N-CSR 1 primary-document.htm N-CSR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
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)
 
Craig S. Tyle, 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: 12/31/21
 
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.)


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
.
 
Annual
Report
Franklin
Limited
Duration
Income
Trust
December
31,
2021
Managed
Distribution
Policy
:
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
net
asset
value
(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,
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.
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Contents
Annual
Report
Franklin
Limited
Duration
Income
Trust
2
Performance
Summary
5
Financial
Highlights
and
Statement
of
Investments
8
Financial
Statements
33
Notes
to
Financial
Statements
37
Report
of
Independent
Registered
Public
Accounting
Firm
51
Tax
Information
53
Important
Information
to
Shareholders
54
Annual
Meeting
of
Shareholders
65
Dividend
Reinvestment
and
Cash
Purchase
Plan
66
Board
Members
and
Officers
68
Shareholder
Information
73
Visit
@
franklintempleton.com
@
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Franklin
Limited
Duration
Income
Trust
Dear
Shareholder:
This
annual
report
for
Franklin
Limited
Duration
Income
Trust
covers
the
fiscal
year
ended
December
31,
2021
.
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,
through
a
portfolio
consisting
primarily
of
high-yield
corporate
bonds,
floating
rate
corporate
loans
and
mortgage-
and
other
asset-backed
securities.
*
Total
investments
include
long-term
and
short-term
investments.
**Includes
collateralized
loan
obligations.
***Includes
common
stocks,
preferred
stocks,
warrants
and
convertible
bonds.
Performance
Overview
For
the
12
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+5.16%
based
on
net
asset
value
and
+6.77%
based
on
market
price.
Net
asset
value
decreased
from
$9.43
per
share
on
December
31,
2020,
to
$8.97
at
period-end,
and
the
market
price
decreased
from
$9.42
to
$9.09
over
the
same
period.
You
can
find
the
Fund’s
long-
term
performance
data
in
the
Performance
Summary
on
page
5
.
The
Fund
has
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
net
asset
value
of
the
Fund’s
common
shares
(the
“Plan”).
The
Plan
has
maintained
this
10%
fixed
rate
since
it
began
in
January
2017.
The
Plan
has
no
impact
on
the
Fund’s
investment
strategy
and
may
reduce
the
Fund’s
net
asset
value.
The
Plan
resulted
in
a
return
of
capital
of
+41.31%
during
the
period.
The
Fund’s
investment
manager
believes
the
Plan
helps
maintain
the
Fund’s
competitiveness
and
may
benefit
the
Fund’s
market
price
and
premium/
discount
to
the
Fund’s
net
asset
value.
You
can
find
the
total
for
the
Fund's
return
of
capital
distributions
per
share
during
the
period
in
the
Performance
Summary
beginning
on
5
.
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.
Economic
and
Market
Overview
While
“reflation,”
meaning
a
return
to
growth,
was
the
key
driver
for
markets
in
the
first
quarter
of
2021,
“inflation”
and
commensurate
risks
of
higher
commodity
prices
took
center
stage
over
the
summer
and
into
the
fall.
Amid
market
concerns
surrounding
the
COVID-19
Delta
variant
and
ever-changing
views
around
the
trajectory
of
U.S.
Federal
Reserve
(Fed)
tapering,
U.S.
Treasury
(UST)
yields
experienced
periods
of
volatility.
As
supply
chain-induced
inflation
persisted,
U.S.
policymakers
signaled
a
move
away
from
the
“transitory
inflation”
stance,
leading
to
renewed
market
focus
on
the
timing
of
a
Fed
taper
and
interest
rate
hike.
During
November
2021,
news
of
the
highly
contagious
Omicron
variant
weighed
on
market
sentiment.
Against
this
backdrop,
the
Fed
began
the
process
of
winding
down
its
pandemic-era
asset
purchases,
which
was
followed
with
a
December
announcement
that
tapering
of
asset
purchases
will
be
accelerated
to
the
monthly
rate
of
$30
billion
starting
in
January;
at
this
pace,
the
Fed
will
cease
their
purchases
by
mid-March
of
2022.
The
Fed
also
had
turned
much
more
hawkish
with
a
median
projection
of
three
federal
funds
target
rate
hikes
in
2022
followed
by
an
additional
three
in
2023,
which
was
more
in-line
with
market
expectations.
During
the
performance
period
under
review,
UST
yields
rose
sharply
throughout
the
year
steepening
the
yield
curve.
Investment
Strategy
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
small
portion
in
marketplace
loans.
Our
top-down
analysis
Portfolio
Composition
12/31/21
%
of
Total
Investments*
Corporate
Bonds
41.2%
Senior
Floating
Rate
Interests
31.6%
Mortgage-Backed
Securities
11.0%
Asset-Backed
Securities**
6.6%
Marketplace
Loans
5.6%
Commercial
Mortgage-Backed
Securities
0.8%
Residential
Mortgage-Backed
Securities
0.8%
Other***
0.2%
Short-Term
Investments
2.2%
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Summary
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
9
.
Franklin
Limited
Duration
Income
Trust
3
franklintempleton.com
Annual
Report
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.
Manager’s
Discussion
High-Yield
Corporate
Bonds
The
U.S.
High
Yield
market
(HY)
continued
to
enjoy
a
favorable
environment
for
leveraged
credit.
For
most
of
the
year,
investor’s
reach
for
yield
remained
strong,
and
market
participants
focused
on
the
positives.
All
industrial
sectors
posted
generally
positive
performance
on
a
year-to-
date
(YTD)
basis,
led
by
the
energy
segment.
Most
issuers
have
solid
liquidity
following
a
year-and-a-half
of
wide-open
capital
markets,
and
the
last
12-month
(LTM)
default
rate
is
near
a
historic
low
and
likely
to
remain
muted
for
2022.
Technical
conditions
are
likely
to
be
supported
by
lower
new
issuance
in
2022
and
a
surge
in
rising
stars.
Despite
input
cost
inflation
pressures
and
supply-chain
related
shortages
potentially
presenting
headwinds
to
the
fundamental
picture,
the
vast
majority
of
U.S.
HY
sectors
are
still
not
likely
to
be
negatively
impacted
to
a
significant
degree.
Although
HY
retail
fund
flows
were
largely
flat
on
a
YTD
basis,
new
issuance
levels
ended
2021
at
record
levels,
driven
primarily
by
refinancing
activity.
Overall,
The
U.S.
HY
sector,
as
measured
by
the
ICE
BofA
U.S.
High
Yield
Constrained
Index,
returned
+5.35%
for
the
12-month
period
ending
December
31,
2021,
with
lower
quality
rating
categories
outperforming.
1
Floating
Rate
Corporate
Loans
Positive
developments
on
the
vaccine
front
and
meaningful
fiscal
stimulus
helped
to
drive
favorable
technical
conditions
in
the
loan
market
and
strong
principal
returns.
The
more
favorable
environment
supported
demand
for
lower-rated
loans
trading
at
deeper
discounts
to
par,
especially
those
in
industries
that
were
expected
to
benefit
from
a
reopening
economy.
Inflows
into
loan
retail
vehicles
accelerated,
and
record
issuance
of
collateralized
loan
obligation
(CLO)
vehicles
contributed
to
the
rally.
New
issuance
to
finance
mergers-and-acquisitions
and
leveraged
buyouts
also
significantly
increased,
but
the
strength
of
demand
helped
to
absorb
the
net
issuance.
Following
several
consecutive
months
of
outflows
in
2020,
retail
vehicle
inflows
accelerated
in
2021
as
more
investors
looked
to
the
asset
class
in
response
to
rising
UST
yields
and
potential
inflation.
Assets
under
management
reached
a
two-year
high,
helping
to
offset
prior
years
of
net
outflows.
Technical
conditions
in
the
loan
market
remained
robust
as
demand
from
CLOs
also
bolstered
support
for
loan
prices.
Issuance
of
new
CLOs
reached
a
record
for
annual
issuance
in
2021,
outpacing
the
rate
from
the
prior
years,
amid
demand
for
floating-rate
assets
and
as
managers
looked
to
issue
vehicles
ahead
of
the
transition
away
from
London
Interbank
Offered
Rate
(LIBOR)-based
liabilities.
Positive
flows
and
CLO
issuance
led
to
a
supply
and
demand
imbalance
at
the
beginning
of
2021,
resulting
in
arrangers
launching
more
repricing
deals
to
reduce
spreads
on
existing
loans,
after
those
deals
were
largely
absent
from
the
market
for
most
of
2020.
Net
new
issuance
eventually
increased
significantly,
driven
by
deals
to
finance
mergers
and
acquisitions
and
leveraged
buyouts.
In
2021,
the
volume
of
acquisition-related
deals
from
private
equity
sponsors
was
the
highest
since
the
global
financial
crisis
and
included
the
largest
loan
deal
since
2013.
Issuance
of
B
rated
loans
exceeded
the
pace
from
prior
periods,
leading
to
a
further
shift
in
the
ratings
mix
in
the
loan
market,
particularly
from
Upper-
to
Middle-Tier
loans.
The
default
rate
fell
below
the
historical
average
by
the
end
of
the
period,
nearing
a
record
low.
While
renewed
virus
fears
contributed
to
continued
bifurcation
between
issuers
in
industries
less
impacted
by
the
COVID-19
crisis
and
those
affected
by
continued
virus
fears,
the
percentage
of
loans
trading
at
distressed
levels
sharply
declined.
In
response
to
the
improved
earnings
and
outlook,
the
pace
of
credit
rating
upgrades
significantly
exceeded
that
of
downgrades.
Mortgage-Backed
Securities
(MBS)
and
Securitized
Sectors
Securitized
sector
performance
was
challenged
over
the
period,
with
only
non-agency
mortgage-backed
securities
(RMBS)
posting
positive
total
returns.
Agency
mortgage-
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
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.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Franklin
Limited
Duration
Income
Trust
4
franklintempleton.com
Annual
Report
backed
securities
(MBS)
and
commercial
mortgage-backed
securities
(CMBS)
posted
negative
returns
and
lagged
credit
related
sectors.
In
the
Federal
Open
Market
Committee
meeting
on
December
15,
the
Fed
announced
an
accelerated
taper
of
asset
purchases,
with
an
intent
to
purchase
$20
billion
in
MBS
starting
in
January
2022,
compared
to
$35
billion
in
December
2021.
With
this
accelerated
pace,
we
expect
the
operation
to
conclude
in
March
2022.
Since
March
15,
2020,
the
Fed
has
purchased
$2.83
trillion
of
agency
MBS
and
as
of
January
10,
2022,
owned
31.9%
of
the
agency
MBS
market.
For
comparison,
the
Fed
purchased
$1.25
trillion
and
$900
billion
during
the
first
quantitative
easing
(QE1)
and
QE2,
respectively.
Zero-volatility
option
adjusted
spreads
(ZV-OAS)
fluctuated
throughout
the
period
but
ended
the
12-month
reporting
period
tighter
by
2
basis
points
(bps),
moving
from
60
bps
on
December
31,
2020,
to
58
bps
as
on
December
31,
2021.
We
believe
spreads
could
start
widening
into
accelerated
taper
and
as
origination
increases
in
the
spring
and
summer
months
of
2022.
Throughout
2020
capacity
constraints
in
the
mortgage
market
led
to
higher
primary
and
secondary
market
spreads
and
kept
mortgage
rates
rangebound,
despite
a
large
rally
in
UST
rates.
Primary
and
secondary
spreads
are
now
at
81
bps,
closer
to
the
long-term
historical
average
of
99
bps,
and
we
expect
them
to
have
a
lower
impact
on
prepayments
in
2022.
The
Primary
Mortgage
Market
Survey
(PMMS)
rate
remains
historically
low,
however,
currently
slightly
over
a
quarter
of
the
MBS
universe
is
in-the-money
(ITM)
to
refinance,
compared
to
a
significantly
larger
figure
in
2020.
We
expect
prepayments
at
the
index
level
to
continue
to
slow
in
the
near-term
to
the
low
teens
on
a
constant
prepayment
rate
basis.
Tighter
yield
spreads
compared
to
long-term
averages,
combined
with
the
possibility
of
spread
widening
due
to
Fed
tapering
leads
us
to
our
cautious
stance
on
agency
MBS.
We
believe
that
there
will
be
buying
opportunities
on
market
dips,
and
that
agency
MBS
should
continue
to
provide
high
quality
allocation
and
a
modestly
attractive
carry
profile.
We
decreased
allocation
to
agency
MBS
over
the
period.
The
portfolio’s
mortgage
exposure
remained
heavily
weighted
to
conventional
Freddie
Mac
and
Fannie
Mae
MBS,
mainly
in
2.0%
and
2.5%
coupon
securities.
We
maintained
small
allocations
to
RMBS
and
CMBS.
RMBS
allocation
is
primarily
in
credit
risk
transfer
securities.
A
fundamentally
solid
housing
backdrop
is
positive
for
mortgage
credit
and
should
continue
to
support
the
RMBS
sector
over
the
near-
to
intermediate-term,
in
our
view,
and
we
maintain
our
neutral
outlook
for
the
sector
with
reason
for
optimism.
Over
the
last
quarter,
we
have
upgraded
our
outlook
on
the
CMBS
sector
from
bearish
to
moderately
bearish.
Fundamentals
in
the
commercial
real
estate
sector
continue
to
improve
marginally
and
this
recovery
has
led
us
to
soften
our
bearish
stance,
although
fundamentals
are
still
trailing
pre-COVID
levels,
and
the
current
reflation
recovery
may
turn
out
to
not
be
durable.
Thank
you
for
your
continued
participation
in
Franklin
Limited
Duration
Income
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
David
Yuen,
CFA,
FRM
Sonal
Desai,
Ph.D.
Glenn
I.
Voyles,
CFA
Justin
Ma,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2021,
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
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.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
December
31,
2021
Franklin
Limited
Duration
Income
Trust
5
franklintempleton.com
Annual
Report
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
12/31/21
1,2
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
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
5.16%
6.77%
5.16%
6.77%
5-Year
14.08%
28.62%
2.67%
5.16%
10-Year
51.86%
65.25%
4.27%
5.15%
Symbol:
FTF
12/31/21
12/31/20
Change
Net
Asset
Value
(NAV)
$8.97
$9.43
-$0.46
Market
Price
(NYSE)
$9.09
$9.42
-$0.33
See
page
7
for
Performance
Summary
footnotes.
Franklin
Limited
Duration
Income
Trust
Performance
Summary
6
franklintempleton.com
Annual
Report
See
page
7
for
Performance
Summary
footnotes.
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.
1/1/12–12/31/21
Franklin
Limited
Duration
Income
Trust
Performance
Summary
7
franklintempleton.com
Annual
Report
All
investments
involve
risks,
including
possible
loss
of
principal.
Interest-rate
movements
and
mortgage
prepayments
will
affect
the
Fund’s
share
price
and
yield.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
the
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund's
share
price
may
decline.
Changes
in
the
financial
strength
of
a
bond
issuer
or
in
a
bond's
credit
rating
may
affect
its
value.
High
yields
reflect
the
higher
credit
risks
associated
with
certain
lower-rated
securities
held
in
the
portfolio.
Floating-rate
loans
and
high-yield
corporate
bonds
are
rated
below
investment
grade
and
are
subject
to
greater
risk
of
default,
which
could
result
in
loss
of
principal—a
risk
that
may
be
heightened
in
a
slowing
economy.
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.
1.
Figures
are
for
common
shares.
As
of
12/31/21,
the
Fund
had
leverage
in
the
amount
of
33.48%
of
the
Fund’s
total
portfolio.
The
Fund
employs
leverage
through
partic-
ipation
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.
The
Fund
has
a
fee
waiver
associated
with
any
investment
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
2/28/23.
Fund
investment
results
reflect
the
fee
waiver;
without
this
waiver,
the
results
would
have
been
lower.
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.
Source:
Factset.
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
U.S.
Mortgage-Backed
Securities
Index.
The
CS
High
Yield
Index
is
designed
to
mirror
the
investable
universe
of
the
U.S.
dollar-
denominated
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
U.S.
Mortgage-Backed
Securities
(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.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(1/1/21–12/31/21)
Net
Investment
Income
Tax
Return
of
Capital
Total
$0.5478
$0.3849
$0.9327
Franklin
Limited
Duration
Income
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Year
Ended
December
31,
2017
a
Year
Ended
March
31,
2017
2021
2020
2019
2018
Per
common
share
operating
performance
(for
a
common
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
.......
$9.43
$10.00
$10.11
$12.32
$12.91
$12.38
Income
from
investment
operations:
Net
investment
income
b
.............
0.52
0.51
0.53
0.57
0.48
0.62
Net
realized
and
unrealized
gains
(losses)
(0.05)
(0.15)
0.39
(0.79)
(0.03)
0.85
Dividends
to
preferred
shareholders
from
net
investment
income
..............
—
—
—
(0.06)
(0.08)
(0.07)
Total
from
investment
operations
........
0.47
0.36
0.92
(0.28)
0.37
1.40
Less
distributions
to
common
shareholders
from:
Net
investment
income
..............
(0.55)
(0.55)
(0.58)
(0.49)
(0.43)
(0.57)
Tax
return
of
capital
................
(0.38)
(0.38)
(0.45)
(0.68)
(0.53)
(0.36)
Total
distributions
...................
(0.93)
(0.93)
(1.03)
(1.17)
(0.96)
(0.93)
Repurchase
of
shares
..............
—
—
—
—
—
0.06
Dilution
effect
of
rights
offering
........
—
—
—
(0.76)
c
—
—
Net
asset
value,
end
of
year
...........
$8.97
$9.43
$10.00
$10.11
$12.32
$12.91
Market
value,
end
of
year
d
.............
$9.09
$9.42
$9.59
$9.02
$11.83
$11.97
Total
return
(based
on
net
asset
value
per
share)
e
...........................
5.16%
4.26%
9.33%
(9.07)%
4.71%
12.02%
Total
return
(based
on
market
value
per
share)
e
...........................
6.77%
9.43%
18.34%
(14.86)%
7.08%
14.07%
Ratios
to
average
net
assets
applicable
to
common
shares
f,g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.76%
1.86%
2.16%
1.73%
1.25%
1.35%
Expenses
net
of
waiver
and
payments
by
affiliates
h
..........................
1.75%
1.85%
2.15%
1.71%
1.23%
1.32%
Net
investment
income
...............
5.58%
5.51%
5.15%
4.97%
5.04%
4.83%
Supplemental
data
Net
assets
applicable
to
common
shares,
end
of
year
(000’s)
..................
$270,437
$284,199
$301,452
$304,804
$278,489
$291,875
Portfolio
turnover
rate
................
107.66%
106.46%
113.49%
198.44%
168.28%
265.00%
Portfolio
turnover
rate
excluding
mortgage
dollar
rolls
i
........................
51.04%
60.46%
57.50%
63.84%
46.49%
93.00%
Total
credit
facility
and
reverse
repurchase
agreements
outstanding
at
end
of
year
(000’s)
...........................
$116,359
$111,505
$107,117
$90,000
j
$—
$—
Asset
coverage
per
preferred
share
......
$—
$—
$—
$—
k
$72,311
$74,809
Liquidation
preference
per
preferred
share
$—
$—
$—
$—
k
$25,000
$25,000
Asset
coverage
per
$1,000
of
debt
......
$3,324
$3,549
$3,814
$4,387
j
$—
$—
a
For
the
period
April
1,
2017
to
December
31,
2017.
b
Based
on
average
daily
shares
outstanding.
c
Represents
the
impact
of
Fund’s
rights
offering
of
7,534,709
common
shares
in
October
2018
as
a
subscription
price
per
share
based
on
a
formula.
d
Based
on
the
last
sale
on
the
NYSE
American.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Based
on
income
and
expenses
applicable
to
both
common
and
preferred
shares.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
i
See
Note
1(d)
regarding
mortgage
dollar
rolls.
j
Effective
August
15,
2018,
the
Fund
began
participating
in
a
credit
facility.
k
Effective
August
15,
2018,
the
Fund's
preferred
shares
were
liquidated.
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments,
December
31,
2021
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.3%
Hotels,
Restaurants
&
Leisure
0.0%
†
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
24,950
$
32,747
Machinery
0.1%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
2,309
34,635
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
17,998
267,720
302,355
Metals
&
Mining
0.2%
a
Petra
Diamonds
Ltd.,
DI
................................
South
Africa
331,401
331,671
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
Amplify
Energy
Corp.
..................................
United
States
281
874
California
Resources
Corp.
..............................
United
States
42
1,794
a,b,c
Nine
Point
Energy
Holdings,
Inc.
..........................
United
States
2,334,763
—
a,b,c
Riviera
Resources,
Inc.
.................................
United
States
6,305
—
2,668
Road
&
Rail
0.0%
†
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
522,133
44,245
Specialty
Retail
0.0%
†
a
Party
City
Holdco,
Inc.
..................................
United
States
1
5
Total
Common
Stocks
(Cost
$2,237,299)
.......................................
713,691
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
59,089
136,643
a
Total
Preferred
Stocks
(Cost
$79,741)
..........................................
136,643
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
752
2
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
940
—
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
1,209
—
a
California
Resources
Corp.,
10/27/24
......................
United
States
96
1,191
1,193
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
438
4,949
Total
Warrants
(Cost
$—)
.....................................................
6,142
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
d,e,f
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
33,729
28,774
Total
Convertible
Bonds
(Cost
$8,244)
.........................................
28,774
Corporate
Bonds
61.9%
Aerospace
&
Defense
0.5%
f,g
TransDigm
,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
1,400,000
1,456,896
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Airlines
1.0%
f,g
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
1,000,000
$
1,041,430
f,g
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
1,200,000
1,282,806
f
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
100,000
104,405
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
300,000
309,999
2,738,640
Auto
Components
1.7%
f
Adient
US
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
4/15/25
.......
United
States
300,000
319,086
h
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,400,000
1,489,432
f
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
800,000
791,000
g
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
9.5
%
,
5/31/25
...
United
States
1,000,000
1,082,190
f,g
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
999,845
4,681,553
Automobiles
0.5%
f,g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,300,000
1,303,224
Banks
0.6%
e,g
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
1,500,000
1,565,813
Beverages
0.3%
f
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
700,000
694,148
Biotechnology
0.7%
f,g
Emergent
BioSolutions
,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
8/15/28
.
United
States
900,000
865,156
f,g
Horizon
Therapeutics
USA,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
8/01/27
United
States
1,100,000
1,156,925
2,022,081
Building
Products
1.4%
f,g
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
1,000,000
1,070,240
f,g
JELD-WEN,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
12/15/25
.........
United
States
1,600,000
1,613,712
f
Standard
Industries,
Inc.
,
Senior
Note
,
144A,
5
%
,
2/15/27
.......
United
States
300,000
309,191
f,g
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
,
Senior
Note
,
144A,
5.25
%
,
1/15/29
............................
United
States
800,000
839,088
3,832,231
Capital
Markets
0.1%
f
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
300,000
303,492
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
2.9%
d,f
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
136,241
$
139,715
f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
300,000
301,620
f
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
600,000
587,343
f
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
316,942
f,g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
700,000
704,504
f,h
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
1,500,000
1,599,608
f,g
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
,
Senior
Note
,
144A,
9
%
,
7/01/28
...................................
United
States
1,000,000
1,067,835
f
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
400,000
390,106
d,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
200,000
205,479
f
LSF11
A5
HoldCo
LLC
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
....
United
States
600,000
591,843
f,g
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
600,000
614,028
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
500,000
468,202
g
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
300,000
288,470
f
Unifrax
Escrow
Issuer
Corp.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
202,284
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
303,810
7,781,789
Commercial
Services
&
Supplies
1.7%
f
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
LuxCo
4
SARL
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/01/28
..
United
States
500,000
500,562
f
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
800,000
789,128
f,g
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
12/15/26
..........................................
Canada
1,200,000
1,249,470
f,g
Harsco
Corp.
,
Senior
Note
,
144A,
5.75
%
,
7/31/27
.............
United
States
1,400,000
1,427,650
f,g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
600,000
580,005
4,546,815
Construction
&
Engineering
1.1%
f
Arcosa
,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
304,569
f
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
515,752
f
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
800,000
805,136
f,g
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
.....................................
United
States
1,300,000
1,340,963
2,966,420
Consumer
Finance
0.6%
f
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
400,000
400,368
f
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
300,000
301,203
f
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
900,000
927,342
1,628,913
Containers
&
Packaging
3.7%
f,g
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.......
United
States
1,500,000
1,488,502
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
600,000
604,425
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
600,000
620,121
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
g
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
,
Senior
Note
,
4.75
%
,
2/01/26
.................................
United
States
500,000
$
513,158
f
Mauser
Packaging
Solutions
Holding
Co.
,
g
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
1,500,000
1,505,475
h
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
1,200,000
1,247,022
f
Owens-Brockway
Glass
Container,
Inc.
,
g
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
400,000
419,406
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
500,000
528,000
f
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
300,000
298,204
f,h
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC/Reynolds
Group
Holdings
Ltd.
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.......................................
United
States
1,200,000
1,168,584
f,g
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
600,000
664,350
Senior
Note,
144A,
5.125%,
12/01/24
....................
United
States
500,000
536,075
f,g
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.
Netherlands
400,000
423,400
10,016,722
Distributors
0.1%
f
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
12/15/31
..
Canada
300,000
313,707
Diversified
Consumer
Services
0.3%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
823,444
Diversified
Financial
Services
1.0%
f,g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
1,200,000
1,216,236
f,h
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,428,772
2,645,008
Diversified
Telecommunication
Services
1.7%
f
Altice
France
Holding
SA
,
Senior
Note,
144A,
6%,
2/15/28
........................
Luxembourg
300,000
287,040
g
Senior
Secured
Note,
144A,
10.5%,
5/15/27
...............
Luxembourg
1,700,000
1,829,897
f,g
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
1,500,000
1,523,086
f
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
..
France
800,000
841,672
4,481,695
Electric
Utilities
0.6%
f
Vistra
Operations
Co.
LLC
,
g
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
1,300,000
1,340,644
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
400,000
401,458
1,742,102
Electrical
Equipment
0.7%
f,g
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
1,022,980
f
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
800,000
809,372
1,832,352
Electronic
Equipment,
Instruments
&
Components
0.2%
f
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
500,000
497,633
Energy
Equipment
&
Services
1.3%
f,g
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
d
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
1,058,831
1,032,779
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
325,000
328,729
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
f,g
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
1,000,000
$
926,040
f
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
111,000
114,445
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
700,000
727,864
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
400,000
423,800
3,553,657
Entertainment
1.2%
f,g
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
2,000,000
2,042,250
f,h
Netflix,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
6/15/25
..............
United
States
1,100,000
1,160,341
3,202,591
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
f
American
Finance
Trust,
Inc.
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....................
United
States
500,000
504,437
f
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
800,000
781,941
f
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/01/28
United
States
500,000
520,738
f,g
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
700,000
723,814
f
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
407,684
2,938,614
Food
Products
0.5%
g
B&G
Foods,
Inc.
,
Senior
Note,
5.25%,
4/01/25
...........................
United
States
1,000,000
1,022,500
Senior
Note,
5.25%,
9/15/27
...........................
United
States
400,000
413,960
1,436,460
Health
Care
Equipment
&
Supplies
0.4%
f
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
507,860
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
399,388
f
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
180,000
190,083
1,097,331
Health
Care
Providers
&
Services
2.8%
g
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
400,000
417,692
Senior
Note,
2.45%,
7/15/28
...........................
United
States
1,500,000
1,479,810
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000
495,417
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
500,000
518,068
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
400,000
423,820
f,g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
700,000
717,892
f,g
MEDNAX,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/27
............
United
States
1,300,000
1,361,698
f,g
ModivCare
,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
11/15/25
.........
United
States
1,500,000
1,576,800
f,g
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
4.875
%
,
1/01/26
...........................................
United
States
500,000
514,333
7,505,530
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
5.5%
f,i
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
1,500,000
$
450
f,g
Boyd
Gaming
Corp.
,
Senior
Note
,
144A,
8.625
%
,
6/01/25
.......
United
States
650,000
697,268
f
Boyne
USA,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
5/15/29
...........
United
States
300,000
309,514
f
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
900,000
945,810
f
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
400,000
418,236
f
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
400,000
419,822
g
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
1,500,000
1,502,250
f
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
708,151
f
Genting
New
York
LLC
/
GENNY
Capital,
Inc.
,
Senior
Note
,
144A,
3.3
%
,
2/15/26
......................................
United
States
400,000
396,487
f
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/15/26
.....................................
United
States
400,000
412,524
f
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
202,283
f
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
300,000
299,063
f
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
298,942
f
Penn
National
Gaming,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
.
United
States
400,000
388,606
f
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
500,000
502,500
g
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
1,000,000
993,595
f
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
..
United
States
700,000
712,544
f
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
7/01/25
...........................................
United
States
400,000
427,625
f,g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,500,000
1,344,848
f
Vail
Resorts,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
5/15/25
..........
United
States
200,000
208,200
f,g
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.................................
United
States
1,700,000
1,753,295
f
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
500,000
463,750
f,g
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
1,500,000
1,574,648
14,980,411
Household
Durables
0.9%
f
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
6.625%,
1/15/28
.....................
United
States
500,000
529,260
g
Senior
Note,
144A,
4.625%,
4/01/30
.....................
United
States
1,000,000
984,015
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
591,909
f
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
300,000
310,183
2,415,367
Independent
Power
and
Renewable
Electricity
Producers
2.2%
f,g
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
............
United
States
1,500,000
1,525,170
f
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
400,000
397,574
g
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
300,000
315,816
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
200,000
199,808
f,g
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
2,000,000
1,988,050
f,g
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
1,011,480
g
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
1,600,000
638,336
6,076,234
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
0.4%
f,g
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
1,100,000
$
1,142,394
Internet
&
Direct
Marketing
Retail
0.2%
f
Match
Group
Holdings
II
LLC
,
Senior
Note,
144A,
4.625%,
6/01/28
.....................
United
States
500,000
521,148
Senior
Note,
144A,
3.625%,
10/01/31
....................
United
States
100,000
97,272
618,420
IT
Services
1.3%
f
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
700,000
679,728
f
Cogent
Communications
Group,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
5/01/26
......................................
United
States
500,000
508,367
f
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
500,000
523,005
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
202,535
f,g
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
1,079,760
f,g
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......
United
States
400,000
426,566
3,419,961
Machinery
1.8%
f,g
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,300,000
1,311,687
Hillenbrand,
Inc.
,
Senior
Note
,
5.75
%
,
6/15/25
................
United
States
800,000
836,800
f,g
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
1,000,000
1,053,680
f,g
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
800,000
817,000
f
TK
Elevator
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
..
Germany
300,000
321,799
f
TK
Elevator
U.S.
Newco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
600,000
631,518
4,972,484
Media
3.8%
f
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
300,000
312,302
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
300,000
321,459
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
200,000
213,844
f
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
................................
United
States
300,000
310,800
g
CSC
Holdings
LLC
,
Senior
Bond
,
5.25
%
,
6/01/24
.............
United
States
500,000
520,615
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
g
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
500,000
141,250
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
800,000
400,920
f
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
205,040
f
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,000,000
1,011,875
f,g
Gray
Television,
Inc.
,
Senior
Note
,
144A,
7
%
,
5/15/27
..........
United
States
400,000
427,936
f,g
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
450,000
472,950
f
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
200,000
202,346
f
Nexstar
Media,
Inc.
,
g
Senior
Note,
144A,
5.625%,
7/15/27
.....................
United
States
1,000,000
1,055,405
Senior
Note,
144A,
4.75%,
11/01/28
.....................
United
States
200,000
204,115
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
f
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
4.25
%
,
1/15/29
............................
United
States
400,000
$
401,334
f,g
Scripps
Escrow,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
7/15/27
.......
United
States
500,000
525,781
f
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
700,000
679,984
f
Sirius
XM
Radio,
Inc.
,
Senior
Note,
144A,
3.125%,
9/01/26
.....................
United
States
500,000
500,802
Senior
Note,
144A,
4%,
7/15/28
........................
United
States
600,000
604,392
f
Univision
Communications,
Inc.
,
g
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
1,200,000
1,283,718
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
400,000
404,712
10,201,580
Metals
&
Mining
0.7%
f,g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
600,000
591,222
d,f
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
10.5
%
,
3/08/26
.....................................
South
Africa
637,000
659,109
f
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
597,903
1,848,234
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
f,g
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
1,000,000
968,960
Oil,
Gas
&
Consumable
Fuels
6.1%
f
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
132,000
150,459
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
184,523
g
Apache
Corp.
,
Senior
Note
,
4.625
%
,
11/15/25
................
United
States
300,000
322,497
g
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
1,000,000
997,290
Cheniere
Energy
Partners
LP
,
f
Senior
Bond,
144A,
3.25%,
1/31/32
......................
United
States
200,000
202,400
g
Senior
Note,
4.5%,
10/01/29
...........................
United
States
900,000
955,557
Senior
Note,
4%,
3/01/31
.............................
United
States
1,000,000
1,050,385
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
4.625
%
,
10/15/28
...
United
States
600,000
639,207
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/26
....
United
States
500,000
526,845
f,h
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
1,500,000
1,560,225
f
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
311,706
f,g
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
800,000
854,000
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
500,000
529,608
d,f
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
1,050,816
977,700
f
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
300,000
308,329
f
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
500,000
496,765
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
5.75
%
,
2/01/29
...........................................
United
States
500,000
516,062
f
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note,
144A,
10%,
2/29/24
......................
United
States
208,912
215,020
Secured
Note,
144A,
11.5%,
2/28/25
.....................
United
States
948,728
999,281
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d,f,i
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
606,187
$
3,092
f
Oasis
Midstream
Partners
LP
/
OMP
Finance
Corp.
,
Senior
Note
,
144A,
8
%
,
4/01/29
...................................
United
States
500,000
545,710
Occidental
Petroleum
Corp.
,
Senior
Note,
5.875%,
9/01/25
..........................
United
States
200,000
220,751
g
Senior
Note,
5.5%,
12/01/25
...........................
United
States
1,000,000
1,110,375
h
Senior
Note,
8.5%,
7/15/27
............................
United
States
1,000,000
1,248,500
f
Renewable
Energy
Group,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/01/28
...........................................
United
States
400,000
411,562
f
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
318,519
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
311,749
f,g
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
400,000
413,648
16,381,765
Paper
&
Forest
Products
0.1%
f
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
413,092
Personal
Products
0.3%
f
Prestige
Brands,
Inc.
,
Senior
Bond,
144A,
3.75%,
4/01/31
......................
United
States
300,000
291,455
g
Senior
Note,
144A,
5.125%,
1/15/28
.....................
United
States
500,000
521,340
812,795
Pharmaceuticals
2.8%
f,g
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
1,500,000
1,586,228
f
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
244,000
248,840
f,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
492,000
501,328
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
613,000
457,623
f
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
500,000
490,987
f,g
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,300,000
1,348,321
f,h
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
1,300,000
1,323,374
f,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
203,000
207,756
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
g
Senior
Note,
7.125%,
1/31/25
..........................
Israel
900,000
964,044
Senior
Note,
4.75%,
5/09/27
...........................
Israel
400,000
396,848
7,525,349
Real
Estate
Management
&
Development
0.8%
f,g
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
1,000,000
1,044,140
f
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
501,785
f,g
Howard
Hughes
Corp.
(The)
,
Senior
Note
,
144A,
5.375
%
,
8/01/28
.
United
States
500,000
533,230
2,079,155
Road
&
Rail
0.9%
f
First
Student
Bidco
,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
900,000
876,164
f
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
517,137
b,d
Onsite
Rental
Group
Operations
Pty.
Ltd.
,
PIK,
6.1
%
,
10/26/23
...
Australia
952,561
992,593
2,385,894
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
0.1%
f
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
300,000
$
307,931
Software
0.7%
f,g
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
700,000
725,249
f,g
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,300,000
1,270,107
1,995,356
Specialty
Retail
1.2%
f
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
500,000
567,088
f
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
700,000
693,459
f,g
Lithia
Motors,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
12/15/27
........
United
States
400,000
421,294
f
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
600,000
592,023
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
300,000
300,628
j
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
239,415
225,906
f
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
400,000
409,612
3,210,010
Textiles,
Apparel
&
Luxury
Goods
0.4%
f,g
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
5/15/24
........
United
States
1,000,000
1,048,270
Thrifts
&
Mortgage
Finance
1.4%
f
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
308,011
g
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
500,000
525,707
f
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
900,000
925,767
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
900,000
995,567
f
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
United
States
900,000
917,852
3,672,904
Trading
Companies
&
Distributors
0.6%
f,h
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,200,000
1,193,130
f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
500,000
530,638
1,723,768
Wireless
Telecommunication
Services
0.6%
d,f
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
1,473
1,355
g
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
300,000
296,799
Senior
Note,
2.625%,
4/15/26
..........................
United
States
1,000,000
1,006,305
Senior
Note,
2.625%,
2/15/29
..........................
United
States
300,000
296,019
1,600,478
Total
Corporate
Bonds
(Cost
$167,230,416)
.....................................
167,409,673
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
47.5%
Aerospace
&
Defense
1.4%
AI
Convoy
(Luxembourg)
SARL
,
USD
Term
Loan,
B
,
4.5
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
1/18/27
...........................
Luxembourg
734,835
$
737,190
d
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
......................................
United
Kingdom
756,544
746,330
l,m
Cobham
Ultra
US
Co-Borrower
LLC
,
Term
Loan
,
TBD,
11/17/28
..
United
States
335,570
335,257
Dynasty
Acquisition
Co.,
Inc.
,
2020
Term
Loan,
B1,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
994,584
970,435
2020
Term
Loan,
B2,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
534,722
521,740
l,m
Vertex
Aerospace
Services
Corp.
,
First
Lien,
Initial
Term
Loan
,
TBD,
12/06/28
..........................................
United
States
554,913
554,775
3,865,727
a
a
a
a
a
a
Air
Freight
&
Logistics
0.6%
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
Term
Loan,
B1
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/24/26
..................
United
States
1,630,977
1,628,824
Airlines
1.6%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.........
United
States
724,129
751,606
Air
Canada
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
...........................................
Canada
620,155
620,487
Allegiant
Travel
Co.
,
Replacement
Term
Loan
,
3.158
%
,
(
3-month
USD
LIBOR
+
3
%
),
2/05/24
............................
United
States
554,699
552,272
Kestrel
Bidco
,
Inc.
,
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3
%
),
12/11/26
..........................................
Canada
845,562
823,319
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.)
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/20/27
.................
United
States
546,388
579,172
United
AirLines
,
Inc.
,
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
4/21/28
.....................................
United
States
996,931
1,002,763
4,329,619
a
a
a
a
a
a
Auto
Components
1.5%
Adient
US
LLC
,
Term
Loan,
B1
,
3.604
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/10/28
......................................
United
States
1,243,750
1,245,566
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
10/04/28
..................................
United
States
403,846
403,058
m,n
First
Lien,
Delayed
Draw
Dollar
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%)
,
10/04/28
.............................
United
States
49,891
49,794
l,m
First
Brands
Group
LLC
,
First
Lien,
2021
Term
Loan
,
TBD,
3/30/27
United
States
1,007,126
1,013,673
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
11/09/27
.............
United
States
545,649
539,511
Truck
Hero,
Inc.
,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/28
.....................................
United
States
710,142
707,760
3,959,362
a
a
a
a
a
a
Automobiles
0.5%
American
Trailer
World
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/03/28
..................
United
States
1,364,463
1,361,905
Banks
0.4%
Finastra
Ltd.
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
6/13/24
...............................
United
Kingdom
1,086,092
1,082,698
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Beverages
0.5%
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
...................
United
States
475,000
$
452,635
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
...................
United
States
876,034
867,821
1,320,456
a
a
a
a
a
a
Capital
Markets
1.3%
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
4/09/27
.............
United
States
1,018,503
1,020,973
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/07/28
....
United
States
993,579
994,264
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
2.854
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..............................
United
States
545,862
542,393
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
5/30/25
..............
United
States
1,000,000
1,001,125
3,558,755
a
a
a
a
a
a
Chemicals
2.0%
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/29/27
.........................
United
States
785,757
777,900
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
3.604
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
...................
United
States
186,389
184,665
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/29/26
..................
United
Kingdom
931,983
930,431
LSF11
A5
Holdco
LLC
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/15/28
....................................
United
States
230,769
230,865
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
3.604
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
..........
United
States
930,598
926,401
Nouryon
Finance
BV
,
Initial
Dollar
Term
Loan
,
3.102
%
,
(
1-month
USD
LIBOR
+
3
%
),
10/01/25
...........................
Netherlands
401,241
400,364
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/16/27
...............
United
States
1,212,157
1,202,308
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
...................
United
States
656,250
657,891
5,310,825
a
a
a
a
a
a
Commercial
Services
&
Supplies
1.9%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/12/28
..................
United
States
1,375,475
1,372,731
APX
Group,
Inc.
,
Initial
Term
Loan
,
4.005
%
,
(
1-month
USD
LIBOR
+
2.5%;
1-month
USD
LIBOR
+
3.5%
),
7/10/28
...............
United
States
690,196
690,051
CCI
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/17/27
.............................
United
States
312,860
313,586
Madison
IAQ
LLC
,
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
.....................................
United
States
1,126,535
1,127,003
l,m
Revint
Intermediate
II
LLC
,
Initial
Term
Loan
,
TBD,
10/15/27
.....
United
States
294,574
295,310
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
.......................................
United
States
1,293,500
1,299,250
5,097,931
a
a
a
a
a
a
Construction
&
Engineering
0.3%
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........................
United
States
674,172
674,172
Construction
Materials
0.1%
White
Cap
Buyer
LLC
,
Initial
Closing
Date
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/19/27
....................
United
States
396,000
396,853
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Containers
&
Packaging
1.2%
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/01/27
.............
United
States
607,999
$
610,042
Kleopatra
Finco
SARL
,
USD
Term
Loan,
B
,
5.25
%
,
(
6-month
USD
LIBOR
+
4.75
%
),
2/12/26
..............................
Luxembourg
1,626,872
1,588,234
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
Term
Loan
,
3.354
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/03/24
..................
United
States
982,005
970,869
3,169,145
a
a
a
a
a
a
Diversified
Consumer
Services
0.9%
Knot
Worldwide,
Inc.
(The)
,
First
Lien,
Initial
Term
Loan
,
4.629
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
12/19/25
..................
United
States
395,918
397,072
KUEHG
Corp.
,
Term
Loan,
B3
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
.....................................
United
States
296,923
291,543
l,m
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
TBD,
12/15/28
..........................................
United
States
705,426
702,192
Sedgwick
Claims
Management
Services,
Inc.
(Lightning
Cayman
Merger
Sub
Ltd.)
,
Initial
Term
Loan
,
3.354
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
12/31/25
..................................
United
States
986,781
980,308
2,371,115
a
a
a
a
a
a
Diversified
Financial
Services
1.5%
Astra
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B2
,
5.75
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
10/25/28
.........................
United
States
688,976
678,070
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
...........................
United
States
843,882
841,772
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
437,428
428,135
Red
Planet
Borrower
LLC
,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/02/28
.............................
United
States
631,329
628,804
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
................................
United
States
1,604,488
1,606,092
4,182,873
a
a
a
a
a
a
Diversified
Telecommunication
Services
1.0%
Altice
France
SA
,
USD
Incremental
Term
Loan,
B13
,
4.118
%
,
(
2-month
USD
LIBOR
+
4
%
),
8/14/26
.....................
France
491,742
490,021
Global
Tel*Link
Corp.
,
First
Lien,
Term
Loan
,
4.354
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/29/25
.............................
United
States
1,935,886
1,886,482
Intrado
Corp.
,
Initial
Term
Loan,
B
,
5
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/10/24
..........................................
United
States
231,365
220,199
2,596,702
a
a
a
a
a
a
Electric
Utilities
0.2%
Astoria
Energy
LLC
,
2020
Advance
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
12/10/27
..........................
United
States
562,803
562,243
Electronic
Equipment,
Instruments
&
Components
0.1%
Verifone
Systems,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.178
%
,
(
3-month
USD
LIBOR
+
4
%
),
8/20/25
.....................
United
States
395,918
389,683
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Entertainment
0.7%
Diamond
Sports
Group
LLC
,
Term
Loan
,
3.36
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/24/26
..............................
United
States
905,597
$
425,377
Lions
Gate
Capital
Holdings
LLC
,
2023
Term
Loan,
A
,
1.854
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
3/22/23
..................
United
States
1,065,605
1,060,277
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
2.86
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
..............................
United
States
394,664
387,116
1,872,770
a
a
a
a
a
a
Food
&
Staples
Retailing
0.1%
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
6.105
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
...........................
United
States
104,989
98,847
Shearer's
Foods
LLC
,
First
Lien,
Refinancing
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
9/23/27
...................
United
States
166,188
165,911
264,758
a
a
a
a
a
a
Food
Products
0.1%
l,m
Primary
Products
Finance
LLC
,
Term
Loan
,
TBD,
10/25/28
......
United
States
206,897
207,457
Health
Care
Equipment
&
Supplies
0.2%
l,m
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
TBD,
12/15/27
..............
United
States
491,329
491,713
Health
Care
Providers
&
Services
3.9%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan,
3.875%,
(1-month
USD
LIBOR
+
3.375%),
12/23/27
............................
United
States
775,218
771,342
Amendment
No.
5
Incremental
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
12/23/27
..............................
United
States
208,809
208,760
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
7/17/28
.............
United
States
708,869
706,718
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/08/27
..........................
United
States
149,130
149,410
eResearchTechnology
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
2/04/27
...................
United
States
561,398
564,011
Global
Medical
Response,
Inc.
,
2018
New
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
3/14/25
..................
United
States
835,918
833,978
Heartland
Dental
LLC
,
2021
Incremental
Term
Loan
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
4/30/25
.....................
United
States
407,045
406,960
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/01/28
..................
United
States
323,077
323,135
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
...................
United
States
1,516,934
1,502,713
First
Lien,
Initial
Term
Loan,
C,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
.....................................
United
States
48,018
47,568
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Health
Care
Providers
&
Services
(continued)
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
3.854
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
............
United
States
733,461
$
732,086
Phoenix
Newco
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/15/28
..............................
United
States
258,065
258,421
Pluto
Acquisition
I,
Inc.
,
First
Lien,
2021
Term
Loan
,
4.175
%
,
(
1-month
USD
LIBOR
+
4%;
3-month
USD
LIBOR
+
4%
),
6/22/26
United
States
852,550
850,951
Radiology
Partners,
Inc.
,
First
Lien,
Term
Loan,
B
,
4.357
%
,
(
1-month
USD
LIBOR
+
4.25%;
3-month
USD
LIBOR
+
4.25%
),
7/09/25
..
United
States
724,138
714,988
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
10/01/28
.................
United
States
350,103
349,688
U.S.
Renal
Care,
Inc.
,
Initial
Term
Loan
,
5.09
%
,
(
1-month
USD
LIBOR
+
5
%
),
6/26/26
................................
United
States
595,431
580,623
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
....................
United
States
1,569,587
1,570,239
10,571,591
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
1.7%
d
24
Hour
Fitness
Worldwide,
Inc.
,
Term
Loan
,
5.22
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
...........................
United
States
1,165,855
864,578
Bally's
Corp.
,
Term
Loan,
B
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
10/02/28
..........................................
United
States
800,000
801,388
l,m
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
Term
Loan
,
TBD,
11/22/28
..........................................
United
States
621,457
615,165
Golden
Nugget,
Inc.
,
Initial
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.5%;
3-month
USD
LIBOR
+
2.5%
),
10/04/23
.......
United
States
384,797
383,046
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
Term
Loan
,
3.5
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
.....................
United
States
277,083
277,742
IRB
Holding
Corp.
,
Fourth
Amendment
Incremental
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/15/27
............
United
States
354,478
354,976
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
...........................
United
States
550,847
552,742
Whatabrands
LLC
,
Initial
Term
Loan,
B
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/03/28
..............................
United
States
694,891
693,428
4,543,065
a
a
a
a
a
a
Household
Durables
0.8%
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
6.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
...................
United
States
700,000
696,790
l,m
Osmosis
Buyer
Ltd.
,
Initial
Term
Loan,
B
,
TBD,
7/31/28
.........
United
States
976,190
980,110
VC
GB
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
7/21/28
...........................
United
States
437,956
435,151
2,112,051
a
a
a
a
a
a
Insurance
1.2%
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
2/15/27
......................................
United
States
789,950
782,445
First
Lien,
2021-1
Additional
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
2/15/27
..............................
United
States
195,163
195,163
First
Lien,
2021-2
Additional
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
4.25%;
3-month
USD
LIBOR
+
4.25%),
2/15/27
......
United
States
174,825
175,044
Alliant
Holdings
Intermediate
LLC
,
2018
Initial
Term
Loan,
3.354%,
(1-month
USD
LIBOR
+
3.25%),
5/09/25
...........................................
United
States
311,923
309,211
New
Term
Loan,
B4,
4%,
(1-month
USD
LIBOR
+
3.5%),
11/05/27
United
States
500,134
500,224
Franklin
Limited
Duration
Income
Trust
Summary
Statement
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Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Insurance
(continued)
AssuredPartners
,
Inc.
,
2021
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/12/27
......................................
United
States
245,526
$
245,488
Asurion
LLC
,
Second
Lien,
New
Term
Loan,
B3,
5.354%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
...................................
United
States
32,665
32,807
Second
Lien,
New
Term
Loan,
B4,
5.354%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
...................................
United
States
1,085,259
1,082,209
3,322,591
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
0.6%
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2020
June
New
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..............................
United
States
925,207
928,293
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
3.604%,
(1-month
USD
LIBOR
+
3.5%),
9/13/24
...........................
United
States
687,141
684,695
1,612,988
a
a
a
a
a
a
IT
Services
3.4%
Aptean
Acquiror
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.354
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
4/23/26
..........................
United
States
306,253
305,440
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
11/01/24
..................
United
States
1,941,849
1,893,303
Barracuda
Networks,
Inc.
,
First
Lien,
2020
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/12/25
..................
United
States
1,095,719
1,100,513
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/01/27
....................
United
States
1,756,519
1,763,325
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
4.75
%
,
(
6-month
USD
LIBOR
+
4.25
%
),
8/19/28
..................
United
Kingdom
565,091
566,860
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/01/28
...................................
United
States
1,482,520
1,485,692
Pitney
Bowes,
Inc.
,
Refinancing
Term
Loan,
B
,
4.11
%
,
(
1-month
USD
LIBOR
+
4
%
),
3/17/28
................................
United
States
1,786,500
1,789,858
Thrasio
LLC
,
Initial
Term
Loan
,
8
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
..........................................
United
States
348,241
346,718
9,251,709
a
a
a
a
a
a
Leisure
Products
0.3%
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
..........................................
United
States
494,003
485,667
Motion
Acquisition
Ltd.
,
Term
Loan,
B1,
3.474%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
348,342
341,531
Term
Loan,
B2,
3.474%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
49,660
48,689
875,887
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
0.2%
ICON
plc
,
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
....
Ireland
441,891
442,596
U.S.
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
Ireland
110,097
110,273
552,869
a
a
a
a
a
a
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Machinery
0.8%
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/13/28
...............................
United
States
254,237
$
254,555
Tiger
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/01/28
..........................
United
States
542,857
540,240
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
4
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...............................
Germany
1,311,595
1,314,146
2,108,941
a
a
a
a
a
a
Media
2.6%
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
5.75
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........................
United
States
993,330
997,314
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
3.629
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/21/26
...................
United
States
592,428
585,085
CSC
Holdings
LLC
,
March
2017
Refinancing
Term
Loan
,
2.36
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
7/17/25
..................
United
States
795,693
784,752
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
5.25
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
7/28/28
..............................
United
States
1,008,596
1,005,605
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
..........................
United
States
1,784,349
1,780,637
Sinclair
Television
Group,
Inc.
,
Term
Loan,
B
,
2.36
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
1/03/24
..............................
United
States
383,106
379,036
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.25%),
3/15/26
..........................
United
States
978,218
981,656
l,m
Term
Loan,
B,
TBD,
5/05/28
............................
United
States
342,391
342,330
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
3.36
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..............................
United
States
262,949
263,218
7,119,633
a
a
a
a
a
a
Metals
&
Mining
0.2%
U.S.
Silica
Co.
,
Term
Loan
,
5
%
,
(
1-month
USD
LIBOR
+
4
%
),
5/01/25
...........................................
United
States
592,384
580,536
Multiline
Retail
0.1%
Franchise
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
3/10/26
..........................
United
States
302,261
303,142
Personal
Products
0.6%
Conair
Holdings
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/17/28
..........................
United
States
271,810
272,271
Coty,
Inc.
,
USD
Term
Loan,
B
,
2.353
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
4/07/25
.....................................
United
States
459,870
454,696
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........................
Luxembourg
847,020
851,344
1,578,311
a
a
a
a
a
a
Pharmaceuticals
0.8%
Bausch
Health
Cos.,
Inc.
,
Initial
Term
Loan
,
3.104
%
,
(
1-month
USD
LIBOR
+
3
%
),
6/02/25
................................
United
States
568,729
566,809
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........................
United
States
710,714
714,225
Organon
&
Co.
,
Dollar
Term
Loan
,
3.5
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
.......................................
United
States
768,727
770,569
PetVet
Care
Centers
LLC
,
First
Lien,
2021
First
Lien
Replacement
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/14/25
....
United
States
145,968
146,132
2,197,735
a
a
a
a
a
a
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Professional
Services
0.6%
l,m
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
TBD,
3/06/28
....
United
States
794,687
$
795,188
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
9/29/28
...........................
United
States
429,692
430,283
UKG,
Inc.
,
Second
Lien,
2021
Incremental
Term
Loan
,
5.75
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
5/03/27
..................
United
States
270,096
271,729
1,497,200
a
a
a
a
a
a
Road
&
Rail
0.1%
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
12/15/28
.................
United
States
382,166
383,054
Software
7.7%
athenahealth
,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.4
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
2/11/26
..............................
United
States
1,659,617
1,661,899
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
6
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
..........................
United
States
633,182
625,267
Cloudera,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
10/08/28
....................................
United
States
581,818
581,001
Second
Lien,
Initial
Term
Loan,
6.5%,
(1-month
USD
LIBOR
+
6%),
10/08/29
..........................................
United
States
165,289
165,702
Cornerstone
OnDemand
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/16/28
.................
United
States
903,614
902,160
DCert
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/16/26
...........................
United
States
1,738,559
1,737,472
ECI
Macola
/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
..................
United
States
628,405
629,486
Epicor
Software
Corp.
,
Term
Loan,
C
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
7/30/27
.....................................
