  
6816138.SQ.FTS.B, Zero Cpn, 1/05/25
      4,817       4,760  
6816388.SQ.FTS.B, Zero Cpn, 1/05/25
      16,940       15,118  
6816731.SQ.FTS.B, Zero Cpn, 1/05/25
      3,021       2,932  
6816795.SQ.FTS.B, Zero Cpn, 1/05/25
      5,225       5,067  
6817023.SQ.FTS.B, Zero Cpn, 1/05/25
      5,810       5,015  
6818929.SQ.FTS.B, Zero Cpn, 1/06/25
      29,641        28,727  
6820657.SQ.FTS.B, Zero Cpn, 1/06/25
      4,164       4,104  
6820862.SQ.FTS.B, Zero Cpn, 1/06/25
      19,686       18,912  
6822347.SQ.FTS.B, Zero Cpn, 1/06/25
      755       744  
6822367.SQ.FTS.B, Zero Cpn, 1/06/25
      309       263  
6822372.SQ.FTS.B, Zero Cpn, 1/06/25
      201       198  
6822775.SQ.FTS.B, Zero Cpn, 1/07/25
      1,478       1,397  
6822814.SQ.FTS.B, Zero Cpn, 1/07/25
      4,793       4,037  
6823017.SQ.FTS.B, Zero Cpn, 1/07/25
      767       754  
6823727.SQ.FTS.B, Zero Cpn, 1/07/25
      5,890       5,764  
6824075.SQ.FTS.B, Zero Cpn, 1/07/25
      3,763       3,523  
6824467.SQ.FTS.B, Zero Cpn, 1/07/25
      2,632       2,534  
6824878.SQ.FTS.B, Zero Cpn, 1/07/25
      822       730  
6824899.SQ.FTS.B, Zero Cpn, 1/07/25
      11,318       11,025  
6825584.SQ.FTS.B, Zero Cpn, 1/07/25
      3,624       3,522  
6825704.SQ.FTS.B, Zero Cpn, 1/07/25
      2,457       2,360  
6825762.SQ.FTS.B, Zero Cpn, 1/08/25
      4,201       4,112  
6825978.SQ.FTS.B, Zero Cpn, 1/08/25
      1,096       1,054  
6826036.SQ.FTS.B, Zero Cpn, 1/08/25
      2,338       2,250  
6826091.SQ.FTS.B, Zero Cpn, 1/08/25
      511       417  
6826111.SQ.FTS.B, Zero Cpn, 1/08/25
      5,856       5,541  
 
       
42       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6826279.SQ.FTS.B, Zero Cpn, 1/08/25
    $ 6,098     $ 5,919  
6826469.SQ.FTS.B, Zero Cpn, 1/08/25
      13,252       12,960  
6826861.SQ.FTS.B, Zero Cpn, 1/09/25
      5,929       5,810  
6827153.SQ.FTS.B, Zero Cpn, 1/09/25
      2,565       2,378  
6827214.SQ.FTS.B, Zero Cpn, 1/09/25
      4,891       4,759  
6827389.SQ.FTS.B, Zero Cpn, 1/10/25
      477       452  
6828098.SQ.FTS.B, Zero Cpn, 1/10/25
      907        881   
6828128.SQ.FTS.B, Zero Cpn, 1/10/25
      1,476       1,419  
6828190.SQ.FTS.B, Zero Cpn, 1/10/25
      9,862       9,632  
6828597.SQ.FTS.B, Zero Cpn, 1/10/25
      2,544       1,471  
6828637.SQ.FTS.B, Zero Cpn, 1/10/25
      2,723       2,671  
6829184.SQ.FTS.B, Zero Cpn, 1/10/25
      3,598       3,524  
6829457.SQ.FTS.B, Zero Cpn, 1/10/25
      14,362       13,985  
6829678.SQ.FTS.B, Zero Cpn, 1/10/25
      1,154       1,145  
6829778.SQ.FTS.B, Zero Cpn, 1/10/25
      585       533  
6829788.SQ.FTS.B, Zero Cpn, 1/10/25
      1,226       736  
6829803.SQ.FTS.B, Zero Cpn, 1/10/25
      4,741       4,560  
6830219.SQ.FTS.B, Zero Cpn, 1/10/25
      2,021       2,004  
6830316.SQ.FTS.B, Zero Cpn, 1/10/25
      2,653       2,575  
6830425.SQ.FTS.B, Zero Cpn, 1/10/25
      1,050       418  
6830676.SQ.FTS.B, Zero Cpn, 1/11/25
      8,489       4,673  
6830904.SQ.FTS.B, Zero Cpn, 1/11/25
      2,872       2,762  
6831028.SQ.FTS.B, Zero Cpn, 1/11/25
      2,073       1,994  
6831085.SQ.FTS.B, Zero Cpn, 1/11/25
      2,409       2,316  
6831234.SQ.FTS.B, Zero Cpn, 1/11/25
      558       544  
6831288.SQ.FTS.B, Zero Cpn, 1/11/25
      1,614       1,066  
6831473.SQ.FTS.B, Zero Cpn, 1/11/25
      4,548       4,432  
6831845.SQ.FTS.B, Zero Cpn, 1/11/25
      17,403       16,952  
6832349.SQ.FTS.B, Zero Cpn, 1/11/25
      3,233       3,183  
6832443.SQ.FTS.B, Zero Cpn, 1/11/25
      2,941       2,856  
6832538.SQ.FTS.B, Zero Cpn, 1/11/25
      3,734       3,524  
6832879.SQ.FTS.B, Zero Cpn, 1/11/25
      2,380       1,708  
6832951.SQ.FTS.B, Zero Cpn, 1/11/25
      834       504  
6832987.SQ.FTS.B, Zero Cpn, 1/11/25
      2,706       2,458  
6833081.SQ.FTS.B, Zero Cpn, 1/11/25
      5,842       5,590  
6833395.SQ.FTS.B, Zero Cpn, 1/11/25
      3,913       3,744  
6833516.SQ.FTS.B, Zero Cpn, 1/11/25
      27,232        26,937  
6833881.SQ.FTS.B, Zero Cpn, 1/12/25
      4,248       3,953  
6834115.SQ.FTS.B, Zero Cpn, 1/12/25
      38,203       37,292  
6835725.SQ.FTS.B, Zero Cpn, 1/12/25
      6,526       6,270  
6835899.SQ.FTS.B, Zero Cpn, 1/12/25
      13,735       13,210  
6836393.SQ.FTS.B, Zero Cpn, 1/12/25
      1,335       1,281  
6836432.SQ.FTS.B, Zero Cpn, 1/12/25
      1,946       1,901  
6836738.SQ.FTS.B, Zero Cpn, 1/12/25
      2,668       2,254  
6838461.SQ.FTS.B, Zero Cpn, 1/13/25
      1,275       1,198  
6838518.SQ.FTS.B, Zero Cpn, 1/13/25
      11,480       10,104  
6839202.SQ.FTS.B, Zero Cpn, 1/13/25
      2,603       2,422  
6839303.SQ.FTS.B, Zero Cpn, 1/13/25
      13,291       13,089  
6840162.SQ.FTS.B, Zero Cpn, 1/13/25
      8,633       7,784  
6840439.SQ.FTS.B, Zero Cpn, 1/13/25
      3,345       2,355  
6840509.SQ.FTS.B, Zero Cpn, 1/13/25
      330       314  
6840534.SQ.FTS.B, Zero Cpn, 1/13/25
      1,360       1,302  
6840563.SQ.FTS.B, Zero Cpn, 1/13/25
      1,152       806  
6840586.SQ.FTS.B, Zero Cpn, 1/13/25
      5,618       5,429  
6840796.SQ.FTS.B, Zero Cpn, 1/13/25
      14,895       9,944  
6841905.SQ.FTS.B, Zero Cpn, 1/13/25
      4,592       4,387  
6842206.SQ.FTS.B, Zero Cpn, 1/14/25
      18,970       18,560  
6843393.SQ.FTS.B, Zero Cpn, 1/14/25
      697       656  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6843416.SQ.FTS.B, Zero Cpn, 1/14/25
    $ 8,744     $ 7,956  
6844691.SQ.FTS.B, Zero Cpn, 1/14/25
      1,992       1,964  
6844837.SQ.FTS.B, Zero Cpn, 1/14/25
      16,124       12,660  
6845312.SQ.FTS.B, Zero Cpn, 1/15/25
      1,459       741  
6845333.SQ.FTS.B, Zero Cpn, 1/15/25
      10,229       10,010  
6845652.SQ.FTS.B, Zero Cpn, 1/15/25
      1,658       1,563  
6845705.SQ.FTS.B, Zero Cpn, 1/15/25
      3,077        1,398   
6845782.SQ.FTS.B, Zero Cpn, 1/15/25
      2,587       2,512  
6845844.SQ.FTS.B, Zero Cpn, 1/15/25
      2,264       1,990  
6845878.SQ.FTS.B, Zero Cpn, 1/15/25
      3,073       2,934  
6845959.SQ.FTS.B, Zero Cpn, 1/15/25
      1,522       793  
6846122.SQ.FTS.B, Zero Cpn, 1/15/25
      1,203       1,184  
6846236.SQ.FTS.B, Zero Cpn, 1/16/25
      1,014       903  
6846256.SQ.FTS.B, Zero Cpn, 1/16/25
      1,018       980  
6846302.SQ.FTS.B, Zero Cpn, 1/16/25
      1,597       1,364  
6846331.SQ.FTS.B, Zero Cpn, 1/16/25
      3,978       3,747  
6846627.SQ.FTS.B, Zero Cpn, 1/16/25
      11,019       10,823  
6848212.SQ.FTS.B, Zero Cpn, 1/17/25
      1,062       555  
6848236.SQ.FTS.B, Zero Cpn, 1/17/25
      14,191       9,552  
6848459.SQ.FTS.B, Zero Cpn, 1/17/25
      1,180       1,127  
6848502.SQ.FTS.B, Zero Cpn, 1/17/25
      1,560       1,512  
6848548.SQ.FTS.B, Zero Cpn, 1/17/25
      1,699       1,650  
6848619.SQ.FTS.B, Zero Cpn, 1/17/25
      1,905       1,851  
6848722.SQ.FTS.B, Zero Cpn, 1/17/25
      1,462       1,294  
6848754.SQ.FTS.B, Zero Cpn, 1/17/25
      6,111       5,995  
6848939.SQ.FTS.B, Zero Cpn, 1/17/25
      3,829       3,695  
6849035.SQ.FTS.B, Zero Cpn, 1/17/25
      1,749       659  
6849099.SQ.FTS.B, Zero Cpn, 1/17/25
      8,518       7,565  
6849338.SQ.FTS.B, Zero Cpn, 1/17/25
      5,369       5,220  
6849491.SQ.FTS.B, Zero Cpn, 1/17/25
      3,467       3,385  
6849596.SQ.FTS.B, Zero Cpn, 1/17/25
      17,665       16,461  
6850024.SQ.FTS.B, Zero Cpn, 1/17/25
      10,352       8,798  
6850385.SQ.FTS.B, Zero Cpn, 1/18/25
      9,620       9,403  
6850977.SQ.FTS.B, Zero Cpn, 1/18/25
      1,000       947  
6851713.SQ.FTS.B, Zero Cpn, 1/18/25
      415       407  
6851728.SQ.FTS.B, Zero Cpn, 1/18/25
      1,070       979  
6851744.SQ.FTS.B, Zero Cpn, 1/18/25
      10,372       9,685  
6852050.SQ.FTS.B, Zero Cpn, 1/18/25
      2,837       2,755  
6852161.SQ.FTS.B, Zero Cpn, 1/18/25
      1,057       1,001  
6852444.SQ.FTS.B, Zero Cpn, 1/18/25
      2,521       2,468  
6852513.SQ.FTS.B, Zero Cpn, 1/18/25
      14,939        14,471  
6853010.SQ.FTS.B, Zero Cpn, 1/18/25
      4,633       4,428  
6853180.SQ.FTS.B, Zero Cpn, 1/18/25
      8,237       7,988  
6853512.SQ.FTS.B, Zero Cpn, 1/18/25
      2,787       2,664  
6853583.SQ.FTS.B, Zero Cpn, 1/18/25
      5,466       5,237  
6853687.SQ.FTS.B, Zero Cpn, 1/19/25
      418       409  
6853726.SQ.FTS.B, Zero Cpn, 1/19/25
      1,542       1,493  
6853793.SQ.FTS.B, Zero Cpn, 1/19/25
      12,105       11,314  
6854403.SQ.FTS.B, Zero Cpn, 1/19/25
      7,049       6,826  
6854636.SQ.FTS.B, Zero Cpn, 1/19/25
      5,153       4,094  
6854799.SQ.FTS.B, Zero Cpn, 1/19/25
      6,110       5,945  
6855110.SQ.FTS.B, Zero Cpn, 1/19/25
      3,893       3,691  
6855196.SQ.FTS.B, Zero Cpn, 1/19/25
      4,085       3,987  
6855356.SQ.FTS.B, Zero Cpn, 1/19/25
      4,116       4,021  
6855498.SQ.FTS.B, Zero Cpn, 1/19/25
      28,508       27,687  
6856461.SQ.FTS.B, Zero Cpn, 1/19/25
      5,437       4,203  
6858174.SQ.FTS.B, Zero Cpn, 1/20/25
      29,799       28,992  
6859704.SQ.FTS.B, Zero Cpn, 1/20/25
      8,676       8,337  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       43
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6860121.SQ.FTS.B, Zero Cpn, 1/20/25
    $ 216     $ 210  
6860133.SQ.FTS.B, Zero Cpn, 1/20/25
      1,729       1,703  
6860842.SQ.FTS.B, Zero Cpn, 1/20/25
      3,993       3,950  
6861086.SQ.FTS.B, Zero Cpn, 1/20/25
      4,686       4,561  
6861181.SQ.FTS.B, Zero Cpn, 1/20/25
      11,379        11,177  
6861630.SQ.FTS.B, Zero Cpn, 1/21/25
      4,087       3,979  
6861871.SQ.FTS.B, Zero Cpn, 1/21/25
      5,566        5,401   
6862180.SQ.FTS.B, Zero Cpn, 1/21/25
      7,748       7,108  
6864613.SQ.FTS.B, Zero Cpn, 1/22/25
      3,755       3,665  
6864726.SQ.FTS.B, Zero Cpn, 1/22/25
      1,424       1,339  
6864766.SQ.FTS.B, Zero Cpn, 1/22/25
      671       423  
6864774.SQ.FTS.B, Zero Cpn, 1/22/25
      13,972       12,774  
6865041.SQ.FTS.B, Zero Cpn, 1/22/25
      1,053       993  
6865062.SQ.FTS.B, Zero Cpn, 1/22/25
      2,626       2,351  
6865091.SQ.FTS.B, Zero Cpn, 1/22/25
      902       890  
6865119.SQ.FTS.B, Zero Cpn, 1/22/25
      2,855       2,704  
6865193.SQ.FTS.B, Zero Cpn, 1/22/25
      618       601  
6865237.SQ.FTS.B, Zero Cpn, 1/22/25
      622       563  
6865247.SQ.FTS.B, Zero Cpn, 1/22/25
      1,307       1,270  
6865280.SQ.FTS.B, Zero Cpn, 1/22/25
      1,581       1,520  
6865328.SQ.FTS.B, Zero Cpn, 1/23/25
      450       415  
6865425.SQ.FTS.B, Zero Cpn, 1/23/25
      1,563       1,161  
6865692.SQ.FTS.B, Zero Cpn, 1/23/25
      5,613       5,453  
6865816.SQ.FTS.B, Zero Cpn, 1/23/25
      3,157       3,036  
6865936.SQ.FTS.B, Zero Cpn, 1/23/25
      215       212  
6866176.SQ.FTS.B, Zero Cpn, 1/24/25
      3,637       2,755  
6866307.SQ.FTS.B, Zero Cpn, 1/24/25
      429       422  
6866485.SQ.FTS.B, Zero Cpn, 1/24/25
      2,854       2,810  
6866939.SQ.FTS.B, Zero Cpn, 1/24/25
      1,530       1,381  
6866999.SQ.FTS.B, Zero Cpn, 1/24/25
      4,071       3,908  
6867106.SQ.FTS.B, Zero Cpn, 1/24/25
      2,149       2,098  
6867205.SQ.FTS.B, Zero Cpn, 1/24/25
      1,247       945  
6867235.SQ.FTS.B, Zero Cpn, 1/24/25
      9,615       7,416  
6867424.SQ.FTS.B, Zero Cpn, 1/24/25
      4,517       3,781  
6867504.SQ.FTS.B, Zero Cpn, 1/24/25
      3,400       3,336  
6867662.SQ.FTS.B, Zero Cpn, 1/24/25
      544       539  
6867718.SQ.FTS.B, Zero Cpn, 1/24/25
      1,952       1,907  
6867765.SQ.FTS.B, Zero Cpn, 1/24/25
      4,215       4,105  
6867885.SQ.FTS.B, Zero Cpn, 1/24/25
      5,417       5,057  
6867980.SQ.FTS.B, Zero Cpn, 1/24/25
      4,545       4,396  
6868051.SQ.FTS.B, Zero Cpn, 1/24/25
      4,365       4,241  
6868168.SQ.FTS.B, Zero Cpn, 1/24/25
      1,849       1,793  
6868205.SQ.FTS.B, Zero Cpn, 1/24/25
      523       505  
6868245.SQ.FTS.B, Zero Cpn, 1/24/25
      958       933  
6868264.SQ.FTS.B, Zero Cpn, 1/24/25
      4,224       4,069  
6868479.SQ.FTS.B, Zero Cpn, 1/24/25
      9,517       9,308  
6868730.SQ.FTS.B, Zero Cpn, 1/24/25
      3,781       3,544  
6868873.SQ.FTS.B, Zero Cpn, 1/24/25
      2,240       2,113  
6868948.SQ.FTS.B, Zero Cpn, 1/24/25
      12,169       11,947  
6869340.SQ.FTS.B, Zero Cpn, 1/24/25
      491       473  
6869370.SQ.FTS.B, Zero Cpn, 1/24/25
      17,850       11,051  
6869566.SQ.FTS.B, Zero Cpn, 1/25/25
      18,738       18,019  
6870788.SQ.FTS.B, Zero Cpn, 1/25/25
      4,902       4,810  
6870920.SQ.FTS.B, Zero Cpn, 1/25/25
      440       347  
6871337.SQ.FTS.B, Zero Cpn, 1/25/25
      18,979       18,564  
6871840.SQ.FTS.B, Zero Cpn, 1/25/25
      1,540       1,470  
6871868.SQ.FTS.B, Zero Cpn, 1/25/25
      24,320       22,149  
6872427.SQ.FTS.B, Zero Cpn, 1/25/25
      3,002       2,952  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6872520.SQ.FTS.B, Zero Cpn, 1/25/25
    $ 902     $ 879  
6872554.SQ.FTS.B, Zero Cpn, 1/25/25
      24,726       23,779  
6872664.SQ.FTS.B, Zero Cpn, 1/26/25
      123       121  
6872701.SQ.FTS.B, Zero Cpn, 1/26/25
      4,690       4,520  
6872826.SQ.FTS.B, Zero Cpn, 1/26/25
      5,608       5,108  
6873034.SQ.FTS.B, Zero Cpn, 1/26/25
      18,192        17,421  
6873743.SQ.FTS.B, Zero Cpn, 1/26/25
      1,387        1,070   
6873763.SQ.FTS.B, Zero Cpn, 1/26/25
      2,244       2,134  
6873888.SQ.FTS.B, Zero Cpn, 1/26/25
      4,749       4,295  
6873935.SQ.FTS.B, Zero Cpn, 1/26/25
      490       423  
6873950.SQ.FTS.B, Zero Cpn, 1/26/25
      1,382       1,361  
6874006.SQ.FTS.B, Zero Cpn, 1/26/25
      369       363  
6874028.SQ.FTS.B, Zero Cpn, 1/26/25
      638       609  
6874098.SQ.FTS.B, Zero Cpn, 1/26/25
      5,156       4,964  
6874224.SQ.FTS.B, Zero Cpn, 1/26/25
      13,161       12,817  
6875163.SQ.FTS.B, Zero Cpn, 1/26/25
      767       752  
6875205.SQ.FTS.B, Zero Cpn, 1/26/25
      3,640       3,313  
6875305.SQ.FTS.B, Zero Cpn, 1/26/25
      1,131       1,081  
6875327.SQ.FTS.B, Zero Cpn, 1/26/25
      1,709       1,570  
6875408.SQ.FTS.B, Zero Cpn, 1/26/25
      545       535  
6875469.SQ.FTS.B, Zero Cpn, 1/26/25
      7,261       4,670  
6877246.SQ.FTS.B, Zero Cpn, 1/27/25
      4,081       3,937  
6877983.SQ.FTS.B, Zero Cpn, 1/27/25
      4,140       2,940  
6878097.SQ.FTS.B, Zero Cpn, 1/27/25
      2,999       2,942  
6878218.SQ.FTS.B, Zero Cpn, 1/27/25
      4,986       4,718  
6878385.SQ.FTS.B, Zero Cpn, 1/27/25
      3,560       3,088  
6878498.SQ.FTS.B, Zero Cpn, 1/27/25
      15,839       15,102  
6879215.SQ.FTS.B, Zero Cpn, 1/27/25
      2,478       2,439  
6879258.SQ.FTS.B, Zero Cpn, 1/27/25
      1,257       615  
6879276.SQ.FTS.B, Zero Cpn, 1/27/25
      614       593  
6879320.SQ.FTS.B, Zero Cpn, 1/27/25
      14,335       13,656  
6879922.SQ.FTS.B, Zero Cpn, 1/27/25
      8,750       8,556  
6880116.SQ.FTS.B, Zero Cpn, 1/27/25
      9,443       8,918  
6880319.SQ.FTS.B, Zero Cpn, 1/27/25
      952       692  
6880423.SQ.FTS.B, Zero Cpn, 1/27/25
      5,817       5,430  
6880580.SQ.FTS.B, Zero Cpn, 1/27/25
      1,137       606  
6880598.SQ.FTS.B, Zero Cpn, 1/27/25
      833       790  
6880642.SQ.FTS.B, Zero Cpn, 1/27/25
      6,957       6,648  
6880862.SQ.FTS.B, Zero Cpn, 1/28/25
      4,604       4,461  
6881521.SQ.FTS.B, Zero Cpn, 1/28/25
      891       797  
6882114.SQ.FTS.B, Zero Cpn, 1/28/25
      5,226       4,878  
6882392.SQ.FTS.B, Zero Cpn, 1/28/25
      2,465       2,393  
6882891.SQ.FTS.B, Zero Cpn, 1/28/25
      2,153       2,100  
6882983.SQ.FTS.B, Zero Cpn, 1/28/25
      5,580       5,341  
6883165.SQ.FTS.B, Zero Cpn, 1/28/25
      4,801       4,607  
6883387.SQ.FTS.B, Zero Cpn, 1/28/25
      4,941       4,781  
6883551.SQ.FTS.B, Zero Cpn, 1/28/25
      5,616       5,384  
6883683.SQ.FTS.B, Zero Cpn, 1/28/25
      11,390       9,128  
6883910.SQ.FTS.B, Zero Cpn, 1/28/25
      52,638       50,630  
6884079.SQ.FTS.B, Zero Cpn, 1/29/25
      1,640       1,564  
6884125.SQ.FTS.B, Zero Cpn, 1/29/25
      12,825       12,141  
6884611.SQ.FTS.B, Zero Cpn, 1/29/25
      3,978       3,219  
6885004.SQ.FTS.B, Zero Cpn, 1/30/25
      2,630       2,606  
6885216.SQ.FTS.B, Zero Cpn, 1/30/25
      4,083       4,008  
6885369.SQ.FTS.B, Zero Cpn, 1/30/25
      2,918       2,842  
6885478.SQ.FTS.B, Zero Cpn, 1/30/25
      12,225       11,046  
6886320.SQ.FTS.B, Zero Cpn, 1/31/25
      14,299       10,451  
6887199.SQ.FTS.B, Zero Cpn, 1/31/25
      1,205       1,157  
 
       
44       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6887254.SQ.FTS.B, Zero Cpn, 1/31/25
    $ 2,228     $ 2,198  
6887429.SQ.FTS.B, Zero Cpn, 1/31/25
      22,037       21,576  
6888596.SQ.FTS.B, Zero Cpn, 1/31/25
      2,240       2,170  
6888690.SQ.FTS.B, Zero Cpn, 1/31/25
      10,112       9,242  
6889042.SQ.FTS.B, Zero Cpn, 1/31/25
      2,478       2,375  
6889101.SQ.FTS.B, Zero Cpn, 1/31/25
      4,097       3,887  
6889386.SQ.FTS.B, Zero Cpn, 2/01/25
      2,256        2,155   
6889486.SQ.FTS.B, Zero Cpn, 2/01/25
      3,849       3,677  
6889627.SQ.FTS.B, Zero Cpn, 2/01/25
      16,231       15,269  
6890447.SQ.FTS.B, Zero Cpn, 2/01/25
      5,047       4,845  
6890605.SQ.FTS.B, Zero Cpn, 2/01/25
      1,552       1,508  
6890704.SQ.FTS.B, Zero Cpn, 2/01/25
      5,559       5,093  
6890858.SQ.FTS.B, Zero Cpn, 2/01/25
      3,761       3,672  
6890985.SQ.FTS.B, Zero Cpn, 2/01/25
      633       597  
6891172.SQ.FTS.B, Zero Cpn, 2/01/25
      3,017       2,896  
6891269.SQ.FTS.B, Zero Cpn, 2/01/25
      7,178       6,674  
6891549.SQ.FTS.B, Zero Cpn, 2/01/25
      784       697  
6891587.SQ.FTS.B, Zero Cpn, 2/01/25
      4,317       4,132  
6891704.SQ.FTS.B, Zero Cpn, 2/01/25
      14,807        12,447  
6892036.SQ.FTS.B, Zero Cpn, 2/01/25
      3,596       3,415  
6892218.SQ.FTS.B, Zero Cpn, 2/01/25
      1,101       1,001  
6892271.SQ.FTS.B, Zero Cpn, 2/01/25
      22,016       20,532  
6892741.SQ.FTS.B, Zero Cpn, 2/02/25
      4,635       4,490  
6892935.SQ.FTS.B, Zero Cpn, 2/02/25
      1,879       1,839  
6893028.SQ.FTS.B, Zero Cpn, 2/02/25
      4,097       3,989  
6893220.SQ.FTS.B, Zero Cpn, 2/02/25
      3,953       3,741  
6893427.SQ.FTS.B, Zero Cpn, 2/02/25
      1,787       1,741  
6893560.SQ.FTS.B, Zero Cpn, 2/02/25
      1,599       1,406  
6893601.SQ.FTS.B, Zero Cpn, 2/02/25
      3,736       3,570  
6893718.SQ.FTS.B, Zero Cpn, 2/02/25
      2,491       2,388  
6893793.SQ.FTS.B, Zero Cpn, 2/02/25
      4,320       3,976  
6893989.SQ.FTS.B, Zero Cpn, 2/02/25
      11,116       7,207  
6894198.SQ.FTS.B, Zero Cpn, 2/02/25
      3,438       3,269  
6894305.SQ.FTS.B, Zero Cpn, 2/02/25
      1,590       1,489  
6894382.SQ.FTS.B, Zero Cpn, 2/02/25
      4,548       2,699  
6894458.SQ.FTS.B, Zero Cpn, 2/02/25
      9,666       9,422  
6894900.SQ.FTS.B, Zero Cpn, 2/02/25
      13,532       11,478  
6895157.SQ.FTS.B, Zero Cpn, 2/02/25
      1,109       1,083  
6895193.SQ.FTS.B, Zero Cpn, 2/02/25
      2,376       2,317  
6895329.SQ.FTS.B, Zero Cpn, 2/02/25
      582       554  
6895374.SQ.FTS.B, Zero Cpn, 2/02/25
      2,472       2,241  
6895435.SQ.FTS.B, Zero Cpn, 2/02/25
      1,885       1,828  
6895494.SQ.FTS.B, Zero Cpn, 2/02/25
      1,035       970  
6895536.SQ.FTS.B, Zero Cpn, 2/02/25
      30,225       29,305  
6897605.SQ.FTS.B, Zero Cpn, 2/03/25
      3,458       3,340  
6897766.SQ.FTS.B, Zero Cpn, 2/03/25
      8,724       8,430  
6898271.SQ.FTS.B, Zero Cpn, 2/03/25
      1,211       1,112  
6898333.SQ.FTS.B, Zero Cpn, 2/03/25
      22,519       20,638  
6899258.SQ.FTS.B, Zero Cpn, 2/03/25
      3,540       3,401  
6899399.SQ.FTS.B, Zero Cpn, 2/03/25
      1,854       1,836  
6899630.SQ.FTS.B, Zero Cpn, 2/03/25
      10,314       10,033  
6900101.SQ.FTS.B, Zero Cpn, 2/03/25
      21,591       20,622  
6900978.SQ.FTS.B, Zero Cpn, 2/03/25
      27,625       26,840  
6901055.SQ.FTS.B, Zero Cpn, 2/04/25
      8,448       6,916  
6901450.SQ.FTS.B, Zero Cpn, 2/04/25
      14,873       14,375  
6902397.SQ.FTS.B, Zero Cpn, 2/04/25
      2,087       2,015  
6902541.SQ.FTS.B, Zero Cpn, 2/04/25
      3,840       3,721  
6904304.SQ.FTS.B, Zero Cpn, 2/05/25
      1,545       1,512  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6904394.SQ.FTS.B, Zero Cpn, 2/05/25
    $ 2,975     $ 2,895  
6904477.SQ.FTS.B, Zero Cpn, 2/05/25
      4,408       4,319  
6904663.SQ.FTS.B, Zero Cpn, 2/05/25
      4,627       4,487  
6904834.SQ.FTS.B, Zero Cpn, 2/05/25
      5,604       5,414  
6904977.SQ.FTS.B, Zero Cpn, 2/05/25
      3,923       3,722  
6905084.SQ.FTS.B, Zero Cpn, 2/06/25
      4,534       3,223  
6905199.SQ.FTS.B, Zero Cpn, 2/06/25
      225        223   
6905278.SQ.FTS.B, Zero Cpn, 2/06/25
      5,968       4,755  
6905425.SQ.FTS.B, Zero Cpn, 2/06/25
      1,642       1,087  
6905447.SQ.FTS.B, Zero Cpn, 2/06/25
      1,724       1,460  
6905497.SQ.FTS.B, Zero Cpn, 2/06/25
      5,627       5,386  
6905613.SQ.FTS.B, Zero Cpn, 2/06/25
      1,689       1,639  
6905707.SQ.FTS.B, Zero Cpn, 2/06/25
      502       490  
6905725.SQ.FTS.B, Zero Cpn, 2/06/25
      4,264       2,382  
6906060.SQ.FTS.B, Zero Cpn, 2/07/25
      2,954       2,876  
6906389.SQ.FTS.B, Zero Cpn, 2/07/25
      2,314       2,142  
6907305.SQ.FTS.B, Zero Cpn, 2/07/25
      11,667        10,959  
6907682.SQ.FTS.B, Zero Cpn, 2/07/25
      2,106       2,074  
6907853.SQ.FTS.B, Zero Cpn, 2/07/25
      318       314  
6907881.SQ.FTS.B, Zero Cpn, 2/07/25
      6,182       5,923  
6908048.SQ.FTS.B, Zero Cpn, 2/07/25
      1,489       1,447  
6908102.SQ.FTS.B, Zero Cpn, 2/07/25
      13,636       13,340  
6908594.SQ.FTS.B, Zero Cpn, 2/07/25
      345       310  
6909062.SQ.FTS.B, Zero Cpn, 2/08/25
      10,480       10,265  
6909709.SQ.FTS.B, Zero Cpn, 2/08/25
      1,096       836  
6909805.SQ.FTS.B, Zero Cpn, 2/08/25
      519       506  
6909830.SQ.FTS.B, Zero Cpn, 2/08/25
      1,854       1,785  
6910258.SQ.FTS.B, Zero Cpn, 2/08/25
      1,106       1,057  
6910302.SQ.FTS.B, Zero Cpn, 2/08/25
      584       577  
6910405.SQ.FTS.B, Zero Cpn, 2/08/25
      4,998       4,849  
6910603.SQ.FTS.B, Zero Cpn, 2/08/25
      9,864       8,978  
6910812.SQ.FTS.B, Zero Cpn, 2/08/25
      5,166       4,681  
6910948.SQ.FTS.B, Zero Cpn, 2/08/25
      2,657       2,332  
6911034.SQ.FTS.B, Zero Cpn, 2/08/25
      59,320       57,688  
6912180.SQ.FTS.B, Zero Cpn, 2/09/25
      6,417       6,065  
6912328.SQ.FTS.B, Zero Cpn, 2/09/25
      2,203       1,903  
6912435.SQ.FTS.B, Zero Cpn, 2/09/25
      8,118       7,027  
6912895.SQ.FTS.B, Zero Cpn, 2/09/25
      5,574       5,061  
6913098.SQ.FTS.B, Zero Cpn, 2/09/25
      860       824  
6913129.SQ.FTS.B, Zero Cpn, 2/09/25
      1,975       1,896  
6913510.SQ.FTS.B, Zero Cpn, 2/09/25
      677       671  
6913617.SQ.FTS.B, Zero Cpn, 2/09/25
      13,004       8,349  
6913852.SQ.FTS.B, Zero Cpn, 2/09/25
      1,845       1,783  
6914094.SQ.FTS.B, Zero Cpn, 2/09/25
      1,637       1,602  
6914208.SQ.FTS.B, Zero Cpn, 2/09/25
      749       727  
6914244.SQ.FTS.B, Zero Cpn, 2/09/25
      18,693       18,065  
6916087.SQ.FTS.B, Zero Cpn, 2/10/25
      1,844       1,814  
6916179.SQ.FTS.B, Zero Cpn, 2/10/25
      1,445       1,411  
6916268.SQ.FTS.B, Zero Cpn, 2/10/25
      3,410       3,301  
6916456.SQ.FTS.B, Zero Cpn, 2/10/25
      1,110       780  
6916508.SQ.FTS.B, Zero Cpn, 2/10/25
      905       889  
6917357.SQ.FTS.B, Zero Cpn, 2/10/25
      11,583       10,746  
6917646.SQ.FTS.B, Zero Cpn, 2/10/25
      2,738       2,626  
6917741.SQ.FTS.B, Zero Cpn, 2/10/25
      1,512       1,475  
6917891.SQ.FTS.B, Zero Cpn, 2/10/25
      3,433       3,226  
6918090.SQ.FTS.B, Zero Cpn, 2/10/25
      7,656       6,089  
6918278.SQ.FTS.B, Zero Cpn, 2/10/25
      2,744       2,623  
6918399.SQ.FTS.B, Zero Cpn, 2/10/25
      872       830  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       45
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6918421.SQ.FTS.B, Zero Cpn, 2/10/25
    $ 1,105     $ 1,078  
6918477.SQ.FTS.B, Zero Cpn, 2/10/25
      795       305  
6918515.SQ.FTS.B, Zero Cpn, 2/10/25
      3,587       3,501  
6918667.SQ.FTS.B, Zero Cpn, 2/10/25
      1,719       1,694  
6918894.SQ.FTS.B, Zero Cpn, 2/10/25
      3,480       3,372  
6919031.SQ.FTS.B, Zero Cpn, 2/11/25
      6,292       5,534  
6919126.SQ.FTS.B, Zero Cpn, 2/11/25
      870        335   
6919134.SQ.FTS.B, Zero Cpn, 2/11/25
      4,404       4,007  
6919208.SQ.FTS.B, Zero Cpn, 2/11/25
      1,016       995  
6919280.SQ.FTS.B, Zero Cpn, 2/11/25
      730       634  
6919314.SQ.FTS.B, Zero Cpn, 2/11/25
      4,711       4,523  
6919460.SQ.FTS.B, Zero Cpn, 2/11/25
      3,186       3,113  
6919576.SQ.FTS.B, Zero Cpn, 2/11/25
      8,865       7,814  
6919808.SQ.FTS.B, Zero Cpn, 2/11/25
      2,438       2,383  
6919881.SQ.FTS.B, Zero Cpn, 2/11/25
      7,805       7,540  
6920027.SQ.FTS.B, Zero Cpn, 2/11/25
      7,195       6,179  
6920207.SQ.FTS.B, Zero Cpn, 2/11/25
      8,740       8,355  
6920360.SQ.FTS.B, Zero Cpn, 2/11/25
      302       289  
6920374.SQ.FTS.B, Zero Cpn, 2/11/25
      3,642       3,383  
6920469.SQ.FTS.B, Zero Cpn, 2/11/25
      8,894       8,434  
6920536.SQ.FTS.B, Zero Cpn, 2/12/25
      602       576  
6920551.SQ.FTS.B, Zero Cpn, 2/12/25
      549       537  
6920579.SQ.FTS.B, Zero Cpn, 2/12/25
      767       763  
6920673.SQ.FTS.B, Zero Cpn, 2/12/25
      3,442       3,293  
6920728.SQ.FTS.B, Zero Cpn, 2/12/25
      4,645       4,580  
6920891.SQ.FTS.B, Zero Cpn, 2/12/25
      5,106       5,006  
6921007.SQ.FTS.B, Zero Cpn, 2/13/25
      3,117       3,005  
6921070.SQ.FTS.B, Zero Cpn, 2/13/25
      2,073       2,020  
6921125.SQ.FTS.B, Zero Cpn, 2/13/25
      9,083       8,705  
6921429.SQ.FTS.B, Zero Cpn, 2/13/25
      9,225       5,460  
6921820.SQ.FTS.B, Zero Cpn, 2/14/25
      2,772       2,707  
6921985.SQ.FTS.B, Zero Cpn, 2/14/25
      19,782       19,107  
6922380.SQ.FTS.B, Zero Cpn, 2/14/25
      13,523        11,650  
6922505.SQ.FTS.B, Zero Cpn, 2/14/25
      24,197       23,467  
6922924.SQ.FTS.B, Zero Cpn, 2/14/25
      4,133       4,008  
6923040.SQ.FTS.B, Zero Cpn, 2/14/25
      3,907       3,594  
6923080.SQ.FTS.B, Zero Cpn, 2/14/25
      14,522       14,120  
6923478.SQ.FTS.B, Zero Cpn, 2/15/25
      2,543       2,435  
6923803.SQ.FTS.B, Zero Cpn, 2/15/25
      2,177       2,163  
6924795.SQ.FTS.B, Zero Cpn, 2/15/25
      3,981       3,938  
6928633.SQ.FTS.B, Zero Cpn, 2/16/25
      11,751       11,628  
6933126.SQ.FTS.B, Zero Cpn, 2/17/25
      7,710       7,433  
6933302.SQ.FTS.B, Zero Cpn, 2/17/25
      434       427  
6933318.SQ.FTS.B, Zero Cpn, 2/17/25
      2,551       2,463  
6933378.SQ.FTS.B, Zero Cpn, 2/17/25
      4,257       4,023  
6933473.SQ.FTS.B, Zero Cpn, 2/17/25
      4,965       4,090  
6933546.SQ.FTS.B, Zero Cpn, 2/17/25
      2,433       2,332  
6933603.SQ.FTS.B, Zero Cpn, 2/17/25
      12,219       11,961  
6934075.SQ.FTS.B, Zero Cpn, 2/17/25
      1,145       1,114  
6934108.SQ.FTS.B, Zero Cpn, 2/17/25
      10,936       9,601  
6934280.SQ.FTS.B, Zero Cpn, 2/17/25
      7,570       7,026  
6934441.SQ.FTS.B, Zero Cpn, 2/17/25
      1,550       1,425  
6934565.SQ.FTS.B, Zero Cpn, 2/17/25
      4,747       4,660  
6934855.SQ.FTS.B, Zero Cpn, 2/17/25
      883       849  
6934875.SQ.FTS.B, Zero Cpn, 2/17/25
      9,010       8,618  
6935047.SQ.FTS.B, Zero Cpn, 2/17/25
      3,463       2,817  
6935209.SQ.FTS.B, Zero Cpn, 2/17/25
      2,008       1,948  
6935249.SQ.FTS.B, Zero Cpn, 2/17/25
      1,030       941  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6935264.SQ.FTS.B, Zero Cpn, 2/17/25
    $ 2,823     $ 2,744  
6935330.SQ.FTS.B, Zero Cpn, 2/17/25
      3,658       3,574  
6935436.SQ.FTS.B, Zero Cpn, 2/17/25
      21,339       20,642  
6936029.SQ.FTS.B, Zero Cpn, 2/17/25
      3,765       3,477  
6936108.SQ.FTS.B, Zero Cpn, 2/17/25
      672       633  
6936118.SQ.FTS.B, Zero Cpn, 2/17/25
      1,705       1,618  
6936174.SQ.FTS.B, Zero Cpn, 2/17/25
      713        700   
6936187.SQ.FTS.B, Zero Cpn, 2/17/25
      4,244       4,081  
6936338.SQ.FTS.B, Zero Cpn, 2/17/25
      22,585        20,855  
6936682.SQ.FTS.B, Zero Cpn, 2/17/25
      7,275       6,990  
6936841.SQ.FTS.B, Zero Cpn, 2/17/25
      1,069       1,027  
6936932.SQ.FTS.B, Zero Cpn, 2/17/25
      2,809       2,741  
6936963.SQ.FTS.B, Zero Cpn, 2/18/25
      3,370       3,255  
6937023.SQ.FTS.B, Zero Cpn, 2/18/25
      6,217       5,954  
6937107.SQ.FTS.B, Zero Cpn, 2/18/25
      3,639       3,486  
6937184.SQ.FTS.B, Zero Cpn, 2/18/25
      40       40  
6937200.SQ.FTS.B, Zero Cpn, 2/18/25
      1,510       1,189  
6937253.SQ.FTS.B, Zero Cpn, 2/18/25
      2,046       1,963  
6937297.SQ.FTS.B, Zero Cpn, 2/18/25
      4,787       4,174  
6937441.SQ.FTS.B, Zero Cpn, 2/18/25
      34       34  
6937486.SQ.FTS.B, Zero Cpn, 2/18/25
      7,547       7,362  
6937643.SQ.FTS.B, Zero Cpn, 2/18/25
      1,217       1,195  
6937669.SQ.FTS.B, Zero Cpn, 2/18/25
      3,106       2,772  
6937723.SQ.FTS.B, Zero Cpn, 2/18/25
      13,413       13,022  
6937940.SQ.FTS.B, Zero Cpn, 2/18/25
      2,970       2,910  
6938495.SQ.FTS.B, Zero Cpn, 2/18/25
      3,667       3,550  
6938613.SQ.FTS.B, Zero Cpn, 2/18/25
      859       567  
6938664.SQ.FTS.B, Zero Cpn, 2/18/25
      4,441       3,979  
6938872.SQ.FTS.B, Zero Cpn, 2/18/25
      9,883       9,356  
6939326.SQ.FTS.B, Zero Cpn, 2/18/25
      8,134       5,986  
6939442.SQ.FTS.B, Zero Cpn, 2/18/25
      1,504       1,481  
6939497.SQ.FTS.B, Zero Cpn, 2/18/25
      3,660       3,531  
6939632.SQ.FTS.B, Zero Cpn, 2/18/25
      1,488       1,472  
6939746.SQ.FTS.B, Zero Cpn, 2/18/25
      13,253       12,926  
6940144.SQ.FTS.B, Zero Cpn, 2/18/25
      1,388       1,366  
6940304.SQ.FTS.B, Zero Cpn, 2/18/25
      38,276       36,955  
6941124.SQ.FTS.B, Zero Cpn, 2/19/25
      3,737       3,608  
6941211.SQ.FTS.B, Zero Cpn, 2/19/25
      895       871  
6941232.SQ.FTS.B, Zero Cpn, 2/19/25
      21,128       13,914  
6941469.SQ.FTS.B, Zero Cpn, 2/19/25
      2,441       2,348  
6941528.SQ.FTS.B, Zero Cpn, 2/19/25
      1,603       1,568  
6941564.SQ.FTS.B, Zero Cpn, 2/19/25
      980       965  
6941606.SQ.FTS.B, Zero Cpn, 2/19/25
      2,594       2,554  
6941710.SQ.FTS.B, Zero Cpn, 2/19/25
      5,409       3,572  
6941790.SQ.FTS.B, Zero Cpn, 2/19/25
      2,236       2,173  
6941866.SQ.FTS.B, Zero Cpn, 2/19/25
      7,147       6,781  
6942017.SQ.FTS.B, Zero Cpn, 2/20/25
      1,324       1,047  
6942041.SQ.FTS.B, Zero Cpn, 2/20/25
      987       551  
6942061.SQ.FTS.B, Zero Cpn, 2/20/25
      3,234       3,186  
6942191.SQ.FTS.B, Zero Cpn, 2/20/25
      1,592       1,525  
6942226.SQ.FTS.B, Zero Cpn, 2/20/25
      2,430       2,303  
6942277.SQ.FTS.B, Zero Cpn, 2/20/25
      3,822       3,687  
6942356.SQ.FTS.B, Zero Cpn, 2/20/25
      5,383       5,023  
6942538.SQ.FTS.B, Zero Cpn, 2/20/25
      7,240       7,060  
6942989.SQ.FTS.B, Zero Cpn, 2/21/25
      4,046       3,862  
6943307.SQ.FTS.B, Zero Cpn, 2/21/25
      3,190       3,132  
6943560.SQ.FTS.B, Zero Cpn, 2/21/25
      13,371       12,900  
6944049.SQ.FTS.B, Zero Cpn, 2/21/25
      58,989       51,971  
 
       
46       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6945238.SQ.FTS.B, Zero Cpn, 2/21/25
    $ 1,032     $ 1,008  
6945251.SQ.FTS.B, Zero Cpn, 2/21/25
      15,137       14,667  
6945698.SQ.FTS.B, Zero Cpn, 2/21/25
      1,643       1,327  
6945749.SQ.FTS.B, Zero Cpn, 2/21/25
      1,873       1,843  
6945879.SQ.FTS.B, Zero Cpn, 2/21/25
      4,070       3,963  
6945992.SQ.FTS.B, Zero Cpn, 2/21/25
      1,470       1,373  
6946019.SQ.FTS.B, Zero Cpn, 2/21/25
      3,745        3,625   
6946128.SQ.FTS.B, Zero Cpn, 2/21/25
      3,171       3,004  
6946196.SQ.FTS.B, Zero Cpn, 2/21/25
      10,438       10,098  
6946527.SQ.FTS.B, Zero Cpn, 2/21/25
      2,950       2,741  
6946564.SQ.FTS.B, Zero Cpn, 2/21/25
      1,317       1,285  
6946606.SQ.FTS.B, Zero Cpn, 2/22/25
      1,646       1,584  
6946678.SQ.FTS.B, Zero Cpn, 2/22/25
      15,260       14,994  
6947402.SQ.FTS.B, Zero Cpn, 2/22/25
      14,894       14,152  
6947839.SQ.FTS.B, Zero Cpn, 2/22/25
      2,136       1,721  
6947980.SQ.FTS.B, Zero Cpn, 2/22/25
      13,917       13,344  
6948400.SQ.FTS.B, Zero Cpn, 2/22/25
      1,589       1,547  
6948439.SQ.FTS.B, Zero Cpn, 2/22/25
      2,930       2,803  
6948508.SQ.FTS.B, Zero Cpn, 2/22/25
      72,429        68,051  
6950019.SQ.FTS.B, Zero Cpn, 2/23/25
      20,138       19,065  
6950885.SQ.FTS.B, Zero Cpn, 2/23/25
      13,878       13,725  
6951561.SQ.FTS.B, Zero Cpn, 2/23/25
      28,169       27,584  
6952253.SQ.FTS.B, Zero Cpn, 2/23/25
      618       610  
6952276.SQ.FTS.B, Zero Cpn, 2/23/25
      11,919       11,578  
6952587.SQ.FTS.B, Zero Cpn, 2/23/25
      7,776       7,093  
6952730.SQ.FTS.B, Zero Cpn, 2/23/25
      12,393       12,051  
6953060.SQ.FTS.B, Zero Cpn, 2/23/25
      7,219       6,900  
6954777.SQ.FTS.B, Zero Cpn, 2/24/25
      3,265       3,191  
6954954.SQ.FTS.B, Zero Cpn, 2/24/25
      13,548       12,085  
6955484.SQ.FTS.B, Zero Cpn, 2/24/25
      6,871       6,717  
6955783.SQ.FTS.B, Zero Cpn, 2/24/25
      2,559       2,504  
6955859.SQ.FTS.B, Zero Cpn, 2/24/25
      2,210       2,152  
6955949.SQ.FTS.B, Zero Cpn, 2/24/25
      4,165       4,019  
6956046.SQ.FTS.B, Zero Cpn, 2/24/25
      10,026       9,207  
6956245.SQ.FTS.B, Zero Cpn, 2/24/25
      329       326  
6956807.SQ.FTS.B, Zero Cpn, 2/24/25
      8,310       7,866  
6957047.SQ.FTS.B, Zero Cpn, 2/24/25
      15,373       14,731  
6957385.SQ.FTS.B, Zero Cpn, 2/24/25
      2,108       2,052  
6957471.SQ.FTS.B, Zero Cpn, 2/24/25
      4,301       4,141  
6957572.SQ.FTS.B, Zero Cpn, 2/24/25
      2,935       2,793  
6957668.SQ.FTS.B, Zero Cpn, 2/24/25
      1,093       1,039  
6957706.SQ.FTS.B, Zero Cpn, 2/24/25
      1,108       665  
6957735.SQ.FTS.B, Zero Cpn, 2/24/25
      7,123       5,810  
6957843.SQ.FTS.B, Zero Cpn, 2/24/25
      6,635       4,756  
6957994.SQ.FTS.B, Zero Cpn, 2/24/25
      2,101       2,019  
6958123.SQ.FTS.B, Zero Cpn, 2/24/25
      8,287       7,985  
6958280.SQ.FTS.B, Zero Cpn, 2/24/25
      5,864       5,691  
6958563.SQ.FTS.B, Zero Cpn, 2/25/25
      3,946       3,812  
6958696.SQ.FTS.B, Zero Cpn, 2/25/25
      523       514  
6958758.SQ.FTS.B, Zero Cpn, 2/25/25
      1,300       629  
6958893.SQ.FTS.B, Zero Cpn, 2/25/25
      732       339  
6958951.SQ.FTS.B, Zero Cpn, 2/25/25
      2,553       2,461  
6959272.SQ.FTS.B, Zero Cpn, 2/25/25
      6,915       6,629  
6959468.SQ.FTS.B, Zero Cpn, 2/25/25
      3,659       3,517  
6959605.SQ.FTS.B, Zero Cpn, 2/25/25
      30,382       26,846  
6960136.SQ.FTS.B, Zero Cpn, 2/25/25
      2,383       1,942  
6960263.SQ.FTS.B, Zero Cpn, 2/25/25
      2,492       2,369  
6960326.SQ.FTS.B, Zero Cpn, 2/25/25
      11,414       11,133  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6960667.SQ.FTS.B, Zero Cpn, 2/25/25
    $ 15,166     $ 14,678  
6961821.SQ.FTS.B, Zero Cpn, 2/25/25
      1,055       1,022  
6961848.SQ.FTS.B, Zero Cpn, 2/25/25
      3,171       2,804  
6961959.SQ.FTS.B, Zero Cpn, 2/25/25
      3,934       3,781  
6962071.SQ.FTS.B, Zero Cpn, 2/25/25
      1,845       1,769  
6962097.SQ.FTS.B, Zero Cpn, 2/25/25
      1,017       972  
6962136.SQ.FTS.B, Zero Cpn, 2/25/25
      1,990        1,961   
6962309.SQ.FTS.B, Zero Cpn, 2/25/25
      1,575       1,520  
6962386.SQ.FTS.B, Zero Cpn, 2/26/25
      1,653       1,420  
6962449.SQ.FTS.B, Zero Cpn, 2/26/25
      3,246       2,281  
6962472.SQ.FTS.B, Zero Cpn, 2/26/25
      4,739       4,615  
6962595.SQ.FTS.B, Zero Cpn, 2/26/25
      438       425  
6962609.SQ.FTS.B, Zero Cpn, 2/26/25
      4,446       4,295  
6962665.SQ.FTS.B, Zero Cpn, 2/26/25
      5,424       3,620  
6962719.SQ.FTS.B, Zero Cpn, 2/26/25
      12,862       12,545  
6962948.SQ.FTS.B, Zero Cpn, 2/26/25
      1,824       1,753  
6962980.SQ.FTS.B, Zero Cpn, 2/26/25
      8,515       8,223  
6963215.SQ.FTS.B, Zero Cpn, 2/27/25
      2,608       2,429  
6963254.SQ.FTS.B, Zero Cpn, 2/27/25
      1,434       1,383  
6963283.SQ.FTS.B, Zero Cpn, 2/27/25
      1,721       1,584  
6963315.SQ.FTS.B, Zero Cpn, 2/27/25
      378       370  
6963324.SQ.FTS.B, Zero Cpn, 2/27/25
      3,033       2,869  
6963425.SQ.FTS.B, Zero Cpn, 2/27/25
      11,476       8,965  
6963617.SQ.FTS.B, Zero Cpn, 2/27/25
      563       554  
6963632.SQ.FTS.B, Zero Cpn, 2/27/25
      2,818       2,535  
6963671.SQ.FTS.B, Zero Cpn, 2/27/25
      531       520  
6963703.SQ.FTS.B, Zero Cpn, 2/27/25
      9,313       4,687  
6964133.SQ.FTS.B, Zero Cpn, 2/28/25
      6,040       5,346  
6964600.SQ.FTS.B, Zero Cpn, 2/28/25
      3,762       3,574  
6964719.SQ.FTS.B, Zero Cpn, 2/28/25
      5,462       5,098  
6964861.SQ.FTS.B, Zero Cpn, 2/28/25
      23,572       22,931  
6965538.SQ.FTS.B, Zero Cpn, 2/28/25
      1,761       1,335  
6965564.SQ.FTS.B, Zero Cpn, 2/28/25
      11,746        11,213  
6965741.SQ.FTS.B, Zero Cpn, 2/28/25
      7,092       5,919  
6965890.SQ.FTS.B, Zero Cpn, 2/28/25
      2,724       2,650  
6965997.SQ.FTS.B, Zero Cpn, 2/28/25
      22,768       20,737  
6966250.SQ.FTS.B, Zero Cpn, 2/28/25
      4,591       4,487  
6966352.SQ.FTS.B, Zero Cpn, 2/28/25
      5,451       4,473  
6966566.SQ.FTS.B, Zero Cpn, 2/28/25
      2,317       2,168  
6966607.SQ.FTS.B, Zero Cpn, 2/28/25
      2,841       2,778  
6966718.SQ.FTS.B, Zero Cpn, 2/28/25
      748       403  
6966730.SQ.FTS.B, Zero Cpn, 2/28/25
      4,088       3,993  
6966836.SQ.FTS.B, Zero Cpn, 2/28/25
      4,149       4,084  
6966986.SQ.FTS.B, Zero Cpn, 2/28/25
      2,101       2,033  
6967018.SQ.FTS.B, Zero Cpn, 2/28/25
      47,010       45,309  
6967852.SQ.FTS.B, Zero Cpn, 2/28/25
      11,119       10,683  
6968210.SQ.FTS.B, Zero Cpn, 2/28/25
      4,778       3,927  
6968433.SQ.FTS.B, Zero Cpn, 2/28/25
      3,905       3,792  
6968581.SQ.FTS.B, Zero Cpn, 2/28/25
      2,707       2,593  
6968688.SQ.FTS.B, Zero Cpn, 2/28/25
      17,638       9,688  
6969722.SQ.FTS.B, Zero Cpn, 2/28/25
      1,797       1,745  
6969892.SQ.FTS.B, Zero Cpn, 2/28/25
      1,360       1,272  
6969931.SQ.FTS.B, Zero Cpn, 2/28/25
      14,456       13,902  
6970262.SQ.FTS.B, Zero Cpn, 2/28/25
      2,631       2,537  
6970372.SQ.FTS.B, Zero Cpn, 2/28/25
      1,850       1,812  
6970424.SQ.FTS.B, Zero Cpn, 2/28/25
      9,013       7,469  
6970552.SQ.FTS.B, Zero Cpn, 2/28/25
      6,843       6,579  
6970669.SQ.FTS.B, Zero Cpn, 2/28/25
      27,414       26,514  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       47
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6971102.SQ.FTS.B, Zero Cpn, 2/28/25
    $ 3,860     $ 3,795  
6971226.SQ.FTS.B, Zero Cpn, 2/28/25
      730       718  
6971235.SQ.FTS.B, Zero Cpn, 2/28/25
      13,557       12,508  
6971686.SQ.FTS.B, Zero Cpn, 2/28/25
      7,939       7,207  
6971997.SQ.FTS.B, Zero Cpn, 2/28/25
      1,845       1,821  
6972306.SQ.FTS.B, Zero Cpn, 2/28/25
      215       213  
6972318.SQ.FTS.B, Zero Cpn, 2/28/25
      6,463        4,539   
6972440.SQ.FTS.B, Zero Cpn, 2/28/25
      15,671       14,664  
6972733.SQ.FTS.B, Zero Cpn, 2/28/25
      1,401       1,371  
6972991.SQ.FTS.B, Zero Cpn, 2/28/25
      2,745       2,648  
6973064.SQ.FTS.B, Zero Cpn, 2/28/25
      5,145       5,010  
6973185.SQ.FTS.B, Zero Cpn, 2/28/25
      5,925       5,610  
6973397.SQ.FTS.B, Zero Cpn, 2/28/25
      1,704       1,677  
6973541.SQ.FTS.B, Zero Cpn, 2/28/25
      1,278       1,224  
6973674.SQ.FTS.B, Zero Cpn, 2/28/25
      1,476       1,268  
6973728.SQ.FTS.B, Zero Cpn, 2/28/25
      1,009       917  
6973772.SQ.FTS.B, Zero Cpn, 2/28/25
      18,197       16,772  
6974137.SQ.FTS.B, Zero Cpn, 2/28/25
      2,149       2,073  
6974172.SQ.FTS.B, Zero Cpn, 2/28/25
      12,584       12,129  
6977409.SQ.FTS.B, Zero Cpn, 2/28/25
      9,904       7,593  
6977645.SQ.FTS.B, Zero Cpn, 2/28/25
      1,438       1,413  
6977824.SQ.FTS.B, Zero Cpn, 2/28/25
      4,705       4,501  
6978110.SQ.FTS.B, Zero Cpn, 2/28/25
      1,225       1,191  
6978166.SQ.FTS.B, Zero Cpn, 2/28/25
      1,395       1,341  
6978589.SQ.FTS.B, Zero Cpn, 2/28/25
      40,934        39,058  
6979463.SQ.FTS.B, Zero Cpn, 2/28/25
      25,531       24,382  
6980025.SQ.FTS.B, Zero Cpn, 2/28/25
      2,735       2,705  
6980194.SQ.FTS.B, Zero Cpn, 2/28/25
      8,641       6,679  
6980386.SQ.FTS.B, Zero Cpn, 2/28/25
      2,913       2,857  
6980485.SQ.FTS.B, Zero Cpn, 2/28/25
      6,174       4,522  
6980613.SQ.FTS.B, Zero Cpn, 2/28/25
      1,856       1,830  
6980681.SQ.FTS.B, Zero Cpn, 2/28/25
      37,641       36,319  
6981275.SQ.FTS.B, Zero Cpn, 3/01/25
      1,877       1,842  
6981380.SQ.FTS.B, Zero Cpn, 3/01/25
      2,572       2,316  
6981506.SQ.FTS.B, Zero Cpn, 3/01/25
      4,725       4,510  
6981745.SQ.FTS.B, Zero Cpn, 3/01/25
      727       428  
6981776.SQ.FTS.B, Zero Cpn, 3/01/25
      13,164       12,310  
6982284.SQ.FTS.B, Zero Cpn, 3/01/25
      4,236       4,140  
6982468.SQ.FTS.B, Zero Cpn, 3/01/25
      2,922       2,817  
6982673.SQ.FTS.B, Zero Cpn, 3/01/25
      2,719       2,580  
6982848.SQ.FTS.B, Zero Cpn, 3/01/25
      5,375       5,297  
6983035.SQ.FTS.B, Zero Cpn, 3/01/25
      973       896  
6983062.SQ.FTS.B, Zero Cpn, 3/01/25
      3,980       3,895  
6983184.SQ.FTS.B, Zero Cpn, 3/01/25
      8,249       7,826  
6983455.SQ.FTS.B, Zero Cpn, 3/01/25
      1,729       1,699  
6983514.SQ.FTS.B, Zero Cpn, 3/01/25
      5,801       5,583  
6983613.SQ.FTS.B, Zero Cpn, 3/01/25
      12,247       10,131  
6983907.SQ.FTS.B, Zero Cpn, 3/01/25
      5,990       3,904  
6983996.SQ.FTS.B, Zero Cpn, 3/01/25
      4,070       3,938  
6984102.SQ.FTS.B, Zero Cpn, 3/01/25
      29,569       28,581  
6984714.SQ.FTS.B, Zero Cpn, 3/02/25
      5,381       5,204  
6984834.SQ.FTS.B, Zero Cpn, 3/02/25
      1,011       997  
6984868.SQ.FTS.B, Zero Cpn, 3/02/25
      4,937       4,758  
6984950.SQ.FTS.B, Zero Cpn, 3/02/25
      23,581       23,101  
6985494.SQ.FTS.B, Zero Cpn, 3/02/25
      8,573       8,095  
6985660.SQ.FTS.B, Zero Cpn, 3/03/25
      4,813       4,546  
6985758.SQ.FTS.B, Zero Cpn, 3/03/25
      3,159       3,053  
6985831.SQ.FTS.B, Zero Cpn, 3/03/25
      7,931       7,674  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
6985995.SQ.FTS.B, Zero Cpn, 3/03/25
    $ 7,815     $ 7,527  
6986150.SQ.FTS.B, Zero Cpn, 3/03/25
      702       680  
6986171.SQ.FTS.B, Zero Cpn, 3/03/25
      1,039       1,005  
6986183.SQ.FTS.B, Zero Cpn, 3/03/25
      1,558       1,015  
6986200.SQ.FTS.B, Zero Cpn, 3/03/25
      2,809       2,724  
6986343.SQ.FTS.B, Zero Cpn, 3/04/25
      2,846       2,606  
6986388.SQ.FTS.B, Zero Cpn, 3/04/25
      5,192        4,863   
6986475.SQ.FTS.B, Zero Cpn, 3/04/25
      1,617       1,546  
6986517.SQ.FTS.B, Zero Cpn, 3/04/25
      1,688       1,618  
6986549.SQ.FTS.B, Zero Cpn, 3/04/25
      3,354       3,240  
6986633.SQ.FTS.B, Zero Cpn, 3/04/25
      26,993       25,864  
6986991.SQ.FTS.B, Zero Cpn, 3/04/25
      2,153       2,125  
6987047.SQ.FTS.B, Zero Cpn, 3/04/25
      4,114       2,658  
6987073.SQ.FTS.B, Zero Cpn, 3/04/25
      1,197       1,080  
6987090.SQ.FTS.B, Zero Cpn, 3/04/25
      4,071       3,848  
6987169.SQ.FTS.B, Zero Cpn, 3/04/25
      7,978       7,813  
6987558.SQ.FTS.B, Zero Cpn, 3/05/25
      1,746       1,652  
6987582.SQ.FTS.B, Zero Cpn, 3/05/25
      3,195       2,997  
6987735.SQ.FTS.B, Zero Cpn, 3/05/25
      5,857       5,626  
6987953.SQ.FTS.B, Zero Cpn, 3/05/25
      2,001       1,926  
6988102.SQ.FTS.B, Zero Cpn, 3/05/25
      1,820       1,771  
6988171.SQ.FTS.B, Zero Cpn, 3/05/25
      1,510       1,456  
6988209.SQ.FTS.B, Zero Cpn, 3/05/25
      4,350       3,988  
6988554.SQ.FTS.B, Zero Cpn, 3/05/25
      38       37  
6988576.SQ.FTS.B, Zero Cpn, 3/05/25
      6,599       6,277  
6988706.SQ.FTS.B, Zero Cpn, 3/05/25
      2,966       2,891  
6988804.SQ.FTS.B, Zero Cpn, 3/05/25
      26,120       20,306  
6989373.SQ.FTS.B, Zero Cpn, 3/05/25
      19,057       18,412  
6989774.SQ.FTS.B, Zero Cpn, 3/05/25
      2,542       2,469  
6989803.SQ.FTS.B, Zero Cpn, 3/05/25
      14,697        13,400  
6989956.SQ.FTS.B, Zero Cpn, 3/05/25
      472       465  
6989970.SQ.FTS.B, Zero Cpn, 3/05/25
      3,501       3,341  
6990007.SQ.FTS.B, Zero Cpn, 3/05/25
      6,215       5,803  
6990065.SQ.FTS.B, Zero Cpn, 3/05/25
      7,524       7,440  
6990239.SQ.FTS.B, Zero Cpn, 3/05/25
      5,000       2,805  
6990277.SQ.FTS.B, Zero Cpn, 3/05/25
      165       163  
6990301.SQ.FTS.B, Zero Cpn, 3/05/25
      2,555       2,437  
6990319.SQ.FTS.B, Zero Cpn, 3/05/25
      557       438  
6990373.SQ.FTS.B, Zero Cpn, 3/05/25
      1,091       1,056  
6990467.SQ.FTS.B, Zero Cpn, 3/06/25
      2,138       2,112  
6990546.SQ.FTS.B, Zero Cpn, 3/06/25
      4,928       4,707  
6990630.SQ.FTS.B, Zero Cpn, 3/06/25
      1,184       1,131  
6990657.SQ.FTS.B, Zero Cpn, 3/06/25
      2,670       2,558  
6990719.SQ.FTS.B, Zero Cpn, 3/06/25
      7,231       6,900  
6990920.SQ.FTS.B, Zero Cpn, 3/06/25
      5,570       4,614  
6991025.SQ.FTS.B, Zero Cpn, 3/06/25
      3,228       3,128  
6991080.SQ.FTS.B, Zero Cpn, 3/06/25
      904       885  
6991121.SQ.FTS.B, Zero Cpn, 3/06/25
      2,649       2,602  
6991193.SQ.FTS.B, Zero Cpn, 3/06/25
      52,670       47,929  
6992646.SQ.FTS.B, Zero Cpn, 3/06/25
      1,856       1,512  
6992671.SQ.FTS.B, Zero Cpn, 3/06/25
      2,846       2,674  
6992725.SQ.FTS.B, Zero Cpn, 3/06/25
      59,022       56,288  
6995652.SQ.FTS.B, Zero Cpn, 3/07/25
      3,690       3,561  
6995763.SQ.FTS.B, Zero Cpn, 3/07/25
      1,884       1,755  
6995942.SQ.FTS.B, Zero Cpn, 3/07/25
      16,261       15,689  
6996456.SQ.FTS.B, Zero Cpn, 3/07/25
      15,150       12,843  
6996814.SQ.FTS.B, Zero Cpn, 3/07/25
      11,439       10,629  
6997123.SQ.FTS.B, Zero Cpn, 3/07/25
      6,535       6,378  
 
       
48       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
6997340.SQ.FTS.B, Zero Cpn, 3/07/25
    $ 26,568     $ 25,990  
6997974.SQ.FTS.B, Zero Cpn, 3/07/25
      8,096       7,767  
6999593.SQ.FTS.B, Zero Cpn, 3/08/25
      1,450       1,378  
6999659.SQ.FTS.B, Zero Cpn, 3/08/25
      6,807       5,228  
6999790.SQ.FTS.B, Zero Cpn, 3/08/25
      40,811       39,220  
7000525.SQ.FTS.B, Zero Cpn, 3/08/25
      10,233       9,373  
7000681.SQ.FTS.B, Zero Cpn, 3/08/25
      11,343        11,129   
7000908.SQ.FTS.B, Zero Cpn, 3/08/25
      7,362       6,569  
7001026.SQ.FTS.B, Zero Cpn, 3/08/25
      384       376  
7001052.SQ.FTS.B, Zero Cpn, 3/08/25
      2,678       2,517  
7001090.SQ.FTS.B, Zero Cpn, 3/08/25
      8,432       8,129  
7001353.SQ.FTS.B, Zero Cpn, 3/08/25
      1,557       1,148  
7001400.SQ.FTS.B, Zero Cpn, 3/08/25
      8,558       8,112  
7001610.SQ.FTS.B, Zero Cpn, 3/08/25
      4,956       4,799  
7001709.SQ.FTS.B, Zero Cpn, 3/08/25
      9,803       9,358  
7001833.SQ.FTS.B, Zero Cpn, 3/08/25
      3,105       2,894  
7001877.SQ.FTS.B, Zero Cpn, 3/08/25
      961       941  
7001897.SQ.FTS.B, Zero Cpn, 3/08/25
      7,887       6,108  
7001954.SQ.FTS.B, Zero Cpn, 3/08/25
      30,416        28,760  
7002327.SQ.FTS.B, Zero Cpn, 3/09/25
      3,254       3,117  
7002382.SQ.FTS.B, Zero Cpn, 3/09/25
      10,740       9,971  
7002545.SQ.FTS.B, Zero Cpn, 3/09/25
      1,594       1,562  
7002567.SQ.FTS.B, Zero Cpn, 3/09/25
      4,837       4,683  
7002691.SQ.FTS.B, Zero Cpn, 3/09/25
      3,327       2,462  
7002756.SQ.FTS.B, Zero Cpn, 3/09/25
      3,021       2,822  
7002796.SQ.FTS.B, Zero Cpn, 3/09/25
      2,198       2,139  
7002848.SQ.FTS.B, Zero Cpn, 3/09/25
      6,837       6,554  
7002989.SQ.FTS.B, Zero Cpn, 3/09/25
      8,239       7,980  
7003117.SQ.FTS.B, Zero Cpn, 3/09/25
      814       478  
7003132.SQ.FTS.B, Zero Cpn, 3/09/25
      738       611  
7003140.SQ.FTS.B, Zero Cpn, 3/09/25
      9,050       8,660  
7003279.SQ.FTS.B, Zero Cpn, 3/10/25
      2,451       2,370  
7003309.SQ.FTS.B, Zero Cpn, 3/10/25
      45,964       44,253  
7004198.SQ.FTS.B, Zero Cpn, 3/11/25
      1,259       1,213  
7004223.SQ.FTS.B, Zero Cpn, 3/11/25
      5,375       3,106  
7004376.SQ.FTS.B, Zero Cpn, 3/11/25
      1,993       1,685  
7004498.SQ.FTS.B, Zero Cpn, 3/11/25
      13,120       12,699  
7005032.SQ.FTS.B, Zero Cpn, 3/11/25
      1,920       1,848  
7005137.SQ.FTS.B, Zero Cpn, 3/11/25
      4,041       3,905  
7005238.SQ.FTS.B, Zero Cpn, 3/11/25
      1,977       1,945  
7005352.SQ.FTS.B, Zero Cpn, 3/11/25
      1,846       1,772  
7005390.SQ.FTS.B, Zero Cpn, 3/11/25
      28,204       27,294  
7006014.SQ.FTS.B, Zero Cpn, 3/11/25
      4,877       4,747  
7006163.SQ.FTS.B, Zero Cpn, 3/11/25
      18,944       18,571  
7006543.SQ.FTS.B, Zero Cpn, 3/11/25
      6,656       6,358  
7006720.SQ.FTS.B, Zero Cpn, 3/11/25
      5,678       5,263  
7006832.SQ.FTS.B, Zero Cpn, 3/11/25
      11,380       8,599  
7006966.SQ.FTS.B, Zero Cpn, 3/11/25
      6,211       3,543  
7007049.SQ.FTS.B, Zero Cpn, 3/11/25
      2,619       2,524  
7007109.SQ.FTS.B, Zero Cpn, 3/11/25
      4,044       3,975  
7007193.SQ.FTS.B, Zero Cpn, 3/11/25
      420       400  
7007213.SQ.FTS.B, Zero Cpn, 3/11/25
      3,840       2,767  
7007236.SQ.FTS.B, Zero Cpn, 3/11/25
      2,083       1,788  
7007272.SQ.FTS.B, Zero Cpn, 3/11/25
      18,991       18,407  
7007488.SQ.FTS.B, Zero Cpn, 3/12/25
      29,629       28,655  
7008615.SQ.FTS.B, Zero Cpn, 3/12/25
      4,218       4,076  
7008794.SQ.FTS.B, Zero Cpn, 3/12/25
      72       72  
7008797.SQ.FTS.B, Zero Cpn, 3/12/25
      3,729       3,603  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7008867.SQ.FTS.B, Zero Cpn, 3/12/25
    $ 785     $ 735  
7008883.SQ.FTS.B, Zero Cpn, 3/12/25
      5,714       5,401  
7008953.SQ.FTS.B, Zero Cpn, 3/12/25
      18,250       17,821  
7009365.SQ.FTS.B, Zero Cpn, 3/12/25
      18,504       15,606  
7009604.SQ.FTS.B, Zero Cpn, 3/12/25
      56,228       43,874  
7010487.SQ.FTS.B, Zero Cpn, 3/12/25
      19,061       18,206  
7010981.SQ.FTS.B, Zero Cpn, 3/13/25
      2,150        1,558   
7011029.SQ.FTS.B, Zero Cpn, 3/13/25
      13,102       11,516  
7011532.SQ.FTS.B, Zero Cpn, 3/13/25
      16,914       16,064  
7012393.SQ.FTS.B, Zero Cpn, 3/13/25
      2,252       2,146  
7012466.SQ.FTS.B, Zero Cpn, 3/13/25
      11,581       9,371  
7012763.SQ.FTS.B, Zero Cpn, 3/13/25
      496       483  
7012774.SQ.FTS.B, Zero Cpn, 3/13/25
      219       215  
7012807.SQ.FTS.B, Zero Cpn, 3/13/25
      1,305       1,108  
7012854.SQ.FTS.B, Zero Cpn, 3/13/25
      768       422  
7012870.SQ.FTS.B, Zero Cpn, 3/13/25
      4,219       4,040  
7012977.SQ.FTS.B, Zero Cpn, 3/13/25
      1,841       1,751  
7013018.SQ.FTS.B, Zero Cpn, 3/13/25
      7,071       6,507  
7013153.SQ.FTS.B, Zero Cpn, 3/13/25
      4,996       4,603  
7013238.SQ.FTS.B, Zero Cpn, 3/13/25
      1,573       1,558  
7013288.SQ.FTS.B, Zero Cpn, 3/13/25
      15,819       15,362  
7013752.SQ.FTS.B, Zero Cpn, 3/13/25
      6,893       6,753  
7014038.SQ.FTS.B, Zero Cpn, 3/13/25
      1,688       1,671  
7014086.SQ.FTS.B, Zero Cpn, 3/13/25
      39,439        37,753  
7016330.SQ.FTS.B, Zero Cpn, 3/14/25
      7,003       5,900  
7016498.SQ.FTS.B, Zero Cpn, 3/14/25
      2,760       2,647  
7016571.SQ.FTS.B, Zero Cpn, 3/14/25
      1,945       1,645  
7016634.SQ.FTS.B, Zero Cpn, 3/14/25
      7,401       7,211  
7017252.SQ.FTS.B, Zero Cpn, 3/14/25
      1,631       1,570  
7017360.SQ.FTS.B, Zero Cpn, 3/14/25
      11,218       10,805  
7018204.SQ.FTS.B, Zero Cpn, 3/14/25
      6,408       6,132  
7018390.SQ.FTS.B, Zero Cpn, 3/14/25
      5,497       5,300  
7018554.SQ.FTS.B, Zero Cpn, 3/14/25
      913       875  
7018565.SQ.FTS.B, Zero Cpn, 3/14/25
      1,446       1,389  
7018597.SQ.FTS.B, Zero Cpn, 3/14/25
      3,160       3,023  
7018668.SQ.FTS.B, Zero Cpn, 3/14/25
      450       427  
7018697.SQ.FTS.B, Zero Cpn, 3/14/25
      1,438       1,379  
7018777.SQ.FTS.B, Zero Cpn, 3/14/25
      8,413       8,172  
7018984.SQ.FTS.B, Zero Cpn, 3/14/25
      1,991       1,819  
7019058.SQ.FTS.B, Zero Cpn, 3/14/25
      9,522       8,648  
7019223.SQ.FTS.B, Zero Cpn, 3/14/25
      13,677       13,186  
7019534.SQ.FTS.B, Zero Cpn, 3/14/25
      10,679       10,048  
7019772.SQ.FTS.B, Zero Cpn, 3/14/25
      4,089       3,934  
7019911.SQ.FTS.B, Zero Cpn, 3/14/25
      14,036       13,784  
7020229.SQ.FTS.B, Zero Cpn, 3/14/25
      32,674       31,958  
7020375.SQ.FTS.B, Zero Cpn, 3/15/25
      816       742  
7020416.SQ.FTS.B, Zero Cpn, 3/15/25
      32,413       28,712  
7021437.SQ.FTS.B, Zero Cpn, 3/15/25
      11,692       10,968  
7021770.SQ.FTS.B, Zero Cpn, 3/15/25
      1,593       1,097  
7022129.SQ.FTS.B, Zero Cpn, 3/15/25
      6,213       5,821  
7022264.SQ.FTS.B, Zero Cpn, 3/15/25
      1,613       1,545  
7022338.SQ.FTS.B, Zero Cpn, 3/15/25
      1,269       1,166  
7022376.SQ.FTS.B, Zero Cpn, 3/15/25
      3,273       2,662  
7022456.SQ.FTS.B, Zero Cpn, 3/15/25
      6,608       6,346  
7022642.SQ.FTS.B, Zero Cpn, 3/15/25
      21,812       20,708  
7023215.SQ.FTS.B, Zero Cpn, 3/15/25
      9,198       8,826  
7023433.SQ.FTS.B, Zero Cpn, 3/15/25
      1,825       1,775  
7023496.SQ.FTS.B, Zero Cpn, 3/15/25
      7,310       6,819  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       49
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7024277.SQ.FTS.B, Zero Cpn, 3/15/25
    $  30,740     $ 28,918  
7024639.SQ.FTS.B, Zero Cpn, 3/16/25
      6,894       6,682  
7024779.SQ.FTS.B, Zero Cpn, 3/16/25
      9,182       8,371  
7024914.SQ.FTS.B, Zero Cpn, 3/16/25
      3,539       3,428  
7025006.SQ.FTS.B, Zero Cpn, 3/16/25
      1,360       1,328  
7025037.SQ.FTS.B, Zero Cpn, 3/16/25
      998       968  
7025073.SQ.FTS.B, Zero Cpn, 3/16/25
      9,737        8,736   
7025200.SQ.FTS.B, Zero Cpn, 3/16/25
      12,513        12,020  
7025429.SQ.FTS.B, Zero Cpn, 3/16/25
      2,872       2,696  
7025472.SQ.FTS.B, Zero Cpn, 3/16/25
      529       396  
7025474.SQ.FTS.B, Zero Cpn, 3/16/25
      5,550       5,353  
7025583.SQ.FTS.B, Zero Cpn, 3/17/25
      1,299       1,137  
7025619.SQ.FTS.B, Zero Cpn, 3/17/25
      2,390       2,061  
7025657.SQ.FTS.B, Zero Cpn, 3/17/25
      1,403       1,290  
7025690.SQ.FTS.B, Zero Cpn, 3/17/25
      4,925       4,787  
7025829.SQ.FTS.B, Zero Cpn, 3/17/25
      7,236       5,424  
7025933.SQ.FTS.B, Zero Cpn, 3/17/25
      3,574       2,854  
7025985.SQ.FTS.B, Zero Cpn, 3/17/25
      1,242       1,222  
7026020.SQ.FTS.B, Zero Cpn, 3/17/25
      1,144       1,067  
7026038.SQ.FTS.B, Zero Cpn, 3/17/25
      4,962       3,558  
7026096.SQ.FTS.B, Zero Cpn, 3/17/25
      2,605       2,529  
7026146.SQ.FTS.B, Zero Cpn, 3/17/25
      7,146       6,843  
7026621.SQ.FTS.B, Zero Cpn, 3/18/25
      1,567       1,535  
7026704.SQ.FTS.B, Zero Cpn, 3/18/25
      6,065       5,840  
7027543.SQ.FTS.B, Zero Cpn, 3/18/25
      640       625  
7027572.SQ.FTS.B, Zero Cpn, 3/18/25
      37,664       31,442  
7028336.SQ.FTS.B, Zero Cpn, 3/18/25
      2,592       1,581  
7028404.SQ.FTS.B, Zero Cpn, 3/18/25
      572       554  
7028413.SQ.FTS.B, Zero Cpn, 3/18/25
      441       414  
7028434.SQ.FTS.B, Zero Cpn, 3/18/25
      909       826  
7028447.SQ.FTS.B, Zero Cpn, 3/18/25
      6,648       6,415  
7028563.SQ.FTS.B, Zero Cpn, 3/18/25
      32,450       31,505  
7029261.SQ.FTS.B, Zero Cpn, 3/18/25
      10,183       9,639  
7029506.SQ.FTS.B, Zero Cpn, 3/18/25
      3,521       2,951  
7029563.SQ.FTS.B, Zero Cpn, 3/18/25
      2,372       2,196  
7029635.SQ.FTS.B, Zero Cpn, 3/18/25
      1,513       1,494  
7029684.SQ.FTS.B, Zero Cpn, 3/18/25
      712       610  
7029706.SQ.FTS.B, Zero Cpn, 3/18/25
      7,769       7,165  
7029890.SQ.FTS.B, Zero Cpn, 3/18/25
      8,596       4,565  
7030024.SQ.FTS.B, Zero Cpn, 3/18/25
      999       863  
7030033.SQ.FTS.B, Zero Cpn, 3/18/25
      1,109       1,069  
7030119.SQ.FTS.B, Zero Cpn, 3/18/25
      3,921       3,852  
7030310.SQ.FTS.B, Zero Cpn, 3/18/25
      4,610       4,336  
7030382.SQ.FTS.B, Zero Cpn, 3/18/25
      379       356  
7030393.SQ.FTS.B, Zero Cpn, 3/18/25
      26,166       25,356  
7030479.SQ.FTS.B, Zero Cpn, 3/19/25
      7,237       6,951  
7030704.SQ.FTS.B, Zero Cpn, 3/19/25
      86       85  
7030732.SQ.FTS.B, Zero Cpn, 3/19/25
      2,678       2,580  
7030828.SQ.FTS.B, Zero Cpn, 3/19/25
      1,243       1,198  
7030904.SQ.FTS.B, Zero Cpn, 3/19/25
      1,537       1,439  
7031031.SQ.FTS.B, Zero Cpn, 3/19/25
      933       922  
7031123.SQ.FTS.B, Zero Cpn, 3/19/25
      659       637  
7031129.SQ.FTS.B, Zero Cpn, 3/19/25
      26,166       24,684  
7031871.SQ.FTS.B, Zero Cpn, 3/19/25
      2,425       2,316  
7031934.SQ.FTS.B, Zero Cpn, 3/19/25
      10,031       8,159  
7032161.SQ.FTS.B, Zero Cpn, 3/19/25
      38,966       37,545  
7032821.SQ.FTS.B, Zero Cpn, 3/19/25
      8,407       8,064  
7032947.SQ.FTS.B, Zero Cpn, 3/19/25
      8,437       8,104  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7033094.SQ.FTS.B, Zero Cpn, 3/19/25
    $  50,114     $ 48,249  
7033869.SQ.FTS.B, Zero Cpn, 3/19/25
      2,895       2,646  
7033914.SQ.FTS.B, Zero Cpn, 3/19/25
      37,400       36,231  
7034191.SQ.FTS.B, Zero Cpn, 3/20/25
      1,538       1,504  
7034277.SQ.FTS.B, Zero Cpn, 3/20/25
      3,199       3,084  
7034420.SQ.FTS.B, Zero Cpn, 3/20/25
      1,536       1,463  
7034472.SQ.FTS.B, Zero Cpn, 3/20/25
      3,211        3,160   
7034652.SQ.FTS.B, Zero Cpn, 3/20/25
      8,135       6,700  
7035000.SQ.FTS.B, Zero Cpn, 3/20/25
      7,038       6,577  
7035164.SQ.FTS.B, Zero Cpn, 3/20/25
      20,311       19,607  
7036165.SQ.FTS.B, Zero Cpn, 3/20/25
      6,631       6,495  
7036310.SQ.FTS.B, Zero Cpn, 3/20/25
      4,129       3,933  
7036403.SQ.FTS.B, Zero Cpn, 3/20/25
      60,723       56,751  
7037313.SQ.FTS.B, Zero Cpn, 3/20/25
      28,035        26,072  
7037884.SQ.FTS.B, Zero Cpn, 3/20/25
      1,501       1,418  
7037911.SQ.FTS.B, Zero Cpn, 3/20/25
      10,921       10,326  
7039779.SQ.FTS.B, Zero Cpn, 3/21/25
      2,084       1,935  
7039840.SQ.FTS.B, Zero Cpn, 3/21/25
      937       853  
7039844.SQ.FTS.B, Zero Cpn, 3/21/25
      18,627       17,297  
7040271.SQ.FTS.B, Zero Cpn, 3/21/25
      41,243       32,984  
7041550.SQ.FTS.B, Zero Cpn, 3/21/25
      21,536       20,597  
7042050.SQ.FTS.B, Zero Cpn, 3/21/25
      9,099       8,680  
7042991.SQ.FTS.B, Zero Cpn, 3/21/25
      6,605       6,466  
7043237.SQ.FTS.B, Zero Cpn, 3/21/25
      9,195       8,698  
7043505.SQ.FTS.B, Zero Cpn, 3/21/25
      1,108       1,080  
7043528.SQ.FTS.B, Zero Cpn, 3/21/25
      8,230       8,058  
7043841.SQ.FTS.B, Zero Cpn, 3/22/25
      594       576  
7043883.SQ.FTS.B, Zero Cpn, 3/22/25
      3,398       2,801  
7044061.SQ.FTS.B, Zero Cpn, 3/22/25
      2,991       2,910  
7044180.SQ.FTS.B, Zero Cpn, 3/22/25
      2,856       2,772  
7044311.SQ.FTS.B, Zero Cpn, 3/22/25
      3,595       3,297  
7044387.SQ.FTS.B, Zero Cpn, 3/22/25
      15,002       14,421  
7045028.SQ.FTS.B, Zero Cpn, 3/22/25
      1,085       1,052  
7045062.SQ.FTS.B, Zero Cpn, 3/22/25
      23,459       22,357  
7045710.SQ.FTS.B, Zero Cpn, 3/22/25
      7,389       6,944  
7045994.SQ.FTS.B, Zero Cpn, 3/22/25
      2,039       1,988  
7046070.SQ.FTS.B, Zero Cpn, 3/22/25
      5,940       5,735  
7046224.SQ.FTS.B, Zero Cpn, 3/22/25
      8,694       7,786  
7046389.SQ.FTS.B, Zero Cpn, 3/22/25
      862       658  
7046392.SQ.FTS.B, Zero Cpn, 3/22/25
      3,127       2,965  
7046493.SQ.FTS.B, Zero Cpn, 3/22/25
      1,237       1,107  
7046545.SQ.FTS.B, Zero Cpn, 3/22/25
      19,590       18,847  
7046821.SQ.FTS.B, Zero Cpn, 3/22/25
      1,552       1,418  
7046841.SQ.FTS.B, Zero Cpn, 3/22/25
      916       885  
7046858.SQ.FTS.B, Zero Cpn, 3/22/25
      19,124       18,134  
7047078.SQ.FTS.B, Zero Cpn, 3/23/25
      2,457       2,341  
7047122.SQ.FTS.B, Zero Cpn, 3/23/25
      3,237       3,122  
7047159.SQ.FTS.B, Zero Cpn, 3/23/25
      8,453       8,129  
7047271.SQ.FTS.B, Zero Cpn, 3/23/25
      2,884       2,670  
7047312.SQ.FTS.B, Zero Cpn, 3/23/25
      3,899       3,721  
7047385.SQ.FTS.B, Zero Cpn, 3/23/25
      4,398       4,099  
7047435.SQ.FTS.B, Zero Cpn, 3/23/25
      6,040       5,836  
7047531.SQ.FTS.B, Zero Cpn, 3/23/25
      29,545       25,182  
7048082.SQ.FTS.B, Zero Cpn, 3/24/25
      5,263       5,034  
7048214.SQ.FTS.B, Zero Cpn, 3/24/25
      2,787       2,690  
7048272.SQ.FTS.B, Zero Cpn, 3/24/25
      3,248       3,057  
7048331.SQ.FTS.B, Zero Cpn, 3/24/25
      9,140       8,825  
7048502.SQ.FTS.B, Zero Cpn, 3/24/25
      7,940       7,766  
 
       
50       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7048665.SQ.FTS.B, Zero Cpn, 3/24/25
    $ 1,248     $ 1,193  
7048690.SQ.FTS.B, Zero Cpn, 3/24/25
      1,928       1,848  
7048720.SQ.FTS.B, Zero Cpn, 3/24/25
      4,219       4,023  
7048994.SQ.FTS.B, Zero Cpn, 3/25/25
      3,525       2,948  
7049095.SQ.FTS.B, Zero Cpn, 3/25/25
      12,362       12,024  
7049571.SQ.FTS.B, Zero Cpn, 3/25/25
      741       724  
7049616.SQ.FTS.B, Zero Cpn, 3/25/25
      1,752        1,685   
7049703.SQ.FTS.B, Zero Cpn, 3/25/25
      33,119       30,904  
7050280.SQ.FTS.B, Zero Cpn, 3/25/25
      1,085       1,016  
7050291.SQ.FTS.B, Zero Cpn, 3/25/25
      11,463       10,994  
7050514.SQ.FTS.B, Zero Cpn, 3/25/25
      382       368  
7050520.SQ.FTS.B, Zero Cpn, 3/25/25
      3,719       2,856  
7050555.SQ.FTS.B, Zero Cpn, 3/25/25
      14,711        14,163  
7050699.SQ.FTS.B, Zero Cpn, 3/25/25
      1,636       1,611  
7050735.SQ.FTS.B, Zero Cpn, 3/25/25
      424       320  
7050844.SQ.FTS.B, Zero Cpn, 3/25/25
      30,452       29,267  
7051263.SQ.FTS.B, Zero Cpn, 3/25/25
      46,473       45,228  
7052133.SQ.FTS.B, Zero Cpn, 3/25/25
      22,823       16,576  
7052455.SQ.FTS.B, Zero Cpn, 3/25/25
      12,599       12,116  
7052659.SQ.FTS.B, Zero Cpn, 3/25/25
      2,020       1,768  
7052715.SQ.FTS.B, Zero Cpn, 3/26/25
      7,746       7,248  
7052845.SQ.FTS.B, Zero Cpn, 3/26/25
      3,476       3,383  
7052889.SQ.FTS.B, Zero Cpn, 3/26/25
      987       924  
7052909.SQ.FTS.B, Zero Cpn, 3/26/25
      8,202       7,884  
7053123.SQ.FTS.B, Zero Cpn, 3/26/25
      1,010       928  
7053160.SQ.FTS.B, Zero Cpn, 3/26/25
      5,126       4,934  
7053310.SQ.FTS.B, Zero Cpn, 3/26/25
      13,545       12,568  
7053791.SQ.FTS.B, Zero Cpn, 3/26/25
      6,683       6,398  
7053936.SQ.FTS.B, Zero Cpn, 3/26/25
      4,279       4,082  
7054028.SQ.FTS.B, Zero Cpn, 3/26/25
      1,911       1,855  
7054093.SQ.FTS.B, Zero Cpn, 3/26/25
      24,984       23,680  
7054475.SQ.FTS.B, Zero Cpn, 3/26/25
      1,630       1,567  
7054599.SQ.FTS.B, Zero Cpn, 3/26/25
      14,223       13,167  
7055837.SQ.FTS.B, Zero Cpn, 3/27/25
      10,509       10,265  
7056058.SQ.FTS.B, Zero Cpn, 3/27/25
      5,837       5,629  
7056143.SQ.FTS.B, Zero Cpn, 3/27/25
      677       643  
7056161.SQ.FTS.B, Zero Cpn, 3/27/25
      37,554       35,977  
7057253.SQ.FTS.B, Zero Cpn, 3/27/25
      13,941       13,256  
7057796.SQ.FTS.B, Zero Cpn, 3/27/25
      7,112       6,617  
7057925.SQ.FTS.B, Zero Cpn, 3/27/25
      11,290       9,635  
7058350.SQ.FTS.B, Zero Cpn, 3/27/25
      2,116       2,019  
7058362.SQ.FTS.B, Zero Cpn, 3/27/25
      1,723       1,644  
7058398.SQ.FTS.B, Zero Cpn, 3/27/25
      4,989       4,711  
7058518.SQ.FTS.B, Zero Cpn, 3/27/25
      2,123       2,085  
7058696.SQ.FTS.B, Zero Cpn, 3/27/25
      2,804       2,716  
7058745.SQ.FTS.B, Zero Cpn, 3/27/25
      7,250       6,887  
7060939.SQ.FTS.B, Zero Cpn, 3/28/25
      4,176       3,651  
7061046.SQ.FTS.B, Zero Cpn, 3/28/25
      2,326       2,235  
7061083.SQ.FTS.B, Zero Cpn, 3/28/25
      3,579       3,431  
7061181.SQ.FTS.B, Zero Cpn, 3/28/25
      2,981       2,838  
7061256.SQ.FTS.B, Zero Cpn, 3/28/25
      6,701       6,367  
7061383.SQ.FTS.B, Zero Cpn, 3/28/25
      4,496       4,310  
7061451.SQ.FTS.B, Zero Cpn, 3/28/25
      10,499       9,629  
7061555.SQ.FTS.B, Zero Cpn, 3/28/25
      896       868  
7061598.SQ.FTS.B, Zero Cpn, 3/28/25
      342       329  
7061616.SQ.FTS.B, Zero Cpn, 3/28/25
      727       702  
7061648.SQ.FTS.B, Zero Cpn, 3/28/25
      13,566       12,815  
7062042.SQ.FTS.B, Zero Cpn, 3/28/25
      19,862       19,094  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7062519.SQ.FTS.B, Zero Cpn, 3/28/25
    $  11,645     $ 10,361  
7062693.SQ.FTS.B, Zero Cpn, 3/28/25
      34,416       33,209  
7063310.SQ.FTS.B, Zero Cpn, 3/28/25
      34,772       33,539  
7063540.SQ.FTS.B, Zero Cpn, 3/28/25
      22,090       21,080  
7063951.SQ.FTS.B, Zero Cpn, 3/28/25
      12,137       11,666  
7064257.SQ.FTS.B, Zero Cpn, 3/28/25
      1,597       1,524  
7064274.SQ.FTS.B, Zero Cpn, 3/28/25
      25,274        24,299   
7064832.SQ.FTS.B, Zero Cpn, 3/29/25
      3,544       3,418  
7064938.SQ.FTS.B, Zero Cpn, 3/29/25
      12,507       12,015  
7065357.SQ.FTS.B, Zero Cpn, 3/29/25
      2,930       2,765  
7065493.SQ.FTS.B, Zero Cpn, 3/29/25
      30,931        29,454  
7066201.SQ.FTS.B, Zero Cpn, 3/29/25
      2,489       2,177  
7066220.SQ.FTS.B, Zero Cpn, 3/29/25
      10,186       9,677  
7066375.SQ.FTS.B, Zero Cpn, 3/29/25
      1,387       1,350  
7066416.SQ.FTS.B, Zero Cpn, 3/29/25
      31,490       24,104  
7066581.SQ.FTS.B, Zero Cpn, 3/29/25
      24,856       23,753  
7066794.SQ.FTS.B, Zero Cpn, 3/29/25
      6,803       6,222  
7066956.SQ.FTS.B, Zero Cpn, 3/29/25
      1,782       1,616  
7067009.SQ.FTS.B, Zero Cpn, 3/29/25
      2,678       2,277  
7067157.SQ.FTS.B, Zero Cpn, 3/29/25
      3,006       2,887  
7067185.SQ.FTS.B, Zero Cpn, 3/29/25
      14,437       10,163  
7067434.SQ.FTS.B, Zero Cpn, 3/29/25
      8,883       8,489  
7067782.SQ.FTS.B, Zero Cpn, 3/29/25
      4,724       4,583  
7067986.SQ.FTS.B, Zero Cpn, 3/29/25
      1,778       1,689  
7068055.SQ.FTS.B, Zero Cpn, 3/29/25
      16,930       16,196  
7068149.SQ.FTS.B, Zero Cpn, 3/30/25
      4,313       4,129  
7068193.SQ.FTS.B, Zero Cpn, 3/30/25
      7,479       6,955  
7068247.SQ.FTS.B, Zero Cpn, 3/30/25
      5,561       5,366  
7068308.SQ.FTS.B, Zero Cpn, 3/30/25
      4,597       4,443  
7068405.SQ.FTS.B, Zero Cpn, 3/30/25
      1,896       1,839  
7068427.SQ.FTS.B, Zero Cpn, 3/30/25
      6,813       6,575  
7068504.SQ.FTS.B, Zero Cpn, 3/30/25
      8,492       8,235  
7068672.SQ.FTS.B, Zero Cpn, 3/30/25
      3,603       3,453  
7068719.SQ.FTS.B, Zero Cpn, 3/30/25
      23,172       21,268  
7068937.SQ.FTS.B, Zero Cpn, 3/30/25
      2,746       2,629  
7068957.SQ.FTS.B, Zero Cpn, 3/30/25
      506       481  
7068991.SQ.FTS.B, Zero Cpn, 3/30/25
      6,352       6,063  
7069074.SQ.FTS.B, Zero Cpn, 4/01/25
      7,231       6,637  
7069154.SQ.FTS.B, Zero Cpn, 4/01/25
      10,310       9,906  
7069274.SQ.FTS.B, Zero Cpn, 4/01/25
      291       283  
7069279.SQ.FTS.B, Zero Cpn, 4/01/25
      8,501       8,204  
7069414.SQ.FTS.B, Zero Cpn, 4/01/25
      4,103       3,953  
7069474.SQ.FTS.B, Zero Cpn, 4/01/25
      5,109       4,891  
7069512.SQ.FTS.B, Zero Cpn, 4/01/25
      5,142       4,942  
7069563.SQ.FTS.B, Zero Cpn, 4/01/25
      11,360       10,839  
7069644.SQ.FTS.B, Zero Cpn, 4/01/25
      1,122       1,068  
7069658.SQ.FTS.B, Zero Cpn, 4/01/25
      10,300       9,950  
7069780.SQ.FTS.B, Zero Cpn, 4/01/25
      2,624       2,493  
7070100.SQ.FTS.B, Zero Cpn, 4/02/25
      9,557       8,939  
7070164.SQ.FTS.B, Zero Cpn, 4/02/25
      14,810       14,141  
7071088.SQ.FTS.B, Zero Cpn, 4/02/25
      29,641       28,465  
7071629.SQ.FTS.B, Zero Cpn, 4/02/25
      11,803       10,363  
7071799.SQ.FTS.B, Zero Cpn, 4/02/25
      1,663       1,598  
7071816.SQ.FTS.B, Zero Cpn, 4/02/25
      11,565       11,150  
7071976.SQ.FTS.B, Zero Cpn, 4/02/25
      4,895       4,496  
7072006.SQ.FTS.B, Zero Cpn, 4/02/25
      14,255       13,502  
7072124.SQ.FTS.B, Zero Cpn, 4/02/25
      2,589       2,432  
7072196.SQ.FTS.B, Zero Cpn, 4/02/25
      1,350       1,315  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       51
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7072227.SQ.FTS.B, Zero Cpn, 4/02/25
    $ 1,399     $ 1,344  
7072264.SQ.FTS.B, Zero Cpn, 4/02/25
      2,165       2,086  
7072319.SQ.FTS.B, Zero Cpn, 4/02/25
      13,766       13,325  
7072580.SQ.FTS.B, Zero Cpn, 4/02/25
      64,563       61,700  
7073685.SQ.FTS.B, Zero Cpn, 4/02/25
      9,760       9,378  
7073763.SQ.FTS.B, Zero Cpn, 4/02/25
      3,748       3,621  
7074012.SQ.FTS.B, Zero Cpn, 4/03/25
      5,027        4,839   
7074076.SQ.FTS.B, Zero Cpn, 4/03/25
      1,089       1,048  
7074091.SQ.FTS.B, Zero Cpn, 4/03/25
      6,199       5,991  
7074155.SQ.FTS.B, Zero Cpn, 4/03/25
      4,553       4,373  
7074185.SQ.FTS.B, Zero Cpn, 4/03/25
      37,063       35,494  
7074942.SQ.FTS.B, Zero Cpn, 4/03/25
      1,496       1,467  
7075011.SQ.FTS.B, Zero Cpn, 4/03/25
      6,038       5,818  
7075160.SQ.FTS.B, Zero Cpn, 4/03/25
      7,737       7,399  
7075285.SQ.FTS.B, Zero Cpn, 4/03/25
      15,725       14,964  
7075539.SQ.FTS.B, Zero Cpn, 4/03/25
      7,467       7,122  
7075651.SQ.FTS.B, Zero Cpn, 4/03/25
      5,251       4,616  
7075721.SQ.FTS.B, Zero Cpn, 4/03/25
      12,803       12,126  
7075883.SQ.FTS.B, Zero Cpn, 4/03/25
      23,686        21,667  
7076212.SQ.FTS.B, Zero Cpn, 4/03/25
      4,702       4,452  
7076337.SQ.FTS.B, Zero Cpn, 4/03/25
      3,351       3,247  
7076426.SQ.FTS.B, Zero Cpn, 4/03/25
      7,854       7,438  
7076523.SQ.FTS.B, Zero Cpn, 4/03/25
      8,417       8,156  
7076846.SQ.FTS.B, Zero Cpn, 4/03/25
      9,274       8,152  
7076965.SQ.FTS.B, Zero Cpn, 4/03/25
      17,179       16,449  
7077186.SQ.FTS.B, Zero Cpn, 4/03/25
      560       540  
7077191.SQ.FTS.B, Zero Cpn, 4/03/25
      7,305       7,032  
7077244.SQ.FTS.B, Zero Cpn, 4/03/25
      48,072       46,026  
7077841.SQ.FTS.B, Zero Cpn, 4/04/25
      1,420       1,328  
7077874.SQ.FTS.B, Zero Cpn, 4/04/25
      1,941       1,746  
7077910.SQ.FTS.B, Zero Cpn, 4/04/25
      2,618       2,449  
7077940.SQ.FTS.B, Zero Cpn, 4/04/25
      4,653       4,475  
7078012.SQ.FTS.B, Zero Cpn, 4/04/25
      3,473       3,055  
7078070.SQ.FTS.B, Zero Cpn, 4/04/25
      5,545       5,289  
7078200.SQ.FTS.B, Zero Cpn, 4/04/25
      9,027       8,591  
7078421.SQ.FTS.B, Zero Cpn, 4/04/25
      4,937       4,492  
7078532.SQ.FTS.B, Zero Cpn, 4/04/25
      770       748  
7078561.SQ.FTS.B, Zero Cpn, 4/04/25
      2,233       2,156  
7078663.SQ.FTS.B, Zero Cpn, 4/04/25
      1,396       1,271  
7078692.SQ.FTS.B, Zero Cpn, 4/04/25
      2,095       2,011  
7078724.SQ.FTS.B, Zero Cpn, 4/04/25
      2,978       2,878  
7078789.SQ.FTS.B, Zero Cpn, 4/04/25
      6,195       5,457  
7078908.SQ.FTS.B, Zero Cpn, 4/04/25
      7,003       6,701  
7079036.SQ.FTS.B, Zero Cpn, 4/04/25
      2,634       2,479  
7079091.SQ.FTS.B, Zero Cpn, 4/04/25
      4,792       4,519  
7079186.SQ.FTS.B, Zero Cpn, 4/04/25
      875       850  
7079220.SQ.FTS.B, Zero Cpn, 4/04/25
      412       398  
7079295.SQ.FTS.B, Zero Cpn, 4/04/25
      2,279       2,184  
7079333.SQ.FTS.B, Zero Cpn, 4/04/25
      28,035       26,821  
7079644.SQ.FTS.B, Zero Cpn, 4/04/25
      1,243       1,167  
7079669.SQ.FTS.B, Zero Cpn, 4/04/25
      2,569       2,493  
7079720.SQ.FTS.B, Zero Cpn, 4/04/25
      1,218       1,131  
7079743.SQ.FTS.B, Zero Cpn, 4/04/25
      11,152       10,773  
7079893.SQ.FTS.B, Zero Cpn, 4/04/25
      2,094       1,976  
7079914.SQ.FTS.B, Zero Cpn, 4/04/25
      28,136       27,138  
7080218.SQ.FTS.B, Zero Cpn, 4/04/25
      2,134       2,049  
7080256.SQ.FTS.B, Zero Cpn, 4/04/25
      10,871       10,408  
7080379.SQ.FTS.B, Zero Cpn, 4/04/25
      9,302       8,936  
Description
   
Principal
Amount
  
Value
   
     
Block, Inc. (continued)
     
7080513.SQ.FTS.B, Zero Cpn, 4/04/25
    $ 6,989     $ 6,751  
7080603.SQ.FTS.B, Zero Cpn, 4/04/25
      41,996       35,986  
7081152.SQ.FTS.B, Zero Cpn, 4/04/25
      8,675       8,379  
7084979.SQ.FTS.B, Zero Cpn, 4/05/25
      2,841       2,701  
7085123.SQ.FTS.B, Zero Cpn, 4/05/25
      28,168       27,084  
7085706.SQ.FTS.B, Zero Cpn, 4/05/25
      4,260       4,090  
7085866.SQ.FTS.B, Zero Cpn, 4/05/25
      8,049        7,640   
7086050.SQ.FTS.B, Zero Cpn, 4/05/25
      2,006       1,938  
7086115.SQ.FTS.B, Zero Cpn, 4/05/25
      10,392       9,951  
7086320.SQ.FTS.B, Zero Cpn, 4/05/25
      3,264       2,919  
7086396.SQ.FTS.B, Zero Cpn, 4/05/25
      2,446       2,187  
7086424.SQ.FTS.B, Zero Cpn, 4/05/25
      3,092       2,977  
7086495.SQ.FTS.B, Zero Cpn, 4/05/25
      14,993       14,195  
7086691.SQ.FTS.B, Zero Cpn, 4/05/25
      2,572       2,118  
7086727.SQ.FTS.B, Zero Cpn, 4/05/25
      13,973       13,483  
7086921.SQ.FTS.B, Zero Cpn, 4/05/25
      2,535       2,425  
7086959.SQ.FTS.B, Zero Cpn, 4/05/25
      7,237       6,960  
7087126.SQ.FTS.B, Zero Cpn, 4/05/25
      473       384  
7087146.SQ.FTS.B, Zero Cpn, 4/05/25
      6,301       5,293  
7087211.SQ.FTS.B, Zero Cpn, 4/05/25
      8,194       7,888  
7087393.SQ.FTS.B, Zero Cpn, 4/05/25
      3,335       3,202  
7087434.SQ.FTS.B, Zero Cpn, 4/05/25
      1,237       1,188  
7087454.SQ.FTS.B, Zero Cpn, 4/05/25
      7,870       6,612  
7087484.SQ.FTS.B, Zero Cpn, 4/05/25
      3,664       3,525  
7087577.SQ.FTS.B, Zero Cpn, 4/05/25
      28,016        26,882  
7087865.SQ.FTS.B, Zero Cpn, 4/05/25
      3,144       3,053  
7087936.SQ.FTS.B, Zero Cpn, 4/05/25
      7,780       7,495  
7088015.SQ.FTS.B, Zero Cpn, 4/05/25
      4,310       4,165  
7088106.SQ.FTS.B, Zero Cpn, 4/05/25
      3,843       3,692  
7088171.SQ.FTS.B, Zero Cpn, 4/05/25
      3,605       3,467  
7088207.SQ.FTS.B, Zero Cpn, 4/05/25
      4,043       3,886  
7088271.SQ.FTS.B, Zero Cpn, 4/05/25
      4,614       4,395  
7088370.SQ.FTS.B, Zero Cpn, 4/05/25
      15,257       14,666  
7088605.SQ.FTS.B, Zero Cpn, 4/05/25
      20,192       19,375  
7088952.SQ.FTS.B, Zero Cpn, 4/06/25
      6,135       5,902  
7089120.SQ.FTS.B, Zero Cpn, 4/06/25
      989       949  
7089133.SQ.FTS.B, Zero Cpn, 4/06/25
      6,199       5,932  
7089212.SQ.FTS.B, Zero Cpn, 4/06/25
      43,223       40,272  
7090190.SQ.FTS.B, Zero Cpn, 4/06/25
      6,468       4,695  
7090273.SQ.FTS.B, Zero Cpn, 4/06/25
      1,749       1,682  
7090338.SQ.FTS.B, Zero Cpn, 4/06/25
      62,560       59,868  
7090983.SQ.FTS.B, Zero Cpn, 4/06/25
      46,926       44,900  
7091480.SQ.FTS.B, Zero Cpn, 4/06/25
      22,615       21,573  
7091649.SQ.FTS.B, Zero Cpn, 4/06/25
      9,731       9,352  
7091768.SQ.FTS.B, Zero Cpn, 4/06/25
      933       904  
7091786.SQ.FTS.B, Zero Cpn, 4/06/25
      5,220       5,022  
7091881.SQ.FTS.B, Zero Cpn, 4/06/25
      30,301       27,712  
7092243.SQ.FTS.B, Zero Cpn, 4/06/25
      2,219       2,092  
7092309.SQ.FTS.B, Zero Cpn, 4/06/25
      996       969  
7092357.SQ.FTS.B, Zero Cpn, 4/07/25
      4,976       4,781  
7092465.SQ.FTS.B, Zero Cpn, 4/07/25
      4,783       4,574  
7092567.SQ.FTS.B, Zero Cpn, 4/07/25
      2,655       2,591  
7092668.SQ.FTS.B, Zero Cpn, 4/07/25
      4,291       4,154  
7092804.SQ.FTS.B, Zero Cpn, 4/07/25
      1,127       1,083  
7092824.SQ.FTS.B, Zero Cpn, 4/07/25
      15,356       14,743  
7093110.SQ.FTS.B, Zero Cpn, 4/07/25
      2,230       2,153  
7093282.SQ.FTS.B, Zero Cpn, 4/08/25
      4,412       4,247  
7093413.SQ.FTS.B, Zero Cpn, 4/08/25
      3,509       3,368  
 
       
52       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7093504.SQ.FTS.B, Zero Cpn, 4/08/25
    $ 1,836     $ 1,720  
7093549.SQ.FTS.B, Zero Cpn, 4/08/25
      1,115       1,054  
7093567.SQ.FTS.B, Zero Cpn, 4/08/25
      3,253       3,123  
7093652.SQ.FTS.B, Zero Cpn, 4/08/25
      2,972       2,838  
7093717.SQ.FTS.B, Zero Cpn, 4/08/25
      2,007       1,907  
7093756.SQ.FTS.B, Zero Cpn, 4/08/25
      1,126        1,071   
7093794.SQ.FTS.B, Zero Cpn, 4/08/25
      2,460       2,205  
7093904.SQ.FTS.B, Zero Cpn, 4/08/25
      1,121       1,063  
7093930.SQ.FTS.B, Zero Cpn, 4/09/25
      2,931       2,832  
7094104.SQ.FTS.B, Zero Cpn, 4/09/25
      3,859       3,706  
7094204.SQ.FTS.B, Zero Cpn, 4/09/25
      2,107       2,026  
7094242.SQ.FTS.B, Zero Cpn, 4/09/25
      2,792       2,684  
7094277.SQ.FTS.B, Zero Cpn, 4/09/25
      4,352       4,184  
7094350.SQ.FTS.B, Zero Cpn, 4/09/25
      3,649       3,434  
7094404.SQ.FTS.B, Zero Cpn, 4/09/25
      2,622       2,523  
7094477.SQ.FTS.B, Zero Cpn, 4/09/25
      10,380       9,887  
7094628.SQ.FTS.B, Zero Cpn, 4/09/25
      11,221        10,790  
7094790.SQ.FTS.B, Zero Cpn, 4/09/25
      6,386       5,960  
7094866.SQ.FTS.B, Zero Cpn, 4/09/25
      5,326       4,357  
7094902.SQ.FTS.B, Zero Cpn, 4/09/25
      1,716       1,654  
7094918.SQ.FTS.B, Zero Cpn, 4/09/25
      4,552       4,367  
7094993.SQ.FTS.B, Zero Cpn, 4/09/25
      2,846       2,720  
7095034.SQ.FTS.B, Zero Cpn, 4/09/25
      4,825       4,646  
7095103.SQ.FTS.B, Zero Cpn, 4/09/25
      1,424       1,326  
7095135.SQ.FTS.B, Zero Cpn, 4/09/25
      1,997       1,919  
7095173.SQ.FTS.B, Zero Cpn, 4/09/25
      5,265       5,062  
7095264.SQ.FTS.B, Zero Cpn, 4/09/25
      4,611       4,160  
7095328.SQ.FTS.B, Zero Cpn, 4/09/25
      2,164       2,059  
7095363.SQ.FTS.B, Zero Cpn, 4/09/25
      12,709       12,214  
7095782.SQ.FTS.B, Zero Cpn, 4/10/25
      1,513       1,452  
7095807.SQ.FTS.B, Zero Cpn, 4/10/25
      2,044       1,949  
7095854.SQ.FTS.B, Zero Cpn, 4/10/25
      3,970       2,919  
7095902.SQ.FTS.B, Zero Cpn, 4/10/25
      31,624       30,354  
7096903.SQ.FTS.B, Zero Cpn, 4/10/25
      4,643       4,468  
7097085.SQ.FTS.B, Zero Cpn, 4/10/25
      8,909       8,563  
7097323.SQ.FTS.B, Zero Cpn, 4/10/25
      1,226       1,180  
7097349.SQ.FTS.B, Zero Cpn, 4/10/25
      3,295       2,889  
7097404.SQ.FTS.B, Zero Cpn, 4/10/25
      6,537       6,319  
7097525.SQ.FTS.B, Zero Cpn, 4/10/25
      17,458       16,994  
7098143.SQ.FTS.B, Zero Cpn, 4/10/25
      4,120       3,966  
7098247.SQ.FTS.B, Zero Cpn, 4/10/25
      31,706       30,573  
7098896.SQ.FTS.B, Zero Cpn, 4/10/25
      1,852       1,780  
7098914.SQ.FTS.B, Zero Cpn, 4/10/25
      1,227       1,189  
7098927.SQ.FTS.B, Zero Cpn, 4/10/25
      3,930       3,804  
7099051.SQ.FTS.B, Zero Cpn, 4/10/25
      1,978       1,843  
7099111.SQ.FTS.B, Zero Cpn, 4/11/25
      1,854       1,785  
7099180.SQ.FTS.B, Zero Cpn, 4/11/25
      1,483       1,432  
7099200.SQ.FTS.B, Zero Cpn, 4/11/25
      14,418       11,404  
7099395.SQ.FTS.B, Zero Cpn, 4/11/25
      2,228       2,128  
7099435.SQ.FTS.B, Zero Cpn, 4/11/25
      4,467       4,242  
7099511.SQ.FTS.B, Zero Cpn, 4/11/25
      1,664       1,606  
7099566.SQ.FTS.B, Zero Cpn, 4/11/25
      20,669       19,923  
7099951.SQ.FTS.B, Zero Cpn, 4/11/25
      7,416       6,086  
7100019.SQ.FTS.B, Zero Cpn, 4/11/25
      18,340       17,688  
7100197.SQ.FTS.B, Zero Cpn, 4/11/25
      2,953       2,821  
7100221.SQ.FTS.B, Zero Cpn, 4/11/25
      3,613       3,453  
7100274.SQ.FTS.B, Zero Cpn, 4/11/25
      6,112       5,869  
7100345.SQ.FTS.B, Zero Cpn, 4/11/25
      1,416       1,364  
Description
   
Principal
Amount
  
Value
   
     
Block, Inc. (continued)
     
7100381.SQ.FTS.B, Zero Cpn, 4/11/25
    $  28,060     $ 25,189  
7101445.SQ.FTS.B, Zero Cpn, 4/11/25
      651       631  
7101458.SQ.FTS.B, Zero Cpn, 4/11/25
      2,312       2,030  
7101497.SQ.FTS.B, Zero Cpn, 4/11/25
      2,367       2,276  
7101514.SQ.FTS.B, Zero Cpn, 4/11/25
      488       475  
7101517.SQ.FTS.B, Zero Cpn, 4/11/25
      2,555       2,333  
7101547.SQ.FTS.B, Zero Cpn, 4/11/25
      1,725        1,582   
7101559.SQ.FTS.B, Zero Cpn, 4/11/25
      34,296       33,107  
7102201.SQ.FTS.B, Zero Cpn, 4/11/25
      39,724       33,668  
7102475.SQ.FTS.B, Zero Cpn, 4/11/25
      2,503       2,348  
7102598.SQ.FTS.B, Zero Cpn, 4/11/25
      6,571       6,346  
7102658.SQ.FTS.B, Zero Cpn, 4/11/25
      6,633       6,117  
7102688.SQ.FTS.B, Zero Cpn, 4/11/25
      5,909       5,673  
7102711.SQ.FTS.B, Zero Cpn, 4/11/25
      37,529        35,772  
7105125.SQ.FTS.B, Zero Cpn, 4/12/25
      3,972       3,716  
7105187.SQ.FTS.B, Zero Cpn, 4/12/25
      383       373  
7105202.SQ.FTS.B, Zero Cpn, 4/12/25
      3,002       2,113  
7105322.SQ.FTS.B, Zero Cpn, 4/12/25
      17,221       16,454  
7105586.SQ.FTS.B, Zero Cpn, 4/12/25
      9,370       9,003  
7105844.SQ.FTS.B, Zero Cpn, 4/12/25
      3,582       3,471  
7105967.SQ.FTS.B, Zero Cpn, 4/12/25
      4,882       4,084  
7106088.SQ.FTS.B, Zero Cpn, 4/12/25
      2,340       2,273  
7106207.SQ.FTS.B, Zero Cpn, 4/12/25
      3,188       2,801  
7106250.SQ.FTS.B, Zero Cpn, 4/12/25
      8,550       7,396  
7106347.SQ.FTS.B, Zero Cpn, 4/12/25
      7,898       7,480  
7106519.SQ.FTS.B, Zero Cpn, 4/12/25
      6,133       5,657  
7106639.SQ.FTS.B, Zero Cpn, 4/12/25
      14,454       13,911  
7106856.SQ.FTS.B, Zero Cpn, 4/12/25
      2,842       2,684  
7106904.SQ.FTS.B, Zero Cpn, 4/12/25
      3,084       2,966  
7106935.SQ.FTS.B, Zero Cpn, 4/12/25
      38,311       36,803  
7107390.SQ.FTS.B, Zero Cpn, 4/12/25
      17,062       16,321  
7107540.SQ.FTS.B, Zero Cpn, 4/12/25
      1,646       1,584  
7107557.SQ.FTS.B, Zero Cpn, 4/12/25
      4,546       3,603  
7107594.SQ.FTS.B, Zero Cpn, 4/12/25
      15,406       14,865  
7107852.SQ.FTS.B, Zero Cpn, 4/12/25
      35,595       30,201  
7108154.SQ.FTS.B, Zero Cpn, 4/12/25
      1,478       1,391  
7108192.SQ.FTS.B, Zero Cpn, 4/12/25
      4,096       3,861  
7108221.SQ.FTS.B, Zero Cpn, 4/12/25
      1,672       1,447  
7108252.SQ.FTS.B, Zero Cpn, 4/12/25
      4,161       4,007  
7108306.SQ.FTS.B, Zero Cpn, 4/12/25
      5,492       5,257  
7108363.SQ.FTS.B, Zero Cpn, 4/12/25
      3,911       3,756  
7108416.SQ.FTS.B, Zero Cpn, 4/12/25
      14,782       14,072  
7108631.SQ.FTS.B, Zero Cpn, 4/12/25
      22,825       21,901  
7108792.SQ.FTS.B, Zero Cpn, 4/13/25
      2,972       2,851  
7108842.SQ.FTS.B, Zero Cpn, 4/13/25
      1,416       1,353  
7108865.SQ.FTS.B, Zero Cpn, 4/13/25
      1,036       997  
7108878.SQ.FTS.B, Zero Cpn, 4/13/25
      2,861       2,628  
7108951.SQ.FTS.B, Zero Cpn, 4/13/25
      44,602       42,932  
7110054.SQ.FTS.B, Zero Cpn, 4/13/25
      21,670       20,626  
7110407.SQ.FTS.B, Zero Cpn, 4/13/25
      1,023       939  
7110432.SQ.FTS.B, Zero Cpn, 4/13/25
      3,927       3,767  
7110485.SQ.FTS.B, Zero Cpn, 4/13/25
      40,787       39,206  
7110949.SQ.FTS.B, Zero Cpn, 4/13/25
      1,799       1,732  
7110966.SQ.FTS.B, Zero Cpn, 4/13/25
      274       266  
7110969.SQ.FTS.B, Zero Cpn, 4/13/25
      1,903       1,566  
7110985.SQ.FTS.B, Zero Cpn, 4/13/25
      6,486       6,235  
7111018.SQ.FTS.B, Zero Cpn, 4/13/25
      3,082       2,401  
7111043.SQ.FTS.B, Zero Cpn, 4/13/25
      3,364       3,157  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       53
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7111060.SQ.FTS.B, Zero Cpn, 4/13/25
    $ 1,779     $ 1,720  
7111089.SQ.FTS.B, Zero Cpn, 4/13/25
      1,720       1,643  
7111107.SQ.FTS.B, Zero Cpn, 4/13/25
      6,272       5,910  
7111151.SQ.FTS.B, Zero Cpn, 4/13/25
      4,943       4,200  
7111306.SQ.FTS.B, Zero Cpn, 4/13/25
      1,771       1,703  
7111321.SQ.FTS.B, Zero Cpn, 4/13/25
      704       680  
7111327.SQ.FTS.B, Zero Cpn, 4/13/25
      1,367        1,335   
7111344.SQ.FTS.B, Zero Cpn, 4/13/25
      882       844  
7111351.SQ.FTS.B, Zero Cpn, 4/13/25
      4,337       4,158  
7111382.SQ.FTS.B, Zero Cpn, 4/13/25
      4,587       4,404  
7111444.SQ.FTS.B, Zero Cpn, 4/13/25
      6,250       5,886  
7111729.SQ.FTS.B, Zero Cpn, 4/13/25
      3,842       3,408  
7111743.SQ.FTS.B, Zero Cpn, 4/13/25
      6,423       6,159  
7111785.SQ.FTS.B, Zero Cpn, 4/13/25
      7,080       6,828  
7112031.SQ.FTS.B, Zero Cpn, 4/14/25
      1,016       947  
7112058.SQ.FTS.B, Zero Cpn, 4/14/25
      1,994       1,849  
7112088.SQ.FTS.B, Zero Cpn, 4/14/25
      6,924       6,649  
7112185.SQ.FTS.B, Zero Cpn, 4/14/25
      28,637        25,420  
7112526.SQ.FTS.B, Zero Cpn, 4/14/25
      1,303       1,253  
7112553.SQ.FTS.B, Zero Cpn, 4/14/25
      1,711       1,629  
7112573.SQ.FTS.B, Zero Cpn, 4/14/25
      2,089       2,019  
7112613.SQ.FTS.B, Zero Cpn, 4/14/25
      9,382       9,003  
7112777.SQ.FTS.B, Zero Cpn, 4/14/25
      1,118       1,071  
7112790.SQ.FTS.B, Zero Cpn, 4/14/25
      9,283       8,929  
7112931.SQ.FTS.B, Zero Cpn, 4/14/25
      5,910       5,654  
7113014.SQ.FTS.B, Zero Cpn, 4/15/25
      3,020       2,914  
7113067.SQ.FTS.B, Zero Cpn, 4/15/25
      3,790       3,547  
7113125.SQ.FTS.B, Zero Cpn, 4/15/25
      3,254       3,097  
7113170.SQ.FTS.B, Zero Cpn, 4/15/25
      2,922       2,490  
7113219.SQ.FTS.B, Zero Cpn, 4/15/25
      3,415       2,910  
7113295.SQ.FTS.B, Zero Cpn, 4/15/25
      10,753       10,229  
7113472.SQ.FTS.B, Zero Cpn, 4/15/25
      5,491       5,186  
7113545.SQ.FTS.B, Zero Cpn, 4/15/25
      4,786       4,464  
7113614.SQ.FTS.B, Zero Cpn, 4/15/25
      2,462       2,367  
7113651.SQ.FTS.B, Zero Cpn, 4/15/25
      623       585  
7113660.SQ.FTS.B, Zero Cpn, 4/15/25
      830       805  
7113677.SQ.FTS.B, Zero Cpn, 4/15/25
      897       846  
7113692.SQ.FTS.B, Zero Cpn, 4/15/25
      5,581       5,368  
7113786.SQ.FTS.B, Zero Cpn, 4/15/25
      358       347  
7114087.SQ.FTS.B, Zero Cpn, 4/16/25
      383       370  
7114099.SQ.FTS.B, Zero Cpn, 4/16/25
      2,728       2,555  
7114140.SQ.FTS.B, Zero Cpn, 4/16/25
      11,105       10,668  
7114578.SQ.FTS.B, Zero Cpn, 4/16/25
      1,608       1,550  
7114687.SQ.FTS.B, Zero Cpn, 4/16/25
      9,145       8,791  
7115000.SQ.FTS.B, Zero Cpn, 4/16/25
      5,090       4,917  
7115137.SQ.FTS.B, Zero Cpn, 4/16/25
      2,294       2,206  
7115235.SQ.FTS.B, Zero Cpn, 4/16/25
      2,770       2,665  
7115279.SQ.FTS.B, Zero Cpn, 4/16/25
      4,393       4,249  
7115383.SQ.FTS.B, Zero Cpn, 4/16/25
      26,473       25,472  
7115864.SQ.FTS.B, Zero Cpn, 4/16/25
      1,923       1,830  
7115905.SQ.FTS.B, Zero Cpn, 4/16/25
      7,293       6,622  
7116002.SQ.FTS.B, Zero Cpn, 4/16/25
      13,414       12,880  
7116213.SQ.FTS.B, Zero Cpn, 4/16/25
      758       724  
7116229.SQ.FTS.B, Zero Cpn, 4/16/25
      3,366       3,236  
7116259.SQ.FTS.B, Zero Cpn, 4/16/25
      852       823  
7116269.SQ.FTS.B, Zero Cpn, 4/16/25
      1,144       1,100  
7116282.SQ.FTS.B, Zero Cpn, 4/16/25
      34,853       33,421  
7116806.SQ.FTS.B, Zero Cpn, 4/16/25
      26,763       25,662  
Description
   
