# EDGAR Filing Document

**Accession Number:** 0001233087
**File Stem:** 0001193125-23-057798
**Filing Date:** 2023-3
**Character Count:** 1813485
**Document Hash:** 1d524aa9867d2dd3bf8fbbdcf8ef350f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-057798.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-057798

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN LTD DURATION INCOME TRUST
- **CENTRAL INDEX KEY:** 0001233087
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21357
- **FILM NUMBER:** 23697680

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON LTD DURATION INCOME TRUST
- **DATE OF NAME CHANGE:** 20060111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON LIMITED DURATION INCOME TRUST
- **DATE OF NAME CHANGE:** 20030718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON STRATEGIC INCOME TRUST
- **DATE OF NAME CHANGE:** 20030515

?xml version="1.0" encoding="utf-8" ? Franklin Limited Duration Income Trust

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

<u>Franklin Limited Duration Income Trust</u>

(Exact name of registrant as specified in charter)

<u>One Franklin Parkway, San Mateo, CA 94403-1906</u>

(Address of principal executive offices) (Zip code)

<u>Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906</u>

(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:

12/31/22

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

.**

------

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ANNUAL REPORT

FRANKLIN LIMITED DURATION INCOME TRUST

December 31, 2022

<u>Managed Distribution Policy</u>: 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.

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Contents

Annual Report

Franklin Limited Duration Income Trust2

Performance Summary 6

Financial Highlights and Schedule of Investments9

Financial Statements155

Notes to Financial Statements 159

Report of Independent Registered

Public Accounting Firm172

Tax Information173

Important Information to Shareholders174

Annual Meeting of Shareholders 184

Dividend Reinvestment and Cash Purchase Plan185

Board Members and Officers187

Shareholder Information192

**Visit franklintempleton.com for fund updates and documents, or to find helpful financial planning tools.**

Not FDIC Insured May Lose Value No Bank Guarantee

franklintempleton.com Annual Report 1 <br>

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, 2022.

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.

"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 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.

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.

**Portfolio Composition 12/31/22**

---

| | |
|:---|:---|
|  | % of Total<br>Investments\* |
| Corporate Bonds | 32.1% |
| Senior Floating Rate Interests | 28.6% |
| Marketplace Loans | 18.2% |
| Mortgage-Backed Securities | 10.0% |
| Asset-Backed Securities\*\* | 9.6% |
| Commercial Mortgage-Backed Securities | 0.7% |
| Other\*\*\* | 0.4% |
| Short-Term Investments | 0.4% |

---

\*Total investments include long-term and short-term investments. \*\*Includes collateralized loan obligations.

\*\*\*Includes common stocks, preferred stocks, rights, warrants and convertible bonds.

Economic and Market Overview

The U.S. bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a -13.01% total return for the 12 months ended December 31, 2022.1 High inflation amid a strong labor market led to significantly tighter monetary policy, reducing the value of most bonds. Geopolitical instability disrupted financial markets following Russia's invasion of Ukraine, adding to the uncertainty surrounding the course of the global economy. While interest rates increased along the entire yield curve (yields for all Treasury maturities), relatively large increases in shorter-term interest rates led the yield curve to invert during the reporting period as investors became increasingly concerned about the economic outlook.

Performance Overview

For the 12 months under review, the Fund posted cumulative total returns of -12.75% based on net asset value and -23.52% based on market price. Net asset value decreased from $8.97 per share on December 31, 2021, to $7.06 at period-end, and the market price decreased from $9.09 to $6.21 over the same period. You can find the Fund's long- term performance data in the Performance Summary on page 6.

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

In an effort to control inflation, the U.S. Federal Reserve (Fed) raised the federal funds target rate seven times, beginning in March 2022. By the end of the period the federal funds target rate stood at a range of 4.25%–4.50%, a full 425 basis points higher than the beginning of the year. The Fed noted in its December 2022 meeting that inflation remained elevated amid robust job growth and low unemployment. In order to achieve its goal of 2% long-run inflation, the Fed stated it anticipates making additional increases to the federal funds target rate. Furthermore, the Fed indicated it would continue to reduce its U.S. Treasury (UST) and agency debt and mortgage-backed security holdings.

1. Source: Morningstar. Treasuries, if held to maturity, offer a fixed rate of return and a fixed principal value; their interest payments and principal are guaranteed.

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.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SOI). The SOI begins on page 10.

2 Annual Report franklintempleton.com <br>

UST bonds, as measured by the Bloomberg U.S. Treasury Index, posted a -12.46% total return for the 12-month period.1 The 10-year UST yield (which moves inversely to price) increased sharply amid high inflation and the Fed's tightening monetary stance. Mortgage-backed securities (MBS), as measured by the Bloomberg U.S. MBS Index, posted a -11.81% total return for the period as mortgage rates rose to the highest level in over two decades and modest prepayment rates led to increasing interest-rate sensitivity.1

Corporate bond prices also declined, constrained by inflation, rising interest rates and concerns about the impact of elevated interest rates on corporate borrowing costs and the wider economy. Corporate yield spreads, a measure of the difference in yields between corporate bonds and similarly-dated USTs, rose, reflecting investors' increased risk-aversion preferences. In this environment, high-yield corporate bonds, as represented by the Bloomberg U.S. Corporate High Yield Index, posted a -11.19% total return, while investment-grade corporate bonds, as represented by the Bloomberg U.S. Corporate Investment Grade Index, posted a -15.76% total return.1

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 portion in marketplace loans. Our top-down analysis of macroeconomic trends combined with a bottom-up analysis of market sectors, industries and issuers drives our investment process. We seek to maintain a limited duration, or interest-rate sensitivity, to moderate the impact that fluctuating interest rates might have on the Fund's fixed income portfolio. Within the corporate bond and corporate loan sectors, we seek securities trading at reasonable valuations from issuers with characteristics such as strong market positions, stable cash flows, reasonable capital structures, supportive asset values, strong sponsorship and improving credit fundamentals. In the mortgage- and other asset-backed securities sector, we look to capture an attractive income stream and total return through our analysis of security prepayment assumptions, potential pricing ineficiencies and underlying collateral characteristics.

Manager's Discussion

As the calendar turned to 2022, a broader risk-off tone set in as inflation proved to be both higher and more persistent than originally expected, causing the markets to price in

FRANKLIN LIMITED DURATION INCOME TRUST

more Fed tightening. The Russia-Ukraine war sent shock waves through the existing world order, further pressuring commodity prices. As widely expected, the Federal Open Market Committee (FOMC) lifted interest rates by 25 basis points (bps) at its March meeting in an effort to bring inflation under control. Since then, China's stringent COVID-related lockdowns have exacerbated supply-chain disruptions, further weighing on market sentiment. With inflation proving to be a more pervasive problem compared with a stable

to strong U.S. employment picture, a 50-bp increase was announced at May's FOMC meeting, followed by four consecutive 75-bp increases, and culminating in a 50-bp increase at December's FOMC meeting. In the last few months of the year, markets focused on slowing inflation data and investors grappled with the potential timing of the transition from a rate hiking cycle to a potential Fed pivot. The Fed on the other hand has remained firmly on a hawkish rate path, which intensified recessionary worries.

High-Yield Corporate Bonds

During the year, as spreads generally widened and UST yields increased, the high yield (HY) asset class experienced negative returns amid fears that the Fed's aggressive interest-rate stance could push the economy into a recession. Volatility persisted as the market kept second guessing the Fed's hawkish commitment against a backdrop of mixed activity and inflation data, especially during the fourth quarter. Amid forecasts of a potential recession

and persistent inflationary pressures, the labor market has remained in good shape. Such conflicting economic signals have resulted in a high degree of spread volatility as investors react to headline news. Notwithstanding fears that the Fed could overshoot and cause economic damage, the default rate remained at historically low levels. With the Fed actively seeking to slow the economy to combat inflation, we continue to be cautious of industries or companies that are more exposed to inflationary pressures or facing secular challenges. Against this backdrop, we remain focused on prudent security selection.

Overall, the U.S. HY sector, as measured by the ICE BofA U.S. High Yield Constrained Index, returned -11.21% for the 12-month period ending December 31, 2022, with the lower quality CCC rating category underperforming both single-B and BB-rated issuers.

Floating-Rate Corporate Loans

While loan prices were initially supported by expectations of gradual rate hikes at the beginning of the year, the loan market eventually experienced meaningful price declines as the Fed signaled its commitment to tackling inflation with aggressive tightening. The faster pace of rate hikes was expected to slow economic growth significantly and

franklintempleton.com Annual Report 3 <br>

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FRANKLIN LIMITED DURATION INCOME TRUST

affect the debt servicing ability of issuers. Amid heightened volatility and uncertainty about the effect of higher interest costs on issuers with higher leverage, demand for higher quality issuers increased, and BB-rated loans outperformed.

At the beginning of the period, loan retail vehicles experienced robust inflows as UST yields increased and investors expected that interest rate hikes would benefit floating rate asset classes such as loans. However, retail flows reversed amid heightened risk-off sentiment, resulting in net flows for the year turning negative in the latter part of the year. However, new collateralized loan obligation (CLO) issuance continued to contribute to loan demand. While total CLO volume slowed in 2022 compared to the record level in the prior year, steady CLO generation continued to help support loan prices, especially among higher rated loans trading at a discount.

While the default rate by number of issuers reached a record low during the period, rising input costs, continued supply-chain disruptions, and expectations of an economic slowdown contributed to price bifurcation between issuers. The default rate gradually rose by the end of the period, and the percentage of loans trading at distressed levels also moved higher. The pace of credit rating downgrades also increased and outnumbered rating upgrades toward the end of the period.

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- backed securities (MBS) and commercial mortgage-backed securities (CMBS) posted negative returns.

We decreased allocation to RMBS over the period and maintained exposure to agency MBS and a small allocation to CMBS. The portfolio's mortgage exposure remained heavily weighted to conventional Fannie Mae MBS and moved up in coupon over the period, with the largest allocations in 5.0% and 5.5% coupon securities.

We anticipate mortgage origination to remain muted and limited to higher coupons, due to decreased affordability. At current rates, a negligible portion of the mortgage universe has an incentive to refinance their loans. We expect prepayment risk to remain muted, and duration extension risk on the Bloomberg U.S. MBS Index to be minimal in the event of a sell-off in rates. We expect MBS volatility to remain high prior to Fed meetings and macroeconomic data releases.

CFA® is a trademark owned by CFA Institute.

We expect home price appreciation (HPA) to continue to slow and are forecasting that prices will decline in 2023, driven primarily by a lack of affordability due to significant HPA since the pandemic and the highest mortgage rates in two decades. However, we believe the supply and demand mismatch will persist and do not expect a severe home price correction. While strong underwriting standards, lower household leverage and a healthy labor market should keep mortgage credit performance stable, the smaller size of the RMBS sector relative to other fixed income sectors and its strong correlation to other credit products can act as a technical headwind, in our view.

In 2023, higher interest rates and cap rates are likely to pressure net operating income (NOI) and should lead to lower commercial real estate (CRE) prices. The recent risk-off in the credit markets have softened valuations and has led to a steeper credit curve. We remain cautious in the CMBS sector as we expect spread volatility to persist and will look to selectively participate in fundamentally strong transactions.

Effective August 1, 2022, Patrick Klein was added as Portfolio Manager. Subsequent to fiscal year-end December 31, 2022, David Yuen (Portfolio Manager) retired effective September 30, 2022. His responsibilities have been allocated to others in the portfolio management team.

Thank you for your continued participation in Franklin Limited Duration Income Trust. We look forward to serving your future investment needs.

Sincerely,

Sonal Desai, Ph.D.

Glenn I. Voyles, CFA

Justin Ma, CFA

Patrick A. Klein, Ph.D.

Portfolio Management Team

The foregoing information reflects our analysis, opinions and portfolio holdings as of December 31, 2022, 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

4 Annual Report franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

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.

franklintempleton.com Annual Report 5 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Performance Summary as of December 31, 2022

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 12/31/221,2

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Cumulative Total Return3 | Cumulative Total Return3 | Average Annual Total Return3 | Average Annual Total Return3 |
|  | Based on<br>NAV4 | Based on<br>market price5 | Based on<br>NAV4 | Based on<br>market price5 |
| 1-Year | -12.75% | -23.52% | -12.75% | -23.52% |
| 5-Year | -4.94% | -10.06% | -1.01% | -2.10% |
| 10-Year | +16.25% | +7.58% | +1.52% | +0.73% |

---

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.

Share Prices

---

| | | | |
|:---|:---|:---|:---|
| Symbol: FTF | 12/31/22 | 12/31/21 | Change |
| Net Asset Value (NAV) | $7.06 | $8.97 | -$1.91 |
| Market Price (NYSE) | $6.21 | $9.09 | -$2.88 |

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See page 8 for Performance Summary footnotes.

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FRANKLIN LIMITED DURATION INCOME TRUST

PERFORMANCE SUMMARY

Total Return Index Comparison for a Hypothetical $10,000 Investment

Total return represents the change in value of an investment over the periods shown. It includes any applicable maximum sales charge, Fund expenses, account fees and reinvested distributions. The unmanaged index includes reinvestment of any income or distributions. It differs from the Fund in composition and does not pay management fees or expenses. One cannot invest directly in an index.

![](g473148g202302281037287033.jpg)

See page 8 for Performance Summary footnotes.

franklintempleton.com Annual Report 7 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

PERFORMANCE SUMMARY

Distributions (1/1/22–12/31/22)

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| | | |
|:---|:---|:---|
| Net Investment | Tax Return |  |
| Income | of Capital | Total |
| $0.5735 | $0.2102 | $0.7837 |

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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 12/31/22, the Fund had leverage in the amount of 33.14% of the Fund's total portfolio. The Fund employs leverage through par- ticipation in a Credit Facility, entering into reverse repurchase agreements, and purchase of Mortgage Dollar Rolls. The use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the Fund's leverage may be offset by increased/decreased income from the Fund's floating rate investments.

2. Gross expenses are the Fund's total annual operating expenses as of the Fund's annual report available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect contractual fee waivers, expense caps and/or reimbursements, which cannot be terminated prior to 2/29/24 without Board consent. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice.

3. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

4. Assumes reinvestment of distributions based on net asset value.

5. Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan.

6. Sources: Bloomberg and Credit Suisse. The Blended Benchmark is calculated internally and is composed of 1/3 Credit Suisse (CS) High Yield Index, 1/3 CS Leveraged Loan Index and 1/3 Bloomberg U.S. Mortgage-Backed Securities Index. The CS High Yield Index is designed to mirror the investable universe of the U.S. dollar-denomi- nated 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.

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FRANKLIN LIMITED DURATION INCOME TRUST

Financial Highlights

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| Per common share operating performance |  |  |  |  |  |
| (for a common share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year. . . . . . . . . . . . . . . . . . . | $8.97 | $9.43 | $10.00 | $10.11 | $12.32 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment incomea.. . . . . . . . . . . . . . . . . . . . . . . . . | 0.62 | 0.52 | 0.51 | 0.53 | 0.57 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses).. . . . . . . . . . . | (1.46) | (0.05) | (0.15) | 0.39 | (0.79) |
| &nbsp;&nbsp;Dividends to preferred shareholders from net investment |  |  |  |  |  |
| &nbsp;&nbsp;income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  |  |  |  | (0.06) |
| Total from investment operations.. . . . . . . . . . . . . . . . . . . . | (0.84) | 0.47 | 0.36 | 0.92 | (0.28) |
| Less distributions to common shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . | (0.57) | (0.55) | (0.55) | (0.58) | (0.49) |
| &nbsp;&nbsp;Tax return of capital.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | (0.21) | (0.38) | (0.38) | (0.45) | (0.68) |
| Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (0.78) | (0.93) | (0.93) | (1.03) | (1.17) |
| &nbsp;&nbsp;Dilution effect of rights offering.. . . . . . . . . . . . . . . . . . . . | (0.29)b |  |  |  | (0.76)c |
| Net asset value, end of year.. . . . . . . . . . . . . . . . . . . . . . . | $7.06 | $8.97 | $9.43 | $10.00 | $10.11 |
| Market value, end of yeard. . . . . . . . . . . . . . . . . . . . . . . . . | $6.21 | $9.09 | $9.42 | $9.59 | $9.02 |
| Total return (based on net asset value per share)e.. . . . . . . | (12.75)% | 5.16% | 4.26% | 9.33% | (9.07)% |
| Total return (based on market value per share)e.. . . . . . . . . | (23.52)% | 6.77% | 9.43% | 18.34% | (14.86)% |
| Ratios to average net assets applicable to common |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;sharesf |  |  |  |  |  |
| Expenses before waiver and payments by affiliates.. . . . . . | 2.69% | 1.76% | 1.86% | 2.16% | 1.73% |
| Expenses net of waiver and payments by affiliatesg.. . . . . . | 2.68% | 1.75% | 1.85% | 2.15% | 1.71% |
| Net investment income.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 8.16% | 5.58% | 5.51% | 5.15% | 4.97% |
| Supplemental data |  |  |  |  |  |
| Net assets applicable to common shares, end of year (000's). | $285319 | $270437 | $284199 | $301452 | $304804 |
| Portfolio turnover rate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 95.50% | 107.66% | 106.46% | 113.49% | 198.44% |
| Portfolio turnover rate excluding mortgage dollar rollsh.. . . . | 52.93% | 51.04% | 60.46% | 57.50% | 63.84% |
| Total credit facility and reverse repurchase agreements |  |  |  |  |  |
| outstanding at end of year (000's).. . . . . . . . . . . . . . . . . . . | $117090 | $116359 | $111505 | $107117 | $90,000i |
| Asset coverage per $1,000 of debt. . . . . . . . . . . . . . . . . . . | $3437 | $3324 | $3549 | $3814 | $4,387i |

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aBased on average daily shares outstanding.

bRepresents the impact of Fund's rights offering of 10,250,000 common shares in February 2022 as a subscription price per share based on a formula. cRepresents 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. dBased on the last sale on the NYSE American.

eThe Market Value Total Return is calculated assuming a purchase of common shares on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment and Cash Purchase Plan, which includes brokerage commissions. Net Asset Value Total Return is calculated on the same basis, except that the Fund's net asset value is used on the purchase, sale and dividend reinvestment dates instead of market value. Total return does not reflect brokerage commissions or sales charges in connection with the purchase or sale of Fund shares at the opening of the first business day and sale on the closing of the last business day of each period.

fBased on income and expenses applicable to both common and preferred shares. gBenefit of expense reduction rounds to less than 0.01%.

hSee Note 1(d) regarding mortgage dollar rolls.

iEffective August 15, 2018, the Fund began participating in a credit facility.

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 9 <br>

![](g473148g-33g2xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;

Country Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;a | a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure 0.0%† |  |  |  |  |
| a24 Hour Fitness Worldwide, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 24950 |  | $4553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining 0.1% |  |  |  |  |
| aPetra Diamonds Ltd., DI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | South Africa | 331401 |  | 377413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels 0.2% |  |  |  |  |
| aAmplify Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 281 |  | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Birch Permian Holdings, Inc... . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 20307 |  | 379487 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Resources Corp... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 42 |  | 1828 |
| a,b,cNine Point Energy Holdings, Inc... . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 2334763 |  |  |
|  |  |  |  | 383785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Road & Rail 0.0%† |  |  |  |  |
| a,bOnsite Rental Group Operations Pty. Ltd.. . . . . . . . . . . . . . . . . . . . | Australia | 522133 |  | 44659 |
| &nbsp;&nbsp;&nbsp;&nbsp;. . . .Total Common Stocks (Cost $2,143,353).. . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . | 810410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks 0.0%† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks 0.0%† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure 0.0%† |  |  |  |  |
| a24 Hour Fitness Worldwide, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 59089 |  | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;. . . .Total Preferred Stocks (Cost $79,741).. . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . | 886 |
|  |  | Rights |  |  |
|  |  | Rights |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights 0.3% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers 0.3% |  |  |  |  |
| aTalen Energy Supply LLC, 5/09/23. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 2410000 |  | 795300 |
| &nbsp;&nbsp;&nbsp;&nbsp;. . . .Total Rights (Cost $–).. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . | 795300 |
|  |  | Warrants |  |  |
|  |  | Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants 0.0%† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels 0.0%† |  |  |  |  |
| aCalifornia Resources Corp., 10/27/24. . . . . . . . . . . . . . . . . . . . . . . | United States | 96 |  | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;. . . .Total Warrants (Cost $–). . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . | 1210 |
|  |  | Principal |  |  |
|  |  | Principal |  |  |
|  |  | Amount\* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds 0.0%† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services 0.0%† |  |  |  |  |
| d,e,fDigicel Group Holdings Ltd., Sub. Bond, 144A, PIK, 7%, Perpetual. | Bermuda | 36130 |  | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;**. . . .Total Convertible Bonds (Cost $10,002).. . . . . . . . . .** | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds 46.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds 46.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense 0.5% |  |  |  |  |
| f,gTransDigm, Inc., Senior Secured Note, 144A, 6.25%, 3/15/26.. . . . | United States | 1400000 |  | 1383746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Airlines 0.8% |  |  |  |  |
| &nbsp;&nbsp;f,gAmerican Airlines Inc/AAdvantage Loyalty IP Ltd., Senior Secured |  |  |  |  |
| Note, 144A, 5.5%, 4/20/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 |  | 963402 |
| &nbsp;&nbsp;f,gMileage Plus Holdings LLC / Mileage Plus Intellectual Property |  |  |  |  |
| Assets Ltd., Senior Secured Note, 144A, 6.5%, 6/20/27.. . . . . . . | United States | 1080070 |  | 1076183 |
| &nbsp;&nbsp;f,gUnited Airlines, Inc., |  |  |  |  |
| Senior Secured Note, 144A, 4.375%, 4/15/26 .. . . . . . . . . . . . . . | United States | 100000 |  | 92863 |

---

10 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148g-33g3xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| a |  | a | a | &nbsp;&nbsp;&nbsp;a |  | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines (continued) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gUnited Airlines, Inc., (continued) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 4.625%, 4/15/29 | .. . . . . . . . . . . . . . | United States | 300000 |  | $261735 | $261735 |
|  |  |  |  |  | 2394183 | 2394183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Components 1.2% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hDana, Inc., Senior Note, 5.625%, 6/15/28. . . . . | . . . . . . . . . . . . . . . | United States | 1400000 |  | 1276053 | 1276053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hDornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hDornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 800000 |  | 562245 | 562245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gGoodyear Tire & Rubber Co. (The), Senior Note, 9.5%, 5/31/25.. . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gGoodyear Tire & Rubber Co. (The), Senior Note, 9.5%, 5/31/25.. . . | United States | 1000000 |  | 1029132 | 1029132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gReal Hero Merger Sub 2, Inc., Senior Note, 144A, 6.25%, 2/01/29.. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gReal Hero Merger Sub 2, Inc., Senior Note, 144A, 6.25%, 2/01/29.. | United States | 1000000 |  | 686800 | 686800 |
|  |  |  |  |  | 3554230 | 3554230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles 0.3% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United Kingdom | 1300000 |  | 922358 | 922358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks 0.5% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;e,gJPMorgan Chase & Co., R, Junior Sub. Bond, 6% to 7/31/23, FRN | &nbsp;&nbsp;&nbsp;&nbsp;e,gJPMorgan Chase & Co., R, Junior Sub. Bond, 6% to 7/31/23, FRN |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thereafter, Perpetual. . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 1500000 |  | 1470900 | 1470900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages 0.2% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrimo Water Holdings, Inc., Senior Note, 144A, 4.375%, 4/30/29.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrimo Water Holdings, Inc., Senior Note, 144A, 4.375%, 4/30/29.. . | Canada | 700000 |  | 605340 | 605340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology 0.2% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEmergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28.. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEmergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28.. | United States | 900000 |  | 448825 | 448825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products 1.4% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAdvanced Drainage Systems, Inc., Senior Note, 144A, 6.375%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAdvanced Drainage Systems, Inc., Senior Note, 144A, 6.375%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 500000 |  | 486505 | 486505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCamelot Return Merger Sub, Inc., Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCamelot Return Merger Sub, Inc., Senior Secured Note, 144A, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 8/01/28. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 700000 |  | 643248 | 643248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 1000000 |  | 705870 | 705870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEco Material Technologies, Inc., Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEco Material Technologies, Inc., Senior Secured Note, 144A, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 1/31/27. . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 500000 |  | 478279 | 478279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOscar AcquisitionCo LLC / Oscar Finance, Inc., Senior Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOscar AcquisitionCo LLC / Oscar Finance, Inc., Senior Note, 144A, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5%, 4/15/30. . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 1000000 |  | 898700 | 898700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSummit Materials LLC / Summit Materials Finance Corp., Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSummit Materials LLC / Summit Materials Finance Corp., Senior |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note, 144A, 5.25%, 1/15/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note, 144A, 5.25%, 1/15/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 800000 |  | 746240 | 746240 |
|  |  |  |  |  | 3958842 | 3958842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets 0.1% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJane Street Group / JSG Finance, Inc., Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJane Street Group / JSG Finance, Inc., Senior Secured Note, 144A, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5%, 11/15/29. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | United States | 300000 |  | 258433 | 258433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals 2.3% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fAnagram International, Inc. / Anagram Holdings LLC, Secured Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fAnagram International, Inc. / Anagram Holdings LLC, Secured Note, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A, PIK, 10%, 8/15/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A, PIK, 10%, 8/15/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 150205 |  | 94087 | 94087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fASP Unifrax Holdings, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.5%, 9/30/29 .. . . . . . . . | . . . . . . . . . . . . . . . | United States | 200000 |  | 127200 | 127200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g Senior Secured Note, 144A, 5.25%, 9/30/28 .. . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g Senior Secured Note, 144A, 5.25%, 9/30/28 .. . . . . . . . . . . . . . . | United States | 300000 |  | 241798 | 241798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gBraskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gBraskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32. | Mexico | 300000 |  | 214714 | 214714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, Senior Note, 6.33%, 7/15/29.. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, Senior Note, 6.33%, 7/15/29.. . . . . . . | United States | 1000000 |  | 973774 | 973774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gConsolidated Energy Finance SA, Senior Note, 144A, 5.625%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gConsolidated Energy Finance SA, Senior Note, 144A, 5.625%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . | Switzerland | 600000 |  | 510586 | 510586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fElement Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28. . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fElement Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28. . . . . | United States | 300000 |  | 255480 | 255480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hGPD Cos., Inc., Senior Secured Note, 144A, 10.125%, 4/01/26.. . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hGPD Cos., Inc., Senior Secured Note, 144A, 10.125%, 4/01/26.. . . | United States | 1500000 |  | 1281120 | 1281120 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report |  | 11 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 11 |  |

---

![](g473148g-33g4xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | Chemicals (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gIlluminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gIlluminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note, |  |  |  |
|  | &nbsp;&nbsp;144A, 9%, 7/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | $838851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fKobe US Midco 2, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fKobe US Midco 2, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26. . | United States | 200000 | 141000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gRain CII Carbon LLC / CII Carbon Corp., Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gRain CII Carbon LLC / CII Carbon Corp., Secured Note, 144A, |  |  |  |
|  | &nbsp;&nbsp;7.25%, 4/01/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 923080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSCIH Salt Holdings, Inc., Senior Secured Note, 144A, 4.875%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSCIH Salt Holdings, Inc., Senior Secured Note, 144A, 4.875%, |  |  |  |
|  | &nbsp;&nbsp;5/01/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | 257983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hVibrantz Technologies, Inc., Senior Note, 144A, 9%, 2/15/30.. . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hVibrantz Technologies, Inc., Senior Note, 144A, 9%, 2/15/30.. . . . . | United States | 1000000 | 755961 |
|  |  |  |  | 6615634 |
|  | Commercial Services & Supplies 0.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAPX Group, Inc., Senior Note, 144A, 5.75%, 7/15/29.. . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAPX Group, Inc., Senior Note, 144A, 5.75%, 7/15/29.. . . . . . . . . . . | United States | 800000 | 663589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHarsco Corp., Senior Note, 144A, 5.75%, 7/31/27.. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHarsco Corp., Senior Note, 144A, 5.75%, 7/31/27.. . . . . . . . . . . . . | United States | 1400000 | 1107605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrime Security Services Borrower LLC / Prime Finance, Inc., Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrime Security Services Borrower LLC / Prime Finance, Inc., Senior |  |  |  |
|  | &nbsp;&nbsp;Secured Note, 144A, 3.375%, 8/31/27.. . . . . . . . . . . . . . . . . . . . | United States | 600000 | 518856 |
|  |  |  |  | 2290050 |
|  | Construction & Engineering 0.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gArcosa, Inc., Senior Note, 144A, 4.375%, 4/15/29.. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gArcosa, Inc., Senior Note, 144A, 4.375%, 4/15/29.. . . . . . . . . . . . . | United States | 300000 | 260537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGreat Lakes Dredge & Dock Corp., Senior Note, 144A, 5.25%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGreat Lakes Dredge & Dock Corp., Senior Note, 144A, 5.25%, |  |  |  |
|  | &nbsp;&nbsp;6/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 389350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29. . . . . . . . | United States | 800000 | 705648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gWeekley Homes LLC / Weekley Finance Corp., Senior Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gWeekley Homes LLC / Weekley Finance Corp., Senior Note, 144A, |  |  |  |
|  | &nbsp;&nbsp;4.875%, 9/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 800000 | 673632 |
|  |  |  |  | 2029167 |
|  | Consumer Finance 0.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPRA Group, Inc., Senior Note, 144A, 5%, 10/01/29.. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPRA Group, Inc., Senior Note, 144A, 5%, 10/01/29.. . . . . . . . . . . . | United States | 300000 | 247941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29.. . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29.. . . . . . . . . | United States | 1400000 | 1128372 |
|  |  |  |  | 1376313 |
|  | Containers & Packaging 2.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gArdagh Metal Packaging Finance USA LLC / Ardagh Metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gArdagh Metal Packaging Finance USA LLC / Ardagh Metal |  |  |  |
|  | &nbsp;&nbsp;Packaging Finance plc, Senior Note, 144A, 4%, 9/01/29.. . . . . . . | United States | 1500000 | 1191603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fArdagh Packaging Finance plc / Ardagh Holdings USA, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fArdagh Packaging Finance plc / Ardagh Holdings USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Note, 144A, 5.25%, 8/15/27 .. . . . . . . . . . . . . . . . . . . . . . | United States | 600000 | 449593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Secured Note, 144A, 5.25%, 4/30/25 .. . . . . . . . . . . . . . . | United States | 600000 | 571973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCrown Americas LLC / Crown Americas Capital Corp. VI, Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCrown Americas LLC / Crown Americas Capital Corp. VI, Senior |  |  |  |
|  | &nbsp;&nbsp;Note, 4.75%, 2/01/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 486235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fMauser Packaging Solutions Holding Co., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fMauser Packaging Solutions Holding Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 7.25%, 4/15/25 .. . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 | 1390165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Secured Note, 144A, 8.5%, 4/15/24 .. . . . . . . . . . . . . . . . | United States | 1200000 | 1181950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOwens-Brockway Glass Container, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOwens-Brockway Glass Container, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 5.875%, 8/15/23 .. . . . . . . . . . . . . . . . . . . . . | United States | 119000 | 118634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Note, 144A, 6.625%, 5/13/27 .. . . . . . . . . . . . . . . . . . . . . | United States | 375000 | 364409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, |  |  |  |
|  | &nbsp;&nbsp;Inc., Senior Secured Note, 144A, 4.375%, 10/15/28.. . . . . . . . . . | United States | 300000 | 268403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hPactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hPactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer |  |  |  |
|  | &nbsp;&nbsp;LLC, Senior Secured Note, 144A, 4%, 10/15/27.. . . . . . . . . . . . . | United States | 1200000 | 1066381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSealed Air Corp., Senior Bond, 144A, 5.5%, 9/15/25.. . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSealed Air Corp., Senior Bond, 144A, 5.5%, 9/15/25.. . . . . . . . . . . | United States | 600000 | 592414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTrivium Packaging Finance BV, Senior Note, 144A, 8.5%, 8/15/27.. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTrivium Packaging Finance BV, Senior Note, 144A, 8.5%, 8/15/27.. | Netherlands | 400000 | 367642 |
|  |  |  |  | 8049402 |
|  | Diversified Consumer Services 0.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hGrand Canyon University, 5.125%, 10/01/28.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hGrand Canyon University, 5.125%, 10/01/28.. . . . . . . . . . . . . . . . . | United States | 1300000 | 1226277 |

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12 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148g-33g5xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

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| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| a |  |  | a | a | &nbsp;&nbsp;&nbsp;a | a |
|  | **Corporate Bonds (continued)** |  |  |  |  |  |
|  | Diversified Financial Services 0.6% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJefferson Capital Holdings LLC, Senior Note, 144A, 6%, 8/15/26.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJefferson Capital Holdings LLC, Senior Note, 144A, 6%, 8/15/26.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJefferson Capital Holdings LLC, Senior Note, 144A, 6%, 8/15/26.. . | United States | 1200000 |  | $994620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hMPH Acquisition Holdings LLC, Senior Note, 144A, 5.75%, 11/01/28. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hMPH Acquisition Holdings LLC, Senior Note, 144A, 5.75%, 11/01/28. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hMPH Acquisition Holdings LLC, Senior Note, 144A, 5.75%, 11/01/28. | United States | 1100000 |  | 733933 |
|  |  |  |  |  |  | 1728553 |
|  | Diversified Telecommunication Services 1.5% | Diversified Telecommunication Services 1.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fAltice France Holding SA, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fAltice France Holding SA, |  |  |  |  |  |
|  | &nbsp;&nbsp;Senior Note, 144A, 6%, 2/15/28 . . . . . . . . . . . | . . . . . . . . . . . . . . | Luxembourg | 300000 |  | 177733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Secured Note, 144A, 10.5%, 5/15/27 .. | . . . . . . . . . . . . . . | Luxembourg | 1700000 |  | 1299905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, |  |  |  |  |
|  | &nbsp;&nbsp;144A, 6.375%, 9/01/29. . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1000000 |  | 941665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDKT Finance ApS, Senior Secured Note, 144A, 9.375%, 6/17/23.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDKT Finance ApS, Senior Secured Note, 144A, 9.375%, 6/17/23.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDKT Finance ApS, Senior Secured Note, 144A, 9.375%, 6/17/23.. . | Denmark | 1100000 |  | 1090375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gIliad Holding SASU, Senior Secured Note, 144A, 6.5%, 10/15/26. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gIliad Holding SASU, Senior Secured Note, 144A, 6.5%, 10/15/26. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gIliad Holding SASU, Senior Secured Note, 144A, 6.5%, 10/15/26. . | France | 800000 |  | 743347 |
|  |  |  |  |  |  | 4253025 |
|  | Electric Utilities 0.6% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fVistra Operations Co. LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fVistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 5.625%, 2/15/27 .. . . . . . . | . . . . . . . . . . . . . . | United States | 1300000 |  | 1236121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Note, 144A, 4.375%, 5/01/29 .. . . . . . . | . . . . . . . . . . . . . . | United States | 400000 |  | 345453 |
|  |  |  |  |  |  | 1581574 |
|  | Electrical Equipment 0.8% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSensata Technologies BV, Senior Note, 144A, 4%, 4/15/29.. . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSensata Technologies BV, Senior Note, 144A, 4%, 4/15/29.. . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSensata Technologies BV, Senior Note, 144A, 4%, 4/15/29.. . . . . . | United States | 1500000 |  | 1295775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hVertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hVertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hVertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28. | United States | 1300000 |  | 1106534 |
|  |  |  |  |  |  | 2402309 |
|  | Electronic Equipment, Instruments & Components 0.2% | Electronic Equipment, Instruments & Components 0.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29.. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29.. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29.. . . . . . . . | United States | 500000 |  | 429495 |
|  | Energy Equipment & Services 1.5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCSI Compressco LP / CSI Compressco Finance, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCSI Compressco LP / CSI Compressco Finance, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCSI Compressco LP / CSI Compressco Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d | &nbsp;&nbsp;Secured Note, 144A, PIK, 10%, 4/01/26 . . . . . | . . . . . . . . . . . . . . | United States | 1058831 |  | 875558 |
|  | &nbsp;&nbsp;Senior Secured Note, 144A, 7.5%, 4/01/25 .. . | . . . . . . . . . . . . . . | United States | 325000 |  | 304388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fEnerflex Ltd., Senior Secured Note, 144A, 9%, 10/15/27.. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fEnerflex Ltd., Senior Secured Note, 144A, 9%, 10/15/27.. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fEnerflex Ltd., Senior Secured Note, 144A, 9%, 10/15/27.. . . . . . . . | Canada | 900000 |  | 898713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNabors Industries Ltd., Senior Note, 144A, 7.25%, 1/15/26. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNabors Industries Ltd., Senior Note, 144A, 7.25%, 1/15/26. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNabors Industries Ltd., Senior Note, 144A, 7.25%, 1/15/26. . . . . . . | United States | 1000000 |  | 943979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fWeatherford International Ltd., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fWeatherford International Ltd., |  |  |  |  |  |
|  | &nbsp;&nbsp;Senior Note, 144A, 11%, 12/01/24 . . . . . . . . . | . . . . . . . . . . . . . . | United States | 47000 |  | 48118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 8.625%, 4/30/30 .. . . . . . . | . . . . . . . . . . . . . . | United States | 700000 |  | 673465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Secured Note, 144A, 6.5%, 9/15/28 .. . | . . . . . . . . . . . . . . | United States | 400000 |  | 392696 |
|  |  |  |  |  |  | 4136917 |
|  | Entertainment 1.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gBanijay Entertainment SASU, Senior Secured Note, 144A, 5.375%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gBanijay Entertainment SASU, Senior Secured Note, 144A, 5.375%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gBanijay Entertainment SASU, Senior Secured Note, 144A, 5.375%, |  |  |  |  |
|  | &nbsp;&nbsp;3/01/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | France | 2000000 |  | 1893160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hNetflix, Inc., Senior Note, 144A, 3.625%, 6/15/25. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hNetflix, Inc., Senior Note, 144A, 3.625%, 6/15/25. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hNetflix, Inc., Senior Note, 144A, 3.625%, 6/15/25. . . . . . . . . . . . . . | United States | 1100000 |  | 1054955 |
|  |  |  |  |  |  | 2948115 |
|  | Equity Real Estate Investment Trusts (REITs) 0.7% | Equity Real Estate Investment Trusts (REITs) 0.7% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGlobal Net Lease, Inc. / Global Net Lease Operating Partnership LP, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGlobal Net Lease, Inc. / Global Net Lease Operating Partnership LP, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGlobal Net Lease, Inc. / Global Net Lease Operating Partnership LP, |  |  |  |  |
|  | &nbsp;&nbsp;Senior Note, 144A, 3.75%, 12/15/27. . . . . . . . | . . . . . . . . . . . . . . | United States | 800000 |  | 662733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNecessity Retail REIT, Inc. (The) / American Finance Operating | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNecessity Retail REIT, Inc. (The) / American Finance Operating | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNecessity Retail REIT, Inc. (The) / American Finance Operating |  |  |  |  |
|  | &nbsp;&nbsp;Partner LP, Senior Note, 144A, 4.5%, 9/30/28. | . . . . . . . . . . . . . . | United States | 500000 |  | 368235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, |  |  |  |  |
|  | &nbsp;&nbsp;2/15/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 700000 |  | 636562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gXHR LP, Senior Secured Note, 144A, 4.875%, 6/01/29. . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gXHR LP, Senior Secured Note, 144A, 4.875%, 6/01/29. . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gXHR LP, Senior Secured Note, 144A, 4.875%, 6/01/29. . . . . . . . . . | United States | 400000 |  | 328171 |
|  |  |  |  |  |  | 1995701 |
| franklintempleton.com | franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 13 |
| franklintempleton.com | franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 13 |

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![](g473148g-33g6xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | Food Products 0.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gB&G Foods, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gB&G Foods, Inc., |  |  |  |
|  | Senior Note, 5.25%, 4/01/25 .. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | $878393 |
|  | Senior Note, 5.25%, 9/15/27 .. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 307387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDarling Ingredients, Inc., Senior Note, 144A, 6%, 6/15/30. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDarling Ingredients, Inc., Senior Note, 144A, 6%, 6/15/30. . . . . . . . | United States | 200000 | 195770 |
|  |  |  |  | 1381550 |
|  | Health Care Equipment & Supplies 0.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGarden Spinco Corp., Senior Note, 144A, 8.625%, 7/20/30.. . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGarden Spinco Corp., Senior Note, 144A, 8.625%, 7/20/30.. . . . . . | United States | 400000 | 424578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMedline Borrower LP, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMedline Borrower LP, |  |  |  |
|  | Senior Note, 144A, 5.25%, 10/01/29 .. . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 398027 |
|  | Senior Secured Note, 144A, 3.875%, 4/01/29 .. . . . . . . . . . . . . . | United States | 400000 | 323098 |
|  |  |  |  | 1145703 |
|  | Health Care Providers & Services 0.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCentene Corp., Senior Note, 4.25%, 12/15/27.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCentene Corp., Senior Note, 4.25%, 12/15/27.. . . . . . . . . . . . . . . . | United States | 400000 | 376027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCHS/Community Health Systems, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCHS/Community Health Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | Secured Note, 144A, 6.125%, 4/01/30 . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 248527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Secured Note, 144A, 5.625%, 3/15/27 .. . . . . . . . . . . . . . | United States | 400000 | 343712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDaVita, Inc., Senior Note, 144A, 4.625%, 6/01/30. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDaVita, Inc., Senior Note, 144A, 4.625%, 6/01/30. . . . . . . . . . . . . . | United States | 700000 | 564579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTenet Healthcare Corp., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gTenet Healthcare Corp., |  |  |  |
|  | Senior Secured Note, 144A, 4.875%, 1/01/26 .. . . . . . . . . . . . . . | United States | 500000 | 473836 |
|  | Senior Secured Note, 144A, 6.125%, 6/15/30 .. . . . . . . . . . . . . . | United States | 700000 | 668189 |
|  |  |  |  | 2674870 |
|  | Hotels, Restaurants & Leisure 4.2% |  |  |  |
| b,f,i24 Hour Fitness Worldwide, Inc., Senior Note, 144A, 8%, 6/01/22. . | b,f,i24 Hour Fitness Worldwide, Inc., Senior Note, 144A, 8%, 6/01/22. . | United States | 1500000 |  |
| f,gBoyne USA, Inc., Senior Note, 144A, 4.75%, 5/15/29. . . . . . . . . . . | f,gBoyne USA, Inc., Senior Note, 144A, 4.75%, 5/15/29. . . . . . . . . . . | United States | 300000 | 265896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCarnival Corp., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCarnival Corp., |  |  |  |
|  | Senior Note, 144A, 7.625%, 3/01/26 .. . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 317746 |
|  | Senior Note, 144A, 5.75%, 3/01/27 .. . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 | 1073655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCarnival Holdings Bermuda Ltd., Senior Note, 144A, 10.375%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCarnival Holdings Bermuda Ltd., Senior Note, 144A, 10.375%, |  |  |  |
|  | 5/01/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 411354 |
| f,gEveri Holdings, Inc., Senior Note, 144A, 5%, 7/15/29.. . . . . . . . . . . | f,gEveri Holdings, Inc., Senior Note, 144A, 5%, 7/15/29.. . . . . . . . . . . | United States | 700000 | 602187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
|  | Senior Note, 144A, 6.75%, 1/15/30. . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 808475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGenting New York LLC / GENNY Capital, Inc., Senior Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGenting New York LLC / GENNY Capital, Inc., Senior Note, 144A, |  |  |  |
|  | 3.3%, 2/15/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 349969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gInternational Game Technology plc, Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gInternational Game Technology plc, Senior Secured Note, 144A, |  |  |  |
|  | 4.125%, 4/15/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 373582 |
| fMotion Bondco DAC, Senior Note, 144A, 6.625%, 11/15/27.. . . . . . | fMotion Bondco DAC, Senior Note, 144A, 6.625%, 11/15/27.. . . . . . | United Kingdom | 200000 | 172489 |
| f,hNCL Corp. Ltd., Senior Note, 144A, 5.875%, 3/15/26.. . . . . . . . . . . | f,hNCL Corp. Ltd., Senior Note, 144A, 5.875%, 3/15/26.. . . . . . . . . . . | United States | 300000 | 236160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPapa John's International, Inc., Senior Note, 144A, 3.875%, 9/15/29. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPapa John's International, Inc., Senior Note, 144A, 3.875%, 9/15/29. | United States | 300000 | 250882 |
| f,gPenn Entertainment, Inc., Senior Note, 144A, 4.125%, 7/01/29. . . . | f,gPenn Entertainment, Inc., Senior Note, 144A, 4.125%, 7/01/29. . . . | United States | 200000 | 158261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fPremier Entertainment Sub LLC / Premier Entertainment Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fPremier Entertainment Sub LLC / Premier Entertainment Finance |  |  |  |
|  | Corp., |  |  |  |
|  | Senior Bond, 144A, 5.875%, 9/01/31 .. . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 354350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Note, 144A, 5.625%, 9/01/29 .. . . . . . . . . . . . . . . . . . . . . | United States | 900000 | 664830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fRoyal Caribbean Cruises Ltd., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fRoyal Caribbean Cruises Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Note, 144A, 5.5%, 8/31/26 .. . . . . . . . . . . . . . . . . . . . . . . | United States | 700000 | 589750 |
|  | Senior Note, 144A, 11.625%, 8/15/27 . . . . . . . . . . . . . . . . . . . . . | United States | 700000 | 704172 |
| f,gStation Casinos LLC, Senior Note, 144A, 4.5%, 2/15/28. . . . . . . . . | f,gStation Casinos LLC, Senior Note, 144A, 4.5%, 2/15/28. . . . . . . . . | United States | 200000 | 174186 |
| f,gStudio City Finance Ltd., Senior Note, 144A, 5%, 1/15/29. . . . . . . . | f,gStudio City Finance Ltd., Senior Note, 144A, 5%, 1/15/29. . . . . . . . | Macau | 1500000 | 1109617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gWynn Las Vegas LLC / Wynn Las Vegas Capital Corp., Senior Bond, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gWynn Las Vegas LLC / Wynn Las Vegas Capital Corp., Senior Bond, |  |  |  |
|  | 144A, 5.5%, 3/01/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1700000 | 1617390 |
| fWynn Macau Ltd., Senior Note, 144A, 5.625%, 8/26/28.. . . . . . . . . | fWynn Macau Ltd., Senior Note, 144A, 5.625%, 8/26/28.. . . . . . . . . | Macau | 300000 | 256888 |

---

14 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com

![](g473148g-33g7xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | |
|:---|:---|:---|:---|
| a | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gWynn Resorts Finance LLC / Wynn Resorts Capital Corp., Senior |  |  |  |
| Note, 144A, 7.75%, 4/15/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 | $1494055 |
|  |  |  | 11985894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables 0.6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAshton Woods USA LLC / Ashton Woods Finance Co., |  |  |  |
| Senior Note, 144A, 6.625%, 1/15/28 .. . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 442310 |
| Senior Note, 144A, 4.625%, 4/01/30 .. . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 803910 |
| gM/I Homes, Inc., Senior Note, 3.95%, 2/15/30.. . . . . . . . . . . . . . . . | United States | 600000 | 485228 |
|  |  |  | 1731448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers 2.1% |  |  |  |
| f,gCalpine Corp., Senior Note, 144A, 5.125%, 3/15/28. . . . . . . . . . . . | United States | 1500000 | 1341492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gClearway Energy Operating LLC, |  |  |  |
| Senior Bond, 144A, 3.75%, 1/15/32 . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 322142 |
| Senior Note, 144A, 4.75%, 3/15/28 .. . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | 277349 |
| Senior Note, 144A, 3.75%, 2/15/31 .. . . . . . . . . . . . . . . . . . . . . . | United States | 200000 | 166305 |
| f,gInterGen NV, Senior Secured Bond, 144A, 7%, 6/30/23.. . . . . . . . . | Netherlands | 2200000 | 2138749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gLeeward Renewable Energy Operations LLC, Senior Note, 144A, |  |  |  |
| 4.25%, 7/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 855668 |
| iTalen Energy Supply LLC, Senior Note, 6.5%, 6/01/25. . . . . . . . . . | United States | 1600000 | 752000 |
|  |  |  | 5853705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance 0.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gAlliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Senior |  |  |  |
| Note, 144A, 6.75%, 10/15/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 360404 |
| fJones Deslauriers Insurance Management, Inc., Senior Note, 144A, |  |  |  |
| 10.5%, 12/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Canada | 800000 | 788923 |
|  |  |  | 1149327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail 0.0%† |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMatch Group Holdings II LLC, Senior Note, 144A, 3.625%, 10/01/31. | United States | 100000 | 76816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services 1.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCablevision Lightpath LLC, Senior Secured Note, 144A, 3.875%, |  |  |  |
| 9/15/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 700000 | 580274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCogent Communications Group, Inc., Senior Secured Note, 144A, |  |  |  |
| 3.5%, 5/01/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 454844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gGartner, Inc., |  |  |  |
| Senior Note, 144A, 4.5%, 7/01/28 .. . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 467050 |
| Senior Note, 144A, 3.625%, 6/15/29 .. . . . . . . . . . . . . . . . . . . . . | United States | 200000 | 175985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNorthwest Fiber LLC / Northwest Fiber Finance Sub, Inc., Senior |  |  |  |
| Note, 144A, 6%, 2/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1100000 | 853087 |
| f,gPresidio Holdings, Inc., Senior Note, 144A, 8.25%, 2/01/28.. . . . . . | United States | 400000 | 371464 |
|  |  |  | 2902704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery 1.4% |  |  |  |
| f,gATS Corp., Senior Note, 144A, 4.125%, 12/15/28. . . . . . . . . . . . . . | Canada | 1300000 | 1123122 |
| fChart Industries, Inc., Senior Secured Note, 144A, 7.5%, 1/01/30. . | United States | 700000 | 704578 |
| gHillenbrand, Inc., Senior Note, 5.75%, 6/15/25. . . . . . . . . . . . . . . . | United States | 800000 | 797488 |
| f,gManitowoc Co., Inc. (The), Secured Note, 144A, 9%, 4/01/26. . . . . | United States | 1000000 | 941393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hRoller Bearing Co. of America, Inc., Senior Note, 144A, 4.375%, |  |  |  |
| 10/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 346380 |
|  |  |  | 3912961 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 15 <br>

![](g473148g-33g8xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | Media 2.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gClear Channel International BV, Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gClear Channel International BV, Senior Secured Note, 144A, |  |  |  |
|  | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United Kingdom | 300000 | $286735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fClear Channel Outdoor Holdings, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fClear Channel Outdoor Holdings, Inc., |  |  |  |
|  | &nbsp;&nbsp;Senior Note, 144A, 7.75%, 4/15/28 .. . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | 219391 |
|  | &nbsp;&nbsp;Senior Note, 144A, 7.5%, 6/01/29 .. . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 294458 |
|  | &nbsp;&nbsp;Senior Secured Note, 144A, 5.125%, 8/15/27 .. . . . . . . . . . . . . . | United States | 200000 | 173730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCSC Holdings LLC, Senior Bond, 5.25%, 6/01/24. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCSC Holdings LLC, Senior Bond, 5.25%, 6/01/24. . . . . . . . . . . . . . | United States | 500000 | 466250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fDiamond Sports Group LLC / Diamond Sports Finance Co., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fDiamond Sports Group LLC / Diamond Sports Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 6.625%, 8/15/27 .. . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 5625 |
|  | &nbsp;&nbsp;Senior Secured Note, 144A, 5.375%, 8/15/26 .. . . . . . . . . . . . . . | United States | 800000 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDirectv Financing LLC / Directv Financing Co-Obligor, Inc., Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDirectv Financing LLC / Directv Financing Co-Obligor, Inc., Senior |  |  |  |
|  | &nbsp;&nbsp;Secured Note, 144A, 5.875%, 8/15/27.. . . . . . . . . . . . . . . . . . . . | United States | 200000 | 179312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDISH DBS Corp., Senior Secured Note, 144A, 5.75%, 12/01/28. . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gDISH DBS Corp., Senior Secured Note, 144A, 5.75%, 12/01/28. . . | United States | 1000000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gLCPR Senior Secured Financing DAC, Senior Secured Note, 144A, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gLCPR Senior Secured Financing DAC, Senior Secured Note, 144A, |  |  |  |
|  | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 450000 | 421794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hNews Corp., Senior Note, 144A, 3.875%, 5/15/29.. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hNews Corp., Senior Note, 144A, 3.875%, 5/15/29.. . . . . . . . . . . . . | United States | 1200000 | 1042602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOutfront Media Capital LLC / Outfront Media Capital Corp., Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fOutfront Media Capital LLC / Outfront Media Capital Corp., Senior |  |  |  |
|  | &nbsp;&nbsp;Note, 144A, 5%, 8/15/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 100000 | 90180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gScripps Escrow, Inc., Senior Note, 144A, 5.875%, 7/15/27.. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gScripps Escrow, Inc., Senior Note, 144A, 5.875%, 7/15/27.. . . . . . . | United States | 500000 | 447040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSinclair Television Group, Inc., Senior Bond, 144A, 5.5%, 3/01/30.. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSinclair Television Group, Inc., Senior Bond, 144A, 5.5%, 3/01/30.. | United States | 700000 | 490606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSirius XM Radio, Inc., Senior Note, 144A, 4%, 7/15/28. . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSirius XM Radio, Inc., Senior Note, 144A, 4%, 7/15/28. . . . . . . . . . | United States | 600000 | 523332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gUnivision Communications, Inc., Senior Secured Note, 144A, 4.5%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gUnivision Communications, Inc., Senior Secured Note, 144A, 4.5%, |  |  |  |
|  | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 335254 |
|  |  |  |  | 5871309 |
|  | Metals & Mining 0.6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gConstellium SE, Senior Note, 144A, 3.75%, 4/15/29. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gConstellium SE, Senior Note, 144A, 3.75%, 4/15/29. . . . . . . . . . . . | United States | 600000 | 488227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fPetra Diamonds US Treasury plc, Senior Secured Note, 144A, PIK, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d,fPetra Diamonds US Treasury plc, Senior Secured Note, 144A, PIK, |  |  |  |
|  | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | South Africa | 728486 | 724631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSunCoke Energy, Inc., Senior Secured Note, 144A, 4.875%, 6/30/29. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gSunCoke Energy, Inc., Senior Secured Note, 144A, 4.875%, 6/30/29. | United States | 600000 | 515813 |
|  |  |  |  | 1728671 |
|  | Mortgage Real Estate Investment Trusts (REITs) 0.3% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gApollo Commercial Real Estate Finance, Inc., Senior Secured Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gApollo Commercial Real Estate Finance, Inc., Senior Secured Note, |  |  |  |
|  | 144A, 4.625%, 6/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 801690 |
|  | Multiline Retail 0.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMacy's Retail Holdings LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMacy's Retail Holdings LLC, |  |  |  |
|  | &nbsp;&nbsp;Senior Bond, 144A, 6.125%, 3/15/32 .. . . . . . . . . . . . . . . . . . . . . | United States | 600000 | 505200 |
|  | &nbsp;&nbsp;Senior Note, 144A, 5.875%, 3/15/30 .. . . . . . . . . . . . . . . . . . . . . | United States | 600000 | 521520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hNordstrom, Inc., Senior Bond, 4%, 3/15/27. . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hNordstrom, Inc., Senior Bond, 4%, 3/15/27. . . . . . . . . . . . . . . . . . . | United States | 1000000 | 834350 |
|  |  |  |  | 1861070 |
|  | Oil, Gas & Consumable Fuels 5.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fAntero Resources Corp., Senior Note, 144A, 7.625%, 2/01/29.. . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fAntero Resources Corp., Senior Note, 144A, 7.625%, 2/01/29.. . . . | United States | 166000 | 167137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCalumet Specialty Products Partners LP / Calumet Finance Corp., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCalumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |  |
|  | &nbsp;&nbsp;Senior Note, 144A, 8.125%, 1/15/27. . . . . . . . . . . . . . . . . . . . . . | United States | 900000 | 842625 |
|  | Cheniere Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 4.5%, 10/01/29 .. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 900000 | 811329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Note, 4%, 3/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 852710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCheniere Energy, Inc., Senior Note, 4.625%, 10/15/28.. . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gCheniere Energy, Inc., Senior Note, 4.625%, 10/15/28.. . . . . . . . . . | United States | 600000 | 543475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gChesapeake Energy Corp., Senior Note, 144A, 5.5%, 2/01/26.. . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gChesapeake Energy Corp., Senior Note, 144A, 5.5%, 2/01/26.. . . . | United States | 500000 | 483138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCrestwood Midstream Partners LP / Crestwood Midstream Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fCrestwood Midstream Partners LP / Crestwood Midstream Finance |  |  |  |
|  | &nbsp;&nbsp;Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;Senior Note, 144A, 6%, 2/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 | 1378434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | &nbsp;&nbsp;Senior Note, 144A, 8%, 4/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 498275 |
| 16 | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | franklintempleton.com |
| 16 | The accompanying notes are an integral part of these financial statements. | franklintempleton.com |  |  |

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![](g473148g-33g9xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCrownRock LP / CrownRock Finance, Inc., Senior Note, 144A, 5%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gCrownRock LP / CrownRock Finance, Inc., Senior Note, 144A, 5%, |  |  |  |
|  | 5/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | $271154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEndeavor Energy Resources LP / EER Finance, Inc., Senior Bond, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEndeavor Energy Resources LP / EER Finance, Inc., Senior Bond, |  |  |  |
|  | 144A, 5.75%, 1/30/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 800000 | 767320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEnLink Midstream LLC, Senior Note, 144A, 6.5%, 9/01/30.. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEnLink Midstream LLC, Senior Note, 144A, 6.5%, 9/01/30.. . . . . . . | United States | 800000 | 792840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEQM Midstream Partners LP, Senior Note, 144A, 7.5%, 6/01/27. . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEQM Midstream Partners LP, Senior Note, 144A, 7.5%, 6/01/27. . . | United States | 100000 | 98058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEQT Corp., Senior Note, 144A, 3.125%, 5/15/26.. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gEQT Corp., Senior Note, 144A, 3.125%, 5/15/26.. . . . . . . . . . . . . . | United States | 300000 | 276101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHarbour Energy plc, Senior Note, 144A, 5.5%, 10/15/26. . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHarbour Energy plc, Senior Note, 144A, 5.5%, 10/15/26. . . . . . . . . | United Kingdom | 500000 | 449017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gHilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%, |  |  |  |
|  | 2/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 445756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gKinetik Holdings LP, Senior Note, 144A, 5.875%, 6/15/30. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gKinetik Holdings LP, Senior Note, 144A, 5.875%, 6/15/30. . . . . . . . | United States | 600000 | 563480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMartin Midstream Partners LP / Martin Midstream Finance Corp., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gMartin Midstream Partners LP / Martin Midstream Finance Corp., |  |  |  |
|  | Secured Note, 144A, 11.5%, 2/28/25.. . . . . . . . . . . . . . . . . . . . . | United States | 1848728 | 1851908 |
| b,d,f,iMurray Energy Corp., Secured Note, 144A, PIK, 12%, 4/15/24. . . . | b,d,f,iMurray Energy Corp., Secured Note, 144A, PIK, 12%, 4/15/24. . . . | United States | 606187 |  |
|  | Occidental Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Note, 5.875%, 9/01/25 .. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 200000 | 199602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Note, 5.5%, 12/01/25 .. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 998000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | Senior Note, 8.5%, 7/15/27 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 1078526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVenture Global Calcasieu Pass LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gVenture Global Calcasieu Pass LLC, |  |  |  |
|  | Senior Secured Bond, 144A, 4.125%, 8/15/31 .. . . . . . . . . . . . . . | United States | 300000 | 256125 |
|  | Senior Secured Note, 144A, 3.875%, 8/15/29 .. . . . . . . . . . . . . . | United States | 300000 | 263026 |
| f,gViper Energy Partners LP, Senior Note, 144A, 5.375%, 11/01/27.. . | f,gViper Energy Partners LP, Senior Note, 144A, 5.375%, 11/01/27.. . | United States | 400000 | 380492 |
|  |  |  |  | 14268528 |
|  | Paper & Forest Products 0.1% |  |  |  |
| f,gGlatfelter Corp., Senior Note, 144A, 4.75%, 11/15/29. . . . . . . . . . . | f,gGlatfelter Corp., Senior Note, 144A, 4.75%, 11/15/29. . . . . . . . . . . | United States | 400000 | 241040 |
|  | Personal Products 0.3% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrestige Brands, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gPrestige Brands, Inc., |  |  |  |
|  | Senior Bond, 144A, 3.75%, 4/01/31 . . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | 247783 |
|  | Senior Note, 144A, 5.125%, 1/15/28 .. . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 470141 |
|  |  |  |  | 717924 |
|  | Pharmaceuticals 1.9% |  |  |  |
| f1375209 BC Ltd., Senior Secured Note, 144A, 9%, 1/30/28.. . . . . . | f1375209 BC Ltd., Senior Secured Note, 144A, 9%, 1/30/28.. . . . . . | Canada | 327000 | 320051 |
| fBausch Health Cos., Inc., | fBausch Health Cos., Inc., |  |  |  |
|  | Secured Note, 144A, 14%, 10/15/30 .. . . . . . . . . . . . . . . . . . . . . | United States | 115000 | 68844 |
|  | Senior Secured Note, 144A, 11%, 9/30/28 .. . . . . . . . . . . . . . . . . | United States | 581000 | 455995 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,g,iEndo Dac / Endo Finance LLC / Endo Finco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;f,g,iEndo Dac / Endo Finance LLC / Endo Finco, Inc., |  |  |  |
|  | Secured Note, 144A, 9.5%, 7/31/27 . . . . . . . . . . . . . . . . . . . . . . | United States | 492000 | 69495 |
|  | Senior Note, 144A, 6%, 6/30/28 . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 613000 | 33715 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,g,iEndo Luxembourg Finance Co. I SARL / Endo US, Inc., Senior | &nbsp;&nbsp;&nbsp;&nbsp;f,g,iEndo Luxembourg Finance Co. I SARL / Endo US, Inc., Senior |  |  |  |
|  | Secured Note, 144A, 6.125%, 4/01/29.. . . . . . . . . . . . . . . . . . . . | United States | 500000 | 380237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJazz Securities DAC, Senior Secured Note, 144A, 4.375%, 1/15/29. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gJazz Securities DAC, Senior Secured Note, 144A, 4.375%, 1/15/29. | United States | 1300000 | 1160998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hOrganon & Co. / Organon Foreign Debt Co-Issuer BV, Senior | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,hOrganon & Co. / Organon Foreign Debt Co-Issuer BV, Senior |  |  |  |
|  | Secured Note, 144A, 4.125%, 4/30/28.. . . . . . . . . . . . . . . . . . . . | United States | 1300000 | 1153295 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,g,iPar Pharmaceutical, Inc., Senior Secured Note, 144A, 7.5%, 4/01/27. | &nbsp;&nbsp;&nbsp;&nbsp;f,g,iPar Pharmaceutical, Inc., Senior Secured Note, 144A, 7.5%, 4/01/27. | United States | 203000 | 154706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gTeva Pharmaceutical Finance Netherlands III BV, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gTeva Pharmaceutical Finance Netherlands III BV, |  |  |  |
|  | Senior Note, 7.125%, 1/31/25 .. . . . . . . . . . . . . . . . . . . . . . . . . . | Israel | 900000 | 896418 |
|  | Senior Note, 4.75%, 5/09/27 .. . . . . . . . . . . . . . . . . . . . . . . . . . . | Israel | 900000 | 814635 |
|  |  |  |  | 5508389 |
|  | Real Estate Management & Development 0.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFive Point Operating Co. LP / Five Point Capital Corp., Senior Note, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFive Point Operating Co. LP / Five Point Capital Corp., Senior Note, |  |  |  |
|  | 144A, 7.875%, 11/15/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 | 842201 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 17 <br>

![](g473148g-3320xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | **Real Estate Management & Development (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gForestar Group, Inc., Senior Note, 144A, 3.85%, 5/15/26.. . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gForestar Group, Inc., Senior Note, 144A, 3.85%, 5/15/26.. . . . . . . . | United States | 500000 | $439055 |
|  |  |  |  | 1281256 |
|  | Road & Rail 0.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFirst Student Bidco, Inc. / First Transit Parent, Inc., Senior Secured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gFirst Student Bidco, Inc. / First Transit Parent, Inc., Senior Secured |  |  |  |
|  | Note, 144A, 4%, 7/31/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 900000 | 745715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNESCO Holdings II, Inc., Secured Note, 144A, 5.5%, 4/15/29. . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gNESCO Holdings II, Inc., Secured Note, 144A, 5.5%, 4/15/29. . . . . | United States | 500000 | 438150 |
| b,dOnsite Rental Group Operations Pty. Ltd., PIK, 6.1%, 10/26/23. . . . | b,dOnsite Rental Group Operations Pty. Ltd., PIK, 6.1%, 10/26/23. . . . | Australia | 952561 | 993522 |
| f,hWilliams Scotsman International, Inc., Senior Secured Note, 144A, | f,hWilliams Scotsman International, Inc., Senior Secured Note, 144A, |  |  |  |
|  | 4.625%, 8/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 300000 | 271230 |
|  |  |  |  | 2448617 |
|  | Software 1.0% |  |  |  |
| f,gCamelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26. | f,gCamelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26. | United States | 700000 | 657160 |
| f,hCondor Merger Sub, Inc., Senior Note, 144A, 7.375%, 2/15/30. . . . | f,hCondor Merger Sub, Inc., Senior Note, 144A, 7.375%, 2/15/30. . . . | United States | 1300000 | 1047561 |
| f,gRocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29.. . . . . . . . | f,gRocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29.. . . . . . . . | United States | 1300000 | 1026514 |
|  |  |  |  | 2731235 |
|  | Specialty Retail 0.8% |  |  |  |
| f,gBath & Body Works, Inc., Senior Note, 144A, 6.625%, 10/01/30. . . | f,gBath & Body Works, Inc., Senior Note, 144A, 6.625%, 10/01/30. . . | United States | 500000 | 470056 |
| f,gGap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29. . . . . . . . . . | f,gGap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29. . . . . . . . . . | United States | 700000 | 494711 |
| f,gLithia Motors, Inc., Senior Note, 144A, 4.625%, 12/15/27. . . . . . . . | f,gLithia Motors, Inc., Senior Note, 144A, 4.625%, 12/15/27. . . . . . . . | United States | 400000 | 361464 |
| fMichaels Cos., Inc. (The), | fMichaels Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | Senior Note, 144A, 7.875%, 5/01/29 .. . . . . . . . . . . . . . . . . . . . . | United States | 600000 | 401969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g | Senior Secured Note, 144A, 5.25%, 5/01/28 .. . . . . . . . . . . . . . . | United States | 300000 | 241721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g,jParty City Holdings, Inc., Senior Secured Note, FRN, 5.75%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g,jParty City Holdings, Inc., Senior Secured Note, FRN, 5.75%, |  |  |  |
|  | (6-month USD LIBOR + 5%), 7/15/25.. . . . . . . . . . . . . . . . . . . . . | United States | 239415 | 65241 |
| f,gVictoria's Secret & Co., Senior Note, 144A, 4.625%, 7/15/29.. . . . . | f,gVictoria's Secret & Co., Senior Note, 144A, 4.625%, 7/15/29.. . . . . | United States | 400000 | 314560 |
|  |  |  |  | 2349722 |
|  | Textiles, Apparel & Luxury Goods 0.3% |  |  |  |
| f,gHanesbrands, Inc., Senior Note, 144A, 4.625%, 5/15/24. . . . . . . . . | f,gHanesbrands, Inc., Senior Note, 144A, 4.625%, 5/15/24. . . . . . . . . | United States | 1000000 | 970158 |
|  | Thrifts & Mortgage Finance 0.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gLadder Capital Finance Holdings LLLP / Ladder Capital Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gLadder Capital Finance Holdings LLLP / Ladder Capital Finance |  |  |  |
|  | Corp., Senior Note, 144A, 4.75%, 6/15/29. . . . . . . . . . . . . . . . . . | United States | 300000 | 242649 |
| gMGIC Investment Corp., Senior Note, 5.25%, 8/15/28.. . . . . . . . . . | gMGIC Investment Corp., Senior Note, 5.25%, 8/15/28.. . . . . . . . . . | United States | 500000 | 461882 |
| gRadian Group, Inc., Senior Note, 6.625%, 3/15/25.. . . . . . . . . . . . . | gRadian Group, Inc., Senior Note, 6.625%, 3/15/25.. . . . . . . . . . . . . | United States | 900000 | 889317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gUnited Wholesale Mortgage LLC, Senior Note, 144A, 5.5%, 11/15/25. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,gUnited Wholesale Mortgage LLC, Senior Note, 144A, 5.5%, 11/15/25. | United States | 900000 | 811872 |
|  |  |  |  | 2405720 |
|  | Trading Companies & Distributors 0.5% |  |  |  |
| fH&E Equipment Services, Inc., Senior Note, 144A, 3.875%, 12/15/28. | fH&E Equipment Services, Inc., Senior Note, 144A, 3.875%, 12/15/28. | United States | 1200000 | 1024254 |
| f,gWESCO Distribution, Inc., Senior Note, 144A, 7.125%, 6/15/25.. . . | f,gWESCO Distribution, Inc., Senior Note, 144A, 7.125%, 6/15/25.. . . | United States | 500000 | 507356 |
|  |  |  |  | 1531610 |
|  | Total Corporate Bonds (Cost $156,671,813). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Total Corporate Bonds (Cost $156,671,813). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Total Corporate Bonds (Cost $156,671,813). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 133591306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**kSenior Floating Rate Interests 41.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**kSenior Floating Rate Interests 41.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**kSenior Floating Rate Interests 41.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**kSenior Floating Rate Interests 41.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Aerospace & Defense 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Aerospace & Defense 0.8%** |  |  |  |
| dAlloy FinCo Ltd., Term Loan, B, 14%, PIK, (3-month USD LIBOR + | dAlloy FinCo Ltd., Term Loan, B, 14%, PIK, (3-month USD LIBOR + |  |  |  |
|  | 0.5%), 3/06/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United Kingdom | 1029133 | 871418 |
|  | Cobham Ultra SeniorCo SARL, Term Loan, B, 7.063%, (6-month |  |  |  |
|  | USD LIBOR + 3.75%), 8/03/29.. . . . . . . . . . . . . . . . . . . . . . . . . . | Luxembourg | 334732 | 326084 |

---

18 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com

![](g473148g-332gxg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| a |  | a | a | &nbsp;&nbsp;&nbsp;a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Aerospace & Defense (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynasty Acquisition Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Term Loan, B1, 7.923%, (1-month USD LIBOR + 3.5%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Term Loan, B1, 7.923%, (1-month USD LIBOR + 3.5%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/06/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 466840 |  | $446196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Term Loan, B2, 7.923%, (1-month USD LIBOR + 3.5%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Term Loan, B2, 7.923%, (1-month USD LIBOR + 3.5%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/06/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 250989 |  | 239891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Aerospace Services Corp., First Lien, Initial Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Aerospace Services Corp., First Lien, Initial Term Loan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 12/06/28. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 12/06/28. . . . . . . . . . . . | United States | 550751 |  | 541890 |
|  |  |  |  |  | 2425479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics 0.6% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lKenan Advantage Group, Inc. (The), U.S. Term Loan, B1, 8.134%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lKenan Advantage Group, Inc. (The), U.S. Term Loan, B1, 8.134%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.75%), 3/24/26. . . . . | . . . . . . . . . . . . . . | United States | 1614502 |  | 1577885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Airlines 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Initial Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Initial Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.993%, (3-month USD LIBOR + 4.75%), 4/20/28.. . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.993%, (3-month USD LIBOR + 4.75%), 4/20/28.. . . . . . . | United States | 724129 |  | 722207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada, Term Loan, 8.13%, (3-month USD LIBOR + 3.5%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada, Term Loan, 8.13%, (3-month USD LIBOR + 3.5%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/11/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | Canada | 1189179 |  | 1178958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc., 2018 Replacement Term Loan, 6.139%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc., 2018 Replacement Term Loan, 6.139%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 1.75%), 6/27/25. . . . . | . . . . . . . . . . . . . . | United States | 500000 |  | 481955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kestrel Bidco, Inc., Term Loan, 7.354%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kestrel Bidco, Inc., Term Loan, 7.354%, (1-month USD LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3%), 12/11/26. . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | Canada | 1333515 |  | 1223294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United AirLines, Inc., Term Loan, B, 8.108%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United AirLines, Inc., Term Loan, B, 8.108%, (3-month USD LIBOR + |  |  |  |  |
| 3.75%), 4/21/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.75%), 4/21/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1260494 |  | 1248153 |
|  |  |  |  |  | 4854567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Auto Components 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient US LLC, Term Loan, B1, 7.634%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient US LLC, Term Loan, B1, 7.634%, (1-month USD LIBOR + |  |  |  |  |
| 3.25%), 4/10/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.25%), 4/10/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 736275 |  | 729719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexKo Global, Inc., First Lien, Closing Date Term Loan, 8.593%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexKo Global, Inc., First Lien, Closing Date Term Loan, 8.593%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.75%), 10/04/28. . . . | . . . . . . . . . . . . . . | United States | 477356 |  | 429553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-II Incremental CME Term Loan, 9.79%, (1-month SOFR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-II Incremental CME Term Loan, 9.79%, (1-month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%), 3/30/27. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 400000 |  | 379000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021 CME Term Loan, 8.368%, (3-month SOFR + 5%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021 CME Term Loan, 8.368%, (3-month SOFR + 5%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/30/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1220274 |  | 1161091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien, Initial Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition LLC, First Lien, Initial Term Loan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.884%, (1-month USD LIBOR + 4.5%), 11/09/27.. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.884%, (1-month USD LIBOR + 4.5%), 11/09/27.. . . . . . . . . . . . | United States | 540152 |  | 496264 |
|  |  |  |  |  | 3195627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles 0.3% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lAmerican Trailer World Corp., First Lien, Initial CME Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lAmerican Trailer World Corp., First Lien, Initial CME Term Loan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.936%, (1-month SOFR + 3.75%), 3/03/28.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.936%, (1-month SOFR + 3.75%), 3/03/28.. . . . . . . . . . . . . . . . | United States | 1135380 |  | 986839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks 0.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lFinastra Ltd., First Lien, Dollar Term Loan, 6.871%, (3-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lFinastra Ltd., First Lien, Dollar Term Loan, 6.871%, (3-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.5%), 6/13/24.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.5%), 6/13/24.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United Kingdom | 577994 |  | 512727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Beverages 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Brewing Co. LLC, First Lien, Closing Date Term Loan, 7.792%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Brewing Co. LLC, First Lien, Closing Date Term Loan, 7.792%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.5%), 4/05/28. . . . . . | . . . . . . . . . . . . . . | United States | 470238 |  | 211019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc., First Lien, Initial Term Loan, 8.23%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc., First Lien, Initial Term Loan, 8.23%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.5%), 3/31/28. . . . . . | . . . . . . . . . . . . . . | United States | 567795 |  | 529966 |
|  |  |  |  |  | 740985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Capital Markets 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, CME Term Loan, B 1, 7.201%, (1-month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LP, CME Term Loan, B 1, 7.201%, (1-month SOFR |  |  |  |  |
| + 3%), 2/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | + 3%), 2/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 320000 |  | 317499 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 19 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 19 |

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![](g473148g-3322xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

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| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

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Value

---

| | | | |
|:---|:---|:---|:---|
| a | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Capital Markets (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding LLC, First Lien, Initial Dollar CME Term |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.073%, (1-month SOFR + 3.75%), 4/09/27. . . . . . . . . . . . | United States | 1074321 | $1006005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edelman Financial Engines Center LLC (The), First Lien, 2021 Initial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 7.884%, (1-month USD LIBOR + 3.5%), 4/07/28. . . . | United States | 983593 | 920397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group LLC, Dollar Term Loan, 7.134%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.75%), 1/26/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 540348 | 525362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Ltd., 2022 Refinancing CME Term Loan, B, 7.967%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 3.75%), 7/31/28.. . . . . . . . . . . . . . . . . . . . . . . | United Kingdom | 1066071 | 1006771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc., 2025 Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 5/30/25. . . . . . . . . . . . . | United States | 991609 | 955911 |
|  |  |  | 4731945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Chemicals 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPC Acquisition Corp., First Lien, Initial Term Loan, 8.48%, (3-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%), 12/29/27.. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 777841 | 568601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyanco Intermediate 2 Corp., First Lien, Initial Term Loan, 7.884%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.5%), 3/16/25. . . . . . . . . . . . . . . . . . . . | United States | 179377 | 172875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial CME Term Loan, 8.934%, (3-month SOFR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5%), 3/15/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 997500 | 861341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, Initial CME Term Loan, 11.859%, (1-month SOFR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.438%), 3/15/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 279070 | 221861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Styrolution Group GmbH, 2026 Dollar Term Loan, B, 7.134%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 2.75%), 1/29/26. . . . . . . . . . . . . . . . . . . | United Kingdom | 922616 | 908777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mINEOS US Finance LLC, 2027-II Dollar CME Term Loan, 8.173%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 3.75%), 11/08/27.. . . . . . . . . . . . . . . . . . . . . . | Luxembourg | 320000 | 315600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF11 A5 Holdco LLC, CME Term Loan, 7.938%, (1-month SOFR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5%), 10/15/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 626038 | 606318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lummus Technology Holdings V LLC, 2021 Refinancing Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B, 7.884%, (1-month USD LIBOR + 3.5%), 6/30/27. . . . . . . . . . . | United States | 920747 | 883918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMHC II, Inc., Initial CME Term Loan, B, 8.494%, (3-month SOFR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%), 4/23/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1197000 | 1017761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc., First Lien, Incremental Term Loan, B1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.415%, (3-month USD LIBOR + 4%), 3/16/27.. . . . . . . . . . . . . . | United States | 1197364 | 1166999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparta U.S. Holdco LLC, First Lien, Initial Term Loan, 7.392%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.25%), 8/02/28. . . . . . . . . . . . . . . . . . . | United States | 822 | 802 |
|  |  |  | 6724853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Commercial Services & Supplies 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, Initial U.S. Dollar CME Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.173%, (1-month SOFR + 3.75%), 5/12/28.. . . . . . . . . . . . . . . . | United States | 1361686 | 1296332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Government Services Holdings LLC, First Lien, CME Term |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 3, 8.124%, (1-month SOFR + 4%; 6-month SOFR + 4%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1961823 | 1916456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APX Group, Inc., Initial Term Loan, 6.738%, (3-month USD LIBOR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%; 3-month USD LIBOR + 3.25%), 7/10/28.. . . . . . . . . . . . . | United States | 683294 | 677209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc., First Lien, Initial CME Term Loan, 8.58%, (3-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 4%), 12/17/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 705677 | 676039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC, Term Loan, 7.988%, (3-month USD LIBOR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%), 6/21/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 496222 | 462915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc., Refinancing CME Term Loan, B, 8.438%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 4%), 3/17/28. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1768500 | 1633652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC, First Lien, 2021 Refinancing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, B1, 6.505%, (3-month USD LIBOR + 2.75%), 9/23/26. | United States | 397975 | 394990 |

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20 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148g-3323xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

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| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | |
|:---|:---|:---|:---|
| a | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Commercial Services & Supplies (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Initial Term Loan, 8.765%, (3-month USD LIBOR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4%), 3/04/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1277250 | $1083747 |
|  |  |  | 8141340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Construction & Engineering 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc., First Lien, Initial Term Loan, 7.884%, (1-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.5%), 5/12/28. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 667414 | 638511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zekelman Industries, Inc., 2020 Term Loan, 6.729%, (3-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2%), 1/24/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 398458 | 389991 |
|  |  |  | 1028502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Containers & Packaging 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Next Generation, Inc., First Lien, 2021 Initial Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.134%, (1-month USD LIBOR + 3.75%), 12/01/27. . . . . . . . . . . | United States | 901120 | 876975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kleopatra Finco SARL, USD CME Term Loan, B, 8.259%, (6-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 4.75%), 2/12/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Luxembourg | 1610480 | 1437353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., Initial Term Loan, 7.37%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.25%), 4/03/24. . . . . . . . . . . . . . . . . . . | United States | 974293 | 953185 |
|  |  |  | 3267513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Diversified Consumer Services 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KUEHG Corp., Term Loan, B3, 8.48%, (3-month USD LIBOR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%), 2/21/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 293846 | 282950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc., First Lien, Initial Term Loan, 8.134%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.75%), 12/15/28. . . . . . . . . . . . . . . . . . | United States | 700136 | 674882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger Sub Ltd.), Initial Term Loan, 7.634%, (1-month USD LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.25%), 12/31/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 580732 | 565851 |
|  |  |  | 1523683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Diversified Financial Services 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Borrower, Inc., First Lien, Initial Term Loan, 8.25%, (3-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.5%), 8/02/28. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 835459 | 800303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC, Initial Term Loan, 8.985%, (3-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.25%), 9/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 632538 | 543192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Planet Borrower LLC, Initial Term Loan, 8.134%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 10/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 276763 | 174637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verscend Holding Corp., Term Loan, B1, 8.384%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4%), 8/27/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1588226 | 1581278 |
|  |  |  | 3099410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Diversified Telecommunication Services 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA, USD Incremental Term Loan, B13, 8.65%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4%), 8/14/26.. . . . . . . . . . . . . . . . . . . . . | France | 486673 | 454027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Tel\*Link Corp., First Lien, Term Loan, 8.477%, (3-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4.25%), 11/29/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1919809 | 1664839 |
|  |  |  | 2118866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lAZZ, Inc., Initial CME Term Loan, 8.673%, (1-month SOFR + 4.25%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/13/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 256452 | 256732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Entertainment 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp., Term Loan, B1, 7.134%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.75%), 3/13/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 397980 | 380817 |

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franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 21 <br>

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FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

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| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Entertainment (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Entertainment (continued)** |  |  |  |
|  | William Morris Endeavor Entertainment LLC (IMG Worldwide |  |  |  |
|  | &nbsp;&nbsp;Holdings LLC), First Lien, Term Loan, B1, 7.023%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 4.25%), 5/18/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 326650 | $320444 |
|  |  |  |  | 701261 |
|  | Equity Real Estate Investment Trusts (REITs) 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lBrown Group Holding LLC, Incremental CME Term Loan, B2, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lBrown Group Holding LLC, Incremental CME Term Loan, B2, |  |  |  |
|  | &nbsp;&nbsp;7.925%, (1-month SOFR + 3.75%; 3-month SOFR + 3.75%), |  |  |  |
|  | &nbsp;&nbsp;7/02/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 164063 | 163793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Food & Staples Retailing 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Food & Staples Retailing 0.1%** |  |  |  |
|  | GNC Holdings, Inc., Second Lien, Term Loan, 10.354%, (1-month |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 6%), 10/07/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 107323 | 99677 |
|  | Shearer's Foods LLC, First Lien, Refinancing Term Loan, 7.884%, |  |  |  |
|  | &nbsp;&nbsp;(1-month USD LIBOR + 3.5%), 9/23/27. . . . . . . . . . . . . . . . . . . . | United States | 164510 | 157312 |
|  |  |  |  | 256989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Food Products 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Food Products 0.2%** |  |  |  |
|  | B&G Foods, Inc., Tranche Term Loan, B4, 6.884%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 2.5%), 10/10/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 400000 | 380464 |
|  | Primary Products Finance LLC, CME Term Loan, B, 7.709%, |  |  |  |
|  | &nbsp;&nbsp;(3-month SOFR + 4%), 4/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 206379 | 203395 |
|  |  |  |  | 583859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Health Care Equipment & Supplies 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Health Care Equipment & Supplies 0.3%** |  |  |  |
|  | Medline Borrower LP, Initial Dollar Term Loan, 7.634%, (1-month |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 3.25%), 10/23/28.. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 299246 | 284914 |
|  | US Radiology Specialists, Inc. (US Outpatient Imaging Services, |  |  |  |
|  | &nbsp;&nbsp;Inc.), Closing Date Term Loan, 8.924%, (3-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;5.25%), 12/15/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 585416 | 530443 |
|  |  |  |  | 815357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Health Care Providers & Services 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Health Care Providers & Services 3.4%** |  |  |  |
|  | ADMI Corp., |  |  |  |
|  | &nbsp;&nbsp;Amendment No. 4 Refinancing Term Loan, 7.759%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 3.375%), 12/23/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 767408 | 698149 |
|  | &nbsp;&nbsp;Amendment No. 5 Incremental Term Loan, 8.134%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 3.75%), 12/23/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 206716 | 188822 |
|  | Aveanna Healthcare LLC, |  |  |  |
|  | &nbsp;&nbsp;First Lien, 2021 Extended Term Loan, 8.139%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 3.75%), 7/17/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 925630 | 716900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n | &nbsp;&nbsp;First Lien, Delayed Draw New Term Loan, 7.766%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 3.75%), 7/17/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 60794 | 47086 |
|  | Charlotte Buyer, Inc., First Lien, Initial CME Term Loan, B, 9.533%, |  |  |  |
|  | &nbsp;&nbsp;(1-month SOFR + 5.25%), 2/11/28.. . . . . . . . . . . . . . . . . . . . . . . | United States | 268817 | 255489 |
|  | CNT Holdings I Corp., First Lien, Initial CME Term Loan, 7.239%, |  |  |  |
|  | &nbsp;&nbsp;(3-month SOFR + 3.5%), 11/08/27.. . . . . . . . . . . . . . . . . . . . . . . | United States | 147627 | 143264 |
|  | Dermatology Intermediate Holdings III, Inc., |  |  |  |
|  | &nbsp;&nbsp;Closing Date CME Term Loan, 8.573%, (1-month SOFR + 4.25%), |  |  |  |
|  | &nbsp;&nbsp;4/02/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 198737 | 194265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n | &nbsp;&nbsp;Delayed Draw CME Term Loan, 8.573%, (1-month SOFR + |  |  |  |
|  | &nbsp;&nbsp;4.25%), 4/02/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 33173 | 32427 |
|  | eResearchTechnology, Inc., First Lien, Initial Term Loan, 8.884%, |  |  |  |
|  | &nbsp;&nbsp;(1-month USD LIBOR + 4.5%), 2/04/27. . . . . . . . . . . . . . . . . . . . | United States | 951890 | 842717 |
|  | FINThrive Software Intermediate Holdings, Inc., First Lien, Initial |  |  |  |
|  | &nbsp;&nbsp;Term Loan, 8.384%, (1-month USD LIBOR + 4%), 12/18/28.. . . . | United States | 629779 | 535838 |
| 22 | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | franklintempleton.com |
| 22 | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | franklintempleton.com |

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FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| a |  | a | a | &nbsp;&nbsp;&nbsp;a |  | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Health Care Providers & Services (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response, Inc., 2018 New Term Loan, 8.634%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response, Inc., 2018 New Term Loan, 8.634%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 3/14/25. . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 3/14/25. . . . . . . . . . . . . . . . . . . | United States | 428592 |  | $306265 | $306265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Solutions Holdings, Inc., First Lien, Initial Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Solutions Holdings, Inc., First Lien, Initial Term Loan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 11/01/28.. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 11/01/28.. . . . . . . . . . . . | United States | 382023 |  | 358903 | 358903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, 8.328%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, 8.328%, (1-month USD LIBOR + |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%; 3-month USD LIBOR + 3.75%), 3/02/28.. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%; 3-month USD LIBOR + 3.75%), 3/02/28.. . . . . . . . . . . . . | United States | 1502104 |  | 1058150 | 1058150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, C, 8.48%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, C, 8.48%, (3-month USD LIBOR + |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%), 3/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%), 3/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 48018 |  | 33826 | 33826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., CME Term Loan, B1, 8.06%, (1-month SOFR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., CME Term Loan, B1, 8.06%, (1-month SOFR + |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%; 6-month SOFR + 3.75%), 3/29/29. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%; 6-month SOFR + 3.75%), 3/29/29. . . . . . . . . . . . . . . . . . | United States | 149623 |  | 150184 | 150184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Dental Services LLC, Term Loan, 7.854%, (1-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Dental Services LLC, Term Loan, 7.854%, (1-month USD |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.5%), 5/05/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.5%), 5/05/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 92772 |  | 90974 | 90974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC, First Lien, 2021 Replacement Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathway Vet Alliance LLC, First Lien, 2021 Replacement Term Loan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.134%, (1-month USD LIBOR + 3.75%), 3/31/27. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.134%, (1-month USD LIBOR + 3.75%), 3/31/27. . . . . . . . . . . . | United States | 726052 |  | 608671 | 608671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Newco, Inc., First Lien, Initial Term Loan, 7.634%, (1-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Newco, Inc., First Lien, Initial Term Loan, 7.634%, (1-month |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.25%), 11/15/28.. . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.25%), 11/15/28.. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 256129 |  | 247236 | 247236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc., First Lien, 2021 Term Loan, 8.735%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc., First Lien, 2021 Term Loan, 8.735%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4%), 6/22/26.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4%), 6/22/26.. . . . . . . . . . . . . . . . . . . . . | United States | 545998 |  | 371279 | 371279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc., First Lien, Term Loan, B, 8.281%, (1-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc., First Lien, Term Loan, B, 8.281%, (1-month |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%; 3-month USD LIBOR + 3.75%), 7/09/25.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%; 3-month USD LIBOR + 3.75%), 7/09/25.. . | United States | 724138 |  | 611220 | 611220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien, Initial Term Loan, 8.37%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Anesthesia Partners, Inc., First Lien, Initial Term Loan, 8.37%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 10/01/28. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 10/01/28. . . . . . . . . . . . . . . . . . | United States | 346593 |  | 330878 | 330878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Initial Term Loan, 9.438%, (1-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc., Initial Term Loan, 9.438%, (1-month USD |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 5%), 6/26/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 5%), 6/26/26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 445983 |  | 251702 | 251702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc., First Lien, Initial Term Loan, 8.384%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc., First Lien, Initial Term Loan, 8.384%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4%), 10/22/26.. . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4%), 10/22/26.. . . . . . . . . . . . . . . . . . . . | United States | 1553612 |  | 1530308 | 1530308 |
|  |  |  |  |  | 9604553 | 9604553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology 0.7% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lathenahealth Group, Inc., |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial CME Term Loan, 7.821%, (1-month SOFR + 3.5%), 2/15/29. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial CME Term Loan, 7.821%, (1-month SOFR + 3.5%), 2/15/29. | United States | 2126993 |  | 1925694 | 1925694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n Initial Delayed Draw CME Term Loan, 7.821%, (1-month SOFR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n Initial Delayed Draw CME Term Loan, 7.821%, (1-month SOFR + |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5%), 2/15/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5%), 2/15/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 90580 |  | 82007 | 82007 |
|  |  |  |  |  | 2007701 | 2007701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Hotels, Restaurants & Leisure 1.6%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d24 Hour Fitness Worldwide, Inc., Tranche 1 Term Loan, 9.726%, PIK, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d24 Hour Fitness Worldwide, Inc., Tranche 1 Term Loan, 9.726%, PIK, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 5%), 12/29/25.. . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 5%), 12/29/25.. . . . . . . . . . . . . . . . . . . . | United States | 1201710 |  | 99644 | 99644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bally's Corp., Term Loan, B, 7.542%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bally's Corp., Term Loan, B, 7.542%, (1-month USD LIBOR + |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%), 10/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%), 10/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 792000 |  | 734976 | 734976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC, Initial CME Term Loan, B, 8.323%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC, Initial CME Term Loan, B, 8.323%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 4%), 1/27/29. . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 4%), 1/27/29. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 679164 |  | 647076 | 647076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment plc, Third Amendment CME Term Loan, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment plc, Third Amendment CME Term Loan, 2028 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B, 8.092%, (3-month SOFR + 3.25%), 7/22/28.. . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B, 8.092%, (3-month SOFR + 3.25%), 7/22/28.. . . . . . . . . . . . . . | Ireland | 140890 |  | 140479 | 140479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, First Lien, 2021 Term Loan, 8.634%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, First Lien, 2021 Term Loan, 8.634%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 11/22/28. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 11/22/28. . . . . . . . . . . . . . . . . . | United States | 615242 |  | 578583 | 578583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Initial Term Loan, 7.384%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower LLC, Initial Term Loan, 7.384%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3%), 8/02/28.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3%), 8/02/28.. . . . . . . . . . . . . . . . . . . . . | United States | 671290 |  | 667682 | 667682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRB Holding Corp., 2022 Replacement CME Term Loan, B, 7.317%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRB Holding Corp., 2022 Replacement CME Term Loan, B, 7.317%, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 3%), 12/15/27. . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 3%), 12/15/27. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 351793 |  | 341942 | 341942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn National Gaming, Inc., CME Term Loan, B, 7.173%, (1-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn National Gaming, Inc., CME Term Loan, B, 7.173%, (1-month |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.75%), 5/03/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.75%), 5/03/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 109664 |  | 108758 | 108758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Acquisition Corp., First Lien, Term Loan, B, 8.753%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Acquisition Corp., First Lien, Term Loan, B, 8.753%, (3-month |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4%), 11/01/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4%), 11/01/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 548093 |  | 539642 | 539642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings LP, First Lien, Initial Dollar CME Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings LP, First Lien, Initial Dollar CME Term |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 7.097%, (3-month SOFR + 3.5%), 4/04/29. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 7.097%, (3-month SOFR + 3.5%), 4/04/29. . . . . . . . . . . . . | United States | 505914 |  | 483702 | 483702 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report |  | 23 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 23 |  |

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![](g473148g-3326xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | |
|:---|:---|:---|:---|
| a | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Hotels, Restaurants & Leisure (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games International, Inc., Initial CME Term Loan, B, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.417%, (1-month SOFR + 3%), 4/14/29. . . . . . . . . . . . . . . . . . . | United States | 161977 | $160184 |
|  |  |  | 4502668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Household Durables 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astro One Acquisition Corp., First Lien, Term Loan, B, 10.23%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 5.5%), 9/15/28. . . . . . . . . . . . . . . . . . . . | United States | 693000 | 527259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding BV, CME Term Loan, B1, 7.859%, (3-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.5%), 2/26/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Netherlands | 299248 | 264807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VC GB Holdings I Corp., First Lien, Initial Term Loan, 7.884%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.5%), 7/21/28. . . . . . . . . . . . . . . . . . . . | United States | 433080 | 391758 |
|  |  |  | 1183824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lEnergizer Holdings, Inc., 2020 Term Loan, 6.625%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.25%), 12/22/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 231419 | 227658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Insurance 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2020 Term Loan, 7.884%, (1-month USD LIBOR + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5%), 2/15/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 781910 | 735624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021-1 Additional Term Loan, 8.134%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 2/15/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 193207 | 184029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021-2 Additional Term Loan, 8.634%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4.25%), 2/15/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 173077 | 167957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 Initial Term Loan, 7.634%, (1-month USD LIBOR + 3.25%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/09/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 308691 | 305064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Term Loan, B4, 7.854%, (1-month USD LIBOR + 3.5%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/05/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 495120 | 484599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AssuredPartners, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 CME Term Loan, 7.823%, (1-month SOFR + 3.5%), 2/12/27. | United States | 403203 | 392518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 Term Loan, 7.884%, (1-month USD LIBOR + 3.5%), 2/12/27. | United States | 243057 | 236008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m 2022-2 CME Term Loan, 8.573%, (1-month SOFR + 4.25%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/12/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 262500 | 261189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New CME Term Loan, B 10, 8.68%, (3-month SOFR + 4%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/19/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 399000 | 357005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, New Term Loan, B3, 9.634%, (1-month USD LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.25%), 1/31/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 32665 | 25669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, New Term Loan, B4, 9.634%, (1-month USD LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 5.25%), 1/20/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1085259 | 849991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International Ltd., 2022 Incremental CME Term Loan, 8.22%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month SOFR + 4%), 11/10/29. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 258621 | 256250 |
|  |  |  | 4255903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail 0.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMH Sub I LLC (Micro Holding Corp.), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2020 June New Term Loan, 8.134%, (1-month USD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 9/13/24.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 915814 | 891939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Amendment No. 2 Initial Term Loan, 8.134%, (1-month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%), 9/13/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 679965 | 662021 |
|  |  |  | 1553960 |

---

24 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148g-3327xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| a |  | a | a | &nbsp;&nbsp;&nbsp;a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>IT Services 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aventiv Technologies LLC, First Lien, Initial Term Loan, 9.23%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aventiv Technologies LLC, First Lien, Initial Term Loan, 9.23%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4.5%), 11/01/24. . . . . | . . . . . . . . . . . . . . | United States | 1921621 |  | $1450978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barracuda Parent LLC, First Lien, Initial CME Term Loan, 8.594%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barracuda Parent LLC, First Lien, Initial CME Term Loan, 8.594%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month SOFR + 4.5%), 8/15/29.. . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month SOFR + 4.5%), 8/15/29.. . . . . . . . . . . . . . . . . . . . . . . . | United States | 837989 |  | 809589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien, Term Loan, B, 8.73%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., First Lien, Term Loan, B, 8.73%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4%), 10/01/27.. . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4%), 10/01/27.. . . . . . . . . . . . . . . . . . . . | United States | 1738776 |  | 1636623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Amendment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC (GD Finance Co., Inc.), Amendment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. 6 CME Term Loan, 7.573%, (1-month SOFR + 3.25%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. 6 CME Term Loan, 7.573%, (1-month SOFR + 3.25%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/09/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 158730 |  | 158675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Holdco 3 Ltd., First Lien, Initial Dollar Term Loan, 8.98%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Holdco 3 Ltd., First Lien, Initial Dollar Term Loan, 8.98%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4.25%), 8/19/28. . . . . | . . . . . . . . . . . . . . | United Kingdom | 809670 |  | 796513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knot Worldwide, Inc. (The), First Lien, Amendment No. 3 CME Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knot Worldwide, Inc. (The), First Lien, Amendment No. 3 CME Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.923%, (1-month SOFR + 4.5%), 12/19/25. . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.923%, (1-month SOFR + 4.5%), 12/19/25. . . . . . . . . . . . | United States | 393939 |  | 389999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp., First Lien, Term Loan, B, 8.134%, (1-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp., First Lien, Term Loan, B, 8.134%, (1-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 2/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 2/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1440864 |  | 1409647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio LLC, Initial Term Loan, 11.17%, (3-month USD LIBOR + 7%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio LLC, Initial Term Loan, 11.17%, (3-month USD LIBOR + 7%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/18/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 344724 |  | 305511 |
|  |  |  |  |  | 6957535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Leisure Products 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Achievement, Inc. (Varsity Brands Holding Co., Inc.), First | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Achievement, Inc. (Varsity Brands Holding Co., Inc.), First |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lien, Initial Term Loan, 7.884%, (1-month USD LIBOR + 3.5%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lien, Initial Term Loan, 7.884%, (1-month USD LIBOR + 3.5%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/16/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 488863 |  | 472547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Acquisition Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, B1, 7.98%, (3-month USD LIBOR + 3.25%), 11/12/26. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, B1, 7.98%, (3-month USD LIBOR + 3.25%), 11/12/26. | United Kingdom | 344872 |  | 329820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, B2, 7.98%, (3-month USD LIBOR + 3.25%), 11/12/26. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, B2, 7.98%, (3-month USD LIBOR + 3.25%), 11/12/26. | United Kingdom | 49166 |  | 47020 |
|  |  |  |  |  | 849387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services 0.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lICON plc, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 7%, (3-month USD LIBOR + 2.25%), 7/03/28.. . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 7%, (3-month USD LIBOR + 2.25%), 7/03/28.. . . . . . | United States | 371206 |  | 370558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Term Loan, 7%, (3-month USD LIBOR + 2.25%), 7/03/28.. . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Term Loan, 7%, (3-month USD LIBOR + 2.25%), 7/03/28.. . | United States | 92486 |  | 92325 |
|  |  |  |  |  | 462883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Machinery 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Blade Holdings, Inc., Initial Term Loan, 8.73%, (3-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Blade Holdings, Inc., Initial Term Loan, 8.73%, (3-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4%), 10/13/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4%), 10/13/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 549021 |  | 440246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiger Acquisition LLC, First Lien, Initial Term Loan, 7.321%, (1-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiger Acquisition LLC, First Lien, Initial Term Loan, 7.321%, (1-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.25%), 6/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.25%), 6/01/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 537415 |  | 511587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH, USD Term Loan, B1, 6.871%, (6-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH, USD Term Loan, B1, 6.871%, (6-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.5%), 7/30/27. . . . . . . . . . . . . | . . . . . . . . . . . . . . | Germany | 704505 |  | 679686 |
|  |  |  |  |  | 1631519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Media 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., First Lien, Term Loan, B, 7.814%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., First Lien, Term Loan, B, 7.814%, (3-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.75%), 7/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.75%), 7/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 983372 |  | 886726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., Term Loan, B, 7.915%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., Term Loan, B, 7.915%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.5%), 8/21/26. . . . . . | . . . . . . . . . . . . . . | United States | 628895 |  | 574260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, March 2017 Refinancing Term Loan, 6.568%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, March 2017 Refinancing Term Loan, 6.568%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 2.25%), 7/17/25. . . . . | . . . . . . . . . . . . . . | United States | 426547 |  | 404580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Sports Group LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, CME Term Loan, 12.317%, (1-month SOFR + 8%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, CME Term Loan, 12.317%, (1-month SOFR + 8%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 299515 |  | 284602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, CME Term Loan, 7.567%, (1-month SOFR + 3.25%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, CME Term Loan, 7.567%, (1-month SOFR + 3.25%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/24/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 495471 |  | 63586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc., Term Loan, D, 7.12%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc., Term Loan, D, 7.12%, (1-month USD LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3%), 12/01/28. . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 297744 |  | 289774 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 25 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 25 |

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![](g473148g-3328xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
|  | &nbsp;&nbsp;<sup>l</sup>Media (continued) |  |  |  |
|  | &nbsp;&nbsp;McGraw-Hill Education, Inc., Initial Term Loan, 8.316%, (3-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.75%), 7/28/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 998484 | $942630 |
|  | &nbsp;&nbsp;Radiate Holdco LLC, Amendment No. 6 Term Loan, 7.634%, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.25%), 9/25/26. . . . . . . . . . . . . . . . . . . | United States | 1766505 | 1443111 |
|  | &nbsp;&nbsp;Univision Communications, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021 Replacement Converted Term Loan, 7.634%, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.25%), 3/15/26. . . . . . . . . . . . . . . . . . . | United States | 968387 | 955071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, B, 7.634%, (1-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.25%), 1/31/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 339823 | 330798 |
|  | &nbsp;&nbsp;Virgin Media Bristol LLC, Term Loan, Q, 7.568%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.25%), 1/31/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 462949 | 459593 |
|  |  |  |  | 6634731 |
|  | &nbsp;&nbsp;**<sup>l</sup>Personal Products 0.6%** |  |  |  |
|  | &nbsp;&nbsp;Conair Holdings LLC, First Lien, Initial Term Loan, 8.48%, (3-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%), 5/17/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 665075 | 562820 |
|  | &nbsp;&nbsp;Coty, Inc., USD Term Loan, B, 6.471%, (1-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.25%), 4/07/25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 425577 | 419513 |
|  | &nbsp;&nbsp;Sunshine Luxembourg VII SARL, Term Loan, B3, 8.48%, (3-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%), 10/01/26.. . . . . . . . . . . . . . . . . . . . . . . . . | Luxembourg | 838485 | 805063 |
|  |  |  |  | 1787396 |
|  | &nbsp;&nbsp;**<sup>l</sup>Pharmaceuticals 0.8%** |  |  |  |
|  | &nbsp;&nbsp;Bausch Health Cos., Inc., Second Amendment CME Term Loan, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;9.667%, (1-month SOFR + 5.25%), 2/01/27.. . . . . . . . . . . . . . . . | United States | 369414 | 282295 |
|  | &nbsp;&nbsp;Grifols Worldwide Operations Ltd., Dollar Tranche Term Loan, B, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.384%, (1-month USD LIBOR + 2%), 11/15/27.. . . . . . . . . . . . . | Spain | 500000 | 484585 |
|  | &nbsp;&nbsp;Jazz Pharmaceuticals plc, Initial Dollar Term Loan, 7.884%, (1-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.5%), 5/05/28. . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 634447 | 629838 |
|  | &nbsp;&nbsp;Organon & Co., Dollar Term Loan, 7.75%, (3-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3%), 6/02/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 742151 | 736785 |
|  | &nbsp;&nbsp;PetVet Care Centers LLC, First Lien, 2021 First Lien Replacement |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Term Loan, 7.884%, (1-month USD LIBOR + 3.5%), 2/14/25. . . . | United States | 144475 | 136226 |
|  |  |  |  | 2269729 |
|  | &nbsp;&nbsp;**<sup>l</sup>Professional Services 0.4%** |  |  |  |
|  | &nbsp;&nbsp;CCRR Parent, Inc., First Lien, Initial Term Loan, 8.14%, (1-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 3.75%), 3/06/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 787249 | 751166 |
|  | &nbsp;&nbsp;CHG Healthcare Services, Inc., First Lien, Initial Term Loan, 7.634%, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.25%), 9/29/28. . . . . . . . . . . . . . . . . . . | United States | 425385 | 417085 |
|  |  |  |  | 1168251 |
|  | &nbsp;&nbsp;**<sup>l</sup>Road & Rail 0.2%** |  |  |  |
|  | &nbsp;&nbsp;Avis Budget Car Rental LLC, CME Term Loan, C, 7.923%, (1-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 3.5%), 3/16/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 397995 | 393022 |
|  | &nbsp;&nbsp;PECF USS Intermediate Holding III Corp., Initial Term Loan, 8.634%, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.25%), 12/15/28. . . . . . . . . . . . . . . . . . | United States | 375352 | 314383 |
|  |  |  |  | 707405 |
|  | &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment 0.2% |  |  |  |
|  | &nbsp;&nbsp;lMKS Instruments, Inc., Initial Dollar CME Term Loan, B, 7.171%, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1-month SOFR + 2.75%), 8/17/29.. . . . . . . . . . . . . . . . . . . . . . . | United States | 698250 | 691641 |
|  | &nbsp;&nbsp;**<sup>l</sup>Software 5.4%** |  |  |  |
|  | &nbsp;&nbsp;Atlas Purchaser, Inc., First Lien, Initial Term Loan, 8.676%, (3-month |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 5.25%), 5/08/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 626818 | 443866 |
| 26 | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | franklintempleton.com |
| 26 | The accompanying notes are an integral part of these financial statements. | franklintempleton.com |  |  |

---

![](g473148g-3329xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| a |  | a | a | &nbsp;&nbsp;&nbsp;a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>l</sup>Software (continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc., Initial CME Term Loan, B, 9.08%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc., Initial CME Term Loan, B, 9.08%, (3-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 4.5%), 7/06/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 4.5%), 7/06/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 257143 |  | $255258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudera, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, 8.134%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, Initial Term Loan, 8.134%, (1-month USD LIBOR + |  |  |  |  |
| 3.75%), 10/08/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.75%), 10/08/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 577455 |  | 546327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, Initial Term Loan, 10.384%, (1-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien, Initial Term Loan, 10.384%, (1-month USD LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%), 10/08/29. . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 165289 |  | 138636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien, Initial Term Loan, 8.134%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc., First Lien, Initial Term Loan, 8.134%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 3.75%), 10/16/28. . . . | . . . . . . . . . . . . . . | United States | 698337 |  | 626758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCert Buyer, Inc., First Lien, Initial CME Term Loan, 8.696%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCert Buyer, Inc., First Lien, Initial CME Term Loan, 8.696%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6-month SOFR + 4%), 10/16/26. . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1720863 |  | 1666166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI Macola/MAX Holding LLC, First Lien, Initial Term Loan, 8.48%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI Macola/MAX Holding LLC, First Lien, Initial Term Loan, 8.48%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.75%), 11/09/27. . . . | . . . . . . . . . . . . . . | United States | 622058 |  | 598731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epicor Software Corp., Term Loan, C, 7.634%, (1-month USD LIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epicor Software Corp., Term Loan, C, 7.634%, (1-month USD LIBOR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ 3.25%), 7/30/27. . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 658883 |  | 634136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings I LLC, 2020 Initial Dollar Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings I LLC, 2020 Initial Dollar Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.384%, (1-month USD LIBOR + 4%), 12/01/27. . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan, 8.384%, (1-month USD LIBOR + 4%), 12/01/27. . . . . . . . . | United States | 966147 |  | 929718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., First Lien, Initial Term Loan, 9.139%, (1-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., First Lien, Initial Term Loan, 9.139%, (1-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.75%), 8/31/27.. . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4.75%), 8/31/27.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1624846 |  | 1052900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyland Software, Inc., First Lien, 2018 Refinancing Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyland Software, Inc., First Lien, 2018 Refinancing Term Loan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 7/01/24. . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.884%, (1-month USD LIBOR + 3.5%), 7/01/24. . . . . . . . . . . . . | United States | 1054098 |  | 1042107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera, Inc., First Lien, Term Loan, B1, 7.5%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera, Inc., First Lien, Term Loan, B1, 7.5%, (3-month USD LIBOR + |  |  |  |  |
| 3.75%), 3/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.75%), 3/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1174439 |  | 1110579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGT Holding IV AB, Term Loan, B2, 8.13%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGT Holding IV AB, Term Loan, B2, 8.13%, (3-month USD LIBOR + |  |  |  |  |
| 3.4%), 3/31/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.4%), 3/31/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | Sweden | 521513 |  | 512386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanti Software, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021 Specified Refinancing Term Loan, 9.011%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, 2021 Specified Refinancing Term Loan, 9.011%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 4.25%), 12/01/27. . . . | . . . . . . . . . . . . . . | United States | 790030 |  | 629144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, First Amendment Term Loan, 8.733%, (3-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien, First Amendment Term Loan, 8.733%, (3-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4%), 12/01/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4%), 12/01/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 57893 |  | 45845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp., CME Term Loan, B1, 7.974%, (1-month SOFR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp., CME Term Loan, B1, 7.974%, (1-month SOFR + |  |  |  |  |
| 3.75%), 3/01/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.75%), 3/01/29.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 589778 |  | 550599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc., First Lien, Initial Term Loan, 8.415%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc., First Lien, Initial Term Loan, 8.415%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.75%), 10/15/28. . . . | . . . . . . . . . . . . . . | United States | 683329 |  | 631727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco LLC, First Lien, Dollar Term Loan, 8.73%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco LLC, First Lien, Dollar Term Loan, 8.73%, (3-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4%), 6/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD LIBOR + 4%), 6/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1722980 |  | 1576527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Software US Holdings, Inc., First Lien, Initial CME Term Loan, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Software US Holdings, Inc., First Lien, Initial CME Term Loan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.494%, (3-month SOFR + 4.25%), 2/01/29.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.494%, (3-month SOFR + 4.25%), 2/01/29.. . . . . . . . . . . . . . . . | United States | 698250 |  | 541800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance LLC, First Lien, Initial Term Loan, 8.884%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance LLC, First Lien, Initial Term Loan, 8.884%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD LIBOR + 4.5%), 8/11/28. . . . . . | . . . . . . . . . . . . . . | United States | 628848 |  | 580898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG, Inc., Second Lien, 2021 Incremental Term Loan, 8.998%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG, Inc., Second Lien, 2021 Incremental Term Loan, 8.998%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 5.25%), 5/03/27. . . . . | . . . . . . . . . . . . . . | United States | 270096 |  | 249232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. (Precisely Software, Inc.), First Lien, Third | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. (Precisely Software, Inc.), First Lien, Third |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment Term Loan, 8.358%, (3-month USD LIBOR + 4%), | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment Term Loan, 8.358%, (3-month USD LIBOR + 4%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/24/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1159304 |  | 963092 |
|  |  |  |  |  | 15326432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Specialty Retail 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen AcqCo 1 LP, Initial CME Term Loan, 10.342%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen AcqCo 1 LP, Initial CME Term Loan, 10.342%, (3-month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.5%), 4/26/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR + 5.5%), 4/26/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 961513 |  | 931865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term Loan, B2, 8.134%, (1-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Outdoors Group LLC, Term Loan, B2, 8.134%, (1-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 3/06/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.75%), 3/06/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1065883 |  | 1026578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels Cos., Inc. (The), Term Loan, B, 8.98%, (3-month USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels Cos., Inc. (The), Term Loan, B, 8.98%, (3-month USD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4.25%), 4/15/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 4.25%), 4/15/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1005195 |  | 871449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park River Holdings, Inc., First Lien, Initial Term Loan, 6.993%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park River Holdings, Inc., First Lien, Initial Term Loan, 6.993%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD LIBOR + 3.25%), 12/28/27. . . . | . . . . . . . . . . . . . . | United States | 652424 |  | 573318 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 27 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 27 |

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![](g473148g-3330xg.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>k</sup>Senior Floating Rate Interests (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Specialty Retail (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Specialty Retail (continued)** |  |  |  |
|  | PetSmart LLC, Initial Term Loan, 8.13%, (1-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;3.75%), 2/11/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 511650 | $502216 |
|  | RealTruck Group, Inc., Initial Term Loan, 8.134%, (1-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 3.75%), 1/31/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 802230 | 691422 |
|  | SRS Distribution, Inc., |  |  |  |
|  | &nbsp;&nbsp;2021 Refinancing Term Loan, 7.884%, (1-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;3.5%), 6/02/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 525795 | 503966 |
|  | &nbsp;&nbsp;CME Term Loan, 7.923%, (1-month SOFR + 3.5%), 6/02/28.. . . . | United States | 23685 | 22693 |
|  | Staples, Inc., 2019 Refinancing New Term Loan, B1, 7.782%, |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 5%), 4/16/26.. . . . . . . . . . . . . . . . . . . . . | United States | 943976 | 875405 |
|  | White Cap Supply Holdings LLC, Initial Closing Date CME Term |  |  |  |
|  | &nbsp;&nbsp;Loan, 8.073%, (1-month SOFR + 3.75%), 10/19/27. . . . . . . . . . . | United States | 392038 | 379786 |
|  | Woof Holdings, Inc., First Lien, Initial Term Loan, 8.104%, (1-month |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 3.75%), 12/21/27.. . . . . . . . . . . . . . . . . . . . . . . . . | United States | 525453 | 497210 |
|  |  |  |  | 6875908 |
|  | Technology Hardware, Storage & Peripherals 0.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMagenta Buyer LLC, First Lien, Initial Term Loan, 9.17%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMagenta Buyer LLC, First Lien, Initial Term Loan, 9.17%, (3-month |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 4.75%), 7/27/28.. . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 689489 | 593609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Textiles, Apparel & Luxury Goods 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Textiles, Apparel & Luxury Goods 0.2%** |  |  |  |
|  | Champ Acquisition Corp., First Lien, Initial Term Loan, 10.23%, |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 5.5%), 12/19/25. . . . . . . . . . . . . . . . . . . | United States | 425259 | 422069 |
|  | Tory Burch LLC, Initial Term Loan, B, 7.884%, (1-month USD LIBOR |  |  |  |
|  | &nbsp;&nbsp;+ 3.5%), 4/16/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 212354 | 196783 |
|  |  |  |  | 618852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Transportation Infrastructure 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>l</sup>Transportation Infrastructure 0.4%** |  |  |  |
|  | First Student Bidco, Inc., |  |  |  |
|  | &nbsp;&nbsp;Incremental CME Term Loan, B, 8.68%, (3-month SOFR + 4%), |  |  |  |
|  | &nbsp;&nbsp;7/21/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 374026 | 356260 |
|  | &nbsp;&nbsp;Incremental CME Term Loan, C, 7.653%, (3-month SOFR + 4%), |  |  |  |
|  | &nbsp;&nbsp;7/21/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 25974 | 24740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m | &nbsp;&nbsp;Initial Term Loan, B, 7.726%, (3-month USD LIBOR + 3%), 7/21/28. | United States | 355901 | 322758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m | &nbsp;&nbsp;Initial Term Loan, C, 7.726%, (3-month USD LIBOR + 3%), 7/21/28. | United States | 132366 | 120039 |
|  | LaserShip, Inc., First Lien, Initial Term Loan, 9.23%, (3-month USD |  |  |  |
|  | &nbsp;&nbsp;LIBOR + 4.5%), 5/07/28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 461988 | 334748 |
|  |  |  |  | 1158545 |
|  | **.. . . . . . . . . . . . . . .Total Senior Floating Rate Interests (Cost $129,519,017)** | **.. . . . . . . . . . . . . . .Total Senior Floating Rate Interests (Cost $129,519,017)** | . . . . . . . . . . | 118778302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**oMarketplace Loans 26.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**oMarketplace Loans 26.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**oMarketplace Loans 26.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**oMarketplace Loans 26.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>b</sup>Diversified Financial Services 26.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<sup>b</sup>Diversified Financial Services 26.4%** |  |  |  |
|  | **. .Total Marketplace Loans (Cost $81,949,722).. . . . . . . .** | . . . . . . . . . . . . . . . . | . . . . . . . . . . | 75416488 |
|  | Asset-Backed Securities 14.0% |  |  |  |
|  | Asset-Backed Securities 14.0% |  |  |  |
|  | Capital Markets 0.0%† |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMerrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMerrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN, |  |  |  |
|  | &nbsp;&nbsp;8.514%, (1-month USD LIBOR + 4.125%), 7/25/34... . . . . . . . . . | United States | 33301 | 19125 |
|  | Commercial Services & Supplies 0.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lKKR CLO 26 Ltd., CR, 144A, FRN, 6.279%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lKKR CLO 26 Ltd., CR, 144A, FRN, 6.279%, (3-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;2.2%), 10/15/34.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 | 1412303 |

---

28 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com

![](g473148ftf_a022331x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| a |  |  | a | a | &nbsp;&nbsp;&nbsp;a | a |
|  | **Asset-Backed Securities (continued)** |  |  |  |  |  |
|  | Diversified Financial Services 13.5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lAMMC CLO 22 Ltd., 2018-22A, C, 144A, FRN, 6.108%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lAMMC CLO 22 Ltd., 2018-22A, C, 144A, FRN, 6.108%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lAMMC CLO 22 Ltd., 2018-22A, C, 144A, FRN, 6.108%, (3-month |  |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 1.75%), 4/25/31... . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1500000 |  | $1400956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXV Ltd., 2019-25A, CR, 144A, FRN, 6.329%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXV Ltd., 2019-25A, CR, 144A, FRN, 6.329%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXV Ltd., 2019-25A, CR, 144A, FRN, 6.329%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 2.25%), 7/15/36... . . . | . . . . . . . . . . . . . . | United States | 1500000 |  | 1395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 6.443%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 6.443%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 6.443%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 2.2%), 10/20/34... . . . | . . . . . . . . . . . . . . | United States | 2000000 |  | 1876231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 7.227%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 7.227%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 7.227%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 4/19/34.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 4/19/34.. . . . . . . . . . . . . . . . . . . . . | United States | 1000000 |  | 880168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXV Ltd., 2022-35A, D, 144A, FRN, 6.143%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXV Ltd., 2022-35A, D, 144A, FRN, 6.143%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lBlueMountain CLO XXXV Ltd., 2022-35A, D, 144A, FRN, 6.143%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month SOFR + 4%), 7/22/35... . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1500000 |  | 1422034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lCarlyle Global Market Strategies CLO Ltd., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lCarlyle Global Market Strategies CLO Ltd., |  |  |  |  |  |
|  | &nbsp;&nbsp;2014-1A, CR2, 144A, FRN, 5.879%, (3-month USD LIBOR + | &nbsp;&nbsp;2014-1A, CR2, 144A, FRN, 5.879%, (3-month USD LIBOR + |  |  |  |  |
|  | 1.8%), 4/17/31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.8%), 4/17/31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1500000 |  | 1404566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;2014-1A, DR, 144A, FRN, 6.679%, (3-month USD LIBOR + 2.6%), | &nbsp;&nbsp;2014-1A, DR, 144A, FRN, 6.679%, (3-month USD LIBOR + 2.6%), |  |  |  |  |
|  | &nbsp;&nbsp;4/17/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 2300000 |  | 1961893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lCarlyle US CLO Ltd., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lCarlyle US CLO Ltd., |  |  |  |  |  |
|  | &nbsp;&nbsp;2017-4A, C, 144A, FRN, 6.879%, (3-month USD LIBOR + 2.8%), | &nbsp;&nbsp;2017-4A, C, 144A, FRN, 6.879%, (3-month USD LIBOR + 2.8%), |  |  |  |  |
|  | &nbsp;&nbsp;1/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1000000 |  | 910505 |
|  | &nbsp;&nbsp;2019-1A, BR, 144A, FRN, 6.443%, (3-month USD LIBOR + 2.2%), | &nbsp;&nbsp;2019-1A, BR, 144A, FRN, 6.443%, (3-month USD LIBOR + 2.2%), |  |  |  |  |
|  | &nbsp;&nbsp;4/20/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1500000 |  | 1420501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pConsumer Loan Underlying Bond Certificate Issuer Trust I, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pConsumer Loan Underlying Bond Certificate Issuer Trust I, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pConsumer Loan Underlying Bond Certificate Issuer Trust I, |  |  |  |  |
|  | &nbsp;&nbsp;2018-29, PT, 144A, FRN, 24.523%, 12/15/43.. . . . . . . . . . . . . . . | &nbsp;&nbsp;2018-29, PT, 144A, FRN, 24.523%, 12/15/43.. . . . . . . . . . . . . . . | United States | 22811 |  | 22125 |
|  | &nbsp;&nbsp;2019-26, PT, 144A, FRN, 17.6%, 8/15/44.. . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-26, PT, 144A, FRN, 17.6%, 8/15/44.. . . . . . . . . . . . . . . . . . | United States | 104047 |  | 98558 |
|  | &nbsp;&nbsp;2019-31, PT, 144A, FRN, 16.595%, 9/15/44.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-31, PT, 144A, FRN, 16.595%, 9/15/44.. . . . . . . . . . . . . . . . | United States | 86283 |  | 80690 |
|  | &nbsp;&nbsp;2019-37, PT, 144A, FRN, 17.394%, 10/17/44.. . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-37, PT, 144A, FRN, 17.394%, 10/17/44.. . . . . . . . . . . . . . . | United States | 104328 |  | 99812 |
|  | &nbsp;&nbsp;2019-42, PT, 144A, FRN, 17.248%, 11/15/44.. . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-42, PT, 144A, FRN, 17.248%, 11/15/44.. . . . . . . . . . . . . . . | United States | 94766 |  | 89396 |
|  | &nbsp;&nbsp;2019-51, PT, 144A, FRN, 15.304%, 1/15/45.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-51, PT, 144A, FRN, 15.304%, 1/15/45.. . . . . . . . . . . . . . . . | United States | 109765 |  | 103643 |
|  | &nbsp;&nbsp;2019-52, PT, 144A, FRN, 16.254%, 1/15/45.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-52, PT, 144A, FRN, 16.254%, 1/15/45.. . . . . . . . . . . . . . . . | United States | 117128 |  | 111311 |
|  | &nbsp;&nbsp;2019-S1, PT, 144A, FRN, 13.225%, 4/15/44.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S1, PT, 144A, FRN, 13.225%, 4/15/44.. . . . . . . . . . . . . . . . | United States | 46055 |  | 45069 |
|  | &nbsp;&nbsp;2019-S2, PT, 144A, FRN, 12.704%, 5/16/44.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S2, PT, 144A, FRN, 12.704%, 5/16/44.. . . . . . . . . . . . . . . . | United States | 33062 |  | 30507 |
|  | &nbsp;&nbsp;2019-S3, PT, 144A, FRN, 12.765%, 6/15/44.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S3, PT, 144A, FRN, 12.765%, 6/15/44.. . . . . . . . . . . . . . . . | United States | 124995 |  | 116784 |
|  | &nbsp;&nbsp;2019-S4, PT, 144A, FRN, 12.124%, 8/15/44.. . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S4, PT, 144A, FRN, 12.124%, 8/15/44.. . . . . . . . . . . . . . . . | United States | 76639 |  | 74463 |
|  | &nbsp;&nbsp;2019-S5, PT, 144A, FRN, 12.2%, 9/15/44. . . . | . . . . . . . . . . . . . . | United States | 74558 |  | 70249 |
|  | &nbsp;&nbsp;2019-S6, PT, 144A, FRN, 11.2%, 10/17/44.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S6, PT, 144A, FRN, 11.2%, 10/17/44.. . . . . . . . . . . . . . . . . | United States | 78193 |  | 72898 |
|  | &nbsp;&nbsp;2019-S7, PT, 144A, FRN, 10.422%, 12/15/44.. . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S7, PT, 144A, FRN, 10.422%, 12/15/44.. . . . . . . . . . . . . . . | United States | 55826 |  | 52142 |
|  | &nbsp;&nbsp;2019-S8, PT, 144A, FRN, 10.13%, 1/15/45.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;2019-S8, PT, 144A, FRN, 10.13%, 1/15/45.. . . . . . . . . . . . . . . . . | United States | 66636 |  | 62122 |
|  | &nbsp;&nbsp;2020-2, PT, 144A, FRN, 14.758%, 3/15/45.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;2020-2, PT, 144A, FRN, 14.758%, 3/15/45.. . . . . . . . . . . . . . . . . | United States | 116721 |  | 110598 |
|  | &nbsp;&nbsp;2020-7, PT, 144A, FRN, 15.477%, 4/17/45.. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;2020-7, PT, 144A, FRN, 15.477%, 4/17/45.. . . . . . . . . . . . . . . . . | United States | 66498 |  | 62154 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 38 Senior Loan Fund, 2015-38A, DR, 144A, FRN, 7.079%, | &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 38 Senior Loan Fund, 2015-38A, DR, 144A, FRN, 7.079%, | &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 38 Senior Loan Fund, 2015-38A, DR, 144A, FRN, 7.079%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . | United States | 2500000 |  | 2291983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lDryden 42 Senior Loan Fund, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lDryden 42 Senior Loan Fund, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;2016-42A, CR, 144A, FRN, 6.129%, (3-month USD LIBOR + | &nbsp;&nbsp;2016-42A, CR, 144A, FRN, 6.129%, (3-month USD LIBOR + |  |  |  |  |
|  | 2.05%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2.05%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 2400000 |  | 2265273 |
|  | &nbsp;&nbsp;2016-42A, DR, 144A, FRN, 7.009%, (3-month USD LIBOR + | &nbsp;&nbsp;2016-42A, DR, 144A, FRN, 7.009%, (3-month USD LIBOR + |  |  |  |  |
|  | 2.93%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2.93%), 7/15/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 |  | 868923 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 58 CLO Ltd., 2018-58A, C, 144A, FRN, 5.879%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 58 CLO Ltd., 2018-58A, C, 144A, FRN, 5.879%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;f,h,lDryden 58 CLO Ltd., 2018-58A, C, 144A, FRN, 5.879%, (3-month |  |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 1.8%), 7/17/31... . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 3000000 |  | 2790673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lKKR CLO 20 Ltd., C, 144A, FRN, 6.029%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lKKR CLO 20 Ltd., C, 144A, FRN, 6.029%, (3-month USD LIBOR + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lKKR CLO 20 Ltd., C, 144A, FRN, 6.029%, (3-month USD LIBOR + |  |  |  |  |
|  | 1.95%), 10/16/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.95%), 10/16/30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1000000 |  | 951308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMadison Park Funding XXXI Ltd., 2018-31A, D, 144A, FRN, 7.325%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMadison Park Funding XXXI Ltd., 2018-31A, D, 144A, FRN, 7.325%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMadison Park Funding XXXI Ltd., 2018-31A, D, 144A, FRN, 7.325%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 1/23/31.. . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 1/23/31.. . . . . . . . . . . . . . . . . . . . . | United States | 1250000 |  | 1166327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMagnetite XXII Ltd., 2019-22A, DR, 144A, FRN, 7.179%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMagnetite XXII Ltd., 2019-22A, DR, 144A, FRN, 7.179%, (3-month | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lMagnetite XXII Ltd., 2019-22A, DR, 144A, FRN, 7.179%, (3-month |  |  |  |  |
|  | &nbsp;&nbsp;USD LIBOR + 3.1%), 4/15/31... . . . . . . . . . . . | . . . . . . . . . . . . . . | United States | 1000000 |  | 941359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMorgan Stanley ABS Capital I, Inc. Trust, 2003-NC10, B1, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMorgan Stanley ABS Capital I, Inc. Trust, 2003-NC10, B1, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lMorgan Stanley ABS Capital I, Inc. Trust, 2003-NC10, B1, FRN, |  |  |  |  |
|  | &nbsp;&nbsp;9.339%, (1-month USD LIBOR + 4.95%), 10/25/33... . . . . . . . . . | &nbsp;&nbsp;9.339%, (1-month USD LIBOR + 4.95%), 10/25/33... . . . . . . . . . | United States | 203692 |  | 210457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lNewark BSL CLO 1 Ltd., 2016-1A, CR, 144A, FRN, 7.358%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lNewark BSL CLO 1 Ltd., 2016-1A, CR, 144A, FRN, 7.358%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lNewark BSL CLO 1 Ltd., 2016-1A, CR, 144A, FRN, 7.358%, |  |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 12/21/29.. . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;(3-month USD LIBOR + 3%), 12/21/29.. . . . . . . . . . . . . . . . . . . . | United States | 1000000 |  | 918969 |
| franklintempleton.com | franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 29 |
| franklintempleton.com | franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | Annual Report | 29 |

---

![](g473148ftf_a022332x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principl |
| Country | Amount\* |

---

Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| a |  | a | a | a |
|  | **Asset-Backed Securities (continued)** |  |  |  |
|  | **Diversified Financial Services (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lOctagon Investment Partners 32 Ltd., 2017-1A, CR, 144A, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lOctagon Investment Partners 32 Ltd., 2017-1A, CR, 144A, FRN, |  |  |  |
|  | &nbsp;&nbsp;6.129%, (3-month USD LIBOR + 2.05%), 7/15/29... . . . . . . . . . . | United States | 1500000 | $1420239 |
| &nbsp;&nbsp;&nbsp;&nbsp;f,h,lOctagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;f,h,lOctagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN, |  |  |  |
|  | &nbsp;&nbsp;6.225%, (3-month USD LIBOR + 1.9%), 1/22/30... . . . . . . . . . . . | United States | 6050000 | 5709292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lOHA Credit Funding 9 Ltd., 2021-9A, D, 144A, FRN, 7.177%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lOHA Credit Funding 9 Ltd., 2021-9A, D, 144A, FRN, 7.177%, |  |  |  |
|  | &nbsp;&nbsp;(3-month USD LIBOR + 2.95%), 7/19/35... . . . . . . . . . . . . . . . . . | United States | 1500000 | 1394444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pProsper Pass-Thru Trust III, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pProsper Pass-Thru Trust III, |  |  |  |
|  | &nbsp;&nbsp;2020-PT1, A, 144A, FRN, 15.363%, 3/15/26. . . . . . . . . . . . . . . . | United States | 64960 | 64049 |
|  | &nbsp;&nbsp;2020-PT2, A, 144A, FRN, 18.341%, 4/15/26. . . . . . . . . . . . . . . . | United States | 74503 | 71500 |
|  | &nbsp;&nbsp;2020-PT3, A, 144A, FRN, 19.746%, 5/15/26. . . . . . . . . . . . . . . . | United States | 19718 | 18558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lStructured Asset Investment Loan Trust, 2003-BC2, M3, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lStructured Asset Investment Loan Trust, 2003-BC2, M3, FRN, |  |  |  |
|  | &nbsp;&nbsp;9.264%, (1-month USD LIBOR + 4.875%), 4/25/33... . . . . . . . . . | United States | 13987 | 14499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pUpgrade Master Pass-Thru Trust, 2019-PT2, A, 144A, FRN, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,pUpgrade Master Pass-Thru Trust, 2019-PT2, A, 144A, FRN, |  |  |  |
|  | &nbsp;&nbsp;17.038%, 2/15/26... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 60161 | 59093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lVoya CLO Ltd., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f,lVoya CLO Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;2014-1A, BR2, 144A, FRN, 6.09%, (3-month SOFR + 2.162%), |  |  |  |
|  | &nbsp;&nbsp;4/18/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1300000 | 1189884 |
|  | &nbsp;&nbsp;2014-1A, CR2, 144A, FRN, 6.99%, (3-month SOFR + 3.062%), |  |  |  |
|  | &nbsp;&nbsp;4/18/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 500000 | 403117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h | &nbsp;&nbsp;2016-3A, CR, 144A, FRN, 7.444%, (3-month USD LIBOR + |  |  |  |
|  | &nbsp;&nbsp;3.25%), 10/18/31.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 2000000 | 1649810 |
|  |  |  |  | 38374132 |
|  | **. . . .Total Asset-Backed Securities (Cost $42,228,006)..** | . . . . . . . . . . . . . . . . | . . . . . . . . . . | 39805560 |
|  | Commercial Mortgage-Backed Securities 1.0% |  |  |  |
|  | Commercial Mortgage-Backed Securities 1.0% |  |  |  |
|  | Diversified Financial Services 0.0%† |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pCommercial Mortgage Trust, 2006-GG7, AJ, FRN, 6.012%, 7/10/38. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pCommercial Mortgage Trust, 2006-GG7, AJ, FRN, 6.012%, 7/10/38. | United States | 194980 | 128940 |
|  | Thrifts & Mortgage Finance 1.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hCitigroup Commercial Mortgage Trust, 2015-GC27, A5, 3.137%, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hCitigroup Commercial Mortgage Trust, 2015-GC27, A5, 3.137%, |  |  |  |
|  | &nbsp;&nbsp;2/10/48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1520000 | 1445781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hJPMBB Commercial Mortgage Securities Trust, 2015-C28, A4, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hJPMBB Commercial Mortgage Securities Trust, 2015-C28, A4, |  |  |  |
|  | &nbsp;&nbsp;3.227%, 10/15/48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1410000 | 1334816 |
|  |  |  |  | 2780597 |

---

**Total Commercial Mortgage-Backed Securities (Cost $3,164,689).. . . . . . . . . . . . . . . . .**

Mortgage-Backed Securities 14.6%

---

| | | | |
|:---|:---|:---|:---|
| Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 2.1% | Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 2.1% |  |  |
| gFHLMC Gold Pool, 15 Year, 5%, 12/01/23.. . . . . . . . . . . . . . . . . . . | gFHLMC Gold Pool, 15 Year, 5%, 12/01/23.. . . . . . . . . . . . . . . . . . . | United States | 11417 |
| gFHLMC Gold Pool, 20 Year, 6.5%, 8/01/27. . . . . . . . . . . . . . . . . . . | gFHLMC Gold Pool, 20 Year, 6.5%, 8/01/27. . . . . . . . . . . . . . . . . . . | United States | 65994 |
| gFHLMC Gold Pool, 30 Year, 3.5%, 3/01/45. . . . . . . . . . . . . . . . . . . | gFHLMC Gold Pool, 30 Year, 3.5%, 3/01/45. . . . . . . . . . . . . . . . . . . | United States | 9785 |
| gFHLMC Gold Pool, 30 Year, 3.5%, 12/01/48. . . . . . . . . . . . . . . . . . | gFHLMC Gold Pool, 30 Year, 3.5%, 12/01/48. . . . . . . . . . . . . . . . . . | United States | 1787694 |
| gFHLMC Gold Pool, 30 Year, 4%, 5/01/48.. . . . . . . . . . . . . . . . . . . . | gFHLMC Gold Pool, 30 Year, 4%, 5/01/48.. . . . . . . . . . . . . . . . . . . . | United States | 1307249 |
| gFHLMC Gold Pool, 30 | Year, 6%, 7/01/28 - 11/01/36.. . . . . . . . . . . . | United States | 207573 |
| gFHLMC Gold Pool, 30 | Year, 6.5%, 3/01/38. . . . . . . . . . . . . . . . . . . | United States | 5900 |
| gFHLMC Gold Pool, 30 | Year, 7%, 9/01/27.. . . . . . . . . . . . . . . . . . . . | United States | 20865 |
| gFHLMC Gold Pool, 30 | Year, 8.5%, 7/01/31. . . . . . . . . . . . . . . . . . . | United States | 71253 |
| gFHLMC Pool, 15 Year, 2.5%, 9/01/35. . . . . . . . . . . . . . . . . . . . . . . | gFHLMC Pool, 15 Year, 2.5%, 9/01/35. . . . . . . . . . . . . . . . . . . . . . . | United States | 2813080 |
| **<sup>q</sup>Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%†** | **<sup>q</sup>Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%†** | **<sup>q</sup>Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%†** |  |
| gFNMA, 3.665% - 5.1%, (6-month USD LIBOR +/- MBS Margin), | gFNMA, 3.665% - 5.1%, (6-month USD LIBOR +/- MBS Margin), |  |  |
| 6/01/32 - 7/01/34.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6/01/32 - 7/01/34.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 51980 |

---

2,909,537

11,504

67,759

9,126

1,659,152

1,252,337

213,890

6,083

21,053

74,513

2,584,212

5,899,629

51,538

51,538

30 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148ftf_a022333x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
|  | Principal |
| Country | Amount\* |

---

Value

---

| | | | |
|:---|:---|:---|:---|
| a | a | a | a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage-Backed Securities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association (FNMA) Fixed Rate 12.2% |  |  |  |
| gFNMA, 3.5%, 7/01/56.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 401268 | $367118 |
| gFNMA, 15 Year, 2%, 9/01/35.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 904371 | 807751 |
| gFNMA, 15 Year, 3%, 8/01/27.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 3620 | 3488 |
| gFNMA, 15 Year, 3.5%, 1/01/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 4883 | 4798 |
| gFNMA, 20 Year, 4.5%, 5/01/24 - 9/01/29. . . . . . . . . . . . . . . . . . . . . | United States | 15418 | 15314 |
| gFNMA, 30 Year, 2.5%, 9/01/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 4089800 | 3495203 |
| gFNMA, 30 Year, 3%, 10/01/50.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 2716708 | 2395194 |
| gFNMA, 30 Year, 3.5%, 1/01/45 - 6/01/45. . . . . . . . . . . . . . . . . . . . . | United States | 416749 | 389106 |
| gFNMA, 30 Year, 4%, 10/01/47.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 1938112 | 1853412 |
| gFNMA, 30 Year, 4%, 11/01/44 - 1/01/48.. . . . . . . . . . . . . . . . . . . . . | United States | 601184 | 574914 |
| gFNMA, 30 Year, 4.5%, 3/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 614 | 598 |
| gFNMA, 30 Year, 5%, 5/01/38 - 7/01/39. . . . . . . . . . . . . . . . . . . . . . | United States | 151378 | 154660 |
| gFNMA, 30 Year, 5.5%, 6/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 114945 | 119305 |
| gFNMA, 30 Year, 6%, 4/01/33 - 6/01/38. . . . . . . . . . . . . . . . . . . . . . | United States | 296873 | 309514 |
| gFNMA, 30 Year, 6.5%, 8/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . | United States | 46770 | 48929 |
| rFNMA, Single-family, 30 Year, 5%, 1/25/53. . . . . . . . . . . . . . . . . . . | United States | 12138000 | 11962411 |
| rFNMA, Single-family, 30 Year, 5.5%, 1/25/53.. . . . . . . . . . . . . . . . . | United States | 12136000 | 12169727 |
|  |  |  | 34671442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association (GNMA) Fixed Rate 0.3% |  |  |  |
| gGNMA I, Single-family, 30 Year, 6.5%, 6/15/31 - 12/15/33. . . . . . . . | United States | 182501 | 189192 |
| gGNMA II, Single-family, 30 Year, 3.5%, 12/20/49. . . . . . . . . . . . . . . | United States | 758698 | 703103 |
| gGNMA II, Single-family, 30 Year, 7%, 1/20/24 - 1/20/29. . . . . . . . . . | United States | 8788 | 8981 |
| gGNMA II, Single-family, 30 Year, 8%, 1/20/28 - 10/20/31. . . . . . . . . | United States | 41474 | 43554 |
|  |  |  | 944830 |
| **Total Mortgage-Backed Securities (Cost $44,212,906). . .** | . . . . . . . . . . . . . . | . . . . . . . . . . . | **41567439** |
| **Total Long Term Investments (Cost $459,979,249).. . .** | . . . . . . . . . . . | . . . . . . . . . . . | 413679269 |

---

Short Term Investments 0.5%

a a Country Shares a <br> a a a

Value

Money Market Funds 0.5%

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s,tInstitutional Fiduciary Trust - Money Market Portfolio, 3.782%. . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s,tInstitutional Fiduciary Trust - Money Market Portfolio, 3.782%. . . . . | United States | 1457842 |  |  |  | 1457842 |
| . . . . . . . . . .Total Money Market Funds (Cost $1,457,842) | . . . . . . . . . .Total Money Market Funds (Cost $1,457,842) | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . | . |  | 1457842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Short Term Investments (Cost $1,457,842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Short Term Investments (Cost $1,457,842) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Short Term Investments (Cost $1,457,842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Short Term Investments (Cost $1,457,842) | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . | . |  | 1457842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments (Cost $461,437,091) 145.5%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $415137111 | $415137111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements (12.1)%.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (34456370) | (34456370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;uCredit Facility (29.1)%. . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . | . | (83000000) | (83000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets, less Liabilities (4.3)%. | . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . | . | (12361542) | (12361542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets 100.0%. . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . | . . | . | $285319199 | $285319199 |
|  |  |  | Amount | Amount | Amount |  |  |
|  |  |  | Amount | Amount | Amount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vReverse Repurchase Agreements (12.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vReverse Repurchase Agreements (12.1)% |  | Borrowed | Borrowed | Borrowed |  | Payable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vReverse Repurchase Agreements (12.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vReverse Repurchase Agreements (12.1)% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . | . . . . . . . . . . . . . . |  | $309750 |  |  |  | $(312952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . | . . . . . . . . . . . . . . |  | 1164375 |  |  |  | (1176419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . | . . . . . . . . . . . . . . |  | 752125 |  |  |  | (759905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . | . . . . . . . . . . . . . . |  | 1069250 |  |  |  | (1080310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . | . . . . . . . . . . . . . . |  | 1170000 |  |  |  | (1182102) |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | Annual Report | 31 |
| franklintempleton.com | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  | Annual Report | 31 |

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![](g473148ftf_a022334x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Country | Amount<br>Borrowed | <br>Payable |
| **<sup>v</sup>Reverse Repurchase Agreements (continued)** |  |  |  |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | $981500 | $(991653) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 910000 | (919413) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1015500 | (1026004) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 717500 | (724922) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 752125 | (753301) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 940000 | (949723) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 198125 | (200174) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 727500 | (735025) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 196125 | (198154) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1002625 | (1012996) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 550000 | (555689) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 899250 | (908552) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 476000 | (480924) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 339000 | (342507) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 299000 | (302093) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 291000 | (294010) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 294844 | (297894) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 228720 | (231086) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 363750 | (367513) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 897000 | (906278) |
| Counterparty UBS AG, 4.33%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 891000 | (900216) |
| Counterparty UBS AG, 4.37%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1218240 | (1230958) |
| Counterparty UBS AG, 4.37%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1313280 | (1326990) |
| Counterparty UBS AG, 4.85%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1889197 | (1911086) |
| Counterparty UBS AG, 4.85%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 2211965 | (2237593) |
| Counterparty UBS AG, 4.85%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 4476022 | (4527882) |
| Counterparty UBS AG, 4.85%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1005198 | (1016844) |
| Counterparty UBS AG, 5.07%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1506290 | (1524534) |
| Counterparty UBS AG, 5.07%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1777776 | (1799308) |
| Counterparty UBS AG, 5.07%, 1/06/23. . . . . . . . . . . . . . . . . . . . . . |  | 1256146 | (1271360) |
| . . . . . . . . .Total Reverse Repurchase Agreements (Proceeds $34,090,177) | . . . . . . . . .Total Reverse Repurchase Agreements (Proceeds $34,090,177) | . . . . . . . . . . | $(34456370) |

---

See Abbreviations on page 171.

\*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 14 regarding fair value measurements. c See Note 12 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, 2022, the aggregate value of these securities was $153,191,465, representing 53.7% 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.

lThe coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.

mA portion or all of the security purchased on a delayed delivery basis. See Note 1(c).

nSee Note 13 regarding unfunded loan commitments.

oSee Note 1(f) regarding Marketplace Lending. See full breakdown of marketplace loans holdings in the table at the end of this schedule.

pAdjustable 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.

32 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

qAdjustable 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).

rSecurity purchased on a to-be-announced (TBA) basis. See Note 1(c).

sSee Note 5(c) regarding investments in affiliated management investment companies.

tThe rate shown is the annualized seven-day effective yield at period end.

uSee Note 3 regarding Credit Facility.

vSee Note 4 regarding reverse repurchase agreements.

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 33 <br>

------

FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, December 31, 2022

Franklin Limited Duration Income Trust

At December 31, 2022, the Fund had the following marketplace loans outstanding. See Note 1(f).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | &nbsp;&nbsp;&nbsp;&nbsp;Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| Marketplace Loans - 26.4% | Marketplace Loans - 26.4% | Marketplace Loans - 26.4% |  |  |  |  |  |
| Block, Inc. |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| 5989451.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989451.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989451.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | $63314 | $60652 | &nbsp;&nbsp;&nbsp;&nbsp;5996556.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | $5694 | $5441 |
| 5989817.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989817.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989817.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 1217 | 985 | &nbsp;&nbsp;&nbsp;&nbsp;5996581.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 4094 | 3941 |
| 5989835.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989835.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989835.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 8051 | 7684 | &nbsp;&nbsp;&nbsp;&nbsp;5996605.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 13981 | 12084 |
| 5989913.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989913.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989913.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 2537 | 2431 | &nbsp;&nbsp;&nbsp;&nbsp;5996674.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5316 | 5091 |
| 5989942.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989942.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5989942.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 28117 | 25904 | &nbsp;&nbsp;&nbsp;&nbsp;5996697.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 14866 | 14207 |
| 5990282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 4994 | 4779 | &nbsp;&nbsp;&nbsp;&nbsp;5996762.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 2693 | 1983 |
| 5990355.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990355.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990355.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 13441 | 12787 | &nbsp;&nbsp;&nbsp;&nbsp;5996772.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5873 | 5623 |
| 5990519.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990519.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990519.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 7378 | 7077 | &nbsp;&nbsp;&nbsp;&nbsp;5996801.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 3822 | 3632 |
| 5990621.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990621.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990621.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 2678 | 2539 | &nbsp;&nbsp;&nbsp;&nbsp;5996815.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 7068 | 6767 |
| 5990664.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990664.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990664.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 16717 | 14794 | &nbsp;&nbsp;&nbsp;&nbsp;5996848.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 2123 | 1563 |
| 5990790.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990790.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990790.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 419 | 399 | &nbsp;&nbsp;&nbsp;&nbsp;5996857.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 1800 | 1674 |
| 5990791.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990791.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990791.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 3456 | 3315 | &nbsp;&nbsp;&nbsp;&nbsp;5996866.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 20854 | 19436 |
| 5990845.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990845.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990845.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 2764 | 2388 | &nbsp;&nbsp;&nbsp;&nbsp;5996948.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 2375 | 2278 |
| 5990873.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990873.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990873.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 2280 | 2202 | &nbsp;&nbsp;&nbsp;&nbsp;5996975.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 628 | 609 |
| 5990930.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990930.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990930.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 21211 | 19389 | &nbsp;&nbsp;&nbsp;&nbsp;5996979.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 7683 | 7302 |
| 5990998.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990998.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5990998.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 36687 | 35049 | &nbsp;&nbsp;&nbsp;&nbsp;5997016.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 1300 | 1250 |
| 5991317.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991317.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991317.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 35236 | 33555 | &nbsp;&nbsp;&nbsp;&nbsp;5997025.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 325 | 315 |
| 5991620.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991620.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991620.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 8100 | 7621 | &nbsp;&nbsp;&nbsp;&nbsp;5997027.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 25012 | 23691 |
| 5991690.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991690.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5991690.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 41603 | 39574 | &nbsp;&nbsp;&nbsp;&nbsp;5997164.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 6270 | 5951 |
| 5992060.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992060.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992060.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 4194 | 4016 | &nbsp;&nbsp;&nbsp;&nbsp;5997200.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 2896 | 2787 |
| 5992122.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992122.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992122.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 3917 | 3712 | &nbsp;&nbsp;&nbsp;&nbsp;5997223.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 1222 | 800 |
| 5992170.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992170.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992170.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 22548 | 21594 | &nbsp;&nbsp;&nbsp;&nbsp;5997238.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 5265 | 5022 |
| 5992282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992282.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 6641 | 6382 | &nbsp;&nbsp;&nbsp;&nbsp;5997270.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 1444 | 1372 |
| 5992334.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992334.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992334.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 654 | 620 | &nbsp;&nbsp;&nbsp;&nbsp;5997280.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 1008 | 820 |
| 5992335.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992335.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 5992335.SQ.FTS.B, Zero Cpn, 4/13/24.. . . | 8474 | 8044 | &nbsp;&nbsp;&nbsp;&nbsp;5997286.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 6536 | 6128 |
| 5993144.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993144.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993144.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 1720 | 1647 | &nbsp;&nbsp;&nbsp;&nbsp;5997327.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 745 | 709 |
| 5993174.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993174.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993174.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 32613 | 26763 | &nbsp;&nbsp;&nbsp;&nbsp;5997335.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 7714 | 7332 |
| 5993445.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993445.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993445.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 2009 | 1916 | &nbsp;&nbsp;&nbsp;&nbsp;5997383.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 9544 | 9138 |
| 5993484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 14505 | 13659 | &nbsp;&nbsp;&nbsp;&nbsp;5997441.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 558 | 519 |
| 5993663.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993663.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993663.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 4442 | 3837 | &nbsp;&nbsp;&nbsp;&nbsp;5997448.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 2903 | 2658 |
| 5993690.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993690.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993690.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 15139 | 11583 | &nbsp;&nbsp;&nbsp;&nbsp;5997475.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 4310 | 4127 |
| 5993923.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993923.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5993923.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 7486 | 7073 | &nbsp;&nbsp;&nbsp;&nbsp;5997495.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 8828 | 8389 |
| 5994040.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994040.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994040.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 15572 | 14095 | &nbsp;&nbsp;&nbsp;&nbsp;5997540.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 3643 | 3462 |
| 5994215.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994215.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994215.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 2120 | 2031 | &nbsp;&nbsp;&nbsp;&nbsp;5997555.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 713 | 577 |
| 5994254.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994254.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994254.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 6469 | 6183 | &nbsp;&nbsp;&nbsp;&nbsp;5997562.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 7411 | 6948 |
| 5994375.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994375.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994375.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 2106 | 1829 | &nbsp;&nbsp;&nbsp;&nbsp;5997611.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 3970 | 2818 |
| 5994418.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994418.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994418.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 30526 | 28387 | &nbsp;&nbsp;&nbsp;&nbsp;5997631.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 1681 | 1599 |
| 5994801.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994801.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994801.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 4500 | 4324 | &nbsp;&nbsp;&nbsp;&nbsp;5997646.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 6830 | 6539 |
| 5994999.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994999.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5994999.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 4014 | 3733 | &nbsp;&nbsp;&nbsp;&nbsp;5997689.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 948 | 620 |
| 5995027.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995027.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995027.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 57026 | 54167 | &nbsp;&nbsp;&nbsp;&nbsp;5997695.SQ.FTS.B, Zero Cpn, 4/16/24.. . . | 11064 | 10411 |
| 5995484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995484.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 711 | 685 | &nbsp;&nbsp;&nbsp;&nbsp;5997974.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 1000 | 966 |
| 5995495.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995495.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995495.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 37011 | 35351 | &nbsp;&nbsp;&nbsp;&nbsp;5998009.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 1159 | 1079 |
| 5995671.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995671.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995671.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 4975 | 4721 | &nbsp;&nbsp;&nbsp;&nbsp;5998026.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 15160 | 14385 |
| 5995696.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995696.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995696.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 3513 | 3196 | &nbsp;&nbsp;&nbsp;&nbsp;5998215.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 4204 | 4027 |
| 5995717.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995717.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995717.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 4938 | 4710 | &nbsp;&nbsp;&nbsp;&nbsp;5998278.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 929 | 825 |
| 5995749.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995749.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995749.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 13465 | 12280 | &nbsp;&nbsp;&nbsp;&nbsp;5998287.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 930 | 882 |
| 5995818.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995818.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995818.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 6435 | 6095 | &nbsp;&nbsp;&nbsp;&nbsp;5998297.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 1209 | 1112 |
| 5995857.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995857.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995857.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 833 | 805 | &nbsp;&nbsp;&nbsp;&nbsp;5998317.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 1381 | 1198 |
| 5995868.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995868.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995868.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 1948 | 1796 | &nbsp;&nbsp;&nbsp;&nbsp;5998322.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 1806 | 1749 |
| 5995899.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995899.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995899.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 6688 | 6291 | &nbsp;&nbsp;&nbsp;&nbsp;5998352.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 3159 | 3005 |
| 5995981.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995981.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 5995981.SQ.FTS.B, Zero Cpn, 4/14/24.. . . | 70520 | 63836 | &nbsp;&nbsp;&nbsp;&nbsp;5998437.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 2525 | 2367 |
| 5996345.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996345.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996345.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 1497 | 1396 | &nbsp;&nbsp;&nbsp;&nbsp;5998492.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 811 | 771 |
| 5996355.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996355.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996355.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 2270 | 2135 | &nbsp;&nbsp;&nbsp;&nbsp;5998507.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 431 | 416 |
| 5996367.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996367.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996367.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 3711 | 3543 | &nbsp;&nbsp;&nbsp;&nbsp;5998517.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 10136 | 9675 |
| 5996382.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996382.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996382.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 9936 | 9477 | &nbsp;&nbsp;&nbsp;&nbsp;5998620.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 17287 | 13557 |
| 5996474.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996474.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 5996474.SQ.FTS.B, Zero Cpn, 4/15/24.. . . | 20638 | 19235 | &nbsp;&nbsp;&nbsp;&nbsp;6000119.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 7705 | 7049 |
| 34 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 34 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Block, Inc. (continued) |  |  |
| 6000183.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | $15703 | $14110 |
| 6000301.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 4606 | 4453 |
| 6000330.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 3642 | 3495 |
| 6001038.SQ.FTS.B, Zero Cpn, 4/17/24.. . . | 266 | 250 |
| 6001495.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 9106 | 8642 |
| 6001577.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 1557 | 1465 |
| 6001581.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 22648 | 21665 |
| 6001803.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 11926 | 8641 |
| 6001892.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 7339 | 6904 |
| 6002018.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 9975 | 9465 |
| 6002182.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 11557 | 10982 |
| 6002293.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 9605 | 9112 |
| 6002739.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 21587 | 20517 |
| 6002922.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 13470 | 12916 |
| 6003085.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 61846 | 59323 |
| 6003779.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 5160 | 4810 |
| 6003800.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 8444 | 8079 |
| 6003850.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 2980 | 2210 |
| 6003889.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 3282 | 2791 |
| 6003901.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 8809 | 8400 |
| 6003972.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 3752 | 3615 |
| 6004013.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 9744 | 9246 |
| 6004110.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 10163 | 9656 |
| 6004167.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 2027 | 1925 |
| 6004196.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 3149 | 2991 |
| 6004261.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 6362 | 6105 |
| 6004380.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 2639 | 2512 |
| 6004397.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 3280 | 3119 |
| 6004440.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 1072 | 745 |
| 6004441.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 7003 | 6707 |
| 6004476.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 1086 | 1019 |
| 6004498.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 17916 | 16784 |
| 6004621.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 7779 | 7448 |
| 6004668.SQ.FTS.B, Zero Cpn, 4/18/24.. . . | 13228 | 12635 |
| 6004732.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 48160 | 45575 |
| 6005188.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 5236 | 5014 |
| 6005257.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 6039 | 5425 |
| 6005382.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 272 | 264 |
| 6005393.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 4870 | 4624 |
| 6005475.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 5003 | 4569 |
| 6005567.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 9274 | 7898 |
| 6005673.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 1072 | 1006 |
| 6005710.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 8351 | 7995 |
| 6005793.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 2997 | 2684 |
| 6005807.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 738 | 700 |
| 6005813.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 8834 | 7523 |
| 6005930.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 1168 | 1070 |
| 6005937.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 11330 | 10754 |
| 6006079.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 4307 | 4123 |
| 6006182.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 407 | 394 |
| 6006191.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 8004 | 7661 |
| 6006300.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 6259 | 6000 |
| 6006411.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 8986 | 8365 |
| 6006509.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 6052 | 5676 |
| 6006535.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 49072 | 45732 |
| 6006874.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 290 | 281 |
| 6006875.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 1698 | 1625 |
| 6006918.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 4506 | 4312 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| Block, Inc. (continued) |  |  |
| 6007001.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | $1577 | $1500 |
| 6007026.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 11534 | 10966 |
| 6007117.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 2586 | 2460 |
| 6007122.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 61532 | 58676 |
| 6007505.SQ.FTS.B, Zero Cpn, 4/19/24.. . . | 85569 | 78997 |
| 6009397.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4249 | 4075 |
| 6009415.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 3488 | 3338 |
| 6009425.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 5115 | 4350 |
| 6009469.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 1082 | 1027 |
| 6009477.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 33365 | 31801 |
| 6009777.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 5349 | 4646 |
| 6009819.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 5047 | 4739 |
| 6009872.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 27765 | 26118 |
| 6010183.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 2596 | 2281 |
| 6010216.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 8621 | 8228 |
| 6010369.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4846 | 4404 |
| 6010445.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4813 | 4567 |
| 6010507.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 7873 | 7529 |
| 6010585.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 1794 | 1730 |
| 6010623.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 16107 | 14936 |
| 6010694.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 8355 | 7955 |
| 6010775.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 2105 | 2015 |
| 6010800.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 994 | 958 |
| 6010835.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 1888 | 1740 |
| 6010855.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 9595 | 9139 |
| 6010907.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 69035 | 55032 |
| 6011390.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 3913 | 3117 |
| 6011417.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4677 | 4475 |
| 6011467.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 3605 | 3285 |
| 6011501.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 12621 | 12077 |
| 6011596.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 6888 | 6535 |
| 6011617.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 42251 | 35050 |
| 6011745.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 3554 | 3255 |
| 6011775.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 20840 | 19794 |
| 6011902.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 18064 | 17295 |
| 6012006.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 5072 | 4821 |
| 6012017.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 34779 | 30579 |
| 6012176.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 6871 | 6448 |
| 6012241.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 7915 | 7057 |
| 6012349.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 2799 | 2507 |
| 6012388.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4821 | 4629 |
| 6012449.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 13050 | 11954 |
| 6012540.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4706 | 4422 |
| 6012584.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 2149 | 2048 |
| 6012594.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 4344 | 4139 |
| 6012651.SQ.FTS.B, Zero Cpn, 4/20/24.. . . | 14036 | 12831 |
| 6012758.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3268 | 3103 |
| 6012791.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 7030 | 6669 |
| 6012834.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1575 | 1412 |
| 6012836.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3368 | 3191 |
| 6012848.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 8015 | 7283 |
| 6012911.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2149 | 1543 |
| 6012948.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 17327 | 16665 |
| 6013143.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1968 | 1883 |
| 6013187.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4477 | 4283 |
| 6013217.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3149 | 2989 |
| 6013275.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 8361 | 7741 |
| 6013358.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 9196 | 8701 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 35 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Principal |  |  | Principal |  |
| Description | Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |
| 6013492.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013492.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013492.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013492.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | $3955 | $3374 | 6016353.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | $3247 | $3112 |
| 6013562.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013562.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013562.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013562.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1989 | 1809 | 6016373.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 5541 | 5261 |
| 6013579.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013579.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013579.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013579.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2900 | 2807 | 6016403.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 2994 | 2665 |
| 6013648.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013648.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013648.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013648.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2786 | 2614 | 6016430.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 11877 | 11362 |
| 6013691.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013691.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013691.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013691.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 12644 | 12098 | 6016502.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 926 | 872 |
| 6013859.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013859.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013859.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6013859.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 11614 | 11123 | 6016507.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1560 | 1364 |
| 6014036.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014036.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014036.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014036.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3321 | 3149 | 6016515.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1026 | 732 |
| 6014070.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014070.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014070.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014070.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1428 | 1187 | 6016520.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1620 | 1522 |
| 6014090.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014090.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014090.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014090.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2675 | 2431 | 6016530.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 2476 | 2262 |
| 6014131.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014131.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014131.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014131.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4315 | 4061 | 6016541.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1746 | 1670 |
| 6014162.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014162.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014162.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014162.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 8739 | 8359 | 6016545.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 5979 | 5565 |
| 6014217.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014217.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014217.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014217.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4595 | 4359 | 6016570.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 204 | 196 |
| 6014233.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014233.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014233.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014233.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 11761 | 11276 | 6016571.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 2230 | 2118 |
| 6014298.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014298.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014298.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014298.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3674 | 3487 | 6016589.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 794 | 681 |
| 6014321.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014321.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014321.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014321.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1565 | 1336 | 6016592.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 3881 | 3671 |
| 6014325.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014325.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014325.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014325.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4654 | 4381 | 6016613.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 8709 | 8051 |
| 6014359.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014359.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014359.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014359.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1410 | 1327 | 6016658.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 23397 | 21682 |
| 6014384.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014384.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014384.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014384.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1429 | 1222 | 6016761.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 3358 | 3183 |
| 6014389.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014389.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014389.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014389.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1450 | 1018 | 6016785.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 1141 | 1018 |
| 6014401.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014401.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014401.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014401.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 5823 | 5528 | 6016792.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 1900 | 1798 |
| 6014435.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014435.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014435.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014435.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2473 | 2340 | 6016805.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 7878 | 7512 |
| 6014470.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014470.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014470.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014470.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1318 | 1260 | 6016840.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 4942 | 4758 |
| 6014484.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014484.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014484.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014484.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3165 | 3027 | 6016868.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 1825 | 1725 |
| 6014505.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014505.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014505.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014505.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 52241 | 49522 | 6016879.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 2682 | 2566 |
| 6014878.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014878.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014878.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014878.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1908 | 1829 | 6016900.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 2615 | 2503 |
| 6014890.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014890.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014890.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014890.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 12526 | 11682 | 6016922.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 19743 | 18750 |
| 6014950.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014950.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014950.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014950.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3599 | 3456 | 6016990.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 6759 | 6458 |
| 6014983.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014983.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014983.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014983.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 3717 | 3522 | 6017013.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 2906 | 2108 |
| 6014990.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014990.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014990.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6014990.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 8422 | 8073 | 6017024.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 970 | 932 |
| 6015092.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015092.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015092.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015092.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4683 | 4338 | 6017033.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 16259 | 15552 |
| 6015125.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015125.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015125.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015125.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6975 | 6673 | 6017113.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 13950 | 11590 |
| 6015163.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015163.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015163.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015163.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4615 | 4139 | 6017165.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 1045 | 1004 |
| 6015193.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015193.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015193.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015193.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 18812 | 17662 | 6017170.SQ.FTS.B, Zero Cpn, 4/23/24.. . . | 5821 | 3988 |
| 6015300.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015300.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015300.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015300.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 17120 | 16278 | 6017415.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 9373 | 8899 |
| 6015397.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015397.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015397.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015397.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1787 | 1678 | 6017516.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 5555 | 5236 |
| 6015427.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015427.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015427.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015427.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2737 | 2625 | 6017608.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1061 | 958 |
| 6015456.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015456.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015456.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015456.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 2179 | 2099 | 6017619.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1323 | 1256 |
| 6015468.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015468.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015468.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015468.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 7593 | 6856 | 6017641.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 990 | 882 |
| 6015543.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015543.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015543.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015543.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 1355 | 1288 | 6017672.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1196 | 1144 |
| 6015554.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015554.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015554.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015554.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 18122 | 17332 | 6017693.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1361 | 1295 |
| 6015679.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015679.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015679.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015679.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 4171 | 3790 | 6017725.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 5698 | 5451 |
| 6015736.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015736.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015736.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 6015736.SQ.FTS.B, Zero Cpn, 4/21/24.. . . | 8585 | 8206 | 6017797.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1494 | 1412 |
| 6015907.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015907.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015907.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015907.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 2524 | 2436 | 6017818.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 2840 | 2720 |
| 6015930.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015930.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015930.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015930.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1800 | 1658 | 6017846.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 3510 | 3280 |
| 6015939.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015939.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015939.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015939.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 5952 | 5742 | 6017917.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1532 | 1469 |
| 6015972.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015972.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015972.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6015972.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 11781 | 11308 | 6017943.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 23922 | 20441 |
| 6016033.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016033.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016033.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016033.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1726 | 1620 | 6020214.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 2390 | 2228 |
| 6016043.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016043.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016043.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016043.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 14549 | 13918 | 6020247.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 4115 | 3880 |
| 6016118.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016118.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016118.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016118.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1439 | 1379 | 6020281.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1774 | 1689 |
| 6016127.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016127.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016127.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016127.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 388 | 375 | 6020319.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 30033 | 27364 |
| 6016137.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016137.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016137.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016137.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1082 | 853 | 6020677.SQ.FTS.B, Zero Cpn, 4/24/24.. . . | 1989 | 1704 |
| 6016146.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016146.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016146.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016146.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 873 | 837 | 6020847.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 2211 | 1978 |
| 6016148.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016148.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016148.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016148.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 9329 | 7664 | 6020869.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 5798 | 5505 |
| 6016186.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016186.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016186.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016186.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 1409 | 1328 | 6020900.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3159 | 2632 |
| 6016195.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016195.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016195.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016195.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6696 | 6358 | 6020910.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 6560 | 6309 |
| 6016228.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016228.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016228.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016228.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 3621 | 3403 | 6020964.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 21292 | 17743 |
| 6016244.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016244.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016244.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016244.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 12663 | 11903 | 6021038.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 8364 | 7946 |
| 6016297.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016297.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016297.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 6016297.SQ.FTS.B, Zero Cpn, 4/22/24.. . . | 9891 | 9480 | 6021095.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3138 | 2806 |
| 36 |  | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 36 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |  |
| 6021107.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | $2705 | $2588 | 6025110.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | $1259 | $1128 | 1128 |
| 6021119.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 1039 | 892 | 6025118.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 5152 | 4889 | 4889 |
| 6021132.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 9924 | 9605 | 6025458.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 5694 | 5405 | 5405 |
| 6021249.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 29071 | 27781 | 6025524.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 8247 | 7872 | 7872 |
| 6021583.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 4139 | 3930 | 6025605.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1910 | 1795 | 1795 |
| 6021632.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 9464 | 8986 | 6025624.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1699 | 1607 | 1607 |
| 6022031.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 2628 | 2506 | 6025632.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 5869 | 5305 | 5305 |
| 6022048.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3327 | 3182 | 6025705.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 4473 | 4161 | 4161 |
| 6022070.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3391 | 3227 | 6025753.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1341 | 1125 | 1125 |
| 6022109.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 12758 | 11877 | 6025762.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 8105 | 6450 | 6450 |
| 6022198.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3301 | 3163 | 6025808.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 32414 | 30213 | 30213 |
| 6022231.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 15905 | 14749 | 6026062.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 22421 | 21446 | 21446 |
| 6022324.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 22669 | 18125 | 6026172.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 460 | 406 | 406 |
| 6022456.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 2034 | 1826 | 6026186.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 97116 | 83128 | 83128 |
| 6022469.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 4424 | 4216 | 6026776.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 46198 | 43971 | 43971 |
| 6022510.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 6323 | 6001 | 6027022.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 25888 | 24521 | 24521 |
| 6022553.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 1032 | 985 | 6027133.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 3031 | 2915 | 2915 |
| 6022566.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 422 | 407 | 6027160.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1387 | 1328 | 1328 |
| 6022569.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3968 | 3813 | 6027178.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 13719 | 13165 | 13165 |
| 6022605.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 2425 | 2296 | 6027381.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 8445 | 7257 | 7257 |
| 6022681.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3263 | 3074 | 6027431.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 10195 | 9163 | 9163 |
| 6022708.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 882 | 819 | 6029264.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3219 | 3043 | 3043 |
| 6022723.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 4126 | 3909 | 6029279.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1941 | 1861 | 1861 |
| 6022765.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 15675 | 13150 | 6029302.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1250 | 1175 | 1175 |
| 6022895.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 7588 | 6784 | 6029319.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3402 | 3191 | 3191 |
| 6022949.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 12713 | 12137 | 6029348.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 12403 | 11850 | 11850 |
| 6023117.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 9023 | 8677 | 6029460.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 5764 | 5468 | 5468 |
| 6023252.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 3546 | 3373 | 6029494.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3243 | 3048 | 3048 |
| 6023290.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 8023 | 7620 | 6029544.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 5826 | 5549 | 5549 |
| 6023371.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 1992 | 1829 | 6029588.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6436 | 6152 | 6152 |
| 6023395.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 13765 | 12812 | 6029662.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1661 | 1577 | 1577 |
| 6023504.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 13631 | 10880 | 6029670.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 410 | 397 | 397 |
| 6023591.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 12508 | 11919 | 6029672.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3154 | 2920 | 2920 |
| 6023683.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 44757 | 42959 | 6029690.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 13798 | 13167 | 13167 |
| 6024121.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 4029 | 3689 | 6029891.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6199 | 5926 | 5926 |
| 6024155.SQ.FTS.B, Zero Cpn, 4/25/24.. . . | 9878 | 9466 | 6030087.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 9851 | 9101 | 9101 |
| 6024256.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 4675 | 4443 | 6030215.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 9575 | 9092 | 9092 |
| 6024310.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 4431 | 3794 | 6030291.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 514 | 492 | 492 |
| 6024356.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 2644 | 2546 | 6030292.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 9845 | 9375 | 9375 |
| 6024414.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1747 | 1667 | 6030459.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 30522 | 28927 | 28927 |
| 6024417.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 14923 | 14152 | 6031754.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 18528 | 17559 | 17559 |
| 6024525.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1761 | 1618 | 6031944.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 10575 | 9778 | 9778 |
| 6024533.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 2370 | 2123 | 6032044.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1766 | 1670 | 1670 |
| 6024556.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 739 | 709 | 6032061.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1096 | 941 | 941 |
| 6024576.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1276 | 1199 | 6032062.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3578 | 3393 | 3393 |
| 6024588.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 5968 | 5770 | 6032082.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 18159 | 17360 | 17360 |
| 6024664.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 1506 | 1454 | 6032160.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 7972 | 7565 | 7565 |
| 6024685.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 695 | 634 | 6032202.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 13470 | 12765 | 12765 |
| 6024693.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 7712 | 7264 | 6032257.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3230 | 3089 | 3089 |
| 6024786.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 618 | 581 | 6032279.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 30321 | 29041 | 29041 |
| 6024792.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 2890 | 2704 | 6032475.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 11644 | 10486 | 10486 |
| 6024861.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 3068 | 2635 | 6032534.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 7096 | 6771 | 6771 |
| 6024891.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 6610 | 6199 | 6032567.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 2972 | 2385 | 2385 |
| 6024987.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 792 | 766 | 6032586.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 10569 | 10036 | 10036 |
| 6025027.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 916 | 861 | 6032641.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 1910 | 1799 | 1799 |
| 6025058.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 3045 | 2876 | 6032649.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 311 | 301 | 301 |
| 6025073.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 995 | 670 | 6032658.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 3023 | 2597 | 2597 |
| 6025093.SQ.FTS.B, Zero Cpn, 4/26/24.. . . | 2222 | 2042 | 6032664.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6669 | 6376 | 6376 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 37 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 37 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |
| 6032706.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032706.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032706.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | $2111 | $2012 | 6038714.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | $943 | $868 |
| 6032730.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032730.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032730.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 4545 | 3436 | 6038746.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 4168 | 3947 |
| 6032751.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032751.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6032751.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 51813 | 48487 | 6038873.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 1396 | 1328 |
| 6033003.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033003.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033003.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 4840 | 4635 | 6038921.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 2088 | 1670 |
| 6033029.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033029.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033029.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6921 | 6567 | 6038983.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 5745 | 5533 |
| 6033053.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033053.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 6033053.SQ.FTS.B, Zero Cpn, 4/27/24.. . . | 13013 | 11413 | 6039217.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 576 | 556 |
| 6033294.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033294.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033294.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 573 | 540 | 6039225.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 11901 | 11289 |
| 6033310.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033310.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033310.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 1911 | 1821 | 6041108.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 3792 | 3584 |
| 6033333.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033333.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033333.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 2866 | 2719 | 6041195.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 7301 | 6742 |
| 6033378.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033378.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033378.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 36700 | 34517 | 6041346.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 2034 | 1863 |
| 6033877.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033877.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033877.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 1468 | 1407 | 6041440.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 2242 | 2144 |
| 6033918.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033918.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033918.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 2829 | 2656 | 6041494.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 5798 | 5477 |
| 6033990.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033990.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6033990.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 8702 | 8318 | 6041732.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 617 | 580 |
| 6034186.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034186.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034186.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6946 | 6639 | 6041760.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 3574 | 3386 |
| 6034584.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034584.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034584.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 13330 | 12570 | 6041862.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 5539 | 5255 |
| 6034932.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034932.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6034932.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 7491 | 6948 | 6041958.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 6216 | 5580 |
| 6035094.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035094.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035094.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 19106 | 17720 | 6042007.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 2569 | 2433 |
| 6035397.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035397.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035397.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 5992 | 5685 | 6042036.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 2219 | 2151 |
| 6035564.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035564.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035564.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 1618 | 1522 | 6042086.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 3091 | 2974 |
| 6035606.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035606.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035606.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 854 | 812 | 6042206.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 2154 | 2077 |
| 6035626.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035626.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035626.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 15678 | 14877 | 6042296.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 30849 | 28710 |
| 6035788.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035788.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035788.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 18521 | 17463 | 6042993.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 5686 | 5396 |
| 6035959.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035959.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035959.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 1725 | 1644 | 6043231.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 1752 | 1675 |
| 6035977.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035977.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6035977.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 5457 | 5186 | 6043261.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 9485 | 8973 |
| 6036073.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036073.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036073.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 13288 | 12563 | 6043485.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 28763 | 27316 |
| 6036323.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036323.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036323.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 7886 | 7538 | 6043936.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 1792 | 1545 |
| 6036437.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036437.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036437.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 11379 | 10056 | 6043960.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 25355 | 24109 |
| 6036691.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036691.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036691.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 13144 | 12470 | 6044361.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 22508 | 21694 |
| 6036827.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036827.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036827.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 2543 | 2240 | 6044719.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 4268 | 4051 |
| 6036862.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036862.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036862.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 2936 | 2765 | 6044748.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 9958 | 9445 |
| 6036905.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036905.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 6036905.SQ.FTS.B, Zero Cpn, 4/28/24.. . . | 2814 | 2613 | 6044841.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 11017 | 10450 |
| 6036977.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6036977.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6036977.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 4680 | 4449 | 6045004.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 2506 | 2159 |
| 6037004.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037004.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037004.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 10811 | 10283 | 6045038.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 6268 | 5674 |
| 6037095.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037095.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037095.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 1688 | 1624 | 6045124.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 6286 | 5249 |
| 6037114.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037114.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037114.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6197 | 5859 | 6045230.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 528 | 507 |
| 6037169.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037169.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037169.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 2330 | 2218 | 6045253.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 6167 | 5852 |
| 6037192.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037192.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037192.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 4815 | 4575 | 6045347.SQ.FTS.B, Zero Cpn, 5/01/24.. . . | 7216 | 6476 |
| 6037244.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037244.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037244.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 4889 | 4104 | 6045625.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 2042 | 1718 |
| 6037280.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037280.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037280.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 14480 | 13841 | 6045673.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 1945 | 1835 |
| 6037406.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037406.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037406.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 2742 | 2598 | 6045708.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3956 | 3508 |
| 6037433.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037433.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037433.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 1171 | 1083 | 6045776.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3217 | 3075 |
| 6037441.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037441.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037441.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 2393 | 2273 | 6045842.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 28264 | 26100 |
| 6037463.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037463.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037463.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 12652 | 11989 | 6046225.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 33893 | 31533 |
| 6037579.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037579.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037579.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 2021 | 1921 | 6046778.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3566 | 3401 |
| 6037594.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037594.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037594.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 1546 | 1480 | 6046816.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 1239 | 1074 |
| 6037606.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037606.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 6037606.SQ.FTS.B, Zero Cpn, 4/29/24.. . . | 11611 | 11117 | 6046836.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 13269 | 9385 |
| 6037767.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037767.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037767.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6560 | 6224 | 6047005.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 4828 | 4604 |
| 6037837.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037837.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037837.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 1543 | 1455 | 6047068.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 921 | 699 |
| 6037856.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037856.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037856.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 433 | 416 | 6047087.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 1607 | 1553 |
| 6037870.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037870.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037870.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6521 | 6233 | 6047208.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3591 | 3383 |
| 6037922.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037922.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6037922.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 9782 | 9279 | 6047259.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 1662 | 1593 |
| 6038030.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038030.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038030.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 839 | 778 | 6047280.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 54892 | 52318 |
| 6038037.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038037.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038037.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 3447 | 3309 | 6047899.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 14157 | 11935 |
| 6038075.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038075.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038075.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 5950 | 5639 | 6047999.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 6763 | 6423 |
| 6038154.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038154.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038154.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 4511 | 4279 | 6048047.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3131 | 2993 |
| 6038195.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038195.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038195.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 14679 | 14015 | 6048068.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 3579 | 3300 |
| 6038355.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038355.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038355.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 5929 | 5668 | 6048111.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 7016 | 6756 |
| 6038650.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038650.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 6038650.SQ.FTS.B, Zero Cpn, 4/30/24.. . . | 2627 | 2500 | 6048225.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 9609 | 8533 |
| 38 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 38 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |  |
| 6048300.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | $4580 | $4384 | 6057477.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | $2966 | $2827 | 2827 |
| 6048371.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 2364 | 2244 | 6057507.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 6681 | 6335 | 6335 |
| 6048420.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 2444 | 2331 | 6057606.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3425 | 3228 | 3228 |
| 6048454.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 1560 | 1435 | 6057670.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 2773 | 2565 | 2565 |
| 6048455.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 2041 | 1917 | 6057720.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3121 | 2959 | 2959 |
| 6048489.SQ.FTS.B, Zero Cpn, 5/02/24.. . . | 4921 | 4706 | 6057764.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 14148 | 13213 | 13213 |
| 6050907.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 3044 | 2908 | 6057874.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 5292 | 4923 | 4923 |
| 6050944.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 3934 | 3811 | 6057892.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3627 | 3464 | 3464 |
| 6051007.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 29205 | 27558 | 6057939.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 4310 | 4096 | 4096 |
| 6051470.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 3313 | 3088 | 6058008.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 1409 | 1218 | 1218 |
| 6051566.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2279 | 2191 | 6058068.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 1382 | 1308 | 1308 |
| 6051661.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2290 | 2198 | 6058370.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 4145 | 3170 | 3170 |
| 6051709.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1044 | 961 | 6058404.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 6316 | 5988 | 5988 |
| 6051746.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 3577 | 3349 | 6058469.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 3287 | 2916 | 2916 |
| 6051812.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 5751 | 5417 | 6058566.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 11210 | 10496 | 10496 |
| 6051936.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 6981 | 6603 | 6058717.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 2506 | 2180 | 2180 |
| 6052108.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 810 | 768 | 6058778.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 10263 | 9735 | 9735 |
| 6052149.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 6292 | 5966 | 6058964.SQ.FTS.B, Zero Cpn, 5/05/24.. . . | 22294 | 19391 | 19391 |
| 6052257.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1231 | 1192 | 6059307.SQ.FTS.B, Zero Cpn, 5/06/24.. . . | 19874 | 18794 | 18794 |
| 6052298.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2577 | 2474 | 6059623.SQ.FTS.B, Zero Cpn, 5/06/24.. . . | 6162 | 5791 | 5791 |
| 6052390.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 5374 | 5135 | 6059743.SQ.FTS.B, Zero Cpn, 5/06/24.. . . | 4291 | 4053 | 4053 |
| 6052463.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 8466 | 8074 | 6059804.SQ.FTS.B, Zero Cpn, 5/06/24.. . . | 7101 | 6701 | 6701 |
| 6052621.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1971 | 1895 | 6060105.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 32772 | 30911 | 30911 |
| 6052668.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1523 | 1444 | 6061540.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 17201 | 15190 | 15190 |
| 6052681.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 3695 | 3516 | 6061926.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 735 | 687 | 687 |
| 6052749.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 37010 | 34658 | 6061935.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 10301 | 9706 | 9706 |
| 6053334.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 974 | 924 | 6062212.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 36204 | 34546 | 34546 |
| 6053380.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 14628 | 13722 | 6062778.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 1211 | 933 | 933 |
| 6053675.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 15245 | 14484 | 6062800.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 6524 | 4860 | 4860 |
| 6053935.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1812 | 1718 | 6062892.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 987 | 954 | 954 |
| 6053985.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1900 | 1422 | 6062938.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 648 | 599 | 599 |
| 6054004.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2241 | 2150 | 6062940.SQ.FTS.B, Zero Cpn, 5/07/24.. . . | 16592 | 15767 | 15767 |
| 6054055.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2044 | 1884 | 6064140.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 14849 | 14075 | 14075 |
| 6054076.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 19325 | 18099 | 6064225.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 2052 | 1932 | 1932 |
| 6054373.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 2351 | 2161 | 6064235.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 2011 | 1706 | 1706 |
| 6054396.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 6823 | 6393 | 6064248.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6918 | 6614 | 6614 |
| 6054480.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 9448 | 7769 | 6064293.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 4154 | 3976 | 3976 |
| 6054550.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 6747 | 6071 | 6064333.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 4499 | 4275 | 4275 |
| 6054630.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 1030 | 784 | 6064349.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1205 | 977 | 977 |
| 6054670.SQ.FTS.B, Zero Cpn, 5/03/24.. . . | 463 | 447 | 6064350.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1912 | 1798 | 1798 |
| 6054749.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 8668 | 8215 | 6064362.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 25562 | 24224 | 24224 |
| 6054944.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 54371 | 49675 | 6064581.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 14490 | 13754 | 13754 |
| 6055962.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 9886 | 9277 | 6064679.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 14674 | 13887 | 13887 |
| 6056109.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 5807 | 5378 | 6064815.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1229 | 1180 | 1180 |
| 6056191.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3546 | 3387 | 6064823.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 962 | 836 | 836 |
| 6056245.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 4392 | 4194 | 6064831.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 672 | 645 | 645 |
| 6056302.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 7467 | 6802 | 6064834.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 2885 | 2758 | 2758 |
| 6056397.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 4792 | 4517 | 6064899.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 5553 | 5162 | 5162 |
| 6056442.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3621 | 3446 | 6064994.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1658 | 1519 | 1519 |
| 6056494.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 1614 | 1482 | 6065014.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 27546 | 25950 | 25950 |
| 6056508.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 5985 | 5607 | 6065828.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 19834 | 18195 | 18195 |
| 6056570.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 19516 | 18465 | 6066156.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1387 | 1060 | 1060 |
| 6056896.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 10448 | 9612 | 6066185.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 3514 | 3384 | 3384 |
| 6057055.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 13664 | 12983 | 6066240.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 16057 | 15371 | 15371 |
| 6057235.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 7235 | 6616 | 6066411.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 3240 | 2573 | 2573 |
| 6057309.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 6149 | 5858 | 6066460.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6455 | 5804 | 5804 |
| 6057387.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3030 | 2267 | 6066532.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 4320 | 3853 | 3853 |
| 6057411.SQ.FTS.B, Zero Cpn, 5/04/24.. . . | 3527 | 3322 | 6066571.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 9810 | 9358 | 9358 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 39 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 39 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |
| 6066691.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066691.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066691.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | $6961 | $6647 | 6127135.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | $1085 | $1021 |
| 6066826.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066826.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066826.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 520 | 498 | 6127161.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6469 | 5050 |
| 6066840.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066840.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066840.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6430 | 6071 | 6127216.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 11435 | 10870 |
| 6066974.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066974.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6066974.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1216 | 1145 | 6127354.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 8526 | 8075 |
| 6067015.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6067015.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 6067015.SQ.FTS.B, Zero Cpn, 5/08/24.. . . | 1879 | 1777 | 6127408.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 2231 | 2081 |
| 6105839.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6105839.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6105839.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 4823 | 4093 | 6131304.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 16553 | 15884 |
| 6105865.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6105865.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6105865.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 37018 | 32705 | 6131519.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3557 | 3215 |
| 6106260.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6106260.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6106260.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 64218 | 60886 | 6131558.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 15818 | 13265 |
| 6107497.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6107497.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6107497.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 12231 | 9973 | 6131935.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 23899 | 22636 |
| 6107973.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6107973.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6107973.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 29836 | 28266 | 6132476.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1368 | 1297 |
| 6113472.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6113472.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6113472.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 2231 | 1752 | 6132505.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1639 | 1548 |
| 6114086.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6114086.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6114086.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 22430 | 21362 | 6132644.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 7458 | 7087 |
| 6120442.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120442.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120442.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 14415 | 13717 | 6132800.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 4920 | 4721 |
| 6120599.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120599.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120599.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 9212 | 8543 | 6132965.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 2687 | 2562 |
| 6120695.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120695.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120695.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 16890 | 14924 | 6133045.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1657 | 1542 |
| 6120891.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120891.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 6120891.SQ.FTS.B, Zero Cpn, 5/09/24.. . . | 14253 | 13698 | 6133068.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3367 | 3204 |
| 6120991.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6120991.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6120991.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 46341 | 43937 | 6133120.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 7709 | 7268 |
| 6121380.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6121380.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6121380.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 67899 | 63526 | 6133200.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1303 | 1224 |
| 6122878.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6122878.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6122878.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 15305 | 14284 | 6133208.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 5829 | 5556 |
| 6123108.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123108.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123108.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 8490 | 8058 | 6133328.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 2305 | 2155 |
| 6123221.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123221.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123221.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 11769 | 11210 | 6133362.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 4069 | 3853 |
| 6123370.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123370.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123370.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 7154 | 6777 | 6133496.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1274 | 1188 |
| 6123474.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123474.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123474.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 8308 | 7878 | 6133534.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3056 | 2831 |
| 6123537.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123537.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6123537.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 47622 | 45355 | 6133604.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 10849 | 10274 |
| 6124160.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124160.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124160.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 7424 | 6837 | 6133761.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1349 | 1257 |
| 6124201.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124201.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124201.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 5599 | 5371 | 6133784.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3525 | 3296 |
| 6124457.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124457.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124457.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 1196 | 1126 | 6133881.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 6520 | 4867 |
| 6124471.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124471.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 6124471.SQ.FTS.B, Zero Cpn, 5/10/24.. . . | 1124 | 835 | 6133973.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1677 | 1611 |
| 6124663.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124663.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124663.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 3969 | 3050 | 6134298.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3837 | 3643 |
| 6124726.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124726.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124726.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 3029 | 2651 | 6134336.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 3494 | 3290 |
| 6124765.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124765.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124765.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 2760 | 2654 | 6134382.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 1790 | 1701 |
| 6124815.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124815.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124815.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 2553 | 2425 | 6134405.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 995 | 944 |
| 6124886.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124886.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124886.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 3964 | 3757 | 6134413.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 2522 | 2280 |
| 6124964.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124964.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6124964.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 5631 | 5271 | 6134451.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 14217 | 12736 |
| 6125068.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125068.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125068.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 1854 | 1750 | 6134564.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 4246 | 4047 |
| 6125100.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125100.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125100.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 24132 | 22602 | 6134593.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 2474 | 2274 |
| 6125454.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125454.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125454.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 9609 | 9156 | 6134608.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 41449 | 39244 |
| 6125605.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125605.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125605.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 23680 | 21961 | 6134817.SQ.FTS.B, Zero Cpn, 5/15/24.. . . | 2701 | 2530 |
| 6125893.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125893.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 6125893.SQ.FTS.B, Zero Cpn, 5/11/24.. . . | 4237 | 3633 | 6134889.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 7184 | 6801 |
| 6125951.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6125951.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6125951.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 9295 | 8763 | 6134950.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 5545 | 5290 |
| 6126056.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126056.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126056.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 3059 | 2797 | 6135013.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 818 | 793 |
| 6126079.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126079.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126079.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 4446 | 4153 | 6135032.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 14684 | 13955 |
| 6126118.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126118.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126118.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 966 | 919 | 6135260.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 2313 | 1813 |
| 6126130.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126130.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126130.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 3197 | 2965 | 6135298.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1939 | 1854 |
| 6126159.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126159.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126159.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 20207 | 19123 | 6135322.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 3261 | 3078 |
| 6126352.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126352.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126352.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 1979 | 1780 | 6135377.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 2505 | 2372 |
| 6126364.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126364.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126364.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 10218 | 9839 | 6135425.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1415 | 1355 |
| 6126496.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126496.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126496.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 5166 | 4911 | 6135458.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1734 | 1671 |
| 6126546.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126546.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 6126546.SQ.FTS.B, Zero Cpn, 5/12/24.. . . | 25036 | 23767 | 6135496.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1190 | 1149 |
| 6126836.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126836.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126836.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 710 | 684 | 6135520.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 2587 | 2453 |
| 6126842.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126842.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126842.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 962 | 842 | 6135555.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 10916 | 9992 |
| 6126863.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126863.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126863.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 1616 | 1484 | 6135721.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1237 | 1169 |
| 6126883.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126883.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126883.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 3524 | 3305 | 6135750.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 2522 | 2314 |
| 6126929.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126929.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126929.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 1640 | 1526 | 6135811.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 7169 | 6381 |
| 6126949.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126949.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6126949.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6533 | 6117 | 6135920.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 10472 | 9911 |
| 6127004.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127004.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127004.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 1774 | 1556 | 6136004.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1449 | 1097 |
| 6127023.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127023.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127023.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 4074 | 3839 | 6136011.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 7367 | 6974 |
| 6127055.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127055.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 6127055.SQ.FTS.B, Zero Cpn, 5/13/24.. . . | 7892 | 7320 | 6136112.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 3801 | 3622 |
| 40 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 40 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |  |
| 6136159.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | $1333 | $1279 | 6146141.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | $24942 | $23279 | 23279 |
| 6136183.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 22513 | 21336 | 6146429.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 3484 | 3264 | 3264 |
| 6136593.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 3356 | 3220 | 6146490.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 1215 | 1093 | 1093 |
| 6136642.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 1582 | 1506 | 6146515.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 5466 | 5191 | 5191 |
| 6136658.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 3313 | 3136 | 6146643.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 1513 | 1303 | 1303 |
| 6136708.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 36592 | 32011 | 6146677.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 10944 | 10340 | 10340 |
| 6137053.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 12839 | 12133 | 6146709.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 9123 | 8259 | 8259 |
| 6137152.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 4128 | 3928 | 6146833.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 1177 | 1115 | 1115 |
| 6137211.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 3077 | 2847 | 6146851.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 1511 | 1422 | 1422 |
| 6137232.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 8361 | 7916 | 6146883.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 6540 | 6065 | 6065 |
| 6137335.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 27735 | 26165 | 6146981.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 14190 | 13425 | 13425 |
| 6137559.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 9322 | 8538 | 6147180.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 8871 | 8438 | 8438 |
| 6137598.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 4589 | 4218 | 6147305.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 2348 | 2155 | 2155 |
| 6137618.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 6101 | 5586 | 6147356.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 4507 | 4139 | 4139 |
| 6137705.SQ.FTS.B, Zero Cpn, 5/16/24.. . . | 648 | 625 | 6147433.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 1006 | 965 | 965 |
| 6139577.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 3517 | 3335 | 6147453.SQ.FTS.B, Zero Cpn, 5/19/24.. . . | 6150 | 5786 | 5786 |
| 6139599.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 25306 | 24227 | 6147570.SQ.FTS.B, Zero Cpn, 5/20/24.. . . | 21372 | 20121 | 20121 |
| 6139758.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 6714 | 6440 | 6147883.SQ.FTS.B, Zero Cpn, 5/20/24.. . . | 1996 | 1869 | 1869 |
| 6139862.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 4441 | 4218 | 6147921.SQ.FTS.B, Zero Cpn, 5/20/24.. . . | 8155 | 7706 | 7706 |
| 6139905.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 44599 | 39661 | 6148026.SQ.FTS.B, Zero Cpn, 5/20/24.. . . | 657 | 623 | 623 |
| 6140575.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 1916 | 1751 | 6148043.SQ.FTS.B, Zero Cpn, 5/20/24.. . . | 7757 | 7113 | 7113 |
| 6140638.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 7055 | 6703 | 6148355.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 3384 | 3192 | 3192 |
| 6140799.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 5905 | 5588 | 6148494.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 5786 | 5474 | 5474 |
| 6140952.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 2633 | 2467 | 6148823.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 2499 | 2340 | 2340 |
| 6140997.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 8659 | 8000 | 6148978.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 6077 | 5753 | 5753 |
| 6141151.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 13101 | 12400 | 6149208.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 1210 | 1025 | 1025 |
| 6141410.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 2344 | 2184 | 6149246.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 1684 | 1610 | 1610 |
| 6141440.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 13013 | 12295 | 6149304.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 1125 | 1032 | 1032 |
| 6141668.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 12373 | 11708 | 6149316.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 3303 | 3125 | 3125 |
| 6141870.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 759 | 727 | 6149448.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 2723 | 2572 | 2572 |
| 6141872.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 5129 | 4902 | 6149499.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 9505 | 9097 | 9097 |
| 6141982.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 9018 | 8495 | 6149853.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 9034 | 8381 | 8381 |
| 6142082.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 6234 | 5859 | 6149993.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 6288 | 5932 | 5932 |
| 6142164.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 4841 | 4582 | 6150068.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 1585 | 1483 | 1483 |
| 6142295.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 6638 | 6204 | 6150107.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 10009 | 9506 | 9506 |
| 6142364.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 30019 | 28364 | 6150297.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 12374 | 11477 | 11477 |
| 6142950.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 2878 | 2337 | 6150483.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 16717 | 15807 | 15807 |
| 6143035.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 929 | 855 | 6150788.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 27060 | 25095 | 25095 |
| 6143047.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 1261 | 1195 | 6151255.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 6831 | 6488 | 6488 |
| 6143061.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 3552 | 3375 | 6151369.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 2402 | 2025 | 2025 |
| 6143142.SQ.FTS.B, Zero Cpn, 5/17/24.. . . | 7104 | 6714 | 6151394.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 8764 | 8260 | 8260 |
| 6143331.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 4691 | 4039 | 6151494.SQ.FTS.B, Zero Cpn, 5/21/24.. . . | 25868 | 24475 | 24475 |
| 6143380.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 24468 | 22898 | 6152842.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6921 | 6273 | 6273 |
| 6143635.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 32856 | 29693 | 6152889.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 1370 | 1281 | 1281 |
| 6144498.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 1455 | 1184 | 6152895.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 8056 | 7609 | 7609 |
| 6144537.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 1610 | 1490 | 6152941.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 1087 | 996 | 996 |
| 6144575.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 13601 | 12107 | 6152944.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6982 | 6164 | 6164 |
| 6144778.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 3446 | 3116 | 6153000.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 4916 | 4656 | 4656 |
| 6144854.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 162 | 156 | 6153063.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 2024 | 1868 | 1868 |
| 6144883.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 3013 | 2853 | 6153102.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 5827 | 5315 | 5315 |
| 6144922.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 2580 | 2475 | 6153166.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 8715 | 8317 | 8317 |
| 6145017.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 20741 | 19382 | 6153321.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 1489 | 1373 | 1373 |
| 6145289.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 7143 | 6739 | 6153342.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 2250 | 2037 | 2037 |
| 6145373.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 15344 | 14628 | 6153376.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 3747 | 3517 | 3517 |
| 6145587.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 805 | 636 | 6153438.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 26245 | 24301 | 24301 |
| 6145603.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 9333 | 8782 | 6153821.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 13395 | 12672 | 12672 |
| 6145727.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 6708 | 6271 | 6154047.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 11933 | 11170 | 11170 |
| 6145832.SQ.FTS.B, Zero Cpn, 5/18/24.. . . | 18468 | 17475 | 6154184.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 10559 | 9669 | 9669 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 41 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 41 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |
| 6154364.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6154364.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6154364.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | $7804 | $6859 | 6164825.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | $3011 | $2787 |
| 6154520.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6154520.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6154520.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 53912 | 51380 | 6164859.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 1540 | 1411 |
| 6155581.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155581.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155581.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 3262 | 3053 | 6164881.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 1278 | 1181 |
| 6155630.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155630.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155630.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 24857 | 23608 | 6164895.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 2939 | 2658 |
| 6155811.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155811.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155811.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 4608 | 4386 | 6164924.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 11929 | 11197 |
| 6155849.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155849.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155849.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 1891 | 1788 | 6164992.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 5309 | 4999 |
| 6155866.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155866.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 6155866.SQ.FTS.B, Zero Cpn, 5/22/24.. . . | 11209 | 10603 | 6165035.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 1109 | 1026 |
| 6157447.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157447.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157447.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 10086 | 9583 | 6165046.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 4791 | 4511 |
| 6157497.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157497.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157497.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 20814 | 19639 | 6165080.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 3323 | 3087 |
| 6157573.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157573.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157573.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 8360 | 7904 | 6165114.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 15719 | 14658 |
| 6157624.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157624.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157624.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 716 | 689 | 6165231.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 2244 | 2080 |
| 6157628.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157628.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157628.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 10806 | 10021 | 6165248.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 1309 | 1208 |
| 6157735.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157735.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157735.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 1266 | 1188 | 6165270.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 12199 | 11362 |
| 6157771.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157771.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157771.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 4624 | 4223 | 6165371.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 1011 | 951 |
| 6157815.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157815.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157815.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 4894 | 4596 | 6165379.SQ.FTS.B, Zero Cpn, 5/26/24.. . . | 31878 | 29910 |
| 6157868.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157868.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157868.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 2230 | 2099 | 6165639.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 3046 | 2830 |
| 6157908.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157908.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6157908.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 11294 | 10619 | 6165668.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 6265 | 5864 |
| 6158083.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158083.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158083.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 3222 | 3048 | 6165712.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 4004 | 3770 |
| 6158135.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158135.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158135.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 3390 | 3069 | 6165752.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 2579 | 2388 |
| 6158171.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158171.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158171.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 772 | 716 | 6165771.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 1200 | 1109 |
| 6158205.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158205.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158205.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 716 | 623 | 6165780.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 9362 | 8814 |
| 6158230.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158230.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158230.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 12524 | 11975 | 6165844.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 1484 | 1366 |
| 6158567.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158567.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158567.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 7650 | 6476 | 6165851.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 2142 | 2012 |
| 6158999.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158999.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6158999.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 1200 | 930 | 6165865.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 2259 | 2093 |
| 6159034.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159034.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159034.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 12589 | 11896 | 6165881.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 8262 | 7780 |
| 6159579.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159579.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159579.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 2258 | 2116 | 6165932.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 3070 | 2890 |
| 6159614.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159614.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6159614.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 52806 | 50396 | 6165959.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 6403 | 5911 |
| 6160240.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160240.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160240.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 15981 | 13566 | 6166008.SQ.FTS.B, Zero Cpn, 5/27/24.. . . | 13383 | 12601 |
| 6160453.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160453.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160453.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 14115 | 13329 | 6166448.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 2510 | 2326 |
| 6160607.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160607.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 6160607.SQ.FTS.B, Zero Cpn, 5/23/24.. . . | 16163 | 15029 | 6166473.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 15997 | 15024 |
| 6160824.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6160824.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6160824.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 9793 | 9224 | 6168602.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 9915 | 9338 |
| 6160842.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6160842.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6160842.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 54897 | 51719 | 6168769.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 2492 | 2338 |
| 6161183.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161183.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161183.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 23273 | 21781 | 6168818.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 2208 | 2036 |
| 6161334.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161334.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161334.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 2949 | 2741 | 6168900.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 8665 | 8070 |
| 6161346.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161346.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 6161346.SQ.FTS.B, Zero Cpn, 5/24/24.. . . | 49125 | 46267 | 6169064.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 3070 | 2857 |
| 6162249.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162249.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162249.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 8188 | 7543 | 6169106.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 1991 | 1874 |
| 6162524.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162524.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162524.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 4395 | 4126 | 6169170.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 847 | 772 |
| 6162598.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162598.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162598.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 7687 | 7216 | 6169185.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 1331 | 1226 |
| 6162767.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162767.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162767.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 1512 | 1414 | 6169199.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 1355 | 1259 |
| 6162815.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162815.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162815.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 5854 | 5496 | 6169221.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 1818 | 1668 |
| 6162920.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162920.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162920.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 3920 | 3668 | 6169281.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 993 | 925 |
| 6162977.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162977.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6162977.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 5656 | 5226 | 6169436.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 8891 | 8258 |
| 6163094.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163094.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163094.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 3259 | 3009 | 6169499.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 2569 | 2380 |
| 6163140.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163140.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163140.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 769 | 705 | 6169552.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 3873 | 3647 |
| 6163152.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163152.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163152.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 14587 | 13341 | 6169609.SQ.FTS.B, Zero Cpn, 5/28/24.. . . | 4195 | 3951 |
| 6163522.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163522.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163522.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 3592 | 3382 | 6169671.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 5171 | 4854 |
| 6163575.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163575.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163575.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 1680 | 1553 | 6169813.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 3389 | 3153 |
| 6163607.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163607.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163607.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 1636 | 1514 | 6169908.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 989 | 910 |
| 6163664.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163664.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163664.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 8142 | 7666 | 6169941.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 73471 | 68987 |
| 6163778.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163778.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163778.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 3649 | 3416 | 6171528.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 1809 | 1673 |
| 6163822.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163822.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163822.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 2069 | 1864 | 6171559.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 40922 | 38193 |
| 6163849.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163849.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163849.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 2469 | 2275 | 6172125.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 12157 | 11311 |
| 6163904.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163904.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6163904.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 17547 | 16367 | 6172357.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 823 | 755 |
| 6164490.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164490.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164490.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 1112 | 1030 | 6172361.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 886 | 805 |
| 6164509.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164509.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164509.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 5441 | 5045 | 6172379.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 73636 | 69189 |
| 6164638.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164638.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164638.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 2615 | 2464 | 6173121.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 1069 | 999 |
| 6164713.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164713.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164713.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 675 | 624 | 6173140.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 2669 | 2458 |
| 6164759.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164759.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 6164759.SQ.FTS.B, Zero Cpn, 5/25/24.. . . | 3514 | 3239 | 6173152.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 1561 | 1440 |
| 42 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 42 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |  |
| 6173168.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | $2339 | $2164 | 6185416.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | $6164 | $5752 | 5752 |
| 6173179.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 5087 | 4733 | 6185516.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 8038 | 7466 | 7466 |
| 6173212.SQ.FTS.B, Zero Cpn, 5/29/24.. . . | 10511 | 9899 | 6185583.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 4645 | 4371 | 4371 |
| 6173353.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 43252 | 40009 | 6185640.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 1966 | 1825 | 1825 |
| 6173917.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 1320 | 1239 | 6185649.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 14977 | 13923 | 13923 |
| 6173941.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 3182 | 2968 | 6185734.SQ.FTS.B, Zero Cpn, 6/03/24.. . . | 2165 | 2006 | 2006 |
| 6174003.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 583 | 538 | 6185764.SQ.FTS.B, Zero Cpn, 6/03/24.. . . | 19017 | 17741 | 17741 |
| 6174011.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 5293 | 4942 | 6185962.SQ.FTS.B, Zero Cpn, 6/03/24.. . . | 26912 | 25159 | 25159 |
| 6174095.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 3423 | 3202 | 6186381.SQ.FTS.B, Zero Cpn, 6/03/24.. . . | 1970 | 1827 | 1827 |
| 6174157.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 2403 | 2227 | 6186400.SQ.FTS.B, Zero Cpn, 6/03/24.. . . | 13227 | 12227 | 12227 |
| 6174249.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 2492 | 2295 | 6186590.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 7068 | 6559 | 6559 |
| 6174324.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 3366 | 3057 | 6186681.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 5080 | 4726 | 4726 |
| 6174425.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 2971 | 2766 | 6186738.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 3810 | 3547 | 3547 |
| 6174486.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 1975 | 1831 | 6186791.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 1316 | 1217 | 1217 |
| 6174517.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 18952 | 17667 | 6186800.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 10999 | 10354 | 10354 |
| 6174804.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 10873 | 10170 | 6186968.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 12915 | 12060 | 12060 |
| 6174916.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 36988 | 34540 | 6187157.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 2432 | 2274 | 2274 |
| 6175370.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 44380 | 41657 | 6187200.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 6293 | 5835 | 5835 |
| 6175818.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 15718 | 14707 | 6187282.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 4116 | 3872 | 3872 |
| 6176070.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 1047 | 966 | 6187330.SQ.FTS.B, Zero Cpn, 6/04/24.. . . | 1409 | 1304 | 1304 |
| 6176080.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 3448 | 3172 | 6187581.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 13797 | 12994 | 12994 |
| 6176156.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 11926 | 11233 | 6188529.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 9993 | 9288 | 9288 |
| 6176314.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 940 | 864 | 6188758.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 3140 | 2936 | 2936 |
| 6176326.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 4654 | 4262 | 6188827.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 507 | 465 | 465 |
| 6176406.SQ.FTS.B, Zero Cpn, 5/30/24.. . . | 12376 | 11596 | 6188835.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 5373 | 5002 | 5002 |
| 6178386.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 2532 | 2330 | 6188931.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 37718 | 35301 | 35301 |
| 6178414.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 26468 | 24525 | 6189734.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 6191 | 5759 | 5759 |
| 6178615.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 11608 | 10927 | 6189860.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 824 | 762 | 762 |
| 6178845.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 7473 | 6993 | 6189878.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 2388 | 2227 | 2227 |
| 6179076.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 1322 | 1204 | 6189941.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 518 | 478 | 478 |
| 6179161.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 2282 | 2128 | 6189962.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 1408 | 1303 | 1303 |
| 6179276.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 2841 | 2619 | 6189996.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 2765 | 2593 | 2593 |
| 6179369.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 1783 | 1658 | 6190028.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 914 | 843 | 843 |
| 6179452.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 1545 | 1427 | 6190034.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 1035 | 953 | 953 |
| 6179513.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 14799 | 13930 | 6190060.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 3292 | 3057 | 3057 |
| 6179839.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 48537 | 45708 | 6190114.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 44339 | 41233 | 41233 |
| 6180603.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 2301 | 2143 | 6191058.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 4106 | 3797 | 3797 |
| 6180636.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 7696 | 7088 | 6191126.SQ.FTS.B, Zero Cpn, 6/05/24.. . . | 2385 | 2238 | 2238 |
| 6180743.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 8582 | 8004 | 6191169.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 11007 | 10333 | 10333 |
| 6180859.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 5177 | 4856 | 6191358.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 7720 | 7129 | 7129 |
| 6180900.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 5639 | 5250 | 6191473.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 19666 | 18509 | 18509 |
| 6180952.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 15589 | 14513 | 6191846.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 26289 | 24659 | 24659 |
| 6181116.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 2712 | 2509 | 6192535.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 21715 | 20135 | 20135 |
| 6181153.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 17546 | 16440 | 6192855.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 5504 | 5157 | 5157 |
| 6181418.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 7098 | 6682 | 6193278.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 1522 | 1419 | 1419 |
| 6181484.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 36293 | 33895 | 6193329.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 6106 | 5664 | 5664 |
| 6181938.SQ.FTS.B, Zero Cpn, 6/01/24.. . . | 1430 | 1304 | 6193448.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 7458 | 6909 | 6909 |
| 6181987.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 28212 | 26395 | 6193576.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 12228 | 11386 | 11386 |
| 6182384.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 25724 | 24219 | 6193734.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 1173 | 1081 | 1081 |
| 6183005.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 1117 | 1032 | 6193772.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 10821 | 10012 | 10012 |
| 6183036.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 5745 | 5323 | 6193934.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 32077 | 30101 | 30101 |
| 6183177.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 6891 | 6468 | 6194641.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 1050 | 969 | 969 |
| 6183364.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 33590 | 31388 | 6194662.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 5087 | 4788 | 4788 |
| 6183936.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 2063 | 1882 | 6194711.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 7822 | 7359 | 7359 |
| 6183979.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 11284 | 10505 | 6194772.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 9543 | 8880 | 8880 |
| 6184220.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 7337 | 6844 | 6194827.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 5161 | 4731 | 4731 |
| 6184326.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 4852 | 4567 | 6194847.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 8019 | 7501 | 7501 |
| 6184613.SQ.FTS.B, Zero Cpn, 6/02/24.. . . | 59210 | 55287 | 6194967.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 2160 | 1992 | 1992 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 43 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 43 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Block, Inc. (continued) | Block, Inc. (continued) | Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |
| 6195012.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 6195012.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | 6195012.SQ.FTS.B, Zero Cpn, 6/06/24.. . . | $16809 | $15548 | 6210631.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | $3274 | $3080 |
| 6195086.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195086.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195086.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 23810 | 22104 | 6210686.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 3426 | 3189 |
| 6195474.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195474.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195474.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 2555 | 2348 | 6210790.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 1909 | 1755 |
| 6195532.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195532.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195532.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 1962 | 1813 | 6210832.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 1178 | 1084 |
| 6195586.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195586.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195586.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 19910 | 18139 | 6210859.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 1686 | 1563 |
| 6195958.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195958.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6195958.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 7669 | 7215 | 6210889.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 1684 | 1556 |
| 6196143.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196143.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196143.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 11316 | 10446 | 6210921.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 2631 | 2452 |
| 6196437.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196437.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196437.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 4143 | 3899 | 6210954.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 11078 | 10417 |
| 6196533.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196533.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196533.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 10323 | 9712 | 6211111.SQ.FTS.B, Zero Cpn, 6/11/24. . . . | 11077 | 10418 |
| 6196620.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196620.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196620.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 1560 | 1445 | 6211487.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 7779 | 7200 |
| 6196642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6196642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 31429 | 29427 | 6211750.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 12287 | 11420 |
| 6199792.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199792.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199792.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 1169 | 1078 | 6212235.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 6421 | 5925 |
| 6199807.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199807.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199807.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 5159 | 4773 | 6212506.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 19902 | 18677 |
| 6199868.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199868.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6199868.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 23944 | 22365 | 6212976.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 2266 | 2094 |
| 6200183.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200183.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200183.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 3565 | 3315 | 6213041.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 2127 | 1962 |
| 6200219.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200219.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200219.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6576 | 6061 | 6213085.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 841 | 781 |
| 6200282.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200282.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200282.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 3368 | 3103 | 6213101.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 808 | 760 |
| 6200337.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200337.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200337.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 13204 | 12300 | 6213124.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 12739 | 11981 |
| 6200483.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200483.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200483.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6010 | 5579 | 6213382.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 36642 | 34122 |
| 6200589.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200589.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200589.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 4284 | 4002 | 6213956.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 4116 | 3806 |
| 6200642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200642.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 1295 | 1188 | 6214045.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 2756 | 2540 |
| 6200671.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200671.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200671.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6201 | 5819 | 6214100.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 3727 | 3504 |
| 6200784.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200784.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 6200784.SQ.FTS.B, Zero Cpn, 6/07/24.. . . | 22929 | 21374 | 6214132.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 8129 | 7624 |
| 6202771.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6202771.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6202771.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 54914 | 51666 | 6214294.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 3057 | 2837 |
| 6203227.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6203227.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6203227.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 85971 | 80841 | 6214375.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 12698 | 11874 |
| 6204710.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6204710.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6204710.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 15120 | 14080 | 6214585.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 4587 | 4236 |
| 6205053.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6205053.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 6205053.SQ.FTS.B, Zero Cpn, 6/08/24.. . . | 77210 | 72152 | 6214653.SQ.FTS.B, Zero Cpn, 6/12/24.. . . | 22740 | 21055 |
| 6206462.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6206462.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6206462.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 20852 | 19318 | 6214906.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 1483 | 1373 |
| 6206770.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6206770.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6206770.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 21913 | 20560 | 6214927.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 4608 | 4294 |
| 6207163.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207163.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207163.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 1227 | 1134 | 6214964.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 16508 | 15400 |
| 6207171.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207171.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207171.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 11265 | 10436 | 6215167.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 59911 | 55877 |
| 6207463.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207463.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207463.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 3124 | 2891 | 6216209.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 8248 | 7651 |
| 6207514.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207514.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207514.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 8078 | 7599 | 6216284.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 2119 | 1960 |
| 6207794.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207794.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207794.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2244 | 2095 | 6216314.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 11944 | 11235 |
| 6207856.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207856.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207856.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 1282 | 1180 | 6216494.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 2976 | 2777 |
| 6207882.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207882.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207882.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2153 | 1977 | 6216577.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 4794 | 4480 |
| 6207918.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207918.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6207918.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 21513 | 19848 | 6216664.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 1362 | 1256 |
| 6208258.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208258.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208258.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 4968 | 4629 | 6216693.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 11009 | 10272 |
| 6208297.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208297.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208297.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2369 | 2194 | 6216880.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 21242 | 19978 |
| 6208363.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208363.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208363.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6711 | 6259 | 6217157.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 1736 | 1596 |
| 6208448.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208448.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208448.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 14140 | 13263 | 6217181.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 6737 | 6336 |
| 6208687.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208687.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6208687.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 48661 | 45018 | 6217244.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 11243 | 10493 |
| 6209230.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209230.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209230.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2372 | 2192 | 6217322.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 5793 | 5379 |
| 6209272.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209272.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209272.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2870 | 2682 | 6217397.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 875 | 809 |
| 6209313.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209313.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209313.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 10065 | 9291 | 6217404.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 5495 | 5044 |
| 6209506.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209506.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209506.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 2863 | 2693 | 6217497.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 7410 | 6949 |
| 6209527.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209527.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209527.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 908 | 838 | 6217578.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 9881 | 9141 |
| 6209537.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209537.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 6209537.SQ.FTS.B, Zero Cpn, 6/09/24.. . . | 21375 | 20110 | 6217709.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 53383 | 49642 |
| 6209713.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6209713.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6209713.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 20135 | 18938 | 6218112.SQ.FTS.B, Zero Cpn, 6/13/24.. . . | 4236 | 3945 |
| 6209942.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6209942.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6209942.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 5645 | 5242 | 6218208.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 5356 | 5035 |
| 6210029.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210029.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210029.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 5014 | 4689 | 6218317.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 34972 | 32465 |
| 6210093.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210093.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210093.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 4337 | 4007 | 6218976.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 2662 | 2451 |
| 6210171.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210171.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210171.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 1937 | 1791 | 6219039.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 6739 | 6263 |
| 6210196.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210196.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210196.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 7102 | 6643 | 6219192.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 880 | 812 |
| 6210292.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210292.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210292.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 1708 | 1584 | 6219226.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 9284 | 8705 |
| 6210328.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210328.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 6210328.SQ.FTS.B, Zero Cpn, 6/10/24.. . . | 15381 | 14467 | 6219783.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 6700 | 6228 |
| 6210576.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 6210576.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 6210576.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 1701 | 1587 | 6219934.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 1880 | 1747 |
| 6210611.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 6210611.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 6210611.SQ.FTS.B, Zero Cpn, 6/11/24.. . . | 865 | 814 | 6219983.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 4087 | 3831 |
| 44 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 44 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Block, Inc. (continued) |  |  | Block, Inc. (continued) |  |  |  |
| 6220062.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | $8776 | $8229 | 6236390.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | $3738 | $3480 | 3480 |
| 6220217.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 3673 | 3421 | 6236439.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 4708 | 4426 | 4426 |
| 6220257.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 3559 | 3318 | 6236492.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 2304 | 2133 | 2133 |
| 6220305.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 18966 | 17838 | 6236524.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 1470 | 1362 | 1362 |
| 6220540.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 8480 | 7974 | 6236543.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 6996 | 6538 | 6538 |
| 6220584.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 12106 | 11219 | 6236626.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 2773 | 2576 | 2576 |
| 6220688.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 2950 | 2753 | 6236672.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 8898 | 8269 | 8269 |
| 6220731.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 12641 | 11652 | 6236981.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 23901 | 22395 | 22395 |
| 6220890.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 28247 | 26276 | 6237819.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 2189 | 2026 | 2026 |
| 6221188.SQ.FTS.B, Zero Cpn, 6/14/24.. . . | 56460 | 52533 | 6237885.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 7997 | 7430 | 7430 |
| 6223684.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 2760 | 2569 | 6238082.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 2787 | 2604 | 2604 |
| 6223749.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 3500 | 3269 | 6238155.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 7035 | 6504 | 6504 |
| 6223816.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 3681 | 3395 | 6238343.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 16956 | 15849 | 15849 |
| 6223884.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 20965 | 19709 | 6238709.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 2612 | 2439 | 2439 |
| 6224170.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 7176 | 6748 | 6238771.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 1286 | 1184 | 1184 |
| 6224329.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 6460 | 6040 | 6238807.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 2028 | 1901 | 1901 |
| 6224475.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 12000 | 11183 | 6238868.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 6073 | 5660 | 5660 |
| 6224739.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 857 | 793 | 6239020.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 5750 | 5309 | 5309 |
| 6224766.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 16300 | 15323 | 6239158.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 3522 | 3255 | 3255 |
| 6225158.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 22789 | 21361 | 6239251.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 3747 | 3447 | 3447 |
| 6225668.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 6079 | 5669 | 6239312.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 663 | 610 | 610 |
| 6225812.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 14980 | 13938 | 6239338.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 5761 | 5336 | 5336 |
| 6226102.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 13100 | 12102 | 6239467.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 6319 | 5887 | 5887 |
| 6226281.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 22165 | 20848 | 6239552.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 8414 | 7887 | 7887 |
| 6226524.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 5005 | 4641 | 6239689.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 1639 | 1512 | 1512 |
| 6226571.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 7106 | 6624 | 6239701.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 2630 | 2451 | 2451 |
| 6226674.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 2115 | 1943 | 6239736.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 1095 | 1020 | 1020 |
| 6226697.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 8652 | 8137 | 6239757.SQ.FTS.B, Zero Cpn, 6/19/24.. . . | 42993 | 40189 | 40189 |
| 6226849.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 667 | 619 | 6240233.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3157 | 2942 | 2942 |
| 6226867.SQ.FTS.B, Zero Cpn, 6/15/24.. . . | 43577 | 40713 | 6240291.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3890 | 3597 | 3597 |
| 6227000.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1302 | 1200 | 6240359.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 7827 | 7336 | 7336 |
| 6227048.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 5252 | 4938 | 6240450.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 21736 | 20373 | 20373 |
| 6227108.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 753 | 708 | 6240813.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3669 | 3392 | 3392 |
| 6227126.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 3882 | 3556 | 6240843.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3004 | 2770 | 2770 |
| 6227226.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 4072 | 3731 | 6240860.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 70244 | 65276 | 65276 |
| 6227352.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 3217 | 2952 | 6242041.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 841 | 785 | 785 |
| 6227501.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1118 | 1039 | 6242053.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3731 | 3482 | 3482 |
| 6227527.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 7648 | 7133 | 6242101.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3334 | 3125 | 3125 |
| 6227687.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 3052 | 2848 | 6242141.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 10375 | 9563 | 9563 |
| 6227735.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 14022 | 12915 | 6242278.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 6561 | 6132 | 6132 |
| 6228020.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1211 | 1117 | 6242376.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 29891 | 27729 | 27729 |
| 6228048.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 7125 | 6615 | 6242718.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 49119 | 46034 | 46034 |
| 6228233.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1766 | 1643 | 6243411.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 3982 | 3668 | 3668 |
| 6228261.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 928 | 853 | 6243487.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 8368 | 7789 | 7789 |
| 6228282.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 6113 | 5749 | 6243613.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 1426 | 1316 | 1316 |
| 6228429.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 18575 | 17465 | 6243627.SQ.FTS.B, Zero Cpn, 6/20/24.. . . | 21736 | 20165 | 20165 |
| 6228983.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1894 | 1756 | 6243705.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 12421 | 11540 | 11540 |
| 6229023.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 9831 | 9149 | 6243899.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 55990 | 52471 | 52471 |
| 6229130.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 2383 | 2193 | 6244796.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 3986 | 3698 | 3698 |
| 6229161.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 1775 | 1643 | 6244845.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 1800 | 1676 | 1676 |
| 6229176.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 6956 | 6428 | 6244877.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 3949 | 3680 | 3680 |
| 6229351.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 31827 | 29930 | 6244929.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 1947 | 1804 | 1804 |
| 6234422.SQ.FTS.B, Zero Cpn, 6/16/24.. . . | 56004 | 52509 | 6244968.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 14054 | 13043 | 13043 |
| 6234975.SQ.FTS.B, Zero Cpn, 6/17/24.. . . | 1014 | 943 | 6245170.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 1367 | 1261 | 1261 |
| 6234996.SQ.FTS.B, Zero Cpn, 6/17/24.. . . | 92547 | 86740 | 6245195.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 6809 | 6296 | 6296 |
| 6236022.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 6226 | 5838 | 6245295.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 6379 | 5879 | 5879 |
| 6236101.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 16254 | 15280 | 6245376.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 15052 | 13901 | 13901 |
| 6236283.SQ.FTS.B, Zero Cpn, 6/18/24.. . . | 10947 | 10258 | 6245563.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 4378 | 4046 | 4046 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 45 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 45 |