United
States
665,624
665,967
Greeneden
U.S.
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
..............
United
States
775,475
779,112
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
7/01/24
..............
United
States
1,065,107
1,070,432
Idera
,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/02/28
.....................................
United
States
1,592,419
1,593,168
IGT
Holding
IV
AB
,
Term
Loan,
B2
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
......................................
Sweden
727,833
727,382
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
5.75%,
(1-month
USD
LIBOR
+
4.75%),
12/01/27
.................
United
States
796,000
798,237
First
Lien,
First
Amendment
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/01/27
...............................
United
States
58,482
58,275
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Software
(continued)
LogMeIn,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.86
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..............................
United
States
1,641,426
$
1,634,581
MA
Financeco
LLC
,
Term
Loan,
B4
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
6/05/25
.....................................
United
States
561,318
570,091
l,m
MedAssets
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
TBD,
11/17/28
.............................
United
States
456,760
457,473
Mitchell
International,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/15/28
.................
United
States
990,000
985,669
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
6/02/28
............................
United
States
2,078,125
2,080,608
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.379
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
5/16/25
............
United
States
1,284,533
1,285,021
l,m
Sovos
Compliance
LLC
,
First
Lien,
Initial
Term
Loan
,
TBD,
8/11/28
United
States
541,258
543,331
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
...........................................
United
States
1,267,597
1,267,597
20,819,931
a
a
a
a
a
a
Specialty
Retail
2.3%
Evergreen
AcqCo
1
LP
,
Initial
Term
Loan
,
6.75
%
,
(
2-month
USD
LIBOR
+
5.75%;
3-month
USD
LIBOR
+
5.75%
),
4/26/28
......
United
States
971,250
970,036
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/06/28
..............................
United
States
977,432
979,773
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
5
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
...................................
United
States
915,400
908,699
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
.........................
United
States
659,052
653,901
PetSmart
LLC
,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/11/28
.....................................
United
States
516,832
518,286
SRS
Distribution,
Inc.
,
2021
Refinancing
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
6/02/28
..................
United
States
531,119
530,716
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
5.132
%
,
(
3-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
1,256,084
1,216,693
Woof
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/21/27
.........................
United
States
530,801
531,964
6,310,068
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.9%
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
Term
Loan,
2
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
1/29/27
.......
United
States
1,318,884
1,321,357
l,m
Electronics
for
Imaging,
Inc.
,
First
Lien,
Initial
Term
Loan
,
TBD,
7/23/26
...........................................
United
States
398,982
391,002
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5
%
),
7/27/28
............................
United
States
694,713
693,952
2,406,311
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.3%
Champ
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
5.691
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
12/19/25
..................
United
States
457,550
460,696
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
3.5
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/16/28
.......................................
United
States
337,016
337,016
797,712
a
a
a
a
a
a
Transportation
Infrastructure
0.3%
First
Student
Bidco
,
Inc.
,
Initial
Term
Loan,
B,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
211,708
211,091
Initial
Term
Loan,
C,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
78,147
77,919
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j,k
Senior
Floating
Rate
Interests
(continued)
Transportation
Infrastructure
(continued)
LaserShip
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...............................
United
States
466,667
$
467,761
756,771
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$127,970,549)
.........................
128,397,682
o,p
Marketplace
Loans
8.5%
Diversified
Financial
Services
8.5%
b
Freedom
Financial
Asset
Management
LLC,
5.99%
-
25.49%,
8/10/23
-
2/13/27
....................................
United
States
7,234,908
7,322,218
b
LendingClub
Corp.
-
LCX
PM,
9.02%
-
21.99%,
10/19/23
-
2/02/26
United
States
283,370
281,949
b
LendingClub
Corp.
-
LCX,
6.46%
-
25.65%,
7/05/22
-
2/12/25
....
United
States
303,785
256,684
b
LendingClub
Corp.,
5%
-
24.37%,
2/07/22
-
11/05/25
...........
United
States
2,648,632
2,471,769
b
Prosper
Funding
LLC,
9.45%
-
28.23%,
9/24/24
-
12/24/26
......
United
States
3,337,417
3,297,370
b
Upgrade,
Inc.,
24.29%
-
29.69%,
11/18/22
-
1/03/25
...........
United
States
60,061
61,280
b
Upstart
Network,
Inc.,
5.16%
-
32.71%,
9/16/24
-
12/16/28
.......
United
States
9,340,936
9,280,918
22,972,188
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$23,421,674)
....................................
22,972,188
Asset-Backed
Securities
10.0%
Capital
Markets
0.0%
†
q
Merrill
Lynch
Mortgage
Investors
Trust
,
2003-OPT1
,
B2
,
FRN
,
4.227
%
,
(
1-month
USD
LIBOR
+
4.125
%
),
7/25/34
...........
United
States
33,301
20,096
Diversified
Financial
Services
10.0%
f,h,q
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-1A
,
DR
,
144A,
FRN
,
2.722
%
,
(
3-month
USD
LIBOR
+
2.6
%
),
4/17/31
........
United
States
2,300,000
2,211,132
f,q
Carlyle
US
CLO
Ltd.
,
2017-4A
,
C
,
144A,
FRN
,
2.924
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
1/15/30
...........................
United
States
1,000,000
965,436
f,r
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
27.577%,
12/15/43
...............
United
States
87,992
87,212
2019-26,
PT,
144A,
FRN,
20.731%,
8/15/44
................
United
States
270,561
268,765
2019-31,
PT,
144A,
FRN,
20.721%,
9/15/44
................
United
States
246,393
242,530
2019-37,
PT,
144A,
FRN,
21.346%,
10/17/44
...............
United
States
261,237
256,658
2019-42,
PT,
144A,
FRN,
20.866%,
11/15/44
...............
United
States
267,416
265,607
2019-51,
PT,
144A,
FRN,
16.892%,
1/15/45
................
United
States
333,666
331,829
2019-52,
PT,
144A,
FRN,
16.224%,
1/15/45
................
United
States
331,111
331,135
2019-S1,
PT,
144A,
FRN,
17.207%,
4/15/44
................
United
States
173,000
168,997
2019-S2,
PT,
144A,
FRN,
13.641%,
5/16/44
................
United
States
111,431
109,542
2019-S3,
PT,
144A,
FRN,
14.036%,
6/15/44
................
United
States
373,106
368,914
2019-S4,
PT,
144A,
FRN,
13.972%,
8/15/44
................
United
States
216,522
215,528
2019-S5,
PT,
144A,
FRN,
13.598%,
9/15/44
................
United
States
223,315
221,646
2019-S6,
PT,
144A,
FRN,
12.299%,
10/17/44
...............
United
States
217,200
212,736
2019-S7,
PT,
144A,
FRN,
11.38%,
12/15/44
................
United
States
195,342
192,377
2019-S8,
PT,
144A,
FRN,
10.684%,
1/15/45
................
United
States
236,111
231,444
2020-2,
PT,
144A,
FRN,
16.149%,
3/15/45
.................
United
States
328,090
327,104
2020-7,
PT,
144A,
FRN,
16.127%,
4/17/45
.................
United
States
191,505
188,612
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
f,h,q
Dryden
38
Senior
Loan
Fund
,
2015-38A
,
DR
,
144A,
FRN
,
3.124
%
,
(
3-month
USD
LIBOR
+
3
%
),
7/15/30
.....................
United
States
2,500,000
$
2,500,026
f,h,q
Dryden
42
Senior
Loan
Fund
,
2016-42A
,
CR
,
144A,
FRN
,
2.174
%
,
(
3-month
USD
LIBOR
+
2.05
%
),
7/15/30
..................
United
States
2,400,000
2,387,056
f,h,q
Dryden
58
CLO
Ltd.
,
2018-58A
,
C
,
144A,
FRN
,
1.922
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
7/17/31
...........................
United
States
3,000,000
2,974,543
f,q
Madison
Park
Funding
XXXI
Ltd.
,
2018-31A
,
D
,
144A,
FRN
,
3.124
%
,
(
3-month
USD
LIBOR
+
3
%
),
1/23/31
.....................
United
States
1,250,000
1,248,244
q
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
,
2003-NC10
,
B1
,
FRN
,
5.053
%
,
(
1-month
USD
LIBOR
+
4.95
%
),
10/25/33
...........
United
States
307,325
333,598
f,h,q
Octagon
Investment
Partners
XXII
Ltd.
,
2014-1A
,
CRR
,
144A,
FRN
,
2.028
%
,
(
3-month
USD
LIBOR
+
1.9
%
),
1/22/30
.............
United
States
6,050,000
6,027,681
f,r
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
194,535
197,790
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
213,777
210,118
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
53,291
53,771
q
Structured
Asset
Investment
Loan
Trust
,
2003-BC2
,
M3
,
FRN
,
4.977
%
,
(
1-month
USD
LIBOR
+
4.875
%
),
4/25/33
...........
United
States
13,987
15,017
f,r
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
13.266
%
,
2/15/26
....................................
United
States
192,834
197,002
f,q
Voya
CLO
Ltd.
,
h
2014-1A,
BR2,
144A,
FRN,
2.022%,
(3-month
USD
LIBOR
+
1.9%),
4/18/31
......................................
United
States
1,300,000
1,289,212
2014-1A,
CR2,
144A,
FRN,
2.922%,
(3-month
USD
LIBOR
+
2.8%),
4/18/31
......................................
United
States
500,000
474,100
h
2016-3A,
CR,
144A,
FRN,
3.372%,
(3-month
USD
LIBOR
+
3.25%),
10/18/31
....................................
United
States
2,000,000
1,938,845
27,044,207
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$26,476,542)
...............................
27,064,303
Commercial
Mortgage-Backed
Securities
1.2%
Diversified
Financial
Services
0.1%
r
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.012
%
,
7/10/38
United
States
194,980
164,107
Thrifts
&
Mortgage
Finance
1.1%
h
Citigroup
Commercial
Mortgage
Trust
,
2015-GC27
,
A5
,
3.137
%
,
2/10/48
...........................................
United
States
1,520,000
1,584,141
h
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C28
,
A4
,
3.227
%
,
10/15/48
....................................
United
States
1,410,000
1,473,170
3,057,311
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,164,689)
.................
3,221,418
Mortgage-Backed
Securities
16.5%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.1%
g
FHLMC
Gold
Pools,
15
Year,
5%,
12/01/23
..................
United
States
53,788
55,503
g
FHLMC
Gold
Pools,
20
Year,
6.5%,
8/01/27
..................
United
States
92,854
102,563
g
FHLMC
Gold
Pools,
30
Year,
3.5%,
3/01/45
..................
United
States
12,111
12,948
g
FHLMC
Gold
Pools,
30
Year,
3.5%,
12/01/48
.................
United
States
2,269,431
2,401,115
g
FHLMC
Gold
Pools,
30
Year,
4%,
5/01/48
...................
United
States
1,741,876
1,863,665
g
FHLMC
Gold
Pools,
30
Year,
6%,
7/01/28
-
11/01/36
...........
United
States
260,026
295,638
g
FHLMC
Gold
Pools,
30
Year,
6.5%,
3/01/38
..................
United
States
6,537
7,357
g
FHLMC
Gold
Pools,
30
Year,
7%,
9/01/27
...................
United
States
33,116
35,610
g
FHLMC
Gold
Pools,
30
Year,
8.5%,
7/01/31
..................
United
States
105,287
118,641
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
g
FHLMC
Pool,
15
Year,
2.5%,
9/01/35
.......................
United
States
3,453,241
$
3,571,079
8,464,119
s
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
g
FNMA,
1.665%
-
1.803%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
6/01/32
-
7/01/34
....................................
United
States
134,788
135,492
135,492
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
11.7%
g
FNMA,
3.5%,
7/01/56
..................................
United
States
475,052
515,618
g
FNMA,
15
Year,
2%,
9/01/35
.............................
United
States
1,070,438
1,097,216
g
FNMA,
15
Year,
3%,
8/01/27
.............................
United
States
4,485
4,697
g
FNMA,
15
Year,
3.5%,
1/01/26
...........................
United
States
7,218
7,605
g
FNMA,
20
Year,
4.5%,
5/01/24
-
9/01/29
....................
United
States
20,836
22,304
g
FNMA,
30
Year,
2.5%,
9/01/50
...........................
United
States
4,738,804
4,841,954
g
FNMA,
30
Year,
3%,
10/01/50
............................
United
States
3,396,567
3,521,545
g
FNMA,
30
Year,
3.5%,
1/01/45
-
6/01/45
....................
United
States
553,083
594,207
g
FNMA,
30
Year,
4%,
11/01/44
-
1/01/48
.....................
United
States
784,346
847,632
g
FNMA,
30
Year,
4%,
10/01/47
............................
United
States
2,544,955
2,726,461
g
FNMA,
30
Year,
4.5%,
3/01/44
...........................
United
States
630
676
g
FNMA,
30
Year,
5%,
5/01/38
-
7/01/39
......................
United
States
185,461
209,897
g
FNMA,
30
Year,
5.5%,
6/01/37
...........................
United
States
147,351
168,666
g
FNMA,
30
Year,
6%,
4/01/33
-
6/01/38
......................
United
States
355,708
411,757
g
FNMA,
30
Year,
6.5%,
8/01/32
...........................
United
States
60,958
70,281
t
FNMA,
Single-family,
15
Year,
2%,
1/25/37
..................
United
States
4,653,000
4,764,691
t
FNMA,
Single-family,
30
Year,
2%,
1/25/52
..................
United
States
3,931,000
3,919,195
t
FNMA,
Single-family,
30
Year,
2.5%,
1/25/52
.................
United
States
7,700,000
7,856,444
31,580,846
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.7%
g
GNMA
I,
Single-family,
30
Year,
6.5%,
6/15/31
-
12/15/33
........
United
States
199,343
218,885
t
GNMA
II,
Single-family,
30
Year,
2%,
1/15/52
.................
United
States
1,554,000
1,568,151
t
GNMA
II,
Single-family,
30
Year,
2.5%,
1/15/52
...............
United
States
1,539,000
1,576,151
g
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/49
..............
United
States
1,088,689
1,133,927
g
GNMA
II,
Single-family,
30
Year,
7%,
1/20/24
-
1/20/29
.........
United
States
12,924
14,150
g
GNMA
II,
Single-family,
30
Year,
8%,
1/20/28
-
10/20/31
........
United
States
52,038
59,988
4,571,252
Total
Mortgage-Backed
Securities
(Cost
$44,533,476)
............................
44,751,709
Residential
Mortgage-Backed
Securities
1.2%
Thrifts
&
Mortgage
Finance
1.2%
h,q
FNMA
Connecticut
Avenue
Securities
,
2017-C03,
1M2,
FRN,
3.103%,
(1-month
USD
LIBOR
+
3%),
10/25/29
..........................................
United
States
1,742,415
1,784,551
2017-C05,
1M2,
FRN,
2.303%,
(1-month
USD
LIBOR
+
2.2%),
1/25/30
...........................................
United
States
1,400,732
1,426,059
3,210,610
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$3,233,179)
..................
3,210,610
Total
Long
Term
Investments
(Cost
$398,355,809)
...............................
397,912,833
a
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
31
See
Abbreviations
on
page
50.
Short
Term
Investments
3.3%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.3%
u,v
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
8,882,237
$
8,882,237
Total
Money
Market
Funds
(Cost
$8,882,237)
...................................
8,882,237
Total
Short
Term
Investments
(Cost
$8,882,237
)
.................................
8,882,237
a
Total
Investments
(Cost
$407,238,046)
150.4%
..................................
$406,795,070
Reverse
Repurchase
Agreements
(12.4)%
......................................
(33,448,122)
w
Credit
Facility
(30.7)%
........................................................
(83,000,000)
Other
Assets,
less
Liabilities
(7.3)%
...........................................
(19,910,122)
Net
Assets
100.0%
...........................................................
$270,436,826
Amount
Borrowed
Payable
x
Reverse
Repurchase
Agreements
(12.4)%
Counterparty
UBS
AG,
0.48%,
1/07/22
.....................
$1,459,656
$(1,461,991)
Counterparty
UBS
AG,
0.48%,
1/07/22
.....................
$1,355,292
$(1,357,460)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,076,250
$(1,078,402)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,303,125
$(1,305,731)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,030,500
$(1,032,561)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,002,375
$(1,004,380)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,153,750
$(1,156,058)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,035,000
$(1,037,070)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,239,375
$(1,241,854)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,289,750
$(1,292,330)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,430,625
$(1,433,486)
Counterparty
UBS
AG,
0.6%,
1/07/22
......................
$1,087,500
$(1,089,675)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$861,998
$(864,526)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$1,419,250
$(1,423,413)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$1,105,109
$(1,108,351)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$2,400,000
$(2,407,040)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$2,040,046
$(2,046,030)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$4,827,900
$(4,842,062)
Counterparty
UBS
AG,
0.88%,
1/07/22
.....................
$849,877
$(852,370)
Counterparty
UBS
AG,
1.23%,
1/07/22
.....................
$1,600,000
$(1,606,560)
Counterparty
UBS
AG,
1.23%,
1/07/22
.....................
$1,791,227
$(1,798,572)
Counterparty
UBS
AG,
1.23%,
1/07/22
.....................
$2,000,000
$(2,008,200)
Total
Reverse
Repurchase
Agreements
(Proceeds
$33,358,605)
...................
$(33,448,122)
Franklin
Limited
Duration
Income
Trust
Summary
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
*
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
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
c
See
Note
11
regarding
restricted
securities.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Perpetual
security
with
no
stated
maturity
date.
f
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,
2021,
the
aggregate
value
of
these
securities
was
$170,494,030,
representing
63.0%
of
net
assets.
g
A
portion
or
all
of
the
security
is
pledged
as
collateral
in
connection
with
the
Fund’s
revolving
credit
facility.
h
A
portion
or
all
of
the
security
is
designated
as
collateral
for
reverse
repurchase
agreements.
i
See
Note
9
regarding
credit
risk
and
defaulted
securities.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
See
Note
1(e)
regarding
senior
floating
rate
interests.
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
12
regarding
unfunded
loan
commitments.
o
See
Note
1(f)
regarding
Marketplace
Lending.
p
Marketplace
loans
holdings
are
presented
in
a
summary
format. For
a
full
breakdown
of
the
holdings,
please
refer
to
Item
6
of
the
Fund's
N-CSR
filing
found
on
sec.gov.
q
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
r
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.
s
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).
t
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1(c).
u
See
Note
5(c)
regarding
investments
in
affiliated
management
investment
companies.
v
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
w
See
Note
3
regarding
Credit
Facility.
x
See
Note
4
regarding
reverse
repurchase
agreements.
Franklin
Limited
Duration
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2021
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
33
Franklin
Limited
Duration
Income
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$398,355,809
Cost
-
Non-controlled
affiliates
(Note
5
c
)
........................................................
8,882,237
Value
-
Unaffiliated
issuers
..................................................................
$397,912,833
Value
-
Non-controlled
affiliates
(Note
5
c
)
.......................................................
8,882,237
Cash
....................................................................................
1,153,707
Receivables:
Investment
securities
sold
...................................................................
3,215,097
Interest
.................................................................................
3,223,383
Deposits
with
brokers
for:
Reverse
repurchase
agreement
(Note
4)
........................................................
510,000
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
12
)
......................................
1,968
Total
assets
..........................................................................
414,899,225
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
25,299,640
Credit
facility
(Note
3
)
......................................................................
83,000,000
Management
fees
.........................................................................
242,404
Transfer
agent
fees
........................................................................
1,421
Trustees'
fees
and
expenses
.................................................................
12,963
Distributions
to
shareholders
.................................................................
2,279,408
Accrued
interest
(Note
3
)
...................................................................
76,519
Reverse
repurchase
agreements
(Note
4)
.......................................................
33,448,122
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
12)
......................................
362
Accrued
expenses
and
other
liabilities
...........................................................
101,560
Total
liabilities
.........................................................................
144,462,399
Net
assets
applicable
to
common
shares
.................................................
$270,436,826
Net
assets
applicable
to
common
shares
consist
of:
Paid-in
capital
.............................................................................
$306,300,035
Total
distributable
earnings
(losses)
.............................................................
(35,863,209)
Net
assets
applicable
to
common
shares
.................................................
$270,436,826
Common
shares
outstanding
..................................................................
30,150,895
Net
asset
value
per
common
share
.............................................................
$8.97
Franklin
Limited
Duration
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
December
31,
2021
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Franklin
Limited
Duration
Income
Trust
Investment
income:
Dividends:
Unaffiliated
issuers
........................................................................
$37,065
Non-controlled
affiliates
(Note
5
c
)
.............................................................
725
Interest:
Unaffiliated
issuers
........................................................................
20,488,312
Total
investment
income
...................................................................
20,526,102
Expenses:
Management
fees
(Note
5
a
)
...................................................................
2,921,759
Interest
expense
(Note
3
and
4)
................................................................
1,208,641
Transfer
agent
fees
.........................................................................
14,149
Custodian
fees
(Note
6
)
......................................................................
6,963
Reports
to
shareholders
fees
..................................................................
36,215
Registration
and
filing
fees
....................................................................
22,487
Professional
fees
...........................................................................
316,815
Trustees'
fees
and
expenses
..................................................................
16,743
Marketplace
lending
fees
(Note
1
f
)
..............................................................
301,612
Other
....................................................................................
67,725
Total
expenses
.........................................................................
4,913,109
Expense
reductions
(Note
6
)
...............................................................
(147)
Expenses
waived/paid
by
affiliates
(Note
5c)
...................................................
(6,229)
Net
expenses
.........................................................................
4,906,733
Net
investment
income
................................................................
15,619,369
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(649,243)
Foreign
currency
transactions
................................................................
(288)
Net
realized
gain
(loss)
..................................................................
(649,531)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(729,162)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(87)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(729,249)
Net
realized
and
unrealized
gain
(loss)
............................................................
(1,378,780)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
...................
$14,240,589
Franklin
Limited
Duration
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
35
Franklin
Limited
Duration
Income
Trust
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$15,619,369
$15,409,319
Net
realized
gain
(loss)
.................................................
(649,531)
(11,392,358)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(729,249)
6,871,058
Net
increase
(decrease)
in
net
assets
applicable
to
comm
on
shares
resulting
from
operations
......................................................
14,240,589
10,888,019
Distributions
to
common
shareholders
.......................................
(16,509,548)
(16,484,224)
Distributions
to
common
shareholders
from
tax
return
of
capital
....................
(11,604,311)
(11,656,406)
Total
distributions
to
common
shareholders
...................................
(28,113,859)
(28,140,630)
Capital
share
transactions
(Note
2
)
..........................................
110,798
—
Net
increase
(decrease)
in
net
assets
...................................
(13,762,472)
(17,252,611)
Net
assets
applicable
to
common
shares:
Beginning
of
year
.......................................................
284,199,298
301,451,909
End
of
year
...........................................................
$270,436,826
$284,199,298
Franklin
Limited
Duration
Income
Trust
Financial
Statements
Statement
of
Cash
Flows
for
the
year
ended
December
31,
2021
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Franklin
Limited
Duration
Income
Trust
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
21,052,344
Operating
expenses
paid
.....................................................................
(3,819,119)
Deposits
with
broker
s
f
or:
Reverse
Repurchase
Agreement
s
..........................................
(510,000)
Interest
expense
paid
........................................................................
(1,223,386)
Realized
(loss)
on
foreign
currency
transactions
....................................................
(288)
Purchases
of
long-term
investments
.............................................................
(445,065,357)
Sales
and
maturities
of
long-term
investments
.....................................................
443,049,576
Net
sales
of
short-term
investments
.............................................................
9,447,476
Cash
provided
-
operating
activities
..........................................................
22,931,246
Cash
flow
from
financing
activities:
Repayment
of
Credit
Facility
..................................................................
(10,000,000)
Proceeds
of
reverse
repurchase
agreements
......................................................
14,924,993
Cash
distributions
to
shareholders
..............................................................
(28,062,427)
Cash
used
-
financing
activities
.............................................................
(23,137,434)
Net
increase
(decrease)
in
cash
.................................................................
(206,188)
Cash
at
beginning
of
year
......................................................................
1,359,895
Cash
at
end
of
year
...........................................................................
$1,153,707
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,
2021
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
14,240,589
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
833,827
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(725)
Interest
received
in
the
form
of
securities
......................................................
(248,977)
Decrease
in
dividends
and
interest
receivable
and
other
assets
.....................................
191,093
Increase
in
deposits
with
brokers
............................................................
(510,000)
Decrease
in
interest
payable
...............................................................
(14,745)
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
(121,027)
Decrease
in
payable
for
investments
purchased
.................................................
(2,020,484)
Increase
in
receivable
for
investments
sold
.....................................................
(1,602,369)
Decrease
in
cost
of
investments
.............................................................
11,454,815
Decrease
in
unrealized
appreciation
on
investments.
.............................................
729,249
Net
cash
provided
by
operating
activities
...........................................................
$22,931,246
Non-cash
financing
activities
-
reinvestment
of
dividends
...............................................
$110,798
Franklin
Limited
Duration
Income
Trust
37
franklintempleton.com
Annual
Report
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
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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 Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
38
franklintempleton.com
Annual
Report
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.
d.
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
include
the
potential
inability
of
the
counterparty
to
fulfill
its
obligations. 
e.
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).
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
39
franklintempleton.com
Annual
Report
f.
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.
g.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the Fund,
and/or
a
joint
repurchase
agreement
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
December
31,
2021,
the Fund
had
no
securities
on
loan.
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,
2021,
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
40
franklintempleton.com
Annual
Report
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.
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.
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,
2021,
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,
2021
and
2020,
there
were
no
shares
repurchased
.
Transactions
in
the
Fund’s
shares
were
as
follows:
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Income
and
Deferred
Taxes
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
41
franklintempleton.com
Annual
Report
3.
Credit
Facility
The
Fund
has
entered
into
a
credit
facility
agreement
(“Credit
Facility”)
with
BNP
Paribas
Prime
Brokerage
International
Ltd.
(“BNPP”)
pursuant
to
which
the
Fund
may
borrow
up
to
a
maximum
commitment
amount
of
$100,000,000.
The
Fund
will
pay
interest
in
the
amount
of
0.90%
plus
the
3-month
U.S.
Dollar
London
Interbank
Offered
Rate
on
the
amount
outstanding.
The
Fund
is
required
to
fully
collateralize
its
outstanding
loan
balance
as
determined
by
BNPP
by
pledging
assets,
which
are
held
in
a
segregated
account,
and
are
indicated
in
the
Summary
Statement
of
Investments.
If
the
Fund
fails
to
meet
certain
requirements
or
maintain
other
financial
covenants
required
under
the
Credit
Facility,
the
Fund
may
be
required
to
repay
immediately,
in
part
or
in
full,
the
loan
balance
outstanding.
The
Fund
had
outstanding
borrowings
of
$83,000,000
as
of
December
31,
2021
and
incurred
$933,571
of
interest
expense
during
the
year.
Average
borrowings
and
the
average
interest
rate
for
the
days
outstanding
during
the
year
ended
December
31,
2021,
were
$86,592,937
and
1.06%,
respectively.
The
Credit
Facility
also
permits,
subject
to
certain
conditions,
BNPP
to
rehypothecate
portfolio
securities
pledged
by
the
Fund
up
to
the
amount
of
the
loan
balance
outstanding.
The
Fund
continues
to
receive
dividends
and
interest
on
rehypothecated
securities.
The
Fund
also
has
the
right
under
the
Credit
Facility
to
recall
any
securities
pledged
as
collateral
from
BNPP
on
demand.
If
BNPP
fails
to
deliver
the
recalled
security
in
a
timely
manner,
the
Fund
will
be
compensated
for
any
fees
or
losses
related
to
the
failed
delivery
or,
in
the
event
a
recalled
security
is
not
be
returned,
the
Fund,
upon
notice
to
BNPP,
may
reduce
the
loan
balance
outstanding
by
the
market
value
of
the
recalled
security.
The
Fund
will
receive
a
portion
of
the
fees
earned
by
BNPP
in
connection
with
the
rehypothecation
of
portfolio
securities.
Rehypothecated
securities
are
included
among
the
portfolio
securities
pledged
by
the
Fund
as
collateral
for
the
Credit
Facility.
As
of
December
31,
2021,
there
were
no
rehypothecated
securities.
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.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
reverse
repurchase
price
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
a
Shares
Amount
Shares
Amount
Shares
issued
in
reinvestment
of
distributions
..........
12,060
$110,798
—
$—
a
During
the
year
ended
December
31,
2020
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shared
purchased
in
the
open
market.
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
42
franklintempleton.com
Annual
Report
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
$33,452,599
are
up
to
30
days.
The
Fund
pledged
corporate
bonds,
asset-backed
securities,
commercial
mortgage-backed
securities
and
residential
mortgage-backed
securities
as
the
collateral
valued
at
$40,104,761
which
has
been
identified
on
the
Summary
Statement
of
Investments.
Cash
collateral
that
has
been
pledged
to
manage
credit
exposure
and
liquidity
for
reverse
repurchase
agreements
is
reflected
as
a
receivable
for
deposits
with
brokers
for
reverse
repurchase
agreements
on
the
Statement
of
Assets
and
Liabilities. 
For
the year
ended
December
31,
2021,
the
average
borrowings
and
the
average
interest
rate
were
$32,970,840
and
0.9%,
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:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
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,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
4. Reverse
Repurchase
Agreements 
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
43
franklintempleton.com
Annual
Report
6.
Expense
Offset
Arrangement
The Fund has
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,
2021,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
7.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2021
and
2020,
was
as
follows:
    aa
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
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Limited
Duration
Income
Trust
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
18,328,988
$
138,396,720
$
(147,843,471)
$
—
$
—
$
8,882,237
8,882,237
$
725
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$—
$2,000
$(2,000)
$—
$—
$—
—
$—
Total
Affiliated
Securities
...
$18,328,988
$138,398,720
$(147,845,471)
$—
$—
$8,882,237
$725
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$1,959,924
Long
term
................................................................................
32,465,940
Total
capital
loss
carryforwards
...............................................................
$34,425,864
2021
2020
Distributions
paid
from:
Ordinary
income
..........................................................
$16,509,548
$16,484,224
Return
of
capital
...........................................................
11,604,311
11,656,406
$28,113,859
$28,140,630
5.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
44
franklintempleton.com
Annual
Report
At
December
31,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
paydown
losses,
bond
discounts
and
premiums
and
defaulted
bonds.
8.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
December
31,
2021,
aggregated
$443,044,873
and
$443,993,059,
respectively.
9.
Credit Risk
and
Defaulted
Securities
At
December
31,
2021,
the
Fund
had
76.7%
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,
2021,
the
aggregate
value
of
these
securities
represents
less
than
0.1%
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
Summary
Statement
of
Investments.
10.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
11.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
December
31,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Cost
of
investments
..........................................................................
$374,876,482
Unrealized
appreciation
........................................................................
$8,709,573
Unrealized
depreciation
........................................................................
(10,149,590)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(1,440,017)
7.
Income
Taxes
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
45
franklintempleton.com
Annual
Report
12.
Unfunded
Loan
Commitments
The
Fund
enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Summary Statement
of
Investments.
At
December
31,
2021,
unfunded
commitments
were
as
follows:
13.
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)
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Limited
Duration
Income
Trust
2,334,763
Nine
Point
Energy
LLC
........................
7/15/14
-
1/22/21
$
1,208,234
$
—
6,305
Riviera
Resources,
Inc.
.......................
8/08/18
93,944
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$1,302,178
$—
Borrower
Unfunded
Commitment
Franklin
Limited
Duration
Income
Trust
Aveanna
Healthcare
LLC
$
164,765
DexKo
Global,
Inc.
26,979
Medical
Solutions
Holdings,
Inc.
61,550
National
Mentor
Holdings,
Inc.
70,115
Osmosis
Buyer
Ltd.
95,620
Sovos
Compliance
LLC
93,828
Thrasio
LLC
348,469
$
861,326
11.
Restricted
Securities
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
46
franklintempleton.com
Annual
Report
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,
2021,
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
.............
$
—
$
32,747
$
—
$
32,747
Machinery
............................
—
302,355
—
302,355
Metals
&
Mining
.......................
331,671
—
—
331,671
Oil,
Gas
&
Consumable
Fuels
.............
2,668
—
—
a
2,668
Road
&
Rail
..........................
—
—
44,245
44,245
Specialty
Retail
........................
5
—
—
5
Preferred
Stocks
........................
—
136,643
—
136,643
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
1,191
—
2
1,193
Paper
&
Forest
Products
.................
4,949
—
—
4,949
Convertible
Bonds
.......................
—
28,774
—
28,774
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,456,896
—
1,456,896
Airlines
..............................
—
2,738,640
—
2,738,640
Auto
Components
......................
—
4,681,553
—
4,681,553
Automobiles
..........................
—
1,303,224
—
1,303,224
Banks
...............................
—
1,565,813
—
1,565,813
Beverages
...........................
—
694,148
—
694,148
Biotechnology
.........................
—
2,022,081
—
2,022,081
Building
Products
......................
—
3,832,231
—
3,832,231
Capital
Markets
........................
—
303,492
—
303,492
Chemicals
...........................
—
7,781,789
—
7,781,789
Commercial
Services
&
Supplies
...........
—
4,546,815
—
4,546,815
Construction
&
Engineering
...............
—
2,966,420
—
2,966,420
Consumer
Finance
.....................
—
1,628,913
—
1,628,913
Containers
&
Packaging
.................
—
10,016,722
—
10,016,722
Distributors
...........................
—
313,707
—
313,707
Diversified
Consumer
Services
............
—
823,444
—
823,444
Diversified
Financial
Services
.............
—
2,645,008
—
2,645,008
Diversified
Telecommunication
Services
.....
—
4,481,695
—
4,481,695
Electric
Utilities
........................
—
1,742,102
—
1,742,102
Electrical
Equipment
....................
—
1,832,352
—
1,832,352
Electronic
Equipment,
Instruments
&
Components
........................
—
497,633
—
497,633
Energy
Equipment
&
Services
.............
—
3,553,657
—
3,553,657
Entertainment
.........................
—
3,202,591
—
3,202,591
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
2,938,614
—
2,938,614
Food
Products
........................
—
1,436,460
—
1,436,460
Health
Care
Equipment
&
Supplies
.........
—
1,097,331
—
1,097,331
Health
Care
Providers
&
Services
..........
—
7,505,530
—
7,505,530
Hotels,
Restaurants
&
Leisure
.............
—
14,980,411
—
14,980,411
Household
Durables
....................
—
2,415,367
—
2,415,367
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
6,076,234
—
6,076,234
Insurance
............................
—
1,142,394
—
1,142,394
Internet
&
Direct
Marketing
Retail
..........
—
618,420
—
618,420
IT
Services
...........................
—
3,419,961
—
3,419,961
Machinery
............................
—
4,972,484
—
4,972,484
13.
Fair
Value
Measurements
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
47
franklintempleton.com
Annual
Report
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,
2021,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Limited
Duration
Income
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Media
...............................
$
—
$
10,201,580
$
—
$
10,201,580
Metals
&
Mining
.......................
—
1,848,234
—
1,848,234
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
968,960
—
968,960
Oil,
Gas
&
Consumable
Fuels
.............
—
16,381,765
—
16,381,765
Paper
&
Forest
Products
.................
—
413,092
—
413,092
Personal
Products
.....................
—
812,795
—
812,795
Pharmaceuticals
.......................
—
7,525,349
—
7,525,349
Real
Estate
Management
&
Development
....
—
2,079,155
—
2,079,155
Road
&
Rail
..........................
—
1,393,301
992,593
2,385,894
Semiconductors
&
Semiconductor
Equipment
.
—
307,931
—
307,931
Software
.............................
—
1,995,356
—
1,995,356
Specialty
Retail
........................
—
3,210,010
—
3,210,010
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,048,270
—
1,048,270
Thrifts
&
Mortgage
Finance
...............
—
3,672,904
—
3,672,904
Trading
Companies
&
Distributors
..........
—
1,723,768
—
1,723,768
Wireless
Telecommunication
Services
.......
—
1,600,478
—
1,600,478
Senior
Floating
Rate
Interests
...............
—
128,397,682
—
128,397,682
Marketplace
Loans
......................
—
—
22,972,188
22,972,188
Asset-Backed
Securities
..................
—
27,064,303
—
27,064,303
Commercial
Mortgage-Backed
Securities
......
—
3,221,418
—
3,221,418
Mortgage-Backed
Securities
................
—
44,751,709
—
44,751,709
Residential
Mortgage-Backed
Securities
......
—
3,210,610
—
3,210,610
Short
Term
Investments
...................
8,882,237
—
—
8,882,237
Total
Investments
in
Securities
...........
$9,222,721
$373,563,321
$24,009,028
$406,795,070
Other
Financial
Instruments:
Unfunded
Loan
Commitments
..............
$
—
$
1,968
$
—
$
1,968
Total
Other
Financial
Instruments
.........
$—
$1,968
$—
$1,968
Liabilities:
Other
Financial
Instruments:
Reverse
Repurchase
Agreements
............
$
—
$
33,448,122
$
—
$
33,448,122
Unfunded
Loan
Commitments
...............
$
—
$
362
$
—
$
362
Total
Other
Financial
Instruments
.........
$—
$33,448,484
$—
$33,448,484
a
Includes
securities
determined
to
have
no
value
at
December
31,
2021.
Balance
at
Beginning
of
Year
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Limited
Duration
Income
Trust
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
$
—
d
$
—
$
—
d
$
—
$
—
$
—
$
(1,947,001)
$
1,947,001
$
—
$
—
13.
Fair
Value
Measurements
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
48
franklintempleton.com
Annual
Report
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,
2021,
are
as
follows:
Balance
at
Beginning
of
Year
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
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
a
a
a
a
a
a
a
a
a
a
a
Franklin
Limited
Duration
Income
Trust
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
..........
$
1,631
$
—
d
$
—
$
—
$
—
$
—
$
—
$
(1,631)
$
—
d
$
(1,631)
Road
&
Rail
.......
14,006
—
—
—
—
—
—
30,239
44,245
30,239
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
87
—
—
—
—
—
—
(85)
2
(85)
Corporate
Bonds
:
Hotels,
Restaurants
&
Leisure
.........
11,400
—
—
—
(11,400)
—
—
—
—
—
Oil,
Gas
&
Consumable
Fuels
..........
3,092
—
—
—
(3,092)
—
—
—
—
—
Road
&
Rail
.......
864,816
—
—
—
—
85,446
—
42,331
992,593
42,331
Senior
Floating
Rate
Interests
:
Road
&
Rail
.......
647,125
—
(696,715)
—
—
(6,240)
(28,528)
84,358
—
—
Marketplace
Loans
:
Diversified
Financial
Services
........
7,222,952
20,820,665
(5,271,456)
—
—
—
(180,559)
380,586
22,972,188
(118,112)
Escrows
and
Litigation
Trusts
...........
3,000
d
—
(9,581)
—
—
—
(43,329)
49,910
—
—
Total
Investments
in
Securities
............
$8,768,109
$20,820,665
$(5,977,752)
$—
$(14,492)
$79,206
$(2,199,417)
$2,532,709
$24,009,028
$(47,258)
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
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
securities
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
49
franklintempleton.com
Annual
Report
14.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(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,
the
FASB
issued
ASU
No.
2021-01,
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
the
London
Interbank
Offered
Rate
(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,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
15.
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,
except
for
the
following:
On
January
14,
2022,
the
Fund
commenced
a
transferrable
rights
offering
to
common
shareholders
of
record
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
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Limited
Duration
Income
Trust
Assets:
Investments
in
Securities:
Corporate
Bonds:
Road
&
Rail
..............
$992,593
Discounted
cash
flow
Discount
rate
15.7%
Decrease
c
Free
cash
flow
$1.0
mil
Increase
Marketplace
Loans:
Diversified
Financial
Services
.
22,654,224
Discounted
cash
flow
Loss-adjusted
discount
rate
2.5%
-
11.5%
(8.2%)
Decrease
d
Projected
loss
rate
10.5%
-
19.5%
(16.0%)
Decrease
d
All
Other
Investments
..........
362,211
e,f
Total
.......................
$24,009,028
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
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Represents
a
significant
impact
to
fair
value
and
net
assets
e
Includes
securities
determined
to
have
no
value
at
December
31,
2021.
f
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
13.
Fair
Value
Measurements
(continued)
Franklin
Limited
Duration
Income
Trust
Notes
to
Financial
Statements
50
franklintempleton.com
Annual
Report
(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.
Proceeds
from
the
offering
were
$78,033,340.
The
Fund
received
the
proceeds
of
the
offering
minus
the
dealer
manager
fee
and
other
expenses
of
the
offering
totaling
$3,007,099.
Abbreviations
Selected
Portfolio
CLO
Collateralized
Loan
Obligation
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
TBD
To
Be
Determined
Currency
USD
United
States
Dollar
15.
Subsequent
Events
(continued)
Franklin
Limited
Duration
Income
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
51
franklintempleton.com
Annual
Report
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
summary
statement
of
investments,
of
Franklin
Limited
Duration
Income
Trust
(the
"Fund")
as
of
December
31,
2021,
the
related
statements
of
operations
and
cash
flows
for
the
year
ended
December
31,
2021,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
December
31,
2021,
the
period
April
1,
2017
through
December
31,
2017
and
the
year
ended
March
31,
2017
(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,
2021,
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,
2021
and
the
financial
highlights
each
of
the
four
years
in
the
period
ended
December
31,
2021,
the
period
April
1,
2017
through
December
31,
2017
and
the
year
ended
March
31,
2017
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
statements
of
investments,
of
Franklin
Limited
Duration
Income
Trust
as
of
December
31,
2020,
2019,
2018
and
2017,
March
31,
2017,
2016,
2015,
2014,
2013,
and
2012,
and
the
related
statements
of
operations
for
the
years
ended
December
31,
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,
2014,
2013
and
2012,
the
statements
of
changes
in
net
assets
for
the
years
ended
December
31,
2019
and
2018,
for
the
period
of
April
1,
2017
through
December
31,
2017,
and
for
the
years
ended
March
31,
2017,
2016,
2015,
2014,
2013
and
2012
and
the
statements
of
cash
flows
for
the
years
ended
December
31,
2020,
2019
and
2018
(none
of
which
are
presented
herein),
and
we
expressed
unqualified
opinions
on
the
those
financial
statements.
In
our
opinion,
the
information
set
forth
in
the
Senior
Securities
Table
of
Franklin
Limited
Duration
Income
Trust
for
each
of
the
four
years
in
the
period
ended
December
31,
2021,
for
the
period
of
April
1,
2017
through
December
31,
2017,
and
for
each
of
the
six
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,
2021
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
22,
2022
Franklin
Limited
Duration
Income
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
52
franklintempleton.com
Annual
Report
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Limited
Duration
Income
Trust
Tax
Information
53
franklintempleton.com
Annual
Report
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,
2021:
Pursuant
to:
Amount
Reported
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$37,064
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$37,064
Qualified
Net
Interest
Income
(QII)
§871(k)(1)(C)
$13,397,901
Section
163(j)
Interest
Earned
§163(j)
$22,146,583
Franklin
Limited
Duration
Income
Trust
Important
Information
to
Shareholders
54
franklintempleton.com
Annual
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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.
Rights
Offering
The
Fund’s
Board
has
approved
a
transferable
rights
offering
(the
“Offer”).
The
Investment
Manager
believes
that
the
Offer
will
be
in
the
interest
of
shareholders
by
enabling
the
Fund
to
take
advantage
of
new
investment
opportunities
and
the
Investment
Manager’s
expertise,
and
raising
capital
can
benefit
shareholders
with
a
larger
and
more
diversified
portfolio.
Pursuant
to
the
Offer,
each
shareholder
will
receive
one
transferable
right
(a
“Right”)
for
each
common
share
held
on
the
record
date
of
January
19,
2022
(the
“Record
Date”).
Three
Rights
plus
the
final
subscription
price
per
common
share
(the
“Subscription
Price”)
will
be
required
to
purchase
one
additional
common
share
(the
“Primary
Subscription”);
however,
shareholders
who
hold
fewer
than
three
common
shares
on
the
Record
Date
will
be
entitled
to
subscribe
for
one
common
share,
and
fractional
shares
will
not
be
issued.
The
Subscription
Price
will
be
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
on
the
Expiration
Date
(as
defined
below)
and
each
of
the
four
preceding
trading
days
(the
“Formula
Price”).
If,
however,
the
Formula
Price
is
less
than
90%
of
the
net
asset
value
per
common
share
of
the
Fund’s
common
shares
at
the
close
of
trading
on
the
NYSE
American
on
the
Expiration
Date,
then
the
Subscription
Price
will
be
90%
of
the
Fund’s
net
asset
value
per
common
share
at
the
close
of
trading
on
the
NYSE
American
on
that
day.
Record
date
shareholders
who
fully
exercise
their
Rights
in
the
Primary
Subscription
will
be
eligible
for
an
over-subscription
privilege
entitling
these
shareholders
to
subscribe
for
any
additional
common
shares
not
purchased
pursuant
to
the
Primary
Subscription,
subject
to
certain
limitations,
allotment
and
the
right
of
the
Board
to
eliminate
the
over-subscription
privilege.
Holders
of
Rights
acquired
in
the
secondary
market
may
not
participate
in
the
over-subscription
privilege.
The
Rights
are
expected
to
trade
“when
issued”
on
the
NYSE
American
beginning
on
January
14,
2022,
and
the
Fund’s
common
shares
are
expected
to
trade
“ex-rights”
on
the
NYSE
American
beginning
on
January
18,
2022.
The
Rights
are
expected
to
begin
trading
for
normal
settlement
on
the
NYSE
American
[NYSE
American:
FTF
RT]
on
or
about
January
24,
2022.
The
Offering
expires
at
5:00
PM
Eastern
Time
on
February
17,
2022,
unless
extended
(the
“Expiration
Date”).
The
definitive
terms
of
the
Offer
will
be
made
through
a
prospectus
supplement
and
accompanying
prospectus.
The
final
terms
of
the
Offer
may
be
different
from
those
set
out
above.
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:
(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
Franklin
Limited
Duration
Income
Trust
Important
Information
to
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55
franklintempleton.com
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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
Franklin
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56
franklintempleton.com
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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
true:
debt
security
prices
generally
rise
when
interest
rates
fall.
Because
market
interest
rates
are
currently
near
their
lowest
levels
in
many
years,
there
is
a
great
risk
that
the
Fund’s
investments
will
decline
in
value.
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.
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
Franklin
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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.
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.
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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.
Marketplace
Loans
Franklin
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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.
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.
LIBOR
Transition
The
Fund
invests
in
financial
instruments
that
may
have
floating
or
variable
rate
calculations
for
payment
obligations
or
financing
terms
based
on
the
London
Interbank
Offered
Rate
(LIBOR),
which
is
the
benchmark
interest
rate
at
which
major
global
banks
lend
to
one
another
in
the
international
interbank
market
for
short-term
loans.
It
was
originally
anticipated
that
LIBOR
would
be
discontinued
by
the
end
of
2021
and
would
cease
to
be
published
after
that
time.
Although
many
LIBOR
rates
were
phased
out
at
the
end
of
2021
as
originally
intended,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
until
June
2023
in
order
to
assist
with
the
transition
to
an
alternative
rate.
The
impact
of
the
discontinuation
of
LIBOR
and
the
transition
to
an
alternative
rate
on
the
Fund's
portfolio
remains
uncertain.
There
can
be
no
guarantee
that
financial
instruments
that
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transition
to
an
alternative
reference
rate
will
retain
the
same
value
or
liquidity
as
they
would
otherwise
have
had.
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
The
Investment
Manager
will
sell
a
security
when
it
believes
it
is
appropriate
to
do
so,
regardless
of
how
long
the
Fund
has
held
the
security.
The
Fund’s
turnover
rate
may
exceed
100%
per
year
because
of
the
anticipated
use
of
certain
investment
strategies.
The
rate
of
portfolio
turnover
will
not
be
a
limiting
factor
for
the
Investment
Manager
in
making
decisions
on
when
to
buy
or
sell
securities,
including
entering
into
mortgage
dollar
rolls.
High
turnover
will
increase
the
Fund’s
transaction
costs
and
may
increase
your
tax
liability
if
the
transactions
result
in
capital
gains.
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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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,
2021.
SUMMARY
OF
FUND
EXPENSES
Record
Date
Sales
Load
(as
a
percentage
of
offering
price)
(1)
3.50%
Offering
Expenses
(as
a
percentage
of
offering
price)
(2)
0.33%
Dividend
Reinvestment
Plan
Fees
(3)
None
Annual
Operating
Expenses
Percentage
of
Net
Assets
Attributable
to
Common
Shares
Management
Fees
(4)
1.05%
Interest
on
Borrowed
Funds
(5)
0.44%
Other
Expenses
0.41%
Total
Annual
Fund
Operating Expenses
(6)
1.90%
(1)The
Dealer
Manager
will
receive
a
fee
for
its
financial
structuring
and
soliciting
services
equal
to
3.50%
of
the
Subscription
Price
per
Common
Share
issued
pursuant
to
the
exercise
of
Rights,
including
the
over-subscription
privilege.
The
Dealer
Manager
will
reallow
to
broker-dealers
in
the
selling
group
to
be
formed
and
managed
by
the
Dealer
Manager
selling
fees
equal
to
2.00%
of
the
Subscription
Price
per
share
of
Common
Share
issued
pursuant
to
the
offering
as
a
result
of
their
selling
efforts.
In
addition,
the
Dealer
Manager
will
reallow
to
other
broker-dealers
that
have
executed
and
delivered
a
soliciting
dealer
agreement
and
have
solicited
the
exercise
of
Rights
solicitation
fees
equal
to
0.50%
of
the
Subscription
Price
per
share
of
Common
Share
issued
pursuant
to
the
exercise
of
Rights
as
a
result
of
their
soliciting
efforts,
subject
to
a
maximum
fee
based
on
the
number
of
shares
of
Common
Share
held
by
each
broker-
dealer
through
DTC
on
the
Record
Date.
(2)The
Fund
will
pay
all
offering
expenses
involved
with
this
offering
and
Common
Shareholders,
including
those
who
do
not
exercise
their
Rights,
will
indirectly
bear
such
expenses.
Offering
expenses
borne
by
the
Fund
(including
the
reimbursements
described
below)
are
estimated
to
be
approximately
$275,932
in
the
aggregate.
The
Fund
has
agreed
to
pay
the
Dealer
Manager
up
to
$100,000
as
a
partial
reimbursement
for
its
expenses
incurred
in
connection
with
the
offering.
The
Fund
will
also
pay
expenses
relating
to
the
printing
or
other
production,
mailing
and
delivery
expenses
incurred
in
connection
with
materials
related
to
the
offering,
including
all
reasonable
out-of-pocket
fees
and
expenses,
if
any
and
not
to
exceed
$10,000
incurred
by
the
Dealer
Manager,
Selling
Group
Members,
Soliciting
Dealers
and
other
brokers,
dealers
and
financial
institutions
in
connection
with
their
customary
mailing
and
handling
of
materials
related
to
the
offering
to
their
customers.
(3)You
will
pay
brokerage
charges
if
you
direct
the
plan
agent
to
sell
your
Common
Shares
held
in
a
dividend
reinvestment
account.
(4)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
aggregate
liquidation
preference
of
any
outstanding
preferred
shares
or
the
outstanding
amount
of
any
borrowing
or
short-term
debt
securities).
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.
(5)On
August
10,
2018,
the
Fund
entered
into
a
committed
financing
arrangement
through
which
the
Fund
is
authorized
to
borrow
up
to
$100
million.
“Interest
on
Borrowed
Funds”
reflects
an
annualized
interest
charge
based
on
the
interest
rate
and
borrowings
in
effect
on
September
30,
2021.
(6)“Other
Expenses”
are
based
on
estimated
amounts
for
the
current
fiscal
year
assuming
the
completion
of
the
proposed
issuance.
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
$19
$59
$102
$221
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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.
Premium/Discount
to
NAV
Market
Price
NAV
Fiscal
Quarter
Ended
High
Low
High
Low
High
Low
December
2021
$9.18
$8.93
$9.23
$8.68
1.99%
-3.45%
September
2021
$9.33
$9.17
$9.43
$9.09
2.17%
-1.61%
June
2021
$9.42
$9.30
$9.36
$9.10
-0.32%
-2.88%
March
2021
$9.52
$9.32
$9.63
$9.08
2.67%
-4.32%
December
2020
$9.50
$9.12
$9.58
$8.21
1.59%
-9.98%
September
2020
$9.36
$9.04
$9.08
$8.38
-2.64%
-8.42%
June
2020
$9.25
$8.49
$8.70
$6.66
-3.86%
-21.92%
March
2020
$10.10
$7.90
$9.85
$5.56
-2.18%
-31.78%
The
net
asset
value
per
Common
Share
on
December
31,
2021
was
$8.97
and
the
market
price
per
Common
Share
at
the
close
of
business
on
December
31,
2021
was
$9.09,
representing
a
1.3%
premium
to
such
net
asset
value.
As
of
December
31,
2021,
the
Fund
has
outstanding
30,150,895
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:
Total
Amount
Outstanding
1
Asset
Coverage
per
$1,000
2
Involuntary
Liquidation
Preference
3
Average
Market
Value
Outstanding
4
Year
Ended
Reverse
Repurchase
Agreement
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
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December
31,
2019
$17,117,190
$3,814
$17,169,028
N/A
Credit
Facility
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
Total
Preferred
Shares
Outstanding
Asset
Coverage
per
Preferred
Share
Involuntary
Liquidation
Preference
Per
Preferred
Share
Average
Market
Value
Per
Preferred
Share
5
Year
Ended
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
March
31,
2013
1,200
$79,157
$25,000
N/A
March
31,
2012
1,200
$77,796
$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
March
31,
2013
1,200
$79,157
$25,000
N/A
March
31,
2012
1,200
$77,796
$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
March
31,
2013
1,200
$79,157
$25,000
N/A
March
31,
2012
1,200
$77,796
$25,000
N/A
Franklin
Limited
Duration
Income
Trust
Important
Information
to
Shareholders
(Unaudited)
64
franklintempleton.com
Annual
Report
(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,
2021,
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.
Franklin
Limited
Duration
Income
Trust
Annual
Meeting
of
Shareholders
65
franklintempleton.com
Annual
Report
The
Annual
Meeting
of
Shareholders
(the
“Meeting”)
for
Franklin
Limited
Duration
Income
Trust
(Fund)
was
held
on
October
5,
2021.
At
the
Meeting,
shareholders
elected
Gregory
E.
Johnson,
J.
Michael
Luttig
and
Valerie
M.
Williams
as
Trustees
of
the
Fund
to
hold
office
for
a
three
year
term,
set
to
expire
at
the
2024
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:
Note:
Harris
J.
Ashton,
Terrance
J.
Checki,
Mary
C.
Choksi,
Edith
E.
Holiday,
Rupert
H.
Johnson
and
Larry
D.
Thompson
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
meeting.
Trustee
Nominees
Shares
For
Shares
Withheld
J.
Michael
Luttig
21,171,553
407,839
Valerie
M.
Williams
20,994,958
584,434
Gregory
E.
Johnson
21,171,006
408,386
Franklin
Limited
Duration
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
66
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Annual
Report
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.
American
Stock
Transfer
&
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.
Franklin
Limited
Duration
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
67
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Annual
Report
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.
Franklin
Limited
Duration
Income
Trust
Board
Members
and
Officers
68
franklintempleton.com
Annual
Report
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
2003
120
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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)
Trustee
Since
2017
101
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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)
Trustee
Since
2014
121
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).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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).
Franklin
Limited
Duration
Income
Trust
69
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
2005
and
Lead
Independent
Trustee
since
2019
121
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
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).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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)
Trustee
Since
2009
121
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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
(May
2019-January
1,
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)
Trustee
Since
2007
121
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).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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).
Independent
Board
Members
(continued)
Franklin
Limited
Duration
Income
Trust
70
franklintempleton.com
Annual
Report
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*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
May
2021
101
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)
(January
2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-January
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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),
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
and
Vice
President
Trustee
since
2013
and
Vice
President
since
2003
132
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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.
(1940)
Chairman
of
the
Board,
Trustee
and
Senior
Vice
President
Chairman
of
the
Board
since
2013,
Trustee
and
Senior
Vice
President
since
2003
121
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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.
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Independent
Board
Members
(continued)
Franklin
Limited
Duration
Income
Trust
71
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Sonal
Desai,
Ph.D.
(1963)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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.
Steven
J.
Gray
(1955)
Vice
President
and
Co-Secretary
Vice
President
since
2009
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Vice
President,
FASA,
LLC;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
-
AML
Compliance
Since
July
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
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,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
Limited
Duration
Income
Trust
72
franklintempleton.com
Annual
Report
*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.
**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.
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
major
shareholder
of
Resources.
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.
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.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
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.
Craig
S.
Tyle
(1960)
Vice
President
Since
2005
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
General
Counsel
and
Executive
Vice
President,
Franklin
Resources,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
and
Co-Secretary
Vice
President
since
2011
and
Co-Secretary
since
2019
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
Limited
Duration
Income
Trust
Shareholder
Information
73
franklintempleton.com
Annual
Report
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
Statement
of
Investments
The
Fund
files
a
complete
consolidated
statement
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.
FTF
A
02/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
Franklin
Limited
Duration
Income
Trust
Investment
Manager
Transfer
Agent
Franklin
Advisers,
Inc.
(800)
DIAL
BEN
®
/
342-5236
American
Stock
Transfer
&
Trust
Co.,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
www.astfinancial.com
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 $97,165 for the fiscal year ended December 31, 2021 and $108,612 for the fiscal year ended December 31, 2020.
 