Principal
Amount
  
Value
   
     
Block, Inc. (continued)
     
7117161.SQ.FTS.B, Zero Cpn, 4/16/25
    $  12,064     $ 11,493  
7117321.SQ.FTS.B, Zero Cpn, 4/16/25
      1,131       1,084  
7117360.SQ.FTS.B, Zero Cpn, 4/16/25
      30,005       28,023  
7117683.SQ.FTS.B, Zero Cpn, 4/17/25
      5,322       5,060  
7117787.SQ.FTS.B, Zero Cpn, 4/17/25
      6,084       5,775  
7117898.SQ.FTS.B, Zero Cpn, 4/17/25
      1,341       1,288  
7117918.SQ.FTS.B, Zero Cpn, 4/17/25
      3,779        3,654   
7118071.SQ.FTS.B, Zero Cpn, 4/17/25
      31,943       30,273  
7118828.SQ.FTS.B, Zero Cpn, 4/17/25
      3,469       3,327  
7118894.SQ.FTS.B, Zero Cpn, 4/17/25
      1,171       1,134  
7118903.SQ.FTS.B, Zero Cpn, 4/17/25
      9,541       9,216  
7119037.SQ.FTS.B, Zero Cpn, 4/17/25
      5,306       4,820  
7119077.SQ.FTS.B, Zero Cpn, 4/17/25
      2,616       2,491  
7119168.SQ.FTS.B, Zero Cpn, 4/17/25
      2,713       2,430  
7119240.SQ.FTS.B, Zero Cpn, 4/17/25
      43,790       41,984  
7119610.SQ.FTS.B, Zero Cpn, 4/17/25
      5,616       5,365  
7119643.SQ.FTS.B, Zero Cpn, 4/17/25
      7,129       6,859  
7119728.SQ.FTS.B, Zero Cpn, 4/17/25
      1,581       1,523  
7119770.SQ.FTS.B, Zero Cpn, 4/17/25
      8,350       8,015  
7119833.SQ.FTS.B, Zero Cpn, 4/17/25
      56,823        54,345  
7120298.SQ.FTS.B, Zero Cpn, 4/17/25
      2,008       1,931  
7120315.SQ.FTS.B, Zero Cpn, 4/17/25
      2,104       2,030  
7120331.SQ.FTS.B, Zero Cpn, 4/17/25
      7,854       7,135  
7120548.SQ.FTS.B, Zero Cpn, 4/17/25
      4,195       4,055  
7120628.SQ.FTS.B, Zero Cpn, 4/17/25
      1,472       1,379  
7120669.SQ.FTS.B, Zero Cpn, 4/17/25
      1,185       1,136  
7120695.SQ.FTS.B, Zero Cpn, 4/17/25
      13,585       12,802  
7120866.SQ.FTS.B, Zero Cpn, 4/17/25
      1,538       1,479  
7120882.SQ.FTS.B, Zero Cpn, 4/17/25
      2,698       2,588  
7120902.SQ.FTS.B, Zero Cpn, 4/17/25
      4,190       4,017  
7120963.SQ.FTS.B, Zero Cpn, 4/17/25
      27,019       25,968  
7121462.SQ.FTS.B, Zero Cpn, 4/17/25
      1,542       1,497  
7121541.SQ.FTS.B, Zero Cpn, 4/18/25
      6,227       5,866  
7121642.SQ.FTS.B, Zero Cpn, 4/18/25
      5,336       5,097  
7121744.SQ.FTS.B, Zero Cpn, 4/18/25
      2,243       2,147  
7121811.SQ.FTS.B, Zero Cpn, 4/18/25
      4,323       4,154  
7122055.SQ.FTS.B, Zero Cpn, 4/18/25
      2,359       2,261  
7122108.SQ.FTS.B, Zero Cpn, 4/18/25
      2,361       2,258  
7122142.SQ.FTS.B, Zero Cpn, 4/18/25
      6,425       6,144  
7122271.SQ.FTS.B, Zero Cpn, 4/18/25
      6,105       5,848  
7122582.SQ.FTS.B, Zero Cpn, 4/18/25
      905       867  
7122595.SQ.FTS.B, Zero Cpn, 4/18/25
      11,707       11,247  
7122792.SQ.FTS.B, Zero Cpn, 4/18/25
      6,845       6,542  
7122860.SQ.FTS.B, Zero Cpn, 4/18/25
      15,624       14,082  
7123016.SQ.FTS.B, Zero Cpn, 4/18/25
      1,390       1,341  
7123029.SQ.FTS.B, Zero Cpn, 4/18/25
      2,538       2,431  
7123045.SQ.FTS.B, Zero Cpn, 4/18/25
      1,485       1,405  
7123071.SQ.FTS.B, Zero Cpn, 4/18/25
      3,290       2,815  
7123089.SQ.FTS.B, Zero Cpn, 4/18/25
      29,560       28,431  
7123375.SQ.FTS.B, Zero Cpn, 4/18/25
      3,179       3,037  
7123398.SQ.FTS.B, Zero Cpn, 4/18/25
      3,866       3,484  
7123432.SQ.FTS.B, Zero Cpn, 4/18/25
      1,633       1,553  
7123459.SQ.FTS.B, Zero Cpn, 4/18/25
      13,201       11,759  
7123655.SQ.FTS.B, Zero Cpn, 4/18/25
      5,065       4,411  
7123746.SQ.FTS.B, Zero Cpn, 4/18/25
      20,414       17,470  
7124156.SQ.FTS.B, Zero Cpn, 4/18/25
      87,624       83,178  
7125736.SQ.FTS.B, Zero Cpn, 4/18/25
      6,378       6,122  
7125854.SQ.FTS.B, Zero Cpn, 4/18/25
      1,987       1,909  
 
       
54       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7125880.SQ.FTS.B, Zero Cpn, 4/18/25
    $ 11,618     $ 10,945  
7128421.SQ.FTS.B, Zero Cpn,4/19/25
      9,706       9,298  
7128614.SQ.FTS.B, Zero Cpn, 4/19/25
      500       483  
7128648.SQ.FTS.B, Zero Cpn, 4/19/25
      2,338       2,239  
7128743.SQ.FTS.B, Zero Cpn, 4/19/25
      8,112       7,781  
7129062.SQ.FTS.B, Zero Cpn, 4/19/25
      4,687       4,519  
7129421.SQ.FTS.B, Zero Cpn, 4/19/25
      16,519        15,748   
7131499.SQ.FTS.B, Zero Cpn, 4/19/25
      4,765       4,572  
7131771.SQ.FTS.B, Zero Cpn, 4/19/25
      1,665       1,593  
7131834.SQ.FTS.B, Zero Cpn, 4/19/25
      5,168       4,937  
7131951.SQ.FTS.B, Zero Cpn, 4/19/25
      1,747       1,680  
7132043.SQ.FTS.B, Zero Cpn, 4/19/25
      14,629       13,983  
7132624.SQ.FTS.B, Zero Cpn, 4/19/25
      3,680       3,540  
7132680.SQ.FTS.B, Zero Cpn, 4/19/25
      7,888       7,521  
7132787.SQ.FTS.B, Zero Cpn, 4/19/25
      5,540       5,341  
7132979.SQ.FTS.B, Zero Cpn, 4/19/25
      7,509       6,434  
7133104.SQ.FTS.B, Zero Cpn, 4/19/25
      6,550       6,282  
7133240.SQ.FTS.B, Zero Cpn, 4/19/25
      886       855  
7133251.SQ.FTS.B, Zero Cpn, 4/19/25
      846       826  
7133289.SQ.FTS.B, Zero Cpn, 4/19/25
      5,283       5,046  
7133404.SQ.FTS.B, Zero Cpn, 4/19/25
      7,320       7,026  
7133609.SQ.FTS.B, Zero Cpn, 4/19/25
      908       863  
7133613.SQ.FTS.B, Zero Cpn, 4/19/25
      1,321       1,257  
7133655.SQ.FTS.B, Zero Cpn, 4/19/25
      7,615       7,301  
7133796.SQ.FTS.B, Zero Cpn, 4/19/25
      2,374       2,283  
7133909.SQ.FTS.B, Zero Cpn, 4/19/25
      2,745       2,627  
7134005.SQ.FTS.B, Zero Cpn, 4/19/25
      2,719       2,608  
7134103.SQ.FTS.B, Zero Cpn, 4/19/25
      3,525       3,390  
7134178.SQ.FTS.B, Zero Cpn, 4/19/25
      1,660       1,592  
7134488.SQ.FTS.B, Zero Cpn, 4/19/25
      29,001       25,825  
7134924.SQ.FTS.B, Zero Cpn, 4/19/25
      26,593        25,355  
7135169.SQ.FTS.B, Zero Cpn, 4/19/25
      3,552       3,345  
7135204.SQ.FTS.B, Zero Cpn, 4/19/25
      600       568  
7135207.SQ.FTS.B, Zero Cpn, 4/19/25
      2,730       2,611  
7135243.SQ.FTS.B, Zero Cpn, 4/19/25
      3,627       3,391  
7135288.SQ.FTS.B, Zero Cpn, 4/19/25
      4,047       3,901  
7135332.SQ.FTS.B, Zero Cpn, 4/19/25
      53,550       50,279  
7135862.SQ.FTS.B, Zero Cpn, 4/20/25
      1,016       987  
7135923.SQ.FTS.B, Zero Cpn, 4/20/25
      1,424       1,368  
7135955.SQ.FTS.B, Zero Cpn, 4/20/25
      3,512       3,347  
7136141.SQ.FTS.B, Zero Cpn, 4/20/25
      7,813       6,637  
7136267.SQ.FTS.B, Zero Cpn, 4/20/25
      2,741       2,597  
7136338.SQ.FTS.B, Zero Cpn, 4/20/25
      3,907       3,252  
7136398.SQ.FTS.B, Zero Cpn, 4/20/25
      4,990       4,799  
7136475.SQ.FTS.B, Zero Cpn, 4/20/25
      3,693       2,983  
7136517.SQ.FTS.B, Zero Cpn, 4/20/25
      27,187       26,070  
7137115.SQ.FTS.B, Zero Cpn, 4/20/25
      1,224       1,183  
7137155.SQ.FTS.B, Zero Cpn, 4/20/25
      7,322       6,998  
7137270.SQ.FTS.B, Zero Cpn, 4/20/25
      1,550       1,478  
7137286.SQ.FTS.B, Zero Cpn, 4/20/25
      2,143       2,060  
7137338.SQ.FTS.B, Zero Cpn, 4/20/25
      17,086       16,422  
7137702.SQ.FTS.B, Zero Cpn, 4/20/25
      28,508       27,115  
7138338.SQ.FTS.B, Zero Cpn, 4/20/25
      3,722       3,587  
7138440.SQ.FTS.B, Zero Cpn, 4/20/25
      1,170       800  
7138461.SQ.FTS.B, Zero Cpn, 4/20/25
      25,008       23,845  
7138680.SQ.FTS.B, Zero Cpn, 4/20/25
      2,227       2,142  
7138694.SQ.FTS.B, Zero Cpn, 4/20/25
      16,058       13,790  
7139002.SQ.FTS.B, Zero Cpn, 4/20/25
      5,086       4,768  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7139135.SQ.FTS.B, Zero Cpn, 4/20/25
    $ 4,787     $ 4,578  
7139343.SQ.FTS.B, Zero Cpn, 4/20/25
      1,529       1,466  
7139419.SQ.FTS.B, Zero Cpn, 4/20/25
      14,790       14,251  
7139937.SQ.FTS.B, Zero Cpn, 4/20/25
      17,772       16,551  
7140561.SQ.FTS.B, Zero Cpn, 4/20/25
      17,183       16,476  
7140814.SQ.FTS.B, Zero Cpn, 4/20/25
      2,063       1,978  
7140842.SQ.FTS.B, Zero Cpn, 4/20/25
      7,722        7,393   
7141033.SQ.FTS.B, Zero Cpn, 4/20/25
      8,188       7,682  
7141150.SQ.FTS.B, Zero Cpn, 4/20/25
      8,976       6,808  
7141276.SQ.FTS.B, Zero Cpn, 4/20/25
      4,725       4,539  
7141305.SQ.FTS.B, Zero Cpn, 4/20/25
      7,205       6,915  
7141398.SQ.FTS.B, Zero Cpn, 4/20/25
      4,872       4,594  
7141458.SQ.FTS.B, Zero Cpn, 4/21/25
      6,803       6,594  
7141641.SQ.FTS.B, Zero Cpn, 4/21/25
      5,871       5,631  
7141771.SQ.FTS.B, Zero Cpn, 4/21/25
      1,043       1,007  
7141807.SQ.FTS.B, Zero Cpn, 4/21/25
      5,887       5,689  
7141957.SQ.FTS.B, Zero Cpn, 4/21/25
      1,925       1,838  
7142000.SQ.FTS.B, Zero Cpn, 4/21/25
      1,392       1,333  
7142031.SQ.FTS.B, Zero Cpn, 4/21/25
      18,178       16,406  
7142339.SQ.FTS.B, Zero Cpn, 4/21/25
      10,316       9,951  
7142578.SQ.FTS.B, Zero Cpn, 4/22/25
      1,761       1,470  
7142613.SQ.FTS.B, Zero Cpn, 4/22/25
      12,167       11,664  
7142885.SQ.FTS.B, Zero Cpn, 4/22/25
      535       513  
7142890.SQ.FTS.B, Zero Cpn, 4/22/25
      6,416       6,143  
7143017.SQ.FTS.B, Zero Cpn, 4/22/25
      1,705       1,594  
7143040.SQ.FTS.B, Zero Cpn, 4/22/25
      17,553       16,253  
7143325.SQ.FTS.B, Zero Cpn, 4/22/25
      3,087       2,972  
7143395.SQ.FTS.B, Zero Cpn, 4/22/25
      2,844       2,308  
7143719.SQ.FTS.B, Zero Cpn, 4/23/25
      4,737       4,536  
7143790.SQ.FTS.B, Zero Cpn, 4/23/25
      13,199        12,649  
7144298.SQ.FTS.B, Zero Cpn, 4/23/25
      727       702  
7144312.SQ.FTS.B, Zero Cpn, 4/23/25
      8,386       8,066  
7144620.SQ.FTS.B, Zero Cpn, 4/23/25
      14,791       13,369  
7144942.SQ.FTS.B, Zero Cpn, 4/23/25
      2,689       2,586  
7145050.SQ.FTS.B, Zero Cpn, 4/23/25
      3,625       3,479  
7145139.SQ.FTS.B, Zero Cpn, 4/23/25
      2,306       2,221  
7145218.SQ.FTS.B, Zero Cpn, 4/23/25
      1,866       1,799  
7145269.SQ.FTS.B, Zero Cpn, 4/23/25
      8,945       8,560  
7145718.SQ.FTS.B, Zero Cpn, 4/23/25
      2,053       1,670  
7145751.SQ.FTS.B, Zero Cpn, 4/23/25
      3,669       3,522  
7145816.SQ.FTS.B, Zero Cpn, 4/23/25
      2,952       2,753  
7145917.SQ.FTS.B, Zero Cpn, 4/23/25
      5,781       5,427  
7145954.SQ.FTS.B, Zero Cpn, 4/23/25
      42,419       40,789  
7146593.SQ.FTS.B, Zero Cpn, 4/23/25
      3,956       3,690  
7146682.SQ.FTS.B, Zero Cpn, 4/23/25
      23,869       22,934  
7147190.SQ.FTS.B, Zero Cpn, 4/23/25
      8,064       5,919  
7147385.SQ.FTS.B, Zero Cpn, 4/23/25
      9,750       9,320  
7147574.SQ.FTS.B, Zero Cpn, 4/23/25
      2,184       2,104  
7147609.SQ.FTS.B, Zero Cpn, 4/23/25
      3,007       2,687  
7147677.SQ.FTS.B, Zero Cpn, 4/23/25
      3,482       3,355  
7147793.SQ.FTS.B, Zero Cpn, 4/24/25
      2,711       2,586  
7147845.SQ.FTS.B, Zero Cpn, 4/24/25
      3,181       3,049  
7147876.SQ.FTS.B, Zero Cpn, 4/24/25
      19,134       18,281  
7148066.SQ.FTS.B, Zero Cpn, 4/24/25
      1,755       1,686  
7148098.SQ.FTS.B, Zero Cpn, 4/24/25
      679       502  
7148114.SQ.FTS.B, Zero Cpn, 4/24/25
      397       386  
7148139.SQ.FTS.B, Zero Cpn, 4/24/25
      987       891  
7148154.SQ.FTS.B, Zero Cpn, 4/24/25
      14,647       13,099  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       55
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Block, Inc. (continued)
     
7148349.SQ.FTS.B, Zero Cpn, 4/24/25
    $  13,878     $ 13,320  
7148627.SQ.FTS.B, Zero Cpn, 4/24/25
      1,244       1,202  
7148649.SQ.FTS.B, Zero Cpn, 4/24/25
      23,905       22,840  
7149008.SQ.FTS.B, Zero Cpn, 4/24/25
      1,852       1,747  
7149025.SQ.FTS.B, Zero Cpn, 4/24/25
      2,521       2,436  
7149062.SQ.FTS.B, Zero Cpn, 4/24/25
      20,402       18,244  
7149288.SQ.FTS.B, Zero Cpn, 4/24/25
      22,017        20,674   
7149588.SQ.FTS.B, Zero Cpn, 4/24/25
      26,177       25,116  
7149934.SQ.FTS.B, Zero Cpn, 4/24/25
      1,806       1,747  
7149961.SQ.FTS.B, Zero Cpn, 4/24/25
      10,110       9,224  
7150056.SQ.FTS.B, Zero Cpn, 4/24/25
      1,765       1,658  
7150074.SQ.FTS.B, Zero Cpn, 4/24/25
      3,468       3,339  
7150100.SQ.FTS.B, Zero Cpn, 4/24/25
      12,303       11,832  
7150285.SQ.FTS.B, Zero Cpn, 4/24/25
      10,978       10,520  
7150443.SQ.FTS.B, Zero Cpn, 4/24/25
      1,849       1,736  
7150477.SQ.FTS.B, Zero Cpn, 4/24/25
      2,190       1,618  
7150495.SQ.FTS.B, Zero Cpn, 4/24/25
      1,124       785  
7150501.SQ.FTS.B, Zero Cpn, 4/24/25
      3,190       2,443  
7150531.SQ.FTS.B, Zero Cpn, 4/24/25
      5,546       4,643  
7150581.SQ.FTS.B, Zero Cpn, 4/24/25
      1,365       1,246  
7150606.SQ.FTS.B, Zero Cpn, 4/24/25
      1,233       1,198  
7150640.SQ.FTS.B, Zero Cpn, 4/24/25
      2,862       2,714  
7150696.SQ.FTS.B, Zero Cpn, 4/24/25
      3,387       3,244  
7150740.SQ.FTS.B, Zero Cpn, 4/24/25
      2,435       2,341  
7150789.SQ.FTS.B, Zero Cpn, 4/24/25
      16,201       15,553  
7150980.SQ.FTS.B, Zero Cpn, 4/24/25
      26,250        24,978  
7151277.SQ.FTS.B, Zero Cpn, 4/24/25
      7,098       6,845  
7151353.SQ.FTS.B, Zero Cpn, 4/24/25
      3,219       2,938  
7151373.SQ.FTS.B, Zero Cpn, 4/24/25
      5,635       5,420  
7151527.SQ.FTS.B, Zero Cpn, 4/25/25
      9,181       8,794  
7151675.SQ.FTS.B, Zero Cpn, 4/25/25
      7,431       7,076  
7151780.SQ.FTS.B, Zero Cpn, 4/25/25
      2,962       2,851  
7151823.SQ.FTS.B, Zero Cpn, 4/25/25
      7,012       6,751  
7151938.SQ.FTS.B, Zero Cpn, 4/25/25
      9,574       9,029  
7152069.SQ.FTS.B, Zero Cpn, 4/25/25
      3,739       3,055  
7152133.SQ.FTS.B, Zero Cpn, 4/25/25
      2,459       2,362  
7152210.SQ.FTS.B, Zero Cpn, 4/25/25
      8,676       8,325  
7152426.SQ.FTS.B, Zero Cpn, 4/25/25
      21,922       19,241  
7152605.SQ.FTS.B, Zero Cpn, 4/25/25
      7,928       7,660  
7152707.SQ.FTS.B, Zero Cpn, 4/25/25
      317       306  
7152708.SQ.FTS.B, Zero Cpn, 4/25/25
      9,693       9,171  
7152795.SQ.FTS.B, Zero Cpn, 4/25/25
      10,338       8,664  
7152883.SQ.FTS.B, Zero Cpn, 4/25/25
      5,524       5,295  
7152957.SQ.FTS.B, Zero Cpn, 4/25/25
      15,010       14,239  
7153061.SQ.FTS.B, Zero Cpn, 4/25/25
      2,956       2,635  
7153082.SQ.FTS.B, Zero Cpn, 4/25/25
      18,963       18,097  
7153258.SQ.FTS.B, Zero Cpn, 4/25/25
      1,465       1,416  
7153281.SQ.FTS.B, Zero Cpn, 4/25/25
      1,772       1,709  
7153298.SQ.FTS.B, Zero Cpn, 4/25/25
      8,950       8,594  
7153431.SQ.FTS.B, Zero Cpn, 4/25/25
      57,965       55,122  
7154149.SQ.FTS.B, Zero Cpn, 4/25/25
      3,173       3,034  
7154170.SQ.FTS.B, Zero Cpn, 4/25/25
      12,392       11,770  
7154298.SQ.FTS.B, Zero Cpn, 4/25/25
      14,505       13,895  
7154414.SQ.FTS.B, Zero Cpn, 4/25/25
      5,658       5,352  
7154470.SQ.FTS.B, Zero Cpn, 4/25/25
      710       669  
7154477.SQ.FTS.B, Zero Cpn, 4/25/25
      3,110       2,987  
7154495.SQ.FTS.B, Zero Cpn, 4/25/25
      4,173       4,001  
7154557.SQ.FTS.B, Zero Cpn, 4/25/25
      1,282       1,229  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7154566.SQ.FTS.B, Zero Cpn, 4/25/25
    $ 3,710     $ 3,572  
7154592.SQ.FTS.B, Zero Cpn, 4/25/25
      5,047       4,837  
7154637.SQ.FTS.B, Zero Cpn, 4/25/25
      10,571       10,064  
7154741.SQ.FTS.B, Zero Cpn, 4/25/25
      2,556       2,311  
7154765.SQ.FTS.B, Zero Cpn, 4/25/25
      5,331       5,113  
7156755.SQ.FTS.B, Zero Cpn, 4/26/25
      5,068       4,869  
7156829.SQ.FTS.B, Zero Cpn, 4/26/25
      15,353        14,710   
7156976.SQ.FTS.B, Zero Cpn, 4/26/25
      6,126       5,913  
7157114.SQ.FTS.B, Zero Cpn, 4/26/25
      6,595       6,285  
7157191.SQ.FTS.B, Zero Cpn, 4/26/25
      1,889       1,692  
7157222.SQ.FTS.B, Zero Cpn, 4/26/25
      2,301       2,207  
7157262.SQ.FTS.B, Zero Cpn, 4/26/25
      26,390       25,219  
7157657.SQ.FTS.B, Zero Cpn, 4/26/25
      11,096       10,366  
7157781.SQ.FTS.B, Zero Cpn, 4/26/25
      37,929       36,312  
7158113.SQ.FTS.B, Zero Cpn, 4/26/25
      3,419       3,249  
7158151.SQ.FTS.B, Zero Cpn, 4/26/25
      1,240       1,193  
7158163.SQ.FTS.B, Zero Cpn, 4/26/25
      12,150       11,612  
7158271.SQ.FTS.B, Zero Cpn, 4/26/25
      1,416       1,337  
7158281.SQ.FTS.B, Zero Cpn, 4/26/25
      9,969       9,584  
7158338.SQ.FTS.B, Zero Cpn, 4/26/25
      44,516       42,748  
7159507.SQ.FTS.B, Zero Cpn, 4/26/25
      1,956       1,859  
7159515.SQ.FTS.B, Zero Cpn, 4/26/25
      1,658       1,587  
7159537.SQ.FTS.B, Zero Cpn, 4/26/25
      8,752       7,688  
7159634.SQ.FTS.B, Zero Cpn, 4/26/25
      33,822        32,050  
7159975.SQ.FTS.B, Zero Cpn, 4/26/25
      5,294       5,045  
7160022.SQ.FTS.B, Zero Cpn, 4/26/25
      4,110       3,926  
7160075.SQ.FTS.B, Zero Cpn, 4/26/25
      9,365       8,748  
7160196.SQ.FTS.B, Zero Cpn, 4/26/25
      5,198       4,936  
7160288.SQ.FTS.B, Zero Cpn, 4/26/25
      4,920       4,489  
7160380.SQ.FTS.B, Zero Cpn, 4/26/25
      4,499       4,254  
7160440.SQ.FTS.B, Zero Cpn, 4/26/25
      1,327       1,268  
7160461.SQ.FTS.B, Zero Cpn, 4/26/25
      1,232       1,193  
7160500.SQ.FTS.B, Zero Cpn, 4/26/25
      2,850       2,720  
7160533.SQ.FTS.B, Zero Cpn, 4/26/25
      5,948       5,717  
7160650.SQ.FTS.B, Zero Cpn, 4/26/25
      2,967       2,854  
7160700.SQ.FTS.B, Zero Cpn, 4/26/25
      3,459       3,308  
7160726.SQ.FTS.B, Zero Cpn, 4/27/25
      4,025       3,864  
7160770.SQ.FTS.B, Zero Cpn, 4/27/25
      5,782       5,537  
7160818.SQ.FTS.B, Zero Cpn, 4/27/25
      6,616       4,934  
7160999.SQ.FTS.B, Zero Cpn, 4/27/25
      2,732       2,600  
7161084.SQ.FTS.B, Zero Cpn, 4/27/25
      300       292  
7161096.SQ.FTS.B, Zero Cpn, 4/27/25
      893       854  
7161118.SQ.FTS.B, Zero Cpn, 4/27/25
      9,753       9,355  
7161332.SQ.FTS.B, Zero Cpn, 4/27/25
      2,153       2,063  
7161373.SQ.FTS.B, Zero Cpn, 4/27/25
      693       669  
7161388.SQ.FTS.B, Zero Cpn, 4/27/25
      1,203       1,151  
7161425.SQ.FTS.B, Zero Cpn, 4/27/25
      9,138       8,637  
7161589.SQ.FTS.B, Zero Cpn, 4/27/25
      17,349       16,694  
7161854.SQ.FTS.B, Zero Cpn, 4/27/25
      5,750       5,504  
7161978.SQ.FTS.B, Zero Cpn, 4/27/25
      9,285       8,897  
7162125.SQ.FTS.B, Zero Cpn, 4/27/25
      11,069       10,398  
7162299.SQ.FTS.B, Zero Cpn, 4/27/25
      39,538       37,370  
7162727.SQ.FTS.B, Zero Cpn, 4/27/25
      4,574       4,370  
7162772.SQ.FTS.B, Zero Cpn, 4/27/25
      2,572       2,474  
7162785.SQ.FTS.B, Zero Cpn, 4/27/25
      5,770       5,511  
7162819.SQ.FTS.B, Zero Cpn, 4/27/25
      29,151       27,049  
7162995.SQ.FTS.B, Zero Cpn, 4/27/25
      13,250       12,660  
7163172.SQ.FTS.B, Zero Cpn, 4/27/25
      16,611       15,944  
 
       
56       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7163320.SQ.FTS.B, Zero Cpn, 4/27/25
    $ 1,448     $ 1,387  
7163349.SQ.FTS.B, Zero Cpn, 4/27/25
      3,266       3,162  
7163428.SQ.FTS.B, Zero Cpn, 4/27/25
      5,713       5,170  
7163470.SQ.FTS.B, Zero Cpn, 4/27/25
      452       437  
7163473.SQ.FTS.B, Zero Cpn, 4/27/25
      7,180       6,822  
7163540.SQ.FTS.B, Zero Cpn, 4/27/25
      21,656       20,970  
7163843.SQ.FTS.B, Zero Cpn, 4/27/25
      16,234        15,544   
7163978.SQ.FTS.B, Zero Cpn, 4/27/25
      1,626       1,559  
7164004.SQ.FTS.B, Zero Cpn, 4/27/25
      10,462       8,420  
7164056.SQ.FTS.B, Zero Cpn, 4/27/25
      2,309       2,108  
7164081.SQ.FTS.B, Zero Cpn, 4/27/25
      3,409       2,798  
7164096.SQ.FTS.B, Zero Cpn, 4/27/25
      1,315       1,013  
7164106.SQ.FTS.B, Zero Cpn, 4/27/25
      6,380       6,126  
7164199.SQ.FTS.B, Zero Cpn, 4/28/25
      33,672       31,729  
7164640.SQ.FTS.B, Zero Cpn, 4/28/25
      6,621       6,327  
7164716.SQ.FTS.B, Zero Cpn, 4/28/25
      13,119       12,505  
7164824.SQ.FTS.B, Zero Cpn, 4/28/25
      4,666       4,422  
7164868.SQ.FTS.B, Zero Cpn, 4/28/25
      2,971       2,736  
7165308.SQ.FTS.B, Zero Cpn, 4/29/25
      25,201       23,833  
7165672.SQ.FTS.B, Zero Cpn, 4/29/25
      1,826       1,744  
7165694.SQ.FTS.B, Zero Cpn, 4/29/25
      1,571       1,512  
7165720.SQ.FTS.B, Zero Cpn, 4/29/25
      2,690       2,575  
7165777.SQ.FTS.B, Zero Cpn, 4/29/25
      12,770        12,242  
7165963.SQ.FTS.B, Zero Cpn, 4/29/25
      853       779  
7165974.SQ.FTS.B, Zero Cpn, 4/29/25
      12,230       11,489  
7166418.SQ.FTS.B, Zero Cpn, 4/30/25
      5,063       4,806  
7166622.SQ.FTS.B, Zero Cpn, 4/30/25
      1,641       1,571  
7166727.SQ.FTS.B, Zero Cpn, 4/30/25
      9,141       8,479  
7167043.SQ.FTS.B, Zero Cpn, 4/30/25
      21,568       19,011  
7167597.SQ.FTS.B, Zero Cpn, 4/30/25
      5,844       5,633  
7167753.SQ.FTS.B, Zero Cpn, 4/30/25
      10,277       9,782  
7167934.SQ.FTS.B, Zero Cpn, 4/30/25
      2,650       2,507  
7167962.SQ.FTS.B, Zero Cpn, 4/30/25
      4,191       4,017  
7168027.SQ.FTS.B, Zero Cpn, 4/30/25
      3,606       3,445  
7168084.SQ.FTS.B, Zero Cpn, 4/30/25
      63,227       59,937  
7169171.SQ.FTS.B, Zero Cpn, 4/30/25
      47,024       45,023  
7170235.SQ.FTS.B, Zero Cpn, 4/30/25
      13,281       12,514  
7170347.SQ.FTS.B, Zero Cpn, 4/30/25
      1,512       1,402  
7170367.SQ.FTS.B, Zero Cpn, 4/30/25
      1,760       1,491  
7170382.SQ.FTS.B, Zero Cpn, 4/30/25
      1,881       1,466  
7170401.SQ.FTS.B, Zero Cpn, 4/30/25
      10,037       9,595  
7170606.SQ.FTS.B, Zero Cpn, 4/30/25
      6,770       6,454  
7170716.SQ.FTS.B, Zero Cpn, 4/30/25
      5,326       5,096  
7170789.SQ.FTS.B, Zero Cpn, 4/30/25
      2,148       2,058  
7170816.SQ.FTS.B, Zero Cpn, 4/30/25
      13,935       13,392  
7171166.SQ.FTS.B, Zero Cpn, 4/30/25
      8,772       7,741  
7171279.SQ.FTS.B, Zero Cpn, 4/30/25
      3,544       3,127  
7171331.SQ.FTS.B, Zero Cpn, 4/30/25
      4,056       3,829  
7171392.SQ.FTS.B, Zero Cpn, 4/30/25
      9,404       9,016  
7171582.SQ.FTS.B, Zero Cpn, 4/30/25
      6,631       6,336  
7171697.SQ.FTS.B, Zero Cpn, 4/30/25
      11,250       10,769  
7171851.SQ.FTS.B, Zero Cpn, 4/30/25
      4,146       3,978  
7171919.SQ.FTS.B, Zero Cpn, 4/30/25
      34,098       31,885  
7172248.SQ.FTS.B, Zero Cpn, 4/30/25
      1,924       1,850  
7172269.SQ.FTS.B, Zero Cpn, 4/30/25
      54,220       52,124  
7172765.SQ.FTS.B, Zero Cpn, 4/30/25
      57,600       54,171  
7173176.SQ.FTS.B, Zero Cpn, 4/30/25
      6,203       5,578  
7173225.SQ.FTS.B, Zero Cpn, 4/30/25
      890       864  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7173236.SQ.FTS.B, Zero Cpn, 4/30/25
    $ 15,713     $ 15,034  
7173420.SQ.FTS.B, Zero Cpn, 4/30/25
      5,720       5,143  
7173500.SQ.FTS.B, Zero Cpn, 4/30/25
      1,991       1,892  
7173521.SQ.FTS.B, Zero Cpn, 4/30/25
      2,677       2,087  
7173564.SQ.FTS.B, Zero Cpn, 4/30/25
      4,737       4,560  
7173662.SQ.FTS.B, Zero Cpn, 4/30/25
      1,065       1,019  
7173862.SQ.FTS.B, Zero Cpn, 5/01/25
      2,146        2,053   
7173884.SQ.FTS.B, Zero Cpn, 5/01/25
      2,591       2,402  
7173894.SQ.FTS.B, Zero Cpn, 5/01/25
      3,365       3,201  
7173915.SQ.FTS.B, Zero Cpn, 5/01/25
      50,471       45,847  
7174416.SQ.FTS.B, Zero Cpn, 5/01/25
      2,141       2,053  
7174460.SQ.FTS.B, Zero Cpn, 5/01/25
      7,544       7,267  
7174615.SQ.FTS.B, Zero Cpn, 5/01/25
      2,929       2,432  
7174674.SQ.FTS.B, Zero Cpn, 5/01/25
      16,034       15,375  
7175023.SQ.FTS.B, Zero Cpn, 5/01/25
      1,159       1,103  
7175060.SQ.FTS.B, Zero Cpn, 5/01/25
      18,316       17,570  
7175326.SQ.FTS.B, Zero Cpn, 5/01/25
      17,088       16,539  
7175634.SQ.FTS.B, Zero Cpn, 5/01/25
      929       889  
7175673.SQ.FTS.B, Zero Cpn, 5/01/25
      43,447       39,676  
7176198.SQ.FTS.B, Zero Cpn, 5/01/25
      1,908       1,835  
7176219.SQ.FTS.B, Zero Cpn, 5/01/25
      1,443       1,382  
7176240.SQ.FTS.B, Zero Cpn, 5/01/25
      908       879  
7176254.SQ.FTS.B, Zero Cpn, 5/01/25
      938       898  
7176280.SQ.FTS.B, Zero Cpn, 5/01/25
      25,772       24,718  
7176517.SQ.FTS.B, Zero Cpn, 5/01/25
      1,343       1,296  
7176536.SQ.FTS.B, Zero Cpn, 5/01/25
      59,895        57,232  
7177076.SQ.FTS.B, Zero Cpn, 5/01/25
      9,168       8,828  
7179257.SQ.FTS.B, Zero Cpn, 5/02/25
      845       646  
7179281.SQ.FTS.B, Zero Cpn, 5/02/25
      7,343       7,031  
7179383.SQ.FTS.B, Zero Cpn, 5/02/25
      8,176       7,138  
7179446.SQ.FTS.B, Zero Cpn, 5/02/25
      1,656       1,583  
7179459.SQ.FTS.B, Zero Cpn, 5/02/25
      2,019       1,936  
7179478.SQ.FTS.B, Zero Cpn, 5/02/25
      12,853       11,926  
7179594.SQ.FTS.B, Zero Cpn, 5/02/25
      4,789       4,548  
7179635.SQ.FTS.B, Zero Cpn, 5/02/25
      6,474       6,098  
7179755.SQ.FTS.B, Zero Cpn, 5/02/25
      3,914       3,756  
7179892.SQ.FTS.B, Zero Cpn, 5/02/25
      2,101       2,012  
7179967.SQ.FTS.B, Zero Cpn, 5/02/25
      430       415  
7179998.SQ.FTS.B, Zero Cpn, 5/02/25
      4,470       4,247  
7180045.SQ.FTS.B, Zero Cpn, 5/02/25
      1,648       1,573  
7180069.SQ.FTS.B, Zero Cpn, 5/02/25
      1,234       1,047  
7180080.SQ.FTS.B, Zero Cpn, 5/02/25
      1,429       1,375  
7180093.SQ.FTS.B, Zero Cpn, 5/02/25
      14,803       14,104  
7180257.SQ.FTS.B, Zero Cpn, 5/02/25
      1,365       1,207  
7180271.SQ.FTS.B, Zero Cpn, 5/02/25
      14,347       13,742  
7180418.SQ.FTS.B, Zero Cpn, 5/02/25
      17,698       16,070  
7180527.SQ.FTS.B, Zero Cpn, 5/02/25
      18,581       17,762  
7180661.SQ.FTS.B, Zero Cpn, 5/02/25
      2,046       1,948  
7180670.SQ.FTS.B, Zero Cpn, 5/02/25
      2,712       2,123  
7180680.SQ.FTS.B, Zero Cpn, 5/02/25
      19,708       18,866  
7180788.SQ.FTS.B, Zero Cpn, 5/02/25
      2,154       2,065  
7180801.SQ.FTS.B, Zero Cpn, 5/02/25
      2,855       2,683  
7180815.SQ.FTS.B, Zero Cpn, 5/02/25
      100,098       94,912  
7183242.SQ.FTS.B, Zero Cpn, 5/02/25
      7,496       7,187  
7183326.SQ.FTS.B, Zero Cpn, 5/02/25
      5,089       4,879  
7183400.SQ.FTS.B, Zero Cpn, 5/02/25
      14,714       13,235  
7183615.SQ.FTS.B, Zero Cpn, 5/02/25
      17,322       16,509  
7183985.SQ.FTS.B, Zero Cpn, 5/03/25
      2,225       2,153  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       57
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Block, Inc. (continued)
     
7184106.SQ.FTS.B, Zero Cpn, 5/03/25
    $ 4,334     $ 4,148  
7184141.SQ.FTS.B, Zero Cpn, 5/03/25
      4,233       4,060  
7184201.SQ.FTS.B, Zero Cpn, 5/03/25
      13,520       12,706  
7184427.SQ.FTS.B, Zero Cpn, 5/03/25
      882       827  
7184447.SQ.FTS.B, Zero Cpn, 5/03/25
      2,011       1,945  
7184507.SQ.FTS.B, Zero Cpn, 5/03/25
      4,327       4,018  
7184598.SQ.FTS.B, Zero Cpn, 5/03/25
      5,955        5,685   
7184711.SQ.FTS.B, Zero Cpn, 5/03/25
      35,577       32,960  
7185194.SQ.FTS.B, Zero Cpn, 5/03/25
      2,837       2,176  
7185225.SQ.FTS.B, Zero Cpn, 5/03/25
      4,915       4,753  
7185286.SQ.FTS.B, Zero Cpn, 5/03/25
      6,820       6,496  
7185355.SQ.FTS.B, Zero Cpn, 5/03/25
      6,204       5,985  
7185431.SQ.FTS.B, Zero Cpn, 5/03/25
      1,752       1,564  
7185458.SQ.FTS.B, Zero Cpn, 5/03/25
      4,068       3,896  
7185501.SQ.FTS.B, Zero Cpn, 5/03/25
      63,707        60,882  
7186223.SQ.FTS.B, Zero Cpn, 5/03/25
      5,838       5,577  
7186290.SQ.FTS.B, Zero Cpn, 5/03/25
      10,930       9,285  
7186420.SQ.FTS.B, Zero Cpn, 5/03/25
      16,867       16,134  
7186736.SQ.FTS.B, Zero Cpn, 5/03/25
      9,443       9,072  
7186907.SQ.FTS.B, Zero Cpn, 5/03/25
      5,561       5,328  
7186952.SQ.FTS.B, Zero Cpn, 5/03/25
      609       574  
7186970.SQ.FTS.B, Zero Cpn, 5/03/25
      9,933       9,541  
7187091.SQ.FTS.B, Zero Cpn, 5/03/25
      26,922       25,768  
7187381.SQ.FTS.B, Zero Cpn, 5/03/25
      5,137       4,699  
7187432.SQ.FTS.B, Zero Cpn, 5/03/25
      979       934  
7187451.SQ.FTS.B, Zero Cpn, 5/03/25
      8,699       7,832  
7187557.SQ.FTS.B, Zero Cpn, 5/03/25
      11,588       11,013  
7187613.SQ.FTS.B, Zero Cpn, 5/04/25
      4,384       4,209  
7187702.SQ.FTS.B, Zero Cpn, 5/04/25
      38,800       33,019  
7188296.SQ.FTS.B, Zero Cpn, 5/04/25
      1,849       1,741  
7188328.SQ.FTS.B, Zero Cpn, 5/04/25
      4,609       3,547  
7188399.SQ.FTS.B, Zero Cpn, 5/04/25
      5,415       5,192  
7188510.SQ.FTS.B, Zero Cpn, 5/04/25
      1,311       1,251  
7188530.SQ.FTS.B, Zero Cpn, 5/04/25
      6,266       6,009  
7188649.SQ.FTS.B, Zero Cpn, 5/05/25
      2,210       2,062  
7188685.SQ.FTS.B, Zero Cpn, 5/05/25
      21,924       20,914  
7189069.SQ.FTS.B, Zero Cpn, 5/05/25
      1,660       1,583  
7189106.SQ.FTS.B, Zero Cpn, 5/05/25
      1,487       1,377  
7189133.SQ.FTS.B, Zero Cpn, 5/05/25
      13,380       12,799  
7189904.SQ.FTS.B, Zero Cpn, 5/06/25
      4,770       4,553  
7190059.SQ.FTS.B, Zero Cpn, 5/06/25
      602       563  
7190099.SQ.FTS.B, Zero Cpn, 5/06/25
      26,033       24,929  
7191218.SQ.FTS.B, Zero Cpn, 5/06/25
      2,984       2,664  
7191314.SQ.FTS.B, Zero Cpn, 5/06/25
      11,854       11,175  
7191548.SQ.FTS.B, Zero Cpn, 5/06/25
      1,225       1,185  
7191633.SQ.FTS.B, Zero Cpn, 5/06/25
      4,522       4,255  
7191692.SQ.FTS.B, Zero Cpn, 5/06/25
      3,068       2,938  
7191757.SQ.FTS.B, Zero Cpn, 5/06/25
      835       806  
7191779.SQ.FTS.B, Zero Cpn, 5/06/25
      22,347       20,753  
7192107.SQ.FTS.B, Zero Cpn, 5/06/25
      1,931       1,852  
7192176.SQ.FTS.B, Zero Cpn, 5/06/25
      4,553       4,358  
7192209.SQ.FTS.B, Zero Cpn, 5/06/25
      19,708       18,612  
7192430.SQ.FTS.B, Zero Cpn, 5/06/25
      4,093       3,921  
7192495.SQ.FTS.B, Zero Cpn, 5/06/25
      11,595       10,773  
7192584.SQ.FTS.B, Zero Cpn, 5/06/25
      11,847       11,092  
7192768.SQ.FTS.B, Zero Cpn, 5/06/25
      17,101       16,328  
7192996.SQ.FTS.B, Zero Cpn, 5/06/25
      914       873  
7193019.SQ.FTS.B, Zero Cpn, 5/06/25
      1,312       1,251  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7193035.SQ.FTS.B, Zero Cpn, 5/06/25
    $ 7,992     $ 7,686  
7193207.SQ.FTS.B, Zero Cpn, 5/06/25
      2,626       2,526  
7193235.SQ.FTS.B, Zero Cpn, 5/06/25
      1,432       1,365  
7193282.SQ.FTS.B, Zero Cpn, 5/06/25
      15,640       14,993  
7193514.SQ.FTS.B, Zero Cpn, 5/06/25
      14,599       13,864  
7193716.SQ.FTS.B, Zero Cpn, 5/06/25
      15,521       14,012  
7193868.SQ.FTS.B, Zero Cpn, 5/07/25
      11,507        10,103   
7194006.SQ.FTS.B, Zero Cpn, 5/07/25
      8,556       8,181  
7194125.SQ.FTS.B, Zero Cpn, 5/07/25
      2,680       2,581  
7194158.SQ.FTS.B, Zero Cpn, 5/07/25
      10,419       9,959  
7194253.SQ.FTS.B, Zero Cpn, 5/07/25
      591       552  
7194265.SQ.FTS.B, Zero Cpn, 5/07/25
      3,445       3,297  
7194324.SQ.FTS.B, Zero Cpn, 5/07/25
      19,560       18,540  
7194771.SQ.FTS.B, Zero Cpn, 5/07/25
      3,006       2,716  
7194801.SQ.FTS.B, Zero Cpn, 5/07/25
      1,644       1,585  
7194845.SQ.FTS.B, Zero Cpn, 5/07/25
      932       893  
7194913.SQ.FTS.B, Zero Cpn, 5/07/25
      1,109       1,040  
7194960.SQ.FTS.B, Zero Cpn, 5/07/25
      1,008       962  
7194989.SQ.FTS.B, Zero Cpn, 5/07/25
      5,212       5,024  
7195117.SQ.FTS.B, Zero Cpn, 5/07/25
      19,243       18,436  
7195432.SQ.FTS.B, Zero Cpn, 5/07/25
      7,216       6,907  
7195543.SQ.FTS.B, Zero Cpn, 5/07/25
      20,826       19,788  
7195797.SQ.FTS.B, Zero Cpn, 5/07/25
      5,548       5,345  
7195903.SQ.FTS.B, Zero Cpn, 5/07/25
      24,489        23,353  
7196099.SQ.FTS.B, Zero Cpn, 5/07/25
      4,800       4,616  
7196149.SQ.FTS.B, Zero Cpn, 5/07/25
      10,964       10,546  
7196284.SQ.FTS.B, Zero Cpn, 5/07/25
      60,244       57,499  
7196842.SQ.FTS.B, Zero Cpn, 5/07/25
      737       714  
7196851.SQ.FTS.B, Zero Cpn, 5/07/25
      988       957  
7196867.SQ.FTS.B, Zero Cpn, 5/07/25
      5,137       4,865  
7196884.SQ.FTS.B, Zero Cpn, 5/07/25
      1,294       1,253  
7196933.SQ.FTS.B, Zero Cpn, 5/07/25
      1,473       1,417  
7196950.SQ.FTS.B, Zero Cpn, 5/07/25
      4,838       4,583  
7197003.SQ.FTS.B, Zero Cpn, 5/07/25
      2,283       2,199  
7197047.SQ.FTS.B, Zero Cpn, 5/07/25
      4,784       4,444  
7197105.SQ.FTS.B, Zero Cpn, 5/07/25
      4,585       4,421  
7197174.SQ.FTS.B, Zero Cpn, 5/07/25
      2,430       2,329  
7197195.SQ.FTS.B, Zero Cpn, 5/07/25
      3,561       3,364  
7197219.SQ.FTS.B, Zero Cpn, 5/07/25
      28,768       26,200  
7197530.SQ.FTS.B, Zero Cpn, 5/07/25
      4,261       4,078  
7197611.SQ.FTS.B, Zero Cpn, 5/07/25
      1,556       1,468  
7197669.SQ.FTS.B, Zero Cpn, 5/08/25
      9,186       8,768  
7197827.SQ.FTS.B, Zero Cpn, 5/08/25
      2,560       2,462  
7197871.SQ.FTS.B, Zero Cpn, 5/08/25
      20,226       19,360  
7198067.SQ.FTS.B, Zero Cpn, 5/08/25
      6,076       5,809  
7198144.SQ.FTS.B, Zero Cpn, 5/08/25
      17,595       16,846  
7198394.SQ.FTS.B, Zero Cpn, 5/08/25
      630       613  
7198412.SQ.FTS.B, Zero Cpn, 5/08/25
      6,305       6,022  
7198487.SQ.FTS.B, Zero Cpn, 5/08/25
      696       665  
7198501.SQ.FTS.B, Zero Cpn, 5/08/25
      2,137       1,948  
7198536.SQ.FTS.B, Zero Cpn, 5/08/25
      3,221       3,072  
7198601.SQ.FTS.B, Zero Cpn, 5/08/25
      3,405       3,200  
7198657.SQ.FTS.B, Zero Cpn, 5/08/25
      15,675       15,005  
7198886.SQ.FTS.B, Zero Cpn, 5/08/25
      13,013       12,460  
7199092.SQ.FTS.B, Zero Cpn, 5/08/25
      3,529       3,366  
7199118.SQ.FTS.B, Zero Cpn, 5/08/25
      4,601       4,404  
7199177.SQ.FTS.B, Zero Cpn, 5/08/25
      14,222       13,587  
7199276.SQ.FTS.B, Zero Cpn, 5/08/25
      37,289       35,805  
 
       
58       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7199802.SQ.FTS.B, Zero Cpn, 5/08/25
    $ 36,523     $ 34,881  
7200153.SQ.FTS.B, Zero Cpn, 5/08/25
      16,216       14,662  
7200286.SQ.FTS.B, Zero Cpn, 5/08/25
      10,314       9,901  
7200383.SQ.FTS.B, Zero Cpn, 5/08/25
      3,456       3,298  
7200423.SQ.FTS.B, Zero Cpn, 5/08/25
      1,797       1,724  
7200458.SQ.FTS.B, Zero Cpn, 5/08/25
      12,343       11,159  
7200553.SQ.FTS.B, Zero Cpn, 5/08/25
      11,431        10,945   
7200668.SQ.FTS.B, Zero Cpn, 5/08/25
      2,332       2,213  
7200684.SQ.FTS.B, Zero Cpn, 5/08/25
      17,258       16,585  
7200960.SQ.FTS.B, Zero Cpn, 5/08/25
      483       459  
7200975.SQ.FTS.B, Zero Cpn, 5/08/25
      4,802       4,620  
7201012.SQ.FTS.B, Zero Cpn, 5/08/25
      9,918       9,485  
7201144.SQ.FTS.B, Zero Cpn, 5/08/25
      5,425       5,180  
7203221.SQ.FTS.B, Zero Cpn, 5/09/25
      11,023       10,549  
7203333.SQ.FTS.B, Zero Cpn, 5/09/25
      11,492       10,960  
7203436.SQ.FTS.B, Zero Cpn, 5/09/25
      2,069       1,973  
7203456.SQ.FTS.B, Zero Cpn, 5/09/25
      5,891       5,638  
7203520.SQ.FTS.B, Zero Cpn, 5/09/25
      17,043       16,276  
7203679.SQ.FTS.B, Zero Cpn, 5/09/25
      1,140       966  
7203725.SQ.FTS.B, Zero Cpn, 5/09/25
      3,747       3,524  
7203777.SQ.FTS.B, Zero Cpn, 5/09/25
      3,365       3,213  
7203831.SQ.FTS.B, Zero Cpn, 5/09/25
      931       901  
7203860.SQ.FTS.B, Zero Cpn, 5/09/25
      4,170       3,997  
7203930.SQ.FTS.B, Zero Cpn, 5/09/25
      12,840       12,267  
7204308.SQ.FTS.B, Zero Cpn, 5/09/25
      2,707       2,536  
7204525.SQ.FTS.B, Zero Cpn, 5/09/25
      2,806       2,691  
7204620.SQ.FTS.B, Zero Cpn, 5/09/25
      7,616       7,296  
7204744.SQ.FTS.B, Zero Cpn, 5/09/25
      1,151       1,110  
7204771.SQ.FTS.B, Zero Cpn, 5/09/25
      19,755        16,989  
7204916.SQ.FTS.B, Zero Cpn, 5/09/25
      3,155       2,990  
7204945.SQ.FTS.B, Zero Cpn, 5/09/25
      6,053       5,667  
7204993.SQ.FTS.B, Zero Cpn, 5/09/25
      2,768       2,645  
7205002.SQ.FTS.B, Zero Cpn, 5/09/25
      76,136       71,579  
7205991.SQ.FTS.B, Zero Cpn, 5/09/25
      11,117       10,558  
7206094.SQ.FTS.B, Zero Cpn, 5/09/25
      37,296       32,798  
7206597.SQ.FTS.B, Zero Cpn, 5/09/25
      4,354       3,688  
7206678.SQ.FTS.B, Zero Cpn, 5/09/25
      4,451       4,170  
7206741.SQ.FTS.B, Zero Cpn, 5/09/25
      6,095       5,514  
7206811.SQ.FTS.B, Zero Cpn, 5/09/25
      7,081       6,759  
7206889.SQ.FTS.B, Zero Cpn, 5/09/25
      8,303       7,811  
7206980.SQ.FTS.B, Zero Cpn, 5/09/25
      18,746       15,557  
7207145.SQ.FTS.B, Zero Cpn, 5/09/25
      6,047       5,801  
7207194.SQ.FTS.B, Zero Cpn, 5/09/25
      983       733  
7207199.SQ.FTS.B, Zero Cpn, 5/09/25
      5,608       5,314  
7207251.SQ.FTS.B, Zero Cpn, 5/10/25
      30,451       29,045  
7207540.SQ.FTS.B, Zero Cpn, 5/10/25
      25,851       24,765  
7207887.SQ.FTS.B, Zero Cpn, 5/10/25
      30,573       29,157  
7208263.SQ.FTS.B, Zero Cpn, 5/10/25
      1,373       1,223  
7208299.SQ.FTS.B, Zero Cpn, 5/10/25
      10,341       9,215  
7208468.SQ.FTS.B, Zero Cpn, 5/10/25
      10,876       10,406  
7208659.SQ.FTS.B, Zero Cpn, 5/10/25
      11,406       10,926  
7208754.SQ.FTS.B, Zero Cpn, 5/10/25
      12,673       12,177  
7208967.SQ.FTS.B, Zero Cpn, 5/10/25
      5,878       5,531  
7209002.SQ.FTS.B, Zero Cpn, 5/10/25
      689       663  
7209013.SQ.FTS.B, Zero Cpn, 5/10/25
      1,129       1,080  
7209021.SQ.FTS.B, Zero Cpn, 5/10/25
      65,716       62,402  
7209741.SQ.FTS.B, Zero Cpn, 5/10/25
      2,996       2,861  
7209796.SQ.FTS.B, Zero Cpn, 5/10/25
      76,883       73,508  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7210710.SQ.FTS.B, Zero Cpn, 5/10/25
    $ 2,648     $ 2,359  
7210754.SQ.FTS.B, Zero Cpn, 5/10/25
      2,388       2,097  
7210807.SQ.FTS.B, Zero Cpn, 5/10/25
      5,333       5,084  
7210908.SQ.FTS.B, Zero Cpn, 5/11/25
      6,402       6,127  
7211016.SQ.FTS.B, Zero Cpn, 5/11/25
      8,800       8,432  
7211142.SQ.FTS.B, Zero Cpn, 5/11/25
      846       635  
7211155.SQ.FTS.B, Zero Cpn, 5/11/25
      7,006        6,697   
7211240.SQ.FTS.B, Zero Cpn, 5/11/25
      5,411       5,172  
7211314.SQ.FTS.B, Zero Cpn, 5/11/25
      2,164       2,062  
7211346.SQ.FTS.B, Zero Cpn, 5/11/25
      550       531  
7211367.SQ.FTS.B, Zero Cpn, 5/11/25
      1,425       1,317  
7211382.SQ.FTS.B, Zero Cpn, 5/11/25
      3,425       3,276  
7211455.SQ.FTS.B, Zero Cpn, 5/11/25
      14,766       14,209  
7211717.SQ.FTS.B, Zero Cpn, 5/11/25
      15,020       14,363  
7211935.SQ.FTS.B, Zero Cpn, 5/12/25
      11,317       10,788  
7212175.SQ.FTS.B, Zero Cpn, 5/12/25
      1,846       1,774  
7212213.SQ.FTS.B, Zero Cpn, 5/12/25
      13,794       13,181  
7212464.SQ.FTS.B, Zero Cpn, 5/12/25
      1,697       1,445  
7212491.SQ.FTS.B, Zero Cpn, 5/12/25
      13,026       11,813  
7212658.SQ.FTS.B, Zero Cpn, 5/12/25
      1,366       1,306  
7212674.SQ.FTS.B, Zero Cpn, 5/12/25
      2,405       2,258  
7212718.SQ.FTS.B, Zero Cpn, 5/13/25
      1,380       1,295  
7212919.SQ.FTS.B, Zero Cpn, 5/13/25
      1,758       1,613  
7212962.SQ.FTS.B, Zero Cpn, 5/13/25
      1,604       1,542  
7213115.SQ.FTS.B, Zero Cpn, 5/13/25
      14,817       14,159  
7213655.SQ.FTS.B, Zero Cpn, 5/13/25
      5,497       5,260  
7213791.SQ.FTS.B, Zero Cpn, 5/13/25
      1,364       1,302  
7213843.SQ.FTS.B, Zero Cpn, 5/13/25
      1,466       1,396  
7213862.SQ.FTS.B, Zero Cpn, 5/13/25
      859       832  
7213905.SQ.FTS.B, Zero Cpn, 5/13/25
      3,836       3,676  
7213955.SQ.FTS.B, Zero Cpn, 5/13/25
      1,100       880  
7213988.SQ.FTS.B, Zero Cpn, 5/13/25
      11,615        10,882  
7214235.SQ.FTS.B, Zero Cpn, 5/13/25
      15,570       14,867  
7214530.SQ.FTS.B, Zero Cpn, 5/13/25
      1,936       1,855  
7214566.SQ.FTS.B, Zero Cpn, 5/13/25
      9,568       9,192  
7214825.SQ.FTS.B, Zero Cpn, 5/13/25
      6,505       4,938  
7214936.SQ.FTS.B, Zero Cpn, 5/13/25
      36,017       34,491  
7215473.SQ.FTS.B, Zero Cpn, 5/13/25
      1,698       1,636  
7215497.SQ.FTS.B, Zero Cpn, 5/13/25
      5,636       5,367  
7215558.SQ.FTS.B, Zero Cpn, 5/13/25
      9,309       8,882  
7215695.SQ.FTS.B, Zero Cpn, 5/13/25
      14,061       13,453  
7215910.SQ.FTS.B, Zero Cpn, 5/13/25
      1,359       1,298  
7215928.SQ.FTS.B, Zero Cpn, 5/13/25
      2,164       2,043  
7215936.SQ.FTS.B, Zero Cpn, 5/13/25
      3,337       3,183  
7215981.SQ.FTS.B, Zero Cpn, 5/13/25
      26,911       25,766  
7216372.SQ.FTS.B, Zero Cpn, 5/13/25
      12,574       12,048  
7216634.SQ.FTS.B, Zero Cpn, 5/13/25
      5,368       5,157  
7216721.SQ.FTS.B, Zero Cpn, 5/13/25
      2,713       2,395  
7216996.SQ.FTS.B, Zero Cpn, 5/14/25
      7,915       7,628  
7217153.SQ.FTS.B, Zero Cpn, 5/14/25
      1,152       1,056  
7217165.SQ.FTS.B, Zero Cpn, 5/14/25
      41,750       39,758  
7217837.SQ.FTS.B, Zero Cpn, 5/14/25
      10,809       10,145  
7218070.SQ.FTS.B, Zero Cpn, 5/14/25
      795       766  
7218088.SQ.FTS.B, Zero Cpn, 5/14/25
      7,556       7,304  
7218214.SQ.FTS.B, Zero Cpn, 5/14/25
      31,414       30,014  
7218522.SQ.FTS.B, Zero Cpn, 5/14/25
      10,189       9,689  
7218588.SQ.FTS.B, Zero Cpn, 5/14/25
      2,119       1,989  
7218599.SQ.FTS.B, Zero Cpn, 5/14/25
      2,178       2,067  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       59
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Block, Inc. (continued)
     
7218613.SQ.FTS.B, Zero Cpn, 5/14/25
    $ 444     $ 428  
7218625.SQ.FTS.B, Zero Cpn, 5/14/25
      45,935       42,015  
7218886.SQ.FTS.B, Zero Cpn, 5/14/25
      6,708       5,821  
7218920.SQ.FTS.B, Zero Cpn, 5/14/25
      1,702       1,602  
7218927.SQ.FTS.B, Zero Cpn, 5/14/25
      10,368       9,845  
7218987.SQ.FTS.B, Zero Cpn, 5/14/25
      2,302       2,037  
7219006.SQ.FTS.B, Zero Cpn, 5/14/25
      1,422        1,312   
7219021.SQ.FTS.B, Zero Cpn, 5/14/25
      7,241       6,914  
7219083.SQ.FTS.B, Zero Cpn, 5/14/25
      4,120       3,805  
7219097.SQ.FTS.B, Zero Cpn, 5/14/25
      1,882       1,802  
7219118.SQ.FTS.B, Zero Cpn, 5/14/25
      11,712       10,163  
7219191.SQ.FTS.B, Zero Cpn, 5/14/25
      228       221  
7219193.SQ.FTS.B, Zero Cpn, 5/14/25
      16,856       15,924  
7219508.SQ.FTS.B, Zero Cpn, 5/14/25
      4,241       4,066  
7219920.SQ.FTS.B, Zero Cpn, 5/14/25
      827       801  
7220016.SQ.FTS.B, Zero Cpn, 5/14/25
      6,570       5,339  
7220190.SQ.FTS.B, Zero Cpn, 5/14/25
      5,453       5,110  
7220283.SQ.FTS.B, Zero Cpn, 5/14/25
      10,400       9,959  
7220388.SQ.FTS.B, Zero Cpn, 5/14/25
      635       595  
7220400.SQ.FTS.B, Zero Cpn, 5/14/25
      5,805       5,532  
7220452.SQ.FTS.B, Zero Cpn, 5/14/25
      601       583  
7220453.SQ.FTS.B, Zero Cpn, 5/14/25
      15,456       14,389  
7220578.SQ.FTS.B, Zero Cpn, 5/14/25
      3,538       3,383  
7220630.SQ.FTS.B, Zero Cpn, 5/14/25
      1,500       1,435  
7220661.SQ.FTS.B, Zero Cpn, 5/14/25
      12,914        12,236  
7220837.SQ.FTS.B, Zero Cpn, 5/14/25
      3,582       3,303  
7220917.SQ.FTS.B, Zero Cpn, 5/15/25
      1,612       1,526  
7220959.SQ.FTS.B, Zero Cpn, 5/15/25
      697       678  
7221011.SQ.FTS.B, Zero Cpn, 5/15/25
      1,983       1,900  
7221061.SQ.FTS.B, Zero Cpn, 5/15/25
      3,220       3,080  
7221085.SQ.FTS.B, Zero Cpn, 5/15/25
      39,470       37,754  
7221573.SQ.FTS.B, Zero Cpn, 5/15/25
      2,538       2,458  
7221673.SQ.FTS.B, Zero Cpn, 5/15/25
      6,143       5,833  
7221755.SQ.FTS.B, Zero Cpn, 5/15/25
      4,607       4,427  
7221870.SQ.FTS.B, Zero Cpn, 5/15/25
      1,376       1,330  
7221907.SQ.FTS.B, Zero Cpn, 5/15/25
      1,450       1,315  
7221936.SQ.FTS.B, Zero Cpn, 5/15/25
      1,402       1,330  
7221972.SQ.FTS.B, Zero Cpn, 5/15/25
      3,197       3,086  
7222007.SQ.FTS.B, Zero Cpn, 5/15/25
      17,199       16,399  
7222218.SQ.FTS.B, Zero Cpn, 5/15/25
      1,127       1,085  
7222228.SQ.FTS.B, Zero Cpn, 5/15/25
      6,492       6,211  
7222283.SQ.FTS.B, Zero Cpn, 5/15/25
      2,808       2,678  
7222376.SQ.FTS.B, Zero Cpn, 5/15/25
      9,830       9,344  
7222643.SQ.FTS.B, Zero Cpn, 5/15/25
      17,108       16,097  
7222839.SQ.FTS.B, Zero Cpn, 5/15/25
      16,972       16,192  
7223043.SQ.FTS.B, Zero Cpn, 5/15/25
      7,072       6,701  
7223135.SQ.FTS.B, Zero Cpn, 5/15/25
      6,103       5,399  
7223201.SQ.FTS.B, Zero Cpn, 5/15/25
      43,997       42,138  
7223668.SQ.FTS.B, Zero Cpn, 5/15/25
      1,313       1,247  
7223713.SQ.FTS.B, Zero Cpn, 5/15/25
      3,323       3,174  
7223750.SQ.FTS.B, Zero Cpn, 5/15/25
      1,574       1,492  
7223776.SQ.FTS.B, Zero Cpn, 5/15/25
      17,244       16,600  
7224003.SQ.FTS.B, Zero Cpn, 5/15/25
      2,916       2,794  
7224021.SQ.FTS.B, Zero Cpn, 5/15/25
      18,374       17,489  
7224227.SQ.FTS.B, Zero Cpn, 5/15/25
      12,915       12,341  
7224411.SQ.FTS.B, Zero Cpn, 5/15/25
      6,217       5,978  
7224507.SQ.FTS.B, Zero Cpn, 5/15/25
      2,973       2,852  
7224534.SQ.FTS.B, Zero Cpn, 5/15/25
      1,371       1,284  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7224555.SQ.FTS.B, Zero Cpn, 5/15/25
    $ 4,425     $ 4,200  
7224622.SQ.FTS.B, Zero Cpn, 5/15/25
      1,285       1,238  
7224641.SQ.FTS.B, Zero Cpn, 5/15/25
      6,210       5,939  
7224704.SQ.FTS.B, Zero Cpn, 5/15/25
      12,828       12,121  
7226894.SQ.FTS.B, Zero Cpn, 5/16/25
      3,112       2,979  
7226949.SQ.FTS.B, Zero Cpn, 5/16/25
      1,096       1,040  
7226984.SQ.FTS.B, Zero Cpn, 5/16/25
      5,850        5,603   
7227083.SQ.FTS.B, Zero Cpn, 5/16/25
      4,520       4,345  
7227119.SQ.FTS.B, Zero Cpn, 5/16/25
      6,070       5,796  
7227198.SQ.FTS.B, Zero Cpn, 5/16/25
      14,235       13,619  
7227385.SQ.FTS.B, Zero Cpn, 5/16/25
      5,521       5,273  
7227517.SQ.FTS.B, Zero Cpn, 5/16/25
      2,854       2,724  
7227582.SQ.FTS.B, Zero Cpn, 5/16/25
      6,315       5,957  
7227644.SQ.FTS.B, Zero Cpn, 5/16/25
      14,975       14,307  
7227866.SQ.FTS.B, Zero Cpn, 5/16/25
      3,350       2,915  
7227981.SQ.FTS.B, Zero Cpn, 5/16/25
      1,615       1,430  
7228019.SQ.FTS.B, Zero Cpn, 5/16/25
      1,217       936  
7228039.SQ.FTS.B, Zero Cpn, 5/16/25
      6,867       6,572  
7228213.SQ.FTS.B, Zero Cpn, 5/16/25
      4,311       4,093  
7228293.SQ.FTS.B, Zero Cpn, 5/16/25
      1,212       1,153  
7228307.SQ.FTS.B, Zero Cpn, 5/16/25
      10,279       9,869  
7229541.SQ.FTS.B, Zero Cpn, 5/16/25
      2,538       2,430  
7229548.SQ.FTS.B, Zero Cpn, 5/16/25
      16,093       14,415  
7229686.SQ.FTS.B, Zero Cpn, 5/16/25
      6,186       5,895  
7229740.SQ.FTS.B, Zero Cpn, 5/16/25
      4,947       4,674  
7229762.SQ.FTS.B, Zero Cpn, 5/16/25
      50,957        48,260  
7229979.SQ.FTS.B, Zero Cpn, 5/16/25
      1,999       1,897  
7229991.SQ.FTS.B, Zero Cpn, 5/16/25
      2,476       2,323  
7229999.SQ.FTS.B, Zero Cpn, 5/16/25
      5,435       5,237  
7230021.SQ.FTS.B, Zero Cpn, 5/16/25
      3,723       3,555  
7230039.SQ.FTS.B, Zero Cpn, 5/16/25
      11,927       11,382  
7230095.SQ.FTS.B, Zero Cpn, 5/16/25
      12,642       12,063  
7230203.SQ.FTS.B, Zero Cpn, 5/16/25
      4,605       4,363  
7230219.SQ.FTS.B, Zero Cpn, 5/16/25
      17,868       17,179  
7230310.SQ.FTS.B, Zero Cpn, 5/16/25
      1,869       1,782  
7230314.SQ.FTS.B, Zero Cpn, 5/16/25
      3,097       2,888  
7230351.SQ.FTS.B, Zero Cpn, 5/16/25
      4,058       3,824  
7230369.SQ.FTS.B, Zero Cpn, 5/16/25
      2,817       2,708  
7230415.SQ.FTS.B, Zero Cpn, 5/16/25
      34,787       33,227  
7231188.SQ.FTS.B, Zero Cpn, 5/17/25
      2,806       2,721  
7231240.SQ.FTS.B, Zero Cpn, 5/17/25
      6,426       6,209  
7231465.SQ.FTS.B, Zero Cpn, 5/17/25
      21,228       20,276  
7231945.SQ.FTS.B, Zero Cpn, 5/17/25
      8,330       7,931  
7232120.SQ.FTS.B, Zero Cpn, 5/17/25
      2,830       2,700  
7232158.SQ.FTS.B, Zero Cpn, 5/17/25
      1,347       1,297  
7232195.SQ.FTS.B, Zero Cpn, 5/17/25
      24,756       23,628  
7232691.SQ.FTS.B, Zero Cpn, 5/17/25
      59,491       56,592  
7233417.SQ.FTS.B, Zero Cpn, 5/17/25
      12,009       11,481  
7233543.SQ.FTS.B, Zero Cpn, 5/17/25
      1,305       1,253  
7233554.SQ.FTS.B, Zero Cpn, 5/17/25
      7,404       7,020  
7233650.SQ.FTS.B, Zero Cpn, 5/17/25
      1,437       1,375  
7233660.SQ.FTS.B, Zero Cpn, 5/17/25
      1,132       1,056  
7233689.SQ.FTS.B, Zero Cpn, 5/17/25
      2,386       2,271  
7233732.SQ.FTS.B, Zero Cpn, 5/17/25
      7,562       7,234  
7233812.SQ.FTS.B, Zero Cpn, 5/17/25
      943       868  
7233827.SQ.FTS.B, Zero Cpn, 5/17/25
      82,580       78,875  
7234711.SQ.FTS.B, Zero Cpn, 5/18/25
      15,588       14,875  
7234867.SQ.FTS.B, Zero Cpn, 5/18/25
      1,269       1,210  
 
       
60       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7234879.SQ.FTS.B, Zero Cpn, 5/18/25
    $  10,659     $ 10,156  
7235031.SQ.FTS.B, Zero Cpn, 5/18/25
      8,347       7,644  
7235126.SQ.FTS.B, Zero Cpn, 5/18/25
      9,879       9,427  
7235258.SQ.FTS.B, Zero Cpn, 5/18/25
      10,306       9,780  
7235394.SQ.FTS.B, Zero Cpn, 5/18/25
      3,733       3,558  
7235445.SQ.FTS.B, Zero Cpn, 5/18/25
      1,667       1,598  
7235467.SQ.FTS.B, Zero Cpn, 5/19/25
      6,617        6,284   
7235564.SQ.FTS.B, Zero Cpn, 5/19/25
      999       951  
7235581.SQ.FTS.B, Zero Cpn, 5/19/25
      5,342       5,129  
7235659.SQ.FTS.B, Zero Cpn, 5/19/25
      10,342       9,904  
7235815.SQ.FTS.B, Zero Cpn, 5/19/25
      3,842       3,661  
7235864.SQ.FTS.B, Zero Cpn, 5/19/25
      3,956       3,784  
7235908.SQ.FTS.B, Zero Cpn, 5/19/25
      4,841       4,585  
7235984.SQ.FTS.B, Zero Cpn, 5/19/25
      3,714       3,484  
7236041.SQ.FTS.B, Zero Cpn, 5/19/25
      25,770       24,451  
7236352.SQ.FTS.B, Zero Cpn, 5/19/25
      2,077       1,982  
7236378.SQ.FTS.B, Zero Cpn, 5/19/25
      630       605  
7236769.SQ.FTS.B, Zero Cpn, 5/20/25
      17,825       16,962  
7237449.SQ.FTS.B, Zero Cpn, 5/20/25
      6,690       6,394  
7237614.SQ.FTS.B, Zero Cpn, 5/20/25
      12,907       12,360  
7238020.SQ.FTS.B, Zero Cpn, 5/20/25
      7,114       6,801  
7238159.SQ.FTS.B, Zero Cpn, 5/20/25
      1,978       1,761  
7238194.SQ.FTS.B, Zero Cpn, 5/20/25
      19,439        18,549  
7238562.SQ.FTS.B, Zero Cpn, 5/20/25
      13,311       12,714  
7238714.SQ.FTS.B, Zero Cpn, 5/20/25
      2,504       2,382  
7238757.SQ.FTS.B, Zero Cpn, 5/20/25
      11,677       10,876  
7238914.SQ.FTS.B, Zero Cpn, 5/20/25
      6,998       6,728  
7238977.SQ.FTS.B, Zero Cpn, 5/20/25
      62,543       59,701  
7239665.SQ.FTS.B, Zero Cpn, 5/20/25
      13,495       12,834  
7239879.SQ.FTS.B, Zero Cpn, 5/20/25
      36,950       35,063  
7240314.SQ.FTS.B, Zero Cpn, 5/20/25
      1,113       1,063  
7240319.SQ.FTS.B, Zero Cpn, 5/20/25
      3,340       3,164  
7240356.SQ.FTS.B, Zero Cpn, 5/20/25
      6,037       5,763  
7240417.SQ.FTS.B, Zero Cpn, 5/20/25
      3,670       3,513  
7240455.SQ.FTS.B, Zero Cpn, 5/20/25
      2,137       2,003  
7240494.SQ.FTS.B, Zero Cpn, 5/20/25
      10,967       10,510  
7241906.SQ.FTS.B, Zero Cpn, 5/21/25
      30,917       29,508  
7242122.SQ.FTS.B, Zero Cpn, 5/21/25
      904       736  
7242145.SQ.FTS.B, Zero Cpn, 5/21/25
      9,690       9,354  
7242213.SQ.FTS.B, Zero Cpn, 5/21/25
      931       894  
7242233.SQ.FTS.B, Zero Cpn, 5/21/25
      14,144       13,588  
7242372.SQ.FTS.B, Zero Cpn, 5/21/25
      5,613       5,104  
7242439.SQ.FTS.B, Zero Cpn, 5/21/25
      12,621       12,088  
7242637.SQ.FTS.B, Zero Cpn, 5/21/25
      7,830       6,785  
7242752.SQ.FTS.B, Zero Cpn, 5/21/25
      1,434       1,317  
7242801.SQ.FTS.B, Zero Cpn, 5/21/25
      5,737       5,437  
7242870.SQ.FTS.B, Zero Cpn, 5/21/25
      2,344       2,241  
7242896.SQ.FTS.B, Zero Cpn, 5/21/25
      13,473       12,866  
7243018.SQ.FTS.B, Zero Cpn, 5/21/25
      1,397       1,323  
7243023.SQ.FTS.B, Zero Cpn, 5/21/25
      5,078       4,773  
7243052.SQ.FTS.B, Zero Cpn, 5/21/25
      2,573       2,457  
7243075.SQ.FTS.B, Zero Cpn, 5/21/25
      5,030       4,807  
7243127.SQ.FTS.B, Zero Cpn, 5/21/25
      3,793       3,643  
7243185.SQ.FTS.B, Zero Cpn, 5/21/25
      22,218       21,165  
7243311.SQ.FTS.B, Zero Cpn, 5/21/25
      6,502       6,208  
7243345.SQ.FTS.B, Zero Cpn, 5/21/25
      10,588       10,140  
7243425.SQ.FTS.B, Zero Cpn, 5/21/25
      6,381       6,086  
7243463.SQ.FTS.B, Zero Cpn, 5/21/25
      1,082       1,033  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7243467.SQ.FTS.B, Zero Cpn, 5/21/25
    $  13,236     $ 12,436  
7243518.SQ.FTS.B, Zero Cpn, 5/21/25
      2,839       2,715  
7243531.SQ.FTS.B, Zero Cpn, 5/21/25
      7,977       7,613  
7243558.SQ.FTS.B, Zero Cpn, 5/21/25
      3,076       2,888  
7243571.SQ.FTS.B, Zero Cpn, 5/21/25
      8,371       7,944  
7243608.SQ.FTS.B, Zero Cpn, 5/21/25
      639       612  
7243613.SQ.FTS.B, Zero Cpn, 5/21/25
      3,241        3,101   
7243632.SQ.FTS.B, Zero Cpn, 5/21/25
      27,563       26,322  
7243772.SQ.FTS.B, Zero Cpn, 5/21/25
      5,203       4,973  
7243793.SQ.FTS.B, Zero Cpn, 5/21/25
      16,158       15,294  
7243843.SQ.FTS.B, Zero Cpn, 5/21/25
      5,616       5,366  
7243874.SQ.FTS.B, Zero Cpn, 5/21/25
      4,262       4,110  
7243927.SQ.FTS.B, Zero Cpn, 5/21/25
      2,792       2,548  
7243958.SQ.FTS.B, Zero Cpn, 5/21/25
      22,642       21,598  
7244108.SQ.FTS.B, Zero Cpn, 5/21/25
      3,630       3,423  
7244138.SQ.FTS.B, Zero Cpn, 5/21/25
      13,406       12,238  
7244207.SQ.FTS.B, Zero Cpn, 5/21/25
      18,765       16,881  
7244363.SQ.FTS.B, Zero Cpn, 5/21/25
      3,371       3,233  
7247421.SQ.FTS.B, Zero Cpn, 5/22/25
      5,939       5,636  
7247506.SQ.FTS.B, Zero Cpn, 5/22/25
      3,851       3,711  
7247550.SQ.FTS.B, Zero Cpn, 5/22/25
      31,737       30,099  
7247814.SQ.FTS.B, Zero Cpn, 5/22/25
      1,992       1,904  
7247849.SQ.FTS.B, Zero Cpn, 5/22/25
      1,971       1,851  
7247870.SQ.FTS.B, Zero Cpn, 5/22/25
      33,706        32,238  
7248245.SQ.FTS.B, Zero Cpn, 5/22/25
      4,580       4,367  
7248337.SQ.FTS.B, Zero Cpn, 5/22/25
      11,167       10,042  
7248498.SQ.FTS.B, Zero Cpn, 5/22/25
      5,127       4,916  
7248561.SQ.FTS.B, Zero Cpn, 5/22/25
      1,959       1,837  
7248591.SQ.FTS.B, Zero Cpn, 5/22/25
      2,514       2,285  
7248608.SQ.FTS.B, Zero Cpn, 5/22/25
      2,473       2,248  
7248635.SQ.FTS.B, Zero Cpn, 5/22/25
      7,024       6,704  
7248727.SQ.FTS.B, Zero Cpn, 5/22/25
      34,835       33,274  
7248948.SQ.FTS.B, Zero Cpn, 5/22/25
      1,503       1,434  
7248957.SQ.FTS.B, Zero Cpn, 5/22/25
      42,468       40,515  
7249181.SQ.FTS.B, Zero Cpn, 5/22/25
      15,406       14,617  
7249274.SQ.FTS.B, Zero Cpn, 5/22/25
      7,014       6,697  
7249305.SQ.FTS.B, Zero Cpn, 5/22/25
      7,363       6,950  
7249357.SQ.FTS.B, Zero Cpn, 5/22/25
      14,401       12,843  
7249450.SQ.FTS.B, Zero Cpn, 5/22/25
      9,994       9,242  
7249505.SQ.FTS.B, Zero Cpn, 5/22/25
      4,561       4,166  
7249526.SQ.FTS.B, Zero Cpn, 5/22/25
      5,854       5,599  
7249554.SQ.FTS.B, Zero Cpn, 5/22/25
      2,232       2,129  
7249566.SQ.FTS.B, Zero Cpn, 5/22/25
      1,894       1,826  
7249579.SQ.FTS.B, Zero Cpn, 5/22/25
      15,975       14,366  
7249691.SQ.FTS.B, Zero Cpn, 5/22/25
      3,821       3,664  
7249871.SQ.FTS.B, Zero Cpn, 5/22/25
      5,747       5,437  
7250303.SQ.FTS.B, Zero Cpn, 5/22/25
      9,257       8,827  
7250953.SQ.FTS.B, Zero Cpn, 5/22/25
      1,511       1,435  
7250972.SQ.FTS.B, Zero Cpn, 5/22/25
      2,017       1,924  
7251021.SQ.FTS.B, Zero Cpn, 5/22/25
      13,726       13,144  
7251203.SQ.FTS.B, Zero Cpn, 5/22/25
      5,618       4,924  
7251283.SQ.FTS.B, Zero Cpn, 5/23/25
      13,680       12,647  
7251367.SQ.FTS.B, Zero Cpn, 5/23/25
      11,552       10,787  
7251446.SQ.FTS.B, Zero Cpn, 5/23/25
      17,386       16,296  
7251553.SQ.FTS.B, Zero Cpn, 5/23/25
      1,981       1,842  
7251566.SQ.FTS.B, Zero Cpn, 5/23/25
      4,474       4,195  
7251597.SQ.FTS.B, Zero Cpn, 5/23/25
      643       599  
7251601.SQ.FTS.B, Zero Cpn, 5/23/25
      10,339       9,557  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       61
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7251651.SQ.FTS.B, Zero Cpn, 5/23/25
    $ 7,850     $ 7,241  
7251691.SQ.FTS.B, Zero Cpn, 5/23/25
      1,488       1,391  
7251706.SQ.FTS.B, Zero Cpn, 5/23/25
      5,605       5,188  
7251743.SQ.FTS.B, Zero Cpn, 5/23/25
      2,919       2,713  
7251773.SQ.FTS.B, Zero Cpn, 5/23/25
      12,507       11,674  
7251847.SQ.FTS.B, Zero Cpn, 5/23/25
      2,111       1,965  
7251857.SQ.FTS.B, Zero Cpn, 5/23/25
      3,303        3,067   
7251879.SQ.FTS.B, Zero Cpn, 5/23/25
      1,276       1,176  
7251888.SQ.FTS.B, Zero Cpn, 5/23/25
      20,378       19,085  
7252026.SQ.FTS.B, Zero Cpn, 5/23/25
      31,518       29,558  
7252735.SQ.FTS.B, Zero Cpn, 5/24/25
      2,728       2,516  
7252796.SQ.FTS.B, Zero Cpn, 5/24/25
      2,088       1,950  
7252869.SQ.FTS.B, Zero Cpn, 5/24/25
      8,877       8,323  
7253125.SQ.FTS.B, Zero Cpn, 5/24/25
      26,303       24,188  
7253951.SQ.FTS.B, Zero Cpn, 5/24/25
      982       898  
7254008.SQ.FTS.B, Zero Cpn, 5/24/25
      15,646       14,617  
7254497.SQ.FTS.B, Zero Cpn, 5/25/25
      3,265       2,829  
7254535.SQ.FTS.B, Zero Cpn, 5/25/25
      733       643  
7254541.SQ.FTS.B, Zero Cpn, 5/25/25
      8,230       7,630  
7254589.SQ.FTS.B, Zero Cpn, 5/25/25
      3,931       3,620  
7254611.SQ.FTS.B, Zero Cpn, 5/25/25
      61,845        57,516  
7254885.SQ.FTS.B, Zero Cpn, 5/25/25
      2,575       2,380  
7254898.SQ.FTS.B, Zero Cpn, 5/25/25
      3,002       2,785  
7254907.SQ.FTS.B, Zero Cpn, 5/25/25
      4,500       4,133  
7254930.SQ.FTS.B, Zero Cpn, 5/25/25
      2,267       2,097  
7254942.SQ.FTS.B, Zero Cpn, 5/25/25
      3,140       2,917  
7254957.SQ.FTS.B, Zero Cpn, 5/25/25
      7,579       6,913  
7254996.SQ.FTS.B, Zero Cpn, 5/25/25
      14,651       13,741  
7255051.SQ.FTS.B, Zero Cpn, 5/25/25
      15,875       14,658  
7255113.SQ.FTS.B, Zero Cpn, 5/25/25
      3,047       2,789  
7255130.SQ.FTS.B, Zero Cpn, 5/25/25
      5,180       4,856  
7255160.SQ.FTS.B, Zero Cpn, 5/25/25
      2,078       1,909  
7255167.SQ.FTS.B, Zero Cpn, 5/25/25
      18,470       16,939  
7255268.SQ.FTS.B, Zero Cpn, 5/25/25
      998       912  
7255280.SQ.FTS.B, Zero Cpn, 5/25/25
      2,104       1,947  
7255297.SQ.FTS.B, Zero Cpn, 5/25/25
      5,440       4,930  
7255323.SQ.FTS.B, Zero Cpn, 5/25/25
      1,797       1,657  
7255335.SQ.FTS.B, Zero Cpn, 5/25/25
      8,176       7,426  
7255379.SQ.FTS.B, Zero Cpn, 5/25/25
      1,628       1,508  
7255387.SQ.FTS.B, Zero Cpn, 5/25/25
      7,682       7,119  
7255455.SQ.FTS.B, Zero Cpn, 5/25/25
      7,322       6,864  
7255510.SQ.FTS.B, Zero Cpn, 5/25/25
      5,479       5,137  
7255558.SQ.FTS.B, Zero Cpn, 5/25/25
      2,951       2,764  
7255576.SQ.FTS.B, Zero Cpn, 5/25/25
      5,460       5,003  
7255610.SQ.FTS.B, Zero Cpn, 5/25/25
      2,333       2,146  
7255628.SQ.FTS.B, Zero Cpn, 5/25/25
      13,820       12,949  
7255712.SQ.FTS.B, Zero Cpn, 5/25/25
      15,161       14,213  
7255795.SQ.FTS.B, Zero Cpn, 5/25/25
      7,166       6,718  
7255837.SQ.FTS.B, Zero Cpn, 5/25/25
      815       737  
7255851.SQ.FTS.B, Zero Cpn, 5/25/25
      995       918  
7255860.SQ.FTS.B, Zero Cpn, 5/25/25
      12,502       11,348  
7255984.SQ.FTS.B, Zero Cpn, 5/25/25
      1,956       1,798  
7255987.SQ.FTS.B, Zero Cpn, 5/25/25
      629       549  
7255995.SQ.FTS.B, Zero Cpn, 5/25/25
      1,870       1,716  
7256004.SQ.FTS.B, Zero Cpn, 5/25/25
      7,999       7,340  
7256046.SQ.FTS.B, Zero Cpn, 5/25/25
      4,123       3,844  
7256072.SQ.FTS.B, Zero Cpn, 5/25/25
      13,221       12,301  
7256157.SQ.FTS.B, Zero Cpn, 5/25/25
      545       476  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7256171.SQ.FTS.B, Zero Cpn, 5/26/25
    $ 1,666     $ 1,547  
7256180.SQ.FTS.B, Zero Cpn, 5/26/25
      8,058       7,147  
7256258.SQ.FTS.B, Zero Cpn, 5/26/25
      5,394       5,036  
7256287.SQ.FTS.B, Zero Cpn, 5/26/25
      1,094       1,005  
7256298.SQ.FTS.B, Zero Cpn, 5/26/25
      8,752       8,146  
7256370.SQ.FTS.B, Zero Cpn, 5/26/25
      14,929       13,781  
7256472.SQ.FTS.B, Zero Cpn, 5/26/25
      8,361        7,769   
7256517.SQ.FTS.B, Zero Cpn, 5/26/25
      17,889       16,731  
7256621.SQ.FTS.B, Zero Cpn, 5/26/25
      34,792       32,611  
7256805.SQ.FTS.B, Zero Cpn, 5/26/25
      3,087       2,852  
7256816.SQ.FTS.B, Zero Cpn, 5/26/25
      1,541       1,400  
7256825.SQ.FTS.B, Zero Cpn, 5/26/25
      2,558       2,386  
7256842.SQ.FTS.B, Zero Cpn, 5/26/25
      1,220       1,119  
7256851.SQ.FTS.B, Zero Cpn, 5/26/25
      2,393       2,220  
7256867.SQ.FTS.B, Zero Cpn, 5/26/25
      2,715       2,466  
7256887.SQ.FTS.B, Zero Cpn, 5/26/25
      10,575       9,669  
7257371.SQ.FTS.B, Zero Cpn, 5/27/25
      1,932       1,723  
7257431.SQ.FTS.B, Zero Cpn, 5/27/25
      1,312       1,198  
7257459.SQ.FTS.B, Zero Cpn, 5/27/25
      1,631       1,513  
7257487.SQ.FTS.B, Zero Cpn, 5/27/25
      504       458  
7257517.SQ.FTS.B, Zero Cpn, 5/27/25
      1,092       1,004  
7260912.SQ.FTS.B, Zero Cpn, 5/28/25
      1,657       1,523  
7260947.SQ.FTS.B, Zero Cpn, 5/28/25
      30,558        28,444  
7261105.SQ.FTS.B, Zero Cpn, 5/28/25
      1,549       1,387  
7261122.SQ.FTS.B, Zero Cpn, 5/28/25
      5,088       4,746  
7261180.SQ.FTS.B, Zero Cpn, 5/28/25
      4,117       3,844  
7261221.SQ.FTS.B, Zero Cpn, 5/28/25
      1,502       1,380  
7261225.SQ.FTS.B, Zero Cpn, 5/28/25
      4,359       4,039  
7261261.SQ.FTS.B, Zero Cpn, 5/28/25
      14,242       13,205  
7261469.SQ.FTS.B, Zero Cpn, 5/28/25
      10,248       9,605  
7261563.SQ.FTS.B, Zero Cpn, 5/28/25
      15,138       14,145  
7261699.SQ.FTS.B, Zero Cpn, 5/28/25
      4,010       3,730  
7261800.SQ.FTS.B, Zero Cpn, 5/28/25
      1,635       1,483  
7261827.SQ.FTS.B, Zero Cpn, 5/28/25
      24,882       23,229  
7262165.SQ.FTS.B, Zero Cpn, 5/28/25
      44,669       41,868  
7262587.SQ.FTS.B, Zero Cpn, 5/28/25
      32,017       29,646  
7262777.SQ.FTS.B, Zero Cpn, 5/28/25
      5,441       5,019  
7262794.SQ.FTS.B, Zero Cpn, 5/28/25
      48,569       45,516  
7263082.SQ.FTS.B, Zero Cpn, 5/28/25
      8,359       7,836  
7263122.SQ.FTS.B, Zero Cpn, 5/28/25
      12,961       12,111  
7263157.SQ.FTS.B, Zero Cpn, 5/28/25
      29,631       27,598  
7263363.SQ.FTS.B, Zero Cpn, 5/28/25
      5,679       5,280  
7263379.SQ.FTS.B, Zero Cpn, 5/28/25
      17,572       16,234  
7264074.SQ.FTS.B, Zero Cpn, 5/28/25
      584       540  
7264211.SQ.FTS.B, Zero Cpn, 5/29/25
      7,233       6,564  
7264350.SQ.FTS.B, Zero Cpn, 5/29/25
      4,544       4,227  
7264473.SQ.FTS.B, Zero Cpn, 5/29/25
      1,913       1,771  
7264567.SQ.FTS.B, Zero Cpn, 5/29/25
      1,434       1,308  
7264586.SQ.FTS.B, Zero Cpn, 5/29/25
      2,090       1,927  
7264599.SQ.FTS.B, Zero Cpn, 5/29/25
      481       434  
7264605.SQ.FTS.B, Zero Cpn, 5/29/25
      2,551       2,362  
7264627.SQ.FTS.B, Zero Cpn, 5/29/25
      1,851       1,716  
7264644.SQ.FTS.B, Zero Cpn, 5/29/25
      990       892  
7264654.SQ.FTS.B, Zero Cpn, 5/29/25
      27,652       25,729  
7265326.SQ.FTS.B, Zero Cpn, 5/29/25
      18,051       16,517  
7265483.SQ.FTS.B, Zero Cpn, 5/29/25
      3,462       3,208  
7265503.SQ.FTS.B, Zero Cpn, 5/29/25
      2,127       1,936  
7265512.SQ.FTS.B, Zero Cpn, 5/29/25
      7,694       7,113  
 
       
62       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7265686.SQ.FTS.B, Zero Cpn, 5/29/25
    $ 1,652     $ 1,521  
7265696.SQ.FTS.B, Zero Cpn, 5/29/25
      4,679       4,339  
7265763.SQ.FTS.B, Zero Cpn, 5/29/25
      5,392       5,056  
7265824.SQ.FTS.B, Zero Cpn, 5/29/25
      6,157       5,715  
7265852.SQ.FTS.B, Zero Cpn, 5/29/25
      905       821  
7265858.SQ.FTS.B, Zero Cpn, 5/29/25
      12,108       11,268  
7265959.SQ.FTS.B, Zero Cpn, 5/29/25
      7,202        6,612   
7266020.SQ.FTS.B, Zero Cpn, 5/29/25
      1,064       978  
7266031.SQ.FTS.B, Zero Cpn, 5/29/25
      54,191       50,602  
7266451.SQ.FTS.B, Zero Cpn, 5/29/25
      32,771       30,435  
7266769.SQ.FTS.B, Zero Cpn, 5/29/25
      3,908       3,625  
7266801.SQ.FTS.B, Zero Cpn, 5/29/25
      28,785       26,577  
7267074.SQ.FTS.B, Zero Cpn, 5/29/25
      5,970       5,544  
7267120.SQ.FTS.B, Zero Cpn, 5/29/25
      5,470       5,126  
7267209.SQ.FTS.B, Zero Cpn, 5/29/25
      2,490       2,290  
7267243.SQ.FTS.B, Zero Cpn, 5/29/25
      1,444       1,321  
7267254.SQ.FTS.B, Zero Cpn, 5/29/25
      20,859       19,463  
7269890.SQ.FTS.B, Zero Cpn, 5/30/25
      1,143       1,071  
7269934.SQ.FTS.B, Zero Cpn, 5/30/25
      10,455       9,671  
7270073.SQ.FTS.B, Zero Cpn, 5/30/25
      68,488        63,929  
7271633.SQ.FTS.B, Zero Cpn, 5/30/25
      1,651       1,517  
7271678.SQ.FTS.B, Zero Cpn, 5/30/25
      10,422       9,764  
7271826.SQ.FTS.B, Zero Cpn, 5/30/25
      87,898       82,404  
7273042.SQ.FTS.B, Zero Cpn, 5/30/25
      5,390       4,939  
7273080.SQ.FTS.B, Zero Cpn, 5/30/25
      13,952       13,081  
7273316.SQ.FTS.B, Zero Cpn, 5/30/25
      14,525       13,382  
7273451.SQ.FTS.B, Zero Cpn, 5/30/25
      8,059       7,303  
7273512.SQ.FTS.B, Zero Cpn, 5/30/25
      25,056       23,302  
7273775.SQ.FTS.B, Zero Cpn, 5/30/25
      19,548       18,020  
7273860.SQ.FTS.B, Zero Cpn, 6/01/25
      2,522       2,314  
7273927.SQ.FTS.B, Zero Cpn, 6/01/25
      10,479       9,728  
7274043.SQ.FTS.B, Zero Cpn, 6/01/25
      1,605       1,484  
7274066.SQ.FTS.B, Zero Cpn, 6/01/25
      5,606       5,107  
7274153.SQ.FTS.B, Zero Cpn, 6/01/25
      24,429       22,457  
7274499.SQ.FTS.B, Zero Cpn, 6/01/25
      12,807       11,794  
7274671.SQ.FTS.B, Zero Cpn, 6/01/25
      4,401       4,063  
7274744.SQ.FTS.B, Zero Cpn, 6/01/25
      2,794       2,550  
7274775.SQ.FTS.B, Zero Cpn, 6/01/25
      4,907       4,473  
7274826.SQ.FTS.B, Zero Cpn, 6/01/25
      5,199       4,712  
7274922.SQ.FTS.B, Zero Cpn, 6/01/25
      12,983       12,117  
7275094.SQ.FTS.B, Zero Cpn, 6/01/25
      6,314       5,915  
7275180.SQ.FTS.B, Zero Cpn, 6/01/25
      3,568       3,315  
7275252.SQ.FTS.B, Zero Cpn, 6/01/25
      83,444       78,205  
7276219.SQ.FTS.B, Zero Cpn, 6/01/25
      8,881       8,258  
7276376.SQ.FTS.B, Zero Cpn, 6/01/25
      17,998       16,868  
7276614.SQ.FTS.B, Zero Cpn, 6/01/25
      627       564  
7276626.SQ.FTS.B, Zero Cpn, 6/01/25
      1,188       1,109  
7276627.SQ.FTS.B, Zero Cpn, 6/01/25
      5,248       4,916  
7276670.SQ.FTS.B, Zero Cpn, 6/01/25
      4,943       4,599  
7276733.SQ.FTS.B, Zero Cpn, 6/01/25
      2,339       2,167  
7276776.SQ.FTS.B, Zero Cpn, 6/01/25
      4,986       4,611  
7276836.SQ.FTS.B, Zero Cpn, 6/01/25
      13,206       12,201  
7276980.SQ.FTS.B, Zero Cpn, 6/01/25
      25,550       23,845  
7277292.SQ.FTS.B, Zero Cpn, 6/01/25
      9,840       9,153  
7277395.SQ.FTS.B, Zero Cpn, 6/01/25
      24,633       23,075  
7277477.SQ.FTS.B, Zero Cpn, 6/02/25
      7,885       7,302  
7277543.SQ.FTS.B, Zero Cpn, 6/02/25
      720       667  
7277549.SQ.FTS.B, Zero Cpn, 6/02/25
      1,840       1,699  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7277572.SQ.FTS.B, Zero Cpn, 6/02/25
    $ 6,376     $ 5,974  
7277620.SQ.FTS.B, Zero Cpn, 6/02/25
      3,864       3,568  
7277648.SQ.FTS.B, Zero Cpn, 6/02/25
      2,469       2,281  
7277669.SQ.FTS.B, Zero Cpn, 6/02/25
      19,311       17,931  
7277834.SQ.FTS.B, Zero Cpn, 6/02/25
      3,101       2,884  
7277852.SQ.FTS.B, Zero Cpn, 6/02/25
      4,626       4,333  
7277890.SQ.FTS.B, Zero Cpn, 6/02/25
      14,712        13,494   
7278058.SQ.FTS.B, Zero Cpn, 6/02/25
      1,844       1,691  
7278072.SQ.FTS.B, Zero Cpn, 6/02/25
      6,485       6,050  
7278160.SQ.FTS.B, Zero Cpn, 6/02/25
      1,213       1,104  
7278180.SQ.FTS.B, Zero Cpn, 6/02/25
      7,292       6,727  
7278233.SQ.FTS.B, Zero Cpn, 6/02/25
      4,301       3,925  
7278304.SQ.FTS.B, Zero Cpn, 6/02/25
      7,919       7,343  
7278375.SQ.FTS.B, Zero Cpn, 6/02/25
      4,574       4,254  
7278413.SQ.FTS.B, Zero Cpn, 6/02/25
      20,840       19,519  
7278599.SQ.FTS.B, Zero Cpn, 6/03/25
      3,537       3,246  
7278646.SQ.FTS.B, Zero Cpn, 6/03/25
      1,525       1,407  
7278658.SQ.FTS.B, Zero Cpn, 6/03/25
      8,623       8,001  
7278741.SQ.FTS.B, Zero Cpn, 6/03/25
      4,727       4,410  
7278796.SQ.FTS.B, Zero Cpn, 6/03/25
      4,505       4,128  
7278834.SQ.FTS.B, Zero Cpn, 6/03/25
      14,454        13,329  
7278984.SQ.FTS.B, Zero Cpn, 6/03/25
      3,222       2,946  
7279011.SQ.FTS.B, Zero Cpn, 6/03/25
      10,514       9,614  
7279099.SQ.FTS.B, Zero Cpn, 6/03/25
      29,546       27,300  
7279367.SQ.FTS.B, Zero Cpn, 6/03/25
      973       886  
7279383.SQ.FTS.B, Zero Cpn, 6/03/25
      9,882       8,977  
7279513.SQ.FTS.B, Zero Cpn, 6/03/25
      24,384       22,530  
7280169.SQ.FTS.B, Zero Cpn, 6/04/25
      4,359       4,004  
7280289.SQ.FTS.B, Zero Cpn, 6/04/25
      1,294       1,191  
7280329.SQ.FTS.B, Zero Cpn, 6/04/25
      887       805  
7280347.SQ.FTS.B, Zero Cpn, 6/04/25
      1,773       1,660  
7280387.SQ.FTS.B, Zero Cpn, 6/04/25
      43,619       40,725  
7281239.SQ.FTS.B, Zero Cpn, 6/04/25
      2,677       2,482  
7281310.SQ.FTS.B, Zero Cpn, 6/04/25
      6,131       5,663  
7281438.SQ.FTS.B, Zero Cpn, 6/04/25
      14,220       13,196  
7281625.SQ.FTS.B, Zero Cpn, 6/04/25
      1,829       1,675  
7281653.SQ.FTS.B, Zero Cpn, 6/04/25
      5,329       4,993  
7281741.SQ.FTS.B, Zero Cpn, 6/04/25
      11,164       10,259  
7281894.SQ.FTS.B, Zero Cpn, 6/04/25
      2,550       2,319  
7281920.SQ.FTS.B, Zero Cpn, 6/04/25
      1,896       1,762  
7281953.SQ.FTS.B, Zero Cpn, 6/04/25
      46,179       43,241  
7282433.SQ.FTS.B, Zero Cpn, 6/04/25
      14,559       13,446  
7282611.SQ.FTS.B, Zero Cpn, 6/04/25
      5,128       4,708  
7282654.SQ.FTS.B, Zero Cpn, 6/04/25
      4,122       3,858  
7282696.SQ.FTS.B, Zero Cpn, 6/04/25
      1,542       1,440  
7282706.SQ.FTS.B, Zero Cpn, 6/04/25
      9,158       8,538  
7282799.SQ.FTS.B, Zero Cpn, 6/04/25
      2,079       1,916  
7282828.SQ.FTS.B, Zero Cpn, 6/04/25
      853       758  
7282838.SQ.FTS.B, Zero Cpn, 6/04/25
      3,040       2,813  
7282863.SQ.FTS.B, Zero Cpn, 6/04/25
      4,626       4,261  
7282897.SQ.FTS.B, Zero Cpn, 6/04/25
      5,059       4,651  
7282955.SQ.FTS.B, Zero Cpn, 6/04/25
      3,196       2,952  
7282993.SQ.FTS.B, Zero Cpn, 6/04/25
      1,072       986  
7283003.SQ.FTS.B, Zero Cpn, 6/04/25
      2,818       2,607  
7283021.SQ.FTS.B, Zero Cpn, 6/04/25
      2,771       2,555  
7283031.SQ.FTS.B, Zero Cpn, 6/04/25
      12,868       11,955  
7283171.SQ.FTS.B, Zero Cpn, 6/04/25
      15,578       14,204  
7283394.SQ.FTS.B, Zero Cpn, 6/04/25
      11,734       10,950  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       63
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7283556.SQ.FTS.B, Zero Cpn, 6/04/25
    $ 3,094     $ 2,861  
7283615.SQ.FTS.B, Zero Cpn, 6/04/25
      12,735       11,808  
7283768.SQ.FTS.B, Zero Cpn, 6/04/25
      10,044       9,341  
7283902.SQ.FTS.B, Zero Cpn, 6/04/25
      2,618       2,408  
7283927.SQ.FTS.B, Zero Cpn, 6/04/25
      4,697       4,369  
7283959.SQ.FTS.B, Zero Cpn, 6/04/25
      2,097       1,897  
7283988.SQ.FTS.B, Zero Cpn, 6/04/25
      5,686        5,127   
7284040.SQ.FTS.B, Zero Cpn, 6/05/25
      2,965       2,755  
7284080.SQ.FTS.B, Zero Cpn, 6/05/25
      66,527       62,052  
7284932.SQ.FTS.B, Zero Cpn, 6/05/25
      5,581       5,074  
7285035.SQ.FTS.B, Zero Cpn, 6/05/25
      1,052       970  
7285051.SQ.FTS.B, Zero Cpn, 6/05/25
      1,982       1,825  
7285092.SQ.FTS.B, Zero Cpn, 6/05/25
      1,408       1,289  
7285133.SQ.FTS.B, Zero Cpn, 6/05/25
      18,164       16,939  
7285475.SQ.FTS.B, Zero Cpn, 6/05/25
      37,288       34,679  
7285996.SQ.FTS.B, Zero Cpn, 6/05/25
      82,007       75,639  
7286697.SQ.FTS.B, Zero Cpn, 6/05/25
      56,319       52,773  
7287198.SQ.FTS.B, Zero Cpn, 6/05/25
      11,252       10,464  
7287295.SQ.FTS.B, Zero Cpn, 6/05/25
      17,372       16,067  
7287589.SQ.FTS.B, Zero Cpn, 6/05/25
      2,312       2,113  
7287609.SQ.FTS.B, Zero Cpn, 6/05/25
      28,723        26,721  
7287781.SQ.FTS.B, Zero Cpn, 6/06/25
      2,675       2,506  
7287841.SQ.FTS.B, Zero Cpn, 6/06/25
      2,243       2,056  
7287900.SQ.FTS.B, Zero Cpn, 6/06/25
      13,421       12,469  
7288056.SQ.FTS.B, Zero Cpn, 6/06/25
      285       251  
7288066.SQ.FTS.B, Zero Cpn, 6/06/25
      2,902       2,689  
7288104.SQ.FTS.B, Zero Cpn, 6/06/25
      8,161       7,459  
7288186.SQ.FTS.B, Zero Cpn, 6/06/25
      3,755       3,517  
7288271.SQ.FTS.B, Zero Cpn, 6/06/25
      14,759       13,758  
7288578.SQ.FTS.B, Zero Cpn, 6/06/25
      6,461       6,055  
7288709.SQ.FTS.B, Zero Cpn, 6/06/25
      36,336       33,664  
7289247.SQ.FTS.B, Zero Cpn, 6/06/25
      4,879       4,503  
7289286.SQ.FTS.B, Zero Cpn, 6/06/25
      9,754       9,131  
7289364.SQ.FTS.B, Zero Cpn, 6/06/25
      7,592       7,084  
7289457.SQ.FTS.B, Zero Cpn, 6/06/25
      9,992       9,361  
7289563.SQ.FTS.B, Zero Cpn, 6/06/25
      1,587       1,463  
7289576.SQ.FTS.B, Zero Cpn, 6/06/25
      6,907       6,396  
7289627.SQ.FTS.B, Zero Cpn, 6/06/25
      3,858       3,582  
7289643.SQ.FTS.B, Zero Cpn, 6/06/25
      1,418       1,305  
7289645.SQ.FTS.B, Zero Cpn, 6/06/25
      34,172       31,878  
7289856.SQ.FTS.B, Zero Cpn, 6/06/25
      8,676       8,129  
7289900.SQ.FTS.B, Zero Cpn, 6/06/25
      3,052       2,823  
7289912.SQ.FTS.B, Zero Cpn, 6/06/25
      305       279  
7289918.SQ.FTS.B, Zero Cpn, 6/06/25
      7,347       6,824  
7289995.SQ.FTS.B, Zero Cpn, 6/06/25
      4,065       3,779  
7290026.SQ.FTS.B, Zero Cpn, 6/06/25
      12,380       11,487  
7290221.SQ.FTS.B, Zero Cpn, 6/06/25
      1,779       1,605  
7290253.SQ.FTS.B, Zero Cpn, 6/06/25
      2,188       2,007  
7290349.SQ.FTS.B, Zero Cpn, 6/06/25
      11,751       11,007  
7290513.SQ.FTS.B, Zero Cpn, 6/06/25
      2,767       2,559  
7290537.SQ.FTS.B, Zero Cpn, 6/06/25
      2,983       2,767  
7290561.SQ.FTS.B, Zero Cpn, 6/06/25
      46,911       43,765  
7290981.SQ.FTS.B, Zero Cpn, 6/06/25
      3,030       2,786  
7291004.SQ.FTS.B, Zero Cpn, 6/06/25
      2,200       2,033  
7291015.SQ.FTS.B, Zero Cpn, 6/06/25
      6,229       5,771  
7291079.SQ.FTS.B, Zero Cpn, 6/06/25
      5,229       4,817  
7291136.SQ.FTS.B, Zero Cpn, 6/06/25
      2,612       2,389  
7291181.SQ.FTS.B, Zero Cpn, 6/06/25
      2,488       2,272  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7291195.SQ.FTS.B, Zero Cpn, 6/06/25
    $ 8,372     $ 7,678  
7291242.SQ.FTS.B, Zero Cpn, 6/06/25
      22,270       20,780  
7293665.SQ.FTS.B, Zero Cpn, 6/07/25
      9,427       8,623  
7293850.SQ.FTS.B, Zero Cpn, 6/07/25
      5,459       5,062  
7293947.SQ.FTS.B, Zero Cpn, 6/07/25
      21,673       20,297  
7294308.SQ.FTS.B, Zero Cpn, 6/07/25
      6,243       5,658  
7294458.SQ.FTS.B, Zero Cpn, 6/07/25
      330        309   
7294462.SQ.FTS.B, Zero Cpn, 6/07/25
      703       636  
7294497.SQ.FTS.B, Zero Cpn, 6/07/25
      4,843       4,487  
7294605.SQ.FTS.B, Zero Cpn, 6/07/25
      18,780       17,470  
7294934.SQ.FTS.B, Zero Cpn, 6/07/25
      6,885       6,348  
7295082.SQ.FTS.B, Zero Cpn, 6/07/25
      10,508       9,770  
7295255.SQ.FTS.B, Zero Cpn, 6/07/25
      21,766       20,235  
7295581.SQ.FTS.B, Zero Cpn, 6/07/25
      6,252       5,852  
7295652.SQ.FTS.B, Zero Cpn, 6/07/25
      9,154       8,565  
7295721.SQ.FTS.B, Zero Cpn, 6/07/25
      25,889       24,085  
7296051.SQ.FTS.B, Zero Cpn, 6/07/25
      6,697       6,186  
7296102.SQ.FTS.B, Zero Cpn, 6/07/25
      7,423       6,948  
7296180.SQ.FTS.B, Zero Cpn, 6/07/25
      5,908       5,404  
7296248.SQ.FTS.B, Zero Cpn, 6/07/25
      1,075       996  
7296255.SQ.FTS.B, Zero Cpn, 6/07/25
      2,137       1,966  
7296273.SQ.FTS.B, Zero Cpn, 6/07/25
      5,567       5,202  
7296387.SQ.FTS.B, Zero Cpn, 6/07/25
      21,628       19,719  
7296679.SQ.FTS.B, Zero Cpn, 6/07/25
      1,439       1,332  
7296706.SQ.FTS.B, Zero Cpn, 6/07/25
      2,510       2,309  
7296734.SQ.FTS.B, Zero Cpn, 6/07/25
      10,408       9,709  
7296850.SQ.FTS.B, Zero Cpn, 6/07/25
      64,697        60,587  
7297503.SQ.FTS.B, Zero Cpn, 6/07/25
      6,544       6,125  
7297608.SQ.FTS.B, Zero Cpn, 6/07/25
      5,133       4,783  
7297685.SQ.FTS.B, Zero Cpn, 6/07/25
      4,663       4,321  
7297748.SQ.FTS.B, Zero Cpn, 6/07/25
      10,305       9,597  
7297882.SQ.FTS.B, Zero Cpn, 6/07/25
      39,963       37,148  
7297967.SQ.FTS.B, Zero Cpn, 6/08/25
      10,278       9,627  
7298128.SQ.FTS.B, Zero Cpn, 6/08/25
      4,348       4,071  
7298217.SQ.FTS.B, Zero Cpn, 6/08/25
      3,459       3,216  
7298307.SQ.FTS.B, Zero Cpn, 6/08/25
      3,390       3,101  
7298379.SQ.FTS.B, Zero Cpn, 6/08/25
      22,341       20,653  
7298884.SQ.FTS.B, Zero Cpn, 6/08/25
      1,861       1,726  
7298946.SQ.FTS.B, Zero Cpn, 6/08/25
      4,308       3,976  
7299033.SQ.FTS.B, Zero Cpn, 6/08/25
      4,776       4,424  
7299095.SQ.FTS.B, Zero Cpn, 6/08/25
      1,291       1,189  
7299120.SQ.FTS.B, Zero Cpn, 6/08/25
      6,740       6,290  
7299193.SQ.FTS.B, Zero Cpn, 6/08/25
      5,458       5,111  
7299243.SQ.FTS.B, Zero Cpn, 6/08/25
      851       784  
7299245.SQ.FTS.B, Zero Cpn, 6/08/25
      3,404       3,111  
7299309.SQ.FTS.B, Zero Cpn, 6/08/25
      19,775       18,094  
7299554.SQ.FTS.B, Zero Cpn, 6/08/25
      2,412       2,250  
7299577.SQ.FTS.B, Zero Cpn, 6/08/25
      3,447       3,117  
7299610.SQ.FTS.B, Zero Cpn, 6/08/25
      4,031       3,775  
7299619.SQ.FTS.B, Zero Cpn, 6/08/25
      7,228       6,644  
7299686.SQ.FTS.B, Zero Cpn, 6/08/25
      2,009       1,857  
7299704.SQ.FTS.B, Zero Cpn, 6/08/25
      11,269       10,386  
7299804.SQ.FTS.B, Zero Cpn, 6/08/25
      82,433       77,125  
7300533.SQ.FTS.B, Zero Cpn, 6/08/25
      7,521       7,018  
7300605.SQ.FTS.B, Zero Cpn, 6/08/25
      3,048       2,820  
7300619.SQ.FTS.B, Zero Cpn, 6/08/25
      1,009       917  
7300638.SQ.FTS.B, Zero Cpn, 6/08/25
      19,669       17,960  
7300855.SQ.FTS.B, Zero Cpn, 6/08/25
      1,768       1,629  
 