---

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Block, Inc. (continued) |  |  |
| 6245607.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | $1843 | $1705 |
| 6245635.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 42379 | 39138 |
| 6246027.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 45624 | 42415 |
| 6246379.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 1677 | 1556 |
| 6246391.SQ.FTS.B, Zero Cpn, 6/21/24.. . . | 13420 | 12348 |
| 6248734.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 45887 | 43112 |
| 6249615.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 3269 | 3052 |
| 6249654.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 22594 | 20905 |
| 6250009.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 3376 | 3163 |
| 6250041.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 9112 | 8384 |
| 6250198.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 2661 | 2485 |
| 6250243.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 961 | 891 |
| 6250256.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 8150 | 7635 |
| 6250377.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 6714 | 6289 |
| 6250466.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 3246 | 3022 |
| 6250508.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 102651 | 95847 |
| 6252049.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 2237 | 2084 |
| 6252083.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 1317 | 1230 |
| 6252113.SQ.FTS.B, Zero Cpn, 6/22/24.. . . | 4435 | 4092 |
| 6252217.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 7500 | 7024 |
| 6252413.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 28211 | 26423 |
| 6252808.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 9767 | 9013 |
| 6252960.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 1961 | 1809 |
| 6253020.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 13648 | 12630 |
| 6253221.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 28869 | 26638 |
| 6253595.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 794 | 733 |
| 6253596.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 2089 | 1951 |
| 6253613.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 11011 | 10313 |
| 6253814.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 13954 | 12989 |
| 6254118.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 55503 | 51664 |
| 6254832.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 4756 | 4379 |
| 6254961.SQ.FTS.B, Zero Cpn, 6/23/24.. . . | 11298 | 10444 |
| 6255010.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 2850 | 2629 |
| 6255052.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 1712 | 1579 |
| 6255070.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 566 | 530 |
| 6255079.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 3849 | 3562 |
| 6255102.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 25729 | 23851 |
| 6255365.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 4159 | 3838 |
| 6255401.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 9767 | 9011 |
| 6255484.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 6904 | 6446 |
| 6255538.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 1715 | 1590 |
| 6255555.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 3990 | 3711 |
| 6255586.SQ.FTS.B, Zero Cpn, 6/24/24.. . . | 14534 | 13570 |
| 6255721.SQ.FTS.B, Zero Cpn, 6/25/24.. . . | 9848 | 9223 |
| 6255845.SQ.FTS.B, Zero Cpn, 6/25/24.. . . | 3736 | 3477 |
| 6255882.SQ.FTS.B, Zero Cpn, 6/25/24.. . . | 2257 | 2078 |
| 6255905.SQ.FTS.B, Zero Cpn, 6/25/24.. . . | 33674 | 31269 |
| 6256199.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 5377 | 5036 |
| 6256249.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 852 | 784 |
| 6256259.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 3233 | 2990 |
| 6256293.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 2015 | 1855 |
| 6256311.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 3950 | 3636 |
| 6256345.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 42236 | 39223 |
| 6256684.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 4382 | 4039 |
| 6256733.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 1817 | 1675 |
| 6256746.SQ.FTS.B, Zero Cpn, 6/26/24.. . . | 29679 | 27563 |
| 6257120.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 829 | 774 |
| 6257152.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 13754 | 12880 |

---

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| Block, Inc. (continued) |  |  |
| 6257645.SQ.FTS.B, Zero Cpn, 6/27/24.. . . $ | 1710 | $1590 |
| 6257672.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 10036 | 9276 |
| 6257833.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 37686 | 34986 |
| 6258307.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 5139 | 4813 |
| 6258360.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 23919 | 22264 |
| 6258628.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 7360 | 6785 |
| 6258738.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 20583 | 19083 |
| 6258965.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3437 | 3181 |
| 6259001.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3849 | 3604 |
| 6259046.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3141 | 2905 |
| 6259073.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3860 | 3615 |
| 6259101.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3206 | 2958 |
| 6259129.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 5094 | 4771 |
| 6259189.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 1852 | 1707 |
| 6259203.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 3407 | 3180 |
| 6259233.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 1415 | 1325 |
| 6259245.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 2015 | 1855 |
| 6259271.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 4528 | 4241 |
| 6259310.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 2994 | 2756 |
| 6259346.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 35625 | 32972 |
| 6259809.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 1658 | 1548 |
| 6259833.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 14106 | 12987 |
| 6259922.SQ.FTS.B, Zero Cpn, 6/27/24.. . . | 1715 | 1601 |
|  |  | 12352821 |
| Freedom Financial Asset Management LLC |  |  |
| Freedom Financial Asset Management LLC |  |  |
| APP-10201276.FP.FTS.B, 5.99%, 8/10/23. | 3162 | 3180 |
| APP-10151809.FP.FTS.B, 5.99%, 8/13/23. | 3460 | 3486 |
| APP-10043511.FP.FTS.B, 5.99%, 9/28/23.. | 2615 | 2638 |
| APP-10670655.FP.FTS.B, 5.99%, 10/08/23. | 3358 | 3383 |
| APP-10767085.FP.FTS.B, 15.49%, |  |  |
| 10/09/23.. . . . . . . . . . . . . . . . . . . . . . . . . . | 2503 | 2514 |
| APP-10157125.FP.FTS.B, 15.49%, |  |  |
| 10/28/23.. . . . . . . . . . . . . . . . . . . . . . . . . . | 3738 | 3773 |
| APP-10780894.FP.FTS.B, 5.99%, 11/15/23. | 4749 | 4789 |
| APP-10670609.FP.FTS.B, 5.99%, 11/23/23. | 3576 | 3612 |
| APP-10783446.FP.FTS.B, 19.99%, 11/30/23. | 5554 | 5570 |
| APP-10823057.FP.FTS.B, 5.99%, 12/12/23. | 5007 | 5053 |
| APP-11028232.FP.FTS.B, 5.99%, 12/12/23. | 5700 | 5750 |
| APP-11036370.FP.FTS.B, 5.99%, 12/14/23. | 4045 | 4082 |
| APP-11605709.FP.FTS.B, 5.99%, 12/21/23. | 3859 | 3900 |
| APP-11694992.FP.FTS.B, 5.99%, 12/23/23. | 5180 | 5236 |
| APP-11767896.FP.FTS.B, 5.99%, 12/24/23. | 4427 | 4475 |
| APP-11816519.FP.FTS.B, 22.49%, 12/30/23. | 4166 | 4232 |
| APP-12119879.FP.FTS.B, 5.99%, 1/22/24.. | 6665 | 6738 |
| APP-11801234.FP.FTS.B, 5.99%, 2/05/24.. | 4180 | 4219 |
| APP-11742645.FP.FTS.B, 13.99%, 2/05/24. | 16364 | 16536 |
| APP-11693930.FP.FTS.B, 15.49%, 2/05/24. | 5221 | 5274 |
| APP-11442830.FP.FTS.B, 5.99%, 2/06/24.. | 6705 | 6770 |
| APP-11796839.FP.FTS.B, 23.99%, 2/11/24. | 5779 | 5822 |
| APP-11799568.FP.FTS.B, 15.49%, 2/12/24. | 6150 | 6220 |
| APP-12674457.FP.FTS.B, 5.99%, 2/25/24. | 7164 | 7247 |
| APP-12675080.FP.FTS.B, 17.49%, 2/25/24. | 8336 | 8422 |
| APP-12168376.FP.FTS.B, 5.99%, 3/01/24. | 5984 | 6039 |
| APP-12544302.FP.FTS.B, 16.49%, 3/01/24. | 4968 | 5005 |
| APP-12953164.FP.FTS.B, 5.99%, 3/08/24. | 7636 | 1627 |
| APP-13032370.FP.FTS.B, 17.24%, 3/11/24. | 27092 | 27216 |
| APP-13337202.FP.FTS.B, 5.99%, 3/15/24. | 6351 | 6419 |

---

46 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-13420504.FP.FTS.B, 5.99%, 3/16/24. $ | 7638 | $7721 |
| APP-13148703.FP.FTS.B, 17.49%, 3/16/24. | 9860 | 9947 |
| APP-13360065.FP.FTS.B, 19.99%, 3/27/24. | 6695 | 6773 |
| APP-13655613.FP.FTS.B, 5.99%, 3/29/24. | 4775 | 4833 |
| APP-12675641.FP.FTS.B, 5.99%, 3/31/24. | 4793 | 4855 |
| APP-12873630.FP.FTS.B, 5.99%, 4/03/24. | 6391 | 6453 |
| APP-12675611.FP.FTS.B, 15.49%, 4/05/24. | 7321 | 7391 |
| APP-12608313.FP.FTS.B, 5.99%, 4/10/24. | 4809 | 4861 |
| APP-12800126.FP.FTS.B, 5.99%, 4/10/24. | 7689 | 7775 |
| APP-11798739.FP.FTS.B, 5.99%, 4/11/24.. | 6108 | 6177 |
| APP-13038344.FP.FTS.B, 23.99%, 4/12/24. | 7804 | 7842 |
| APP-12905173.FP.FTS.B, 5.99%, 4/15/24. | 6393 | 6462 |
| APP-12933623.FP.FTS.B, 5.99%, 4/16/24. | 5595 | 5660 |
| APP-12800813.FP.FTS.B, 15.49%, 4/16/24. | 8922 | 9039 |
| APP-13059920.FP.FTS.B, 17.99%, 4/16/24. | 5009 | 5049 |
| APP-12801588.FP.FTS.B, 5.99%, 4/17/24. | 4811 | 4869 |
| APP-12933592.FP.FTS.B, 12.74%, 4/18/24. | 9527 | 9649 |
| APP-12933925.FP.FTS.B, 5.99%, 4/23/24. | 5518 | 5587 |
| APP-12934108.FP.FTS.B, 5.99%, 4/23/24. | 6804 | 6890 |
| APP-12911251.FP.FTS.B, 5.99%, 4/24/24.. | 7698 | 7796 |
| APP-13026134.FP.FTS.B, 5.99%, 4/24/24. | 6705 | 6781 |
| APP-13061207.FP.FTS.B, 5.99%, 4/30/24. | 5337 | 5396 |
| APP-13432810.FP.FTS.B, 5.99%, 5/01/24. | 6801 | 6874 |
| APP-13433208.FP.FTS.B, 5.99%, 5/01/24. | 5468 | 5533 |
| APP-13435116.FP.FTS.B, 5.99%, 5/01/24.. | 5441 | 5496 |
| APP-13323350.FP.FTS.B, 16.49%, 5/01/24. | 6890 | 6940 |
| APP-14062945.FP.FTS.B, 17.99%, 5/01/24. | 14725 | 14803 |
| APP-13206909.FP.FTS.B, 23.74%, 5/01/24. | 2231 | 1671 |
| APP-13323276.FP.FTS.B, 5.99%, 5/05/24. | 5548 | 5610 |
| APP-13323298.FP.FTS.B, 5.99%, 5/06/24. | 5107 | 5165 |
| APP-13614056.FP.FTS.B, 15.99%, 5/11/24. | 7011 | 7083 |
| APP-13643398.FP.FTS.B, 23.99%, 5/11/24. | 6529 | 6561 |
| APP-13270610.FP.FTS.B, 5.99%, 5/12/24. | 7588 | 7663 |
| APP-13337251.FP.FTS.B, 5.99%, 5/13/24. | 7845 | 7937 |
| APP-13628584.FP.FTS.B, 17.49%, 5/13/24. | 5289 | 5334 |
| APP-13438285.FP.FTS.B, 5.99%, 5/14/24. | 5117 | 5178 |
| APP-13199267.FP.FTS.B, 5.99%, 5/15/24. | 5119 | 5183 |
| APP-13301744.FP.FTS.B, 5.99%, 5/15/24. | 6022 | 6118 |
| APP-13323228.FP.FTS.B, 5.99%, 5/15/24. | 6260 | 6335 |
| APP-13628844.FP.FTS.B, 16.99%, 5/15/24. | 8182 | 8261 |
| APP-14402256.FP.FTS.B, 17.49%, 5/16/24. | 8176 | 8253 |
| APP-13453990.FP.FTS.B, 5.99%, 5/22/24. | 6816 | 6902 |
| APP-13488078.FP.FTS.B, 5.99%, 5/23/24. | 6957 | 7047 |
| APP-11876534.FP.FTS.B, 5.99%, 5/25/24.. | 5715 | 5788 |
| APP-13680560.FP.FTS.B, 5.99%, 5/27/24. | 5785 | 5851 |
| APP-10774277.FP.FTS.B, 5.99%, 6/09/24. | 1717 | 1726 |
| APP-14264510.FP.FTS.B, 5.99%, 6/10/24. | 7207 | 7293 |
| APP-14258833.FP.FTS.B, 18.49%, 6/10/24. | 7383 | 7441 |
| APP-14242982.FP.FTS.B, 5.99%, 6/14/24. | 7963 | 8062 |
| APP-14387197.FP.FTS.B, 5.99%, 6/15/24. | 7924 | 8020 |
| APP-14210364.FP.FTS.B, 5.99%, 6/17/24. | 7219 | 7313 |
| APP-14351539.FP.FTS.B, 5.99%, 6/21/24. | 5771 | 5847 |
| APP-14179087.FP.FTS.B, 5.99%, 6/23/24. | 7291 | 7389 |
| APP-14491308.FP.FTS.B, 23.99%, 6/28/24. | 7517 | 7594 |
| APP-14369139.FP.FTS.B, 5.99%, 6/29/24. | 8618 | 8742 |
| APP-14372093.FP.FTS.B, 5.99%, 7/04/24. | 11390 | 1475 |
| APP-14581081.FP.FTS.B, 18.99%, 7/05/24. | 8347 | 8421 |
| APP-14569696.FP.FTS.B, 5.99%, 7/07/24. | 8780 | 8888 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-15044905.FP.FTS.B, 5.99%, 7/25/24. $ | 5724 | $5806 |
| APP-10156971.FP.FTS.B, 14.99%, 8/15/24. | 21605 | 21760 |
| APP-10561115.FP.FTS.B, 13.99%, 10/08/24. | 5158 | 5198 |
| APP-10775435.FP.FTS.B, 15.49%, |  |  |
| 10/09/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | 18110 | 18114 |
| APP-10940707.FP.FTS.B, 8.49%, 10/15/24. | 11904 | 12000 |
| APP-10932376.FP.FTS.B, 19.99%, |  |  |
| 10/22/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | 5165 | 5165 |
| APP-10600138.FP.FTS.B, 10.49%, |  |  |
| 10/29/24.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,646 | 10/29/24.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,646 | 18842 |
| APP-11023093.FP.FTS.B, 10.49%, 10/30/24. | 10108 | 10223 |
| APP-10815186.FP.FTS.B, 13.49%, |  |  |
| 10/30/24.. . . . . . . . . . . . . . . . . . . . . . . . . . 17,012 | 10/30/24.. . . . . . . . . . . . . . . . . . . . . . . . . . 17,012 | 17144 |
| APP-11036232.FP.FTS.B, 16.99%, 10/30/24. | 7262 | 7309 |
| APP-10976531.FP.FTS.B, 19.99%, |  |  |
| 10/30/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | 7926 | 1721 |
| APP-10692850.FP.FTS.B, 13.24%, 11/12/24. | 27112 | 27342 |
| APP-10670951.FP.FTS.B, 17.99%, 11/15/24. | 16808 | 16610 |
| APP-10385583.FP.FTS.B, 12.24%, 11/22/24. | 8221 | 8306 |
| APP-10481821.FP.FTS.B, 23.49%, 11/22/24. | 6995 | 6937 |
| APP-11040038.FP.FTS.B, 15.49%, 12/01/24. | 17954 | 17908 |
| APP-11018721.FP.FTS.B, 23.99%, 12/01/24. | 12609 | 12334 |
| APP-10991532.FP.FTS.B, 13.99%, |  |  |
| 12/10/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | 7465 | 7539 |
| APP-11039981.FP.FTS.B, 12.74%, 12/13/24. | 10380 | 10475 |
| APP-11025781.FP.FTS.B, 23.99%, 12/13/24. | 12246 | 12015 |
| APP-11029317.FP.FTS.B, 23.99%, 12/13/24. | 8299 | 8200 |
| APP-11036112.FP.FTS.B, 16.99%, 12/14/24. | 5269 | 5314 |
| APP-10692602.FP.FTS.B, 17.99%, |  |  |
| 12/14/24.. . . . . . . . . . . . . . . . . . . . . . . . . . | 6116 | 6125 |
| APP-11030753.FP.FTS.B, 23.99%, 12/14/24. | 12336 | 4372 |
| APP-11720453.FP.FTS.B, 12.24%, 12/22/24. | 9177 | 9268 |
| APP-11695111.FP.FTS.B, 11.99%, 12/23/24. | 16382 | 16530 |
| APP-11789211.FP.FTS.B, 6.99%, 12/29/24. | 21590 | 21844 |
| APP-11821469.FP.FTS.B, 17.49%, 12/30/24. | 13509 | 13513 |
| APP-12250721.FP.FTS.B, 23.74%, 1/27/25. | 22043 | 21958 |
| APP-12250024.FP.FTS.B, 23.99%, 1/27/25. | 7894 | 7854 |
| APP-11694729.FP.FTS.B, 15.49%, 2/01/25. | 10797 | 10870 |
| APP-11799631.FP.FTS.B, 9.74%, 2/02/25.. | 14932 | 15079 |
| APP-11681871.FP.FTS.B, 23.99%, 2/02/25. | 12975 | 12675 |
| APP-11750342.FP.FTS.B, 12.24%, 2/05/25. | 24620 | 14111 |
| APP-11751212.FP.FTS.B, 13.99%, 2/05/25. | 14854 | 14967 |
| APP-11755781.FP.FTS.B, 16.99%, 2/05/25. | 7146 | 7204 |
| APP-11693818.FP.FTS.B, 9.49%, 2/06/25.. | 24007 | 24256 |
| APP-11799362.FP.FTS.B, 9.74%, 2/10/25.. | 13144 | 13286 |
| APP-11811501.FP.FTS.B, 15.24%, 2/12/25. | 23426 | 13906 |
| APP-11444490.FP.FTS.B, 14.99%, 2/13/25. | 5231 | 5254 |
| APP-11237904.FP.FTS.B, 11.99%, 2/18/25. | 12206 | 12281 |
| APP-12795048.FP.FTS.B, 21.49%, 2/19/25. | 7653 | 7591 |
| APP-12840850.FP.FTS.B, 9.49%, 2/21/25. | 13313 | 13416 |
| APP-12413449.FP.FTS.B, 9.74%, 2/22/25. | 19091 | 19271 |
| APP-12801527.FP.FTS.B, 11.74%, 2/22/25. | 15357 | 15496 |
| APP-12738128.FP.FTS.B, 15.99%, 2/26/25. | 9796 | 1983 |
| APP-12801479.FP.FTS.B, 9.49%, 2/27/25. | 22012 | 22228 |
| APP-12674069.FP.FTS.B, 18.99%, 2/27/25. | 9871 | 9834 |
| APP-12675613.FP.FTS.B, 13.49%, 2/28/25. | 10231 | 10328 |
| APP-12780140.FP.FTS.B, 9.74%, 3/01/25. | 9497 | 9588 |
| APP-12076585.FP.FTS.B, 11.74%, 3/01/25. | 15753 | 15852 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 47 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-12882137.FP.FTS.B, 12.49%, 3/01/25. $39,174 | APP-12882137.FP.FTS.B, 12.49%, 3/01/25. $39,174 | APP-12882137.FP.FTS.B, 12.49%, 3/01/25. $39,174 | APP-12882137.FP.FTS.B, 12.49%, 3/01/25. $39,174 | $39487 | APP-12887943.FP.FTS.B, 17.99%, 4/16/25. $ | 8056 | $8093 |
| APP-13137200.FP.FTS.B, 17.49%, 3/01/25. | APP-13137200.FP.FTS.B, 17.49%, 3/01/25. | APP-13137200.FP.FTS.B, 17.49%, 3/01/25. | 20414 | 4151 | APP-12801580.FP.FTS.B, 9.74%, 4/17/25. | 9422 | 9545 |
| APP-12871940.FP.FTS.B, 8.99%, 3/03/25. | APP-12871940.FP.FTS.B, 8.99%, 3/03/25. | APP-12871940.FP.FTS.B, 8.99%, 3/03/25. | 23192 | 23402 | APP-13061907.FP.FTS.B, 14.49%, 4/17/25. | 15815 | 15852 |
| APP-12175554.FP.FTS.B, 11.99%, 3/03/25. | APP-12175554.FP.FTS.B, 11.99%, 3/03/25. | APP-12175554.FP.FTS.B, 11.99%, 3/03/25. | 11402 | 11501 | APP-12767903.FP.FTS.B, 25.49%, 4/17/25. | 7870 | 7782 |
| APP-13023000.FP.FTS.B, 23.74%, 3/04/25. | APP-13023000.FP.FTS.B, 23.74%, 3/04/25. | APP-13023000.FP.FTS.B, 23.74%, 3/04/25. | 20202 | 19787 | APP-13048345.FP.FTS.B, 7.74%, 4/18/25. | 11586 | 11720 |
| APP-13061318.FP.FTS.B, 15.49%, 3/05/25. | APP-13061318.FP.FTS.B, 15.49%, 3/05/25. | APP-13061318.FP.FTS.B, 15.49%, 3/05/25. | 11796 | 11847 | APP-12934120.FP.FTS.B, 16.99%, 4/18/25. | 7988 | 8075 |
| APP-12139584.FP.FTS.B, 11.99%, 3/06/25. | APP-12139584.FP.FTS.B, 11.99%, 3/06/25. | APP-12139584.FP.FTS.B, 11.99%, 3/06/25. | 11025 | 11130 | APP-13060301.FP.FTS.B, 9.49%, 4/20/25. | 16609 | 16810 |
| APP-12106191.FP.FTS.B, 7.74%, 3/07/25. | APP-12106191.FP.FTS.B, 7.74%, 3/07/25. | APP-12106191.FP.FTS.B, 7.74%, 3/07/25. | 13692 | 13836 | APP-13044683.FP.FTS.B, 12.49%, 4/20/25. | 39322 | 39758 |
| APP-12953839.FP.FTS.B, 25.49%, 3/08/25. | APP-12953839.FP.FTS.B, 25.49%, 3/08/25. | APP-12953839.FP.FTS.B, 25.49%, 3/08/25. | 9031 | 906 | APP-12931531.FP.FTS.B, 21.49%, 4/21/25. | 7062 | 7043 |
| APP-12097231.FP.FTS.B, 9.49%, 3/11/25.. | APP-12097231.FP.FTS.B, 9.49%, 3/11/25.. | APP-12097231.FP.FTS.B, 9.49%, 3/11/25.. | 21429 | 21682 | APP-13165810.FP.FTS.B, 11.99%, 4/25/25. | 12009 | 12161 |
| APP-12139672.FP.FTS.B, 9.74%, 3/11/25.. | APP-12139672.FP.FTS.B, 9.74%, 3/11/25.. | APP-12139672.FP.FTS.B, 9.74%, 3/11/25.. | 13276 | 13433 | APP-13161529.FP.FTS.B, 9.49%, 4/30/25. | 32224 | 32603 |
| APP-12188198.FP.FTS.B, 16.99%, 3/11/25. | APP-12188198.FP.FTS.B, 16.99%, 3/11/25. | APP-12188198.FP.FTS.B, 16.99%, 3/11/25. | 5836 | 5897 | APP-12932780.FP.FTS.B, 9.74%, 4/30/25. | 11122 | 11254 |
| APP-12236101.FP.FTS.B, 20.99%, 3/11/25. | APP-12236101.FP.FTS.B, 20.99%, 3/11/25. | APP-12236101.FP.FTS.B, 20.99%, 3/11/25. | 11804 | 11622 | APP-14056236.FP.FTS.B, 13.24%, 4/30/25. | 30749 | 30703 |
| APP-12245609.FP.FTS.B, 25.49%, 3/12/25. | APP-12245609.FP.FTS.B, 25.49%, 3/12/25. | APP-12245609.FP.FTS.B, 25.49%, 3/12/25. | 8923 | 8788 | APP-10941111.FP.FTS.B, 9.49%, 5/01/25.. | 22565 | 22833 |
| APP-12934217.FP.FTS.B, 15.99%, 3/15/25. | APP-12934217.FP.FTS.B, 15.99%, 3/15/25. | APP-12934217.FP.FTS.B, 15.99%, 3/15/25. | 18449 | 18438 | APP-14372285.FP.FTS.B, 14.74%, 5/01/25. | 24961 | 25068 |
| APP-13434461.FP.FTS.B, 9.49%, 3/20/25. | APP-13434461.FP.FTS.B, 9.49%, 3/20/25. | APP-13434461.FP.FTS.B, 9.49%, 3/20/25. | 15761 | 15901 | APP-14372271.FP.FTS.B, 16.49%, 5/01/25. | 19856 | 19624 |
| APP-13301735.FP.FTS.B, 15.49%, 3/20/25. | APP-13301735.FP.FTS.B, 15.49%, 3/20/25. | APP-13301735.FP.FTS.B, 15.49%, 3/20/25. | 6819 | 688 | APP-13427697.FP.FTS.B, 18.99%, 5/01/25. | 11547 | 11475 |
| APP-13337421.FP.FTS.B, 11.49%, 3/21/25. | APP-13337421.FP.FTS.B, 11.49%, 3/21/25. | APP-13337421.FP.FTS.B, 11.49%, 3/21/25. | 10378 | 10478 | APP-13432774.FP.FTS.B, 21.49%, 5/01/25. | 6229 | 6152 |
| APP-13300513.FP.FTS.B, 17.99%, 3/24/25. | APP-13300513.FP.FTS.B, 17.99%, 3/24/25. | APP-13300513.FP.FTS.B, 17.99%, 3/24/25. | 5959 | 5985 | APP-13151525.FP.FTS.B, 25.49%, 5/01/25. | 9625 | 1086 |
| APP-12776522.FP.FTS.B, 7.74%, 3/28/25. | APP-12776522.FP.FTS.B, 7.74%, 3/28/25. | APP-12776522.FP.FTS.B, 7.74%, 3/28/25. | 14075 | 14243 | APP-14271382.FP.FTS.B, 18.49%, 5/02/25. | 13308 | 13247 |
| APP-13251266.FP.FTS.B, 7.74%, 3/28/25. | APP-13251266.FP.FTS.B, 7.74%, 3/28/25. | APP-13251266.FP.FTS.B, 7.74%, 3/28/25. | 13875 | 14050 | APP-13431511.FP.FTS.B, 9.74%, 5/04/25.. | 11024 | 11144 |
| APP-13381468.FP.FTS.B, 9.49%, 3/29/25. | APP-13381468.FP.FTS.B, 9.49%, 3/29/25. | APP-13381468.FP.FTS.B, 9.49%, 3/29/25. | 31028 | 31422 | APP-13352228.FP.FTS.B, 25.49%, 5/04/25. | 8418 | 8255 |
| APP-13628483.FP.FTS.B, 16.49%, 3/29/25. | APP-13628483.FP.FTS.B, 16.49%, 3/29/25. | APP-13628483.FP.FTS.B, 16.49%, 3/29/25. | 9068 | 9113 | APP-13416512.FP.FTS.B, 9.49%, 5/05/25. | 32126 | 32483 |
| APP-12793731.FP.FTS.B, 16.74%, 3/29/25. | APP-12793731.FP.FTS.B, 16.74%, 3/29/25. | APP-12793731.FP.FTS.B, 16.74%, 3/29/25. | 36962 | 36947 | APP-14179250.FP.FTS.B, 9.84%, 5/05/25. | 24350 | 24646 |
| APP-12675304.FP.FTS.B, 16.99%, 3/29/25. | APP-12675304.FP.FTS.B, 16.99%, 3/29/25. | APP-12675304.FP.FTS.B, 16.99%, 3/29/25. | 7330 | 7400 | APP-11237706.FP.FTS.B, 16.49%, 5/09/25. | 13384 | 13478 |
| APP-12607544.FP.FTS.B, 23.49%, 3/29/25. | APP-12607544.FP.FTS.B, 23.49%, 3/29/25. | APP-12607544.FP.FTS.B, 23.49%, 3/29/25. | 8126 | 8078 | APP-13199149.FP.FTS.B, 9.74%, 5/10/25. | 11031 | 11167 |
| APP-13417584.FP.FTS.B, 12.49%, 3/30/25. | APP-13417584.FP.FTS.B, 12.49%, 3/30/25. | APP-13417584.FP.FTS.B, 12.49%, 3/30/25. | 38266 | 38605 | APP-12800907.FP.FTS.B, 9.74%, 5/12/25. | 9538 | 2902 |
| APP-12798456.FP.FTS.B, 7.49%, 4/01/25. | APP-12798456.FP.FTS.B, 7.49%, 4/01/25. | APP-12798456.FP.FTS.B, 7.49%, 4/01/25. | 13576 | 13662 | APP-13408706.FP.FTS.B, 12.99%, 5/13/25. | 21451 | 21518 |
| APP-12674971.FP.FTS.B, 10.49%, 4/01/25. | APP-12674971.FP.FTS.B, 10.49%, 4/01/25. | APP-12674971.FP.FTS.B, 10.49%, 4/01/25. | 37553 | 37890 | APP-13628220.FP.FTS.B, 15.49%, 5/13/25. | 9431 | 9514 |
| APP-12544478.FP.FTS.B, 18.99%, 4/01/25. | APP-12544478.FP.FTS.B, 18.99%, 4/01/25. | APP-12544478.FP.FTS.B, 18.99%, 4/01/25. | 8175 | 8130 | APP-13679431.FP.FTS.B, 19.49%, 5/13/25. | 11214 | 11134 |
| APP-12801328.FP.FTS.B, 11.74%, 4/03/25. | APP-12801328.FP.FTS.B, 11.74%, 4/03/25. | APP-12801328.FP.FTS.B, 11.74%, 4/03/25. | 28321 | 28503 | APP-13423519.FP.FTS.B, 23.99%, 5/13/25. | 14526 | 3302 |
| APP-12885018.FP.FTS.B, 18.99%, 4/03/25. | APP-12885018.FP.FTS.B, 18.99%, 4/03/25. | APP-12885018.FP.FTS.B, 18.99%, 4/03/25. | 8477 | 2670 | APP-13664871.FP.FTS.B, 24.99%, 5/13/25. | 6456 | 6374 |
| APP-12877021.FP.FTS.B, 25.49%, 4/03/25. | APP-12877021.FP.FTS.B, 25.49%, 4/03/25. | APP-12877021.FP.FTS.B, 25.49%, 4/03/25. | 6919 | 6889 | APP-13389626.FP.FTS.B, 25.49%, 5/13/25. | 8491 | 8383 |
| APP-12675307.FP.FTS.B, 13.49%, 4/05/25. | APP-12675307.FP.FTS.B, 13.49%, 4/05/25. | APP-12675307.FP.FTS.B, 13.49%, 4/05/25. | 4551 | 4549 | APP-13333579.FP.FTS.B, 10.49%, 5/14/25. | 32416 | 32807 |
| APP-12786233.FP.FTS.B, 15.99%, 4/05/25. | APP-12786233.FP.FTS.B, 15.99%, 4/05/25. | APP-12786233.FP.FTS.B, 15.99%, 4/05/25. | 17904 | 17830 | APP-13335711.FP.FTS.B, 14.49%, 5/14/25. | 13388 | 13441 |
| APP-12785793.FP.FTS.B, 11.74%, 4/06/25. | APP-12785793.FP.FTS.B, 11.74%, 4/06/25. | APP-12785793.FP.FTS.B, 11.74%, 4/06/25. | 29923 | 30128 | APP-13336703.FP.FTS.B, 14.49%, 5/14/25. | 11655 | 11755 |
| APP-13560469.FP.FTS.B, 7.84%, 4/07/25. | APP-13560469.FP.FTS.B, 7.84%, 4/07/25. | APP-13560469.FP.FTS.B, 7.84%, 4/07/25. | 27721 | 28003 | APP-13442439.FP.FTS.B, 15.99%, 5/14/25. | 20601 | 20637 |
| APP-12675330.FP.FTS.B, 9.74%, 4/07/25. | APP-12675330.FP.FTS.B, 9.74%, 4/07/25. | APP-12675330.FP.FTS.B, 9.74%, 4/07/25. | 13701 | 13844 | APP-13435964.FP.FTS.B, 18.99%, 5/14/25. | 10088 | 10113 |
| APP-12797301.FP.FTS.B, 19.99%, 4/07/25. | APP-12797301.FP.FTS.B, 19.99%, 4/07/25. | APP-12797301.FP.FTS.B, 19.99%, 4/07/25. | 9546 | 9522 | APP-14372135.FP.FTS.B, 10.49%, 5/15/25. | 13153 | 13307 |
| APP-10692548.FP.FTS.B, 9.74%, 4/08/25. | APP-10692548.FP.FTS.B, 9.74%, 4/08/25. | APP-10692548.FP.FTS.B, 9.74%, 4/08/25. | 9930 | 10038 | APP-13437525.FP.FTS.B, 19.49%, 5/15/25. | 13349 | 13234 |
| APP-12673950.FP.FTS.B, 9.74%, 4/08/25. | APP-12673950.FP.FTS.B, 9.74%, 4/08/25. | APP-12673950.FP.FTS.B, 9.74%, 4/08/25. | 9927 | 10035 | APP-13678041.FP.FTS.B, 18.49%, 5/16/25. | 6190 | 6212 |
| APP-12990000.FP.FTS.B, 23.99%, 4/09/25. | APP-12990000.FP.FTS.B, 23.99%, 4/09/25. | APP-12990000.FP.FTS.B, 23.99%, 4/09/25. | 13000 | 12775 | APP-14586853.FP.FTS.B, 14.74%, 5/17/25. | 6264 | 6329 |
| APP-11605986.FP.FTS.B, 7.74%, 4/10/25.. | APP-11605986.FP.FTS.B, 7.74%, 4/10/25.. | APP-11605986.FP.FTS.B, 7.74%, 4/10/25.. | 15688 | 15873 | APP-13608364.FP.FTS.B, 9.84%, 5/18/25. | 17420 | 17640 |
| APP-12666916.FP.FTS.B, 18.99%, 4/10/25. | APP-12666916.FP.FTS.B, 18.99%, 4/10/25. | APP-12666916.FP.FTS.B, 18.99%, 4/10/25. | 8138 | 8172 | APP-13658658.FP.FTS.B, 11.84%, 5/18/25. | 9877 | 9992 |
| APP-12975635.FP.FTS.B, 18.99%, 4/10/25. | APP-12975635.FP.FTS.B, 18.99%, 4/10/25. | APP-12975635.FP.FTS.B, 18.99%, 4/10/25. | 14455 | 14400 | APP-14286350.FP.FTS.B, 16.99%, 5/19/25. | 15979 | 16042 |
| APP-13028127.FP.FTS.B, 21.49%, 4/10/25. | APP-13028127.FP.FTS.B, 21.49%, 4/10/25. | APP-13028127.FP.FTS.B, 21.49%, 4/10/25. | 35514 | 34986 | APP-14581247.FP.FTS.B, 12.74%, 5/20/25. | 12900 | 13041 |
| APP-12795850.FP.FTS.B, 23.74%, 4/10/25. | APP-12795850.FP.FTS.B, 23.74%, 4/10/25. | APP-12795850.FP.FTS.B, 23.74%, 4/10/25. | 16565 | 16267 | APP-13625542.FP.FTS.B, 24.99%, 5/20/25. | 12679 | 12562 |
| APP-13021046.FP.FTS.B, 23.99%, 4/10/25. | APP-13021046.FP.FTS.B, 23.99%, 4/10/25. | APP-13021046.FP.FTS.B, 23.99%, 4/10/25. | 13825 | 13596 | APP-13483974.FP.FTS.B, 24.99%, 5/22/25. | 11037 | 3996 |
| APP-08960612.FP.FTS.B, 9.74%, 4/11/25.. | APP-08960612.FP.FTS.B, 9.74%, 4/11/25.. | APP-08960612.FP.FTS.B, 9.74%, 4/11/25.. | 12263 | 12385 | APP-12543097.FP.FTS.B, 10.09%, 5/23/25. | 10202 | 10344 |
| APP-12674201.FP.FTS.B, 15.49%, 4/12/25. | APP-12674201.FP.FTS.B, 15.49%, 4/12/25. | APP-12674201.FP.FTS.B, 15.49%, 4/12/25. | 9695 | 9788 | APP-13658179.FP.FTS.B, 10.84%, 5/24/25. | 40443 | 40978 |
| APP-13048540.FP.FTS.B, 9.49%, 4/15/25. | APP-13048540.FP.FTS.B, 9.49%, 4/15/25. | APP-13048540.FP.FTS.B, 9.49%, 4/15/25. | 23019 | 23270 | APP-13675373.FP.FTS.B, 24.74%, 5/24/25. | 20751 | 2364 |
| APP-12800747.FP.FTS.B, 13.99%, 4/15/25. | APP-12800747.FP.FTS.B, 13.99%, 4/15/25. | APP-12800747.FP.FTS.B, 13.99%, 4/15/25. | 20197 | 20410 | APP-13658871.FP.FTS.B, 9.84%, 5/25/25. | 32254 | 32717 |
| APP-12884337.FP.FTS.B, 16.99%, 4/15/25. | APP-12884337.FP.FTS.B, 16.99%, 4/15/25. | APP-12884337.FP.FTS.B, 16.99%, 4/15/25. | 8021 | 8111 | APP-13639147.FP.FTS.B, 18.49%, 5/25/25. | 15694 | 15636 |
| APP-12886570.FP.FTS.B, 17.49%, 4/15/25. | APP-12886570.FP.FTS.B, 17.49%, 4/15/25. | APP-12886570.FP.FTS.B, 17.49%, 4/15/25. | 13503 | 13327 | APP-13658257.FP.FTS.B, 10.09%, 5/26/25. | 13070 | 13262 |
| APP-12842698.FP.FTS.B, 17.99%, 4/15/25. | APP-12842698.FP.FTS.B, 17.99%, 4/15/25. | APP-12842698.FP.FTS.B, 17.99%, 4/15/25. | 13835 | 2779 | APP-14229868.FP.FTS.B, 16.74%, 6/08/25. | 42102 | 42135 |
| APP-12869824.FP.FTS.B, 23.99%, 4/15/25. | APP-12869824.FP.FTS.B, 23.99%, 4/15/25. | APP-12869824.FP.FTS.B, 23.99%, 4/15/25. | 8225 | 8132 | APP-14240775.FP.FTS.B, 20.49%, 6/08/25. | 8537 | 8533 |
| APP-13026280.FP.FTS.B, 23.99%, 4/15/25. | APP-13026280.FP.FTS.B, 23.99%, 4/15/25. | APP-13026280.FP.FTS.B, 23.99%, 4/15/25. | 12256 | 12096 | APP-14384326.FP.FTS.B, 16.99%, 6/15/25. | 16851 | 16869 |
| APP-12888880.FP.FTS.B, 15.74%, 4/16/25. | APP-12888880.FP.FTS.B, 15.74%, 4/16/25. | APP-12888880.FP.FTS.B, 15.74%, 4/16/25. | 25409 | 8169 | APP-14253378.FP.FTS.B, 18.49%, 6/15/25. | 8494 | 8533 |
| 48 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 48 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |  |
| APP-14276228.FP.FTS.B, 19.24%, 6/15/25. $20,427 | APP-14276228.FP.FTS.B, 19.24%, 6/15/25. $20,427 | $20270 | APP-10758194.FP.FTS.B, 18.99%, 11/19/25.$11,554 | APP-10758194.FP.FTS.B, 18.99%, 11/19/25.$11,554 | $1485 | 1485 |
| APP-14386226.FP.FTS.B, 23.49%, 6/15/25. | 12830 | 12675 | APP-10703763.FP.FTS.B, 14.49%, 11/20/25. | 17858 | 18102 | 18102 |
| APP-14246643.FP.FTS.B, 14.99%, 6/17/25. | 22240 | 22304 | APP-10692756.FP.FTS.B, 19.49%, 11/20/25. | 12624 | 12787 | 12787 |
| APP-11444368.FP.FTS.B, 17.49%, 6/17/25. | 10693 | 10758 | APP-10727609.FP.FTS.B, 17.99%, 11/22/25. | 9403 | 9539 | 9539 |
| APP-14416732.FP.FTS.B, 18.99%, 6/17/25. | 8152 | 8143 | APP-10692670.FP.FTS.B, 18.49%, 11/22/25. | 7868 | 7987 | 7987 |
| APP-14421454.FP.FTS.B, 19.99%, 6/17/25. | 11889 | 11894 | APP-10776590.FP.FTS.B, 18.49%, 11/23/25. | 15366 | 15598 | 15598 |
| APP-14016155.FP.FTS.B, 20.49%, 6/20/25. | 8740 | 8758 | APP-10745958.FP.FTS.B, 8.99%, 11/30/25. | 10552 | 10717 | 10717 |
| APP-14179277.FP.FTS.B, 12.74%, 6/22/25. | 30168 | 30363 | APP-11026549.FP.FTS.B, 16.99%, 12/01/25. | 12785 | 6997 | 6997 |
| APP-14518951.FP.FTS.B, 15.49%, 6/22/25. | 8395 | 8490 | APP-11031081.FP.FTS.B, 15.99%, 12/03/25. | 15785 | 15891 | 15891 |
| APP-14179511.FP.FTS.B, 18.49%, 6/22/25. | 6437 | 6488 | APP-11008674.FP.FTS.B, 10.99%, 12/05/25. | 16278 | 16503 | 16503 |
| APP-14253507.FP.FTS.B, 10.84%, 6/23/25. | 41722 | 42351 | APP-11041391.FP.FTS.B, 11.49%, 12/10/25. | 29646 | 30063 | 30063 |
| APP-14256949.FP.FTS.B, 16.24%, 6/23/25. | 35040 | 35292 | APP-11039564.FP.FTS.B, 10.99%, 12/12/25. | 23230 | 23568 | 23568 |
| APP-14393547.FP.FTS.B, 17.99%, 6/23/25. | 8286 | 8397 | APP-11034532.FP.FTS.B, 8.99%, 12/13/25. | 23612 | 23953 | 23953 |
| APP-14477454.FP.FTS.B, 13.99%, 6/24/25. | 8875 | 8992 | APP-11020942.FP.FTS.B, 16.49%, 12/13/25. | 24567 | 24838 | 24838 |
| APP-14372095.FP.FTS.B, 14.99%, 6/25/25. | 21018 | 21396 | APP-10941172.FP.FTS.B, 10.99%, 12/14/25. | 19891 | 20190 | 20190 |
| APP-14178108.FP.FTS.B, 20.74%, 6/28/25. | 29037 | 28941 | APP-10293581.FP.FTS.B, 11.49%, 12/14/25. | 27972 | 28397 | 28397 |
| APP-14145667.FP.FTS.B, 20.49%, 6/29/25. | 6437 | 6483 | APP-10823322.FP.FTS.B, 16.49%, |  |  |  |
| APP-14386049.FP.FTS.B, 22.24%, 6/29/25. | 10781 | 10774 | &nbsp;&nbsp;&nbsp;&nbsp;12/14/25.. . . . . . . . . . . . . . . . . . . . . . . . . . | 13553 | 13702 | 13702 |
| APP-14312204.FP.FTS.B, 25.49%, 6/29/25. | 8702 | 8693 | APP-10856578.FP.FTS.B, 18.49%, |  |  |  |
| APP-14227350.FP.FTS.B, 18.49%, 6/30/25. | 16682 | 16683 | &nbsp;&nbsp;&nbsp;&nbsp;12/14/25.. . . . . . . . . . . . . . . . . . . . . . . . . . | 8052 | 8150 | 8150 |
| APP-14419233.FP.FTS.B, 23.49%, 7/01/25. | 9306 | 3203 | APP-11701384.FP.FTS.B, 18.49%, 12/15/25. | 6069 | 6127 | 6127 |
| APP-14440616.FP.FTS.B, 25.49%, 7/01/25. | 9987 | 9813 | APP-11823260.FP.FTS.B, 11.99%, 12/16/25. | 10330 | 10448 | 10448 |
| APP-14541502.FP.FTS.B, 16.49%, 7/06/25. | 16755 | 16538 | APP-11799274.FP.FTS.B, 16.74%, 12/22/25. | 25219 | 25520 | 25520 |
| APP-14586533.FP.FTS.B, 12.49%, 7/07/25. | 21583 | 21860 | APP-11810931.FP.FTS.B, 17.99%, 12/30/25. | 17854 | 17862 | 17862 |
| APP-14556464.FP.FTS.B, 16.24%, 7/07/25. | 27499 | 27289 | APP-12050720.FP.FTS.B, 18.99%, 1/16/26. | 8253 | 8312 | 8312 |
| APP-14580010.FP.FTS.B, 23.49%, 7/07/25. | 13025 | 12840 | APP-12180264.FP.FTS.B, 10.24%, 1/26/26. | 11437 | 11609 | 11609 |
| APP-14558687.FP.FTS.B, 25.49%, 7/07/25. | 13565 | 13378 | APP-12231617.FP.FTS.B, 16.99%, 1/26/26. | 19010 | 19240 | 19240 |
| APP-14372326.FP.FTS.B, 10.24%, 7/08/25. | 23533 | 23919 | APP-12244001.FP.FTS.B, 13.24%, 1/27/26. | 8147 | 8271 | 8271 |
| APP-14578491.FP.FTS.B, 10.49%, 7/08/25. | 13492 | 13682 | APP-11694088.FP.FTS.B, 17.74%, 2/01/26. | 40460 | 40697 | 40697 |
| APP-14584529.FP.FTS.B, 15.49%, 7/08/25. | 17469 | 17588 | APP-11740763.FP.FTS.B, 13.99%, 2/04/26. | 18500 | 18639 | 18639 |
| APP-14523480.FP.FTS.B, 18.99%, 7/08/25. | 14618 | 14654 | APP-11798624.FP.FTS.B, 17.99%, 2/04/26. | 16703 | 16757 | 16757 |
| APP-14227668.FP.FTS.B, 21.49%, 7/08/25. | 11265 | 11107 | APP-11822517.FP.FTS.B, 9.99%, 2/05/26.. | 27170 | 27536 | 27536 |
| APP-14865343.FP.FTS.B, 10.24%, 7/21/25. | 30513 | 30954 | APP-11764476.FP.FTS.B, 13.24%, 2/05/26. | 8352 | 8486 | 8486 |
| APP-13767586.FP.FTS.B, 10.49%, 7/26/25. | 16775 | 17040 | APP-11746987.FP.FTS.B, 18.49%, 2/05/26. | 17770 | 17789 | 17789 |
| APP-10561160.FP.FTS.B, 18.99%, 9/13/25. | 15772 | 15957 | APP-11753189.FP.FTS.B, 18.74%, 2/05/26. | 8118 | 8047 | 8047 |
| APP-10565690.FP.FTS.B, 16.99%, 9/15/25. | 10491 | 10599 | APP-11722574.FP.FTS.B, 20.49%, 2/05/26. | 33762 | 33754 | 33754 |
| APP-10551332.FP.FTS.B, 17.49%, 9/18/25. | 7340 | 7440 | APP-11754629.FP.FTS.B, 12.24%, 2/06/26. | 32671 | 33145 | 33145 |
| APP-10551426.FP.FTS.B, 10.99%, 9/21/25. | 18273 | 18516 | APP-11799299.FP.FTS.B, 16.99%, 2/11/26. | 14207 | 14408 | 14408 |
| APP-10771557.FP.FTS.B, 13.24%, |  |  | APP-11817911.FP.FTS.B, 18.74%, 2/13/26. | 16868 | 16988 | 16988 |
| 10/05/25.. . . . . . . . . . . . . . . . . . . . . . . . . . | 11364 | 11493 | APP-12887499.FP.FTS.B, 19.49%, 2/25/26. | 7865 | 7944 | 7944 |
| APP-10682615.FP.FTS.B, 10.99%, |  |  | APP-12780048.FP.FTS.B, 8.24%, 2/28/26. | 15661 | 15851 | 15851 |
| 10/08/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,072 | 10/08/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,072 | 15284 | APP-12543851.FP.FTS.B, 12.74%, 3/01/26. | 23732 | 23948 | 23948 |
| APP-10671065.FP.FTS.B, 18.99%, |  |  | APP-12934173.FP.FTS.B, 10.24%, 3/08/26. | 15491 | 15694 | 15694 |
| 10/09/25.. . . . . . . . . . . . . . . . . . . . . . . . . . | 8123 | 8219 | APP-12244619.FP.FTS.B, 15.74%, 3/09/26. | 42660 | 43289 | 43289 |
| APP-10752759.FP.FTS.B, 18.99%, |  |  | APP-10903724.FP.FTS.B, 9.99%, 3/12/26. | 29259 | 29719 | 29719 |
| 10/17/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,402 | 10/17/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,402 | 20611 | APP-12253162.FP.FTS.B, 19.99%, 3/12/26. | 14635 | 14693 | 14693 |
| APP-10524105.FP.FTS.B, 17.49%, |  |  | APP-12176269.FP.FTS.B, 16.49%, 3/13/26. | 21208 | 21279 | 21279 |
| 10/21/25.. . . . . . . . . . . . . . . . . . . . . . . . . . | 15211 | 15423 | APP-13161478.FP.FTS.B, 18.74%, 3/17/26. | 18933 | 18986 | 18986 |
| APP-10617769.FP.FTS.B, 17.49%, |  |  | APP-13385202.FP.FTS.B, 24.99%, 3/19/26. | 2940 | 2919 | 2919 |
| 10/30/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,465 | 10/30/25.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,465 | 18784 | APP-12675358.FP.FTS.B, 11.99%, 3/28/26. | 10665 | 10816 | 10816 |
| APP-10561482.FP.FTS.B, 16.99%, 11/03/25. | 18900 | 18984 | APP-11877668.FP.FTS.B, 16.49%, 3/28/26. | 21451 | 21597 | 21597 |
| APP-10580212.FP.FTS.B, 18.49%, 11/03/25. | 13086 | 13275 | APP-12777585.FP.FTS.B, 19.49%, 3/29/26. | 10200 | 10303 | 10303 |
| APP-10561236.FP.FTS.B, 15.99%, 11/04/25. | 24879 | 25230 | APP-13414992.FP.FTS.B, 9.99%, 3/30/26. | 25366 | 25694 | 25694 |
| APP-10571038.FP.FTS.B, 10.99%, 11/07/25. | 11684 | 11864 | APP-12803304.FP.FTS.B, 18.24%, 3/31/26. | 25915 | 26190 | 26190 |
| APP-10282886.FP.FTS.B, 14.49%, 11/09/25. | 38538 | 39102 | APP-13645065.FP.FTS.B, 12.84%, 4/01/26. | 15902 | 16055 | 16055 |
| APP-10627143.FP.FTS.B, 16.99%, 11/09/25. | 10200 | 10313 | APP-12840855.FP.FTS.B, 18.49%, 4/01/26. | 16250 | 16315 | 16315 |
| APP-10777722.FP.FTS.B, 16.49%, 11/15/25. | 4187 | 4198 | APP-12779873.FP.FTS.B, 9.49%, 4/03/26. | 26054 | 26385 | 26385 |
| APP-10671041.FP.FTS.B, 16.49%, 11/16/25. | 17438 | 17649 | APP-12886380.FP.FTS.B, 9.99%, 4/03/26. | 27781 | 28133 | 28133 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 49 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 49 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-12889924.FP.FTS.B, 18.74%, 4/03/26. $21,628 | APP-12889924.FP.FTS.B, 18.74%, 4/03/26. $21,628 | APP-12889924.FP.FTS.B, 18.74%, 4/03/26. $21,628 | APP-12889924.FP.FTS.B, 18.74%, 4/03/26. $21,628 | $21493 | APP-14392011.FP.FTS.B, 9.74%, 5/15/26.. $46,524 | APP-14392011.FP.FTS.B, 9.74%, 5/15/26.. $46,524 | $8326 |
| APP-12299000.FP.FTS.B, 15.99%, 4/08/26. | APP-12299000.FP.FTS.B, 15.99%, 4/08/26. | APP-12299000.FP.FTS.B, 15.99%, 4/08/26. | 9674 | 9664 | APP-13682394.FP.FTS.B, 10.59%, 5/15/26. | 15090 | 15308 |
| APP-12744909.FP.FTS.B, 10.24%, 4/09/26. | APP-12744909.FP.FTS.B, 10.24%, 4/09/26. | APP-12744909.FP.FTS.B, 10.24%, 4/09/26. | 19469 | 19733 | APP-14371343.FP.FTS.B, 11.74%, 5/15/26. | 44039 | 44627 |
| APP-12762134.FP.FTS.B, 20.49%, 4/09/26. | APP-12762134.FP.FTS.B, 20.49%, 4/09/26. | APP-12762134.FP.FTS.B, 20.49%, 4/09/26. | 43763 | 43664 | APP-14427608.FP.FTS.B, 11.74%, 5/15/26. | 44064 | 44676 |
| APP-12993588.FP.FTS.B, 20.99%, 4/09/26. | APP-12993588.FP.FTS.B, 20.99%, 4/09/26. | APP-12993588.FP.FTS.B, 20.99%, 4/09/26. | 3119 | 3111 | APP-14581842.FP.FTS.B, 17.99%, 5/15/26. | 11559 | 11611 |
| APP-12675383.FP.FTS.B, 12.24%, 4/10/26. | APP-12675383.FP.FTS.B, 12.24%, 4/10/26. | APP-12675383.FP.FTS.B, 12.24%, 4/10/26. | 20438 | 20726 | APP-14420730.FP.FTS.B, 20.49%, 5/15/26. | 9162 | 9255 |
| APP-12679150.FP.FTS.B, 12.99%, 4/10/26. | APP-12679150.FP.FTS.B, 12.99%, 4/10/26. | APP-12679150.FP.FTS.B, 12.99%, 4/10/26. | 40420 | 41003 | APP-13434799.FP.FTS.B, 21.74%, 5/15/26. | 25581 | 25613 |
| APP-12787408.FP.FTS.B, 14.99%, 4/10/26. | APP-12787408.FP.FTS.B, 14.99%, 4/10/26. | APP-12787408.FP.FTS.B, 14.99%, 4/10/26. | 17235 | 17460 | APP-13443671.FP.FTS.B, 24.99%, 5/15/26. | 6797 | 6825 |
| APP-12799632.FP.FTS.B, 15.99%, 4/10/26. | APP-12799632.FP.FTS.B, 15.99%, 4/10/26. | APP-12799632.FP.FTS.B, 15.99%, 4/10/26. | 23979 | 24161 | APP-14540850.FP.FTS.B, 26.49%, 5/15/26. | 8060 | 794 |
| APP-12786604.FP.FTS.B, 16.24%, 4/10/26. | APP-12786604.FP.FTS.B, 16.24%, 4/10/26. | APP-12786604.FP.FTS.B, 16.24%, 4/10/26. | 27637 | 27722 | APP-13200186.FP.FTS.B, 17.49%, 5/19/26. | 21865 | 22058 |
| APP-12775377.FP.FTS.B, 17.49%, 4/10/26. | APP-12775377.FP.FTS.B, 17.49%, 4/10/26. | APP-12775377.FP.FTS.B, 17.49%, 4/10/26. | 29293 | 29234 | APP-13644126.FP.FTS.B, 10.34%, 5/20/26. | 18170 | 18455 |
| APP-13675444.FP.FTS.B, 18.99%, 4/10/26. | APP-13675444.FP.FTS.B, 18.99%, 4/10/26. | APP-13675444.FP.FTS.B, 18.99%, 4/10/26. | 4360 | 4330 | APP-13605261.FP.FTS.B, 13.74%, 5/21/26. | 29675 | 29989 |
| APP-12991443.FP.FTS.B, 24.99%, 4/10/26. | APP-12991443.FP.FTS.B, 24.99%, 4/10/26. | APP-12991443.FP.FTS.B, 24.99%, 4/10/26. | 8803 | 8776 | APP-13546003.FP.FTS.B, 25.99%, 5/22/26. | 8505 | 8542 |
| APP-12779696.FP.FTS.B, 10.99%, 4/11/26. | APP-12779696.FP.FTS.B, 10.99%, 4/11/26. | APP-12779696.FP.FTS.B, 10.99%, 4/11/26. | 40965 | 41564 | APP-13628557.FP.FTS.B, 18.49%, 5/27/26. | 16965 | 17107 |
| APP-12795661.FP.FTS.B, 13.99%, 4/11/26. | APP-12795661.FP.FTS.B, 13.99%, 4/11/26. | APP-12795661.FP.FTS.B, 13.99%, 4/11/26. | 7941 | 8063 | APP-14179201.FP.FTS.B, 12.34%, 6/08/26. | 10959 | 11097 |
| APP-12544256.FP.FTS.B, 14.74%, 4/11/26. | APP-12544256.FP.FTS.B, 14.74%, 4/11/26. | APP-12544256.FP.FTS.B, 14.74%, 4/11/26. | 30960 | 31145 | APP-14264642.FP.FTS.B, 13.49%, 6/10/26. | 19488 | 19715 |
| APP-12414665.FP.FTS.B, 17.49%, 4/11/26. | APP-12414665.FP.FTS.B, 17.49%, 4/11/26. | APP-12414665.FP.FTS.B, 17.49%, 4/11/26. | 10068 | 10213 | APP-14276082.FP.FTS.B, 10.34%, 6/15/26. | 22132 | 22464 |
| APP-12792270.FP.FTS.B, 17.99%, 4/11/26. | APP-12792270.FP.FTS.B, 17.99%, 4/11/26. | APP-12792270.FP.FTS.B, 17.99%, 4/11/26. | 17386 | 17452 | APP-14398590.FP.FTS.B, 10.99%, 6/15/26. | 10556 | 10703 |
| APP-13059570.FP.FTS.B, 8.24%, 4/12/26. | APP-13059570.FP.FTS.B, 8.24%, 4/12/26. | APP-13059570.FP.FTS.B, 8.24%, 4/12/26. | 13383 | 13562 | APP-14372947.FP.FTS.B, 16.49%, 6/15/26. | 22985 | 23119 |
| APP-11694989.FP.FTS.B, 9.99%, 4/12/26.. | APP-11694989.FP.FTS.B, 9.99%, 4/12/26.. | APP-11694989.FP.FTS.B, 9.99%, 4/12/26.. | 17674 | 18024 | APP-14189728.FP.FTS.B, 17.74%, 6/15/26. | 45197 | 45452 |
| APP-13048169.FP.FTS.B, 10.24%, 4/12/26. | APP-13048169.FP.FTS.B, 10.24%, 4/12/26. | APP-13048169.FP.FTS.B, 10.24%, 4/12/26. | 12470 | 12633 | APP-14397947.FP.FTS.B, 26.49%, 6/16/26. | 7073 | 7074 |
| APP-13050999.FP.FTS.B, 16.74%, 4/12/26. | APP-13050999.FP.FTS.B, 16.74%, 4/12/26. | APP-13050999.FP.FTS.B, 16.74%, 4/12/26. | 27935 | 28087 | APP-14306826.FP.FTS.B, 10.34%, 6/17/26. | 22674 | 23000 |
| APP-12771099.FP.FTS.B, 17.99%, 4/12/26. | APP-12771099.FP.FTS.B, 17.99%, 4/12/26. | APP-12771099.FP.FTS.B, 17.99%, 4/12/26. | 14178 | 8406 | APP-14230815.FP.FTS.B, 10.34%, 6/20/26. | 22046 | 22406 |
| APP-12880532.FP.FTS.B, 10.24%, 4/15/26. | APP-12880532.FP.FTS.B, 10.24%, 4/15/26. | APP-12880532.FP.FTS.B, 10.24%, 4/15/26. | 12692 | 12892 | APP-14203522.FP.FTS.B, 17.49%, 6/20/26. | 22304 | 22483 |
| APP-12933660.FP.FTS.B, 12.99%, 4/15/26. | APP-12933660.FP.FTS.B, 12.99%, 4/15/26. | APP-12933660.FP.FTS.B, 12.99%, 4/15/26. | 17382 | 17611 | APP-14531089.FP.FTS.B, 10.99%, 6/22/26. | 17593 | 17844 |
| APP-13021207.FP.FTS.B, 13.99%, 4/15/26. | APP-13021207.FP.FTS.B, 13.99%, 4/15/26. | APP-13021207.FP.FTS.B, 13.99%, 4/15/26. | 20932 | 21118 | APP-14549001.FP.FTS.B, 21.49%, 6/23/26. | 24868 | 24965 |
| APP-12874320.FP.FTS.B, 16.49%, 4/15/26. | APP-12874320.FP.FTS.B, 16.49%, 4/15/26. | APP-12874320.FP.FTS.B, 16.49%, 4/15/26. | 10212 | 10319 | APP-14241416.FP.FTS.B, 12.59%, 6/24/26. | 31114 | 31661 |
| APP-12800863.FP.FTS.B, 17.49%, 4/15/26. | APP-12800863.FP.FTS.B, 17.49%, 4/15/26. | APP-12800863.FP.FTS.B, 17.49%, 4/15/26. | 13649 | 13697 | APP-14578298.FP.FTS.B, 23.24%, 6/24/26. | 11094 | 11131 |
| APP-12744377.FP.FTS.B, 20.99%, 4/15/26. | APP-12744377.FP.FTS.B, 20.99%, 4/15/26. | APP-12744377.FP.FTS.B, 20.99%, 4/15/26. | 2831 | 2825 | APP-14372335.FP.FTS.B, 12.99%, 6/30/26. | 21754 | 22093 |
| APP-12886960.FP.FTS.B, 22.49%, 4/15/26. | APP-12886960.FP.FTS.B, 22.49%, 4/15/26. | APP-12886960.FP.FTS.B, 22.49%, 4/15/26. | 8123 | 8162 | APP-14409335.FP.FTS.B, 18.49%, 7/01/26. | 9159 | 9283 |
| APP-12885550.FP.FTS.B, 9.99%, 4/16/26. | APP-12885550.FP.FTS.B, 9.99%, 4/16/26. | APP-12885550.FP.FTS.B, 9.99%, 4/16/26. | 15908 | 16135 | APP-14491910.FP.FTS.B, 22.49%, 7/04/26. | 22837 | 22727 |
| APP-12856249.FP.FTS.B, 12.49%, 4/16/26. | APP-12856249.FP.FTS.B, 12.49%, 4/16/26. | APP-12856249.FP.FTS.B, 12.49%, 4/16/26. | 12535 | 12736 | APP-14531002.FP.FTS.B, 17.74%, 7/05/26. | 27496 | 27660 |
| APP-13068343.FP.FTS.B, 12.74%, 4/16/26. | APP-13068343.FP.FTS.B, 12.74%, 4/16/26. | APP-13068343.FP.FTS.B, 12.74%, 4/16/26. | 27169 | 27500 | APP-15018518.FP.FTS.B, 11.24%, 7/11/26. | 11076 | 11177 |
| APP-13155578.FP.FTS.B, 12.74%, 4/17/26. | APP-13155578.FP.FTS.B, 12.74%, 4/17/26. | APP-13155578.FP.FTS.B, 12.74%, 4/17/26. | 22170 | 22469 | APP-15020512.FP.FTS.B, 10.24%, 7/15/26. | 28516 | 28933 |
| APP-12858657.FP.FTS.B, 12.99%, 4/17/26. | APP-12858657.FP.FTS.B, 12.99%, 4/17/26. | APP-12858657.FP.FTS.B, 12.99%, 4/17/26. | 38075 | 38703 | APP-13899724.FP.FTS.B, 11.24%, 7/18/26. | 14638 | 14856 |
| APP-13115033.FP.FTS.B, 19.49%, 4/17/26. | APP-13115033.FP.FTS.B, 19.49%, 4/17/26. | APP-13115033.FP.FTS.B, 19.49%, 4/17/26. | 8696 | 8762 | APP-14698479.FP.FTS.B, 10.74%, 7/24/26. | 35632 | 36242 |
| APP-12911306.FP.FTS.B, 7.99%, 4/22/26.. | APP-12911306.FP.FTS.B, 7.99%, 4/22/26.. | APP-12911306.FP.FTS.B, 7.99%, 4/22/26.. | 33559 | 34090 | APP-10179113.FP.FTS.B, 12.49%, 8/15/26. | 27625 | 28009 |
| APP-13014947.FP.FTS.B, 14.99%, 4/23/26. | APP-13014947.FP.FTS.B, 14.99%, 4/23/26. | APP-13014947.FP.FTS.B, 14.99%, 4/23/26. | 19469 | 19684 | APP-10116903.FP.FTS.B, 14.24%, 8/15/26. | 19715 | 19977 |
| APP-13018436.FP.FTS.B, 24.99%, 4/24/26. | APP-13018436.FP.FTS.B, 24.99%, 4/24/26. | APP-13018436.FP.FTS.B, 24.99%, 4/24/26. | 10419 | 10502 | APP-10063830.FP.FTS.B, 15.99%, 8/16/26. | 40415 | 40947 |
| APP-12859987.FP.FTS.B, 14.74%, 4/26/26. | APP-12859987.FP.FTS.B, 14.74%, 4/26/26. | APP-12859987.FP.FTS.B, 14.74%, 4/26/26. | 25583 | 25881 | APP-10194215.FP.FTS.B, 14.24%, 8/17/26. | 1710 | 1708 |
| APP-13060307.FP.FTS.B, 16.99%, 4/28/26. | APP-13060307.FP.FTS.B, 16.99%, 4/28/26. | APP-13060307.FP.FTS.B, 16.99%, 4/28/26. | 14674 | 14879 | APP-10105795.FP.FTS.B, 23.49%, 8/17/26. | 18953 | 19044 |
| APP-12949437.FP.FTS.B, 21.99%, 4/30/26. | APP-12949437.FP.FTS.B, 21.99%, 4/30/26. | APP-12949437.FP.FTS.B, 21.99%, 4/30/26. | 15482 | 15393 | APP-10557980.FP.FTS.B, 19.99%, 9/05/26. | 12342 | 12355 |
| APP-13423683.FP.FTS.B, 9.99%, 5/01/26. | APP-13423683.FP.FTS.B, 9.99%, 5/01/26. | APP-13423683.FP.FTS.B, 9.99%, 5/01/26. | 23655 | 23965 | APP-10060652.FP.FTS.B, 11.99%, 9/12/26. | 10565 | 10702 |
| APP-13441795.FP.FTS.B, 12.74%, 5/01/26. | APP-13441795.FP.FTS.B, 12.74%, 5/01/26. | APP-13441795.FP.FTS.B, 12.74%, 5/01/26. | 26466 | 26753 | APP-10571945.FP.FTS.B, 11.24%, 9/15/26. | 39881 | 40397 |
| APP-13396926.FP.FTS.B, 13.74%, 5/01/26. | APP-13396926.FP.FTS.B, 13.74%, 5/01/26. | APP-13396926.FP.FTS.B, 13.74%, 5/01/26. | 31737 | 31900 | APP-10622378.FP.FTS.B, 13.24%, 9/15/26. | 40138 | 40570 |
| APP-13439922.FP.FTS.B, 16.99%, 5/01/26. | APP-13439922.FP.FTS.B, 16.99%, 5/01/26. | APP-13439922.FP.FTS.B, 16.99%, 5/01/26. | 14142 | 14262 | APP-10173551.FP.FTS.B, 20.99%, 9/20/26. | 12913 | 13006 |
| APP-13431847.FP.FTS.B, 24.99%, 5/01/26. | APP-13431847.FP.FTS.B, 24.99%, 5/01/26. | APP-13431847.FP.FTS.B, 24.99%, 5/01/26. | 8953 | 8906 | APP-10575217.FP.FTS.B, 18.99%, 9/21/26. | 45386 | 5013 |
| APP-13385444.FP.FTS.B, 19.49%, 5/02/26. | APP-13385444.FP.FTS.B, 19.49%, 5/02/26. | APP-13385444.FP.FTS.B, 19.49%, 5/02/26. | 13254 | 13259 | APP-10198193.FP.FTS.B, 15.49%, 9/25/26. | 16668 | 16702 |
| APP-14385374.FP.FTS.B, 19.49%, 5/03/26. | APP-14385374.FP.FTS.B, 19.49%, 5/03/26. | APP-14385374.FP.FTS.B, 19.49%, 5/03/26. | 9347 | 9362 | APP-10135684.FP.FTS.B, 17.49%, 9/28/26. | 25797 | 26248 |
| APP-13431225.FP.FTS.B, 16.99%, 5/04/26. | APP-13431225.FP.FTS.B, 16.99%, 5/04/26. | APP-13431225.FP.FTS.B, 16.99%, 5/04/26. | 14764 | 14854 | APP-10139262.FP.FTS.B, 18.99%, 9/28/26. | 16835 | 17085 |
| APP-13429002.FP.FTS.B, 8.24%, 5/10/26. | APP-13429002.FP.FTS.B, 8.24%, 5/10/26. | APP-13429002.FP.FTS.B, 8.24%, 5/10/26. | 15440 | 15667 | APP-10190160.FP.FTS.B, 18.99%, 9/28/26. | 8797 | 8916 |
| APP-14157241.FP.FTS.B, 12.34%, 5/10/26. | APP-14157241.FP.FTS.B, 12.34%, 5/10/26. | APP-14157241.FP.FTS.B, 12.34%, 5/10/26. | 12998 | 1401 | APP-10148097.FP.FTS.B, 11.24%, 9/29/26. | 35538 | 36147 |
| APP-13628390.FP.FTS.B, 19.99%, 5/11/26. | APP-13628390.FP.FTS.B, 19.99%, 5/11/26. | APP-13628390.FP.FTS.B, 19.99%, 5/11/26. | 12544 | 12590 | APP-10202521.FP.FTS.B, 21.49%, 9/30/26. | 12699 | 12652 |
| APP-13649172.FP.FTS.B, 13.49%, 5/12/26. | APP-13649172.FP.FTS.B, 13.49%, 5/12/26. | APP-13649172.FP.FTS.B, 13.49%, 5/12/26. | 17370 | 17573 | APP-10762836.FP.FTS.B, 15.49%, |  |  |
| APP-13657810.FP.FTS.B, 18.99%, 5/12/26. | APP-13657810.FP.FTS.B, 18.99%, 5/12/26. | APP-13657810.FP.FTS.B, 18.99%, 5/12/26. | 22034 | 22038 | 10/03/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 41,290 | 10/03/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 41,290 | 41663 |
| APP-13386894.FP.FTS.B, 7.99%, 5/14/26. | APP-13386894.FP.FTS.B, 7.99%, 5/14/26. | APP-13386894.FP.FTS.B, 7.99%, 5/14/26. | 21450 | 21783 | APP-10769538.FP.FTS.B, 17.99%, |  |  |
| APP-13441691.FP.FTS.B, 17.99%, 5/14/26. | APP-13441691.FP.FTS.B, 17.99%, 5/14/26. | APP-13441691.FP.FTS.B, 17.99%, 5/14/26. | 18293 | 18412 | &nbsp;&nbsp;&nbsp;&nbsp;10/09/26.. . . . . . . . . . . . . . . . . . . . . . . . . . | 22868 | 22995 |
| APP-13431194.FP.FTS.B, 18.49%, 5/14/26. | APP-13431194.FP.FTS.B, 18.49%, 5/14/26. | APP-13431194.FP.FTS.B, 18.49%, 5/14/26. | 19539 | 19601 |  |  |  |
| 50 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 50 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |  |
| APP-10767341.FP.FTS.B, 18.99%, |  |  | APP-10991025.FP.FTS.B, 19.49%, |  |  |  |
| 10/09/26.. . . . . . . . . . . . . . . . . . . . . . . . . . $ | 8722 | $8753 | 12/05/26.. . . . . . . . . . . . . . . . . . . . . . . . . . $11,519 | 12/05/26.. . . . . . . . . . . . . . . . . . . . . . . . . . $11,519 | $11474 | 11474 |
| APP-11037126.FP.FTS.B, 17.99%, 10/18/26. | 8948 | 9017 | APP-11761943.FP.FTS.B, 13.99%, 12/07/26. | 37981 | 38265 | 38265 |
| APP-11034210.FP.FTS.B, 22.49%, 10/19/26. | 10817 | 1098 | APP-10623318.FP.FTS.B, 23.49%, |  |  |  |
| APP-10515203.FP.FTS.B, 16.99%, |  |  | 12/09/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 19,971 | 12/09/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 19,971 | 19873 | 19873 |
| 10/21/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 14,813 | 10/21/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 14,813 | 14998 | APP-10885683.FP.FTS.B, 18.99%, |  |  |  |
| APP-10412146.FP.FTS.B, 20.49%, |  |  | 12/13/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,434 | 12/13/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,434 | 15480 | 15480 |
| 10/21/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,855 | 10/21/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,855 | 21072 | APP-10997848.FP.FTS.B, 20.49%, |  |  |  |
| APP-10610237.FP.FTS.B, 11.99%, 10/25/26. | 11228 | 11388 | 12/13/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 17,395 | 12/13/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 17,395 | 17352 | 17352 |
| APP-10188481.FP.FTS.B, 20.49%, |  |  | APP-11035966.FP.FTS.B, 21.99%, 12/13/26. | 7068 | 7074 | 7074 |
| 10/25/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,831 | 10/25/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,831 | 4416 | APP-11013908.FP.FTS.B, 22.49%, 12/13/26. | 8558 | 790 | 790 |
| APP-10083650.FP.FTS.B, 12.49%, |  |  | APP-10916888.FP.FTS.B, 11.99%, 12/14/26. | 13285 | 13480 | 13480 |
| 10/26/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 32,176 | 10/26/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 32,176 | 32643 | APP-11025771.FP.FTS.B, 11.99%, 12/14/26. | 21306 | 21619 | 21619 |
| APP-10583794.FP.FTS.B, 17.49%, |  |  | APP-10839290.FP.FTS.B, 16.99%, |  |  |  |
| 10/28/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,429 | 10/28/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,429 | 12587 | 12/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 16,249 | 12/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 16,249 | 5150 | 5150 |
| APP-10482503.FP.FTS.B, 17.99%, |  |  | APP-10969694.FP.FTS.B, 19.49%, |  |  |  |
| 10/28/26.. . . . . . . . . . . . . . . . . . . . . . . . . . | 6753 | 6810 | 12/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,897 | 12/14/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 18,897 | 18493 | 18493 |
| APP-11040439.FP.FTS.B, 25.49%, 10/28/26. | 8612 | 8667 | APP-11007128.FP.FTS.B, 22.99%, 12/14/26. | 15520 | 1859 | 1859 |
| APP-10607213.FP.FTS.B, 16.49%, |  |  | APP-11033966.FP.FTS.B, 22.99%, 12/14/26. | 13171 | 13111 | 13111 |
| 10/29/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,901 | 10/29/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,901 | 13078 | APP-11743320.FP.FTS.B, 13.24%, 12/17/26. | 17818 | 18022 | 18022 |
| APP-11029842.FP.FTS.B, 11.99%, 10/30/26. | 25739 | 26124 | APP-11605894.FP.FTS.B, 11.24%, 12/21/26. | 14326 | 14518 | 14518 |
| APP-11019733.FP.FTS.B, 13.24%, 10/30/26. | 41528 | 42022 | APP-11737338.FP.FTS.B, 13.24%, 12/22/26. | 26177 | 26508 | 26508 |
| APP-11029798.FP.FTS.B, 17.49%, 10/30/26. | 17005 | 17223 | APP-11755185.FP.FTS.B, 10.99%, 12/23/26. | 25235 | 25593 | 25593 |
| APP-11036737.FP.FTS.B, 18.99%, 10/30/26. | 8615 | 8610 | APP-11751486.FP.FTS.B, 11.24%, 12/23/26. | 15991 | 16217 | 16217 |
| APP-10547265.FP.FTS.B, 22.49%, |  |  | APP-09447197.FP.FTS.B, 13.49%, |  |  |  |
| 10/31/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 25,863 | 10/31/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 25,863 | 26162 | 12/23/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,909 | 12/23/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 12,909 | 13081 | 13081 |
| APP-10567055.FP.FTS.B, 13.24%, 11/01/26. | 41300 | 41874 | APP-11662515.FP.FTS.B, 14.24%, 12/23/26. | 12110 | 12274 | 12274 |
| APP-10597275.FP.FTS.B, 14.49%, 11/01/26. | 9118 | 9218 | APP-09645128.FP.FTS.B, 15.49%, |  |  |  |
| APP-10582415.FP.FTS.B, 13.24%, 11/02/26. | 41321 | 41893 | 12/23/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 43,451 | 12/23/26.. . . . . . . . . . . . . . . . . . . . . . . . . . 43,451 | 44006 | 44006 |
| APP-10561574.FP.FTS.B, 14.74%, 11/02/26. | 23066 | 23363 | APP-11609592.FP.FTS.B, 14.74%, 12/24/26. | 34069 | 34489 | 34489 |
| APP-10569042.FP.FTS.B, 19.99%, 11/03/26. | 12991 | 12932 | APP-11788646.FP.FTS.B, 15.24%, 12/29/26. | 32675 | 33017 | 33017 |
| APP-10539195.FP.FTS.B, 11.99%, 11/04/26. | 12328 | 12502 | APP-11822223.FP.FTS.B, 10.99%, 12/30/26. | 18525 | 18796 | 18796 |
| APP-10590862.FP.FTS.B, 11.99%, 11/05/26. | 15857 | 16063 | APP-11806677.FP.FTS.B, 11.74%, 12/30/26. | 36191 | 36722 | 36722 |
| APP-10599539.FP.FTS.B, 13.24%, 11/05/26. | 38370 | 38872 | APP-11815677.FP.FTS.B, 13.74%, 12/30/26. | 23244 | 23592 | 23592 |
| APP-10551512.FP.FTS.B, 17.99%, 11/05/26. | 18712 | 18800 | APP-11820229.FP.FTS.B, 17.49%, 12/30/26. | 12736 | 12712 | 12712 |
| APP-10552003.FP.FTS.B, 20.49%, 11/05/26. | 17332 | 17277 | APP-11800117.FP.FTS.B, 19.99%, 12/30/26. | 12366 | 12429 | 12429 |
| APP-10453183.FP.FTS.B, 17.49%, 11/07/26. | 33737 | 34122 | APP-11810505.FP.FTS.B, 21.24%, 12/30/26. | 22151 | 22226 | 22226 |
| APP-10551248.FP.FTS.B, 16.99%, 11/08/26. | 19496 | 19726 | APP-11804177.FP.FTS.B, 21.99%, 12/30/26. | 27146 | 27284 | 27284 |
| APP-10623552.FP.FTS.B, 18.99%, 11/09/26. | 21267 | 21333 | APP-12216140.FP.FTS.B, 11.74%, 1/25/27. | 42830 | 43431 | 43431 |
| APP-10770659.FP.FTS.B, 21.49%, 11/10/26. | 18571 | 18567 | APP-11753872.FP.FTS.B, 13.24%, 1/25/27. | 19544 | 19808 | 19808 |
| APP-10781246.FP.FTS.B, 14.24%, 11/15/26. | 13305 | 13477 | APP-12235988.FP.FTS.B, 18.24%, 1/25/27. | 31608 | 31772 | 31772 |
| APP-10773777.FP.FTS.B, 16.99%, 11/15/26. | 16750 | 16945 | APP-12234684.FP.FTS.B, 16.74%, 1/26/27. | 43606 | 44151 | 44151 |
| APP-10776520.FP.FTS.B, 20.49%, 11/15/26. | 21451 | 21528 | APP-12251446.FP.FTS.B, 13.74%, 1/27/27. | 4657 | 4676 | 4676 |
| APP-10692390.FP.FTS.B, 16.49%, 11/16/26. | 12608 | 12793 | APP-12242133.FP.FTS.B, 22.99%, 1/27/27. | 13598 | 13580 | 13580 |
| APP-10787763.FP.FTS.B, 21.99%, 11/16/26. | 19803 | 19762 | APP-11654600.FP.FTS.B, 10.49%, 1/28/27. | 33647 | 34153 | 34153 |
| APP-10783279.FP.FTS.B, 14.99%, 11/17/26. | 550 | 549 | APP-11752574.FP.FTS.B, 18.24%, 1/28/27. | 43406 | 43670 | 43670 |
| APP-10681978.FP.FTS.B, 23.49%, 11/19/26. | 43520 | 43484 | APP-12243752.FP.FTS.B, 19.99%, 1/28/27. | 15424 | 15493 | 15493 |
| APP-10780121.FP.FTS.B, 11.99%, 11/21/26. | 15876 | 16117 | APP-11704828.FP.FTS.B, 17.49%, 1/31/27. | 10505 | 10598 | 10598 |
| APP-10779675.FP.FTS.B, 21.49%, 11/21/26. | 14506 | 14551 | APP-11687955.FP.FTS.B, 12.49%, 2/01/27. | 34524 | 34977 | 34977 |
| APP-10684831.FP.FTS.B, 11.99%, 11/22/26. | 12967 | 13170 | APP-11716631.FP.FTS.B, 15.49%, 2/02/27. | 40435 | 20556 | 20556 |
| APP-10756900.FP.FTS.B, 16.99%, 11/22/26. | 16829 | 16967 | APP-11762185.FP.FTS.B, 18.99%, 2/02/27. | 13269 | 13236 | 13236 |
| APP-10770156.FP.FTS.B, 16.99%, 11/22/26. | 15146 | 15368 | APP-11799569.FP.FTS.B, 19.99%, 2/02/27. | 9590 | 9557 | 9557 |
| APP-10760354.FP.FTS.B, 11.99%, 11/23/26. | 16422 | 16683 | APP-11730595.FP.FTS.B, 11.99%, 2/04/27. | 22501 | 22803 | 22803 |
| APP-10508033.FP.FTS.B, 17.49%, 11/23/26. | 26158 | 26557 | APP-11678946.FP.FTS.B, 14.49%, 2/04/27. | 13939 | 14083 | 14083 |
| APP-10780937.FP.FTS.B, 16.49%, 11/24/26. | 6640 | 6750 | APP-11689702.FP.FTS.B, 10.49%, 2/05/27. | 33497 | 33941 | 33941 |
| APP-10683512.FP.FTS.B, 22.99%, 11/25/26. | 36959 | 36895 | APP-11748155.FP.FTS.B, 14.24%, 2/05/27. | 30307 | 30630 | 30630 |
| APP-11035733.FP.FTS.B, 17.49%, 12/02/26. | 26013 | 26208 | APP-11693799.FP.FTS.B, 16.99%, 2/05/27. | 13222 | 13205 | 13205 |
|  |  |  | APP-11737819.FP.FTS.B, 17.49%, 2/05/27. | 18523 | 18444 | 18444 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 51 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 51 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-11750215.FP.FTS.B, 18.24%, 2/05/27. $30,815 | APP-11750215.FP.FTS.B, 18.24%, 2/05/27. $30,815 | APP-11750215.FP.FTS.B, 18.24%, 2/05/27. $30,815 | APP-11750215.FP.FTS.B, 18.24%, 2/05/27. $30,815 | $30789 | APP-12132131.FP.FTS.B, 19.49%, 3/13/27. $19,023 | APP-12132131.FP.FTS.B, 19.49%, 3/13/27. $19,023 | $19015 |
| APP-11693943.FP.FTS.B, 10.99%, 2/06/27. | APP-11693943.FP.FTS.B, 10.99%, 2/06/27. | APP-11693943.FP.FTS.B, 10.99%, 2/06/27. | 31737 | 32174 | APP-13060467.FP.FTS.B, 11.74%, 3/15/27. | 44218 | 44779 |
| APP-11673308.FP.FTS.B, 17.49%, 2/06/27. | APP-11673308.FP.FTS.B, 17.49%, 2/06/27. | APP-11673308.FP.FTS.B, 17.49%, 2/06/27. | 32076 | 3465 | APP-13155858.FP.FTS.B, 10.99%, 3/16/27. | 19315 | 19562 |
| APP-11771449.FP.FTS.B, 9.74%, 2/10/27.. | APP-11771449.FP.FTS.B, 9.74%, 2/10/27.. | APP-11771449.FP.FTS.B, 9.74%, 2/10/27.. | 42701 | 43287 | APP-13442368.FP.FTS.B, 11.49%, 3/16/27. | 14778 | 14921 |
| APP-11799619.FP.FTS.B, 17.99%, 2/11/27. | APP-11799619.FP.FTS.B, 17.99%, 2/11/27. | APP-11799619.FP.FTS.B, 17.99%, 2/11/27. | 20142 | 20031 | APP-13061057.FP.FTS.B, 13.49%, 3/16/27. | 15020 | 15192 |
| APP-11806403.FP.FTS.B, 19.99%, 2/11/27. | APP-11806403.FP.FTS.B, 19.99%, 2/11/27. | APP-11806403.FP.FTS.B, 19.99%, 2/11/27. | 18687 | 18591 | APP-13093148.FP.FTS.B, 19.74%, 3/16/27. | 36042 | 35890 |
| APP-11443313.FP.FTS.B, 9.99%, 2/12/27.. | APP-11443313.FP.FTS.B, 9.99%, 2/12/27.. | APP-11443313.FP.FTS.B, 9.99%, 2/12/27.. | 22043 | 22358 | APP-13253640.FP.FTS.B, 11.24%, 3/20/27. | 14080 | 14245 |
| APP-11694094.FP.FTS.B, 11.24%, 2/12/27. | APP-11694094.FP.FTS.B, 11.24%, 2/12/27. | APP-11694094.FP.FTS.B, 11.24%, 2/12/27. | 12263 | 12458 | APP-13438480.FP.FTS.B, 15.49%, 3/21/27. | 12909 | 12963 |
| APP-11796213.FP.FTS.B, 11.24%, 2/12/27. | APP-11796213.FP.FTS.B, 11.24%, 2/12/27. | APP-11796213.FP.FTS.B, 11.24%, 2/12/27. | 30018 | 30416 | APP-13416800.FP.FTS.B, 16.24%, 3/22/27. | 31553 | 31846 |
| APP-11801268.FP.FTS.B, 11.24%, 2/12/27. | APP-11801268.FP.FTS.B, 11.24%, 2/12/27. | APP-11801268.FP.FTS.B, 11.24%, 2/12/27. | 21502 | 21787 | APP-13323349.FP.FTS.B, 16.49%, 3/25/27. | 13024 | 13161 |
| APP-11816991.FP.FTS.B, 16.24%, 2/12/27. | APP-11816991.FP.FTS.B, 16.24%, 2/12/27. | APP-11816991.FP.FTS.B, 16.24%, 2/12/27. | 26333 | 26666 | APP-13430153.FP.FTS.B, 20.49%, 3/25/27. | 17415 | 17415 |
| APP-11799428.FP.FTS.B, 19.99%, 2/12/27. | APP-11799428.FP.FTS.B, 19.99%, 2/12/27. | APP-11799428.FP.FTS.B, 19.99%, 2/12/27. | 24796 | 24781 | APP-13207096.FP.FTS.B, 19.49%, 3/26/27. | 16234 | 16231 |
| APP-11813343.FP.FTS.B, 11.74%, 2/13/27. | APP-11813343.FP.FTS.B, 11.74%, 2/13/27. | APP-11813343.FP.FTS.B, 11.74%, 2/13/27. | 43113 | 43765 | APP-13345325.FP.FTS.B, 19.99%, 3/26/27. | 25899 | 25843 |
| APP-11804818.FP.FTS.B, 14.99%, 2/13/27. | APP-11804818.FP.FTS.B, 14.99%, 2/13/27. | APP-11804818.FP.FTS.B, 14.99%, 2/13/27. | 17478 | 17545 | APP-12758882.FP.FTS.B, 13.24%, 3/27/27. | 27897 | 3147 |
| APP-11790590.FP.FTS.B, 17.74%, 2/13/27. | APP-11790590.FP.FTS.B, 17.74%, 2/13/27. | APP-11790590.FP.FTS.B, 17.74%, 2/13/27. | 26480 | 26461 | APP-12782877.FP.FTS.B, 8.49%, 3/28/27. | 25734 | 26092 |
| APP-11814239.FP.FTS.B, 17.74%, 2/13/27. | APP-11814239.FP.FTS.B, 17.74%, 2/13/27. | APP-11814239.FP.FTS.B, 17.74%, 2/13/27. | 34458 | 34303 | APP-12799003.FP.FTS.B, 10.99%, 3/28/27. | 17370 | 17607 |
| APP-12801776.FP.FTS.B, 18.49%, 2/15/27. | APP-12801776.FP.FTS.B, 18.49%, 2/15/27. | APP-12801776.FP.FTS.B, 18.49%, 2/15/27. | 22573 | 22528 | APP-12544474.FP.FTS.B, 14.24%, 3/28/27. | 32237 | 32604 |
| APP-12796607.FP.FTS.B, 17.74%, 2/16/27. | APP-12796607.FP.FTS.B, 17.74%, 2/16/27. | APP-12796607.FP.FTS.B, 17.74%, 2/16/27. | 29014 | 28873 | APP-12778979.FP.FTS.B, 16.24%, 3/28/27. | 26500 | 26643 |
| APP-12770843.FP.FTS.B, 18.24%, 2/17/27. | APP-12770843.FP.FTS.B, 18.24%, 2/17/27. | APP-12770843.FP.FTS.B, 18.24%, 2/17/27. | 35295 | 35266 | APP-12781429.FP.FTS.B, 17.74%, 3/28/27. | 31822 | 31936 |
| APP-12797866.FP.FTS.B, 19.99%, 2/17/27. | APP-12797866.FP.FTS.B, 19.99%, 2/17/27. | APP-12797866.FP.FTS.B, 19.99%, 2/17/27. | 12405 | 12337 | APP-12771953.FP.FTS.B, 18.49%, 3/28/27. | 18231 | 18321 |
| APP-12779435.FP.FTS.B, 10.49%, 2/18/27. | APP-12779435.FP.FTS.B, 10.49%, 2/18/27. | APP-12779435.FP.FTS.B, 10.49%, 2/18/27. | 26994 | 27289 | APP-13375770.FP.FTS.B, 19.24%, 3/28/27. | 19428 | 19438 |
| APP-12543838.FP.FTS.B, 15.49%, 2/18/27. | APP-12543838.FP.FTS.B, 15.49%, 2/18/27. | APP-12543838.FP.FTS.B, 15.49%, 2/18/27. | 25746 | 25896 | APP-13370208.FP.FTS.B, 19.74%, 3/28/27. | 27111 | 27164 |
| APP-12799283.FP.FTS.B, 18.99%, 2/18/27. | APP-12799283.FP.FTS.B, 18.99%, 2/18/27. | APP-12799283.FP.FTS.B, 18.99%, 2/18/27. | 23440 | 23507 | APP-12776325.FP.FTS.B, 19.99%, 3/28/27. | 22330 | 22353 |
| APP-12784633.FP.FTS.B, 22.99%, 2/21/27. | APP-12784633.FP.FTS.B, 22.99%, 2/21/27. | APP-12784633.FP.FTS.B, 22.99%, 2/21/27. | 15965 | 15830 | APP-12675415.FP.FTS.B, 20.24%, 3/28/27. | 38121 | 38205 |
| APP-12677509.FP.FTS.B, 8.49%, 2/22/27. | APP-12677509.FP.FTS.B, 8.49%, 2/22/27. | APP-12677509.FP.FTS.B, 8.49%, 2/22/27. | 27138 | 27482 | APP-12758093.FP.FTS.B, 8.99%, 3/29/27. | 17268 | 17513 |
| APP-12595724.FP.FTS.B, 25.49%, 2/22/27. | APP-12595724.FP.FTS.B, 25.49%, 2/22/27. | APP-12595724.FP.FTS.B, 25.49%, 2/22/27. | 6891 | 6844 | APP-12767372.FP.FTS.B, 10.99%, 3/29/27. | 17777 | 18024 |
| APP-12686049.FP.FTS.B, 19.99%, 2/23/27. | APP-12686049.FP.FTS.B, 19.99%, 2/23/27. | APP-12686049.FP.FTS.B, 19.99%, 2/23/27. | 13759 | 13741 | APP-12779388.FP.FTS.B, 10.99%, 3/29/27. | 34752 | 35237 |
| APP-12792566.FP.FTS.B, 16.49%, 2/25/27. | APP-12792566.FP.FTS.B, 16.49%, 2/25/27. | APP-12792566.FP.FTS.B, 16.49%, 2/25/27. | 13572 | 13707 | APP-12791753.FP.FTS.B, 10.99%, 3/29/27. | 23797 | 24128 |
| APP-12793802.FP.FTS.B, 16.74%, 2/25/27. | APP-12793802.FP.FTS.B, 16.74%, 2/25/27. | APP-12793802.FP.FTS.B, 16.74%, 2/25/27. | 36598 | 36804 | APP-12784176.FP.FTS.B, 11.24%, 3/29/27. | 30961 | 31356 |
| APP-12769457.FP.FTS.B, 17.99%, 2/25/27. | APP-12769457.FP.FTS.B, 17.99%, 2/25/27. | APP-12769457.FP.FTS.B, 17.99%, 2/25/27. | 17727 | 17725 | APP-12798277.FP.FTS.B, 13.24%, 3/29/27. | 20007 | 20256 |
| APP-12709469.FP.FTS.B, 19.99%, 2/25/27. | APP-12709469.FP.FTS.B, 19.99%, 2/25/27. | APP-12709469.FP.FTS.B, 19.99%, 2/25/27. | 14137 | 3022 | APP-12795625.FP.FTS.B, 13.49%, 3/29/27. | 17347 | 17572 |
| APP-12883181.FP.FTS.B, 8.99%, 2/28/27. | APP-12883181.FP.FTS.B, 8.99%, 2/28/27. | APP-12883181.FP.FTS.B, 8.99%, 2/28/27. | 30281 | 30628 | APP-12674361.FP.FTS.B, 15.24%, 3/29/27. | 33556 | 33798 |
| APP-12819064.FP.FTS.B, 10.99%, 2/28/27. | APP-12819064.FP.FTS.B, 10.99%, 2/28/27. | APP-12819064.FP.FTS.B, 10.99%, 2/28/27. | 35281 | 35681 | APP-12732901.FP.FTS.B, 16.49%, 3/29/27. | 25815 | 2769 |
| APP-12226459.FP.FTS.B, 19.99%, 2/28/27. | APP-12226459.FP.FTS.B, 19.99%, 2/28/27. | APP-12226459.FP.FTS.B, 19.99%, 2/28/27. | 18339 | 4057 | APP-12802958.FP.FTS.B, 16.49%, 3/29/27. | 22024 | 22147 |
| APP-12793590.FP.FTS.B, 19.99%, 2/28/27. | APP-12793590.FP.FTS.B, 19.99%, 2/28/27. | APP-12793590.FP.FTS.B, 19.99%, 2/28/27. | 19710 | 19744 | APP-13402497.FP.FTS.B, 16.49%, 3/29/27. | 17938 | 18055 |
| APP-13022008.FP.FTS.B, 10.99%, 3/01/27. | APP-13022008.FP.FTS.B, 10.99%, 3/01/27. | APP-13022008.FP.FTS.B, 10.99%, 3/01/27. | 33441 | 33785 | APP-12281515.FP.FTS.B, 17.49%, 3/29/27. | 13576 | 13668 |
| APP-12800786.FP.FTS.B, 11.24%, 3/01/27. | APP-12800786.FP.FTS.B, 11.24%, 3/01/27. | APP-12800786.FP.FTS.B, 11.24%, 3/01/27. | 18196 | 18401 | APP-12802206.FP.FTS.B, 17.74%, 3/29/27. | 45074 | 45306 |
| APP-13018059.FP.FTS.B, 12.99%, 3/01/27. | APP-13018059.FP.FTS.B, 12.99%, 3/01/27. | APP-13018059.FP.FTS.B, 12.99%, 3/01/27. | 10585 | 10675 | APP-13389764.FP.FTS.B, 17.74%, 3/29/27. | 26987 | 27118 |
| APP-12814994.FP.FTS.B, 13.74%, 3/01/27. | APP-12814994.FP.FTS.B, 13.74%, 3/01/27. | APP-12814994.FP.FTS.B, 13.74%, 3/01/27. | 8896 | 8997 | APP-12794031.FP.FTS.B, 18.99%, 3/29/27. | 15092 | 15150 |
| APP-12846368.FP.FTS.B, 19.99%, 3/01/27. | APP-12846368.FP.FTS.B, 19.99%, 3/01/27. | APP-12846368.FP.FTS.B, 19.99%, 3/01/27. | 18175 | 17959 | APP-12801049.FP.FTS.B, 18.99%, 3/29/27. | 9634 | 9698 |
| APP-12932776.FP.FTS.B, 16.49%, 3/02/27. | APP-12932776.FP.FTS.B, 16.49%, 3/02/27. | APP-12932776.FP.FTS.B, 16.49%, 3/02/27. | 11463 | 11509 | APP-12585741.FP.FTS.B, 19.99%, 3/29/27. | 11058 | 11056 |
| APP-12869957.FP.FTS.B, 25.49%, 3/02/27. | APP-12869957.FP.FTS.B, 25.49%, 3/02/27. | APP-12869957.FP.FTS.B, 25.49%, 3/02/27. | 9381 | 3200 | APP-12785988.FP.FTS.B, 19.99%, 3/29/27. | 24391 | 2822 |
| APP-12859823.FP.FTS.B, 17.99%, 3/03/27. | APP-12859823.FP.FTS.B, 17.99%, 3/03/27. | APP-12859823.FP.FTS.B, 17.99%, 3/03/27. | 9013 | 9081 | APP-13251661.FP.FTS.B, 20.24%, 3/29/27. | 24452 | 24488 |
| APP-12243437.FP.FTS.B, 11.24%, 3/04/27. | APP-12243437.FP.FTS.B, 11.24%, 3/04/27. | APP-12243437.FP.FTS.B, 11.24%, 3/04/27. | 27901 | 28217 | APP-12795571.FP.FTS.B, 22.49%, 3/29/27. | 32404 | 32407 |
| APP-13044112.FP.FTS.B, 9.74%, 3/05/27.. | APP-13044112.FP.FTS.B, 9.74%, 3/05/27.. | APP-13044112.FP.FTS.B, 9.74%, 3/05/27.. | 43801 | 44251 | APP-12798313.FP.FTS.B, 22.49%, 3/29/27. | 34325 | 22124 |
| APP-12244716.FP.FTS.B, 19.99%, 3/05/27. | APP-12244716.FP.FTS.B, 19.99%, 3/05/27. | APP-12244716.FP.FTS.B, 19.99%, 3/05/27. | 22271 | 22086 | APP-13009028.FP.FTS.B, 10.99%, 3/30/27. | 21793 | 22049 |
| APP-12116704.FP.FTS.B, 11.74%, 3/06/27. | APP-12116704.FP.FTS.B, 11.74%, 3/06/27. | APP-12116704.FP.FTS.B, 11.74%, 3/06/27. | 39514 | 40051 | APP-12577391.FP.FTS.B, 11.74%, 3/30/27. | 44248 | 44870 |
| APP-12234254.FP.FTS.B, 11.24%, 3/10/27. | APP-12234254.FP.FTS.B, 11.24%, 3/10/27. | APP-12234254.FP.FTS.B, 11.24%, 3/10/27. | 13570 | 13769 | APP-13055453.FP.FTS.B, 13.24%, 3/30/27. | 31560 | 31883 |
| APP-12228505.FP.FTS.B, 17.99%, 3/10/27. | APP-12228505.FP.FTS.B, 17.99%, 3/10/27. | APP-12228505.FP.FTS.B, 17.99%, 3/10/27. | 20337 | 20283 | APP-13421220.FP.FTS.B, 14.49%, 3/30/27. | 19024 | 19176 |
| APP-12213150.FP.FTS.B, 18.49%, 3/10/27. | APP-12213150.FP.FTS.B, 18.49%, 3/10/27. | APP-12213150.FP.FTS.B, 18.49%, 3/10/27. | 10984 | 10987 | APP-13403231.FP.FTS.B, 16.74%, 3/30/27. | 28717 | 28951 |
| APP-12231685.FP.FTS.B, 19.74%, 3/10/27. | APP-12231685.FP.FTS.B, 19.74%, 3/10/27. | APP-12231685.FP.FTS.B, 19.74%, 3/10/27. | 36775 | 21786 | APP-13418445.FP.FTS.B, 17.74%, 3/30/27. | 46937 | 46931 |
| APP-12243221.FP.FTS.B, 8.49%, 3/11/27.. | APP-12243221.FP.FTS.B, 8.49%, 3/11/27.. | APP-12243221.FP.FTS.B, 8.49%, 3/11/27.. | 25940 | 26304 | APP-13416410.FP.FTS.B, 18.49%, 3/30/27. | 10964 | 10915 |
| APP-12233502.FP.FTS.B, 16.49%, 3/11/27. | APP-12233502.FP.FTS.B, 16.49%, 3/11/27. | APP-12233502.FP.FTS.B, 16.49%, 3/11/27. | 22346 | 22634 | APP-13413205.FP.FTS.B, 22.99%, 3/30/27. | 12514 | 12503 |
| APP-12232207.FP.FTS.B, 18.99%, 3/11/27. | APP-12232207.FP.FTS.B, 18.99%, 3/11/27. | APP-12232207.FP.FTS.B, 18.99%, 3/11/27. | 15648 | 15671 | APP-13405408.FP.FTS.B, 23.24%, 3/30/27. | 18843 | 18546 |
| APP-12249171.FP.FTS.B, 13.49%, 3/12/27. | APP-12249171.FP.FTS.B, 13.49%, 3/12/27. | APP-12249171.FP.FTS.B, 13.49%, 3/12/27. | 15975 | 16232 | APP-12674154.FP.FTS.B, 14.99%, 3/31/27. | 17316 | 17440 |
| APP-12250129.FP.FTS.B, 17.74%, 3/12/27. | APP-12250129.FP.FTS.B, 17.74%, 3/12/27. | APP-12250129.FP.FTS.B, 17.74%, 3/12/27. | 27963 | 27916 | APP-13630932.FP.FTS.B, 11.84%, 4/01/27. | 14123 | 14240 |
| APP-12042791.FP.FTS.B, 18.74%, 3/12/27. | APP-12042791.FP.FTS.B, 18.74%, 3/12/27. | APP-12042791.FP.FTS.B, 18.74%, 3/12/27. | 45427 | 45493 | APP-12638350.FP.FTS.B, 13.24%, 4/01/27. | 22236 | 22449 |
| APP-12139430.FP.FTS.B, 17.49%, 3/13/27. | APP-12139430.FP.FTS.B, 17.49%, 3/13/27. | APP-12139430.FP.FTS.B, 17.49%, 3/13/27. | 1858 | 1845 | APP-12674905.FP.FTS.B, 13.24%, 4/01/27. | 35087 | 35433 |
| 52 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 52 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-12840175.FP.FTS.B, 15.49%, 4/01/27. $10,705 | APP-12840175.FP.FTS.B, 15.49%, 4/01/27. $10,705 | $10691 |
| APP-12761107.FP.FTS.B, 16.49%, 4/01/27. | 21088 | 20969 |
| APP-12542914.FP.FTS.B, 20.49%, 4/01/27. | 12184 | 11972 |
| APP-12674748.FP.FTS.B, 13.99%, 4/02/27. | 44590 | 45013 |
| APP-12787387.FP.FTS.B, 16.49%, 4/02/27. | 13158 | 13251 |
| APP-12882995.FP.FTS.B, 10.99%, 4/03/27. | 35317 | 35724 |
| APP-12867499.FP.FTS.B, 13.74%, 4/03/27. | 8904 | 9006 |
| APP-12872712.FP.FTS.B, 16.49%, 4/03/27. | 13288 | 13389 |
| APP-12887758.FP.FTS.B, 16.49%, 4/03/27. | 19745 | 19897 |
| APP-12890485.FP.FTS.B, 18.99%, 4/03/27. | 13285 | 13227 |
| APP-12883177.FP.FTS.B, 21.99%, 4/03/27. | 7743 | 4552 |
| APP-12862659.FP.FTS.B, 23.24%, 4/03/27. | 18273 | 17992 |
| APP-12880695.FP.FTS.B, 25.49%, 4/03/27. | 9521 | 3294 |
| APP-12889429.FP.FTS.B, 18.99%, 4/04/27. | 14897 | 8549 |
| APP-12857742.FP.FTS.B, 18.74%, 4/05/27. | 45020 | 44912 |
| APP-12784441.FP.FTS.B, 20.49%, 4/05/27. | 23959 | 23673 |
| APP-12811031.FP.FTS.B, 20.99%, 4/05/27. | 17453 | 17360 |
| APP-13538222.FP.FTS.B, 11.34%, 4/06/27. | 31330 | 31671 |
| APP-12802041.FP.FTS.B, 13.99%, 4/06/27. | 44608 | 45097 |
| APP-13477116.FP.FTS.B, 22.99%, 4/06/27. | 10896 | 6671 |
| APP-13673131.FP.FTS.B, 11.34%, 4/07/27. | 18174 | 18377 |
| APP-11924087.FP.FTS.B, 13.49%, 4/07/27. | 15788 | 15966 |
| APP-12757809.FP.FTS.B, 14.49%, 4/07/27. | 12671 | 12786 |
| APP-12801750.FP.FTS.B, 18.99%, 4/07/27. | 5947 | 5905 |
| APP-12984273.FP.FTS.B, 8.99%, 4/08/27. | 35218 | 35752 |
| APP-12804826.FP.FTS.B, 19.99%, 4/08/27. | 6834 | 6816 |
| APP-12700449.FP.FTS.B, 24.99%, 4/09/27. | 46796 | 46219 |
| APP-12736035.FP.FTS.B, 8.99%, 4/10/27. | 23135 | 23441 |
| APP-12875152.FP.FTS.B, 8.99%, 4/10/27. | 35115 | 35548 |
| APP-12758120.FP.FTS.B, 10.99%, 4/10/27. | 23233 | 23518 |
| APP-13018537.FP.FTS.B, 10.99%, 4/10/27. | 22073 | 22344 |
| APP-12679617.FP.FTS.B, 11.24%, 4/10/27. | 35614 | 36079 |
| APP-12795960.FP.FTS.B, 13.24%, 4/10/27. | 22325 | 22600 |
| APP-12905263.FP.FTS.B, 14.49%, 4/10/27. | 18347 | 5203 |
| APP-12413477.FP.FTS.B, 15.49%, 4/10/27. | 10796 | 10802 |
| APP-12637418.FP.FTS.B, 16.49%, 4/10/27. | 21661 | 21889 |
| APP-12639393.FP.FTS.B, 16.49%, 4/10/27. | 22564 | 22801 |
| APP-12933534.FP.FTS.B, 16.99%, 4/10/27. | 17818 | 17976 |
| APP-12986414.FP.FTS.B, 17.74%, 4/10/27. | 36824 | 36652 |
| APP-12796424.FP.FTS.B, 17.99%, 4/10/27. | 13602 | 13478 |
| APP-12976491.FP.FTS.B, 17.99%, 4/10/27. | 20797 | 20764 |
| APP-13016825.FP.FTS.B, 17.99%, 4/10/27. | 23343 | 23158 |
| APP-13018575.FP.FTS.B, 18.74%, 4/10/27. | 45156 | 45078 |
| APP-12780154.FP.FTS.B, 19.99%, 4/10/27. | 13975 | 4542 |
| APP-12770485.FP.FTS.B, 20.49%, 4/10/27. | 14620 | 14490 |
| APP-13020600.FP.FTS.B, 21.49%, 4/10/27. | 13646 | 13509 |
| APP-12794558.FP.FTS.B, 22.49%, 4/10/27. | 10007 | 2130 |
| APP-12804212.FP.FTS.B, 22.49%, 4/10/27. | 10964 | 10823 |
| APP-12723310.FP.FTS.B, 22.99%, 4/10/27. | 14727 | 14547 |
| APP-12971734.FP.FTS.B, 25.49%, 4/10/27. | 10006 | 9888 |
| APP-13009797.FP.FTS.B, 25.49%, 4/10/27. | 10564 | 10441 |
| APP-12709781.FP.FTS.B, 8.99%, 4/11/27.. | 21125 | 21408 |
| APP-12801468.FP.FTS.B, 11.24%, 4/11/27. | 12270 | 12439 |
| APP-13662283.FP.FTS.B, 11.59%, 4/11/27. | 15951 | 16133 |
| APP-12735907.FP.FTS.B, 11.74%, 4/11/27. | 44441 | 45060 |
| APP-12731627.FP.FTS.B, 13.24%, 4/11/27. | 22568 | 22853 |
| APP-12119588.FP.FTS.B, 13.74%, 4/11/27. | 10495 | 10645 |
| APP-12782592.FP.FTS.B, 16.24%, 4/11/27. | 28875 | 29189 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-12663567.FP.FTS.B, 16.49%, 4/11/27. $25,286 | APP-12663567.FP.FTS.B, 16.49%, 4/11/27. $25,286 | $25562 |
| APP-12795067.FP.FTS.B, 16.74%, 4/11/27. | 33894 | 34035 |
| APP-09096529.FP.FTS.B, 10.49%, 4/12/27. | 26792 | 27166 |
| APP-12870868.FP.FTS.B, 13.24%, 4/12/27. | 27219 | 27573 |
| APP-11872577.FP.FTS.B, 13.99%, 4/12/27. | 39431 | 39949 |
| APP-12780320.FP.FTS.B, 14.99%, 4/12/27. | 16417 | 16603 |
| APP-12794611.FP.FTS.B, 16.49%, 4/12/27. | 24035 | 24308 |
| APP-12674210.FP.FTS.B, 18.99%, 4/12/27. | 14106 | 14099 |
| APP-12789860.FP.FTS.B, 19.74%, 4/12/27. | 38728 | 22914 |
| APP-12675250.FP.FTS.B, 19.99%, 4/12/27. | 23436 | 23383 |
| APP-12792096.FP.FTS.B, 19.99%, 4/12/27. | 18730 | 18584 |
| APP-12793996.FP.FTS.B, 19.99%, 4/12/27. | 28792 | 28573 |
| APP-12543186.FP.FTS.B, 21.49%, 4/12/27. | 13076 | 12950 |
| APP-12674073.FP.FTS.B, 17.49%, 4/13/27. | 26972 | 27033 |
| APP-12119732.FP.FTS.B, 22.49%, 4/13/27. | 9814 | 9819 |
| APP-12819793.FP.FTS.B, 11.24%, 4/14/27. | 12422 | 12605 |
| APP-12933712.FP.FTS.B, 16.99%, 4/14/27. | 15816 | 15821 |
| APP-12634752.FP.FTS.B, 8.49%, 4/15/27. | 26313 | 26668 |
| APP-12601811.FP.FTS.B, 10.49%, 4/15/27. | 26976 | 27331 |
| APP-12847750.FP.FTS.B, 10.49%, 4/15/27. | 26419 | 26813 |
| APP-12840779.FP.FTS.B, 10.99%, 4/15/27. | 35605 | 36141 |
| APP-12880291.FP.FTS.B, 10.99%, 4/15/27. | 23958 | 24316 |
| APP-12884053.FP.FTS.B, 10.99%, 4/15/27. | 22208 | 22541 |
| APP-12886061.FP.FTS.B, 10.99%, 4/15/27. | 22171 | 22502 |
| APP-12890839.FP.FTS.B, 12.99%, 4/15/27. | 10716 | 10867 |
| APP-13049903.FP.FTS.B, 13.49%, 4/15/27. | 14109 | 1509 |
| APP-12889697.FP.FTS.B, 14.49%, 4/15/27. | 20824 | 21082 |
| APP-12838144.FP.FTS.B, 14.74%, 4/15/27. | 27400 | 27494 |
| APP-12879648.FP.FTS.B, 14.99%, 4/15/27. | 7375 | 7395 |
| APP-12872440.FP.FTS.B, 16.49%, 4/15/27. | 10843 | 10860 |
| APP-12851953.FP.FTS.B, 16.74%, 4/15/27. | 41298 | 41841 |
| APP-12861897.FP.FTS.B, 16.99%, 4/15/27. | 13756 | 13778 |
| APP-13062300.FP.FTS.B, 17.49%, 4/15/27. | 14415 | 14429 |
| APP-12885686.FP.FTS.B, 17.99%, 4/15/27. | 10059 | 10194 |
| APP-12863760.FP.FTS.B, 18.49%, 4/15/27. | 12664 | 12689 |
| APP-12674259.FP.FTS.B, 19.99%, 4/15/27. | 9131 | 9119 |
| APP-13008146.FP.FTS.B, 19.99%, 4/15/27. | 13398 | 13376 |
| APP-12967750.FP.FTS.B, 21.24%, 4/15/27. | 22976 | 22806 |
| APP-12867908.FP.FTS.B, 23.24%, 4/15/27. | 25699 | 2836 |
| APP-12780020.FP.FTS.B, 8.99%, 4/16/27. | 28965 | 29337 |
| APP-12801088.FP.FTS.B, 10.99%, 4/16/27. | 23598 | 23957 |
| APP-12831439.FP.FTS.B, 10.99%, 4/16/27. | 31050 | 31523 |
| APP-13011697.FP.FTS.B, 10.99%, 4/16/27. | 11272 | 11402 |
| APP-12540590.FP.FTS.B, 14.49%, 4/16/27. | 26770 | 27111 |
| APP-12845270.FP.FTS.B, 17.74%, 4/16/27. | 36203 | 36377 |
| APP-12863914.FP.FTS.B, 19.49%, 4/16/27. | 15883 | 15790 |
| APP-12779738.FP.FTS.B, 19.74%, 4/16/27. | 37600 | 8024 |
| APP-11924095.FP.FTS.B, 19.99%, 4/16/27. | 22857 | 22858 |
| APP-12774545.FP.FTS.B, 20.49%, 4/16/27. | 17360 | 17297 |
| APP-12848627.FP.FTS.B, 21.99%, 4/16/27. | 9683 | 9688 |
| APP-13157103.FP.FTS.B, 9.24%, 4/17/27. | 13170 | 13343 |
| APP-13103498.FP.FTS.B, 10.99%, 4/17/27. | 24495 | 24849 |
| APP-12889290.FP.FTS.B, 11.24%, 4/17/27. | 6943 | 6981 |
| APP-12779666.FP.FTS.B, 11.49%, 4/17/27. | 15942 | 16143 |
| APP-13061423.FP.FTS.B, 13.24%, 4/17/27. | 20476 | 20717 |
| APP-12883157.FP.FTS.B, 13.74%, 4/17/27. | 9858 | 10020 |
| APP-13151613.FP.FTS.B, 14.99%, 4/17/27. | 18812 | 18869 |
| APP-13153548.FP.FTS.B, 16.24%, 4/17/27. | 35875 | 36238 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 53 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-12800972.FP.FTS.B, 17.49%, 4/17/27. $21,165 | APP-12800972.FP.FTS.B, 17.49%, 4/17/27. $21,165 | APP-12800972.FP.FTS.B, 17.49%, 4/17/27. $21,165 | APP-12800972.FP.FTS.B, 17.49%, 4/17/27. $21,165 | $21340 | APP-13431253.FP.FTS.B, 16.49%, 5/01/27. $20,380 | APP-13431253.FP.FTS.B, 16.49%, 5/01/27. $20,380 | $20547 |
| APP-12861690.FP.FTS.B, 17.74%, 4/17/27. | APP-12861690.FP.FTS.B, 17.74%, 4/17/27. | APP-12861690.FP.FTS.B, 17.74%, 4/17/27. | 35008 | 35004 | APP-13162907.FP.FTS.B, 16.74%, 5/01/27. | 32155 | 32300 |
| APP-13156398.FP.FTS.B, 17.74%, 4/17/27. | APP-13156398.FP.FTS.B, 17.74%, 4/17/27. | APP-13156398.FP.FTS.B, 17.74%, 4/17/27. | 45033 | 45161 | APP-13408703.FP.FTS.B, 16.99%, 5/01/27. | 13129 | 13076 |
| APP-12800643.FP.FTS.B, 19.74%, 4/17/27. | APP-12800643.FP.FTS.B, 19.74%, 4/17/27. | APP-12800643.FP.FTS.B, 19.74%, 4/17/27. | 37024 | 37045 | APP-13430747.FP.FTS.B, 17.49%, 5/01/27. | 14411 | 14386 |
| APP-13158258.FP.FTS.B, 19.99%, 4/17/27. | APP-13158258.FP.FTS.B, 19.99%, 4/17/27. | APP-13158258.FP.FTS.B, 19.99%, 4/17/27. | 11553 | 11500 | APP-13154672.FP.FTS.B, 18.49%, 5/01/27. | 19508 | 19471 |
| APP-12931503.FP.FTS.B, 13.24%, 4/18/27. | APP-12931503.FP.FTS.B, 13.24%, 4/18/27. | APP-12931503.FP.FTS.B, 13.24%, 4/18/27. | 22306 | 22611 | APP-13422992.FP.FTS.B, 18.99%, 5/01/27. | 26547 | 26433 |
| APP-13016462.FP.FTS.B, 20.49%, 4/18/27. | APP-13016462.FP.FTS.B, 20.49%, 4/18/27. | APP-13016462.FP.FTS.B, 20.49%, 4/18/27. | 15968 | 15916 | APP-13060525.FP.FTS.B, 19.49%, 5/01/27. | 16047 | 15949 |
| APP-13061405.FP.FTS.B, 22.24%, 4/18/27. | APP-13061405.FP.FTS.B, 22.24%, 4/18/27. | APP-13061405.FP.FTS.B, 22.24%, 4/18/27. | 24820 | 24618 | APP-13442546.FP.FTS.B, 19.74%, 5/01/27. | 34848 | 34586 |
| APP-13058395.FP.FTS.B, 21.24%, 4/19/27. | APP-13058395.FP.FTS.B, 21.24%, 4/19/27. | APP-13058395.FP.FTS.B, 21.24%, 4/19/27. | 18677 | 18558 | APP-13430284.FP.FTS.B, 19.99%, 5/01/27. | 11011 | 10881 |
| APP-13141094.FP.FTS.B, 10.99%, 4/20/27. | APP-13141094.FP.FTS.B, 10.99%, 4/20/27. | APP-13141094.FP.FTS.B, 10.99%, 4/20/27. | 35356 | 35848 | APP-13430327.FP.FTS.B, 19.99%, 5/01/27. | 9177 | 9137 |
| APP-13083128.FP.FTS.B, 11.24%, 4/20/27. | APP-13083128.FP.FTS.B, 11.24%, 4/20/27. | APP-13083128.FP.FTS.B, 11.24%, 4/20/27. | 19453 | 19702 | APP-13441350.FP.FTS.B, 19.99%, 5/01/27. | 9176 | 9136 |
| APP-13002914.FP.FTS.B, 18.99%, 4/20/27. | APP-13002914.FP.FTS.B, 18.99%, 4/20/27. | APP-13002914.FP.FTS.B, 18.99%, 4/20/27. | 15708 | 15767 | APP-13404981.FP.FTS.B, 21.99%, 5/01/27. | 9305 | 9295 |
| APP-12974063.FP.FTS.B, 19.99%, 4/20/27. | APP-12974063.FP.FTS.B, 19.99%, 4/20/27. | APP-12974063.FP.FTS.B, 19.99%, 4/20/27. | 23631 | 23580 | APP-13420080.FP.FTS.B, 21.99%, 5/01/27. | 31066 | 30630 |
| APP-13009743.FP.FTS.B, 10.99%, 4/22/27. | APP-13009743.FP.FTS.B, 10.99%, 4/22/27. | APP-13009743.FP.FTS.B, 10.99%, 4/22/27. | 18622 | 18915 | APP-13410577.FP.FTS.B, 22.99%, 5/01/27. | 13489 | 13279 |
| APP-12972758.FP.FTS.B, 11.24%, 4/22/27. | APP-12972758.FP.FTS.B, 11.24%, 4/22/27. | APP-12972758.FP.FTS.B, 11.24%, 4/22/27. | 21334 | 21620 | APP-13440761.FP.FTS.B, 22.99%, 5/01/27. | 46445 | 45906 |
| APP-12674727.FP.FTS.B, 13.24%, 4/22/27. | APP-12674727.FP.FTS.B, 13.24%, 4/22/27. | APP-12674727.FP.FTS.B, 13.24%, 4/22/27. | 29583 | 30030 | APP-14247820.FP.FTS.B, 11.34%, 5/02/27. | 22699 | 22932 |
| APP-13149908.FP.FTS.B, 17.99%, 4/22/27. | APP-13149908.FP.FTS.B, 17.99%, 4/22/27. | APP-13149908.FP.FTS.B, 17.99%, 4/22/27. | 22600 | 22630 | APP-13073067.FP.FTS.B, 20.49%, 5/02/27. | 9561 | 9448 |
| APP-12969962.FP.FTS.B, 21.99%, 4/22/27. | APP-12969962.FP.FTS.B, 21.99%, 4/22/27. | APP-12969962.FP.FTS.B, 21.99%, 4/22/27. | 9114 | 9135 | APP-13342784.FP.FTS.B, 21.99%, 5/02/27. | 10608 | 10528 |
| APP-13017812.FP.FTS.B, 16.49%, 4/23/27. | APP-13017812.FP.FTS.B, 16.49%, 4/23/27. | APP-13017812.FP.FTS.B, 16.49%, 4/23/27. | 10117 | 10147 | APP-14384473.FP.FTS.B, 19.99%, 5/03/27. | 10628 | 3359 |
| APP-13020128.FP.FTS.B, 16.74%, 4/23/27. | APP-13020128.FP.FTS.B, 16.74%, 4/23/27. | APP-13020128.FP.FTS.B, 16.74%, 4/23/27. | 40445 | 40636 | APP-14265376.FP.FTS.B, 20.49%, 5/03/27. | 14510 | 14386 |
| APP-12910819.FP.FTS.B, 17.99%, 4/23/27. | APP-12910819.FP.FTS.B, 17.99%, 4/23/27. | APP-12910819.FP.FTS.B, 17.99%, 4/23/27. | 6802 | 6904 | APP-13308191.FP.FTS.B, 16.99%, 5/04/27. | 17606 | 17572 |
| APP-13018067.FP.FTS.B, 18.99%, 4/23/27. | APP-13018067.FP.FTS.B, 18.99%, 4/23/27. | APP-13018067.FP.FTS.B, 18.99%, 4/23/27. | 17316 | 17409 | APP-13389512.FP.FTS.B, 13.24%, 5/05/27. | 18966 | 19182 |
| APP-13010437.FP.FTS.B, 19.74%, 4/23/27. | APP-13010437.FP.FTS.B, 19.74%, 4/23/27. | APP-13010437.FP.FTS.B, 19.74%, 4/23/27. | 29234 | 29221 | APP-13430896.FP.FTS.B, 19.99%, 5/05/27. | 7264 | 4164 |
| APP-12548143.FP.FTS.B, 19.99%, 4/23/27. | APP-12548143.FP.FTS.B, 19.99%, 4/23/27. | APP-12548143.FP.FTS.B, 19.99%, 4/23/27. | 25508 | 25586 | APP-12270573.FP.FTS.B, 10.99%, 5/06/27. | 33234 | 33669 |
| APP-12997870.FP.FTS.B, 19.99%, 4/23/27. | APP-12997870.FP.FTS.B, 19.99%, 4/23/27. | APP-12997870.FP.FTS.B, 19.99%, 4/23/27. | 22198 | 22265 | APP-13301897.FP.FTS.B, 16.49%, 5/06/27. | 11740 | 11712 |
| APP-13016033.FP.FTS.B, 20.24%, 4/23/27. | APP-13016033.FP.FTS.B, 20.24%, 4/23/27. | APP-13016033.FP.FTS.B, 20.24%, 4/23/27. | 46929 | 47151 | APP-13406162.FP.FTS.B, 21.49%, 5/06/27. | 17545 | 1694 |
| APP-12977040.FP.FTS.B, 20.49%, 4/23/27. | APP-12977040.FP.FTS.B, 20.49%, 4/23/27. | APP-12977040.FP.FTS.B, 20.49%, 4/23/27. | 16284 | 16286 | APP-13301831.FP.FTS.B, 15.74%, 5/08/27. | 41676 | 41912 |
| APP-13166600.FP.FTS.B, 21.49%, 4/23/27. | APP-13166600.FP.FTS.B, 21.49%, 4/23/27. | APP-13166600.FP.FTS.B, 21.49%, 4/23/27. | 13202 | 13169 | APP-13311434.FP.FTS.B, 16.49%, 5/08/27. | 13232 | 13363 |
| APP-13028479.FP.FTS.B, 21.74%, 4/23/27. | APP-13028479.FP.FTS.B, 21.74%, 4/23/27. | APP-13028479.FP.FTS.B, 21.74%, 4/23/27. | 23898 | 23851 | APP-13193722.FP.FTS.B, 11.24%, 5/09/27. | 20697 | 20955 |
| APP-12910945.FP.FTS.B, 21.99%, 4/23/27. | APP-12910945.FP.FTS.B, 21.99%, 4/23/27. | APP-12910945.FP.FTS.B, 21.99%, 4/23/27. | 28348 | 28304 | APP-13598758.FP.FTS.B, 18.49%, 5/09/27. | 9121 | 9192 |
| APP-12944703.FP.FTS.B, 22.49%, 4/23/27. | APP-12944703.FP.FTS.B, 22.49%, 4/23/27. | APP-12944703.FP.FTS.B, 22.49%, 4/23/27. | 10297 | 10303 | APP-13641523.FP.FTS.B, 13.59%, 5/10/27. | 22545 | 22784 |
| APP-12725825.FP.FTS.B, 18.49%, 4/24/27. | APP-12725825.FP.FTS.B, 18.49%, 4/24/27. | APP-12725825.FP.FTS.B, 18.49%, 4/24/27. | 26477 | 5820 | APP-12932857.FP.FTS.B, 18.99%, 5/10/27. | 8977 | 9000 |
| APP-12981044.FP.FTS.B, 18.99%, 4/24/27. | APP-12981044.FP.FTS.B, 18.99%, 4/24/27. | APP-12981044.FP.FTS.B, 18.99%, 4/24/27. | 9784 | 965 | APP-12775739.FP.FTS.B, 25.49%, 5/10/27. | 9269 | 9172 |
| APP-12801215.FP.FTS.B, 19.99%, 4/24/27. | APP-12801215.FP.FTS.B, 19.99%, 4/24/27. | APP-12801215.FP.FTS.B, 19.99%, 4/24/27. | 23603 | 23678 | APP-13323183.FP.FTS.B, 18.74%, 5/11/27. | 31614 | 31568 |
| APP-12933688.FP.FTS.B, 19.99%, 4/24/27. | APP-12933688.FP.FTS.B, 19.99%, 4/24/27. | APP-12933688.FP.FTS.B, 19.99%, 4/24/27. | 20585 | 20660 | APP-12412862.FP.FTS.B, 25.49%, 5/11/27. | 10568 | 10459 |
| APP-12911189.FP.FTS.B, 20.49%, 4/24/27. | APP-12911189.FP.FTS.B, 20.49%, 4/24/27. | APP-12911189.FP.FTS.B, 20.49%, 4/24/27. | 15231 | 15231 | APP-13658270.FP.FTS.B, 9.34%, 5/12/27. | 29440 | 29810 |
| APP-11888471.FP.FTS.B, 16.49%, 4/25/27. | APP-11888471.FP.FTS.B, 16.49%, 4/25/27. | APP-11888471.FP.FTS.B, 16.49%, 4/25/27. | 20851 | 21130 | APP-13418718.FP.FTS.B, 16.24%, 5/12/27. | 26311 | 26609 |
| APP-13068321.FP.FTS.B, 18.24%, 4/25/27. | APP-13068321.FP.FTS.B, 18.24%, 4/25/27. | APP-13068321.FP.FTS.B, 18.24%, 4/25/27. | 42057 | 42180 | APP-12412882.FP.FTS.B, 17.74%, 5/12/27. | 29005 | 28940 |
| APP-11022483.FP.FTS.B, 18.99%, 4/25/27. | APP-11022483.FP.FTS.B, 18.99%, 4/25/27. | APP-11022483.FP.FTS.B, 18.99%, 4/25/27. | 7246 | 7291 | APP-13208283.FP.FTS.B, 17.99%, 5/12/27. | 23215 | 13755 |
| APP-13051587.FP.FTS.B, 19.99%, 4/25/27. | APP-13051587.FP.FTS.B, 19.99%, 4/25/27. | APP-13051587.FP.FTS.B, 19.99%, 4/25/27. | 7720 | 7637 | APP-13659468.FP.FTS.B, 26.49%, 5/12/27. | 9398 | 9310 |
| APP-13057143.FP.FTS.B, 10.99%, 4/26/27. | APP-13057143.FP.FTS.B, 10.99%, 4/26/27. | APP-13057143.FP.FTS.B, 10.99%, 4/26/27. | 31482 | 31975 | APP-13416172.FP.FTS.B, 8.99%, 5/13/27. | 21599 | 21912 |
| APP-13061655.FP.FTS.B, 13.24%, 4/26/27. | APP-13061655.FP.FTS.B, 13.24%, 4/26/27. | APP-13061655.FP.FTS.B, 13.24%, 4/26/27. | 31283 | 31750 | APP-13031523.FP.FTS.B, 10.99%, 5/13/27. | 36018 | 36562 |
| APP-12933713.FP.FTS.B, 17.99%, 4/26/27. | APP-12933713.FP.FTS.B, 17.99%, 4/26/27. | APP-12933713.FP.FTS.B, 17.99%, 4/26/27. | 25179 | 25231 | APP-13394495.FP.FTS.B, 11.49%, 5/13/27. | 15062 | 15269 |
| APP-13155804.FP.FTS.B, 17.99%, 4/26/27. | APP-13155804.FP.FTS.B, 17.99%, 4/26/27. | APP-13155804.FP.FTS.B, 17.99%, 4/26/27. | 23619 | 23700 | APP-13657764.FP.FTS.B, 16.74%, 5/13/27. | 30953 | 31249 |
| APP-13106287.FP.FTS.B, 11.74%, 4/28/27. | APP-13106287.FP.FTS.B, 11.74%, 4/28/27. | APP-13106287.FP.FTS.B, 11.74%, 4/28/27. | 40320 | 41025 | APP-13439563.FP.FTS.B, 17.49%, 5/13/27. | 13986 | 7891 |
| APP-13060974.FP.FTS.B, 19.74%, 4/28/27. | APP-13060974.FP.FTS.B, 19.74%, 4/28/27. | APP-13060974.FP.FTS.B, 19.74%, 4/28/27. | 30515 | 30664 | APP-13405061.FP.FTS.B, 17.74%, 5/13/27. | 28599 | 5913 |
| APP-13155767.FP.FTS.B, 23.24%, 4/28/27. | APP-13155767.FP.FTS.B, 23.24%, 4/28/27. | APP-13155767.FP.FTS.B, 23.24%, 4/28/27. | 19543 | 19546 | APP-13438034.FP.FTS.B, 17.99%, 5/13/27. | 6960 | 7056 |
| APP-13139319.FP.FTS.B, 11.24%, 4/30/27. | APP-13139319.FP.FTS.B, 11.24%, 4/30/27. | APP-13139319.FP.FTS.B, 11.24%, 4/30/27. | 22251 | 22612 | APP-12982177.FP.FTS.B, 19.49%, 5/13/27. | 17394 | 17267 |
| APP-13060795.FP.FTS.B, 17.49%, 4/30/27. | APP-13060795.FP.FTS.B, 17.49%, 4/30/27. | APP-13060795.FP.FTS.B, 17.49%, 4/30/27. | 13422 | 13478 | APP-13416776.FP.FTS.B, 19.99%, 5/13/27. | 12950 | 12935 |
| APP-13134349.FP.FTS.B, 21.24%, 4/30/27. | APP-13134349.FP.FTS.B, 21.24%, 4/30/27. | APP-13134349.FP.FTS.B, 21.24%, 4/30/27. | 20433 | 20172 | APP-13423076.FP.FTS.B, 21.99%, 5/13/27. | 8896 | 8890 |
| APP-13137819.FP.FTS.B, 21.49%, 4/30/27. | APP-13137819.FP.FTS.B, 21.49%, 4/30/27. | APP-13137819.FP.FTS.B, 21.49%, 4/30/27. | 14685 | 14498 | APP-13437001.FP.FTS.B, 8.49%, 5/14/27. | 26801 | 27192 |
| APP-13302130.FP.FTS.B, 10.99%, 5/01/27. | APP-13302130.FP.FTS.B, 10.99%, 5/01/27. | APP-13302130.FP.FTS.B, 10.99%, 5/01/27. | 24831 | 12336 | APP-13423039.FP.FTS.B, 14.24%, 5/14/27. | 36406 | 36869 |
| APP-13421715.FP.FTS.B, 10.99%, 5/01/27. | APP-13421715.FP.FTS.B, 10.99%, 5/01/27. | APP-13421715.FP.FTS.B, 10.99%, 5/01/27. | 23760 | 24044 | APP-10823341.FP.FTS.B, 15.49%, 5/14/27. | 12795 | 12841 |
| APP-13423557.FP.FTS.B, 10.99%, 5/01/27. | APP-13423557.FP.FTS.B, 10.99%, 5/01/27. | APP-13423557.FP.FTS.B, 10.99%, 5/01/27. | 25136 | 25432 | APP-13436426.FP.FTS.B, 16.49%, 5/14/27. | 19693 | 1990 |
| APP-13424293.FP.FTS.B, 10.99%, 5/01/27. | APP-13424293.FP.FTS.B, 10.99%, 5/01/27. | APP-13424293.FP.FTS.B, 10.99%, 5/01/27. | 19071 | 19299 | APP-13199989.FP.FTS.B, 16.74%, 5/14/27. | 43097 | 43164 |
| APP-13431042.FP.FTS.B, 10.99%, 5/01/27. | APP-13431042.FP.FTS.B, 10.99%, 5/01/27. | APP-13431042.FP.FTS.B, 10.99%, 5/01/27. | 17932 | 18147 | APP-13436550.FP.FTS.B, 16.99%, 5/14/27. | 15462 | 15673 |
| APP-13131348.FP.FTS.B, 13.74%, 5/01/27. | APP-13131348.FP.FTS.B, 13.74%, 5/01/27. | APP-13131348.FP.FTS.B, 13.74%, 5/01/27. | 23700 | 24033 | APP-13430567.FP.FTS.B, 17.49%, 5/14/27. | 16000 | 16062 |
| APP-13439065.FP.FTS.B, 14.24%, 5/01/27. | APP-13439065.FP.FTS.B, 14.24%, 5/01/27. | APP-13439065.FP.FTS.B, 14.24%, 5/01/27. | 33126 | 33396 | APP-13302140.FP.FTS.B, 17.99%, 5/14/27. | 10897 | 11073 |
| 54 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 54 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-13417327.FP.FTS.B, 17.99%, 5/14/27. $ | 4229 | $4227 |
| APP-13336406.FP.FTS.B, 18.49%, 5/14/27. | 20861 | 20905 |
| APP-14356626.FP.FTS.B, 18.49%, 5/14/27. | 13856 | 13876 |
| APP-13380372.FP.FTS.B, 21.99%, 5/14/27. | 30722 | 30534 |
| APP-13431427.FP.FTS.B, 21.99%, 5/14/27. | 7950 | 7946 |
| APP-13433077.FP.FTS.B, 21.99%, 5/14/27. | 9307 | 9308 |
| APP-13318759.FP.FTS.B, 22.49%, 5/14/27. | 6990 | 6963 |
| APP-13330852.FP.FTS.B, 22.49%, 5/14/27. | 33086 | 32889 |
| APP-13443719.FP.FTS.B, 22.49%, 5/14/27. | 8485 | 8489 |
| APP-14548548.FP.FTS.B, 22.99%, 5/14/27. | 8341 | 8297 |
| APP-13416305.FP.FTS.B, 8.99%, 5/15/27. | 34910 | 35433 |
| APP-13436993.FP.FTS.B, 8.99%, 5/15/27. | 23168 | 23515 |
| APP-13396243.FP.FTS.B, 11.24%, 5/15/27. | 14238 | 14462 |
| APP-13440554.FP.FTS.B, 11.24%, 5/15/27. | 13312 | 13536 |
| APP-13394315.FP.FTS.B, 13.24%, 5/15/27. | 36247 | 36788 |
| APP-13435327.FP.FTS.B, 13.24%, 5/15/27. | 22334 | 22668 |
| APP-13663645.FP.FTS.B, 13.59%, 5/15/27. | 26234 | 14665 |
| APP-13644113.FP.FTS.B, 14.34%, 5/15/27. | 45282 | 45837 |
| APP-13319688.FP.FTS.B, 14.49%, 5/15/27. | 24305 | 24691 |
| APP-13422792.FP.FTS.B, 14.49%, 5/15/27. | 8715 | 8862 |
| APP-13444523.FP.FTS.B, 16.99%, 5/15/27. | 24806 | 24809 |
| APP-13672139.FP.FTS.B, 17.49%, 5/15/27. | 17350 | 17532 |
| APP-13552958.FP.FTS.B, 17.99%, 5/15/27. | 15413 | 4819 |
| APP-13678668.FP.FTS.B, 17.99%, 5/15/27. | 20115 | 20160 |
| APP-13441338.FP.FTS.B, 18.49%, 5/15/27. | 11721 | 11752 |
| APP-13355854.FP.FTS.B, 18.99%, 5/15/27. | 7637 | 7552 |
| APP-13441877.FP.FTS.B, 18.99%, 5/15/27. | 13853 | 13892 |
| APP-13433669.FP.FTS.B, 19.99%, 5/15/27. | 13893 | 13894 |
| APP-13655226.FP.FTS.B, 20.49%, 5/15/27. | 12501 | 12427 |
| APP-13666596.FP.FTS.B, 20.49%, 5/15/27. | 13799 | 13715 |
| APP-14254675.FP.FTS.B, 20.49%, 5/15/27. | 9246 | 2953 |
| APP-13666933.FP.FTS.B, 20.99%, 5/15/27. | 19056 | 6496 |
| APP-14531705.FP.FTS.B, 22.99%, 5/15/27. | 8904 | 8863 |
| APP-14057879.FP.FTS.B, 18.49%, 5/16/27. | 15116 | 15153 |
| APP-14273039.FP.FTS.B, 18.99%, 5/16/27. | 11665 | 11671 |
| APP-13628585.FP.FTS.B, 20.49%, 5/16/27. | 18690 | 18594 |
| APP-14366522.FP.FTS.B, 10.49%, 5/18/27. | 40094 | 40595 |
| APP-13658420.FP.FTS.B, 19.99%, 5/18/27. | 18414 | 18400 |
| APP-13484600.FP.FTS.B, 20.49%, 5/18/27. | 16678 | 16666 |
| APP-13537074.FP.FTS.B, 9.34%, 5/20/27. | 17886 | 18146 |
| APP-13678923.FP.FTS.B, 11.34%, 5/20/27. | 28794 | 29222 |
| APP-13364619.FP.FTS.B, 16.49%, 5/20/27. | 21921 | 21976 |
| APP-14508032.FP.FTS.B, 18.74%, 5/20/27. | 39424 | 12996 |
| APP-13637703.FP.FTS.B, 14.09%, 5/21/27. | 24663 | 25020 |
| APP-13680651.FP.FTS.B, 20.49%, 5/21/27. | 11732 | 11703 |
| APP-14444232.FP.FTS.B, 21.49%, 5/21/27. | 15477 | 15402 |
| APP-13626550.FP.FTS.B, 17.24%, 5/23/27. | 31013 | 9751 |
| APP-14548905.FP.FTS.B, 18.99%, 5/23/27. | 27886 | 27740 |
| APP-13537123.FP.FTS.B, 22.49%, 5/23/27. | 13354 | 13328 |
| APP-13624563.FP.FTS.B, 22.99%, 5/23/27. | 11368 | 11380 |
| APP-13645609.FP.FTS.B, 9.34%, 5/24/27. | 35815 | 36371 |
| APP-13629014.FP.FTS.B, 14.74%, 5/24/27. | 28282 | 28676 |
| APP-13459107.FP.FTS.B, 19.99%, 5/24/27. | 8504 | 8549 |
| APP-13608764.FP.FTS.B, 20.24%, 5/24/27. | 34305 | 34416 |
| APP-13484955.FP.FTS.B, 12.34%, 5/25/27. | 39315 | 39922 |
| APP-13659238.FP.FTS.B, 13.59%, 5/25/27. | 32682 | 33199 |
| APP-13637168.FP.FTS.B, 15.24%, 5/25/27. | 40510 | 41097 |
| APP-13639283.FP.FTS.B, 20.74%, 5/25/27. | 42535 | 42943 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  |
| APP-13337072.FP.FTS.B, 18.24%, 5/26/27. $44,393 | APP-13337072.FP.FTS.B, 18.24%, 5/26/27. $44,393 | $44651 |
| APP-13643702.FP.FTS.B, 18.99%, 5/26/27. | 19430 | 19549 |
| APP-13649694.FP.FTS.B, 19.49%, 5/26/27. | 13864 | 13952 |
| APP-13667445.FP.FTS.B, 21.99%, 5/26/27. | 5178 | 3251 |
| APP-13051907.FP.FTS.B, 25.49%, 5/26/27. | 9751 | 9723 |
| APP-13598334.FP.FTS.B, 11.34%, 5/27/27. | 22553 | 22936 |
| APP-13155943.FP.FTS.B, 25.49%, 5/29/27. | 9753 | 2274 |
| APP-13132268.FP.FTS.B, 16.74%, 6/01/27. | 29664 | 29684 |
| APP-14227389.FP.FTS.B, 13.59%, 6/08/27. | 27440 | 27728 |
| APP-14234506.FP.FTS.B, 14.84%, 6/08/27. | 8785 | 8886 |
| APP-14229349.FP.FTS.B, 17.99%, 6/08/27. | 5254 | 5233 |
| APP-14263084.FP.FTS.B, 20.49%, 6/10/27. | 11471 | 11342 |
| APP-14277209.FP.FTS.B, 11.34%, 6/15/27. | 18245 | 18502 |
| APP-14365422.FP.FTS.B, 11.99%, 6/15/27. | 10666 | 10786 |
| APP-14249283.FP.FTS.B, 13.59%, 6/15/27. | 12192 | 12217 |
| APP-14343452.FP.FTS.B, 17.49%, 6/15/27. | 23062 | 23066 |
| APP-14179022.FP.FTS.B, 17.99%, 6/15/27. | 15434 | 15483 |
| APP-14232871.FP.FTS.B, 20.24%, 6/15/27. | 37290 | 37101 |
| APP-14257683.FP.FTS.B, 20.49%, 6/15/27. | 24145 | 24023 |
| APP-14380564.FP.FTS.B, 20.74%, 6/15/27. | 36254 | 36159 |
| APP-14388011.FP.FTS.B, 20.99%, 6/15/27. | 23594 | 23531 |
| APP-13331280.FP.FTS.B, 22.24%, 6/15/27. | 27752 | 27544 |
| APP-13429983.FP.FTS.B, 22.49%, 6/15/27. | 9356 | 9328 |
| APP-13302148.FP.FTS.B, 25.49%, 6/15/27. | 7044 | 7010 |
| APP-14408719.FP.FTS.B, 15.49%, 6/16/27. | 27671 | 7928 |
| APP-14253271.FP.FTS.B, 16.74%, 6/16/27. | 29598 | 29949 |
| APP-14406359.FP.FTS.B, 21.24%, 6/16/27. | 47656 | 47807 |
| APP-14429358.FP.FTS.B, 13.74%, 6/17/27. | 10989 | 11123 |
| APP-14323855.FP.FTS.B, 14.49%, 6/17/27. | 9154 | 9264 |
| APP-14434881.FP.FTS.B, 15.49%, 6/17/27. | 11913 | 3414 |
| APP-14252658.FP.FTS.B, 19.99%, 6/17/27. | 18566 | 18540 |
| APP-14420529.FP.FTS.B, 20.99%, 6/17/27. | 18954 | 18898 |
| APP-13608484.FP.FTS.B, 14.99%, 6/20/27. | 25830 | 26172 |
| APP-14216111.FP.FTS.B, 17.99%, 6/20/27. | 14046 | 14123 |
| APP-14177993.FP.FTS.B, 11.59%, 6/21/27. | 13751 | 13971 |
| APP-14180064.FP.FTS.B, 11.59%, 6/21/27. | 17657 | 17938 |
| APP-14236905.FP.FTS.B, 17.49%, 6/21/27. | 24345 | 24443 |
| APP-14216604.FP.FTS.B, 17.74%, 6/21/27. | 37191 | 37422 |
| APP-14439411.FP.FTS.B, 17.74%, 6/21/27. | 39173 | 39652 |
| APP-14240417.FP.FTS.B, 18.49%, 6/21/27. | 14200 | 3000 |
| APP-14226277.FP.FTS.B, 19.24%, 6/21/27. | 43736 | 43969 |
| APP-14547768.FP.FTS.B, 11.74%, 6/22/27. | 35979 | 36465 |
| APP-14212566.FP.FTS.B, 16.74%, 6/22/27. | 33220 | 33704 |
| APP-14439822.FP.FTS.B, 17.24%, 6/22/27. | 6914 | 6998 |
| APP-14533608.FP.FTS.B, 20.99%, 6/22/27. | 18578 | 18533 |
| APP-14196561.FP.FTS.B, 13.59%, 6/23/27. | 36826 | 37411 |
| APP-14560147.FP.FTS.B, 15.24%, 6/23/27. | 7895 | 1449 |
| APP-14251605.FP.FTS.B, 20.24%, 6/23/27. | 20793 | 20742 |
| APP-14267414.FP.FTS.B, 20.24%, 6/23/27. | 32049 | 32230 |
| APP-14178654.FP.FTS.B, 9.34%, 6/24/27. | 19888 | 20170 |
| APP-14267906.FP.FTS.B, 11.59%, 6/24/27. | 14471 | 14715 |
| APP-14222939.FP.FTS.B, 14.74%, 6/24/27. | 36600 | 37158 |
| APP-14588538.FP.FTS.B, 19.24%, 6/24/27. | 27806 | 27907 |
| APP-14572397.FP.FTS.B, 20.99%, 6/24/27. | 22324 | 22358 |
| APP-14510576.FP.FTS.B, 22.74%, 6/24/27. | 11200 | 11171 |
| APP-14427403.FP.FTS.B, 24.74%, 6/24/27. | 14135 | 14101 |
| APP-14429127.FP.FTS.B, 11.74%, 6/25/27. | 26895 | 27321 |
| APP-14369074.FP.FTS.B, 12.49%, 6/25/27. | 45801 | 46533 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 55 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) | Freedom Financial Asset Management LLC (continued) |  | LendingClub Corp. (continued) |  |  |
| APP-09045394.FP.FTS.B, 13.74%, 6/25/27. $10,994 | APP-09045394.FP.FTS.B, 13.74%, 6/25/27. $10,994 | APP-09045394.FP.FTS.B, 13.74%, 6/25/27. $10,994 | APP-09045394.FP.FTS.B, 13.74%, 6/25/27. $10,994 | $11142 | 145208498.LC.FTS.B, 18.94%, 12/19/23. . $5,622 | 145208498.LC.FTS.B, 18.94%, 12/19/23. . $5,622 | $5593 |
| APP-14578061.FP.FTS.B, 11.74%, 6/26/27. | APP-14578061.FP.FTS.B, 11.74%, 6/26/27. | APP-14578061.FP.FTS.B, 11.74%, 6/26/27. | 36486 | 37025 | 145501891.LC.FTS.B, 10.33%, 12/28/23. . | 10676 | 10447 |
| APP-13652171.FP.FTS.B, 22.99%, 6/26/27. | APP-13652171.FP.FTS.B, 22.99%, 6/26/27. | APP-13652171.FP.FTS.B, 22.99%, 6/26/27. | 9333 | 9346 | 145511024.LC.FTS.B, 10.72%, 12/28/23.. . | 4896 | 4795 |
| APP-14268521.FP.FTS.B, 10.09%, 6/27/27. | APP-14268521.FP.FTS.B, 10.09%, 6/27/27. | APP-14268521.FP.FTS.B, 10.09%, 6/27/27. | 45536 | 46269 | 143897911.LC.FTS.B, 10.33%, 12/31/23.. . | 5240 | 5125 |
| APP-14145291.FP.FTS.B, 18.49%, 6/27/27. | APP-14145291.FP.FTS.B, 18.49%, 6/27/27. | APP-14145291.FP.FTS.B, 18.49%, 6/27/27. | 15826 | 15891 | 145205316.LC.FTS.B, 10.33%, 12/31/23. . | 6625 | 6490 |
| APP-14325208.FP.FTS.B, 19.99%, 6/27/27. | APP-14325208.FP.FTS.B, 19.99%, 6/27/27. | APP-14325208.FP.FTS.B, 19.99%, 6/27/27. | 9301 | 9365 | 145586016.LC.FTS.B, 11.8%, 12/31/23. . . | 3762 | 3670 |
| APP-13618952.FP.FTS.B, 26.49%, 6/27/27. | APP-13618952.FP.FTS.B, 26.49%, 6/27/27. | APP-13618952.FP.FTS.B, 26.49%, 6/27/27. | 7336 | 803 | 145577468.LC.FTS.B, 13.56%, 12/31/23. . | 4152 | 4058 |
| APP-14386005.FP.FTS.B, 11.74%, 6/28/27. | APP-14386005.FP.FTS.B, 11.74%, 6/28/27. | APP-14386005.FP.FTS.B, 11.74%, 6/28/27. | 26724 | 27172 | 145625511.LC.FTS.B, 10.72%, 1/02/24. . . | 6178 | 6035 |
| APP-14413971.FP.FTS.B, 12.49%, 6/28/27. | APP-14413971.FP.FTS.B, 12.49%, 6/28/27. | APP-14413971.FP.FTS.B, 12.49%, 6/28/27. | 44755 | 45516 | 145724796.LC.FTS.B, 11.8%, 1/03/24. . . . | 8069 | 7874 |
| APP-14385312.FP.FTS.B, 17.24%, 6/28/27. | APP-14385312.FP.FTS.B, 17.24%, 6/28/27. | APP-14385312.FP.FTS.B, 17.24%, 6/28/27. | 32966 | 33476 | 145461394.LC.FTS.B, 11.8%, 1/10/24. . . . | 3227 | 3155 |
| APP-14385385.FP.FTS.B, 19.24%, 6/28/27. | APP-14385385.FP.FTS.B, 19.24%, 6/28/27. | APP-14385385.FP.FTS.B, 19.24%, 6/28/27. | 29397 | 29605 | 145621023.LC.FTS.B, 10.72%, 1/15/24. . . | 5129 | 5015 |
| APP-14391702.FP.FTS.B, 22.99%, 6/28/27. | APP-14391702.FP.FTS.B, 22.99%, 6/28/27. | APP-14391702.FP.FTS.B, 22.99%, 6/28/27. | 19712 | 4533 | 145657415.LC.FTS.B, 11.31%, 1/15/24. . . | 7496 | 7317 |
| APP-14371219.FP.FTS.B, 11.74%, 6/29/27. | APP-14371219.FP.FTS.B, 11.74%, 6/29/27. | APP-14371219.FP.FTS.B, 11.74%, 6/29/27. | 31936 | 32437 | 146204474.LC.FTS.B, 11.8%, 1/15/24. . . . | 3228 | 3148 |
| APP-14377174.FP.FTS.B, 12.24%, 6/29/27. | APP-14377174.FP.FTS.B, 12.24%, 6/29/27. | APP-14377174.FP.FTS.B, 12.24%, 6/29/27. | 17420 | 17701 | 146260552.LC.FTS.B, 16.91%, 1/15/24. . . | 5270 | 5162 |
| APP-14409463.FP.FTS.B, 18.99%, 6/29/27. | APP-14409463.FP.FTS.B, 18.99%, 6/29/27. | APP-14409463.FP.FTS.B, 18.99%, 6/29/27. | 9332 | 9486 | 145988002.LC.FTS.B, 10.33%, 1/24/24. . . | 5035 | 4928 |
| APP-14423027.FP.FTS.B, 13.99%, 6/30/27. | APP-14423027.FP.FTS.B, 13.99%, 6/30/27. | APP-14423027.FP.FTS.B, 13.99%, 6/30/27. | 31411 | 31939 | 143317674.LC.FTS.B, 10.72%, 1/27/24. . . | 11656 | 11364 |
| APP-14420972.FP.FTS.B, 14.24%, 6/30/27. | APP-14420972.FP.FTS.B, 14.24%, 6/30/27. | APP-14420972.FP.FTS.B, 14.24%, 6/30/27. | 15797 | 16017 | 146735125.LC.FTS.B, 11.8%, 1/28/24. . . . | 9625 | 9393 |
| APP-14541539.FP.FTS.B, 12.49%, 7/01/27. | APP-14541539.FP.FTS.B, 12.49%, 7/01/27. | APP-14541539.FP.FTS.B, 12.49%, 7/01/27. | 9364 | 9496 | 146870476.LC.FTS.B, 12.98%, 1/28/24. . . | 10414 | 10191 |
| APP-14431213.FP.FTS.B, 18.49%, 7/01/27. | APP-14431213.FP.FTS.B, 18.49%, 7/01/27. | APP-14431213.FP.FTS.B, 18.49%, 7/01/27. | 17474 | 17504 | 146965410.LC.FTS.B, 12.98%, 1/29/24. . . | 3293 | 3225 |
| APP-14421841.FP.FTS.B, 20.99%, 7/01/27. | APP-14421841.FP.FTS.B, 20.99%, 7/01/27. | APP-14421841.FP.FTS.B, 20.99%, 7/01/27. | 10997 | 10992 | 146050977.LC.FTS.B, 15.02%, 1/29/24. . . | 5833 | 5708 |
| APP-14504718.FP.FTS.B, 11.24%, 7/02/27. | APP-14504718.FP.FTS.B, 11.24%, 7/02/27. | APP-14504718.FP.FTS.B, 11.24%, 7/02/27. | 29589 | 29993 | 146270708.LC.FTS.B, 18.94%, 1/30/24. . . | 3991 | 3933 |
| APP-14542132.FP.FTS.B, 20.99%, 7/02/27. | APP-14542132.FP.FTS.B, 20.99%, 7/02/27. | APP-14542132.FP.FTS.B, 20.99%, 7/02/27. | 9616 | 5513 | 147197560.LC.FTS.B, 15.02%, 2/05/24. . . | 5349 | 5213 |
| APP-14439749.FP.FTS.B, 15.99%, 7/03/27. | APP-14439749.FP.FTS.B, 15.99%, 7/03/27. | APP-14439749.FP.FTS.B, 15.99%, 7/03/27. | 18696 | 18703 | 147405696.LC.FTS.B, Zero Cpn, 2/12/24.. | 16136 | – |
| APP-14329060.FP.FTS.B, 18.49%, 7/03/27. | APP-14329060.FP.FTS.B, 18.49%, 7/03/27. | APP-14329060.FP.FTS.B, 18.49%, 7/03/27. | 24782 | 24805 | 147562203.LC.FTS.B, 12.98%, 2/12/24. . . | 4877 | 4775 |
| APP-14561082.FP.FTS.B, 17.49%, 7/04/27. | APP-14561082.FP.FTS.B, 17.49%, 7/04/27. | APP-14561082.FP.FTS.B, 17.49%, 7/04/27. | 23585 | 23558 | 144834703.LC.FTS.B, 12.98%, 2/19/24. . . | 11030 | 10739 |
| APP-14538988.FP.FTS.B, 14.49%, 7/05/27. | APP-14538988.FP.FTS.B, 14.49%, 7/05/27. | APP-14538988.FP.FTS.B, 14.49%, 7/05/27. | 9345 | 9488 | 148110315.LC.FTS.B, 17.97%, 2/29/24. . . | 7004 | 6993 |
| APP-14595190.FP.FTS.B, 20.74%, 7/05/27. | APP-14595190.FP.FTS.B, 20.74%, 7/05/27. | APP-14595190.FP.FTS.B, 20.74%, 7/05/27. | 37897 | 37597 | 148295277.LC.FTS.B, 17.19%, 3/06/24. . . | 6527 | 6360 |
| APP-14541253.FP.FTS.B, 13.99%, 7/06/27. | APP-14541253.FP.FTS.B, 13.99%, 7/06/27. | APP-14541253.FP.FTS.B, 13.99%, 7/06/27. | 37352 | 37873 | 148611207.LC.FTS.B, 14.74%, 3/11/24.. . . | 7734 | 7546 |
| APP-14550089.FP.FTS.B, 18.49%, 7/06/27. | APP-14550089.FP.FTS.B, 18.49%, 7/06/27. | APP-14550089.FP.FTS.B, 18.49%, 7/06/27. | 18869 | 18804 | 148478260.LC.FTS.B, 13.08%, 3/15/24. . . | 5651 | 5506 |
| APP-14560123.FP.FTS.B, 19.99%, 7/06/27. | APP-14560123.FP.FTS.B, 19.99%, 7/06/27. | APP-14560123.FP.FTS.B, 19.99%, 7/06/27. | 9778 | 1920 | 148784147.LC.FTS.B, 14.74%, 3/20/24. . . | 3252 | 3170 |
| APP-14556969.FP.FTS.B, 20.99%, 7/06/27. | APP-14556969.FP.FTS.B, 20.99%, 7/06/27. | APP-14556969.FP.FTS.B, 20.99%, 7/06/27. | 8244 | 1650 | 146892745.LC.FTS.B, 18.94%, 3/30/24. . . | 6399 | 6296 |
| APP-14576001.FP.FTS.B, 19.49%, 7/07/27. | APP-14576001.FP.FTS.B, 19.49%, 7/07/27. | APP-14576001.FP.FTS.B, 19.49%, 7/07/27. | 21568 | 21583 | 145134172.LC.FTS.B, 10.33%, 3/31/24. . . | 5705 | 5566 |
| APP-14515585.FP.FTS.B, 20.49%, 7/07/27. | APP-14515585.FP.FTS.B, 20.49%, 7/07/27. | APP-14515585.FP.FTS.B, 20.49%, 7/07/27. | 12136 | 12108 | 149640002.LC.FTS.B, 13.9%, 4/02/24. . . . | 3373 | 3279 |
| APP-14568007.FP.FTS.B, 20.49%, 7/07/27. | APP-14568007.FP.FTS.B, 20.49%, 7/07/27. | APP-14568007.FP.FTS.B, 20.49%, 7/07/27. | 18963 | 18919 | 149742003.LC.FTS.B, 12.4%, 4/05/24. . . . | 8183 | 7962 |
| APP-14553043.FP.FTS.B, 11.99%, 7/08/27. | APP-14553043.FP.FTS.B, 11.99%, 7/08/27. | APP-14553043.FP.FTS.B, 11.99%, 7/08/27. | 37201 | 37723 | 149860763.LC.FTS.B, 17.19%, 4/09/24. . . | 7091 | 6898 |
| APP-14177847.FP.FTS.B, 18.74%, 7/08/27. | APP-14177847.FP.FTS.B, 18.74%, 7/08/27. | APP-14177847.FP.FTS.B, 18.74%, 7/08/27. | 42592 | 42751 | 150215503.LC.FTS.B, 14.74%, 4/15/24. . . | 3630 | 3536 |
| APP-14545674.FP.FTS.B, 26.99%, 8/03/27. | APP-14545674.FP.FTS.B, 26.99%, 8/03/27. | APP-14545674.FP.FTS.B, 26.99%, 8/03/27. | 9576 | 9463 | 150301304.LC.FTS.B, 17.19%, 4/21/24. . . | 7142 | 6948 |
| APP-14531076.FP.FTS.B, 23.24%, 8/07/27. | APP-14531076.FP.FTS.B, 23.24%, 8/07/27. | APP-14531076.FP.FTS.B, 23.24%, 8/07/27. | 17834 | 17716 | 150527722.LC.FTS.B, 15.57%, 4/23/24. . . | 5190 | 5063 |
| APP-14569337.FP.FTS.B, 24.74%, 8/07/27. | APP-14569337.FP.FTS.B, 24.74%, 8/07/27. | APP-14569337.FP.FTS.B, 24.74%, 8/07/27. | 14350 | 14240 | 150867060.LC.FTS.B, 15.57%, 4/29/24. . . | 6574 | 6421 |
|  |  |  |  | 19370841 | 151001381.LC.FTS.B, 17.97%, 4/30/24. . . | 3806 | 3725 |
|  |  |  |  | 19370841 | 151088676.LC.FTS.B, 10.33%, 5/01/24. . . | 6745 | 6548 |
| LendingClub Corp. | LendingClub Corp. | LendingClub Corp. |  |  | 151088676.LC.FTS.B, 10.33%, 5/01/24. . . | 6745 | 6548 |
| LendingClub Corp. | LendingClub Corp. | LendingClub Corp. |  |  | 151088676.LC.FTS.B, 10.33%, 5/01/24. . . | 6745 | 6548 |
| LendingClub Corp. | LendingClub Corp. | LendingClub Corp. |  |  | 151075075.LC.FTS.B, 16.4%, 5/01/24. . . . | 11130 | 348 |
| 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 3053 | 3041 | 151075075.LC.FTS.B, 16.4%, 5/01/24. . . . | 11130 | 348 |
| 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 167604393.LC.FTS.B, 15.24%, 3/02/23. . . | 3053 | 3041 | 150672283.LC.FTS.B, 20%, 5/02/24.. . . . . | 7090 | 6936 |
| 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 509 | 508 | 150672283.LC.FTS.B, 20%, 5/02/24.. . . . . | 7090 | 6936 |
| 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 167434436.LC.FTS.B, 18.62%, 3/02/23. . . | 509 | 508 | 151465885.LC.FTS.B, 17.19%, 5/09/24. . . | 8983 | 8699 |
| 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 3759 | – | 151465885.LC.FTS.B, 17.19%, 5/09/24. . . | 8983 | 8699 |
| 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 167744510.LC.FTS.B, Zero Cpn, 3/04/23.. | 3759 | – | 151481393.LC.FTS.B, 17.19%, 5/24/24. . . | 2122 | 2090 |
| 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 1043 | 1038 | 151481393.LC.FTS.B, 17.19%, 5/24/24. . . | 2122 | 2090 |
| 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 168549097.LC.FTS.B, 16.12%, 3/18/23. . . | 1043 | 1038 | 149608993.LC.FTS.B, 13.9%, 6/02/24. . . . | 6443 | 6201 |
| 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 5033 | 5016 | 149608993.LC.FTS.B, 13.9%, 6/02/24. . . . | 6443 | 6201 |
| 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 168280549.LC.FTS.B, 15.24%, 3/31/23. . . | 5033 | 5016 | 150611409.LC.FTS.B, 15.57%, 6/06/24. . . | 5719 | 5442 |
| 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 2961 | 2950 | 150611409.LC.FTS.B, 15.57%, 6/06/24. . . | 5719 | 5442 |
| 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 168120797.LC.FTS.B, 17.74%, 3/31/23. . . | 2961 | 2950 | 153285109.LC.FTS.B, 16.12%, 6/12/24. . . | 10657 | 10358 |
| 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 1373 | 1373 | 153285109.LC.FTS.B, 16.12%, 6/12/24. . . | 10657 | 10358 |
| 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 166393444.LC.FTS.B, 20.55%, 4/10/23. . . | 1373 | 1373 | 150330237.LC.FTS.B, 14.74%, 6/17/24. . . | 6573 | 6341 |
| 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 2881 | 2846 | 150330237.LC.FTS.B, 14.74%, 6/17/24. . . | 6573 | 6341 |
| 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 167382438.LC.FTS.B, 23.05%, 8/31/23. . . | 2881 | 2846 | 154100028.LC.FTS.B, 16.12%, 6/26/24. . . | 5813 | 5667 |
| 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 8958 | 3723 | 154100028.LC.FTS.B, 16.12%, 6/26/24. . . | 5813 | 5667 |
| 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 167464307.LC.FTS.B, 17.74%, 9/30/23. . . | 8958 | 3723 | 150797540.LC.FTS.B, 13.9%, 6/29/24. . . . | 3341 | 3287 |
| 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 3125 | 3046 | 150797540.LC.FTS.B, 13.9%, 6/29/24. . . . | 3341 | 3287 |
| 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 167993948.LC.FTS.B, 16.12%, 10/16/23. . | 3125 | 3046 | 154685026.LC.FTS.B, 11.02%, 7/05/24. . . | 7553 | 7309 |
| 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 3116 | 3091 | 154685026.LC.FTS.B, 11.02%, 7/05/24. . . | 7553 | 7309 |
| 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 142964458.LC.FTS.B, 18.94%, 11/01/23.. . | 3116 | 3091 | 154945152.LC.FTS.B, 14.3%, 7/11/24. . . . | 6105 | 5909 |
| 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 3322 | 3311 | 154945152.LC.FTS.B, 14.3%, 7/11/24. . . . | 6105 | 5909 |
| 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 141699210.LC.FTS.B, 17.97%, 11/06/23.. . | 3322 | 3311 | 155028979.LC.FTS.B, 16.95%, 7/11/24. . . | 4112 | 3987 |
| 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 4817 | 4738 | 155028979.LC.FTS.B, 16.95%, 7/11/24. . . | 4112 | 3987 |
| 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 143172928.LC.FTS.B, 14.47%, 11/07/23.. . | 4817 | 4738 | 155019513.LC.FTS.B, 20%, 7/11/24.. . . . . | 5923 | 5804 |
| 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 5760 | 5646 | 155019513.LC.FTS.B, 20%, 7/11/24.. . . . . | 5923 | 5804 |
| 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 143142201.LC.FTS.B, 10.47%, 11/09/23.. . | 5760 | 5646 | 154417517.LC.FTS.B, 14.3%, 7/15/24. . . . | 9904 | 9610 |
| 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 2704 | 2652 | 154417517.LC.FTS.B, 14.3%, 7/15/24. . . . | 9904 | 9610 |
| 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 143298645.LC.FTS.B, 10.72%, 11/09/23.. . | 2704 | 2652 | 151782625.LC.FTS.B, 20%, 7/15/24.. . . . . | 5335 | 5255 |
| 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 4257 | 4184 | 151782625.LC.FTS.B, 20%, 7/15/24.. . . . . | 5335 | 5255 |
| 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 144619608.LC.FTS.B, 16.14%, 12/19/23. . | 4257 | 4184 | 155959854.LC.FTS.B, 17.74%, 7/29/24. . . | 4156 | 4044 |
|  |  |  |  |  | 155959854.LC.FTS.B, 17.74%, 7/29/24. . . | 4156 | 4044 |
| 56 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 56 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| LendingClub Corp. (continued) |  |  |
| 156556385.LC.FTS.B, 16.95%, 8/06/24. . . $ | 4308 | $4153 |
| 153352395.LC.FTS.B, 12.4%, 8/14/24. . . . | 7285 | 7013 |
| 156702788.LC.FTS.B, 16.95%, 8/15/24. . . | 10319 | 9969 |
| 157083123.LC.FTS.B, 14.3%, 8/16/24. . . . | 6613 | 6405 |
| 157256378.LC.FTS.B, 14.3%, 8/19/24. . . . | 8822 | 8548 |
| 157196587.LC.FTS.B, 16.12%, 8/19/24. . . | 1410 | 1386 |
| 157001583.LC.FTS.B, 23.05%, 8/20/24. . . | 5032 | 3946 |
| 157448559.LC.FTS.B, 14.3%, 8/22/24. . . . | 6219 | 6032 |
| 156354990.LC.FTS.B, 13.08%, 8/28/24. . . | 9132 | 8825 |
| 150890573.LC.FTS.B, 14.74%, 9/01/24. . . | 11473 | 11004 |
| 151157582.LC.FTS.B, 15.57%, 9/06/24. . . | 6453 | 6226 |
| 158155993.LC.FTS.B, 16.95%, 9/13/24. . . | 9012 | 8681 |
| 158788148.LC.FTS.B, 14.3%, 9/16/24. . . . | 1144 | 1126 |
| 159124332.LC.FTS.B, 16.95%, 9/23/24. . . | 13429 | 12995 |
| 157983194.LC.FTS.B, 12.4%, 9/24/24. . . . | 6960 | 6721 |
| 158299088.LC.FTS.B, 16.12%, 9/28/24. . . | 4539 | 4388 |
| 159322847.LC.FTS.B, 16.95%, 10/08/24. . | 16333 | 15713 |
| 160749557.LC.FTS.B, 18.62%, 10/30/24. . | 5123 | 5006 |
| 150429035.LC.FTS.B, 14.74%, 10/31/24. . | 13231 | 12539 |
| 145525007.LC.FTS.B, 10.33%, 11/03/24.. . | 16734 | 16019 |
| 161333839.LC.FTS.B, 13.08%, 11/04/24.. . | 15516 | 14954 |
| 154211311.LC.FTS.B, 20%, 11/26/24. . . . . | 8896 | 8643 |
| 158790336.LC.FTS.B, 16.12%, 11/30/24.. . | 10941 | 10395 |
| 159978471.LC.FTS.B, 15.24%, 12/08/24. . | 10536 | 9998 |
| 162809872.LC.FTS.B, 12.4%, 12/15/24. . . | 12808 | 12267 |
| 162773046.LC.FTS.B, 20.55%, 12/15/24. . | 5300 | 5123 |
| 156763102.LC.FTS.B, 10.33%, 12/16/24. . | 13445 | 12890 |
| 163847398.LC.FTS.B, 20.55%, 12/26/24. . | 5238 | 5105 |
| 148228998.LC.FTS.B, 15.57%, 1/01/25. . . | 13881 | 13150 |
| 161536145.LC.FTS.B, 16.95%, 1/28/25. . . | 10095 | 9599 |
| 157113878.LC.FTS.B, 16.95%, 1/30/25. . . | 18235 | 17389 |
| 166192973.LC.FTS.B, 18.62%, 2/06/25. . . | 5471 | 5263 |
| 167221792.LC.FTS.B, 20.55%, 2/25/25. . . | 14388 | 13878 |
| 163266659.LC.FTS.B, 16.12%, 2/28/25. . . | 5871 | 5569 |
| 163432488.LC.FTS.B, 16.95%, 3/01/25. . . | 10144 | 9454 |
| 167773992.LC.FTS.B, 18.62%, 3/04/25. . . | 5641 | 5398 |
| 167777432.LC.FTS.B, 18.62%, 3/04/25. . . | 6769 | 6478 |
| 167809066.LC.FTS.B, Zero Cpn, 3/05/25.. | 3247 | – |
| 167823045.LC.FTS.B, 16.12%, 3/05/25. . . | 8219 | 7801 |
| 168015684.LC.FTS.B, 14.3%, 3/11/25. . . . | 17218 | 16370 |
| 168199339.LC.FTS.B, 20.55%, 3/11/25. . . | 10359 | 9939 |
| 155540917.LC.FTS.B, 16.95%, 5/15/25. . . | 16937 | 12775 |
| 149326456.LC.FTS.B, 13.9%, 5/31/25. . . . | 18056 | 16854 |
| 160673774.LC.FTS.B, 12.4%, 11/30/25. . . | 22997 | 21446 |
| 166745877.LC.FTS.B, 5%, 2/20/26.. . . . . . | 9184 | 7723 |
| 157763243.LC.FTS.B, 15.24%, 9/05/32. . . | 1909 | 988 |
| 168454364.LC.FTS.B, Zero Cpn, 9/21/32.. | 10273 | – |
| 158856810.LC.FTS.B, 5%, 9/23/32.. . . . . . | 6815 | 6469 |
| 146644800.LC.FTS.B, Zero Cpn, 9/30/32.. | 8690 | – |
| 161879338.LC.FTS.B, Zero Cpn, 11/14/32. | 4782 | – |
| 163434480.LC.FTS.B, 14.3%, 12/16/32. . . | 1544 | 1277 |
| 157585720.LC.FTS.B, 16.95%, 1/09/33. . . | 319 | 10 |
| 147036408.LC.FTS.B, 20%, 1/10/33.. . . . . | 105 | 105 |
| 165032843.LC.FTS.B, 12.4%, 1/21/33. . . . | 474 | 474 |
|  |  | 808099 |
| LendingClub Corp. - LCX |  |  |
| LendingClub Corp. - LCX |  |  |
| 166637074.LC.FTS.B, 20.55%, 2/13/23. . . | 2491 | (75) |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| LendingClub Corp. - LCX (continued) |  |  |
| 168272231.LC.FTS.B, 25.65%, 4/14/23. . . $ | 785 | $91 |
| 168601344.LC.FTS.B, 14.3%, 4/16/23. . . . | 1423 | 1395 |
| 167548521.LC.FTS.B, 8.81%, 5/09/23. . . . | 3269 | 3121 |
| 168426128.LC.FTS.B, 18.62%, 5/19/23. . . | 6642 | 6406 |
| 153705323.LC.FTS.B, 16.12%, 7/15/24. . . | 4342 | 3399 |
| 163949520.LC.FTS.B, 16.12%, 12/30/24. . | 9883 | 9134 |
| 165749950.LC.FTS.B, 15.24%, 1/28/25. . . | 7230 | 6708 |
| 166607803.LC.FTS.B, 14.3%, 2/12/25. . . . | 7055 | (62) |
| 165922400.LC.FTS.B, 15.24%, 2/15/25. . . | 12715 | 11653 |
| 166491719.LC.FTS.B, 16.95%, 2/17/25. . . | 3861 | 3686 |
| 162539565.LC.FTS.B, 13.08%, 11/29/32.. . | 2433 | 2311 |
| 163609311.LC.FTS.B, Zero Cpn, 12/23/32. | 10546 | – |
| 162024232.LC.FTS.B, Zero Cpn, 1/19/33.. | 3319 | 307 |
| 164413184.LC.FTS.B, 8.81%, 1/27/33. . . . | 331 | 331 |
| 164258220.LC.FTS.B, 8.19%, 1/28/33. . . . | 749 | 749 |
|  |  | 49154 |
| LendingClub Corp. - LCX PM |  |  |
| LendingClub Corp. - LCX PM |  |  |
| 171172117.LC.FTS.B, 14.71%, 10/19/23.. . | 2955 | 2893 |
| 171398384.LC.FTS.B, 14.71%, 10/23/23. . | 4846 | 4690 |
| 171498369.LC.FTS.B, 9.56%, 10/27/23. . . | 2683 | 2569 |
| 171124101.LC.FTS.B, 10.81%, 10/27/23.. . | 1140 | 202 |
| 171683007.LC.FTS.B, 15.4%, 11/10/23. . . | 1078 | 1040 |
| 172186460.LC.FTS.B, 10.19%, 11/20/23.. . | 8461 | 8249 |
| 172382442.LC.FTS.B, 10.81%, 11/27/23.. . | 1924 | 1879 |
| 172228602.LC.FTS.B, 9.02%, 11/30/23. . . | 10058 | 9752 |
| 171980340.LC.FTS.B, 10.19%, 11/30/23.. . | 1666 | 1603 |
| 172426858.LC.FTS.B, 10.19%, 11/30/23.. . | 7353 | 7175 |
| 173411939.LC.FTS.B, 18.24%, 1/25/24. . . | 8924 | 8760 |
| 174191708.LC.FTS.B, 18.44%, 2/02/24. . . | 819 | 804 |
| 185001085.LC.FTS.B, 13.44%, 1/14/25. . . | 6254 | 5979 |
| 184877151.LC.FTS.B, 15.99%, 1/14/25. . . | 3716 | 3557 |
| 184979568.LC.FTS.B, 16.49%, 1/14/25. . . | 4344 | 4244 |
| 185064147.LC.FTS.B, 21.99%, 1/14/25. . . | 16424 | 16052 |
| 184962324.LC.FTS.B, 15.19%, 1/20/25. . . | 3704 | 3623 |
| 185185967.LC.FTS.B, 15.99%, 1/20/25. . . | 4424 | 4216 |
| 185214272.LC.FTS.B, 15.99%, 1/20/25. . . | 4832 | 4727 |
| 185305116.LC.FTS.B, 16.19%, 1/20/25. . . | 7438 | 7226 |
| 185216192.LC.FTS.B, 18.99%, 1/20/25. . . | 15045 | 14653 |
| 185255256.LC.FTS.B, 18.99%, 1/20/25. . . | 2256 | 2197 |
| 185256218.LC.FTS.B, 18.99%, 1/20/25. . . | 2256 | 2197 |
| 185238815.LC.FTS.B, 19.99%, 1/20/25. . . | 7547 | 7350 |
| 185206461.LC.FTS.B, 16.49%, 1/23/25. . . | 13432 | 13012 |
| 185262402.LC.FTS.B, 18.19%, 1/23/25. . . | 2844 | 2773 |
| 185196514.LC.FTS.B, 12.49%, 1/24/25. . . | 15199 | 14545 |
| 185450425.LC.FTS.B, 12.19%, 1/26/25. . . | 17338 | 16951 |
| 185480688.LC.FTS.B, 23.99%, 1/26/25. . . | 7353 | 7209 |
| 185502282.LC.FTS.B, 12.74%, 1/28/25. . . | 2568 | 2529 |
| 185552695.LC.FTS.B, 16.99%, 1/28/25. . . | 18654 | 18279 |
| 185400546.LC.FTS.B, 20.49%, 1/28/25. . . | 18904 | 18452 |
| 185511719.LC.FTS.B, 15.99%, 2/01/25. . . | 10754 | 10484 |
| 185500985.LC.FTS.B, 16.19%, 2/01/25. . . | 19264 | 18769 |
| 185662657.LC.FTS.B, 18.99%, 2/01/25. . . | 7763 | 7524 |
| 185638468.LC.FTS.B, 22.99%, 2/01/25. . . | 7828 | 7485 |
| 185748684.LC.FTS.B, 19.94%, 2/03/25. . . | 7575 | 7350 |
| 185415614.LC.FTS.B, Zero Cpn, 2/07/25.. | 4098 | – |
| 185760406.LC.FTS.B, 16.69%, 2/07/25. . . | 32263 | 11435 |
| 185520172.LC.FTS.B, 17.44%, 2/07/25. . . | 11593 | 11324 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 57 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| LendingClub Corp. - LCX PM (continued) | LendingClub Corp. - LCX PM (continued) | LendingClub Corp. - LCX PM (continued) |  |  | LendingClub Corp. - LCX PM (continued) |  |  |
| 185040393.LC.FTS.B, 18.44%, 2/07/25. . . | 185040393.LC.FTS.B, 18.44%, 2/07/25. . . | 185040393.LC.FTS.B, 18.44%, 2/07/25. . . | $4649 | $4485 | 185404943.LC.FTS.B, 19.95%, 6/05/25. . . | $21974 | $21436 |
| 185821539.LC.FTS.B, 19.99%, 2/07/25. . . | 185821539.LC.FTS.B, 19.99%, 2/07/25. . . | 185821539.LC.FTS.B, 19.99%, 2/07/25. . . | 9349 | 9081 | 187766053.LC.FTS.B, Zero Cpn, 7/30/25.. | 27383 | 2575 |
| 186031262.LC.FTS.B, 14.49%, 2/09/25. . . | 186031262.LC.FTS.B, 14.49%, 2/09/25. . . | 186031262.LC.FTS.B, 14.49%, 2/09/25. . . | 5730 | 5630 | 185869166.LC.FTS.B, 15%, 8/07/25.. . . . . | 9235 | 7505 |
| 185907398.LC.FTS.B, 16.49%, 2/09/25. . . | 185907398.LC.FTS.B, 16.49%, 2/09/25. . . | 185907398.LC.FTS.B, 16.49%, 2/09/25. . . | 7281 | 7111 | 171345622.LC.FTS.B, 16.08%, 10/19/25. . | 9926 | 9448 |
| 186010475.LC.FTS.B, 17.94%, 2/09/25. . . | 186010475.LC.FTS.B, 17.94%, 2/09/25. . . | 186010475.LC.FTS.B, 17.94%, 2/09/25. . . | 7734 | 7553 | 174039720.LC.FTS.B, Zero Cpn, 1/25/26.. | 14943 | – |
| 186036682.LC.FTS.B, 18.99%, 2/09/25. . . | 186036682.LC.FTS.B, 18.99%, 2/09/25. . . | 186036682.LC.FTS.B, 18.99%, 2/09/25. . . | 19404 | 18852 | 173744601.LC.FTS.B, 18.19%, 1/25/26. . . | 3590 | 3536 |
| 185643067.LC.FTS.B, 14.99%, 2/10/25. . . | 185643067.LC.FTS.B, 14.99%, 2/10/25. . . | 185643067.LC.FTS.B, 14.99%, 2/10/25. . . | 7196 | 7076 | 173608489.LC.FTS.B, 17.3%, 2/02/26. . . . | 15724 | 14932 |
| 185994726.LC.FTS.B, 18.49%, 2/11/25. . . | 185994726.LC.FTS.B, 18.49%, 2/11/25. . . | 185994726.LC.FTS.B, 18.49%, 2/11/25. . . | 12395 | 12075 | 174304247.LC.FTS.B, 20.99%, 2/02/26. . . | 21641 | 21178 |
| 186109333.LC.FTS.B, 18.99%, 2/11/25. . . | 186109333.LC.FTS.B, 18.99%, 2/11/25. . . | 186109333.LC.FTS.B, 18.99%, 2/11/25. . . | 3881 | 3774 | 185004873.LC.FTS.B, 18.49%, 1/14/27. . . | 21953 | 20841 |
| 186079988.LC.FTS.B, 20.99%, 2/11/25. . . | 186079988.LC.FTS.B, 20.99%, 2/11/25. . . | 186079988.LC.FTS.B, 20.99%, 2/11/25. . . | 11724 | 11400 | 185018593.LC.FTS.B, 18.99%, 1/14/27. . . | 19350 | 18446 |
| 186099444.LC.FTS.B, 20.99%, 2/11/25. . . | 186099444.LC.FTS.B, 20.99%, 2/11/25. . . | 186099444.LC.FTS.B, 20.99%, 2/11/25. . . | 16526 | 16070 | 184468285.LC.FTS.B, 16.99%, 1/15/27. . . | 12239 | 11556 |
| 185744461.LC.FTS.B, 19.99%, 2/12/25. . . | 185744461.LC.FTS.B, 19.99%, 2/12/25. . . | 185744461.LC.FTS.B, 19.99%, 2/12/25. . . | 5885 | 5727 | 184956364.LC.FTS.B, 18.99%, 1/16/27. . . | 13212 | 12389 |
| 185887741.LC.FTS.B, 15.99%, 2/14/25. . . | 185887741.LC.FTS.B, 15.99%, 2/14/25. . . | 185887741.LC.FTS.B, 15.99%, 2/14/25. . . | 7703 | 7537 | 185237685.LC.FTS.B, 18.49%, 1/20/27. . . | 6300 | 6130 |
| 185869462.LC.FTS.B, 14.99%, 2/15/25. . . | 185869462.LC.FTS.B, 14.99%, 2/15/25. . . | 185869462.LC.FTS.B, 14.99%, 2/15/25. . . | 3827 | 3764 | 185118480.LC.FTS.B, 19.44%, 1/20/27. . . | 8809 | 8516 |
| 185704535.LC.FTS.B, 16.49%, 2/15/25. . . | 185704535.LC.FTS.B, 16.49%, 2/15/25. . . | 185704535.LC.FTS.B, 16.49%, 2/15/25. . . | 19371 | 18955 | 185250357.LC.FTS.B, 19.99%, 1/20/27. . . | 15001 | 14617 |
| 185592300.LC.FTS.B, 18.99%, 2/15/25. . . | 185592300.LC.FTS.B, 18.99%, 2/15/25. . . | 185592300.LC.FTS.B, 18.99%, 2/15/25. . . | 17068 | 16617 | 185332547.LC.FTS.B, Zero Cpn, 1/24/27.. | 2803 | 264 |
| 186218827.LC.FTS.B, 20.44%, 2/15/25. . . | 186218827.LC.FTS.B, 20.44%, 2/15/25. . . | 186218827.LC.FTS.B, 20.44%, 2/15/25. . . | 11355 | 11085 | 185150236.LC.FTS.B, 14.99%, 1/24/27. . . | 15619 | 15259 |
| 186171654.LC.FTS.B, 22.99%, 2/15/25. . . | 186171654.LC.FTS.B, 22.99%, 2/15/25. . . | 186171654.LC.FTS.B, 22.99%, 2/15/25. . . | 19670 | 19225 | 184459999.LC.FTS.B, 15.99%, 1/24/27. . . | 21769 | 21102 |
| 185937500.LC.FTS.B, 22.49%, 2/20/25. . . | 185937500.LC.FTS.B, 22.49%, 2/20/25. . . | 185937500.LC.FTS.B, 22.49%, 2/20/25. . . | 22121 | 21650 | 185319960.LC.FTS.B, 19.49%, 1/24/27. . . | 22025 | 21476 |
| 186235317.LC.FTS.B, 15.99%, 2/21/25. . . | 186235317.LC.FTS.B, 15.99%, 2/21/25. . . | 186235317.LC.FTS.B, 15.99%, 2/21/25. . . | 6555 | 6423 | 185367638.LC.FTS.B, 21.49%, 1/24/27. . . | 21278 | 20713 |
| 187039985.LC.FTS.B, 18.99%, 3/10/25. . . | 187039985.LC.FTS.B, 18.99%, 3/10/25. . . | 187039985.LC.FTS.B, 18.99%, 3/10/25. . . | 8003 | 7779 | 184898702.LC.FTS.B, 21.99%, 1/24/27. . . | 24862 | 24200 |
| 187006823.LC.FTS.B, 7.09%, 3/11/25. . . . | 187006823.LC.FTS.B, 7.09%, 3/11/25. . . . | 187006823.LC.FTS.B, 7.09%, 3/11/25. . . . | 30781 | 29570 | 185504181.LC.FTS.B, 16.49%, 1/26/27. . . | 5582 | 5481 |
| 187034378.LC.FTS.B, 14.49%, 3/11/25. . . | 187034378.LC.FTS.B, 14.49%, 3/11/25. . . | 187034378.LC.FTS.B, 14.49%, 3/11/25. . . | 27613 | 26865 | 185497213.LC.FTS.B, 20.49%, 1/26/27. . . | 10606 | 10346 |
| 187041967.LC.FTS.B, 17.99%, 3/11/25. . . | 187041967.LC.FTS.B, 17.99%, 3/11/25. . . | 187041967.LC.FTS.B, 17.99%, 3/11/25. . . | 6003 | 5847 | 185117236.LC.FTS.B, 20.99%, 1/26/27. . . | 21245 | 20724 |
| 186935631.LC.FTS.B, 24.99%, 3/11/25. . . | 186935631.LC.FTS.B, 24.99%, 3/11/25. . . | 186935631.LC.FTS.B, 24.99%, 3/11/25. . . | 3209 | 3129 | 185498696.LC.FTS.B, 26.49%, 1/26/27. . . | 22268 | 21675 |
| 187002032.LC.FTS.B, 7.59%, 3/14/25. . . . | 187002032.LC.FTS.B, 7.59%, 3/14/25. . . . | 187002032.LC.FTS.B, 7.59%, 3/14/25. . . . | 30834 | 29619 | 184791777.LC.FTS.B, 13.74%, 1/28/27. . . | 10366 | 10137 |
| 186484159.LC.FTS.B, 12.49%, 3/14/25. . . | 186484159.LC.FTS.B, 12.49%, 3/14/25. . . | 186484159.LC.FTS.B, 12.49%, 3/14/25. . . | 25056 | 24296 | 185597588.LC.FTS.B, 16.24%, 1/28/27. . . | 11329 | 11132 |
| 187105654.LC.FTS.B, 23.19%, 3/14/25. . . | 187105654.LC.FTS.B, 23.19%, 3/14/25. . . | 187105654.LC.FTS.B, 23.19%, 3/14/25. . . | 6241 | 6090 | 184927006.LC.FTS.B, 16.99%, 1/28/27. . . | 30581 | 29922 |
| 187229799.LC.FTS.B, 13.19%, 3/15/25. . . | 187229799.LC.FTS.B, 13.19%, 3/15/25. . . | 187229799.LC.FTS.B, 13.19%, 3/15/25. . . | 13650 | 13430 | 185537726.LC.FTS.B, 17.24%, 1/28/27. . . | 6947 | 6809 |
| 186336075.LC.FTS.B, 11.49%, 3/16/25. . . | 186336075.LC.FTS.B, 11.49%, 3/16/25. . . | 186336075.LC.FTS.B, 11.49%, 3/16/25. . . | 27363 | 26450 | 185500402.LC.FTS.B, 17.74%, 1/28/27. . . | 26642 | 25127 |
| 186898312.LC.FTS.B, 12.49%, 3/16/25. . . | 186898312.LC.FTS.B, 12.49%, 3/16/25. . . | 186898312.LC.FTS.B, 12.49%, 3/16/25. . . | 27499 | 26499 | 185547681.LC.FTS.B, 19.99%, 1/28/27. . . | 8603 | 8401 |
| 187015036.LC.FTS.B, 12.49%, 3/16/25. . . | 187015036.LC.FTS.B, 12.49%, 3/16/25. . . | 187015036.LC.FTS.B, 12.49%, 3/16/25. . . | 27512 | 26909 | 185488281.LC.FTS.B, 28.99%, 1/29/27. . . | 6359 | 6196 |
| 187080057.LC.FTS.B, 15.99%, 3/17/25. . . | 187080057.LC.FTS.B, 15.99%, 3/17/25. . . | 187080057.LC.FTS.B, 15.99%, 3/17/25. . . | 5549 | 5432 | 184898062.LC.FTS.B, 21.49%, 1/31/27. . . | 8873 | 8570 |
| 187276072.LC.FTS.B, 21.79%, 3/17/25. . . | 187276072.LC.FTS.B, 21.79%, 3/17/25. . . | 187276072.LC.FTS.B, 21.79%, 3/17/25. . . | 8017 | 7834 | 184982732.LC.FTS.B, 16.99%, 2/01/27. . . | 13291 | 13002 |
| 186721205.LC.FTS.B, 19.49%, 3/18/25. . . | 186721205.LC.FTS.B, 19.49%, 3/18/25. . . | 186721205.LC.FTS.B, 19.49%, 3/18/25. . . | 8933 | 246 | 185682815.LC.FTS.B, 23.99%, 2/01/27. . . | 10328 | 9989 |
| 187341073.LC.FTS.B, 16.99%, 3/21/25. . . | 187341073.LC.FTS.B, 16.99%, 3/21/25. . . | 187341073.LC.FTS.B, 16.99%, 3/21/25. . . | 1988 | 1947 | 185689957.LC.FTS.B, 23.99%, 2/01/27. . . | 9040 | 8743 |
| 187345204.LC.FTS.B, 15.44%, 3/23/25. . . | 187345204.LC.FTS.B, 15.44%, 3/23/25. . . | 187345204.LC.FTS.B, 15.44%, 3/23/25. . . | 10297 | 10063 | 185699989.LC.FTS.B, 23.99%, 2/01/27. . . | 9040 | 8743 |
| 187594459.LC.FTS.B, 16.39%, 3/25/25. . . | 187594459.LC.FTS.B, 16.39%, 3/25/25. . . | 187594459.LC.FTS.B, 16.39%, 3/25/25. . . | 14290 | 13976 | 185544780.LC.FTS.B, 18.99%, 2/02/27. . . | 31284 | 30247 |
| 187506074.LC.FTS.B, 17.39%, 3/25/25. . . | 187506074.LC.FTS.B, 17.39%, 3/25/25. . . | 187506074.LC.FTS.B, 17.39%, 3/25/25. . . | 31851 | 30419 | 185599708.LC.FTS.B, Zero Cpn, 2/03/27.. | 9180 | – |
| 187617463.LC.FTS.B, 23.99%, 3/25/25. . . | 187617463.LC.FTS.B, 23.99%, 3/25/25. . . | 187617463.LC.FTS.B, 23.99%, 3/25/25. . . | 5457 | 5308 | 184678406.LC.FTS.B, 17.49%, 2/03/27. . . | 9761 | 9557 |
| 187360350.LC.FTS.B, 13.99%, 3/28/25. . . | 187360350.LC.FTS.B, 13.99%, 3/28/25. . . | 187360350.LC.FTS.B, 13.99%, 3/28/25. . . | 10278 | 10145 | 185716515.LC.FTS.B, 17.49%, 2/03/27. . . | 14198 | 13901 |
| 187637002.LC.FTS.B, 15.99%, 3/28/25. . . | 187637002.LC.FTS.B, 15.99%, 3/28/25. . . | 187637002.LC.FTS.B, 15.99%, 3/28/25. . . | 18927 | 18571 | 185491610.LC.FTS.B, 23.99%, 2/03/27. . . | 9191 | 8894 |
| 187636332.LC.FTS.B, 15.19%, 3/30/25. . . | 187636332.LC.FTS.B, 15.19%, 3/30/25. . . | 187636332.LC.FTS.B, 15.19%, 3/30/25. . . | 2445 | 2400 | 185662157.LC.FTS.B, 16.49%, 2/07/27. . . | 15924 | 15599 |
| 187813540.LC.FTS.B, 15.99%, 3/31/25. . . | 187813540.LC.FTS.B, 15.99%, 3/31/25. . . | 187813540.LC.FTS.B, 15.99%, 3/31/25. . . | 4817 | 4716 | 185742276.LC.FTS.B, 19.49%, 2/07/27. . . | 26781 | 25826 |
| 187034706.LC.FTS.B, 21.49%, 3/31/25. . . | 187034706.LC.FTS.B, 21.49%, 3/31/25. . . | 187034706.LC.FTS.B, 21.49%, 3/31/25. . . | 21293 | 8227 | 185470088.LC.FTS.B, 19.99%, 2/07/27. . . | 9011 | 8719 |
| 187566584.LC.FTS.B, 12.49%, 4/01/25. . . | 187566584.LC.FTS.B, 12.49%, 4/01/25. . . | 187566584.LC.FTS.B, 12.49%, 4/01/25. . . | 20220 | 19877 | 185835140.LC.FTS.B, 21.99%, 2/07/27. . . | 17981 | 17430 |
| 187868633.LC.FTS.B, 14.49%, 4/01/25. . . | 187868633.LC.FTS.B, 14.49%, 4/01/25. . . | 187868633.LC.FTS.B, 14.49%, 4/01/25. . . | 3417 | 3359 | 185610897.LC.FTS.B, 23.99%, 2/08/27. . . | 7059 | 6845 |
| 187782892.LC.FTS.B, 15.29%, 4/01/25. . . | 187782892.LC.FTS.B, 15.29%, 4/01/25. . . | 187782892.LC.FTS.B, 15.29%, 4/01/25. . . | 5472 | 5253 | 186031699.LC.FTS.B, 20.44%, 2/09/27. . . | 11637 | 11320 |
| 187619723.LC.FTS.B, 15.99%, 4/01/25. . . | 187619723.LC.FTS.B, 15.99%, 4/01/25. . . | 187619723.LC.FTS.B, 15.99%, 4/01/25. . . | 9024 | 8600 | 185632534.LC.FTS.B, 24.99%, 2/10/27. . . | 13708 | 13304 |
| 187832626.LC.FTS.B, 21.79%, 4/01/25. . . | 187832626.LC.FTS.B, 21.79%, 4/01/25. . . | 187832626.LC.FTS.B, 21.79%, 4/01/25. . . | 3322 | 3231 | 185970580.LC.FTS.B, 13.94%, 2/11/27. . . | 27203 | 25244 |
| 187639145.LC.FTS.B, 20.79%, 4/03/25. . . | 187639145.LC.FTS.B, 20.79%, 4/03/25. . . | 187639145.LC.FTS.B, 20.79%, 4/03/25. . . | 16392 | 15904 | 186099084.LC.FTS.B, 21.49%, 2/11/27. . . | 11816 | 11458 |
| 188005229.LC.FTS.B, 14.49%, 4/05/25. . . | 188005229.LC.FTS.B, 14.49%, 4/05/25. . . | 188005229.LC.FTS.B, 14.49%, 4/05/25. . . | 1219 | 1198 | 185846086.LC.FTS.B, 21.99%, 2/11/27. . . | 21578 | 20956 |
| 188014514.LC.FTS.B, 14.49%, 4/06/25. . . | 188014514.LC.FTS.B, 14.49%, 4/06/25. . . | 188014514.LC.FTS.B, 14.49%, 4/06/25. . . | 9762 | 9602 | 185738415.LC.FTS.B, 24.99%, 2/13/27. . . | 13172 | 12804 |
| 188006789.LC.FTS.B, 17.99%, 4/06/25. . . | 188006789.LC.FTS.B, 17.99%, 4/06/25. . . | 188006789.LC.FTS.B, 17.99%, 4/06/25. . . | 8216 | 8030 | 186241368.LC.FTS.B, 15.49%, 2/15/27. . . | 28088 | 27509 |
| 188000200.LC.FTS.B, 22.99%, 4/06/25. . . | 188000200.LC.FTS.B, 22.99%, 4/06/25. . . | 188000200.LC.FTS.B, 22.99%, 4/06/25. . . | 20837 | 20293 | 186058311.LC.FTS.B, 15.69%, 2/15/27. . . | 35361 | 32698 |
| 188029434.LC.FTS.B, 25.99%, 4/06/25. . . | 188029434.LC.FTS.B, 25.99%, 4/06/25. . . | 188029434.LC.FTS.B, 25.99%, 4/06/25. . . | 12758 | (212) | 186203908.LC.FTS.B, 21.99%, 2/15/27. . . | 22477 | 21847 |
| 187490013.LC.FTS.B, 16.19%, 4/10/25. . . | 187490013.LC.FTS.B, 16.19%, 4/10/25. . . | 187490013.LC.FTS.B, 16.19%, 4/10/25. . . | 17292 | 16932 | 186007586.LC.FTS.B, 23.49%, 2/15/27. . . | 11613 | 11291 |
| 187914496.LC.FTS.B, 15.99%, 4/16/25. . . | 187914496.LC.FTS.B, 15.99%, 4/16/25. . . | 187914496.LC.FTS.B, 15.99%, 4/16/25. . . | 4690 | 4602 | 185679797.LC.FTS.B, 23.99%, 2/15/27. . . | 22862 | 22246 |
| 58 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 58 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| LendingClub Corp. - LCX PM (continued) |  |  | LendingClub Corp. - LCX PM (continued) |  |  |  |
| 185942868.LC.FTS.B, 15.94%, 2/18/27. . . | $28407 | $27214 | 187670705.LC.FTS.B, 17.44%, 3/29/27. . . | $35971 | $33897 | 33897 |
| 186027871.LC.FTS.B, 18.99%, 2/20/27. . . | 20476 | 19994 | 187060479.LC.FTS.B, 20.49%, 3/29/27. . . | 27197 | 25919 | 25919 |
| 186522043.LC.FTS.B, 14.94%, 3/10/27. . . | 5358 | 5277 | 187264368.LC.FTS.B, 20.99%, 3/29/27. . . | 9077 | 8803 | 8803 |
| 187037217.LC.FTS.B, 18.49%, 3/10/27. . . | 6989 | 6805 | 187353272.LC.FTS.B, 21.49%, 3/29/27. . . | 21813 | 20839 | 20839 |
| 187054481.LC.FTS.B, 22.49%, 3/10/27. . . | 22778 | 22106 | 187710171.LC.FTS.B, 22.49%, 3/29/27. . . | 30846 | 29846 | 29846 |
| 186904219.LC.FTS.B, 17.19%, 3/11/27. . . | 13480 | 13115 | 187764055.LC.FTS.B, 24.99%, 3/29/27. . . | 9166 | 8948 | 8948 |
| 187071023.LC.FTS.B, 17.99%, 3/11/27. . . | 13509 | 13254 | 187525270.LC.FTS.B, 25.99%, 3/29/27. . . | 20468 | 2628 | 2628 |
| 186901660.LC.FTS.B, 18.19%, 3/11/27. . . | 22216 | 3982 | 187776036.LC.FTS.B, 13.19%, 3/30/27. . . | 7233 | 7075 | 7075 |
| 187032664.LC.FTS.B, 20.99%, 3/11/27. . . | 18154 | 17680 | 187454041.LC.FTS.B, 16.99%, 3/30/27. . . | 26212 | 25590 | 25590 |
| 187074112.LC.FTS.B, 21.99%, 3/11/27.. . . | 14561 | 14147 | 187772972.LC.FTS.B, 18.99%, 3/30/27. . . | 18290 | 17741 | 17741 |
| 186654687.LC.FTS.B, 23.49%, 3/11/27. . . | 16623 | 16137 | 187581793.LC.FTS.B, 19.99%, 3/30/27. . . | 13408 | 13062 | 13062 |
| 187106181.LC.FTS.B, 16.99%, 3/14/27. . . | 8982 | 8815 | 187751574.LC.FTS.B, 20.44%, 3/30/27. . . | 29729 | 28707 | 28707 |
| 187083776.LC.FTS.B, 23.99%, 3/14/27. . . | 7635 | 59 | 187614352.LC.FTS.B, 20.99%, 3/30/27. . . | 22968 | 22275 | 22275 |
| 187126669.LC.FTS.B, 14.19%, 3/15/27. . . | 19604 | 18431 | 187759921.LC.FTS.B, 20.99%, 3/30/27. . . | 32593 | 3889 | 3889 |
| 187035884.LC.FTS.B, 16.29%, 3/15/27. . . | 26893 | 24732 | 187803201.LC.FTS.B, 20.99%, 3/30/27. . . | 7938 | 971 | 971 |
| 187047351.LC.FTS.B, 19.49%, 3/15/27. . . | 16331 | 15940 | 187775878.LC.FTS.B, 21.49%, 3/30/27. . . | 18395 | 17966 | 17966 |
| 187202054.LC.FTS.B, 19.49%, 3/15/27. . . | 19960 | 19426 | 187349433.LC.FTS.B, 23.99%, 3/30/27. . . | 19607 | 19170 | 19170 |
| 187178718.LC.FTS.B, 19.99%, 3/15/27. . . | 20824 | 19952 | 187792928.LC.FTS.B, 23.99%, 3/30/27. . . | 6778 | 6618 | 6618 |
| 186624355.LC.FTS.B, 21.49%, 3/15/27. . . | 10179 | 9766 | 187100244.LC.FTS.B, 24.99%, 3/30/27. . . | 11190 | 10918 | 10918 |
| 187248536.LC.FTS.B, 13.19%, 3/16/27. . . | 11550 | 11386 | 187804301.LC.FTS.B, 19.67%, 3/31/27. . . | 32037 | 31230 | 31230 |
| 187147644.LC.FTS.B, 14.69%, 3/16/27. . . | 29448 | 28056 | 187535555.LC.FTS.B, 20.99%, 3/31/27. . . | 27662 | 26904 | 26904 |
| 187016641.LC.FTS.B, 22.49%, 3/16/27. . . | 36528 | 35397 | 187660671.LC.FTS.B, 20.99%, 3/31/27. . . | 4590 | 4494 | 4494 |
| 187028667.LC.FTS.B, 20.99%, 3/17/27. . . | 14524 | 14167 | 187819893.LC.FTS.B, 21.49%, 3/31/27. . . | 36762 | 35779 | 35779 |
| 187080092.LC.FTS.B, 20.99%, 3/17/27. . . | 21814 | 21302 | 187754766.LC.FTS.B, 21.99%, 3/31/27. . . | 22541 | 22034 | 22034 |
| 187252598.LC.FTS.B, 20.99%, 3/17/27. . . | 10166 | 9917 | 187835579.LC.FTS.B, 22.49%, 3/31/27. . . | 4605 | 4501 | 4501 |
| 187131268.LC.FTS.B, 23.99%, 3/17/27. . . | 24436 | 19042 | 187829994.LC.FTS.B, 22.99%, 3/31/27. . . | 28560 | 27914 | 27914 |
| 187306434.LC.FTS.B, 24.99%, 3/17/27. . . | 4778 | 27 | 187818729.LC.FTS.B, 23.49%, 3/31/27. . . | 32305 | 31573 | 31573 |
| 187359933.LC.FTS.B, 14.99%, 3/18/27. . . | 3256 | 3222 | 187135458.LC.FTS.B, 25.99%, 3/31/27. . . | 11132 | 10877 | 10877 |
| 187192813.LC.FTS.B, 20.49%, 3/18/27. . . | 9066 | 8845 | 187399946.LC.FTS.B, 25.99%, 3/31/27. . . | 4007 | 717 | 717 |
| 187318217.LC.FTS.B, 20.49%, 3/18/27. . . | 25384 | 24767 | 187832290.LC.FTS.B, 17.19%, 4/01/27. . . | 9561 | 9179 | 9179 |
| 186635756.LC.FTS.B, 21.99%, 3/18/27. . . | 9100 | 8856 | 187864418.LC.FTS.B, 18.19%, 4/01/27. . . | 22819 | 22016 | 22016 |
| 187318907.LC.FTS.B, 23.99%, 3/18/27. . . | 10283 | 1948 | 187825531.LC.FTS.B, 19.99%, 4/01/27. . . | 8341 | 8047 | 8047 |
| 187345456.LC.FTS.B, 25.99%, 3/18/27. . . | 22968 | 22346 | 187845146.LC.FTS.B, 19.99%, 4/01/27. . . | 9166 | 8880 | 8880 |
| 187235906.LC.FTS.B, 13.19%, 3/20/27. . . | 26453 | 26092 | 187585267.LC.FTS.B, 20.49%, 4/01/27. . . | 8294 | 8077 | 8077 |
| 187350401.LC.FTS.B, 15.19%, 3/21/27. . . | 13405 | 13176 | 187845055.LC.FTS.B, 21.99%, 4/01/27. . . | 9668 | 9368 | 9368 |
| 187159940.LC.FTS.B, 17.19%, 3/21/27. . . | 8545 | 8408 | 187865227.LC.FTS.B, 22.49%, 4/01/27. . . | 23044 | 22328 | 22328 |
| 186875668.LC.FTS.B, 17.74%, 3/21/27. . . | 15651 | 15379 | 187651859.LC.FTS.B, 23.99%, 4/01/27. . . | 9155 | 8869 | 8869 |
| 187352932.LC.FTS.B, 21.99%, 3/21/27. . . | 13969 | 2657 | 187860298.LC.FTS.B, 23.99%, 4/01/27. . . | 5548 | 5375 | 5375 |
| 187402362.LC.FTS.B, 21.99%, 3/21/27. . . | 11830 | 11518 | 187818380.LC.FTS.B, 25.99%, 4/01/27. . . | 6500 | 6296 | 6296 |
| 187336721.LC.FTS.B, 22.99%, 3/21/27. . . | 24799 | 103 | 187860052.LC.FTS.B, 22.99%, 4/03/27. . . | 9142 | 8861 | 8861 |
| 187352723.LC.FTS.B, 18.99%, 3/22/27. . . | 22232 | 4102 | 187587561.LC.FTS.B, 23.99%, 4/03/27. . . | 20057 | 19448 | 19448 |
| 186943464.LC.FTS.B, 18.99%, 3/25/27. . . | 18209 | 17204 | 187095846.LC.FTS.B, 18.99%, 4/04/27. . . | 22862 | 22252 | 22252 |
| 187492389.LC.FTS.B, 18.99%, 3/25/27. . . | 5057 | 4944 | 187891277.LC.FTS.B, 21.49%, 4/04/27. . . | 18395 | 17833 | 17833 |
| 187214955.LC.FTS.B, 20.99%, 3/25/27. . . | 9131 | 8932 | 187787243.LC.FTS.B, 21.99%, 4/04/27. . . | 14732 | 14282 | 14282 |
| 187598322.LC.FTS.B, 21.99%, 3/25/27. . . | 22691 | 22135 | 187840847.LC.FTS.B, 22.49%, 4/04/27. . . | 13826 | 13403 | 13403 |
| 187547364.LC.FTS.B, 23.19%, 3/25/27. . . | 11864 | 11573 | 187917369.LC.FTS.B, 22.49%, 4/04/27. . . | 15670 | 15208 | 15208 |
| 187584837.LC.FTS.B, 23.49%, 3/25/27. . . | 16195 | 2981 | 187765035.LC.FTS.B, 23.99%, 4/04/27. . . | 22193 | 21512 | 21512 |
| 187430105.LC.FTS.B, 25.99%, 3/25/27. . . | 11025 | 10752 | 187819878.LC.FTS.B, 18.99%, 4/05/27. . . | 18335 | 17581 | 17581 |
| 187593197.LC.FTS.B, 13.19%, 3/28/27. . . | 23100 | 22720 | 187826108.LC.FTS.B, 18.99%, 4/05/27. . . | 18290 | 16977 | 16977 |
| 187600393.LC.FTS.B, 13.19%, 3/28/27. . . | 10598 | 10467 | 187948430.LC.FTS.B, 19.99%, 4/05/27. . . | 29332 | 27831 | 27831 |
| 187611207.LC.FTS.B, 18.99%, 3/28/27. . . | 18061 | 17512 | 187967430.LC.FTS.B, 20.99%, 4/05/27. . . | 18742 | 18013 | 18013 |
| 186696299.LC.FTS.B, 19.99%, 3/28/27. . . | 18652 | 18261 | 187981773.LC.FTS.B, 22.99%, 4/05/27. . . | 23069 | 22370 | 22370 |
| 187609544.LC.FTS.B, 19.99%, 3/28/27. . . | 18107 | 17708 | 187967050.LC.FTS.B, 18.99%, 4/06/27. . . | 30864 | 29548 | 29548 |
| 187644231.LC.FTS.B, 19.99%, 3/28/27. . . | 16297 | 15938 | 187277454.LC.FTS.B, 19.44%, 4/06/27. . . | 35703 | 34621 | 34621 |
| 186713472.LC.FTS.B, 20.99%, 3/28/27. . . | 16168 | 15851 | 188021275.LC.FTS.B, 20.49%, 4/06/27. . . | 23094 | 4053 | 4053 |
| 187621983.LC.FTS.B, 20.99%, 3/28/27. . . | 11800 | 11540 | 188031790.LC.FTS.B, 20.49%, 4/06/27. . . | 18353 | 17872 | 17872 |
| 186652351.LC.FTS.B, 23.99%, 3/28/27. . . | 27741 | 26622 | 188023733.LC.FTS.B, 20.99%, 4/06/27. . . | 7350 | 7156 | 7156 |
| 187636626.LC.FTS.B, 23.99%, 3/28/27. . . | 9740 | 9516 | 188040936.LC.FTS.B, 20.99%, 4/06/27. . . | 13781 | 13419 | 13419 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 59 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 59 |