(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.
 
There were no 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
.
 
(d)      All Other Fees
The aggregate fees paid to the principal accountant for products and services 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 $123 for the fiscal year ended December 31, 2021 and $0 for the fiscal year ended December 31, 2020.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process
.
 
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 $55,000 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020.  The services for which these fees were paid included the issuance of an Auditor’s Certificate for South Korean regulatory shareholders disclosures, professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, and assets under management certification. 
 
(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 $55,123 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020.
 
(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.
 
 
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.

 

Franklin Limited Duration Income Trust

Statement of Investments, December 31, 2021

 

   Country  Shares   Value 
Common Stocks 0.3%           
Hotels, Restaurants & Leisure 0.0%†           
24 Hour Fitness Worldwide, Inc.  United States   24,950   $32,747 
              
Machinery 0.1%             
aBirch Permian Holdings, Inc.  United States   2,309    34,635 
aBirch Permian Holdings, Inc.  United States   17,998    267,720 
            302,355 
Metals & Mining 0.2%             
aPetra Diamonds Ltd., DI  South Africa   331,401    331,671 
              
Oil, Gas & Consumable Fuels 0.0%†             
aAmplify Energy Corp.  United States   281    874 
California Resources Corp.  United States   42    1,794 
a,b,cNine Point Energy Holdings, Inc.  United States   2,334,763    — 
a,b,cRiviera Resources, Inc.  United States   6,305    — 
            2,668 
Road & Rail 0.0%†             
a,bOnsite Rental Group Operations Pty. Ltd.  Australia   522,133    44,245 
              
Specialty Retail 0.0%†             
aParty City Holdco, Inc.  United States   1    5 
Total Common Stocks (Cost $2,237,299)           713,691 
              
Preferred Stocks 0.0%†             
Hotels, Restaurants & Leisure 0.0%†             
a24 Hour Fitness Worldwide, Inc.  United States   59,089    136,643 
Total Preferred Stocks (Cost $79,741)           136,643 
       Warrants      
Warrants 0.0%†             
Oil, Gas & Consumable Fuels 0.0%†             
a,bBattalion Oil Corp., A, 10/08/22  United States   752    2 
a,bBattalion Oil Corp., B, 10/08/22  United States   940    — 
a,bBattalion Oil Corp., C, 10/08/22  United States   1,209    — 
aCalifornia Resources Corp., 10/27/24  United States   96    1,191 
            1,193 
Paper & Forest Products 0.0%†             
aVerso Corp., 7/25/23  United States   438    4,949 
Total Warrants (Cost $—)           6,142 

 

      Principal     
      Amount*     
Convertible Bonds 0.0%†           
Wireless Telecommunication Services 0.0%†             
d,e,fDigicel Group Holdings Ltd., Sub. Bond, 144A, PIK, 7%, Perpetual  Bermuda   33,729    28,774 
Total Convertible Bonds (Cost $8,244)           28,774 
              
Corporate Bonds 61.9%             
Aerospace & Defense 0.5%             
f,gTransDigm, Inc., Senior Secured Note, 144A, 6.25%, 3/15/26  United States   1,400,000    1,456,896 
f,gAmerican Airlines Inc/AAdvantage Loyalty IP Ltd., Senior Secured             
Note, 144A, 5.5%, 4/20/26  United States   1,000,000    1,041,430 
f,gMileage Plus Holdings LLC / Mileage Plus Intellectual Property             
Assets Ltd., Senior Secured Note, 144A, 6.5%, 6/20/27  United States   1,200,000    1,282,806 
fUnited Airlines, Inc.,             
Senior Secured Note, 144A, 4.375%, 4/15/26  United States   100,000    104,405 
Senior Secured Note, 144A, 4.625%, 4/15/29  United States   300,000    309,999 
            2,783,640 
              
Auto Components 1.7%             
fAdient US LLC, Senior Secured Note, 144A, 9%, 4/15/25  United States   300,000    319,086 
hDana, Inc., Senior Note, 5.625%, 6/15/28  United States   1,400,000    1,489,432 
fDornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%,             
10/15/29  United States   800,000    791,000 
gGoodyear Tire & Rubber Co. (The), Senior Note, 9.5%, 5/31/25  United States   1,000,000    1,082,190 
f,gReal Hero Merger Sub 2, Inc., Senior Note, 144A, 6.25%, 2/01/29  United States   1,000,000    999,845 
            4,681,553 
Automobiles 0.5%             
f,gJaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, 7/15/29  United Kingdom   1,300,000    1,303,224 
              
Banks 0.6%             
e,gJPMorgan Chase & Co., R, Junior Sub. Bond, 6% to 8/01/23, FRN thereafter, Perpetual  United States   1,500,000    1,565,813 
              
Beverages 0.3%             
fPrimo Water Holdings, Inc., Senior Note, 144A, 4.375%, 4/30/29  Canada   700,000    694,148 
              
Biotechnology 0.7%             
f,gEmergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28   United States   900,000    865,156 
f,gHorizon Therapeutics USA, Inc., Senior Note, 144A, 5.5%, 8/01/27  United States   1,100,000    1,156,925 
            2,022,081 
Building Products 1.4%             
f,gCornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, 1/15/29  United States   1,000,000    1,070,240 
f,gJELD-WEN, Inc., Senior Note, 144A, 4.625%, 12/15/25  United States   1,600,000    1,613,712 
fStandard Industries, Inc., Senior Note, 144A, 5%, 2/15/27  United States   300,000    309,191 
f,gSummit Materials LLC / Summit Materials Finance Corp., Senior             
Note, 144A, 5.25%, 1/15/29  United States   800,000    839,088 
            3,832,231 

 

 

 

Capital Markets 0.1%             
fJane Street Group / JSG Finance, Inc., Senior Secured Note, 144A,             
4.5%, 11/15/29  United States   300,000    303,492 
              
Chemicals 2.9%             
d,fAnagram International, Inc. / Anagram Holdings LLC, Secured Note,             
144A, PIK, 10%, 8/15/26  United States   136,241    139,715 
fBraskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32  Mexico   300,000    301,620 
fConsolidated Energy Finance SA, Senior Note, 144A, 5.625%,             
10/15/28  Switzerland   600,000    587,343 
fCVR Partners LP / CVR Nitrogen Finance Corp., Senior Secured             
Note, 144A, 6.125%, 6/15/28  United States   300,000    316,942 
f,gElement Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28  United States   700,000    704,504 
f,hGPD Cos., Inc., Senior Secured Note, 144A, 10.125%, 4/01/26   United States   1,500,000    1,599,608 
f,gIlluminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note,             
144A, 9%, 7/01/28  United States   1,000,000    1,067,835 
fIngevity Corp., Senior Note, 144A, 3.875%, 11/01/28  United States   400,000    390,106 
d,fKobe US Midco 2, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26  United States   200,000    205,479 
fLSF11 A5 HoldCo LLC, Senior Note, 144A, 6.625%, 10/15/29  United States   600,000    591,843 
f,gRain CII Carbon LLC / CII Carbon Corp., Secured Note, 144A,             
7.25%, 4/01/25  United States   600,000    614,028 
fSCIH Salt Holdings, Inc.,             
Senior Note, 144A, 6.625%, 5/01/29  United States   500,000    468,202 
g Senior Secured Note, 144A, 4.875%, 5/01/28  United States   300,000    288,470 
fUnifrax Escrow Issuer Corp.,             
Senior Note, 144A, 7.5%, 9/30/29  United States   200,000    202,284 
Senior Secured Note, 144A, 5.25%, 9/30/28  United States   300,000    303,810 
            7,781,789 
Commercial Services & Supplies 1.7%             
fAllied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas             
LuxCo 4 SARL, Senior Secured Note, 144A, 4.625%, 6/01/28  United States   500,000    500,562 
fAPX Group, Inc., Senior Note, 144A, 5.75%, 7/15/29  United States   800,000    789,128 
f,gGFL Environmental, Inc., Senior Secured Note, 144A, 5.125%,             
12/15/26  Canada   1,200,000    1,249,470 
f,gHarsco Corp., Senior Note, 144A, 5.75%, 7/31/27  United States   1,400,000    1,427,650 
f,gPrime Security Services Borrower LLC / Prime Finance, Inc., Senior             
Secured Note, 144A, 3.375%, 8/31/27  United States   600,000    580,005 
            4,546,815 
Construction & Engineering 1.1%             
fArcosa, Inc., Senior Note, 144A, 4.375%, 4/15/29  United States   300,000    304,569 
fGreat Lakes Dredge & Dock Corp., Senior Note, 144A, 5.25%,             
6/01/29  United States   500,000    515,752 
fVM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29  United States   800,000    805,136 
f,gWeekley Homes LLC / Weekley Finance Corp., Senior Note, 144A,             
4.875%, 9/15/28  United States   1,300,000    1,340,963 
            2,966,420 
Consumer Finance 0.6%             
fFirstCash, Inc., Senior Note, 144A, 4.625%, 9/01/28  United States   400,000    400,368 
fPRA Group, Inc., Senior Note, 144A, 5%, 10/01/29  United States   300,000    301,203 
fPROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29  United States   900,000    927,342 
            1,628,913 
Containers & Packaging 3.7%             
f,gArdagh Metal Packaging Finance USA LLC / Ardagh Metal             
Packaging Finance plc, Senior Note, 144A, 4%, 9/01/29  United States   1,500,000    1,488,502 
fArdagh Packaging Finance plc / Ardagh Holdings USA, Inc.,             
Senior Note, 144A, 5.25%, 8/15/27  United States   600,000    604,425 
Senior Secured Note, 144A, 5.25%, 4/30/25  United States   600,000    620,121 
gCrown Americas LLC / Crown Americas Capital Corp. VI, Senior             
Note, 4.75%, 2/01/26  United States   500,000    513,158 
fMauser Packaging Solutions Holding Co.,             
g Senior Note, 144A, 7.25%, 4/15/25  United States   1,500,000    1,505,475 
h Senior Secured Note, 144A, 8.5%, 4/15/24  United States   1,200,000    1,247,022 
fOwens-Brockway Glass Container, Inc.,             
g Senior Note, 144A, 5.875%, 8/15/23  United States   400,000    419,406 
Senior Note, 144A, 6.625%, 5/13/27  United States   500,000    528,000 
fPactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer,             
Inc., Senior Secured Note, 144A, 4.375%, 10/15/28  United States   300,000    298,204 
f,hPactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer             
LLC/Reynolds Group Holdings Ltd., Senior Secured Note, 144A,             
4%, 10/15/27  United States   1,200,000    1,168,584 
f,gSealed Air Corp.,             
Senior Bond, 144A, 5.5%, 9/15/25  United States   600,000    664,350 
Senior Note, 144A, 5.125%, 12/01/24  United States   500,000    536,075 
f,gTrivium Packaging Finance BV, Senior Note, 144A, 8.5%, 8/15/27   Netherlands   400,000    423,400 
            10,016,722 
Distributors 0.1%             
fRitchie Bros Holdings, Inc., Senior Note, 144A, 4.75%, 12/15/31  Canada   300,000    313,707 
              
Diversified Consumer Services 0.3%             
Grand Canyon University, 5.125%, 10/01/28  United States   800,000    823,444 
              
Diversified Financial Services 1.0%             
f,gJefferson Capital Holdings LLC, Senior Note, 144A, 6%, 8/15/26  United States   1,200,000    1,216,236 
f,hMPH Acquisition Holdings LLC, Senior Note, 144A, 5.75%, 11/01/28  United States   1,500,000    1,428,772 
            2,645,008 
Diversified Telecommunication Services 1.7%             
fAltice France Holding SA,             
Senior Note, 144A, 6%, 2/15/28  Luxembourg   300,000    287,040 
g Senior Secured Note, 144A, 10.5%, 5/15/27  Luxembourg   1,700,000    1,829,897 
f,gDKT Finance ApS, Senior Secured Note, 144A, 9.375%, 6/17/23  Denmark   1,500,000    1,523,086 
fIliad Holding SASU, Senior Secured Note, 144A, 6.5%, 10/15/26  France   800,000    841,672 
            4,481,695 

 

 

 

Electric Utilities 0.6%             
fVistra Operations Co. LLC,             
g Senior Note, 144A, 5.625%, 2/15/27  United States   1,300,000    1,340,644 
Senior Note, 144A, 4.375%, 5/01/29  United States   400,000    401,458 
            1,742,102 
Electrical Equipment 0.7%             
f,gSensata Technologies BV, Senior Note, 144A, 4%, 4/15/29  United States   1,000,000    1,022,980 
fVertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28  United States   800,000    809,372 
            1,832,352 
Electronic Equipment, Instruments & Components 0.2%             
fTTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29  United States   500,000    497,633 
              
Energy Equipment & Services 1.3%             
f,gCSI Compressco LP / CSI Compressco Finance, Inc.,             
d Secured Note, 144A, PIK, 10%, 4/01/26  United States   1,058,831    1,032,779 
Senior Secured Note, 144A, 7.5%, 4/01/25  United States   325,000    328,729 
f,gNabors Industries Ltd., Senior Note, 144A, 7.25%, 1/15/26  United States   1,000,000    926,040 
fWeatherford International Ltd.,             
Senior Note, 144A, 11%, 12/01/24  United States   111,000    114,445 
Senior Note, 144A, 8.625%, 4/30/30  United States   700,000    727,864 
Senior Secured Note, 144A, 6.5%, 9/15/28  United States   400,000    423,800 
            3,553,657 
Entertainment 1.2%             
f,gBanijay Entertainment SASU, Senior Secured Note, 144A, 5.375%,             
3/01/25  France   2,000,000    2,042,250 
f,hNetflix, Inc., Senior Note, 144A, 3.625%, 6/15/25  United States   1,100,000    1,160,341 
            3,202,591 
Equity Real Estate Investment Trusts (REITs) 1.1%             
fAmerican Finance Trust, Inc. / American Finance Operating Partner             
LP, Senior Note, 144A, 4.5%, 9/30/28  United States   500,000    504,437 
fGlobal Net Lease, Inc. / Global Net Lease Operating Partnership LP,             
Senior Note, 144A, 3.75%, 12/15/27  United States   800,000    781,941 
fPark Intermediate Holdings LLC / PK Domestic Property LLC / PK             
Finance Co-Issuer, Senior Secured Note, 144A, 5.875%, 10/01/28  United States   500,000    520,738 
f,gVICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%,             
2/15/27  United States   700,000    723,814 
fXHR LP, Senior Secured Note, 144A, 4.875%, 6/01/29  United States   400,000    407,684 
            2,938,614 
Food Products 0.5%             
gB&G Foods, Inc.,             
Senior Note, 5.25%, 4/01/25  United States   1,000,000    1,022,500 
Senior Note, 5.25%, 9/15/27  United States   400,000    413,960 
            1,436,460 
Health Care Equipment & Supplies 0.4%             
fMozart Debt Merger Sub, Inc.,             
Senior Note, 144A, 5.25%, 10/01/29  United States   500,000    507,860 
Senior Secured Note, 144A, 3.875%, 4/01/29  United States   400,000    399,388 
fOrtho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA,             
Senior Note, 144A, 7.375%, 6/01/25  United States   180,000    190,083 
            1,097,331 
Health Care Providers & Services 2.8%             
gCentene Corp.,             
Senior Note, 4.25%, 12/15/27  United States   400,000    417,692 
Senior Note, 2.45%, 7/15/28  United States   1,500,000    1,479,810 
fCHS/Community Health Systems, Inc.,             
Secured Note, 144A, 6.125%, 4/01/30  United States   500,000    495,417 
Senior Secured Note, 144A, 6.625%, 2/15/25  United States   500,000    518,068 
Senior Secured Note, 144A, 5.625%, 3/15/27  United States   400,000    423,820 
f,gDaVita, Inc., Senior Note, 144A, 4.625%, 6/01/30  United States   700,000    717,892 
f,gMEDNAX, Inc., Senior Note, 144A, 6.25%, 1/15/27  United States   1,300,000    1,361,698 
f,gModivCare, Inc., Senior Note, 144A, 5.875%, 11/15/25  United States   1,500,000    1,576,800 
f,gTenet Healthcare Corp., Senior Secured Note, 144A, 4.875%,             
1/01/26  United States   500,000    514,333 
            7,505,530 
Hotels, Restaurants & Leisure 5.5%             
f,i24 Hour Fitness Worldwide, Inc., Senior Note, 144A, 8%, 6/01/22   United States   1,500,000    450 
f,gBoyd Gaming Corp., Senior Note, 144A, 8.625%, 6/01/25  United States   650,000    697,268 
fBoyne USA, Inc., Senior Note, 144A, 4.75%, 5/15/29  United States   300,000    309,514 
fCaesars Entertainment, Inc., Senior Secured Note, 144A, 6.25%,             
7/01/25  United States   900,000    945,810 
fCaesars Resort Collection LLC / CRC Finco, Inc., Senior Secured             
Note, 144A, 5.75%, 7/01/25  United States   400,000    418,236 
fCarnival Corp.,             
Senior Note, 144A, 7.625%, 3/01/26  United States   400,000    419,822 
g Senior Note, 144A, 5.75%, 3/01/27  United States   1,500,000    1,502,250 
fEveri Holdings, Inc., Senior Note, 144A, 5%, 7/15/29  United States   700,000    708,151 
fGenting New York LLC / GENNY Capital, Inc., Senior Note, 144A,             
3.3%, 2/15/26  United States   400,000    396,487 
fInternational Game Technology plc, Senior Secured Note, 144A,             
4.125%, 4/15/26  United States   400,000    412,524 
fMotion Bondco DAC, Senior Note, 144A, 6.625%, 11/15/27  United Kingdom   200,000    202,283 
fNCL Corp. Ltd., Senior Note, 144A, 5.875%, 3/15/26  United States   300,000    299,063 
fPapa John's International, Inc., Senior Note, 144A, 3.875%, 9/15/29  United States   300,000    298,942 
fPenn National Gaming, Inc., Senior Note, 144A, 4.125%, 7/01/29   United States   400,000    388,606 
fPremier Entertainment Sub LLC / Premier Entertainment Finance             
Corp.,             
Senior Bond, 144A, 5.875%, 9/01/31  United States   500,000    502,500 
g Senior Note, 144A, 5.625%, 9/01/29  United States   1,000,000    993,595 
fRoyal Caribbean Cruises Ltd., Senior Note, 144A, 5.5%, 8/31/26  United States   700,000    712,544 
fSix Flags Theme Parks, Inc., Senior Secured Note, 144A, 7%,             
7/01/25  United States   400,000    427,625 
f,gStudio City Finance Ltd., Senior Note, 144A, 5%, 1/15/29  Macau   1,500,000    1,344,848 
fVail Resorts, Inc., Senior Note, 144A, 6.25%, 5/15/25  United States   200,000    208,200 
f,gWynn Las Vegas LLC / Wynn Las Vegas Capital Corp., Senior Bond,             
144A, 5.5%, 3/01/25  United States   1,700,000    1,753,295 
fWynn Macau Ltd., Senior Note, 144A, 5.625%, 8/26/28  Macau   500,000    463,750 
f,gWynn Resorts Finance LLC / Wynn Resorts Capital Corp., Senior             
Note, 144A, 7.75%, 4/15/25  United States   1,500,000    1,574,648 
            14,980,411 

 

 

 

Household Durables 0.9%             
fAshton Woods USA LLC / Ashton Woods Finance Co.,             
Senior Note, 144A, 6.625%, 1/15/28  United States   500,000    529,260 
g Senior Note, 144A, 4.625%, 4/01/30  United States   1,000,000    984,015 
M/I Homes, Inc., Senior Note, 3.95%, 2/15/30  United States   600,000    591,909 
fWilliams Scotsman International, Inc., Senior Secured Note, 144A,             
4.625%, 8/15/28  United States   300,000    310,183 
            2,415,367 
Independent Power and Renewable Electricity Producers 2.2%             
f,gCalpine Corp., Senior Note, 144A, 5.125%, 3/15/28  United States   1,500,000    1,525,170 
fClearway Energy Operating LLC,             
Senior Bond, 144A, 3.75%, 1/15/32  United States   400,000    397,574 
g Senior Note, 144A, 4.75%, 3/15/28  United States   300,000    315,816 
Senior Note, 144A, 3.75%, 2/15/31  United States   200,000    199,808 
f,gInterGen NV, Senior Secured Bond, 144A, 7%, 6/30/23  Netherlands   2,000,000    1,988,050 
f,gLeeward Renewable Energy Operations LLC, Senior Note, 144A,             
4.25%, 7/01/29  United States   1,000,000    1,011,480 
gTalen Energy Supply LLC, Senior Note, 6.5%, 6/01/25  United States   1,600,000    638,336 
            6,076,234 
Insurance 0.4%             
f,gAlliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Senior             
Note, 144A, 6.75%, 10/15/27  United States   1,100,000    1,142,394 
              
Internet & Direct Marketing Retail 0.2%             
fMatch Group Holdings II LLC,             
Senior Note, 144A, 4.625%, 6/01/28  United States   500,000   $521,148 
Senior Note, 144A, 3.625%, 10/01/31  United States   100,000    97,272 
            618,420 
IT Services 1.3%             
fCablevision Lightpath LLC, Senior Secured Note, 144A, 3.875%,             
9/15/27  United States   700,000    679,728 
fCogent Communications Group, Inc., Senior Secured Note, 144A,             
3.5%, 5/01/26  United States   500,000    508,367 
fGartner, Inc.,             
Senior Note, 144A, 4.5%, 7/01/28  United States   500,000    523,005 
Senior Note, 144A, 3.625%, 6/15/29  United States   200,000    202,535 
f,gNorthwest Fiber LLC / Northwest Fiber Finance Sub, Inc., Senior             
Note, 144A, 6%, 2/15/28  United States   1,100,000    1,079,760 
f,gPresidio Holdings, Inc., Senior Note, 144A, 8.25%, 2/01/28  United States   400,000    426,566 
            3,419,961 
Machinery 1.8%             
f,gATS Automation Tooling Systems, Inc., Senior Note, 144A, 4.125%,             
12/15/28  Canada   1,300,000    1,311,687 
Hillenbrand, Inc., Senior Note, 5.75%, 6/15/25  United States   800,000    836,800 
f,gManitowoc Co., Inc. (The), Secured Note, 144A, 9%, 4/01/26  United States   1,000,000    1,053,680 
f,gRoller Bearing Co. of America, Inc., Senior Note, 144A, 4.375%,             
10/15/29  United States   800,000    817,000 
fTK Elevator Holdco GmbH, Senior Note, 144A, 7.625%, 7/15/28  Germany   300,000    321,799 
fTK Elevator U.S. Newco, Inc., Senior Secured Note, 144A, 5.25%,             
7/15/27  Germany   600,000    631,518 
            4,972,484 
Media 3.8%             
fClear Channel International BV, Senior Secured Note, 144A,             
6.625%, 8/01/25  United Kingdom   300,000    312,302 
fClear Channel Outdoor Holdings, Inc.,             
Senior Note, 144A, 7.75%, 4/15/28  United States   300,000    321,459 
Senior Note, 144A, 7.5%, 6/01/29  United States   200,000    213,844 
fClear Channel Worldwide Holdings, Inc., Senior Secured Note,             
144A, 5.125%, 8/15/27  United States   300,000    310,800 
gCSC Holdings LLC, Senior Bond, 5.25%, 6/01/24  United States   500,000    520,615 
fDiamond Sports Group LLC / Diamond Sports Finance Co.,             
g Senior Note, 144A, 6.625%, 8/15/27  United States   500,000    141,250 
Senior Secured Note, 144A, 5.375%, 8/15/26  United States   800,000    400,920 
fDirectv Financing LLC / Directv Financing Co-Obligor, Inc., Senior             
Secured Note, 144A, 5.875%, 8/15/27  United States   200,000    205,040 
fDISH DBS Corp., Senior Secured Note, 144A, 5.75%, 12/01/28  United States   1,000,000    1,011,875 
f,gGray Television, Inc., Senior Note, 144A, 7%, 5/15/27  United States   400,000    427,936 
f,gLCPR Senior Secured Financing DAC, Senior Secured Note, 144A,             
6.75%, 10/15/27  United States   450,000    472,950 
fNews Corp., Senior Note, 144A, 3.875%, 5/15/29  United States   200,000    202,346 
fNexstar Media, Inc.,             
g Senior Note, 144A, 5.625%, 7/15/27  United States   1,000,000    1,055,405 
Senior Note, 144A, 4.75%, 11/01/28  United States   200,000    204,115 
fOutfront Media Capital LLC / Outfront Media Capital Corp., Senior             
Note, 144A, 4.25%, 1/15/29  United States   400,000    401,334 
f,gScripps Escrow, Inc., Senior Note, 144A, 5.875%, 7/15/27  United States   500,000    525,781 
fSinclair Television Group, Inc., Senior Bond, 144A, 5.5%, 3/01/30   United States   700,000    679,984 
fSirius XM Radio, Inc.,             
Senior Note, 144A, 3.125%, 9/01/26  United States   500,000    500,802 
Senior Note, 144A, 4%, 7/15/28  United States   600,000    604,392 
fUnivision Communications, Inc.,             
g Senior Secured Note, 144A, 9.5%, 5/01/25      1,200,000    1,283,718 
Senior Secured Note, 144A, 4.5%, 5/01/29  United States   400,000    404,712 
            10,201,580 
Metals & Mining 0.7%             
f,gConstellium SE, Senior Note, 144A, 3.75%, 4/15/29  United States   600,000    591,222 
d,fPetra Diamonds US Treasury plc, Senior Secured Note, 144A, PIK,             
10.5%, 3/08/26  South Africa   637,000    659,109 
fSunCoke Energy, Inc., Senior Secured Note, 144A, 4.875%, 6/30/29  United States   600,000    597,903 
            1,848,234 

 

 

 

Mortgage Real Estate Investment Trusts (REITs) 0.4%             
f,gApollo Commercial Real Estate Finance, Inc., Senior Secured Note,             
144A, 4.625%, 6/15/29  United States   1,000,000    968,960 
              
Oil, Gas & Consumable Fuels 6.1%             
fAntero Resources Corp.,             
Senior Note, 144A, 8.375%, 7/15/26  United States   132,000    150,459 
Senior Note, 144A, 7.625%, 2/01/29  United States   166,000    184,523 
gApache Corp., Senior Note, 4.625%, 11/15/25  United States   300,000    322,497 
gCalumet Specialty Products Partners LP / Calumet Finance Corp.,             
Senior Note, 7.75%, 4/15/23  United States   1,000,000    997,290 
Cheniere Energy Partners LP,             
f Senior Bond, 144A, 3.25%, 1/31/32  United States   200,000    202,400 
g Senior Note, 4.5%, 10/01/29  United States   900,000    955,557 
Senior Note, 4%, 3/01/31  United States   1,000,000    1,050,385 
Cheniere Energy, Inc., Senior Secured Note, 4.625%, 10/15/28  United States   600,000    639,207 
fChesapeake Energy Corp., Senior Note, 144A, 5.5%, 2/01/26  United States   500,000    526,845 
f,hCrestwood Midstream Partners LP / Crestwood Midstream Finance             
Corp., Senior Note, 144A, 6%, 2/01/29  United States   1,500,000    1,560,225 
fCrownRock LP / CrownRock Finance, Inc., Senior Note, 144A, 5%,             
5/01/29  United States   300,000    311,706 
f,gEndeavor Energy Resources LP / EER Finance, Inc.,             
Senior Bond, 144A, 5.75%, 1/30/28  United States   800,000    854,000 
Senior Note, 144A, 6.625%, 7/15/25  United States   500,000    529,608 
d,fEnQuest plc, Senior Note, 144A, Reg S, PIK, 7%, 10/15/23  United Kingdom   1,050,816    977,700 
fEQT Corp., Senior Note, 144A, 3.125%, 5/15/26  United States   300,000    308,329 
fHarbour Energy plc, Senior Note, 144A, 5.5%, 10/15/26  United Kingdom   500,000    496,765 
fHilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%,             
2/01/29  United States   500,000    516,062 
fMartin Midstream Partners LP / Martin Midstream Finance Corp.,             
Secured Note, 144A, 10%, 2/29/24  United States   208,912    215,020 
Secured Note, 144A, 11.5%, 2/28/25  United States   948,728    999,281 
d,f,iMurray Energy Corp., Secured Note, 144A, PIK, 12%, 4/15/24  United States   606,187    3,092 
fOasis Midstream Partners LP / OMP Finance Corp., Senior Note,             
144A, 8%, 4/01/29  United States   500,000    545,710 
Occidental Petroleum Corp.,             
Senior Note, 5.875%, 9/01/25  United States   200,000    220,751 
g Senior Note, 5.5%, 12/01/25  United States   1,000,000    1,110,375 
h Senior Note, 8.5%, 7/15/27  United States   1,000,000    1,248,500 
fRenewable Energy Group, Inc., Senior Secured Note, 144A, 5.875%,             
6/01/28  United States   400,000    411,562 
fVenture Global Calcasieu Pass LLC,             
Senior Secured Bond, 144A, 4.125%, 8/15/31  United States   300,000    318,519 
Senior Secured Note, 144A, 3.875%, 8/15/29  United States   300,000    311,749 
f,gViper Energy Partners LP, Senior Note, 144A, 5.375%, 11/01/27  United States   400,000    413,648 
            16,381,765 
Paper & Forest Products 0.1%             
fGlatfelter Corp., Senior Note, 144A, 4.75%, 11/15/29  United States   400,000    413,092 
              
Personal Products 0.3%             
fPrestige Brands, Inc.,             
Senior Bond, 144A, 3.75%, 4/01/31  United States   300,000    291,455 
g Senior Note, 144A, 5.125%, 1/15/28  United States   500,000    521,340 
            812,795 
Pharmaceuticals 2.8%             
f,gBausch Health Americas, Inc., Senior Note, 144A, 9.25%, 4/01/26   United States   1,500,000    1,586,228 
fBausch Health Cos., Inc., Senior Bond, 144A, 6.125%, 4/15/25  United States   244,000    248,840 
f,gEndo Dac / Endo Finance LLC / Endo Finco, Inc.,             
Secured Note, 144A, 9.5%, 7/31/27  United States   492,000    501,328 
Senior Note, 144A, 6%, 6/30/28  United States   613,000    457,623 
fEndo Luxembourg Finance Co. I SARL / Endo US, Inc., Senior             
Secured Note, 144A, 6.125%, 4/01/29  United States   500,000    490,987 
f,gJazz Securities DAC, Senior Secured Note, 144A, 4.375%, 1/15/29  United States   1,300,000    1,348,321 
f,hOrganon & Co. / Organon Foreign Debt Co-Issuer BV, Senior             
Secured Note, 144A, 4.125%, 4/30/28  United States   1,300,000    1,323,374 
f,gPar Pharmaceutical, Inc., Senior Secured Note, 144A, 7.5%, 4/01/27  United States   203,000    207,756 
Teva Pharmaceutical Finance Netherlands III BV,             
g Senior Note, 7.125%, 1/31/25  Israel   900,000    964,044 
Senior Note, 4.75%, 5/09/27  Israel   400,000    396,848 
            7,525,349 
Real Estate Management & Development 0.8%             
f,gFive Point Operating Co. LP / Five Point Capital Corp., Senior Note,             
144A, 7.875%, 11/15/25  United States   1,000,000    1,044,140 
fForestar Group, Inc., Senior Note, 144A, 3.85%, 5/15/26  United States   500,000    501,785 
f,gHoward Hughes Corp. (The), Senior Note, 144A, 5.375%, 8/01/28   United States   500,000    533,230 
            2,079,155 
Road & Rail 0.9%             
fFirst Student Bidco, Inc. / First Transit Parent, Inc., Senior Secured             
Note, 144A, 4%, 7/31/29  United States   900,000    876,164 
fNESCO Holdings II, Inc., Secured Note, 144A, 5.5%, 4/15/29  United States   500,000    517,137 
b,dOnsite Rental Group Operations Pty. Ltd., PIK, 6.1%, 10/26/23  Australia   952,561    992,593 
            2,385,894 
Semiconductors & Semiconductor Equipment 0.1%             
fON Semiconductor Corp., Senior Note, 144A, 3.875%, 9/01/28  United States   300,000    307,931 
              
Software 0.7%             
f,gCamelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26   United States   700,000    725,249 
f,gRocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29  United States   1,300,000    1,270,107 
            1,995,356 
Specialty Retail 1.2%             
fBath & Body Works, Inc., Senior Note, 144A, 6.625%, 10/01/30  United States   500,000    567,088 
fGap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29  United States   700,000    693,459 
f,gLithia Motors, Inc., Senior Note, 144A, 4.625%, 12/15/27  United States   400,000    421,294 
fMichaels Cos., Inc. (The),             
Senior Note, 144A, 7.875%, 5/01/29  United States   600,000    592,023 
Senior Secured Note, 144A, 5.25%, 5/01/28  United States   300,000    300,628 
jParty City Holdings, Inc., Senior Secured Note, FRN, 5.75%,             
(6-month USD LIBOR + 5%), 7/15/25  United States   239,415    225,906 
fVictoria's Secret & Co., Senior Note, 144A, 4.625%, 7/15/29  United States   400,000    409,612 
            3,210,010 

 

 

 

Textiles, Apparel & Luxury Goods 0.4%             
f,gHanesbrands, Inc., Senior Note, 144A, 4.625%, 5/15/24  United States   1,000,000    1,048,270 
              
Thrifts & Mortgage Finance 1.4%             
fLadder Capital Finance Holdings LLLP / Ladder Capital Finance             
Corp., Senior Note, 144A, 4.75%, 6/15/29  United States   300,000    308,011 
gMGIC Investment Corp., Senior Note, 5.25%, 8/15/28  United States   500,000    525,707 
fPennyMac Financial Services, Inc., Senior Note, 144A, 5.375%,             
10/15/25  United States   900,000    925,767 
Radian Group, Inc., Senior Note, 6.625%, 3/15/25  United States   900,000    995,567 
fUnited Wholesale Mortgage LLC, Senior Note, 144A, 5.5%, 11/15/25  United States   900,000    917,852 
            3,672,904 
Trading Companies & Distributors 0.6%             
f,hH&E Equipment Services, Inc., Senior Note, 144A, 3.875%, 12/15/28 United States      1,200,000    1,193,130 
fWESCO Distribution, Inc., Senior Note, 144A, 7.125%, 6/15/25  United States   500,000    530,638 
            1,723,768 
Wireless Telecommunication Services 0.6%             
d,fDigicel Group Holdings Ltd., Senior Note, 144A, PIK, 8%, 4/01/25   Bermuda   1,473    1,355 
gT-Mobile USA, Inc.,             
Senior Bond, 2.875%, 2/15/31  United States   300,000    296,799 
Senior Note, 2.625%, 4/15/26  United States   1,000,000    1,006,305 
Senior Note, 2.625%, 2/15/29  United States   300,000    296,019 
            1,600,478 
Total Corporate Bonds (Cost $167,230,416)           167,409,673 
              
j,kSenior Floating Rate Interests 47.5%             
Aerospace & Defense 1.4%             
AI Convoy (Luxembourg) SARL, USD Term Loan, B, 4.5%, (6-month             
USD LIBOR + 3.5%), 1/18/27  Luxembourg   734,835    737,190 
dAlloy FinCo Ltd., Term Loan, B, 14%, PIK, (3-month USD LIBOR +             
0.5%), 3/06/25  United Kingdom   756,544    746,330 
l,mCobham Ultra US Co-Borrower LLC, Term Loan, TBD, 11/17/28  United States   335,570    335,257 
Dynasty Acquisition Co., Inc.,             
2020 Term Loan, B1, 3.724%, (3-month USD LIBOR + 3.5%),             
4/06/26  United States   994,584    970,435 
2020 Term Loan, B2, 3.724%, (3-month USD LIBOR + 3.5%),             
4/06/26  United States   534,722    521,740 
l,mVertex Aerospace Services Corp., First Lien, Initial Term Loan, TBD,             
12/06/28  United States   554,913    554,775 
            3,865,727 
Air Freight & Logistics 0.6%             
Kenan Advantage Group, Inc. (The), U.S. Term Loan, B1, 4.5%,             
(1-month USD LIBOR + 3.75%), 3/24/26  United States   1,630,977    1,628,824 
              
Airlines 1.6%             
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Initial Term             
Loan, 5.5%, (3-month USD LIBOR + 4.75%), 4/20/28  United States   724,129    751,606 
Air Canada, Term Loan, 4.25%, (3-month USD LIBOR + 3.5%),             
8/11/28  Canada   620,155    620,487 
Allegiant Travel Co., Replacement Term Loan, 3.158%, (3-month             
USD LIBOR + 3%), 2/05/24  United States   554,699    552,272 
Kestrel Bidco, Inc., Term Loan, 4%, (3-month USD LIBOR + 3%),             
12/11/26  Canada   845,562    823,319 
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 4.75%,             
(3-month USD LIBOR + 3.75%), 10/20/27  United States   546,388    579,172 
United AirLines, Inc., Term Loan, B, 4.5%, (3-month USD LIBOR +             
3.75%), 4/21/28  United States   996,931    1,002,763 
            4,329,619 
Auto Components 1.5%             
Adient US LLC, Term Loan, B1, 3.604%, (1-month USD LIBOR +             
3.5%), 4/10/28  United States   1,243,750    1,245,566 
DexKo Global, Inc.,             
First Lien, Closing Date Term Loan, 4.25%, (3-month USD LIBOR             
+ 3.75%), 10/04/28  United States   403,846    403,058 
l,m,n First Lien, Delayed Draw Dollar Term Loan, TBD, 10/04/28  United States   49,891    49,794 
l,mFirst Brands Group LLC, First Lien, 2021 Term Loan, TBD, 3/30/27  United States   1,007,126    1,013,673 
Highline Aftermarket Acquisition LLC, First Lien, Initial Term Loan,             
5.25%, (3-month USD LIBOR + 4.5%), 11/09/27  United States   545,649    539,511 
Truck Hero, Inc., Initial Term Loan, 4%, (1-month USD LIBOR +             
3.25%), 1/31/28  United States   710,142    707,760 
            3,959,362 
Automobiles 0.5%             
American Trailer World Corp., First Lien, Initial Term Loan, 4.5%,             
(1-month USD LIBOR + 3.75%), 3/03/28  United States   1,364,463    1,361,905 
              
Banks 0.4%             
Finastra Ltd., First Lien, Dollar Term Loan, 4.5%, (3-month USD             
LIBOR + 3.5%), 6/13/24  United Kingdom   1,086,092    1,082,698 
              
Beverages 0.5%             
City Brewing Co. LLC, First Lien, Closing Date Term Loan, 4.25%,             
(3-month USD LIBOR + 3.5%), 4/05/28  United States   475,000    452,635 
Triton Water Holdings, Inc., First Lien, Initial Term Loan, 4%,             
(3-month USD LIBOR + 3.5%), 3/31/28  United States   876,034    867,821 
            1,320,456 

 

 

 

Capital Markets 1.3%             
Deerfield Dakota Holding LLC, First Lien, Initial Dollar Term Loan, 4.75%, (1-month USD LIBOR + 3.75%), 4/09/27  United States   1,018,503    1,020,973 
Edelman Financial Engines Center LLC (The), First Lien, 2021 Initial             
Term Loan, 4.25%, (1-month USD LIBOR + 3.5%), 4/07/28  United States   993,579    994,264 
Jane Street Group LLC, Dollar Term Loan, 2.854%, (1-month USD             
LIBOR + 2.75%), 1/26/28  United States   545,862    542,393 
Russell Investments US Institutional Holdco, Inc., 2025 Term Loan,             
4.5%, (3-month USD LIBOR + 3.5%), 5/30/25  United States   1,000,000    1,001,125 
            3,558,755 
Chemicals 2.0%             
CPC Acquisition Corp., First Lien, Initial Term Loan, 4.5%, (3-month             
USD LIBOR + 3.75%), 12/29/27  United States   785,757    777,900 
Cyanco Intermediate 2 Corp., First Lien, Initial Term Loan, 3.604%,             
(1-month USD LIBOR + 3.5%), 3/16/25  United States   186,389    184,665 
INEOS Styrolution Group GmbH, 2026 Dollar Term Loan, B, 3.25%,             
(1-month USD LIBOR + 2.75%), 1/29/26  United Kingdom   931,983    930,431 
LSF11 A5 Holdco LLC, Term Loan, 4.25%, (3-month USD LIBOR +             
3.75%), 10/15/28  United States   230,769    230,865 
Lummus Technology Holdings V LLC, 2021 Refinancing Term Loan,             
B, 3.604%, (1-month USD LIBOR + 3.5%), 6/30/27  United States   930,598    926,401 
Nouryon Finance BV, Initial Dollar Term Loan, 3.102%, (1-month             
USD LIBOR + 3%), 10/01/25  Netherlands   401,241    400,364 
SCIH Salt Holdings, Inc., First Lien, Incremental Term Loan, B1,             
4.75%, (3-month USD LIBOR + 4%), 3/16/27  United States   1,212,157    1,202,308 
Sparta U.S. Holdco LLC, First Lien, Initial Term Loan, 4.25%,             
(3-month USD LIBOR + 3.5%), 8/02/28  United States   656,250    657,891 
            5,310,825 
Commercial Services & Supplies 1.9%             
Allied Universal Holdco LLC, Initial U.S. Dollar Term Loan, 4.25%,             
(3-month USD LIBOR + 3.75%), 5/12/28  United States   1,375,475    1,372,731 
APX Group, Inc., Initial Term Loan, 4.005%, (1-month USD LIBOR +             
2.5%; 1-month USD LIBOR + 3.5%), 7/10/28  United States   690,196    690,051 
CCI Buyer, Inc., First Lien, Initial Term Loan, 4.5%, (3-month USD             
LIBOR + 3.75%), 12/17/27  United States   312,860    313,586 
Madison IAQ LLC, Term Loan, 3.75%, (3-month USD LIBOR +             
3.25%), 6/21/28  United States   1,126,535    1,127,003 
l,mRevint Intermediate II LLC, Initial Term Loan, TBD, 10/15/27  United States   294,574    295,310 
Spin Holdco, Inc., Initial Term Loan, 4.75%, (3-month USD LIBOR + 4%), 3/04/28  United States   1,293,500    1,299,250 
            5,097,931 
Construction & Engineering 0.3%             
USIC Holdings, Inc., First Lien, Initial Term Loan, 4.25%, (1-month             
USD LIBOR + 3.5%), 5/12/28  United States   674,172    674,172 
Construction Materials 0.1%             
White Cap Buyer LLC, Initial Closing Date Term Loan, 4.5%,             
(1-month USD LIBOR + 4%), 10/19/27  United States   396,000    396,853 
Containers & Packaging 1.2%             
Charter Next Generation, Inc., First Lien, 2021 Initial Term Loan,             
4.5%, (1-month USD LIBOR + 3.75%), 12/01/27  United States   607,999    610,042 
Kleopatra Finco SARL, USD Term Loan, B, 5.25%, (6-month USD             
LIBOR + 4.75%), 2/12/26  Luxembourg   1,626,872    1,588,234 
Mauser Packaging Solutions Holding Co., Initial Term Loan, 3.354%,             
(1-month USD LIBOR + 3.25%), 4/03/24  United States   982,005    970,869 
            3,169,145 
Diversified Consumer Services 0.9%             
Knot Worldwide, Inc. (The), First Lien, Initial Term Loan, 4.629%,             
(3-month USD LIBOR + 4.5%), 12/19/25  United States   395,918    397,072 
KUEHG Corp., Term Loan, B3, 4.75%, (3-month USD LIBOR +             
3.75%), 2/21/25  United States   296,923    291,543 
l,mPre-Paid Legal Services, Inc., First Lien, Initial Term Loan, TBD,             
12/15/28  United States   705,426    702,192 
Sedgwick Claims Management Services, Inc. (Lightning Cayman             
Merger Sub Ltd.), Initial Term Loan, 3.354%, (1-month USD LIBOR             
+ 3.25%), 12/31/25  United States   986,781    980,308 
            2,371,115 
Diversified Financial Services 1.5%             
Astra Acquisition Corp., First Lien, Term Loan, B2, 5.75%, (1-month             
USD LIBOR + 5.25%), 10/25/28  United States   688,976    678,070 
Mercury Borrower, Inc., First Lien, Initial Term Loan, 4%, (3-month             
USD LIBOR + 3.5%), 8/02/28  United States   843,882    841,772 
MPH Acquisition Holdings LLC, Initial Term Loan, 4.75%, (3-month             
USD LIBOR + 4.25%), 9/01/28  United States   437,428    428,135 
Red Planet Borrower LLC, Initial Term Loan, 4.25%, (3-month USD             
LIBOR + 3.75%), 10/02/28  United States   631,329    628,804 
Verscend Holding Corp., Term Loan, B1, 4.104%, (1-month USD             
LIBOR + 4%), 8/27/25  United States   1,604,488    1,606,092 
            4,182,873 
Diversified Telecommunication Services 1.0%             
Altice France SA, USD Incremental Term Loan, B13, 4.118%,             
(2-month USD LIBOR + 4%), 8/14/26  France   491,742    490,021 
Global Tel*Link Corp., First Lien, Term Loan, 4.354%, (1-month USD             
LIBOR + 4.25%), 11/29/25  United States   1,935,886    1,886,482 
Intrado Corp., Initial Term Loan, B, 5%, (3-month USD LIBOR +             
4%), 10/10/24  United States   231,365    220,199 
            2,596,702 
Electric Utilities 0.2%             
Astoria Energy LLC, 2020 Advance Term Loan, B, 4.5%, (3-month             
USD LIBOR + 3.5%), 12/10/27  United States   562,803    562,243 
Electronic Equipment, Instruments & Components 0.1%             
Verifone Systems, Inc., First Lien, Initial Term Loan, 4.178%,             
(3-month USD LIBOR + 4%), 8/20/25  United States   395,918    389,683 
Entertainment 0.7%             
Diamond Sports Group LLC, Term Loan, 3.36%, (1-month USD             
LIBOR + 3.25%), 8/24/26  United States   905,597    425,377 
Lions Gate Capital Holdings LLC, 2023 Term Loan, A, 1.854%,             
(1-month USD LIBOR + 1.75%), 3/22/23  United States   1,065,605    1,060,277 
William Morris Endeavor Entertainment LLC (IMG Worldwide             
Holdings LLC), First Lien, Term Loan, B1, 2.86%, (1-month USD             
LIBOR + 2.75%), 5/18/25  United States   394,664    387,116 
            1,872,770 

 

 

 

Food & Staples Retailing 0.1%             
GNC Holdings, Inc., Second Lien, Term Loan, 6.105%, (1-month             
USD LIBOR + 6%), 10/07/26  United States   104,989    98,847 
Shearer's Foods LLC, First Lien, Refinancing Term Loan, 4.25%,             
(1-month USD LIBOR + 3.5%), 9/23/27  United States   166,188    165,911 
            264,758 
Food Products 0.1%             
l,mPrimary Products Finance LLC, Term Loan, TBD, 10/25/28  United States   206,897    207,457 
              
Health Care Equipment & Supplies 0.2%             
l,mUS Radiology Specialists, Inc. (US Outpatient Imaging Services,             
Inc.), Closing Date Term Loan, TBD, 12/15/27  United States   491,329    491,713 
              
Health Care Providers & Services 3.9%             
ADMI Corp.,             
Amendment No. 4 Refinancing Term Loan, 3.875%, (1-month USD             
LIBOR + 3.375%), 12/23/27  United States   775,218    771,342 
Amendment No. 5 Incremental Term Loan, 4%, (1-month USD             
LIBOR + 3.5%), 12/23/27  United States   208,809    208,760 
Aveanna Healthcare LLC, First Lien, 2021 Extended Term Loan,             
4.25%, (3-month USD LIBOR + 3.75%), 7/17/28  United States   708,869    706,718 
CNT Holdings I Corp., First Lien, Initial Term Loan, 4.25%, (3-month             
USD LIBOR + 3.5%), 11/08/27  United States   149,130    149,410 
eResearchTechnology, Inc., First Lien, Initial Term Loan, 5.5%,             
(1-month USD LIBOR + 4.5%), 2/04/27  United States   561,398    564,011 
Global Medical Response, Inc., 2018 New Term Loan, 5.25%,             
(3-month USD LIBOR + 4.25%), 3/14/25  United States   835,918    833,978 
Heartland Dental LLC, 2021 Incremental Term Loan, 4.104%,             
(1-month USD LIBOR + 4%), 4/30/25  United States   407,045    406,960 
Medical Solutions Holdings, Inc., First Lien, Initial Term Loan, 4%,             
(3-month USD LIBOR + 3.5%), 11/01/28  United States   323,077    323,135 
National Mentor Holdings, Inc.,             
First Lien, Initial Term Loan, 4.5%, (1-month USD LIBOR + 3.75%;             
3-month USD LIBOR + 3.75%), 3/02/28  United States   1,516,934    1,502,713 
First Lien, Initial Term Loan, C, 4.5%, (3-month USD LIBOR +             
3.75%), 3/02/28  United States   48,018    47,568 
Pathway Vet Alliance LLC, First Lien, 2021 Replacement Term Loan,             
3.854%, (1-month USD LIBOR + 3.75%), 3/31/27  United States   733,461    732,086 
Phoenix Newco, Inc., First Lien, Initial Term Loan, 4%, (1-month USD             
LIBOR + 3.5%), 11/15/28  United States   258,065    258,421 
Pluto Acquisition I, Inc., First Lien, 2021 Term Loan, 4.175%,             
(1-month USD LIBOR + 4%; 3-month USD LIBOR + 4%), 6/22/26  United States   852,550    850,951 
Radiology Partners, Inc., First Lien, Term Loan, B, 4.357%, (1-month             
USD LIBOR + 4.25%; 3-month USD LIBOR + 4.25%), 7/09/25   United States   724,138    714,988 
U.S. Anesthesia Partners, Inc., First Lien, Initial Term Loan, 4.75%,             
(3-month USD LIBOR + 4.25%), 10/01/28  United States   350,103    349,688 
U.S. Renal Care, Inc., Initial Term Loan, 5.09%, (1-month USD             
LIBOR + 5%), 6/26/26  United States   595,431    580,623 
Waystar Technologies, Inc., First Lien, Initial Term Loan, 4.104%,             
(1-month USD LIBOR + 4%), 10/22/26  United States   1,569,587    1,570,239 
            10,571,591 
Hotels, Restaurants & Leisure 1.7%             
d24 Hour Fitness Worldwide, Inc., Term Loan, 5.22%, PIK, (3-month             
USD LIBOR + 5%), 12/29/25  United States   1,165,855    864,578 
Bally's Corp., Term Loan, B, 3.75%, (3-month USD LIBOR + 3.25%),             
10/02/28  United States   800,000    801,388 
l,mFlynn Restaurant Group LP, First Lien, 2021 Term Loan, TBD,             
11/22/28  United States   621,457    615,165 
Golden Nugget, Inc., Initial Term Loan, B, 3.25%, (1-month USD             
LIBOR + 2.5%; 3-month USD LIBOR + 2.5%), 10/04/23  United States   384,797    383,046 
Hilton Grand Vacations Borrower LLC, Initial Term Loan, 3.5%,             
(1-month USD LIBOR + 3%), 8/02/28  United States   277,083    277,742 
IRB Holding Corp., Fourth Amendment Incremental Term Loan,             
4.25%, (3-month USD LIBOR + 3.25%), 12/15/27  United States   354,478    354,976 
Raptor Acquisition Corp., First Lien, Term Loan, B, 4.75%, (3-month             
USD LIBOR + 4%), 11/01/26  United States   550,847    552,742 
Whatabrands LLC, Initial Term Loan, B, 3.75%, (1-month USD             
LIBOR + 3.25%), 8/03/28  United States   694,891    693,428 
            4,543,065 
Household Durables 0.8%             
Astro One Acquisition Corp., First Lien, Term Loan, B, 6.25%,             
(3-month USD LIBOR + 5.5%), 9/15/28  United States   700,000    696,790 
l,mOsmosis Buyer Ltd., Initial Term Loan, B, TBD, 7/31/28  United States   976,190    980,110 
VC GB Holdings I Corp., First Lien, Initial Term Loan, 4%, (3-month             
USD LIBOR + 3.5%), 7/21/28  United States   437,956    435,151 
            2,112,051 
Insurance 1.2%             
Acrisure LLC,             
First Lien, 2020 Term Loan, 3.724%, (3-month USD LIBOR +             
3.5%), 2/15/27  United States   789,950    782,445 
First Lien, 2021-1 Additional Term Loan, 4.25%, (3-month USD             
LIBOR + 3.75%), 2/15/27  United States   195,163    195,163 
First Lien, 2021-2 Additional Term Loan, 4.75%, (1-month USD             
LIBOR + 4.25%; 3-month USD LIBOR + 4.25%), 2/15/27  United States   174,825    175,044 
Alliant Holdings Intermediate LLC,             
2018 Initial Term Loan, 3.354%, (1-month USD LIBOR + 3.25%),             
5/09/25  United States   311,923    309,211 
New Term Loan, B4, 4%, (1-month USD LIBOR + 3.5%), 11/05/27  United States   500,134    500,224 
AssuredPartners, Inc., 2021 Term Loan, 4%, (1-month USD LIBOR +             
3.5%), 2/12/27  United States   245,526    245,488 
Asurion LLC,             
Second Lien, New Term Loan, B3, 5.354%, (1-month USD LIBOR             
+ 5.25%), 1/31/28  United States   32,665    32,807 
Second Lien, New Term Loan, B4, 5.354%, (1-month USD LIBOR             
+ 5.25%), 1/20/29  United States   1,085,259    1,082,209 
            3,322,591 