       
64       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7300878.SQ.FTS.B, Zero Cpn, 6/08/25
    $ 3,118     $ 2,900  
7300923.SQ.FTS.B, Zero Cpn, 6/08/25
      86,063       79,190  
7301564.SQ.FTS.B, Zero Cpn, 6/09/25
      31,477       29,355  
7301783.SQ.FTS.B, Zero Cpn, 6/09/25
      11,244       10,431  
7301900.SQ.FTS.B, Zero Cpn, 6/09/25
      9,303       8,553  
7301970.SQ.FTS.B, Zero Cpn, 6/09/25
      2,694       2,490  
7301997.SQ.FTS.B, Zero Cpn, 6/09/25
      3,762        3,486   
7302029.SQ.FTS.B, Zero Cpn, 6/09/25
      6,727       6,190  
7302116.SQ.FTS.B, Zero Cpn, 6/09/25
      8,149       7,437  
7302186.SQ.FTS.B, Zero Cpn, 6/09/25
      1,167       1,074  
7302209.SQ.FTS.B, Zero Cpn, 6/09/25
      17,810       16,458  
7302385.SQ.FTS.B, Zero Cpn, 6/09/25
      5,695       5,256  
7302444.SQ.FTS.B, Zero Cpn, 6/09/25
      1,556       1,420  
7302458.SQ.FTS.B, Zero Cpn, 6/09/25
      2,046       1,890  
7302477.SQ.FTS.B, Zero Cpn, 6/09/25
      22,223       20,809  
7302660.SQ.FTS.B, Zero Cpn, 6/10/25
      1,768       1,619  
7302672.SQ.FTS.B, Zero Cpn, 6/10/25
      2,134       1,964  
7302700.SQ.FTS.B, Zero Cpn, 6/10/25
      16,005       14,982  
7302833.SQ.FTS.B, Zero Cpn, 6/10/25
      6,915       6,309  
7303400.SQ.FTS.B, Zero Cpn, 6/10/25
      6,378       5,882  
7303472.SQ.FTS.B, Zero Cpn, 6/10/25
      2,817       2,618  
7303513.SQ.FTS.B, Zero Cpn, 6/10/25
      661       608  
7303517.SQ.FTS.B, Zero Cpn, 6/10/25
      39,976        37,154  
7304704.SQ.FTS.B, Zero Cpn, 6/11/25
      4,644       4,249  
7304890.SQ.FTS.B, Zero Cpn, 6/11/25
      5,713       5,315  
7305010.SQ.FTS.B, Zero Cpn, 6/11/25
      4,480       4,144  
7305144.SQ.FTS.B, Zero Cpn, 6/11/25
      2,069       1,903  
7305174.SQ.FTS.B, Zero Cpn, 6/11/25
      1,939       1,777  
7305225.SQ.FTS.B, Zero Cpn, 6/11/25
      1,665       1,543  
7305246.SQ.FTS.B, Zero Cpn, 6/11/25
      16,636       15,573  
7305517.SQ.FTS.B, Zero Cpn, 6/11/25
      10,108       9,462  
7305721.SQ.FTS.B, Zero Cpn, 6/11/25
      2,288       2,102  
7305792.SQ.FTS.B, Zero Cpn, 6/11/25
      24,832       23,150  
7306073.SQ.FTS.B, Zero Cpn, 6/11/25
      1,110       1,031  
7306097.SQ.FTS.B, Zero Cpn, 6/11/25
      1,520       1,419  
7306112.SQ.FTS.B, Zero Cpn, 6/11/25
      55,642       51,711  
7306825.SQ.FTS.B, Zero Cpn, 6/11/25
      15,079       13,970  
7306973.SQ.FTS.B, Zero Cpn, 6/11/25
      13,035       12,210  
7307129.SQ.FTS.B, Zero Cpn, 6/11/25
      62,664       58,617  
7308001.SQ.FTS.B, Zero Cpn, 6/11/25
      1,208       1,110  
7308015.SQ.FTS.B, Zero Cpn, 6/11/25
      2,551       2,333  
7308052.SQ.FTS.B, Zero Cpn, 6/11/25
      14,047       13,039  
7308090.SQ.FTS.B, Zero Cpn, 6/12/25
      26,424       24,238  
7308470.SQ.FTS.B, Zero Cpn, 6/12/25
      1,611       1,478  
7308476.SQ.FTS.B, Zero Cpn, 6/12/25
      9,176       8,524  
7308523.SQ.FTS.B, Zero Cpn, 6/12/25
      16,433       15,283  
7308751.SQ.FTS.B, Zero Cpn, 6/12/25
      8,082       7,486  
7308915.SQ.FTS.B, Zero Cpn, 6/12/25
      19,370       18,142  
7309335.SQ.FTS.B, Zero Cpn, 6/12/25
      2,223       2,041  
7309369.SQ.FTS.B, Zero Cpn, 6/12/25
      14,042       13,108  
7309564.SQ.FTS.B, Zero Cpn, 6/12/25
      2,182       2,011  
7309596.SQ.FTS.B, Zero Cpn, 6/12/25
      13,941       12,962  
7309774.SQ.FTS.B, Zero Cpn, 6/12/25
      3,558       3,303  
7309806.SQ.FTS.B, Zero Cpn, 6/12/25
      836       779  
7309810.SQ.FTS.B, Zero Cpn, 6/12/25
      29,102       27,151  
7312978.SQ.FTS.B, Zero Cpn, 6/12/25
      15,912       14,839  
7313105.SQ.FTS.B, Zero Cpn, 6/12/25
      15,639       14,637  
7313224.SQ.FTS.B, Zero Cpn, 6/12/25
      6,790       6,327  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7313373.SQ.FTS.B, Zero Cpn, 6/12/25
    $ 5,868     $ 5,452  
7313455.SQ.FTS.B, Zero Cpn, 6/12/25
      13,722       12,598  
7313548.SQ.FTS.B, Zero Cpn, 6/12/25
      34,946       32,596  
7313826.SQ.FTS.B, Zero Cpn, 6/12/25
      6,286       5,884  
7313889.SQ.FTS.B, Zero Cpn, 6/12/25
      1,807       1,675  
7313901.SQ.FTS.B, Zero Cpn, 6/12/25
      10,011       9,373  
7313982.SQ.FTS.B, Zero Cpn, 6/12/25
      10,976        10,277   
7314056.SQ.FTS.B, Zero Cpn, 6/12/25
      719       654  
7314067.SQ.FTS.B, Zero Cpn, 6/12/25
      8,149       7,546  
7314149.SQ.FTS.B, Zero Cpn, 6/12/25
      13,083       12,161  
7314251.SQ.FTS.B, Zero Cpn, 6/12/25
      2,370       2,192  
7314271.SQ.FTS.B, Zero Cpn, 6/12/25
      791       727  
7314281.SQ.FTS.B, Zero Cpn, 6/12/25
      16,664       15,544  
7314451.SQ.FTS.B, Zero Cpn, 6/12/25
      2,204       2,043  
7314489.SQ.FTS.B, Zero Cpn, 6/12/25
      6,106       5,695  
7314537.SQ.FTS.B, Zero Cpn, 6/12/25
      3,092       2,864  
7314567.SQ.FTS.B, Zero Cpn, 6/12/25
      640       597  
7314568.SQ.FTS.B, Zero Cpn, 6/12/25
      7,627       7,068  
7314660.SQ.FTS.B, Zero Cpn, 6/13/25
      43,744       40,943  
7315208.SQ.FTS.B, Zero Cpn, 6/13/25
      1,075       985  
7315216.SQ.FTS.B, Zero Cpn, 6/13/25
      3,607       3,310  
7315244.SQ.FTS.B, Zero Cpn, 6/13/25
      19,548        17,848  
7315485.SQ.FTS.B, Zero Cpn, 6/13/25
      2,755       2,534  
7315515.SQ.FTS.B, Zero Cpn, 6/13/25
      455       393  
7315526.SQ.FTS.B, Zero Cpn, 6/13/25
      3,488       3,176  
7315642.SQ.FTS.B, Zero Cpn, 6/13/25
      6,155       5,715  
7315726.SQ.FTS.B, Zero Cpn, 6/13/25
      29,195       27,104  
7316050.SQ.FTS.B, Zero Cpn, 6/13/25
      5,723       5,282  
7316093.SQ.FTS.B, Zero Cpn, 6/13/25
      1,925       1,763  
7316119.SQ.FTS.B, Zero Cpn, 6/13/25
      22,181       20,680  
7316306.SQ.FTS.B, Zero Cpn, 6/13/25
      3,831       3,571  
7316351.SQ.FTS.B, Zero Cpn, 6/13/25
      1,757       1,627  
7316373.SQ.FTS.B, Zero Cpn, 6/13/25
      10,397       9,731  
7316512.SQ.FTS.B, Zero Cpn, 6/13/25
      20,422       18,981  
7316680.SQ.FTS.B, Zero Cpn, 6/13/25
      4,374       4,095  
7316695.SQ.FTS.B, Zero Cpn, 6/13/25
      3,266       2,997  
7316709.SQ.FTS.B, Zero Cpn, 6/13/25
      11,185       10,315  
7316762.SQ.FTS.B, Zero Cpn, 6/13/25
      22,114       20,690  
7316921.SQ.FTS.B, Zero Cpn, 6/13/25
      4,351       4,027  
7316956.SQ.FTS.B, Zero Cpn, 6/13/25
      51,080       47,642  
7317336.SQ.FTS.B, Zero Cpn, 6/13/25
      982       891  
7317351.SQ.FTS.B, Zero Cpn, 6/13/25
      39,484       36,180  
7317674.SQ.FTS.B, Zero Cpn, 6/13/25
      12,735       11,752  
7317765.SQ.FTS.B, Zero Cpn, 6/13/25
      33,687       31,221  
7320335.SQ.FTS.B, Zero Cpn, 6/14/25
      4,351       4,024  
7320409.SQ.FTS.B, Zero Cpn, 6/14/25
      1,970       1,809  
7320420.SQ.FTS.B, Zero Cpn, 6/14/25
      8,614       7,998  
7320531.SQ.FTS.B, Zero Cpn, 6/14/25
      537       495  
7320553.SQ.FTS.B, Zero Cpn, 6/14/25
      7,949       7,382  
7320673.SQ.FTS.B, Zero Cpn, 6/14/25
      2,284       2,086  
7320697.SQ.FTS.B, Zero Cpn, 6/14/25
      7,180       6,674  
7320823.SQ.FTS.B, Zero Cpn, 6/14/25
      2,968       2,750  
7320876.SQ.FTS.B, Zero Cpn, 6/14/25
      1,388       1,268  
7320914.SQ.FTS.B, Zero Cpn, 6/14/25
      2,925       2,710  
7320951.SQ.FTS.B, Zero Cpn, 6/14/25
      1,414       1,289  
7320968.SQ.FTS.B, Zero Cpn, 6/14/25
      15,120       13,868  
7321205.SQ.FTS.B, Zero Cpn, 6/14/25
      463       425  
7321218.SQ.FTS.B, Zero Cpn, 6/14/25
      3,079       2,839  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       65
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7321278.SQ.FTS.B, Zero Cpn, 6/14/25
    $ 11,642     $ 10,678  
7321429.SQ.FTS.B, Zero Cpn, 6/14/25
      2,868       2,661  
7321547.SQ.FTS.B, Zero Cpn, 6/14/25
      8,391       7,848  
7321710.SQ.FTS.B, Zero Cpn, 6/14/25
      7,613       7,028  
7321799.SQ.FTS.B, Zero Cpn, 6/14/25
      7,462       6,983  
7321914.SQ.FTS.B, Zero Cpn, 6/14/25
      1,333       1,210  
7321925.SQ.FTS.B, Zero Cpn, 6/14/25
      14,107        13,060   
7322111.SQ.FTS.B, Zero Cpn, 6/14/25
      6,433       5,926  
7322155.SQ.FTS.B, Zero Cpn, 6/14/25
      9,174       8,583  
7322242.SQ.FTS.B, Zero Cpn, 6/14/25
      1,538       1,402  
7322262.SQ.FTS.B, Zero Cpn, 6/14/25
      45,109       42,049  
7322717.SQ.FTS.B, Zero Cpn, 6/14/25
      9,776       9,017  
7322841.SQ.FTS.B, Zero Cpn, 6/14/25
      30,483       27,991  
7323055.SQ.FTS.B, Zero Cpn, 6/14/25
      8,089       7,540  
7323201.SQ.FTS.B, Zero Cpn, 6/14/25
      1,936       1,790  
7323239.SQ.FTS.B, Zero Cpn, 6/14/25
      88,130        82,475  
7324137.SQ.FTS.B, Zero Cpn, 6/14/25
      2,368       2,194  
7324163.SQ.FTS.B, Zero Cpn, 6/14/25
      2,938       2,729  
7324227.SQ.FTS.B, Zero Cpn, 6/14/25
      6,841       6,274  
7324281.SQ.FTS.B, Zero Cpn, 6/14/25
      8,533       7,985  
7324359.SQ.FTS.B, Zero Cpn, 6/14/25
      4,326       3,964  
7324384.SQ.FTS.B, Zero Cpn, 6/14/25
      1,112       1,030  
7324392.SQ.FTS.B, Zero Cpn, 6/14/25
      13,029       12,143  
7324452.SQ.FTS.B, Zero Cpn, 6/14/25
      13,058       12,170  
7324502.SQ.FTS.B, Zero Cpn, 6/15/25
      1,887       1,744  
7324551.SQ.FTS.B, Zero Cpn, 6/15/25
      6,312       5,865  
7324667.SQ.FTS.B, Zero Cpn, 6/15/25
      6,358       5,900  
7324725.SQ.FTS.B, Zero Cpn, 6/15/25
      7,193       6,702  
7324812.SQ.FTS.B, Zero Cpn, 6/15/25
      1,102       1,008  
7324820.SQ.FTS.B, Zero Cpn, 6/15/25
      1,346       1,237  
7324843.SQ.FTS.B, Zero Cpn, 6/15/25
      2,121       1,955  
7324898.SQ.FTS.B, Zero Cpn, 6/15/25
      840       785  
7324922.SQ.FTS.B, Zero Cpn, 6/15/25
      10,298       9,448  
7325072.SQ.FTS.B, Zero Cpn, 6/15/25
      1,198       1,102  
7325082.SQ.FTS.B, Zero Cpn, 6/15/25
      6,433       6,018  
7325167.SQ.FTS.B, Zero Cpn, 6/15/25
      12,112       11,336  
7325445.SQ.FTS.B, Zero Cpn, 6/15/25
      6,159       5,704  
7325583.SQ.FTS.B, Zero Cpn, 6/15/25
      1,086       1,016  
7325592.SQ.FTS.B, Zero Cpn, 6/15/25
      2,258       2,101  
7325664.SQ.FTS.B, Zero Cpn, 6/15/25
      101,651       94,402  
7326549.SQ.FTS.B, Zero Cpn, 6/15/25
      3,095       2,851  
7326597.SQ.FTS.B, Zero Cpn, 6/15/25
      2,913       2,706  
7326679.SQ.FTS.B, Zero Cpn, 6/15/25
      12,279       11,374  
7326835.SQ.FTS.B, Zero Cpn, 6/15/25
      3,181       2,977  
7326850.SQ.FTS.B, Zero Cpn, 6/15/25
      897       821  
7326855.SQ.FTS.B, Zero Cpn, 6/15/25
      1,031       944  
7326872.SQ.FTS.B, Zero Cpn, 6/15/25
      2,759       2,561  
7326882.SQ.FTS.B, Zero Cpn, 6/15/25
      11,136       10,292  
7326989.SQ.FTS.B, Zero Cpn, 6/15/25
      2,375       2,194  
7327003.SQ.FTS.B, Zero Cpn, 6/15/25
      3,381       3,074  
7327032.SQ.FTS.B, Zero Cpn, 6/15/25
      5,051       4,659  
7327055.SQ.FTS.B, Zero Cpn, 6/15/25
      4,368       3,993  
7327121.SQ.FTS.B, Zero Cpn, 6/15/25
      7,166       6,633  
7327192.SQ.FTS.B, Zero Cpn, 6/15/25
      32,872       30,764  
7327611.SQ.FTS.B, Zero Cpn, 6/15/25
      3,863       3,600  
7327641.SQ.FTS.B, Zero Cpn, 6/15/25
      56,186       51,804  
7328067.SQ.FTS.B, Zero Cpn, 6/16/25
      21,020       19,228  
7328306.SQ.FTS.B, Zero Cpn, 6/16/25
      4,099       3,789  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7328378.SQ.FTS.B, Zero Cpn, 6/16/25
    $ 2,703     $ 2,502  
7328416.SQ.FTS.B, Zero Cpn, 6/16/25
      3,310       3,096  
7328457.SQ.FTS.B, Zero Cpn, 6/16/25
      5,499       5,106  
7328518.SQ.FTS.B, Zero Cpn, 6/16/25
      3,475       3,175  
7328547.SQ.FTS.B, Zero Cpn, 6/16/25
      2,887       2,688  
7328581.SQ.FTS.B, Zero Cpn, 6/16/25
      12,510       11,706  
7328717.SQ.FTS.B, Zero Cpn, 6/16/25
      2,031        1,862   
7328739.SQ.FTS.B, Zero Cpn, 6/16/25
      6,665       6,116  
7328800.SQ.FTS.B, Zero Cpn, 6/16/25
      4,705       4,308  
7328848.SQ.FTS.B, Zero Cpn, 6/16/25
      12,108       11,242  
7329000.SQ.FTS.B, Zero Cpn, 6/16/25
      3,046       2,792  
7329042.SQ.FTS.B, Zero Cpn, 6/16/25
      4,810       4,497  
7329113.SQ.FTS.B, Zero Cpn, 6/17/25
      27,299       25,342  
7329424.SQ.FTS.B, Zero Cpn, 6/17/25
      7,882       7,299  
7329506.SQ.FTS.B, Zero Cpn, 6/17/25
      7,079       6,524  
7329592.SQ.FTS.B, Zero Cpn, 6/17/25
      13,728       12,521  
7329776.SQ.FTS.B, Zero Cpn, 6/17/25
      1,114       1,016  
7329790.SQ.FTS.B, Zero Cpn, 6/17/25
      2,168       1,980  
7329815.SQ.FTS.B, Zero Cpn, 6/17/25
      2,680       2,439  
7329845.SQ.FTS.B, Zero Cpn, 6/17/25
      4,593       4,209  
7329893.SQ.FTS.B, Zero Cpn, 6/17/25
      12,223       11,350  
7330370.SQ.FTS.B, Zero Cpn, 6/18/25
      2,767       2,563  
7330406.SQ.FTS.B, Zero Cpn, 6/18/25
      21,092        19,486  
7330811.SQ.FTS.B, Zero Cpn, 6/18/25
      4,683       4,320  
7331014.SQ.FTS.B, Zero Cpn, 6/18/25
      2,110       1,963  
7331075.SQ.FTS.B, Zero Cpn, 6/18/25
      3,071       2,829  
7331186.SQ.FTS.B, Zero Cpn, 6/18/25
      11,291       10,352  
7331471.SQ.FTS.B, Zero Cpn, 6/18/25
      28,527       26,500  
7331944.SQ.FTS.B, Zero Cpn, 6/18/25
      11,243       10,522  
7332139.SQ.FTS.B, Zero Cpn, 6/18/25
      3,323       3,110  
7332206.SQ.FTS.B, Zero Cpn, 6/18/25
      17,235       15,777  
7332409.SQ.FTS.B, Zero Cpn, 6/18/25
      3,676       3,356  
7332437.SQ.FTS.B, Zero Cpn, 6/18/25
      1,067       997  
7332453.SQ.FTS.B, Zero Cpn, 6/18/25
      17,198       15,929  
7332607.SQ.FTS.B, Zero Cpn, 6/18/25
      9,610       8,960  
7332756.SQ.FTS.B, Zero Cpn, 6/18/25
      15,999       14,785  
7332910.SQ.FTS.B, Zero Cpn, 6/18/25
      4,987       4,632  
7332960.SQ.FTS.B, Zero Cpn, 6/18/25
      1,111       1,029  
7332975.SQ.FTS.B, Zero Cpn, 6/18/25
      2,986       2,761  
7333017.SQ.FTS.B, Zero Cpn, 6/18/25
      4,896       4,549  
7333068.SQ.FTS.B, Zero Cpn, 6/18/25
      1,867       1,698  
7333089.SQ.FTS.B, Zero Cpn, 6/18/25
      6,403       5,931  
7333147.SQ.FTS.B, Zero Cpn, 6/18/25
      6,301       5,776  
7333242.SQ.FTS.B, Zero Cpn, 6/18/25
      3,359       3,064  
7333309.SQ.FTS.B, Zero Cpn, 6/18/25
      22,208       20,624  
7333631.SQ.FTS.B, Zero Cpn, 6/18/25
      7,275       6,808  
7333735.SQ.FTS.B, Zero Cpn, 6/18/25
      4,277       3,953  
7333807.SQ.FTS.B, Zero Cpn, 6/18/25
      3,389       3,138  
7333857.SQ.FTS.B, Zero Cpn, 6/18/25
      1,979       1,828  
7333884.SQ.FTS.B, Zero Cpn, 6/18/25
      1,044       953  
7333910.SQ.FTS.B, Zero Cpn, 6/18/25
      10,460       9,671  
7334033.SQ.FTS.B, Zero Cpn, 6/18/25
      658       613  
7334051.SQ.FTS.B, Zero Cpn, 6/18/25
      1,839       1,682  
7334073.SQ.FTS.B, Zero Cpn, 6/18/25
      9,118       8,369  
7334213.SQ.FTS.B, Zero Cpn, 6/18/25
      2,769       2,578  
7334262.SQ.FTS.B, Zero Cpn, 6/18/25
      8,169       7,479  
7334377.SQ.FTS.B, Zero Cpn, 6/18/25
      8,698       8,039  
7334461.SQ.FTS.B, Zero Cpn, 6/19/25
      1,075       985  
 
       
66       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7334475.SQ.FTS.B, Zero Cpn, 6/19/25
    $ 1,907     $ 1,756  
7334504.SQ.FTS.B, Zero Cpn, 6/19/25
      8,537       7,988  
7334601.SQ.FTS.B, Zero Cpn, 6/19/25
      23,993       22,291  
7334840.SQ.FTS.B, Zero Cpn, 6/19/25
      1,519       1,406  
7334849.SQ.FTS.B, Zero Cpn, 6/19/25
      9,559       8,883  
7334964.SQ.FTS.B, Zero Cpn, 6/19/25
      28,642       26,784  
7335358.SQ.FTS.B, Zero Cpn, 6/19/25
      772        721   
7335374.SQ.FTS.B, Zero Cpn, 6/19/25
      1,142       1,048  
7335391.SQ.FTS.B, Zero Cpn, 6/19/25
      549       456  
7335435.SQ.FTS.B, Zero Cpn, 6/19/25
      13,075       12,185  
7335700.SQ.FTS.B, Zero Cpn, 6/19/25
      25,698       23,797  
7335969.SQ.FTS.B, Zero Cpn, 6/19/25
      6,632       6,204  
7336005.SQ.FTS.B, Zero Cpn, 6/19/25
      2,390       2,196  
7336025.SQ.FTS.B, Zero Cpn, 6/19/25
      53,410       49,976  
7336392.SQ.FTS.B, Zero Cpn, 6/19/25
      2,095       1,941  
7336417.SQ.FTS.B, Zero Cpn, 6/19/25
      8,875       8,270  
7336480.SQ.FTS.B, Zero Cpn, 6/19/25
      4,811       4,501  
7336523.SQ.FTS.B, Zero Cpn, 6/19/25
      44,236       41,062  
7336762.SQ.FTS.B, Zero Cpn, 6/19/25
      18,355        16,995  
7336871.SQ.FTS.B, Zero Cpn, 6/19/25
      11,455       10,615  
7336918.SQ.FTS.B, Zero Cpn, 6/19/25
      1,090       1,005  
7336933.SQ.FTS.B, Zero Cpn, 6/19/25
      3,312       3,060  
7336953.SQ.FTS.B, Zero Cpn, 6/19/25
      6,590       6,017  
7336980.SQ.FTS.B, Zero Cpn, 6/19/25
      1,274       1,167  
7337001.SQ.FTS.B, Zero Cpn, 6/19/25
      16,610       15,391  
7337094.SQ.FTS.B, Zero Cpn, 6/19/25
      4,330       4,002  
7337125.SQ.FTS.B, Zero Cpn, 6/19/25
      1,070       978  
7337139.SQ.FTS.B, Zero Cpn, 6/19/25
      24,987       23,091  
7337369.SQ.FTS.B, Zero Cpn, 6/19/25
      5,554       5,154  
7337427.SQ.FTS.B, Zero Cpn, 6/19/25
      5,301       4,925  
7337485.SQ.FTS.B, Zero Cpn, 6/19/25
      20,686       19,156  
7337996.SQ.FTS.B, Zero Cpn, 6/19/25
      6,957       6,460  
7338102.SQ.FTS.B, Zero Cpn, 6/19/25
      4,099       3,821  
7338205.SQ.FTS.B, Zero Cpn, 6/19/25
      1,799       1,637  
7338342.SQ.FTS.B, Zero Cpn, 6/20/25
      29,163       26,627  
7338653.SQ.FTS.B, Zero Cpn, 6/20/25
      1,684       1,575  
7338672.SQ.FTS.B, Zero Cpn, 6/20/25
      8,157       7,537  
7338749.SQ.FTS.B, Zero Cpn, 6/20/25
      8,209       7,679  
7338810.SQ.FTS.B, Zero Cpn, 6/20/25
      6,527       6,046  
7338857.SQ.FTS.B, Zero Cpn, 6/20/25
      12,632       11,756  
7338952.SQ.FTS.B, Zero Cpn, 6/20/25
      8,408       7,744  
7339003.SQ.FTS.B, Zero Cpn, 6/20/25
      1,604       1,470  
7339028.SQ.FTS.B, Zero Cpn, 6/20/25
      5,191       4,809  
7339082.SQ.FTS.B, Zero Cpn, 6/20/25
      15,700       14,582  
7339254.SQ.FTS.B, Zero Cpn, 6/20/25
      13,853       12,833  
7339492.SQ.FTS.B, Zero Cpn, 6/20/25
      18,570       17,370  
7339627.SQ.FTS.B, Zero Cpn, 6/20/25
      11,148       10,350  
7339691.SQ.FTS.B, Zero Cpn, 6/20/25
      4,450       4,112  
7339721.SQ.FTS.B, Zero Cpn, 6/20/25
      13,361       12,500  
7339838.SQ.FTS.B, Zero Cpn, 6/20/25
      3,073       2,843  
7339850.SQ.FTS.B, Zero Cpn, 6/20/25
      3,791       3,502  
7339881.SQ.FTS.B, Zero Cpn, 6/20/25
      16,655       15,468  
7340009.SQ.FTS.B, Zero Cpn, 6/20/25
      11,924       11,038  
7340087.SQ.FTS.B, Zero Cpn, 6/20/25
      9,055       8,470  
7340124.SQ.FTS.B, Zero Cpn, 6/20/25
      9,780       8,947  
7340145.SQ.FTS.B, Zero Cpn, 6/20/25
      45,131       42,058  
7340393.SQ.FTS.B, Zero Cpn, 6/20/25
      2,676       2,473  
7340398.SQ.FTS.B, Zero Cpn, 6/20/25
      3,396       3,137  
Description
   
Principal
Amount
  
Value
 
     
Block, Inc. (continued)
     
7340423.SQ.FTS.B, Zero Cpn, 6/20/25
    $ 6,299     $ 5,805  
7340440.SQ.FTS.B, Zero Cpn, 6/20/25
      1,034       943  
7340449.SQ.FTS.B, Zero Cpn, 6/20/25
      5,848       5,360  
7340466.SQ.FTS.B, Zero Cpn, 6/20/25
      6,677       6,072  
7340489.SQ.FTS.B, Zero Cpn, 6/20/25
      78,869       72,280  
7340854.SQ.FTS.B, Zero Cpn, 6/20/25
      5,004       4,648  
7340880.SQ.FTS.B, Zero Cpn, 6/20/25
      4,265        3,895   
7340973.SQ.FTS.B, Zero Cpn, 6/20/25
      2,014       1,871  
7344549.SQ.FTS.B, Zero Cpn, 6/21/25
      2,250       2,095  
7344567.SQ.FTS.B, Zero Cpn, 6/21/25
      1,405       1,293  
7344580.SQ.FTS.B, Zero Cpn, 6/21/25
      4,997       4,561  
7344615.SQ.FTS.B, Zero Cpn, 6/21/25
      3,731       3,436  
7344629.SQ.FTS.B, Zero Cpn, 6/21/25
      5,897       5,514  
7344686.SQ.FTS.B, Zero Cpn, 6/21/25
      1,236       1,135  
7344704.SQ.FTS.B, Zero Cpn, 6/21/25
      3,908       3,614  
7344741.SQ.FTS.B, Zero Cpn, 6/21/25
      24,845        23,233  
7344983.SQ.FTS.B, Zero Cpn, 6/21/25
      2,397       2,195  
7345007.SQ.FTS.B, Zero Cpn, 6/21/25
      2,828       2,608  
7345050.SQ.FTS.B, Zero Cpn, 6/21/25
      1,126       1,032  
7345056.SQ.FTS.B, Zero Cpn, 6/21/25
      8,448       7,901  
7345151.SQ.FTS.B, Zero Cpn, 6/21/25
      13,829       12,801  
7345363.SQ.FTS.B, Zero Cpn, 6/21/25
      3,207       2,927  
7345399.SQ.FTS.B, Zero Cpn, 6/21/25
      112,267       104,970  
7346247.SQ.FTS.B, Zero Cpn, 6/21/25
      4,405       4,074  
7346272.SQ.FTS.B, Zero Cpn, 6/21/25
      11,279       10,547  
7346362.SQ.FTS.B, Zero Cpn, 6/21/25
      37,649       35,207  
7346697.SQ.FTS.B, Zero Cpn, 6/21/25
      2,556       2,355  
7346755.SQ.FTS.B, Zero Cpn, 6/21/25
      7,436       6,885  
7346821.SQ.FTS.B, Zero Cpn, 6/21/25
      1,771       1,634  
7346837.SQ.FTS.B, Zero Cpn, 6/21/25
      17,709       16,438  
7347026.SQ.FTS.B, Zero Cpn, 6/21/25
      11,156       10,273  
7347121.SQ.FTS.B, Zero Cpn, 6/21/25
      6,012       5,484  
7347179.SQ.FTS.B, Zero Cpn, 6/21/25
      11,502       10,591  
7347295.SQ.FTS.B, Zero Cpn, 6/21/25
      41,549       38,365  
7347563.SQ.FTS.B, Zero Cpn, 6/21/25
      3,116       2,885  
7347578.SQ.FTS.B, Zero Cpn, 6/21/25
      3,682       3,375  
7347606.SQ.FTS.B, Zero Cpn, 6/21/25
      4,987       4,663  
7347636.SQ.FTS.B, Zero Cpn, 6/21/25
      3,589       3,356  
7347654.SQ.FTS.B, Zero Cpn, 6/21/25
      12,682       11,772  
7347931.SQ.FTS.B, Zero Cpn, 6/21/25
      975       901  
7348182.SQ.FTS.B, Zero Cpn, 6/22/25
      16,681       15,481  
7348288.SQ.FTS.B, Zero Cpn, 6/22/25
      3,224       2,969  
7348347.SQ.FTS.B, Zero Cpn, 6/22/25
      6,963       6,510  
7348443.SQ.FTS.B, Zero Cpn, 6/22/25
      7,196       6,653  
7348503.SQ.FTS.B, Zero Cpn, 6/22/25
      33,826       31,625  
7348795.SQ.FTS.B, Zero Cpn, 6/22/25
      10,734       10,036  
7348896.SQ.FTS.B, Zero Cpn, 6/22/25
      3,101       2,844  
7348922.SQ.FTS.B, Zero Cpn, 6/22/25
      90,720       84,825  
7350116.SQ.FTS.B, Zero Cpn, 6/22/25
      11,455       10,604  
7350255.SQ.FTS.B, Zero Cpn, 6/22/25
      5,758       5,302  
7350290.SQ.FTS.B, Zero Cpn, 6/22/25
      4,532       4,237  
7350364.SQ.FTS.B, Zero Cpn, 6/22/25
      6,068       5,556  
7350444.SQ.FTS.B, Zero Cpn, 6/22/25
      18,303       16,750  
7350640.SQ.FTS.B, Zero Cpn, 6/22/25
      5,315       4,920  
7350680.SQ.FTS.B, Zero Cpn, 6/22/25
      2,194       2,025  
7350697.SQ.FTS.B, Zero Cpn, 6/22/25
      9,038       8,358  
7350774.SQ.FTS.B, Zero Cpn, 6/22/25
      11,531       10,514  
7350879.SQ.FTS.B, Zero Cpn, 6/22/25
      3,571       3,266  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       67
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Block, Inc. (continued)
     
7350920.SQ.FTS.B, Zero Cpn, 6/22/25
    $ 8,591     $ 7,953  
7351036.SQ.FTS.B, Zero Cpn, 6/22/25
      3,323       3,043  
7351079.SQ.FTS.B, Zero Cpn, 6/22/25
      1,436       1,315  
7351088.SQ.FTS.B, Zero Cpn, 6/22/25
      7,446       6,892  
7351140.SQ.FTS.B, Zero Cpn, 6/22/25
      4,284       3,976  
7351157.SQ.FTS.B, Zero Cpn, 6/22/25
      2,015       1,856  
7351184.SQ.FTS.B, Zero Cpn, 6/22/25
      6,656        6,129   
7351260.SQ.FTS.B, Zero Cpn, 6/22/25
      1,301       1,198  
7351274.SQ.FTS.B, Zero Cpn, 6/22/25
      8,851       8,094  
7351341.SQ.FTS.B, Zero Cpn, 6/22/25
      5,801       5,402  
7351399.SQ.FTS.B, Zero Cpn, 6/22/25
      15,234       14,243  
7351564.SQ.FTS.B, Zero Cpn, 6/23/25
      4,721       4,347  
7351601.SQ.FTS.B, Zero Cpn, 6/23/25
      16,853       15,406  
7351708.SQ.FTS.B, Zero Cpn, 6/23/25
      13,116       12,139  
7351791.SQ.FTS.B, Zero Cpn, 6/23/25
      18,102       16,857  
7351897.SQ.FTS.B, Zero Cpn, 6/23/25
      1,635       1,527  
7351905.SQ.FTS.B, Zero Cpn, 6/23/25
      2,453       2,264  
7351915.SQ.FTS.B, Zero Cpn, 6/23/25
      9,647       8,906  
7351964.SQ.FTS.B, Zero Cpn, 6/23/25
      2,820       2,608  
7351978.SQ.FTS.B, Zero Cpn, 6/23/25
      7,542       6,944  
7352037.SQ.FTS.B, Zero Cpn, 6/23/25
      2,715       2,491  
7352056.SQ.FTS.B, Zero Cpn, 6/23/25
      8,408       7,827  
7352111.SQ.FTS.B, Zero Cpn, 6/23/25
      11,271       10,496  
7352155.SQ.FTS.B, Zero Cpn, 6/23/25
      4,799       4,379  
7352176.SQ.FTS.B, Zero Cpn, 6/23/25
      3,428       3,172  
7352195.SQ.FTS.B, Zero Cpn, 6/23/25
      15,825        14,736  
7352296.SQ.FTS.B, Zero Cpn, 6/23/25
      1,890       1,749  
7352306.SQ.FTS.B, Zero Cpn, 6/23/25
      4,354       3,971  
7352326.SQ.FTS.B, Zero Cpn, 6/23/25
      8,786       8,110  
7352380.SQ.FTS.B, Zero Cpn, 6/23/25
      18,066       16,887  
7352455.SQ.FTS.B, Zero Cpn, 6/23/25
      2,222       2,053  
7352468.SQ.FTS.B, Zero Cpn, 6/23/25
      2,691       2,476  
7352486.SQ.FTS.B, Zero Cpn, 6/23/25
      3,109       2,863  
7352513.SQ.FTS.B, Zero Cpn, 6/23/25
      10,759       10,019  
7352575.SQ.FTS.B, Zero Cpn, 6/24/25
      11,385       10,602  
7352627.SQ.FTS.B, Zero Cpn, 6/24/25
      4,704       4,365  
7352642.SQ.FTS.B, Zero Cpn, 6/24/25
      5,937       5,466  
7352670.SQ.FTS.B, Zero Cpn, 6/24/25
      14,436       13,289  
7352747.SQ.FTS.B, Zero Cpn, 6/24/25
      1,739       1,601  
7352759.SQ.FTS.B, Zero Cpn, 6/24/25
      5,148       4,760  
7352786.SQ.FTS.B, Zero Cpn, 6/24/25
      4,311       3,933  
7352809.SQ.FTS.B, Zero Cpn, 6/24/25
      2,461       2,300  
7352831.SQ.FTS.B, Zero Cpn, 6/24/25
      2,296       2,099  
7352845.SQ.FTS.B, Zero Cpn, 6/24/25
      9,094       8,408  
7352905.SQ.FTS.B, Zero Cpn, 6/24/25
      19,218       17,832  
7353022.SQ.FTS.B, Zero Cpn, 6/24/25
      14,175       13,252  
7353092.SQ.FTS.B, Zero Cpn, 6/24/25
      13,947       12,987  
7353169.SQ.FTS.B, Zero Cpn, 6/24/25
      1,116       1,041  
7353177.SQ.FTS.B, Zero Cpn, 6/24/25
      9,302       8,535  
7353232.SQ.FTS.B, Zero Cpn, 6/24/25
      1,297       1,187  
7353242.SQ.FTS.B, Zero Cpn, 6/24/25
      1,152       1,060  
7353249.SQ.FTS.B, Zero Cpn, 6/24/25
      18,443       17,069  
7353365.SQ.FTS.B, Zero Cpn, 6/25/25
      1,158       1,060  
7353370.SQ.FTS.B, Zero Cpn, 6/25/25
      7,960       7,263  
7353428.SQ.FTS.B, Zero Cpn, 6/25/25
      21,365       19,825  
7353552.SQ.FTS.B, Zero Cpn, 6/25/25
      3,747       3,478  
7353579.SQ.FTS.B, Zero Cpn, 6/25/25
      10,979       10,187  
7353627.SQ.FTS.B, Zero Cpn, 6/25/25
      63,309       57,887  
Description
   
Principal
Amount
   
Value
 
      
Block, Inc. (continued)
      
7353851.SQ.FTS.B, Zero Cpn, 6/25/25
    $ 14,751      $ 13,735  
7354687.SQ.FTS.B, Zero Cpn, 6/26/25
      569        530  
     
 
 
 
     
 
 
 
27,872,015
 
 
     
 
 
 
Freedom Financial Asset Management LLC
      
APP-11442830.FP.FTS.B, 5.99%, 2/06/24
      558        558  
APP-11796839.FP.FTS.B, 23.99%, 2/11/24
      536        537  
APP-11799568.FP.FTS.B, 15.49%, 2/12/24
      578        579  
APP-12674457.FP.FTS.B, 5.99%, 2/25/24
      1,046        1,049  
APP-12675080.FP.FTS.B, 17.49%, 2/25/24
      1,263        1,270  
APP-12168376.FP.FTS.B, 5.99%, 3/01/24
      886        887  
APP-12544302.FP.FTS.B, 16.49%, 3/01/24
      1,073        1,076  
APP-13337202.FP.FTS.B, 5.99%, 3/15/24
      1,287        1,291  
APP-13420504.FP.FTS.B, 5.99%, 3/16/24
      1,549        1,554  
APP-13148703.FP.FTS.B, 17.49%, 3/16/24
      2,147        2,160  
APP-13360065.FP.FTS.B, 19.99%, 3/27/24
      1,455        1,477  
APP-12608313.FP.FTS.B, 5.99%, 4/10/24
      1,008        1,011  
APP-11798739.FP.FTS.B, 5.99%, 4/11/24
      1,266        1,270  
APP-12905173.FP.FTS.B, 5.99%, 4/15/24
      1,320        1,325  
APP-12933623.FP.FTS.B, 5.99%, 4/16/24
      1,162        1,166  
APP-12933592.FP.FTS.B, 12.74%, 4/18/24
      2,074        2,082  
APP-12933925.FP.FTS.B, 5.99%, 4/23/24
      1,154        1,160  
APP-12934108.FP.FTS.B, 5.99%, 4/23/24
      1,423        1,430  
APP-13026134.FP.FTS.B, 5.99%, 4/24/24
      459        460  
APP-13061207.FP.FTS.B, 5.99%, 4/30/24
      1,389        1,393  
APP-13432810.FP.FTS.B, 5.99%, 5/01/24
      1,753        1,759  
APP-13433208.FP.FTS.B, 5.99%, 5/01/24
      1,424        1,430  
APP-13323350.FP.FTS.B, 16.49%, 5/01/24
      1,872        1,879  
APP-13323276.FP.FTS.B, 5.99%, 5/05/24
      1,435        1,440  
APP-13323298.FP.FTS.B, 5.99%, 5/06/24
      1,322        1,327  
APP-13614056.FP.FTS.B, 15.99%, 5/11/24
      1,892        1,901  
APP-13270610.FP.FTS.B, 5.99%, 5/12/24
      1,455        1,459  
APP-13337251.FP.FTS.B, 5.99%, 5/13/24
      2,041        2,051  
APP-13438285.FP.FTS.B, 5.99%, 5/14/24
      1,333        1,339  
APP-13199267.FP.FTS.B, 5.99%, 5/15/24
      1,334        1,340  
APP-13301744.FP.FTS.B, 5.99%, 5/15/24
      1,491        1,500  
APP-13323228.FP.FTS.B, 5.99%, 5/15/24
      1,616        1,623  
APP-13628844.FP.FTS.B, 16.99%, 5/15/24
      2,240        2,254  
APP-13488078.FP.FTS.B, 5.99%, 5/23/24
      1,807        1,817  
APP-14264510.FP.FTS.B, 5.99%, 6/10/24
      2,185        2,195  
APP-14258833.FP.FTS.B, 18.49%, 6/10/24
      2,256        2,273  
APP-14387197.FP.FTS.B, 5.99%, 6/15/24
      2,399        2,413  
APP-14179087.FP.FTS.B, 5.99%, 6/23/24
      2,227        2,242  
APP-14491308.FP.FTS.B, 23.99%, 6/28/24
      2,516        2,530  
APP-14569696.FP.FTS.B, 5.99%, 7/07/24
      3,035        3,052  
APP-10156971.FP.FTS.B, 14.99%, 8/15/24
      9,267        9,342  
APP-15044905.FP.FTS.B, 5.99%, 8/25/24
      2,326        2,345  
APP-10561115.FP.FTS.B, 13.99%, 10/08/24
      2,499        2,515  
APP-10940707.FP.FTS.B, 8.49%, 10/15/24
      5,591        5,629  
APP-10932376.FP.FTS.B, 19.99%, 10/22/24
      2,544        2,583  
APP-10600138.FP.FTS.B, 10.49%, 10/29/24
      9,314        9,362  
APP-11023093.FP.FTS.B, 10.49%, 10/30/24
      5,081        5,111  
APP-10692850.FP.FTS.B, 13.24%, 11/12/24
      13,225        13,331  
APP-10670951.FP.FTS.B, 17.99%, 11/15/24
      8,355        8,478  
APP-10385583.FP.FTS.B, 12.24%, 11/22/24
      3,996        4,033  
APP-10481821.FP.FTS.B, 23.49%, 11/22/24
      3,613        3,688  
 
       
68       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Freedom Financial Asset Management LLC (continued)
 
APP-11040038.FP.FTS.B, 15.49%, 12/01/24
    $ 9,244     $ 9,313  
APP-11018721.FP.FTS.B, 23.99%, 12/01/24
      6,626       6,680  
APP-10991532.FP.FTS.B, 13.99%, 12/10/24
      3,844       3,873  
APP-11039981.FP.FTS.B, 12.74%, 12/13/24
      4,840        4,877   
APP-11025781.FP.FTS.B, 23.99%, 12/13/24
      7,336       7,482  
APP-11029317.FP.FTS.B, 23.99%, 12/13/24
      5,685       1,390  
APP-11036112.FP.FTS.B, 16.99%, 12/14/24
      3,483       769  
APP-10692602.FP.FTS.B, 17.99%, 12/14/24
      3,229       3,262  
APP-11720453.FP.FTS.B, 12.24%, 12/22/24
      4,864       4,911  
APP-11789211.FP.FTS.B, 6.99%, 12/29/24
      12,064       12,144  
APP-11694729.FP.FTS.B, 15.49%, 2/01/25
      6,075       6,117  
APP-11799631.FP.FTS.B, 9.74%, 2/02/25
      6,396       6,437  
APP-11751212.FP.FTS.B, 13.99%, 2/05/25
      8,321       8,384  
APP-11755781.FP.FTS.B, 16.99%, 2/05/25
      4,086       4,118  
APP-11693818.FP.FTS.B, 9.49%, 2/06/25
      13,137        13,237  
APP-11799362.FP.FTS.B, 9.74%, 2/10/25
      7,195       7,253  
APP-11237904.FP.FTS.B, 11.99%, 2/18/25
      3,886       3,897  
APP-12840850.FP.FTS.B, 9.49%, 2/21/25
      2,097       2,100  
APP-12413449.FP.FTS.B, 9.74%, 2/22/25
      10,747       10,846  
APP-12801527.FP.FTS.B, 11.74%, 2/22/25
      8,708       8,786  
APP-12674069.FP.FTS.B, 18.99%, 2/27/25
      5,800       5,922  
APP-12780140.FP.FTS.B, 9.74%, 3/01/25
      5,529       5,570  
APP-12076585.FP.FTS.B, 11.74%, 3/01/25
      3,001       2,999  
APP-12882137.FP.FTS.B, 12.49%, 3/01/25
      23,096       23,259  
APP-12139584.FP.FTS.B, 11.99%, 3/06/25
      6,313       6,362  
APP-12097231.FP.FTS.B, 9.49%, 3/11/25
      12,140       12,245  
APP-12139672.FP.FTS.B, 9.74%, 3/11/25
      7,531       7,597  
APP-12188198.FP.FTS.B, 16.99%, 3/11/25
      3,438       3,470  
APP-11811501.FP.FTS.B, 15.24%, 3/12/25
      13,437       13,566  
APP-12245609.FP.FTS.B, 25.49%, 3/12/25
      5,574       5,618  
APP-12934217.FP.FTS.B, 15.99%, 3/15/25
      10,960       11,056  
APP-13434461.FP.FTS.B, 9.49%, 3/20/25
      4,787       4,803  
APP-13337421.FP.FTS.B, 11.49%, 3/21/25
      6,071       6,126  
APP-13300513.FP.FTS.B, 17.99%, 3/24/25
      3,588       3,630  
APP-12776522.FP.FTS.B, 7.74%, 3/28/25
      9,465       3,123  
APP-13251266.FP.FTS.B, 7.74%, 3/28/25
      8,001       8,056  
APP-13381468.FP.FTS.B, 9.49%, 3/29/25
      19,174       19,309  
APP-13417584.FP.FTS.B, 12.49%, 3/30/25
      23,212       23,352  
APP-12798456.FP.FTS.B, 7.49%, 4/01/25
      5,654       5,668  
APP-12674971.FP.FTS.B, 10.49%, 4/01/25
      22,647       22,812  
APP-12544478.FP.FTS.B, 18.99%, 4/01/25
      4,972       4,980  
APP-12801328.FP.FTS.B, 11.74%, 4/03/25
      16,654       16,752  
APP-12786233.FP.FTS.B, 15.99%, 4/05/25
      10,767       10,800  
APP-12785793.FP.FTS.B, 11.74%, 4/06/25
      15,496       15,582  
APP-12675330.FP.FTS.B, 9.74%, 4/07/25
      7,890       7,953  
APP-12797301.FP.FTS.B, 19.99%, 4/07/25
      5,700       5,750  
APP-12975635.FP.FTS.B, 18.99%, 4/10/25
      9,531       5,895  
APP-13028127.FP.FTS.B, 21.49%, 4/10/25
      21,822       21,870  
APP-08960612.FP.FTS.B, 9.74%, 4/11/25
      7,138       7,195  
APP-12674201.FP.FTS.B, 15.49%, 4/12/25
      5,828       5,878  
APP-12800747.FP.FTS.B, 13.99%, 4/15/25
      12,074       12,187  
APP-12886570.FP.FTS.B, 17.49%, 4/15/25
      8,380       8,348  
APP-12869824.FP.FTS.B, 23.99%, 4/15/25
      5,168       5,201  
APP-13026280.FP.FTS.B, 23.99%, 4/15/25
      7,650       7,692  
APP-12767903.FP.FTS.B, 25.49%, 4/17/25
      4,992       5,032  
APP-13048345.FP.FTS.B, 7.74%, 4/18/25
      6,693       6,751  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-12934120.FP.FTS.B, 16.99%, 4/18/25
    $ 4,836     $ 4,883  
APP-13060301.FP.FTS.B, 9.49%, 4/20/25 .
      12,064       1,462  
APP-13044683.FP.FTS.B, 12.49%, 4/20/25
      23,264       23,478  
APP-12931531.FP.FTS.B, 21.49%, 4/21/25
      4,372       4,416  
APP-13023000.FP.FTS.B, 23.74%, 4/25/25
      5,463       5,363  
APP-13628483.FP.FTS.B, 16.49%, 4/29/25
      5,733       4,388  
APP-13161529.FP.FTS.B, 9.49%, 4/30/25
      19,355        19,503   
APP-14056236.FP.FTS.B, 13.24%, 4/30/25
      19,132       19,183  
APP-13427697.FP.FTS.B, 18.99%, 5/01/25
      7,219       7,220  
APP-13432774.FP.FTS.B, 21.49%, 5/01/25
      3,936       3,926  
APP-14271382.FP.FTS.B, 18.49%, 5/02/25
      8,490       8,502  
APP-13431511.FP.FTS.B, 9.74%, 5/04/25
      6,612       6,661  
APP-13352228.FP.FTS.B, 25.49%, 5/04/25
      5,428       5,402  
APP-13416512.FP.FTS.B, 9.49%, 5/05/25
      19,250       19,397  
APP-14179250.FP.FTS.B, 9.84%, 5/05/25
      14,987       15,118  
APP-13199149.FP.FTS.B, 9.74%, 5/10/25
      6,627       6,685  
APP-13408706.FP.FTS.B, 12.99%, 5/13/25
      13,114       13,199  
APP-13628220.FP.FTS.B, 15.49%, 5/13/25
      5,804       5,847  
APP-13679431.FP.FTS.B, 19.49%, 5/13/25
      7,035       7,057  
APP-13664871.FP.FTS.B, 24.99%, 5/13/25
      4,568       1,657  
APP-13333579.FP.FTS.B, 10.49%, 5/14/25
      16,049        16,160  
APP-13335711.FP.FTS.B, 14.49%, 5/14/25
      8,247       8,305  
APP-13336703.FP.FTS.B, 14.49%, 5/14/25
      7,189       7,204  
APP-14372135.FP.FTS.B, 10.49%, 5/15/25
      8,107       8,179  
APP-13437525.FP.FTS.B, 19.49%, 5/15/25
      8,465       8,501  
APP-13658658.FP.FTS.B, 11.84%, 5/18/25
      5,988       6,042  
APP-14286350.FP.FTS.B, 16.99%, 5/19/25
      10,124       10,207  
APP-14581247.FP.FTS.B, 12.74%, 5/20/25
      8,039       8,115  
APP-13625542.FP.FTS.B, 24.99%, 5/20/25
      9,213       3,426  
APP-12543097.FP.FTS.B, 10.09%, 5/23/25
      6,142       6,205  
APP-13658179.FP.FTS.B, 10.84%, 5/24/25
      24,449       24,704  
APP-13658871.FP.FTS.B, 9.84%, 5/25/25
      19,406       19,613  
APP-13639147.FP.FTS.B, 18.49%, 5/25/25
      10,483       10,557  
APP-13658257.FP.FTS.B, 10.09%, 5/26/25
      7,876       7,962  
APP-14229868.FP.FTS.B, 16.74%, 6/08/25
      26,641       26,771  
APP-14240775.FP.FTS.B, 20.49%, 6/08/25
      5,524       5,544  
APP-12795850.FP.FTS.B, 23.74%, 6/10/25
      12,031       7,829  
APP-12236101.FP.FTS.B, 20.99%, 6/11/25
      8,922       8,889  
APP-14384326.FP.FTS.B, 16.99%, 6/15/25
      10,697       10,771  
APP-14253378.FP.FTS.B, 18.49%, 6/15/25
      5,725       5,753  
APP-14276228.FP.FTS.B, 19.24%, 6/15/25
      14,010       14,000  
APP-14246643.FP.FTS.B, 14.99%, 6/17/25
      14,048       14,128  
APP-14179277.FP.FTS.B, 12.74%, 6/22/25
      18,881       19,035  
APP-14518951.FP.FTS.B, 15.49%, 6/22/25
      3,962       3,987  
APP-14179511.FP.FTS.B, 18.49%, 6/22/25
      4,144       4,182  
APP-14253507.FP.FTS.B, 10.84%, 6/23/25
      31,575       3,864  
APP-14477454.FP.FTS.B, 13.99%, 6/24/25
      5,881       5,938  
APP-14372095.FP.FTS.B, 14.99%, 6/25/25
      13,241       13,421  
APP-13435964.FP.FTS.B, 18.99%, 6/29/25
      7,214       7,147  
APP-14386049.FP.FTS.B, 22.24%, 6/29/25
      7,410       7,319  
APP-14440616.FP.FTS.B, 25.49%, 7/01/25
      6,818       6,778  
APP-14541502.FP.FTS.B, 16.49%, 7/06/25
      8,092       8,000  
APP-14558687.FP.FTS.B, 25.49%, 7/07/25
      9,239       9,167  
APP-14372326.FP.FTS.B, 10.24%, 7/08/25
      14,939       15,084  
APP-14523480.FP.FTS.B, 18.99%, 7/08/25
      9,700       9,725  
APP-14865343.FP.FTS.B, 10.24%, 7/21/25
      19,273       19,465  
APP-13767586.FP.FTS.B, 10.49%, 7/26/25
      10,623       10,740  
APP-14312204.FP.FTS.B, 25.49%, 7/29/25
      6,329       6,225  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       69
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Freedom Financial Asset Management LLC (continued)
 
APP-14256949.FP.FTS.B, 16.24%, 8/23/25
    $  26,067     $ 26,194  
APP-14580010.FP.FTS.B, 23.49%, 9/07/25
      10,098       9,956  
APP-10561160.FP.FTS.B, 18.99%, 9/13/25
      10,855       11,339  
APP-10551332.FP.FTS.B, 17.49%, 9/18/25
      3,665       3,709  
APP-10551426.FP.FTS.B, 10.99%, 9/21/25
      12,230       12,406  
APP-10671065.FP.FTS.B, 18.99%, 10/09/25
      5,764       5,970  
APP-10752759.FP.FTS.B, 18.99%, 10/17/25
      14,447        14,938   
APP-10617769.FP.FTS.B, 17.49%, 10/30/25
      13,719       7,894  
APP-10580212.FP.FTS.B, 18.49%, 11/03/25
      9,238       9,538  
APP-10561236.FP.FTS.B, 15.99%, 11/04/25
      17,446       17,768  
APP-10627143.FP.FTS.B, 16.99%, 11/09/25
      7,184       7,371  
APP-10671041.FP.FTS.B, 16.49%, 11/16/25
      12,206        12,536  
APP-10703763.FP.FTS.B, 14.49%, 11/20/25
      12,366       12,717  
APP-10727609.FP.FTS.B, 17.99%, 11/22/25
      6,645       6,863  
APP-10692670.FP.FTS.B, 18.49%, 11/22/25
      5,575       5,742  
APP-10776590.FP.FTS.B, 18.49%, 11/23/25
      10,893       11,257  
APP-10745958.FP.FTS.B, 8.99%, 11/30/25
      7,237       7,334  
APP-11008674.FP.FTS.B, 10.99%, 12/05/25
      11,280       11,446  
APP-11041391.FP.FTS.B, 11.49%, 12/10/25
      20,623       20,927  
APP-11039564.FP.FTS.B, 10.99%, 12/12/25
      7,677       7,713  
APP-11034532.FP.FTS.B, 8.99%, 12/13/25
      17,069       17,332  
APP-11020942.FP.FTS.B, 16.49%, 12/13/25
      20,585       2,053  
APP-10941172.FP.FTS.B, 10.99%, 12/14/25
      13,818       14,033  
APP-10293581.FP.FTS.B, 11.49%, 12/14/25
      19,479       19,785  
APP-10856578.FP.FTS.B, 18.49%, 12/14/25
      5,800       5,958  
APP-11701384.FP.FTS.B, 18.49%, 12/15/25
      4,086       4,178  
APP-11823260.FP.FTS.B, 11.99%, 12/16/25
      7,260       7,365  
APP-11031081.FP.FTS.B, 15.99%, 1/03/26
      12,227       6,882  
APP-12050720.FP.FTS.B, 18.99%, 1/16/26
      6,047       6,234  
APP-10571038.FP.FTS.B, 10.99%, 1/21/26
      9,147       1,761  
APP-12180264.FP.FTS.B, 10.24%, 1/26/26
      8,111       8,242  
APP-12231617.FP.FTS.B, 16.99%, 1/26/26
      14,092       14,479  
APP-12244001.FP.FTS.B, 13.24%, 1/27/26
      5,856       5,955  
APP-10775435.FP.FTS.B, 15.49%, 1/31/26
      8,356       1,803  
APP-11694088.FP.FTS.B, 17.74%, 2/01/26
      18,829       18,970  
APP-11740763.FP.FTS.B, 13.99%, 2/04/26
      6,191       6,211  
APP-11798624.FP.FTS.B, 17.99%, 2/04/26
      12,228       12,539  
APP-11822517.FP.FTS.B, 9.99%, 2/05/26
      13,991       14,125  
APP-11764476.FP.FTS.B, 13.24%, 2/05/26
      6,022       6,124  
APP-11754629.FP.FTS.B, 12.24%, 2/06/26
      23,467       23,846  
APP-11817911.FP.FTS.B, 18.74%, 2/13/26
      5,558       5,534  
APP-12887499.FP.FTS.B, 19.49%, 2/25/26
      5,859       6,026  
APP-12780048.FP.FTS.B, 8.24%, 2/28/26
      11,124       11,267  
APP-10561482.FP.FTS.B, 16.99%, 2/28/26
      16,293       16,623  
APP-12543851.FP.FTS.B, 12.74%, 3/01/26
      17,376       17,586  
APP-11746987.FP.FTS.B, 18.49%, 3/05/26
      13,136       9,427  
APP-12934173.FP.FTS.B, 10.24%, 3/08/26
      11,257       11,416  
APP-12244619.FP.FTS.B, 15.74%, 3/09/26
      32,838       17,816  
APP-10903724.FP.FTS.B, 9.99%, 3/12/26
      20,982       21,315  
APP-12253162.FP.FTS.B, 19.99%, 3/12/26
      11,051       11,410  
APP-12176269.FP.FTS.B, 16.49%, 3/13/26
      15,744       16,233  
APP-13161478.FP.FTS.B, 18.74%, 3/17/26
      14,196       14,719  
APP-13385202.FP.FTS.B, 24.99%, 3/19/26
      1,534       1,515  
APP-12675358.FP.FTS.B, 11.99%, 3/28/26
      8,489       2,479  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-11877668.FP.FTS.B, 16.49%, 3/28/26
    $  15,505     $ 15,883  
APP-13414992.FP.FTS.B, 9.99%, 3/30/26
      18,618       18,857  
APP-12803304.FP.FTS.B, 18.24%, 3/31/26
      19,502       19,863  
APP-13645065.FP.FTS.B, 12.84%, 4/01/26
      12,071       12,222  
APP-12779873.FP.FTS.B, 9.49%, 4/03/26
      18,875        19,125   
APP-12886380.FP.FTS.B, 9.99%, 4/03/26
      20,172       20,438  
APP-12889924.FP.FTS.B, 18.74%, 4/03/26
      16,309       16,717  
APP-12744909.FP.FTS.B, 10.24%, 4/09/26
      6,363       6,384  
APP-12762134.FP.FTS.B, 20.49%, 4/09/26
      33,373       34,259  
APP-12993588.FP.FTS.B, 20.99%, 4/09/26
      1,149       1,138  
APP-12675383.FP.FTS.B, 12.24%, 4/10/26
      15,025       15,258  
APP-12787408.FP.FTS.B, 14.99%, 4/10/26
      12,817       13,033  
APP-12799632.FP.FTS.B, 15.99%, 4/10/26
      17,933       18,300  
APP-12786604.FP.FTS.B, 16.24%, 4/10/26
      20,692       21,177  
APP-13675444.FP.FTS.B, 18.99%, 4/10/26
      2,465       1,097  
APP-12991443.FP.FTS.B, 24.99%, 4/10/26
      6,397       6,576  
APP-12779696.FP.FTS.B, 10.99%, 4/11/26
      28,306       28,708  
APP-12795661.FP.FTS.B, 13.99%, 4/11/26
      5,887       5,978  
APP-12414665.FP.FTS.B, 17.49%, 4/11/26
      7,583       7,721  
APP-12792270.FP.FTS.B, 17.99%, 4/11/26
      13,125        13,441  
APP-13059570.FP.FTS.B, 8.24%, 4/12/26
      9,637       9,776  
APP-11694989.FP.FTS.B, 9.99%, 4/12/26
      12,583       12,815  
APP-13048169.FP.FTS.B, 10.24%, 4/12/26
      9,061       9,190  
APP-13021207.FP.FTS.B, 13.99%, 4/15/26
      15,935       16,275  
APP-12800863.FP.FTS.B, 17.49%, 4/15/26
      10,284       10,586  
APP-12856249.FP.FTS.B, 12.49%, 4/16/26
      10,642       1,114  
APP-13155578.FP.FTS.B, 12.74%, 4/17/26
      16,297       16,545  
APP-12858657.FP.FTS.B, 12.99%, 4/17/26
      28,116       28,611  
APP-13115033.FP.FTS.B, 19.49%, 4/17/26
      6,587       6,742  
APP-12911306.FP.FTS.B, 7.99%, 4/22/26
      24,185       24,575  
APP-13014947.FP.FTS.B, 14.99%, 4/23/26
      13,191       13,442  
APP-12859987.FP.FTS.B, 14.74%, 4/26/26
      18,944       19,498  
APP-12777585.FP.FTS.B, 19.49%, 4/29/26
      8,872       5,217  
APP-12949437.FP.FTS.B, 21.99%, 4/30/26
      12,028       12,293  
APP-13423683.FP.FTS.B, 9.99%, 5/01/26
      17,366       17,598  
APP-13396926.FP.FTS.B, 13.74%, 5/01/26
      23,691       24,086  
APP-13439922.FP.FTS.B, 16.99%, 5/01/26
      10,749       10,966  
APP-13431847.FP.FTS.B, 24.99%, 5/01/26
      7,214       4,339  
APP-13385444.FP.FTS.B, 19.49%, 5/02/26
      11,237       1,119  
APP-14385374.FP.FTS.B, 19.49%, 5/03/26
      7,181       7,283  
APP-13431225.FP.FTS.B, 16.99%, 5/04/26
      11,186       11,382  
APP-13429002.FP.FTS.B, 8.24%, 5/10/26
      11,259       11,425  
APP-13628390.FP.FTS.B, 19.99%, 5/11/26
      9,604       9,840  
APP-13649172.FP.FTS.B, 13.49%, 5/12/26
      12,949       13,147  
APP-13386894.FP.FTS.B, 7.99%, 5/14/26
      15,631       15,872  
APP-13441691.FP.FTS.B, 17.99%, 5/14/26
      13,973       14,318  
APP-13431194.FP.FTS.B, 18.49%, 5/14/26
      15,021       15,481  
APP-14371343.FP.FTS.B, 11.74%, 5/15/26
      33,046       33,517  
APP-14427608.FP.FTS.B, 11.74%, 5/15/26
      32,926       33,401  
APP-13644126.FP.FTS.B, 10.34%, 5/20/26
      13,377       13,587  
APP-13628557.FP.FTS.B, 18.49%, 5/27/26
      12,987       13,201  
APP-13441795.FP.FTS.B, 12.74%, 6/01/26
      20,491       20,783  
APP-14179201.FP.FTS.B, 12.34%, 6/08/26
      8,210       8,327  
APP-13657810.FP.FTS.B, 18.99%, 6/12/26
      17,518       17,900  
APP-14276082.FP.FTS.B, 10.34%, 6/15/26
      16,455       16,698  
APP-14398590.FP.FTS.B, 10.99%, 6/15/26
      7,862       7,975  
APP-14189728.FP.FTS.B, 17.74%, 6/15/26
      35,663       36,356  
APP-12886960.FP.FTS.B, 22.49%, 6/15/26
      6,600       6,766  
 
       
70       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Freedom Financial Asset Management LLC (continued)
 
APP-14306826.FP.FTS.B, 10.34%, 6/17/26
    $  16,844     $ 17,084  
APP-14230815.FP.FTS.B, 10.34%, 6/20/26
      16,405       16,666  
APP-14203522.FP.FTS.B, 17.49%, 6/20/26
      17,064       17,458  
APP-13605261.FP.FTS.B, 13.74%, 6/21/26
      23,138        23,634   
APP-14531089.FP.FTS.B, 10.99%, 6/22/26
      13,105       13,313  
APP-14549001.FP.FTS.B, 21.49%, 6/23/26
      19,356       19,870  
APP-14241416.FP.FTS.B, 12.59%, 6/24/26
      23,414        23,833  
APP-14578298.FP.FTS.B, 23.24%, 6/24/26
      9,733       977  
APP-14372335.FP.FTS.B, 12.99%, 6/30/26
      16,554       16,799  
APP-14409335.FP.FTS.B, 18.49%, 7/01/26
      7,131       7,238  
APP-14491910.FP.FTS.B, 22.49%, 7/04/26
      11,818       11,792  
APP-15018518.FP.FTS.B, 11.24%, 7/11/26
      6,604       6,650  
APP-15020512.FP.FTS.B, 10.24%, 7/15/26
      21,386       21,686  
APP-13899724.FP.FTS.B, 11.24%, 7/18/26
      11,033       11,199  
APP-14698479.FP.FTS.B, 10.74%, 7/24/26
      26,823       27,257  
APP-14531002.FP.FTS.B, 17.74%, 8/05/26
      22,262       22,543  
APP-10179113.FP.FTS.B, 12.49%, 8/15/26
      21,283       21,648  
APP-10116903.FP.FTS.B, 14.24%, 8/15/26
      15,219       15,499  
APP-10063830.FP.FTS.B, 15.99%, 8/16/26
      31,666       32,350  
APP-10105795.FP.FTS.B, 23.49%, 8/17/26
      15,308       16,031  
APP-10557980.FP.FTS.B, 19.99%, 9/05/26
      9,818       10,113  
APP-10060652.FP.FTS.B, 11.99%, 9/12/26
      8,113       8,246  
APP-10571945.FP.FTS.B, 11.24%, 9/15/26
      30,794       31,306  
APP-10622378.FP.FTS.B, 13.24%, 9/15/26
      31,196       31,658  
APP-10190160.FP.FTS.B, 18.99%, 9/28/26
      7,216       4,080  
APP-10762836.FP.FTS.B, 15.49%, 10/03/26
      32,661       33,160  
APP-10769538.FP.FTS.B, 17.99%, 10/09/26
      18,300       18,810  
APP-11037126.FP.FTS.B, 17.99%, 10/18/26
      7,095       7,216  
APP-10173551.FP.FTS.B, 20.99%, 10/20/26
      11,021       3,789  
APP-10412146.FP.FTS.B, 20.49%, 10/21/26
      16,741       17,405  
APP-10610237.FP.FTS.B, 11.99%, 10/25/26
      8,575       8,725  
APP-10188481.FP.FTS.B, 20.49%, 10/25/26
      6,128       978  
APP-10583794.FP.FTS.B, 17.49%, 10/28/26
      9,884       10,115  
APP-10482503.FP.FTS.B, 17.99%, 10/28/26
      5,417       5,519  
APP-11040439.FP.FTS.B, 25.49%, 10/28/26
      7,075       7,275  
APP-10607213.FP.FTS.B, 16.49%, 10/29/26
      9,237       9,371  
APP-11029842.FP.FTS.B, 11.99%, 10/30/26
      20,255       20,562  
APP-11029798.FP.FTS.B, 17.49%, 10/30/26
      12,034       12,237  
APP-11036737.FP.FTS.B, 18.99%, 10/30/26
      7,018       7,168  
APP-10547265.FP.FTS.B, 22.49%, 10/31/26
      21,171       21,827  
APP-10567055.FP.FTS.B, 13.24%, 11/01/26
      32,521       33,087  
APP-10597275.FP.FTS.B, 14.49%, 11/01/26
      7,209       7,330  
APP-10561574.FP.FTS.B, 14.74%, 11/02/26
      18,289       18,626  
APP-10590862.FP.FTS.B, 11.99%, 11/05/26
      12,412       12,618  
APP-10599539.FP.FTS.B, 13.24%, 11/05/26
      30,201       30,706  
APP-10453183.FP.FTS.B, 17.49%, 11/07/26
      27,063       27,610  
APP-10623552.FP.FTS.B, 18.99%, 11/09/26
      17,180       17,679  
APP-10770659.FP.FTS.B, 21.49%, 11/10/26
      15,066       15,646  
APP-10781246.FP.FTS.B, 14.24%, 11/15/26
      10,494       10,703  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-10773777.FP.FTS.B, 16.99%, 11/15/26
    $  13,378     $ 13,653  
APP-10780121.FP.FTS.B, 11.99%, 11/21/26
      12,289       12,516  
APP-10779675.FP.FTS.B, 21.49%, 11/21/26
      12,047       12,518  
APP-10756900.FP.FTS.B, 16.99%, 11/22/26
      13,470       13,928  
APP-10760354.FP.FTS.B, 11.99%, 11/23/26
      12,862       13,111  
APP-10508033.FP.FTS.B, 17.49%, 11/23/26
      21,462       21,961  
APP-10780937.FP.FTS.B, 16.49%, 11/24/26
      5,306        5,424   
APP-14420730.FP.FTS.B, 20.49%, 11/30/26
      8,039       8,084  
APP-10991025.FP.FTS.B, 19.49%, 12/05/26
      9,344       9,587  
APP-10551248.FP.FTS.B, 16.99%, 12/08/26
      17,260       3,207  
APP-11035966.FP.FTS.B, 21.99%, 12/13/26
      5,820       6,002  
APP-10916888.FP.FTS.B, 11.99%, 12/14/26
      10,483       10,675  
APP-11025771.FP.FTS.B, 11.99%, 12/14/26
      16,813       17,120  
APP-11743320.FP.FTS.B, 13.24%, 12/17/26
      14,183       14,435  
APP-11737338.FP.FTS.B, 13.24%, 12/22/26
      21,878       22,258  
APP-11755185.FP.FTS.B, 10.99%, 12/23/26
      19,920       20,282  
APP-11751486.FP.FTS.B, 11.24%, 12/23/26
      12,602       12,830  
APP-09447197.FP.FTS.B, 13.49%, 12/23/26
      10,297       10,497  
APP-11662515.FP.FTS.B, 14.24%, 12/23/26
      10,518       1,243  
APP-11609592.FP.FTS.B, 14.74%, 12/24/26
      27,898       28,418  
APP-11822223.FP.FTS.B, 10.99%, 12/30/26
      14,721       14,936  
APP-11806677.FP.FTS.B, 11.74%, 12/30/26
      28,853       29,274  
APP-11815677.FP.FTS.B, 13.74%, 12/30/26
      18,010       18,286  
APP-11820229.FP.FTS.B, 17.49%, 12/30/26
      9,947       10,130  
APP-11800117.FP.FTS.B, 19.99%, 12/30/26
      9,909       10,085  
APP-10997848.FP.FTS.B, 20.49%, 12/30/26
      13,884       14,231  
APP-10692390.FP.FTS.B, 16.49%, 12/31/26
      10,264       10,448  
APP-11753872.FP.FTS.B, 13.24%, 1/25/27
      15,583       15,883  
APP-12234684.FP.FTS.B, 16.74%, 1/26/27
      35,471       36,236  
APP-12242133.FP.FTS.B, 22.99%, 1/27/27
      11,419       11,632  
APP-11654600.FP.FTS.B, 10.49%, 1/28/27
      28,378       7,983  
APP-11752574.FP.FTS.B, 18.24%, 1/28/27
      36,093        36,831  
APP-12243752.FP.FTS.B, 19.99%, 1/28/27
      12,712       12,933  
APP-11704828.FP.FTS.B, 17.49%, 1/31/27
      8,264       8,496  
APP-11799569.FP.FTS.B, 19.99%, 2/02/27
      7,909       8,073  
APP-11730595.FP.FTS.B, 11.99%, 2/04/27
      17,519       17,815  
APP-11689702.FP.FTS.B, 10.49%, 2/05/27
      26,402       26,845  
APP-11693799.FP.FTS.B, 16.99%, 2/05/27
      10,805       11,054  
APP-11750215.FP.FTS.B, 18.24%, 2/05/27
      25,333       25,929  
APP-11693943.FP.FTS.B, 10.99%, 2/06/27
      25,271       25,703  
APP-11771449.FP.FTS.B, 9.74%, 2/10/27
      33,797       34,376  
APP-11799619.FP.FTS.B, 17.99%, 2/11/27
      16,528       16,998  
APP-11806403.FP.FTS.B, 19.99%, 2/11/27
      15,475       15,921  
APP-11443313.FP.FTS.B, 9.99%, 2/12/27
      18,307       5,219  
APP-11694094.FP.FTS.B, 11.24%, 2/12/27
      9,789       9,977  
APP-11816991.FP.FTS.B, 16.24%, 2/12/27
      21,456       21,903  
APP-11813343.FP.FTS.B, 11.74%, 2/13/27
      34,450       35,083  
APP-11804818.FP.FTS.B, 14.99%, 2/13/27
      14,168       14,521  
APP-11790590.FP.FTS.B, 17.74%, 2/13/27
      21,668       22,265  
APP-11814239.FP.FTS.B, 17.74%, 2/13/27
      28,267       29,102  
APP-11748155.FP.FTS.B, 14.24%, 2/15/27
      24,482       24,946  
APP-12801776.FP.FTS.B, 18.49%, 2/15/27
      18,532       18,953  
APP-12796607.FP.FTS.B, 17.74%, 2/16/27
      23,766       24,461  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       71
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Freedom Financial Asset Management LLC (continued)
 
APP-12770843.FP.FTS.B, 18.24%, 2/17/27
    $  28,968     $ 29,661  
APP-12797866.FP.FTS.B, 19.99%, 2/17/27
      10,906       2,340  
APP-12779435.FP.FTS.B, 10.49%, 2/18/27
      21,509       21,833  
APP-12543838.FP.FTS.B, 15.49%, 2/18/27
      22,026       6,707  
APP-12784633.FP.FTS.B, 22.99%, 2/21/27
      13,547       13,887  
APP-12677509.FP.FTS.B, 8.49%, 2/22/27
      21,452       21,808  
APP-12792566.FP.FTS.B, 16.49%, 2/25/27
      11,072        11,281   
APP-12793802.FP.FTS.B, 16.74%, 2/25/27
      29,759       30,190  
APP-12769457.FP.FTS.B, 17.99%, 2/25/27
      6,018       5,953  
APP-12883181.FP.FTS.B, 8.99%, 2/28/27
      24,151       24,511  
APP-12819064.FP.FTS.B, 10.99%, 2/28/27
      29,270       14,968  
APP-13022008.FP.FTS.B, 10.99%, 3/01/27
      26,879        27,255  
APP-12800786.FP.FTS.B, 11.24%, 3/01/27
      14,681       14,917  
APP-13018059.FP.FTS.B, 12.99%, 3/01/27
      8,493       8,630  
APP-12814994.FP.FTS.B, 13.74%, 3/01/27
      7,240       7,348  
APP-12846368.FP.FTS.B, 19.99%, 3/01/27
      15,244       15,514  
APP-12932776.FP.FTS.B, 16.49%, 3/02/27
      9,403       9,521  
APP-12243437.FP.FTS.B, 11.24%, 3/04/27
      22,362       22,729  
APP-12244716.FP.FTS.B, 19.99%, 3/05/27
      18,671       19,089  
APP-12116704.FP.FTS.B, 11.74%, 3/06/27
      31,863       32,398  
APP-12234254.FP.FTS.B, 11.24%, 3/10/27
      10,886       11,078  
APP-12213150.FP.FTS.B, 18.49%, 3/10/27
      9,076       9,285  
APP-12231685.FP.FTS.B, 19.74%, 3/10/27
      31,000       18,335  
APP-12243221.FP.FTS.B, 8.49%, 3/11/27
      20,585       20,952  
APP-12233502.FP.FTS.B, 16.49%, 3/11/27
      18,345       18,721  
APP-12232207.FP.FTS.B, 18.99%, 3/11/27
      12,975       13,290  
APP-12249171.FP.FTS.B, 13.49%, 3/12/27
      5,657       5,679  
APP-12132131.FP.FTS.B, 19.49%, 3/13/27
      17,298       1,772  
APP-13060467.FP.FTS.B, 11.74%, 3/15/27
      35,692       36,271  
APP-13155858.FP.FTS.B, 10.99%, 3/16/27
      15,543       15,787  
APP-13442368.FP.FTS.B, 11.49%, 3/16/27
      11,892       12,075  
APP-13061057.FP.FTS.B, 13.49%, 3/16/27
      12,214       12,412  
APP-13093148.FP.FTS.B, 19.74%, 3/16/27
      29,032       29,816  
APP-13253640.FP.FTS.B, 11.24%, 3/20/27
      11,325       11,501  
APP-13323349.FP.FTS.B, 16.49%, 3/25/27
      10,698       10,899  
APP-13430153.FP.FTS.B, 20.49%, 3/25/27
      14,530       14,995  
APP-13207096.FP.FTS.B, 19.49%, 3/26/27
      13,500       13,965  
APP-12782877.FP.FTS.B, 8.49%, 3/28/27
      20,327       20,606  
APP-12799003.FP.FTS.B, 10.99%, 3/28/27
      13,889       14,084  
APP-12778979.FP.FTS.B, 16.24%, 3/28/27
      21,653       22,022  
APP-12781429.FP.FTS.B, 17.74%, 3/28/27
      26,155       26,610  
APP-12771953.FP.FTS.B, 18.49%, 3/28/27
      15,026       15,275  
APP-13375770.FP.FTS.B, 19.24%, 3/28/27
      16,300       16,516  
APP-13370208.FP.FTS.B, 19.74%, 3/28/27
      17,655       17,682  
APP-12758093.FP.FTS.B, 8.99%, 3/29/27
      14,002       14,205  
APP-12767372.FP.FTS.B, 10.99%, 3/29/27
      14,530       14,738  
APP-12779388.FP.FTS.B, 10.99%, 3/29/27
      28,406       28,811  
APP-12791753.FP.FTS.B, 10.99%, 3/29/27
      19,186       19,445  
APP-12784176.FP.FTS.B, 11.24%, 3/29/27
      24,953       25,294  
APP-12798277.FP.FTS.B, 13.24%, 3/29/27
      16,348       9,452  
APP-12795625.FP.FTS.B, 13.49%, 3/29/27
      14,317       14,523  
APP-12674361.FP.FTS.B, 15.24%, 3/29/27
      27,876       28,354  
APP-12802958.FP.FTS.B, 16.49%, 3/29/27
      18,351       18,665  
APP-13402497.FP.FTS.B, 16.49%, 3/29/27
      15,050       15,247  
APP-12281515.FP.FTS.B, 17.49%, 3/29/27
      11,370       11,560  
APP-12802206.FP.FTS.B, 17.74%, 3/29/27
      37,212       37,832  
APP-13389764.FP.FTS.B, 17.74%, 3/29/27
      22,789       23,084  
APP-12801049.FP.FTS.B, 18.99%, 3/29/27
      8,112       8,245  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-12785988.FP.FTS.B, 19.99%, 3/29/27
      $ 7,498     $ 1,180  
APP-13251661.FP.FTS.B, 20.24%, 3/29/27
      20,822       21,213  
APP-12795571.FP.FTS.B, 22.49%, 3/29/27
      27,608       28,106  
APP-13009028.FP.FTS.B, 10.99%, 3/30/27
      17,677        17,923   
APP-12577391.FP.FTS.B, 11.74%, 3/30/27
      35,723       36,210  
APP-13421220.FP.FTS.B, 14.49%, 3/30/27
      15,642       15,858  
APP-13416410.FP.FTS.B, 18.49%, 3/30/27
      9,146       9,268  
APP-11799428.FP.FTS.B, 19.99%, 3/30/27
      21,200       13,661  
APP-13405408.FP.FTS.B, 23.24%, 3/30/27
      15,994       16,188  
APP-13630932.FP.FTS.B, 11.84%, 4/01/27
      11,454       11,608  
APP-12638350.FP.FTS.B, 13.24%, 4/01/27
      18,070       18,330  
APP-12674905.FP.FTS.B, 13.24%, 4/01/27
      10,189       10,191  
APP-12840175.FP.FTS.B, 15.49%, 4/01/27
      8,618       8,773  
APP-12761107.FP.FTS.B, 16.49%, 4/01/27
      17,456       17,767  
APP-12542914.FP.FTS.B, 20.49%, 4/01/27
      10,190       10,349  
APP-12674748.FP.FTS.B, 13.99%, 4/02/27
      36,356       36,875  
APP-12787387.FP.FTS.B, 16.49%, 4/02/27
      10,628       10,783  
APP-12882995.FP.FTS.B, 10.99%, 4/03/27
      28,424       28,835  
APP-12867499.FP.FTS.B, 13.74%, 4/03/27
      7,249       7,354  
APP-12887758.FP.FTS.B, 16.49%, 4/03/27
      16,332       16,579  
APP-12890485.FP.FTS.B, 18.99%, 4/03/27
      11,044       11,226  
APP-12784441.FP.FTS.B, 20.49%, 4/05/27
      20,063       20,412  
APP-12811031.FP.FTS.B, 20.99%, 4/05/27
      14,682       15,094  
APP-13538222.FP.FTS.B, 11.34%, 4/06/27
      25,376       25,735  
APP-12802041.FP.FTS.B, 13.99%, 4/06/27
      36,400        36,969  
APP-13673131.FP.FTS.B, 11.34%, 4/07/27
      14,722       14,934  
APP-11924087.FP.FTS.B, 13.49%, 4/07/27
      12,857       13,062  
APP-12801750.FP.FTS.B, 18.99%, 4/07/27
      4,054       645  
APP-12984273.FP.FTS.B, 8.99%, 4/08/27
      28,135       28,639  
APP-12804826.FP.FTS.B, 19.99%, 4/08/27
      5,717       5,823  
APP-12700449.FP.FTS.B, 24.99%, 4/09/27
      39,633       40,260  
APP-12736035.FP.FTS.B, 8.99%, 4/10/27
      18,472       18,768  
APP-12875152.FP.FTS.B, 8.99%, 4/10/27
      11,539       11,584  
APP-12758120.FP.FTS.B, 10.99%, 4/10/27
      18,698       18,983  
APP-13018537.FP.FTS.B, 10.99%, 4/10/27
      17,765       18,035  
APP-12795960.FP.FTS.B, 13.24%, 4/10/27
      18,172       18,479  
APP-12413477.FP.FTS.B, 15.49%, 4/10/27
      8,872       9,041  
APP-12637418.FP.FTS.B, 16.49%, 4/10/27
      18,239       18,517  
APP-12796424.FP.FTS.B, 17.99%, 4/10/27
      11,295       11,527  
APP-13016825.FP.FTS.B, 17.99%, 4/10/27
      19,331       19,741  
APP-13018575.FP.FTS.B, 18.74%, 4/10/27
      37,503       38,223  
APP-12770485.FP.FTS.B, 20.49%, 4/10/27
      12,262       12,515  
APP-12723310.FP.FTS.B, 22.99%, 4/10/27
      12,473       12,736  
APP-12971734.FP.FTS.B, 25.49%, 4/10/27
      9,012       5,586  
APP-13009797.FP.FTS.B, 25.49%, 4/10/27
      8,991       9,178  
APP-12801468.FP.FTS.B, 11.24%, 4/11/27
      9,895       10,059  
APP-13662283.FP.FTS.B, 11.59%, 4/11/27
      12,742       12,923  
APP-12735907.FP.FTS.B, 11.74%, 4/11/27
      35,942       36,542  
APP-12119588.FP.FTS.B, 13.74%, 4/11/27
      8,563       8,708  
APP-09096529.FP.FTS.B, 10.49%, 4/12/27
      21,550       21,911  
APP-12870868.FP.FTS.B, 13.24%, 4/12/27
      21,704       22,094  
APP-11872577.FP.FTS.B, 13.99%, 4/12/27
      32,211       32,780  
APP-12780320.FP.FTS.B, 14.99%, 4/12/27
      13,461       13,708  
APP-12794611.FP.FTS.B, 16.49%, 4/12/27
      19,937       20,336  
APP-12543186.FP.FTS.B, 21.49%, 4/12/27
      11,019       11,264  
APP-12674073.FP.FTS.B, 17.49%, 4/13/27
      22,369       22,830  
APP-12119732.FP.FTS.B, 22.49%, 4/13/27
      8,290       8,534  
APP-12819793.FP.FTS.B, 11.24%, 4/14/27
      10,295       10,455  
 
       
72       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
  
Freedom Financial Asset Management LLC (continued)
 
APP-12933712.FP.FTS.B, 16.99%, 4/14/27
    $  13,059     $ 13,339  
APP-12601811.FP.FTS.B, 10.49%, 4/15/27
      8,680       8,699  
APP-12847750.FP.FTS.B, 10.49%, 4/15/27
      21,208       21,592  
APP-12880291.FP.FTS.B, 10.99%, 4/15/27
      19,347        19,689   
APP-12884053.FP.FTS.B, 10.99%, 4/15/27
      17,686       18,007  
APP-12886061.FP.FTS.B, 10.99%, 4/15/27
      17,873       18,188  
APP-12890839.FP.FTS.B, 12.99%, 4/15/27
      7,432       7,545  
APP-12889697.FP.FTS.B, 14.49%, 4/15/27
      17,048        17,379  
APP-12879648.FP.FTS.B, 14.99%, 4/15/27
      3,848       3,841  
APP-12872440.FP.FTS.B, 16.49%, 4/15/27
      8,952       9,156  
APP-13062300.FP.FTS.B, 17.49%, 4/15/27
      11,919       12,150  
APP-12674259.FP.FTS.B, 19.99%, 4/15/27
      7,622       7,772  
APP-13008146.FP.FTS.B, 19.99%, 4/15/27
      11,205       11,490  
APP-12967750.FP.FTS.B, 21.24%, 4/15/27
      19,418       19,830  
APP-12780020.FP.FTS.B, 8.99%, 4/16/27
      23,106       23,472  
APP-12801088.FP.FTS.B, 10.99%, 4/16/27
      19,027       19,367  
APP-12831439.FP.FTS.B, 10.99%, 4/16/27
      25,036       25,484  
APP-12540590.FP.FTS.B, 14.49%, 4/16/27
      21,920       22,353  
APP-12845270.FP.FTS.B, 17.74%, 4/16/27
      29,693       30,110  
APP-12863914.FP.FTS.B, 19.49%, 4/16/27
      13,281       13,625  
APP-12848627.FP.FTS.B, 21.99%, 4/16/27
      8,178       8,383  
APP-13157103.FP.FTS.B, 9.24%, 4/17/27
      10,519       10,688  
APP-12779666.FP.FTS.B, 11.49%, 4/17/27
      12,866       13,085  
APP-12883157.FP.FTS.B, 13.74%, 4/17/27
      8,047       8,199  
APP-12800972.FP.FTS.B, 17.49%, 4/17/27
      17,587       17,968  
APP-12861690.FP.FTS.B, 17.74%, 4/17/27
      10,489       1,656  
APP-13156398.FP.FTS.B, 17.74%, 4/17/27
      36,648       37,490  
APP-12800643.FP.FTS.B, 19.74%, 4/17/27
      30,999       31,779  
APP-13158258.FP.FTS.B, 19.99%, 4/17/27
      9,640       9,875  
APP-12931503.FP.FTS.B, 13.24%, 4/18/27
      18,149       18,480  
APP-13061405.FP.FTS.B, 22.24%, 4/18/27
      22,880       2,547  
APP-13141094.FP.FTS.B, 10.99%, 4/20/27
      28,467       28,945  
APP-13083128.FP.FTS.B, 11.24%, 4/20/27
      15,698       15,973  
APP-12974063.FP.FTS.B, 19.99%, 4/20/27
      19,814       20,317  
APP-13009743.FP.FTS.B, 10.99%, 4/22/27
      15,013       15,289  
APP-12674727.FP.FTS.B, 13.24%, 4/22/27
      24,088       24,558  
APP-09645128.FP.FTS.B, 15.49%, 4/23/27
      37,793       38,430  
APP-13017812.FP.FTS.B, 16.49%, 4/23/27
      4,839       4,830  
APP-12910819.FP.FTS.B, 17.99%, 4/23/27
      5,627       5,749  
APP-12548143.FP.FTS.B, 19.99%, 4/23/27
      21,372       21,963  
APP-12997870.FP.FTS.B, 19.99%, 4/23/27
      18,585       19,097  
APP-12977040.FP.FTS.B, 20.49%, 4/23/27
      13,564       13,997  
APP-13166600.FP.FTS.B, 21.49%, 4/23/27
      11,101       11,422  
APP-12944703.FP.FTS.B, 22.49%, 4/23/27
      8,778       8,973  
APP-12933688.FP.FTS.B, 19.99%, 4/24/27
      18,151       3,866  
APP-12911189.FP.FTS.B, 20.49%, 4/24/27
      4,193       4,132  
APP-11888471.FP.FTS.B, 16.49%, 4/25/27
      17,215       17,568  
APP-13068321.FP.FTS.B, 18.24%, 4/25/27
      34,660       35,588  
APP-11022483.FP.FTS.B, 18.99%, 4/25/27
      6,259       1,986  
APP-13051587.FP.FTS.B, 19.99%, 4/25/27
      20,209       2,338  
APP-13057143.FP.FTS.B, 10.99%, 4/26/27
      25,380       25,847  
APP-13061655.FP.FTS.B, 13.24%, 4/26/27
      25,472       25,967  
APP-12933713.FP.FTS.B, 17.99%, 4/26/27
      19,927       20,448  
APP-13345325.FP.FTS.B, 19.99%, 4/26/27
      8,786       8,696  
APP-13106287.FP.FTS.B, 11.74%, 4/28/27
      32,690       33,231  
APP-13060974.FP.FTS.B, 19.74%, 4/28/27
      25,527       25,884  
APP-13155767.FP.FTS.B, 23.24%, 4/28/27
      16,574       16,790  
APP-13139319.FP.FTS.B, 11.24%, 4/30/27
      17,981       18,274  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-13060795.FP.FTS.B, 17.49%, 4/30/27
      $ 3,831     $ 3,804  
APP-12042791.FP.FTS.B, 18.74%, 4/30/27
      39,580       39,991  
APP-13134349.FP.FTS.B, 21.24%, 4/30/27
      17,298       17,547  
APP-13421715.FP.FTS.B, 10.99%, 5/01/27
      19,235        19,511   
APP-13423557.FP.FTS.B, 10.99%, 5/01/27
      20,677       20,974  
APP-13424293.FP.FTS.B, 10.99%, 5/01/27
      15,437       15,659  
APP-13431042.FP.FTS.B, 10.99%, 5/01/27
      14,528       14,737  
APP-13131348.FP.FTS.B, 13.74%, 5/01/27
      19,479       19,825  
APP-13439065.FP.FTS.B, 14.24%, 5/01/27
      27,184       27,578  
APP-13431253.FP.FTS.B, 16.49%, 5/01/27
      16,876       17,121  
APP-13408703.FP.FTS.B, 16.99%, 5/01/27
      10,638       10,807  
APP-13430747.FP.FTS.B, 17.49%, 5/01/27
      11,980       12,153  
APP-13154672.FP.FTS.B, 18.49%, 5/01/27
      17,114       5,355  
APP-13422992.FP.FTS.B, 18.99%, 5/01/27
      22,197       22,514  
APP-13430284.FP.FTS.B, 19.99%, 5/01/27
      9,250       9,380  
APP-13430327.FP.FTS.B, 19.99%, 5/01/27
      7,704       7,814  
APP-13441350.FP.FTS.B, 19.99%, 5/01/27
      7,701       7,811  
APP-13410577.FP.FTS.B, 22.99%, 5/01/27
      11,445       11,600  
APP-13440761.FP.FTS.B, 22.99%, 5/01/27
      41,554       8,843  
APP-14247820.FP.FTS.B, 11.34%, 5/02/27
      18,485       18,726  
APP-13073067.FP.FTS.B, 20.49%, 5/02/27
      8,041       8,154  
APP-13342784.FP.FTS.B, 21.99%, 5/02/27
      9,087       9,273  
APP-13308191.FP.FTS.B, 16.99%, 5/04/27
      8,841       8,838  
APP-13389512.FP.FTS.B, 13.24%, 5/05/27
      15,506       15,744  
APP-12270573.FP.FTS.B, 10.99%, 5/06/27
      26,922        27,336  
APP-13301897.FP.FTS.B, 16.49%, 5/06/27
      9,733       9,892  
APP-13311434.FP.FTS.B, 16.49%, 5/08/27
      10,786       10,964  
APP-13193722.FP.FTS.B, 11.24%, 5/09/27
      16,792       17,066  
APP-13641523.FP.FTS.B, 13.59%, 5/10/27
      18,442       18,729  
APP-12932857.FP.FTS.B, 18.99%, 5/10/27
      7,525       7,665  
APP-12775739.FP.FTS.B, 25.49%, 5/10/27
      7,925       8,091  
APP-13323183.FP.FTS.B, 18.74%, 5/11/27
      26,393       26,922  
APP-12412862.FP.FTS.B, 25.49%, 5/11/27
      9,039       9,193  
APP-13658270.FP.FTS.B, 9.34%, 5/12/27
      23,661       24,016  
APP-13418718.FP.FTS.B, 16.24%, 5/12/27
      21,302       21,677  
APP-12412882.FP.FTS.B, 17.74%, 5/12/27
      24,203       24,681  
APP-13208283.FP.FTS.B, 17.99%, 5/12/27
      19,641       19,867  
APP-12675250.FP.FTS.B, 19.99%, 5/12/27
      20,445       20,805  
APP-13416172.FP.FTS.B, 8.99%, 5/13/27
      17,356       17,646  
APP-13031523.FP.FTS.B, 10.99%, 5/13/27
      29,205       29,709  
APP-13439563.FP.FTS.B, 17.49%, 5/13/27
      1,960       1,949  
APP-13438034.FP.FTS.B, 17.99%, 5/13/27
      5,748       5,858  
APP-13416776.FP.FTS.B, 19.99%, 5/13/27
      11,840       1,190  
APP-13437001.FP.FTS.B, 8.49%, 5/14/27
      21,489       21,850  
APP-10823341.FP.FTS.B, 15.49%, 5/14/27
      10,582       10,792  
APP-13199989.FP.FTS.B, 16.74%, 5/14/27
      35,831       36,562  
APP-13436550.FP.FTS.B, 16.99%, 5/14/27
      12,907       13,161  
APP-13430567.FP.FTS.B, 17.49%, 5/14/27
      13,706       13,959  
APP-13417327.FP.FTS.B, 17.99%, 5/14/27
      2,115       2,111  
APP-13336406.FP.FTS.B, 18.49%, 5/14/27
      17,470       17,834  
APP-14356626.FP.FTS.B, 18.49%, 5/14/27
      11,615       11,824  
APP-13380372.FP.FTS.B, 21.99%, 5/14/27
      26,931       9,230  
APP-13431427.FP.FTS.B, 21.99%, 5/14/27
      6,705       6,843  
APP-13433077.FP.FTS.B, 21.99%, 5/14/27
      2,657       2,626  
APP-13318759.FP.FTS.B, 22.49%, 5/14/27
      5,948       6,079  
APP-13330852.FP.FTS.B, 22.49%, 5/14/27
      29,495       6,414  
APP-13443719.FP.FTS.B, 22.49%, 5/14/27
      7,239       7,400  
APP-14548548.FP.FTS.B, 22.99%, 5/14/27
      7,087       7,205  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       73
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
  
Freedom Financial Asset Management LLC (continued)
 
APP-13436993.FP.FTS.B, 8.99%, 5/15/27
    $  18,621     $ 18,940  
APP-13396243.FP.FTS.B, 11.24%, 5/15/27
      11,561       11,767  
APP-13440554.FP.FTS.B, 11.24%, 5/15/27
      10,680       10,887  
APP-13394315.FP.FTS.B, 13.24%, 5/15/27
      29,340       29,906  
APP-13435327.FP.FTS.B, 13.24%, 5/15/27
      18,273       18,613  
APP-13663645.FP.FTS.B, 13.59%, 5/15/27
      21,096       21,430  
APP-13644113.FP.FTS.B, 14.34%, 5/15/27
      37,189        37,792   
APP-13319688.FP.FTS.B, 14.49%, 5/15/27
      20,453       20,750  
APP-13444523.FP.FTS.B, 16.99%, 5/15/27
      20,591       20,980  
APP-13672139.FP.FTS.B, 17.49%, 5/15/27
      14,429       14,671  
APP-13355854.FP.FTS.B, 18.99%, 5/15/27
      3,104       3,088  
APP-13433669.FP.FTS.B, 19.99%, 5/15/27
      12,666       1,267  
APP-13666596.FP.FTS.B, 20.49%, 5/15/27
      11,834       12,030  
APP-14254675.FP.FTS.B, 20.49%, 5/15/27
      2,173       2,145  
APP-14531705.FP.FTS.B, 22.99%, 5/15/27
      7,568       7,699  
APP-11924095.FP.FTS.B, 19.99%, 5/16/27
      20,391       20,669  
APP-13628585.FP.FTS.B, 20.49%, 5/16/27
      15,750       16,068  
APP-14366522.FP.FTS.B, 10.49%, 5/18/27
      33,855       9,566  
APP-13658420.FP.FTS.B, 19.99%, 5/18/27
      15,477       15,803  
APP-13484600.FP.FTS.B, 20.49%, 5/18/27
      14,047       14,342  
APP-13537074.FP.FTS.B, 9.34%, 5/20/27
      14,387       14,629  
APP-13678923.FP.FTS.B, 11.34%, 5/20/27
      23,368       23,768  
APP-13637703.FP.FTS.B, 14.09%, 5/21/27
      20,651       21,016  
APP-13680651.FP.FTS.B, 20.49%, 5/21/27
      9,889       10,123  
APP-14444232.FP.FTS.B, 21.49%, 5/21/27
      11,247       11,375  
APP-13624563.FP.FTS.B, 22.99%, 5/23/27
      9,695       9,908  
APP-13645609.FP.FTS.B, 9.34%, 5/24/27
      28,822        29,334  
APP-13629014.FP.FTS.B, 14.74%, 5/24/27
      23,306       23,773  
APP-13459107.FP.FTS.B, 19.99%, 5/24/27
      7,161       7,333  
APP-13659238.FP.FTS.B, 13.59%, 5/25/27
      26,805       27,329  
APP-13637168.FP.FTS.B, 15.24%, 5/25/27
      33,461       34,149  
APP-13337072.FP.FTS.B, 18.24%, 5/26/27
      37,242       37,672  
APP-13649694.FP.FTS.B, 19.49%, 5/26/27
      11,890       12,046  
APP-13051907.FP.FTS.B, 25.49%, 5/26/27
      8,316       8,565  
APP-13598334.FP.FTS.B, 11.34%, 5/27/27
      18,321       18,605  
APP-11810505.FP.FTS.B, 21.24%, 5/30/27
      20,790       13,012  
APP-14548905.FP.FTS.B, 18.99%, 5/31/27
      10,236       10,100  
APP-13162907.FP.FTS.B, 16.74%, 6/01/27
      26,848       27,411  
APP-13420080.FP.FTS.B, 21.99%, 6/01/27
      27,612       28,018  
APP-12851953.FP.FTS.B, 16.74%, 6/03/27
      37,576       10,743  
APP-14265376.FP.FTS.B, 20.49%, 6/03/27
      12,294       12,466  
APP-14227389.FP.FTS.B, 13.59%, 6/08/27
      22,572       22,906  
APP-14263084.FP.FTS.B, 20.49%, 6/10/27
      3,286       3,226  
APP-12782592.FP.FTS.B, 16.24%, 6/11/27
      24,710       25,110  
APP-14365422.FP.FTS.B, 11.99%, 6/15/27
      7,832       7,924  
APP-14343452.FP.FTS.B, 17.49%, 6/15/27
      19,848       20,132  
APP-14179022.FP.FTS.B, 17.99%, 6/15/27
      11,933       12,117  
APP-14257683.FP.FTS.B, 20.49%, 6/15/27
      20,438       20,785  
APP-14388011.FP.FTS.B, 20.99%, 6/15/27
      8,279       8,165  
APP-14253271.FP.FTS.B, 16.74%, 6/16/27
      24,598       25,008  
APP-14429358.FP.FTS.B, 13.74%, 6/17/27
      3,621       3,621  
APP-14252658.FP.FTS.B, 19.99%, 6/17/27
      16,186       5,295  
APP-13002914.FP.FTS.B, 18.99%, 6/20/27
      14,525       14,695  
APP-14177993.FP.FTS.B, 11.59%, 6/21/27
      11,239       11,436  
APP-14180064.FP.FTS.B, 11.59%, 6/21/27
      14,431       14,683  
APP-14236905.FP.FTS.B, 17.49%, 6/21/27
      20,449       20,898  
APP-14216604.FP.FTS.B, 17.74%, 6/21/27
      31,195       31,813  
APP-14439411.FP.FTS.B, 17.74%, 6/21/27
      35,044       3,657  
Description
   
Principal
Amount
  
Value
 
     
Freedom Financial Asset Management LLC (continued)
 
APP-14547768.FP.FTS.B, 11.74%, 6/22/27
    $  29,372     $ 29,847  
APP-14212566.FP.FTS.B, 16.74%, 6/22/27
      27,757       28,295  
APP-14196561.FP.FTS.B, 13.59%, 6/23/27
      30,370       30,940  
APP-13018067.FP.FTS.B, 18.99%, 6/23/27
      15,463        4,969   
APP-14178654.FP.FTS.B, 9.34%, 6/24/27
      16,074       16,331  
APP-14267906.FP.FTS.B, 11.59%, 6/24/27
      11,832       12,049  
APP-14588538.FP.FTS.B, 19.24%, 6/24/27
      22,935       23,427  
APP-14510576.FP.FTS.B, 22.74%, 6/24/27
      9,543       9,742  
APP-14427403.FP.FTS.B, 24.74%, 6/24/27
      12,164       12,435  
APP-14429127.FP.FTS.B, 11.74%, 6/25/27
      21,987       22,370  
APP-14369074.FP.FTS.B, 12.49%, 6/25/27
      37,564       38,224  
APP-09045394.FP.FTS.B, 13.74%, 6/25/27
      9,054       9,205  
APP-14578061.FP.FTS.B, 11.74%, 6/26/27
      29,805       30,297  
APP-14268521.FP.FTS.B, 10.09%, 6/27/27
      36,966       37,488  
APP-14145291.FP.FTS.B, 18.49%, 6/27/27
      13,311       13,413  
APP-14386005.FP.FTS.B, 11.74%, 6/28/27
      23,539       4,152  
APP-14413971.FP.FTS.B, 12.49%, 6/28/27
      36,723        37,265  
APP-14385312.FP.FTS.B, 17.24%, 6/28/27
      27,595       27,987  
APP-12794031.FP.FTS.B, 18.99%, 6/28/27
      13,200       13,403  
APP-14385385.FP.FTS.B, 19.24%, 6/28/27
      24,806       25,036  
APP-14391702.FP.FTS.B, 22.99%, 6/28/27
      4,680       4,583  
APP-14377174.FP.FTS.B, 12.24%, 6/29/27
      14,559       14,768  
APP-14409463.FP.FTS.B, 18.99%, 6/29/27
      8,003       8,124  
APP-14423027.FP.FTS.B, 13.99%, 6/30/27
      25,910       26,310  
APP-14420972.FP.FTS.B, 14.24%, 6/30/27
      13,173       13,375  
APP-13643702.FP.FTS.B, 18.99%, 6/30/27
      17,229       17,320  
APP-14541539.FP.FTS.B, 12.49%, 7/01/27
      7,714       7,838  
APP-14431213.FP.FTS.B, 18.49%, 7/01/27
      14,787       14,970  
APP-14421841.FP.FTS.B, 20.99%, 7/01/27
      9,399       9,511  
APP-14542132.FP.FTS.B, 20.99%, 7/02/27
      8,495       2,674  
APP-14595190.FP.FTS.B, 20.74%, 7/05/27
      32,847       19,939  
APP-14541253.FP.FTS.B, 13.99%, 7/06/27
      31,014       31,503  
APP-14550089.FP.FTS.B, 18.49%, 7/06/27
      15,960       16,141  
APP-14515585.FP.FTS.B, 20.49%, 7/07/27
      10,350       10,477  
APP-14568007.FP.FTS.B, 20.49%, 7/07/27
      16,245       16,389  
APP-14553043.FP.FTS.B, 11.99%, 7/08/27
      30,633       31,120  
APP-14177847.FP.FTS.B, 18.74%, 7/08/27
      36,058       36,574  
APP-13394495.FP.FTS.B, 11.49%, 7/13/27
      11,943       7,288  
APP-13423039.FP.FTS.B, 14.24%, 7/14/27
      32,850       33,345  
APP-13422792.FP.FTS.B, 14.49%, 7/15/27
      7,716       7,850  
APP-13061423.FP.FTS.B, 13.24%, 7/17/27
      17,797       18,067  
APP-13028479.FP.FTS.B, 21.74%, 7/23/27
      21,490       21,746  
APP-13403231.FP.FTS.B, 16.74%, 7/30/27
      24,138       24,466  
APP-14545674.FP.FTS.B, 26.99%, 8/03/27
      8,353       8,416  
APP-14561082.FP.FTS.B, 17.49%, 8/04/27
      538       532  
APP-14531076.FP.FTS.B, 23.24%, 8/07/27
      15,370       15,462  
APP-14569337.FP.FTS.B, 24.74%, 8/07/27
      12,436       12,505  
APP-14406359.FP.FTS.B, 21.24%, 8/16/27
      41,961       42,313  
APP-13484955.FP.FTS.B, 12.34%, 8/25/27
      35,369       10,019  
APP-13639283.FP.FTS.B, 20.74%, 8/25/27
      38,033       37,820  
APP-13652171.FP.FTS.B, 22.99%, 8/26/27
      8,267       8,409  
APP-13132268.FP.FTS.B, 16.74%, 9/01/27
      26,285       26,626  
APP-14439749.FP.FTS.B, 15.99%, 9/03/27
      16,752       16,903  
APP-13659468.FP.FTS.B, 26.49%, 9/12/27
      8,721       8,715  
APP-13657764.FP.FTS.B, 16.74%, 9/13/27
      27,547       27,896  
APP-13302140.FP.FTS.B, 17.99%, 9/25/27
      9,476       9,659  
APP-12804212.FP.FTS.B, 22.49%, 10/10/27
      10,264       10,289  
 
       
74       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Freedom Financial Asset Management LLC (continued)
 
APP-11816519.FP.FTS.B, 22.49%, 12/30/33
    $ 446     $ 387  
APP-12119879.FP.FTS.B, 5.99%, 1/22/34
      516       517  
    
 
 
 
    
 
 
 
10,070,810
 
 
    
 
 
 
LendingClub Corp.
     
148110315.LC.FTS.B, 17.97%, 2/29/24
      1,092       1,102  
148295277.LC.FTS.B, 17.19%, 3/06/24
      1,426       1,420  
148478260.LC.FTS.B, 13.08%, 3/15/24
      1,206       1,199  
148784147.LC.FTS.B, 14.74%, 3/20/24
      951       794  
149640002.LC.FTS.B, 13.9%, 4/02/24
      902       899  
149742003.LC.FTS.B, 12.4%, 4/05/24
      2,127        2,113   
150215503.LC.FTS.B, 14.74%, 4/15/24
      974       973  
150867060.LC.FTS.B, 15.57%, 4/29/24
      2,201       2,189  
151088676.LC.FTS.B, 10.33%, 5/01/24
      2,086       2,068  
150672283.LC.FTS.B, 20%, 5/02/24
      2,367       2,364  
151465885.LC.FTS.B, 17.19%, 5/09/24
      2,874       2,856  
149608993.LC.FTS.B, 13.9%, 6/02/24
      2,645       2,618  
150611409.LC.FTS.B, 15.57%, 6/06/24
      2,276       2,248  
153285109.LC.FTS.B, Zero Cpn, 6/12/24
      8,920       –  
150330237.LC.FTS.B, 14.74%, 6/17/24
      2,749       2,728  
154685026.LC.FTS.B, 11.02%, 7/05/24
      2,936       2,902  
155959854.LC.FTS.B, 17.74%, 7/29/24
      1,891       1,873  
153352395.LC.FTS.B, 12.4%, 8/14/24
      3,393       3,338  
156702788.LC.FTS.B, 16.95%, 8/15/24
      4,479       4,440  
157083123.LC.FTS.B, 14.3%, 8/16/24
      2,834       2,818  
157256378.LC.FTS.B, 14.3%, 8/19/24
      3,781       3,761  
157448559.LC.FTS.B, 14.3%, 8/22/24
      2,665       2,653  
150890573.LC.FTS.B, 14.74%, 9/01/24
      5,080       5,015  
151157582.LC.FTS.B, 15.57%, 9/06/24
      2,563       2,543  
158155993.LC.FTS.B, 16.95%, 9/13/24
      4,220       4,174  
159124332.LC.FTS.B, 16.95%, 9/23/24
      5,202       5,165  
157983194.LC.FTS.B, 12.4%, 9/24/24
      3,167       3,124  
158299088.LC.FTS.B, 16.12%, 9/28/24
      2,175       2,159  
159322847.LC.FTS.B, 16.95%, 10/08/24
      8,050       7,958  
160749557.LC.FTS.B, 18.62%, 10/30/24
      3,173       398  
150429035.LC.FTS.B, 14.74%, 10/31/24
      6,980       6,823  
161333839.LC.FTS.B, 13.08%, 11/04/24
      4,610       4,553  
154211311.LC.FTS.B, 20%, 11/26/24
      4,570       4,581  
158790336.LC.FTS.B, 16.12%, 11/30/24
      6,536       6,372  
159978471.LC.FTS.B, 15.24%, 12/08/24
      6,101       5,960  
162809872.LC.FTS.B, 12.4%, 12/15/24
      6,511       6,388  
162773046.LC.FTS.B, 20.55%, 12/15/24
      4,259       –  
163847398.LC.FTS.B, 20.55%, 12/26/24
      2,885       2,899  
148228998.LC.FTS.B, 15.57%, 1/01/25
      7,686       7,512  
161536145.LC.FTS.B, 16.95%, 1/28/25
      5,915       5,804  
157113878.LC.FTS.B, 16.95%, 1/30/25
      10,301       10,148  
166192973.LC.FTS.B, 18.62%, 2/06/25
      3,216       3,198  
167221792.LC.FTS.B, 20.55%, 2/25/25
      10,347       1,378  
163266659.LC.FTS.B, 16.12%, 2/28/25
      3,739       3,623  
167773992.LC.FTS.B, 18.62%, 3/04/25
      3,420       3,390  
167777432.LC.FTS.B, 18.62%, 3/04/25
      4,104       4,068  
167809066.LC.FTS.B, Zero Cpn, 3/05/25
      2,059       –  
167823045.LC.FTS.B, 16.12%, 3/05/25
      4,918       4,807  
168199339.LC.FTS.B, 20.55%, 3/11/25
      6,334       6,293  
163432488.LC.FTS.B, 16.95%, 3/15/25
      6,568       6,352  
149326456.LC.FTS.B, 13.9%, 5/31/25
      11,822       11,348  
160673774.LC.FTS.B, 12.4%, 11/30/25
      16,238       5,746  
146644800.LC.FTS.B, Zero Cpn, 9/30/32
      6,245       –  
Description
   
Principal
Amount
  
Value
 
     
LendingClub Corp. (continued)
 
  
167464307.LC.FTS.B, Zero Cpn, 9/30/33
    $ 5,952     $ –  
143317674.LC.FTS.B, 10.72%, 11/09/33
      3,374       2,914  
144834703.LC.FTS.B, 12.98%, 12/19/33
      2,415       2,400  
143897911.LC.FTS.B, 10.33%, 12/31/33
      420       420  
145134172.LC.FTS.B, 10.33%, 12/31/33
      1,473       1,463  
145525007.LC.FTS.B, 10.33%, 12/31/33
      8,577       8,408  
145586016.LC.FTS.B, 11.8%, 12/31/33
      303        303   
145625511.LC.FTS.B, 10.72%, 1/02/34
      500       500  
145621023.LC.FTS.B, 10.72%, 1/15/34
      300       300  
146204474.LC.FTS.B, 11.8%, 1/15/34
      263       263  
146050977.LC.FTS.B, 15.02%, 1/17/34
      1,111       1,110  
146735125.LC.FTS.B, 11.8%, 1/28/34
      3,875       –  
    
 
 
 
    
 
 
 
 207,216
 
 
    
 
 
 
LendingClub Corp. - LCX
     
166607803.LC.FTS.B, Zero Cpn, 2/12/25
      4,909       –  
166491719.LC.FTS.B, 16.95%, 2/17/25
      2,265       2,223  
165922400.LC.FTS.B, 15.24%, 6/15/25
      8,978       8,499  
    
 
 
 
    
 
 
 
10,722
 
 
    
 
 
 
LendingClub Corp. - LCX PM
     
174191708.LC.FTS.B, 18.44%, 2/02/24
      128       127  
185001085.LC.FTS.B, 13.44%, 1/14/25
      3,465       3,403  
184877151.LC.FTS.B, 15.99%, 1/14/25
      2,085       2,055  
184979568.LC.FTS.B, 16.49%, 1/14/25
      2,449       2,443  
184962324.LC.FTS.B, 15.19%, 1/20/25
      2,070       2,067  
185185967.LC.FTS.B, 15.99%, 1/20/25
      2,461       2,420  
185305116.LC.FTS.B, 16.19%, 1/20/25
      4,177       4,155  
185216192.LC.FTS.B, 18.99%, 1/20/25
      8,562       8,545  
185255256.LC.FTS.B, 18.99%, 1/20/25
      1,283       1,281  
185238815.LC.FTS.B, 19.99%, 1/20/25
      4,311       4,338  
185262402.LC.FTS.B, 18.19%, 1/23/25
      1,514       1,512  
185196514.LC.FTS.B, 12.49%, 1/24/25
      9,009       8,833  
185480688.LC.FTS.B, 23.99%, 1/26/25
      4,284       4,359  
185502282.LC.FTS.B, 12.74%, 1/28/25
      1,419       1,419  
185552695.LC.FTS.B, 16.99%, 1/28/25
      10,514       10,514  
185400546.LC.FTS.B, 20.49%, 1/28/25
      10,822       10,909  
185500985.LC.FTS.B, Zero Cpn, 2/01/25
      17,713       –  
185511719.LC.FTS.B, 15.99%, 2/01/25
      6,248       6,220  
185662657.LC.FTS.B, 18.99%, 2/01/25
      4,570       4,550  
185638468.LC.FTS.B, 22.99%, 2/01/25
      4,685       4,696  
185748684.LC.FTS.B, 19.94%, 2/03/25
      4,344       4,347  
185040393.LC.FTS.B, 15%, 2/07/25
      3,166       2,537  
185760406.LC.FTS.B, 16.69%, 2/07/25
      18,145       17,812  
185520172.LC.FTS.B, 17.44%, 2/07/25
      8,906       838  
185821539.LC.FTS.B, 19.99%, 2/07/25
      5,532       5,531  
186031262.LC.FTS.B, 14.49%, 2/09/25
      3,525       1,347  
185907398.LC.FTS.B, 16.49%, 2/09/25
      4,064       4,051  
186036682.LC.FTS.B, 18.99%, 2/09/25
      8,930       8,896  
185643067.LC.FTS.B, 14.99%, 2/10/25
      4,184       4,170  
186109333.LC.FTS.B, 18.99%, 2/11/25
      2,713       317  
186079988.LC.FTS.B, 20.99%, 2/11/25
      6,913       6,937  
186099444.LC.FTS.B, 20.99%, 2/11/25
      12,593       12,543  
185744461.LC.FTS.B, 19.99%, 2/12/25
      3,507       3,513  
185887741.LC.FTS.B, 15.99%, 2/14/25
      4,488       4,476  
185869462.LC.FTS.B, 14.99%, 2/15/25
      2,213       2,209  
185704535.LC.FTS.B, 16.49%, 2/15/25
      15,528       735  
186171654.LC.FTS.B, 22.99%, 2/15/25
      11,784       11,982  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       75
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
  
LendingClub Corp. - LCX PM (continued)
 
185937500.LC.FTS.B, 22.49%, 2/20/25
    $  13,307     $ 13,517  
186235317.LC.FTS.B, 15.99%, 2/21/25
      3,823       3,817  
185994726.LC.FTS.B, 18.49%, 2/26/25
      6,146       6,139  
187039985.LC.FTS.B, 18.99%, 3/10/25
      4,860       4,844  
187034378.LC.FTS.B, 14.49%, 3/11/25
      16,436       16,281  
187041967.LC.FTS.B, 17.99%, 3/11/25
      3,630       3,611  
187002032.LC.FTS.B, 7.59%, 3/14/25
      17,776        17,343   
186484159.LC.FTS.B, 12.49%, 3/14/25
      14,768       14,601  
187105654.LC.FTS.B, 23.19%, 3/14/25
      3,859       3,917  
187229799.LC.FTS.B, 13.19%, 3/15/25
      8,077       8,057  
186336075.LC.FTS.B, 11.49%, 3/16/25
      16,077       15,777  
186898312.LC.FTS.B, 12.49%, 3/16/25
      16,255       15,990  
187015036.LC.FTS.B, 12.49%, 3/16/25
      16,270       16,151  
187080057.LC.FTS.B, 15.99%, 3/17/25
      3,325       3,319  
187276072.LC.FTS.B, 21.79%, 3/17/25
      4,909       4,987  
187341073.LC.FTS.B, 16.99%, 3/21/25
      1,197       1,195  
187345204.LC.FTS.B, 15.44%, 3/23/25
      6,160       6,135  
187594459.LC.FTS.B, 16.39%, 3/25/25
      8,580       8,549  
187506074.LC.FTS.B, 17.39%, 3/25/25
      19,211       18,866  
187617463.LC.FTS.B, 23.99%, 3/25/25
      3,500       3,527  
187034706.LC.FTS.B, 5%, 3/31/25
      17,199       13,680  
187813540.LC.FTS.B, 15.99%, 3/31/25
      2,710       2,688  
187619723.LC.FTS.B, Zero Cpn, 4/01/25
      7,531       –  
187868633.LC.FTS.B, Zero Cpn, 4/01/25
      2,609       –  
187566584.LC.FTS.B, 12.49%, 4/01/25
      12,266        12,206  
187782892.LC.FTS.B, 15.29%, 4/01/25
      3,506       2,858  
187832626.LC.FTS.B, 21.79%, 4/01/25
      2,101       2,116  
187639145.LC.FTS.B, 20.79%, 4/03/25
      10,457       10,416  
188014514.LC.FTS.B, 14.49%, 4/06/25
      5,976       5,951  
188006789.LC.FTS.B, 17.99%, 4/06/25
      5,108       5,087  
188000200.LC.FTS.B, 22.99%, 4/06/25
      13,249       13,360  
186935631.LC.FTS.B, 15%, 6/21/25
      2,181       1,859  
187360350.LC.FTS.B, 13.99%, 7/28/25
      8,707       –  
185869166.LC.FTS.B, 22.99%, 8/07/25
      7,774       –  
171345622.LC.FTS.B, 16.08%, 10/19/25
      6,923       6,726  
173608489.LC.FTS.B, 17.3%, 2/02/26
      11,647       11,311  
174304247.LC.FTS.B, 20.99%, 2/02/26
      16,274       16,180  
185018593.LC.FTS.B, 18.99%, 1/14/27
      15,887       15,195  
184468285.LC.FTS.B, 16.99%, 1/15/27
      10,864       510  
184956364.LC.FTS.B, 18.99%, 1/16/27
      10,854       10,230  
185237685.LC.FTS.B, 18.49%, 1/20/27
      5,171       5,031  
185250357.LC.FTS.B, 19.99%, 1/20/27
      12,363       12,216  
185150236.LC.FTS.B, 14.99%, 1/24/27
      12,622       12,228  
185319960.LC.FTS.B, 19.49%, 1/24/27
      18,124       17,912  
185367638.LC.FTS.B, 21.49%, 1/24/27
      17,634       17,435  
185497213.LC.FTS.B, 20.49%, 1/26/27
      8,757       8,664  
185117236.LC.FTS.B, 20.99%, 1/26/27
      17,574       17,386  
185498696.LC.FTS.B, 26.49%, 1/26/27
      18,700       18,463  
184791777.LC.FTS.B, 13.74%, 1/28/27
      8,335       8,086  
185597588.LC.FTS.B, 16.24%, 1/28/27
      9,202       8,987  
185537726.LC.FTS.B, 17.24%, 1/28/27
      5,647       5,498  
185500402.LC.FTS.B, 17.74%, 1/28/27
      22,150       20,834  
185547681.LC.FTS.B, 19.99%, 1/28/27
      7,090       7,022  
185488281.LC.FTS.B, 28.99%, 1/29/27
      5,537       5,633  
184898062.LC.FTS.B, 21.49%, 1/31/27
      7,664       7,520  
184982732.LC.FTS.B, 16.99%, 2/01/27
      10,895       10,567  
185682815.LC.FTS.B, 23.99%, 2/01/27
      8,690       8,569  
185689957.LC.FTS.B, 23.99%, 2/01/27
      7,605       7,499  
Description
   
Principal
Amount
  
Value
 
     
LendingClub Corp. - LCX PM (continued)
 
  
185699989.LC.FTS.B, 23.99%, 2/01/27
    $ 7,606     $ 7,500  
185544780.LC.FTS.B, 18.99%, 2/02/27
      25,877       24,978  
184678406.LC.FTS.B, 17.49%, 2/03/27
      8,037       7,796  
185716515.LC.FTS.B, 17.49%, 2/03/27
      11,662       11,320  
185662157.LC.FTS.B, 16.49%, 2/07/27
      13,023       12,650  
185742276.LC.FTS.B, 19.49%, 2/07/27
      22,167       21,692  
185835140.LC.FTS.B, 21.99%, 2/07/27
      15,022        14,850   
186031699.LC.FTS.B, 20.44%, 2/09/27
      9,767       9,627  
185970580.LC.FTS.B, 13.94%, 2/11/27
      23,834       1,079  
186099084.LC.FTS.B, 21.49%, 2/11/27
      9,186       9,034  
185846086.LC.FTS.B, 21.99%, 2/11/27
      18,026       17,855  
185738415.LC.FTS.B, 24.99%, 2/13/27
      11,174       10,956  
186241368.LC.FTS.B, 15.49%, 2/15/27
      22,843       22,183  
186058311.LC.FTS.B, 15.69%, 2/15/27
      31,626       2,968  
186203908.LC.FTS.B, 21.99%, 2/15/27
      18,777       18,617  
186007586.LC.FTS.B, 23.49%, 2/15/27
      9,778       9,679  
185942868.LC.FTS.B, 15.94%, 2/18/27
      24,161       4,295  
186027871.LC.FTS.B, 18.99%, 2/20/27
      16,974       16,531  
187054481.LC.FTS.B, 15%, 3/10/27
      20,002       15,850  
187037217.LC.FTS.B, 18.49%, 3/10/27
      5,797       5,631  
186901660.LC.FTS.B, Zero Cpn, 3/11/27
      18,704       –  
187071023.LC.FTS.B, 17.99%, 3/11/27
      11,188       10,865  
187032664.LC.FTS.B, 20.99%, 3/11/27
      15,200        14,988  
187074112.LC.FTS.B, 21.99%, 3/11/27
      12,267       12,127  
186654687.LC.FTS.B, 23.49%, 3/11/27
      14,043       13,883  
187106181.LC.FTS.B, 15%, 3/14/27
      7,759       5,842  
187126669.LC.FTS.B, 14.19%, 3/15/27
      16,308       12,076  
187035884.LC.FTS.B, 16.29%, 3/15/27
      22,117       20,365  
187202054.LC.FTS.B, 19.49%, 3/15/27
      16,593       16,351  
187178718.LC.FTS.B, 19.99%, 3/15/27
      16,913       16,449  
186624355.LC.FTS.B, 21.49%, 3/15/27
      8,538       8,335  
187248536.LC.FTS.B, 13.19%, 3/16/27
      9,381       9,126  
187147644.LC.FTS.B, 14.69%, 3/16/27
      24,890       18,645  
187028667.LC.FTS.B, 20.99%, 3/17/27
      12,160       12,010  
187080092.LC.FTS.B, 20.99%, 3/17/27
      18,279       18,046  
187192813.LC.FTS.B, 20.49%, 3/18/27
      7,578       7,483  
187318217.LC.FTS.B, 20.49%, 3/18/27
      21,214       20,960  
187235906.LC.FTS.B, 13.19%, 3/20/27
      21,693       21,113  
187352932.LC.FTS.B, Zero Cpn, 3/21/27
      12,039       –  
187350401.LC.FTS.B, 15.19%, 3/21/27
      10,976       10,690  
187159940.LC.FTS.B, 17.19%, 3/21/27
      7,046       6,862  
186875668.LC.FTS.B, 17.74%, 3/21/27
      12,795       12,456  
187402362.LC.FTS.B, 21.99%, 3/21/27
      10,175       9,990  
186943464.LC.FTS.B, 18.99%, 3/25/27
      15,189       14,371  
187492389.LC.FTS.B, 18.99%, 3/25/27
      4,280       4,170  
187598322.LC.FTS.B, 21.99%, 3/25/27
      19,044       18,924  
187547364.LC.FTS.B, 23.19%, 3/25/27
      10,837       1,019  
187430105.LC.FTS.B, 25.99%, 3/25/27
      9,394       9,250  
187600393.LC.FTS.B, 10%, 3/28/27
      9,149       6,957  
187593197.LC.FTS.B, 13.19%, 3/28/27
      21,002       –  
187611207.LC.FTS.B, 18.99%, 3/28/27
      15,305       14,703  
187609544.LC.FTS.B, 19.99%, 3/28/27
      15,104       14,959  
187644231.LC.FTS.B, 19.99%, 3/28/27
      13,595       13,464  
187621983.LC.FTS.B, 20.99%, 3/28/27
      9,880       9,784  
187670705.LC.FTS.B, 17.44%, 3/29/27
      30,280       28,462  
187264368.LC.FTS.B, 20.99%, 3/29/27
      7,735       7,608  
187353272.LC.FTS.B, 21.49%, 3/29/27
      20,522       –  
187764055.LC.FTS.B, 24.99%, 3/29/27
      8,417       399  
 
       
76       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
LendingClub Corp. - LCX PM (continued)
 
187349433.LC.FTS.B, Zero Cpn, 3/30/27
    $ 16,557     $ –  
187772972.LC.FTS.B, 18.99%, 3/30/27
      14,836       14,261  
187581793.LC.FTS.B, 19.99%, 3/30/27
      11,261       11,021  
187751574.LC.FTS.B, 20.44%, 3/30/27
      24,980       24,281  
187614352.LC.FTS.B, 20.99%, 3/30/27
      19,337       18,862  
187775878.LC.FTS.B, 21.49%, 3/30/27
      15,230       14,956  
187792928.LC.FTS.B, 23.99%, 3/30/27
      5,635        5,526   
187804301.LC.FTS.B, 19.67%, 3/31/27
      26,834        26,285  
187535555.LC.FTS.B, 20.99%, 3/31/27
      24,514       2,748  
187660671.LC.FTS.B, 20.99%, 3/31/27
      4,114       –  
187819893.LC.FTS.B, 21.49%, 3/31/27
      30,997       30,356  
187754766.LC.FTS.B, 21.99%, 3/31/27
      19,040       18,728  
187835579.LC.FTS.B, 22.49%, 3/31/27
      3,897       3,832  
187829994.LC.FTS.B, 22.99%, 3/31/27
      24,208       23,809  
187818729.LC.FTS.B, 23.49%, 3/31/27
      27,431       26,975  
187832290.LC.FTS.B, 17.19%, 4/01/27
      7,936       7,557  
187864418.LC.FTS.B, 18.19%, 4/01/27
      19,014       18,298  
187825531.LC.FTS.B, 19.99%, 4/01/27
      6,997       6,835  
187845146.LC.FTS.B, 19.99%, 4/01/27
      7,689       7,538  
187585267.LC.FTS.B, 20.49%, 4/01/27
      6,983       6,864  
187865227.LC.FTS.B, 22.49%, 4/01/27
      19,514       19,179  
187651859.LC.FTS.B, 23.99%, 4/01/27
      7,796       7,661  
187860298.LC.FTS.B, 23.99%, 4/01/27
      4,721       4,647  
187818380.LC.FTS.B, 25.99%, 4/01/27
      5,569       5,421  
187860052.LC.FTS.B, 22.99%, 4/03/27
      7,821       7,705  
187917369.LC.FTS.B, 15%, 4/04/27
      14,127       126  
187095846.LC.FTS.B, 18.99%, 4/04/27
      19,108       18,525  
187891277.LC.FTS.B, 21.49%, 4/04/27
      15,516       15,268  
187787243.LC.FTS.B, 21.99%, 4/04/27
      12,449       12,264  
187765035.LC.FTS.B, 23.99%, 4/04/27
      18,886       18,601  
187819878.LC.FTS.B, 18.99%, 4/05/27
      15,340       14,665  
187826108.LC.FTS.B, 18.99%, 4/05/27
      15,422       14,401  
187948430.LC.FTS.B, 19.99%, 4/05/27
      24,606       23,707  
187967430.LC.FTS.B, 20.99%, 4/05/27
      15,780       15,368  
187981773.LC.FTS.B, 22.99%, 4/05/27
      19,563       19,278  
188031790.LC.FTS.B, 20.49%, 4/06/27
      15,425       15,189  
188023733.LC.FTS.B, 20.99%, 4/06/27
      6,190       6,092  
188040936.LC.FTS.B, 20.99%, 4/06/27
      11,604       11,419  
188026351.LC.FTS.B, 22.99%, 4/06/27
      14,711       14,502  
187683423.LC.FTS.B, 20.99%, 4/09/27
      15,605       15,377  
187944849.LC.FTS.B, 20.44%, 4/14/27
      7,771       7,583  
188025408.LC.FTS.B, 20.99%, 4/15/27
      6,243       6,161  
187995587.LC.FTS.B, 22.99%, 4/15/27
      15,181       14,997  
187298854.LC.FTS.B, 23.49%, 4/15/27
      27,791       21,930  
187875007.LC.FTS.B, 25.99%, 4/15/27
      8,463       1,041  
187337224.LC.FTS.B, 23.49%, 4/16/27
      32,015       31,231  
187946130.LC.FTS.B, 19.99%, 4/20/27
      19,509       18,781  
187906511.LC.FTS.B, 22.99%, 4/20/27
      9,555       9,443  
187945139.LC.FTS.B, 21.99%, 4/24/27
      16,948       16,628  
187744654.LC.FTS.B, 18.99%, 4/25/27
      23,267       22,515  
187345456.LC.FTS.B, 15%, 7/18/27
      20,540       17,173  
187587561.LC.FTS.B, 23.99%, 9/03/27
      17,379       14,176  
187785381.LC.FTS.B, 23.99%, 10/08/27
      30,388       29,798  
187316257.LC.FTS.B, 22.49%, 10/21/27
      17,029       16,779  
187417305.LC.FTS.B, 22.99%, 11/20/27
      8,954       1,127  
187403735.LC.FTS.B, 5%, 4/10/28
      11,083       8,996  
172186460.LC.FTS.B, 10.19%, 1/20/34
      1,633       181  
173411939.LC.FTS.B, 18.24%, 1/25/34
      4,336       416  
Description
   
Principal
Amount
  
Value
 
 
LendingClub Corp. - LCX PM (continued)
     
171124101.LC.FTS.B, 10.81%, 1/27/34
    $ 244     $ 51  
    
 
 
 
    
 
 
 
2,127,590
 
 
    
 
 