---

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| LendingClub Corp. - LCX PM (continued) |  |  |
| 188026351.LC.FTS.B, 22.99%, 4/06/27. . . | $17348 | $16828 |
| 187804219.LC.FTS.B, 25.99%, 4/07/27. . . | 7475 | 7258 |
| 187785381.LC.FTS.B, 23.99%, 4/08/27. . . | 32774 | 31914 |
| 187683423.LC.FTS.B, 20.99%, 4/09/27. . . | 18483 | 18034 |
| 187403735.LC.FTS.B, 22.49%, 4/10/27. . . | 12944 | 12589 |
| 187951931.LC.FTS.B, 22.99%, 4/10/27. . . | 27786 | 26791 |
| 187944849.LC.FTS.B, 20.44%, 4/14/27. . . | 9226 | 8900 |
| 187273598.LC.FTS.B, 18.99%, 4/15/27. . . | 28241 | 21736 |
| 187744654.LC.FTS.B, 18.99%, 4/15/27. . . | 27560 | 26723 |
| 187248830.LC.FTS.B, 20.99%, 4/15/27. . . | 24798 | 23401 |
| 188025408.LC.FTS.B, 20.99%, 4/15/27. . . | 7394 | 7229 |
| 187938826.LC.FTS.B, 21.49%, 4/15/27. . . | 4781 | 578 |
| 187995587.LC.FTS.B, 22.99%, 4/15/27. . . | 17842 | 17383 |
| 187298854.LC.FTS.B, 23.49%, 4/15/27. . . | 31687 | 30872 |
| 187875007.LC.FTS.B, 25.99%, 4/15/27. . . | 9402 | 9181 |
| 187337224.LC.FTS.B, 23.49%, 4/16/27. . . | 37446 | 36055 |
| 187875093.LC.FTS.B, 20.99%, 4/18/27. . . | 18528 | 18050 |
| 187946130.LC.FTS.B, 19.99%, 4/20/27. . . | 23149 | 21969 |
| 187906511.LC.FTS.B, 22.99%, 4/20/27. . . | 11204 | 10954 |
| 187945139.LC.FTS.B, 21.99%, 4/24/27. . . | 19605 | 19023 |
| 187376525.LC.FTS.B, 20.99%, 4/28/27. . . | 24019 | 311 |
| 187316257.LC.FTS.B, 10%, 10/21/27.. . . . | 19302 | 14915 |
| 187417305.LC.FTS.B, 15%, 11/20/27.. . . . | 9736 | 7589 |
|  |  | 3951139 |
| Prosper Funding LLC |  |  |
| Prosper Funding LLC |  |  |
| 1608023.PS.FTS.B, 13.5%, 8/19/24. . . . . . | 5444 | 5272 |
| 1618173.PS.FTS.B, 16.8%, 8/19/24. . . . . . | 4338 | 4191 |
| 1618560.PS.FTS.B, 24.6%, 8/20/24. . . . . . | 1336 | 1318 |
| 1619001.PS.FTS.B, 13.56%, 8/23/24. . . . . | 12041 | 11672 |
| 1618176.PS.FTS.B, 15.1%, 8/23/24. . . . . . | 1837 | 1774 |
| 1619013.PS.FTS.B, 16.1%, 8/23/24. . . . . . | 2150 | 2080 |
| 1612279.PS.FTS.B, 17.1%, 8/23/24. . . . . . | 1853 | 1820 |
| 1610345.PS.FTS.B, 19%, 8/24/24.. . . . . . . | 1249 | 1222 |
| 1620576.PS.FTS.B, 16.6%, 8/25/24. . . . . . | 3082 | 2983 |
| 1614442.PS.FTS.B, 24.6%, 8/25/24. . . . . . | 2897 | 2864 |
| 1610672.PS.FTS.B, 24.8%, 8/25/24. . . . . . | 1603 | 52 |
| 1614934.PS.FTS.B, 13.4%, 8/26/24. . . . . . | 2115 | 2051 |
| 1614493.PS.FTS.B, 14.89%, 8/26/24. . . . . | 1525 | 1480 |
| 1615996.PS.FTS.B, 16.8%, 8/30/24. . . . . . | 1930 | 1846 |
| 1609517.PS.FTS.B, 15.2%, 8/31/24. . . . . . | 12812 | 12371 |
| 1623869.PS.FTS.B, 14.19%, 9/21/24. . . . . | 3169 | 3094 |
| 1623890.PS.FTS.B, 15.86%, 9/21/24. . . . . | 3081 | 2979 |
| 1634202.PS.FTS.B, 17.49%, 9/21/24. . . . . | 14840 | 14349 |
| 1633995.PS.FTS.B, 19.8%, 9/21/24. . . . . . | 6857 | 6707 |
| 1628602.PS.FTS.B, 13%, 9/22/24.. . . . . . . | 3148 | 3048 |
| 1628368.PS.FTS.B, 20.57%, 9/22/24. . . . . | 12987 | 12708 |
| 1625354.PS.FTS.B, 13%, 9/23/24.. . . . . . . | 8816 | 8536 |
| 1635849.PS.FTS.B, 13.59%, 9/23/24. . . . . | 5054 | 4891 |
| 1625321.PS.FTS.B, 17.96%, 9/23/24. . . . . | 6166 | 5171 |
| 1612918.PS.FTS.B, 20.9%, 9/23/24. . . . . . | 8088 | 4417 |
| 1630159.PS.FTS.B, 12.3%, 9/24/24. . . . . . | 1882 | 1822 |
| 1626488.PS.FTS.B, 13.9%, 9/24/24. . . . . . | 4430 | 4290 |
| 1626389.PS.FTS.B, 14.31%, 9/24/24. . . . . | 2537 | 2456 |
| 1630150.PS.FTS.B, 15.03%, 9/24/24. . . . . | 2547 | 2466 |
| 1630498.PS.FTS.B, 12.4%, 9/27/24. . . . . . | 8175 | 7918 |
| 1637430.PS.FTS.B, 14.7%, 9/27/24. . . . . . | 5638 | 5453 |
| 1627091.PS.FTS.B, 16%, 9/27/24.. . . . . . . | 8321 | 8065 |

---

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| Prosper Funding LLC (continued) |  |  |
| 1630435.PS.FTS.B, 16.9%, 9/27/24. . . . . . | $13766 | $13342 |
| 1628009.PS.FTS.B, 15.5%, 9/28/24. . . . . . | 3670 | 3504 |
| 1628039.PS.FTS.B, 18.41%, 9/28/24. . . . . | 2293 | 2223 |
| 1632463.PS.FTS.B, 16.5%, 9/29/24. . . . . . | 6681 | 6658 |
| 1630306.PS.FTS.B, 11.7%, 9/30/24. . . . . . | 9812 | 9494 |
| 1636029.PS.FTS.B, 13.7%, 9/30/24. . . . . . | 3301 | 3192 |
| 1637622.PS.FTS.B, 16.6%, 10/02/24. . . . . | 2011 | 1942 |
| 1637586.PS.FTS.B, 16%, 10/10/24.. . . . . . | 6720 | 6485 |
| 1648303.PS.FTS.B, 16%, 10/26/24.. . . . . . | 6666 | 6446 |
| 1655001.PS.FTS.B, 16%, 10/26/24.. . . . . . | 1333 | 1299 |
| 1655370.PS.FTS.B, 15.29%, 10/27/24. . . . | 2655 | 2569 |
| 1649503.PS.FTS.B, 11.5%, 10/28/24. . . . . | 13576 | 13146 |
| 1649281.PS.FTS.B, 11.7%, 10/28/24. . . . . | 6786 | 6573 |
| 1646051.PS.FTS.B, 11.79%, 10/28/24. . . . | 6789 | 6576 |
| 1649506.PS.FTS.B, 14.56%, 10/28/24. . . . | 10319 | 9997 |
| 1656375.PS.FTS.B, 17%, 10/28/24.. . . . . . | 2088 | 2044 |
| 1646441.PS.FTS.B, 11.7%, 10/29/24. . . . . | 10229 | 10018 |
| 1656663.PS.FTS.B, 11.86%, 10/29/24. . . . | 3946 | 3827 |
| 1646795.PS.FTS.B, 13.9%, 10/29/24. . . . . | 7544 | 7398 |
| 1646834.PS.FTS.B, 15.4%, 10/29/24. . . . . | 23344 | 22923 |
| 1651180.PS.FTS.B, 14.89%, 11/01/24. . . . | 13160 | 12588 |
| 1648862.PS.FTS.B, 20.34%, 11/02/24. . . . | 5294 | 5096 |
| 1649965.PS.FTS.B, 17.2%, 11/04/24. . . . . | 6992 | 6801 |
| 1654753.PS.FTS.B, 11.89%, 11/05/24. . . . | 475 | 468 |
| 1650980.PS.FTS.B, 12.29%, 11/05/24. . . . | 12940 | 12455 |
| 1654294.PS.FTS.B, 14.56%, 11/05/24. . . . | 10313 | 9927 |
| 1650983.PS.FTS.B, 15.1%, 11/05/24. . . . . | 4140 | 3958 |
| 1660971.PS.FTS.B, 16.6%, 11/05/24. . . . . | 9527 | 356 |
| 1651820.PS.FTS.B, 12.2%, 11/08/24. . . . . | 7819 | 7532 |
| 1658125.PS.FTS.B, 13.87%, 11/08/24. . . . | 5691 | 3198 |
| 1651811.PS.FTS.B, 14.6%, 11/08/24. . . . . | 3095 | 2967 |
| 1658437.PS.FTS.B, 14.6%, 11/08/24. . . . . | 10315 | 9889 |
| 1664799.PS.FTS.B, 15.1%, 11/08/24. . . . . | 9869 | 9508 |
| 1664823.PS.FTS.B, 16%, 11/08/24.. . . . . . | 1384 | 1327 |
| 1664817.PS.FTS.B, 16.2%, 11/08/24. . . . . | 1386 | 1338 |
| 1664820.PS.FTS.B, 18.5%, 11/08/24. . . . . | 14003 | 13524 |
| 1652738.PS.FTS.B, 10.8%, 11/09/24. . . . . | 2718 | 2618 |
| 1652447.PS.FTS.B, 12%, 11/09/24.. . . . . . | 1272 | 1232 |
| 1656186.PS.FTS.B, 13.41%, 11/10/24. . . . | 11707 | 11287 |
| 1660369.PS.FTS.B, 15.89%, 11/10/24. . . . | 17296 | 16924 |
| 1646069.PS.FTS.B, 11.7%, 11/11/24.. . . . . | 5638 | 3068 |
| 1667217.PS.FTS.B, 9.71%, 11/15/24. . . . . | 5384 | 5188 |
| 1655423.PS.FTS.B, 15.39%, 11/15/24. . . . | 13805 | 13493 |
| 1658122.PS.FTS.B, 19.56%, 11/15/24. . . . | 12012 | 11562 |
| 1673226.PS.FTS.B, 18.41%, 11/22/24. . . . | 5949 | 5734 |
| 1645250.PS.FTS.B, 13.7%, 11/26/24. . . . . | 2782 | 2651 |
| 1661251.PS.FTS.B, 16.7%, 11/26/24. . . . . | 6380 | 1577 |
| 1678333.PS.FTS.B, 12%, 12/14/24.. . . . . . | 4586 | 4423 |
| 1672694.PS.FTS.B, 13.36%, 12/14/24. . . . | 3549 | 3423 |
| 1672271.PS.FTS.B, 13.59%, 12/14/24. . . . | 6750 | 6477 |
| 1672649.PS.FTS.B, 14%, 12/14/24.. . . . . . | 10677 | 10245 |
| 1678330.PS.FTS.B, 14.39%, 12/14/24. . . . | 6061 | 5815 |
| 1672679.PS.FTS.B, 15.12%, 12/14/24. . . . | 1431 | 1373 |
| 1678708.PS.FTS.B, 16.7%, 12/14/24. . . . . | 7201 | 6910 |
| 1685598.PS.FTS.B, 16.8%, 12/14/24. . . . . | 3602 | 3456 |
| 1685604.PS.FTS.B, 19.6%, 12/14/24. . . . . | 1316 | 1271 |
| 1672946.PS.FTS.B, 13.81%, 12/15/24. . . . | 17283 | 16674 |
| 1673333.PS.FTS.B, 13.96%, 12/15/24. . . . | 5693 | 5493 |

---

60 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |  |
| 1685970.PS.FTS.B, 14.09%, 12/15/24. . . . | $7629 | $1797 | 1722525.PS.FTS.B, 19.5%, 2/16/25. . . . . . | $2096 | $2012 | 2012 |
| 1685919.PS.FTS.B, 16.7%, 12/15/24. . . . . | 16563 | 15899 | 1722444.PS.FTS.B, 22.6%, 2/16/25. . . . . . | 83 | 52 | 52 |
| 1672931.PS.FTS.B, 16.9%, 12/15/24. . . . . | 14415 | 13837 | 1722105.PS.FTS.B, 25.11%, 2/16/25. . . . . | 3165 | 3062 | 3062 |
| 1685940.PS.FTS.B, 17%, 12/15/24.. . . . . . | 1442 | 1394 | 1710242.PS.FTS.B, 13%, 2/17/25.. . . . . . . | 6455 | 6234 | 6234 |
| 1685934.PS.FTS.B, 18.41%, 12/15/24. . . . | 2901 | 2785 | 1717210.PS.FTS.B, 11.4%, 2/18/25. . . . . . | 3775 | 3647 | 3647 |
| 1673135.PS.FTS.B, 22.6%, 12/15/24. . . . . | 1664 | 242 | 1717363.PS.FTS.B, 17.8%, 2/18/25. . . . . . | 8882 | 8563 | 8563 |
| 1673894.PS.FTS.B, 11.79%, 12/16/24. . . . | 4934 | 4761 | 1709564.PS.FTS.B, 15.2%, 2/20/25. . . . . . | 3069 | 2942 | 2942 |
| 1680064.PS.FTS.B, 15.8%, 12/16/24. . . . . | 2870 | 2756 | 1718419.PS.FTS.B, 13.9%, 2/22/25. . . . . . | 3428 | 3294 | 3294 |
| 1680763.PS.FTS.B, 14%, 12/17/24.. . . . . . | 7118 | 6838 | 1718422.PS.FTS.B, 14.09%, 2/22/25. . . . . | 8386 | 8059 | 8059 |
| 1687713.PS.FTS.B, 16.1%, 12/17/24. . . . . | 5387 | 5175 | 1718395.PS.FTS.B, 22.6%, 2/22/25. . . . . . | 11817 | 11438 | 11438 |
| 1674923.PS.FTS.B, 16%, 12/20/24.. . . . . . | 10052 | 9745 | 1720668.PS.FTS.B, 16.95%, 2/28/25. . . . . | 20005 | 19161 | 19161 |
| 1682398.PS.FTS.B, 17.8%, 12/21/24. . . . . | 18796 | 15801 | 1739683.PS.FTS.B, 10.44%, 3/22/25. . . . . | 3115 | 3019 | 3019 |
| 1684060.PS.FTS.B, 24.09%, 12/23/24. . . . | 11134 | 10895 | 1732931.PS.FTS.B, 10.5%, 3/22/25. . . . . . | 11684 | 11325 | 11325 |
| 1693036.PS.FTS.B, 13%, 1/11/25.. . . . . . . | 18134 | 17479 | 1739638.PS.FTS.B, 10.5%, 3/22/25. . . . . . | 5842 | 5662 | 5662 |
| 1700988.PS.FTS.B, 10.8%, 1/12/25. . . . . . | 5813 | 5604 | 1733486.PS.FTS.B, 11.7%, 3/22/25. . . . . . | 11732 | 11372 | 11372 |
| 1688222.PS.FTS.B, 11.5%, 1/12/25. . . . . . | 6559 | 6336 | 1732964.PS.FTS.B, 11.86%, 3/22/25. . . . . | 7826 | 7586 | 7586 |
| 1700688.PS.FTS.B, 13%, 1/12/25.. . . . . . . | 7342 | 7078 | 1743183.PS.FTS.B, 12.06%, 3/22/25. . . . . | 3540 | 3403 | 3403 |
| 1687916.PS.FTS.B, 13.13%, 1/12/25. . . . . | 8831 | 8453 | 1740130.PS.FTS.B, 12.15%, 3/22/25. . . . . | 12357 | 11879 | 11879 |
| 1693783.PS.FTS.B, 13.6%, 1/12/25. . . . . . | 2208 | 2115 | 1732925.PS.FTS.B, 12.54%, 3/22/25. . . . . | 11765 | 11405 | 11405 |
| 1693810.PS.FTS.B, 13.7%, 1/12/25. . . . . . | 6595 | 6317 | 1740193.PS.FTS.B, 12.9%, 3/22/25. . . . . . | 7853 | 7612 | 7612 |
| 1700679.PS.FTS.B, 13.8%, 1/12/25. . . . . . | 11048 | 10651 | 1733219.PS.FTS.B, 13%, 3/22/25.. . . . . . . | 3142 | 3046 | 3046 |
| 1688228.PS.FTS.B, 15.5%, 1/12/25. . . . . . | 3188 | 3054 | 1733510.PS.FTS.B, 13%, 3/22/25.. . . . . . . | 3928 | 3808 | 3808 |
| 1694194.PS.FTS.B, 24.4%, 1/12/25. . . . . . | 2300 | 2227 | 1739665.PS.FTS.B, 13.5%, 3/22/25. . . . . . | 14006 | 13465 | 13465 |
| 1688984.PS.FTS.B, 13.8%, 1/13/25. . . . . . | 13258 | 12785 | 1732946.PS.FTS.B, 13.59%, 3/22/25. . . . . | 11807 | 11350 | 11350 |
| 1701405.PS.FTS.B, 14.94%, 1/13/25. . . . . | 7399 | 7089 | 1733531.PS.FTS.B, 13.9%, 3/22/25. . . . . . | 6890 | 928 | 928 |
| 1695040.PS.FTS.B, 16.7%, 1/13/25. . . . . . | 11174 | 10706 | 1742658.PS.FTS.B, 13.9%, 3/22/25. . . . . . | 5515 | 5302 | 5302 |
| 1695043.PS.FTS.B, 16.7%, 1/13/25. . . . . . | 14899 | 14355 | 1742880.PS.FTS.B, 13.9%, 3/22/25. . . . . . | 1439 | 1395 | 1395 |
| 1689398.PS.FTS.B, 15.4%, 1/14/25. . . . . . | 4447 | 4263 | 1740127.PS.FTS.B, 14.89%, 3/22/25. . . . . | 3952 | 3800 | 3800 |
| 1689236.PS.FTS.B, 17.59%, 1/14/25. . . . . | 3755 | 3610 | 1743186.PS.FTS.B, 14.89%, 3/22/25. . . . . | 2925 | 2812 | 2812 |
| 1689656.PS.FTS.B, 23%, 1/14/25.. . . . . . . | 11440 | 11092 | 1742688.PS.FTS.B, 15.29%, 3/22/25. . . . . | 3166 | 3044 | 3044 |
| 1695748.PS.FTS.B, 24.4%, 1/14/25. . . . . . | 1533 | 1486 | 1743240.PS.FTS.B, 15.29%, 3/22/25. . . . . | 5541 | 5327 | 5327 |
| 1690268.PS.FTS.B, 11.4%, 1/18/25. . . . . . | 3674 | 3549 | 1742661.PS.FTS.B, 16%, 3/22/25.. . . . . . . | 5056 | 4858 | 4858 |
| 1703232.PS.FTS.B, 21%, 1/18/25.. . . . . . . | 1514 | 1472 | 1732934.PS.FTS.B, 16.39%, 3/22/25. . . . . | 2679 | 2575 | 2575 |
| 1704948.PS.FTS.B, 13.05%, 1/19/25. . . . . | 9546 | 9220 | 1732961.PS.FTS.B, 17.7%, 3/22/25. . . . . . | 2386 | 2302 | 2302 |
| 1704396.PS.FTS.B, 17.8%, 1/19/25. . . . . . | 1642 | 232 | 1740157.PS.FTS.B, 17.8%, 3/22/25. . . . . . | 7979 | 7686 | 7686 |
| 1690376.PS.FTS.B, 14.04%, 1/21/25. . . . . | 8861 | 8501 | 1742655.PS.FTS.B, 17.96%, 3/22/25. . . . . | 5588 | 5373 | 5373 |
| 1698164.PS.FTS.B, 22.7%, 1/28/25. . . . . . | 1571 | 1537 | 1739644.PS.FTS.B, 18.5%, 3/22/25. . . . . . | 7997 | 7704 | 7704 |
| 1705293.PS.FTS.B, 14.79%, 1/29/25. . . . . | 5380 | 5238 | 1742667.PS.FTS.B, 20.46%, 3/22/25. . . . . | 1609 | 1550 | 1550 |
| 1694638.PS.FTS.B, 21.8%, 2/06/25. . . . . . | 5431 | 5229 | 1743195.PS.FTS.B, 21%, 3/22/25.. . . . . . . | 1585 | 1535 | 1535 |
| 1701438.PS.FTS.B, 15.07%, 2/08/25. . . . . | 15510 | 14971 | 1740142.PS.FTS.B, 21.2%, 3/22/25. . . . . . | 12096 | 11683 | 11683 |
| 1707662.PS.FTS.B, 13.9%, 2/14/25. . . . . . | 4571 | 4379 | 1740166.PS.FTS.B, 22.5%, 3/22/25. . . . . . | 6882 | 6630 | 6630 |
| 1720674.PS.FTS.B, 22.6%, 2/14/25. . . . . . | 1570 | 1517 | 1742646.PS.FTS.B, 22.5%, 3/22/25. . . . . . | 6477 | 6240 | 6240 |
| 1714348.PS.FTS.B, 24.4%, 2/14/25. . . . . . | 1815 | 1763 | 1739668.PS.FTS.B, 24.09%, 3/22/25. . . . . | 1817 |  | – |
| 1721649.PS.FTS.B, 13.3%, 2/15/25. . . . . . | 22807 | 22014 | 1733501.PS.FTS.B, 24.3%, 3/22/25. . . . . . | 12210 | 11793 | 11793 |
| 1721043.PS.FTS.B, 13.5%, 2/15/25. . . . . . | 7608 | 7343 | 1743174.PS.FTS.B, 24.4%, 3/22/25. . . . . . | 4071 | 3932 | 3932 |
| 1714735.PS.FTS.B, 13.6%, 2/15/25. . . . . . | 6697 | 6418 | 1740133.PS.FTS.B, 24.51%, 3/22/25. . . . . | 3367 | 2818 | 2818 |
| 1708097.PS.FTS.B, 13.7%, 2/15/25. . . . . . | 4949 | 4742 | 1739647.PS.FTS.B, 25.11%, 3/22/25. . . . . | 8159 | 7881 | 7881 |
| 1714504.PS.FTS.B, 14.89%, 2/15/25. . . . . | 3823 | 3663 | 1740088.PS.FTS.B, 25.4%, 3/22/25. . . . . . | 2987 | 2957 | 2957 |
| 1714807.PS.FTS.B, 15.29%, 2/15/25. . . . . | 2680 | 2568 | 1742691.PS.FTS.B, 25.4%, 3/22/25. . . . . . | 4730 | 4579 | 4579 |
| 1720839.PS.FTS.B, 15.29%, 2/15/25. . . . . | 2297 | 2201 | 1743513.PS.FTS.B, 11.4%, 3/23/25. . . . . . | 7032 | 6818 | 6818 |
| 1720845.PS.FTS.B, 15.29%, 2/15/25. . . . . | 1531 | 1467 | 1733924.PS.FTS.B, 11.79%, 3/23/25. . . . . | 3911 | 3792 | 3792 |
| 1714516.PS.FTS.B, 15.4%, 2/15/25. . . . . . | 9191 | 8808 | 1740487.PS.FTS.B, 11.86%, 3/23/25. . . . . | 7826 | 7588 | 7588 |
| 1721055.PS.FTS.B, 16%, 2/15/25.. . . . . . . | 4622 | 4440 | 1740736.PS.FTS.B, 12%, 3/23/25.. . . . . . . | 3523 | 3416 | 3416 |
| 1708859.PS.FTS.B, 17%, 2/15/25.. . . . . . . | 9939 | 9565 | 1734089.PS.FTS.B, 12.54%, 3/23/25. . . . . | 10202 | 9892 | 9892 |
| 1708151.PS.FTS.B, 19.5%, 2/15/25. . . . . . | 9322 | 8971 | 1733798.PS.FTS.B, 13.1%, 3/23/25. . . . . . | 12573 | 12191 | 12191 |
| 1708856.PS.FTS.B, 21.2%, 2/15/25. . . . . . | 4427 | 891 | 1734008.PS.FTS.B, 13.36%, 3/23/25. . . . . | 1606 | 1557 | 1557 |
| 1721049.PS.FTS.B, 22%, 2/15/25.. . . . . . . | 7833 | 7537 | 1740478.PS.FTS.B, 13.8%, 3/23/25. . . . . . | 19691 | 18938 | 18938 |
| 1716298.PS.FTS.B, 11.4%, 2/16/25. . . . . . | 4544 | 4391 | 1740493.PS.FTS.B, 13.9%, 3/23/25. . . . . . | 12261 | 10048 | 10048 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 61 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 61 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Prosper Funding LLC (continued) | Prosper Funding LLC (continued) | Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |
| 1733819.PS.FTS.B, 14.49%, 3/23/25. . . . . | 1733819.PS.FTS.B, 14.49%, 3/23/25. . . . . | 1733819.PS.FTS.B, 14.49%, 3/23/25. . . . . | $7894 | $7593 | 1735697.PS.FTS.B, 13.3%, 3/25/25. . . . . . | $1949 | $1875 |
| 1734275.PS.FTS.B, 15%, 3/23/25.. . . . . . . | 1734275.PS.FTS.B, 15%, 3/23/25.. . . . . . . | 1734275.PS.FTS.B, 15%, 3/23/25.. . . . . . . | 7908 | 7606 | 1742152.PS.FTS.B, 13.77%, 3/25/25. . . . . | 4757 | 4578 |
| 1733825.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1733825.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1733825.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 7913 | 7611 | 1745604.PS.FTS.B, 14.09%, 3/25/25. . . . . | 7491 | 7144 |
| 1740964.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1740964.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1740964.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 5143 | 4947 | 1742521.PS.FTS.B, 14.39%, 3/25/25. . . . . | 2485 | 2369 |
| 1743555.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1743555.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 1743555.PS.FTS.B, 15.2%, 3/23/25. . . . . . | 7834 | 7534 | 1735790.PS.FTS.B, 14.6%, 3/25/25. . . . . . | 1900 | 1836 |
| 1733942.PS.FTS.B, 15.86%, 3/23/25. . . . . | 1733942.PS.FTS.B, 15.86%, 3/23/25. . . . . | 1733942.PS.FTS.B, 15.86%, 3/23/25. . . . . | 2396 | 2304 | 1742503.PS.FTS.B, 15.12%, 3/25/25. . . . . | 959 | 932 |
| 1733657.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1733657.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1733657.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 7950 | 7646 | 1735733.PS.FTS.B, 15.29%, 3/25/25. . . . . | 22319 | 1200 |
| 1734398.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1734398.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1734398.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 7933 | 7631 | 1735757.PS.FTS.B, 16%, 3/25/25.. . . . . . . | 23822 | 22930 |
| 1740886.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1740886.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1740886.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 7877 | 7573 | 1742158.PS.FTS.B, 16%, 3/25/25.. . . . . . . | 7140 | 6873 |
| 1744086.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1744086.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 1744086.PS.FTS.B, 16%, 3/23/25.. . . . . . . | 6218 | 294 | 1742509.PS.FTS.B, 16%, 3/25/25.. . . . . . . | 19833 | 19091 |
| 1741156.PS.FTS.B, 16.3%, 3/23/25. . . . . . | 1741156.PS.FTS.B, 16.3%, 3/23/25. . . . . . | 1741156.PS.FTS.B, 16.3%, 3/23/25. . . . . . | 5162 | 4975 | 1745583.PS.FTS.B, 17.8%, 3/25/25. . . . . . | 1517 | 1465 |
| 1733828.PS.FTS.B, 17%, 3/23/25.. . . . . . . | 1733828.PS.FTS.B, 17%, 3/23/25.. . . . . . . | 1733828.PS.FTS.B, 17%, 3/23/25.. . . . . . . | 4775 | 4603 | 1735376.PS.FTS.B, 19.5%, 3/25/25. . . . . . | 12033 | 11611 |
| 1743576.PS.FTS.B, 17.5%, 3/23/25. . . . . . | 1743576.PS.FTS.B, 17.5%, 3/23/25. . . . . . | 1743576.PS.FTS.B, 17.5%, 3/23/25. . . . . . | 1594 | 1537 | 1735778.PS.FTS.B, 21.8%, 3/25/25. . . . . . | 6292 | 929 |
| 1740595.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 1740595.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 1740595.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 1378 | 1349 | 1739659.PS.FTS.B, 22.03%, 3/25/25. . . . . | 2544 | 2451 |
| 1743846.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 1743846.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 1743846.PS.FTS.B, 17.8%, 3/23/25. . . . . . | 9575 | 9229 | 1735364.PS.FTS.B, 22.6%, 3/25/25. . . . . . | 1653 | 1600 |
| 1740373.PS.FTS.B, 18.09%, 3/23/25. . . . . | 1740373.PS.FTS.B, 18.09%, 3/23/25. . . . . | 1740373.PS.FTS.B, 18.09%, 3/23/25. . . . . | 3195 | 3079 | 1735736.PS.FTS.B, 24.99%, 3/25/25. . . . . | 1607 | 1560 |
| 1741180.PS.FTS.B, 18.9%, 3/23/25. . . . . . | 1741180.PS.FTS.B, 18.9%, 3/23/25. . . . . . | 1741180.PS.FTS.B, 18.9%, 3/23/25. . . . . . | 8262 | 8125 | 1735709.PS.FTS.B, 25.4%, 3/25/25. . . . . . | 3009 | 2917 |
| 1734401.PS.FTS.B, 19%, 3/23/25.. . . . . . . | 1734401.PS.FTS.B, 19%, 3/23/25.. . . . . . . | 1734401.PS.FTS.B, 19%, 3/23/25.. . . . . . . | 7209 | 6948 | 1744236.PS.FTS.B, 19.8%, 3/27/25. . . . . . | 5231 | 5045 |
| 1734419.PS.FTS.B, 19.3%, 3/23/25. . . . . . | 1734419.PS.FTS.B, 19.3%, 3/23/25. . . . . . | 1734419.PS.FTS.B, 19.3%, 3/23/25. . . . . . | 5211 | 5023 | 1742878.PS.FTS.B, 13.13%, 3/28/25. . . . . | 6082 | 5860 |
| 1740703.PS.FTS.B, 19.47%, 3/23/25. . . . . | 1740703.PS.FTS.B, 19.47%, 3/23/25. . . . . | 1740703.PS.FTS.B, 19.47%, 3/23/25. . . . . | 9225 | 8891 | 1743310.PS.FTS.B, 15.1%, 3/28/25. . . . . . | 10687 | 10317 |
| 1740439.PS.FTS.B, 19.8%, 3/23/25. . . . . . | 1740439.PS.FTS.B, 19.8%, 3/23/25. . . . . . | 1740439.PS.FTS.B, 19.8%, 3/23/25. . . . . . | 2409 | 2322 | 1745970.PS.FTS.B, 18.5%, 3/28/25. . . . . . | 6589 | 6350 |
| 1743657.PS.FTS.B, 20.34%, 3/23/25. . . . . | 1743657.PS.FTS.B, 20.34%, 3/23/25. . . . . | 1743657.PS.FTS.B, 20.34%, 3/23/25. . . . . | 2413 | 2326 | 1742851.PS.FTS.B, 19.5%, 3/28/25. . . . . . | 3180 | 3073 |
| 1744005.PS.FTS.B, 20.4%, 3/23/25. . . . . . | 1744005.PS.FTS.B, 20.4%, 3/23/25. . . . . . | 1744005.PS.FTS.B, 20.4%, 3/23/25. . . . . . | 8044 | 7754 | 1743232.PS.FTS.B, 19.5%, 3/28/25. . . . . . | 8259 | 7982 |
| 1734152.PS.FTS.B, 21.2%, 3/23/25. . . . . . | 1734152.PS.FTS.B, 21.2%, 3/23/25. . . . . . | 1734152.PS.FTS.B, 21.2%, 3/23/25. . . . . . | 2016 | 1949 | 1737404.PS.FTS.B, 11.5%, 3/29/25. . . . . . | 3228 | 3168 |
| 1740553.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1740553.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1740553.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 2825 | 2723 | 1744162.PS.FTS.B, 14.39%, 3/29/25. . . . . | 28842 | 27825 |
| 1740613.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1740613.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1740613.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 2421 | 2334 | 1737719.PS.FTS.B, 16.2%, 3/29/25. . . . . . | 1636 | 1606 |
| 1743426.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1743426.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 1743426.PS.FTS.B, 21.5%, 3/23/25. . . . . . | 6435 | 6210 | 1744195.PS.FTS.B, 16.9%, 3/29/25. . . . . . | 4099 | 4025 |
| 1733867.PS.FTS.B, 22.13%, 3/23/25. . . . . | 1733867.PS.FTS.B, 22.13%, 3/23/25. . . . . | 1733867.PS.FTS.B, 22.13%, 3/23/25. . . . . | 3235 | 3118 | 1743577.PS.FTS.B, 18.8%, 3/29/25. . . . . . | 6594 | 6467 |
| 1743627.PS.FTS.B, 22.13%, 3/23/25. . . . . | 1743627.PS.FTS.B, 22.13%, 3/23/25. . . . . | 1743627.PS.FTS.B, 22.13%, 3/23/25. . . . . | 4852 | 4677 | 1744693.PS.FTS.B, 19.91%, 3/29/25. . . . . | 9004 | 8874 |
| 1733837.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1733837.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1733837.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1620 | 1565 | 1745428.PS.FTS.B, 12.4%, 3/30/25. . . . . . | 14565 | 14060 |
| 1740631.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1740631.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1740631.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1620 | 1565 | 1748103.PS.FTS.B, 15.84%, 3/30/25. . . . . | 9440 | 8999 |
| 1743495.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743495.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743495.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1594 | 1544 | 1734161.PS.FTS.B, 19.5%, 3/30/25. . . . . . | 1307 | 1262 |
| 1743570.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743570.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743570.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 7694 | 7436 | 1738949.PS.FTS.B, 24.4%, 3/30/25. . . . . . | 5858 | 5565 |
| 1743969.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743969.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1743969.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 2430 | 2348 | 1743429.PS.FTS.B, 20.01%, 3/31/25. . . . . | 8306 | 7998 |
| 1744029.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1744029.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 1744029.PS.FTS.B, 22.6%, 3/23/25. . . . . . | 3239 | 3131 | 1740421.PS.FTS.B, 10.5%, 4/01/25. . . . . . | 4839 | 4697 |
| 1743654.PS.FTS.B, 23.4%, 3/23/25. . . . . . | 1743654.PS.FTS.B, 23.4%, 3/23/25. . . . . . | 1743654.PS.FTS.B, 23.4%, 3/23/25. . . . . . | 2435 | 2354 | 1747135.PS.FTS.B, 21.5%, 4/01/25. . . . . . | 1695 | 983 |
| 1743645.PS.FTS.B, 24.3%, 3/23/25. . . . . . | 1743645.PS.FTS.B, 24.3%, 3/23/25. . . . . . | 1743645.PS.FTS.B, 24.3%, 3/23/25. . . . . . | 2442 | 2360 | 1732979.PS.FTS.B, 12%, 4/05/25.. . . . . . . | 10158 | 9859 |
| 1744230.PS.FTS.B, 24.99%, 3/23/25. . . . . | 1744230.PS.FTS.B, 24.99%, 3/23/25. . . . . | 1744230.PS.FTS.B, 24.99%, 3/23/25. . . . . | 2476 | 2394 | 1749442.PS.FTS.B, 14.85%, 4/05/25. . . . . | 20383 | 19492 |
| 1734074.PS.FTS.B, 25.56%, 3/23/25. . . . . | 1734074.PS.FTS.B, 25.56%, 3/23/25. . . . . | 1734074.PS.FTS.B, 25.56%, 3/23/25. . . . . | 12255 | 11844 | 1752543.PS.FTS.B, 18.09%, 4/05/25. . . . . | 12348 | 11781 |
| 1734836.PS.FTS.B, 11.7%, 3/24/25. . . . . . | 1734836.PS.FTS.B, 11.7%, 3/24/25. . . . . . | 1734836.PS.FTS.B, 11.7%, 3/24/25. . . . . . | 7821 | 7585 | 1749448.PS.FTS.B, 18.41%, 4/05/25. . . . . | 5041 | 1165 |
| 1744668.PS.FTS.B, 11.79%, 3/24/25. . . . . | 1744668.PS.FTS.B, 11.79%, 3/24/25. . . . . | 1744668.PS.FTS.B, 11.79%, 3/24/25. . . . . | 4694 | 4553 | 1752546.PS.FTS.B, 19.3%, 4/05/25. . . . . . | 4940 | 4717 |
| 1734512.PS.FTS.B, 12.15%, 3/24/25. . . . . | 1734512.PS.FTS.B, 12.15%, 3/24/25. . . . . | 1734512.PS.FTS.B, 12.15%, 3/24/25. . . . . | 9400 | 9043 | 1749466.PS.FTS.B, 24.4%, 4/05/25. . . . . . | 4181 | 3987 |
| 1734848.PS.FTS.B, 13.3%, 3/24/25. . . . . . | 1734848.PS.FTS.B, 13.3%, 3/24/25. . . . . . | 1734848.PS.FTS.B, 13.3%, 3/24/25. . . . . . | 15727 | 15253 | 1743644.PS.FTS.B, 10.8%, 4/06/25. . . . . . | 8050 | 7784 |
| 1741714.PS.FTS.B, 13.36%, 3/24/25. . . . . | 1741714.PS.FTS.B, 13.36%, 3/24/25. . . . . | 1741714.PS.FTS.B, 13.36%, 3/24/25. . . . . | 11562 | 11214 | 1750219.PS.FTS.B, 11.86%, 4/06/25. . . . . | 9690 | 9371 |
| 1744371.PS.FTS.B, 13.6%, 3/24/25. . . . . . | 1744371.PS.FTS.B, 13.6%, 3/24/25. . . . . . | 1744371.PS.FTS.B, 13.6%, 3/24/25. . . . . . | 4723 | 4544 | 1753434.PS.FTS.B, 12.3%, 4/06/25. . . . . . | 7600 | 7361 |
| 1734572.PS.FTS.B, 14.39%, 3/24/25. . . . . | 1734572.PS.FTS.B, 14.39%, 3/24/25. . . . . | 1734572.PS.FTS.B, 14.39%, 3/24/25. . . . . | 1421 | 1381 | 1753443.PS.FTS.B, 12.5%, 4/06/25. . . . . . | 8091 | 7740 |
| 1741633.PS.FTS.B, 15%, 3/24/25.. . . . . . . | 1741633.PS.FTS.B, 15%, 3/24/25.. . . . . . . | 1741633.PS.FTS.B, 15%, 3/24/25.. . . . . . . | 6326 | 6087 | 1750264.PS.FTS.B, 14%, 4/06/25.. . . . . . . | 6501 | 6219 |
| 1744692.PS.FTS.B, 15.29%, 3/24/25. . . . . | 1744692.PS.FTS.B, 15.29%, 3/24/25. . . . . | 1744692.PS.FTS.B, 15.29%, 3/24/25. . . . . | 19788 | 19039 | 1743122.PS.FTS.B, 15%, 4/06/25.. . . . . . . | 20375 | 19492 |
| 1734542.PS.FTS.B, 15.8%, 3/24/25. . . . . . | 1734542.PS.FTS.B, 15.8%, 3/24/25. . . . . . | 1734542.PS.FTS.B, 15.8%, 3/24/25. . . . . . | 6232 | 5994 | 1750204.PS.FTS.B, 15.29%, 4/06/25. . . . . | 10604 | 10144 |
| 1734809.PS.FTS.B, 16.8%, 3/24/25. . . . . . | 1734809.PS.FTS.B, 16.8%, 3/24/25. . . . . . | 1734809.PS.FTS.B, 16.8%, 3/24/25. . . . . . | 4772 | 4592 | 1750210.PS.FTS.B, 15.86%, 4/06/25. . . . . | 2613 | 2496 |
| 1741744.PS.FTS.B, 17.93%, 3/24/25. . . . . | 1741744.PS.FTS.B, 17.93%, 3/24/25. . . . . | 1741744.PS.FTS.B, 17.93%, 3/24/25. . . . . | 1738 | 251 | 1750243.PS.FTS.B, 15.86%, 4/06/25. . . . . | 8170 | 7816 |
| 1734938.PS.FTS.B, 18.5%, 3/24/25. . . . . . | 1734938.PS.FTS.B, 18.5%, 3/24/25. . . . . . | 1734938.PS.FTS.B, 18.5%, 3/24/25. . . . . . | 3998 | 3856 | 1750234.PS.FTS.B, 17.96%, 4/06/25. . . . . | 3333 | 3250 |
| 1744779.PS.FTS.B, 18.9%, 3/24/25. . . . . . | 1744779.PS.FTS.B, 18.9%, 3/24/25. . . . . . | 1744779.PS.FTS.B, 18.9%, 3/24/25. . . . . . | 10048 | 9781 | 1753404.PS.FTS.B, 18.2%, 4/06/25. . . . . . | 10179 | 9724 |
| 1734458.PS.FTS.B, 21%, 3/24/25.. . . . . . . | 1734458.PS.FTS.B, 21%, 3/24/25.. . . . . . . | 1734458.PS.FTS.B, 21%, 3/24/25.. . . . . . . | 1612 | 1559 | 1743638.PS.FTS.B, 19.5%, 4/06/25. . . . . . | 8254 | 7878 |
| 1734929.PS.FTS.B, 22.6%, 3/24/25. . . . . . | 1734929.PS.FTS.B, 22.6%, 3/24/25. . . . . . | 1734929.PS.FTS.B, 22.6%, 3/24/25. . . . . . | 1620 | 1566 | 1742473.PS.FTS.B, 22.6%, 4/06/25. . . . . . | 3361 | 3246 |
| 1734947.PS.FTS.B, 24.5%, 3/24/25. . . . . . | 1734947.PS.FTS.B, 24.5%, 3/24/25. . . . . . | 1734947.PS.FTS.B, 24.5%, 3/24/25. . . . . . | 12217 | 11815 | 1742670.PS.FTS.B, 22.6%, 4/06/25. . . . . . | 5462 | 5266 |
| 1741252.PS.FTS.B, 24.95%, 3/24/25. . . . . | 1741252.PS.FTS.B, 24.95%, 3/24/25. . . . . | 1741252.PS.FTS.B, 24.95%, 3/24/25. . . . . | 8156 | 7887 | 1750252.PS.FTS.B, 22.6%, 4/06/25. . . . . . | 1665 | 1589 |
| 1741777.PS.FTS.B, 25.3%, 3/24/25. . . . . . | 1741777.PS.FTS.B, 25.3%, 3/24/25. . . . . . | 1741777.PS.FTS.B, 25.3%, 3/24/25. . . . . . | 1633 | 1579 | 1750216.PS.FTS.B, 24.86%, 4/06/25. . . . . | 1626 | 1554 |
| 62 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 62 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |  |
| 1753449.PS.FTS.B, 25.11%, 4/06/25. . . . . | $7037 | $6716 | 1742813.PS.FTS.B, 22.5%, 4/28/25. . . . . . | $8700 | $8302 | 8302 |
| 1754352.PS.FTS.B, 11.4%, 4/07/25. . . . . . | 5645 | 5460 | 1750627.PS.FTS.B, 17.28%, 4/30/25. . . . . | 8144 | 7806 | 7806 |
| 1751065.PS.FTS.B, 11.97%, 4/07/25. . . . . | 6947 | 6720 | 1749472.PS.FTS.B, 19.8%, 1/05/26. . . . . . | 4577 | 4381 | 4381 |
| 1744583.PS.FTS.B, 12.02%, 4/07/25. . . . . | 1616 | 1563 | 1752361.PS.FTS.B, 25.4%, 1/11/26. . . . . . | 4532 | 4335 | 4335 |
| 1744388.PS.FTS.B, 13%, 4/07/25.. . . . . . . | 12559 | 12149 | 1605548.PS.FTS.B, 12.3%, 8/16/26. . . . . . | 10271 | 9891 | 9891 |
| 1751041.PS.FTS.B, 13.3%, 4/07/25. . . . . . | 9732 | 9313 | 1615743.PS.FTS.B, 12.3%, 8/16/26. . . . . . | 11456 | 11032 | 11032 |
| 1744562.PS.FTS.B, 13.36%, 4/07/25. . . . . | 4461 | 4316 | 1615752.PS.FTS.B, 14.79%, 8/16/26. . . . . | 9608 | 9184 | 9184 |
| 1754340.PS.FTS.B, 13.5%, 4/07/25. . . . . . | 8114 | 7766 | 1609009.PS.FTS.B, 15.79%, 8/16/26. . . . . | 8852 | 8461 | 8461 |
| 1750615.PS.FTS.B, 13.6%, 4/07/25. . . . . . | 5795 | 3236 | 1605551.PS.FTS.B, 18.3%, 8/16/26. . . . . . | 10421 | 10087 | 10087 |
| 1754337.PS.FTS.B, 15.1%, 4/07/25. . . . . . | 3669 | 3511 | 1615977.PS.FTS.B, 12.7%, 8/17/26. . . . . . | 19320 | 18608 | 18608 |
| 1750510.PS.FTS.B, 15.12%, 4/07/25. . . . . | 28534 | 27308 | 1606481.PS.FTS.B, 15%, 8/17/26.. . . . . . . | 8817 | 8431 | 8431 |
| 1753821.PS.FTS.B, 16.29%, 4/07/25. . . . . | 3272 | 3125 | 1606805.PS.FTS.B, 15.5%, 8/17/26. . . . . . | 12054 | 11526 | 11526 |
| 1753974.PS.FTS.B, 16.5%, 4/07/25. . . . . . | 1637 | 1564 | 1605848.PS.FTS.B, 19.6%, 8/17/26. . . . . . | 9600 | 9292 | 9292 |
| 1753815.PS.FTS.B, 18.9%, 4/07/25. . . . . . | 7416 | 7083 | 1617531.PS.FTS.B, 13.24%, 8/18/26. . . . . | 7147 | 6885 | 6885 |
| 1751035.PS.FTS.B, 19.41%, 4/07/25. . . . . | 18153 | 17338 | 1610149.PS.FTS.B, 14.2%, 8/18/26. . . . . . | 7982 | 7690 | 7690 |
| 1751062.PS.FTS.B, 22.6%, 4/07/25. . . . . . | 1706 | 1035 | 1607264.PS.FTS.B, 16.2%, 8/18/26. . . . . . | 12097 | 11571 | 11571 |
| 1753704.PS.FTS.B, 23.4%, 4/07/25. . . . . . | 2991 | 1816 | 1618068.PS.FTS.B, 17%, 8/19/26.. . . . . . . | 16482 | 13624 | 13624 |
| 1754517.PS.FTS.B, 13.3%, 4/08/25. . . . . . | 15165 | 14674 | 1608413.PS.FTS.B, 17.24%, 8/20/26. . . . . | 5675 | 5432 | 5432 |
| 1751986.PS.FTS.B, 13.4%, 4/08/25. . . . . . | 3650 | 3495 | 1618512.PS.FTS.B, 18.5%, 8/20/26. . . . . . | 7342 | 7027 | 7027 |
| 1745267.PS.FTS.B, 13.6%, 4/08/25. . . . . . | 14761 | 7856 | 1619655.PS.FTS.B, 24.6%, 8/24/26. . . . . . | 3302 | 3240 | 3240 |
| 1754667.PS.FTS.B, 13.7%, 4/08/25. . . . . . | 4634 | 2568 | 1618251.PS.FTS.B, 20%, 8/26/26.. . . . . . . | 2124 | 540 | 540 |
| 1744877.PS.FTS.B, 14.6%, 4/08/25. . . . . . | 3275 | 3137 | 1615561.PS.FTS.B, 15%, 8/27/26.. . . . . . . | 2721 | 2615 | 2615 |
| 1752052.PS.FTS.B, 16.4%, 4/08/25. . . . . . | 20456 | 19585 | 1615746.PS.FTS.B, 21.2%, 8/27/26. . . . . . | 9814 |  | – |
| 1751287.PS.FTS.B, 17%, 4/08/25.. . . . . . . | 2381 | 2279 | 1615740.PS.FTS.B, 16.63%, 9/09/26. . . . . | 12372 | 11809 | 11809 |
| 1744745.PS.FTS.B, 17.8%, 4/08/25. . . . . . | 6461 | 6179 | 1626757.PS.FTS.B, 13.93%, 9/20/26. . . . . | 12889 | 12422 | 12422 |
| 1745360.PS.FTS.B, 23.4%, 4/08/25. . . . . . | 4170 | 3985 | 1633734.PS.FTS.B, 16.63%, 9/20/26. . . . . | 3200 | 3063 | 3063 |
| 1754331.PS.FTS.B, 15%, 4/10/25.. . . . . . . | 4114 | 3937 | 1623083.PS.FTS.B, 19.23%, 9/20/26. . . . . | 9141 | 8838 | 8838 |
| 1743668.PS.FTS.B, 23.4%, 4/10/25. . . . . . | 3766 | 3594 | 1624235.PS.FTS.B, 12.7%, 9/21/26. . . . . . | 7251 | 6990 | 6990 |
| 1745699.PS.FTS.B, 13.3%, 4/11/25. . . . . . | 23518 | 22542 | 1627891.PS.FTS.B, 15.1%, 9/21/26. . . . . . | 12114 | 11602 | 11602 |
| 1755468.PS.FTS.B, 14.49%, 4/11/25. . . . . | 20345 | 19501 | 1627885.PS.FTS.B, 15.29%, 9/21/26. . . . . | 15504 | 14848 | 14848 |
| 1752298.PS.FTS.B, 15.8%, 4/11/25. . . . . . | 8169 | 7830 | 1627345.PS.FTS.B, 18.78%, 9/21/26. . . . . | 8294 | 8023 | 8023 |
| 1752310.PS.FTS.B, 16.2%, 4/11/25. . . . . . | 7360 | 7045 | 1628383.PS.FTS.B, 12.87%, 9/22/26. . . . . | 7172 | 6916 | 6916 |
| 1755480.PS.FTS.B, 16.8%, 4/11/25. . . . . . | 18686 | – | 1635105.PS.FTS.B, 14.53%, 9/22/26. . . . . | 7080 | 6840 | 6840 |
| 1743370.PS.FTS.B, 17.2%, 4/11/25. . . . . . | 17370 | 16772 | 1635534.PS.FTS.B, 16.5%, 9/23/26. . . . . . | 12311 | 11798 | 11798 |
| 1755903.PS.FTS.B, 19.3%, 4/11/25. . . . . . | 5774 | 5527 | 1629604.PS.FTS.B, 12.3%, 9/24/26. . . . . . | 7236 | 6980 | 6980 |
| 1745684.PS.FTS.B, 21.8%, 4/11/25. . . . . . | 6644 | 6359 | 1637625.PS.FTS.B, 11.6%, 9/28/26. . . . . . | 21935 | 21179 | 21179 |
| 1745741.PS.FTS.B, 22.6%, 4/11/25. . . . . . | 12484 | 11954 | 1630147.PS.FTS.B, 14.38%, 9/30/26. . . . . | 20731 | 19997 | 19997 |
| 1755867.PS.FTS.B, 24.4%, 4/11/25. . . . . . | 3763 | 3603 | 1605545.PS.FTS.B, 16.8%, 10/14/26. . . . . | 29405 | 28010 | 28010 |
| 1746128.PS.FTS.B, 24.99%, 4/11/25. . . . . | 2647 | 695 | 1644863.PS.FTS.B, 9.99%, 10/26/26. . . . . | 6473 | 6247 | 6247 |
| 1757481.PS.FTS.B, 12.1%, 4/12/25. . . . . . | 8081 | 7827 | 1648951.PS.FTS.B, 10.5%, 10/27/26. . . . . | 15892 | 15345 | 15345 |
| 1757469.PS.FTS.B, 13.9%, 4/12/25. . . . . . | 1822 | 420 | 1655727.PS.FTS.B, 10.9%, 10/27/26. . . . . | 12191 | 11768 | 11768 |
| 1754182.PS.FTS.B, 16.8%, 4/12/25. . . . . . | 4915 | 4713 | 1655355.PS.FTS.B, 12%, 10/27/26.. . . . . . | 28596 | 27605 | 27605 |
| 1754131.PS.FTS.B, 18.26%, 4/12/25. . . . . | 12338 | 11832 | 1648957.PS.FTS.B, 14.29%, 10/27/26. . . . | 8258 | 7917 | 7917 |
| 1755058.PS.FTS.B, 15.29%, 4/13/25. . . . . | 2039 | 1956 | 1645616.PS.FTS.B, 16.63%, 10/27/26. . . . | 8226 | 7886 | 7886 |
| 1758840.PS.FTS.B, 19.4%, 4/14/25. . . . . . | 1677 | 1396 | 1645247.PS.FTS.B, 17.1%, 10/27/26. . . . . | 12560 | 12103 | 12103 |
| 1749011.PS.FTS.B, 24.86%, 4/14/25. . . . . | 7418 | 188 | 1655340.PS.FTS.B, 18.95%, 10/27/26. . . . | 10117 | 9688 | 9688 |
| 1756672.PS.FTS.B, 14.6%, 4/15/25. . . . . . | 7326 | 7034 | 1655334.PS.FTS.B, 25.67%, 10/27/26. . . . | 5193 | 5085 | 5085 |
| 1753977.PS.FTS.B, 15.29%, 4/15/25. . . . . | 5322 | 5093 | 1656210.PS.FTS.B, 9.45%, 10/28/26. . . . . | 28753 | 27763 | 27763 |
| 1758306.PS.FTS.B, 17.7%, 4/15/25. . . . . . | 19732 | 18907 | 1656198.PS.FTS.B, 10.71%, 10/28/26. . . . | 5802 | 5658 | 5658 |
| 1750502.PS.FTS.B, 24.3%, 4/15/25. . . . . . | 3762 | 3612 | 1646063.PS.FTS.B, 12.62%, 10/28/26. . . . | 8333 | 8047 | 8047 |
| 1760856.PS.FTS.B, 22.03%, 4/18/25. . . . . | 2909 | 2795 | 1649497.PS.FTS.B, 12.8%, 10/28/26. . . . . | 21851 | 21099 | 21099 |
| 1762404.PS.FTS.B, 16.1%, 4/19/25. . . . . . | 8176 | 7861 | 1656189.PS.FTS.B, 13.7%, 10/28/26. . . . . | 10047 | 9636 | 9636 |
| 1756317.PS.FTS.B, 17%, 4/20/25.. . . . . . . | 4118 | 3944 | 1656201.PS.FTS.B, 14.68%, 10/28/26. . . . | 2943 | 2841 | 2841 |
| 1752836.PS.FTS.B, 19.6%, 4/20/25. . . . . . | 6559 | – | 1657104.PS.FTS.B, 10.4%, 10/29/26. . . . . | 20628 | 20111 | 20111 |
| 1751911.PS.FTS.B, 17.8%, 4/21/25. . . . . . | 1656 | 1583 | 1656927.PS.FTS.B, 11.89%, 10/29/26. . . . | 16198 | 15812 | 15812 |
| 1749272.PS.FTS.B, 22.6%, 4/21/25. . . . . . | 5019 | 4816 | 1647056.PS.FTS.B, 13.7%, 10/29/26. . . . . | 4605 | 4473 | 4473 |
| 1744674.PS.FTS.B, 21.8%, 4/23/25. . . . . . | 5569 | 817 | 1647176.PS.FTS.B, 14.79%, 10/29/26. . . . | 8411 | 8178 | 8178 |
| 1760931.PS.FTS.B, 13.3%, 4/25/25. . . . . . | 4066 | 3908 | 1647023.PS.FTS.B, 16.33%, 10/29/26. . . . | 21164 | 20601 | 20601 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 63 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 63 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Prosper Funding LLC (continued) | Prosper Funding LLC (continued) | Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |
| 1657470.PS.FTS.B, 16.33%, 10/29/26. . . . | 1657470.PS.FTS.B, 16.33%, 10/29/26. . . . | 1657470.PS.FTS.B, 16.33%, 10/29/26. . . . | $15407 | $14997 | 1687770.PS.FTS.B, 14.29%, 12/17/26. . . . | $12787 | $12198 |
| 1647155.PS.FTS.B, 18.48%, 10/29/26. . . . | 1647155.PS.FTS.B, 18.48%, 10/29/26. . . . | 1647155.PS.FTS.B, 18.48%, 10/29/26. . . . | 20904 | 20564 | 1687689.PS.FTS.B, 16%, 12/17/26.. . . . . . | 13729 | 13130 |
| 1657068.PS.FTS.B, 21.9%, 10/29/26. . . . . | 1657068.PS.FTS.B, 21.9%, 10/29/26. . . . . | 1657068.PS.FTS.B, 21.9%, 10/29/26. . . . . | 12976 | 12967 | 1674248.PS.FTS.B, 16.5%, 12/17/26. . . . . | 17194 | 16401 |
| 1647386.PS.FTS.B, 22.5%, 11/01/26. . . . . | 1647386.PS.FTS.B, 22.5%, 11/01/26. . . . . | 1647386.PS.FTS.B, 22.5%, 11/01/26. . . . . | 5198 | 5015 | 1688382.PS.FTS.B, 10.29%, 12/20/26. . . . | 12582 | 12135 |
| 1650974.PS.FTS.B, 11.1%, 11/05/26. . . . . | 1650974.PS.FTS.B, 11.1%, 11/05/26. . . . . | 1650974.PS.FTS.B, 11.1%, 11/05/26. . . . . | 12411 | 11924 | 1688022.PS.FTS.B, 13.6%, 12/20/26. . . . . | 11052 | 10554 |
| 1660968.PS.FTS.B, 11.89%, 11/05/26. . . . | 1660968.PS.FTS.B, 11.89%, 11/05/26. . . . | 1660968.PS.FTS.B, 11.89%, 11/05/26. . . . | 9134 | 8775 | 1674359.PS.FTS.B, 22.2%, 12/20/26. . . . . | 3117 | 2648 |
| 1648693.PS.FTS.B, 12.7%, 11/05/26. . . . . | 1648693.PS.FTS.B, 12.7%, 11/05/26. . . . . | 1648693.PS.FTS.B, 12.7%, 11/05/26. . . . . | 13805 | 13333 | 1676078.PS.FTS.B, 10.7%, 12/21/26. . . . . | 9242 | 8916 |
| 1650971.PS.FTS.B, 12.87%, 11/05/26. . . . | 1650971.PS.FTS.B, 12.87%, 11/05/26. . . . | 1650971.PS.FTS.B, 12.87%, 11/05/26. . . . | 21264 | 20428 | 1676924.PS.FTS.B, 18.9%, 12/22/26. . . . . | 4570 | 192 |
| 1651400.PS.FTS.B, 13.13%, 11/05/26. . . . | 1651400.PS.FTS.B, 13.13%, 11/05/26. . . . | 1651400.PS.FTS.B, 13.13%, 11/05/26. . . . | 13357 | 12695 | 1691244.PS.FTS.B, 14.7%, 12/24/26. . . . . | 11300 | 10802 |
| 1651412.PS.FTS.B, 13.6%, 11/05/26. . . . . | 1651412.PS.FTS.B, 13.6%, 11/05/26. . . . . | 1651412.PS.FTS.B, 13.6%, 11/05/26. . . . . | 20931 | 19878 | 1685217.PS.FTS.B, 10.5%, 12/28/26. . . . . | 20933 | 20168 |
| 1660965.PS.FTS.B, 14.29%, 11/05/26. . . . | 1660965.PS.FTS.B, 14.29%, 11/05/26. . . . | 1660965.PS.FTS.B, 14.29%, 11/05/26. . . . | 15102 | 14352 | 1685976.PS.FTS.B, 11.89%, 12/29/26. . . . | 6940 | 6763 |
| 1650992.PS.FTS.B, 14.53%, 11/05/26. . . . | 1650992.PS.FTS.B, 14.53%, 11/05/26. . . . | 1650992.PS.FTS.B, 14.53%, 11/05/26. . . . | 2520 | 2420 | 1681009.PS.FTS.B, 13.5%, 1/04/27. . . . . . | 6513 | 6219 |
| 1651397.PS.FTS.B, 18.33%, 11/05/26. . . . | 1651397.PS.FTS.B, 18.33%, 11/05/26. . . . | 1651397.PS.FTS.B, 18.33%, 11/05/26. . . . | 21321 | 20316 | 1700619.PS.FTS.B, 10.53%, 1/12/27. . . . . | 21001 | 20237 |
| 1651085.PS.FTS.B, 25.6%, 11/05/26. . . . . | 1651085.PS.FTS.B, 25.6%, 11/05/26. . . . . | 1651085.PS.FTS.B, 25.6%, 11/05/26. . . . . | 3940 | 3809 | 1693768.PS.FTS.B, 11.88%, 1/12/27. . . . . | 12882 | 12424 |
| 1658128.PS.FTS.B, 10.7%, 11/08/26. . . . . | 1658128.PS.FTS.B, 10.7%, 11/08/26. . . . . | 1658128.PS.FTS.B, 10.7%, 11/08/26. . . . . | 3745 | 3707 | 1687871.PS.FTS.B, 12.7%, 1/12/27. . . . . . | 23229 | 22379 |
| 1665390.PS.FTS.B, 10.7%, 11/08/26. . . . . | 1665390.PS.FTS.B, 10.7%, 11/08/26. . . . . | 1665390.PS.FTS.B, 10.7%, 11/08/26. . . . . | 20649 | 19851 | 1693777.PS.FTS.B, 13.41%, 1/12/27. . . . . | 3450 | 3285 |
| 1651808.PS.FTS.B, 11.2%, 11/08/26. . . . . | 1651808.PS.FTS.B, 11.2%, 11/08/26. . . . . | 1651808.PS.FTS.B, 11.2%, 11/08/26. . . . . | 4139 | 3979 | 1688213.PS.FTS.B, 15.03%, 1/12/27. . . . . | 6940 | 6607 |
| 1664808.PS.FTS.B, 11.6%, 11/08/26. . . . . | 1664808.PS.FTS.B, 11.6%, 11/08/26. . . . . | 1664808.PS.FTS.B, 11.6%, 11/08/26. . . . . | 9951 | 9567 | 1693816.PS.FTS.B, 15.7%, 1/12/27. . . . . . | 6956 | 6623 |
| 1658113.PS.FTS.B, 11.99%, 11/08/26.. . . . | 1658113.PS.FTS.B, 11.99%, 11/08/26.. . . . | 1658113.PS.FTS.B, 11.99%, 11/08/26.. . . . | 5000 | 4809 | 1688252.PS.FTS.B, 16.33%, 1/12/27. . . . . | 2789 | 2655 |
| 1665174.PS.FTS.B, 12.5%, 11/08/26. . . . . | 1665174.PS.FTS.B, 12.5%, 11/08/26. . . . . | 1665174.PS.FTS.B, 12.5%, 11/08/26. . . . . | 33302 | 32015 | 1693828.PS.FTS.B, 16.63%, 1/12/27. . . . . | 2181 | 2076 |
| 1658098.PS.FTS.B, 12.62%, 11/08/26. . . . | 1658098.PS.FTS.B, 12.62%, 11/08/26. . . . | 1658098.PS.FTS.B, 12.62%, 11/08/26. . . . | 16660 | 16016 | 1701030.PS.FTS.B, 18.25%, 1/12/27. . . . . | 21926 | 20857 |
| 1658134.PS.FTS.B, 13.6%, 11/08/26. . . . . | 1658134.PS.FTS.B, 13.6%, 11/08/26. . . . . | 1658134.PS.FTS.B, 13.6%, 11/08/26. . . . . | 4095 | 3896 | 1700625.PS.FTS.B, 18.7%, 1/12/27. . . . . . | 13175 | 12532 |
| 1664544.PS.FTS.B, 14.74%, 11/08/26. . . . | 1664544.PS.FTS.B, 14.74%, 11/08/26. . . . | 1664544.PS.FTS.B, 14.74%, 11/08/26. . . . | 5060 | 4811 | 1687862.PS.FTS.B, 21.09%, 1/12/27. . . . . | 6195 | 5971 |
| 1651829.PS.FTS.B, 16.33%, 11/08/26. . . . | 1651829.PS.FTS.B, 16.33%, 11/08/26. . . . | 1651829.PS.FTS.B, 16.33%, 11/08/26. . . . | 1615 | 1557 | 1694182.PS.FTS.B, 21.18%, 1/12/27. . . . . | 3098 | 2946 |
| 1652735.PS.FTS.B, 10.8%, 11/09/26. . . . . | 1652735.PS.FTS.B, 10.8%, 11/09/26. . . . . | 1652735.PS.FTS.B, 10.8%, 11/09/26. . . . . | 5769 | 5547 | 1688234.PS.FTS.B, 25.6%, 1/12/27. . . . . . | 3587 | 3455 |
| 1653347.PS.FTS.B, 10.8%, 11/09/26. . . . . | 1653347.PS.FTS.B, 10.8%, 11/09/26. . . . . | 1653347.PS.FTS.B, 10.8%, 11/09/26. . . . . | 8263 | 7946 | 1688999.PS.FTS.B, 10.62%, 1/13/27. . . . . | 4258 | 4137 |
| 1666392.PS.FTS.B, 11.2%, 11/09/26. . . . . | 1666392.PS.FTS.B, 11.2%, 11/09/26. . . . . | 1666392.PS.FTS.B, 11.2%, 11/09/26. . . . . | 4967 | 4776 | 1701831.PS.FTS.B, 12.3%, 1/13/27. . . . . . | 8591 | 8278 |
| 1659700.PS.FTS.B, 13.2%, 11/09/26. . . . . | 1659700.PS.FTS.B, 13.2%, 11/09/26. . . . . | 1659700.PS.FTS.B, 13.2%, 11/09/26. . . . . | 3340 | 3179 | 1701273.PS.FTS.B, 14.68%, 1/13/27. . . . . | 17329 | 16699 |
| 1653461.PS.FTS.B, 21%, 11/09/26.. . . . . . | 1653461.PS.FTS.B, 21%, 11/09/26.. . . . . . | 1653461.PS.FTS.B, 21%, 11/09/26.. . . . . . | 6481 | 1699 | 1701330.PS.FTS.B, 16.1%, 1/13/27. . . . . . | 8708 | 8290 |
| 1654979.PS.FTS.B, 11.1%, 11/12/26. . . . . | 1654979.PS.FTS.B, 11.1%, 11/12/26. . . . . | 1654979.PS.FTS.B, 11.1%, 11/12/26. . . . . | 5682 | 5469 | 1688576.PS.FTS.B, 18.48%, 1/13/27. . . . . | 9655 | 9189 |
| 1654997.PS.FTS.B, 16%, 11/12/26.. . . . . . | 1654997.PS.FTS.B, 16%, 11/12/26.. . . . . . | 1654997.PS.FTS.B, 16%, 11/12/26.. . . . . . | 8379 | 8014 | 1701837.PS.FTS.B, 18.48%, 1/13/27. . . . . | 8777 | 8353 |
| 1651799.PS.FTS.B, 14.23%, 11/16/26. . . . | 1651799.PS.FTS.B, 14.23%, 11/16/26. . . . | 1651799.PS.FTS.B, 14.23%, 11/16/26. . . . | 26524 | 25511 | 1689002.PS.FTS.B, 19.23%, 1/13/27. . . . . | 5279 | 5024 |
| 1670892.PS.FTS.B, 11.55%, 11/17/26. . . . | 1670892.PS.FTS.B, 11.55%, 11/17/26. . . . | 1670892.PS.FTS.B, 11.55%, 11/17/26. . . . | 2529 | – | 1701810.PS.FTS.B, 21.18%, 1/13/27. . . . . | 9738 | 9264 |
| 1654303.PS.FTS.B, 21.18%, 11/19/26. . . . | 1654303.PS.FTS.B, 21.18%, 11/19/26. . . . | 1654303.PS.FTS.B, 21.18%, 11/19/26. . . . | 8709 | 8269 | 1702464.PS.FTS.B, 9.81%, 1/14/27. . . . . . | 14468 | 13945 |
| 1658107.PS.FTS.B, 14.2%, 11/20/26. . . . . | 1658107.PS.FTS.B, 14.2%, 11/20/26. . . . . | 1658107.PS.FTS.B, 14.2%, 11/20/26. . . . . | 16869 | 16038 | 1689590.PS.FTS.B, 11.4%, 1/14/27. . . . . . | 5137 | 4952 |
| 1646567.PS.FTS.B, 13.08%, 11/22/26. . . . | 1646567.PS.FTS.B, 13.08%, 11/22/26. . . . | 1646567.PS.FTS.B, 13.08%, 11/22/26. . . . | 8442 | 8157 | 1695235.PS.FTS.B, 12.24%, 1/14/27. . . . . | 10307 | 9821 |
| 1654297.PS.FTS.B, 13.3%, 11/28/26. . . . . | 1654297.PS.FTS.B, 13.3%, 11/28/26. . . . . | 1654297.PS.FTS.B, 13.3%, 11/28/26. . . . . | 11930 | 11469 | 1689731.PS.FTS.B, 14%, 1/14/27.. . . . . . . | 6915 | 6589 |
| 1685232.PS.FTS.B, 11.07%, 12/14/26. . . . | 1685232.PS.FTS.B, 11.07%, 12/14/26. . . . | 1685232.PS.FTS.B, 11.07%, 12/14/26. . . . | 21037 | 20262 | 1702224.PS.FTS.B, 14.68%, 1/14/27. . . . . | 12886 | 12421 |
| 1685184.PS.FTS.B, 12.4%, 12/14/26. . . . . | 1685184.PS.FTS.B, 12.4%, 12/14/26. . . . . | 1685184.PS.FTS.B, 12.4%, 12/14/26. . . . . | 12691 | 12223 | 1689428.PS.FTS.B, 16.33%, 1/14/27. . . . . | 8714 | 8302 |
| 1678714.PS.FTS.B, 25.2%, 12/14/26. . . . . | 1678714.PS.FTS.B, 25.2%, 12/14/26. . . . . | 1678714.PS.FTS.B, 25.2%, 12/14/26. . . . . | 13286 | 12862 | 1695712.PS.FTS.B, 27.4%, 1/14/27. . . . . . | 2253 | 2172 |
| 1685577.PS.FTS.B, 28.23%, 12/14/26. . . . | 1685577.PS.FTS.B, 28.23%, 12/14/26. . . . | 1685577.PS.FTS.B, 28.23%, 12/14/26. . . . | 13409 | 12973 | 1703238.PS.FTS.B, 22.9%, 1/18/27. . . . . . | 3115 | 3013 |
| 1685967.PS.FTS.B, 11.5%, 12/15/26. . . . . | 1685967.PS.FTS.B, 11.5%, 12/15/26. . . . . | 1685967.PS.FTS.B, 11.5%, 12/15/26. . . . . | 11801 | 11369 | 1698271.PS.FTS.B, 11.5%, 1/19/27. . . . . . | 10279 | 9918 |
| 1686336.PS.FTS.B, 13.1%, 12/15/26. . . . . | 1686336.PS.FTS.B, 13.1%, 12/15/26. . . . . | 1686336.PS.FTS.B, 13.1%, 12/15/26. . . . . | 7212 | 6948 | 1704942.PS.FTS.B, 11.6%, 1/19/27. . . . . . | 5141 | 4961 |
| 1685937.PS.FTS.B, 15.5%, 12/15/26. . . . . | 1685937.PS.FTS.B, 15.5%, 12/15/26. . . . . | 1685937.PS.FTS.B, 15.5%, 12/15/26. . . . . | 2569 | 2449 | 1698235.PS.FTS.B, 11.79%, 1/19/27. . . . . | 17149 | 16549 |
| 1679512.PS.FTS.B, 15.7%, 12/15/26. . . . . | 1679512.PS.FTS.B, 15.7%, 12/15/26. . . . . | 1679512.PS.FTS.B, 15.7%, 12/15/26. . . . . | 17141 | 16339 | 1692950.PS.FTS.B, 9.81%, 1/20/27. . . . . . | 14468 | 13965 |
| 1686372.PS.FTS.B, 16.7%, 12/15/26. . . . . | 1686372.PS.FTS.B, 16.7%, 12/15/26. . . . . | 1686372.PS.FTS.B, 16.7%, 12/15/26. . . . . | 8603 | 8200 | 1692617.PS.FTS.B, 12.2%, 1/20/27. . . . . . | 10305 | 9946 |
| 1685808.PS.FTS.B, 18.33%, 12/15/26. . . . | 1685808.PS.FTS.B, 18.33%, 12/15/26. . . . | 1685808.PS.FTS.B, 18.33%, 12/15/26. . . . | 21636 | 20665 | 1689014.PS.FTS.B, 24.03%, 1/26/27. . . . . | 13711 | 13430 |
| 1685961.PS.FTS.B, 18.48%, 12/15/26. . . . | 1685961.PS.FTS.B, 18.48%, 12/15/26. . . . | 1685961.PS.FTS.B, 18.48%, 12/15/26. . . . | 12989 | 12405 | 1701660.PS.FTS.B, 11.2%, 1/27/27. . . . . . | 8596 | 8292 |
| 1686345.PS.FTS.B, 23%, 12/15/26.. . . . . . | 1686345.PS.FTS.B, 23%, 12/15/26.. . . . . . | 1686345.PS.FTS.B, 23%, 12/15/26.. . . . . . | 8795 | 8524 | 1693283.PS.FTS.B, 15.39%, 1/28/27. . . . . | 13252 | 13180 |
| 1679056.PS.FTS.B, 26.13%, 12/15/26. . . . | 1679056.PS.FTS.B, 26.13%, 12/15/26. . . . | 1679056.PS.FTS.B, 26.13%, 12/15/26. . . . | 4485 | 4327 | 1707623.PS.FTS.B, 12.9%, 2/14/27. . . . . . | 30591 | 29515 |
| 1679959.PS.FTS.B, 12.32%, 12/16/26. . . . | 1679959.PS.FTS.B, 12.32%, 12/16/26. . . . | 1679959.PS.FTS.B, 12.32%, 12/16/26. . . . | 4700 | 4532 | 1714342.PS.FTS.B, 13.4%, 2/14/27. . . . . . | 5253 | 5068 |
| 1673948.PS.FTS.B, 17.54%, 12/16/26. . . . | 1673948.PS.FTS.B, 17.54%, 12/16/26. . . . | 1673948.PS.FTS.B, 17.54%, 12/16/26. . . . | 17259 | 16495 | 1714327.PS.FTS.B, 17.37%, 2/14/27. . . . . | 21603 | 20534 |
| 1680109.PS.FTS.B, 18.25%, 12/16/26. . . . | 1680109.PS.FTS.B, 18.25%, 12/16/26. . . . | 1680109.PS.FTS.B, 18.25%, 12/16/26. . . . | 8893 | 2235 | 1721061.PS.FTS.B, 10.5%, 2/15/27. . . . . . | 4380 | 3535 |
| 1673528.PS.FTS.B, 19%, 12/16/26.. . . . . . | 1673528.PS.FTS.B, 19%, 12/16/26.. . . . . . | 1673528.PS.FTS.B, 19%, 12/16/26.. . . . . . | 21688 | 20724 | 1707812.PS.FTS.B, 11.2%, 2/15/27. . . . . . | 3911 | 3774 |
| 1674779.PS.FTS.B, 10.4%, 12/17/26. . . . . | 1674779.PS.FTS.B, 10.4%, 12/17/26. . . . . | 1674779.PS.FTS.B, 10.4%, 12/17/26. . . . . | 11328 | 10918 | 1714540.PS.FTS.B, 11.2%, 2/15/27. . . . . . | 15644 | 15097 |
| 1674203.PS.FTS.B, 10.8%, 12/17/26. . . . . | 1674203.PS.FTS.B, 10.8%, 12/17/26. . . . . | 1674203.PS.FTS.B, 10.8%, 12/17/26. . . . . | 12608 | 12152 | 1707833.PS.FTS.B, 11.5%, 2/15/27. . . . . . | 9102 | 1126 |
| 1674698.PS.FTS.B, 11.89%, 12/17/26. . . . | 1674698.PS.FTS.B, 11.89%, 12/17/26. . . . | 1674698.PS.FTS.B, 11.89%, 12/17/26. . . . | 4238 | 4088 | 1720842.PS.FTS.B, 11.6%, 2/15/27. . . . . . | 8601 | 8302 |
| 1680745.PS.FTS.B, 13.3%, 12/17/26. . . . . | 1680745.PS.FTS.B, 13.3%, 12/17/26. . . . . | 1680745.PS.FTS.B, 13.3%, 12/17/26. . . . . | 10078 | 9614 | 1707839.PS.FTS.B, 11.79%, 2/15/27. . . . . | 17417 | 16808 |
| 64 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 64 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |  |
| 1708667.PS.FTS.B, 12.3%, 2/15/27. . . . . . | $30531 | $29464 | 1740970.PS.FTS.B, 11.2%, 3/23/27. . . . . . | $8835 | $8571 | 8571 |
| 1708634.PS.FTS.B, 15%, 2/15/27.. . . . . . . | 15399 | 14682 | 1734281.PS.FTS.B, 11.4%, 3/23/27. . . . . . | 9283 | 9005 | 9005 |
| 1708139.PS.FTS.B, 15.2%, 2/15/27. . . . . . | 21901 | 20880 | 1740994.PS.FTS.B, 11.4%, 3/23/27. . . . . . | 17681 | 17153 | 17153 |
| 1708757.PS.FTS.B, 15.29%, 2/15/27. . . . . | 23780 | 22672 | 1740508.PS.FTS.B, 11.6%, 3/23/27. . . . . . | 7036 | 6814 | 6814 |
| 1709063.PS.FTS.B, 16.7%, 2/15/27. . . . . . | 9996 | 9529 | 1740943.PS.FTS.B, 11.6%, 3/23/27. . . . . . | 13269 | 12873 | 12873 |
| 1714801.PS.FTS.B, 18.78%, 2/15/27. . . . . | 10681 | 10157 | 1740955.PS.FTS.B, 11.79%, 3/23/27. . . . . | 22128 | 21467 | 21467 |
| 1714507.PS.FTS.B, 18.9%, 2/15/27. . . . . . | 8904 | 8467 | 1733702.PS.FTS.B, 11.89%, 3/23/27. . . . . | 4427 | 4295 | 4295 |
| 1714495.PS.FTS.B, 19%, 2/15/27.. . . . . . . | 22266 | 21174 | 1733807.PS.FTS.B, 12.32%, 3/23/27. . . . . | 10639 | 10321 | 10321 |
| 1714531.PS.FTS.B, 20.16%, 2/15/27. . . . . | 8936 | 8496 | 1743942.PS.FTS.B, 12.7%, 3/23/27. . . . . . | 8876 | 8611 | 8611 |
| 1709051.PS.FTS.B, 26.5%, 2/15/27. . . . . . | 13654 | 13081 | 1734272.PS.FTS.B, 13.08%, 3/23/27. . . . . | 14692 | 14234 | 14234 |
| 1709645.PS.FTS.B, 9.27%, 2/16/27. . . . . . | 30217 | 29169 | 1733756.PS.FTS.B, 13.3%, 3/23/27. . . . . . | 8892 | 8627 | 8627 |
| 1716184.PS.FTS.B, 12.7%, 2/16/27. . . . . . | 10482 | 10118 | 1743558.PS.FTS.B, 13.32%, 3/23/27. . . . . | 10654 | 10196 | 10196 |
| 1714510.PS.FTS.B, 11.7%, 2/24/27. . . . . . | 13120 | 12680 | 1743567.PS.FTS.B, 13.32%, 3/23/27. . . . . | 8909 | 8539 | 8539 |
| 1710641.PS.FTS.B, 13.2%, 2/28/27. . . . . . | 18119 | 17330 | 1743561.PS.FTS.B, 13.4%, 3/23/27. . . . . . | 17790 | 17259 | 17259 |
| 1720848.PS.FTS.B, 28.23%, 2/28/27. . . . . | 9313 | 9159 | 1740946.PS.FTS.B, 13.48%, 3/23/27. . . . . | 8897 |  | – |
| 1722529.PS.FTS.B, 19%, 3/12/27.. . . . . . . | 22765 | 21760 | 1740880.PS.FTS.B, 13.5%, 3/23/27. . . . . . | 9787 | 7925 | 7925 |
| 1733474.PS.FTS.B, 9.62%, 3/22/27. . . . . . | 17611 | 17078 | 1743552.PS.FTS.B, 13.5%, 3/23/27. . . . . . | 11567 | 11086 | 11086 |
| 1739674.PS.FTS.B, 10.08%, 3/22/27. . . . . | 13206 | 12807 | 1733840.PS.FTS.B, 13.77%, 3/23/27. . . . . | 8928 | 8547 | 8547 |
| 1733471.PS.FTS.B, 10.44%, 3/22/27. . . . . | 19479 | 18891 | 1734077.PS.FTS.B, 14%, 3/23/27.. . . . . . . | 6950 | 6662 | 6662 |
| 1733348.PS.FTS.B, 10.5%, 3/22/27. . . . . . | 1763 | 1710 | 1740496.PS.FTS.B, 14.19%, 3/23/27. . . . . | 8916 | 8691 | 8691 |
| 1732976.PS.FTS.B, 10.53%, 3/22/27. . . . . | 13118 | 12701 | 1733816.PS.FTS.B, 15.1%, 3/23/27. . . . . . | 17848 | 17083 | 17083 |
| 1740175.PS.FTS.B, 10.7%, 3/22/27. . . . . . | 5295 | 5136 | 1744062.PS.FTS.B, 15.18%, 3/23/27. . . . . | 13341 |  | – |
| 1732952.PS.FTS.B, 11.2%, 3/22/27. . . . . . | 10602 | 10283 | 1734278.PS.FTS.B, 15.2%, 3/23/27. . . . . . | 8942 | 8571 | 8571 |
| 1732943.PS.FTS.B, 11.5%, 3/22/27. . . . . . | 5967 | 5780 | 1740958.PS.FTS.B, 15.8%, 3/23/27. . . . . . | 22394 | 21465 | 21465 |
| 1733504.PS.FTS.B, 11.6%, 3/22/27. . . . . . | 11500 | 11154 | 1734263.PS.FTS.B, 16.33%, 3/23/27. . . . . | 17935 | 17191 | 17191 |
| 1739656.PS.FTS.B, 11.6%, 3/22/27. . . . . . | 6192 | 6006 | 1740505.PS.FTS.B, 16.33%, 3/23/27. . . . . | 11069 | 2584 | 2584 |
| 1740124.PS.FTS.B, 11.61%, 3/22/27. . . . . | 15924 | 15444 | 1744071.PS.FTS.B, 16.33%, 3/23/27. . . . . | 12470 | 11953 | 11953 |
| 1733513.PS.FTS.B, 11.7%, 3/22/27. . . . . . | 10466 | 10134 | 1743348.PS.FTS.B, 16.43%, 3/23/27. . . . . | 20460 | 19509 | 19509 |
| 1732970.PS.FTS.B, 11.79%, 3/22/27. . . . . | 8851 | 8585 | 1740997.PS.FTS.B, 16.8%, 3/23/27. . . . . . | 17966 | 17222 | 17222 |
| 1733498.PS.FTS.B, 11.79%, 3/22/27. . . . . | 13277 | 12877 | 1744065.PS.FTS.B, 16.8%, 3/23/27. . . . . . | 17966 | 17222 | 17222 |
| 1732922.PS.FTS.B, 12.9%, 3/22/27. . . . . . | 29309 | 28428 | 1734284.PS.FTS.B, 16.9%, 3/23/27. . . . . . | 1797 | 1714 | 1714 |
| 1733459.PS.FTS.B, 13.7%, 3/22/27. . . . . . | 22257 | 21325 | 1733993.PS.FTS.B, 17.2%, 3/23/27. . . . . . | 10792 | 10290 | 10290 |
| 1742640.PS.FTS.B, 14.39%, 3/22/27. . . . . | 18734 | 17950 | 1743540.PS.FTS.B, 17.29%, 3/23/27. . . . . | 15265 | 14564 | 14564 |
| 1740145.PS.FTS.B, 14.56%, 3/22/27. . . . . | 12939 | 12382 | 1733831.PS.FTS.B, 18.59%, 3/23/27. . . . . | 13541 | 12911 | 12911 |
| 1739641.PS.FTS.B, 14.7%, 3/22/27. . . . . . | 13394 | 12833 | 1743573.PS.FTS.B, 18.78%, 3/23/27. . . . . | 8581 | 8181 | 8181 |
| 1740187.PS.FTS.B, 15.1%, 3/22/27. . . . . . | 4470 | 4283 | 1744056.PS.FTS.B, 18.78%, 3/23/27. . . . . | 5556 | 1424 | 1424 |
| 1742679.PS.FTS.B, 15.2%, 3/22/27. . . . . . | 4471 | 4284 | 1741168.PS.FTS.B, 18.93%, 3/23/27. . . . . | 18072 | 17231 | 17231 |
| 1732916.PS.FTS.B, 16.18%, 3/22/27. . . . . | 26902 | 25777 | 1741006.PS.FTS.B, 19%, 3/23/27.. . . . . . . | 6326 | 6032 | 6032 |
| 1742682.PS.FTS.B, 16.33%, 3/22/27. . . . . | 11214 | 10745 | 1733834.PS.FTS.B, 19.23%, 3/23/27. . . . . | 9998 | 8216 | 8216 |
| 1742649.PS.FTS.B, 16.8%, 3/22/27. . . . . . | 17966 | 17215 | 1744050.PS.FTS.B, 19.23%, 3/23/27. . . . . | 9043 | 8622 | 8622 |
| 1739635.PS.FTS.B, 17.29%, 3/22/27. . . . . | 17991 | 17145 | 1744083.PS.FTS.B, 21%, 3/23/27.. . . . . . . | 4186 | 1142 | 1142 |
| 1740181.PS.FTS.B, 17.5%, 3/22/27. . . . . . | 4711 | 4489 | 1741000.PS.FTS.B, 25.67%, 3/23/27. . . . . | 13698 | 13200 | 13200 |
| 1740148.PS.FTS.B, 18.33%, 3/22/27. . . . . | 13532 | 12895 | 1741012.PS.FTS.B, 25.9%, 3/23/27. . . . . . | 6656 | 1030 | 1030 |
| 1739653.PS.FTS.B, 18.48%, 3/22/27. . . . . | 18050 | 17201 | 1740316.PS.FTS.B, 28.23%, 3/23/27. . . . . | 9244 | 8887 | 8887 |
| 1742664.PS.FTS.B, 18.7%, 3/22/27. . . . . . | 15030 | – | 1734857.PS.FTS.B, 10.5%, 3/24/27. . . . . . | 2645 | 2566 | 2566 |
| 1732940.PS.FTS.B, 18.78%, 3/22/27. . . . . | 2258 | 2152 | 1741357.PS.FTS.B, 10.5%, 3/24/27. . . . . . | 6171 | 5988 | 5988 |
| 1740103.PS.FTS.B, 19%, 3/22/27.. . . . . . . | 22594 | 21531 | 1734563.PS.FTS.B, 11.2%, 3/24/27. . . . . . | 13694 | 13288 | 13288 |
| 1733495.PS.FTS.B, 21.69%, 3/22/27. . . . . | 13652 | 13124 | 1744293.PS.FTS.B, 12%, 3/24/27.. . . . . . . | 22143 | 21230 | 21230 |
| 1739848.PS.FTS.B, 21.9%, 3/22/27. . . . . . | 6374 | 6128 | 1734827.PS.FTS.B, 13.23%, 3/24/27. . . . . | 13335 | 12786 | 12786 |
| 1733480.PS.FTS.B, 24.03%, 3/22/27. . . . . | 13732 | 13198 | 1734560.PS.FTS.B, 13.5%, 3/24/27. . . . . . | 22244 | 21328 | 21328 |
| 1739650.PS.FTS.B, 26.43%, 3/22/27. . . . . | 7949 | 7640 | 1744257.PS.FTS.B, 14%, 3/24/27.. . . . . . . | 3909 | 3743 | 3743 |
| 1734128.PS.FTS.B, 10.08%, 3/23/27. . . . . | 8786 | 8507 | 1744611.PS.FTS.B, 14.38%, 3/24/27. . . . . | 22302 | 21643 | 21643 |
| 1741003.PS.FTS.B, 10.08%, 3/23/27. . . . . | 7043 | 6832 | 1744596.PS.FTS.B, 14.49%, 3/24/27. . . . . | 9816 | 9614 | 9614 |
| 1743894.PS.FTS.B, 10.29%, 3/23/27. . . . . | 35239 | 34183 | 1744812.PS.FTS.B, 14.7%, 3/24/27. . . . . . | 17858 | 17123 | 17123 |
| 1740904.PS.FTS.B, 10.5%, 3/23/27. . . . . . | 6171 | 5986 | 1744299.PS.FTS.B, 15%, 3/24/27.. . . . . . . | 8043 | 7712 | 7712 |
| 1743546.PS.FTS.B, 10.5%, 3/23/27. . . . . . | 13224 | 12827 | 1744656.PS.FTS.B, 15%, 3/24/27.. . . . . . . | 11171 | 10712 | 10712 |
| 1744077.PS.FTS.B, 10.8%, 3/23/27. . . . . . | 8824 | 8560 | 1745031.PS.FTS.B, 18.78%, 3/24/27. . . . . | 4478 | 4274 | 4274 |
| 1744092.PS.FTS.B, 10.8%, 3/23/27. . . . . . | 7501 | 7276 | 1741657.PS.FTS.B, 21%, 3/24/27.. . . . . . . | 9286 | 8930 | 8930 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 65 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 65 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Prosper Funding LLC (continued) | Prosper Funding LLC (continued) | Prosper Funding LLC (continued) |  |  | Prosper Funding LLC (continued) |  |  |
| 1741336.PS.FTS.B, 25.9%, 3/24/27. . . . . . | 1741336.PS.FTS.B, 25.9%, 3/24/27. . . . . . | 1741336.PS.FTS.B, 25.9%, 3/24/27. . . . . . | $6469 | $6226 | 1744553.PS.FTS.B, 14.53%, 4/07/27. . . . . | $9023 | $8721 |
| 1742146.PS.FTS.B, 10.7%, 3/25/27. . . . . . | 1742146.PS.FTS.B, 10.7%, 3/25/27. . . . . . | 1742146.PS.FTS.B, 10.7%, 3/25/27. . . . . . | 7939 | 7705 | 1753656.PS.FTS.B, 14.6%, 4/07/27. . . . . . | 22624 | 21608 |
| 1742652.PS.FTS.B, 11.2%, 3/25/27. . . . . . | 1742652.PS.FTS.B, 11.2%, 3/25/27. . . . . . | 1742652.PS.FTS.B, 11.2%, 3/25/27. . . . . . | 6191 | 6005 | 1751044.PS.FTS.B, 14.7%, 4/07/27. . . . . . | 22630 | 21614 |
| 1745565.PS.FTS.B, 12.42%, 3/25/27. . . . . | 1745565.PS.FTS.B, 12.42%, 3/25/27. . . . . | 1745565.PS.FTS.B, 12.42%, 3/25/27. . . . . | 13303 | 12759 | 1744559.PS.FTS.B, 14.89%, 4/07/27. . . . . | 9056 | 8650 |
| 1735826.PS.FTS.B, 13.19%, 3/25/27. . . . . | 1735826.PS.FTS.B, 13.19%, 3/25/27. . . . . | 1735826.PS.FTS.B, 13.19%, 3/25/27. . . . . | 21648 | 20714 | 1750597.PS.FTS.B, 16.33%, 4/07/27. . . . . | 17901 | 17062 |
| 1735664.PS.FTS.B, 14%, 3/25/27.. . . . . . . | 1735664.PS.FTS.B, 14%, 3/25/27.. . . . . . . | 1735664.PS.FTS.B, 14%, 3/25/27.. . . . . . . | 22277 | 21367 | 1751017.PS.FTS.B, 16.5%, 4/07/27. . . . . . | 6080 | 1498 |
| 1742143.PS.FTS.B, 22.9%, 3/25/27. . . . . . | 1742143.PS.FTS.B, 22.9%, 3/25/27. . . . . . | 1742143.PS.FTS.B, 22.9%, 3/25/27. . . . . . | 9350 | 8970 | 1750621.PS.FTS.B, 17.37%, 4/07/27. . . . . | 9113 | 8623 |
| 1743180.PS.FTS.B, 11.2%, 3/27/27. . . . . . | 1743180.PS.FTS.B, 11.2%, 3/27/27. . . . . . | 1743180.PS.FTS.B, 11.2%, 3/27/27. . . . . . | 13275 | 12875 | 1754349.PS.FTS.B, 18.25%, 4/07/27. . . . . | 7506 | 7102 |
| 1745982.PS.FTS.B, 12.6%, 3/28/27. . . . . . | 1745982.PS.FTS.B, 12.6%, 3/28/27. . . . . . | 1745982.PS.FTS.B, 12.6%, 3/28/27. . . . . . | 1801 | – | 1744034.PS.FTS.B, 19%, 4/07/27.. . . . . . . | 10666 | 10082 |
| 1743544.PS.FTS.B, 16.4%, 3/28/27. . . . . . | 1743544.PS.FTS.B, 16.4%, 3/28/27. . . . . . | 1743544.PS.FTS.B, 16.4%, 3/28/27. . . . . . | 31835 | 30570 | 1744574.PS.FTS.B, 19%, 4/07/27.. . . . . . . | 2745 | 2597 |
| 1744585.PS.FTS.B, 17.29%, 3/29/27. . . . . | 1744585.PS.FTS.B, 17.29%, 3/29/27. . . . . | 1744585.PS.FTS.B, 17.29%, 3/29/27. . . . . | 5925 | 5755 | 1751047.PS.FTS.B, 19.3%, 4/07/27. . . . . . | 22793 | 21553 |
| 1737947.PS.FTS.B, 18%, 3/29/27.. . . . . . . | 1737947.PS.FTS.B, 18%, 3/29/27.. . . . . . . | 1737947.PS.FTS.B, 18%, 3/29/27.. . . . . . . | 19656 | 2913 | 1754322.PS.FTS.B, 21%, 4/07/27.. . . . . . . | 13787 | 13115 |
| 1736876.PS.FTS.B, 19.3%, 3/29/27. . . . . . | 1736876.PS.FTS.B, 19.3%, 3/29/27. . . . . . | 1736876.PS.FTS.B, 19.3%, 3/29/27. . . . . . | 9161 | 8912 | 1750600.PS.FTS.B, 23%, 4/07/27.. . . . . . . | 13992 | 13318 |
| 1737779.PS.FTS.B, 21%, 3/29/27.. . . . . . . | 1737779.PS.FTS.B, 21%, 3/29/27.. . . . . . . | 1737779.PS.FTS.B, 21%, 3/29/27.. . . . . . . | 8277 | 8139 | 1755057.PS.FTS.B, 11.2%, 4/08/27. . . . . . | 31388 | 30409 |
| 1747200.PS.FTS.B, 27.4%, 3/29/27. . . . . . | 1747200.PS.FTS.B, 27.4%, 3/29/27. . . . . . | 1747200.PS.FTS.B, 27.4%, 3/29/27. . . . . . | 11189 | 11057 | 1745642.PS.FTS.B, 12%, 4/08/27.. . . . . . . | 8988 | 8707 |
| 1743234.PS.FTS.B, 17.23%, 3/31/27. . . . . | 1743234.PS.FTS.B, 17.23%, 3/31/27. . . . . | 1743234.PS.FTS.B, 17.23%, 3/31/27. . . . . | 7094 | 3791 | 1755147.PS.FTS.B, 12.6%, 4/08/27. . . . . . | 13503 | 13083 |
| 1735847.PS.FTS.B, 21.18%, 4/01/27. . . . . | 1735847.PS.FTS.B, 21.18%, 4/01/27. . . . . | 1735847.PS.FTS.B, 21.18%, 4/01/27. . . . . | 9236 | 8820 | 1744856.PS.FTS.B, 13.3%, 4/08/27. . . . . . | 4699 | 604 |
| 1749478.PS.FTS.B, 11.5%, 4/05/27. . . . . . | 1749478.PS.FTS.B, 11.5%, 4/05/27. . . . . . | 1749478.PS.FTS.B, 11.5%, 4/05/27. . . . . . | 8020 | 7771 | 1751995.PS.FTS.B, 15.62%, 4/08/27. . . . . | 13485 | 12856 |
| 1749460.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 1749460.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 1749460.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 6286 | 6086 | 1755237.PS.FTS.B, 16.02%, 4/08/27. . . . . | 10445 | 9889 |
| 1752540.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 1752540.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 1752540.PS.FTS.B, 11.7%, 4/05/27. . . . . . | 17961 | 17388 | 1744907.PS.FTS.B, 17.59%, 4/08/27. . . . . | 2277 | 2155 |
| 1752558.PS.FTS.B, 11.79%, 4/05/27. . . . . | 1752558.PS.FTS.B, 11.79%, 4/05/27. . . . . | 1752558.PS.FTS.B, 11.79%, 4/05/27. . . . . | 10779 | 10436 | 1744880.PS.FTS.B, 19%, 4/08/27.. . . . . . . | 13723 | 12991 |
| 1740514.PS.FTS.B, 13.8%, 4/05/27. . . . . . | 1740514.PS.FTS.B, 13.8%, 4/05/27. . . . . . | 1740514.PS.FTS.B, 13.8%, 4/05/27. . . . . . | 13623 | 13082 | 1754712.PS.FTS.B, 19.38%, 4/08/27. . . . . | 22892 | 21671 |
| 1742810.PS.FTS.B, 16.7%, 4/05/27. . . . . . | 1742810.PS.FTS.B, 16.7%, 4/05/27. . . . . . | 1742810.PS.FTS.B, 16.7%, 4/05/27. . . . . . | 3639 | 3473 | 1755216.PS.FTS.B, 22.5%, 4/08/27. . . . . . | 10144 | 9655 |
| 1743101.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 1743101.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 1743101.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 3580 | 3467 | 1747212.PS.FTS.B, 13.48%, 4/09/27. . . . . | 22663 | 22059 |
| 1743137.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 1743137.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 1743137.PS.FTS.B, 10.5%, 4/06/27. . . . . . | 17901 | 17334 | 1744730.PS.FTS.B, 16.02%, 4/10/27. . . . . | 8187 | 7748 |
| 1752915.PS.FTS.B, 12.5%, 4/06/27. . . . . . | 1752915.PS.FTS.B, 12.5%, 4/06/27. . . . . . | 1752915.PS.FTS.B, 12.5%, 4/06/27. . . . . . | 22499 | 21788 | 1753413.PS.FTS.B, 18.48%, 4/10/27. . . . . | 7399 | 7012 |
| 1743134.PS.FTS.B, 13.3%, 4/06/27. . . . . . | 1743134.PS.FTS.B, 13.3%, 4/06/27. . . . . . | 1743134.PS.FTS.B, 13.3%, 4/06/27. . . . . . | 14059 | 13398 | 1755429.PS.FTS.B, 10.5%, 4/11/27. . . . . . | 8951 | 8677 |
| 1753290.PS.FTS.B, 13.32%, 4/06/27. . . . . | 1753290.PS.FTS.B, 13.32%, 4/06/27. . . . . | 1753290.PS.FTS.B, 13.32%, 4/06/27. . . . . | 15425 | – | 1755831.PS.FTS.B, 10.5%, 4/11/27. . . . . . | 31327 | 30370 |
| 1753416.PS.FTS.B, 13.6%, 4/06/27. . . . . . | 1753416.PS.FTS.B, 13.6%, 4/06/27. . . . . . | 1753416.PS.FTS.B, 13.6%, 4/06/27. . . . . . | 11503 | 10961 | 1755984.PS.FTS.B, 11.2%, 4/11/27. . . . . . | 6278 | 6086 |
| 1743650.PS.FTS.B, 14.39%, 4/06/27. . . . . | 1743650.PS.FTS.B, 14.39%, 4/06/27. . . . . | 1743650.PS.FTS.B, 14.39%, 4/06/27. . . . . | 7688 | 7340 | 1755501.PS.FTS.B, 11.89%, 4/11/27. . . . . | 8536 | 8275 |
| 1743128.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1743128.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1743128.PS.FTS.B, 14.68%, 4/06/27. . . . . | 23426 | 22638 | 1755927.PS.FTS.B, 11.89%, 4/11/27. . . . . | 8086 | 7840 |
| 1743143.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1743143.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1743143.PS.FTS.B, 14.68%, 4/06/27. . . . . | 5431 | 5260 | 1755459.PS.FTS.B, 12.5%, 4/11/27. . . . . . | 4500 | 4363 |
| 1752909.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1752909.PS.FTS.B, 14.68%, 4/06/27. . . . . | 1752909.PS.FTS.B, 14.68%, 4/06/27. . . . . | 9052 | 8766 | 1745762.PS.FTS.B, 16.5%, 4/11/27. . . . . . | 2728 | 2587 |
| 1743125.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 1743125.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 1743125.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 18104 | 17285 | 1752289.PS.FTS.B, 16.5%, 4/11/27. . . . . . | 18187 | 17395 |
| 1752855.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 1752855.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 1752855.PS.FTS.B, 14.7%, 4/06/27. . . . . . | 22630 | 21606 | 1746119.PS.FTS.B, 18.13%, 4/11/27. . . . . | 9586 | 9169 |
| 1753431.PS.FTS.B, 14.89%, 4/06/27. . . . . | 1753431.PS.FTS.B, 14.89%, 4/06/27. . . . . | 1753431.PS.FTS.B, 14.89%, 4/06/27. . . . . | 9962 | 9511 | 1752292.PS.FTS.B, 19.5%, 4/11/27. . . . . . | 6870 | 6514 |
| 1753410.PS.FTS.B, 15%, 4/06/27.. . . . . . . | 1753410.PS.FTS.B, 15%, 4/06/27.. . . . . . . | 1753410.PS.FTS.B, 15%, 4/06/27.. . . . . . . | 15400 | 14703 | 1755414.PS.FTS.B, 22.5%, 4/11/27. . . . . . | 5196 | 3228 |
| 1752906.PS.FTS.B, 16.33%, 4/06/27. . . . . | 1752906.PS.FTS.B, 16.33%, 4/06/27. . . . . | 1752906.PS.FTS.B, 16.33%, 4/06/27. . . . . | 12725 | 12150 | 1754125.PS.FTS.B, 10.62%, 4/12/27. . . . . | 4477 | 4341 |
| 1752903.PS.FTS.B, 21.18%, 4/06/27. . . . . | 1752903.PS.FTS.B, 21.18%, 4/06/27. . . . . | 1752903.PS.FTS.B, 21.18%, 4/06/27. . . . . | 21608 | 20431 | 1747364.PS.FTS.B, 11.16%, 4/12/27. . . . . | 10000 | 3062 |
| 1753428.PS.FTS.B, 23.31%, 4/06/27. . . . . | 1753428.PS.FTS.B, 23.31%, 4/06/27. . . . . | 1753428.PS.FTS.B, 23.31%, 4/06/27. . . . . | 1904 | 1179 | 1757454.PS.FTS.B, 11.89%, 4/12/27. . . . . | 8086 | 7842 |
| 1750213.PS.FTS.B, 25.6%, 4/06/27. . . . . . | 1750213.PS.FTS.B, 25.6%, 4/06/27. . . . . . | 1750213.PS.FTS.B, 25.6%, 4/06/27. . . . . . | 1873 | 1781 | 1750198.PS.FTS.B, 11.99%, 4/12/27. . . . . | 15311 | 14827 |
| 1750246.PS.FTS.B, 27.6%, 4/06/27. . . . . . | 1750246.PS.FTS.B, 27.6%, 4/06/27. . . . . . | 1750246.PS.FTS.B, 27.6%, 4/06/27. . . . . . | 1935 | 14 | 1754278.PS.FTS.B, 24.42%, 4/12/27. . . . . | 13890 | 13252 |
| 1750876.PS.FTS.B, 10.29%, 4/07/27. . . . . | 1750876.PS.FTS.B, 10.29%, 4/07/27. . . . . | 1750876.PS.FTS.B, 10.29%, 4/07/27. . . . . | 31309 | 30324 | 1757922.PS.FTS.B, 14.67%, 4/13/27. . . . . | 9051 | 8664 |
| 1744037.PS.FTS.B, 10.5%, 4/07/27. . . . . . | 1744037.PS.FTS.B, 10.5%, 4/07/27. . . . . . | 1744037.PS.FTS.B, 10.5%, 4/07/27. . . . . . | 13426 | 13004 | 1749839.PS.FTS.B, 25.6%, 4/14/27. . . . . . | 13925 | 13300 |
| 1744580.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 1744580.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 1744580.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 8071 | 7817 | 1750612.PS.FTS.B, 11.79%, 4/15/27. . . . . | 12588 | 12192 |
| 1750624.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 1750624.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 1750624.PS.FTS.B, 11.2%, 4/07/27. . . . . . | 8699 | 8426 | 1749974.PS.FTS.B, 23.31%, 4/15/27. . . . . | 6097 | 5829 |
| 1744538.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 1744538.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 1744538.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 18859 | 18266 | 1733450.PS.FTS.B, 18.13%, 4/16/27. . . . . | 23160 | 22301 |
| 1753818.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 1753818.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 1753818.PS.FTS.B, 11.7%, 4/07/27. . . . . . | 13470 | 13048 | 1750927.PS.FTS.B, 11.4%, 4/17/27. . . . . . | 11700 | 11332 |
| 1744568.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1744568.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1744568.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 10785 | 10447 | 1749754.PS.FTS.B, 25.9%, 4/17/27. . . . . . | 9457 | 8993 |
| 1744571.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1744571.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1744571.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 8988 | 8705 | 1742819.PS.FTS.B, 11.7%, 4/19/27. . . . . . | 11284 | 10924 |
| 1750606.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1750606.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 1750606.PS.FTS.B, 12%, 4/07/27.. . . . . . . | 8105 | 7741 | 1762974.PS.FTS.B, 11.2%, 4/20/27. . . . . . | 6293 | 6114 |
| 1744541.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1744541.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1744541.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 31474 | 30486 | 1754208.PS.FTS.B, 13.48%, 4/21/27. . . . . | 16197 | 15901 |
| 1753842.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1753842.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1753842.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 8992 | 8710 | 1751050.PS.FTS.B, 26.13%, 4/21/27. . . . . | 4830 | 4638 |
| 1754325.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1754325.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 1754325.PS.FTS.B, 12.2%, 4/07/27. . . . . . | 31474 | 30486 | 1744227.PS.FTS.B, 16%, 4/22/27.. . . . . . . | 16876 | 13929 |
| 1754328.PS.FTS.B, 13.1%, 4/07/27. . . . . . | 1754328.PS.FTS.B, 13.1%, 4/07/27. . . . . . | 1754328.PS.FTS.B, 13.1%, 4/07/27. . . . . . | 8879 | 8583 | 1760306.PS.FTS.B, 22.5%, 4/29/27. . . . . . | 7463 | 7340 |
| 1744715.PS.FTS.B, 13.3%, 4/07/27. . . . . . | 1744715.PS.FTS.B, 13.3%, 4/07/27. . . . . . | 1744715.PS.FTS.B, 13.3%, 4/07/27. . . . . . | 28410 | 27134 | 1743944.PS.FTS.B, 24.2%, 4/30/27. . . . . . | 3781 | 3601 |
| 1744277.PS.FTS.B, 14.39%, 4/07/27. . . . . | 1744277.PS.FTS.B, 14.39%, 4/07/27. . . . . | 1744277.PS.FTS.B, 14.39%, 4/07/27. . . . . | 9045 | 8639 | 1752552.PS.FTS.B, 25.6%, 4/30/27. . . . . . | 9740 | 9246 |
| 1753824.PS.FTS.B, 14.39%, 4/07/27. . . . . | 1753824.PS.FTS.B, 14.39%, 4/07/27. . . . . | 1753824.PS.FTS.B, 14.39%, 4/07/27. . . . . | 9228 | 8801 | 1750849.PS.FTS.B, 16.64%, 5/01/27. . . . . | 14000 | 13457 |
| 66 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 66 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Prosper Funding LLC (continued) |  |  |
| 1758402.PS.FTS.B, 13.2%, 5/08/27. . . . . . | $22548 | $21581 |
| 1755876.PS.FTS.B, 19.3%, 3/04/28. . . . . . | 14580 | 14147 |
| 1742816.PS.FTS.B, 14.2%, 3/05/28. . . . . . | 9167 | 3714 |
| 1756383.PS.FTS.B, 19.3%, 3/12/28. . . . . . | 24441 | 11260 |
|  |  | 6883649 |
| Upgrade, Inc. |  |  |
| Upgrade, Inc. |  |  |
| 24428460.UG.FTS.B, 25.26%, 3/18/23.. . . | 670 | 678 |
| 24931814.UG.FTS.B, 29.69%, 12/17/24.. . | 15095 | 16033 |
|  |  | 16711 |
| Upgrade, Inc. - Card |  |  |
| Upgrade, Inc. - Card |  |  |
| 992352077.UG.FTS.B, 28.98%, 4/18/23.. . | 18 | 18 |
| 992244707.UG.FTS.B, 15.97%, 6/06/23.. . | 26 | 26 |
| 992426453.UG.FTS.B, 21.48%, 8/11/23. . . | 40 | 40 |
| 992542647.UG.FTS.B, 29.49%, 8/20/23.. . | 34 | 34 |
| 992466757.UG.FTS.B, 29.49%, 10/18/23.. | 46 | 15 |
| 991876422.UG.FTS.B, 28.48%, 2/04/24.. . | 1 | 1 |
| 991874632.UG.FTS.B, 29.49%, 2/22/24.. . | 33 | 34 |
| 991911959.UG.FTS.B, 29.49%, 2/22/24. . . | 1 | 1 |
| 991851043.UG.FTS.B, Zero Cpn, 2/24/24.. | 89 | 6 |
| 991858026.UG.FTS.B, Zero Cpn, 2/24/24.. | 438 | 31 |
| 991943876.UG.FTS.B, Zero Cpn, 2/24/24.. | 257 | 18 |
| 991855788.UG.FTS.B, 19.96%, 2/24/24.. . | 394 | 394 |
| 991895428.UG.FTS.B, 19.96%, 2/24/24.. . | 1395 | 1409 |
| 992097515.UG.FTS.B, 19.96%, 2/24/24.. . | 173 | 173 |
| 991852151.UG.FTS.B, 22.47%, 2/24/24.. . | 40 | 40 |
| 991881843.UG.FTS.B, 22.47%, 2/24/24.. . | 179 | 181 |
| 991927647.UG.FTS.B, 23.45%, 2/24/24.. . | 329 | (5) |
| 992021510.UG.FTS.B, 26.44%, 2/24/24.. . | 359 | 355 |
| 991866170.UG.FTS.B, 28.48%, 2/24/24.. . | 408 | 414 |
| 992006841.UG.FTS.B, 28.48%, 2/24/24.. . | 178 | (5) |
| 992101724.UG.FTS.B, 28.48%, 2/24/24.. . | 586 | 594 |
| 992102544.UG.FTS.B, 28.48%, 2/24/24.. . | 77 | 77 |
| 991956731.UG.FTS.B, 29.48%, 2/24/24.. . | 404 | 26 |
| 992004901.UG.FTS.B, 29.48%, 2/24/24.. . | 112 | 16 |
| 991848028.UG.FTS.B, 29.49%, 2/24/24.. . | 117 | 120 |
| 991851729.UG.FTS.B, 29.49%, 2/24/24.. . | 102 | 103 |
| 991857105.UG.FTS.B, 29.49%, 2/24/24.. . | 62 | 9 |
| 991857155.UG.FTS.B, 29.49%, 2/24/24.. . | 1 | 1 |
| 991857923.UG.FTS.B, 29.49%, 2/24/24.. . | 212 | 18 |
| 991858994.UG.FTS.B, 29.49%, 2/24/24.. . | 937 | 74 |
| 991869014.UG.FTS.B, 29.49%, 2/24/24.. . | 21 | 22 |
| 991886867.UG.FTS.B, 29.49%, 2/24/24.. . | 330 | 340 |
| 991916239.UG.FTS.B, 29.49%, 2/24/24.. . | 364 | 61 |
| 991933021.UG.FTS.B, 29.49%, 2/24/24.. . | 298 | 306 |
| 991950424.UG.FTS.B, 29.49%, 2/24/24.. . | 56 | 58 |
| 991959581.UG.FTS.B, 29.49%, 2/24/24.. . | 721 | 732 |
| 991976510.UG.FTS.B, 29.49%, 2/24/24.. . | 82 | 85 |
| 992015494.UG.FTS.B, 29.49%, 2/24/24.. . | 9 | 9 |
| 992076168.UG.FTS.B, 29.49%, 2/24/24.. . | 15 | 15 |
| 992077761.UG.FTS.B, 29.49%, 2/24/24.. . | 71 | 72 |
| 992078704.UG.FTS.B, 29.49%, 2/24/24.. . | 66 | 67 |
| 992085028.UG.FTS.B, 29.49%, 2/24/24.. . | 124 | 126 |
| 992093852.UG.FTS.B, 29.49%, 2/24/24.. . | 65 | 53 |
| 992096714.UG.FTS.B, 29.49%, 2/24/24.. . | 25 | 25 |
| 992099068.UG.FTS.B, 29.49%, 2/24/24.. . | 20 | 20 |
| 992101420.UG.FTS.B, 29.49%, 2/24/24.. . | 82 | 24 |