 

 

 

Internet & Direct Marketing Retail 0.6%             
MH Sub I LLC (Micro Holding Corp.),             
First Lien, 2020 June New Term Loan, 4.75%, (1-month USD             
LIBOR + 3.75%), 9/13/24  United States   925,207    928,293 
First Lien, Amendment No. 2 Initial Term Loan, 3.604%, (1-month             
USD LIBOR + 3.5%), 9/13/24  United States   687,141    684,695 
            1,612,988 
IT Services 3.4%             
Aptean Acquiror, Inc., First Lien, Initial Term Loan, 4.354%, (1-month             
USD LIBOR + 4.25%), 4/23/26  United States   306,253    305,440 
Aventiv Technologies LLC, First Lien, Initial Term Loan, 5.5%,             
(3-month USD LIBOR + 4.5%), 11/01/24  United States   1,941,849    1,893,303 
Barracuda Networks, Inc., First Lien, 2020 Term Loan, 4.5%,             
(3-month USD LIBOR + 3.75%), 2/12/25  United States   1,095,719    1,100,513 
Gainwell Acquisition Corp., First Lien, Term Loan, B, 4.75%,             
(3-month USD LIBOR + 4%), 10/01/27  United States   1,756,519    1,763,325 
Hunter Holdco 3 Ltd., First Lien, Initial Dollar Term Loan, 4.75%,             
(6-month USD LIBOR + 4.25%), 8/19/28  United Kingdom   565,091    566,860 
Peraton Corp., First Lien, Term Loan, B, 4.5%, (1-month USD LIBOR             
+ 3.75%), 2/01/28  United States   1,482,520    1,485,692 
Pitney Bowes, Inc., Refinancing Term Loan, B, 4.11%, (1-month USD             
LIBOR + 4%), 3/17/28  United States   1,786,500    1,789,858 
Thrasio LLC, Initial Term Loan, 8%, (3-month USD LIBOR + 7%),             
12/18/26  United States   348,241    346,718 
            9,251,709 
Leisure Products 0.3%             
Hercules Achievement, Inc. (Varsity Brands Holding Co., Inc.), First             
Lien, Initial Term Loan, 4.5%, (1-month USD LIBOR + 3.5%),             
12/16/24  United States   494,003    485,667 
Motion Acquisition Ltd.,             
Term Loan, B1, 3.474%, (3-month USD LIBOR + 3.25%), 11/12/26   United Kingdom   348,342    341,531 
Term Loan, B2, 3.474%, (3-month USD LIBOR + 3.25%), 11/12/26  United Kingdom   49,660    48,689 
            875,887 
Life Sciences Tools & Services 0.2%             
ICON plc,             
Term Loan, 2.75%, (3-month USD LIBOR + 2.25%), 7/03/28  Ireland   441,891    442,596 
U.S. Term Loan, 2.75%, (3-month USD LIBOR + 2.25%), 7/03/28  Ireland   110,097    110,273 
            552,869 
Machinery 0.8%             
ASP Blade Holdings, Inc., Initial Term Loan, 4.5%, (1-month USD             
LIBOR + 4%), 10/13/28  United States   254,237    254,555 
Tiger Acquisition LLC, First Lien, Initial Term Loan, 3.75%, (3-month             
USD LIBOR + 3.25%), 6/01/28  United States   542,857    540,240 
TK Elevator Midco GmbH, USD Term Loan, B1, 4%, (6-month USD             
LIBOR + 3.5%), 7/30/27  Germany   1,311,595    1,314,146 
            2,108,941 
Media 2.6%             
Cengage Learning, Inc., First Lien, Term Loan, B, 5.75%, (3-month             
USD LIBOR + 4.75%), 7/14/26  United States   993,330    997,314 
Clear Channel Outdoor Holdings, Inc., Term Loan, B, 3.629%,             
(3-month USD LIBOR + 3.5%), 8/21/26  United States   592,428    585,085 
CSC Holdings LLC, March 2017 Refinancing Term Loan, 2.36%,             
(1-month USD LIBOR + 2.25%), 7/17/25  United States   795,693    784,752 
McGraw-Hill Education, Inc., Initial Term Loan, 5.25%, (1-month USD             
LIBOR + 4.75%), 7/28/28  United States   1,008,596    1,005,605 
Radiate Holdco LLC, Amendment No. 6 Term Loan, 4%, (1-month             
USD LIBOR + 3.25%), 9/25/26  United States   1,784,349    1,780,637 
Sinclair Television Group, Inc., Term Loan, B, 2.36%, (1-month USD             
LIBOR + 2.25%), 1/03/24  United States   383,106    379,036 
Univision Communications, Inc.,             
First Lien, 2021 Replacement Converted Term Loan, 4%, (1-month             
USD LIBOR + 3.25%), 3/15/26  United States   978,218    981,656 
l,m Term Loan, B, TBD, 5/05/28  United States   342,391    342,330 
Virgin Media Bristol LLC, Term Loan, Q, 3.36%, (1-month USD             
LIBOR + 3.25%), 1/31/29  United States   262,949    263,218 
            7,119,633 
Metals & Mining 0.2%             
U.S. Silica Co., Term Loan, 5%, (1-month USD LIBOR + 4%),             
5/01/25  United States   592,384    580,536 
              
Multiline Retail 0.1%             
Franchise Group, Inc., First Lien, Initial Term Loan, 5.5%, (3-month             
USD LIBOR + 4.75%), 3/10/26  United States   302,261   $303,142 
              
Personal Products 0.6%             
Conair Holdings LLC, First Lien, Initial Term Loan, 4.25%, (3-month             
USD LIBOR + 3.75%), 5/17/28  United States   271,810    272,271 
Coty, Inc., USD Term Loan, B, 2.353%, (1-month USD LIBOR +             
2.25%), 4/07/25  United States   459,870    454,696 
Sunshine Luxembourg VII SARL, Term Loan, B3, 4.5%, (3-month             
USD LIBOR + 3.75%), 10/01/26  Luxembourg   847,020    851,344 
            1,578,311 
Pharmaceuticals 0.8%             
Bausch Health Cos., Inc., Initial Term Loan, 3.104%, (1-month USD             
LIBOR + 3%), 6/02/25  United States   568,729    566,809 
Jazz Pharmaceuticals plc, Initial Dollar Term Loan, 4%, (1-month             
USD LIBOR + 3.5%), 5/05/28  United States   710,714    714,225 
Organon & Co., Dollar Term Loan, 3.5%, (3-month USD LIBOR +             
3%), 6/02/28  United States   768,727    770,569 
PetVet Care Centers LLC, First Lien, 2021 First Lien Replacement             
Term Loan, 4.25%, (1-month USD LIBOR + 3.5%), 2/14/25  United States   145,968    146,132 
            2,197,735 

 

 

 

Professional Services 0.6%             
l,mCCRR Parent, Inc., First Lien, Initial Term Loan, TBD, 3/06/28  United States   794,687    795,188 
CHG Healthcare Services, Inc., First Lien, Term Loan, 4%, (3-month             
USD LIBOR + 3.5%), 9/29/28  United States   429,692    430,283 
UKG, Inc., Second Lien, 2021 Incremental Term Loan, 5.75%,             
(1-month USD LIBOR + 5.25%), 5/03/27  United States   270,096    271,729 
            1,497,200 
Road & Rail 0.1%             
PECF USS Intermediate Holding III Corp., Initial Term Loan, 4.75%,             
(3-month USD LIBOR + 4.25%), 12/15/28  United States   382,166    383,054 
Software 7.7%             
athenahealth, Inc., First Lien, Term Loan, B1, 4.4%, (3-month USD             
LIBOR + 4.25%), 2/11/26  United States   1,659,617    1,661,899 
Atlas Purchaser, Inc., First Lien, Initial Term Loan, 6%, (3-month             
USD LIBOR + 5.25%), 5/08/28  United States   633,182    625,267 
Cloudera, Inc.,             
First Lien, Initial Term Loan, 4.25%, (1-month USD LIBOR +             
3.75%), 10/08/28  United States   581,818    581,001 
Second Lien, Initial Term Loan, 6.5%, (1-month USD LIBOR + 6%),             
10/08/29  United States   165,289    165,702 
Cornerstone OnDemand, Inc., First Lien, Initial Term Loan, 4.25%,             
(3-month USD LIBOR + 3.75%), 10/16/28  United States   903,614    902,160 
DCert Buyer, Inc., First Lien, Initial Term Loan, 4.104%, (1-month             
USD LIBOR + 4%), 10/16/26  United States   1,738,559    1,737,472 
ECI Macola/MAX Holding LLC, First Lien, Initial Term Loan, 4.5%,             
(3-month USD LIBOR + 3.75%), 11/09/27  United States   628,405    629,486 
Epicor Software Corp., Term Loan, C, 4%, (1-month USD LIBOR +             
3.25%), 7/30/27  United States   665,624    665,967 
Greeneden U.S. Holdings I LLC, 2020 Initial Dollar Term Loan,             
4.75%, (1-month USD LIBOR + 4%), 12/01/27  United States   775,475    779,112 
Hyland Software, Inc., First Lien, 2018 Refinancing Term Loan,             
4.25%, (1-month USD LIBOR + 3.5%), 7/01/24  United States   1,065,107    1,070,432 
Idera, Inc., First Lien, Term Loan, B1, 4.5%, (3-month USD LIBOR +             
3.75%), 3/02/28  United States   1,592,419    1,593,168 
IGT Holding IV AB, Term Loan, B2, 4%, (3-month USD LIBOR +             
3.5%), 3/31/28  Sweden   727,833    727,382 
Ivanti Software, Inc.,             
First Lien, 2021 Specified Refinancing Term Loan, 5.75%,             
(1-month USD LIBOR + 4.75%), 12/01/27  United States   796,000    798,237 
First Lien, First Amendment Term Loan, 4.75%, (3-month USD             
LIBOR + 4%), 12/01/27  United States   58,482    58,275 
LogMeIn, Inc., First Lien, Initial Term Loan, 4.86%, (1-month USD             
LIBOR + 4.75%), 8/31/27  United States   1,641,426    1,634,581 
MA Financeco LLC, Term Loan, B4, 5.25%, (3-month USD LIBOR +             
4.25%), 6/05/25  United States   561,318    570,091 
l,mMedAssets Software Intermediate Holdings, Inc., First Lien, Initial             
Term Loan, TBD, 11/17/28  United States   456,760    457,473 
Mitchell International, Inc., First Lien, Initial Term Loan, 4.25%,             
(1-month USD LIBOR + 3.75%), 10/15/28   United States   990,000    985,669 
Polaris Newco LLC, First Lien, Dollar Term Loan, 4.5%, (1-month             
USD LIBOR + 4%), 6/02/28  United States   2,078,125    2,080,608 
Quest Software US Holdings, Inc., First Lien, Initial Term Loan,             
4.379%, (3-month USD LIBOR + 4.25%), 5/16/25  United States   1,284,533    1,285,021 
l,mSovos Compliance LLC, First Lien, Initial Term Loan, TBD, 8/11/28  United States   541,258    543,331 
Vision Solutions, Inc. (Precisely Software, Inc.), First Lien, Third             
Amendment Term Loan, 4.75%, (3-month USD LIBOR + 4%),             
4/24/28  United States   1,267,597    1,267,597 
            20,819,931 
Specialty Retail 2.3%             
Evergreen AcqCo 1 LP, Initial Term Loan, 6.75%, (2-month USD             
LIBOR + 5.75%; 3-month USD LIBOR + 5.75%), 4/26/28  United States   971,250    970,036 
Great Outdoors Group LLC, Term Loan, B2, 4.5%, (3-month USD             
LIBOR + 3.75%), 3/06/28  United States   977,432    979,773 
Michaels Cos., Inc. (The), Term Loan, B, 5%, (3-month USD LIBOR             
+ 4.25%), 4/15/28  United States   915,400    908,699 
Park River Holdings, Inc., First Lien, Initial Term Loan, 4%, (3-month             
USD LIBOR + 3.25%), 12/28/27  United States   659,052    653,901 
PetSmart LLC, Initial Term Loan, 4.5%, (3-month USD LIBOR +             
3.75%), 2/11/28  United States   516,832    518,286 
SRS Distribution, Inc., 2021 Refinancing Term Loan, 4.25%,             
(3-month USD LIBOR + 3.75%), 6/02/28  United States   531,119    530,716 
Staples, Inc., 2019 Refinancing New Term Loan, B1, 5.132%,             
(3-month USD LIBOR + 5%), 4/16/26  United States   1,256,084    1,216,693 
Woof Holdings, Inc., First Lien, Initial Term Loan, 4.5%, (3-month             
USD LIBOR + 3.75%), 12/21/27  United States   530,801    531,964 
            6,310,068 
Technology Hardware, Storage & Peripherals 0.9%             
Amentum Government Services Holdings LLC, First Lien, Term             
Loan, 2, 5.5%, (3-month USD LIBOR + 4.75%), 1/29/27  United States   1,318,884    1,321,357 
l,mElectronics for Imaging, Inc., First Lien, Initial Term Loan, TBD,             
7/23/26  United States   398,982    391,002 
Magenta Buyer LLC, First Lien, Initial Term Loan, 5.75%, (3-month             
USD LIBOR + 5%), 7/27/28  United States   694,713    693,952 
            2,406,311 
Textiles, Apparel & Luxury Goods 0.3%             
Champ Acquisition Corp., First Lien, Initial Term Loan, 5.691%,             
(3-month USD LIBOR + 5.5%), 12/19/25  United States   457,550    460,696 
Tory Burch LLC, Initial Term Loan, B, 3.5%, (1-month USD LIBOR +             
3%), 4/16/28  United States   337,016    337,016 
            797,712 
Transportation Infrastructure 0.3%             
First Student Bidco, Inc.,             
Initial Term Loan, B, 3.5%, (3-month USD LIBOR + 3%), 7/21/28  United States   211,708    211,091 
Initial Term Loan, C, 3.5%, (3-month USD LIBOR + 3%), 7/21/28  United States   78,147    77,919 
LaserShip, Inc., First Lien, Initial Term Loan, 5.25%, (3-month USD             
LIBOR + 4.5%), 5/07/28  United States   466,667    467,761 
            756,771 
Total Senior Floating Rate Interests (Cost $127,970,549)           128,397,682 

 

Marketplace Loans 8.5%

 

 

 

Platform  Principal Amount*   Value   Days past due 
bLendingClub Corp., 154456833, 0%, 07/18/24   -    1,783    - 
bLendingClub Corp., 167744510, 0%, 03/04/23   -    2,418    - 
bLendingClub Corp., 168454364, 0%, 03/16/23   -    6,376    - 
bLendingClub Corp., 145242825, 11.8%, 12/20/22   13    13    - 
bLendingClub Corp., 145357172, 11.31%, 01/02/23   62    61    - 
bLendingClub Corp., 145177247, 11.8%, 12/19/22   135    135    - 
bLendingClub Corp., 146821203, 18.94%, 01/25/23   162    163    - 
bLendingClub Corp., 145373142, 10.72%, 12/31/22   321    322    - 
bLendingClub Corp., 145641206, 12.98%, 01/02/23   333    333    - 
bLendingClub Corp., 160396238, 18.62%, 10/16/22   335    330    - 
bLendingClub Corp., 148200956, 17.19%, 02/28/22   336    338    - 
bLendingClub Corp., 146230494, 19.92%, 01/15/23   365    366    - 
bLendingClub Corp., 145982699, 19.92%, 02/07/22   409    411    - 
bLendingClub Corp., 149961107, 20%, 04/09/22   428    428    - 
bLendingClub Corp., 147860995, 13.9%, 02/28/22   469    472    - 
bLendingClub Corp., 145453054, 12.98%, 01/02/23   602    601    - 
bLendingClub Corp., 152971831, 16.95%, 06/13/22   733    727    - 
bLendingClub Corp., 148836727, 17.97%, 03/15/22   761    761    - 
bLendingClub Corp., 149783879, 20%, 05/01/22   803    800    - 
bLendingClub Corp., 151060246, 17.19%, 05/06/22   822    816    - 
bLendingClub Corp., 143960933, 13.56%, 12/19/22   835    821    - 
bLendingClub Corp., 151485879, 16.4%, 05/09/22   849    843    - 
bLendingClub Corp., 145562066, 19.92%, 01/02/23   951    952    - 
bLendingClub Corp., 146777691, 24.37%, 01/29/23   965    959    - 
bLendingClub Corp., 145025894, 24.37%, 01/02/23   966    963    - 
bLendingClub Corp., 145956289, 12.98%, 01/08/23   1,000    999    - 
bLendingClub Corp., 149276417, 17.19%, 03/25/22   1,030    1,027    - 
bLendingClub Corp., 162795354, 16.12%, 12/09/22   1,086    1,052    - 
bLendingClub Corp., 145993407, 11.8%, 01/25/23   1,147    1,149    - 
bLendingClub Corp., 143045002, 19.92%, 11/05/25   1,294    1,271    - 
bLendingClub Corp., 149490642, 14.74%, 04/02/22   1,358    1,345    - 
bLendingClub Corp., 152186018, 20%, 05/22/22   1,362    1,343    - 
bLendingClub Corp., 151868648, 13.9%, 05/20/22   1,385    1,381    - 
bLendingClub Corp., 161616706, 18.62%, 11/08/22   1,464    1,432    - 
bLendingClub Corp., 149648271, 17.97%, 04/03/22   1,511    1,513    - 
bLendingClub Corp., 153454906, 16.12%, 06/21/22   1,630    1,619    - 
bLendingClub Corp., 155924795, 17.74%, 07/26/22   1,660    1,603    - 
bLendingClub Corp., 145598914, 11.31%, 01/02/23   1,670    1,659    - 
bLendingClub Corp., 151017210, 20%, 05/01/22   1,684    1,677    - 
bLendingClub Corp., 159976738, 16.95%, 10/08/22   1,750    1,702    - 
bLendingClub Corp., 149968493, 17.97%, 04/17/22   1,838    1,847    - 
bLendingClub Corp., 147036408, 20%, 03/01/22   2,078    2,012    - 
bLendingClub Corp., 162940169, 23.05%, 12/09/22   2,119    2,061    - 
bLendingClub Corp., 146794870, 10.72%, 01/25/23   2,207    2,192    - 
bLendingClub Corp., 157286539, 16.12%, 08/21/22   2,228    2,189    - 
bLendingClub Corp., 147414934, 14.47%, 02/21/22   2,237    2,153    - 
bLendingClub Corp., 150816884, 17.19%, 04/26/22   2,239    2,222    - 
bLendingClub Corp., 154889094, 11.02%, 07/11/22   2,324    1,865    6 
bLendingClub Corp., 167434436, 18.62%, 03/02/23   2,326    2,222    - 
bLendingClub Corp., 151958215, 11.71%, 05/20/22   2,410    2,396    - 
bLendingClub Corp., 147939465, 17.19%, 02/21/22   2,449    2,460    - 
bLendingClub Corp., 158782398, 15.24%, 09/16/22   2,499    2,457    - 
bLendingClub Corp., 163393891, 23.05%, 12/16/22   2,552    2,489    - 
bLendingClub Corp., 164956625, 13.08%, 01/16/23   2,604    2,524    - 
bLendingClub Corp., 165564555, 18.62%, 02/10/23   2,777    2,677    - 
bLendingClub Corp., 151708431, 16.4%, 05/15/22   2,788    2,769    - 
bLendingClub Corp., 157585720, 16.95%, 09/16/22   2,958    2,901    - 
bLendingClub Corp., 157844711, 16.95%, 09/04/22   2,991    2,929    - 
bLendingClub Corp., 163370085, 16.95%, 12/18/22   3,023    2,938    - 
bLendingClub Corp., 151328901, 15.57%, 05/09/22   3,215    3,195    - 
bLendingClub Corp., 152188057, 20%, 05/22/22   3,249    3,185    - 
bLendingClub Corp., 153807015, 17.74%, 06/21/22   3,286    3,270    - 
bLendingClub Corp., 149486532, 17.97%, 04/22/22   3,331    3,343    - 
bLendingClub Corp., 157705574, 13.08%, 08/28/22   3,458    3,367    - 
bLendingClub Corp., 151467012, 13.9%, 05/09/22   3,684    3,635    - 
bLendingClub Corp., 148238006, 16.4%, 03/01/22   3,695    3,006    10 
bLendingClub Corp., 163443053, 17.74%, 12/17/22   3,737    3,580    - 
bLendingClub Corp., 163075434, 16.95%, 12/09/22   3,907    3,786    - 
bLendingClub Corp., 158788148, 14.3%, 09/16/24   3,910    3,746    - 
bLendingClub Corp., 163438630, 17.74%, 12/16/22   3,947    3,818    - 
bLendingClub Corp., 167809066, 23.05%, 03/05/25   4,042    472    86 
bLendingClub Corp., 148045212, 16.4%, 03/25/22   4,112    3,440    6 
bLendingClub Corp., 166623872, 13.08%, 02/13/23   4,169    4,031    - 
bLendingClub Corp., 166118185, 20.55%, 02/04/23   4,273    4,136    - 
bLendingClub Corp., 165317147, 20.55%, 01/21/23   4,323    4,206    - 
bLendingClub Corp., 148758747, 13.9%, 03/15/22   4,361    4,301    - 
bLendingClub Corp., 163434480, 14.3%, 12/16/22   4,465    4,276    - 
bLendingClub Corp., 168549097, 16.12%, 03/18/23   4,764    4,564    - 
bLendingClub Corp., 143206516, 11.8%, 11/07/23   4,765    4,597    - 
bLendingClub Corp., 148479310, 16.4%, 04/01/22   4,766    4,699    - 
bLendingClub Corp., 155609880, 20%, 07/23/22   4,783    4,741    - 

 

 

 

bLendingClub Corp., 166738187, 15.24%, 02/14/23   4,976    4,820    - 
bLendingClub Corp., 144348567, 12.98%, 01/02/24   5,023    4,837    - 
bLendingClub Corp., 157196587, 16.12%, 08/19/24   5,057    4,808    - 
bLendingClub Corp., 167382438, 23.05%, 02/27/23   5,083    4,814    - 
bLendingClub Corp., 166393444, 20.55%, 02/10/23   5,151    4,919    - 
bLendingClub Corp., 143298645, 10.72%, 11/09/23   5,368    5,190    - 
bLendingClub Corp., 148784147, 14.74%, 03/13/24   5,433    5,182    - 
bLendingClub Corp., 149640002, 13.9%, 04/02/24   5,524    5,249    - 
bLendingClub Corp., 160246637, 17.74%, 10/28/22   5,532    5,354    - 
bLendingClub Corp., 164102295, 18.62%, 12/30/22   5,760    5,626    - 
bLendingClub Corp., 151224188, 16.4%, 05/09/22   5,774    5,724    - 
bLendingClub Corp., 165032843, 12.4%, 01/21/23   5,803    5,629    - 
bLendingClub Corp., 161522977, 17.74%, 11/29/22   5,825    5,635    - 
bLendingClub Corp., 145461394, 11.8%, 12/31/23   5,864    5,631    - 
bLendingClub Corp., 145982563, 11.8%, 01/24/24   5,864    5,640    - 
bLendingClub Corp., 146204474, 11.8%, 01/15/24   5,864    5,626    - 
bLendingClub Corp., 150215503, 14.74%, 04/15/24   5,924    5,641    - 
bLendingClub Corp., 168127359, 16.12%, 03/10/23   5,931    5,762    - 
bLendingClub Corp., 146965410, 12.98%, 01/29/24   5,950    5,724    - 
bLendingClub Corp., 151001381, 17.97%, 04/30/24   5,952    5,648    - 
bLendingClub Corp., 142964458, 18.94%, 11/01/23   5,957    5,756    - 
bLendingClub Corp., 148867050, 22.5%, 03/15/24   6,006    5,767    15 
bLendingClub Corp., 157398755, 16.12%, 08/21/24   6,050    5,756    - 
bLendingClub Corp., 163592960, 11.71%, 01/17/23   6,141    5,910    - 
bLendingClub Corp., 155028979, 16.95%, 07/11/24   6,197    5,870    - 
bLendingClub Corp., 161879338, 17.74%, 11/14/22   6,222    1,136    46 
bLendingClub Corp., 164988293, 18.62%, 01/16/23   6,232    5,946    - 
bLendingClub Corp., 155959854, 17.74%, 07/29/24   6,243    5,885    - 
bLendingClub Corp., 150210132, 15.57%, 04/23/24   6,334    6,032    - 
bLendingClub Corp., 156556385, 16.95%, 08/06/24   6,356    5,981    - 
bLendingClub Corp., 141699210, 17.97%, 11/06/23   6,379    6,213    - 
bLendingClub Corp., 146270708, 18.94%, 01/15/24   6,477    6,223    - 
bLendingClub Corp., 167993948, 16.12%, 03/16/23   6,542    6,127    - 
bLendingClub Corp., 158299088, 16.12%, 09/13/24   6,553    6,187    - 
bLendingClub Corp., 157700317, 15.24%, 08/27/22   6,713    6,646    - 
bLendingClub Corp., 145586016, 11.8%, 12/31/23   6,838    6,578    - 
bLendingClub Corp., 157001583, 23.05%, 08/20/24   6,967    6,633    - 
bLendingClub Corp., 157763243, 15.24%, 09/05/22   7,051    2,780    25 
bLendingClub Corp., 145183134, 11.8%, 12/19/23   7,070    6,803    - 
bLendingClub Corp., 163847398, 20.55%, 12/26/24   7,157    6,726    - 
bLendingClub Corp., 144545992, 12.98%, 12/19/23   7,177    6,942    - 
bLendingClub Corp., 162773046, 20.55%, 12/09/24   7,208    6,711    - 
bLendingClub Corp., 164204504, 17.74%, 01/02/23   7,221    1,277    58 
bLendingClub Corp., 150596125, 15.57%, 04/22/22   7,238    7,050    - 
bLendingClub Corp., 159892003, 17.74%, 10/08/22   7,265    2,959    22 
bLendingClub Corp., 145253027, 11.8%, 12/28/23   7,305    7,047    - 
bLendingClub Corp., 160749557, 18.62%, 10/30/24   7,337    6,926    - 
bLendingClub Corp., 166192973, 18.62%, 02/06/25   7,346    6,793    - 
bLendingClub Corp., 166062042, 18.62%, 02/04/25   7,453    6,899    - 
bLendingClub Corp., 165499100, 18.62%, 02/03/23   7,463    7,166    - 
bLendingClub Corp., 145577468, 13.56%, 12/31/23   7,485    7,199    - 
bLendingClub Corp., 167773992, 18.62%, 03/04/25   7,487    6,879    - 
bLendingClub Corp., 149396071, 11.02%, 03/27/22   7,517    7,390    - 
bLendingClub Corp., 145589117, 11.8%, 01/02/24   7,542    7,256    - 
bLendingClub Corp., 163266659, 16.12%, 12/30/24   7,688    7,131    - 
bLendingClub Corp., 144619608, 16.14%, 12/19/23   7,925    7,622    - 
bLendingClub Corp., 150611409, 15.57%, 04/23/24   8,093    7,526    - 
bLendingClub Corp., 163396590, 14.3%, 12/16/22   8,120    7,888    - 
bLendingClub Corp., 145315111, 17.97%, 12/28/23   8,383    8,207    - 
bLendingClub Corp., 145914653, 16.14%, 01/15/24   8,422    7,935    15 
bLendingClub Corp., 150527722, 15.57%, 04/23/24   8,438    8,047    - 
bLendingClub Corp., 154225612, 17.74%, 07/11/24   8,616    8,160    - 
bLendingClub Corp., 161256708, 16.12%, 11/01/24   8,635    8,075    - 
bLendingClub Corp., 165531376, 17.74%, 02/18/23   8,706    8,390    - 
bLendingClub Corp., 161741074, 17.74%, 11/29/24   8,748    8,164    - 
bLendingClub Corp., 149599937, 13.08%, 04/01/24   8,760    8,392    - 
bLendingClub Corp., 155019513, 20%, 07/11/24   8,811    8,356    - 
bLendingClub Corp., 154100028, 16.12%, 06/26/24   8,981    8,564    - 
bLendingClub Corp., 167777432, 18.62%, 03/04/25   8,984    8,255    - 
bLendingClub Corp., 151449849, 13.08%, 05/09/24   8,998    8,606    - 
bLendingClub Corp., 145407490, 10.33%, 01/02/24   9,133    8,500    - 
bLendingClub Corp., 145002050, 20.89%, 12/19/23   9,160    1,786    35 
bLendingClub Corp., 145988002, 10.33%, 01/24/24   9,211    8,888    - 
bLendingClub Corp., 147197560, 15.02%, 02/05/24   9,248    8,798    - 
bLendingClub Corp., 161827879, 11.71%, 11/14/22   9,272    9,020    - 
bLendingClub Corp., 145511024, 10.72%, 12/28/23   9,297    8,977    - 
bLendingClub Corp., 157448559, 14.3%, 08/22/24   9,302    8,813    - 
bLendingClub Corp., 151628205, 13.9%, 05/13/22   9,340    9,126    - 
bLendingClub Corp., 146260552, 16.91%, 01/15/24   9,353    8,957    - 
bLendingClub Corp., 151782625, 20%, 05/15/24   9,387    8,914    - 
bLendingClub Corp., 143172928, 14.47%, 11/07/23   9,396    9,045    - 
bLendingClub Corp., 154945152, 14.3%, 07/11/24   9,464    8,950    - 
bLendingClub Corp., 145621023, 10.72%, 01/02/24   9,469    9,122    - 
bLendingClub Corp., 145134172, 10.33%, 12/31/23   9,522    8,340    - 
bLendingClub Corp., 148478260, 13.08%, 03/15/24   9,554    9,172    - 
bLendingClub Corp., 143897911, 10.33%, 12/31/23   9,590    9,273    - 
bLendingClub Corp., 154645550, 20%, 07/05/24   9,594    8,975    13 
bLendingClub Corp., 167075014, 17.74%, 02/24/23   9,736    1,270    67 
bLendingClub Corp., 149608993, 13.9%, 04/02/24   9,750    9,165    - 
bLendingClub Corp., 151157582, 15.57%, 05/06/24   9,786    9,213    - 
bLendingClub Corp., 150330237, 14.74%, 04/17/24   9,876    9,308    - 
bLendingClub Corp., 157083123, 14.3%, 08/16/24   9,892    9,357    - 
bLendingClub Corp., 145547722, 11.8%, 12/31/23   9,898    9,535    - 
bLendingClub Corp., 151481393, 17.19%, 05/09/24   9,899    9,390    - 

 

 

 

bLendingClub Corp., 145192665, 16.14%, 12/19/23   9,950    9,570    - 
bLendingClub Corp., 147562203, 12.98%, 02/12/24   10,261    9,877    - 
bLendingClub Corp., 145208498, 18.94%, 12/19/23   10,285    9,955    - 
bLendingClub Corp., 146050977, 15.02%, 01/17/24   10,297    9,836    - 
bLendingClub Corp., 157983194, 12.4%, 09/24/24   10,312    9,797    - 
bLendingClub Corp., 168120797, 17.74%, 03/10/23   10,350    9,860    - 
bLendingClub Corp., 161745167, 16.95%, 11/15/24   10,356    9,727    - 
bLendingClub Corp., 143055880, 13.56%, 11/05/23   10,426    9,928    - 
bLendingClub Corp., 146584267, 14.47%, 01/25/24   10,430    9,914    - 
bLendingClub Corp., 150867060, 15.57%, 04/29/24   10,688    10,119    - 
bLendingClub Corp., 151720984, 13.08%, 05/30/24   10,718    10,232    - 
bLendingClub Corp., 153352395, 12.4%, 06/14/24   10,726    10,173    - 
bLendingClub Corp., 148295277, 17.19%, 03/06/24   10,833    10,316    - 
bLendingClub Corp., 151088676, 10.33%, 05/01/24   10,947    10,464    - 
bLendingClub Corp., 150672283, 20%, 04/29/24   10,962    10,399    - 
bLendingClub Corp., 160976650, 16.12%, 10/28/22   11,003    10,729    - 
bLendingClub Corp., 167823045, 16.12%, 03/05/25   11,031    10,213    - 
bLendingClub Corp., 157643282, 16.12%, 08/27/24   11,048    10,374    - 
bLendingClub Corp., 146892745, 18.94%, 01/28/24   11,052    10,523    - 
bLendingClub Corp., 168548858, 14.3%, 03/18/23   11,194    10,628    - 
bLendingClub Corp., 145625511, 10.72%, 01/02/24   11,281    10,850    - 
bLendingClub Corp., 149860763, 17.19%, 04/09/24   11,445    10,877    - 
bLendingClub Corp., 143142201, 10.47%, 11/09/23   11,447    11,052    - 
bLendingClub Corp., 150797540, 13.9%, 04/29/24   11,460    10,833    1 
bLendingClub Corp., 150301304, 17.19%, 04/17/24   11,475    10,906    - 
bLendingClub Corp., 145593212, 12.98%, 12/31/23   11,563    11,175    - 
bLendingClub Corp., 154685026, 11.02%, 07/05/24   11,690    11,128    - 
bLendingClub Corp., 148212696, 15.57%, 02/29/24   11,800    11,219    - 
bLendingClub Corp., 166745877, 5%, 02/18/25   11,804    9,941    - 
bLendingClub Corp., 148110315, 17.97%, 02/29/24   11,950    11,631    - 
bLendingClub Corp., 145205316, 10.33%, 12/20/23   12,054    11,648    - 
bLendingClub Corp., 143207654, 18.94%, 11/07/23   12,411    12,008    - 
bLendingClub Corp., 154211311, 20%, 06/26/24   12,443    11,759    - 
bLendingClub Corp., 148840021, 14.74%, 03/15/24   12,483    11,795    - 
bLendingClub Corp., 157773871, 14.3%, 09/05/22   12,579    11,874    - 
bLendingClub Corp., 163432488, 16.95%, 12/23/24   12,587    11,613    - 
bLendingClub Corp., 144899761, 17.97%, 12/12/23   12,711    12,404    - 
bLendingClub Corp., 148611207, 14.74%, 03/11/24   12,978    12,382    - 
bLendingClub Corp., 158155993, 16.95%, 09/04/24   13,024    12,244    - 
bLendingClub Corp., 157256378, 14.3%, 08/19/24   13,194    12,486    - 
bLendingClub Corp., 163729270, 16.12%, 12/23/22   13,365    12,618    - 
bLendingClub Corp., 157544665, 23.05%, 08/23/24   13,399    12,779    - 
bLendingClub Corp., 149742003, 12.4%, 04/05/24   13,536    12,971    - 
bLendingClub Corp., 145611647, 11.8%, 01/03/24   13,536    12,891    - 
bLendingClub Corp., 161536145, 16.95%, 11/14/24   13,589    12,596    2 
bLendingClub Corp., 145657415, 11.31%, 01/03/24   13,597    13,070    - 
bLendingClub Corp., 168199339, 20.55%, 03/11/25   13,643    12,571    - 
bLendingClub Corp., 156354990, 13.08%, 08/28/24   13,732    13,062    - 
bLendingClub Corp., 151465885, 17.19%, 05/09/24   14,134    13,361    - 
bLendingClub Corp., 167604393, 15.24%, 03/02/23   14,170    13,548    - 
bLendingClub Corp., 163355495, 13.08%, 12/16/24   14,190    13,391    - 
bLendingClub Corp., 165495106, 17.74%, 01/30/25   14,313    13,297    - 
bLendingClub Corp., 159978471, 15.24%, 10/08/24   14,348    13,314    - 
bLendingClub Corp., 158790336, 16.12%, 09/16/24   14,369    13,406    - 
bLendingClub Corp., 159273075, 17.74%, 09/26/24   14,425    13,643    - 
bLendingClub Corp., 152017907, 15.57%, 05/20/24   14,480    13,722    - 
bLendingClub Corp., 151075075, 16.4%, 05/01/24   14,602    13,813    - 
bLendingClub Corp., 145724796, 11.8%, 01/03/24   14,660    14,070    - 
bLendingClub Corp., 161072681, 18.62%, 11/01/24   14,699    13,741    - 
bLendingClub Corp., 149464192, 17.19%, 04/01/24   14,733    13,007    - 
bLendingClub Corp., 144993526, 12.98%, 12/28/23   14,906    14,416    - 
bLendingClub Corp., 154417517, 14.3%, 07/15/24   15,103    14,320    - 
bLendingClub Corp., 156702788, 16.95%, 08/15/24   15,255    14,393    - 
bLendingClub Corp., 148704726, 20%, 03/13/24   15,383    14,657    - 
bLendingClub Corp., 150226350, 14.74%, 04/16/24   15,611    14,871    - 
bLendingClub Corp., 145990709, 11.8%, 01/09/24   15,625    15,003    - 
bLendingClub Corp., 158856810, 5%, 09/23/22   15,653    14,292    - 
bLendingClub Corp., 165059096, 20.55%, 02/04/23   16,192    15,561    - 
bLendingClub Corp., 153285109, 16.12%, 06/12/24   16,466    15,645    - 
bLendingClub Corp., 167464307, 17.74%, 02/27/23   16,704    15,798    - 
bLendingClub Corp., 157762746, 16.95%, 08/28/24   16,891    16,018    - 
bLendingClub Corp., 150890573, 14.74%, 05/01/24   16,995    15,096    - 
bLendingClub Corp., 168191500, 14.3%, 03/11/25   17,382    16,097    - 
bLendingClub Corp., 146735125, 11.8%, 01/28/24   17,485    16,797    - 
bLendingClub Corp., 159803688, 14.3%, 10/04/24   17,734    16,475    - 
bLendingClub Corp., 168280549, 15.24%, 03/16/23   17,794    17,052    - 
bLendingClub Corp., 145613723, 11.8%, 12/31/23   18,047    17,361    - 
bLendingClub Corp., 162809872, 12.4%, 12/09/24   18,078    17,042    - 
bLendingClub Corp., 150429035, 14.74%, 04/18/24   18,352    17,129    - 
bLendingClub Corp., 167221792, 20.55%, 02/25/25   18,602    17,330    - 
bLendingClub Corp., 144834703, 12.98%, 12/19/23   18,607    17,863    - 
bLendingClub Corp., 146870476, 12.98%, 01/28/24   18,817    18,153    - 
bLendingClub Corp., 145249980, 11.8%, 12/20/23   18,853    18,170    - 
bLendingClub Corp., 145501891, 10.33%, 12/28/23   19,371    18,654    2 
bLendingClub Corp., 156763102, 10.33%, 08/12/24   19,424    16,584    - 
bLendingClub Corp., 159124332, 16.95%, 09/23/24   19,478    18,262    - 
bLendingClub Corp., 148228998, 15.57%, 03/01/24   19,483    18,061    - 
bLendingClub Corp., 146185159, 11.8%, 01/14/24   19,547    18,778    - 
bLendingClub Corp., 148863922, 12.4%, 03/15/24   19,676    18,912    - 
bLendingClub Corp., 157367413, 14.3%, 08/21/24   19,784    18,732    - 
bLendingClub Corp., 145055071, 12.98%, 01/02/24   19,834    19,131    - 
bLendingClub Corp., 143317674, 10.72%, 11/09/23   20,105    19,310    3 
bLendingClub Corp., 147405696, 16.14%, 02/12/24   20,130    19,240    - 
bLendingClub Corp., 148244873, 14.74%, 03/01/24   20,359    19,391    - 

 

 

 

bLendingClub Corp., 161207832, 13.08%, 11/01/24   21,522    20,210    - 
bLendingClub Corp., 157293982, 14.3%, 08/21/24   21,706    20,552    - 
bLendingClub Corp., 167718660, 15.24%, 03/03/25   21,960    20,323    - 
bLendingClub Corp., 156984679, 16.95%, 08/19/24   22,194    21,043    - 
bLendingClub Corp., 149326456, 13.9%, 03/26/24   22,800    19,579    - 
bLendingClub Corp., 153244315, 14.3%, 06/13/24   23,018    20,189    - 
bLendingClub Corp., 155540917, 16.95%, 08/19/24   23,031    20,400    15 
bLendingClub Corp., 166072481, 23.05%, 02/04/25   23,114    21,311    - 
bLendingClub Corp., 161962391, 13.08%, 11/15/24   23,129    21,876    - 
bLendingClub Corp., 168015684, 14.3%, 03/11/25   23,272    21,583    - 
bLendingClub Corp., 159322847, 16.95%, 10/08/24   23,332    21,892    - 
bLendingClub Corp., 161333839, 13.08%, 11/04/24   23,723    22,466    - 
bLendingClub Corp., 145525007, 10.33%, 12/31/23   24,093    20,329    - 
bLendingClub Corp., 157113878, 16.95%, 08/20/24   24,424    21,911    - 
bLendingClub Corp., 149970928, 20%, 04/09/24   25,277    23,544    - 
bLendingClub Corp., 150807250, 14.74%, 04/26/24   25,630    22,590    - 
bLendingClub Corp., 166394886, 20.55%, 02/10/25   26,472    24,564    - 
bLendingClub Corp., 160673774, 12.4%, 10/21/24   29,242    23,702    - 
    2,648,632    2,471,769      
                
bLendingClub Corp. - LCX, 153705323, 16.12%, 07/03/24   6,227    6,041    - 
bLendingClub Corp. - LCX, 154240518, 8.81%, 07/05/22   8,624    8,579    - 
bLendingClub Corp. - LCX, 154626156, 12.4%, 07/03/24   6,687    6,466    - 
bLendingClub Corp. - LCX, 161718708, 14.3%, 11/14/22   3,978    3,887    - 
bLendingClub Corp. - LCX, 161723619, 8.19%, 11/15/22   3,922    3,179    - 
bLendingClub Corp. - LCX, 162005174, 8.19%, 11/18/22   2,314    2,226    - 
bLendingClub Corp. - LCX, 162024232, 10.33%, 11/19/22   6,624    6,113    - 
bLendingClub Corp. - LCX, 162539565, 13.08%, 11/29/22   6,950    5,665    - 
bLendingClub Corp. - LCX, 163529106, 7.56%, 12/18/22   4,286    4,083    - 
bLendingClub Corp. - LCX, 163609311, 0%, 12/23/22   -    7,644    - 
bLendingClub Corp. - LCX, 163936207, 8.19%, 01/31/25   13,590    13,125    - 
bLendingClub Corp. - LCX, 163949520, 16.12%, 12/30/24   13,292    11,853    - 
bLendingClub Corp. - LCX, 164258220, 8.19%, 01/28/23   9,351    9,199    - 
bLendingClub Corp. - LCX, 164413184, 8.81%, 01/27/23   4,124    4,059    - 
bLendingClub Corp. - LCX, 165255790, 11.02%, 01/24/23   12,921    12,490    - 
bLendingClub Corp. - LCX, 165292466, 20.55%, 02/03/25   21,936    541    103 
bLendingClub Corp. - LCX, 165353359, 10.33%, 01/22/25   7,114    6,727    - 
bLendingClub Corp. - LCX, 165550279, 20.55%, 02/03/23   2,374    2,301    - 
bLendingClub Corp. - LCX, 165749950, 15.24%, 01/28/25   10,184    9,099    - 
bLendingClub Corp. - LCX, 165922400, 15.24%, 02/11/25   17,259    15,232    - 
bLendingClub Corp. - LCX, 165933119, 8.81%, 02/04/23   8,494    8,334    - 
bLendingClub Corp. - LCX, 165981235, 15.24%, 02/03/23   2,158    2,081    - 
bLendingClub Corp. - LCX, 166078251, 6.46%, 02/04/23   11,184    10,977    - 
bLendingClub Corp. - LCX, 166172788, 8.19%, 02/07/23   20,450    7,363    23 
bLendingClub Corp. - LCX, 166424306, 17.74%, 02/14/23   11,313    10,906    - 
bLendingClub Corp. - LCX, 166491719, 16.95%, 02/10/25   5,209    4,861    - 
bLendingClub Corp. - LCX, 166607803, 14.3%, 02/12/25   8,550    7,557    - 
bLendingClub Corp. - LCX, 166637074, 20.55%, 02/13/23   5,551    5,377    - 
bLendingClub Corp. - LCX, 166763574, 15.24%, 02/19/23   15,957    13,397    - 
bLendingClub Corp. - LCX, 166809451, 10.33%, 02/25/23   4,869    4,169    - 
bLendingClub Corp. - LCX, 167398120, 25.65%, 02/26/23   2,846    2,500    - 
bLendingClub Corp. - LCX, 167504224, 10.33%, 03/13/23   11,279    10,399    - 
bLendingClub Corp. - LCX, 167548521, 8.81%, 03/09/23   9,836    8,622    - 
bLendingClub Corp. - LCX, 168272231, 25.65%, 04/14/23   1,633    1,482    - 
bLendingClub Corp. - LCX, 168426128, 18.62%, 03/19/23   17,415    15,302    - 
bLendingClub Corp. - LCX, 168601344, 14.3%, 04/14/23   5,284    4,848    - 
    303,785    256,684      
                
bLendingClub Corp. - LCX PM, 171124101, 10.81%, 10/19/23   1,954    1,863    - 
bLendingClub Corp. - LCX PM, 171172117, 14.71%, 10/19/23   6,158    5,928    - 
bLendingClub Corp. - LCX PM, 171184902, 10.19%, 10/27/23   14,816    13,990    3 
bLendingClub Corp. - LCX PM, 171345622, 16.08%, 10/19/25   12,487    11,802    - 
bLendingClub Corp. - LCX PM, 171372154, 20.74%, 10/19/25   21,226    20,238    - 
bLendingClub Corp. - LCX PM, 171398384, 14.71%, 10/23/23   9,933    9,330    - 
bLendingClub Corp. - LCX PM, 171399452, 17.3%, 10/26/25   10,043    9,550    - 
bLendingClub Corp. - LCX PM, 171401032, 9.56%, 10/26/23   2,901    2,713    - 
bLendingClub Corp. - LCX PM, 171442112, 10.81%, 10/23/23   19,468    18,414    - 
bLendingClub Corp. - LCX PM, 171498369, 9.56%, 10/27/23   5,363    4,977    - 
bLendingClub Corp. - LCX PM, 171502779, 9.02%, 10/27/23   5,733    5,321    - 
bLendingClub Corp. - LCX PM, 171532750, 10.19%, 10/27/23   3,861    3,596    - 
bLendingClub Corp. - LCX PM, 171616759, 10.81%, 11/02/23   3,398    3,272    - 
bLendingClub Corp. - LCX PM, 171618696, 17.3%, 10/27/23   4,562    4,218    - 
bLendingClub Corp. - LCX PM, 171621330, 10.81%, 11/02/23   4,228    4,041    - 
bLendingClub Corp. - LCX PM, 171683007, 15.4%, 11/02/23   2,081    1,965    - 
bLendingClub Corp. - LCX PM, 171980340, 10.19%, 11/30/23   3,344    3,135    - 
bLendingClub Corp. - LCX PM, 172186460, 10.19%, 11/20/23   16,836    16,208    - 
bLendingClub Corp. - LCX PM, 172222483, 17.3%, 11/20/23   4,256    4,080    - 
bLendingClub Corp. - LCX PM, 172228602, 9.02%, 11/30/23   18,626    17,801    - 
bLendingClub Corp. - LCX PM, 172235898, 18.24%, 11/20/25   8,528    8,123    - 
bLendingClub Corp. - LCX PM, 172368060, 0%, 11/27/25   -    11,388    - 
bLendingClub Corp. - LCX PM, 172382442, 10.81%, 11/27/23   5,404    5,162    - 
bLendingClub Corp. - LCX PM, 172426858, 10.19%, 11/30/23   13,469    13,019    - 
bLendingClub Corp. - LCX PM, 173411939, 18.24%, 01/25/24   15,745    15,203    - 
bLendingClub Corp. - LCX PM, 173608489, 17.3%, 02/02/26   19,157    18,154    - 
bLendingClub Corp. - LCX PM, 173744601, 18.19%, 01/25/26   4,386    4,288    - 
bLendingClub Corp. - LCX PM, 173989506, 16.99%, 02/02/24   520    515    - 
bLendingClub Corp. - LCX PM, 174039720, 21.99%, 01/25/26   15,983    15,530    - 
bLendingClub Corp. - LCX PM, 174087248, 19.99%, 01/25/24   1,509    1,478    - 
bLendingClub Corp. - LCX PM, 174191708, 18.44%, 02/02/24   1,395    1,357    - 
bLendingClub Corp. - LCX PM, 174304247, 20.99%, 02/02/26   26,000    25,290    - 
    283,370    281,949      
                
bUpgrade, Inc., 24428460, 25.26%, 11/18/22   3,039    3,036    - 
bUpgrade, Inc., 24586260, 25.26%, 11/21/22   5,165    5,185    10 

 

 