 
Prosper Funding LLC
     
1618560.PS.FTS.B, 24.6%, 8/20/24
      640       647  
1619001.PS.FTS.B, 13.56%, 8/23/24
      5,144        5,101   
1618176.PS.FTS.B, 15.1%, 8/23/24
      794       788  
1619013.PS.FTS.B, 16.1%, 8/23/24
      929       923  
1610345.PS.FTS.B, 19%, 8/24/24
      547       549  
1620576.PS.FTS.B, 16.6%, 8/25/24
      1,338       1,329  
1614934.PS.FTS.B, 13.4%, 8/26/24
      902       895  
1614493.PS.FTS.B, 14.89%, 8/31/24
      736       730  
1609517.PS.FTS.B, 15.2%, 8/31/24
      5,950       5,901  
1623869.PS.FTS.B, 14.19%, 9/21/24
      1,461       1,448  
1634202.PS.FTS.B, 17.49%, 9/21/24
      6,911       6,867  
1628368.PS.FTS.B, 20.57%, 9/22/24
      6,038       6,065  
1625354.PS.FTS.B, 13%, 9/23/24
      4,022       3,980  
1635849.PS.FTS.B, 13.59%, 9/23/24
      2,312       2,299  
1630159.PS.FTS.B, 12.3%, 9/24/24
      856       847  
1630150.PS.FTS.B, 15.03%, 9/24/24
      1,173       1,167  
1637430.PS.FTS.B, 14.7%, 9/27/24
      2,485       2,474  
1630435.PS.FTS.B, 16.9%, 9/27/24
      7,059       7,029  
1628009.PS.FTS.B, 15.5%, 9/28/24
      1,629       1,619  
1632463.PS.FTS.B, 16.5%, 9/29/24
      3,285       3,258  
1630306.PS.FTS.B, 11.7%, 9/30/24
      4,721       4,656  
1636029.PS.FTS.B, 13.7%, 9/30/24
      1,608       1,585  
1637622.PS.FTS.B, 16.6%, 10/02/24
      995       986  
1633995.PS.FTS.B, 19.8%, 10/04/24
      3,588       3,588  
1637586.PS.FTS.B, 16%, 10/10/24
      3,369       3,338  
1648303.PS.FTS.B, 16%, 10/26/24
      4,749       –  
1655001.PS.FTS.B, 16%, 10/26/24
      655       657  
1649506.PS.FTS.B, 14.56%, 10/28/24
      5,293       5,302  
1646441.PS.FTS.B, 11.7%, 10/29/24
      5,208       5,094  
1646834.PS.FTS.B, 15.4%, 10/29/24
      12,079       11,824  
1651180.PS.FTS.B, 14.89%, 11/01/24
      7,014       6,892  
1648862.PS.FTS.B, 20.34%, 11/02/24
      2,785       2,764  
1650980.PS.FTS.B, 12.29%, 11/05/24
      6,619       6,485  
1654294.PS.FTS.B, 14.56%, 11/05/24
      5,287       5,190  
1656375.PS.FTS.B, 17%, 11/05/24
      1,088       1,090  
1651811.PS.FTS.B, 14.6%, 11/08/24
      1,587       1,563  
1664823.PS.FTS.B, 16%, 11/08/24
      716       703  
1652738.PS.FTS.B, 10.8%, 11/09/24
      1,379       1,352  
1652447.PS.FTS.B, 12%, 11/09/24
      380       375  
1656186.PS.FTS.B, 13.41%, 11/10/24
      6,021       5,956  
1660369.PS.FTS.B, 15.89%, 11/10/24
      8,422       8,340  
1667217.PS.FTS.B, 9.71%, 11/15/24
      2,704       2,653  
1655423.PS.FTS.B, 15.39%, 11/15/24
      7,103       7,036  
1649965.PS.FTS.B, 17.2%, 11/18/24
      3,686       3,641  
1645250.PS.FTS.B, 13.7%, 11/30/24
      1,673       1,646  
1678333.PS.FTS.B, 12%, 12/14/24
      2,436       2,387  
1672694.PS.FTS.B, 13.36%, 12/14/24
      1,892       1,857  
1672271.PS.FTS.B, 13.59%, 12/14/24
      3,602       3,549  
1672679.PS.FTS.B, 15.12%, 12/14/24
      769       757  
1678708.PS.FTS.B, 16.7%, 12/14/24
      3,898       3,840  
1673333.PS.FTS.B, 13.96%, 12/15/24
      3,043       2,989  
1672931.PS.FTS.B, 16.9%, 12/15/24
      3,314       3,274  
1685940.PS.FTS.B, 17%, 12/15/24
      778       776  
1685934.PS.FTS.B, 18.41%, 12/15/24
      1,583       1,560  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       77
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Prosper Funding LLC (continued)
     
1673894.PS.FTS.B, 11.79%, 12/16/24
    $ 2,611     $ 2,565  
1680064.PS.FTS.B, 15.8%, 12/16/24
      1,547       1,525  
1680763.PS.FTS.B, 14%, 12/17/24
      3,806       3,753  
1684060.PS.FTS.B, 24.09%, 12/23/24
      6,226       6,284  
1688222.PS.FTS.B, 11.5%, 1/12/25
      875       866  
1700688.PS.FTS.B, 13%, 1/12/25
      4,062       3,978  
1700679.PS.FTS.B, 13.8%, 1/12/25
      6,135        6,008   
1688228.PS.FTS.B, 15.5%, 1/12/25
      1,784       1,752  
1694194.PS.FTS.B, 24.4%, 1/12/25
      1,338       1,340  
1701405.PS.FTS.B, 14.94%, 1/13/25
      4,129       4,058  
1695040.PS.FTS.B, 16.7%, 1/13/25
      6,286       6,177  
1689398.PS.FTS.B, 15.4%, 1/14/25
      2,487       2,445  
1689236.PS.FTS.B, 17.59%, 1/14/25
      2,131       2,114  
1695043.PS.FTS.B, 16.7%, 1/15/25
      8,394       8,351  
1690268.PS.FTS.B, 11.4%, 1/18/25
      2,049       2,006  
1690376.PS.FTS.B, 14.04%, 1/21/25
      4,934       4,844  
1704948.PS.FTS.B, 13.05%, 1/23/25
      5,292       5,180  
1698164.PS.FTS.B, 22.7%, 1/28/25
      939       967  
1705293.PS.FTS.B, 14.79%, 1/29/25
      3,123       3,061  
1695748.PS.FTS.B, 24.4%, 1/31/25
      970       967  
1694638.PS.FTS.B, 21.8%, 2/06/25
      2,579       2,556  
1707662.PS.FTS.B, 13.9%, 2/14/25
      2,629       2,579  
1721649.PS.FTS.B, 13.3%, 2/15/25
      13,078        12,791  
1721043.PS.FTS.B, 13.5%, 2/15/25
      4,367       4,271  
1708097.PS.FTS.B, 13.7%, 2/15/25
      2,843       2,790  
1714504.PS.FTS.B, 14.89%, 2/15/25
      2,208       2,167  
1714807.PS.FTS.B, 15.29%, 2/15/25
      1,550       1,521  
1720839.PS.FTS.B, 15.29%, 2/15/25
      1,396       1,366  
1714516.PS.FTS.B, 15.4%, 2/15/25
      5,320       5,221  
1721055.PS.FTS.B, 16%, 2/15/25
      2,695       2,670  
1708859.PS.FTS.B, 17%, 2/15/25
      5,708       5,671  
1708151.PS.FTS.B, 19.5%, 2/15/25
      5,494       5,460  
1721049.PS.FTS.B, 22%, 2/15/25
      4,666       4,637  
1716298.PS.FTS.B, 11.4%, 2/16/25
      2,464       2,411  
1722525.PS.FTS.B, 19.5%, 2/16/25
      1,272       1,258  
1717210.PS.FTS.B, 11.4%, 2/18/25
      2,146       2,101  
1717363.PS.FTS.B, 17.8%, 2/18/25
      6,180       866  
1709564.PS.FTS.B, 15.2%, 2/20/25
      1,779       1,741  
1718419.PS.FTS.B, 13.9%, 2/22/25
      1,971       1,940  
1718422.PS.FTS.B, 14.09%, 2/22/25
      4,826       4,748  
1718395.PS.FTS.B, 22.6%, 2/22/25
      7,746       6,726  
1720674.PS.FTS.B, 22.6%, 2/24/25
      1,228       –  
1714735.PS.FTS.B, 13.6%, 2/28/25
      4,625       1,166  
1722105.PS.FTS.B, 25.11%, 2/28/25
      2,056       2,049  
1739683.PS.FTS.B, 10.44%, 3/22/25
      1,836       1,792  
1732931.PS.FTS.B, 10.5%, 3/22/25
      6,831       6,668  
1733486.PS.FTS.B, 11.7%, 3/22/25
      2,719       2,683  
1732964.PS.FTS.B, 11.86%, 3/22/25
      1,210       1,198  
1740130.PS.FTS.B, 12.15%, 3/22/25
      6,920       6,792  
1732925.PS.FTS.B, 12.54%, 3/22/25
      6,944       6,779  
1740193.PS.FTS.B, 12.9%, 3/22/25
      4,643       4,532  
1733219.PS.FTS.B, 13%, 3/22/25
      1,858       1,814  
1733510.PS.FTS.B, 13%, 3/22/25
      2,465       2,063  
1739665.PS.FTS.B, 13.5%, 3/22/25
      8,304       8,129  
1742658.PS.FTS.B, 13.9%, 3/22/25
      3,276       3,207  
1742880.PS.FTS.B, 13.9%, 3/22/25
      686       673  
1740127.PS.FTS.B, 14.89%, 3/22/25
      2,358       2,309  
1742688.PS.FTS.B, 15.29%, 3/22/25
      1,892       1,853  
Description
   
Principal
Amount
  
Value
 
     
Prosper Funding LLC (continued)
     
1743240.PS.FTS.B, 15.29%, 3/22/25
    $ 3,312     $ 3,242  
1742661.PS.FTS.B, 16%, 3/22/25
      3,121       3,055  
1732961.PS.FTS.B, 17.7%, 3/22/25
      1,437       1,430  
1742667.PS.FTS.B, 20.46%, 3/22/25
      984       976  
1743195.PS.FTS.B, 21%, 3/22/25
      1,086       299  
1740142.PS.FTS.B, 21.2%, 3/22/25
      7,423       7,427  
1740166.PS.FTS.B, 22.5%, 3/22/25
      3,751        3,726   
1742646.PS.FTS.B, 22.5%, 3/22/25
      3,999       3,966  
1733501.PS.FTS.B, 24.3%, 3/22/25
      7,594       7,597  
1739647.PS.FTS.B, 25.11%, 3/22/25
      5,149       5,154  
1743513.PS.FTS.B, 11.4%, 3/23/25
      4,444       4,304  
1740487.PS.FTS.B, 11.86%, 3/23/25
      4,604       4,496  
1734089.PS.FTS.B, 12.54%, 3/23/25
      6,396       6,245  
1733798.PS.FTS.B, 13.1%, 3/23/25
      7,440       7,265  
1740478.PS.FTS.B, 13.8%, 3/23/25
      10,148       9,965  
1740493.PS.FTS.B, 13.9%, 3/23/25
      7,204       7,033  
1733819.PS.FTS.B, 14.49%, 3/23/25
      4,702       4,604  
1734275.PS.FTS.B, 15%, 3/23/25
      4,720       4,623  
1733825.PS.FTS.B, 15.2%, 3/23/25
      4,728       4,630  
1740964.PS.FTS.B, 15.2%, 3/23/25
      2,990       2,936  
1733942.PS.FTS.B, 15.86%, 3/23/25
      1,447       1,417  
1733657.PS.FTS.B, 16%, 3/23/25
      4,776       4,677  
1734398.PS.FTS.B, 16%, 3/23/25
      4,757       4,659  
1733828.PS.FTS.B, 17%, 3/23/25
      2,877       2,855  
1743576.PS.FTS.B, 17.5%, 3/23/25
      1,255       –  
1743846.PS.FTS.B, 17.8%, 3/23/25
      5,788       5,744  
1740373.PS.FTS.B, 18.09%, 3/23/25
      1,934       1,919  
1741180.PS.FTS.B, 18.9%, 3/23/25
      5,501       1,462  
1734419.PS.FTS.B, 19.3%, 3/23/25
      3,054       3,039  
1740439.PS.FTS.B, 19.8%, 3/23/25
      1,469       1,458  
1743657.PS.FTS.B, 20.34%, 3/23/25
      1,475       1,464  
1744005.PS.FTS.B, 20.4%, 3/23/25
      4,919       4,882  
1734152.PS.FTS.B, 21.2%, 3/23/25
      1,274       1,253  
1740553.PS.FTS.B, 21.5%, 3/23/25
      1,736       1,723  
1740613.PS.FTS.B, 21.5%, 3/23/25
      1,505       1,494  
1743426.PS.FTS.B, 21.5%, 3/23/25
      3,853       3,834  
1743627.PS.FTS.B, 22.13%, 3/23/25
      3,241       3,168  
1733837.PS.FTS.B, 22.6%, 3/23/25
      1,016       1,018  
1740631.PS.FTS.B, 22.6%, 3/23/25
      1,003       1,004  
1743969.PS.FTS.B, 22.6%, 3/23/25
      1,500       1,502  
1744029.PS.FTS.B, 22.6%, 3/23/25
      2,000       2,002  
1743654.PS.FTS.B, 23.4%, 3/23/25
      1,509       1,510  
1743645.PS.FTS.B, 24.3%, 3/23/25
      1,519       1,520  
1734836.PS.FTS.B, 11.7%, 3/24/25
      4,598       4,491  
1744668.PS.FTS.B, 11.79%, 3/24/25
      12       12  
1734512.PS.FTS.B, 12.15%, 3/24/25
      5,538       5,426  
1734848.PS.FTS.B, 13.3%, 3/24/25
      9,315       9,097  
1741714.PS.FTS.B, 13.36%, 3/24/25
      6,850       6,690  
1744371.PS.FTS.B, 13.6%, 3/24/25
      1,253       1,237  
1741633.PS.FTS.B, 15%, 3/24/25
      3,776       3,700  
1744692.PS.FTS.B, 15.29%, 3/24/25
      11,828        11,587  
1734542.PS.FTS.B, 15.8%, 3/24/25
      3,670       3,605  
1734809.PS.FTS.B, 16.8%, 3/24/25
      2,872       2,814  
1734458.PS.FTS.B, 21%, 3/24/25
      988       990  
1741252.PS.FTS.B, 24.95%, 3/24/25
      5,086       5,095  
1741777.PS.FTS.B, 25.3%, 3/24/25
      1,020       1,021  
1735697.PS.FTS.B, 13.3%, 3/25/25
      1,145       1,125  
1742152.PS.FTS.B, 13.77%, 3/25/25
      2,841       2,785  
 
       
78       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Prosper Funding LLC (continued)
     
1745604.PS.FTS.B, 14.09%, 3/25/25
    $ 5,759     $ –  
1742521.PS.FTS.B, 14.39%, 3/25/25
      1,822       1,745  
1742158.PS.FTS.B, 16%, 3/25/25
      6,228       1,623  
1742509.PS.FTS.B, 16%, 3/25/25
      13,999       1,924  
1745583.PS.FTS.B, 17.8%, 3/25/25
      1,043       150  
1739659.PS.FTS.B, 22.03%, 3/25/25
      1,643       1,626  
1735364.PS.FTS.B, 22.6%, 3/25/25
      1,059        1,059   
1735736.PS.FTS.B, 24.99%, 3/25/25
      987       992  
1735709.PS.FTS.B, 25.4%, 3/25/25
      1,710       1,714  
1733924.PS.FTS.B, 11.79%, 3/26/25
      2,521       2,453  
1744236.PS.FTS.B, 19.8%, 3/27/25
      3,383       3,360  
1743310.PS.FTS.B, 15.1%, 3/28/25
      5,716       5,706  
1745970.PS.FTS.B, 18.5%, 3/28/25
      934       927  
1742851.PS.FTS.B, 19.5%, 3/28/25
      1,991       2,014  
1743232.PS.FTS.B, 19.5%, 3/28/25
      5,173       5,231  
1737404.PS.FTS.B, 11.5%, 3/29/25
      1,950       1,889  
1737719.PS.FTS.B, 16.2%, 3/29/25
      1,010       987  
1744693.PS.FTS.B, 19.91%, 3/29/25
      5,645       5,536  
1734161.PS.FTS.B, 19.5%, 3/30/25
      622       617  
1738949.PS.FTS.B, 24.4%, 3/30/25
      3,747       3,688  
1740886.PS.FTS.B, 16%, 3/31/25
      5,404       3,191  
1740157.PS.FTS.B, 17.8%, 3/31/25
      5,133       5,078  
1740421.PS.FTS.B, 10.5%, 4/01/25
      2,916       2,841  
1742691.PS.FTS.B, 25.4%, 4/03/25
      2,500       2,498  
1732979.PS.FTS.B, 12%, 4/05/25
      6,181       6,020  
1752543.PS.FTS.B, 18.09%, 4/05/25
      7,748       7,602  
1749466.PS.FTS.B, 24.4%, 4/05/25
      2,673       2,641  
1750219.PS.FTS.B, 11.86%, 4/06/25
      5,862       5,690  
1753443.PS.FTS.B, 12.5%, 4/06/25
      3,899       3,798  
1748103.PS.FTS.B, 15.84%, 4/06/25
      6,096       5,903  
1750210.PS.FTS.B, 15.86%, 4/06/25
      649       636  
1750243.PS.FTS.B, 15.86%, 4/06/25
      5,033       4,887  
1753404.PS.FTS.B, 18.2%, 4/06/25
      8,061       317  
1742473.PS.FTS.B, 22.6%, 4/06/25
      2,743       46  
1742670.PS.FTS.B, 22.6%, 4/06/25
      3,718       2,338  
1750216.PS.FTS.B, 24.86%, 4/06/25
      1,057       1,048  
1753449.PS.FTS.B, 25.11%, 4/06/25
      4,513       4,461  
1744583.PS.FTS.B, 12.02%, 4/07/25
      978       950  
1744388.PS.FTS.B, 13%, 4/07/25
      7,638       7,415  
1744562.PS.FTS.B, 13.36%, 4/07/25
      2,718       2,638  
1754340.PS.FTS.B, 13.5%, 4/07/25
      4,946       4,804  
1750510.PS.FTS.B, 15.12%, 4/07/25
      449       443  
1753821.PS.FTS.B, 16.29%, 4/07/25
      2,396       323  
1753815.PS.FTS.B, 18.9%, 4/07/25
      4,652       4,568  
1751035.PS.FTS.B, 19.41%, 4/07/25
      11,361        11,154  
1754517.PS.FTS.B, 13.3%, 4/08/25
      9,235       8,969  
1751986.PS.FTS.B, 13.4%, 4/08/25
      2,224       2,161  
1745267.PS.FTS.B, 13.6%, 4/08/25
      10,147       9,816  
1744877.PS.FTS.B, 14.6%, 4/08/25
      1,289       1,260  
1752052.PS.FTS.B, 16.4%, 4/08/25
      12,633       12,274  
1751287.PS.FTS.B, 17%, 4/08/25
      1,456       132  
1744745.PS.FTS.B, 17.8%, 4/08/25
      3,573       3,516  
1754331.PS.FTS.B, 15%, 4/10/25
      281       278  
1743668.PS.FTS.B, 23.4%, 4/10/25
      2,406       2,379  
1752310.PS.FTS.B, 16.2%, 4/11/25
      4,541       4,469  
1745684.PS.FTS.B, 21.8%, 4/11/25
      4,201       4,133  
1745741.PS.FTS.B, 22.6%, 4/11/25
      7,921       7,855  
1755867.PS.FTS.B, 24.4%, 4/11/25
      2,406       2,386  
Description
   
Principal
Amount
  
Value
 
     
Prosper Funding LLC (continued)
     
1757481.PS.FTS.B, 12.1%, 4/12/25
    $ 4,894     $ 4,758  
1750204.PS.FTS.B, 15.29%, 4/12/25
      6,537       6,347  
1754131.PS.FTS.B, 18.26%, 4/12/25
      7,683       7,475  
1755058.PS.FTS.B, 15.29%, 4/13/25
      1,392       347  
1751041.PS.FTS.B, 13.3%, 4/15/25
      6,305       5,289  
1753977.PS.FTS.B, 15.29%, 4/15/25
      4,167       –  
1753974.PS.FTS.B, 16.5%, 4/15/25
      1,018        1,000   
1750502.PS.FTS.B, 24.3%, 4/15/25
      2,619       2,669  
1734008.PS.FTS.B, 13.36%, 4/16/25
      1,020       994  
1760856.PS.FTS.B, 22.03%, 4/18/25
      1,841       1,818  
1762404.PS.FTS.B, 16.1%, 4/19/25
      5,042       4,919  
1756317.PS.FTS.B, 17%, 4/20/25
      2,561       2,522  
1754352.PS.FTS.B, 11.4%, 4/21/25
      4,203       239  
1751911.PS.FTS.B, 17.8%, 4/21/25
      1,324       –  
1741156.PS.FTS.B, 16.3%, 4/22/25
      3,352       3,319  
1760931.PS.FTS.B, 13.3%, 4/25/25
      2,482       2,421  
1752298.PS.FTS.B, 15.8%, 4/25/25
      7,071       1,685  
1743577.PS.FTS.B, 18.8%, 4/28/25
      4,562       2,626  
1756672.PS.FTS.B, 14.6%, 5/08/25
      4,793       4,657  
1612918.PS.FTS.B, 20.9%, 6/30/25
      8,088       3,965  
1627091.PS.FTS.B, 16%, 8/27/25
      6,492       6,263  
1749472.PS.FTS.B, 19.8%, 1/05/26
      4,577       596  
1752361.PS.FTS.B, 25.4%, 1/11/26
      4,532       611  
1744674.PS.FTS.B, 21.8%, 2/23/26
      5,096       1,296  
1735376.PS.FTS.B, 19.5%, 2/25/26
      11,983       3,034  
1605548.PS.FTS.B, 12.3%, 8/16/26
      7,910       7,704  
1615743.PS.FTS.B, 12.3%, 8/16/26
      8,823       8,593  
1605551.PS.FTS.B, 18.3%, 8/16/26
      8,158       8,194  
1606481.PS.FTS.B, 15%, 8/17/26
      6,869       6,714  
1606805.PS.FTS.B, 15.5%, 8/17/26
      9,410       9,198  
1605848.PS.FTS.B, 19.6%, 8/17/26
      6,250       6,245  
1610149.PS.FTS.B, 14.2%, 8/18/26
      6,197       6,038  
1618068.PS.FTS.B, 17%, 8/19/26
      13,482       450  
1608413.PS.FTS.B, 17.24%, 8/20/26
      4,462       4,365  
1618512.PS.FTS.B, 18.5%, 8/20/26
      5,802       5,675  
1615561.PS.FTS.B, 15%, 8/27/26
      2,145       2,107  
1615977.PS.FTS.B, 12.7%, 8/31/26
      15,376       14,956  
1633734.PS.FTS.B, 16.63%, 9/20/26
      2,427       2,374  
1627891.PS.FTS.B, 15.1%, 9/21/26
      9,473       9,276  
1627885.PS.FTS.B, 15.29%, 9/21/26
      12,189       11,938  
1628383.PS.FTS.B, 12.87%, 9/22/26
      4,916       4,798  
1635534.PS.FTS.B, 16.5%, 9/23/26
      9,726       9,531  
1637625.PS.FTS.B, 11.6%, 9/28/26
      17,111        16,886  
1630147.PS.FTS.B, 14.38%, 9/30/26
      16,480       16,034  
1615740.PS.FTS.B, 16.63%, 10/02/26
      10,179       9,909  
1644863.PS.FTS.B, 9.99%, 10/26/26
      5,014       4,890  
1655727.PS.FTS.B, 10.9%, 10/27/26
      9,720       9,481  
1655355.PS.FTS.B, 12%, 10/27/26
      22,900       22,335  
1648957.PS.FTS.B, 14.29%, 10/27/26
      6,672       6,538  
1645616.PS.FTS.B, 16.63%, 10/27/26
      6,664       6,526  
1645247.PS.FTS.B, 17.1%, 10/27/26
      8,753       8,777  
1655334.PS.FTS.B, 25.67%, 10/27/26
      4,368       4,508  
1656210.PS.FTS.B, 9.45%, 10/28/26
      22,387       22,029  
1656198.PS.FTS.B, 10.71%, 10/28/26
      4,811       618  
1646063.PS.FTS.B, 12.62%, 10/28/26
      6,578       6,489  
1649497.PS.FTS.B, 12.8%, 10/28/26
      17,262       17,031  
1656189.PS.FTS.B, 13.7%, 10/28/26
      7,967       7,904  
1656201.PS.FTS.B, 14.68%, 10/28/26
      2,343       2,315  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report    
  79
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Prosper Funding LLC (continued)
     
1647056.PS.FTS.B, 13.7%, 10/29/26
    $ 3,652     $ 3,528  
1647176.PS.FTS.B, 14.79%, 10/29/26
      6,851       3,657  
1647023.PS.FTS.B, 16.33%, 10/29/26
      16,964       16,385  
1647155.PS.FTS.B, 18.48%, 10/29/26
      16,893       16,719  
1657068.PS.FTS.B, 21.9%, 10/29/26
      10,767       10,916  
1657104.PS.FTS.B, 10.4%, 10/30/26
      16,133       15,597  
1650974.PS.FTS.B, 11.1%, 11/05/26
      9,733        9,436   
1660968.PS.FTS.B, 11.89%, 11/05/26
      7,187       6,967  
1648693.PS.FTS.B, 12.7%, 11/05/26
      10,919       10,620  
1650971.PS.FTS.B, 12.87%, 11/05/26
      16,801       16,286  
1651400.PS.FTS.B, 13.13%, 11/05/26
      10,566       10,258  
1650992.PS.FTS.B, 14.53%, 11/05/26
      2,005       1,943  
1651085.PS.FTS.B, 25.6%, 11/05/26
      3,270       3,337  
1651808.PS.FTS.B, 11.2%, 11/08/26
      3,246       3,149  
1664808.PS.FTS.B, 11.6%, 11/08/26
      7,820       7,586  
1665174.PS.FTS.B, 12.5%, 11/08/26
      26,272       25,484  
1658098.PS.FTS.B, 12.62%, 11/08/26
      13,228       12,815  
1658134.PS.FTS.B, 13.6%, 11/08/26
      3,215       3,123  
1651829.PS.FTS.B, 16.33%, 11/08/26
      1,250       1,214  
1653347.PS.FTS.B, 10.8%, 11/09/26
      6,471       6,279  
1666392.PS.FTS.B, 11.2%, 11/09/26
      3,897       3,781  
1653461.PS.FTS.B, 21%, 11/09/26
      4,556       1,162  
1651412.PS.FTS.B, 13.6%, 11/11/26
      16,638       16,117  
1654997.PS.FTS.B, 16%, 11/12/26
      6,692       6,671  
1664544.PS.FTS.B, 14.74%, 11/15/26
      1,970       –  
1651397.PS.FTS.B, 18.33%, 11/15/26
      17,336       17,161  
1652735.PS.FTS.B, 10.8%, 11/16/26
      4,534       4,394  
1657470.PS.FTS.B, 16.33%, 11/22/26
      12,504       12,081  
1654297.PS.FTS.B, 13.3%, 11/28/26
      9,568       9,389  
1658107.PS.FTS.B, 14.2%, 11/30/26
      14,342       3,228  
1658113.PS.FTS.B, 11.99%, 12/01/26
      3,281       3,187  
1654979.PS.FTS.B, 11.1%, 12/05/26
      4,567       4,429  
1685232.PS.FTS.B, 11.07%, 12/14/26
      17,002       16,475  
1678714.PS.FTS.B, 25.2%, 12/14/26
      11,896       245  
1685577.PS.FTS.B, 28.23%, 12/14/26
      11,305       11,558  
1685967.PS.FTS.B, 11.5%, 12/15/26
      9,336       9,060  
1685937.PS.FTS.B, 15.5%, 12/15/26
      2,067       2,009  
1679512.PS.FTS.B, 15.7%, 12/15/26
      13,800        13,415  
1685961.PS.FTS.B, 18.48%, 12/15/26
      10,573       10,525  
1686345.PS.FTS.B, 23%, 12/15/26
      7,347       7,494  
1679056.PS.FTS.B, 26.13%, 12/15/26
      1,466       1,458  
1673528.PS.FTS.B, 19%, 12/16/26
      17,690       17,618  
1674203.PS.FTS.B, 10.8%, 12/17/26
      5,000       4,893  
1674698.PS.FTS.B, 11.89%, 12/17/26
      3,666       198  
1680745.PS.FTS.B, 13.3%, 12/17/26
      7,995       7,779  
1687770.PS.FTS.B, 14.29%, 12/17/26
      10,235       9,958  
1687689.PS.FTS.B, 16%, 12/17/26
      11,066       11,033  
1674248.PS.FTS.B, 16.5%, 12/17/26
      13,937       13,527  
1654303.PS.FTS.B, 21.18%, 12/18/26
      7,437       7,315  
1688382.PS.FTS.B, 10.29%, 12/20/26
      9,902       9,620  
1674359.PS.FTS.B, 22.2%, 12/20/26
      2,832       136  
1691244.PS.FTS.B, 14.7%, 12/24/26
      9,115       8,870  
1685184.PS.FTS.B, 12.4%, 12/25/26
      10,128       9,813  
1685976.PS.FTS.B, 11.89%, 12/29/26
      5,798       2,933  
1685808.PS.FTS.B, 18.33%, 12/29/26
      18,257       15,538  
1676078.PS.FTS.B, 10.7%, 12/30/26
      7,481       7,251  
1681009.PS.FTS.B, 13.5%, 1/04/27
      5,245       5,086  
1679959.PS.FTS.B, 12.32%, 1/09/27
      3,835       3,712  
Description
   
Principal
Amount
  
Value
 
     
Prosper Funding LLC (continued)
     
1693768.PS.FTS.B, 11.88%, 1/12/27
    $  11,029     $ 1,367  
1687871.PS.FTS.B, 12.7%, 1/12/27
      18,593       18,007  
1693777.PS.FTS.B, 13.41%, 1/12/27
      2,777       2,687  
1688213.PS.FTS.B, 15.03%, 1/12/27
      5,608       5,436  
1693816.PS.FTS.B, 15.7%, 1/12/27
      5,637       5,463  
1688252.PS.FTS.B, 16.33%, 1/12/27
      2,265       2,195  
1701030.PS.FTS.B, 18.25%, 1/12/27
      17,946        17,788   
1687862.PS.FTS.B, 21.09%, 1/12/27
      5,159       5,234  
1694182.PS.FTS.B, 21.18%, 1/12/27
      2,564       2,540  
1688234.PS.FTS.B, 25.6%, 1/12/27
      3,016       3,071  
1701831.PS.FTS.B, 12.3%, 1/13/27
      6,865       6,650  
1701273.PS.FTS.B, 14.68%, 1/13/27
      13,984       13,545  
1688576.PS.FTS.B, 18.48%, 1/13/27
      7,909       7,843  
1701837.PS.FTS.B, 18.48%, 1/13/27
      7,190       7,130  
1689002.PS.FTS.B, 19.23%, 1/13/27
      4,337       4,300  
1701810.PS.FTS.B, 21.18%, 1/13/27
      8,059       7,987  
1689590.PS.FTS.B, 11.4%, 1/14/27
      4,090       3,963  
1695235.PS.FTS.B, 12.24%, 1/14/27
      8,234       7,989  
1689731.PS.FTS.B, 14%, 1/14/27
      5,565       –  
1702224.PS.FTS.B, 14.68%, 1/14/27
      10,413       10,088  
1695712.PS.FTS.B, 27.4%, 1/14/27
      1,906       1,942  
1701330.PS.FTS.B, 16.1%, 1/15/27
      7,075       6,992  
1703238.PS.FTS.B, 22.9%, 1/18/27
      2,594       2,653  
1698271.PS.FTS.B, 11.5%, 1/19/27
      8,185       7,941  
1698235.PS.FTS.B, 11.79%, 1/19/27
      15,312       5,436  
1692950.PS.FTS.B, 9.81%, 1/20/27
      11,438       11,100  
1692617.PS.FTS.B, 12.2%, 1/20/27
      8,231       7,986  
1700625.PS.FTS.B, 18.7%, 1/26/27
      10,904       10,770  
1689014.PS.FTS.B, 24.03%, 1/26/27
      11,411       11,589  
1701660.PS.FTS.B, 11.2%, 1/27/27
      7,004       6,777  
1700619.PS.FTS.B, 10.53%, 2/05/27
      16,996       16,443  
1707623.PS.FTS.B, 12.9%, 2/14/27
      24,659       23,865  
1714342.PS.FTS.B, 13.4%, 2/14/27
      4,243       4,106  
1714327.PS.FTS.B, 17.37%, 2/14/27
      17,687       17,494  
1707812.PS.FTS.B, 11.2%, 2/15/27
      3,130       3,030  
1714540.PS.FTS.B, 11.2%, 2/15/27
      12,521       12,122  
1720842.PS.FTS.B, 11.6%, 2/15/27
      2,972       2,911  
1707839.PS.FTS.B, 11.79%, 2/15/27
      13,974       13,529  
1708667.PS.FTS.B, 12.3%, 2/15/27
      24,549        23,765  
1708139.PS.FTS.B, 15.2%, 2/15/27
      17,781       17,217  
1708757.PS.FTS.B, 15.29%, 2/15/27
      19,357       18,744  
1709063.PS.FTS.B, 16.7%, 2/15/27
      8,182       7,922  
1714507.PS.FTS.B, 18.9%, 2/15/27
      8,537       1,188  
1714495.PS.FTS.B, 19%, 2/15/27
      18,388       18,195  
1716184.PS.FTS.B, 12.7%, 2/16/27
      9,320       –  
1708634.PS.FTS.B, 15%, 2/21/27
      12,560       12,137  
1709645.PS.FTS.B, 9.27%, 2/28/27
      24,625       23,795  
1710641.PS.FTS.B, 13.2%, 2/28/27
      14,743       14,234  
1722529.PS.FTS.B, 19%, 3/12/27
      18,990       18,780  
1733471.PS.FTS.B, 10.44%, 3/22/27
      15,977       12,906  
1732976.PS.FTS.B, 10.53%, 3/22/27
      10,489       10,163  
1740175.PS.FTS.B, 10.7%, 3/22/27
      4,257       4,120  
1732943.PS.FTS.B, 11.5%, 3/22/27
      4,720       4,575  
1740124.PS.FTS.B, 11.61%, 3/22/27
      12,850       12,437  
1733513.PS.FTS.B, 11.7%, 3/22/27
      8,400       8,139  
1732970.PS.FTS.B, 11.79%, 3/22/27
      7,148       6,918  
1732922.PS.FTS.B, 12.9%, 3/22/27
      23,780       23,015  
1733459.PS.FTS.B, 13.7%, 3/22/27
      18,153       17,554  
 
       
80       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Prosper Funding LLC (continued)
     
1742640.PS.FTS.B, 14.39%, 3/22/27
    $ 15,294     $ 14,788  
1742679.PS.FTS.B, 15.2%, 3/22/27
      3,662       3,541  
1732916.PS.FTS.B, 16.18%, 3/22/27
      23,391       3,151  
1742682.PS.FTS.B, 16.33%, 3/22/27
      9,225       8,919  
1742649.PS.FTS.B, 16.8%, 3/22/27
      14,809       14,317  
1740148.PS.FTS.B, 18.33%, 3/22/27
      11,221       11,063  
1739653.PS.FTS.B, 18.48%, 3/22/27
      14,975        14,765   
1733495.PS.FTS.B, 21.69%, 3/22/27
      11,464       11,597  
1733480.PS.FTS.B, 24.03%, 3/22/27
      11,432       11,611  
1734128.PS.FTS.B, 10.08%, 3/23/27
      7,201       6,977  
1743894.PS.FTS.B, 10.29%, 3/23/27
      28,275       27,373  
1743546.PS.FTS.B, 10.5%, 3/23/27
      10,620       10,281  
1744077.PS.FTS.B, 10.8%, 3/23/27
      7,397       1,590  
1744092.PS.FTS.B, 10.8%, 3/23/27
      6,032       5,839  
1740970.PS.FTS.B, 11.2%, 3/23/27
      7,117       6,890  
1734281.PS.FTS.B, 11.4%, 3/23/27
      7,484       7,245  
1740508.PS.FTS.B, 11.6%, 3/23/27
      5,608       5,434  
1740943.PS.FTS.B, 11.6%, 3/23/27
      10,707       10,365  
1740955.PS.FTS.B, 11.79%, 3/23/27
      17,870       17,300  
1733702.PS.FTS.B, 11.89%, 3/23/27
      3,495       3,387  
1733807.PS.FTS.B, 12.32%, 3/23/27
      8,611       8,336  
1734272.PS.FTS.B, 13.08%, 3/23/27
      11,305       10,961  
1743558.PS.FTS.B, 13.32%, 3/23/27
      8,889       8,506  
1743561.PS.FTS.B, 13.4%, 3/23/27
      14,463       13,906  
1740880.PS.FTS.B, 13.5%, 3/23/27
      8,023       7,678  
1734077.PS.FTS.B, 14%, 3/23/27
      5,665       5,480  
1740496.PS.FTS.B, 14.19%, 3/23/27
      7,009       6,817  
1733816.PS.FTS.B, 15.1%, 3/23/27
      14,588       14,141  
1734278.PS.FTS.B, 15.2%, 3/23/27
      7,324       7,084  
1740958.PS.FTS.B, 15.8%, 3/23/27
      18,386       17,783  
1734263.PS.FTS.B, 16.33%, 3/23/27
      14,753       14,269  
1744071.PS.FTS.B, 16.33%, 3/23/27
      10,260       9,923  
1743348.PS.FTS.B, 16.43%, 3/23/27
      16,840       16,618  
1740997.PS.FTS.B, 16.8%, 3/23/27
      14,809       14,322  
1744065.PS.FTS.B, 16.8%, 3/23/27
      14,809       14,322  
1734284.PS.FTS.B, 16.9%, 3/23/27
      1,482       1,462  
1733993.PS.FTS.B, 17.2%, 3/23/27
      8,892       8,810  
1743540.PS.FTS.B, 17.29%, 3/23/27
      12,597       12,480  
1733831.PS.FTS.B, 18.59%, 3/23/27
      12,245       –  
1743573.PS.FTS.B, 18.78%, 3/23/27
      7,127       7,030  
1741006.PS.FTS.B, 19%, 3/23/27
      5,259       5,188  
1741000.PS.FTS.B, 25.67%, 3/23/27
      11,628        11,819  
1740316.PS.FTS.B, 28.23%, 3/23/27
      7,940       8,026  
1741357.PS.FTS.B, 10.5%, 3/24/27
      4,956       4,799  
1734563.PS.FTS.B, 11.2%, 3/24/27
      11,031       10,682  
1734560.PS.FTS.B, 13.5%, 3/24/27
      18,087       17,502  
1744257.PS.FTS.B, 14%, 3/24/27
      3,152       3,056  
1744611.PS.FTS.B, 14.38%, 3/24/27
      7,465       7,331  
1744812.PS.FTS.B, 14.7%, 3/24/27
      14,174       13,742  
1744299.PS.FTS.B, 15%, 3/24/27
      6,582       6,369  
1744656.PS.FTS.B, 15%, 3/24/27
      9,142       8,846  
1741336.PS.FTS.B, 25.9%, 3/24/27
      5,603       5,645  
1742146.PS.FTS.B, 10.7%, 3/25/27
      6,382       6,181  
1745565.PS.FTS.B, 12.42%, 3/25/27
      10,771       10,428  
1735826.PS.FTS.B, 13.19%, 3/25/27
      17,331       16,645  
1735664.PS.FTS.B, 14%, 3/25/27
      18,157       17,576  
1743180.PS.FTS.B, 11.2%, 3/27/27
      10,928       10,577  
1743544.PS.FTS.B, 16.4%, 3/28/27
      26,349       25,900  
Description
   
Principal
Amount
  
Value
 
     
Prosper Funding LLC (continued)
     
1744585.PS.FTS.B, 17.29%, 3/29/27
    $ 4,617     $ 4,492  
1736876.PS.FTS.B, 19.3%, 3/29/27
      7,667       7,439  
1737779.PS.FTS.B, 21%, 3/29/27
      6,972       6,919  
1747200.PS.FTS.B, 27.4%, 3/29/27
      9,636       9,549  
1740187.PS.FTS.B, 15.1%, 4/01/27
      3,748       3,616  
1735847.PS.FTS.B, 21.18%, 4/01/27
      7,799       7,670  
1749478.PS.FTS.B, 11.5%, 4/05/27
      6,071        5,868   
1749460.PS.FTS.B, 11.7%, 4/05/27
      5,104       4,916  
1752540.PS.FTS.B, 11.7%, 4/05/27
      14,582       14,047  
1742810.PS.FTS.B, 16.7%, 4/05/27
      3,015       2,892  
1741168.PS.FTS.B, 18.93%, 4/05/27
      17,242       623  
1743101.PS.FTS.B, 10.5%, 4/06/27
      2,892       2,787  
1743137.PS.FTS.B, 10.5%, 4/06/27
      14,459       13,932  
1743134.PS.FTS.B, 13.3%, 4/06/27
      12,584       4,579  
1753416.PS.FTS.B, 13.6%, 4/06/27
      9,222       8,867  
1743128.PS.FTS.B, 14.68%, 4/06/27
      21,038       –  
1743143.PS.FTS.B, 14.68%, 4/06/27
      4,550       2,291  
1752909.PS.FTS.B, 14.68%, 4/06/27
      7,259       7,000  
1743125.PS.FTS.B, 14.7%, 4/06/27
      14,882       14,282  
1752906.PS.FTS.B, 16.33%, 4/06/27
      10,529       10,102  
1750213.PS.FTS.B, 25.6%, 4/06/27
      1,610       1,606  
1750876.PS.FTS.B, 10.29%, 4/07/27
      25,266       24,351  
1744037.PS.FTS.B, 10.5%, 4/07/27
      10,845       10,452  
1744580.PS.FTS.B, 11.2%, 4/07/27
      6,539       6,302  
1750624.PS.FTS.B, 11.2%, 4/07/27
      7,048       6,793  
1744538.PS.FTS.B, 11.7%, 4/07/27
      15,398       14,839  
1753818.PS.FTS.B, 11.7%, 4/07/27
      10,936       10,540  
1744568.PS.FTS.B, 12%, 4/07/27
      8,767       8,450  
1744571.PS.FTS.B, 12%, 4/07/27
      7,306       7,041  
1750606.PS.FTS.B, 12%, 4/07/27
      6,594       6,332  
1744541.PS.FTS.B, 12.2%, 4/07/27
      25,607       24,677  
1753842.PS.FTS.B, 12.2%, 4/07/27
      7,316       7,051  
1754325.PS.FTS.B, 12.2%, 4/07/27
      25,607       24,678  
1754328.PS.FTS.B, 13.1%, 4/07/27
      7,173       6,920  
1744715.PS.FTS.B, 13.3%, 4/07/27
      23,220       22,295  
1744277.PS.FTS.B, 14.39%, 4/07/27
      7,426       7,129  
1744553.PS.FTS.B, 14.53%, 4/07/27
      7,402       7,139  
1753656.PS.FTS.B, 14.6%, 4/07/27
      18,590       17,847  
1751044.PS.FTS.B, 14.7%, 4/07/27
      18,602       17,858  
1744559.PS.FTS.B, 14.89%, 4/07/27
      7,450       7,152  
1750597.PS.FTS.B, 16.33%, 4/07/27
      4,374       4,275  
1744574.PS.FTS.B, 19%, 4/07/27
      2,312       2,255  
1751047.PS.FTS.B, 19.3%, 4/07/27
      19,030        18,626  
1750600.PS.FTS.B, 23%, 4/07/27
      11,228       11,232  
1755057.PS.FTS.B, 11.2%, 4/08/27
      25,429       24,513  
1745642.PS.FTS.B, 12%, 4/08/27
      7,306       7,043  
1755147.PS.FTS.B, 12.6%, 4/08/27
      10,957       10,571  
1751995.PS.FTS.B, 15.62%, 4/08/27
      11,088       10,668  
1755237.PS.FTS.B, 16.02%, 4/08/27
      8,631       8,423  
1744907.PS.FTS.B, 17.59%, 4/08/27
      1,893       1,855  
1744880.PS.FTS.B, 19%, 4/08/27
      11,471       11,189  
1754712.PS.FTS.B, 19.38%, 4/08/27
      19,163       18,690  
1753413.PS.FTS.B, 18.48%, 4/10/27
      7,086       70  
1755429.PS.FTS.B, 10.5%, 4/11/27
      7,230       6,974  
1755984.PS.FTS.B, 11.2%, 4/11/27
      5,086       4,906  
1755501.PS.FTS.B, 11.89%, 4/11/27
      6,936       6,690  
1755927.PS.FTS.B, 11.89%, 4/11/27
      6,571       6,338  
1752289.PS.FTS.B, 16.5%, 4/11/27
      15,057       14,473  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       81
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Prosper Funding LLC (continued)
     
1746119.PS.FTS.B, 18.13%, 4/11/27
    $ 7,987     $ 7,676  
1754125.PS.FTS.B, 10.62%, 4/12/27
      3,634       3,506  
1747364.PS.FTS.B, 11.16%, 4/12/27
      10,000       124  
1757454.PS.FTS.B, 11.89%, 4/12/27
      7,222       –  
1750198.PS.FTS.B, 11.99%, 4/12/27
      11,804       11,387  
1752915.PS.FTS.B, 12.5%, 4/12/27
      18,374       17,703  
1757922.PS.FTS.B, 14.67%, 4/13/27
      7,439        7,157   
1743234.PS.FTS.B, 17.23%, 4/14/27
      6,347       6,136  
1749839.PS.FTS.B, 25.6%, 4/14/27
      11,917       11,931  
1733504.PS.FTS.B, 11.6%, 4/15/27
      9,553       9,236  
1750612.PS.FTS.B, 11.79%, 4/15/27
      10,218       9,847  
1749974.PS.FTS.B, 23.31%, 4/15/27
      5,139       5,156  
1733450.PS.FTS.B, 18.13%, 4/16/27
      19,418       18,698  
1734857.PS.FTS.B, 10.5%, 4/17/27
      2,124       2,057  
1750927.PS.FTS.B, 11.4%, 4/17/27
      9,498       9,153  
1750621.PS.FTS.B, 17.37%, 4/17/27
      7,620       7,433  
1744034.PS.FTS.B, 19%, 4/17/27
      8,810       8,614  
1749754.PS.FTS.B, 25.9%, 4/17/27
      8,208       8,097  
1742819.PS.FTS.B, 11.7%, 4/19/27
      9,180       8,843  
1762974.PS.FTS.B, 11.2%, 4/20/27
      5,103       4,933  
1754278.PS.FTS.B, 24.42%, 4/20/27
      10,484       10,466  
1739641.PS.FTS.B, 14.7%, 4/21/27
      11,300       10,906  
1747212.PS.FTS.B, 13.48%, 4/22/27
      18,673       17,957  
1744227.PS.FTS.B, 16%, 4/22/27
      13,756       13,534  
1744730.PS.FTS.B, 16.02%, 4/24/27
      6,818       6,654  
1752903.PS.FTS.B, 21.18%, 4/30/27
      18,873       18,246  
1743944.PS.FTS.B, 24.2%, 4/30/27
      3,278       3,238  
1760306.PS.FTS.B, 22.5%, 5/06/27
      6,270       6,224  
1750849.PS.FTS.B, 16.64%, 5/15/27
      2,745       2,688  
1739848.PS.FTS.B, 21.9%, 9/22/27
      5,989       3,201  
1685217.PS.FTS.B, 10.5%, 10/03/27
      17,272       6,336  
1660965.PS.FTS.B, 14.29%, 10/05/27
      12,280       11,895  
1734827.PS.FTS.B, 13.23%, 2/24/28
      13,142       –  
1742816.PS.FTS.B, 14.2%, 3/05/28
      8,824       4,651  
1758402.PS.FTS.B, 13.2%, 3/08/28
      21,492       2,792  
1755876.PS.FTS.B, 19.3%, 3/15/28
      13,915       13,179  
1756383.PS.FTS.B, 19.3%, 3/26/28
      24,386       822  
    
 
 
 
    
 
 
 
3,562,201
 
 
    
 
 
 
Upgrade, Inc.
     
24931814.UG.FTS.B, 29.69%, 12/17/24
      9,164       9,722  
    
 
 
 
Upgrade, Inc. - Card
     
991876422.UG.FTS.B, 28.48%, 2/04/24
      1       –  
991866170.UG.FTS.B, 28.48%, 2/24/24
      65       66  
992101724.UG.FTS.B, 28.48%, 2/24/24
      25       25  
991956731.UG.FTS.B, 29.48%, 2/24/24
      166       –  
991848028.UG.FTS.B, 29.49%, 2/24/24
      14       14  
991976510.UG.FTS.B, 29.49%, 2/24/24
      7       8  
992077761.UG.FTS.B, 29.49%, 2/24/24
      9       9  
991999276.UG.FTS.B, 18.71%, 2/25/24
      45       3  
992031845.UG.FTS.B, 21.48%, 2/25/24
      219       4  
991905614.UG.FTS.B, 29.49%, 2/25/24
      11       11  
991954495.UG.FTS.B, 29.49%, 2/25/24
      70       71  
991959713.UG.FTS.B, 29.49%, 2/25/24
      119       –  
991981134.UG.FTS.B, 29.49%, 2/25/24
      17       17  
992033544.UG.FTS.B, 29.49%, 2/25/24
      12       12  
992075988.UG.FTS.B, 29.49%, 2/25/24
      31       32  
991898242.UG.FTS.B, 18.47%, 2/26/24
      56       56  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
991875647.UG.FTS.B, 28.48%, 2/26/24
    $ 22     $ 22  
991905180.UG.FTS.B, 28.48%, 2/26/24
      124         125  
991945566.UG.FTS.B, 29.49%, 2/26/24
      44       45  
992103144.UG.FTS.B, 29.49%, 2/26/24
      31       32  
991884866.UG.FTS.B, 28.48%, 2/28/24
      6       6  
991929191.UG.FTS.B, 16.49%, 3/03/24
      18       18  
991974320.UG.FTS.B, 15.47%, 3/04/24
      18        18   
992120686.UG.FTS.B, 17.47%, 3/04/24
      27       27  
992174667.UG.FTS.B, 29.49%, 3/08/24
      4       4  
992130218.UG.FTS.B, 14%, 3/09/24
      19       19  
991988243.UG.FTS.B, 19.99%, 3/09/24
      11       11  
991971995.UG.FTS.B, 28.48%, 3/09/24
      3       3  
992025146.UG.FTS.B, 28.48%, 3/09/24
      41       41  
992023316.UG.FTS.B, 29.48%, 3/09/24
      113       114  
991959995.UG.FTS.B, 29.49%, 3/09/24
      95       14  
991989211.UG.FTS.B, 29.49%, 3/09/24
      6       6  
992001036.UG.FTS.B, 29.49%, 3/09/24
      47       48  
992046656.UG.FTS.B, 29.49%, 3/09/24
      8       8  
992050277.UG.FTS.B, 29.49%, 3/09/24
      19       19  
992069159.UG.FTS.B, 29.49%, 3/09/24
      9       9  
992162012.UG.FTS.B, 29.49%, 3/09/24
      19       19  
992201836.UG.FTS.B, 29.49%, 3/09/24
      34       34  
992227421.UG.FTS.B, 29.49%, 3/09/24
      137       137  
992227559.UG.FTS.B, 29.49%, 3/09/24
      87       87  
992054320.UG.FTS.B, 17.49%, 3/10/24
      27       27  
991997335.UG.FTS.B, 28.48%, 3/10/24
      29       29  
991973313.UG.FTS.B, 29.48%, 3/10/24
      57       57  
991992482.UG.FTS.B, 29.48%, 3/10/24
      55       55  
992222620.UG.FTS.B, 29.48%, 3/10/24
      10       11  
992223848.UG.FTS.B, 29.48%, 3/10/24
      33       33  
991972731.UG.FTS.B, 29.49%, 3/10/24
      44       44  
991998219.UG.FTS.B, 29.49%, 3/10/24
      30       30  
992161920.UG.FTS.B, 29.49%, 3/10/24
      29       29  
992224418.UG.FTS.B, 29.49%, 3/10/24
      26       26  
992227731.UG.FTS.B, 29.49%, 3/10/24
      73       73  
992119104.UG.FTS.B, 19.99%, 3/11/24
      154       –  
992186911.UG.FTS.B, 19.99%, 3/11/24
      53       52  
992208649.UG.FTS.B, 19.99%, 3/11/24
      55       55  
991980660.UG.FTS.B, 26.44%, 3/11/24
      2       2  
991969535.UG.FTS.B, 27.99%, 3/11/24
      7       7  
992025302.UG.FTS.B, 28.48%, 3/11/24
      49       49  
992057368.UG.FTS.B, 28.48%, 3/11/24
      217       217  
992074328.UG.FTS.B, 28.48%, 3/11/24
      109       109  
992122493.UG.FTS.B, 28.48%, 3/11/24
      71       71  
992156171.UG.FTS.B, 28.48%, 3/11/24
      2       2  
992184956.UG.FTS.B, 28.48%, 3/11/24
      579       267  
992201771.UG.FTS.B, 28.48%, 3/11/24
      25       25  
991976338.UG.FTS.B, 29.47%, 3/11/24
      85       85  
992092631.UG.FTS.B, 29.47%, 3/11/24
      80       80  
991989904.UG.FTS.B, 29.48%, 3/11/24
      108       109  
992003825.UG.FTS.B, 29.48%, 3/11/24
      32       32  
992078333.UG.FTS.B, 29.48%, 3/11/24
      34       34  
992090036.UG.FTS.B, 29.48%, 3/11/24
      20       20  
992126882.UG.FTS.B, 29.48%, 3/11/24
      70       –  
992190424.UG.FTS.B, 29.48%, 3/11/24
      26       26  
991963105.UG.FTS.B, 29.49%, 3/11/24
      72       72  
991966512.UG.FTS.B, 29.49%, 3/11/24
      49       49  
991967978.UG.FTS.B, 29.49%, 3/11/24
      –       –  
 
       
82       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
991970831.UG.FTS.B, 29.49%, 3/11/24
    $ 21     $ 21  
991971759.UG.FTS.B, 29.49%, 3/11/24
      9       9  
991973597.UG.FTS.B, 29.49%, 3/11/24
      41       41  
991981361.UG.FTS.B, 29.49%, 3/11/24
      24       24  
991981798.UG.FTS.B, 29.49%, 3/11/24
      86       42  
991981843.UG.FTS.B, 29.49%, 3/11/24
      38       38  
991988472.UG.FTS.B, 29.49%, 3/11/24
      24        1   
991992026.UG.FTS.B, 29.49%, 3/11/24
      2       2  
992000404.UG.FTS.B, 29.49%, 3/11/24
      20       10  
992001112.UG.FTS.B, 29.49%, 3/11/24
      7       7  
992004460.UG.FTS.B, 29.49%, 3/11/24
      17       17  
992006161.UG.FTS.B, 29.49%, 3/11/24
      25       25  
992013145.UG.FTS.B, 29.49%, 3/11/24
      32       32  
992017553.UG.FTS.B, 29.49%, 3/11/24
      62       62  
992024260.UG.FTS.B, 29.49%, 3/11/24
      62       63  
992026353.UG.FTS.B, 29.49%, 3/11/24
      –       –  
992030279.UG.FTS.B, 29.49%, 3/11/24
      6       6  
992033526.UG.FTS.B, 29.49%, 3/11/24
      18       18  
992036879.UG.FTS.B, 29.49%, 3/11/24
      10       10  
992038753.UG.FTS.B, 29.49%, 3/11/24
      42       42  
992043326.UG.FTS.B, 29.49%, 3/11/24
      16         16  
992048623.UG.FTS.B, 29.49%, 3/11/24
      34       34  
992052684.UG.FTS.B, 29.49%, 3/11/24
      42       41  
992061984.UG.FTS.B, 29.49%, 3/11/24
      12       12  
992062881.UG.FTS.B, 29.49%, 3/11/24
      76       76  
992063046.UG.FTS.B, 29.49%, 3/11/24
      28       28  
992075123.UG.FTS.B, 29.49%, 3/11/24
      77       78  
992082907.UG.FTS.B, 29.49%, 3/11/24
      48       49  
992088919.UG.FTS.B, 29.49%, 3/11/24
      21       10  
992091878.UG.FTS.B, 29.49%, 3/11/24
      160       161  
992115212.UG.FTS.B, 29.49%, 3/11/24
      15       15  
992118667.UG.FTS.B, 29.49%, 3/11/24
      –       –  
992119262.UG.FTS.B, 29.49%, 3/11/24
      85       85  
992123633.UG.FTS.B, 29.49%, 3/11/24
      64       64  
992149062.UG.FTS.B, 29.49%, 3/11/24
      25       25  
992149734.UG.FTS.B, 29.49%, 3/11/24
      –       –  
992155445.UG.FTS.B, 29.49%, 3/11/24
      46       4  
992177545.UG.FTS.B, 29.49%, 3/11/24
      29       29  
992193276.UG.FTS.B, 29.49%, 3/11/24
      28       28  
992219983.UG.FTS.B, 29.49%, 3/11/24
      79       79  
992236288.UG.FTS.B, 29.49%, 3/11/24
      15       15  
992248438.UG.FTS.B, 29.49%, 3/11/24
      30       2  
992248545.UG.FTS.B, 29.49%, 3/11/24
      17       17  
991992429.UG.FTS.B, 25.44%, 3/12/24
      98       98  
992006543.UG.FTS.B, 25.44%, 3/12/24
      34       34  
991991960.UG.FTS.B, 25.45%, 3/12/24
      34       34  
992020392.UG.FTS.B, 26.44%, 3/12/24
      63       63  
992058481.UG.FTS.B, 26.44%, 3/12/24
      84       –  
992147248.UG.FTS.B, 26.44%, 3/12/24
      69       –  
992236108.UG.FTS.B, 27.95%, 3/12/24
      89       89  
992211131.UG.FTS.B, 27.99%, 3/12/24
      63       5  
991980478.UG.FTS.B, 28.48%, 3/12/24
      67       67  
991981861.UG.FTS.B, 28.48%, 3/12/24
      47       47  
991993059.UG.FTS.B, 28.48%, 3/12/24
      62       62  
991994714.UG.FTS.B, 28.48%, 3/12/24
      60       60  
992016115.UG.FTS.B, 28.48%, 3/12/24
      44       21  
992019599.UG.FTS.B, 28.48%, 3/12/24
      27       27  
992041058.UG.FTS.B, 28.48%, 3/12/24
      43       43  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992064423.UG.FTS.B, 28.48%, 3/12/24
    $ 34     $ 34  
992089711.UG.FTS.B, 28.48%, 3/12/24
      140       10  
992108074.UG.FTS.B, 28.48%, 3/12/24
      92       92  
992128465.UG.FTS.B, 28.48%, 3/12/24
      21       21  
992140378.UG.FTS.B, 28.48%, 3/12/24
      236       236  
992227904.UG.FTS.B, 28.48%, 3/12/24
      37       37  
992245487.UG.FTS.B, 28.48%, 3/12/24
      11        11   
991977637.UG.FTS.B, 29.47%, 3/12/24
      30       30  
991994314.UG.FTS.B, 29.47%, 3/12/24
      94       6  
991990427.UG.FTS.B, 29.48%, 3/12/24
      113       114  
991993848.UG.FTS.B, 29.48%, 3/12/24
      323       325  
991996938.UG.FTS.B, 29.48%, 3/12/24
      29       29  
992036981.UG.FTS.B, 29.48%, 3/12/24
      9       –  
992091748.UG.FTS.B, 29.48%, 3/12/24
      39       39  
992092709.UG.FTS.B, 29.48%, 3/12/24
      160       161  
992116109.UG.FTS.B, 29.48%, 3/12/24
      38       38  
992159021.UG.FTS.B, 29.48%, 3/12/24
      177       12  
991980627.UG.FTS.B, 29.49%, 3/12/24
      43       43  
991983851.UG.FTS.B, 29.49%, 3/12/24
      52       –  
991985169.UG.FTS.B, 29.49%, 3/12/24
      16       16  
991987390.UG.FTS.B, 29.49%, 3/12/24
      94         95  
991988530.UG.FTS.B, 29.49%, 3/12/24
      33       33  
991989660.UG.FTS.B, 29.49%, 3/12/24
      38       7  
991991285.UG.FTS.B, 29.49%, 3/12/24
      17       17  
991992934.UG.FTS.B, 29.49%, 3/12/24
      15       15  
991996593.UG.FTS.B, 29.49%, 3/12/24
      33       33  
991998381.UG.FTS.B, 29.49%, 3/12/24
      155       73  
991999068.UG.FTS.B, 29.49%, 3/12/24
      32       32  
991999303.UG.FTS.B, 29.49%, 3/12/24
      15       15  
991999409.UG.FTS.B, 29.49%, 3/12/24
      15       15  
992004438.UG.FTS.B, 29.49%, 3/12/24
      40       40  
992005501.UG.FTS.B, 29.49%, 3/12/24
      46       46  
992010776.UG.FTS.B, 29.49%, 3/12/24
      23       23  
992015322.UG.FTS.B, 29.49%, 3/12/24
      –       –  
992019910.UG.FTS.B, 29.49%, 3/12/24
      –       –  
992020735.UG.FTS.B, 29.49%, 3/12/24
      15       15  
992021468.UG.FTS.B, 29.49%, 3/12/24
      47       47  
992024943.UG.FTS.B, 29.49%, 3/12/24
      12       12  
992025911.UG.FTS.B, 29.49%, 3/12/24
      50       50  
992029135.UG.FTS.B, 29.49%, 3/12/24
      9       9  
992033278.UG.FTS.B, 29.49%, 3/12/24
      360       362  
992037572.UG.FTS.B, 29.49%, 3/12/24
      128       128  
992039465.UG.FTS.B, 29.49%, 3/12/24
      16       16  
992056072.UG.FTS.B, 29.49%, 3/12/24
      20       20  
992067880.UG.FTS.B, 29.49%, 3/12/24
      47       47  
992069103.UG.FTS.B, 29.49%, 3/12/24
      50       3  
992071436.UG.FTS.B, 29.49%, 3/12/24
      22       22  
992128285.UG.FTS.B, 29.49%, 3/12/24
      15       15  
992134548.UG.FTS.B, 29.49%, 3/12/24
      15       15  
992136216.UG.FTS.B, 29.49%, 3/12/24
      16       16  
992137680.UG.FTS.B, 29.49%, 3/12/24
      15       15  
992150155.UG.FTS.B, 29.49%, 3/12/24
      –       –  
992150344.UG.FTS.B, 29.49%, 3/12/24
      28       2  
992152914.UG.FTS.B, 29.49%, 3/12/24
      19       19  
992159913.UG.FTS.B, 29.49%, 3/12/24
      16       15  
992164429.UG.FTS.B, 29.49%, 3/12/24
      16       16  
992198780.UG.FTS.B, 29.49%, 3/12/24
      12       12  
992233767.UG.FTS.B, 29.49%, 3/12/24
      2       2  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       83
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992238974.UG.FTS.B, 29.49%, 3/12/24
    $ 23     $ 23  
992242905.UG.FTS.B, 29.49%, 3/12/24
      14       14  
992248637.UG.FTS.B, 29.49%, 3/12/24
      72       2  
992251449.UG.FTS.B, 29.49%, 3/12/24
      16       16  
992238746.UG.FTS.B, 27.99%, 3/13/24
      39       39  
992244001.UG.FTS.B, 29.48%, 3/13/24
      42       42  
992221497.UG.FTS.B, 29.49%, 3/13/24
      22        22   
992248601.UG.FTS.B, 29.49%, 3/13/24
      28       12  
992229986.UG.FTS.B, 28.48%, 3/14/24
      61       61  
992256645.UG.FTS.B, 29.48%, 3/14/24
      36       36  
992227885.UG.FTS.B, 29.49%, 3/14/24
      11       11  
992229543.UG.FTS.B, 29.49%, 3/14/24
      38       38  
992257016.UG.FTS.B, 21.48%, 3/15/24
      32       32  
992248857.UG.FTS.B, 28.48%, 3/15/24
      17       17  
992229492.UG.FTS.B, 29.49%, 3/15/24
      13       13  
992237964.UG.FTS.B, 29.49%, 3/15/24
      111       112  
992241471.UG.FTS.B, 29.49%, 3/15/24
      17       17  
992257450.UG.FTS.B, 29.49%, 3/15/24
      41       41  
992046727.UG.FTS.B, 17.71%, 3/18/24
      188         189  
992064804.UG.FTS.B, 29.49%, 3/18/24
      2       2  
992075141.UG.FTS.B, 19.99%, 3/20/24
      6       6  
992374806.UG.FTS.B, 19.99%, 3/20/24
      31       31  
992099572.UG.FTS.B, 28.48%, 3/20/24
      2       2  
992084647.UG.FTS.B, 29.49%, 3/20/24
      10       10  
992260894.UG.FTS.B, 15.47%, 3/21/24
      –       –  
992080667.UG.FTS.B, 29.48%, 3/21/24
      17       17  
992228997.UG.FTS.B, 29.48%, 3/21/24
      26       26  
992058652.UG.FTS.B, 29.49%, 3/21/24
      24       24  
992059391.UG.FTS.B, 29.49%, 3/21/24
      48       48  
992059518.UG.FTS.B, 29.49%, 3/21/24
      41       42  
992069331.UG.FTS.B, 29.49%, 3/21/24
      16       17  
992080861.UG.FTS.B, 29.49%, 3/21/24
      113       115  
992106222.UG.FTS.B, 29.49%, 3/21/24
      15       15  
992123946.UG.FTS.B, 29.49%, 3/21/24
      39       40  
992164644.UG.FTS.B, 29.49%, 3/21/24
      65       66  
992178504.UG.FTS.B, 29.49%, 3/21/24
      22       22  
992264002.UG.FTS.B, 29.49%, 3/21/24
      46       3  
992291699.UG.FTS.B, 29.49%, 3/21/24
      22       22  
992337929.UG.FTS.B, 29.49%, 3/21/24
      17       17  
992081106.UG.FTS.B, 28.48%, 3/22/24
      15       16  
992289485.UG.FTS.B, 29.47%, 3/22/24
      16       16  
992171922.UG.FTS.B, 29.48%, 3/22/24
      39       39  
992070230.UG.FTS.B, 29.49%, 3/22/24
      86       87  
992075057.UG.FTS.B, 29.49%, 3/22/24
      69       69  
992076874.UG.FTS.B, 29.49%, 3/22/24
      54       55  
992088821.UG.FTS.B, 29.49%, 3/22/24
      13       13  
992222932.UG.FTS.B, 29.49%, 3/22/24
      14       14  
992333164.UG.FTS.B, 29.49%, 3/22/24
      –       –  
992080099.UG.FTS.B, 17.71%, 3/23/24
      143       26  
992086082.UG.FTS.B, 18.96%, 3/23/24
      196       197  
992090289.UG.FTS.B, 19.47%, 3/23/24
      –       –  
992096028.UG.FTS.B, 19.99%, 3/23/24
      73       74  
992139604.UG.FTS.B, 19.99%, 3/23/24
      45       46  
992238542.UG.FTS.B, 19.99%, 3/23/24
      568       41  
992295280.UG.FTS.B, 19.99%, 3/23/24
      23       23  
992083040.UG.FTS.B, 21.47%, 3/23/24
      10       10  
992217305.UG.FTS.B, 21.47%, 3/23/24
      19       19  
992108038.UG.FTS.B, 22.45%, 3/23/24
      22       22  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992102137.UG.FTS.B, 22.47%, 3/23/24
    $ 87     $ 87  
992229367.UG.FTS.B, 24.45%, 3/23/24
      23       23  
992082470.UG.FTS.B, 25.44%, 3/23/24
      175       176  
992110891.UG.FTS.B, 27.99%, 3/23/24
      77       78  
992077309.UG.FTS.B, 28.48%, 3/23/24
      17       17  
992078472.UG.FTS.B, 28.48%, 3/23/24
      33       2  
992080231.UG.FTS.B, 28.48%, 3/23/24
      16        16   
992089378.UG.FTS.B, 28.48%, 3/23/24
      24       24  
992115966.UG.FTS.B, 28.48%, 3/23/24
      15       15  
992143519.UG.FTS.B, 28.48%, 3/23/24
      7       –  
992144038.UG.FTS.B, 28.48%, 3/23/24
      14       14  
992157605.UG.FTS.B, 28.48%, 3/23/24
      14       14  
992178330.UG.FTS.B, 28.48%, 3/23/24
      19       19  
992182026.UG.FTS.B, 28.48%, 3/23/24
      56       57  
992199643.UG.FTS.B, 28.48%, 3/23/24
      40       3  
992238981.UG.FTS.B, 28.48%, 3/23/24
      39       40  
992125045.UG.FTS.B, 29.46%, 3/23/24
      158       160  
992144623.UG.FTS.B, 29.46%, 3/23/24
      72       73  
992322378.UG.FTS.B, 29.46%, 3/23/24
      37       37  
992084847.UG.FTS.B, 29.47%, 3/23/24
      47       48  
992093193.UG.FTS.B, 29.47%, 3/23/24
      242       244  
992137517.UG.FTS.B, 29.47%, 3/23/24
      43       3  
992075860.UG.FTS.B, 29.48%, 3/23/24
      132         133  
992093771.UG.FTS.B, 29.48%, 3/23/24
      129       131  
992106250.UG.FTS.B, 29.48%, 3/23/24
      37       38  
992114239.UG.FTS.B, 29.48%, 3/23/24
      18       18  
992115794.UG.FTS.B, 29.48%, 3/23/24
      53       4  
992117051.UG.FTS.B, 29.48%, 3/23/24
      44       44  
992128724.UG.FTS.B, 29.48%, 3/23/24
      58       59  
992172882.UG.FTS.B, 29.48%, 3/23/24
      35       35  
992188566.UG.FTS.B, 29.48%, 3/23/24
      42       42  
992197970.UG.FTS.B, 29.48%, 3/23/24
      18       18  
992302396.UG.FTS.B, 29.48%, 3/23/24
      125       127  
992313618.UG.FTS.B, 29.48%, 3/23/24
      43       43  
992075137.UG.FTS.B, 29.49%, 3/23/24
      73       74  
992076746.UG.FTS.B, 29.49%, 3/23/24
      53       5  
992078339.UG.FTS.B, 29.49%, 3/23/24
      165       167  
992079538.UG.FTS.B, 29.49%, 3/23/24
      14       14  
992079879.UG.FTS.B, 29.49%, 3/23/24
      14       14  
992082794.UG.FTS.B, 29.49%, 3/23/24
      519       80  
992082825.UG.FTS.B, 29.49%, 3/23/24
      83       6  
992084523.UG.FTS.B, 29.49%, 3/23/24
      33       34  
992088897.UG.FTS.B, 29.49%, 3/23/24
      14       14  
992095814.UG.FTS.B, 29.49%, 3/23/24
      60       11  
992104096.UG.FTS.B, 29.49%, 3/23/24
      65       66  
992112456.UG.FTS.B, 29.49%, 3/23/24
      284       289  
992114286.UG.FTS.B, 29.49%, 3/23/24
      29       –  
992122922.UG.FTS.B, 29.49%, 3/23/24
      19       19  
992125397.UG.FTS.B, 29.49%, 3/23/24
      25       26  
992127351.UG.FTS.B, 29.49%, 3/23/24
      24       24  
992135817.UG.FTS.B, 29.49%, 3/23/24
      68       69  
992139152.UG.FTS.B, 29.49%, 3/23/24
      20       20  
992143856.UG.FTS.B, 29.49%, 3/23/24
      29       29  
992143882.UG.FTS.B, 29.49%, 3/23/24
      22       22  
992143988.UG.FTS.B, 29.49%, 3/23/24
      13       13  
992147205.UG.FTS.B, 29.49%, 3/23/24
      22       22  
992151275.UG.FTS.B, 29.49%, 3/23/24
      14       14  
992157117.UG.FTS.B, 29.49%, 3/23/24
      27       27  
 
       
84       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
 
992160977.UG.FTS.B, 29.49%, 3/23/24
    $ 24     $ 24  
992160990.UG.FTS.B, 29.49%, 3/23/24
      14       15  
992162403.UG.FTS.B, 29.49%, 3/23/24
      48       49  
992169160.UG.FTS.B, 29.49%, 3/23/24
      18       18  
992171230.UG.FTS.B, 29.49%, 3/23/24
      30       30  
992176662.UG.FTS.B, 29.49%, 3/23/24
      47       47  
992186235.UG.FTS.B, 29.49%, 3/23/24
      24        24   
992188685.UG.FTS.B, 29.49%, 3/23/24
      25       25  
992266562.UG.FTS.B, 29.49%, 3/23/24
      29       29  
992270720.UG.FTS.B, 29.49%, 3/23/24
      15       16  
992274808.UG.FTS.B, 29.49%, 3/23/24
      18       18  
992275022.UG.FTS.B, 29.49%, 3/23/24
      22       22  
992278366.UG.FTS.B, 29.49%, 3/23/24
      19       19  
992306475.UG.FTS.B, 29.49%, 3/23/24
      1       1  
992322922.UG.FTS.B, 29.49%, 3/23/24
      41       3  
992346864.UG.FTS.B, 29.49%, 3/23/24
      112       113  
992347139.UG.FTS.B, 29.49%, 3/23/24
      214         217  
992237108.UG.FTS.B, 15.49%, 3/30/24
      3       3  
992334506.UG.FTS.B, 17.49%, 3/30/24
      42       1  
992191348.UG.FTS.B, 19.96%, 3/30/24
      143       9  
992160172.UG.FTS.B, 16.49%, 4/01/24
      47       47  
992164011.UG.FTS.B, 16.49%, 4/01/24
      22       22  
992220561.UG.FTS.B, 18.71%, 4/01/24
      39       39  
992173268.UG.FTS.B, 21.48%, 4/01/24
      63       63  
992175960.UG.FTS.B, 21.48%, 4/01/24
      126       128  
992256633.UG.FTS.B, 16.49%, 4/02/24
      52       51  
992218531.UG.FTS.B, 17.49%, 4/02/24
      662       48  
992254008.UG.FTS.B, 17.49%, 4/02/24
      63       63  
992185159.UG.FTS.B, 17.71%, 4/02/24
      76       76  
992197461.UG.FTS.B, 18.47%, 4/02/24
      87       4  
992200403.UG.FTS.B, 18.47%, 4/02/24
      206       206  
992198075.UG.FTS.B, 18.71%, 4/02/24
      39       39  
992176203.UG.FTS.B, 21.48%, 4/02/24
      345       25  
992311725.UG.FTS.B, 17.47%, 4/03/24
      19       19  
992214077.UG.FTS.B, 17.49%, 4/03/24
      70       70  
992199899.UG.FTS.B, 19.3%, 4/03/24
      144       144  
992223237.UG.FTS.B, 19.3%, 4/03/24
      49       49  
992231024.UG.FTS.B, 19.3%, 4/03/24
      7       7  
992231175.UG.FTS.B, 20.47%, 4/03/24
      244       243  
992220214.UG.FTS.B, 21.47%, 4/03/24
      113       112  
992188122.UG.FTS.B, 23.45%, 4/03/24
      107       107  
992229115.UG.FTS.B, 17.49%, 4/04/24
      59       59  
992199364.UG.FTS.B, 18.47%, 4/04/24
      178       178  
992214349.UG.FTS.B, 19.3%, 4/04/24
      52       4  
992198683.UG.FTS.B, 20.96%, 4/04/24
      14       14  
992264265.UG.FTS.B, 15.47%, 4/05/24
      88       88  
992224386.UG.FTS.B, 19.3%, 4/05/24
      83       83  
992203477.UG.FTS.B, 25.45%, 4/05/24
      153       152  
992273098.UG.FTS.B, 15%, 4/06/24
      24       23  
992271907.UG.FTS.B, 16.49%, 4/06/24
      18       18  
992224003.UG.FTS.B, 17.47%, 4/06/24
      236       236  
992275288.UG.FTS.B, 17.49%, 4/06/24
      57       57  
992319179.UG.FTS.B, 16.49%, 4/08/24
      158       159  
992401186.UG.FTS.B, 14.47%, 4/09/24
      11       11  
992280719.UG.FTS.B, 17.49%, 4/09/24
      28       28  
992338360.UG.FTS.B, 17.49%, 4/09/24
      11       11  
992269238.UG.FTS.B, 17.71%, 4/09/24
      13       13  
992259589.UG.FTS.B, 16.49%, 4/10/24
      36       36  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992319824.UG.FTS.B, 17.49%, 4/10/24
    $ 16     $ 16  
992350594.UG.FTS.B, 17.49%, 4/10/24
      38       38  
992294222.UG.FTS.B, 16.49%, 4/12/24
      384       385  
992265584.UG.FTS.B, 17.49%, 4/12/24
      4       3  
992324871.UG.FTS.B, 17.49%, 4/13/24
      30       30  
992295392.UG.FTS.B, 18.71%, 4/13/24
      34       34  
992291144.UG.FTS.B, 19.96%, 4/13/24
      109        109   
992408155.UG.FTS.B, 19.96%, 4/13/24
      3       3  
992438647.UG.FTS.B, 19.96%, 4/13/24
      69       4  
992281614.UG.FTS.B, 20.47%, 4/13/24
      198       199  
992280296.UG.FTS.B, 20.96%, 4/13/24
      30       30  
992319188.UG.FTS.B, 22.45%, 4/13/24
      1       1  
992290505.UG.FTS.B, 16.49%, 4/14/24
      25       25  
992293830.UG.FTS.B, 16.49%, 4/14/24
      120       53  
992288452.UG.FTS.B, 19.3%, 4/14/24
      –       –  
992295741.UG.FTS.B, 19.96%, 4/14/24
      36       36  
992285635.UG.FTS.B, 20.47%, 4/14/24
      79       79  
992314331.UG.FTS.B, 20.47%, 4/14/24
      42       42  
992295775.UG.FTS.B, 20.96%, 4/14/24
      28       28  
992306624.UG.FTS.B, 23.45%, 4/14/24
      77       77  
992288979.UG.FTS.B, 29.49%, 4/14/24
      529       36  
992309470.UG.FTS.B, 29.49%, 4/14/24
      11       11  
992348358.UG.FTS.B, 16.49%, 4/15/24
      1,089       76  
992311352.UG.FTS.B, 17.49%, 4/15/24
      22       22  
992497171.UG.FTS.B, 17.49%, 4/15/24
      61       1  
992294831.UG.FTS.B, 17.71%, 4/15/24
      137       138  
992298014.UG.FTS.B, 19.96%, 4/15/24
      –       –  
992298332.UG.FTS.B, 19.99%, 4/15/24
      90       90  
992296550.UG.FTS.B, 28.48%, 4/15/24
      160       11  
992299907.UG.FTS.B, 28.48%, 4/15/24
      77       78  
992298570.UG.FTS.B, 29.49%, 4/15/24
      24       24  
992305685.UG.FTS.B, 29.49%, 4/15/24
      48       48  
992307140.UG.FTS.B, 21.48%, 4/16/24
      154         155  
992307314.UG.FTS.B, 25.45%, 4/16/24
      247       248  
992306818.UG.FTS.B, 28.48%, 4/16/24
      19       20  
992307966.UG.FTS.B, 28.48%, 4/16/24
      35       35  
992309855.UG.FTS.B, 29.47%, 4/16/24
      33       33  
992304577.UG.FTS.B, 29.48%, 4/16/24
      49       49  
992304827.UG.FTS.B, 29.49%, 4/16/24
      37       37  
992305369.UG.FTS.B, 29.49%, 4/16/24
      33       34  
992306092.UG.FTS.B, 29.49%, 4/16/24
      70       71  
992306896.UG.FTS.B, 29.49%, 4/16/24
      13       13  
992307114.UG.FTS.B, 29.49%, 4/16/24
      61       62  
992307961.UG.FTS.B, 29.49%, 4/16/24
      88       89  
992308347.UG.FTS.B, 29.49%, 4/16/24
      243       246  
992308875.UG.FTS.B, 29.49%, 4/16/24
      24       24  
992308975.UG.FTS.B, 29.49%, 4/16/24
      23       23  
992309433.UG.FTS.B, 29.49%, 4/16/24
      262       40  
992330165.UG.FTS.B, 17.71%, 4/17/24
      54       54  
992560425.UG.FTS.B, 17.71%, 4/17/24
      69       69  
992361225.UG.FTS.B, 29.48%, 4/18/24
      10       10  
992337443.UG.FTS.B, 29.49%, 4/18/24
      21       20  
992445261.UG.FTS.B, 14.48%, 4/19/24
      92       92  
992368975.UG.FTS.B, 17.49%, 4/19/24
      193       193  
992415751.UG.FTS.B, 17.49%, 4/19/24
      164       165  
992454726.UG.FTS.B, 17.49%, 4/19/24
      384       387  
992336475.UG.FTS.B, 28.48%, 4/19/24
      19       19  
992355303.UG.FTS.B, 28.48%, 4/19/24
      195       199  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       85
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992397817.UG.FTS.B, 28.48%, 4/19/24
    $ 40     $ 41  
992404979.UG.FTS.B, 28.48%, 4/19/24
      125       126  
992363936.UG.FTS.B, 29.49%, 4/19/24
      30       30  
992384552.UG.FTS.B, 29.49%, 4/19/24
      181       182  
992510143.UG.FTS.B, 29.49%, 4/19/24
      42       43  
992574074.UG.FTS.B, 29.49%, 4/19/24
      31       31  
992612415.UG.FTS.B, 29.49%, 4/19/24
      56        9   
992392448.UG.FTS.B, 26.44%, 4/20/24
      324       324  
992338915.UG.FTS.B, 28.48%, 4/20/24
      23       23  
992405045.UG.FTS.B, 28.48%, 4/20/24
      29       29  
992442265.UG.FTS.B, 28.48%, 4/20/24
      25       25  
992575704.UG.FTS.B, 28.48%, 4/20/24
      35       36  
992628071.UG.FTS.B, 28.48%, 4/20/24
      16       16  
992340126.UG.FTS.B, 29.45%, 4/20/24
      67       68  
992436051.UG.FTS.B, 29.46%, 4/20/24
      98       99  
992344302.UG.FTS.B, 29.48%, 4/20/24
      186       188  
992355773.UG.FTS.B, 29.48%, 4/20/24
      128       9  
992539324.UG.FTS.B, 29.48%, 4/20/24
      8       8  
992340315.UG.FTS.B, 29.49%, 4/20/24
      30       30  
992340795.UG.FTS.B, 29.49%, 4/20/24
      94       15  
992343678.UG.FTS.B, 29.49%, 4/20/24
      47       48  
992349101.UG.FTS.B, 29.49%, 4/20/24
      18       18  
992354733.UG.FTS.B, 29.49%, 4/20/24
      39       39  
992364036.UG.FTS.B, 29.49%, 4/20/24
      22       22  
992369622.UG.FTS.B, 29.49%, 4/20/24
      151         152  
992401273.UG.FTS.B, 29.49%, 4/20/24
      40       40  
992402850.UG.FTS.B, 29.49%, 4/20/24
      5       5  
992405803.UG.FTS.B, 29.49%, 4/20/24
      101       102  
992409797.UG.FTS.B, 29.49%, 4/20/24
      7       7  
992414337.UG.FTS.B, 29.49%, 4/20/24
      53       54  
992415082.UG.FTS.B, 29.49%, 4/20/24
      63       64  
992422684.UG.FTS.B, 29.49%, 4/20/24
      67       68  
992429421.UG.FTS.B, 29.49%, 4/20/24
      13       13  
992438671.UG.FTS.B, 29.49%, 4/20/24
      20       20  
992442696.UG.FTS.B, 29.49%, 4/20/24
      74       74  
992445119.UG.FTS.B, 29.49%, 4/20/24
      105       106  
992447012.UG.FTS.B, 29.49%, 4/20/24
      30       30  
992458939.UG.FTS.B, 29.49%, 4/20/24
      76       77  
992470838.UG.FTS.B, 29.49%, 4/20/24
      28       28  
992471190.UG.FTS.B, 29.49%, 4/20/24
      168       169  
992474001.UG.FTS.B, 29.49%, 4/20/24
      45       46  
992482557.UG.FTS.B, 29.49%, 4/20/24
      31       31  
992484285.UG.FTS.B, 29.49%, 4/20/24
      148       150  
992496648.UG.FTS.B, 29.49%, 4/20/24
      39       40  
992497391.UG.FTS.B, 29.49%, 4/20/24
      11       11  
992557990.UG.FTS.B, 29.49%, 4/20/24
      33       33  
992560754.UG.FTS.B, 29.49%, 4/20/24
      47       48  
992630723.UG.FTS.B, 29.49%, 4/20/24
      6       6  
992384978.UG.FTS.B, 19.99%, 4/21/24
      108       109  
992422470.UG.FTS.B, 19.99%, 4/21/24
      130       11  
992424287.UG.FTS.B, 19.99%, 4/21/24
      37       3  
992358579.UG.FTS.B, 25.45%, 4/21/24
      32       32  
992352071.UG.FTS.B, 28.48%, 4/21/24
      4       4  
992357677.UG.FTS.B, 28.48%, 4/21/24
      10       10  
992360281.UG.FTS.B, 28.48%, 4/21/24
      23       24  
992375055.UG.FTS.B, 28.48%, 4/21/24
      21       21  
992464830.UG.FTS.B, 28.48%, 4/21/24
      –       –  
992608528.UG.FTS.B, 28.48%, 4/21/24
      100       101  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992353731.UG.FTS.B, 29.47%, 4/21/24
    $ 86     $ 87  
992563084.UG.FTS.B, 29.47%, 4/21/24
      47       47  
992356491.UG.FTS.B, 29.48%, 4/21/24
      12       12  
992419155.UG.FTS.B, 29.48%, 4/21/24
      111       112  
992433132.UG.FTS.B, 29.48%, 4/21/24
      47       4  
992349100.UG.FTS.B, 29.49%, 4/21/24
      20       21  
992352252.UG.FTS.B, 29.49%, 4/21/24
      28        28   
992352348.UG.FTS.B, 29.49%, 4/21/24
      65       66  
992353505.UG.FTS.B, 29.49%, 4/21/24
      28       29  
992361207.UG.FTS.B, 29.49%, 4/21/24
      14       15  
992363277.UG.FTS.B, 29.49%, 4/21/24
      30       30  
992365004.UG.FTS.B, 29.49%, 4/21/24
      102       103  
992365672.UG.FTS.B, 29.49%, 4/21/24
      56       56  
992367756.UG.FTS.B, 29.49%, 4/21/24
      –       –  
992374354.UG.FTS.B, 29.49%, 4/21/24
      8       8  
992376302.UG.FTS.B, 29.49%, 4/21/24
      33       34  
992387416.UG.FTS.B, 29.49%, 4/21/24
      46       47  
992402548.UG.FTS.B, 29.49%, 4/21/24
      107       108  
992443789.UG.FTS.B, 29.49%, 4/21/24
      114       114  
992456336.UG.FTS.B, 29.49%, 4/21/24
      178         180  
992464499.UG.FTS.B, 29.49%, 4/21/24
      27       27  
992364692.UG.FTS.B, 19.99%, 4/22/24
      49       50  
992369833.UG.FTS.B, 19.99%, 4/22/24
      213       15  
992491442.UG.FTS.B, 27.99%, 4/22/24
      26       26  
992382499.UG.FTS.B, 28.48%, 4/22/24
      18       19  
992385748.UG.FTS.B, 28.48%, 4/22/24
      21       21  
992412058.UG.FTS.B, 28.48%, 4/22/24
      32       33  
992416907.UG.FTS.B, 28.48%, 4/22/24
      10       10  
992424568.UG.FTS.B, 28.48%, 4/22/24
      48       7  
992427668.UG.FTS.B, 28.48%, 4/22/24
      43       4  
992431800.UG.FTS.B, 28.48%, 4/22/24
      25       26  
992448201.UG.FTS.B, 28.48%, 4/22/24
      60       61  
992455859.UG.FTS.B, 28.48%, 4/22/24
      22       22  
992486047.UG.FTS.B, 28.48%, 4/22/24
      25       26  
992505966.UG.FTS.B, 28.48%, 4/22/24
      86       87  
992522882.UG.FTS.B, 28.48%, 4/22/24
      117       119  
992589496.UG.FTS.B, 28.48%, 4/22/24
      40       40  
992602335.UG.FTS.B, 28.48%, 4/22/24
      29       29  
992573635.UG.FTS.B, 28.98%, 4/22/24
      33       33  
992390743.UG.FTS.B, 29.46%, 4/22/24
      39       40  
992399048.UG.FTS.B, 29.46%, 4/22/24
      145       147  
992425682.UG.FTS.B, 29.46%, 4/22/24
      35       35  
992388520.UG.FTS.B, 29.47%, 4/22/24
      47       49  
992392635.UG.FTS.B, 29.47%, 4/22/24
      88       6  
992460810.UG.FTS.B, 29.47%, 4/22/24
      20       20  
992363029.UG.FTS.B, 29.48%, 4/22/24
      46       47  
992364441.UG.FTS.B, 29.48%, 4/22/24
      18       18  
992367217.UG.FTS.B, 29.48%, 4/22/24
      352       28  
992368806.UG.FTS.B, 29.48%, 4/22/24
      214       217  
992381017.UG.FTS.B, 29.48%, 4/22/24
      65       5  
992406664.UG.FTS.B, 29.48%, 4/22/24
      107       109  
992411120.UG.FTS.B, 29.48%, 4/22/24
      –       –  
992442535.UG.FTS.B, 29.48%, 4/22/24
      140       142  
992583462.UG.FTS.B, 29.48%, 4/22/24
      30       30  
992362198.UG.FTS.B, 29.49%, 4/22/24
      161       11  
992365800.UG.FTS.B, 29.49%, 4/22/24
      81       82  
992367708.UG.FTS.B, 29.49%, 4/22/24
      137       139  
992372978.UG.FTS.B, 29.49%, 4/22/24
      59       60  
 
       
86       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
 
992375978.UG.FTS.B, 29.49%, 4/22/24
    $ 36     $ 36  
992378163.UG.FTS.B, 29.49%, 4/22/24
      382       388  
992381453.UG.FTS.B, 29.49%, 4/22/24
      25       25  
992384283.UG.FTS.B, 29.49%, 4/22/24
      41       42  
992392486.UG.FTS.B, 29.49%, 4/22/24
      22       22  
992393895.UG.FTS.B, 29.49%, 4/22/24
      30       31  
992394285.UG.FTS.B, 29.49%, 4/22/24
      1        1   
992394919.UG.FTS.B, 29.49%, 4/22/24
      99       101  
992395126.UG.FTS.B, 29.49%, 4/22/24
      20       21  
992396949.UG.FTS.B, 29.49%, 4/22/24
      163       11  
992398795.UG.FTS.B, 29.49%, 4/22/24
      9       9  
992399923.UG.FTS.B, 29.49%, 4/22/24
      27       27  
992407616.UG.FTS.B, 29.49%, 4/22/24
      39       40  
992408959.UG.FTS.B, 29.49%, 4/22/24
      52       53  
992411219.UG.FTS.B, 29.49%, 4/22/24
      66       67  
992417840.UG.FTS.B, 29.49%, 4/22/24
      96       97  
992419162.UG.FTS.B, 29.49%, 4/22/24
      104       106  
992419762.UG.FTS.B, 29.49%, 4/22/24
      23       23  
992424876.UG.FTS.B, 29.49%, 4/22/24
      73       74  
992443674.UG.FTS.B, 29.49%, 4/22/24
      43       3  
992452791.UG.FTS.B, 29.49%, 4/22/24
      108       109  
992456646.UG.FTS.B, 29.49%, 4/22/24
      32       32  
992466186.UG.FTS.B, 29.49%, 4/22/24
      26       26  
992472499.UG.FTS.B, 29.49%, 4/22/24
      46       47  
992475729.UG.FTS.B, 29.49%, 4/22/24
      –       –  
992476533.UG.FTS.B, 29.49%, 4/22/24
      144         147  
992482688.UG.FTS.B, 29.49%, 4/22/24
      38       39  
992482970.UG.FTS.B, 29.49%, 4/22/24
      28       28  
992485368.UG.FTS.B, 29.49%, 4/22/24
      93       95  
992493485.UG.FTS.B, 29.49%, 4/22/24
      33       34  
992498054.UG.FTS.B, 29.49%, 4/22/24
      38       38  
992499024.UG.FTS.B, 29.49%, 4/22/24
      36       36  
992511791.UG.FTS.B, 29.49%, 4/22/24
      33       33  
992528399.UG.FTS.B, 29.49%, 4/22/24
      21       21  
992531260.UG.FTS.B, 29.49%, 4/22/24
      103       104  
992532101.UG.FTS.B, 29.49%, 4/22/24
      7       7  
992536091.UG.FTS.B, 29.49%, 4/22/24
      342       346  
992536205.UG.FTS.B, 29.49%, 4/22/24
      33       33  
992536234.UG.FTS.B, 29.49%, 4/22/24
      168       169  
992569703.UG.FTS.B, 29.49%, 4/22/24
      109       110  
992572323.UG.FTS.B, 29.49%, 4/22/24
      167       168  
992576869.UG.FTS.B, 29.49%, 4/22/24
      184       186  
992585426.UG.FTS.B, 29.49%, 4/22/24
      63       64  
992602886.UG.FTS.B, 29.49%, 4/22/24
      308       311  
992606898.UG.FTS.B, 29.49%, 4/22/24
      24       24  
992625838.UG.FTS.B, 29.49%, 4/22/24
      13       13  
992446560.UG.FTS.B, 29.48%, 5/16/24
      17       16  
992154424.UG.FTS.B, 27.99%, 5/18/24
      26       23  
992114050.UG.FTS.B, 29.49%, 5/20/24
      43       44  
992509371.UG.FTS.B, 29.49%, 5/20/24
      28       28  
991886867.UG.FTS.B, 29.49%, 5/23/24
      147       151  
991866886.UG.FTS.B, 18.47%, 5/24/24
      245       247  
992065171.UG.FTS.B, 29.49%, 6/07/24
      153       155  
991988264.UG.FTS.B, 29.49%, 6/08/24
      116       104  
992029501.UG.FTS.B, 29.49%, 6/08/24
      26       27  
991994214.UG.FTS.B, 29.48%, 6/09/24
      271       275  
992249113.UG.FTS.B, 29.49%, 6/11/24
      9       9  
992235610.UG.FTS.B, 28.48%, 6/12/24
      21       19  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992371231.UG.FTS.B, 27.99%, 6/18/24
    $ 46     $ 38  
992177179.UG.FTS.B, 25.44%, 6/20/24
      148       130  
992634019.UG.FTS.B, 28.48%, 6/20/24
      35       35  
992142473.UG.FTS.B, 29.48%, 6/20/24
      181       183  
992094074.UG.FTS.B, 29.49%, 6/20/24
      54       4  
992103503.UG.FTS.B, 29.49%, 6/20/24
      87       88  
992190869.UG.FTS.B, 29.49%, 6/20/24
      265        19   
992480966.UG.FTS.B, 29.49%, 6/20/24
      63       64  
992102544.UG.FTS.B, 28.48%, 6/23/24
      24       23  
992202635.UG.FTS.B, 20.96%, 6/29/24
      75       75  
992214868.UG.FTS.B, 26.44%, 7/03/24
      294         294  
992282729.UG.FTS.B, 20.47%, 7/11/24
      1,475       104  
992308240.UG.FTS.B, 29.49%, 7/14/24
      81       77  
992308596.UG.FTS.B, 29.49%, 7/14/24
      138       141  
992609319.UG.FTS.B, 29.49%, 7/17/24
      471       8  
992362358.UG.FTS.B, 29.48%, 7/18/24
      52       54  
992353094.UG.FTS.B, 29.49%, 7/18/24
      132       21  
992359352.UG.FTS.B, 29.49%, 7/18/24
      131       135  
992356174.UG.FTS.B, 28.48%, 7/19/24
      75       6  
992401061.UG.FTS.B, 29.49%, 7/19/24
      41       42  
992538707.UG.FTS.B, 29.48%, 7/20/24
      44       45  
992167691.UG.FTS.B, 29.49%, 7/20/24
      61       62  
992416487.UG.FTS.B, 29.49%, 7/20/24
      42       43  
992494486.UG.FTS.B, 29.49%, 7/20/24
      57       4  
992077860.UG.FTS.B, 29.49%, 7/23/24
      36       37  
992078704.UG.FTS.B, 29.49%, 7/23/24
      32       32  
991991716.UG.FTS.B, 29.48%, 8/09/24
      377       26  
992211232.UG.FTS.B, 29.49%, 8/20/24
      55       47  
992203622.UG.FTS.B, 16.49%, 8/30/24
      182       26  
992205418.UG.FTS.B, 26.44%, 9/03/24
      39       39  
991953930.UG.FTS.B, 29.49%, 9/06/24
      36       32  
992091528.UG.FTS.B, 29.46%, 9/08/24
      43       –  
991995732.UG.FTS.B, 29.49%, 9/08/24
      59       60  
992082784.UG.FTS.B, 29.49%, 9/08/24
      77       67  
992298353.UG.FTS.B, 29.48%, 9/13/24
      546       555  
992196449.UG.FTS.B, 29.49%, 9/18/24
      104       107  
992485283.UG.FTS.B, 29.49%, 9/20/24
      43       36  
992192015.UG.FTS.B, 23.45%, 9/30/24
      80       6  
992146186.UG.FTS.B, 28.48%, 10/08/24
      82       25  
992367548.UG.FTS.B, 29.45%, 10/20/24
      44       46  
992074978.UG.FTS.B, 29.49%, 11/20/24
      107       –  
992616538.UG.FTS.B, 29.49%, 12/20/24
      87       –  
992179184.UG.FTS.B, 19.8%, 12/30/24
      60       16  
991980947.UG.FTS.B, 19.21%, 2/19/25
      –       –  
992521854.UG.FTS.B, 28.98%, 2/20/25
      66       69  
992456807.UG.FTS.B, 29.49%, 2/20/25
      93       75  
991848979.UG.FTS.B, 19.21%, 2/23/25
      11       11  
991951293.UG.FTS.B, 19.21%, 2/23/25
      160       160  
991870310.UG.FTS.B, 19.99%, 2/23/25
      71       72  
991958243.UG.FTS.B, 19.99%, 2/23/25
      68       69  
992099081.UG.FTS.B, 19.99%, 2/23/25
      670       698  
991898820.UG.FTS.B, 20.46%, 2/23/25
      182       186  
991857987.UG.FTS.B, 21.46%, 2/23/25
      155       160  
991850018.UG.FTS.B, 28.98%, 2/23/25
      140       146  
991850458.UG.FTS.B, 28.98%, 2/23/25
      245       248  
991855922.UG.FTS.B, 28.98%, 2/23/25
      333       347  
991857540.UG.FTS.B, 28.98%, 2/23/25
      241       253  
991862467.UG.FTS.B, 28.98%, 2/23/25
      129       135  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       87
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
991883597.UG.FTS.B, 28.98%, 2/23/25
    $ 73     $ 73  
991885208.UG.FTS.B, 28.98%, 2/23/25
      154       157  
991942115.UG.FTS.B, 28.98%, 2/23/25
      108       111  
991947006.UG.FTS.B, 28.98%, 2/23/25
      337       349  
991949036.UG.FTS.B, 28.98%, 2/23/25
      48       49  
991964351.UG.FTS.B, 28.98%, 2/23/25
      489       513  
991979851.UG.FTS.B, 28.98%, 2/23/25
      263        274   
992080455.UG.FTS.B, 28.98%, 2/23/25
      145       21  
992097053.UG.FTS.B, 28.98%, 2/23/25
      404       419  
991847993.UG.FTS.B, 29.49%, 2/23/25
      7       7  
991858389.UG.FTS.B, 29.49%, 2/23/25
      46       48  
991859751.UG.FTS.B, 29.49%, 2/23/25
      104       108  
991877149.UG.FTS.B, 29.49%, 2/23/25
      1,453        1,525  
991879861.UG.FTS.B, 29.49%, 2/23/25
      85       8  
991898313.UG.FTS.B, 29.49%, 2/23/25
      43       45  
991955703.UG.FTS.B, 29.49%, 2/23/25
      883       915  
991990365.UG.FTS.B, 29.49%, 2/23/25
      76       12  
992055313.UG.FTS.B, 29.49%, 2/23/25
      136       142  
992100429.UG.FTS.B, 29.49%, 2/23/25
      204       207  
992102941.UG.FTS.B, 29.49%, 2/23/25
      1,919       2,006  
992103021.UG.FTS.B, 29.49%, 2/23/25
      534       558  
992095631.UG.FTS.B, 15%, 2/24/25
      64       65  
991875724.UG.FTS.B, 19.21%, 2/24/25
      24       24  
991858814.UG.FTS.B, 19.99%, 2/24/25
      276       37  
992022838.UG.FTS.B, 19.99%, 2/24/25
      105       106  
991917948.UG.FTS.B, 20.46%, 2/24/25
      695       713  
991861717.UG.FTS.B, 21.46%, 2/24/25
      412       424  
991881531.UG.FTS.B, 28.98%, 2/24/25
      108       113  
991950991.UG.FTS.B, 28.98%, 2/24/25
      196       205  
992070983.UG.FTS.B, 28.98%, 2/24/25
      248       258  
992095946.UG.FTS.B, 28.98%, 2/24/25
      –       –  
991856323.UG.FTS.B, 29.49%, 2/24/25
      589       604  
991857305.UG.FTS.B, 29.49%, 2/24/25
      111       113  
991857701.UG.FTS.B, 29.49%, 2/24/25
      370       389  
991864922.UG.FTS.B, 29.49%, 2/24/25
      3       3  
991996253.UG.FTS.B, 29.49%, 2/24/25
      224       234  
992017493.UG.FTS.B, 29.49%, 2/24/25
      119       124  
992051195.UG.FTS.B, 29.49%, 2/24/25
      74       77  
992103466.UG.FTS.B, 29.49%, 2/24/25
      270       7  
992102508.UG.FTS.B, 19.21%, 2/25/25
      309       316  
992085534.UG.FTS.B, 19.8%, 2/25/25
      88       89  
992101988.UG.FTS.B, 19.8%, 2/25/25
      917       937  
992062353.UG.FTS.B, 20.46%, 2/25/25
      47       48  
991868821.UG.FTS.B, 28.98%, 2/25/25
      557       579  
991885747.UG.FTS.B, 28.98%, 2/25/25
      344       361  
991918949.UG.FTS.B, 28.98%, 2/25/25
      227       235  
992022832.UG.FTS.B, 28.98%, 2/25/25
      –       –  
991884399.UG.FTS.B, 29.49%, 2/25/25
      80       82  
991930137.UG.FTS.B, 29.49%, 2/25/25
      103       106  
992099082.UG.FTS.B, 29.49%, 2/25/25
      870       909  
992102475.UG.FTS.B, 29.49%, 2/25/25
      1,151       1,169  
991896054.UG.FTS.B, 15.97%, 3/03/25
      522       532  
991953301.UG.FTS.B, 16.99%, 3/04/25
      401       401  
991901307.UG.FTS.B, 17.97%, 3/04/25
      45       44  
992003521.UG.FTS.B, 17.99%, 3/04/25
      242       247  
991972238.UG.FTS.B, 15.97%, 3/05/25
      154       155  
991911402.UG.FTS.B, 16.99%, 3/05/25
      339       40  
991938779.UG.FTS.B, 16.99%, 3/05/25
      105       12  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
991933144.UG.FTS.B, 17.97%, 3/05/25
    $ 125     $ 31  
992030620.UG.FTS.B, 17.99%, 3/05/25
      83       83  
992082342.UG.FTS.B, 17.99%, 3/05/25
      97       97  
992122276.UG.FTS.B, 17.99%, 3/05/25
      –       –  
992176129.UG.FTS.B, 14.97%, 3/06/25
      341       87  
991934175.UG.FTS.B, 15%, 3/06/25
      234       239  
991965195.UG.FTS.B, 16.99%, 3/06/25
      125        128   
991976215.UG.FTS.B, 16.99%, 3/06/25
      386       394  
991992407.UG.FTS.B, 16.99%, 3/06/25
      106       107  
991932344.UG.FTS.B, 17.97%, 3/06/25
      55       56  
991964363.UG.FTS.B, 17.97%, 3/06/25
      96       98  
992007661.UG.FTS.B, 17.99%, 3/06/25
      485       494  
992104600.UG.FTS.B, 17.99%, 3/06/25
      514       525  
992187270.UG.FTS.B, 17.99%, 3/06/25
      13       13  
991960077.UG.FTS.B, 19.99%, 3/06/25
      35       35  
991955582.UG.FTS.B, 29.46%, 3/06/25
      18       18  
992138560.UG.FTS.B, 29.47%, 3/06/25
      19       19  
991945378.UG.FTS.B, 15%, 3/07/25
      106       1  
992092422.UG.FTS.B, 15.97%, 3/07/25
      396         403  
992148536.UG.FTS.B, 16.99%, 3/07/25
      112       113  
992024120.UG.FTS.B, 17.99%, 3/07/25
      102       104  
991991290.UG.FTS.B, 29.47%, 3/07/25
      20       20  
991992823.UG.FTS.B, 29.49%, 3/07/25
      37       37  
991999086.UG.FTS.B, 15.97%, 3/08/25
      44       45  
992067831.UG.FTS.B, 16.99%, 3/08/25
      73       75  
992167995.UG.FTS.B, 16.99%, 3/08/25
      603       159  
992204207.UG.FTS.B, 16.99%, 3/08/25
      88       23  
992054524.UG.FTS.B, 17.99%, 3/08/25
      438       446  
992120582.UG.FTS.B, 19.99%, 3/08/25
      16       16  
992148579.UG.FTS.B, 27.95%, 3/08/25
      55       56  
992023183.UG.FTS.B, 28.98%, 3/08/25
      32       32  
992025712.UG.FTS.B, 28.98%, 3/08/25
      13       13  
992058166.UG.FTS.B, 28.98%, 3/08/25
      26       26  
992134748.UG.FTS.B, 28.98%, 3/08/25
      12       12  
992157584.UG.FTS.B, 28.98%, 3/08/25
      848       861  
992226073.UG.FTS.B, 28.98%, 3/08/25
      30       31  
992239900.UG.FTS.B, 28.98%, 3/08/25
      8       8  
992027450.UG.FTS.B, 29.45%, 3/08/25
      22       22  
991967022.UG.FTS.B, 29.49%, 3/08/25
      17       17  
992040296.UG.FTS.B, 29.49%, 3/08/25
      39       40  
992043880.UG.FTS.B, 29.49%, 3/08/25
      44       45  
992176883.UG.FTS.B, 29.49%, 3/08/25
      12       12  
991962073.UG.FTS.B, 15.97%, 3/09/25
      330       337  
992045994.UG.FTS.B, 15.97%, 3/09/25
      166       168  
992093111.UG.FTS.B, 15.97%, 3/09/25
      44       44  
992088368.UG.FTS.B, 17.99%, 3/09/25
      115       117  
992158284.UG.FTS.B, 17.99%, 3/09/25
      337       344  
992185435.UG.FTS.B, 17.99%, 3/09/25
      1,117       1,134  
991951113.UG.FTS.B, 19.99%, 3/09/25
      907       933  
992214049.UG.FTS.B, 19.99%, 3/09/25
      77       80  
991990538.UG.FTS.B, 27.95%, 3/09/25
      3       3  
992005128.UG.FTS.B, 27.99%, 3/09/25
      29       30  
992221115.UG.FTS.B, 27.99%, 3/09/25
      106       110  
991946846.UG.FTS.B, 28.98%, 3/09/25
      419       55  
991946853.UG.FTS.B, 28.98%, 3/09/25
      191       191  
991947597.UG.FTS.B, 28.98%, 3/09/25
      200       208  
991951985.UG.FTS.B, 28.98%, 3/09/25
      588       612  
991953091.UG.FTS.B, 28.98%, 3/09/25
      798       809  
 
       
88       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
 
991956904.UG.FTS.B, 28.98%, 3/09/25
    $ 42     $ 3  
991958281.UG.FTS.B, 28.98%, 3/09/25
      687       709  
991961425.UG.FTS.B, 28.98%, 3/09/25
      315       328  
991990987.UG.FTS.B, 28.98%, 3/09/25
      766       799  
992010855.UG.FTS.B, 28.98%, 3/09/25
      2,413       2,495  
992051684.UG.FTS.B, 28.98%, 3/09/25
      196       204  
992072527.UG.FTS.B, 28.98%, 3/09/25
      27        27   
992085211.UG.FTS.B, 28.98%, 3/09/25
      342       353  
992087976.UG.FTS.B, 28.98%, 3/09/25
      29       29  
992151766.UG.FTS.B, 28.98%, 3/09/25
      6       6  
992211701.UG.FTS.B, 28.98%, 3/09/25
      132       136  
991989181.UG.FTS.B, 29.46%, 3/09/25
      21       21  
992001280.UG.FTS.B, 29.46%, 3/09/25
      269       38  
992221812.UG.FTS.B, 29.46%, 3/09/25
      113       117  
991953775.UG.FTS.B, 29.47%, 3/09/25
      224       235  
992058926.UG.FTS.B, 29.47%, 3/09/25
      370       374  
992226909.UG.FTS.B, 29.48%, 3/09/25
      54       55  
991948233.UG.FTS.B, 29.49%, 3/09/25
      45       45  
991949833.UG.FTS.B, 29.49%, 3/09/25
      78       81  
991951547.UG.FTS.B, 29.49%, 3/09/25
      111       115  
991952166.UG.FTS.B, 29.49%, 3/09/25
      489       513  
991954696.UG.FTS.B, 29.49%, 3/09/25
      107       112  
991971585.UG.FTS.B, 29.49%, 3/09/25
      203       205  
991980308.UG.FTS.B, 29.49%, 3/09/25
      133       139  
991983473.UG.FTS.B, 29.49%, 3/09/25
      542       561  
991998692.UG.FTS.B, 29.49%, 3/09/25
      1,055        1,094  
992001551.UG.FTS.B, 29.49%, 3/09/25
      10       10  
992059724.UG.FTS.B, 29.49%, 3/09/25
      53       54  
992088547.UG.FTS.B, 29.49%, 3/09/25
      13       14  
992132486.UG.FTS.B, 29.49%, 3/09/25
      6       6  
992147169.UG.FTS.B, 29.49%, 3/09/25
      12       12  
992205759.UG.FTS.B, 29.49%, 3/09/25
      10       10  
992211648.UG.FTS.B, 29.49%, 3/09/25
      106       28  
992212611.UG.FTS.B, 29.49%, 3/09/25
      253       261  
992253395.UG.FTS.B, 29.49%, 3/09/25
      19       19  
991997245.UG.FTS.B, 19.99%, 3/10/25
      124       129  
992032415.UG.FTS.B, 19.99%, 3/10/25
      351       366  
991957178.UG.FTS.B, 28.98%, 3/10/25
      267       277  
991958934.UG.FTS.B, 28.98%, 3/10/25
      137       143  
991968026.UG.FTS.B, 28.98%, 3/10/25
      667       689  
991974510.UG.FTS.B, 28.98%, 3/10/25
      248       255  
992027655.UG.FTS.B, 28.98%, 3/10/25
      –       –  
992033842.UG.FTS.B, 28.98%, 3/10/25
      159       166  
992060387.UG.FTS.B, 28.98%, 3/10/25
      168       174  
992143690.UG.FTS.B, 28.98%, 3/10/25
      75       78  
992229139.UG.FTS.B, 28.98%, 3/10/25
      1,324       1,343  
992234778.UG.FTS.B, 28.98%, 3/10/25
      98       101  
992061277.UG.FTS.B, 29.46%, 3/10/25
      357       371  
991959464.UG.FTS.B, 29.47%, 3/10/25
      359       370  
992061694.UG.FTS.B, 29.47%, 3/10/25
      136       36  
992139536.UG.FTS.B, 29.47%, 3/10/25
      595       608  
991954960.UG.FTS.B, 29.49%, 3/10/25
      188       192  
991957562.UG.FTS.B, 29.49%, 3/10/25
      104       109  
991960347.UG.FTS.B, 29.49%, 3/10/25
      148       149  
991972068.UG.FTS.B, 29.49%, 3/10/25
      197       206  
991972794.UG.FTS.B, 29.49%, 3/10/25
      688       690  
991986855.UG.FTS.B, 29.49%, 3/10/25
      78       82  
991986924.UG.FTS.B, 29.49%, 3/10/25
      100       104  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
991987090.UG.FTS.B, 29.49%, 3/10/25
    $ 169     $ 174  
992024541.UG.FTS.B, 29.49%, 3/10/25
      260       268  
992084912.UG.FTS.B, 29.49%, 3/10/25
      703       728  
992189126.UG.FTS.B, 29.49%, 3/10/25
      92       15  
992222709.UG.FTS.B, 29.49%, 3/10/25
      76       77  
992229344.UG.FTS.B, 29.49%, 3/10/25
      178       178  
991968447.UG.FTS.B, 19.99%, 3/11/25
      577        587   
991968635.UG.FTS.B, 19.99%, 3/11/25
      981       1,017  
991970440.UG.FTS.B, 19.99%, 3/11/25
      159       –  
992025841.UG.FTS.B, 19.99%, 3/11/25
      34       2  
992026254.UG.FTS.B, 19.99%, 3/11/25
      259       261  
992028614.UG.FTS.B, 19.99%, 3/11/25
      115       118  
992029328.UG.FTS.B, 19.99%, 3/11/25
      84       22  
992030511.UG.FTS.B, 19.99%, 3/11/25
      17       18  
992034460.UG.FTS.B, 19.99%, 3/11/25
      147       153  
992049367.UG.FTS.B, 19.99%, 3/11/25
      125       131  
992119841.UG.FTS.B, 19.99%, 3/11/25
      70       73  
992156714.UG.FTS.B, 19.99%, 3/11/25
      170       176  
992159439.UG.FTS.B, 19.99%, 3/11/25
      359       373  
992172074.UG.FTS.B, 19.99%, 3/11/25
      277       281  
992208823.UG.FTS.B, 19.99%, 3/11/25
      75       76  
992238523.UG.FTS.B, 19.99%, 3/11/25
      488       504  
992240522.UG.FTS.B, 19.99%, 3/11/25
      27       27  
992244571.UG.FTS.B, 19.99%, 3/11/25
      139         144  
991969813.UG.FTS.B, 27.95%, 3/11/25
      119       8  
991977566.UG.FTS.B, 27.95%, 3/11/25
      102       18  
991981186.UG.FTS.B, 27.95%, 3/11/25
      114       119  
991993621.UG.FTS.B, 27.95%, 3/11/25
      31       31  
992012687.UG.FTS.B, 27.95%, 3/11/25
      433       29  
991971937.UG.FTS.B, 27.99%, 3/11/25
      106       108  
992004287.UG.FTS.B, 27.99%, 3/11/25
      48       48  
992027907.UG.FTS.B, 27.99%, 3/11/25
      36       37  
992048043.UG.FTS.B, 27.99%, 3/11/25
      60       63  
992145143.UG.FTS.B, 27.99%, 3/11/25
      144       149  
991967251.UG.FTS.B, 28.98%, 3/11/25
      47       48  
991968337.UG.FTS.B, 28.98%, 3/11/25
      24       25  
991968741.UG.FTS.B, 28.98%, 3/11/25
      82       82  
991969940.UG.FTS.B, 28.98%, 3/11/25
      80       82  
991970346.UG.FTS.B, 28.98%, 3/11/25
      508       530  
991970931.UG.FTS.B, 28.98%, 3/11/25
      11       11  
991971916.UG.FTS.B, 28.98%, 3/11/25
      133       137  
991972362.UG.FTS.B, 28.98%, 3/11/25
      149       156  
991973560.UG.FTS.B, 28.98%, 3/11/25
      22       23  
991974107.UG.FTS.B, 28.98%, 3/11/25
      101       105  
991974854.UG.FTS.B, 28.98%, 3/11/25
      1,482       1,539  
991975165.UG.FTS.B, 28.98%, 3/11/25
      150       157  
991978841.UG.FTS.B, 28.98%, 3/11/25
      279       291  
991978961.UG.FTS.B, 28.98%, 3/11/25
      77       79  
991980616.UG.FTS.B, 28.98%, 3/11/25
      207       212  
991980716.UG.FTS.B, 28.98%, 3/11/25
      640       667  
991981032.UG.FTS.B, 28.98%, 3/11/25
      64       17  
991982793.UG.FTS.B, 28.98%, 3/11/25
      48       49  
991984407.UG.FTS.B, 28.98%, 3/11/25
      2       2  
991989952.UG.FTS.B, 28.98%, 3/11/25
      489       60  
991995958.UG.FTS.B, 28.98%, 3/11/25
      114       116  
991997912.UG.FTS.B, 28.98%, 3/11/25
      465       483  
991999549.UG.FTS.B, 28.98%, 3/11/25
      267       278  
992000896.UG.FTS.B, 28.98%, 3/11/25
      136       139  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       89
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
 
992001193.UG.FTS.B, 28.98%, 3/11/25
    $ –     $ –  
992011471.UG.FTS.B, 28.98%, 3/11/25
      478       494  
992016038.UG.FTS.B, 28.98%, 3/11/25
      108       110  
992016258.UG.FTS.B, 28.98%, 3/11/25
      326       337  
992023534.UG.FTS.B, 28.98%, 3/11/25
      62       63  
992025833.UG.FTS.B, 28.98%, 3/11/25
      15       15  
992037045.UG.FTS.B, 28.98%, 3/11/25
      335        342   
992037522.UG.FTS.B, 28.98%, 3/11/25
      159       162  
992040822.UG.FTS.B, 28.98%, 3/11/25
      595       621  
992047309.UG.FTS.B, 28.98%, 3/11/25
      791       825  
992047615.UG.FTS.B, 28.98%, 3/11/25
      811       835  
992051819.UG.FTS.B, 28.98%, 3/11/25
      23       23  
992053296.UG.FTS.B, 28.98%, 3/11/25
      357       368  
992058151.UG.FTS.B, 28.98%, 3/11/25
      127       128  
992058413.UG.FTS.B, 28.98%, 3/11/25
      144       151  
992059286.UG.FTS.B, 28.98%, 3/11/25
      126       130  
992063791.UG.FTS.B, 28.98%, 3/11/25
      202       211  
992066045.UG.FTS.B, 28.98%, 3/11/25
      632       659  
992081943.UG.FTS.B, 28.98%, 3/11/25
      487       494  
992087191.UG.FTS.B, 28.98%, 3/11/25
      71       74  
992089935.UG.FTS.B, 28.98%, 3/11/25
      326       328  
992097011.UG.FTS.B, 28.98%, 3/11/25
      78       80  
992103031.UG.FTS.B, 28.98%, 3/11/25
      447       –  
992103102.UG.FTS.B, 28.98%, 3/11/25
      919       952  
992107143.UG.FTS.B, 28.98%, 3/11/25
      127       132  
992108750.UG.FTS.B, 28.98%, 3/11/25
      51       52  
992126188.UG.FTS.B, 28.98%, 3/11/25
      2       2  
992132545.UG.FTS.B, 28.98%, 3/11/25
      131       137  
992148737.UG.FTS.B, 28.98%, 3/11/25
      226       229  
992154044.UG.FTS.B, 28.98%, 3/11/25
      24       24  
992164863.UG.FTS.B, 28.98%, 3/11/25
      110       115  
992170854.UG.FTS.B, 28.98%, 3/11/25
      –       –  
992181823.UG.FTS.B, 28.98%, 3/11/25
      252       261  
992182107.UG.FTS.B, 28.98%, 3/11/25
      244       252  
992203919.UG.FTS.B, 28.98%, 3/11/25
      36       37  
992212028.UG.FTS.B, 28.98%, 3/11/25
      201       208  
992222254.UG.FTS.B, 28.98%, 3/11/25
      8       8  
992233151.UG.FTS.B, 28.98%, 3/11/25
      6       6  
992238338.UG.FTS.B, 28.98%, 3/11/25
      102       7  
992239076.UG.FTS.B, 28.98%, 3/11/25
      249       257  
992248314.UG.FTS.B, 28.98%, 3/11/25
      259         268  
992029745.UG.FTS.B, 29.45%, 3/11/25
      58       60  
991963425.UG.FTS.B, 29.46%, 3/11/25
      199       112  
991968571.UG.FTS.B, 29.46%, 3/11/25
      236       235  
991988255.UG.FTS.B, 29.46%, 3/11/25
      174       182  
991991096.UG.FTS.B, 29.46%, 3/11/25
      183       190  
991993331.UG.FTS.B, 29.46%, 3/11/25
      177       182  
992006452.UG.FTS.B, 29.46%, 3/11/25
      268       275  
992044734.UG.FTS.B, 29.46%, 3/11/25
      247       65  
992079289.UG.FTS.B, 29.46%, 3/11/25
      66       66  
992120587.UG.FTS.B, 29.46%, 3/11/25
      122       127  
992154627.UG.FTS.B, 29.46%, 3/11/25
      96       97  
992158845.UG.FTS.B, 29.46%, 3/11/25
      203       208  
992201881.UG.FTS.B, 29.46%, 3/11/25
      177       181  
991971148.UG.FTS.B, 29.47%, 3/11/25
      609       173  
991984009.UG.FTS.B, 29.47%, 3/11/25
      377       395  
991991818.UG.FTS.B, 29.47%, 3/11/25
      95       7  
992011703.UG.FTS.B, 29.47%, 3/11/25
      126       131  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992017890.UG.FTS.B, 29.47%, 3/11/25
    $ 59     $ 60  
992100125.UG.FTS.B, 29.47%, 3/11/25
      200       204  
992214422.UG.FTS.B, 29.47%, 3/11/25
      91       95  
991967374.UG.FTS.B, 29.48%, 3/11/25
      172       181  
991980731.UG.FTS.B, 29.48%, 3/11/25
      84       88  
992029150.UG.FTS.B, 29.48%, 3/11/25
      116       17  
992063913.UG.FTS.B, 29.48%, 3/11/25
      265        72   
992070566.UG.FTS.B, 29.48%, 3/11/25
      207       217  
992072427.UG.FTS.B, 29.48%, 3/11/25
      265       267  
991964812.UG.FTS.B, 29.49%, 3/11/25
      882       61  
991965941.UG.FTS.B, 29.49%, 3/11/25
      144       38  
991966429.UG.FTS.B, 29.49%, 3/11/25
      34       35  
991966840.UG.FTS.B, 29.49%, 3/11/25
      350       364  
991967604.UG.FTS.B, 29.49%, 3/11/25
      63       66  
991967652.UG.FTS.B, 29.49%, 3/11/25
      22       22  
991969491.UG.FTS.B, 29.49%, 3/11/25
      444       149  
991970083.UG.FTS.B, 29.49%, 3/11/25
      82       87  
991970299.UG.FTS.B, 29.49%, 3/11/25
      55       16  
991973725.UG.FTS.B, 29.49%, 3/11/25
      456       32  
991978479.UG.FTS.B, 29.49%, 3/11/25
      159       41  
991979745.UG.FTS.B, 29.49%, 3/11/25
      393       408  
991980333.UG.FTS.B, 29.49%, 3/11/25
      128       129  
991983215.UG.FTS.B, 29.49%, 3/11/25
      63       –  
991984234.UG.FTS.B, 29.49%, 3/11/25
      72       72  
991987180.UG.FTS.B, 29.49%, 3/11/25
      98       101  
991988975.UG.FTS.B, 29.49%, 3/11/25
      49       15  
991992147.UG.FTS.B, 29.49%, 3/11/25
      354       362  
991995847.UG.FTS.B, 29.49%, 3/11/25
      33       13  
992000864.UG.FTS.B, 29.49%, 3/11/25
      147         146  
992001512.UG.FTS.B, 29.49%, 3/11/25
      5       5  
992003237.UG.FTS.B, 29.49%, 3/11/25
      429       440  
992005349.UG.FTS.B, 29.49%, 3/11/25
      212       29  
992007891.UG.FTS.B, 29.49%, 3/11/25
      107       112  
992011020.UG.FTS.B, 29.49%, 3/11/25
      90       93  
992020484.UG.FTS.B, 29.49%, 3/11/25
      208       212  
992021917.UG.FTS.B, 29.49%, 3/11/25
      80       80  
992024970.UG.FTS.B, 29.49%, 3/11/25
      1,447       1,509  
992025369.UG.FTS.B, 29.49%, 3/11/25
      54       55  
992027348.UG.FTS.B, 29.49%, 3/11/25
      65       67  
992028716.UG.FTS.B, 29.49%, 3/11/25
      110       110  
992035063.UG.FTS.B, 29.49%, 3/11/25
      260       262  
992036479.UG.FTS.B, 29.49%, 3/11/25
      189       198  
992037631.UG.FTS.B, 29.49%, 3/11/25
      93       97  
992042561.UG.FTS.B, 29.49%, 3/11/25
      29       2  
992046940.UG.FTS.B, 29.49%, 3/11/25
      271       271  
992065664.UG.FTS.B, 29.49%, 3/11/25
      1,123       1,171  
992066264.UG.FTS.B, 29.49%, 3/11/25
      208       213  
992071400.UG.FTS.B, 29.49%, 3/11/25
      391       408  
992073550.UG.FTS.B, 29.49%, 3/11/25
      141       145  
992074666.UG.FTS.B, 29.49%, 3/11/25
      69       72  
992081049.UG.FTS.B, 29.49%, 3/11/25
      117       123  
992082171.UG.FTS.B, 29.49%, 3/11/25
      269       282  
992084727.UG.FTS.B, 29.49%, 3/11/25
      224       232  
992085469.UG.FTS.B, 29.49%, 3/11/25
      216       220  
992086252.UG.FTS.B, 29.49%, 3/11/25
      175       183  
992086896.UG.FTS.B, 29.49%, 3/11/25
      70       –  
992088861.UG.FTS.B, 29.49%, 3/11/25
      134       140  
992093860.UG.FTS.B, 29.49%, 3/11/25
      51       51  
 