---

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| Upgrade, Inc. - Card (continued) |  |  |
| 991893728.UG.FTS.B, Zero Cpn, 2/25/24.. $ | 329 | $23 |
| 992033409.UG.FTS.B, Zero Cpn, 2/25/24.. | 114 | 8 |
| 991860446.UG.FTS.B, 18.47%, 2/25/24.. . | 454 | 35 |
| 991866886.UG.FTS.B, 18.47%, 2/25/24.. . | 603 | 612 |
| 991999276.UG.FTS.B, 18.71%, 2/25/24.. . | 108 | 110 |
| 992031845.UG.FTS.B, 21.48%, 2/25/24.. . | 479 | 480 |
| 991866922.UG.FTS.B, 23.45%, 2/25/24.. . | 123 | 124 |
| 992102579.UG.FTS.B, 26.49%, 2/25/24.. . | 96 | 97 |
| 992073765.UG.FTS.B, 28.48%, 2/25/24.. . | 40 | 4 |
| 991857609.UG.FTS.B, 29.48%, 2/25/24.. . | 49 | 50 |
| 991878918.UG.FTS.B, 29.49%, 2/25/24.. . | 130 | 134 |
| 991888975.UG.FTS.B, 29.49%, 2/25/24.. . | 81 | 82 |
| 991893580.UG.FTS.B, 29.49%, 2/25/24.. . | 616 | 635 |
| 991905614.UG.FTS.B, 29.49%, 2/25/24.. . | 73 | 75 |
| 991930962.UG.FTS.B, 29.49%, 2/25/24.. . | 311 | 317 |
| 991954495.UG.FTS.B, 29.49%, 2/25/24.. . | 428 | 441 |
| 991959713.UG.FTS.B, 29.49%, 2/25/24.. . | 359 | 362 |
| 991981134.UG.FTS.B, 29.49%, 2/25/24. . . | 104 | 107 |
| 992005122.UG.FTS.B, 29.49%, 2/25/24.. . | 5 | 5 |
| 992008186.UG.FTS.B, 29.49%, 2/25/24.. . | 28 | 2 |
| 992017871.UG.FTS.B, 29.49%, 2/25/24.. . | 100 | 101 |
| 992033544.UG.FTS.B, 29.49%, 2/25/24.. . | 88 | 89 |
| 992075988.UG.FTS.B, 29.49%, 2/25/24.. . | 156 | 158 |
| 992102898.UG.FTS.B, 29.49%, 2/25/24.. . | 46 | 47 |
| 991881126.UG.FTS.B, Zero Cpn, 2/26/24.. | 139 | 10 |
| 991898242.UG.FTS.B, 18.47%, 2/26/24.. . | 446 | 450 |
| 992015394.UG.FTS.B, 19.99%, 2/26/24.. . | 70 | 71 |
| 991876803.UG.FTS.B, 22.47%, 2/26/24.. . | 92 | 93 |
| 991875647.UG.FTS.B, 28.48%, 2/26/24.. . | 135 | 139 |
| 991905180.UG.FTS.B, 28.48%, 2/26/24.. . | 844 | 869 |
| 991866416.UG.FTS.B, 29.49%, 2/26/24.. . | 1112 | 1139 |
| 991889815.UG.FTS.B, 29.49%, 2/26/24.. . | 225 | 227 |
| 991895548.UG.FTS.B, 29.49%, 2/26/24.. . | 70 | 72 |
| 991913945.UG.FTS.B, 29.49%, 2/26/24.. . | 54 | 56 |
| 991922885.UG.FTS.B, 29.49%, 2/26/24.. . | 67 | 69 |
| 991926271.UG.FTS.B, 29.49%, 2/26/24.. . | 84 | 86 |
| 991942370.UG.FTS.B, 29.49%, 2/26/24.. . | 297 | 45 |
| 991945566.UG.FTS.B, 29.49%, 2/26/24.. . | 298 | 307 |
| 991957183.UG.FTS.B, 29.49%, 2/26/24.. . | 24 | 5 |
| 992061396.UG.FTS.B, 29.49%, 2/26/24.. . | 9 | 9 |
| 992096777.UG.FTS.B, 29.49%, 2/26/24.. . | 16 | 16 |
| 992099968.UG.FTS.B, 29.49%, 2/26/24.. . | 77 | 79 |
| 992103144.UG.FTS.B, 29.49%, 2/26/24.. . | 195 | 198 |
| 991884866.UG.FTS.B, 28.48%, 2/28/24.. . | 272 | 276 |
| 991929191.UG.FTS.B, 16.49%, 3/03/24.. . | 85 | 87 |
| 991974320.UG.FTS.B, 15.47%, 3/04/24.. . | 81 | 82 |
| 992090093.UG.FTS.B, 16.49%, 3/04/24.. . | 265 | 268 |
| 992120686.UG.FTS.B, 17.47%, 3/04/24.. . | 132 | 132 |
| 992143275.UG.FTS.B, 17.49%, 3/04/24.. . | 140 | 140 |
| 991980485.UG.FTS.B, 15.47%, 3/07/24.. . | 122 | 122 |
| 992108231.UG.FTS.B, 15.47%, 3/08/24.. . | 1094 | 1101 |
| 992117049.UG.FTS.B, Zero Cpn, 3/09/24.. | 112 | 8 |
| 992130218.UG.FTS.B, 14%, 3/09/24. . . . . | 97 | 98 |
| 991988243.UG.FTS.B, 19.99%, 3/09/24.. . | 48 | 41 |
| 992015582.UG.FTS.B, 25.45%, 3/09/24.. . | 79 | 79 |
| 991947784.UG.FTS.B, 28.48%, 3/09/24.. . | 242 | 63 |
| 991971995.UG.FTS.B, 28.48%, 3/09/24.. . | 78 | 78 |
| 992025146.UG.FTS.B, 28.48%, 3/09/24.. . | 179 | 181 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 67 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992058189.UG.FTS.B, 28.48%, 3/09/24.. . $ | 992058189.UG.FTS.B, 28.48%, 3/09/24.. . $ | 992058189.UG.FTS.B, 28.48%, 3/09/24.. . $ | 247 | $249 | 991995418.UG.FTS.B, Zero Cpn, 3/11/24.. $ | 38 | $3 |
| 991958748.UG.FTS.B, 29.48%, 3/09/24.. . | 991958748.UG.FTS.B, 29.48%, 3/09/24.. . | 991958748.UG.FTS.B, 29.48%, 3/09/24.. . | 130 | 131 | 991997571.UG.FTS.B, Zero Cpn, 3/11/24.. | 143 | 10 |
| 991981257.UG.FTS.B, 29.48%, 3/09/24.. . | 991981257.UG.FTS.B, 29.48%, 3/09/24.. . | 991981257.UG.FTS.B, 29.48%, 3/09/24.. . | 405 | 411 | 991997903.UG.FTS.B, Zero Cpn, 3/11/24.. | 49 | 3 |
| 992023316.UG.FTS.B, 29.48%, 3/09/24.. . | 992023316.UG.FTS.B, 29.48%, 3/09/24.. . | 992023316.UG.FTS.B, 29.48%, 3/09/24.. . | 547 | 558 | 991998539.UG.FTS.B, Zero Cpn, 3/11/24.. | 291 | 20 |
| 991947664.UG.FTS.B, 29.49%, 3/09/24.. . | 991947664.UG.FTS.B, 29.49%, 3/09/24.. . | 991947664.UG.FTS.B, 29.49%, 3/09/24.. . | 24 | 22 | 992004426.UG.FTS.B, Zero Cpn, 3/11/24.. | 116 | 8 |
| 991947688.UG.FTS.B, 29.49%, 3/09/24.. . | 991947688.UG.FTS.B, 29.49%, 3/09/24.. . | 991947688.UG.FTS.B, 29.49%, 3/09/24.. . | 214 | (13) | 992009326.UG.FTS.B, Zero Cpn, 3/11/24.. | 422 | 29 |
| 991948104.UG.FTS.B, 29.49%, 3/09/24.. . | 991948104.UG.FTS.B, 29.49%, 3/09/24.. . | 991948104.UG.FTS.B, 29.49%, 3/09/24.. . | 114 | 116 | 992011088.UG.FTS.B, Zero Cpn, 3/11/24.. | 69 | 5 |
| 991949509.UG.FTS.B, 29.49%, 3/09/24.. . | 991949509.UG.FTS.B, 29.49%, 3/09/24.. . | 991949509.UG.FTS.B, 29.49%, 3/09/24.. . | 337 | 259 | 992020175.UG.FTS.B, Zero Cpn, 3/11/24.. | 61 | 4 |
| 991952909.UG.FTS.B, 29.49%, 3/09/24.. . | 991952909.UG.FTS.B, 29.49%, 3/09/24.. . | 991952909.UG.FTS.B, 29.49%, 3/09/24.. . | 64 | 63 | 992048481.UG.FTS.B, Zero Cpn, 3/11/24.. | 105 | 7 |
| 991953930.UG.FTS.B, 29.49%, 3/09/24.. . | 991953930.UG.FTS.B, 29.49%, 3/09/24.. . | 991953930.UG.FTS.B, 29.49%, 3/09/24.. . | 75 | 77 | 992166067.UG.FTS.B, Zero Cpn, 3/11/24.. | 294 | 21 |
| 991954992.UG.FTS.B, 29.49%, 3/09/24.. . | 991954992.UG.FTS.B, 29.49%, 3/09/24.. . | 991954992.UG.FTS.B, 29.49%, 3/09/24.. . | 1063 | 1050 | 992198907.UG.FTS.B, Zero Cpn, 3/11/24.. | 59 | 4 |
| 991956849.UG.FTS.B, 29.49%, 3/09/24.. . | 991956849.UG.FTS.B, 29.49%, 3/09/24.. . | 991956849.UG.FTS.B, 29.49%, 3/09/24.. . | 643 | 638 | 992211077.UG.FTS.B, Zero Cpn, 3/11/24.. | 101 | 7 |
| 991957564.UG.FTS.B, 29.49%, 3/09/24.. . | 991957564.UG.FTS.B, 29.49%, 3/09/24.. . | 991957564.UG.FTS.B, 29.49%, 3/09/24.. . | 28 | 28 | 992119104.UG.FTS.B, 19.99%, 3/11/24. . . | 319 | 326 |
| 991959995.UG.FTS.B, 29.49%, 3/09/24.. . | 991959995.UG.FTS.B, 29.49%, 3/09/24.. . | 991959995.UG.FTS.B, 29.49%, 3/09/24.. . | 236 | 237 | 992122000.UG.FTS.B, 19.99%, 3/11/24. . . | 98 | 77 |
| 991970332.UG.FTS.B, 29.49%, 3/09/24.. . | 991970332.UG.FTS.B, 29.49%, 3/09/24.. . | 991970332.UG.FTS.B, 29.49%, 3/09/24.. . | 57 | 58 | 992160225.UG.FTS.B, 19.99%, 3/11/24. . . | 528 | 532 |
| 991981108.UG.FTS.B, 29.49%, 3/09/24. . . | 991981108.UG.FTS.B, 29.49%, 3/09/24. . . | 991981108.UG.FTS.B, 29.49%, 3/09/24. . . | 74 | 75 | 992186911.UG.FTS.B, 19.99%, 3/11/24. . . | 540 | 543 |
| 991981726.UG.FTS.B, 29.49%, 3/09/24.. . | 991981726.UG.FTS.B, 29.49%, 3/09/24.. . | 991981726.UG.FTS.B, 29.49%, 3/09/24.. . | 131 | 130 | 992208649.UG.FTS.B, 19.99%, 3/11/24. . . | 297 | 299 |
| 991987950.UG.FTS.B, 29.49%, 3/09/24.. . | 991987950.UG.FTS.B, 29.49%, 3/09/24.. . | 991987950.UG.FTS.B, 29.49%, 3/09/24.. . | 21 | 20 | 992009208.UG.FTS.B, 25.44%, 3/11/24. . . | 1557 | 405 |
| 991992833.UG.FTS.B, 29.49%, 3/09/24.. . | 991992833.UG.FTS.B, 29.49%, 3/09/24.. . | 991992833.UG.FTS.B, 29.49%, 3/09/24.. . | 119 | 120 | 992027372.UG.FTS.B, 25.44%, 3/11/24. . . | 13 | 13 |
| 992001036.UG.FTS.B, 29.49%, 3/09/24.. . | 992001036.UG.FTS.B, 29.49%, 3/09/24.. . | 992001036.UG.FTS.B, 29.49%, 3/09/24.. . | 207 | 211 | 992091791.UG.FTS.B, 25.45%, 3/11/24. . . | 435 | 112 |
| 992050277.UG.FTS.B, 29.49%, 3/09/24.. . | 992050277.UG.FTS.B, 29.49%, 3/09/24.. . | 992050277.UG.FTS.B, 29.49%, 3/09/24.. . | 89 | 90 | 991980660.UG.FTS.B, 26.44%, 3/11/24. . . | 168 | 168 |
| 992162012.UG.FTS.B, 29.49%, 3/09/24.. . | 992162012.UG.FTS.B, 29.49%, 3/09/24.. . | 992162012.UG.FTS.B, 29.49%, 3/09/24.. . | 82 | 82 | 991992817.UG.FTS.B, 26.44%, 3/11/24. . . | 31 | 31 |
| 992201836.UG.FTS.B, 29.49%, 3/09/24.. . | 992201836.UG.FTS.B, 29.49%, 3/09/24.. . | 992201836.UG.FTS.B, 29.49%, 3/09/24.. . | 147 | 148 | 992219283.UG.FTS.B, 27.95%, 3/11/24. . . | 342 | 345 |
| 992227421.UG.FTS.B, 29.49%, 3/09/24.. . | 992227421.UG.FTS.B, 29.49%, 3/09/24.. . | 992227421.UG.FTS.B, 29.49%, 3/09/24.. . | 818 | 817 | 992227499.UG.FTS.B, 27.95%, 3/11/24. . . | 5 | 5 |
| 992227559.UG.FTS.B, 29.49%, 3/09/24.. . | 992227559.UG.FTS.B, 29.49%, 3/09/24.. . | 992227559.UG.FTS.B, 29.49%, 3/09/24.. . | 378 | 379 | 991969535.UG.FTS.B, 27.99%, 3/11/24. . . | 291 | 291 |
| 991971742.UG.FTS.B, Zero Cpn, 3/10/24.. | 991971742.UG.FTS.B, Zero Cpn, 3/10/24.. | 991971742.UG.FTS.B, Zero Cpn, 3/10/24.. | 155 | 11 | 991980673.UG.FTS.B, 28.48%, 3/11/24. . . | 220 | 57 |
| 991979174.UG.FTS.B, Zero Cpn, 3/10/24.. | 991979174.UG.FTS.B, Zero Cpn, 3/10/24.. | 991979174.UG.FTS.B, Zero Cpn, 3/10/24.. | 1020 | 71 | 991995931.UG.FTS.B, 28.48%, 3/11/24. . . | 10 | 6 |
| 992054339.UG.FTS.B, 15.47%, 3/10/24.. . | 992054339.UG.FTS.B, 15.47%, 3/10/24.. . | 992054339.UG.FTS.B, 15.47%, 3/10/24.. . | 207 | 209 | 992003524.UG.FTS.B, 28.48%, 3/11/24. . . | 486 | 376 |
| 992133732.UG.FTS.B, 16.49%, 3/10/24.. . | 992133732.UG.FTS.B, 16.49%, 3/10/24.. . | 992133732.UG.FTS.B, 16.49%, 3/10/24.. . | 142 | 143 | 992025302.UG.FTS.B, 28.48%, 3/11/24. . . | 185 | 188 |
| 991983333.UG.FTS.B, 17.49%, 3/10/24.. . | 991983333.UG.FTS.B, 17.49%, 3/10/24.. . | 991983333.UG.FTS.B, 17.49%, 3/10/24.. . | 16 | 16 | 992046363.UG.FTS.B, 28.48%, 3/11/24. . . | 524 | 405 |
| 992054320.UG.FTS.B, 17.49%, 3/10/24.. . | 992054320.UG.FTS.B, 17.49%, 3/10/24.. . | 992054320.UG.FTS.B, 17.49%, 3/10/24.. . | 271 | 269 | 992046813.UG.FTS.B, 28.48%, 3/11/24. . . | 567 | 579 |
| 991997335.UG.FTS.B, 28.48%, 3/10/24.. . | 991997335.UG.FTS.B, 28.48%, 3/10/24.. . | 991997335.UG.FTS.B, 28.48%, 3/10/24.. . | 135 | 137 | 992057368.UG.FTS.B, 28.48%, 3/11/24. . . | 1255 | 1268 |
| 992220904.UG.FTS.B, 28.48%, 3/10/24.. . | 992220904.UG.FTS.B, 28.48%, 3/10/24.. . | 992220904.UG.FTS.B, 28.48%, 3/10/24.. . | 11 | 11 | 992069996.UG.FTS.B, 28.48%, 3/11/24. . . | 10 | 10 |
| 992227005.UG.FTS.B, 28.48%, 3/10/24.. . | 992227005.UG.FTS.B, 28.48%, 3/10/24.. . | 992227005.UG.FTS.B, 28.48%, 3/10/24.. . | 101 | (4) | 992074328.UG.FTS.B, 28.48%, 3/11/24. . . | 468 | 473 |
| 991973313.UG.FTS.B, 29.48%, 3/10/24.. . | 991973313.UG.FTS.B, 29.48%, 3/10/24.. . | 991973313.UG.FTS.B, 29.48%, 3/10/24.. . | 421 | 423 | 992081909.UG.FTS.B, 28.48%, 3/11/24. . . | 60 | 48 |
| 991992482.UG.FTS.B, 29.48%, 3/10/24.. . | 991992482.UG.FTS.B, 29.48%, 3/10/24.. . | 991992482.UG.FTS.B, 29.48%, 3/10/24.. . | 238 | 243 | 992094602.UG.FTS.B, 28.48%, 3/11/24. . . | 88 | 20 |
| 992107287.UG.FTS.B, 29.48%, 3/10/24.. . | 992107287.UG.FTS.B, 29.48%, 3/10/24.. . | 992107287.UG.FTS.B, 29.48%, 3/10/24.. . | 43 | 43 | 992108714.UG.FTS.B, 28.48%, 3/11/24. . . | 44 | 44 |
| 992223848.UG.FTS.B, 29.48%, 3/10/24.. . | 992223848.UG.FTS.B, 29.48%, 3/10/24.. . | 992223848.UG.FTS.B, 29.48%, 3/10/24.. . | 157 | 158 | 992122493.UG.FTS.B, 28.48%, 3/11/24. . . | 311 | 316 |
| 991957369.UG.FTS.B, 29.49%, 3/10/24.. . | 991957369.UG.FTS.B, 29.49%, 3/10/24.. . | 991957369.UG.FTS.B, 29.49%, 3/10/24.. . | 172 | 12 | 992146186.UG.FTS.B, 28.48%, 3/11/24. . . | 104 | 81 |
| 991972731.UG.FTS.B, 29.49%, 3/10/24.. . | 991972731.UG.FTS.B, 29.49%, 3/10/24.. . | 991972731.UG.FTS.B, 29.49%, 3/10/24.. . | 206 | 200 | 992156171.UG.FTS.B, 28.48%, 3/11/24. . . | 69 | 70 |
| 991998219.UG.FTS.B, 29.49%, 3/10/24.. . | 991998219.UG.FTS.B, 29.49%, 3/10/24.. . | 991998219.UG.FTS.B, 29.49%, 3/10/24.. . | 239 | 235 | 992159674.UG.FTS.B, 28.48%, 3/11/24. . . | 9 | 9 |
| 992009702.UG.FTS.B, 29.49%, 3/10/24.. . | 992009702.UG.FTS.B, 29.49%, 3/10/24.. . | 992009702.UG.FTS.B, 29.49%, 3/10/24.. . | 4 | 4 | 992184956.UG.FTS.B, 28.48%, 3/11/24. . . | 2212 | 578 |
| 992028625.UG.FTS.B, 29.49%, 3/10/24.. . | 992028625.UG.FTS.B, 29.49%, 3/10/24.. . | 992028625.UG.FTS.B, 29.49%, 3/10/24.. . | 266 | 264 | 992201771.UG.FTS.B, 28.48%, 3/11/24. . . | 132 | 133 |
| 992050795.UG.FTS.B, 29.49%, 3/10/24.. . | 992050795.UG.FTS.B, 29.49%, 3/10/24.. . | 992050795.UG.FTS.B, 29.49%, 3/10/24.. . | 29 | 29 | 992222674.UG.FTS.B, 28.48%, 3/11/24. . . | 34 | 34 |
| 992065171.UG.FTS.B, 29.49%, 3/10/24.. . | 992065171.UG.FTS.B, 29.49%, 3/10/24.. . | 992065171.UG.FTS.B, 29.49%, 3/10/24.. . | 314 | 315 | 991962422.UG.FTS.B, 29.45%, 3/11/24. . . | 12 | 12 |
| 992082006.UG.FTS.B, 29.49%, 3/10/24.. . | 992082006.UG.FTS.B, 29.49%, 3/10/24.. . | 992082006.UG.FTS.B, 29.49%, 3/10/24.. . | 82 | 82 | 992001356.UG.FTS.B, 29.45%, 3/11/24. . . | 506 | 517 |
| 992122760.UG.FTS.B, 29.49%, 3/10/24.. . | 992122760.UG.FTS.B, 29.49%, 3/10/24.. . | 992122760.UG.FTS.B, 29.49%, 3/10/24.. . | 536 | 539 | 991963803.UG.FTS.B, 29.46%, 3/11/24. . . | 69 | 53 |
| 992161920.UG.FTS.B, 29.49%, 3/10/24.. . | 992161920.UG.FTS.B, 29.49%, 3/10/24.. . | 992161920.UG.FTS.B, 29.49%, 3/10/24.. . | 129 | 130 | 992024303.UG.FTS.B, 29.46%, 3/11/24. . . | 13 | 13 |
| 992221871.UG.FTS.B, 29.49%, 3/10/24.. . | 992221871.UG.FTS.B, 29.49%, 3/10/24.. . | 992221871.UG.FTS.B, 29.49%, 3/10/24.. . | 51 | 51 | 992091528.UG.FTS.B, 29.46%, 3/11/24. . . | 63 | 64 |
| 992222057.UG.FTS.B, 29.49%, 3/10/24.. . | 992222057.UG.FTS.B, 29.49%, 3/10/24.. . | 992222057.UG.FTS.B, 29.49%, 3/10/24.. . | 97 | 26 | 991967970.UG.FTS.B, 29.47%, 3/11/24. . . | 82 | 82 |
| 992224418.UG.FTS.B, 29.49%, 3/10/24.. . | 992224418.UG.FTS.B, 29.49%, 3/10/24.. . | 992224418.UG.FTS.B, 29.49%, 3/10/24.. . | 116 | 116 | 991976338.UG.FTS.B, 29.47%, 3/11/24. . . | 569 | 578 |
| 992227731.UG.FTS.B, 29.49%, 3/10/24.. . | 992227731.UG.FTS.B, 29.49%, 3/10/24.. . | 992227731.UG.FTS.B, 29.49%, 3/10/24.. . | 485 | 488 | 992012412.UG.FTS.B, 29.47%, 3/11/24. . . | 185 | 138 |
| 992232310.UG.FTS.B, 29.49%, 3/10/24.. . | 992232310.UG.FTS.B, 29.49%, 3/10/24.. . | 992232310.UG.FTS.B, 29.49%, 3/10/24.. . | 106 | 82 | 992012694.UG.FTS.B, 29.47%, 3/11/24. . . | 14 | 14 |
| 991970269.UG.FTS.B, Zero Cpn, 3/11/24.. | 991970269.UG.FTS.B, Zero Cpn, 3/11/24.. | 991970269.UG.FTS.B, Zero Cpn, 3/11/24.. | 37 | 3 | 992042505.UG.FTS.B, 29.47%, 3/11/24. . . | – | – |
| 991970801.UG.FTS.B, Zero Cpn, 3/11/24.. | 991970801.UG.FTS.B, Zero Cpn, 3/11/24.. | 991970801.UG.FTS.B, Zero Cpn, 3/11/24.. | 516 | 36 | 992056001.UG.FTS.B, 29.47%, 3/11/24. . . | 1 | 1 |
| 991974386.UG.FTS.B, Zero Cpn, 3/11/24.. | 991974386.UG.FTS.B, Zero Cpn, 3/11/24.. | 991974386.UG.FTS.B, Zero Cpn, 3/11/24.. | 76 | 5 | 992092631.UG.FTS.B, 29.47%, 3/11/24. . . | 348 | 355 |
| 991977340.UG.FTS.B, Zero Cpn, 3/11/24.. | 991977340.UG.FTS.B, Zero Cpn, 3/11/24.. | 991977340.UG.FTS.B, Zero Cpn, 3/11/24.. | 47 | 3 | 991964858.UG.FTS.B, 29.48%, 3/11/24. . . | 77 | (3) |
| 991978192.UG.FTS.B, Zero Cpn, 3/11/24.. | 991978192.UG.FTS.B, Zero Cpn, 3/11/24.. | 991978192.UG.FTS.B, Zero Cpn, 3/11/24.. | 47 | 3 | 991977266.UG.FTS.B, 29.48%, 3/11/24. . . | 201 | 205 |
| 68 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 68 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 991989904.UG.FTS.B, 29.48%, 3/11/24. . . | $471 | $481 | 992016212.UG.FTS.B, 29.49%, 3/11/24. . . | $43 | $7 | 7 |
| 992000949.UG.FTS.B, 29.48%, 3/11/24. . . | 9 | 9 | 992017553.UG.FTS.B, 29.49%, 3/11/24. . . | 269 | 267 | 267 |
| 992003825.UG.FTS.B, 29.48%, 3/11/24. . . | 140 | 143 | 992017646.UG.FTS.B, 29.49%, 3/11/24. . . | 93 | 94 | 94 |
| 992012066.UG.FTS.B, 29.48%, 3/11/24. . . | 11 | 10 | 992020526.UG.FTS.B, 29.49%, 3/11/24. . . | 36 | 6 | 6 |
| 992062783.UG.FTS.B, 29.48%, 3/11/24. . . | 81 | 11 | 992021215.UG.FTS.B, 29.49%, 3/11/24. . . | 54 | 54 | 54 |
| 992068921.UG.FTS.B, 29.48%, 3/11/24. . . | 147 | 146 | 992023585.UG.FTS.B, 29.49%, 3/11/24. . . | 49 | 48 | 48 |
| 992078333.UG.FTS.B, 29.48%, 3/11/24. . . | 111 | 15 | 992024260.UG.FTS.B, 29.49%, 3/11/24. . . | 272 | 277 | 277 |
| 992081960.UG.FTS.B, 29.48%, 3/11/24. . . | 101 | 102 | 992026353.UG.FTS.B, 29.49%, 3/11/24. . . | – |  | – |
| 992090036.UG.FTS.B, 29.48%, 3/11/24. . . | 87 | 89 | 992027759.UG.FTS.B, 29.49%, 3/11/24. . . | 30 | 30 | 30 |
| 992126882.UG.FTS.B, 29.48%, 3/11/24. . . | 139 | 141 | 992028242.UG.FTS.B, 29.49%, 3/11/24. . . | 32 | 32 | 32 |
| 992170007.UG.FTS.B, 29.48%, 3/11/24. . . | 25 | 25 | 992029501.UG.FTS.B, 29.49%, 3/11/24. . . | 64 | 65 | 65 |
| 992190424.UG.FTS.B, 29.48%, 3/11/24. . . | 114 | 114 | 992030279.UG.FTS.B, 29.49%, 3/11/24. . . | 56 | 57 | 57 |
| 992211041.UG.FTS.B, 29.48%, 3/11/24. . . | 65 | 65 | 992032073.UG.FTS.B, 29.49%, 3/11/24. . . | 115 | (5) | (5) |
| 992219602.UG.FTS.B, 29.48%, 3/11/24. . . | 95 | 94 | 992033526.UG.FTS.B, 29.49%, 3/11/24. . . | 77 | 78 | 78 |
| 992229844.UG.FTS.B, 29.48%, 3/11/24. . . | 78 | 5 | 992036879.UG.FTS.B, 29.49%, 3/11/24. . . | 64 | 62 | 62 |
| 991963105.UG.FTS.B, 29.49%, 3/11/24. . . | 1016 | 1022 | 992038432.UG.FTS.B, 29.49%, 3/11/24. . . | 207 | 211 | 211 |
| 991966512.UG.FTS.B, 29.49%, 3/11/24. . . | 211 | 216 | 992038753.UG.FTS.B, 29.49%, 3/11/24. . . | 186 | 186 | 186 |
| 991967449.UG.FTS.B, 29.49%, 3/11/24. . . | 39 | 39 | 992040681.UG.FTS.B, 29.49%, 3/11/24. . . | 103 | 104 | 104 |
| 991967902.UG.FTS.B, 29.49%, 3/11/24. . . | 29 | 2 | 992041084.UG.FTS.B, 29.49%, 3/11/24. . . | 44 | 45 | 45 |
| 991967978.UG.FTS.B, 29.49%, 3/11/24. . . | 263 | 259 | 992043326.UG.FTS.B, 29.49%, 3/11/24. . . | 157 | 160 | 160 |
| 991968169.UG.FTS.B, 29.49%, 3/11/24. . . | 37 | 37 | 992046080.UG.FTS.B, 29.49%, 3/11/24. . . | 90 | 7 | 7 |
| 991969299.UG.FTS.B, 29.49%, 3/11/24. . . | 41 | 41 | 992046775.UG.FTS.B, 29.49%, 3/11/24. . . | 177 | 177 | 177 |
| 991970831.UG.FTS.B, 29.49%, 3/11/24. . . | 98 | 100 | 992048623.UG.FTS.B, 29.49%, 3/11/24. . . | 140 | 142 | 142 |
| 991971719.UG.FTS.B, 29.49%, 3/11/24. . . | 52 | 51 | 992052684.UG.FTS.B, 29.49%, 3/11/24. . . | 182 | 177 | 177 |
| 991971759.UG.FTS.B, 29.49%, 3/11/24. . . | 68 | 67 | 992058939.UG.FTS.B, 29.49%, 3/11/24. . . | 139 | 37 | 37 |
| 991973120.UG.FTS.B, 29.49%, 3/11/24. . . | 178 | 182 | 992061984.UG.FTS.B, 29.49%, 3/11/24. . . | 61 | 62 | 62 |
| 991973597.UG.FTS.B, 29.49%, 3/11/24. . . | 179 | 182 | 992062881.UG.FTS.B, 29.49%, 3/11/24. . . | 379 | 385 | 385 |
| 991975594.UG.FTS.B, 29.49%, 3/11/24. . . | 45 | 45 | 992063046.UG.FTS.B, 29.49%, 3/11/24. . . | 123 | 121 | 121 |
| 991977148.UG.FTS.B, 29.49%, 3/11/24. . . | 17 | 17 | 992064330.UG.FTS.B, 29.49%, 3/11/24. . . | 30 | 29 | 29 |
| 991977900.UG.FTS.B, 29.49%, 3/11/24. . . | 33 | 29 | 992064505.UG.FTS.B, 29.49%, 3/11/24. . . | 176 | 179 | 179 |
| 991978339.UG.FTS.B, 29.49%, 3/11/24. . . | 58 | 58 | 992065376.UG.FTS.B, 29.49%, 3/11/24. . . | – |  | – |
| 991981361.UG.FTS.B, 29.49%, 3/11/24. . . | 131 | 133 | 992065487.UG.FTS.B, 29.49%, 3/11/24. . . | 94 | 95 | 95 |
| 991981798.UG.FTS.B, 29.49%, 3/11/24. . . | 337 | 343 | 992068411.UG.FTS.B, 29.49%, 3/11/24. . . | 33 | 30 | 30 |
| 991981843.UG.FTS.B, 29.49%, 3/11/24. . . | 165 | 168 | 992069413.UG.FTS.B, 29.49%, 3/11/24. . . | 328 | 331 | 331 |
| 991982907.UG.FTS.B, 29.49%, 3/11/24. . . | 125 | 117 | 992070602.UG.FTS.B, 29.49%, 3/11/24. . . | 36 | 36 | 36 |
| 991984128.UG.FTS.B, 29.49%, 3/11/24. . . | 226 | 228 | 992072610.UG.FTS.B, 29.49%, 3/11/24. . . | 84 | 22 | 22 |
| 991986133.UG.FTS.B, 29.49%, 3/11/24. . . | 1757 | 1781 | 992073541.UG.FTS.B, 29.49%, 3/11/24. . . | 35 | 35 | 35 |
| 991988264.UG.FTS.B, 29.49%, 3/11/24. . . | 214 | 212 | 992075019.UG.FTS.B, 29.49%, 3/11/24. . . | 26 | 4 | 4 |
| 991988472.UG.FTS.B, 29.49%, 3/11/24. . . | 98 | 100 | 992075123.UG.FTS.B, 29.49%, 3/11/24. . . | 359 | 365 | 365 |
| 991991486.UG.FTS.B, 29.49%, 3/11/24. . . | 20 | 20 | 992079817.UG.FTS.B, 29.49%, 3/11/24. . . | 162 | 22 | 22 |
| 991991666.UG.FTS.B, 29.49%, 3/11/24. . . | 1028 | 991 | 992080367.UG.FTS.B, 29.49%, 3/11/24. . . | 79 | 77 | 77 |
| 991991892.UG.FTS.B, 29.49%, 3/11/24. . . | 29 | 29 | 992082784.UG.FTS.B, 29.49%, 3/11/24. . . | 143 | 115 | 115 |
| 991992026.UG.FTS.B, 29.49%, 3/11/24. . . | 230 | 231 | 992082907.UG.FTS.B, 29.49%, 3/11/24. . . | 117 | 119 | 119 |
| 991995732.UG.FTS.B, 29.49%, 3/11/24. . . | 98 | 77 | 992085348.UG.FTS.B, 29.49%, 3/11/24. . . | 216 | 29 | 29 |
| 991996702.UG.FTS.B, 29.49%, 3/11/24. . . | 54 | 54 | 992088550.UG.FTS.B, 29.49%, 3/11/24. . . | 13 | 13 | 13 |
| 991998856.UG.FTS.B, 29.49%, 3/11/24. . . | 28 | 28 | 992088919.UG.FTS.B, 29.49%, 3/11/24. . . | 69 | 71 | 71 |
| 992000404.UG.FTS.B, 29.49%, 3/11/24. . . | 78 | 80 | 992091878.UG.FTS.B, 29.49%, 3/11/24. . . | 696 | 709 | 709 |
| 992001112.UG.FTS.B, 29.49%, 3/11/24. . . | 56 | 55 | 992091949.UG.FTS.B, 29.49%, 3/11/24. . . | 789 | 797 | 797 |
| 992001404.UG.FTS.B, 29.49%, 3/11/24. . . | 38 | 33 | 992095090.UG.FTS.B, 29.49%, 3/11/24. . . | 20 | 3 | 3 |
| 992003469.UG.FTS.B, 29.49%, 3/11/24. . . | 7 | 7 | 992095656.UG.FTS.B, 29.49%, 3/11/24. . . | 16 | 16 | 16 |
| 992004460.UG.FTS.B, 29.49%, 3/11/24. . . | 71 | 72 | 992100022.UG.FTS.B, 29.49%, 3/11/24. . . | 34 | 34 | 34 |
| 992006161.UG.FTS.B, 29.49%, 3/11/24. . . | 120 | 122 | 992101184.UG.FTS.B, 29.49%, 3/11/24. . . | 30 | 30 | 30 |
| 992006199.UG.FTS.B, 29.49%, 3/11/24. . . | 7 | 7 | 992107139.UG.FTS.B, 29.49%, 3/11/24. . . | 32 | 5 | 5 |
| 992006952.UG.FTS.B, 29.49%, 3/11/24. . . | 25 | 25 | 992108065.UG.FTS.B, 29.49%, 3/11/24. . . | 55 | 56 | 56 |
| 992008307.UG.FTS.B, 29.49%, 3/11/24. . . | 12 | 12 | 992110531.UG.FTS.B, 29.49%, 3/11/24. . . | 43 | 43 | 43 |
| 992010608.UG.FTS.B, 29.49%, 3/11/24. . . | 30 | 30 | 992113578.UG.FTS.B, 29.49%, 3/11/24. . . | 65 | 9 | 9 |
| 992012044.UG.FTS.B, 29.49%, 3/11/24. . . | 20 | 20 | 992115212.UG.FTS.B, 29.49%, 3/11/24. . . | 67 | 68 | 68 |
| 992013145.UG.FTS.B, 29.49%, 3/11/24. . . | 164 | 162 | 992116545.UG.FTS.B, 29.49%, 3/11/24. . . | 68 |  | – |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 69 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 69 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992118667.UG.FTS.B, 29.49%, 3/11/24. . . $ | 992118667.UG.FTS.B, 29.49%, 3/11/24. . . $ | 992118667.UG.FTS.B, 29.49%, 3/11/24. . . $ | 125 | $127 | 991991960.UG.FTS.B, 25.45%, 3/12/24.. . $ | 160 | $159 |
| 992119262.UG.FTS.B, 29.49%, 3/11/24. . . | 992119262.UG.FTS.B, 29.49%, 3/11/24. . . | 992119262.UG.FTS.B, 29.49%, 3/11/24. . . | 412 | 419 | 992054986.UG.FTS.B, 25.45%, 3/12/24.. . | 27 | 27 |
| 992123247.UG.FTS.B, 29.49%, 3/11/24. . . | 992123247.UG.FTS.B, 29.49%, 3/11/24. . . | 992123247.UG.FTS.B, 29.49%, 3/11/24. . . | 691 | 692 | 992020392.UG.FTS.B, 26.44%, 3/12/24.. . | 297 | 298 |
| 992123631.UG.FTS.B, 29.49%, 3/11/24. . . | 992123631.UG.FTS.B, 29.49%, 3/11/24. . . | 992123631.UG.FTS.B, 29.49%, 3/11/24. . . | 252 | 253 | 992058481.UG.FTS.B, 26.44%, 3/12/24.. . | 166 | 166 |
| 992123633.UG.FTS.B, 29.49%, 3/11/24. . . | 992123633.UG.FTS.B, 29.49%, 3/11/24. . . | 992123633.UG.FTS.B, 29.49%, 3/11/24. . . | 278 | 283 | 992147248.UG.FTS.B, 26.44%, 3/12/24.. . | 145 | 145 |
| 992127206.UG.FTS.B, 29.49%, 3/11/24. . . | 992127206.UG.FTS.B, 29.49%, 3/11/24. . . | 992127206.UG.FTS.B, 29.49%, 3/11/24. . . | 26 | 26 | 992080734.UG.FTS.B, 27.95%, 3/12/24.. . | 97 | 26 |
| 992131003.UG.FTS.B, 29.49%, 3/11/24. . . | 992131003.UG.FTS.B, 29.49%, 3/11/24. . . | 992131003.UG.FTS.B, 29.49%, 3/11/24. . . | 93 | 95 | 992236108.UG.FTS.B, 27.95%, 3/12/24.. . | 409 | 412 |
| 992131523.UG.FTS.B, 29.49%, 3/11/24. . . | 992131523.UG.FTS.B, 29.49%, 3/11/24. . . | 992131523.UG.FTS.B, 29.49%, 3/11/24. . . | 80 | 81 | 992032531.UG.FTS.B, 27.99%, 3/12/24.. . | 73 | 72 |
| 992139676.UG.FTS.B, 29.49%, 3/11/24. . . | 992139676.UG.FTS.B, 29.49%, 3/11/24. . . | 992139676.UG.FTS.B, 29.49%, 3/11/24. . . | 46 | 46 | 992211131.UG.FTS.B, 27.99%, 3/12/24. . . | 153 | 155 |
| 992141229.UG.FTS.B, 29.49%, 3/11/24. . . | 992141229.UG.FTS.B, 29.49%, 3/11/24. . . | 992141229.UG.FTS.B, 29.49%, 3/11/24. . . | 11 | 11 | 991976901.UG.FTS.B, 28.48%, 3/12/24.. . | 11 | 11 |
| 992145666.UG.FTS.B, 29.49%, 3/11/24. . . | 992145666.UG.FTS.B, 29.49%, 3/11/24. . . | 992145666.UG.FTS.B, 29.49%, 3/11/24. . . | 35 | 35 | 991977471.UG.FTS.B, 28.48%, 3/12/24.. . | 200 | 200 |
| 992149062.UG.FTS.B, 29.49%, 3/11/24. . . | 992149062.UG.FTS.B, 29.49%, 3/11/24. . . | 992149062.UG.FTS.B, 29.49%, 3/11/24. . . | 116 | 116 | 991977706.UG.FTS.B, 28.48%, 3/12/24.. . | 10 | 9 |
| 992149476.UG.FTS.B, 29.49%, 3/11/24. . . | 992149476.UG.FTS.B, 29.49%, 3/11/24. . . | 992149476.UG.FTS.B, 29.49%, 3/11/24. . . | 87 | 89 | 991980426.UG.FTS.B, 28.48%, 3/12/24.. . | 63 | 17 |
| 992149734.UG.FTS.B, 29.49%, 3/11/24. . . | 992149734.UG.FTS.B, 29.49%, 3/11/24. . . | 992149734.UG.FTS.B, 29.49%, 3/11/24. . . | – | – | 991980478.UG.FTS.B, 28.48%, 3/12/24.. . | 360 | 366 |
| 992152643.UG.FTS.B, 29.49%, 3/11/24. . . | 992152643.UG.FTS.B, 29.49%, 3/11/24. . . | 992152643.UG.FTS.B, 29.49%, 3/11/24. . . | 32 | 5 | 991980970.UG.FTS.B, 28.48%, 3/12/24.. . | 81 | 5 |
| 992153056.UG.FTS.B, 29.49%, 3/11/24. . . | 992153056.UG.FTS.B, 29.49%, 3/11/24. . . | 992153056.UG.FTS.B, 29.49%, 3/11/24. . . | 49 | 41 | 991981861.UG.FTS.B, 28.48%, 3/12/24.. . | 205 | 209 |
| 992154283.UG.FTS.B, 29.49%, 3/11/24. . . | 992154283.UG.FTS.B, 29.49%, 3/11/24. . . | 992154283.UG.FTS.B, 29.49%, 3/11/24. . . | 111 | (2) | 991993059.UG.FTS.B, 28.48%, 3/12/24.. . | 429 | 438 |
| 992155445.UG.FTS.B, 29.49%, 3/11/24. . . | 992155445.UG.FTS.B, 29.49%, 3/11/24. . . | 992155445.UG.FTS.B, 29.49%, 3/11/24. . . | 63 | 62 | 991994714.UG.FTS.B, 28.48%, 3/12/24.. . | 262 | 268 |
| 992156484.UG.FTS.B, 29.49%, 3/11/24. . . | 992156484.UG.FTS.B, 29.49%, 3/11/24. . . | 992156484.UG.FTS.B, 29.49%, 3/11/24. . . | 368 | 298 | 991995099.UG.FTS.B, 28.48%, 3/12/24.. . | 700 | 713 |
| 992160244.UG.FTS.B, 29.49%, 3/11/24. . . | 992160244.UG.FTS.B, 29.49%, 3/11/24. . . | 992160244.UG.FTS.B, 29.49%, 3/11/24. . . | 19 | 18 | 992016115.UG.FTS.B, 28.48%, 3/12/24. . . | 143 | 145 |
| 992165322.UG.FTS.B, 29.49%, 3/11/24. . . | 992165322.UG.FTS.B, 29.49%, 3/11/24. . . | 992165322.UG.FTS.B, 29.49%, 3/11/24. . . | 47 | 47 | 992019599.UG.FTS.B, 28.48%, 3/12/24.. . | 119 | 121 |
| 992166895.UG.FTS.B, 29.49%, 3/11/24. . . | 992166895.UG.FTS.B, 29.49%, 3/11/24. . . | 992166895.UG.FTS.B, 29.49%, 3/11/24. . . | 2778 | 8 | 992041058.UG.FTS.B, 28.48%, 3/12/24.. . | 209 | 213 |
| 992169000.UG.FTS.B, 29.49%, 3/11/24. . . | 992169000.UG.FTS.B, 29.49%, 3/11/24. . . | 992169000.UG.FTS.B, 29.49%, 3/11/24. . . | 458 | 466 | 992052838.UG.FTS.B, 28.48%, 3/12/24.. . | 11 | 11 |
| 992174667.UG.FTS.B, 29.49%, 3/11/24. . . | 992174667.UG.FTS.B, 29.49%, 3/11/24. . . | 992174667.UG.FTS.B, 29.49%, 3/11/24. . . | 43 | 43 | 992064423.UG.FTS.B, 28.48%, 3/12/24.. . | 150 | 150 |
| 992177545.UG.FTS.B, 29.49%, 3/11/24. . . | 992177545.UG.FTS.B, 29.49%, 3/11/24. . . | 992177545.UG.FTS.B, 29.49%, 3/11/24. . . | 137 | 140 | 992080168.UG.FTS.B, 28.48%, 3/12/24.. . | 89 | 91 |
| 992183149.UG.FTS.B, 29.49%, 3/11/24. . . | 992183149.UG.FTS.B, 29.49%, 3/11/24. . . | 992183149.UG.FTS.B, 29.49%, 3/11/24. . . | 90 | 90 | 992089711.UG.FTS.B, 28.48%, 3/12/24. . . | 243 | 246 |
| 992193276.UG.FTS.B, 29.49%, 3/11/24. . . | 992193276.UG.FTS.B, 29.49%, 3/11/24. . . | 992193276.UG.FTS.B, 29.49%, 3/11/24. . . | 209 | 207 | 992108074.UG.FTS.B, 28.48%, 3/12/24.. . | 402 | 405 |
| 992201602.UG.FTS.B, 29.49%, 3/11/24. . . | 992201602.UG.FTS.B, 29.49%, 3/11/24. . . | 992201602.UG.FTS.B, 29.49%, 3/11/24. . . | 26 | 2 | 992128465.UG.FTS.B, 28.48%, 3/12/24.. . | 83 | 84 |
| 992206791.UG.FTS.B, 29.49%, 3/11/24. . . | 992206791.UG.FTS.B, 29.49%, 3/11/24. . . | 992206791.UG.FTS.B, 29.49%, 3/11/24. . . | 23 | 23 | 992140378.UG.FTS.B, 28.48%, 3/12/24.. . | 1029 | 1040 |
| 992216140.UG.FTS.B, 29.49%, 3/11/24. . . | 992216140.UG.FTS.B, 29.49%, 3/11/24. . . | 992216140.UG.FTS.B, 29.49%, 3/11/24. . . | 6 | 6 | 992144496.UG.FTS.B, 28.48%, 3/12/24.. . | 9 | 9 |
| 992219945.UG.FTS.B, 29.49%, 3/11/24. . . | 992219945.UG.FTS.B, 29.49%, 3/11/24. . . | 992219945.UG.FTS.B, 29.49%, 3/11/24. . . | 190 | 189 | 992227904.UG.FTS.B, 28.48%, 3/12/24.. . | 177 | 179 |
| 992219983.UG.FTS.B, 29.49%, 3/11/24. . . | 992219983.UG.FTS.B, 29.49%, 3/11/24. . . | 992219983.UG.FTS.B, 29.49%, 3/11/24. . . | 344 | 346 | 992245487.UG.FTS.B, 28.48%, 3/12/24.. . | 90 | 91 |
| 992228039.UG.FTS.B, 29.49%, 3/11/24. . . | 992228039.UG.FTS.B, 29.49%, 3/11/24. . . | 992228039.UG.FTS.B, 29.49%, 3/11/24. . . | 81 | 6 | 992246160.UG.FTS.B, 28.48%, 3/12/24.. . | 3 | 3 |
| 992233205.UG.FTS.B, 29.49%, 3/11/24. . . | 992233205.UG.FTS.B, 29.49%, 3/11/24. . . | 992233205.UG.FTS.B, 29.49%, 3/11/24. . . | 39 | 39 | 991987006.UG.FTS.B, 29.46%, 3/12/24.. . | 420 | 329 |
| 992236288.UG.FTS.B, 29.49%, 3/11/24. . . | 992236288.UG.FTS.B, 29.49%, 3/11/24. . . | 992236288.UG.FTS.B, 29.49%, 3/11/24. . . | 72 | 72 | 991992389.UG.FTS.B, 29.46%, 3/12/24.. . | 344 | 351 |
| 992237544.UG.FTS.B, 29.49%, 3/11/24. . . | 992237544.UG.FTS.B, 29.49%, 3/11/24. . . | 992237544.UG.FTS.B, 29.49%, 3/11/24. . . | 52 | (2) | 992020912.UG.FTS.B, 29.46%, 3/12/24.. . | 144 | 146 |
| 992248438.UG.FTS.B, 29.49%, 3/11/24. . . | 992248438.UG.FTS.B, 29.49%, 3/11/24. . . | 992248438.UG.FTS.B, 29.49%, 3/11/24. . . | 69 | 69 | 992132121.UG.FTS.B, 29.46%, 3/12/24.. . | 123 | 125 |
| 992248545.UG.FTS.B, 29.49%, 3/11/24. . . | 992248545.UG.FTS.B, 29.49%, 3/11/24. . . | 992248545.UG.FTS.B, 29.49%, 3/11/24. . . | 343 | 344 | 991977637.UG.FTS.B, 29.47%, 3/12/24.. . | 154 | 153 |
| 991979008.UG.FTS.B, Zero Cpn, 3/12/24.. | 991979008.UG.FTS.B, Zero Cpn, 3/12/24.. | 991979008.UG.FTS.B, Zero Cpn, 3/12/24.. | 66 | 5 | 991994314.UG.FTS.B, 29.47%, 3/12/24.. . | 211 | 215 |
| 991981348.UG.FTS.B, Zero Cpn, 3/12/24.. | 991981348.UG.FTS.B, Zero Cpn, 3/12/24.. | 991981348.UG.FTS.B, Zero Cpn, 3/12/24.. | 149 | 10 | 991994604.UG.FTS.B, 29.47%, 3/12/24.. . | 324 | 264 |
| 991983238.UG.FTS.B, Zero Cpn, 3/12/24.. | 991983238.UG.FTS.B, Zero Cpn, 3/12/24.. | 991983238.UG.FTS.B, Zero Cpn, 3/12/24.. | 85 | 6 | 992005091.UG.FTS.B, 29.47%, 3/12/24.. . | 137 | 139 |
| 991987727.UG.FTS.B, Zero Cpn, 3/12/24.. | 991987727.UG.FTS.B, Zero Cpn, 3/12/24.. | 991987727.UG.FTS.B, Zero Cpn, 3/12/24.. | 497 | 35 | 992015999.UG.FTS.B, 29.47%, 3/12/24.. . | 95 | 96 |
| 991987875.UG.FTS.B, Zero Cpn, 3/12/24.. | 991987875.UG.FTS.B, Zero Cpn, 3/12/24.. | 991987875.UG.FTS.B, Zero Cpn, 3/12/24.. | 281 | 20 | 992104564.UG.FTS.B, 29.47%, 3/12/24.. . | 432 | 343 |
| 991993865.UG.FTS.B, Zero Cpn, 3/12/24.. | 991993865.UG.FTS.B, Zero Cpn, 3/12/24.. | 991993865.UG.FTS.B, Zero Cpn, 3/12/24.. | 952 | 67 | 991979541.UG.FTS.B, 29.48%, 3/12/24.. . | 39 | 13 |
| 992009596.UG.FTS.B, Zero Cpn, 3/12/24.. | 992009596.UG.FTS.B, Zero Cpn, 3/12/24.. | 992009596.UG.FTS.B, Zero Cpn, 3/12/24.. | 90 | 6 | 991984737.UG.FTS.B, 29.48%, 3/12/24.. . | 75 | 5 |
| 992010317.UG.FTS.B, Zero Cpn, 3/12/24.. | 992010317.UG.FTS.B, Zero Cpn, 3/12/24.. | 992010317.UG.FTS.B, Zero Cpn, 3/12/24.. | 217 | 15 | 991985582.UG.FTS.B, 29.48%, 3/12/24.. . | 143 | 141 |
| 992029987.UG.FTS.B, Zero Cpn, 3/12/24.. | 992029987.UG.FTS.B, Zero Cpn, 3/12/24.. | 992029987.UG.FTS.B, Zero Cpn, 3/12/24.. | 80 | 6 | 991987652.UG.FTS.B, 29.48%, 3/12/24.. . | 33 | 33 |
| 992090345.UG.FTS.B, Zero Cpn, 3/12/24.. | 992090345.UG.FTS.B, Zero Cpn, 3/12/24.. | 992090345.UG.FTS.B, Zero Cpn, 3/12/24.. | 216 | 15 | 991990427.UG.FTS.B, 29.48%, 3/12/24.. . | 493 | 503 |
| 992135790.UG.FTS.B, Zero Cpn, 3/12/24.. | 992135790.UG.FTS.B, Zero Cpn, 3/12/24.. | 992135790.UG.FTS.B, Zero Cpn, 3/12/24.. | 31 | 2 | 991991716.UG.FTS.B, 29.48%, 3/12/24.. . | 740 | 748 |
| 992228916.UG.FTS.B, Zero Cpn, 3/12/24.. | 992228916.UG.FTS.B, Zero Cpn, 3/12/24.. | 992228916.UG.FTS.B, Zero Cpn, 3/12/24.. | 524 | 36 | 991993848.UG.FTS.B, 29.48%, 3/12/24.. . | 1406 | 1428 |
| 991979939.UG.FTS.B, 19.99%, 3/12/24.. . | 991979939.UG.FTS.B, 19.99%, 3/12/24.. . | 991979939.UG.FTS.B, 19.99%, 3/12/24.. . | 337 | 338 | 991994214.UG.FTS.B, 29.48%, 3/12/24.. . | 705 | 716 |
| 992046704.UG.FTS.B, 19.99%, 3/12/24.. . | 992046704.UG.FTS.B, 19.99%, 3/12/24.. . | 992046704.UG.FTS.B, 19.99%, 3/12/24.. . | 85 | 6 | 991994388.UG.FTS.B, 29.48%, 3/12/24.. . | 486 | 488 |
| 992059972.UG.FTS.B, 19.99%, 3/12/24.. . | 992059972.UG.FTS.B, 19.99%, 3/12/24.. . | 992059972.UG.FTS.B, 19.99%, 3/12/24.. . | 252 | 33 | 991995559.UG.FTS.B, 29.48%, 3/12/24.. . | 479 | 488 |
| 992099670.UG.FTS.B, 19.99%, 3/12/24.. . | 992099670.UG.FTS.B, 19.99%, 3/12/24.. . | 992099670.UG.FTS.B, 19.99%, 3/12/24.. . | 299 | 302 | 991996938.UG.FTS.B, 29.48%, 3/12/24.. . | 131 | 134 |
| 992222823.UG.FTS.B, 19.99%, 3/12/24.. . | 992222823.UG.FTS.B, 19.99%, 3/12/24.. . | 992222823.UG.FTS.B, 19.99%, 3/12/24.. . | 160 | 161 | 991999159.UG.FTS.B, 29.48%, 3/12/24.. . | 24 | 23 |
| 991992429.UG.FTS.B, 25.44%, 3/12/24.. . | 991992429.UG.FTS.B, 25.44%, 3/12/24.. . | 991992429.UG.FTS.B, 25.44%, 3/12/24.. . | 469 | 468 | 992001263.UG.FTS.B, 29.48%, 3/12/24.. . | 406 | 32 |
| 992006543.UG.FTS.B, 25.44%, 3/12/24.. . | 992006543.UG.FTS.B, 25.44%, 3/12/24.. . | 992006543.UG.FTS.B, 25.44%, 3/12/24.. . | 150 | 150 | 992007739.UG.FTS.B, 29.48%, 3/12/24.. . | 118 | 120 |
| 992100194.UG.FTS.B, 25.44%, 3/12/24.. . | 992100194.UG.FTS.B, 25.44%, 3/12/24.. . | 992100194.UG.FTS.B, 25.44%, 3/12/24.. . | 16 | 16 | 992011064.UG.FTS.B, 29.48%, 3/12/24. . . | 12 | 12 |
| 70 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 70 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992033875.UG.FTS.B, 29.48%, 3/12/24.. . | $301 | $307 | 992005501.UG.FTS.B, 29.49%, 3/12/24.. . $198 | 992005501.UG.FTS.B, 29.49%, 3/12/24.. . $198 | $201 | 201 |
| 992036981.UG.FTS.B, 29.48%, 3/12/24.. . | 48 | 48 | 992009155.UG.FTS.B, 29.49%, 3/12/24.. . | 53 | 54 | 54 |
| 992041049.UG.FTS.B, 29.48%, 3/12/24.. . | 26 | 23 | 992009843.UG.FTS.B, 29.49%, 3/12/24.. . | 34 | 34 | 34 |
| 992048219.UG.FTS.B, 29.48%, 3/12/24.. . | 287 | 291 | 992009995.UG.FTS.B, 29.49%, 3/12/24.. . | 7 | 7 | 7 |
| 992061894.UG.FTS.B, 29.48%, 3/12/24.. . | 5 | 5 | 992010776.UG.FTS.B, 29.49%, 3/12/24.. . | 114 | 114 | 114 |
| 992061952.UG.FTS.B, 29.48%, 3/12/24.. . | 46 | 15 | 992014057.UG.FTS.B, 29.49%, 3/12/24.. . | 71 | 63 | 63 |
| 992068922.UG.FTS.B, 29.48%, 3/12/24.. . | 13 | 13 | 992014781.UG.FTS.B, 29.49%, 3/12/24.. . | 209 | 210 | 210 |
| 992091748.UG.FTS.B, 29.48%, 3/12/24.. . | 215 | 219 | 992015322.UG.FTS.B, 29.49%, 3/12/24.. . | 3 | 3 | 3 |
| 992092709.UG.FTS.B, 29.48%, 3/12/24.. . | 697 | 711 | 992016479.UG.FTS.B, 29.49%, 3/12/24.. . | 61 | 62 | 62 |
| 992103724.UG.FTS.B, 29.48%, 3/12/24.. . | 227 | 15 | 992016930.UG.FTS.B, 29.49%, 3/12/24.. . | – |  | – |
| 992116109.UG.FTS.B, 29.48%, 3/12/24. . . | 164 | 165 | 992019620.UG.FTS.B, 29.49%, 3/12/24.. . | 17 | 2 | 2 |
| 992155636.UG.FTS.B, 29.48%, 3/12/24.. . | 144 | 147 | 992019910.UG.FTS.B, 29.49%, 3/12/24.. . | – |  | – |
| 992159021.UG.FTS.B, 29.48%, 3/12/24.. . | 346 | 352 | 992020735.UG.FTS.B, 29.49%, 3/12/24.. . | 69 | 69 | 69 |
| 992186587.UG.FTS.B, 29.48%, 3/12/24.. . | 189 | 190 | 992021468.UG.FTS.B, 29.49%, 3/12/24.. . | 241 | 242 | 242 |
| 992219600.UG.FTS.B, 29.48%, 3/12/24.. . | 72 | 19 | 992024943.UG.FTS.B, 29.49%, 3/12/24.. . | 39 | 39 | 39 |
| 991976697.UG.FTS.B, 29.49%, 3/12/24.. . | 65 | 66 | 992025362.UG.FTS.B, 29.49%, 3/12/24.. . | 72 | 73 | 73 |
| 991976932.UG.FTS.B, 29.49%, 3/12/24.. . | 142 | (6) | 992025911.UG.FTS.B, 29.49%, 3/12/24. . . | 315 | 315 | 315 |
| 991977541.UG.FTS.B, 29.49%, 3/12/24.. . | 12 | 11 | 992029135.UG.FTS.B, 29.49%, 3/12/24.. . | 70 | 71 | 71 |
| 991977618.UG.FTS.B, 29.49%, 3/12/24.. . | 246 | (16) | 992031381.UG.FTS.B, 29.49%, 3/12/24.. . | 30 | 29 | 29 |
| 991979307.UG.FTS.B, 29.49%, 3/12/24.. . | 6 | 6 | 992033278.UG.FTS.B, 29.49%, 3/12/24.. . | 1567 | 1588 | 1588 |
| 991979632.UG.FTS.B, 29.49%, 3/12/24.. . | 59 | 17 | 992036235.UG.FTS.B, 29.49%, 3/12/24.. . | 517 | (22) | (22) |
| 991980627.UG.FTS.B, 29.49%, 3/12/24.. . | 179 | 181 | 992037572.UG.FTS.B, 29.49%, 3/12/24.. . | 557 | 567 | 567 |
| 991981018.UG.FTS.B, 29.49%, 3/12/24.. . | 86 | 65 | 992039178.UG.FTS.B, 29.49%, 3/12/24.. . | 36 | 36 | 36 |
| 991982957.UG.FTS.B, 29.49%, 3/12/24.. . | 116 | 118 | 992039465.UG.FTS.B, 29.49%, 3/12/24.. . | 70 | 71 | 71 |
| 991983851.UG.FTS.B, 29.49%, 3/12/24.. . | 105 | 107 | 992043515.UG.FTS.B, 29.49%, 3/12/24.. . | 10 | 10 | 10 |
| 991985169.UG.FTS.B, 29.49%, 3/12/24.. . | 70 | 71 | 992046325.UG.FTS.B, 29.49%, 3/12/24.. . | 101 | 102 | 102 |
| 991987390.UG.FTS.B, 29.49%, 3/12/24.. . | 504 | 514 | 992046656.UG.FTS.B, 29.49%, 3/12/24.. . | 53 | 53 | 53 |
| 991987451.UG.FTS.B, 29.49%, 3/12/24.. . | 98 | 98 | 992051888.UG.FTS.B, 29.49%, 3/12/24.. . | – |  | – |
| 991987707.UG.FTS.B, 29.49%, 3/12/24.. . | 27 | 27 | 992052800.UG.FTS.B, 29.49%, 3/12/24.. . | 31 | 2 | 2 |
| 991988530.UG.FTS.B, 29.49%, 3/12/24.. . | 153 | 155 | 992056072.UG.FTS.B, 29.49%, 3/12/24.. . | 160 | 162 | 162 |
| 991988815.UG.FTS.B, 29.49%, 3/12/24.. . | 310 | 313 | 992057625.UG.FTS.B, 29.49%, 3/12/24.. . | 1398 | 1425 | 1425 |
| 991988840.UG.FTS.B, 29.49%, 3/12/24.. . | 170 | 137 | 992067880.UG.FTS.B, 29.49%, 3/12/24.. . | 232 | 236 | 236 |
| 991989211.UG.FTS.B, 29.49%, 3/12/24. . . | 51 | 51 | 992069103.UG.FTS.B, 29.49%, 3/12/24.. . | 68 | 69 | 69 |
| 991989660.UG.FTS.B, 29.49%, 3/12/24.. . | 96 | 98 | 992069159.UG.FTS.B, 29.49%, 3/12/24.. . | 55 | 56 | 56 |
| 991990176.UG.FTS.B, 29.49%, 3/12/24.. . | 307 | 303 | 992071213.UG.FTS.B, 29.49%, 3/12/24.. . | 21 | 20 | 20 |
| 991990964.UG.FTS.B, 29.49%, 3/12/24.. . | 306 | 304 | 992071436.UG.FTS.B, 29.49%, 3/12/24.. . | 102 | 104 | 104 |
| 991991285.UG.FTS.B, 29.49%, 3/12/24.. . | 77 | 78 | 992071935.UG.FTS.B, 29.49%, 3/12/24.. . | 72 | 73 | 73 |
| 991991358.UG.FTS.B, 29.49%, 3/12/24.. . | 193 | 195 | 992072777.UG.FTS.B, 29.49%, 3/12/24.. . | 92 | 93 | 93 |
| 991991432.UG.FTS.B, 29.49%, 3/12/24.. . | 237 | 241 | 992075247.UG.FTS.B, 29.49%, 3/12/24.. . | 168 | 172 | 172 |
| 991991867.UG.FTS.B, 29.49%, 3/12/24.. . | 584 | 592 | 992075273.UG.FTS.B, 29.49%, 3/12/24.. . | 9 | 9 | 9 |
| 991991991.UG.FTS.B, 29.49%, 3/12/24.. . | 3 | 3 | 992075453.UG.FTS.B, 29.49%, 3/12/24.. . | 148 | 11 | 11 |
| 991992793.UG.FTS.B, 29.49%, 3/12/24.. . | 840 | 856 | 992091504.UG.FTS.B, 29.49%, 3/12/24.. . | 97 | 78 | 78 |
| 991992934.UG.FTS.B, 29.49%, 3/12/24.. . | 68 | 69 | 992093253.UG.FTS.B, 29.49%, 3/12/24.. . | 24 | 4 | 4 |
| 991993294.UG.FTS.B, 29.49%, 3/12/24.. . | 64 | 65 | 992095078.UG.FTS.B, 29.49%, 3/12/24.. . | 100 | 101 | 101 |
| 991993792.UG.FTS.B, 29.49%, 3/12/24.. . | 211 | 214 | 992116168.UG.FTS.B, 29.49%, 3/12/24. . . | 45 | 38 | 38 |
| 991996593.UG.FTS.B, 29.49%, 3/12/24.. . | 191 | 194 | 992119553.UG.FTS.B, 29.49%, 3/12/24. . . | 130 | 129 | 129 |
| 991997329.UG.FTS.B, 29.49%, 3/12/24.. . | 7 | 7 | 992125414.UG.FTS.B, 29.49%, 3/12/24.. . | 179 | (8) | (8) |
| 991998323.UG.FTS.B, 29.49%, 3/12/24.. . | 95 | 97 | 992128285.UG.FTS.B, 29.49%, 3/12/24.. . | 67 | 69 | 69 |
| 991998381.UG.FTS.B, 29.49%, 3/12/24.. . | 579 | 589 | 992134548.UG.FTS.B, 29.49%, 3/12/24.. . | 71 | 72 | 72 |
| 991998416.UG.FTS.B, 29.49%, 3/12/24.. . | 12 | 12 | 992136216.UG.FTS.B, 29.49%, 3/12/24.. . | 84 | 85 | 85 |
| 991999068.UG.FTS.B, 29.49%, 3/12/24.. . | 146 | 149 | 992137680.UG.FTS.B, 29.49%, 3/12/24.. . | 112 | 114 | 114 |
| 991999303.UG.FTS.B, 29.49%, 3/12/24.. . | 67 | 68 | 992144762.UG.FTS.B, 29.49%, 3/12/24.. . | 110 | 16 | 16 |
| 991999407.UG.FTS.B, 29.49%, 3/12/24.. . | 185 | 25 | 992146740.UG.FTS.B, 29.49%, 3/12/24.. . | 35 | 35 | 35 |
| 991999409.UG.FTS.B, 29.49%, 3/12/24.. . | 67 | 68 | 992147410.UG.FTS.B, 29.49%, 3/12/24.. . | 27 | 27 | 27 |
| 992001461.UG.FTS.B, 29.49%, 3/12/24.. . | 16 | 16 | 992148211.UG.FTS.B, 29.49%, 3/12/24. . . | 114 | (1) | (1) |
| 992002327.UG.FTS.B, 29.49%, 3/12/24.. . | 46 | 15 | 992150155.UG.FTS.B, 29.49%, 3/12/24.. . | 2 | 2 | 2 |
| 992003453.UG.FTS.B, 29.49%, 3/12/24.. . | 24 | 23 | 992150344.UG.FTS.B, 29.49%, 3/12/24.. . | 66 | 66 | 66 |
| 992004438.UG.FTS.B, 29.49%, 3/12/24.. . | 176 | 177 | 992152914.UG.FTS.B, 29.49%, 3/12/24.. . | 99 | 101 | 101 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 71 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 71 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992158034.UG.FTS.B, 29.49%, 3/12/24.. . $ | 992158034.UG.FTS.B, 29.49%, 3/12/24.. . $ | 992158034.UG.FTS.B, 29.49%, 3/12/24.. . $ | 208 | $210 | 992248778.UG.FTS.B, 29.49%, 3/14/24.. . $ | 63 | $64 |
| 992159913.UG.FTS.B, 29.49%, 3/12/24.. . | 992159913.UG.FTS.B, 29.49%, 3/12/24.. . | 992159913.UG.FTS.B, 29.49%, 3/12/24.. . | 150 | 152 | 992249113.UG.FTS.B, 29.49%, 3/14/24. . . | 88 | 89 |
| 992162106.UG.FTS.B, 29.49%, 3/12/24.. . | 992162106.UG.FTS.B, 29.49%, 3/12/24.. . | 992162106.UG.FTS.B, 29.49%, 3/12/24.. . | 71 | 71 | 992222159.UG.FTS.B, Zero Cpn, 3/15/24.. | 47 | 3 |
| 992164429.UG.FTS.B, 29.49%, 3/12/24.. . | 992164429.UG.FTS.B, 29.49%, 3/12/24.. . | 992164429.UG.FTS.B, 29.49%, 3/12/24.. . | 69 | 70 | 992231888.UG.FTS.B, 20.47%, 3/15/24.. . | 84 | 84 |
| 992165141.UG.FTS.B, 29.49%, 3/12/24.. . | 992165141.UG.FTS.B, 29.49%, 3/12/24.. . | 992165141.UG.FTS.B, 29.49%, 3/12/24.. . | 95 | (4) | 992234871.UG.FTS.B, 21.48%, 3/15/24.. . | 115 | 115 |
| 992173972.UG.FTS.B, 29.49%, 3/12/24.. . | 992173972.UG.FTS.B, 29.49%, 3/12/24.. . | 992173972.UG.FTS.B, 29.49%, 3/12/24.. . | 152 | 151 | 992257016.UG.FTS.B, 21.48%, 3/15/24.. . | 202 | 201 |
| 992180237.UG.FTS.B, 29.49%, 3/12/24.. . | 992180237.UG.FTS.B, 29.49%, 3/12/24.. . | 992180237.UG.FTS.B, 29.49%, 3/12/24.. . | 33 | 33 | 992257213.UG.FTS.B, 22.47%, 3/15/24.. . | 168 | 168 |
| 992182279.UG.FTS.B, 29.49%, 3/12/24.. . | 992182279.UG.FTS.B, 29.49%, 3/12/24.. . | 992182279.UG.FTS.B, 29.49%, 3/12/24.. . | 19 | 19 | 992235610.UG.FTS.B, 28.48%, 3/15/24.. . | 69 | 69 |
| 992190865.UG.FTS.B, 29.49%, 3/12/24.. . | 992190865.UG.FTS.B, 29.49%, 3/12/24.. . | 992190865.UG.FTS.B, 29.49%, 3/12/24.. . | 84 | (4) | 992248857.UG.FTS.B, 28.48%, 3/15/24.. . | 72 | 72 |
| 992195564.UG.FTS.B, 29.49%, 3/12/24.. . | 992195564.UG.FTS.B, 29.49%, 3/12/24.. . | 992195564.UG.FTS.B, 29.49%, 3/12/24.. . | 8 | 8 | 992244370.UG.FTS.B, 29.46%, 3/15/24.. . | 39 | 40 |
| 992198780.UG.FTS.B, 29.49%, 3/12/24.. . | 992198780.UG.FTS.B, 29.49%, 3/12/24.. . | 992198780.UG.FTS.B, 29.49%, 3/12/24.. . | 63 | 64 | 992228817.UG.FTS.B, 29.49%, 3/15/24.. . | 689 | 691 |
| 992201922.UG.FTS.B, 29.49%, 3/12/24.. . | 992201922.UG.FTS.B, 29.49%, 3/12/24.. . | 992201922.UG.FTS.B, 29.49%, 3/12/24.. . | 98 | 7 | 992229492.UG.FTS.B, 29.49%, 3/15/24.. . | 68 | 68 |
| 992207898.UG.FTS.B, 29.49%, 3/12/24.. . | 992207898.UG.FTS.B, 29.49%, 3/12/24.. . | 992207898.UG.FTS.B, 29.49%, 3/12/24.. . | 80 | 60 | 992236571.UG.FTS.B, 29.49%, 3/15/24.. . | 71 | (2) |
| 992208334.UG.FTS.B, 29.49%, 3/12/24.. . | 992208334.UG.FTS.B, 29.49%, 3/12/24.. . | 992208334.UG.FTS.B, 29.49%, 3/12/24.. . | 11 | 11 | 992237964.UG.FTS.B, 29.49%, 3/15/24.. . | 483 | 486 |
| 992208931.UG.FTS.B, 29.49%, 3/12/24.. . | 992208931.UG.FTS.B, 29.49%, 3/12/24.. . | 992208931.UG.FTS.B, 29.49%, 3/12/24.. . | 103 | 103 | 992238035.UG.FTS.B, 29.49%, 3/15/24.. . | 25 | 25 |
| 992209496.UG.FTS.B, 29.49%, 3/12/24.. . | 992209496.UG.FTS.B, 29.49%, 3/12/24.. . | 992209496.UG.FTS.B, 29.49%, 3/12/24.. . | 107 | (5) | 992241085.UG.FTS.B, 29.49%, 3/15/24.. . | 134 | 135 |
| 992212582.UG.FTS.B, 29.49%, 3/12/24.. . | 992212582.UG.FTS.B, 29.49%, 3/12/24.. . | 992212582.UG.FTS.B, 29.49%, 3/12/24.. . | 54 | (1) | 992241471.UG.FTS.B, 29.49%, 3/15/24.. . | 65 | 65 |
| 992218476.UG.FTS.B, 29.49%, 3/12/24.. . | 992218476.UG.FTS.B, 29.49%, 3/12/24.. . | 992218476.UG.FTS.B, 29.49%, 3/12/24.. . | 137 | 138 | 992256440.UG.FTS.B, 29.49%, 3/15/24.. . | 137 | 138 |
| 992231303.UG.FTS.B, 29.49%, 3/12/24.. . | 992231303.UG.FTS.B, 29.49%, 3/12/24.. . | 992231303.UG.FTS.B, 29.49%, 3/12/24.. . | 51 | 44 | 992256594.UG.FTS.B, 29.49%, 3/15/24.. . | 49 | 50 |
| 992231708.UG.FTS.B, 29.49%, 3/12/24.. . | 992231708.UG.FTS.B, 29.49%, 3/12/24.. . | 992231708.UG.FTS.B, 29.49%, 3/12/24.. . | 89 | 89 | 992257450.UG.FTS.B, 29.49%, 3/15/24.. . | 180 | 180 |
| 992232221.UG.FTS.B, 29.49%, 3/12/24.. . | 992232221.UG.FTS.B, 29.49%, 3/12/24.. . | 992232221.UG.FTS.B, 29.49%, 3/12/24.. . | 20 | 20 | 992046727.UG.FTS.B, 17.71%, 3/18/24.. . | 864 | 873 |
| 992233767.UG.FTS.B, 29.49%, 3/12/24.. . | 992233767.UG.FTS.B, 29.49%, 3/12/24.. . | 992233767.UG.FTS.B, 29.49%, 3/12/24.. . | 54 | 54 | 992082162.UG.FTS.B, Zero Cpn, 3/21/24.. | 139 | 9 |
| 992238891.UG.FTS.B, 29.49%, 3/12/24.. . | 992238891.UG.FTS.B, 29.49%, 3/12/24.. . | 992238891.UG.FTS.B, 29.49%, 3/12/24.. . | 14 | 14 | 992221695.UG.FTS.B, Zero Cpn, 3/21/24.. | 94 | 7 |
| 992238895.UG.FTS.B, 29.49%, 3/12/24.. . | 992238895.UG.FTS.B, 29.49%, 3/12/24.. . | 992238895.UG.FTS.B, 29.49%, 3/12/24.. . | 280 | (18) | 992126644.UG.FTS.B, 19.99%, 3/21/24.. . | 231 | – |
| 992238974.UG.FTS.B, 29.49%, 3/12/24.. . | 992238974.UG.FTS.B, 29.49%, 3/12/24.. . | 992238974.UG.FTS.B, 29.49%, 3/12/24.. . | 103 | 103 | 992073948.UG.FTS.B, 26.44%, 3/21/24.. . | 630 | 634 |
| 992242905.UG.FTS.B, 29.49%, 3/12/24.. . | 992242905.UG.FTS.B, 29.49%, 3/12/24.. . | 992242905.UG.FTS.B, 29.49%, 3/12/24.. . | 68 | 68 | 992071429.UG.FTS.B, 26.49%, 3/21/24.. . | 43 | 7 |
| 992244453.UG.FTS.B, 29.49%, 3/12/24.. . | 992244453.UG.FTS.B, 29.49%, 3/12/24.. . | 992244453.UG.FTS.B, 29.49%, 3/12/24.. . | 79 | 5 | 992154424.UG.FTS.B, 27.99%, 3/21/24.. . | 63 | 64 |
| 992246985.UG.FTS.B, 29.49%, 3/12/24.. . | 992246985.UG.FTS.B, 29.49%, 3/12/24.. . | 992246985.UG.FTS.B, 29.49%, 3/12/24.. . | 361 | 95 | 992211912.UG.FTS.B, 28.48%, 3/21/24. . . | 101 | 102 |
| 992248637.UG.FTS.B, 29.49%, 3/12/24.. . | 992248637.UG.FTS.B, 29.49%, 3/12/24.. . | 992248637.UG.FTS.B, 29.49%, 3/12/24.. . | 137 | 137 | 992119846.UG.FTS.B, 29.47%, 3/21/24. . . | 118 | 117 |
| 992251449.UG.FTS.B, 29.49%, 3/12/24.. . | 992251449.UG.FTS.B, 29.49%, 3/12/24.. . | 992251449.UG.FTS.B, 29.49%, 3/12/24.. . | 80 | 80 | 992059207.UG.FTS.B, 29.48%, 3/21/24.. . | 28 | 28 |
| 992256192.UG.FTS.B, 29.49%, 3/12/24.. . | 992256192.UG.FTS.B, 29.49%, 3/12/24.. . | 992256192.UG.FTS.B, 29.49%, 3/12/24.. . | 147 | 147 | 992062232.UG.FTS.B, 29.48%, 3/21/24.. . | 99 | 99 |
| 992256719.UG.FTS.B, 29.49%, 3/12/24.. . | 992256719.UG.FTS.B, 29.49%, 3/12/24.. . | 992256719.UG.FTS.B, 29.49%, 3/12/24.. . | 137 | 138 | 992080667.UG.FTS.B, 29.48%, 3/21/24.. . | 83 | 85 |
| 991976016.UG.FTS.B, 29.99%, 3/12/24.. . | 991976016.UG.FTS.B, 29.99%, 3/12/24.. . | 991976016.UG.FTS.B, 29.99%, 3/12/24.. . | 156 | 159 | 992084250.UG.FTS.B, 29.48%, 3/21/24.. . | 786 | 53 |
| 992194961.UG.FTS.B, 29.99%, 3/12/24.. . | 992194961.UG.FTS.B, 29.99%, 3/12/24.. . | 992194961.UG.FTS.B, 29.99%, 3/12/24.. . | 22 | 22 | 992100121.UG.FTS.B, 29.48%, 3/21/24.. . | 47 | 48 |
| 992248532.UG.FTS.B, Zero Cpn, 3/13/24.. | 992248532.UG.FTS.B, Zero Cpn, 3/13/24.. | 992248532.UG.FTS.B, Zero Cpn, 3/13/24.. | 117 | 8 | 992228997.UG.FTS.B, 29.48%, 3/21/24.. . | 172 | 174 |
| 992251901.UG.FTS.B, Zero Cpn, 3/13/24.. | 992251901.UG.FTS.B, Zero Cpn, 3/13/24.. | 992251901.UG.FTS.B, Zero Cpn, 3/13/24.. | 23 | 2 | 992058652.UG.FTS.B, 29.49%, 3/21/24.. . | 144 | 146 |
| 992206780.UG.FTS.B, 17.49%, 3/13/24.. . | 992206780.UG.FTS.B, 17.49%, 3/13/24.. . | 992206780.UG.FTS.B, 17.49%, 3/13/24.. . | 3 | 3 | 992059391.UG.FTS.B, 29.49%, 3/21/24.. . | 220 | 221 |
| 992257356.UG.FTS.B, 19.99%, 3/13/24.. . | 992257356.UG.FTS.B, 19.99%, 3/13/24.. . | 992257356.UG.FTS.B, 19.99%, 3/13/24.. . | 51 | 52 | 992059518.UG.FTS.B, 29.49%, 3/21/24.. . | 189 | 194 |
| 992238746.UG.FTS.B, 27.99%, 3/13/24.. . | 992238746.UG.FTS.B, 27.99%, 3/13/24.. . | 992238746.UG.FTS.B, 27.99%, 3/13/24.. . | 171 | 173 | 992061481.UG.FTS.B, 29.49%, 3/21/24.. . | 143 | 144 |
| 992221205.UG.FTS.B, 28.48%, 3/13/24.. . | 992221205.UG.FTS.B, 28.48%, 3/13/24.. . | 992221205.UG.FTS.B, 28.48%, 3/13/24.. . | 11 | 11 | 992063981.UG.FTS.B, 29.49%, 3/21/24.. . | 330 | 332 |
| 992222620.UG.FTS.B, 29.48%, 3/13/24.. . | 992222620.UG.FTS.B, 29.48%, 3/13/24.. . | 992222620.UG.FTS.B, 29.48%, 3/13/24.. . | 56 | 57 | 992064804.UG.FTS.B, 29.49%, 3/21/24.. . | 58 | 59 |
| 992244001.UG.FTS.B, 29.48%, 3/13/24.. . | 992244001.UG.FTS.B, 29.48%, 3/13/24.. . | 992244001.UG.FTS.B, 29.48%, 3/13/24.. . | 199 | 200 | 992069331.UG.FTS.B, 29.49%, 3/21/24.. . | 76 | 78 |
| 992221497.UG.FTS.B, 29.49%, 3/13/24.. . | 992221497.UG.FTS.B, 29.49%, 3/13/24.. . | 992221497.UG.FTS.B, 29.49%, 3/13/24.. . | 888 | 887 | 992075877.UG.FTS.B, 29.49%, 3/21/24.. . | 64 | (3) |
| 992225158.UG.FTS.B, 29.49%, 3/13/24.. . | 992225158.UG.FTS.B, 29.49%, 3/13/24.. . | 992225158.UG.FTS.B, 29.49%, 3/13/24.. . | 40 | 40 | 992076110.UG.FTS.B, 29.49%, 3/21/24. . . | 8 | 8 |
| 992236245.UG.FTS.B, 29.49%, 3/13/24.. . | 992236245.UG.FTS.B, 29.49%, 3/13/24.. . | 992236245.UG.FTS.B, 29.49%, 3/13/24.. . | 114 | 115 | 992080861.UG.FTS.B, 29.49%, 3/21/24.. . | 494 | 504 |
| 992238039.UG.FTS.B, 29.49%, 3/13/24.. . | 992238039.UG.FTS.B, 29.49%, 3/13/24.. . | 992238039.UG.FTS.B, 29.49%, 3/13/24.. . | 118 | 118 | 992088310.UG.FTS.B, 29.49%, 3/21/24.. . | 14 | 14 |
| 992247253.UG.FTS.B, 29.49%, 3/13/24.. . | 992247253.UG.FTS.B, 29.49%, 3/13/24.. . | 992247253.UG.FTS.B, 29.49%, 3/13/24.. . | 12 | 12 | 992103801.UG.FTS.B, 29.49%, 3/21/24.. . | 76 | 11 |
| 992248601.UG.FTS.B, 29.49%, 3/13/24.. . | 992248601.UG.FTS.B, 29.49%, 3/13/24.. . | 992248601.UG.FTS.B, 29.49%, 3/13/24.. . | 91 | 24 | 992106222.UG.FTS.B, 29.49%, 3/21/24.. . | 67 | 68 |
| 992249635.UG.FTS.B, 29.49%, 3/13/24.. . | 992249635.UG.FTS.B, 29.49%, 3/13/24.. . | 992249635.UG.FTS.B, 29.49%, 3/13/24.. . | 59 | 60 | 992109110.UG.FTS.B, 29.49%, 3/21/24. . . | 40 | 41 |
| 992245035.UG.FTS.B, Zero Cpn, 3/14/24.. | 992245035.UG.FTS.B, Zero Cpn, 3/14/24.. | 992245035.UG.FTS.B, Zero Cpn, 3/14/24.. | 412 | 29 | 992114184.UG.FTS.B, 29.49%, 3/21/24. . . | 143 | 144 |
| 992229986.UG.FTS.B, 28.48%, 3/14/24.. . | 992229986.UG.FTS.B, 28.48%, 3/14/24.. . | 992229986.UG.FTS.B, 28.48%, 3/14/24.. . | 266 | 267 | 992123946.UG.FTS.B, 29.49%, 3/21/24.. . | 172 | 176 |
| 992226697.UG.FTS.B, 29.48%, 3/14/24.. . | 992226697.UG.FTS.B, 29.48%, 3/14/24.. . | 992226697.UG.FTS.B, 29.48%, 3/14/24.. . | 149 | 150 | 992164644.UG.FTS.B, 29.49%, 3/21/24.. . | 229 | 235 |
| 992256645.UG.FTS.B, 29.48%, 3/14/24.. . | 992256645.UG.FTS.B, 29.48%, 3/14/24.. . | 992256645.UG.FTS.B, 29.48%, 3/14/24.. . | 158 | 160 | 992169985.UG.FTS.B, 29.49%, 3/21/24.. . | 69 | 68 |
| 992221114.UG.FTS.B, 29.49%, 3/14/24. . . | 992221114.UG.FTS.B, 29.49%, 3/14/24. . . | 992221114.UG.FTS.B, 29.49%, 3/14/24. . . | 174 | 172 | 992178504.UG.FTS.B, 29.49%, 3/21/24.. . | 100 | 103 |
| 992227885.UG.FTS.B, 29.49%, 3/14/24.. . | 992227885.UG.FTS.B, 29.49%, 3/14/24.. . | 992227885.UG.FTS.B, 29.49%, 3/14/24.. . | 153 | 153 | 992196449.UG.FTS.B, 29.49%, 3/21/24.. . | 153 | 12 |
| 992229543.UG.FTS.B, 29.49%, 3/14/24.. . | 992229543.UG.FTS.B, 29.49%, 3/14/24.. . | 992229543.UG.FTS.B, 29.49%, 3/14/24.. . | 166 | 166 | 992236018.UG.FTS.B, 29.49%, 3/21/24.. . | 749 | 109 |
| 992232418.UG.FTS.B, 29.49%, 3/14/24.. . | 992232418.UG.FTS.B, 29.49%, 3/14/24.. . | 992232418.UG.FTS.B, 29.49%, 3/14/24.. . | 106 | 106 | 992264002.UG.FTS.B, 29.49%, 3/21/24.. . | 84 | 85 |
| 992237932.UG.FTS.B, 29.49%, 3/14/24.. . | 992237932.UG.FTS.B, 29.49%, 3/14/24.. . | 992237932.UG.FTS.B, 29.49%, 3/14/24.. . | 148 | 39 | 992291699.UG.FTS.B, 29.49%, 3/21/24.. . | 97 | 98 |
| 72 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 72 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992333658.UG.FTS.B, 29.49%, 3/21/24.. . | $23 | $23 | 992295280.UG.FTS.B, 19.99%, 3/23/24.. . $106 | 992295280.UG.FTS.B, 19.99%, 3/23/24.. . $106 | $107 | 107 |
| 992337443.UG.FTS.B, 29.49%, 3/21/24.. . | 51 | 51 | 992083040.UG.FTS.B, 21.47%, 3/23/24.. . | 162 | 162 | 162 |
| 992337929.UG.FTS.B, 29.49%, 3/21/24.. . | 79 | 80 | 992099580.UG.FTS.B, 21.47%, 3/23/24.. . | 58 | 1 | 1 |
| 992164300.UG.FTS.B, Zero Cpn, 3/22/24.. | 218 | 15 | 992217305.UG.FTS.B, 21.47%, 3/23/24.. . | 294 | 296 | 296 |
| 992288209.UG.FTS.B, Zero Cpn, 3/22/24.. | 81 | 6 | 992080766.UG.FTS.B, 22.45%, 3/23/24.. . | 169 | 170 | 170 |
| 992075574.UG.FTS.B, 15.47%, 3/22/24.. . | 126 | 127 | 992108038.UG.FTS.B, 22.45%, 3/23/24.. . | 104 | 105 | 105 |
| 992088590.UG.FTS.B, 20.48%, 3/22/24.. . | 433 | 432 | 992112975.UG.FTS.B, 22.45%, 3/23/24. . . | 2407 | 2436 | 2436 |
| 992069217.UG.FTS.B, 21.48%, 3/22/24.. . | 148 | 148 | 992087993.UG.FTS.B, 22.47%, 3/23/24.. . | 965 | 973 | 973 |
| 992332358.UG.FTS.B, 24.45%, 3/22/24.. . | 69 | 69 | 992102137.UG.FTS.B, 22.47%, 3/23/24.. . | 750 | 756 | 756 |
| 992081106.UG.FTS.B, 28.48%, 3/22/24. . . | 74 | 74 | 992151855.UG.FTS.B, 22.47%, 3/23/24.. . | 194 | (1) | (1) |
| 992129623.UG.FTS.B, 28.48%, 3/22/24.. . | 47 | 48 | 992080372.UG.FTS.B, 23.45%, 3/23/24.. . | 1505 | 116 | 116 |
| 992289485.UG.FTS.B, 29.47%, 3/22/24.. . | 75 | 76 | 992229367.UG.FTS.B, 24.45%, 3/23/24.. . | 102 | 103 | 103 |
| 992171922.UG.FTS.B, 29.48%, 3/22/24.. . | 178 | 183 | 992082470.UG.FTS.B, 25.44%, 3/23/24.. . | 609 | 613 | 613 |
| 992069928.UG.FTS.B, 29.49%, 3/22/24.. . | 54 | 54 | 992177179.UG.FTS.B, 25.44%, 3/23/24.. . | 343 | 345 | 345 |
| 992070230.UG.FTS.B, 29.49%, 3/22/24.. . | 374 | 382 | 992092481.UG.FTS.B, 26.49%, 3/23/24.. . | 771 | 611 | 611 |
| 992070887.UG.FTS.B, 29.49%, 3/22/24.. . | 74 | 75 | 992139807.UG.FTS.B, 26.49%, 3/23/24.. . | 205 | 163 | 163 |
| 992072385.UG.FTS.B, 29.49%, 3/22/24.. . | 37 | 37 | 992078730.UG.FTS.B, 27.99%, 3/23/24.. . | 709 | 726 | 726 |
| 992072525.UG.FTS.B, 29.49%, 3/22/24.. . | 170 | (8) | 992110891.UG.FTS.B, 27.99%, 3/23/24. . . | 460 | 468 | 468 |
| 992075057.UG.FTS.B, 29.49%, 3/22/24.. . | 334 | 336 | 992075192.UG.FTS.B, 28.48%, 3/23/24.. . | 48 | 49 | 49 |
| 992076874.UG.FTS.B, 29.49%, 3/22/24.. . | 236 | 242 | 992075903.UG.FTS.B, 28.48%, 3/23/24.. . | 316 | 322 | 322 |
| 992079924.UG.FTS.B, 29.49%, 3/22/24.. . | 172 | (6) | 992077309.UG.FTS.B, 28.48%, 3/23/24.. . | 115 | 115 | 115 |
| 992083956.UG.FTS.B, 29.49%, 3/22/24.. . | 6 | 6 | 992078472.UG.FTS.B, 28.48%, 3/23/24.. . | 60 | 62 | 62 |
| 992085524.UG.FTS.B, 29.49%, 3/22/24.. . | 24 | 24 | 992080231.UG.FTS.B, 28.48%, 3/23/24.. . | 80 | 81 | 81 |
| 992088821.UG.FTS.B, 29.49%, 3/22/24.. . | 60 | 62 | 992081851.UG.FTS.B, 28.48%, 3/23/24.. . | 38 | 39 | 39 |
| 992221740.UG.FTS.B, 29.49%, 3/22/24.. . | 10 | 10 | 992086135.UG.FTS.B, 28.48%, 3/23/24.. . | 372 | 381 | 381 |
| 992222932.UG.FTS.B, 29.49%, 3/22/24.. . | 121 | 122 | 992087446.UG.FTS.B, 28.48%, 3/23/24.. . | 59 | 9 | 9 |
| 992331911.UG.FTS.B, 29.49%, 3/22/24. . . | 15 | 15 | 992088139.UG.FTS.B, 28.48%, 3/23/24.. . | 76 | 77 | 77 |
| 992333164.UG.FTS.B, 29.49%, 3/22/24.. . | – | – | 992089378.UG.FTS.B, 28.48%, 3/23/24.. . | 104 | 104 | 104 |
| 992334881.UG.FTS.B, 29.49%, 3/22/24.. . | 9 | 9 | 992099572.UG.FTS.B, 28.48%, 3/23/24.. . | 44 | 45 | 45 |
| 992335452.UG.FTS.B, 29.49%, 3/22/24.. . | 177 | 178 | 992109686.UG.FTS.B, 28.48%, 3/23/24.. . | 145 | 148 | 148 |
| 992335766.UG.FTS.B, 29.49%, 3/22/24.. . | 7 | 7 | 992112929.UG.FTS.B, 28.48%, 3/23/24. . . | 313 | 321 | 321 |
| 992084315.UG.FTS.B, Zero Cpn, 3/23/24.. | 149 | 11 | 992115745.UG.FTS.B, 28.48%, 3/23/24. . . | 306 | 314 | 314 |
| 992087994.UG.FTS.B, Zero Cpn, 3/23/24.. | 213 | 15 | 992115966.UG.FTS.B, 28.48%, 3/23/24. . . | 72 | 74 | 74 |
| 992091883.UG.FTS.B, Zero Cpn, 3/23/24.. | 114 | 8 | 992135303.UG.FTS.B, 28.48%, 3/23/24.. . | 33 | 33 | 33 |
| 992092120.UG.FTS.B, Zero Cpn, 3/23/24.. | 145 | 10 | 992135722.UG.FTS.B, 28.48%, 3/23/24.. . | 48 | 48 | 48 |
| 992098666.UG.FTS.B, Zero Cpn, 3/23/24.. | 90 | 6 | 992143519.UG.FTS.B, 28.48%, 3/23/24.. . | 67 | 68 | 68 |
| 992109531.UG.FTS.B, Zero Cpn, 3/23/24.. | 363 | 25 | 992144038.UG.FTS.B, 28.48%, 3/23/24.. . | 65 | 65 | 65 |
| 992117162.UG.FTS.B, Zero Cpn, 3/23/24.. | 42 | 3 | 992157605.UG.FTS.B, 28.48%, 3/23/24.. . | 63 | 64 | 64 |
| 992117497.UG.FTS.B, Zero Cpn, 3/23/24.. | 353 | 25 | 992166058.UG.FTS.B, 28.48%, 3/23/24.. . | 383 | 393 | 393 |
| 992143774.UG.FTS.B, Zero Cpn, 3/23/24.. | 288 | 20 | 992178330.UG.FTS.B, 28.48%, 3/23/24.. . | 85 | 87 | 87 |
| 992152434.UG.FTS.B, Zero Cpn, 3/23/24.. | 157 | 11 | 992182026.UG.FTS.B, 28.48%, 3/23/24.. . | 247 | 251 | 251 |
| 992168069.UG.FTS.B, Zero Cpn, 3/23/24.. | 50 | 3 | 992184739.UG.FTS.B, 28.48%, 3/23/24.. . | 7 | 7 | 7 |
| 992184446.UG.FTS.B, Zero Cpn, 3/23/24.. | 96 | 7 | 992192250.UG.FTS.B, 28.48%, 3/23/24.. . | 66 | 66 | 66 |
| 992334810.UG.FTS.B, Zero Cpn, 3/23/24.. | 87 | 6 | 992199643.UG.FTS.B, 28.48%, 3/23/24.. . | 63 | 64 | 64 |
| 992081564.UG.FTS.B, 17.49%, 3/23/24.. . | 216 | 217 | 992215020.UG.FTS.B, 28.48%, 3/23/24.. . | 16 | 16 | 16 |
| 992080099.UG.FTS.B, 17.71%, 3/23/24.. . | 451 | 455 | 992223928.UG.FTS.B, 28.48%, 3/23/24.. . | 13 | 13 | 13 |
| 992086082.UG.FTS.B, 18.96%, 3/23/24.. . | 1043 | 1054 | 992238981.UG.FTS.B, 28.48%, 3/23/24.. . | 173 | 177 | 177 |
| 992090289.UG.FTS.B, 19.47%, 3/23/24.. . | – | – | 992253596.UG.FTS.B, 28.48%, 3/23/24.. . | 88 | 89 | 89 |
| 992091593.UG.FTS.B, 19.96%, 3/23/24.. . | 716 | 725 | 992265321.UG.FTS.B, 28.48%, 3/23/24.. . | 86 | 88 | 88 |
| 992162730.UG.FTS.B, 19.96%, 3/23/24.. . | 160 | 162 | 992297464.UG.FTS.B, 28.48%, 3/23/24.. . | 7 | 7 | 7 |
| 992075141.UG.FTS.B, 19.99%, 3/23/24.. . | 58 | 59 | 992081398.UG.FTS.B, 29.46%, 3/23/24.. . | 10 | 10 | 10 |
| 992075782.UG.FTS.B, 19.99%, 3/23/24.. . | 68 | 68 | 992084270.UG.FTS.B, 29.46%, 3/23/24.. . | 376 | 27 | 27 |
| 992084564.UG.FTS.B, 19.99%, 3/23/24.. . | 14 | 14 | 992113189.UG.FTS.B, 29.46%, 3/23/24. . . | 883 | 65 | 65 |
| 992088622.UG.FTS.B, 19.99%, 3/23/24.. . | 13 | 13 | 992125045.UG.FTS.B, 29.46%, 3/23/24.. . | 523 | 536 | 536 |
| 992096028.UG.FTS.B, 19.99%, 3/23/24.. . | 379 | 386 | 992144623.UG.FTS.B, 29.46%, 3/23/24.. . | 330 | 339 | 339 |
| 992139604.UG.FTS.B, 19.99%, 3/23/24.. . | 235 | 240 | 992322378.UG.FTS.B, 29.46%, 3/23/24.. . | 206 | 209 | 209 |
| 992220049.UG.FTS.B, 19.99%, 3/23/24.. . | 32 | 32 | 992079043.UG.FTS.B, 29.47%, 3/23/24.. . | 482 | 487 | 487 |
| 992238542.UG.FTS.B, 19.99%, 3/23/24.. . | 1009 | 1035 | 992084847.UG.FTS.B, 29.47%, 3/23/24.. . | 156 | 158 | 158 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 73 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 73 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992093193.UG.FTS.B, 29.47%, 3/23/24.. . $ | 992093193.UG.FTS.B, 29.47%, 3/23/24.. . $ | 992093193.UG.FTS.B, 29.47%, 3/23/24.. . $ | 1051 | $1074 | 992087429.UG.FTS.B, 29.49%, 3/23/24.. . $ | 81 | $(5) |
| 992137517.UG.FTS.B, 29.47%, 3/23/24.. . | 992137517.UG.FTS.B, 29.47%, 3/23/24.. . | 992137517.UG.FTS.B, 29.47%, 3/23/24.. . | 77 | 79 | 992087914.UG.FTS.B, 29.49%, 3/23/24.. . | 332 | 328 |
| 992138407.UG.FTS.B, 29.47%, 3/23/24.. . | 992138407.UG.FTS.B, 29.47%, 3/23/24.. . | 992138407.UG.FTS.B, 29.47%, 3/23/24.. . | 129 | 130 | 992088259.UG.FTS.B, 29.49%, 3/23/24.. . | 85 | 84 |
| 992162173.UG.FTS.B, 29.47%, 3/23/24.. . | 992162173.UG.FTS.B, 29.47%, 3/23/24.. . | 992162173.UG.FTS.B, 29.47%, 3/23/24.. . | 55 | 57 | 992088702.UG.FTS.B, 29.49%, 3/23/24.. . | 516 | 526 |
| 992180325.UG.FTS.B, 29.47%, 3/23/24.. . | 992180325.UG.FTS.B, 29.47%, 3/23/24.. . | 992180325.UG.FTS.B, 29.47%, 3/23/24.. . | 90 | 92 | 992088897.UG.FTS.B, 29.49%, 3/23/24.. . | 65 | 66 |
| 992225493.UG.FTS.B, 29.47%, 3/23/24.. . | 992225493.UG.FTS.B, 29.47%, 3/23/24.. . | 992225493.UG.FTS.B, 29.47%, 3/23/24.. . | 21 | 21 | 992090174.UG.FTS.B, 29.49%, 3/23/24.. . | 1169 | 1190 |
| 992075860.UG.FTS.B, 29.48%, 3/23/24.. . | 992075860.UG.FTS.B, 29.48%, 3/23/24.. . | 992075860.UG.FTS.B, 29.48%, 3/23/24.. . | 1513 | 1531 | 992091767.UG.FTS.B, 29.49%, 3/23/24.. . | 197 | 202 |
| 992081904.UG.FTS.B, 29.48%, 3/23/24.. . | 992081904.UG.FTS.B, 29.48%, 3/23/24.. . | 992081904.UG.FTS.B, 29.48%, 3/23/24.. . | 103 | 104 | 992092961.UG.FTS.B, 29.49%, 3/23/24.. . | 703 | 721 |
| 992084960.UG.FTS.B, 29.48%, 3/23/24.. . | 992084960.UG.FTS.B, 29.48%, 3/23/24.. . | 992084960.UG.FTS.B, 29.48%, 3/23/24.. . | 29 | 30 | 992093228.UG.FTS.B, 29.49%, 3/23/24.. . | 175 | 180 |
| 992091300.UG.FTS.B, 29.48%, 3/23/24.. . | 992091300.UG.FTS.B, 29.48%, 3/23/24.. . | 992091300.UG.FTS.B, 29.48%, 3/23/24.. . | 244 | 21 | 992093528.UG.FTS.B, 29.49%, 3/23/24.. . | 211 | 165 |
| 992093771.UG.FTS.B, 29.48%, 3/23/24.. . | 992093771.UG.FTS.B, 29.48%, 3/23/24.. . | 992093771.UG.FTS.B, 29.48%, 3/23/24.. . | 583 | 594 | 992094074.UG.FTS.B, 29.49%, 3/23/24.. . | 99 | 99 |
| 992105664.UG.FTS.B, 29.48%, 3/23/24.. . | 992105664.UG.FTS.B, 29.48%, 3/23/24.. . | 992105664.UG.FTS.B, 29.48%, 3/23/24.. . | 6 | 6 | 992094081.UG.FTS.B, 29.49%, 3/23/24.. . | 38 | 39 |
| 992106250.UG.FTS.B, 29.48%, 3/23/24.. . | 992106250.UG.FTS.B, 29.48%, 3/23/24.. . | 992106250.UG.FTS.B, 29.48%, 3/23/24.. . | 139 | 142 | 992095814.UG.FTS.B, 29.49%, 3/23/24.. . | 159 | 162 |
| 992114239.UG.FTS.B, 29.48%, 3/23/24. . . | 992114239.UG.FTS.B, 29.48%, 3/23/24. . . | 992114239.UG.FTS.B, 29.48%, 3/23/24. . . | 53 | 54 | 992098225.UG.FTS.B, 29.49%, 3/23/24.. . | 34 | 34 |
| 992115794.UG.FTS.B, 29.48%, 3/23/24. . . | 992115794.UG.FTS.B, 29.48%, 3/23/24. . . | 992115794.UG.FTS.B, 29.48%, 3/23/24. . . | 98 | 99 | 992098932.UG.FTS.B, 29.49%, 3/23/24.. . | 21 | 21 |
| 992116628.UG.FTS.B, 29.48%, 3/23/24. . . | 992116628.UG.FTS.B, 29.48%, 3/23/24. . . | 992116628.UG.FTS.B, 29.48%, 3/23/24. . . | 121 | 18 | 992101144.UG.FTS.B, 29.49%, 3/23/24. . . | 99 | 100 |
| 992117051.UG.FTS.B, 29.48%, 3/23/24. . . | 992117051.UG.FTS.B, 29.48%, 3/23/24. . . | 992117051.UG.FTS.B, 29.48%, 3/23/24. . . | 203 | 208 | 992103503.UG.FTS.B, 29.49%, 3/23/24.. . | 351 | 358 |
| 992118674.UG.FTS.B, 29.48%, 3/23/24. . . | 992118674.UG.FTS.B, 29.48%, 3/23/24. . . | 992118674.UG.FTS.B, 29.48%, 3/23/24. . . | 14 | 14 | 992104096.UG.FTS.B, 29.49%, 3/23/24.. . | 283 | 290 |
| 992128724.UG.FTS.B, 29.48%, 3/23/24.. . | 992128724.UG.FTS.B, 29.48%, 3/23/24.. . | 992128724.UG.FTS.B, 29.48%, 3/23/24.. . | 254 | 259 | 992104975.UG.FTS.B, 29.49%, 3/23/24.. . | 33 | 34 |
| 992129352.UG.FTS.B, 29.48%, 3/23/24.. . | 992129352.UG.FTS.B, 29.48%, 3/23/24.. . | 992129352.UG.FTS.B, 29.48%, 3/23/24.. . | 37 | 32 | 992105454.UG.FTS.B, 29.49%, 3/23/24.. . | 8 | 8 |
| 992129404.UG.FTS.B, 29.48%, 3/23/24.. . | 992129404.UG.FTS.B, 29.48%, 3/23/24.. . | 992129404.UG.FTS.B, 29.48%, 3/23/24.. . | 331 | 30 | 992106340.UG.FTS.B, 29.49%, 3/23/24.. . | 30 | 30 |
| 992142473.UG.FTS.B, 29.48%, 3/23/24.. . | 992142473.UG.FTS.B, 29.48%, 3/23/24.. . | 992142473.UG.FTS.B, 29.48%, 3/23/24.. . | 425 | 424 | 992107438.UG.FTS.B, 29.49%, 3/23/24.. . | 238 | 239 |
| 992172882.UG.FTS.B, 29.48%, 3/23/24.. . | 992172882.UG.FTS.B, 29.48%, 3/23/24.. . | 992172882.UG.FTS.B, 29.48%, 3/23/24.. . | 154 | 157 | 992108349.UG.FTS.B, 29.49%, 3/23/24.. . | 6 | 6 |
| 992188566.UG.FTS.B, 29.48%, 3/23/24.. . | 992188566.UG.FTS.B, 29.48%, 3/23/24.. . | 992188566.UG.FTS.B, 29.48%, 3/23/24.. . | 222 | 228 | 992109266.UG.FTS.B, 29.49%, 3/23/24.. . | 92 | 93 |
| 992194496.UG.FTS.B, 29.48%, 3/23/24.. . | 992194496.UG.FTS.B, 29.48%, 3/23/24.. . | 992194496.UG.FTS.B, 29.48%, 3/23/24.. . | 32 | 32 | 992109781.UG.FTS.B, 29.49%, 3/23/24.. . | 523 | 530 |
| 992197970.UG.FTS.B, 29.48%, 3/23/24.. . | 992197970.UG.FTS.B, 29.48%, 3/23/24.. . | 992197970.UG.FTS.B, 29.48%, 3/23/24.. . | 112 | 115 | 992109999.UG.FTS.B, 29.49%, 3/23/24.. . | 57 | 57 |
| 992206246.UG.FTS.B, 29.48%, 3/23/24.. . | 992206246.UG.FTS.B, 29.48%, 3/23/24.. . | 992206246.UG.FTS.B, 29.48%, 3/23/24.. . | 54 | 54 | 992111076.UG.FTS.B, 29.49%, 3/23/24. . . | 165 | 24 |
| 992216364.UG.FTS.B, 29.48%, 3/23/24.. . | 992216364.UG.FTS.B, 29.48%, 3/23/24.. . | 992216364.UG.FTS.B, 29.48%, 3/23/24.. . | 401 | 35 | 992111597.UG.FTS.B, 29.49%, 3/23/24. . . | 40 | 40 |
| 992230613.UG.FTS.B, 29.48%, 3/23/24.. . | 992230613.UG.FTS.B, 29.48%, 3/23/24.. . | 992230613.UG.FTS.B, 29.48%, 3/23/24.. . | 397 | 408 | 992112456.UG.FTS.B, 29.49%, 3/23/24. . . | 693 | 703 |
| 992235251.UG.FTS.B, 29.48%, 3/23/24.. . | 992235251.UG.FTS.B, 29.48%, 3/23/24.. . | 992235251.UG.FTS.B, 29.48%, 3/23/24.. . | 28 | 28 | 992114286.UG.FTS.B, 29.49%, 3/23/24. . . | 63 | 64 |
| 992302396.UG.FTS.B, 29.48%, 3/23/24.. . | 992302396.UG.FTS.B, 29.48%, 3/23/24.. . | 992302396.UG.FTS.B, 29.48%, 3/23/24.. . | 260 | 64 | 992116415.UG.FTS.B, 29.49%, 3/23/24. . . | 276 | 239 |
| 992313618.UG.FTS.B, 29.48%, 3/23/24.. . | 992313618.UG.FTS.B, 29.48%, 3/23/24.. . | 992313618.UG.FTS.B, 29.48%, 3/23/24.. . | 183 | 184 | 992118171.UG.FTS.B, 29.49%, 3/23/24. . . | 132 | 136 |
| 992322683.UG.FTS.B, 29.48%, 3/23/24.. . | 992322683.UG.FTS.B, 29.48%, 3/23/24.. . | 992322683.UG.FTS.B, 29.48%, 3/23/24.. . | 4 | 4 | 992118773.UG.FTS.B, 29.49%, 3/23/24. . . | 138 | 139 |
| 992074876.UG.FTS.B, 29.49%, 3/23/24.. . | 992074876.UG.FTS.B, 29.49%, 3/23/24.. . | 992074876.UG.FTS.B, 29.49%, 3/23/24.. . | 66 | 5 | 992121725.UG.FTS.B, 29.49%, 3/23/24.. . | 777 | 111 |
| 992074978.UG.FTS.B, 29.49%, 3/23/24.. . | 992074978.UG.FTS.B, 29.49%, 3/23/24.. . | 992074978.UG.FTS.B, 29.49%, 3/23/24.. . | 107 | 110 | 992122922.UG.FTS.B, 29.49%, 3/23/24.. . | 140 | 143 |
| 992075137.UG.FTS.B, 29.49%, 3/23/24.. . | 992075137.UG.FTS.B, 29.49%, 3/23/24.. . | 992075137.UG.FTS.B, 29.49%, 3/23/24.. . | 352 | 353 | 992124298.UG.FTS.B, 29.49%, 3/23/24.. . | 40 | 40 |
| 992075533.UG.FTS.B, 29.49%, 3/23/24.. . | 992075533.UG.FTS.B, 29.49%, 3/23/24.. . | 992075533.UG.FTS.B, 29.49%, 3/23/24.. . | 1030 | 1054 | 992125397.UG.FTS.B, 29.49%, 3/23/24.. . | 144 | 146 |
| 992075603.UG.FTS.B, 29.49%, 3/23/24.. . | 992075603.UG.FTS.B, 29.49%, 3/23/24.. . | 992075603.UG.FTS.B, 29.49%, 3/23/24.. . | 348 | 354 | 992126923.UG.FTS.B, 29.49%, 3/23/24.. . | 43 | 44 |
| 992076305.UG.FTS.B, 29.49%, 3/23/24.. . | 992076305.UG.FTS.B, 29.49%, 3/23/24.. . | 992076305.UG.FTS.B, 29.49%, 3/23/24.. . | 149 | 153 | 992127351.UG.FTS.B, 29.49%, 3/23/24.. . | 115 | 115 |
| 992076746.UG.FTS.B, 29.49%, 3/23/24.. . | 992076746.UG.FTS.B, 29.49%, 3/23/24.. . | 992076746.UG.FTS.B, 29.49%, 3/23/24.. . | 132 | 135 | 992129263.UG.FTS.B, 29.49%, 3/23/24.. . | 21 | 21 |
| 992077898.UG.FTS.B, 29.49%, 3/23/24.. . | 992077898.UG.FTS.B, 29.49%, 3/23/24.. . | 992077898.UG.FTS.B, 29.49%, 3/23/24.. . | 15 | 15 | 992131622.UG.FTS.B, 29.49%, 3/23/24.. . | 767 | 779 |
| 992077968.UG.FTS.B, 29.49%, 3/23/24.. . | 992077968.UG.FTS.B, 29.49%, 3/23/24.. . | 992077968.UG.FTS.B, 29.49%, 3/23/24.. . | 77 | 78 | 992132221.UG.FTS.B, 29.49%, 3/23/24.. . | 137 | 141 |
| 992078043.UG.FTS.B, 29.49%, 3/23/24.. . | 992078043.UG.FTS.B, 29.49%, 3/23/24.. . | 992078043.UG.FTS.B, 29.49%, 3/23/24.. . | 426 | 430 | 992135554.UG.FTS.B, 29.49%, 3/23/24.. . | 143 | 147 |
| 992078339.UG.FTS.B, 29.49%, 3/23/24.. . | 992078339.UG.FTS.B, 29.49%, 3/23/24.. . | 992078339.UG.FTS.B, 29.49%, 3/23/24.. . | 719 | 738 | 992135817.UG.FTS.B, 29.49%, 3/23/24.. . | 239 | 245 |
| 992078829.UG.FTS.B, 29.49%, 3/23/24.. . | 992078829.UG.FTS.B, 29.49%, 3/23/24.. . | 992078829.UG.FTS.B, 29.49%, 3/23/24.. . | 209 | 215 | 992137062.UG.FTS.B, 29.49%, 3/23/24.. . | 49 | 50 |
| 992079165.UG.FTS.B, 29.49%, 3/23/24.. . | 992079165.UG.FTS.B, 29.49%, 3/23/24.. . | 992079165.UG.FTS.B, 29.49%, 3/23/24.. . | 26 | 26 | 992139152.UG.FTS.B, 29.49%, 3/23/24.. . | 92 | 94 |
| 992079538.UG.FTS.B, 29.49%, 3/23/24.. . | 992079538.UG.FTS.B, 29.49%, 3/23/24.. . | 992079538.UG.FTS.B, 29.49%, 3/23/24.. . | 72 | 73 | 992139318.UG.FTS.B, 29.49%, 3/23/24.. . | 178 | 144 |
| 992079879.UG.FTS.B, 29.49%, 3/23/24.. . | 992079879.UG.FTS.B, 29.49%, 3/23/24.. . | 992079879.UG.FTS.B, 29.49%, 3/23/24.. . | 101 | 102 | 992143856.UG.FTS.B, 29.49%, 3/23/24.. . | 116 | 120 |
| 992081134.UG.FTS.B, 29.49%, 3/23/24. . . | 992081134.UG.FTS.B, 29.49%, 3/23/24. . . | 992081134.UG.FTS.B, 29.49%, 3/23/24. . . | 70 | (2) | 992143882.UG.FTS.B, 29.49%, 3/23/24.. . | 128 | 131 |
| 992082700.UG.FTS.B, 29.49%, 3/23/24.. . | 992082700.UG.FTS.B, 29.49%, 3/23/24.. . | 992082700.UG.FTS.B, 29.49%, 3/23/24.. . | 82 | 83 | 992143988.UG.FTS.B, 29.49%, 3/23/24.. . | 62 | 63 |
| 992082794.UG.FTS.B, 29.49%, 3/23/24.. . | 992082794.UG.FTS.B, 29.49%, 3/23/24.. . | 992082794.UG.FTS.B, 29.49%, 3/23/24.. . | 1406 | 1437 | 992147205.UG.FTS.B, 29.49%, 3/23/24.. . | 102 | 104 |
| 992082825.UG.FTS.B, 29.49%, 3/23/24.. . | 992082825.UG.FTS.B, 29.49%, 3/23/24.. . | 992082825.UG.FTS.B, 29.49%, 3/23/24.. . | 117 | 119 | 992148475.UG.FTS.B, 29.49%, 3/23/24.. . | 20 | 20 |
| 992084523.UG.FTS.B, 29.49%, 3/23/24.. . | 992084523.UG.FTS.B, 29.49%, 3/23/24.. . | 992084523.UG.FTS.B, 29.49%, 3/23/24.. . | 115 | 118 | 992149422.UG.FTS.B, 29.49%, 3/23/24.. . | 32 | 32 |
| 992084647.UG.FTS.B, 29.49%, 3/23/24.. . | 992084647.UG.FTS.B, 29.49%, 3/23/24.. . | 992084647.UG.FTS.B, 29.49%, 3/23/24.. . | 55 | 56 | 992151275.UG.FTS.B, 29.49%, 3/23/24.. . | 64 | 65 |
| 992085619.UG.FTS.B, 29.49%, 3/23/24.. . | 992085619.UG.FTS.B, 29.49%, 3/23/24.. . | 992085619.UG.FTS.B, 29.49%, 3/23/24.. . | 142 | 21 | 992153258.UG.FTS.B, 29.49%, 3/23/24.. . | 84 | 70 |
| 992086114.UG.FTS.B, 29.49%, 3/23/24. . . | 992086114.UG.FTS.B, 29.49%, 3/23/24. . . | 992086114.UG.FTS.B, 29.49%, 3/23/24. . . | – | – | 992154701.UG.FTS.B, 29.49%, 3/23/24.. . | 17 | 18 |
| 992086941.UG.FTS.B, 29.49%, 3/23/24.. . | 992086941.UG.FTS.B, 29.49%, 3/23/24.. . | 992086941.UG.FTS.B, 29.49%, 3/23/24.. . | 56 | 57 | 992154936.UG.FTS.B, 29.49%, 3/23/24.. . | 32 | 32 |
| 992087015.UG.FTS.B, 29.49%, 3/23/24.. . | 992087015.UG.FTS.B, 29.49%, 3/23/24.. . | 992087015.UG.FTS.B, 29.49%, 3/23/24.. . | 22 | 22 | 992157117.UG.FTS.B, 29.49%, 3/23/24. . . | 119 | 122 |
| 74 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 74 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992160174.UG.FTS.B, 29.49%, 3/23/24.. . | $64 | $64 | 992325632.UG.FTS.B, 29.49%, 3/23/24.. . $ | 992325632.UG.FTS.B, 29.49%, 3/23/24.. . $ | 18 | $18 | 18 |
| 992160977.UG.FTS.B, 29.49%, 3/23/24.. . | 340 | 342 | 992326535.UG.FTS.B, 29.49%, 3/23/24.. . |  | 69 | 69 | 69 |
| 992160990.UG.FTS.B, 29.49%, 3/23/24.. . | 62 | 64 | 992332422.UG.FTS.B, 29.49%, 3/23/24.. . |  | 130 | 131 | 131 |
| 992161174.UG.FTS.B, 29.49%, 3/23/24. . . | 20 | 20 | 992337095.UG.FTS.B, 29.49%, 3/23/24.. . |  | 92 | 93 | 93 |
| 992161448.UG.FTS.B, 29.49%, 3/23/24.. . | 367 | (6) | 992337743.UG.FTS.B, 29.49%, 3/23/24.. . |  | 224 | 223 | 223 |
| 992162403.UG.FTS.B, 29.49%, 3/23/24.. . | 119 | 121 | 992346864.UG.FTS.B, 29.49%, 3/23/24.. . |  | 481 | 486 | 486 |
| 992166916.UG.FTS.B, 29.49%, 3/23/24.. . | 1572 | 1201 | 992347139.UG.FTS.B, 29.49%, 3/23/24.. . |  | 687 | 693 | 693 |
| 992167691.UG.FTS.B, 29.49%, 3/23/24.. . | 173 | 26 | 992348190.UG.FTS.B, 29.49%, 3/23/24.. . |  | 135 | 137 | 137 |
| 992167793.UG.FTS.B, 29.49%, 3/23/24.. . | 177 | 180 | 992350428.UG.FTS.B, 29.49%, 3/23/24.. . |  | 18 | 17 | 17 |
| 992168020.UG.FTS.B, 29.49%, 3/23/24.. . | 39 | 3 | 992350466.UG.FTS.B, 29.49%, 3/23/24.. . |  | 68 | 10 | 10 |
| 992169160.UG.FTS.B, 29.49%, 3/23/24.. . | 173 | 176 | 992350651.UG.FTS.B, 29.49%, 3/23/24.. . |  | 117 | 90 | 90 |
| 992171056.UG.FTS.B, 29.49%, 3/23/24.. . | 8 | 8 | 992260894.UG.FTS.B, 15.47%, 3/24/24.. . |  | 63 | 63 | 63 |
| 992171230.UG.FTS.B, 29.49%, 3/23/24.. . | 141 | 145 | 992348038.UG.FTS.B, 29.49%, 3/24/24.. . |  | 271 | 273 | 273 |
| 992172287.UG.FTS.B, 29.49%, 3/23/24.. . | 158 | (7) | 992124899.UG.FTS.B, Zero Cpn, 3/28/24.. |  | 2301 | 162 | 162 |
| 992174580.UG.FTS.B, 29.49%, 3/23/24.. . | 101 | 104 | 992233199.UG.FTS.B, 15.49%, 3/30/24.. . |  | 472 | 477 | 477 |
| 992176662.UG.FTS.B, 29.49%, 3/23/24.. . | 208 | 214 | 992237108.UG.FTS.B, 15.49%, 3/30/24.. . |  | 62 | 63 | 63 |
| 992181280.UG.FTS.B, 29.49%, 3/23/24.. . | 124 | 127 | 992335772.UG.FTS.B, 16.49%, 3/30/24.. . |  | 17 | 17 | 17 |
| 992183256.UG.FTS.B, 29.49%, 3/23/24.. . | 43 | 44 | 992152758.UG.FTS.B, 17.47%, 3/30/24.. . |  | 14 | 14 | 14 |
| 992184082.UG.FTS.B, 29.49%, 3/23/24.. . | 65 | 10 | 992269722.UG.FTS.B, 17.49%, 3/30/24.. . |  | 24 | 24 | 24 |
| 992186235.UG.FTS.B, 29.49%, 3/23/24.. . | 149 | 152 | 992334506.UG.FTS.B, 17.49%, 3/30/24.. . |  | 83 | 83 | 83 |
| 992188685.UG.FTS.B, 29.49%, 3/23/24.. . | 109 | 111 | 992227788.UG.FTS.B, Zero Cpn, 3/31/24.. |  | 530 | 37 | 37 |
| 992190869.UG.FTS.B, 29.49%, 3/23/24.. . | 348 | 357 | 992165518.UG.FTS.B, 21.48%, 3/31/24.. . |  | 323 | 324 | 324 |
| 992193320.UG.FTS.B, 29.49%, 3/23/24.. . | 43 | 43 | 992160172.UG.FTS.B, 16.49%, 4/01/24.. . |  | 205 | 207 | 207 |
| 992195138.UG.FTS.B, 29.49%, 3/23/24.. . | 356 | 53 | 992164011.UG.FTS.B, 16.49%, 4/01/24. . . |  | 76 | 77 | 77 |
| 992195932.UG.FTS.B, 29.49%, 3/23/24.. . | 53 | 54 | 992180722.UG.FTS.B, 16.49%, 4/01/24.. . |  | 7 | 7 | 7 |
| 992197161.UG.FTS.B, 29.49%, 3/23/24.. . | 105 | 107 | 992240024.UG.FTS.B, 16.49%, 4/01/24.. . |  | 15 | 14 | 14 |
| 992201306.UG.FTS.B, 29.49%, 3/23/24.. . | 132 | 133 | 992198946.UG.FTS.B, 17.49%, 4/01/24.. . |  | 132 | 93 | 93 |
| 992201914.UG.FTS.B, 29.49%, 3/23/24.. . | 30 | 30 | 992414439.UG.FTS.B, 17.49%, 4/01/24.. . |  | 2166 | 2188 | 2188 |
| 992205420.UG.FTS.B, 29.49%, 3/23/24.. . | 100 | 103 | 992162894.UG.FTS.B, 18.47%, 4/01/24.. . |  | 28 | 28 | 28 |
| 992209755.UG.FTS.B, 29.49%, 3/23/24.. . | 93 | 93 | 992220561.UG.FTS.B, 18.71%, 4/01/24.. . |  | 135 | 137 | 137 |
| 992211232.UG.FTS.B, 29.49%, 3/23/24. . . | 79 | 81 | 992169084.UG.FTS.B, 19.3%, 4/01/24.. . . |  | 149 | 151 | 151 |
| 992211928.UG.FTS.B, 29.49%, 3/23/24. . . | 24 | 24 | 992224962.UG.FTS.B, 19.3%, 4/01/24.. . . |  | 73 | 74 | 74 |
| 992217269.UG.FTS.B, 29.49%, 3/23/24.. . | 347 | 354 | 992202635.UG.FTS.B, 20.96%, 4/01/24.. . |  | 169 | 172 | 172 |
| 992233527.UG.FTS.B, 29.49%, 3/23/24.. . | 24 | 24 | 992173268.UG.FTS.B, 21.48%, 4/01/24.. . |  | 224 | 227 | 227 |
| 992242161.UG.FTS.B, 29.49%, 3/23/24.. . | 3 | 3 | 992175960.UG.FTS.B, 21.48%, 4/01/24.. . |  | 451 | 456 | 456 |
| 992248311.UG.FTS.B, 29.49%, 3/23/24. . . | 9 | 9 | 992233910.UG.FTS.B, 21.48%, 4/01/24.. . |  | 41 | 42 | 42 |
| 992256065.UG.FTS.B, 29.49%, 3/23/24.. . | 72 | 6 | 992217416.UG.FTS.B, 23.45%, 4/01/24.. . |  | 309 | 317 | 317 |
| 992261037.UG.FTS.B, 29.49%, 3/23/24.. . | 213 | 217 | 992238982.UG.FTS.B, Zero Cpn, 4/02/24.. |  | 275 | 19 | 19 |
| 992264209.UG.FTS.B, 29.49%, 3/23/24.. . | 32 | 32 | 992417131.UG.FTS.B, 15%, 4/02/24. . . . . |  | 45 | 46 | 46 |
| 992264714.UG.FTS.B, 29.49%, 3/23/24.. . | 44 | 44 | 992178119.UG.FTS.B, 16.49%, 4/02/24. . . |  | 19 | 19 | 19 |
| 992264888.UG.FTS.B, 29.49%, 3/23/24.. . | 6 | 6 | 992196430.UG.FTS.B, 16.49%, 4/02/24.. . |  | 54 | 54 | 54 |
| 992266562.UG.FTS.B, 29.49%, 3/23/24.. . | 121 | 123 | 992203622.UG.FTS.B, 16.49%, 4/02/24.. . |  | 280 | 215 | 215 |
| 992270720.UG.FTS.B, 29.49%, 3/23/24.. . | 69 | 70 | 992256633.UG.FTS.B, 16.49%, 4/02/24.. . |  | 352 | 359 | 359 |
| 992271297.UG.FTS.B, 29.49%, 3/23/24.. . | 27 | 27 | 992270716.UG.FTS.B, 17.47%, 4/02/24.. . |  | 60 | 60 | 60 |
| 992274808.UG.FTS.B, 29.49%, 3/23/24.. . | 87 | 88 | 992218531.UG.FTS.B, 17.49%, 4/02/24.. . |  | 1421 | 1432 | 1432 |
| 992275022.UG.FTS.B, 29.49%, 3/23/24.. . | 73 | 75 | 992254008.UG.FTS.B, 17.49%, 4/02/24.. . |  | 229 | 231 | 231 |
| 992275545.UG.FTS.B, 29.49%, 3/23/24.. . | 44 | 44 | 992255292.UG.FTS.B, 17.49%, 4/02/24.. . |  | 229 | 231 | 231 |
| 992277516.UG.FTS.B, 29.49%, 3/23/24.. . | 71 | 11 | 992185159.UG.FTS.B, 17.71%, 4/02/24.. . |  | 312 | 316 | 316 |
| 992278366.UG.FTS.B, 29.49%, 3/23/24.. . | 83 | 86 | 992197461.UG.FTS.B, 18.47%, 4/02/24.. . |  | 177 | 178 | 178 |
| 992279441.UG.FTS.B, 29.49%, 3/23/24.. . | 111 | 110 | 992200403.UG.FTS.B, 18.47%, 4/02/24.. . |  | 760 | 765 | 765 |
| 992281195.UG.FTS.B, 29.49%, 3/23/24. . . | 2 | 2 | 992198075.UG.FTS.B, 18.71%, 4/02/24.. . |  | 142 | 143 | 143 |
| 992290337.UG.FTS.B, 29.49%, 3/23/24.. . | 42 | 43 | 992170886.UG.FTS.B, 19.96%, 4/02/24.. . |  | 64 | 64 | 64 |
| 992300980.UG.FTS.B, 29.49%, 3/23/24.. . | 73 | 73 | 992172774.UG.FTS.B, 19.96%, 4/02/24.. . |  | 166 | 64 | 64 |
| 992306475.UG.FTS.B, 29.49%, 3/23/24.. . | 75 | 75 | 992191348.UG.FTS.B, 19.96%, 4/02/24.. . |  | 324 | 329 | 329 |
| 992316633.UG.FTS.B, 29.49%, 3/23/24.. . | 161 | 40 | 992191634.UG.FTS.B, 20.47%, 4/02/24.. . |  | 41 | 41 | 41 |
| 992318739.UG.FTS.B, 29.49%, 3/23/24.. . | 7 | 7 | 992235805.UG.FTS.B, 20.47%, 4/02/24.. . |  | 125 | 127 | 127 |
| 992322518.UG.FTS.B, 29.49%, 3/23/24.. . | 76 | 77 | 992176203.UG.FTS.B, 21.48%, 4/02/24.. . |  | 722 | 724 | 724 |
| 992322922.UG.FTS.B, 29.49%, 3/23/24.. . | 74 | 74 | 992183165.UG.FTS.B, 23.45%, 4/02/24.. . |  | 97 | (3) | (3) |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 75 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 75 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992192015.UG.FTS.B, 23.45%, 4/02/24.. . $ | 992192015.UG.FTS.B, 23.45%, 4/02/24.. . $ | 992192015.UG.FTS.B, 23.45%, 4/02/24.. . $ | 92 | $93 | 992259589.UG.FTS.B, 16.49%, 4/10/24.. . $ | 138 | $139 |
| 992215448.UG.FTS.B, 23.45%, 4/02/24.. . | 992215448.UG.FTS.B, 23.45%, 4/02/24.. . | 992215448.UG.FTS.B, 23.45%, 4/02/24.. . | 54 | 43 | 992282763.UG.FTS.B, 17.47%, 4/10/24.. . | 43 | 43 |
| 992230181.UG.FTS.B, 23.45%, 4/02/24.. . | 992230181.UG.FTS.B, 23.45%, 4/02/24.. . | 992230181.UG.FTS.B, 23.45%, 4/02/24.. . | 61 | 1 | 992294540.UG.FTS.B, 17.49%, 4/10/24.. . | 26 | 26 |
| 992311725.UG.FTS.B, 17.47%, 4/03/24. . . | 992311725.UG.FTS.B, 17.47%, 4/03/24. . . | 992311725.UG.FTS.B, 17.47%, 4/03/24. . . | 72 | 73 | 992319824.UG.FTS.B, 17.49%, 4/10/24.. . | 68 | 69 |
| 992214077.UG.FTS.B, 17.49%, 4/03/24.. . | 992214077.UG.FTS.B, 17.49%, 4/03/24.. . | 992214077.UG.FTS.B, 17.49%, 4/03/24.. . | 586 | 582 | 992337201.UG.FTS.B, 17.49%, 4/10/24.. . | 36 | 36 |
| 992376523.UG.FTS.B, 17.49%, 4/03/24.. . | 992376523.UG.FTS.B, 17.49%, 4/03/24.. . | 992376523.UG.FTS.B, 17.49%, 4/03/24.. . | 16 | 16 | 992350594.UG.FTS.B, 17.49%, 4/10/24.. . | 142 | 143 |
| 992203669.UG.FTS.B, 18.47%, 4/03/24.. . | 992203669.UG.FTS.B, 18.47%, 4/03/24.. . | 992203669.UG.FTS.B, 18.47%, 4/03/24.. . | 14 | 14 | 992276365.UG.FTS.B, Zero Cpn, 4/11/24.. | 48 | 3 |
| 992199899.UG.FTS.B, 19.3%, 4/03/24.. . . | 992199899.UG.FTS.B, 19.3%, 4/03/24.. . . | 992199899.UG.FTS.B, 19.3%, 4/03/24.. . . | 540 | 544 | 992381869.UG.FTS.B, Zero Cpn, 4/11/24.. | 139 | 10 |
| 992223237.UG.FTS.B, 19.3%, 4/03/24.. . . | 992223237.UG.FTS.B, 19.3%, 4/03/24.. . . | 992223237.UG.FTS.B, 19.3%, 4/03/24.. . . | 180 | 180 | 992280355.UG.FTS.B, 16.49%, 4/12/24.. . | 34 | 34 |
| 992231175.UG.FTS.B, 20.47%, 4/03/24. . . | 992231175.UG.FTS.B, 20.47%, 4/03/24. . . | 992231175.UG.FTS.B, 20.47%, 4/03/24. . . | 915 | 919 | 992294222.UG.FTS.B, 16.49%, 4/12/24.. . | 1434 | 1451 |
| 992220214.UG.FTS.B, 21.47%, 4/03/24.. . | 992220214.UG.FTS.B, 21.47%, 4/03/24.. . | 992220214.UG.FTS.B, 21.47%, 4/03/24.. . | 513 | 511 | 992265584.UG.FTS.B, 17.49%, 4/12/24.. . | 139 | 139 |
| 992198038.UG.FTS.B, 21.48%, 4/03/24.. . | 992198038.UG.FTS.B, 21.48%, 4/03/24.. . | 992198038.UG.FTS.B, 21.48%, 4/03/24.. . | 112 | 110 | 992304659.UG.FTS.B, 18.71%, 4/12/24.. . | 36 | 36 |
| 992188122.UG.FTS.B, 23.45%, 4/03/24.. . | 992188122.UG.FTS.B, 23.45%, 4/03/24.. . | 992188122.UG.FTS.B, 23.45%, 4/03/24.. . | 400 | 400 | 992296299.UG.FTS.B, 21.48%, 4/12/24.. . | 207 | 208 |
| 992300751.UG.FTS.B, 14.47%, 4/04/24.. . | 992300751.UG.FTS.B, 14.47%, 4/04/24.. . | 992300751.UG.FTS.B, 14.47%, 4/04/24.. . | 13 | 13 | 992386922.UG.FTS.B, Zero Cpn, 4/13/24.. | 901 | 63 |
| 992232580.UG.FTS.B, 15%, 4/04/24. . . . . | 992232580.UG.FTS.B, 15%, 4/04/24. . . . . | 992232580.UG.FTS.B, 15%, 4/04/24. . . . . | 47 | 48 | 992278798.UG.FTS.B, 16.49%, 4/13/24.. . | 59 | 59 |
| 992354230.UG.FTS.B, 16.49%, 4/04/24.. . | 992354230.UG.FTS.B, 16.49%, 4/04/24.. . | 992354230.UG.FTS.B, 16.49%, 4/04/24.. . | 103 | 103 | 992294840.UG.FTS.B, 16.49%, 4/13/24.. . | 808 | 7 |
| 992229115.UG.FTS.B, 17.49%, 4/04/24. . . | 992229115.UG.FTS.B, 17.49%, 4/04/24. . . | 992229115.UG.FTS.B, 17.49%, 4/04/24. . . | 236 | 235 | 992324871.UG.FTS.B, 17.49%, 4/13/24.. . | 123 | 123 |
| 992284206.UG.FTS.B, 17.71%, 4/04/24.. . | 992284206.UG.FTS.B, 17.71%, 4/04/24.. . | 992284206.UG.FTS.B, 17.71%, 4/04/24.. . | 493 | 35 | 992273786.UG.FTS.B, 18.71%, 4/13/24.. . | 259 | 260 |
| 992390939.UG.FTS.B, 17.71%, 4/04/24.. . | 992390939.UG.FTS.B, 17.71%, 4/04/24.. . | 992390939.UG.FTS.B, 17.71%, 4/04/24.. . | 181 | 13 | 992295392.UG.FTS.B, 18.71%, 4/13/24.. . | 126 | 127 |
| 992199364.UG.FTS.B, 18.47%, 4/04/24.. . | 992199364.UG.FTS.B, 18.47%, 4/04/24.. . | 992199364.UG.FTS.B, 18.47%, 4/04/24.. . | 657 | 662 | 992296278.UG.FTS.B, 18.71%, 4/13/24.. . | 757 | 757 |
| 992203524.UG.FTS.B, 18.47%, 4/04/24.. . | 992203524.UG.FTS.B, 18.47%, 4/04/24.. . | 992203524.UG.FTS.B, 18.47%, 4/04/24.. . | 72 | 72 | 992285545.UG.FTS.B, 19.3%, 4/13/24.. . . | 25 | 25 |
| 992214349.UG.FTS.B, 19.3%, 4/04/24.. . . | 992214349.UG.FTS.B, 19.3%, 4/04/24.. . . | 992214349.UG.FTS.B, 19.3%, 4/04/24.. . . | 108 | 108 | 992294062.UG.FTS.B, 19.3%, 4/13/24.. . . | 485 | 487 |
| 992226526.UG.FTS.B, 19.3%, 4/04/24.. . . | 992226526.UG.FTS.B, 19.3%, 4/04/24.. . . | 992226526.UG.FTS.B, 19.3%, 4/04/24.. . . | 84 | 6 | 992306455.UG.FTS.B, 19.3%, 4/13/24.. . . | 31 | 31 |
| 992198683.UG.FTS.B, 20.96%, 4/04/24.. . | 992198683.UG.FTS.B, 20.96%, 4/04/24.. . | 992198683.UG.FTS.B, 20.96%, 4/04/24.. . | 73 | 73 | 992442511.UG.FTS.B, 19.3%, 4/13/24.. . . | 821 | 828 |
| 992200624.UG.FTS.B, 22.45%, 4/04/24.. . | 992200624.UG.FTS.B, 22.45%, 4/04/24.. . | 992200624.UG.FTS.B, 22.45%, 4/04/24.. . | 154 | 38 | 992287467.UG.FTS.B, 19.96%, 4/13/24.. . | 372 | 372 |
| 992264265.UG.FTS.B, 15.47%, 4/05/24.. . | 992264265.UG.FTS.B, 15.47%, 4/05/24.. . | 992264265.UG.FTS.B, 15.47%, 4/05/24.. . | 411 | 412 | 992291144.UG.FTS.B, 19.96%, 4/13/24. . . | 408 | 411 |
| 992208826.UG.FTS.B, 16.49%, 4/05/24.. . | 992208826.UG.FTS.B, 16.49%, 4/05/24.. . | 992208826.UG.FTS.B, 16.49%, 4/05/24.. . | 41 | 41 | 992408155.UG.FTS.B, 19.96%, 4/13/24.. . | 52 | 52 |
| 992224386.UG.FTS.B, 19.3%, 4/05/24.. . . | 992224386.UG.FTS.B, 19.3%, 4/05/24.. . . | 992224386.UG.FTS.B, 19.3%, 4/05/24.. . . | 533 | 535 | 992416542.UG.FTS.B, 19.96%, 4/13/24.. . | 155 | 155 |
| 992231024.UG.FTS.B, 19.3%, 4/05/24.. . . | 992231024.UG.FTS.B, 19.3%, 4/05/24.. . . | 992231024.UG.FTS.B, 19.3%, 4/05/24.. . . | 69 | 69 | 992438647.UG.FTS.B, 19.96%, 4/13/24.. . | 188 | 188 |
| 992205235.UG.FTS.B, 20.47%, 4/05/24.. . | 992205235.UG.FTS.B, 20.47%, 4/05/24.. . | 992205235.UG.FTS.B, 20.47%, 4/05/24.. . | 35 | 35 | 992281614.UG.FTS.B, 20.47%, 4/13/24.. . | 719 | 724 |
| 992203477.UG.FTS.B, 25.45%, 4/05/24.. . | 992203477.UG.FTS.B, 25.45%, 4/05/24.. . | 992203477.UG.FTS.B, 25.45%, 4/05/24.. . | 541 | 537 | 992282729.UG.FTS.B, 20.47%, 4/13/24.. . | 2254 | 2271 |
| 992205418.UG.FTS.B, 26.44%, 4/05/24.. . | 992205418.UG.FTS.B, 26.44%, 4/05/24.. . | 992205418.UG.FTS.B, 26.44%, 4/05/24.. . | 70 | 53 | 992407083.UG.FTS.B, 20.47%, 4/13/24.. . | 313 | 69 |
| 992214868.UG.FTS.B, 26.44%, 4/05/24.. . | 992214868.UG.FTS.B, 26.44%, 4/05/24.. . | 992214868.UG.FTS.B, 26.44%, 4/05/24.. . | 579 | 464 | 992393518.UG.FTS.B, 20.48%, 4/13/24.. . | 85 | 21 |
| 992273098.UG.FTS.B, 15%, 4/06/24. . . . . | 992273098.UG.FTS.B, 15%, 4/06/24. . . . . | 992273098.UG.FTS.B, 15%, 4/06/24. . . . . | 99 | 100 | 992280296.UG.FTS.B, 20.96%, 4/13/24.. . | 113 | 114 |
| 992210289.UG.FTS.B, 15.47%, 4/06/24.. . | 992210289.UG.FTS.B, 15.47%, 4/06/24.. . | 992210289.UG.FTS.B, 15.47%, 4/06/24.. . | 32 | 32 | 992272885.UG.FTS.B, 21.48%, 4/13/24.. . | 357 | 359 |
| 992223672.UG.FTS.B, 15.47%, 4/06/24.. . | 992223672.UG.FTS.B, 15.47%, 4/06/24.. . | 992223672.UG.FTS.B, 15.47%, 4/06/24.. . | 246 | 248 | 992278237.UG.FTS.B, 21.48%, 4/13/24.. . | 131 | 132 |
| 992271907.UG.FTS.B, 16.49%, 4/06/24.. . | 992271907.UG.FTS.B, 16.49%, 4/06/24.. . | 992271907.UG.FTS.B, 16.49%, 4/06/24.. . | 73 | 74 | 992288043.UG.FTS.B, 21.48%, 4/13/24.. . | 183 | 181 |
| 992224003.UG.FTS.B, 17.47%, 4/06/24.. . | 992224003.UG.FTS.B, 17.47%, 4/06/24.. . | 992224003.UG.FTS.B, 17.47%, 4/06/24.. . | 853 | 860 | 992293786.UG.FTS.B, 21.48%, 4/13/24.. . | 186 | 187 |
| 992275288.UG.FTS.B, 17.49%, 4/06/24.. . | 992275288.UG.FTS.B, 17.49%, 4/06/24.. . | 992275288.UG.FTS.B, 17.49%, 4/06/24.. . | 465 | 469 | 992370426.UG.FTS.B, 21.48%, 4/13/24.. . | 50 | 50 |
| 992243829.UG.FTS.B, 15%, 4/08/24. . . . . | 992243829.UG.FTS.B, 15%, 4/08/24. . . . . | 992243829.UG.FTS.B, 15%, 4/08/24. . . . . | 247 | 250 | 992319188.UG.FTS.B, 22.45%, 4/13/24.. . | 214 | 215 |
| 992238414.UG.FTS.B, 15.49%, 4/08/24.. . | 992238414.UG.FTS.B, 15.49%, 4/08/24.. . | 992238414.UG.FTS.B, 15.49%, 4/08/24.. . | 1555 | 1572 | 992355685.UG.FTS.B, 22.45%, 4/13/24.. . | 39 | 39 |
| 992365635.UG.FTS.B, 15.49%, 4/08/24.. . | 992365635.UG.FTS.B, 15.49%, 4/08/24.. . | 992365635.UG.FTS.B, 15.49%, 4/08/24.. . | 532 | 533 | 992410885.UG.FTS.B, 23.45%, 4/13/24.. . | 136 | 137 |
| 992307654.UG.FTS.B, 16.49%, 4/08/24.. . | 992307654.UG.FTS.B, 16.49%, 4/08/24.. . | 992307654.UG.FTS.B, 16.49%, 4/08/24.. . | 762 | 760 | 992302462.UG.FTS.B, 25.45%, 4/13/24.. . | 82 | 62 |
| 992319179.UG.FTS.B, 16.49%, 4/08/24.. . | 992319179.UG.FTS.B, 16.49%, 4/08/24.. . | 992319179.UG.FTS.B, 16.49%, 4/08/24.. . | 649 | 656 | 992317039.UG.FTS.B, 25.45%, 4/13/24.. . | 16 | 15 |
| 992345372.UG.FTS.B, 16.49%, 4/08/24.. . | 992345372.UG.FTS.B, 16.49%, 4/08/24.. . | 992345372.UG.FTS.B, 16.49%, 4/08/24.. . | 119 | 120 | 992285505.UG.FTS.B, 26.44%, 4/13/24.. . | 602 | 189 |
| 992259612.UG.FTS.B, 17.49%, 4/08/24.. . | 992259612.UG.FTS.B, 17.49%, 4/08/24.. . | 992259612.UG.FTS.B, 17.49%, 4/08/24.. . | 98 | 99 | 992292792.UG.FTS.B, Zero Cpn, 4/14/24.. | 3942 | 278 |
| 992233216.UG.FTS.B, 17.71%, 4/08/24.. . | 992233216.UG.FTS.B, 17.71%, 4/08/24.. . | 992233216.UG.FTS.B, 17.71%, 4/08/24.. . | 14 | 14 | 992300869.UG.FTS.B, Zero Cpn, 4/14/24.. | 1226 | 86 |
| 992236271.UG.FTS.B, 17.71%, 4/08/24.. . | 992236271.UG.FTS.B, 17.71%, 4/08/24.. . | 992236271.UG.FTS.B, 17.71%, 4/08/24.. . | 44 | 44 | 992290354.UG.FTS.B, 14%, 4/14/24. . . . . | 374 | 379 |
| 992468612.UG.FTS.B, 17.71%, 4/08/24.. . | 992468612.UG.FTS.B, 17.71%, 4/08/24.. . | 992468612.UG.FTS.B, 17.71%, 4/08/24.. . | 84 | 83 | 992290716.UG.FTS.B, 14.48%, 4/14/24.. . | 490 | 496 |
| 992414220.UG.FTS.B, Zero Cpn, 4/09/24.. | 992414220.UG.FTS.B, Zero Cpn, 4/09/24.. | 992414220.UG.FTS.B, Zero Cpn, 4/09/24.. | 745 | 53 | 992290505.UG.FTS.B, 16.49%, 4/14/24.. . | 101 | 102 |
| 992319099.UG.FTS.B, 14.47%, 4/09/24.. . | 992319099.UG.FTS.B, 14.47%, 4/09/24.. . | 992319099.UG.FTS.B, 14.47%, 4/09/24.. . | 823 | 833 | 992292653.UG.FTS.B, 16.49%, 4/14/24.. . | 1234 | 1247 |
| 992401186.UG.FTS.B, 14.47%, 4/09/24. . . | 992401186.UG.FTS.B, 14.47%, 4/09/24. . . | 992401186.UG.FTS.B, 14.47%, 4/09/24. . . | 65 | 66 | 992293830.UG.FTS.B, 16.49%, 4/14/24.. . | 355 | 359 |
| 992309664.UG.FTS.B, 15.47%, 4/09/24.. . | 992309664.UG.FTS.B, 15.47%, 4/09/24.. . | 992309664.UG.FTS.B, 15.47%, 4/09/24.. . | 130 | 131 | 992288452.UG.FTS.B, 19.3%, 4/14/24.. . . | – | – |
| 992432032.UG.FTS.B, 16.49%, 4/09/24.. . | 992432032.UG.FTS.B, 16.49%, 4/09/24.. . | 992432032.UG.FTS.B, 16.49%, 4/09/24.. . | 387 | 389 | 992295741.UG.FTS.B, 19.96%, 4/14/24.. . | 226 | 228 |
| 992280719.UG.FTS.B, 17.49%, 4/09/24.. . | 992280719.UG.FTS.B, 17.49%, 4/09/24.. . | 992280719.UG.FTS.B, 17.49%, 4/09/24.. . | 106 | 107 | 992285635.UG.FTS.B, 20.47%, 4/14/24.. . | 285 | 287 |
| 992338360.UG.FTS.B, 17.49%, 4/09/24.. . | 992338360.UG.FTS.B, 17.49%, 4/09/24.. . | 992338360.UG.FTS.B, 17.49%, 4/09/24.. . | 64 | 65 | 992314331.UG.FTS.B, 20.47%, 4/14/24.. . | 153 | 154 |
| 992269238.UG.FTS.B, 17.71%, 4/09/24.. . | 992269238.UG.FTS.B, 17.71%, 4/09/24.. . | 992269238.UG.FTS.B, 17.71%, 4/09/24.. . | 72 | 73 | 992295775.UG.FTS.B, 20.96%, 4/14/24.. . | 100 | 101 |
| 992386769.UG.FTS.B, 15%, 4/10/24. . . . . | 992386769.UG.FTS.B, 15%, 4/10/24. . . . . | 992386769.UG.FTS.B, 15%, 4/10/24. . . . . | 210 | 213 | 992303807.UG.FTS.B, 20.96%, 4/14/24.. . | 362 | 364 |
| 76 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 76 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992306624.UG.FTS.B, 23.45%, 4/14/24.. . | $274 | $275 | 992308596.UG.FTS.B, 29.49%, 4/16/24.. . $248 | 992308596.UG.FTS.B, 29.49%, 4/16/24.. . $248 | $253 | 253 |
| 992309647.UG.FTS.B, 25.45%, 4/14/24.. . | 104 | 104 | 992308718.UG.FTS.B, 29.49%, 4/16/24.. . | 115 | 31 | 31 |
| 992296795.UG.FTS.B, 28.48%, 4/14/24.. . | 690 | 688 | 992308875.UG.FTS.B, 29.49%, 4/16/24.. . | 90 | 92 | 92 |
| 992297304.UG.FTS.B, 28.48%, 4/14/24.. . | 44 | 44 | 992308975.UG.FTS.B, 29.49%, 4/16/24.. . | 86 | 86 | 86 |
| 992287769.UG.FTS.B, 29.48%, 4/14/24.. . | 116 | 7 | 992309433.UG.FTS.B, 29.49%, 4/16/24.. . | 684 | 693 | 693 |
| 992287940.UG.FTS.B, 29.48%, 4/14/24.. . | 684 | 46 | 992309470.UG.FTS.B, 29.49%, 4/16/24.. . | 63 | 18 | 18 |
| 992287364.UG.FTS.B, 29.49%, 4/14/24.. . | 591 | 591 | 992382966.UG.FTS.B, 16.49%, 4/17/24.. . | 65 | 65 | 65 |
| 992288979.UG.FTS.B, 29.49%, 4/14/24.. . | 876 | 882 | 992377455.UG.FTS.B, 17.47%, 4/17/24.. . | 83 | 83 | 83 |
| 992307006.UG.FTS.B, 29.49%, 4/14/24.. . | 45 | 4 | 992330165.UG.FTS.B, 17.71%, 4/17/24.. . | 199 | 201 | 201 |
| 992326319.UG.FTS.B, 16.49%, 4/15/24.. . | 6 | 7 | 992415773.UG.FTS.B, 17.71%, 4/17/24.. . | 765 | 97 | 97 |
| 992348358.UG.FTS.B, 16.49%, 4/15/24.. . | 1792 | 223 | 992560425.UG.FTS.B, 17.71%, 4/17/24.. . | 504 | 506 | 506 |
| 992311352.UG.FTS.B, 17.49%, 4/15/24. . . | 87 | 88 | 992327297.UG.FTS.B, Zero Cpn, 4/18/24.. | 664 | 46 | 46 |
| 992322124.UG.FTS.B, 17.49%, 4/15/24.. . | 225 | 56 | 992323415.UG.FTS.B, 16.49%, 4/18/24.. . | – |  | – |
| 992497171.UG.FTS.B, 17.49%, 4/15/24.. . | 307 | 76 | 992325161.UG.FTS.B, 17.47%, 4/18/24.. . | 267 | 34 | 34 |
| 992571822.UG.FTS.B, 17.49%, 4/15/24.. . | 155 | 154 | 992430585.UG.FTS.B, 17.49%, 4/18/24.. . | 35 | 35 | 35 |
| 992294831.UG.FTS.B, 17.71%, 4/15/24.. . | 530 | 535 | 992538751.UG.FTS.B, 17.49%, 4/18/24.. . | 400 | 28 | 28 |
| 992299108.UG.FTS.B, 18.47%, 4/15/24.. . | 417 | 421 | 992578790.UG.FTS.B, 17.49%, 4/18/24.. . | 136 | 137 | 137 |
| 992298014.UG.FTS.B, 19.96%, 4/15/24.. . | – | – | 992325509.UG.FTS.B, 17.71%, 4/18/24.. . | 311 | 311 | 311 |
| 992298332.UG.FTS.B, 19.99%, 4/15/24.. . | 1298 | 1321 | 992500635.UG.FTS.B, 22.45%, 4/18/24.. . | 425 | (11) | (11) |
| 992305270.UG.FTS.B, 23.45%, 4/15/24.. . | 188 | 189 | 992416946.UG.FTS.B, 26.44%, 4/18/24.. . | 402 | 403 | 403 |
| 992298300.UG.FTS.B, 25.45%, 4/15/24.. . | 171 | 171 | 992324104.UG.FTS.B, 29.48%, 4/18/24.. . | 9 | 9 | 9 |
| 992294369.UG.FTS.B, 26.44%, 4/15/24.. . | 534 | 80 | 992446560.UG.FTS.B, 29.48%, 4/18/24.. . | 165 | 169 | 169 |
| 992296550.UG.FTS.B, 28.48%, 4/15/24.. . | 267 | 273 | 992322952.UG.FTS.B, 29.49%, 4/18/24.. . | 42 | 42 | 42 |
| 992299907.UG.FTS.B, 28.48%, 4/15/24.. . | 214 | 217 | 992387026.UG.FTS.B, 29.49%, 4/18/24.. . | 48 | 48 | 48 |
| 992298353.UG.FTS.B, 29.48%, 4/15/24.. . | 788 | 794 | 992410578.UG.FTS.B, 29.49%, 4/18/24.. . | 63 | (2) | (2) |
| 992310124.UG.FTS.B, 29.48%, 4/15/24.. . | 64 | 4 | 992463106.UG.FTS.B, Zero Cpn, 4/19/24.. | 86 | 6 | 6 |
| 992296348.UG.FTS.B, 29.49%, 4/15/24.. . | 52 | 52 | 992445261.UG.FTS.B, 14.48%, 4/19/24.. . | 338 | 340 | 340 |
| 992298570.UG.FTS.B, 29.49%, 4/15/24.. . | 139 | 142 | 992344509.UG.FTS.B, 16.49%, 4/19/24.. . | 114 | 9 | 9 |
| 992299330.UG.FTS.B, 29.49%, 4/15/24.. . | 263 | 21 | 992368975.UG.FTS.B, 17.49%, 4/19/24.. . | 710 | 720 | 720 |
| 992301040.UG.FTS.B, 29.49%, 4/15/24.. . | 56 | 17 | 992415751.UG.FTS.B, 17.49%, 4/19/24.. . | 603 | 611 | 611 |
| 992305685.UG.FTS.B, 29.49%, 4/15/24.. . | 230 | 226 | 992426955.UG.FTS.B, 17.49%, 4/19/24.. . | 142 | 144 | 144 |
| 992308999.UG.FTS.B, Zero Cpn, 4/16/24.. | 64 | 5 | 992449613.UG.FTS.B, 17.49%, 4/19/24.. . | 27 | 27 | 27 |
| 992310488.UG.FTS.B, Zero Cpn, 4/16/24.. | 275 | 19 | 992454726.UG.FTS.B, 17.49%, 4/19/24.. . | 1415 | 1434 | 1434 |
| 992425133.UG.FTS.B, 17.47%, 4/16/24.. . | 879 | 884 | 992570603.UG.FTS.B, 21.48%, 4/19/24.. . | 47 | 47 | 47 |
| 992305131.UG.FTS.B, 19.96%, 4/16/24.. . | 28 | 28 | 992332652.UG.FTS.B, 22.47%, 4/19/24.. . | 87 | 7 | 7 |
| 992307140.UG.FTS.B, 21.48%, 4/16/24.. . | 572 | 577 | 992336475.UG.FTS.B, 28.48%, 4/19/24.. . | 67 | 69 | 69 |
| 992307115.UG.FTS.B, 25.44%, 4/16/24. . . | 76 | 77 | 992355303.UG.FTS.B, 28.48%, 4/19/24.. . | 526 | 539 | 539 |
| 992307314.UG.FTS.B, 25.45%, 4/16/24.. . | 987 | 993 | 992397817.UG.FTS.B, 28.48%, 4/19/24.. . | 150 | 153 | 153 |
| 992306818.UG.FTS.B, 28.48%, 4/16/24.. . | 67 | 68 | 992404979.UG.FTS.B, 28.48%, 4/19/24.. . | 632 | 645 | 645 |
| 992307966.UG.FTS.B, 28.48%, 4/16/24.. . | 122 | 124 | 992600081.UG.FTS.B, 28.48%, 4/19/24.. . | 6 | 6 | 6 |
| 992308729.UG.FTS.B, 28.48%, 4/16/24.. . | 41 | 42 | 992335054.UG.FTS.B, 29.46%, 4/19/24.. . | 193 | 14 | 14 |
| 992309855.UG.FTS.B, 29.47%, 4/16/24.. . | 237 | 240 | 992504174.UG.FTS.B, 29.48%, 4/19/24.. . | 59 | 59 | 59 |
| 992304577.UG.FTS.B, 29.48%, 4/16/24.. . | 167 | 170 | 992336580.UG.FTS.B, 29.49%, 4/19/24.. . | 246 | 249 | 249 |
| 992304827.UG.FTS.B, 29.49%, 4/16/24.. . | 155 | 159 | 992337236.UG.FTS.B, 29.49%, 4/19/24.. . | 67 | 68 | 68 |
| 992305107.UG.FTS.B, 29.49%, 4/16/24.. . | 70 | 72 | 992343783.UG.FTS.B, 29.49%, 4/19/24.. . | 282 | 6 | 6 |
| 992305369.UG.FTS.B, 29.49%, 4/16/24.. . | 95 | 94 | 992345657.UG.FTS.B, 29.49%, 4/19/24.. . | 44 | 45 | 45 |
| 992306092.UG.FTS.B, 29.49%, 4/16/24.. . | 245 | 249 | 992363936.UG.FTS.B, 29.49%, 4/19/24.. . | 171 | 170 | 170 |
| 992306428.UG.FTS.B, 29.49%, 4/16/24.. . | 39 | 39 | 992367661.UG.FTS.B, 29.49%, 4/19/24.. . | 31 | 31 | 31 |
| 992306433.UG.FTS.B, 29.49%, 4/16/24.. . | 325 | 332 | 992384552.UG.FTS.B, 29.49%, 4/19/24.. . | 851 | 852 | 852 |
| 992306561.UG.FTS.B, 29.49%, 4/16/24.. . | 18 | 18 | 992395307.UG.FTS.B, 29.49%, 4/19/24.. . | 50 | 50 | 50 |
| 992306896.UG.FTS.B, 29.49%, 4/16/24.. . | 115 | 113 | 992491125.UG.FTS.B, 29.49%, 4/19/24. . . | 145 | 144 | 144 |
| 992307114.UG.FTS.B, 29.49%, 4/16/24. . . | 274 | 280 | 992510143.UG.FTS.B, 29.49%, 4/19/24.. . | 147 | 148 | 148 |
| 992307488.UG.FTS.B, 29.49%, 4/16/24.. . | 358 | 365 | 992574074.UG.FTS.B, 29.49%, 4/19/24.. . | 257 | 257 | 257 |
| 992307961.UG.FTS.B, 29.49%, 4/16/24.. . | 312 | 318 | 992593267.UG.FTS.B, 29.49%, 4/19/24.. . | 75 | 75 | 75 |
| 992308240.UG.FTS.B, 29.49%, 4/16/24.. . | 428 | 436 | 992609319.UG.FTS.B, 29.49%, 4/19/24.. . | 628 | 632 | 632 |
| 992308268.UG.FTS.B, 29.49%, 4/16/24.. . | 130 | 21 | 992612415.UG.FTS.B, 29.49%, 4/19/24.. . | 156 | 157 | 157 |
| 992308292.UG.FTS.B, 29.49%, 4/16/24.. . | 13 | 13 | 992339453.UG.FTS.B, Zero Cpn, 4/20/24.. | 94 | 7 | 7 |
| 992308347.UG.FTS.B, 29.49%, 4/16/24.. . | 845 | 864 | 992344440.UG.FTS.B, Zero Cpn, 4/20/24.. | 110 | 8 | 8 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 77 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 77 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992348017.UG.FTS.B, Zero Cpn, 4/20/24.. $ | 992348017.UG.FTS.B, Zero Cpn, 4/20/24.. $ | 992348017.UG.FTS.B, Zero Cpn, 4/20/24.. $ | 67 | $5 | 992344042.UG.FTS.B, 29.49%, 4/20/24.. . $ | 591 | $87 |
| 992354097.UG.FTS.B, Zero Cpn, 4/20/24.. | 992354097.UG.FTS.B, Zero Cpn, 4/20/24.. | 992354097.UG.FTS.B, Zero Cpn, 4/20/24.. | 154 | 11 | 992346213.UG.FTS.B, 29.49%, 4/20/24.. . | 194 | 198 |
| 992357316.UG.FTS.B, Zero Cpn, 4/20/24.. | 992357316.UG.FTS.B, Zero Cpn, 4/20/24.. | 992357316.UG.FTS.B, Zero Cpn, 4/20/24.. | 207 | 14 | 992347613.UG.FTS.B, 29.49%, 4/20/24.. . | 723 | 739 |
| 992360648.UG.FTS.B, Zero Cpn, 4/20/24.. | 992360648.UG.FTS.B, Zero Cpn, 4/20/24.. | 992360648.UG.FTS.B, Zero Cpn, 4/20/24.. | 70 | 5 | 992349101.UG.FTS.B, 29.49%, 4/20/24.. . | 104 | 106 |
| 992418381.UG.FTS.B, Zero Cpn, 4/20/24.. | 992418381.UG.FTS.B, Zero Cpn, 4/20/24.. | 992418381.UG.FTS.B, Zero Cpn, 4/20/24.. | 131 | 9 | 992350167.UG.FTS.B, 29.49%, 4/20/24.. . | 353 | 358 |
| 992458611.UG.FTS.B, Zero Cpn, 4/20/24.. | 992458611.UG.FTS.B, Zero Cpn, 4/20/24.. | 992458611.UG.FTS.B, Zero Cpn, 4/20/24.. | 795 | 55 | 992352296.UG.FTS.B, 29.49%, 4/20/24.. . | 213 | 210 |
| 992480683.UG.FTS.B, Zero Cpn, 4/20/24.. | 992480683.UG.FTS.B, Zero Cpn, 4/20/24.. | 992480683.UG.FTS.B, Zero Cpn, 4/20/24.. | 41 | 3 | 992352916.UG.FTS.B, 29.49%, 4/20/24.. . | 45 | 46 |
| 992523692.UG.FTS.B, Zero Cpn, 4/20/24.. | 992523692.UG.FTS.B, Zero Cpn, 4/20/24.. | 992523692.UG.FTS.B, Zero Cpn, 4/20/24.. | 151 | 10 | 992353094.UG.FTS.B, 29.49%, 4/20/24.. . | 210 | 211 |
| 992629393.UG.FTS.B, Zero Cpn, 4/20/24.. | 992629393.UG.FTS.B, Zero Cpn, 4/20/24.. | 992629393.UG.FTS.B, Zero Cpn, 4/20/24.. | 25 | 2 | 992354115.UG.FTS.B, 29.49%, 4/20/24. . . | 60 | 60 |
| 992632287.UG.FTS.B, Zero Cpn, 4/20/24.. | 992632287.UG.FTS.B, Zero Cpn, 4/20/24.. | 992632287.UG.FTS.B, Zero Cpn, 4/20/24.. | 32 | 2 | 992354662.UG.FTS.B, 29.49%, 4/20/24.. . | 28 | 28 |
| 992343087.UG.FTS.B, 19.99%, 4/20/24.. . | 992343087.UG.FTS.B, 19.99%, 4/20/24.. . | 992343087.UG.FTS.B, 19.99%, 4/20/24.. . | 219 | 35 | 992354733.UG.FTS.B, 29.49%, 4/20/24.. . | 141 | 144 |
| 992345757.UG.FTS.B, 19.99%, 4/20/24.. . | 992345757.UG.FTS.B, 19.99%, 4/20/24.. . | 992345757.UG.FTS.B, 19.99%, 4/20/24.. . | 50 | 51 | 992356471.UG.FTS.B, 29.49%, 4/20/24.. . | 24 | 25 |
| 992599263.UG.FTS.B, 19.99%, 4/20/24.. . | 992599263.UG.FTS.B, 19.99%, 4/20/24.. . | 992599263.UG.FTS.B, 19.99%, 4/20/24.. . | 41 | 42 | 992357683.UG.FTS.B, 29.49%, 4/20/24.. . | 72 | 73 |
| 992552647.UG.FTS.B, 25.45%, 4/20/24.. . | 992552647.UG.FTS.B, 25.45%, 4/20/24.. . | 992552647.UG.FTS.B, 25.45%, 4/20/24.. . | 114 | 115 | 992359352.UG.FTS.B, 29.49%, 4/20/24.. . | 241 | 246 |
| 992392448.UG.FTS.B, 26.44%, 4/20/24.. . | 992392448.UG.FTS.B, 26.44%, 4/20/24.. . | 992392448.UG.FTS.B, 26.44%, 4/20/24.. . | 1811 | 1812 | 992360936.UG.FTS.B, 29.49%, 4/20/24.. . | 172 | 172 |
| 992477866.UG.FTS.B, 26.44%, 4/20/24.. . | 992477866.UG.FTS.B, 26.44%, 4/20/24.. . | 992477866.UG.FTS.B, 26.44%, 4/20/24.. . | 28 | 28 | 992362211.UG.FTS.B, 29.49%, 4/20/24. . . | – | – |
| 992410060.UG.FTS.B, 27.99%, 4/20/24.. . | 992410060.UG.FTS.B, 27.99%, 4/20/24.. . | 992410060.UG.FTS.B, 27.99%, 4/20/24.. . | 154 | (1) | 992364036.UG.FTS.B, 29.49%, 4/20/24.. . | 104 | 105 |
| 992338915.UG.FTS.B, 28.48%, 4/20/24.. . | 992338915.UG.FTS.B, 28.48%, 4/20/24.. . | 992338915.UG.FTS.B, 28.48%, 4/20/24.. . | 87 | 89 | 992369622.UG.FTS.B, 29.49%, 4/20/24.. . | 1058 | 1050 |
| 992340305.UG.FTS.B, 28.48%, 4/20/24.. . | 992340305.UG.FTS.B, 28.48%, 4/20/24.. . | 992340305.UG.FTS.B, 28.48%, 4/20/24.. . | 39 | 39 | 992371322.UG.FTS.B, 29.49%, 4/20/24.. . | 70 | 72 |
| 992404296.UG.FTS.B, 28.48%, 4/20/24.. . | 992404296.UG.FTS.B, 28.48%, 4/20/24.. . | 992404296.UG.FTS.B, 28.48%, 4/20/24.. . | 29 | 29 | 992375330.UG.FTS.B, 29.49%, 4/20/24.. . | 597 | 53 |
| 992405045.UG.FTS.B, 28.48%, 4/20/24.. . | 992405045.UG.FTS.B, 28.48%, 4/20/24.. . | 992405045.UG.FTS.B, 28.48%, 4/20/24.. . | 107 | 110 | 992376565.UG.FTS.B, 29.49%, 4/20/24.. . | 196 | 196 |
| 992410913.UG.FTS.B, 28.48%, 4/20/24.. . | 992410913.UG.FTS.B, 28.48%, 4/20/24.. . | 992410913.UG.FTS.B, 28.48%, 4/20/24.. . | 36 | 36 | 992377143.UG.FTS.B, 29.49%, 4/20/24.. . | 44 | 44 |
| 992418355.UG.FTS.B, 28.48%, 4/20/24.. . | 992418355.UG.FTS.B, 28.48%, 4/20/24.. . | 992418355.UG.FTS.B, 28.48%, 4/20/24.. . | 324 | 331 | 992383594.UG.FTS.B, 29.49%, 4/20/24.. . | 64 | 5 |
| 992442265.UG.FTS.B, 28.48%, 4/20/24.. . | 992442265.UG.FTS.B, 28.48%, 4/20/24.. . | 992442265.UG.FTS.B, 28.48%, 4/20/24.. . | 225 | 225 | 992387043.UG.FTS.B, 29.49%, 4/20/24.. . | 51 | 52 |
| 992451594.UG.FTS.B, 28.48%, 4/20/24.. . | 992451594.UG.FTS.B, 28.48%, 4/20/24.. . | 992451594.UG.FTS.B, 28.48%, 4/20/24.. . | 43 | 44 | 992387443.UG.FTS.B, 29.49%, 4/20/24.. . | 46 | 4 |
| 992487906.UG.FTS.B, 28.48%, 4/20/24.. . | 992487906.UG.FTS.B, 28.48%, 4/20/24.. . | 992487906.UG.FTS.B, 28.48%, 4/20/24.. . | 223 | 228 | 992388667.UG.FTS.B, 29.49%, 4/20/24.. . | 79 | 12 |
| 992488212.UG.FTS.B, 28.48%, 4/20/24.. . | 992488212.UG.FTS.B, 28.48%, 4/20/24.. . | 992488212.UG.FTS.B, 28.48%, 4/20/24.. . | 98 | 99 | 992390551.UG.FTS.B, 29.49%, 4/20/24.. . | 106 | (4) |
| 992488295.UG.FTS.B, 28.48%, 4/20/24.. . | 992488295.UG.FTS.B, 28.48%, 4/20/24.. . | 992488295.UG.FTS.B, 28.48%, 4/20/24.. . | 7 | 6 | 992392981.UG.FTS.B, 29.49%, 4/20/24.. . | 19 | 20 |
| 992575704.UG.FTS.B, 28.48%, 4/20/24.. . | 992575704.UG.FTS.B, 28.48%, 4/20/24.. . | 992575704.UG.FTS.B, 28.48%, 4/20/24.. . | 123 | 125 | 992394679.UG.FTS.B, 29.49%, 4/20/24.. . | 207 | 206 |
| 992628071.UG.FTS.B, 28.48%, 4/20/24.. . | 992628071.UG.FTS.B, 28.48%, 4/20/24.. . | 992628071.UG.FTS.B, 28.48%, 4/20/24.. . | 78 | 78 | 992400562.UG.FTS.B, 29.49%, 4/20/24.. . | 17 | 17 |
| 992340126.UG.FTS.B, 29.45%, 4/20/24.. . | 992340126.UG.FTS.B, 29.45%, 4/20/24.. . | 992340126.UG.FTS.B, 29.45%, 4/20/24.. . | 235 | 235 | 992401273.UG.FTS.B, 29.49%, 4/20/24.. . | 151 | 154 |
| 992354757.UG.FTS.B, 29.45%, 4/20/24.. . | 992354757.UG.FTS.B, 29.45%, 4/20/24.. . | 992354757.UG.FTS.B, 29.45%, 4/20/24.. . | 10 | 10 | 992402629.UG.FTS.B, 29.49%, 4/20/24.. . | 474 | 486 |
| 992358192.UG.FTS.B, 29.46%, 4/20/24.. . | 992358192.UG.FTS.B, 29.46%, 4/20/24.. . | 992358192.UG.FTS.B, 29.46%, 4/20/24.. . | 131 | 9 | 992402850.UG.FTS.B, 29.49%, 4/20/24.. . | 75 | 77 |
| 992436051.UG.FTS.B, 29.46%, 4/20/24.. . | 992436051.UG.FTS.B, 29.46%, 4/20/24.. . | 992436051.UG.FTS.B, 29.46%, 4/20/24.. . | 362 | 371 | 992404049.UG.FTS.B, 29.49%, 4/20/24.. . | 208 | 210 |
| 992369701.UG.FTS.B, 29.47%, 4/20/24.. . | 992369701.UG.FTS.B, 29.47%, 4/20/24.. . | 992369701.UG.FTS.B, 29.47%, 4/20/24.. . | 81 | 12 | 992404337.UG.FTS.B, 29.49%, 4/20/24.. . | 97 | 99 |
| 992376846.UG.FTS.B, 29.47%, 4/20/24.. . | 992376846.UG.FTS.B, 29.47%, 4/20/24.. . | 992376846.UG.FTS.B, 29.47%, 4/20/24.. . | 16 | 16 | 992404537.UG.FTS.B, 29.49%, 4/20/24.. . | 89 | 68 |
| 992341376.UG.FTS.B, 29.48%, 4/20/24.. . | 992341376.UG.FTS.B, 29.48%, 4/20/24.. . | 992341376.UG.FTS.B, 29.48%, 4/20/24.. . | 110 | 113 | 992405803.UG.FTS.B, 29.49%, 4/20/24.. . | 196 | 194 |
| 992341441.UG.FTS.B, 29.48%, 4/20/24.. . | 992341441.UG.FTS.B, 29.48%, 4/20/24.. . | 992341441.UG.FTS.B, 29.48%, 4/20/24.. . | 527 | 37 | 992407280.UG.FTS.B, 29.49%, 4/20/24.. . | 109 | 111 |
| 992341787.UG.FTS.B, 29.48%, 4/20/24.. . | 992341787.UG.FTS.B, 29.48%, 4/20/24.. . | 992341787.UG.FTS.B, 29.48%, 4/20/24.. . | 111 | 111 | 992410379.UG.FTS.B, 29.49%, 4/20/24.. . | 75 | 77 |
| 992344302.UG.FTS.B, 29.48%, 4/20/24.. . | 992344302.UG.FTS.B, 29.48%, 4/20/24.. . | 992344302.UG.FTS.B, 29.48%, 4/20/24.. . | 647 | 660 | 992410530.UG.FTS.B, 29.49%, 4/20/24.. . | 19 | 19 |
| 992355773.UG.FTS.B, 29.48%, 4/20/24.. . | 992355773.UG.FTS.B, 29.48%, 4/20/24.. . | 992355773.UG.FTS.B, 29.48%, 4/20/24.. . | 210 | 215 | 992414337.UG.FTS.B, 29.49%, 4/20/24.. . | 184 | 188 |
| 992361225.UG.FTS.B, 29.48%, 4/20/24.. . | 992361225.UG.FTS.B, 29.48%, 4/20/24.. . | 992361225.UG.FTS.B, 29.48%, 4/20/24.. . | 83 | 84 | 992415082.UG.FTS.B, 29.49%, 4/20/24.. . | 221 | 226 |
| 992362358.UG.FTS.B, 29.48%, 4/20/24.. . | 992362358.UG.FTS.B, 29.48%, 4/20/24.. . | 992362358.UG.FTS.B, 29.48%, 4/20/24.. . | 71 | 73 | 992417398.UG.FTS.B, 29.49%, 4/20/24.. . | 75 | 77 |
| 992365581.UG.FTS.B, 29.48%, 4/20/24.. . | 992365581.UG.FTS.B, 29.48%, 4/20/24.. . | 992365581.UG.FTS.B, 29.48%, 4/20/24.. . | 183 | 181 | 992422684.UG.FTS.B, 29.49%, 4/20/24.. . | 245 | 251 |
| 992382847.UG.FTS.B, 29.48%, 4/20/24.. . | 992382847.UG.FTS.B, 29.48%, 4/20/24.. . | 992382847.UG.FTS.B, 29.48%, 4/20/24.. . | 191 | 192 | 992438671.UG.FTS.B, 29.49%, 4/20/24.. . | 85 | 86 |
| 992400950.UG.FTS.B, 29.48%, 4/20/24.. . | 992400950.UG.FTS.B, 29.48%, 4/20/24.. . | 992400950.UG.FTS.B, 29.48%, 4/20/24.. . | 38 | 38 | 992442696.UG.FTS.B, 29.49%, 4/20/24.. . | 226 | 231 |
| 992539324.UG.FTS.B, 29.48%, 4/20/24.. . | 992539324.UG.FTS.B, 29.48%, 4/20/24.. . | 992539324.UG.FTS.B, 29.48%, 4/20/24.. . | 58 | 59 | 992443391.UG.FTS.B, 29.49%, 4/20/24.. . | 445 | 34 |
| 992338161.UG.FTS.B, 29.49%, 4/20/24.. . | 992338161.UG.FTS.B, 29.49%, 4/20/24.. . | 992338161.UG.FTS.B, 29.49%, 4/20/24.. . | 134 | 137 | 992445119.UG.FTS.B, 29.49%, 4/20/24. . . | 365 | 373 |
| 992338288.UG.FTS.B, 29.49%, 4/20/24.. . | 992338288.UG.FTS.B, 29.49%, 4/20/24.. . | 992338288.UG.FTS.B, 29.49%, 4/20/24.. . | 421 | 64 | 992446873.UG.FTS.B, 29.49%, 4/20/24.. . | 42 | 43 |
| 992339714.UG.FTS.B, 29.49%, 4/20/24.. . | 992339714.UG.FTS.B, 29.49%, 4/20/24.. . | 992339714.UG.FTS.B, 29.49%, 4/20/24.. . | 210 | 15 | 992447012.UG.FTS.B, 29.49%, 4/20/24.. . | 116 | 118 |
| 992339822.UG.FTS.B, 29.49%, 4/20/24.. . | 992339822.UG.FTS.B, 29.49%, 4/20/24.. . | 992339822.UG.FTS.B, 29.49%, 4/20/24.. . | 102 | 101 | 992448680.UG.FTS.B, 29.49%, 4/20/24.. . | 44 | 45 |
| 992340076.UG.FTS.B, 29.49%, 4/20/24.. . | 992340076.UG.FTS.B, 29.49%, 4/20/24.. . | 992340076.UG.FTS.B, 29.49%, 4/20/24.. . | 1289 | 1265 | 992458939.UG.FTS.B, 29.49%, 4/20/24.. . | 289 | 290 |
| 992340315.UG.FTS.B, 29.49%, 4/20/24.. . | 992340315.UG.FTS.B, 29.49%, 4/20/24.. . | 992340315.UG.FTS.B, 29.49%, 4/20/24.. . | 418 | 428 | 992462050.UG.FTS.B, 29.49%, 4/20/24.. . | 147 | 150 |
| 992340795.UG.FTS.B, 29.49%, 4/20/24.. . | 992340795.UG.FTS.B, 29.49%, 4/20/24.. . | 992340795.UG.FTS.B, 29.49%, 4/20/24.. . | 169 | 172 | 992469033.UG.FTS.B, 29.49%, 4/20/24.. . | 57 | 58 |
| 992341348.UG.FTS.B, 29.49%, 4/20/24.. . | 992341348.UG.FTS.B, 29.49%, 4/20/24.. . | 992341348.UG.FTS.B, 29.49%, 4/20/24.. . | 123 | 126 | 992470838.UG.FTS.B, 29.49%, 4/20/24.. . | 96 | 98 |
| 992343175.UG.FTS.B, 29.49%, 4/20/24.. . | 992343175.UG.FTS.B, 29.49%, 4/20/24.. . | 992343175.UG.FTS.B, 29.49%, 4/20/24.. . | 89 | 91 | 992471190.UG.FTS.B, 29.49%, 4/20/24. . . | 615 | 620 |
| 992343678.UG.FTS.B, 29.49%, 4/20/24.. . | 992343678.UG.FTS.B, 29.49%, 4/20/24.. . | 992343678.UG.FTS.B, 29.49%, 4/20/24.. . | 171 | 175 | 992474001.UG.FTS.B, 29.49%, 4/20/24.. . | 157 | 160 |
| 992343941.UG.FTS.B, 29.49%, 4/20/24.. . | 992343941.UG.FTS.B, 29.49%, 4/20/24.. . | 992343941.UG.FTS.B, 29.49%, 4/20/24.. . | 14 | 14 | 992476000.UG.FTS.B, 29.49%, 4/20/24.. . | 55 | 55 |
| 78 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 78 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992476189.UG.FTS.B, 29.49%, 4/20/24.. . | $15 | $15 | 992353505.UG.FTS.B, 29.49%, 4/21/24.. . $ | 992353505.UG.FTS.B, 29.49%, 4/21/24.. . $ | 110 | $113 | 113 |
| 992479525.UG.FTS.B, 29.49%, 4/20/24.. . | 407 | 59 | 992355125.UG.FTS.B, 29.49%, 4/21/24.. . |  | 140 | 143 | 143 |
| 992482557.UG.FTS.B, 29.49%, 4/20/24.. . | 109 | 112 | 992361207.UG.FTS.B, 29.49%, 4/21/24.. . |  | 66 | 67 | 67 |
| 992484285.UG.FTS.B, 29.49%, 4/20/24.. . | 512 | 524 | 992362442.UG.FTS.B, 29.49%, 4/21/24.. . |  | 44 | 45 | 45 |
| 992486389.UG.FTS.B, 29.49%, 4/20/24.. . | 26 | 26 | 992363277.UG.FTS.B, 29.49%, 4/21/24.. . |  | 114 | 114 | 114 |
| 992486595.UG.FTS.B, 29.49%, 4/20/24.. . | 17 | 17 | 992365004.UG.FTS.B, 29.49%, 4/21/24.. . |  | 356 | 359 | 359 |
| 992487040.UG.FTS.B, 29.49%, 4/20/24.. . | 81 | 14 | 992365672.UG.FTS.B, 29.49%, 4/21/24.. . |  | 210 | 213 | 213 |
| 992487718.UG.FTS.B, 29.49%, 4/20/24.. . | 134 | 10 | 992367756.UG.FTS.B, 29.49%, 4/21/24.. . |  | – |  | – |
| 992490130.UG.FTS.B, 29.49%, 4/20/24.. . | 25 | 26 | 992371285.UG.FTS.B, 29.49%, 4/21/24.. . |  | 33 | 30 | 30 |
| 992496648.UG.FTS.B, 29.49%, 4/20/24.. . | 144 | 144 | 992372209.UG.FTS.B, 29.49%, 4/21/24.. . |  | 41 | 42 | 42 |
| 992504556.UG.FTS.B, 29.49%, 4/20/24.. . | 284 | 286 | 992374354.UG.FTS.B, 29.49%, 4/21/24.. . |  | 131 | 131 | 131 |
| 992557990.UG.FTS.B, 29.49%, 4/20/24.. . | 117 | 118 | 992374969.UG.FTS.B, 29.49%, 4/21/24.. . |  | 83 | 85 | 85 |
| 992560754.UG.FTS.B, 29.49%, 4/20/24.. . | 165 | 167 | 992376302.UG.FTS.B, 29.49%, 4/21/24.. . |  | 121 | 124 | 124 |
| 992588453.UG.FTS.B, 29.49%, 4/20/24.. . | 31 | 31 | 992385221.UG.FTS.B, 29.49%, 4/21/24.. . |  | 43 | 43 | 43 |
| 992597820.UG.FTS.B, 29.49%, 4/20/24.. . | 43 | 44 | 992385418.UG.FTS.B, 29.49%, 4/21/24.. . |  | 170 | 174 | 174 |
| 992616760.UG.FTS.B, 29.49%, 4/20/24.. . | 3 | – | 992386840.UG.FTS.B, 29.49%, 4/21/24.. . |  | 637 | 45 | 45 |
| 992630061.UG.FTS.B, 29.49%, 4/20/24.. . | 19 | 19 | 992387416.UG.FTS.B, 29.49%, 4/21/24.. . |  | 186 | 190 | 190 |
| 992630723.UG.FTS.B, 29.49%, 4/20/24.. . | 56 | 57 | 992389806.UG.FTS.B, 29.49%, 4/21/24.. . |  | 37 | 36 | 36 |
| 992630726.UG.FTS.B, 29.49%, 4/20/24.. . | 32 | 32 | 992392329.UG.FTS.B, 29.49%, 4/21/24.. . |  | 1393 | (49) | (49) |
| 992357324.UG.FTS.B, Zero Cpn, 4/21/24.. | 107 | 8 | 992396499.UG.FTS.B, 29.49%, 4/21/24.. . |  | 103 | 105 | 105 |
| 992357996.UG.FTS.B, Zero Cpn, 4/21/24.. | 317 | 22 | 992401061.UG.FTS.B, 29.49%, 4/21/24.. . |  | 106 | 108 | 108 |
| 992384978.UG.FTS.B, 19.99%, 4/21/24.. . | 414 | 413 | 992402548.UG.FTS.B, 29.49%, 4/21/24.. . |  | 394 | 403 | 403 |
| 992422470.UG.FTS.B, 19.99%, 4/21/24.. . | 278 | 285 | 992403010.UG.FTS.B, 29.49%, 4/21/24.. . |  | 65 | 65 | 65 |
| 992424287.UG.FTS.B, 19.99%, 4/21/24.. . | 85 | 86 | 992404898.UG.FTS.B, 29.49%, 4/21/24.. . |  | 9 | 9 | 9 |
| 992608130.UG.FTS.B, 19.99%, 4/21/24.. . | 55 | 55 | 992410441.UG.FTS.B, 29.49%, 4/21/24.. . |  | 23 | 23 | 23 |
| 992358579.UG.FTS.B, 25.45%, 4/21/24.. . | 123 | 17 | 992414151.UG.FTS.B, 29.49%, 4/21/24.. . |  | 606 | 46 | 46 |
| 992379922.UG.FTS.B, 27.99%, 4/21/24.. . | 433 | 438 | 992421814.UG.FTS.B, 29.49%, 4/21/24.. . |  | 22 | 22 | 22 |
| 992349759.UG.FTS.B, 28.48%, 4/21/24.. . | 212 | 16 | 992421960.UG.FTS.B, 29.49%, 4/21/24.. . |  | 79 | 7 | 7 |
| 992351863.UG.FTS.B, 28.48%, 4/21/24.. . | 62 | 9 | 992424217.UG.FTS.B, 29.49%, 4/21/24.. . |  | 138 | 20 | 20 |
| 992352071.UG.FTS.B, 28.48%, 4/21/24.. . | 55 | 56 | 992425532.UG.FTS.B, 29.49%, 4/21/24.. . |  | 89 | 13 | 13 |
| 992356174.UG.FTS.B, 28.48%, 4/21/24.. . | 122 | 125 | 992439083.UG.FTS.B, 29.49%, 4/21/24.. . |  | 26 | 25 | 25 |
| 992357677.UG.FTS.B, 28.48%, 4/21/24.. . | 47 | 47 | 992441224.UG.FTS.B, 29.49%, 4/21/24.. . |  | 17 | 17 | 17 |
| 992360281.UG.FTS.B, 28.48%, 4/21/24.. . | 82 | 84 | 992443789.UG.FTS.B, 29.49%, 4/21/24.. . |  | 332 | 339 | 339 |
| 992360700.UG.FTS.B, 28.48%, 4/21/24.. . | 221 | 31 | 992448413.UG.FTS.B, 29.49%, 4/21/24.. . |  | 20 | 20 | 20 |
| 992363659.UG.FTS.B, 28.48%, 4/21/24.. . | 548 | 551 | 992456336.UG.FTS.B, 29.49%, 4/21/24.. . |  | 792 | 807 | 807 |
| 992375055.UG.FTS.B, 28.48%, 4/21/24.. . | 101 | 102 | 992458050.UG.FTS.B, 29.49%, 4/21/24.. . |  | 281 | 69 | 69 |
| 992381859.UG.FTS.B, 28.48%, 4/21/24.. . | 195 | 198 | 992463214.UG.FTS.B, 29.49%, 4/21/24.. . |  | 80 | 82 | 82 |
| 992399854.UG.FTS.B, 28.48%, 4/21/24.. . | 156 | 158 | 992464499.UG.FTS.B, 29.49%, 4/21/24.. . |  | 184 | 183 | 183 |
| 992422944.UG.FTS.B, 28.48%, 4/21/24.. . | 104 | 107 | 992468196.UG.FTS.B, 29.49%, 4/21/24.. . |  | 85 | 87 | 87 |
| 992427118.UG.FTS.B, 28.48%, 4/21/24. . . | 1412 | 1432 | 992534666.UG.FTS.B, 29.49%, 4/21/24.. . |  | 163 | 163 | 163 |
| 992435531.UG.FTS.B, 28.48%, 4/21/24.. . | 464 | 35 | 992545049.UG.FTS.B, 29.49%, 4/21/24.. . |  | 47 | 46 | 46 |
| 992464830.UG.FTS.B, 28.48%, 4/21/24.. . | – | – | 992556319.UG.FTS.B, 29.49%, 4/21/24.. . |  | 220 | 222 | 222 |
| 992472397.UG.FTS.B, 28.48%, 4/21/24.. . | 420 | 427 | 992614699.UG.FTS.B, 29.49%, 4/21/24.. . |  | 10 | 10 | 10 |
| 992608528.UG.FTS.B, 28.48%, 4/21/24.. . | 365 | 370 | 992635264.UG.FTS.B, 29.49%, 4/21/24.. . |  | 10 | 10 | 10 |
| 992353731.UG.FTS.B, 29.47%, 4/21/24.. . | 429 | 439 | 992636018.UG.FTS.B, 29.49%, 4/21/24.. . |  | 145 | 146 | 146 |
| 992356823.UG.FTS.B, 29.47%, 4/21/24.. . | 11 | 11 | 992371401.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 321 | 23 | 23 |
| 992563084.UG.FTS.B, 29.47%, 4/21/24.. . | 223 | 228 | 992373476.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 92 | 6 | 6 |
| 992356491.UG.FTS.B, 29.48%, 4/21/24.. . | 61 | 62 | 992387920.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 76 | 5 | 5 |
| 992407068.UG.FTS.B, 29.48%, 4/21/24.. . | 14 | 14 | 992389181.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 45 | 3 | 3 |
| 992419155.UG.FTS.B, 29.48%, 4/21/24.. . | 403 | 413 | 992391919.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 458 | 32 | 32 |
| 992433132.UG.FTS.B, 29.48%, 4/21/24.. . | 99 | 101 | 992396015.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 47 | 4 | 4 |
| 992519901.UG.FTS.B, 29.48%, 4/21/24.. . | 97 | 8 | 992396533.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 1042 | 74 | 74 |
| 992348064.UG.FTS.B, 29.49%, 4/21/24.. . | 133 | 10 | 992408965.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 496 | 35 | 35 |
| 992349100.UG.FTS.B, 29.49%, 4/21/24.. . | 74 | 76 | 992421738.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 758 | 53 | 53 |
| 992350028.UG.FTS.B, 29.49%, 4/21/24.. . | 78 | 78 | 992453571.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 87 | 6 | 6 |
| 992351581.UG.FTS.B, 29.49%, 4/21/24.. . | 434 | 443 | 992479293.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 32 | 2 | 2 |
| 992352252.UG.FTS.B, 29.49%, 4/21/24.. . | 101 | 103 | 992479792.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 95 | 7 | 7 |
| 992352348.UG.FTS.B, 29.49%, 4/21/24.. . | 232 | 238 | 992482232.UG.FTS.B, Zero Cpn, 4/22/24.. |  | 142 | 10 | 10 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 79 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 79 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992483728.UG.FTS.B, Zero Cpn, 4/22/24.. $ | 992483728.UG.FTS.B, Zero Cpn, 4/22/24.. $ | 992483728.UG.FTS.B, Zero Cpn, 4/22/24.. $ | 85 | $6 | 992380070.UG.FTS.B, 29.46%, 4/22/24.. . $ | 473 | $69 |
| 992518281.UG.FTS.B, Zero Cpn, 4/22/24.. | 992518281.UG.FTS.B, Zero Cpn, 4/22/24.. | 992518281.UG.FTS.B, Zero Cpn, 4/22/24.. | 133 | 9 | 992390743.UG.FTS.B, 29.46%, 4/22/24.. . | 110 | 112 |
| 992523768.UG.FTS.B, Zero Cpn, 4/22/24.. | 992523768.UG.FTS.B, Zero Cpn, 4/22/24.. | 992523768.UG.FTS.B, Zero Cpn, 4/22/24.. | 28 | 2 | 992399048.UG.FTS.B, 29.46%, 4/22/24.. . | 410 | 420 |
| 992536940.UG.FTS.B, Zero Cpn, 4/22/24.. | 992536940.UG.FTS.B, Zero Cpn, 4/22/24.. | 992536940.UG.FTS.B, Zero Cpn, 4/22/24.. | 395 | 27 | 992425682.UG.FTS.B, 29.46%, 4/22/24.. . | 147 | 151 |
| 992545123.UG.FTS.B, Zero Cpn, 4/22/24.. | 992545123.UG.FTS.B, Zero Cpn, 4/22/24.. | 992545123.UG.FTS.B, Zero Cpn, 4/22/24.. | 276 | 19 | 992547442.UG.FTS.B, 29.46%, 4/22/24.. . | 4 | 4 |
| 992562150.UG.FTS.B, Zero Cpn, 4/22/24.. | 992562150.UG.FTS.B, Zero Cpn, 4/22/24.. | 992562150.UG.FTS.B, Zero Cpn, 4/22/24.. | 74 | 5 | 992601063.UG.FTS.B, 29.46%, 4/22/24.. . | 7 | 7 |
| 992600050.UG.FTS.B, Zero Cpn, 4/22/24.. | 992600050.UG.FTS.B, Zero Cpn, 4/22/24.. | 992600050.UG.FTS.B, Zero Cpn, 4/22/24.. | 195 | 14 | 992362630.UG.FTS.B, 29.47%, 4/22/24.. . | 254 | 261 |
| 992364692.UG.FTS.B, 19.99%, 4/22/24.. . | 992364692.UG.FTS.B, 19.99%, 4/22/24.. . | 992364692.UG.FTS.B, 19.99%, 4/22/24.. . | 177 | 181 | 992362851.UG.FTS.B, 29.47%, 4/22/24.. . | 84 | 86 |
| 992369833.UG.FTS.B, 19.99%, 4/22/24.. . | 992369833.UG.FTS.B, 19.99%, 4/22/24.. . | 992369833.UG.FTS.B, 19.99%, 4/22/24.. . | 359 | 367 | 992388520.UG.FTS.B, 29.47%, 4/22/24.. . | 135 | 138 |
| 992378557.UG.FTS.B, 19.99%, 4/22/24.. . | 992378557.UG.FTS.B, 19.99%, 4/22/24.. . | 992378557.UG.FTS.B, 19.99%, 4/22/24.. . | 35 | 35 | 992391512.UG.FTS.B, 29.47%, 4/22/24.. . | 110 | 113 |
| 992404710.UG.FTS.B, 19.99%, 4/22/24.. . | 992404710.UG.FTS.B, 19.99%, 4/22/24.. . | 992404710.UG.FTS.B, 19.99%, 4/22/24.. . | 34 | 35 | 992392635.UG.FTS.B, 29.47%, 4/22/24.. . | 139 | 141 |
| 992429949.UG.FTS.B, 19.99%, 4/22/24.. . | 992429949.UG.FTS.B, 19.99%, 4/22/24.. . | 992429949.UG.FTS.B, 19.99%, 4/22/24.. . | 256 | 255 | 992460810.UG.FTS.B, 29.47%, 4/22/24.. . | 75 | 74 |
| 992475665.UG.FTS.B, 19.99%, 4/22/24.. . | 992475665.UG.FTS.B, 19.99%, 4/22/24.. . | 992475665.UG.FTS.B, 19.99%, 4/22/24.. . | 42 | 43 | 992479715.UG.FTS.B, 29.47%, 4/22/24.. . | 82 | 84 |