 

bUpgrade, Inc., 24684808, 28.71%, 12/03/24   11,506    11,787    - 
bUpgrade, Inc., 24931814, 29.69%, 12/17/24   19,519    20,150    - 
bUpgrade, Inc., 24976313, 24.29%, 12/04/22   2,079    2,080    - 
bUpgrade, Inc., 25050419, 25.26%, 12/09/22   1,457    1,462    - 
bUpgrade, Inc., 25394975, 25.26%, 12/19/22   1,677    1,688    - 
bUpgrade, Inc., 25501737, 25.82%, 01/03/25   15,116    15,384    - 
bUpgrade, Inc., 25621947, 25.26%, 12/30/22   503    508    - 
    60,061    61,280      
                
bFreedom Financial Asset Management LLC, 10043511, 5.99%, 09/28/23   6,326    6,430    - 
bFreedom Financial Asset Management LLC, 10670609, 5.99%, 11/15/23   6,913    7,026    - 
bFreedom Financial Asset Management LLC, 10013721, 25.49%, 09/20/24   6,937    6,942    - 
bFreedom Financial Asset Management LLC, 10670655, 5.99%, 10/08/23   7,082    7,184    - 
bFreedom Financial Asset Management LLC, 10932376, 19.99%, 10/22/24   7,315    7,379    - 
bFreedom Financial Asset Management LLC, 10774277, 5.99%, 10/09/23   7,366    7,479    - 
bFreedom Financial Asset Management LLC, 11036112, 16.99%, 12/14/24   7,383    7,524    - 
bFreedom Financial Asset Management LLC, 10767085, 15.49%, 10/09/23   7,414    7,514    - 
bFreedom Financial Asset Management LLC, 10561115, 13.99%, 10/08/24   7,472    7,576    - 
bFreedom Financial Asset Management LLC, 10606104, 5.99%, 12/23/23   7,500    7,641    - 
bFreedom Financial Asset Management LLC, 11605709, 5.99%, 12/21/23   7,500    7,638    - 
bFreedom Financial Asset Management LLC, 11701384, 18.49%, 12/15/25   7,500    7,649    - 
bFreedom Financial Asset Management LLC, 10780937, 16.49%, 11/24/26   7,772    7,934    - 
bFreedom Financial Asset Management LLC, 11036258, 23.99%, 12/03/24   7,854    7,875    - 
bFreedom Financial Asset Management LLC, 10482503, 17.99%, 10/28/26   7,870    7,965    - 
bFreedom Financial Asset Management LLC, 10763959, 5.99%, 11/18/23   8,043    8,181    - 
bFreedom Financial Asset Management LLC, 11035966, 21.99%, 12/13/26   8,071    8,181    - 
bFreedom Financial Asset Management LLC, 10157125, 15.49%, 10/28/23   8,091    8,219    - 
bFreedom Financial Asset Management LLC, 11036370, 5.99%, 12/14/23   8,192    8,342    - 
bFreedom Financial Asset Management LLC, 10745537, 5.99%, 11/23/23   8,280    8,432    - 
bFreedom Financial Asset Management LLC, 10151809, 5.99%, 08/13/23   8,409    8,524    - 
bFreedom Financial Asset Management LLC, 10692602, 17.99%, 12/14/24   8,531    8,664    - 
bFreedom Financial Asset Management LLC, 11767896, 5.99%, 12/24/23   8,598    8,761    - 
bFreedom Financial Asset Management LLC, 10773902, 18.99%, 11/22/26   8,865    9,006    - 
bFreedom Financial Asset Management LLC, 11693930, 15.49%, 02/05/24   8,951    9,150    - 
bFreedom Financial Asset Management LLC, 10201276, 5.99%, 08/10/23   9,089    9,209    - 
bFreedom Financial Asset Management LLC, 10787443, 5.99%, 10/11/23   9,096    9,238    - 
bFreedom Financial Asset Management LLC, 10157170, 17.99%, 09/17/24   9,136    9,192    - 
bFreedom Financial Asset Management LLC, 10772251, 14.49%, 11/12/23   9,140    9,238    - 
bFreedom Financial Asset Management LLC, 10551332, 17.49%, 09/18/25   9,260    9,388    - 
bFreedom Financial Asset Management LLC, 11013908, 22.49%, 12/13/26   9,288    9,399    - 
bFreedom Financial Asset Management LLC, 10184490, 19.99%, 09/28/26   9,469    9,583    - 
bFreedom Financial Asset Management LLC, 11755781, 16.99%, 02/05/25   9,500    9,711    - 
bFreedom Financial Asset Management LLC, 10768020, 17.99%, 10/09/24   9,560    9,637    - 
bFreedom Financial Asset Management LLC, 11037984, 23.99%, 10/25/24   9,566    9,639    - 
bFreedom Financial Asset Management LLC, 10481821, 23.49%, 11/22/24   9,675    9,771    - 
bFreedom Financial Asset Management LLC, 11333293, 5.99%, 12/14/23   9,715    9,883    - 
bFreedom Financial Asset Management LLC, 10785211, 13.99%, 11/23/25   9,747    9,950    - 
bFreedom Financial Asset Management LLC, 10692670, 18.49%, 11/22/25   9,774    9,946    - 
bFreedom Financial Asset Management LLC, 10767341, 18.99%, 10/09/26   9,781    9,846    - 
bFreedom Financial Asset Management LLC, 11040439, 25.49%, 10/28/26   9,803    9,878    - 
bFreedom Financial Asset Management LLC, 11036737, 18.99%, 10/30/26   9,892    10,044    - 
bFreedom Financial Asset Management LLC, 10581805, 21.99%, 11/05/26   9,899    9,978    - 
bFreedom Financial Asset Management LLC, 10783446, 19.99%, 10/10/23   9,902    10,007    - 
bFreedom Financial Asset Management LLC, 10856578, 18.49%, 12/14/25   9,922    10,093    - 
bFreedom Financial Asset Management LLC, 11011081, 23.49%, 01/14/27   9,992    10,106    - 
bFreedom Financial Asset Management LLC, 11036232, 16.99%, 10/30/24   9,992    10,132    - 
bFreedom Financial Asset Management LLC, 11694992, 5.99%, 12/23/23   10,064    10,252    - 
bFreedom Financial Asset Management LLC, 10671065, 18.99%, 10/09/25   10,076    10,209    - 
bFreedom Financial Asset Management LLC, 10195758, 25.49%, 08/10/26   10,118    10,044    - 
bFreedom Financial Asset Management LLC, 10190160, 18.99%, 09/28/26   10,130    10,263    - 
bFreedom Financial Asset Management LLC, 10823057, 5.99%, 12/12/23   10,137    10,319    - 
bFreedom Financial Asset Management LLC, 10780894, 5.99%, 11/15/23   10,138    10,308    - 
bFreedom Financial Asset Management LLC, 11764476, 13.24%, 02/05/26   10,145    10,393    - 
bFreedom Financial Asset Management LLC, 10976531, 19.99%, 10/30/24   10,166    10,298    - 
bFreedom Financial Asset Management LLC, 10932240, 13.99%, 12/10/25   10,228    10,423    - 
bFreedom Financial Asset Management LLC, 10620721, 17.99%, 10/26/26   10,314    10,436    - 
bFreedom Financial Asset Management LLC, 11037126, 17.99%, 10/18/26   10,481    10,576    - 
bFreedom Financial Asset Management LLC, 10624823, 17.49%, 10/26/25   10,507    10,661    - 
bFreedom Financial Asset Management LLC, 10991532, 13.99%, 12/10/24   10,616    10,812    - 
bFreedom Financial Asset Management LLC, 10597275, 14.49%, 11/01/26   10,771    10,927    - 
bFreedom Financial Asset Management LLC, 11029317, 23.99%, 12/13/24   11,257    11,363    - 
bFreedom Financial Asset Management LLC, 10194215, 14.24%, 08/17/26   11,271    11,332    - 
bFreedom Financial Asset Management LLC, 11730402, 15.99%, 02/05/27   11,294    11,545    - 
bFreedom Financial Asset Management LLC, 10771919, 10.49%, 10/09/24   11,418    11,584    - 
bFreedom Financial Asset Management LLC, 11695018, 15.49%, 02/04/24   11,431    11,681    - 
bFreedom Financial Asset Management LLC, 11028232, 5.99%, 12/12/23   11,548    11,751    - 
bFreedom Financial Asset Management LLC, 11034210, 22.49%, 10/19/26   11,682    11,708    - 
bFreedom Financial Asset Management LLC, 10727609, 17.99%, 11/22/25   11,706    11,900    - 
bFreedom Financial Asset Management LLC, 10385583, 12.24%, 11/22/24   11,962    12,185    - 
bFreedom Financial Asset Management LLC, 11442830, 5.99%, 02/06/24   12,000    12,252    - 
bFreedom Financial Asset Management LLC, 10561394, 12.24%, 11/05/24   12,111    12,315    - 
bFreedom Financial Asset Management LLC, 10177322, 18.49%, 09/15/26   12,232    12,262    15 
bFreedom Financial Asset Management LLC, 10060652, 11.99%, 09/12/26   12,629    12,791    - 
bFreedom Financial Asset Management LLC, 10758194, 18.99%, 11/19/25   12,681    12,858    - 
bFreedom Financial Asset Management LLC, 10627143, 16.99%, 11/09/25   12,749    12,919    - 
bFreedom Financial Asset Management LLC, 10565690, 16.99%, 09/15/25   12,856    12,981    - 
bFreedom Financial Asset Management LLC, 11720453, 12.24%, 12/22/24   13,000    13,225    - 
bFreedom Financial Asset Management LLC, 10991025, 19.49%, 12/05/26   13,306    13,420    - 
bFreedom Financial Asset Management LLC, 10607416, 19.99%, 11/09/26   13,324    13,389    - 
bFreedom Financial Asset Management LLC, 10745958, 8.99%, 11/30/25   13,340    13,575    - 
bFreedom Financial Asset Management LLC, 11750662, 12.99%, 02/05/27   13,411    13,704    - 
bFreedom Financial Asset Management LLC, 10610237, 11.99%, 10/25/26   13,470    13,676    - 
bFreedom Financial Asset Management LLC, 10941161, 16.99%, 12/13/25   13,529    13,750    - 
bFreedom Financial Asset Management LLC, 11694427, 16.49%, 01/27/27   13,558    13,956    - 

 

 

 

bFreedom Financial Asset Management LLC, 11694008, 10.24%, 12/23/25   14,034    14,288    - 
bFreedom Financial Asset Management LLC, 10171847, 15.99%, 08/17/25   14,084    14,284    - 
bFreedom Financial Asset Management LLC, 11662515, 14.24%, 12/23/26   14,211    14,512    - 
bFreedom Financial Asset Management LLC, 10550407, 10.99%, 09/19/25   14,244    14,474    - 
bFreedom Financial Asset Management LLC, 11023093, 10.49%, 10/30/24   14,276    14,519    - 
bFreedom Financial Asset Management LLC, 10557980, 19.99%, 09/05/26   14,412    14,368    - 
bFreedom Financial Asset Management LLC, 10694161, 15.49%, 11/20/26   14,460    14,663    - 
bFreedom Financial Asset Management LLC, 10771557, 13.24%, 10/05/25   14,482    14,674    - 
bFreedom Financial Asset Management LLC, 11694729, 15.49%, 02/01/25   14,487    14,780    - 
bFreedom Financial Asset Management LLC, 10202521, 21.49%, 09/30/26   14,490    14,615    - 
bFreedom Financial Asset Management LLC, 10571038, 10.99%, 11/07/25   14,544    14,802    - 
bFreedom Financial Asset Management LLC, 10583794, 17.49%, 10/28/26   14,569    14,777    - 
bFreedom Financial Asset Management LLC, 10539195, 11.99%, 11/04/26   14,696    14,963    - 
bFreedom Financial Asset Management LLC, 11039981, 12.74%, 12/13/24   14,923    15,201    - 
bFreedom Financial Asset Management LLC, 11033966, 22.99%, 12/14/26   14,983    15,152    - 
bFreedom Financial Asset Management LLC, 11712342, 11.99%, 02/01/27   14,997    15,300    - 
bFreedom Financial Asset Management LLC, 11762185, 18.99%, 02/02/27   15,000    15,309    - 
bFreedom Financial Asset Management LLC, 10569042, 19.99%, 11/03/26   15,002    15,046    - 
bFreedom Financial Asset Management LLC, 10173551, 20.99%, 09/20/26   15,020    15,040    - 
bFreedom Financial Asset Management LLC, 11693799, 16.99%, 02/05/27   15,028    15,523    - 
bFreedom Financial Asset Management LLC, 10788641, 10.49%, 10/11/24   15,042    15,270    - 
bFreedom Financial Asset Management LLC, 10692390, 16.49%, 11/16/26   15,174    15,422    - 
bFreedom Financial Asset Management LLC, 10607213, 16.49%, 10/29/26   15,195    15,435    - 
bFreedom Financial Asset Management LLC, 09447197, 13.49%, 12/23/26   15,199    15,461    - 
bFreedom Financial Asset Management LLC, 10150990, 10.49%, 09/27/24   15,234    15,500    - 
bFreedom Financial Asset Management LLC, 10783279, 14.99%, 11/17/26   15,298    15,406    - 
bFreedom Financial Asset Management LLC, 10684831, 11.99%, 11/22/26   15,464    15,766    - 
bFreedom Financial Asset Management LLC, 11026549, 16.99%, 12/01/25   15,565    15,710    - 
bFreedom Financial Asset Management LLC, 10692756, 19.49%, 11/20/25   15,622    15,850    - 
bFreedom Financial Asset Management LLC, 10781246, 14.24%, 11/15/26   15,641    15,902    - 
bFreedom Financial Asset Management LLC, 11030753, 23.99%, 12/14/24   15,726    15,851    - 
bFreedom Financial Asset Management LLC, 10769831, 19.99%, 11/22/26   15,747    15,964    - 
bFreedom Financial Asset Management LLC, 10916888, 11.99%, 12/14/26   15,771    16,084    - 
bFreedom Financial Asset Management LLC, 10580212, 18.49%, 11/03/25   15,778    15,916    - 
bFreedom Financial Asset Management LLC, 10409531, 23.99%, 11/08/24   15,886    15,872    - 
bFreedom Financial Asset Management LLC, 10670964, 10.49%, 11/20/24   15,935    16,226    - 
bFreedom Financial Asset Management LLC, 11678946, 14.49%, 02/04/27   15,999    16,425    - 
bFreedom Financial Asset Management LLC, 10183391, 16.49%, 08/16/24   16,403    16,521    - 
bFreedom Financial Asset Management LLC, 10771042, 17.49%, 10/07/26   16,464    16,560    - 
bFreedom Financial Asset Management LLC, 11007128, 22.99%, 12/14/26   16,482    16,668    - 
bFreedom Financial Asset Management LLC, 10779675, 21.49%, 11/21/26   16,672    16,857    - 
bFreedom Financial Asset Management LLC, 10213777, 17.49%, 11/01/26   16,673    16,782    - 
bFreedom Financial Asset Management LLC, 10823322, 16.49%, 12/14/25   16,832    17,096    - 
bFreedom Financial Asset Management LLC, 11605894, 11.24%, 12/21/26   17,034    17,378    - 
bFreedom Financial Asset Management LLC, 10926865, 11.99%, 10/15/26   17,069    17,270    - 
bFreedom Financial Asset Management LLC, 10546509, 14.24%, 10/21/26   17,081    17,348    - 
bFreedom Financial Asset Management LLC, 10777722, 16.49%, 11/15/25   17,092    17,377    - 
bFreedom Financial Asset Management LLC, 11018721, 23.99%, 12/01/24   17,238    17,149    - 
bFreedom Financial Asset Management LLC, 10839290, 16.99%, 12/14/26   17,424    17,673    - 
bFreedom Financial Asset Management LLC, 10157173, 20.49%, 12/14/26   17,510    17,722    - 
bFreedom Financial Asset Management LLC, 10515203, 16.99%, 10/21/26   17,545    17,805    9 
bFreedom Financial Asset Management LLC, 11035422, 20.49%, 12/13/26   17,644    17,846    - 
bFreedom Financial Asset Management LLC, 10770156, 16.99%, 11/22/26   17,699    18,039    - 
bFreedom Financial Asset Management LLC, 10940707, 8.49%, 10/15/24   17,706    17,950    - 
bFreedom Financial Asset Management LLC, 10885683, 18.99%, 12/13/26   17,820    18,074    - 
bFreedom Financial Asset Management LLC, 10579955, 18.99%, 10/22/26   18,300    18,445    - 
bFreedom Financial Asset Management LLC, 10756612, 16.99%, 10/09/26   18,370    18,591    - 
bFreedom Financial Asset Management LLC, 10774159, 20.49%, 10/09/26   18,500    18,522    - 
bFreedom Financial Asset Management LLC, 10682615, 10.99%, 10/08/25   18,704    19,031    - 
bFreedom Financial Asset Management LLC, 10625361, 11.99%, 11/07/26   18,708    19,032    - 
bFreedom Financial Asset Management LLC, 10580434, 23.99%, 11/04/24   18,805    18,761    - 
bFreedom Financial Asset Management LLC, 10590862, 11.99%, 11/05/26   18,915    19,231    - 
bFreedom Financial Asset Management LLC, 11751486, 11.24%, 12/23/26   19,000    19,400    - 
bFreedom Financial Asset Management LLC, 10776590, 18.49%, 11/23/25   19,089    19,419    - 
bFreedom Financial Asset Management LLC, 10524105, 17.49%, 10/21/25   19,133    19,371    - 
bFreedom Financial Asset Management LLC, 10780121, 11.99%, 11/21/26   19,548    19,922    - 
bFreedom Financial Asset Management LLC, 10488558, 18.99%, 11/02/25   19,553    19,653    - 
bFreedom Financial Asset Management LLC, 11029798, 17.49%, 10/30/26   19,558    19,815    - 
bFreedom Financial Asset Management LLC, 10760354, 11.99%, 11/23/26   19,582    19,970    - 
bFreedom Financial Asset Management LLC, 10773777, 16.99%, 11/15/26   19,599    19,911    - 
bFreedom Financial Asset Management LLC, 10756900, 16.99%, 11/22/26   19,665    19,947    - 
bFreedom Financial Asset Management LLC, 10139262, 18.99%, 09/28/26   19,687    19,919    - 
bFreedom Financial Asset Management LLC, 11031081, 15.99%, 12/03/25   19,714    19,943    - 
bFreedom Financial Asset Management LLC, 10561160, 18.99%, 09/13/25   19,844    19,878    - 
bFreedom Financial Asset Management LLC, 10997848, 20.49%, 12/13/26   19,936    20,165    - 
bFreedom Financial Asset Management LLC, 10552003, 20.49%, 11/05/26   19,969    20,054    - 
bFreedom Financial Asset Management LLC, 11751212, 13.99%, 02/05/25   20,000    20,438    - 
bFreedom Financial Asset Management LLC, 11025781, 23.99%, 12/13/24   20,064    20,211    - 
bFreedom Financial Asset Management LLC, 10187922, 11.99%, 09/16/26   20,462    20,752    - 
bFreedom Financial Asset Management LLC, 11008674, 10.99%, 12/05/25   20,672    21,027    - 
bFreedom Financial Asset Management LLC, 11737819, 17.49%, 02/05/27   21,000    21,462    - 
bFreedom Financial Asset Management LLC, 11743320, 13.24%, 12/17/26   21,050    21,373    - 
bFreedom Financial Asset Management LLC, 10459466, 14.99%, 11/08/24   21,115    21,419    - 
bFreedom Financial Asset Management LLC, 11746987, 18.49%, 02/05/26   21,200    21,946    - 
bFreedom Financial Asset Management LLC, 10770659, 21.49%, 11/10/26   21,403    21,416    - 
bFreedom Financial Asset Management LLC, 09776133, 13.24%, 11/10/25   21,547    21,871    - 
bFreedom Financial Asset Management LLC, 10141048, 15.49%, 08/14/25   21,550    21,825    - 
bFreedom Financial Asset Management LLC, 10551512, 17.99%, 11/05/26   21,764    21,995    - 
bFreedom Financial Asset Management LLC, 10105795, 23.49%, 08/17/26   21,873    21,861    - 
bFreedom Financial Asset Management LLC, 10671041, 16.49%, 11/16/25   21,880    22,194    - 
bFreedom Financial Asset Management LLC, 10626687, 20.49%, 11/08/26   22,220    22,371    - 
bFreedom Financial Asset Management LLC, 10188481, 20.49%, 09/25/26   22,434    22,579    - 
bFreedom Financial Asset Management LLC, 11740763, 13.99%, 02/04/26   22,500    22,981    - 
bFreedom Financial Asset Management LLC, 10703763, 14.49%, 11/20/25   22,544    22,901    - 

 

 

 

bFreedom Financial Asset Management LLC, 10617769, 17.49%, 10/30/25   22,724    23,061    - 
bFreedom Financial Asset Management LLC, 10623318, 23.49%, 12/09/26   22,770    22,848    - 
bFreedom Financial Asset Management LLC, 10551248, 16.99%, 11/08/26   22,779    23,148    - 
bFreedom Financial Asset Management LLC, 11753189, 18.74%, 02/05/26   23,000    23,506    - 
bFreedom Financial Asset Management LLC, 11753872, 13.24%, 01/25/27   23,000    23,420    - 
bFreedom Financial Asset Management LLC, 11695111, 11.99%, 12/23/24   23,249    23,655    - 
bFreedom Financial Asset Management LLC, 10561482, 16.99%, 11/03/25   23,609    23,728    - 
bFreedom Financial Asset Management LLC, 10551426, 10.99%, 09/21/25   23,689    24,042    - 
bFreedom Financial Asset Management LLC, 10815186, 13.49%, 10/30/24   23,734    24,086    - 
bFreedom Financial Asset Management LLC, 10116903, 14.24%, 08/15/26   23,810    24,116    - 
bFreedom Financial Asset Management LLC, 10670951, 17.99%, 11/15/24   23,878    24,012    - 
bFreedom Financial Asset Management LLC, 11015661, 16.99%, 10/29/26   23,940    24,296    - 
bFreedom Financial Asset Management LLC, 10412146, 20.49%, 10/21/26   24,464    24,749    9 
bFreedom Financial Asset Management LLC, 10787763, 21.99%, 11/16/26   24,559    24,754    - 
bFreedom Financial Asset Management LLC, 10776520, 20.49%, 11/15/26   24,571    24,813    - 
bFreedom Financial Asset Management LLC, 10623552, 18.99%, 11/09/26   24,651    24,881    - 
bFreedom Financial Asset Management LLC, 11035007, 11.99%, 12/02/26   24,956    25,353    - 
bFreedom Financial Asset Management LLC, 11025771, 11.99%, 12/14/26   25,293    25,796    - 
bFreedom Financial Asset Management LLC, 10752759, 18.99%, 10/17/25   25,334    25,628    - 
bFreedom Financial Asset Management LLC, 10941172, 10.99%, 12/14/25   25,334    25,837    - 
bFreedom Financial Asset Management LLC, 11040038, 15.49%, 12/01/24   25,423    25,616    - 
bFreedom Financial Asset Management LLC, 10775435, 15.49%, 10/09/24   26,058    26,276    - 
bFreedom Financial Asset Management LLC, 10458887, 10.99%, 11/08/25   26,081    26,551    - 
bFreedom Financial Asset Management LLC, 11730595, 11.99%, 02/04/27   26,100    26,653    - 
bFreedom Financial Asset Management LLC, 10186281, 16.99%, 08/16/26   26,290    26,596    - 
bFreedom Financial Asset Management LLC, 10789938, 18.99%, 11/20/26   26,566    26,853    - 
bFreedom Financial Asset Management LLC, 10769538, 17.99%, 10/09/26   26,690    26,870    - 
bFreedom Financial Asset Management LLC, 10561574, 14.74%, 11/02/26   27,193    27,657    - 
bFreedom Financial Asset Management LLC, 10558616, 20.99%, 10/23/26   27,375    27,512    - 
bFreedom Financial Asset Management LLC, 10578189, 10.99%, 11/04/25   27,850    28,363    - 
bFreedom Financial Asset Management LLC, 10600138, 10.49%, 10/29/24   27,859    28,332    - 
bFreedom Financial Asset Management LLC, 10399972, 11.99%, 11/16/26   28,150    28,643    - 
bFreedom Financial Asset Management LLC, 11742645, 13.99%, 02/05/24   28,151    28,772    - 
bFreedom Financial Asset Management LLC, 10156884, 14.74%, 12/14/26   28,935    29,511    - 
bFreedom Financial Asset Management LLC, 10770224, 17.49%, 10/09/26   29,322    29,673    - 
bFreedom Financial Asset Management LLC, 11039564, 10.99%, 12/12/25   29,595    30,165    - 
bFreedom Financial Asset Management LLC, 10547265, 22.49%, 10/31/26   29,618    29,640    - 
bFreedom Financial Asset Management LLC, 11034609, 13.99%, 12/13/25   29,663    30,225    - 
bFreedom Financial Asset Management LLC, 10196744, 17.99%, 08/17/26   29,687    29,901    - 
bFreedom Financial Asset Management LLC, 11755185, 10.99%, 12/23/26   29,999    30,632    - 
bFreedom Financial Asset Management LLC, 11737338, 13.24%, 12/22/26   30,000    30,515    - 
bFreedom Financial Asset Management LLC, 11029842, 11.99%, 10/30/26   30,218    30,727    - 
bFreedom Financial Asset Management LLC, 11035733, 17.49%, 12/02/26   30,268    30,685    - 
bFreedom Financial Asset Management LLC, 10135684, 17.49%, 09/28/26   30,340    30,887    - 
bFreedom Financial Asset Management LLC, 11034532, 8.99%, 12/13/25   30,352    30,933    - 
bFreedom Financial Asset Management LLC, 10508033, 17.49%, 11/23/26   30,503    31,108    - 
bFreedom Financial Asset Management LLC, 11020942, 16.49%, 12/13/25   30,553    31,051    - 
bFreedom Financial Asset Management LLC, 10551146, 13.74%, 11/04/25   30,660    31,231    - 
bFreedom Financial Asset Management LLC, 10561236, 15.99%, 11/04/25   31,220    31,779    - 
bFreedom Financial Asset Management LLC, 10566889, 14.99%, 09/18/23   31,409    31,856    - 
bFreedom Financial Asset Management LLC, 11750342, 12.24%, 02/05/25   32,000    32,684    - 
bFreedom Financial Asset Management LLC, 10156971, 14.99%, 08/15/24   32,236    32,607    - 
bFreedom Financial Asset Management LLC, 11693818, 9.49%, 02/06/25   33,000    33,708    - 
bFreedom Financial Asset Management LLC, 10179113, 12.49%, 08/15/26   33,227    33,691    - 
bFreedom Financial Asset Management LLC, 09954410, 13.74%, 08/17/26   33,341    33,840    - 
bFreedom Financial Asset Management LLC, 11673308, 17.49%, 02/06/27   33,500    34,625    - 
bFreedom Financial Asset Management LLC, 10197494, 17.49%, 09/28/26   34,087    34,790    2 
bFreedom Financial Asset Management LLC, 11035068, 12.49%, 12/14/26   34,728    35,422    - 
bFreedom Financial Asset Management LLC, 11750215, 18.24%, 02/05/27   34,800    35,955    - 
bFreedom Financial Asset Management LLC, 11748155, 14.24%, 02/05/27   34,803    35,742    - 
bFreedom Financial Asset Management LLC, 10293581, 11.49%, 12/14/25   35,547    36,258    - 
bFreedom Financial Asset Management LLC, 10482070, 15.99%, 09/22/25   36,640    37,023    - 
bFreedom Financial Asset Management LLC, 11693943, 10.99%, 02/06/27   36,939    37,858    - 
bFreedom Financial Asset Management LLC, 11041391, 11.49%, 12/10/25   37,695    38,401    - 
bFreedom Financial Asset Management LLC, 10083650, 12.49%, 10/26/26   38,517    39,117    - 
bFreedom Financial Asset Management LLC, 10612832, 20.99%, 11/09/26   38,825    38,842    - 
bFreedom Financial Asset Management LLC, 08435977, 12.49%, 11/05/26   39,224    39,955    - 
bFreedom Financial Asset Management LLC, 10692850, 13.24%, 11/12/24   39,229    39,830    - 
bFreedom Financial Asset Management LLC, 10453183, 17.49%, 11/07/26   39,348    39,972    - 
bFreedom Financial Asset Management LLC, 10683512, 22.99%, 11/25/26   39,609    40,171    - 
bFreedom Financial Asset Management LLC, 11722574, 20.49%, 02/05/26   39,986    40,880    - 
bFreedom Financial Asset Management LLC, 10731731, 17.49%, 10/06/26   40,000    12,565    54 
bFreedom Financial Asset Management LLC, 11654600, 10.49%, 01/28/27   40,000    40,906    - 
bFreedom Financial Asset Management LLC, 11687955, 12.49%, 02/01/27   40,000    40,818    - 
bFreedom Financial Asset Management LLC, 11689702, 10.49%, 02/05/27   40,000    40,981    - 
bFreedom Financial Asset Management LLC, 11754629, 12.24%, 02/06/26   40,000    41,015    - 
bFreedom Financial Asset Management LLC, 10618906, 19.49%, 11/05/26   41,245    41,541    - 
bFreedom Financial Asset Management LLC, 11609719, 17.99%, 12/19/25   42,000    42,929    - 
bFreedom Financial Asset Management LLC, 10148097, 11.24%, 09/29/26   42,895    43,698    - 
bFreedom Financial Asset Management LLC, 10196892, 11.99%, 08/17/24   43,586    44,182    - 
bFreedom Financial Asset Management LLC, 10760780, 12.49%, 10/08/25   43,629    44,336    - 
bFreedom Financial Asset Management LLC, 11761943, 13.99%, 12/07/26   45,000    45,493    - 
bFreedom Financial Asset Management LLC, 10599539, 13.24%, 11/05/26   45,532    46,300    - 
bFreedom Financial Asset Management LLC, 11716631, 15.49%, 02/02/27   47,000    47,986    - 
bFreedom Financial Asset Management LLC, 10198193, 15.49%, 09/25/26   47,696    48,434    - 
bFreedom Financial Asset Management LLC, 10063830, 15.99%, 08/16/26   47,743    48,302    - 
bFreedom Financial Asset Management LLC, 10622378, 13.24%, 09/15/26   47,977    48,526    - 
bFreedom Financial Asset Management LLC, 10571945, 11.24%, 09/15/26   48,100    48,772    - 
bFreedom Financial Asset Management LLC, 11026485, 12.49%, 10/29/25   48,326    49,139    - 
bFreedom Financial Asset Management LLC, 10575217, 18.99%, 09/21/26   48,453    48,889    - 
bFreedom Financial Asset Management LLC, 10282886, 14.49%, 11/09/25   48,685    49,587    - 
bFreedom Financial Asset Management LLC, 10762836, 15.49%, 10/03/26   48,689    49,217    - 
bFreedom Financial Asset Management LLC, 10567055, 13.24%, 11/01/26   48,996    49,851    - 
bFreedom Financial Asset Management LLC, 10582415, 13.24%, 11/02/26   49,014    49,887    - 

 

 

 

bFreedom Financial Asset Management LLC, 10969694, 19.49%, 12/14/26   49,239    49,910    - 
bFreedom Financial Asset Management LLC, 10681978, 23.49%, 11/19/26   49,337    49,840    - 
bFreedom Financial Asset Management LLC, 11019733, 13.24%, 10/30/26   49,509    50,415    - 
bFreedom Financial Asset Management LLC, 09645128, 15.49%, 12/23/26   50,000    50,843    - 
bFreedom Financial Asset Management LLC, 11694088, 17.74%, 02/01/26   50,000    51,016    - 
bFreedom Financial Asset Management LLC, 11752574, 18.24%, 01/28/27   50,000    50,931    - 
bFreedom Financial Asset Management LLC, 09696908, 15.49%, 02/03/24   7,500    7,650    - 
bFreedom Financial Asset Management LLC, 11443313, 9.99%, 02/12/27   25,766    26,281    - 
bFreedom Financial Asset Management LLC, 11444490, 14.99%, 02/13/25   10,501    10,711    - 
bFreedom Financial Asset Management LLC, 11544786, 5.99%, 12/15/23   11,999    12,239    - 
bFreedom Financial Asset Management LLC, 11609592, 14.74%, 12/24/26   40,000    40,800    - 
bFreedom Financial Asset Management LLC, 11628889, 12.99%, 02/03/25   35,000    35,700    - 
bFreedom Financial Asset Management LLC, 11681871, 23.99%, 02/02/25   16,900    17,238    - 
bFreedom Financial Asset Management LLC, 11694094, 11.24%, 02/12/27   14,209    14,493    - 
bFreedom Financial Asset Management LLC, 11704828, 17.49%, 01/31/27   12,000    12,240    - 
bFreedom Financial Asset Management LLC, 11765405, 12.74%, 02/11/26   36,838    37,575    - 
bFreedom Financial Asset Management LLC, 11771449, 9.74%, 02/10/27   50,000    51,000    - 
bFreedom Financial Asset Management LLC, 11788646, 15.24%, 12/29/26   38,213    38,977    - 
bFreedom Financial Asset Management LLC, 11789211, 6.99%, 12/29/24   31,318    31,945    - 
bFreedom Financial Asset Management LLC, 11790590, 17.74%, 02/13/27   30,000    30,600    - 
bFreedom Financial Asset Management LLC, 11791488, 10.99%, 12/29/26   40,000    40,800    - 
bFreedom Financial Asset Management LLC, 11796213, 11.24%, 02/12/27   34,900    35,598    - 
bFreedom Financial Asset Management LLC, 11796839, 23.99%, 02/11/24   9,600    9,792    - 
bFreedom Financial Asset Management LLC, 11798624, 17.99%, 02/04/26   20,000    20,400    - 
bFreedom Financial Asset Management LLC, 11798782, 13.24%, 12/17/24   11,164    11,388    - 
bFreedom Financial Asset Management LLC, 11799274, 16.74%, 12/22/25   31,375    32,003    - 
bFreedom Financial Asset Management LLC, 11799299, 16.99%, 02/11/26   17,302    17,648    - 
bFreedom Financial Asset Management LLC, 11799318, 16.49%, 12/19/23   8,101    8,264    - 
bFreedom Financial Asset Management LLC, 11799362, 9.74%, 02/10/25   18,063    18,424    - 
bFreedom Financial Asset Management LLC, 11799428, 19.99%, 02/12/27   27,850    28,407    - 
bFreedom Financial Asset Management LLC, 11799464, 16.99%, 02/10/27   27,090    27,632    - 
bFreedom Financial Asset Management LLC, 11799568, 15.49%, 02/12/24   10,501    10,711    - 
bFreedom Financial Asset Management LLC, 11799569, 19.99%, 02/02/27   10,849    11,066    - 
bFreedom Financial Asset Management LLC, 11799619, 17.99%, 02/11/27   22,807    23,263    - 
bFreedom Financial Asset Management LLC, 11799631, 9.74%, 02/02/25   21,965    22,404    - 
bFreedom Financial Asset Management LLC, 11800117, 19.99%, 12/30/26   15,000    15,300    - 
bFreedom Financial Asset Management LLC, 11801234, 5.99%, 02/05/24   7,500    7,650    - 
bFreedom Financial Asset Management LLC, 11801268, 11.24%, 02/12/27   24,999    25,499    - 
bFreedom Financial Asset Management LLC, 11804177, 21.99%, 12/30/26   31,400    32,028    - 
bFreedom Financial Asset Management LLC, 11804818, 14.99%, 02/13/27   20,000    20,400    - 
bFreedom Financial Asset Management LLC, 11806403, 19.99%, 02/11/27   20,999    21,419    - 
bFreedom Financial Asset Management LLC, 11806677, 11.74%, 12/30/26   42,200    43,044    - 
bFreedom Financial Asset Management LLC, 11807833, 13.24%, 12/30/26   35,300    36,006    - 
bFreedom Financial Asset Management LLC, 11810505, 21.24%, 12/30/26   24,700    25,194    - 
bFreedom Financial Asset Management LLC, 11810931, 17.99%, 12/30/25   20,000    20,400    - 
bFreedom Financial Asset Management LLC, 11811491, 9.74%, 02/10/25   17,844    18,203    - 
bFreedom Financial Asset Management LLC, 11811501, 15.24%, 02/12/25   30,000    30,600    - 
bFreedom Financial Asset Management LLC, 11813343, 11.74%, 02/13/27   50,000    51,000    - 
bFreedom Financial Asset Management LLC, 11814239, 17.74%, 02/13/27   39,000    39,780    - 
bFreedom Financial Asset Management LLC, 11815677, 13.74%, 12/30/26   26,947    27,486    - 
bFreedom Financial Asset Management LLC, 11816519, 22.49%, 12/30/23   7,500    7,650    - 
bFreedom Financial Asset Management LLC, 11816991, 16.24%, 02/12/27   30,000    30,600    - 
bFreedom Financial Asset Management LLC, 11817911, 18.74%, 02/13/26   20,000    20,400    - 
bFreedom Financial Asset Management LLC, 11820006, 5.99%, 02/13/24   9,500    9,690    - 
bFreedom Financial Asset Management LLC, 11820229, 17.49%, 12/30/26   15,788    16,104    - 
bFreedom Financial Asset Management LLC, 11821469, 17.49%, 12/30/24   18,069    18,430    - 
bFreedom Financial Asset Management LLC, 11822223, 10.99%, 12/30/26   21,662    22,095    - 
bFreedom Financial Asset Management LLC, 11822517, 9.99%, 02/05/26   33,700    34,374    - 
bFreedom Financial Asset Management LLC, 11822710, 16.49%, 02/12/27   15,318    15,624    - 
bFreedom Financial Asset Management LLC, 11823260, 11.99%, 12/16/25   13,115    13,377    - 
bFreedom Financial Asset Management LLC, 11824760, 18.24%, 12/29/26   40,000    40,800    - 
    7,234,908    7,322,218      
                
bProsper Funding LLC, 1605545, 16.8%, 09/15/26   33,365    32,965    - 
bProsper Funding LLC, 1605548, 12.3%, 08/16/26   12,360    12,160    - 
bProsper Funding LLC, 1605551, 18.3%, 08/16/26   12,454    12,039    - 
bProsper Funding LLC, 1605848, 19.6%, 08/17/26   11,443    11,002    - 
bProsper Funding LLC, 1606481, 15%, 08/17/26   10,495    10,236    - 
bProsper Funding LLC, 1606805, 15.5%, 08/17/26   14,321    13,967    - 
bProsper Funding LLC, 1607264, 16.2%, 08/18/26   14,334    13,984    - 
bProsper Funding LLC, 1608023, 13.5%, 08/19/24   8,171    8,038    - 
bProsper Funding LLC, 1608413, 17.24%, 08/20/26   6,698    6,539    - 
bProsper Funding LLC, 1608988, 15.2%, 08/16/26   19,088    18,609    - 
bProsper Funding LLC, 1609009, 15.79%, 08/16/26   10,506    10,242    - 
bProsper Funding LLC, 1609517, 15.2%, 08/31/24   18,711    18,411    - 
bProsper Funding LLC, 1609762, 14.09%, 08/17/26   19,060    18,757    - 
bProsper Funding LLC, 1610149, 14.2%, 08/18/26   9,532    9,382    - 
bProsper Funding LLC, 1610342, 24%, 08/24/26   7,231    7,024    - 
bProsper Funding LLC, 1610345, 19%, 08/24/24   1,830    1,782    - 
bProsper Funding LLC, 1610381, 19%, 08/25/24   6,404    6,240    - 
bProsper Funding LLC, 1610408, 14.29%, 08/25/26   33,364    32,894    - 
bProsper Funding LLC, 1610672, 24.8%, 08/25/24   1,941    1,887    5 
bProsper Funding LLC, 1611160, 17.24%, 08/19/26   19,059    18,500    - 
bProsper Funding LLC, 1612279, 17.1%, 08/23/24   2,738    2,664    - 
bProsper Funding LLC, 1612918, 20.9%, 08/24/24   9,212    9,169    - 
bProsper Funding LLC, 1613030, 24.6%, 07/31/25   1,980    1,101    - 
bProsper Funding LLC, 1613755, 24.6%, 08/24/24   1,843    1,785    - 
bProsper Funding LLC, 1614442, 24.6%, 08/25/24   4,148    4,033    - 
bProsper Funding LLC, 1614493, 14.89%, 08/26/24   2,274    2,227    - 
bProsper Funding LLC, 1614934, 13.4%, 08/26/24   3,177    3,131    - 
bProsper Funding LLC, 1615561, 15%, 08/27/26   3,288    3,201    - 
bProsper Funding LLC, 1615734, 14.03%, 08/16/26   15,247    15,001    - 
bProsper Funding LLC, 1615740, 16.63%, 08/16/26   14,238    13,806    - 
bProsper Funding LLC, 1615743, 12.3%, 08/16/26   13,786    13,564    - 

 

 

 

bProsper Funding LLC, 1615746, 21.2%, 08/16/26   10,604    10,339    - 
bProsper Funding LLC, 1615752, 14.79%, 08/16/26   11,447    11,159    - 
bProsper Funding LLC, 1615977, 12.7%, 08/17/26   23,211    22,842    - 
bProsper Funding LLC, 1615996, 16.8%, 08/30/24   2,736    2,790    - 
bProsper Funding LLC, 1617531, 13.24%, 08/18/26   8,568    8,433    - 
bProsper Funding LLC, 1618068, 17%, 08/19/26   19,147    18,539    - 
bProsper Funding LLC, 1618173, 16.8%, 08/19/24   6,401    6,250    - 
bProsper Funding LLC, 1618176, 15.1%, 08/19/24   2,730    2,665    - 
bProsper Funding LLC, 1618251, 20%, 08/19/26   2,400    2,323    - 
bProsper Funding LLC, 1618512, 18.5%, 08/20/26   8,624    8,420    - 
bProsper Funding LLC, 1618560, 24.6%, 08/20/24   1,844    1,787    - 
bProsper Funding LLC, 1619001, 13.56%, 08/23/24   18,068    17,793    - 
bProsper Funding LLC, 1619010, 17%, 08/23/24   7,299    7,138    - 
bProsper Funding LLC, 1619013, 16.1%, 08/23/24   3,189    3,119    - 
bProsper Funding LLC, 1619655, 24.6%, 08/24/26   4,824    4,686    - 
bProsper Funding LLC, 1620123, 14.09%, 08/24/24   7,269    7,160    - 
bProsper Funding LLC, 1620576, 16.6%, 08/24/24   4,559    4,460    - 
bProsper Funding LLC, 1623083, 19.23%, 09/20/26   10,662    10,329    - 
bProsper Funding LLC, 1623869, 14.19%, 09/21/24   4,659    4,632    - 
bProsper Funding LLC, 1623875, 16%, 09/21/24   9,196    8,076    9 
bProsper Funding LLC, 1623878, 17.96%, 09/21/24   1,871    1,827    - 
bProsper Funding LLC, 1623884, 12.6%, 09/21/26   9,634    9,486    - 
bProsper Funding LLC, 1623890, 15.86%, 09/21/24   4,567    4,461    - 
bProsper Funding LLC, 1624235, 12.7%, 09/21/26   8,671    8,538    - 
bProsper Funding LLC, 1625321, 17.96%, 09/23/24   9,354    9,142    - 
bProsper Funding LLC, 1625354, 13%, 09/23/24   13,028    12,821    - 
bProsper Funding LLC, 1625623, 13.66%, 09/16/24   4,191    4,116    - 
bProsper Funding LLC, 1626380, 17.8%, 09/24/24   13,094    12,750    - 
bProsper Funding LLC, 1626389, 14.31%, 09/24/24   3,728    3,645    - 
bProsper Funding LLC, 1626488, 13.9%, 09/24/24   6,520    6,418    - 
bProsper Funding LLC, 1626641, 13%, 09/24/24   11,167    10,992    - 
bProsper Funding LLC, 1626757, 13.93%, 09/20/26   15,338    15,098    - 
bProsper Funding LLC, 1626998, 11.7%, 09/27/24   3,151    3,106    - 
bProsper Funding LLC, 1627091, 16%, 09/27/24   12,136    11,880    - 
bProsper Funding LLC, 1627345, 18.78%, 09/21/26   9,689    9,391    - 
bProsper Funding LLC, 1627552, 13.05%, 09/21/24   18,613    18,307    - 
bProsper Funding LLC, 1627885, 15.29%, 09/21/26   18,351    17,919    - 
bProsper Funding LLC, 1627891, 15.1%, 09/21/26   14,485    14,144    - 
bProsper Funding LLC, 1628009, 15.5%, 09/28/24   5,132    5,025    - 
bProsper Funding LLC, 1628039, 18.41%, 09/28/24   3,182    3,116    - 
bProsper Funding LLC, 1628368, 20.57%, 09/22/24   18,655    18,144    - 
bProsper Funding LLC, 1628383, 12.87%, 09/22/26   8,659    8,527    - 
bProsper Funding LLC, 1628572, 12.9%, 09/22/24   1,909    1,897    - 
bProsper Funding LLC, 1628602, 13%, 09/22/24   4,653    4,578    - 
bProsper Funding LLC, 1629604, 12.3%, 09/24/26   8,668    8,540    - 
bProsper Funding LLC, 1630138, 14.39%, 09/24/24   2,504    2,454    - 
bProsper Funding LLC, 1630147, 14.38%, 09/24/26   24,126    23,771    - 
bProsper Funding LLC, 1630150, 15.03%, 09/24/24   3,730    3,647    - 
bProsper Funding LLC, 1630159, 12.3%, 09/24/24   2,790    2,746    - 
bProsper Funding LLC, 1630306, 11.7%, 09/27/24   13,939    13,731    - 
bProsper Funding LLC, 1630435, 16.9%, 09/27/24   19,996    19,574    - 
bProsper Funding LLC, 1630498, 12.4%, 09/27/24   12,090    11,909    - 
bProsper Funding LLC, 1632463, 16.5%, 09/29/24   9,340    9,339    - 
bProsper Funding LLC, 1633734, 16.63%, 09/20/26   3,844    3,752    - 
bProsper Funding LLC, 1633995, 19.8%, 09/21/24   9,840    9,565    - 
bProsper Funding LLC, 1634202, 17.49%, 09/21/24   21,505    21,001    - 
bProsper Funding LLC, 1635105, 14.53%, 09/22/26   9,223    9,090    - 
bProsper Funding LLC, 1635534, 16.5%, 09/23/26   14,504    14,172    - 
bProsper Funding LLC, 1635849, 13.59%, 09/23/24   7,449    7,281    - 
bProsper Funding LLC, 1636029, 13.7%, 09/24/24   4,656    4,583    - 
bProsper Funding LLC, 1636266, 15.2%, 10/04/24   9,597    9,507    - 
bProsper Funding LLC, 1636917, 12.02%, 09/24/24   6,507    6,405    - 
bProsper Funding LLC, 1637430, 14.7%, 09/27/24   7,924    7,757    - 
bProsper Funding LLC, 1637586, 16%, 09/27/24   9,334    9,137    - 
bProsper Funding LLC, 1637622, 16.6%, 09/28/24   2,802    2,744    - 
bProsper Funding LLC, 1637625, 11.6%, 09/28/26   25,889    25,531    - 
bProsper Funding LLC, 1644863, 9.99%, 10/26/26   7,793    7,713    - 
bProsper Funding LLC, 1645247, 17.1%, 10/27/26   14,679    14,508    - 
bProsper Funding LLC, 1645250, 13.7%, 10/27/24   3,818    3,759    - 
bProsper Funding LLC, 1645616, 16.63%, 10/27/26   9,682    9,533    - 
bProsper Funding LLC, 1646048, 17.29%, 10/28/26   6,365    6,360    - 
bProsper Funding LLC, 1646051, 11.79%, 10/28/24   9,533    9,432    - 
bProsper Funding LLC, 1646057, 22.98%, 10/28/26   9,819    9,707    - 
bProsper Funding LLC, 1646063, 12.62%, 10/28/26   9,759    9,710    - 
bProsper Funding LLC, 1646069, 11.7%, 11/11/24   7,717    7,721    - 
bProsper Funding LLC, 1646315, 10.5%, 10/28/26   18,515    18,333    - 
bProsper Funding LLC, 1646324, 14%, 10/28/26   10,744    10,657    - 
bProsper Funding LLC, 1646441, 11.7%, 10/29/24   14,298    14,502    - 
bProsper Funding LLC, 1646519, 22.6%, 10/29/24   6,723    6,791    - 
bProsper Funding LLC, 1646567, 13.08%, 11/22/26   9,883    9,887    - 
bProsper Funding LLC, 1646795, 13.9%, 10/29/24   10,502    10,595    - 
bProsper Funding LLC, 1646834, 15.4%, 10/29/24   32,304    32,575    - 
bProsper Funding LLC, 1647023, 16.33%, 10/29/26   24,454    24,544    - 
bProsper Funding LLC, 1647056, 13.7%, 10/29/26   5,371    5,395    - 
bProsper Funding LLC, 1647155, 18.48%, 10/29/26   23,944    23,479    - 
bProsper Funding LLC, 1647176, 14.79%, 10/29/26   9,772    9,812    - 
bProsper Funding LLC, 1647320, 13.3%, 10/29/24   14,315    14,445    - 
bProsper Funding LLC, 1647386, 22.5%, 11/01/26   5,944    5,779    - 
bProsper Funding LLC, 1647482, 17.54%, 11/01/24   4,403    4,294    - 
bProsper Funding LLC, 1648019, 12%, 11/01/24   4,395    4,340    - 
bProsper Funding LLC, 1648303, 16%, 10/26/24   9,561    9,409    - 
bProsper Funding LLC, 1648306, 25.75%, 10/26/26   440    444    4 
bProsper Funding LLC, 1648615, 15%, 10/27/26   19,547    19,382    - 
bProsper Funding LLC, 1648627, 16.1%, 10/27/24   1,912    1,897    - 

 

 

 

bProsper Funding LLC, 1648693, 12.7%, 10/27/26   16,102    15,942    - 
bProsper Funding LLC, 1648862, 20.34%, 11/02/24   7,345    7,166    - 
bProsper Funding LLC, 1648951, 10.5%, 10/27/26   19,424    19,230    - 
bProsper Funding LLC, 1648957, 14.29%, 10/27/26   9,769    9,687    - 
bProsper Funding LLC, 1648963, 13%, 10/27/24   9,541    9,438    - 
bProsper Funding LLC, 1649281, 11.7%, 10/28/24   9,532    9,431    - 
bProsper Funding LLC, 1649497, 12.8%, 10/28/26   25,570    25,444    - 
bProsper Funding LLC, 1649503, 11.5%, 10/28/24   19,061    18,860    - 
bProsper Funding LLC, 1649506, 14.56%, 10/28/24   14,328    14,177    - 
bProsper Funding LLC, 1649518, 12.21%, 10/28/26   7,805    7,729    - 
bProsper Funding LLC, 1649965, 17.2%, 10/29/24   9,569    9,614    - 
bProsper Funding LLC, 1650971, 12.87%, 11/05/26   25,191    24,929    - 
bProsper Funding LLC, 1650974, 11.1%, 11/05/26   14,810    14,656    - 
bProsper Funding LLC, 1650980, 12.29%, 11/05/24   18,558    18,344    - 
bProsper Funding LLC, 1650983, 15.1%, 11/05/24   5,886    5,834    - 
bProsper Funding LLC, 1650986, 11.55%, 11/05/24   4,067    4,047    - 
bProsper Funding LLC, 1650992, 14.53%, 11/05/26   2,965    2,934    - 
bProsper Funding LLC, 1651085, 25.6%, 11/05/26   4,461    4,348    - 
bProsper Funding LLC, 1651180, 14.89%, 11/01/24   19,553    19,187    - 
bProsper Funding LLC, 1651397, 18.33%, 11/05/26   24,737    24,172    - 
bProsper Funding LLC, 1651400, 13.13%, 11/05/26   15,808    15,551    - 
bProsper Funding LLC, 1651412, 13.6%, 11/05/26   24,703    24,302    - 
bProsper Funding LLC, 1651799, 14.23%, 11/08/26   31,132    30,829    - 
bProsper Funding LLC, 1651808, 11.2%, 11/08/26   4,937    4,889    - 
bProsper Funding LLC, 1651811, 14.6%, 11/08/24   4,399    4,328    - 
bProsper Funding LLC, 1651817, 16%, 11/08/26   14,832    14,517    - 
bProsper Funding LLC, 1651820, 12.2%, 11/08/24   11,232    11,111    - 
bProsper Funding LLC, 1651829, 16.33%, 11/08/26   1,928    1,899    - 
bProsper Funding LLC, 1652447, 12%, 11/09/24   2,442    2,416    - 
bProsper Funding LLC, 1652735, 10.8%, 11/09/26   6,802    6,891    - 
bProsper Funding LLC, 1652738, 10.8%, 11/09/24   3,905    3,864    - 
bProsper Funding LLC, 1653347, 10.8%, 11/09/26   9,872    9,778    - 
bProsper Funding LLC, 1653428, 17.59%, 11/09/26   5,441    5,328    - 
bProsper Funding LLC, 1653461, 21%, 11/09/26   7,427    7,258    - 
bProsper Funding LLC, 1654294, 14.56%, 11/05/24   14,663    14,493    - 
bProsper Funding LLC, 1654297, 13.3%, 11/05/26   14,820    14,666    - 
bProsper Funding LLC, 1654303, 21.18%, 11/05/26   9,903    9,676    - 
bProsper Funding LLC, 1654747, 15.89%, 11/05/24   3,814    3,770    - 
bProsper Funding LLC, 1654753, 11.89%, 11/05/24   2,930    2,896    - 
bProsper Funding LLC, 1654765, 13.6%, 11/05/24   9,772    9,604    - 
bProsper Funding LLC, 1654979, 11.1%, 11/12/26   6,911    6,850    - 
bProsper Funding LLC, 1654997, 16%, 11/12/26   9,706    9,517    - 
bProsper Funding LLC, 1655001, 16%, 10/26/24   1,912    1,890    - 
bProsper Funding LLC, 1655043, 10.7%, 10/26/26   31,674    31,350    - 
bProsper Funding LLC, 1655334, 25.67%, 10/27/26   5,899    5,829    - 
bProsper Funding LLC, 1655340, 18.95%, 10/27/26   11,756    11,658    - 
bProsper Funding LLC, 1655355, 12%, 10/27/26   34,141    33,800    - 
bProsper Funding LLC, 1655361, 10.8%, 10/27/24   4,649    4,601    - 
bProsper Funding LLC, 1655370, 15.29%, 10/27/24   3,823    3,763    - 
bProsper Funding LLC, 1655423, 15.39%, 11/15/24   19,556    19,379    - 
bProsper Funding LLC, 1655727, 10.9%, 10/27/26   14,621    14,474    - 
bProsper Funding LLC, 1656186, 13.41%, 10/28/24   16,224    15,978    - 
bProsper Funding LLC, 1656189, 13.7%, 10/28/26   11,718    11,540    - 
bProsper Funding LLC, 1656198, 10.71%, 10/28/26   6,822    6,755    - 
bProsper Funding LLC, 1656201, 14.68%, 10/28/26   3,420    3,387    - 
bProsper Funding LLC, 1656210, 9.45%, 10/28/26   34,081    33,746    - 
bProsper Funding LLC, 1656375, 17%, 10/28/24   2,870    2,818    - 
bProsper Funding LLC, 1656456, 12.7%, 10/28/26   11,711    11,597    - 
bProsper Funding LLC, 1656474, 18.9%, 10/28/24   3,832    3,793    - 
bProsper Funding LLC, 1656663, 11.86%, 10/29/24   6,196    6,285    - 
bProsper Funding LLC, 1656927, 11.89%, 10/29/26   19,020    19,173    - 
bProsper Funding LLC, 1657068, 21.9%, 10/29/26   14,720    14,705    - 
bProsper Funding LLC, 1657104, 10.4%, 10/29/26   24,360    24,448    - 
bProsper Funding LLC, 1657470, 16.33%, 10/29/26   17,803    17,868    - 
bProsper Funding LLC, 1658098, 12.62%, 11/08/26   19,756    19,564    - 
bProsper Funding LLC, 1658104, 12.4%, 11/08/24   7,326    7,247    - 
bProsper Funding LLC, 1658107, 14.2%, 11/08/26   19,766    19,465    - 
bProsper Funding LLC, 1658113, 11.99%, 11/08/26   5,956    5,930    - 
bProsper Funding LLC, 1658116, 14.6%, 11/08/24   4,894    4,856    - 
bProsper Funding LLC, 1658119, 12.65%, 11/08/24   8,792    8,697    - 
bProsper Funding LLC, 1658122, 19.56%, 11/08/24   16,645    16,293    - 
bProsper Funding LLC, 1658125, 13.87%, 11/08/24   7,818    7,693    - 
bProsper Funding LLC, 1658128, 10.7%, 11/08/26   14,808    14,664    - 
bProsper Funding LLC, 1658134, 13.6%, 11/08/26   4,941    4,865    - 
bProsper Funding LLC, 1658239, 21.09%, 11/08/26   1,980    1,934    - 
bProsper Funding LLC, 1658293, 11.1%, 11/08/26   3,455    3,422    - 
bProsper Funding LLC, 1658437, 14.6%, 11/08/24   14,663    14,428    - 
bProsper Funding LLC, 1658784, 14.49%, 11/02/26   19,768    19,426    - 
bProsper Funding LLC, 1659700, 13.2%, 11/09/26   3,952    3,893    - 
bProsper Funding LLC, 1660369, 15.89%, 11/10/24   24,449    24,197    - 
bProsper Funding LLC, 1660962, 16.33%, 11/05/26   17,306    17,025    - 
bProsper Funding LLC, 1660965, 14.29%, 11/05/26   17,789    17,501    - 
bProsper Funding LLC, 1660968, 11.89%, 11/05/26   10,863    10,750    - 
bProsper Funding LLC, 1660971, 16.6%, 11/05/24   11,738    11,536    - 
bProsper Funding LLC, 1661251, 16.7%, 11/12/24   8,314    8,157    - 
bProsper Funding LLC, 1664544, 14.74%, 11/08/26   5,931    5,841    - 
bProsper Funding LLC, 1664790, 25.67%, 11/08/26   9,021    8,809    - 
bProsper Funding LLC, 1664799, 15.1%, 11/08/24   19,553    19,240    - 
bProsper Funding LLC, 1664805, 18.11%, 11/08/24   3,915    3,852    - 
bProsper Funding LLC, 1664808, 11.6%, 11/08/26   11,850    11,734    - 
bProsper Funding LLC, 1664817, 16.2%, 11/08/24   1,956    1,915    - 
bProsper Funding LLC, 1664820, 18.5%, 11/08/24   19,576    19,162    - 
bProsper Funding LLC, 1664823, 16%, 11/08/24   1,956    1,925    - 
bProsper Funding LLC, 1665174, 12.5%, 11/08/26   39,511    39,126    - 

 

 