       
90       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
992107551.UG.FTS.B, 29.49%, 3/11/25
    $ 228     $ 233  
992109311.UG.FTS.B, 29.49%, 3/11/25
      197       201  
992111302.UG.FTS.B, 29.49%, 3/11/25
      8       8  
992123707.UG.FTS.B, 29.49%, 3/11/25
      1,049       1,089  
992126616.UG.FTS.B, 29.49%, 3/11/25
      81       34  
992151581.UG.FTS.B, 29.49%, 3/11/25
      28       28  
992170616.UG.FTS.B, 29.49%, 3/11/25
      166        171   
992172061.UG.FTS.B, 29.49%, 3/11/25
      98       99  
992179156.UG.FTS.B, 29.49%, 3/11/25
      13       13  
992188521.UG.FTS.B, 29.49%, 3/11/25
      231       65  
992195040.UG.FTS.B, 29.49%, 3/11/25
      76       78  
992196015.UG.FTS.B, 29.49%, 3/11/25
      1,096       1,114  
992202400.UG.FTS.B, 29.49%, 3/11/25
      97       101  
992217835.UG.FTS.B, 29.49%, 3/11/25
      157       163  
992217989.UG.FTS.B, 29.49%, 3/11/25
      1,460       1,516  
992235769.UG.FTS.B, 29.49%, 3/11/25
      81       84  
992248004.UG.FTS.B, 29.49%, 3/11/25
      780       809  
991974684.UG.FTS.B, 19.99%, 3/12/25
      89       93  
991986121.UG.FTS.B, 19.99%, 3/12/25
      1,038       1,083  
991987773.UG.FTS.B, 19.99%, 3/12/25
      2,450       2,554  
991990312.UG.FTS.B, 19.99%, 3/12/25
      937       978  
991990562.UG.FTS.B, 19.99%, 3/12/25
      146       153  
991992249.UG.FTS.B, 19.99%, 3/12/25
      1,879       1,895  
991993356.UG.FTS.B, 19.99%, 3/12/25
      354       355  
991993747.UG.FTS.B, 19.99%, 3/12/25
      102       106  
991996094.UG.FTS.B, 19.99%, 3/12/25
      130       133  
991998238.UG.FTS.B, 19.99%, 3/12/25
      2,786       2,858  
991999661.UG.FTS.B, 19.99%, 3/12/25
      315       329  
992005951.UG.FTS.B, 19.99%, 3/12/25
      485       491  
992017079.UG.FTS.B, 19.99%, 3/12/25
      87       11  
992023200.UG.FTS.B, 19.99%, 3/12/25
      296       309  
992059475.UG.FTS.B, 19.99%, 3/12/25
      270       19  
992074963.UG.FTS.B, 19.99%, 3/12/25
      37       15  
992101937.UG.FTS.B, 19.99%, 3/12/25
      12       12  
992117451.UG.FTS.B, 19.99%, 3/12/25
      66       69  
992177562.UG.FTS.B, 19.99%, 3/12/25
      1,129       1,175  
992185573.UG.FTS.B, 19.99%, 3/12/25
      294       306  
992213000.UG.FTS.B, 19.99%, 3/12/25
      27       –  
991990658.UG.FTS.B, 25.95%, 3/12/25
      628       631  
991995347.UG.FTS.B, 25.95%, 3/12/25
      859       114  
991995390.UG.FTS.B, 26.94%, 3/12/25
      783         804  
992031773.UG.FTS.B, 26.94%, 3/12/25
      204       14  
992069949.UG.FTS.B, 26.94%, 3/12/25
      80       20  
991977693.UG.FTS.B, 28.98%, 3/12/25
      535       548  
991978502.UG.FTS.B, 28.98%, 3/12/25
      174       55  
991979961.UG.FTS.B, 28.98%, 3/12/25
      90       13  
991980708.UG.FTS.B, 28.98%, 3/12/25
      414       425  
991982221.UG.FTS.B, 28.98%, 3/12/25
      383       26  
991987046.UG.FTS.B, 28.98%, 3/12/25
      91       93  
991987070.UG.FTS.B, 28.98%, 3/12/25
      504       505  
991987508.UG.FTS.B, 28.98%, 3/12/25
      –       –  
991987883.UG.FTS.B, 28.98%, 3/12/25
      137       140  
991987890.UG.FTS.B, 28.98%, 3/12/25
      144       150  
991988065.UG.FTS.B, 28.98%, 3/12/25
      287       298  
991988716.UG.FTS.B, 28.98%, 3/12/25
      75       77  
991991251.UG.FTS.B, 28.98%, 3/12/25
      –       –  
991991706.UG.FTS.B, 28.98%, 3/12/25
      429       447  
991991798.UG.FTS.B, 28.98%, 3/12/25
      416       111  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
991992864.UG.FTS.B, 28.98%, 3/12/25
    $ 306     $ 89  
991992907.UG.FTS.B, 28.98%, 3/12/25
      907       125  
991992965.UG.FTS.B, 28.98%, 3/12/25
      483       503  
991993120.UG.FTS.B, 28.98%, 3/12/25
      45       46  
991993141.UG.FTS.B, 28.98%, 3/12/25
      601       627  
991993852.UG.FTS.B, 28.98%, 3/12/25
      5,294       5,526  
991994281.UG.FTS.B, 28.98%, 3/12/25
      1,442        97   
991994329.UG.FTS.B, 28.98%, 3/12/25
      618       630  
991994726.UG.FTS.B, 28.98%, 3/12/25
      578       603  
991994997.UG.FTS.B, 28.98%, 3/12/25
      1,139        1,189  
991996150.UG.FTS.B, 28.98%, 3/12/25
      463       483  
991998887.UG.FTS.B, 28.98%, 3/12/25
      383       390  
991999636.UG.FTS.B, 28.98%, 3/12/25
      28       2  
992002963.UG.FTS.B, 28.98%, 3/12/25
      34       34  
992002976.UG.FTS.B, 28.98%, 3/12/25
      266       277  
992004292.UG.FTS.B, 28.98%, 3/12/25
      3,179       3,318  
992007915.UG.FTS.B, 28.98%, 3/12/25
      85       88  
992009447.UG.FTS.B, 28.98%, 3/12/25
      159       46  
992010449.UG.FTS.B, 28.98%, 3/12/25
      184       192  
992012310.UG.FTS.B, 28.98%, 3/12/25
      79       79  
992014247.UG.FTS.B, 28.98%, 3/12/25
      60       61  
992015058.UG.FTS.B, 28.98%, 3/12/25
      206       213  
992021489.UG.FTS.B, 28.98%, 3/12/25
      122       17  
992030698.UG.FTS.B, 28.98%, 3/12/25
      1,638       1,694  
992039233.UG.FTS.B, 28.98%, 3/12/25
      247       34  
992044157.UG.FTS.B, 28.98%, 3/12/25
      314       321  
992044551.UG.FTS.B, 28.98%, 3/12/25
      381       387  
992044814.UG.FTS.B, 28.98%, 3/12/25
      208       209  
992045450.UG.FTS.B, 28.98%, 3/12/25
      204       28  
992047191.UG.FTS.B, 28.98%, 3/12/25
      1,003       1,044  
992048204.UG.FTS.B, 28.98%, 3/12/25
      76       78  
992054695.UG.FTS.B, 28.98%, 3/12/25
      68       –  
992055434.UG.FTS.B, 28.98%, 3/12/25
      462       482  
992060145.UG.FTS.B, 28.98%, 3/12/25
      92       95  
992071635.UG.FTS.B, 28.98%, 3/12/25
      122       123  
992072262.UG.FTS.B, 28.98%, 3/12/25
      520       520  
992073366.UG.FTS.B, 28.98%, 3/12/25
      98       100  
992090336.UG.FTS.B, 28.98%, 3/12/25
      210       218  
992094662.UG.FTS.B, 28.98%, 3/12/25
      37       37  
992100185.UG.FTS.B, 28.98%, 3/12/25
      1,324       1,368  
992100442.UG.FTS.B, 28.98%, 3/12/25
      23       23  
992110250.UG.FTS.B, 28.98%, 3/12/25
      157       164  
992112480.UG.FTS.B, 28.98%, 3/12/25
      313       327  
992112886.UG.FTS.B, 28.98%, 3/12/25
      136       141  
992113271.UG.FTS.B, 28.98%, 3/12/25
      502       121  
992120153.UG.FTS.B, 28.98%, 3/12/25
      682       698  
992127800.UG.FTS.B, 28.98%, 3/12/25
      91       94  
992128185.UG.FTS.B, 28.98%, 3/12/25
      394       407  
992134637.UG.FTS.B, 28.98%, 3/12/25
      56       57  
992140611.UG.FTS.B, 28.98%, 3/12/25
      66       69  
992140679.UG.FTS.B, 28.98%, 3/12/25
      350       47  
992140683.UG.FTS.B, 28.98%, 3/12/25
      591       606  
992151456.UG.FTS.B, 28.98%, 3/12/25
      45       46  
992155285.UG.FTS.B, 28.98%, 3/12/25
      784       818  
992166477.UG.FTS.B, 28.98%, 3/12/25
      312       325  
992169826.UG.FTS.B, 28.98%, 3/12/25
      68       9  
992172709.UG.FTS.B, 28.98%, 3/12/25
      74       77  
992197128.UG.FTS.B, 28.98%, 3/12/25
      315       320  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       91
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
992202812.UG.FTS.B, 28.98%, 3/12/25
    $ 28     $ 28  
992204705.UG.FTS.B, 28.98%, 3/12/25
      177       182  
992228774.UG.FTS.B, 28.98%, 3/12/25
      73       75  
992229520.UG.FTS.B, 28.98%, 3/12/25
      467       120  
992247166.UG.FTS.B, 28.98%, 3/12/25
      104       107  
991989548.UG.FTS.B, 29.45%, 3/12/25
      474       494  
991990731.UG.FTS.B, 29.45%, 3/12/25
      2,098        2,159   
991991384.UG.FTS.B, 29.45%, 3/12/25
      822       856  
991986129.UG.FTS.B, 29.46%, 3/12/25
      397       415  
991989663.UG.FTS.B, 29.46%, 3/12/25
      358       372  
991994387.UG.FTS.B, 29.46%, 3/12/25
      1,404       368  
991994629.UG.FTS.B, 29.46%, 3/12/25
      1,396       361  
991995497.UG.FTS.B, 29.46%, 3/12/25
      682       703  
992006408.UG.FTS.B, 29.46%, 3/12/25
      241       244  
992007099.UG.FTS.B, 29.46%, 3/12/25
      301       313  
991989007.UG.FTS.B, 29.47%, 3/12/25
      308       45  
991994040.UG.FTS.B, 29.47%, 3/12/25
      215       219  
991994628.UG.FTS.B, 29.47%, 3/12/25
      2,522        2,635  
991995419.UG.FTS.B, 29.47%, 3/12/25
      87       90  
992025113.UG.FTS.B, 29.47%, 3/12/25
      53       27  
992055586.UG.FTS.B, 29.47%, 3/12/25
      15       16  
992066355.UG.FTS.B, 29.47%, 3/12/25
      132       136  
991987387.UG.FTS.B, 29.48%, 3/12/25
      1,053       277  
991987928.UG.FTS.B, 29.48%, 3/12/25
      1,420       1,492  
991990060.UG.FTS.B, 29.48%, 3/12/25
      336       340  
991991882.UG.FTS.B, 29.48%, 3/12/25
      955       992  
991994796.UG.FTS.B, 29.48%, 3/12/25
      235       234  
991994940.UG.FTS.B, 29.48%, 3/12/25
      523       531  
991995247.UG.FTS.B, 29.48%, 3/12/25
      656       671  
992133983.UG.FTS.B, 29.48%, 3/12/25
      203       211  
991977203.UG.FTS.B, 29.49%, 3/12/25
      214       221  
991980382.UG.FTS.B, 29.49%, 3/12/25
      37       38  
991980527.UG.FTS.B, 29.49%, 3/12/25
      1,109       1,136  
991983424.UG.FTS.B, 29.49%, 3/12/25
      58       61  
991983750.UG.FTS.B, 29.49%, 3/12/25
      370       –  
991987141.UG.FTS.B, 29.49%, 3/12/25
      1,722       1,816  
991988086.UG.FTS.B, 29.49%, 3/12/25
      1,014       1,064  
991989453.UG.FTS.B, 29.49%, 3/12/25
      169       169  
991990855.UG.FTS.B, 29.49%, 3/12/25
      720       751  
991991523.UG.FTS.B, 29.49%, 3/12/25
      818       216  
991991745.UG.FTS.B, 29.49%, 3/12/25
      1,994       2,104  
991991963.UG.FTS.B, 29.49%, 3/12/25
      457       63  
991993361.UG.FTS.B, 29.49%, 3/12/25
      1,996       2,108  
991994236.UG.FTS.B, 29.49%, 3/12/25
      798       843  
991994319.UG.FTS.B, 29.49%, 3/12/25
      937       989  
991994330.UG.FTS.B, 29.49%, 3/12/25
      926       –  
991995051.UG.FTS.B, 29.49%, 3/12/25
      276       276  
991995510.UG.FTS.B, 29.49%, 3/12/25
      991       1,040  
991997278.UG.FTS.B, 29.49%, 3/12/25
      137       143  
991997790.UG.FTS.B, 29.49%, 3/12/25
      24       24  
992000377.UG.FTS.B, 29.49%, 3/12/25
      248       255  
992000397.UG.FTS.B, 29.49%, 3/12/25
      135       9  
992000795.UG.FTS.B, 29.49%, 3/12/25
      5       5  
992002282.UG.FTS.B, 29.49%, 3/12/25
      11       11  
992004355.UG.FTS.B, 29.49%, 3/12/25
      965       –  
992005877.UG.FTS.B, 29.49%, 3/12/25
      –       –  
992007425.UG.FTS.B, 29.49%, 3/12/25
      163       166  
992008926.UG.FTS.B, 29.49%, 3/12/25
      426       444  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992009637.UG.FTS.B, 29.49%, 3/12/25
    $ 97     $ 14  
992010263.UG.FTS.B, 29.49%, 3/12/25
      210       211  
992010952.UG.FTS.B, 29.49%, 3/12/25
      51       53  
992013223.UG.FTS.B, 29.49%, 3/12/25
      418       431  
992019142.UG.FTS.B, 29.49%, 3/12/25
      6       6  
992019716.UG.FTS.B, 29.49%, 3/12/25
      59       61  
992021257.UG.FTS.B, 29.49%, 3/12/25
      337        348   
992022552.UG.FTS.B, 29.49%, 3/12/25
      85       89  
992024088.UG.FTS.B, 29.49%, 3/12/25
      129       130  
992025987.UG.FTS.B, 29.49%, 3/12/25
      107       28  
992028970.UG.FTS.B, 29.49%, 3/12/25
      141       10  
992031894.UG.FTS.B, 29.49%, 3/12/25
      450       475  
992032191.UG.FTS.B, 29.49%, 3/12/25
      41       41  
992034628.UG.FTS.B, 29.49%, 3/12/25
      277       282  
992035645.UG.FTS.B, 29.49%, 3/12/25
      92       97  
992035786.UG.FTS.B, 29.49%, 3/12/25
      1,588        1,677  
992039343.UG.FTS.B, 29.49%, 3/12/25
      262       269  
992040849.UG.FTS.B, 29.49%, 3/12/25
      10       10  
992054780.UG.FTS.B, 29.49%, 3/12/25
      145       151  
992059917.UG.FTS.B, 29.49%, 3/12/25
      1,245       1,297  
992062759.UG.FTS.B, 29.49%, 3/12/25
      152       155  
992063028.UG.FTS.B, 29.49%, 3/12/25
      300       316  
992064759.UG.FTS.B, 29.49%, 3/12/25
      68       71  
992066033.UG.FTS.B, 29.49%, 3/12/25
      62       64  
992073351.UG.FTS.B, 29.49%, 3/12/25
      36       37  
992077273.UG.FTS.B, 29.49%, 3/12/25
      158       167  
992077869.UG.FTS.B, 29.49%, 3/12/25
      266       267  
992081543.UG.FTS.B, 29.49%, 3/12/25
      26       26  
992089447.UG.FTS.B, 29.49%, 3/12/25
      32       33  
992092159.UG.FTS.B, 29.49%, 3/12/25
      1,051       1,109  
992093151.UG.FTS.B, 29.49%, 3/12/25
      173       179  
992095056.UG.FTS.B, 29.49%, 3/12/25
      120       127  
992098219.UG.FTS.B, 29.49%, 3/12/25
      514       542  
992098441.UG.FTS.B, 29.49%, 3/12/25
      792       823  
992100561.UG.FTS.B, 29.49%, 3/12/25
      53       53  
992108295.UG.FTS.B, 29.49%, 3/12/25
      25       10  
992110271.UG.FTS.B, 29.49%, 3/12/25
      70       71  
992135434.UG.FTS.B, 29.49%, 3/12/25
      –       –  
992137600.UG.FTS.B, 29.49%, 3/12/25
      545       571  
992143879.UG.FTS.B, 29.49%, 3/12/25
      120       122  
992147400.UG.FTS.B, 29.49%, 3/12/25
      55       57  
992157569.UG.FTS.B, 29.49%, 3/12/25
      171       177  
992159029.UG.FTS.B, 29.49%, 3/12/25
      264       18  
992159120.UG.FTS.B, 29.49%, 3/12/25
      335       341  
992162823.UG.FTS.B, 29.49%, 3/12/25
      84       87  
992163923.UG.FTS.B, 29.49%, 3/12/25
      75       79  
992167273.UG.FTS.B, 29.49%, 3/12/25
      105       110  
992167277.UG.FTS.B, 29.49%, 3/12/25
      526       541  
992167738.UG.FTS.B, 29.49%, 3/12/25
      475       497  
992167986.UG.FTS.B, 29.49%, 3/12/25
      33       34  
992171416.UG.FTS.B, 29.49%, 3/12/25
      94       97  
992175112.UG.FTS.B, 29.49%, 3/12/25
      27       28  
992178667.UG.FTS.B, 29.49%, 3/12/25
      84       6  
992181548.UG.FTS.B, 29.49%, 3/12/25
      208       217  
992189183.UG.FTS.B, 29.49%, 3/12/25
      2,574       2,601  
992189290.UG.FTS.B, 29.49%, 3/12/25
      183       193  
992200227.UG.FTS.B, 29.49%, 3/12/25
      48       49  
992204979.UG.FTS.B, 29.49%, 3/12/25
      476       481  
 
       
92       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
992230372.UG.FTS.B, 29.49%, 3/12/25
    $ 217     $ 224  
992237645.UG.FTS.B, 29.49%, 3/12/25
      835       871  
992257397.UG.FTS.B, 29.49%, 3/12/25
      361       374  
992221575.UG.FTS.B, 28.98%, 3/13/25
      223       15  
992223214.UG.FTS.B, 28.98%, 3/13/25
      45       15  
992228277.UG.FTS.B, 28.98%, 3/13/25
      2,205       –  
992252799.UG.FTS.B, 28.98%, 3/13/25
      208        216   
992256231.UG.FTS.B, 28.98%, 3/13/25
      88       91  
992257494.UG.FTS.B, 28.98%, 3/13/25
      611       632  
992223485.UG.FTS.B, 29.49%, 3/13/25
      81       84  
992223722.UG.FTS.B, 29.49%, 3/13/25
      –       –  
992230170.UG.FTS.B, 29.49%, 3/13/25
      78       20  
992236810.UG.FTS.B, 29.49%, 3/13/25
      154       157  
992253061.UG.FTS.B, 29.49%, 3/13/25
      107       111  
992223650.UG.FTS.B, 28.98%, 3/14/25
      55       56  
992243808.UG.FTS.B, 28.98%, 3/14/25
      177       184  
992249792.UG.FTS.B, 28.98%, 3/14/25
      103       106  
992236796.UG.FTS.B, 29.49%, 3/14/25
      69       72  
992236869.UG.FTS.B, 29.49%, 3/14/25
      661       171  
992240511.UG.FTS.B, 29.49%, 3/14/25
      97       99  
992247445.UG.FTS.B, 29.49%, 3/14/25
      1,338       1,385  
992220612.UG.FTS.B, 19.21%, 3/15/25
      1,216       1,238  
992228652.UG.FTS.B, 19.99%, 3/15/25
      249       19  
992241532.UG.FTS.B, 19.99%, 3/15/25
      73       75  
992238765.UG.FTS.B, 20.97%, 3/15/25
      227       231  
992256512.UG.FTS.B, 22.97%, 3/15/25
      948       965  
992235062.UG.FTS.B, 27.95%, 3/15/25
      175       181  
992235376.UG.FTS.B, 28.98%, 3/15/25
      104       108  
992249106.UG.FTS.B, 28.98%, 3/15/25
      221       228  
992256826.UG.FTS.B, 28.98%, 3/15/25
      416       431  
992256568.UG.FTS.B, 29.46%, 3/15/25
      167       12  
992246432.UG.FTS.B, 29.47%, 3/15/25
      98       102  
992221265.UG.FTS.B, 29.49%, 3/15/25
      194       200  
992225292.UG.FTS.B, 29.49%, 3/15/25
      62       65  
992230655.UG.FTS.B, 29.49%, 3/15/25
      520       538  
992234833.UG.FTS.B, 29.49%, 3/15/25
      389       –  
992086808.UG.FTS.B, 15.97%, 3/20/25
      4       4  
992085945.UG.FTS.B, 19.99%, 3/20/25
      34       34  
992326552.UG.FTS.B, 19.99%, 3/20/25
      3       3  
992260213.UG.FTS.B, 23.95%, 3/20/25
      9       9  
992163725.UG.FTS.B, 26.48%, 3/20/25
      27       27  
992075303.UG.FTS.B, 28.98%, 3/20/25
      6       6  
992086215.UG.FTS.B, 28.98%, 3/20/25
      33       33  
992146339.UG.FTS.B, 28.98%, 3/20/25
      9       9  
992185248.UG.FTS.B, 28.98%, 3/20/25
      4       4  
992088160.UG.FTS.B, 29.46%, 3/20/25
      26       26  
992104277.UG.FTS.B, 29.49%, 3/20/25
      21       21  
992110206.UG.FTS.B, 29.49%, 3/20/25
      17       17  
992100473.UG.FTS.B, 19.99%, 3/21/25
      65       68  
992109544.UG.FTS.B, 19.99%, 3/21/25
      129       134  
992162015.UG.FTS.B, 19.99%, 3/21/25
      145       152  
992179076.UG.FTS.B, 19.99%, 3/21/25
      112       118  
992073583.UG.FTS.B, 20.46%, 3/21/25
      2,086       2,130  
992207343.UG.FTS.B, 27.95%, 3/21/25
      30       31  
992071680.UG.FTS.B, 27.99%, 3/21/25
      247       259  
992060839.UG.FTS.B, 28.98%, 3/21/25
      102       107  
992063879.UG.FTS.B, 28.98%, 3/21/25
      98       102  
992069610.UG.FTS.B, 28.98%, 3/21/25
      463       480  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992069661.UG.FTS.B, 28.98%, 3/21/25
    $ 1,467     $ 213  
992069739.UG.FTS.B, 28.98%, 3/21/25
      95       95  
992070914.UG.FTS.B, 28.98%, 3/21/25
      568       595  
992071845.UG.FTS.B, 28.98%, 3/21/25
      143       143  
992072135.UG.FTS.B, 28.98%, 3/21/25
      712       730  
992073866.UG.FTS.B, 28.98%, 3/21/25
      172       176  
992147792.UG.FTS.B, 28.98%, 3/21/25
      143        146   
992208341.UG.FTS.B, 28.98%, 3/21/25
      130       135  
992311154.UG.FTS.B, 28.98%, 3/21/25
      1,200       82  
992059747.UG.FTS.B, 29.45%, 3/21/25
      1,190       1,221  
992064315.UG.FTS.B, 29.46%, 3/21/25
      121       –  
992068733.UG.FTS.B, 29.46%, 3/21/25
      306       311  
992110512.UG.FTS.B, 29.46%, 3/21/25
      129       135  
992207607.UG.FTS.B, 29.47%, 3/21/25
      632       654  
992325863.UG.FTS.B, 29.47%, 3/21/25
      155       158  
992182855.UG.FTS.B, 29.48%, 3/21/25
      223       227  
992063598.UG.FTS.B, 29.49%, 3/21/25
      164       170  
992065896.UG.FTS.B, 29.49%, 3/21/25
      45       46  
992068103.UG.FTS.B, 29.49%, 3/21/25
      512       –  
992068136.UG.FTS.B, 29.49%, 3/21/25
      –       –  
992069095.UG.FTS.B, 29.49%, 3/21/25
      863       903  
992069341.UG.FTS.B, 29.49%, 3/21/25
      1,255        1,290  
992077562.UG.FTS.B, 29.49%, 3/21/25
      77       81  
992079050.UG.FTS.B, 29.49%, 3/21/25
      87       91  
992081940.UG.FTS.B, 29.49%, 3/21/25
      87       89  
992084472.UG.FTS.B, 29.49%, 3/21/25
      353       365  
992098239.UG.FTS.B, 29.49%, 3/21/25
      82       87  
992115851.UG.FTS.B, 29.49%, 3/21/25
      144       151  
992129802.UG.FTS.B, 29.49%, 3/21/25
      713       741  
992146320.UG.FTS.B, 29.49%, 3/21/25
      121       124  
992149772.UG.FTS.B, 29.49%, 3/21/25
      362       380  
992154745.UG.FTS.B, 29.49%, 3/21/25
      37       –  
992226859.UG.FTS.B, 29.49%, 3/21/25
      68       69  
992235469.UG.FTS.B, 29.49%, 3/21/25
      402       414  
992300395.UG.FTS.B, 29.49%, 3/21/25
      710       729  
992306353.UG.FTS.B, 29.49%, 3/21/25
      79       83  
992346285.UG.FTS.B, 29.49%, 3/21/25
      1       1  
992073990.UG.FTS.B, 19.99%, 3/22/25
      175       176  
992084950.UG.FTS.B, 19.99%, 3/22/25
      406       425  
992104704.UG.FTS.B, 19.99%, 3/22/25
      45       45  
992273958.UG.FTS.B, 27.95%, 3/22/25
      25       26  
992108469.UG.FTS.B, 27.99%, 3/22/25
      201       210  
992084233.UG.FTS.B, 28.98%, 3/22/25
      837       874  
992108895.UG.FTS.B, 28.98%, 3/22/25
      177       185  
992127587.UG.FTS.B, 28.98%, 3/22/25
      243       255  
992141907.UG.FTS.B, 28.98%, 3/22/25
      102       106  
992307933.UG.FTS.B, 28.98%, 3/22/25
      55       57  
992078127.UG.FTS.B, 29.45%, 3/22/25
      –       –  
992078559.UG.FTS.B, 29.45%, 3/22/25
      38       38  
992076170.UG.FTS.B, 29.46%, 3/22/25
      230       239  
992097805.UG.FTS.B, 29.46%, 3/22/25
      2,308       333  
992068177.UG.FTS.B, 29.47%, 3/22/25
      783       797  
992069850.UG.FTS.B, 29.47%, 3/22/25
      88       90  
992081607.UG.FTS.B, 29.48%, 3/22/25
      607       618  
992071257.UG.FTS.B, 29.49%, 3/22/25
      16       16  
992080495.UG.FTS.B, 29.49%, 3/22/25
      160       166  
992081357.UG.FTS.B, 29.49%, 3/22/25
      410       433  
992100390.UG.FTS.B, 29.49%, 3/22/25
      79       83  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       93
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
992135888.UG.FTS.B, 29.49%, 3/22/25
    $ 121     $ 122  
992161706.UG.FTS.B, 29.49%, 3/22/25
      179       185  
992192981.UG.FTS.B, 29.49%, 3/22/25
      386       401  
992332963.UG.FTS.B, 29.49%, 3/22/25
      71       74  
992334799.UG.FTS.B, 29.49%, 3/22/25
      32       33  
992344234.UG.FTS.B, 29.49%, 3/22/25
      101       105  
992203745.UG.FTS.B, 14%, 3/23/25
      302        309   
992075269.UG.FTS.B, 16.99%, 3/23/25
      181       185  
992090809.UG.FTS.B, 16.99%, 3/23/25
      1,691        1,734  
992103353.UG.FTS.B, 18.97%, 3/23/25
      876       893  
992294593.UG.FTS.B, 18.97%, 3/23/25
      404       412  
992088508.UG.FTS.B, 19.21%, 3/23/25
      1,262       1,294  
992076512.UG.FTS.B, 19.99%, 3/23/25
      339       355  
992078517.UG.FTS.B, 19.99%, 3/23/25
      1,344       1,392  
992080903.UG.FTS.B, 19.99%, 3/23/25
      27       27  
992084160.UG.FTS.B, 19.99%, 3/23/25
      33       34  
992084678.UG.FTS.B, 19.99%, 3/23/25
      117       119  
992085309.UG.FTS.B, 19.99%, 3/23/25
      163       21  
992086106.UG.FTS.B, 19.99%, 3/23/25
      100       101  
992094531.UG.FTS.B, 19.99%, 3/23/25
      61       62  
992103634.UG.FTS.B, 19.99%, 3/23/25
      605       613  
992114995.UG.FTS.B, 19.99%, 3/23/25
      176       178  
992118648.UG.FTS.B, 19.99%, 3/23/25
      395       414  
992120079.UG.FTS.B, 19.99%, 3/23/25
      141       146  
992139407.UG.FTS.B, 19.99%, 3/23/25
      300       315  
992141420.UG.FTS.B, 19.99%, 3/23/25
      252       262  
992147344.UG.FTS.B, 19.99%, 3/23/25
      276       288  
992183886.UG.FTS.B, 19.99%, 3/23/25
      86       90  
992214478.UG.FTS.B, 19.99%, 3/23/25
      42       43  
992222263.UG.FTS.B, 19.99%, 3/23/25
      874       915  
992229695.UG.FTS.B, 19.99%, 3/23/25
      159       162  
992284656.UG.FTS.B, 19.99%, 3/23/25
      313       328  
992321872.UG.FTS.B, 19.99%, 3/23/25
      109       113  
992092690.UG.FTS.B, 20.45%, 3/23/25
      2,236       2,300  
992090458.UG.FTS.B, 20.46%, 3/23/25
      1,737       1,783  
992090758.UG.FTS.B, 20.46%, 3/23/25
      1,092       1,108  
992092369.UG.FTS.B, 20.46%, 3/23/25
      102       103  
992117378.UG.FTS.B, 20.46%, 3/23/25
      727       742  
992089155.UG.FTS.B, 20.97%, 3/23/25
      324       330  
992091418.UG.FTS.B, 21.46%, 3/23/25
      528       543  
992092299.UG.FTS.B, 21.98%, 3/23/25
      1,257       1,293  
992101029.UG.FTS.B, 22.97%, 3/23/25
      56       57  
992082054.UG.FTS.B, 23.95%, 3/23/25
      135       135  
992090255.UG.FTS.B, 23.95%, 3/23/25
      513       527  
992299793.UG.FTS.B, 26.48%, 3/23/25
      65       68  
992090527.UG.FTS.B, 26.94%, 3/23/25
      2,873       2,963  
992092866.UG.FTS.B, 26.94%, 3/23/25
      1,654       1,699  
992083181.UG.FTS.B, 27.95%, 3/23/25
      265       272  
992085697.UG.FTS.B, 27.95%, 3/23/25
      42       42  
992127996.UG.FTS.B, 27.95%, 3/23/25
      135       141  
992172446.UG.FTS.B, 27.95%, 3/23/25
      80       84  
992173950.UG.FTS.B, 27.95%, 3/23/25
      34       3  
992227551.UG.FTS.B, 27.95%, 3/23/25
      259       269  
992248785.UG.FTS.B, 27.95%, 3/23/25
      51       51  
992253697.UG.FTS.B, 27.95%, 3/23/25
      937       964  
992261412.UG.FTS.B, 27.95%, 3/23/25
      184       193  
992076138.UG.FTS.B, 28.98%, 3/23/25
      82       85  
992076291.UG.FTS.B, 28.98%, 3/23/25
      713       747  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992078321.UG.FTS.B, 28.98%, 3/23/25
    $ 296     $ 24  
992079604.UG.FTS.B, 28.98%, 3/23/25
      428       439  
992081513.UG.FTS.B, 28.98%, 3/23/25
      52       54  
992082410.UG.FTS.B, 28.98%, 3/23/25
      751       787  
992084885.UG.FTS.B, 28.98%, 3/23/25
      233       234  
992085160.UG.FTS.B, 28.98%, 3/23/25
      144       148  
992086210.UG.FTS.B, 28.98%, 3/23/25
      1,002        1,049   
992086845.UG.FTS.B, 28.98%, 3/23/25
      175       183  
992087922.UG.FTS.B, 28.98%, 3/23/25
      1,553        1,628  
992090957.UG.FTS.B, 28.98%, 3/23/25
      189       198  
992093517.UG.FTS.B, 28.98%, 3/23/25
      91       95  
992096907.UG.FTS.B, 28.98%, 3/23/25
      18       18  
992099728.UG.FTS.B, 28.98%, 3/23/25
      82       86  
992101005.UG.FTS.B, 28.98%, 3/23/25
      53       55  
992103758.UG.FTS.B, 28.98%, 3/23/25
      96       97  
992105540.UG.FTS.B, 28.98%, 3/23/25
      818       833  
992111381.UG.FTS.B, 28.98%, 3/23/25
      191       200  
992112512.UG.FTS.B, 28.98%, 3/23/25
      313       328  
992114867.UG.FTS.B, 28.98%, 3/23/25
      32       33  
992115078.UG.FTS.B, 28.98%, 3/23/25
      83       87  
992120216.UG.FTS.B, 28.98%, 3/23/25
      128       134  
992121451.UG.FTS.B, 28.98%, 3/23/25
      222       228  
992123440.UG.FTS.B, 28.98%, 3/23/25
      793       826  
992124776.UG.FTS.B, 28.98%, 3/23/25
      28       28  
992125987.UG.FTS.B, 28.98%, 3/23/25
      85       –  
992131302.UG.FTS.B, 28.98%, 3/23/25
      33       34  
992139646.UG.FTS.B, 28.98%, 3/23/25
      87       90  
992139915.UG.FTS.B, 28.98%, 3/23/25
      366       384  
992141770.UG.FTS.B, 28.98%, 3/23/25
      503       522  
992142185.UG.FTS.B, 28.98%, 3/23/25
      738       761  
992142312.UG.FTS.B, 28.98%, 3/23/25
      93       97  
992148319.UG.FTS.B, 28.98%, 3/23/25
      219       229  
992152825.UG.FTS.B, 28.98%, 3/23/25
      413       434  
992154713.UG.FTS.B, 28.98%, 3/23/25
      26       27  
992157302.UG.FTS.B, 28.98%, 3/23/25
      106       110  
992159141.UG.FTS.B, 28.98%, 3/23/25
      263       275  
992161777.UG.FTS.B, 28.98%, 3/23/25
      –       –  
992163634.UG.FTS.B, 28.98%, 3/23/25
      162       –  
992163686.UG.FTS.B, 28.98%, 3/23/25
      464       486  
992174066.UG.FTS.B, 28.98%, 3/23/25
      1,303       1,364  
992175330.UG.FTS.B, 28.98%, 3/23/25
      317       332  
992176589.UG.FTS.B, 28.98%, 3/23/25
      211       221  
992178085.UG.FTS.B, 28.98%, 3/23/25
      21       21  
992178200.UG.FTS.B, 28.98%, 3/23/25
      84       84  
992185135.UG.FTS.B, 28.98%, 3/23/25
      526       552  
992200304.UG.FTS.B, 28.98%, 3/23/25
      224       233  
992208856.UG.FTS.B, 28.98%, 3/23/25
      104       107  
992209732.UG.FTS.B, 28.98%, 3/23/25
      161       168  
992215052.UG.FTS.B, 28.98%, 3/23/25
      154       161  
992215525.UG.FTS.B, 28.98%, 3/23/25
      82       85  
992217550.UG.FTS.B, 28.98%, 3/23/25
      146       152  
992221459.UG.FTS.B, 28.98%, 3/23/25
      260       272  
992221788.UG.FTS.B, 28.98%, 3/23/25
      129       135  
992223285.UG.FTS.B, 28.98%, 3/23/25
      83       87  
992240272.UG.FTS.B, 28.98%, 3/23/25
      419       425  
992257313.UG.FTS.B, 28.98%, 3/23/25
      366       383  
992273158.UG.FTS.B, 28.98%, 3/23/25
      419       438  
992278830.UG.FTS.B, 28.98%, 3/23/25
      678       710  
 
       
94       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
 
Upgrade, Inc. - Card (continued)
     
992284119.UG.FTS.B, 28.98%, 3/23/25
    $ 79     $ 79  
992292344.UG.FTS.B, 28.98%, 3/23/25
      19       19  
992295903.UG.FTS.B, 28.98%, 3/23/25
      25       25  
992300829.UG.FTS.B, 28.98%, 3/23/25
      39       39  
992302544.UG.FTS.B, 28.98%, 3/23/25
      5       5  
992312284.UG.FTS.B, 28.98%, 3/23/25
      74       76  
992312443.UG.FTS.B, 28.98%, 3/23/25
      701        711   
992318692.UG.FTS.B, 28.98%, 3/23/25
      643       668  
992321649.UG.FTS.B, 28.98%, 3/23/25
      449       466  
992322320.UG.FTS.B, 28.98%, 3/23/25
      430       443  
992331794.UG.FTS.B, 28.98%, 3/23/25
      1,046       1,087  
992345339.UG.FTS.B, 28.98%, 3/23/25
      194       202  
992091621.UG.FTS.B, 29.45%, 3/23/25
      1,064        1,117  
992091676.UG.FTS.B, 29.45%, 3/23/25
      106       7  
992092743.UG.FTS.B, 29.45%, 3/23/25
      794       834  
992094325.UG.FTS.B, 29.45%, 3/23/25
      468       35  
992095428.UG.FTS.B, 29.45%, 3/23/25
      96       101  
992107553.UG.FTS.B, 29.45%, 3/23/25
      11       11  
992131203.UG.FTS.B, 29.45%, 3/23/25
      150       151  
992154178.UG.FTS.B, 29.45%, 3/23/25
      356       373  
992159199.UG.FTS.B, 29.45%, 3/23/25
      183       193  
992219227.UG.FTS.B, 29.45%, 3/23/25
      266       20  
992260223.UG.FTS.B, 29.45%, 3/23/25
      62       65  
992075662.UG.FTS.B, 29.46%, 3/23/25
      86       13  
992079475.UG.FTS.B, 29.46%, 3/23/25
      29       5  
992080779.UG.FTS.B, 29.46%, 3/23/25
      256       265  
992085613.UG.FTS.B, 29.46%, 3/23/25
      20       20  
992089276.UG.FTS.B, 29.46%, 3/23/25
      322       339  
992099262.UG.FTS.B, 29.46%, 3/23/25
      60       62  
992234329.UG.FTS.B, 29.46%, 3/23/25
      630       90  
992236437.UG.FTS.B, 29.46%, 3/23/25
      391       30  
992093372.UG.FTS.B, 29.47%, 3/23/25
      1,597       1,683  
992098450.UG.FTS.B, 29.47%, 3/23/25
      454       465  
992128076.UG.FTS.B, 29.47%, 3/23/25
      93       94  
992173166.UG.FTS.B, 29.47%, 3/23/25
      44       3  
992230065.UG.FTS.B, 29.47%, 3/23/25
      583       614  
992092155.UG.FTS.B, 29.48%, 3/23/25
      1,331       1,406  
992100148.UG.FTS.B, 29.48%, 3/23/25
      68       68  
992115766.UG.FTS.B, 29.48%, 3/23/25
      214       226  
992119153.UG.FTS.B, 29.48%, 3/23/25
      24       24  
992269534.UG.FTS.B, 29.48%, 3/23/25
      122       127  
992270543.UG.FTS.B, 29.48%, 3/23/25
      101       107  
992075279.UG.FTS.B, 29.49%, 3/23/25
      164       172  
992075962.UG.FTS.B, 29.49%, 3/23/25
      117       121  
992076192.UG.FTS.B, 29.49%, 3/23/25
      116       119  
992076403.UG.FTS.B, 29.49%, 3/23/25
      101       103  
992076612.UG.FTS.B, 29.49%, 3/23/25
      953       989  
992076714.UG.FTS.B, 29.49%, 3/23/25
      230       244  
992077959.UG.FTS.B, 29.49%, 3/23/25
      256       269  
992079417.UG.FTS.B, 29.49%, 3/23/25
      375       394  
992079952.UG.FTS.B, 29.49%, 3/23/25
      173       174  
992081380.UG.FTS.B, 29.49%, 3/23/25
      10       10  
992081827.UG.FTS.B, 29.49%, 3/23/25
      188       13  
992083872.UG.FTS.B, 29.49%, 3/23/25
      1,618       123  
992084707.UG.FTS.B, 29.49%, 3/23/25
      61       62  
992084835.UG.FTS.B, 29.49%, 3/23/25
      192       16  
992085314.UG.FTS.B, 29.49%, 3/23/25
      47       49  
992085601.UG.FTS.B, 29.49%, 3/23/25
      238       247  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992087323.UG.FTS.B, 29.49%, 3/23/25
    $ 314     $ 331  
992087535.UG.FTS.B, 29.49%, 3/23/25
      495       513  
992087878.UG.FTS.B, 29.49%, 3/23/25
      146       155  
992088239.UG.FTS.B, 29.49%, 3/23/25
      2,093       2,220  
992088639.UG.FTS.B, 29.49%, 3/23/25
      67       69  
992088753.UG.FTS.B, 29.49%, 3/23/25
      12       12  
992090945.UG.FTS.B, 29.49%, 3/23/25
      900        946   
992090965.UG.FTS.B, 29.49%, 3/23/25
      17       17  
992092544.UG.FTS.B, 29.49%, 3/23/25
      745       787  
992093347.UG.FTS.B, 29.49%, 3/23/25
      2,112        2,217  
992097000.UG.FTS.B, 29.49%, 3/23/25
      17       17  
992099804.UG.FTS.B, 29.49%, 3/23/25
      304       323  
992099891.UG.FTS.B, 29.49%, 3/23/25
      52       54  
992101342.UG.FTS.B, 29.49%, 3/23/25
      111       8  
992101765.UG.FTS.B, 29.49%, 3/23/25
      548       578  
992104677.UG.FTS.B, 29.49%, 3/23/25
      187       197  
992105922.UG.FTS.B, 29.49%, 3/23/25
      67       70  
992106241.UG.FTS.B, 29.49%, 3/23/25
      70       71  
992107332.UG.FTS.B, 29.49%, 3/23/25
      78       82  
992108103.UG.FTS.B, 29.49%, 3/23/25
      150       157  
992109564.UG.FTS.B, 29.49%, 3/23/25
      234       237  
992110292.UG.FTS.B, 29.49%, 3/23/25
      64       67  
992112463.UG.FTS.B, 29.49%, 3/23/25
      104       105  
992115025.UG.FTS.B, 29.49%, 3/23/25
      101       14  
992116093.UG.FTS.B, 29.49%, 3/23/25
      195       206  
992123182.UG.FTS.B, 29.49%, 3/23/25
      211       224  
992123466.UG.FTS.B, 29.49%, 3/23/25
      112       118  
992124518.UG.FTS.B, 29.49%, 3/23/25
      62       65  
992124733.UG.FTS.B, 29.49%, 3/23/25
      23       23  
992130283.UG.FTS.B, 29.49%, 3/23/25
      91       96  
992131223.UG.FTS.B, 29.49%, 3/23/25
      630       634  
992132653.UG.FTS.B, 29.49%, 3/23/25
      755       115  
992134100.UG.FTS.B, 29.49%, 3/23/25
      126       133  
992136810.UG.FTS.B, 29.49%, 3/23/25
      351       374  
992137745.UG.FTS.B, 29.49%, 3/23/25
      152       156  
992139886.UG.FTS.B, 29.49%, 3/23/25
      77       5  
992143800.UG.FTS.B, 29.49%, 3/23/25
      141       21  
992144043.UG.FTS.B, 29.49%, 3/23/25
      8       8  
992145625.UG.FTS.B, 29.49%, 3/23/25
      103       108  
992147037.UG.FTS.B, 29.49%, 3/23/25
      82       86  
992149128.UG.FTS.B, 29.49%, 3/23/25
      212       225  
992149809.UG.FTS.B, 29.49%, 3/23/25
      193       203  
992154893.UG.FTS.B, 29.49%, 3/23/25
      246       258  
992155143.UG.FTS.B, 29.49%, 3/23/25
      103       108  
992159160.UG.FTS.B, 29.49%, 3/23/25
      41       35  
992167628.UG.FTS.B, 29.49%, 3/23/25
      564       597  
992168335.UG.FTS.B, 29.49%, 3/23/25
      170       178  
992174056.UG.FTS.B, 29.49%, 3/23/25
      202       213  
992182513.UG.FTS.B, 29.49%, 3/23/25
      200       –  
992182554.UG.FTS.B, 29.49%, 3/23/25
      50       52  
992188338.UG.FTS.B, 29.49%, 3/23/25
      106       111  
992191296.UG.FTS.B, 29.49%, 3/23/25
      209       219  
992201970.UG.FTS.B, 29.49%, 3/23/25
      233       16  
992202006.UG.FTS.B, 29.49%, 3/23/25
      583       599  
992203124.UG.FTS.B, 29.49%, 3/23/25
      767       809  
992208250.UG.FTS.B, 29.49%, 3/23/25
      71       71  
992215462.UG.FTS.B, 29.49%, 3/23/25
      173       181  
992215505.UG.FTS.B, 29.49%, 3/23/25
      66       70  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       95
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992219910.UG.FTS.B, 29.49%, 3/23/25
    $ 210     $   223  
992221268.UG.FTS.B, 29.49%, 3/23/25
      245       252  
992222447.UG.FTS.B, 29.49%, 3/23/25
      135       –  
992222570.UG.FTS.B, 29.49%, 3/23/25
      176       186  
992226804.UG.FTS.B, 29.49%, 3/23/25
      59       61  
992229716.UG.FTS.B, 29.49%, 3/23/25
      52       55  
992231380.UG.FTS.B, 29.49%, 3/23/25
      58       61  
992231724.UG.FTS.B, 29.49%, 3/23/25
      38        38   
992239237.UG.FTS.B, 29.49%, 3/23/25
      42       7  
992255455.UG.FTS.B, 29.49%, 3/23/25
      9       9  
992268242.UG.FTS.B, 29.49%, 3/23/25
      144       150  
992270406.UG.FTS.B, 29.49%, 3/23/25
      72       75  
992271242.UG.FTS.B, 29.49%, 3/23/25
      376       389  
992287585.UG.FTS.B, 29.49%, 3/23/25
      95       100  
992293802.UG.FTS.B, 29.49%, 3/23/25
      126       9  
992303999.UG.FTS.B, 29.49%, 3/23/25
      523       544  
992318777.UG.FTS.B, 29.49%, 3/23/25
      42       43  
992328658.UG.FTS.B, 29.49%, 3/23/25
      103       105  
992331793.UG.FTS.B, 29.49%, 3/23/25
      164       171  
992347137.UG.FTS.B, 29.49%, 3/23/25
      78       81  
992349340.UG.FTS.B, 29.49%, 3/23/25
      229       238  
992348097.UG.FTS.B, 26.94%, 3/24/25
      1,537       1,571  
992348688.UG.FTS.B, 28.98%, 3/24/25
      313       325  
992348978.UG.FTS.B, 28.98%, 3/24/25
      123       129  
992344862.UG.FTS.B, 29.45%, 3/24/25
      26       27  
992346001.UG.FTS.B, 29.49%, 3/24/25
      101       104  
992349011.UG.FTS.B, 29.49%, 3/24/25
      130       135  
992350144.UG.FTS.B, 29.49%, 3/24/25
      205       214  
992093797.UG.FTS.B, 15.97%, 3/25/25
      1,350       1,382  
992100630.UG.FTS.B, 15.97%, 3/25/25
      241       247  
992091162.UG.FTS.B, 17.99%, 3/25/25
      1,609       1,650  
992229488.UG.FTS.B, 15.97%, 3/28/25
      19       19  
992149701.UG.FTS.B, 17.99%, 3/28/25
      93       74  
992161505.UG.FTS.B, 15.97%, 3/30/25
      62       63  
992151176.UG.FTS.B, 16.99%, 3/30/25
      30       30  
992220928.UG.FTS.B, 16.99%, 3/30/25
      72       72  
992149696.UG.FTS.B, 17.99%, 3/30/25
      511       520  
992164557.UG.FTS.B, 17.99%, 3/30/25
      71       73  
992236318.UG.FTS.B, 17.99%, 3/30/25
      183       184  
992227054.UG.FTS.B, 19.21%, 3/30/25
      6       6  
992196318.UG.FTS.B, 21.46%, 3/30/25
      2       2  
992149764.UG.FTS.B, 22.97%, 3/30/25
      967       988  
992300267.UG.FTS.B, 16.99%, 3/31/25
      711       726  
992232064.UG.FTS.B, 19.21%, 3/31/25
      86       88  
992177013.UG.FTS.B, 15%, 4/01/25
      881       900  
992385335.UG.FTS.B, 15%, 4/01/25
      500       511  
992192029.UG.FTS.B, 15.97%, 4/01/25
      70       72  
992256830.UG.FTS.B, 15.97%, 4/01/25
      709       727  
992169526.UG.FTS.B, 16.99%, 4/01/25
      204       207  
992191535.UG.FTS.B, 16.99%, 4/01/25
      482       493  
992318980.UG.FTS.B, 17.99%, 4/01/25
      3,051       3,131  
992393499.UG.FTS.B, 17.99%, 4/01/25
      30       30  
992160230.UG.FTS.B, 19.8%, 4/01/25
      59       59  
992235536.UG.FTS.B, 19.8%, 4/01/25
      207       56  
992192791.UG.FTS.B, 21.46%, 4/01/25
      150       12  
992202494.UG.FTS.B, 21.46%, 4/01/25
      210       19  
992201027.UG.FTS.B, 21.97%, 4/01/25
      287       26  
992279155.UG.FTS.B, 14.98%, 4/02/25
      322       328  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992371293.UG.FTS.B, 15%, 4/02/25
    $ 137     $   138  
992218853.UG.FTS.B, 15.97%, 4/02/25
      1,314       1,339  
992262276.UG.FTS.B, 15.97%, 4/02/25
      192       196  
992275068.UG.FTS.B, 15.97%, 4/02/25
      190       193  
992348574.UG.FTS.B, 15.97%, 4/02/25
      1,311       1,336  
992172915.UG.FTS.B, 16.99%, 4/02/25
      389       396  
992199181.UG.FTS.B, 16.99%, 4/02/25
      652       664  
992211134.UG.FTS.B, 16.99%, 4/02/25
      70        70   
992213440.UG.FTS.B, 16.99%, 4/02/25
      329       336  
992224483.UG.FTS.B, 16.99%, 4/02/25
      171       12  
992252139.UG.FTS.B, 16.99%, 4/02/25
      159       162  
992269575.UG.FTS.B, 16.99%, 4/02/25
      680       681  
992340432.UG.FTS.B, 16.99%, 4/02/25
      328       333  
992197966.UG.FTS.B, 17.99%, 4/02/25
      189       188  
992219195.UG.FTS.B, 17.99%, 4/02/25
      381       379  
992247549.UG.FTS.B, 17.99%, 4/02/25
      236       58  
992281998.UG.FTS.B, 17.99%, 4/02/25
      73       72  
992194074.UG.FTS.B, 19.21%, 4/02/25
      425       424  
992235684.UG.FTS.B, 19.21%, 4/02/25
      179       12  
992172657.UG.FTS.B, 19.8%, 4/02/25
      224       229  
992218660.UG.FTS.B, 19.8%, 4/02/25
      398       402  
992237579.UG.FTS.B, 19.8%, 4/02/25
      1,563       1,594  
992188005.UG.FTS.B, 20.46%, 4/02/25
      253       256  
992182027.UG.FTS.B, 20.97%, 4/02/25
      13       13  
992200970.UG.FTS.B, 21.46%, 4/02/25
      124       127  
992207780.UG.FTS.B, 21.46%, 4/02/25
      85       86  
992199234.UG.FTS.B, 21.98%, 4/02/25
      133       136  
992313879.UG.FTS.B, 17.99%, 4/03/25
      1,292       1,317  
992193179.UG.FTS.B, 18.97%, 4/03/25
      191       189  
992210631.UG.FTS.B, 18.97%, 4/03/25
      82       83  
992198438.UG.FTS.B, 20.97%, 4/03/25
      2,334       2,382  
992193789.UG.FTS.B, 21.46%, 4/03/25
      1,286       1,296  
992270030.UG.FTS.B, 14%, 4/04/25
      77       79  
992230337.UG.FTS.B, 14.98%, 4/04/25
      502       509  
992232001.UG.FTS.B, 15.97%, 4/04/25
      106       108  
992353155.UG.FTS.B, 15.97%, 4/04/25
      65       66  
992383612.UG.FTS.B, 16.99%, 4/04/25
      143       17  
992466354.UG.FTS.B, 16.99%, 4/04/25
      39       5  
992191130.UG.FTS.B, 17.97%, 4/04/25
      405       411  
992367030.UG.FTS.B, 17.97%, 4/04/25
      167       41  
992200137.UG.FTS.B, 17.99%, 4/04/25
      656       666  
992297432.UG.FTS.B, 17.99%, 4/04/25
      47       47  
992415824.UG.FTS.B, 17.99%, 4/04/25
      292       296  
992197132.UG.FTS.B, 19.8%, 4/04/25
      56       56  
992235065.UG.FTS.B, 19.8%, 4/04/25
      194       198  
992196124.UG.FTS.B, 21.46%, 4/04/25
      223       223  
992224958.UG.FTS.B, 15%, 4/05/25
      181       185  
992210521.UG.FTS.B, 15.97%, 4/05/25
      152       154  
992231286.UG.FTS.B, 15.99%, 4/05/25
      1,236       1,254  
992223411.UG.FTS.B, 17.97%, 4/05/25
      94       96  
992218905.UG.FTS.B, 19.21%, 4/05/25
      781       797  
992202719.UG.FTS.B, 21.46%, 4/05/25
      265       271  
992233548.UG.FTS.B, 21.46%, 4/05/25
      192       191  
992209626.UG.FTS.B, 14.97%, 4/06/25
      383       383  
992260529.UG.FTS.B, 14.98%, 4/06/25
      56       56  
992212912.UG.FTS.B, 15%, 4/06/25
      70       1  
992466445.UG.FTS.B, 15.97%, 4/06/25
      935       949  
992211451.UG.FTS.B, 16.99%, 4/06/25
      393       402  
 
       
96       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992267047.UG.FTS.B, 16.99%, 4/06/25
    $ 156     $   155  
992268809.UG.FTS.B, 16.99%, 4/06/25
      176       180  
992319770.UG.FTS.B, 16.99%, 4/06/25
      116       8  
992214605.UG.FTS.B, 17.99%, 4/06/25
      110       111  
992224934.UG.FTS.B, 17.99%, 4/06/25
      12       12  
992247853.UG.FTS.B, 17.99%, 4/06/25
      258       263  
992345302.UG.FTS.B, 17.99%, 4/06/25
      315       322  
992221556.UG.FTS.B, 15.97%, 4/07/25
      122       125  
992243467.UG.FTS.B, 17.99%, 4/07/25
      129       131  
992298729.UG.FTS.B, 14.98%, 4/08/25
      139       142  
992368155.UG.FTS.B, 15.97%, 4/08/25
      40       40  
992394992.UG.FTS.B, 15.97%, 4/08/25
      516       527  
992239443.UG.FTS.B, 16.99%, 4/08/25
      532       535  
992320559.UG.FTS.B, 16.99%, 4/08/25
      180       183  
992321202.UG.FTS.B, 16.99%, 4/08/25
      510       521  
992350446.UG.FTS.B, 16.99%, 4/08/25
      272       272  
992236760.UG.FTS.B, 17.99%, 4/08/25
      1,657       1,693  
992254629.UG.FTS.B, 17.99%, 4/08/25
      459       468  
992310973.UG.FTS.B, 17.99%, 4/08/25
      132       134  
992429013.UG.FTS.B, 17.99%, 4/08/25
      133       135  
992484516.UG.FTS.B, 17.99%, 4/08/25
      905        920   
992242978.UG.FTS.B, 16.99%, 4/09/25
      249       254  
992384703.UG.FTS.B, 16.99%, 4/09/25
      506       517  
992408223.UG.FTS.B, 17.99%, 4/09/25
      40       41  
992271681.UG.FTS.B, 20.46%, 4/09/25
      21       21  
992033191.UG.FTS.B, 28.98%, 4/09/25
      232       236  
992263444.UG.FTS.B, 15.97%, 4/10/25
      247       252  
992487071.UG.FTS.B, 15.97%, 4/10/25
      484       492  
992335007.UG.FTS.B, 17.99%, 4/10/25
      –       –  
992290392.UG.FTS.B, 15.97%, 4/11/25
      2       2  
992302614.UG.FTS.B, 16.99%, 4/11/25
      358       366  
992442083.UG.FTS.B, 16.99%, 4/11/25
      144       1  
992372193.UG.FTS.B, 17.97%, 4/11/25
      77       79  
992286136.UG.FTS.B, 19.21%, 4/11/25
      537       545  
992363717.UG.FTS.B, 21.98%, 4/11/25
      37       37  
992297219.UG.FTS.B, 15.97%, 4/12/25
      271       273  
992267819.UG.FTS.B, 16.99%, 4/12/25
      380       388  
992336329.UG.FTS.B, 16.99%, 4/12/25
      121       122  
992347580.UG.FTS.B, 16.99%, 4/12/25
      970       991  
992354175.UG.FTS.B, 16.99%, 4/12/25
      8       8  
992307762.UG.FTS.B, 17.99%, 4/12/25
      153       152  
992295225.UG.FTS.B, 21.98%, 4/12/25
      145       147  
992322854.UG.FTS.B, 14%, 4/13/25
      1,247       1,268  
992513612.UG.FTS.B, 15.97%, 4/13/25
      812       826  
992537011.UG.FTS.B, 15.97%, 4/13/25
      2,189       2,226  
992275766.UG.FTS.B, 16.99%, 4/13/25
      87       88  
992277654.UG.FTS.B, 16.99%, 4/13/25
      1,501       1,534  
992287880.UG.FTS.B, 16.99%, 4/13/25
      330       337  
992322383.UG.FTS.B, 16.99%, 4/13/25
      668       672  
992274015.UG.FTS.B, 18.21%, 4/13/25
      465       470  
992297895.UG.FTS.B, 19.8%, 4/13/25
      297       298  
992317691.UG.FTS.B, 20.97%, 4/13/25
      183       188  
992337065.UG.FTS.B, 20.97%, 4/13/25
      87       89  
992275798.UG.FTS.B, 21.46%, 4/13/25
      348       349  
992297152.UG.FTS.B, 21.46%, 4/13/25
      11       11  
992307235.UG.FTS.B, 21.46%, 4/13/25
      111       114  
992355419.UG.FTS.B, 21.46%, 4/13/25
      164       168  
992293222.UG.FTS.B, 21.98%, 4/13/25
      585       599  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992340474.UG.FTS.B, 15.97%, 4/14/25
    $ 827     $   845  
992336097.UG.FTS.B, 15.99%, 4/14/25
      197       201  
992285725.UG.FTS.B, 16.83%, 4/14/25
      1,293       1,322  
992289110.UG.FTS.B, 16.83%, 4/14/25
      1,148       1,174  
992300816.UG.FTS.B, 16.99%, 4/14/25
      57       57  
992564416.UG.FTS.B, 16.99%, 4/14/25
      556       566  
992290644.UG.FTS.B, 17.88%, 4/14/25
      186       15  
992316285.UG.FTS.B, 17.99%, 4/14/25
      301       308  
992324578.UG.FTS.B, 17.99%, 4/14/25
      273       278  
992305826.UG.FTS.B, 18.97%, 4/14/25
      93       94  
992285945.UG.FTS.B, 19.21%, 4/14/25
      221       –  
992286128.UG.FTS.B, 19.8%, 4/14/25
      292       297  
992309878.UG.FTS.B, 19.8%, 4/14/25
      1,012       1,028  
992281600.UG.FTS.B, 20.46%, 4/14/25
      502       510  
992288833.UG.FTS.B, 20.97%, 4/14/25
      75       76  
992289091.UG.FTS.B, 20.97%, 4/14/25
      127       20  
992308779.UG.FTS.B, 21.46%, 4/14/25
      –       –  
992289187.UG.FTS.B, 28.98%, 4/14/25
      128       32  
992289614.UG.FTS.B, 28.98%, 4/14/25
      219       50  
992305613.UG.FTS.B, 28.98%, 4/14/25
      222       233  
992310447.UG.FTS.B, 28.98%, 4/14/25
      291       301  
992286120.UG.FTS.B, 29.49%, 4/14/25
      837        267   
992296626.UG.FTS.B, 29.49%, 4/14/25
      25       25  
992308681.UG.FTS.B, 29.49%, 4/14/25
      82       85  
992310266.UG.FTS.B, 29.49%, 4/14/25
      25       25  
992303123.UG.FTS.B, 14.98%, 4/15/25
      1,003       1,026  
992303883.UG.FTS.B, 15.99%, 4/15/25
      959       980  
992297524.UG.FTS.B, 16.99%, 4/15/25
      838       857  
992307848.UG.FTS.B, 16.99%, 4/15/25
      138       141  
992320370.UG.FTS.B, 16.99%, 4/15/25
      786       799  
992340458.UG.FTS.B, 16.99%, 4/15/25
      55       55  
992294877.UG.FTS.B, 17.99%, 4/15/25
      109       111  
992301536.UG.FTS.B, 17.99%, 4/15/25
      77       79  
992296404.UG.FTS.B, 19.8%, 4/15/25
      1,147       1,166  
992303407.UG.FTS.B, 23.95%, 4/15/25
      117       118  
992295308.UG.FTS.B, 28.98%, 4/15/25
      104       109  
992297340.UG.FTS.B, 28.98%, 4/15/25
      565       590  
992300707.UG.FTS.B, 28.98%, 4/15/25
      487       499  
992300880.UG.FTS.B, 28.98%, 4/15/25
      420       436  
992301426.UG.FTS.B, 28.98%, 4/15/25
      211       220  
992308046.UG.FTS.B, 28.98%, 4/15/25
      114       9  
992297156.UG.FTS.B, 29.46%, 4/15/25
      223       224  
992299371.UG.FTS.B, 29.46%, 4/15/25
      734       52  
992296907.UG.FTS.B, 29.49%, 4/15/25
      126       128  
992297557.UG.FTS.B, 29.49%, 4/15/25
      559       564  
992308453.UG.FTS.B, 29.49%, 4/15/25
      97       101  
992310696.UG.FTS.B, 29.49%, 4/15/25
      182       183  
992580136.UG.FTS.B, 15%, 4/16/25
      85       86  
992498711.UG.FTS.B, 15.97%, 4/16/25
      98       100  
992323983.UG.FTS.B, 16.99%, 4/16/25
      46       47  
992525722.UG.FTS.B, 16.99%, 4/16/25
      1,267       1,297  
992316046.UG.FTS.B, 17.99%, 4/16/25
      182       186  
992305308.UG.FTS.B, 19.99%, 4/16/25
      196       206  
992306261.UG.FTS.B, 19.99%, 4/16/25
      181       182  
992307581.UG.FTS.B, 19.99%, 4/16/25
      322       337  
992307679.UG.FTS.B, 19.99%, 4/16/25
      210       28  
992308797.UG.FTS.B, 19.99%, 4/16/25
      42       43  
992309236.UG.FTS.B, 19.99%, 4/16/25
      544       18  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       97
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992309341.UG.FTS.B, 19.99%, 4/16/25
    $ 1,101     $   78  
992310357.UG.FTS.B, 19.99%, 4/16/25
      –       –  
992305605.UG.FTS.B, 21.46%, 4/16/25
      782       54  
992381662.UG.FTS.B, 21.46%, 4/16/25
      143       147  
992309577.UG.FTS.B, 21.98%, 4/16/25
      2,084       2,138  
992309950.UG.FTS.B, 22.95%, 4/16/25
      393       404  
992304599.UG.FTS.B, 28.98%, 4/16/25
      487       503  
992305433.UG.FTS.B, 28.98%, 4/16/25
      111       8  
992306028.UG.FTS.B, 28.98%, 4/16/25
      23       23  
992306115.UG.FTS.B, 28.98%, 4/16/25
      731       753  
992307424.UG.FTS.B, 28.98%, 4/16/25
      227       232  
992308010.UG.FTS.B, 28.98%, 4/16/25
      99       103  
992308414.UG.FTS.B, 28.98%, 4/16/25
      149       156  
992308705.UG.FTS.B, 28.98%, 4/16/25
      80       79  
992309686.UG.FTS.B, 28.98%, 4/16/25
      202       206  
992310638.UG.FTS.B, 28.98%, 4/16/25
      733       769  
992304303.UG.FTS.B, 29.49%, 4/16/25
      69       70  
992304613.UG.FTS.B, 29.49%, 4/16/25
      77       79  
992304939.UG.FTS.B, 29.49%, 4/16/25
      12       12  
992305361.UG.FTS.B, 29.49%, 4/16/25
      89       94  
992305535.UG.FTS.B, 29.49%, 4/16/25
      25       –  
992306689.UG.FTS.B, 29.49%, 4/16/25
      53       54  
992308785.UG.FTS.B, 29.49%, 4/16/25
      276       281  
992308950.UG.FTS.B, 29.49%, 4/16/25
      168       177  
992310247.UG.FTS.B, 29.49%, 4/16/25
      93       98  
992355317.UG.FTS.B, 15%, 4/17/25
      139       142  
992327747.UG.FTS.B, 15.97%, 4/17/25
      120       121  
992597031.UG.FTS.B, 16.99%, 4/17/25
      2       2  
992372747.UG.FTS.B, 17.99%, 4/17/25
      122       125  
992380827.UG.FTS.B, 20.46%, 4/17/25
      78       80  
992345799.UG.FTS.B, 28.98%, 4/17/25
      21       21  
992422280.UG.FTS.B, 28.98%, 4/17/25
      5       5  
992394779.UG.FTS.B, 29.45%, 4/17/25
      35       36  
992396234.UG.FTS.B, 29.49%, 4/17/25
      391       412  
992421509.UG.FTS.B, 15%, 4/18/25
      61       61  
992345440.UG.FTS.B, 15.97%, 4/18/25
      128       130  
992397485.UG.FTS.B, 15.97%, 4/18/25
      145       149  
992484763.UG.FTS.B, 15.97%, 4/18/25
      276       283  
992546771.UG.FTS.B, 15.97%, 4/18/25
      1,194       1,199  
992356139.UG.FTS.B, 16.99%, 4/18/25
      208       213  
992387534.UG.FTS.B, 16.99%, 4/18/25
      214       219  
992324428.UG.FTS.B, 17.99%, 4/18/25
      374       383  
992347652.UG.FTS.B, 17.99%, 4/18/25
      1,028        1,053   
992403384.UG.FTS.B, 17.99%, 4/18/25
      487       499  
992402637.UG.FTS.B, 19.99%, 4/18/25
      –       –  
992407904.UG.FTS.B, 19.99%, 4/18/25
      42       43  
992474848.UG.FTS.B, 19.99%, 4/18/25
      25       26  
992322893.UG.FTS.B, 28.98%, 4/18/25
      104       109  
992322987.UG.FTS.B, 28.98%, 4/18/25
      204       214  
992325295.UG.FTS.B, 28.98%, 4/18/25
      120       126  
992327973.UG.FTS.B, 28.98%, 4/18/25
      305       310  
992341212.UG.FTS.B, 29.45%, 4/18/25
      889       930  
992323207.UG.FTS.B, 29.49%, 4/18/25
      368       381  
992323564.UG.FTS.B, 29.49%, 4/18/25
      89       93  
992323640.UG.FTS.B, 29.49%, 4/18/25
      485       503  
992340847.UG.FTS.B, 29.49%, 4/18/25
      428       436  
992341740.UG.FTS.B, 29.49%, 4/18/25
      28       28  
992351999.UG.FTS.B, 29.49%, 4/18/25
      131       –  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992368603.UG.FTS.B, 29.49%, 4/18/25
    $ 275     $   286  
992390575.UG.FTS.B, 29.49%, 4/18/25
      55       55  
992395473.UG.FTS.B, 29.49%, 4/18/25
      17       3  
992423259.UG.FTS.B, 29.49%, 4/18/25
      97       99  
992367233.UG.FTS.B, 15%, 4/19/25
      384       393  
992334963.UG.FTS.B, 15.97%, 4/19/25
      1,955       2,000  
992487984.UG.FTS.B, 15.97%, 4/19/25
      215       220  
992162625.UG.FTS.B, 16.99%, 4/19/25
      70       53  
992335615.UG.FTS.B, 16.99%, 4/19/25
      1,363        1,389   
992544000.UG.FTS.B, 16.99%, 4/19/25
      128       130  
992340040.UG.FTS.B, 17.99%, 4/19/25
      529       534  
992335335.UG.FTS.B, 19.21%, 4/19/25
      337       342  
992563597.UG.FTS.B, 19.8%, 4/19/25
      322       327  
992357699.UG.FTS.B, 19.99%, 4/19/25
      112       117  
992335621.UG.FTS.B, 20.46%, 4/19/25
      586       587  
992367825.UG.FTS.B, 20.46%, 4/19/25
      408       408  
992351332.UG.FTS.B, 26.94%, 4/19/25
      697       701  
992334959.UG.FTS.B, 28.98%, 4/19/25
      96       96  
992340621.UG.FTS.B, 28.98%, 4/19/25
      167       171  
992356069.UG.FTS.B, 28.98%, 4/19/25
      31       31  
992485761.UG.FTS.B, 28.98%, 4/19/25
      862       903  
992492586.UG.FTS.B, 28.98%, 4/19/25
      336       25  
992609572.UG.FTS.B, 28.98%, 4/19/25
      80       6  
992356350.UG.FTS.B, 29.46%, 4/19/25
      98       99  
992382302.UG.FTS.B, 29.48%, 4/19/25
      549       38  
992332787.UG.FTS.B, 29.49%, 4/19/25
      219       230  
992336209.UG.FTS.B, 29.49%, 4/19/25
      248       258  
992336355.UG.FTS.B, 29.49%, 4/19/25
      1,506       1,585  
992345740.UG.FTS.B, 29.49%, 4/19/25
      237       249  
992358044.UG.FTS.B, 29.49%, 4/19/25
      90       95  
992381989.UG.FTS.B, 29.49%, 4/19/25
      312       5  
992405258.UG.FTS.B, 29.49%, 4/19/25
      14       1  
992411323.UG.FTS.B, 29.49%, 4/19/25
      34       35  
992451835.UG.FTS.B, 29.49%, 4/19/25
      2,110       2,214  
992585077.UG.FTS.B, 29.49%, 4/19/25
      146       151  
992611397.UG.FTS.B, 29.49%, 4/19/25
      110       8  
992338902.UG.FTS.B, 15.97%, 4/20/25
      381       386  
992343511.UG.FTS.B, 18.97%, 4/20/25
      356       365  
992100188.UG.FTS.B, 19.99%, 4/20/25
      468       33  
992341718.UG.FTS.B, 19.99%, 4/20/25
      919       963  
992345097.UG.FTS.B, 19.99%, 4/20/25
      178       186  
992345531.UG.FTS.B, 19.99%, 4/20/25
      –       –  
992345537.UG.FTS.B, 19.99%, 4/20/25
      18       18  
992346384.UG.FTS.B, 19.99%, 4/20/25
      196       206  
992350961.UG.FTS.B, 19.99%, 4/20/25
      521       546  
992352431.UG.FTS.B, 19.99%, 4/20/25
      904       925  
992354565.UG.FTS.B, 19.99%, 4/20/25
      140       145  
992370620.UG.FTS.B, 19.99%, 4/20/25
      212       217  
992388112.UG.FTS.B, 19.99%, 4/20/25
      70       71  
992396003.UG.FTS.B, 19.99%, 4/20/25
      176       184  
992429650.UG.FTS.B, 19.99%, 4/20/25
      513       538  
992476651.UG.FTS.B, 19.99%, 4/20/25
      8       9  
992490816.UG.FTS.B, 19.99%, 4/20/25
      320       332  
992501372.UG.FTS.B, 19.99%, 4/20/25
      16       16  
992514020.UG.FTS.B, 19.99%, 4/20/25
      171       175  
992587068.UG.FTS.B, 25.95%, 4/20/25
      259       –  
992338075.UG.FTS.B, 27.95%, 4/20/25
      304       313  
992394027.UG.FTS.B, 27.95%, 4/20/25
      950       65  
 
       
98       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992362201.UG.FTS.B, 27.99%, 4/20/25
    $ 114     $   120  
992366991.UG.FTS.B, 27.99%, 4/20/25
      263       276  
992613205.UG.FTS.B, 27.99%, 4/20/25
      46       48  
992619976.UG.FTS.B, 27.99%, 4/20/25
      160       163  
992338470.UG.FTS.B, 28.98%, 4/20/25
      87       89  
992338652.UG.FTS.B, 28.98%, 4/20/25
      205       215  
992340205.UG.FTS.B, 28.98%, 4/20/25
      103       108  
992340689.UG.FTS.B, 28.98%, 4/20/25
      679       701  
992341712.UG.FTS.B, 28.98%, 4/20/25
      122       125  
992342447.UG.FTS.B, 28.98%, 4/20/25
      436       451  
992343369.UG.FTS.B, 28.98%, 4/20/25
      160       167  
992345562.UG.FTS.B, 28.98%, 4/20/25
      147       154  
992346258.UG.FTS.B, 28.98%, 4/20/25
      102       103  
992346826.UG.FTS.B, 28.98%, 4/20/25
      232       234  
992350941.UG.FTS.B, 28.98%, 4/20/25
      392       410  
992352243.UG.FTS.B, 28.98%, 4/20/25
      146       153  
992355254.UG.FTS.B, 28.98%, 4/20/25
      25       25  
992355518.UG.FTS.B, 28.98%, 4/20/25
      322       329  
992355874.UG.FTS.B, 28.98%, 4/20/25
      290       299  
992358247.UG.FTS.B, 28.98%, 4/20/25
      1,358       198  
992359827.UG.FTS.B, 28.98%, 4/20/25
      129       135  
992361195.UG.FTS.B, 28.98%, 4/20/25
      44       46  
992362635.UG.FTS.B, 28.98%, 4/20/25
      270       280  
992363075.UG.FTS.B, 28.98%, 4/20/25
      94       99  
992371026.UG.FTS.B, 28.98%, 4/20/25
      824       858  
992374810.UG.FTS.B, 28.98%, 4/20/25
      35       36  
992377665.UG.FTS.B, 28.98%, 4/20/25
      72       75  
992379951.UG.FTS.B, 28.98%, 4/20/25
      110       8  
992384845.UG.FTS.B, 28.98%, 4/20/25
      97       102  
992390700.UG.FTS.B, 28.98%, 4/20/25
      254       266  
992394519.UG.FTS.B, 28.98%, 4/20/25
      90       93  
992394901.UG.FTS.B, 28.98%, 4/20/25
      887       927  
992395078.UG.FTS.B, 28.98%, 4/20/25
      199       208  
992397649.UG.FTS.B, 28.98%, 4/20/25
      418       431  
992399160.UG.FTS.B, 28.98%, 4/20/25
      1,028       1,078  
992400911.UG.FTS.B, 28.98%, 4/20/25
      13       13  
992402957.UG.FTS.B, 28.98%, 4/20/25
      8       8  
992404083.UG.FTS.B, 28.98%, 4/20/25
      555       574  
992404422.UG.FTS.B, 28.98%, 4/20/25
      818       849  
992405698.UG.FTS.B, 28.98%, 4/20/25
      80       81  
992406320.UG.FTS.B, 28.98%, 4/20/25
      25       25  
992407169.UG.FTS.B, 28.98%, 4/20/25
      314       43  
992410841.UG.FTS.B, 28.98%, 4/20/25
      77       81  
992422929.UG.FTS.B, 28.98%, 4/20/25
      120       126  
992423682.UG.FTS.B, 28.98%, 4/20/25
      94       98  
992428010.UG.FTS.B, 28.98%, 4/20/25
      713       748  
992433094.UG.FTS.B, 28.98%, 4/20/25
      124       130  
992455319.UG.FTS.B, 28.98%, 4/20/25
      194       203  
992473400.UG.FTS.B, 28.98%, 4/20/25
      137        143   
992475984.UG.FTS.B, 28.98%, 4/20/25
      65       68  
992500046.UG.FTS.B, 28.98%, 4/20/25
      45       46  
992573156.UG.FTS.B, 28.98%, 4/20/25
      580       602  
992581324.UG.FTS.B, 28.98%, 4/20/25
      783       809  
992633562.UG.FTS.B, 28.98%, 4/20/25
      10       10  
992339264.UG.FTS.B, 29.45%, 4/20/25
      46       47  
992357397.UG.FTS.B, 29.45%, 4/20/25
      43       45  
992363476.UG.FTS.B, 29.45%, 4/20/25
      15       15  
992370756.UG.FTS.B, 29.45%, 4/20/25
      315       331  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992633878.UG.FTS.B, 29.45%, 4/20/25
    $   4     $   4  
992344089.UG.FTS.B, 29.46%, 4/20/25
      123       125  
992375682.UG.FTS.B, 29.46%, 4/20/25
      26       26  
992377954.UG.FTS.B, 29.46%, 4/20/25
      193       203  
992379948.UG.FTS.B, 29.46%, 4/20/25
      238       244  
992475659.UG.FTS.B, 29.46%, 4/20/25
      87       91  
992634015.UG.FTS.B, 29.46%, 4/20/25
      195        198   
992338247.UG.FTS.B, 29.47%, 4/20/25
      323       22  
992352682.UG.FTS.B, 29.47%, 4/20/25
      185       186  
992356513.UG.FTS.B, 29.47%, 4/20/25
      213       225  
992358512.UG.FTS.B, 29.47%, 4/20/25
      446       466  
992338159.UG.FTS.B, 29.48%, 4/20/25
      1,300       1,374  
992340990.UG.FTS.B, 29.48%, 4/20/25
      73       77  
992342047.UG.FTS.B, 29.48%, 4/20/25
      677       94  
992342055.UG.FTS.B, 29.48%, 4/20/25
      419       438  
992384921.UG.FTS.B, 29.48%, 4/20/25
      212       224  
992410239.UG.FTS.B, 29.48%, 4/20/25
      262       276  
992420021.UG.FTS.B, 29.48%, 4/20/25
      176       28  
992524698.UG.FTS.B, 29.48%, 4/20/25
      409       28  
992109266.UG.FTS.B, 29.49%, 4/20/25
      92       71  
992338435.UG.FTS.B, 29.49%, 4/20/25
      103       106  
992338515.UG.FTS.B, 29.49%, 4/20/25
      179       180  
992339181.UG.FTS.B, 29.49%, 4/20/25
      87       –  
992339584.UG.FTS.B, 29.49%, 4/20/25
      361       376  
992340153.UG.FTS.B, 29.49%, 4/20/25
      578       612  
992340868.UG.FTS.B, 29.49%, 4/20/25
      100       107  
992342384.UG.FTS.B, 29.49%, 4/20/25
      170       12  
992343488.UG.FTS.B, 29.49%, 4/20/25
      160       165  
992343701.UG.FTS.B, 29.49%, 4/20/25
      83       12  
992344842.UG.FTS.B, 29.49%, 4/20/25
      91       92  
992345224.UG.FTS.B, 29.49%, 4/20/25
      754       57  
992346255.UG.FTS.B, 29.49%, 4/20/25
      213       213  
992348941.UG.FTS.B, 29.49%, 4/20/25
      1,630       1,692  
992351476.UG.FTS.B, 29.49%, 4/20/25
      1,173       1,233  
992353212.UG.FTS.B, 29.49%, 4/20/25
      131       136  
992353485.UG.FTS.B, 29.49%, 4/20/25
      67       67  
992354907.UG.FTS.B, 29.49%, 4/20/25
      85       89  
992355055.UG.FTS.B, 29.49%, 4/20/25
      1,310       1,361  
992355688.UG.FTS.B, 29.49%, 4/20/25
      146       155  
992356441.UG.FTS.B, 29.49%, 4/20/25
      –       –  
992357961.UG.FTS.B, 29.49%, 4/20/25
      573       86  
992360516.UG.FTS.B, 29.49%, 4/20/25
      112       118  
992363009.UG.FTS.B, 29.49%, 4/20/25
      96       102  
992364226.UG.FTS.B, 29.49%, 4/20/25
      330       340  
992367719.UG.FTS.B, 29.49%, 4/20/25
      23       –  
992372295.UG.FTS.B, 29.49%, 4/20/25
      168       174  
992374591.UG.FTS.B, 29.49%, 4/20/25
      68       72  
992375064.UG.FTS.B, 29.49%, 4/20/25
      1,972       2,057  
992375769.UG.FTS.B, 29.49%, 4/20/25
      24       24  
992376938.UG.FTS.B, 29.49%, 4/20/25
      140       147  
992377400.UG.FTS.B, 29.49%, 4/20/25
      198       15  
992379117.UG.FTS.B, 29.49%, 4/20/25
      539       566  
992382960.UG.FTS.B, 29.49%, 4/20/25
      394       410  
992383092.UG.FTS.B, 29.49%, 4/20/25
      207       220  
992383252.UG.FTS.B, 29.49%, 4/20/25
      99       104  
992390098.UG.FTS.B, 29.49%, 4/20/25
      82       82  
992396638.UG.FTS.B, 29.49%, 4/20/25
      416       429  
992402039.UG.FTS.B, 29.49%, 4/20/25
      5       5  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       99
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
   
Value
Marketplace Loans
(continued)
      
Upgrade, Inc. - Card (continued)
      
992404573.UG.FTS.B, 29.49%, 4/20/25
    $ 20      $   20  
992405588.UG.FTS.B, 29.49%, 4/20/25
      377        397  
992406809.UG.FTS.B, 29.49%, 4/20/25
      151        11  
992406929.UG.FTS.B, 29.49%, 4/20/25
      74        77  
992409052.UG.FTS.B, 29.49%, 4/20/25
      57        59  
992410684.UG.FTS.B, 29.49%, 4/20/25
      50        –  
992413976.UG.FTS.B, 29.49%, 4/20/25
      250        20  
992415416.UG.FTS.B, 29.49%, 4/20/25
      280        293  
992419455.UG.FTS.B, 29.49%, 4/20/25
      250        17  
992420121.UG.FTS.B, 29.49%, 4/20/25
      84        89  
992431548.UG.FTS.B, 29.49%, 4/20/25
      270        283  
992442953.UG.FTS.B, 29.49%, 4/20/25
      141        147  
992444515.UG.FTS.B, 29.49%, 4/20/25
      126        132  
992444812.UG.FTS.B, 29.49%, 4/20/25
      139        147  
992452851.UG.FTS.B, 29.49%, 4/20/25
      172        173  
992467820.UG.FTS.B, 29.49%, 4/20/25
      230        241  
992475354.UG.FTS.B, 29.49%, 4/20/25
      145        153  
992483310.UG.FTS.B, 29.49%, 4/20/25
      880        934  
992483515.UG.FTS.B, 29.49%, 4/20/25
      309        325  
992484096.UG.FTS.B, 29.49%, 4/20/25
      48        49  
992494720.UG.FTS.B, 29.49%, 4/20/25
      278        291  
992502758.UG.FTS.B, 29.49%, 4/20/25
      128        131  
992559870.UG.FTS.B, 29.49%, 4/20/25
      1,258        1,325  
992573503.UG.FTS.B, 29.49%, 4/20/25
      21        22  
992596925.UG.FTS.B, 29.49%, 4/20/25
      7        7  
992351406.UG.FTS.B, 19.99%, 4/21/25
      182        187  
992351508.UG.FTS.B, 19.99%, 4/21/25
      2,423        201  
992359205.UG.FTS.B, 19.99%, 4/21/25
      1,543        1,616  
992366686.UG.FTS.B, 19.99%, 4/21/25
      602        630  
992371601.UG.FTS.B, 19.99%, 4/21/25
      378        396  
992372701.UG.FTS.B, 19.99%, 4/21/25
      45        47  
992387756.UG.FTS.B, 19.99%, 4/21/25
      58        60  
992443011.UG.FTS.B, 19.99%, 4/21/25
      627        653  
992450032.UG.FTS.B, 19.99%, 4/21/25
      428        442  
992636040.UG.FTS.B, 19.99%, 4/21/25
      206        214  
992501284.UG.FTS.B, 27.95%, 4/21/25
      256        264  
992361983.UG.FTS.B, 27.99%, 4/21/25
      348        358  
992400312.UG.FTS.B, 27.99%, 4/21/25
      146        149  
992352178.UG.FTS.B, 28.98%, 4/21/25
      120        126  
992352549.UG.FTS.B, 28.98%, 4/21/25
      417        431  
992355224.UG.FTS.B, 28.98%, 4/21/25
      245        256  
992355498.UG.FTS.B, 28.98%, 4/21/25
      613        641  
992357432.UG.FTS.B, 28.98%, 4/21/25
      73        73  
992365903.UG.FTS.B, 28.98%, 4/21/25
      253        265  
992367014.UG.FTS.B, 28.98%, 4/21/25
      211        221  
992369085.UG.FTS.B, 28.98%, 4/21/25
      381        383  
992371954.UG.FTS.B, 28.98%, 4/21/25
      309        314  
992374802.UG.FTS.B, 28.98%, 4/21/25
      2,861        3,001  
992381721.UG.FTS.B, 28.98%, 4/21/25
      141        147  
992389731.UG.FTS.B, 28.98%, 4/21/25
      1,692        1,773  
992393436.UG.FTS.B, 28.98%, 4/21/25
      818        118  
992395539.UG.FTS.B, 28.98%, 4/21/25
      304        317  
992400731.UG.FTS.B, 28.98%, 4/21/25
      356        367  
992406163.UG.FTS.B, 28.98%, 4/21/25
      23        24  
992421606.UG.FTS.B, 28.98%, 4/21/25
      63        64  
992424168.UG.FTS.B, 28.98%, 4/21/25
      139        142  
992430462.UG.FTS.B, 28.98%, 4/21/25
      100        105  
992442321.UG.FTS.B, 28.98%, 4/21/25
      102        107  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992449049.UG.FTS.B, 28.98%, 4/21/25
    $ 471     $   22  
992466997.UG.FTS.B, 28.98%, 4/21/25
      70       73  
992474567.UG.FTS.B, 28.98%, 4/21/25
      67       70  
992474971.UG.FTS.B, 28.98%, 4/21/25
      323       339  
992475529.UG.FTS.B, 28.98%, 4/21/25
      77       80  
992490876.UG.FTS.B, 28.98%, 4/21/25
      257       267  
992492521.UG.FTS.B, 28.98%, 4/21/25
      353       365  
992492615.UG.FTS.B, 28.98%, 4/21/25
      86       89  
992544590.UG.FTS.B, 28.98%, 4/21/25
      109        113   
992556960.UG.FTS.B, 28.98%, 4/21/25
      546       565  
992559324.UG.FTS.B, 28.98%, 4/21/25
      214       223  
992361323.UG.FTS.B, 29.46%, 4/21/25
      728       764  
992422302.UG.FTS.B, 29.46%, 4/21/25
      21       21  
992356316.UG.FTS.B, 29.48%, 4/21/25
      231       16  
992361782.UG.FTS.B, 29.48%, 4/21/25
      221       234  
992439403.UG.FTS.B, 29.48%, 4/21/25
      279       294  
992348141.UG.FTS.B, 29.49%, 4/21/25
      121       –  
992351042.UG.FTS.B, 29.49%, 4/21/25
      147       151  
992352023.UG.FTS.B, 29.49%, 4/21/25
      129       11  
992356432.UG.FTS.B, 29.49%, 4/21/25
      39       40  
992357742.UG.FTS.B, 29.49%, 4/21/25
      103       1  
992372228.UG.FTS.B, 29.49%, 4/21/25
      137       140  
992375667.UG.FTS.B, 29.49%, 4/21/25
      460       484  
992379817.UG.FTS.B, 29.49%, 4/21/25
      150       156  
992383421.UG.FTS.B, 29.49%, 4/21/25
      163       173  
992387229.UG.FTS.B, 29.49%, 4/21/25
      718       759  
992389361.UG.FTS.B, 29.49%, 4/21/25
      104       110  
992393754.UG.FTS.B, 29.49%, 4/21/25
      40       41  
992397379.UG.FTS.B, 29.49%, 4/21/25
      129       136  
992398418.UG.FTS.B, 29.49%, 4/21/25
      1,096       1,137  
992402711.UG.FTS.B, 29.49%, 4/21/25
      38       3  
992404163.UG.FTS.B, 29.49%, 4/21/25
      193       203  
992414821.UG.FTS.B, 29.49%, 4/21/25
      159       168  
992428173.UG.FTS.B, 29.49%, 4/21/25
      22       23  
992432150.UG.FTS.B, 29.49%, 4/21/25
      276       289  
992443019.UG.FTS.B, 29.49%, 4/21/25
      135       142  
992451088.UG.FTS.B, 29.49%, 4/21/25
      69       72  
992457548.UG.FTS.B, 29.49%, 4/21/25
      204       215  
992461461.UG.FTS.B, 29.49%, 4/21/25
      109       115  
992466482.UG.FTS.B, 29.49%, 4/21/25
      889       943  
992476858.UG.FTS.B, 29.49%, 4/21/25
      108       114  
992481160.UG.FTS.B, 29.49%, 4/21/25
      389       407  
992522366.UG.FTS.B, 29.49%, 4/21/25
      503       517  
992362597.UG.FTS.B, 19.99%, 4/22/25
      175       182  
992363953.UG.FTS.B, 19.99%, 4/22/25
      295       310  
992365869.UG.FTS.B, 19.99%, 4/22/25
      –       –  
992368413.UG.FTS.B, 19.99%, 4/22/25
      605       630  
992369131.UG.FTS.B, 19.99%, 4/22/25
      3,127       3,282  
992369769.UG.FTS.B, 19.99%, 4/22/25
      1,110       1,150  
992374956.UG.FTS.B, 19.99%, 4/22/25
      1,059       1,101  
992377233.UG.FTS.B, 19.99%, 4/22/25
      120       125  
992384882.UG.FTS.B, 19.99%, 4/22/25
      418       438  
992398836.UG.FTS.B, 19.99%, 4/22/25
      451       474  
992398999.UG.FTS.B, 19.99%, 4/22/25
      134       138  
992401584.UG.FTS.B, 19.99%, 4/22/25
      624       655  
992404382.UG.FTS.B, 19.99%, 4/22/25
      164       172  
992405095.UG.FTS.B, 19.99%, 4/22/25
      97       –  
992418623.UG.FTS.B, 19.99%, 4/22/25
      103       108  
 
       
100       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992438056.UG.FTS.B, 19.99%, 4/22/25
    $ 293     $   302  
992447353.UG.FTS.B, 19.99%, 4/22/25
      76       79  
992480254.UG.FTS.B, 19.99%, 4/22/25
      23       23  
992514506.UG.FTS.B, 19.99%, 4/22/25
      79       82  
992522165.UG.FTS.B, 19.99%, 4/22/25
      37       37  
992529260.UG.FTS.B, 19.99%, 4/22/25
      35       36  
992552876.UG.FTS.B, 19.99%, 4/22/25
      138       145  
992561196.UG.FTS.B, 19.99%, 4/22/25
      659       691  
992600769.UG.FTS.B, 19.99%, 4/22/25
      43       44  
992621214.UG.FTS.B, 19.99%, 4/22/25
      60       62  
992629857.UG.FTS.B, 19.99%, 4/22/25
      286       298  
992390419.UG.FTS.B, 26.48%, 4/22/25
      322       329  
992363759.UG.FTS.B, 27.95%, 4/22/25
      397       31  
992387421.UG.FTS.B, 27.95%, 4/22/25
      186       191  
992418947.UG.FTS.B, 27.95%, 4/22/25
      125       130  
992464879.UG.FTS.B, 27.95%, 4/22/25
      46       47  
992542456.UG.FTS.B, 27.95%, 4/22/25
      805       837  
992409206.UG.FTS.B, 27.99%, 4/22/25
      274       274  
992543342.UG.FTS.B, 27.99%, 4/22/25
      103       108  
992361894.UG.FTS.B, 28.98%, 4/22/25
      358       376  
992362977.UG.FTS.B, 28.98%, 4/22/25
      98       103  
992363102.UG.FTS.B, 28.98%, 4/22/25
      103       106  
992363247.UG.FTS.B, 28.98%, 4/22/25
      935       973  
992365770.UG.FTS.B, 28.98%, 4/22/25
      298       43  
992367123.UG.FTS.B, 28.98%, 4/22/25
      656       684  
992367219.UG.FTS.B, 28.98%, 4/22/25
      130       134  
992367296.UG.FTS.B, 28.98%, 4/22/25
      311       326  
992368093.UG.FTS.B, 28.98%, 4/22/25
      357       367  
992368560.UG.FTS.B, 28.98%, 4/22/25
      618       637  
992369391.UG.FTS.B, 28.98%, 4/22/25
      2,798       2,938  
992369398.UG.FTS.B, 28.98%, 4/22/25
      2,211       2,321  
992369869.UG.FTS.B, 28.98%, 4/22/25
      144       150  
992370541.UG.FTS.B, 28.98%, 4/22/25
      75       79  
992370841.UG.FTS.B, 28.98%, 4/22/25
      89       93  
992372536.UG.FTS.B, 28.98%, 4/22/25
      113       118  
992373864.UG.FTS.B, 28.98%, 4/22/25
      249       261  
992375201.UG.FTS.B, 28.98%, 4/22/25
      609       616  
992376583.UG.FTS.B, 28.98%, 4/22/25
      74       78  
992377294.UG.FTS.B, 28.98%, 4/22/25
      409       426  
992377706.UG.FTS.B, 28.98%, 4/22/25
      72       75  
992381450.UG.FTS.B, 28.98%, 4/22/25
      193       203  
992381541.UG.FTS.B, 28.98%, 4/22/25
      187       196  
992381682.UG.FTS.B, 28.98%, 4/22/25
      774       812  
992385665.UG.FTS.B, 28.98%, 4/22/25
      557       585  
992387223.UG.FTS.B, 28.98%, 4/22/25
      25       25  
992387691.UG.FTS.B, 28.98%, 4/22/25
      304       319  
992393761.UG.FTS.B, 28.98%, 4/22/25
      373       29  
992395500.UG.FTS.B, 28.98%, 4/22/25
      112       113  
992396306.UG.FTS.B, 28.98%, 4/22/25
      250       263  
992398498.UG.FTS.B, 28.98%, 4/22/25
      82        86   
992401347.UG.FTS.B, 28.98%, 4/22/25
      23       24  
992405745.UG.FTS.B, 28.98%, 4/22/25
      76       80  
992411816.UG.FTS.B, 28.98%, 4/22/25
      78       82  
992412918.UG.FTS.B, 28.98%, 4/22/25
      135       137  
992416249.UG.FTS.B, 28.98%, 4/22/25
      74       78  
992417494.UG.FTS.B, 28.98%, 4/22/25
      779       808  
992418065.UG.FTS.B, 28.98%, 4/22/25
      1,032       1,051  
992420668.UG.FTS.B, 28.98%, 4/22/25
      479       499  
Description
   
Principal
Amount
   
Value
 
      
Upgrade, Inc. - Card (continued)
      
992421488.UG.FTS.B, 28.98%, 4/22/25
    $ 263      $   272  
992422193.UG.FTS.B, 28.98%, 4/22/25
      111        111  
992423598.UG.FTS.B, 28.98%, 4/22/25
      284        298  
992425148.UG.FTS.B, 28.98%, 4/22/25
      209        219  
992431395.UG.FTS.B, 28.98%, 4/22/25
      –        –  
992431746.UG.FTS.B, 28.98%, 4/22/25
      241        252  
992432797.UG.FTS.B, 28.98%, 4/22/25
      131        138  
992439548.UG.FTS.B, 28.98%, 4/22/25
      187        194  
992440124.UG.FTS.B, 28.98%, 4/22/25
      90        93  
992440865.UG.FTS.B, 28.98%, 4/22/25
      214        220  
992446297.UG.FTS.B, 28.98%, 4/22/25
      183        192  
992449500.UG.FTS.B, 28.98%, 4/22/25
      199        209  
992450447.UG.FTS.B, 28.98%, 4/22/25
      80        84  
992450751.UG.FTS.B, 28.98%, 4/22/25
      64        67  
992455341.UG.FTS.B, 28.98%, 4/22/25
      210        213  
992455451.UG.FTS.B, 28.98%, 4/22/25
      216        219  
992458748.UG.FTS.B, 28.98%, 4/22/25
      144        152  
992458755.UG.FTS.B, 28.98%, 4/22/25
      92        96  
992459453.UG.FTS.B, 28.98%, 4/22/25
      232        –  
992468827.UG.FTS.B, 28.98%, 4/22/25
      575        598  
992480717.UG.FTS.B, 28.98%, 4/22/25
      268        273  
992480960.UG.FTS.B, 28.98%, 4/22/25
      30        30  
992482020.UG.FTS.B, 28.98%, 4/22/25
      2,793        2,932  
992491464.UG.FTS.B, 28.98%, 4/22/25
      1,473        1,536  
992496078.UG.FTS.B, 28.98%, 4/22/25
      1,936        2,033  
992497455.UG.FTS.B, 28.98%, 4/22/25
      330        342  
992506218.UG.FTS.B, 28.98%, 4/22/25
      331        –  
992507230.UG.FTS.B, 28.98%, 4/22/25
      93        95  
992511280.UG.FTS.B, 28.98%, 4/22/25
      73        76  
992518430.UG.FTS.B, 28.98%, 4/22/25
      136        143  
992524050.UG.FTS.B, 28.98%, 4/22/25
      178        185  
992525490.UG.FTS.B, 28.98%, 4/22/25
      69        72  
992529617.UG.FTS.B, 28.98%, 4/22/25
      69        71  
992537398.UG.FTS.B, 28.98%, 4/22/25
      926        963  
992551231.UG.FTS.B, 28.98%, 4/22/25
      10        10  
992552775.UG.FTS.B, 28.98%, 4/22/25
      219        230  
992554445.UG.FTS.B, 28.98%, 4/22/25
      552        575  
992557834.UG.FTS.B, 28.98%, 4/22/25
      121        126  
992563615.UG.FTS.B, 28.98%, 4/22/25
      226        16  
992565533.UG.FTS.B, 28.98%, 4/22/25
      197        203  
992566101.UG.FTS.B, 28.98%, 4/22/25
      26        27  
992574303.UG.FTS.B, 28.98%, 4/22/25
      43        44  
992604122.UG.FTS.B, 28.98%, 4/22/25
      176        181  
992606495.UG.FTS.B, 28.98%, 4/22/25
      350        –  
992610089.UG.FTS.B, 28.98%, 4/22/25
      962        995  
992363342.UG.FTS.B, 29.45%, 4/22/25
      115        121  
992366977.UG.FTS.B, 29.45%, 4/22/25
      206        216  
992381102.UG.FTS.B, 29.45%, 4/22/25
      140        142  
992384475.UG.FTS.B, 29.45%, 4/22/25
      78        5  
992391759.UG.FTS.B, 29.45%, 4/22/25
      39        40  
992411409.UG.FTS.B, 29.45%, 4/22/25
      69        70  
992464088.UG.FTS.B, 29.45%, 4/22/25
      18        18  
992465290.UG.FTS.B, 29.45%, 4/22/25
      172        181  
992485001.UG.FTS.B, 29.45%, 4/22/25
      560        42  
992506221.UG.FTS.B, 29.45%, 4/22/25
      12        12  
992362219.UG.FTS.B, 29.46%, 4/22/25
      665        695  
992365556.UG.FTS.B, 29.46%, 4/22/25
      151        158  
992368238.UG.FTS.B, 29.46%, 4/22/25
      895        930  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       101
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992377928.UG.FTS.B, 29.46%, 4/22/25
    $ 38      $ 39   
992389328.UG.FTS.B, 29.46%, 4/22/25
      460       65  
992392194.UG.FTS.B, 29.46%, 4/22/25
      115       120  
992392369.UG.FTS.B, 29.46%, 4/22/25
      72       74  
992394478.UG.FTS.B, 29.46%, 4/22/25
      570       579  
992395944.UG.FTS.B, 29.46%, 4/22/25
      66       66  
992418116.UG.FTS.B, 29.46%, 4/22/25
      558       80  
992470065.UG.FTS.B, 29.46%, 4/22/25
      71       73  
992479842.UG.FTS.B, 29.46%, 4/22/25
      94       98  
992533497.UG.FTS.B, 29.46%, 4/22/25
      286       300  
992584431.UG.FTS.B, 29.46%, 4/22/25
      79       82  
992366927.UG.FTS.B, 29.47%, 4/22/25
      154       162  
992417168.UG.FTS.B, 29.47%, 4/22/25
      91       93  
992468980.UG.FTS.B, 29.47%, 4/22/25
      87       92  
992516460.UG.FTS.B, 29.47%, 4/22/25
      112       119  
992519663.UG.FTS.B, 29.47%, 4/22/25
      59       62  
992363747.UG.FTS.B, 29.48%, 4/22/25
      86       91  
992365747.UG.FTS.B, 29.48%, 4/22/25
      460       486  
992367302.UG.FTS.B, 29.48%, 4/22/25
      70       70  
992368637.UG.FTS.B, 29.48%, 4/22/25
      46       46  
992376821.UG.FTS.B, 29.48%, 4/22/25
      904       956  
992528527.UG.FTS.B, 29.48%, 4/22/25
      115       121  
992583905.UG.FTS.B, 29.48%, 4/22/25
      40       41  
992624421.UG.FTS.B, 29.48%, 4/22/25
      111       116  
992361706.UG.FTS.B, 29.49%, 4/22/25
      181       186  
992362460.UG.FTS.B, 29.49%, 4/22/25
      252       259  
992362463.UG.FTS.B, 29.49%, 4/22/25
      127       135  
992363472.UG.FTS.B, 29.49%, 4/22/25
      231       16  
992364268.UG.FTS.B, 29.49%, 4/22/25
      80       84  
992364295.UG.FTS.B, 29.49%, 4/22/25
      106       7  
992364470.UG.FTS.B, 29.49%, 4/22/25
      130       135  
992365260.UG.FTS.B, 29.49%, 4/22/25
      266       273  
992366019.UG.FTS.B, 29.49%, 4/22/25
      27       28  
992366822.UG.FTS.B, 29.49%, 4/22/25
      1,400       1,470  
992367245.UG.FTS.B, 29.49%, 4/22/25
      –       –  
992368082.UG.FTS.B, 29.49%, 4/22/25
      542       564  
992369526.UG.FTS.B, 29.49%, 4/22/25
      223       228  
992369764.UG.FTS.B, 29.49%, 4/22/25
      1,075       1,116  
992373418.UG.FTS.B, 29.49%, 4/22/25
      129       136  
992376987.UG.FTS.B, 29.49%, 4/22/25
      72       75  
992377029.UG.FTS.B, 29.49%, 4/22/25
      38       39  
992377107.UG.FTS.B, 29.49%, 4/22/25
      937       974  
992380732.UG.FTS.B, 29.49%, 4/22/25
      217       229  
992382341.UG.FTS.B, 29.49%, 4/22/25
      60       9  
992382649.UG.FTS.B, 29.49%, 4/22/25
      144       151  
992382696.UG.FTS.B, 29.49%, 4/22/25
      97       7  
992385494.UG.FTS.B, 29.49%, 4/22/25
      112       112  
992387430.UG.FTS.B, 29.49%, 4/22/25
      122       130  
992387814.UG.FTS.B, 29.49%, 4/22/25
      59       61  
992388932.UG.FTS.B, 29.49%, 4/22/25
      124       132  
992390198.UG.FTS.B, 29.49%, 4/22/25
      19       19  
992390795.UG.FTS.B, 29.49%, 4/22/25
      96       101  
992392038.UG.FTS.B, 29.49%, 4/22/25
      15       15  
992393084.UG.FTS.B, 29.49%, 4/22/25
      104       105  
992395091.UG.FTS.B, 29.49%, 4/22/25
      163       171  
992395985.UG.FTS.B, 29.49%, 4/22/25
      458       464  
992396468.UG.FTS.B, 29.49%, 4/22/25
      338       356  
992399453.UG.FTS.B, 29.49%, 4/22/25
      163       170  
Description
   
Principal
Amount
  
Value
 
     
Upgrade, Inc. - Card (continued)
     
992402040.UG.FTS.B, 29.49%, 4/22/25
    $ 401      $ 28   
992404011.UG.FTS.B, 29.49%, 4/22/25
      33       34  
992410164.UG.FTS.B, 29.49%, 4/22/25
      1,164       80  
992410696.UG.FTS.B, 29.49%, 4/22/25
      73       73  
992414935.UG.FTS.B, 29.49%, 4/22/25
      556       585  
992416396.UG.FTS.B, 29.49%, 4/22/25
      174       12  
992416748.UG.FTS.B, 29.49%, 4/22/25
      372       396  
992419369.UG.FTS.B, 29.49%, 4/22/25
      196       202  
992419799.UG.FTS.B, 29.49%, 4/22/25
      95       99  
992420242.UG.FTS.B, 29.49%, 4/22/25
      118       124  
992420248.UG.FTS.B, 29.49%, 4/22/25
      100       106  
992422521.UG.FTS.B, 29.49%, 4/22/25
      81       84  
992427395.UG.FTS.B, 29.49%, 4/22/25
      93       98  
992427949.UG.FTS.B, 29.49%, 4/22/25
      74       78  
992432910.UG.FTS.B, 29.49%, 4/22/25
      1,770       122  
992435188.UG.FTS.B, 29.49%, 4/22/25
      136       137  
992444712.UG.FTS.B, 29.49%, 4/22/25
      1,759       1,874  
992445035.UG.FTS.B, 29.49%, 4/22/25
      558       584  
992445486.UG.FTS.B, 29.49%, 4/22/25
      195       208  
992448379.UG.FTS.B, 29.49%, 4/22/25
      98       105  
992451074.UG.FTS.B, 29.49%, 4/22/25
      29       29  
992451949.UG.FTS.B, 29.49%, 4/22/25
      –       –  
992454195.UG.FTS.B, 29.49%, 4/22/25
      35       36  
992455844.UG.FTS.B, 29.49%, 4/22/25
      2,917       421  
992464276.UG.FTS.B, 29.49%, 4/22/25
      131       133  
992475726.UG.FTS.B, 29.49%, 4/22/25
      101       106  
992477452.UG.FTS.B, 29.49%, 4/22/25
      399       418  
992477516.UG.FTS.B, 29.49%, 4/22/25
      67       70  
992479682.UG.FTS.B, 29.49%, 4/22/25
      163       172  
992484017.UG.FTS.B, 29.49%, 4/22/25
      367       52  
992485527.UG.FTS.B, 29.49%, 4/22/25
      167       175  
992487374.UG.FTS.B, 29.49%, 4/22/25
      125       129  
992487705.UG.FTS.B, 29.49%, 4/22/25
      360       27  
992488959.UG.FTS.B, 29.49%, 4/22/25
      250       262  
992494128.UG.FTS.B, 29.49%, 4/22/25
      164       172  
992495417.UG.FTS.B, 29.49%, 4/22/25
      102       108  
992496171.UG.FTS.B, 29.49%, 4/22/25
      278       293  
992502694.UG.FTS.B, 29.49%, 4/22/25
      119       122  
992508820.UG.FTS.B, 29.49%, 4/22/25
      186       196  
992515474.UG.FTS.B, 29.49%, 4/22/25
      154       155  
992515660.UG.FTS.B, 29.49%, 4/22/25
      195       206  
992519259.UG.FTS.B, 29.49%, 4/22/25
      152       157  
992519839.UG.FTS.B, 29.49%, 4/22/25
      223       234  
992525909.UG.FTS.B, 29.49%, 4/22/25
      210       221  
992529240.UG.FTS.B, 29.49%, 4/22/25
      194       13  
992532351.UG.FTS.B, 29.49%, 4/22/25
      413       437  
992534566.UG.FTS.B, 29.49%, 4/22/25
      466       490  
992541032.UG.FTS.B, 29.49%, 4/22/25
      53       55  
992545069.UG.FTS.B, 29.49%, 4/22/25
      97       98  
992552564.UG.FTS.B, 29.49%, 4/22/25
      279       291  
992552626.UG.FTS.B, 29.49%, 4/22/25
      297       44  
992564506.UG.FTS.B, 29.49%, 4/22/25
      245       252  
992564584.UG.FTS.B, 29.49%, 4/22/25
      549       559  
992567188.UG.FTS.B, 29.49%, 4/22/25
      50       4  
992573800.UG.FTS.B, 29.49%, 4/22/25
      132       138  
992594428.UG.FTS.B, 29.49%, 4/22/25
      613       –  
992595569.UG.FTS.B, 29.49%, 4/22/25
      301       314  
992602719.UG.FTS.B, 29.49%, 4/22/25
      284       297  
 
       
102       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992607665.UG.FTS.B, 29.49%, 4/22/25
    $ 72      $   76   
992611652.UG.FTS.B, 29.49%, 4/22/25
      50       51  
992622043.UG.FTS.B, 29.49%, 4/22/25
      426       430  
992622644.UG.FTS.B, 29.49%, 4/22/25
      663       688  
992624887.UG.FTS.B, 29.49%, 4/22/25
      220       229  
992625452.UG.FTS.B, 29.49%, 4/22/25
      9       9  
992626537.UG.FTS.B, 29.49%, 4/22/25
      84       85  
992626804.UG.FTS.B, 29.49%, 4/22/25
      85       87  
992631098.UG.FTS.B, 29.49%, 4/22/25
      516       535  
992239074.UG.FTS.B, 28.98%, 5/08/25
      108       110  
992182530.UG.FTS.B, 19.99%, 5/09/25
      115       116  
992135526.UG.FTS.B, 28.98%, 5/09/25
      1,095       1,130  
992491615.UG.FTS.B, 29.49%, 5/20/25
      900       684  
992071158.UG.FTS.B, 18.97%, 5/23/25
      426       7  
991849042.UG.FTS.B, 21.97%, 5/23/25
      125       95  
992096689.UG.FTS.B, 28.98%, 5/23/25
      157       165  
992083964.UG.FTS.B, 29.49%, 6/08/25
      80       11  
992282384.UG.FTS.B, 16.99%, 6/09/25
      338       343  
991984189.UG.FTS.B, 28.98%, 6/09/25
      179       141  
991992424.UG.FTS.B, 28.98%, 6/09/25
      238       61  
992034556.UG.FTS.B, 28.98%, 6/09/25
      470       105  
992069346.UG.FTS.B, 28.98%, 6/09/25
      84       65  
992287169.UG.FTS.B, 19.99%, 6/12/25
      75       58  
992085973.UG.FTS.B, 19.99%, 6/20/25
      146       123  
992080652.UG.FTS.B, 28.98%, 6/20/25
      165       172  
992141070.UG.FTS.B, 28.98%, 6/20/25
      448       –  
992277450.UG.FTS.B, 28.98%, 6/20/25
      182       138  
992615760.UG.FTS.B, 29.49%, 6/20/25
      209       156  
991851118.UG.FTS.B, 29.49%, 6/23/25
      204       14  
991942743.UG.FTS.B, 29.49%, 6/23/25
      214       147  
992101807.UG.FTS.B, 29.49%, 6/23/25
      886       934  
992237498.UG.FTS.B, 15.97%, 6/30/25
      4,972       5,067  
992348109.UG.FTS.B, 16.99%, 7/06/25
      576       588  
991963921.UG.FTS.B, 28.98%, 7/08/25
      624       652  
992134379.UG.FTS.B, 29.49%, 7/08/25
      901       62  
991994702.UG.FTS.B, 28.98%, 7/09/25
      559       432  
992021973.UG.FTS.B, 28.98%, 7/09/25
      3,151       –  
992039680.UG.FTS.B, 28.98%, 7/09/25
      92       6  
992061641.UG.FTS.B, 28.98%, 7/09/25
      102       14  
992089048.UG.FTS.B, 28.98%, 7/09/25
      157       –  
992189172.UG.FTS.B, 28.98%, 7/09/25
      1,243       1,282  
992030038.UG.FTS.B, 29.45%, 7/09/25
      128       104  
991984558.UG.FTS.B, 29.49%, 7/09/25
      213       218  
991994026.UG.FTS.B, 29.49%, 7/09/25
      1,700       1,295  
992018172.UG.FTS.B, 29.49%, 7/09/25
      385       394  
992157039.UG.FTS.B, 29.49%, 7/09/25
      360       378  
992246618.UG.FTS.B, 28.98%, 7/11/25
      90       64  
992335446.UG.FTS.B, 17.97%, 7/13/25
      323       330  
992323905.UG.FTS.B, 16.99%, 7/15/25
      3,550       34  
992339462.UG.FTS.B, 29.49%, 7/17/25
      691       47  
992510309.UG.FTS.B, 28.98%, 7/18/25
      533       72  
992057082.UG.FTS.B, 29.46%, 7/18/25
      65       65  
992497464.UG.FTS.B, 19.99%, 7/20/25
      87       92  
992395262.UG.FTS.B, 28.98%, 7/20/25
      468       –  
992452731.UG.FTS.B, 28.98%, 7/20/25
      137       142  
992120728.UG.FTS.B, 29.46%, 7/20/25
      78       5  
992172097.UG.FTS.B, 29.46%, 7/20/25
      86       90  
992176106.UG.FTS.B, 29.46%, 7/20/25
      1,066       73  
Description
   
Principal
Amount
  
Value
    
Upgrade, Inc. - Card (continued)
     
992093233.UG.FTS.B, 29.47%, 7/20/25
    $ 1,364      $   1,022   
992374140.UG.FTS.B, 29.47%, 7/20/25
      200       14  
992083215.UG.FTS.B, 29.49%, 7/20/25
      98       101  
992085153.UG.FTS.B, 29.49%, 7/20/25
      3,109       3,292  
992263600.UG.FTS.B, 29.49%, 7/20/25
      320       244  
992347993.UG.FTS.B, 29.49%, 7/21/25
      409       427  
992183546.UG.FTS.B, 24.95%, 7/30/25
      189       49  
992288991.UG.FTS.B, 29.49%, 8/12/25
      101       7  
992306919.UG.FTS.B, 21.46%, 8/13/25
      148       –  
992400112.UG.FTS.B, 19.99%, 8/17/25
      299       315  
992422411.UG.FTS.B, 28.98%, 8/17/25
      1,176       1,220  
992365288.UG.FTS.B, 28.98%, 8/18/25
      1,455       1,477  
992347761.UG.FTS.B, 29.48%, 8/18/25
      352       –  
992607178.UG.FTS.B, 29.48%, 8/18/25
      219       –  
992077359.UG.FTS.B, 29.49%, 8/18/25
      137       143  
992368154.UG.FTS.B, 29.49%, 8/18/25
      269       202  
992385483.UG.FTS.B, 29.49%, 8/18/25
      204       215  
992486021.UG.FTS.B, 29.49%, 8/18/25
      974       839  
992367696.UG.FTS.B, 28.98%, 8/19/25
      143       19  
992371850.UG.FTS.B, 28.98%, 8/19/25
      172       180  
992427768.UG.FTS.B, 29.46%, 8/19/25
      93       13  
992401655.UG.FTS.B, 29.49%, 8/19/25
      817       869  
992404107.UG.FTS.B, 29.49%, 8/19/25
      223       227  
992124027.UG.FTS.B, 22.97%, 8/20/25
      397       402  
992413480.UG.FTS.B, 28.98%, 8/20/25
      660       –  
992496033.UG.FTS.B, 28.98%, 8/20/25
      123       91  
992434681.UG.FTS.B, 29.46%, 8/20/25
      104       7  
992474651.UG.FTS.B, 29.46%, 8/20/25
      370       23  
992600132.UG.FTS.B, 29.46%, 8/20/25
      123       129  
992583285.UG.FTS.B, 29.48%, 8/20/25
      38       38  
992377212.UG.FTS.B, 29.49%, 8/20/25
      178       135  
992380897.UG.FTS.B, 29.49%, 8/20/25
      208       –  
992514855.UG.FTS.B, 29.49%, 8/20/25
      91       93  
991889019.UG.FTS.B, 29.49%, 8/24/25
      292       214  
992013511.UG.FTS.B, 29.47%, 9/08/25
      73       55  
992019770.UG.FTS.B, 29.49%, 9/08/25
      328       23  
991981036.UG.FTS.B, 29.49%, 9/09/25
      162       11  
992335769.UG.FTS.B, 19.21%, 9/11/25
      1,671       116  
992344998.UG.FTS.B, 19.99%, 9/18/25
      1,175       1,198  
992338857.UG.FTS.B, 29.49%, 9/18/25
      273       285  
992218353.UG.FTS.B, 28.98%, 9/20/25
      1,256       1,320  
992032851.UG.FTS.B, 29.49%, 10/08/25
      1,061       764  
992131355.UG.FTS.B, 29.49%, 10/08/25
      236       243  
992495731.UG.FTS.B, 28.98%, 10/20/25
      658       693  
992508696.UG.FTS.B, 29.48%, 10/20/25
      71       54  
992218057.UG.FTS.B, 18.97%, 10/31/25
      214       147  
992100757.UG.FTS.B, 29.48%, 11/09/25
      298       313  
992448816.UG.FTS.B, 28.98%, 11/18/25
      639       484  
992452704.UG.FTS.B, 19.99%, 11/19/25
      177       129  
992573827.UG.FTS.B, 19.99%, 11/19/25
      1,566       1,146  
992093069.UG.FTS.B, 28.98%, 11/20/25
      159       22  
992405476.UG.FTS.B, 29.45%, 11/20/25
      255       188  
991873289.UG.FTS.B, 19.21%, 11/25/25
      1,716       118  
992386280.UG.FTS.B, 15.97%, 12/06/25
      2,960       3,018  
992385553.UG.FTS.B, 29.49%, 12/18/25
      121       90  
992075322.UG.FTS.B, 19.99%, 12/20/25
      206       215  
992382150.UG.FTS.B, 29.49%, 12/20/25
      303       320  
992159329.UG.FTS.B, 21.98%, 12/29/25
      185       132  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       103
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992038832.UG.FTS.B, 28.98%, 1/09/26
    $ 995      $   1,031   
991978077.UG.FTS.B, 29.49%, 1/09/26
      262       18  
992011909.UG.FTS.B, 29.49%, 1/09/26
      353       362  
992331622.UG.FTS.B, 23.95%, 1/10/26
      216       –  
992255191.UG.FTS.B, 29.49%, 1/11/26
      248       17  
992287298.UG.FTS.B, 29.49%, 1/12/26
      215       225  
992079044.UG.FTS.B, 29.46%, 1/18/26
      2,081       144  
992177492.UG.FTS.B, 28.98%, 1/20/26
      570       592  
992379331.UG.FTS.B, 15.97%, 2/06/26
      1,547       990  
992394877.UG.FTS.B, 29.49%, 2/17/26
      127       92  
992343611.UG.FTS.B, 29.46%, 2/18/26
      1,758       121  
992430690.UG.FTS.B, 29.49%, 2/18/26
      626       436  
992092477.UG.FTS.B, 22.95%, 2/20/26
      4,462       4,522  
992596176.UG.FTS.B, 28.98%, 2/20/26
      416       427  
992391876.UG.FTS.B, 29.49%, 2/20/26
      181       125  
992099175.UG.FTS.B, 29.49%, 2/24/26
      223       –  
992168147.UG.FTS.B, 19.99%, 3/08/26
      1,598       1,655  
992133652.UG.FTS.B, 28.98%, 3/08/26
      122       78  
992238462.UG.FTS.B, 29.49%, 3/20/26
      188       13  
992410221.UG.FTS.B, 27.95%, 4/20/26
      369       25  
992368754.UG.FTS.B, 29.45%, 4/20/26
      2,747       –  
992120732.UG.FTS.B, 29.49%, 4/20/26
      418       –  
992397329.UG.FTS.B, 29.49%, 4/20/26
      143       147  
992434494.UG.FTS.B, 29.49%, 4/20/26
      169       12  
992597371.UG.FTS.B, 29.49%, 4/20/26
      221       226  
992088318.UG.FTS, 0.17%, 6/01/26
      90       89  
991965134.UG.FTS.B, 28.98%, 6/08/26
      146       99  
992002435.UG.FTS.B, 28.98%, 6/08/26
      243       169  
992434362.UG.FTS.B, 29.48%, 6/20/26
      184       13  
992236730.UG.FTS.B, 29.49%, 7/09/26
      195       130  
991995550.UG.FTS.B, 26.94%, 8/09/26
      1,663       1,133  
992089191.UG.FTS.B, 29.48%, 8/20/26
      405       264  
992349348.UG.FTS.B, 16.99%, 9/08/26
      282       –  
992156587.UG.FTS.B, 29.49%, 9/09/26
      220       45  
992238434.UG.FTS.B, 28.98%, 9/12/26
      708       720  
992120980.UG.FTS.B, 29.49%, 9/19/26
      553       568  
992225456.UG.FTS.B, 22.36%, 3/12/27
      637       664  
992058890.UG.FTS.B, 29.49%, 3/18/27
      110       72  
992220224.UG.FTS.B, 19.99%, 4/04/27
      2,173       2,271  
992227359.UG.FTS.B, 19.99%, 4/04/27
      63       65  
992239940.UG.FTS.B, 15.99%, 4/08/27
      945       988  
992277625.UG.FTS.B, 15.99%, 4/13/27
      1,098       1,139  
992296704.UG.FTS.B, 16.99%, 4/15/27
      2,045       2,142  
992451656.UG.FTS.B, 16.99%, 4/15/27
      729       730  
992388025.UG.FTS.B, 21.99%, 4/15/27
      1,012       –  
992355043.UG.FTS.B, 28.98%, 4/19/27
      1,547       997  
992394335.UG.FTS.B, 19.99%, 4/20/27
      95       97  
992413089.UG.FTS.B, 19.99%, 4/21/27
      3,617       3,605  
992367182.UG.FTS.B, Zero Cpn, 6/18/27
      –       –  
992250137.UG.FTS.B, Zero Cpn, 7/09/27
      –       –  
991996130.UG.FTS.B, 29.49%, 10/09/27
      –       –  
992468268.UG.FTS.B, 29.49%, 10/19/27
      –       –  
992553647.UG.FTS.B, Zero Cpn, 10/20/27
      –       –  
992384297.UG.FTS.B, 29.49%, 10/20/27
      –       –  
992109536.UG.FTS.B, 29.49%, 11/20/27
      –       –  
992138635.UG.FTS.B, 29.49%, 11/20/27
      –       –  
992193819.UG.FTS.B, 22.36%, 11/29/27
      117       122  
992131978.UG.FTS.B, 29.46%, 12/08/27
      –       –  
Description
   
Principal
Amount
   
Value
 
      
Upgrade, Inc. - Card (continued)
      
992298625.UG.FTS.B, 20.47%, 12/12/27
    $   –        $    –   
992588454.UG.FTS.B, 29.49%, 12/17/27
      –        –  
992548955.UG.FTS.B, 28.98%, 12/20/27
      –        –  
992309051.UG.FTS.B, 29.49%, 12/20/27
      –        –  
992451388.UG.FTS.B, 29.49%, 12/20/27
      –        –  
991864614.UG.FTS.B, 29.49%, 12/24/27
      –        –  
992214041.UG.FTS.B, 21.46%, 1/01/28
      –        –  
992141694.UG.FTS.B, 29.49%, 1/08/28
      –        –  
992074861.UG.FTS.B, 28.98%, 1/09/28
      –        –  
992052748.UG.FTS.B, 29.49%, 1/09/28
      –        –  
992140000.UG.FTS.B, 29.49%, 1/20/28
      –        –  
992494028.UG.FTS.B, 29.49%, 1/20/28
      –        –  
992003469.UG.FTS.B, 29.49%, 2/08/28
      –        –  
992443633.UG.FTS.B, 28.98%, 2/18/28
      –        –  
992365170.UG.FTS.B, 29.48%, 2/20/28
      –        –  
992375134.UG.FTS.B, 29.48%, 2/20/28
      –        –  
992615020.UG.FTS.B, 29.48%, 2/20/28
      –        –  
992420593.UG.FTS.B, 29.49%, 2/20/28
      –        –  
992501719.UG.FTS.B, 29.49%, 2/20/28
      –        –  
991879489.UG.FTS.B, 28.98%, 2/25/28
      24        4  
992307006.UG.FTS.B, 29.49%, 7/12/28
      19        1  
992075525.UG.FTS.B, 19.99%, 7/20/28
      –        –  
992512527.UG.FTS.B, 29.48%, 8/20/28
      –        –  
992363968.UG.FTS.B, 29.49%, 8/20/28
      –        –  
992561430.UG.FTS.B, 29.49%, 8/20/28
      2        –  
992015249.UG.FTS.B, 28.98%, 9/09/28
      7        –  
991993705.UG.FTS.B, 29.48%, 9/09/28
      34        2  
992244370.UG.FTS.B, 29.46%, 9/12/28
      4        –  
992451594.UG.FTS.B, 28.48%, 9/18/28
      –        –  
992488893.UG.FTS.B, 28.98%, 9/20/28
      7        –  
992584780.UG.FTS.B, 29.49%, 9/20/28
      2        –  
992192257.UG.FTS.B, 21.46%, 9/29/28
      1        –  
992258586.UG.FTS.B, 14%, 10/04/28
      1        –  
992035947.UG.FTS.B, 29.49%, 10/09/28
      4        –  
992466757.UG.FTS.B, 29.49%, 10/18/28
      18        1  
992418247.UG.FTS.B, 29.49%, 10/20/28
      15        –  
992196736.UG.FTS.B, 28.98%, 11/09/28
      11        –  
992491125.UG.FTS.B, 29.49%, 11/17/28
      7        –  
992345757.UG.FTS.B, 19.99%, 11/18/28
      14        –  
992069928.UG.FTS.B, 29.49%, 11/19/28
      –        –  
992079769.UG.FTS.B, 28.98%, 11/20/28
      –        –  
992100366.UG.FTS.B, 29.49%, 11/20/28
      65        –  
992333149.UG.FTS.B, 29.49%, 11/20/28
      1        –  
992385650.UG.FTS.B, 29.49%, 11/20/28
      –        –  
992102898.UG.FTS.B, 29.49%, 11/24/28
      –        –  
992175153.UG.FTS.B, 29.47%, 12/08/28
      18        3  
992257356.UG.FTS.B, 19.99%, 12/10/28
      15        –  
992238871.UG.FTS.B, 29.49%, 12/10/28
      –        –  
992229305.UG.FTS.B, 29.49%, 12/11/28
      6        1  
992322780.UG.FTS.B, 29.49%, 12/16/28
      5        5  
992388123.UG.FTS.B, 29.49%, 12/18/28
      2        –  
992075192.UG.FTS.B, 28.48%, 12/20/28
      6        1  
991978892.UG.FTS.B, 28.98%, 1/06/29
      4        4  
991996702.UG.FTS.B, 29.49%, 1/08/29
      3        3  
992145911.UG.FTS.B, 19.99%, 1/09/29
      –        –  
992009155.UG.FTS.B, 29.49%, 1/09/29
      1        1  
992232418.UG.FTS.B, 29.49%, 1/11/29
      4        4  
992473599.UG.FTS.B, 29.49%, 1/18/29
      1        1  
 
       
104       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upgrade, Inc. - Card (continued)
     
992287768.UG.FTS.B, 19.99%, 1/20/29
    $ –      $   –   
992088139.UG.FTS.B, 28.48%, 1/20/29
      2       2  
992528734.UG.FTS.B, 29.45%, 1/20/29
      28       2  
992431463.UG.FTS.B, 29.46%, 1/20/29
      18       1  
992507470.UG.FTS.B, 29.48%, 1/20/29
      1       1  
992617618.UG.FTS.B, 29.48%, 1/20/29
      26       2  
992195932.UG.FTS.B, 29.49%, 1/20/29
      1       1  
992228318.UG.FTS.B, 29.49%, 1/20/29
      6       6  
992254291.UG.FTS.B, 29.49%, 1/20/29
      1       1  
992405962.UG.FTS.B, 29.49%, 1/20/29
      4       5  
992469449.UG.FTS.B, 29.49%, 1/20/29
      3       4  
992514658.UG.FTS.B, 29.49%, 1/20/29
      2       2  
991933958.UG.FTS.B, 29.49%, 1/23/29
      2       2  
992072585.UG.FTS.B, 27.95%, 4/08/32
      30       –  
991989457.UG.FTS.B, 29.49%, 4/08/32
      6       6  
992078124.UG.FTS.B, 29.49%, 4/08/32
      7       7  
992339560.UG.FTS.B, 15%, 6/29/32
      8       8  
    
 
 
 
        625,621  
    
 
 
 
Upstart Network, Inc.
     