| 992492267.UG.FTS.B, 19.99%, 4/22/24.. . | 992492267.UG.FTS.B, 19.99%, 4/22/24.. . | 992492267.UG.FTS.B, 19.99%, 4/22/24.. . | 60 | 62 | 992604111.UG.FTS.B, 29.47%, 4/22/24. . . | 130 | 130 |
| 992497346.UG.FTS.B, 19.99%, 4/22/24.. . | 992497346.UG.FTS.B, 19.99%, 4/22/24.. . | 992497346.UG.FTS.B, 19.99%, 4/22/24.. . | 39 | 39 | 992363029.UG.FTS.B, 29.48%, 4/22/24.. . | 187 | 191 |
| 992514602.UG.FTS.B, 26.49%, 4/22/24.. . | 992514602.UG.FTS.B, 26.49%, 4/22/24.. . | 992514602.UG.FTS.B, 26.49%, 4/22/24.. . | 25 | 23 | 992364286.UG.FTS.B, 29.48%, 4/22/24.. . | 181 | 138 |
| 992417971.UG.FTS.B, 27.95%, 4/22/24.. . | 992417971.UG.FTS.B, 27.95%, 4/22/24.. . | 992417971.UG.FTS.B, 27.95%, 4/22/24.. . | 15 | 15 | 992364441.UG.FTS.B, 29.48%, 4/22/24.. . | 65 | 67 |
| 992491442.UG.FTS.B, 27.99%, 4/22/24.. . | 992491442.UG.FTS.B, 27.99%, 4/22/24.. . | 992491442.UG.FTS.B, 27.99%, 4/22/24.. . | 117 | 118 | 992365170.UG.FTS.B, 29.48%, 4/22/24.. . | 9 | 9 |
| 992360837.UG.FTS.B, 28.48%, 4/22/24.. . | 992360837.UG.FTS.B, 28.48%, 4/22/24.. . | 992360837.UG.FTS.B, 28.48%, 4/22/24.. . | 31 | 31 | 992367217.UG.FTS.B, 29.48%, 4/22/24.. . | 738 | 757 |
| 992362885.UG.FTS.B, 28.48%, 4/22/24.. . | 992362885.UG.FTS.B, 28.48%, 4/22/24.. . | 992362885.UG.FTS.B, 28.48%, 4/22/24.. . | 5 | 5 | 992368806.UG.FTS.B, 29.48%, 4/22/24.. . | 741 | 757 |
| 992382499.UG.FTS.B, 28.48%, 4/22/24.. . | 992382499.UG.FTS.B, 28.48%, 4/22/24.. . | 992382499.UG.FTS.B, 28.48%, 4/22/24.. . | 68 | 70 | 992381017.UG.FTS.B, 29.48%, 4/22/24.. . | 113 | 116 |
| 992385748.UG.FTS.B, 28.48%, 4/22/24.. . | 992385748.UG.FTS.B, 28.48%, 4/22/24.. . | 992385748.UG.FTS.B, 28.48%, 4/22/24.. . | 74 | 76 | 992400143.UG.FTS.B, 29.48%, 4/22/24.. . | 35 | 6 |
| 992387804.UG.FTS.B, 28.48%, 4/22/24.. . | 992387804.UG.FTS.B, 28.48%, 4/22/24.. . | 992387804.UG.FTS.B, 28.48%, 4/22/24.. . | 1467 | 1477 | 992406664.UG.FTS.B, 29.48%, 4/22/24.. . | 399 | 409 |
| 992393917.UG.FTS.B, 28.48%, 4/22/24.. . | 992393917.UG.FTS.B, 28.48%, 4/22/24.. . | 992393917.UG.FTS.B, 28.48%, 4/22/24.. . | 11 | 11 | 992411120.UG.FTS.B, 29.48%, 4/22/24. . . | – | – |
| 992395972.UG.FTS.B, 28.48%, 4/22/24.. . | 992395972.UG.FTS.B, 28.48%, 4/22/24.. . | 992395972.UG.FTS.B, 28.48%, 4/22/24.. . | 88 | 91 | 992418819.UG.FTS.B, 29.48%, 4/22/24.. . | 27 | 27 |
| 992397015.UG.FTS.B, 28.48%, 4/22/24.. . | 992397015.UG.FTS.B, 28.48%, 4/22/24.. . | 992397015.UG.FTS.B, 28.48%, 4/22/24.. . | 58 | 58 | 992442535.UG.FTS.B, 29.48%, 4/22/24.. . | 488 | 498 |
| 992409739.UG.FTS.B, 28.48%, 4/22/24.. . | 992409739.UG.FTS.B, 28.48%, 4/22/24.. . | 992409739.UG.FTS.B, 28.48%, 4/22/24.. . | 401 | 57 | 992507470.UG.FTS.B, 29.48%, 4/22/24.. . | 39 | 40 |
| 992412058.UG.FTS.B, 28.48%, 4/22/24.. . | 992412058.UG.FTS.B, 28.48%, 4/22/24.. . | 992412058.UG.FTS.B, 28.48%, 4/22/24.. . | 117 | 120 | 992512527.UG.FTS.B, 29.48%, 4/22/24.. . | 32 | 32 |
| 992416907.UG.FTS.B, 28.48%, 4/22/24.. . | 992416907.UG.FTS.B, 28.48%, 4/22/24.. . | 992416907.UG.FTS.B, 28.48%, 4/22/24.. . | 60 | 60 | 992538707.UG.FTS.B, 29.48%, 4/22/24.. . | 76 | 77 |
| 992421203.UG.FTS.B, 28.48%, 4/22/24.. . | 992421203.UG.FTS.B, 28.48%, 4/22/24.. . | 992421203.UG.FTS.B, 28.48%, 4/22/24.. . | 302 | 219 | 992583462.UG.FTS.B, 29.48%, 4/22/24.. . | 110 | 112 |
| 992421767.UG.FTS.B, 28.48%, 4/22/24.. . | 992421767.UG.FTS.B, 28.48%, 4/22/24.. . | 992421767.UG.FTS.B, 28.48%, 4/22/24.. . | 20 | 21 | 992617618.UG.FTS.B, 29.48%, 4/22/24.. . | 78 | 78 |
| 992424568.UG.FTS.B, 28.48%, 4/22/24.. . | 992424568.UG.FTS.B, 28.48%, 4/22/24.. . | 992424568.UG.FTS.B, 28.48%, 4/22/24.. . | 117 | 120 | 992619118.UG.FTS.B, 29.48%, 4/22/24. . . | 124 | 11 |
| 992427668.UG.FTS.B, 28.48%, 4/22/24.. . | 992427668.UG.FTS.B, 28.48%, 4/22/24.. . | 992427668.UG.FTS.B, 28.48%, 4/22/24.. . | 100 | 103 | 992625876.UG.FTS.B, 29.48%, 4/22/24.. . | 872 | 881 |
| 992431800.UG.FTS.B, 28.48%, 4/22/24.. . | 992431800.UG.FTS.B, 28.48%, 4/22/24.. . | 992431800.UG.FTS.B, 28.48%, 4/22/24.. . | 97 | 99 | 992636987.UG.FTS.B, 29.48%, 4/22/24.. . | 726 | 734 |
| 992443403.UG.FTS.B, 28.48%, 4/22/24.. . | 992443403.UG.FTS.B, 28.48%, 4/22/24.. . | 992443403.UG.FTS.B, 28.48%, 4/22/24.. . | 42 | 42 | 992360908.UG.FTS.B, 29.49%, 4/22/24.. . | 156 | 11 |
| 992448201.UG.FTS.B, 28.48%, 4/22/24.. . | 992448201.UG.FTS.B, 28.48%, 4/22/24.. . | 992448201.UG.FTS.B, 28.48%, 4/22/24.. . | 246 | 249 | 992361198.UG.FTS.B, 29.49%, 4/22/24. . . | 205 | 206 |
| 992454165.UG.FTS.B, 28.48%, 4/22/24.. . | 992454165.UG.FTS.B, 28.48%, 4/22/24.. . | 992454165.UG.FTS.B, 28.48%, 4/22/24.. . | 220 | 226 | 992361368.UG.FTS.B, 29.49%, 4/22/24.. . | 45 | 46 |
| 992455859.UG.FTS.B, 28.48%, 4/22/24.. . | 992455859.UG.FTS.B, 28.48%, 4/22/24.. . | 992455859.UG.FTS.B, 28.48%, 4/22/24.. . | 146 | 150 | 992362198.UG.FTS.B, 29.49%, 4/22/24.. . | 222 | 225 |
| 992478196.UG.FTS.B, 28.48%, 4/22/24.. . | 992478196.UG.FTS.B, 28.48%, 4/22/24.. . | 992478196.UG.FTS.B, 28.48%, 4/22/24.. . | 26 | 27 | 992362761.UG.FTS.B, 29.49%, 4/22/24.. . | 732 | 725 |
| 992486047.UG.FTS.B, 28.48%, 4/22/24.. . | 992486047.UG.FTS.B, 28.48%, 4/22/24.. . | 992486047.UG.FTS.B, 28.48%, 4/22/24.. . | 88 | 91 | 992362772.UG.FTS.B, 29.49%, 4/22/24.. . | 50 | 51 |
| 992492786.UG.FTS.B, 28.48%, 4/22/24.. . | 992492786.UG.FTS.B, 28.48%, 4/22/24.. . | 992492786.UG.FTS.B, 28.48%, 4/22/24.. . | 73 | 72 | 992363570.UG.FTS.B, 29.49%, 4/22/24.. . | 12 | 12 |
| 992505966.UG.FTS.B, 28.48%, 4/22/24.. . | 992505966.UG.FTS.B, 28.48%, 4/22/24.. . | 992505966.UG.FTS.B, 28.48%, 4/22/24.. . | 294 | 299 | 992363968.UG.FTS.B, 29.49%, 4/22/24.. . | 26 | 26 |
| 992506650.UG.FTS.B, 28.48%, 4/22/24.. . | 992506650.UG.FTS.B, 28.48%, 4/22/24.. . | 992506650.UG.FTS.B, 28.48%, 4/22/24.. . | 157 | 159 | 992364087.UG.FTS.B, 29.49%, 4/22/24.. . | 68 | 70 |
| 992518134.UG.FTS.B, 28.48%, 4/22/24.. . | 992518134.UG.FTS.B, 28.48%, 4/22/24.. . | 992518134.UG.FTS.B, 28.48%, 4/22/24.. . | 69 | 70 | 992364573.UG.FTS.B, 29.49%, 4/22/24.. . | 794 | (30) |
| 992522882.UG.FTS.B, 28.48%, 4/22/24.. . | 992522882.UG.FTS.B, 28.48%, 4/22/24.. . | 992522882.UG.FTS.B, 28.48%, 4/22/24.. . | 411 | 419 | 992364978.UG.FTS.B, 29.49%, 4/22/24.. . | 20 | 4 |
| 992534533.UG.FTS.B, 28.48%, 4/22/24.. . | 992534533.UG.FTS.B, 28.48%, 4/22/24.. . | 992534533.UG.FTS.B, 28.48%, 4/22/24.. . | 35 | 35 | 992365191.UG.FTS.B, 29.49%, 4/22/24.. . | 54 | 55 |
| 992551472.UG.FTS.B, 28.48%, 4/22/24.. . | 992551472.UG.FTS.B, 28.48%, 4/22/24.. . | 992551472.UG.FTS.B, 28.48%, 4/22/24.. . | 728 | 744 | 992365735.UG.FTS.B, 29.49%, 4/22/24.. . | 156 | 158 |
| 992559432.UG.FTS.B, 28.48%, 4/22/24.. . | 992559432.UG.FTS.B, 28.48%, 4/22/24.. . | 992559432.UG.FTS.B, 28.48%, 4/22/24.. . | 11 | 11 | 992365800.UG.FTS.B, 29.49%, 4/22/24.. . | 280 | 287 |
| 992562046.UG.FTS.B, 28.48%, 4/22/24.. . | 992562046.UG.FTS.B, 28.48%, 4/22/24.. . | 992562046.UG.FTS.B, 28.48%, 4/22/24.. . | 29 | 30 | 992367456.UG.FTS.B, 29.49%, 4/22/24.. . | 20 | 3 |
| 992589496.UG.FTS.B, 28.48%, 4/22/24.. . | 992589496.UG.FTS.B, 28.48%, 4/22/24.. . | 992589496.UG.FTS.B, 28.48%, 4/22/24.. . | 145 | 147 | 992367525.UG.FTS.B, 29.49%, 4/22/24.. . | 123 | 123 |
| 992600355.UG.FTS.B, 28.48%, 4/22/24.. . | 992600355.UG.FTS.B, 28.48%, 4/22/24.. . | 992600355.UG.FTS.B, 28.48%, 4/22/24.. . | 19 | 19 | 992367701.UG.FTS.B, 29.49%, 4/22/24.. . | 155 | 157 |
| 992602335.UG.FTS.B, 28.48%, 4/22/24.. . | 992602335.UG.FTS.B, 28.48%, 4/22/24.. . | 992602335.UG.FTS.B, 28.48%, 4/22/24.. . | 156 | 158 | 992367708.UG.FTS.B, 29.49%, 4/22/24.. . | 477 | 487 |
| 992610817.UG.FTS.B, 28.48%, 4/22/24.. . | 992610817.UG.FTS.B, 28.48%, 4/22/24.. . | 992610817.UG.FTS.B, 28.48%, 4/22/24.. . | 107 | 108 | 992368062.UG.FTS.B, 29.49%, 4/22/24.. . | 30 | 30 |
| 992634019.UG.FTS.B, 28.48%, 4/22/24.. . | 992634019.UG.FTS.B, 28.48%, 4/22/24.. . | 992634019.UG.FTS.B, 28.48%, 4/22/24.. . | 70 | 71 | 992368092.UG.FTS.B, 29.49%, 4/22/24.. . | 531 | 537 |
| 992573635.UG.FTS.B, 28.98%, 4/22/24.. . | 992573635.UG.FTS.B, 28.98%, 4/22/24.. . | 992573635.UG.FTS.B, 28.98%, 4/22/24.. . | 123 | 125 | 992368106.UG.FTS.B, 29.49%, 4/22/24.. . | 31 | 31 |
| 992383736.UG.FTS.B, 29.45%, 4/22/24.. . | 992383736.UG.FTS.B, 29.45%, 4/22/24.. . | 992383736.UG.FTS.B, 29.45%, 4/22/24.. . | 86 | 86 | 992368134.UG.FTS.B, 29.49%, 4/22/24.. . | 30 | 31 |
| 992363947.UG.FTS.B, 29.46%, 4/22/24.. . | 992363947.UG.FTS.B, 29.46%, 4/22/24.. . | 992363947.UG.FTS.B, 29.46%, 4/22/24.. . | 71 | 73 | 992368371.UG.FTS.B, 29.49%, 4/22/24.. . | 455 | 463 |
| 992365278.UG.FTS.B, 29.46%, 4/22/24.. . | 992365278.UG.FTS.B, 29.46%, 4/22/24.. . | 992365278.UG.FTS.B, 29.46%, 4/22/24.. . | 137 | 10 | 992369039.UG.FTS.B, 29.49%, 4/22/24.. . | 297 | 304 |
| 80 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 80 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992372978.UG.FTS.B, 29.49%, 4/22/24.. . | $300 | $302 | 992429421.UG.FTS.B, 29.49%, 4/22/24.. . $ | 992429421.UG.FTS.B, 29.49%, 4/22/24.. . $ | 64 | $66 | 66 |
| 992373033.UG.FTS.B, 29.49%, 4/22/24.. . | 152 | 12 | 992430477.UG.FTS.B, 29.49%, 4/22/24.. . |  | 20 | 20 | 20 |
| 992374502.UG.FTS.B, 29.49%, 4/22/24.. . | 44 | 45 | 992438545.UG.FTS.B, 29.49%, 4/22/24.. . |  | 51 | 51 | 51 |
| 992375978.UG.FTS.B, 29.49%, 4/22/24.. . | 133 | 136 | 992442287.UG.FTS.B, 29.49%, 4/22/24.. . |  | 6 | 6 | 6 |
| 992376433.UG.FTS.B, 29.49%, 4/22/24.. . | 38 | 38 | 992443674.UG.FTS.B, 29.49%, 4/22/24.. . |  | 86 | 86 | 86 |
| 992378163.UG.FTS.B, 29.49%, 4/22/24.. . | 1333 | 1360 | 992447644.UG.FTS.B, 29.49%, 4/22/24.. . |  | 16 | 16 | 16 |
| 992379030.UG.FTS.B, 29.49%, 4/22/24.. . | 62 | 5 | 992449653.UG.FTS.B, 29.49%, 4/22/24.. . |  | 24 | (1) | (1) |
| 992380596.UG.FTS.B, 29.49%, 4/22/24.. . | 40 | 35 | 992451876.UG.FTS.B, 29.49%, 4/22/24.. . |  | 25 | 25 | 25 |
| 992381453.UG.FTS.B, 29.49%, 4/22/24.. . | 160 | 162 | 992451902.UG.FTS.B, 29.49%, 4/22/24.. . |  | 97 | (3) | (3) |
| 992381840.UG.FTS.B, 29.49%, 4/22/24.. . | 481 | 492 | 992452791.UG.FTS.B, 29.49%, 4/22/24.. . |  | 377 | 374 | 374 |
| 992382058.UG.FTS.B, 29.49%, 4/22/24.. . | 100 | 100 | 992456204.UG.FTS.B, 29.49%, 4/22/24.. . |  | 106 | 106 | 106 |
| 992382498.UG.FTS.B, 29.49%, 4/22/24.. . | 10 | 10 | 992456644.UG.FTS.B, 29.49%, 4/22/24.. . |  | 20 | 20 | 20 |
| 992383651.UG.FTS.B, 29.49%, 4/22/24.. . | 425 | 329 | 992456646.UG.FTS.B, 29.49%, 4/22/24.. . |  | 187 | 191 | 191 |
| 992384283.UG.FTS.B, 29.49%, 4/22/24.. . | 142 | 145 | 992456807.UG.FTS.B, 29.49%, 4/22/24.. . |  | 123 | 94 | 94 |
| 992384291.UG.FTS.B, 29.49%, 4/22/24.. . | 134 | 109 | 992458512.UG.FTS.B, 29.49%, 4/22/24.. . |  | 42 | 42 | 42 |
| 992385845.UG.FTS.B, 29.49%, 4/22/24.. . | 213 | 170 | 992458952.UG.FTS.B, 29.49%, 4/22/24.. . |  | 24 | 23 | 23 |
| 992386141.UG.FTS.B, 29.49%, 4/22/24.. . | 132 | 135 | 992459640.UG.FTS.B, 29.49%, 4/22/24.. . |  | 204 | 209 | 209 |
| 992388260.UG.FTS.B, 29.49%, 4/22/24.. . | 16 | 3 | 992459646.UG.FTS.B, 29.49%, 4/22/24.. . |  | 99 | 101 | 101 |
| 992390541.UG.FTS.B, 29.49%, 4/22/24.. . | 21 | 21 | 992459688.UG.FTS.B, 29.49%, 4/22/24.. . |  | 3 | 3 | 3 |
| 992390727.UG.FTS.B, 29.49%, 4/22/24.. . | 162 | 121 | 992460609.UG.FTS.B, 29.49%, 4/22/24.. . |  | 85 | (4) | (4) |
| 992392229.UG.FTS.B, 29.49%, 4/22/24.. . | 60 | 60 | 992461302.UG.FTS.B, 29.49%, 4/22/24.. . |  | 41 | 41 | 41 |
| 992392486.UG.FTS.B, 29.49%, 4/22/24.. . | 78 | 80 | 992464299.UG.FTS.B, 29.49%, 4/22/24.. . |  | 123 | 126 | 126 |
| 992393661.UG.FTS.B, 29.49%, 4/22/24.. . | 28 | 27 | 992466186.UG.FTS.B, 29.49%, 4/22/24.. . |  | 119 | 122 | 122 |
| 992393895.UG.FTS.B, 29.49%, 4/22/24.. . | 110 | 110 | 992472311.UG.FTS.B, 29.49%, 4/22/24. . . |  | 89 | 89 | 89 |
| 992394285.UG.FTS.B, 29.49%, 4/22/24.. . | 220 | 224 | 992472450.UG.FTS.B, 29.49%, 4/22/24.. . |  | 25 | 24 | 24 |
| 992394919.UG.FTS.B, 29.49%, 4/22/24.. . | 366 | 375 | 992472499.UG.FTS.B, 29.49%, 4/22/24.. . |  | 130 | 132 | 132 |
| 992395019.UG.FTS.B, 29.49%, 4/22/24.. . | 327 | (12) | 992474780.UG.FTS.B, 29.49%, 4/22/24.. . |  | 83 | 83 | 83 |
| 992395126.UG.FTS.B, 29.49%, 4/22/24.. . | 74 | 76 | 992475729.UG.FTS.B, 29.49%, 4/22/24.. . |  | – |  | – |
| 992396949.UG.FTS.B, 29.49%, 4/22/24.. . | 269 | 276 | 992476533.UG.FTS.B, 29.49%, 4/22/24.. . |  | 529 | 542 | 542 |
| 992397348.UG.FTS.B, 29.49%, 4/22/24.. . | 565 | 573 | 992480966.UG.FTS.B, 29.49%, 4/22/24.. . |  | 150 | 154 | 154 |
| 992397686.UG.FTS.B, 29.49%, 4/22/24.. . | 43 | 44 | 992482688.UG.FTS.B, 29.49%, 4/22/24.. . |  | 186 | 190 | 190 |
| 992398165.UG.FTS.B, 29.49%, 4/22/24.. . | 177 | 181 | 992482970.UG.FTS.B, 29.49%, 4/22/24.. . |  | 99 | 98 | 98 |
| 992398795.UG.FTS.B, 29.49%, 4/22/24.. . | 110 | 112 | 992485368.UG.FTS.B, 29.49%, 4/22/24.. . |  | 250 | 255 | 255 |
| 992399923.UG.FTS.B, 29.49%, 4/22/24.. . | 94 | 96 | 992491615.UG.FTS.B, 29.49%, 4/22/24.. . |  | 900 | 916 | 916 |
| 992399976.UG.FTS.B, 29.49%, 4/22/24.. . | 734 | 753 | 992492893.UG.FTS.B, 29.49%, 4/22/24.. . |  | 30 | 30 | 30 |
| 992400220.UG.FTS.B, 29.49%, 4/22/24.. . | 174 | 175 | 992493478.UG.FTS.B, 29.49%, 4/22/24.. . |  | 21 | 21 | 21 |
| 992402175.UG.FTS.B, 29.49%, 4/22/24.. . | 89 | 90 | 992493485.UG.FTS.B, 29.49%, 4/22/24.. . |  | 96 | 98 | 98 |
| 992402969.UG.FTS.B, 29.49%, 4/22/24.. . | 78 | 80 | 992494360.UG.FTS.B, 29.49%, 4/22/24.. . |  | 85 | 66 | 66 |
| 992405962.UG.FTS.B, 29.49%, 4/22/24.. . | 55 | 55 | 992494486.UG.FTS.B, 29.49%, 4/22/24.. . |  | 73 | 75 | 75 |
| 992406953.UG.FTS.B, 29.49%, 4/22/24.. . | 34 | 35 | 992496185.UG.FTS.B, 29.49%, 4/22/24.. . |  | 183 | 188 | 188 |
| 992407396.UG.FTS.B, 29.49%, 4/22/24.. . | 135 | 137 | 992497391.UG.FTS.B, 29.49%, 4/22/24.. . |  | 54 | 55 | 55 |
| 992407616.UG.FTS.B, 29.49%, 4/22/24.. . | 143 | 147 | 992498054.UG.FTS.B, 29.49%, 4/22/24.. . |  | 137 | 138 | 138 |
| 992408959.UG.FTS.B, 29.49%, 4/22/24.. . | 194 | 199 | 992498185.UG.FTS.B, 29.49%, 4/22/24.. . |  | 151 | (5) | (5) |
| 992409797.UG.FTS.B, 29.49%, 4/22/24.. . | 119 | 119 | 992499024.UG.FTS.B, 29.49%, 4/22/24.. . |  | 149 | 151 | 151 |
| 992411219.UG.FTS.B, 29.49%, 4/22/24. . . | 235 | 241 | 992500898.UG.FTS.B, 29.49%, 4/22/24.. . |  | 8 | 8 | 8 |
| 992411892.UG.FTS.B, 29.49%, 4/22/24. . . | 152 | 154 | 992501719.UG.FTS.B, 29.49%, 4/22/24.. . |  | – |  | – |
| 992413878.UG.FTS.B, 29.49%, 4/22/24.. . | 470 | 481 | 992503022.UG.FTS.B, 29.49%, 4/22/24.. . |  | 21 | 21 | 21 |
| 992415247.UG.FTS.B, 29.49%, 4/22/24.. . | 515 | 522 | 992509276.UG.FTS.B, 29.49%, 4/22/24.. . |  | 28 | 28 | 28 |
| 992416487.UG.FTS.B, 29.49%, 4/22/24.. . | 148 | 151 | 992511791.UG.FTS.B, 29.49%, 4/22/24. . . |  | 113 | 116 | 116 |
| 992417840.UG.FTS.B, 29.49%, 4/22/24.. . | 345 | 351 | 992513901.UG.FTS.B, 29.49%, 4/22/24.. . |  | 170 | 25 | 25 |
| 992418041.UG.FTS.B, 29.49%, 4/22/24.. . | 140 | 141 | 992513935.UG.FTS.B, 29.49%, 4/22/24.. . |  | 93 | 96 | 96 |
| 992418247.UG.FTS.B, 29.49%, 4/22/24.. . | 33 | 34 | 992517447.UG.FTS.B, 29.49%, 4/22/24.. . |  | 34 | 34 | 34 |
| 992418721.UG.FTS.B, 29.49%, 4/22/24.. . | 353 | 28 | 992528399.UG.FTS.B, 29.49%, 4/22/24.. . |  | 84 | 86 | 86 |
| 992419162.UG.FTS.B, 29.49%, 4/22/24.. . | 371 | 380 | 992531260.UG.FTS.B, 29.49%, 4/22/24.. . |  | 379 | 383 | 383 |
| 992419762.UG.FTS.B, 29.49%, 4/22/24.. . | 87 | 89 | 992532101.UG.FTS.B, 29.49%, 4/22/24.. . |  | 57 | 58 | 58 |
| 992424876.UG.FTS.B, 29.49%, 4/22/24.. . | 258 | 264 | 992533561.UG.FTS.B, 29.49%, 4/22/24.. . |  | 22 | 4 | 4 |
| 992428231.UG.FTS.B, 29.49%, 4/22/24.. . | 41 | 7 | 992536091.UG.FTS.B, 29.49%, 4/22/24.. . |  | 1193 | 1205 | 1205 |
| 992428323.UG.FTS.B, 29.49%, 4/22/24.. . | 165 | 166 | 992536205.UG.FTS.B, 29.49%, 4/22/24.. . |  | 119 | 121 | 121 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 81 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 81 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992536234.UG.FTS.B, 29.49%, 4/22/24.. . $ | 992536234.UG.FTS.B, 29.49%, 4/22/24.. . $ | 992536234.UG.FTS.B, 29.49%, 4/22/24.. . $ | 584 | $574 | 991850940.UG.FTS.B, 22.97%, 2/23/25.. . $ | 583 | $593 |
| 992542579.UG.FTS.B, 29.49%, 4/22/24.. . | 992542579.UG.FTS.B, 29.49%, 4/22/24.. . | 992542579.UG.FTS.B, 29.49%, 4/22/24.. . | 269 | 275 | 991850018.UG.FTS.B, 28.98%, 2/23/25.. . | 233 | 242 |
| 992551009.UG.FTS.B, 29.49%, 4/22/24.. . | 992551009.UG.FTS.B, 29.49%, 4/22/24.. . | 992551009.UG.FTS.B, 29.49%, 4/22/24.. . | 23 | 23 | 991850458.UG.FTS.B, 28.98%, 2/23/25.. . | 504 | 509 |
| 992555450.UG.FTS.B, 29.49%, 4/22/24.. . | 992555450.UG.FTS.B, 29.49%, 4/22/24.. . | 992555450.UG.FTS.B, 29.49%, 4/22/24.. . | 87 | 90 | 991850551.UG.FTS.B, 28.98%, 2/23/25.. . | 117 | 78 |
| 992561430.UG.FTS.B, 29.49%, 4/22/24.. . | 992561430.UG.FTS.B, 29.49%, 4/22/24.. . | 992561430.UG.FTS.B, 29.49%, 4/22/24.. . | 34 | 33 | 991855922.UG.FTS.B, 28.98%, 2/23/25.. . | 568 | 592 |
| 992563226.UG.FTS.B, 29.49%, 4/22/24.. . | 992563226.UG.FTS.B, 29.49%, 4/22/24.. . | 992563226.UG.FTS.B, 29.49%, 4/22/24.. . | 54 | 16 | 991857540.UG.FTS.B, 28.98%, 2/23/25.. . | 393 | 411 |
| 992567677.UG.FTS.B, 29.49%, 4/22/24.. . | 992567677.UG.FTS.B, 29.49%, 4/22/24.. . | 992567677.UG.FTS.B, 29.49%, 4/22/24.. . | 274 | 277 | 991862467.UG.FTS.B, 28.98%, 2/23/25.. . | 213 | 223 |
| 992569036.UG.FTS.B, 29.49%, 4/22/24.. . | 992569036.UG.FTS.B, 29.49%, 4/22/24.. . | 992569036.UG.FTS.B, 29.49%, 4/22/24.. . | 26 | 26 | 991871191.UG.FTS.B, 28.98%, 2/23/25. . . | 714 | 165 |
| 992569412.UG.FTS.B, 29.49%, 4/22/24.. . | 992569412.UG.FTS.B, 29.49%, 4/22/24.. . | 992569412.UG.FTS.B, 29.49%, 4/22/24.. . | 8 | 8 | 991880113.UG.FTS.B, 28.98%, 2/23/25. . . | 61 | 63 |
| 992569703.UG.FTS.B, 29.49%, 4/22/24.. . | 992569703.UG.FTS.B, 29.49%, 4/22/24.. . | 992569703.UG.FTS.B, 29.49%, 4/22/24.. . | 379 | 389 | 991883597.UG.FTS.B, 28.98%, 2/23/25.. . | 381 | 382 |
| 992572323.UG.FTS.B, 29.49%, 4/22/24.. . | 992572323.UG.FTS.B, 29.49%, 4/22/24.. . | 992572323.UG.FTS.B, 29.49%, 4/22/24.. . | 639 | 649 | 991885208.UG.FTS.B, 28.98%, 2/23/25.. . | 268 | 270 |
| 992576037.UG.FTS.B, 29.49%, 4/22/24.. . | 992576037.UG.FTS.B, 29.49%, 4/22/24.. . | 992576037.UG.FTS.B, 29.49%, 4/22/24.. . | 21 | 21 | 991926438.UG.FTS.B, 28.98%, 2/23/25.. . | 374 | 393 |
| 992576869.UG.FTS.B, 29.49%, 4/22/24.. . | 992576869.UG.FTS.B, 29.49%, 4/22/24.. . | 992576869.UG.FTS.B, 29.49%, 4/22/24.. . | 733 | 737 | 991942115.UG.FTS.B, 28.98%, 2/23/25. . . | 163 | 164 |
| 992584780.UG.FTS.B, 29.49%, 4/22/24.. . | 992584780.UG.FTS.B, 29.49%, 4/22/24.. . | 992584780.UG.FTS.B, 29.49%, 4/22/24.. . | 38 | 38 | 991947006.UG.FTS.B, 28.98%, 2/23/25.. . | 681 | 691 |
| 992585426.UG.FTS.B, 29.49%, 4/22/24.. . | 992585426.UG.FTS.B, 29.49%, 4/22/24.. . | 992585426.UG.FTS.B, 29.49%, 4/22/24.. . | 219 | 220 | 991949036.UG.FTS.B, 28.98%, 2/23/25.. . | 93 | 96 |
| 992587069.UG.FTS.B, 29.49%, 4/22/24.. . | 992587069.UG.FTS.B, 29.49%, 4/22/24.. . | 992587069.UG.FTS.B, 29.49%, 4/22/24.. . | 146 | 148 | 991964351.UG.FTS.B, 28.98%, 2/23/25.. . | 805 | 838 |
| 992591786.UG.FTS.B, 29.49%, 4/22/24.. . | 992591786.UG.FTS.B, 29.49%, 4/22/24.. . | 992591786.UG.FTS.B, 29.49%, 4/22/24.. . | 6 | 6 | 991979851.UG.FTS.B, 28.98%, 2/23/25.. . | 429 | 442 |
| 992594793.UG.FTS.B, 29.49%, 4/22/24.. . | 992594793.UG.FTS.B, 29.49%, 4/22/24.. . | 992594793.UG.FTS.B, 29.49%, 4/22/24.. . | 169 | 169 | 992007944.UG.FTS.B, 28.98%, 2/23/25.. . | 157 | 3 |
| 992602763.UG.FTS.B, 29.49%, 4/22/24.. . | 992602763.UG.FTS.B, 29.49%, 4/22/24.. . | 992602763.UG.FTS.B, 29.49%, 4/22/24.. . | 16 | 16 | 992055020.UG.FTS.B, 28.98%, 2/23/25.. . | 368 | 33 |
| 992602886.UG.FTS.B, 29.49%, 4/22/24.. . | 992602886.UG.FTS.B, 29.49%, 4/22/24.. . | 992602886.UG.FTS.B, 29.49%, 4/22/24.. . | 1208 | 1220 | 992058874.UG.FTS.B, 28.98%, 2/23/25.. . | 49 | 8 |
| 992605709.UG.FTS.B, 29.49%, 4/22/24.. . | 992605709.UG.FTS.B, 29.49%, 4/22/24.. . | 992605709.UG.FTS.B, 29.49%, 4/22/24.. . | – | – | 992068595.UG.FTS.B, 28.98%, 2/23/25.. . | 124 | 127 |
| 992606898.UG.FTS.B, 29.49%, 4/22/24.. . | 992606898.UG.FTS.B, 29.49%, 4/22/24.. . | 992606898.UG.FTS.B, 29.49%, 4/22/24.. . | 90 | 91 | 992080455.UG.FTS.B, 28.98%, 2/23/25.. . | 205 | 211 |
| 992616538.UG.FTS.B, 29.49%, 4/22/24.. . | 992616538.UG.FTS.B, 29.49%, 4/22/24.. . | 992616538.UG.FTS.B, 29.49%, 4/22/24.. . | 87 | 88 | 992080795.UG.FTS.B, 28.98%, 2/23/25.. . | 80 | 11 |
| 992619826.UG.FTS.B, 29.49%, 4/22/24.. . | 992619826.UG.FTS.B, 29.49%, 4/22/24.. . | 992619826.UG.FTS.B, 29.49%, 4/22/24.. . | 247 | 248 | 992096689.UG.FTS.B, 28.98%, 2/23/25.. . | 228 | 234 |
| 992620616.UG.FTS.B, 29.49%, 4/22/24.. . | 992620616.UG.FTS.B, 29.49%, 4/22/24.. . | 992620616.UG.FTS.B, 29.49%, 4/22/24.. . | 145 | 21 | 992097053.UG.FTS.B, 28.98%, 2/23/25.. . | 695 | 714 |
| 992620721.UG.FTS.B, 29.49%, 4/22/24.. . | 992620721.UG.FTS.B, 29.49%, 4/22/24.. . | 992620721.UG.FTS.B, 29.49%, 4/22/24.. . | 59 | 59 | 992101060.UG.FTS.B, 28.98%, 2/23/25.. . | 44 | 45 |
| 992625714.UG.FTS.B, 29.49%, 4/22/24.. . | 992625714.UG.FTS.B, 29.49%, 4/22/24.. . | 992625714.UG.FTS.B, 29.49%, 4/22/24.. . | 47 | 48 | 991834666.UG.FTS.B, 29.48%, 2/23/25.. . | 1606 | 1676 |
| 992625838.UG.FTS.B, 29.49%, 4/22/24.. . | 992625838.UG.FTS.B, 29.49%, 4/22/24.. . | 992625838.UG.FTS.B, 29.49%, 4/22/24.. . | 61 | 62 | 991845930.UG.FTS.B, 29.49%, 2/23/25.. . | 1856 | 255 |
| 992627054.UG.FTS.B, 29.49%, 4/22/24.. . | 992627054.UG.FTS.B, 29.49%, 4/22/24.. . | 992627054.UG.FTS.B, 29.49%, 4/22/24.. . | 29 | 3 | 991846424.UG.FTS.B, 29.49%, 2/23/25.. . | 219 | 230 |
| 992633677.UG.FTS.B, 29.49%, 4/22/24.. . | 992633677.UG.FTS.B, 29.49%, 4/22/24.. . | 992633677.UG.FTS.B, 29.49%, 4/22/24.. . | 23 | 23 | 991847993.UG.FTS.B, 29.49%, 2/23/25.. . | 576 | 601 |
| 992114050.UG.FTS.B, 29.49%, 5/20/24. . . | 992114050.UG.FTS.B, 29.49%, 5/20/24. . . | 992114050.UG.FTS.B, 29.49%, 5/20/24. . . | 96 | 72 | 991850624.UG.FTS.B, 29.49%, 2/23/25.. . | 90 | 13 |
| 992055597.UG.FTS, 0.15%, 5/24/24.. . . . . | 992055597.UG.FTS, 0.15%, 5/24/24.. . . . . | 992055597.UG.FTS, 0.15%, 5/24/24.. . . . . | 32 | 32 | 991851118.UG.FTS.B, 29.49%, 2/23/25. . . | 233 | 244 |
| 991980947.UG.FTS.B, 19.21%, 2/19/25.. . | 991980947.UG.FTS.B, 19.21%, 2/19/25.. . | 991980947.UG.FTS.B, 19.21%, 2/19/25.. . | – | – | 991852042.UG.FTS.B, 29.49%, 2/23/25.. . | 219 | 224 |
| 991899782.UG.FTS.B, 21.98%, 2/19/25.. . | 991899782.UG.FTS.B, 21.98%, 2/19/25.. . | 991899782.UG.FTS.B, 21.98%, 2/19/25.. . | 217 | (17) | 991853154.UG.FTS.B, 29.49%, 2/23/25.. . | 166 | 170 |
| 991855285.UG.FTS.B, Zero Cpn, 2/23/25.. | 991855285.UG.FTS.B, Zero Cpn, 2/23/25.. | 991855285.UG.FTS.B, Zero Cpn, 2/23/25.. | 254 | 17 | 991855270.UG.FTS.B, 29.49%, 2/23/25.. . | 581 | (26) |
| 991862548.UG.FTS.B, Zero Cpn, 2/23/25.. | 991862548.UG.FTS.B, Zero Cpn, 2/23/25.. | 991862548.UG.FTS.B, Zero Cpn, 2/23/25.. | 127 | 9 | 991858389.UG.FTS.B, 29.49%, 2/23/25.. . | 86 | 90 |
| 992046179.UG.FTS.B, Zero Cpn, 2/23/25.. | 992046179.UG.FTS.B, Zero Cpn, 2/23/25.. | 992046179.UG.FTS.B, Zero Cpn, 2/23/25.. | 177 | 12 | 991859523.UG.FTS.B, 29.49%, 2/23/25.. . | 36 | 37 |
| 992068077.UG.FTS.B, Zero Cpn, 2/23/25.. | 992068077.UG.FTS.B, Zero Cpn, 2/23/25.. | 992068077.UG.FTS.B, Zero Cpn, 2/23/25.. | 123 | 8 | 991859751.UG.FTS.B, 29.49%, 2/23/25.. . | 194 | 201 |
| 991856820.UG.FTS.B, 17.99%, 2/23/25.. . | 991856820.UG.FTS.B, 17.99%, 2/23/25.. . | 991856820.UG.FTS.B, 17.99%, 2/23/25.. . | 50 | 50 | 991877149.UG.FTS.B, 29.49%, 2/23/25.. . | 2355 | 2454 |
| 991846514.UG.FTS.B, 18.97%, 2/23/25.. . | 991846514.UG.FTS.B, 18.97%, 2/23/25.. . | 991846514.UG.FTS.B, 18.97%, 2/23/25.. . | 26 | 26 | 991877739.UG.FTS.B, 29.49%, 2/23/25.. . | 246 | 257 |
| 992071158.UG.FTS.B, 18.97%, 2/23/25. . . | 992071158.UG.FTS.B, 18.97%, 2/23/25. . . | 992071158.UG.FTS.B, 18.97%, 2/23/25. . . | 529 | 536 | 991879861.UG.FTS.B, 29.49%, 2/23/25.. . | 121 | 126 |
| 991848979.UG.FTS.B, 19.21%, 2/23/25.. . | 991848979.UG.FTS.B, 19.21%, 2/23/25.. . | 991848979.UG.FTS.B, 19.21%, 2/23/25.. . | 89 | 89 | 991879938.UG.FTS.B, 29.49%, 2/23/25.. . | 7 | 7 |
| 991927049.UG.FTS.B, 19.21%, 2/23/25.. . | 991927049.UG.FTS.B, 19.21%, 2/23/25.. . | 991927049.UG.FTS.B, 19.21%, 2/23/25.. . | 53 | 53 | 991889020.UG.FTS.B, 29.49%, 2/23/25.. . | 617 | 609 |
| 991951293.UG.FTS.B, 19.21%, 2/23/25.. . | 991951293.UG.FTS.B, 19.21%, 2/23/25.. . | 991951293.UG.FTS.B, 19.21%, 2/23/25.. . | 1375 | 1393 | 991898313.UG.FTS.B, 29.49%, 2/23/25.. . | 85 | 88 |
| 992095856.UG.FTS.B, 19.21%, 2/23/25.. . | 992095856.UG.FTS.B, 19.21%, 2/23/25.. . | 992095856.UG.FTS.B, 19.21%, 2/23/25.. . | 233 | 155 | 991915018.UG.FTS.B, 29.49%, 2/23/25.. . | 94 | 95 |
| 991870310.UG.FTS.B, 19.99%, 2/23/25.. . | 991870310.UG.FTS.B, 19.99%, 2/23/25.. . | 991870310.UG.FTS.B, 19.99%, 2/23/25.. . | 321 | 319 | 991916300.UG.FTS.B, 29.49%, 2/23/25.. . | 283 | 284 |
| 991883816.UG.FTS.B, 19.99%, 2/23/25.. . | 991883816.UG.FTS.B, 19.99%, 2/23/25.. . | 991883816.UG.FTS.B, 19.99%, 2/23/25.. . | 13 | 13 | 991916358.UG.FTS.B, 29.49%, 2/23/25.. . | 100 | 105 |
| 991958243.UG.FTS.B, 19.99%, 2/23/25.. . | 991958243.UG.FTS.B, 19.99%, 2/23/25.. . | 991958243.UG.FTS.B, 19.99%, 2/23/25.. . | 125 | 127 | 991933958.UG.FTS.B, 29.49%, 2/23/25.. . | 53 | 54 |
| 992085994.UG.FTS.B, 19.99%, 2/23/25.. . | 992085994.UG.FTS.B, 19.99%, 2/23/25.. . | 992085994.UG.FTS.B, 19.99%, 2/23/25.. . | 36 | 37 | 991942743.UG.FTS.B, 29.49%, 2/23/25.. . | 264 | 268 |
| 992095669.UG.FTS.B, 19.99%, 2/23/25.. . | 992095669.UG.FTS.B, 19.99%, 2/23/25.. . | 992095669.UG.FTS.B, 19.99%, 2/23/25.. . | 113 | 80 | 991944768.UG.FTS.B, 29.49%, 2/23/25.. . | 22 | 22 |
| 992099081.UG.FTS.B, 19.99%, 2/23/25.. . | 992099081.UG.FTS.B, 19.99%, 2/23/25.. . | 992099081.UG.FTS.B, 19.99%, 2/23/25.. . | 1055 | 1089 | 991955703.UG.FTS.B, 29.49%, 2/23/25.. . | 1606 | 1563 |
| 991898820.UG.FTS.B, 20.46%, 2/23/25.. . | 991898820.UG.FTS.B, 20.46%, 2/23/25.. . | 991898820.UG.FTS.B, 20.46%, 2/23/25.. . | 308 | 311 | 991973632.UG.FTS.B, 29.49%, 2/23/25.. . | 446 | 448 |
| 991857987.UG.FTS.B, 21.46%, 2/23/25.. . | 991857987.UG.FTS.B, 21.46%, 2/23/25.. . | 991857987.UG.FTS.B, 21.46%, 2/23/25.. . | 263 | 268 | 991990365.UG.FTS.B, 29.49%, 2/23/25.. . | 127 | 129 |
| 991849042.UG.FTS.B, 21.97%, 2/23/25.. . | 991849042.UG.FTS.B, 21.97%, 2/23/25.. . | 991849042.UG.FTS.B, 21.97%, 2/23/25.. . | 186 | 188 | 992009378.UG.FTS.B, 29.49%, 2/23/25.. . | 172 | 167 |
| 991846794.UG.FTS.B, 21.98%, 2/23/25.. . | 991846794.UG.FTS.B, 21.98%, 2/23/25.. . | 991846794.UG.FTS.B, 21.98%, 2/23/25.. . | 97 | 98 | 992042688.UG.FTS.B, 29.49%, 2/23/25.. . | 33 | 33 |
| 991857592.UG.FTS.B, 21.98%, 2/23/25.. . | 991857592.UG.FTS.B, 21.98%, 2/23/25.. . | 991857592.UG.FTS.B, 21.98%, 2/23/25.. . | 1005 | 755 | 992055313.UG.FTS.B, 29.49%, 2/23/25.. . | 206 | 213 |
| 991884675.UG.FTS.B, 21.98%, 2/23/25.. . | 991884675.UG.FTS.B, 21.98%, 2/23/25.. . | 991884675.UG.FTS.B, 21.98%, 2/23/25.. . | 173 | (1) | 992058730.UG.FTS.B, 29.49%, 2/23/25.. . | 63 | 10 |
| 991879827.UG.FTS.B, 22.95%, 2/23/25.. . | 991879827.UG.FTS.B, 22.95%, 2/23/25.. . | 991879827.UG.FTS.B, 22.95%, 2/23/25.. . | 1159 | 1165 | 992071864.UG.FTS.B, 29.49%, 2/23/25.. . | 30 | 30 |
| 82 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 82 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992077860.UG.FTS.B, 29.49%, 2/23/25.. . | $65 | $68 | 992048065.UG.FTS.B, Zero Cpn, 2/25/25.. $1,528 | 992048065.UG.FTS.B, Zero Cpn, 2/25/25.. $1,528 | $106 | 106 |
| 992095286.UG.FTS.B, 29.49%, 2/23/25.. . | 9 | 9 | 991873289.UG.FTS.B, 19.21%, 2/25/25.. . | 1813 | 1808 | 1808 |
| 992100429.UG.FTS.B, 29.49%, 2/23/25.. . | 337 | 330 | 992102508.UG.FTS.B, 19.21%, 2/25/25.. . | 587 | 587 | 587 |
| 992101807.UG.FTS.B, 29.49%, 2/23/25.. . | 1171 | 1203 | 991934046.UG.FTS.B, 19.8%, 2/25/25.. . . | 1722 | 1743 | 1743 |
| 992102471.UG.FTS.B, 29.49%, 2/23/25.. . | 882 | (31) | 991943144.UG.FTS.B, 19.8%, 2/25/25.. . . | 33 | 2 | 2 |
| 992102941.UG.FTS.B, 29.49%, 2/23/25.. . | 2874 | 2961 | 992085534.UG.FTS.B, 19.8%, 2/25/25.. . . | 220 | 222 | 222 |
| 992103021.UG.FTS.B, 29.49%, 2/23/25.. . | 798 | 822 | 992095472.UG.FTS.B, 19.8%, 2/25/25.. . . | 119 | 119 | 119 |
| 991976741.UG.FTS.B, Zero Cpn, 2/24/25.. | 370 | 26 | 992101988.UG.FTS.B, 19.8%, 2/25/25.. . . | 1552 | 1571 | 1571 |
| 992095462.UG.FTS.B, Zero Cpn, 2/24/25.. | 115 | 8 | 992062353.UG.FTS.B, 20.46%, 2/25/25.. . | 92 | 94 | 94 |
| 992095631.UG.FTS.B, 15%, 2/24/25. . . . . | 156 | 158 | 991990267.UG.FTS.B, 27.99%, 2/25/25.. . | 65 | 67 | 67 |
| 992098930.UG.FTS.B, 18.97%, 2/24/25.. . | 1182 | 1199 | 991868043.UG.FTS.B, 28.98%, 2/25/25.. . | 46 | 47 | 47 |
| 991875724.UG.FTS.B, 19.21%, 2/24/25.. . | 109 | 111 | 991868821.UG.FTS.B, 28.98%, 2/25/25.. . | 1100 | 1150 | 1150 |
| 992041969.UG.FTS.B, 19.21%, 2/24/25.. . | 38 | 38 | 991879489.UG.FTS.B, 28.98%, 2/25/25.. . | 42 | 7 | 7 |
| 991858814.UG.FTS.B, 19.99%, 2/24/25.. . | 422 | 427 | 991885747.UG.FTS.B, 28.98%, 2/25/25.. . | 560 | 586 | 586 |
| 991918770.UG.FTS.B, 19.99%, 2/24/25.. . | 839 | 878 | 991900712.UG.FTS.B, 28.98%, 2/25/25.. . | 380 | 393 | 393 |
| 992022838.UG.FTS.B, 19.99%, 2/24/25.. . | 756 | 779 | 991910181.UG.FTS.B, 28.98%, 2/25/25.. . | 4108 | 4300 | 4300 |
| 991917948.UG.FTS.B, 20.46%, 2/24/25.. . | 1072 | 1093 | 991918949.UG.FTS.B, 28.98%, 2/25/25.. . | 502 | 525 | 525 |
| 991861717.UG.FTS.B, 21.46%, 2/24/25.. . | 700 | 713 | 992022832.UG.FTS.B, 28.98%, 2/25/25.. . | – |  | – |
| 991952732.UG.FTS.B, 21.98%, 2/24/25.. . | 174 | 174 | 991884399.UG.FTS.B, 29.49%, 2/25/25.. . | 140 | 143 | 143 |
| 992094122.UG.FTS.B, 21.98%, 2/24/25.. . | 180 | 182 | 991911373.UG.FTS.B, 29.49%, 2/25/25. . . | 879 | 5 | 5 |
| 991898580.UG.FTS.B, 27.99%, 2/24/25.. . | 18 | 18 | 991930137.UG.FTS.B, 29.49%, 2/25/25.. . | 214 | 219 | 219 |
| 991857129.UG.FTS.B, 28.98%, 2/24/25.. . | 97 | 101 | 992007774.UG.FTS.B, 29.49%, 2/25/25.. . | 173 | 178 | 178 |
| 991858326.UG.FTS.B, 28.98%, 2/24/25.. . | 31 | 31 | 992018382.UG.FTS.B, 29.49%, 2/25/25.. . | 184 | 193 | 193 |
| 991858844.UG.FTS.B, 28.98%, 2/24/25.. . | 337 | 245 | 992096552.UG.FTS.B, 29.49%, 2/25/25.. . | 24 | 4 | 4 |
| 991859983.UG.FTS.B, 28.98%, 2/24/25.. . | 283 | 295 | 992099082.UG.FTS.B, 29.49%, 2/25/25.. . | 1217 | 842 | 842 |
| 991881531.UG.FTS.B, 28.98%, 2/24/25.. . | 176 | 184 | 992100841.UG.FTS.B, 29.49%, 2/25/25.. . | 6 | 6 | 6 |
| 991887919.UG.FTS.B, 28.98%, 2/24/25.. . | 32 | 33 | 992101569.UG.FTS.B, 29.49%, 2/25/25.. . | 399 | 411 | 411 |
| 991892823.UG.FTS.B, 28.98%, 2/24/25.. . | 598 | 606 | 992102475.UG.FTS.B, 29.49%, 2/25/25.. . | 1872 | 1839 | 1839 |
| 991950991.UG.FTS.B, 28.98%, 2/24/25.. . | 295 | 306 | 992103027.UG.FTS.B, 29.49%, 2/25/25.. . | 521 | 532 | 532 |
| 991953588.UG.FTS.B, 28.98%, 2/24/25.. . | 147 | 154 | 992103278.UG.FTS.B, 29.49%, 2/25/25.. . | 124 | 128 | 128 |
| 992070983.UG.FTS.B, 28.98%, 2/24/25.. . | 413 | 425 | 991896054.UG.FTS.B, 15.97%, 3/03/25.. . | 871 | 886 | 886 |
| 992095407.UG.FTS.B, 28.98%, 2/24/25.. . | 120 | 122 | 991953301.UG.FTS.B, 16.99%, 3/04/25.. . | 735 | 747 | 747 |
| 992095946.UG.FTS.B, 28.98%, 2/24/25.. . | – | – | 992043043.UG.FTS.B, 16.99%, 3/04/25.. . | 178 | 180 | 180 |
| 992100568.UG.FTS.B, 28.98%, 2/24/25.. . | 82 | 83 | 991901307.UG.FTS.B, 17.97%, 3/04/25.. . | 237 | 235 | 235 |
| 991855828.UG.FTS.B, 29.49%, 2/24/25.. . | 39 | 4 | 991940362.UG.FTS.B, 17.99%, 3/04/25.. . | 302 | 301 | 301 |
| 991856323.UG.FTS.B, 29.49%, 2/24/25.. . | 1658 | 232 | 991970524.UG.FTS.B, 17.99%, 3/04/25.. . | 265 | 268 | 268 |
| 991857305.UG.FTS.B, 29.49%, 2/24/25.. . | 250 | 253 | 992003521.UG.FTS.B, 17.99%, 3/04/25.. . | 401 | 407 | 407 |
| 991857701.UG.FTS.B, 29.49%, 2/24/25.. . | 649 | 681 | 991913343.UG.FTS.B, Zero Cpn, 3/05/25.. | 2508 | 176 | 176 |
| 991864922.UG.FTS.B, 29.49%, 2/24/25.. . | 78 | 81 | 991960819.UG.FTS.B, 14%, 3/05/25. . . . . | 19 | 19 | 19 |
| 991865031.UG.FTS.B, 29.49%, 2/24/25.. . | 595 | 609 | 992009284.UG.FTS.B, 14.98%, 3/05/25.. . | 247 | 251 | 251 |
| 991889019.UG.FTS.B, 29.49%, 2/24/25.. . | 359 | 251 | 991918212.UG.FTS.B, 15.97%, 3/05/25.. . | 388 | 27 | 27 |
| 991940825.UG.FTS.B, 29.49%, 2/24/25.. . | 60 | 61 | 991972238.UG.FTS.B, 15.97%, 3/05/25.. . | 259 | 259 | 259 |
| 991962356.UG.FTS.B, 29.49%, 2/24/25.. . | 162 | 169 | 991911402.UG.FTS.B, 16.99%, 3/05/25. . . | 469 | 476 | 476 |
| 991982896.UG.FTS.B, 29.49%, 2/24/25.. . | 180 | 122 | 991938779.UG.FTS.B, 16.99%, 3/05/25.. . | 145 | 147 | 147 |
| 991990424.UG.FTS.B, 29.49%, 2/24/25.. . | 20 | 20 | 992121849.UG.FTS.B, 16.99%, 3/05/25.. . | 1271 | 1292 | 1292 |
| 991996253.UG.FTS.B, 29.49%, 2/24/25.. . | 368 | 379 | 991907676.UG.FTS.B, 17.97%, 3/05/25.. . | 266 | 270 | 270 |
| 992001227.UG.FTS.B, 29.49%, 2/24/25.. . | 99 | 103 | 991933144.UG.FTS.B, 17.97%, 3/05/25.. . | 197 | 200 | 200 |
| 992008974.UG.FTS.B, 29.49%, 2/24/25.. . | 274 | 7 | 992030620.UG.FTS.B, 17.99%, 3/05/25.. . | 150 | 152 | 152 |
| 992017493.UG.FTS.B, 29.49%, 2/24/25.. . | 196 | 202 | 992034517.UG.FTS.B, 17.99%, 3/05/25.. . | 1080 | 1078 | 1078 |
| 992051195.UG.FTS.B, 29.49%, 2/24/25. . . | 120 | 124 | 992048059.UG.FTS.B, 17.99%, 3/05/25.. . | 3603 | 3661 | 3661 |
| 992062277.UG.FTS.B, 29.49%, 2/24/25.. . | 106 | 105 | 992082342.UG.FTS.B, 17.99%, 3/05/25.. . | 173 | 176 | 176 |
| 992076693.UG.FTS.B, 29.49%, 2/24/25.. . | 55 | 57 | 992122276.UG.FTS.B, 17.99%, 3/05/25.. . | 23 | 4 | 4 |
| 992084780.UG.FTS.B, 29.49%, 2/24/25.. . | 85 | 6 | 992176129.UG.FTS.B, 14.97%, 3/06/25.. . | 532 | 538 | 538 |
| 992088592.UG.FTS.B, 29.49%, 2/24/25.. . | 42 | 43 | 992155655.UG.FTS.B, 14.98%, 3/06/25.. . | 82 | 81 | 81 |
| 992095776.UG.FTS.B, 29.49%, 2/24/25.. . | 22 | 22 | 991934175.UG.FTS.B, 15%, 3/06/25. . . . . | 397 | 404 | 404 |
| 992099175.UG.FTS.B, 29.49%, 2/24/25.. . | 223 | 152 | 991922719.UG.FTS.B, 15.97%, 3/06/25.. . | 187 | 190 | 190 |
| 992101624.UG.FTS.B, 29.49%, 2/24/25.. . | 83 | (3) | 991965195.UG.FTS.B, 16.99%, 3/06/25.. . | 208 | 212 | 212 |
| 992103466.UG.FTS.B, 29.49%, 2/24/25.. . | 358 | 364 | 991976215.UG.FTS.B, 16.99%, 3/06/25.. . | 641 | 652 | 652 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 83 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 83 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 991992407.UG.FTS.B, 16.99%, 3/06/25.. . $ | 991992407.UG.FTS.B, 16.99%, 3/06/25.. . $ | 991992407.UG.FTS.B, 16.99%, 3/06/25.. . $ | 243 | $245 | 991952258.UG.FTS.B, 28.98%, 3/09/25.. . $ | 123 | $127 |
| 991924063.UG.FTS.B, 17.97%, 3/06/25.. . | 991924063.UG.FTS.B, 17.97%, 3/06/25.. . | 991924063.UG.FTS.B, 17.97%, 3/06/25.. . | 113 | 74 | 991952942.UG.FTS.B, 28.98%, 3/09/25.. . | 225 | 230 |
| 991932344.UG.FTS.B, 17.97%, 3/06/25.. . | 991932344.UG.FTS.B, 17.97%, 3/06/25.. . | 991932344.UG.FTS.B, 17.97%, 3/06/25.. . | 101 | 102 | 991953091.UG.FTS.B, 28.98%, 3/09/25.. . | 2541 | 2632 |
| 991964363.UG.FTS.B, 17.97%, 3/06/25.. . | 991964363.UG.FTS.B, 17.97%, 3/06/25.. . | 991964363.UG.FTS.B, 17.97%, 3/06/25.. . | 160 | 163 | 991953620.UG.FTS.B, 28.98%, 3/09/25.. . | 1469 | (68) |
| 991990537.UG.FTS.B, 17.97%, 3/06/25.. . | 991990537.UG.FTS.B, 17.97%, 3/06/25.. . | 991990537.UG.FTS.B, 17.97%, 3/06/25.. . | 703 | 700 | 991953646.UG.FTS.B, 28.98%, 3/09/25.. . | 97 | 97 |
| 992003351.UG.FTS.B, 17.97%, 3/06/25.. . | 992003351.UG.FTS.B, 17.97%, 3/06/25.. . | 992003351.UG.FTS.B, 17.97%, 3/06/25.. . | 805 | 816 | 991953749.UG.FTS.B, 28.98%, 3/09/25.. . | 325 | 69 |
| 992194945.UG.FTS.B, 17.97%, 3/06/25.. . | 992194945.UG.FTS.B, 17.97%, 3/06/25.. . | 992194945.UG.FTS.B, 17.97%, 3/06/25.. . | 169 | 170 | 991956904.UG.FTS.B, 28.98%, 3/09/25.. . | 74 | 75 |
| 992007661.UG.FTS.B, 17.99%, 3/06/25.. . | 992007661.UG.FTS.B, 17.99%, 3/06/25.. . | 992007661.UG.FTS.B, 17.99%, 3/06/25.. . | 811 | 824 | 991958281.UG.FTS.B, 28.98%, 3/09/25.. . | 1118 | 1083 |
| 992075216.UG.FTS.B, 17.99%, 3/06/25.. . | 992075216.UG.FTS.B, 17.99%, 3/06/25.. . | 992075216.UG.FTS.B, 17.99%, 3/06/25.. . | 583 | (2) | 991958857.UG.FTS.B, 28.98%, 3/09/25.. . | 31 | 31 |
| 992104600.UG.FTS.B, 17.99%, 3/06/25.. . | 992104600.UG.FTS.B, 17.99%, 3/06/25.. . | 992104600.UG.FTS.B, 17.99%, 3/06/25.. . | 861 | 875 | 991961425.UG.FTS.B, 28.98%, 3/09/25.. . | 497 | 515 |
| 992187270.UG.FTS.B, 17.99%, 3/06/25.. . | 992187270.UG.FTS.B, 17.99%, 3/06/25.. . | 992187270.UG.FTS.B, 17.99%, 3/06/25.. . | 65 | 66 | 991978892.UG.FTS.B, 28.98%, 3/09/25.. . | 55 | 56 |
| 991945378.UG.FTS.B, 15%, 3/07/25. . . . . | 991945378.UG.FTS.B, 15%, 3/07/25. . . . . | 991945378.UG.FTS.B, 15%, 3/07/25. . . . . | 234 | 235 | 992009323.UG.FTS.B, 28.98%, 3/09/25.. . | 598 | 130 |
| 992092422.UG.FTS.B, 15.97%, 3/07/25.. . | 992092422.UG.FTS.B, 15.97%, 3/07/25.. . | 992092422.UG.FTS.B, 15.97%, 3/07/25.. . | 657 | 667 | 992010855.UG.FTS.B, 28.98%, 3/09/25.. . | 3809 | 3886 |
| 991933089.UG.FTS.B, 16.99%, 3/07/25.. . | 991933089.UG.FTS.B, 16.99%, 3/07/25.. . | 991933089.UG.FTS.B, 16.99%, 3/07/25.. . | 59 | 59 | 992017836.UG.FTS.B, 28.98%, 3/09/25.. . | 39 | 38 |
| 992148536.UG.FTS.B, 16.99%, 3/07/25.. . | 992148536.UG.FTS.B, 16.99%, 3/07/25.. . | 992148536.UG.FTS.B, 16.99%, 3/07/25.. . | 186 | 188 | 992061523.UG.FTS.B, 28.98%, 3/09/25.. . | 10 | 10 |
| 992204036.UG.FTS.B, 16.99%, 3/07/25.. . | 992204036.UG.FTS.B, 16.99%, 3/07/25.. . | 992204036.UG.FTS.B, 16.99%, 3/07/25.. . | 498 | 504 | 992062215.UG.FTS.B, 28.98%, 3/09/25.. . | 296 | 64 |
| 991973130.UG.FTS.B, 17.97%, 3/07/25.. . | 991973130.UG.FTS.B, 17.97%, 3/07/25.. . | 991973130.UG.FTS.B, 17.97%, 3/07/25.. . | 10182 | 409 | 992085211.UG.FTS.B, 28.98%, 3/09/25. . . | 578 | 560 |
| 992024120.UG.FTS.B, 17.99%, 3/07/25.. . | 992024120.UG.FTS.B, 17.99%, 3/07/25.. . | 992024120.UG.FTS.B, 17.99%, 3/07/25.. . | 168 | 171 | 992179588.UG.FTS.B, 28.98%, 3/09/25.. . | 44 | 44 |
| 992086926.UG.FTS.B, 17.99%, 3/07/25.. . | 992086926.UG.FTS.B, 17.99%, 3/07/25.. . | 992086926.UG.FTS.B, 17.99%, 3/07/25.. . | 40 | 40 | 992182020.UG.FTS.B, 28.98%, 3/09/25.. . | 1554 | 189 |
| 991999086.UG.FTS.B, 15.97%, 3/08/25.. . | 991999086.UG.FTS.B, 15.97%, 3/08/25.. . | 991999086.UG.FTS.B, 15.97%, 3/08/25.. . | 83 | 84 | 992199317.UG.FTS.B, 28.98%, 3/09/25.. . | 90 | 91 |
| 992069223.UG.FTS.B, 15.97%, 3/08/25.. . | 992069223.UG.FTS.B, 15.97%, 3/08/25.. . | 992069223.UG.FTS.B, 15.97%, 3/08/25.. . | 718 | 728 | 992211701.UG.FTS.B, 28.98%, 3/09/25. . . | 208 | 212 |
| 991943900.UG.FTS.B, 16.99%, 3/08/25.. . | 991943900.UG.FTS.B, 16.99%, 3/08/25.. . | 991943900.UG.FTS.B, 16.99%, 3/08/25.. . | 156 | 155 | 991955582.UG.FTS.B, 29.46%, 3/09/25.. . | 82 | 82 |
| 991945523.UG.FTS.B, 16.99%, 3/08/25.. . | 991945523.UG.FTS.B, 16.99%, 3/08/25.. . | 991945523.UG.FTS.B, 16.99%, 3/08/25.. . | 614 | 624 | 991991457.UG.FTS.B, 29.46%, 3/09/25.. . | 24 | 24 |
| 992067831.UG.FTS.B, 16.99%, 3/08/25.. . | 992067831.UG.FTS.B, 16.99%, 3/08/25.. . | 992067831.UG.FTS.B, 16.99%, 3/08/25.. . | 122 | 124 | 992001280.UG.FTS.B, 29.46%, 3/09/25.. . | 409 | 417 |
| 992167995.UG.FTS.B, 16.99%, 3/08/25.. . | 992167995.UG.FTS.B, 16.99%, 3/08/25.. . | 992167995.UG.FTS.B, 16.99%, 3/08/25.. . | 988 | 997 | 992221812.UG.FTS.B, 29.46%, 3/09/25.. . | 180 | 183 |
| 992204207.UG.FTS.B, 16.99%, 3/08/25.. . | 992204207.UG.FTS.B, 16.99%, 3/08/25.. . | 992204207.UG.FTS.B, 16.99%, 3/08/25.. . | 145 | 146 | 991953775.UG.FTS.B, 29.47%, 3/09/25.. . | 364 | 378 |
| 991942814.UG.FTS.B, 17.99%, 3/08/25.. . | 991942814.UG.FTS.B, 17.99%, 3/08/25.. . | 991942814.UG.FTS.B, 17.99%, 3/08/25.. . | 38 | 39 | 992058926.UG.FTS.B, 29.47%, 3/09/25.. . | 563 | 557 |
| 991949855.UG.FTS.B, 17.99%, 3/08/25.. . | 991949855.UG.FTS.B, 17.99%, 3/08/25.. . | 991949855.UG.FTS.B, 17.99%, 3/08/25.. . | 677 | 682 | 992138560.UG.FTS.B, 29.47%, 3/09/25.. . | 88 | 88 |
| 991956318.UG.FTS.B, 17.99%, 3/08/25.. . | 991956318.UG.FTS.B, 17.99%, 3/08/25.. . | 991956318.UG.FTS.B, 17.99%, 3/08/25.. . | 335 | 337 | 992197517.UG.FTS.B, 29.48%, 3/09/25.. . | 221 | (10) |
| 992023008.UG.FTS.B, 17.99%, 3/08/25.. . | 992023008.UG.FTS.B, 17.99%, 3/08/25.. . | 992023008.UG.FTS.B, 17.99%, 3/08/25.. . | 53 | 53 | 992226909.UG.FTS.B, 29.48%, 3/09/25.. . | 99 | 95 |
| 992054524.UG.FTS.B, 17.99%, 3/08/25.. . | 992054524.UG.FTS.B, 17.99%, 3/08/25.. . | 992054524.UG.FTS.B, 17.99%, 3/08/25.. . | 764 | 776 | 991948233.UG.FTS.B, 29.49%, 3/09/25.. . | 89 | 87 |
| 992056976.UG.FTS.B, 17.99%, 3/08/25.. . | 992056976.UG.FTS.B, 17.99%, 3/08/25.. . | 992056976.UG.FTS.B, 17.99%, 3/08/25.. . | 361 | 367 | 991949833.UG.FTS.B, 29.49%, 3/09/25.. . | 124 | 129 |
| 991952197.UG.FTS.B, Zero Cpn, 3/09/25.. | 991952197.UG.FTS.B, Zero Cpn, 3/09/25.. | 991952197.UG.FTS.B, Zero Cpn, 3/09/25.. | 660 | 46 | 991949846.UG.FTS.B, 29.49%, 3/09/25.. . | 57 | 56 |
| 992016287.UG.FTS.B, 14.98%, 3/09/25.. . | 992016287.UG.FTS.B, 14.98%, 3/09/25.. . | 992016287.UG.FTS.B, 14.98%, 3/09/25.. . | 482 | 34 | 991951547.UG.FTS.B, 29.49%, 3/09/25.. . | 211 | 214 |
| 991962073.UG.FTS.B, 15.97%, 3/09/25.. . | 991962073.UG.FTS.B, 15.97%, 3/09/25.. . | 991962073.UG.FTS.B, 15.97%, 3/09/25.. . | 560 | 570 | 991952166.UG.FTS.B, 29.49%, 3/09/25.. . | 665 | 450 |
| 992045994.UG.FTS.B, 15.97%, 3/09/25.. . | 992045994.UG.FTS.B, 15.97%, 3/09/25.. . | 992045994.UG.FTS.B, 15.97%, 3/09/25.. . | 277 | 281 | 991953005.UG.FTS.B, 29.49%, 3/09/25.. . | 307 | 318 |
| 992093111.UG.FTS.B, 15.97%, 3/09/25. . . | 992093111.UG.FTS.B, 15.97%, 3/09/25. . . | 992093111.UG.FTS.B, 15.97%, 3/09/25. . . | 131 | 131 | 991954696.UG.FTS.B, 29.49%, 3/09/25.. . | 171 | 177 |
| 991959640.UG.FTS.B, 16.99%, 3/09/25.. . | 991959640.UG.FTS.B, 16.99%, 3/09/25.. . | 991959640.UG.FTS.B, 16.99%, 3/09/25.. . | 335 | 341 | 991955791.UG.FTS.B, 29.49%, 3/09/25.. . | 197 | 14 |
| 991958431.UG.FTS.B, 17.99%, 3/09/25.. . | 991958431.UG.FTS.B, 17.99%, 3/09/25.. . | 991958431.UG.FTS.B, 17.99%, 3/09/25.. . | 257 | 261 | 991956528.UG.FTS.B, 29.49%, 3/09/25.. . | 611 | 37 |
| 991985159.UG.FTS.B, 17.99%, 3/09/25.. . | 991985159.UG.FTS.B, 17.99%, 3/09/25.. . | 991985159.UG.FTS.B, 17.99%, 3/09/25.. . | 1516 | 1542 | 991959284.UG.FTS.B, 29.49%, 3/09/25.. . | 246 | 255 |
| 991997373.UG.FTS.B, 17.99%, 3/09/25.. . | 991997373.UG.FTS.B, 17.99%, 3/09/25.. . | 991997373.UG.FTS.B, 17.99%, 3/09/25.. . | 418 | 425 | 991960052.UG.FTS.B, 29.49%, 3/09/25.. . | 280 | 272 |
| 992088368.UG.FTS.B, 17.99%, 3/09/25.. . | 992088368.UG.FTS.B, 17.99%, 3/09/25.. . | 992088368.UG.FTS.B, 17.99%, 3/09/25.. . | 199 | 202 | 991971585.UG.FTS.B, 29.49%, 3/09/25.. . | 329 | 327 |
| 992158284.UG.FTS.B, 17.99%, 3/09/25.. . | 992158284.UG.FTS.B, 17.99%, 3/09/25.. . | 992158284.UG.FTS.B, 17.99%, 3/09/25.. . | 558 | 568 | 991980308.UG.FTS.B, 29.49%, 3/09/25.. . | 217 | 225 |
| 992185435.UG.FTS.B, 17.99%, 3/09/25.. . | 992185435.UG.FTS.B, 17.99%, 3/09/25.. . | 992185435.UG.FTS.B, 17.99%, 3/09/25.. . | 1866 | 1885 | 991983473.UG.FTS.B, 29.49%, 3/09/25.. . | 867 | 884 |
| 991951113.UG.FTS.B, 19.99%, 3/09/25. . . | 991951113.UG.FTS.B, 19.99%, 3/09/25. . . | 991951113.UG.FTS.B, 19.99%, 3/09/25. . . | 1566 | 1593 | 991998692.UG.FTS.B, 29.49%, 3/09/25.. . | 1665 | 1707 |
| 991960077.UG.FTS.B, 19.99%, 3/09/25.. . | 991960077.UG.FTS.B, 19.99%, 3/09/25.. . | 991960077.UG.FTS.B, 19.99%, 3/09/25.. . | 100 | 100 | 992001551.UG.FTS.B, 29.49%, 3/09/25.. . | 80 | 80 |
| 992214049.UG.FTS.B, 19.99%, 3/09/25.. . | 992214049.UG.FTS.B, 19.99%, 3/09/25.. . | 992214049.UG.FTS.B, 19.99%, 3/09/25.. . | 136 | 138 | 992125932.UG.FTS.B, 29.49%, 3/09/25.. . | 984 | 975 |
| 991969257.UG.FTS.B, 25.94%, 3/09/25.. . | 991969257.UG.FTS.B, 25.94%, 3/09/25.. . | 991969257.UG.FTS.B, 25.94%, 3/09/25.. . | 247 | 249 | 992138266.UG.FTS.B, 29.49%, 3/09/25.. . | 952 | 934 |
| 992061176.UG.FTS.B, 27.95%, 3/09/25. . . | 992061176.UG.FTS.B, 27.95%, 3/09/25. . . | 992061176.UG.FTS.B, 27.95%, 3/09/25. . . | 164 | 36 | 992206574.UG.FTS.B, 29.49%, 3/09/25.. . | 66 | 9 |
| 992005128.UG.FTS.B, 27.99%, 3/09/25.. . | 992005128.UG.FTS.B, 27.99%, 3/09/25.. . | 992005128.UG.FTS.B, 27.99%, 3/09/25.. . | 75 | 76 | 992211648.UG.FTS.B, 29.49%, 3/09/25. . . | 154 | 157 |
| 992221115.UG.FTS.B, 27.99%, 3/09/25. . . | 992221115.UG.FTS.B, 27.99%, 3/09/25. . . | 992221115.UG.FTS.B, 27.99%, 3/09/25. . . | 169 | 172 | 992212611.UG.FTS.B, 29.49%, 3/09/25. . . | 514 | 523 |
| 991946748.UG.FTS.B, 28.98%, 3/09/25.. . | 991946748.UG.FTS.B, 28.98%, 3/09/25.. . | 991946748.UG.FTS.B, 28.98%, 3/09/25.. . | 734 | 723 | 992222889.UG.FTS.B, 29.49%, 3/09/25.. . | 36 | 36 |
| 991946846.UG.FTS.B, 28.98%, 3/09/25.. . | 991946846.UG.FTS.B, 28.98%, 3/09/25.. . | 991946846.UG.FTS.B, 28.98%, 3/09/25.. . | 597 | 619 | 991955016.UG.FTS.B, Zero Cpn, 3/10/25.. | 199 | 14 |
| 991946853.UG.FTS.B, 28.98%, 3/09/25.. . | 991946853.UG.FTS.B, 28.98%, 3/09/25.. . | 991946853.UG.FTS.B, 28.98%, 3/09/25.. . | 354 | 351 | 991995485.UG.FTS.B, 15.97%, 3/10/25.. . | 657 | 118 |
| 991947597.UG.FTS.B, 28.98%, 3/09/25.. . | 991947597.UG.FTS.B, 28.98%, 3/09/25.. . | 991947597.UG.FTS.B, 28.98%, 3/09/25.. . | 321 | 332 | 991954721.UG.FTS.B, 16.99%, 3/10/25.. . | 555 | 2 |
| 991948442.UG.FTS.B, 28.98%, 3/09/25.. . | 991948442.UG.FTS.B, 28.98%, 3/09/25.. . | 991948442.UG.FTS.B, 28.98%, 3/09/25.. . | 434 | 442 | 991956996.UG.FTS.B, 16.99%, 3/10/25.. . | 281 | 286 |
| 991950108.UG.FTS.B, 28.98%, 3/09/25.. . | 991950108.UG.FTS.B, 28.98%, 3/09/25.. . | 991950108.UG.FTS.B, 28.98%, 3/09/25.. . | 1320 | 1329 | 991997245.UG.FTS.B, 19.99%, 3/10/25.. . | 203 | 211 |
| 991951985.UG.FTS.B, 28.98%, 3/09/25.. . | 991951985.UG.FTS.B, 28.98%, 3/09/25.. . | 991951985.UG.FTS.B, 28.98%, 3/09/25.. . | 929 | 958 | 992032415.UG.FTS.B, 19.99%, 3/10/25.. . | 581 | 599 |
| 84 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 84 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992111548.UG.FTS.B, 19.99%, 3/10/25. . . | $4 | $3 | 991985086.UG.FTS.B, Zero Cpn, 3/11/25.. $144 | 991985086.UG.FTS.B, Zero Cpn, 3/11/25.. $144 | $10 | 10 |
| 991954714.UG.FTS.B, 28.98%, 3/10/25.. . | 225 | 233 | 991991026.UG.FTS.B, Zero Cpn, 3/11/25.. | 1073 | 74 | 74 |
| 991957178.UG.FTS.B, 28.98%, 3/10/25.. . | 440 | 455 | 992029546.UG.FTS.B, Zero Cpn, 3/11/25.. | 2645 | 183 | 183 |
| 991958934.UG.FTS.B, 28.98%, 3/10/25.. . | 216 | 224 | 992030220.UG.FTS.B, Zero Cpn, 3/11/25.. | 30 | 2 | 2 |
| 991962085.UG.FTS.B, 28.98%, 3/10/25.. . | 299 | 310 | 992033356.UG.FTS.B, Zero Cpn, 3/11/25.. | 244 | 17 | 17 |
| 991968026.UG.FTS.B, 28.98%, 3/10/25.. . | 1136 | 1167 | 992034442.UG.FTS.B, Zero Cpn, 3/11/25.. | 1136 | 78 | 78 |
| 991973413.UG.FTS.B, 28.98%, 3/10/25.. . | 43 | 44 | 992042951.UG.FTS.B, Zero Cpn, 3/11/25.. | 60 | 4 | 4 |
| 991974510.UG.FTS.B, 28.98%, 3/10/25.. . | 438 | 448 | 992052408.UG.FTS.B, Zero Cpn, 3/11/25.. | 145 | 10 | 10 |
| 992011442.UG.FTS.B, 28.98%, 3/10/25. . . | 640 | 656 | 992055177.UG.FTS.B, Zero Cpn, 3/11/25.. | 1559 | 109 | 109 |
| 992027655.UG.FTS.B, 28.98%, 3/10/25.. . | – | – | 992102192.UG.FTS.B, Zero Cpn, 3/11/25.. | 970 | 67 | 67 |
| 992033842.UG.FTS.B, 28.98%, 3/10/25.. . | 251 | 260 | 992102686.UG.FTS.B, Zero Cpn, 3/11/25.. | 238 | 17 | 17 |
| 992060387.UG.FTS.B, 28.98%, 3/10/25.. . | 266 | 271 | 992144245.UG.FTS.B, Zero Cpn, 3/11/25.. | 658 | 46 | 46 |
| 992084194.UG.FTS.B, 28.98%, 3/10/25.. . | 822 | 852 | 992157316.UG.FTS.B, Zero Cpn, 3/11/25.. | 374 | 26 | 26 |
| 992143690.UG.FTS.B, 28.98%, 3/10/25.. . | 118 | 121 | 992161362.UG.FTS.B, Zero Cpn, 3/11/25.. | 49 | 3 | 3 |
| 992184165.UG.FTS.B, 28.98%, 3/10/25.. . | 2861 | 619 | 991968447.UG.FTS.B, 19.99%, 3/11/25. . . | 1229 | 1248 | 1248 |
| 992198464.UG.FTS.B, 28.98%, 3/10/25.. . | 157 | 160 | 991968635.UG.FTS.B, 19.99%, 3/11/25. . . | 1713 | 1744 | 1744 |
| 992226588.UG.FTS.B, 28.98%, 3/10/25.. . | 34 | 34 | 991970440.UG.FTS.B, 19.99%, 3/11/25. . . | 339 | 331 | 331 |
| 992229139.UG.FTS.B, 28.98%, 3/10/25.. . | 2144 | 2151 | 991978184.UG.FTS.B, 19.99%, 3/11/25. . . | 184 | 191 | 191 |
| 992234259.UG.FTS.B, 28.98%, 3/10/25.. . | 43 | 43 | 991978739.UG.FTS.B, 19.99%, 3/11/25. . . | 303 | 312 | 312 |
| 992234778.UG.FTS.B, 28.98%, 3/10/25.. . | 162 | 165 | 991980454.UG.FTS.B, 19.99%, 3/11/25. . . | 3 | 3 | 3 |
| 992061277.UG.FTS.B, 29.46%, 3/10/25.. . | 593 | 612 | 991989654.UG.FTS.B, 19.99%, 3/11/25. . . | 51 | 52 | 52 |
| 991959464.UG.FTS.B, 29.47%, 3/10/25.. . | 555 | 564 | 991994914.UG.FTS.B, 19.99%, 3/11/25. . . | 18 | 18 | 18 |
| 991991290.UG.FTS.B, 29.47%, 3/10/25.. . | 88 | 89 | 992004940.UG.FTS.B, 19.99%, 3/11/25. . . | 71 | 71 | 71 |
| 992061694.UG.FTS.B, 29.47%, 3/10/25.. . | 196 | 204 | 992007097.UG.FTS.B, 19.99%, 3/11/25. . . | 64 | 64 | 64 |
| 992139536.UG.FTS.B, 29.47%, 3/10/25.. . | 1461 | 1488 | 992008658.UG.FTS.B, 19.99%, 3/11/25. . . | 191 | 198 | 198 |
| 992205977.UG.FTS.B, 29.47%, 3/10/25.. . | 48 | 49 | 992018218.UG.FTS.B, 19.99%, 3/11/25. . . | 236 | 243 | 243 |
| 991954603.UG.FTS.B, 29.49%, 3/10/25.. . | 140 | 135 | 992025841.UG.FTS.B, 19.99%, 3/11/25. . . | 63 | 64 | 64 |
| 991954960.UG.FTS.B, 29.49%, 3/10/25.. . | 311 | 323 | 992026254.UG.FTS.B, 19.99%, 3/11/25. . . | 695 | 699 | 699 |
| 991957562.UG.FTS.B, 29.49%, 3/10/25.. . | 163 | 169 | 992028614.UG.FTS.B, 19.99%, 3/11/25. . . | 209 | 215 | 215 |
| 991958699.UG.FTS.B, 29.49%, 3/10/25.. . | 70 | 71 | 992029209.UG.FTS.B, 19.99%, 3/11/25. . . | 63 | 63 | 63 |
| 991960347.UG.FTS.B, 29.49%, 3/10/25.. . | 230 | 229 | 992029328.UG.FTS.B, 19.99%, 3/11/25. . . | 128 | 132 | 132 |
| 991972068.UG.FTS.B, 29.49%, 3/10/25.. . | 318 | 315 | 992030511.UG.FTS.B, 19.99%, 3/11/25. . . | 68 | 70 | 70 |
| 991972794.UG.FTS.B, 29.49%, 3/10/25.. . | 1521 | 1483 | 992032062.UG.FTS.B, 19.99%, 3/11/25. . . | 263 | 273 | 273 |
| 991986855.UG.FTS.B, 29.49%, 3/10/25.. . | 122 | 126 | 992034460.UG.FTS.B, 19.99%, 3/11/25. . . | 242 | 251 | 251 |
| 991986924.UG.FTS.B, 29.49%, 3/10/25.. . | 159 | 164 | 992043129.UG.FTS.B, 19.99%, 3/11/25. . . | 267 | 19 | 19 |
| 991987090.UG.FTS.B, 29.49%, 3/10/25.. . | 316 | 319 | 992048328.UG.FTS.B, 19.99%, 3/11/25. . . | 1052 | 1085 | 1085 |
| 991991729.UG.FTS.B, 29.49%, 3/10/25.. . | 660 | 684 | 992049367.UG.FTS.B, 19.99%, 3/11/25. . . | 210 | 217 | 217 |
| 991992823.UG.FTS.B, 29.49%, 3/10/25.. . | 98 | 98 | 992088914.UG.FTS.B, 19.99%, 3/11/25. . . | 61 | 61 | 61 |
| 992000940.UG.FTS.B, 29.49%, 3/10/25.. . | 264 | 265 | 992119841.UG.FTS.B, 19.99%, 3/11/25. . . | 116 | 120 | 120 |
| 992019137.UG.FTS.B, 29.49%, 3/10/25.. . | 3 | 3 | 992120582.UG.FTS.B, 19.99%, 3/11/25. . . | 55 | 56 | 56 |
| 992021611.UG.FTS.B, 29.49%, 3/10/25. . . | 843 | 377 | 992131942.UG.FTS.B, 19.99%, 3/11/25. . . | 803 | 832 | 832 |
| 992024541.UG.FTS.B, 29.49%, 3/10/25.. . | 393 | 383 | 992134817.UG.FTS.B, 19.99%, 3/11/25. . . | 449 | 465 | 465 |
| 992030282.UG.FTS.B, 29.49%, 3/10/25.. . | 170 | 170 | 992156714.UG.FTS.B, 19.99%, 3/11/25. . . | 298 | 303 | 303 |
| 992041733.UG.FTS.B, 29.49%, 3/10/25.. . | 18 | 17 | 992159439.UG.FTS.B, 19.99%, 3/11/25. . . | 587 | 605 | 605 |
| 992056222.UG.FTS.B, 29.49%, 3/10/25.. . | 293 | 205 | 992168147.UG.FTS.B, 19.99%, 3/11/25. . . | 1745 | 1164 | 1164 |
| 992081022.UG.FTS.B, 29.49%, 3/10/25.. . | 145 | 149 | 992172074.UG.FTS.B, 19.99%, 3/11/25. . . | 455 | 453 | 453 |
| 992084912.UG.FTS.B, 29.49%, 3/10/25.. . | 1106 | 1127 | 992180293.UG.FTS.B, 19.99%, 3/11/25. . . | 508 | (2) | (2) |
| 992100091.UG.FTS.B, 29.49%, 3/10/25.. . | – | – | 992187213.UG.FTS.B, 19.99%, 3/11/25. . . | 170 | 12 | 12 |
| 992178788.UG.FTS.B, 29.49%, 3/10/25.. . | 26 | 26 | 992200009.UG.FTS.B, 19.99%, 3/11/25. . . | 8 | 8 | 8 |
| 992189126.UG.FTS.B, 29.49%, 3/10/25.. . | 193 | 25 | 992208823.UG.FTS.B, 19.99%, 3/11/25. . . | 155 | 157 | 157 |
| 992222709.UG.FTS.B, 29.49%, 3/10/25.. . | 122 | 124 | 992227850.UG.FTS.B, 19.99%, 3/11/25. . . | 50 | 51 | 51 |
| 992225780.UG.FTS.B, 29.49%, 3/10/25.. . | 116 | (5) | 992238523.UG.FTS.B, 19.99%, 3/11/25. . . | 800 | 817 | 817 |
| 992226157.UG.FTS.B, 29.49%, 3/10/25.. . | 512 | 519 | 992240522.UG.FTS.B, 19.99%, 3/11/25. . . | 76 | 78 | 78 |
| 992226851.UG.FTS.B, 29.49%, 3/10/25.. . | 319 | 326 | 992244571.UG.FTS.B, 19.99%, 3/11/25. . . | 235 | 239 | 239 |
| 992228254.UG.FTS.B, 29.49%, 3/10/25.. . | 575 | 586 | 991964099.UG.FTS.B, 25.95%, 3/11/25. . . | 363 | 365 | 365 |
| 992229344.UG.FTS.B, 29.49%, 3/10/25.. . | 289 | 294 | 992002903.UG.FTS.B, 25.95%, 3/11/25. . . | 1592 | 108 | 108 |
| 992231132.UG.FTS.B, 29.49%, 3/10/25. . . | 183 | 117 | 992229333.UG.FTS.B, 25.95%, 3/11/25. . . | 161 | 109 | 109 |
| 991981426.UG.FTS.B, Zero Cpn, 3/11/25.. | 153 | 11 | 992015330.UG.FTS.B, 26.94%, 3/11/25. . . | 17 | 17 | 17 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 85 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 85 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 991969813.UG.FTS.B, 27.95%, 3/11/25. . . | 991969813.UG.FTS.B, 27.95%, 3/11/25. . . | 991969813.UG.FTS.B, 27.95%, 3/11/25. . . | $152 | $155 | 991988726.UG.FTS.B, 28.98%, 3/11/25. . . | $36 | $36 |
| 991970478.UG.FTS.B, 27.95%, 3/11/25. . . | 991970478.UG.FTS.B, 27.95%, 3/11/25. . . | 991970478.UG.FTS.B, 27.95%, 3/11/25. . . | 86 | 89 | 991989952.UG.FTS.B, 28.98%, 3/11/25. . . | 542 | 119 |
| 991977566.UG.FTS.B, 27.95%, 3/11/25. . . | 991977566.UG.FTS.B, 27.95%, 3/11/25. . . | 991977566.UG.FTS.B, 27.95%, 3/11/25. . . | 140 | 139 | 991990261.UG.FTS.B, 28.98%, 3/11/25. . . | 26 | 26 |
| 991981186.UG.FTS.B, 27.95%, 3/11/25. . . | 991981186.UG.FTS.B, 27.95%, 3/11/25. . . | 991981186.UG.FTS.B, 27.95%, 3/11/25. . . | 182 | 188 | 991992687.UG.FTS.B, 28.98%, 3/11/25. . . | 39 | 6 |
| 991993621.UG.FTS.B, 27.95%, 3/11/25. . . | 991993621.UG.FTS.B, 27.95%, 3/11/25. . . | 991993621.UG.FTS.B, 27.95%, 3/11/25. . . | 75 | 77 | 991995958.UG.FTS.B, 28.98%, 3/11/25. . . | 191 | 192 |
| 992012687.UG.FTS.B, 27.95%, 3/11/25. . . | 992012687.UG.FTS.B, 27.95%, 3/11/25. . . | 992012687.UG.FTS.B, 27.95%, 3/11/25. . . | 591 | 613 | 991997912.UG.FTS.B, 28.98%, 3/11/25. . . | 752 | 779 |
| 992026849.UG.FTS.B, 27.95%, 3/11/25. . . | 992026849.UG.FTS.B, 27.95%, 3/11/25. . . | 992026849.UG.FTS.B, 27.95%, 3/11/25. . . | 93 | 97 | 991999549.UG.FTS.B, 28.98%, 3/11/25. . . | 425 | 440 |
| 992148579.UG.FTS.B, 27.95%, 3/11/25. . . | 992148579.UG.FTS.B, 27.95%, 3/11/25. . . | 992148579.UG.FTS.B, 27.95%, 3/11/25. . . | 152 | 147 | 992000296.UG.FTS.B, 28.98%, 3/11/25. . . | 40 | 40 |
| 992247753.UG.FTS.B, 27.95%, 3/11/25. . . | 992247753.UG.FTS.B, 27.95%, 3/11/25. . . | 992247753.UG.FTS.B, 27.95%, 3/11/25. . . | 462 | 297 | 992000896.UG.FTS.B, 28.98%, 3/11/25. . . | 216 | 214 |
| 991971937.UG.FTS.B, 27.99%, 3/11/25. . . | 991971937.UG.FTS.B, 27.99%, 3/11/25. . . | 991971937.UG.FTS.B, 27.99%, 3/11/25. . . | 172 | 178 | 992001193.UG.FTS.B, 28.98%, 3/11/25. . . | – | – |
| 992004287.UG.FTS.B, 27.99%, 3/11/25. . . | 992004287.UG.FTS.B, 27.99%, 3/11/25. . . | 992004287.UG.FTS.B, 27.99%, 3/11/25. . . | 314 | 314 | 992001817.UG.FTS.B, 28.98%, 3/11/25. . . | 55 | 45 |
| 992026942.UG.FTS.B, 27.99%, 3/11/25. . . | 992026942.UG.FTS.B, 27.99%, 3/11/25. . . | 992026942.UG.FTS.B, 27.99%, 3/11/25. . . | 22 | 22 | 992002219.UG.FTS.B, 28.98%, 3/11/25. . . | 816 | 821 |
| 992027907.UG.FTS.B, 27.99%, 3/11/25. . . | 992027907.UG.FTS.B, 27.99%, 3/11/25. . . | 992027907.UG.FTS.B, 27.99%, 3/11/25. . . | 82 | 84 | 992002332.UG.FTS.B, 28.98%, 3/11/25. . . | 2555 | 2646 |
| 992048043.UG.FTS.B, 27.99%, 3/11/25. . . | 992048043.UG.FTS.B, 27.99%, 3/11/25. . . | 992048043.UG.FTS.B, 27.99%, 3/11/25. . . | 97 | 101 | 992002435.UG.FTS.B, 28.98%, 3/11/25. . . | 270 | 180 |
| 992073005.UG.FTS.B, 27.99%, 3/11/25. . . | 992073005.UG.FTS.B, 27.99%, 3/11/25. . . | 992073005.UG.FTS.B, 27.99%, 3/11/25. . . | 294 | 304 | 992005280.UG.FTS.B, 28.98%, 3/11/25. . . | 199 | 204 |
| 992145143.UG.FTS.B, 27.99%, 3/11/25. . . | 992145143.UG.FTS.B, 27.99%, 3/11/25. . . | 992145143.UG.FTS.B, 27.99%, 3/11/25. . . | 230 | 234 | 992006640.UG.FTS.B, 28.98%, 3/11/25. . . | 814 | 810 |
| 992210645.UG.FTS.B, 27.99%, 3/11/25. . . | 992210645.UG.FTS.B, 27.99%, 3/11/25. . . | 992210645.UG.FTS.B, 27.99%, 3/11/25. . . | 1703 | 1736 | 992009408.UG.FTS.B, 28.98%, 3/11/25. . . | 333 | 344 |
| 991962687.UG.FTS.B, 28.98%, 3/11/25. . . | 991962687.UG.FTS.B, 28.98%, 3/11/25. . . | 991962687.UG.FTS.B, 28.98%, 3/11/25. . . | 430 | 431 | 992010693.UG.FTS.B, 28.98%, 3/11/25. . . | 49 | 49 |
| 991963921.UG.FTS.B, 28.98%, 3/11/25. . . | 991963921.UG.FTS.B, 28.98%, 3/11/25. . . | 991963921.UG.FTS.B, 28.98%, 3/11/25. . . | 835 | 866 | 992011471.UG.FTS.B, 28.98%, 3/11/25. . . | 797 | 799 |
| 991964384.UG.FTS.B, 28.98%, 3/11/25. . . | 991964384.UG.FTS.B, 28.98%, 3/11/25. . . | 991964384.UG.FTS.B, 28.98%, 3/11/25. . . | 1758 | 1156 | 992011646.UG.FTS.B, 28.98%, 3/11/25. . . | 2924 | 3031 |
| 991965134.UG.FTS.B, 28.98%, 3/11/25. . . | 991965134.UG.FTS.B, 28.98%, 3/11/25. . . | 991965134.UG.FTS.B, 28.98%, 3/11/25. . . | 159 | 165 | 992016038.UG.FTS.B, 28.98%, 3/11/25. . . | 180 | 186 |
| 991967251.UG.FTS.B, 28.98%, 3/11/25. . . | 991967251.UG.FTS.B, 28.98%, 3/11/25. . . | 991967251.UG.FTS.B, 28.98%, 3/11/25. . . | 87 | 89 | 992016171.UG.FTS.B, 28.98%, 3/11/25. . . | 354 | 361 |
| 991968337.UG.FTS.B, 28.98%, 3/11/25. . . | 991968337.UG.FTS.B, 28.98%, 3/11/25. . . | 991968337.UG.FTS.B, 28.98%, 3/11/25. . . | 70 | 72 | 992016258.UG.FTS.B, 28.98%, 3/11/25. . . | 515 | 528 |
| 991968362.UG.FTS.B, 28.98%, 3/11/25. . . | 991968362.UG.FTS.B, 28.98%, 3/11/25. . . | 991968362.UG.FTS.B, 28.98%, 3/11/25. . . | 621 | 77 | 992017677.UG.FTS.B, 28.98%, 3/11/25. . . | 342 | 224 |
| 991968741.UG.FTS.B, 28.98%, 3/11/25. . . | 991968741.UG.FTS.B, 28.98%, 3/11/25. . . | 991968741.UG.FTS.B, 28.98%, 3/11/25. . . | 128 | 127 | 992023183.UG.FTS.B, 28.98%, 3/11/25. . . | 70 | 71 |
| 991969198.UG.FTS.B, 28.98%, 3/11/25. . . | 991969198.UG.FTS.B, 28.98%, 3/11/25. . . | 991969198.UG.FTS.B, 28.98%, 3/11/25. . . | 1030 | 1067 | 992023314.UG.FTS.B, 28.98%, 3/11/25. . . | 455 | 470 |
| 991969461.UG.FTS.B, 28.98%, 3/11/25. . . | 991969461.UG.FTS.B, 28.98%, 3/11/25. . . | 991969461.UG.FTS.B, 28.98%, 3/11/25. . . | 32 | 31 | 992023534.UG.FTS.B, 28.98%, 3/11/25. . . | 134 | 137 |
| 991969940.UG.FTS.B, 28.98%, 3/11/25. . . | 991969940.UG.FTS.B, 28.98%, 3/11/25. . . | 991969940.UG.FTS.B, 28.98%, 3/11/25. . . | 130 | 131 | 992024701.UG.FTS.B, 28.98%, 3/11/25. . . | 66 | 5 |
| 991970346.UG.FTS.B, 28.98%, 3/11/25. . . | 991970346.UG.FTS.B, 28.98%, 3/11/25. . . | 991970346.UG.FTS.B, 28.98%, 3/11/25. . . | 812 | 841 | 992025712.UG.FTS.B, 28.98%, 3/11/25. . . | 205 | 212 |
| 991970907.UG.FTS.B, 28.98%, 3/11/25. . . | 991970907.UG.FTS.B, 28.98%, 3/11/25. . . | 991970907.UG.FTS.B, 28.98%, 3/11/25. . . | 14 | 14 | 992025823.UG.FTS.B, 28.98%, 3/11/25. . . | 146 | 4 |
| 991970931.UG.FTS.B, 28.98%, 3/11/25. . . | 991970931.UG.FTS.B, 28.98%, 3/11/25. . . | 991970931.UG.FTS.B, 28.98%, 3/11/25. . . | 60 | 61 | 992025833.UG.FTS.B, 28.98%, 3/11/25. . . | 63 | 65 |
| 991970946.UG.FTS.B, 28.98%, 3/11/25. . . | 991970946.UG.FTS.B, 28.98%, 3/11/25. . . | 991970946.UG.FTS.B, 28.98%, 3/11/25. . . | 53 | (2) | 992025839.UG.FTS.B, 28.98%, 3/11/25. . . | 74 | 75 |
| 991971475.UG.FTS.B, 28.98%, 3/11/25. . . | 991971475.UG.FTS.B, 28.98%, 3/11/25. . . | 991971475.UG.FTS.B, 28.98%, 3/11/25. . . | 3266 | (145) | 992025859.UG.FTS.B, 28.98%, 3/11/25. . . | 124 | 127 |
| 991971916.UG.FTS.B, 28.98%, 3/11/25. . . | 991971916.UG.FTS.B, 28.98%, 3/11/25. . . | 991971916.UG.FTS.B, 28.98%, 3/11/25. . . | 234 | 240 | 992027009.UG.FTS.B, 28.98%, 3/11/25. . . | 28 | 28 |
| 991972347.UG.FTS.B, 28.98%, 3/11/25. . . | 991972347.UG.FTS.B, 28.98%, 3/11/25. . . | 991972347.UG.FTS.B, 28.98%, 3/11/25. . . | 1594 | (100) | 992030460.UG.FTS.B, 28.98%, 3/11/25. . . | 93 | 97 |
| 991972362.UG.FTS.B, 28.98%, 3/11/25. . . | 991972362.UG.FTS.B, 28.98%, 3/11/25. . . | 991972362.UG.FTS.B, 28.98%, 3/11/25. . . | 235 | 244 | 992031793.UG.FTS.B, 28.98%, 3/11/25. . . | 26 | 26 |
| 991972503.UG.FTS.B, 28.98%, 3/11/25. . . | 991972503.UG.FTS.B, 28.98%, 3/11/25. . . | 991972503.UG.FTS.B, 28.98%, 3/11/25. . . | 89 | (4) | 992035137.UG.FTS.B, 28.98%, 3/11/25. . . | 917 | (41) |
| 991973560.UG.FTS.B, 28.98%, 3/11/25. . . | 991973560.UG.FTS.B, 28.98%, 3/11/25. . . | 991973560.UG.FTS.B, 28.98%, 3/11/25. . . | 69 | 70 | 992037045.UG.FTS.B, 28.98%, 3/11/25. . . | 561 | 568 |
| 991974107.UG.FTS.B, 28.98%, 3/11/25. . . | 991974107.UG.FTS.B, 28.98%, 3/11/25. . . | 991974107.UG.FTS.B, 28.98%, 3/11/25. . . | 164 | 170 | 992037522.UG.FTS.B, 28.98%, 3/11/25. . . | 414 | 429 |
| 991974812.UG.FTS.B, 28.98%, 3/11/25. . . | 991974812.UG.FTS.B, 28.98%, 3/11/25. . . | 991974812.UG.FTS.B, 28.98%, 3/11/25. . . | 66 | 66 | 992038711.UG.FTS.B, 28.98%, 3/11/25. . . | 195 | 11 |
| 991974854.UG.FTS.B, 28.98%, 3/11/25. . . | 991974854.UG.FTS.B, 28.98%, 3/11/25. . . | 991974854.UG.FTS.B, 28.98%, 3/11/25. . . | 2414 | 2494 | 992040822.UG.FTS.B, 28.98%, 3/11/25. . . | 940 | 974 |
| 991975165.UG.FTS.B, 28.98%, 3/11/25. . . | 991975165.UG.FTS.B, 28.98%, 3/11/25. . . | 991975165.UG.FTS.B, 28.98%, 3/11/25. . . | 238 | 247 | 992046466.UG.FTS.B, 28.98%, 3/11/25. . . | 289 | 300 |
| 991975406.UG.FTS.B, 28.98%, 3/11/25. . . | 991975406.UG.FTS.B, 28.98%, 3/11/25. . . | 991975406.UG.FTS.B, 28.98%, 3/11/25. . . | 138 | 141 | 992046859.UG.FTS.B, 28.98%, 3/11/25. . . | 311 | (14) |
| 991975649.UG.FTS.B, 28.98%, 3/11/25. . . | 991975649.UG.FTS.B, 28.98%, 3/11/25. . . | 991975649.UG.FTS.B, 28.98%, 3/11/25. . . | 163 | 20 | 992047309.UG.FTS.B, 28.98%, 3/11/25. . . | 1249 | 1295 |
| 991978841.UG.FTS.B, 28.98%, 3/11/25. . . | 991978841.UG.FTS.B, 28.98%, 3/11/25. . . | 991978841.UG.FTS.B, 28.98%, 3/11/25. . . | 445 | 461 | 992047615.UG.FTS.B, 28.98%, 3/11/25. . . | 1233 | 1254 |
| 991978961.UG.FTS.B, 28.98%, 3/11/25. . . | 991978961.UG.FTS.B, 28.98%, 3/11/25. . . | 991978961.UG.FTS.B, 28.98%, 3/11/25. . . | 121 | 124 | 992047829.UG.FTS.B, 28.98%, 3/11/25. . . | 6247 | 6474 |
| 991979639.UG.FTS.B, 28.98%, 3/11/25. . . | 991979639.UG.FTS.B, 28.98%, 3/11/25. . . | 991979639.UG.FTS.B, 28.98%, 3/11/25. . . | 94 | 94 | 992048579.UG.FTS.B, 28.98%, 3/11/25. . . | 265 | 275 |
| 991980057.UG.FTS.B, 28.98%, 3/11/25. . . | 991980057.UG.FTS.B, 28.98%, 3/11/25. . . | 991980057.UG.FTS.B, 28.98%, 3/11/25. . . | 735 | 761 | 992048986.UG.FTS.B, 28.98%, 3/11/25. . . | 239 | (15) |
| 991980324.UG.FTS.B, 28.98%, 3/11/25. . . | 991980324.UG.FTS.B, 28.98%, 3/11/25. . . | 991980324.UG.FTS.B, 28.98%, 3/11/25. . . | 79 | 81 | 992051819.UG.FTS.B, 28.98%, 3/11/25. . . | 75 | 76 |
| 991980616.UG.FTS.B, 28.98%, 3/11/25. . . | 991980616.UG.FTS.B, 28.98%, 3/11/25. . . | 991980616.UG.FTS.B, 28.98%, 3/11/25. . . | 333 | 332 | 992053296.UG.FTS.B, 28.98%, 3/11/25. . . | 550 | 561 |
| 991980716.UG.FTS.B, 28.98%, 3/11/25. . . | 991980716.UG.FTS.B, 28.98%, 3/11/25. . . | 991980716.UG.FTS.B, 28.98%, 3/11/25. . . | 1010 | 1047 | 992053411.UG.FTS.B, 28.98%, 3/11/25. . . | 29 | 29 |
| 991981032.UG.FTS.B, 28.98%, 3/11/25. . . | 991981032.UG.FTS.B, 28.98%, 3/11/25. . . | 991981032.UG.FTS.B, 28.98%, 3/11/25. . . | 103 | 103 | 992053675.UG.FTS.B, 28.98%, 3/11/25. . . | 2270 | 2284 |
| 991982635.UG.FTS.B, 28.98%, 3/11/25. . . | 991982635.UG.FTS.B, 28.98%, 3/11/25. . . | 991982635.UG.FTS.B, 28.98%, 3/11/25. . . | 452 | 56 | 992058151.UG.FTS.B, 28.98%, 3/11/25. . . | 294 | 296 |
| 991982793.UG.FTS.B, 28.98%, 3/11/25. . . | 991982793.UG.FTS.B, 28.98%, 3/11/25. . . | 991982793.UG.FTS.B, 28.98%, 3/11/25. . . | 88 | 90 | 992058166.UG.FTS.B, 28.98%, 3/11/25. . . | 329 | 340 |
| 991984407.UG.FTS.B, 28.98%, 3/11/25. . . | 991984407.UG.FTS.B, 28.98%, 3/11/25. . . | 991984407.UG.FTS.B, 28.98%, 3/11/25. . . | 166 | 173 | 992058413.UG.FTS.B, 28.98%, 3/11/25. . . | 229 | 237 |
| 991987352.UG.FTS.B, 28.98%, 3/11/25. . . | 991987352.UG.FTS.B, 28.98%, 3/11/25. . . | 991987352.UG.FTS.B, 28.98%, 3/11/25. . . | 140 | 140 | 992059286.UG.FTS.B, 28.98%, 3/11/25. . . | 199 | 203 |
| 991988510.UG.FTS.B, 28.98%, 3/11/25. . . | 991988510.UG.FTS.B, 28.98%, 3/11/25. . . | 991988510.UG.FTS.B, 28.98%, 3/11/25. . . | 30 | 30 | 992063791.UG.FTS.B, 28.98%, 3/11/25. . . | 324 | 336 |
| 991988715.UG.FTS.B, 28.98%, 3/11/25. . . | 991988715.UG.FTS.B, 28.98%, 3/11/25. . . | 991988715.UG.FTS.B, 28.98%, 3/11/25. . . | 37 | 37 | 992066045.UG.FTS.B, 28.98%, 3/11/25. . . | 998 | 1034 |
| 86 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 86 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992066282.UG.FTS.B, 28.98%, 3/11/25. . . | $501 | $499 | 992244427.UG.FTS.B, 28.98%, 3/11/25. . . | $146 | $150 | 150 |
| 992070767.UG.FTS.B, 28.98%, 3/11/25. . . | 25 | 25 | 992248314.UG.FTS.B, 28.98%, 3/11/25. . . | 409 | 418 | 418 |
| 992074959.UG.FTS.B, 28.98%, 3/11/25. . . | 261 | 267 | 991995404.UG.FTS.B, 29.45%, 3/11/25. . . | 167 | 170 | 170 |
| 992081943.UG.FTS.B, 28.98%, 3/11/25. . . | 1208 | 1231 | 992027450.UG.FTS.B, 29.45%, 3/11/25. . . | 120 | 124 | 124 |
| 992083285.UG.FTS.B, 28.98%, 3/11/25. . . | 49 | 50 | 992029745.UG.FTS.B, 29.45%, 3/11/25. . . | 96 | 99 | 99 |
| 992087191.UG.FTS.B, 28.98%, 3/11/25. . . | 113 | 116 | 992199894.UG.FTS.B, 29.45%, 3/11/25. . . | 256 | 261 | 261 |
| 992089935.UG.FTS.B, 28.98%, 3/11/25. . . | 721 | 721 | 992206165.UG.FTS.B, 29.45%, 3/11/25. . . | 206 | 209 | 209 |
| 992092715.UG.FTS.B, 28.98%, 3/11/25. . . | 310 | 315 | 991963425.UG.FTS.B, 29.46%, 3/11/25. . . | 1867 | 1925 | 1925 |
| 992093149.UG.FTS.B, 28.98%, 3/11/25. . . | 249 | 257 | 991967797.UG.FTS.B, 29.46%, 3/11/25. . . | 13 | 13 | 13 |
| 992093287.UG.FTS.B, 28.98%, 3/11/25. . . | 2475 | 2457 | 991968571.UG.FTS.B, 29.46%, 3/11/25. . . | 556 | 535 | 535 |
| 992097011.UG.FTS.B, 28.98%, 3/11/25. . . | 127 | 129 | 991972979.UG.FTS.B, 29.46%, 3/11/25. . . | 21 | 9 | 9 |
| 992099017.UG.FTS.B, 28.98%, 3/11/25. . . | 4 | 4 | 991988255.UG.FTS.B, 29.46%, 3/11/25. . . | 279 | 289 | 289 |
| 992101346.UG.FTS.B, 28.98%, 3/11/25. . . | 580 | 595 | 991991096.UG.FTS.B, 29.46%, 3/11/25. . . | 320 | 331 | 331 |
| 992103031.UG.FTS.B, 28.98%, 3/11/25. . . | 610 | 76 | 991993331.UG.FTS.B, 29.46%, 3/11/25. . . | 337 | 345 | 345 |
| 992103102.UG.FTS.B, 28.98%, 3/11/25. . . | 1451 | 1487 | 992006452.UG.FTS.B, 29.46%, 3/11/25. . . | 595 | 617 | 617 |
| 992104063.UG.FTS.B, 28.98%, 3/11/25. . . | 59 | 16 | 992018601.UG.FTS.B, 29.46%, 3/11/25. . . | 77 | 79 | 79 |
| 992107143.UG.FTS.B, 28.98%, 3/11/25. . . | 207 | 214 | 992024385.UG.FTS.B, 29.46%, 3/11/25. . . | 133 | 136 | 136 |
| 992108750.UG.FTS.B, 28.98%, 3/11/25. . . | 90 | 93 | 992025413.UG.FTS.B, 29.46%, 3/11/25. . . | 400 | 415 | 415 |
| 992120242.UG.FTS.B, 28.98%, 3/11/25. . . | 22 | 2 | 992033511.UG.FTS.B, 29.46%, 3/11/25. . . | 33 | 33 | 33 |
| 992126188.UG.FTS.B, 28.98%, 3/11/25. . . | 163 | 165 | 992044734.UG.FTS.B, 29.46%, 3/11/25. . . | 300 | 306 | 306 |
| 992126812.UG.FTS.B, 28.98%, 3/11/25. . . | 234 | 29 | 992079289.UG.FTS.B, 29.46%, 3/11/25. . . | 233 | 231 | 231 |
| 992132545.UG.FTS.B, 28.98%, 3/11/25. . . | 207 | 214 | 992120587.UG.FTS.B, 29.46%, 3/11/25. . . | 210 | 216 | 216 |
| 992133652.UG.FTS.B, 28.98%, 3/11/25. . . | 122 | 8 | 992154627.UG.FTS.B, 29.46%, 3/11/25. . . | 224 | 226 | 226 |
| 992134748.UG.FTS.B, 28.98%, 3/11/25. . . | 44 | 45 | 992158845.UG.FTS.B, 29.46%, 3/11/25. . . | 451 | 467 | 467 |
| 992147858.UG.FTS.B, 28.98%, 3/11/25. . . | 44 | 44 | 992177585.UG.FTS.B, 29.46%, 3/11/25. . . | 494 | 511 | 511 |
| 992148358.UG.FTS.B, 28.98%, 3/11/25. . . | 202 | 206 | 992201881.UG.FTS.B, 29.46%, 3/11/25. . . | 337 | 341 | 341 |
| 992148737.UG.FTS.B, 28.98%, 3/11/25. . . | 355 | 342 | 991971148.UG.FTS.B, 29.47%, 3/11/25. . . | 987 | 1017 | 1017 |
| 992151525.UG.FTS.B, 28.98%, 3/11/25. . . | 12 | 12 | 991974316.UG.FTS.B, 29.47%, 3/11/25. . . | 44 | 44 | 44 |
| 992153664.UG.FTS.B, 28.98%, 3/11/25. . . | 327 | 215 | 991974470.UG.FTS.B, 29.47%, 3/11/25. . . | 3 | 3 | 3 |
| 992153993.UG.FTS.B, 28.98%, 3/11/25. . . | 102 | 106 | 991984009.UG.FTS.B, 29.47%, 3/11/25. . . | 602 | 624 | 624 |
| 992154044.UG.FTS.B, 28.98%, 3/11/25. . . | 70 | 72 | 991990345.UG.FTS.B, 29.47%, 3/11/25. . . | 28 | 28 | 28 |
| 992157584.UG.FTS.B, 28.98%, 3/11/25. . . | 1051 | 1060 | 991991818.UG.FTS.B, 29.47%, 3/11/25. . . | 124 | 127 | 127 |
| 992157987.UG.FTS.B, 28.98%, 3/11/25. . . | 411 | 426 | 992011703.UG.FTS.B, 29.47%, 3/11/25. . . | 230 | 237 | 237 |
| 992164863.UG.FTS.B, 28.98%, 3/11/25. . . | 176 | 183 | 992013511.UG.FTS.B, 29.47%, 3/11/25. . . | 86 | 89 | 89 |
| 992168518.UG.FTS.B, 28.98%, 3/11/25. . . | 540 | 553 | 992017890.UG.FTS.B, 29.47%, 3/11/25. . . | 246 | 255 | 255 |
| 992170038.UG.FTS.B, 28.98%, 3/11/25. . . | 26 | 26 | 992053435.UG.FTS.B, 29.47%, 3/11/25. . . | 71 | 73 | 73 |
| 992170854.UG.FTS.B, 28.98%, 3/11/25. . . | – | – | 992055451.UG.FTS.B, 29.47%, 3/11/25. . . | 184 | 44 | 44 |
| 992171424.UG.FTS.B, 28.98%, 3/11/25. . . | 43 | 43 | 992100125.UG.FTS.B, 29.47%, 3/11/25. . . | 401 | 408 | 408 |
| 992181823.UG.FTS.B, 28.98%, 3/11/25. . . | 405 | 413 | 992175153.UG.FTS.B, 29.47%, 3/11/25. . . | 48 | 49 | 49 |
| 992182107.UG.FTS.B, 28.98%, 3/11/25. . . | 385 | 393 | 992214422.UG.FTS.B, 29.47%, 3/11/25. . . | 153 | 155 | 155 |
| 992187497.UG.FTS.B, 28.98%, 3/11/25. . . | 172 | 172 | 992216774.UG.FTS.B, 29.47%, 3/11/25. . . | 454 | 306 | 306 |
| 992191711.UG.FTS.B, 28.98%, 3/11/25. . . | 290 | 193 | 991967374.UG.FTS.B, 29.48%, 3/11/25. . . | 272 | 282 | 282 |
| 992197157.UG.FTS.B, 28.98%, 3/11/25. . . | 63 | 64 | 991980731.UG.FTS.B, 29.48%, 3/11/25. . . | 140 | 18 | 18 |
| 992200196.UG.FTS.B, 28.98%, 3/11/25. . . | 7 | 7 | 991983286.UG.FTS.B, 29.48%, 3/11/25. . . | 212 | (10) | (10) |
| 992201272.UG.FTS.B, 28.98%, 3/11/25. . . | 75 | 77 | 992029150.UG.FTS.B, 29.48%, 3/11/25. . . | 171 | 174 | 174 |
| 992203919.UG.FTS.B, 28.98%, 3/11/25. . . | 78 | 81 | 992053151.UG.FTS.B, 29.48%, 3/11/25. . . | 230 | 227 | 227 |
| 992208167.UG.FTS.B, 28.98%, 3/11/25. . . | 11 | 11 | 992063913.UG.FTS.B, 29.48%, 3/11/25. . . | 391 | 406 | 406 |
| 992212028.UG.FTS.B, 28.98%, 3/11/25. . . | 328 | 334 | 992070566.UG.FTS.B, 29.48%, 3/11/25. . . | 332 | 344 | 344 |
| 992218006.UG.FTS.B, 28.98%, 3/11/25. . . | 13 | 12 | 992072427.UG.FTS.B, 29.48%, 3/11/25. . . | 620 | 619 | 619 |
| 992222254.UG.FTS.B, 28.98%, 3/11/25. . . | 159 | 160 | 992184719.UG.FTS.B, 29.48%, 3/11/25. . . | 135 | 30 | 30 |
| 992226073.UG.FTS.B, 28.98%, 3/11/25. . . | 72 | 74 | 992221163.UG.FTS.B, 29.48%, 3/11/25. . . | 15 | 15 | 15 |
| 992228026.UG.FTS.B, 28.98%, 3/11/25. . . | 577 | 389 | 991964312.UG.FTS.B, 29.49%, 3/11/25. . . | 504 | 518 | 518 |
| 992233151.UG.FTS.B, 28.98%, 3/11/25. . . | 77 | 77 | 991964812.UG.FTS.B, 29.49%, 3/11/25. . . | 1087 | 1121 | 1121 |
| 992238338.UG.FTS.B, 28.98%, 3/11/25. . . | 139 | 142 | 991965941.UG.FTS.B, 29.49%, 3/11/25. . . | 210 | 217 | 217 |
| 992238365.UG.FTS.B, 28.98%, 3/11/25. . . | 583 | 591 | 991966429.UG.FTS.B, 29.49%, 3/11/25. . . | 77 | 79 | 79 |
| 992239074.UG.FTS.B, 28.98%, 3/11/25. . . | 164 | 167 | 991966840.UG.FTS.B, 29.49%, 3/11/25. . . | 558 | 567 | 567 |
| 992239076.UG.FTS.B, 28.98%, 3/11/25. . . | 405 | 413 | 991966882.UG.FTS.B, 29.49%, 3/11/25. . . | 118 | 8 | 8 |
| 992239900.UG.FTS.B, 28.98%, 3/11/25. . . | 76 | 74 | 991967022.UG.FTS.B, 29.49%, 3/11/25. . . | 460 | 470 | 470 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 87 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 87 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 991967604.UG.FTS.B, 29.49%, 3/11/25. . . | 991967604.UG.FTS.B, 29.49%, 3/11/25. . . | 991967604.UG.FTS.B, 29.49%, 3/11/25. . . | $100 | $103 | 992028716.UG.FTS.B, 29.49%, 3/11/25. . . | $233 | $230 |
| 991967623.UG.FTS.B, 29.49%, 3/11/25. . . | 991967623.UG.FTS.B, 29.49%, 3/11/25. . . | 991967623.UG.FTS.B, 29.49%, 3/11/25. . . | 173 | 178 | 992029549.UG.FTS.B, 29.49%, 3/11/25. . . | 154 | 159 |
| 991967652.UG.FTS.B, 29.49%, 3/11/25. . . | 991967652.UG.FTS.B, 29.49%, 3/11/25. . . | 991967652.UG.FTS.B, 29.49%, 3/11/25. . . | 68 | 69 | 992030257.UG.FTS.B, 29.49%, 3/11/25. . . | 626 | 605 |
| 991967839.UG.FTS.B, 29.49%, 3/11/25. . . | 991967839.UG.FTS.B, 29.49%, 3/11/25. . . | 991967839.UG.FTS.B, 29.49%, 3/11/25. . . | 30 | 31 | 992030368.UG.FTS.B, 29.49%, 3/11/25. . . | 5 | 5 |
| 991969491.UG.FTS.B, 29.49%, 3/11/25. . . | 991969491.UG.FTS.B, 29.49%, 3/11/25. . . | 991969491.UG.FTS.B, 29.49%, 3/11/25. . . | 681 | 688 | 992030992.UG.FTS.B, 29.49%, 3/11/25. . . | 50 | 51 |
| 991969874.UG.FTS.B, 29.49%, 3/11/25. . . | 991969874.UG.FTS.B, 29.49%, 3/11/25. . . | 991969874.UG.FTS.B, 29.49%, 3/11/25. . . | 518 | 65 | 992031704.UG.FTS.B, 29.49%, 3/11/25. . . | 33 | 33 |
| 991970083.UG.FTS.B, 29.49%, 3/11/25. . . | 991970083.UG.FTS.B, 29.49%, 3/11/25. . . | 991970083.UG.FTS.B, 29.49%, 3/11/25. . . | 130 | 135 | 992032851.UG.FTS.B, 29.49%, 3/11/25. . . | 1301 | 1348 |
| 991970299.UG.FTS.B, 29.49%, 3/11/25. . . | 991970299.UG.FTS.B, 29.49%, 3/11/25. . . | 991970299.UG.FTS.B, 29.49%, 3/11/25. . . | 91 | 21 | 992033132.UG.FTS.B, 29.49%, 3/11/25. . . | 538 | 536 |
| 991970537.UG.FTS.B, 29.49%, 3/11/25. . . | 991970537.UG.FTS.B, 29.49%, 3/11/25. . . | 991970537.UG.FTS.B, 29.49%, 3/11/25. . . | 20 | 20 | 992033203.UG.FTS.B, 29.49%, 3/11/25. . . | 374 | 259 |
| 991971173.UG.FTS.B, 29.49%, 3/11/25. . . | 991971173.UG.FTS.B, 29.49%, 3/11/25. . . | 991971173.UG.FTS.B, 29.49%, 3/11/25. . . | 348 | 357 | 992035063.UG.FTS.B, 29.49%, 3/11/25. . . | 420 | 401 |
| 991973725.UG.FTS.B, 29.49%, 3/11/25. . . | 991973725.UG.FTS.B, 29.49%, 3/11/25. . . | 991973725.UG.FTS.B, 29.49%, 3/11/25. . . | 626 | 628 | 992036479.UG.FTS.B, 29.49%, 3/11/25. . . | 298 | 309 |
| 991976864.UG.FTS.B, 29.49%, 3/11/25. . . | 991976864.UG.FTS.B, 29.49%, 3/11/25. . . | 991976864.UG.FTS.B, 29.49%, 3/11/25. . . | 405 | 420 | 992037631.UG.FTS.B, 29.49%, 3/11/25. . . | 147 | 151 |
| 991978237.UG.FTS.B, 29.49%, 3/11/25. . . | 991978237.UG.FTS.B, 29.49%, 3/11/25. . . | 991978237.UG.FTS.B, 29.49%, 3/11/25. . . | 2253 | 2290 | 992039599.UG.FTS.B, 29.49%, 3/11/25. . . | 898 | 58 |
| 991978479.UG.FTS.B, 29.49%, 3/11/25. . . | 991978479.UG.FTS.B, 29.49%, 3/11/25. . . | 991978479.UG.FTS.B, 29.49%, 3/11/25. . . | 239 | 247 | 992040296.UG.FTS.B, 29.49%, 3/11/25. . . | 80 | 82 |
| 991979745.UG.FTS.B, 29.49%, 3/11/25. . . | 991979745.UG.FTS.B, 29.49%, 3/11/25. . . | 991979745.UG.FTS.B, 29.49%, 3/11/25. . . | 669 | 685 | 992042561.UG.FTS.B, 29.49%, 3/11/25. . . | 63 | 64 |
| 991980333.UG.FTS.B, 29.49%, 3/11/25. . . | 991980333.UG.FTS.B, 29.49%, 3/11/25. . . | 991980333.UG.FTS.B, 29.49%, 3/11/25. . . | 318 | 318 | 992042978.UG.FTS.B, 29.49%, 3/11/25. . . | 28 | 28 |
| 991980877.UG.FTS.B, 29.49%, 3/11/25. . . | 991980877.UG.FTS.B, 29.49%, 3/11/25. . . | 991980877.UG.FTS.B, 29.49%, 3/11/25. . . | 52 | 53 | 992043880.UG.FTS.B, 29.49%, 3/11/25. . . | 81 | 84 |
| 991981214.UG.FTS.B, 29.49%, 3/11/25. . . | 991981214.UG.FTS.B, 29.49%, 3/11/25. . . | 991981214.UG.FTS.B, 29.49%, 3/11/25. . . | 113 | 117 | 992044810.UG.FTS.B, 29.49%, 3/11/25. . . | 36 | 36 |
| 991982514.UG.FTS.B, 29.49%, 3/11/25. . . | 991982514.UG.FTS.B, 29.49%, 3/11/25. . . | 991982514.UG.FTS.B, 29.49%, 3/11/25. . . | 272 | 18 | 992045986.UG.FTS.B, 29.49%, 3/11/25. . . | 27 | 4 |
| 991983055.UG.FTS.B, 29.49%, 3/11/25. . . | 991983055.UG.FTS.B, 29.49%, 3/11/25. . . | 991983055.UG.FTS.B, 29.49%, 3/11/25. . . | 488 | 506 | 992046940.UG.FTS.B, 29.49%, 3/11/25. . . | 683 | 676 |
| 991983215.UG.FTS.B, 29.49%, 3/11/25. . . | 991983215.UG.FTS.B, 29.49%, 3/11/25. . . | 991983215.UG.FTS.B, 29.49%, 3/11/25. . . | 66 | 68 | 992051522.UG.FTS.B, 29.49%, 3/11/25. . . | 261 | 59 |
| 991983636.UG.FTS.B, 29.49%, 3/11/25. . . | 991983636.UG.FTS.B, 29.49%, 3/11/25. . . | 991983636.UG.FTS.B, 29.49%, 3/11/25. . . | 529 | 168 | 992062901.UG.FTS.B, 29.49%, 3/11/25. . . | 107 | 6 |
| 991983789.UG.FTS.B, 29.49%, 3/11/25. . . | 991983789.UG.FTS.B, 29.49%, 3/11/25. . . | 991983789.UG.FTS.B, 29.49%, 3/11/25. . . | 277 | 62 | 992064576.UG.FTS.B, 29.49%, 3/11/25. . . | 98 | 100 |
| 991984234.UG.FTS.B, 29.49%, 3/11/25. . . | 991984234.UG.FTS.B, 29.49%, 3/11/25. . . | 991984234.UG.FTS.B, 29.49%, 3/11/25. . . | 116 | 120 | 992064841.UG.FTS.B, 29.49%, 3/11/25. . . | 59 | 60 |
| 991986897.UG.FTS.B, 29.49%, 3/11/25. . . | 991986897.UG.FTS.B, 29.49%, 3/11/25. . . | 991986897.UG.FTS.B, 29.49%, 3/11/25. . . | 43 | 14 | 992064908.UG.FTS.B, 29.49%, 3/11/25. . . | 11 | 6 |
| 991987079.UG.FTS.B, 29.49%, 3/11/25. . . | 991987079.UG.FTS.B, 29.49%, 3/11/25. . . | 991987079.UG.FTS.B, 29.49%, 3/11/25. . . | 179 | 185 | 992065664.UG.FTS.B, 29.49%, 3/11/25. . . | 1809 | 1873 |
| 991987180.UG.FTS.B, 29.49%, 3/11/25. . . | 991987180.UG.FTS.B, 29.49%, 3/11/25. . . | 991987180.UG.FTS.B, 29.49%, 3/11/25. . . | 175 | 174 | 992066264.UG.FTS.B, 29.49%, 3/11/25. . . | 498 | 517 |
| 991987414.UG.FTS.B, 29.49%, 3/11/25. . . | 991987414.UG.FTS.B, 29.49%, 3/11/25. . . | 991987414.UG.FTS.B, 29.49%, 3/11/25. . . | 916 | 925 | 992070868.UG.FTS.B, 29.49%, 3/11/25. . . | 32 | 32 |
| 991988975.UG.FTS.B, 29.49%, 3/11/25. . . | 991988975.UG.FTS.B, 29.49%, 3/11/25. . . | 991988975.UG.FTS.B, 29.49%, 3/11/25. . . | 76 | 78 | 992071400.UG.FTS.B, 29.49%, 3/11/25. . . | 659 | 681 |
| 991989388.UG.FTS.B, 29.49%, 3/11/25. . . | 991989388.UG.FTS.B, 29.49%, 3/11/25. . . | 991989388.UG.FTS.B, 29.49%, 3/11/25. . . | 52 | 53 | 992073177.UG.FTS.B, 29.49%, 3/11/25. . . | 31 | 31 |
| 991989746.UG.FTS.B, 29.49%, 3/11/25. . . | 991989746.UG.FTS.B, 29.49%, 3/11/25. . . | 991989746.UG.FTS.B, 29.49%, 3/11/25. . . | 106 | 110 | 992073550.UG.FTS.B, 29.49%, 3/11/25. . . | 238 | 242 |
| 991992147.UG.FTS.B, 29.49%, 3/11/25. . . | 991992147.UG.FTS.B, 29.49%, 3/11/25. . . | 991992147.UG.FTS.B, 29.49%, 3/11/25. . . | 709 | 696 | 992074666.UG.FTS.B, 29.49%, 3/11/25. . . | 121 | 125 |
| 991994959.UG.FTS.B, 29.49%, 3/11/25. . . | 991994959.UG.FTS.B, 29.49%, 3/11/25. . . | 991994959.UG.FTS.B, 29.49%, 3/11/25. . . | 2580 | 581 | 992077305.UG.FTS.B, 29.49%, 3/11/25. . . | 56 | 16 |
| 991995847.UG.FTS.B, 29.49%, 3/11/25. . . | 991995847.UG.FTS.B, 29.49%, 3/11/25. . . | 991995847.UG.FTS.B, 29.49%, 3/11/25. . . | 74 | 76 | 992077375.UG.FTS.B, 29.49%, 3/11/25. . . | 87 | 1 |
| 991995980.UG.FTS.B, 29.49%, 3/11/25. . . | 991995980.UG.FTS.B, 29.49%, 3/11/25. . . | 991995980.UG.FTS.B, 29.49%, 3/11/25. . . | 373 | (17) | 992081049.UG.FTS.B, 29.49%, 3/11/25. . . | 187 | 194 |
| 991998489.UG.FTS.B, 29.49%, 3/11/25. . . | 991998489.UG.FTS.B, 29.49%, 3/11/25. . . | 991998489.UG.FTS.B, 29.49%, 3/11/25. . . | 298 | (13) | 992082069.UG.FTS.B, 29.49%, 3/11/25. . . | 121 | 126 |
| 992000864.UG.FTS.B, 29.49%, 3/11/25. . . | 992000864.UG.FTS.B, 29.49%, 3/11/25. . . | 992000864.UG.FTS.B, 29.49%, 3/11/25. . . | 781 | 775 | 992082171.UG.FTS.B, 29.49%, 3/11/25. . . | 423 | 439 |
| 992001512.UG.FTS.B, 29.49%, 3/11/25. . . | 992001512.UG.FTS.B, 29.49%, 3/11/25. . . | 992001512.UG.FTS.B, 29.49%, 3/11/25. . . | 73 | 19 | 992083964.UG.FTS.B, 29.49%, 3/11/25. . . | 102 | 23 |
| 992003237.UG.FTS.B, 29.49%, 3/11/25. . . | 992003237.UG.FTS.B, 29.49%, 3/11/25. . . | 992003237.UG.FTS.B, 29.49%, 3/11/25. . . | 731 | 742 | 992084727.UG.FTS.B, 29.49%, 3/11/25. . . | 257 | 18 |
| 992004454.UG.FTS.B, 29.49%, 3/11/25. . . | 992004454.UG.FTS.B, 29.49%, 3/11/25. . . | 992004454.UG.FTS.B, 29.49%, 3/11/25. . . | 335 | 347 | 992085469.UG.FTS.B, 29.49%, 3/11/25. . . | 365 | 377 |
| 992004566.UG.FTS.B, 29.49%, 3/11/25. . . | 992004566.UG.FTS.B, 29.49%, 3/11/25. . . | 992004566.UG.FTS.B, 29.49%, 3/11/25. . . | 475 | 491 | 992086252.UG.FTS.B, 29.49%, 3/11/25. . . | 233 | 168 |
| 992005349.UG.FTS.B, 29.49%, 3/11/25. . . | 992005349.UG.FTS.B, 29.49%, 3/11/25. . . | 992005349.UG.FTS.B, 29.49%, 3/11/25. . . | 303 | 313 | 992086659.UG.FTS.B, 29.49%, 3/11/25. . . | 49 | 41 |
| 992007891.UG.FTS.B, 29.49%, 3/11/25. . . | 992007891.UG.FTS.B, 29.49%, 3/11/25. . . | 992007891.UG.FTS.B, 29.49%, 3/11/25. . . | 173 | 38 | 992086896.UG.FTS.B, 29.49%, 3/11/25. . . | 88 | 92 |
| 992008129.UG.FTS.B, 29.49%, 3/11/25. . . | 992008129.UG.FTS.B, 29.49%, 3/11/25. . . | 992008129.UG.FTS.B, 29.49%, 3/11/25. . . | 142 | 18 | 992087243.UG.FTS.B, 29.49%, 3/11/25. . . | 279 | (13) |
| 992011020.UG.FTS.B, 29.49%, 3/11/25. . . | 992011020.UG.FTS.B, 29.49%, 3/11/25. . . | 992011020.UG.FTS.B, 29.49%, 3/11/25. . . | 141 | 145 | 992088267.UG.FTS.B, 29.49%, 3/11/25. . . | 68 | 69 |
| 992015608.UG.FTS.B, 29.49%, 3/11/25. . . | 992015608.UG.FTS.B, 29.49%, 3/11/25. . . | 992015608.UG.FTS.B, 29.49%, 3/11/25. . . | 50 | 4 | 992088861.UG.FTS.B, 29.49%, 3/11/25. . . | 215 | 223 |
| 992016950.UG.FTS.B, 29.49%, 3/11/25. . . | 992016950.UG.FTS.B, 29.49%, 3/11/25. . . | 992016950.UG.FTS.B, 29.49%, 3/11/25. . . | 18 | 17 | 992093860.UG.FTS.B, 29.49%, 3/11/25. . . | 100 | 99 |
| 992018739.UG.FTS.B, 29.49%, 3/11/25. . . | 992018739.UG.FTS.B, 29.49%, 3/11/25. . . | 992018739.UG.FTS.B, 29.49%, 3/11/25. . . | 457 | 32 | 992099410.UG.FTS.B, 29.49%, 3/11/25. . . | 23 | 3 |
| 992019065.UG.FTS.B, 29.49%, 3/11/25. . . | 992019065.UG.FTS.B, 29.49%, 3/11/25. . . | 992019065.UG.FTS.B, 29.49%, 3/11/25. . . | 103 | 107 | 992099646.UG.FTS.B, 29.49%, 3/11/25. . . | 13 | 13 |
| 992019770.UG.FTS.B, 29.49%, 3/11/25. . . | 992019770.UG.FTS.B, 29.49%, 3/11/25. . . | 992019770.UG.FTS.B, 29.49%, 3/11/25. . . | 367 | 379 | 992102225.UG.FTS.B, 29.49%, 3/11/25. . . | 87 | (4) |
| 992020484.UG.FTS.B, 29.49%, 3/11/25. . . | 992020484.UG.FTS.B, 29.49%, 3/11/25. . . | 992020484.UG.FTS.B, 29.49%, 3/11/25. . . | 418 | 424 | 992102278.UG.FTS.B, 29.49%, 3/11/25. . . | 44 | 45 |
| 992021917.UG.FTS.B, 29.49%, 3/11/25. . . | 992021917.UG.FTS.B, 29.49%, 3/11/25. . . | 992021917.UG.FTS.B, 29.49%, 3/11/25. . . | 445 | 447 | 992102652.UG.FTS.B, 29.49%, 3/11/25. . . | 42 | 42 |
| 992024970.UG.FTS.B, 29.49%, 3/11/25. . . | 992024970.UG.FTS.B, 29.49%, 3/11/25. . . | 992024970.UG.FTS.B, 29.49%, 3/11/25. . . | 2313 | 2396 | 992106840.UG.FTS.B, 29.49%, 3/11/25. . . | 25 | 25 |
| 992025121.UG.FTS.B, 29.49%, 3/11/25. . . | 992025121.UG.FTS.B, 29.49%, 3/11/25. . . | 992025121.UG.FTS.B, 29.49%, 3/11/25. . . | 174 | 180 | 992106984.UG.FTS.B, 29.49%, 3/11/25. . . | 213 | 207 |
| 992025369.UG.FTS.B, 29.49%, 3/11/25. . . | 992025369.UG.FTS.B, 29.49%, 3/11/25. . . | 992025369.UG.FTS.B, 29.49%, 3/11/25. . . | 93 | 96 | 992107551.UG.FTS.B, 29.49%, 3/11/25. . . | 547 | 566 |
| 992026503.UG.FTS.B, 29.49%, 3/11/25. . . | 992026503.UG.FTS.B, 29.49%, 3/11/25. . . | 992026503.UG.FTS.B, 29.49%, 3/11/25. . . | 122 | 127 | 992107714.UG.FTS.B, 29.49%, 3/11/25. . . | 44 | 44 |
| 992027348.UG.FTS.B, 29.49%, 3/11/25. . . | 992027348.UG.FTS.B, 29.49%, 3/11/25. . . | 992027348.UG.FTS.B, 29.49%, 3/11/25. . . | 102 | 105 | 992109311.UG.FTS.B, 29.49%, 3/11/25. . . | 320 | 317 |
| 992028689.UG.FTS.B, 29.49%, 3/11/25. . . | 992028689.UG.FTS.B, 29.49%, 3/11/25. . . | 992028689.UG.FTS.B, 29.49%, 3/11/25. . . | 127 | 28 | 992109997.UG.FTS.B, 29.49%, 3/11/25. . . | 1606 | 1609 |
| 88 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 88 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992111302.UG.FTS.B, 29.49%, 3/11/25. . . | $64 | $65 | 992007757.UG.FTS.B, Zero Cpn, 3/12/25.. $4,938 | 992007757.UG.FTS.B, Zero Cpn, 3/12/25.. $4,938 | $347 | 347 |
| 992112398.UG.FTS.B, 29.49%, 3/11/25. . . | 166 | 171 | 992013075.UG.FTS.B, Zero Cpn, 3/12/25.. | 62 | 4 | 4 |
| 992118598.UG.FTS.B, 29.49%, 3/11/25. . . | 382 | 379 | 992036734.UG.FTS.B, Zero Cpn, 3/12/25.. | 3283 | 227 | 227 |
| 992119715.UG.FTS.B, 29.49%, 3/11/25. . . | 21 | 21 | 992050136.UG.FTS.B, Zero Cpn, 3/12/25.. | 130 | 9 | 9 |
| 992121347.UG.FTS.B, 29.49%, 3/11/25. . . | 67 | 66 | 992081055.UG.FTS.B, Zero Cpn, 3/12/25.. | 103 | 7 | 7 |
| 992123707.UG.FTS.B, 29.49%, 3/11/25. . . | 1653 | 1696 | 992083319.UG.FTS.B, Zero Cpn, 3/12/25.. | 103 | 7 | 7 |
| 992124170.UG.FTS.B, 29.49%, 3/11/25. . . | 6 | 6 | 992122564.UG.FTS.B, Zero Cpn, 3/12/25.. | 3613 | 251 | 251 |
| 992124757.UG.FTS.B, 29.49%, 3/11/25. . . | 25 | 25 | 992122747.UG.FTS.B, Zero Cpn, 3/12/25.. | 93 | 6 | 6 |
| 992125347.UG.FTS.B, 29.49%, 3/11/25. . . | 99 | 98 | 992134827.UG.FTS.B, Zero Cpn, 3/12/25.. | 169 | 12 | 12 |
| 992125765.UG.FTS.B, 29.49%, 3/11/25. . . | 96 | 7 | 992148604.UG.FTS.B, Zero Cpn, 3/12/25.. | 39 | 3 | 3 |
| 992126616.UG.FTS.B, 29.49%, 3/11/25. . . | 108 | 107 | 992234352.UG.FTS.B, Zero Cpn, 3/12/25.. | 88 | 6 | 6 |
| 992127691.UG.FTS.B, 29.49%, 3/11/25. . . | 783 | 811 | 991974684.UG.FTS.B, 19.99%, 3/12/25.. . | 146 | 151 | 151 |
| 992131355.UG.FTS.B, 29.49%, 3/11/25. . . | 278 | 66 | 991979255.UG.FTS.B, 19.99%, 3/12/25.. . | 6 | 6 | 6 |
| 992134379.UG.FTS.B, 29.49%, 3/11/25. . . | 1135 | 1172 | 991980205.UG.FTS.B, 19.99%, 3/12/25.. . | 7 | 7 | 7 |
| 992151561.UG.FTS.B, 29.49%, 3/11/25. . . | 65 | 66 | 991986121.UG.FTS.B, 19.99%, 3/12/25.. . | 1703 | 1765 | 1765 |
| 992151581.UG.FTS.B, 29.49%, 3/11/25. . . | 72 | 74 | 991987773.UG.FTS.B, 19.99%, 3/12/25.. . | 4066 | 4213 | 4213 |
| 992158017.UG.FTS.B, 29.49%, 3/11/25. . . | – | – | 991990312.UG.FTS.B, 19.99%, 3/12/25.. . | 1537 | 1593 | 1593 |
| 992158535.UG.FTS.B, 29.49%, 3/11/25. . . | 67 | 68 | 991990562.UG.FTS.B, 19.99%, 3/12/25.. . | 242 | 251 | 251 |
| 992165364.UG.FTS.B, 29.49%, 3/11/25. . . | 26 | 26 | 991991077.UG.FTS.B, 19.99%, 3/12/25.. . | 138 | (1) | (1) |
| 992170616.UG.FTS.B, 29.49%, 3/11/25. . . | 268 | 274 | 991991922.UG.FTS.B, 19.99%, 3/12/25.. . | 7 | 7 | 7 |
| 992172061.UG.FTS.B, 29.49%, 3/11/25. . . | 174 | 39 | 991992249.UG.FTS.B, 19.99%, 3/12/25.. . | 3406 | 3530 | 3530 |
| 992175864.UG.FTS.B, 29.49%, 3/11/25. . . | 38 | 38 | 991993356.UG.FTS.B, 19.99%, 3/12/25.. . | 653 | 648 | 648 |
| 992176883.UG.FTS.B, 29.49%, 3/11/25. . . | 47 | 47 | 991993747.UG.FTS.B, 19.99%, 3/12/25.. . | 186 | 191 | 191 |
| 992179156.UG.FTS.B, 29.49%, 3/11/25. . . | 57 | 58 | 991996094.UG.FTS.B, 19.99%, 3/12/25.. . | 293 | 298 | 298 |
| 992179823.UG.FTS.B, 29.49%, 3/11/25. . . | 39 | 38 | 991998238.UG.FTS.B, 19.99%, 3/12/25.. . | 4636 | 4664 | 4664 |
| 992188521.UG.FTS.B, 29.49%, 3/11/25. . . | 321 | 328 | 991999661.UG.FTS.B, 19.99%, 3/12/25.. . | 517 | 533 | 533 |
| 992192182.UG.FTS.B, 29.49%, 3/11/25. . . | 37 | 37 | 992005775.UG.FTS.B, 19.99%, 3/12/25.. . | 16 | 16 | 16 |
| 992195040.UG.FTS.B, 29.49%, 3/11/25. . . | 128 | 130 | 992005951.UG.FTS.B, 19.99%, 3/12/25.. . | 851 | 837 | 837 |
| 992196015.UG.FTS.B, 29.49%, 3/11/25. . . | 2915 | 2943 | 992017079.UG.FTS.B, 19.99%, 3/12/25.. . | 127 | 132 | 132 |
| 992202400.UG.FTS.B, 29.49%, 3/11/25. . . | 152 | 149 | 992023200.UG.FTS.B, 19.99%, 3/12/25.. . | 486 | 504 | 504 |
| 992203606.UG.FTS.B, 29.49%, 3/11/25. . . | 181 | 41 | 992027504.UG.FTS.B, 19.99%, 3/12/25.. . | 44 | 44 | 44 |
| 992208434.UG.FTS.B, 29.49%, 3/11/25. . . | 77 | 73 | 992052864.UG.FTS.B, 19.99%, 3/12/25.. . | 273 | 271 | 271 |
| 992210757.UG.FTS.B, 29.49%, 3/11/25. . . | 837 | (128) | 992053591.UG.FTS.B, 19.99%, 3/12/25.. . | 81 | 83 | 83 |
| 992217583.UG.FTS.B, 29.49%, 3/11/25. . . | 42 | (2) | 992059475.UG.FTS.B, 19.99%, 3/12/25.. . | 348 | 361 | 361 |
| 992217835.UG.FTS.B, 29.49%, 3/11/25. . . | 247 | 252 | 992074963.UG.FTS.B, 19.99%, 3/12/25.. . | 114 | 118 | 118 |
| 992217989.UG.FTS.B, 29.49%, 3/11/25. . . | 2301 | 2345 | 992090984.UG.FTS.B, 19.99%, 3/12/25.. . | 807 | 836 | 836 |
| 992225353.UG.FTS.B, 29.49%, 3/11/25. . . | 817 | 833 | 992101937.UG.FTS.B, 19.99%, 3/12/25.. . | 64 | 65 | 65 |
| 992228990.UG.FTS.B, 29.49%, 3/11/25. . . | 289 | 36 | 992113420.UG.FTS.B, 19.99%, 3/12/25. . . | 213 | 148 | 148 |
| 992235769.UG.FTS.B, 29.49%, 3/11/25. . . | 130 | 132 | 992117451.UG.FTS.B, 19.99%, 3/12/25. . . | 109 | 113 | 113 |
| 992237775.UG.FTS.B, 29.49%, 3/11/25. . . | 695 | 689 | 992117671.UG.FTS.B, 19.99%, 3/12/25. . . | 559 | 570 | 570 |
| 992238243.UG.FTS.B, 29.49%, 3/11/25. . . | 1129 | 1142 | 992138207.UG.FTS.B, 19.99%, 3/12/25.. . | 46 | 47 | 47 |
| 992242925.UG.FTS.B, 29.49%, 3/11/25. . . | 111 | 24 | 992145911.UG.FTS.B, 19.99%, 3/12/25. . . | 55 | 56 | 56 |
| 992246111.UG.FTS.B, 29.49%, 3/11/25. . . | 7 | 7 | 992177562.UG.FTS.B, 19.99%, 3/12/25.. . | 1847 | 1914 | 1914 |
| 992247944.UG.FTS.B, 29.49%, 3/11/25. . . | 180 | 39 | 992185573.UG.FTS.B, 19.99%, 3/12/25.. . | 482 | 499 | 499 |
| 992248004.UG.FTS.B, 29.49%, 3/11/25. . . | 1230 | 1254 | 992189890.UG.FTS.B, 19.99%, 3/12/25.. . | 160 | 164 | 164 |
| 991979164.UG.FTS.B, Zero Cpn, 3/12/25.. | 807 | 56 | 992196780.UG.FTS.B, 19.99%, 3/12/25.. . | 262 | 268 | 268 |
| 991983377.UG.FTS.B, Zero Cpn, 3/12/25.. | 789 | 54 | 992213000.UG.FTS.B, 19.99%, 3/12/25.. . | 84 | 83 | 83 |
| 991984521.UG.FTS.B, Zero Cpn, 3/12/25.. | 790 | 56 | 992238254.UG.FTS.B, 19.99%, 3/12/25.. . | 520 | 531 | 531 |
| 991985846.UG.FTS.B, Zero Cpn, 3/12/25.. | 144 | 10 | 992250535.UG.FTS.B, 19.99%, 3/12/25.. . | 90 | 92 | 92 |
| 991990611.UG.FTS.B, Zero Cpn, 3/12/25.. | 1554 | 108 | 991984392.UG.FTS.B, 25.94%, 3/12/25.. . | 3630 | 262 | 262 |
| 991991965.UG.FTS.B, Zero Cpn, 3/12/25.. | 367 | 25 | 991990658.UG.FTS.B, 25.95%, 3/12/25.. . | 1515 | 1507 | 1507 |
| 991993130.UG.FTS.B, Zero Cpn, 3/12/25.. | 2252 | 155 | 991994071.UG.FTS.B, 25.95%, 3/12/25.. . | 2388 | 2401 | 2401 |
| 991994814.UG.FTS.B, Zero Cpn, 3/12/25.. | 5779 | 400 | 991995347.UG.FTS.B, 25.95%, 3/12/25.. . | 1242 | 1251 | 1251 |
| 991995235.UG.FTS.B, Zero Cpn, 3/12/25.. | 7 | – | 991993934.UG.FTS.B, 26.94%, 3/12/25.. . | 1663 | 1675 | 1675 |
| 991998105.UG.FTS.B, Zero Cpn, 3/12/25.. | 290 | 20 | 991995259.UG.FTS.B, 26.94%, 3/12/25.. . | 2404 | 298 | 298 |
| 992002877.UG.FTS.B, Zero Cpn, 3/12/25.. | 144 | 10 | 991995361.UG.FTS.B, 26.94%, 3/12/25.. . | 2067 | 2082 | 2082 |
| 992003071.UG.FTS.B, Zero Cpn, 3/12/25.. | 112 | 8 | 991995390.UG.FTS.B, 26.94%, 3/12/25.. . | 1248 | 1257 | 1257 |
| 992004995.UG.FTS.B, Zero Cpn, 3/12/25.. | 116 | 8 | 991995550.UG.FTS.B, 26.94%, 3/12/25.. . | 1663 | 1675 | 1675 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 89 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 89 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992031773.UG.FTS.B, 26.94%, 3/12/25.. . $ | 992031773.UG.FTS.B, 26.94%, 3/12/25.. . $ | 992031773.UG.FTS.B, 26.94%, 3/12/25.. . $ | 347 | $343 | 991994702.UG.FTS.B, 28.98%, 3/12/25.. . $ | 837 | $868 |
| 992069949.UG.FTS.B, 26.94%, 3/12/25.. . | 992069949.UG.FTS.B, 26.94%, 3/12/25.. . | 992069949.UG.FTS.B, 26.94%, 3/12/25.. . | 119 | 115 | 991994726.UG.FTS.B, 28.98%, 3/12/25.. . | 918 | 952 |
| 992162223.UG.FTS.B, 26.94%, 3/12/25.. . | 992162223.UG.FTS.B, 26.94%, 3/12/25.. . | 992162223.UG.FTS.B, 26.94%, 3/12/25.. . | 406 | 409 | 991994833.UG.FTS.B, 28.98%, 3/12/25.. . | 4402 | 549 |
| 992166194.UG.FTS.B, 26.94%, 3/12/25.. . | 992166194.UG.FTS.B, 26.94%, 3/12/25.. . | 992166194.UG.FTS.B, 26.94%, 3/12/25.. . | 40 | 40 | 991994997.UG.FTS.B, 28.98%, 3/12/25.. . | 1802 | 1868 |
| 992203375.UG.FTS.B, 26.94%, 3/12/25.. . | 992203375.UG.FTS.B, 26.94%, 3/12/25.. . | 992203375.UG.FTS.B, 26.94%, 3/12/25.. . | 15 | 14 | 991995089.UG.FTS.B, 28.98%, 3/12/25.. . | 1778 | 416 |
| 991990538.UG.FTS.B, 27.95%, 3/12/25.. . | 991990538.UG.FTS.B, 27.95%, 3/12/25.. . | 991990538.UG.FTS.B, 27.95%, 3/12/25.. . | 65 | 64 | 991996150.UG.FTS.B, 28.98%, 3/12/25.. . | 731 | 758 |
| 992216086.UG.FTS.B, 27.95%, 3/12/25.. . | 992216086.UG.FTS.B, 27.95%, 3/12/25.. . | 992216086.UG.FTS.B, 27.95%, 3/12/25.. . | 115 | 14 | 991996974.UG.FTS.B, 28.98%, 3/12/25.. . | 249 | (4) |
| 991993911.UG.FTS.B, 27.99%, 3/12/25. . . | 991993911.UG.FTS.B, 27.99%, 3/12/25. . . | 991993911.UG.FTS.B, 27.99%, 3/12/25. . . | 38 | 6 | 991997092.UG.FTS.B, 28.98%, 3/12/25.. . | 1215 | 1239 |
| 991976862.UG.FTS.B, 28.98%, 3/12/25.. . | 991976862.UG.FTS.B, 28.98%, 3/12/25.. . | 991976862.UG.FTS.B, 28.98%, 3/12/25.. . | 7 | 7 | 991997877.UG.FTS.B, 28.98%, 3/12/25.. . | 12 | 12 |
| 991977655.UG.FTS.B, 28.98%, 3/12/25.. . | 991977655.UG.FTS.B, 28.98%, 3/12/25.. . | 991977655.UG.FTS.B, 28.98%, 3/12/25.. . | 93 | 64 | 991998887.UG.FTS.B, 28.98%, 3/12/25.. . | 605 | 608 |
| 991977693.UG.FTS.B, 28.98%, 3/12/25.. . | 991977693.UG.FTS.B, 28.98%, 3/12/25.. . | 991977693.UG.FTS.B, 28.98%, 3/12/25.. . | 889 | 921 | 991999636.UG.FTS.B, 28.98%, 3/12/25.. . | 63 | 64 |
| 991977711.UG.FTS.B, 28.98%, 3/12/25. . . | 991977711.UG.FTS.B, 28.98%, 3/12/25. . . | 991977711.UG.FTS.B, 28.98%, 3/12/25. . . | 778 | 803 | 991999929.UG.FTS.B, 28.98%, 3/12/25.. . | 365 | 377 |
| 991978065.UG.FTS.B, 28.98%, 3/12/25.. . | 991978065.UG.FTS.B, 28.98%, 3/12/25.. . | 991978065.UG.FTS.B, 28.98%, 3/12/25.. . | 102 | 67 | 992002963.UG.FTS.B, 28.98%, 3/12/25.. . | 1255 | 1301 |
| 991978352.UG.FTS.B, 28.98%, 3/12/25.. . | 991978352.UG.FTS.B, 28.98%, 3/12/25.. . | 991978352.UG.FTS.B, 28.98%, 3/12/25.. . | 15 | 15 | 992002976.UG.FTS.B, 28.98%, 3/12/25.. . | 430 | 95 |
| 991978502.UG.FTS.B, 28.98%, 3/12/25.. . | 991978502.UG.FTS.B, 28.98%, 3/12/25.. . | 991978502.UG.FTS.B, 28.98%, 3/12/25.. . | 282 | 287 | 992004292.UG.FTS.B, 28.98%, 3/12/25.. . | 5021 | 5205 |
| 991978896.UG.FTS.B, 28.98%, 3/12/25.. . | 991978896.UG.FTS.B, 28.98%, 3/12/25.. . | 991978896.UG.FTS.B, 28.98%, 3/12/25.. . | 871 | 890 | 992007915.UG.FTS.B, 28.98%, 3/12/25.. . | 134 | 139 |
| 991979961.UG.FTS.B, 28.98%, 3/12/25.. . | 991979961.UG.FTS.B, 28.98%, 3/12/25.. . | 991979961.UG.FTS.B, 28.98%, 3/12/25.. . | 138 | 142 | 992009447.UG.FTS.B, 28.98%, 3/12/25.. . | 240 | 246 |
| 991980708.UG.FTS.B, 28.98%, 3/12/25.. . | 991980708.UG.FTS.B, 28.98%, 3/12/25.. . | 991980708.UG.FTS.B, 28.98%, 3/12/25.. . | 664 | 668 | 992009962.UG.FTS.B, 28.98%, 3/12/25.. . | 466 | 31 |
| 991981222.UG.FTS.B, 28.98%, 3/12/25.. . | 991981222.UG.FTS.B, 28.98%, 3/12/25.. . | 991981222.UG.FTS.B, 28.98%, 3/12/25.. . | 980 | 991 | 992010449.UG.FTS.B, 28.98%, 3/12/25.. . | 293 | 303 |
| 991982221.UG.FTS.B, 28.98%, 3/12/25.. . | 991982221.UG.FTS.B, 28.98%, 3/12/25.. . | 991982221.UG.FTS.B, 28.98%, 3/12/25.. . | 521 | 540 | 992010868.UG.FTS.B, 28.98%, 3/12/25.. . | 106 | 110 |
| 991982496.UG.FTS.B, 28.98%, 3/12/25.. . | 991982496.UG.FTS.B, 28.98%, 3/12/25.. . | 991982496.UG.FTS.B, 28.98%, 3/12/25.. . | 214 | 220 | 992010964.UG.FTS.B, 28.98%, 3/12/25.. . | 435 | 441 |
| 991984189.UG.FTS.B, 28.98%, 3/12/25.. . | 991984189.UG.FTS.B, 28.98%, 3/12/25.. . | 991984189.UG.FTS.B, 28.98%, 3/12/25.. . | 280 | 62 | 992011988.UG.FTS.B, 28.98%, 3/12/25. . . | 53 | 54 |
| 991985750.UG.FTS.B, 28.98%, 3/12/25.. . | 991985750.UG.FTS.B, 28.98%, 3/12/25.. . | 991985750.UG.FTS.B, 28.98%, 3/12/25.. . | 1245 | 1290 | 992012310.UG.FTS.B, 28.98%, 3/12/25.. . | 311 | 311 |
| 991986090.UG.FTS.B, 28.98%, 3/12/25.. . | 991986090.UG.FTS.B, 28.98%, 3/12/25.. . | 991986090.UG.FTS.B, 28.98%, 3/12/25.. . | 1085 | 1125 | 992014247.UG.FTS.B, 28.98%, 3/12/25.. . | 105 | 107 |
| 991986986.UG.FTS.B, 28.98%, 3/12/25.. . | 991986986.UG.FTS.B, 28.98%, 3/12/25.. . | 991986986.UG.FTS.B, 28.98%, 3/12/25.. . | 112 | 21 | 992014653.UG.FTS.B, 28.98%, 3/12/25.. . | 217 | 224 |
| 991987046.UG.FTS.B, 28.98%, 3/12/25.. . | 991987046.UG.FTS.B, 28.98%, 3/12/25.. . | 991987046.UG.FTS.B, 28.98%, 3/12/25.. . | 201 | 206 | 992015058.UG.FTS.B, 28.98%, 3/12/25.. . | 329 | 337 |
| 991987070.UG.FTS.B, 28.98%, 3/12/25.. . | 991987070.UG.FTS.B, 28.98%, 3/12/25.. . | 991987070.UG.FTS.B, 28.98%, 3/12/25.. . | 840 | 815 | 992015249.UG.FTS.B, 28.98%, 3/12/25.. . | 37 | 38 |
| 991987508.UG.FTS.B, 28.98%, 3/12/25.. . | 991987508.UG.FTS.B, 28.98%, 3/12/25.. . | 991987508.UG.FTS.B, 28.98%, 3/12/25.. . | 126 | 127 | 992016117.UG.FTS.B, 28.98%, 3/12/25. . . | 287 | 298 |
| 991987883.UG.FTS.B, 28.98%, 3/12/25.. . | 991987883.UG.FTS.B, 28.98%, 3/12/25.. . | 991987883.UG.FTS.B, 28.98%, 3/12/25.. . | 324 | 332 | 992021489.UG.FTS.B, 28.98%, 3/12/25.. . | 172 | 178 |
| 991987890.UG.FTS.B, 28.98%, 3/12/25.. . | 991987890.UG.FTS.B, 28.98%, 3/12/25.. . | 991987890.UG.FTS.B, 28.98%, 3/12/25.. . | 229 | 238 | 992021973.UG.FTS.B, 28.98%, 3/12/25.. . | 3843 | 3920 |
| 991988065.UG.FTS.B, 28.98%, 3/12/25.. . | 991988065.UG.FTS.B, 28.98%, 3/12/25.. . | 991988065.UG.FTS.B, 28.98%, 3/12/25.. . | 468 | 485 | 992024306.UG.FTS.B, 28.98%, 3/12/25.. . | 375 | 388 |
| 991988242.UG.FTS.B, 28.98%, 3/12/25.. . | 991988242.UG.FTS.B, 28.98%, 3/12/25.. . | 991988242.UG.FTS.B, 28.98%, 3/12/25.. . | 517 | 504 | 992024617.UG.FTS.B, 28.98%, 3/12/25.. . | 41 | 41 |
| 991988368.UG.FTS.B, 28.98%, 3/12/25.. . | 991988368.UG.FTS.B, 28.98%, 3/12/25.. . | 991988368.UG.FTS.B, 28.98%, 3/12/25.. . | 49 | 49 | 992030321.UG.FTS.B, 28.98%, 3/12/25.. . | 28 | 29 |
| 991988716.UG.FTS.B, 28.98%, 3/12/25.. . | 991988716.UG.FTS.B, 28.98%, 3/12/25.. . | 991988716.UG.FTS.B, 28.98%, 3/12/25.. . | 127 | 129 | 992030698.UG.FTS.B, 28.98%, 3/12/25.. . | 2648 | 2716 |
| 991989204.UG.FTS.B, 28.98%, 3/12/25.. . | 991989204.UG.FTS.B, 28.98%, 3/12/25.. . | 991989204.UG.FTS.B, 28.98%, 3/12/25.. . | 116 | 118 | 992033191.UG.FTS.B, 28.98%, 3/12/25.. . | 361 | 374 |
| 991990882.UG.FTS.B, 28.98%, 3/12/25.. . | 991990882.UG.FTS.B, 28.98%, 3/12/25.. . | 991990882.UG.FTS.B, 28.98%, 3/12/25.. . | 1087 | 740 | 992034556.UG.FTS.B, 28.98%, 3/12/25.. . | 603 | 624 |
| 991990987.UG.FTS.B, 28.98%, 3/12/25.. . | 991990987.UG.FTS.B, 28.98%, 3/12/25.. . | 991990987.UG.FTS.B, 28.98%, 3/12/25.. . | 1016 | 1040 | 992037362.UG.FTS.B, 28.98%, 3/12/25.. . | 104 | 106 |
| 991991221.UG.FTS.B, 28.98%, 3/12/25.. . | 991991221.UG.FTS.B, 28.98%, 3/12/25.. . | 991991221.UG.FTS.B, 28.98%, 3/12/25.. . | 103 | 103 | 992038832.UG.FTS.B, 28.98%, 3/12/25.. . | 1001 | 1038 |
| 991991251.UG.FTS.B, 28.98%, 3/12/25.. . | 991991251.UG.FTS.B, 28.98%, 3/12/25.. . | 991991251.UG.FTS.B, 28.98%, 3/12/25.. . | – | – | 992039233.UG.FTS.B, 28.98%, 3/12/25.. . | 343 | 75 |
| 991991626.UG.FTS.B, 28.98%, 3/12/25.. . | 991991626.UG.FTS.B, 28.98%, 3/12/25.. . | 991991626.UG.FTS.B, 28.98%, 3/12/25.. . | 1739 | 1792 | 992039680.UG.FTS.B, 28.98%, 3/12/25.. . | 115 | 119 |
| 991991706.UG.FTS.B, 28.98%, 3/12/25.. . | 991991706.UG.FTS.B, 28.98%, 3/12/25.. . | 991991706.UG.FTS.B, 28.98%, 3/12/25.. . | 685 | 710 | 992041306.UG.FTS.B, 28.98%, 3/12/25.. . | 8 | 8 |
| 991991798.UG.FTS.B, 28.98%, 3/12/25.. . | 991991798.UG.FTS.B, 28.98%, 3/12/25.. . | 991991798.UG.FTS.B, 28.98%, 3/12/25.. . | 613 | 635 | 992044157.UG.FTS.B, 28.98%, 3/12/25.. . | 497 | 495 |
| 991992424.UG.FTS.B, 28.98%, 3/12/25.. . | 991992424.UG.FTS.B, 28.98%, 3/12/25.. . | 991992424.UG.FTS.B, 28.98%, 3/12/25.. . | 312 | 304 | 992044261.UG.FTS.B, 28.98%, 3/12/25.. . | 125 | 14 |
| 991992864.UG.FTS.B, 28.98%, 3/12/25.. . | 991992864.UG.FTS.B, 28.98%, 3/12/25.. . | 991992864.UG.FTS.B, 28.98%, 3/12/25.. . | 463 | 469 | 992044384.UG.FTS.B, 28.98%, 3/12/25.. . | 27 | 1 |
| 991992907.UG.FTS.B, 28.98%, 3/12/25.. . | 991992907.UG.FTS.B, 28.98%, 3/12/25.. . | 991992907.UG.FTS.B, 28.98%, 3/12/25.. . | 1409 | 1450 | 992044480.UG.FTS.B, 28.98%, 3/12/25.. . | 428 | 443 |
| 991992926.UG.FTS.B, 28.98%, 3/12/25.. . | 991992926.UG.FTS.B, 28.98%, 3/12/25.. . | 991992926.UG.FTS.B, 28.98%, 3/12/25.. . | 459 | 32 | 992044551.UG.FTS.B, 28.98%, 3/12/25.. . | 601 | 604 |
| 991992965.UG.FTS.B, 28.98%, 3/12/25.. . | 991992965.UG.FTS.B, 28.98%, 3/12/25.. . | 991992965.UG.FTS.B, 28.98%, 3/12/25.. . | 770 | 798 | 992044814.UG.FTS.B, 28.98%, 3/12/25.. . | 412 | 409 |
| 991992992.UG.FTS.B, 28.98%, 3/12/25.. . | 991992992.UG.FTS.B, 28.98%, 3/12/25.. . | 991992992.UG.FTS.B, 28.98%, 3/12/25.. . | 256 | 255 | 992045450.UG.FTS.B, 28.98%, 3/12/25.. . | 311 | 316 |
| 991993120.UG.FTS.B, 28.98%, 3/12/25.. . | 991993120.UG.FTS.B, 28.98%, 3/12/25.. . | 991993120.UG.FTS.B, 28.98%, 3/12/25.. . | 106 | 110 | 992047191.UG.FTS.B, 28.98%, 3/12/25.. . | 1580 | 1629 |
| 991993141.UG.FTS.B, 28.98%, 3/12/25.. . | 991993141.UG.FTS.B, 28.98%, 3/12/25.. . | 991993141.UG.FTS.B, 28.98%, 3/12/25.. . | 960 | 995 | 992048204.UG.FTS.B, 28.98%, 3/12/25.. . | 132 | 134 |
| 991993594.UG.FTS.B, 28.98%, 3/12/25.. . | 991993594.UG.FTS.B, 28.98%, 3/12/25.. . | 991993594.UG.FTS.B, 28.98%, 3/12/25.. . | 4 | 4 | 992051674.UG.FTS.B, 28.98%, 3/12/25.. . | 13 | 12 |
| 991993801.UG.FTS.B, 28.98%, 3/12/25.. . | 991993801.UG.FTS.B, 28.98%, 3/12/25.. . | 991993801.UG.FTS.B, 28.98%, 3/12/25.. . | 90 | 91 | 992051684.UG.FTS.B, 28.98%, 3/12/25.. . | 259 | 266 |
| 991993852.UG.FTS.B, 28.98%, 3/12/25.. . | 991993852.UG.FTS.B, 28.98%, 3/12/25.. . | 991993852.UG.FTS.B, 28.98%, 3/12/25.. . | 8360 | 8667 | 992054522.UG.FTS.B, 28.98%, 3/12/25.. . | 570 | (25) |
| 991993983.UG.FTS.B, 28.98%, 3/12/25.. . | 991993983.UG.FTS.B, 28.98%, 3/12/25.. . | 991993983.UG.FTS.B, 28.98%, 3/12/25.. . | 1843 | 1231 | 992054695.UG.FTS.B, 28.98%, 3/12/25.. . | 92 | 95 |
| 991994024.UG.FTS.B, 28.98%, 3/12/25.. . | 991994024.UG.FTS.B, 28.98%, 3/12/25.. . | 991994024.UG.FTS.B, 28.98%, 3/12/25.. . | 4496 | 4651 | 992055181.UG.FTS.B, 28.98%, 3/12/25.. . | 145 | 9 |
| 991994272.UG.FTS.B, 28.98%, 3/12/25.. . | 991994272.UG.FTS.B, 28.98%, 3/12/25.. . | 991994272.UG.FTS.B, 28.98%, 3/12/25.. . | 1255 | 1301 | 992055434.UG.FTS.B, 28.98%, 3/12/25.. . | 735 | 761 |
| 991994281.UG.FTS.B, 28.98%, 3/12/25.. . | 991994281.UG.FTS.B, 28.98%, 3/12/25.. . | 991994281.UG.FTS.B, 28.98%, 3/12/25.. . | 1970 | 2042 | 992055703.UG.FTS.B, 28.98%, 3/12/25.. . | 138 | 141 |
| 991994329.UG.FTS.B, 28.98%, 3/12/25.. . | 991994329.UG.FTS.B, 28.98%, 3/12/25.. . | 991994329.UG.FTS.B, 28.98%, 3/12/25.. . | 1219 | 1242 | 992056835.UG.FTS.B, 28.98%, 3/12/25.. . | 416 | 431 |
| 90 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 90 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992060145.UG.FTS.B, 28.98%, 3/12/25.. . | $147 | $150 | 992191070.UG.FTS.B, 28.98%, 3/12/25.. . $107 | 992191070.UG.FTS.B, 28.98%, 3/12/25.. . $107 | $110 | 110 |
| 992061641.UG.FTS.B, 28.98%, 3/12/25.. . | 117 | 122 | 992196736.UG.FTS.B, 28.98%, 3/12/25.. . | 36 | 37 | 37 |
| 992064058.UG.FTS.B, 28.98%, 3/12/25.. . | 87 | 90 | 992197128.UG.FTS.B, 28.98%, 3/12/25.. . | 504 | 513 | 513 |
| 992065606.UG.FTS.B, 28.98%, 3/12/25.. . | 44 | 3 | 992199250.UG.FTS.B, 28.98%, 3/12/25.. . | 85 | 6 | 6 |
| 992066909.UG.FTS.B, 28.98%, 3/12/25.. . | 394 | 49 | 992202812.UG.FTS.B, 28.98%, 3/12/25.. . | 73 | 74 | 74 |
| 992069346.UG.FTS.B, 28.98%, 3/12/25.. . | 122 | 126 | 992204705.UG.FTS.B, 28.98%, 3/12/25.. . | 279 | 283 | 283 |
| 992071635.UG.FTS.B, 28.98%, 3/12/25.. . | 191 | 191 | 992217988.UG.FTS.B, 28.98%, 3/12/25.. . | 821 | 839 | 839 |
| 992071679.UG.FTS.B, 28.98%, 3/12/25.. . | 338 | 351 | 992225514.UG.FTS.B, 28.98%, 3/12/25.. . | 13 | 12 | 12 |
| 992072262.UG.FTS.B, 28.98%, 3/12/25.. . | 1005 | 998 | 992228774.UG.FTS.B, 28.98%, 3/12/25.. . | 129 | 130 | 130 |
| 992072402.UG.FTS.B, 28.98%, 3/12/25.. . | 31 | 28 | 992229520.UG.FTS.B, 28.98%, 3/12/25.. . | 698 | 712 | 712 |
| 992072527.UG.FTS.B, 28.98%, 3/12/25.. . | 95 | 98 | 992238828.UG.FTS.B, 28.98%, 3/12/25.. . | 76 | 19 | 19 |
| 992072825.UG.FTS.B, 28.98%, 3/12/25.. . | 112 | 116 | 992241229.UG.FTS.B, 28.98%, 3/12/25.. . | 305 | 313 | 313 |
| 992073366.UG.FTS.B, 28.98%, 3/12/25.. . | 163 | 168 | 992241645.UG.FTS.B, 28.98%, 3/12/25.. . | 6 | 6 | 6 |
| 992082052.UG.FTS.B, 28.98%, 3/12/25.. . | 33 | 33 | 992247166.UG.FTS.B, 28.98%, 3/12/25.. . | 164 | 167 | 167 |
| 992083442.UG.FTS.B, 28.98%, 3/12/25.. . | 93 | 12 | 992247241.UG.FTS.B, 28.98%, 3/12/25.. . | 266 | 271 | 271 |
| 992087850.UG.FTS.B, 28.98%, 3/12/25.. . | 218 | 226 | 992255823.UG.FTS.B, 28.98%, 3/12/25.. . | 2 | 2 | 2 |
| 992087976.UG.FTS.B, 28.98%, 3/12/25.. . | 67 | 68 | 992257331.UG.FTS.B, 28.98%, 3/12/25.. . | 218 | 219 | 219 |
| 992089048.UG.FTS.B, 28.98%, 3/12/25.. . | 195 | 202 | 992257542.UG.FTS.B, 28.98%, 3/12/25.. . | 74 | 75 | 75 |
| 992090336.UG.FTS.B, 28.98%, 3/12/25.. . | 332 | 340 | 991989548.UG.FTS.B, 29.45%, 3/12/25.. . | 765 | 792 | 792 |
| 992090588.UG.FTS.B, 28.98%, 3/12/25.. . | 828 | 858 | 991990731.UG.FTS.B, 29.45%, 3/12/25.. . | 3769 | 3862 | 3862 |
| 992091160.UG.FTS.B, 28.98%, 3/12/25. . . | 349 | 24 | 991991384.UG.FTS.B, 29.45%, 3/12/25.. . | 1346 | 1393 | 1393 |
| 992094412.UG.FTS.B, 28.98%, 3/12/25.. . | 74 | 76 | 991993171.UG.FTS.B, 29.45%, 3/12/25.. . | 37 | 37 | 37 |
| 992094662.UG.FTS.B, 28.98%, 3/12/25.. . | 79 | 81 | 991993551.UG.FTS.B, 29.45%, 3/12/25.. . | 1387 | 1438 | 1438 |
| 992097817.UG.FTS.B, 28.98%, 3/12/25.. . | 186 | 193 | 991995594.UG.FTS.B, 29.45%, 3/12/25.. . | 2650 | 587 | 587 |
| 992099219.UG.FTS.B, 28.98%, 3/12/25.. . | 127 | 86 | 992019426.UG.FTS.B, 29.45%, 3/12/25.. . | 195 | 202 | 202 |
| 992100185.UG.FTS.B, 28.98%, 3/12/25.. . | 2127 | 2177 | 992030038.UG.FTS.B, 29.45%, 3/12/25.. . | 182 | 186 | 186 |
| 992100442.UG.FTS.B, 28.98%, 3/12/25.. . | 147 | 152 | 992242239.UG.FTS.B, 29.45%, 3/12/25.. . | 34 | 13 | 13 |
| 992107445.UG.FTS.B, 28.98%, 3/12/25.. . | 2 | 2 | 992257231.UG.FTS.B, 29.45%, 3/12/25.. . | 738 | 753 | 753 |
| 992110250.UG.FTS.B, 28.98%, 3/12/25. . . | 249 | 258 | 991983091.UG.FTS.B, 29.46%, 3/12/25.. . | 26 | 26 | 26 |
| 992110407.UG.FTS.B, 28.98%, 3/12/25. . . | 797 | (35) | 991986129.UG.FTS.B, 29.46%, 3/12/25.. . | 629 | 652 | 652 |
| 992112480.UG.FTS.B, 28.98%, 3/12/25. . . | 495 | 513 | 991987939.UG.FTS.B, 29.46%, 3/12/25.. . | 176 | 175 | 175 |
| 992112886.UG.FTS.B, 28.98%, 3/12/25. . . | 214 | 221 | 991988804.UG.FTS.B, 29.46%, 3/12/25.. . | 684 | 469 | 469 |
| 992113271.UG.FTS.B, 28.98%, 3/12/25. . . | 622 | 644 | 991988951.UG.FTS.B, 29.46%, 3/12/25.. . | 1044 | 1083 | 1083 |
| 992117475.UG.FTS.B, 28.98%, 3/12/25. . . | 49 | 50 | 991989181.UG.FTS.B, 29.46%, 3/12/25.. . | 72 | 73 | 73 |
| 992119489.UG.FTS.B, 28.98%, 3/12/25. . . | 450 | 285 | 991989663.UG.FTS.B, 29.46%, 3/12/25.. . | 641 | 665 | 665 |
| 992120153.UG.FTS.B, 28.98%, 3/12/25.. . | 1272 | 1298 | 991991741.UG.FTS.B, 29.46%, 3/12/25.. . | 1439 | 184 | 184 |
| 992122661.UG.FTS.B, 28.98%, 3/12/25.. . | 828 | 858 | 991992690.UG.FTS.B, 29.46%, 3/12/25.. . | 226 | 225 | 225 |
| 992125121.UG.FTS.B, 28.98%, 3/12/25.. . | 13 | 13 | 991994335.UG.FTS.B, 29.46%, 3/12/25.. . | 359 | 54 | 54 |
| 992127800.UG.FTS.B, 28.98%, 3/12/25.. . | 174 | 179 | 991994387.UG.FTS.B, 29.46%, 3/12/25.. . | 2097 | 2176 | 2176 |
| 992128185.UG.FTS.B, 28.98%, 3/12/25.. . | 686 | 706 | 991994629.UG.FTS.B, 29.46%, 3/12/25.. . | 2086 | 2163 | 2163 |
| 992133542.UG.FTS.B, 28.98%, 3/12/25.. . | 17 | 17 | 991995113.UG.FTS.B, 29.46%, 3/12/25. . . | 1805 | 118 | 118 |
| 992134637.UG.FTS.B, 28.98%, 3/12/25.. . | 105 | 109 | 991995313.UG.FTS.B, 29.46%, 3/12/25.. . | 644 | 641 | 641 |
| 992135526.UG.FTS.B, 28.98%, 3/12/25.. . | 1511 | 1488 | 991995497.UG.FTS.B, 29.46%, 3/12/25.. . | 1069 | 1087 | 1087 |
| 992140611.UG.FTS.B, 28.98%, 3/12/25. . . | 105 | 109 | 992006408.UG.FTS.B, 29.46%, 3/12/25.. . | 385 | 384 | 384 |
| 992140679.UG.FTS.B, 28.98%, 3/12/25.. . | 501 | 519 | 992007099.UG.FTS.B, 29.46%, 3/12/25.. . | 473 | 486 | 486 |
| 992140683.UG.FTS.B, 28.98%, 3/12/25.. . | 1039 | 1056 | 992020783.UG.FTS.B, 29.46%, 3/12/25.. . | 8 | 8 | 8 |
| 992151456.UG.FTS.B, 28.98%, 3/12/25.. . | 86 | 89 | 992036017.UG.FTS.B, 29.46%, 3/12/25.. . | 4060 | 520 | 520 |
| 992151766.UG.FTS.B, 28.98%, 3/12/25.. . | 41 | 41 | 992089198.UG.FTS.B, 29.46%, 3/12/25.. . | 108 | 111 | 111 |
| 992155285.UG.FTS.B, 28.98%, 3/12/25.. . | 1239 | 1283 | 992089233.UG.FTS.B, 29.46%, 3/12/25.. . | 366 | 363 | 363 |
| 992166477.UG.FTS.B, 28.98%, 3/12/25.. . | 495 | 512 | 992143389.UG.FTS.B, 29.46%, 3/12/25.. . | 304 | 296 | 296 |
| 992166770.UG.FTS.B, 28.98%, 3/12/25.. . | 397 | 410 | 992227472.UG.FTS.B, 29.46%, 3/12/25.. . | 21 | 21 | 21 |
| 992169826.UG.FTS.B, 28.98%, 3/12/25.. . | 112 | 14 | 991986763.UG.FTS.B, 29.47%, 3/12/25.. . | 17 | 16 | 16 |
| 992172027.UG.FTS.B, 28.98%, 3/12/25.. . | 187 | 121 | 991987051.UG.FTS.B, 29.47%, 3/12/25.. . | 240 | 244 | 244 |
| 992172337.UG.FTS.B, 28.98%, 3/12/25.. . | – | – | 991987054.UG.FTS.B, 29.47%, 3/12/25.. . | 268 | 267 | 267 |
| 992172709.UG.FTS.B, 28.98%, 3/12/25.. . | 118 | 122 | 991989007.UG.FTS.B, 29.47%, 3/12/25.. . | 929 | 931 | 931 |
| 992177356.UG.FTS.B, 28.98%, 3/12/25.. . | 1423 | 303 | 991991654.UG.FTS.B, 29.47%, 3/12/25.. . | 2854 | 2954 | 2954 |
| 992178183.UG.FTS.B, 28.98%, 3/12/25.. . | 54 | 54 | 991994040.UG.FTS.B, 29.47%, 3/12/25.. . | 514 | 528 | 528 |
| 992189172.UG.FTS.B, 28.98%, 3/12/25.. . | 1624 | 1647 | 991994628.UG.FTS.B, 29.47%, 3/12/25.. . | 4112 | 4260 | 4260 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 91 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 91 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 991995419.UG.FTS.B, 29.47%, 3/12/25.. . $ | 991995419.UG.FTS.B, 29.47%, 3/12/25.. . $ | 991995419.UG.FTS.B, 29.47%, 3/12/25.. . $ | 153 | $158 | 991991523.UG.FTS.B, 29.49%, 3/12/25.. . $ | 1201 | $1207 |
| 992025113.UG.FTS.B, 29.47%, 3/12/25. . . | 992025113.UG.FTS.B, 29.47%, 3/12/25. . . | 992025113.UG.FTS.B, 29.47%, 3/12/25. . . | 202 | 203 | 991991622.UG.FTS.B, 29.49%, 3/12/25.. . | 128 | 131 |
| 992042287.UG.FTS.B, 29.47%, 3/12/25.. . | 992042287.UG.FTS.B, 29.47%, 3/12/25.. . | 992042287.UG.FTS.B, 29.47%, 3/12/25.. . | 96 | 95 | 991991629.UG.FTS.B, 29.49%, 3/12/25.. . | 847 | 867 |
| 992055586.UG.FTS.B, 29.47%, 3/12/25.. . | 992055586.UG.FTS.B, 29.47%, 3/12/25.. . | 992055586.UG.FTS.B, 29.47%, 3/12/25.. . | 63 | 65 | 991991745.UG.FTS.B, 29.49%, 3/12/25.. . | 3171 | 3296 |
| 992066355.UG.FTS.B, 29.47%, 3/12/25.. . | 992066355.UG.FTS.B, 29.47%, 3/12/25.. . | 992066355.UG.FTS.B, 29.47%, 3/12/25.. . | 214 | 219 | 991991963.UG.FTS.B, 29.49%, 3/12/25.. . | 868 | 859 |
| 992072863.UG.FTS.B, 29.47%, 3/12/25.. . | 992072863.UG.FTS.B, 29.47%, 3/12/25.. . | 992072863.UG.FTS.B, 29.47%, 3/12/25.. . | 50 | 4 | 991992023.UG.FTS.B, 29.49%, 3/12/25.. . | 157 | 155 |
| 992147259.UG.FTS.B, 29.47%, 3/12/25.. . | 992147259.UG.FTS.B, 29.47%, 3/12/25.. . | 992147259.UG.FTS.B, 29.47%, 3/12/25.. . | 22 | 22 | 991992118.UG.FTS.B, 29.49%, 3/12/25. . . | 359 | 372 |
| 992197782.UG.FTS.B, 29.47%, 3/12/25.. . | 992197782.UG.FTS.B, 29.47%, 3/12/25.. . | 992197782.UG.FTS.B, 29.47%, 3/12/25.. . | 16 | 16 | 991993288.UG.FTS.B, 29.49%, 3/12/25.. . | 4091 | 535 |
| 991987387.UG.FTS.B, 29.48%, 3/12/25.. . | 991987387.UG.FTS.B, 29.48%, 3/12/25.. . | 991987387.UG.FTS.B, 29.48%, 3/12/25.. . | 1629 | 1682 | 991993361.UG.FTS.B, 29.49%, 3/12/25.. . | 3146 | 3271 |
| 991987928.UG.FTS.B, 29.48%, 3/12/25.. . | 991987928.UG.FTS.B, 29.48%, 3/12/25.. . | 991987928.UG.FTS.B, 29.48%, 3/12/25.. . | 2238 | 2324 | 991993951.UG.FTS.B, 29.49%, 3/12/25.. . | 296 | 19 |
| 991990060.UG.FTS.B, 29.48%, 3/12/25.. . | 991990060.UG.FTS.B, 29.48%, 3/12/25.. . | 991990060.UG.FTS.B, 29.48%, 3/12/25.. . | 1040 | 1066 | 991994026.UG.FTS.B, 29.49%, 3/12/25.. . | 2528 | 2609 |
| 991991882.UG.FTS.B, 29.48%, 3/12/25.. . | 991991882.UG.FTS.B, 29.48%, 3/12/25.. . | 991991882.UG.FTS.B, 29.48%, 3/12/25.. . | 1633 | 1685 | 991994236.UG.FTS.B, 29.49%, 3/12/25.. . | 1258 | 1308 |
| 991993286.UG.FTS.B, 29.48%, 3/12/25.. . | 991993286.UG.FTS.B, 29.48%, 3/12/25.. . | 991993286.UG.FTS.B, 29.48%, 3/12/25.. . | 40 | 40 | 991994319.UG.FTS.B, 29.49%, 3/12/25.. . | 1481 | 1540 |
| 991993705.UG.FTS.B, 29.48%, 3/12/25.. . | 991993705.UG.FTS.B, 29.48%, 3/12/25.. . | 991993705.UG.FTS.B, 29.48%, 3/12/25.. . | 44 | 38 | 991994330.UG.FTS.B, 29.49%, 3/12/25.. . | 1207 | 1254 |
| 991994203.UG.FTS.B, 29.48%, 3/12/25.. . | 991994203.UG.FTS.B, 29.48%, 3/12/25.. . | 991994203.UG.FTS.B, 29.48%, 3/12/25.. . | 2737 | 329 | 991994648.UG.FTS.B, 29.49%, 3/12/25.. . | 277 | 281 |
| 991994796.UG.FTS.B, 29.48%, 3/12/25.. . | 991994796.UG.FTS.B, 29.48%, 3/12/25.. . | 991994796.UG.FTS.B, 29.48%, 3/12/25.. . | 375 | 356 | 991994935.UG.FTS.B, 29.49%, 3/12/25.. . | 561 | 513 |
| 991994940.UG.FTS.B, 29.48%, 3/12/25.. . | 991994940.UG.FTS.B, 29.48%, 3/12/25.. . | 991994940.UG.FTS.B, 29.48%, 3/12/25.. . | 825 | 825 | 991995051.UG.FTS.B, 29.49%, 3/12/25.. . | 1369 | 1384 |
| 991994980.UG.FTS.B, 29.48%, 3/12/25.. . | 991994980.UG.FTS.B, 29.48%, 3/12/25.. . | 991994980.UG.FTS.B, 29.48%, 3/12/25.. . | 2675 | 604 | 991995510.UG.FTS.B, 29.49%, 3/12/25.. . | 1622 | 1680 |
| 991995247.UG.FTS.B, 29.48%, 3/12/25.. . | 991995247.UG.FTS.B, 29.48%, 3/12/25.. . | 991995247.UG.FTS.B, 29.48%, 3/12/25.. . | 1679 | 1732 | 991995665.UG.FTS.B, 29.49%, 3/12/25.. . | 354 | 365 |
| 992060916.UG.FTS.B, 29.48%, 3/12/25.. . | 992060916.UG.FTS.B, 29.48%, 3/12/25.. . | 992060916.UG.FTS.B, 29.48%, 3/12/25.. . | 40 | 40 | 991996679.UG.FTS.B, 29.49%, 3/12/25.. . | 136 | 17 |
| 992100757.UG.FTS.B, 29.48%, 3/12/25.. . | 992100757.UG.FTS.B, 29.48%, 3/12/25.. . | 992100757.UG.FTS.B, 29.48%, 3/12/25.. . | 324 | 336 | 991996746.UG.FTS.B, 29.49%, 3/12/25.. . | 333 | 7 |
| 992133983.UG.FTS.B, 29.48%, 3/12/25.. . | 992133983.UG.FTS.B, 29.48%, 3/12/25.. . | 992133983.UG.FTS.B, 29.48%, 3/12/25.. . | 323 | 332 | 991997278.UG.FTS.B, 29.49%, 3/12/25.. . | 219 | 227 |
| 991976662.UG.FTS.B, 29.49%, 3/12/25.. . | 991976662.UG.FTS.B, 29.49%, 3/12/25.. . | 991976662.UG.FTS.B, 29.49%, 3/12/25.. . | 33 | 33 | 991997790.UG.FTS.B, 29.49%, 3/12/25.. . | 414 | 417 |
| 991977203.UG.FTS.B, 29.49%, 3/12/25.. . | 991977203.UG.FTS.B, 29.49%, 3/12/25.. . | 991977203.UG.FTS.B, 29.49%, 3/12/25.. . | 389 | 400 | 991998113.UG.FTS.B, 29.49%, 3/12/25. . . | 361 | 80 |
| 991977207.UG.FTS.B, 29.49%, 3/12/25.. . | 991977207.UG.FTS.B, 29.49%, 3/12/25.. . | 991977207.UG.FTS.B, 29.49%, 3/12/25.. . | 59 | 59 | 991999938.UG.FTS.B, 29.49%, 3/12/25.. . | 21 | 1 |
| 991977320.UG.FTS.B, 29.49%, 3/12/25.. . | 991977320.UG.FTS.B, 29.49%, 3/12/25.. . | 991977320.UG.FTS.B, 29.49%, 3/12/25.. . | 459 | 103 | 992000377.UG.FTS.B, 29.49%, 3/12/25.. . | 465 | 477 |
| 991977569.UG.FTS.B, 29.49%, 3/12/25.. . | 991977569.UG.FTS.B, 29.49%, 3/12/25.. . | 991977569.UG.FTS.B, 29.49%, 3/12/25.. . | 143 | 97 | 992000397.UG.FTS.B, 29.49%, 3/12/25.. . | 173 | 179 |
| 991977874.UG.FTS.B, 29.49%, 3/12/25.. . | 991977874.UG.FTS.B, 29.49%, 3/12/25.. . | 991977874.UG.FTS.B, 29.49%, 3/12/25.. . | 47 | 48 | 992000795.UG.FTS.B, 29.49%, 3/12/25.. . | 2109 | 2039 |
| 991978077.UG.FTS.B, 29.49%, 3/12/25.. . | 991978077.UG.FTS.B, 29.49%, 3/12/25.. . | 991978077.UG.FTS.B, 29.49%, 3/12/25.. . | 277 | 288 | 992001811.UG.FTS.B, 29.49%, 3/12/25. . . | 155 | (9) |
| 991978162.UG.FTS.B, 29.49%, 3/12/25.. . | 991978162.UG.FTS.B, 29.49%, 3/12/25.. . | 991978162.UG.FTS.B, 29.49%, 3/12/25.. . | 7 | 7 | 992002282.UG.FTS.B, 29.49%, 3/12/25.. . | 60 | 61 |
| 991978930.UG.FTS.B, 29.49%, 3/12/25.. . | 991978930.UG.FTS.B, 29.49%, 3/12/25.. . | 991978930.UG.FTS.B, 29.49%, 3/12/25.. . | 133 | 137 | 992004355.UG.FTS.B, 29.49%, 3/12/25.. . | 1257 | 1307 |
| 991979769.UG.FTS.B, 29.49%, 3/12/25.. . | 991979769.UG.FTS.B, 29.49%, 3/12/25.. . | 991979769.UG.FTS.B, 29.49%, 3/12/25.. . | 87 | 6 | 992005877.UG.FTS.B, 29.49%, 3/12/25.. . | – | – |
| 991979850.UG.FTS.B, 29.49%, 3/12/25.. . | 991979850.UG.FTS.B, 29.49%, 3/12/25.. . | 991979850.UG.FTS.B, 29.49%, 3/12/25.. . | 26 | 26 | 992007425.UG.FTS.B, 29.49%, 3/12/25.. . | 297 | 288 |
| 991980369.UG.FTS.B, 29.49%, 3/12/25.. . | 991980369.UG.FTS.B, 29.49%, 3/12/25.. . | 991980369.UG.FTS.B, 29.49%, 3/12/25.. . | 332 | 97 | 992007935.UG.FTS.B, 29.49%, 3/12/25.. . | 170 | 117 |
| 991980382.UG.FTS.B, 29.49%, 3/12/25.. . | 991980382.UG.FTS.B, 29.49%, 3/12/25.. . | 991980382.UG.FTS.B, 29.49%, 3/12/25.. . | 79 | 81 | 992008357.UG.FTS.B, 29.49%, 3/12/25.. . | 18 | 18 |
| 991980527.UG.FTS.B, 29.49%, 3/12/25.. . | 991980527.UG.FTS.B, 29.49%, 3/12/25.. . | 991980527.UG.FTS.B, 29.49%, 3/12/25.. . | 1772 | 1789 | 992008926.UG.FTS.B, 29.49%, 3/12/25.. . | 679 | 703 |
| 991980595.UG.FTS.B, 29.49%, 3/12/25.. . | 991980595.UG.FTS.B, 29.49%, 3/12/25.. . | 991980595.UG.FTS.B, 29.49%, 3/12/25.. . | 30 | 30 | 992009637.UG.FTS.B, 29.49%, 3/12/25.. . | 132 | 137 |
| 991981036.UG.FTS.B, 29.49%, 3/12/25.. . | 991981036.UG.FTS.B, 29.49%, 3/12/25.. . | 991981036.UG.FTS.B, 29.49%, 3/12/25.. . | 180 | 187 | 992009950.UG.FTS.B, 29.49%, 3/12/25.. . | – | – |
| 991981213.UG.FTS.B, 29.49%, 3/12/25.. . | 991981213.UG.FTS.B, 29.49%, 3/12/25.. . | 991981213.UG.FTS.B, 29.49%, 3/12/25.. . | 58 | 57 | 992010263.UG.FTS.B, 29.49%, 3/12/25.. . | 335 | 331 |