 

bProsper Funding LLC, 1665390, 10.7%, 11/08/26   24,680    24,439    - 
bProsper Funding LLC, 1666392, 11.2%, 11/09/26   5,924    5,868    - 
bProsper Funding LLC, 1667205, 13.7%, 11/10/24   5,863    5,803    - 
bProsper Funding LLC, 1667217, 9.71%, 11/10/24   7,807    7,726    - 
bProsper Funding LLC, 1670433, 16.02%, 11/16/24   4,890    4,807    - 
bProsper Funding LLC, 1670892, 11.55%, 11/17/26   2,962    2,939    - 
bProsper Funding LLC, 1672265, 13.3%, 12/14/26   10,500    10,444    - 
bProsper Funding LLC, 1672268, 18.78%, 12/14/26   10,000    9,921    - 
bProsper Funding LLC, 1672271, 13.59%, 12/14/24   9,500    9,444    - 
bProsper Funding LLC, 1672649, 14%, 12/14/24   15,000    14,912    - 
bProsper Funding LLC, 1672679, 15.12%, 12/14/24   2,000    1,988    - 
bProsper Funding LLC, 1672694, 13.36%, 12/14/24   5,000    4,981    - 
bProsper Funding LLC, 1672931, 16.9%, 12/15/24   20,000    19,891    - 
bProsper Funding LLC, 1672937, 15.5%, 12/15/24   15,000    14,918    - 
bProsper Funding LLC, 1672946, 13.81%, 12/15/24   24,300    24,214    - 
bProsper Funding LLC, 1673135, 22.6%, 12/15/24   2,000    1,982    - 
bProsper Funding LLC, 1673226, 18.41%, 11/22/24   8,320    8,230    - 
bProsper Funding LLC, 1673321, 24.03%, 12/15/26   8,500    8,424    - 
bProsper Funding LLC, 1673333, 13.96%, 12/15/24   8,000    7,972    - 
bProsper Funding LLC, 1673528, 19%, 12/16/26   25,000    24,829    - 
bProsper Funding LLC, 1673894, 11.79%, 12/16/24   7,000    6,977    - 
bProsper Funding LLC, 1673948, 17.54%, 12/16/26   20,000    19,863    - 
bProsper Funding LLC, 1674203, 10.8%, 12/17/26   15,000    14,959    - 
bProsper Funding LLC, 1674248, 16.5%, 12/17/26   20,000    19,916    - 
bProsper Funding LLC, 1674359, 22.2%, 12/17/26   3,500    3,540    - 
bProsper Funding LLC, 1674698, 11.89%, 12/17/26   5,000    4,987    - 
bProsper Funding LLC, 1674779, 10.4%, 12/17/26   13,500    13,463    - 
bProsper Funding LLC, 1674923, 16%, 12/20/24   14,000    13,929    - 
bProsper Funding LLC, 1676078, 10.7%, 12/21/26   11,000    10,980    - 
bProsper Funding LLC, 1676924, 18.9%, 12/22/26   5,000    4,981    - 
bProsper Funding LLC, 1678318, 19.1%, 12/14/24   11,000    10,910    - 
bProsper Funding LLC, 1678330, 14.39%, 12/14/24   8,500    8,450    - 
bProsper Funding LLC, 1678333, 12%, 12/14/24   6,500    6,475    - 
bProsper Funding LLC, 1678351, 11.34%, 12/14/26   35,000    34,882    - 
bProsper Funding LLC, 1678708, 16.7%, 12/14/24   10,000    9,942    - 
bProsper Funding LLC, 1678714, 25.2%, 12/14/26   15,000    14,857    - 
bProsper Funding LLC, 1679056, 26.13%, 12/15/26   5,000    4,956    - 
bProsper Funding LLC, 1679089, 10.4%, 12/15/26   6,500    6,479    - 
bProsper Funding LLC, 1679173, 10.5%, 12/15/26   19,000    18,940    - 
bProsper Funding LLC, 1679512, 15.7%, 12/15/26   20,000    19,902    - 
bProsper Funding LLC, 1679959, 12.32%, 12/16/26   5,500    5,484    - 
bProsper Funding LLC, 1680064, 15.8%, 12/16/24   4,000    3,980    - 
bProsper Funding LLC, 1680109, 18.25%, 12/16/26   10,000    9,931    - 
bProsper Funding LLC, 1680136, 10.8%, 12/16/24   7,000    6,977    - 
bProsper Funding LLC, 1680178, 16.95%, 12/16/24   15,000    14,924    - 
bProsper Funding LLC, 1680745, 13.3%, 12/17/26   12,000    11,949    - 
bProsper Funding LLC, 1680763, 14%, 12/17/24   10,000    9,953    - 
bProsper Funding LLC, 1681009, 13.5%, 12/20/26   7,500    7,476    - 
bProsper Funding LLC, 1682398, 17.8%, 12/21/24   25,000    24,888    - 
bProsper Funding LLC, 1684060, 24.09%, 12/23/24   15,000    14,939    - 
bProsper Funding LLC, 1685184, 12.4%, 12/14/26   15,000    14,950    - 
bProsper Funding LLC, 1685208, 16%, 12/14/24   2,000    1,984    - 
bProsper Funding LLC, 1685217, 10.5%, 12/14/26   25,000    24,916    - 
bProsper Funding LLC, 1685232, 11.07%, 12/14/26   25,000    24,916    - 
bProsper Funding LLC, 1685235, 15.29%, 12/14/26   20,000    19,895    - 
bProsper Funding LLC, 1685577, 28.23%, 12/14/26   15,000    14,858    - 
bProsper Funding LLC, 1685598, 16.8%, 12/14/24   5,000    4,971    - 
bProsper Funding LLC, 1685604, 19.6%, 12/14/24   2,000    1,984    - 
bProsper Funding LLC, 1685808, 18.33%, 12/15/26   25,000    24,816    - 
bProsper Funding LLC, 1685919, 16.7%, 12/15/24   23,000    22,875    - 
bProsper Funding LLC, 1685934, 18.41%, 12/15/24   4,000    3,978    - 
bProsper Funding LLC, 1685937, 15.5%, 12/15/26   3,000    2,985    - 
bProsper Funding LLC, 1685940, 17%, 12/15/24   2,000    1,985    - 
bProsper Funding LLC, 1685961, 18.48%, 12/15/26   15,000    14,890    - 
bProsper Funding LLC, 1685967, 11.5%, 12/15/26   14,000    13,956    - 
bProsper Funding LLC, 1685970, 14.09%, 12/15/24   10,000    9,945    - 
bProsper Funding LLC, 1685976, 11.89%, 12/15/26   8,000    7,975    - 
bProsper Funding LLC, 1686336, 13.1%, 12/15/26   8,500    8,473    - 
bProsper Funding LLC, 1686345, 23%, 12/15/26   10,000    9,911    - 
bProsper Funding LLC, 1686372, 16.7%, 12/15/26   10,000    9,951    - 
bProsper Funding LLC, 1687689, 16%, 12/17/26   16,000    15,898    - 
bProsper Funding LLC, 1687713, 16.1%, 12/17/24   7,500    7,465    - 
bProsper Funding LLC, 1687770, 14.29%, 12/17/26   15,000    14,936    - 
bProsper Funding LLC, 1688022, 13.6%, 12/20/26   13,000    12,958    - 
bProsper Funding LLC, 1688361, 16.93%, 12/20/26   25,000    24,921    - 
bProsper Funding LLC, 1688382, 10.29%, 12/20/26   15,000    14,969    - 
bProsper Funding LLC, 1689060, 21.9%, 12/21/26   4,000    3,979    - 
bProsper Funding LLC, 1691244, 14.7%, 12/24/26   13,000    12,976    - 
    3,337,417    3,297,370      
                
bUpstart Network, Inc., FW1700325, 30.13%, 09/16/26   1,181    1,175    - 
bUpstart Network, Inc., FW1712932, 26.56%, 09/16/26   5,849    5,814    - 
bUpstart Network, Inc., FW1716737, 16.3%, 09/16/26   2,900    2,878    - 
bUpstart Network, Inc., FW1716789, 31.43%, 09/16/26   9,781    9,726    - 
bUpstart Network, Inc., FW1717780, 25.12%, 09/16/26   9,076    9,027    - 
bUpstart Network, Inc., FW1718739, 31.08%, 09/16/26   3,176    941    47 
bUpstart Network, Inc., FW1718876, 30.65%, 09/16/26   2,200    694    47 
bUpstart Network, Inc., FW1719851, 30.98%, 09/16/26   8,702    8,653    - 
bUpstart Network, Inc., FW1720056, 25.74%, 09/16/26   9,743    9,684    - 
bUpstart Network, Inc., FW1720288, 31.89%, 09/16/26   14,941    14,838    - 
bUpstart Network, Inc., FW1720294, 30.66%, 09/16/26   2,444    2,430    - 
bUpstart Network, Inc., FW1720347, 28.7%, 09/16/24   1,416    1,402    - 
bUpstart Network, Inc., FW1720353, 25.01%, 09/16/26   3,895    3,871    - 
bUpstart Network, Inc., FW1720421, 27.95%, 09/16/26   5,855    5,820    - 

 

 

 

bUpstart Network, Inc., FW1720488, 29.98%, 09/16/26   1,062    1,054    - 
bUpstart Network, Inc., FW1720530, 31.99%, 09/16/26   4,566    1,355    47 
bUpstart Network, Inc., FW1720537, 25.44%, 09/16/26   4,913    4,888    - 
bUpstart Network, Inc., FW1720574, 31.75%, 09/16/26   14,574    14,492    - 
bUpstart Network, Inc., FW1720612, 11.37%, 09/16/26   11,547    11,489    - 
bUpstart Network, Inc., FW1720620, 27.29%, 09/16/26   7,803    7,756    - 
bUpstart Network, Inc., FW1720737, 29.83%, 09/16/26   2,928    2,906    - 
bUpstart Network, Inc., FW1720748, 16.61%, 09/16/26   4,835    4,805    - 
bUpstart Network, Inc., FW1720766, 10.27%, 09/16/26   14,417    14,358    - 
bUpstart Network, Inc., FW1720865, 26.03%, 09/16/26   2,339    2,324    - 
bUpstart Network, Inc., FW1720921, 29.11%, 09/16/24   2,174    2,153    - 
bUpstart Network, Inc., FW1720962, 28.99%, 09/16/26   8,789    8,737    - 
bUpstart Network, Inc., FW1720986, 30.57%, 09/16/26   944    937    - 
bUpstart Network, Inc., FW1721052, 11.93%, 09/16/24   7,901    7,861    - 
bUpstart Network, Inc., FW1721072, 27.91%, 09/16/24   4,722    4,675    - 
bUpstart Network, Inc., FW1721073, 30.77%, 09/16/26   5,000    746    78 
bUpstart Network, Inc., FW1721123, 26.58%, 09/16/24   1,415    1,400    - 
bUpstart Network, Inc., FW1721156, 26.95%, 09/16/26   21,453    21,324    - 
bUpstart Network, Inc., FW1721203, 9.61%, 09/16/26   7,692    7,675    - 
bUpstart Network, Inc., FW1721436, 14.47%, 09/16/26   26,517    26,295    - 
bUpstart Network, Inc., FW1721453, 30.57%, 09/16/26   9,775    9,720    - 
bUpstart Network, Inc., FW1721612, 26.87%, 09/16/26   5,156    5,120    - 
bUpstart Network, Inc., FW1721771, 20.18%, 09/16/26   5,820    5,782    - 
bUpstart Network, Inc., FW1721917, 31.13%, 09/16/26   5,000    1,584    47 
bUpstart Network, Inc., FW1722039, 30.1%, 09/16/26   7,442    2,191    47 
bUpstart Network, Inc., FW1722067, 26.89%, 09/16/26   7,801    7,754    - 
bUpstart Network, Inc., FW1722168, 28.72%, 09/16/24   4,733    4,693    - 
bUpstart Network, Inc., FW1722218, 29.06%, 09/16/26   4,872    4,843    - 
bUpstart Network, Inc., FW1722328, 28.64%, 09/16/26   12,896    3,808    47 
bUpstart Network, Inc., FW1722389, 21.83%, 09/16/26   24,343    24,203    - 
bUpstart Network, Inc., FW1722554, 28.88%, 09/16/26   1,643    1,632    - 
bUpstart Network, Inc., FW1722580, 28.29%, 09/16/26   2,929    2,913    - 
bUpstart Network, Inc., FW1722591, 28.03%, 09/16/26   4,880    4,852    - 
bUpstart Network, Inc., FW1722610, 30.76%, 09/16/26   2,464    2,347    17 
bUpstart Network, Inc., FW1722651, 31.1%, 09/16/26   2,931    2,914    - 
bUpstart Network, Inc., FW1722663, 31.38%, 09/16/26   1,670    491    47 
bUpstart Network, Inc., FW1850949, 31.21%, 10/21/26   37,317    37,216    - 
bUpstart Network, Inc., FW1878892, 27.8%, 10/21/24   1,096    1,088    - 
bUpstart Network, Inc., FW1880019, 6.18%, 10/21/24   930    927    - 
bUpstart Network, Inc., FW1885925, 19.58%, 10/21/24   7,668    7,640    - 
bUpstart Network, Inc., FW1889324, 29.6%, 10/21/26   9,358    9,341    - 
bUpstart Network, Inc., FW1889799, 26.61%, 10/21/26   9,837    9,815    - 
bUpstart Network, Inc., FW1889834, 31.36%, 10/21/26   993    950    12 
bUpstart Network, Inc., FW1890284, 30.97%, 10/21/26   1,971    1,968    - 
bUpstart Network, Inc., FW1890555, 31.62%, 10/21/26   4,968    4,751    12 
bUpstart Network, Inc., FW1890635, 30.62%, 10/21/26   1,191    1,137    12 
bUpstart Network, Inc., FW1890712, 31.02%, 10/21/26   1,774    1,771    - 
bUpstart Network, Inc., FW1890831, 30.45%, 10/21/26   5,913    5,902    - 
bUpstart Network, Inc., FW1890892, 16.8%, 10/21/26   9,299    9,272    - 
bUpstart Network, Inc., FW1890927, 30.31%, 10/21/24   11,580    11,537    - 
bUpstart Network, Inc., FW1890965, 27.74%, 10/21/26   49,017    48,856    - 
bUpstart Network, Inc., FW1891199, 31.09%, 10/21/26   1,190    1,136    12 
bUpstart Network, Inc., FW1891489, 29.94%, 10/21/26   2,245    2,237    - 
bUpstart Network, Inc., FW1891505, 21.84%, 10/21/24   3,206    3,186    - 
bUpstart Network, Inc., FW1891547, 26.16%, 10/21/26   6,408    6,394    - 
bUpstart Network, Inc., FW1891617, 30.83%, 10/21/26   2,936    2,927    - 
bUpstart Network, Inc., FW1891670, 25.4%, 10/21/24   3,345    3,323    - 
bUpstart Network, Inc., FW1891693, 22.94%, 10/21/26   5,321    5,297    - 
bUpstart Network, Inc., FW1891777, 27.96%, 10/21/26   39,705    37,953    12 
bUpstart Network, Inc., FW1891795, 28.39%, 10/21/26   9,845    9,826    - 
bUpstart Network, Inc., FW1891866, 16.96%, 10/21/24   4,784    4,765    - 
bUpstart Network, Inc., FW1891950, 29.07%, 10/21/26   49,685    47,504    12 
bUpstart Network, Inc., FW1891993, 28.9%, 10/21/26   5,909    5,897    - 
bUpstart Network, Inc., FW1892016, 29.55%, 10/21/26   1,478    1,475    - 
bUpstart Network, Inc., FW1892106, 26.33%, 10/21/26   4,918    4,907    - 
bUpstart Network, Inc., FW1892210, 28.91%, 10/21/26   6,298    6,272    - 
bUpstart Network, Inc., FW1892240, 22.75%, 10/21/24   3,842    3,825    - 
bUpstart Network, Inc., FW1892275, 31.17%, 10/21/26   22,809    21,782    12 
bUpstart Network, Inc., FW1892283, 28.56%, 10/21/26   19,692    19,654    - 
bUpstart Network, Inc., FW1892319, 22.95%, 10/21/26   3,000    928    42 
bUpstart Network, Inc., FW1892377, 22.87%, 10/21/24   1,921    1,912    - 
bUpstart Network, Inc., FW1892411, 14.52%, 10/21/26   24,426    24,392    - 
bUpstart Network, Inc., FW1892525, 26.98%, 10/21/26   13,204    13,177    - 
bUpstart Network, Inc., FW1892541, 31.18%, 10/21/26   1,676    1,673    - 
bUpstart Network, Inc., FW1892653, 19.01%, 10/21/24   3,066    3,055    - 
bUpstart Network, Inc., FW1892685, 31.39%, 10/21/26   2,549    2,542    - 
bUpstart Network, Inc., FW1892688, 18.33%, 10/21/24   15,258    15,175    - 
bUpstart Network, Inc., FW1892835, 22.74%, 10/21/24   1,426    1,415    - 
bUpstart Network, Inc., FW1892884, 28.78%, 10/21/26   2,354    2,346    - 
bUpstart Network, Inc., FW1892967, 24.12%, 10/21/24   2,817    2,796    - 
bUpstart Network, Inc., FW1893137, 29.93%, 10/21/24   4,824    4,806    - 
bUpstart Network, Inc., FW1893145, 30.26%, 10/21/26   9,854    9,837    - 
bUpstart Network, Inc., FW1893306, 13.33%, 10/21/26   11,716    11,697    - 
bUpstart Network, Inc., FW1893365, 26.97%, 10/21/24   9,631    9,592    - 
bUpstart Network, Inc., FW1893388, 28.06%, 10/21/26   9,844    9,824    - 
bUpstart Network, Inc., FW1893394, 30.91%, 10/21/26   3,253    3,247    - 
bUpstart Network, Inc., FW1893402, 27.14%, 10/21/26   5,904    5,891    - 
bUpstart Network, Inc., FW1893434, 29.94%, 10/21/26   1,070    1,066    - 
bUpstart Network, Inc., FW1893730, 26.84%, 10/21/26   7,870    7,853    - 
bUpstart Network, Inc., FW1893899, 29.21%, 10/21/24   9,065    9,031    - 
bUpstart Network, Inc., FW1893968, 31.22%, 10/21/26   9,389    9,376    - 
bUpstart Network, Inc., FW1893982, 28.82%, 10/21/26   4,105    4,091    - 
bUpstart Network, Inc., FW1894061, 30.74%, 10/21/26   4,928    4,920    - 
bUpstart Network, Inc., FW1894097, 26.45%, 10/21/26   5,882    5,862    - 

 

 

 

bUpstart Network, Inc., FW1894326, 29.68%, 10/21/26   10,486    10,442    - 
bUpstart Network, Inc., FW1894367, 26.84%, 10/21/24   6,800    2,015    42 
bUpstart Network, Inc., FW1894387, 17.87%, 10/21/26   5,874    5,851    - 
bUpstart Network, Inc., FW1894403, 28.39%, 10/21/24   1,157    1,152    - 
bUpstart Network, Inc., FW1894575, 28.17%, 10/21/26   4,884    4,868    - 
bUpstart Network, Inc., FW1894672, 20.2%, 10/21/26   5,882    5,861    - 
bUpstart Network, Inc., FW1894732, 18.56%, 10/21/24   3,831    3,811    - 
bUpstart Network, Inc., FW1894842, 31.16%, 10/21/26   4,239    4,232    - 
bUpstart Network, Inc., FW1894844, 18.47%, 10/21/26   22,561    22,476    - 
bUpstart Network, Inc., FW1894935, 16.07%, 10/21/24   4,305    4,101    12 
bUpstart Network, Inc., FW1894937, 30.9%, 10/21/26   14,785    14,760    - 
bUpstart Network, Inc., FW1895177, 31.14%, 10/21/26   2,980    2,850    12 
bUpstart Network, Inc., FW1895268, 18.48%, 10/21/24   4,789    4,771    - 
bUpstart Network, Inc., FW1895480, 16.41%, 10/21/26   12,717    12,665    - 
bUpstart Network, Inc., FW1895679, 24.08%, 10/21/26   2,554    2,548    - 
bUpstart Network, Inc., FW1895692, 27.07%, 10/21/26   7,379    7,364    - 
bUpstart Network, Inc., FW1895865, 29.13%, 10/21/24   925    918    - 
bUpstart Network, Inc., FW1895968, 27.89%, 10/21/26   9,827    9,797    - 
bUpstart Network, Inc., FW1896078, 18.57%, 10/21/26   6,073    6,067    - 
bUpstart Network, Inc., FW2001495, 15.25%, 11/10/24   1,414    1,408    - 
bUpstart Network, Inc., FW2007066, 17.61%, 11/10/24   1,468    1,459    - 
bUpstart Network, Inc., FW2007819, 23.25%, 11/10/26   9,857    9,797    - 
bUpstart Network, Inc., FW2010781, 29.79%, 11/10/24   4,027    3,998    - 
bUpstart Network, Inc., FW2011916, 16.6%, 11/10/26   2,967    2,960    - 
bUpstart Network, Inc., FW2014044, 31.01%, 11/10/26   3,970    3,951    - 
bUpstart Network, Inc., FW2015111, 27.96%, 11/10/26   2,380    2,368    - 
bUpstart Network, Inc., FW2015165, 31.13%, 11/10/26   1,787    1,778    - 
bUpstart Network, Inc., FW2015174, 28.27%, 11/10/24   1,070    1,061    - 
bUpstart Network, Inc., FW2015254, 26.34%, 11/10/26   25,581    25,443    - 
bUpstart Network, Inc., FW2015265, 22.74%, 11/10/26   5,449    5,417    - 
bUpstart Network, Inc., FW2015303, 13.44%, 11/10/26   49,495    49,437    - 
bUpstart Network, Inc., FW2015356, 29.53%, 11/10/26   991    986    - 
bUpstart Network, Inc., FW2015596, 27.05%, 11/10/26   39,430    39,204    - 
bUpstart Network, Inc., FW2015624, 24.49%, 11/10/26   5,810    5,772    - 
bUpstart Network, Inc., FW2015645, 21.59%, 11/10/26   5,917    5,880    - 
bUpstart Network, Inc., FW2015677, 29.14%, 11/10/26   3,968    3,948    - 
bUpstart Network, Inc., FW2015746, 30.57%, 11/10/26   2,878    2,864    - 
bUpstart Network, Inc., FW2015784, 31.24%, 11/10/26   2,283    2,272    - 
bUpstart Network, Inc., FW2015791, 26.34%, 11/10/24   981    974    - 
bUpstart Network, Inc., FW2015792, 31.07%, 11/10/26   4,984    4,969    - 
bUpstart Network, Inc., FW2015810, 28.92%, 11/10/24   1,367    1,357    - 
bUpstart Network, Inc., FW2015849, 30.69%, 11/10/26   13,730    13,654    - 
bUpstart Network, Inc., FW2015852, 30.89%, 11/10/26   1,886    1,877    - 
bUpstart Network, Inc., FW2015895, 31.02%, 11/10/26   2,289    2,281    - 
bUpstart Network, Inc., FW2015923, 30.28%, 11/10/26   7,939    7,900    - 
bUpstart Network, Inc., FW2016021, 29.96%, 11/10/26   14,884    14,811    - 
bUpstart Network, Inc., FW2016098, 30.28%, 11/10/26   1,588    1,580    - 
bUpstart Network, Inc., FW2016099, 31.2%, 11/10/26   1,800    1,083    23 
bUpstart Network, Inc., FW2016238, 30.97%, 11/10/26   2,184    2,173    - 
bUpstart Network, Inc., FW2016268, 7.76%, 11/10/24   11,214    11,179    - 
bUpstart Network, Inc., FW2016322, 27.44%, 11/10/24   1,963    1,948    - 
bUpstart Network, Inc., FW2016328, 12.86%, 11/10/24   2,931    2,920    - 
bUpstart Network, Inc., FW2016361, 30.75%, 11/10/24   16,308    16,193    - 
bUpstart Network, Inc., FW2016392, 31.01%, 11/10/26   1,282    1,275    - 
bUpstart Network, Inc., FW2016440, 31.16%, 11/10/26   4,169    4,149    - 
bUpstart Network, Inc., FW2016457, 29.16%, 11/10/24   2,750    2,730    - 
bUpstart Network, Inc., FW2016481, 30.38%, 11/10/26   1,389    1,383    - 
bUpstart Network, Inc., FW2016567, 21.23%, 11/10/26   4,951    4,921    - 
bUpstart Network, Inc., FW2016581, 9.85%, 11/10/26   1,480    1,478    - 
bUpstart Network, Inc., FW2016602, 16.55%, 11/10/26   11,868    11,808    - 
bUpstart Network, Inc., FW2016668, 29.41%, 11/10/26   6,945    6,910    - 
bUpstart Network, Inc., FW2016681, 31.25%, 11/10/26   5,459    5,433    - 
bUpstart Network, Inc., FW2016710, 28.83%, 11/10/26   13,799    13,757    - 
bUpstart Network, Inc., FW2016840, 22.02%, 11/10/24   1,764    1,750    - 
bUpstart Network, Inc., FW2016853, 29.43%, 11/10/26   5,672    5,640    - 
bUpstart Network, Inc., FW2016891, 29.13%, 11/10/26   17,064    16,978    - 
bUpstart Network, Inc., FW2016897, 16.86%, 11/10/26   9,891    9,841    - 
bUpstart Network, Inc., FW2016902, 11.15%, 11/10/26   6,911    6,890    - 
bUpstart Network, Inc., FW2016959, 30.64%, 11/10/26   3,176    3,160    - 
bUpstart Network, Inc., FW2016997, 28.76%, 11/10/26   3,968    3,948    - 
bUpstart Network, Inc., FW2017000, 31.19%, 11/10/26   12,083    12,028    - 
bUpstart Network, Inc., FW2017022, 26.79%, 11/10/24   975    967    - 
bUpstart Network, Inc., FW2017063, 30.06%, 11/10/26   1,000    617    23 
bUpstart Network, Inc., FW2017102, 30.96%, 11/10/26   1,985    1,975    - 
bUpstart Network, Inc., FW2017120, 25.88%, 11/10/26   7,138    7,099    - 
bUpstart Network, Inc., FW2017125, 31.13%, 11/10/26   1,886    1,877    - 
bUpstart Network, Inc., FW2017177, 30.73%, 11/10/26   2,878    2,864    - 
bUpstart Network, Inc., FW2017263, 13.09%, 11/10/26   24,228    24,151    - 
bUpstart Network, Inc., FW2017268, 27.29%, 11/10/24   1,963    1,948    - 
bUpstart Network, Inc., FW2017274, 23.62%, 11/10/24   2,451    2,432    - 
bUpstart Network, Inc., FW2017278, 27.94%, 11/10/24   2,945    2,923    - 
bUpstart Network, Inc., FW2017283, 29.28%, 11/10/26   4,961    4,936    - 
bUpstart Network, Inc., FW2017309, 21.14%, 11/10/26   10,893    10,872    - 
bUpstart Network, Inc., FW2017315, 26.97%, 11/10/26   4,958    4,932    - 
bUpstart Network, Inc., FW2017356, 25.92%, 11/10/24   9,811    9,736    - 
bUpstart Network, Inc., FW2017359, 28.74%, 11/10/26   3,376    3,355    - 
bUpstart Network, Inc., FW2017367, 29.54%, 11/10/26   47,626    47,388    - 
bUpstart Network, Inc., FW2017369, 30.83%, 11/10/26   2,977    2,963    - 
bUpstart Network, Inc., FW2017395, 27.53%, 11/10/26   5,942    5,910    - 
bUpstart Network, Inc., FW2017400, 27.03%, 11/10/26   9,939    9,902    - 
bUpstart Network, Inc., FW2017411, 30.98%, 11/10/26   2,680    2,667    - 
bUpstart Network, Inc., FW2017415, 22.56%, 11/10/26   9,411    9,356    - 
bUpstart Network, Inc., FW2017426, 31.02%, 11/10/26   2,600    1,606    23 
bUpstart Network, Inc., FW2017442, 30.64%, 11/10/26   3,970    3,950    - 

 

 

 

bUpstart Network, Inc., FW2017448, 26.97%, 11/10/26   1,983    1,973    - 
bUpstart Network, Inc., FW2017462, 21.87%, 11/10/26   3,000    1,726    23 
bUpstart Network, Inc., FW2017468, 28.36%, 11/10/26   1,984    1,974    - 
bUpstart Network, Inc., FW2017504, 31.13%, 11/10/26   2,791    2,786    - 
bUpstart Network, Inc., FW2017509, 31.09%, 11/10/26   2,481    2,469    - 
bUpstart Network, Inc., FW2017530, 26.49%, 11/10/26   2,776    2,761    - 
bUpstart Network, Inc., FW2017531, 30.14%, 11/10/26   7,442    7,406    - 
bUpstart Network, Inc., FW2017549, 31.31%, 11/10/26   7,444    7,409    - 
bUpstart Network, Inc., FW2017551, 26.35%, 11/10/24   6,862    6,806    - 
bUpstart Network, Inc., FW2017578, 30.27%, 11/10/26   7,800    4,813    23 
bUpstart Network, Inc., FW2017627, 28.75%, 11/10/26   7,000    4,311    23 
bUpstart Network, Inc., FW2017636, 25.43%, 11/10/26   16,356    16,267    - 
bUpstart Network, Inc., FW2017665, 26.79%, 11/10/26   11,899    11,836    - 
bUpstart Network, Inc., FW2017685, 26.05%, 11/10/26   10,000    9,966    - 
bUpstart Network, Inc., FW2017724, 26.2%, 11/10/26   3,946    3,923    - 
bUpstart Network, Inc., FW2017752, 26.85%, 11/10/26   29,552    29,394    - 
bUpstart Network, Inc., FW2017756, 30.55%, 11/10/26   12,703    12,641    - 
bUpstart Network, Inc., FW2017805, 30.78%, 11/10/26   2,779    2,765    - 
bUpstart Network, Inc., FW2017808, 24.16%, 11/10/26   19,817    19,706    - 
bUpstart Network, Inc., FW2017813, 31.14%, 11/10/26   1,480    1,472    - 
bUpstart Network, Inc., FW2017821, 29.34%, 11/10/26   4,961    4,936    - 
bUpstart Network, Inc., FW2017831, 32.03%, 11/10/26   6,937    6,903    - 
bUpstart Network, Inc., FW2017922, 16.45%, 11/10/26   14,814    14,777    - 
bUpstart Network, Inc., FW2017939, 21.1%, 11/10/26   6,932    6,900    - 
bUpstart Network, Inc., FW2017940, 29.24%, 11/10/26   2,778    2,764    - 
bUpstart Network, Inc., FW2017946, 31.9%, 11/10/26   2,420    2,406    - 
bUpstart Network, Inc., FW2017963, 31.1%, 11/10/26   9,330    9,285    - 
bUpstart Network, Inc., FW2017995, 27.09%, 11/10/26   5,950    5,919    - 
bUpstart Network, Inc., FW2017996, 29.99%, 11/10/26   3,473    3,456    - 
bUpstart Network, Inc., FW2018013, 28.12%, 11/10/26   40,000    39,873    - 
bUpstart Network, Inc., FW2018016, 16.76%, 11/10/26   19,717    19,614    - 
bUpstart Network, Inc., FW2018022, 19.66%, 11/10/26   49,493    49,177    - 
bUpstart Network, Inc., FW2018024, 26.15%, 11/10/24   2,943    2,921    - 
bUpstart Network, Inc., FW2018046, 23.73%, 11/10/26   3,567    3,547    - 
bUpstart Network, Inc., FW2018051, 30.78%, 11/10/26   3,871    3,852    - 
bUpstart Network, Inc., FW2018062, 14.37%, 11/10/24   3,424    3,408    - 
bUpstart Network, Inc., FW2018064, 30.66%, 11/10/26   4,038    4,016    - 
bUpstart Network, Inc., FW2018082, 31.51%, 11/10/26   3,900    2,410    23 
bUpstart Network, Inc., FW2018097, 28.2%, 11/10/26   1,773    1,763    - 
bUpstart Network, Inc., FW2018111, 25.21%, 11/10/26   1,982    1,972    - 
bUpstart Network, Inc., FW2018112, 27.81%, 11/10/26   11,820    11,753    - 
bUpstart Network, Inc., FW2018119, 28.89%, 11/10/26   4,960    4,935    - 
bUpstart Network, Inc., FW2018137, 31.23%, 11/10/26   19,950    19,855    - 
bUpstart Network, Inc., FW2018216, 32.18%, 11/10/26   3,670    3,652    - 
bUpstart Network, Inc., FW2018222, 9.41%, 11/10/24   4,879    4,864    - 
bUpstart Network, Inc., FW2018223, 28.99%, 11/10/26   5,953    5,922    - 
bUpstart Network, Inc., FW2018257, 17.6%, 11/10/26   5,936    5,906    - 
bUpstart Network, Inc., FW2018301, 24.87%, 11/10/24   4,705    4,663    - 
bUpstart Network, Inc., FW2018317, 30.99%, 11/10/26   9,230    9,186    - 
bUpstart Network, Inc., FW2018328, 28.94%, 11/10/26   1,190    1,184    - 
bUpstart Network, Inc., FW2018342, 31.12%, 11/10/26   3,474    3,457    - 
bUpstart Network, Inc., FW2018365, 31.14%, 11/10/26   1,489    1,482    - 
bUpstart Network, Inc., FW2018387, 29.17%, 11/10/24   9,820    9,748    - 
bUpstart Network, Inc., FW2018421, 31.14%, 11/10/26   4,169    4,149    - 
bUpstart Network, Inc., FW2018448, 31.24%, 11/10/26   993    988    - 
bUpstart Network, Inc., FW2018454, 14.63%, 11/10/24   1,173    1,169    - 
bUpstart Network, Inc., FW2018468, 26.52%, 11/10/26   20,000    19,933    - 
bUpstart Network, Inc., FW2103098, 18.1%, 11/24/26   3,958    3,948    - 
bUpstart Network, Inc., FW2103748, 16.46%, 11/24/26   4,945    4,943    - 
bUpstart Network, Inc., FW2103854, 20.73%, 11/24/26   19,729    19,704    - 
bUpstart Network, Inc., FW2104440, 24.64%, 11/24/26   5,947    5,943    - 
bUpstart Network, Inc., FW2104466, 31.47%, 11/24/26   4,169    4,170    - 
bUpstart Network, Inc., FW2108311, 26.95%, 11/24/26   3,967    3,966    - 
bUpstart Network, Inc., FW2108397, 31.01%, 11/24/26   2,200    2,108    9 
bUpstart Network, Inc., FW2109377, 30.03%, 11/24/26   4,986    4,844    - 
bUpstart Network, Inc., FW2109436, 27.52%, 11/24/24   1,200    1,164    9 
bUpstart Network, Inc., FW2109608, 30.73%, 11/24/26   1,985    1,985    - 
bUpstart Network, Inc., FW2109623, 26.48%, 11/24/26   27,961    27,952    - 
bUpstart Network, Inc., FW2109663, 25.71%, 11/24/24   2,551    2,545    - 
bUpstart Network, Inc., FW2109750, 14.68%, 11/24/26   39,538    39,514    - 
bUpstart Network, Inc., FW2109993, 28.34%, 11/24/26   4,960    4,959    - 
bUpstart Network, Inc., FW2110153, 19.9%, 11/24/24   1,958    1,955    - 
bUpstart Network, Inc., FW2110344, 29.09%, 11/24/24   6,088    6,078    - 
bUpstart Network, Inc., FW2110571, 29.18%, 11/24/24   4,517    4,510    - 
bUpstart Network, Inc., FW2110697, 21.79%, 11/24/26   12,875    12,863    - 
bUpstart Network, Inc., FW2110774, 28.89%, 11/24/24   9,819    9,803    - 
bUpstart Network, Inc., FW2110808, 30.94%, 11/24/26   1,489    1,489    - 
bUpstart Network, Inc., FW2110828, 31.1%, 11/24/26   1,776    1,775    - 
bUpstart Network, Inc., FW2110829, 27.91%, 11/24/26   14,878    14,876    - 
bUpstart Network, Inc., FW2110854, 21.25%, 11/24/26   5,942    5,930    - 
bUpstart Network, Inc., FW2110860, 31.09%, 11/24/26   4,665    4,666    - 
bUpstart Network, Inc., FW2110871, 31.83%, 11/24/26   3,971    3,972    - 
bUpstart Network, Inc., FW2110876, 29.84%, 11/24/26   20,000    19,161    9 
bUpstart Network, Inc., FW2110882, 25.83%, 11/24/26   7,931    7,928    - 
bUpstart Network, Inc., FW2110973, 28.48%, 11/24/26   2,976    2,976    - 
bUpstart Network, Inc., FW2111028, 31.18%, 11/24/26   2,184    2,184    - 
bUpstart Network, Inc., FW2111175, 16.64%, 11/24/26   6,917    6,905    - 
bUpstart Network, Inc., FW2111195, 30.9%, 11/24/26   2,382    2,383    - 
bUpstart Network, Inc., FW2111253, 27.22%, 11/24/24   1,963    1,959    - 
bUpstart Network, Inc., FW2111301, 28.21%, 11/24/26   4,960    4,959    - 
bUpstart Network, Inc., FW2111351, 31.07%, 11/24/26   1,692    1,695    - 
bUpstart Network, Inc., FW2111356, 30.95%, 11/24/26   1,000    958    9 
bUpstart Network, Inc., FW2111387, 25.36%, 11/24/26   6,741    6,738    - 
bUpstart Network, Inc., FW2111392, 29.36%, 11/24/26   5,953    5,953    - 

 

 

 

bUpstart Network, Inc., FW2111418, 30.88%, 11/24/26   15,383    15,387    - 
bUpstart Network, Inc., FW2111422, 31.12%, 11/24/24   4,520    4,513    - 
bUpstart Network, Inc., FW2111445, 28.69%, 11/24/26   7,143    7,142    - 
bUpstart Network, Inc., FW2111473, 17.42%, 11/24/26   3,845    3,838    - 
bUpstart Network, Inc., FW2111483, 29.68%, 11/24/26   1,300    1,259    9 
bUpstart Network, Inc., FW2111505, 28.14%, 11/24/24   2,600    2,521    9 
bUpstart Network, Inc., FW2111511, 31.22%, 11/24/26   13,100    12,695    9 
bUpstart Network, Inc., FW2111514, 25.71%, 11/24/26   7,000    6,702    9 
bUpstart Network, Inc., FW2111536, 24.67%, 11/24/26   9,898    9,881    - 
bUpstart Network, Inc., FW2111563, 11.69%, 11/24/26   11,850    11,838    - 
bUpstart Network, Inc., FW2111564, 19.87%, 11/24/26   4,752    4,741    - 
bUpstart Network, Inc., FW2111588, 31.7%, 11/24/26   2,184    2,185    - 
bUpstart Network, Inc., FW2111589, 30.84%, 11/24/26   2,779    2,780    - 
bUpstart Network, Inc., FW2111612, 21.02%, 11/24/24   6,857    6,846    - 
bUpstart Network, Inc., FW2111628, 31.03%, 11/24/26   1,072    1,071    - 
bUpstart Network, Inc., FW2111629, 24.53%, 11/24/26   22,118    22,023    - 
bUpstart Network, Inc., FW2111654, 28.15%, 11/24/26   14,913    14,935    - 
bUpstart Network, Inc., FW2111679, 26.7%, 11/24/26   9,916    9,903    - 
bUpstart Network, Inc., FW2111709, 31.03%, 11/24/26   7,444    7,446    - 
bUpstart Network, Inc., FW2111730, 27.96%, 11/24/24   3,141    3,136    - 
bUpstart Network, Inc., FW2111737, 24.4%, 11/24/26   2,800    2,676    9 
bUpstart Network, Inc., FW2111816, 30.78%, 11/24/26   2,283    2,283    - 
bUpstart Network, Inc., FW2111832, 31.16%, 11/24/26   12,605    12,609    - 
bUpstart Network, Inc., FW2111859, 16.21%, 11/24/26   8,406    8,391    - 
bUpstart Network, Inc., FW2111879, 22.64%, 11/24/26   14,859    14,847    - 
bUpstart Network, Inc., FW2111909, 19.23%, 11/24/26   3,365    3,357    - 
bUpstart Network, Inc., FW2111955, 27.38%, 11/24/26   2,962    2,960    - 
bUpstart Network, Inc., FW2111972, 30.79%, 11/24/26   3,374    3,375    - 
bUpstart Network, Inc., FW2111978, 30.35%, 11/24/26   3,500    3,391    9 
bUpstart Network, Inc., FW2112020, 28.92%, 11/24/26   2,976    2,976    - 
bUpstart Network, Inc., FW2112039, 27.75%, 11/24/26   5,074    5,068    - 
bUpstart Network, Inc., FW2112065, 22.71%, 11/24/26   44,183    44,147    - 
bUpstart Network, Inc., FW2112076, 31.2%, 11/24/26   5,360    5,361    - 
bUpstart Network, Inc., FW2112100, 17.32%, 11/24/24   7,827    7,811    - 
bUpstart Network, Inc., FW2112102, 31.76%, 11/24/26   7,991    7,990    - 
bUpstart Network, Inc., FW2112118, 25.96%, 11/24/24   1,962    1,958    - 
bUpstart Network, Inc., FW2112179, 25.07%, 11/24/24   2,942    2,939    - 
bUpstart Network, Inc., FW2112190, 21.47%, 11/24/26   5,942    5,930    - 
bUpstart Network, Inc., FW2112225, 30.05%, 11/24/26   1,885    1,886    - 
bUpstart Network, Inc., FW2112276, 30.64%, 11/24/26   1,600    1,533    9 
bUpstart Network, Inc., FW2112290, 16.35%, 11/24/26   4,000    3,807    9 
bUpstart Network, Inc., FW2112302, 31.22%, 11/24/26   2,481    2,482    - 
bUpstart Network, Inc., FW2112306, 16.36%, 11/24/26   29,668    29,617    - 
bUpstart Network, Inc., FW2112318, 7.86%, 11/24/24   2,145    2,143    - 
bUpstart Network, Inc., FW2112337, 20.38%, 11/24/26   9,850    9,836    - 
bUpstart Network, Inc., FW2112419, 30.97%, 11/24/26   2,500    2,397    9 
bUpstart Network, Inc., FW2112451, 30.73%, 11/24/26   1,786    1,787    - 
bUpstart Network, Inc., FW2112482, 20.06%, 11/24/26   2,970    2,966    - 
bUpstart Network, Inc., FW2112522, 10.63%, 11/24/26   1,318    1,316    - 
bUpstart Network, Inc., FW2112554, 17.97%, 11/24/26   29,682    29,636    - 
bUpstart Network, Inc., FW2166539, 28.95%, 12/16/24   15,000    15,142    - 
bUpstart Network, Inc., FW2177600, 28.89%, 12/16/26   2,200    2,219    - 
bUpstart Network, Inc., FW2242546, 21.96%, 12/16/26   10,900    10,978    - 
bUpstart Network, Inc., FW2250121, 30.97%, 12/16/26   1,500    1,498    - 
bUpstart Network, Inc., FW2250584, 28.09%, 12/16/24   3,100    3,129    - 
bUpstart Network, Inc., FW2256091, 29.72%, 12/16/26   3,500    3,494    - 
bUpstart Network, Inc., FW2258081, 30.3%, 12/16/26   5,000    5,045    - 
bUpstart Network, Inc., FW2258741, 27.63%, 12/17/26   2,700    2,724    - 
bUpstart Network, Inc., FW2259052, 14.44%, 12/17/26   7,000    7,030    - 
bUpstart Network, Inc., FW2259738, 26.14%, 12/16/26   3,200    3,227    - 
bUpstart Network, Inc., FW2260220, 30.63%, 12/16/26   1,300    1,312    - 
bUpstart Network, Inc., FW2260393, 30.86%, 12/16/26   14,500    14,477    - 
bUpstart Network, Inc., FW2260471, 30.04%, 12/17/26   8,000    7,990    - 
bUpstart Network, Inc., FW2260486, 30.33%, 12/17/26   15,000    14,981    - 
bUpstart Network, Inc., FW2260718, 28.56%, 12/16/26   2,000    2,018    - 
bUpstart Network, Inc., FW2260770, 31.08%, 12/16/26   1,500    1,498    - 
bUpstart Network, Inc., FW2260873, 27.95%, 12/17/26   2,000    2,018    - 
bUpstart Network, Inc., FW2260888, 23.94%, 12/16/26   1,800    1,796    - 
bUpstart Network, Inc., FW2261035, 29.7%, 12/16/26   1,754    1,749    - 
bUpstart Network, Inc., FW2261136, 29.72%, 12/16/26   6,000    5,990    - 
bUpstart Network, Inc., FW2261223, 28.07%, 12/16/24   1,300    1,297    - 
bUpstart Network, Inc., FW2261259, 22.38%, 12/16/24   3,800    3,833    - 
bUpstart Network, Inc., FW2261298, 21.8%, 12/16/26   27,000    27,194    - 
bUpstart Network, Inc., FW2261342, 24.89%, 12/16/26   4,000    3,991    - 
bUpstart Network, Inc., FW2261375, 28.5%, 12/16/24   1,000    1,009    - 
bUpstart Network, Inc., FW2261706, 20.22%, 12/16/24   5,000    4,983    - 
bUpstart Network, Inc., FW2261708, 30.67%, 12/16/26   3,000    2,995    - 
bUpstart Network, Inc., FW2261815, 29.81%, 12/16/26   25,000    25,223    - 
bUpstart Network, Inc., FW2261853, 18.96%, 12/16/26   1,500    1,509    - 
bUpstart Network, Inc., FW2261893, 25.52%, 12/16/26   4,000    4,034    - 
bUpstart Network, Inc., FW2261915, 18.74%, 12/16/26   1,700    1,698    - 
bUpstart Network, Inc., FW2261943, 24.37%, 12/16/24   3,400    3,431    - 
bUpstart Network, Inc., FW2261947, 23.67%, 12/16/26   2,500    2,521    - 
bUpstart Network, Inc., FW2262129, 31.54%, 12/16/26   7,500    7,489    - 
bUpstart Network, Inc., FW2262149, 29.41%, 12/16/24   2,900    2,928    - 
bUpstart Network, Inc., FW2262173, 24.42%, 12/16/26   20,000    19,954    - 
bUpstart Network, Inc., FW2262224, 26.85%, 12/16/26   2,600    2,595    - 
bUpstart Network, Inc., FW2262301, 30.52%, 12/16/26   5,000    5,045    - 
bUpstart Network, Inc., FW2262341, 28.41%, 12/16/26   31,000    30,943    - 
bUpstart Network, Inc., FW2262376, 27.09%, 12/16/26   2,000    1,996    - 
bUpstart Network, Inc., FW2262386, 27.26%, 12/16/24   1,000    1,009    - 
bUpstart Network, Inc., FW2262407, 27.23%, 12/16/24   1,700    1,716    - 
bUpstart Network, Inc., FW2262409, 28.42%, 12/16/24   5,000    4,988    - 
bUpstart Network, Inc., FW2262425, 30.86%, 12/16/26   1,400    1,398    - 

 

 

 

bUpstart Network, Inc., FW2262525, 14.73%, 12/16/26   30,000    29,989    - 
bUpstart Network, Inc., FW2262621, 27.92%, 12/16/26   7,500    7,565    - 
bUpstart Network, Inc., FW2262628, 27.26%, 12/16/24   3,500    3,532    - 
bUpstart Network, Inc., FW2262699, 20.92%, 12/16/26   5,000    5,035    - 
bUpstart Network, Inc., FW2262711, 30.17%, 12/16/26   1,100    1,110    - 
bUpstart Network, Inc., FW2262758, 26.24%, 12/16/26   5,000    4,990    - 
bUpstart Network, Inc., FW2262822, 20.38%, 12/16/26   3,000    2,992    - 
bUpstart Network, Inc., FW2262852, 29.23%, 12/16/26   1,000    1,009    - 
bUpstart Network, Inc., FW2262861, 27.14%, 12/16/26   20,000    19,978    - 
bUpstart Network, Inc., FW2262897, 30.96%, 12/16/26   4,200    4,238    - 
bUpstart Network, Inc., FW2262902, 25.1%, 12/16/26   20,000    20,168    - 
bUpstart Network, Inc., FW2262919, 30.86%, 12/16/26   3,100    3,095    - 
bUpstart Network, Inc., FW2262937, 29.28%, 12/16/26   4,800    4,792    - 
bUpstart Network, Inc., FW2262997, 23.89%, 12/16/26   6,600    6,585    - 
bUpstart Network, Inc., FW2263098, 12.52%, 12/16/24   2,700    2,713    - 
bUpstart Network, Inc., FW2263141, 30.02%, 12/16/26   19,500    19,468    - 
bUpstart Network, Inc., FW2263169, 30.33%, 12/16/26   1,700    1,715    - 
bUpstart Network, Inc., FW2263191, 28.73%, 12/16/24   7,500    7,482    - 
bUpstart Network, Inc., FW2263216, 14.33%, 12/16/26   1,000    1,000    - 
bUpstart Network, Inc., FW2263240, 32.21%, 12/16/26   3,700    3,695    - 
bUpstart Network, Inc., FW2263271, 28.01%, 12/16/26   1,000    1,009    - 
bUpstart Network, Inc., FW2263294, 30.92%, 12/16/26   1,200    1,211    - 
bUpstart Network, Inc., FW2263430, 30.41%, 12/16/26   2,500    2,498    - 
bUpstart Network, Inc., FW2263431, 12.09%, 12/16/26   7,000    7,027    - 
bUpstart Network, Inc., FW2263509, 28.65%, 12/16/26   10,500    10,481    - 
bUpstart Network, Inc., FW2263533, 21.45%, 12/16/26   5,000    4,995    - 
bUpstart Network, Inc., FW2263559, 24.81%, 12/16/26   7,500    7,483    - 
bUpstart Network, Inc., FW2263571, 29.51%, 12/16/26   4,137    4,128    - 
bUpstart Network, Inc., FW2263659, 27.12%, 12/16/26   16,000    16,138    - 
bUpstart Network, Inc., FW2263683, 27.15%, 12/16/26   4,500    4,491    - 
bUpstart Network, Inc., FW2263704, 29.07%, 12/16/26   15,000    14,974    - 
bUpstart Network, Inc., FW2263709, 25.03%, 12/16/24   4,000    4,036    - 
bUpstart Network, Inc., FW2263750, 28.03%, 12/16/24   2,500    2,494    - 
bUpstart Network, Inc., FW2263757, 24.74%, 12/16/26   7,500    7,563    - 
bUpstart Network, Inc., FW2263763, 30.01%, 12/16/26   7,500    7,488    - 
bUpstart Network, Inc., FW2263769, 28.64%, 12/16/24   5,500    5,552    - 
bUpstart Network, Inc., FW2263771, 14.5%, 12/16/26   7,500    7,531    - 
bUpstart Network, Inc., FW2263788, 28.41%, 12/16/24   4,000    4,038    - 
bUpstart Network, Inc., FW2263842, 22.41%, 12/17/26   15,000    15,127    - 
bUpstart Network, Inc., FW2263847, 21.03%, 12/16/26   5,000    5,040    - 
bUpstart Network, Inc., FW2263862, 32.71%, 12/16/26   4,400    4,394    - 
bUpstart Network, Inc., FW2263939, 26.78%, 12/16/26   4,000    3,992    - 
bUpstart Network, Inc., FW2264001, 22.79%, 12/16/26   1,000    999    - 
bUpstart Network, Inc., FW2264096, 8.01%, 12/16/26   9,000    9,022    - 
bUpstart Network, Inc., FW2264136, 21.01%, 12/16/24   1,000    1,007    - 
bUpstart Network, Inc., FW2264148, 31.14%, 12/16/26   46,600    47,021    - 
bUpstart Network, Inc., FW2264175, 31.56%, 12/16/26   2,100    2,097    - 
bUpstart Network, Inc., FW2264279, 31.14%, 12/16/26   1,900    1,897    - 
bUpstart Network, Inc., FW2264410, 26.85%, 12/16/24   2,000    1,995    - 
bUpstart Network, Inc., FW2264530, 31.65%, 12/16/26   18,000    17,974    - 
bUpstart Network, Inc., FW2264546, 28.23%, 12/16/26   3,000    2,994    - 
bUpstart Network, Inc., FW2264612, 30.94%, 12/16/26   3,500    3,495    - 
bUpstart Network, Inc., FW2264681, 29.13%, 12/16/26   4,000    4,035    - 
bUpstart Network, Inc., FW2264712, 28.97%, 12/16/26   2,500    2,496    - 
bUpstart Network, Inc., FW2264785, 11.52%, 12/16/24   2,500    2,499    - 
bUpstart Network, Inc., FW2264787, 28.42%, 12/16/24   10,000    9,976    - 
bUpstart Network, Inc., FW2264809, 24.15%, 12/16/24   1,000    1,009    - 
bUpstart Network, Inc., FW2264831, 23.07%, 12/16/26   3,900    3,932    - 
bUpstart Network, Inc., FW2264842, 22.29%, 12/16/26   13,000    13,105    - 
bUpstart Network, Inc., FW2264850, 18.52%, 12/16/24   3,000    3,021    - 
bUpstart Network, Inc., FW2265141, 26.9%, 12/16/26   18,600    18,563    - 
bUpstart Network, Inc., FW2265163, 21.6%, 12/16/26   6,000    6,043    - 
bUpstart Network, Inc., FW2265165, 27.41%, 12/17/26   1,100    1,098    - 
bUpstart Network, Inc., FW2265199, 27.31%, 12/17/26   5,500    5,550    - 
bUpstart Network, Inc., FW2265218, 30.39%, 12/16/26   1,500    1,513    - 
bUpstart Network, Inc., FW2265288, 28.09%, 12/16/26   4,000    4,035    - 
bUpstart Network, Inc., FW2265289, 27.87%, 12/16/26   3,600    3,593    - 
bUpstart Network, Inc., FW2265302, 30.93%, 12/16/26   2,400    2,396    - 
bUpstart Network, Inc., FW2265336, 24.03%, 12/16/26   1,000    998    - 
bUpstart Network, Inc., FW2265341, 25.64%, 12/16/26   10,000    9,979    - 
bUpstart Network, Inc., FW2265342, 21.77%, 12/16/26   3,600    3,591    - 
bUpstart Network, Inc., FW2265353, 29.01%, 12/16/26   14,000    14,124    - 
bUpstart Network, Inc., FW2265384, 29.1%, 12/17/24   1,500    1,515    - 
bUpstart Network, Inc., FW2265419, 30.91%, 12/16/26   2,100    2,119    - 
bUpstart Network, Inc., FW2265508, 30.96%, 12/16/26   3,100    3,128    - 
bUpstart Network, Inc., FW2265545, 30.86%, 12/16/26   2,200    2,220    - 
bUpstart Network, Inc., FW2265692, 22.08%, 12/16/26   7,500    7,554    - 
bUpstart Network, Inc., FW2265722, 31.16%, 12/16/26   7,000    7,063    - 
bUpstart Network, Inc., FW2265725, 30.59%, 12/16/26   3,000    3,027    - 
bUpstart Network, Inc., FW2265797, 31.5%, 12/16/26   7,500    7,489    - 
bUpstart Network, Inc., FW2265840, 19.67%, 12/16/24   4,000    3,992    - 
bUpstart Network, Inc., FW2265850, 28.76%, 12/16/26   6,000    6,053    - 
bUpstart Network, Inc., FW2265852, 22.69%, 12/16/26   2,000    1,995    - 
bUpstart Network, Inc., FW2265856, 17.99%, 12/16/26   9,000    9,053    - 
bUpstart Network, Inc., FW2265959, 8.89%, 12/16/24   1,500    1,505    - 
bUpstart Network, Inc., FW2265961, 16.27%, 12/16/26   6,000    6,034    - 
bUpstart Network, Inc., FW2266070, 21.07%, 12/16/24   2,500    2,495    - 
bUpstart Network, Inc., FW2266113, 30.93%, 12/17/26   1,700    1,698    - 
bUpstart Network, Inc., FW2266130, 18.7%, 12/16/26   10,300    10,287    - 
bUpstart Network, Inc., FW2266143, 20.49%, 12/16/26   13,000    13,103    - 
bUpstart Network, Inc., FW2266146, 31.1%, 12/16/26   1,500    1,498    - 
bUpstart Network, Inc., FW2266148, 14.03%, 12/16/26   5,000    4,998    - 
bUpstart Network, Inc., FW2266232, 10.16%, 12/17/26   5,000    5,000    - 
bUpstart Network, Inc., FW2266242, 12.21%, 12/16/26   9,838    9,839    - 