L1720742.UP.FTS.B, 7.25%, 9/16/24
      974       967  
L1721566.UP.FTS.B, 14.24%, 9/16/24
      2,327       2,348  
L1714038.UP.FTS.B, 16.16%, 9/16/24
      474       479  
L1720892.UP.FTS.B, 21.47%, 9/16/24
      510       37  
FW1721072.UP.FTS.B, 27.91%, 9/16/24
      1,658       1,672  
FW1720347.UP.FTS.B, 28.7%, 9/16/24
      462       465  
FW1722168.UP.FTS.B, 28.72%, 9/16/24
      1,672       1,687  
L1894225.UP.FTS.B, 6.03%, 10/21/24
      10,366       10,288  
L1894457.UP.FTS.B, 10.23%, 10/21/24
      1,175       1,172  
L1895825.UP.FTS.B, 11.61%, 10/21/24
      2,194       2,193  
L1894309.UP.FTS.B, 13.29%, 10/21/24
      1,115       1,117  
L1895049.UP.FTS.B, 13.93%, 10/21/24
      2,018       311  
L1891692.UP.FTS.B, 14.71%, 10/21/24
      821       793  
L1878535.UP.FTS.B, 15.12%, 10/21/24
      1,616       1,633  
L1890791.UP.FTS.B, 16.66%, 10/21/24
      1,647       1,659  
L1893536.UP.FTS.B, 16.96%, 10/21/24
      1,805       1,744  
L1893727.UP.FTS.B, 17.94%, 10/21/24
      566       572  
FW1892688.UP.FTS.B, 18.33%, 10/21/24
      5,257       5,310  
FW1892653.UP.FTS.B, 19.01%, 10/21/24
      1,078       1,086  
L1892162.UP.FTS.B, 19.36%, 10/21/24
      2,271       2,285  
L1892628.UP.FTS.B, 19.64%, 10/21/24
      1,540       1,552  
FW1891505.UP.FTS.B, 21.84%, 10/21/24
      1,153       1,164  
FW1892240.UP.FTS.B, 22.75%, 10/21/24
      1,384       1,398  
FW1891670.UP.FTS.B, 25.4%, 10/21/24
      1,212       1,223  
FW1893899.UP.FTS.B, 29.21%, 10/21/24
      3,470       3,492  
FW1893137.UP.FTS.B, 29.93%, 10/21/24
      1,857       1,875  
L2018233.UP.FTS.B, 7.02%, 11/10/24
      2,451       2,432  
L2015136.UP.FTS.B, 8.39%, 11/10/24
      12,334       12,303  
L2016728.UP.FTS.B, 9.29%, 11/10/24
      2,045       2,037  
L2016577.UP.FTS.B, 10.96%, 11/10/24
      681       680  
L2016209.UP.FTS.B, 12.12%, 11/10/24
      1,033       1,033  
L2015678.UP.FTS.B, 12.54%, 11/10/24
      3,490       3,482  
L1985791.UP.FTS.B, 12.67%, 11/10/24
      750       748  
FW2016328.UP.FTS.B, 12.86%, 11/10/24
      1,041       1,040  
L2018339.UP.FTS.B, 13.97%, 11/10/24
      1,928       1,927  
L2017406.UP.FTS.B, 14.45%, 11/10/24
      2,289       2,287  
FW2001495.UP.FTS.B, 15.25%, 11/10/24
      463       462  
L2017093.UP.FTS.B, 16.12%, 11/10/24
      429       432  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2018393.UP.FTS.B, 21.57%, 11/10/24
    $ 2,252      $   2,263   
FW2016840.UP.FTS.B, 22.02%, 11/10/24
      678       682  
L2016819.UP.FTS.B, 23.01%, 11/10/24
      760       766  
L2016119.UP.FTS.B, 23.12%, 11/10/24
      1,218       1,224  
L2016919.UP.FTS.B, 23.32%, 11/10/24
      531       534  
FW2017274.UP.FTS.B, 23.62%, 11/10/24
      955       960  
FW2018024.UP.FTS.B, 26.15%, 11/10/24
      1,034       1,036  
FW2015791.UP.FTS.B, 26.34%, 11/10/24
      391       393  
FW2016457.UP.FTS.B, 29.16%, 11/10/24
      1,121       1,127  
L2111723.UP.FTS.B, 6.93%, 11/24/24
      1,429       1,418  
L2111318.UP.FTS.B, 8.45%, 11/24/24
      2,942       2,938  
L2111794.UP.FTS.B, 11.5%, 11/24/24
      3,345       3,349  
L2111648.UP.FTS.B, 14.96%, 11/24/24
      779       787  
L2110559.UP.FTS.B, 17.14%, 11/24/24
      1,563       1,578  
FW2112100.UP.FTS.B, 17.32%, 11/24/24
      2,891       2,923  
L2111135.UP.FTS.B, 21.95%, 11/24/24
      1,943       299  
L2110276.UP.FTS.B, 22.36%, 11/24/24
      191       190  
FW2109663.UP.FTS.B, 25.71%, 11/24/24
      553       552  
FW2111730.UP.FTS.B, 27.96%, 11/24/24
      1,321       1,331  
FW2110571.UP.FTS.B, 29.18%, 11/24/24
      817       814  
FW2111612.UP.FTS.B, 21.02%, 11/26/24
      3,850       277  
L2261401.UP.FTS.B, 6.66%, 12/16/24
      3,541       3,514  
L2261540.UP.FTS.B, 8.28%, 12/16/24
      2,347       2,342  
L2216224.UP.FTS.B, 8.42%, 12/16/24
      1,916       1,912  
L2229763.UP.FTS.B, 9.3%, 12/16/24
      365       364  
L2266512.UP.FTS.B, 9.35%, 12/16/24
      9,884       9,864  
L2265007.UP.FTS.B, 9.44%, 12/16/24
      548       546  
L2265915.UP.FTS.B, 9.6%, 12/16/24
      1,270       359  
FW2264785.UP.FTS.B, 11.52%, 12/16/24
      930       50  
L2259209.UP.FTS.B, 12.08%, 12/16/24
      1,870       1,870  
L2262614.UP.FTS.B, 13.43%, 12/16/24
      3,787       3,779  
L2259776.UP.FTS.B, 16.46%, 12/16/24
      2,932       2,820  
L2261925.UP.FTS.B, 16.82%, 12/16/24
      846       852  
L2266042.UP.FTS.B, 17.15%, 12/16/24
      3,740       3,598  
FW2264850.UP.FTS.B, 18.52%, 12/16/24
      1,366       389  
L2262131.UP.FTS.B, 19.12%, 12/16/24
      2,388       2,408  
L2261606.UP.FTS.B, 19.86%, 12/16/24
      2,404       2,424  
L2265833.UP.FTS.B, 20.21%, 12/16/24
      603       606  
L2250028.UP.FTS.B, 23.42%, 12/16/24
      1,898       1,915  
FW2264809.UP.FTS.B, 24.15%, 12/16/24
      446       428  
FW2263709.UP.FTS.B, 25.03%, 12/16/24
      1,677       1,681  
FW2266287.UP.FTS.B, 26.84%, 12/16/24
      871       7  
FW2262386.UP.FTS.B, 27.26%, 12/16/24
      426       429  
FW2266872.UP.FTS.B, 27.8%, 12/16/24
      2,139       2,152  
FW2266624.UP.FTS.B, 28.53%, 12/16/24
      558       561  
L2270141.UP.FTS.B, 5.94%, 12/17/24
      1,766       1,752  
L2268969.UP.FTS.B, 7.2%, 12/17/24
      1,257       1,247  
L2267343.UP.FTS.B, 7.39%, 12/17/24
      537       535  
L2271135.UP.FTS.B, 7.67%, 12/17/24
      718       717  
L2269231.UP.FTS.B, 7.89%, 12/17/24
      7,037       6,864  
L2267347.UP.FTS.B, 8.86%, 12/17/24
      728       726  
L2269156.UP.FTS.B, 9.26%, 12/17/24
      729       727  
L2269100.UP.FTS.B, 10.48%, 12/17/24
      2,212       2,212  
FW2269087.UP.FTS.B, 11.05%, 12/17/24
      6,673       6,660  
FW2268004.UP.FTS.B, 12.87%, 12/17/24
      625       624  
L2269551.UP.FTS.B, 13.05%, 12/17/24
      944       942  
L2270701.UP.FTS.B, 13.05%, 12/17/24
      944       942  
L2268204.UP.FTS.B, 14.83%, 12/17/24
      384       384  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       105
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2268289.UP.FTS.B, 15.32%, 12/17/24.
    $ 770     $   774  
FW2269010.UP.FTS.B, 16.43%, 12/17/24
      3,116        3,133   
FW2269098.UP.FTS.B, 17.2%, 12/17/24
      392       394  
L2270546.UP.FTS.B, 18.98%, 12/17/24
      1,988       2,005  
FW2270407.UP.FTS.B, 19.41%, 12/17/24
      1,825       1,836  
FW2271067.UP.FTS.B, 26.83%, 12/17/24
      1,697       1,708  
FW2269631.UP.FTS.B, 28.28%, 12/17/24
      2,859       2,877  
FW2265384.UP.FTS.B, 29.1%, 12/17/24
      837       5  
FW2271142.UP.FTS.B, 29.18%, 12/17/24
      433       435  
L2262060.UP.FTS.B, 13.31%, 12/22/24
      1,328       1,326  
L2268276.UP.FTS.B, 21.79%, 12/23/24
      2,038       2,051  
L2473725.UP.FTS.B, 7.25%, 1/20/25
      1,041       1,033  
L2472694.UP.FTS.B, 7.39%, 1/20/25
      6,226       6,214  
L2474338.UP.FTS.B, 7.49%, 1/20/25
      2,859       403  
FW2474019.UP.FTS.B, 7.98%, 1/20/25
      1,412       1,352  
L2471304.UP.FTS.B, 8.33%, 1/20/25
      390       389  
L2473962.UP.FTS.B, 9.13%, 1/20/25
      4,003       292  
L2475664.UP.FTS.B, 9.31%, 1/20/25
      1,967       1,963  
L2473468.UP.FTS.B, 13.72%, 1/20/25
      12,262       12,264  
L2470533.UP.FTS.B, 13.91%, 1/20/25
      782       780  
L2474001.UP.FTS.B, 17.2%, 1/20/25
      16,505       4,739  
FW2471736.UP.FTS.B, 17.65%, 1/20/25
      1,399       1,409  
L2471359.UP.FTS.B, 19.95%, 1/20/25
      2,336       169  
FW2474339.UP.FTS.B, 22.4%, 1/20/25
      297       296  
L2475291.UP.FTS.B, 22.47%, 1/20/25
      869       874  
FW2471424.UP.FTS.B, 26.66%, 1/20/25
      1,451       1,397  
FW2473893.UP.FTS.B, 26.7%, 1/20/25
      499       502  
L2477325.UP.FTS.B, 5.03%, 1/21/25
      16,997       16,873  
FW2481417.UP.FTS.B, 5.45%, 1/21/25
      8,362       8,295  
L2480101.UP.FTS.B, 5.52%, 1/21/25
      1,331       1,321  
L2477182.UP.FTS.B, 5.56%, 1/21/25
      571       566  
L2479581.UP.FTS.B, 5.69%, 1/21/25
      1,589       1,575  
L2480415.UP.FTS.B, 6.21%, 1/21/25
      1,478       1,467  
FW2476655.UP.FTS.B, 6.3%, 1/21/25
      4,594       4,561  
L2455913.UP.FTS.B, 6.4%, 1/21/25
      5,269       386  
L2480190.UP.FTS.B, 6.98%, 1/21/25
      2,311       2,295  
L2480122.UP.FTS.B, 7.02%, 1/21/25
      645       640  
L2478511.UP.FTS.B, 7.09%, 1/21/25
      1,739       1,725  
FW2478250.UP.FTS.B, 7.15%, 1/21/25
      3,858       3,830  
FW2480938.UP.FTS.B, 7.33%, 1/21/25
      2,234       639  
L2479650.UP.FTS.B, 7.87%, 1/21/25
      1,555       1,550  
L2481282.UP.FTS.B, 9.2%, 1/21/25
      323       322  
FW2478471.UP.FTS.B, 9.25%, 1/21/25
      1,573       1,570  
L2480424.UP.FTS.B, 9.27%, 1/21/25
      5,897       5,887  
L2475861.UP.FTS.B, 9.49%, 1/21/25
      3,931       3,924  
L2476979.UP.FTS.B, 9.95%, 1/21/25
      2,375       2,368  
L2480429.UP.FTS.B, 10.33%, 1/21/25
      1,371       1,305  
L2477601.UP.FTS.B, 10.36%, 1/21/25
      398       396  
L2480719.UP.FTS.B, 10.39%, 1/21/25
      3,971       3,964  
FW2481731.UP.FTS.B, 11.13%, 1/21/25
      1,638       236  
FW2479385.UP.FTS.B, 11.38%, 1/21/25
      4,006       4,007  
L2474988.UP.FTS.B, 11.93%, 1/21/25
      5,728       5,728  
L2478459.UP.FTS.B, 12.7%, 1/21/25
      1,897       177  
L2476209.UP.FTS.B, 13.15%, 1/21/25
      158       157  
L2479789.UP.FTS.B, 13.9%, 1/21/25
      4,011       4,012  
L2474275.UP.FTS.B, 16.61%, 1/21/25
      1,005       1,014  
L2478515.UP.FTS.B, 17.23%, 1/21/25
      6,693       6,751  
FW2475769.UP.FTS.B, 19.11%, 1/21/25
      2,351       2,372  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2477321.UP.FTS.B, 21.33%, 1/21/25
    $ 867      $   872   
FW2480050.UP.FTS.B, 22.48%, 1/21/25
      615       616  
L2475641.UP.FTS.B, 23.24%, 1/21/25
      425       427  
FW2476942.UP.FTS.B, 24.18%, 1/21/25
      1,925       1,848  
FW2481245.UP.FTS.B, 25.29%, 1/21/25
      1,347       1,356  
FW2475936.UP.FTS.B, 29.09%, 1/21/25
      2,630       2,646  
L2653951.UP.FTS.B, 6.48%, 2/18/25
      2,601       2,580  
FW2655218.UP.FTS.B, 7.75%, 2/18/25
      2,907       206  
L2655641.UP.FTS.B, 8.17%, 2/18/25
      4,186       4,170  
L2653470.UP.FTS.B, 9.9%, 2/18/25
      636       634  
L2653301.UP.FTS.B, 10.24%, 2/18/25
      1,277       355  
FW2653772.UP.FTS.B, 12.73%, 2/18/25
      1,964       1,960  
L2655802.UP.FTS.B, 13.7%, 2/18/25
      18,599       18,585  
FW2657387.UP.FTS.B, 15.36%, 2/18/25
      2,659       2,679  
L2617545.UP.FTS.B, 16.16%, 2/18/25
      5,558       5,592  
FW2655306.UP.FTS.B, 16.76%, 2/18/25
      448       452  
L2653186.UP.FTS.B, 16.89%, 2/18/25
      2,737       2,747  
FW2657575.UP.FTS.B, 20.06%, 2/18/25
      828       834  
FW2653011.UP.FTS.B, 20.27%, 2/18/25
      1,009       1,008  
L2655839.UP.FTS.B, 20.67%, 2/18/25
      2,341       2,353  
L2656549.UP.FTS.B, 21.62%, 2/18/25
      4,281       4,112  
FW2657763.UP.FTS.B, 25.51%, 2/18/25
      959       963  
FW2655547.UP.FTS.B, 26.23%, 2/18/25
      8,262       8,076  
FW2651300.UP.FTS.B, 26.41%, 2/18/25
      4,618       4,631  
FW2653018.UP.FTS.B, 28.19%, 2/18/25
      3,114       2,984  
FW2655008.UP.FTS.B, 28.32%, 2/18/25
      1,956       1,965  
L1720797.UP.FTS.B, 13.29%, 2/22/25
      1,230       1,226  
L2789474.UP.FTS.B, 5.35%, 3/14/25
      21,820       21,628  
L2789842.UP.FTS.B, 5.91%, 3/14/25
      636       631  
L2783988.UP.FTS.B, 5.98%, 3/14/25
      2,069       2,052  
FW2782638.UP.FTS.B, 6.35%, 3/14/25
      1,320       1,309  
L2789162.UP.FTS.B, 6.79%, 3/14/25
      2,421       2,402  
L2781429.UP.FTS.B, 7.28%, 3/14/25
      2,008       1,991  
L2790004.UP.FTS.B, 7.29%, 3/14/25
      488       484  
FW2780242.UP.FTS.B, 7.32%, 3/14/25
      2,662       2,639  
L2780817.UP.FTS.B, 8.23%, 3/14/25
      7,171       6,805  
L2779758.UP.FTS.B, 8.44%, 3/14/25
      4,792       4,768  
L2708925.UP.FTS.B, 8.54%, 3/14/25
      7,171       7,135  
L2783157.UP.FTS.B, 8.64%, 3/14/25
      1,330       1,318  
L2782839.UP.FTS.B, 8.65%, 3/14/25
      8,568       8,526  
L2790033.UP.FTS.B, 8.96%, 3/14/25
      3,329       3,312  
L2788652.UP.FTS.B, 9.29%, 3/14/25
      15,712       15,658  
FW2780431.UP.FTS.B, 9.37%, 3/14/25
      902       898  
L2786390.UP.FTS.B, 9.45%, 3/14/25
      4,178       4,160  
L2787312.UP.FTS.B, 9.5%, 3/14/25
      2,385       2,376  
FW2789186.UP.FTS.B, 9.55%, 3/14/25
      2,260       2,249  
L2785539.UP.FTS.B, 9.79%, 3/14/25
      395       393  
L2782831.UP.FTS.B, 9.91%, 3/14/25
      18,104       18,044  
L2787472.UP.FTS.B, 9.97%, 3/14/25
      4,172       4,152  
L2787034.UP.FTS.B, 10%, 3/14/25
      7,381       7,346  
L2784267.UP.FTS.B, 10.12%, 3/14/25
      953       949  
L2784498.UP.FTS.B, 10.44%, 3/14/25
      22,762       22,652  
FW2790618.UP.FTS.B, 11.07%, 3/14/25
      1,373       1,367  
L2784868.UP.FTS.B, 11.13%, 3/14/25
      2,211       2,201  
L2783479.UP.FTS.B, 11.22%, 3/14/25
      4,828       4,812  
FW2785947.UP.FTS.B, 11.48%, 3/14/25
      1,974       1,964  
L2785788.UP.FTS.B, 11.62%, 3/14/25
      20,221       20,138  
FW2782834.UP.FTS.B, 11.66%, 3/14/25
      5,002       4,989  
 
       
106       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2788361.UP.FTS.B, 11.71%, 3/14/25
    $ 3,975      $   1,098   
FW2789650.UP.FTS.B, 11.79%, 3/14/25
      460       458  
L2782511.UP.FTS.B, 12.01%, 3/14/25
      1,521       1,515  
L2783638.UP.FTS.B, 12.12%, 3/14/25
      3,691       3,676  
L2781981.UP.FTS.B, 12.17%, 3/14/25
      461       460  
FW2790770.UP.FTS.B, 12.38%, 3/14/25
      3,930       3,911  
L2785153.UP.FTS.B, 12.45%, 3/14/25
      3,053       3,041  
L2785167.UP.FTS.B, 12.55%, 3/14/25
      4,630       4,611  
L2779841.UP.FTS.B, 13.12%, 3/14/25
      4,698       4,680  
FW2788740.UP.FTS.B, 13.18%, 3/14/25
      4,071       4,054  
L2786541.UP.FTS.B, 13.29%, 3/14/25
      5,589       5,566  
L2781476.UP.FTS.B, 13.87%, 3/14/25
      15,014       14,369  
L2785233.UP.FTS.B, 13.96%, 3/14/25
      1,395       1,392  
L2785794.UP.FTS.B, 14%, 3/14/25
      1,200       1,142  
L2782270.UP.FTS.B, 14.18%, 3/14/25
      703       701  
L2783992.UP.FTS.B, 14.35%, 3/14/25
      2,348       2,339  
L2783494.UP.FTS.B, 14.52%, 3/14/25
      6,537       6,511  
L2789562.UP.FTS.B, 14.72%, 3/14/25
      2,808       2,821  
FW2782628.UP.FTS.B, 14.81%, 3/14/25
      4,041       4,060  
FW2784953.UP.FTS.B, 14.86%, 3/14/25
      7,217       7,231  
FW2785548.UP.FTS.B, 14.88%, 3/14/25
      2,028       2,019  
L2781813.UP.FTS.B, 14.88%, 3/14/25
      3,829       3,847  
L2781432.UP.FTS.B, 14.97%, 3/14/25
      4,651       4,640  
L2786094.UP.FTS.B, 14.97%, 3/14/25
      1,780       1,776  
L2781532.UP.FTS.B, 15.01%, 3/14/25
      2,832       2,821  
FW2788311.UP.FTS.B, 15.07%, 3/14/25
      3,400       3,407  
L2782136.UP.FTS.B, 15.09%, 3/14/25
      937       935  
L2778950.UP.FTS.B, 15.29%, 3/14/25
      4,353       4,361  
FW2783963.UP.FTS.B, 15.58%, 3/14/25
      10,431       10,456  
L2789802.UP.FTS.B, 15.69%, 3/14/25
      1,187       1,190  
L2782299.UP.FTS.B, 15.8%, 3/14/25
      502       504  
L2783447.UP.FTS.B, 16.16%, 3/14/25
      7,145       7,117  
L2784731.UP.FTS.B, 16.18%, 3/14/25
      10,148       10,108  
FW2788810.UP.FTS.B, 16.29%, 3/14/25
      1,192       1,194  
FW2785887.UP.FTS.B, 16.41%, 3/14/25
      1,480       1,483  
FW2783979.UP.FTS.B, 16.68%, 3/14/25
      3,255       3,249  
L2784318.UP.FTS.B, 16.69%, 3/14/25
      2,870       2,857  
L2784821.UP.FTS.B, 16.79%, 3/14/25
      5,286       5,294  
L2783908.UP.FTS.B, 16.9%, 3/14/25
      2,635       2,640  
FW2784509.UP.FTS.B, 16.95%, 3/14/25
      4,487       327  
FW2782202.UP.FTS.B, 17.05%, 3/14/25
      480       481  
L2783618.UP.FTS.B, 17.2%, 3/14/25
      2,881       2,887  
L2786224.UP.FTS.B, 17.23%, 3/14/25
      5,237       5,248  
L2786989.UP.FTS.B, 17.31%, 3/14/25
      4,800       694  
FW2779702.UP.FTS.B, 17.41%, 3/14/25
      3,174       3,181  
L2786076.UP.FTS.B, 17.41%, 3/14/25
      4,328       4,337  
L2781269.UP.FTS.B, 17.46%, 3/14/25
      2,399       2,412  
L2788162.UP.FTS.B, 17.53%, 3/14/25
      2,696       388  
L2786774.UP.FTS.B, 18.02%, 3/14/25
      1,604       1,607  
FW2789882.UP.FTS.B, 18.22%, 3/14/25
      59       –  
L2766917.UP.FTS.B, 18.31%, 3/14/25
      245       243  
FW2789731.UP.FTS.B, 18.32%, 3/14/25
      2,421       2,426  
L2786748.UP.FTS.B, 18.37%, 3/14/25
      5,184       5,195  
L2788322.UP.FTS.B, 18.8%, 3/14/25
      1,386       54  
L2783772.UP.FTS.B, 19.16%, 3/14/25
      4,873       4,884  
L2780057.UP.FTS.B, 19.94%, 3/14/25
      2,344       2,353  
L2780437.UP.FTS.B, 20.28%, 3/14/25
      729       723  
L2785203.UP.FTS.B, 20.46%, 3/14/25
      2,886       2,762  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2780756.UP.FTS.B, 20.48%, 3/14/25
    $ 489      $   490   
L2781043.UP.FTS.B, 20.76%, 3/14/25
      5,858       5,874  
FW2783539.UP.FTS.B, 20.82%, 3/14/25
      4,037       4,030  
L2780491.UP.FTS.B, 20.92%, 3/14/25
      9,911       9,682  
L2786126.UP.FTS.B, 20.92%, 3/14/25
      3,603       3,612  
FW2782841.UP.FTS.B, 20.97%, 3/14/25
      7,077       7,075  
FW2783839.UP.FTS.B, 21.06%, 3/14/25
      494       493  
L2785016.UP.FTS.B, 21.17%, 3/14/25
      1,005       1,003  
FW2781273.UP.FTS.B, 21.18%, 3/14/25
      3,711       3,702  
L2782241.UP.FTS.B, 21.23%, 3/14/25
      1,735       1,741  
FW2784134.UP.FTS.B, 21.24%, 3/14/25
      1,089       1,086  
L2785725.UP.FTS.B, 21.29%, 3/14/25
      743       744  
L2787109.UP.FTS.B, 21.35%, 3/14/25
      3,416       3,418  
L2782350.UP.FTS.B, 21.46%, 3/14/25
      744       742  
L2781274.UP.FTS.B, 21.7%, 3/14/25
      1,093       1,090  
L2787578.UP.FTS.B, 21.76%, 3/14/25
      2,981       2,974  
L2764146.UP.FTS.B, 21.8%, 3/14/25
      2,983       2,990  
L2784966.UP.FTS.B, 21.92%, 3/14/25
      251       249  
L2782964.UP.FTS.B, 22.07%, 3/14/25
      996       994  
L2782582.UP.FTS.B, 22.37%, 3/14/25
      2,746       2,739  
L2782645.UP.FTS.B, 22.52%, 3/14/25
      7,496       7,478  
FW2785697.UP.FTS.B, 22.53%, 3/14/25
      2,399       2,393  
FW2787008.UP.FTS.B, 22.54%, 3/14/25
      1,417       1,405  
FW2787563.UP.FTS.B, 22.68%, 3/14/25
      1,501       1,497  
L2782764.UP.FTS.B, 22.75%, 3/14/25
      7,398       532  
FW2785249.UP.FTS.B, 22.94%, 3/14/25
      3,483       3,486  
FW2780300.UP.FTS.B, 22.97%, 3/14/25
      3,669       3,644  
FW2780584.UP.FTS.B, 23.25%, 3/14/25
      617       610  
L2789538.UP.FTS.B, 23.38%, 3/14/25
      12,654       12,688  
L2780571.UP.FTS.B, 23.44%, 3/14/25
      2,166       2,161  
FW2780513.UP.FTS.B, 24.57%, 3/14/25
      15,311       15,278  
FW2783940.UP.FTS.B, 24.74%, 3/14/25
      463       464  
FW2788926.UP.FTS.B, 24.92%, 3/14/25
      7,241       517  
FW2790447.UP.FTS.B, 25.02%, 3/14/25
      1,774       1,692  
L2783518.UP.FTS.B, 25.17%, 3/14/25
      3,464       3,456  
FW2788009.UP.FTS.B, 25.24%, 3/14/25
      14,862       14,874  
FW2784542.UP.FTS.B, 25.52%, 3/14/25
      2,460       175  
FW2789028.UP.FTS.B, 25.9%, 3/14/25
      2,530       2,532  
FW2785977.UP.FTS.B, 25.94%, 3/14/25
      5,584       5,572  
FW2789498.UP.FTS.B, 26.58%, 3/14/25
      916       914  
FW2786035.UP.FTS.B, 26.63%, 3/14/25
      2,875       2,871  
FW2779777.UP.FTS.B, 26.66%, 3/14/25
      3,047       218  
FW2785381.UP.FTS.B, 26.83%, 3/14/25
      855       855  
L2780006.UP.FTS.B, 27.11%, 3/14/25
      3,874       3,866  
L2781349.UP.FTS.B, 28.09%, 3/14/25
      3,173       3,168  
FW2787819.UP.FTS.B, 28.48%, 3/14/25
      574       572  
FW2788507.UP.FTS.B, 29.01%, 3/14/25
      2,990       2,990  
FW2784820.UP.FTS.B, 29.05%, 3/14/25
      1,568       1,564  
FW2779949.UP.FTS.B, 29.18%, 3/14/25
      3,144       3,138  
FW2783771.UP.FTS.B, 32.99%, 3/14/25
      1,183       1,181  
FW2789039.UP.FTS.B, 33.98%, 3/14/25
      3,627       3,620  
FW1895268.UP.FTS.B, 18.48%, 3/21/25
      2,133       2,143  
FW1892377.UP.FTS.B, 22.87%, 3/21/25
      1,469       118  
FW1893365.UP.FTS.B, 26.97%, 3/21/25
      4,643       4,658  
L2781446.UP.FTS.B, 21.97%, 3/27/25
      4,511       4,517  
FW2781202.UP.FTS.B, 9.95%, 3/28/25
      3,875       3,862  
L2785522.UP.FTS.B, 24.27%, 3/28/25
      5,263       5,268  
FW2785447.UP.FTS.B, 24.58%, 3/28/25
      1,648       1,649  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       107
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2787085.UP.FTS.B, 24.9%, 3/28/25
    $ 1,542      $   1,544   
L2017667.UP.FTS.B, 9.13%, 4/10/25
      995       137  
L2018006.UP.FTS.B, 14.87%, 4/10/25
      859       862  
L2016139.UP.FTS.B, 16.33%, 4/10/25
      9,787       5,860  
L2932200.UP.FTS.B, 5.67%, 4/11/25
      512       507  
L2932027.UP.FTS.B, 6.02%, 4/11/25
      3,035       3,007  
L2929905.UP.FTS.B, 6.33%, 4/11/25
      1,165       1,155  
FW2932159.UP.FTS.B, 6.87%, 4/11/25
      7,051       6,986  
L2932158.UP.FTS.B, 7.54%, 4/11/25
      2,008       1,989  
L2928687.UP.FTS.B, 8.44%, 4/11/25
      7,097       7,060  
L2881416.UP.FTS.B, 8.75%, 4/11/25
      3,343       3,324  
L2932299.UP.FTS.B, 9.07%, 4/11/25
      574       570  
L2929932.UP.FTS.B, 9.99%, 4/11/25
      5,438       5,412  
L2931770.UP.FTS.B, 10.22%, 4/11/25
      1,737       1,727  
FW2928017.UP.FTS.B, 10.52%, 4/11/25
      2,563       2,548  
L2931320.UP.FTS.B, 11.14%, 4/11/25
      1,458       1,449  
L2929414.UP.FTS.B, 11.34%, 4/11/25
      819       814  
L2930901.UP.FTS.B, 12.11%, 4/11/25
      1,117       1,113  
L2929881.UP.FTS.B, 12.38%, 4/11/25
      3,731       3,712  
L2932133.UP.FTS.B, 13.25%, 4/11/25
      1,086       1,080  
L2930188.UP.FTS.B, 13.77%, 4/11/25
      1,686       1,677  
FW2928039.UP.FTS.B, 14.66%, 4/11/25
      1,455       204  
L2931839.UP.FTS.B, 14.95%, 4/11/25
      2,993       3,002  
FW2931434.UP.FTS.B, 17.18%, 4/11/25
      844       846  
L2930012.UP.FTS.B, 17.63%, 4/11/25
      4,743       4,743  
L2931233.UP.FTS.B, 18.54%, 4/11/25
      11,137       11,138  
L2930233.UP.FTS.B, 18.91%, 4/11/25
      5,139       5,155  
FW2932065.UP.FTS.B, 19.22%, 4/11/25
      1,039       1,039  
L2927973.UP.FTS.B, 20.64%, 4/11/25
      1,729       476  
L2930402.UP.FTS.B, 20.69%, 4/11/25
      4,100       2,457  
L2930083.UP.FTS.B, 20.84%, 4/11/25
      567       566  
L2929619.UP.FTS.B, 21.46%, 4/11/25
      1,585       1,578  
L2931062.UP.FTS.B, 21.64%, 4/11/25
      3,366       2,021  
FW2930608.UP.FTS.B, 21.67%, 4/11/25
      14,824       14,872  
L2929114.UP.FTS.B, 22.42%, 4/11/25
      2,837       2,845  
FW2928704.UP.FTS.B, 22.56%, 4/11/25
      4,693       4,701  
FW2927971.UP.FTS.B, 22.83%, 4/11/25
      1,719       252  
L2930633.UP.FTS.B, 23.01%, 4/11/25
      849       845  
FW2927993.UP.FTS.B, 24.47%, 4/11/25
      1,070       1,071  
FW2929588.UP.FTS.B, 24.98%, 4/11/25
      2,898       2,884  
FW2929190.UP.FTS.B, 25.18%, 4/11/25
      991       979  
FW2929319.UP.FTS.B, 26.2%, 4/11/25
      2,327       1,424  
L2928046.UP.FTS.B, 27.24%, 4/11/25
      5,973       3,656  
FW2929773.UP.FTS.B, 27.44%, 4/11/25
      5,457       5,431  
FW2927991.UP.FTS.B, 28.1%, 4/11/25
      4,835       4,809  
FW2924920.UP.FTS.B, 28.52%, 4/11/25
      471       469  
FW2930422.UP.FTS.B, 29.23%, 4/11/25
      4,598       4,576  
L2936152.UP.FTS.B, 6.5%, 4/12/25
      2,530       2,508  
FW2936118.UP.FTS.B, 7.86%, 4/12/25
      946       938  
L2934109.UP.FTS.B, 8%, 4/12/25
      2,371       2,358  
L2932714.UP.FTS.B, 8.81%, 4/12/25
      3,102       3,084  
L2933699.UP.FTS.B, 9.94%, 4/12/25
      5,151       5,122  
L2933980.UP.FTS.B, 10%, 4/12/25
      2,408       2,394  
L2933392.UP.FTS.B, 10.34%, 4/12/25
      1,479       1,471  
L2934235.UP.FTS.B, 10.92%, 4/12/25
      5,190       5,161  
L2932547.UP.FTS.B, 10.94%, 4/12/25
      3,091       3,078  
L2932991.UP.FTS.B, 11.24%, 4/12/25
      535       532  
L2933998.UP.FTS.B, 12.66%, 4/12/25
      2,581       2,570  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2934843.UP.FTS.B, 12.97%, 4/12/25
    $ 822      $   819   
L2934103.UP.FTS.B, 13.2%, 4/12/25
      4,310       4,295  
L2933972.UP.FTS.B, 13.4%, 4/12/25
      3,877       3,860  
L2933861.UP.FTS.B, 13.75%, 4/12/25
      1,586       1,578  
L2933133.UP.FTS.B, 13.94%, 4/12/25
      15,862       15,789  
FW2933363.UP.FTS.B, 14.89%, 4/12/25
      1,519       1,512  
FW2932473.UP.FTS.B, 15.91%, 4/12/25
      8,208       8,167  
L2934820.UP.FTS.B, 17.41%, 4/12/25
      6,043       6,063  
L2935513.UP.FTS.B, 17.97%, 4/12/25
      3,578       3,579  
L2931304.UP.FTS.B, 18.2%, 4/12/25
      2,253       2,242  
L2933460.UP.FTS.B, 18.4%, 4/12/25
      1,282       1,282  
L2928766.UP.FTS.B, 18.41%, 4/12/25
      3,056       3,066  
L2934158.UP.FTS.B, 18.51%, 4/12/25
      1,561       1,563  
L2933159.UP.FTS.B, 18.53%, 4/12/25
      9,527       9,539  
FW2933691.UP.FTS.B, 18.64%, 4/12/25
      7,027       1,012  
L2935652.UP.FTS.B, 19.04%, 4/12/25
      5,150       5,152  
FW2934964.UP.FTS.B, 19.17%, 4/12/25
      1,134       1,129  
L2933024.UP.FTS.B, 19.59%, 4/12/25
      2,276       2,277  
L2933730.UP.FTS.B, 20.46%, 4/12/25
      775       38  
FW2933966.UP.FTS.B, 21.23%, 4/12/25
      5,231       5,207  
FW2935725.UP.FTS.B, 21.56%, 4/12/25
      9,280       9,237  
L2934180.UP.FTS.B, 22.43%, 4/12/25
      816       809  
FW2934705.UP.FTS.B, 22.66%, 4/12/25
      4,619       4,577  
FW2933074.UP.FTS.B, 22.74%, 4/12/25
      7,137       7,104  
FW2932854.UP.FTS.B, 25.66%, 4/12/25
      8,686       8,672  
FW2900575.UP.FTS.B, 25.78%, 4/12/25
      3,802       3,789  
FW2931971.UP.FTS.B, 25.79%, 4/12/25
      1,772       1,770  
FW2932613.UP.FTS.B, 27%, 4/12/25
      2,720       2,708  
FW2783344.UP.FTS.B, 32.05%, 4/14/25
      1,310       –  
L2929252.UP.FTS.B, 25.98%, 4/15/25
      3,467       3,462  
FW2931763.UP.FTS.B, 17.53%, 4/18/25
      1,885       1,799  
L2018443.UP.FTS.B, 13.86%, 4/23/25
      798       793  
L2110121.UP.FTS.B, 7.71%, 4/24/25
      8,120       8,096  
FW2110774.UP.FTS.B, 28.89%, 4/24/25
      6,820       6,824  
L2112331.UP.FTS.B, 15.71%, 5/08/25
      1,227       339  
L2260646.UP.FTS.B, 11.94%, 5/16/25
      3,294       241  
L2265667.UP.FTS.B, 19.73%, 5/16/25
      11,075       11,102  
L2265891.UP.FTS.B, 23.63%, 5/16/25
      2,071       2,065  
FW2262628.UP.FTS.B, 27.26%, 5/16/25
      1,692       1,697  
FW2262409.UP.FTS.B, 28.42%, 5/16/25
      2,670       2,659  
FW2166539.UP.FTS.B, 28.95%, 5/16/25
      9,061       9,050  
FW2472771.UP.FTS.B, 28.59%, 6/20/25
      1,198       1,194  
L2481166.UP.FTS.B, 5.6%, 6/21/25
      7,226       667  
L2480634.UP.FTS.B, 10.14%, 6/21/25
      5,621       5,314  
FW2481101.UP.FTS.B, 11.5%, 6/21/25
      1,157       1,098  
L2478954.UP.FTS.B, 13.18%, 6/21/25
      2,146       156  
FW2656373.UP.FTS.B, 28.99%, 7/18/25
      2,192       110  
L2789819.UP.FTS.B, 14.63%, 8/14/25
      8,658       8,208  
L2782850.UP.FTS.B, 16.52%, 8/14/25
      5,355       5,349  
L2785530.UP.FTS.B, 18.7%, 8/14/25
      3,195       3,176  
L2785622.UP.FTS.B, 19.86%, 8/14/25
      4,499       4,270  
L2781760.UP.FTS.B, 22.09%, 8/14/25
      7,365       7,328  
FW2781316.UP.FTS.B, 22.36%, 8/14/25
      12,120       11,976  
FW2787195.UP.FTS.B, 24.53%, 8/14/25
      7,389       7,325  
FW2780476.UP.FTS.B, 28.97%, 8/14/25
      4,532       4,494  
L2017782.UP.FTS.B, 13.67%, 9/10/25
      1,836       1,820  
L2928094.UP.FTS.B, 14.5%, 9/11/25
      1,343       1,332  
FW2930025.UP.FTS.B, 24.38%, 9/11/25
      4,551       329  
 
       
108       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2928685.UP.FTS.B, 30.47%, 9/11/25
    $ 2,058      $   2,041   
L2262597.UP.FTS.B, 16.24%, 10/16/25
      2,349       2,346  
FW2263191.UP.FTS.B, 28.73%, 10/16/25
      3,177       3,193  
L2269599.UP.FTS.B, 7.84%, 10/17/25
      1,578       425  
FW2267398.UP.FTS.B, 15.02%, 10/17/25
      2,790       2,805  
FW2268218.UP.FTS.B, 21.52%, 10/17/25
      1,454       1,450  
L2474828.UP.FTS.B, 10.25%, 11/21/25
      1,699       506  
L2477335.UP.FTS.B, 9.18%, 12/06/25
      8,646       8,574  
L2783169.UP.FTS.B, 6.72%, 1/14/26
      16,601       2,256  
L2782966.UP.FTS.B, 11.1%, 1/14/26
      780       739  
FW2780647.UP.FTS.B, 19.08%, 1/14/26
      5,990       5,963  
FW2787943.UP.FTS.B, 23.37%, 1/14/26
      7,061       507  
L2931052.UP.FTS.B, 15.78%, 2/11/26
      2,645       2,601  
L1695146.UP.FTS.B, 9.05%, 9/16/26
      9,630       9,582  
L1721236.UP.FTS.B, 9.48%, 9/16/26
      7,291       7,255  
FW1721203.UP.FTS.B, 9.61%, 9/16/26
      4,850       4,826  
FW1720766.UP.FTS.B, 10.27%, 9/16/26
      9,185       9,156  
L1721509.UP.FTS.B, 11.2%, 9/16/26
      12,379       12,328  
FW1720612.UP.FTS.B, 11.37%, 9/16/26
      7,425       7,402  
L1722234.UP.FTS.B, 12.18%, 9/16/26
      6,245       6,219  
FW1721436.UP.FTS.B, 14.47%, 9/16/26
      15,381       15,323  
L1720338.UP.FTS.B, 15.39%, 9/16/26
      9,869       9,369  
L1721497.UP.FTS.B, 16.37%, 9/16/26
      5,181       5,181  
FW1720748.UP.FTS.B, 16.61%, 9/16/26
      3,246       3,246  
L1721580.UP.FTS.B, 17.18%, 9/16/26
      1,002       951  
FW1721771.UP.FTS.B, 20.18%, 9/16/26
      4,015       4,059  
L1722523.UP.FTS.B, 21.72%, 9/16/26
      2,371       2,397  
FW1722389.UP.FTS.B, 21.83%, 9/16/26
      17,163       17,327  
L1722117.UP.FTS.B, 23.46%, 9/16/26
      6,869       6,945  
L1719755.UP.FTS.B, 25.09%, 9/16/26
      2,285       2,287  
FW1720056.UP.FTS.B, 25.74%, 9/16/26
      7,927       1,202  
FW1720865.UP.FTS.B, 26.03%, 9/16/26
      1,681       1,700  
L1701780.UP.FTS.B, 26.48%, 9/16/26
      6,892       6,966  
FW1721156.UP.FTS.B, 26.95%, 9/16/26
      15,513       15,687  
FW1720620.UP.FTS.B, 27.29%, 9/16/26
      5,655       5,719  
FW1720421.UP.FTS.B, 27.95%, 9/16/26
      4,280       4,319  
FW1722591.UP.FTS.B, 28.03%, 9/16/26
      4,327       308  
FW1722554.UP.FTS.B, 28.88%, 9/16/26
      1,186       1,197  
FW1700325.UP.FTS.B, 30.13%, 9/16/26
      901       262  
FW1720986.UP.FTS.B, 30.57%, 9/16/26
      656       660  
FW1720294.UP.FTS.B, 30.66%, 9/16/26
      1,810       1,830  
FW1720288.UP.FTS.B, 31.89%, 9/16/26
      5,041       –  
FW1716737.UP.FTS.B, 16.3%, 9/23/26
      2,133       308  
L1859672.UP.FTS.B, 7.74%, 10/21/26
      9,203       9,153  
L1892951.UP.FTS.B, 14.33%, 10/21/26
      2,871       2,782  
L1893967.UP.FTS.B, 14.49%, 10/21/26
      1,266       1,262  
FW1892411.UP.FTS.B, 14.52%, 10/21/26
      16,325       16,266  
L1894936.UP.FTS.B, 16.25%, 10/21/26
      3,985       3,979  
FW1895480.UP.FTS.B, 16.41%, 10/21/26
      8,628       8,622  
L1890982.UP.FTS.B, 16.75%, 10/21/26
      4,659       4,660  
FW1894387.UP.FTS.B, 17.87%, 10/21/26
      4,002       4,007  
FW1894844.UP.FTS.B, 18.47%, 10/21/26
      15,550       15,541  
L1894129.UP.FTS.B, 19.51%, 10/21/26
      2,207       2,206  
L1892072.UP.FTS.B, 19.65%, 10/21/26
      4,171       238  
L1889041.UP.FTS.B, 19.76%, 10/21/26
      1,023       1,023  
L1892098.UP.FTS.B, 20.43%, 10/21/26
      4,033       –  
L1890899.UP.FTS.B, 20.85%, 10/21/26
      7,727       560  
L1894090.UP.FTS.B, 22.26%, 10/21/26
      7,037       6,851  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L1891077.UP.FTS.B, 23.49%, 10/21/26
    $  13,766      $   13,498   
L1895099.UP.FTS.B, 24.25%, 10/21/26
      3,390       3,386  
L1893140.UP.FTS.B, 24.95%, 10/21/26
      1,405       1,421  
L1893569.UP.FTS.B, 25.34%, 10/21/26
      1,438       1,425  
L1890870.UP.FTS.B, 25.37%, 10/21/26
      3,732       3,770  
L1896072.UP.FTS.B, 25.44%, 10/21/26
      2,502       2,527  
L1890828.UP.FTS.B, 25.46%, 10/21/26
      3,184       927  
L1896094.UP.FTS.B, 25.49%, 10/21/26
      6,058       433  
FW1892106.UP.FTS.B, 26.33%, 10/21/26
      3,588       3,623  
FW1893402.UP.FTS.B, 27.14%, 10/21/26
      4,326       4,368  
L1892234.UP.FTS.B, 27.37%, 10/21/26
      8,665       8,750  
FW1891795.UP.FTS.B, 28.39%, 10/21/26
      7,723       7,424  
FW1892884.UP.FTS.B, 28.78%, 10/21/26
      1,733       1,753  
FW1893982.UP.FTS.B, 28.82%, 10/21/26
      3,065       3,095  
FW1891950.UP.FTS.B, 29.07%, 10/21/26
      37,389       35,995  
FW1890284.UP.FTS.B, 30.97%, 10/21/26
      1,504       1,450  
FW1894842.UP.FTS.B, 31.16%, 10/21/26
      3,281       3,161  
L1890702.UP.FTS.B, 25.43%, 11/05/26
      4,328       4,364  
L2015861.UP.FTS.B, 9.46%, 11/10/26
      6,074       6,040  
L2016805.UP.FTS.B, 10.63%, 11/10/26
      5,816       5,789  
L2016181.UP.FTS.B, 10.7%, 11/10/26
      3,456       472  
L2015997.UP.FTS.B, 10.83%, 11/10/26
      4,691       1,191  
L2000658.UP.FTS.B, 11.67%, 11/10/26
      12,122       12,056  
FW2017263.UP.FTS.B, 13.09%, 11/10/26
      16,338       16,261  
L2016863.UP.FTS.B, 13.15%, 11/10/26
      3,302       3,287  
L2017795.UP.FTS.B, 13.15%, 11/10/26
      3,302       3,287  
FW2015303.UP.FTS.B, 13.44%, 11/10/26
      33,222       33,043  
L2016861.UP.FTS.B, 14.32%, 11/10/26
      11,005       10,957  
L2016549.UP.FTS.B, 14.78%, 11/10/26
      3,841       3,821  
L2016090.UP.FTS.B, 15.07%, 11/10/26
      8,421       8,388  
L2016450.UP.FTS.B, 15.84%, 11/10/26
      5,201       5,185  
FW2017922.UP.FTS.B, 16.45%, 11/10/26
      10,154       10,110  
FW2016602.UP.FTS.B, 16.55%, 11/10/26
      8,152       8,128  
FW2018016.UP.FTS.B, 16.76%, 11/10/26
      13,518       13,476  
L2017432.UP.FTS.B, 16.76%, 11/10/26
      2,460       2,449  
L2016124.UP.FTS.B, 17.83%, 11/10/26
      5,048       1,385  
L2015741.UP.FTS.B, 18.37%, 11/10/26
      3,171       1,861  
L2015870.UP.FTS.B, 19.02%, 11/10/26
      1,059       608  
L2017365.UP.FTS.B, 19.49%, 11/10/26
      20,854       20,802  
L2018057.UP.FTS.B, 20.23%, 11/10/26
      13,848       13,940  
L2012751.UP.FTS.B, 20.27%, 11/10/26
      7,936       7,900  
L2015880.UP.FTS.B, 20.5%, 11/10/26
      30,822       31,045  
L2018362.UP.FTS.B, 20.61%, 11/10/26
      2,114       2,104  
FW2017939.UP.FTS.B, 21.1%, 11/10/26
      5,320       118  
L2018199.UP.FTS.B, 22.27%, 11/10/26
      7,252       4,274  
L2016472.UP.FTS.B, 22.49%, 11/10/26
      8,174       8,154  
L2016591.UP.FTS.B, 22.73%, 11/10/26
      3,635       2,089  
L2015725.UP.FTS.B, 22.82%, 11/10/26
      1,126       1,133  
FW2007819.UP.FTS.B, 23.25%, 11/10/26
      7,067       7,114  
L2018147.UP.FTS.B, 23.34%, 11/10/26
      10,395       10,414  
L2018074.UP.FTS.B, 23.36%, 11/10/26
      4,293       4,324  
FW2018046.UP.FTS.B, 23.73%, 11/10/26
      2,594       2,608  
L2018486.UP.FTS.B, 23.79%, 11/10/26
      14,210       14,172  
L2010804.UP.FTS.B, 24.21%, 11/10/26
      10,794       10,873  
L2017277.UP.FTS.B, 24.63%, 11/10/26
      1,444       1,454  
L2016414.UP.FTS.B, 24.87%, 11/10/26
      738       435  
L2017556.UP.FTS.B, 25.05%, 11/10/26
      2,819       2,839  
L2016122.UP.FTS.B, 25.2%, 11/10/26
      2,898       2,891  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       109
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2017313.UP.FTS.B, 25.23%, 11/10/26
    $ 3,189      $   3,212   
L2016934.UP.FTS.B, 25.28%, 11/10/26
      620       43  
L2016288.UP.FTS.B, 25.3%, 11/10/26
      6,896       1,972  
L1992755.UP.FTS.B, 25.36%, 11/10/26
      1,161       1,170  
L2016960.UP.FTS.B, 25.39%, 11/10/26
      798       804  
L2017166.UP.FTS.B, 25.5%, 11/10/26
      3,546       3,544  
L2018078.UP.FTS.B, 25.62%, 11/10/26
      3,181       473  
FW2017120.UP.FTS.B, 25.88%, 11/10/26
      5,734       407  
FW2017724.UP.FTS.B, 26.2%, 11/10/26
      2,885       2,904  
FW2017665.UP.FTS.B, 26.79%, 11/10/26
      8,790       8,855  
FW2017448.UP.FTS.B, 26.97%, 11/10/26
      1,433       1,442  
FW2017995.UP.FTS.B, 27.09%, 11/10/26
      4,405       4,437  
FW2017395.UP.FTS.B, 27.53%, 11/10/26
      4,281       4,307  
FW2018112.UP.FTS.B, 27.81%, 11/10/26
      9,399       444  
FW2018097.UP.FTS.B, 28.2%, 11/10/26
      1,310       1,318  
FW2017468.UP.FTS.B, 28.36%, 11/10/26
      1,534       440  
FW2017627.UP.FTS.B, 28.75%, 11/10/26
      5,834       410  
FW2018328.UP.FTS.B, 28.94%, 11/10/26
      939       136  
FW2017283.UP.FTS.B, 29.28%, 11/10/26
      3,723       3,751  
FW2016668.UP.FTS.B, 29.41%, 11/10/26
      5,288       5,321  
FW2016853.UP.FTS.B, 29.43%, 11/10/26
      342       337  
FW2016021.UP.FTS.B, 29.96%, 11/10/26
      11,204       11,289  
FW2017531.UP.FTS.B, 30.14%, 11/10/26
      5,615       5,657  
FW2015923.UP.FTS.B, 30.28%, 11/10/26
      5,995       6,040  
FW2016098.UP.FTS.B, 30.28%, 11/10/26
      1,199       1,208  
FW2015746.UP.FTS.B, 30.57%, 11/10/26
      2,183       2,195  
FW2017369.UP.FTS.B, 30.83%, 11/10/26
      2,256       2,273  
FW2016238.UP.FTS.B, 30.97%, 11/10/26
      1,691       1,699  
FW2014044.UP.FTS.B, 31.01%, 11/10/26
      3,016       3,032  
FW2016392.UP.FTS.B, 31.01%, 11/10/26
      512       319  
FW2015895.UP.FTS.B, 31.02%, 11/10/26
      2,120       150  
FW2017963.UP.FTS.B, 31.1%, 11/10/26
      7,323       2,108  
FW2015165.UP.FTS.B, 31.13%, 11/10/26
      1,364       1,371  
FW2016440.UP.FTS.B, 31.16%, 11/10/26
      3,281       951  
FW2015784.UP.FTS.B, 31.24%, 11/10/26
      1,734       1,747  
FW2016681.UP.FTS.B, 31.25%, 11/10/26
      4,148       4,179  
FW2018216.UP.FTS.B, 32.18%, 11/10/26
      2,786       2,806  
FW2015624.UP.FTS.B, 24.49%, 11/15/26
      4,328       4,350  
FW2018137.UP.FTS.B, 31.23%, 11/15/26
      15,153       15,266  
FW2110828.UP.FTS.B, 6%, 11/24/26
      1,207       1,223  
L2111539.UP.FTS.B, 8.17%, 11/24/26
      5,055       5,033  
L2112207.UP.FTS.B, 9.52%, 11/24/26
      8,723       1,205  
FW2112522.UP.FTS.B, 10.63%, 11/24/26
      793       788  
L2112534.UP.FTS.B, 11.65%, 11/24/26
      18,386       18,338  
L2110925.UP.FTS.B, 12.01%, 11/24/26
      20,090       20,022  
L2112036.UP.FTS.B, 13.1%, 11/24/26
      990       988  
L2109723.UP.FTS.B, 14.71%, 11/24/26
      30,515       30,416  
L2112445.UP.FTS.B, 15.34%, 11/24/26
      2,018       2,019  
L2112051.UP.FTS.B, 15.48%, 11/24/26
      10,104       10,108  
L2111566.UP.FTS.B, 15.86%, 11/24/26
      3,378       3,379  
L2111428.UP.FTS.B, 15.89%, 11/24/26
      3,455       3,451  
FW2111859.UP.FTS.B, 16.21%, 11/24/26
      5,758       5,761  
L2111758.UP.FTS.B, 16.63%, 11/24/26
      27,048       26,984  
FW2111175.UP.FTS.B, 16.64%, 11/24/26
      4,611       4,609  
L2111907.UP.FTS.B, 16.75%, 11/24/26
      2,041       2,042  
FW2111473.UP.FTS.B, 17.42%, 11/24/26
      2,660       2,661  
FW2112554.UP.FTS.B, 17.97%, 11/24/26
      20,646       20,622  
FW2103098.UP.FTS.B, 18.1%, 11/24/26
      2,751       2,755  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2112204.UP.FTS.B, 18.12%, 11/24/26
    $ 3,790      $   3,785   
L2110989.UP.FTS.B, 18.58%, 11/24/26
      4,832       4,839  
L2111999.UP.FTS.B, 18.81%, 11/24/26
      5,432       5,386  
FW2111909.UP.FTS.B, 19.23%, 11/24/26
      2,329       2,331  
L2111433.UP.FTS.B, 19.56%, 11/24/26
      3,481       3,479  
FW2111564.UP.FTS.B, 19.87%, 11/24/26
      3,347       3,352  
L2110920.UP.FTS.B, 20%, 11/24/26
      9,267       9,274  
L2110840.UP.FTS.B, 20.27%, 11/24/26
      3,499       3,533  
FW2112337.UP.FTS.B, 20.38%, 11/24/26
      6,974       7,057  
FW2103854.UP.FTS.B, 20.73%, 11/24/26
      11,866       11,818  
L2111070.UP.FTS.B, 20.97%, 11/24/26
      2,437       2,466  
FW2110697.UP.FTS.B, 21.79%, 11/24/26
      9,457       9,537  
L2111001.UP.FTS.B, 22.12%, 11/24/26
      1,409       1,426  
L2109591.UP.FTS.B, 22.25%, 11/24/26
      15,039       4,397  
L2112213.UP.FTS.B, 22.37%, 11/24/26
      5,309       826  
FW2111879.UP.FTS.B, 22.64%, 11/24/26
      11,900       858  
L2111918.UP.FTS.B, 22.67%, 11/24/26
      14,081       14,243  
L2111808.UP.FTS.B, 23.39%, 11/24/26
      2,439       174  
L2111770.UP.FTS.B, 23.69%, 11/24/26
      1,603       1,587  
L2111688.UP.FTS.B, 25.07%, 11/24/26
      1,810       1,832  
L2110949.UP.FTS.B, 25.25%, 11/24/26
      2,216       157  
FW2111387.UP.FTS.B, 25.36%, 11/24/26
      4,624       4,666  
L2112349.UP.FTS.B, 25.4%, 11/24/26
      7,256       7,345  
L2111206.UP.FTS.B, 25.46%, 11/24/26
      1,452       1,469  
L2112241.UP.FTS.B, 25.52%, 11/24/26
      4,125       652  
L2111177.UP.FTS.B, 25.59%, 11/24/26
      5,524       5,572  
L2111103.UP.FTS.B, 25.8%, 11/24/26
      1,618       1,627  
FW2110882.UP.FTS.B, 25.83%, 11/24/26
      5,825       5,896  
FW2108311.UP.FTS.B, 26.95%, 11/24/26
      3,227       227  
FW2110829.UP.FTS.B, 27.91%, 11/24/26
      11,505       11,587  
FW2111301.UP.FTS.B, 28.21%, 11/24/26
      4,025       282  
FW2109993.UP.FTS.B, 28.34%, 11/24/26
      3,700       3,746  
FW2112225.UP.FTS.B, 30.05%, 11/24/26
      1,422       1,439  
FW2111978.UP.FTS.B, 30.35%, 11/24/26
      2,697       19  
FW2112451.UP.FTS.B, 30.73%, 11/24/26
      1,353       1,370  
FW2111816.UP.FTS.B, 30.78%, 11/24/26
      1,729       1,750  
FW2111709.UP.FTS.B, 31.03%, 11/24/26
      6,212       437  
FW2111832.UP.FTS.B, 31.16%, 11/24/26
      8,132       8,175  
FW2104466.UP.FTS.B, 31.47%, 11/24/26
      3,382       105  
FW2112102.UP.FTS.B, 31.76%, 11/24/26
      6,088       6,162  
L2262825.UP.FTS.B, 7.69%, 12/16/26
      9,680       9,619  
FW2264096.UP.FTS.B, 8.01%, 12/16/26
      5,825       5,789  
L2266515.UP.FTS.B, 8.1%, 12/16/26
      4,840       4,813  
L2264632.UP.FTS.B, 8.24%, 12/16/26
      13,008       12,929  
L2233679.UP.FTS.B, 10.15%, 12/16/26
      4,285       4,262  
L2256936.UP.FTS.B, 11.09%, 12/16/26
      13,291       13,232  
L2261890.UP.FTS.B, 11.17%, 12/16/26
      9,980       9,925  
L2265566.UP.FTS.B, 11.83%, 12/16/26
      10,264       9,687  
FW2263431.UP.FTS.B, 12.09%, 12/16/26
      4,692       4,666  
L2264084.UP.FTS.B, 12.97%, 12/16/26
      1,523       393  
L2262690.UP.FTS.B, 13.04%, 12/16/26
      5,742       5,711  
L2261612.UP.FTS.B, 13.93%, 12/16/26
      1,361       1,354  
FW2263216.UP.FTS.B, 14.33%, 12/16/26
      683       680  
FW2263771.UP.FTS.B, 14.5%, 12/16/26
      5,140       5,113  
FW2262525.UP.FTS.B, 14.73%, 12/16/26
      20,541       20,454  
L2266678.UP.FTS.B, 14.84%, 12/16/26
      8,909       8,872  
L2266887.UP.FTS.B, 15.02%, 12/16/26
      4,804       4,791  
FW2266772.UP.FTS.B, 15.05%, 12/16/26
      5,466       5,449  
 
       
110       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2262094.UP.FTS.B, 15.17%, 12/16/26
    $ 3,436      $   3,421   
L2261820.UP.FTS.B, 15.32%, 12/16/26
      34,122       33,971  
FW2265961.UP.FTS.B, 16.27%, 12/16/26
      4,151       4,139  
L2265506.UP.FTS.B, 16.32%, 12/16/26
      9,690       9,151  
L2261462.UP.FTS.B, 16.62%, 12/16/26
      2,293       2,287  
L2262249.UP.FTS.B, 16.91%, 12/16/26
      5,675       409  
L2262304.UP.FTS.B, 17.3%, 12/16/26
      9,082       9,058  
L2261255.UP.FTS.B, 17.42%, 12/16/26
      26,708       26,602  
FW2265856.UP.FTS.B, 17.99%, 12/16/26
      6,240       6,220  
L2260722.UP.FTS.B, 18.02%, 12/16/26
      2,110       2,101  
L2262594.UP.FTS.B, 18.44%, 12/16/26
      705       702  
L2265320.UP.FTS.B, 18.67%, 12/16/26
      706       704  
L2262520.UP.FTS.B, 19.39%, 12/16/26
      3,628       3,612  
L2261512.UP.FTS.B, 19.6%, 12/16/26
      7,107       7,089  
L2261469.UP.FTS.B, 19.7%, 12/16/26
      2,277       2,267  
L2260922.UP.FTS.B, 19.74%, 12/16/26
      4,981       5,008  
L2265533.UP.FTS.B, 19.85%, 12/16/26
      7,341       6,963  
L2262271.UP.FTS.B, 20.02%, 12/16/26
      6,847       6,822  
FW2262822.UP.FTS.B, 20.38%, 12/16/26
      2,144       2,161  
L2262115.UP.FTS.B, 20.57%, 12/16/26
      1,730       1,721  
L2264912.UP.FTS.B, 20.76%, 12/16/26
      2,867       2,860  
L2263510.UP.FTS.B, 21.37%, 12/16/26
      2,056       1,949  
FW2263533.UP.FTS.B, 21.45%, 12/16/26
      3,616       3,602  
FW2266413.UP.FTS.B, 21.62%, 12/16/26
      10,724       10,694  
L2266172.UP.FTS.B, 21.62%, 12/16/26
      2,524       2,543  
FW2265342.UP.FTS.B, 21.77%, 12/16/26
      2,577       2,596  
L2264438.UP.FTS.B, 21.8%, 12/16/26
      3,560       3,549  
FW2242546.UP.FTS.B, 21.96%, 12/16/26
      7,880       7,862  
FW2265692.UP.FTS.B, 22.08%, 12/16/26
      5,435       5,412  
L2262151.UP.FTS.B, 23.18%, 12/16/26
      15,910       15,999  
L2262515.UP.FTS.B, 23.26%, 12/16/26
      33,183       31,803  
L2263677.UP.FTS.B, 23.33%, 12/16/26
      10,937       11,022  
L2266895.UP.FTS.B, 23.57%, 12/16/26
      2,924       2,947  
L2262668.UP.FTS.B, 24.03%, 12/16/26
      2,420       2,439  
L2160603.UP.FTS.B, 24.28%, 12/16/26
      2,350       2,369  
L2263485.UP.FTS.B, 24.71%, 12/16/26
      1,473       1,485  
FW2263757.UP.FTS.B, 24.74%, 12/16/26
      5,520       5,563  
FW2263559.UP.FTS.B, 24.81%, 12/16/26
      5,750       5,508  
FW2266843.UP.FTS.B, 24.86%, 12/16/26
      2,212       2,207  
L2262190.UP.FTS.B, 25.35%, 12/16/26
      3,034       3,050  
L2264771.UP.FTS.B, 25.35%, 12/16/26
      1,432       1,372  
L2262592.UP.FTS.B, 25.43%, 12/16/26
      847       844  
L2236916.UP.FTS.B, 25.5%, 12/16/26
      2,962       2,979  
L2266958.UP.FTS.B, 25.5%, 12/16/26
      815       819  
FW2265341.UP.FTS.B, 25.64%, 12/16/26
      7,411       7,469  
FW2259738.UP.FTS.B, 26.14%, 12/16/26
      2,547       26  
FW2263939.UP.FTS.B, 26.78%, 12/16/26
      2,987       3,010  
FW2262376.UP.FTS.B, 27.09%, 12/16/26
      1,496       1,508  
FW2266619.UP.FTS.B, 27.46%, 12/16/26
      2,775       2,797  
FW2265289.UP.FTS.B, 27.87%, 12/16/26
      2,757       2,643  
FW2262621.UP.FTS.B, 27.92%, 12/16/26
      5,642       5,686  
FW2264546.UP.FTS.B, 28.23%, 12/16/26
      2,263       2,275  
FW2260718.UP.FTS.B, 28.56%, 12/16/26
      1,511       1,519  
FW2263509.UP.FTS.B, 28.65%, 12/16/26
      7,942       7,987  
FW2265850.UP.FTS.B, 28.76%, 12/16/26
      4,846       5  
FW2177600.UP.FTS.B, 28.89%, 12/16/26
      1,665       1,678  
FW2264712.UP.FTS.B, 28.97%, 12/16/26
      1,907       1,919  
FW2265353.UP.FTS.B, 29.01%, 12/16/26
      10,477       10,553  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2264681.UP.FTS.B, 29.13%, 12/16/26
    $   3,032      $   3,056   
FW2258081.UP.FTS.B, 30.3%, 12/16/26
      3,722       3,745  
FW2261708.UP.FTS.B, 30.67%, 12/16/26
      2,335       2,346  
FW2266558.UP.FTS.B, 30.86%, 12/16/26
      1,532       1,541  
FW2266459.UP.FTS.B, 30.98%, 12/16/26
      891       897  
FW2260770.UP.FTS.B, 31.08%, 12/16/26
      1,150       1,159  
FW2264279.UP.FTS.B, 31.14%, 12/16/26
      1,472       1,481  
FW2266925.UP.FTS.B, 31.22%, 12/16/26
      14,850       14,221  
FW2266682.UP.FTS.B, 31.23%, 12/16/26
      3,636       3,489  
FW2267010.UP.FTS.B, 31.33%, 12/16/26
      2,235       2,249  
FW2270153.UP.FTS.B, 7.21%, 12/17/26
      2,881       2,865  
FW2269719.UP.FTS.B, 7.26%, 12/17/26
      7,611       7,161  
L2269403.UP.FTS.B, 7.47%, 12/17/26
      9,629       9,575  
L2269259.UP.FTS.B, 8.25%, 12/17/26
      1,946       1,934  
L2268096.UP.FTS.B, 8.29%, 12/17/26
      15,567       15,482  
L2267269.UP.FTS.B, 8.51%, 12/17/26
      9,750       9,691  
L2269424.UP.FTS.B, 8.98%, 12/17/26
      7,179       7,140  
L2271105.UP.FTS.B, 9.17%, 12/17/26
      22,013       21,892  
FW2267252.UP.FTS.B, 9.41%, 12/17/26
      5,098       5,069  
L2266480.UP.FTS.B, 10.61%, 12/17/26
      2,316       2,306  
FW2269561.UP.FTS.B, 11.28%, 12/17/26
      4,260       4,242  
L2263798.UP.FTS.B, 11.32%, 12/17/26
      17,900       17,823  
L2270002.UP.FTS.B, 11.76%, 12/17/26
      3,007       2,995  
L2269004.UP.FTS.B, 11.83%, 12/17/26
      8,694       8,648  
L2270705.UP.FTS.B, 12.61%, 12/17/26
      6,731       6,702  
L2269154.UP.FTS.B, 12.96%, 12/17/26
      14,037       13,258  
L2267510.UP.FTS.B, 13.34%, 12/17/26
      7,312       7,282  
FW2269825.UP.FTS.B, 13.55%, 12/17/26
      3,380       3,365  
L2264006.UP.FTS.B, 13.57%, 12/17/26
      6,990       6,600  
L2269188.UP.FTS.B, 14.18%, 12/17/26
      3,681       3,666  
FW2259052.UP.FTS.B, 14.44%, 12/17/26
      4,782       4,758  
L2269061.UP.FTS.B, 14.52%, 12/17/26
      3,056       3,043  
L2268637.UP.FTS.B, 14.78%, 12/17/26
      3,220       3,194  
L2267899.UP.FTS.B, 15.39%, 12/17/26
      6,883       6,856  
FW2269286.UP.FTS.B, 15.6%, 12/17/26
      19,658       19,560  
L2269989.UP.FTS.B, 15.72%, 12/17/26
      20,708       20,621  
L2269665.UP.FTS.B, 16.5%, 12/17/26
      11,255       11,225  
L2267902.UP.FTS.B, 16.76%, 12/17/26
      8,822       8,787  
L2269419.UP.FTS.B, 17%, 12/17/26
      6,910       6,893  
L2267913.UP.FTS.B, 17.09%, 12/17/26
      3,469       3,454  
L2270652.UP.FTS.B, 17.8%, 12/17/26
      1,963       1,959  
FW2267256.UP.FTS.B, 17.83%, 12/17/26
      7,300       1,071  
FW2270802.UP.FTS.B, 17.83%, 12/17/26
      701       700  
L2268164.UP.FTS.B, 18.3%, 12/17/26
      4,224       4,206  
L2270265.UP.FTS.B, 18.3%, 12/17/26
      1,408       1,402  
L2267799.UP.FTS.B, 18.33%, 12/17/26
      5,037       4,770  
FW2267424.UP.FTS.B, 18.94%, 12/17/26
      3,195       3,178  
FW2268753.UP.FTS.B, 19.71%, 12/17/26
      3,578       3,565  
L2268708.UP.FTS.B, 19.88%, 12/17/26
      3,561       3,554  
L2267364.UP.FTS.B, 20.36%, 12/17/26
      1,572       1,569  
L2268745.UP.FTS.B, 20.6%, 12/17/26
      3,153       3,140  
L2268926.UP.FTS.B, 20.65%, 12/17/26
      19,733       18,713  
L2268079.UP.FTS.B, 20.72%, 12/17/26
      2,853       2,875  
L2256028.UP.FTS.B, 20.74%, 12/17/26
      4,304       4,286  
L2270132.UP.FTS.B, 20.75%, 12/17/26
      1,075       1,071  
L2244360.UP.FTS.B, 20.77%, 12/17/26
      1,198       86  
L2270631.UP.FTS.B, 21.07%, 12/17/26
      9,099       2,558  
L2269703.UP.FTS.B, 21.08%, 12/17/26
      2,708       78  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       111
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2268043.UP.FTS.B, 21.67%, 12/17/26
    $ 37,167        $  35,266   
FW2269279.UP.FTS.B, 21.88%, 12/17/26
      10,413       10,477  
FW2268457.UP.FTS.B, 22.16%, 12/17/26
      8,325       8,392  
FW2263842.UP.FTS.B, 22.41%, 12/17/26
      10,894       10,958  
L2214006.UP.FTS.B, 22.76%, 12/17/26
      1,021       1,026  
FW2267880.UP.FTS.B, 23.11%, 12/17/26
      7,287       7,273  
FW2271155.UP.FTS.B, 23.14%, 12/17/26
      8,746       8,817  
FW2270621.UP.FTS.B, 23.29%, 12/17/26
      3,443       3,462  
L2267371.UP.FTS.B, 23.36%, 12/17/26
      949       957  
FW2270716.UP.FTS.B, 24.09%, 12/17/26
      3,668       3,698  
L2269612.UP.FTS.B, 24.24%, 12/17/26
      2,801       200  
FW2268352.UP.FTS.B, 24.36%, 12/17/26
      3,570       3,569  
L2269673.UP.FTS.B, 24.46%, 12/17/26
      735       741  
L2269335.UP.FTS.B, 24.65%, 12/17/26
      1,767       1,782  
L2269672.UP.FTS.B, 24.89%, 12/17/26
      4,739       4,549  
L2268401.UP.FTS.B, 25.14%, 12/17/26
      2,527       2,542  
L2270209.UP.FTS.B, 25.15%, 12/17/26
      1,552       1,564  
L2268106.UP.FTS.B, 25.26%, 12/17/26
      16,680       16,815  
L2267192.UP.FTS.B, 25.29%, 12/17/26
      1,582       1,520  
L2269322.UP.FTS.B, 25.3%, 12/17/26
      2,145       2,158  
L2267659.UP.FTS.B, 25.42%, 12/17/26
      1,581       458  
FW2268057.UP.FTS.B, 25.81%, 12/17/26
      1,484       1,493  
FW2271111.UP.FTS.B, 26.4%, 12/17/26
      4,514       4,334  
FW2268918.UP.FTS.B, 26.51%, 12/17/26
      2,082       149  
FW2267544.UP.FTS.B, 26.57%, 12/17/26
      8,221       587  
FW2265199.UP.FTS.B, 27.31%, 12/17/26
      3,990       4,015  
FW2258741.UP.FTS.B, 27.63%, 12/17/26
      2,027       2,044  
FW2267234.UP.FTS.B, 28.03%, 12/17/26
      858       863  
FW2271113.UP.FTS.B, 29.49%, 12/17/26
      2,677       2,694  
FW2268163.UP.FTS.B, 29.95%, 12/17/26
      2,999       2,994  
FW2260471.UP.FTS.B, 30.04%, 12/17/26
      5,746       5,777  
FW2260486.UP.FTS.B, 30.33%, 12/17/26
      11,451       11,545  
FW2266749.UP.FTS.B, 30.39%, 12/17/26
      993       1,001  
FW2270615.UP.FTS.B, 30.87%, 12/17/26
      1,227       1,234  
FW2269601.UP.FTS.B, 30.92%, 12/17/26
      1,379       1,390  
FW2269865.UP.FTS.B, 30.96%, 12/17/26
      1,073       1,082  
FW2269782.UP.FTS.B, 31.05%, 12/17/26
      6,211       6,262  
FW2270320.UP.FTS.B, 31.1%, 12/17/26
      1,384       1,392  
FW2267969.UP.FTS.B, 31.13%, 12/17/26
      3,146       3,172  
FW2269656.UP.FTS.B, 31.22%, 12/17/26
      1,229       1,237  
FW2269622.UP.FTS.B, 31.24%, 12/17/26
      844       851  
FW2266605.UP.FTS.B, 31.38%, 12/17/26
      1,844       1,860  
FW2266148.UP.FTS.B, 14.03%, 12/21/26
      3,409       3,395  
FW2262301.UP.FTS.B, 30.52%, 12/22/26
      3,759       3,786  
FW2270167.UP.FTS.B, 27.42%, 12/25/26
      11,775       3,440  
FW2269726.UP.FTS.B, 9.71%, 12/28/26
      9,881       9,823  
FW2267947.UP.FTS.B, 20.33%, 12/28/26
      4,421       4,450  
L2265697.UP.FTS.B, 23.5%, 12/28/26
      2,267       2,277  
FW2268908.UP.FTS.B, 29.95%, 12/28/26
      26,336       1,838  
FW2270884.UP.FTS.B, 17.41%, 1/01/27
      11,501       11,440  
FW2475907.UP.FTS.B, 4.84%, 1/20/27
      27,016       26,845  
L2474579.UP.FTS.B, 4.95%, 1/20/27
      15,275       15,174  
L2474331.UP.FTS.B, 5.25%, 1/20/27
      6,456       6,415  
L2471525.UP.FTS.B, 5.57%, 1/20/27
      25,963       25,795  
L2475396.UP.FTS.B, 5.61%, 1/20/27
      32,461       32,258  
L2474959.UP.FTS.B, 5.82%, 1/20/27
      5,203       5,171  
L2475014.UP.FTS.B, 5.92%, 1/20/27
      678       673  
L2472984.UP.FTS.B, 6.81%, 1/20/27
      1,635       1,622  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2475429.UP.FTS.B, 7.27%, 1/20/27
    $ 4,248      $   4,216   
FW2473269.UP.FTS.B, 7.61%, 1/20/27
      2,433       2,418  
L2473931.UP.FTS.B, 7.74%, 1/20/27
      11,233       11,171  
L2475724.UP.FTS.B, 7.86%, 1/20/27
      6,573       6,536  
L2473450.UP.FTS.B, 8.65%, 1/20/27
      16,658       16,567  
FW2473955.UP.FTS.B, 8.68%, 1/20/27
      2,597       2,583  
FW2473331.UP.FTS.B, 9.04%, 1/20/27
      11,466       11,095  
L2473688.UP.FTS.B, 9.31%, 1/20/27
      6,700       6,664  
L2474865.UP.FTS.B, 9.49%, 1/20/27
      2,737       2,719  
L2474080.UP.FTS.B, 9.61%, 1/20/27
      6,334       6,299  
L2472065.UP.FTS.B, 9.95%, 1/20/27
      5,051       5,024  
L2473817.UP.FTS.B, 10.77%, 1/20/27
      11,363       2,910  
FW2472488.UP.FTS.B, 10.89%, 1/20/27
      3,845       281  
FW2475584.UP.FTS.B, 10.93%, 1/20/27
      3,932       286  
L2473418.UP.FTS.B, 10.96%, 1/20/27
      12,775       3,270  
L2474933.UP.FTS.B, 11.24%, 1/20/27
      19,739       19,651  
L2473427.UP.FTS.B, 11.29%, 1/20/27
      13,619       13,559  
L2473112.UP.FTS.B, 11.72%, 1/20/27
      3,402       3,386  
L2475887.UP.FTS.B, 12.32%, 1/20/27
      7,619       551  
L2471859.UP.FTS.B, 12.54%, 1/20/27
      10,318       10,273  
L2474658.UP.FTS.B, 12.78%, 1/20/27
      3,446       3,431  
L2471497.UP.FTS.B, 12.88%, 1/20/27
      5,856       426  
L2471480.UP.FTS.B, 13.4%, 1/20/27
      2,039       1,984  
L2474789.UP.FTS.B, 13.64%, 1/20/27
      17,347       17,272  
L2474173.UP.FTS.B, 13.96%, 1/20/27
      2,748       2,736  
L2473476.UP.FTS.B, 14%, 1/20/27
      4,493       4,468  
L2471439.UP.FTS.B, 14.4%, 1/20/27
      768       764  
L2472468.UP.FTS.B, 14.46%, 1/20/27
      4,188       4,171  
L2474447.UP.FTS.B, 14.59%, 1/20/27
      3,075       3,061  
L2475352.UP.FTS.B, 14.64%, 1/20/27
      12,722       12,668  
L2475028.UP.FTS.B, 14.75%, 1/20/27
      3,498       3,483  
FW2471019.UP.FTS.B, 15.35%, 1/20/27
      764       761  
L2474491.UP.FTS.B, 15.9%, 1/20/27
      3,102       3,094  
L2471752.UP.FTS.B, 16.14%, 1/20/27
      4,241       4,229  
L2471789.UP.FTS.B, 16.78%, 1/20/27
      21,190       21,100  
L2471603.UP.FTS.B, 17.27%, 1/20/27
      4,491       4,478  
FW2472357.UP.FTS.B, 18.64%, 1/20/27
      14,382       14,345  
FW2472703.UP.FTS.B, 18.76%, 1/20/27
      5,043       5,031  
L2472163.UP.FTS.B, 19.55%, 1/20/27
      3,062       3,051  
L2471471.UP.FTS.B, 19.65%, 1/20/27
      5,048       5,034  
L2474729.UP.FTS.B, 20.39%, 1/20/27
      7,286       7,343  
FW2472361.UP.FTS.B, 20.41%, 1/20/27
      7,725       7,785  
L2473064.UP.FTS.B, 21.2%, 1/20/27
      959       955  
L2473306.UP.FTS.B, 21.55%, 1/20/27
      4,409       4,398  
FW2475846.UP.FTS.B, 23.25%, 1/20/27
      3,346       3,364  
FW2474184.UP.FTS.B, 23.79%, 1/20/27
      3,429       3,455  
FW2473402.UP.FTS.B, 24.11%, 1/20/27
      13,443       13,548  
FW2471587.UP.FTS.B, 24.31%, 1/20/27
      1,496       1,507  
L2475345.UP.FTS.B, 24.61%, 1/20/27
      3,821       3,622  
L2472023.UP.FTS.B, 24.83%, 1/20/27
      2,026       2,042  
L2473063.UP.FTS.B, 25.05%, 1/20/27
      837       60  
L2475329.UP.FTS.B, 25.09%, 1/20/27
      3,758       3,787  
L2470742.UP.FTS.B, 25.25%, 1/20/27
      2,013       585  
L2471521.UP.FTS.B, 25.28%, 1/20/27
      614       44  
L2471728.UP.FTS.B, 25.34%, 1/20/27
      7,812       7,872  
L2471667.UP.FTS.B, 25.39%, 1/20/27
      5,873       5,919  
L2474715.UP.FTS.B, 25.42%, 1/20/27
      2,240       159  
L2474965.UP.FTS.B, 25.47%, 1/20/27
      1,359       209  
 
       
112       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2472226.UP.FTS.B, 25.56%, 1/20/27
    $ 2,658        $  40   
FW2472820.UP.FTS.B, 25.64%, 1/20/27
      2,380       362  
L2471756.UP.FTS.B, 26.47%, 1/20/27
      826       806  
L2474425.UP.FTS.B, 26.68%, 1/20/27
      3,795       3,825  
FW2472110.UP.FTS.B, 27.03%, 1/20/27
      9,887       9,965  
FW2475280.UP.FTS.B, 27.6%, 1/20/27
      9,540       9,615  
L2475015.UP.FTS.B, 27.6%, 1/20/27
      4,903       1,449  
FW2473211.UP.FTS.B, 27.91%, 1/20/27
      4,664       4,701  
FW2475609.UP.FTS.B, 28.57%, 1/20/27
      4,607       4,500  
FW2472042.UP.FTS.B, 29.53%, 1/20/27
      2,907       2,928  
FW2475302.UP.FTS.B, 30.28%, 1/20/27
      3,724       3,753  
FW2474444.UP.FTS.B, 30.39%, 1/20/27
      3,701       1,099  
FW2471876.UP.FTS.B, 30.6%, 1/20/27
      1,320       1,331  
FW2473987.UP.FTS.B, 30.82%, 1/20/27
      4,666       4,702  
FW2471934.UP.FTS.B, 30.86%, 1/20/27
      1,895       1,820  
FW2473631.UP.FTS.B, 30.87%, 1/20/27
      925       931  
FW2474925.UP.FTS.B, 31.01%, 1/20/27
      1,278       1,249  
FW2470766.UP.FTS.B, 31.08%, 1/20/27
      1,014       1,022  
FW2475230.UP.FTS.B, 31.1%, 1/20/27
      1,205       1,157  
FW2471006.UP.FTS.B, 31.15%, 1/20/27
      1,234       1,239  
FW2470630.UP.FTS.B, 31.2%, 1/20/27
      1,513       105  
FW2473891.UP.FTS.B, 31.57%, 1/20/27
      5,812       5,845  
FW2473201.UP.FTS.B, 31.68%, 1/20/27
      11,682       11,224  
L2481582.UP.FTS.B, 4.62%, 1/21/27
      25,737         25,575  
L2478241.UP.FTS.B, 4.87%, 1/21/27
      13,544       13,459  
L2477575.UP.FTS.B, 4.96%, 1/21/27
      6,981       6,934  
L2478449.UP.FTS.B, 5.07%, 1/21/27
      35,615       2,621  
FW2478227.UP.FTS.B, 5.11%, 1/21/27
      7,109       7,065  
L2478495.UP.FTS.B, 5.12%, 1/21/27
      6,465       6,423  
L2446259.UP.FTS.B, 5.18%, 1/21/27
      6,463       6,423  
L2478632.UP.FTS.B, 5.24%, 1/21/27
      14,220       1,101  
L2477767.UP.FTS.B, 5.31%, 1/21/27
      9,713       9,652  
L2478466.UP.FTS.B, 5.39%, 1/21/27
      7,117       7,072  
L2478450.UP.FTS.B, 5.42%, 1/21/27
      3,889       3,865  
L2480061.UP.FTS.B, 5.73%, 1/21/27
      7,735       7,685  
L2459372.UP.FTS.B, 5.76%, 1/21/27
      9,740       9,680  
L2477090.UP.FTS.B, 5.84%, 1/21/27
      3,903       3,879  
L2477803.UP.FTS.B, 6.01%, 1/21/27
      27,222       27,053  
L2477744.UP.FTS.B, 6.17%, 1/21/27
      24,139       23,991  
L2476427.UP.FTS.B, 6.24%, 1/21/27
      6,528       6,488  
L2477424.UP.FTS.B, 6.43%, 1/21/27
      13,077       12,997  
L2480644.UP.FTS.B, 6.59%, 1/21/27
      16,369       16,269  
L2480479.UP.FTS.B, 6.6%, 1/21/27
      4,191       4,165  
L2480622.UP.FTS.B, 6.63%, 1/21/27
      20,960       20,832  
L2479361.UP.FTS.B, 6.78%, 1/21/27
      13,773       13,689  
L2478485.UP.FTS.B, 6.81%, 1/21/27
      7,785       7,730  
L2478510.UP.FTS.B, 7.06%, 1/21/27
      979       944  
L2461602.UP.FTS.B, 7.51%, 1/21/27
      32,998       32,817  
L2478233.UP.FTS.B, 7.75%, 1/21/27
      2,646       2,631  
FW2480389.UP.FTS.B, 7.87%, 1/21/27
      4,965       4,938  
L2476700.UP.FTS.B, 8.05%, 1/21/27
      2,579       2,560  
L2482145.UP.FTS.B, 8.06%, 1/21/27
      12,918       12,168  
FW2479918.UP.FTS.B, 8.11%, 1/21/27
      1,324       1,316  
L2477326.UP.FTS.B, 8.52%, 1/21/27
      16,641       16,551  
L2480346.UP.FTS.B, 8.56%, 1/21/27
      1,572       1,563  
L2481499.UP.FTS.B, 9.01%, 1/21/27
      2,462       2,449  
L2477347.UP.FTS.B, 9.48%, 1/21/27
      1,141       1,135  
FW2478172.UP.FTS.B, 9.55%, 1/21/27
      4,131       3,891  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2477329.UP.FTS.B, 9.62%, 1/21/27
    $ 6,046      $   6,014   
L2477858.UP.FTS.B, 9.8%, 1/21/27
      16,486       16,398  
L2450265.UP.FTS.B, 9.85%, 1/21/27
      2,678       2,663  
L2480599.UP.FTS.B, 9.99%, 1/21/27
      15,780       14,896  
FW2479183.UP.FTS.B, 10.05%, 1/21/27
      5,730       5,705  
L2480405.UP.FTS.B, 10.65%, 1/21/27
      4,065       4,047  
FW2478301.UP.FTS.B, 10.7%, 1/21/27
      5,015       4,989  
L2476472.UP.FTS.B, 10.79%, 1/21/27
      3,389       3,375  
FW2480584.UP.FTS.B, 10.82%, 1/21/27
      4,047       4,029  
L2476577.UP.FTS.B, 11.24%, 1/21/27
      2,721       2,709  
FW2480576.UP.FTS.B, 11.26%, 1/21/27
      16,068       15,998  
L2477410.UP.FTS.B, 11.79%, 1/21/27
      8,764       8,706  
FW2477060.UP.FTS.B, 11.89%, 1/21/27
      20,499       20,411  
L2481328.UP.FTS.B, 12.51%, 1/21/27
      3,438       3,423  
L2479402.UP.FTS.B, 12.63%, 1/21/27
      5,164       5,143  
FW2481147.UP.FTS.B, 12.81%, 1/21/27
      7,343       1,028  
FW2480666.UP.FTS.B, 12.82%, 1/21/27
      13,785       13,727  
L2480627.UP.FTS.B, 13.09%, 1/21/27
      4,421       4,402  
L2479108.UP.FTS.B, 13.57%, 1/21/27
      16,639       16,570  
L2480894.UP.FTS.B, 14.25%, 1/21/27
      8,232       8,190  
L2481349.UP.FTS.B, 14.92%, 1/21/27
      5,323       5,302  
FW2476598.UP.FTS.B, 14.99%, 1/21/27
      7,024       6,988  
FW2479747.UP.FTS.B, 15%, 1/21/27
      3,505       3,491  
FW2476545.UP.FTS.B, 15.04%, 1/21/27
      7,012       6,983  
FW2476940.UP.FTS.B, 15.14%, 1/21/27
      2,048       2,036  
L2472995.UP.FTS.B, 15.34%, 1/21/27
      2,108       2,103  
L2476780.UP.FTS.B, 15.94%, 1/21/27
      3,529       3,520  
FW2477987.UP.FTS.B, 16%, 1/21/27
      5,220       1,423  
L2478528.UP.FTS.B, 16.29%, 1/21/27
      2,923       2,902  
L2480206.UP.FTS.B, 16.56%, 1/21/27
      24,818       24,719  
L2480635.UP.FTS.B, 16.62%, 1/21/27
      3,547       3,538  
L2481665.UP.FTS.B, 17.36%, 1/21/27
      2,853       2,846  
FW2476814.UP.FTS.B, 17.49%, 1/21/27
      3,465       3,454  
FW2480097.UP.FTS.B, 18.93%, 1/21/27
      2,308       2,303  
L2482226.UP.FTS.B, 19.47%, 1/21/27
      11,585       11,560  
FW2477756.UP.FTS.B, 19.8%, 1/21/27
      1,227       1,212  
FW2470384.UP.FTS.B, 19.99%, 1/21/27
      4,450       4,220  
FW2478138.UP.FTS.B, 20.35%, 1/21/27
      14,525       14,641  
L2481444.UP.FTS.B, 20.35%, 1/21/27
      5,986       5,744  
FW2478527.UP.FTS.B, 20.76%, 1/21/27
      16,415       16,352  
FW2479867.UP.FTS.B, 21.17%, 1/21/27
      2,344       2,363  
L2481616.UP.FTS.B, 22.8%, 1/21/27
      2,352       2,370  
FW2477308.UP.FTS.B, 23.41%, 1/21/27
      6,664       1,884  
L2476876.UP.FTS.B, 23.51%, 1/21/27
      3,638       3,496  
FW2476171.UP.FTS.B, 24.01%, 1/21/27
      2,688       2,710  
L2476196.UP.FTS.B, 24.05%, 1/21/27
      1,336       1,335  
L2480692.UP.FTS.B, 24.23%, 1/21/27
      822       829  
L2480153.UP.FTS.B, 24.26%, 1/21/27
      999       1,004  
FW2476307.UP.FTS.B, 24.31%, 1/21/27
      1,196       1,206  
L2481353.UP.FTS.B, 24.94%, 1/21/27
      6,500       6,247  
L2477192.UP.FTS.B, 25.1%, 1/21/27
      5,200       4,993  
L2477602.UP.FTS.B, 25.12%, 1/21/27
      3,007       3,000  
L2450581.UP.FTS.B, 25.25%, 1/21/27
      3,461       3,489  
L2480444.UP.FTS.B, 25.32%, 1/21/27
      1,504       1,501  
L2480238.UP.FTS.B, 25.42%, 1/21/27
      828       827  
L2477171.UP.FTS.B, 25.43%, 1/21/27
      3,012       3,037  
L2477959.UP.FTS.B, 25.85%, 1/21/27
      7,551       7,613  
L2478675.UP.FTS.B, 25.98%, 1/21/27
      14,369       14,459  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       113
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2476870.UP.FTS.B, 26.94%, 1/21/27
    $ 2,281      $   2,276   
FW2477621.UP.FTS.B, 27.45%, 1/21/27
      4,880       4,920  
FW2480795.UP.FTS.B, 27.7%, 1/21/27
      2,138       2,156  
FW2476474.UP.FTS.B, 28.03%, 1/21/27
      1,913       1,929  
FW2476707.UP.FTS.B, 28.1%, 1/21/27
      6,064       6,110  
FW2477133.UP.FTS.B, 28.1%, 1/21/27
      6,508       6,561  
FW2481757.UP.FTS.B, 28.3%, 1/21/27
      5,748       5,795  
FW2478384.UP.FTS.B, 28.67%, 1/21/27
      1,478       1,488  
FW2479323.UP.FTS.B, 28.7%, 1/21/27
      1,152       1,162  
FW2480886.UP.FTS.B, 29.21%, 1/21/27
      22,158       21,237  
FW2480439.UP.FTS.B, 29.92%, 1/21/27
      2,708       2,699  
FW2476060.UP.FTS.B, 30.53%, 1/21/27
      4,659       4,697  
FW2481370.UP.FTS.B, 30.57%, 1/21/27
      1,024       1,031  
FW2476388.UP.FTS.B, 30.81%, 1/21/27
      6,894       6,619  
FW2476651.UP.FTS.B, 30.87%, 1/21/27
      1,016       –  
FW2479214.UP.FTS.B, 30.9%, 1/21/27
      8,582       8,624  
FW2481906.UP.FTS.B, 30.96%, 1/21/27
      856       863  
FW2476779.UP.FTS.B, 31.12%, 1/21/27
      922       64  
FW2479381.UP.FTS.B, 31.12%, 1/21/27
      5,537       5,568  
FW2477761.UP.FTS.B, 31.16%, 1/21/27
      1,945       137  
FW2482179.UP.FTS.B, 31.16%, 1/21/27
      1,464       434  
FW2478875.UP.FTS.B, 31.18%, 1/21/27
      3,361       236  
FW2477853.UP.FTS.B, 31.19%, 1/21/27
      10,429       10,513  
FW2482047.UP.FTS.B, 32.18%, 1/21/27
      11,396       11,467  
FW2478961.UP.FTS.B, 33.21%, 1/21/27
      1,502       –  
L2477998.UP.FTS.B, 10.21%, 1/26/27
      13,711       13,626  
FW2474738.UP.FTS.B, 27.15%, 1/28/27
      2,144       2,162  
FW2479301.UP.FTS.B, 31.22%, 1/28/27
      858       864  
FW2472901.UP.FTS.B, 21.26%, 2/01/27
      7,519       7,550  
L2480452.UP.FTS.B, 14.24%, 2/02/27
      3,575       3,554  
FW2478647.UP.FTS.B, 31.06%, 2/02/27
      3,755       3,773  
L2476447.UP.FTS.B, 8.62%, 2/05/27
      7,196       430  
FW2480948.UP.FTS.B, 11.69%, 2/05/27
      17,469       17,380  
L2476441.UP.FTS.B, 22.74%, 2/06/27
      4,187       4,206  
L1722493.UP.FTS.B, 18.38%, 2/16/27
      10,061       9,511  
L1720140.UP.FTS.B, 22.6%, 2/16/27
      14,698       14,763  
L1712934.UP.FTS.B, 25.32%, 2/16/27
      7,025       7,058  
FW1720537.UP.FTS.B, 25.44%, 2/16/27
      4,200       639  
L1721003.UP.FTS.B, 25.67%, 2/16/27
      751       741  
L1722725.UP.FTS.B, 25.76%, 2/16/27
      1,301       1,248  
L1716847.UP.FTS.B, 26.49%, 2/16/27
      5,107       361  
L1722547.UP.FTS.B, 26.6%, 2/16/27
      2,542       2,525  
FW1721612.UP.FTS.B, 26.87%, 2/16/27
      3,828       3,848  
FW1722580.UP.FTS.B, 28.29%, 2/16/27
      2,701       2,555  
FW1722218.UP.FTS.B, 29.06%, 2/16/27
      4,630       4,465  
FW1720737.UP.FTS.B, 29.83%, 2/16/27
      2,326       2,217  
FW1720488.UP.FTS.B, 29.98%, 2/16/27
      899       64  
L2656149.UP.FTS.B, 4.9%, 2/18/27
      27,638       27,465  
L2656376.UP.FTS.B, 5.08%, 2/18/27
      8,823       8,756  
L2654934.UP.FTS.B, 6.41%, 2/18/27
      8,241       8,188  
FW2657802.UP.FTS.B, 7.01%, 2/18/27
      4,040       4,014  
L2657504.UP.FTS.B, 7.74%, 2/18/27
      5,753       5,720  
L2653066.UP.FTS.B, 9.34%, 2/18/27
      668       645  
FW2653627.UP.FTS.B, 9.99%, 2/18/27
      3,628       3,607  
FW2657543.UP.FTS.B, 10.25%, 2/18/27
      1,412       1,330  
FW2657532.UP.FTS.B, 10.48%, 2/18/27
      13,006       12,919  
FW2657539.UP.FTS.B, 10.96%, 2/18/27
      7,619       7,580  
FW2653836.UP.FTS.B, 10.99%, 2/18/27
      2,163       2,148  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2656455.UP.FTS.B, 11.03%, 2/18/27
    $ 12,768      $   12,052   
L2655850.UP.FTS.B, 11.44%, 2/18/27
      18,799       18,704  
FW2655412.UP.FTS.B, 11.77%, 2/18/27
      10,067       9,497  
L2657392.UP.FTS.B, 12.09%, 2/18/27
      9,734       9,685  
L2655901.UP.FTS.B, 12.32%, 2/18/27
      4,911       4,886  
L2654898.UP.FTS.B, 12.38%, 2/18/27
      18,711       17,650  
L2653887.UP.FTS.B, 12.55%, 2/18/27
      2,600       2,587  
L2654736.UP.FTS.B, 12.58%, 2/18/27
      7,323       7,281  
FW2654132.UP.FTS.B, 12.73%, 2/18/27
      15,312       14,445  
FW2653495.UP.FTS.B, 12.88%, 2/18/27
      6,076       439  
L2653291.UP.FTS.B, 12.9%, 2/18/27
      2,698       2,683  
FW2654033.UP.FTS.B, 13.1%, 2/18/27
      5,059       5,029  
FW2655119.UP.FTS.B, 13.31%, 2/18/27
      8,714       8,221  
FW2653830.UP.FTS.B, 13.35%, 2/18/27
      10,674       10,622  
FW2656357.UP.FTS.B, 13.79%, 2/18/27
      7,588       7,551  
FW2657507.UP.FTS.B, 13.96%, 2/18/27
      2,272       2,261  
L2655146.UP.FTS.B, 14.16%, 2/18/27
      5,148       5,120  
FW2657544.UP.FTS.B, 14.38%, 2/18/27
      13,746       13,679  
FW2656039.UP.FTS.B, 14.43%, 2/18/27
      1,639       1,631  
FW2655411.UP.FTS.B, 14.47%, 2/18/27
      1,909       1,899  
L2655911.UP.FTS.B, 14.57%, 2/18/27
      10,698       10,646  
FW2653497.UP.FTS.B, 14.59%, 2/18/27
      11,413       11,358  
L2653926.UP.FTS.B, 14.76%, 2/18/27
      11,036       10,975  
FW2655361.UP.FTS.B, 14.81%, 2/18/27
      4,644       4,622  
FW2656874.UP.FTS.B, 15.48%, 2/18/27
      2,369       2,359  
L2657406.UP.FTS.B, 15.83%, 2/18/27
      11,514       11,467  
L2656610.UP.FTS.B, 15.94%, 2/18/27
      10,805       10,754  
FW2657294.UP.FTS.B, 16.22%, 2/18/27
      15,649       15,574  
FW2652611.UP.FTS.B, 16.26%, 2/18/27
      1,773       129  
FW2655943.UP.FTS.B, 16.38%, 2/18/27
      795       791  
FW2655801.UP.FTS.B, 16.39%, 2/18/27
      3,902       3,886  
L2655952.UP.FTS.B, 16.47%, 2/18/27
      8,675       8,641  
L2657168.UP.FTS.B, 16.47%, 2/18/27
      1,446       1,440  
FW2656762.UP.FTS.B, 16.73%, 2/18/27
      18,104       18,032  
FW2654911.UP.FTS.B, 16.77%, 2/18/27
      1,728       1,719  
L2656088.UP.FTS.B, 16.82%, 2/18/27
      3,980       581  
L2657493.UP.FTS.B, 17.25%, 2/18/27
      18,912       5,125  
FW2655755.UP.FTS.B, 17.36%, 2/18/27
      6,230       6,201  
L2656274.UP.FTS.B, 17.4%, 2/18/27
      1,455       1,449  
FW2656859.UP.FTS.B, 17.55%, 2/18/27
      5,462       5,441  
L2648053.UP.FTS.B, 17.58%, 2/18/27
      4,724       4,705  
FW2655219.UP.FTS.B, 17.61%, 2/18/27
      19,495       19,408  
FW2654968.UP.FTS.B, 17.64%, 2/18/27
      2,843       2,831  
FW2657700.UP.FTS.B, 17.81%, 2/18/27
      9,399       9,345  
L2656742.UP.FTS.B, 17.82%, 2/18/27
      3,990       3,973  
FW2655696.UP.FTS.B, 17.99%, 2/18/27
      4,092       1,137  
L2653109.UP.FTS.B, 18.03%, 2/18/27
      1,096       1,092  
L2653689.UP.FTS.B, 18.18%, 2/18/27
      2,583       2,569  
L2653164.UP.FTS.B, 18.21%, 2/18/27
      8,048       8,016  
FW2654520.UP.FTS.B, 18.49%, 2/18/27
      2,419       2,409  
L2657353.UP.FTS.B, 18.73%, 2/18/27
      11,098       11,039  
FW2654489.UP.FTS.B, 18.88%, 2/18/27
      206       204  
L2654519.UP.FTS.B, 19.08%, 2/18/27
      309       304  
L2654570.UP.FTS.B, 19.68%, 2/18/27
      814       810  
FW2656424.UP.FTS.B, 19.82%, 2/18/27
      2,440       2,430  
L2656336.UP.FTS.B, 20.22%, 2/18/27
      1,291       1,222  
FW2654532.UP.FTS.B, 20.37%, 2/18/27
      6,382       6,349  
FW2657187.UP.FTS.B, 20.48%, 2/18/27
      15,151       15,090  
 
       
114       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2657677.UP.FTS.B, 20.65%, 2/18/27
    $ 4,089      $   4,073   
FW2654620.UP.FTS.B, 20.83%, 2/18/27
      3,820       3,830  
L2656191.UP.FTS.B, 20.98%, 2/18/27
      3,545       3,558  
FW2657310.UP.FTS.B, 21.81%, 2/18/27
      2,597       2,611  
L2655942.UP.FTS.B, 21.87%, 2/18/27
      8,993       8,958  
L2655022.UP.FTS.B, 22.08%, 2/18/27
      2,784       2,750  
FW2657679.UP.FTS.B, 22.17%, 2/18/27
      5,561       265  
FW2653768.UP.FTS.B, 22.47%, 2/18/27
      22,433       22,562  
L2656980.UP.FTS.B, 22.68%, 2/18/27
      6,026       6,063  
L2657169.UP.FTS.B, 22.71%, 2/18/27
      11,068       11,124  
FW2657375.UP.FTS.B, 23.29%, 2/18/27
      2,117       2,130  
FW2657769.UP.FTS.B, 24.23%, 2/18/27
      9,039       9,094  
FW2653982.UP.FTS.B, 24.33%, 2/18/27
      8,217       8,268  
L2657363.UP.FTS.B, 24.67%, 2/18/27
      4,498       4,526  
FW2656497.UP.FTS.B, 24.83%, 2/18/27
      2,712       195  
FW2656918.UP.FTS.B, 25.32%, 2/18/27
      4,592       4,620  
L2657540.UP.FTS.B, 25.32%, 2/18/27
      1,303       1,311  
L2655238.UP.FTS.B, 25.36%, 2/18/27
      2,651       190  
FW2654552.UP.FTS.B, 25.75%, 2/18/27
      4,144       4,169  
FW2656585.UP.FTS.B, 25.76%, 2/18/27
      4,227       4,254  
FW2653266.UP.FTS.B, 26.59%, 2/18/27
      5,397       5,431  
FW2656738.UP.FTS.B, 26.73%, 2/18/27
      8,625       8,261  
L2655310.UP.FTS.B, 26.89%, 2/18/27
      8,452       603  
FW2657625.UP.FTS.B, 26.98%, 2/18/27
      5,687       5,717  
FW2653485.UP.FTS.B, 27.32%, 2/18/27
      7,743       7,791  
L2655961.UP.FTS.B, 27.71%, 2/18/27
      1,359       1,365  
FW2655208.UP.FTS.B, 28.11%, 2/18/27
      35,957       176  
FW2656127.UP.FTS.B, 28.24%, 2/18/27
      2,024       2,036  
FW2653273.UP.FTS.B, 28.29%, 2/18/27
      20,396       3,078  
FW2657275.UP.FTS.B, 28.44%, 2/18/27
      3,020       3,021  
FW2657124.UP.FTS.B, 28.84%, 2/18/27
      7,230       7,249  
FW2657590.UP.FTS.B, 29.26%, 2/18/27
      4,007       4,021  
FW2654804.UP.FTS.B, 29.69%, 2/18/27
      5,508       5,531  
FW2656448.UP.FTS.B, 29.81%, 2/18/27
      4,082       4,108  
FW2654690.UP.FTS.B, 30.25%, 2/18/27
      870       874  
FW2652797.UP.FTS.B, 30.47%, 2/18/27
      1,339       1,348  
FW2655034.UP.FTS.B, 30.5%, 2/18/27
      3,067       3,085  
FW2657689.UP.FTS.B, 30.56%, 2/18/27
      11,494       3,406  
FW2656342.UP.FTS.B, 30.71%, 2/18/27
      806       808  
FW2657094.UP.FTS.B, 30.81%, 2/18/27
      4,623       697  
FW2655259.UP.FTS.B, 30.9%, 2/18/27
      3,948       3,973  
FW2655652.UP.FTS.B, 30.92%, 2/18/27
      25,112       25,013  
FW2653746.UP.FTS.B, 30.93%, 2/18/27
      1,659       1,669  
FW2654029.UP.FTS.B, 30.99%, 2/18/27
      1,697       118  
FW2654823.UP.FTS.B, 31.05%, 2/18/27
      2,086       2,090  
FW2656038.UP.FTS.B, 31.06%, 2/18/27
      1,108       1,115  
FW2652957.UP.FTS.B, 31.1%, 2/18/27
      922       926  
FW2656050.UP.FTS.B, 31.14%, 2/18/27
      1,819       1,831  
FW2653443.UP.FTS.B, 31.19%, 2/18/27
      11,942       11,993  
FW2657050.UP.FTS.B, 31.21%, 2/18/27
      3,357       3,213  
FW2653784.UP.FTS.B, 31.22%, 2/18/27
      4,230       4,219  
FW2653299.UP.FTS.B, 31.23%, 2/18/27
      3,404       3,425  
FW2620309.UP.FTS.B, 31.31%, 2/18/27
      13,689       13,775  
FW2656784.UP.FTS.B, 31.34%, 2/18/27
      2,994       467  
FW2652650.UP.FTS.B, 31.46%, 2/18/27
      3,959       3,983  
FW2656739.UP.FTS.B, 31.47%, 2/18/27
      2,144       2,053  
L2656270.UP.FTS.B, 28.21%, 2/21/27
      6,405       1,871  
FW2655382.UP.FTS.B, 29.8%, 2/25/27
      5,497       5,531  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2782778.UP.FTS.B, 5.38%, 3/14/27
    $ 13,583      $   13,495   
FW2779815.UP.FTS.B, 5.52%, 3/14/27
      4,480       4,448  
FW2785873.UP.FTS.B, 5.67%, 3/14/27
      18,342       18,220  
L2786047.UP.FTS.B, 5.71%, 3/14/27
      3,410       3,388  
FW2785225.UP.FTS.B, 5.78%, 3/14/27
      13,308       13,219  
L2785472.UP.FTS.B, 5.82%, 3/14/27
      5,462       5,425  
L2785533.UP.FTS.B, 5.87%, 3/14/27
      7,970       7,918  
FW2725624.UP.FTS.B, 5.92%, 3/14/27
      34,174       33,947  
L2782378.UP.FTS.B, 5.98%, 3/14/27
      34,147       33,927  
L2785586.UP.FTS.B, 6.13%, 3/14/27
      35,015       32,919  
L2785761.UP.FTS.B, 6.14%, 3/14/27
      27,377       27,195  
L2788888.UP.FTS.B, 6.14%, 3/14/27
      6,416       6,372  
L2781494.UP.FTS.B, 6.32%, 3/14/27
      8,076       8,024  
L2783749.UP.FTS.B, 6.39%, 3/14/27
      4,787       4,753  
L2786287.UP.FTS.B, 6.48%, 3/14/27
      1,094       1,085  
L2789358.UP.FTS.B, 6.49%, 3/14/27
      34,188       33,967  
L2784003.UP.FTS.B, 6.62%, 3/14/27
      11,336       11,261  
L2789856.UP.FTS.B, 6.67%, 3/14/27
      6,255       6,214  
L2786197.UP.FTS.B, 6.8%, 3/14/27
      4,441       4,412  
L2776276.UP.FTS.B, 6.89%, 3/14/27
      16,601       16,492  
L2785513.UP.FTS.B, 6.9%, 3/14/27
      11,087       11,014  
L2781885.UP.FTS.B, 7.11%, 3/14/27
      13,151       13,067  
L2783455.UP.FTS.B, 7.28%, 3/14/27
      28,113       27,929  
L2784258.UP.FTS.B, 7.29%, 3/14/27
      6,880       6,836  
L2781599.UP.FTS.B, 7.38%, 3/14/27
      3,733       3,708  
L2784013.UP.FTS.B, 7.38%, 3/14/27
      13,671       13,577  
FW2784023.UP.FTS.B, 7.45%, 3/14/27
      26,074       25,904  
L2781125.UP.FTS.B, 7.45%, 3/14/27
      5,187       5,153  
L2783926.UP.FTS.B, 7.49%, 3/14/27
      12,661       12,578  
L2781938.UP.FTS.B, 7.6%, 3/14/27
      34,622       34,397  
FW2780236.UP.FTS.B, 7.69%, 3/14/27
      24,253       24,081  
FW2788438.UP.FTS.B, 7.69%, 3/14/27
      1,524       1,515  
L2788290.UP.FTS.B, 7.73%, 3/14/27
      6,606       6,560  
L2781769.UP.FTS.B, 7.86%, 3/14/27
      14,847       14,742  
L2784113.UP.FTS.B, 7.9%, 3/14/27
      7,635       7,581  
L2769930.UP.FTS.B, 7.96%, 3/14/27
      21,525       21,373  
FW2784974.UP.FTS.B, 8.13%, 3/14/27
      32,448       32,220  
L2780083.UP.FTS.B, 8.23%, 3/14/27
      31,248       31,044  
FW2781791.UP.FTS.B, 8.25%, 3/14/27
      21,382       21,243  
L2789155.UP.FTS.B, 8.26%, 3/14/27
      17,401       17,279  
L2780176.UP.FTS.B, 8.31%, 3/14/27
      34,813       34,568  
L2764977.UP.FTS.B, 8.36%, 3/14/27
      7,522       7,469  
L2779428.UP.FTS.B, 8.36%, 3/14/27
      7,314       7,263  
L2784617.UP.FTS.B, 8.41%, 3/14/27
      14,843       14,738  
L2782254.UP.FTS.B, 8.42%, 3/14/27
      5,575       5,539  
L2782003.UP.FTS.B, 8.5%, 3/14/27
      15,969       15,864  
L2787246.UP.FTS.B, 8.5%, 3/14/27
      1,743       1,731  
L2784591.UP.FTS.B, 8.72%, 3/14/27
      34,926       34,681  
FW2780109.UP.FTS.B, 8.73%, 3/14/27
      10,466       10,398  
L2789064.UP.FTS.B, 8.75%, 3/14/27
      13,865       13,769  
L2789316.UP.FTS.B, 8.8%, 3/14/27
      34,954       34,709  
L2786540.UP.FTS.B, 8.81%, 3/14/27
      3,774       3,748  
FW2782565.UP.FTS.B, 8.84%, 3/14/27
      10,487       10,414  
L2783739.UP.FTS.B, 8.99%, 3/14/27
      5,845       5,806  
L2785284.UP.FTS.B, 9.11%, 3/14/27
      3,783       3,757  
L2785081.UP.FTS.B, 9.13%, 3/14/27
      12,332       12,246  
L2780310.UP.FTS.B, 9.24%, 3/14/27
      12,623       12,535  
L2782105.UP.FTS.B, 9.39%, 3/14/27
      35,106       34,862  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       115
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2780047.UP.FTS.B, 9.4%, 3/14/27
    $  18,733      $   18,613   
L2780296.UP.FTS.B, 9.41%, 3/14/27
      22,609       22,452  
FW2782447.UP.FTS.B, 9.67%, 3/14/27
      15,479       15,371  
L2784348.UP.FTS.B, 9.7%, 3/14/27
      5,883       5,845  
FW2783021.UP.FTS.B, 9.72%, 3/14/27
      9,080       9,017  
L2779827.UP.FTS.B, 9.72%, 3/14/27
      8,817       8,756  
L2780798.UP.FTS.B, 9.77%, 3/14/27
      6,337       6,293  
L2784962.UP.FTS.B, 9.82%, 3/14/27
      21,111       20,976  
L2788004.UP.FTS.B, 9.9%, 3/14/27
      14,097       13,999  
FW2780201.UP.FTS.B, 9.94%, 3/14/27
      26,586       26,402  
FW2783844.UP.FTS.B, 10%, 3/14/27
      3,540       3,516  
L2781395.UP.FTS.B, 10.07%, 3/14/27
      19,125       18,983  
L2789352.UP.FTS.B, 10.18%, 3/14/27
      9,181       9,113  
L2785217.UP.FTS.B, 10.21%, 3/14/27
      19,905       19,776  
FW2779711.UP.FTS.B, 10.28%, 3/14/27
      18,710       18,526  
FW2780436.UP.FTS.B, 10.28%, 3/14/27
      4,170       4,142  
L2784387.UP.FTS.B, 10.32%, 3/14/27
      18,666       18,527  
L2785592.UP.FTS.B, 10.32%, 3/14/27
      12,020       11,931  
L2782038.UP.FTS.B, 10.33%, 3/14/27
      35,352       35,109  
FW2781353.UP.FTS.B, 10.54%, 3/14/27
      22,663       22,507  
FW2781880.UP.FTS.B, 10.6%, 3/14/27
      14,880       14,770  
L2780112.UP.FTS.B, 10.7%, 3/14/27
      7,091       7,038  
L2784328.UP.FTS.B, 10.71%, 3/14/27
      31,520       29,687  
FW2780382.UP.FTS.B, 10.8%, 3/14/27
      3,832       3,804  
FW2784241.UP.FTS.B, 10.82%, 3/14/27
      7,356       7,305  
FW2783122.UP.FTS.B, 10.84%, 3/14/27
      2,839       2,818  
L2785568.UP.FTS.B, 10.89%, 3/14/27
      7,597       7,541  
L2785551.UP.FTS.B, 10.91%, 3/14/27
      8,309       8,248  
FW2781725.UP.FTS.B, 11.04%, 3/14/27
      8,530       8,467  
FW2786689.UP.FTS.B, 11.07%, 3/14/27
      2,347       2,329  
L2787329.UP.FTS.B, 11.09%, 3/14/27
      2,489       2,470  
L2786414.UP.FTS.B, 11.1%, 3/14/27
      4,623       4,589  
L2785769.UP.FTS.B, 11.11%, 3/14/27
      11,416       11,333  
L2780313.UP.FTS.B, 11.15%, 3/14/27
      35,574       35,311  
FW2790608.UP.FTS.B, 11.2%, 3/14/27
      5,321       5,286  
L2786841.UP.FTS.B, 11.25%, 3/14/27
      7,119       7,067  
FW2784513.UP.FTS.B, 11.29%, 3/14/27
      20,254       20,035  
FW2783670.UP.FTS.B, 11.3%, 3/14/27
      7,126       7,073  
FW2787754.UP.FTS.B, 11.35%, 3/14/27
      14,946       14,849  
L2780596.UP.FTS.B, 11.42%, 3/14/27
      8,776       8,716  
L2785637.UP.FTS.B, 11.46%, 3/14/27
      4,991       4,955  
L2785144.UP.FTS.B, 11.47%, 3/14/27
      7,134       7,081  
L2784105.UP.FTS.B, 11.55%, 3/14/27
      10,703       10,624  
FW2782127.UP.FTS.B, 11.62%, 3/14/27
      8,211       8,150  
L2782114.UP.FTS.B, 11.62%, 3/14/27
      4,998       4,961  
L2787996.UP.FTS.B, 11.64%, 3/14/27
      11,068       10,993  
L2789734.UP.FTS.B, 11.68%, 3/14/27
      12,618       12,523  
L2785328.UP.FTS.B, 11.77%, 3/14/27
      4,860       4,824  
L2779976.UP.FTS.B, 11.78%, 3/14/27
      4,575       4,543  
L2782264.UP.FTS.B, 11.8%, 3/14/27
      4,647       4,613  
L2781320.UP.FTS.B, 11.83%, 3/14/27
      21,593       21,435  
L2782425.UP.FTS.B, 11.95%, 3/14/27
      5,375       5,336  
L2784459.UP.FTS.B, 12.04%, 3/14/27
      5,299       5,260  
L2784249.UP.FTS.B, 12.05%, 3/14/27
      24,979       24,817  
L2779695.UP.FTS.B, 12.07%, 3/14/27
      17,190       17,064  
L2786241.UP.FTS.B, 12.07%, 3/14/27
      17,907       17,775  
L2781389.UP.FTS.B, 12.12%, 3/14/27
      14,330       14,225  
L2785480.UP.FTS.B, 12.19%, 3/14/27
      12,831       12,747  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2783293.UP.FTS.B, 12.24%, 3/14/27
    $ 10,757      $   10,678   
L2781089.UP.FTS.B, 12.27%, 3/14/27
      3,802       3,774  
L2781183.UP.FTS.B, 12.35%, 3/14/27
      25,985       25,799  
FW2781045.UP.FTS.B, 12.41%, 3/14/27
      5,307       5,273  
L2789411.UP.FTS.B, 12.41%, 3/14/27
      6,039       440  
L2785022.UP.FTS.B, 12.43%, 3/14/27
      14,363       14,266  
L2789283.UP.FTS.B, 12.43%, 3/14/27
      14,708       14,615  
L2783693.UP.FTS.B, 12.45%, 3/14/27
      4,597       4,563  
L2784664.UP.FTS.B, 12.45%, 3/14/27
      7,757       7,701  
L2782955.UP.FTS.B, 12.51%, 3/14/27
      11,498       11,414  
L2784478.UP.FTS.B, 12.55%, 3/14/27
      2,850       2,822  
L2781845.UP.FTS.B, 12.57%, 3/14/27
      14,191       13,366  
L2784205.UP.FTS.B, 12.6%, 3/14/27
      8,629       8,566  
L2782900.UP.FTS.B, 12.63%, 3/14/27
      8,513       8,457  
L2785749.UP.FTS.B, 12.65%, 3/14/27
      10,789       10,711  
FW2785256.UP.FTS.B, 12.69%, 3/14/27
      34,658       34,419  
FW2786124.UP.FTS.B, 12.69%, 3/14/27
      6,836       6,787  
L2784017.UP.FTS.B, 12.7%, 3/14/27
      1,736       1,724  
L2783427.UP.FTS.B, 12.77%, 3/14/27
      5,198       4,898  
L2779872.UP.FTS.B, 12.82%, 3/14/27
      1,387       1,377  
L2780197.UP.FTS.B, 12.84%, 3/14/27
      10,804       10,725  
FW2784873.UP.FTS.B, 12.88%, 3/14/27
      10,995       10,917  
FW2780429.UP.FTS.B, 12.96%, 3/14/27
      4,597       4,568  
L2757291.UP.FTS.B, 12.97%, 3/14/27
      2,979       2,958  
L2781348.UP.FTS.B, 12.98%, 3/14/27
      11,104       11,023  
L2787912.UP.FTS.B, 12.99%, 3/14/27
      4,615       4,581  
L2789648.UP.FTS.B, 12.99%, 3/14/27
      4,326       4,295  
L2759372.UP.FTS.B, 13%, 3/14/27
      37,447       9,715  
L2785427.UP.FTS.B, 13.01%, 3/14/27
      1,792       1,780  
L2786071.UP.FTS.B, 13.02%, 3/14/27
      4,705       4,671  
L2785265.UP.FTS.B, 13.07%, 3/14/27
      3,102       3,080  
L2789482.UP.FTS.B, 13.14%, 3/14/27
      13,715       13,616  
L2763346.UP.FTS.B, 13.17%, 3/14/27
      2,432       2,290  
L2781033.UP.FTS.B, 13.19%, 3/14/27
      5,305       5,243  
L2789300.UP.FTS.B, 13.2%, 3/14/27
      9,346       9,286  
L2783463.UP.FTS.B, 13.21%, 3/14/27
      7,728       7,676  
L2785549.UP.FTS.B, 13.25%, 3/14/27
      4,839       4,808  
L2785339.UP.FTS.B, 13.26%, 3/14/27
      9,391       9,323  
FW2787932.UP.FTS.B, 13.27%, 3/14/27
      2,222       2,206  
FW2775855.UP.FTS.B, 13.32%, 3/14/27
      36,089       35,860  
L2789460.UP.FTS.B, 13.33%, 3/14/27
      13,033       12,939  
FW2780715.UP.FTS.B, 13.35%, 3/14/27
      7,877       434  
L2762745.UP.FTS.B, 13.39%, 3/14/27
      12,879       12,796  
FW2785848.UP.FTS.B, 13.4%, 3/14/27
      9,161       9,096  
FW2787165.UP.FTS.B, 13.47%, 3/14/27
      7,223       7,177  
FW2789036.UP.FTS.B, 13.51%, 3/14/27
      18,455       18,322  
L2780870.UP.FTS.B, 13.52%, 3/14/27
      3,017       2,997  
L2785005.UP.FTS.B, 13.54%, 3/14/27
      10,858       10,779  
L2778983.UP.FTS.B, 13.58%, 3/14/27
      6,950       6,900  
FW2785775.UP.FTS.B, 13.59%, 3/14/27
      17,157       17,046  
L2785594.UP.FTS.B, 13.62%, 3/14/27
      2,752       2,732  
FW2789945.UP.FTS.B, 13.77%, 3/14/27
      6,889       500  
L2784118.UP.FTS.B, 13.78%, 3/14/27
      17,490       17,374  
L2785890.UP.FTS.B, 13.83%, 3/14/27
      9,919       1,367  
L2782918.UP.FTS.B, 13.85%, 3/14/27
      3,337       3,313  
L2785818.UP.FTS.B, 13.87%, 3/14/27
      5,007       4,971  
FW2783338.UP.FTS.B, 13.88%, 3/14/27
      11,623       11,539  
L2780785.UP.FTS.B, 13.88%, 3/14/27
      12,116       1,674  
 