| 991981751.UG.FTS.B, 29.49%, 3/12/25.. . | 991981751.UG.FTS.B, 29.49%, 3/12/25.. . | 991981751.UG.FTS.B, 29.49%, 3/12/25.. . | 85 | 87 | 992010439.UG.FTS.B, 29.49%, 3/12/25.. . | 247 | 251 |
| 991982540.UG.FTS.B, 29.49%, 3/12/25.. . | 991982540.UG.FTS.B, 29.49%, 3/12/25.. . | 991982540.UG.FTS.B, 29.49%, 3/12/25.. . | 9 | 9 | 992010952.UG.FTS.B, 29.49%, 3/12/25.. . | 90 | 93 |
| 991983424.UG.FTS.B, 29.49%, 3/12/25.. . | 991983424.UG.FTS.B, 29.49%, 3/12/25.. . | 991983424.UG.FTS.B, 29.49%, 3/12/25.. . | 96 | 99 | 992011206.UG.FTS.B, 29.49%, 3/12/25. . . | 256 | 255 |
| 991983427.UG.FTS.B, 29.49%, 3/12/25.. . | 991983427.UG.FTS.B, 29.49%, 3/12/25.. . | 991983427.UG.FTS.B, 29.49%, 3/12/25.. . | 77 | 77 | 992011292.UG.FTS.B, 29.49%, 3/12/25. . . | 12 | 12 |
| 991983750.UG.FTS.B, 29.49%, 3/12/25.. . | 991983750.UG.FTS.B, 29.49%, 3/12/25.. . | 991983750.UG.FTS.B, 29.49%, 3/12/25.. . | 486 | 504 | 992011579.UG.FTS.B, 29.49%, 3/12/25. . . | 666 | 677 |
| 991984461.UG.FTS.B, 29.49%, 3/12/25.. . | 991984461.UG.FTS.B, 29.49%, 3/12/25.. . | 991984461.UG.FTS.B, 29.49%, 3/12/25.. . | 336 | 348 | 992013223.UG.FTS.B, 29.49%, 3/12/25.. . | 792 | 749 |
| 991984558.UG.FTS.B, 29.49%, 3/12/25.. . | 991984558.UG.FTS.B, 29.49%, 3/12/25.. . | 991984558.UG.FTS.B, 29.49%, 3/12/25.. . | 291 | 302 | 992013349.UG.FTS.B, 29.49%, 3/12/25.. . | 40 | 41 |
| 991984892.UG.FTS.B, 29.49%, 3/12/25.. . | 991984892.UG.FTS.B, 29.49%, 3/12/25.. . | 991984892.UG.FTS.B, 29.49%, 3/12/25.. . | 277 | (13) | 992013801.UG.FTS.B, 29.49%, 3/12/25.. . | 354 | 364 |
| 991986150.UG.FTS.B, 29.49%, 3/12/25.. . | 991986150.UG.FTS.B, 29.49%, 3/12/25.. . | 991986150.UG.FTS.B, 29.49%, 3/12/25.. . | 706 | 158 | 992015548.UG.FTS.B, 29.49%, 3/12/25.. . | 15 | 15 |
| 991986491.UG.FTS.B, 29.49%, 3/12/25.. . | 991986491.UG.FTS.B, 29.49%, 3/12/25.. . | 991986491.UG.FTS.B, 29.49%, 3/12/25.. . | 5 | 5 | 992018172.UG.FTS.B, 29.49%, 3/12/25.. . | 942 | 962 |
| 991987141.UG.FTS.B, 29.49%, 3/12/25.. . | 991987141.UG.FTS.B, 29.49%, 3/12/25.. . | 991987141.UG.FTS.B, 29.49%, 3/12/25.. . | 2751 | 2860 | 992018253.UG.FTS.B, 29.49%, 3/12/25.. . | 1369 | 1419 |
| 991987725.UG.FTS.B, 29.49%, 3/12/25.. . | 991987725.UG.FTS.B, 29.49%, 3/12/25.. . | 991987725.UG.FTS.B, 29.49%, 3/12/25.. . | 1330 | (59) | 992019142.UG.FTS.B, 29.49%, 3/12/25.. . | 56 | 57 |
| 991988086.UG.FTS.B, 29.49%, 3/12/25.. . | 991988086.UG.FTS.B, 29.49%, 3/12/25.. . | 991988086.UG.FTS.B, 29.49%, 3/12/25.. . | 1660 | 1719 | 992019716.UG.FTS.B, 29.49%, 3/12/25.. . | 99 | 103 |
| 991988097.UG.FTS.B, 29.49%, 3/12/25.. . | 991988097.UG.FTS.B, 29.49%, 3/12/25.. . | 991988097.UG.FTS.B, 29.49%, 3/12/25.. . | 10 | 10 | 992021257.UG.FTS.B, 29.49%, 3/12/25.. . | 696 | 717 |
| 991988171.UG.FTS.B, 29.49%, 3/12/25.. . | 991988171.UG.FTS.B, 29.49%, 3/12/25.. . | 991988171.UG.FTS.B, 29.49%, 3/12/25.. . | 979 | 1002 | 992022552.UG.FTS.B, 29.49%, 3/12/25.. . | 136 | 141 |
| 991989453.UG.FTS.B, 29.49%, 3/12/25.. . | 991989453.UG.FTS.B, 29.49%, 3/12/25.. . | 991989453.UG.FTS.B, 29.49%, 3/12/25.. . | 641 | 637 | 992024088.UG.FTS.B, 29.49%, 3/12/25.. . | 393 | 397 |
| 991990855.UG.FTS.B, 29.49%, 3/12/25.. . | 991990855.UG.FTS.B, 29.49%, 3/12/25.. . | 991990855.UG.FTS.B, 29.49%, 3/12/25.. . | 1149 | 1191 | 992024253.UG.FTS.B, 29.49%, 3/12/25.. . | 505 | (19) |
| 991990923.UG.FTS.B, 29.49%, 3/12/25.. . | 991990923.UG.FTS.B, 29.49%, 3/12/25.. . | 991990923.UG.FTS.B, 29.49%, 3/12/25.. . | 847 | 56 | 992025016.UG.FTS.B, 29.49%, 3/12/25.. . | 510 | 511 |
| 991990989.UG.FTS.B, 29.49%, 3/12/25.. . | 991990989.UG.FTS.B, 29.49%, 3/12/25.. . | 991990989.UG.FTS.B, 29.49%, 3/12/25.. . | 2218 | 2304 | 992025053.UG.FTS.B, 29.49%, 3/12/25.. . | 111 | 115 |
| 92 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 92 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992025078.UG.FTS.B, 29.49%, 3/12/25.. . | $36 | $6 | 992098219.UG.FTS.B, 29.49%, 3/12/25.. . $812 | 992098219.UG.FTS.B, 29.49%, 3/12/25.. . $812 | $844 | 844 |
| 992025755.UG.FTS.B, 29.49%, 3/12/25.. . | – | – | 992098441.UG.FTS.B, 29.49%, 3/12/25.. . | 1248 | 1272 | 1272 |
| 992025987.UG.FTS.B, 29.49%, 3/12/25.. . | 159 | 165 | 992099500.UG.FTS.B, 29.49%, 3/12/25.. . | 576 | 444 | 444 |
| 992028970.UG.FTS.B, 29.49%, 3/12/25.. . | 227 | 230 | 992100478.UG.FTS.B, 29.49%, 3/12/25.. . | 295 | 217 | 217 |
| 992029034.UG.FTS.B, 29.49%, 3/12/25.. . | 75 | 19 | 992100561.UG.FTS.B, 29.49%, 3/12/25.. . | 200 | 201 | 201 |
| 992031894.UG.FTS.B, 29.49%, 3/12/25.. . | 709 | 736 | 992103984.UG.FTS.B, 29.49%, 3/12/25.. . | 695 | (32) | (32) |
| 992032191.UG.FTS.B, 29.49%, 3/12/25.. . | 221 | 229 | 992105063.UG.FTS.B, 29.49%, 3/12/25.. . | 15 | 14 | 14 |
| 992032963.UG.FTS.B, 29.49%, 3/12/25.. . | 9 | 9 | 992107466.UG.FTS.B, 29.49%, 3/12/25.. . | 11 | 11 | 11 |
| 992033131.UG.FTS.B, 29.49%, 3/12/25.. . | 162 | 168 | 992108295.UG.FTS.B, 29.49%, 3/12/25.. . | 67 | 68 | 68 |
| 992033980.UG.FTS.B, 29.49%, 3/12/25.. . | 9 | 9 | 992109359.UG.FTS.B, 29.49%, 3/12/25.. . | 627 | 651 | 651 |
| 992034628.UG.FTS.B, 29.49%, 3/12/25.. . | 836 | 867 | 992110271.UG.FTS.B, 29.49%, 3/12/25. . . | 128 | 129 | 129 |
| 992035459.UG.FTS.B, 29.49%, 3/12/25.. . | 431 | 428 | 992110922.UG.FTS.B, 29.49%, 3/12/25. . . | 30 | 30 | 30 |
| 992035645.UG.FTS.B, 29.49%, 3/12/25.. . | 146 | 152 | 992111365.UG.FTS.B, 29.49%, 3/12/25. . . | 222 | 230 | 230 |
| 992035786.UG.FTS.B, 29.49%, 3/12/25.. . | 2507 | 2605 | 992112852.UG.FTS.B, 29.49%, 3/12/25. . . | 249 | 258 | 258 |
| 992035947.UG.FTS.B, 29.49%, 3/12/25.. . | 60 | (1) | 992114816.UG.FTS.B, 29.49%, 3/12/25. . . | 48 | 49 | 49 |
| 992036984.UG.FTS.B, 29.49%, 3/12/25.. . | 206 | 148 | 992117674.UG.FTS.B, 29.49%, 3/12/25. . . | 247 | 253 | 253 |
| 992038154.UG.FTS.B, 29.49%, 3/12/25.. . | 1246 | 1293 | 992119672.UG.FTS.B, 29.49%, 3/12/25. . . | 125 | 129 | 129 |
| 992039343.UG.FTS.B, 29.49%, 3/12/25.. . | 652 | 676 | 992126893.UG.FTS.B, 29.49%, 3/12/25.. . | 277 | 198 | 198 |
| 992040849.UG.FTS.B, 29.49%, 3/12/25.. . | 59 | 60 | 992130738.UG.FTS.B, 29.49%, 3/12/25.. . | 116 | 121 | 121 |
| 992042515.UG.FTS.B, 29.49%, 3/12/25.. . | 391 | (17) | 992132005.UG.FTS.B, 29.49%, 3/12/25.. . | 262 | 33 | 33 |
| 992042525.UG.FTS.B, 29.49%, 3/12/25.. . | 23 | 23 | 992132486.UG.FTS.B, 29.49%, 3/12/25.. . | 150 | 145 | 145 |
| 992045594.UG.FTS.B, 29.49%, 3/12/25.. . | 128 | 133 | 992132824.UG.FTS.B, 29.49%, 3/12/25.. . | 74 | 76 | 76 |
| 992045738.UG.FTS.B, 29.49%, 3/12/25.. . | 35 | 36 | 992133462.UG.FTS.B, 29.49%, 3/12/25.. . | 1 |  | – |
| 992046811.UG.FTS.B, 29.49%, 3/12/25. . . | 12 | 12 | 992133631.UG.FTS.B, 29.49%, 3/12/25.. . | 12 | 11 | 11 |
| 992051815.UG.FTS.B, 29.49%, 3/12/25.. . | 127 | (3) | 992134255.UG.FTS.B, 29.49%, 3/12/25.. . | 54 | 54 | 54 |
| 992054429.UG.FTS.B, 29.49%, 3/12/25.. . | 456 | 464 | 992134472.UG.FTS.B, 29.49%, 3/12/25.. . | 36 | 36 | 36 |
| 992054780.UG.FTS.B, 29.49%, 3/12/25.. . | 228 | 237 | 992135434.UG.FTS.B, 29.49%, 3/12/25.. . | 84 | 86 | 86 |
| 992056202.UG.FTS.B, 29.49%, 3/12/25.. . | 13 | 13 | 992137600.UG.FTS.B, 29.49%, 3/12/25.. . | 860 | 891 | 891 |
| 992057759.UG.FTS.B, 29.49%, 3/12/25.. . | 238 | 16 | 992143879.UG.FTS.B, 29.49%, 3/12/25.. . | 190 | 191 | 191 |
| 992058250.UG.FTS.B, 29.49%, 3/12/25.. . | 873 | 595 | 992144369.UG.FTS.B, 29.49%, 3/12/25.. . | 804 | 819 | 819 |
| 992059724.UG.FTS.B, 29.49%, 3/12/25.. . | 92 | 95 | 992146627.UG.FTS.B, 29.49%, 3/12/25.. . | 556 | 578 | 578 |
| 992059917.UG.FTS.B, 29.49%, 3/12/25.. . | 1962 | 2013 | 992147169.UG.FTS.B, 29.49%, 3/12/25.. . | 102 | 103 | 103 |
| 992062387.UG.FTS.B, 29.49%, 3/12/25.. . | 195 | 193 | 992147231.UG.FTS.B, 29.49%, 3/12/25.. . | 2459 | 2549 | 2549 |
| 992062759.UG.FTS.B, 29.49%, 3/12/25.. . | 247 | 248 | 992147400.UG.FTS.B, 29.49%, 3/12/25.. . | 93 | 96 | 96 |
| 992063028.UG.FTS.B, 29.49%, 3/12/25.. . | 474 | 492 | 992149570.UG.FTS.B, 29.49%, 3/12/25.. . | 412 | (18) | (18) |
| 992063162.UG.FTS.B, 29.49%, 3/12/25.. . | 7 | 7 | 992150315.UG.FTS.B, 29.49%, 3/12/25.. . | 15 | 15 | 15 |
| 992063465.UG.FTS.B, 29.49%, 3/12/25.. . | 33 | 34 | 992151786.UG.FTS.B, 29.49%, 3/12/25.. . | 30 | 31 | 31 |
| 992064759.UG.FTS.B, 29.49%, 3/12/25.. . | 111 | 115 | 992154641.UG.FTS.B, 29.49%, 3/12/25.. . | 200 | 46 | 46 |
| 992066033.UG.FTS.B, 29.49%, 3/12/25.. . | 100 | 103 | 992154894.UG.FTS.B, 29.49%, 3/12/25.. . | 224 | 28 | 28 |
| 992067597.UG.FTS.B, 29.49%, 3/12/25.. . | 76 | 78 | 992156451.UG.FTS.B, 29.49%, 3/12/25.. . | 579 | 601 | 601 |
| 992070590.UG.FTS.B, 29.49%, 3/12/25.. . | 241 | 183 | 992156587.UG.FTS.B, 29.49%, 3/12/25.. . | 220 | 46 | 46 |
| 992072462.UG.FTS.B, 29.49%, 3/12/25.. . | 87 | 65 | 992156960.UG.FTS.B, 29.49%, 3/12/25.. . | 398 | 397 | 397 |
| 992073351.UG.FTS.B, 29.49%, 3/12/25.. . | 78 | 80 | 992157039.UG.FTS.B, 29.49%, 3/12/25.. . | 455 | 469 | 469 |
| 992073384.UG.FTS.B, 29.49%, 3/12/25.. . | 17 | 17 | 992157569.UG.FTS.B, 29.49%, 3/12/25.. . | 331 | 343 | 343 |
| 992077273.UG.FTS.B, 29.49%, 3/12/25.. . | 249 | 259 | 992157900.UG.FTS.B, 29.49%, 3/12/25.. . | 481 | 500 | 500 |
| 992077869.UG.FTS.B, 29.49%, 3/12/25.. . | 422 | 402 | 992158058.UG.FTS.B, 29.49%, 3/12/25.. . | 1034 | 1072 | 1072 |
| 992079967.UG.FTS.B, 29.49%, 3/12/25.. . | 53 | 54 | 992159029.UG.FTS.B, 29.49%, 3/12/25.. . | 331 | 343 | 343 |
| 992081420.UG.FTS.B, 29.49%, 3/12/25.. . | 228 | 236 | 992159120.UG.FTS.B, 29.49%, 3/12/25.. . | 914 | 935 | 935 |
| 992081543.UG.FTS.B, 29.49%, 3/12/25.. . | 187 | 194 | 992162561.UG.FTS.B, 29.49%, 3/12/25.. . | 14 | 13 | 13 |
| 992084855.UG.FTS.B, 29.49%, 3/12/25.. . | 81 | 83 | 992162823.UG.FTS.B, 29.49%, 3/12/25.. . | 133 | 135 | 135 |
| 992088547.UG.FTS.B, 29.49%, 3/12/25.. . | 67 | 69 | 992163923.UG.FTS.B, 29.49%, 3/12/25.. . | 120 | 124 | 124 |
| 992088572.UG.FTS.B, 29.49%, 3/12/25.. . | 270 | 280 | 992166865.UG.FTS.B, 29.49%, 3/12/25.. . | 137 | 141 | 141 |
| 992089447.UG.FTS.B, 29.49%, 3/12/25.. . | 76 | 78 | 992167238.UG.FTS.B, 29.49%, 3/12/25.. . | 12 | 12 | 12 |
| 992091472.UG.FTS.B, 29.49%, 3/12/25.. . | 81 | 26 | 992167273.UG.FTS.B, 29.49%, 3/12/25.. . | 165 | 171 | 171 |
| 992092159.UG.FTS.B, 29.49%, 3/12/25.. . | 1662 | 1726 | 992167277.UG.FTS.B, 29.49%, 3/12/25.. . | 1026 | 1058 | 1058 |
| 992093151.UG.FTS.B, 29.49%, 3/12/25.. . | 266 | 258 | 992167738.UG.FTS.B, 29.49%, 3/12/25.. . | 748 | 772 | 772 |
| 992094543.UG.FTS.B, 29.49%, 3/12/25.. . | 205 | 14 | 992167986.UG.FTS.B, 29.49%, 3/12/25.. . | 76 | 78 | 78 |
| 992095056.UG.FTS.B, 29.49%, 3/12/25.. . | 163 | 118 | 992170895.UG.FTS.B, 29.49%, 3/12/25.. . | 49 | 50 | 50 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 93 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 93 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992171416.UG.FTS.B, 29.49%, 3/12/25.. . $ | 992171416.UG.FTS.B, 29.49%, 3/12/25.. . $ | 992171416.UG.FTS.B, 29.49%, 3/12/25.. . $ | 171 | $176 | 992247512.UG.FTS.B, 29.49%, 3/13/25.. . $ | 131 | $134 |
| 992172294.UG.FTS.B, 29.49%, 3/12/25.. . | 992172294.UG.FTS.B, 29.49%, 3/12/25.. . | 992172294.UG.FTS.B, 29.49%, 3/12/25.. . | 326 | 338 | 992248104.UG.FTS.B, 29.49%, 3/13/25.. . | 2464 | 2508 |
| 992175112.UG.FTS.B, 29.49%, 3/12/25. . . | 992175112.UG.FTS.B, 29.49%, 3/12/25. . . | 992175112.UG.FTS.B, 29.49%, 3/12/25. . . | 72 | 73 | 992253061.UG.FTS.B, 29.49%, 3/13/25.. . | 169 | 172 |
| 992177339.UG.FTS.B, 29.49%, 3/12/25.. . | 992177339.UG.FTS.B, 29.49%, 3/12/25.. . | 992177339.UG.FTS.B, 29.49%, 3/12/25.. . | 260 | 33 | 992247571.UG.FTS.B, Zero Cpn, 3/14/25.. | 424 | 29 |
| 992178177.UG.FTS.B, 29.49%, 3/12/25.. . | 992178177.UG.FTS.B, 29.49%, 3/12/25.. . | 992178177.UG.FTS.B, 29.49%, 3/12/25.. . | 12 | 12 | 992233445.UG.FTS.B, 19.99%, 3/14/25.. . | 13 | 13 |
| 992178667.UG.FTS.B, 29.49%, 3/12/25.. . | 992178667.UG.FTS.B, 29.49%, 3/12/25.. . | 992178667.UG.FTS.B, 29.49%, 3/12/25.. . | 105 | 107 | 992223650.UG.FTS.B, 28.98%, 3/14/25.. . | 101 | 103 |
| 992179249.UG.FTS.B, 29.49%, 3/12/25.. . | 992179249.UG.FTS.B, 29.49%, 3/12/25.. . | 992179249.UG.FTS.B, 29.49%, 3/12/25.. . | 28 | 28 | 992231938.UG.FTS.B, 28.98%, 3/14/25.. . | 13 | 13 |
| 992181548.UG.FTS.B, 29.49%, 3/12/25.. . | 992181548.UG.FTS.B, 29.49%, 3/12/25.. . | 992181548.UG.FTS.B, 29.49%, 3/12/25.. . | 331 | 343 | 992242619.UG.FTS.B, 28.98%, 3/14/25.. . | 39 | (1) |
| 992186326.UG.FTS.B, 29.49%, 3/12/25.. . | 992186326.UG.FTS.B, 29.49%, 3/12/25.. . | 992186326.UG.FTS.B, 29.49%, 3/12/25.. . | 165 | 171 | 992243808.UG.FTS.B, 28.98%, 3/14/25.. . | 280 | 286 |
| 992187440.UG.FTS.B, 29.49%, 3/12/25.. . | 992187440.UG.FTS.B, 29.49%, 3/12/25.. . | 992187440.UG.FTS.B, 29.49%, 3/12/25.. . | 54 | 55 | 992246618.UG.FTS.B, 28.98%, 3/14/25.. . | 117 | 120 |
| 992189183.UG.FTS.B, 29.49%, 3/12/25.. . | 992189183.UG.FTS.B, 29.49%, 3/12/25.. . | 992189183.UG.FTS.B, 29.49%, 3/12/25.. . | 2591 | 2620 | 992249792.UG.FTS.B, 28.98%, 3/14/25.. . | 162 | 165 |
| 992189290.UG.FTS.B, 29.49%, 3/12/25.. . | 992189290.UG.FTS.B, 29.49%, 3/12/25.. . | 992189290.UG.FTS.B, 29.49%, 3/12/25.. . | 288 | 299 | 992222734.UG.FTS.B, 29.49%, 3/14/25.. . | 221 | 226 |
| 992196076.UG.FTS.B, 29.49%, 3/12/25.. . | 992196076.UG.FTS.B, 29.49%, 3/12/25.. . | 992196076.UG.FTS.B, 29.49%, 3/12/25.. . | 33 | 33 | 992229305.UG.FTS.B, 29.49%, 3/14/25.. . | 271 | 277 |
| 992200227.UG.FTS.B, 29.49%, 3/12/25.. . | 992200227.UG.FTS.B, 29.49%, 3/12/25.. . | 992200227.UG.FTS.B, 29.49%, 3/12/25.. . | 105 | 107 | 992236796.UG.FTS.B, 29.49%, 3/14/25.. . | 123 | 27 |
| 992204874.UG.FTS.B, 29.49%, 3/12/25.. . | 992204874.UG.FTS.B, 29.49%, 3/12/25.. . | 992204874.UG.FTS.B, 29.49%, 3/12/25.. . | 50 | 51 | 992236869.UG.FTS.B, 29.49%, 3/14/25.. . | 987 | 1007 |
| 992204979.UG.FTS.B, 29.49%, 3/12/25.. . | 992204979.UG.FTS.B, 29.49%, 3/12/25.. . | 992204979.UG.FTS.B, 29.49%, 3/12/25.. . | 479 | 484 | 992240415.UG.FTS.B, 29.49%, 3/14/25.. . | 1382 | 1387 |
| 992205759.UG.FTS.B, 29.49%, 3/12/25.. . | 992205759.UG.FTS.B, 29.49%, 3/12/25.. . | 992205759.UG.FTS.B, 29.49%, 3/12/25.. . | 48 | 48 | 992240511.UG.FTS.B, 29.49%, 3/14/25. . . | 168 | 170 |
| 992219178.UG.FTS.B, 29.49%, 3/12/25.. . | 992219178.UG.FTS.B, 29.49%, 3/12/25.. . | 992219178.UG.FTS.B, 29.49%, 3/12/25.. . | 580 | 42 | 992245569.UG.FTS.B, 29.49%, 3/14/25.. . | 48 | 48 |
| 992220821.UG.FTS.B, 29.49%, 3/12/25.. . | 992220821.UG.FTS.B, 29.49%, 3/12/25.. . | 992220821.UG.FTS.B, 29.49%, 3/12/25.. . | 38 | 38 | 992247445.UG.FTS.B, 29.49%, 3/14/25.. . | 2339 | 298 |
| 992224226.UG.FTS.B, 29.49%, 3/12/25.. . | 992224226.UG.FTS.B, 29.49%, 3/12/25.. . | 992224226.UG.FTS.B, 29.49%, 3/12/25.. . | 33 | 5 | 992249104.UG.FTS.B, 29.49%, 3/14/25.. . | 106 | 24 |
| 992228441.UG.FTS.B, 29.49%, 3/12/25.. . | 992228441.UG.FTS.B, 29.49%, 3/12/25.. . | 992228441.UG.FTS.B, 29.49%, 3/12/25.. . | 986 | 1005 | 992250031.UG.FTS.B, 29.49%, 3/14/25.. . | 32 | 32 |
| 992230372.UG.FTS.B, 29.49%, 3/12/25.. . | 992230372.UG.FTS.B, 29.49%, 3/12/25.. . | 992230372.UG.FTS.B, 29.49%, 3/12/25.. . | 346 | 353 | 992255191.UG.FTS.B, 29.49%, 3/14/25.. . | 254 | 259 |
| 992230666.UG.FTS.B, 29.49%, 3/12/25.. . | 992230666.UG.FTS.B, 29.49%, 3/12/25.. . | 992230666.UG.FTS.B, 29.49%, 3/12/25.. . | 29 | 5 | 992255301.UG.FTS.B, 29.49%, 3/14/25.. . | 189 | 192 |
| 992232596.UG.FTS.B, 29.49%, 3/12/25.. . | 992232596.UG.FTS.B, 29.49%, 3/12/25.. . | 992232596.UG.FTS.B, 29.49%, 3/12/25.. . | 101 | 99 | 992228621.UG.FTS.B, Zero Cpn, 3/15/25.. | 461 | 32 |
| 992233672.UG.FTS.B, 29.49%, 3/12/25.. . | 992233672.UG.FTS.B, 29.49%, 3/12/25.. . | 992233672.UG.FTS.B, 29.49%, 3/12/25.. . | 50 | 51 | 992239425.UG.FTS.B, Zero Cpn, 3/15/25.. | 660 | 46 |
| 992235558.UG.FTS.B, 29.49%, 3/12/25.. . | 992235558.UG.FTS.B, 29.49%, 3/12/25.. . | 992235558.UG.FTS.B, 29.49%, 3/12/25.. . | 651 | 664 | 992247914.UG.FTS.B, Zero Cpn, 3/15/25.. | 1839 | 127 |
| 992236730.UG.FTS.B, 29.49%, 3/12/25.. . | 992236730.UG.FTS.B, 29.49%, 3/12/25.. . | 992236730.UG.FTS.B, 29.49%, 3/12/25.. . | 195 | 199 | 992249386.UG.FTS.B, Zero Cpn, 3/15/25.. | 182 | 12 |
| 992237645.UG.FTS.B, 29.49%, 3/12/25.. . | 992237645.UG.FTS.B, 29.49%, 3/12/25.. . | 992237645.UG.FTS.B, 29.49%, 3/12/25.. . | 1315 | 1338 | 992232955.UG.FTS.B, 15.97%, 3/15/25.. . | 6482 | 6512 |
| 992240381.UG.FTS.B, 29.49%, 3/12/25.. . | 992240381.UG.FTS.B, 29.49%, 3/12/25.. . | 992240381.UG.FTS.B, 29.49%, 3/12/25.. . | 46 | 47 | 992225885.UG.FTS.B, 17.99%, 3/15/25.. . | 9 | 9 |
| 992244110.UG.FTS.B, 29.49%, 3/12/25. . . | 992244110.UG.FTS.B, 29.49%, 3/12/25. . . | 992244110.UG.FTS.B, 29.49%, 3/12/25. . . | 4 | 4 | 992220612.UG.FTS.B, 19.21%, 3/15/25.. . | 2001 | 2019 |
| 992247751.UG.FTS.B, 29.49%, 3/12/25.. . | 992247751.UG.FTS.B, 29.49%, 3/12/25.. . | 992247751.UG.FTS.B, 29.49%, 3/12/25.. . | 123 | 126 | 992228652.UG.FTS.B, 19.99%, 3/15/25.. . | 351 | 356 |
| 992253395.UG.FTS.B, 29.49%, 3/12/25.. . | 992253395.UG.FTS.B, 29.49%, 3/12/25.. . | 992253395.UG.FTS.B, 29.49%, 3/12/25.. . | 101 | 103 | 992241532.UG.FTS.B, 19.99%, 3/15/25.. . | 119 | 122 |
| 992257397.UG.FTS.B, 29.49%, 3/12/25.. . | 992257397.UG.FTS.B, 29.49%, 3/12/25.. . | 992257397.UG.FTS.B, 29.49%, 3/12/25.. . | 573 | 584 | 992238765.UG.FTS.B, 20.97%, 3/15/25.. . | 376 | 378 |
| 992005851.UG.FTS.B, 29.99%, 3/12/25.. . | 992005851.UG.FTS.B, 29.99%, 3/12/25.. . | 992005851.UG.FTS.B, 29.99%, 3/12/25.. . | 47 | 48 | 992256512.UG.FTS.B, 22.97%, 3/15/25.. . | 1534 | 1536 |
| 992240691.UG.FTS.B, Zero Cpn, 3/13/25.. | 992240691.UG.FTS.B, Zero Cpn, 3/13/25.. | 992240691.UG.FTS.B, Zero Cpn, 3/13/25.. | 133 | 9 | 992232913.UG.FTS.B, 23.95%, 3/15/25.. . | 202 | 147 |
| 992254001.UG.FTS.B, Zero Cpn, 3/13/25.. | 992254001.UG.FTS.B, Zero Cpn, 3/13/25.. | 992254001.UG.FTS.B, Zero Cpn, 3/13/25.. | 181 | 13 | 992235062.UG.FTS.B, 27.95%, 3/15/25.. . | 277 | 283 |
| 992221575.UG.FTS.B, 28.98%, 3/13/25.. . | 992221575.UG.FTS.B, 28.98%, 3/13/25.. . | 992221575.UG.FTS.B, 28.98%, 3/13/25.. . | 307 | 314 | 992228342.UG.FTS.B, 28.98%, 3/15/25.. . | 3172 | 3233 |
| 992223214.UG.FTS.B, 28.98%, 3/13/25.. . | 992223214.UG.FTS.B, 28.98%, 3/13/25.. . | 992223214.UG.FTS.B, 28.98%, 3/13/25.. . | 67 | 69 | 992235376.UG.FTS.B, 28.98%, 3/15/25.. . | 164 | 168 |
| 992228277.UG.FTS.B, 28.98%, 3/13/25.. . | 992228277.UG.FTS.B, 28.98%, 3/13/25.. . | 992228277.UG.FTS.B, 28.98%, 3/13/25.. . | 2875 | 2936 | 992238434.UG.FTS.B, 28.98%, 3/15/25.. . | 708 | 480 |
| 992234580.UG.FTS.B, 28.98%, 3/13/25.. . | 992234580.UG.FTS.B, 28.98%, 3/13/25.. . | 992234580.UG.FTS.B, 28.98%, 3/13/25.. . | 512 | 522 | 992238565.UG.FTS.B, 28.98%, 3/15/25.. . | 84 | 83 |
| 992240186.UG.FTS.B, 28.98%, 3/13/25.. . | 992240186.UG.FTS.B, 28.98%, 3/13/25.. . | 992240186.UG.FTS.B, 28.98%, 3/13/25.. . | 25 | 24 | 992242893.UG.FTS.B, 28.98%, 3/15/25.. . | 12 | 11 |
| 992242389.UG.FTS.B, 28.98%, 3/13/25.. . | 992242389.UG.FTS.B, 28.98%, 3/13/25.. . | 992242389.UG.FTS.B, 28.98%, 3/13/25.. . | 105 | 106 | 992243835.UG.FTS.B, 28.98%, 3/15/25.. . | 29 | 29 |
| 992252799.UG.FTS.B, 28.98%, 3/13/25.. . | 992252799.UG.FTS.B, 28.98%, 3/13/25.. . | 992252799.UG.FTS.B, 28.98%, 3/13/25.. . | 329 | 336 | 992249106.UG.FTS.B, 28.98%, 3/15/25.. . | 384 | 373 |
| 992253378.UG.FTS.B, 28.98%, 3/13/25.. . | 992253378.UG.FTS.B, 28.98%, 3/13/25.. . | 992253378.UG.FTS.B, 28.98%, 3/13/25.. . | 69 | 71 | 992256826.UG.FTS.B, 28.98%, 3/15/25.. . | 657 | 671 |
| 992256231.UG.FTS.B, 28.98%, 3/13/25.. . | 992256231.UG.FTS.B, 28.98%, 3/13/25.. . | 992256231.UG.FTS.B, 28.98%, 3/13/25.. . | 139 | 142 | 992256568.UG.FTS.B, 29.46%, 3/15/25.. . | 221 | 224 |
| 992257420.UG.FTS.B, 28.98%, 3/13/25.. . | 992257420.UG.FTS.B, 28.98%, 3/13/25.. . | 992257420.UG.FTS.B, 28.98%, 3/13/25.. . | 359 | (13) | 992227992.UG.FTS.B, 29.47%, 3/15/25.. . | 37 | 37 |
| 992257494.UG.FTS.B, 28.98%, 3/13/25.. . | 992257494.UG.FTS.B, 28.98%, 3/13/25.. . | 992257494.UG.FTS.B, 28.98%, 3/13/25.. . | 981 | 1001 | 992232683.UG.FTS.B, 29.47%, 3/15/25.. . | 31 | 31 |
| 992240086.UG.FTS.B, 29.46%, 3/13/25.. . | 992240086.UG.FTS.B, 29.46%, 3/13/25.. . | 992240086.UG.FTS.B, 29.46%, 3/13/25.. . | 548 | 559 | 992246432.UG.FTS.B, 29.47%, 3/15/25.. . | 159 | 162 |
| 992223485.UG.FTS.B, 29.49%, 3/13/25.. . | 992223485.UG.FTS.B, 29.49%, 3/13/25.. . | 992223485.UG.FTS.B, 29.49%, 3/13/25.. . | 120 | 83 | 992228150.UG.FTS.B, 29.48%, 3/15/25.. . | 164 | 168 |
| 992223722.UG.FTS.B, 29.49%, 3/13/25.. . | 992223722.UG.FTS.B, 29.49%, 3/13/25.. . | 992223722.UG.FTS.B, 29.49%, 3/13/25.. . | – | – | 992237499.UG.FTS.B, 29.48%, 3/15/25.. . | 1568 | 107 |
| 992228275.UG.FTS.B, 29.49%, 3/13/25.. . | 992228275.UG.FTS.B, 29.49%, 3/13/25.. . | 992228275.UG.FTS.B, 29.49%, 3/13/25.. . | 196 | 42 | 992221265.UG.FTS.B, 29.49%, 3/15/25.. . | 337 | 341 |
| 992229336.UG.FTS.B, 29.49%, 3/13/25.. . | 992229336.UG.FTS.B, 29.49%, 3/13/25.. . | 992229336.UG.FTS.B, 29.49%, 3/13/25.. . | 411 | 420 | 992225292.UG.FTS.B, 29.49%, 3/15/25.. . | 98 | 101 |
| 992230170.UG.FTS.B, 29.49%, 3/13/25.. . | 992230170.UG.FTS.B, 29.49%, 3/13/25.. . | 992230170.UG.FTS.B, 29.49%, 3/13/25.. . | 117 | 26 | 992226480.UG.FTS.B, 29.49%, 3/15/25.. . | 10 | 10 |
| 992236810.UG.FTS.B, 29.49%, 3/13/25.. . | 992236810.UG.FTS.B, 29.49%, 3/13/25.. . | 992236810.UG.FTS.B, 29.49%, 3/13/25.. . | 278 | 280 | 992227704.UG.FTS.B, 29.49%, 3/15/25.. . | 51 | 15 |
| 992238871.UG.FTS.B, 29.49%, 3/13/25.. . | 992238871.UG.FTS.B, 29.49%, 3/13/25.. . | 992238871.UG.FTS.B, 29.49%, 3/13/25.. . | 49 | 50 | 992228003.UG.FTS.B, 29.49%, 3/15/25.. . | 1898 | 1933 |
| 992239376.UG.FTS.B, 29.49%, 3/13/25.. . | 992239376.UG.FTS.B, 29.49%, 3/13/25.. . | 992239376.UG.FTS.B, 29.49%, 3/13/25.. . | 253 | 258 | 992230655.UG.FTS.B, 29.49%, 3/15/25.. . | 843 | 855 |
| 992241503.UG.FTS.B, 29.49%, 3/13/25.. . | 992241503.UG.FTS.B, 29.49%, 3/13/25.. . | 992241503.UG.FTS.B, 29.49%, 3/13/25.. . | 49 | 50 | 992234833.UG.FTS.B, 29.49%, 3/15/25.. . | 496 | 506 |
| 992245089.UG.FTS.B, 29.49%, 3/13/25.. . | 992245089.UG.FTS.B, 29.49%, 3/13/25.. . | 992245089.UG.FTS.B, 29.49%, 3/13/25.. . | 48 | 48 | 992236749.UG.FTS.B, 29.49%, 3/15/25.. . | 67 | 69 |
| 94 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 94 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992239305.UG.FTS.B, 29.49%, 3/15/25.. . | $154 | $20 | 992110512.UG.FTS.B, 29.46%, 3/21/25. . . $ | 992110512.UG.FTS.B, 29.46%, 3/21/25. . . $ | 211 | $220 | 220 |
| 992245098.UG.FTS.B, 29.49%, 3/15/25.. . | 130 | 133 | 992072936.UG.FTS.B, 29.47%, 3/21/25.. . |  | 176 | 175 | 175 |
| 992246476.UG.FTS.B, 29.49%, 3/15/25.. . | 827 | 840 | 992179315.UG.FTS.B, 29.47%, 3/21/25.. . |  | 51 | 52 | 52 |
| 992247585.UG.FTS.B, 29.49%, 3/15/25.. . | 346 | 232 | 992207607.UG.FTS.B, 29.47%, 3/21/25.. . |  | 1066 | 1086 | 1086 |
| 992257031.UG.FTS.B, 29.49%, 3/15/25.. . | 112 | 115 | 992323330.UG.FTS.B, 29.47%, 3/21/25.. . |  | 300 | 307 | 307 |
| 992257192.UG.FTS.B, 29.49%, 3/15/25.. . | 90 | 63 | 992325863.UG.FTS.B, 29.47%, 3/21/25.. . |  | 267 | 270 | 270 |
| 992257274.UG.FTS.B, 29.49%, 3/15/25.. . | 116 | 27 | 992081598.UG.FTS.B, 29.48%, 3/21/25.. . |  | 619 | 626 | 626 |
| 992061037.UG.FTS.B, 15.97%, 3/17/25.. . | 1033 | 201 | 992182855.UG.FTS.B, 29.48%, 3/21/25.. . |  | 392 | 395 | 395 |
| 992067092.UG.FTS.B, 15.99%, 3/17/25.. . | 2665 | 28 | 992058799.UG.FTS.B, 29.49%, 3/21/25.. . |  | 137 | 141 | 141 |
| 992056315.UG.FTS.B, Zero Cpn, 3/18/25.. | 177 | 13 | 992058890.UG.FTS.B, 29.49%, 3/21/25.. . |  | 110 | 25 | 25 |
| 992053018.UG.FTS.B, 14.97%, 3/19/25.. . | 358 | 363 | 992059629.UG.FTS.B, 29.49%, 3/21/25.. . |  | 859 | 874 | 874 |
| 992166128.UG.FTS.B, 16.99%, 3/20/25.. . | 43 | 43 | 992063598.UG.FTS.B, 29.49%, 3/21/25.. . |  | 266 | 272 | 272 |
| 992115500.UG.FTS.B, Zero Cpn, 3/21/25.. | 2700 | 185 | 992064504.UG.FTS.B, 29.49%, 3/21/25.. . |  | 205 | 27 | 27 |
| 992295991.UG.FTS.B, Zero Cpn, 3/21/25.. | 352 | 24 | 992064616.UG.FTS.B, 29.49%, 3/21/25.. . |  | 958 | 994 | 994 |
| 992059129.UG.FTS.B, 19.99%, 3/21/25.. . | 625 | 648 | 992065190.UG.FTS.B, 29.49%, 3/21/25.. . |  | 289 | 301 | 301 |
| 992061796.UG.FTS.B, 19.99%, 3/21/25.. . | 722 | 738 | 992065896.UG.FTS.B, 29.49%, 3/21/25.. . |  | 229 | 239 | 239 |
| 992062130.UG.FTS.B, 19.99%, 3/21/25.. . | 317 | (2) | 992068103.UG.FTS.B, 29.49%, 3/21/25.. . |  | 1102 | 1115 | 1115 |
| 992064012.UG.FTS.B, 19.99%, 3/21/25.. . | 233 | 241 | 992068136.UG.FTS.B, 29.49%, 3/21/25.. . |  | – |  | – |
| 992070337.UG.FTS.B, 19.99%, 3/21/25.. . | 197 | 197 | 992069095.UG.FTS.B, 29.49%, 3/21/25.. . |  | 1440 | 1496 | 1496 |
| 992078267.UG.FTS.B, 19.99%, 3/21/25.. . | 40 | 41 | 992069341.UG.FTS.B, 29.49%, 3/21/25.. . |  | 2015 | 2096 | 2096 |
| 992096625.UG.FTS.B, 19.99%, 3/21/25.. . | 256 | 256 | 992075404.UG.FTS.B, 29.49%, 3/21/25.. . |  | 145 | 20 | 20 |
| 992100473.UG.FTS.B, 19.99%, 3/21/25.. . | 108 | 113 | 992075660.UG.FTS.B, 29.49%, 3/21/25.. . |  | 16 | 16 | 16 |
| 992109544.UG.FTS.B, 19.99%, 3/21/25.. . | 212 | 217 | 992077359.UG.FTS.B, 29.49%, 3/21/25.. . |  | 182 | 186 | 186 |
| 992162015.UG.FTS.B, 19.99%, 3/21/25.. . | 240 | 249 | 992077562.UG.FTS.B, 29.49%, 3/21/25.. . |  | 122 | 127 | 127 |
| 992179076.UG.FTS.B, 19.99%, 3/21/25.. . | 184 | 191 | 992078194.UG.FTS.B, 29.49%, 3/21/25.. . |  | 213 | (8) | (8) |
| 992258283.UG.FTS.B, 19.99%, 3/21/25.. . | 1133 | 86 | 992078307.UG.FTS.B, 29.49%, 3/21/25.. . |  | 359 | 362 | 362 |
| 992337748.UG.FTS.B, 19.99%, 3/21/25.. . | 22 | 22 | 992079050.UG.FTS.B, 29.49%, 3/21/25.. . |  | 141 | 146 | 146 |
| 992073583.UG.FTS.B, 20.46%, 3/21/25.. . | 3905 | 3969 | 992079970.UG.FTS.B, 29.49%, 3/21/25.. . |  | 85 | 85 | 85 |
| 992073957.UG.FTS.B, 21.46%, 3/21/25.. . | 1043 | 1058 | 992081940.UG.FTS.B, 29.49%, 3/21/25.. . |  | 155 | 158 | 158 |
| 992207343.UG.FTS.B, 27.95%, 3/21/25.. . | 75 | 77 | 992084472.UG.FTS.B, 29.49%, 3/21/25.. . |  | 529 | 521 | 521 |
| 992071680.UG.FTS.B, 27.99%, 3/21/25.. . | 394 | 410 | 992098239.UG.FTS.B, 29.49%, 3/21/25.. . |  | 120 | 124 | 124 |
| 992124709.UG.FTS.B, 27.99%, 3/21/25.. . | 21 | 22 | 992106941.UG.FTS.B, 29.49%, 3/21/25.. . |  | 124 | (3) | (3) |
| 992060839.UG.FTS.B, 28.98%, 3/21/25.. . | 165 | 172 | 992114467.UG.FTS.B, 29.49%, 3/21/25. . . |  | 139 | 19 | 19 |
| 992063879.UG.FTS.B, 28.98%, 3/21/25.. . | 177 | 177 | 992115135.UG.FTS.B, 29.49%, 3/21/25. . . |  | 12 | 12 | 12 |
| 992069610.UG.FTS.B, 28.98%, 3/21/25.. . | 840 | 839 | 992115851.UG.FTS.B, 29.49%, 3/21/25. . . |  | 227 | 236 | 236 |
| 992069661.UG.FTS.B, 28.98%, 3/21/25.. . | 2281 | 2348 | 992129802.UG.FTS.B, 29.49%, 3/21/25.. . |  | 1130 | 1152 | 1152 |
| 992069739.UG.FTS.B, 28.98%, 3/21/25.. . | 195 | 195 | 992146320.UG.FTS.B, 29.49%, 3/21/25.. . |  | 270 | 279 | 279 |
| 992070914.UG.FTS.B, 28.98%, 3/21/25.. . | 911 | 948 | 992149772.UG.FTS.B, 29.49%, 3/21/25.. . |  | 581 | 605 | 605 |
| 992071444.UG.FTS.B, 28.98%, 3/21/25.. . | 3212 | 3342 | 992153825.UG.FTS.B, 29.49%, 3/21/25.. . |  | 30 | 30 | 30 |
| 992071845.UG.FTS.B, 28.98%, 3/21/25.. . | 230 | 224 | 992154745.UG.FTS.B, 29.49%, 3/21/25.. . |  | 53 | 54 | 54 |
| 992072135.UG.FTS.B, 28.98%, 3/21/25.. . | 1378 | 1410 | 992214766.UG.FTS.B, 29.49%, 3/21/25.. . |  | 17 | 17 | 17 |
| 992073866.UG.FTS.B, 28.98%, 3/21/25.. . | 276 | 279 | 992226859.UG.FTS.B, 29.49%, 3/21/25.. . |  | 169 | 170 | 170 |
| 992074408.UG.FTS.B, 28.98%, 3/21/25.. . | 141 | 146 | 992235469.UG.FTS.B, 29.49%, 3/21/25.. . |  | 911 | 934 | 934 |
| 992147792.UG.FTS.B, 28.98%, 3/21/25.. . | 228 | 227 | 992250199.UG.FTS.B, 29.49%, 3/21/25.. . |  | 15 | 15 | 15 |
| 992187611.UG.FTS.B, 28.98%, 3/21/25. . . | 227 | (10) | 992264591.UG.FTS.B, 29.49%, 3/21/25.. . |  | 274 | 63 | 63 |
| 992198035.UG.FTS.B, 28.98%, 3/21/25.. . | 448 | 30 | 992300395.UG.FTS.B, 29.49%, 3/21/25.. . |  | 1453 | 1488 | 1488 |
| 992208341.UG.FTS.B, 28.98%, 3/21/25.. . | 215 | 221 | 992306353.UG.FTS.B, 29.49%, 3/21/25.. . |  | 126 | 129 | 129 |
| 992300469.UG.FTS.B, 28.98%, 3/21/25.. . | 64 | 9 | 992328703.UG.FTS.B, 29.49%, 3/21/25.. . |  | 25 | 25 | 25 |
| 992308790.UG.FTS.B, 28.98%, 3/21/25.. . | 170 | 174 | 992329433.UG.FTS.B, 29.49%, 3/21/25.. . |  | 166 | 22 | 22 |
| 992310768.UG.FTS.B, 28.98%, 3/21/25.. . | 45 | 45 | 992335983.UG.FTS.B, 29.49%, 3/21/25.. . |  | 314 | 213 | 213 |
| 992311154.UG.FTS.B, 28.98%, 3/21/25. . . | 1503 | 1540 | 992076943.UG.FTS.B, Zero Cpn, 3/22/25.. |  | 682 | 47 | 47 |
| 992059226.UG.FTS.B, 29.45%, 3/21/25.. . | 1191 | 873 | 992079798.UG.FTS.B, Zero Cpn, 3/22/25.. |  | 55 | 4 | 4 |
| 992059747.UG.FTS.B, 29.45%, 3/21/25.. . | 2733 | 2652 | 992162625.UG.FTS.B, 16.99%, 3/22/25.. . |  | 108 | 110 | 110 |
| 992300765.UG.FTS.B, 29.45%, 3/21/25.. . | 225 | 230 | 992073990.UG.FTS.B, 19.99%, 3/22/25.. . |  | 288 | 287 | 287 |
| 992057082.UG.FTS.B, 29.46%, 3/21/25.. . | 1483 | 1435 | 992084950.UG.FTS.B, 19.99%, 3/22/25.. . |  | 673 | 700 | 700 |
| 992064315.UG.FTS.B, 29.46%, 3/21/25.. . | 158 | 164 | 992104704.UG.FTS.B, 19.99%, 3/22/25.. . |  | 96 | 97 | 97 |
| 992068733.UG.FTS.B, 29.46%, 3/21/25.. . | 506 | 517 | 992343737.UG.FTS.B, 19.99%, 3/22/25.. . |  | 169 | 174 | 174 |
| 992079044.UG.FTS.B, 29.46%, 3/21/25.. . | 2081 | 2159 | 992273958.UG.FTS.B, 27.95%, 3/22/25.. . |  | 75 | 76 | 76 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 95 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 95 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992086823.UG.FTS.B, 27.99%, 3/22/25.. . $ | 992086823.UG.FTS.B, 27.99%, 3/22/25.. . $ | 992086823.UG.FTS.B, 27.99%, 3/22/25.. . $ | 97 | $96 | 992089817.UG.FTS.B, Zero Cpn, 3/23/25.. $ | 2934 | $202 |
| 992108469.UG.FTS.B, 27.99%, 3/22/25.. . | 992108469.UG.FTS.B, 27.99%, 3/22/25.. . | 992108469.UG.FTS.B, 27.99%, 3/22/25.. . | 324 | 337 | 992090010.UG.FTS.B, Zero Cpn, 3/23/25.. | 87 | 6 |
| 992079984.UG.FTS.B, 28.98%, 3/22/25.. . | 992079984.UG.FTS.B, 28.98%, 3/22/25.. . | 992079984.UG.FTS.B, 28.98%, 3/22/25.. . | 2327 | 1532 | 992096009.UG.FTS.B, Zero Cpn, 3/23/25.. | 34 | 3 |
| 992084233.UG.FTS.B, 28.98%, 3/22/25.. . | 992084233.UG.FTS.B, 28.98%, 3/22/25.. . | 992084233.UG.FTS.B, 28.98%, 3/22/25.. . | 1290 | 1339 | 992098088.UG.FTS.B, Zero Cpn, 3/23/25.. | 201 | 14 |
| 992098649.UG.FTS.B, 28.98%, 3/22/25.. . | 992098649.UG.FTS.B, 28.98%, 3/22/25.. . | 992098649.UG.FTS.B, 28.98%, 3/22/25.. . | 359 | 255 | 992108086.UG.FTS.B, Zero Cpn, 3/23/25.. | 119 | 8 |
| 992108895.UG.FTS.B, 28.98%, 3/22/25.. . | 992108895.UG.FTS.B, 28.98%, 3/22/25.. . | 992108895.UG.FTS.B, 28.98%, 3/22/25.. . | 279 | 291 | 992110055.UG.FTS.B, Zero Cpn, 3/23/25.. | 154 | 11 |
| 992127587.UG.FTS.B, 28.98%, 3/22/25.. . | 992127587.UG.FTS.B, 28.98%, 3/22/25.. . | 992127587.UG.FTS.B, 28.98%, 3/22/25.. . | 384 | 400 | 992130317.UG.FTS.B, Zero Cpn, 3/23/25.. | 156 | 11 |
| 992141907.UG.FTS.B, 28.98%, 3/22/25.. . | 992141907.UG.FTS.B, 28.98%, 3/22/25.. . | 992141907.UG.FTS.B, 28.98%, 3/22/25.. . | 178 | 174 | 992152345.UG.FTS.B, Zero Cpn, 3/23/25.. | 97 | 7 |
| 992291803.UG.FTS.B, 28.98%, 3/22/25.. . | 992291803.UG.FTS.B, 28.98%, 3/22/25.. . | 992291803.UG.FTS.B, 28.98%, 3/22/25.. . | 330 | 338 | 992162491.UG.FTS.B, Zero Cpn, 3/23/25.. | 168 | 12 |
| 992307933.UG.FTS.B, 28.98%, 3/22/25.. . | 992307933.UG.FTS.B, 28.98%, 3/22/25.. . | 992307933.UG.FTS.B, 28.98%, 3/22/25.. . | 93 | 96 | 992180648.UG.FTS.B, Zero Cpn, 3/23/25.. | 346 | 24 |
| 992335185.UG.FTS.B, 28.98%, 3/22/25.. . | 992335185.UG.FTS.B, 28.98%, 3/22/25.. . | 992335185.UG.FTS.B, 28.98%, 3/22/25.. . | 16 | 16 | 992195225.UG.FTS.B, Zero Cpn, 3/23/25.. | 359 | 25 |
| 992078127.UG.FTS.B, 29.45%, 3/22/25.. . | 992078127.UG.FTS.B, 29.45%, 3/22/25.. . | 992078127.UG.FTS.B, 29.45%, 3/22/25.. . | – | – | 992198306.UG.FTS.B, Zero Cpn, 3/23/25.. | 62 | 4 |
| 992078559.UG.FTS.B, 29.45%, 3/22/25.. . | 992078559.UG.FTS.B, 29.45%, 3/22/25.. . | 992078559.UG.FTS.B, 29.45%, 3/22/25.. . | 442 | 458 | 992200525.UG.FTS.B, Zero Cpn, 3/23/25.. | 145 | 10 |
| 992076170.UG.FTS.B, 29.46%, 3/22/25.. . | 992076170.UG.FTS.B, 29.46%, 3/22/25.. . | 992076170.UG.FTS.B, 29.46%, 3/22/25.. . | 399 | 413 | 992234240.UG.FTS.B, Zero Cpn, 3/23/25.. | 987 | 68 |
| 992097805.UG.FTS.B, 29.46%, 3/22/25.. . | 992097805.UG.FTS.B, 29.46%, 3/22/25.. . | 992097805.UG.FTS.B, 29.46%, 3/22/25.. . | 3385 | 3517 | 992241801.UG.FTS.B, Zero Cpn, 3/23/25.. | 52 | 4 |
| 992116757.UG.FTS.B, 29.46%, 3/22/25. . . | 992116757.UG.FTS.B, 29.46%, 3/22/25. . . | 992116757.UG.FTS.B, 29.46%, 3/22/25. . . | 1 | 1 | 992261394.UG.FTS.B, Zero Cpn, 3/23/25.. | 120 | 8 |
| 992255200.UG.FTS.B, 29.46%, 3/22/25.. . | 992255200.UG.FTS.B, 29.46%, 3/22/25.. . | 992255200.UG.FTS.B, 29.46%, 3/22/25.. . | 24 | 22 | 992294792.UG.FTS.B, Zero Cpn, 3/23/25.. | 67 | 5 |
| 992068177.UG.FTS.B, 29.47%, 3/22/25.. . | 992068177.UG.FTS.B, 29.47%, 3/22/25.. . | 992068177.UG.FTS.B, 29.47%, 3/22/25.. . | 1363 | 1396 | 992303345.UG.FTS.B, Zero Cpn, 3/23/25.. | 3679 | 256 |
| 992069850.UG.FTS.B, 29.47%, 3/22/25.. . | 992069850.UG.FTS.B, 29.47%, 3/22/25.. . | 992069850.UG.FTS.B, 29.47%, 3/22/25.. . | 145 | 146 | 992203745.UG.FTS.B, 14%, 3/23/25. . . . . | 512 | 523 |
| 992076323.UG.FTS.B, 29.47%, 3/22/25.. . | 992076323.UG.FTS.B, 29.47%, 3/22/25.. . | 992076323.UG.FTS.B, 29.47%, 3/22/25.. . | 2174 | 1489 | 992086808.UG.FTS.B, 15.97%, 3/23/25.. . | 84 | 85 |
| 992343062.UG.FTS.B, 29.47%, 3/22/25.. . | 992343062.UG.FTS.B, 29.47%, 3/22/25.. . | 992343062.UG.FTS.B, 29.47%, 3/22/25.. . | 42 | 43 | 992075269.UG.FTS.B, 16.99%, 3/23/25.. . | 306 | 313 |
| 992074908.UG.FTS.B, 29.48%, 3/22/25.. . | 992074908.UG.FTS.B, 29.48%, 3/22/25.. . | 992074908.UG.FTS.B, 29.48%, 3/22/25.. . | 435 | (17) | 992090809.UG.FTS.B, 16.99%, 3/23/25.. . | 2810 | 2869 |
| 992081607.UG.FTS.B, 29.48%, 3/22/25.. . | 992081607.UG.FTS.B, 29.48%, 3/22/25.. . | 992081607.UG.FTS.B, 29.48%, 3/22/25.. . | 1189 | 1199 | 992103353.UG.FTS.B, 18.97%, 3/23/25.. . | 1478 | 1498 |
| 992204783.UG.FTS.B, 29.48%, 3/22/25.. . | 992204783.UG.FTS.B, 29.48%, 3/22/25.. . | 992204783.UG.FTS.B, 29.48%, 3/22/25.. . | 1695 | 1161 | 992294593.UG.FTS.B, 18.97%, 3/23/25.. . | 682 | 691 |
| 992070668.UG.FTS.B, 29.49%, 3/22/25.. . | 992070668.UG.FTS.B, 29.49%, 3/22/25.. . | 992070668.UG.FTS.B, 29.49%, 3/22/25.. . | 452 | 469 | 992088508.UG.FTS.B, 19.21%, 3/23/25.. . | 2104 | 2144 |
| 992070936.UG.FTS.B, 29.49%, 3/22/25.. . | 992070936.UG.FTS.B, 29.49%, 3/22/25.. . | 992070936.UG.FTS.B, 29.49%, 3/22/25.. . | 32 | 32 | 992075322.UG.FTS.B, 19.99%, 3/23/25.. . | 215 | 151 |
| 992071257.UG.FTS.B, 29.49%, 3/22/25.. . | 992071257.UG.FTS.B, 29.49%, 3/22/25.. . | 992071257.UG.FTS.B, 29.49%, 3/22/25.. . | 252 | 254 | 992075525.UG.FTS.B, 19.99%, 3/23/25.. . | 34 | 35 |
| 992071355.UG.FTS.B, 29.49%, 3/22/25.. . | 992071355.UG.FTS.B, 29.49%, 3/22/25.. . | 992071355.UG.FTS.B, 29.49%, 3/22/25.. . | 41 | (1) | 992076512.UG.FTS.B, 19.99%, 3/23/25.. . | 559 | 582 |
| 992080198.UG.FTS.B, 29.49%, 3/22/25.. . | 992080198.UG.FTS.B, 29.49%, 3/22/25.. . | 992080198.UG.FTS.B, 29.49%, 3/22/25.. . | 17 | 17 | 992078517.UG.FTS.B, 19.99%, 3/23/25.. . | 2118 | 2168 |
| 992080495.UG.FTS.B, 29.49%, 3/22/25.. . | 992080495.UG.FTS.B, 29.49%, 3/22/25.. . | 992080495.UG.FTS.B, 29.49%, 3/22/25.. . | 261 | 266 | 992079405.UG.FTS.B, 19.99%, 3/23/25.. . | 51 | 51 |
| 992081357.UG.FTS.B, 29.49%, 3/22/25.. . | 992081357.UG.FTS.B, 29.49%, 3/22/25.. . | 992081357.UG.FTS.B, 29.49%, 3/22/25.. . | 596 | 622 | 992080903.UG.FTS.B, 19.99%, 3/23/25.. . | 72 | 71 |
| 992082023.UG.FTS.B, 29.49%, 3/22/25.. . | 992082023.UG.FTS.B, 29.49%, 3/22/25.. . | 992082023.UG.FTS.B, 29.49%, 3/22/25.. . | 223 | 155 | 992081612.UG.FTS.B, 19.99%, 3/23/25.. . | 24 | 23 |
| 992084032.UG.FTS.B, 29.49%, 3/22/25.. . | 992084032.UG.FTS.B, 29.49%, 3/22/25.. . | 992084032.UG.FTS.B, 29.49%, 3/22/25.. . | 1083 | 1081 | 992083199.UG.FTS.B, 19.99%, 3/23/25.. . | 861 | 61 |
| 992085704.UG.FTS.B, 29.49%, 3/22/25.. . | 992085704.UG.FTS.B, 29.49%, 3/22/25.. . | 992085704.UG.FTS.B, 29.49%, 3/22/25.. . | 263 | 273 | 992083363.UG.FTS.B, 19.99%, 3/23/25.. . | 208 | 210 |
| 992097501.UG.FTS.B, 29.49%, 3/22/25.. . | 992097501.UG.FTS.B, 29.49%, 3/22/25.. . | 992097501.UG.FTS.B, 29.49%, 3/22/25.. . | 759 | 58 | 992084160.UG.FTS.B, 19.99%, 3/23/25.. . | 81 | 83 |
| 992099977.UG.FTS.B, 29.49%, 3/22/25.. . | 992099977.UG.FTS.B, 29.49%, 3/22/25.. . | 992099977.UG.FTS.B, 29.49%, 3/22/25.. . | 132 | 138 | 992084678.UG.FTS.B, 19.99%, 3/23/25.. . | 195 | 195 |
| 992100390.UG.FTS.B, 29.49%, 3/22/25.. . | 992100390.UG.FTS.B, 29.49%, 3/22/25.. . | 992100390.UG.FTS.B, 29.49%, 3/22/25.. . | 132 | 131 | 992085309.UG.FTS.B, 19.99%, 3/23/25.. . | 242 | 235 |
| 992120980.UG.FTS.B, 29.49%, 3/22/25.. . | 992120980.UG.FTS.B, 29.49%, 3/22/25.. . | 992120980.UG.FTS.B, 29.49%, 3/22/25.. . | 571 | 394 | 992085945.UG.FTS.B, 19.99%, 3/23/25.. . | 94 | 97 |
| 992135888.UG.FTS.B, 29.49%, 3/22/25.. . | 992135888.UG.FTS.B, 29.49%, 3/22/25.. . | 992135888.UG.FTS.B, 29.49%, 3/22/25.. . | 499 | 482 | 992085973.UG.FTS.B, 19.99%, 3/23/25.. . | 235 | 238 |
| 992147471.UG.FTS.B, 29.49%, 3/22/25.. . | 992147471.UG.FTS.B, 29.49%, 3/22/25.. . | 992147471.UG.FTS.B, 29.49%, 3/22/25.. . | 454 | 464 | 992086106.UG.FTS.B, 19.99%, 3/23/25.. . | 203 | 203 |
| 992161706.UG.FTS.B, 29.49%, 3/22/25.. . | 992161706.UG.FTS.B, 29.49%, 3/22/25.. . | 992161706.UG.FTS.B, 29.49%, 3/22/25.. . | 373 | 388 | 992094446.UG.FTS.B, 19.99%, 3/23/25.. . | 336 | 344 |
| 992192981.UG.FTS.B, 29.49%, 3/22/25.. . | 992192981.UG.FTS.B, 29.49%, 3/22/25.. . | 992192981.UG.FTS.B, 29.49%, 3/22/25.. . | 626 | 644 | 992094531.UG.FTS.B, 19.99%, 3/23/25.. . | 239 | 246 |
| 992230870.UG.FTS.B, 29.49%, 3/22/25.. . | 992230870.UG.FTS.B, 29.49%, 3/22/25.. . | 992230870.UG.FTS.B, 29.49%, 3/22/25.. . | 133 | 138 | 992099319.UG.FTS.B, 19.99%, 3/23/25.. . | 370 | 250 |
| 992290277.UG.FTS.B, 29.49%, 3/22/25.. . | 992290277.UG.FTS.B, 29.49%, 3/22/25.. . | 992290277.UG.FTS.B, 29.49%, 3/22/25.. . | 85 | 88 | 992100188.UG.FTS.B, 19.99%, 3/23/25.. . | 620 | 642 |
| 992332963.UG.FTS.B, 29.49%, 3/22/25.. . | 992332963.UG.FTS.B, 29.49%, 3/22/25.. . | 992332963.UG.FTS.B, 29.49%, 3/22/25.. . | 126 | 129 | 992103634.UG.FTS.B, 19.99%, 3/23/25.. . | 1544 | 1561 |
| 992334799.UG.FTS.B, 29.49%, 3/22/25.. . | 992334799.UG.FTS.B, 29.49%, 3/22/25.. . | 992334799.UG.FTS.B, 29.49%, 3/22/25.. . | 76 | 78 | 992107336.UG.FTS.B, 19.99%, 3/23/25.. . | 324 | 331 |
| 992338026.UG.FTS.B, 29.49%, 3/22/25.. . | 992338026.UG.FTS.B, 29.49%, 3/22/25.. . | 992338026.UG.FTS.B, 29.49%, 3/22/25.. . | 18 | 17 | 992111582.UG.FTS.B, 19.99%, 3/23/25. . . | 114 | 119 |
| 992344234.UG.FTS.B, 29.49%, 3/22/25.. . | 992344234.UG.FTS.B, 29.49%, 3/22/25.. . | 992344234.UG.FTS.B, 29.49%, 3/22/25.. . | 178 | 182 | 992112198.UG.FTS.B, 19.99%, 3/23/25. . . | 271 | – |
| 992344840.UG.FTS.B, 29.49%, 3/22/25.. . | 992344840.UG.FTS.B, 29.49%, 3/22/25.. . | 992344840.UG.FTS.B, 29.49%, 3/22/25.. . | 169 | 174 | 992114995.UG.FTS.B, 19.99%, 3/23/25. . . | 316 | 329 |
| 992344945.UG.FTS.B, 29.49%, 3/22/25.. . | 992344945.UG.FTS.B, 29.49%, 3/22/25.. . | 992344945.UG.FTS.B, 29.49%, 3/22/25.. . | 15 | 14 | 992118648.UG.FTS.B, 19.99%, 3/23/25. . . | 648 | 675 |
| 992075225.UG.FTS.B, Zero Cpn, 3/23/25.. | 992075225.UG.FTS.B, Zero Cpn, 3/23/25.. | 992075225.UG.FTS.B, Zero Cpn, 3/23/25.. | 107 | 7 | 992120079.UG.FTS.B, 19.99%, 3/23/25.. . | 233 | 236 |
| 992080353.UG.FTS.B, Zero Cpn, 3/23/25.. | 992080353.UG.FTS.B, Zero Cpn, 3/23/25.. | 992080353.UG.FTS.B, Zero Cpn, 3/23/25.. | 378 | 26 | 992138533.UG.FTS.B, 19.99%, 3/23/25.. . | 832 | 105 |
| 992081338.UG.FTS.B, Zero Cpn, 3/23/25.. | 992081338.UG.FTS.B, Zero Cpn, 3/23/25.. | 992081338.UG.FTS.B, Zero Cpn, 3/23/25.. | 61 | 4 | 992139407.UG.FTS.B, 19.99%, 3/23/25.. . | 471 | 490 |
| 992082876.UG.FTS.B, Zero Cpn, 3/23/25.. | 992082876.UG.FTS.B, Zero Cpn, 3/23/25.. | 992082876.UG.FTS.B, Zero Cpn, 3/23/25.. | 118 | 8 | 992141420.UG.FTS.B, 19.99%, 3/23/25.. . | 403 | 404 |
| 992083164.UG.FTS.B, Zero Cpn, 3/23/25.. | 992083164.UG.FTS.B, Zero Cpn, 3/23/25.. | 992083164.UG.FTS.B, Zero Cpn, 3/23/25.. | 166 | 11 | 992143453.UG.FTS.B, 19.99%, 3/23/25.. . | 878 | 887 |
| 992085395.UG.FTS.B, Zero Cpn, 3/23/25.. | 992085395.UG.FTS.B, Zero Cpn, 3/23/25.. | 992085395.UG.FTS.B, Zero Cpn, 3/23/25.. | 113 | 8 | 992147171.UG.FTS.B, 19.99%, 3/23/25.. . | 711 | 739 |
| 992085672.UG.FTS.B, Zero Cpn, 3/23/25.. | 992085672.UG.FTS.B, Zero Cpn, 3/23/25.. | 992085672.UG.FTS.B, Zero Cpn, 3/23/25.. | 148 | 10 | 992147344.UG.FTS.B, 19.99%, 3/23/25.. . | 467 | 485 |
| 992087397.UG.FTS.B, Zero Cpn, 3/23/25.. | 992087397.UG.FTS.B, Zero Cpn, 3/23/25.. | 992087397.UG.FTS.B, Zero Cpn, 3/23/25.. | 425 | 29 | 992149031.UG.FTS.B, 19.99%, 3/23/25.. . | 793 | 825 |
| 96 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 96 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992153089.UG.FTS.B, 19.99%, 3/23/25.. . | $217 | $225 | 992261412.UG.FTS.B, 27.95%, 3/23/25.. . $295 | 992261412.UG.FTS.B, 27.95%, 3/23/25.. . $295 | $307 | 307 |
| 992172315.UG.FTS.B, 19.99%, 3/23/25.. . | 739 | 736 | 992304750.UG.FTS.B, 27.95%, 3/23/25.. . | 51 | 52 | 52 |
| 992183886.UG.FTS.B, 19.99%, 3/23/25.. . | 141 | 147 | 992318374.UG.FTS.B, 27.95%, 3/23/25.. . | 148 | (5) | (5) |
| 992202659.UG.FTS.B, 19.99%, 3/23/25.. . | 33 | 33 | 992112798.UG.FTS.B, 27.99%, 3/23/25. . . | 285 | 294 | 294 |
| 992205953.UG.FTS.B, 19.99%, 3/23/25.. . | 110 | 115 | 992125133.UG.FTS.B, 27.99%, 3/23/25.. . | 933 | 972 | 972 |
| 992214478.UG.FTS.B, 19.99%, 3/23/25.. . | 155 | 160 | 992162696.UG.FTS.B, 27.99%, 3/23/25.. . | 57 | 57 | 57 |
| 992219711.UG.FTS.B, 19.99%, 3/23/25. . . | 186 | 193 | 992214809.UG.FTS.B, 27.99%, 3/23/25.. . | 130 | 131 | 131 |
| 992222259.UG.FTS.B, 19.99%, 3/23/25.. . | 385 | 400 | 992075303.UG.FTS.B, 28.98%, 3/23/25.. . | 68 | 68 | 68 |
| 992222263.UG.FTS.B, 19.99%, 3/23/25.. . | 1452 | 1511 | 992075756.UG.FTS.B, 28.98%, 3/23/25.. . | 29 | 29 | 29 |
| 992229695.UG.FTS.B, 19.99%, 3/23/25.. . | 274 | 284 | 992076138.UG.FTS.B, 28.98%, 3/23/25.. . | 138 | 137 | 137 |
| 992236011.UG.FTS.B, 19.99%, 3/23/25. . . | 108 | 108 | 992076291.UG.FTS.B, 28.98%, 3/23/25.. . | 1125 | 1171 | 1171 |
| 992238279.UG.FTS.B, 19.99%, 3/23/25.. . | 277 | 288 | 992076402.UG.FTS.B, 28.98%, 3/23/25.. . | 464 | 323 | 323 |
| 992244217.UG.FTS.B, 19.99%, 3/23/25.. . | 45 | 46 | 992078321.UG.FTS.B, 28.98%, 3/23/25.. . | 398 | 403 | 403 |
| 992252533.UG.FTS.B, 19.99%, 3/23/25.. . | 27 | 27 | 992079545.UG.FTS.B, 28.98%, 3/23/25.. . | 1220 | 1270 | 1270 |
| 992266504.UG.FTS.B, 19.99%, 3/23/25.. . | 52 | 52 | 992079604.UG.FTS.B, 28.98%, 3/23/25.. . | 719 | 748 | 748 |
| 992269954.UG.FTS.B, 19.99%, 3/23/25.. . | 9 | 9 | 992079769.UG.FTS.B, 28.98%, 3/23/25.. . | 47 | 48 | 48 |
| 992278843.UG.FTS.B, 19.99%, 3/23/25.. . | 203 | 208 | 992080285.UG.FTS.B, 28.98%, 3/23/25.. . | 46 | 47 | 47 |
| 992284656.UG.FTS.B, 19.99%, 3/23/25.. . | 494 | 512 | 992080652.UG.FTS.B, 28.98%, 3/23/25.. . | 207 | 213 | 213 |
| 992287768.UG.FTS.B, 19.99%, 3/23/25.. . | 54 | 56 | 992081008.UG.FTS.B, 28.98%, 3/23/25.. . | 168 | 170 | 170 |
| 992292212.UG.FTS.B, 19.99%, 3/23/25.. . | 26 | 26 | 992081513.UG.FTS.B, 28.98%, 3/23/25.. . | 102 | 101 | 101 |
| 992321872.UG.FTS.B, 19.99%, 3/23/25.. . | 180 | 184 | 992082410.UG.FTS.B, 28.98%, 3/23/25.. . | 1186 | 1234 | 1234 |
| 992322194.UG.FTS.B, 19.99%, 3/23/25.. . | 299 | 302 | 992083970.UG.FTS.B, 28.98%, 3/23/25.. . | 19 | 19 | 19 |
| 992326552.UG.FTS.B, 19.99%, 3/23/25.. . | 79 | 79 | 992084875.UG.FTS.B, 28.98%, 3/23/25.. . | 1085 | (21) | (21) |
| 992092690.UG.FTS.B, 20.45%, 3/23/25.. . | 3659 | 3718 | 992084885.UG.FTS.B, 28.98%, 3/23/25.. . | 387 | 386 | 386 |
| 992090458.UG.FTS.B, 20.46%, 3/23/25.. . | 2928 | 2980 | 992085160.UG.FTS.B, 28.98%, 3/23/25.. . | 327 | 337 | 337 |
| 992090758.UG.FTS.B, 20.46%, 3/23/25.. . | 2846 | 2898 | 992085334.UG.FTS.B, 28.98%, 3/23/25.. . | 336 | 46 | 46 |
| 992092369.UG.FTS.B, 20.46%, 3/23/25.. . | 201 | 200 | 992086032.UG.FTS.B, 28.98%, 3/23/25.. . | 66 | 68 | 68 |
| 992117378.UG.FTS.B, 20.46%, 3/23/25. . . | 1206 | 1213 | 992086210.UG.FTS.B, 28.98%, 3/23/25.. . | 1604 | 1670 | 1670 |
| 992124177.UG.FTS.B, 20.46%, 3/23/25.. . | 679 | 689 | 992086215.UG.FTS.B, 28.98%, 3/23/25.. . | 68 | 67 | 67 |
| 992160153.UG.FTS.B, 20.46%, 3/23/25.. . | 20 | 20 | 992086845.UG.FTS.B, 28.98%, 3/23/25.. . | 276 | 288 | 288 |
| 992169308.UG.FTS.B, 20.46%, 3/23/25.. . | 28 | 28 | 992087922.UG.FTS.B, 28.98%, 3/23/25.. . | 2452 | 2554 | 2554 |
| 992086684.UG.FTS.B, 20.97%, 3/23/25.. . | 4 | 4 | 992090503.UG.FTS.B, 28.98%, 3/23/25.. . | 89 | 92 | 92 |
| 992089155.UG.FTS.B, 20.97%, 3/23/25.. . | 599 | 608 | 992090532.UG.FTS.B, 28.98%, 3/23/25.. . | 186 | 194 | 194 |
| 992091418.UG.FTS.B, 21.46%, 3/23/25.. . | 816 | 829 | 992090957.UG.FTS.B, 28.98%, 3/23/25.. . | 299 | 311 | 311 |
| 992085850.UG.FTS.B, 21.98%, 3/23/25.. . | 83 | 82 | 992093069.UG.FTS.B, 28.98%, 3/23/25.. . | 171 | 178 | 178 |
| 992092299.UG.FTS.B, 21.98%, 3/23/25.. . | 2044 | 2077 | 992093517.UG.FTS.B, 28.98%, 3/23/25.. . | 147 | 151 | 151 |
| 992141606.UG.FTS.B, 22.95%, 3/23/25.. . | 137 | 136 | 992096019.UG.FTS.B, 28.98%, 3/23/25.. . | 3 | 3 | 3 |
| 992087130.UG.FTS.B, 22.97%, 3/23/25.. . | 133 | 10 | 992096907.UG.FTS.B, 28.98%, 3/23/25.. . | 65 | 65 | 65 |
| 992092848.UG.FTS.B, 22.97%, 3/23/25.. . | 3348 | 3399 | 992099728.UG.FTS.B, 28.98%, 3/23/25.. . | 124 | 129 | 129 |
| 992101029.UG.FTS.B, 22.97%, 3/23/25.. . | 79 | 80 | 992101005.UG.FTS.B, 28.98%, 3/23/25.. . | 95 | 98 | 98 |
| 992124027.UG.FTS.B, 22.97%, 3/23/25.. . | 488 | 485 | 992101195.UG.FTS.B, 28.98%, 3/23/25. . . | 27 | 25 | 25 |
| 992082054.UG.FTS.B, 23.95%, 3/23/25.. . | 849 | 852 | 992101791.UG.FTS.B, 28.98%, 3/23/25.. . | 251 | 261 | 261 |
| 992090255.UG.FTS.B, 23.95%, 3/23/25.. . | 823 | 835 | 992103758.UG.FTS.B, 28.98%, 3/23/25.. . | 153 | 151 | 151 |
| 992092596.UG.FTS.B, 23.95%, 3/23/25.. . | 2605 | 333 | 992104370.UG.FTS.B, 28.98%, 3/23/25.. . | 1001 | 1042 | 1042 |
| 992260213.UG.FTS.B, 23.95%, 3/23/25.. . | 128 | 129 | 992104536.UG.FTS.B, 28.98%, 3/23/25.. . | 89 | 89 | 89 |
| 992350403.UG.FTS.B, 26.46%, 3/23/25.. . | 161 | 165 | 992105037.UG.FTS.B, 28.98%, 3/23/25.. . | 30 | 30 | 30 |
| 992163725.UG.FTS.B, 26.48%, 3/23/25.. . | 70 | 72 | 992105540.UG.FTS.B, 28.98%, 3/23/25.. . | 1252 | 1259 | 1259 |
| 992299793.UG.FTS.B, 26.48%, 3/23/25.. . | 112 | 114 | 992107324.UG.FTS.B, 28.98%, 3/23/25.. . | 267 | 266 | 266 |
| 992090527.UG.FTS.B, 26.94%, 3/23/25.. . | 4574 | 4629 | 992107518.UG.FTS.B, 28.98%, 3/23/25.. . | 16 | 16 | 16 |
| 992092866.UG.FTS.B, 26.94%, 3/23/25.. . | 2778 | 2804 | 992111381.UG.FTS.B, 28.98%, 3/23/25. . . | 289 | 300 | 300 |
| 992083181.UG.FTS.B, 27.95%, 3/23/25.. . | 556 | 571 | 992111474.UG.FTS.B, 28.98%, 3/23/25. . . | 17 | 17 | 17 |
| 992085697.UG.FTS.B, 27.95%, 3/23/25.. . | 345 | 350 | 992112512.UG.FTS.B, 28.98%, 3/23/25. . . | 498 | 518 | 518 |
| 992127996.UG.FTS.B, 27.95%, 3/23/25.. . | 235 | 243 | 992114867.UG.FTS.B, 28.98%, 3/23/25. . . | 76 | 78 | 78 |
| 992172446.UG.FTS.B, 27.95%, 3/23/25.. . | 128 | 133 | 992114886.UG.FTS.B, 28.98%, 3/23/25. . . | 791 | 815 | 815 |
| 992173950.UG.FTS.B, 27.95%, 3/23/25.. . | 68 | 69 | 992115078.UG.FTS.B, 28.98%, 3/23/25. . . | 136 | 141 | 141 |
| 992227551.UG.FTS.B, 27.95%, 3/23/25.. . | 480 | 496 | 992116147.UG.FTS.B, 28.98%, 3/23/25. . . | 42 | (1) | (1) |
| 992248785.UG.FTS.B, 27.95%, 3/23/25.. . | 138 | 138 | 992118057.UG.FTS.B, 28.98%, 3/23/25. . . | 115 | 118 | 118 |
| 992253697.UG.FTS.B, 27.95%, 3/23/25.. . | 1864 | 1916 | 992119188.UG.FTS.B, 28.98%, 3/23/25. . . | 38 | 38 | 38 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 97 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 97 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992120216.UG.FTS.B, 28.98%, 3/23/25.. . $ | 992120216.UG.FTS.B, 28.98%, 3/23/25.. . $ | 992120216.UG.FTS.B, 28.98%, 3/23/25.. . $ | 202 | $210 | 992208856.UG.FTS.B, 28.98%, 3/23/25.. . $ | 183 | $189 |
| 992121451.UG.FTS.B, 28.98%, 3/23/25.. . | 992121451.UG.FTS.B, 28.98%, 3/23/25.. . | 992121451.UG.FTS.B, 28.98%, 3/23/25.. . | 392 | 401 | 992209732.UG.FTS.B, 28.98%, 3/23/25.. . | 254 | 264 |
| 992123440.UG.FTS.B, 28.98%, 3/23/25.. . | 992123440.UG.FTS.B, 28.98%, 3/23/25.. . | 992123440.UG.FTS.B, 28.98%, 3/23/25.. . | 1253 | 1290 | 992209918.UG.FTS.B, 28.98%, 3/23/25.. . | 245 | 34 |
| 992124776.UG.FTS.B, 28.98%, 3/23/25.. . | 992124776.UG.FTS.B, 28.98%, 3/23/25.. . | 992124776.UG.FTS.B, 28.98%, 3/23/25.. . | 140 | 146 | 992210795.UG.FTS.B, 28.98%, 3/23/25.. . | 274 | 279 |
| 992124813.UG.FTS.B, 28.98%, 3/23/25.. . | 992124813.UG.FTS.B, 28.98%, 3/23/25.. . | 992124813.UG.FTS.B, 28.98%, 3/23/25.. . | 37 | 38 | 992215052.UG.FTS.B, 28.98%, 3/23/25.. . | 243 | 252 |
| 992125987.UG.FTS.B, 28.98%, 3/23/25.. . | 992125987.UG.FTS.B, 28.98%, 3/23/25.. . | 992125987.UG.FTS.B, 28.98%, 3/23/25.. . | 219 | 224 | 992215525.UG.FTS.B, 28.98%, 3/23/25.. . | 132 | 137 |
| 992126884.UG.FTS.B, 28.98%, 3/23/25.. . | 992126884.UG.FTS.B, 28.98%, 3/23/25.. . | 992126884.UG.FTS.B, 28.98%, 3/23/25.. . | 94 | 98 | 992217550.UG.FTS.B, 28.98%, 3/23/25.. . | 222 | 227 |
| 992128305.UG.FTS.B, 28.98%, 3/23/25.. . | 992128305.UG.FTS.B, 28.98%, 3/23/25.. . | 992128305.UG.FTS.B, 28.98%, 3/23/25.. . | 44 | 44 | 992218353.UG.FTS.B, 28.98%, 3/23/25.. . | 1653 | 1720 |
| 992128896.UG.FTS.B, 28.98%, 3/23/25.. . | 992128896.UG.FTS.B, 28.98%, 3/23/25.. . | 992128896.UG.FTS.B, 28.98%, 3/23/25.. . | 168 | 168 | 992219959.UG.FTS.B, 28.98%, 3/23/25.. . | 733 | 57 |
| 992129330.UG.FTS.B, 28.98%, 3/23/25.. . | 992129330.UG.FTS.B, 28.98%, 3/23/25.. . | 992129330.UG.FTS.B, 28.98%, 3/23/25.. . | 159 | 165 | 992221459.UG.FTS.B, 28.98%, 3/23/25.. . | 417 | 432 |
| 992131302.UG.FTS.B, 28.98%, 3/23/25.. . | 992131302.UG.FTS.B, 28.98%, 3/23/25.. . | 992131302.UG.FTS.B, 28.98%, 3/23/25.. . | 76 | 79 | 992221788.UG.FTS.B, 28.98%, 3/23/25.. . | 207 | 215 |
| 992134836.UG.FTS.B, 28.98%, 3/23/25.. . | 992134836.UG.FTS.B, 28.98%, 3/23/25.. . | 992134836.UG.FTS.B, 28.98%, 3/23/25.. . | 180 | 186 | 992223285.UG.FTS.B, 28.98%, 3/23/25.. . | 134 | 139 |
| 992136112.UG.FTS.B, 28.98%, 3/23/25. . . | 992136112.UG.FTS.B, 28.98%, 3/23/25. . . | 992136112.UG.FTS.B, 28.98%, 3/23/25. . . | 337 | 350 | 992223486.UG.FTS.B, 28.98%, 3/23/25.. . | 376 | 377 |
| 992139646.UG.FTS.B, 28.98%, 3/23/25.. . | 992139646.UG.FTS.B, 28.98%, 3/23/25.. . | 992139646.UG.FTS.B, 28.98%, 3/23/25.. . | 212 | 220 | 992225465.UG.FTS.B, 28.98%, 3/23/25.. . | 409 | 404 |
| 992139852.UG.FTS.B, 28.98%, 3/23/25.. . | 992139852.UG.FTS.B, 28.98%, 3/23/25.. . | 992139852.UG.FTS.B, 28.98%, 3/23/25.. . | 602 | 616 | 992232910.UG.FTS.B, 28.98%, 3/23/25.. . | 51 | 52 |
| 992139915.UG.FTS.B, 28.98%, 3/23/25.. . | 992139915.UG.FTS.B, 28.98%, 3/23/25.. . | 992139915.UG.FTS.B, 28.98%, 3/23/25.. . | 578 | 602 | 992239108.UG.FTS.B, 28.98%, 3/23/25.. . | 86 | 85 |
| 992141070.UG.FTS.B, 28.98%, 3/23/25.. . | 992141070.UG.FTS.B, 28.98%, 3/23/25.. . | 992141070.UG.FTS.B, 28.98%, 3/23/25.. . | 590 | 613 | 992239228.UG.FTS.B, 28.98%, 3/23/25.. . | 178 | 118 |
| 992141770.UG.FTS.B, 28.98%, 3/23/25.. . | 992141770.UG.FTS.B, 28.98%, 3/23/25.. . | 992141770.UG.FTS.B, 28.98%, 3/23/25.. . | 861 | 892 | 992240272.UG.FTS.B, 28.98%, 3/23/25.. . | 1228 | 1251 |
| 992142185.UG.FTS.B, 28.98%, 3/23/25.. . | 992142185.UG.FTS.B, 28.98%, 3/23/25.. . | 992142185.UG.FTS.B, 28.98%, 3/23/25.. . | 1226 | 1254 | 992240553.UG.FTS.B, 28.98%, 3/23/25.. . | 248 | 248 |
| 992142312.UG.FTS.B, 28.98%, 3/23/25.. . | 992142312.UG.FTS.B, 28.98%, 3/23/25.. . | 992142312.UG.FTS.B, 28.98%, 3/23/25.. . | 168 | 166 | 992246561.UG.FTS.B, 28.98%, 3/23/25.. . | – | – |
| 992144273.UG.FTS.B, 28.98%, 3/23/25.. . | 992144273.UG.FTS.B, 28.98%, 3/23/25.. . | 992144273.UG.FTS.B, 28.98%, 3/23/25.. . | 9 | 9 | 992252962.UG.FTS.B, 28.98%, 3/23/25.. . | 36 | 37 |
| 992146339.UG.FTS.B, 28.98%, 3/23/25.. . | 992146339.UG.FTS.B, 28.98%, 3/23/25.. . | 992146339.UG.FTS.B, 28.98%, 3/23/25.. . | 56 | 57 | 992257313.UG.FTS.B, 28.98%, 3/23/25.. . | 579 | 599 |
| 992147720.UG.FTS.B, 28.98%, 3/23/25.. . | 992147720.UG.FTS.B, 28.98%, 3/23/25.. . | 992147720.UG.FTS.B, 28.98%, 3/23/25.. . | 10 | 10 | 992265307.UG.FTS.B, 28.98%, 3/23/25.. . | 160 | 161 |
| 992148319.UG.FTS.B, 28.98%, 3/23/25.. . | 992148319.UG.FTS.B, 28.98%, 3/23/25.. . | 992148319.UG.FTS.B, 28.98%, 3/23/25.. . | 350 | 364 | 992273034.UG.FTS.B, 28.98%, 3/23/25.. . | 409 | 425 |
| 992152825.UG.FTS.B, 28.98%, 3/23/25.. . | 992152825.UG.FTS.B, 28.98%, 3/23/25.. . | 992152825.UG.FTS.B, 28.98%, 3/23/25.. . | 550 | 371 | 992273158.UG.FTS.B, 28.98%, 3/23/25.. . | 591 | 601 |
| 992153966.UG.FTS.B, 28.98%, 3/23/25.. . | 992153966.UG.FTS.B, 28.98%, 3/23/25.. . | 992153966.UG.FTS.B, 28.98%, 3/23/25.. . | 187 | 14 | 992274083.UG.FTS.B, 28.98%, 3/23/25.. . | 229 | 238 |
| 992154713.UG.FTS.B, 28.98%, 3/23/25.. . | 992154713.UG.FTS.B, 28.98%, 3/23/25.. . | 992154713.UG.FTS.B, 28.98%, 3/23/25.. . | 72 | 74 | 992277450.UG.FTS.B, 28.98%, 3/23/25.. . | 272 | 283 |
| 992157302.UG.FTS.B, 28.98%, 3/23/25.. . | 992157302.UG.FTS.B, 28.98%, 3/23/25.. . | 992157302.UG.FTS.B, 28.98%, 3/23/25.. . | 167 | 173 | 992278239.UG.FTS.B, 28.98%, 3/23/25.. . | 29 | 30 |
| 992159141.UG.FTS.B, 28.98%, 3/23/25.. . | 992159141.UG.FTS.B, 28.98%, 3/23/25.. . | 992159141.UG.FTS.B, 28.98%, 3/23/25.. . | 415 | 432 | 992278830.UG.FTS.B, 28.98%, 3/23/25.. . | 1070 | 1113 |
| 992159396.UG.FTS.B, 28.98%, 3/23/25.. . | 992159396.UG.FTS.B, 28.98%, 3/23/25.. . | 992159396.UG.FTS.B, 28.98%, 3/23/25.. . | 1414 | 1471 | 992280888.UG.FTS.B, 28.98%, 3/23/25.. . | 115 | 8 |
| 992160027.UG.FTS.B, 28.98%, 3/23/25.. . | 992160027.UG.FTS.B, 28.98%, 3/23/25.. . | 992160027.UG.FTS.B, 28.98%, 3/23/25.. . | 16 | 16 | 992284119.UG.FTS.B, 28.98%, 3/23/25. . . | 125 | 124 |
| 992161777.UG.FTS.B, 28.98%, 3/23/25.. . | 992161777.UG.FTS.B, 28.98%, 3/23/25.. . | 992161777.UG.FTS.B, 28.98%, 3/23/25.. . | – | – | 992286457.UG.FTS.B, 28.98%, 3/23/25.. . | 511 | 524 |
| 992162084.UG.FTS.B, 28.98%, 3/23/25.. . | 992162084.UG.FTS.B, 28.98%, 3/23/25.. . | 992162084.UG.FTS.B, 28.98%, 3/23/25.. . | 271 | 282 | 992288927.UG.FTS.B, 28.98%, 3/23/25.. . | 25 | 25 |
| 992162426.UG.FTS.B, 28.98%, 3/23/25.. . | 992162426.UG.FTS.B, 28.98%, 3/23/25.. . | 992162426.UG.FTS.B, 28.98%, 3/23/25.. . | 127 | 132 | 992288941.UG.FTS.B, 28.98%, 3/23/25.. . | 129 | 131 |
| 992163634.UG.FTS.B, 28.98%, 3/23/25.. . | 992163634.UG.FTS.B, 28.98%, 3/23/25.. . | 992163634.UG.FTS.B, 28.98%, 3/23/25.. . | 215 | 223 | 992289441.UG.FTS.B, 28.98%, 3/23/25.. . | 2890 | 2963 |
| 992163686.UG.FTS.B, 28.98%, 3/23/25.. . | 992163686.UG.FTS.B, 28.98%, 3/23/25.. . | 992163686.UG.FTS.B, 28.98%, 3/23/25.. . | 732 | 762 | 992292344.UG.FTS.B, 28.98%, 3/23/25.. . | 126 | 126 |
| 992164596.UG.FTS.B, 28.98%, 3/23/25.. . | 992164596.UG.FTS.B, 28.98%, 3/23/25.. . | 992164596.UG.FTS.B, 28.98%, 3/23/25.. . | 539 | (16) | 992293740.UG.FTS.B, 28.98%, 3/23/25.. . | 168 | 174 |
| 992165576.UG.FTS.B, 28.98%, 3/23/25.. . | 992165576.UG.FTS.B, 28.98%, 3/23/25.. . | 992165576.UG.FTS.B, 28.98%, 3/23/25.. . | 165 | 169 | 992295903.UG.FTS.B, 28.98%, 3/23/25.. . | 160 | 160 |
| 992165944.UG.FTS.B, 28.98%, 3/23/25.. . | 992165944.UG.FTS.B, 28.98%, 3/23/25.. . | 992165944.UG.FTS.B, 28.98%, 3/23/25.. . | 9 | 9 | 992300829.UG.FTS.B, 28.98%, 3/23/25.. . | 268 | 269 |
| 992165998.UG.FTS.B, 28.98%, 3/23/25.. . | 992165998.UG.FTS.B, 28.98%, 3/23/25.. . | 992165998.UG.FTS.B, 28.98%, 3/23/25.. . | 150 | 156 | 992302367.UG.FTS.B, 28.98%, 3/23/25.. . | 148 | 152 |
| 992174066.UG.FTS.B, 28.98%, 3/23/25.. . | 992174066.UG.FTS.B, 28.98%, 3/23/25.. . | 992174066.UG.FTS.B, 28.98%, 3/23/25.. . | 2083 | 2165 | 992302544.UG.FTS.B, 28.98%, 3/23/25.. . | 55 | 56 |
| 992175330.UG.FTS.B, 28.98%, 3/23/25.. . | 992175330.UG.FTS.B, 28.98%, 3/23/25.. . | 992175330.UG.FTS.B, 28.98%, 3/23/25.. . | 500 | 521 | 992304763.UG.FTS.B, 28.98%, 3/23/25.. . | 93 | 94 |
| 992176357.UG.FTS.B, 28.98%, 3/23/25.. . | 992176357.UG.FTS.B, 28.98%, 3/23/25.. . | 992176357.UG.FTS.B, 28.98%, 3/23/25.. . | 3472 | 3536 | 992306293.UG.FTS.B, 28.98%, 3/23/25.. . | 154 | 156 |
| 992176589.UG.FTS.B, 28.98%, 3/23/25.. . | 992176589.UG.FTS.B, 28.98%, 3/23/25.. . | 992176589.UG.FTS.B, 28.98%, 3/23/25.. . | 333 | 346 | 992310160.UG.FTS.B, 28.98%, 3/23/25.. . | 1101 | 1128 |
| 992177492.UG.FTS.B, 28.98%, 3/23/25.. . | 992177492.UG.FTS.B, 28.98%, 3/23/25.. . | 992177492.UG.FTS.B, 28.98%, 3/23/25.. . | 674 | 149 | 992312284.UG.FTS.B, 28.98%, 3/23/25.. . | 205 | 211 |
| 992178085.UG.FTS.B, 28.98%, 3/23/25.. . | 992178085.UG.FTS.B, 28.98%, 3/23/25.. . | 992178085.UG.FTS.B, 28.98%, 3/23/25.. . | 67 | 69 | 992312443.UG.FTS.B, 28.98%, 3/23/25.. . | 3076 | 237 |
| 992178200.UG.FTS.B, 28.98%, 3/23/25.. . | 992178200.UG.FTS.B, 28.98%, 3/23/25.. . | 992178200.UG.FTS.B, 28.98%, 3/23/25.. . | 138 | 134 | 992314377.UG.FTS.B, 28.98%, 3/23/25.. . | 15 | 15 |
| 992178743.UG.FTS.B, 28.98%, 3/23/25.. . | 992178743.UG.FTS.B, 28.98%, 3/23/25.. . | 992178743.UG.FTS.B, 28.98%, 3/23/25.. . | 6 | 6 | 992318692.UG.FTS.B, 28.98%, 3/23/25.. . | 1030 | 1056 |
| 992181499.UG.FTS.B, 28.98%, 3/23/25.. . | 992181499.UG.FTS.B, 28.98%, 3/23/25.. . | 992181499.UG.FTS.B, 28.98%, 3/23/25.. . | 76 | 78 | 992320318.UG.FTS.B, 28.98%, 3/23/25.. . | 45 | 46 |
| 992183613.UG.FTS.B, 28.98%, 3/23/25.. . | 992183613.UG.FTS.B, 28.98%, 3/23/25.. . | 992183613.UG.FTS.B, 28.98%, 3/23/25.. . | 976 | 1015 | 992321649.UG.FTS.B, 28.98%, 3/23/25.. . | 760 | 751 |
| 992185135.UG.FTS.B, 28.98%, 3/23/25.. . | 992185135.UG.FTS.B, 28.98%, 3/23/25.. . | 992185135.UG.FTS.B, 28.98%, 3/23/25.. . | 831 | 865 | 992322320.UG.FTS.B, 28.98%, 3/23/25.. . | 776 | 788 |
| 992185248.UG.FTS.B, 28.98%, 3/23/25.. . | 992185248.UG.FTS.B, 28.98%, 3/23/25.. . | 992185248.UG.FTS.B, 28.98%, 3/23/25.. . | 65 | 64 | 992328709.UG.FTS.B, 28.98%, 3/23/25.. . | 70 | 72 |
| 992190502.UG.FTS.B, 28.98%, 3/23/25.. . | 992190502.UG.FTS.B, 28.98%, 3/23/25.. . | 992190502.UG.FTS.B, 28.98%, 3/23/25.. . | 1273 | 168 | 992331794.UG.FTS.B, 28.98%, 3/23/25.. . | 1651 | 1692 |
| 992191788.UG.FTS.B, 28.98%, 3/23/25.. . | 992191788.UG.FTS.B, 28.98%, 3/23/25.. . | 992191788.UG.FTS.B, 28.98%, 3/23/25.. . | 68 | 70 | 992332010.UG.FTS.B, 28.98%, 3/23/25.. . | 36 | 37 |
| 992195011.UG.FTS.B, 28.98%, 3/23/25. . . | 992195011.UG.FTS.B, 28.98%, 3/23/25. . . | 992195011.UG.FTS.B, 28.98%, 3/23/25. . . | 263 | 18 | 992334591.UG.FTS.B, 28.98%, 3/23/25.. . | 615 | 631 |
| 992200304.UG.FTS.B, 28.98%, 3/23/25.. . | 992200304.UG.FTS.B, 28.98%, 3/23/25.. . | 992200304.UG.FTS.B, 28.98%, 3/23/25.. . | 380 | 376 | 992343925.UG.FTS.B, 28.98%, 3/23/25.. . | 124 | 125 |
| 992200336.UG.FTS.B, 28.98%, 3/23/25.. . | 992200336.UG.FTS.B, 28.98%, 3/23/25.. . | 992200336.UG.FTS.B, 28.98%, 3/23/25.. . | 49 | 50 | 992345339.UG.FTS.B, 28.98%, 3/23/25.. . | 311 | 319 |
| 992202654.UG.FTS.B, 28.98%, 3/23/25.. . | 992202654.UG.FTS.B, 28.98%, 3/23/25.. . | 992202654.UG.FTS.B, 28.98%, 3/23/25.. . | 32 | 32 | 992346894.UG.FTS.B, 28.98%, 3/23/25.. . | 441 | 32 |
| 98 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 98 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992349259.UG.FTS.B, 28.98%, 3/23/25.. . | $407 | $417 | 992139030.UG.FTS.B, 29.47%, 3/23/25.. . $125 | 992139030.UG.FTS.B, 29.47%, 3/23/25.. . $125 | $(4) | (4) |
| 992078334.UG.FTS.B, 29.45%, 3/23/25.. . | 118 | 80 | 992173166.UG.FTS.B, 29.47%, 3/23/25.. . | 71 | 73 | 73 |
| 992091621.UG.FTS.B, 29.45%, 3/23/25.. . | 1677 | 1748 | 992193042.UG.FTS.B, 29.47%, 3/23/25.. . | 25 | 26 | 26 |
| 992091676.UG.FTS.B, 29.45%, 3/23/25.. . | 108 | 106 | 992202236.UG.FTS.B, 29.47%, 3/23/25.. . | 174 | 13 | 13 |
| 992092743.UG.FTS.B, 29.45%, 3/23/25.. . | 1257 | 1309 | 992230065.UG.FTS.B, 29.47%, 3/23/25.. . | 933 | 972 | 972 |
| 992094325.UG.FTS.B, 29.45%, 3/23/25.. . | 679 | 703 | 992286326.UG.FTS.B, 29.47%, 3/23/25.. . | 98 | 102 | 102 |
| 992095428.UG.FTS.B, 29.45%, 3/23/25.. . | 153 | 159 | 992078330.UG.FTS.B, 29.48%, 3/23/25.. . | 631 | 650 | 650 |
| 992096825.UG.FTS.B, 29.45%, 3/23/25.. . | 1725 | 1796 | 992080605.UG.FTS.B, 29.48%, 3/23/25.. . | 444 | 442 | 442 |
| 992103300.UG.FTS.B, 29.45%, 3/23/25.. . | 79 | 79 | 992086212.UG.FTS.B, 29.48%, 3/23/25.. . | 48 | 49 | 49 |
| 992107553.UG.FTS.B, 29.45%, 3/23/25.. . | 87 | 88 | 992089191.UG.FTS.B, 29.48%, 3/23/25.. . | 430 | 426 | 426 |
| 992117256.UG.FTS.B, 29.45%, 3/23/25. . . | 21 | 4 | 992092155.UG.FTS.B, 29.48%, 3/23/25.. . | 2097 | 2189 | 2189 |
| 992131203.UG.FTS.B, 29.45%, 3/23/25.. . | 534 | 541 | 992100148.UG.FTS.B, 29.48%, 3/23/25.. . | 383 | 391 | 391 |
| 992135282.UG.FTS.B, 29.45%, 3/23/25.. . | 47 | 48 | 992100721.UG.FTS.B, 29.48%, 3/23/25.. . | 1467 | 1530 | 1530 |
| 992146072.UG.FTS.B, 29.45%, 3/23/25.. . | 49 | 41 | 992113544.UG.FTS.B, 29.48%, 3/23/25. . . | 48 | 47 | 47 |
| 992154178.UG.FTS.B, 29.45%, 3/23/25.. . | 521 | 540 | 992115766.UG.FTS.B, 29.48%, 3/23/25. . . | 297 | 208 | 208 |
| 992159199.UG.FTS.B, 29.45%, 3/23/25.. . | 256 | 266 | 992119153.UG.FTS.B, 29.48%, 3/23/25. . . | 66 | 53 | 53 |
| 992219227.UG.FTS.B, 29.45%, 3/23/25.. . | 386 | 399 | 992132973.UG.FTS.B, 29.48%, 3/23/25.. . | 3322 | 3465 | 3465 |
| 992230512.UG.FTS.B, 29.45%, 3/23/25.. . | 30 | 30 | 992144060.UG.FTS.B, 29.48%, 3/23/25.. . | 484 | 502 | 502 |
| 992236402.UG.FTS.B, 29.45%, 3/23/25.. . | – | – | 992154029.UG.FTS.B, 29.48%, 3/23/25.. . | 797 | 811 | 811 |
| 992260223.UG.FTS.B, 29.45%, 3/23/25.. . | 99 | 103 | 992182984.UG.FTS.B, 29.48%, 3/23/25.. . | 96 | 100 | 100 |
| 992267805.UG.FTS.B, 29.45%, 3/23/25.. . | 1 | 1 | 992189547.UG.FTS.B, 29.48%, 3/23/25.. . | 11 | 11 | 11 |
| 992075500.UG.FTS.B, 29.46%, 3/23/25.. . | 458 | 475 | 992197564.UG.FTS.B, 29.48%, 3/23/25.. . | 4 | 4 | 4 |
| 992075662.UG.FTS.B, 29.46%, 3/23/25.. . | 127 | 130 | 992225919.UG.FTS.B, 29.48%, 3/23/25.. . | 179 | 179 | 179 |
| 992079475.UG.FTS.B, 29.46%, 3/23/25.. . | 71 | 73 | 992269534.UG.FTS.B, 29.48%, 3/23/25.. . | 207 | 212 | 212 |
| 992080779.UG.FTS.B, 29.46%, 3/23/25.. . | 413 | 421 | 992270543.UG.FTS.B, 29.48%, 3/23/25.. . | 159 | 166 | 166 |
| 992082316.UG.FTS.B, 29.46%, 3/23/25.. . | 101 | 7 | 992075010.UG.FTS.B, 29.49%, 3/23/25.. . | 83 | 86 | 86 |
| 992085613.UG.FTS.B, 29.46%, 3/23/25.. . | 66 | 68 | 992075279.UG.FTS.B, 29.49%, 3/23/25.. . | 266 | 276 | 276 |
| 992086883.UG.FTS.B, 29.46%, 3/23/25.. . | – | – | 992075962.UG.FTS.B, 29.49%, 3/23/25.. . | 187 | 192 | 192 |
| 992088160.UG.FTS.B, 29.46%, 3/23/25.. . | 65 | 65 | 992076054.UG.FTS.B, 29.49%, 3/23/25.. . | 213 | 213 | 213 |
| 992089207.UG.FTS.B, 29.46%, 3/23/25.. . | 401 | 416 | 992076192.UG.FTS.B, 29.49%, 3/23/25.. . | 233 | 240 | 240 |
| 992089276.UG.FTS.B, 29.46%, 3/23/25.. . | 508 | 529 | 992076403.UG.FTS.B, 29.49%, 3/23/25.. . | 167 | 173 | 173 |
| 992098024.UG.FTS.B, 29.46%, 3/23/25.. . | 25 | 25 | 992076612.UG.FTS.B, 29.49%, 3/23/25.. . | 1522 | 1564 | 1564 |
| 992099262.UG.FTS.B, 29.46%, 3/23/25.. . | 103 | 107 | 992076714.UG.FTS.B, 29.49%, 3/23/25.. . | 367 | 384 | 384 |
| 992105198.UG.FTS.B, 29.46%, 3/23/25.. . | 1091 | (39) | 992076958.UG.FTS.B, 29.49%, 3/23/25.. . | 71 | 71 | 71 |
| 992111493.UG.FTS.B, 29.46%, 3/23/25. . . | 272 | 276 | 992077099.UG.FTS.B, 29.49%, 3/23/25.. . | 118 | 118 | 118 |
| 992120728.UG.FTS.B, 29.46%, 3/23/25.. . | 112 | 116 | 992077673.UG.FTS.B, 29.49%, 3/23/25.. . | 1342 | 1393 | 1393 |
| 992165535.UG.FTS.B, 29.46%, 3/23/25.. . | 7 | 7 | 992077810.UG.FTS.B, 29.49%, 3/23/25.. . | 309 | 211 | 211 |
| 992172097.UG.FTS.B, 29.46%, 3/23/25.. . | 135 | 134 | 992077892.UG.FTS.B, 29.49%, 3/23/25.. . | 120 | 120 | 120 |
| 992176106.UG.FTS.B, 29.46%, 3/23/25.. . | 1280 | 1322 | 992077959.UG.FTS.B, 29.49%, 3/23/25.. . | 414 | 430 | 430 |
| 992206970.UG.FTS.B, 29.46%, 3/23/25.. . | 279 | 290 | 992078026.UG.FTS.B, 29.49%, 3/23/25.. . | 27 | 27 | 27 |
| 992230214.UG.FTS.B, 29.46%, 3/23/25.. . | 688 | 670 | 992078817.UG.FTS.B, 29.49%, 3/23/25.. . | 548 | 555 | 555 |
| 992234329.UG.FTS.B, 29.46%, 3/23/25.. . | 896 | 933 | 992079417.UG.FTS.B, 29.49%, 3/23/25.. . | 599 | 624 | 624 |
| 992236437.UG.FTS.B, 29.46%, 3/23/25.. . | 531 | 553 | 992079952.UG.FTS.B, 29.49%, 3/23/25.. . | 273 | 259 | 259 |
| 992299287.UG.FTS.B, 29.46%, 3/23/25.. . | 12 | 12 | 992080086.UG.FTS.B, 29.49%, 3/23/25.. . | 35 | 35 | 35 |
| 992079962.UG.FTS.B, 29.47%, 3/23/25.. . | – | – | 992081380.UG.FTS.B, 29.49%, 3/23/25.. . | 59 | 60 | 60 |
| 992086885.UG.FTS.B, 29.47%, 3/23/25.. . | 999 | 1040 | 992081689.UG.FTS.B, 29.49%, 3/23/25.. . | 17 | 17 | 17 |
| 992088108.UG.FTS.B, 29.47%, 3/23/25.. . | 25 | 25 | 992081827.UG.FTS.B, 29.49%, 3/23/25.. . | 237 | 246 | 246 |
| 992089163.UG.FTS.B, 29.47%, 3/23/25.. . | 824 | 858 | 992082953.UG.FTS.B, 29.49%, 3/23/25.. . | 52 | 53 | 53 |
| 992093233.UG.FTS.B, 29.47%, 3/23/25.. . | 1678 | 1740 | 992083215.UG.FTS.B, 29.49%, 3/23/25.. . | 134 | 140 | 140 |
| 992093372.UG.FTS.B, 29.47%, 3/23/25.. . | 2516 | 2625 | 992083817.UG.FTS.B, 29.49%, 3/23/25.. . | 231 | 240 | 240 |
| 992094849.UG.FTS.B, 29.47%, 3/23/25.. . | 596 | 620 | 992083872.UG.FTS.B, 29.49%, 3/23/25.. . | 2203 | 2298 | 2298 |
| 992096498.UG.FTS.B, 29.47%, 3/23/25.. . | 230 | 148 | 992084102.UG.FTS.B, 29.49%, 3/23/25.. . | 220 | 219 | 219 |
| 992098450.UG.FTS.B, 29.47%, 3/23/25.. . | 728 | 734 | 992084707.UG.FTS.B, 29.49%, 3/23/25.. . | 100 | 104 | 104 |
| 992106683.UG.FTS.B, 29.47%, 3/23/25.. . | 1695 | 1766 | 992084833.UG.FTS.B, 29.49%, 3/23/25.. . | 177 | 184 | 184 |
| 992118997.UG.FTS.B, 29.47%, 3/23/25. . . | 182 | 182 | 992084835.UG.FTS.B, 29.49%, 3/23/25.. . | 264 | 274 | 274 |
| 992128076.UG.FTS.B, 29.47%, 3/23/25.. . | 157 | 164 | 992085153.UG.FTS.B, 29.49%, 3/23/25.. . | 4132 | 4311 | 4311 |
| 992137878.UG.FTS.B, 29.47%, 3/23/25.. . | 113 | 118 | 992085314.UG.FTS.B, 29.49%, 3/23/25.. . | 95 | 98 | 98 |
| 992138822.UG.FTS.B, 29.47%, 3/23/25.. . | 6 | 7 | 992085405.UG.FTS.B, 29.49%, 3/23/25.. . | 37 | 33 | 33 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 99 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 99 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992085601.UG.FTS.B, 29.49%, 3/23/25.. . $ | 992085601.UG.FTS.B, 29.49%, 3/23/25.. . $ | 992085601.UG.FTS.B, 29.49%, 3/23/25.. . $ | 382 | $383 | 992120452.UG.FTS.B, 29.49%, 3/23/25.. . $ | 174 | $182 |
| 992085871.UG.FTS.B, 29.49%, 3/23/25.. . | 992085871.UG.FTS.B, 29.49%, 3/23/25.. . | 992085871.UG.FTS.B, 29.49%, 3/23/25.. . | 28 | 28 | 992120540.UG.FTS.B, 29.49%, 3/23/25.. . | 49 | 50 |
| 992085899.UG.FTS.B, 29.49%, 3/23/25.. . | 992085899.UG.FTS.B, 29.49%, 3/23/25.. . | 992085899.UG.FTS.B, 29.49%, 3/23/25.. . | 160 | 164 | 992120732.UG.FTS.B, 29.49%, 3/23/25.. . | 438 | 449 |
| 992086074.UG.FTS.B, 29.49%, 3/23/25.. . | 992086074.UG.FTS.B, 29.49%, 3/23/25.. . | 992086074.UG.FTS.B, 29.49%, 3/23/25.. . | 221 | 230 | 992121896.UG.FTS.B, 29.49%, 3/23/25.. . | 366 | 382 |
| 992087323.UG.FTS.B, 29.49%, 3/23/25.. . | 992087323.UG.FTS.B, 29.49%, 3/23/25.. . | 992087323.UG.FTS.B, 29.49%, 3/23/25.. . | 449 | 468 | 992122993.UG.FTS.B, 29.49%, 3/23/25.. . | 645 | 624 |
| 992087497.UG.FTS.B, 29.49%, 3/23/25.. . | 992087497.UG.FTS.B, 29.49%, 3/23/25.. . | 992087497.UG.FTS.B, 29.49%, 3/23/25.. . | 224 | (13) | 992123182.UG.FTS.B, 29.49%, 3/23/25.. . | 334 | 350 |
| 992087535.UG.FTS.B, 29.49%, 3/23/25.. . | 992087535.UG.FTS.B, 29.49%, 3/23/25.. . | 992087535.UG.FTS.B, 29.49%, 3/23/25.. . | 974 | 1002 | 992123466.UG.FTS.B, 29.49%, 3/23/25.. . | 176 | 184 |
| 992087878.UG.FTS.B, 29.49%, 3/23/25.. . | 992087878.UG.FTS.B, 29.49%, 3/23/25.. . | 992087878.UG.FTS.B, 29.49%, 3/23/25.. . | 230 | 240 | 992124518.UG.FTS.B, 29.49%, 3/23/25.. . | 109 | 113 |
| 992087923.UG.FTS.B, 29.49%, 3/23/25.. . | 992087923.UG.FTS.B, 29.49%, 3/23/25.. . | 992087923.UG.FTS.B, 29.49%, 3/23/25.. . | 146 | 152 | 992124733.UG.FTS.B, 29.49%, 3/23/25.. . | 77 | 80 |
| 992088239.UG.FTS.B, 29.49%, 3/23/25.. . | 992088239.UG.FTS.B, 29.49%, 3/23/25.. . | 992088239.UG.FTS.B, 29.49%, 3/23/25.. . | 3344 | 3497 | 992126183.UG.FTS.B, 29.49%, 3/23/25.. . | – | – |
| 992088639.UG.FTS.B, 29.49%, 3/23/25.. . | 992088639.UG.FTS.B, 29.49%, 3/23/25.. . | 992088639.UG.FTS.B, 29.49%, 3/23/25.. . | 105 | 106 | 992127613.UG.FTS.B, 29.49%, 3/23/25.. . | 356 | 57 |
| 992088753.UG.FTS.B, 29.49%, 3/23/25.. . | 992088753.UG.FTS.B, 29.49%, 3/23/25.. . | 992088753.UG.FTS.B, 29.49%, 3/23/25.. . | 60 | 61 | 992128507.UG.FTS.B, 29.49%, 3/23/25.. . | 1444 | 196 |
| 992089697.UG.FTS.B, 29.49%, 3/23/25.. . | 992089697.UG.FTS.B, 29.49%, 3/23/25.. . | 992089697.UG.FTS.B, 29.49%, 3/23/25.. . | 794 | 826 | 992128514.UG.FTS.B, 29.49%, 3/23/25.. . | 1533 | 1596 |
| 992090945.UG.FTS.B, 29.49%, 3/23/25.. . | 992090945.UG.FTS.B, 29.49%, 3/23/25.. . | 992090945.UG.FTS.B, 29.49%, 3/23/25.. . | 1417 | 1478 | 992128723.UG.FTS.B, 29.49%, 3/23/25.. . | 49 | 50 |
| 992090965.UG.FTS.B, 29.49%, 3/23/25.. . | 992090965.UG.FTS.B, 29.49%, 3/23/25.. . | 992090965.UG.FTS.B, 29.49%, 3/23/25.. . | 64 | 66 | 992129393.UG.FTS.B, 29.49%, 3/23/25.. . | 117 | 117 |
| 992091887.UG.FTS.B, 29.49%, 3/23/25.. . | 992091887.UG.FTS.B, 29.49%, 3/23/25.. . | 992091887.UG.FTS.B, 29.49%, 3/23/25.. . | – | – | 992130283.UG.FTS.B, 29.49%, 3/23/25.. . | 147 | 153 |
| 992092544.UG.FTS.B, 29.49%, 3/23/25.. . | 992092544.UG.FTS.B, 29.49%, 3/23/25.. . | 992092544.UG.FTS.B, 29.49%, 3/23/25.. . | 1174 | 1226 | 992131223.UG.FTS.B, 29.49%, 3/23/25.. . | 1024 | 994 |
| 992093347.UG.FTS.B, 29.49%, 3/23/25.. . | 992093347.UG.FTS.B, 29.49%, 3/23/25.. . | 992093347.UG.FTS.B, 29.49%, 3/23/25.. . | 3339 | 3478 | 992132653.UG.FTS.B, 29.49%, 3/23/25.. . | 1126 | 1069 |
| 992093964.UG.FTS.B, 29.49%, 3/23/25.. . | 992093964.UG.FTS.B, 29.49%, 3/23/25.. . | 992093964.UG.FTS.B, 29.49%, 3/23/25.. . | 36 | 36 | 992134100.UG.FTS.B, 29.49%, 3/23/25.. . | 201 | 209 |
| 992095299.UG.FTS.B, 29.49%, 3/23/25.. . | 992095299.UG.FTS.B, 29.49%, 3/23/25.. . | 992095299.UG.FTS.B, 29.49%, 3/23/25.. . | 3 | 3 | 992134832.UG.FTS.B, 29.49%, 3/23/25.. . | 22 | 22 |
| 992095535.UG.FTS.B, 29.49%, 3/23/25.. . | 992095535.UG.FTS.B, 29.49%, 3/23/25.. . | 992095535.UG.FTS.B, 29.49%, 3/23/25.. . | 99 | 103 | 992135209.UG.FTS.B, 29.49%, 3/23/25.. . | 19 | 19 |
| 992097000.UG.FTS.B, 29.49%, 3/23/25.. . | 992097000.UG.FTS.B, 29.49%, 3/23/25.. . | 992097000.UG.FTS.B, 29.49%, 3/23/25.. . | 187 | 192 | 992136810.UG.FTS.B, 29.49%, 3/23/25.. . | 500 | 522 |
| 992099619.UG.FTS.B, 29.49%, 3/23/25.. . | 992099619.UG.FTS.B, 29.49%, 3/23/25.. . | 992099619.UG.FTS.B, 29.49%, 3/23/25.. . | 44 | 44 | 992136969.UG.FTS.B, 29.49%, 3/23/25.. . | 700 | 685 |
| 992099679.UG.FTS.B, 29.49%, 3/23/25.. . | 992099679.UG.FTS.B, 29.49%, 3/23/25.. . | 992099679.UG.FTS.B, 29.49%, 3/23/25.. . | 211 | 220 | 992137745.UG.FTS.B, 29.49%, 3/23/25.. . | 259 | 262 |
| 992099727.UG.FTS.B, 29.49%, 3/23/25.. . | 992099727.UG.FTS.B, 29.49%, 3/23/25.. . | 992099727.UG.FTS.B, 29.49%, 3/23/25.. . | 95 | 99 | 992139577.UG.FTS.B, 29.49%, 3/23/25.. . | 170 | 177 |
| 992099804.UG.FTS.B, 29.49%, 3/23/25.. . | 992099804.UG.FTS.B, 29.49%, 3/23/25.. . | 992099804.UG.FTS.B, 29.49%, 3/23/25.. . | 480 | 501 | 992139587.UG.FTS.B, 29.49%, 3/23/25.. . | 474 | 467 |
| 992099891.UG.FTS.B, 29.49%, 3/23/25.. . | 992099891.UG.FTS.B, 29.49%, 3/23/25.. . | 992099891.UG.FTS.B, 29.49%, 3/23/25.. . | 115 | 120 | 992139886.UG.FTS.B, 29.49%, 3/23/25.. . | 95 | 99 |
| 992100366.UG.FTS.B, 29.49%, 3/23/25.. . | 992100366.UG.FTS.B, 29.49%, 3/23/25.. . | 992100366.UG.FTS.B, 29.49%, 3/23/25.. . | 226 | 226 | 992141532.UG.FTS.B, 29.49%, 3/23/25.. . | 54 | 55 |
| 992100681.UG.FTS.B, 29.49%, 3/23/25.. . | 992100681.UG.FTS.B, 29.49%, 3/23/25.. . | 992100681.UG.FTS.B, 29.49%, 3/23/25.. . | 24 | 2 | 992142371.UG.FTS.B, 29.49%, 3/23/25.. . | 18 | 18 |
| 992101342.UG.FTS.B, 29.49%, 3/23/25.. . | 992101342.UG.FTS.B, 29.49%, 3/23/25.. . | 992101342.UG.FTS.B, 29.49%, 3/23/25.. . | 138 | 144 | 992142629.UG.FTS.B, 29.49%, 3/23/25.. . | 7 | 7 |
| 992101765.UG.FTS.B, 29.49%, 3/23/25.. . | 992101765.UG.FTS.B, 29.49%, 3/23/25.. . | 992101765.UG.FTS.B, 29.49%, 3/23/25.. . | 833 | 869 | 992143159.UG.FTS.B, 29.49%, 3/23/25.. . | 38 | 39 |
| 992102014.UG.FTS.B, 29.49%, 3/23/25.. . | 992102014.UG.FTS.B, 29.49%, 3/23/25.. . | 992102014.UG.FTS.B, 29.49%, 3/23/25.. . | 1672 | 1745 | 992143800.UG.FTS.B, 29.49%, 3/23/25.. . | 204 | 213 |
| 992104028.UG.FTS.B, 29.49%, 3/23/25.. . | 992104028.UG.FTS.B, 29.49%, 3/23/25.. . | 992104028.UG.FTS.B, 29.49%, 3/23/25.. . | 106 | 110 | 992144018.UG.FTS.B, 29.49%, 3/23/25.. . | 746 | 767 |
| 992104277.UG.FTS.B, 29.49%, 3/23/25.. . | 992104277.UG.FTS.B, 29.49%, 3/23/25.. . | 992104277.UG.FTS.B, 29.49%, 3/23/25.. . | 65 | 65 | 992144043.UG.FTS.B, 29.49%, 3/23/25.. . | 58 | 59 |
| 992104677.UG.FTS.B, 29.49%, 3/23/25.. . | 992104677.UG.FTS.B, 29.49%, 3/23/25.. . | 992104677.UG.FTS.B, 29.49%, 3/23/25.. . | 295 | 307 | 992145625.UG.FTS.B, 29.49%, 3/23/25.. . | 162 | 169 |
| 992104962.UG.FTS.B, 29.49%, 3/23/25.. . | 992104962.UG.FTS.B, 29.49%, 3/23/25.. . | 992104962.UG.FTS.B, 29.49%, 3/23/25.. . | 100 | 104 | 992147037.UG.FTS.B, 29.49%, 3/23/25.. . | 129 | 134 |
| 992105033.UG.FTS.B, 29.49%, 3/23/25.. . | 992105033.UG.FTS.B, 29.49%, 3/23/25.. . | 992105033.UG.FTS.B, 29.49%, 3/23/25.. . | 859 | 895 | 992147238.UG.FTS.B, 29.49%, 3/23/25.. . | 330 | 328 |
| 992105126.UG.FTS.B, 29.49%, 3/23/25.. . | 992105126.UG.FTS.B, 29.49%, 3/23/25.. . | 992105126.UG.FTS.B, 29.49%, 3/23/25.. . | 131 | 130 | 992147558.UG.FTS.B, 29.49%, 3/23/25.. . | 5 | 5 |
| 992105610.UG.FTS.B, 29.49%, 3/23/25.. . | 992105610.UG.FTS.B, 29.49%, 3/23/25.. . | 992105610.UG.FTS.B, 29.49%, 3/23/25.. . | 63 | 65 | 992149128.UG.FTS.B, 29.49%, 3/23/25.. . | 334 | 349 |
| 992105922.UG.FTS.B, 29.49%, 3/23/25.. . | 992105922.UG.FTS.B, 29.49%, 3/23/25.. . | 992105922.UG.FTS.B, 29.49%, 3/23/25.. . | 107 | 112 | 992149809.UG.FTS.B, 29.49%, 3/23/25.. . | 293 | 305 |
| 992106235.UG.FTS.B, 29.49%, 3/23/25.. . | 992106235.UG.FTS.B, 29.49%, 3/23/25.. . | 992106235.UG.FTS.B, 29.49%, 3/23/25.. . | 67 | 69 | 992151064.UG.FTS.B, 29.49%, 3/23/25.. . | 82 | 11 |
| 992106241.UG.FTS.B, 29.49%, 3/23/25.. . | 992106241.UG.FTS.B, 29.49%, 3/23/25.. . | 992106241.UG.FTS.B, 29.49%, 3/23/25.. . | 372 | 388 | 992154893.UG.FTS.B, 29.49%, 3/23/25.. . | 394 | 410 |
| 992107332.UG.FTS.B, 29.49%, 3/23/25.. . | 992107332.UG.FTS.B, 29.49%, 3/23/25.. . | 992107332.UG.FTS.B, 29.49%, 3/23/25.. . | 124 | 130 | 992155143.UG.FTS.B, 29.49%, 3/23/25.. . | 163 | 167 |
| 992108103.UG.FTS.B, 29.49%, 3/23/25.. . | 992108103.UG.FTS.B, 29.49%, 3/23/25.. . | 992108103.UG.FTS.B, 29.49%, 3/23/25.. . | 240 | 250 | 992155386.UG.FTS.B, 29.49%, 3/23/25.. . | 65 | 65 |
| 992109564.UG.FTS.B, 29.49%, 3/23/25.. . | 992109564.UG.FTS.B, 29.49%, 3/23/25.. . | 992109564.UG.FTS.B, 29.49%, 3/23/25.. . | 587 | 591 | 992156242.UG.FTS.B, 29.49%, 3/23/25.. . | 101 | 105 |
| 992110017.UG.FTS.B, 29.49%, 3/23/25. . . | 992110017.UG.FTS.B, 29.49%, 3/23/25. . . | 992110017.UG.FTS.B, 29.49%, 3/23/25. . . | 128 | 131 | 992159160.UG.FTS.B, 29.49%, 3/23/25.. . | 70 | 72 |
| 992110206.UG.FTS.B, 29.49%, 3/23/25. . . | 992110206.UG.FTS.B, 29.49%, 3/23/25. . . | 992110206.UG.FTS.B, 29.49%, 3/23/25. . . | 58 | 60 | 992160995.UG.FTS.B, 29.49%, 3/23/25.. . | 65 | 67 |
| 992110292.UG.FTS.B, 29.49%, 3/23/25. . . | 992110292.UG.FTS.B, 29.49%, 3/23/25. . . | 992110292.UG.FTS.B, 29.49%, 3/23/25. . . | 102 | 105 | 992161394.UG.FTS.B, 29.49%, 3/23/25.. . | 6 | 6 |
| 992112463.UG.FTS.B, 29.49%, 3/23/25. . . | 992112463.UG.FTS.B, 29.49%, 3/23/25. . . | 992112463.UG.FTS.B, 29.49%, 3/23/25. . . | 835 | 871 | 992163507.UG.FTS.B, 29.49%, 3/23/25.. . | 26 | 4 |
| 992113283.UG.FTS.B, 29.49%, 3/23/25. . . | 992113283.UG.FTS.B, 29.49%, 3/23/25. . . | 992113283.UG.FTS.B, 29.49%, 3/23/25. . . | 586 | 45 | 992166586.UG.FTS.B, 29.49%, 3/23/25.. . | 142 | 141 |
| 992115025.UG.FTS.B, 29.49%, 3/23/25. . . | 992115025.UG.FTS.B, 29.49%, 3/23/25. . . | 992115025.UG.FTS.B, 29.49%, 3/23/25. . . | 150 | 156 | 992167628.UG.FTS.B, 29.49%, 3/23/25.. . | 929 | 965 |
| 992116093.UG.FTS.B, 29.49%, 3/23/25. . . | 992116093.UG.FTS.B, 29.49%, 3/23/25. . . | 992116093.UG.FTS.B, 29.49%, 3/23/25. . . | 282 | 294 | 992167658.UG.FTS.B, 29.49%, 3/23/25.. . | 76 | 78 |
| 992116322.UG.FTS.B, 29.49%, 3/23/25. . . | 992116322.UG.FTS.B, 29.49%, 3/23/25. . . | 992116322.UG.FTS.B, 29.49%, 3/23/25. . . | 115 | 120 | 992168335.UG.FTS.B, 29.49%, 3/23/25.. . | 283 | 294 |
| 992117760.UG.FTS.B, 29.49%, 3/23/25. . . | 992117760.UG.FTS.B, 29.49%, 3/23/25. . . | 992117760.UG.FTS.B, 29.49%, 3/23/25. . . | 209 | 218 | 992169203.UG.FTS.B, 29.49%, 3/23/25.. . | 285 | 289 |
| 992117836.UG.FTS.B, 29.49%, 3/23/25. . . | 992117836.UG.FTS.B, 29.49%, 3/23/25. . . | 992117836.UG.FTS.B, 29.49%, 3/23/25. . . | 79 | 81 | 992169560.UG.FTS.B, 29.49%, 3/23/25.. . | 47 | 48 |
| 992118205.UG.FTS.B, 29.49%, 3/23/25. . . | 992118205.UG.FTS.B, 29.49%, 3/23/25. . . | 992118205.UG.FTS.B, 29.49%, 3/23/25. . . | 154 | 160 | 992174056.UG.FTS.B, 29.49%, 3/23/25.. . | 342 | 356 |
| 992118662.UG.FTS.B, 29.49%, 3/23/25. . . | 992118662.UG.FTS.B, 29.49%, 3/23/25. . . | 992118662.UG.FTS.B, 29.49%, 3/23/25. . . | 30 | 30 | 992175094.UG.FTS.B, 29.49%, 3/23/25.. . | 1321 | 1355 |
| 992118797.UG.FTS.B, 29.49%, 3/23/25. . . | 992118797.UG.FTS.B, 29.49%, 3/23/25. . . | 992118797.UG.FTS.B, 29.49%, 3/23/25. . . | 73 | 75 | 992177382.UG.FTS.B, 29.49%, 3/23/25.. . | 4165 | 4337 |
| 100 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 100 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992180007.UG.FTS.B, 29.49%, 3/23/25.. . | $38 | $38 | 992293802.UG.FTS.B, 29.49%, 3/23/25.. . $5,776 | 992293802.UG.FTS.B, 29.49%, 3/23/25.. . $5,776 | $5917 | 5917 |
| 992181352.UG.FTS.B, 29.49%, 3/23/25.. . | 146 | 151 | 992293869.UG.FTS.B, 29.49%, 3/23/25.. . | 266 | 20 | 20 |
| 992182513.UG.FTS.B, 29.49%, 3/23/25.. . | 258 | 255 | 992294183.UG.FTS.B, 29.49%, 3/23/25.. . | 615 | 626 | 626 |
| 992182554.UG.FTS.B, 29.49%, 3/23/25.. . | 89 | 92 | 992302403.UG.FTS.B, 29.49%, 3/23/25.. . | 58 | 58 | 58 |
| 992184677.UG.FTS.B, 29.49%, 3/23/25.. . | 26 | 26 | 992303999.UG.FTS.B, 29.49%, 3/23/25.. . | 824 | 840 | 840 |
| 992186189.UG.FTS.B, 29.49%, 3/23/25.. . | 1841 | 1244 | 992305122.UG.FTS.B, 29.49%, 3/23/25.. . | 8 | 8 | 8 |
| 992188338.UG.FTS.B, 29.49%, 3/23/25.. . | 171 | 177 | 992305770.UG.FTS.B, 29.49%, 3/23/25.. . | 18 | 18 | 18 |
| 992191296.UG.FTS.B, 29.49%, 3/23/25.. . | 329 | 343 | 992313095.UG.FTS.B, 29.49%, 3/23/25.. . | 1999 | 2044 | 2044 |
| 992194181.UG.FTS.B, 29.49%, 3/23/25.. . | 26 | 2 | 992318777.UG.FTS.B, 29.49%, 3/23/25.. . | 233 | 235 | 235 |
| 992195478.UG.FTS.B, 29.49%, 3/23/25.. . | 193 | 14 | 992319084.UG.FTS.B, 29.49%, 3/23/25.. . | 87 | 91 | 91 |
| 992196918.UG.FTS.B, 29.49%, 3/23/25.. . | 610 | 635 | 992328424.UG.FTS.B, 29.49%, 3/23/25.. . | 72 | 10 | 10 |
| 992197124.UG.FTS.B, 29.49%, 3/23/25.. . | 20 | 1 | 992328658.UG.FTS.B, 29.49%, 3/23/25.. . | 169 | 173 | 173 |
| 992197561.UG.FTS.B, 29.49%, 3/23/25.. . | 152 | 11 | 992331468.UG.FTS.B, 29.49%, 3/23/25.. . | 148 | 151 | 151 |
| 992198852.UG.FTS.B, 29.49%, 3/23/25.. . | 10 | 10 | 992331793.UG.FTS.B, 29.49%, 3/23/25.. . | 265 | 271 | 271 |
| 992200738.UG.FTS.B, 29.49%, 3/23/25.. . | 266 | 276 | 992333149.UG.FTS.B, 29.49%, 3/23/25.. . | 48 | 49 | 49 |
| 992201970.UG.FTS.B, 29.49%, 3/23/25.. . | 295 | 296 | 992345222.UG.FTS.B, 29.49%, 3/23/25.. . | 65 | 64 | 64 |
| 992202006.UG.FTS.B, 29.49%, 3/23/25.. . | 763 | 617 | 992345916.UG.FTS.B, 29.49%, 3/23/25.. . | 41 | 37 | 37 |
| 992203124.UG.FTS.B, 29.49%, 3/23/25.. . | 1225 | 1277 | 992347137.UG.FTS.B, 29.49%, 3/23/25.. . | 123 | 126 | 126 |
| 992205846.UG.FTS.B, 29.49%, 3/23/25.. . | 362 | 376 | 992349340.UG.FTS.B, 29.49%, 3/23/25.. . | 388 | 395 | 395 |
| 992208250.UG.FTS.B, 29.49%, 3/23/25.. . | 314 | 318 | 992349445.UG.FTS.B, 29.49%, 3/23/25.. . | 83 | 7 | 7 |
| 992214908.UG.FTS.B, 29.49%, 3/23/25.. . | 388 | 27 | 992349685.UG.FTS.B, 29.49%, 3/23/25.. . | 410 | 420 | 420 |
| 992215462.UG.FTS.B, 29.49%, 3/23/25.. . | 278 | 289 | 992349299.UG.FTS.B, Zero Cpn, 3/24/25.. | 2876 | 197 | 197 |
| 992215505.UG.FTS.B, 29.49%, 3/23/25.. . | 101 | 105 | 992348097.UG.FTS.B, 26.94%, 3/24/25.. . | 2447 | 2446 | 2446 |
| 992215920.UG.FTS.B, 29.49%, 3/23/25.. . | 40 | 34 | 992343079.UG.FTS.B, 27.95%, 3/24/25.. . | 24 | 24 | 24 |
| 992217489.UG.FTS.B, 29.49%, 3/23/25.. . | 207 | 216 | 992348688.UG.FTS.B, 28.98%, 3/24/25.. . | 467 | 480 | 480 |
| 992219377.UG.FTS.B, 29.49%, 3/23/25.. . | 747 | 778 | 992348978.UG.FTS.B, 28.98%, 3/24/25.. . | 184 | 189 | 189 |
| 992219910.UG.FTS.B, 29.49%, 3/23/25.. . | 332 | 347 | 992344862.UG.FTS.B, 29.45%, 3/24/25.. . | 70 | 72 | 72 |
| 992220595.UG.FTS.B, 29.49%, 3/23/25.. . | 716 | 716 | 992346001.UG.FTS.B, 29.49%, 3/24/25.. . | 167 | 171 | 171 |
| 992221268.UG.FTS.B, 29.49%, 3/23/25.. . | 585 | 609 | 992346285.UG.FTS.B, 29.49%, 3/24/25.. . | 55 | 56 | 56 |
| 992222447.UG.FTS.B, 29.49%, 3/23/25.. . | 193 | 201 | 992347851.UG.FTS.B, 29.49%, 3/24/25.. . | 66 | 68 | 68 |
| 992222570.UG.FTS.B, 29.49%, 3/23/25.. . | 278 | 290 | 992347993.UG.FTS.B, 29.49%, 3/24/25.. . | 688 | 696 | 696 |
| 992225170.UG.FTS.B, 29.49%, 3/23/25.. . | 21 | 4 | 992349011.UG.FTS.B, 29.49%, 3/24/25. . . | 205 | 210 | 210 |
| 992226804.UG.FTS.B, 29.49%, 3/23/25.. . | 97 | 96 | 992350144.UG.FTS.B, 29.49%, 3/24/25.. . | 327 | 335 | 335 |
| 992227977.UG.FTS.B, 29.49%, 3/23/25.. . | 189 | 197 | 992350513.UG.FTS.B, 29.49%, 3/24/25.. . | 50 | 51 | 51 |
| 992228318.UG.FTS.B, 29.49%, 3/23/25.. . | 76 | 79 | 992350517.UG.FTS.B, 29.49%, 3/24/25.. . | 497 | (18) | (18) |
| 992229716.UG.FTS.B, 29.49%, 3/23/25.. . | 90 | 94 | 992093797.UG.FTS.B, 15.97%, 3/25/25.. . | 2316 | 2367 | 2367 |
| 992231380.UG.FTS.B, 29.49%, 3/23/25.. . | 95 | 99 | 992100630.UG.FTS.B, 15.97%, 3/25/25.. . | 402 | 411 | 411 |
| 992231383.UG.FTS.B, 29.49%, 3/23/25.. . | 269 | 280 | 992091162.UG.FTS.B, 17.99%, 3/25/25. . . | 2542 | 2599 | 2599 |
| 992231724.UG.FTS.B, 29.49%, 3/23/25.. . | 759 | 764 | 992310701.UG.FTS.B, 15%, 3/26/25. . . . . | 81 | 81 | 81 |
| 992236311.UG.FTS.B, 29.49%, 3/23/25. . . | 248 | 259 | 992183815.UG.FTS.B, 17.99%, 3/26/25.. . | 508 | 519 | 519 |
| 992238462.UG.FTS.B, 29.49%, 3/23/25.. . | 190 | 195 | 992183565.UG.FTS.B, 15.97%, 3/27/25.. . | 81 | 83 | 83 |
| 992239237.UG.FTS.B, 29.49%, 3/23/25.. . | 78 | 81 | 992229488.UG.FTS.B, 15.97%, 3/28/25.. . | 71 | 70 | 70 |
| 992248017.UG.FTS.B, 29.49%, 3/23/25.. . | 2291 | 2222 | 992130189.UG.FTS.B, 17.99%, 3/28/25.. . | 44 | 44 | 44 |
| 992251144.UG.FTS.B, 29.49%, 3/23/25. . . | 888 | 901 | 992149701.UG.FTS.B, 17.99%, 3/28/25.. . | 157 | 159 | 159 |
| 992252945.UG.FTS.B, 29.49%, 3/23/25.. . | 18 | 18 | 992161505.UG.FTS.B, 15.97%, 3/30/25.. . | 108 | 111 | 111 |
| 992254291.UG.FTS.B, 29.49%, 3/23/25.. . | 53 | 54 | 992151176.UG.FTS.B, 16.99%, 3/30/25. . . | 80 | 82 | 82 |
| 992255455.UG.FTS.B, 29.49%, 3/23/25.. . | 59 | 59 | 992176866.UG.FTS.B, 16.99%, 3/30/25.. . | 241 | 246 | 246 |
| 992256884.UG.FTS.B, 29.49%, 3/23/25.. . | 174 | (6) | 992215497.UG.FTS.B, 17.97%, 3/30/25.. . | 117 | 75 | 75 |
| 992259547.UG.FTS.B, 29.49%, 3/23/25.. . | 614 | 628 | 992149696.UG.FTS.B, 17.99%, 3/30/25.. . | 830 | 837 | 837 |
| 992261524.UG.FTS.B, 29.49%, 3/23/25.. . | 167 | 117 | 992164557.UG.FTS.B, 17.99%, 3/30/25.. . | 112 | 114 | 114 |
| 992263600.UG.FTS.B, 29.49%, 3/23/25.. . | 420 | 438 | 992203803.UG.FTS.B, 17.99%, 3/30/25.. . | 157 | 157 | 157 |
| 992268242.UG.FTS.B, 29.49%, 3/23/25.. . | 231 | 236 | 992263228.UG.FTS.B, 17.99%, 3/30/25.. . | 2861 | 2912 | 2912 |
| 992270406.UG.FTS.B, 29.49%, 3/23/25.. . | 114 | 119 | 992293029.UG.FTS.B, 17.99%, 3/30/25.. . | 800 | 818 | 818 |
| 992271242.UG.FTS.B, 29.49%, 3/23/25.. . | 650 | 666 | 992355894.UG.FTS.B, 17.99%, 3/30/25.. . | 247 | 252 | 252 |
| 992274225.UG.FTS.B, 29.49%, 3/23/25.. . | 17 | 17 | 992365444.UG.FTS.B, 17.99%, 3/30/25.. . | 35 | 3 | 3 |
| 992282179.UG.FTS.B, 29.49%, 3/23/25.. . | 330 | 343 | 992173326.UG.FTS.B, 18.97%, 3/30/25.. . | 132 | 132 | 132 |
| 992287585.UG.FTS.B, 29.49%, 3/23/25.. . | 152 | 159 | 992149764.UG.FTS.B, 22.97%, 3/30/25.. . | 1479 | 1489 | 1489 |
| 992288841.UG.FTS.B, 29.49%, 3/23/25.. . | 472 | 476 | 992199585.UG.FTS.B, 22.97%, 3/30/25.. . | 372 | 368 | 368 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 101 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 101 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992181699.UG.FTS.B, 15.99%, 3/31/25.. . $ | 992181699.UG.FTS.B, 15.99%, 3/31/25.. . $ | 992181699.UG.FTS.B, 15.99%, 3/31/25.. . $ | 30 | $30 | 992174565.UG.FTS.B, 17.99%, 4/02/25.. . $ | 125 | $126 |
| 992300267.UG.FTS.B, 16.99%, 3/31/25.. . | 992300267.UG.FTS.B, 16.99%, 3/31/25.. . | 992300267.UG.FTS.B, 16.99%, 3/31/25.. . | 1214 | 1236 | 992197966.UG.FTS.B, 17.99%, 4/02/25.. . | 331 | 332 |
| 992200988.UG.FTS.B, 18.8%, 3/31/25.. . . | 992200988.UG.FTS.B, 18.8%, 3/31/25.. . . | 992200988.UG.FTS.B, 18.8%, 3/31/25.. . . | 647 | 643 | 992219195.UG.FTS.B, 17.99%, 4/02/25.. . | 668 | 669 |
| 992232064.UG.FTS.B, 19.21%, 3/31/25.. . | 992232064.UG.FTS.B, 19.21%, 3/31/25.. . | 992232064.UG.FTS.B, 19.21%, 3/31/25.. . | 136 | 139 | 992236318.UG.FTS.B, 17.99%, 4/02/25.. . | 397 | 404 |
| 992164081.UG.FTS.B, Zero Cpn, 4/01/25.. | 992164081.UG.FTS.B, Zero Cpn, 4/01/25.. | 992164081.UG.FTS.B, Zero Cpn, 4/01/25.. | 156 | 11 | 992247549.UG.FTS.B, 17.99%, 4/02/25.. . | 362 | 371 |
| 992172008.UG.FTS.B, Zero Cpn, 4/01/25.. | 992172008.UG.FTS.B, Zero Cpn, 4/01/25.. | 992172008.UG.FTS.B, Zero Cpn, 4/01/25.. | 212 | 15 | 992281998.UG.FTS.B, 17.99%, 4/02/25.. . | 900 | 914 |
| 992184914.UG.FTS.B, Zero Cpn, 4/01/25.. | 992184914.UG.FTS.B, Zero Cpn, 4/01/25.. | 992184914.UG.FTS.B, Zero Cpn, 4/01/25.. | 930 | 65 | 992322909.UG.FTS.B, 17.99%, 4/02/25.. . | 299 | 300 |
| 992177013.UG.FTS.B, 15%, 4/01/25. . . . . | 992177013.UG.FTS.B, 15%, 4/01/25. . . . . | 992177013.UG.FTS.B, 15%, 4/01/25. . . . . | 1652 | 1648 | 992184078.UG.FTS.B, 18.97%, 4/02/25.. . | 334 | 75 |
| 992385335.UG.FTS.B, 15%, 4/01/25. . . . . | 992385335.UG.FTS.B, 15%, 4/01/25. . . . . | 992385335.UG.FTS.B, 15%, 4/01/25. . . . . | 789 | 803 | 992218057.UG.FTS.B, 18.97%, 4/02/25.. . | 268 | 173 |
| 992192029.UG.FTS.B, 15.97%, 4/01/25.. . | 992192029.UG.FTS.B, 15.97%, 4/01/25.. . | 992192029.UG.FTS.B, 15.97%, 4/01/25.. . | 117 | 119 | 992194074.UG.FTS.B, 19.21%, 4/02/25.. . | 1829 | 1857 |
| 992256830.UG.FTS.B, 15.97%, 4/01/25.. . | 992256830.UG.FTS.B, 15.97%, 4/01/25.. . | 992256830.UG.FTS.B, 15.97%, 4/01/25.. . | 1192 | 1221 | 992219453.UG.FTS.B, 19.21%, 4/02/25.. . | 76 | 77 |
| 992286025.UG.FTS.B, 15.97%, 4/01/25.. . | 992286025.UG.FTS.B, 15.97%, 4/01/25.. . | 992286025.UG.FTS.B, 15.97%, 4/01/25.. . | 54 | 54 | 992227054.UG.FTS.B, 19.21%, 4/02/25.. . | 1505 | 1496 |
| 992169526.UG.FTS.B, 16.99%, 4/01/25.. . | 992169526.UG.FTS.B, 16.99%, 4/01/25.. . | 992169526.UG.FTS.B, 16.99%, 4/01/25.. . | 322 | 324 | 992235684.UG.FTS.B, 19.21%, 4/02/25.. . | 247 | 253 |
| 992191535.UG.FTS.B, 16.99%, 4/01/25.. . | 992191535.UG.FTS.B, 16.99%, 4/01/25.. . | 992191535.UG.FTS.B, 16.99%, 4/01/25.. . | 760 | 773 | 992172657.UG.FTS.B, 19.8%, 4/02/25.. . . | 358 | 366 |
| 992318980.UG.FTS.B, 17.99%, 4/01/25.. . | 992318980.UG.FTS.B, 17.99%, 4/01/25.. . | 992318980.UG.FTS.B, 17.99%, 4/01/25.. . | 5187 | 5306 | 992179184.UG.FTS.B, 19.8%, 4/02/25.. . . | 98 | 9 |
| 992393499.UG.FTS.B, 17.99%, 4/01/25.. . | 992393499.UG.FTS.B, 17.99%, 4/01/25.. . | 992393499.UG.FTS.B, 17.99%, 4/01/25.. . | 76 | 78 | 992218660.UG.FTS.B, 19.8%, 4/02/25.. . . | 807 | 824 |
| 992192312.UG.FTS.B, 18.97%, 4/01/25.. . | 992192312.UG.FTS.B, 18.97%, 4/01/25.. . | 992192312.UG.FTS.B, 18.97%, 4/01/25.. . | 18 | – | 992230269.UG.FTS.B, 19.8%, 4/02/25.. . . | 11 | 11 |
| 992163423.UG.FTS.B, 19.21%, 4/01/25.. . | 992163423.UG.FTS.B, 19.21%, 4/01/25.. . | 992163423.UG.FTS.B, 19.21%, 4/01/25.. . | 840 | 69 | 992237579.UG.FTS.B, 19.8%, 4/02/25.. . . | 2497 | 2525 |
| 992192263.UG.FTS.B, 19.21%, 4/01/25.. . | 992192263.UG.FTS.B, 19.21%, 4/01/25.. . | 992192263.UG.FTS.B, 19.21%, 4/01/25.. . | 105 | 108 | 992188005.UG.FTS.B, 20.46%, 4/02/25.. . | 484 | 493 |
| 992228540.UG.FTS.B, 19.21%, 4/01/25.. . | 992228540.UG.FTS.B, 19.21%, 4/01/25.. . | 992228540.UG.FTS.B, 19.21%, 4/01/25.. . | 126 | 128 | 992182027.UG.FTS.B, 20.97%, 4/02/25.. . | 64 | 65 |
| 992160230.UG.FTS.B, 19.8%, 4/01/25.. . . | 992160230.UG.FTS.B, 19.8%, 4/01/25.. . . | 992160230.UG.FTS.B, 19.8%, 4/01/25.. . . | 813 | 830 | 992196318.UG.FTS.B, 21.46%, 4/02/25.. . | 43 | 43 |
| 992235536.UG.FTS.B, 19.8%, 4/01/25.. . . | 992235536.UG.FTS.B, 19.8%, 4/01/25.. . . | 992235536.UG.FTS.B, 19.8%, 4/01/25.. . . | 362 | 371 | 992200970.UG.FTS.B, 21.46%, 4/02/25.. . | 199 | 200 |
| 992218827.UG.FTS.B, 20.97%, 4/01/25.. . | 992218827.UG.FTS.B, 20.97%, 4/01/25.. . | 992218827.UG.FTS.B, 20.97%, 4/01/25.. . | 1625 | 1659 | 992207780.UG.FTS.B, 21.46%, 4/02/25.. . | 134 | 137 |
| 992192257.UG.FTS.B, 21.46%, 4/01/25.. . | 992192257.UG.FTS.B, 21.46%, 4/01/25.. . | 992192257.UG.FTS.B, 21.46%, 4/01/25.. . | 33 | 33 | 992182313.UG.FTS.B, 21.98%, 4/02/25.. . | 624 | 633 |
| 992192791.UG.FTS.B, 21.46%, 4/01/25.. . | 992192791.UG.FTS.B, 21.46%, 4/01/25.. . | 992192791.UG.FTS.B, 21.46%, 4/01/25.. . | 208 | 212 | 992199234.UG.FTS.B, 21.98%, 4/02/25.. . | 220 | 222 |
| 992202494.UG.FTS.B, 21.46%, 4/01/25.. . | 992202494.UG.FTS.B, 21.46%, 4/01/25.. . | 992202494.UG.FTS.B, 21.46%, 4/01/25.. . | 261 | 260 | 992226718.UG.FTS.B, 21.98%, 4/02/25.. . | 424 | 433 |
| 992213800.UG.FTS.B, 21.46%, 4/01/25.. . | 992213800.UG.FTS.B, 21.46%, 4/01/25.. . | 992213800.UG.FTS.B, 21.46%, 4/01/25.. . | 5 | 5 | 992225777.UG.FTS.B, 23.95%, 4/02/25.. . | 601 | 122 |
| 992201027.UG.FTS.B, 21.97%, 4/01/25.. . | 992201027.UG.FTS.B, 21.97%, 4/01/25.. . | 992201027.UG.FTS.B, 21.97%, 4/01/25.. . | 321 | 42 | 992183546.UG.FTS.B, 24.95%, 4/02/25.. . | 244 | 58 |
| 992159329.UG.FTS.B, 21.98%, 4/01/25.. . | 992159329.UG.FTS.B, 21.98%, 4/01/25.. . | 992159329.UG.FTS.B, 21.98%, 4/01/25.. . | 211 | 214 | 992217766.UG.FTS.B, Zero Cpn, 4/03/25.. | 7097 | 498 |
| 992168313.UG.FTS.B, 21.98%, 4/01/25.. . | 992168313.UG.FTS.B, 21.98%, 4/01/25.. . | 992168313.UG.FTS.B, 21.98%, 4/01/25.. . | 291 | (1) | 992384961.UG.FTS.B, 14.97%, 4/03/25.. . | 3 | 3 |
| 992169771.UG.FTS.B, 21.98%, 4/01/25.. . | 992169771.UG.FTS.B, 21.98%, 4/01/25.. . | 992169771.UG.FTS.B, 21.98%, 4/01/25.. . | 78 | – | 992198813.UG.FTS.B, 17.99%, 4/03/25.. . | 14 | 14 |
| 992189021.UG.FTS.B, 22.95%, 4/01/25.. . | 992189021.UG.FTS.B, 22.95%, 4/01/25.. . | 992189021.UG.FTS.B, 22.95%, 4/01/25.. . | 540 | 48 | 992241413.UG.FTS.B, 17.99%, 4/03/25.. . | 99 | 101 |
| 992173863.UG.FTS.B, 25.95%, 4/01/25.. . | 992173863.UG.FTS.B, 25.95%, 4/01/25.. . | 992173863.UG.FTS.B, 25.95%, 4/01/25.. . | 62 | 61 | 992313879.UG.FTS.B, 17.99%, 4/03/25.. . | 2106 | 2139 |
| 992184993.UG.FTS.B, Zero Cpn, 4/02/25.. | 992184993.UG.FTS.B, Zero Cpn, 4/02/25.. | 992184993.UG.FTS.B, Zero Cpn, 4/02/25.. | 4628 | 323 | 992353489.UG.FTS.B, 17.99%, 4/03/25.. . | 48 | 49 |
| 992217849.UG.FTS.B, 14.98%, 4/02/25.. . | 992217849.UG.FTS.B, 14.98%, 4/02/25.. . | 992217849.UG.FTS.B, 14.98%, 4/02/25.. . | 3692 | 3749 | 992193179.UG.FTS.B, 18.97%, 4/03/25.. . | 958 | 950 |
| 992279155.UG.FTS.B, 14.98%, 4/02/25.. . | 992279155.UG.FTS.B, 14.98%, 4/02/25.. . | 992279155.UG.FTS.B, 14.98%, 4/02/25.. . | 525 | 538 | 992210631.UG.FTS.B, 18.97%, 4/03/25.. . | 128 | 130 |
| 992184732.UG.FTS.B, 15%, 4/02/25. . . . . | 992184732.UG.FTS.B, 15%, 4/02/25. . . . . | 992184732.UG.FTS.B, 15%, 4/02/25. . . . . | 98 | 99 | 992214503.UG.FTS.B, 19.21%, 4/03/25.. . | 188 | 21 |
| 992371293.UG.FTS.B, 15%, 4/02/25. . . . . | 992371293.UG.FTS.B, 15%, 4/02/25. . . . . | 992371293.UG.FTS.B, 15%, 4/02/25. . . . . | 231 | 235 | 992225420.UG.FTS.B, 19.21%, 4/03/25.. . | 44 | 43 |
| 992218853.UG.FTS.B, 15.97%, 4/02/25.. . | 992218853.UG.FTS.B, 15.97%, 4/02/25.. . | 992218853.UG.FTS.B, 15.97%, 4/02/25.. . | 2133 | 2189 | 992198438.UG.FTS.B, 20.97%, 4/03/25.. . | 3724 | 3765 |
| 992237498.UG.FTS.B, 15.97%, 4/02/25.. . | 992237498.UG.FTS.B, 15.97%, 4/02/25.. . | 992237498.UG.FTS.B, 15.97%, 4/02/25.. . | 6991 | 7106 | 992189142.UG.FTS.B, 21.46%, 4/03/25.. . | 1669 | 1682 |
| 992262276.UG.FTS.B, 15.97%, 4/02/25.. . | 992262276.UG.FTS.B, 15.97%, 4/02/25.. . | 992262276.UG.FTS.B, 15.97%, 4/02/25.. . | 312 | 317 | 992193789.UG.FTS.B, 21.46%, 4/03/25.. . | 2621 | 2625 |
| 992275068.UG.FTS.B, 15.97%, 4/02/25.. . | 992275068.UG.FTS.B, 15.97%, 4/02/25.. . | 992275068.UG.FTS.B, 15.97%, 4/02/25.. . | 308 | 316 | 992233042.UG.FTS.B, 21.46%, 4/03/25.. . | 941 | 949 |
| 992348574.UG.FTS.B, 15.97%, 4/02/25.. . | 992348574.UG.FTS.B, 15.97%, 4/02/25.. . | 992348574.UG.FTS.B, 15.97%, 4/02/25.. . | 2127 | 2161 | 992187308.UG.FTS.B, 22.97%, 4/03/25.. . | 2815 | 2835 |
| 992349658.UG.FTS.B, 15.97%, 4/02/25.. . | 992349658.UG.FTS.B, 15.97%, 4/02/25.. . | 992349658.UG.FTS.B, 15.97%, 4/02/25.. . | 2208 | 2244 | 992199186.UG.FTS.B, Zero Cpn, 4/04/25.. | 944 | 66 |
| 992420413.UG.FTS.B, 15.97%, 4/02/25.. . | 992420413.UG.FTS.B, 15.97%, 4/02/25.. . | 992420413.UG.FTS.B, 15.97%, 4/02/25.. . | 112 | 112 | 992269592.UG.FTS.B, 14%, 4/04/25. . . . . | 42 | 42 |
| 992172915.UG.FTS.B, 16.99%, 4/02/25.. . | 992172915.UG.FTS.B, 16.99%, 4/02/25.. . | 992172915.UG.FTS.B, 16.99%, 4/02/25.. . | 631 | 647 | 992270030.UG.FTS.B, 14%, 4/04/25. . . . . | 128 | 130 |
| 992199181.UG.FTS.B, 16.99%, 4/02/25.. . | 992199181.UG.FTS.B, 16.99%, 4/02/25.. . | 992199181.UG.FTS.B, 16.99%, 4/02/25.. . | 1066 | 1083 | 992230337.UG.FTS.B, 14.98%, 4/04/25.. . | 823 | 830 |
| 992201398.UG.FTS.B, 16.99%, 4/02/25.. . | 992201398.UG.FTS.B, 16.99%, 4/02/25.. . | 992201398.UG.FTS.B, 16.99%, 4/02/25.. . | 226 | 231 | 992232001.UG.FTS.B, 15.97%, 4/04/25.. . | 174 | 175 |
| 992211134.UG.FTS.B, 16.99%, 4/02/25. . . | 992211134.UG.FTS.B, 16.99%, 4/02/25. . . | 992211134.UG.FTS.B, 16.99%, 4/02/25. . . | 127 | 127 | 992353155.UG.FTS.B, 15.97%, 4/04/25.. . | 111 | 113 |
| 992213440.UG.FTS.B, 16.99%, 4/02/25.. . | 992213440.UG.FTS.B, 16.99%, 4/02/25.. . | 992213440.UG.FTS.B, 16.99%, 4/02/25.. . | 535 | 543 | 992377313.UG.FTS.B, 15.97%, 4/04/25.. . | 277 | 282 |
| 992220928.UG.FTS.B, 16.99%, 4/02/25.. . | 992220928.UG.FTS.B, 16.99%, 4/02/25.. . | 992220928.UG.FTS.B, 16.99%, 4/02/25.. . | 159 | 159 | 992383612.UG.FTS.B, 16.99%, 4/04/25.. . | 195 | 198 |
| 992224483.UG.FTS.B, 16.99%, 4/02/25.. . | 992224483.UG.FTS.B, 16.99%, 4/02/25.. . | 992224483.UG.FTS.B, 16.99%, 4/02/25.. . | 226 | 232 | 992441413.UG.FTS.B, 16.99%, 4/04/25.. . | 465 | 470 |
| 992252139.UG.FTS.B, 16.99%, 4/02/25.. . | 992252139.UG.FTS.B, 16.99%, 4/02/25.. . | 992252139.UG.FTS.B, 16.99%, 4/02/25.. . | 258 | 265 | 992454336.UG.FTS.B, 16.99%, 4/04/25.. . | 816 | 824 |
| 992269575.UG.FTS.B, 16.99%, 4/02/25.. . | 992269575.UG.FTS.B, 16.99%, 4/02/25.. . | 992269575.UG.FTS.B, 16.99%, 4/02/25.. . | 1234 | 1242 | 992466354.UG.FTS.B, 16.99%, 4/04/25.. . | 76 | 77 |
| 992312068.UG.FTS.B, 16.99%, 4/02/25.. . | 992312068.UG.FTS.B, 16.99%, 4/02/25.. . | 992312068.UG.FTS.B, 16.99%, 4/02/25.. . | 66 | 67 | 992191130.UG.FTS.B, 17.97%, 4/04/25. . . | 786 | 797 |
| 992340432.UG.FTS.B, 16.99%, 4/02/25.. . | 992340432.UG.FTS.B, 16.99%, 4/02/25.. . | 992340432.UG.FTS.B, 16.99%, 4/02/25.. . | 530 | 536 | 992367030.UG.FTS.B, 17.97%, 4/04/25.. . | 257 | 261 |
| 992409050.UG.FTS.B, 16.99%, 4/02/25.. . | 992409050.UG.FTS.B, 16.99%, 4/02/25.. . | 992409050.UG.FTS.B, 16.99%, 4/02/25.. . | 675 | 676 | 992200137.UG.FTS.B, 17.99%, 4/04/25.. . | 1148 | 1163 |
| 992262443.UG.FTS.B, 17.97%, 4/02/25.. . | 992262443.UG.FTS.B, 17.97%, 4/02/25.. . | 992262443.UG.FTS.B, 17.97%, 4/02/25.. . | 15 | 15 | 992297432.UG.FTS.B, 17.99%, 4/04/25.. . | 101 | 102 |
| 102 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 102 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992390189.UG.FTS.B, 17.99%, 4/04/25.. . | $1017 | $1033 | 992321202.UG.FTS.B, 16.99%, 4/08/25.. . $824 | 992321202.UG.FTS.B, 16.99%, 4/08/25.. . $824 | $839 | 839 |
| 992415824.UG.FTS.B, 17.99%, 4/04/25.. . | 493 | 497 | 992348109.UG.FTS.B, 16.99%, 4/08/25.. . | 814 | 829 | 829 |
| 992201902.UG.FTS.B, 19.21%, 4/04/25.. . | 1752 | 1776 | 992350446.UG.FTS.B, 16.99%, 4/08/25.. . | 2057 | 2096 | 2096 |
| 992197132.UG.FTS.B, 19.8%, 4/04/25.. . . | 100 | 99 | 992374735.UG.FTS.B, 16.99%, 4/08/25.. . | 39 | 3 | 3 |
| 992208957.UG.FTS.B, 19.8%, 4/04/25.. . . | 159 | 159 | 992245686.UG.FTS.B, 17.97%, 4/08/25.. . | 32 | 32 | 32 |
| 992235065.UG.FTS.B, 19.8%, 4/04/25.. . . | 310 | 314 | 992232136.UG.FTS.B, 17.99%, 4/08/25.. . | 286 | 291 | 291 |
| 992190275.UG.FTS.B, 20.46%, 4/04/25.. . | 2931 | 2967 | 992236760.UG.FTS.B, 17.99%, 4/08/25.. . | 2599 | 2643 | 2643 |
| 992190970.UG.FTS.B, 20.46%, 4/04/25.. . | 3750 | 3763 | 992248708.UG.FTS.B, 17.99%, 4/08/25.. . | 570 | 580 | 580 |
| 992190267.UG.FTS.B, 20.97%, 4/04/25.. . | 226 | 229 | 992254629.UG.FTS.B, 17.99%, 4/08/25.. . | 743 | 756 | 756 |
| 992196700.UG.FTS.B, 20.97%, 4/04/25.. . | 39 | 39 | 992259631.UG.FTS.B, 17.99%, 4/08/25.. . | 534 | 544 | 544 |
| 992196124.UG.FTS.B, 21.46%, 4/04/25.. . | 801 | 807 | 992276788.UG.FTS.B, 17.99%, 4/08/25.. . | 1033 | 71 | 71 |
| 992190196.UG.FTS.B, 21.98%, 4/04/25.. . | 6433 | 1285 | 992310973.UG.FTS.B, 17.99%, 4/08/25.. . | 214 | 218 | 218 |
| 992192969.UG.FTS.B, 22.97%, 4/04/25.. . | 1119 | (40) | 992331933.UG.FTS.B, 17.99%, 4/08/25.. . | 2554 | 287 | 287 |
| 992198663.UG.FTS.B, 23.95%, 4/04/25.. . | 21 | 21 | 992369621.UG.FTS.B, 17.99%, 4/08/25.. . | 825 | 839 | 839 |
| 992210094.UG.FTS.B, 26.94%, 4/04/25.. . | 53 | 53 | 992429013.UG.FTS.B, 17.99%, 4/08/25.. . | 220 | 222 | 222 |
| 992224958.UG.FTS.B, 15%, 4/05/25. . . . . | 299 | 304 | 992435139.UG.FTS.B, 17.99%, 4/08/25.. . | 322 | 328 | 328 |
| 992210521.UG.FTS.B, 15.97%, 4/05/25.. . | 283 | 287 | 992484516.UG.FTS.B, 17.99%, 4/08/25.. . | 1471 | 1487 | 1487 |
| 992231286.UG.FTS.B, 15.99%, 4/05/25.. . | 2013 | 2034 | 992281411.UG.FTS.B, 15.97%, 4/09/25. . . | 8231 | 8391 | 8391 |
| 992223411.UG.FTS.B, 17.97%, 4/05/25. . . | 153 | 156 | 992313494.UG.FTS.B, 15.97%, 4/09/25.. . | 383 | 69 | 69 |
| 992208578.UG.FTS.B, 17.99%, 4/05/25.. . | 1807 | (5) | 992242978.UG.FTS.B, 16.99%, 4/09/25.. . | 405 | 413 | 413 |
| 992212434.UG.FTS.B, 18.97%, 4/05/25.. . | 592 | 39 | 992384703.UG.FTS.B, 16.99%, 4/09/25.. . | 821 | 836 | 836 |
| 992218905.UG.FTS.B, 19.21%, 4/05/25.. . | 1250 | 1268 | 992484832.UG.FTS.B, 16.99%, 4/09/25.. . | 245 | 248 | 248 |
| 992202719.UG.FTS.B, 21.46%, 4/05/25.. . | 423 | 427 | 992257803.UG.FTS.B, Zero Cpn, 4/10/25.. | 256 | 18 | 18 |
| 992216395.UG.FTS.B, 21.46%, 4/05/25.. . | 1427 | 1439 | 992249542.UG.FTS.B, 14%, 4/10/25. . . . . | 161 | 162 | 162 |
| 992233548.UG.FTS.B, 21.46%, 4/05/25.. . | 885 | 892 | 992257707.UG.FTS.B, 14.97%, 4/10/25.. . | 25 | 25 | 25 |
| 992205889.UG.FTS.B, 22.95%, 4/05/25.. . | 501 | 504 | 992263444.UG.FTS.B, 15.97%, 4/10/25.. . | 406 | 413 | 413 |
| 992258586.UG.FTS.B, 14%, 4/06/25. . . . . | 273 | 278 | 992487071.UG.FTS.B, 15.97%, 4/10/25.. . | 786 | 796 | 796 |
| 992209626.UG.FTS.B, 14.97%, 4/06/25.. . | 645 | 649 | 992251291.UG.FTS.B, 15.99%, 4/10/25.. . | 565 | 573 | 573 |
| 992210789.UG.FTS.B, 14.98%, 4/06/25.. . | 3605 | 391 | 992372039.UG.FTS.B, 15.99%, 4/10/25.. . | 194 | 123 | 123 |
| 992260529.UG.FTS.B, 14.98%, 4/06/25.. . | 425 | 427 | 992349348.UG.FTS.B, 16.99%, 4/10/25.. . | 282 | 174 | 174 |
| 992212912.UG.FTS.B, 15%, 4/06/25. . . . . | 147 | 148 | 992454909.UG.FTS.B, 16.99%, 4/10/25.. . | 166 | 169 | 169 |
| 992466445.UG.FTS.B, 15.97%, 4/06/25.. . | 1611 | 1633 | 992264965.UG.FTS.B, 17.99%, 4/10/25.. . | 89 | 90 | 90 |
| 992211451.UG.FTS.B, 16.99%, 4/06/25. . . | 636 | 647 | 992335007.UG.FTS.B, 17.99%, 4/10/25.. . | 4 | 4 | 4 |
| 992215323.UG.FTS.B, 16.99%, 4/06/25.. . | 576 | 583 | 992302614.UG.FTS.B, 16.99%, 4/11/25. . . | 578 | 589 | 589 |
| 992263186.UG.FTS.B, 16.99%, 4/06/25.. . | 508 | 517 | 992442083.UG.FTS.B, 16.99%, 4/11/25. . . | 193 | 196 | 196 |
| 992267047.UG.FTS.B, 16.99%, 4/06/25.. . | 253 | 252 | 992372193.UG.FTS.B, 17.97%, 4/11/25. . . | 124 | 126 | 126 |
| 992268809.UG.FTS.B, 16.99%, 4/06/25.. . | 285 | 290 | 992288249.UG.FTS.B, 17.99%, 4/11/25. . . | 817 | 92 | 92 |
| 992319770.UG.FTS.B, 16.99%, 4/06/25.. . | 162 | 164 | 992288291.UG.FTS.B, 17.99%, 4/11/25. . . | 71 | 53 | 53 |
| 992451476.UG.FTS.B, 16.99%, 4/06/25.. . | 408 | 412 | 992408223.UG.FTS.B, 17.99%, 4/11/25. . . | 88 | 89 | 89 |
| 992471275.UG.FTS.B, 16.99%, 4/06/25.. . | 2101 | 395 | 992286136.UG.FTS.B, 19.21%, 4/11/25. . . | 884 | 890 | 890 |
| 992214605.UG.FTS.B, 17.99%, 4/06/25.. . | 209 | 213 | 992290810.UG.FTS.B, 19.8%, 4/11/25.. . . | 453 | 460 | 460 |
| 992224934.UG.FTS.B, 17.99%, 4/06/25.. . | 1316 | 1311 | 992271681.UG.FTS.B, 20.46%, 4/11/25. . . | 101 | 101 | 101 |
| 992247853.UG.FTS.B, 17.99%, 4/06/25.. . | 414 | 421 | 992318004.UG.FTS.B, 21.98%, 4/11/25. . . | 37 | 37 | 37 |
| 992255283.UG.FTS.B, 17.99%, 4/06/25.. . | 90 | 90 | 992297219.UG.FTS.B, 15.97%, 4/12/25.. . | 427 | 434 | 434 |
| 992345302.UG.FTS.B, 17.99%, 4/06/25.. . | 508 | 516 | 992311968.UG.FTS.B, 15.97%, 4/12/25. . . | 4113 | 4193 | 4193 |
| 992221556.UG.FTS.B, 15.97%, 4/07/25.. . | 199 | 202 | 992267819.UG.FTS.B, 16.99%, 4/12/25.. . | 615 | 626 | 626 |
| 992243467.UG.FTS.B, 17.99%, 4/07/25.. . | 221 | 223 | 992336329.UG.FTS.B, 16.99%, 4/12/25.. . | 248 | 250 | 250 |
| 992249684.UG.FTS.B, Zero Cpn, 4/08/25.. | 189 | 13 | 992347580.UG.FTS.B, 16.99%, 4/12/25.. . | 1566 | 1596 | 1596 |
| 992237345.UG.FTS.B, 14.98%, 4/08/25.. . | 174 | 173 | 992354175.UG.FTS.B, 16.99%, 4/12/25.. . | 82 | 83 | 83 |
| 992298729.UG.FTS.B, 14.98%, 4/08/25.. . | 243 | 248 | 992446802.UG.FTS.B, 16.99%, 4/12/25.. . | 2599 | 2627 | 2627 |
| 992253577.UG.FTS.B, 15.97%, 4/08/25.. . | 598 | 608 | 992276700.UG.FTS.B, 17.99%, 4/12/25.. . | 2191 | 153 | 153 |
| 992368155.UG.FTS.B, 15.97%, 4/08/25.. . | 110 | 110 | 992307762.UG.FTS.B, 17.99%, 4/12/25.. . | 1830 | 1844 | 1844 |
| 992379331.UG.FTS.B, 15.97%, 4/08/25.. . | 1652 | 1651 | 992274342.UG.FTS.B, 18.97%, 4/12/25.. . | 340 | 343 | 343 |
| 992386280.UG.FTS.B, 15.97%, 4/08/25.. . | 3272 | 3334 | 992295225.UG.FTS.B, 21.98%, 4/12/25.. . | 275 | 278 | 278 |
| 992394992.UG.FTS.B, 15.97%, 4/08/25.. . | 861 | 877 | 992331622.UG.FTS.B, 23.95%, 4/12/25.. . | 244 | 246 | 246 |
| 992415561.UG.FTS.B, 15.97%, 4/08/25.. . | 124 | 124 | 992276560.UG.FTS.B, Zero Cpn, 4/13/25.. | 3766 | 264 | 264 |
| 992239443.UG.FTS.B, 16.99%, 4/08/25.. . | 1055 | 1061 | 992281705.UG.FTS.B, Zero Cpn, 4/13/25.. | 2902 | 203 | 203 |
| 992320559.UG.FTS.B, 16.99%, 4/08/25.. . | 321 | 325 | 992322854.UG.FTS.B, 14%, 4/13/25. . . . . | 2134 | 2164 | 2164 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 103 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 103 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992508367.UG.FTS.B, 14%, 4/13/25. . . . . $ | 992508367.UG.FTS.B, 14%, 4/13/25. . . . . $ | 992508367.UG.FTS.B, 14%, 4/13/25. . . . . $ | 3964 | $4010 | 992309878.UG.FTS.B, 19.8%, 4/14/25.. . . $ | 2181 | $2219 |
| 992290392.UG.FTS.B, 15.97%, 4/13/25.. . | 992290392.UG.FTS.B, 15.97%, 4/13/25.. . | 992290392.UG.FTS.B, 15.97%, 4/13/25.. . | 1450 | 1461 | 992285986.UG.FTS.B, 19.99%, 4/14/25.. . | 89 | 92 |
| 992351798.UG.FTS.B, 15.97%, 4/13/25.. . | 992351798.UG.FTS.B, 15.97%, 4/13/25.. . | 992351798.UG.FTS.B, 15.97%, 4/13/25.. . | 30 | 31 | 992287169.UG.FTS.B, 19.99%, 4/14/25.. . | 86 | 89 |
| 992513612.UG.FTS.B, 15.97%, 4/13/25.. . | 992513612.UG.FTS.B, 15.97%, 4/13/25.. . | 992513612.UG.FTS.B, 15.97%, 4/13/25.. . | 1326 | 1343 | 992290100.UG.FTS.B, 19.99%, 4/14/25.. . | 3547 | 3676 |
| 992537011.UG.FTS.B, 15.97%, 4/13/25. . . | 992537011.UG.FTS.B, 15.97%, 4/13/25. . . | 992537011.UG.FTS.B, 15.97%, 4/13/25. . . | 3552 | 3598 | 992281600.UG.FTS.B, 20.46%, 4/14/25.. . | 807 | 812 |
| 992275766.UG.FTS.B, 16.99%, 4/13/25.. . | 992275766.UG.FTS.B, 16.99%, 4/13/25.. . | 992275766.UG.FTS.B, 16.99%, 4/13/25.. . | 364 | 368 | 992292288.UG.FTS.B, 20.46%, 4/14/25.. . | 2386 | 78 |
| 992277654.UG.FTS.B, 16.99%, 4/13/25.. . | 992277654.UG.FTS.B, 16.99%, 4/13/25.. . | 992277654.UG.FTS.B, 16.99%, 4/13/25.. . | 2424 | 2469 | 992288833.UG.FTS.B, 20.97%, 4/14/25.. . | 135 | 136 |
| 992278529.UG.FTS.B, 16.99%, 4/13/25.. . | 992278529.UG.FTS.B, 16.99%, 4/13/25.. . | 992278529.UG.FTS.B, 16.99%, 4/13/25.. . | 1222 | 11 | 992289091.UG.FTS.B, 20.97%, 4/14/25.. . | 641 | 651 |
| 992287880.UG.FTS.B, 16.99%, 4/13/25.. . | 992287880.UG.FTS.B, 16.99%, 4/13/25.. . | 992287880.UG.FTS.B, 16.99%, 4/13/25.. . | 540 | 551 | 992281950.UG.FTS.B, 21.46%, 4/14/25.. . | 902 | 897 |
| 992322383.UG.FTS.B, 16.99%, 4/13/25.. . | 992322383.UG.FTS.B, 16.99%, 4/13/25.. . | 992322383.UG.FTS.B, 16.99%, 4/13/25.. . | 1129 | 1147 | 992308779.UG.FTS.B, 21.46%, 4/14/25.. . | – | – |
| 992475493.UG.FTS.B, 16.99%, 4/13/25.. . | 992475493.UG.FTS.B, 16.99%, 4/13/25.. . | 992475493.UG.FTS.B, 16.99%, 4/13/25.. . | 216 | 219 | 992287032.UG.FTS.B, 23.95%, 4/14/25.. . | 320 | 41 |
| 992341657.UG.FTS.B, 17.99%, 4/13/25.. . | 992341657.UG.FTS.B, 17.99%, 4/13/25.. . | 992341657.UG.FTS.B, 17.99%, 4/13/25.. . | 46 | 45 | 992285755.UG.FTS.B, 28.98%, 4/14/25.. . | 3072 | 820 |
| 992369219.UG.FTS.B, 17.99%, 4/13/25.. . | 992369219.UG.FTS.B, 17.99%, 4/13/25.. . | 992369219.UG.FTS.B, 17.99%, 4/13/25.. . | 496 | 505 | 992289187.UG.FTS.B, 28.98%, 4/14/25.. . | 187 | 194 |
| 992274015.UG.FTS.B, 18.21%, 4/13/25.. . | 992274015.UG.FTS.B, 18.21%, 4/13/25.. . | 992274015.UG.FTS.B, 18.21%, 4/13/25.. . | 1022 | 1032 | 992289614.UG.FTS.B, 28.98%, 4/14/25.. . | 243 | 166 |
| 992328216.UG.FTS.B, 18.97%, 4/13/25.. . | 992328216.UG.FTS.B, 18.97%, 4/13/25.. . | 992328216.UG.FTS.B, 18.97%, 4/13/25.. . | 40 | 40 | 992289647.UG.FTS.B, 28.98%, 4/14/25.. . | 1429 | 1393 |
| 992335769.UG.FTS.B, 19.21%, 4/13/25.. . | 992335769.UG.FTS.B, 19.21%, 4/13/25.. . | 992335769.UG.FTS.B, 19.21%, 4/13/25.. . | 1897 | 1924 | 992289975.UG.FTS.B, 28.98%, 4/14/25.. . | 213 | 217 |
| 992390041.UG.FTS.B, 19.21%, 4/13/25.. . | 992390041.UG.FTS.B, 19.21%, 4/13/25.. . | 992390041.UG.FTS.B, 19.21%, 4/13/25.. . | 70 | 70 | 992294748.UG.FTS.B, 28.98%, 4/14/25.. . | 750 | 765 |
| 992403270.UG.FTS.B, 19.21%, 4/13/25.. . | 992403270.UG.FTS.B, 19.21%, 4/13/25.. . | 992403270.UG.FTS.B, 19.21%, 4/13/25.. . | 165 | 168 | 992305613.UG.FTS.B, 28.98%, 4/14/25.. . | 341 | 352 |
| 992276515.UG.FTS.B, 19.8%, 4/13/25.. . . | 992276515.UG.FTS.B, 19.8%, 4/13/25.. . . | 992276515.UG.FTS.B, 19.8%, 4/13/25.. . . | 6 | 6 | 992310447.UG.FTS.B, 28.98%, 4/14/25.. . | 489 | 503 |
| 992297895.UG.FTS.B, 19.8%, 4/13/25.. . . | 992297895.UG.FTS.B, 19.8%, 4/13/25.. . . | 992297895.UG.FTS.B, 19.8%, 4/13/25.. . . | 555 | 563 | 992292330.UG.FTS.B, 29.46%, 4/14/25.. . | 119 | 16 |
| 992413558.UG.FTS.B, 20.46%, 4/13/25.. . | 992413558.UG.FTS.B, 20.46%, 4/13/25.. . | 992413558.UG.FTS.B, 20.46%, 4/13/25.. . | 386 | 387 | 992289073.UG.FTS.B, 29.48%, 4/14/25.. . | 805 | 177 |
| 992279083.UG.FTS.B, 20.97%, 4/13/25.. . | 992279083.UG.FTS.B, 20.97%, 4/13/25.. . | 992279083.UG.FTS.B, 20.97%, 4/13/25.. . | 1872 | 1864 | 992286120.UG.FTS.B, 29.49%, 4/14/25.. . | 1403 | 1391 |
| 992317691.UG.FTS.B, 20.97%, 4/13/25.. . | 992317691.UG.FTS.B, 20.97%, 4/13/25.. . | 992317691.UG.FTS.B, 20.97%, 4/13/25.. . | 291 | 295 | 992287252.UG.FTS.B, 29.49%, 4/14/25.. . | 47 | (2) |
| 992329125.UG.FTS.B, 20.97%, 4/13/25.. . | 992329125.UG.FTS.B, 20.97%, 4/13/25.. . | 992329125.UG.FTS.B, 20.97%, 4/13/25.. . | 57 | 57 | 992287298.UG.FTS.B, 29.49%, 4/14/25.. . | 235 | 244 |
| 992337065.UG.FTS.B, 20.97%, 4/13/25.. . | 992337065.UG.FTS.B, 20.97%, 4/13/25.. . | 992337065.UG.FTS.B, 20.97%, 4/13/25.. . | 142 | 29 | 992288991.UG.FTS.B, 29.49%, 4/14/25.. . | 122 | 126 |
| 992372306.UG.FTS.B, 20.97%, 4/13/25.. . | 992372306.UG.FTS.B, 20.97%, 4/13/25.. . | 992372306.UG.FTS.B, 20.97%, 4/13/25.. . | 44 | 44 | 992290539.UG.FTS.B, 29.49%, 4/14/25.. . | 608 | 583 |
| 992275798.UG.FTS.B, 21.46%, 4/13/25.. . | 992275798.UG.FTS.B, 21.46%, 4/13/25.. . | 992275798.UG.FTS.B, 21.46%, 4/13/25.. . | 903 | 904 | 992296626.UG.FTS.B, 29.49%, 4/14/25.. . | 96 | 96 |
| 992278017.UG.FTS.B, 21.46%, 4/13/25.. . | 992278017.UG.FTS.B, 21.46%, 4/13/25.. . | 992278017.UG.FTS.B, 21.46%, 4/13/25.. . | 724 | 521 | 992300865.UG.FTS.B, 29.49%, 4/14/25.. . | 210 | 47 |
| 992299528.UG.FTS.B, 21.46%, 4/13/25.. . | 992299528.UG.FTS.B, 21.46%, 4/13/25.. . | 992299528.UG.FTS.B, 21.46%, 4/13/25.. . | 179 | 181 | 992308681.UG.FTS.B, 29.49%, 4/14/25.. . | 153 | 151 |
| 992307235.UG.FTS.B, 21.46%, 4/13/25.. . | 992307235.UG.FTS.B, 21.46%, 4/13/25.. . | 992307235.UG.FTS.B, 21.46%, 4/13/25.. . | 176 | 178 | 992296355.UG.FTS.B, 14%, 4/15/25. . . . . | 79 | 79 |
| 992336126.UG.FTS.B, 21.46%, 4/13/25.. . | 992336126.UG.FTS.B, 21.46%, 4/13/25.. . | 992336126.UG.FTS.B, 21.46%, 4/13/25.. . | 151 | 152 | 992303661.UG.FTS.B, 14.97%, 4/15/25.. . | 2054 | 2096 |
| 992355419.UG.FTS.B, 21.46%, 4/13/25.. . | 992355419.UG.FTS.B, 21.46%, 4/13/25.. . | 992355419.UG.FTS.B, 21.46%, 4/13/25.. . | 261 | 264 | 992303123.UG.FTS.B, 14.98%, 4/15/25.. . | 1643 | 1674 |
| 992293222.UG.FTS.B, 21.98%, 4/13/25.. . | 992293222.UG.FTS.B, 21.98%, 4/13/25.. . | 992293222.UG.FTS.B, 21.98%, 4/13/25.. . | 925 | 936 | 992308602.UG.FTS.B, 15%, 4/15/25. . . . . | 480 | 489 |
| 992363717.UG.FTS.B, 21.98%, 4/13/25.. . | 992363717.UG.FTS.B, 21.98%, 4/13/25.. . | 992363717.UG.FTS.B, 21.98%, 4/13/25.. . | 145 | 146 | 992347128.UG.FTS.B, 15.97%, 4/15/25.. . | 5977 | 678 |
| 992274704.UG.FTS.B, 22.97%, 4/13/25.. . | 992274704.UG.FTS.B, 22.97%, 4/13/25.. . | 992274704.UG.FTS.B, 22.97%, 4/13/25.. . | 167 | 167 | 992364174.UG.FTS.B, 15.97%, 4/15/25.. . | 228 | 44 |
| 992307983.UG.FTS.B, 22.97%, 4/13/25.. . | 992307983.UG.FTS.B, 22.97%, 4/13/25.. . | 992307983.UG.FTS.B, 22.97%, 4/13/25.. . | 16 | 16 | 992303883.UG.FTS.B, 15.99%, 4/15/25.. . | 1602 | 1631 |
| 992300560.UG.FTS.B, Zero Cpn, 4/14/25.. | 992300560.UG.FTS.B, Zero Cpn, 4/14/25.. | 992300560.UG.FTS.B, Zero Cpn, 4/14/25.. | 117 | 8 | 992297524.UG.FTS.B, 16.99%, 4/15/25.. . | 1366 | 1392 |
| 992295363.UG.FTS.B, 14.98%, 4/14/25.. . | 992295363.UG.FTS.B, 14.98%, 4/14/25.. . | 992295363.UG.FTS.B, 14.98%, 4/14/25.. . | 180 | 181 | 992307848.UG.FTS.B, 16.99%, 4/15/25.. . | 226 | 230 |
| 992295323.UG.FTS.B, 15.97%, 4/14/25.. . | 992295323.UG.FTS.B, 15.97%, 4/14/25.. . | 992295323.UG.FTS.B, 15.97%, 4/14/25.. . | 80 | 81 | 992309103.UG.FTS.B, 16.99%, 4/15/25.. . | 178 | 181 |
| 992298905.UG.FTS.B, 15.97%, 4/14/25.. . | 992298905.UG.FTS.B, 15.97%, 4/14/25.. . | 992298905.UG.FTS.B, 15.97%, 4/14/25.. . | 25 | 25 | 992320370.UG.FTS.B, 16.99%, 4/15/25.. . | 1215 | 240 |
| 992340474.UG.FTS.B, 15.97%, 4/14/25.. . | 992340474.UG.FTS.B, 15.97%, 4/14/25.. . | 992340474.UG.FTS.B, 15.97%, 4/14/25.. . | 1347 | 1374 | 992331909.UG.FTS.B, 16.99%, 4/15/25.. . | 850 | 167 |
| 992336097.UG.FTS.B, 15.99%, 4/14/25.. . | 992336097.UG.FTS.B, 15.99%, 4/14/25.. . | 992336097.UG.FTS.B, 15.99%, 4/14/25.. . | 339 | 345 | 992340458.UG.FTS.B, 16.99%, 4/15/25.. . | 102 | 101 |
| 992285725.UG.FTS.B, 16.83%, 4/14/25.. . | 992285725.UG.FTS.B, 16.83%, 4/14/25.. . | 992285725.UG.FTS.B, 16.83%, 4/14/25.. . | 2113 | 2152 | 992335446.UG.FTS.B, 17.97%, 4/15/25.. . | 456 | 464 |
| 992289110.UG.FTS.B, 16.83%, 4/14/25. . . | 992289110.UG.FTS.B, 16.83%, 4/14/25. . . | 992289110.UG.FTS.B, 16.83%, 4/14/25. . . | 1875 | 1910 | 992294877.UG.FTS.B, 17.99%, 4/15/25.. . | 178 | 182 |
| 992300816.UG.FTS.B, 16.99%, 4/14/25.. . | 992300816.UG.FTS.B, 16.99%, 4/14/25.. . | 992300816.UG.FTS.B, 16.99%, 4/14/25.. . | 517 | 528 | 992301536.UG.FTS.B, 17.99%, 4/15/25.. . | 124 | 126 |
| 992316418.UG.FTS.B, 16.99%, 4/14/25.. . | 992316418.UG.FTS.B, 16.99%, 4/14/25.. . | 992316418.UG.FTS.B, 16.99%, 4/14/25.. . | 1150 | 1170 | 992560169.UG.FTS.B, 17.99%, 4/15/25.. . | 282 | 281 |
| 992564416.UG.FTS.B, 16.99%, 4/14/25.. . | 992564416.UG.FTS.B, 16.99%, 4/14/25.. . | 992564416.UG.FTS.B, 16.99%, 4/14/25.. . | 898 | 910 | 992303576.UG.FTS.B, 19.21%, 4/15/25.. . | 370 | (1) |
| 992286863.UG.FTS.B, 17.49%, 4/14/25.. . | 992286863.UG.FTS.B, 17.49%, 4/14/25.. . | 992286863.UG.FTS.B, 17.49%, 4/14/25.. . | 298 | 300 | 992294661.UG.FTS.B, 19.8%, 4/15/25.. . . | 3499 | 3558 |
| 992284980.UG.FTS.B, 17.88%, 4/14/25.. . | 992284980.UG.FTS.B, 17.88%, 4/14/25.. . | 992284980.UG.FTS.B, 17.88%, 4/14/25.. . | 1402 | 1427 | 992296404.UG.FTS.B, 19.8%, 4/15/25.. . . | 2030 | 2019 |
| 992290644.UG.FTS.B, 17.88%, 4/14/25.. . | 992290644.UG.FTS.B, 17.88%, 4/14/25.. . | 992290644.UG.FTS.B, 17.88%, 4/14/25.. . | 290 | 292 | 992297561.UG.FTS.B, 19.8%, 4/15/25.. . . | 115 | 115 |
| 992316285.UG.FTS.B, 17.99%, 4/14/25.. . | 992316285.UG.FTS.B, 17.99%, 4/14/25.. . | 992316285.UG.FTS.B, 17.99%, 4/14/25.. . | 485 | 494 | 992299386.UG.FTS.B, 20.97%, 4/15/25.. . | 33 | 33 |
| 992324578.UG.FTS.B, 17.99%, 4/14/25.. . | 992324578.UG.FTS.B, 17.99%, 4/14/25.. . | 992324578.UG.FTS.B, 17.99%, 4/14/25.. . | 439 | 444 | 992295534.UG.FTS.B, 21.46%, 4/15/25.. . | 1529 | 1532 |
| 992327489.UG.FTS.B, 17.99%, 4/14/25.. . | 992327489.UG.FTS.B, 17.99%, 4/14/25.. . | 992327489.UG.FTS.B, 17.99%, 4/14/25.. . | 38 | 38 | 992297152.UG.FTS.B, 21.46%, 4/15/25.. . | 380 | 382 |
| 992286777.UG.FTS.B, 18.8%, 4/14/25.. . . | 992286777.UG.FTS.B, 18.8%, 4/14/25.. . . | 992286777.UG.FTS.B, 18.8%, 4/14/25.. . . | 9 | 9 | 992306919.UG.FTS.B, 21.46%, 4/15/25.. . | 186 | 185 |
| 992305826.UG.FTS.B, 18.97%, 4/14/25.. . | 992305826.UG.FTS.B, 18.97%, 4/14/25.. . | 992305826.UG.FTS.B, 18.97%, 4/14/25.. . | 150 | 151 | 992301228.UG.FTS.B, 21.98%, 4/15/25.. . | 23 | 23 |
| 992285945.UG.FTS.B, 19.21%, 4/14/25.. . | 992285945.UG.FTS.B, 19.21%, 4/14/25.. . | 992285945.UG.FTS.B, 19.21%, 4/14/25.. . | 292 | 297 | 992303407.UG.FTS.B, 23.95%, 4/15/25.. . | 201 | 202 |
| 992291071.UG.FTS.B, 19.21%, 4/14/25.. . | 992291071.UG.FTS.B, 19.21%, 4/14/25.. . | 992291071.UG.FTS.B, 19.21%, 4/14/25.. . | 36 | 15 | 992307624.UG.FTS.B, 26.94%, 4/15/25.. . | 455 | 459 |
| 992286128.UG.FTS.B, 19.8%, 4/14/25.. . . | 992286128.UG.FTS.B, 19.8%, 4/14/25.. . . | 992286128.UG.FTS.B, 19.8%, 4/14/25.. . . | 438 | 440 | 992296314.UG.FTS.B, 27.99%, 4/15/25.. . | 66 | 68 |
| 104 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 104 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992295308.UG.FTS.B, 28.98%, 4/15/25.. . | $162 | $167 | 992305064.UG.FTS.B, 21.97%, 4/16/25.. . $140 | 992305064.UG.FTS.B, 21.97%, 4/16/25.. . $140 | $17 | 17 |
| 992295752.UG.FTS.B, 28.98%, 4/15/25.. . | 2344 | 517 | 992309577.UG.FTS.B, 21.98%, 4/16/25.. . | 3353 | 3400 | 3400 |
| 992296027.UG.FTS.B, 28.98%, 4/15/25.. . | 292 | 302 | 992326041.UG.FTS.B, 21.98%, 4/16/25.. . | 326 | 331 | 331 |
| 992297340.UG.FTS.B, 28.98%, 4/15/25.. . | 894 | 924 | 992309950.UG.FTS.B, 22.95%, 4/16/25.. . | 630 | 637 | 637 |
| 992298164.UG.FTS.B, 28.98%, 4/15/25.. . | 985 | 1020 | 992336195.UG.FTS.B, 22.97%, 4/16/25.. . | 162 | 20 | 20 |
| 992298380.UG.FTS.B, 28.98%, 4/15/25.. . | 22 | 22 | 992304273.UG.FTS.B, 27.95%, 4/16/25.. . | 130 | 55 | 55 |
| 992299571.UG.FTS.B, 28.98%, 4/15/25.. . | 587 | 598 | 992308738.UG.FTS.B, 27.95%, 4/16/25.. . | 1630 | 1587 | 1587 |
| 992300707.UG.FTS.B, 28.98%, 4/15/25.. . | 954 | 971 | 992304599.UG.FTS.B, 28.98%, 4/16/25.. . | 738 | 742 | 742 |
| 992300880.UG.FTS.B, 28.98%, 4/15/25.. . | 624 | 638 | 992304829.UG.FTS.B, 28.98%, 4/16/25.. . | 276 | 179 | 179 |
| 992301426.UG.FTS.B, 28.98%, 4/15/25.. . | 329 | 341 | 992305019.UG.FTS.B, 28.98%, 4/16/25.. . | 73 | 74 | 74 |
| 992304581.UG.FTS.B, 28.98%, 4/15/25.. . | 725 | 488 | 992305433.UG.FTS.B, 28.98%, 4/16/25.. . | 131 | 136 | 136 |