 

 

 

bUpstart Network, Inc., FW2266279, 26.77%, 12/17/26   2,000    2,018    - 
bUpstart Network, Inc., FW2266287, 26.84%, 12/16/24   1,600    1,615    - 
bUpstart Network, Inc., FW2266293, 28.87%, 12/17/26   2,800    2,796    - 
bUpstart Network, Inc., FW2266313, 26.81%, 12/16/26   2,000    1,996    - 
bUpstart Network, Inc., FW2266398, 28.01%, 12/16/24   15,000    14,963    - 
bUpstart Network, Inc., FW2266411, 29.03%, 12/16/26   7,000    6,988    - 
bUpstart Network, Inc., FW2266413, 21.62%, 12/16/26   15,000    15,095    - 
bUpstart Network, Inc., FW2266459, 30.98%, 12/16/26   1,200    1,198    - 
bUpstart Network, Inc., FW2266526, 30.61%, 12/16/26   4,000    3,994    - 
bUpstart Network, Inc., FW2266529, 27.38%, 12/16/26   7,600    7,585    - 
bUpstart Network, Inc., FW2266557, 28.78%, 12/16/24   1,500    1,496    - 
bUpstart Network, Inc., FW2266558, 30.86%, 12/16/26   2,000    1,997    - 
bUpstart Network, Inc., FW2266605, 31.38%, 12/17/26   2,400    2,397    - 
bUpstart Network, Inc., FW2266619, 27.46%, 12/16/26   3,700    3,732    - 
bUpstart Network, Inc., FW2266624, 28.53%, 12/16/24   1,300    1,312    - 
bUpstart Network, Inc., FW2266634, 22.58%, 12/17/24   2,400    2,394    - 
bUpstart Network, Inc., FW2266682, 31.23%, 12/16/26   4,600    4,593    - 
bUpstart Network, Inc., FW2266749, 30.39%, 12/17/26   1,300    1,312    - 
bUpstart Network, Inc., FW2266772, 15.05%, 12/16/26   8,000    7,987    - 
bUpstart Network, Inc., FW2266816, 16.87%, 12/16/24   5,000    5,034    - 
bUpstart Network, Inc., FW2266827, 30.28%, 12/16/26   7,700    7,688    - 
bUpstart Network, Inc., FW2266831, 29.8%, 12/16/26   3,914    3,904    - 
bUpstart Network, Inc., FW2266843, 24.86%, 12/16/26   3,000    2,996    - 
bUpstart Network, Inc., FW2266861, 13.94%, 12/16/24   1,000    999    - 
bUpstart Network, Inc., FW2266872, 27.8%, 12/16/24   5,000    5,047    - 
bUpstart Network, Inc., FW2266879, 28.84%, 12/16/26   5,000    4,991    - 
bUpstart Network, Inc., FW2266883, 30.32%, 12/16/26   15,000    14,976    - 
bUpstart Network, Inc., FW2266885, 31.56%, 12/16/26   7,100    7,090    - 
bUpstart Network, Inc., FW2266925, 31.22%, 12/16/26   18,300    18,272    - 
bUpstart Network, Inc., FW2266978, 31.24%, 12/16/26   2,700    2,724    - 
bUpstart Network, Inc., FW2267010, 31.33%, 12/16/26   2,900    2,926    - 
bUpstart Network, Inc., FW2267015, 24.4%, 12/16/24   2,311    2,302    - 
bUpstart Network, Inc., FW2267089, 31.13%, 12/17/26   2,500    2,497    - 
bUpstart Network, Inc., FW2267112, 30.21%, 12/16/26   1,000    1,009    - 
bUpstart Network, Inc., FW2267132, 25.96%, 12/17/26   11,000    11,097    - 
bUpstart Network, Inc., FW2267207, 27.44%, 12/17/26   40,000    40,361    - 
bUpstart Network, Inc., FW2267215, 20.8%, 12/16/26   10,000    10,079    - 
bUpstart Network, Inc., FW2267221, 30.92%, 12/17/26   5,000    5,047    - 
bUpstart Network, Inc., FW2267234, 28.03%, 12/17/26   1,200    1,211    - 
bUpstart Network, Inc., FW2267249, 30.71%, 12/17/26   18,000    18,168    - 
bUpstart Network, Inc., FW2267252, 9.41%, 12/17/26   8,000    8,000    - 
bUpstart Network, Inc., FW2267256, 17.83%, 12/17/26   10,000    10,070    - 
bUpstart Network, Inc., FW2267291, 25.54%, 12/17/26   1,000    998    - 
bUpstart Network, Inc., FW2267325, 30.83%, 12/17/26   2,400    2,397    - 
bUpstart Network, Inc., FW2267398, 15.02%, 12/17/24   6,500    6,485    - 
bUpstart Network, Inc., FW2267424, 18.94%, 12/17/26   5,000    5,036    - 
bUpstart Network, Inc., FW2267444, 31.58%, 12/17/26   5,200    5,249    - 
bUpstart Network, Inc., FW2267456, 28.59%, 12/17/24   7,000    7,069    - 
bUpstart Network, Inc., FW2267501, 31.02%, 12/17/26   3,400    3,432    - 
bUpstart Network, Inc., FW2267544, 26.57%, 12/17/26   10,000    10,089    - 
bUpstart Network, Inc., FW2267548, 28.61%, 12/17/26   4,600    4,642    - 
bUpstart Network, Inc., FW2267678, 28.34%, 12/17/26   2,800    2,796    - 
bUpstart Network, Inc., FW2267743, 29.41%, 12/17/26   4,000    4,037    - 
bUpstart Network, Inc., FW2267768, 30.94%, 12/17/26   17,600    17,579    - 
bUpstart Network, Inc., FW2267880, 23.11%, 12/17/26   10,000    10,076    - 
bUpstart Network, Inc., FW2267887, 31.51%, 12/17/26   4,800    4,845    - 
bUpstart Network, Inc., FW2267900, 27.72%, 12/17/26   2,500    2,523    - 
bUpstart Network, Inc., FW2267947, 20.33%, 12/17/26   6,000    6,049    - 
bUpstart Network, Inc., FW2267969, 31.13%, 12/17/26   4,100    4,139    - 
bUpstart Network, Inc., FW2267972, 23.15%, 12/17/24   1,000    997    - 
bUpstart Network, Inc., FW2268004, 12.87%, 12/17/24   1,800    1,809    - 
bUpstart Network, Inc., FW2268010, 31.72%, 12/17/26   2,400    2,397    - 
bUpstart Network, Inc., FW2268019, 14.1%, 12/17/24   3,000    2,997    - 
bUpstart Network, Inc., FW2268057, 25.81%, 12/17/26   2,000    2,018    - 
bUpstart Network, Inc., FW2268059, 30.46%, 12/17/26   1,100    1,110    - 
bUpstart Network, Inc., FW2268157, 8.29%, 12/17/24   3,000    2,998    - 
bUpstart Network, Inc., FW2268163, 29.95%, 12/17/26   5,000    4,994    - 
bUpstart Network, Inc., FW2268177, 20.82%, 12/17/26   3,500    3,529    - 
bUpstart Network, Inc., FW2268218, 21.52%, 12/17/24   5,000    4,986    - 
bUpstart Network, Inc., FW2268289, 15.32%, 12/17/24   2,000    2,014    - 
bUpstart Network, Inc., FW2268352, 24.36%, 12/17/26   6,000    5,988    - 
bUpstart Network, Inc., FW2268404, 28.34%, 12/17/26   1,000    1,009    - 
bUpstart Network, Inc., FW2268408, 9.55%, 12/17/26   9,000    9,000    - 
bUpstart Network, Inc., FW2268433, 26.8%, 12/17/26   4,000    4,036    - 
bUpstart Network, Inc., FW2268457, 22.16%, 12/17/26   11,500    11,475    - 
bUpstart Network, Inc., FW2268458, 17.71%, 12/17/26   10,000    9,981    - 
bUpstart Network, Inc., FW2268533, 22.89%, 12/17/26   3,000    3,020    - 
bUpstart Network, Inc., FW2268625, 11.72%, 12/17/24   1,500    1,507    - 
bUpstart Network, Inc., FW2268655, 22.38%, 12/17/26   25,000    25,188    - 
bUpstart Network, Inc., FW2268673, 27.06%, 12/17/26   25,000    25,224    - 
bUpstart Network, Inc., FW2268690, 25.01%, 12/17/26   10,000    10,088    - 
bUpstart Network, Inc., FW2268753, 19.71%, 12/17/26   5,000    4,995    - 
bUpstart Network, Inc., FW2268833, 28.95%, 12/17/24   4,100    4,140    - 
bUpstart Network, Inc., FW2268849, 30.8%, 12/17/26   4,700    4,744    - 
bUpstart Network, Inc., FW2268908, 29.95%, 12/17/26   32,000    32,297    - 
bUpstart Network, Inc., FW2268918, 26.51%, 12/17/26   2,500    2,496    - 
bUpstart Network, Inc., FW2268923, 31.23%, 12/17/26   10,200    10,296    - 
bUpstart Network, Inc., FW2268970, 23.96%, 12/17/26   10,000    9,980    - 
bUpstart Network, Inc., FW2269010, 16.43%, 12/17/24   8,000    8,056    - 
bUpstart Network, Inc., FW2269087, 11.05%, 12/17/24   18,000    17,975    - 
bUpstart Network, Inc., FW2269098, 17.2%, 12/17/24   1,000    1,007    - 
bUpstart Network, Inc., FW2269179, 31.16%, 12/17/26   13,000    12,985    - 
bUpstart Network, Inc., FW2269241, 31.11%, 12/17/26   1,000    999    - 
bUpstart Network, Inc., FW2269252, 29.77%, 12/17/26   5,000    4,993    - 

 

 

 

bUpstart Network, Inc., FW2269279, 21.88%, 12/17/26   15,000    15,126    - 
bUpstart Network, Inc., FW2269286, 15.6%, 12/17/26   30,000    29,996    - 
bUpstart Network, Inc., FW2269324, 28.61%, 12/17/26   15,000    14,978    - 
bUpstart Network, Inc., FW2269381, 17.48%, 12/17/26   22,800    22,939    - 
bUpstart Network, Inc., FW2269400, 29.19%, 12/17/26   6,000    5,992    - 
bUpstart Network, Inc., FW2269440, 26.99%, 12/17/26   1,000    998    - 
bUpstart Network, Inc., FW2269462, 30.96%, 12/17/26   9,600    9,589    - 
bUpstart Network, Inc., FW2269466, 10.59%, 12/17/26   4,000    4,015    - 
bUpstart Network, Inc., FW2269474, 28.66%, 12/17/26   11,000    11,101    - 
bUpstart Network, Inc., FW2269543, 24.98%, 12/17/26   11,500    11,601    - 
bUpstart Network, Inc., FW2269561, 11.28%, 12/17/26   6,400    6,396    - 
bUpstart Network, Inc., FW2269601, 30.92%, 12/17/26   1,800    1,798    - 
bUpstart Network, Inc., FW2269622, 31.24%, 12/17/26   1,100    1,110    - 
bUpstart Network, Inc., FW2269631, 28.28%, 12/17/24   6,700    6,766    - 
bUpstart Network, Inc., FW2269656, 31.22%, 12/17/26   1,600    1,615    - 
bUpstart Network, Inc., FW2269695, 16.79%, 12/17/26   7,500    7,545    - 
bUpstart Network, Inc., FW2269702, 29.06%, 12/17/26   4,000    3,994    - 
bUpstart Network, Inc., FW2269705, 29.7%, 12/17/26   5,200    5,193    - 
bUpstart Network, Inc., FW2269719, 7.26%, 12/17/26   11,500    11,503    - 
bUpstart Network, Inc., FW2269726, 9.71%, 12/17/26   15,000    15,040    - 
bUpstart Network, Inc., FW2269736, 30.38%, 12/17/26   2,900    2,896    - 
bUpstart Network, Inc., FW2269782, 31.05%, 12/17/26   8,100    8,176    - 
bUpstart Network, Inc., FW2269825, 13.55%, 12/17/26   5,000    5,021    - 
bUpstart Network, Inc., FW2269827, 29.81%, 12/17/26   20,000    19,974    - 
bUpstart Network, Inc., FW2269865, 30.96%, 12/17/26   1,400    1,398    - 
bUpstart Network, Inc., FW2269877, 26.2%, 12/17/24   3,000    3,029    - 
bUpstart Network, Inc., FW2270022, 30.5%, 12/17/26   10,000    10,093    - 
bUpstart Network, Inc., FW2270034, 14.45%, 12/17/26   35,600    35,751    - 
bUpstart Network, Inc., FW2270087, 27.31%, 12/17/26   15,000    14,976    - 
bUpstart Network, Inc., FW2270153, 7.21%, 12/17/26   4,500    4,499    - 
bUpstart Network, Inc., FW2270167, 27.42%, 12/17/26   15,000    15,135    - 
bUpstart Network, Inc., FW2270214, 29.19%, 12/17/24   6,000    6,050    - 
bUpstart Network, Inc., FW2270215, 29.36%, 12/17/26   12,500    12,483    - 
bUpstart Network, Inc., FW2270219, 29.85%, 12/17/24   8,500    8,495    - 
bUpstart Network, Inc., FW2270320, 31.1%, 12/17/26   1,800    1,798    - 
bUpstart Network, Inc., FW2270326, 28.75%, 12/17/24   1,500    1,497    - 
bUpstart Network, Inc., FW2270337, 30.28%, 12/17/26   1,400    1,398    - 
bUpstart Network, Inc., FW2270368, 26.16%, 12/17/24   8,000    8,076    - 
bUpstart Network, Inc., FW2270380, 20.17%, 12/17/26   17,000    16,973    - 
bUpstart Network, Inc., FW2270407, 19.41%, 12/17/24   4,500    4,492    - 
bUpstart Network, Inc., FW2270459, 28.48%, 12/17/26   15,000    15,137    - 
bUpstart Network, Inc., FW2270592, 30.29%, 12/17/26   1,300    1,312    - 
bUpstart Network, Inc., FW2270615, 30.87%, 12/17/26   1,600    1,598    - 
bUpstart Network, Inc., FW2270621, 23.29%, 12/17/26   5,000    5,043    - 
bUpstart Network, Inc., FW2270716, 24.09%, 12/17/26   5,000    4,990    - 
bUpstart Network, Inc., FW2270802, 17.83%, 12/17/26   1,000    1,006    - 
bUpstart Network, Inc., FW2270834, 19.2%, 12/17/26   3,500    3,525    - 
bUpstart Network, Inc., FW2270867, 14%, 12/17/24   3,000    3,015    - 
bUpstart Network, Inc., FW2270882, 28.04%, 12/17/26   10,000    10,091    - 
bUpstart Network, Inc., FW2270883, 31.21%, 12/17/26   5,500    5,494    - 
bUpstart Network, Inc., FW2270884, 17.41%, 12/17/26   16,000    16,097    - 
bUpstart Network, Inc., FW2270896, 12.4%, 12/17/26   14,500    14,504    - 
bUpstart Network, Inc., FW2270915, 7.16%, 12/17/24   10,500    10,525    - 
bUpstart Network, Inc., FW2271010, 28.2%, 12/17/26   3,000    3,027    - 
bUpstart Network, Inc., FW2271067, 26.83%, 12/17/24   4,000    3,991    - 
bUpstart Network, Inc., FW2271085, 28.41%, 12/17/24   3,000    2,994    - 
bUpstart Network, Inc., FW2271092, 30.29%, 12/17/26   1,000    1,009    - 
bUpstart Network, Inc., FW2271097, 25.52%, 12/17/26   3,500    3,494    - 
bUpstart Network, Inc., FW2271111, 26.4%, 12/17/26   6,000    6,053    - 
bUpstart Network, Inc., FW2271113, 29.49%, 12/17/26   3,500    3,532    - 
bUpstart Network, Inc., FW2271142, 29.18%, 12/17/24   1,000    1,010    - 
bUpstart Network, Inc., FW2271155, 23.14%, 12/17/26   12,000    11,975    - 
bUpstart Network, Inc., FW2271160, 25.56%, 12/17/26   17,000    16,970    - 
bUpstart Network, Inc., L1695146, 9.05%, 09/16/26   15,340    15,295    - 
bUpstart Network, Inc., L1701780, 26.48%, 09/16/26   9,338    9,267    - 
bUpstart Network, Inc., L1701794, 25.32%, 09/16/26   26,665    26,494    - 
bUpstart Network, Inc., L1710192, 20.32%, 09/16/26   9,701    9,638    - 
bUpstart Network, Inc., L1711624, 7.44%, 09/16/24   42,754    42,564    - 
bUpstart Network, Inc., L1712934, 25.32%, 09/16/26   8,090    8,034    - 
bUpstart Network, Inc., L1714038, 16.16%, 09/16/24   1,494    1,481    - 
bUpstart Network, Inc., L1716847, 26.49%, 09/16/26   6,239    6,201    - 
bUpstart Network, Inc., L1719755, 25.09%, 09/16/26   3,206    3,177    - 
bUpstart Network, Inc., L1720140, 22.6%, 09/16/26   17,496    17,385    - 
bUpstart Network, Inc., L1720169, 22.01%, 09/16/26   43,995    43,756    - 
bUpstart Network, Inc., L1720283, 27.69%, 09/16/28   7,901    7,856    - 
bUpstart Network, Inc., L1720314, 21.63%, 09/16/28   22,437    22,331    - 
bUpstart Network, Inc., L1720338, 15.39%, 09/16/26   14,489    14,376    - 
bUpstart Network, Inc., L1720447, 25.28%, 09/16/26   14,004    13,917    - 
bUpstart Network, Inc., L1720552, 23.67%, 09/16/24   4,327    4,282    - 
bUpstart Network, Inc., L1720742, 7.25%, 09/16/24   3,329    3,316    - 
bUpstart Network, Inc., L1720797, 13.29%, 09/16/24   2,793    2,779    - 
bUpstart Network, Inc., L1720842, 25.22%, 09/16/26   1,595    1,582    - 
bUpstart Network, Inc., L1720892, 21.47%, 09/16/24   939    931    - 
bUpstart Network, Inc., L1720941, 22.86%, 09/16/24   3,760    3,721    - 
bUpstart Network, Inc., L1721003, 25.67%, 09/16/26   8,183    8,134    - 
bUpstart Network, Inc., L1721053, 24.81%, 09/16/26   9,736    9,676    - 
bUpstart Network, Inc., L1721230, 20.43%, 09/16/26   5,821    5,783    - 
bUpstart Network, Inc., L1721236, 9.48%, 09/16/26   11,524    11,492    - 
bUpstart Network, Inc., L1721277, 20.7%, 09/16/26   24,261    24,030    - 
bUpstart Network, Inc., L1721376, 23.35%, 09/16/26   2,000    300    78 
bUpstart Network, Inc., L1721462, 19.22%, 09/16/24   9,366    9,266    - 
bUpstart Network, Inc., L1721497, 16.37%, 09/16/26   7,735    7,675    - 
bUpstart Network, Inc., L1721498, 16.34%, 09/16/24   4,657    4,618    - 
bUpstart Network, Inc., L1721509, 11.2%, 09/16/26   19,241    19,145    - 

 

 

 

bUpstart Network, Inc., L1721525, 24.83%, 09/16/24   5,556    5,499    - 
bUpstart Network, Inc., L1721566, 14.24%, 09/16/24   7,455    7,391    - 
bUpstart Network, Inc., L1721580, 17.18%, 09/16/26   1,451    1,440    - 
bUpstart Network, Inc., L1721613, 17.32%, 09/16/26   7,257    7,202    - 
bUpstart Network, Inc., L1721654, 16.43%, 09/16/24   2,335    2,315    - 
bUpstart Network, Inc., L1721851, 22.85%, 09/16/24   1,071    1,059    - 
bUpstart Network, Inc., L1722117, 23.46%, 09/16/26   9,726    9,665    - 
bUpstart Network, Inc., L1722215, 9.39%, 09/16/26   4,782    4,768    - 
bUpstart Network, Inc., L1722234, 12.18%, 09/16/26   9,630    9,583    - 
bUpstart Network, Inc., L1722286, 26.68%, 09/16/24   2,736    2,708    - 
bUpstart Network, Inc., L1722493, 18.38%, 09/16/26   13,560    13,458    - 
bUpstart Network, Inc., L1722523, 21.72%, 09/16/26   3,399    3,378    - 
bUpstart Network, Inc., L1722528, 25.34%, 09/16/26   3,786    3,762    - 
bUpstart Network, Inc., L1722547, 26.6%, 09/16/26   3,218    3,196    - 
bUpstart Network, Inc., L1722689, 21.13%, 09/16/24   9,384    9,285    - 
bUpstart Network, Inc., L1722725, 25.76%, 09/16/26   1,462    1,453    - 
bUpstart Network, Inc., L1856891, 15.69%, 10/19/24   3,815    3,792    - 
bUpstart Network, Inc., L1859672, 7.74%, 10/21/26   14,588    14,574    - 
bUpstart Network, Inc., L1878535, 15.12%, 10/21/24   4,774    4,747    - 
bUpstart Network, Inc., L1888076, 16.55%, 10/21/26   32,284    32,189    - 
bUpstart Network, Inc., L1889041, 19.76%, 10/21/26   1,470    1,465    - 
bUpstart Network, Inc., L1890567, 20.83%, 10/21/26   5,881    5,859    - 
bUpstart Network, Inc., L1890666, 22.49%, 10/21/26   4,883    4,865    - 
bUpstart Network, Inc., L1890702, 25.43%, 10/21/26   5,800    5,787    - 
bUpstart Network, Inc., L1890756, 24.8%, 10/21/26   10,811    10,790    - 
bUpstart Network, Inc., L1890791, 16.66%, 10/21/24   4,783    4,764    - 
bUpstart Network, Inc., L1890828, 25.46%, 10/21/26   4,228    4,218    - 
bUpstart Network, Inc., L1890870, 25.37%, 10/21/26   5,112    5,100    - 
bUpstart Network, Inc., L1890899, 20.85%, 10/21/26   9,807    9,779    - 
bUpstart Network, Inc., L1890908, 11.38%, 10/21/24   14,294    14,250    - 
bUpstart Network, Inc., L1890982, 16.75%, 10/21/26   6,849    6,829    - 
bUpstart Network, Inc., L1891061, 25.18%, 10/21/26   2,261    2,256    - 
bUpstart Network, Inc., L1891064, 22.99%, 10/21/24   4,131    4,112    - 
bUpstart Network, Inc., L1891077, 23.49%, 10/21/26   19,617    19,547    - 
bUpstart Network, Inc., L1891145, 25.49%, 10/21/26   8,455    8,436    - 
bUpstart Network, Inc., L1891212, 19.72%, 10/21/26   11,565    11,523    - 
bUpstart Network, Inc., L1891401, 24.38%, 10/21/26   2,948    2,941    - 
bUpstart Network, Inc., L1891449, 18.06%, 10/21/26   16,059    15,996    - 
bUpstart Network, Inc., L1891523, 6.93%, 10/21/26   15,551    15,522    - 
bUpstart Network, Inc., L1891692, 14.71%, 10/21/24   2,725    2,704    - 
bUpstart Network, Inc., L1891794, 25.77%, 10/21/26   4,721    4,710    - 
bUpstart Network, Inc., L1891901, 25.47%, 10/21/26   2,261    2,254    - 
bUpstart Network, Inc., L1891976, 25.03%, 10/21/26   4,160    3,969    12 
bUpstart Network, Inc., L1892072, 19.65%, 10/21/26   5,390    5,370    - 
bUpstart Network, Inc., L1892098, 20.43%, 10/21/26   10,590    10,559    - 
bUpstart Network, Inc., L1892162, 19.36%, 10/21/24   7,621    7,581    - 
bUpstart Network, Inc., L1892165, 18.68%, 10/21/24   6,705    6,681    - 
bUpstart Network, Inc., L1892172, 23.12%, 10/21/26   3,240    3,232    - 
bUpstart Network, Inc., L1892234, 27.37%, 10/21/26   11,809    11,784    - 
bUpstart Network, Inc., L1892391, 22.31%, 10/21/26   978    972    - 
bUpstart Network, Inc., L1892599, 22.22%, 10/21/26   2,944    2,936    - 
bUpstart Network, Inc., L1892628, 19.64%, 10/21/24   4,313    4,298    - 
bUpstart Network, Inc., L1892694, 20.11%, 10/21/26   5,845    5,818    - 
bUpstart Network, Inc., L1892737, 13.13%, 10/21/26   1,058    1,052    - 
bUpstart Network, Inc., L1892907, 23.54%, 10/21/26   8,499    8,466    - 
bUpstart Network, Inc., L1892951, 14.33%, 10/21/26   4,682    4,666    - 
bUpstart Network, Inc., L1893006, 25.5%, 10/21/26   8,652    8,632    - 
bUpstart Network, Inc., L1893014, 5.85%, 10/21/24   2,372    2,366    - 
bUpstart Network, Inc., L1893140, 24.95%, 10/21/26   1,966    1,961    - 
bUpstart Network, Inc., L1893435, 18.88%, 10/21/24   2,874    2,864    - 
bUpstart Network, Inc., L1893536, 16.96%, 10/21/24   4,779    4,754    - 
bUpstart Network, Inc., L1893569, 25.34%, 10/21/26   7,214    7,184    - 
bUpstart Network, Inc., L1893727, 17.94%, 10/21/24   1,628    1,621    - 
bUpstart Network, Inc., L1893776, 14.15%, 10/21/26   26,018    25,944    - 
bUpstart Network, Inc., L1893967, 14.49%, 10/21/26   1,924    1,919    - 
bUpstart Network, Inc., L1893975, 17.21%, 10/21/26   10,570    10,540    - 
bUpstart Network, Inc., L1894090, 22.26%, 10/21/26   17,542    17,354    - 
bUpstart Network, Inc., L1894129, 19.51%, 10/21/26   3,227    3,212    - 
bUpstart Network, Inc., L1894153, 14.72%, 10/21/26   14,169    14,149    - 
bUpstart Network, Inc., L1894225, 6.03%, 10/21/24   33,218    33,168    - 
bUpstart Network, Inc., L1894309, 13.29%, 10/21/24   3,340    3,333    - 
bUpstart Network, Inc., L1894414, 14.79%, 10/21/26   7,036    7,026    - 
bUpstart Network, Inc., L1894449, 25.43%, 10/21/26   33,878    33,747    - 
bUpstart Network, Inc., L1894457, 10.23%, 10/21/24   3,618    3,612    - 
bUpstart Network, Inc., L1894604, 22.32%, 10/21/26   5,923    5,909    - 
bUpstart Network, Inc., L1894936, 16.25%, 10/21/26   5,869    5,840    - 
bUpstart Network, Inc., L1895049, 13.93%, 10/21/24   4,774    4,753    - 
bUpstart Network, Inc., L1895096, 19.8%, 10/21/26   9,888    9,395    12 
bUpstart Network, Inc., L1895099, 24.25%, 10/21/26   4,716    4,707    - 
bUpstart Network, Inc., L1895185, 23.97%, 10/21/24   4,713    4,693    - 
bUpstart Network, Inc., L1895456, 21.95%, 10/21/26   4,955    4,732    12 
bUpstart Network, Inc., L1895507, 22.08%, 10/21/26   12,651    12,600    - 
bUpstart Network, Inc., L1895533, 25.35%, 10/21/26   4,817    4,806    - 
bUpstart Network, Inc., L1895590, 20.46%, 10/21/26   10,394    10,363    - 
bUpstart Network, Inc., L1895754, 11.97%, 10/21/24   2,860    2,854    - 
bUpstart Network, Inc., L1895825, 11.61%, 10/21/24   6,672    6,657    - 
bUpstart Network, Inc., L1896010, 25.54%, 10/21/26   2,261    2,256    - 
bUpstart Network, Inc., L1896072, 25.44%, 10/21/26   3,441    3,433    - 
bUpstart Network, Inc., L1896094, 25.49%, 10/21/26   7,692    7,354    12 
bUpstart Network, Inc., L1985791, 12.67%, 11/10/24   2,392    2,382    - 
bUpstart Network, Inc., L1992755, 25.36%, 11/10/26   1,586    1,577    - 
bUpstart Network, Inc., L1996396, 25.34%, 11/10/26   2,280    2,267    - 
bUpstart Network, Inc., L2000658, 11.67%, 11/10/26   17,972    17,913    - 
bUpstart Network, Inc., L2008161, 25.72%, 11/10/26   7,336    7,296    - 

 

 

 

bUpstart Network, Inc., L2008662, 19.85%, 11/10/24   4,896    4,867    - 
bUpstart Network, Inc., L2010485, 11.01%, 11/10/26   9,873    9,842    - 
bUpstart Network, Inc., L2010804, 24.21%, 11/10/26   14,865    14,782    - 
bUpstart Network, Inc., L2010871, 25.45%, 11/10/26   991    986    - 
bUpstart Network, Inc., L2011550, 25.55%, 11/10/26   6,245    6,211    - 
bUpstart Network, Inc., L2011682, 21.35%, 11/10/26   5,942    5,906    - 
bUpstart Network, Inc., L2012751, 20.27%, 11/10/26   11,880    11,805    - 
bUpstart Network, Inc., L2015136, 8.39%, 11/10/24   36,187    36,076    - 
bUpstart Network, Inc., L2015455, 21.53%, 11/10/26   1,156    1,147    - 
bUpstart Network, Inc., L2015584, 17.41%, 11/10/26   39,075    38,815    - 
bUpstart Network, Inc., L2015667, 18.25%, 11/10/26   1,990    1,985    - 
bUpstart Network, Inc., L2015678, 12.54%, 11/10/24   9,768    9,731    - 
bUpstart Network, Inc., L2015725, 22.82%, 11/10/26   1,576    1,566    - 
bUpstart Network, Inc., L2015741, 18.37%, 11/10/26   7,916    7,878    - 
bUpstart Network, Inc., L2015796, 24.12%, 11/10/26   6,441    6,405    - 
bUpstart Network, Inc., L2015837, 15.63%, 11/10/24   15,842    15,739    - 
bUpstart Network, Inc., L2015856, 10.58%, 11/10/24   7,321    7,301    - 
bUpstart Network, Inc., L2015858, 25.48%, 11/10/26   6,444    6,408    - 
bUpstart Network, Inc., L2015861, 9.46%, 11/10/26   9,375    9,360    - 
bUpstart Network, Inc., L2015870, 19.02%, 11/10/26   1,485    1,475    - 
bUpstart Network, Inc., L2015880, 20.5%, 11/10/26   43,563    43,300    - 
bUpstart Network, Inc., L2015997, 10.83%, 11/10/26   6,911    6,889    - 
bUpstart Network, Inc., L2016090, 15.07%, 11/10/26   12,851    12,784    - 
bUpstart Network, Inc., L2016091, 20.97%, 11/10/26   4,951    4,920    - 
bUpstart Network, Inc., L2016119, 23.12%, 11/10/24   3,137    3,112    - 
bUpstart Network, Inc., L2016122, 25.2%, 11/10/26   3,965    3,942    - 
bUpstart Network, Inc., L2016124, 17.83%, 11/10/26   6,925    6,880    - 
bUpstart Network, Inc., L2016139, 16.33%, 11/10/24   19,562    19,437    - 
bUpstart Network, Inc., L2016181, 10.7%, 11/10/26   4,927    4,911    - 
bUpstart Network, Inc., L2016209, 12.12%, 11/10/24   2,930    2,919    - 
bUpstart Network, Inc., L2016218, 25.12%, 11/10/26   4,932    4,903    - 
bUpstart Network, Inc., L2016288, 25.3%, 11/10/26   8,921    8,872    - 
bUpstart Network, Inc., L2016377, 24.27%, 11/10/26   7,928    7,884    - 
bUpstart Network, Inc., L2016381, 25.48%, 11/10/26   2,776    2,760    - 
bUpstart Network, Inc., L2016414, 24.87%, 11/10/26   991    986    - 
bUpstart Network, Inc., L2016429, 20.87%, 11/10/26   24,726    24,570    - 
bUpstart Network, Inc., L2016434, 12.5%, 11/10/26   5,927    5,909    - 
bUpstart Network, Inc., L2016450, 15.84%, 11/10/26   7,614    7,574    - 
bUpstart Network, Inc., L2016472, 22.49%, 11/10/26   11,392    11,323    - 
bUpstart Network, Inc., L2016525, 22.77%, 11/10/26   6,895    6,853    - 
bUpstart Network, Inc., L2016538, 16.85%, 11/10/26   4,352    4,341    - 
bUpstart Network, Inc., L2016549, 14.78%, 11/10/26   5,924    5,907    - 
bUpstart Network, Inc., L2016577, 10.96%, 11/10/24   1,953    1,947    - 
bUpstart Network, Inc., L2016590, 24.9%, 11/10/26   2,379    2,366    - 
bUpstart Network, Inc., L2016591, 22.73%, 11/10/26   4,953    4,923    - 
bUpstart Network, Inc., L2016701, 25.37%, 11/10/26   2,974    2,957    - 
bUpstart Network, Inc., L2016727, 18.9%, 11/10/26   9,402    9,357    - 
bUpstart Network, Inc., L2016728, 9.29%, 11/10/24   6,830    6,810    - 
bUpstart Network, Inc., L2016733, 9.09%, 11/10/24   9,438    9,405    - 
bUpstart Network, Inc., L2016784, 21.44%, 11/10/24   1,959    1,948    - 
bUpstart Network, Inc., L2016796, 23.07%, 11/10/26   3,170    3,152    - 
bUpstart Network, Inc., L2016805, 10.63%, 11/10/26   8,885    8,856    - 
bUpstart Network, Inc., L2016819, 23.01%, 11/10/24   1,960    1,949    - 
bUpstart Network, Inc., L2016823, 21.79%, 11/10/26   3,993    3,977    - 
bUpstart Network, Inc., L2016835, 23.96%, 11/10/26   11,891    11,824    - 
bUpstart Network, Inc., L2016861, 14.32%, 11/10/26   16,308    16,263    - 
bUpstart Network, Inc., L2016863, 13.15%, 11/10/26   4,940    4,926    - 
bUpstart Network, Inc., L2016917, 6.51%, 11/10/24   8,285    8,266    - 
bUpstart Network, Inc., L2016919, 23.32%, 11/10/24   1,366    1,355    - 
bUpstart Network, Inc., L2016934, 25.28%, 11/10/26   1,085    1,081    - 
bUpstart Network, Inc., L2016939, 21.52%, 11/10/24   3,000    1,765    23 
bUpstart Network, Inc., L2016960, 25.39%, 11/10/26   1,090    1,084    - 
bUpstart Network, Inc., L2016976, 17.93%, 11/10/28   3,478    3,474    - 
bUpstart Network, Inc., L2016991, 11.7%, 11/10/24   6,236    6,211    - 
bUpstart Network, Inc., L2017051, 8.87%, 11/10/24   6,814    6,793    - 
bUpstart Network, Inc., L2017093, 16.12%, 11/10/24   1,174    1,166    - 
bUpstart Network, Inc., L2017112, 25.4%, 11/10/26   4,272    4,240    - 
bUpstart Network, Inc., L2017153, 21.1%, 11/10/26   7,184    7,133    - 
bUpstart Network, Inc., L2017166, 25.5%, 11/10/26   5,708    5,760    - 
bUpstart Network, Inc., L2017173, 8.57%, 11/10/24   1,073    1,070    - 
bUpstart Network, Inc., L2017215, 26.46%, 11/10/26   5,949    5,917    - 
bUpstart Network, Inc., L2017241, 24.96%, 11/10/26   1,487    1,479    - 
bUpstart Network, Inc., L2017277, 24.63%, 11/10/26   1,982    1,971    - 
bUpstart Network, Inc., L2017313, 25.23%, 11/10/26   4,361    4,338    - 
bUpstart Network, Inc., L2017314, 22.8%, 11/10/26   19,813    19,694    - 
bUpstart Network, Inc., L2017320, 14.79%, 11/10/26   4,349    4,338    - 
bUpstart Network, Inc., L2017330, 18.21%, 11/10/26   4,947    4,923    - 
bUpstart Network, Inc., L2017334, 21.37%, 11/10/26   13,864    13,782    - 
bUpstart Network, Inc., L2017358, 13.33%, 11/10/24   2,247    2,239    - 
bUpstart Network, Inc., L2017361, 25.31%, 11/10/26   3,469    3,450    - 
bUpstart Network, Inc., L2017365, 19.49%, 11/10/26   29,694    29,504    - 
bUpstart Network, Inc., L2017404, 17.67%, 11/10/26   16,027    15,948    - 
bUpstart Network, Inc., L2017406, 14.45%, 11/10/24   6,354    6,331    - 
bUpstart Network, Inc., L2017432, 16.76%, 11/10/26   3,561    3,543    - 
bUpstart Network, Inc., L2017439, 25.42%, 11/10/26   4,710    4,677    - 
bUpstart Network, Inc., L2017487, 16.92%, 11/10/26   2,958    2,942    - 
bUpstart Network, Inc., L2017555, 23.63%, 11/10/26   6,936    6,897    - 
bUpstart Network, Inc., L2017556, 25.05%, 11/10/26   3,866    3,844    - 
bUpstart Network, Inc., L2017584, 14.88%, 11/10/26   8,897    8,849    - 
bUpstart Network, Inc., L2017612, 26.77%, 11/10/26   5,652    5,622    - 
bUpstart Network, Inc., L2017658, 23.16%, 11/10/26   3,270    3,251    - 
bUpstart Network, Inc., L2017667, 9.13%, 11/10/24   1,659    1,654    - 
bUpstart Network, Inc., L2017754, 20.54%, 11/10/26   30,049    39,355    - 
bUpstart Network, Inc., L2017770, 21.95%, 11/10/26   4,000    2,351    23 

 

 

 

bUpstart Network, Inc., L2017772, 25.23%, 11/10/26   6,146    6,112    - 
bUpstart Network, Inc., L2017782, 13.67%, 11/10/24   3,112    3,098    - 
bUpstart Network, Inc., L2017795, 13.15%, 11/10/26   4,940    4,926    - 
bUpstart Network, Inc., L2017801, 23.42%, 11/10/24   1,176    1,167    - 
bUpstart Network, Inc., L2017826, 23.88%, 11/10/26   6,936    6,897    - 
bUpstart Network, Inc., L2017957, 18.16%, 11/10/24   979    976    - 
bUpstart Network, Inc., L2018006, 14.87%, 11/10/24   1,955    1,942    - 
bUpstart Network, Inc., L2018047, 20.39%, 11/10/26   990    985    - 
bUpstart Network, Inc., L2018057, 20.23%, 11/10/26   19,711    19,586    - 
bUpstart Network, Inc., L2018074, 23.36%, 11/10/26   5,945    5,911    - 
bUpstart Network, Inc., L2018078, 25.62%, 11/10/26   3,965    3,944    - 
bUpstart Network, Inc., L2018079, 16.83%, 11/10/26   14,836    14,761    - 
bUpstart Network, Inc., L2018138, 24.93%, 11/10/26   2,279    2,271    - 
bUpstart Network, Inc., L2018147, 23.34%, 11/10/26   15,870    15,761    - 
bUpstart Network, Inc., L2018168, 21.66%, 11/10/26   11,884    11,811    - 
bUpstart Network, Inc., L2018179, 19.72%, 11/10/26   4,949    4,918    - 
bUpstart Network, Inc., L2018199, 22.27%, 11/10/26   9,905    9,847    - 
bUpstart Network, Inc., L2018203, 25.33%, 11/10/26   1,487    1,479    - 
bUpstart Network, Inc., L2018213, 25.8%, 11/10/26   17,845    17,748    - 
bUpstart Network, Inc., L2018233, 7.02%, 11/10/24   7,312    7,295    - 
bUpstart Network, Inc., L2018236, 23.72%, 11/10/26   4,100    4,085    - 
bUpstart Network, Inc., L2018241, 25.23%, 11/10/26   2,181    2,169    - 
bUpstart Network, Inc., L2018248, 24.88%, 11/10/26   2,775    2,760    - 
bUpstart Network, Inc., L2018288, 10.67%, 11/10/26   14,856    14,834    - 
bUpstart Network, Inc., L2018339, 13.97%, 11/10/24   5,375    5,356    - 
bUpstart Network, Inc., L2018362, 20.61%, 11/10/26   2,970    2,952    - 
bUpstart Network, Inc., L2018384, 24.86%, 11/10/28   6,924    6,903    - 
bUpstart Network, Inc., L2018385, 12.32%, 11/10/26   21,730    21,665    - 
bUpstart Network, Inc., L2018393, 21.57%, 11/10/24   5,879    5,831    - 
bUpstart Network, Inc., L2018443, 13.86%, 11/10/24   1,661    1,655    - 
bUpstart Network, Inc., L2018451, 9.36%, 11/10/24   9,757    9,729    - 
bUpstart Network, Inc., L2018486, 23.79%, 11/10/26   19,818    19,735    - 
bUpstart Network, Inc., L2018497, 25.37%, 11/10/26   11,697    11,633    - 
bUpstart Network, Inc., L2050999, 11.63%, 11/24/24   2,441    2,439    - 
bUpstart Network, Inc., L2095319, 10.08%, 11/24/24   8,766    8,757    - 
bUpstart Network, Inc., L2101761, 19.04%, 11/24/26   3,464    3,456    - 
bUpstart Network, Inc., L2107550, 15.75%, 11/24/26   2,966    2,965    - 
bUpstart Network, Inc., L2109126, 22.97%, 11/24/24   3,256    3,236    - 
bUpstart Network, Inc., L2109486, 16.75%, 11/24/26   11,869    11,865    - 
bUpstart Network, Inc., L2109591, 22.25%, 11/24/26   19,811    19,793    - 
bUpstart Network, Inc., L2109673, 25.31%, 11/24/26   8,302    8,283    - 
bUpstart Network, Inc., L2109723, 14.71%, 11/24/26   44,085    44,059    - 
bUpstart Network, Inc., L2110053, 19.71%, 11/24/26   7,424    7,407    - 
bUpstart Network, Inc., L2110121, 7.71%, 11/24/24   19,499    19,474    - 
bUpstart Network, Inc., L2110276, 22.36%, 11/24/24   1,470    1,466    - 
bUpstart Network, Inc., L2110396, 25.33%, 11/24/26   4,534    4,530    - 
bUpstart Network, Inc., L2110444, 21.83%, 11/24/24   2,940    2,932    - 
bUpstart Network, Inc., L2110495, 25.48%, 11/24/26   1,085    1,084    - 
bUpstart Network, Inc., L2110559, 17.14%, 11/24/24   4,358    4,347    - 
bUpstart Network, Inc., L2110654, 25.99%, 11/24/26   2,776    2,775    - 
bUpstart Network, Inc., L2110705, 24.88%, 11/24/26   13,678    13,671    - 
bUpstart Network, Inc., L2110708, 20.56%, 11/24/26   6,139    6,126    - 
bUpstart Network, Inc., L2110744, 17.28%, 11/24/26   2,968    2,967    - 
bUpstart Network, Inc., L2110767, 25.12%, 11/24/26   18,716    18,681    - 
bUpstart Network, Inc., L2110822, 16.22%, 11/24/24   944    941    - 
bUpstart Network, Inc., L2110840, 20.27%, 11/24/26   4,931    4,806    - 
bUpstart Network, Inc., L2110856, 17.62%, 11/24/24   6,388    6,383    - 
bUpstart Network, Inc., L2110897, 15%, 11/24/26   34,599    34,532    - 
bUpstart Network, Inc., L2110920, 20%, 11/24/26   13,261    13,226    - 
bUpstart Network, Inc., L2110925, 12.01%, 11/24/26   29,629    29,600    - 
bUpstart Network, Inc., L2110929, 8.44%, 11/24/24   4,351    4,346    - 
bUpstart Network, Inc., L2110949, 25.25%, 11/24/26   2,776    2,774    - 
bUpstart Network, Inc., L2110967, 19.28%, 11/24/26   9,436    9,407    - 
bUpstart Network, Inc., L2110974, 22.6%, 11/24/26   4,953    4,949    - 
bUpstart Network, Inc., L2110989, 18.58%, 11/24/26   6,927    6,910    - 
bUpstart Network, Inc., L2111001, 22.12%, 11/24/26   1,981    1,979    - 
bUpstart Network, Inc., L2111033, 18.33%, 11/24/24   1,957    1,954    - 
bUpstart Network, Inc., L2111067, 18.81%, 11/24/26   1,253    1,249    - 
bUpstart Network, Inc., L2111070, 20.97%, 11/24/26   3,474    3,475    - 
bUpstart Network, Inc., L2111103, 25.8%, 11/24/26   2,578    2,577    - 
bUpstart Network, Inc., L2111135, 21.95%, 11/24/24   3,920    3,914    - 
bUpstart Network, Inc., L2111176, 25.44%, 11/24/26   3,863    3,861    - 
bUpstart Network, Inc., L2111177, 25.59%, 11/24/26   7,336    7,333    - 
bUpstart Network, Inc., L2111193, 8.01%, 11/24/24   14,629    14,611    - 
bUpstart Network, Inc., L2111206, 25.46%, 11/24/26   1,983    1,982    - 
bUpstart Network, Inc., L2111227, 22.37%, 11/24/26   2,774    2,771    - 
bUpstart Network, Inc., L2111255, 22.67%, 11/24/26   6,934    6,929    - 
bUpstart Network, Inc., L2111258, 12.56%, 11/24/24   1,461    1,459    - 
bUpstart Network, Inc., L2111293, 9.98%, 11/24/26   12,647    12,657    - 
bUpstart Network, Inc., L2111318, 8.45%, 11/24/24   8,735    8,723    - 
bUpstart Network, Inc., L2111342, 25.1%, 11/24/26   1,586    1,585    - 
bUpstart Network, Inc., L2111347, 14.3%, 11/24/26   2,965    2,963    - 
bUpstart Network, Inc., L2111404, 25.42%, 11/24/26   4,956    4,954    - 
bUpstart Network, Inc., L2111428, 15.89%, 11/24/26   4,944    4,935    - 
bUpstart Network, Inc., L2111433, 19.56%, 11/24/26   4,949    4,938    - 
bUpstart Network, Inc., L2111497, 17.5%, 11/24/26   14,839    14,815    - 
bUpstart Network, Inc., L2111515, 13.17%, 11/24/26   5,906    5,901    - 
bUpstart Network, Inc., L2111539, 8.17%, 11/24/26   7,891    7,887    - 
bUpstart Network, Inc., L2111565, 25.49%, 11/24/26   2,175    2,173    - 
bUpstart Network, Inc., L2111566, 15.86%, 11/24/26   4,937    4,928    - 
bUpstart Network, Inc., L2111583, 25.78%, 11/24/26   4,759    4,757    - 
bUpstart Network, Inc., L2111647, 16.92%, 11/24/26   10,618    10,185    - 
bUpstart Network, Inc., L2111648, 14.96%, 11/24/24   2,151    2,146    - 
bUpstart Network, Inc., L2111688, 25.07%, 11/24/26   2,478    2,477    - 

 

 

 

bUpstart Network, Inc., L2111723, 6.93%, 11/24/24   3,899    3,896    - 
bUpstart Network, Inc., L2111758, 16.63%, 11/24/26   39,561    39,547    - 
bUpstart Network, Inc., L2111770, 23.69%, 11/24/26   9,909    9,901    - 
bUpstart Network, Inc., L2111794, 11.5%, 11/24/24   9,692    9,679    - 
bUpstart Network, Inc., L2111808, 23.39%, 11/24/26   3,123    3,118    - 
bUpstart Network, Inc., L2111810, 15.22%, 11/24/24   1,855    1,848    - 
bUpstart Network, Inc., L2111871, 21.35%, 11/24/26   3,800    3,635    9 
bUpstart Network, Inc., L2111876, 10.7%, 11/24/26   14,808    14,791    - 
bUpstart Network, Inc., L2111907, 16.75%, 11/24/26   2,967    2,962    - 
bUpstart Network, Inc., L2111918, 22.67%, 11/24/26   19,713    19,690    - 
bUpstart Network, Inc., L2111999, 18.81%, 11/24/26   12,370    12,341    - 
bUpstart Network, Inc., L2112036, 13.1%, 11/24/26   1,482    1,481    - 
bUpstart Network, Inc., L2112047, 22.06%, 11/24/26   5,867    5,856    - 
bUpstart Network, Inc., L2112050, 20.55%, 11/24/26   5,941    5,934    - 
bUpstart Network, Inc., L2112051, 15.48%, 11/24/26   14,830    14,803    - 
bUpstart Network, Inc., L2112057, 25.5%, 11/24/26   3,767    3,765    - 
bUpstart Network, Inc., L2112089, 5.82%, 11/24/24   24,361    24,334    - 
bUpstart Network, Inc., L2112103, 24.86%, 11/24/26   5,551    5,542    - 
bUpstart Network, Inc., L2112154, 26.32%, 11/24/26   9,297    9,292    - 
bUpstart Network, Inc., L2112204, 18.12%, 11/24/26   5,442    5,434    - 
bUpstart Network, Inc., L2112207, 9.52%, 11/24/26   12,631    12,628    - 
bUpstart Network, Inc., L2112213, 22.37%, 11/24/26   6,934    6,928    - 
bUpstart Network, Inc., L2112241, 25.52%, 11/24/26   4,957    4,954    - 
bUpstart Network, Inc., L2112278, 25.28%, 11/24/26   5,749    5,747    - 
bUpstart Network, Inc., L2112331, 15.71%, 11/24/24   1,956    1,951    - 
bUpstart Network, Inc., L2112349, 25.4%, 11/24/26   9,913    9,908    - 
bUpstart Network, Inc., L2112384, 19.48%, 11/24/26   2,969    2,966    - 
bUpstart Network, Inc., L2112445, 15.34%, 11/24/26   2,966    2,960    - 
bUpstart Network, Inc., L2112534, 11.65%, 11/24/26   27,848    27,820    - 
bUpstart Network, Inc., L2160603, 24.28%, 12/16/26   3,200    3,193    - 
bUpstart Network, Inc., L2167897, 15.66%, 12/17/24   3,000    3,021    - 
bUpstart Network, Inc., L2190467, 13.35%, 12/16/26   5,500    5,497    - 
bUpstart Network, Inc., L2211679, 14.71%, 12/16/24   30,000    29,922    - 
bUpstart Network, Inc., L2214006, 22.76%, 12/17/26   1,500    1,497    - 
bUpstart Network, Inc., L2216224, 8.42%, 12/16/24   5,300    5,295    - 
bUpstart Network, Inc., L2229763, 9.3%, 12/16/24   1,000    999    - 
bUpstart Network, Inc., L2230175, 23.37%, 12/16/26   3,300    3,327    - 
bUpstart Network, Inc., L2233679, 10.15%, 12/16/26   6,500    6,500    - 
bUpstart Network, Inc., L2236916, 25.5%, 12/16/26   4,000    4,034    - 
bUpstart Network, Inc., L2238848, 20.03%, 12/16/26   25,000    25,196    - 
bUpstart Network, Inc., L2244360, 20.77%, 12/17/26   1,500    1,498    - 
bUpstart Network, Inc., L2250028, 23.42%, 12/16/24   4,600    4,593    - 
bUpstart Network, Inc., L2250660, 23.02%, 12/16/26   4,500    4,489    - 
bUpstart Network, Inc., L2251159, 19.93%, 12/17/26   3,100    3,123    - 
bUpstart Network, Inc., L2251494, 22.87%, 12/16/26   2,800    2,823    - 
bUpstart Network, Inc., L2256028, 20.74%, 12/17/26   6,000    6,044    - 
bUpstart Network, Inc., L2256936, 11.09%, 12/16/26   20,000    19,984    - 
bUpstart Network, Inc., L2257039, 14.56%, 12/16/26   4,000    4,016    - 
bUpstart Network, Inc., L2259209, 12.08%, 12/16/24   5,000    5,023    - 
bUpstart Network, Inc., L2259776, 16.46%, 12/16/24   7,000    7,047    - 
bUpstart Network, Inc., L2260039, 8.53%, 12/16/26   10,000    10,025    - 
bUpstart Network, Inc., L2260554, 13.52%, 12/16/26   7,000    7,028    - 
bUpstart Network, Inc., L2260646, 11.94%, 12/16/24   5,500    5,525    - 
bUpstart Network, Inc., L2260722, 18.02%, 12/16/26   3,000    2,994    - 
bUpstart Network, Inc., L2260922, 19.74%, 12/16/26   7,000    6,980    - 
bUpstart Network, Inc., L2261145, 25.49%, 12/16/26   2,200    2,219    - 
bUpstart Network, Inc., L2261177, 16.49%, 12/16/26   6,500    6,537    - 
bUpstart Network, Inc., L2261243, 24.3%, 12/16/26   9,400    9,462    - 
bUpstart Network, Inc., L2261255, 17.42%, 12/16/26   40,000    40,234    - 
bUpstart Network, Inc., L2261312, 23.85%, 12/16/26   3,000    2,993    - 
bUpstart Network, Inc., L2261359, 15.03%, 12/16/24   4,000    4,020    - 
bUpstart Network, Inc., L2261401, 6.66%, 12/16/24   10,000    10,022    - 
bUpstart Network, Inc., L2261403, 22.96%, 12/16/26   24,000    24,196    - 
bUpstart Network, Inc., L2261462, 16.62%, 12/16/26   3,300    3,319    - 
bUpstart Network, Inc., L2261469, 19.7%, 12/16/26   3,200    3,194    - 
bUpstart Network, Inc., L2261512, 19.6%, 12/16/26   10,000    9,988    - 
bUpstart Network, Inc., L2261540, 8.28%, 12/16/24   6,500    6,494    - 
bUpstart Network, Inc., L2261569, 20.96%, 12/16/24   2,500    2,495    - 
bUpstart Network, Inc., L2261606, 19.86%, 12/16/24   6,000    6,042    - 
bUpstart Network, Inc., L2261612, 13.93%, 12/16/26   2,000    2,008    - 
bUpstart Network, Inc., L2261806, 16.6%, 12/16/24   3,000    2,993    - 
bUpstart Network, Inc., L2261820, 15.32%, 12/16/26   49,683    49,985    - 
bUpstart Network, Inc., L2261867, 18.76%, 12/16/26   2,500    2,515    - 
bUpstart Network, Inc., L2261873, 19.04%, 12/16/26   2,800    2,797    - 
bUpstart Network, Inc., L2261881, 15.86%, 12/16/24   6,000    6,030    - 
bUpstart Network, Inc., L2261890, 11.17%, 12/16/26   15,000    14,988    - 
bUpstart Network, Inc., L2261925, 16.82%, 12/16/24   2,200    2,195    - 
bUpstart Network, Inc., L2261927, 19.86%, 12/16/26   1,000    1,007    - 
bUpstart Network, Inc., L2261944, 17.86%, 12/16/26   1,100    1,099    - 
bUpstart Network, Inc., L2261960, 23.46%, 12/16/24   3,400    3,390    - 
bUpstart Network, Inc., L2262038, 19.07%, 12/16/26   7,000    7,042    - 
bUpstart Network, Inc., L2262060, 13.31%, 12/16/24   3,500    3,495    - 
bUpstart Network, Inc., L2262094, 15.17%, 12/16/26   5,000    4,998    - 
bUpstart Network, Inc., L2262115, 20.57%, 12/16/26   2,600    2,618    - 
bUpstart Network, Inc., L2262131, 19.12%, 12/16/24   6,000    6,042    - 
bUpstart Network, Inc., L2262151, 23.18%, 12/16/26   21,800    21,979    - 
bUpstart Network, Inc., L2262178, 15.67%, 12/16/24   7,000    6,982    - 
bUpstart Network, Inc., L2262180, 17.1%, 12/16/26   5,000    4,993    - 
bUpstart Network, Inc., L2262190, 25.35%, 12/16/26   4,100    4,135    - 
bUpstart Network, Inc., L2262203, 18.36%, 12/16/26   10,500    10,478    - 
bUpstart Network, Inc., L2262249, 16.91%, 12/16/26   7,000    7,040    - 
bUpstart Network, Inc., L2262271, 20.02%, 12/16/26   10,000    10,070    - 
bUpstart Network, Inc., L2262304, 17.3%, 12/16/26   13,000    13,076    - 
bUpstart Network, Inc., L2262464, 10.33%, 12/16/26   7,000    6,994    - 