       
116       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2776854.UP.FTS.B, 13.89%, 3/14/27
    $ 18,150      $   18,018   
L2780968.UP.FTS.B, 13.89%, 3/14/27
      5,422       5,387  
L2787639.UP.FTS.B, 13.93%, 3/14/27
      4,678       4,647  
FW2781533.UP.FTS.B, 13.96%, 3/14/27
      18,514       18,380  
L2785675.UP.FTS.B, 14.06%, 3/14/27
      5,042       5,009  
L2780420.UP.FTS.B, 14.17%, 3/14/27
      8,679       8,623  
FW2784641.UP.FTS.B, 14.18%, 3/14/27
      11,500       11,424  
FW2789366.UP.FTS.B, 14.19%, 3/14/27
      36,362       36,099  
L2783211.UP.FTS.B, 14.21%, 3/14/27
      21,822       21,664  
L2787992.UP.FTS.B, 14.22%, 3/14/27
      5,280       383  
FW2788869.UP.FTS.B, 14.25%, 3/14/27
      5,384       5,345  
L2787570.UP.FTS.B, 14.25%, 3/14/27
      2,631       2,611  
FW2789260.UP.FTS.B, 14.31%, 3/14/27
      15,504       15,392  
L2783095.UP.FTS.B, 14.33%, 3/14/27
      1,963       1,950  
FW2785433.UP.FTS.B, 14.35%, 3/14/27
      4,691       4,660  
L2782210.UP.FTS.B, 14.35%, 3/14/27
      3,641       3,614  
L2788746.UP.FTS.B, 14.35%, 3/14/27
      7,718       7,662  
FW2787191.UP.FTS.B, 14.4%, 3/14/27
      22,060       21,907  
FW2783492.UP.FTS.B, 14.41%, 3/14/27
      10,926       10,847  
FW2790249.UP.FTS.B, 14.41%, 3/14/27
      5,352       5,317  
FW2784749.UP.FTS.B, 14.42%, 3/14/27
      9,397       9,329  
L2782049.UP.FTS.B, 14.43%, 3/14/27
      10,292       10,219  
L2783057.UP.FTS.B, 14.44%, 3/14/27
      19,188       19,057  
L2782438.UP.FTS.B, 14.45%, 3/14/27
      660       654  
L2780531.UP.FTS.B, 14.47%, 3/14/27
      36,208       35,976  
L2784886.UP.FTS.B, 14.47%, 3/14/27
      7,994       7,943  
L2790181.UP.FTS.B, 14.49%, 3/14/27
      20,179       20,036  
L2779895.UP.FTS.B, 14.52%, 3/14/27
      10,205       10,132  
L2780675.UP.FTS.B, 14.56%, 3/14/27
      865       39  
FW2780644.UP.FTS.B, 14.57%, 3/14/27
      1,823       1,810  
L2787542.UP.FTS.B, 14.57%, 3/14/27
      7,317       7,265  
FW2783925.UP.FTS.B, 14.6%, 3/14/27
      8,388       8,328  
L2785260.UP.FTS.B, 14.63%, 3/14/27
      19,260       19,122  
L2779917.UP.FTS.B, 14.65%, 3/14/27
      7,660       7,605  
FW2790537.UP.FTS.B, 14.66%, 3/14/27
      18,241       18,109  
L2779718.UP.FTS.B, 14.69%, 3/14/27
      15,980       1,148  
FW2787310.UP.FTS.B, 14.7%, 3/14/27
      727       723  
L2785114.UP.FTS.B, 14.72%, 3/14/27
      8,789       8,727  
L2785570.UP.FTS.B, 14.73%, 3/14/27
      29,200       28,991  
FW2785300.UP.FTS.B, 14.74%, 3/14/27
      36,502       36,239  
L2784692.UP.FTS.B, 14.74%, 3/14/27
      5,110       5,074  
L2783467.UP.FTS.B, 14.77%, 3/14/27
      7,819       7,763  
L2781163.UP.FTS.B, 14.78%, 3/14/27
      5,894       5,857  
L2780444.UP.FTS.B, 14.82%, 3/14/27
      19,568       19,428  
L2783852.UP.FTS.B, 14.83%, 3/14/27
      4,355       4,327  
L2788260.UP.FTS.B, 14.88%, 3/14/27
      3,142       3,119  
L2788586.UP.FTS.B, 14.9%, 3/14/27
      1,915       493  
L2784500.UP.FTS.B, 14.95%, 3/14/27
      3,923       3,898  
L2790437.UP.FTS.B, 14.98%, 3/14/27
      18,281       18,150  
FW2783542.UP.FTS.B, 14.99%, 3/14/27
      24,134       23,961  
L2786162.UP.FTS.B, 15.01%, 3/14/27
      21,943       21,786  
L2789724.UP.FTS.B, 15.01%, 3/14/27
      3,145       3,123  
L2785803.UP.FTS.B, 15.06%, 3/14/27
      5,121       5,085  
L2787981.UP.FTS.B, 15.07%, 3/14/27
      1,408       1,397  
L2790024.UP.FTS.B, 15.07%, 3/14/27
      1,455       1,446  
L2788608.UP.FTS.B, 15.09%, 3/14/27
      4,028       3,794  
L2789351.UP.FTS.B, 15.12%, 3/14/27
      10,980       10,901  
FW2779319.UP.FTS.B, 15.17%, 3/14/27
      1,391       1,380  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2783642.UP.FTS.B, 15.18%, 3/14/27
    $ 2,417      $   2,399   
L2785487.UP.FTS.B, 15.19%, 3/14/27
      29,294       29,085  
L2781288.UP.FTS.B, 15.2%, 3/14/27
      2,197       2,182  
L2787335.UP.FTS.B, 15.22%, 3/14/27
      2,344       2,327  
L2782134.UP.FTS.B, 15.23%, 3/14/27
      8,644       8,576  
L2782167.UP.FTS.B, 15.28%, 3/14/27
      25,654       1,103  
L2782707.UP.FTS.B, 15.34%, 3/14/27
      32,096       31,888  
L2786073.UP.FTS.B, 15.34%, 3/14/27
      31,157       30,935  
L2782112.UP.FTS.B, 15.35%, 3/14/27
      625       619  
FW2788688.UP.FTS.B, 15.38%, 3/14/27
      7,943       7,887  
L2781912.UP.FTS.B, 15.44%, 3/14/27
      6,280       5,920  
FW2783726.UP.FTS.B, 15.47%, 3/14/27
      6,311       6,261  
L2782475.UP.FTS.B, 15.49%, 3/14/27
      8,346       2,255  
L2787379.UP.FTS.B, 15.51%, 3/14/27
      11,817       11,724  
L2780102.UP.FTS.B, 15.53%, 3/14/27
      10,131       10,059  
L2752868.UP.FTS.B, 15.54%, 3/14/27
      16,482       15,525  
L2785752.UP.FTS.B, 15.55%, 3/14/27
      9,154       9,095  
FW2785292.UP.FTS.B, 15.63%, 3/14/27
      3,030       3,007  
FW2781102.UP.FTS.B, 15.67%, 3/14/27
      19,676       19,550  
L2779187.UP.FTS.B, 15.67%, 3/14/27
      23,441       23,255  
FW2780435.UP.FTS.B, 15.71%, 3/14/27
      3,969       3,941  
L2782787.UP.FTS.B, 15.71%, 3/14/27
      16,757       16,637  
L2787103.UP.FTS.B, 15.71%, 3/14/27
      27,488       27,292  
FW2780573.UP.FTS.B, 15.72%, 3/14/27
      6,085       6,046  
FW2785320.UP.FTS.B, 15.73%, 3/14/27
      2,940       2,919  
L2788269.UP.FTS.B, 15.76%, 3/14/27
      3,897       3,869  
L2785537.UP.FTS.B, 15.78%, 3/14/27
      2,479       2,463  
L2780255.UP.FTS.B, 15.79%, 3/14/27
      31,576       31,375  
L2781597.UP.FTS.B, 15.79%, 3/14/27
      19,782       19,641  
L2788017.UP.FTS.B, 15.83%, 3/14/27
      4,193       4,160  
L2787854.UP.FTS.B, 15.85%, 3/14/27
      2,324       2,306  
L2786790.UP.FTS.B, 15.86%, 3/14/27
      3,973       3,945  
L2785504.UP.FTS.B, 15.88%, 3/14/27
      1,826       1,813  
FW2720638.UP.FTS.B, 15.89%, 3/14/27
      14,814       14,700  
FW2782452.UP.FTS.B, 15.89%, 3/14/27
      7,362       7,309  
L2779778.UP.FTS.B, 15.94%, 3/14/27
      12,515       12,416  
L2782963.UP.FTS.B, 15.98%, 3/14/27
      5,891       5,844  
L2789937.UP.FTS.B, 15.99%, 3/14/27
      3,704       3,677  
L2790390.UP.FTS.B, 15.99%, 3/14/27
      2,945       2,924  
L2780035.UP.FTS.B, 16.03%, 3/14/27
      4,062       4,031  
FW2789245.UP.FTS.B, 16.05%, 3/14/27
      6,378       6,335  
L2781166.UP.FTS.B, 16.07%, 3/14/27
      7,884       7,821  
L2782280.UP.FTS.B, 16.08%, 3/14/27
      10,162       9,572  
FW2781445.UP.FTS.B, 16.12%, 3/14/27
      8,035       7,983  
L2779021.UP.FTS.B, 16.32%, 3/14/27
      5,167       5,126  
L2783945.UP.FTS.B, 16.32%, 3/14/27
      7,451       7,400  
L2784177.UP.FTS.B, 16.34%, 3/14/27
      4,724       4,687  
L2781334.UP.FTS.B, 16.44%, 3/14/27
      7,398       7,340  
L2785542.UP.FTS.B, 16.46%, 3/14/27
      4,067       3,837  
FW2787232.UP.FTS.B, 16.47%, 3/14/27
      2,586       2,565  
L2788530.UP.FTS.B, 16.48%, 3/14/27
      18,486       18,341  
L2781937.UP.FTS.B, 16.51%, 3/14/27
      8,913       8,851  
L2785787.UP.FTS.B, 16.51%, 3/14/27
      3,583       3,560  
L2781470.UP.FTS.B, 16.53%, 3/14/27
      8,375       8,319  
L2782699.UP.FTS.B, 16.54%, 3/14/27
      20,696       20,563  
L2788921.UP.FTS.B, 16.56%, 3/14/27
      6,194       6,156  
L2784909.UP.FTS.B, 16.61%, 3/14/27
      3,226       3,204  
L2781123.UP.FTS.B, 16.65%, 3/14/27
      7,549       7,112  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       117
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2786140.UP.FTS.B, 16.66%, 3/14/27
    $ 2,150        $  2,125   
FW2788768.UP.FTS.B, 16.66%, 3/14/27
       15,165       15,057  
L2781826.UP.FTS.B, 16.66%, 3/14/27
      1,776       1,763  
L2785121.UP.FTS.B, 16.67%, 3/14/27
      20,521       19,368  
L2786003.UP.FTS.B, 16.71%, 3/14/27
      2,442       2,422  
L2782816.UP.FTS.B, 16.73%, 3/14/27
      4,995       1,343  
FW2785133.UP.FTS.B, 16.75%, 3/14/27
      15,173       15,066  
L2786728.UP.FTS.B, 16.78%, 3/14/27
      7,403       7,344  
FW2782269.UP.FTS.B, 16.79%, 3/14/27
      3,158       3,138  
L2783630.UP.FTS.B, 16.79%, 3/14/27
      20,364       20,203  
L2790588.UP.FTS.B, 16.81%, 3/14/27
      2,962       2,941  
FW2790218.UP.FTS.B, 16.82%, 3/14/27
      2,592       2,574  
FW2783290.UP.FTS.B, 16.83%, 3/14/27
      6,051       227  
FW2787453.UP.FTS.B, 16.84%, 3/14/27
      4,740       4,707  
L2781471.UP.FTS.B, 16.84%, 3/14/27
      815       809  
L2790374.UP.FTS.B, 16.87%, 3/14/27
      5,852       5,806  
L2780924.UP.FTS.B, 16.96%, 3/14/27
      5,166       5,133  
L2783856.UP.FTS.B, 16.96%, 3/14/27
      2,891       2,868  
L2783224.UP.FTS.B, 16.97%, 3/14/27
      2,813       2,786  
L2781842.UP.FTS.B, 17.01%, 3/14/27
      5,562       5,518  
FW2779871.UP.FTS.B, 17.03%, 3/14/27
      11,861       11,768  
FW2781271.UP.FTS.B, 17.06%, 3/14/27
      5,637       5,593  
L2787213.UP.FTS.B, 17.06%, 3/14/27
      34,046       33,806  
L2782031.UP.FTS.B, 17.07%, 3/14/27
      11,810       1,686  
L2780352.UP.FTS.B, 17.09%, 3/14/27
      7,420       7,362  
FW2780002.UP.FTS.B, 17.17%, 3/14/27
      2,284       2,156  
L2788261.UP.FTS.B, 17.17%, 3/14/27
      965       958  
FW2779719.UP.FTS.B, 17.2%, 3/14/27
      4,826       4,788  
L2785657.UP.FTS.B, 17.24%, 3/14/27
      3,268       3,242  
FW2785239.UP.FTS.B, 17.27%, 3/14/27
      2,214       2,200  
FW2782814.UP.FTS.B, 17.3%, 3/14/27
      5,227       376  
L2785928.UP.FTS.B, 17.3%, 3/14/27
      36,665       36,420  
L2781008.UP.FTS.B, 17.34%, 3/14/27
      5,712       1,487  
L2783179.UP.FTS.B, 17.39%, 3/14/27
      6,691       6,631  
L2783901.UP.FTS.B, 17.4%, 3/14/27
      13,032       950  
L2780286.UP.FTS.B, 17.43%, 3/14/27
      14,128       14,016  
L2785862.UP.FTS.B, 17.44%, 3/14/27
      29,745       29,535  
L2790752.UP.FTS.B, 17.44%, 3/14/27
      3,273       3,247  
FW2781874.UP.FTS.B, 17.45%, 3/14/27
      744       738  
L2780295.UP.FTS.B, 17.55%, 3/14/27
      4,020       3,989  
L2789286.UP.FTS.B, 17.58%, 3/14/27
      6,879       6,492  
FW2780850.UP.FTS.B, 17.6%, 3/14/27
      11,167       11,080  
FW2783200.UP.FTS.B, 17.6%, 3/14/27
      10,433       10,364  
L2780580.UP.FTS.B, 17.7%, 3/14/27
      2,607       2,587  
L2785162.UP.FTS.B, 17.72%, 3/14/27
      14,900       14,767  
FW2783998.UP.FTS.B, 17.89%, 3/14/27
      1,485       1,475  
FW2784396.UP.FTS.B, 17.89%, 3/14/27
      2,909       2,883  
FW2779862.UP.FTS.B, 17.93%, 3/14/27
      746       740  
L2785495.UP.FTS.B, 17.96%, 3/14/27
      2,761       2,739  
L2783820.UP.FTS.B, 17.99%, 3/14/27
      28,238       28,048  
L2784843.UP.FTS.B, 18.02%, 3/14/27
      9,659       1,354  
FW2781007.UP.FTS.B, 18.03%, 3/14/27
      7,636       7,210  
L2780829.UP.FTS.B, 18.05%, 3/14/27
      7,168       7,111  
FW2781770.UP.FTS.B, 18.09%, 3/14/27
      2,436       2,420  
L2785717.UP.FTS.B, 18.12%, 3/14/27
      11,952       11,845  
FW2771881.UP.FTS.B, 18.18%, 3/14/27
      3,736       3,703  
FW2780394.UP.FTS.B, 18.18%, 3/14/27
      7,102       7,039  
L2781185.UP.FTS.B, 18.2%, 3/14/27
      2,936       2,911  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2762731.UP.FTS.B, 18.21%, 3/14/27
    $ 4,858      $   4,824   
L2785773.UP.FTS.B, 18.25%, 3/14/27
      10,094       10,015  
L2786738.UP.FTS.B, 18.29%, 3/14/27
      1,626       1,614  
L2784355.UP.FTS.B, 18.3%, 3/14/27
      2,319       2,300  
L2781131.UP.FTS.B, 18.34%, 3/14/27
      7,854       7,799  
L2781333.UP.FTS.B, 18.4%, 3/14/27
      13,097       12,988  
L2782423.UP.FTS.B, 18.4%, 3/14/27
      9,805       9,728  
L2789502.UP.FTS.B, 18.42%, 3/14/27
      27,327       27,121  
L2781963.UP.FTS.B, 18.43%, 3/14/27
      8,159       8,086  
L2789078.UP.FTS.B, 18.45%, 3/14/27
      2,921       2,895  
FW2786891.UP.FTS.B, 18.46%, 3/14/27
      5,901       426  
FW2783747.UP.FTS.B, 18.48%, 3/14/27
      61       60  
FW2788462.UP.FTS.B, 18.48%, 3/14/27
      7,487       7,420  
FW2780658.UP.FTS.B, 18.49%, 3/14/27
      11,410       11,326  
L2761321.UP.FTS.B, 18.5%, 3/14/27
      2,099       2,081  
L2779732.UP.FTS.B, 18.53%, 3/14/27
      7,714       7,646  
L2788795.UP.FTS.B, 18.58%, 3/14/27
      7,493       7,498  
L2785399.UP.FTS.B, 18.59%, 3/14/27
      10,515       10,383  
L2789629.UP.FTS.B, 18.6%, 3/14/27
      4,121       4,084  
L2780206.UP.FTS.B, 18.66%, 3/14/27
      7,497       7,430  
L2789624.UP.FTS.B, 18.67%, 3/14/27
      11,996       11,902  
FW2780229.UP.FTS.B, 18.68%, 3/14/27
      1,874       1,858  
FW2786391.UP.FTS.B, 18.72%, 3/14/27
      6,025       5,979  
L2783944.UP.FTS.B, 18.73%, 3/14/27
      7,363       7,298  
FW2784433.UP.FTS.B, 18.76%, 3/14/27
      5,155       5,121  
L2783654.UP.FTS.B, 18.81%, 3/14/27
      9,778       9,695  
L2784627.UP.FTS.B, 18.83%, 3/14/27
      7,830       7,588  
L2782107.UP.FTS.B, 18.88%, 3/14/27
      8,258       8,184  
L2782929.UP.FTS.B, 18.95%, 3/14/27
      1,525       1,508  
FW2787024.UP.FTS.B, 19%, 3/14/27
      37,565       37,230  
L2784145.UP.FTS.B, 19.03%, 3/14/27
      4,133       4,096  
L2779673.UP.FTS.B, 19.08%, 3/14/27
      4,886       4,843  
L2789238.UP.FTS.B, 19.09%, 3/14/27
      6,817       6,759  
L2785730.UP.FTS.B, 19.13%, 3/14/27
      18,808       18,679  
FW2754559.UP.FTS.B, 19.14%, 3/14/27
      18,800       18,653  
FW2787713.UP.FTS.B, 19.15%, 3/14/27
      6,391       6,336  
FW2780787.UP.FTS.B, 19.16%, 3/14/27
      10,529       10,436  
FW2785207.UP.FTS.B, 19.16%, 3/14/27
      19,316       5,358  
L2783530.UP.FTS.B, 19.22%, 3/14/27
      3,762       3,729  
FW2779984.UP.FTS.B, 19.29%, 3/14/27
      6,050       6,006  
L2779286.UP.FTS.B, 19.31%, 3/14/27
      4,517       4,477  
L2780702.UP.FTS.B, 19.32%, 3/14/27
      16,998       16,032  
L2785478.UP.FTS.B, 19.34%, 3/14/27
      37,652       37,316  
FW2784356.UP.FTS.B, 19.36%, 3/14/27
      9,511       8,961  
L2788944.UP.FTS.B, 19.36%, 3/14/27
      37,652       37,357  
L2781072.UP.FTS.B, 19.38%, 3/14/27
      3,662       264  
L2787510.UP.FTS.B, 19.38%, 3/14/27
      16,182       16,062  
L2780753.UP.FTS.B, 19.39%, 3/14/27
      17,105       16,975  
L2784108.UP.FTS.B, 19.4%, 3/14/27
      16,138       16,012  
L2785370.UP.FTS.B, 19.45%, 3/14/27
      16,429       16,283  
FW2785518.UP.FTS.B, 19.46%, 3/14/27
      12,586       11,880  
L2780125.UP.FTS.B, 19.47%, 3/14/27
      16,705       16,581  
L2790127.UP.FTS.B, 19.48%, 3/14/27
      8,629       409  
L2784181.UP.FTS.B, 19.58%, 3/14/27
      18,723       18,585  
L2782824.UP.FTS.B, 19.61%, 3/14/27
      8,222       8,148  
L2785354.UP.FTS.B, 19.65%, 3/14/27
      3,095       3,070  
FW2780425.UP.FTS.B, 19.66%, 3/14/27
      11,317       11,229  
L2780913.UP.FTS.B, 19.68%, 3/14/27
      4,830       4,792  
 
       
118       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2787013.UP.FTS.B, 19.7%, 3/14/27
    $ 6,495      $   6,437   
L2790185.UP.FTS.B, 19.71%, 3/14/27
      8,696       8,630  
L2789528.UP.FTS.B, 19.75%, 3/14/27
      2,325       2,287  
L2776323.UP.FTS.B, 19.76%, 3/14/27
      12,034       11,944  
L2789061.UP.FTS.B, 19.78%, 3/14/27
      554       545  
FW2786060.UP.FTS.B, 19.8%, 3/14/27
      3,245       232  
L2784343.UP.FTS.B, 19.81%, 3/14/27
      3,776       3,743  
L2780611.UP.FTS.B, 19.83%, 3/14/27
      6,572       6,513  
L2781737.UP.FTS.B, 19.91%, 3/14/27
      3,765       3,741  
L2782045.UP.FTS.B, 19.92%, 3/14/27
      11,907       11,831  
L2782730.UP.FTS.B, 19.94%, 3/14/27
      7,558       7,491  
L2784726.UP.FTS.B, 19.97%, 3/14/27
      12,402       12,410  
L2785429.UP.FTS.B, 20%, 3/14/27
      3,300       3,276  
L2784927.UP.FTS.B, 20.04%, 3/14/27
      2,325       2,289  
FW2785877.UP.FTS.B, 20.08%, 3/14/27
      4,010       3,979  
FW2787084.UP.FTS.B, 20.12%, 3/14/27
      4,919       4,875  
L2780471.UP.FTS.B, 20.16%, 3/14/27
      4,542       4,501  
L2785428.UP.FTS.B, 20.21%, 3/14/27
      3,065       2,895  
L2779074.UP.FTS.B, 20.27%, 3/14/27
      4,561       1,269  
L2782852.UP.FTS.B, 20.32%, 3/14/27
      834       835  
L2789071.UP.FTS.B, 20.34%, 3/14/27
      11,981       1,744  
L2781217.UP.FTS.B, 20.42%, 3/14/27
      9,798       9,818  
L2789118.UP.FTS.B, 20.49%, 3/14/27
      11,327       11,255  
FW2783065.UP.FTS.B, 20.52%, 3/14/27
      3,366       3,370  
L2788741.UP.FTS.B, 20.54%, 3/14/27
      4,249       4,211  
FW2784389.UP.FTS.B, 20.56%, 3/14/27
      2,504       2,506  
L2782942.UP.FTS.B, 20.56%, 3/14/27
      8,044       7,972  
L2784645.UP.FTS.B, 20.66%, 3/14/27
      1,590       1,544  
FW2785996.UP.FTS.B, 20.67%, 3/14/27
      4,101       4,064  
FW2782809.UP.FTS.B, 20.69%, 3/14/27
      4,535       325  
L2781794.UP.FTS.B, 20.69%, 3/14/27
      10,080       9,990  
FW2781564.UP.FTS.B, 20.75%, 3/14/27
      2,508       2,485  
FW2785244.UP.FTS.B, 20.75%, 3/14/27
      5,767       5,726  
L2785821.UP.FTS.B, 20.75%, 3/14/27
      3,343       3,313  
FW2785451.UP.FTS.B, 20.8%, 3/14/27
       20,817       20,643  
FW2780653.UP.FTS.B, 20.84%, 3/14/27
      8,277       8,216  
L2786023.UP.FTS.B, 20.84%, 3/14/27
      5,322       5,325  
L2786517.UP.FTS.B, 20.9%, 3/14/27
      12,300       12,194  
L2790205.UP.FTS.B, 20.92%, 3/14/27
      1,293       1,282  
L2784917.UP.FTS.B, 20.96%, 3/14/27
      26,628       26,391  
L2780447.UP.FTS.B, 21.03%, 3/14/27
      2,852       2,832  
FW2783376.UP.FTS.B, 21.04%, 3/14/27
      3,121       3,092  
L2762778.UP.FTS.B, 21.15%, 3/14/27
      4,570       4,529  
L2783728.UP.FTS.B, 21.18%, 3/14/27
      2,514       2,492  
L2778435.UP.FTS.B, 21.2%, 3/14/27
      1,690       1,676  
FW2783359.UP.FTS.B, 21.23%, 3/14/27
      12,955       12,840  
FW2780777.UP.FTS.B, 21.29%, 3/14/27
      2,503       2,485  
L2780757.UP.FTS.B, 21.34%, 3/14/27
      1,297       1,297  
L2785878.UP.FTS.B, 21.36%, 3/14/27
      1,144       1,145  
FW2781871.UP.FTS.B, 21.39%, 3/14/27
      8,610       2,411  
L2783471.UP.FTS.B, 21.41%, 3/14/27
      7,754       7,318  
L2784388.UP.FTS.B, 21.47%, 3/14/27
      3,305       3,268  
L2784444.UP.FTS.B, 21.47%, 3/14/27
      3,386       3,358  
L2789869.UP.FTS.B, 21.53%, 3/14/27
      5,879       5,883  
FW2786256.UP.FTS.B, 21.58%, 3/14/27
      6,396       6,353  
L2782008.UP.FTS.B, 21.58%, 3/14/27
      1,298       1,299  
L2790163.UP.FTS.B, 21.62%, 3/14/27
      2,053       2,028  
L2784140.UP.FTS.B, 21.67%, 3/14/27
      9,197       9,204  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2782992.UP.FTS.B, 21.68%, 3/14/27
    $  15,284      $   15,149   
FW2783166.UP.FTS.B, 21.74%, 3/14/27
      582       577  
L2788222.UP.FTS.B, 21.74%, 3/14/27
      9,615       2,752  
L2790540.UP.FTS.B, 21.79%, 3/14/27
      9,177       9,184  
L2785656.UP.FTS.B, 21.86%, 3/14/27
      7,497       7,502  
FW2784365.UP.FTS.B, 21.9%, 3/14/27
      912       66  
FW2782801.UP.FTS.B, 21.92%, 3/14/27
      4,119       4,130  
L2782578.UP.FTS.B, 21.93%, 3/14/27
      8,138       2,283  
L2787728.UP.FTS.B, 21.93%, 3/14/27
      16,685       16,696  
FW2780135.UP.FTS.B, 21.97%, 3/14/27
      8,345       8,351  
L2784561.UP.FTS.B, 22.05%, 3/14/27
      6,977       6,974  
FW2785552.UP.FTS.B, 22.13%, 3/14/27
      6,741       6,683  
L2783252.UP.FTS.B, 22.19%, 3/14/27
      3,407       978  
L2785618.UP.FTS.B, 22.23%, 3/14/27
      17,482       17,493  
L2783657.UP.FTS.B, 22.26%, 3/14/27
      8,359       8,285  
L2785258.UP.FTS.B, 22.27%, 3/14/27
      21,551       21,566  
L2780882.UP.FTS.B, 22.29%, 3/14/27
      7,057       7,062  
L2784609.UP.FTS.B, 22.31%, 3/14/27
      4,911       4,873  
L2780097.UP.FTS.B, 22.4%, 3/14/27
      4,427       4,438  
L2781968.UP.FTS.B, 22.4%, 3/14/27
      7,676       7,681  
L2780470.UP.FTS.B, 22.46%, 3/14/27
      3,840       3,842  
L2784446.UP.FTS.B, 22.46%, 3/14/27
      3,410       3,385  
L2780797.UP.FTS.B, 22.54%, 3/14/27
      4,844       720  
L2786010.UP.FTS.B, 22.55%, 3/14/27
      16,877       16,778  
FW2790759.UP.FTS.B, 22.58%, 3/14/27
      7,456       7,461  
L2787644.UP.FTS.B, 22.58%, 3/14/27
      16,906       16,775  
FW2784227.UP.FTS.B, 22.62%, 3/14/27
      2,936       2,939  
FW2784685.UP.FTS.B, 22.67%, 3/14/27
      1,851       1,845  
L2783023.UP.FTS.B, 22.68%, 3/14/27
      5,145       5,119  
FW2777044.UP.FTS.B, 22.81%, 3/14/27
      2,456       2,432  
L2781656.UP.FTS.B, 22.82%, 3/14/27
      4,153       4,116  
L2780837.UP.FTS.B, 22.86%, 3/14/27
      8,461       608  
L2785473.UP.FTS.B, 22.94%, 3/14/27
      7,412       7,420  
FW2782255.UP.FTS.B, 22.97%, 3/14/27
      7,494       7,503  
FW2787840.UP.FTS.B, 22.97%, 3/14/27
      1,842       1,827  
L2785540.UP.FTS.B, 22.99%, 3/14/27
      3,455       3,297  
FW2784934.UP.FTS.B, 23%, 3/14/27
      16,332       16,343  
L2779888.UP.FTS.B, 23%, 3/14/27
      8,243       8,248  
L2787316.UP.FTS.B, 23.04%, 3/14/27
      13,752       3,957  
L2780183.UP.FTS.B, 23.06%, 3/14/27
      6,167       6,180  
L2784662.UP.FTS.B, 23.09%, 3/14/27
      3,777       3,780  
L2761841.UP.FTS.B, 23.22%, 3/14/27
      7,714       7,654  
L2784336.UP.FTS.B, 23.23%, 3/14/27
      9,257       9,263  
L2784879.UP.FTS.B, 23.27%, 3/14/27
      21,764       21,779  
L2760019.UP.FTS.B, 23.32%, 3/14/27
      1,931       1,914  
L2782223.UP.FTS.B, 23.37%, 3/14/27
      5,790       5,739  
FW2784660.UP.FTS.B, 23.39%, 3/14/27
      9,819       9,827  
FW2788561.UP.FTS.B, 23.46%, 3/14/27
      6,257       6,261  
L2782909.UP.FTS.B, 23.52%, 3/14/27
      3,405       3,407  
L2786831.UP.FTS.B, 23.53%, 3/14/27
      2,307       42  
L2785861.UP.FTS.B, 23.55%, 3/14/27
      1,374       1,364  
L2781260.UP.FTS.B, 23.57%, 3/14/27
      2,272       2,257  
FW2784430.UP.FTS.B, 23.6%, 3/14/27
      5,876       5,824  
L2785160.UP.FTS.B, 23.61%, 3/14/27
      3,386       3,361  
FW2780693.UP.FTS.B, 23.64%, 3/14/27
      1,313       1,314  
L2780981.UP.FTS.B, 23.73%, 3/14/27
      1,934       1,936  
FW2782598.UP.FTS.B, 23.76%, 3/14/27
      3,405       3,407  
FW2779943.UP.FTS.B, 23.77%, 3/14/27
      3,509       986  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       119
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2777367.UP.FTS.B, 23.84%, 3/14/27
    $ 6,737      $   6,741   
L2787821.UP.FTS.B, 23.85%, 3/14/27
      2,530       2,496  
FW2781390.UP.FTS.B, 23.87%, 3/14/27
      2,556       2,557  
L2782820.UP.FTS.B, 23.87%, 3/14/27
      1,019       1,019  
L2780834.UP.FTS.B, 23.88%, 3/14/27
      3,455       3,305  
L2755133.UP.FTS.B, 23.9%, 3/14/27
      8,442       8,448  
L2782516.UP.FTS.B, 23.94%, 3/14/27
      5,811       5,759  
FW2782245.UP.FTS.B, 23.97%, 3/14/27
      2,945       2,947  
L2785033.UP.FTS.B, 23.98%, 3/14/27
      2,325       2,327  
L2782059.UP.FTS.B, 23.99%, 3/14/27
      6,840       488  
L2785483.UP.FTS.B, 24.04%, 3/14/27
      19,528       19,554  
FW2783257.UP.FTS.B, 24.06%, 3/14/27
      2,726       2,729  
FW2788985.UP.FTS.B, 24.06%, 3/14/27
      5,480       5,487  
L2785916.UP.FTS.B, 24.17%, 3/14/27
      8,378       8,384  
FW2789810.UP.FTS.B, 24.24%, 3/14/27
      1,502       1,504  
L2777858.UP.FTS.B, 24.24%, 3/14/27
      2,400       2,374  
FW2786063.UP.FTS.B, 24.27%, 3/14/27
      12,390       3,587  
L2780844.UP.FTS.B, 24.29%, 3/14/27
      1,203       346  
FW2780840.UP.FTS.B, 24.31%, 3/14/27
      24,520       24,536  
L2781049.UP.FTS.B, 24.35%, 3/14/27
       23,020       23,069  
FW2785302.UP.FTS.B, 24.36%, 3/14/27
      6,132       6,141  
L2782467.UP.FTS.B, 24.36%, 3/14/27
      13,980       13,990  
FW2784019.UP.FTS.B, 24.41%, 3/14/27
      2,570       741  
L2787675.UP.FTS.B, 24.41%, 3/14/27
      2,564       2,541  
L2780368.UP.FTS.B, 24.46%, 3/14/27
      1,555       1,556  
L2785189.UP.FTS.B, 24.51%, 3/14/27
      26,740       26,759  
L2780976.UP.FTS.B, 24.53%, 3/14/27
      3,180       3,035  
L2783176.UP.FTS.B, 24.55%, 3/14/27
      3,922       3,927  
FW2784794.UP.FTS.B, 24.59%, 3/14/27
      3,112       3,114  
L2789217.UP.FTS.B, 24.59%, 3/14/27
      4,666       4,670  
FW2786154.UP.FTS.B, 24.69%, 3/14/27
      3,388       3,363  
FW2784504.UP.FTS.B, 24.71%, 3/14/27
      3,425       3,427  
L2790168.UP.FTS.B, 24.71%, 3/14/27
      2,348       2,322  
L2763354.UP.FTS.B, 24.72%, 3/14/27
      7,739       7,758  
FW2789200.UP.FTS.B, 24.76%, 3/14/27
      7,786       7,791  
L2782914.UP.FTS.B, 24.81%, 3/14/27
      4,227       4,236  
L2785436.UP.FTS.B, 24.82%, 3/14/27
      1,090       1,091  
FW2773993.UP.FTS.B, 24.86%, 3/14/27
      9,406       9,326  
L2782406.UP.FTS.B, 24.86%, 3/14/27
      1,169       1,169  
FW2785579.UP.FTS.B, 24.87%, 3/14/27
      1,258       1,258  
L2780171.UP.FTS.B, 24.87%, 3/14/27
      623       614  
L2780108.UP.FTS.B, 24.9%, 3/14/27
      924       926  
FW2789519.UP.FTS.B, 24.91%, 3/14/27
      2,571       2,572  
FW2787364.UP.FTS.B, 24.92%, 3/14/27
      4,287       4,290  
L2783320.UP.FTS.B, 24.93%, 3/14/27
      1,574       1,576  
L2789092.UP.FTS.B, 24.93%, 3/14/27
      38,183       38,210  
FW2781259.UP.FTS.B, 24.94%, 3/14/27
      1,594       1,593  
FW2786578.UP.FTS.B, 24.96%, 3/14/27
      3,430       3,432  
L2781584.UP.FTS.B, 24.97%, 3/14/27
      1,413       1,414  
FW2789180.UP.FTS.B, 24.98%, 3/14/27
      3,359       3,365  
L2782113.UP.FTS.B, 24.98%, 3/14/27
      1,390       1,361  
FW2785281.UP.FTS.B, 25%, 3/14/27
      1,743       1,746  
L2782686.UP.FTS.B, 25%, 3/14/27
      12,480       12,489  
L2788674.UP.FTS.B, 25.02%, 3/14/27
      857       858  
L2762807.UP.FTS.B, 25.04%, 3/14/27
      1,092       1,093  
L2782211.UP.FTS.B, 25.12%, 3/14/27
      3,173       3,180  
FW2786218.UP.FTS.B, 25.14%, 3/14/27
      6,319       6,324  
L2781286.UP.FTS.B, 25.14%, 3/14/27
      2,731       2,733  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2779775.UP.FTS.B, 25.16%, 3/14/27
    $ 2,758      $   2,762   
FW2780910.UP.FTS.B, 25.16%, 3/14/27
      5,846       5,850  
L2785652.UP.FTS.B, 25.17%, 3/14/27
      6,946       6,951  
FW2783634.UP.FTS.B, 25.18%, 3/14/27
      6,148       6,161  
FW2784381.UP.FTS.B, 25.18%, 3/14/27
      1,462       1,456  
FW2782493.UP.FTS.B, 25.19%, 3/14/27
      1,719       1,720  
L2783409.UP.FTS.B, 25.19%, 3/14/27
      4,324       4,330  
L2784278.UP.FTS.B, 25.19%, 3/14/27
      1,094       78  
L2783822.UP.FTS.B, 25.2%, 3/14/27
      1,414       21  
L2785715.UP.FTS.B, 25.22%, 3/14/27
      1,169       1,170  
L2785508.UP.FTS.B, 25.24%, 3/14/27
      2,186       2,188  
L2790763.UP.FTS.B, 25.24%, 3/14/27
      39,460       39,516  
L2783094.UP.FTS.B, 25.25%, 3/14/27
      6,364       1,833  
L2785846.UP.FTS.B, 25.26%, 3/14/27
      10,541       10,549  
L2782384.UP.FTS.B, 25.27%, 3/14/27
      481       475  
L2781929.UP.FTS.B, 25.3%, 3/14/27
      1,310       1,313  
L2785136.UP.FTS.B, 25.3%, 3/14/27
      2,524       2,527  
L2780766.UP.FTS.B, 25.31%, 3/14/27
       15,308       15,173  
L2781289.UP.FTS.B, 25.32%, 3/14/27
      9,373       9,380  
L2786994.UP.FTS.B, 25.32%, 3/14/27
      3,673       3,676  
L2788135.UP.FTS.B, 25.32%, 3/14/27
      3,757       268  
L2789685.UP.FTS.B, 25.32%, 3/14/27
      1,972       1,975  
L2786111.UP.FTS.B, 25.33%, 3/14/27
      845       846  
L2783030.UP.FTS.B, 25.34%, 3/14/27
      9,429       9,438  
L2785122.UP.FTS.B, 25.34%, 3/14/27
      1,328       1,329  
L2779712.UP.FTS.B, 25.35%, 3/14/27
      1,875       1,876  
L2783282.UP.FTS.B, 25.35%, 3/14/27
      1,240       1,242  
FW2784870.UP.FTS.B, 25.36%, 3/14/27
      6,396       76  
L2758245.UP.FTS.B, 25.36%, 3/14/27
      4,904       4,852  
L2783459.UP.FTS.B, 25.36%, 3/14/27
      3,573       3,582  
L2779717.UP.FTS.B, 25.38%, 3/14/27
      1,250       1,251  
L2786791.UP.FTS.B, 25.38%, 3/14/27
      878       878  
L2787407.UP.FTS.B, 25.38%, 3/14/27
      2,813       2,815  
L2780613.UP.FTS.B, 25.39%, 3/14/27
      5,157       5,160  
L2781090.UP.FTS.B, 25.39%, 3/14/27
      1,367       1,305  
L2780553.UP.FTS.B, 25.41%, 3/14/27
      1,172       1,173  
L2784514.UP.FTS.B, 25.41%, 3/14/27
      1,094       1,095  
FW2786974.UP.FTS.B, 25.42%, 3/14/27
      2,579       2,581  
L2782792.UP.FTS.B, 25.44%, 3/14/27
      4,455       4,458  
L2783659.UP.FTS.B, 25.44%, 3/14/27
      2,326       27  
L2785196.UP.FTS.B, 25.44%, 3/14/27
      2,112       2,113  
L2789341.UP.FTS.B, 25.44%, 3/14/27
      782       776  
FW2781250.UP.FTS.B, 25.45%, 3/14/27
      1,955       1,957  
L2789729.UP.FTS.B, 25.45%, 3/14/27
      938       939  
L2762162.UP.FTS.B, 25.46%, 3/14/27
      819       820  
L2775042.UP.FTS.B, 25.46%, 3/14/27
      1,035       1,035  
L2780947.UP.FTS.B, 25.46%, 3/14/27
      10,553       10,561  
L2781236.UP.FTS.B, 25.46%, 3/14/27
      1,407       1,408  
L2789403.UP.FTS.B, 25.46%, 3/14/27
      782       783  
L2783845.UP.FTS.B, 25.47%, 3/14/27
      5,346       5,351  
FW2783798.UP.FTS.B, 25.48%, 3/14/27
      4,222       4,225  
FW2785945.UP.FTS.B, 25.48%, 3/14/27
      2,224       643  
L2781099.UP.FTS.B, 25.49%, 3/14/27
      1,564       1,565  
L2783331.UP.FTS.B, 25.49%, 3/14/27
      11,673       11,581  
L2781097.UP.FTS.B, 25.5%, 3/14/27
      1,809       130  
L2783689.UP.FTS.B, 25.5%, 3/14/27
      7,686       7,700  
L2787414.UP.FTS.B, 25.5%, 3/14/27
      1,401       74  
L2782131.UP.FTS.B, 25.51%, 3/14/27
      13,762       13,772  
 
       
120       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2783650.UP.FTS.B, 25.51%, 3/14/27
    $ 2,573      $   2,580   
L2785441.UP.FTS.B, 25.51%, 3/14/27
      2,971       2,973  
L2788040.UP.FTS.B, 25.51%, 3/14/27
      1,775       1,776  
FW2785898.UP.FTS.B, 25.52%, 3/14/27
      2,588       2,590  
FW2786678.UP.FTS.B, 25.53%, 3/14/27
      3,005       3,011  
L2783105.UP.FTS.B, 25.53%, 3/14/27
      1,005       71  
L2783570.UP.FTS.B, 25.53%, 3/14/27
      3,090       2,953  
L2784004.UP.FTS.B, 25.53%, 3/14/27
      2,581       2,583  
L2782017.UP.FTS.B, 25.54%, 3/14/27
      1,645       1,631  
FW2779787.UP.FTS.B, 25.55%, 3/14/27
      10,173       10,181  
L2785828.UP.FTS.B, 25.55%, 3/14/27
      4,301       4,305  
L2789121.UP.FTS.B, 25.56%, 3/14/27
      2,609       2,613  
FW2784612.UP.FTS.B, 25.59%, 3/14/27
      34,620       33,007  
FW2787136.UP.FTS.B, 25.59%, 3/14/27
      17,117       16,342  
FW2785182.UP.FTS.B, 25.6%, 3/14/27
      27,067       27,087  
FW2788301.UP.FTS.B, 25.6%, 3/14/27
      4,300       4,303  
L2779594.UP.FTS.B, 25.6%, 3/14/27
      2,816       2,818  
L2783555.UP.FTS.B, 25.63%, 3/14/27
      2,510       2,510  
L2781773.UP.FTS.B, 25.64%, 3/14/27
      4,385       4,385  
L2779605.UP.FTS.B, 25.67%, 3/14/27
      1,330       1,331  
FW2783690.UP.FTS.B, 25.69%, 3/14/27
      8,458       8,478  
FW2787434.UP.FTS.B, 25.69%, 3/14/27
      3,131       3,133  
FW2783763.UP.FTS.B, 25.71%, 3/14/27
      4,260       306  
FW2779444.UP.FTS.B, 25.73%, 3/14/27
      3,915       3,918  
FW2787230.UP.FTS.B, 25.75%, 3/14/27
      5,872       5,877  
FW2782144.UP.FTS.B, 25.77%, 3/14/27
      2,124       2,126  
L2784093.UP.FTS.B, 25.79%, 3/14/27
      7,048       6,986  
FW2785241.UP.FTS.B, 25.8%, 3/14/27
      12,307       11,750  
FW2789673.UP.FTS.B, 25.81%, 3/14/27
      3,446       3,449  
FW2785161.UP.FTS.B, 25.83%, 3/14/27
      7,650       7,660  
FW2785698.UP.FTS.B, 25.86%, 3/14/27
      9,496       9,510  
L2780008.UP.FTS.B, 25.87%, 3/14/27
      4,938       4,942  
L2781526.UP.FTS.B, 25.87%, 3/14/27
      4,231       4,234  
L2780080.UP.FTS.B, 25.88%, 3/14/27
      7,443       7,448  
FW2786039.UP.FTS.B, 25.89%, 3/14/27
      3,722       3,730  
FW2789463.UP.FTS.B, 25.89%, 3/14/27
      6,818       6,823  
FW2780770.UP.FTS.B, 25.9%, 3/14/27
      7,543       7,525  
L2790291.UP.FTS.B, 25.9%, 3/14/27
      2,892       205  
L2781244.UP.FTS.B, 25.96%, 3/14/27
      5,722       5,726  
L2786958.UP.FTS.B, 25.96%, 3/14/27
      4,782       4,786  
FW2790410.UP.FTS.B, 25.97%, 3/14/27
      1,960       1,961  
L2780995.UP.FTS.B, 25.98%, 3/14/27
      10,819       10,827  
L2788615.UP.FTS.B, 25.98%, 3/14/27
      3,506       3,514  
FW2785920.UP.FTS.B, 26.05%, 3/14/27
      3,040       2,997  
FW2789885.UP.FTS.B, 26.1%, 3/14/27
      6,868       6,876  
L2782453.UP.FTS.B, 26.12%, 3/14/27
      8,050       576  
L2789391.UP.FTS.B, 26.18%, 3/14/27
      2,021       2,026  
FW2781434.UP.FTS.B, 26.27%, 3/14/27
      31,413       31,136  
FW2780132.UP.FTS.B, 26.28%, 3/14/27
      1,856       131  
L2787642.UP.FTS.B, 26.29%, 3/14/27
      2,121       2,122  
FW2786626.UP.FTS.B, 26.35%, 3/14/27
      1,747       1,749  
FW2781613.UP.FTS.B, 26.4%, 3/14/27
      2,664       2,672  
L2783551.UP.FTS.B, 26.4%, 3/14/27
      6,680       6,685  
FW2782469.UP.FTS.B, 26.41%, 3/14/27
      9,315       9,336  
FW2740721.UP.FTS.B, 26.47%, 3/14/27
      2,542       2,546  
FW2782876.UP.FTS.B, 26.56%, 3/14/27
      3,766       266  
FW2788390.UP.FTS.B, 26.61%, 3/14/27
      2,340       2,346  
FW2782433.UP.FTS.B, 26.73%, 3/14/27
      4,252       4,255  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2784337.UP.FTS.B, 26.73%, 3/14/27
    $ 5,119      $   5,123   
FW2782583.UP.FTS.B, 26.76%, 3/14/27
      3,762       3,765  
FW2781134.UP.FTS.B, 26.83%, 3/14/27
      4,412       4,410  
FW2777326.UP.FTS.B, 26.85%, 3/14/27
      3,835       3,844  
FW2783028.UP.FTS.B, 26.85%, 3/14/27
      8,780       57  
FW2779756.UP.FTS.B, 27.04%, 3/14/27
      4,520       26  
FW2789531.UP.FTS.B, 27.05%, 3/14/27
      12,724       898  
FW2787704.UP.FTS.B, 27.06%, 3/14/27
      1,697       495  
FW2785449.UP.FTS.B, 27.1%, 3/14/27
      7,890       7,896  
FW2789171.UP.FTS.B, 27.1%, 3/14/27
      4,261       4,264  
FW2781100.UP.FTS.B, 27.11%, 3/14/27
      2,532       2,529  
FW2785546.UP.FTS.B, 27.15%, 3/14/27
      3,867       3,870  
FW2789041.UP.FTS.B, 27.27%, 3/14/27
      4,183       4,190  
FW2782365.UP.FTS.B, 27.34%, 3/14/27
      3,961       3,964  
FW2788518.UP.FTS.B, 27.34%, 3/14/27
      3,837       3,839  
FW2780191.UP.FTS.B, 27.35%, 3/14/27
      3,478       3,480  
L2782849.UP.FTS.B, 27.38%, 3/14/27
      3,793       3,796  
FW2779746.UP.FTS.B, 27.4%, 3/14/27
      8,726       615  
FW2781187.UP.FTS.B, 27.42%, 3/14/27
      2,200       2,206  
FW2787946.UP.FTS.B, 27.42%, 3/14/27
      15,010       15,021  
L2785536.UP.FTS.B, 27.43%, 3/14/27
      12,077       11,520  
FW2781329.UP.FTS.B, 27.46%, 3/14/27
      1,976       1,978  
FW2782057.UP.FTS.B, 27.48%, 3/14/27
      9,260       653  
FW2780427.UP.FTS.B, 27.49%, 3/14/27
      2,372       2,374  
FW2780043.UP.FTS.B, 27.53%, 3/14/27
      1,536       1,532  
FW2780514.UP.FTS.B, 27.64%, 3/14/27
      4,487       1,298  
FW2780278.UP.FTS.B, 27.7%, 3/14/27
      23,373       23,158  
FW2783812.UP.FTS.B, 27.72%, 3/14/27
      4,486       –  
FW2784987.UP.FTS.B, 27.75%, 3/14/27
      12,827       12,837  
FW2786682.UP.FTS.B, 27.8%, 3/14/27
      29,595       29,655  
FW2782891.UP.FTS.B, 27.85%, 3/14/27
      7,564       7,562  
FW2783303.UP.FTS.B, 27.89%, 3/14/27
      7,864       7,883  
L2786514.UP.FTS.B, 27.96%, 3/14/27
      1,718       1,721  
FW2784087.UP.FTS.B, 27.99%, 3/14/27
      2,401       2,405  
FW2783828.UP.FTS.B, 28%, 3/14/27
      6,339       6,344  
FW2786129.UP.FTS.B, 28%, 3/14/27
      3,928       3,937  
FW2788420.UP.FTS.B, 28.03%, 3/14/27
      5,155       5,159  
FW2785385.UP.FTS.B, 28.06%, 3/14/27
      6,108       6,113  
FW2780403.UP.FTS.B, 28.18%, 3/14/27
      3,827       3,831  
FW2781578.UP.FTS.B, 28.33%, 3/14/27
      11,281       11,289  
FW2789642.UP.FTS.B, 28.34%, 3/14/27
      7,944       7,950  
FW2781950.UP.FTS.B, 28.45%, 3/14/27
      5,565       5,570  
FW2784111.UP.FTS.B, 28.45%, 3/14/27
      4,824       4,832  
FW2781108.UP.FTS.B, 28.46%, 3/14/27
      2,959       2,964  
FW2781674.UP.FTS.B, 28.51%, 3/14/27
      5,169       5,173  
FW2781987.UP.FTS.B, 28.61%, 3/14/27
      17,504       17,517  
FW2786144.UP.FTS.B, 28.61%, 3/14/27
      1,647       1,650  
FW2790351.UP.FTS.B, 28.63%, 3/14/27
      4,356       232  
L2788699.UP.FTS.B, 28.65%, 3/14/27
      5,634       395  
FW2749985.UP.FTS.B, 28.71%, 3/14/27
      1,831       271  
FW2780226.UP.FTS.B, 28.72%, 3/14/27
      5,970       5,975  
FW2787016.UP.FTS.B, 28.75%, 3/14/27
      12,131       11,576  
FW2786938.UP.FTS.B, 28.76%, 3/14/27
      2,229       2,231  
FW2785517.UP.FTS.B, 28.82%, 3/14/27
      18,003       17,180  
FW2780172.UP.FTS.B, 28.83%, 3/14/27
      1,593       1,595  
FW2784893.UP.FTS.B, 28.85%, 3/14/27
      8,820       8,416  
FW2783497.UP.FTS.B, 28.87%, 3/14/27
      3,491       267  
FW2784865.UP.FTS.B, 28.89%, 3/14/27
      872       874  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       121
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2787416.UP.FTS.B, 28.94%, 3/14/27
    $ 1,036        $  1,037   
FW2789827.UP.FTS.B, 29.03%, 3/14/27
      2,765       2,771  
FW2784282.UP.FTS.B, 29.08%, 3/14/27
      6,034       5,767  
FW2782994.UP.FTS.B, 29.14%, 3/14/27
      3,051       3,052  
FW2779355.UP.FTS.B, 29.22%, 3/14/27
      4,658       4,663  
FW2781786.UP.FTS.B, 29.22%, 3/14/27
      1,517       1,518  
FW2784027.UP.FTS.B, 29.23%, 3/14/27
      12,189       12,222  
FW2781563.UP.FTS.B, 29.25%, 3/14/27
      799       799  
FW2783263.UP.FTS.B, 29.25%, 3/14/27
      7,425       7,431  
FW2779918.UP.FTS.B, 29.26%, 3/14/27
      5,624       5,631  
FW2785470.UP.FTS.B, 29.28%, 3/14/27
      7,346       7,352  
FW2781164.UP.FTS.B, 29.32%, 3/14/27
      11,941       836  
FW2787118.UP.FTS.B, 29.41%, 3/14/27
      2,483       176  
FW2779974.UP.FTS.B, 29.47%, 3/14/27
      3,117       3,120  
FW2779230.UP.FTS.B, 29.54%, 3/14/27
      7,996       8,002  
FW2785701.UP.FTS.B, 29.6%, 3/14/27
      1,680       1,681  
FW2780605.UP.FTS.B, 29.61%, 3/14/27
      809       810  
FW2783287.UP.FTS.B, 29.91%, 3/14/27
      4,002       4,005  
FW2783229.UP.FTS.B, 29.98%, 3/14/27
      9,902       2,878  
FW2789655.UP.FTS.B, 29.98%, 3/14/27
      12,052       12,063  
FW2788528.UP.FTS.B, 30.04%, 3/14/27
      17,383       1,231  
FW2789631.UP.FTS.B, 30.08%, 3/14/27
      3,715       3,720  
FW2788950.UP.FTS.B, 30.14%, 3/14/27
      9,335       9,349  
FW2782935.UP.FTS.B, 30.31%, 3/14/27
      6,342       6,357  
FW2785389.UP.FTS.B, 30.36%, 3/14/27
      3,769       558  
FW2783523.UP.FTS.B, 30.41%, 3/14/27
      3,746       3,738  
FW2790314.UP.FTS.B, 30.48%, 3/14/27
      8,573       8,583  
FW2780158.UP.FTS.B, 30.52%, 3/14/27
      1,461       1,464  
FW2780499.UP.FTS.B, 30.57%, 3/14/27
      1,389       1,389  
FW2781411.UP.FTS.B, 30.59%, 3/14/27
      426       421  
FW2789370.UP.FTS.B, 30.6%, 3/14/27
      3,871       270  
FW2785934.UP.FTS.B, 30.61%, 3/14/27
      14,715       14,727  
FW2789252.UP.FTS.B, 30.65%, 3/14/27
      16,086       16,099  
FW2785351.UP.FTS.B, 30.67%, 3/14/27
      1,287       1,288  
FW2780952.UP.FTS.B, 30.68%, 3/14/27
      805       805  
FW2787603.UP.FTS.B, 30.68%, 3/14/27
      865       866  
FW2785631.UP.FTS.B, 30.69%, 3/14/27
      1,610       1,611  
FW2790266.UP.FTS.B, 30.72%, 3/14/27
      249       246  
FW2783504.UP.FTS.B, 30.73%, 3/14/27
      2,736       2,738  
FW2783660.UP.FTS.B, 30.79%, 3/14/27
      2,093       2,094  
FW2780019.UP.FTS.B, 30.81%, 3/14/27
      1,176       174  
FW2785523.UP.FTS.B, 30.83%, 3/14/27
      2,920       2,922  
FW2779868.UP.FTS.B, 30.84%, 3/14/27
      1,209       1,199  
FW2784190.UP.FTS.B, 30.84%, 3/14/27
      1,277       1,277  
FW2781128.UP.FTS.B, 30.87%, 3/14/27
      1,917       135  
FW2790078.UP.FTS.B, 30.9%, 3/14/27
      2,259       2,261  
FW2777774.UP.FTS.B, 30.91%, 3/14/27
      1,020       296  
FW2783182.UP.FTS.B, 30.92%, 3/14/27
      966       967  
FW2784494.UP.FTS.B, 30.92%, 3/14/27
      1,390       1,327  
FW2790293.UP.FTS.B, 30.94%, 3/14/27
      2,175       2,177  
FW2783246.UP.FTS.B, 30.95%, 3/14/27
      1,208       1,209  
FW2784380.UP.FTS.B, 30.95%, 3/14/27
      886       887  
FW2782248.UP.FTS.B, 30.97%, 3/14/27
      2,223       2,228  
FW2782268.UP.FTS.B, 30.97%, 3/14/27
      889       886  
FW2785963.UP.FTS.B, 30.97%, 3/14/27
      9,405       8,976  
FW2786330.UP.FTS.B, 30.97%, 3/14/27
      15,468       15,480  
FW2783531.UP.FTS.B, 30.98%, 3/14/27
      8,110       8,122  
FW2784675.UP.FTS.B, 30.98%, 3/14/27
      1,711       1,713  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2786195.UP.FTS.B, 30.98%, 3/14/27
    $ 967      $   968   
FW2782332.UP.FTS.B, 30.99%, 3/14/27
      1,363       1,366  
FW2786754.UP.FTS.B, 30.99%, 3/14/27
      1,370       1,371  
FW2779939.UP.FTS.B, 31%, 3/14/27
      509       503  
FW2782870.UP.FTS.B, 31.04%, 3/14/27
      717       709  
FW2787376.UP.FTS.B, 31.04%, 3/14/27
      2,111       2,114  
FW2787448.UP.FTS.B, 31.05%, 3/14/27
      1,048       1,049  
FW2790081.UP.FTS.B, 31.07%, 3/14/27
      1,048       1,049  
FW2782355.UP.FTS.B, 31.08%, 3/14/27
      1,709       119  
FW2785866.UP.FTS.B, 31.08%, 3/14/27
      967       968  
FW2787532.UP.FTS.B, 31.09%, 3/14/27
      898       899  
FW2788577.UP.FTS.B, 31.09%, 3/14/27
      769       53  
FW2788870.UP.FTS.B, 31.1%, 3/14/27
      4,755       4,764  
FW2785064.UP.FTS.B, 31.11%, 3/14/27
      967       968  
FW2781136.UP.FTS.B, 31.12%, 3/14/27
      3,064       3,066  
FW2789294.UP.FTS.B, 31.12%, 3/14/27
      3,691       3,701  
FW2781681.UP.FTS.B, 31.14%, 3/14/27
      999       1,000  
FW2787239.UP.FTS.B, 31.14%, 3/14/27
      3,710       3,713  
FW2781895.UP.FTS.B, 31.15%, 3/14/27
      1,538       1,539  
FW2782284.UP.FTS.B, 31.15%, 3/14/27
      3,546       3,551  
FW2787162.UP.FTS.B, 31.15%, 3/14/27
      2,743       2,745  
FW2780763.UP.FTS.B, 31.16%, 3/14/27
      1,452       1,453  
FW2782887.UP.FTS.B, 31.16%, 3/14/27
      6,064       422  
FW2787568.UP.FTS.B, 31.16%, 3/14/27
      254       18  
FW2789715.UP.FTS.B, 31.18%, 3/14/27
      1,404       1,397  
FW2782023.UP.FTS.B, 31.19%, 3/14/27
      1,855       1,856  
FW2785357.UP.FTS.B, 31.21%, 3/14/27
      2,692       398  
FW2781077.UP.FTS.B, 31.22%, 3/14/27
      887       888  
FW2783270.UP.FTS.B, 31.23%, 3/14/27
      16,365       16,366  
FW2783557.UP.FTS.B, 31.23%, 3/14/27
      3,003       3,008  
FW2782281.UP.FTS.B, 31.24%, 3/14/27
      2,639       2,568  
FW2783300.UP.FTS.B, 31.25%, 3/14/27
      2,018       2,020  
FW2785509.UP.FTS.B, 31.25%, 3/14/27
      2,979       207  
FW2779996.UP.FTS.B, 31.38%, 3/14/27
      2,791       2,797  
FW2784473.UP.FTS.B, 31.45%, 3/14/27
      2,156       2,161  
FW2781466.UP.FTS.B, 31.46%, 3/14/27
      1,373       1,374  
FW2784706.UP.FTS.B, 31.51%, 3/14/27
      3,959       3,963  
FW2780027.UP.FTS.B, 31.52%, 3/14/27
      2,426       2,428  
FW2780093.UP.FTS.B, 31.72%, 3/14/27
      2,105       2,106  
FW2781284.UP.FTS.B, 31.75%, 3/14/27
      2,751       2,753  
FW2781775.UP.FTS.B, 31.79%, 3/14/27
      4,612       4,615  
FW2785751.UP.FTS.B, 31.86%, 3/14/27
      1,619       1,620  
FW2780155.UP.FTS.B, 31.91%, 3/14/27
      2,024       2,026  
FW2783916.UP.FTS.B, 31.93%, 3/14/27
      2,753       2,755  
FW2790669.UP.FTS.B, 32.4%, 3/14/27
      4,302       4,305  
FW2784631.UP.FTS.B, 32.84%, 3/14/27
      1,271       187  
FW2788557.UP.FTS.B, 32.99%, 3/14/27
      937       939  
L2780893.UP.FTS.B, 12.86%, 3/15/27
      719       715  
FW2784298.UP.FTS.B, 17.15%, 3/15/27
      18,544       18,414  
L2773530.UP.FTS.B, 21.6%, 3/15/27
      6,878       6,816  
L2782604.UP.FTS.B, 22.2%, 3/15/27
      4,985       4,941  
FW2788570.UP.FTS.B, 30.2%, 3/15/27
      6,667       6,685  
FW2783606.UP.FTS.B, 8.52%, 3/16/27
      10,325       10,258  
L2780204.UP.FTS.B, 20.34%, 3/17/27
      7,589       7,522  
L2789273.UP.FTS.B, 25.66%, 3/17/27
      2,670       2,647  
FW2779874.UP.FTS.B, 16.55%, 3/19/27
      7,387       7,329  
FW2788471.UP.FTS.B, 31.09%, 3/19/27
      1,991       1,987  
L2788995.UP.FTS.B, 15.39%, 3/20/27
      2,424       2,409  
 
       
122       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2784421.UP.FTS.B, 22.65%, 3/20/27
    $  17,742      $   17,587   
L2785417.UP.FTS.B, 23.7%, 3/20/27
      1,639       1,617  
L1894414.UP.FTS.B, 14.79%, 3/21/27
      6,463       463  
FW2781024.UP.FTS.B, 15.1%, 3/21/27
      4,255       4,228  
L2783524.UP.FTS.B, 16.68%, 3/21/27
      7,942       7,880  
L1891212.UP.FTS.B, 19.72%, 3/21/27
      9,379       673  
L2771055.UP.FTS.B, 19.91%, 3/21/27
      5,311       5,315  
FW2783063.UP.FTS.B, 21.08%, 3/21/27
      7,643       7,576  
L1892599.UP.FTS.B, 22.22%, 3/21/27
      2,326       2,343  
L2785874.UP.FTS.B, 24.08%, 3/21/27
      6,986       7,006  
FW1893730.UP.FTS.B, 26.84%, 3/21/27
      7,160       7,209  
FW1892283.UP.FTS.B, 28.56%, 3/21/27
      16,594       68  
FW2781612.UP.FTS.B, 30.26%, 3/21/27
      957       68  
FW1892275.UP.FTS.B, 31.17%, 3/21/27
      20,884       21,085  
L2789596.UP.FTS.B, 19.71%, 3/22/27
      4,245       4,212  
FW2782011.UP.FTS.B, 23.47%, 3/22/27
      4,652       4,666  
FW2782171.UP.FTS.B, 27.22%, 3/22/27
      5,986       422  
FW2780875.UP.FTS.B, 30.81%, 3/22/27
      2,251       656  
L2785327.UP.FTS.B, 17.54%, 3/23/27
      4,857       4,819  
FW2789132.UP.FTS.B, 21%, 3/23/27
      6,576       6,519  
FW2785547.UP.FTS.B, 21.71%, 3/24/27
      5,996       5,957  
FW2786929.UP.FTS.B, 30.3%, 3/24/27
      8,101       8,128  
L2784724.UP.FTS.B, 14.06%, 3/26/27
      19,632       19,493  
FW2788067.UP.FTS.B, 30.09%, 3/27/27
      149       146  
FW2789305.UP.FTS.B, 31.55%, 3/27/27
      4,296       4,305  
L2786029.UP.FTS.B, 11.5%, 3/28/27
      2,912       2,891  
L2780671.UP.FTS.B, 14.57%, 3/28/27
      18,521       9,883  
FW2781186.UP.FTS.B, 16.35%, 3/28/27
      3,786       3,752  
L2789704.UP.FTS.B, 17.16%, 3/28/27
      19,760       2,825  
FW2780445.UP.FTS.B, 18.66%, 3/28/27
      13,209       13,094  
FW2782751.UP.FTS.B, 18.72%, 3/28/27
      7,552       7,487  
L2786225.UP.FTS.B, 19.38%, 3/28/27
      10,393       10,304  
L2788756.UP.FTS.B, 20.13%, 3/28/27
      12,505       12,518  
FW2784959.UP.FTS.B, 22.93%, 3/28/27
      8,309       8,318  
FW2787432.UP.FTS.B, 24.27%, 3/28/27
      15,662       15,681  
FW2785903.UP.FTS.B, 25.2%, 3/28/27
      6,857       6,865  
FW2783423.UP.FTS.B, 26.53%, 3/28/27
      7,742       7,750  
FW2786209.UP.FTS.B, 30.73%, 3/28/27
      1,140       1,141  
FW2781941.UP.FTS.B, 30.87%, 3/28/27
      1,458       1,463  
FW2787102.UP.FTS.B, 31.21%, 3/28/27
      4,086       607  
L2018288.UP.FTS.B, 10.67%, 4/10/27
      12,342       3,122  
FW2011916.UP.FTS.B, 16.6%, 4/10/27
      2,223       2,206  
L2017330.UP.FTS.B, 18.21%, 4/10/27
      4,115       4,094  
L2016429.UP.FTS.B, 20.87%, 4/10/27
      21,366       21,218  
FW2016567.UP.FTS.B, 21.23%, 4/10/27
      4,333       4,304  
L2018168.UP.FTS.B, 21.66%, 4/10/27
      10,652       10,604  
L2015796.UP.FTS.B, 24.12%, 4/10/27
      5,663       33  
L2018248.UP.FTS.B, 24.88%, 4/10/27
      2,504       2,513  
L2017215.UP.FTS.B, 26.46%, 4/10/27
      4,705       2,763  
FW2017752.UP.FTS.B, 26.85%, 4/10/27
      25,701       25,800  
FW2017367.UP.FTS.B, 29.54%, 4/10/27
      4,683       4,614  
FW2017102.UP.FTS.B, 30.96%, 4/10/27
      1,631       1,634  
L2931144.UP.FTS.B, 5.51%, 4/11/27
      6,272       6,229  
FW2932165.UP.FTS.B, 5.86%, 4/11/27
      14,183       14,088  
L2928632.UP.FTS.B, 5.88%, 4/11/27
      7,407       7,357  
L2931142.UP.FTS.B, 5.9%, 4/11/27
      13,523       13,428  
L2931326.UP.FTS.B, 6.18%, 4/11/27
      8,733       8,676  
L2931374.UP.FTS.B, 7.06%, 4/11/27
      4,936       4,903  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2929692.UP.FTS.B, 7.58%, 4/11/27
    $ 9,201      $   9,132   
FW2930492.UP.FTS.B, 7.76%, 4/11/27
       19,759       10,259  
L2928415.UP.FTS.B, 7.84%, 4/11/27
      24,821       24,634  
L2928839.UP.FTS.B, 7.91%, 4/11/27
      5,633       5,591  
L2929271.UP.FTS.B, 8.07%, 4/11/27
      25,572       25,403  
FW2930354.UP.FTS.B, 8.77%, 4/11/27
      15,077       14,970  
L2929501.UP.FTS.B, 8.87%, 4/11/27
      19,149       19,006  
L2929733.UP.FTS.B, 9.1%, 4/11/27
      26,842       26,642  
L2928144.UP.FTS.B, 9.39%, 4/11/27
      14,482       14,383  
FW2928771.UP.FTS.B, 9.46%, 4/11/27
      35,881       35,614  
L2932211.UP.FTS.B, 9.68%, 4/11/27
      15,237       15,124  
L2931292.UP.FTS.B, 9.71%, 4/11/27
      1,219       1,210  
L2930583.UP.FTS.B, 9.81%, 4/11/27
      32,373       32,134  
L2929532.UP.FTS.B, 9.84%, 4/11/27
      12,178       12,092  
L2930472.UP.FTS.B, 10.98%, 4/11/27
      863       50  
L2928694.UP.FTS.B, 11.02%, 4/11/27
      11,683       11,586  
L2929301.UP.FTS.B, 11.05%, 4/11/27
      8,202       8,134  
FW2931075.UP.FTS.B, 11.12%, 4/11/27
      9,480       9,402  
FW2931457.UP.FTS.B, 11.32%, 4/11/27
      7,279       7,219  
FW2928380.UP.FTS.B, 11.34%, 4/11/27
      2,764       2,741  
L2929334.UP.FTS.B, 11.51%, 4/11/27
      17,402       17,258  
L2929504.UP.FTS.B, 11.63%, 4/11/27
      2,404       175  
L2931774.UP.FTS.B, 11.89%, 4/11/27
      10,563       10,480  
L2930803.UP.FTS.B, 11.99%, 4/11/27
      11,762       11,665  
L2930792.UP.FTS.B, 12.29%, 4/11/27
      3,660       3,630  
L2932192.UP.FTS.B, 12.4%, 4/11/27
      21,979       21,799  
L2925660.UP.FTS.B, 12.92%, 4/11/27
      1,103       1,094  
L2930442.UP.FTS.B, 13.06%, 4/11/27
      13,248       13,139  
L2930302.UP.FTS.B, 13.11%, 4/11/27
      5,448       5,403  
L2929053.UP.FTS.B, 13.57%, 4/11/27
      11,817       11,725  
L2931141.UP.FTS.B, 14.22%, 4/11/27
      7,628       7,568  
FW2931651.UP.FTS.B, 14.66%, 4/11/27
      5,208       5,165  
L2931110.UP.FTS.B, 14.92%, 4/11/27
      3,353       3,321  
L2928992.UP.FTS.B, 15.03%, 4/11/27
      7,457       7,397  
L2929671.UP.FTS.B, 15.08%, 4/11/27
      32,899       32,600  
L2928247.UP.FTS.B, 15.12%, 4/11/27
      3,582       3,553  
L2928237.UP.FTS.B, 15.14%, 4/11/27
      32,310       32,048  
L2930249.UP.FTS.B, 15.14%, 4/11/27
      8,059       7,994  
FW2928811.UP.FTS.B, 15.33%, 4/11/27
      4,480       2,502  
L2930377.UP.FTS.B, 15.57%, 4/11/27
      13,381       13,270  
L2927743.UP.FTS.B, 15.66%, 4/11/27
      5,616       5,562  
L2928343.UP.FTS.B, 15.68%, 4/11/27
      1,612       1,600  
L2928701.UP.FTS.B, 15.72%, 4/11/27
      3,525       3,497  
FW2930346.UP.FTS.B, 15.87%, 4/11/27
      732       727  
L2928179.UP.FTS.B, 15.92%, 4/11/27
      26,172       25,982  
L2928682.UP.FTS.B, 15.94%, 4/11/27
      9,601       9,509  
FW2929957.UP.FTS.B, 16.01%, 4/11/27
      10,507       10,422  
L2929608.UP.FTS.B, 16.07%, 4/11/27
      748       742  
FW2929029.UP.FTS.B, 16.18%, 4/11/27
      13,095       12,995  
L2932260.UP.FTS.B, 16.49%, 4/11/27
      1,280       1,268  
L2930475.UP.FTS.B, 16.55%, 4/11/27
      4,970       4,923  
L2927859.UP.FTS.B, 16.57%, 4/11/27
      2,486       2,462  
L2925173.UP.FTS.B, 16.58%, 4/11/27
      1,657       1,644  
FW2928717.UP.FTS.B, 16.97%, 4/11/27
      5,663       5,610  
L2928313.UP.FTS.B, 17.03%, 4/11/27
      8,309       8,230  
L2928071.UP.FTS.B, 17.22%, 4/11/27
      831       824  
L2920414.UP.FTS.B, 17.44%, 4/11/27
      20,299       20,106  
FW2930503.UP.FTS.B, 17.64%, 4/11/27
      3,872       2,162  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       123
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2929835.UP.FTS.B, 17.66%, 4/11/27
    $ 8,090      $   8,015   
L2929520.UP.FTS.B, 17.74%, 4/11/27
      11,112       6,373  
L2931693.UP.FTS.B, 17.77%, 4/11/27
      3,340       3,313  
L2931697.UP.FTS.B, 18.04%, 4/11/27
      15,278       8,813  
L2930203.UP.FTS.B, 18.11%, 4/11/27
      30,240       30,014  
L2929357.UP.FTS.B, 18.14%, 4/11/27
      4,572       4,529  
FW2928101.UP.FTS.B, 18.34%, 4/11/27
      2,513       2,486  
L2929573.UP.FTS.B, 18.4%, 4/11/27
      11,538       11,433  
FW2931119.UP.FTS.B, 18.48%, 4/11/27
      2,820       2,798  
L2930797.UP.FTS.B, 18.58%, 4/11/27
      1,010       73  
FW2928788.UP.FTS.B, 18.9%, 4/11/27
      3,287       3,255  
L2926454.UP.FTS.B, 19.25%, 4/11/27
      2,297       2,269  
L2932213.UP.FTS.B, 19.31%, 4/11/27
      6,360       6,290  
L2929660.UP.FTS.B, 19.43%, 4/11/27
      2,575       1,476  
L2927920.UP.FTS.B, 19.53%, 4/11/27
      11,509       11,383  
FW2928255.UP.FTS.B, 19.6%, 4/11/27
      4,928       1,367  
L2930145.UP.FTS.B, 19.64%, 4/11/27
      8,184       8,078  
FW2928828.UP.FTS.B, 19.68%, 4/11/27
      3,379       3,342  
L2928959.UP.FTS.B, 19.94%, 4/11/27
      6,159       6,092  
FW2931080.UP.FTS.B, 20.11%, 4/11/27
      9,690       702  
L2929135.UP.FTS.B, 20.21%, 4/11/27
      4,294       2,547  
L2928908.UP.FTS.B, 20.26%, 4/11/27
      771       762  
L2929578.UP.FTS.B, 20.69%, 4/11/27
      16,765       16,737  
L2931702.UP.FTS.B, 20.87%, 4/11/27
      6,978       6,913  
L2927893.UP.FTS.B, 20.88%, 4/11/27
      5,105       5,097  
FW2929918.UP.FTS.B, 21.02%, 4/11/27
      647       640  
FW2929809.UP.FTS.B, 21.08%, 4/11/27
      10,066       10,049  
L2928658.UP.FTS.B, 21.27%, 4/11/27
      771       765  
FW2930564.UP.FTS.B, 21.29%, 4/11/27
      1,557       1,555  
L2928922.UP.FTS.B, 21.49%, 4/11/27
      4,326       2,485  
L2931173.UP.FTS.B, 21.74%, 4/11/27
      2,897       65  
L2930355.UP.FTS.B, 21.76%, 4/11/27
      3,887       3,881  
FW2927878.UP.FTS.B, 21.78%, 4/11/27
      4,753       271  
L2929073.UP.FTS.B, 22.08%, 4/11/27
      22,708       1,645  
L2931630.UP.FTS.B, 22.14%, 4/11/27
      16,779       16,596  
FW2930816.UP.FTS.B, 22.15%, 4/11/27
      7,260       7,181  
L2932038.UP.FTS.B, 22.19%, 4/11/27
      3,897       3,890  
FW2931433.UP.FTS.B, 22.3%, 4/11/27
      22,775       22,737  
L2929277.UP.FTS.B, 22.4%, 4/11/27
      7,413       7,401  
L2929537.UP.FTS.B, 22.4%, 4/11/27
      16,539       16,365  
FW2929717.UP.FTS.B, 22.54%, 4/11/27
      5,062       5,063  
L2929355.UP.FTS.B, 22.65%, 4/11/27
      1,720       1,717  
FW2930674.UP.FTS.B, 22.96%, 4/11/27
      11,730       11,706  
L2928500.UP.FTS.B, 23.05%, 4/11/27
      40,730       5,976  
FW2928961.UP.FTS.B, 23.12%, 4/11/27
      3,874       3,873  
FW2929214.UP.FTS.B, 23.28%, 4/11/27
      635       625  
L2932120.UP.FTS.B, 23.29%, 4/11/27
      4,315       4,308  
L2931244.UP.FTS.B, 23.41%, 4/11/27
      1,719       1,719  
L2930990.UP.FTS.B, 23.44%, 4/11/27
      8,556       8,462  
FW2931695.UP.FTS.B, 23.47%, 4/11/27
      2,921       840  
FW2928339.UP.FTS.B, 23.55%, 4/11/27
      21,685       12,874  
L2931393.UP.FTS.B, 23.58%, 4/11/27
      5,106       5,098  
L2932212.UP.FTS.B, 23.72%, 4/11/27
      8,570       8,556  
L2928534.UP.FTS.B, 23.8%, 4/11/27
      9,373       668  
FW2931916.UP.FTS.B, 23.85%, 4/11/27
      4,721       4,713  
FW2928539.UP.FTS.B, 24.21%, 4/11/27
      3,858       275  
FW2929160.UP.FTS.B, 24.21%, 4/11/27
      858       858  
L2928472.UP.FTS.B, 24.3%, 4/11/27
      5,189       5,163  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2930096.UP.FTS.B, 24.39%, 4/11/27
    $ 3,167      $   3,163   
FW2928927.UP.FTS.B, 24.56%, 4/11/27
      10,348       10,330  
FW2929993.UP.FTS.B, 24.61%, 4/11/27
      6,161       3,535  
L2931805.UP.FTS.B, 24.68%, 4/11/27
      97       7  
L2928852.UP.FTS.B, 24.73%, 4/11/27
      1,186       1,184  
L2929765.UP.FTS.B, 24.83%, 4/11/27
      502       495  
L2932289.UP.FTS.B, 24.85%, 4/11/27
      1,899       1,896  
L2928873.UP.FTS.B, 24.96%, 4/11/27
      728       725  
L2928413.UP.FTS.B, 25.03%, 4/11/27
      1,346       1,344  
FW2928348.UP.FTS.B, 25.04%, 4/11/27
      7,399       7,385  
L2927825.UP.FTS.B, 25.04%, 4/11/27
      1,571       1,567  
L2929882.UP.FTS.B, 25.08%, 4/11/27
      3,642       3,598  
L2932152.UP.FTS.B, 25.08%, 4/11/27
      9,117       649  
L2931976.UP.FTS.B, 25.09%, 4/11/27
      1,905       1,902  
L2930146.UP.FTS.B, 25.16%, 4/11/27
      947       947  
L2930022.UP.FTS.B, 25.21%, 4/11/27
      1,903       1,900  
L2929652.UP.FTS.B, 25.22%, 4/11/27
      3,885       3,878  
L2928316.UP.FTS.B, 25.25%, 4/11/27
      2,770       2,768  
L2929095.UP.FTS.B, 25.31%, 4/11/27
      1,885       527  
L2931438.UP.FTS.B, 25.31%, 4/11/27
      4,045       4,038  
L2927955.UP.FTS.B, 25.33%, 4/11/27
      785       785  
L2930098.UP.FTS.B, 25.33%, 4/11/27
      9,212       5,435  
L2931357.UP.FTS.B, 25.35%, 4/11/27
      1,529       –  
L2930348.UP.FTS.B, 25.36%, 4/11/27
      5,544       391  
L2930363.UP.FTS.B, 25.38%, 4/11/27
      1,760       1,742  
L2925217.UP.FTS.B, 25.4%, 4/11/27
      2,526       25  
L2929249.UP.FTS.B, 25.41%, 4/11/27
      1,270       1,268  
L2928774.UP.FTS.B, 25.44%, 4/11/27
      1,191       1,189  
L2931011.UP.FTS.B, 25.45%, 4/11/27
      1,410       1,410  
L2931216.UP.FTS.B, 25.47%, 4/11/27
      2,210       633  
FW2932239.UP.FTS.B, 25.48%, 4/11/27
      8,714       5,141  
L2928194.UP.FTS.B, 25.48%, 4/11/27
      2,374       2,360  
L2928800.UP.FTS.B, 25.5%, 4/11/27
      1,906       1,885  
L2924786.UP.FTS.B, 25.51%, 4/11/27
      4,923       4,915  
L2929869.UP.FTS.B, 25.51%, 4/11/27
      5,079       3,005  
L2929203.UP.FTS.B, 25.67%, 4/11/27
      15,844       15,848  
FW2931488.UP.FTS.B, 25.84%, 4/11/27
      3,178       3,149  
L2930197.UP.FTS.B, 26.2%, 4/11/27
      39,852       39,415  
FW2928645.UP.FTS.B, 26.24%, 4/11/27
      2,232       2,208  
FW2930122.UP.FTS.B, 26.47%, 4/11/27
      8,799       8,790  
FW2929864.UP.FTS.B, 26.5%, 4/11/27
      7,871       7,861  
L2930852.UP.FTS.B, 26.51%, 4/11/27
      5,830       5,766  
FW2932003.UP.FTS.B, 26.57%, 4/11/27
      9,359       9,359  
FW2927841.UP.FTS.B, 26.89%, 4/11/27
      3,320       3,312  
FW2930544.UP.FTS.B, 27.01%, 4/11/27
      4,002       3,995  
FW2931493.UP.FTS.B, 27.02%, 4/11/27
      3,869       130  
FW2930638.UP.FTS.B, 27.26%, 4/11/27
      16,991       16,963  
FW2929129.UP.FTS.B, 27.27%, 4/11/27
      12,986       12,964  
FW2929703.UP.FTS.B, 27.29%, 4/11/27
      18,625       5,390  
FW2927978.UP.FTS.B, 27.34%, 4/11/27
      4,002       4,003  
FW2928866.UP.FTS.B, 27.4%, 4/11/27
      6,256       6,246  
FW2929101.UP.FTS.B, 27.56%, 4/11/27
      1,124       1,122  
FW2928485.UP.FTS.B, 27.66%, 4/11/27
      4,016       4,009  
FW2929228.UP.FTS.B, 27.79%, 4/11/27
      9,645       9,629  
FW2929722.UP.FTS.B, 27.8%, 4/11/27
      1,527       1,510  
FW2928012.UP.FTS.B, 28.41%, 4/11/27
      4,457       4,451  
FW2929560.UP.FTS.B, 28.47%, 4/11/27
      25,039       14,838  
FW2924868.UP.FTS.B, 28.85%, 4/11/27
      471       464  
 
       
124       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2927938.UP.FTS.B, 29.01%, 4/11/27
    $ 4,382       $   69   
FW2930574.UP.FTS.B, 29.3%, 4/11/27
      7,539       529  
FW2929935.UP.FTS.B, 29.53%, 4/11/27
      28,030       1,990  
FW2930665.UP.FTS.B, 29.74%, 4/11/27
      6,376       3,778  
FW2929635.UP.FTS.B, 30.45%, 4/11/27
      897       895  
FW2931821.UP.FTS.B, 30.54%, 4/11/27
      1,468       1,465  
FW2928765.UP.FTS.B, 30.58%, 4/11/27
      4,566       4,558  
FW2930995.UP.FTS.B, 30.73%, 4/11/27
      2,121       2,118  
FW2925607.UP.FTS.B, 30.77%, 4/11/27
      2,166       2,155  
FW2929924.UP.FTS.B, 30.77%, 4/11/27
      1,191       1,190  
FW2927877.UP.FTS.B, 30.81%, 4/11/27
      1,486       1,484  
FW2928835.UP.FTS.B, 30.88%, 4/11/27
      7,664       534  
FW2929033.UP.FTS.B, 30.91%, 4/11/27
      3,986       3,979  
FW2930708.UP.FTS.B, 30.94%, 4/11/27
      898       897  
FW2931261.UP.FTS.B, 30.94%, 4/11/27
      2,858       2,853  
FW2932124.UP.FTS.B, 31.03%, 4/11/27
      1,396       –  
FW2931670.UP.FTS.B, 31.06%, 4/11/27
      2,134       2,132  
FW2928834.UP.FTS.B, 31.11%, 4/11/27
      2,414       2,413  
FW2930285.UP.FTS.B, 31.11%, 4/11/27
      3,024       3,019  
FW2929975.UP.FTS.B, 31.14%, 4/11/27
      1,428       413  
FW2931962.UP.FTS.B, 31.16%, 4/11/27
      1,067       1,064  
FW2929122.UP.FTS.B, 31.17%, 4/11/27
      2,099       1,248  
FW2927833.UP.FTS.B, 31.18%, 4/11/27
      1,226       1,224  
FW2928577.UP.FTS.B, 31.19%, 4/11/27
      981       979  
FW2930781.UP.FTS.B, 31.2%, 4/11/27
      1,064       1,063  
FW2929551.UP.FTS.B, 31.21%, 4/11/27
      1,825       1,083  
FW2928856.UP.FTS.B, 31.24%, 4/11/27
      2,208       2,205  
FW2931445.UP.FTS.B, 31.47%, 4/11/27
      3,769       3,763  
FW2932028.UP.FTS.B, 31.51%, 4/11/27
      10,048       10,026  
FW2932070.UP.FTS.B, 32%, 4/11/27
      7,704       535  
FW2929182.UP.FTS.B, 32.25%, 4/11/27
      24,499       24,466  
L2934719.UP.FTS.B, 5.89%, 4/12/27
      12,508       12,426  
L2934939.UP.FTS.B, 5.94%, 4/12/27
      9,936       9,869  
L2934674.UP.FTS.B, 5.99%, 4/12/27
      5,580       5,544  
L2932966.UP.FTS.B, 6.09%, 4/12/27
      1,691       1,680  
L2934096.UP.FTS.B, 6.09%, 4/12/27
      4,199       4,172  
L2935839.UP.FTS.B, 6.13%, 4/12/27
      4,201       4,173  
L2933662.UP.FTS.B, 6.16%, 4/12/27
      17,507       17,390  
L2932593.UP.FTS.B, 6.74%, 4/12/27
      4,924       4,891  
L2932805.UP.FTS.B, 7.25%, 4/12/27
      10,601       10,531  
L2934028.UP.FTS.B, 8.23%, 4/12/27
      12,943       12,848  
L2932516.UP.FTS.B, 8.41%, 4/12/27
      2,931       2,908  
L2933064.UP.FTS.B, 8.64%, 4/12/27
      29,433       29,214  
FW2933047.UP.FTS.B, 9.38%, 4/12/27
      4,303       4,272  
L2935969.UP.FTS.B, 9.48%, 4/12/27
      11,075       5,758  
L2935039.UP.FTS.B, 9.98%, 4/12/27
      6,951       6,898  
L2935520.UP.FTS.B, 10.08%, 4/12/27
      3,604       3,578  
FW2934452.UP.FTS.B, 10.25%, 4/12/27
      23,195       23,036  
L2933292.UP.FTS.B, 10.46%, 4/12/27
      14,256       14,138  
L2934350.UP.FTS.B, 10.57%, 4/12/27
      7,952       7,898  
L2934277.UP.FTS.B, 10.75%, 4/12/27
      765       760  
L2933170.UP.FTS.B, 10.92%, 4/12/27
      17,218       17,095  
FW2934988.UP.FTS.B, 11.01%, 4/12/27
      11,464       11,370  
L2935685.UP.FTS.B, 11.21%, 4/12/27
      17,130       17,006  
L2933802.UP.FTS.B, 11.46%, 4/12/27
      21,837       21,659  
L2934500.UP.FTS.B, 11.56%, 4/12/27
      27,461       27,263  
L2932562.UP.FTS.B, 11.88%, 4/12/27
      1,926       139  
L2929979.UP.FTS.B, 12.66%, 4/12/27
      7,814       7,757  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
L2933178.UP.FTS.B, 12.88%, 4/12/27
    $ 5,072       $   5,031   
L2934721.UP.FTS.B, 13.01%, 4/12/27
      7,357       7,298  
L2932728.UP.FTS.B, 13.07%, 4/12/27
      3,962       3,934  
L2932883.UP.FTS.B, 13.4%, 4/12/27
      1,623       1,610  
L2933032.UP.FTS.B, 13.49%, 4/12/27
      14,227       14,125  
L2934809.UP.FTS.B, 13.61%, 4/12/27
      3,283       3,253  
FW2932832.UP.FTS.B, 13.69%, 4/12/27
      15,816       15,690  
L2934338.UP.FTS.B, 13.77%, 4/12/27
      6,656       6,602  
FW2932546.UP.FTS.B, 13.93%, 4/12/27
      9,624       9,547  
L2926179.UP.FTS.B, 14%, 4/12/27
      23,924       23,733  
L2934323.UP.FTS.B, 14.05%, 4/12/27
      2,860       2,838  
FW2935078.UP.FTS.B, 14.1%, 4/12/27
      2,421       2,404  
FW2933775.UP.FTS.B, 14.2%, 4/12/27
      5,783       5,736  
L2934014.UP.FTS.B, 14.43%, 4/12/27
      12,033       11,937  
L2933672.UP.FTS.B, 14.48%, 4/12/27
      1,257       1,248  
FW2921409.UP.FTS.B, 14.51%, 4/12/27
      2,374       2,357  
L2933917.UP.FTS.B, 14.92%, 4/12/27
      5,216       5,175  
L2933149.UP.FTS.B, 14.95%, 4/12/27
      4,500       4,459  
L2934068.UP.FTS.B, 15.16%, 4/12/27
      4,030       3,998  
FW2935949.UP.FTS.B, 15.22%, 4/12/27
      7,467       7,408  
FW2935322.UP.FTS.B, 15.48%, 4/12/27
      1,346       1,335  
L2934951.UP.FTS.B, 15.65%, 4/12/27
      1,046       1,039  
FW2936086.UP.FTS.B, 15.83%, 4/12/27
      4,096       4,062  
L2933684.UP.FTS.B, 15.83%, 4/12/27
      8,184       8,125  
FW2932566.UP.FTS.B, 16.14%, 4/12/27
      11,446       6,122  
L2934824.UP.FTS.B, 16.29%, 4/12/27
      5,187       5,139  
FW2934062.UP.FTS.B, 16.46%, 4/12/27
      7,919       7,849  
L2934330.UP.FTS.B, 17.26%, 4/12/27
      8,094       8,031  
L2930904.UP.FTS.B, 17.31%, 4/12/27
      18,259       18,100  
L2934145.UP.FTS.B, 17.34%, 4/12/27
      18,665       18,520  
FW2928773.UP.FTS.B, 17.37%, 4/12/27
      4,829       4,791  
L2934291.UP.FTS.B, 17.44%, 4/12/27
      13,574       1,925  
L2929039.UP.FTS.B, 17.51%, 4/12/27
      3,242       3,216  
FW2921340.UP.FTS.B, 18.08%, 4/12/27
      6,773       6,701  
FW2933519.UP.FTS.B, 18.13%, 4/12/27
      7,379       7,310  
FW2932833.UP.FTS.B, 18.37%, 4/12/27
      7,971       382  
FW2933186.UP.FTS.B, 18.56%, 4/12/27
      12,649       411  
FW2934604.UP.FTS.B, 18.71%, 4/12/27
      21,425       5,938  
L2933956.UP.FTS.B, 18.85%, 4/12/27
      6,395       6,339  
L2932813.UP.FTS.B, 19.07%, 4/12/27
      9,947       9,840  
FW2932434.UP.FTS.B, 19.1%, 4/12/27
      1,457       1,442  
L2935130.UP.FTS.B, 19.21%, 4/12/27
      4,231       1,142  
FW2932660.UP.FTS.B, 19.24%, 4/12/27
      17,472       17,311  
FW2934275.UP.FTS.B, 19.55%, 4/12/27
      2,797       2,748  
L2934998.UP.FTS.B, 19.55%, 4/12/27
      18,571       18,407  
FW2932085.UP.FTS.B, 19.78%, 4/12/27
      1,296       1,284  
FW2935930.UP.FTS.B, 19.97%, 4/12/27
      6,616       6,555  
L2934093.UP.FTS.B, 20.12%, 4/12/27
      2,545       2,518  
L2932535.UP.FTS.B, 20.15%, 4/12/27
      6,801       6,716  
L2934786.UP.FTS.B, 20.82%, 4/12/27
      8,094       8,021  
FW2932291.UP.FTS.B, 21.33%, 4/12/27
      7,755       7,672  
L2933315.UP.FTS.B, 21.57%, 4/12/27
      4,582       4,540  
L2934722.UP.FTS.B, 21.63%, 4/12/27
      3,125       3,122  
L2933448.UP.FTS.B, 21.75%, 4/12/27
      1,399       1,397  
L2935751.UP.FTS.B, 22.01%, 4/12/27
      1,636       1,624  
FW2932542.UP.FTS.B, 22.3%, 4/12/27
      13,259       13,241  
L2932779.UP.FTS.B, 22.36%, 4/12/27
      15,604       15,583  
L2934510.UP.FTS.B, 22.41%, 4/12/27
      8,061       2,301  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       125
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2935129.UP.FTS.B, 22.75%, 4/12/27
    $ 6,255      $   6,189   
L2932952.UP.FTS.B, 23.13%, 4/12/27
      4,280       4,282  
L2932379.UP.FTS.B, 23.14%, 4/12/27
      5,911       1,697  
L2933829.UP.FTS.B, 23.3%, 4/12/27
      24,786       24,753  
FW2929713.UP.FTS.B, 23.5%, 4/12/27
      1,728       1,725  
L2934363.UP.FTS.B, 23.59%, 4/12/27
      6,176       3,653  
L2934788.UP.FTS.B, 23.77%, 4/12/27
      6,287       6,227  
L2933915.UP.FTS.B, 23.94%, 4/12/27
      6,298       6,231  
FW2933477.UP.FTS.B, 24.15%, 4/12/27
      20,295       20,081  
FW2932094.UP.FTS.B, 24.49%, 4/12/27
      8,607       8,515  
FW2933926.UP.FTS.B, 24.54%, 4/12/27
      23,696       23,665  
L2932713.UP.FTS.B, 24.66%, 4/12/27
      12,725       12,589  
L2934015.UP.FTS.B, 24.74%, 4/12/27
      836       828  
FW2932608.UP.FTS.B, 24.82%, 4/12/27
      2,990       2,943  
FW2932759.UP.FTS.B, 24.87%, 4/12/27
      6,155       6,152  
FW2934105.UP.FTS.B, 25.03%, 4/12/27
      39,596       39,544  
L2932978.UP.FTS.B, 25.04%, 4/12/27
      6,415       453  
L2934475.UP.FTS.B, 25.05%, 4/12/27
      792       784  
L2934307.UP.FTS.B, 25.18%, 4/12/27
      1,268       1,267  
L2934790.UP.FTS.B, 25.21%, 4/12/27
      2,777       2,747  
L2934017.UP.FTS.B, 25.27%, 4/12/27
      1,437       850  
L2934753.UP.FTS.B, 25.27%, 4/12/27
      1,469       105  
L2933613.UP.FTS.B, 25.31%, 4/12/27
      2,004       2,002  
L2934270.UP.FTS.B, 25.32%, 4/12/27
      1,111       1,109  
L2933656.UP.FTS.B, 25.33%, 4/12/27
      1,747       1,744  
L2935062.UP.FTS.B, 25.37%, 4/12/27
      2,937       2,933  
L2933671.UP.FTS.B, 25.42%, 4/12/27
      3,730       3,725  
L2934221.UP.FTS.B, 25.42%, 4/12/27
      1,414       106  
L2933216.UP.FTS.B, 25.44%, 4/12/27
      2,858       2,854  
L2934526.UP.FTS.B, 25.47%, 4/12/27
      4,819       342  
L2935106.UP.FTS.B, 25.47%, 4/12/27
      1,350       1,348  
L2935825.UP.FTS.B, 25.47%, 4/12/27
      5,240       5,233  
L2931662.UP.FTS.B, 25.5%, 4/12/27
      5,457       5,454  
FW2932553.UP.FTS.B, 25.61%, 4/12/27
      2,359       683  
FW2933530.UP.FTS.B, 25.87%, 4/12/27
      1,625       1,622  
L2935140.UP.FTS.B, 25.88%, 4/12/27
      2,546       2,543  
FW2932828.UP.FTS.B, 26.03%, 4/12/27
      2,866       2,863  
L2932763.UP.FTS.B, 26.08%, 4/12/27
      4,134       2,441  
FW2932450.UP.FTS.B, 26.13%, 4/12/27
      2,629       2,626  
L2933446.UP.FTS.B, 26.13%, 4/12/27
      6,772       6,764  
FW2933051.UP.FTS.B, 26.29%, 4/12/27
      1,750       1,730  
FW2934761.UP.FTS.B, 26.44%, 4/12/27
      5,187       5,180  
FW2933474.UP.FTS.B, 27.39%, 4/12/27
      2,933       2,931  
FW2934024.UP.FTS.B, 28.16%, 4/12/27
      34,880       34,835  
FW2934728.UP.FTS.B, 29.87%, 4/12/27
      3,037       212  
FW2933887.UP.FTS.B, 29.96%, 4/12/27
      2,062       1,223  
FW2932696.UP.FTS.B, 30.54%, 4/12/27
      13,081       13,067  
FW2933837.UP.FTS.B, 30.67%, 4/12/27
      1,324       786  
FW2932394.UP.FTS.B, 30.74%, 4/12/27
      1,466       1,456  
FW2932900.UP.FTS.B, 30.82%, 4/12/27
      2,856       2,853  
FW2932657.UP.FTS.B, 30.91%, 4/12/27
      1,061       1,060  
FW2933070.UP.FTS.B, 30.98%, 4/12/27
      1,062       1,061  
FW2935536.UP.FTS.B, 31.03%, 4/12/27
      1,154       1,144  
FW2932591.UP.FTS.B, 31.06%, 4/12/27
      1,226       1,224  
FW2933622.UP.FTS.B, 31.07%, 4/12/27
      3,260       3,261  
FW2934425.UP.FTS.B, 31.07%, 4/12/27
      899       898  
FW2932838.UP.FTS.B, 31.12%, 4/12/27
      1,296       1,296  
FW2935340.UP.FTS.B, 31.15%, 4/12/27
      1,301       1,302  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2934816.UP.FTS.B, 31.17%, 4/12/27
    $ 6,980      $   6,965   
FW2934569.UP.FTS.B, 31.18%, 4/12/27
      1,405       1,404  
FW2933023.UP.FTS.B, 31.19%, 4/12/27
      991       991  
FW2933756.UP.FTS.B, 31.19%, 4/12/27
      6,623       6,614  
FW2932550.UP.FTS.B, 31.41%, 4/12/27
      7,203       7,194  
FW2934482.UP.FTS.B, 31.52%, 4/12/27
      6,527       6,526  
L2930386.UP.FTS.B, 20.28%, 4/13/27
      9,055       646  
FW2928392.UP.FTS.B, 12.26%, 4/14/27
      36,617       36,322  
L2935437.UP.FTS.B, 23.88%, 4/14/27
      7,953       7,948  
L2932935.UP.FTS.B, 7.41%, 4/15/27
      14,146       14,052  
L2931980.UP.FTS.B, 10.2%, 4/15/27
      7,800       7,743  
FW2928215.UP.FTS.B, 17.86%, 4/15/27
      4,184       4,151  
FW2921283.UP.FTS.B, 27.6%, 4/16/27
      2,498       2,494  
L2932135.UP.FTS.B, 10.91%, 4/19/27
      16,716       16,578  
L2925524.UP.FTS.B, 20.35%, 4/20/27
      8,479       613  
L2018213.UP.FTS.B, 25.8%, 4/20/27
      14,819       4,179  
L2924609.UP.FTS.B, 19.67%, 4/22/27
      23,250       3,388  
L2101761.UP.FTS.B, 19.04%, 4/24/27
      2,897       210  
FW2111536.UP.FTS.B, 24.67%, 4/24/27
      7,750       7,695  
L2112103.UP.FTS.B, 24.86%, 4/24/27
      4,323       4,328  
FW2111679.UP.FTS.B, 26.7%, 4/24/27
      9,496       664  
FW2111589.UP.FTS.B, 30.84%, 4/24/27
      2,547       359  
FW2110860.UP.FTS.B, 31.09%, 4/24/27
      3,831       3,859  
L2931611.UP.FTS.B, 20.6%, 4/26/27
      12,928       12,795  
FW2934428.UP.FTS.B, 34.69%, 4/26/27
      28,253       8,275  
FW2934271.UP.FTS.B, 23.29%, 4/27/27
      10,120       10,099  
L2266091.UP.FTS.B, 16.62%, 5/16/27
      6,955       6,924  
FW2261915.UP.FTS.B, 18.74%, 5/16/27
      1,470       396  
L2264467.UP.FTS.B, 18.83%, 5/16/27
      16,701       16,552  
FW2262699.UP.FTS.B, 20.92%, 5/16/27
      4,487       4,456  
FW2261298.UP.FTS.B, 21.8%, 5/16/27
      25,537       24,211  
L2264897.UP.FTS.B, 22.07%, 5/16/27
      8,604       8,163  
FW2260888.UP.FTS.B, 23.94%, 5/16/27
      1,460       1,465  
FW2262937.UP.FTS.B, 29.28%, 5/16/27
      4,110       3,910  
FW2265797.UP.FTS.B, 31.5%, 5/16/27
      7,451       –  
L2268700.UP.FTS.B, 9.56%, 5/17/27
      2,979       2,957  
L2270469.UP.FTS.B, 12.65%, 5/17/27
      3,093       2,915  
FW2269695.UP.FTS.B, 16.79%, 5/17/27
      5,947       5,907  
L2267939.UP.FTS.B, 17.47%, 5/17/27
      2,034       2,017  
L2267967.UP.FTS.B, 19.43%, 5/17/27
      13,840       13,917  
FW2270380.UP.FTS.B, 20.17%, 5/17/27
      15,469       1,119  
L2269383.UP.FTS.B, 23.1%, 5/17/27
      3,160       3,025  
L2267445.UP.FTS.B, 24.36%, 5/17/27
      9,377       9,362  
FW2269543.UP.FTS.B, 24.98%, 5/17/27
      9,235       8,819  
L2269566.UP.FTS.B, 25.42%, 5/17/27
      4,343       4,378  
L2267258.UP.FTS.B, 25.45%, 5/17/27
      3,778       3,785  
L2270498.UP.FTS.B, 25.87%, 5/17/27
      9,408       9,030  
FW2271092.UP.FTS.B, 30.29%, 5/17/27
      775       54  
L2270155.UP.FTS.B, 14.46%, 5/28/27
      40,178       5,570  
FW2263763.UP.FTS.B, 30.01%, 5/28/27
      7,190       7,259  
L2270069.UP.FTS.B, 9.27%, 6/01/27
      4,872       4,833  
L2473325.UP.FTS.B, 8.62%, 6/20/27
      2,004       147  
L2473231.UP.FTS.B, 11.36%, 6/20/27
      4,708       4,668  
L2472806.UP.FTS.B, 24.05%, 6/20/27
      9,186       9,221  
L2474417.UP.FTS.B, 25.31%, 6/20/27
      2,595       2,600  
FW2475760.UP.FTS.B, 30.97%, 6/20/27
      14,457       14,514  
FW2474487.UP.FTS.B, 31.14%, 6/20/27
      21,848       1,540  
FW2475548.UP.FTS.B, 31.69%, 6/20/27
      4,032       –  
 
       
126       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2441819.UP.FTS.B, 8.4%, 6/21/27
    $ 7,444        $  7,391   
L2476061.UP.FTS.B, 10.91%, 6/21/27
      20,169       1,455  
L2477405.UP.FTS.B, 17.76%, 6/21/27
      17,911       2,621  
L2441362.UP.FTS.B, 20.97%, 6/21/27
      4,007       3,972  
L2477866.UP.FTS.B, 25.29%, 6/21/27
      7,657       2,251  
L2480361.UP.FTS.B, 25.41%, 6/21/27
      13,066       13,141  
FW2480920.UP.FTS.B, 27.54%, 6/21/27
      4,458       125  
FW2476973.UP.FTS.B, 28.09%, 6/21/27
      1,698       1,621  
FW2476585.UP.FTS.B, 28.45%, 6/21/27
      4,497       4,496  
FW2479731.UP.FTS.B, 10.13%, 7/06/27
      11,678       11,591  
L2655372.UP.FTS.B, 17.8%, 7/18/27
      6,712       963  
L2655430.UP.FTS.B, 19%, 7/18/27
       23,839       23,582  
L2654244.UP.FTS.B, 19.24%, 7/18/27
      7,862       7,402  
L2657584.UP.FTS.B, 25.37%, 7/18/27
      6,425       6,438  
FW2656345.UP.FTS.B, 30.5%, 7/18/27
      2,914       2,918  
FW2656456.UP.FTS.B, 31.18%, 7/18/27
      1,606       113  
L2783088.UP.FTS.B, 8.03%, 8/14/27
      8,335       2,068  
L2786749.UP.FTS.B, 9.46%, 8/14/27
      8,093       8,028  
FW2781831.UP.FTS.B, 11.07%, 8/14/27
      1,904       466  
L2784551.UP.FTS.B, 11.17%, 8/14/27
      37,836       37,526  
L2786075.UP.FTS.B, 11.95%, 8/14/27
      17,092       299  
L2755118.UP.FTS.B, 12.3%, 8/14/27
      9,146       9,065  
FW2784584.UP.FTS.B, 12.62%, 8/14/27
      28,296       28,005  
L2790624.UP.FTS.B, 13.63%, 8/14/27
      9,603       9,518  
L2785893.UP.FTS.B, 13.78%, 8/14/27
      1,639       1,623  
L2757062.UP.FTS.B, 14.27%, 8/14/27
      5,131       707  
L2783815.UP.FTS.B, 14.7%, 8/14/27
      13,932       1,001  
FW2783637.UP.FTS.B, 16.93%, 8/14/27
      6,440       6,059  
L2743727.UP.FTS.B, 16.97%, 8/14/27
      4,558       1,233  
L2780752.UP.FTS.B, 17.46%, 8/14/27
      30,919       30,584  
L2786485.UP.FTS.B, 17.46%, 8/14/27
      13,954       1,004  
L2785321.UP.FTS.B, 17.62%, 8/14/27
      6,173       184  
L2784632.UP.FTS.B, 17.63%, 8/14/27
      5,973       5,921  
L2784502.UP.FTS.B, 17.69%, 8/14/27
      26,612       25,070  
L2782152.UP.FTS.B, 17.81%, 8/14/27
      2,197       31  
L2768222.UP.FTS.B, 17.92%, 8/14/27
      21,660       1,568  
L2785895.UP.FTS.B, 17.97%, 8/14/27
      17,140       16,942  
FW2780686.UP.FTS.B, 18.04%, 8/14/27
      922       915  
FW2788100.UP.FTS.B, 18.55%, 8/14/27
      18,998       1,362  
L2781142.UP.FTS.B, 18.71%, 8/14/27
      5,253       5,219  
L2780510.UP.FTS.B, 19.3%, 8/14/27
      23,629       23,437  
L2780974.UP.FTS.B, 19.58%, 8/14/27
      7,816       7,368  
FW2782056.UP.FTS.B, 19.7%, 8/14/27
      6,505       6,431  
FW2779945.UP.FTS.B, 19.77%, 8/14/27
      5,052       719  
L2782244.UP.FTS.B, 19.84%, 8/14/27
      4,453       4,403  
L2785975.UP.FTS.B, 20.35%, 8/14/27
      10,203       733  
L2790430.UP.FTS.B, 20.37%, 8/14/27
      16,375       16,214  
L2782188.UP.FTS.B, 20.46%, 8/14/27
      11,302       11,331  
FW2788480.UP.FTS.B, 20.56%, 8/14/27
      5,195       5,164  
FW2786123.UP.FTS.B, 20.87%, 8/14/27
      2,518       2,505  
L2780075.UP.FTS.B, 21.23%, 8/14/27
      18,766       448  
FW2781956.UP.FTS.B, 21.26%, 8/14/27
      4,697       4,653  
FW2784824.UP.FTS.B, 21.8%, 8/14/27
      2,464       2,355  
L2782941.UP.FTS.B, 21.84%, 8/14/27
      2,524       2,511  
FW2785231.UP.FTS.B, 21.88%, 8/14/27
      8,566       2,433  
FW2785285.UP.FTS.B, 22%, 8/14/27
      8,313       8,221  
L2787540.UP.FTS.B, 22.81%, 8/14/27
      6,908       495  
FW2753534.UP.FTS.B, 22.82%, 8/14/27
      8,295       8,232  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2781557.UP.FTS.B, 22.9%, 8/14/27
    $  40,736      $   40,479   
L2784944.UP.FTS.B, 23.08%, 8/14/27
      19,296       19,082  
FW2786356.UP.FTS.B, 23.15%, 8/14/27
      11,417       10,850  
L2783934.UP.FTS.B, 23.32%, 8/14/27
      9,372       8,922  
L2761176.UP.FTS.B, 23.49%, 8/14/27
      5,042       4,985  
L2785703.UP.FTS.B, 23.84%, 8/14/27
      44,556       6,638  
L2779812.UP.FTS.B, 23.92%, 8/14/27
      5,815       5,742  
L2784400.UP.FTS.B, 23.97%, 8/14/27
      8,013       8,016  
L2782866.UP.FTS.B, 24.04%, 8/14/27
      8,887       8,857  
FW2789306.UP.FTS.B, 24.13%, 8/14/27
      26,777       –  
FW2782192.UP.FTS.B, 24.29%, 8/14/27
      31,836       31,505  
FW2780321.UP.FTS.B, 24.37%, 8/14/27
      5,202       4,946  
FW2787277.UP.FTS.B, 24.63%, 8/14/27
      9,240       8,832  
L2781314.UP.FTS.B, 24.73%, 8/14/27
      9,700       9,249  
FW2784538.UP.FTS.B, 24.77%, 8/14/27
      4,263       4,247  
FW2785616.UP.FTS.B, 24.82%, 8/14/27
      3,967       3,943  
FW2785575.UP.FTS.B, 24.85%, 8/14/27
      9,879       705  
FW2780263.UP.FTS.B, 25%, 8/14/27
      3,770       3,758  
FW2780348.UP.FTS.B, 25.03%, 8/14/27
      4,828       1,404  
L2788622.UP.FTS.B, 25.12%, 8/14/27
      7,264       7,242  
L2782121.UP.FTS.B, 25.17%, 8/14/27
      6,952       6,920  
L2756043.UP.FTS.B, 25.21%, 8/14/27
      6,702       476  
L2780085.UP.FTS.B, 25.23%, 8/14/27
      1,387       199  
FW2784695.UP.FTS.B, 25.44%, 8/14/27
      5,049       4,814  
L2781942.UP.FTS.B, 25.47%, 8/14/27
      2,551       181  
L2780799.UP.FTS.B, 25.48%, 8/14/27
      18,148       17,935  
L2784786.UP.FTS.B, 25.48%, 8/14/27
      24,041       23,929  
L2771933.UP.FTS.B, 25.49%, 8/14/27
      1,468       1,381  
FW2780856.UP.FTS.B, 25.75%, 8/14/27
      16,961       16,929  
L2783948.UP.FTS.B, 25.78%, 8/14/27
      6,343       6,067  
L2782068.UP.FTS.B, 25.85%, 8/14/27
      20,493       5,893  
FW2779937.UP.FTS.B, 25.86%, 8/14/27
      12,500       12,507  
FW2783121.UP.FTS.B, 26.17%, 8/14/27
      4,547       4,550  
FW2784157.UP.FTS.B, 26.28%, 8/14/27
      37,300       37,339  
FW2785999.UP.FTS.B, 26.29%, 8/14/27
      9,195       659  
FW2784070.UP.FTS.B, 26.88%, 8/14/27
      14,524       14,389  
FW2787336.UP.FTS.B, 27.09%, 8/14/27
      7,093       –  
FW2780366.UP.FTS.B, 27.22%, 8/14/27
      2,866       2,858  
FW2788769.UP.FTS.B, 27.54%, 8/14/27
      18,743       18,663  
FW2781744.UP.FTS.B, 27.73%, 8/14/27
      13,851       976  
FW2781052.UP.FTS.B, 28.05%, 8/14/27
      7,017       6  
FW2781808.UP.FTS.B, 28.36%, 8/14/27
      9,314       9,291  
FW2788496.UP.FTS.B, 28.72%, 8/14/27
      6,688       6,671  
FW2789128.UP.FTS.B, 29.06%, 8/14/27
      11,720       833  
FW2784031.UP.FTS.B, 29.77%, 8/14/27
      8,778       8,401  
FW2773545.UP.FTS.B, 29.8%, 8/14/27
      1,757       1,754  
FW2784677.UP.FTS.B, 29.98%, 8/14/27
      924       881  
FW2786432.UP.FTS.B, 29.98%, 8/14/27
      5,408       5,139  
FW2787766.UP.FTS.B, 30.16%, 8/14/27
      4,907       4,888  
FW2784402.UP.FTS.B, 30.8%, 8/14/27
      3,648       3,537  
FW2786761.UP.FTS.B, 30.87%, 8/14/27
      2,099       2,098  
FW2788878.UP.FTS.B, 30.91%, 8/14/27
      2,591       2,577  
FW2783458.UP.FTS.B, 30.93%, 8/14/27
      933       935  
FW2786399.UP.FTS.B, 30.99%, 8/14/27
      5,824       5,843  
FW2786026.UP.FTS.B, 31.07%, 8/14/27
      12,351       –  
FW2787940.UP.FTS.B, 31.09%, 8/14/27
      7,083       7,074  
FW2784788.UP.FTS.B, 31.17%, 8/14/27
      6,357       6,328  
FW2784384.UP.FTS.B, 31.2%, 8/14/27
      1,990       1,986  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       127
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
FW2788027.UP.FTS.B, 31.2%, 8/14/27
    $ 6,106      $   6,101   
FW2788875.UP.FTS.B, 31.21%, 8/14/27
       12,232       852  
FW2781391.UP.FTS.B, 31.24%, 8/14/27
      7,948       –  
FW2785558.UP.FTS.B, 31.27%, 8/14/27
      3,487       3,476  
FW2781161.UP.FTS.B, 32.42%, 8/14/27
      5,903       5,890  
FW2780086.UP.FTS.B, 33.32%, 8/14/27
      2,341       2,348  
FW2788584.UP.FTS.B, 22.8%, 8/16/27
      10,785       10,721  
L2785554.UP.FTS.B, 23.22%, 8/16/27
      11,014       10,351  
FW2789307.UP.FTS.B, 29.22%, 8/16/27
      2,233       2,239  
L2788641.UP.FTS.B, 8.88%, 8/18/27
      8,171       7,671  
L2789222.UP.FTS.B, 25.36%, 8/20/27
      1,377       1,371  
FW2788124.UP.FTS.B, 28.64%, 8/20/27
      8,525       8,115  
FW1890892.UP.FTS.B, 16.8%, 8/21/27
      7,680       161  
FW2781849.UP.FTS.B, 21.39%, 8/21/27
      8,531       8,017  
FW2784943.UP.FTS.B, 17.86%, 8/22/27
      8,849       8,721  
L2780672.UP.FTS.B, 25.73%, 8/22/27
      11,272       808  
FW2789146.UP.FTS.B, 27.73%, 8/25/27
      3,473       3,469  
FW2779425.UP.FTS.B, 21.27%, 8/26/27
      9,722       701  
L2783196.UP.FTS.B, 22.61%, 8/28/27
      42,565       42,300  
FW2786834.UP.FTS.B, 31.16%, 8/28/27
      4,494       2,682  
FW2017549.UP.FTS.B, 31.31%, 9/10/27
      6,917       489  
L2929885.UP.FTS.B, 11.42%, 9/11/27
      33,322       33,030  
L2927750.UP.FTS.B, 13.53%, 9/11/27
      6,153       6,094  
L2931559.UP.FTS.B, 14.36%, 9/11/27
      34,616       34,348  
FW2930646.UP.FTS.B, 15.55%, 9/11/27
      3,978       3,940  
L2931231.UP.FTS.B, 16.75%, 9/11/27
      18,073       17,921  
L2930149.UP.FTS.B, 17.22%, 9/11/27
      7,992       4,237  
FW2931505.UP.FTS.B, 18.79%, 9/11/27
      11,687       3,003  
L2930569.UP.FTS.B, 19.46%, 9/11/27
      18,910       4,875  
L2928998.UP.FTS.B, 20.3%, 9/11/27
      16,126       15,935  
L2929352.UP.FTS.B, 20.34%, 9/11/27
      8,515       8,420  
FW2928720.UP.FTS.B, 21.08%, 9/11/27
      43,770       43,169  
L2929710.UP.FTS.B, 21.35%, 9/11/27
      10,621       766  
L2929679.UP.FTS.B, 24.13%, 9/11/27
      30,704       30,538  
L2931286.UP.FTS.B, 24.62%, 9/11/27
      15,769       15,621  
FW2931412.UP.FTS.B, 24.72%, 9/11/27
      4,448       2,480  
L2928512.UP.FTS.B, 24.85%, 9/11/27
      9,140       9,076  
L2931522.UP.FTS.B, 25.34%, 9/11/27
      10,744       10,692  
L2929019.UP.FTS.B, 25.49%, 9/11/27
      3,058       3,042  
L2928199.UP.FTS.B, 25.64%, 9/11/27
      3,762       270  
FW2928712.UP.FTS.B, 25.91%, 9/11/27
      3,251       929  
FW2930454.UP.FTS.B, 25.93%, 9/11/27
      4,908       349  
L2930287.UP.FTS.B, 26.84%, 9/11/27
      14,130       14,139  
FW2926514.UP.FTS.B, 27.25%, 9/11/27
      21,150       –  
FW2928696.UP.FTS.B, 27.59%, 9/11/27
      3,673       3,657  
FW2929186.UP.FTS.B, 28.7%, 9/11/27
      3,499       3,499  
FW2927928.UP.FTS.B, 29.77%, 9/11/27
      977       976  
FW2931217.UP.FTS.B, 29.81%, 9/11/27
      8,464       8,451  
FW2930626.UP.FTS.B, 30.39%, 9/11/27
      373       367  
FW2929535.UP.FTS.B, 30.91%, 9/11/27
      28,228       28,099  
FW2928155.UP.FTS.B, 30.92%, 9/11/27
      1,972       1,962  
FW2935338.UP.FTS.B, 9.15%, 9/12/27
      37,236       36,954  
L2932384.UP.FTS.B, 13.22%, 9/12/27
      2,630       2,608  
L2932973.UP.FTS.B, 16.22%, 9/12/27
      2,680       2,657  
L2934264.UP.FTS.B, 17.04%, 9/12/27
      5,421       5,358  
L2931006.UP.FTS.B, 23.73%, 9/12/27
      6,641       6,615  
FW2933357.UP.FTS.B, 24.77%, 9/12/27
      2,920       2,904  
FW2933345.UP.FTS.B, 25.32%, 9/12/27
      6,919       1,982  
Description
   
Principal
Amount
  
Value
 
     
Upstart Network, Inc. (continued)
     
FW2932559.UP.FTS.B, 27.07%, 9/12/27
    $  12,463      $   –   
FW2932656.UP.FTS.B, 27.65%, 9/12/27
      2,398       2,380  
FW2933555.UP.FTS.B, 30.59%, 9/12/27
      994       991  
L2909526.UP.FTS.B, 16.64%, 9/15/27
      5,614       5,555  
FW2929902.UP.FTS.B, 27.28%, 9/17/27
      4,653       1,333  
FW2932783.UP.FTS.B, 31.23%, 9/18/27
      10,223       10,227  
L2111342.UP.FTS.B, 25.1%, 9/24/27
      1,479       1,476  
L2927958.UP.FTS.B, 15.19%, 9/26/27
      13,377       13,236  
FW2266529.UP.FTS.B, 27.38%, 10/16/27
      5,920       5,928  
FW2265508.UP.FTS.B, 30.96%, 10/16/27
      2,601       761  
FW2268177.UP.FTS.B, 20.82%, 10/17/27
      2,803       805  
FW2269400.UP.FTS.B, 29.19%, 10/17/27
      4,550       4,578  
FW2269705.UP.FTS.B, 29.7%, 10/17/27
      4,102       4,117  
FW2267501.UP.FTS.B, 31.02%, 10/17/27
      3,090       2,957  
FW2476186.UP.FTS.B, 6.33%, 11/21/27
      16,757       16,648  
L2782861.UP.FTS.B, 13%, 1/14/28
      2,003       1,987  
L2781714.UP.FTS.B, 20.56%, 1/14/28
      21,999       3,181  
FW2787933.UP.FTS.B, 20.81%, 1/14/28
      643       633  
L2781510.UP.FTS.B, 21.9%, 1/14/28
      3,880       3,848  
FW2786104.UP.FTS.B, 22.87%, 1/14/28
      3,257       68  
L2788591.UP.FTS.B, 23.29%, 1/14/28
      14,276       1,029  
FW2779683.UP.FTS.B, 24.26%, 1/14/28
      34,824       33,099  
L2786161.UP.FTS.B, 25.2%, 1/14/28
      3,902       3,835  
L2789126.UP.FTS.B, 25.49%, 1/14/28
      3,520       3,490  
FW2788205.UP.FTS.B, 26.7%, 1/14/28
      9,391       671  
FW2784994.UP.FTS.B, 27.31%, 1/14/28
      4,730       333  
FW2781921.UP.FTS.B, 27.75%, 1/14/28
      3,268       3,252  
FW2785839.UP.FTS.B, 27.97%, 1/14/28
      12,026       846  
FW2782539.UP.FTS.B, 30.4%, 1/14/28
      23,429       1,636  
FW2785651.UP.FTS.B, 30.68%, 1/14/28
      1,735       123  
FW2782215.UP.FTS.B, 30.96%, 1/14/28
      1,249       88  
FW2786173.UP.FTS.B, 31.15%, 1/14/28
      9,314       9,227  
FW2784038.UP.FTS.B, 32.17%, 1/14/28
      25,022       23,629  
FW2789113.UP.FTS.B, 34.45%, 1/14/28
      11,806       11,744  
L2785139.UP.FTS.B, 21.47%, 1/21/28
      7,778       7,687  
FW2931576.UP.FTS.B, 23.07%, 2/11/28
      13,320       13,159  
FW2931871.UP.FTS.B, 28.6%, 2/11/28
      14,472       8,566  
L2016976.UP.FTS.B, 17.93%, 11/10/28
      2,865       2,865  
L2018384.UP.FTS.B, 24.86%, 11/10/28
      5,906       5,918  
L2471413.UP.FTS.B, 14.77%, 1/20/29
      20,466       20,425  
L2474231.UP.FTS.B, 18.07%, 1/20/29
      7,983       7,975  
L2475358.UP.FTS.B, 19.49%, 1/20/29
      5,060       5,059  
L2470272.UP.FTS.B, 21.01%, 1/20/29
      5,115       5,111  
L2471993.UP.FTS.B, 21.29%, 1/20/29
      6,050       6,045  
L2473174.UP.FTS.B, 22.65%, 1/20/29
      7,725       7,744  
L2473102.UP.FTS.B, 23.59%, 1/20/29
      5,176       5,192  
L2474341.UP.FTS.B, 25.18%, 1/20/29
      986       13  
L2475105.UP.FTS.B, 26.03%, 1/20/29
      1,995       138  
L2477875.UP.FTS.B, 11.39%, 1/21/29
      7,994       7,970  
L2480052.UP.FTS.B, 11.51%, 1/21/29
      1,720       1,715  
L2476569.UP.FTS.B, 12.1%, 1/21/29
      8,411       8,385  
L2481459.UP.FTS.B, 19.4%, 1/21/29
      16,565       16,557  
L2478078.UP.FTS.B, 21.42%, 1/21/29
      4,931       4,939  
L2479722.UP.FTS.B, 22.71%, 1/21/29
      4,832       4,830  
L2478021.UP.FTS.B, 24.55%, 1/21/29
      8,669       8,699  
L2481996.UP.FTS.B, 25.8%, 1/21/29
      1,308       1,309  
L2476521.UP.FTS.B, 26.04%, 1/21/29
      870       873  
L2780235.UP.FTS.B, 24.51%, 3/14/29
      13,543       1,949  
 
       
128       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
SCHEDULE OF INVESTMENTS
 
Franklin Limited Duration Income Trust
(continued)
 
Description
   
Principal
Amount
  
Value
Marketplace Loans
(continued)
     
Upstart Network, Inc. (continued)
     
L2784369.UP.FTS.B, 25.66%, 3/14/29
    $ 1,601      $   1,597   
L2783362.UP.FTS.B, 25.93%, 3/14/29
      1,422       1,419  
L2781012.UP.FTS.B, 26.33%, 3/14/29
      6,741       6,728  
L2893504.UP.FTS.B, 25.96%, 4/11/29
      827       823  
L2927882.UP.FTS.B, 26.42%, 4/11/29
      4,072       4,059  
L2928275.UP.FTS.B, 26.91%, 4/11/29
      3,365       3,351  
L2472122.UP.FTS.B, 18.59%, 6/20/29
      3,711       3,707  
L2476272.UP.FTS.B, 26.5%, 6/21/29
      2,205       36  
L2476782.UP.FTS.B, 26.59%, 6/21/29
      2,199       2,200  
L2481405.UP.FTS.B, 27.17%, 6/21/29
      5,383       1,492  
L2781565.UP.FTS.B, 27%, 8/14/29
      2,511       2,524  
L2928953.UP.FTS.B, 25.86%, 9/11/29
      2,840       2,825  
L2899443.UP.FTS.B, 27.44%, 9/11/29
      28,021       16,444  
    
 
 
 
       16,711,857  
    
 
 
 
Total Marketplace Loans (Cost $66,141,940)
 
  
$
61,197,754
 
    
 
 
 
 
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       129
FRANKLIN LIMITED DURATION INCOME TRUST
FINANCIAL STATEMENTS
 
Statement of Assets and Liabilities
December 31, 2023
 
    
Franklin
Limited
Duration
Income Trust
  
 
  
Assets:
   
Investments in securities:
   
Cost - Unaffiliated issuers
      $429,416,034  
Cost - Non-controlled affiliates (Note 5c)
      9,910,192  
  
 
 
  
Value - Unaffiliated issuers
      $410,731,996  
Value - Non-controlled affiliates (Note 5c)
      9,910,192  
Cash
      2,548,438  
Restricted cash for TBA transactions (Note 1d)
      271,000  
Receivables:
   
Investment securities sold
      357,980  
Interest
      4,661,903  
  
 
 
  
Total assets
      428,481,509  
  
 
 
  
Liabilities:
   
Payables:
   
Investment securities purchased
      26,504,151  
Credit facility (Note 3)
      97,500,000  
Management fees
      245,458  
Trustees’ fees and expenses
      344  
Accrued interest (Note 3)
      480,675  
Reverse repurchase agreements (Note 4)
      12,335,804  
Deposits from brokers for:
   
Reverse repurchase agreements (Note 4)
      450,000  
TBA transactions
      271,000  
Accrued expenses and other liabilities
      495,708  
  
 
 
  
Total liabilities
      138,283,140  
  
 
 
  
Net assets, at value
      $290,198,369  
  
 
 
  
Net assets consist of:
   
Paid-in capital
      $360,845,607  
Total distributable earnings (losses)
      (70,647,238)  
  
 
 
  
Net assets, at value
          $290,198,369  
  
 
 
  
Shares outstanding
      40,405,374  
  
 
 
  
Net asset value per share
      $7.18  
  
 
 
  
 
       
130       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
FINANCIAL STATEMENTS
 
Statement of Operations
for the year ended December 31, 2023
 
    
Franklin
Limited
Duration
Income Trust
  
 
  
Investment income:
   
Dividends:
   
Unaffiliated issuers
      $187,888  
Non-controlled affiliates (Note 5c)
      437,902  
Interest:
   
Unaffiliated issuers
      37,237,188  
  
 
 
  
Total investment income
      37,862,978  
  
 
 
  
Expenses:
   
Management fees (Note 5a)
      2,935,305  
Transfer agent fees
      31,563  
Custodian fees (Note 6)
      10,024  
Reports to shareholders fees
      143,280  
Registration and filing fees
      21,725  
Professional fees
      247,540  
Trustees’ fees and expenses
      3,304  
Marketplace lending fees (Note 1g)
      1,207,021  
Interest expense (Note 3 and 4)
      6,766,565  
Other
      290,253  
  
 
 
  
Total expenses
      11,656,580  
Expense reductions (Note 6)
      (3,689)  
Expenses waived/paid by affiliates (Note 5c)
      (32,512)  
  
 
 
  
Net expenses
      11,620,379  
  
 
 
  
Net investment income
      26,242,599  
  
 
 
  
Realized and unrealized gains (losses):
   
Net realized gain (loss) from:
   
Investments:
   
Unaffiliated issuers
      (20,501,408)  
Foreign currency transactions
      (13,341)  
TBA sale commitments
      108,912  
  
 
 
  
Net realized gain (loss)
      (20,405,837)  
  
 
 
  
Net change in unrealized appreciation (depreciation) on:
   
Investments:
   
Unaffiliated issuers
      27,615,942  
Translation of other assets and liabilities denominated in foreign currencies
      (982)  
Unfunded loan commitments
      95,061  
  
 
 
  
Net change in unrealized appreciation (depreciation)
          27,710,021  
  
 
 
  
Net realized and unrealized gain (loss)
      7,304,184  
  
 
 
  
Net increase (decrease) in net assets resulting from operations
      $33,546,783  
  
 
 
  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       131
FRANKLIN LIMITED DURATION INCOME TRUST
FINANCIAL STATEMENTS
 
Statements of Changes in Net Assets
 
   
Franklin Limited Duration Income Trust
  
       
   
Year Ended
December 31, 2023
     
Year Ended
December 31, 2022
  
   
Increase (decrease) in net assets:
     
Operations:
     
Net investment income
     $26,242,599        $24,303,739  
Net realized gain (loss)
     (20,405,837)        (7,581,652)  
Net change in unrealized appreciation (depreciation)
     27,710,021        (45,953,753)  
       
Net increase (decrease) in net assets resulting from operations
     33,546,783        (29,231,666)  
       
Distributions to shareholders
     (16,487,665)        (22,610,267)  
Distributions to shareholders from tax return of capital
     (12,179,948)        (8,286,675)  
       
Total distributions to shareholders
     (28,667,613)        (30,896,942)  
       
Capital share transactions (Note 2)
     —        75,010,981  
       
Net increase (decrease) in net assets
     4,879,170        14,882,373  
Net assets:
     
Beginning of year
     285,319,199        270,436,826  
       
End of year
     $290,198,369        $285,319,199  
       
 
       
132       Annual Report     The accompanying notes are an integral part of these financial statements.    franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
FINANCIAL STATEMENTS
 
Statement of Cash Flows
for the year ended December 31, 2023
 
    
Franklin
Limited
Duration
Income Trust
  
 
  
Cash flow from operating activities:
   
Dividends, interest and other income received
      $36,371,446  
Operating expenses paid
      (4,770,523)  
Interest expense paid
      (6,691,742)  
Cash on deposit from broker
      105,000  
Realized loss on foreign currency transactions
      (13,341)  
Purchases of long-term investments
         (422,315,571)  
Sales and maturities of long-term investments
      435,853,659  
Net purchases of short-term investments
      (8,014,448)  
  
 
 
  
Cash provided - operating activities
      30,524,480  
  
 
 
  
Cash flow from financing activities:
   
Proceeds from credit facility
      97,500,000  
Repayment of credit facility
      (83,000,000)  
Net change in reverse repurchase agreements
      (22,120,566)  
Cash distributions to shareholders
      (28,667,613)  
  
 
 
  
Cash used - financing activities
      (36,288,179)  
  
 
 
  
Net increase (decrease) in cash
      (5,763,699)  
Cash at beginning of year
      8,583,137  
  
 
 
  
Cash at end of year
      $2,819,438  
  
 
 
  
Reconciliation of Net Increase (Decrease) in Net Assets resulting from Operating Activities to Net Cash
Provided by Operating Activities
   
for the year ended December 31, 2023
   
Net increase (decrease) in net assets resulting from operating activities
      $33,546,783  
Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided by operating activities:
   
Net amortization income
      (831,007)  
Reinvested dividends from non-controlled affiliates
      (437,902)  
Interest received in the form of securities
      (218,241)  
Decrease in dividends and interest receivable and other assets
      214,841  
Increase in cash on deposit from broker
      105,000  
Increase in interest payable
      74,823  
Increase in payables to affiliates, accrued expenses, and other liabilities
      83,291  
Increase in payable for investments purchased
      1,334,052  
Decrease in receivable for investments sold
      984,069  
Decrease in cost of investments
      23,284,713  
Increase in unrealized appreciation on investments.
      (27,615,942)  
  
 
 
  
Net cash provided by operating activities
      $30,524,480  
  
 
 
  
 
       
franklintempleton.com    The accompanying notes are an integral part of these financial statements.     Annual Report       133
FRANKLIN LIMITED DURATION INCOME TRUST
 
Notes to Financial Statements
 
1. Organization and Significant Accounting Policies
Franklin Limited Duration 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.
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 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund’s Board of Trustees (the Board), the Board has designated the Fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued
according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.
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. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.
Investments in open-end mutual funds are valued at the closing NAV.
The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund’s business day. Events can occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held
 
       
134       Annual Report        franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
1. Organization and Significant Accounting Policies
(continued)
a. Financial Instrument Valuation
(continued)
by the Fund. As a result, differences may arise between the value of the Fund’s portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the value of the Fund’s portfolio securities to the latest indications of fair value at 4 p.m. Eastern time.
When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund’s NAV is not calculated, which could result in differences between the value of the Fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.
b. Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities
transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
c. Securities Purchased on a Delayed Delivery and TBA Basis
The Fund purchases securities on a delayed delivery and to-be-announced (TBA) basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. Collateral has been pledged and/or received for open TBA trades.
d. Restricted Cash
At December 31, 2023, the Fund held restricted cash in connection with certain investments. Restricted cash is held in a segregated account with the Fund’s custodian and/ or counterparty broker and is reflected in the Statement of Assets and Liabilities.
e. Mortgage Dollar Rolls
The Fund enters into mortgage dollar rolls, typically on a TBA basis. Mortgage dollar rolls are agreements between the Fund and a financial institution where the Fund sells (or buys) mortgage-backed securities for delivery on a specified date and simultaneously contracts to repurchase (or sell) substantially similar (same type, coupon, and maturity) securities at a future date and at a predetermined price. Gains or losses are realized on the initial sale, and the difference between the repurchase price and the sale price is recorded as an unrealized gain or loss to the Fund upon entering into the mortgage dollar roll. In addition, the Fund may invest the cash proceeds that are received from the initial sale. During the period between the sale and repurchase, the Fund is not entitled to principal and interest paid on the mortgage backed securities. Transactions in mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to the Fund’s portfolio turnover rate. The risks of mortgage dollar roll transactions
 
       
franklintempleton.com       Annual Report       135
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
1. Organization and Significant Accounting Policies
(continued)
e. Mortgage Dollar Rolls
(continued)
include the potential inability of the counterparty to fulfill its obligations.
f. Senior Floating Rate Interests
The Fund invests in senior secured corporate loans that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, or the London Interbank Offered Rate (LIBOR), or the Secured Overnight Financing Rate (SOFR). Senior secured corporate loans often require prepayment of principal from excess cash flows or at the discretion of the borrower. As a result, actual maturity may be substantially less than the stated maturity. Senior secured corporate loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.
g. Marketplace Lending
The Fund invests in loans obtained through marketplace lending. Marketplace lending, sometimes referred to as peer-to-peer lending, is a method of financing in which a platform facilitates the borrowing and lending of money. It is considered an alternative to more traditional forms of debt financing. Prospective borrowers are required to provide certain financial information to the platform, including, but not limited to, the intended purpose of the loan, income, employment information, credit score, debt-to-income ratio, credit history (including defaults and delinquencies) and home ownership status. Based on this and other information, the platform assigns its own credit rating to the borrower and sets the interest rate for the requested loan. The platform then posts the borrowing requests online, giving investors the opportunity to purchase the loans based on factors such as the interest rates and expected yields of the loans, the borrower background data, and the credit rating assigned by the platform.
When the Fund invests in these loans, it usually purchases all rights, title and interest in the loans pursuant to a loan purchase agreement directly from the platform. The platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to the Fund, less any servicing fees assessed. The servicer is typically responsible for taking actions against a borrower in the event
of a default on the loan. Servicing fees, along with other administration fees, are included in marketplace lending fees in the Statement of Operations. The Fund, as an investor in a loan, would be entitled to receive payment only from the borrower and would not be able to recover any deficiency from the platform, except under very narrow circumstances. The loans in which the Fund may invest are unsecured.
h. 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 be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
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 December 31, 2023, 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). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.
i. 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. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Paydown gains and losses are recorded as an adjustment to interest income.
 