| 992308046.UG.FTS.B, 28.98%, 4/15/25.. . | 144 | 150 | 992306028.UG.FTS.B, 28.98%, 4/16/25.. . | 69 | 70 | 70 |
| 992309543.UG.FTS.B, 28.98%, 4/15/25.. . | 13 | 13 | 992306115.UG.FTS.B, 28.98%, 4/16/25. . . | 1197 | 1219 | 1219 |
| 992309552.UG.FTS.B, 28.98%, 4/15/25.. . | 243 | 239 | 992306619.UG.FTS.B, 28.98%, 4/16/25.. . | 175 | 174 | 174 |
| 992297156.UG.FTS.B, 29.46%, 4/15/25.. . | 544 | 541 | 992306978.UG.FTS.B, 28.98%, 4/16/25.. . | 1000 | 222 | 222 |
| 992299371.UG.FTS.B, 29.46%, 4/15/25.. . | 989 | 1025 | 992307236.UG.FTS.B, 28.98%, 4/16/25.. . | 132 | 90 | 90 |
| 992305164.UG.FTS.B, 29.46%, 4/15/25.. . | 31 | 30 | 992307424.UG.FTS.B, 28.98%, 4/16/25.. . | 329 | 322 | 322 |
| 992294654.UG.FTS.B, 29.49%, 4/15/25.. . | 211 | 219 | 992307777.UG.FTS.B, 28.98%, 4/16/25.. . | 1616 | 1669 | 1669 |
| 992296250.UG.FTS.B, 29.49%, 4/15/25.. . | 1153 | (21) | 992308010.UG.FTS.B, 28.98%, 4/16/25.. . | 155 | 160 | 160 |
| 992296627.UG.FTS.B, 29.49%, 4/15/25.. . | 863 | 866 | 992308414.UG.FTS.B, 28.98%, 4/16/25.. . | 235 | 243 | 243 |
| 992296767.UG.FTS.B, 29.49%, 4/15/25.. . | 25 | 25 | 992308417.UG.FTS.B, 28.98%, 4/16/25.. . | 305 | 68 | 68 |
| 992296907.UG.FTS.B, 29.49%, 4/15/25.. . | 220 | 221 | 992308705.UG.FTS.B, 28.98%, 4/16/25.. . | 232 | 231 | 231 |
| 992297557.UG.FTS.B, 29.49%, 4/15/25.. . | 997 | 970 | 992309398.UG.FTS.B, 28.98%, 4/16/25.. . | 593 | (24) | (24) |
| 992298213.UG.FTS.B, 29.49%, 4/15/25.. . | 520 | 35 | 992309686.UG.FTS.B, 28.98%, 4/16/25.. . | 295 | 296 | 296 |
| 992298614.UG.FTS.B, 29.49%, 4/15/25.. . | 194 | 201 | 992310073.UG.FTS.B, 28.98%, 4/16/25.. . | 59 | 61 | 61 |
| 992298646.UG.FTS.B, 29.49%, 4/15/25.. . | 36 | 36 | 992310638.UG.FTS.B, 28.98%, 4/16/25.. . | 1046 | 1084 | 1084 |
| 992298750.UG.FTS.B, 29.49%, 4/15/25.. . | 490 | 509 | 992306408.UG.FTS.B, 29.46%, 4/16/25.. . | 1305 | 294 | 294 |
| 992300375.UG.FTS.B, 29.49%, 4/15/25.. . | 551 | 37 | 992308316.UG.FTS.B, 29.46%, 4/16/25.. . | 18 | 18 | 18 |
| 992301567.UG.FTS.B, 29.49%, 4/15/25.. . | 1979 | 2023 | 992304294.UG.FTS.B, 29.49%, 4/16/25.. . | 259 | 269 | 269 |
| 992305034.UG.FTS.B, 29.49%, 4/15/25.. . | 139 | 145 | 992304303.UG.FTS.B, 29.49%, 4/16/25.. . | 425 | 432 | 432 |
| 992308453.UG.FTS.B, 29.49%, 4/15/25.. . | 166 | 172 | 992304610.UG.FTS.B, 29.49%, 4/16/25.. . | 35 | 35 | 35 |
| 992310696.UG.FTS.B, 29.49%, 4/15/25.. . | 266 | 263 | 992304613.UG.FTS.B, 29.49%, 4/16/25.. . | 143 | 139 | 139 |
| 992308160.UG.FTS.B, Zero Cpn, 4/16/25.. | 297 | 20 | 992304939.UG.FTS.B, 29.49%, 4/16/25.. . | 65 | 65 | 65 |
| 992308394.UG.FTS.B, Zero Cpn, 4/16/25.. | 234 | 16 | 992305076.UG.FTS.B, 29.49%, 4/16/25.. . | 197 | 200 | 200 |
| 992308869.UG.FTS.B, Zero Cpn, 4/16/25.. | 621 | 43 | 992305333.UG.FTS.B, 29.49%, 4/16/25.. . | 621 | 138 | 138 |
| 992580136.UG.FTS.B, 15%, 4/16/25. . . . . | 156 | 157 | 992305361.UG.FTS.B, 29.49%, 4/16/25.. . | 136 | 141 | 141 |
| 992308265.UG.FTS.B, 15.97%, 4/16/25.. . | 495 | 96 | 992305535.UG.FTS.B, 29.49%, 4/16/25.. . | 77 | 77 | 77 |
| 992386827.UG.FTS.B, 15.97%, 4/16/25.. . | 938 | 957 | 992306027.UG.FTS.B, 29.49%, 4/16/25.. . | 213 | 147 | 147 |
| 992414496.UG.FTS.B, 15.97%, 4/16/25.. . | 193 | 197 | 992306689.UG.FTS.B, 29.49%, 4/16/25.. . | 103 | 103 | 103 |
| 992498711.UG.FTS.B, 15.97%, 4/16/25. . . | 162 | 164 | 992307004.UG.FTS.B, 29.49%, 4/16/25.. . | 44 | 44 | 44 |
| 992553584.UG.FTS.B, 15.99%, 4/16/25.. . | 3183 | 33 | 992307426.UG.FTS.B, 29.49%, 4/16/25.. . | 701 | 727 | 727 |
| 992525722.UG.FTS.B, 16.99%, 4/16/25.. . | 2048 | 2090 | 992307821.UG.FTS.B, 29.49%, 4/16/25.. . | 43 | 43 | 43 |
| 992316046.UG.FTS.B, 17.99%, 4/16/25.. . | 297 | 303 | 992308258.UG.FTS.B, 29.49%, 4/16/25.. . | 27 | 24 | 24 |
| 992306849.UG.FTS.B, 18.21%, 4/16/25.. . | 584 | 594 | 992308653.UG.FTS.B, 29.49%, 4/16/25.. . | 38 | 38 | 38 |
| 992304908.UG.FTS.B, 19.99%, 4/16/25.. . | 2483 | 2481 | 992308785.UG.FTS.B, 29.49%, 4/16/25.. . | 880 | 896 | 896 |
| 992305308.UG.FTS.B, 19.99%, 4/16/25.. . | 301 | 311 | 992308819.UG.FTS.B, 29.49%, 4/16/25.. . | 215 | (5) | (5) |
| 992306261.UG.FTS.B, 19.99%, 4/16/25.. . | 763 | 772 | 992308950.UG.FTS.B, 29.49%, 4/16/25.. . | 258 | 268 | 268 |
| 992307581.UG.FTS.B, 19.99%, 4/16/25.. . | 516 | 535 | 992309024.UG.FTS.B, 29.49%, 4/16/25.. . | 26 | 26 | 26 |
| 992307679.UG.FTS.B, 19.99%, 4/16/25.. . | 309 | 315 | 992309220.UG.FTS.B, 29.49%, 4/16/25.. . | 1693 | 1137 | 1137 |
| 992308797.UG.FTS.B, 19.99%, 4/16/25.. . | 89 | 91 | 992309651.UG.FTS.B, 29.49%, 4/16/25.. . | – |  | – |
| 992309236.UG.FTS.B, 19.99%, 4/16/25.. . | 714 | 740 | 992309988.UG.FTS.B, 29.49%, 4/16/25.. . | 645 | 658 | 658 |
| 992309341.UG.FTS.B, 19.99%, 4/16/25.. . | 1398 | 1407 | 992310247.UG.FTS.B, 29.49%, 4/16/25.. . | 144 | 149 | 149 |
| 992309419.UG.FTS.B, 19.99%, 4/16/25.. . | 191 | 195 | 992310266.UG.FTS.B, 29.49%, 4/16/25.. . | 65 | 66 | 66 |
| 992310357.UG.FTS.B, 19.99%, 4/16/25.. . | – | – | 992310325.UG.FTS.B, 29.49%, 4/16/25.. . | 145 | 32 | 32 |
| 992460462.UG.FTS.B, 20.97%, 4/16/25.. . | 434 | 285 | 992468316.UG.FTS.B, Zero Cpn, 4/17/25.. | 496 | 35 | 35 |
| 992305605.UG.FTS.B, 21.46%, 4/16/25.. . | 918 | 931 | 992539494.UG.FTS.B, Zero Cpn, 4/17/25.. | 129 | 9 | 9 |
| 992307184.UG.FTS.B, 21.46%, 4/16/25.. . | 32 | 32 | 992355317.UG.FTS.B, 15%, 4/17/25. . . . . | 241 | 245 | 245 |
| 992381662.UG.FTS.B, 21.46%, 4/16/25.. . | 210 | 212 | 992327747.UG.FTS.B, 15.97%, 4/17/25.. . | 198 | 197 | 197 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 105 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 105 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992323147.UG.FTS.B, 16.99%, 4/17/25.. . $ | 992323147.UG.FTS.B, 16.99%, 4/17/25.. . $ | 992323147.UG.FTS.B, 16.99%, 4/17/25.. . $ | 2502 | $2501 | 992544000.UG.FTS.B, 16.99%, 4/19/25.. . $ | 274 | $278 |
| 992323905.UG.FTS.B, 16.99%, 4/17/25.. . | 992323905.UG.FTS.B, 16.99%, 4/17/25.. . | 992323905.UG.FTS.B, 16.99%, 4/17/25.. . | 4521 | 4582 | 992334061.UG.FTS.B, 17.99%, 4/19/25.. . | 686 | 700 |
| 992597031.UG.FTS.B, 16.99%, 4/17/25.. . | 992597031.UG.FTS.B, 16.99%, 4/17/25.. . | 992597031.UG.FTS.B, 16.99%, 4/17/25.. . | 241 | 244 | 992340040.UG.FTS.B, 17.99%, 4/19/25.. . | 1293 | 1308 |
| 992350640.UG.FTS.B, 17.99%, 4/17/25.. . | 992350640.UG.FTS.B, 17.99%, 4/17/25.. . | 992350640.UG.FTS.B, 17.99%, 4/17/25.. . | 3960 | 4040 | 992335335.UG.FTS.B, 19.21%, 4/19/25.. . | 675 | 685 |
| 992372747.UG.FTS.B, 17.99%, 4/17/25.. . | 992372747.UG.FTS.B, 17.99%, 4/17/25.. . | 992372747.UG.FTS.B, 17.99%, 4/17/25.. . | 196 | 200 | 992563597.UG.FTS.B, 19.8%, 4/19/25.. . . | 473 | 304 |
| 992380827.UG.FTS.B, 20.46%, 4/17/25.. . | 992380827.UG.FTS.B, 20.46%, 4/17/25.. . | 992380827.UG.FTS.B, 20.46%, 4/17/25.. . | 124 | 125 | 992357699.UG.FTS.B, 19.99%, 4/19/25.. . | 182 | 188 |
| 992326342.UG.FTS.B, Zero Cpn, 4/18/25.. | 992326342.UG.FTS.B, Zero Cpn, 4/18/25.. | 992326342.UG.FTS.B, Zero Cpn, 4/18/25.. | 419 | 29 | 992400112.UG.FTS.B, 19.99%, 4/19/25. . . | 367 | 378 |
| 992366350.UG.FTS.B, 14.97%, 4/18/25.. . | 992366350.UG.FTS.B, 14.97%, 4/18/25.. . | 992366350.UG.FTS.B, 14.97%, 4/18/25.. . | 190 | 194 | 992400662.UG.FTS.B, 19.99%, 4/19/25.. . | 354 | 240 |
| 992383416.UG.FTS.B, 14.97%, 4/18/25.. . | 992383416.UG.FTS.B, 14.97%, 4/18/25.. . | 992383416.UG.FTS.B, 14.97%, 4/18/25.. . | 79 | 80 | 992443784.UG.FTS.B, 19.99%, 4/19/25.. . | 224 | (2) |
| 992421509.UG.FTS.B, 15%, 4/18/25. . . . . | 992421509.UG.FTS.B, 15%, 4/18/25. . . . . | 992421509.UG.FTS.B, 15%, 4/18/25. . . . . | 168 | 169 | 992335621.UG.FTS.B, 20.46%, 4/19/25.. . | 2406 | 2419 |
| 992345440.UG.FTS.B, 15.97%, 4/18/25.. . | 992345440.UG.FTS.B, 15.97%, 4/18/25.. . | 992345440.UG.FTS.B, 15.97%, 4/18/25.. . | 277 | 279 | 992367825.UG.FTS.B, 20.46%, 4/19/25.. . | 1674 | 1683 |
| 992397485.UG.FTS.B, 15.97%, 4/18/25.. . | 992397485.UG.FTS.B, 15.97%, 4/18/25.. . | 992397485.UG.FTS.B, 15.97%, 4/18/25.. . | 237 | 241 | 992332950.UG.FTS.B, 21.98%, 4/19/25.. . | 3363 | 3409 |
| 992484763.UG.FTS.B, 15.97%, 4/18/25.. . | 992484763.UG.FTS.B, 15.97%, 4/18/25.. . | 992484763.UG.FTS.B, 15.97%, 4/18/25.. . | 450 | 460 | 992351332.UG.FTS.B, 26.94%, 4/19/25.. . | 1447 | 1434 |
| 992546771.UG.FTS.B, 15.97%, 4/18/25.. . | 992546771.UG.FTS.B, 15.97%, 4/18/25.. . | 992546771.UG.FTS.B, 15.97%, 4/18/25.. . | 3345 | 3365 | 992334959.UG.FTS.B, 28.98%, 4/19/25.. . | 157 | 156 |
| 992323983.UG.FTS.B, 16.99%, 4/18/25.. . | 992323983.UG.FTS.B, 16.99%, 4/18/25.. . | 992323983.UG.FTS.B, 16.99%, 4/18/25.. . | 99 | 100 | 992335011.UG.FTS.B, 28.98%, 4/19/25. . . | 684 | 90 |
| 992329160.UG.FTS.B, 16.99%, 4/18/25.. . | 992329160.UG.FTS.B, 16.99%, 4/18/25.. . | 992329160.UG.FTS.B, 16.99%, 4/18/25.. . | 1751 | 1786 | 992340621.UG.FTS.B, 28.98%, 4/19/25.. . | 253 | 261 |
| 992356139.UG.FTS.B, 16.99%, 4/18/25.. . | 992356139.UG.FTS.B, 16.99%, 4/18/25.. . | 992356139.UG.FTS.B, 16.99%, 4/18/25.. . | 341 | 348 | 992343828.UG.FTS.B, 28.98%, 4/19/25.. . | 34 | 34 |
| 992387534.UG.FTS.B, 16.99%, 4/18/25.. . | 992387534.UG.FTS.B, 16.99%, 4/18/25.. . | 992387534.UG.FTS.B, 16.99%, 4/18/25.. . | 352 | 358 | 992345799.UG.FTS.B, 28.98%, 4/19/25.. . | 69 | 68 |
| 992324428.UG.FTS.B, 17.99%, 4/18/25.. . | 992324428.UG.FTS.B, 17.99%, 4/18/25.. . | 992324428.UG.FTS.B, 17.99%, 4/18/25.. . | 603 | 615 | 992355045.UG.FTS.B, 28.98%, 4/19/25.. . | 250 | 257 |
| 992347652.UG.FTS.B, 17.99%, 4/18/25.. . | 992347652.UG.FTS.B, 17.99%, 4/18/25.. . | 992347652.UG.FTS.B, 17.99%, 4/18/25.. . | 1658 | 1692 | 992356069.UG.FTS.B, 28.98%, 4/19/25.. . | 340 | 345 |
| 992350959.UG.FTS.B, 17.99%, 4/18/25.. . | 992350959.UG.FTS.B, 17.99%, 4/18/25.. . | 992350959.UG.FTS.B, 17.99%, 4/18/25.. . | 2800 | 1789 | 992377634.UG.FTS.B, 28.98%, 4/19/25.. . | 473 | 491 |
| 992380390.UG.FTS.B, 17.99%, 4/18/25.. . | 992380390.UG.FTS.B, 17.99%, 4/18/25.. . | 992380390.UG.FTS.B, 17.99%, 4/18/25.. . | 545 | 545 | 992422280.UG.FTS.B, 28.98%, 4/19/25.. . | 105 | 106 |
| 992403384.UG.FTS.B, 17.99%, 4/18/25.. . | 992403384.UG.FTS.B, 17.99%, 4/18/25.. . | 992403384.UG.FTS.B, 17.99%, 4/18/25.. . | 785 | 801 | 992422411.UG.FTS.B, 28.98%, 4/19/25. . . | 1475 | 1496 |
| 992402637.UG.FTS.B, 19.99%, 4/18/25.. . | 992402637.UG.FTS.B, 19.99%, 4/18/25.. . | 992402637.UG.FTS.B, 19.99%, 4/18/25.. . | – | – | 992428210.UG.FTS.B, 28.98%, 4/19/25.. . | 311 | 321 |
| 992385404.UG.FTS.B, 20.97%, 4/18/25.. . | 992385404.UG.FTS.B, 20.97%, 4/18/25.. . | 992385404.UG.FTS.B, 20.97%, 4/18/25.. . | 167 | 170 | 992485761.UG.FTS.B, 28.98%, 4/19/25.. . | 1324 | 1372 |
| 992322893.UG.FTS.B, 28.98%, 4/18/25.. . | 992322893.UG.FTS.B, 28.98%, 4/18/25.. . | 992322893.UG.FTS.B, 28.98%, 4/18/25.. . | 163 | 169 | 992492586.UG.FTS.B, 28.98%, 4/19/25.. . | 442 | 448 |
| 992322987.UG.FTS.B, 28.98%, 4/18/25.. . | 992322987.UG.FTS.B, 28.98%, 4/18/25.. . | 992322987.UG.FTS.B, 28.98%, 4/18/25.. . | 314 | 324 | 992602877.UG.FTS.B, 28.98%, 4/19/25.. . | 90 | 93 |
| 992325295.UG.FTS.B, 28.98%, 4/18/25.. . | 992325295.UG.FTS.B, 28.98%, 4/18/25.. . | 992325295.UG.FTS.B, 28.98%, 4/18/25.. . | 184 | 191 | 992609572.UG.FTS.B, 28.98%, 4/19/25.. . | 100 | 101 |
| 992327973.UG.FTS.B, 28.98%, 4/18/25.. . | 992327973.UG.FTS.B, 28.98%, 4/18/25.. . | 992327973.UG.FTS.B, 28.98%, 4/18/25.. . | 492 | 493 | 992394779.UG.FTS.B, 29.45%, 4/19/25.. . | 95 | 95 |
| 992344450.UG.FTS.B, 28.98%, 4/18/25.. . | 992344450.UG.FTS.B, 28.98%, 4/18/25.. . | 992344450.UG.FTS.B, 28.98%, 4/18/25.. . | 8 | 8 | 992356350.UG.FTS.B, 29.46%, 4/19/25.. . | 509 | 499 |
| 992397735.UG.FTS.B, 28.98%, 4/18/25.. . | 992397735.UG.FTS.B, 28.98%, 4/18/25.. . | 992397735.UG.FTS.B, 28.98%, 4/18/25.. . | 111 | 115 | 992382302.UG.FTS.B, 29.48%, 4/19/25.. . | 771 | 795 |
| 992461866.UG.FTS.B, 28.98%, 4/18/25.. . | 992461866.UG.FTS.B, 28.98%, 4/18/25.. . | 992461866.UG.FTS.B, 28.98%, 4/18/25.. . | 2395 | 2445 | 992429923.UG.FTS.B, 29.48%, 4/19/25.. . | 79 | 81 |
| 992341212.UG.FTS.B, 29.45%, 4/18/25.. . | 992341212.UG.FTS.B, 29.45%, 4/18/25.. . | 992341212.UG.FTS.B, 29.45%, 4/18/25.. . | 1400 | 1450 | 992332787.UG.FTS.B, 29.49%, 4/19/25.. . | 340 | 352 |
| 992346087.UG.FTS.B, 29.48%, 4/18/25.. . | 992346087.UG.FTS.B, 29.48%, 4/18/25.. . | 992346087.UG.FTS.B, 29.48%, 4/18/25.. . | 136 | 142 | 992336209.UG.FTS.B, 29.49%, 4/19/25.. . | 394 | 405 |
| 992322780.UG.FTS.B, 29.49%, 4/18/25.. . | 992322780.UG.FTS.B, 29.49%, 4/18/25.. . | 992322780.UG.FTS.B, 29.49%, 4/18/25.. . | 55 | 57 | 992336355.UG.FTS.B, 29.49%, 4/19/25.. . | 2198 | 2271 |
| 992323207.UG.FTS.B, 29.49%, 4/18/25.. . | 992323207.UG.FTS.B, 29.49%, 4/18/25.. . | 992323207.UG.FTS.B, 29.49%, 4/18/25.. . | 427 | 285 | 992336459.UG.FTS.B, 29.49%, 4/19/25.. . | 241 | 32 |
| 992323564.UG.FTS.B, 29.49%, 4/18/25.. . | 992323564.UG.FTS.B, 29.49%, 4/18/25.. . | 992323564.UG.FTS.B, 29.49%, 4/18/25.. . | 139 | 144 | 992336939.UG.FTS.B, 29.49%, 4/19/25.. . | 164 | 169 |
| 992323640.UG.FTS.B, 29.49%, 4/18/25.. . | 992323640.UG.FTS.B, 29.49%, 4/18/25.. . | 992323640.UG.FTS.B, 29.49%, 4/18/25.. . | 789 | 806 | 992339462.UG.FTS.B, 29.49%, 4/19/25.. . | 904 | 906 |
| 992323711.UG.FTS.B, 29.49%, 4/18/25. . . | 992323711.UG.FTS.B, 29.49%, 4/18/25. . . | 992323711.UG.FTS.B, 29.49%, 4/18/25. . . | 172 | 179 | 992341019.UG.FTS.B, 29.49%, 4/19/25.. . | 70 | 54 |
| 992326834.UG.FTS.B, 29.49%, 4/18/25.. . | 992326834.UG.FTS.B, 29.49%, 4/18/25.. . | 992326834.UG.FTS.B, 29.49%, 4/18/25.. . | 149 | 96 | 992342956.UG.FTS.B, 29.49%, 4/19/25.. . | 9 | 9 |
| 992327642.UG.FTS.B, 29.49%, 4/18/25.. . | 992327642.UG.FTS.B, 29.49%, 4/18/25.. . | 992327642.UG.FTS.B, 29.49%, 4/18/25.. . | 334 | (13) | 992345740.UG.FTS.B, 29.49%, 4/19/25.. . | 301 | 304 |
| 992337233.UG.FTS.B, 29.49%, 4/18/25.. . | 992337233.UG.FTS.B, 29.49%, 4/18/25.. . | 992337233.UG.FTS.B, 29.49%, 4/18/25.. . | 61 | 9 | 992358044.UG.FTS.B, 29.49%, 4/19/25.. . | 138 | 143 |
| 992340847.UG.FTS.B, 29.49%, 4/18/25.. . | 992340847.UG.FTS.B, 29.49%, 4/18/25.. . | 992340847.UG.FTS.B, 29.49%, 4/18/25.. . | 675 | 677 | 992381989.UG.FTS.B, 29.49%, 4/19/25.. . | 437 | 425 |
| 992351999.UG.FTS.B, 29.49%, 4/18/25.. . | 992351999.UG.FTS.B, 29.49%, 4/18/25.. . | 992351999.UG.FTS.B, 29.49%, 4/18/25.. . | 178 | 184 | 992384802.UG.FTS.B, 29.49%, 4/19/25.. . | 2477 | 2524 |
| 992368603.UG.FTS.B, 29.49%, 4/18/25.. . | 992368603.UG.FTS.B, 29.49%, 4/18/25.. . | 992368603.UG.FTS.B, 29.49%, 4/18/25.. . | 454 | 469 | 992391064.UG.FTS.B, 29.49%, 4/19/25.. . | 555 | 72 |
| 992410410.UG.FTS.B, 29.49%, 4/18/25.. . | 992410410.UG.FTS.B, 29.49%, 4/18/25.. . | 992410410.UG.FTS.B, 29.49%, 4/18/25.. . | 479 | 489 | 992394877.UG.FTS.B, 29.49%, 4/19/25.. . | 143 | 148 |
| 992418086.UG.FTS.B, 29.49%, 4/18/25.. . | 992418086.UG.FTS.B, 29.49%, 4/18/25.. . | 992418086.UG.FTS.B, 29.49%, 4/18/25.. . | 453 | 470 | 992396234.UG.FTS.B, 29.49%, 4/19/25.. . | 444 | 335 |
| 992423259.UG.FTS.B, 29.49%, 4/18/25.. . | 992423259.UG.FTS.B, 29.49%, 4/18/25.. . | 992423259.UG.FTS.B, 29.49%, 4/18/25.. . | 248 | 165 | 992399071.UG.FTS.B, 29.49%, 4/19/25.. . | 15 | 15 |
| 992473484.UG.FTS.B, 29.49%, 4/18/25.. . | 992473484.UG.FTS.B, 29.49%, 4/18/25.. . | 992473484.UG.FTS.B, 29.49%, 4/18/25.. . | 780 | 104 | 992399512.UG.FTS.B, 29.49%, 4/19/25.. . | 1908 | 1979 |
| 992490012.UG.FTS.B, 29.49%, 4/18/25.. . | 992490012.UG.FTS.B, 29.49%, 4/18/25.. . | 992490012.UG.FTS.B, 29.49%, 4/18/25.. . | 702 | 92 | 992418689.UG.FTS.B, 29.49%, 4/19/25.. . | 441 | 30 |
| 992357010.UG.FTS.B, Zero Cpn, 4/19/25.. | 992357010.UG.FTS.B, Zero Cpn, 4/19/25.. | 992357010.UG.FTS.B, Zero Cpn, 4/19/25.. | 884 | 61 | 992447664.UG.FTS.B, 29.49%, 4/19/25.. . | 126 | 17 |
| 992371729.UG.FTS.B, Zero Cpn, 4/19/25.. | 992371729.UG.FTS.B, Zero Cpn, 4/19/25.. | 992371729.UG.FTS.B, Zero Cpn, 4/19/25.. | 556 | 39 | 992451835.UG.FTS.B, 29.49%, 4/19/25.. . | 3235 | 3353 |
| 992514947.UG.FTS.B, Zero Cpn, 4/19/25.. | 992514947.UG.FTS.B, Zero Cpn, 4/19/25.. | 992514947.UG.FTS.B, Zero Cpn, 4/19/25.. | 539 | 38 | 992499847.UG.FTS.B, 29.49%, 4/19/25.. . | 140 | (13) |
| 992367233.UG.FTS.B, 15%, 4/19/25. . . . . | 992367233.UG.FTS.B, 15%, 4/19/25. . . . . | 992367233.UG.FTS.B, 15%, 4/19/25. . . . . | 626 | 639 | 992508385.UG.FTS.B, 29.49%, 4/19/25.. . | 120 | 123 |
| 992572123.UG.FTS.B, 15%, 4/19/25. . . . . | 992572123.UG.FTS.B, 15%, 4/19/25. . . . . | 992572123.UG.FTS.B, 15%, 4/19/25. . . . . | 40 | 40 | 992579924.UG.FTS.B, 29.49%, 4/19/25.. . | 169 | 172 |
| 992334963.UG.FTS.B, 15.97%, 4/19/25.. . | 992334963.UG.FTS.B, 15.97%, 4/19/25.. . | 992334963.UG.FTS.B, 15.97%, 4/19/25.. . | 3205 | 3273 | 992585077.UG.FTS.B, 29.49%, 4/19/25.. . | 264 | 266 |
| 992487984.UG.FTS.B, 15.97%, 4/19/25.. . | 992487984.UG.FTS.B, 15.97%, 4/19/25.. . | 992487984.UG.FTS.B, 15.97%, 4/19/25.. . | 348 | 356 | 992611397.UG.FTS.B, 29.49%, 4/19/25. . . | 137 | 140 |
| 992335615.UG.FTS.B, 16.99%, 4/19/25.. . | 992335615.UG.FTS.B, 16.99%, 4/19/25.. . | 992335615.UG.FTS.B, 16.99%, 4/19/25.. . | 2401 | 2444 | 992338892.UG.FTS.B, Zero Cpn, 4/20/25.. | 90 | 6 |
| 106 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 106 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992340935.UG.FTS.B, Zero Cpn, 4/20/25.. | $1819 | $126 | 992339835.UG.FTS.B, 28.98%, 4/20/25.. . $574 | 992339835.UG.FTS.B, 28.98%, 4/20/25.. . $574 | $580 | 580 |
| 992341040.UG.FTS.B, Zero Cpn, 4/20/25.. | 339 | 23 | 992340205.UG.FTS.B, 28.98%, 4/20/25.. . | 159 | 165 | 165 |
| 992349601.UG.FTS.B, Zero Cpn, 4/20/25.. | 139 | 10 | 992340689.UG.FTS.B, 28.98%, 4/20/25.. . | 1130 | 1149 | 1149 |
| 992351236.UG.FTS.B, Zero Cpn, 4/20/25.. | 628 | 43 | 992340949.UG.FTS.B, 28.98%, 4/20/25.. . | 1274 | 846 | 846 |
| 992371923.UG.FTS.B, Zero Cpn, 4/20/25.. | 203 | 14 | 992341712.UG.FTS.B, 28.98%, 4/20/25.. . | 199 | 202 | 202 |
| 992375302.UG.FTS.B, Zero Cpn, 4/20/25.. | 37 | 2 | 992342447.UG.FTS.B, 28.98%, 4/20/25.. . | 727 | 745 | 745 |
| 992380113.UG.FTS.B, Zero Cpn, 4/20/25.. | 809 | 57 | 992342749.UG.FTS.B, 28.98%, 4/20/25.. . | 844 | 875 | 875 |
| 992399777.UG.FTS.B, Zero Cpn, 4/20/25.. | 197 | 14 | 992343059.UG.FTS.B, 28.98%, 4/20/25.. . | 248 | 16 | 16 |
| 992404796.UG.FTS.B, Zero Cpn, 4/20/25.. | 164 | 11 | 992343369.UG.FTS.B, 28.98%, 4/20/25.. . | 257 | 265 | 265 |
| 992413243.UG.FTS.B, Zero Cpn, 4/20/25.. | 490 | 34 | 992345562.UG.FTS.B, 28.98%, 4/20/25.. . | 226 | 235 | 235 |
| 992429841.UG.FTS.B, Zero Cpn, 4/20/25.. | 677 | 47 | 992345748.UG.FTS.B, 28.98%, 4/20/25.. . | 37 | (2) | (2) |
| 992465438.UG.FTS.B, Zero Cpn, 4/20/25.. | 352 | 24 | 992346258.UG.FTS.B, 28.98%, 4/20/25.. . | 395 | 393 | 393 |
| 992500636.UG.FTS.B, Zero Cpn, 4/20/25.. | 166 | 11 | 992346826.UG.FTS.B, 28.98%, 4/20/25.. . | 356 | 354 | 354 |
| 992501748.UG.FTS.B, Zero Cpn, 4/20/25.. | 116 | 8 | 992350796.UG.FTS.B, 28.98%, 4/20/25.. . | 554 | 575 | 575 |
| 992338902.UG.FTS.B, 15.97%, 4/20/25.. . | 929 | 947 | 992350941.UG.FTS.B, 28.98%, 4/20/25.. . | 602 | 622 | 622 |
| 992343511.UG.FTS.B, 18.97%, 4/20/25. . . | 570 | 581 | 992352215.UG.FTS.B, 28.98%, 4/20/25.. . | 1686 | 1706 | 1706 |
| 992341718.UG.FTS.B, 19.99%, 4/20/25.. . | 1475 | 1530 | 992352243.UG.FTS.B, 28.98%, 4/20/25.. . | 229 | 238 | 238 |
| 992343551.UG.FTS.B, 19.99%, 4/20/25.. . | 172 | 179 | 992354011.UG.FTS.B, 28.98%, 4/20/25. . . | 85 | 84 | 84 |
| 992344561.UG.FTS.B, 19.99%, 4/20/25.. . | 10 | 10 | 992355254.UG.FTS.B, 28.98%, 4/20/25.. . | 214 | 222 | 222 |
| 992344998.UG.FTS.B, 19.99%, 4/20/25.. . | 1447 | 1484 | 992355518.UG.FTS.B, 28.98%, 4/20/25.. . | 584 | 592 | 592 |
| 992345097.UG.FTS.B, 19.99%, 4/20/25.. . | 284 | 293 | 992355874.UG.FTS.B, 28.98%, 4/20/25.. . | 539 | 553 | 553 |
| 992345531.UG.FTS.B, 19.99%, 4/20/25.. . | – | – | 992357502.UG.FTS.B, 28.98%, 4/20/25.. . | 148 | (5) | (5) |
| 992345537.UG.FTS.B, 19.99%, 4/20/25.. . | 69 | 71 | 992358247.UG.FTS.B, 28.98%, 4/20/25.. . | 2069 | 2121 | 2121 |
| 992346384.UG.FTS.B, 19.99%, 4/20/25.. . | 314 | 324 | 992359827.UG.FTS.B, 28.98%, 4/20/25.. . | 198 | 205 | 205 |
| 992350961.UG.FTS.B, 19.99%, 4/20/25.. . | 835 | 866 | 992361195.UG.FTS.B, 28.98%, 4/20/25. . . | 81 | 83 | 83 |
| 992352431.UG.FTS.B, 19.99%, 4/20/25.. . | 1610 | 1629 | 992361834.UG.FTS.B, 28.98%, 4/20/25.. . | 329 | 328 | 328 |
| 992354565.UG.FTS.B, 19.99%, 4/20/25.. . | 246 | 252 | 992362279.UG.FTS.B, 28.98%, 4/20/25.. . | 40 | 41 | 41 |
| 992370620.UG.FTS.B, 19.99%, 4/20/25.. . | 340 | 345 | 992362288.UG.FTS.B, 28.98%, 4/20/25.. . | 168 | 174 | 174 |
| 992372406.UG.FTS.B, 19.99%, 4/20/25.. . | 16 | 16 | 992362635.UG.FTS.B, 28.98%, 4/20/25.. . | 480 | 490 | 490 |
| 992376081.UG.FTS.B, 19.99%, 4/20/25.. . | 1008 | 1039 | 992363075.UG.FTS.B, 28.98%, 4/20/25.. . | 146 | 151 | 151 |
| 992388112.UG.FTS.B, 19.99%, 4/20/25. . . | 114 | 112 | 992365288.UG.FTS.B, 28.98%, 4/20/25.. . | 2034 | 2072 | 2072 |
| 992396003.UG.FTS.B, 19.99%, 4/20/25.. . | 269 | 279 | 992369745.UG.FTS.B, 28.98%, 4/20/25.. . | 5536 | 5742 | 5742 |
| 992401716.UG.FTS.B, 19.99%, 4/20/25.. . | 15 | 15 | 992371026.UG.FTS.B, 28.98%, 4/20/25.. . | 1278 | 1313 | 1313 |
| 992407904.UG.FTS.B, 19.99%, 4/20/25.. . | 82 | 84 | 992372142.UG.FTS.B, 28.98%, 4/20/25.. . | 147 | 149 | 149 |
| 992429650.UG.FTS.B, 19.99%, 4/20/25.. . | 828 | 859 | 992374810.UG.FTS.B, 28.98%, 4/20/25.. . | 79 | 81 | 81 |
| 992439156.UG.FTS.B, 19.99%, 4/20/25.. . | 37 | 37 | 992376828.UG.FTS.B, 28.98%, 4/20/25.. . | 2012 | 283 | 283 |
| 992462479.UG.FTS.B, 19.99%, 4/20/25.. . | 49 | 50 | 992377173.UG.FTS.B, 28.98%, 4/20/25.. . | 2470 | 2520 | 2520 |
| 992474848.UG.FTS.B, 19.99%, 4/20/25.. . | 78 | 80 | 992377665.UG.FTS.B, 28.98%, 4/20/25.. . | 111 | 115 | 115 |
| 992476651.UG.FTS.B, 19.99%, 4/20/25.. . | 61 | 62 | 992379951.UG.FTS.B, 28.98%, 4/20/25.. . | 127 | 132 | 132 |
| 992478438.UG.FTS.B, 19.99%, 4/20/25.. . | 134 | 139 | 992383323.UG.FTS.B, 28.98%, 4/20/25.. . | 199 | 196 | 196 |
| 992490816.UG.FTS.B, 19.99%, 4/20/25.. . | 516 | 527 | 992384845.UG.FTS.B, 28.98%, 4/20/25.. . | 150 | 155 | 155 |
| 992495523.UG.FTS.B, 19.99%, 4/20/25.. . | 414 | 430 | 992387968.UG.FTS.B, 28.98%, 4/20/25.. . | 227 | 153 | 153 |
| 992514020.UG.FTS.B, 19.99%, 4/20/25.. . | 310 | 312 | 992390700.UG.FTS.B, 28.98%, 4/20/25.. . | 393 | 407 | 407 |
| 992347525.UG.FTS.B, 21.46%, 4/20/25.. . | 1171 | 1154 | 992394519.UG.FTS.B, 28.98%, 4/20/25.. . | 139 | 141 | 141 |
| 992587068.UG.FTS.B, 25.95%, 4/20/25.. . | 336 | 335 | 992394901.UG.FTS.B, 28.98%, 4/20/25.. . | 1294 | 1331 | 1331 |
| 992338075.UG.FTS.B, 27.95%, 4/20/25.. . | 588 | 573 | 992395078.UG.FTS.B, 28.98%, 4/20/25.. . | 308 | 320 | 320 |
| 992339363.UG.FTS.B, 27.95%, 4/20/25.. . | 98 | 95 | 992395439.UG.FTS.B, 28.98%, 4/20/25.. . | 36 | 36 | 36 |
| 992385000.UG.FTS.B, 27.95%, 4/20/25.. . | 297 | (9) | 992396799.UG.FTS.B, 28.98%, 4/20/25.. . | 68 | (2) | (2) |
| 992394027.UG.FTS.B, 27.95%, 4/20/25.. . | 1136 | 1164 | 992397649.UG.FTS.B, 28.98%, 4/20/25.. . | 684 | 699 | 699 |
| 992362201.UG.FTS.B, 27.99%, 4/20/25.. . | 177 | 183 | 992399160.UG.FTS.B, 28.98%, 4/20/25.. . | 1579 | 1639 | 1639 |
| 992366991.UG.FTS.B, 27.99%, 4/20/25.. . | 413 | 429 | 992400911.UG.FTS.B, 28.98%, 4/20/25. . . | 57 | 58 | 58 |
| 992371231.UG.FTS.B, 27.99%, 4/20/25.. . | 56 | 57 | 992401591.UG.FTS.B, 28.98%, 4/20/25.. . | 2 | 2 | 2 |
| 992410568.UG.FTS.B, 27.99%, 4/20/25.. . | 284 | 21 | 992402957.UG.FTS.B, 28.98%, 4/20/25.. . | 240 | 240 | 240 |
| 992619976.UG.FTS.B, 27.99%, 4/20/25.. . | 352 | 356 | 992404027.UG.FTS.B, 28.98%, 4/20/25.. . | 1093 | 161 | 161 |
| 992338470.UG.FTS.B, 28.98%, 4/20/25.. . | 136 | 137 | 992404083.UG.FTS.B, 28.98%, 4/20/25.. . | 1015 | 1031 | 1031 |
| 992338652.UG.FTS.B, 28.98%, 4/20/25.. . | 327 | 340 | 992404422.UG.FTS.B, 28.98%, 4/20/25.. . | 1455 | 1485 | 1485 |
| 992339153.UG.FTS.B, 28.98%, 4/20/25.. . | 199 | 206 | 992405698.UG.FTS.B, 28.98%, 4/20/25.. . | 138 | 138 | 138 |
| 992339652.UG.FTS.B, 28.98%, 4/20/25.. . | 186 | 194 | 992406320.UG.FTS.B, 28.98%, 4/20/25.. . | 66 | 67 | 67 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 107 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 107 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992407169.UG.FTS.B, 28.98%, 4/20/25.. . $ | 992407169.UG.FTS.B, 28.98%, 4/20/25.. . $ | 992407169.UG.FTS.B, 28.98%, 4/20/25.. . $ | 441 | $444 | 992404831.UG.FTS.B, 29.47%, 4/20/25.. . $ | 264 | $172 |
| 992410841.UG.FTS.B, 28.98%, 4/20/25.. . | 992410841.UG.FTS.B, 28.98%, 4/20/25.. . | 992410841.UG.FTS.B, 28.98%, 4/20/25.. . | 122 | 126 | 992338159.UG.FTS.B, 29.48%, 4/20/25.. . | 1993 | 2073 |
| 992411415.UG.FTS.B, 28.98%, 4/20/25. . . | 992411415.UG.FTS.B, 28.98%, 4/20/25. . . | 992411415.UG.FTS.B, 28.98%, 4/20/25. . . | 41 | 35 | 992340990.UG.FTS.B, 29.48%, 4/20/25.. . | 113 | 117 |
| 992414574.UG.FTS.B, 28.98%, 4/20/25.. . | 992414574.UG.FTS.B, 28.98%, 4/20/25.. . | 992414574.UG.FTS.B, 28.98%, 4/20/25.. . | 916 | 950 | 992341542.UG.FTS.B, 29.48%, 4/20/25.. . | 267 | 276 |
| 992422929.UG.FTS.B, 28.98%, 4/20/25.. . | 992422929.UG.FTS.B, 28.98%, 4/20/25.. . | 992422929.UG.FTS.B, 28.98%, 4/20/25.. . | 185 | 192 | 992342047.UG.FTS.B, 29.48%, 4/20/25.. . | 766 | 793 |
| 992423538.UG.FTS.B, 28.98%, 4/20/25.. . | 992423538.UG.FTS.B, 28.98%, 4/20/25.. . | 992423538.UG.FTS.B, 28.98%, 4/20/25.. . | 45 | 46 | 992342055.UG.FTS.B, 29.48%, 4/20/25.. . | 710 | 733 |
| 992423682.UG.FTS.B, 28.98%, 4/20/25.. . | 992423682.UG.FTS.B, 28.98%, 4/20/25.. . | 992423682.UG.FTS.B, 28.98%, 4/20/25.. . | 144 | 148 | 992347761.UG.FTS.B, 29.48%, 4/20/25.. . | 420 | 427 |
| 992427018.UG.FTS.B, 28.98%, 4/20/25.. . | 992427018.UG.FTS.B, 28.98%, 4/20/25.. . | 992427018.UG.FTS.B, 28.98%, 4/20/25.. . | 206 | 211 | 992384921.UG.FTS.B, 29.48%, 4/20/25.. . | 326 | 338 |
| 992428010.UG.FTS.B, 28.98%, 4/20/25.. . | 992428010.UG.FTS.B, 28.98%, 4/20/25.. . | 992428010.UG.FTS.B, 28.98%, 4/20/25.. . | 1094 | 1136 | 992410239.UG.FTS.B, 29.48%, 4/20/25.. . | 409 | 425 |
| 992433094.UG.FTS.B, 28.98%, 4/20/25.. . | 992433094.UG.FTS.B, 28.98%, 4/20/25.. . | 992433094.UG.FTS.B, 28.98%, 4/20/25.. . | 190 | 196 | 992420021.UG.FTS.B, 29.48%, 4/20/25.. . | 308 | 302 |
| 992443633.UG.FTS.B, 28.98%, 4/20/25.. . | 992443633.UG.FTS.B, 28.98%, 4/20/25.. . | 992443633.UG.FTS.B, 28.98%, 4/20/25.. . | 9 | 9 | 992524698.UG.FTS.B, 29.48%, 4/20/25.. . | 499 | 509 |
| 992444171.UG.FTS.B, 28.98%, 4/20/25.. . | 992444171.UG.FTS.B, 28.98%, 4/20/25.. . | 992444171.UG.FTS.B, 28.98%, 4/20/25.. . | 440 | 453 | 992607178.UG.FTS.B, 29.48%, 4/20/25.. . | 261 | 266 |
| 992448816.UG.FTS.B, 28.98%, 4/20/25.. . | 992448816.UG.FTS.B, 28.98%, 4/20/25.. . | 992448816.UG.FTS.B, 28.98%, 4/20/25.. . | 801 | 810 | 992338435.UG.FTS.B, 29.49%, 4/20/25.. . | 221 | 228 |
| 992452720.UG.FTS.B, 28.98%, 4/20/25.. . | 992452720.UG.FTS.B, 28.98%, 4/20/25.. . | 992452720.UG.FTS.B, 28.98%, 4/20/25.. . | 236 | 244 | 992338453.UG.FTS.B, 29.49%, 4/20/25.. . | 883 | 885 |
| 992454935.UG.FTS.B, 28.98%, 4/20/25.. . | 992454935.UG.FTS.B, 28.98%, 4/20/25.. . | 992454935.UG.FTS.B, 28.98%, 4/20/25.. . | 108 | 111 | 992338515.UG.FTS.B, 29.49%, 4/20/25.. . | 293 | 291 |
| 992455319.UG.FTS.B, 28.98%, 4/20/25.. . | 992455319.UG.FTS.B, 28.98%, 4/20/25.. . | 992455319.UG.FTS.B, 28.98%, 4/20/25.. . | 298 | 309 | 992338857.UG.FTS.B, 29.49%, 4/20/25.. . | 357 | 364 |
| 992468886.UG.FTS.B, 28.98%, 4/20/25.. . | 992468886.UG.FTS.B, 28.98%, 4/20/25.. . | 992468886.UG.FTS.B, 28.98%, 4/20/25.. . | 16 | 16 | 992338976.UG.FTS.B, 29.49%, 4/20/25.. . | 178 | 186 |
| 992471150.UG.FTS.B, 28.98%, 4/20/25. . . | 992471150.UG.FTS.B, 28.98%, 4/20/25. . . | 992471150.UG.FTS.B, 28.98%, 4/20/25. . . | 168 | 173 | 992339116.UG.FTS.B, 29.49%, 4/20/25. . . | 1119 | 1162 |
| 992473400.UG.FTS.B, 28.98%, 4/20/25.. . | 992473400.UG.FTS.B, 28.98%, 4/20/25.. . | 992473400.UG.FTS.B, 28.98%, 4/20/25.. . | 211 | 215 | 992339181.UG.FTS.B, 29.49%, 4/20/25.. . | 111 | 115 |
| 992475984.UG.FTS.B, 28.98%, 4/20/25.. . | 992475984.UG.FTS.B, 28.98%, 4/20/25.. . | 992475984.UG.FTS.B, 28.98%, 4/20/25.. . | 98 | 102 | 992339584.UG.FTS.B, 29.49%, 4/20/25.. . | 531 | 543 |
| 992477854.UG.FTS.B, 28.98%, 4/20/25.. . | 992477854.UG.FTS.B, 28.98%, 4/20/25.. . | 992477854.UG.FTS.B, 28.98%, 4/20/25.. . | 313 | 308 | 992339771.UG.FTS.B, 29.49%, 4/20/25.. . | 174 | 181 |
| 992484436.UG.FTS.B, 28.98%, 4/20/25.. . | 992484436.UG.FTS.B, 28.98%, 4/20/25.. . | 992484436.UG.FTS.B, 28.98%, 4/20/25.. . | 87 | 6 | 992340153.UG.FTS.B, 29.49%, 4/20/25.. . | 904 | 937 |
| 992510309.UG.FTS.B, 28.98%, 4/20/25.. . | 992510309.UG.FTS.B, 28.98%, 4/20/25.. . | 992510309.UG.FTS.B, 28.98%, 4/20/25.. . | 645 | 659 | 992340868.UG.FTS.B, 29.49%, 4/20/25.. . | 155 | 161 |
| 992571536.UG.FTS.B, 28.98%, 4/20/25.. . | 992571536.UG.FTS.B, 28.98%, 4/20/25.. . | 992571536.UG.FTS.B, 28.98%, 4/20/25.. . | 87 | 89 | 992340942.UG.FTS.B, 29.49%, 4/20/25.. . | 29 | 30 |
| 992573156.UG.FTS.B, 28.98%, 4/20/25.. . | 992573156.UG.FTS.B, 28.98%, 4/20/25.. . | 992573156.UG.FTS.B, 28.98%, 4/20/25.. . | 898 | 917 | 992341297.UG.FTS.B, 29.49%, 4/20/25.. . | 592 | 600 |
| 992581324.UG.FTS.B, 28.98%, 4/20/25.. . | 992581324.UG.FTS.B, 28.98%, 4/20/25.. . | 992581324.UG.FTS.B, 28.98%, 4/20/25.. . | 1130 | 1147 | 992341740.UG.FTS.B, 29.49%, 4/20/25.. . | 162 | 165 |
| 992594378.UG.FTS.B, 28.98%, 4/20/25.. . | 992594378.UG.FTS.B, 28.98%, 4/20/25.. . | 992594378.UG.FTS.B, 28.98%, 4/20/25.. . | 249 | 255 | 992341849.UG.FTS.B, 29.49%, 4/20/25.. . | 27 | 27 |
| 992606928.UG.FTS.B, 28.98%, 4/20/25.. . | 992606928.UG.FTS.B, 28.98%, 4/20/25.. . | 992606928.UG.FTS.B, 28.98%, 4/20/25.. . | 29 | 5 | 992342087.UG.FTS.B, 29.49%, 4/20/25.. . | 41 | 42 |
| 992633562.UG.FTS.B, 28.98%, 4/20/25.. . | 992633562.UG.FTS.B, 28.98%, 4/20/25.. . | 992633562.UG.FTS.B, 28.98%, 4/20/25.. . | 59 | 60 | 992342274.UG.FTS.B, 29.49%, 4/20/25.. . | 324 | 337 |
| 992339161.UG.FTS.B, 29.45%, 4/20/25.. . | 992339161.UG.FTS.B, 29.45%, 4/20/25.. . | 992339161.UG.FTS.B, 29.45%, 4/20/25.. . | 29 | 29 | 992342384.UG.FTS.B, 29.49%, 4/20/25.. . | 228 | 230 |
| 992339264.UG.FTS.B, 29.45%, 4/20/25.. . | 992339264.UG.FTS.B, 29.45%, 4/20/25.. . | 992339264.UG.FTS.B, 29.45%, 4/20/25.. . | 88 | 91 | 992343488.UG.FTS.B, 29.49%, 4/20/25.. . | 249 | 253 |
| 992357397.UG.FTS.B, 29.45%, 4/20/25.. . | 992357397.UG.FTS.B, 29.45%, 4/20/25.. . | 992357397.UG.FTS.B, 29.45%, 4/20/25.. . | 84 | 85 | 992343701.UG.FTS.B, 29.49%, 4/20/25.. . | 121 | 126 |
| 992368058.UG.FTS.B, 29.45%, 4/20/25.. . | 992368058.UG.FTS.B, 29.45%, 4/20/25.. . | 992368058.UG.FTS.B, 29.45%, 4/20/25.. . | 2578 | 1660 | 992343800.UG.FTS.B, 29.49%, 4/20/25.. . | 512 | 513 |
| 992370756.UG.FTS.B, 29.45%, 4/20/25.. . | 992370756.UG.FTS.B, 29.45%, 4/20/25.. . | 992370756.UG.FTS.B, 29.45%, 4/20/25.. . | 483 | 502 | 992344052.UG.FTS.B, 29.49%, 4/20/25.. . | 11 | 11 |
| 992633878.UG.FTS.B, 29.45%, 4/20/25.. . | 992633878.UG.FTS.B, 29.45%, 4/20/25.. . | 992633878.UG.FTS.B, 29.45%, 4/20/25.. . | 55 | 55 | 992344842.UG.FTS.B, 29.49%, 4/20/25.. . | 150 | 149 |
| 992342464.UG.FTS.B, 29.46%, 4/20/25.. . | 992342464.UG.FTS.B, 29.46%, 4/20/25.. . | 992342464.UG.FTS.B, 29.46%, 4/20/25.. . | 5 | 5 | 992345224.UG.FTS.B, 29.49%, 4/20/25.. . | 1031 | 1064 |
| 992343611.UG.FTS.B, 29.46%, 4/20/25. . . | 992343611.UG.FTS.B, 29.46%, 4/20/25. . . | 992343611.UG.FTS.B, 29.46%, 4/20/25. . . | 1758 | 1818 | 992345900.UG.FTS.B, 29.49%, 4/20/25.. . | – | – |
| 992344089.UG.FTS.B, 29.46%, 4/20/25.. . | 992344089.UG.FTS.B, 29.46%, 4/20/25.. . | 992344089.UG.FTS.B, 29.46%, 4/20/25.. . | 198 | 202 | 992346069.UG.FTS.B, 29.49%, 4/20/25.. . | 556 | (21) |
| 992345084.UG.FTS.B, 29.46%, 4/20/25.. . | 992345084.UG.FTS.B, 29.46%, 4/20/25.. . | 992345084.UG.FTS.B, 29.46%, 4/20/25.. . | 492 | 504 | 992346255.UG.FTS.B, 29.49%, 4/20/25.. . | 360 | 357 |
| 992352382.UG.FTS.B, 29.46%, 4/20/25.. . | 992352382.UG.FTS.B, 29.46%, 4/20/25.. . | 992352382.UG.FTS.B, 29.46%, 4/20/25.. . | 202 | (5) | 992347273.UG.FTS.B, 29.49%, 4/20/25.. . | 223 | 15 |
| 992356070.UG.FTS.B, 29.46%, 4/20/25.. . | 992356070.UG.FTS.B, 29.46%, 4/20/25.. . | 992356070.UG.FTS.B, 29.46%, 4/20/25.. . | 36 | 36 | 992348311.UG.FTS.B, 29.49%, 4/20/25. . . | 254 | 34 |
| 992365528.UG.FTS.B, 29.46%, 4/20/25.. . | 992365528.UG.FTS.B, 29.46%, 4/20/25.. . | 992365528.UG.FTS.B, 29.46%, 4/20/25.. . | 166 | 170 | 992348769.UG.FTS.B, 29.49%, 4/20/25.. . | 92 | 91 |
| 992377954.UG.FTS.B, 29.46%, 4/20/25.. . | 992377954.UG.FTS.B, 29.46%, 4/20/25.. . | 992377954.UG.FTS.B, 29.46%, 4/20/25.. . | 264 | 272 | 992348941.UG.FTS.B, 29.49%, 4/20/25.. . | 2734 | 2741 |
| 992379948.UG.FTS.B, 29.46%, 4/20/25.. . | 992379948.UG.FTS.B, 29.46%, 4/20/25.. . | 992379948.UG.FTS.B, 29.46%, 4/20/25.. . | 443 | 451 | 992349616.UG.FTS.B, 29.49%, 4/20/25.. . | 441 | 454 |
| 992382889.UG.FTS.B, 29.46%, 4/20/25.. . | 992382889.UG.FTS.B, 29.46%, 4/20/25.. . | 992382889.UG.FTS.B, 29.46%, 4/20/25.. . | 15 | 15 | 992349751.UG.FTS.B, 29.49%, 4/20/25.. . | 3574 | 3668 |
| 992404784.UG.FTS.B, 29.46%, 4/20/25.. . | 992404784.UG.FTS.B, 29.46%, 4/20/25.. . | 992404784.UG.FTS.B, 29.46%, 4/20/25.. . | 122 | 83 | 992351476.UG.FTS.B, 29.49%, 4/20/25.. . | 1820 | 1888 |
| 992405854.UG.FTS.B, 29.46%, 4/20/25.. . | 992405854.UG.FTS.B, 29.46%, 4/20/25.. . | 992405854.UG.FTS.B, 29.46%, 4/20/25.. . | 530 | 549 | 992352505.UG.FTS.B, 29.49%, 4/20/25.. . | 443 | 443 |
| 992475659.UG.FTS.B, 29.46%, 4/20/25.. . | 992475659.UG.FTS.B, 29.46%, 4/20/25.. . | 992475659.UG.FTS.B, 29.46%, 4/20/25.. . | 135 | 139 | 992353212.UG.FTS.B, 29.49%, 4/20/25.. . | 201 | 205 |
| 992550289.UG.FTS.B, 29.46%, 4/20/25.. . | 992550289.UG.FTS.B, 29.46%, 4/20/25.. . | 992550289.UG.FTS.B, 29.46%, 4/20/25.. . | 214 | 222 | 992353485.UG.FTS.B, 29.49%, 4/20/25.. . | 332 | 325 |
| 992634015.UG.FTS.B, 29.46%, 4/20/25.. . | 992634015.UG.FTS.B, 29.46%, 4/20/25.. . | 992634015.UG.FTS.B, 29.46%, 4/20/25.. . | 338 | 338 | 992353742.UG.FTS.B, 29.49%, 4/20/25.. . | 112 | 117 |
| 992338247.UG.FTS.B, 29.47%, 4/20/25.. . | 992338247.UG.FTS.B, 29.47%, 4/20/25.. . | 992338247.UG.FTS.B, 29.47%, 4/20/25.. . | 674 | 670 | 992354907.UG.FTS.B, 29.49%, 4/20/25.. . | 148 | 154 |
| 992340277.UG.FTS.B, 29.47%, 4/20/25.. . | 992340277.UG.FTS.B, 29.47%, 4/20/25.. . | 992340277.UG.FTS.B, 29.47%, 4/20/25.. . | 17 | 17 | 992355055.UG.FTS.B, 29.49%, 4/20/25.. . | 2198 | 2205 |
| 992343898.UG.FTS.B, 29.47%, 4/20/25.. . | 992343898.UG.FTS.B, 29.47%, 4/20/25.. . | 992343898.UG.FTS.B, 29.47%, 4/20/25.. . | 2800 | 2757 | 992355688.UG.FTS.B, 29.49%, 4/20/25.. . | 226 | 234 |
| 992352682.UG.FTS.B, 29.47%, 4/20/25.. . | 992352682.UG.FTS.B, 29.47%, 4/20/25.. . | 992352682.UG.FTS.B, 29.47%, 4/20/25.. . | 708 | 699 | 992356441.UG.FTS.B, 29.49%, 4/20/25.. . | – | – |
| 992356513.UG.FTS.B, 29.47%, 4/20/25.. . | 992356513.UG.FTS.B, 29.47%, 4/20/25.. . | 992356513.UG.FTS.B, 29.47%, 4/20/25.. . | 327 | 337 | 992356481.UG.FTS.B, 29.49%, 4/20/25.. . | 163 | 168 |
| 992358512.UG.FTS.B, 29.47%, 4/20/25.. . | 992358512.UG.FTS.B, 29.47%, 4/20/25.. . | 992358512.UG.FTS.B, 29.47%, 4/20/25.. . | 728 | 753 | 992357961.UG.FTS.B, 29.49%, 4/20/25.. . | 818 | 836 |
| 992360397.UG.FTS.B, 29.47%, 4/20/25.. . | 992360397.UG.FTS.B, 29.47%, 4/20/25.. . | 992360397.UG.FTS.B, 29.47%, 4/20/25.. . | 133 | 138 | 992360516.UG.FTS.B, 29.49%, 4/20/25.. . | 172 | 178 |
| 992362918.UG.FTS.B, 29.47%, 4/20/25.. . | 992362918.UG.FTS.B, 29.47%, 4/20/25.. . | 992362918.UG.FTS.B, 29.47%, 4/20/25.. . | 162 | 165 | 992361845.UG.FTS.B, 29.49%, 4/20/25.. . | 9 | 9 |
| 108 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 108 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992362064.UG.FTS.B, 29.49%, 4/20/25.. . | $70 | $(2) | 992431548.UG.FTS.B, 29.49%, 4/20/25.. . $437 | 992431548.UG.FTS.B, 29.49%, 4/20/25.. . $437 | $452 | 452 |
| 992362695.UG.FTS.B, 29.49%, 4/20/25.. . | 101 | 105 | 992434008.UG.FTS.B, 29.49%, 4/20/25.. . | 264 | (1) | (1) |
| 992363009.UG.FTS.B, 29.49%, 4/20/25.. . | 148 | 154 | 992439485.UG.FTS.B, 29.49%, 4/20/25.. . | 73 | 74 | 74 |
| 992364226.UG.FTS.B, 29.49%, 4/20/25.. . | 589 | 600 | 992439980.UG.FTS.B, 29.49%, 4/20/25.. . | 2258 | 311 | 311 |
| 992364493.UG.FTS.B, 29.49%, 4/20/25.. . | 161 | 167 | 992442953.UG.FTS.B, 29.49%, 4/20/25.. . | 218 | 223 | 223 |
| 992365631.UG.FTS.B, 29.49%, 4/20/25.. . | 90 | 93 | 992443540.UG.FTS.B, 29.49%, 4/20/25.. . | 164 | 169 | 169 |
| 992367719.UG.FTS.B, 29.49%, 4/20/25.. . | 113 | 117 | 992444515.UG.FTS.B, 29.49%, 4/20/25.. . | 174 | 178 | 178 |
| 992368149.UG.FTS.B, 29.49%, 4/20/25.. . | 382 | (15) | 992444812.UG.FTS.B, 29.49%, 4/20/25.. . | 201 | 207 | 207 |
| 992368154.UG.FTS.B, 29.49%, 4/20/25.. . | 341 | 351 | 992445955.UG.FTS.B, 29.49%, 4/20/25.. . | 384 | 398 | 398 |
| 992368578.UG.FTS.B, 29.49%, 4/20/25.. . | 467 | 476 | 992446460.UG.FTS.B, 29.49%, 4/20/25.. . | 89 | 22 | 22 |
| 992371845.UG.FTS.B, 29.49%, 4/20/25.. . | 179 | 184 | 992446585.UG.FTS.B, 29.49%, 4/20/25.. . | 15 | 15 | 15 |
| 992372295.UG.FTS.B, 29.49%, 4/20/25.. . | 344 | 328 | 992448196.UG.FTS.B, 29.49%, 4/20/25.. . | 91 | (1) | (1) |
| 992374591.UG.FTS.B, 29.49%, 4/20/25.. . | 105 | 109 | 992452851.UG.FTS.B, 29.49%, 4/20/25.. . | 267 | 275 | 275 |
| 992374853.UG.FTS.B, 29.49%, 4/20/25.. . | 743 | 171 | 992454499.UG.FTS.B, 29.49%, 4/20/25.. . | 2325 | (87) | (87) |
| 992375064.UG.FTS.B, 29.49%, 4/20/25.. . | 3264 | 3371 | 992455952.UG.FTS.B, 29.49%, 4/20/25.. . | 840 | 62 | 62 |
| 992376938.UG.FTS.B, 29.49%, 4/20/25.. . | 214 | 222 | 992467820.UG.FTS.B, 29.49%, 4/20/25.. . | 354 | 366 | 366 |
| 992377400.UG.FTS.B, 29.49%, 4/20/25.. . | 264 | 274 | 992473599.UG.FTS.B, 29.49%, 4/20/25.. . | 53 | 53 | 53 |
| 992377481.UG.FTS.B, 29.49%, 4/20/25.. . | 1067 | 1097 | 992475354.UG.FTS.B, 29.49%, 4/20/25.. . | 226 | 234 | 234 |
| 992379117.UG.FTS.B, 29.49%, 4/20/25. . . | 859 | 892 | 992480574.UG.FTS.B, 29.49%, 4/20/25.. . | 68 | 10 | 10 |
| 992379490.UG.FTS.B, 29.49%, 4/20/25.. . | 259 | 268 | 992483310.UG.FTS.B, 29.49%, 4/20/25.. . | 1359 | 1411 | 1411 |
| 992381091.UG.FTS.B, 29.49%, 4/20/25.. . | 880 | 912 | 992483515.UG.FTS.B, 29.49%, 4/20/25.. . | 473 | 491 | 491 |
| 992382960.UG.FTS.B, 29.49%, 4/20/25.. . | 644 | 663 | 992484096.UG.FTS.B, 29.49%, 4/20/25.. . | 87 | 90 | 90 |
| 992383092.UG.FTS.B, 29.49%, 4/20/25.. . | 317 | 330 | 992486021.UG.FTS.B, 29.49%, 4/20/25.. . | 1797 | 1798 | 1798 |
| 992383252.UG.FTS.B, 29.49%, 4/20/25.. . | 152 | 158 | 992494720.UG.FTS.B, 29.49%, 4/20/25.. . | 425 | 441 | 441 |
| 992384430.UG.FTS.B, 29.49%, 4/20/25.. . | 40 | 40 | 992494860.UG.FTS.B, 29.49%, 4/20/25.. . | 224 | 17 | 17 |
| 992385433.UG.FTS.B, 29.49%, 4/20/25.. . | 1196 | 1159 | 992502758.UG.FTS.B, 29.49%, 4/20/25.. . | 217 | 217 | 217 |
| 992385483.UG.FTS.B, 29.49%, 4/20/25.. . | 238 | 247 | 992549620.UG.FTS.B, 29.49%, 4/20/25.. . | 293 | 284 | 284 |
| 992385553.UG.FTS.B, 29.49%, 4/20/25.. . | 141 | 146 | 992550826.UG.FTS.B, 29.49%, 4/20/25.. . | 142 | 144 | 144 |
| 992388123.UG.FTS.B, 29.49%, 4/20/25.. . | 36 | 37 | 992559870.UG.FTS.B, 29.49%, 4/20/25.. . | 1854 | 1888 | 1888 |
| 992390098.UG.FTS.B, 29.49%, 4/20/25.. . | 631 | 642 | 992591527.UG.FTS.B, 29.49%, 4/20/25.. . | 32 | 32 | 32 |
| 992390575.UG.FTS.B, 29.49%, 4/20/25.. . | 184 | 185 | 992600323.UG.FTS.B, 29.49%, 4/20/25.. . | 242 | 242 | 242 |
| 992395473.UG.FTS.B, 29.49%, 4/20/25.. . | 1207 | 1171 | 992600895.UG.FTS.B, 29.49%, 4/20/25.. . | 242 | 239 | 239 |
| 992395747.UG.FTS.B, 29.49%, 4/20/25.. . | 529 | 549 | 992603223.UG.FTS.B, 29.49%, 4/20/25.. . | 36 | 37 | 37 |
| 992395964.UG.FTS.B, 29.49%, 4/20/25.. . | 100 | (4) | 992610779.UG.FTS.B, 29.49%, 4/20/25.. . | 68 | 6 | 6 |
| 992396638.UG.FTS.B, 29.49%, 4/20/25.. . | 685 | 691 | 992627526.UG.FTS.B, 29.49%, 4/20/25.. . | 61 | 63 | 63 |
| 992400558.UG.FTS.B, 29.49%, 4/20/25.. . | 45 | 46 | 992628773.UG.FTS.B, 29.49%, 4/20/25.. . | 36 | 36 | 36 |
| 992400964.UG.FTS.B, 29.49%, 4/20/25.. . | 46 | 40 | 992350604.UG.FTS.B, Zero Cpn, 4/21/25.. | 2491 | 171 | 171 |
| 992401350.UG.FTS.B, 29.49%, 4/20/25.. . | 109 | 113 | 992365326.UG.FTS.B, Zero Cpn, 4/21/25.. | 148 | 10 | 10 |
| 992403030.UG.FTS.B, 29.49%, 4/20/25.. . | 200 | 208 | 992381960.UG.FTS.B, Zero Cpn, 4/21/25.. | 164 | 12 | 12 |
| 992404573.UG.FTS.B, 29.49%, 4/20/25.. . | 67 | 68 | 992410182.UG.FTS.B, Zero Cpn, 4/21/25.. | 66 | 5 | 5 |
| 992405588.UG.FTS.B, 29.49%, 4/20/25.. . | 585 | 608 | 992448012.UG.FTS.B, Zero Cpn, 4/21/25.. | 354 | 24 | 24 |
| 992406809.UG.FTS.B, 29.49%, 4/20/25.. . | 191 | 198 | 992572154.UG.FTS.B, Zero Cpn, 4/21/25.. | 154 | 11 | 11 |
| 992406926.UG.FTS.B, 29.49%, 4/20/25.. . | 819 | 794 | 992633042.UG.FTS.B, Zero Cpn, 4/21/25.. | 709 | 48 | 48 |
| 992406929.UG.FTS.B, 29.49%, 4/20/25.. . | 123 | 128 | 992351406.UG.FTS.B, 19.99%, 4/21/25.. . | 318 | 324 | 324 |
| 992408485.UG.FTS.B, 29.49%, 4/20/25.. . | 3 | 3 | 992351508.UG.FTS.B, 19.99%, 4/21/25.. . | 3440 | 3574 | 3574 |
| 992409052.UG.FTS.B, 29.49%, 4/20/25.. . | 110 | 112 | 992356048.UG.FTS.B, 19.99%, 4/21/25.. . | 1146 | 1133 | 1133 |
| 992410684.UG.FTS.B, 29.49%, 4/20/25.. . | 103 | 103 | 992359205.UG.FTS.B, 19.99%, 4/21/25.. . | 2495 | 2588 | 2588 |
| 992413976.UG.FTS.B, 29.49%, 4/20/25.. . | 334 | 347 | 992366686.UG.FTS.B, 19.99%, 4/21/25.. . | 963 | 999 | 999 |
| 992415416.UG.FTS.B, 29.49%, 4/20/25.. . | 428 | 444 | 992371601.UG.FTS.B, 19.99%, 4/21/25.. . | 602 | 624 | 624 |
| 992416169.UG.FTS.B, 29.49%, 4/20/25.. . | 609 | 629 | 992372701.UG.FTS.B, 19.99%, 4/21/25.. . | 96 | 99 | 99 |
| 992417937.UG.FTS.B, 29.49%, 4/20/25.. . | 22 | 22 | 992387756.UG.FTS.B, 19.99%, 4/21/25.. . | 143 | 142 | 142 |
| 992419455.UG.FTS.B, 29.49%, 4/20/25.. . | 291 | 296 | 992443011.UG.FTS.B, 19.99%, 4/21/25. . . | 1098 | 1122 | 1122 |
| 992420121.UG.FTS.B, 29.49%, 4/20/25.. . | 129 | 133 | 992450032.UG.FTS.B, 19.99%, 4/21/25.. . | 749 | 765 | 765 |
| 992422145.UG.FTS.B, 29.49%, 4/20/25.. . | 42 | 42 | 992452704.UG.FTS.B, 19.99%, 4/21/25.. . | 213 | 221 | 221 |
| 992422385.UG.FTS.B, 29.49%, 4/20/25.. . | 30 | 30 | 992573827.UG.FTS.B, 19.99%, 4/21/25.. . | 1955 | 1999 | 1999 |
| 992424305.UG.FTS.B, 29.49%, 4/20/25.. . | 173 | 179 | 992636040.UG.FTS.B, 19.99%, 4/21/25.. . | 329 | 336 | 336 |
| 992424535.UG.FTS.B, 29.49%, 4/20/25.. . | 79 | 81 | 992353118.UG.FTS.B, 27.95%, 4/21/25. . . | – |  | – |
| 992430690.UG.FTS.B, 29.49%, 4/20/25.. . | 724 | 751 | 992501284.UG.FTS.B, 27.95%, 4/21/25.. . | 382 | 379 | 379 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 109 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 109 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992357056.UG.FTS.B, 27.99%, 4/21/25.. . $ | 992357056.UG.FTS.B, 27.99%, 4/21/25.. . $ | 992357056.UG.FTS.B, 27.99%, 4/21/25.. . $ | 1979 | $2053 | 992544590.UG.FTS.B, 28.98%, 4/21/25.. . $ | 170 | $174 |
| 992361983.UG.FTS.B, 27.99%, 4/21/25.. . | 992361983.UG.FTS.B, 27.99%, 4/21/25.. . | 992361983.UG.FTS.B, 27.99%, 4/21/25.. . | 744 | 739 | 992556960.UG.FTS.B, 28.98%, 4/21/25.. . | 841 | 848 |
| 992400312.UG.FTS.B, 27.99%, 4/21/25.. . | 992400312.UG.FTS.B, 27.99%, 4/21/25.. . | 992400312.UG.FTS.B, 27.99%, 4/21/25.. . | 372 | 381 | 992559324.UG.FTS.B, 28.98%, 4/21/25.. . | 329 | 336 |
| 992348865.UG.FTS.B, 28.98%, 4/21/25.. . | 992348865.UG.FTS.B, 28.98%, 4/21/25.. . | 992348865.UG.FTS.B, 28.98%, 4/21/25.. . | 148 | 99 | 992354776.UG.FTS.B, 29.46%, 4/21/25.. . | 1707 | 233 |
| 992351973.UG.FTS.B, 28.98%, 4/21/25.. . | 992351973.UG.FTS.B, 28.98%, 4/21/25.. . | 992351973.UG.FTS.B, 28.98%, 4/21/25.. . | 41 | 41 | 992361323.UG.FTS.B, 29.46%, 4/21/25.. . | 1150 | 1191 |
| 992352178.UG.FTS.B, 28.98%, 4/21/25.. . | 992352178.UG.FTS.B, 28.98%, 4/21/25.. . | 992352178.UG.FTS.B, 28.98%, 4/21/25.. . | 186 | 192 | 992389152.UG.FTS.B, 29.46%, 4/21/25.. . | 194 | (4) |
| 992352549.UG.FTS.B, 28.98%, 4/21/25.. . | 992352549.UG.FTS.B, 28.98%, 4/21/25.. . | 992352549.UG.FTS.B, 28.98%, 4/21/25.. . | 649 | 662 | 992422302.UG.FTS.B, 29.46%, 4/21/25.. . | 94 | 94 |
| 992353642.UG.FTS.B, 28.98%, 4/21/25.. . | 992353642.UG.FTS.B, 28.98%, 4/21/25.. . | 992353642.UG.FTS.B, 28.98%, 4/21/25.. . | 109 | 14 | 992427768.UG.FTS.B, 29.46%, 4/21/25.. . | 113 | 116 |
| 992354317.UG.FTS.B, 28.98%, 4/21/25.. . | 992354317.UG.FTS.B, 28.98%, 4/21/25.. . | 992354317.UG.FTS.B, 28.98%, 4/21/25.. . | 382 | 375 | 992356316.UG.FTS.B, 29.48%, 4/21/25.. . | 295 | 302 |
| 992355043.UG.FTS.B, 28.98%, 4/21/25.. . | 992355043.UG.FTS.B, 28.98%, 4/21/25.. . | 992355043.UG.FTS.B, 28.98%, 4/21/25.. . | 1547 | 1588 | 992357610.UG.FTS.B, 29.48%, 4/21/25.. . | – | 1 |
| 992355044.UG.FTS.B, 28.98%, 4/21/25.. . | 992355044.UG.FTS.B, 28.98%, 4/21/25.. . | 992355044.UG.FTS.B, 28.98%, 4/21/25.. . | 90 | 90 | 992361782.UG.FTS.B, 29.48%, 4/21/25.. . | 340 | 353 |
| 992355224.UG.FTS.B, 28.98%, 4/21/25.. . | 992355224.UG.FTS.B, 28.98%, 4/21/25.. . | 992355224.UG.FTS.B, 28.98%, 4/21/25.. . | 378 | 392 | 992401750.UG.FTS.B, 29.48%, 4/21/25.. . | 68 | 69 |
| 992355498.UG.FTS.B, 28.98%, 4/21/25.. . | 992355498.UG.FTS.B, 28.98%, 4/21/25.. . | 992355498.UG.FTS.B, 28.98%, 4/21/25.. . | 964 | 993 | 992419435.UG.FTS.B, 29.48%, 4/21/25.. . | 908 | 928 |
| 992356253.UG.FTS.B, 28.98%, 4/21/25.. . | 992356253.UG.FTS.B, 28.98%, 4/21/25.. . | 992356253.UG.FTS.B, 28.98%, 4/21/25.. . | 24 | 24 | 992439403.UG.FTS.B, 29.48%, 4/21/25.. . | 427 | 444 |
| 992356492.UG.FTS.B, 28.98%, 4/21/25.. . | 992356492.UG.FTS.B, 28.98%, 4/21/25.. . | 992356492.UG.FTS.B, 28.98%, 4/21/25.. . | 101 | 8 | 992446976.UG.FTS.B, 29.48%, 4/21/25.. . | 675 | 699 |
| 992356638.UG.FTS.B, 28.98%, 4/21/25.. . | 992356638.UG.FTS.B, 28.98%, 4/21/25.. . | 992356638.UG.FTS.B, 28.98%, 4/21/25.. . | 1236 | 161 | 992493681.UG.FTS.B, 29.48%, 4/21/25.. . | 1680 | 1142 |
| 992357174.UG.FTS.B, 28.98%, 4/21/25.. . | 992357174.UG.FTS.B, 28.98%, 4/21/25.. . | 992357174.UG.FTS.B, 28.98%, 4/21/25.. . | 125 | 127 | 992348141.UG.FTS.B, 29.49%, 4/21/25.. . | 151 | 152 |
| 992357432.UG.FTS.B, 28.98%, 4/21/25.. . | 992357432.UG.FTS.B, 28.98%, 4/21/25.. . | 992357432.UG.FTS.B, 28.98%, 4/21/25.. . | 196 | 195 | 992351042.UG.FTS.B, 29.49%, 4/21/25.. . | 235 | 237 |
| 992357840.UG.FTS.B, 28.98%, 4/21/25.. . | 992357840.UG.FTS.B, 28.98%, 4/21/25.. . | 992357840.UG.FTS.B, 28.98%, 4/21/25.. . | 19 | 19 | 992351103.UG.FTS.B, 29.49%, 4/21/25. . . | 94 | 97 |
| 992365474.UG.FTS.B, 28.98%, 4/21/25.. . | 992365474.UG.FTS.B, 28.98%, 4/21/25.. . | 992365474.UG.FTS.B, 28.98%, 4/21/25.. . | 11 | 11 | 992351254.UG.FTS.B, 29.49%, 4/21/25.. . | 160 | 137 |
| 992365903.UG.FTS.B, 28.98%, 4/21/25.. . | 992365903.UG.FTS.B, 28.98%, 4/21/25.. . | 992365903.UG.FTS.B, 28.98%, 4/21/25.. . | 388 | 403 | 992352023.UG.FTS.B, 29.49%, 4/21/25.. . | 176 | 183 |
| 992367014.UG.FTS.B, 28.98%, 4/21/25.. . | 992367014.UG.FTS.B, 28.98%, 4/21/25.. . | 992367014.UG.FTS.B, 28.98%, 4/21/25.. . | 324 | 336 | 992352657.UG.FTS.B, 29.49%, 4/21/25.. . | 1092 | 83 |
| 992367696.UG.FTS.B, 28.98%, 4/21/25.. . | 992367696.UG.FTS.B, 28.98%, 4/21/25.. . | 992367696.UG.FTS.B, 28.98%, 4/21/25.. . | 162 | 168 | 992354425.UG.FTS.B, 29.49%, 4/21/25.. . | 52 | 53 |
| 992369085.UG.FTS.B, 28.98%, 4/21/25.. . | 992369085.UG.FTS.B, 28.98%, 4/21/25.. . | 992369085.UG.FTS.B, 28.98%, 4/21/25.. . | 1106 | 1106 | 992355805.UG.FTS.B, 29.49%, 4/21/25.. . | 18 | 18 |
| 992370185.UG.FTS.B, 28.98%, 4/21/25.. . | 992370185.UG.FTS.B, 28.98%, 4/21/25.. . | 992370185.UG.FTS.B, 28.98%, 4/21/25.. . | 859 | 891 | 992356432.UG.FTS.B, 29.49%, 4/21/25.. . | 82 | 83 |
| 992371850.UG.FTS.B, 28.98%, 4/21/25.. . | 992371850.UG.FTS.B, 28.98%, 4/21/25.. . | 992371850.UG.FTS.B, 28.98%, 4/21/25.. . | 226 | 234 | 992357241.UG.FTS.B, 29.49%, 4/21/25.. . | 1008 | 1018 |
| 992371954.UG.FTS.B, 28.98%, 4/21/25.. . | 992371954.UG.FTS.B, 28.98%, 4/21/25.. . | 992371954.UG.FTS.B, 28.98%, 4/21/25.. . | 581 | 464 | 992357369.UG.FTS.B, 29.49%, 4/21/25.. . | 10 | 10 |
| 992373908.UG.FTS.B, 28.98%, 4/21/25.. . | 992373908.UG.FTS.B, 28.98%, 4/21/25.. . | 992373908.UG.FTS.B, 28.98%, 4/21/25.. . | 414 | 413 | 992357742.UG.FTS.B, 29.49%, 4/21/25.. . | 122 | 124 |
| 992374802.UG.FTS.B, 28.98%, 4/21/25.. . | 992374802.UG.FTS.B, 28.98%, 4/21/25.. . | 992374802.UG.FTS.B, 28.98%, 4/21/25.. . | 4397 | 4561 | 992359654.UG.FTS.B, 29.49%, 4/21/25.. . | 1925 | (34) |
| 992381721.UG.FTS.B, 28.98%, 4/21/25.. . | 992381721.UG.FTS.B, 28.98%, 4/21/25.. . | 992381721.UG.FTS.B, 28.98%, 4/21/25.. . | 223 | 231 | 992360761.UG.FTS.B, 29.49%, 4/21/25.. . | 800 | 824 |
| 992389731.UG.FTS.B, 28.98%, 4/21/25.. . | 992389731.UG.FTS.B, 28.98%, 4/21/25.. . | 992389731.UG.FTS.B, 28.98%, 4/21/25.. . | 2640 | 2737 | 992360925.UG.FTS.B, 29.49%, 4/21/25.. . | 47 | (2) |
| 992390380.UG.FTS.B, 28.98%, 4/21/25.. . | 992390380.UG.FTS.B, 28.98%, 4/21/25.. . | 992390380.UG.FTS.B, 28.98%, 4/21/25.. . | 332 | 344 | 992363891.UG.FTS.B, 29.49%, 4/21/25.. . | 198 | 205 |
| 992393436.UG.FTS.B, 28.98%, 4/21/25.. . | 992393436.UG.FTS.B, 28.98%, 4/21/25.. . | 992393436.UG.FTS.B, 28.98%, 4/21/25.. . | 1170 | 1209 | 992372177.UG.FTS.B, 29.49%, 4/21/25.. . | 296 | 304 |
| 992393990.UG.FTS.B, 28.98%, 4/21/25.. . | 992393990.UG.FTS.B, 28.98%, 4/21/25.. . | 992393990.UG.FTS.B, 28.98%, 4/21/25.. . | 111 | 111 | 992372228.UG.FTS.B, 29.49%, 4/21/25.. . | 214 | 212 |
| 992395539.UG.FTS.B, 28.98%, 4/21/25.. . | 992395539.UG.FTS.B, 28.98%, 4/21/25.. . | 992395539.UG.FTS.B, 28.98%, 4/21/25.. . | 479 | 496 | 992375188.UG.FTS.B, 29.49%, 4/21/25.. . | 11 | 11 |
| 992400731.UG.FTS.B, 28.98%, 4/21/25.. . | 992400731.UG.FTS.B, 28.98%, 4/21/25.. . | 992400731.UG.FTS.B, 28.98%, 4/21/25.. . | 583 | 593 | 992375392.UG.FTS.B, 29.49%, 4/21/25.. . | 434 | 438 |
| 992406163.UG.FTS.B, 28.98%, 4/21/25.. . | 992406163.UG.FTS.B, 28.98%, 4/21/25.. . | 992406163.UG.FTS.B, 28.98%, 4/21/25.. . | 65 | 66 | 992375667.UG.FTS.B, 29.49%, 4/21/25.. . | 714 | 741 |
| 992406959.UG.FTS.B, 28.98%, 4/21/25.. . | 992406959.UG.FTS.B, 28.98%, 4/21/25.. . | 992406959.UG.FTS.B, 28.98%, 4/21/25.. . | 20 | 20 | 992376922.UG.FTS.B, 29.49%, 4/21/25.. . | 18 | 18 |
| 992416750.UG.FTS.B, 28.98%, 4/21/25.. . | 992416750.UG.FTS.B, 28.98%, 4/21/25.. . | 992416750.UG.FTS.B, 28.98%, 4/21/25.. . | 1027 | 1065 | 992376967.UG.FTS.B, 29.49%, 4/21/25.. . | 9 | 9 |
| 992421606.UG.FTS.B, 28.98%, 4/21/25.. . | 992421606.UG.FTS.B, 28.98%, 4/21/25.. . | 992421606.UG.FTS.B, 28.98%, 4/21/25.. . | 123 | 126 | 992377002.UG.FTS.B, 29.49%, 4/21/25.. . | 217 | 225 |
| 992424168.UG.FTS.B, 28.98%, 4/21/25.. . | 992424168.UG.FTS.B, 28.98%, 4/21/25.. . | 992424168.UG.FTS.B, 28.98%, 4/21/25.. . | 406 | 404 | 992379229.UG.FTS.B, 29.49%, 4/21/25.. . | 156 | 20 |
| 992430462.UG.FTS.B, 28.98%, 4/21/25.. . | 992430462.UG.FTS.B, 28.98%, 4/21/25.. . | 992430462.UG.FTS.B, 28.98%, 4/21/25.. . | 157 | 162 | 992379817.UG.FTS.B, 29.49%, 4/21/25.. . | 245 | 252 |
| 992442321.UG.FTS.B, 28.98%, 4/21/25.. . | 992442321.UG.FTS.B, 28.98%, 4/21/25.. . | 992442321.UG.FTS.B, 28.98%, 4/21/25.. . | 156 | 162 | 992380787.UG.FTS.B, 29.49%, 4/21/25.. . | 438 | 447 |
| 992449049.UG.FTS.B, 28.98%, 4/21/25.. . | 992449049.UG.FTS.B, 28.98%, 4/21/25.. . | 992449049.UG.FTS.B, 28.98%, 4/21/25.. . | 561 | 579 | 992382622.UG.FTS.B, 29.49%, 4/21/25.. . | 444 | 461 |
| 992456618.UG.FTS.B, 28.98%, 4/21/25.. . | 992456618.UG.FTS.B, 28.98%, 4/21/25.. . | 992456618.UG.FTS.B, 28.98%, 4/21/25.. . | 362 | 356 | 992383421.UG.FTS.B, 29.49%, 4/21/25.. . | 254 | 264 |
| 992466997.UG.FTS.B, 28.98%, 4/21/25.. . | 992466997.UG.FTS.B, 28.98%, 4/21/25.. . | 992466997.UG.FTS.B, 28.98%, 4/21/25.. . | 109 | 112 | 992387229.UG.FTS.B, 29.49%, 4/21/25.. . | 1019 | 1059 |
| 992474567.UG.FTS.B, 28.98%, 4/21/25.. . | 992474567.UG.FTS.B, 28.98%, 4/21/25.. . | 992474567.UG.FTS.B, 28.98%, 4/21/25.. . | 104 | 108 | 992387356.UG.FTS.B, 29.49%, 4/21/25.. . | 254 | 175 |
| 992474971.UG.FTS.B, 28.98%, 4/21/25.. . | 992474971.UG.FTS.B, 28.98%, 4/21/25.. . | 992474971.UG.FTS.B, 28.98%, 4/21/25.. . | 417 | 297 | 992388368.UG.FTS.B, 29.49%, 4/21/25.. . | 391 | 406 |
| 992475529.UG.FTS.B, 28.98%, 4/21/25.. . | 992475529.UG.FTS.B, 28.98%, 4/21/25.. . | 992475529.UG.FTS.B, 28.98%, 4/21/25.. . | 130 | 134 | 992389079.UG.FTS.B, 29.49%, 4/21/25.. . | 633 | 642 |
| 992478508.UG.FTS.B, 28.98%, 4/21/25.. . | 992478508.UG.FTS.B, 28.98%, 4/21/25.. . | 992478508.UG.FTS.B, 28.98%, 4/21/25.. . | 119 | 123 | 992389361.UG.FTS.B, 29.49%, 4/21/25.. . | 160 | 167 |
| 992479547.UG.FTS.B, 28.98%, 4/21/25.. . | 992479547.UG.FTS.B, 28.98%, 4/21/25.. . | 992479547.UG.FTS.B, 28.98%, 4/21/25.. . | 2689 | 2779 | 992393754.UG.FTS.B, 29.49%, 4/21/25.. . | 80 | 82 |
| 992482749.UG.FTS.B, 28.98%, 4/21/25.. . | 992482749.UG.FTS.B, 28.98%, 4/21/25.. . | 992482749.UG.FTS.B, 28.98%, 4/21/25.. . | 107 | 111 | 992394796.UG.FTS.B, 29.49%, 4/21/25.. . | 124 | 129 |
| 992490876.UG.FTS.B, 28.98%, 4/21/25.. . | 992490876.UG.FTS.B, 28.98%, 4/21/25.. . | 992490876.UG.FTS.B, 28.98%, 4/21/25.. . | 401 | 410 | 992397379.UG.FTS.B, 29.49%, 4/21/25.. . | 201 | 208 |
| 992492521.UG.FTS.B, 28.98%, 4/21/25.. . | 992492521.UG.FTS.B, 28.98%, 4/21/25.. . | 992492521.UG.FTS.B, 28.98%, 4/21/25.. . | 542 | 550 | 992398418.UG.FTS.B, 29.49%, 4/21/25.. . | 1680 | 1675 |
| 992492615.UG.FTS.B, 28.98%, 4/21/25.. . | 992492615.UG.FTS.B, 28.98%, 4/21/25.. . | 992492615.UG.FTS.B, 28.98%, 4/21/25.. . | 132 | 134 | 992400462.UG.FTS.B, 29.49%, 4/21/25.. . | 118 | (4) |
| 992494656.UG.FTS.B, 28.98%, 4/21/25.. . | 992494656.UG.FTS.B, 28.98%, 4/21/25.. . | 992494656.UG.FTS.B, 28.98%, 4/21/25.. . | 780 | 803 | 992401655.UG.FTS.B, 29.49%, 4/21/25.. . | 1056 | 1097 |
| 992495769.UG.FTS.B, 28.98%, 4/21/25.. . | 992495769.UG.FTS.B, 28.98%, 4/21/25.. . | 992495769.UG.FTS.B, 28.98%, 4/21/25.. . | 665 | 47 | 992402711.UG.FTS.B, 29.49%, 4/21/25. . . | 63 | 65 |
| 992495847.UG.FTS.B, 28.98%, 4/21/25.. . | 992495847.UG.FTS.B, 28.98%, 4/21/25.. . | 992495847.UG.FTS.B, 28.98%, 4/21/25.. . | 123 | 123 | 992404107.UG.FTS.B, 29.49%, 4/21/25.. . | 294 | 289 |
| 110 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 110 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |
| 992404163.UG.FTS.B, 29.49%, 4/21/25.. . | $295 | $306 | 992618744.UG.FTS.B, Zero Cpn, 4/22/25.. $159 | 992618744.UG.FTS.B, Zero Cpn, 4/22/25.. $159 | $11 | 11 |
| 992405258.UG.FTS.B, 29.49%, 4/21/25.. . | 51 | 52 | 992626918.UG.FTS.B, Zero Cpn, 4/22/25.. | 2304 | 158 | 158 |
| 992407938.UG.FTS.B, 29.49%, 4/21/25.. . | 9 | 9 | 992361748.UG.FTS.B, 19.99%, 4/22/25.. . | 4113 | 4272 | 4272 |
| 992411323.UG.FTS.B, 29.49%, 4/21/25. . . | 83 | 85 | 992362586.UG.FTS.B, 19.99%, 4/22/25.. . | 24 | 24 | 24 |
| 992414821.UG.FTS.B, 29.49%, 4/21/25.. . | 244 | 254 | 992362597.UG.FTS.B, 19.99%, 4/22/25.. . | 272 | 273 | 273 |
| 992416367.UG.FTS.B, 29.49%, 4/21/25.. . | 181 | 134 | 992363220.UG.FTS.B, 19.99%, 4/22/25.. . | 107 | 111 | 111 |
| 992428173.UG.FTS.B, 29.49%, 4/21/25.. . | 68 | 70 | 992363781.UG.FTS.B, 19.99%, 4/22/25.. . | 689 | 694 | 694 |
| 992432150.UG.FTS.B, 29.49%, 4/21/25.. . | 433 | 446 | 992363953.UG.FTS.B, 19.99%, 4/22/25.. . | 471 | 490 | 490 |
| 992439079.UG.FTS.B, 29.49%, 4/21/25.. . | 9 | 9 | 992365869.UG.FTS.B, 19.99%, 4/22/25.. . | – |  | – |
| 992440167.UG.FTS.B, 29.49%, 4/21/25.. . | 49 | 50 | 992366317.UG.FTS.B, 19.99%, 4/22/25.. . | 169 | 176 | 176 |
| 992441926.UG.FTS.B, 29.49%, 4/21/25.. . | 968 | 1004 | 992366952.UG.FTS.B, 19.99%, 4/22/25.. . | 13 | 13 | 13 |
| 992443019.UG.FTS.B, 29.49%, 4/21/25.. . | 210 | 218 | 992368413.UG.FTS.B, 19.99%, 4/22/25.. . | 980 | 1009 | 1009 |
| 992451088.UG.FTS.B, 29.49%, 4/21/25.. . | 106 | 108 | 992369131.UG.FTS.B, 19.99%, 4/22/25.. . | 4995 | 5189 | 5189 |
| 992457548.UG.FTS.B, 29.49%, 4/21/25.. . | 313 | 325 | 992369769.UG.FTS.B, 19.99%, 4/22/25.. . | 1885 | 1935 | 1935 |
| 992461461.UG.FTS.B, 29.49%, 4/21/25.. . | 168 | 174 | 992374806.UG.FTS.B, 19.99%, 4/22/25.. . | 431 | 433 | 433 |
| 992466482.UG.FTS.B, 29.49%, 4/21/25.. . | 1369 | 1421 | 992374956.UG.FTS.B, 19.99%, 4/22/25.. . | 1728 | 1776 | 1776 |
| 992471202.UG.FTS.B, 29.49%, 4/21/25.. . | 377 | 391 | 992377233.UG.FTS.B, 19.99%, 4/22/25.. . | 193 | 201 | 201 |
| 992471810.UG.FTS.B, 29.49%, 4/21/25.. . | 179 | 175 | 992384882.UG.FTS.B, 19.99%, 4/22/25.. . | 630 | 651 | 651 |
| 992476858.UG.FTS.B, 29.49%, 4/21/25.. . | 170 | 176 | 992388988.UG.FTS.B, 19.99%, 4/22/25.. . | 198 | 202 | 202 |
| 992478249.UG.FTS.B, 29.49%, 4/21/25.. . | 605 | 624 | 992394130.UG.FTS.B, 19.99%, 4/22/25.. . | 443 | 458 | 458 |
| 992481160.UG.FTS.B, 29.49%, 4/21/25. . . | 618 | 639 | 992396019.UG.FTS.B, 19.99%, 4/22/25.. . | 101 | 104 | 104 |
| 992484922.UG.FTS.B, 29.49%, 4/21/25.. . | 470 | (14) | 992398836.UG.FTS.B, 19.99%, 4/22/25.. . | 691 | 718 | 718 |
| 992490624.UG.FTS.B, 29.49%, 4/21/25.. . | 86 | 12 | 992398999.UG.FTS.B, 19.99%, 4/22/25.. . | 208 | 215 | 215 |
| 992490849.UG.FTS.B, 29.49%, 4/21/25.. . | 57 | 59 | 992401584.UG.FTS.B, 19.99%, 4/22/25.. . | 996 | 1034 | 1034 |
| 992522366.UG.FTS.B, 29.49%, 4/21/25.. . | 997 | 1021 | 992404382.UG.FTS.B, 19.99%, 4/22/25.. . | 266 | 276 | 276 |
| 992547851.UG.FTS.B, 29.49%, 4/21/25.. . | 59 | (1) | 992405095.UG.FTS.B, 19.99%, 4/22/25.. . | 163 | 166 | 166 |
| 992552304.UG.FTS.B, 29.49%, 4/21/25.. . | 2428 | 2473 | 992414195.UG.FTS.B, 19.99%, 4/22/25.. . | 1046 | 1080 | 1080 |
| 992599524.UG.FTS.B, 29.49%, 4/21/25.. . | 601 | 610 | 992418623.UG.FTS.B, 19.99%, 4/22/25.. . | 161 | 166 | 166 |
| 992627762.UG.FTS.B, 29.49%, 4/21/25.. . | 48 | 48 | 992425088.UG.FTS.B, 19.99%, 4/22/25.. . | 40 | 40 | 40 |
| 992628755.UG.FTS.B, 29.49%, 4/21/25.. . | 638 | 651 | 992438056.UG.FTS.B, 19.99%, 4/22/25.. . | 478 | 485 | 485 |
| 992628900.UG.FTS.B, 29.49%, 4/21/25.. . | 38 | 38 | 992443786.UG.FTS.B, 19.99%, 4/22/25.. . | 322 | 314 | 314 |
| 992631091.UG.FTS.B, 29.49%, 4/21/25.. . | 17 | 17 | 992447353.UG.FTS.B, 19.99%, 4/22/25.. . | 116 | 120 | 120 |
| 992368009.UG.FTS.B, Zero Cpn, 4/22/25.. | 370 | 25 | 992456573.UG.FTS.B, 19.99%, 4/22/25.. . | 266 | 276 | 276 |
| 992370657.UG.FTS.B, Zero Cpn, 4/22/25.. | 29 | 2 | 992456770.UG.FTS.B, 19.99%, 4/22/25.. . | 118 | 120 | 120 |
| 992375863.UG.FTS.B, Zero Cpn, 4/22/25.. | 270 | 19 | 992458176.UG.FTS.B, 19.99%, 4/22/25.. . | 166 | 173 | 173 |
| 992389904.UG.FTS.B, Zero Cpn, 4/22/25.. | 1174 | 81 | 992480254.UG.FTS.B, 19.99%, 4/22/25.. . | 73 | 74 | 74 |
| 992391435.UG.FTS.B, Zero Cpn, 4/22/25.. | 284 | 20 | 992480747.UG.FTS.B, 19.99%, 4/22/25.. . | 617 | 640 | 640 |
| 992400346.UG.FTS.B, Zero Cpn, 4/22/25.. | 175 | 12 | 992494631.UG.FTS.B, 19.99%, 4/22/25.. . | 165 | 171 | 171 |
| 992400407.UG.FTS.B, Zero Cpn, 4/22/25.. | 120 | 8 | 992497464.UG.FTS.B, 19.99%, 4/22/25.. . | 94 | 68 | 68 |
| 992401220.UG.FTS.B, Zero Cpn, 4/22/25.. | 371 | 25 | 992501372.UG.FTS.B, 19.99%, 4/22/25.. . | 173 | 175 | 175 |
| 992401885.UG.FTS.B, Zero Cpn, 4/22/25.. | 257 | 18 | 992514506.UG.FTS.B, 19.99%, 4/22/25.. . | 126 | 131 | 131 |
| 992403177.UG.FTS.B, Zero Cpn, 4/22/25.. | 84 | 6 | 992522165.UG.FTS.B, 19.99%, 4/22/25.. . | 178 | 175 | 175 |
| 992405567.UG.FTS.B, Zero Cpn, 4/22/25.. | 332 | 23 | 992529260.UG.FTS.B, 19.99%, 4/22/25.. . | 83 | 83 | 83 |
| 992405618.UG.FTS.B, Zero Cpn, 4/22/25.. | 129 | 9 | 992552876.UG.FTS.B, 19.99%, 4/22/25.. . | 212 | 219 | 219 |
| 992407611.UG.FTS.B, Zero Cpn, 4/22/25.. | 250 | 17 | 992556548.UG.FTS.B, 19.99%, 4/22/25.. . | 392 | 401 | 401 |
| 992416802.UG.FTS.B, Zero Cpn, 4/22/25.. | 738 | 51 | 992561196.UG.FTS.B, 19.99%, 4/22/25. . . | 1052 | 1088 | 1088 |
| 992420064.UG.FTS.B, Zero Cpn, 4/22/25.. | 199 | 14 | 992593427.UG.FTS.B, 19.99%, 4/22/25.. . | 110 | 114 | 114 |
| 992425941.UG.FTS.B, Zero Cpn, 4/22/25.. | 905 | 62 | 992600769.UG.FTS.B, 19.99%, 4/22/25.. . | 90 | 93 | 93 |
| 992441189.UG.FTS.B, Zero Cpn, 4/22/25.. | 423 | 29 | 992605729.UG.FTS.B, 19.99%, 4/22/25.. . | 82 |  | – |
| 992469189.UG.FTS.B, Zero Cpn, 4/22/25.. | 155 | 11 | 992621214.UG.FTS.B, 19.99%, 4/22/25.. . | 115 | 117 | 117 |
| 992494218.UG.FTS.B, Zero Cpn, 4/22/25.. | 191 | 13 | 992629857.UG.FTS.B, 19.99%, 4/22/25.. . | 392 | 401 | 401 |
| 992501949.UG.FTS.B, Zero Cpn, 4/22/25.. | 52 | 4 | 992565086.UG.FTS.B, 26.46%, 4/22/25.. . | 162 | 168 | 168 |
| 992544113.UG.FTS.B, Zero Cpn, 4/22/25.. | 191 | 13 | 992390419.UG.FTS.B, 26.48%, 4/22/25.. . | 536 | 555 | 555 |
| 992571297.UG.FTS.B, Zero Cpn, 4/22/25.. | 110 | 8 | 992363759.UG.FTS.B, 27.95%, 4/22/25.. . | 539 | 545 | 545 |
| 992574599.UG.FTS.B, Zero Cpn, 4/22/25.. | 302 | 21 | 992387421.UG.FTS.B, 27.95%, 4/22/25.. . | 327 | 333 | 333 |
| 992575280.UG.FTS.B, Zero Cpn, 4/22/25.. | 3795 | 267 | 992410221.UG.FTS.B, 27.95%, 4/22/25.. . | 369 | 288 | 288 |
| 992576283.UG.FTS.B, Zero Cpn, 4/22/25.. | 92 | 6 | 992418947.UG.FTS.B, 27.95%, 4/22/25.. . | 229 | 235 | 235 |
| 992596534.UG.FTS.B, Zero Cpn, 4/22/25.. | 43 | 3 | 992464879.UG.FTS.B, 27.95%, 4/22/25.. . | 96 | 97 | 97 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 111 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 111 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992473532.UG.FTS.B, 27.95%, 4/22/25.. . $ | 992473532.UG.FTS.B, 27.95%, 4/22/25.. . $ | 992473532.UG.FTS.B, 27.95%, 4/22/25.. . $ | 214 | $210 | 992381682.UG.FTS.B, 28.98%, 4/22/25.. . $ | 1188 | $1234 |
| 992533724.UG.FTS.B, 27.95%, 4/22/25.. . | 992533724.UG.FTS.B, 27.95%, 4/22/25.. . | 992533724.UG.FTS.B, 27.95%, 4/22/25.. . | 222 | 221 | 992383133.UG.FTS.B, 28.98%, 4/22/25.. . | 133 | (5) |
| 992542456.UG.FTS.B, 27.95%, 4/22/25.. . | 992542456.UG.FTS.B, 27.95%, 4/22/25.. . | 992542456.UG.FTS.B, 27.95%, 4/22/25.. . | 1255 | 1283 | 992383551.UG.FTS.B, 28.98%, 4/22/25.. . | 149 | 153 |
| 992362572.UG.FTS.B, 27.99%, 4/22/25.. . | 992362572.UG.FTS.B, 27.99%, 4/22/25.. . | 992362572.UG.FTS.B, 27.99%, 4/22/25.. . | 42 | 7 | 992384914.UG.FTS.B, 28.98%, 4/22/25.. . | 26 | 26 |
| 992364824.UG.FTS.B, 27.99%, 4/22/25.. . | 992364824.UG.FTS.B, 27.99%, 4/22/25.. . | 992364824.UG.FTS.B, 27.99%, 4/22/25.. . | 243 | 32 | 992385665.UG.FTS.B, 28.98%, 4/22/25.. . | 859 | 888 |
| 992409206.UG.FTS.B, 27.99%, 4/22/25.. . | 992409206.UG.FTS.B, 27.99%, 4/22/25.. . | 992409206.UG.FTS.B, 27.99%, 4/22/25.. . | 515 | 499 | 992385955.UG.FTS.B, 28.98%, 4/22/25.. . | 476 | 494 |
| 992422817.UG.FTS.B, 27.99%, 4/22/25.. . | 992422817.UG.FTS.B, 27.99%, 4/22/25.. . | 992422817.UG.FTS.B, 27.99%, 4/22/25.. . | 137 | 142 | 992387223.UG.FTS.B, 28.98%, 4/22/25.. . | 113 | 113 |
| 992431174.UG.FTS.B, 27.99%, 4/22/25. . . | 992431174.UG.FTS.B, 27.99%, 4/22/25. . . | 992431174.UG.FTS.B, 27.99%, 4/22/25. . . | 16 | 15 | 992387433.UG.FTS.B, 28.98%, 4/22/25.. . | 256 | 266 |
| 992543342.UG.FTS.B, 27.99%, 4/22/25.. . | 992543342.UG.FTS.B, 27.99%, 4/22/25.. . | 992543342.UG.FTS.B, 27.99%, 4/22/25.. . | 143 | 149 | 992387691.UG.FTS.B, 28.98%, 4/22/25.. . | 472 | 490 |
| 992583764.UG.FTS.B, 27.99%, 4/22/25.. . | 992583764.UG.FTS.B, 27.99%, 4/22/25.. . | 992583764.UG.FTS.B, 27.99%, 4/22/25.. . | 819 | 60 | 992387829.UG.FTS.B, 28.98%, 4/22/25.. . | 501 | 517 |
| 992613205.UG.FTS.B, 27.99%, 4/22/25.. . | 992613205.UG.FTS.B, 27.99%, 4/22/25.. . | 992613205.UG.FTS.B, 27.99%, 4/22/25.. . | 83 | 86 | 992388175.UG.FTS.B, 28.98%, 4/22/25.. . | 2404 | 2497 |
| 992361761.UG.FTS.B, 28.98%, 4/22/25.. . | 992361761.UG.FTS.B, 28.98%, 4/22/25.. . | 992361761.UG.FTS.B, 28.98%, 4/22/25.. . | 258 | 258 | 992393761.UG.FTS.B, 28.98%, 4/22/25.. . | 504 | 510 |
| 992361894.UG.FTS.B, 28.98%, 4/22/25.. . | 992361894.UG.FTS.B, 28.98%, 4/22/25.. . | 992361894.UG.FTS.B, 28.98%, 4/22/25.. . | 558 | 577 | 992394479.UG.FTS.B, 28.98%, 4/22/25.. . | 48 | 48 |
| 992362651.UG.FTS.B, 28.98%, 4/22/25.. . | 992362651.UG.FTS.B, 28.98%, 4/22/25.. . | 992362651.UG.FTS.B, 28.98%, 4/22/25.. . | 896 | (18) | 992395262.UG.FTS.B, 28.98%, 4/22/25.. . | 607 | 630 |
| 992362977.UG.FTS.B, 28.98%, 4/22/25.. . | 992362977.UG.FTS.B, 28.98%, 4/22/25.. . | 992362977.UG.FTS.B, 28.98%, 4/22/25.. . | 151 | 157 | 992395500.UG.FTS.B, 28.98%, 4/22/25.. . | 321 | 322 |
| 992363102.UG.FTS.B, 28.98%, 4/22/25.. . | 992363102.UG.FTS.B, 28.98%, 4/22/25.. . | 992363102.UG.FTS.B, 28.98%, 4/22/25.. . | 213 | 220 | 992396306.UG.FTS.B, 28.98%, 4/22/25.. . | 384 | 399 |
| 992363176.UG.FTS.B, 28.98%, 4/22/25.. . | 992363176.UG.FTS.B, 28.98%, 4/22/25.. . | 992363176.UG.FTS.B, 28.98%, 4/22/25.. . | 86 | 89 | 992398498.UG.FTS.B, 28.98%, 4/22/25.. . | 128 | 133 |
| 992363247.UG.FTS.B, 28.98%, 4/22/25.. . | 992363247.UG.FTS.B, 28.98%, 4/22/25.. . | 992363247.UG.FTS.B, 28.98%, 4/22/25.. . | 1684 | 1749 | 992398608.UG.FTS.B, 28.98%, 4/22/25.. . | 11 | 11 |
| 992363299.UG.FTS.B, 28.98%, 4/22/25.. . | 992363299.UG.FTS.B, 28.98%, 4/22/25.. . | 992363299.UG.FTS.B, 28.98%, 4/22/25.. . | 316 | 219 | 992399298.UG.FTS.B, 28.98%, 4/22/25.. . | 192 | 199 |
| 992364204.UG.FTS.B, 28.98%, 4/22/25.. . | 992364204.UG.FTS.B, 28.98%, 4/22/25.. . | 992364204.UG.FTS.B, 28.98%, 4/22/25.. . | 354 | 353 | 992399780.UG.FTS.B, 28.98%, 4/22/25.. . | 861 | 894 |
| 992364218.UG.FTS.B, 28.98%, 4/22/25.. . | 992364218.UG.FTS.B, 28.98%, 4/22/25.. . | 992364218.UG.FTS.B, 28.98%, 4/22/25.. . | 22 | 22 | 992401347.UG.FTS.B, 28.98%, 4/22/25.. . | 66 | 68 |
| 992364293.UG.FTS.B, 28.98%, 4/22/25.. . | 992364293.UG.FTS.B, 28.98%, 4/22/25.. . | 992364293.UG.FTS.B, 28.98%, 4/22/25.. . | 61 | 61 | 992401383.UG.FTS.B, 28.98%, 4/22/25.. . | 395 | 410 |
| 992364478.UG.FTS.B, 28.98%, 4/22/25.. . | 992364478.UG.FTS.B, 28.98%, 4/22/25.. . | 992364478.UG.FTS.B, 28.98%, 4/22/25.. . | 367 | 380 | 992401643.UG.FTS.B, 28.98%, 4/22/25.. . | 556 | 575 |
| 992364709.UG.FTS.B, 28.98%, 4/22/25.. . | 992364709.UG.FTS.B, 28.98%, 4/22/25.. . | 992364709.UG.FTS.B, 28.98%, 4/22/25.. . | 146 | 151 | 992405745.UG.FTS.B, 28.98%, 4/22/25.. . | 117 | 120 |
| 992364763.UG.FTS.B, 28.98%, 4/22/25.. . | 992364763.UG.FTS.B, 28.98%, 4/22/25.. . | 992364763.UG.FTS.B, 28.98%, 4/22/25.. . | 9 | 9 | 992406055.UG.FTS.B, 28.98%, 4/22/25.. . | 2147 | 2230 |
| 992365770.UG.FTS.B, 28.98%, 4/22/25.. . | 992365770.UG.FTS.B, 28.98%, 4/22/25.. . | 992365770.UG.FTS.B, 28.98%, 4/22/25.. . | 406 | 416 | 992407836.UG.FTS.B, 28.98%, 4/22/25.. . | 148 | 146 |
| 992365955.UG.FTS.B, 28.98%, 4/22/25.. . | 992365955.UG.FTS.B, 28.98%, 4/22/25.. . | 992365955.UG.FTS.B, 28.98%, 4/22/25.. . | 794 | 824 | 992408273.UG.FTS.B, 28.98%, 4/22/25.. . | 550 | 570 |
| 992366391.UG.FTS.B, 28.98%, 4/22/25.. . | 992366391.UG.FTS.B, 28.98%, 4/22/25.. . | 992366391.UG.FTS.B, 28.98%, 4/22/25.. . | 195 | 149 | 992411816.UG.FTS.B, 28.98%, 4/22/25. . . | 119 | 124 |
| 992367123.UG.FTS.B, 28.98%, 4/22/25.. . | 992367123.UG.FTS.B, 28.98%, 4/22/25.. . | 992367123.UG.FTS.B, 28.98%, 4/22/25.. . | 1062 | 1099 | 992411958.UG.FTS.B, 28.98%, 4/22/25. . . | 1108 | 1151 |
| 992367219.UG.FTS.B, 28.98%, 4/22/25.. . | 992367219.UG.FTS.B, 28.98%, 4/22/25.. . | 992367219.UG.FTS.B, 28.98%, 4/22/25.. . | 307 | 319 | 992412918.UG.FTS.B, 28.98%, 4/22/25.. . | 208 | 207 |
| 992367296.UG.FTS.B, 28.98%, 4/22/25.. . | 992367296.UG.FTS.B, 28.98%, 4/22/25.. . | 992367296.UG.FTS.B, 28.98%, 4/22/25.. . | 477 | 496 | 992413480.UG.FTS.B, 28.98%, 4/22/25.. . | 796 | 823 |
| 992367687.UG.FTS.B, 28.98%, 4/22/25.. . | 992367687.UG.FTS.B, 28.98%, 4/22/25.. . | 992367687.UG.FTS.B, 28.98%, 4/22/25.. . | 117 | 118 | 992416249.UG.FTS.B, 28.98%, 4/22/25.. . | 114 | 118 |
| 992368093.UG.FTS.B, 28.98%, 4/22/25.. . | 992368093.UG.FTS.B, 28.98%, 4/22/25.. . | 992368093.UG.FTS.B, 28.98%, 4/22/25.. . | 859 | 892 | 992417452.UG.FTS.B, 28.98%, 4/22/25.. . | 64 | 64 |
| 992368273.UG.FTS.B, 28.98%, 4/22/25.. . | 992368273.UG.FTS.B, 28.98%, 4/22/25.. . | 992368273.UG.FTS.B, 28.98%, 4/22/25.. . | 34 | 34 | 992417494.UG.FTS.B, 28.98%, 4/22/25.. . | 1332 | 1374 |
| 992368275.UG.FTS.B, 28.98%, 4/22/25.. . | 992368275.UG.FTS.B, 28.98%, 4/22/25.. . | 992368275.UG.FTS.B, 28.98%, 4/22/25.. . | 1616 | 1679 | 992418065.UG.FTS.B, 28.98%, 4/22/25.. . | 1639 | 1650 |
| 992368560.UG.FTS.B, 28.98%, 4/22/25.. . | 992368560.UG.FTS.B, 28.98%, 4/22/25.. . | 992368560.UG.FTS.B, 28.98%, 4/22/25.. . | 934 | 940 | 992420668.UG.FTS.B, 28.98%, 4/22/25.. . | 736 | 756 |
| 992369391.UG.FTS.B, 28.98%, 4/22/25.. . | 992369391.UG.FTS.B, 28.98%, 4/22/25.. . | 992369391.UG.FTS.B, 28.98%, 4/22/25.. . | 4298 | 4466 | 992421394.UG.FTS.B, 28.98%, 4/22/25.. . | 486 | 504 |
| 992369398.UG.FTS.B, 28.98%, 4/22/25.. . | 992369398.UG.FTS.B, 28.98%, 4/22/25.. . | 992369398.UG.FTS.B, 28.98%, 4/22/25.. . | 3397 | 3527 | 992421488.UG.FTS.B, 28.98%, 4/22/25.. . | 411 | 422 |
| 992369869.UG.FTS.B, 28.98%, 4/22/25.. . | 992369869.UG.FTS.B, 28.98%, 4/22/25.. . | 992369869.UG.FTS.B, 28.98%, 4/22/25.. . | 258 | 268 | 992422193.UG.FTS.B, 28.98%, 4/22/25.. . | 184 | 183 |
| 992370541.UG.FTS.B, 28.98%, 4/22/25.. . | 992370541.UG.FTS.B, 28.98%, 4/22/25.. . | 992370541.UG.FTS.B, 28.98%, 4/22/25.. . | 118 | 122 | 992422214.UG.FTS.B, 28.98%, 4/22/25.. . | 894 | 929 |
| 992370841.UG.FTS.B, 28.98%, 4/22/25.. . | 992370841.UG.FTS.B, 28.98%, 4/22/25.. . | 992370841.UG.FTS.B, 28.98%, 4/22/25.. . | 141 | 146 | 992423191.UG.FTS.B, 28.98%, 4/22/25.. . | 46 | 47 |
| 992371414.UG.FTS.B, 28.98%, 4/22/25.. . | 992371414.UG.FTS.B, 28.98%, 4/22/25.. . | 992371414.UG.FTS.B, 28.98%, 4/22/25.. . | 46 | 47 | 992423598.UG.FTS.B, 28.98%, 4/22/25.. . | 436 | 453 |
| 992371645.UG.FTS.B, 28.98%, 4/22/25.. . | 992371645.UG.FTS.B, 28.98%, 4/22/25.. . | 992371645.UG.FTS.B, 28.98%, 4/22/25.. . | 153 | 159 | 992424910.UG.FTS.B, 28.98%, 4/22/25.. . | 436 | 291 |
| 992372464.UG.FTS.B, 28.98%, 4/22/25.. . | 992372464.UG.FTS.B, 28.98%, 4/22/25.. . | 992372464.UG.FTS.B, 28.98%, 4/22/25.. . | 22 | 20 | 992425148.UG.FTS.B, 28.98%, 4/22/25.. . | 309 | 320 |
| 992372536.UG.FTS.B, 28.98%, 4/22/25.. . | 992372536.UG.FTS.B, 28.98%, 4/22/25.. . | 992372536.UG.FTS.B, 28.98%, 4/22/25.. . | 173 | 179 | 992429717.UG.FTS.B, 28.98%, 4/22/25.. . | 533 | 554 |
| 992373864.UG.FTS.B, 28.98%, 4/22/25.. . | 992373864.UG.FTS.B, 28.98%, 4/22/25.. . | 992373864.UG.FTS.B, 28.98%, 4/22/25.. . | 382 | 396 | 992431395.UG.FTS.B, 28.98%, 4/22/25.. . | – | – |
| 992374179.UG.FTS.B, 28.98%, 4/22/25.. . | 992374179.UG.FTS.B, 28.98%, 4/22/25.. . | 992374179.UG.FTS.B, 28.98%, 4/22/25.. . | 208 | 211 | 992431746.UG.FTS.B, 28.98%, 4/22/25.. . | 370 | 384 |
| 992374711.UG.FTS.B, 28.98%, 4/22/25. . . | 992374711.UG.FTS.B, 28.98%, 4/22/25. . . | 992374711.UG.FTS.B, 28.98%, 4/22/25. . . | 184 | 191 | 992432797.UG.FTS.B, 28.98%, 4/22/25.. . | 202 | 209 |
| 992375201.UG.FTS.B, 28.98%, 4/22/25.. . | 992375201.UG.FTS.B, 28.98%, 4/22/25.. . | 992375201.UG.FTS.B, 28.98%, 4/22/25.. . | 1022 | 1061 | 992435141.UG.FTS.B, 28.98%, 4/22/25.. . | 231 | 231 |
| 992376418.UG.FTS.B, 28.98%, 4/22/25.. . | 992376418.UG.FTS.B, 28.98%, 4/22/25.. . | 992376418.UG.FTS.B, 28.98%, 4/22/25.. . | 69 | 69 | 992435185.UG.FTS.B, 28.98%, 4/22/25.. . | 171 | 178 |
| 992376583.UG.FTS.B, 28.98%, 4/22/25.. . | 992376583.UG.FTS.B, 28.98%, 4/22/25.. . | 992376583.UG.FTS.B, 28.98%, 4/22/25.. . | 114 | 118 | 992437024.UG.FTS.B, 28.98%, 4/22/25.. . | 175 | 180 |
| 992376824.UG.FTS.B, 28.98%, 4/22/25.. . | 992376824.UG.FTS.B, 28.98%, 4/22/25.. . | 992376824.UG.FTS.B, 28.98%, 4/22/25.. . | 44 | 43 | 992439441.UG.FTS.B, 28.98%, 4/22/25.. . | 145 | (3) |
| 992377294.UG.FTS.B, 28.98%, 4/22/25.. . | 992377294.UG.FTS.B, 28.98%, 4/22/25.. . | 992377294.UG.FTS.B, 28.98%, 4/22/25.. . | 658 | 679 | 992439548.UG.FTS.B, 28.98%, 4/22/25.. . | 319 | 329 |
| 992377706.UG.FTS.B, 28.98%, 4/22/25.. . | 992377706.UG.FTS.B, 28.98%, 4/22/25.. . | 992377706.UG.FTS.B, 28.98%, 4/22/25.. . | 110 | 115 | 992439561.UG.FTS.B, 28.98%, 4/22/25.. . | 8 | – |
| 992380514.UG.FTS.B, 28.98%, 4/22/25.. . | 992380514.UG.FTS.B, 28.98%, 4/22/25.. . | 992380514.UG.FTS.B, 28.98%, 4/22/25.. . | 478 | 35 | 992440124.UG.FTS.B, 28.98%, 4/22/25.. . | 153 | 158 |
| 992381386.UG.FTS.B, 28.98%, 4/22/25.. . | 992381386.UG.FTS.B, 28.98%, 4/22/25.. . | 992381386.UG.FTS.B, 28.98%, 4/22/25.. . | 13 | 13 | 992440865.UG.FTS.B, 28.98%, 4/22/25.. . | 423 | 434 |
| 992381450.UG.FTS.B, 28.98%, 4/22/25.. . | 992381450.UG.FTS.B, 28.98%, 4/22/25.. . | 992381450.UG.FTS.B, 28.98%, 4/22/25.. . | 297 | 308 | 992446297.UG.FTS.B, 28.98%, 4/22/25.. . | 283 | 294 |
| 992381541.UG.FTS.B, 28.98%, 4/22/25.. . | 992381541.UG.FTS.B, 28.98%, 4/22/25.. . | 992381541.UG.FTS.B, 28.98%, 4/22/25.. . | 274 | 285 | 992447903.UG.FTS.B, 28.98%, 4/22/25.. . | 258 | 34 |
| 112 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 112 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992449500.UG.FTS.B, 28.98%, 4/22/25.. . | $305 | $315 | 992581274.UG.FTS.B, 28.98%, 4/22/25.. . $ | 992581274.UG.FTS.B, 28.98%, 4/22/25.. . $ | 43 | $44 | 44 |
| 992450447.UG.FTS.B, 28.98%, 4/22/25.. . | 118 | 123 | 992584170.UG.FTS.B, 28.98%, 4/22/25.. . |  | 20 | 20 | 20 |
| 992450751.UG.FTS.B, 28.98%, 4/22/25.. . | 101 | 99 | 992595859.UG.FTS.B, 28.98%, 4/22/25.. . |  | 143 | 143 | 143 |
| 992452731.UG.FTS.B, 28.98%, 4/22/25.. . | 169 | 173 | 992596176.UG.FTS.B, 28.98%, 4/22/25.. . |  | 486 | 106 | 106 |
| 992452787.UG.FTS.B, 28.98%, 4/22/25.. . | 301 | 300 | 992602223.UG.FTS.B, 28.98%, 4/22/25.. . |  | 24 | 24 | 24 |
| 992455341.UG.FTS.B, 28.98%, 4/22/25.. . | 888 | 69 | 992603802.UG.FTS.B, 28.98%, 4/22/25.. . |  | 185 | 189 | 189 |
| 992455451.UG.FTS.B, 28.98%, 4/22/25.. . | 552 | 556 | 992604122.UG.FTS.B, 28.98%, 4/22/25.. . |  | 274 | 278 | 278 |
| 992458748.UG.FTS.B, 28.98%, 4/22/25.. . | 195 | 202 | 992606495.UG.FTS.B, 28.98%, 4/22/25.. . |  | 436 | 446 | 446 |
| 992458755.UG.FTS.B, 28.98%, 4/22/25.. . | 152 | 157 | 992606880.UG.FTS.B, 28.98%, 4/22/25.. . |  | 363 | 26 | 26 |
| 992459453.UG.FTS.B, 28.98%, 4/22/25.. . | 303 | 313 | 992609559.UG.FTS.B, 28.98%, 4/22/25.. . |  | 9 | 8 | 8 |
| 992459910.UG.FTS.B, 28.98%, 4/22/25.. . | 203 | 15 | 992610089.UG.FTS.B, 28.98%, 4/22/25.. . |  | 1414 | 1436 | 1436 |
| 992465005.UG.FTS.B, 28.98%, 4/22/25.. . | 11 | 11 | 992610599.UG.FTS.B, 28.98%, 4/22/25.. . |  | 47 | 48 | 48 |
| 992468827.UG.FTS.B, 28.98%, 4/22/25.. . | 861 | 883 | 992612697.UG.FTS.B, 28.98%, 4/22/25.. . |  | 287 | 294 | 294 |
| 992472264.UG.FTS.B, 28.98%, 4/22/25.. . | 110 | 111 | 992624926.UG.FTS.B, 28.98%, 4/22/25.. . |  | 262 | 261 | 261 |
| 992480717.UG.FTS.B, 28.98%, 4/22/25.. . | 432 | 447 | 992625277.UG.FTS.B, 28.98%, 4/22/25.. . |  | 3791 | 3875 | 3875 |
| 992480960.UG.FTS.B, 28.98%, 4/22/25.. . | 74 | 76 | 992626122.UG.FTS.B, 28.98%, 4/22/25.. . |  | 106 | 8 | 8 |
| 992482020.UG.FTS.B, 28.98%, 4/22/25.. . | 4290 | 4455 | 992628023.UG.FTS.B, 28.98%, 4/22/25.. . |  | 45 | 46 | 46 |
| 992488893.UG.FTS.B, 28.98%, 4/22/25.. . | 18 | 18 | 992362455.UG.FTS.B, 29.45%, 4/22/25.. . |  | 1699 | 1764 | 1764 |
| 992491464.UG.FTS.B, 28.98%, 4/22/25.. . | 2264 | 2325 | 992363342.UG.FTS.B, 29.45%, 4/22/25.. . |  | 179 | 186 | 186 |
| 992495731.UG.FTS.B, 28.98%, 4/22/25.. . | 850 | 883 | 992363476.UG.FTS.B, 29.45%, 4/22/25.. . |  | 867 | 899 | 899 |
| 992496033.UG.FTS.B, 28.98%, 4/22/25.. . | 170 | 177 | 992366977.UG.FTS.B, 29.45%, 4/22/25.. . |  | 325 | 337 | 337 |
| 992496078.UG.FTS.B, 28.98%, 4/22/25.. . | 2975 | 3089 | 992367548.UG.FTS.B, 29.45%, 4/22/25.. . |  | 74 | 76 | 76 |
| 992496285.UG.FTS.B, 28.98%, 4/22/25.. . | 109 | 110 | 992368754.UG.FTS.B, 29.45%, 4/22/25.. . |  | 3364 | 3455 | 3455 |
| 992497455.UG.FTS.B, 28.98%, 4/22/25.. . | 611 | 631 | 992370862.UG.FTS.B, 29.45%, 4/22/25.. . |  | 143 | 145 | 145 |
| 992498461.UG.FTS.B, 28.98%, 4/22/25.. . | 500 | 509 | 992373681.UG.FTS.B, 29.45%, 4/22/25.. . |  | 286 | 284 | 284 |
| 992500046.UG.FTS.B, 28.98%, 4/22/25.. . | 83 | 86 | 992381102.UG.FTS.B, 29.45%, 4/22/25. . . |  | 346 | 348 | 348 |
| 992506218.UG.FTS.B, 28.98%, 4/22/25.. . | 425 | 441 | 992384475.UG.FTS.B, 29.45%, 4/22/25.. . |  | 80 | 79 | 79 |
| 992507230.UG.FTS.B, 28.98%, 4/22/25.. . | 169 | 171 | 992391759.UG.FTS.B, 29.45%, 4/22/25.. . |  | 122 | 123 | 123 |
| 992511280.UG.FTS.B, 28.98%, 4/22/25. . . | 112 | 116 | 992405476.UG.FTS.B, 29.45%, 4/22/25.. . |  | 334 | 231 | 231 |
| 992512169.UG.FTS.B, 28.98%, 4/22/25.. . | 53 | 8 | 992411409.UG.FTS.B, 29.45%, 4/22/25. . . |  | 198 | 201 | 201 |
| 992514361.UG.FTS.B, 28.98%, 4/22/25.. . | – | – | 992464088.UG.FTS.B, 29.45%, 4/22/25.. . |  | 62 | 63 | 63 |
| 992516839.UG.FTS.B, 28.98%, 4/22/25.. . | 1475 | 1508 | 992465290.UG.FTS.B, 29.45%, 4/22/25.. . |  | 265 | 275 | 275 |
| 992518430.UG.FTS.B, 28.98%, 4/22/25.. . | 212 | 220 | 992485001.UG.FTS.B, 29.45%, 4/22/25.. . |  | 794 | 820 | 820 |
| 992521854.UG.FTS.B, 28.98%, 4/22/25.. . | 91 | 95 | 992506221.UG.FTS.B, 29.45%, 4/22/25.. . |  | 89 | 89 | 89 |
| 992521893.UG.FTS.B, 28.98%, 4/22/25.. . | 332 | 339 | 992528734.UG.FTS.B, 29.45%, 4/22/25.. . |  | 35 | 35 | 35 |
| 992524050.UG.FTS.B, 28.98%, 4/22/25.. . | 287 | 295 | 992361806.UG.FTS.B, 29.46%, 4/22/25.. . |  | 24 | 24 | 24 |
| 992525451.UG.FTS.B, 28.98%, 4/22/25.. . | 2198 | 151 | 992362219.UG.FTS.B, 29.46%, 4/22/25.. . |  | 1087 | 1125 | 1125 |
| 992525490.UG.FTS.B, 28.98%, 4/22/25.. . | 106 | 110 | 992365197.UG.FTS.B, 29.46%, 4/22/25.. . |  | 29 | 29 | 29 |
| 992527758.UG.FTS.B, 28.98%, 4/22/25.. . | 16 | 16 | 992365556.UG.FTS.B, 29.46%, 4/22/25.. . |  | 235 | 240 | 240 |
| 992529617.UG.FTS.B, 28.98%, 4/22/25.. . | 108 | 111 | 992367623.UG.FTS.B, 29.46%, 4/22/25.. . |  | 1972 | 2050 | 2050 |
| 992533728.UG.FTS.B, 28.98%, 4/22/25.. . | 26 | 26 | 992368238.UG.FTS.B, 29.46%, 4/22/25.. . |  | 1502 | 1545 | 1545 |
| 992536795.UG.FTS.B, 28.98%, 4/22/25.. . | 419 | 417 | 992370720.UG.FTS.B, 29.46%, 4/22/25.. . |  | 339 | (12) | (12) |
| 992537398.UG.FTS.B, 28.98%, 4/22/25.. . | 1423 | 1454 | 992372241.UG.FTS.B, 29.46%, 4/22/25.. . |  | 112 | 8 | 8 |
| 992540502.UG.FTS.B, 28.98%, 4/22/25.. . | 211 | 212 | 992375682.UG.FTS.B, 29.46%, 4/22/25.. . |  | 70 | 72 | 72 |
| 992547668.UG.FTS.B, 28.98%, 4/22/25.. . | 31 | 31 | 992377928.UG.FTS.B, 29.46%, 4/22/25.. . |  | 80 | 82 | 82 |
| 992548593.UG.FTS.B, 28.98%, 4/22/25.. . | 47 | 47 | 992389328.UG.FTS.B, 29.46%, 4/22/25.. . |  | 641 | 666 | 666 |
| 992549728.UG.FTS.B, 28.98%, 4/22/25.. . | 74 | 74 | 992392194.UG.FTS.B, 29.46%, 4/22/25.. . |  | 186 | 193 | 193 |
| 992551231.UG.FTS.B, 28.98%, 4/22/25.. . | 57 | 58 | 992392369.UG.FTS.B, 29.46%, 4/22/25.. . |  | 120 | 125 | 125 |
| 992552775.UG.FTS.B, 28.98%, 4/22/25.. . | 254 | 263 | 992393209.UG.FTS.B, 29.46%, 4/22/25.. . |  | 94 | 98 | 98 |
| 992554445.UG.FTS.B, 28.98%, 4/22/25.. . | 847 | 870 | 992394478.UG.FTS.B, 29.46%, 4/22/25.. . |  | 1213 | 1221 | 1221 |
| 992554813.UG.FTS.B, 28.98%, 4/22/25.. . | 394 | 386 | 992395944.UG.FTS.B, 29.46%, 4/22/25.. . |  | 117 | 117 | 117 |
| 992557834.UG.FTS.B, 28.98%, 4/22/25.. . | 186 | 191 | 992398508.UG.FTS.B, 29.46%, 4/22/25.. . |  | 487 | 506 | 506 |
| 992563615.UG.FTS.B, 28.98%, 4/22/25.. . | 279 | 290 | 992418116.UG.FTS.B, 29.46%, 4/22/25. . . |  | 762 | 792 | 792 |
| 992564778.UG.FTS.B, 28.98%, 4/22/25.. . | 3769 | 3852 | 992431463.UG.FTS.B, 29.46%, 4/22/25.. . |  | 54 | 55 | 55 |
| 992565533.UG.FTS.B, 28.98%, 4/22/25.. . | 308 | 313 | 992434681.UG.FTS.B, 29.46%, 4/22/25.. . |  | 123 | 127 | 127 |
| 992566101.UG.FTS.B, 28.98%, 4/22/25.. . | 72 | 73 | 992470065.UG.FTS.B, 29.46%, 4/22/25.. . |  | 116 | 120 | 120 |
| 992574303.UG.FTS.B, 28.98%, 4/22/25.. . | 84 | 86 | 992474651.UG.FTS.B, 29.46%, 4/22/25.. . |  | 521 | 536 | 536 |
| 992576385.UG.FTS.B, 28.98%, 4/22/25.. . | 2960 | 3072 | 992479842.UG.FTS.B, 29.46%, 4/22/25.. . |  | 161 | 160 | 160 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 113 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 113 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992498799.UG.FTS.B, 29.46%, 4/22/25.. . $ | 992498799.UG.FTS.B, 29.46%, 4/22/25.. . $ | 992498799.UG.FTS.B, 29.46%, 4/22/25.. . $ | 58 | $47 | 992363263.UG.FTS.B, 29.49%, 4/22/25.. . $ | 173 | $177 |
| 992500532.UG.FTS.B, 29.46%, 4/22/25.. . | 992500532.UG.FTS.B, 29.46%, 4/22/25.. . | 992500532.UG.FTS.B, 29.46%, 4/22/25.. . | 277 | 288 | 992363472.UG.FTS.B, 29.49%, 4/22/25.. . | 274 | 281 |
| 992529819.UG.FTS.B, 29.46%, 4/22/25.. . | 992529819.UG.FTS.B, 29.46%, 4/22/25.. . | 992529819.UG.FTS.B, 29.46%, 4/22/25.. . | 154 | 159 | 992363958.UG.FTS.B, 29.49%, 4/22/25.. . | 292 | 282 |
| 992533497.UG.FTS.B, 29.46%, 4/22/25.. . | 992533497.UG.FTS.B, 29.46%, 4/22/25.. . | 992533497.UG.FTS.B, 29.46%, 4/22/25.. . | 485 | 504 | 992363984.UG.FTS.B, 29.49%, 4/22/25.. . | 719 | (25) |
| 992584431.UG.FTS.B, 29.46%, 4/22/25.. . | 992584431.UG.FTS.B, 29.46%, 4/22/25.. . | 992584431.UG.FTS.B, 29.46%, 4/22/25.. . | 122 | 124 | 992364019.UG.FTS.B, 29.49%, 4/22/25.. . | 19 | 19 |
| 992600132.UG.FTS.B, 29.46%, 4/22/25.. . | 992600132.UG.FTS.B, 29.46%, 4/22/25.. . | 992600132.UG.FTS.B, 29.46%, 4/22/25.. . | 163 | 160 | 992364260.UG.FTS.B, 29.49%, 4/22/25.. . | 456 | 323 |
| 992627846.UG.FTS.B, 29.46%, 4/22/25.. . | 992627846.UG.FTS.B, 29.46%, 4/22/25.. . | 992627846.UG.FTS.B, 29.46%, 4/22/25.. . | 34 | 34 | 992364268.UG.FTS.B, 29.49%, 4/22/25.. . | 123 | 128 |
| 992361813.UG.FTS.B, 29.47%, 4/22/25.. . | 992361813.UG.FTS.B, 29.47%, 4/22/25.. . | 992361813.UG.FTS.B, 29.47%, 4/22/25.. . | 1466 | 1523 | 992364295.UG.FTS.B, 29.49%, 4/22/25.. . | 132 | 137 |
| 992364786.UG.FTS.B, 29.47%, 4/22/25.. . | 992364786.UG.FTS.B, 29.47%, 4/22/25.. . | 992364786.UG.FTS.B, 29.47%, 4/22/25.. . | 2407 | 178 | 992364470.UG.FTS.B, 29.49%, 4/22/25.. . | 201 | 201 |
| 992366927.UG.FTS.B, 29.47%, 4/22/25.. . | 992366927.UG.FTS.B, 29.47%, 4/22/25.. . | 992366927.UG.FTS.B, 29.47%, 4/22/25.. . | 239 | 248 | 992364952.UG.FTS.B, 29.49%, 4/22/25.. . | 159 | 165 |
| 992374140.UG.FTS.B, 29.47%, 4/22/25.. . | 992374140.UG.FTS.B, 29.47%, 4/22/25.. . | 992374140.UG.FTS.B, 29.47%, 4/22/25.. . | 257 | 262 | 992364981.UG.FTS.B, 29.49%, 4/22/25.. . | 30 | 30 |
| 992380007.UG.FTS.B, 29.47%, 4/22/25.. . | 992380007.UG.FTS.B, 29.47%, 4/22/25.. . | 992380007.UG.FTS.B, 29.47%, 4/22/25.. . | 556 | 577 | 992365260.UG.FTS.B, 29.49%, 4/22/25.. . | 411 | 404 |
| 992382338.UG.FTS.B, 29.47%, 4/22/25.. . | 992382338.UG.FTS.B, 29.47%, 4/22/25.. . | 992382338.UG.FTS.B, 29.47%, 4/22/25.. . | 759 | 59 | 992365594.UG.FTS.B, 29.49%, 4/22/25.. . | 361 | 26 |
| 992400514.UG.FTS.B, 29.47%, 4/22/25.. . | 992400514.UG.FTS.B, 29.47%, 4/22/25.. . | 992400514.UG.FTS.B, 29.47%, 4/22/25.. . | 271 | (8) | 992365707.UG.FTS.B, 29.49%, 4/22/25.. . | 1216 | 1264 |
| 992402013.UG.FTS.B, 29.47%, 4/22/25.. . | 992402013.UG.FTS.B, 29.47%, 4/22/25.. . | 992402013.UG.FTS.B, 29.47%, 4/22/25.. . | 8 | 8 | 992366019.UG.FTS.B, 29.49%, 4/22/25.. . | 72 | 74 |
| 992405466.UG.FTS.B, 29.47%, 4/22/25.. . | 992405466.UG.FTS.B, 29.47%, 4/22/25.. . | 992405466.UG.FTS.B, 29.47%, 4/22/25.. . | 29 | 30 | 992366822.UG.FTS.B, 29.49%, 4/22/25.. . | 2566 | 2673 |
| 992405720.UG.FTS.B, 29.47%, 4/22/25.. . | 992405720.UG.FTS.B, 29.47%, 4/22/25.. . | 992405720.UG.FTS.B, 29.47%, 4/22/25.. . | 25 | 25 | 992367245.UG.FTS.B, 29.49%, 4/22/25.. . | – | – |
| 992417168.UG.FTS.B, 29.47%, 4/22/25.. . | 992417168.UG.FTS.B, 29.47%, 4/22/25.. . | 992417168.UG.FTS.B, 29.47%, 4/22/25.. . | 148 | 153 | 992367590.UG.FTS.B, 29.49%, 4/22/25.. . | 318 | 330 |
| 992447772.UG.FTS.B, 29.47%, 4/22/25.. . | 992447772.UG.FTS.B, 29.47%, 4/22/25.. . | 992447772.UG.FTS.B, 29.47%, 4/22/25.. . | 114 | 104 | 992367592.UG.FTS.B, 29.49%, 4/22/25.. . | 33 | 33 |
| 992465343.UG.FTS.B, 29.47%, 4/22/25.. . | 992465343.UG.FTS.B, 29.47%, 4/22/25.. . | 992465343.UG.FTS.B, 29.47%, 4/22/25.. . | 49 | 50 | 992367723.UG.FTS.B, 29.49%, 4/22/25.. . | 216 | 218 |
| 992468980.UG.FTS.B, 29.47%, 4/22/25.. . | 992468980.UG.FTS.B, 29.47%, 4/22/25.. . | 992468980.UG.FTS.B, 29.47%, 4/22/25.. . | 136 | 141 | 992368082.UG.FTS.B, 29.49%, 4/22/25.. . | 1049 | 1090 |
| 992516460.UG.FTS.B, 29.47%, 4/22/25.. . | 992516460.UG.FTS.B, 29.47%, 4/22/25.. . | 992516460.UG.FTS.B, 29.47%, 4/22/25.. . | 165 | 12 | 992368168.UG.FTS.B, 29.49%, 4/22/25.. . | 251 | 248 |
| 992519663.UG.FTS.B, 29.47%, 4/22/25.. . | 992519663.UG.FTS.B, 29.47%, 4/22/25.. . | 992519663.UG.FTS.B, 29.47%, 4/22/25.. . | 97 | 101 | 992368665.UG.FTS.B, 29.49%, 4/22/25.. . | 429 | 446 |
| 992538920.UG.FTS.B, 29.47%, 4/22/25.. . | 992538920.UG.FTS.B, 29.47%, 4/22/25.. . | 992538920.UG.FTS.B, 29.47%, 4/22/25.. . | 263 | 21 | 992369526.UG.FTS.B, 29.49%, 4/22/25.. . | 646 | 671 |
| 992559489.UG.FTS.B, 29.47%, 4/22/25.. . | 992559489.UG.FTS.B, 29.47%, 4/22/25.. . | 992559489.UG.FTS.B, 29.47%, 4/22/25.. . | 80 | 81 | 992369742.UG.FTS.B, 29.49%, 4/22/25.. . | 928 | 899 |
| 992567531.UG.FTS.B, 29.47%, 4/22/25.. . | 992567531.UG.FTS.B, 29.47%, 4/22/25.. . | 992567531.UG.FTS.B, 29.47%, 4/22/25.. . | 128 | 10 | 992369764.UG.FTS.B, 29.49%, 4/22/25.. . | 1649 | 1647 |
| 992620607.UG.FTS.B, 29.47%, 4/22/25.. . | 992620607.UG.FTS.B, 29.47%, 4/22/25.. . | 992620607.UG.FTS.B, 29.47%, 4/22/25.. . | 536 | 544 | 992370516.UG.FTS.B, 29.49%, 4/22/25.. . | 29 | 29 |
| 992363747.UG.FTS.B, 29.48%, 4/22/25.. . | 992363747.UG.FTS.B, 29.48%, 4/22/25.. . | 992363747.UG.FTS.B, 29.48%, 4/22/25.. . | 132 | 137 | 992370530.UG.FTS.B, 29.49%, 4/22/25.. . | 115 | 120 |
| 992365388.UG.FTS.B, 29.48%, 4/22/25.. . | 992365388.UG.FTS.B, 29.48%, 4/22/25.. . | 992365388.UG.FTS.B, 29.48%, 4/22/25.. . | 131 | 136 | 992371715.UG.FTS.B, 29.49%, 4/22/25.. . | 288 | 288 |
| 992365747.UG.FTS.B, 29.48%, 4/22/25.. . | 992365747.UG.FTS.B, 29.48%, 4/22/25.. . | 992365747.UG.FTS.B, 29.48%, 4/22/25.. . | 711 | 740 | 992373338.UG.FTS.B, 29.49%, 4/22/25.. . | 107 | 106 |
| 992367302.UG.FTS.B, 29.48%, 4/22/25.. . | 992367302.UG.FTS.B, 29.48%, 4/22/25.. . | 992367302.UG.FTS.B, 29.48%, 4/22/25.. . | 382 | 388 | 992373418.UG.FTS.B, 29.49%, 4/22/25.. . | 201 | 209 |
| 992368637.UG.FTS.B, 29.48%, 4/22/25.. . | 992368637.UG.FTS.B, 29.48%, 4/22/25.. . | 992368637.UG.FTS.B, 29.48%, 4/22/25.. . | 476 | 479 | 992373724.UG.FTS.B, 29.49%, 4/22/25.. . | 55 | 57 |
| 992375134.UG.FTS.B, 29.48%, 4/22/25.. . | 992375134.UG.FTS.B, 29.48%, 4/22/25.. . | 992375134.UG.FTS.B, 29.48%, 4/22/25.. . | – | – | 992373822.UG.FTS.B, 29.49%, 4/22/25.. . | 1627 | 1695 |
| 992376821.UG.FTS.B, 29.48%, 4/22/25.. . | 992376821.UG.FTS.B, 29.48%, 4/22/25.. . | 992376821.UG.FTS.B, 29.48%, 4/22/25.. . | 1211 | 841 | 992374239.UG.FTS.B, 29.49%, 4/22/25.. . | 169 | 176 |
| 992385962.UG.FTS.B, 29.48%, 4/22/25.. . | 992385962.UG.FTS.B, 29.48%, 4/22/25.. . | 992385962.UG.FTS.B, 29.48%, 4/22/25.. . | 627 | 48 | 992375318.UG.FTS.B, 29.49%, 4/22/25.. . | 138 | 144 |
| 992395931.UG.FTS.B, 29.48%, 4/22/25.. . | 992395931.UG.FTS.B, 29.48%, 4/22/25.. . | 992395931.UG.FTS.B, 29.48%, 4/22/25.. . | 308 | 320 | 992375560.UG.FTS.B, 29.49%, 4/22/25.. . | 53 | 52 |
| 992397007.UG.FTS.B, 29.48%, 4/22/25.. . | 992397007.UG.FTS.B, 29.48%, 4/22/25.. . | 992397007.UG.FTS.B, 29.48%, 4/22/25.. . | 168 | 162 | 992375769.UG.FTS.B, 29.49%, 4/22/25.. . | 213 | 213 |
| 992434362.UG.FTS.B, 29.48%, 4/22/25.. . | 992434362.UG.FTS.B, 29.48%, 4/22/25.. . | 992434362.UG.FTS.B, 29.48%, 4/22/25.. . | 184 | 127 | 992376197.UG.FTS.B, 29.49%, 4/22/25.. . | 9 | 9 |
| 992471205.UG.FTS.B, 29.48%, 4/22/25.. . | 992471205.UG.FTS.B, 29.48%, 4/22/25.. . | 992471205.UG.FTS.B, 29.48%, 4/22/25.. . | 96 | 99 | 992376987.UG.FTS.B, 29.49%, 4/22/25.. . | 111 | 115 |
| 992508696.UG.FTS.B, 29.48%, 4/22/25.. . | 992508696.UG.FTS.B, 29.48%, 4/22/25.. . | 992508696.UG.FTS.B, 29.48%, 4/22/25.. . | 79 | 82 | 992377029.UG.FTS.B, 29.49%, 4/22/25.. . | 80 | 82 |
| 992528527.UG.FTS.B, 29.48%, 4/22/25.. . | 992528527.UG.FTS.B, 29.48%, 4/22/25.. . | 992528527.UG.FTS.B, 29.48%, 4/22/25.. . | 176 | 182 | 992377107.UG.FTS.B, 29.49%, 4/22/25.. . | 1451 | 1480 |
| 992583285.UG.FTS.B, 29.48%, 4/22/25.. . | 992583285.UG.FTS.B, 29.48%, 4/22/25.. . | 992583285.UG.FTS.B, 29.48%, 4/22/25.. . | 219 | 223 | 992377212.UG.FTS.B, 29.49%, 4/22/25.. . | 230 | 239 |
| 992583905.UG.FTS.B, 29.48%, 4/22/25.. . | 992583905.UG.FTS.B, 29.48%, 4/22/25.. . | 992583905.UG.FTS.B, 29.48%, 4/22/25.. . | 79 | 79 | 992377615.UG.FTS.B, 29.49%, 4/22/25.. . | 596 | 617 |
| 992603797.UG.FTS.B, 29.48%, 4/22/25.. . | 992603797.UG.FTS.B, 29.48%, 4/22/25.. . | 992603797.UG.FTS.B, 29.48%, 4/22/25.. . | 38 | 38 | 992377885.UG.FTS.B, 29.49%, 4/22/25.. . | 231 | 240 |
| 992604266.UG.FTS.B, 29.48%, 4/22/25.. . | 992604266.UG.FTS.B, 29.48%, 4/22/25.. . | 992604266.UG.FTS.B, 29.48%, 4/22/25.. . | 13 | 13 | 992379820.UG.FTS.B, 29.49%, 4/22/25.. . | 198 | 197 |
| 992615020.UG.FTS.B, 29.48%, 4/22/25.. . | 992615020.UG.FTS.B, 29.48%, 4/22/25.. . | 992615020.UG.FTS.B, 29.48%, 4/22/25.. . | 5 | 5 | 992379986.UG.FTS.B, 29.49%, 4/22/25.. . | 11 | 11 |
| 992620023.UG.FTS.B, 29.48%, 4/22/25.. . | 992620023.UG.FTS.B, 29.48%, 4/22/25.. . | 992620023.UG.FTS.B, 29.48%, 4/22/25.. . | 9 | 9 | 992380616.UG.FTS.B, 29.49%, 4/22/25.. . | 13 | 13 |
| 992623393.UG.FTS.B, 29.48%, 4/22/25.. . | 992623393.UG.FTS.B, 29.48%, 4/22/25.. . | 992623393.UG.FTS.B, 29.48%, 4/22/25.. . | 2589 | 2645 | 992380732.UG.FTS.B, 29.49%, 4/22/25.. . | 315 | 326 |
| 992624421.UG.FTS.B, 29.48%, 4/22/25.. . | 992624421.UG.FTS.B, 29.48%, 4/22/25.. . | 992624421.UG.FTS.B, 29.48%, 4/22/25.. . | 174 | 177 | 992380810.UG.FTS.B, 29.49%, 4/22/25.. . | 169 | 175 |
| 992361138.UG.FTS.B, 29.49%, 4/22/25. . . | 992361138.UG.FTS.B, 29.49%, 4/22/25. . . | 992361138.UG.FTS.B, 29.49%, 4/22/25. . . | 93 | 8 | 992380897.UG.FTS.B, 29.49%, 4/22/25.. . | 253 | 261 |
| 992361706.UG.FTS.B, 29.49%, 4/22/25.. . | 992361706.UG.FTS.B, 29.49%, 4/22/25.. . | 992361706.UG.FTS.B, 29.49%, 4/22/25.. . | 452 | 429 | 992382150.UG.FTS.B, 29.49%, 4/22/25.. . | 345 | 359 |
| 992362460.UG.FTS.B, 29.49%, 4/22/25.. . | 992362460.UG.FTS.B, 29.49%, 4/22/25.. . | 992362460.UG.FTS.B, 29.49%, 4/22/25.. . | 401 | 417 | 992382341.UG.FTS.B, 29.49%, 4/22/25.. . | 91 | 94 |
| 992362463.UG.FTS.B, 29.49%, 4/22/25.. . | 992362463.UG.FTS.B, 29.49%, 4/22/25.. . | 992362463.UG.FTS.B, 29.49%, 4/22/25.. . | 197 | 205 | 992382649.UG.FTS.B, 29.49%, 4/22/25.. . | 232 | 230 |
| 992362496.UG.FTS.B, 29.49%, 4/22/25.. . | 992362496.UG.FTS.B, 29.49%, 4/22/25.. . | 992362496.UG.FTS.B, 29.49%, 4/22/25.. . | 372 | 385 | 992382696.UG.FTS.B, 29.49%, 4/22/25.. . | 121 | 126 |
| 992362505.UG.FTS.B, 29.49%, 4/22/25.. . | 992362505.UG.FTS.B, 29.49%, 4/22/25.. . | 992362505.UG.FTS.B, 29.49%, 4/22/25.. . | 5805 | 6033 | 992383169.UG.FTS.B, 29.49%, 4/22/25.. . | 27 | 28 |
| 992362680.UG.FTS.B, 29.49%, 4/22/25.. . | 992362680.UG.FTS.B, 29.49%, 4/22/25.. . | 992362680.UG.FTS.B, 29.49%, 4/22/25.. . | 169 | 175 | 992383220.UG.FTS.B, 29.49%, 4/22/25.. . | 601 | 624 |
| 992363024.UG.FTS.B, 29.49%, 4/22/25.. . | 992363024.UG.FTS.B, 29.49%, 4/22/25.. . | 992363024.UG.FTS.B, 29.49%, 4/22/25.. . | 360 | 27 | 992384705.UG.FTS.B, 29.49%, 4/22/25.. . | 262 | 272 |
| 992363174.UG.FTS.B, 29.49%, 4/22/25.. . | 992363174.UG.FTS.B, 29.49%, 4/22/25.. . | 992363174.UG.FTS.B, 29.49%, 4/22/25.. . | 126 | 9 | 992385494.UG.FTS.B, 29.49%, 4/22/25.. . | 194 | 193 |
| 114 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 114 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Upgrade, Inc. - Card (continued) |  |  |
| 992385650.UG.FTS.B, 29.49%, 4/22/25.. . $ | 37 | $37 |
| 992387430.UG.FTS.B, 29.49%, 4/22/25.. . | 190 | 197 |
| 992387814.UG.FTS.B, 29.49%, 4/22/25.. . | 96 | 100 |
| 992388932.UG.FTS.B, 29.49%, 4/22/25.. . | 191 | 199 |
| 992389519.UG.FTS.B, 29.49%, 4/22/25.. . | 456 | (17) |
| 992389714.UG.FTS.B, 29.49%, 4/22/25.. . | 160 | 166 |
| 992390198.UG.FTS.B, 29.49%, 4/22/25.. . | 66 | 67 |
| 992390795.UG.FTS.B, 29.49%, 4/22/25.. . | 150 | 156 |
| 992391599.UG.FTS.B, 29.49%, 4/22/25.. . | 573 | 590 |
| 992391876.UG.FTS.B, 29.49%, 4/22/25.. . | 192 | 199 |
| 992392038.UG.FTS.B, 29.49%, 4/22/25.. . | 63 | 64 |
| 992392406.UG.FTS.B, 29.49%, 4/22/25.. . | 86 | 86 |
| 992392491.UG.FTS.B, 29.49%, 4/22/25.. . | 283 | 295 |
| 992393084.UG.FTS.B, 29.49%, 4/22/25.. . | 217 | 216 |
| 992393248.UG.FTS.B, 29.49%, 4/22/25.. . | 112 | 116 |
| 992393625.UG.FTS.B, 29.49%, 4/22/25.. . | 7 | 7 |
| 992393945.UG.FTS.B, 29.49%, 4/22/25.. . | 245 | 253 |
| 992394298.UG.FTS.B, 29.49%, 4/22/25.. . | 50 | 8 |
| 992395091.UG.FTS.B, 29.49%, 4/22/25.. . | 237 | 246 |
| 992395344.UG.FTS.B, 29.49%, 4/22/25.. . | 397 | 267 |
| 992395729.UG.FTS.B, 29.49%, 4/22/25.. . | 251 | 250 |
| 992395985.UG.FTS.B, 29.49%, 4/22/25.. . | 713 | 696 |
| 992396468.UG.FTS.B, 29.49%, 4/22/25.. . | 520 | 540 |
| 992396676.UG.FTS.B, 29.49%, 4/22/25.. . | 47 | 4 |
| 992397329.UG.FTS.B, 29.49%, 4/22/25.. . | 160 | 165 |
| 992397999.UG.FTS.B, 29.49%, 4/22/25.. . | 103 | 105 |
| 992398581.UG.FTS.B, 29.49%, 4/22/25.. . | 361 | 350 |
| 992399033.UG.FTS.B, 29.49%, 4/22/25.. . | 25 | 25 |
| 992399168.UG.FTS.B, 29.49%, 4/22/25.. . | 54 | 46 |
| 992399427.UG.FTS.B, 29.49%, 4/22/25.. . | 174 | 175 |
| 992399453.UG.FTS.B, 29.49%, 4/22/25.. . | 241 | 241 |
| 992399844.UG.FTS.B, 29.49%, 4/22/25.. . | 789 | 820 |
| 992401535.UG.FTS.B, 29.49%, 4/22/25.. . | 16 | 16 |
| 992402039.UG.FTS.B, 29.49%, 4/22/25.. . | 58 | 58 |
| 992402040.UG.FTS.B, 29.49%, 4/22/25.. . | 501 | 511 |
| 992402365.UG.FTS.B, 29.49%, 4/22/25.. . | 942 | 975 |
| 992404011.UG.FTS.B, 29.49%, 4/22/25. . . | 87 | 90 |
| 992406550.UG.FTS.B, 29.49%, 4/22/25.. . | 89 | 89 |
| 992407118.UG.FTS.B, 29.49%, 4/22/25. . . | 8 | 8 |
| 992410164.UG.FTS.B, 29.49%, 4/22/25.. . | 1461 | 1463 |
| 992410696.UG.FTS.B, 29.49%, 4/22/25.. . | 141 | 140 |
| 992411572.UG.FTS.B, 29.49%, 4/22/25. . . | 70 | 55 |
| 992411855.UG.FTS.B, 29.49%, 4/22/25. . . | 4 | 4 |
| 992413765.UG.FTS.B, 29.49%, 4/22/25.. . | 128 | 133 |
| 992414935.UG.FTS.B, 29.49%, 4/22/25.. . | 856 | 889 |
| 992416396.UG.FTS.B, 29.49%, 4/22/25.. . | 215 | 222 |
| 992416593.UG.FTS.B, 29.49%, 4/22/25.. . | 726 | 751 |
| 992416607.UG.FTS.B, 29.49%, 4/22/25.. . | 240 | 17 |
| 992416636.UG.FTS.B, 29.49%, 4/22/25.. . | 943 | 981 |
| 992416738.UG.FTS.B, 29.49%, 4/22/25.. . | 1701 | 1769 |
| 992416748.UG.FTS.B, 29.49%, 4/22/25.. . | 571 | 595 |
| 992418463.UG.FTS.B, 29.49%, 4/22/25.. . | 488 | 507 |
| 992418820.UG.FTS.B, 29.49%, 4/22/25.. . | 657 | 683 |
| 992419339.UG.FTS.B, 29.49%, 4/22/25.. . | 48 | 49 |
| 992419369.UG.FTS.B, 29.49%, 4/22/25.. . | 332 | 336 |
| 992419799.UG.FTS.B, 29.49%, 4/22/25.. . | 148 | 153 |
| 992420242.UG.FTS.B, 29.49%, 4/22/25.. . | 180 | 188 |
| 992420248.UG.FTS.B, 29.49%, 4/22/25.. . | 154 | 160 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Upgrade, Inc. - Card (continued) |  |  |
| 992420337.UG.FTS.B, 29.49%, 4/22/25.. . $ | 415 | $424 |
| 992420593.UG.FTS.B, 29.49%, 4/22/25.. . | 9 | 9 |
| 992420699.UG.FTS.B, 29.49%, 4/22/25.. . | 112 | 111 |
| 992422269.UG.FTS.B, 29.49%, 4/22/25.. . | 225 | 233 |
| 992422521.UG.FTS.B, 29.49%, 4/22/25.. . | 134 | 132 |
| 992423510.UG.FTS.B, 29.49%, 4/22/25.. . | 58 | 59 |
| 992424725.UG.FTS.B, 29.49%, 4/22/25.. . | 79 | 82 |
| 992424971.UG.FTS.B, 29.49%, 4/22/25.. . | 2956 | 2041 |
| 992427145.UG.FTS.B, 29.49%, 4/22/25.. . | 16 | 16 |
| 992427199.UG.FTS.B, 29.49%, 4/22/25.. . | 1567 | 1113 |
| 992427320.UG.FTS.B, 29.49%, 4/22/25.. . | 42 | 42 |
| 992427395.UG.FTS.B, 29.49%, 4/22/25.. . | 142 | 147 |
| 992427949.UG.FTS.B, 29.49%, 4/22/25.. . | 115 | 120 |
| 992429035.UG.FTS.B, 29.49%, 4/22/25.. . | 137 | 142 |
| 992430463.UG.FTS.B, 29.49%, 4/22/25.. . | 74 | 76 |
| 992432239.UG.FTS.B, 29.49%, 4/22/25.. . | 177 | 178 |
| 992432540.UG.FTS.B, 29.49%, 4/22/25.. . | 221 | 165 |
| 992432910.UG.FTS.B, 29.49%, 4/22/25.. . | 2193 | 2278 |
| 992434494.UG.FTS.B, 29.49%, 4/22/25.. . | 171 | 176 |
| 992435188.UG.FTS.B, 29.49%, 4/22/25.. . | 217 | 224 |
| 992435978.UG.FTS.B, 29.49%, 4/22/25.. . | 257 | 172 |
| 992438752.UG.FTS.B, 29.49%, 4/22/25.. . | 546 | 565 |
| 992439438.UG.FTS.B, 29.49%, 4/22/25.. . | 352 | 27 |
| 992444712.UG.FTS.B, 29.49%, 4/22/25.. . | 2567 | 2673 |
| 992445035.UG.FTS.B, 29.49%, 4/22/25.. . | 855 | 874 |
| 992445486.UG.FTS.B, 29.49%, 4/22/25.. . | 299 | 312 |
| 992447478.UG.FTS.B, 29.49%, 4/22/25.. . | 109 | 113 |
| 992448379.UG.FTS.B, 29.49%, 4/22/25.. . | 122 | 81 |
| 992448723.UG.FTS.B, 29.49%, 4/22/25.. . | 17 | 17 |
| 992451074.UG.FTS.B, 29.49%, 4/22/25.. . | 73 | 75 |
| 992451949.UG.FTS.B, 29.49%, 4/22/25.. . | 277 | 284 |
| 992452116.UG.FTS.B, 29.49%, 4/22/25. . . | 83 | 85 |
| 992454195.UG.FTS.B, 29.49%, 4/22/25.. . | 78 | 80 |
| 992454801.UG.FTS.B, 29.49%, 4/22/25.. . | 2903 | 3017 |
| 992455844.UG.FTS.B, 29.49%, 4/22/25.. . | 3794 | 3898 |
| 992456989.UG.FTS.B, 29.49%, 4/22/25.. . | 594 | 617 |
| 992457156.UG.FTS.B, 29.49%, 4/22/25.. . | 18 | 18 |
| 992461830.UG.FTS.B, 29.49%, 4/22/25.. . | 232 | 157 |
| 992464276.UG.FTS.B, 29.49%, 4/22/25.. . | 194 | 193 |
| 992467871.UG.FTS.B, 29.49%, 4/22/25.. . | 381 | 394 |
| 992469449.UG.FTS.B, 29.49%, 4/22/25.. . | 54 | 55 |
| 992472246.UG.FTS.B, 29.49%, 4/22/25.. . | 355 | 342 |
| 992472424.UG.FTS.B, 29.49%, 4/22/25.. . | 727 | 744 |
| 992472851.UG.FTS.B, 29.49%, 4/22/25.. . | 40 | 35 |
| 992473215.UG.FTS.B, 29.49%, 4/22/25.. . | 44 | 45 |
| 992475726.UG.FTS.B, 29.49%, 4/22/25.. . | 196 | 204 |
| 992477452.UG.FTS.B, 29.49%, 4/22/25.. . | 632 | 645 |
| 992477516.UG.FTS.B, 29.49%, 4/22/25.. . | 104 | 107 |
| 992479682.UG.FTS.B, 29.49%, 4/22/25.. . | 251 | 261 |
| 992481779.UG.FTS.B, 29.49%, 4/22/25.. . | 3371 | 3438 |
| 992483129.UG.FTS.B, 29.49%, 4/22/25.. . | 320 | 207 |
| 992484017.UG.FTS.B, 29.49%, 4/22/25.. . | 512 | 532 |
| 992485283.UG.FTS.B, 29.49%, 4/22/25.. . | 71 | 73 |
| 992485527.UG.FTS.B, 29.49%, 4/22/25.. . | 256 | 266 |
| 992487374.UG.FTS.B, 29.49%, 4/22/25.. . | 227 | 233 |
| 992487705.UG.FTS.B, 29.49%, 4/22/25.. . | 480 | 493 |
| 992487970.UG.FTS.B, 29.49%, 4/22/25.. . | 41 | 42 |
| 992488594.UG.FTS.B, 29.49%, 4/22/25.. . | 36 | 36 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 115 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) | Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |
| 992488959.UG.FTS.B, 29.49%, 4/22/25.. . $ | 992488959.UG.FTS.B, 29.49%, 4/22/25.. . $ | 992488959.UG.FTS.B, 29.49%, 4/22/25.. . $ | 427 | $442 | 992599701.UG.FTS.B, 29.49%, 4/22/25.. . $ | 7 | $7 |
| 992492165.UG.FTS.B, 29.49%, 4/22/25.. . | 992492165.UG.FTS.B, 29.49%, 4/22/25.. . | 992492165.UG.FTS.B, 29.49%, 4/22/25.. . | 1020 | 136 | 992602434.UG.FTS.B, 29.49%, 4/22/25.. . | 81 | 84 |
| 992494128.UG.FTS.B, 29.49%, 4/22/25.. . | 992494128.UG.FTS.B, 29.49%, 4/22/25.. . | 992494128.UG.FTS.B, 29.49%, 4/22/25.. . | 255 | 265 | 992602719.UG.FTS.B, 29.49%, 4/22/25.. . | 436 | 445 |
| 992495417.UG.FTS.B, 29.49%, 4/22/25.. . | 992495417.UG.FTS.B, 29.49%, 4/22/25.. . | 992495417.UG.FTS.B, 29.49%, 4/22/25.. . | 140 | 99 | 992605804.UG.FTS.B, 29.49%, 4/22/25.. . | 22 | 22 |
| 992496171.UG.FTS.B, 29.49%, 4/22/25.. . | 992496171.UG.FTS.B, 29.49%, 4/22/25.. . | 992496171.UG.FTS.B, 29.49%, 4/22/25.. . | 426 | 443 | 992607665.UG.FTS.B, 29.49%, 4/22/25.. . | 113 | 115 |
| 992497034.UG.FTS.B, 29.49%, 4/22/25.. . | 992497034.UG.FTS.B, 29.49%, 4/22/25.. . | 992497034.UG.FTS.B, 29.49%, 4/22/25.. . | 121 | 125 | 992608539.UG.FTS.B, 29.49%, 4/22/25.. . | 26 | 24 |
| 992500651.UG.FTS.B, 29.49%, 4/22/25.. . | 992500651.UG.FTS.B, 29.49%, 4/22/25.. . | 992500651.UG.FTS.B, 29.49%, 4/22/25.. . | 47 | 46 | 992610558.UG.FTS.B, 29.49%, 4/22/25.. . | 17 | 17 |
| 992502694.UG.FTS.B, 29.49%, 4/22/25.. . | 992502694.UG.FTS.B, 29.49%, 4/22/25.. . | 992502694.UG.FTS.B, 29.49%, 4/22/25.. . | 313 | 320 | 992611173.UG.FTS.B, 29.49%, 4/22/25. . . | 75 | 75 |
| 992504830.UG.FTS.B, 29.49%, 4/22/25.. . | 992504830.UG.FTS.B, 29.49%, 4/22/25.. . | 992504830.UG.FTS.B, 29.49%, 4/22/25.. . | 384 | 384 | 992611652.UG.FTS.B, 29.49%, 4/22/25. . . | 88 | 89 |
| 992508820.UG.FTS.B, 29.49%, 4/22/25.. . | 992508820.UG.FTS.B, 29.49%, 4/22/25.. . | 992508820.UG.FTS.B, 29.49%, 4/22/25.. . | 285 | 297 | 992615760.UG.FTS.B, 29.49%, 4/22/25.. . | 282 | 285 |
| 992509371.UG.FTS.B, 29.49%, 4/22/25.. . | 992509371.UG.FTS.B, 29.49%, 4/22/25.. . | 992509371.UG.FTS.B, 29.49%, 4/22/25.. . | 68 | 70 | 992616179.UG.FTS.B, 29.49%, 4/22/25.. . | 200 | 204 |
| 992514658.UG.FTS.B, 29.49%, 4/22/25.. . | 992514658.UG.FTS.B, 29.49%, 4/22/25.. . | 992514658.UG.FTS.B, 29.49%, 4/22/25.. . | 53 | 54 | 992620880.UG.FTS.B, 29.49%, 4/22/25.. . | 46 | 46 |
| 992514685.UG.FTS.B, 29.49%, 4/22/25.. . | 992514685.UG.FTS.B, 29.49%, 4/22/25.. . | 992514685.UG.FTS.B, 29.49%, 4/22/25.. . | 5 | 5 | 992622043.UG.FTS.B, 29.49%, 4/22/25.. . | 2074 | 2131 |
| 992514830.UG.FTS.B, 29.49%, 4/22/25.. . | 992514830.UG.FTS.B, 29.49%, 4/22/25.. . | 992514830.UG.FTS.B, 29.49%, 4/22/25.. . | 31 | 31 | 992622644.UG.FTS.B, 29.49%, 4/22/25.. . | 868 | 597 |
| 992514855.UG.FTS.B, 29.49%, 4/22/25.. . | 992514855.UG.FTS.B, 29.49%, 4/22/25.. . | 992514855.UG.FTS.B, 29.49%, 4/22/25.. . | 122 | 126 | 992624887.UG.FTS.B, 29.49%, 4/22/25.. . | 337 | 345 |
| 992515474.UG.FTS.B, 29.49%, 4/22/25.. . | 992515474.UG.FTS.B, 29.49%, 4/22/25.. . | 992515474.UG.FTS.B, 29.49%, 4/22/25.. . | 1188 | 1235 | 992625452.UG.FTS.B, 29.49%, 4/22/25.. . | 58 | 59 |
| 992515660.UG.FTS.B, 29.49%, 4/22/25.. . | 992515660.UG.FTS.B, 29.49%, 4/22/25.. . | 992515660.UG.FTS.B, 29.49%, 4/22/25.. . | 298 | 310 | 992626537.UG.FTS.B, 29.49%, 4/22/25.. . | 637 | 625 |
| 992516313.UG.FTS.B, 29.49%, 4/22/25.. . | 992516313.UG.FTS.B, 29.49%, 4/22/25.. . | 992516313.UG.FTS.B, 29.49%, 4/22/25.. . | 425 | 442 | 992626804.UG.FTS.B, 29.49%, 4/22/25.. . | 255 | 260 |
| 992516427.UG.FTS.B, 29.49%, 4/22/25.. . | 992516427.UG.FTS.B, 29.49%, 4/22/25.. . | 992516427.UG.FTS.B, 29.49%, 4/22/25.. . | 123 | 125 | 992631098.UG.FTS.B, 29.49%, 4/22/25.. . | 844 | 863 |
| 992519259.UG.FTS.B, 29.49%, 4/22/25.. . | 992519259.UG.FTS.B, 29.49%, 4/22/25.. . | 992519259.UG.FTS.B, 29.49%, 4/22/25.. . | 235 | 238 | 992633754.UG.FTS.B, 29.49%, 4/22/25.. . | 32 | 32 |
| 992519839.UG.FTS.B, 29.49%, 4/22/25.. . | 992519839.UG.FTS.B, 29.49%, 4/22/25.. . | 992519839.UG.FTS.B, 29.49%, 4/22/25.. . | 342 | 352 | 992634117.UG.FTS.B, 29.49%, 4/22/25. . . | 6 | 6 |
| 992521066.UG.FTS.B, 29.49%, 4/22/25.. . | 992521066.UG.FTS.B, 29.49%, 4/22/25.. . | 992521066.UG.FTS.B, 29.49%, 4/22/25.. . | 22 | 22 | 992636034.UG.FTS.B, 29.49%, 4/22/25.. . | 252 | 258 |
| 992522428.UG.FTS.B, 29.49%, 4/22/25.. . | 992522428.UG.FTS.B, 29.49%, 4/22/25.. . | 992522428.UG.FTS.B, 29.49%, 4/22/25.. . | 48 | 8 | 992182530.UG.FTS.B, 19.99%, 5/09/25.. . | 224 | 162 |
| 992523134.UG.FTS.B, 29.49%, 4/22/25.. . | 992523134.UG.FTS.B, 29.49%, 4/22/25.. . | 992523134.UG.FTS.B, 29.49%, 4/22/25.. . | 273 | 284 | 992011909.UG.FTS.B, 29.49%, 5/09/25. . . | 405 | 407 |
| 992524655.UG.FTS.B, 29.49%, 4/22/25.. . | 992524655.UG.FTS.B, 29.49%, 4/22/25.. . | 992524655.UG.FTS.B, 29.49%, 4/22/25.. . | 234 | 238 | 992092477.UG.FTS.B, 22.95%, 5/20/25.. . | 5004 | 5076 |
| 992525909.UG.FTS.B, 29.49%, 4/22/25.. . | 992525909.UG.FTS.B, 29.49%, 4/22/25.. . | 992525909.UG.FTS.B, 29.49%, 4/22/25.. . | 314 | 324 | 992282384.UG.FTS.B, 16.99%, 6/09/25.. . | 849 | 94 |
| 992529240.UG.FTS.B, 29.49%, 4/22/25.. . | 992529240.UG.FTS.B, 29.49%, 4/22/25.. . | 992529240.UG.FTS.B, 29.49%, 4/22/25.. . | 283 | 294 | 992088318.UG.FTS, 0.17%, 6/01/26.. . . . . | 176 | 179 |
| 992531531.UG.FTS.B, 29.49%, 4/22/25.. . | 992531531.UG.FTS.B, 29.49%, 4/22/25.. . | 992531531.UG.FTS.B, 29.49%, 4/22/25.. . | 247 | 252 | 992074090.UG.FTS.B, 22.36%, 3/11/27. . . | 2462 | 2533 |
| 992532351.UG.FTS.B, 29.49%, 4/22/25.. . | 992532351.UG.FTS.B, 29.49%, 4/22/25.. . | 992532351.UG.FTS.B, 29.49%, 4/22/25.. . | 567 | 581 | 992076610.UG.FTS.B, 22.36%, 3/11/27. . . | 3113 | 3202 |
| 992534566.UG.FTS.B, 29.49%, 4/22/25.. . | 992534566.UG.FTS.B, 29.49%, 4/22/25.. . | 992534566.UG.FTS.B, 29.49%, 4/22/25.. . | 724 | 751 | 991980740.UG.FTS.B, 22.36%, 3/12/27.. . | 616 | 601 |
| 992534888.UG.FTS.B, 29.49%, 4/22/25.. . | 992534888.UG.FTS.B, 29.49%, 4/22/25.. . | 992534888.UG.FTS.B, 29.49%, 4/22/25.. . | 1109 | 1146 | 992225456.UG.FTS.B, 22.36%, 3/12/27.. . | 758 | 771 |
| 992539629.UG.FTS.B, 29.49%, 4/22/25.. . | 992539629.UG.FTS.B, 29.49%, 4/22/25.. . | 992539629.UG.FTS.B, 29.49%, 4/22/25.. . | 45 | 45 | 992193819.UG.FTS.B, 22.36%, 4/01/27.. . | 173 | 173 |
| 992541032.UG.FTS.B, 29.49%, 4/22/25.. . | 992541032.UG.FTS.B, 29.49%, 4/22/25.. . | 992541032.UG.FTS.B, 29.49%, 4/22/25.. . | 91 | 95 | 992407152.UG.FTS.B, 16.99%, 4/02/27.. . | 159 | 160 |
| 992544772.UG.FTS.B, 29.49%, 4/22/25.. . | 992544772.UG.FTS.B, 29.49%, 4/22/25.. . | 992544772.UG.FTS.B, 29.49%, 4/22/25.. . | 27 | 5 | 992220224.UG.FTS.B, 19.99%, 4/04/27.. . | 2593 | 2662 |
| 992545069.UG.FTS.B, 29.49%, 4/22/25.. . | 992545069.UG.FTS.B, 29.49%, 4/22/25.. . | 992545069.UG.FTS.B, 29.49%, 4/22/25.. . | 156 | 162 | 992227359.UG.FTS.B, 19.99%, 4/04/27.. . | 106 | 108 |
| 992545210.UG.FTS.B, 29.49%, 4/22/25.. . | 992545210.UG.FTS.B, 29.49%, 4/22/25.. . | 992545210.UG.FTS.B, 29.49%, 4/22/25.. . | 80 | 79 | 992239940.UG.FTS.B, 15.99%, 4/08/27.. . | 1149 | 1182 |
| 992549029.UG.FTS.B, 29.49%, 4/22/25.. . | 992549029.UG.FTS.B, 29.49%, 4/22/25.. . | 992549029.UG.FTS.B, 29.49%, 4/22/25.. . | 23 | 23 | 992392616.UG.FTS.B, 15.99%, 4/08/27.. . | 12 | 12 |
| 992552564.UG.FTS.B, 29.49%, 4/22/25.. . | 992552564.UG.FTS.B, 29.49%, 4/22/25.. . | 992552564.UG.FTS.B, 29.49%, 4/22/25.. . | 412 | 411 | 992304706.UG.FTS.B, 16.99%, 4/08/27.. . | 237 | 244 |
| 992552626.UG.FTS.B, 29.49%, 4/22/25.. . | 992552626.UG.FTS.B, 29.49%, 4/22/25.. . | 992552626.UG.FTS.B, 29.49%, 4/22/25.. . | 421 | 438 | 992072585.UG.FTS.B, 27.95%, 4/08/27.. . | 31 | 31 |
| 992556301.UG.FTS.B, 29.49%, 4/22/25.. . | 992556301.UG.FTS.B, 29.49%, 4/22/25.. . | 992556301.UG.FTS.B, 29.49%, 4/22/25.. . | – | – | 991989457.UG.FTS.B, 29.49%, 4/08/27.. . | 6 | 4 |
| 992562899.UG.FTS.B, 29.49%, 4/22/25.. . | 992562899.UG.FTS.B, 29.49%, 4/22/25.. . | 992562899.UG.FTS.B, 29.49%, 4/22/25.. . | 5 | 5 | 992078124.UG.FTS.B, 29.49%, 4/08/27.. . | 7 | 7 |
| 992564506.UG.FTS.B, 29.49%, 4/22/25.. . | 992564506.UG.FTS.B, 29.49%, 4/22/25.. . | 992564506.UG.FTS.B, 29.49%, 4/22/25.. . | 593 | 616 | 992322764.UG.FTS.B, 16.99%, 4/09/27.. . | 48 | 48 |
| 992564584.UG.FTS.B, 29.49%, 4/22/25.. . | 992564584.UG.FTS.B, 29.49%, 4/22/25.. . | 992564584.UG.FTS.B, 29.49%, 4/22/25.. . | 844 | 831 | 992288301.UG.FTS.B, 22.36%, 4/11/27. . . | 1394 | 1362 |
| 992567188.UG.FTS.B, 29.49%, 4/22/25.. . | 992567188.UG.FTS.B, 29.49%, 4/22/25.. . | 992567188.UG.FTS.B, 29.49%, 4/22/25.. . | 76 | 78 | 992277625.UG.FTS.B, 15.99%, 4/13/27.. . | 1338 | 1364 |
| 992573503.UG.FTS.B, 29.49%, 4/22/25.. . | 992573503.UG.FTS.B, 29.49%, 4/22/25.. . | 992573503.UG.FTS.B, 29.49%, 4/22/25.. . | 62 | 64 | 992290059.UG.FTS.B, 18.98%, 4/13/27.. . | 255 | 262 |
| 992573800.UG.FTS.B, 29.49%, 4/22/25.. . | 992573800.UG.FTS.B, 29.49%, 4/22/25.. . | 992573800.UG.FTS.B, 29.49%, 4/22/25.. . | 209 | 213 | 992296704.UG.FTS.B, 16.99%, 4/15/27.. . | 2474 | 2551 |
| 992575177.UG.FTS.B, 29.49%, 4/22/25.. . | 992575177.UG.FTS.B, 29.49%, 4/22/25.. . | 992575177.UG.FTS.B, 29.49%, 4/22/25.. . | 847 | 879 | 992451656.UG.FTS.B, 16.99%, 4/15/27.. . | 892 | 887 |
| 992575189.UG.FTS.B, 29.49%, 4/22/25.. . | 992575189.UG.FTS.B, 29.49%, 4/22/25.. . | 992575189.UG.FTS.B, 29.49%, 4/22/25.. . | 761 | 732 | 992388025.UG.FTS.B, 21.99%, 4/15/27.. . | 1123 | 1157 |
| 992584017.UG.FTS.B, 29.49%, 4/22/25.. . | 992584017.UG.FTS.B, 29.49%, 4/22/25.. . | 992584017.UG.FTS.B, 29.49%, 4/22/25.. . | 166 | 169 | 992394335.UG.FTS.B, 19.99%, 4/20/27.. . | 230 | 237 |
| 992586194.UG.FTS.B, 29.49%, 4/22/25.. . | 992586194.UG.FTS.B, 29.49%, 4/22/25.. . | 992586194.UG.FTS.B, 29.49%, 4/22/25.. . | 1269 | 1295 | 992494437.UG.FTS.B, 16.99%, 4/21/27.. . | 365 | 377 |
| 992590004.UG.FTS.B, 29.49%, 4/22/25.. . | 992590004.UG.FTS.B, 29.49%, 4/22/25.. . | 992590004.UG.FTS.B, 29.49%, 4/22/25.. . | 84 | 7 | 992413089.UG.FTS.B, 19.99%, 4/21/27.. . | 4407 | 4530 |
| 992590467.UG.FTS.B, 29.49%, 4/22/25.. . | 992590467.UG.FTS.B, 29.49%, 4/22/25.. . | 992590467.UG.FTS.B, 29.49%, 4/22/25.. . | 126 | 124 | 991969049.UG.FTS.B, Zero Cpn, 5/08/27.. | – | – |
| 992590556.UG.FTS.B, 29.49%, 4/22/25.. . | 992590556.UG.FTS.B, 29.49%, 4/22/25.. . | 992590556.UG.FTS.B, 29.49%, 4/22/25.. . | 28 | 28 | 992076520.UG.FTS.B, 19.99%, 5/20/27.. . | – | – |
| 992594428.UG.FTS.B, 29.49%, 4/22/25.. . | 992594428.UG.FTS.B, 29.49%, 4/22/25.. . | 992594428.UG.FTS.B, 29.49%, 4/22/25.. . | 866 | 884 | 991979583.UG.FTS.B, Zero Cpn, 6/09/27.. | – | – |
| 992595468.UG.FTS.B, 29.49%, 4/22/25.. . | 992595468.UG.FTS.B, 29.49%, 4/22/25.. . | 992595468.UG.FTS.B, 29.49%, 4/22/25.. . | 19 | 20 | 992367182.UG.FTS.B, Zero Cpn, 6/18/27.. | – | – |
| 992595569.UG.FTS.B, 29.49%, 4/22/25.. . | 992595569.UG.FTS.B, 29.49%, 4/22/25.. . | 992595569.UG.FTS.B, 29.49%, 4/22/25.. . | 469 | 479 | 992138179.UG.FTS.B, Zero Cpn, 6/20/27.. | – | – |
| 992596925.UG.FTS.B, 29.49%, 4/22/25.. . | 992596925.UG.FTS.B, 29.49%, 4/22/25.. . | 992596925.UG.FTS.B, 29.49%, 4/22/25.. . | 1736 | 1738 | 992376230.UG.FTS.B, Zero Cpn, 6/20/27.. | – | – |
| 992597371.UG.FTS.B, 29.49%, 4/22/25.. . | 992597371.UG.FTS.B, 29.49%, 4/22/25.. . | 992597371.UG.FTS.B, 29.49%, 4/22/25.. . | 237 | 240 | 992339560.UG.FTS.B, 15%, 6/29/27. . . . . | 8 | 8 |
| 116 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 116 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal | Principal |  |  |
| Description | Amount | Value | Description |  | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |  |
| Upgrade, Inc. - Card (continued) |  |  | Upgrade, Inc. - Card (continued) |  |  |  |  |
| 992012561.UG.FTS.B, Zero Cpn, 7/08/27.. | $1 | $– | 992382996.UG.FTS.B, 28.98%, 11/19/27. . $ | 992382996.UG.FTS.B, 28.98%, 11/19/27. . $ | 1 | $1 | 1 |
| 992075253.UG.FTS.B, 29.49%, 7/08/27.. . | – | – | 992353136.UG.FTS.B, 29.48%, 11/19/27. . |  | 1 | 1 | 1 |
| 992134308.UG.FTS.B, 29.49%, 7/08/27.. . | 1 | – | 992403139.UG.FTS.B, Zero Cpn, 11/20/27. |  | 22 | 2 | 2 |
| 992250137.UG.FTS.B, 29.49%, 7/09/27.. . | – | – | 992441318.UG.FTS.B, Zero Cpn, 11/20/27. |  | 15 | 1 | 1 |
| 992078254.UG.FTS.B, Zero Cpn, 7/20/27.. | 4 | – | 992521100.UG.FTS.B, Zero Cpn, 11/20/27. |  | 17 | 1 | 1 |
| 992146423.UG.FTS.B, Zero Cpn, 7/20/27.. | 1 | – | 992075441.UG.FTS.B, 29.46%, 11/20/27. . |  | 6 | 6 | 6 |
| 992449830.UG.FTS.B, Zero Cpn, 7/20/27.. | 2 | – | 992109536.UG.FTS.B, 29.49%, 11/20/27. . |  | – |  | – |
| 992465159.UG.FTS.B, Zero Cpn, 7/20/27.. | – | – | 992138635.UG.FTS.B, 29.49%, 11/20/27. . |  | – |  | – |
| 991968274.UG.FTS.B, Zero Cpn, 8/08/27.. | 2 | – | 992603092.UG.FTS.B, 29.49%, 11/20/27. . |  | – |  | – |
| 991974108.UG.FTS.B, Zero Cpn, 8/08/27.. | 7 | 1 | 992014951.UG.FTS.B, Zero Cpn, 11/23/27. |  | 20 | 1 | 1 |
| 991992155.UG.FTS.B, 29.49%, 8/08/27.. . | – | – | 992395395.UG.FTS.B, 17.71%, 12/02/27.. |  | 11 | 1 | 1 |
| 992108297.UG.FTS.B, Zero Cpn, 8/09/27.. | 1 | – | 992131978.UG.FTS.B, 29.46%, 12/08/27.. |  | – |  | – |
| 992541827.UG.FTS.B, 19.3%, 8/17/27.. . . | – | – | 992129585.UG.FTS.B, 29.49%, 12/08/27.. |  | – |  | – |
| 992361811.UG.FTS.B, Zero Cpn, 8/20/27.. | 3 | – | 992186812.UG.FTS.B, 29.49%, 12/08/27.. |  | – |  | – |
| 992582435.UG.FTS.B, 28.98%, 8/20/27.. . | – | – | 991980473.UG.FTS.B, Zero Cpn, 12/09/27. |  | 25 | 2 | 2 |
| 992243350.UG.FTS.B, 29.49%, 9/08/27.. . | 1 | – | 992004628.UG.FTS.B, Zero Cpn, 12/09/27. |  | 23 | 2 | 2 |
| 992127952.UG.FTS.B, Zero Cpn, 9/09/27.. | 13 | 1 | 992084622.UG.FTS.B, 29.48%, 12/09/27.. |  | – |  | – |
| 992177601.UG.FTS.B, Zero Cpn, 9/09/27.. | 11 | 1 | 991977601.UG.FTS.B, 29.49%, 12/09/27.. |  | 9 | 1 | 1 |
| 992030827.UG.FTS.B, 28.98%, 9/09/27.. . | 2 | 1 | 991997363.UG.FTS.B, 29.49%, 12/09/27.. |  | 23 | 21 | 21 |
| 992251172.UG.FTS.B, 29.49%, 9/12/27. . . | 1 | – | 992009421.UG.FTS.B, 29.49%, 12/09/27.. |  | 1 | 1 | 1 |
| 992419603.UG.FTS.B, 28.98%, 9/18/27.. . | 3 | – | 992029691.UG.FTS.B, 29.49%, 12/09/27.. |  | – |  | – |
| 992399562.UG.FTS.B, 29.49%, 9/19/27.. . | – | – | 992042625.UG.FTS.B, 29.49%, 12/09/27.. |  | 17 | (1) | (1) |
| 992150348.UG.FTS.B, Zero Cpn, 9/20/27.. | 18 | 2 | 992156606.UG.FTS.B, 29.49%, 12/09/27.. |  | 12 | 1 | 1 |
| 992500899.UG.FTS.B, Zero Cpn, 9/20/27.. | 16 | 1 | 992253312.UG.FTS.B, 29.49%, 12/10/27.. |  | 9 | 1 | 1 |
| 992126266.UG.FTS.B, 29.49%, 9/20/27.. . | – | – | 992255744.UG.FTS.B, 29.49%, 12/10/27.. |  | – |  | – |
| 992345005.UG.FTS.B, Zero Cpn, 9/21/27.. | 16 | 1 | 992298625.UG.FTS.B, 20.47%, 12/12/27.. |  | – |  | – |
| 992042905.UG.FTS.B, Zero Cpn, 10/08/27. | 11 | 1 | 992287329.UG.FTS.B, 29.49%, 12/12/27.. |  | – |  | – |
| 992095939.UG.FTS.B, Zero Cpn, 10/08/27. | 11 | 1 | 992451994.UG.FTS.B, Zero Cpn, 12/16/27. |  | 21 | 2 | 2 |
| 991974206.UG.FTS.B, 29.49%, 10/08/27.. | – | – | 992588454.UG.FTS.B, 29.49%, 12/17/27.. |  | – |  | – |
| 992096737.UG.FTS.B, 29.49%, 10/08/27.. | – | – | 992486028.UG.FTS.B, Zero Cpn, 12/18/27. |  | 24 | 2 | 2 |
| 992118524.UG.FTS.B, Zero Cpn, 10/09/27. | 12 | 1 | 992365477.UG.FTS.B, 29.49%, 12/18/27.. |  | 2 | 2 | 2 |
| 991977315.UG.FTS.B, 19.99%, 10/09/27.. | 2 | – | 992140846.UG.FTS.B, 29.48%, 12/19/27.. |  | 5 | 1 | 1 |
| 992175762.UG.FTS.B, 29.48%, 10/09/27.. | 3 | – | 992351597.UG.FTS.B, 29.49%, 12/19/27.. |  | 15 |  | – |
| 991996130.UG.FTS.B, 29.49%, 10/09/27.. | – | – | 992124748.UG.FTS.B, Zero Cpn, 12/20/27. |  | 32 | 2 | 2 |
| 992469287.UG.FTS.B, Zero Cpn, 10/18/27. | 18 | 1 | 992548955.UG.FTS.B, 28.98%, 12/20/27.. |  | – |  | – |
| 992367573.UG.FTS.B, Zero Cpn, 10/19/27. | 16 | 1 | 992209767.UG.FTS.B, 29.48%, 12/20/27.. |  | 3 | 3 | 3 |
| 992468268.UG.FTS.B, 29.49%, 10/19/27.. | – | – | 992373795.UG.FTS.B, 29.48%, 12/20/27.. |  | 13 | 1 | 1 |
| 992207502.UG.FTS.B, Zero Cpn, 10/20/27. | 3 | – | 992309051.UG.FTS.B, 29.49%, 12/20/27.. |  | – |  | – |
| 992419273.UG.FTS.B, Zero Cpn, 10/20/27. | 10 | 1 | 992399885.UG.FTS.B, 29.49%, 12/20/27.. |  | 12 | 1 | 1 |
| 992434002.UG.FTS.B, 29.45%, 10/20/27.. | – | – | 992451388.UG.FTS.B, 29.49%, 12/20/27.. |  | – |  | – |
| 992076061.UG.FTS.B, 29.49%, 10/20/27.. | 7 | – | 991848952.UG.FTS.B, 28.98%, 12/23/27.. |  | – |  | – |
| 992117210.UG.FTS.B, 29.49%, 10/20/27. . | – | – | 991864614.UG.FTS.B, 29.49%, 12/24/27.. |  | – |  | – |
| 992384297.UG.FTS.B, 29.49%, 10/20/27.. | – | – | 991946777.UG.FTS.B, 29.49%, 12/24/27.. |  | 10 | 1 | 1 |
| 992553647.UG.FTS.B, 29.49%, 10/20/27.. | – | – | 992401685.UG.FTS.B, 16.49%, 12/31/27.. |  | 2 | 2 | 2 |
| 992046105.UG.FTS.B, Zero Cpn, 11/08/27. | 15 | 1 | 992188065.UG.FTS.B, 17.99%, 1/01/28.. . |  | 3 | 3 | 3 |
| 992096495.UG.FTS.B, Zero Cpn, 11/08/27. | 18 | 1 | 992214041.UG.FTS.B, 21.46%, 1/01/28.. . |  | 4 | 4 | 4 |
| 992118963.UG.FTS.B, Zero Cpn, 11/08/27. | 20 | 1 | 991929089.UG.FTS.B, 17.99%, 1/03/28.. . |  | – |  | – |
| 992230651.UG.FTS.B, Zero Cpn, 11/08/27. | 22 | 2 | 992205691.UG.FTS.B, 26.44%, 1/03/28.. . |  | – |  | – |
| 992053324.UG.FTS.B, 28.98%, 11/08/27. . | 7 | – | 991960370.UG.FTS.B, 29.49%, 1/07/28.. . |  | 4 | 4 | 4 |
| 992007612.UG.FTS.B, Zero Cpn, 11/09/27. | 20 | 1 | 992236188.UG.FTS.B, 29.49%, 1/07/28.. . |  | 1 | 1 | 1 |
| 992007306.UG.FTS.B, 25.94%, 11/09/27. . | 8 | 1 | 992186433.UG.FTS.B, 19.99%, 1/08/28.. . |  | 6 | 6 | 6 |
| 991993104.UG.FTS.B, 29.49%, 11/09/27. . | – | – | 992222974.UG.FTS.B, 28.48%, 1/08/28.. . |  | – |  | – |
| 992251985.UG.FTS.B, Zero Cpn, 11/11/27. | 20 | 1 | 991997076.UG.FTS.B, 28.98%, 1/08/28.. . |  | 17 | 16 | 16 |
| 992295459.UG.FTS.B, 20.96%, 11/11/27. . | 14 | – | 992124536.UG.FTS.B, 29.45%, 1/08/28.. . |  | 1 | 1 | 1 |
| 992233439.UG.FTS.B, 19.99%, 11/12/27. . | – | – | 991971261.UG.FTS.B, 29.47%, 1/08/28.. . |  | – |  | – |
| 992017615.UG.FTS.B, 29.49%, 11/17/27. . | 13 | 12 | 992030032.UG.FTS.B, 29.47%, 1/08/28.. . |  | 3 | 3 | 3 |
| 992408343.UG.FTS.B, 19.99%, 11/18/27. . | 6 | – | 991989435.UG.FTS.B, 29.49%, 1/08/28.. . |  | 12 | 12 | 12 |
| 992432435.UG.FTS.B, 29.48%, 11/18/27. . | 15 | 3 | 991995076.UG.FTS.B, 29.49%, 1/08/28.. . |  | 4 | 4 | 4 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 117 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report | Annual Report |  | 117 |