 

 

 

bUpstart Network, Inc., L2262495, 23.13%, 12/16/26   2,800    2,793    - 
bUpstart Network, Inc., L2262513, 25.9%, 12/17/26   7,000    6,988    - 
bUpstart Network, Inc., L2262515, 23.26%, 12/16/26   44,600    44,966    - 
bUpstart Network, Inc., L2262520, 19.39%, 12/16/26   5,400    5,437    - 
bUpstart Network, Inc., L2262523, 21.5%, 12/16/24   1,400    1,397    - 
bUpstart Network, Inc., L2262532, 20.65%, 12/16/26   13,000    13,103    - 
bUpstart Network, Inc., L2262592, 25.43%, 12/16/26   1,200    1,199    - 
bUpstart Network, Inc., L2262594, 18.44%, 12/16/26   1,000    1,006    - 
bUpstart Network, Inc., L2262597, 16.24%, 12/16/24   4,400    4,389    - 
bUpstart Network, Inc., L2262614, 13.43%, 12/16/24   10,000    10,048    - 
bUpstart Network, Inc., L2262618, 22.7%, 12/16/26   1,100    1,106    - 
bUpstart Network, Inc., L2262668, 24.03%, 12/16/26   3,300    3,327    - 
bUpstart Network, Inc., L2262690, 13.04%, 12/16/26   8,500    8,533    - 
bUpstart Network, Inc., L2262825, 7.69%, 12/16/26   15,000    15,035    - 
bUpstart Network, Inc., L2263455, 18.85%, 12/16/26   11,000    11,075    - 
bUpstart Network, Inc., L2263485, 24.71%, 12/16/26   2,000    2,017    - 
bUpstart Network, Inc., L2263510, 21.37%, 12/16/26   2,800    2,820    - 
bUpstart Network, Inc., L2263677, 23.33%, 12/16/26   15,000    14,964    - 
bUpstart Network, Inc., L2263798, 11.32%, 12/17/26   26,900    26,883    - 
bUpstart Network, Inc., L2264006, 13.57%, 12/17/26   10,000    9,996    - 
bUpstart Network, Inc., L2264084, 12.97%, 12/16/26   2,200    2,199    - 
bUpstart Network, Inc., L2264181, 23.38%, 12/16/24   1,300    1,312    - 
bUpstart Network, Inc., L2264299, 16.22%, 12/16/24   4,200    4,190    - 
bUpstart Network, Inc., L2264390, 14.9%, 12/16/24   3,000    3,015    - 
bUpstart Network, Inc., L2264438, 21.8%, 12/16/26   5,000    4,995    - 
bUpstart Network, Inc., L2264467, 18.83%, 12/16/26   21,400    21,546    - 
bUpstart Network, Inc., L2264522, 23.4%, 12/16/26   25,000    24,940    - 
bUpstart Network, Inc., L2264632, 8.24%, 12/16/26   20,000    19,994    - 
bUpstart Network, Inc., L2264675, 23.95%, 12/16/26   20,000    19,953    - 
bUpstart Network, Inc., L2264771, 25.35%, 12/16/26   1,900    1,896    - 
bUpstart Network, Inc., L2264794, 9.82%, 12/16/26   15,000    14,999    - 
bUpstart Network, Inc., L2264897, 22.07%, 12/16/26   9,500    9,569    - 
bUpstart Network, Inc., L2264912, 20.76%, 12/16/26   4,000    4,028    - 
bUpstart Network, Inc., L2264962, 22.17%, 12/16/28   3,300    3,315    - 
bUpstart Network, Inc., L2265007, 9.44%, 12/16/24   1,500    1,505    - 
bUpstart Network, Inc., L2265066, 18.81%, 12/16/26   5,000    5,034    - 
bUpstart Network, Inc., L2265116, 25.37%, 12/16/26   1,600    1,597    - 
bUpstart Network, Inc., L2265254, 24.22%, 12/16/26   5,400    5,388    - 
bUpstart Network, Inc., L2265306, 18.91%, 12/16/24   5,000    5,035    - 
bUpstart Network, Inc., L2265320, 18.67%, 12/16/26   1,000    999    - 
bUpstart Network, Inc., L2265322, 11.78%, 12/17/26   4,200    4,198    - 
bUpstart Network, Inc., L2265364, 8.65%, 12/16/24   5,000    5,016    - 
bUpstart Network, Inc., L2265409, 21.36%, 12/16/26   5,000    5,036    - 
bUpstart Network, Inc., L2265506, 16.32%, 12/16/26   13,500    13,558    - 
bUpstart Network, Inc., L2265533, 19.85%, 12/16/26   10,000    10,070    - 
bUpstart Network, Inc., L2265566, 11.83%, 12/16/26   15,000    15,056    - 
bUpstart Network, Inc., L2265595, 17.99%, 12/16/26   1,000    999    - 
bUpstart Network, Inc., L2265667, 19.73%, 12/16/24   20,000    20,141    - 
bUpstart Network, Inc., L2265697, 23.5%, 12/16/26   3,000    3,025    - 
bUpstart Network, Inc., L2265755, 11.99%, 12/16/26   8,000    7,994    - 
bUpstart Network, Inc., L2265833, 20.21%, 12/16/24   1,500    1,511    - 
bUpstart Network, Inc., L2265870, 19.27%, 12/16/26   10,000    10,061    - 
bUpstart Network, Inc., L2265891, 23.63%, 12/16/24   3,800    3,789    - 
bUpstart Network, Inc., L2265915, 9.6%, 12/16/24   3,000    2,998    - 
bUpstart Network, Inc., L2265919, 26.09%, 12/17/26   2,500    2,522    - 
bUpstart Network, Inc., L2265942, 25.35%, 12/16/26   5,500    5,546    - 
bUpstart Network, Inc., L2266028, 25.49%, 12/16/26   15,100    15,067    - 
bUpstart Network, Inc., L2266042, 17.15%, 12/16/24   8,700    8,759    - 
bUpstart Network, Inc., L2266091, 16.62%, 12/16/26   10,000    9,985    - 
bUpstart Network, Inc., L2266172, 21.62%, 12/16/26   3,500    3,491    - 
bUpstart Network, Inc., L2266258, 21.36%, 12/16/26   5,500    5,544    - 
bUpstart Network, Inc., L2266381, 25.31%, 12/16/26   2,000    2,017    - 
bUpstart Network, Inc., L2266458, 23.68%, 12/16/26   1,300    1,311    - 
bUpstart Network, Inc., L2266480, 10.61%, 12/17/26   3,500    3,498    - 
bUpstart Network, Inc., L2266509, 24.1%, 12/17/26   1,900    1,896    - 
bUpstart Network, Inc., L2266512, 9.35%, 12/16/24   27,100    27,078    - 
bUpstart Network, Inc., L2266515, 8.1%, 12/16/26   7,500    7,498    - 
bUpstart Network, Inc., L2266678, 14.84%, 12/16/26   13,000    12,995    - 
bUpstart Network, Inc., L2266887, 15.02%, 12/16/26   7,000    7,039    - 
bUpstart Network, Inc., L2266895, 23.57%, 12/16/26   4,000    4,033    - 
bUpstart Network, Inc., L2266958, 25.5%, 12/16/26   1,100    1,098    - 
bUpstart Network, Inc., L2266985, 23.91%, 12/16/26   5,100    5,093    - 
bUpstart Network, Inc., L2267025, 13.36%, 12/17/26   5,400    5,398    - 
bUpstart Network, Inc., L2267064, 25.29%, 12/16/26   1,100    1,109    - 
bUpstart Network, Inc., L2267070, 13.82%, 12/16/26   5,000    4,998    - 
bUpstart Network, Inc., L2267104, 27.38%, 12/16/26   4,800    4,791    - 
bUpstart Network, Inc., L2267192, 25.29%, 12/17/26   2,100    2,096    - 
bUpstart Network, Inc., L2267258, 25.45%, 12/17/26   4,600    4,641    - 
bUpstart Network, Inc., L2267269, 8.51%, 12/17/26   15,000    15,038    - 
bUpstart Network, Inc., L2267275, 19%, 12/17/26   7,000    6,993    - 
bUpstart Network, Inc., L2267343, 7.39%, 12/17/24   1,500    1,505    - 
bUpstart Network, Inc., L2267347, 8.86%, 12/17/24   2,000    1,999    - 
bUpstart Network, Inc., L2267364, 20.36%, 12/17/26   2,200    2,197    - 
bUpstart Network, Inc., L2267371, 23.36%, 12/17/26   1,300    1,297    - 
bUpstart Network, Inc., L2267445, 24.36%, 12/17/26   12,000    12,104    - 
bUpstart Network, Inc., L2267510, 13.34%, 12/17/26   10,800    10,796    - 
bUpstart Network, Inc., L2267539, 27.34%, 12/17/26   5,400    5,391    - 
bUpstart Network, Inc., L2267659, 25.42%, 12/17/26   2,100    2,118    - 
bUpstart Network, Inc., L2267672, 9.07%, 12/17/24   2,200    2,207    - 
bUpstart Network, Inc., L2267793, 22.13%, 12/17/24   5,900    5,884    - 
bUpstart Network, Inc., L2267796, 24.73%, 12/17/26   3,400    3,396    - 
bUpstart Network, Inc., L2267799, 18.33%, 12/17/26   7,000    6,993    - 
bUpstart Network, Inc., L2267802, 26.75%, 12/17/26   4,900    4,892    - 
bUpstart Network, Inc., L2267803, 15.27%, 12/17/26   5,400    5,423    - 

 

 

 

bUpstart Network, Inc., L2267833, 24.72%, 12/17/26   1,400    1,411    - 
bUpstart Network, Inc., L2267853, 25.14%, 12/17/26   2,600    2,595    - 
bUpstart Network, Inc., L2267867, 24.95%, 12/17/26   10,000    9,981    - 
bUpstart Network, Inc., L2267899, 15.39%, 12/17/26   10,000    10,043    - 
bUpstart Network, Inc., L2267902, 16.76%, 12/17/26   12,700    12,757    - 
bUpstart Network, Inc., L2267913, 17.09%, 12/17/26   5,000    5,023    - 
bUpstart Network, Inc., L2267939, 17.47%, 12/17/26   2,700    2,697    - 
bUpstart Network, Inc., L2267967, 19.43%, 12/17/26   15,000    15,122    - 
bUpstart Network, Inc., L2268022, 13.34%, 12/17/24   2,000    1,998    - 
bUpstart Network, Inc., L2268043, 21.67%, 12/17/26   50,000    49,929    - 
bUpstart Network, Inc., L2268053, 20.24%, 12/17/24   8,300    8,276    - 
bUpstart Network, Inc., L2268079, 20.72%, 12/17/26   4,000    3,991    - 
bUpstart Network, Inc., L2268096, 8.29%, 12/17/26   24,000    23,995    - 
bUpstart Network, Inc., L2268106, 25.26%, 12/17/26   22,600    22,799    - 
bUpstart Network, Inc., L2268164, 18.3%, 12/17/26   6,000    6,042    - 
bUpstart Network, Inc., L2268167, 11.62%, 12/17/26   3,800    3,798    - 
bUpstart Network, Inc., L2268185, 21.7%, 12/17/24   3,700    3,734    - 
bUpstart Network, Inc., L2268204, 14.83%, 12/17/24   1,000    1,005    - 
bUpstart Network, Inc., L2268221, 18.86%, 12/17/26   2,400    2,398    - 
bUpstart Network, Inc., L2268227, 9.32%, 12/17/24   8,500    8,529    - 
bUpstart Network, Inc., L2268244, 25.64%, 12/17/26   8,300    8,373    - 
bUpstart Network, Inc., L2268276, 21.79%, 12/17/24   5,000    4,986    - 
bUpstart Network, Inc., L2268401, 25.14%, 12/17/26   3,400    3,394    - 
bUpstart Network, Inc., L2268468, 25.32%, 12/17/26   3,500    3,531    - 
bUpstart Network, Inc., L2268486, 25.17%, 12/17/26   1,800    1,814    - 
bUpstart Network, Inc., L2268488, 24.71%, 12/17/26   5,500    5,543    - 
bUpstart Network, Inc., L2268631, 8.37%, 12/17/26   7,000    7,018    - 
bUpstart Network, Inc., L2268637, 14.78%, 12/17/26   6,600    6,628    - 
bUpstart Network, Inc., L2268700, 9.56%, 12/17/26   4,000    4,011    - 
bUpstart Network, Inc., L2268702, 21.51%, 12/17/26   6,600    6,655    - 
bUpstart Network, Inc., L2268708, 19.88%, 12/17/26   5,000    5,036    - 
bUpstart Network, Inc., L2268724, 5.97%, 12/17/24   6,400    6,397    - 
bUpstart Network, Inc., L2268745, 20.6%, 12/17/26   4,400    4,432    - 
bUpstart Network, Inc., L2268916, 9.12%, 12/17/26   7,000    7,018    - 
bUpstart Network, Inc., L2268926, 20.65%, 12/17/26   27,000    27,198    - 
bUpstart Network, Inc., L2268969, 7.2%, 12/17/24   3,500    3,508    - 
bUpstart Network, Inc., L2269004, 11.83%, 12/17/26   13,000    13,051    - 
bUpstart Network, Inc., L2269008, 9%, 12/17/26   14,500    14,499    - 
bUpstart Network, Inc., L2269061, 14.52%, 12/17/26   4,500    4,519    - 
bUpstart Network, Inc., L2269100, 10.48%, 12/17/24   6,000    5,991    - 
bUpstart Network, Inc., L2269154, 12.96%, 12/17/26   20,000    20,081    - 
bUpstart Network, Inc., L2269156, 9.26%, 12/17/24   2,000    2,007    - 
bUpstart Network, Inc., L2269180, 15.1%, 12/17/26   4,500    4,499    - 
bUpstart Network, Inc., L2269188, 14.18%, 12/17/26   5,400    5,423    - 
bUpstart Network, Inc., L2269221, 11.91%, 12/17/24   1,500    1,498    - 
bUpstart Network, Inc., L2269231, 7.89%, 12/17/24   20,000    20,064    - 
bUpstart Network, Inc., L2269238, 17.64%, 12/17/24   1,000    1,007    - 
bUpstart Network, Inc., L2269259, 8.25%, 12/17/26   3,000    2,999    - 
bUpstart Network, Inc., L2269322, 25.3%, 12/17/26   2,900    2,895    - 
bUpstart Network, Inc., L2269335, 24.65%, 12/17/26   2,400    2,421    - 
bUpstart Network, Inc., L2269383, 23.1%, 12/17/26   4,000    3,992    - 
bUpstart Network, Inc., L2269403, 7.47%, 12/17/26   15,000    14,996    - 
bUpstart Network, Inc., L2269419, 17%, 12/17/26   10,000    9,980    - 
bUpstart Network, Inc., L2269424, 8.98%, 12/17/26   11,000    10,999    - 
bUpstart Network, Inc., L2269551, 13.05%, 12/17/24   2,500    2,512    - 
bUpstart Network, Inc., L2269566, 25.42%, 12/17/26   5,800    5,790    - 
bUpstart Network, Inc., L2269577, 10.94%, 12/17/26   948    948    - 
bUpstart Network, Inc., L2269599, 7.84%, 12/17/24   2,700    2,698    - 
bUpstart Network, Inc., L2269612, 24.24%, 12/17/26   3,500    3,530    - 
bUpstart Network, Inc., L2269665, 16.5%, 12/17/26   16,300    16,279    - 
bUpstart Network, Inc., L2269672, 24.89%, 12/17/26   6,200    6,254    - 
bUpstart Network, Inc., L2269673, 24.46%, 12/17/26   1,000    998    - 
bUpstart Network, Inc., L2269703, 21.08%, 12/17/26   3,500    3,492    - 
bUpstart Network, Inc., L2269792, 12.02%, 12/17/24   7,000    6,991    - 
bUpstart Network, Inc., L2269795, 25.35%, 12/17/26   3,900    3,893    - 
bUpstart Network, Inc., L2269803, 24.56%, 12/17/26   14,000    13,973    - 
bUpstart Network, Inc., L2269834, 25.17%, 12/17/26   1,400    1,412    - 
bUpstart Network, Inc., L2269890, 5.16%, 12/17/24   2,000    1,999    - 
bUpstart Network, Inc., L2269986, 11.35%, 12/17/26   8,500    8,495    - 
bUpstart Network, Inc., L2269989, 15.72%, 12/17/26   30,000    30,176    - 
bUpstart Network, Inc., L2270002, 11.76%, 12/17/26   4,500    4,497    - 
bUpstart Network, Inc., L2270069, 9.27%, 12/17/26   6,500    6,500    - 
bUpstart Network, Inc., L2270105, 17.48%, 12/17/26   2,000    2,012    - 
bUpstart Network, Inc., L2270132, 20.75%, 12/17/26   1,500    1,501    - 
bUpstart Network, Inc., L2270141, 5.94%, 12/17/24   5,000    5,011    - 
bUpstart Network, Inc., L2270155, 14.46%, 12/17/26   50,000    49,987    - 
bUpstart Network, Inc., L2270209, 25.15%, 12/17/26   2,100    2,118    - 
bUpstart Network, Inc., L2270265, 18.3%, 12/17/26   2,000    2,012    - 
bUpstart Network, Inc., L2270374, 7.34%, 12/17/24   4,000    3,999    - 
bUpstart Network, Inc., L2270387, 13.84%, 12/17/24   4,500    4,530    - 
bUpstart Network, Inc., L2270388, 25.02%, 12/17/26   1,500    1,513    - 
bUpstart Network, Inc., L2270469, 12.65%, 12/17/26   3,500    3,514    - 
bUpstart Network, Inc., L2270498, 25.87%, 12/17/26   11,300    11,280    - 
bUpstart Network, Inc., L2270546, 18.98%, 12/17/24   5,000    5,036    - 
bUpstart Network, Inc., L2270631, 21.07%, 12/17/26   11,800    11,887    - 
bUpstart Network, Inc., L2270652, 17.8%, 12/17/26   2,800    2,797    - 
bUpstart Network, Inc., L2270701, 13.05%, 12/17/24   2,500    2,512    - 
bUpstart Network, Inc., L2270705, 12.61%, 12/17/26   10,000    9,995    - 
bUpstart Network, Inc., L2270782, 17.78%, 12/17/26   3,300    3,320    - 
bUpstart Network, Inc., L2270906, 9.12%, 12/17/26   6,000    6,016    - 
bUpstart Network, Inc., L2270930, 20.12%, 12/17/24   6,700    6,680    - 
bUpstart Network, Inc., L2270962, 25.74%, 12/17/26   3,500    3,531    - 
bUpstart Network, Inc., L2270986, 24.74%, 12/17/26   1,000    999    - 
bUpstart Network, Inc., L2271105, 9.17%, 12/17/26   34,000    34,089    - 

 

 

 

bUpstart Network, Inc., L2271135, 7.67%, 12/17/24   2,000    1,998    - 
bUpstart Network, Inc., L2271183, 9.8%, 12/17/24   2,500    2,509    - 
    9,340,936    9,280,918      
                
Total Marketplace Loans (Cost $23,421,674)   23,209,109    22,972,188      

 

Asset-Backed Securities 10.0%           
Capital Markets 0.0%†           
pMerrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN,           
4.227%, (1-month USD LIBOR + 4.125%), 7/25/34  United States   33,301    20,096 
              
Diversified Financial Services 10.0%             
f,h,pCarlyle Global Market Strategies CLO Ltd., 2014-1A, DR, 144A,             
FRN, 2.722%, (3-month USD LIBOR + 2.6%), 4/17/31  United States   2,300,000    2,211,132 
f,pCarlyle US CLO Ltd., 2017-4A, C, 144A, FRN, 2.924%, (3-month             
USD LIBOR + 2.8%), 1/15/30  United States   1,000,000    965,436 
f,qConsumer Loan Underlying Bond Certificate Issuer Trust I,             
2018-29, PT, 144A, FRN, 27.577%, 12/15/43  United States   87,992    87,212 
2019-26, PT, 144A, FRN, 20.731%, 8/15/44  United States   270,561    268,765 
2019-31, PT, 144A, FRN, 20.721%, 9/15/44  United States   246,393    242,530 
2019-37, PT, 144A, FRN, 21.346%, 10/17/44  United States   261,237    256,658 
2019-42, PT, 144A, FRN, 20.866%, 11/15/44  United States   267,416    265,607 
2019-51, PT, 144A, FRN, 16.892%, 1/15/45  United States   333,666    331,829 
2019-52, PT, 144A, FRN, 16.224%, 1/15/45  United States   331,111    331,135 
2019-S1, PT, 144A, FRN, 17.207%, 4/15/44  United States   173,000    168,997 
2019-S2, PT, 144A, FRN, 13.641%, 5/16/44  United States   111,431    109,542 
2019-S3, PT, 144A, FRN, 14.036%, 6/15/44  United States   373,106    368,914 
2019-S4, PT, 144A, FRN, 13.972%, 8/15/44  United States   216,522    215,528 
2019-S5, PT, 144A, FRN, 13.598%, 9/15/44  United States   223,315    221,646 
2019-S6, PT, 144A, FRN, 12.299%, 10/17/44  United States   217,200    212,736 
2019-S7, PT, 144A, FRN, 11.38%, 12/15/44  United States   195,342    192,377 
2019-S8, PT, 144A, FRN, 10.684%, 1/15/45  United States   236,111    231,444 
2020-2, PT, 144A, FRN, 16.149%, 3/15/45  United States   328,090   $327,104 
2020-7, PT, 144A, FRN, 16.127%, 4/17/45  United States   191,505    188,612 
f,h,pDryden 38 Senior Loan Fund, 2015-38A, DR, 144A, FRN, 3.124%,             
(3-month USD LIBOR + 3%), 7/15/30  United States   2,500,000    2,500,026 
f,h,pDryden 42 Senior Loan Fund, 2016-42A, CR, 144A, FRN, 2.174%,             
(3-month USD LIBOR + 2.05%), 7/15/30  United States   2,400,000    2,387,056 
f,h,pDryden 58 CLO Ltd., 2018-58A, C, 144A, FRN, 1.922%, (3-month             
USD LIBOR + 1.8%), 7/17/31  United States   3,000,000    2,974,543 
f,pMadison Park Funding XXXI Ltd., 2018-31A, D, 144A, FRN, 3.124%,             
(3-month USD LIBOR + 3%), 1/23/31  United States   1,250,000    1,248,244 
pMorgan Stanley ABS Capital I, Inc. Trust, 2003-NC10, B1, FRN,             
5.053%, (1-month USD LIBOR + 4.95%), 10/25/33  United States   307,325    333,598 
f,h,pOctagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN,             
2.028%, (3-month USD LIBOR + 1.9%), 1/22/30  United States   6,050,000    6,027,681 
f,qProsper Pass-Thru Trust III,             
2020-PT1, A, 144A, FRN, 8.796%, 3/15/26  United States   194,535    197,790 
2020-PT2, A, 144A, FRN, 9.444%, 4/15/26  United States   213,777    210,118 
2020-PT3, A, 144A, FRN, 7.183%, 5/15/26  United States   53,291    53,771 
pStructured Asset Investment Loan Trust, 2003-BC2, M3, FRN,             
4.977%, (1-month USD LIBOR + 4.875%), 4/25/33  United States   13,987    15,017 
f,qUpgrade Master Pass-Thru Trust, 2019-PT2, A, 144A, FRN,             
13.266%, 2/15/26  United States   192,834    197,002 
f,pVoya CLO Ltd.,             
h 2014-1A, BR2, 144A, FRN, 2.022%, (3-month USD LIBOR +             
1.9%), 4/18/31  United States   1,300,000    1,289,212 
2014-1A, CR2, 144A, FRN, 2.922%, (3-month USD LIBOR +             
2.8%), 4/18/31  United States   500,000    474,100 
h 2016-3A, CR, 144A, FRN, 3.372%, (3-month USD LIBOR +             
3.25%), 10/18/31  United States   2,000,000    1,938,845 
            27,044,207 
Total Asset-Backed Securities (Cost $26,476,542)           27,064,303 
              
Commercial Mortgage-Backed Securities 1.2%             
Diversified Financial Services 0.1%             
qCommercial Mortgage Trust, 2006-GG7, AJ, FRN, 6.012%, 7/10/38  United States   194,980    164,107 
Thrifts & Mortgage Finance 1.1%             
hCitigroup Commercial Mortgage Trust, 2015-GC27, A5, 3.137%,             
2/10/48  United States   1,520,000    1,584,141 
hJPMBB Commercial Mortgage Securities Trust, 2015-C28, A4,             
3.227%, 10/15/48  United States   1,410,000    1,473,170 
            3,057,311 
Total Commercial Mortgage-Backed Securities (Cost $3,164,689)           3,221,418 
              
Mortgage-Backed Securities 16.5%             
Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 3.1%             
gFHLMC Gold Pools, 15 Year, 5%, 12/01/23  United States   53,788    55,503 
gFHLMC Gold Pools, 20 Year, 6.5%, 8/01/27  United States   92,854    102,563 
gFHLMC Gold Pools, 30 Year, 3.5%, 12/01/48  United States   2,269,431    2,401,115 
gFHLMC Gold Pools, 30 Year, 3.5%, 3/01/45  United States   12,111    12,948 
gFHLMC Gold Pools, 30 Year, 4%, 5/01/48  United States   1,741,876   $1,863,665 
gFHLMC Gold Pools, 30 Year, 6%, 7/01/28 - 11/01/36  United States   260,026    295,638 
gFHLMC Gold Pools, 30 Year, 6.5%, 3/01/38  United States   6,537    7,357 
gFHLMC Gold Pools, 30 Year, 7%, 9/01/27  United States   33,116    35,610 
gFHLMC Gold Pools, 30 Year, 8.5%, 7/01/31  United States   105,287    118,641 
gFHLMC Pool, 15 Year, 2.5%, 9/01/35  United States   3,453,241    3,571,079 
            8,464,119 
rFederal National Mortgage Association (FNMA) Adjustable Rate 0.0%  †          
gFNMA, 1.665% - 1.803%, (6-month USD LIBOR +/- MBS Margin),             
6/01/32 - 7/01/34  United States   134,788    135,492 
            135,492 

 

 

 

Federal National Mortgage Association (FNMA) Fixed Rate 11.7%             
gFNMA, 3.5%, 7/01/56  United States   475,052    515,618 
gFNMA, 15 Year, 2%, 9/01/35  United States   1,070,438    1,097,216 
gFNMA, 15 Year, 3%, 8/01/27  United States   4,485    4,697 
gFNMA, 15 Year, 3.5%, 1/01/26  United States   7,218    7,605 
gFNMA, 20 Year, 4.5%, 5/01/24 - 9/01/29  United States   20,836    22,304 
gFNMA, 30 Year, 2.5%, 9/01/50  United States   4,738,804    4,841,954 
gFNMA, 30 Year, 3%, 10/01/50  United States   3,396,567    3,521,545 
gFNMA, 30 Year, 3.5%, 1/01/45 - 6/01/45  United States   553,083    594,207 
gFNMA, 30 Year, 4%, 10/01/47  United States   2,544,955    2,726,461 
gFNMA, 30 Year, 4%, 11/01/44 - 1/01/48  United States   784,346    847,632 
gFNMA, 30 Year, 4.5%, 3/01/44  United States   630    676 
gFNMA, 30 Year, 5%, 5/01/38 - 7/01/39  United States   185,461    209,897 
gFNMA, 30 Year, 5.5%, 6/01/37  United States   147,351    168,666 
gFNMA, 30 Year, 6%, 4/01/33 - 6/01/38  United States   355,708    411,757 
gFNMA, 30 Year, 6.5%, 8/01/32  United States   60,958    70,281 
sFNMA, Single-family, 15 Year, 2%, 1/25/37  United States   4,653,000    4,764,691 
sFNMA, Single-family, 30 Year, 2%, 1/25/52  United States   3,931,000    3,919,195 
sFNMA, Single-family, 30 Year, 2.5%, 1/25/52  United States   7,700,000    7,856,444 
            31,580,846 
Government National Mortgage Association (GNMA) Fixed Rate 1.7%             
gGNMA I, Single-family, 30 Year, 6.5%, 6/15/31 - 12/15/33  United States   199,343    218,885 
sGNMA II, Single-family, 30 Year, 2%, 1/15/52  United States   1,554,000    1,568,151 
sGNMA II, Single-family, 30 Year, 2.5%, 1/15/52  United States   1,539,000    1,576,151 
gGNMA II, Single-family, 30 Year, 3.5%, 12/20/49  United States   1,088,689    1,133,927 
gGNMA II, Single-family, 30 Year, 7%, 1/20/24 - 1/20/29  United States   12,924    14,150 
gGNMA II, Single-family, 30 Year, 8%, 1/20/28 - 10/20/31  United States   52,038    59,988 
            4,571,252 
Total Mortgage-Backed Securities (Cost $44,533,476)           44,751,709 
              
Residential Mortgage-Backed Securities 1.2%             
Thrifts & Mortgage Finance 1.2%             
h,pFNMA Connecticut Avenue Securities,             
2017-C03, 1M2, FRN, 3.103%, (1-month USD LIBOR + 3%),             
10/25/29  United States   1,742,415    1,784,551 
2017-C05, 1M2, FRN, 2.303%, (1-month USD LIBOR + 2.2%),             
1/25/30  United States   1,400,732   $1,426,059 
            3,210,610 
Total Residential Mortgage-Backed Securities (Cost $3,233,179)           3,210,610 
Total Long Term Investments (Cost $398,355,809)           397,912,833 
              
Short Term Investments 3.3%             
   Country   Shares     Value 
Money Market Funds 3.3%             
t,uInstitutional Fiduciary Trust - Money Market Portfolio, 0.01%  United States   8,882,237    8,882,237 
Total Money Market Funds (Cost $8,882,237)           8,882,237 
Total Short Term Investments (Cost $8,882,237)           8,882,237 
              
Total Investments (Cost $407,238,046) 150.4%          $406,795,070 
Reverse Repurchase Agreements (12.4)%           (33,448,122)
vCredit Facility (30.7)%           (83,000,000)
Other Assets, less Liabilities (7.3)%           (19,910,122)
Net Assets 100.0%          $270,436,826 

 

   Amount     
   Borrowed   Payable 
wReverse Repurchase Agreements (12.4)%        
Counterparty UBS AG, 0.48%, 1/07/22  $1,459,656   $(1,461,991)
Counterparty UBS AG, 0.48%, 1/07/22  $1,355,292   $(1,357,460)
Counterparty UBS AG, 0.6%, 1/07/22  $1,076,250   $(1,078,402)
Counterparty UBS AG, 0.6%, 1/07/22  $1,303,125   $(1,305,731)
Counterparty UBS AG, 0.6%, 1/07/22  $1,030,500   $(1,032,561)
Counterparty UBS AG, 0.6%, 1/07/22  $1,002,375   $(1,004,380)
Counterparty UBS AG, 0.6%, 1/07/22  $1,153,750   $(1,156,058)
Counterparty UBS AG, 0.6%, 1/07/22  $1,035,000   $(1,037,070)
Counterparty UBS AG, 0.6%, 1/07/22  $1,239,375   $(1,241,854)
Counterparty UBS AG, 0.6%, 1/07/22  $1,289,750   $(1,292,330)
Counterparty UBS AG, 0.6%, 1/07/22  $1,430,625   $(1,433,486)
Counterparty UBS AG, 0.6%, 1/07/22  $1,087,500   $(1,089,675)
Counterparty UBS AG, 0.88%, 1/07/22  $861,998   $(864,526)
Counterparty UBS AG, 0.88%, 1/07/22  $1,419,250   $(1,423,413)
Counterparty UBS AG, 0.88%, 1/07/22  $1,105,109   $(1,108,351)
Counterparty UBS AG, 0.88%, 1/07/22  $2,400,000   $(2,407,040)
Counterparty UBS AG, 0.88%, 1/07/22  $2,040,046   $(2,046,030)
Counterparty UBS AG, 0.88%, 1/07/22  $4,827,900   $(4,842,062)
Counterparty UBS AG, 0.88%, 1/07/22  $849,877   $(852,370)
Counterparty UBS AG, 1.23%, 1/07/22  $1,600,000   $(1,606,560)
Counterparty UBS AG, 1.23%, 1/07/22  $1,791,227   $(1,798,572)
Counterparty UBS AG, 1.23%, 1/07/22  $2,000,000   $(2,008,200)
Total Reverse Repurchase Agreements (Proceeds $33,358,605)       $(33,448,122)

 

*The principal amount is stated in U.S. dollars unless otherwise indicated.
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bFair valued using significant unobservable inputs. See Note 13 regarding fair value measurements.
cSee Note 11 regarding restricted securities.
dIncome may be received in additional securities and/or cash.
ePerpetual security with no stated maturity date.
fSecurity 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, 2021, the aggregate value of these securities was $170,494,030, representing 63.0% of net assets.
gA portion or all of the security is pledged as collateral in connection with the Fund’s revolving credit facility.
hA portion or all of the security is designated as collateral for reverse repurchase agreements.
iSee Note 9 regarding credit risk and defaulted securities.
jThe coupon rate shown represents the rate at period end.
kSee Note 1(e) regarding senior floating rate interests.
lA 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.
mA portion or all of the security purchased on a delayed delivery basis. See Note 1(c).
nSee Note 12 regarding unfunded loan commitments.
oSee Note 1(f) regarding Marketplace Lending.
pThe coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.
qAdjustable 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.
rAdjustable 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).
sSecurity purchased on a to-be-announced (TBA) basis. See Note 1(c).
tSee Note 5(c) regarding investments in affiliated management investment companies.
uThe rate shown is the annualized seven-day effective yield at period end.
vSee Note 3 regarding Credit Facility.
wSee Note 4 regarding reverse repurchase agreements.

 

Additional financial disclosures are included in the notes to financial statements of the Fund's annual report and should be read in conjunction with this report. 

 

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 summary statement of investments, of Franklin Limited Duration Income Trust (the "Fund") as of December 31, 2021, the related statements of operations and cash flows for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2021, the period April 1, 2017 through December 31, 2017 and the year ended March 31, 2017 (included in Item 1 of this Form N-CSR) and the statement of investments (included in Item 6 of this Form N-CSR) as of December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the four years in the period ended December 31, 2021, the period April 1, 2017 through December 31, 2017 and the year ended March 31, 2017 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 statements of investments, of Franklin Limited Duration Income Trust as of December 31, 2020, 2019, 2018 and 2017, March 31, 2017, 2016, 2015, 2014, 2013, and 2012, and the related statements of operations for the years ended December 31, 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, 2014, 2013 and 2012, the statements of changes in net assets for the years ended December 31, 2019 and 2018, for the period of April 1, 2017 through December 31, 2017, and for the years ended March 31, 2017, 2016, 2015, 2014, 2013 and 2012 and the statements of cash flows for the years ended December 31, 2020, 2019 and 2018 (none of which are presented herein), and we expressed unqualified opinions on the those financial statements. In our opinion, the information set forth in the Senior Securities Table of Franklin Limited Duration Income Trust for each of the four years in the period ended December 31, 2021, for the period of April 1, 2017 through December 31, 2017, and for each of the six 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, 2021 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.

 

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 22, 2022

 

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

 

 
 
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 MANAGER TO VOTE PROXIES
Franklin Advisers, Inc. (hereinafter the "Investment Manager") has delegated its administrative duties with respect to voting proxies for securities to the Proxy Group within Franklin Templeton Companies, LLC (the "Proxy Group"), a wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton Companies, LLC provides a variety of general corporate services to its affiliates, including, but not limited to, legal and compliance activities. Proxy duties consist of analyzing proxy statements of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Manager) that has either delegated proxy voting administrative responsibility to the Investment Manager or has asked for information and/or recommendations on the issues to be voted. The Investment Manager will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Manager's views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Manager.
The Proxy Group will process proxy votes on behalf of, and the Investment Manager votes proxies solely in the best interests of, separate account clients, the Investment Manager-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 Manager or (ii) the documents otherwise expressly prohibit the Investment Manager from voting proxies. The Investment Manager recognizes that the exercise of voting rights on securities held by ERISA plans for which the Investment Manager has 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 Manager indicating such intention and provide written instructions directing the Investment Manager 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 Manager has adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that it believes are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with its fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Manager 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).
*
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 MANAGER VOTES PROXIES
Fiduciary Considerations
All proxies received by the Proxy Group will be voted based upon the Investment Manager's instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Manager subscribes 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 Manager subscribes 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 Manager
subscribes 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 Manager does not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Manager's ultimate decision. Rather, the Investment Manager exercises its independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Manager 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 manager’s 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.
Circumstances Where the Investment Manager May Generally Rely on the Recommendations of a Proxy Service
Certain of the Investment Manager’s clients’ accounts are separate accounts or funds (or a portion thereof) that follow a smart beta strategy, are passively managed to track a particular securities index, or employ a quantitative strategy. These accounts include certain client accounts managed by Franklin Templeton Investment Solutions (“FTIS”), a business unit of the Investment Manager that are managed systematically to either (i) track a specified securities index (including but not limited to exchange traded funds (“ETFs”)) or (ii) seek to achieve other stated investment objectives.
In the case of accounts managed to track an index, the primary criteria for determining whether a security should be included (or continue to be included) in an investment portfolio is whether such security is a representative component of the securities index that the account is seeking to track.  For other systematically-managed accounts that do not track a specific index, 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 (for example, where an issuer files additional solicitation materials after a Proxy Service has issued its voting recommendations but sufficiently before the vote submission deadline and these materials would reasonably be expected to affect the Investment Manager’s voting determination).
Conflicts of Interest
All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Manager is an affiliate 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 Manager takes the position that relationships between certain affiliates acquired as a result of the Legg Mason transaction that do not use the “Franklin Templeton” name (“Legg Mason Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and a Legg Mason Affiliate) do not present a conflict of interest for the Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Manager operates as an independent business unit from the Legg Mason Affiliate business units, and (ii) informational barriers exist between the Investment Manager and the Legg Mason Affiliate business units. Franklin Templeton employees are under an obligation to bring any conflicts of interest, including conflicts of interest which may arise because of an attempt by a Legg Mason Affiliate business unit or officer or employee to influence proxy voting by the Investment Manager to the attention of Franklin Templeton’s Compliance.
Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Manager’s or an affiliate’s (other than a Legg Mason 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 Manager or an affiliate (other than a Legg Mason Affiliate as described above) and an issuer may exist: (1) the Investment Manager 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 Manager; 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 Manager or one of its affiliates (other than Legg Mason 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 Manager’s recommendation regarding the vote for approval.
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 Manager and affiliated Investment Managers (other than Legg Mason Affiliates) in accordance with the instructions of one or more of the Advisory Clients.
The Investment Manager 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 Manager may consider various factors in deciding whether to vote such proxies, including the Investment Manager’s 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 Manager 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.”
Where a material conflict of interest has been identified, but the items on which the Investment Manager’s vote recommendations differ from a Proxy Service relate specifically to (1) shareholder proposals regarding social or environmental issues, (2) “Other Business” without describing the matters that might be considered, or (3) items the Investment Manager wishes to vote in opposition to the recommendations of an issuer’s management, the Proxy Group may defer to the vote recommendations of the Investment Manager rather than sending the proxy directly to the relevant Advisory Clients for approval.
To avoid certain potential conflicts of interest, the Investment Manager will employ echo voting or pass-through voting, if possible, in the following instances: (1) when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F), or (G) of the Investment Company Act of 1940, as amended, (“1940 Act”), the rules thereunder, or pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order thereunder; (2) when a Franklin Templeton U.S. registered investment company invests uninvested cash in affiliated money market funds pursuant to the rules under the 1940 Act or any exemptive orders thereunder (“cash sweep arrangement”); or (3) when required pursuant to the fund’s governing documents or applicable law. Echo voting means that the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the fund’s shares. With respect to instances when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying fund, the Investment Manager will vote in accordance with the recommendation of such investment company’s board of trustees or directors. In addition, to avoid certain potential conflicts of interest, and where required under a fund’s governing documents or applicable law, the Investment Manager will employ pass-through voting when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on Section 12(d)(1)(E) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder. In “pass-through voting,” a feeder fund will solicit voting instructions from its shareholders as to how to vote on the master fund’s proposals. If a Franklin Templeton investment company becomes a holder of more than 25% of the shares on a non-affiliated fund, as a result of a decrease in the outstanding shares of the non-affiliated fund, then the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the non-affiliated fund.
In addition, with respect to an open-ended collective investment scheme formed as a Société d'Investissement à capital variable (SICAV), in accordance with Luxembourg law, if one sub-fund (the “Acquirer”) has invested in another sub-fund of the SICAV (the “Target”), then the voting rights attached to the shares of the Target will be suspended for voting purposes as long as they are held by the Acquirer. Similarly, in accordance with Canadian law, Canadian mutual funds that are invested in another proprietary mutual fund are prohibited from voting the units of the underlying fund.
Weight Given Management Recommendations
One of the primary factors the Investment Manager considers 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 Manager considers in determining how proxies should be voted. However, the Investment Manager does not consider recommendations from management to be determinative of the Investment Manager's ultimate decision. Each issue is considered on its own merits, and the Investment Manager 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 Manager believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Manager 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 Manager 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 the Franklin Templeton Companies, LLC Legal Department and is overseen by legal counsel. Full- time staff members and support staff (which includes individuals that are employees of affiliates of Franklin Templeton Companies, LLC) 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 Manager's 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 Manager's 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 Manager has 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 Manager's research analyst, 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 the 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 PROCEDURES
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 Manager understands its fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Manager will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Manager 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 the 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 Manager 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 Manager’s intended vote is not correctly submitted; (x) the Investment Manager believes 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.
Even if the Investment Manager uses reasonable efforts to vote a proxy on behalf of its 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 Manager does not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Manager’s votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
The Investment Manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Manager or its affiliates, determine to use its best efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on a material event that may 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 Investment Manager will not generally make such efforts on behalf of other Advisory Clients or notify such Advisory Clients or their custodians that the Investment Manager or its affiliates has learned of such a vote.
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.
The Investment Manager may vote against an agenda item where no further information is provided, particularly in non-U.S. markets. For example, if "Other Business" is listed on the agenda with no further information included in the proxy materials, the Investment Manager may vote against the item as no information has been provided prior to the meeting in order to make an informed decision. The Investment Manager may also enter a "withhold" vote on the election of certain directors from time to time based on individual situations, particularly where the Investment Manager is not in favor of electing a director and there is no provision for voting against such director.
If several issues are bundled together in a single voting item, the Investment Manager will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
The following describes the standard procedures that are to be followed with respect to carrying out the Investment Manager's proxy policy:
1. The Proxy Group will identify all Advisory Clients, maintain a list of those clients, and indicate those Advisory Clients who have delegated proxy voting authority in writing to the Investment Manager. The Proxy Group will periodically review and update this list. If the agreement with an Advisory Client permits the Advisory Client to provide instructions to the Investment Manager regarding how to vote the client’s shares, the Investment Manager will make a best-efforts attempt to vote per the Advisory Client’s instructions.
2. All relevant information in the proxy materials received (e.g., the record date of the meeting) will be recorded promptly by the Proxy Group to maintain control over such materials.
3. The Proxy Group will review and compile information on each proxy upon receipt of any agendas, materials, reports, recommendations from a Proxy Service, or other information. The Proxy Group will then forward (or otherwise make available) this information to the appropriate research analyst for review and voting instructions.
4. In determining how to vote, the Investment Manager's analysts and relevant portfolio manager(s) will consider their in-depth knowledge of the company, any readily available information and research about the company and its agenda items, and the recommendations of a Proxy Service.
5. The Proxy Group is responsible for maintaining the documentation that supports the Investment Manager’s voting decision. Such documentation may include, but is not limited to, any information provided by a Proxy Service and, with respect to an issuer that presents a potential conflict of interest, any board or audit committee memoranda describing the position it has taken. Additionally, the Proxy Group may include documentation obtained from the research analyst, portfolio manager and/or legal counsel; however, the relevant research analyst may, but is not required to, maintain additional documentation that was used or created as part of the analysis to reach a voting decision, such as certain financial statements of an issuer, press releases, or notes from discussions with an issuer’s management.
6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Proxy Group may review those situations including special or unique documentation to determine that the appropriate documentation has been created, including conflict of interest screening. If the Proxy Group learns that an issuer has filed additional solicitation materials sufficiently prior to the submission deadline, the Proxy Group will disseminate this information to the Investment Manager so that the Investment Manager may consider this information and determine whether it is material to its voting decision.
7. The Proxy Group will make every effort to submit the Investment Manager's vote on all proxies to ISS by the cut-off date. However, in certain foreign jurisdictions or instances where the Proxy Group did not receive sufficient notice of the meeting, the Proxy Group will use its best efforts to send the voting instructions to ISS in time for the vote to be processed.
8. With respect to proprietary products, the Proxy Group will file Powers of Attorney in all jurisdictions that require such documentation on a best efforts basis; the Proxy Group does not have authority to file Powers of Attorney on behalf of other Advisory Clients. On occasion, the Investment Manager may wish to attend and vote at a shareholder meeting in person. In such cases, the Proxy Group will use its best efforts to facilitate the attendance of the designated Franklin Templeton employee by coordinating with the relevant custodian bank.
9. The Proxy Group prepares reports for each separate account client that has requested a record of votes cast. The report specifies the proxy issues that have been voted for the Advisory Client during the requested period and the position taken with respect to each issue. The Proxy Group sends one copy to the Advisory Client, retains a copy in the Proxy Group’s files and forwards a copy to either the appropriate portfolio manager or the client service representative. While many Advisory Clients prefer quarterly or annual reports, the Proxy Group will provide reports for any timeframe requested by an Advisory Client.
10. If the Franklin Templeton Services, LLC Global Trade Services learns of a vote that may affect a security on loan from a proprietary registered investment company, Global Trade Services will notify the Investment Manager. If the Investment Manager decides that the vote is material and it would be in the best interests of shareholders to recall the security, the Investment Manager will advise Global Trade Services to contact the lending agent in an effort to retrieve the security. If so requested by the Investment Manager, Global Trade Services shall use its best efforts to recall any security on loan and will use other practicable and legally enforceable means to ensure that the Investment Manager is able to vote proxies for proprietary registered investment companies with respect to such loaned securities. However, there can be no guarantee that the securities can be retrieved for such purposes. Global Trade Services will advise the Proxy Group of all recalled securities. Many Advisory Clients have entered into securities lending arrangements with agent lenders to generate additional revenue. Under normal circumstances, the Investment Manager will not make efforts to recall any security on loan for voting purposes on behalf of other Advisory Clients or notify such clients or their custodians that the Investment Manager or its affiliates have learned of such a vote.
11. The Proxy Group participates in Franklin Templeton Investment’s Business Continuity and Disaster Preparedness programs. The Proxy Group will conduct disaster recovery testing on a periodic basis in an effort to ensure continued operations of the Proxy Group in the event of a disaster. Should the Proxy Group not be fully operational, then the Proxy Group may instruct ISS to vote all meetings immediately due per the recommendations of the appropriate third-party proxy voting service provider.
12. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, on a timely basis, will file all required Form N-PXs, with respect to proprietary U.S. registered investment companies, disclose that each U.S.-registered fund’s proxy voting record is available on the Franklin Templeton web site, and will make available the information disclosed in each fund’s Form N-PX as soon as is reasonably practicable after filing Form N-PX with the SEC. The Proxy Group will work with legal staff in other jurisdictions, as needed, to help support required proxy voting disclosure in such markets.
13. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, will ensure that all required disclosure about proxy voting of the proprietary U.S. registered investment companies is made in such clients’ disclosure documents.
14. The Proxy Group is subject to periodic review by Internal Audit and compliance groups.
15. The Investment Manager will review the guidelines of each Proxy Service, with special emphasis on the factors they use with respect to proxy voting recommendations.
16. The Proxy Group will update the proxy voting policies and procedures as necessary for review and approval by legal, compliance, investment officers, and/or other relevant staff.
17. The Proxy Group will familiarize itself with the procedures of ISS that govern the transmission of proxy voting information from the Proxy Group to ISS and periodically review how well this process is functioning. The Proxy Group, in conjunction with the compliance department, will conduct periodic due diligence reviews of each Proxy Service via on-site visits or by written questionnaires. As part of the periodic due diligence process, the Investment Manager assesses the adequacy and quality of each Proxy Service’s staffing and personnel to ensure each Proxy Service has the capacity and competency to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate information. In the event the Investment Manager discovers an error in the research or voting recommendations provided by a Proxy Service, it will take reasonable steps to investigate the error and seek to determine whether the Proxy Service is taking reasonable steps to reduce similar errors in the future. In addition, the Investment Manager assesses the robustness of Proxy Service’s policies regarding (1) ensuring proxy voting recommendations are based on current and accurate information, and (2) identifying and addressing any conflicts of interest. The Investment Manager also considers the independence of each Proxy Service on an on-going basis.
18. The Proxy Group will investigate, or cause others to investigate, any and all instances where these Procedures have been violated or there is evidence that they are not being followed. Based upon the findings of these investigations, the Proxy Group, if practicable, will recommend amendments to these Procedures to minimize the likelihood of the reoccurrence of non-compliance.
19. At least annually, the Proxy Group will verify that:
a.    A sampling of proxies received by Franklin Templeton Investments has been voted in a manner consistent with the Proxy Voting Policies and Procedures;
b.    A sampling of proxies received by Franklin Templeton Investments has been voted in accordance with the instructions of the Investment Manager;
c.    Adequate disclosure has been made to clients and fund shareholders about the procedures and how proxies were voted in markets where such disclosures are required by law or regulation; and
d.    Timely filings were made with applicable regulators, as required by law or regulation, related to proxy voting.
The Proxy Group is responsible for maintaining appropriate proxy voting records. Such records will include, but are not limited to, a copy of all materials returned to the issuer and/or its agent, the documentation described above, listings of proxies voted by issuer and by client, each written client request for proxy voting policies/records and the Investment Manager’s written response to any client request for such records, and any other relevant information. The Proxy Group may use an outside service such as ISS to support this recordkeeping function. All records will be retained in either hard copy or electronic format for at least five years, the first two of which will be on-site. Advisory Clients may request copies of their proxy voting records by calling the Proxy Group collect at 1-954-527-7678, or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. The Investment Manager does not disclose to third parties (other than ISS) the proxy voting records of its Advisory Clients, except to the extent such disclosure is required by applicable law or regulation or court order. Advisory Clients may review the Investment Manager's proxy voting policies and procedures on-line at www.franklintempleton.com and may request additional copies by calling the number above. For U.S. proprietary registered investment companies, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.com no later than August 31 of each year. For proprietary Canadian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.ca no later than August 31 of each year. For proprietary Australian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.com.au no later than September 30 of each year. The Proxy Group will periodically review the web site posting and update the posting when necessary. In addition, the Proxy Group is responsible for ensuring that the proxy voting policies, procedures and records of the Investment Manager are available as required by law and is responsible for overseeing the filing of such U.S. registered investment company voting records with the SEC.
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 Manager for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Manager, the Proxy Group will take no action on the event. The Investment Manager 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 Manager may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Manager will report such decisions on an annual basis to Advisory Clients as may be required.
The ISS proxy voting guidelines can be found at: https://www.issgovernance.com/policy-gateway/voting-policies/.
The Glass Lewis proxy voting guidelines can be found at: https://www.glasslewis.com/voting-policies-current/.
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
a)(1) As of February 28, 2022, 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.
 
 
Mr. Yuen
has been a portfolio manager of the Fund since 2019. He joined Franklin Templeton in 1988.
 
 
 
 
 
 
 
 
 
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
 
11
 
13,856.8
 
11
 
3,835.0
 
1
 
331.1
Glenn Voyles
 
4
 
4,222.9
 
5
 
1,402.7
 
2
 
66.3
Justin G. Ma
 
5
 
2,531.1
 
2
 
1.2
 
N/A
 
N/A
David Yuen
 
13
 
14,655.8
 
10
 
2,235.6
 
5
 
4,264.9
 
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 of all accounts managed by the portfolio manager over the 1, 3 and 5 preceding years measured against risk benchmarks developed by the fixed income management team. 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 business
knowledge, productivity, customer service, creativity, and contribution to team goals,
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.
 
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 each portfolio manager (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.                                         N/A
 
 
Item 13. Exhibits.
 
(a) (1)
Code of Ethics
 
 
(a) (2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, 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\MATTHEW T. HINKLE______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date February 28, 2022
 
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\MATTHEW T. HINKLE______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date February 28, 2022
 
 
By S\Christopher Kings________________________
     Christopher Kings
     Chief Financial Officer, Chief Accounting Officer and Treasurer
Date February 28, 2022