       
136       Annual Report        franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
1. Organization and Significant Accounting Policies
(continued)
i. Security Transactions, Investment Income, Expenses and Distributions
(continued)
The Fund may receive other income from investments in senior secured corporate loans or unfunded commitments, including amendment fees, consent fees or commitment fees. These fees are recorded as income when received by the Fund. Facility fees are recognized as income over the expected term of the loan. 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. The Fund employs a managed distribution policy whereby the Fund will make monthly distributions to common shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares. Effective January 1, 2024, the Board has implemented a new managed distribution plan where the Fund will distribute a level distribution amount to shareholders. The Fund intends to distribute $0.0615 per share monthly. The Fund’s distribution level may be changed by the Board in the future. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted and, if necessary, a return of capital.
 
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.
j. 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.
k. 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 December 31, 2023, there were an unlimited number of shares authorized (without par value).
Under the Board approved open-market share repurchase program, the Fund may purchase, from time to time, Fund shares in open-market transactions, at the discretion of management. Since the inception of the program, the Fund has repurchased a total of 242,561 shares. During the years ended December 31, 2023 and 2022, there were no shares repurchased. Transactions in the Fund’s shares were as follows:
 
      
Year Ended
December 31, 2023
       
Year Ended
December 31, 2022
  
      
Shares  
       
Amount   
       
Shares   
       
Amount    
  
 
  
Shares sold
        —          $—          10,250,000          $74,970,896*  
Shares issued in reinvestment of distributions
        —          —          4,479          40,085  
Net increase (decrease)
          —          $—          10,254,479          $75,010,981  
*Net of rights offering costs of $331,277.
 
       
franklintempleton.com       Annual Report       137
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
2. Shares of Beneficial Interest
(continued)
On January 14, 2022, the Fund commenced a transferrable rights offering to common shareholders of record on January 19, 2022 (record date), to subscribe for up to an aggregate of 10,250,000 of the Fund’s common shares. The offering expired on February 17, 2022. Each record date shareholder received one right for each outstanding whole common share held, which entitled their holders to purchase one new Fund common share for every three rights held. In addition, record date shareholders who fully exercised their rights (other than those rights that could not be exercised because they represented the right to acquire less than one common share) were entitled to subscribe for additional common shares of the Fund that remained unsubscribed as a result of any unexercised rights. The subscription price per common share was determined based upon a formula equal to 92.5% of the average of the last reported sales price of the Fund’s common shares on the NYSE American Stock Exchange on the offering expiration date, and each of the four preceding trading days, subject to a minimum subscription price of 90% of the Fund’s net asset value per common share on the offering expiration date. The rights holders subscribed for all 10,250,000 common shares at an average price per share of $7.61. Gross proceeds from the offering were $78,033,340. The Fund received the gross proceeds of the offering minus the dealer manager fee and other expenses of the offering totaling $3,062,444.
3. Credit Facility
On April 26, 2023, the Fund entered into a revolving senior secured margin loan agreement (Credit Facility) with The Bank of New York Mellon (BNYM) pursuant to which the Fund may borrow up to a maximum commitment amount of $100 million. The Credit Facility provides a source of funds to the Fund to purchase additional investments as part of its investment strategy. Prior to April 26, 2023, the Fund had a credit facility agreement with BNP Paribas Prime Brokerage International Ltd., which permitted the Fund to borrow up to a maximum commitment amount of $100 million.
Under the terms of the Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund at the applicable rate, pay an annual commitment fee of 0.25% based on the unused portion of the Credit Facility whenever the outstanding borrowings are less than 75% of the commitment amount. Collateral pledged by the Fund associated with outstanding borrowings is held in a segregated account with the Fund’s custodian and the securities are indicated in the Schedule of Investments.
At December 31, 2023, the Fund had outstanding borrowings of $97,500,000, which approximates fair value, and incurred interest expenses at a rate equal to the Overnight Bank Funding Rate (OBFR) plus 0.80%. The borrowings are categorized as Level 2 within the fair value hierarchy. The average borrowings and the average interest rate for the days with outstanding borrowings during the year ended December 31, 2023, were $86,460,576 and 5.98%, respectively.
4. Reverse Repurchase Agreements
The Fund enters into reverse repurchase agreements, under which the Fund sells securities in exchange for cash to counterparties, with a simultaneous agreement to repurchase the same or substantially the same security at a mutually agreed-upon date and price. Such a transaction is accounted for as a secured borrowing by the Fund, collateralized by securities for which the Fund retains possession. The gross amount of cash received in exchange for securities sold plus accrued interest payments to be made by the Fund to counterparties are reflected as a payable for Reverse repurchase agreements on the Statement of Assets and Liabilities. Interest payments made on reverse repurchase agreements are recorded as a component of interest expense on the Statement of Operations. Reverse repurchase agreements are subject to the terms of Master Repurchase Agreements (MRAs) with approved counterparties (buyers). The MRAs contain various provisions, including but not limited to events of default and maintenance of collateral for reverse repurchase agreements. In the event of default by either the buyer or the Fund, certain MRAs may permit the non-defaulting party to net and close-out all transactions, if any, traded under such agreements. The buyer may sell securities the Fund pledged as collateral and apply the proceeds towards the reverse repurchase price and any other amounts owed by the Fund in the event of default by the Fund.
 
       
138       Annual Report        franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
4. Reverse Repurchase Agreements
(continued)
This could involve costs or delays in addition to a loss on the securities if their value falls below the reverse repurchase price owed by the Fund. The Fund monitors collateral fair value for the reverse repurchase agreement, including accrued interest, over the life of the agreement, and when necessary, delivers or receives cash or securities in order to manage credit exposure and liquidity.
The remaining contractual maturity of the repurchase agreements totaling $12,354,822 are up to 30 days.
The Fund pledged corporate bonds, commercial mortgage-backed securities and residential mortgage-backed securities as the collateral valued at $14,838,656 which has been identified on the Schedule of Investments. Any cash collateral that has been delivered to manage credit exposure and liquidity for reverse repurchase agreements is reflected as a payable for deposits from brokers for reverse repurchase agreements on the Statement of Assets and Liabilities.
For the year ended December 31, 2023, the average borrowings and the average interest rate were $25,268,124 and 6.1%, respectively.
5. 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:
 
Subsidiary
  
Affiliation
Franklin Advisers, Inc. (Advisers)   Investment manager
Franklin Templeton Services, LLC (FT Services)   Administrative manager
a. Management Fees
The Fund pays an investment management fee, calculated daily and paid monthly, to Advisers of 0.70% per year of the average daily managed assets. Managed assets are defined as the Fund’s gross asset value minus the sum of accrued liabilities, other than the principal amount of the Credit Facility and other financial leverage.
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. 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 paid directly or indirectly by each affiliate. During the year ended December 31, 2023, the Fund held investments in affiliated management investment companies as follows:
 
       
franklintempleton.com       Annual Report       139
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
5. Transactions with Affiliates
(continued)
c. Investments in Affiliated Management Investment Companies
(continued)
 
    
Value at
Beginning
of Year
    
Purchases
    
Sales
    
Realized Gain
(Loss)
    
Net Change in
Unrealized
Appreciation
(Depreciation)
    
Value
at End
of Year
    
Number of
Shares Held
at End
of Year
    
Investment
Income
  
Franklin Limited Duration Income Trust
 
            
Non-Controlled Affiliates
                
                  Dividends  
               
 
 
  
Institutional Fiduciary Trust - Money Market Portfolio, 5.034%       $1,457,842       $146,766,182       $(138,313,832)       $—       $—       $9,910,192       9,910,192         $437,902  
 
 
 
      
 
 
  
Total Affiliated Securities
       $1,457,842       $146,766,182       $(138,313,832)       $—       $—       $9,910,192           $437,902  
 
 
 
      
 
 
  
6. Expense Offset Arrangement
The Fund has previously entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s custodian expenses. During the year ended December 31, 2023, the custodian fees were reduced as noted in the Statement of Operations. Effective July 10, 2023, earned credits, if any, will be recognized as income.
7. Income Taxes
For tax purposes, capital losses may be carried over to offset future capital gains.
At December 31, 2023, the capital loss carryforwards were as follows:
 
Capital loss carryforwards not subject to expiration:
   
Short term
      $6,356,260  
Long term
      44,586,199  
  
 
 
  
Total capital loss carryforwards
         $50,942,459  
  
 
 
  
The tax character of distributions paid during the years ended December 31, 2023 and 2022, was as follows:
 
     
2023
     
2022
  
Distributions paid from:
      
Ordinary income
      $16,487,665        $22,610,267  
Return of capital
      12,179,948        8,286,675  
  
 
 
  
        $28,667,613           $30,896,942  
  
 
 
  
At December 31, 2023, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:
 
Cost of investments
      $428,195,013  
  
 
 
  
Unrealized appreciation
      $5,720,444  
Unrealized depreciation
      (25,425,223)  
  
 
 
  
Net unrealized appreciation (depreciation)
         $(19,704,779)  
  
 
 
  
 
       
140       Annual Report        franklintempleton.com
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
7. Income Taxes
(continued)
Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of defaulted securities, payments-in-kind and bond discounts and premiums.
8. Investment Transactions
Purchases and sales of investments (excluding short term securities) for the year ended December 31, 2023, aggregated $423,649,623 and $446,812,915, respectively.
9. Credit Risk and Defaulted Securities
At December 31, 2023, the Fund had 72.1% of its portfolio invested in high yield securities, senior secured floating rate loans, or other securities rated below investment grade and unrated securities. These securities may be more sensitive to economic conditions causing greater price volatility and are potentially subject to a greater risk of loss due to default than higher rated securities.
The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At December 31, 2023, the aggregate value of these securities was $599,895 representing 0.2% of the Fund’s net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Schedule of Investments.
10. 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 December 31, 2023, in valuing the Fund’s assets and liabilities carried at fair value, is as follows:
 
      
  Level 1
 
       
  Level 2
 
       
  Level 3
 
       
  Total
 
  
 
  
Franklin Limited Duration Income Trust
                    
Assets:
                    
Investments in Securities:
                    
Common Stocks:
                    
Hotels, Restaurants & Leisure
        $—          $4,553          $—          $4,553  
Independent Power and Renewable Electricity Producers
        213,632          1,088,000          —          1,301,632  
Metals & Mining
        295,729          —          —          295,729  
 
       
franklintempleton.com       Annual Report       141
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
10. Fair Value Measurements
(continued)
 
      
  Level 1
 
       
  Level 2
 
       
  Level 3
 
       
  Total
 
  
 
  
Franklin Limited Duration Income Trust
(continued)
                    
Assets:
(continued)
                    
Investments in Securities:
                    
Common Stocks:
                    
Oil, Gas & Consumable Fuels
        $3,963          $211,528          $—          $215,491  
Preferred Stocks
        —          886          —          886  
Warrants
        1,861          —          —          1,861  
Corporate Bonds:
                    
Aerospace & Defense
        —          899,359          —          899,359  
Automobile Components
        —          3,693,784          —          3,693,784  
Automobiles
        —          1,268,423          —          1,268,423  
Banks
        —          1,516,875          —          1,516,875  
Beverages
        —          645,783          —          645,783  
Biotechnology
        —          369,193          —          369,193  
Broadline Retail
        —          932,585          —          932,585  
Building Products
        —          5,333,800          —          5,333,800  
Capital Markets
        —          466,819          —          466,819  
Chemicals
        —          6,359,426          —          6,359,426  
Commercial Services & Supplies
        —          2,609,968          —          2,609,968  
Communications Equipment
        —          235,875          —          235,875  
Construction & Engineering
        —          1,035,946          —          1,035,946  
Consumer Finance
        —          2,879,031          —          2,879,031  
Consumer Staples Distribution & Retail
        —          721,427          —          721,427  
Containers & Packaging
        —          8,494,925          —          8,494,925  
Distributors
        —          842,927          —          842,927  
Diversified Consumer Services
        —          1,165,658          —          1,165,658  
Diversified REITs
        —          2,089,241          —          2,089,241  
Diversified Telecommunication Services
        —          987,493          —          987,493  
Electric Utilities
        —          1,656,972          —          1,656,972  
Electrical Equipment
        —          2,150,923          —          2,150,923  
Electronic Equipment, Instruments & Components
        —          909,590          —          909,590  
Energy Equipment & Services
        —          5,175,954          —          5,175,954  
Entertainment
        —          1,133,566          —          1,133,566  
Financial Services
        —          3,303,687          —          3,303,687  
Food Products
        —          1,899,679          —          1,899,679  
Ground Transportation
        —          781,339          —          781,339  
Health Care Equipment & Supplies
        —          1,714,521          —          1,714,521  
Health Care Providers & Services
        —          5,985,587          —          5,985,587  
Hotel & Resort REITs
        —          312,093          —          312,093  
Hotels, Restaurants & Leisure
        —          11,899,695          —
a
          11,899,695  
Household Durables
        —          3,512,679          —          3,512,679  
Independent Power and Renewable Electricity Producers
        —          3,125,999          —          3,125,999  
Insurance
        —          1,771,237          —          1,771,237  
IT Services
        —          2,693,213          —          2,693,213  
Life Sciences Tools & Services
        —          1,028,222          —          1,028,222  
Machinery
        —          3,070,203          —          3,070,203  
Media
        —          6,649,448          —          6,649,448  
Metals & Mining
        —          2,863,728          —          2,863,728  
Mortgage Real Estate Investment Trusts (REITs)
        —          1,985,968          —          1,985,968  
Oil, Gas & Consumable Fuels
        —          14,122,985          —
a
          14,122,985  
Paper & Forest Products
        —          281,722          —          281,722  
Passenger Airlines
        —          1,206,338          —          1,206,338  
Personal Care Products
        —          616,761          —          616,761  
Pharmaceuticals
        —          2,199,676          —          2,199,676  
 
       
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FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
10. Fair Value Measurements
(continued)
 
    
   Level 1
 
     
   Level 2
 
     
   Level 3
 
     
   Total
 
  
 
  
Franklin Limited Duration Income Trust
(continued)
            
Assets:
(continued)
            
Investments in Securities:
            
Corporate Bonds:
            
Real Estate Management & Development
      $—        $1,992,215        $—        $1,992,215  
Software
      —        3,005,279        —        3,005,279  
Specialized REITs
      —        1,028,503        —        1,028,503  
Specialty Retail
      —        2,010,467        —        2,010,467  
Textiles, Apparel & Luxury Goods
      —        392,338        —        392,338  
Trading Companies & Distributors
      —        1,916,105        —        1,916,105  
Wireless Telecommunication Services
      —        1,248,971        —        1,248,971  
Senior Floating Rate Interests
      —        122,800,039        —        122,800,039  
Marketplace Loans
      —        —        61,197,754        61,197,754  
Asset-Backed Securities
      —        41,213,392        —        41,213,392  
Commercial Mortgage-Backed Securities
      —        2,891,881        —        2,891,881  
Mortgage-Backed Securities
      —        44,614,577        —        44,614,577  
Escrows and Litigation Trusts
      —        —        —
a
        —  
Short Term Investments
      9,910,192        —        —        9,910,192  
  
 
 
  
Total Investments in Securities
        $10,425,377          $349,019,057          $61,197,754          $420,642,188  
  
 
 
  
Liabilities:
            
Other Financial Instruments:
            
Reverse Repurchase Agreements
      $—        $12,335,804        $—        $12,335,804  
  
 
 
  
Total Other Financial Instruments
      $—        $12,335,804        $—        $12,335,804  
  
 
 
  
a
Includes financial instruments determined to have no value.
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 year. At December 31, 2023, the reconciliation is as follows:
 
    
Balance at
Beginning of
Year
    
Purchases
a
    
Sales
b
    
Transfer
Into
Level 3
    
Transfer
Out of
Level 3
    
Net
Accretion
(Amortiza-
tion)
    
Net
Realized
Gain
(Loss)
    
Net
Unrealized
Appreciation
(Depreciation)
    
Balance
at End
of Year
    
Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Year End
  
Franklin Limited Duration Income Trust
 
                
Assets:
                    
Investments in Securities:
                    
Common Stocks:
                    
Ground Transportation
     $44,659       $—       $—
c
       $—       $—       $—       $—       $(44,659)       $—       $—  
Oil, Gas & Consumable Fuels
     —
c
       —       —
c
       —       —       —       (1,208,234)       1,208,234       —       —  
Corporate Bonds:
                    
Ground Transportation
     993,522       —       (1,080,003)       —       —       29,438       (169,612)       226,655       —       —  
Hotels, Restaurants & Leisure
     —
c
       —       —       —       —       —       —       —       —
c
       —  
Oil, Gas & Consumable Fuels
     —
c
       —       —       —       —       —       —       —       —
c
       —  
Marketplace Loans:
                    
Financial Services
     75,416,488       25,242,209       (39,121,675)       —       —       —       (1,928,316)       1,589,048       61,197,754       (1,400,638)  
Escrows and Litigation Trusts:
     —       53,617       (53,220)       —       —       —       (397)       —       —
c
       —  
 
 
 
  
Total Investments in Securities
      $76,454,669       $25,295,826       $(40,254,898)       $—       $—       $29,438       $(3,306,559)       $2,979,278       $61,197,754       $(1,400,638)  
 
 
 
  
 
       
franklintempleton.com       Annual Report       143
FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
10. Fair Value Measurements
(continued)
a
Purchases include all purchases of securities and securities received in corporate actions.
b
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
c
Includes financial instruments determined to have no value.
Significant unobservable valuation inputs for material Level 3 assets and/or liabilities and impact to fair value as a result of changes in unobservable valuation inputs as of December 31, 2023, are as follows:
 
Description
   
Fair Value at
End of Year
    
Valuation Technique
     
Unobservable Inputs
     
Amount/Range
(Weighted
Average)
a
     
Impact to
Fair Value
if Input
Increases
b
  
 
  
 
Franklin Limited Duration Income Trust
 
           
Assets:
              
Investments in Securities:
              
Marketplace Loans:
              
Financial Services
      61,197,754       Discounted cash flow       
Loss-adjusted

discount rate		  
 		     
0.6% - 18.3%

(9.4%)		  
 		      Decrease  
       
 
 
  
          Projected loss rate       
2.5% - 42.7%
        Decrease  
             (13.1%)     
 
  
All Other Investments
      —
c
 		           
 
  
Total
      $61,197,754             
 
  
 
a
 
Weighted based on the relative fair value of the financial instruments.
b
 
Represents the directional change in the fair value of the Level 3 financial instruments that would result from a significant and reasonable increase in the corresponding input. A significant and reasonable decrease in the input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
c
 
Includes financial instruments determined to have no value.
11. New Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021 for certain LIBOR settings and 2023 for the remainder. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.
12. 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 other than those already disclosed in the financial statements.
 
       
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FRANKLIN LIMITED DURATION INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
 
Abbreviations
Currency
USD
    United States Dollar
Selected Portfolio
CLO
    Collateralized Loan Obligation
CME
    Chicago Mercantile Exchange
FHLMC
    Federal Home Loan Mortgage Corp.
FNMA
    Federal National Mortgage Association
FRN
    Floating Rate Note
GNMA
    Government National Mortgage Association
IBOR
    Interbank Offered Rate
LIBOR
    London Interbank Offered Rate
MBS
    Mortgage-Backed Security
PIK
    Payment-In-Kind
REIT
    Real Estate Investment Trust
SOFR
    Secured Overnight Financing Rate
 
       
franklintempleton.com       Annual Report       145
FRANKLIN LIMITED DURATION INCOME TRUST
 
 
 
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Franklin Limited Duration Income Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin Limited Duration Income Trust (the “Fund”) as of December 31, 2023, the related statements of operations and cash flows for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of assets and liabilities, including the schedules of investments, of the Fund as of December 31, 2022, 2021, 2020, 2019, 2018 and 2017 and March 31, 2017, 2016, 2015 and 2014, and the related statements of operations for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, for the period of April 1, 2017 through December 31, 2017 and for the years ended March 31, 2017, 2016, 2015 and 2014, the statements of changes in net assets for the years ended December 31, 2021, 2020, 2019 and 2018, for the period of April 1, 2017 through December 31, 2017 and for the years ended March 31, 2017, 2016, 2015 and 2014 and the statements of cash flows for the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (none of which are presented herein), and we expressed unqualified opinions on those financial statements. In our opinion, the information set forth in the Senior Securities Table of the Fund for each of the six years in the period ended December 31, 2023, for the period of April 1, 2017 through December 31, 2017 and for each of the four years in the period ended March 31, 2017 is fairly stated, in all material respects, in relation to the financial statements from which it has been derived.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
San Francisco, California
February 20, 2024
We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.
 
       
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FRANKLIN LIMITED DURATION INCOME TRUST
 
 
 
Tax Information (unaudited)
By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.
The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.
The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended December 31, 2023:
 
     
Pursuant to:
   
      Amount Reported    
Income Eligible for Dividends Received Deduction (DRD)
    §854(b)(1)(A)    $187,888
Qualified Dividend Income Earned (QDI)
    §854(b)(1)(B)    $187,888
Qualified Net Interest Income (QII)
    §871(k)(1)(C)    $12,678,758
Section 163(j) Interest Earned
    §163(j)    $17,235,915
 
       
franklintempleton.com       Annual Report       147
FRANKLIN LIMITED DURATION INCOME TRUST
 
Important Information to Shareholders
 
Share Repurchase Program
The Fund’s Board has authorized the Fund to repurchase up to 10% of the Fund’s outstanding shares in open-market transactions, at the discretion of management.
In exercising its discretion consistent with its portfolio management responsibilities, the Investment Manager will take into account various other factors, including, but not limited to, the level of the discount, the Fund’s performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, Federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund. If and when the Fund’s 10% threshold is reached, no further repurchases could be completed until authorized by the Board. Until the 10% threshold is reached, Fund management will have the flexibility to commence share repurchases if and when it is determined to be appropriate in light of prevailing circumstances.
In the Notes to Financial Statements section, please see note 2 (Shares of Beneficial Interest) for additional information regarding shares repurchased.
Managed Distribution Plan
Until December 31, 2023, the Fund employed a managed distribution policy whereby the Fund made distributions to common shareholders at an annual minimum fixed rate of 10%, based on the average monthly net asset value (NAV) of the Fund’s common shares. Effective January 1, 2024, the Board has implemented a new managed distribution plan where the Fund will distribute a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund’s plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the plan will be successful in doing so.
Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s managed distribution plan.
The Board may amend the terms of the plan or terminate the plan at any time. The amendment or termination of the plan could have an adverse effect on the market price of the Fund’s common shares. The plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.
In compliance with Rule 19a-1 of the Investment Company Act of 1940, shareholders will receive a notice that details the source of income for each dividend such as net investment income, gain from the sale of securities and return of principal. However, determination of the actual source of the Fund’s dividend can only be made at year-end. The actual source amounts of all Fund dividends will be included in the Fund’s annual or semiannual reports.
In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund’s dividends as shown on shareholders’ statements. Shareholders should refer to their Form 1099-DIV for the character and amount of distributions for income tax reporting purposes. Since each shareholder’s tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of Fund distributions.
Information About the Fund’s Goal and Main Investments, Principal Investment Strategy, and Principal Risks
Your Fund’s Goal and Main Investments
The Fund seeks to provide high current income, with a secondary objective of capital appreciation to the extent possible and consistent with the Fund’s primary objective.
Principal Investment Strategy
Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in debt securities and other income-producing instruments, allocated primarily among three distinct investment categories:
 
       
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FRANKLIN LIMITED DURATION INCOME TRUST
IMPORTANT INFORMATION TO SHAREHOLDERS
 
 
(1) mortgage-backed securities and other asset-backed securities; (2) bank loans made to corporate and other business entities; and (3) below “investment grade” debt securities and other income-producing instruments. There is no limitation on the percentage of the Fund’s assets that may be allocated to each of these investment categories; provided that, under normal market conditions, the Fund will invest at least 20% of its total assets in each category.
Under normal circumstances, the Fund’s allocation to the investment category of mortgage-backed and other asset-backed securities will be primarily composed of investments in mortgage-backed securities. Under normal market conditions, the Fund will invest at least 20% of its assets in debt securities or other instruments rated below investment grade, sometimes called “junk bonds.” The Fund may also invest in investment grade debt securities. Investment grade debt securities are rated in one of the top four ratings categories by a nationally-recognized statistical rating organization (a “Rating Agency”) such as S&P, Moody’s or Fitch. A debt security rated below the top four ratings categories by each Rating Agency rating the security will be considered below investment grade. The Fund may also buy unrated debt securities or other income-producing instruments.
The Fund may invest in securities or other instruments whose issuers are in default or bankruptcy. Under normal conditions, the Fund will not invest more than 5% of its total assets in debt securities or other obligations whose issuers are in default at the time of purchase.
Under normal market conditions, the Fund may invest up to 25% of its total assets in loans originated through on-line marketplace lending platforms (a “Platform”) that provide a marketplace for lending through the purchase of loans (either individually or in aggregations) (“Marketplace Loans”) and other types of marketplace lending instruments. The Fund will not invest in Marketplace Loans that the Fund determines to be subprime.
Under normal market conditions, the Investment Manager expects the Fund to maintain an estimated average portfolio duration of between two and five years (including the effect of anticipated leverage). This duration policy may only be changed following provision of 60 days’ prior notice to holders of Common Shares (“Common Shareholders”). In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price
volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.
The Fund uses an active sector allocation strategy to try to achieve its goals of income and capital appreciation. This means the Fund allocates its assets among securities in various market sectors based on the Investment Manager’s assessment of changing economic, global market, industry, and issuer conditions. Consequently, the Fund, from time to time, may have significant positions in particular sectors. There can be no assurance that the Investment Manager’s assessments will be correct.
The Investment Manager will rely heavily on its own analysis of the credit quality and risks associated with individual debt obligations considered for the Fund, rather than relying exclusively on rating agencies, third-party research or the credit ratings assigned by a Platform with regard to Marketplace Loans. The Investment Manager will use this information in an attempt to minimize credit risk and identify borrowers, issuers, industries or sectors that are undervalued or that offer attractive yields relative to the Investment Manager’s assessment of their credit characteristics. The Fund’s success in achieving its investment objectives may depend more heavily on the Investment Manager’s credit analysis than if the Fund invested solely in higher-quality and rated securities.
Subject to the availability of suitable investment opportunities, the Investment Manager will seek to diversify the Fund’s investments broadly in an attempt to minimize the portfolio’s sensitivity to credit and other risks associated with a particular issuer, industry or sector, or to the impact of a single economic, political or regulatory event.
The Fund’s portfolio may include bonds, debentures, notes and other similar types of debt instruments, such as asset-backed securities, as well as bank loans and loan participations, commercial and agency-issued mortgage
 
       
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FRANKLIN LIMITED DURATION INCOME TRUST
IMPORTANT INFORMATION TO SHAREHOLDERS
 
 
securities, payment-in-kind securities, zero-coupon securities, bank certificates of deposit, fixed time deposits and bankers’ acceptances, structured notes and other hybrid instruments, preferred shares, municipal or U.S. government securities, debt securities issued by foreign corporations or supra-national government agencies, mortgage-backed securities issued on a public or private basis, other types of asset-backed securities, and Marketplace Loans and other types of marketplace lending instruments . See the Notes to Financial Statements for further information. The rate of interest on an income-producing security may be fixed, floating or variable. The Fund may use swaps and other derivative instruments.
The Fund may hold equity securities; however, under ordinary circumstances, such investments will be limited to convertible securities, dividend-paying common or preferred stocks, or equity securities acquired in connection with a restructuring, bankruptcy, default, or the exercise of a conversion or purchase right.
Principal Investment Risks
You could lose money by investing in the Fund. Closed-end fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.
Credit
The Fund could lose money on a debt security if the issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer’s financial strength, the market’s perception of the issuer’s financial strength or an issuer’s or security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer or security, may affect debt securities’ values. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Investment Manager or the rating agencies than such securities actually do.
Interest Rate
Changes in interest rates may present risks to the Fund. When interest rates rise, debt security prices generally fall.
The opposite is also generally true: debt security prices generally rise when interest rates fall.
The prices of fixed-rate securities with longer durations tend to be more sensitive to changes in interest rates than securities with shorter durations, usually making them more volatile. Because the Fund will normally have an estimated average portfolio duration of between two and five years (including the effects of anticipated leverage), the Fund’s net asset value and market price will tend to fluctuate more in response to changes in market interest rates than if the Fund invested mainly in short-term debt securities and less than if the Fund invested mainly in longer-term debt securities.
The cost of leverage employed by the Fund is based on certain interest rates. If the cost of leverage exceeds the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally lower interest rates, the returns to Common Shareholders may be reduced. The Fund’s use of leverage, as described in the Prospectus, will tend to increase Common Share interest rate risk.
The Fund may employ certain strategies for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.
Market
The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund’s investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. In addition, unexpected events and their aftermaths, such as the spread of diseases; natural,
 
       
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environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. During a general downturn in the securities markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance.
High-Yield Debt Securities
The Fund may invest in debt securities and other income-producing instruments that are rated below investment grade or unrated. These securities and instruments generally have more credit risk than higher-rated securities. The issuers of such securities or instruments typically do not have the track record needed to receive an investment grade rating, have borrowed to finance acquisitions or to expand their operations, are seeking to refinance their debt at lower rates, or have been downgraded due to financial difficulties. Due to the risks involved in investing in high yield debt securities and other income-producing instruments, an investment in the Fund should be considered speculative.
Companies issuing high yield, fixed-income securities are not as strong financially as those issuing securities with higher credit ratings. These companies are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments. The high yield market has experienced a large number of defaults in recent years. If a company defaults because it stops making interest and/ or principal payments, payments on the securities may never resume because such securities are generally unsecured and are often subordinated to other creditors of the issuer. These securities may be worthless and the Fund could lose its entire investment.
High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when they do their prices may be significantly higher or lower than expected.
Bank Loans
Bank loans, loan participations and assignments involve
credit risk, interest rate risk, liquidity risk, and the risks of being a lender, as well as other risks. If the Fund purchases a loan, it may be able to enforce its rights only through the lender, and may assume the credit risk of both the lender and the borrower.
Corporate loans in which the Fund may invest may be unrated and generally will not be registered with the SEC or listed on a securities exchange. Because the amount of public information available with respect to corporate loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities, corporate loans can be more difficult to value.
Bank loans and certain corporate loans may not be considered “securities,” and investors, such as the Fund, therefore may not be entitled to rely on the antifraud protections of the federal securities laws and may have limited legal remedies.
Marketplace Loans
Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.
Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans and information provided to the Platform regarding the loans and the borrowers’ credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan
 
       
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before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass-through notes risk, fraud risk, platform risk, servicer risk, and tax risk.
Mortgage Securities and Asset-Backed Securities
Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. To the Fund this means a loss of anticipated interest, and a portion of its principal investment represented by any premium the Fund may have paid. Mortgage prepayments generally increase when interest rates fall. Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of “locking in” long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. When the Fund reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing security.
Mortgage securities also are subject to extension risk. An unexpected rise in interest rates could reduce the rate of prepayments on mortgage securities and extend their life. This could cause the price of the mortgage securities and the Fund’s share price to fall and would make the mortgage securities more sensitive to interest rate changes.
Since September 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, has acted as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear how long the conservatorship will last or what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac for the long-term.
Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of
the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.
Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.
Income
The Fund’s income distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. The Fund’s income generally declines during periods of falling benchmark interest rates because the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, sale, call, or buy-back) at a lower rate of interest or return.
Leverage
The Fund’s use of leverage creates the opportunity for increased net income, but also creates special risks. The Fund currently uses leverage through the borrowing of funds under a committed financing arrangement and the purchase of mortgage dollar rolls. The Fund may use other forms of leverage, including through the issuance of senior securities such as preferred shares. The Fund may also use leverage through the lending of portfolio securities, and the use of swaps, other derivatives, reverse repurchase agreements, and when-issued, delayed delivery or forward commitment transactions. To mitigate leverage risk from such transactions, the Fund may segregate liquid assets against or otherwise cover its future obligations under such transactions.
So long as the Fund’s securities portfolio provides a higher rate of return (net of Fund expenses) than the cost of its leverage (e.g., the interest rate on any borrowings), the leverage will allow shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, interest rates rise, which may be likely because interest rates are currently near their lowest levels in many years, the Fund’s cost of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally
 
       
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lower interest rates, reducing return to shareholders. If the Fund leverages with preferred shares that pay cumulative dividends, the Fund’s leverage risk may be increased.
The Fund’s use of leverage may, during periods of rising interest rates, adversely affect the Fund’s income, distributions and total returns to Common Shareholders. Leverage creates two major types of risks for Common Shareholders:
 
  •   the likelihood of greater volatility of net asset value and market price of Common Shares, because changes in the value of the Fund’s portfolio of income-producing securities (including securities bought with the proceeds of leverage) are borne entirely by the Common Shareholders; and
 
  •   the possibility either that Common Share income will fall if the Fund’s cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund (including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.
By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund’s use of leverage strategies could result in larger losses than if the strategies were not used.
Foreign Securities (non-U.S.)
Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and may include, among others, currency risks, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets),
different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Investing in securities of issuers based in developing or emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree as well as other risks.
Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the United States by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.
Derivatives
The performance of derivatives depends largely on the performance of an underlying asset, interest rate or index, and such instruments often have risks similar to their underlying asset. Derivatives (such as futures contracts and options thereon, options, swaps and short sales) are also subject to a number of risks such as liquidity risk, interest rate risk, credit risk, leverage risk, volatility risk and management risk. They also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.
Liquidity
The Fund may invest up to 25% of its total assets in securities which are illiquid at the time of investment (i.e., securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Also, the Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price.
 
       
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Portfolio Turnover
Active and frequent trading may increase a shareholder’s tax liability and will increase the Fund’s transaction costs, which could detract from Fund performance.
Management
The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.
Please see the Performance Summary section of this report for additional risk disclosure.
The following information is a summary of material changes since the last fiscal year. This information may not reflect all of the changes that have occurred since you purchased the Fund.
There have not been any material changes during the last fiscal year.
 
 
       
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Important Information to Shareholders (Unaudited)
UPDATED DISCLOSURES FOR THE FUND WITH AN EFFECTIVE SHELF OFFERING REGISTRATION STATEMENT
The following additional information is provided in connection with a shelf offering registration statement for the Fund as of the fiscal year ended December 31, 2023.
SUMMARY OF FUND EXPENSES
Sales Load (as a percentage of offering price)
(1)
Offering Expenses (as a percentage of offering price)
(1)
Dividend Reinvestment Plan Fees
(2)
 
 Annual Operating Expenses       
Percentage of Net Assets
Attributable to Common Shares
Management Fees
(3)
  
    
    1.03%
Interest on Borrowed Funds
(4)
      2.36%
Other Expenses
(5)
      0.68%
Total Annual Fund Operating Expenses
      4.07%
(1) If the Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.
(2) You will pay brokerage charges if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.
(3) The Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund’s average daily Managed Assets. “Managed Assets” are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the outstanding amount of any borrowing and other financial leverage). If the Fund uses leverage, the amount of fees paid to the Investment Manager for investment management services will be higher than if the Fund does not use leverage because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with leverage.
(4) The Fund enters into reverse repurchase agreements. Additionally, the Fund participates in a committed financing arrangement through which the Fund is authorized to borrow up to $100 million.
(5) “Other Expenses” are based on estimated amounts for the current fiscal year.
Examples
An investor would pay the following expenses on a $1,000 investment in the Fund, assuming a 5% annual return:
 
   One Year   
       
   Three Years   
       
   Five Years   
       
   Ten Years   
$41
      $124      $208      $426
The above table and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in Shares of the Fund.
 
The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown.
 
The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.
The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
MARKET PRICE AND NET ASSET VALUATION (NAV) INFORMATION
The Fund’s Common Shares are traded on the NYSE American under the symbol “FTF”. The below table details for the period indicated the high and low closing market prices and NAV as well as the high and low of the premium and discount of the market value compared to the NAV.
 
       
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IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)
 
 
                                            
Premium/Discount to
    
Market Price
        
NAV
        
NAV
 Fiscal Quarter Ended
   
High
         
Low
         
High
         
Low
         
High
         
Low
December 2023
    $6.41       $5.77           $7.18       $6.85       -9.85%       -15.89%
September 2023
    $6.34           $6.09       $7.16       $7.02       -11.08%       -13.38%
June 2023
    $6.35       $6.03       $7.17           $7.01           -11.06%           -14.57%
March 2023
    $6.55       $6.07       $7.30       $7.01       -9.67%       -13.92%
December 2022
    $6.54       $5.95       $7.21       $6.97       -8.79%       -14.63%
September 2022
    $7.11       $6.16       $7.63       $7.04       -6.52%       -12.57%
June 2022
    $7.77       $6.45       $8.14       $7.30       -4.55%       -13.07%  
March 2022
    $9.14       $7.29       $8.97       $8.05       2.47%       -9.89%
The net asset value per Common Share on December 31, 2023 was $7.18 and the market price per Common Share at the close of business on December 31, 2023 was $6.22, representing a (13.4)% discount to such net asset value. As of December 31, 2023, the Fund has outstanding 40,405,374 Common Shares. The Fund’s Common Shares have traded in the market below, at and above net asset value since the commencement of the Fund’s operations. However, it has recently been the case that the Fund’s Common Shares have traded at a discount from net asset value. The Fund cannot determine the reasons why the Fund’s Common Shares trade at a premium to or discount from net asset value, nor can the Fund predict whether its Shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount. Shares of a closed-end investment company may frequently trade at prices lower than net asset value. The Fund’s Board of Trustees regularly monitors the relationship between the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial discount to net asset value for an extended period of time, the Board may consider the repurchase of its Common Shares on the open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Trustees will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce market discount.
SENIOR SECURITIES TABLE
The Fund engaged in senior securities during the prior ten years as follows:
 
           
Asset
                
           
Coverage
     
Involuntary
     
Average 
  
    
Total Amount
     
per
     
Liquidation
     
Market Value 
  
 Year Ended
   
Outstanding
1
     
$1,000
2
     
Preference
3
     
Outstanding
4
 
  
 Reverse Repurchase Agreement
            
December 31, 2023
      $12,151,954        $3,647        $12,335,804        N/A  
December 31, 2022
      $34,090,177        $3,437        $34,456,370        N/A  
December 31, 2021
      $33,358,605        $3,324        $33,448,122        N/A  
December 31, 2020
      $18,504,585        $3,549        $18,523,129        N/A  
December 31, 2019
      $17,117,190        $3,814        $17,169,028        N/A  
 Credit Facility
            
December 31, 2023
      $97,500,000        $3,647        $98,013,825        $86,460,576  
December 31, 2022
      $83,000,000        $3,437        $83,403,086        $83,008,795  
December 31, 2021
      $83,000,000        $3,324        $83,079,041        $86,629,314  
December 31, 2020
      $93,000,000        $3,549        $93,090,704        $92,029,719  
December 31, 2019
      $90,000,000        $3,814        $90,218,042        $90,127,217  
December 31, 2018
      $90,000,000        $4,387        $90,267,083        $33,334,190  
 
       
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IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)
 
 
              
Involuntary
     
         
Asset
   
Liquidation  
     
    
Total
   
Coverage
   
Preference
   
Average
    
Preferred
   
per
   
Per
   
Market Value
    
Shares
   
Preferred  
   
Preferred
   
Per Preferred
 Year Ended
   
Outstanding  
   
Share
   
Share
   
Share
5
 Preferred Shares Series M
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series W
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series F
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.
(4) Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.
(5) Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.
UNRESOLVED STAFF COMMENTS
The Fund believes that there are no material unresolved written comments, received 180 days or more before December 31, 2023, from the Staff of the Securities and Exchange Commission regarding any of its periodic or current reports under the Securities Exchange Act of 1934 or the Investment Company Act of 1940, or its registration statement.
 
       
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Annual Meeting of Shareholders: October 3, 2023 (unaudited)
The Annual Meeting of Shareholders (the “Meeting”) for Franklin Limited Duration Income Trust (the “Fund”) was held on October 3, 2023. At the Meeting, shareholders elected Terrence J. Checki, Mary C. Choksi, Larry D. Thompson and Rupert H. Johnson, Jr. as Trustees of the Fund to hold office for a three-year term, set to expire at the 2026 Annual Meeting of Shareholders. These terms continue, however, until their successors are duly elected and qualified or until a Trustee’s resignation, retirement, death or removal, whichever is earlier.
The results of the voting were as follows:
 
                  
Shares
  
Trustee Nominees
   
Shares For
             
Withheld
  
Terrence J. Checki
      29,172,561           2,131,195  
Mary C. Choksi
      29,172,561                      2,131,195  
Larry D. Thompson
      29,172,561           2,131,195  
Rupert H. Johnson, Jr
      29,176,344           2,127,412  
Note: Harris J. Ashton, Gregory E. Johnson, Edith E. Holiday, J. Michael Luttig and Valerie M. Williams are Trustees of the Fund who are currently serving and whose terms of office continued after the meeting.
 
       
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Dividend Reinvestment and Cash Purchase Plan
The Fund’s Dividend Reinvestment Plan (Plan) offers you a prompt and simple way to reinvest dividends and capital gain distributions (Distributions) in shares of the Fund. Equiniti Trust Company, LLC (Plan Agent), P.O. Box 922, Wall Street Station, New York, NY 10269-0560, acts as your Plan Agent in administering the Plan. The Agent will open an account for you under the Plan in the same name as your outstanding shares are registered.
You are automatically enrolled in the Plan unless you elect to receive Distributions in cash. If you own shares in your own name, you should notify the Agent, in writing, if you wish to receive Distributions in cash.
If the Fund declares a Distribution, you, as a participant in the Plan, will automatically receive an equivalent amount of shares of the Fund purchased on your behalf by the Agent. If on the payment date for a Distribution, the net asset value per share is equal to or less than the market price per share plus estimated brokerage commissions, the Agent shall receive newly issued shares, including fractions, from the Fund for your account. The number of additional shares to be credited shall be determined by dividing the dollar amount of the Distribution by the greater of the net asset value per share on the payment date, or 95% of the then current market price per share.
If the net asset value per share exceeds the market price plus estimated brokerage commissions on the payment date for a Distribution, the Agent (or a broker-dealer selected by the Agent) shall try, for a purchase period of 30 days, to apply the amount of such Distribution on your shares (less your pro rata share of brokerage commissions incurred) to purchase shares on the open market. The weighted average price (including brokerage commissions) of all shares it purchases shall be your allocated price per share. If, before the Agent has completed its purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the shares as of the payment date, the purchase price the Agent paid may exceed the net asset value of the shares, resulting in the acquisition of fewer shares than if such Distribution had been paid in shares issued by the Fund. Participants should note that they will not be able to instruct the Agent to purchase shares at a specific time or at a specific price. The Agent may make open-market purchases on any securities exchange where shares are traded, in the over-the-counter market or in negotiated transactions, and may be on such terms as to price, delivery and otherwise as the Agent shall determine.
The market price of shares on a particular date shall be the last sales price on NYSE MKT, or, if there is no sale on the exchange on that date, then the mean between the closing bid and asked quotations on the exchange on such date. The net asset value per share on a particular date shall be the amount most recently calculated by or on behalf of the Fund as required by law.
The Agent shall at all times act in good faith and agree to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Agent’s negligence, bad faith, or willful misconduct or that of its employees. Your uninvested funds held by the Agent will not bear interest. The Agent shall have no responsibility for the value of shares acquired. For the purpose of cash investments, the Agent may commingle your funds with those of other participants in the same Fund.
There is no direct charge to participants for reinvesting Distributions, since the Agent’s fees are paid by the Fund. However, when shares are purchased in the open market, each participant will pay a pro rata portion of any brokerage commissions incurred. If you elect by notice to the Agent to have it sell part or all of your shares and remit the proceeds, the Agent will deduct brokerage commissions from the proceeds. The automatic reinvestment of Distributions does not relieve you of any taxes that may be payable on Distributions. In connection with the reinvestment of Distributions, shareholders generally will be treated as having received a Distribution equal to the cash Distribution that would have been paid.
The Agent will forward to you any proxy solicitation material and will vote any shares so held for you first in accordance with the instructions set forth on proxies you return to the Fund, and then with respect to any proxies you do not return to the Fund in the same portion as the Agent votes proxies the participants return to the Fund.
 
       
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DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
 
As long as you participate in the Plan, the Agent will hold the shares it has acquired for you in safekeeping, in its name or in the name of its nominee. This convenience provides added protection against loss, theft or inadvertent destruction of certificates. However, you may request that a certificate representing your Plan shares be issued to you. Upon your written request, the Agent will deliver to you, without charge, a certificate or certificates for the full shares. The Agent will send you a confirmation of each acquisition made for your account as soon as practicable, but not later than 60 days after the acquisition date. Although from time to time you may have an undivided fractional interest in a share of the Fund, no certificates for a fractional share will be issued. Distributions on fractional shares will be credited to your account. If you terminate your account under the Plan, the Agent will adjust for any such undivided fractional interest in cash at the market value of shares at the time of termination.
You may withdraw from the Plan at any time, without penalty, by notifying the Agent in writing at the address above or by telephone at (800) 416-5585. Such termination will be effective with respect to a Distribution if the Agent receives your notice prior to the Distribution record date. The Agent or the Fund may terminate the Plan upon notice to you in writing mailed at least 30 days prior to any record date for the payment of any Distribution. Upon any termination, the Agent will issue, without charge, stock certificates for all full shares you own and will convert any fractional shares you hold at the time of termination to cash at current market price and send you a check for the proceeds.
The Fund or the Agent may amend the Plan. You will receive written notice at least 30 days before the effective date of any amendment.
 
       
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Board Members and Officers
The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the Trust, principal occupations during at least the past five years and number of U.S. registered portfolios overseen in the Franklin Templeton/Legg Mason fund complex, are shown below. Generally, each board member serves until that person’s successor is elected and qualified.
Independent Board Members
 
Name, Year of Birth
and Address
   
Position
   
Length of
Time Served
   
Number of Portfolios in
Fund Complex Overseen
by Board Member
1
   
Other Directorships Held
During at Least the Past 5 Years
Harris J. Ashton (1932)
One Franklin Parkway
San Mateo, CA 94403-1906
    Trustee    Since 2003    118    Bar-S Foods (meat packing company) (1981-2010).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and
formerly
, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).
 
Terrence J. Checki (1945)
One Franklin Parkway
San Mateo, CA 94403-1906
 
    Trustee    Since 2017    118    Hess Corporation (exploration of oil and gas) (2014-present).
Principal Occupation During at Least the Past 5 Years:
Member of the Council on Foreign Relations (1996-present); Member of the National Committee on U.S.-China Relations (1999-present);member of the board of trustees of the Economic Club of New York (2013-present); member of the board of trustees of the Foreign Policy Association (2005-present); member of the board of directors of Council of the Americas (2007-present) and the Tallberg Foundation (2018-present); and
formerly
, Executive Vice President of the Federal Reserve Bank of New York and Head of its Emerging Markets and Internal Affairs Group and Member of Management Committee (1995-2014); and Visiting Fellow at the Council on Foreign Relations (2014).
 
Mary C. Choksi (1950)
One Franklin Parkway
San Mateo, CA 94403-1906
    Trustee    Since 2014    118    Omnicom Group Inc. (advertising and marketing communications services) (2011-present) and White Mountains Insurance Group, Ltd. (holding company) (2017-present); and
formerly
, Avis Budget Group Inc. (car rental) (2007-2020).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and
formerly
, Founder and Senior Advisor, Strategic Investment Group (investment management group) (2015-2017); Founding Partner and Senior Managing Director, Strategic Investment Group (1987-2015); Founding Partner and Managing Director, Emerging Markets Management LLC (investment management firm) (1987-2011); and Loan Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank Group (international financial institution) (1977-1987).
 
 
       
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Independent Board Members
(continued)
 
Name, Year of Birth
and Address
   
Position
   
Length of
Time Served
   
Number of Portfolios in
Fund Complex Overseen
by Board Member
1
   
Other Directorships Held
During at Least the Past 5 Years 
Edith E. Holiday (1952)
One Franklin Parkway
San Mateo, CA 94403-1906
    Lead Independent Trustee    Trustee since 2005 and Lead Independent Trustee since 2019    118    Hess Corporation (exploration of oil and gas) (1993-present), Santander Holdings USA (holding company) (2019-present); and
formerly
, Santander Consumer USA Holdings, Inc. (consumer finance) (2016-2023); Canadian National Railway (railroad) (2001-2021), White Mountains Insurance Group, Ltd. (holding company) (2004- 2021), RTI International Metals, Inc. (manufacture and distribution of titanium) (1999-2015) and H.J. Heinz Company (processed foods and allied products) (1994-2013).
Principal Occupation During at Least the Past 5 Years:
Director or Trustee of various companies and trusts; and
formerly
, Assistant to the President of the United States and Secretary of the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and Assistant Secretary for Public Affairs and Public Liaison-United States Treasury Department (1988-1989).
 
J. Michael Luttig (1954)
One Franklin Parkway
San Mateo, CA 94403-1906		    Trustee    Since 2009    118    Boeing Capital Corporation (aircraft financing) (2006-2010).
Principal Occupation During at Least the Past 5 Years:
Counselor and Special Advisor to the CEO and Board of Directors of The Coca-Cola Company (beverage company) (2021-present); and
formerly
, Counselor and Senior Advisor to the Chairman, CEO, and Board of Directors, of The Boeing Company (aerospace company), and member of the Executive Council (2019-2020); Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (2006-2019); and Federal Appeals Court Judge, United States Court of Appeals for the Fourth Circuit (1991-2006).
 
Larry D. Thompson (1945)

One Franklin Parkway
San Mateo, CA 94403-1906		    Trustee    Since 2007    118    Graham Holdings Company (education and media organization) (2011-2021); The Southern Company (energy company) (2014-2020; previously 2010- 2012) and Cbeyond, Inc. (business communications provider) (2010- 2012).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; Counsel, Finch McCranie, LLP (law firm) (2015-present); John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (2015-present; previously 2011-2012); and
formerly
, Independent Compliance Monitor and Auditor, Volkswagen AG (manufacturer of automobiles and commercial vehicles) (2017-2020); Executive Vice President - Government Affairs, General Counsel and Corporate Secretary, PepsiCo, Inc. (consumer products) (2012-2014); Senior Vice President - Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011); Senior Fellow of The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice (2001-2003).
 
 
       
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Independent Board Members
(continued)
 
Name, Year of Birth
and Address
   
Position
   
Length of
Time Served
   
Number of Portfolios in
Fund Complex Overseen
by Board Member
1
   
Other Directorships Held
During at Least the Past 5 Years 
Valerie M. Williams (1956)
One Franklin Parkway
San Mateo, CA 94403-1906
    Trustee    Since 2021    109    Omnicom Group, Inc. (advertising and marketing communications services) (2016-present), DTE Energy Co. (gas and electric utility) (2018-present), Devon Energy Corporation (exploration and production of oil and gas) (2021-present); and
formerly
, WPX Energy, Inc. (exploration and production of oil and gas) (2018- 2021).
Principal Occupation During at Least the Past 5 Years:
Director of various companies; and
formerly
, Regional Assurance Managing Partner, Ernst & Young LLP (public accounting) (2005-2016) and various roles of increasing responsibility at Ernst & Young (1981-2005).
 
Interested Board Members and Officers
   
Name, Year of Birth
and Address
   
Position
   
Length of
Time Served
   
Number of Portfolios in
Fund Complex Overseen
by Board Member
1
   
Other Directorships Held
During at Least the Past 5 Years
Gregory E. Johnson
2
(1961)
One Franklin Parkway
San Mateo, CA 94403-1906
    Chairman of the Board, Senior Vice President and Trustee    Chairman of the Board and Senior Vice President since 2023 and Trustee since 2013    128    None
Principal Occupation During at Least the Past 5 Years:
Executive Chairman, Chairman of the Board and Director, Franklin Resources, Inc.; officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of certain funds in the Franklin Templeton/Legg Mason fund complex; Vice Chairman, Investment Company Institute; and
formerly
, Chief Executive Officer (2013-2020) and President (1994-2015) Franklin Resources, Inc.
 
Rupert H. Johnson, Jr.
3
(1940)
One Franklin Parkway
San Mateo, CA 94403-1906
    Trustee    Since 2003    118    None
Principal Occupation During at Least the Past 5 Years:
Director (Vice Chairman), Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of certain funds in the Franklin Templeton/Legg Mason fund complex.
 
Ted P. Becker
(1951)
280 Park Avenue
New York, NY 10017
    Chief Compliance Officer    Since June 2023    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Vice President, Global Compliance of Franklin Templeton (since 2020); Chief Compliance Officer of Franklin Templeton Fund Adviser, LLC (since 2006); Chief Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2006);
formerly
, Director of Global Compliance at Legg Mason (2006-2020); Managing Director of Compliance of Legg Mason & Co. (2005-2020).
 
 
       
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Interested Board Members and Officers
(continued)
 
Name, Year of Birth
and Address
   
Position
   
Length of
Time Served
   
Number of Portfolios in
Fund Complex Overseen
by Board Member
1
   
Other Directorships Held
During at Least the Past 5 Years 
Sonal Desai, Ph.D. (1963)
One Franklin Parkway
San Mateo, CA 94403-1906
    President and Chief Executive Officer – Investment Management    Since 2018    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Director and Executive Vice President, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer of certain funds in the Franklin Templeton/Legg Mason fund complex.
 
Susan Kerr (1949)
280 Park Avenue
New York, NY 10017
    Vice President - AML Compliance    Since 2021    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Senior Compliance Analyst, Franklin Templeton; Chief Anti-Money Laundering Compliance Officer, Legg Mason & Co., or its affiliates; Anti Money Laundering Compliance Officer; Senior Compliance Officer, Franklin Distributors; and officer of certain funds in the Franklin Templeton/ Legg Mason fund complex.
 
Christopher Kings (1974)
One Franklin Parkway
San Mateo,
CA 94403-1906
    Chief Executive Officer - Finance and Administration    Since January 2024    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Senior Vice President, Franklin Templeton Services, LLC; and officer of certain funds in the Franklin Templeton/Legg Mason fund complex.
 
Navid J. Tofigh (1972)
One Franklin Parkway
San Mateo, CA 94403-1906
    Vice President and Secretary    Vice President since 2015 and Secretary since June 2023    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Senior Associate General Counsel, Franklin Templeton; and officer of certain funds in the Franklin Templeton/Legg Mason fund complex.
 
Jeffrey W. White (1971)
One Franklin Parkway
San Mateo, CA 94403-1906
    Chief Financial Officer, Chief Accounting Officer and Treasurer    Since January 2024    Not Applicable    Not Applicable
Principal Occupation During at Least the Past 5 Years:
Chief Financial Officer, Chief Accounting Officer & Treasurer and officer of certain funds in the Franklin Templeton/Legg Mason fund complex; and
formerly
, Director and Assistant Treasurer within Franklin Templeton Global Fund Tax and Fund Administration and Financial Reporting (2017-2023).
 
Note 1: Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson.
Note 2: Officer information is current as of the date of this report. It is possible that after this date, information about officers may change.
1. Information is for the calendar year ended December 31, 2023, unless otherwise noted. We base the number of portfolios on each separate series of the U.S. registered investment companies within the Franklin Templeton/Legg Mason fund complex. These portfolios have a common investment manager or affiliated investment managers.
2. Gregory E. Johnson is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director of Franklin Resources, Inc. (Resources), which is the parent company of the Fund’s investment manager and distributor.
3. Rupert H. Johnson, Jr. is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director and a major shareholder of Resources, which is the parent company of the Fund’s investment manager and distributor.
 
       
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Interested Board Members and Officers
(continued)
The Sarbanes-Oxley Act of 2002 and Rules adopted by the Securities and Exchange Commission require the Fund to disclose whether the Fund’s Audit Committee includes at least one member who is an audit committee financial expert within the meaning of such Act and Rules. The Fund’s Board has determined that there is at least one such financial expert on the Audit Committee and has designated Mary C. Choksi as its audit committee financial expert. The Board believes that Ms. Choksi qualifies as such an expert in view of her extensive business background and experience. She served as a director of Avis Budget Group, Inc. (2007 to 2020) and formerly, Founder and Senior Advisor, Strategic Investment Group (1987 to 2017). Ms. Choksi has been a Member of the Fund’s Audit Committee since 2014. As a result of such background and experience, the Board believes that Ms. Choksi has acquired an understanding of generally accepted accounting principles and financial statements, the general application of such principles in connection with the accounting estimates, accruals and reserves, and analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues generally comparable to those of the Fund, as well as an understanding of internal controls and procedures for financial reporting and an understanding of audit committee functions. Ms. Choksi is an independent Board member as that term is defined under the relevant Securities and Exchange Commission Rules and Releases.
 
       
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Shareholder Information
Proxy Voting Policies and Procedures
The Fund’s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Fund’s complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund’s proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission’s website at sec.gov and reflect the most recent 12-month period ended June 30.
Quarterly Schedule of Investments
The Fund files a complete consolidated schedule of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year as an exhibit to its report on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s website at sec.gov. The filed form may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.
 
 
       
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®
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Transfer Agent
Equiniti Trust Company, LLC
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www.equiniti.com
 
© 2024 Franklin Templeton Investments. All rights reserved.    FTF A 02/24

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable.

Item 2.  Code of Ethics.

 

(a)

The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

 

(c)

N/A

 

(d)

N/A

 

(f)

Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3.  Audit Committee Financial Expert.

(a) (1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is “independent” as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.  Principal Accountant Fees and Services.

(a)   Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $120,478 for the fiscal year ended December 31, 2023 and $114,935 for the fiscal year ended December 31, 2022.

(b)   Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.

(c)   Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended

December 31, 2023 and $70,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.

(d)   All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended December 31, 2023 and $58,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included procedures performed related to N-2 filings and comfort letters.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $120,800 for the fiscal year ended December 31, 2023 and $221,195 for the fiscal year ended December 31, 2022. The services for which these fees were paid included professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, professional fees relating to security counts and fees in connection with a license for employee development tool ProEdge.

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

(i) pre-approval of all audit and audit related services;

(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;

(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g)  The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $190,800 for the fiscal year ended December 31, 2023 and $349,195 for the fiscal year ended December 31, 2022.

(h)  The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)  N/A

(j)  N/A

Item 5.  Audit Committee of Listed Registrants.

Members of the Audit Committee are: Terrence J. Checki, Mary C. Choksi, Edith E. Holiday, J. Michael Luttig and Larry D. Thompson.

Item 6.  Schedule of Investments.     N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund’s investment manager, Franklin Advisers, Inc., in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.

RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES

Franklin Equity Group, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter individually an “Investment Manager” and collectively the “Investment Managers”) have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. Proxy duties consist of disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform advisory Clients that have not delegated the voting responsibility but that have requested voting

advice about the Investment Managers’ views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.

The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers’-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. (“FTIS S.à.r.l.”) as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved (“ERISA accounts”), in the best interests of the plan participants and beneficiaries (collectively, “Advisory Clients”), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.

In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Managers indicating such intention and provide written instructions directing the Investment Managers or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.

The Investment Managers have adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).

An SEC Compliance Rule Policy and Procedures Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

All proxies received by the Proxy Group will be voted based upon the Investment Managers’ instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe to Institutional Shareholder Services Inc. (“ISS”), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to ISS’s Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Managers subscribe to Glass, Lewis & Co., LLC (“Glass Lewis”), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research.

Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a “Proxy Service”) are thoroughly reviewed and considered in making a final voting decision, the Investment Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers’ ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.

For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the Investment Managers’ evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.

Conflicts of Interest

All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position that relationships between certain affiliates that do not use the “Franklin Templeton” name (“Independent Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers’ or an affiliate’s (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family

relationship with an issuer or proponent. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

Nonetheless, even though a potential conflict of interest between the Investment Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers may vote in opposition to the recommendations of an issuer’s management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in situations where a material conflict of interest is identified between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Managers’ recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund’s governing documents or applicable law.

Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.

The Investment Managers may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers’ long-term view of the issuer’s securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Managers also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled “Proxy Procedures.”

Weight Given Management Recommendations

One of the primary factors the Investment Managers consider when determining the desirability of investing in a particular company is the quality and depth of that company’s management. Accordingly, the recommendation of management on any issue is a factor that the Investment Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers’ ultimate decision. Each issue is considered on its own merits, and the Investment Managers will not support the position of a company’s management in any situation where it determines that the ratification of management’s position would adversely affect the investment merits of owning that company’s shares.

Engagement with Issuers

The Investment Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Managers may also engage with management on a range of environmental, social or corporate governance issues throughout the year.

THE PROXY GROUP

The Proxy Group is part of Franklin Templeton’s Global Sustainability Strategy Team’s Stewardship Team. Full-time staff members and support staff are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Managers’ managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers’ research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.

In situations where the Investment Managers have not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Managers’ research analysts, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.

PROXY ADMINISTRATION PROCEDURES

Situations Where Proxies Are Not Voted

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy they receive for all domestic and foreign securities.

However, there may be situations in which the Investment Managers may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if an Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Managers’ intended vote is not correctly submitted; (x) the Investment Managers believe it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

Rejected Votes

Even if the Investment Managers use reasonable efforts to vote a proxy on behalf of their Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers’ votes are not received, or properly tabulated, by an issuer or the issuer’s agent.

Securities on Loan

The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.

Split Voting

There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.

Bundled Items

If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.

PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS

From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled “Proxy Procedures.”

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.

Appendix A

These Proxy Policies apply to accounts managed by personnel within Franklin Equity Group, which includes the following Investment Managers:

Franklin Advisers, Inc. (FAV)

Franklin Templeton Institutional, LLC

The following Proxy Policies apply to FAV only:

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

Certain of the Investment Managers’ separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions (“FTIS”), a separate investment group within Franklin Templeton, and employ a quantitative strategy.

For such accounts, FTIS’s proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.

 

Item 8. 

Portfolio Managers of Closed-End Management Investment Companies.

a) (1) As of February 26, 2024, the portfolio managers of the Fund are as follows:

Sonal Desai, Ph.D, Glenn I. Voyles, CFA, Justin G. MA, CFA and David Yuen,

CFA, FRM, serve as the portfolio management team responsible for managing the Fund’s portfolio investment. Each of them has experience managing Franklin mutual funds and private accounts.

Ms. Desai has been a portfolio manager of the Fund since December 2018. She joined Franklin Templeton in 2009.

Mr. Voyles has been a portfolio manager of the Fund since 2006. He joined Franklin Templeton in 1993.

Mr. Ma has been a portfolio manager of the Fund since 2013. He joined Franklin Templeton in 2006.

(a) (2) This section reflects information about the portfolio managers as of the fiscal year ended December 31, 2023.

The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

 

Name  

Number of

Other

Registered
Investment
Companies
Managed1

  

Assets of Other
Registered
Investment
Companies
Managed

(x $1 million)1

  

Number of

Other

Pooled Investment
Vehicles Managed1

  

Assets of

Other Pooled
Investment
Vehicles Managed

(x $1 million)1

  

Number

of Other

Accounts
Managed1

  

Assets of

Other

Accounts

Managed

(x $1 million)1

Sonal Desai   8   9,699.5   10   4,508.5   7   3,093.7
Glenn Voyles   4   3,599.1   4   1,049.3   1   40.3
Justin Ma   4   2,575.5   1   0.0   –   –
Patrick Klein   11   12,136.3   5   862.0   3   627.9

 

  1.

The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

Conflicts.  The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the

securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager’s marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

Compensation.  The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:

Base salary  Each portfolio manager is paid a base salary.

Annual bonus  Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving

consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

 

  •  

Investment performance. Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

 

  •  

Non-investment performance. The more qualitative contributions of the portfolio manager to the investment manager’s business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

 

  •  

Responsibilities. The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager’s appraisal.

Additional long-term equity-based compensation Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

Benefits Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

Ownership of Fund shares. The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change from time to time):

 

    Portfolio Manager   

Dollar Range of Fund

Shares Beneficially

Owned

   
    Sonal Desai    None   
    David Yuen    None   
    Justin G. Ma    None   
    Glenn I. Voyles    None   

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A

Item 10. 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 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls. There have been no changes 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 internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

Securities lending agent The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund’s securities lending agent.

The securities lending agent is responsible for the implementation and administration of the Funds’ securities lending program. Pursuant to the respective Securities Lending Agreements with the Fund, the securities lending

agent performs a variety of services, including (but not limited to) the following:

 

○   

Trade finding, execution and settlement

○   

Settlement monitoring and controls, reconciliations, corporate actions and recall management

○   

Collateral management and valuation information

○   

Invoice management and billing from counterparties

For the year ended December 31, 2023, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

 

Gross income earned by the Fund from securities lending activities    $–
Fees and/or compensation paid by the Fund for securities lending activities and related services     
Fees paid to Securities Lending Agent from revenue split    $–
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split    $–
Administrative fees not included in a revenue split    $–
Indemnification fees not included in a revenue split    $–
Rebate (paid to borrower)    $–
Other fees not included above    $–
Aggregate fees/compensation paid by the Fund for securities lending activities    $–
Net income from securities lending activities    $–

Item 13. Recovery of Erroneously Awarded Compensation.

 

(a)

N/A

 

(b)

N/A

Item 14. Exhibits.

(a) (1) Code of Ethics

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer – Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

(a) (2) (1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a) (2) (2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer – Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit

(d) Consent of Independent Registered Public Accounting Firm

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, thereunto duly authorized.

Franklin Limited Duration Income Trust

 

By

   S\CHRISTOPHER KINGS         
    Christopher Kings
    Chief Executive Officer – Finance and Administration
Date     February 26, 2024

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.

 

By

   S\CHRISTOPHER KINGS         
    Christopher Kings
    Chief Executive Officer – Finance and Administration
Date     February 26, 2024

 

By    S\JEFFREY WHITE         
    Jeffrey White
    Chief Financial Officer, Chief Accounting Officer and Treasurer
Date     February 26, 2024
 EX-99.CODE 2 d785243dex99code.htm CODE OF ETHICS Code of Ethics

Code of Ethics for Principal Executives & Senior Financial Officers

 

 

Procedures 

   

 

Revised December 19, 2014

 

FRANKLIN TEMPLETON FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND

SENIOR FINANCIAL OFFICERS

 

I.

Covered Officers and Purpose of the Code

This code of ethics (the “Code”) applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the “Covered Officers,” each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission (“SEC”) (collectively, “FT Funds”) for the purpose of promoting:

 

  •  

Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

 

  •  

Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

 

  •  

Compliance with applicable laws and governmental rules and regulations;

 

  •  

The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

  •  

Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

* Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments © 2014. All Rights Reserved.

 

 

For Internal Use Only - Not For External Distribution

II.

Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the Code of Ethics and Business Conduct (“Business Conduct”), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee’s business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the FTI Personal Investments and Insider Trading Policy governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

 

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as “affiliated persons” of the FT Funds. The FT Funds’ and the investment advisers’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the

 

 

2

 

 

For Internal Use Only - Not For External Distribution

adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds’ Boards of Directors (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

 

  •  

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

 

  •  

Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

 

  •  

Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

 

  •  

Report at least annually the following affiliations or other relationships:1

  ○   

all directorships for public companies and all companies that are required to file reports with the SEC;

  ○   

any direct or indirect business relationship with any independent directors of the FT Funds;

  ○   

any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm’s service as the Covered Persons accountant); and

  ○   

any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include2:

 

  •  

Service as a director on the board of any public or private Company.

 

  •  

The receipt of any gifts in excess of $100 from any person, from any corporation or

 

1 Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

2 Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

if a member of the Covered Officer’s immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT’s General Counsel in such situations.

 

 

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association.

 

  •  

The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

 

  •  

Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.

 

  •  

A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

 

  •  

Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

 

IV.

Disclosure and Compliance

 

  •  

Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

 

  •  

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmental regulators and self- regulatory organizations;

 

  •  

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund’s adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

 

  •  

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

V.

Reporting and Accountability

Each Covered Officer must:

 

  •  

Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

 

  •  

Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

 

  •  

Notify Franklin Resources’ General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

 

 

4

 

 

For Internal Use Only - Not For External Distribution

Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.3 However, the Independent Directors of the respective FT Funds will consider any approvals or waivers4 sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

 

  •  

Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

 

  •  

If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

 

  •  

Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

 

  •  

If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

 

  •  

The Independent Directors will be responsible for granting waivers, as appropriate; and

 

  •  

Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.5

 

VI.

Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds’ advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund’s principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT’s Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VII.

Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds’ Board including a majority of independent directors.

 

3 Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4 Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant. See Part X.

5 See Part X.

 

 

5

 

 

For Internal Use Only - Not For External Distribution

VIII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds’ Board and their counsel.

 

IX.

Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

 

X.

Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant’s annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

 

  •  

a copy of the Code is filed with the SEC as an exhibit to each Fund’s annual report; and

 

  •  

any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant’s annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

 

 

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For Internal Use Only - Not For External Distribution

EXHIBIT A

Persons Covered by the Franklin Templeton Funds

Code of Ethics

January 22, 2024

FRANKLIN GROUP OF FUNDS

 

Edward Perks

   

President and Chief Executive Officer – Investment Management

Greg Johnson

   

Chairman of the Board and Vice President

Michael McCarthy

   

President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D

   

President and Chief Executive Officer – Investment Management

Christopher Kings

   

Chief Executive Officer - Finance and Administration

Jeffrey W. White

   

Chief Financial Officer, Chief Accounting Officer and Treasurer

FRANKLIN MUTUAL SERIES FUNDS

 

Christian K. Correa

   

Chief Executive Officer – Investment Management

Christopher Kings

   

Chief Executive Officer - Finance and Administration

Jeffrey W. White

   

Chief Financial Officer, Chief Accounting Officer and Treasurer

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

 

Brooks Ritchey

   

President and Chief Executive Officer – Investment Management

Christopher Kings

   

Chief Executive Officer, Finance and Administration

Jeffrey W. White

   

Chief Financial Officer, Chief Accounting Officer and Treasurer

TEMPLETON GROUP OF FUNDS

 

Greg Johnson

   

Chairman of the Board and Vice President

Manraj S. Sekhon

   

President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D.

   

President and Chief Executive Officer – Investment Management

Christopher Kings

   

Chief Executive Officer, Finance and Administration

Jeffrey W. White    Chief Financial Officer, Chief Accounting Officer and Treasurer

 

 

7

 

 

For Internal Use Only - Not For External Distribution

Exhibit B

ACKNOWLEDGMENT FORM

Franklin Templeton Funds Code of Ethics

For Principal Executives and Senior Financial Officers

Instructions:

  1.

Complete all sections of this form.

  2.

Print the completed form, sign, and date.

  3.

Submit completed form to FT’s General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.

 

E-mail:    Code of Ethics Inquiries & Requests (internal address);
   lpreclear@franklintempleton.com (external address)

 

   
Covered Officer’s Name:    
   
Title:    
   
Department:    
   
Location:    
   
Certification for Year Ending:    

 

  To:

Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund’s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the “Code”). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

 

 

     

 

Signature  

     

Date signed

 

 

8

 

 

For Internal Use Only - Not For External Distribution

EX-99.CERT 3 d785243dex99cert.htm CERTIFICATIONS (302) Certifications (302)

I, Christopher Kings, certify that:

 

  1.

I have reviewed this report on Form N-CSR of Franklin Limited Duration Income Trust;

 

  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;

 

  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;

 

  4.

The registrant’s other certifying officer(s) 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:

 

  (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;

 

  (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;

 

  (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

 

  (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

 

  5.

The registrant’s other certifying officer(s) 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):

 

  (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

 

  (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.

2/26/2024

 

  S\CHRISTOPHER KINGS
                     
  Christopher Kings
  Chief Executive Officer - Finance and Administration

I, Jeffrey White, certify that:

 

1.

I have reviewed this report on Form N-CSR of Franklin Limited Duration Income Trust;

 

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;

 

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;

 

4.

The registrant’s other certifying officer(s) 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:

 

  (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;

 

  (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;

 

  (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

 

  (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

 

5.

The registrant’s other certifying officer(s) 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):

 

  (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

 

  (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.

2/26/2024

 

  S\JEFFREY WHITE
 
  Jeffrey White
  Chief Financial Officer, Chief Accounting Officer and Treasurer
 EX-99.906CERT 4 d785243dex99906cert.htm CERTIFICATIONS (906) Certifications (906)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Kings, Chief Executive Officer of the Franklin Limited Duration Income Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

  1.

The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2023 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  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.

Dated: 2/26/2024

 

S\CHRISTOPHER KINGS
                  

Christopher Kings

Chief Executive Officer - Finance and Administration

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey White, Chief Financial Officer of the Franklin Limited Duration Income Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

  1.

The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2023 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  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.

Dated: 2/26/2024

 

S\JEFFREY WHITE

               

Jeffrey White

Chief Financial Officer, Chief Accounting Officer and Treasurer

 EX-99.(PRES) 5 d785243dex99pres.htm PRESS RELEASE Press Release

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, July 28, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on July 31, 2023 and for the fiscal year 2023 year-to-date are as follows:

Estimated Allocations for July Monthly Distribution as of June 30, 2023:

 

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital

Gains

  

Net Realized

Long-Term Capital

Gains

  

Return of Capital

$0.0590

   $0.0309 (52%)   $0.00 (0%)   $0.00 (0%)   $0.0281 (48%)

Cumulative Estimated Allocations fiscal year-to-date as of June 30, 2023, for the fiscal year ending December 31, 2023:

 

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital

Gains

  

Net Realized

Long-Term Capital

Gains

  

Return of Capital

$0.3572

   $0.1946 (54%)   $0.00 (0%)   $0.00 (0%)   $0.1626 (46%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will

describe how to report the Fund’s distributions for federal income tax purposes.

 

       

Average Annual Total Return (in relation to

the change in net asset value (NAV) for the 5-

year period ended on 06/30/2023)1

  

Annualized

Distribution Rate (as a

percentage of NAV for the current fiscal

period through 06/30/2023)2

  

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal

period through 06/30/2023)3

  

Cumulative Fiscal

Year-To-Date Distribution Rate (as

a percentage of NAV

as of 06/30/2023)4

 0.21%

   

 9.99%

   

 5.57%

   

 5.04%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through June 30, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV through June 30, 2023.

 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through June 30, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through June 30, 2023), as a percentage of the Fund’s NAV as of June 30, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than

1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com.

#       #      #

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, August 30, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on August 31, 2023 and for the fiscal year 2023 year-to-date are as follows:

Estimated Allocations for August Monthly Distribution as of July 31, 2023:

 

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital

Gains

  

Net Realized

Long-Term Capital

Gains

  

Return of Capital

$0.0593

   $0.0291 (49%)   $0.00 (0%)   $0.00 (0%)   $0.0302 (51%)

Cumulative Estimated Allocations fiscal year-to-date as of July 31, 2023, for the fiscal year ending December 31, 2023:

 

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital

Gains

  

Net Realized

Long-Term Capital

Gains

  

Return of Capital

$0.4162

   $0.2256 (54%)   $0.00 (0%)   $0.00 (0%)   $0.1906 (46%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF

distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

 

Average Annual Total

Return (in relation to

the change in net asset

value (NAV) for the 5-

year period ended on

07/31/2023)1

  

Annualized

Distribution Rate (as a

percentage of NAV for

the current fiscal

period through

07/31/2023)2

  

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal

period through 07/31/2023)3

  

Cumulative Fiscal

Year-To-Date

Distribution Rate (as

a percentage of NAV

as of 07/31/2023)4

 0.34%

   

 9.99%

   

 6.89%

   

 5.85%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through July 31, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV through July 31, 2023.

 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through July 31, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through July 31, 2023), as a percentage of the Fund’s NAV as of July 31, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of July 31, 2023. For more information, please visit franklintempleton.com.

#       #      #

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, September 28, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on September 29, 2023 and for the fiscal year 2023 year-to-date are as follows:

Estimated Allocations for September Monthly Distribution as of August 31, 2023:

 

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital Gains

  

Net Realized

Long-Term Capital Gains

  

Return of Capital

$0.0591

   $0.0388 (66%)   $0.00 (0%)   $0.00 (0%)   $0.0203 (34%)

Cumulative Estimated Allocations fiscal year-to-date as of August 31, 2023, for the fiscal year ending December 31, 2023:

Distribution

Per Share

  

Net Investment

Income

  

Net Realized

Short-Term Capital

Gains

  

Net Realized

Long-Term Capital

Gains

  

Return of

Capital

$0.4755

  

$0.2547 (54%)

  

$0.00 (0%)

  

$0.00 (0%)

  

$0.2208 (46%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

 

Average Annual Total

Return (in relation to

the change in net asset

value (NAV) for the 5-

year period ended on

08/31/2023)1

  

Annualized

Distribution Rate (as a

percentage of NAV for

the current fiscal

period through

08/31/2023)2

  

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal

period through

08/31/2023)3

  

Cumulative Fiscal

Year-To-Date

Distribution Rate (as

a percentage of NAV

as of 08/31/2023)4

 0.35%

   

 9.97%

   

 7.63%

   

 6.69%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through August 31, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV through August 31, 2023.

 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through August 31, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through August 31, 2023), as a percentage of the Fund’s NAV as of August 31, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even

though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of August 31, 2023. For more information, please visit franklintempleton.com.

#        #      #

 

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, October 30, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on October 31, 2023 and for the fiscal year 2023 year-to-date are as follows:

Estimated Allocations for September Monthly Distribution as of September 30, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital

Gains

   

Return of

Capital

$0.0591

    $0.0461 (78%)    $0.00 (0%)    $0.00 (0%)    $0.0130 (22%)

Cumulative Estimated Allocations fiscal year-to-date as of September 30, 2023, for the fiscal year ending December 31, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital

Gains

   

Return of Capital

$0.5346    $0.2935 (55%)    $0.00 (0%)    $0.00 (0%)    $0.2411 (45%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

 

Average Annual Total

Return (in relation to

the change in net asset

value (NAV) for the 5-

year period ended on

09/30/2023)1

 

Annualized

Distribution Rate (as a

percentage of NAV for

the current fiscal

period through

09/30/2023)2

   

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal period through

09/30/2023)3

  

Cumulative Fiscal

Year-To-Date

Distribution Rate (as

a percentage of NAV

as of 09/30/2023)4

 0.80%

  

 10.09%

   

 7.32%

   

 7.60%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through September 30, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV through September 30, 2023.

 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through September 30, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through September 30, 2023), as a percentage of the Fund’s NAV as of September 30, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the

average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of September 30, 2023. For more information, please visit franklintempleton.com.

#       #      #

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, November 29, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on November 30, 2023 and for the fiscal year

2023 year-to-date are as follows:

Estimated Allocations for November Monthly Distribution as of October 31, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital

Gains

   

Return of

Capital

$0.0576

    $0.0309 (54%)    $0.00 (0%)    $0.00 (0%)    $0.0267 (46%)

Cumulative Estimated Allocations fiscal year-to-date as of October 31, 2023, for the fiscal year ending December 31, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital

Gains

   

Return of

Capital

$0.5937

    $0.3395 (57%)    $0.00 (0%)    $0.00 (0%)    $0.2542 (43%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

 

Average Annual Total

Return (in relation to

the change in net asset

value (NAV) for the 5-

year period ended on

10/31/2023)1

  

Annualized

Distribution Rate (as a

percentage of NAV for

the current fiscal

period through

10/31/2023)2

  

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal

period through

10/31/2023)3

  

Cumulative Fiscal

Year-To-Date

Distribution Rate (as

a percentage of NAV

as of 10/31/2023)4

 1.48%

   

 10.09%

   

 5.47%

   

 8.67%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through October 31, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s

  NAV through October 31, 2023.
 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through October 31, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through October 31, 2023), as a percentage of the Fund’s NAV as of October 31, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.3 trillion in assets under management as of October 31, 2023. For more information, please visit franklintempleton.com.

#      #      #

FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

 

 

FOR IMMEDIATE RELEASE:

For more information, please contact Franklin Templeton at 1-800-342-5236.

FRANKLIN LIMITED DURATION INCOME TRUST (“FTF” or the “Fund”)

ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS

San Mateo, CA, December 28, 2023. Franklin Limited Duration Income Trust [NYSE American: FTF]:

 

  

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

 

   

The Fund’s estimated sources of the distribution to be paid on December 29, 2023 and for the fiscal year 2023 year-to-date are as follows:

Estimated Allocations for December Monthly Distribution as of November 30, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital Gains

   

Return of Capital

$0.0582

    $0.0380 (65%)    $0.00 (0%)    $0.00 (0%)    $0.0202 (35%)

Cumulative Estimated Allocations fiscal year-to-date as of November 30, 2023, for the fiscal year ending December 31, 2023:

 

Distribution

Per Share

   

Net Investment

Income

   

Net Realized

Short-Term Capital

Gains

   

Net Realized

Long-Term Capital

Gains

   

Return of Capital

$0.6513

    $0.3704 (57%)    $0.00 (0%)    $0.00 (0%)    $0.2809 (43%)

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

 

Average Annual Total

Return (in relation to

the change in net asset

value (NAV) for the 5-

year period ended on

   

Annualized

Distribution Rate (as a

percentage of NAV for

the current fiscal

period through

   

Cumulative Total

Return (in relation

to the change in

NAV for the fiscal

period through

   

Cumulative Fiscal Year-To-Date Distribution Rate (as

a percentage of NAV

as of 11/30/2023)4

11/30/2023)1

   11/30/2023)2    11/30/2023)3     

 2.33%

     9.93%     9.13%     9.26%

Fund Performance and Distribution Rate Information:

 

 1.

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through November 30, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid.

 2.

The Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV through November 30, 2023.

 3.

Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2022 through November 30, 2023, assuming reinvestment of distributions paid.

 4.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through November 30, 2023), as a percentage of the Fund’s NAV as of November 30, 2023.

The Fund’s Board of Trustees (the “Board”) has authorized a managed distribution plan pursuant to which the Fund makes monthly distributions to shareholders at an annual minimum fixed rate of 10%, based on the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the average NAV from the previous month based on the number of business days in the month on which the NAV is calculated. The Plan is intended to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there can be no assurance that the Plan will be successful in doing so. The Fund is managed with a goal of generating as much of the distribution as possible from net ordinary income and short-term capital gains, that is consistent with the Fund’s investment strategy and risk profile. To the extent that sufficient distributable income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of November 30, 2023. For more information, please visit franklintempleton.com.

#       #      #

EX-99.(CON) 6 d785243dex99con.htm CONSENT Consent

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 (No. 333-259206) of Franklin Limited Duration Income Trust of our report dated February 20, 2024, relating to the financial statements, financial highlights and senior securities table which appears in Franklin Limited Duration Income Trust’s Annual Report on Form N-CSR for the year ended December 31, 2023. We also consent to the reference to us under the heading “Senior Securities” in such Registration Statement.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 20, 2024

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N-2 - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2014
Cover [Abstract]                                      
Entity Central Index Key                 0001233087                    
Amendment Flag                 false                    
Document Type                 N-CSR                    
Entity Registrant Name                 Franklin Limited Duration Income Trust                    
Fee Table [Abstract]                                      
Shareholder Transaction Expenses [Table Text Block]                
SUMMARY OF FUND EXPENSES
Sales Load (as a percentage of offering price)
(1)
Offering Expenses (as a percentage of offering price)
(1)
Dividend Reinvestment Plan Fees
(2)
(1) If the Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.
(2) You will pay brokerage charges if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.
                   
Other Transaction Expenses [Abstract]                                      
Annual Expenses [Table Text Block]                
 
 Annual Operating Expenses       
Percentage of Net Assets
Attributable to Common Shares
Management Fees
(3)
  
    
    1.03%
Interest on Borrowed Funds
(4)
      2.36%
Other Expenses
(5)
      0.68%
Total Annual Fund Operating Expenses
      4.07%
(3) The Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund’s average daily Managed Assets. “Managed Assets” are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the outstanding amount of any borrowing and other financial leverage). If the Fund uses leverage, the amount of fees paid to the Investment Manager for investment management services will be higher than if the Fund does not use leverage because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with leverage.
(4) The Fund enters into reverse repurchase agreements. Additionally, the Fund participates in a committed financing arrangement through which the Fund is authorized to borrow up to $100 million.
(5) “Other Expenses” are based on estimated amounts for the current fiscal year.
                   
Management Fees [Percent] [1]                 1.03%                    
Interest Expenses on Borrowings [Percent] [2]                 2.36%                    
Other Annual Expenses [Abstract]                                      
Other Annual Expenses [Percent] [3]                 0.68%                    
Total Annual Expenses [Percent]                 4.07%                    
Expense Example [Table Text Block]                
Examples
An investor would pay the following expenses on a $1,000 investment in the Fund, assuming a 5% annual return:
 
   One Year   
       
   Three Years   
       
   Five Years   
       
   Ten Years   
$41
      $124      $208      $426
The above table and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in Shares of the Fund.
 
The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown.
 
The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares.
The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater than or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
                    
Expense Example, Year 01                 $ 41                    
Expense Example, Years 1 to 3                 124                    
Expense Example, Years 1 to 5                 208                    
Expense Example, Years 1 to 10                 $ 426                    
Purpose of Fee Table , Note [Text Block]                 The above table and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in Shares of the Fund.
 
The “Example” assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown.
 
The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund’s Common Shares. 		                   
Basis of Transaction Fees, Note [Text Block]                 as a percentage of offering price                    
Other Expenses, Note [Text Block]                 “Other Expenses” are based on estimated amounts for the current fiscal year.                    
Management Fee not based on Net Assets, Note [Text Block]                 The Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund’s average daily Managed Assets. “Managed Assets” are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the outstanding amount of any borrowing and other financial leverage). If the Fund uses leverage, the amount of fees paid to the Investment Manager for investment management services will be higher than if the Fund does not use leverage because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with leverage.                    
Financial Highlights [Abstract]                                      
Senior Securities [Table Text Block]                
           
Asset
                
           
Coverage
     
Involuntary
     
Average 
  
    
Total Amount
     
per
     
Liquidation
     
Market Value 
  
 Year Ended
   
Outstanding
1
     
$1,000
2
     
Preference
3
     
Outstanding
4
 
  
 Reverse Repurchase Agreement
            
December 31, 2023
      $12,151,954        $3,647        $12,335,804        N/A  
December 31, 2022
      $34,090,177        $3,437        $34,456,370        N/A  
December 31, 2021
      $33,358,605        $3,324        $33,448,122        N/A  
December 31, 2020
      $18,504,585        $3,549        $18,523,129        N/A  
December 31, 2019
      $17,117,190        $3,814        $17,169,028        N/A  
 Credit Facility
            
December 31, 2023
      $97,500,000        $3,647        $98,013,825        $86,460,576  
December 31, 2022
      $83,000,000        $3,437        $83,403,086        $83,008,795  
December 31, 2021
      $83,000,000        $3,324        $83,079,041        $86,629,314  
December 31, 2020
      $93,000,000        $3,549        $93,090,704        $92,029,719  
December 31, 2019
      $90,000,000        $3,814        $90,218,042        $90,127,217  
December 31, 2018
      $90,000,000        $4,387        $90,267,083        $33,334,190  
 
 
 
              
Involuntary
     
         
Asset
   
Liquidation  
     
    
Total
   
Coverage
   
Preference
   
Average
    
Preferred
   
per
   
Per
   
Market Value
    
Shares
   
Preferred  
   
Preferred
   
Per Preferred
 Year Ended
   
Outstanding  
   
Share
   
Share
   
Share
5
 Preferred Shares Series M
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series W
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series F
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.
(4) Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.
(5) Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.
                   
Senior Securities, Note [Text Block]                
SENIOR SECURITIES TABLE
The Fund engaged in senior securities during the prior ten years as follows:
 
           
Asset
                
           
Coverage
     
Involuntary
     
Average 
  
    
Total Amount
     
per
     
Liquidation
     
Market Value 
  
 Year Ended
   
Outstanding
1
     
$1,000
2
     
Preference
3
     
Outstanding
4
 
  
 Reverse Repurchase Agreement
            
December 31, 2023
      $12,151,954        $3,647        $12,335,804        N/A  
December 31, 2022
      $34,090,177        $3,437        $34,456,370        N/A  
December 31, 2021
      $33,358,605        $3,324        $33,448,122        N/A  
December 31, 2020
      $18,504,585        $3,549        $18,523,129        N/A  
December 31, 2019
      $17,117,190        $3,814        $17,169,028        N/A  
 Credit Facility
            
December 31, 2023
      $97,500,000        $3,647        $98,013,825        $86,460,576  
December 31, 2022
      $83,000,000        $3,437        $83,403,086        $83,008,795  
December 31, 2021
      $83,000,000        $3,324        $83,079,041        $86,629,314  
December 31, 2020
      $93,000,000        $3,549        $93,090,704        $92,029,719  
December 31, 2019
      $90,000,000        $3,814        $90,218,042        $90,127,217  
December 31, 2018
      $90,000,000        $4,387        $90,267,083        $33,334,190  
 
 
 
              
Involuntary
     
         
Asset
   
Liquidation  
     
    
Total
   
Coverage
   
Preference
   
Average
    
Preferred
   
per
   
Per
   
Market Value
    
Shares
   
Preferred  
   
Preferred
   
Per Preferred
 Year Ended
   
Outstanding  
   
Share
   
Share
   
Share
5
 Preferred Shares Series M
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series W
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
 Preferred Shares Series F
            
December 31, 2017
    1,200    $72,311    $25,000    N/A
March 31, 2017
    1,200    $74,809    $25,000    N/A
March 31, 2016
    1,200    $75,991    $25,000    N/A
March 31, 2015
    1,200    $76,665    $25,000    N/A
March 31, 2014
    1,200    $78,686    $25,000    N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.
(4) Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.
(5) Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.
                   
Senior Securities Averaging Method, Note [Text Block]                 The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”                    
General Description of Registrant [Abstract]                                      
Investment Objectives and Practices [Text Block]                
Principal Investment Strategy
Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in debt securities and other income-producing instruments, allocated primarily among three distinct investment categories:
 
 
 
(1) mortgage-backed securities and other asset-backed securities; (2) bank loans made to corporate and other business entities; and (3) below “investment grade” debt securities and other income-producing instruments. There is no limitation on the percentage of the Fund’s assets that may be allocated to each of these investment categories; provided that, under normal market conditions, the Fund will invest at least 20% of its total assets in each category.
Under normal circumstances, the Fund’s allocation to the investment category of mortgage-backed and other asset-backed securities will be primarily composed of investments in mortgage-backed securities. Under normal market conditions, the Fund will invest at least 20% of its assets in debt securities or other instruments rated below investment grade, sometimes called “junk bonds.” The Fund may also invest in investment grade debt securities. Investment grade debt securities are rated in one of the top four ratings categories by a nationally-recognized statistical rating organization (a “Rating Agency”) such as S&P, Moody’s or Fitch. A debt security rated below the top four ratings categories by each Rating Agency rating the security will be considered below investment grade. The Fund may also buy unrated debt securities or other income-producing instruments.
The Fund may invest in securities or other instruments whose issuers are in default or bankruptcy. Under normal conditions, the Fund will not invest more than 5% of its total assets in debt securities or other obligations whose issuers are in default at the time of purchase.
Under normal market conditions, the Fund may invest up to 25% of its total assets in loans originated through on-line marketplace lending platforms (a “Platform”) that provide a marketplace for lending through the purchase of loans (either individually or in aggregations) (“Marketplace Loans”) and other types of marketplace lending instruments. The Fund will not invest in Marketplace Loans that the Fund determines to be subprime.
Under normal market conditions, the Investment Manager expects the Fund to maintain an estimated average portfolio duration of between two and five years (including the effect of anticipated leverage). This duration policy may only be changed following provision of 60 days’ prior notice to holders of Common Shares (“Common Shareholders”). In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price
volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.
The Fund uses an active sector allocation strategy to try to achieve its goals of income and capital appreciation. This means the Fund allocates its assets among securities in various market sectors based on the Investment Manager’s assessment of changing economic, global market, industry, and issuer conditions. Consequently, the Fund, from time to time, may have significant positions in particular sectors. There can be no assurance that the Investment Manager’s assessments will be correct.
The Investment Manager will rely heavily on its own analysis of the credit quality and risks associated with individual debt obligations considered for the Fund, rather than relying exclusively on rating agencies, third-party research or the credit ratings assigned by a Platform with regard to Marketplace Loans. The Investment Manager will use this information in an attempt to minimize credit risk and identify borrowers, issuers, industries or sectors that are undervalued or that offer attractive yields relative to the Investment Manager’s assessment of their credit characteristics. The Fund’s success in achieving its investment objectives may depend more heavily on the Investment Manager’s credit analysis than if the Fund invested solely in higher-quality and rated securities.
Subject to the availability of suitable investment opportunities, the Investment Manager will seek to diversify the Fund’s investments broadly in an attempt to minimize the portfolio’s sensitivity to credit and other risks associated with a particular issuer, industry or sector, or to the impact of a single economic, political or regulatory event.
The Fund’s portfolio may include bonds, debentures, notes and other similar types of debt instruments, such as asset-backed securities, as well as bank loans and loan participations, commercial and agency-issued mortgage
 
 
 
securities, payment-in-kind securities, zero-coupon securities, bank certificates of deposit, fixed time deposits and bankers’ acceptances, structured notes and other hybrid instruments, preferred shares, municipal or U.S. government securities, debt securities issued by foreign corporations or supra-national government agencies, mortgage-backed securities issued on a public or private basis, other types of asset-backed securities, and Marketplace Loans and other types of marketplace lending instruments . See the Notes to Financial Statements for further information. The rate of interest on an income-producing security may be fixed, floating or variable. The Fund may use swaps and other derivative instruments.
The Fund may hold equity securities; however, under ordinary circumstances, such investments will be limited to convertible securities, dividend-paying common or preferred stocks, or equity securities acquired in connection with a restructuring, bankruptcy, default, or the exercise of a conversion or purchase right.
                   
Risk Factors [Table Text Block]                
Principal Investment Risks
You could lose money by investing in the Fund. Closed-end fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.
Credit
The Fund could lose money on a debt security if the issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer’s financial strength, the market’s perception of the issuer’s financial strength or an issuer’s or security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer or security, may affect debt securities’ values. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Investment Manager or the rating agencies than such securities actually do.
Interest Rate
Changes in interest rates may present risks to the Fund. When interest rates rise, debt security prices generally fall.
The opposite is also generally true: debt security prices generally rise when interest rates fall.
The prices of fixed-rate securities with longer durations tend to be more sensitive to changes in interest rates than securities with shorter durations, usually making them more volatile. Because the Fund will normally have an estimated average portfolio duration of between two and five years (including the effects of anticipated leverage), the Fund’s net asset value and market price will tend to fluctuate more in response to changes in market interest rates than if the Fund invested mainly in short-term debt securities and less than if the Fund invested mainly in longer-term debt securities.
The cost of leverage employed by the Fund is based on certain interest rates. If the cost of leverage exceeds the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally lower interest rates, the returns to Common Shareholders may be reduced. The Fund’s use of leverage, as described in the Prospectus, will tend to increase Common Share interest rate risk.
The Fund may employ certain strategies for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.
Market
The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund’s investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. In addition, unexpected events and their aftermaths, such as the spread of diseases; natural,
 
 
 
environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. During a general downturn in the securities markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance.
High-Yield Debt Securities
The Fund may invest in debt securities and other income-producing instruments that are rated below investment grade or unrated. These securities and instruments generally have more credit risk than higher-rated securities. The issuers of such securities or instruments typically do not have the track record needed to receive an investment grade rating, have borrowed to finance acquisitions or to expand their operations, are seeking to refinance their debt at lower rates, or have been downgraded due to financial difficulties. Due to the risks involved in investing in high yield debt securities and other income-producing instruments, an investment in the Fund should be considered speculative.
Companies issuing high yield, fixed-income securities are not as strong financially as those issuing securities with higher credit ratings. These companies are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments. The high yield market has experienced a large number of defaults in recent years. If a company defaults because it stops making interest and/ or principal payments, payments on the securities may never resume because such securities are generally unsecured and are often subordinated to other creditors of the issuer. These securities may be worthless and the Fund could lose its entire investment.
High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when they do their prices may be significantly higher or lower than expected.
Bank Loans
Bank loans, loan participations and assignments involve
credit risk, interest rate risk, liquidity risk, and the risks of being a lender, as well as other risks. If the Fund purchases a loan, it may be able to enforce its rights only through the lender, and may assume the credit risk of both the lender and the borrower.
Corporate loans in which the Fund may invest may be unrated and generally will not be registered with the SEC or listed on a securities exchange. Because the amount of public information available with respect to corporate loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities, corporate loans can be more difficult to value.
Bank loans and certain corporate loans may not be considered “securities,” and investors, such as the Fund, therefore may not be entitled to rely on the antifraud protections of the federal securities laws and may have limited legal remedies.
Marketplace Loans
Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.
Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans and information provided to the Platform regarding the loans and the borrowers’ credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan
 
 
before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass-through notes risk, fraud risk, platform risk, servicer risk, and tax risk.
Mortgage Securities and Asset-Backed Securities
Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. To the Fund this means a loss of anticipated interest, and a portion of its principal investment represented by any premium the Fund may have paid. Mortgage prepayments generally increase when interest rates fall. Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of “locking in” long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. When the Fund reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing security.
Mortgage securities also are subject to extension risk. An unexpected rise in interest rates could reduce the rate of prepayments on mortgage securities and extend their life. This could cause the price of the mortgage securities and the Fund’s share price to fall and would make the mortgage securities more sensitive to interest rate changes.
Since September 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, has acted as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear how long the conservatorship will last or what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac for the long-term.
Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of
the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.
Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.
Income
The Fund’s income distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. The Fund’s income generally declines during periods of falling benchmark interest rates because the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, sale, call, or buy-back) at a lower rate of interest or return.
Leverage
The Fund’s use of leverage creates the opportunity for increased net income, but also creates special risks. The Fund currently uses leverage through the borrowing of funds under a committed financing arrangement and the purchase of mortgage dollar rolls. The Fund may use other forms of leverage, including through the issuance of senior securities such as preferred shares. The Fund may also use leverage through the lending of portfolio securities, and the use of swaps, other derivatives, reverse repurchase agreements, and when-issued, delayed delivery or forward commitment transactions. To mitigate leverage risk from such transactions, the Fund may segregate liquid assets against or otherwise cover its future obligations under such transactions.
So long as the Fund’s securities portfolio provides a higher rate of return (net of Fund expenses) than the cost of its leverage (e.g., the interest rate on any borrowings), the leverage will allow shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, interest rates rise, which may be likely because interest rates are currently near their lowest levels in many years, the Fund’s cost of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally
 
 
 
lower interest rates, reducing return to shareholders. If the Fund leverages with preferred shares that pay cumulative dividends, the Fund’s leverage risk may be increased.
The Fund’s use of leverage may, during periods of rising interest rates, adversely affect the Fund’s income, distributions and total returns to Common Shareholders. Leverage creates two major types of risks for Common Shareholders:
 
  •   the likelihood of greater volatility of net asset value and market price of Common Shares, because changes in the value of the Fund’s portfolio of income-producing securities (including securities bought with the proceeds of leverage) are borne entirely by the Common Shareholders; and
 
  •   the possibility either that Common Share income will fall if the Fund’s cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund (including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.
By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund’s use of leverage strategies could result in larger losses than if the strategies were not used.
Foreign Securities (non-U.S.)
Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and may include, among others, currency risks, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets),
different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Investing in securities of issuers based in developing or emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree as well as other risks.
Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the United States by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.
Derivatives
The performance of derivatives depends largely on the performance of an underlying asset, interest rate or index, and such instruments often have risks similar to their underlying asset. Derivatives (such as futures contracts and options thereon, options, swaps and short sales) are also subject to a number of risks such as liquidity risk, interest rate risk, credit risk, leverage risk, volatility risk and management risk. They also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.
Liquidity
The Fund may invest up to 25% of its total assets in securities which are illiquid at the time of investment (i.e., securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Also, the Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price.
 
 
 
Portfolio Turnover
Active and frequent trading may increase a shareholder’s tax liability and will increase the Fund’s transaction costs, which could detract from Fund performance.
Management
The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.
                   
Share Price [Table Text Block]                
The Fund’s Common Shares are traded on the NYSE American under the symbol “FTF”. The below table details for the period indicated the high and low closing market prices and NAV as well as the high and low of the premium and discount of the market value compared to the NAV.
 
 
 
                                            
Premium/Discount to
    
Market Price
        
NAV
        
NAV
 Fiscal Quarter Ended
   
High
         
Low
         
High
         
Low
         
High
         
Low
December 2023
    $6.41       $5.77           $7.18       $6.85       -9.85%       -15.89%
September 2023
    $6.34           $6.09       $7.16       $7.02       -11.08%       -13.38%
June 2023
    $6.35       $6.03       $7.17           $7.01           -11.06%           -14.57%
March 2023
    $6.55       $6.07       $7.30       $7.01       -9.67%       -13.92%
December 2022
    $6.54       $5.95       $7.21       $6.97       -8.79%       -14.63%
September 2022
    $7.11       $6.16       $7.63       $7.04       -6.52%       -12.57%
June 2022
    $7.77       $6.45       $8.14       $7.30       -4.55%       -13.07%  
March 2022
    $9.14       $7.29       $8.97       $8.05       2.47%       -9.89%
The net asset value per Common Share on December 31, 2023 was $7.18 and the market price per Common Share at the close of business on December 31, 2023 was $6.22, representing a (13.4)% discount to such net asset value. As of December 31, 2023, the Fund has outstanding 40,405,374 Common Shares. The Fund’s Common Shares have traded in the market below, at and above net asset value since the commencement of the Fund’s operations. However, it has recently been the case that the Fund’s Common Shares have traded at a discount from net asset value. The Fund cannot determine the reasons why the Fund’s Common Shares trade at a premium to or discount from net asset value, nor can the Fund predict whether its Shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount. Shares of a closed-end investment company may frequently trade at prices lower than net asset value. The Fund’s Board of Trustees regularly monitors the relationship between the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial discount to net asset value for an extended period of time, the Board may consider the repurchase of its Common Shares on the open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Trustees will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce market discount.
                   
Capital Stock, Long-Term Debt, and Other Securities [Abstract]                                      
Outstanding Security, Title [Text Block]                 Shares                    
Outstanding Security, Held [Shares]                 40,405,374                    
Credit One [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Credit
The Fund could lose money on a debt security if the issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer’s financial strength, the market’s perception of the issuer’s financial strength or an issuer’s or security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer or security, may affect debt securities’ values. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Investment Manager or the rating agencies than such securities actually do.
                   
Interest Rate [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Interest Rate
Changes in interest rates may present risks to the Fund. When interest rates rise, debt security prices generally fall.
The opposite is also generally true: debt security prices generally rise when interest rates fall.
The prices of fixed-rate securities with longer durations tend to be more sensitive to changes in interest rates than securities with shorter durations, usually making them more volatile. Because the Fund will normally have an estimated average portfolio duration of between two and five years (including the effects of anticipated leverage), the Fund’s net asset value and market price will tend to fluctuate more in response to changes in market interest rates than if the Fund invested mainly in short-term debt securities and less than if the Fund invested mainly in longer-term debt securities.
The cost of leverage employed by the Fund is based on certain interest rates. If the cost of leverage exceeds the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally lower interest rates, the returns to Common Shareholders may be reduced. The Fund’s use of leverage, as described in the Prospectus, will tend to increase Common Share interest rate risk.
The Fund may employ certain strategies for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.
                   
Market [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Market
The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The Fund’s investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. In addition, unexpected events and their aftermaths, such as the spread of diseases; natural,
 
 
 
environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. During a general downturn in the securities markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that securities or other investments held by the Fund will participate in or otherwise benefit from the advance. 		                   
HighYield Debt Securities [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
High-Yield Debt Securities
The Fund may invest in debt securities and other income-producing instruments that are rated below investment grade or unrated. These securities and instruments generally have more credit risk than higher-rated securities. The issuers of such securities or instruments typically do not have the track record needed to receive an investment grade rating, have borrowed to finance acquisitions or to expand their operations, are seeking to refinance their debt at lower rates, or have been downgraded due to financial difficulties. Due to the risks involved in investing in high yield debt securities and other income-producing instruments, an investment in the Fund should be considered speculative.
Companies issuing high yield, fixed-income securities are not as strong financially as those issuing securities with higher credit ratings. These companies are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments. The high yield market has experienced a large number of defaults in recent years. If a company defaults because it stops making interest and/ or principal payments, payments on the securities may never resume because such securities are generally unsecured and are often subordinated to other creditors of the issuer. These securities may be worthless and the Fund could lose its entire investment.
High yield securities generally are less liquid than higher-quality securities. Many of these securities do not trade frequently, and when they do their prices may be significantly higher or lower than expected.
                   
Bank Loans [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Bank Loans
Bank loans, loan participations and assignments involve
credit risk, interest rate risk, liquidity risk, and the risks of being a lender, as well as other risks. If the Fund purchases a loan, it may be able to enforce its rights only through the lender, and may assume the credit risk of both the lender and the borrower.
Corporate loans in which the Fund may invest may be unrated and generally will not be registered with the SEC or listed on a securities exchange. Because the amount of public information available with respect to corporate loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities, corporate loans can be more difficult to value.
Bank loans and certain corporate loans may not be considered “securities,” and investors, such as the Fund, therefore may not be entitled to rely on the antifraud protections of the federal securities laws and may have limited legal remedies.
                   
Marketplace Loans [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Marketplace Loans
Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.
Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans and information provided to the Platform regarding the loans and the borrowers’ credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan
 
 
before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass-through notes risk, fraud risk, platform risk, servicer risk, and tax risk. 		                   
Mortgage Securities and AssetBacked Securities [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Mortgage Securities and Asset-Backed Securities
Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. To the Fund this means a loss of anticipated interest, and a portion of its principal investment represented by any premium the Fund may have paid. Mortgage prepayments generally increase when interest rates fall. Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of “locking in” long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. When the Fund reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing security.
Mortgage securities also are subject to extension risk. An unexpected rise in interest rates could reduce the rate of prepayments on mortgage securities and extend their life. This could cause the price of the mortgage securities and the Fund’s share price to fall and would make the mortgage securities more sensitive to interest rate changes.
Since September 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, has acted as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear how long the conservatorship will last or what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac for the long-term.
Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of
the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.
Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.
                   
Income [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Income
The Fund’s income distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. The Fund’s income generally declines during periods of falling benchmark interest rates because the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, sale, call, or buy-back) at a lower rate of interest or return.
                   
Leverage [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Leverage
The Fund’s use of leverage creates the opportunity for increased net income, but also creates special risks. The Fund currently uses leverage through the borrowing of funds under a committed financing arrangement and the purchase of mortgage dollar rolls. The Fund may use other forms of leverage, including through the issuance of senior securities such as preferred shares. The Fund may also use leverage through the lending of portfolio securities, and the use of swaps, other derivatives, reverse repurchase agreements, and when-issued, delayed delivery or forward commitment transactions. To mitigate leverage risk from such transactions, the Fund may segregate liquid assets against or otherwise cover its future obligations under such transactions.
So long as the Fund’s securities portfolio provides a higher rate of return (net of Fund expenses) than the cost of its leverage (e.g., the interest rate on any borrowings), the leverage will allow shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, interest rates rise, which may be likely because interest rates are currently near their lowest levels in many years, the Fund’s cost of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally
 
 
 
lower interest rates, reducing return to shareholders. If the Fund leverages with preferred shares that pay cumulative dividends, the Fund’s leverage risk may be increased.
The Fund’s use of leverage may, during periods of rising interest rates, adversely affect the Fund’s income, distributions and total returns to Common Shareholders. Leverage creates two major types of risks for Common Shareholders:
 
  •   the likelihood of greater volatility of net asset value and market price of Common Shares, because changes in the value of the Fund’s portfolio of income-producing securities (including securities bought with the proceeds of leverage) are borne entirely by the Common Shareholders; and
 
  •   the possibility either that Common Share income will fall if the Fund’s cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund (including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.
By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund’s use of leverage strategies could result in larger losses than if the strategies were not used.
                   
Foreign Securities (nonU.S.) [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Foreign Securities (non-U.S.)
Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and may include, among others, currency risks, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets),
different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Investing in securities of issuers based in developing or emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree as well as other risks.
Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the United States by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.
                   
Derivatives [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Derivatives
The performance of derivatives depends largely on the performance of an underlying asset, interest rate or index, and such instruments often have risks similar to their underlying asset. Derivatives (such as futures contracts and options thereon, options, swaps and short sales) are also subject to a number of risks such as liquidity risk, interest rate risk, credit risk, leverage risk, volatility risk and management risk. They also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.
                   
Liquidity [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Liquidity
The Fund may invest up to 25% of its total assets in securities which are illiquid at the time of investment (i.e., securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Also, the Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price.
                   
Portfolio Turnover [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Portfolio Turnover
Active and frequent trading may increase a shareholder’s tax liability and will increase the Fund’s transaction costs, which could detract from Fund performance.
                   
Management One [Member]                                      
General Description of Registrant [Abstract]                                      
Risk [Text Block]                
Management
The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.
                   
Common Shares [Member]                                      
Other Annual Expenses [Abstract]                                      
Basis of Transaction Fees, Note [Text Block]                
Percentage of Net Assets
Attributable to Common Shares
                    
General Description of Registrant [Abstract]                                      
Lowest Price or Bid $ 5.77 $ 6.09 $ 6.03 $ 6.07 $ 5.95 $ 6.16 $ 6.45 $ 7.29                      
Highest Price or Bid 6.41 6.34 6.35 6.55 6.54 7.11 7.77 9.14                      
Lowest Price or Bid, NAV 6.85 7.02 7.01 7.01 6.97 7.04 7.3 8.05                      
Highest Price or Bid, NAV $ 7.18 $ 7.16 $ 7.17 $ 7.3 $ 7.21 $ 7.63 $ 8.14 $ 8.97                      
Highest Price or Bid, Premium (Discount) to NAV [Percent] (9.85%) (11.08%) (11.06%) (9.67%) (8.79%) (6.52%) (4.55%) 2.47%                      
Lowest Price or Bid, Premium (Discount) to NAV [Percent] (15.89%) (13.38%) (14.57%) (13.92%) (14.63%) (12.57%) (13.07%) (9.89%)                      
Share Price $ 6.22               $ 6.22                    
NAV Per Share $ 7.18               $ 7.18                    
Latest Premium (Discount) to NAV [Percent]                 13.40%                    
Reverse Repurchase Agreement [Member]                                      
Financial Highlights [Abstract]                                      
Senior Securities Amount [4] $ 12,151,954       $ 34,090,177       $ 12,151,954 $ 34,090,177 $ 33,358,605 $ 18,504,585 $ 17,117,190            
Senior Securities Coverage per Unit [5] $ 3,647       $ 3,437       $ 3,647 $ 3,437 $ 3,324 $ 3,549 $ 3,814            
Preferred Stock Liquidating Preference [6] $ 12,335,804       $ 34,456,370       12,335,804 34,456,370 33,448,122 18,523,129 17,169,028            
Senior Securities Average Market Value per Unit [7]                            
Credit Facility [Member]                                      
Financial Highlights [Abstract]                                      
Senior Securities Amount [4] $ 97,500,000       $ 83,000,000       $ 97,500,000 $ 83,000,000 $ 83,000,000 $ 93,000,000 $ 90,000,000 $ 90,000,000          
Senior Securities Coverage per Unit [5] $ 3,647       $ 3,437       $ 3,647 $ 3,437 $ 3,324 $ 3,549 $ 3,814 $ 4,387          
Preferred Stock Liquidating Preference [6] $ 98,013,825       $ 83,403,086       98,013,825 83,403,086 83,079,041 93,090,704 90,218,042 90,267,083          
Senior Securities Average Market Value per Unit [7]                 $ 86,460,576 $ 83,008,795 $ 86,629,314 $ 92,029,719 $ 90,127,217 $ 33,334,190          
Preferred Shares Series W [Member]                                      
Financial Highlights [Abstract]                                      
Senior Securities Amount                             $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200
Senior Securities Coverage per Unit                             $ 72,311 $ 74,809 $ 75,991 $ 76,665 $ 78,686
Preferred Stock Liquidating Preference                             25,000 25,000 25,000 25,000 25,000
Senior Securities Average Market Value per Unit [8]                            
Preferred Shares Series F [Member]                                      
Financial Highlights [Abstract]                                      
Senior Securities Amount                             $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200
Senior Securities Coverage per Unit                             $ 72,311 $ 74,809 $ 75,991 $ 76,665 $ 78,686
Preferred Stock Liquidating Preference                             25,000 25,000 25,000 25,000 25,000
Senior Securities Average Market Value per Unit [8]                            
Preferred Shares Series M [Member]                                      
Financial Highlights [Abstract]                                      
Senior Securities Amount                             $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200
Senior Securities Coverage per Unit                             $ 72,311 $ 74,809 $ 75,991 $ 76,665 $ 78,686
Preferred Stock Liquidating Preference                             25,000 25,000 25,000 25,000 25,000
Senior Securities Average Market Value per Unit [8]                            
[1] The Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund’s average daily Managed Assets. “Managed Assets” are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the outstanding amount of any borrowing and other financial leverage). If the Fund uses leverage, the amount of fees paid to the Investment Manager for investment management services will be higher than if the Fund does not use leverage because the fees paid are calculated on the Fund’s Managed Assets, which include assets purchased with leverage.
[2] The Fund enters into reverse repurchase agreements. Additionally, the Fund participates in a committed financing arrangement through which the Fund is authorized to borrow up to $100 million.
[3] “Other Expenses” are based on estimated amounts for the current fiscal year.
[4] Total amount of each class of senior securities outstanding at the end of the period presented.
[5] The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”
[6] The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.
[7] Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.
[8] Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.
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