---

FRANKLIN LIMITED DURATION INCOME TRUST SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Upgrade, Inc. - Card (continued) |  |  |
| 992017380.UG.FTS.B, 29.49%, 1/08/28.. . $ | 5 | $5 |
| 992044025.UG.FTS.B, 29.49%, 1/08/28.. . | 17 | 16 |
| 992044624.UG.FTS.B, 29.49%, 1/08/28.. . | – | – |
| 992134303.UG.FTS.B, 29.49%, 1/08/28.. . | 3 | 2 |
| 992141694.UG.FTS.B, 29.49%, 1/08/28.. . | 1 | 1 |
| 992236325.UG.FTS.B, 29.49%, 1/08/28.. . | 3 | 3 |
| 992099317.UG.FTS.B, Zero Cpn, 1/09/28.. | 28 | 2 |
| 992443371.UG.FTS.B, 16.99%, 1/09/28.. . | 3 | 3 |
| 992084409.UG.FTS.B, 19.99%, 1/09/28.. . | 4 | 4 |
| 991983957.UG.FTS.B, 28.98%, 1/09/28.. . | 1 | 1 |
| 991998617.UG.FTS.B, 28.98%, 1/09/28.. . | 2 | 2 |
| 992074861.UG.FTS.B, 28.98%, 1/09/28.. . | 1 | 1 |
| 991996396.UG.FTS.B, 29.46%, 1/09/28.. . | 18 | (1) |
| 992050910.UG.FTS.B, 29.48%, 1/09/28.. . | 1 | 1 |
| 992148264.UG.FTS.B, 29.48%, 1/09/28.. . | 2 | 2 |
| 991988245.UG.FTS.B, 29.49%, 1/09/28.. . | 1 | 1 |
| 991997988.UG.FTS.B, 29.49%, 1/09/28.. . | 1 | 1 |
| 992020710.UG.FTS.B, 29.49%, 1/09/28.. . | 6 | 6 |
| 992035853.UG.FTS.B, 29.49%, 1/09/28.. . | 11 | 10 |
| 992052748.UG.FTS.B, 29.49%, 1/09/28.. . | – | – |
| 992052775.UG.FTS.B, 29.49%, 1/09/28.. . | 15 | 3 |
| 992062582.UG.FTS.B, 29.49%, 1/09/28.. . | 4 | 4 |
| 992106172.UG.FTS.B, 29.49%, 1/09/28.. . | 1 | 1 |
| 992180210.UG.FTS.B, 29.49%, 1/09/28.. . | – | – |
| 992180363.UG.FTS.B, 29.49%, 1/09/28.. . | 5 | 4 |
| 992249924.UG.FTS.B, 29.49%, 1/09/28.. . | 4 | 4 |
| 992224496.UG.FTS.B, 29.49%, 1/10/28.. . | 1 | 1 |
| 992235871.UG.FTS.B, Zero Cpn, 1/11/28.. | 32 | 2 |
| 992394156.UG.FTS.B, 18.71%, 1/11/28. . . | 3 | 3 |
| 992249273.UG.FTS.B, 29.49%, 1/11/28. . . | 4 | 3 |
| 992222295.UG.FTS.B, 19.99%, 1/12/28.. . | 20 | – |
| 992124512.UG.FTS.B, 14.97%, 1/16/28.. . | 1 | 1 |
| 992332102.UG.FTS.B, 29.49%, 1/16/28.. . | 3 | 3 |
| 992419052.UG.FTS.B, 28.98%, 1/17/28.. . | 4 | 4 |
| 992340708.UG.FTS.B, Zero Cpn, 1/18/28.. | 23 | 2 |
| 992109237.UG.FTS.B, 29.46%, 1/18/28.. . | – | – |
| 992357347.UG.FTS.B, 29.49%, 1/18/28.. . | 1 | – |
| 992357639.UG.FTS.B, 29.49%, 1/18/28.. . | 11 | 2 |
| 992472048.UG.FTS.B, 29.49%, 1/18/28.. . | 30 | 12 |
| 992557584.UG.FTS.B, 29.99%, 1/18/28.. . | 28 | 29 |
| 992140314.UG.FTS.B, 29.49%, 1/19/28.. . | 2 | 1 |
| 992363962.UG.FTS.B, 29.49%, 1/19/28.. . | 13 | 2 |
| 992443018.UG.FTS.B, 29.49%, 1/19/28.. . | 3 | 3 |
| 992193514.UG.FTS.B, Zero Cpn, 1/20/28.. | 28 | 2 |
| 992142525.UG.FTS.B, 19.99%, 1/20/28.. . | 5 | 5 |
| 992110621.UG.FTS.B, 27.95%, 1/20/28. . . | 1 | 1 |
| 992119937.UG.FTS.B, 28.98%, 1/20/28. . . | 3 | 3 |
| 992366086.UG.FTS.B, 28.98%, 1/20/28.. . | 6 | 6 |
| 992370394.UG.FTS.B, 28.98%, 1/20/28.. . | 16 | 1 |
| 992468171.UG.FTS.B, 28.98%, 1/20/28.. . | 5 | 5 |
| 992500716.UG.FTS.B, 28.98%, 1/20/28.. . | 3 | 3 |
| 992223637.UG.FTS.B, 29.46%, 1/20/28.. . | 2 | 2 |
| 992239865.UG.FTS.B, 29.46%, 1/20/28.. . | 8 | 9 |
| 992383432.UG.FTS.B, 29.46%, 1/20/28.. . | – | – |
| 992395842.UG.FTS.B, 29.46%, 1/20/28.. . | 3 | 3 |
| 992204657.UG.FTS.B, 29.48%, 1/20/28.. . | 1 | 1 |
| 992382295.UG.FTS.B, 29.48%, 1/20/28.. . | 7 | 7 |
| 992439096.UG.FTS.B, 29.48%, 1/20/28.. . | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
| Principal | Principal |  |
| Description | Amount | Value |
| Upgrade, Inc. - Card (continued) |  |  |
| 992506947.UG.FTS.B, 29.48%, 1/20/28.. . $ | 8 | $7 |
| 992099091.UG.FTS.B, 29.49%, 1/20/28.. . | 5 | 5 |
| 992140000.UG.FTS.B, 29.49%, 1/20/28.. . | 4 | 4 |
| 992146618.UG.FTS.B, 29.49%, 1/20/28.. . | 3 | 3 |
| 992151805.UG.FTS.B, 29.49%, 1/20/28.. . | 8 | 8 |
| 992153877.UG.FTS.B, 29.49%, 1/20/28.. . | 1 | 1 |
| 992169291.UG.FTS.B, 29.49%, 1/20/28.. . | 14 | 1 |
| 992211971.UG.FTS.B, 29.49%, 1/20/28. . . | – | – |
| 992225643.UG.FTS.B, 29.49%, 1/20/28.. . | 10 | 2 |
| 992226071.UG.FTS.B, 29.49%, 1/20/28.. . | 3 | 3 |
| 992247383.UG.FTS.B, 29.49%, 1/20/28.. . | – | – |
| 992278256.UG.FTS.B, 29.49%, 1/20/28.. . | – | – |
| 992324686.UG.FTS.B, 29.49%, 1/20/28.. . | – | – |
| 992372790.UG.FTS.B, 29.49%, 1/20/28.. . | 23 | (1) |
| 992411635.UG.FTS.B, 29.49%, 1/20/28. . . | 2 | 2 |
| 992418003.UG.FTS.B, 29.49%, 1/20/28.. . | 2 | 2 |
| 992429718.UG.FTS.B, 29.49%, 1/20/28.. . | – | – |
| 992432689.UG.FTS.B, 29.49%, 1/20/28.. . | 3 | 3 |
| 992494028.UG.FTS.B, 29.49%, 1/20/28.. . | – | – |
| 992362481.UG.FTS.B, 15.97%, 1/25/28.. . | 2 | 2 |
|  |  | 2075176 |
| Upstart Network, Inc. |  |  |
| Upstart Network, Inc. |  |  |
| L1720742.UP.FTS.B, 7.25%, 9/16/24. . . . . | 2194 | 2173 |
| L1711624.UP.FTS.B, 7.44%, 9/16/24. . . . . | 18706 | 18506 |
| FW1721052.UP.FTS.B, 11.93%, 9/16/24.. . | 5321 | 5284 |
| L1721566.UP.FTS.B, 14.24%, 9/16/24. . . . | 5072 | 5054 |
| L1714038.UP.FTS.B, 16.16%, 9/16/24. . . . | 1025 | 1021 |
| L1721498.UP.FTS.B, 16.34%, 9/16/24. . . . | 3416 | 937 |
| L1721654.UP.FTS.B, 16.43%, 9/16/24. . . . | 1604 | 1598 |
| L1721462.UP.FTS.B, 19.22%, 9/16/24. . . . | 6537 | 6465 |
| L1720892.UP.FTS.B, 21.47%, 9/16/24. . . . | 659 | 657 |
| L1721851.UP.FTS.B, 22.85%, 9/16/24. . . . | 354 | 348 |
| L1720552.UP.FTS.B, 23.67%, 9/16/24. . . . | 3064 | 3040 |
| L1721525.UP.FTS.B, 24.83%, 9/16/24. . . . | 3715 | 3679 |
| L1722286.UP.FTS.B, 26.68%, 9/16/24. . . . | 2111 | 614 |
| FW1721072.UP.FTS.B, 27.91%, 9/16/24.. . | 3400 | 3374 |
| FW1720347.UP.FTS.B, 28.7%, 9/16/24.. . . | 1083 | 1025 |
| FW1722168.UP.FTS.B, 28.72%, 9/16/24.. . | 3415 | 3379 |
| L1894225.UP.FTS.B, 6.03%, 10/21/24. . . . | 22135 | 21912 |
| FW1880019.UP.FTS.B, 6.18%, 10/21/24.. . | 612 | 606 |
| L1894457.UP.FTS.B, 10.23%, 10/21/24. . . | 2459 | 2437 |
| L1895825.UP.FTS.B, 11.61%, 10/21/24.. . . | 4562 | 4525 |
| L1894309.UP.FTS.B, 13.29%, 10/21/24. . . | 2301 | 2283 |
| L1895049.UP.FTS.B, 13.93%, 10/21/24. . . | 3298 | 3276 |
| L1891692.UP.FTS.B, 14.71%, 10/21/24. . . | 1896 | 1826 |
| L1878535.UP.FTS.B, 15.12%, 10/21/24. . . | 3313 | 3301 |
| L1890791.UP.FTS.B, 16.66%, 10/21/24. . . | 3344 | 3322 |
| L1893536.UP.FTS.B, 16.96%, 10/21/24. . . | 3305 | 3291 |
| L1893727.UP.FTS.B, 17.94%, 10/21/24. . . | 1144 | 1137 |
| FW1892688.UP.FTS.B, 18.33%, 10/21/24.. | 10711 | 10672 |
| FW1895268.UP.FTS.B, 18.48%, 10/21/24.. | 3503 | 3319 |
| FW1894732.UP.FTS.B, 18.56%, 10/21/24.. | 2700 | 2691 |
| L1893435.UP.FTS.B, 18.88%, 10/21/24. . . | 2105 | 2000 |
| FW1892653.UP.FTS.B, 19.01%, 10/21/24.. | 2247 | 2130 |
| L1892162.UP.FTS.B, 19.36%, 10/21/24. . . | 5159 | 5134 |
| FW1885925.UP.FTS.B, 19.58%, 10/21/24.. | 6030 | 892 |
| L1892628.UP.FTS.B, 19.64%, 10/21/24. . . | 3169 | 3003 |

---

118 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW1891505.UP.FTS.B, 21.84%, 10/21/24.. | $2319 | $2309 | L2112331.UP.FTS.B, 15.71%, 11/24/24.. . . $1,382 | L2112331.UP.FTS.B, 15.71%, 11/24/24.. . . $1,382 | $1377 | 1377 |
| FW1892240.UP.FTS.B, 22.75%, 10/21/24.. | 2751 | 2730 | L2110559.UP.FTS.B, 17.14%, 11/24/24.. . . | 3079 | 3065 | 3065 |
| L1891064.UP.FTS.B, 22.99%, 10/21/24. . . | 3074 | 2907 | FW2112100.UP.FTS.B, 17.32%, 11/24/24.. | 5571 | 5550 | 5550 |
| L1895185.UP.FTS.B, 23.97%, 10/21/24. . . | 3329 | 3303 | L2111033.UP.FTS.B, 18.33%, 11/24/24.. . . | 1399 | 1394 | 1394 |
| FW1891670.UP.FTS.B, 25.4%, 10/21/24.. . | 2412 | 2393 | FW2110153.UP.FTS.B, 19.9%, 11/24/24.. . | 1409 | 1404 | 1404 |
| FW1895865.UP.FTS.B, 29.13%, 10/21/24.. | 693 | 687 | FW2111612.UP.FTS.B, 21.02%, 11/24/24. . | 4956 | 4939 | 4939 |
| FW1893899.UP.FTS.B, 29.21%, 10/21/24.. | 6668 | 6603 | L2111135.UP.FTS.B, 21.95%, 11/24/24.. . . | 2844 | 2834 | 2834 |
| FW1893137.UP.FTS.B, 29.93%, 10/21/24.. | 3584 | 3550 | L2110276.UP.FTS.B, 22.36%, 11/24/24.. . . | 1068 | 1060 | 1060 |
| FW1890927.UP.FTS.B, 30.31%, 10/21/24.. | 9398 | 1436 | L2109126.UP.FTS.B, 22.97%, 11/24/24.. . . | 1242 | 1224 | 1224 |
| L2016917.UP.FTS.B, 6.51%, 11/10/24. . . . | 5619 | 5561 | FW2109663.UP.FTS.B, 25.71%, 11/24/24.. | 1642 | 1624 | 1624 |
| L2018233.UP.FTS.B, 7.02%, 11/10/24. . . . | 4972 | 4919 | FW2112118.UP.FTS.B, 25.96%, 11/24/24. . | 1455 | 1440 | 1440 |
| L2015136.UP.FTS.B, 8.39%, 11/10/24. . . . | 24793 | 24533 | FW2111730.UP.FTS.B, 27.96%, 11/24/24. . | 2377 | 2355 | 2355 |
| L2017051.UP.FTS.B, 8.87%, 11/10/24. . . . | 5054 | 1317 | FW2111505.UP.FTS.B, 28.14%, 11/24/24. . | 2298 | 164 | 164 |
| L2016733.UP.FTS.B, 9.09%, 11/10/24. . . . | 6348 | 6285 | FW2110571.UP.FTS.B, 29.18%, 11/24/24.. | 3371 | 3348 | 3348 |
| L2017667.UP.FTS.B, 9.13%, 11/10/24. . . . | 1139 | 1128 | L2261401.UP.FTS.B, 6.66%, 12/16/24. . . . | 6870 | 6802 | 6802 |
| L2016728.UP.FTS.B, 9.29%, 11/10/24. . . . | 4692 | 4649 | L2261540.UP.FTS.B, 8.28%, 12/16/24. . . . | 4509 | 4468 | 4468 |
| L2018451.UP.FTS.B, 9.36%, 11/10/24. . . . | 7281 | 1909 | L2216224.UP.FTS.B, 8.42%, 12/16/24. . . . | 3679 | 3646 | 3646 |
| FW2018222.UP.FTS.B, 9.41%, 11/10/24.. . | 3749 | 513 | L2265364.UP.FTS.B, 8.65%, 12/16/24. . . . | 3475 | 3440 | 3440 |
| L2016577.UP.FTS.B, 10.96%, 11/10/24.. . . | 1352 | 1339 | FW2265959.UP.FTS.B, 8.89%, 12/16/24.. . | 1044 | 1033 | 1033 |
| L2016209.UP.FTS.B, 12.12%, 11/10/24.. . . | 2039 | 2020 | L2229763.UP.FTS.B, 9.3%, 12/16/24. . . . . | 697 | 691 | 691 |
| L2015678.UP.FTS.B, 12.54%, 11/10/24.. . . | 6849 | 6778 | L2266512.UP.FTS.B, 9.35%, 12/16/24. . . . | 18893 | 18723 | 18723 |
| L1985791.UP.FTS.B, 12.67%, 11/10/24.. . . | 1602 | 1586 | L2265007.UP.FTS.B, 9.44%, 12/16/24. . . . | 1046 | 1036 | 1036 |
| FW2016328.UP.FTS.B, 12.86%, 11/10/24.. | 2046 | 2028 | L2265915.UP.FTS.B, 9.6%, 12/16/24. . . . . | 2094 | 2075 | 2075 |
| L2018339.UP.FTS.B, 13.97%, 11/10/24.. . . | 3771 | 3738 | FW2264785.UP.FTS.B, 11.52%, 12/16/24.. | 1538 | 1522 | 1522 |
| L2017406.UP.FTS.B, 14.45%, 11/10/24.. . . | 4467 | 4427 | L2260646.UP.FTS.B, 11.94%, 12/16/24.. . . | 3851 | 3817 | 3817 |
| FW2018454.UP.FTS.B, 14.63%, 11/10/24.. | 781 | 774 | L2259209.UP.FTS.B, 12.08%, 12/16/24. . . | 3529 | 3499 | 3499 |
| L2018006.UP.FTS.B, 14.87%, 11/10/24.. . . | 1377 | 1366 | L2262060.UP.FTS.B, 13.31%, 12/16/24. . . | 2486 | 2462 | 2462 |
| FW2001495.UP.FTS.B, 15.25%, 11/10/24.. | 968 | 959 | L2262614.UP.FTS.B, 13.43%, 12/16/24. . . | 7101 | 7032 | 7032 |
| L2015837.UP.FTS.B, 15.63%, 11/10/24.. . . | 11195 | 11105 | L2211679.UP.FTS.B, 14.71%, 12/16/24.. . . | 21420 | 21249 | 21249 |
| L2017093.UP.FTS.B, 16.12%, 11/10/24.. . . | 831 | 824 | L2262597.UP.FTS.B, 16.24%, 12/16/24. . . | 3162 | 3137 | 3137 |
| L2016139.UP.FTS.B, 16.33%, 11/10/24.. . . | 13865 | 13755 | L2259776.UP.FTS.B, 16.46%, 12/16/24. . . | 5012 | 4972 | 4972 |
| FW2007066.UP.FTS.B, 17.61%, 11/10/24.. | 1046 | 1038 | L2261806.UP.FTS.B, 16.6%, 12/16/24. . . . | 2159 | 2142 | 2142 |
| L2017957.UP.FTS.B, 18.16%, 11/10/24.. . . | 845 | 61 | L2261925.UP.FTS.B, 16.82%, 12/16/24. . . | 1574 | 1562 | 1562 |
| L2016784.UP.FTS.B, 21.44%, 11/10/24.. . . | 1657 | 119 | L2266042.UP.FTS.B, 17.15%, 12/16/24. . . | 6319 | 6255 | 6255 |
| L2018393.UP.FTS.B, 21.57%, 11/10/24.. . . | 4259 | 4204 | FW2264850.UP.FTS.B, 18.52%, 12/16/24.. | 2177 | 2160 | 2160 |
| FW2016840.UP.FTS.B, 22.02%, 11/10/24.. | 1280 | 1264 | L2262131.UP.FTS.B, 19.12%, 12/16/24. . . | 4365 | 4332 | 4332 |
| L2016819.UP.FTS.B, 23.01%, 11/10/24.. . . | 1428 | 1418 | L2261606.UP.FTS.B, 19.86%, 12/16/24. . . | 4378 | 4345 | 4345 |
| L2016119.UP.FTS.B, 23.12%, 11/10/24.. . . | 2287 | 2257 | L2265833.UP.FTS.B, 20.21%, 12/16/24. . . | 1096 | 1085 | 1085 |
| L2016919.UP.FTS.B, 23.32%, 11/10/24.. . . | 999 | 986 | FW2261706.UP.FTS.B, 20.22%, 12/16/24.. | 3654 | 3609 | 3609 |
| FW2017274.UP.FTS.B, 23.62%, 11/10/24.. | 1790 | 1767 | L2261569.UP.FTS.B, 20.96%, 12/16/24. . . | 1829 | 1815 | 1815 |
| FW2018301.UP.FTS.B, 24.87%, 11/10/24.. | 1507 | 1477 | FW2266070.UP.FTS.B, 21.07%, 12/16/24.. | 1833 | 1820 | 1820 |
| FW2017356.UP.FTS.B, 25.92%, 11/10/24.. | 8600 | 619 | L2262523.UP.FTS.B, 21.5%, 12/16/24. . . . | 1028 | 1021 | 1021 |
| FW2018024.UP.FTS.B, 26.15%, 11/10/24.. | 2173 | 2140 | FW2261259.UP.FTS.B, 22.38%, 12/16/24.. | 2780 | 2745 | 2745 |
| FW2015791.UP.FTS.B, 26.34%, 11/10/24.. | 724 | 715 | L2264181.UP.FTS.B, 23.38%, 12/16/24. . . | 1168 | 85 | 85 |
| FW2016322.UP.FTS.B, 27.44%, 11/10/24.. | 1455 | 1437 | L2250028.UP.FTS.B, 23.42%, 12/16/24. . . | 3405 | 3380 | 3380 |
| FW2017278.UP.FTS.B, 27.94%, 11/10/24.. | 2188 | 2161 | FW2264809.UP.FTS.B, 24.15%, 12/16/24.. | 742 | 734 | 734 |
| FW2015810.UP.FTS.B, 28.92%, 11/10/24.. | 1098 | 158 | FW2267015.UP.FTS.B, 24.4%, 12/16/24.. . | 1998 | 143 | 143 |
| FW2016457.UP.FTS.B, 29.16%, 11/10/24.. | 2052 | 2026 | FW2263709.UP.FTS.B, 25.03%, 12/16/24.. | 2980 | 2944 | 2944 |
| L2112089.UP.FTS.B, 5.82%, 11/24/24.. . . . | 16468 | 16316 | FW2266287.UP.FTS.B, 26.84%, 12/16/24.. | 1202 | 1185 | 1185 |
| L2111723.UP.FTS.B, 6.93%, 11/24/24.. . . . | 2650 | 2626 | FW2264410.UP.FTS.B, 26.85%, 12/16/24.. | 1593 | 462 | 462 |
| L2110121.UP.FTS.B, 7.71%, 11/24/24.. . . . | 13297 | 13195 | FW2262386.UP.FTS.B, 27.26%, 12/16/24.. | 751 | 741 | 741 |
| FW2112318.UP.FTS.B, 7.86%, 11/24/24.. . | 1171 | 1159 | FW2262628.UP.FTS.B, 27.26%, 12/16/24.. | 2406 | 2372 | 2372 |
| L2111193.UP.FTS.B, 8.01%, 11/24/24.. . . . | 9991 | 9915 | FW2266872.UP.FTS.B, 27.8%, 12/16/24.. . | 3765 | 3721 | 3721 |
| L2111318.UP.FTS.B, 8.45%, 11/24/24.. . . . | 5960 | 5914 | FW2266398.UP.FTS.B, 28.01%, 12/16/24.. | 11099 | 10959 | 10959 |
| L2111794.UP.FTS.B, 11.5%, 11/24/24.. . . . | 6695 | 6649 | FW2261223.UP.FTS.B, 28.07%, 12/16/24.. | 1150 | 82 | 82 |
| L2050999.UP.FTS.B, 11.63%, 11/24/24.. . . | 1399 | 1386 | FW2262409.UP.FTS.B, 28.42%, 12/16/24.. | 3935 | 3711 | 3711 |
| L2111648.UP.FTS.B, 14.96%, 11/24/24.. . . | 1516 | 1510 | FW2266624.UP.FTS.B, 28.53%, 12/16/24.. | 980 | 969 | 969 |
| L2111810.UP.FTS.B, 15.22%, 11/24/24.. . . | 1263 | 1255 | FW2263769.UP.FTS.B, 28.64%, 12/16/24.. | 4149 | 4100 | 4100 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 119 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 119 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2263191.UP.FTS.B, 28.73%, 12/16/24.. $ | FW2263191.UP.FTS.B, 28.73%, 12/16/24.. $ | FW2263191.UP.FTS.B, 28.73%, 12/16/24.. $ | 5328 | $5256 | FW2474339.UP.FTS.B, 22.4%, 1/20/25.. . . $ | 647 | $637 |
| FW2266557.UP.FTS.B, 28.78%, 12/16/24.. | FW2266557.UP.FTS.B, 28.78%, 12/16/24.. | FW2266557.UP.FTS.B, 28.78%, 12/16/24.. | 1298 | 91 | L2475291.UP.FTS.B, 22.47%, 1/20/25. . . . | 1515 | 1497 |
| FW2166539.UP.FTS.B, 28.95%, 12/16/24.. | FW2166539.UP.FTS.B, 28.95%, 12/16/24.. | FW2166539.UP.FTS.B, 28.95%, 12/16/24.. | 11316 | 11183 | L2475619.UP.FTS.B, 23.11%, 1/20/25. . . . | 4409 | 319 |
| L2270141.UP.FTS.B, 5.94%, 12/17/24. . . . | L2270141.UP.FTS.B, 5.94%, 12/17/24. . . . | L2270141.UP.FTS.B, 5.94%, 12/17/24. . . . | 3431 | 3395 | L2474731.UP.FTS.B, 23.19%, 1/20/25. . . . | 3205 | 3168 |
| L2268724.UP.FTS.B, 5.97%, 12/17/24. . . . | L2268724.UP.FTS.B, 5.97%, 12/17/24. . . . | L2268724.UP.FTS.B, 5.97%, 12/17/24. . . . | 4381 | 4338 | FW2475578.UP.FTS.B, 23.88%, 1/20/25.. . | 1795 | 129 |
| FW2270915.UP.FTS.B, 7.16%, 12/17/24.. . | FW2270915.UP.FTS.B, 7.16%, 12/17/24.. . | FW2270915.UP.FTS.B, 7.16%, 12/17/24.. . | 7192 | 7122 | FW2471424.UP.FTS.B, 26.66%, 1/20/25.. . | 2318 | 2291 |
| L2268969.UP.FTS.B, 7.2%, 12/17/24. . . . . | L2268969.UP.FTS.B, 7.2%, 12/17/24. . . . . | L2268969.UP.FTS.B, 7.2%, 12/17/24. . . . . | 2423 | 2398 | FW2473893.UP.FTS.B, 26.7%, 1/20/25.. . . | 850 | 840 |
| L2270374.UP.FTS.B, 7.34%, 12/17/24. . . . | L2270374.UP.FTS.B, 7.34%, 12/17/24. . . . | L2270374.UP.FTS.B, 7.34%, 12/17/24. . . . | 3289 | 241 | FW2473351.UP.FTS.B, 27.4%, 1/20/25.. . . | 2479 | 2450 |
| L2267343.UP.FTS.B, 7.39%, 12/17/24. . . . | L2267343.UP.FTS.B, 7.39%, 12/17/24. . . . | L2267343.UP.FTS.B, 7.39%, 12/17/24. . . . | 1036 | 1026 | FW2474510.UP.FTS.B, 28.36%, 1/20/25.. . | 1729 | 9 |
| L2271135.UP.FTS.B, 7.67%, 12/17/24. . . . | L2271135.UP.FTS.B, 7.67%, 12/17/24. . . . | L2271135.UP.FTS.B, 7.67%, 12/17/24. . . . | 1384 | 1371 | FW2472771.UP.FTS.B, 28.59%, 1/20/25.. . | 1633 | 1615 |
| L2269231.UP.FTS.B, 7.89%, 12/17/24. . . . | L2269231.UP.FTS.B, 7.89%, 12/17/24. . . . | L2269231.UP.FTS.B, 7.89%, 12/17/24. . . . | 13820 | 13391 | FW2472534.UP.FTS.B, 28.71%, 1/20/25.. . | 2337 | 2205 |
| L2267347.UP.FTS.B, 8.86%, 12/17/24. . . . | L2267347.UP.FTS.B, 8.86%, 12/17/24. . . . | L2267347.UP.FTS.B, 8.86%, 12/17/24. . . . | 1393 | 1380 | FW2475051.UP.FTS.B, 29.14%, 1/20/25.. . | 2173 | 2148 |
| L2269156.UP.FTS.B, 9.26%, 12/17/24. . . . | L2269156.UP.FTS.B, 9.26%, 12/17/24. . . . | L2269156.UP.FTS.B, 9.26%, 12/17/24. . . . | 1394 | 1380 | L2477325.UP.FTS.B, 5.03%, 1/21/25. . . . . | 31925 | 31617 |
| L2271183.UP.FTS.B, 9.8%, 12/17/24. . . . . | L2271183.UP.FTS.B, 9.8%, 12/17/24. . . . . | L2271183.UP.FTS.B, 9.8%, 12/17/24. . . . . | 1753 | 1735 | L2477596.UP.FTS.B, 5.15%, 1/21/25. . . . . | 35390 | 35048 |
| L2269100.UP.FTS.B, 10.48%, 12/17/24. . . | L2269100.UP.FTS.B, 10.48%, 12/17/24. . . | L2269100.UP.FTS.B, 10.48%, 12/17/24. . . | 4204 | 4169 | L2478162.UP.FTS.B, 5.21%, 1/21/25. . . . . | 5914 | 5854 |
| FW2269087.UP.FTS.B, 11.05%, 12/17/24.. | FW2269087.UP.FTS.B, 11.05%, 12/17/24.. | FW2269087.UP.FTS.B, 11.05%, 12/17/24.. | 12646 | 12539 | FW2481417.UP.FTS.B, 5.45%, 1/21/25.. . . | 15635 | 15485 |
| L2269221.UP.FTS.B, 11.91%, 12/17/24.. . . | L2269221.UP.FTS.B, 11.91%, 12/17/24.. . . | L2269221.UP.FTS.B, 11.91%, 12/17/24.. . . | 1174 | 166 | L2480101.UP.FTS.B, 5.52%, 1/21/25. . . . . | 2491 | 2467 |
| L2269792.UP.FTS.B, 12.02%, 12/17/24. . . | L2269792.UP.FTS.B, 12.02%, 12/17/24. . . | L2269792.UP.FTS.B, 12.02%, 12/17/24. . . | 4878 | 4836 | L2477182.UP.FTS.B, 5.56%, 1/21/25. . . . . | 1068 | 1058 |
| FW2268004.UP.FTS.B, 12.87%, 12/17/24.. | FW2268004.UP.FTS.B, 12.87%, 12/17/24.. | FW2268004.UP.FTS.B, 12.87%, 12/17/24.. | 1275 | 1263 | L2481166.UP.FTS.B, 5.6%, 1/21/25. . . . . . | 9611 | 9043 |
| L2269551.UP.FTS.B, 13.05%, 12/17/24. . . | L2269551.UP.FTS.B, 13.05%, 12/17/24. . . | L2269551.UP.FTS.B, 13.05%, 12/17/24. . . | 1772 | 1755 | L2479581.UP.FTS.B, 5.69%, 1/21/25. . . . . | 7010 | 6938 |
| L2270701.UP.FTS.B, 13.05%, 12/17/24. . . | L2270701.UP.FTS.B, 13.05%, 12/17/24. . . | L2270701.UP.FTS.B, 13.05%, 12/17/24. . . | 1772 | 1755 | L2481090.UP.FTS.B, 5.98%, 1/21/25. . . . . | 3381 | 249 |
| L2268022.UP.FTS.B, 13.34%, 12/17/24. . . | L2268022.UP.FTS.B, 13.34%, 12/17/24. . . | L2268022.UP.FTS.B, 13.34%, 12/17/24. . . | 1419 | 1408 | L2481805.UP.FTS.B, 6.04%, 1/21/25. . . . . | 418 | 414 |
| L2268204.UP.FTS.B, 14.83%, 12/17/24. . . | L2268204.UP.FTS.B, 14.83%, 12/17/24. . . | L2268204.UP.FTS.B, 14.83%, 12/17/24. . . | 713 | 708 | L2479087.UP.FTS.B, 6.05%, 1/21/25. . . . . | 3568 | 3533 |
| FW2268289.UP.FTS.B, 15.32%, 12/17/24.. | FW2268289.UP.FTS.B, 15.32%, 12/17/24.. | FW2268289.UP.FTS.B, 15.32%, 12/17/24.. | 1432 | 1417 | L2478352.UP.FTS.B, 6.09%, 1/21/25. . . . . | 3688 | 3651 |
| L2167897.UP.FTS.B, 15.66%, 12/17/24. . . | L2167897.UP.FTS.B, 15.66%, 12/17/24. . . | L2167897.UP.FTS.B, 15.66%, 12/17/24. . . | 2591 | 190 | L2480415.UP.FTS.B, 6.21%, 1/21/25. . . . . | 2855 | 2828 |
| FW2269010.UP.FTS.B, 16.43%, 12/17/24.. | FW2269010.UP.FTS.B, 16.43%, 12/17/24.. | FW2269010.UP.FTS.B, 16.43%, 12/17/24.. | 5755 | 5711 | FW2476655.UP.FTS.B, 6.3%, 1/21/25.. . . . | 8569 | 8487 |
| FW2269098.UP.FTS.B, 17.2%, 12/17/24.. . | FW2269098.UP.FTS.B, 17.2%, 12/17/24.. . | FW2269098.UP.FTS.B, 17.2%, 12/17/24.. . | 722 | 714 | L2455913.UP.FTS.B, 6.4%, 1/21/25. . . . . . | 7396 | 6961 |
| L2270546.UP.FTS.B, 18.98%, 12/17/24. . . | L2270546.UP.FTS.B, 18.98%, 12/17/24. . . | L2270546.UP.FTS.B, 18.98%, 12/17/24. . . | 3635 | 3599 | L2480190.UP.FTS.B, 6.98%, 1/21/25. . . . . | 4297 | 4256 |
| FW2270407.UP.FTS.B, 19.41%, 12/17/24.. | FW2270407.UP.FTS.B, 19.41%, 12/17/24.. | FW2270407.UP.FTS.B, 19.41%, 12/17/24.. | 3301 | 3270 | L2480122.UP.FTS.B, 7.02%, 1/21/25. . . . . | 1340 | 1327 |
| L2268053.UP.FTS.B, 20.24%, 12/17/24. . . | L2268053.UP.FTS.B, 20.24%, 12/17/24. . . | L2268053.UP.FTS.B, 20.24%, 12/17/24. . . | 6027 | 5954 | L2478511.UP.FTS.B, 7.09%, 1/21/25. . . . . | 3584 | 3549 |
| FW2268218.UP.FTS.B, 21.52%, 12/17/24.. | FW2268218.UP.FTS.B, 21.52%, 12/17/24.. | FW2268218.UP.FTS.B, 21.52%, 12/17/24.. | 3423 | 3374 | FW2478250.UP.FTS.B, 7.15%, 1/21/25.. . . | 7166 | 7099 |
| L2268276.UP.FTS.B, 21.79%, 12/17/24. . . | L2268276.UP.FTS.B, 21.79%, 12/17/24. . . | L2268276.UP.FTS.B, 21.79%, 12/17/24. . . | 3676 | 3633 | FW2480938.UP.FTS.B, 7.33%, 1/21/25.. . . | 3586 | 3552 |
| L2267793.UP.FTS.B, 22.13%, 12/17/24. . . | L2267793.UP.FTS.B, 22.13%, 12/17/24. . . | L2267793.UP.FTS.B, 22.13%, 12/17/24. . . | 4347 | 4286 | L2479650.UP.FTS.B, 7.87%, 1/21/25. . . . . | 2876 | 2851 |
| FW2266634.UP.FTS.B, 22.58%, 12/17/24.. | FW2266634.UP.FTS.B, 22.58%, 12/17/24.. | FW2266634.UP.FTS.B, 22.58%, 12/17/24.. | 1768 | 1747 | L2477335.UP.FTS.B, 9.18%, 1/21/25. . . . . | 10826 | 10732 |
| FW2267972.UP.FTS.B, 23.15%, 12/17/24.. | FW2267972.UP.FTS.B, 23.15%, 12/17/24.. | FW2267972.UP.FTS.B, 23.15%, 12/17/24.. | 739 | 731 | L2481282.UP.FTS.B, 9.2%, 1/21/25. . . . . . | 659 | 653 |
| FW2270368.UP.FTS.B, 26.16%, 12/17/24.. | FW2270368.UP.FTS.B, 26.16%, 12/17/24.. | FW2270368.UP.FTS.B, 26.16%, 12/17/24.. | 6246 | 5892 | FW2478471.UP.FTS.B, 9.25%, 1/21/25.. . . | 2892 | 2867 |
| FW2271067.UP.FTS.B, 26.83%, 12/17/24.. | FW2271067.UP.FTS.B, 26.83%, 12/17/24.. | FW2271067.UP.FTS.B, 26.83%, 12/17/24.. | 3001 | 2966 | L2480424.UP.FTS.B, 9.27%, 1/21/25. . . . . | 10846 | 10752 |
| FW2269631.UP.FTS.B, 28.28%, 12/17/24.. | FW2269631.UP.FTS.B, 28.28%, 12/17/24.. | FW2269631.UP.FTS.B, 28.28%, 12/17/24.. | 5041 | 4983 | L2475861.UP.FTS.B, 9.49%, 1/21/25. . . . . | 7229 | 7166 |
| FW2270326.UP.FTS.B, 28.75%, 12/17/24.. | FW2270326.UP.FTS.B, 28.75%, 12/17/24.. | FW2270326.UP.FTS.B, 28.75%, 12/17/24.. | 1144 | 1129 | L2476979.UP.FTS.B, 9.95%, 1/21/25. . . . . | 4351 | 4313 |
| FW2268833.UP.FTS.B, 28.95%, 12/17/24.. | FW2268833.UP.FTS.B, 28.95%, 12/17/24.. | FW2268833.UP.FTS.B, 28.95%, 12/17/24.. | 3496 | 30 | L2480429.UP.FTS.B, 10.33%, 1/21/25. . . . | 2330 | 2308 |
| FW2265384.UP.FTS.B, 29.1%, 12/17/24.. . | FW2265384.UP.FTS.B, 29.1%, 12/17/24.. . | FW2265384.UP.FTS.B, 29.1%, 12/17/24.. . | 1139 | 1124 | L2477601.UP.FTS.B, 10.36%, 1/21/25. . . . | 752 | 709 |
| FW2271142.UP.FTS.B, 29.18%, 12/17/24.. | FW2271142.UP.FTS.B, 29.18%, 12/17/24.. | FW2271142.UP.FTS.B, 29.18%, 12/17/24.. | 757 | 748 | L2480719.UP.FTS.B, 10.39%, 1/21/25. . . . | 7264 | 7202 |
| FW2270214.UP.FTS.B, 29.19%, 12/17/24.. | FW2270214.UP.FTS.B, 29.19%, 12/17/24.. | FW2270214.UP.FTS.B, 29.19%, 12/17/24.. | 5086 | (2) | L2479062.UP.FTS.B, 10.79%, 1/21/25. . . . | 1455 | 1443 |
| L2473622.UP.FTS.B, 7.13%, 1/20/25. . . . . | L2473622.UP.FTS.B, 7.13%, 1/20/25. . . . . | L2473622.UP.FTS.B, 7.13%, 1/20/25. . . . . | 9459 | 9369 | FW2481731.UP.FTS.B, 11.13%, 1/21/25.. . | 2619 | 2594 |
| L2473725.UP.FTS.B, 7.25%, 1/20/25. . . . . | L2473725.UP.FTS.B, 7.25%, 1/20/25. . . . . | L2473725.UP.FTS.B, 7.25%, 1/20/25. . . . . | 2042 | 2022 | FW2479385.UP.FTS.B, 11.38%, 1/21/25.. . | 7294 | 7235 |
| L2472694.UP.FTS.B, 7.39%, 1/20/25. . . . . | L2472694.UP.FTS.B, 7.39%, 1/20/25. . . . . | L2472694.UP.FTS.B, 7.39%, 1/20/25. . . . . | 11550 | 11447 | FW2481101.UP.FTS.B, 11.5%, 1/21/25.. . . | 1524 | 1439 |
| L2474338.UP.FTS.B, 7.49%, 1/20/25. . . . . | L2474338.UP.FTS.B, 7.49%, 1/20/25. . . . . | L2474338.UP.FTS.B, 7.49%, 1/20/25. . . . . | 4474 | 4210 | L2474988.UP.FTS.B, 11.93%, 1/21/25. . . . | 10529 | 10444 |
| FW2474019.UP.FTS.B, 7.98%, 1/20/25.. . . | FW2474019.UP.FTS.B, 7.98%, 1/20/25.. . . | FW2474019.UP.FTS.B, 7.98%, 1/20/25.. . . | 3596 | 3564 | L2478189.UP.FTS.B, 12.26%, 1/21/25. . . . | 2204 | 161 |
| L2471304.UP.FTS.B, 8.33%, 1/20/25. . . . . | L2471304.UP.FTS.B, 8.33%, 1/20/25. . . . . | L2471304.UP.FTS.B, 8.33%, 1/20/25. . . . . | 720 | 714 | L2478459.UP.FTS.B, 12.7%, 1/21/25. . . . . | 2823 | 2664 |
| L2473962.UP.FTS.B, 9.13%, 1/20/25. . . . . | L2473962.UP.FTS.B, 9.13%, 1/20/25. . . . . | L2473962.UP.FTS.B, 9.13%, 1/20/25. . . . . | 5420 | 5372 | L2476209.UP.FTS.B, 13.15%, 1/21/25. . . . | 600 | 594 |
| L2475664.UP.FTS.B, 9.31%, 1/20/25. . . . . | L2475664.UP.FTS.B, 9.31%, 1/20/25. . . . . | L2475664.UP.FTS.B, 9.31%, 1/20/25. . . . . | 3616 | 3584 | L2479789.UP.FTS.B, 13.9%, 1/21/25. . . . . | 7221 | 7164 |
| L2473054.UP.FTS.B, 10.94%, 1/20/25. . . . | L2473054.UP.FTS.B, 10.94%, 1/20/25. . . . | L2473054.UP.FTS.B, 10.94%, 1/20/25. . . . | 15924 | 15789 | L2474275.UP.FTS.B, 16.61%, 1/21/25. . . . | 1787 | 1774 |
| L2473468.UP.FTS.B, 13.72%, 1/20/25. . . . | L2473468.UP.FTS.B, 13.72%, 1/20/25. . . . | L2473468.UP.FTS.B, 13.72%, 1/20/25. . . . | 22089 | 21912 | L2478515.UP.FTS.B, 17.23%, 1/21/25. . . . | 11908 | 11816 |
| L2470533.UP.FTS.B, 13.91%, 1/20/25. . . . | L2470533.UP.FTS.B, 13.91%, 1/20/25. . . . | L2470533.UP.FTS.B, 13.91%, 1/20/25. . . . | 1403 | 1391 | L2473348.UP.FTS.B, 17.39%, 1/21/25. . . . | 13071 | 12971 |
| L2474001.UP.FTS.B, 17.2%, 1/20/25. . . . . | L2474001.UP.FTS.B, 17.2%, 1/20/25. . . . . | L2474001.UP.FTS.B, 17.2%, 1/20/25. . . . . | 25253 | 25029 | L2480344.UP.FTS.B, 18.48%, 1/21/25. . . . | 6388 | 1778 |
| FW2471736.UP.FTS.B, 17.65%, 1/20/25.. . | FW2471736.UP.FTS.B, 17.65%, 1/20/25.. . | FW2471736.UP.FTS.B, 17.65%, 1/20/25.. . | 2606 | 2585 | FW2475769.UP.FTS.B, 19.11%, 1/21/25.. . | 4135 | 4104 |
| L2471359.UP.FTS.B, 19.95%, 1/20/25. . . . | L2471359.UP.FTS.B, 19.95%, 1/20/25. . . . | L2471359.UP.FTS.B, 19.95%, 1/20/25. . . . | 2914 | 2888 | FW2476285.UP.FTS.B, 20.95%, 1/21/25.. . | 2344 | 2214 |
| FW2473705.UP.FTS.B, 21.94%, 1/20/25.. . | FW2473705.UP.FTS.B, 21.94%, 1/20/25.. . | FW2473705.UP.FTS.B, 21.94%, 1/20/25.. . | 390 | 383 | L2481290.UP.FTS.B, 21.16%, 1/21/25. . . . | 1317 | 1299 |
| 120 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 120 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2477321.UP.FTS.B, 21.33%, 1/21/25.. . | $1513 | $1495 | L2788652.UP.FTS.B, 9.29%, 3/14/25. . . . . | $27084 | $26815 | 26815 |
| L2476432.UP.FTS.B, 21.91%, 1/21/25. . . . | 7069 | 513 | FW2780431.UP.FTS.B, 9.37%, 3/14/25.. . . | 1552 | 1536 | 1536 |
| FW2478818.UP.FTS.B, 22.45%, 1/21/25.. . | 7454 | 7364 | L2786390.UP.FTS.B, 9.45%, 3/14/25. . . . . | 7454 | 7377 | 7377 |
| FW2480050.UP.FTS.B, 22.48%, 1/21/25.. . | 1147 | 1132 | L2787312.UP.FTS.B, 9.5%, 3/14/25. . . . . . | 4062 | 4021 | 4021 |
| L2475641.UP.FTS.B, 23.24%, 1/21/25. . . . | 760 | 752 | FW2789186.UP.FTS.B, 9.55%, 3/14/25.. . . | 3882 | 3842 | 3842 |
| L2478720.UP.FTS.B, 23.41%, 1/21/25. . . . | 3780 | 3572 | L2785539.UP.FTS.B, 9.79%, 3/14/25. . . . . | 932 | 923 | 923 |
| FW2481202.UP.FTS.B, 23.65%, 1/21/25.. . | 9823 | 9706 | L2782831.UP.FTS.B, 9.91%, 3/14/25. . . . . | 31065 | 30759 | 30759 |
| FW2476942.UP.FTS.B, 24.18%, 1/21/25.. . | 3065 | 3031 | FW2781202.UP.FTS.B, 9.95%, 3/14/25.. . . | 6416 | 6350 | 6350 |
| FW2481245.UP.FTS.B, 25.29%, 1/21/25.. . | 2307 | 2281 | L2787472.UP.FTS.B, 9.97%, 3/14/25. . . . . | 7153 | 7079 | 7079 |
| FW2475936.UP.FTS.B, 29.09%, 1/21/25.. . | 4481 | 4431 | L2787034.UP.FTS.B, 10%, 3/14/25.. . . . . . | 12597 | 12466 | 12466 |
| FW2476860.UP.FTS.B, 29.15%, 1/21/25.. . | 1968 | 303 | L2784267.UP.FTS.B, 10.12%, 3/14/25. . . . | 1634 | 1617 | 1617 |
| L1720797.UP.FTS.B, 13.29%, 2/16/25. . . . | 2054 | 2033 | L2784498.UP.FTS.B, 10.44%, 3/14/25. . . . | 38940 | 38537 | 38537 |
| FW1721123.UP.FTS.B, 26.58%, 2/16/25.. . | 1159 | 1093 | L2783322.UP.FTS.B, 10.63%, 3/14/25. . . . | 4360 | 600 | 600 |
| L2653951.UP.FTS.B, 6.48%, 2/18/25. . . . . | 5115 | 5066 | L2785259.UP.FTS.B, 10.84%, 3/14/25. . . . | 780 | 772 | 772 |
| FW2655218.UP.FTS.B, 7.75%, 2/18/25.. . . | 4096 | 4058 | L2785595.UP.FTS.B, 11.03%, 3/14/25. . . . | 10145 | 10040 | 10040 |
| L2655641.UP.FTS.B, 8.17%, 2/18/25. . . . . | 7467 | 7393 | L2789559.UP.FTS.B, 11.03%, 3/14/25. . . . | 742 | 734 | 734 |
| L2654890.UP.FTS.B, 9.03%, 2/18/25. . . . . | 4864 | 4820 | FW2790618.UP.FTS.B, 11.07%, 3/14/25.. . | 2341 | 2316 | 2316 |
| L2653470.UP.FTS.B, 9.9%, 2/18/25. . . . . . | 1126 | 1116 | L2782966.UP.FTS.B, 11.1%, 3/14/25. . . . . | 1171 | 1159 | 1159 |
| L2653301.UP.FTS.B, 10.24%, 2/18/25. . . . | 1924 | 1905 | L2784868.UP.FTS.B, 11.13%, 3/14/25. . . . | 3982 | 3940 | 3940 |
| FW2653772.UP.FTS.B, 12.73%, 2/18/25.. . | 3612 | 3578 | L2783479.UP.FTS.B, 11.22%, 3/14/25. . . . | 8258 | 8178 | 8178 |
| L2655802.UP.FTS.B, 13.7%, 2/18/25. . . . . | 32584 | 32308 | L2782573.UP.FTS.B, 11.29%, 3/14/25. . . . | 6249 | 6181 | 6181 |
| L2653391.UP.FTS.B, 13.94%, 2/18/25. . . . | 3935 | 3715 | L2781507.UP.FTS.B, 11.44%, 3/14/25. . . . | 4220 | 4176 | 4176 |
| L2657793.UP.FTS.B, 13.98%, 2/18/25. . . . | 5868 | 5818 | FW2785947.UP.FTS.B, 11.48%, 3/14/25.. . | 3361 | 3326 | 3326 |
| FW2657387.UP.FTS.B, 15.36%, 2/18/25.. . | 4595 | 4551 | L2785788.UP.FTS.B, 11.62%, 3/14/25. . . . | 34405 | 34034 | 34034 |
| L2617545.UP.FTS.B, 16.16%, 2/18/25. . . . | 9873 | 9776 | FW2782834.UP.FTS.B, 11.66%, 3/14/25.. . | 8553 | 8466 | 8466 |
| FW2655306.UP.FTS.B, 16.76%, 2/18/25.. . | 770 | 762 | L2788361.UP.FTS.B, 11.71%, 3/14/25. . . . | 6023 | 5958 | 5958 |
| L2653186.UP.FTS.B, 16.89%, 2/18/25. . . . | 5048 | 4992 | L2780551.UP.FTS.B, 11.74%, 3/14/25. . . . | 2190 | 2168 | 2168 |
| L2655104.UP.FTS.B, 17.75%, 2/18/25. . . . | 3857 | 3825 | FW2789650.UP.FTS.B, 11.79%, 3/14/25.. . | 782 | 774 | 774 |
| L2657566.UP.FTS.B, 18.69%, 2/18/25. . . . | 5739 | 5652 | L2782511.UP.FTS.B, 12.01%, 3/14/25. . . . | 2584 | 2556 | 2556 |
| L2656721.UP.FTS.B, 19.78%, 2/18/25. . . . | 1119 | 1107 | L2783638.UP.FTS.B, 12.12%, 3/14/25. . . . | 6266 | 6199 | 6199 |
| FW2657575.UP.FTS.B, 20.06%, 2/18/25.. . | 1401 | 1388 | L2779357.UP.FTS.B, 12.15%, 3/14/25. . . . | 976 | 964 | 964 |
| FW2653011.UP.FTS.B, 20.27%, 2/18/25.. . | 2450 | 2427 | FW2784198.UP.FTS.B, 12.17%, 3/14/25.. . | 757 | 749 | 749 |
| L2655839.UP.FTS.B, 20.67%, 2/18/25. . . . | 3925 | 3882 | L2781981.UP.FTS.B, 12.17%, 3/14/25. . . . | 783 | 775 | 775 |
| L2656549.UP.FTS.B, 21.62%, 2/18/25. . . . | 6688 | 6616 | L2782243.UP.FTS.B, 12.19%, 3/14/25. . . . | 2961 | 2933 | 2933 |
| FW2657732.UP.FTS.B, 23.41%, 2/18/25.. . | 9075 | 2628 | FW2790770.UP.FTS.B, 12.38%, 3/14/25.. . | 6663 | 6595 | 6595 |
| FW2657763.UP.FTS.B, 25.51%, 2/18/25.. . | 1584 | 1564 | L2785153.UP.FTS.B, 12.45%, 3/14/25. . . . | 5175 | 5120 | 5120 |
| FW2655547.UP.FTS.B, 26.23%, 2/18/25.. . | 13300 | 13112 | L2785167.UP.FTS.B, 12.55%, 3/14/25. . . . | 7844 | 7760 | 7760 |
| FW2651300.UP.FTS.B, 26.41%, 2/18/25.. . | 7794 | 7687 | FW2783254.UP.FTS.B, 12.63%, 3/14/25.. . | 4685 | 4639 | 4639 |
| FW2653018.UP.FTS.B, 28.19%, 2/18/25.. . | 4892 | 4613 | L2783321.UP.FTS.B, 13.02%, 3/14/25. . . . | 786 | 777 | 777 |
| FW2655008.UP.FTS.B, 28.32%, 2/18/25.. . | 3196 | 3156 | L2784984.UP.FTS.B, 13.04%, 3/14/25. . . . | 360 | 355 | 355 |
| FW2656467.UP.FTS.B, 30.63%, 2/18/25.. . | 3301 | 971 | L2788344.UP.FTS.B, 13.05%, 3/14/25. . . . | 6877 | 966 | 966 |
| L2789474.UP.FTS.B, 5.35%, 3/14/25. . . . . | 38249 | 37865 | L2779841.UP.FTS.B, 13.12%, 3/14/25. . . . | 7900 | 7817 | 7817 |
| L2789842.UP.FTS.B, 5.91%, 3/14/25. . . . . | 1130 | 1118 | FW2788740.UP.FTS.B, 13.18%, 3/14/25.. . | 7332 | 7259 | 7259 |
| L2783988.UP.FTS.B, 5.98%, 3/14/25. . . . . | 4014 | 3975 | L2783727.UP.FTS.B, 13.21%, 3/14/25. . . . | 10611 | 10503 | 10503 |
| L2780157.UP.FTS.B, 6.21%, 3/14/25. . . . . | 15347 | 15194 | L2786541.UP.FTS.B, 13.29%, 3/14/25. . . . | 9436 | 9335 | 9335 |
| FW2782638.UP.FTS.B, 6.35%, 3/14/25.. . . | 2303 | 2280 | FW2788515.UP.FTS.B, 13.37%, 3/14/25.. . | 1712 | 1688 | 1688 |
| L2789162.UP.FTS.B, 6.79%, 3/14/25. . . . . | 4221 | 4179 | L2781476.UP.FTS.B, 13.87%, 3/14/25. . . . | 23669 | 22293 | 22293 |
| L2786745.UP.FTS.B, 6.82%, 3/14/25. . . . . | 11535 | 11421 | L2785233.UP.FTS.B, 13.96%, 3/14/25. . . . | 2272 | 2248 | 2248 |
| L2781429.UP.FTS.B, 7.28%, 3/14/25. . . . . | 3851 | 3813 | L2785794.UP.FTS.B, 14%, 3/14/25.. . . . . . | 1971 | 1950 | 1950 |
| L2790004.UP.FTS.B, 7.29%, 3/14/25. . . . . | 847 | 839 | L2782270.UP.FTS.B, 14.18%, 3/14/25. . . . | 1183 | 1170 | 1170 |
| FW2780242.UP.FTS.B, 7.32%, 3/14/25.. . . | 4622 | 4577 | L2783992.UP.FTS.B, 14.35%, 3/14/25. . . . | 3945 | 3904 | 3904 |
| L2788273.UP.FTS.B, 7.87%, 3/14/25. . . . . | 9262 | 9171 | L2783494.UP.FTS.B, 14.52%, 3/14/25. . . . | 10974 | 10859 | 10859 |
| L2780817.UP.FTS.B, 8.23%, 3/14/25. . . . . | 11973 | 11268 | L2789819.UP.FTS.B, 14.63%, 3/14/25. . . . | 10337 | 10196 | 10196 |
| L2779758.UP.FTS.B, 8.44%, 3/14/25. . . . . | 8276 | 8189 | L2789562.UP.FTS.B, 14.72%, 3/14/25. . . . | 4724 | 4666 | 4666 |
| L2708925.UP.FTS.B, 8.54%, 3/14/25. . . . . | 12379 | 12249 | FW2782628.UP.FTS.B, 14.81%, 3/14/25.. . | 6825 | 6739 | 6739 |
| L2783157.UP.FTS.B, 8.64%, 3/14/25. . . . . | 2597 | 2572 | FW2784953.UP.FTS.B, 14.86%, 3/14/25.. . | 12095 | 11927 | 11927 |
| L2782839.UP.FTS.B, 8.65%, 3/14/25. . . . . | 14783 | 14628 | FW2785548.UP.FTS.B, 14.88%, 3/14/25.. . | 3399 | 3365 | 3365 |
| L2790033.UP.FTS.B, 8.96%, 3/14/25. . . . . | 5734 | 5674 | L2781813.UP.FTS.B, 14.88%, 3/14/25. . . . | 6449 | 6369 | 6369 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 121 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 121 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2781432.UP.FTS.B, 14.97%, 3/14/25. . . . | L2781432.UP.FTS.B, 14.97%, 3/14/25. . . . | L2781432.UP.FTS.B, 14.97%, 3/14/25. . . . | $7848 | $7770 | L2785203.UP.FTS.B, 20.46%, 3/14/25. . . . | $4465 | $4406 |
| L2786094.UP.FTS.B, 14.97%, 3/14/25. . . . | L2786094.UP.FTS.B, 14.97%, 3/14/25. . . . | L2786094.UP.FTS.B, 14.97%, 3/14/25. . . . | 3003 | 2971 | L2780756.UP.FTS.B, 20.48%, 3/14/25. . . . | 885 | 873 |
| L2781532.UP.FTS.B, 15.01%, 3/14/25. . . . | L2781532.UP.FTS.B, 15.01%, 3/14/25. . . . | L2781532.UP.FTS.B, 15.01%, 3/14/25. . . . | 4745 | 4695 | L2789915.UP.FTS.B, 20.54%, 3/14/25. . . . | 2252 | 75 |
| FW2788311.UP.FTS.B, 15.07%, 3/14/25.. . | FW2788311.UP.FTS.B, 15.07%, 3/14/25.. . | FW2788311.UP.FTS.B, 15.07%, 3/14/25.. . | 5695 | 5615 | L2785534.UP.FTS.B, 20.67%, 3/14/25. . . . | 1771 | 1747 |
| L2782136.UP.FTS.B, 15.09%, 3/14/25. . . . | L2782136.UP.FTS.B, 15.09%, 3/14/25. . . . | L2782136.UP.FTS.B, 15.09%, 3/14/25. . . . | 1562 | 1547 | L2781043.UP.FTS.B, 20.76%, 3/14/25. . . . | 10255 | 10128 |
| L2778950.UP.FTS.B, 15.29%, 3/14/25. . . . | L2778950.UP.FTS.B, 15.29%, 3/14/25. . . . | L2778950.UP.FTS.B, 15.29%, 3/14/25. . . . | 7282 | 7181 | FW2783539.UP.FTS.B, 20.82%, 3/14/25.. . | 6920 | 6800 |
| L2785708.UP.FTS.B, 15.57%, 3/14/25. . . . | L2785708.UP.FTS.B, 15.57%, 3/14/25. . . . | L2785708.UP.FTS.B, 15.57%, 3/14/25. . . . | 8635 | 8515 | L2780491.UP.FTS.B, 20.92%, 3/14/25. . . . | 16610 | 16384 |
| FW2783963.UP.FTS.B, 15.58%, 3/14/25.. . | FW2783963.UP.FTS.B, 15.58%, 3/14/25.. . | FW2783963.UP.FTS.B, 15.58%, 3/14/25.. . | 17381 | 17145 | L2786126.UP.FTS.B, 20.92%, 3/14/25. . . . | 6353 | 6276 |
| L2789802.UP.FTS.B, 15.69%, 3/14/25. . . . | L2789802.UP.FTS.B, 15.69%, 3/14/25. . . . | L2789802.UP.FTS.B, 15.69%, 3/14/25. . . . | 1981 | 1954 | FW2782841.UP.FTS.B, 20.97%, 3/14/25.. . | 11849 | 11652 |
| L2784175.UP.FTS.B, 15.73%, 3/14/25. . . . | L2784175.UP.FTS.B, 15.73%, 3/14/25. . . . | L2784175.UP.FTS.B, 15.73%, 3/14/25. . . . | 14902 | 14754 | FW2783839.UP.FTS.B, 21.06%, 3/14/25.. . | 806 | 791 |
| L2782299.UP.FTS.B, 15.8%, 3/14/25. . . . . | L2782299.UP.FTS.B, 15.8%, 3/14/25. . . . . | L2782299.UP.FTS.B, 15.8%, 3/14/25. . . . . | 863 | 852 | L2785016.UP.FTS.B, 21.17%, 3/14/25. . . . | 1621 | 1593 |
| FW2784025.UP.FTS.B, 15.87%, 3/14/25.. . | FW2784025.UP.FTS.B, 15.87%, 3/14/25.. . | FW2784025.UP.FTS.B, 15.87%, 3/14/25.. . | 10389 | 10244 | FW2781273.UP.FTS.B, 21.18%, 3/14/25.. . | 6048 | 5940 |
| L2785503.UP.FTS.B, 16.11%, 3/14/25. . . . | L2785503.UP.FTS.B, 16.11%, 3/14/25. . . . | L2785503.UP.FTS.B, 16.11%, 3/14/25. . . . | 1800 | 1694 | L2782241.UP.FTS.B, 21.23%, 3/14/25. . . . | 2944 | 818 |
| L2783447.UP.FTS.B, 16.16%, 3/14/25. . . . | L2783447.UP.FTS.B, 16.16%, 3/14/25. . . . | L2783447.UP.FTS.B, 16.16%, 3/14/25. . . . | 11906 | 11782 | FW2784134.UP.FTS.B, 21.24%, 3/14/25.. . | 1774 | 1743 |
| L2784731.UP.FTS.B, 16.18%, 3/14/25. . . . | L2784731.UP.FTS.B, 16.18%, 3/14/25. . . . | L2784731.UP.FTS.B, 16.18%, 3/14/25. . . . | 16908 | 16732 | L2785725.UP.FTS.B, 21.29%, 3/14/25. . . . | 1210 | 1194 |
| FW2788810.UP.FTS.B, 16.29%, 3/14/25.. . | FW2788810.UP.FTS.B, 16.29%, 3/14/25.. . | FW2788810.UP.FTS.B, 16.29%, 3/14/25.. . | 1985 | 1958 | L2787109.UP.FTS.B, 21.35%, 3/14/25. . . . | 5608 | 5516 |
| FW2785887.UP.FTS.B, 16.41%, 3/14/25.. . | FW2785887.UP.FTS.B, 16.41%, 3/14/25.. . | FW2785887.UP.FTS.B, 16.41%, 3/14/25.. . | 2463 | 2429 | L2782350.UP.FTS.B, 21.46%, 3/14/25. . . . | 1211 | 1189 |
| L2785408.UP.FTS.B, 16.48%, 3/14/25. . . . | L2785408.UP.FTS.B, 16.48%, 3/14/25. . . . | L2785408.UP.FTS.B, 16.48%, 3/14/25. . . . | 6118 | 6034 | L2781274.UP.FTS.B, 21.7%, 3/14/25. . . . . | 1777 | 1745 |
| L2782850.UP.FTS.B, 16.52%, 3/14/25. . . . | L2782850.UP.FTS.B, 16.52%, 3/14/25. . . . | L2782850.UP.FTS.B, 16.52%, 3/14/25. . . . | 7947 | 7837 | L2787578.UP.FTS.B, 21.76%, 3/14/25. . . . | 4847 | 4761 |
| FW2783979.UP.FTS.B, 16.68%, 3/14/25.. . | FW2783979.UP.FTS.B, 16.68%, 3/14/25.. . | FW2783979.UP.FTS.B, 16.68%, 3/14/25.. . | 6267 | 6170 | L2764146.UP.FTS.B, 21.8%, 3/14/25. . . . . | 4848 | 4782 |
| L2784318.UP.FTS.B, 16.69%, 3/14/25. . . . | L2784318.UP.FTS.B, 16.69%, 3/14/25. . . . | L2784318.UP.FTS.B, 16.69%, 3/14/25. . . . | 4771 | 4724 | L2784966.UP.FTS.B, 21.92%, 3/14/25. . . . | 651 | 639 |
| L2784821.UP.FTS.B, 16.79%, 3/14/25. . . . | L2784821.UP.FTS.B, 16.79%, 3/14/25. . . . | L2784821.UP.FTS.B, 16.79%, 3/14/25. . . . | 9448 | 9321 | FW2782777.UP.FTS.B, 21.93%, 3/14/25.. . | 2282 | 331 |
| L2783908.UP.FTS.B, 16.9%, 3/14/25. . . . . | L2783908.UP.FTS.B, 16.9%, 3/14/25. . . . . | L2783908.UP.FTS.B, 16.9%, 3/14/25. . . . . | 4376 | 4316 | L2781446.UP.FTS.B, 21.97%, 3/14/25. . . . | 7275 | 7146 |
| FW2784509.UP.FTS.B, 16.95%, 3/14/25.. . | FW2784509.UP.FTS.B, 16.95%, 3/14/25.. . | FW2784509.UP.FTS.B, 16.95%, 3/14/25.. . | 5560 | 5494 | L2789525.UP.FTS.B, 21.99%, 3/14/25. . . . | 909 | 895 |
| FW2782202.UP.FTS.B, 17.05%, 3/14/25.. . | FW2782202.UP.FTS.B, 17.05%, 3/14/25.. . | FW2782202.UP.FTS.B, 17.05%, 3/14/25.. . | 796 | 785 | L2782964.UP.FTS.B, 22.07%, 3/14/25. . . . | 1617 | 1589 |
| L2783618.UP.FTS.B, 17.2%, 3/14/25. . . . . | L2783618.UP.FTS.B, 17.2%, 3/14/25. . . . . | L2783618.UP.FTS.B, 17.2%, 3/14/25. . . . . | 4778 | 4713 | L2781760.UP.FTS.B, 22.09%, 3/14/25. . . . | 10871 | 10219 |
| L2786224.UP.FTS.B, 17.23%, 3/14/25. . . . | L2786224.UP.FTS.B, 17.23%, 3/14/25. . . . | L2786224.UP.FTS.B, 17.23%, 3/14/25. . . . | 8681 | 8562 | FW2781316.UP.FTS.B, 22.36%, 3/14/25.. . | 16185 | 15899 |
| FW2787467.UP.FTS.B, 17.25%, 3/14/25.. . | FW2787467.UP.FTS.B, 17.25%, 3/14/25.. . | FW2787467.UP.FTS.B, 17.25%, 3/14/25.. . | 1480 | 215 | L2782582.UP.FTS.B, 22.37%, 3/14/25. . . . | 4451 | 4373 |
| L2786989.UP.FTS.B, 17.31%, 3/14/25. . . . | L2786989.UP.FTS.B, 17.31%, 3/14/25. . . . | L2786989.UP.FTS.B, 17.31%, 3/14/25. . . . | 6772 | 6678 | L2783098.UP.FTS.B, 22.41%, 3/14/25. . . . | 2298 | 166 |
| FW2779702.UP.FTS.B, 17.41%, 3/14/25.. . | FW2779702.UP.FTS.B, 17.41%, 3/14/25.. . | FW2779702.UP.FTS.B, 17.41%, 3/14/25.. . | 5260 | 5187 | L2782645.UP.FTS.B, 22.52%, 3/14/25. . . . | 12145 | 11931 |
| L2786076.UP.FTS.B, 17.41%, 3/14/25. . . . | L2786076.UP.FTS.B, 17.41%, 3/14/25. . . . | L2786076.UP.FTS.B, 17.41%, 3/14/25. . . . | 7172 | 7074 | FW2785697.UP.FTS.B, 22.53%, 3/14/25.. . | 3887 | 3818 |
| L2781269.UP.FTS.B, 17.46%, 3/14/25. . . . | L2781269.UP.FTS.B, 17.46%, 3/14/25. . . . | L2781269.UP.FTS.B, 17.46%, 3/14/25. . . . | 3969 | 3921 | FW2787008.UP.FTS.B, 22.54%, 3/14/25.. . | 3264 | 3204 |
| L2781160.UP.FTS.B, 17.47%, 3/14/25. . . . | L2781160.UP.FTS.B, 17.47%, 3/14/25. . . . | L2781160.UP.FTS.B, 17.47%, 3/14/25. . . . | 4249 | 621 | FW2787563.UP.FTS.B, 22.68%, 3/14/25.. . | 2430 | 2387 |
| L2788162.UP.FTS.B, 17.53%, 3/14/25. . . . | L2788162.UP.FTS.B, 17.53%, 3/14/25. . . . | L2788162.UP.FTS.B, 17.53%, 3/14/25. . . . | 3883 | 3824 | L2782764.UP.FTS.B, 22.75%, 3/14/25. . . . | 9399 | 9233 |
| L2779966.UP.FTS.B, 17.65%, 3/14/25. . . . | L2779966.UP.FTS.B, 17.65%, 3/14/25. . . . | L2779966.UP.FTS.B, 17.65%, 3/14/25. . . . | 9331 | 1351 | L2779839.UP.FTS.B, 22.77%, 3/14/25. . . . | 6077 | 5970 |
| L2786520.UP.FTS.B, 17.67%, 3/14/25. . . . | L2786520.UP.FTS.B, 17.67%, 3/14/25. . . . | L2786520.UP.FTS.B, 17.67%, 3/14/25. . . . | 5959 | 865 | FW2785249.UP.FTS.B, 22.94%, 3/14/25.. . | 5654 | 5562 |
| L2780503.UP.FTS.B, 17.92%, 3/14/25. . . . | L2780503.UP.FTS.B, 17.92%, 3/14/25. . . . | L2780503.UP.FTS.B, 17.92%, 3/14/25. . . . | 1597 | 1575 | FW2780300.UP.FTS.B, 22.97%, 3/14/25.. . | 7036 | 6900 |
| L2786774.UP.FTS.B, 18.02%, 3/14/25. . . . | L2786774.UP.FTS.B, 18.02%, 3/14/25. . . . | L2786774.UP.FTS.B, 18.02%, 3/14/25. . . . | 2802 | 2764 | FW2780584.UP.FTS.B, 23.25%, 3/14/25.. . | 2085 | 2044 |
| FW2789882.UP.FTS.B, 18.22%, 3/14/25.. . | FW2789882.UP.FTS.B, 18.22%, 3/14/25.. . | FW2789882.UP.FTS.B, 18.22%, 3/14/25.. . | 2137 | 2105 | L2783469.UP.FTS.B, 23.3%, 3/14/25. . . . . | 6493 | 6378 |
| L2766917.UP.FTS.B, 18.31%, 3/14/25. . . . | L2766917.UP.FTS.B, 18.31%, 3/14/25. . . . | L2766917.UP.FTS.B, 18.31%, 3/14/25. . . . | 782 | 770 | L2783145.UP.FTS.B, 23.33%, 3/14/25. . . . | 5521 | 397 |
| FW2789731.UP.FTS.B, 18.32%, 3/14/25.. . | FW2789731.UP.FTS.B, 18.32%, 3/14/25.. . | FW2789731.UP.FTS.B, 18.32%, 3/14/25.. . | 3996 | 3941 | L2789538.UP.FTS.B, 23.38%, 3/14/25. . . . | 20320 | 20050 |
| L2786748.UP.FTS.B, 18.37%, 3/14/25. . . . | L2786748.UP.FTS.B, 18.37%, 3/14/25. . . . | L2786748.UP.FTS.B, 18.37%, 3/14/25. . . . | 8553 | 8436 | L2780571.UP.FTS.B, 23.44%, 3/14/25. . . . | 3491 | 3430 |
| L2783174.UP.FTS.B, 18.69%, 3/14/25. . . . | L2783174.UP.FTS.B, 18.69%, 3/14/25. . . . | L2783174.UP.FTS.B, 18.69%, 3/14/25. . . . | 1993 | 1969 | L2784074.UP.FTS.B, 23.45%, 3/14/25. . . . | 3289 | 3234 |
| L2788322.UP.FTS.B, 18.8%, 3/14/25. . . . . | L2788322.UP.FTS.B, 18.8%, 3/14/25. . . . . | L2788322.UP.FTS.B, 18.8%, 3/14/25. . . . . | 1841 | 1816 | FW2781159.UP.FTS.B, 23.58%, 3/14/25.. . | 9198 | 8645 |
| L2779959.UP.FTS.B, 18.94%, 3/14/25. . . . | L2779959.UP.FTS.B, 18.94%, 3/14/25. . . . | L2779959.UP.FTS.B, 18.94%, 3/14/25. . . . | 907 | 854 | FW2785805.UP.FTS.B, 23.86%, 3/14/25.. . | 4707 | 341 |
| FW2784761.UP.FTS.B, 18.96%, 3/14/25.. . | FW2784761.UP.FTS.B, 18.96%, 3/14/25.. . | FW2784761.UP.FTS.B, 18.96%, 3/14/25.. . | 14563 | 14352 | L2785522.UP.FTS.B, 24.27%, 3/14/25. . . . | 7969 | 7866 |
| L2782041.UP.FTS.B, 18.96%, 3/14/25. . . . | L2782041.UP.FTS.B, 18.96%, 3/14/25. . . . | L2782041.UP.FTS.B, 18.96%, 3/14/25. . . . | 6597 | 6208 | FW2786582.UP.FTS.B, 24.5%, 3/14/25.. . . | 8093 | 580 |
| FW2780647.UP.FTS.B, 19.08%, 3/14/25.. . | FW2780647.UP.FTS.B, 19.08%, 3/14/25.. . | FW2780647.UP.FTS.B, 19.08%, 3/14/25.. . | 7964 | 7867 | FW2787195.UP.FTS.B, 24.53%, 3/14/25.. . | 8952 | 8798 |
| L2783772.UP.FTS.B, 19.16%, 3/14/25. . . . | L2783772.UP.FTS.B, 19.16%, 3/14/25. . . . | L2783772.UP.FTS.B, 19.16%, 3/14/25. . . . | 8013 | 7904 | FW2780513.UP.FTS.B, 24.57%, 3/14/25.. . | 24449 | 24021 |
| FW2786850.UP.FTS.B, 19.26%, 3/14/25.. . | FW2786850.UP.FTS.B, 19.26%, 3/14/25.. . | FW2786850.UP.FTS.B, 19.26%, 3/14/25.. . | 1403 | 1320 | FW2785447.UP.FTS.B, 24.58%, 3/14/25.. . | 2672 | 2628 |
| FW2778977.UP.FTS.B, 19.75%, 3/14/25.. . | FW2778977.UP.FTS.B, 19.75%, 3/14/25.. . | FW2778977.UP.FTS.B, 19.75%, 3/14/25.. . | 1063 | 1019 | FW2783940.UP.FTS.B, 24.74%, 3/14/25.. . | 805 | 795 |
| L2785622.UP.FTS.B, 19.86%, 3/14/25. . . . | L2785622.UP.FTS.B, 19.86%, 3/14/25. . . . | L2785622.UP.FTS.B, 19.86%, 3/14/25. . . . | 5220 | 5149 | FW2787085.UP.FTS.B, 24.9%, 3/14/25.. . . | 2451 | 2408 |
| L2784153.UP.FTS.B, 19.87%, 3/14/25. . . . | L2784153.UP.FTS.B, 19.87%, 3/14/25. . . . | L2784153.UP.FTS.B, 19.87%, 3/14/25. . . . | 6104 | 6021 | FW2788926.UP.FTS.B, 24.92%, 3/14/25.. . | 8923 | 8768 |
| L2780057.UP.FTS.B, 19.94%, 3/14/25. . . . | L2780057.UP.FTS.B, 19.94%, 3/14/25. . . . | L2780057.UP.FTS.B, 19.94%, 3/14/25. . . . | 4013 | 3958 | FW2790447.UP.FTS.B, 25.02%, 3/14/25.. . | 2695 | 2648 |
| FW2782744.UP.FTS.B, 20.04%, 3/14/25.. . | FW2782744.UP.FTS.B, 20.04%, 3/14/25.. . | FW2782744.UP.FTS.B, 20.04%, 3/14/25.. . | 1371 | 1353 | L2783518.UP.FTS.B, 25.17%, 3/14/25. . . . | 5549 | 5453 |
| L2782253.UP.FTS.B, 20.12%, 3/14/25. . . . | L2782253.UP.FTS.B, 20.12%, 3/14/25. . . . | L2782253.UP.FTS.B, 20.12%, 3/14/25. . . . | 8040 | 7931 | L2783225.UP.FTS.B, 25.22%, 3/14/25. . . . | 14404 | 1029 |
| L2786753.UP.FTS.B, 20.23%, 3/14/25. . . . | L2786753.UP.FTS.B, 20.23%, 3/14/25. . . . | L2786753.UP.FTS.B, 20.23%, 3/14/25. . . . | 4571 | 1271 | FW2788009.UP.FTS.B, 25.24%, 3/14/25.. . | 23619 | 23216 |
| L2780437.UP.FTS.B, 20.28%, 3/14/25. . . . | L2780437.UP.FTS.B, 20.28%, 3/14/25. . . . | L2780437.UP.FTS.B, 20.28%, 3/14/25. . . . | 2321 | 2286 | FW2784542.UP.FTS.B, 25.52%, 3/14/25.. . | 3104 | 3050 |
| 122 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 122 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2784178.UP.FTS.B, 25.84%, 3/14/25.. . | $4490 | $4223 | FW2931763.UP.FTS.B, 17.53%, 4/11/25.. . $2,864 | FW2931763.UP.FTS.B, 17.53%, 4/11/25.. . $2,864 | $2825 | 2825 |
| FW2789028.UP.FTS.B, 25.9%, 3/14/25.. . . | 4064 | 3998 | L2930012.UP.FTS.B, 17.63%, 4/11/25. . . . | 7636 | 7522 | 7522 |
| FW2785977.UP.FTS.B, 25.94%, 3/14/25.. . | 8916 | 8760 | L2931233.UP.FTS.B, 18.54%, 4/11/25. . . . | 17863 | 17597 | 17597 |
| FW2784372.UP.FTS.B, 26.05%, 3/14/25.. . | 5784 | 5686 | L2930233.UP.FTS.B, 18.91%, 4/11/25. . . . | 8205 | 8093 | 8093 |
| FW2781035.UP.FTS.B, 26.41%, 3/14/25.. . | 950 | 68 | L2926375.UP.FTS.B, 19.11%, 4/11/25.. . . . | 4535 | 4467 | 4467 |
| FW2788636.UP.FTS.B, 26.45%, 3/14/25.. . | 5967 | 46 | FW2932065.UP.FTS.B, 19.22%, 4/11/25.. . | 1649 | 1625 | 1625 |
| FW2789498.UP.FTS.B, 26.58%, 3/14/25.. . | 1551 | 1524 | FW2931735.UP.FTS.B, 19.59%, 4/11/25.. . | 4458 | 4392 | 4392 |
| FW2786035.UP.FTS.B, 26.63%, 3/14/25.. . | 4548 | 4471 | L2931251.UP.FTS.B, 19.65%, 4/11/25. . . . | 2064 | 2034 | 2034 |
| FW2779777.UP.FTS.B, 26.66%, 3/14/25.. . | 3688 | 3624 | L2930078.UP.FTS.B, 19.74%, 4/11/25. . . . | 4130 | 4068 | 4068 |
| FW2784566.UP.FTS.B, 26.76%, 3/14/25.. . | 8141 | 8009 | L2927973.UP.FTS.B, 20.64%, 4/11/25. . . . | 2484 | 2447 | 2447 |
| FW2785381.UP.FTS.B, 26.83%, 3/14/25.. . | 1378 | 1355 | L2930402.UP.FTS.B, 20.69%, 4/11/25. . . . | 6089 | 6000 | 6000 |
| L2780006.UP.FTS.B, 27.11%, 3/14/25. . . . | 6155 | 6049 | L2927919.UP.FTS.B, 20.78%, 4/11/25. . . . | 2485 | 2438 | 2438 |
| FW2783896.UP.FTS.B, 27.54%, 3/14/25.. . | 4477 | 1311 | L2930083.UP.FTS.B, 20.84%, 4/11/25. . . . | 906 | 890 | 890 |
| FW2789387.UP.FTS.B, 27.95%, 3/14/25.. . | 1902 | 552 | L2929619.UP.FTS.B, 21.46%, 4/11/25. . . . | 2490 | 2443 | 2443 |
| L2781349.UP.FTS.B, 28.09%, 3/14/25. . . . | 4958 | 4873 | L2931062.UP.FTS.B, 21.64%, 4/11/25. . . . | 4981 | 4908 | 4908 |
| FW2787819.UP.FTS.B, 28.48%, 3/14/25.. . | 906 | 891 | FW2930608.UP.FTS.B, 21.67%, 4/11/25.. . | 23476 | 23162 | 23162 |
| FW2782934.UP.FTS.B, 28.68%, 3/14/25.. . | 3792 | 3727 | L2931699.UP.FTS.B, 22.28%, 4/11/25. . . . | 9549 | 2728 | 2728 |
| FW2780423.UP.FTS.B, 28.69%, 3/14/25.. . | 1411 | 101 | L2929114.UP.FTS.B, 22.42%, 4/11/25.. . . . | 4338 | 4273 | 4273 |
| FW2780476.UP.FTS.B, 28.97%, 3/14/25.. . | 5858 | 5757 | FW2928704.UP.FTS.B, 22.56%, 4/11/25.. . | 7675 | 7571 | 7571 |
| FW2788507.UP.FTS.B, 29.01%, 3/14/25.. . | 4795 | 4715 | FW2927971.UP.FTS.B, 22.83%, 4/11/25.. . | 2334 | 2290 | 2290 |
| FW2783040.UP.FTS.B, 29.02%, 3/14/25.. . | 1671 | 1571 | FW2928677.UP.FTS.B, 22.92%, 4/11/25.. . | 5170 | 373 | 373 |
| FW2784820.UP.FTS.B, 29.05%, 3/14/25.. . | 2475 | 2432 | L2930633.UP.FTS.B, 23.01%, 4/11/25. . . . | 1334 | 1320 | 1320 |
| FW2779949.UP.FTS.B, 29.18%, 3/14/25.. . | 4953 | 4868 | L2931934.UP.FTS.B, 23.29%, 4/11/25. . . . | 563 | 553 | 553 |
| FW2786097.UP.FTS.B, 29.2%, 3/14/25.. . . | 3407 | 243 | L2928269.UP.FTS.B, 23.6%, 4/11/25. . . . . | 10164 | 6118 | 6118 |
| FW2783344.UP.FTS.B, 32.05%, 3/14/25.. . | 1425 | 1401 | FW2930179.UP.FTS.B, 24.14%, 4/11/25.. . | 836 | 823 | 823 |
| FW2783771.UP.FTS.B, 32.99%, 3/14/25.. . | 1835 | 1804 | FW2930025.UP.FTS.B, 24.38%, 4/11/25.. . | 4551 | 4468 | 4468 |
| FW2789039.UP.FTS.B, 33.98%, 3/14/25.. . | 5604 | 5509 | FW2927993.UP.FTS.B, 24.47%, 4/11/25.. . | 1673 | 1648 | 1648 |
| FW1892377.UP.FTS.B, 22.87%, 3/21/25.. . | 1619 | 1600 | FW2929588.UP.FTS.B, 24.98%, 4/11/25.. . | 4522 | 4437 | 4437 |
| FW1893365.UP.FTS.B, 26.97%, 3/21/25.. . | 8202 | 8075 | FW2929190.UP.FTS.B, 25.18%, 4/11/25.. . | 2514 | 2467 | 2467 |
| L2018443.UP.FTS.B, 13.86%, 4/10/25. . . . | 1208 | 1196 | L2929252.UP.FTS.B, 25.98%, 4/11/25. . . . | 5374 | 5273 | 5273 |
| L2932200.UP.FTS.B, 5.67%, 4/11/25. . . . . | 872 | 863 | FW2929319.UP.FTS.B, 26.2%, 4/11/25.. . . | 3485 | 3421 | 3421 |
| L2932027.UP.FTS.B, 6.02%, 4/11/25. . . . . | 5156 | 5105 | L2928046.UP.FTS.B, 27.24%, 4/11/25. . . . | 8760 | 8597 | 8597 |
| L2929905.UP.FTS.B, 6.33%, 4/11/25. . . . . | 1980 | 1961 | FW2929773.UP.FTS.B, 27.44%, 4/11/25.. . | 8427 | 8270 | 8270 |
| FW2932159.UP.FTS.B, 6.87%, 4/11/25.. . . | 11930 | 11814 | FW2927991.UP.FTS.B, 28.1%, 4/11/25.. . . | 7953 | 7800 | 7800 |
| FW2931104.UP.FTS.B, 7.38%, 4/11/25.. . . | 1991 | 1972 | FW2924920.UP.FTS.B, 28.52%, 4/11/25.. . | 786 | 771 | 771 |
| L2932158.UP.FTS.B, 7.54%, 4/11/25. . . . . | 3799 | 3760 | FW2930422.UP.FTS.B, 29.23%, 4/11/25.. . | 7026 | 6896 | 6896 |
| FW2928116.UP.FTS.B, 7.7%, 4/11/25.. . . . | 5105 | 5056 | L2931389.UP.FTS.B, 6.37%, 4/12/25. . . . . | 1270 | 323 | 323 |
| L2928687.UP.FTS.B, 8.44%, 4/11/25. . . . . | 12312 | 12181 | L2936152.UP.FTS.B, 6.5%, 4/12/25. . . . . . | 4290 | 4248 | 4248 |
| L2881416.UP.FTS.B, 8.75%, 4/11/25. . . . . | 5588 | 5531 | FW2936118.UP.FTS.B, 7.86%, 4/12/25.. . . | 1596 | 1580 | 1580 |
| L2932299.UP.FTS.B, 9.07%, 4/11/25. . . . . | 961 | 951 | L2934109.UP.FTS.B, 8%, 4/12/25.. . . . . . . | 3991 | 3949 | 3949 |
| L2929932.UP.FTS.B, 9.99%, 4/11/25. . . . . | 9476 | 9376 | L2932714.UP.FTS.B, 8.81%, 4/12/25. . . . . | 5201 | 5146 | 5146 |
| L2931770.UP.FTS.B, 10.22%, 4/11/25. . . . | 2893 | 2863 | L2934127.UP.FTS.B, 9.1%, 4/12/25. . . . . . | 11393 | 11271 | 11271 |
| FW2928017.UP.FTS.B, 10.52%, 4/11/25.. . | 4263 | 4218 | L2933699.UP.FTS.B, 9.94%, 4/12/25. . . . . | 8591 | 8502 | 8502 |
| L2928585.UP.FTS.B, 10.96%, 4/11/25. . . . | 520 | 514 | L2933980.UP.FTS.B, 10%, 4/12/25.. . . . . . | 4015 | 3973 | 3973 |
| L2931320.UP.FTS.B, 11.14%, 4/11/25.. . . . | 2417 | 2392 | L2933392.UP.FTS.B, 10.34%, 4/12/25. . . . | 2652 | 2625 | 2625 |
| L2929414.UP.FTS.B, 11.34%, 4/11/25.. . . . | 1536 | 1519 | FW2936226.UP.FTS.B, 10.54%, 4/12/25.. . | 3589 | 3550 | 3550 |
| L2930901.UP.FTS.B, 12.11%, 4/11/25.. . . . | 1854 | 1834 | L2934235.UP.FTS.B, 10.92%, 4/12/25. . . . | 8616 | 8527 | 8527 |
| L2929881.UP.FTS.B, 12.38%, 4/11/25. . . . | 6156 | 6088 | L2932547.UP.FTS.B, 10.94%, 4/12/25. . . . | 5167 | 5114 | 5114 |
| L2932133.UP.FTS.B, 13.25%, 4/11/25. . . . | 1784 | 1765 | L2933310.UP.FTS.B, 11.01%, 4/12/25. . . . | 1772 | 1754 | 1754 |
| L2930188.UP.FTS.B, 13.77%, 4/11/25. . . . | 2762 | 2731 | L2932991.UP.FTS.B, 11.24%, 4/12/25. . . . | 887 | 878 | 878 |
| L2928094.UP.FTS.B, 14.5%, 4/11/25. . . . . | 1622 | 1600 | L2934413.UP.FTS.B, 11.35%, 4/12/25. . . . | 790 | 781 | 781 |
| FW2928039.UP.FTS.B, 14.66%, 4/11/25.. . | 2035 | 2013 | L2933998.UP.FTS.B, 12.66%, 4/12/25. . . . | 4344 | 4297 | 4297 |
| L2931839.UP.FTS.B, 14.95%, 4/11/25. . . . | 4889 | 4815 | L2934843.UP.FTS.B, 12.97%, 4/12/25. . . . | 1377 | 1362 | 1362 |
| L2929913.UP.FTS.B, 15.1%, 4/11/25. . . . . | 2370 | 645 | L2934103.UP.FTS.B, 13.2%, 4/12/25. . . . . | 7095 | 7021 | 7021 |
| L2931052.UP.FTS.B, 15.78%, 4/11/25. . . . | 3111 | 3065 | L2933972.UP.FTS.B, 13.4%, 4/12/25. . . . . | 6222 | 6159 | 6159 |
| L2929736.UP.FTS.B, 16.03%, 4/11/25. . . . | 13895 | 13745 | L2933861.UP.FTS.B, 13.75%, 4/12/25. . . . | 2599 | 2570 | 2570 |
| L2930942.UP.FTS.B, 16.24%, 4/11/25. . . . | 4089 | 4028 | L2933759.UP.FTS.B, 13.93%, 4/12/25. . . . | 2031 | 2009 | 2009 |
| FW2931434.UP.FTS.B, 17.18%, 4/11/25.. . | 1333 | 1313 | L2933133.UP.FTS.B, 13.94%, 4/12/25. . . . | 27127 | 26829 | 26829 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 123 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 123 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2933363.UP.FTS.B, 14.89%, 4/12/25.. . $ | FW2933363.UP.FTS.B, 14.89%, 4/12/25.. . $ | FW2933363.UP.FTS.B, 14.89%, 4/12/25.. . $ | 2640 | $2613 | FW2787943.UP.FTS.B, 23.37%, 1/14/26.. . $ | 7618 | $7484 |
| L2933948.UP.FTS.B, 15.81%, 4/12/25. . . . | L2933948.UP.FTS.B, 15.81%, 4/12/25. . . . | L2933948.UP.FTS.B, 15.81%, 4/12/25. . . . | 10165 | 643 | L1695146.UP.FTS.B, 9.05%, 9/16/26. . . . . | 12641 | 12544 |
| FW2932473.UP.FTS.B, 15.91%, 4/12/25.. . | FW2932473.UP.FTS.B, 15.91%, 4/12/25.. . | FW2932473.UP.FTS.B, 15.91%, 4/12/25.. . | 13319 | 13177 | L1722215.UP.FTS.B, 9.39%, 9/16/26. . . . . | 2923 | 2895 |
| L2932884.UP.FTS.B, 16.22%, 4/12/25. . . . | L2932884.UP.FTS.B, 16.22%, 4/12/25. . . . | L2932884.UP.FTS.B, 16.22%, 4/12/25. . . . | 5718 | 5641 | L1721236.UP.FTS.B, 9.48%, 9/16/26. . . . . | 9507 | 9436 |
| FW2934865.UP.FTS.B, 16.54%, 4/12/25.. . | FW2934865.UP.FTS.B, 16.54%, 4/12/25.. . | FW2934865.UP.FTS.B, 16.54%, 4/12/25.. . | 1794 | 1770 | FW1721203.UP.FTS.B, 9.61%, 9/16/26.. . . | 6333 | 6285 |
| L2934820.UP.FTS.B, 17.41%, 4/12/25. . . . | L2934820.UP.FTS.B, 17.41%, 4/12/25. . . . | L2934820.UP.FTS.B, 17.41%, 4/12/25. . . . | 9752 | 9623 | FW1720766.UP.FTS.B, 10.27%, 9/16/26.. . | 11935 | 11827 |
| L2935513.UP.FTS.B, 17.97%, 4/12/25. . . . | L2935513.UP.FTS.B, 17.97%, 4/12/25. . . . | L2935513.UP.FTS.B, 17.97%, 4/12/25. . . . | 5753 | 5669 | L1721509.UP.FTS.B, 11.2%, 9/16/26. . . . . | 15990 | 15847 |
| L2931304.UP.FTS.B, 18.2%, 4/12/25. . . . . | L2931304.UP.FTS.B, 18.2%, 4/12/25. . . . . | L2931304.UP.FTS.B, 18.2%, 4/12/25. . . . . | 3619 | 3581 | FW1720612.UP.FTS.B, 11.37%, 9/16/26.. . | 9602 | 9516 |
| L2933460.UP.FTS.B, 18.4%, 4/12/25. . . . . | L2933460.UP.FTS.B, 18.4%, 4/12/25. . . . . | L2933460.UP.FTS.B, 18.4%, 4/12/25. . . . . | 2057 | 2027 | L1722234.UP.FTS.B, 12.18%, 9/16/26. . . . | 8041 | 7965 |
| L2928766.UP.FTS.B, 18.41%, 4/12/25. . . . | L2928766.UP.FTS.B, 18.41%, 4/12/25. . . . | L2928766.UP.FTS.B, 18.41%, 4/12/25. . . . | 4920 | 4855 | FW1721436.UP.FTS.B, 14.47%, 9/16/26.. . | 21468 | 21199 |
| L2934158.UP.FTS.B, 18.51%, 4/12/25. . . . | L2934158.UP.FTS.B, 18.51%, 4/12/25. . . . | L2934158.UP.FTS.B, 18.51%, 4/12/25. . . . | 2716 | 2677 | L1720338.UP.FTS.B, 15.39%, 9/16/26. . . . | 12246 | 12111 |
| L2933159.UP.FTS.B, 18.53%, 4/12/25. . . . | L2933159.UP.FTS.B, 18.53%, 4/12/25. . . . | L2933159.UP.FTS.B, 18.53%, 4/12/25. . . . | 16468 | 16227 | FW1716737.UP.FTS.B, 16.3%, 9/16/26.. . . | 2472 | 2442 |
| FW2933691.UP.FTS.B, 18.64%, 4/12/25.. . | FW2933691.UP.FTS.B, 18.64%, 4/12/25.. . | FW2933691.UP.FTS.B, 18.64%, 4/12/25.. . | 9551 | 9412 | L1721497.UP.FTS.B, 16.37%, 9/16/26. . . . | 6561 | 6489 |
| L2935652.UP.FTS.B, 19.04%, 4/12/25. . . . | L2935652.UP.FTS.B, 19.04%, 4/12/25. . . . | L2935652.UP.FTS.B, 19.04%, 4/12/25. . . . | 8243 | 8123 | FW1720748.UP.FTS.B, 16.61%, 9/16/26.. . | 4106 | 4057 |
| FW2934964.UP.FTS.B, 19.17%, 4/12/25.. . | FW2934964.UP.FTS.B, 19.17%, 4/12/25.. . | FW2934964.UP.FTS.B, 19.17%, 4/12/25.. . | 1814 | 1780 | L1721580.UP.FTS.B, 17.18%, 9/16/26. . . . | 1235 | 1222 |
| L2933024.UP.FTS.B, 19.59%, 4/12/25. . . . | L2933024.UP.FTS.B, 19.59%, 4/12/25. . . . | L2933024.UP.FTS.B, 19.59%, 4/12/25. . . . | 3633 | 3581 | L1721613.UP.FTS.B, 17.32%, 9/16/26. . . . | 6306 | 5929 |
| L2933730.UP.FTS.B, 20.46%, 4/12/25. . . . | L2933730.UP.FTS.B, 20.46%, 4/12/25. . . . | L2933730.UP.FTS.B, 20.46%, 4/12/25. . . . | 991 | 977 | L1722493.UP.FTS.B, 18.38%, 9/16/26. . . . | 11590 | 11465 |
| FW2933966.UP.FTS.B, 21.23%, 4/12/25.. . | FW2933966.UP.FTS.B, 21.23%, 4/12/25.. . | FW2933966.UP.FTS.B, 21.23%, 4/12/25.. . | 8293 | 8138 | FW1721771.UP.FTS.B, 20.18%, 9/16/26.. . | 5007 | 4989 |
| FW2935725.UP.FTS.B, 21.56%, 4/12/25.. . | FW2935725.UP.FTS.B, 21.56%, 4/12/25.. . | FW2935725.UP.FTS.B, 21.56%, 4/12/25.. . | 14691 | 14418 | L1710192.UP.FTS.B, 20.32%, 9/16/26. . . . | 9166 | 667 |
| L2934180.UP.FTS.B, 22.43%, 4/12/25. . . . | L2934180.UP.FTS.B, 22.43%, 4/12/25. . . . | L2934180.UP.FTS.B, 22.43%, 4/12/25. . . . | 2119 | 2082 | L1722523.UP.FTS.B, 21.72%, 9/16/26. . . . | 2940 | 2929 |
| FW2934705.UP.FTS.B, 22.66%, 4/12/25.. . | FW2934705.UP.FTS.B, 22.66%, 4/12/25.. . | FW2934705.UP.FTS.B, 22.66%, 4/12/25.. . | 9989 | 9804 | FW1722389.UP.FTS.B, 21.83%, 9/16/26.. . | 21086 | 20977 |
| FW2933074.UP.FTS.B, 22.74%, 4/12/25.. . | FW2933074.UP.FTS.B, 22.74%, 4/12/25.. . | FW2933074.UP.FTS.B, 22.74%, 4/12/25.. . | 11240 | 11032 | L1720140.UP.FTS.B, 22.6%, 9/16/26. . . . . | 15180 | 15125 |
| L2932376.UP.FTS.B, 23.39%, 4/12/25. . . . | L2932376.UP.FTS.B, 23.39%, 4/12/25. . . . | L2932376.UP.FTS.B, 23.39%, 4/12/25. . . . | 6462 | 3871 | L1722117.UP.FTS.B, 23.46%, 9/16/26. . . . | 8463 | 8432 |
| FW2935055.UP.FTS.B, 23.64%, 4/12/25.. . | FW2935055.UP.FTS.B, 23.64%, 4/12/25.. . | FW2935055.UP.FTS.B, 23.64%, 4/12/25.. . | 9822 | 1453 | L1721053.UP.FTS.B, 24.81%, 9/16/26. . . . | 9157 | 658 |
| FW2932854.UP.FTS.B, 25.66%, 4/12/25.. . | FW2932854.UP.FTS.B, 25.66%, 4/12/25.. . | FW2932854.UP.FTS.B, 25.66%, 4/12/25.. . | 13595 | 13357 | FW1720353.UP.FTS.B, 25.01%, 9/16/26.. . | 3406 | 3394 |
| FW2900575.UP.FTS.B, 25.78%, 4/12/25.. . | FW2900575.UP.FTS.B, 25.78%, 4/12/25.. . | FW2900575.UP.FTS.B, 25.78%, 4/12/25.. . | 6393 | 6277 | L1719755.UP.FTS.B, 25.09%, 9/16/26. . . . | 2803 | 2767 |
| FW2931971.UP.FTS.B, 25.79%, 4/12/25.. . | FW2931971.UP.FTS.B, 25.79%, 4/12/25.. . | FW2931971.UP.FTS.B, 25.79%, 4/12/25.. . | 2762 | 2714 | FW1717780.UP.FTS.B, 25.12%, 9/16/26.. . | 8723 | 620 |
| L2934922.UP.FTS.B, 26.29%, 4/12/25. . . . | L2934922.UP.FTS.B, 26.29%, 4/12/25. . . . | L2934922.UP.FTS.B, 26.29%, 4/12/25. . . . | 4618 | 4538 | L1720842.UP.FTS.B, 25.22%, 9/16/26. . . . | 1371 | 1362 |
| FW2935772.UP.FTS.B, 26.66%, 4/12/25.. . | FW2935772.UP.FTS.B, 26.66%, 4/12/25.. . | FW2935772.UP.FTS.B, 26.66%, 4/12/25.. . | 2261 | 333 | L1712934.UP.FTS.B, 25.32%, 9/16/26. . . . | 7078 | 7043 |
| FW2932613.UP.FTS.B, 27%, 4/12/25.. . . . | FW2932613.UP.FTS.B, 27%, 4/12/25.. . . . | FW2932613.UP.FTS.B, 27%, 4/12/25.. . . . | 4209 | 4132 | L1721003.UP.FTS.B, 25.67%, 9/16/26. . . . | 7251 | 7219 |
| FW2934841.UP.FTS.B, 28.06%, 4/12/25.. . | FW2934841.UP.FTS.B, 28.06%, 4/12/25.. . | FW2934841.UP.FTS.B, 28.06%, 4/12/25.. . | 3079 | 3014 | FW1720056.UP.FTS.B, 25.74%, 9/16/26.. . | 9255 | 1415 |
| FW2111253.UP.FTS.B, 27.22%, 4/24/25.. . | FW2111253.UP.FTS.B, 27.22%, 4/24/25.. . | FW2111253.UP.FTS.B, 27.22%, 4/24/25.. . | 1594 | 1572 | FW1720865.UP.FTS.B, 26.03%, 9/16/26.. . | 2052 | 2045 |
| FW2110774.UP.FTS.B, 28.89%, 4/24/25.. . | FW2110774.UP.FTS.B, 28.89%, 4/24/25.. . | FW2110774.UP.FTS.B, 28.89%, 4/24/25.. . | 8469 | 8349 | L1701780.UP.FTS.B, 26.48%, 9/16/26. . . . | 8429 | 8397 |
| L2265667.UP.FTS.B, 19.73%, 5/16/25. . . . | L2265667.UP.FTS.B, 19.73%, 5/16/25. . . . | L2265667.UP.FTS.B, 19.73%, 5/16/25. . . . | 16172 | 15931 | L1716847.UP.FTS.B, 26.49%, 9/16/26. . . . | 5497 | 5470 |
| L2265891.UP.FTS.B, 23.63%, 5/16/25. . . . | L2265891.UP.FTS.B, 23.63%, 5/16/25. . . . | L2265891.UP.FTS.B, 23.63%, 5/16/25. . . . | 2998 | 2947 | FW1712932.UP.FTS.B, 26.56%, 9/16/26.. . | 3128 | 3081 |
| FW2264787.UP.FTS.B, 28.42%, 5/16/25.. . | FW2264787.UP.FTS.B, 28.42%, 5/16/25.. . | FW2264787.UP.FTS.B, 28.42%, 5/16/25.. . | 9267 | 1366 | FW1721156.UP.FTS.B, 26.95%, 9/16/26.. . | 18876 | 18811 |
| FW2261375.UP.FTS.B, 28.5%, 5/16/25.. . . | FW2261375.UP.FTS.B, 28.5%, 5/16/25.. . . | FW2261375.UP.FTS.B, 28.5%, 5/16/25.. . . | 831 | 817 | FW1720620.UP.FTS.B, 27.29%, 9/16/26.. . | 6873 | 6850 |
| FW2268625.UP.FTS.B, 11.72%, 5/17/25.. . | FW2268625.UP.FTS.B, 11.72%, 5/17/25.. . | FW2268625.UP.FTS.B, 11.72%, 5/17/25.. . | 1252 | 74 | FW1720421.UP.FTS.B, 27.95%, 9/16/26.. . | 5168 | 5150 |
| L2270930.UP.FTS.B, 20.12%, 5/17/25. . . . | L2270930.UP.FTS.B, 20.12%, 5/17/25. . . . | L2270930.UP.FTS.B, 20.12%, 5/17/25. . . . | 6147 | 5788 | FW1722591.UP.FTS.B, 28.03%, 9/16/26.. . | 4614 | 1359 |
| L2480634.UP.FTS.B, 10.14%, 6/21/25. . . . | L2480634.UP.FTS.B, 10.14%, 6/21/25. . . . | L2480634.UP.FTS.B, 10.14%, 6/21/25. . . . | 8063 | 7981 | FW1722554.UP.FTS.B, 28.88%, 9/16/26.. . | 1447 | 1440 |
| L2478954.UP.FTS.B, 13.18%, 6/21/25. . . . | L2478954.UP.FTS.B, 13.18%, 6/21/25. . . . | L2478954.UP.FTS.B, 13.18%, 6/21/25. . . . | 2562 | 2535 | FW1720488.UP.FTS.B, 29.98%, 9/16/26.. . | 937 | 933 |
| L2657454.UP.FTS.B, 20.2%, 7/18/25. . . . . | L2657454.UP.FTS.B, 20.2%, 7/18/25. . . . . | L2657454.UP.FTS.B, 20.2%, 7/18/25. . . . . | 3851 | 3798 | FW1700325.UP.FTS.B, 30.13%, 9/16/26.. . | 1043 | 1037 |
| FW2653083.UP.FTS.B, 23.65%, 7/18/25.. . | FW2653083.UP.FTS.B, 23.65%, 7/18/25.. . | FW2653083.UP.FTS.B, 23.65%, 7/18/25.. . | 4141 | 3900 | FW1720986.UP.FTS.B, 30.57%, 9/16/26.. . | 820 | 815 |
| FW2656373.UP.FTS.B, 28.99%, 7/18/25.. . | FW2656373.UP.FTS.B, 28.99%, 7/18/25.. . | FW2656373.UP.FTS.B, 28.99%, 7/18/25.. . | 2559 | 2523 | FW1720294.UP.FTS.B, 30.66%, 9/16/26.. . | 2175 | 2167 |
| L2785530.UP.FTS.B, 18.7%, 8/14/25. . . . . | L2785530.UP.FTS.B, 18.7%, 8/14/25. . . . . | L2785530.UP.FTS.B, 18.7%, 8/14/25. . . . . | 4665 | 4606 | FW1722651.UP.FTS.B, 31.1%, 9/16/26.. . . | 2641 | 2513 |
| L2784274.UP.FTS.B, 20.74%, 8/14/25. . . . | L2784274.UP.FTS.B, 20.74%, 8/14/25. . . . | L2784274.UP.FTS.B, 20.74%, 8/14/25. . . . | 47470 | 13162 | FW1716789.UP.FTS.B, 31.43%, 9/16/26.. . | 9037 | 1348 |
| L2784782.UP.FTS.B, 22.37%, 8/14/25. . . . | L2784782.UP.FTS.B, 22.37%, 8/14/25. . . . | L2784782.UP.FTS.B, 22.37%, 8/14/25. . . . | 7573 | 1118 | FW1720288.UP.FTS.B, 31.89%, 9/16/26.. . | 12841 | 12392 |
| FW2782084.UP.FTS.B, 27.29%, 8/14/25.. . | FW2782084.UP.FTS.B, 27.29%, 8/14/25.. . | FW2782084.UP.FTS.B, 27.29%, 8/14/25.. . | 6440 | 6327 | L1891523.UP.FTS.B, 6.93%, 10/21/26. . . . | 12633 | 12540 |
| FW2788202.UP.FTS.B, 29.19%, 8/14/25.. . | FW2788202.UP.FTS.B, 29.19%, 8/14/25.. . | FW2788202.UP.FTS.B, 29.19%, 8/14/25.. . | 6809 | 6397 | L1859672.UP.FTS.B, 7.74%, 10/21/26. . . . | 12000 | 11909 |
| L2017782.UP.FTS.B, 13.67%, 9/10/25. . . . | L2017782.UP.FTS.B, 13.67%, 9/10/25. . . . | L2017782.UP.FTS.B, 13.67%, 9/10/25. . . . | 2485 | 2458 | L1892951.UP.FTS.B, 14.33%, 10/21/26. . . | 3810 | 3662 |
| L2928985.UP.FTS.B, 21.29%, 9/11/25. . . . | L2928985.UP.FTS.B, 21.29%, 9/11/25. . . . | L2928985.UP.FTS.B, 21.29%, 9/11/25. . . . | 4497 | 4437 | L1893967.UP.FTS.B, 14.49%, 10/21/26. . . | 1619 | 1605 |
| FW2928685.UP.FTS.B, 30.47%, 9/11/25.. . | FW2928685.UP.FTS.B, 30.47%, 9/11/25.. . | FW2928685.UP.FTS.B, 30.47%, 9/11/25.. . | 2875 | 831 | FW1892411.UP.FTS.B, 14.52%, 10/21/26.. | 20668 | 20491 |
| FW2261943.UP.FTS.B, 24.37%, 10/16/25.. | FW2261943.UP.FTS.B, 24.37%, 10/16/25.. | FW2261943.UP.FTS.B, 24.37%, 10/16/25.. | 2943 | 93 | L1894153.UP.FTS.B, 14.72%, 10/21/26. . . | 11998 | 11895 |
| L2269599.UP.FTS.B, 7.84%, 10/17/25. . . . | L2269599.UP.FTS.B, 7.84%, 10/17/25. . . . | L2269599.UP.FTS.B, 7.84%, 10/17/25. . . . | 2033 | 2011 | L1894936.UP.FTS.B, 16.25%, 10/21/26. . . | 5012 | 4956 |
| FW2267398.UP.FTS.B, 15.02%, 10/17/25.. | FW2267398.UP.FTS.B, 15.02%, 10/17/25.. | FW2267398.UP.FTS.B, 15.02%, 10/17/25.. | 4579 | 4541 | FW1895480.UP.FTS.B, 16.41%, 10/21/26.. | 10839 | 10694 |
| FW2473618.UP.FTS.B, 10.51%, 11/20/25.. | FW2473618.UP.FTS.B, 10.51%, 11/20/25.. | FW2473618.UP.FTS.B, 10.51%, 11/20/25.. | 3833 | 3795 | L1890982.UP.FTS.B, 16.75%, 10/21/26. . . | 5845 | 5785 |
| L2474828.UP.FTS.B, 10.25%, 11/21/25.. . . | L2474828.UP.FTS.B, 10.25%, 11/21/25.. . . | L2474828.UP.FTS.B, 10.25%, 11/21/25.. . . | 2284 | 2257 | L1893975.UP.FTS.B, 17.21%, 10/21/26. . . | 9035 | 8944 |
| L2783169.UP.FTS.B, 6.72%, 1/14/26. . . . . | L2783169.UP.FTS.B, 6.72%, 1/14/26. . . . . | L2783169.UP.FTS.B, 6.72%, 1/14/26. . . . . | 19272 | 19083 | FW1894387.UP.FTS.B, 17.87%, 10/21/26.. | 5015 | 4953 |
| 124 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 124 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L1891449.UP.FTS.B, 18.06%, 10/21/26. . . | $13771 | $13589 | L2015861.UP.FTS.B, 9.46%, 11/10/26. . . . $7,802 | L2015861.UP.FTS.B, 9.46%, 11/10/26. . . . $7,802 | $7741 | 7741 |
| FW1894844.UP.FTS.B, 18.47%, 10/21/26.. | 19377 | 19123 | L2016805.UP.FTS.B, 10.63%, 11/10/26.. . . | 7431 | 7357 | 7357 |
| FW1896078.UP.FTS.B, 18.57%, 10/21/26.. | 5218 | 5175 | L2016181.UP.FTS.B, 10.7%, 11/10/26. . . . | 4120 | 4079 | 4079 |
| L1894129.UP.FTS.B, 19.51%, 10/21/26. . . | 2756 | 2728 | L2015997.UP.FTS.B, 10.83%, 11/10/26.. . . | 5731 | 5673 | 5673 |
| L1892072.UP.FTS.B, 19.65%, 10/21/26. . . | 4648 | 4592 | FW2016902.UP.FTS.B, 11.15%, 11/10/26.. | 5793 | 5736 | 5736 |
| L1891212.UP.FTS.B, 19.72%, 10/21/26. . . | 9984 | 9853 | L2000658.UP.FTS.B, 11.67%, 11/10/26.. . . | 15404 | 15247 | 15247 |
| L1889041.UP.FTS.B, 19.76%, 10/21/26. . . | 1269 | 1252 | L2018385.UP.FTS.B, 12.32%, 11/10/26.. . . | 18326 | 18139 | 18139 |
| L1895096.UP.FTS.B, 19.8%, 10/21/26. . . . | 8460 | 8350 | FW2017263.UP.FTS.B, 13.09%, 11/10/26.. | 20788 | 20584 | 20584 |
| FW1894672.UP.FTS.B, 20.2%, 10/21/26.. . | 5367 | 173 | L2016863.UP.FTS.B, 13.15%, 11/10/26.. . . | 4175 | 4134 | 4134 |
| L1892098.UP.FTS.B, 20.43%, 10/21/26. . . | 4456 | 322 | L2017795.UP.FTS.B, 13.15%, 11/10/26.. . . | 4174 | 4134 | 4134 |
| L1895590.UP.FTS.B, 20.46%, 10/21/26. . . | 9370 | 1428 | FW2015303.UP.FTS.B, 13.44%, 11/10/26.. | 41902 | 41480 | 41480 |
| L1890899.UP.FTS.B, 20.85%, 10/21/26. . . | 8495 | 8471 | L2016861.UP.FTS.B, 14.32%, 11/10/26.. . . | 13845 | 13712 | 13712 |
| L1895456.UP.FTS.B, 21.95%, 10/21/26. . . | 4553 | 1333 | L2016549.UP.FTS.B, 14.78%, 11/10/26.. . . | 4959 | 4911 | 4911 |
| L1892599.UP.FTS.B, 22.22%, 10/21/26. . . | 2610 | 2481 | L2017320.UP.FTS.B, 14.79%, 11/10/26.. . . | 3814 | 970 | 970 |
| L1894090.UP.FTS.B, 22.26%, 10/21/26. . . | 12611 | 12434 | L2017584.UP.FTS.B, 14.88%, 11/10/26.. . . | 7570 | 7471 | 7471 |
| L1892391.UP.FTS.B, 22.31%, 10/21/26. . . | 906 | 52 | L2016090.UP.FTS.B, 15.07%, 11/10/26.. . . | 10925 | 10782 | 10782 |
| FW1891693.UP.FTS.B, 22.94%, 10/21/26.. | 4830 | 1407 | L2016450.UP.FTS.B, 15.84%, 11/10/26.. . . | 6502 | 6417 | 6417 |
| FW1892319.UP.FTS.B, 22.95%, 10/21/26.. | 2297 | 2280 | FW2017922.UP.FTS.B, 16.45%, 11/10/26.. | 12674 | 12555 | 12555 |
| L1892172.UP.FTS.B, 23.12%, 10/21/26. . . | 2829 | 2817 | FW2016602.UP.FTS.B, 16.55%, 11/10/26.. | 10162 | 10031 | 10031 |
| L1891077.UP.FTS.B, 23.49%, 10/21/26. . . | 16690 | 16625 | FW2011916.UP.FTS.B, 16.6%, 11/10/26.. . | 2393 | 2368 | 2368 |
| FW1895679.UP.FTS.B, 24.08%, 10/21/26.. | 2267 | 2155 | FW2018016.UP.FTS.B, 16.76%, 11/10/26.. | 16875 | 16654 | 16654 |
| L1895099.UP.FTS.B, 24.25%, 10/21/26. . . | 4132 | 4089 | L2017432.UP.FTS.B, 16.76%, 11/10/26.. . . | 3060 | 3018 | 3018 |
| L1893140.UP.FTS.B, 24.95%, 10/21/26. . . | 1727 | 1720 | L2016538.UP.FTS.B, 16.85%, 11/10/26.. . . | 3814 | 2019 | 2019 |
| L1893569.UP.FTS.B, 25.34%, 10/21/26. . . | 6102 | 6070 | FW2016897.UP.FTS.B, 16.86%, 11/10/26.. | 8607 | 4776 | 4776 |
| L1890870.UP.FTS.B, 25.37%, 10/21/26. . . | 4519 | 4502 | L2015584.UP.FTS.B, 17.41%, 11/10/26.. . . | 33567 | 33045 | 33045 |
| L1890702.UP.FTS.B, 25.43%, 10/21/26. . . | 5101 | 5081 | FW2018257.UP.FTS.B, 17.6%, 11/10/26.. . | 5251 | 1406 | 1406 |
| L1894449.UP.FTS.B, 25.43%, 10/21/26. . . | 31187 | 554 | L2016124.UP.FTS.B, 17.83%, 11/10/26.. . . | 5987 | 5889 | 5889 |
| L1896072.UP.FTS.B, 25.44%, 10/21/26. . . | 3026 | 3014 | L2015741.UP.FTS.B, 18.37%, 11/10/26.. . . | 4742 | 4657 | 4657 |
| L1890828.UP.FTS.B, 25.46%, 10/21/26. . . | 3719 | 3703 | L2015870.UP.FTS.B, 19.02%, 11/10/26.. . . | 1281 | 1261 | 1261 |
| L1891901.UP.FTS.B, 25.47%, 10/21/26. . . | 2067 | 145 | L2017365.UP.FTS.B, 19.49%, 11/10/26.. . . | 25700 | 25304 | 25304 |
| L1896094.UP.FTS.B, 25.49%, 10/21/26. . . | 6615 | 6596 | FW2018022.UP.FTS.B, 19.66%, 11/10/26.. | 42863 | 42204 | 42204 |
| L1896010.UP.FTS.B, 25.54%, 10/21/26. . . | 2133 | 153 | L2018057.UP.FTS.B, 20.23%, 11/10/26.. . . | 17073 | 16944 | 16944 |
| L1891794.UP.FTS.B, 25.77%, 10/21/26. . . | 4455 | 319 | L2012751.UP.FTS.B, 20.27%, 11/10/26.. . . | 9932 | 9768 | 9768 |
| FW1892106.UP.FTS.B, 26.33%, 10/21/26.. | 4338 | 4320 | L2015880.UP.FTS.B, 20.5%, 11/10/26. . . . | 37838 | 37567 | 37567 |
| FW1894097.UP.FTS.B, 26.45%, 10/21/26.. | 5327 | (4) | L2018362.UP.FTS.B, 20.61%, 11/10/26.. . . | 2581 | 2542 | 2542 |
| FW1893402.UP.FTS.B, 27.14%, 10/21/26.. | 5220 | 5200 | L2016429.UP.FTS.B, 20.87%, 11/10/26.. . . | 21572 | 21223 | 21223 |
| L1892234.UP.FTS.B, 27.37%, 10/21/26. . . | 10449 | 10408 | L2016091.UP.FTS.B, 20.97%, 11/10/26.. . . | 4307 | 4241 | 4241 |
| FW1895968.UP.FTS.B, 27.89%, 10/21/26.. | 8920 | 2628 | FW2017939.UP.FTS.B, 21.1%, 11/10/26.. . | 6033 | 5958 | 5958 |
| FW1891795.UP.FTS.B, 28.39%, 10/21/26.. | 9073 | 8628 | L2017334.UP.FTS.B, 21.37%, 11/10/26.. . . | 12078 | 11993 | 11993 |
| FW1892283.UP.FTS.B, 28.56%, 10/21/26.. | 17487 | 17419 | L2015455.UP.FTS.B, 21.53%, 11/10/26.. . . | 974 | 964 | 964 |
| FW1892884.UP.FTS.B, 28.78%, 10/21/26.. | 2087 | 2082 | FW2015645.UP.FTS.B, 21.59%, 11/10/26.. | 5042 | 4961 | 4961 |
| FW1893982.UP.FTS.B, 28.82%, 10/21/26.. | 3673 | 3665 | L2016823.UP.FTS.B, 21.79%, 11/10/26.. . . | 3640 | 80 | 80 |
| FW1891993.UP.FTS.B, 28.9%, 10/21/26.. . | 5757 | 408 | L2018199.UP.FTS.B, 22.27%, 11/10/26.. . . | 8662 | 8588 | 8588 |
| FW1892210.UP.FTS.B, 28.91%, 10/21/26.. | 5553 | 5531 | L2016472.UP.FTS.B, 22.49%, 11/10/26.. . . | 9962 | 9810 | 9810 |
| FW1891950.UP.FTS.B, 29.07%, 10/21/26.. | 43882 | 43721 | FW2017415.UP.FTS.B, 22.56%, 11/10/26.. | 8787 | 632 | 632 |
| FW1892016.UP.FTS.B, 29.55%, 10/21/26.. | 1374 | 211 | L2016591.UP.FTS.B, 22.73%, 11/10/26.. . . | 4335 | 4269 | 4269 |
| FW1889324.UP.FTS.B, 29.6%, 10/21/26.. . | 8794 | 614 | L2016525.UP.FTS.B, 22.77%, 11/10/26.. . . | 6405 | 949 | 949 |
| FW1894326.UP.FTS.B, 29.68%, 10/21/26.. | 9395 | 9357 | L2015725.UP.FTS.B, 22.82%, 11/10/26.. . . | 1376 | 1366 | 1366 |
| FW1893145.UP.FTS.B, 30.26%, 10/21/26.. | 9186 | 1427 | L2016796.UP.FTS.B, 23.07%, 11/10/26.. . . | 2672 | 2649 | 2649 |
| FW1890831.UP.FTS.B, 30.45%, 10/21/26.. | 5280 | 5268 | L2017658.UP.FTS.B, 23.16%, 11/10/26.. . . | 2965 | 434 | 434 |
| FW1894061.UP.FTS.B, 30.74%, 10/21/26.. | 4404 | 4388 | FW2007819.UP.FTS.B, 23.25%, 11/10/26.. | 8622 | 8558 | 8558 |
| FW1891617.UP.FTS.B, 30.83%, 10/21/26.. | 2862 | 127 | L2018147.UP.FTS.B, 23.34%, 11/10/26.. . . | 13182 | 13045 | 13045 |
| FW1894937.UP.FTS.B, 30.9%, 10/21/26.. . | 13659 | 2087 | L2018074.UP.FTS.B, 23.36%, 11/10/26.. . . | 5214 | 5177 | 5177 |
| FW1890284.UP.FTS.B, 30.97%, 10/21/26.. | 1729 | 1723 | L2017555.UP.FTS.B, 23.63%, 11/10/26.. . . | 6088 | 6046 | 6046 |
| FW1890712.UP.FTS.B, 31.02%, 10/21/26.. | 1622 | 481 | L2018236.UP.FTS.B, 23.72%, 11/10/26.. . . | 3574 | 1023 | 1023 |
| FW1894842.UP.FTS.B, 31.16%, 10/21/26.. | 3760 | 3750 | FW2018046.UP.FTS.B, 23.73%, 11/10/26.. | 3132 | 3110 | 3110 |
| FW1892541.UP.FTS.B, 31.18%, 10/21/26.. | 1498 | 446 | L2018486.UP.FTS.B, 23.79%, 11/10/26.. . . | 17404 | 17190 | 17190 |
| FW1892685.UP.FTS.B, 31.39%, 10/21/26.. | 2278 | 2271 | L2015796.UP.FTS.B, 24.12%, 11/10/26.. . . | 5663 | 5624 | 5624 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 125 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 125 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2017808.UP.FTS.B, 24.16%, 11/10/26.. $17,409 | FW2017808.UP.FTS.B, 24.16%, 11/10/26.. $17,409 | FW2017808.UP.FTS.B, 24.16%, 11/10/26.. $17,409 | FW2017808.UP.FTS.B, 24.16%, 11/10/26.. $17,409 | $17288 | FW2015849.UP.FTS.B, 30.69%, 11/10/26.. $12,283 | FW2015849.UP.FTS.B, 30.69%, 11/10/26.. $12,283 | $3549 |
| L2010804.UP.FTS.B, 24.21%, 11/10/26.. . . | L2010804.UP.FTS.B, 24.21%, 11/10/26.. . . | L2010804.UP.FTS.B, 24.21%, 11/10/26.. . . | 13072 | 12982 | FW2018051.UP.FTS.B, 30.78%, 11/10/26.. | 3650 | 255 |
| FW2015624.UP.FTS.B, 24.49%, 11/10/26.. | FW2015624.UP.FTS.B, 24.49%, 11/10/26.. | FW2015624.UP.FTS.B, 24.49%, 11/10/26.. | 5217 | 5180 | FW2017369.UP.FTS.B, 30.83%, 11/10/26.. | 2671 | 2654 |
| L2017277.UP.FTS.B, 24.63%, 11/10/26.. . . | L2017277.UP.FTS.B, 24.63%, 11/10/26.. . . | L2017277.UP.FTS.B, 24.63%, 11/10/26.. . . | 1746 | 1734 | FW2017102.UP.FTS.B, 30.96%, 11/10/26.. | 1783 | 1769 |
| L2016414.UP.FTS.B, 24.87%, 11/10/26.. . . | L2016414.UP.FTS.B, 24.87%, 11/10/26.. . . | L2016414.UP.FTS.B, 24.87%, 11/10/26.. . . | 874 | 866 | FW2016238.UP.FTS.B, 30.97%, 11/10/26.. | 1997 | 1192 |
| L2018138.UP.FTS.B, 24.93%, 11/10/26.. . . | L2018138.UP.FTS.B, 24.93%, 11/10/26.. . . | L2018138.UP.FTS.B, 24.93%, 11/10/26.. . . | 1999 | 1974 | FW2014044.UP.FTS.B, 31.01%, 11/10/26.. | 3567 | 3539 |
| L2017556.UP.FTS.B, 25.05%, 11/10/26.. . . | L2017556.UP.FTS.B, 25.05%, 11/10/26.. . . | L2017556.UP.FTS.B, 25.05%, 11/10/26.. . . | 3404 | 3380 | FW2016392.UP.FTS.B, 31.01%, 11/10/26.. | 859 | 846 |
| L2016122.UP.FTS.B, 25.2%, 11/10/26. . . . | L2016122.UP.FTS.B, 25.2%, 11/10/26. . . . | L2016122.UP.FTS.B, 25.2%, 11/10/26. . . . | 3498 | 3445 | FW2015895.UP.FTS.B, 31.02%, 11/10/26.. | 2133 | 621 |
| FW2018111.UP.FTS.B, 25.21%, 11/10/26. . | FW2018111.UP.FTS.B, 25.21%, 11/10/26. . | FW2018111.UP.FTS.B, 25.21%, 11/10/26. . | 1847 | 132 | FW2017963.UP.FTS.B, 31.1%, 11/10/26.. . | 8376 | 8322 |
| L2017313.UP.FTS.B, 25.23%, 11/10/26.. . . | L2017313.UP.FTS.B, 25.23%, 11/10/26.. . . | L2017313.UP.FTS.B, 25.23%, 11/10/26.. . . | 3848 | 3822 | FW2015165.UP.FTS.B, 31.13%, 11/10/26.. | 1609 | 1596 |
| L2018241.UP.FTS.B, 25.23%, 11/10/26.. . . | L2018241.UP.FTS.B, 25.23%, 11/10/26.. . . | L2018241.UP.FTS.B, 25.23%, 11/10/26.. . . | 2040 | 60 | FW2018365.UP.FTS.B, 31.14%, 11/10/26.. | 1298 | 1288 |
| L2016934.UP.FTS.B, 25.28%, 11/10/26.. . . | L2016934.UP.FTS.B, 25.28%, 11/10/26.. . . | L2016934.UP.FTS.B, 25.28%, 11/10/26.. . . | 747 | 734 | FW2018421.UP.FTS.B, 31.14%, 11/10/26.. | 3785 | 2257 |
| L2016288.UP.FTS.B, 25.3%, 11/10/26. . . . | L2016288.UP.FTS.B, 25.3%, 11/10/26. . . . | L2016288.UP.FTS.B, 25.3%, 11/10/26. . . . | 7873 | 7819 | FW2016440.UP.FTS.B, 31.16%, 11/10/26.. | 3745 | 3720 |
| L2017361.UP.FTS.B, 25.31%, 11/10/26.. . . | L2017361.UP.FTS.B, 25.31%, 11/10/26.. . . | L2017361.UP.FTS.B, 25.31%, 11/10/26.. . . | 3242 | 231 | FW2018137.UP.FTS.B, 31.23%, 11/10/26.. | 17919 | 17803 |
| L1996396.UP.FTS.B, 25.34%, 11/10/26.. . . | L1996396.UP.FTS.B, 25.34%, 11/10/26.. . . | L1996396.UP.FTS.B, 25.34%, 11/10/26.. . . | 2013 | 1999 | FW2015784.UP.FTS.B, 31.24%, 11/10/26.. | 2050 | 2037 |
| L1992755.UP.FTS.B, 25.36%, 11/10/26.. . . | L1992755.UP.FTS.B, 25.36%, 11/10/26.. . . | L1992755.UP.FTS.B, 25.36%, 11/10/26.. . . | 1400 | 1390 | FW2016681.UP.FTS.B, 31.25%, 11/10/26.. | 4904 | 4872 |
| L2016960.UP.FTS.B, 25.39%, 11/10/26.. . . | L2016960.UP.FTS.B, 25.39%, 11/10/26.. . . | L2016960.UP.FTS.B, 25.39%, 11/10/26.. . . | 963 | 956 | FW2017946.UP.FTS.B, 31.9%, 11/10/26.. . | 2113 | 2094 |
| L2010871.UP.FTS.B, 25.45%, 11/10/26.. . . | L2010871.UP.FTS.B, 25.45%, 11/10/26.. . . | L2010871.UP.FTS.B, 25.45%, 11/10/26.. . . | 763 | 753 | FW2017831.UP.FTS.B, 32.03%, 11/10/26.. | 6460 | 3866 |
| L2016381.UP.FTS.B, 25.48%, 11/10/26.. . . | L2016381.UP.FTS.B, 25.48%, 11/10/26.. . . | L2016381.UP.FTS.B, 25.48%, 11/10/26.. . . | 2568 | 22 | FW2018216.UP.FTS.B, 32.18%, 11/10/26.. | 3297 | 3276 |
| L2017166.UP.FTS.B, 25.5%, 11/10/26. . . . | L2017166.UP.FTS.B, 25.5%, 11/10/26. . . . | L2017166.UP.FTS.B, 25.5%, 11/10/26. . . . | 4591 | 4538 | FW2110828.UP.FTS.B, 6%, 11/24/26. . . . . | 1571 | 1574 |
| L2011550.UP.FTS.B, 25.55%, 11/10/26.. . . | L2011550.UP.FTS.B, 25.55%, 11/10/26.. . . | L2011550.UP.FTS.B, 25.55%, 11/10/26.. . . | 5516 | 5478 | L2111539.UP.FTS.B, 8.17%, 11/24/26.. . . . | 6531 | 6487 |
| L2018078.UP.FTS.B, 25.62%, 11/10/26.. . . | L2018078.UP.FTS.B, 25.62%, 11/10/26.. . . | L2018078.UP.FTS.B, 25.62%, 11/10/26.. . . | 3436 | 3409 | L2112207.UP.FTS.B, 9.52%, 11/24/26.. . . . | 10519 | 10448 |
| L2008161.UP.FTS.B, 25.72%, 11/10/26.. . . | L2008161.UP.FTS.B, 25.72%, 11/10/26.. . . | L2008161.UP.FTS.B, 25.72%, 11/10/26.. . . | 6482 | 6438 | L2111293.UP.FTS.B, 9.98%, 11/24/26.. . . . | 10549 | 10478 |
| L2018213.UP.FTS.B, 25.8%, 11/10/26. . . . | L2018213.UP.FTS.B, 25.8%, 11/10/26. . . . | L2018213.UP.FTS.B, 25.8%, 11/10/26. . . . | 15230 | 15101 | FW2112522.UP.FTS.B, 10.63%, 11/24/26.. | 1057 | 1049 |
| FW2017120.UP.FTS.B, 25.88%, 11/10/26.. | FW2017120.UP.FTS.B, 25.88%, 11/10/26.. | FW2017120.UP.FTS.B, 25.88%, 11/10/26.. | 6540 | 1891 | L2112534.UP.FTS.B, 11.65%, 11/24/26.. . . | 23391 | 23208 |
| FW2017685.UP.FTS.B, 26.05%, 11/10/26.. | FW2017685.UP.FTS.B, 26.05%, 11/10/26.. | FW2017685.UP.FTS.B, 26.05%, 11/10/26.. | 8817 | 8747 | L2110925.UP.FTS.B, 12.01%, 11/24/26.. . . | 24923 | 24730 |
| FW2017724.UP.FTS.B, 26.2%, 11/10/26.. . | FW2017724.UP.FTS.B, 26.2%, 11/10/26.. . | FW2017724.UP.FTS.B, 26.2%, 11/10/26.. . | 3484 | 3458 | L2112036.UP.FTS.B, 13.1%, 11/24/26.. . . . | 1252 | 1242 |
| FW2015254.UP.FTS.B, 26.34%, 11/10/26.. | FW2015254.UP.FTS.B, 26.34%, 11/10/26.. | FW2015254.UP.FTS.B, 26.34%, 11/10/26.. | 23947 | 1699 | L2111515.UP.FTS.B, 13.17%, 11/24/26.. . . | 4985 | 4947 |
| L2017215.UP.FTS.B, 26.46%, 11/10/26.. . . | L2017215.UP.FTS.B, 26.46%, 11/10/26.. . . | L2017215.UP.FTS.B, 26.46%, 11/10/26.. . . | 5269 | 5234 | L2111347.UP.FTS.B, 14.3%, 11/24/26.. . . . | 2711 | 195 |
| FW2017665.UP.FTS.B, 26.79%, 11/10/26.. | FW2017665.UP.FTS.B, 26.79%, 11/10/26.. | FW2017665.UP.FTS.B, 26.79%, 11/10/26.. | 10549 | 10478 | L2109723.UP.FTS.B, 14.71%, 11/24/26.. . . | 37368 | 37085 |
| FW2017752.UP.FTS.B, 26.85%, 11/10/26.. | FW2017752.UP.FTS.B, 26.85%, 11/10/26.. | FW2017752.UP.FTS.B, 26.85%, 11/10/26.. | 26455 | 26247 | L2112445.UP.FTS.B, 15.34%, 11/24/26.. . . | 2528 | 2503 |
| FW2017315.UP.FTS.B, 26.97%, 11/10/26.. | FW2017315.UP.FTS.B, 26.97%, 11/10/26.. | FW2017315.UP.FTS.B, 26.97%, 11/10/26.. | 4398 | 4369 | L2112051.UP.FTS.B, 15.48%, 11/24/26.. . . | 12624 | 12501 |
| FW2017448.UP.FTS.B, 26.97%, 11/10/26.. | FW2017448.UP.FTS.B, 26.97%, 11/10/26.. | FW2017448.UP.FTS.B, 26.97%, 11/10/26.. | 1776 | 1762 | L2107550.UP.FTS.B, 15.75%, 11/24/26.. . . | 2212 | 2192 |
| FW2017995.UP.FTS.B, 27.09%, 11/10/26.. | FW2017995.UP.FTS.B, 27.09%, 11/10/26.. | FW2017995.UP.FTS.B, 27.09%, 11/10/26.. | 5280 | 5245 | L2111566.UP.FTS.B, 15.86%, 11/24/26.. . . | 4222 | 4182 |
| FW2017395.UP.FTS.B, 27.53%, 11/10/26.. | FW2017395.UP.FTS.B, 27.53%, 11/10/26.. | FW2017395.UP.FTS.B, 27.53%, 11/10/26.. | 5305 | 5263 | L2111428.UP.FTS.B, 15.89%, 11/24/26.. . . | 4223 | 4182 |
| FW2018112.UP.FTS.B, 27.81%, 11/10/26.. | FW2018112.UP.FTS.B, 27.81%, 11/10/26.. | FW2018112.UP.FTS.B, 27.81%, 11/10/26.. | 10124 | 10036 | FW2111859.UP.FTS.B, 16.21%, 11/24/26. . | 7188 | 7119 |
| FW2015111.UP.FTS.B, 27.96%, 11/10/26. . | FW2015111.UP.FTS.B, 27.96%, 11/10/26. . | FW2015111.UP.FTS.B, 27.96%, 11/10/26. . | 2118 | 2104 | FW2112290.UP.FTS.B, 16.35%, 11/24/26.. | 3639 | 263 |
| FW2018013.UP.FTS.B, 28.12%, 11/10/26.. | FW2018013.UP.FTS.B, 28.12%, 11/10/26.. | FW2018013.UP.FTS.B, 28.12%, 11/10/26.. | 35844 | 35541 | FW2103748.UP.FTS.B, 16.46%, 11/24/26.. | 4359 | 1136 |
| FW2018097.UP.FTS.B, 28.2%, 11/10/26.. . | FW2018097.UP.FTS.B, 28.2%, 11/10/26.. . | FW2018097.UP.FTS.B, 28.2%, 11/10/26.. . | 1574 | 1562 | L2111758.UP.FTS.B, 16.63%, 11/24/26.. . . | 34294 | 34025 |
| FW2017468.UP.FTS.B, 28.36%, 11/10/26.. | FW2017468.UP.FTS.B, 28.36%, 11/10/26.. | FW2017468.UP.FTS.B, 28.36%, 11/10/26.. | 1767 | 1755 | FW2111175.UP.FTS.B, 16.64%, 11/24/26. . | 5646 | 5585 |
| FW2017627.UP.FTS.B, 28.75%, 11/10/26.. | FW2017627.UP.FTS.B, 28.75%, 11/10/26.. | FW2017627.UP.FTS.B, 28.75%, 11/10/26.. | 6275 | 6222 | L2111907.UP.FTS.B, 16.75%, 11/24/26.. . . | 2543 | 2518 |
| FW2016710.UP.FTS.B, 28.83%, 11/10/26.. | FW2016710.UP.FTS.B, 28.83%, 11/10/26.. | FW2016710.UP.FTS.B, 28.83%, 11/10/26.. | 12714 | 1854 | L2111647.UP.FTS.B, 16.92%, 11/24/26.. . . | 9810 | 603 |
| FW2018328.UP.FTS.B, 28.94%, 11/10/26.. | FW2018328.UP.FTS.B, 28.94%, 11/10/26.. | FW2018328.UP.FTS.B, 28.94%, 11/10/26.. | 1062 | 1055 | L2110744.UP.FTS.B, 17.28%, 11/24/26.. . . | 2766 | 196 |
| FW2017940.UP.FTS.B, 29.24%, 11/10/26.. | FW2017940.UP.FTS.B, 29.24%, 11/10/26.. | FW2017940.UP.FTS.B, 29.24%, 11/10/26.. | 2512 | 2491 | FW2111473.UP.FTS.B, 17.42%, 11/24/26. . | 3299 | 3267 |
| FW2017283.UP.FTS.B, 29.28%, 11/10/26.. | FW2017283.UP.FTS.B, 29.28%, 11/10/26.. | FW2017283.UP.FTS.B, 29.28%, 11/10/26.. | 4431 | 4402 | L2111497.UP.FTS.B, 17.5%, 11/24/26.. . . . | 13659 | 981 |
| FW2017821.UP.FTS.B, 29.34%, 11/10/26.. | FW2017821.UP.FTS.B, 29.34%, 11/10/26.. | FW2017821.UP.FTS.B, 29.34%, 11/10/26.. | 4432 | 4402 | FW2112554.UP.FTS.B, 17.97%, 11/24/26.. | 25576 | 25314 |
| FW2016668.UP.FTS.B, 29.41%, 11/10/26.. | FW2016668.UP.FTS.B, 29.41%, 11/10/26.. | FW2016668.UP.FTS.B, 29.41%, 11/10/26.. | 6207 | 6166 | FW2103098.UP.FTS.B, 18.1%, 11/24/26.. . | 3408 | 3370 |
| FW2016853.UP.FTS.B, 29.43%, 11/10/26.. | FW2016853.UP.FTS.B, 29.43%, 11/10/26.. | FW2016853.UP.FTS.B, 29.43%, 11/10/26.. | 4605 | 4554 | L2112204.UP.FTS.B, 18.12%, 11/24/26.. . . | 4693 | 4645 |
| FW2015356.UP.FTS.B, 29.53%, 11/10/26.. | FW2015356.UP.FTS.B, 29.53%, 11/10/26.. | FW2015356.UP.FTS.B, 29.53%, 11/10/26.. | 770 | 760 | L2110989.UP.FTS.B, 18.58%, 11/24/26.. . . | 5976 | 5908 |
| FW2017367.UP.FTS.B, 29.54%, 11/10/26.. | FW2017367.UP.FTS.B, 29.54%, 11/10/26.. | FW2017367.UP.FTS.B, 29.54%, 11/10/26.. | 29583 | 29098 | L2111067.UP.FTS.B, 18.81%, 11/24/26.. . . | 1070 | 1057 |
| FW2016021.UP.FTS.B, 29.96%, 11/10/26.. | FW2016021.UP.FTS.B, 29.96%, 11/10/26.. | FW2016021.UP.FTS.B, 29.96%, 11/10/26.. | 13440 | 13342 | L2111999.UP.FTS.B, 18.81%, 11/24/26.. . . | 9530 | 9394 |
| FW2017996.UP.FTS.B, 29.99%, 11/10/26.. | FW2017996.UP.FTS.B, 29.99%, 11/10/26.. | FW2017996.UP.FTS.B, 29.99%, 11/10/26.. | 3274 | 229 | L2101761.UP.FTS.B, 19.04%, 11/24/26.. . . | 2993 | 2959 |
| FW2017063.UP.FTS.B, 30.06%, 11/10/26.. | FW2017063.UP.FTS.B, 30.06%, 11/10/26.. | FW2017063.UP.FTS.B, 30.06%, 11/10/26.. | 846 | 60 | FW2111909.UP.FTS.B, 19.23%, 11/24/26. . | 2904 | 2871 |
| FW2017531.UP.FTS.B, 30.14%, 11/10/26.. | FW2017531.UP.FTS.B, 30.14%, 11/10/26.. | FW2017531.UP.FTS.B, 30.14%, 11/10/26.. | 6664 | 6620 | L2110967.UP.FTS.B, 19.28%, 11/24/26.. . . | 8034 | 7927 |
| FW2015923.UP.FTS.B, 30.28%, 11/10/26.. | FW2015923.UP.FTS.B, 30.28%, 11/10/26.. | FW2015923.UP.FTS.B, 30.28%, 11/10/26.. | 7111 | 7065 | L2111433.UP.FTS.B, 19.56%, 11/24/26.. . . | 4285 | 4236 |
| FW2016098.UP.FTS.B, 30.28%, 11/10/26.. | FW2016098.UP.FTS.B, 30.28%, 11/10/26.. | FW2016098.UP.FTS.B, 30.28%, 11/10/26.. | 1422 | 1413 | L2110053.UP.FTS.B, 19.71%, 11/24/26.. . . | 6430 | 6358 |
| FW2017756.UP.FTS.B, 30.55%, 11/10/26.. | FW2017756.UP.FTS.B, 30.55%, 11/10/26.. | FW2017756.UP.FTS.B, 30.55%, 11/10/26.. | 11387 | 11312 | FW2111564.UP.FTS.B, 19.87%, 11/24/26. . | 4118 | 4072 |
| FW2015746.UP.FTS.B, 30.57%, 11/10/26.. | FW2015746.UP.FTS.B, 30.57%, 11/10/26.. | FW2015746.UP.FTS.B, 30.57%, 11/10/26.. | 2580 | 2563 | L2110920.UP.FTS.B, 20%, 11/24/26.. . . . . | 11461 | 11326 |
| 126 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 126 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2110840.UP.FTS.B, 20.27%, 11/24/26.. . . | $4295 | $4285 | FW2110871.UP.FTS.B, 31.83%, 11/24/26.. | $3572 | $3567 | 3567 |
| FW2112337.UP.FTS.B, 20.38%, 11/24/26.. | 8534 | 8511 | L2262825.UP.FTS.B, 7.69%, 12/16/26. . . . | 12442 | 12346 | 12346 |
| L2110708.UP.FTS.B, 20.56%, 11/24/26.. . . | 5333 | 5274 | FW2264096.UP.FTS.B, 8.01%, 12/16/26.. . | 7475 | 7418 | 7418 |
| FW2103854.UP.FTS.B, 20.73%, 11/24/26.. | 15581 | 15398 | L2266515.UP.FTS.B, 8.1%, 12/16/26. . . . . | 6232 | 6185 | 6185 |
| L2111070.UP.FTS.B, 20.97%, 11/24/26.. . . | 3062 | 3047 | L2264632.UP.FTS.B, 8.24%, 12/16/26. . . . | 16671 | 16545 | 16545 |
| FW2110854.UP.FTS.B, 21.25%, 11/24/26.. | 5174 | 5117 | L2260039.UP.FTS.B, 8.53%, 12/16/26. . . . | 4149 | 4108 | 4108 |
| FW2112190.UP.FTS.B, 21.47%, 11/24/26.. | 5430 | 820 | L2264794.UP.FTS.B, 9.82%, 12/16/26. . . . | 394 | 390 | 390 |
| FW2110697.UP.FTS.B, 21.79%, 11/24/26.. | 11444 | 11392 | L2233679.UP.FTS.B, 10.15%, 12/16/26. . . | 5448 | 5409 | 5409 |
| L2111001.UP.FTS.B, 22.12%, 11/24/26.. . . | 1711 | 1706 | L2256936.UP.FTS.B, 11.09%, 12/16/26.. . . | 16831 | 16675 | 16675 |
| L2109591.UP.FTS.B, 22.25%, 11/24/26.. . . | 17310 | 17274 | L2261890.UP.FTS.B, 11.17%, 12/16/26.. . . | 12629 | 12507 | 12507 |
| L2112213.UP.FTS.B, 22.37%, 11/24/26.. . . | 6062 | 6050 | L2265566.UP.FTS.B, 11.83%, 12/16/26.. . . | 12662 | 12540 | 12540 |
| L2110974.UP.FTS.B, 22.6%, 11/24/26.. . . . | 4391 | 4376 | L2265755.UP.FTS.B, 11.99%, 12/16/26.. . . | 6867 | 6451 | 6451 |
| FW2111879.UP.FTS.B, 22.64%, 11/24/26. . | 13001 | 12974 | FW2263431.UP.FTS.B, 12.09%, 12/16/26.. | 5915 | 5859 | 5859 |
| L2111255.UP.FTS.B, 22.67%, 11/24/26.. . . | 6226 | 1825 | L2264084.UP.FTS.B, 12.97%, 12/16/26. . . | 1850 | 1784 | 1784 |
| L2111918.UP.FTS.B, 22.67%, 11/24/26.. . . | 17212 | 17168 | L2262690.UP.FTS.B, 13.04%, 12/16/26. . . | 7210 | 7142 | 7142 |
| L2111808.UP.FTS.B, 23.39%, 11/24/26.. . . | 2721 | 2712 | L2190467.UP.FTS.B, 13.35%, 12/16/26. . . | 4671 | 4629 | 4629 |
| L2111770.UP.FTS.B, 23.69%, 11/24/26.. . . | 4288 | 4228 | L2260554.UP.FTS.B, 13.52%, 12/16/26. . . | 5798 | 5744 | 5744 |
| FW2104440.UP.FTS.B, 24.64%, 11/24/26.. | 5512 | 129 | L2267070.UP.FTS.B, 13.82%, 12/16/26. . . | 4655 | 338 | 338 |
| FW2111536.UP.FTS.B, 24.67%, 11/24/26. . | 8719 | 8625 | L2261612.UP.FTS.B, 13.93%, 12/16/26. . . | 1703 | 1687 | 1687 |
| L2110705.UP.FTS.B, 24.88%, 11/24/26.. . . | 12054 | 12031 | FW2266148.UP.FTS.B, 14.03%, 12/16/26.. | 4258 | 4219 | 4219 |
| L2111688.UP.FTS.B, 25.07%, 11/24/26.. . . | 2185 | 2181 | FW2263216.UP.FTS.B, 14.33%, 12/16/26.. | 853 | 845 | 845 |
| L2110767.UP.FTS.B, 25.12%, 11/24/26.. . . | 16460 | 16275 | FW2263771.UP.FTS.B, 14.5%, 12/16/26.. . | 6399 | 6339 | 6339 |
| L2110949.UP.FTS.B, 25.25%, 11/24/26.. . . | 2449 | 2444 | L2257039.UP.FTS.B, 14.56%, 12/16/26. . . | 3414 | 3383 | 3383 |
| FW2111387.UP.FTS.B, 25.36%, 11/24/26. . | 5878 | 5863 | FW2262525.UP.FTS.B, 14.73%, 12/16/26.. | 25616 | 25388 | 25388 |
| L2112349.UP.FTS.B, 25.4%, 11/24/26.. . . . | 8751 | 8734 | L2266678.UP.FTS.B, 14.84%, 12/16/26. . . | 11105 | 11006 | 11006 |
| L2111404.UP.FTS.B, 25.42%, 11/24/26.. . . | 4586 | 82 | L2266887.UP.FTS.B, 15.02%, 12/16/26. . . | 5984 | 5911 | 5911 |
| L2111176.UP.FTS.B, 25.44%, 11/24/26.. . . | 3408 | 3401 | FW2266772.UP.FTS.B, 15.05%, 12/16/26.. | 6817 | 6733 | 6733 |
| L2111206.UP.FTS.B, 25.46%, 11/24/26.. . . | 1750 | 1747 | L2262094.UP.FTS.B, 15.17%, 12/16/26. . . | 4277 | 4239 | 4239 |
| L2112057.UP.FTS.B, 25.5%, 11/24/26.. . . . | 3373 | 3358 | L2261820.UP.FTS.B, 15.32%, 12/16/26. . . | 42746 | 42367 | 42367 |
| L2112241.UP.FTS.B, 25.52%, 11/24/26.. . . | 4588 | 718 | FW2265961.UP.FTS.B, 16.27%, 12/16/26.. | 5154 | 5091 | 5091 |
| L2111177.UP.FTS.B, 25.59%, 11/24/26.. . . | 6481 | 6469 | L2265506.UP.FTS.B, 16.32%, 12/16/26. . . | 11883 | 11173 | 11173 |
| L2111103.UP.FTS.B, 25.8%, 11/24/26.. . . . | 2279 | 2272 | L2261177.UP.FTS.B, 16.49%, 12/16/26.. . . | 5591 | 5521 | 5521 |
| FW2110882.UP.FTS.B, 25.83%, 11/24/26.. | 7013 | 7000 | L2261462.UP.FTS.B, 16.62%, 12/16/26. . . | 2838 | 2804 | 2804 |
| FW2108311.UP.FTS.B, 26.95%, 11/24/26.. | 3519 | 3513 | L2262249.UP.FTS.B, 16.91%, 12/16/26. . . | 6402 | 1734 | 1734 |
| FW2112039.UP.FTS.B, 27.75%, 11/24/26.. | 4742 | 333 | L2262304.UP.FTS.B, 17.3%, 12/16/26. . . . | 11209 | 11067 | 11067 |
| FW2110829.UP.FTS.B, 27.91%, 11/24/26.. | 13566 | 13501 | L2261255.UP.FTS.B, 17.42%, 12/16/26. . . | 33442 | 33015 | 33015 |
| FW2111654.UP.FTS.B, 28.15%, 11/24/26. . | 13291 | 13253 | FW2265856.UP.FTS.B, 17.99%, 12/16/26.. | 7712 | 7617 | 7617 |
| FW2111301.UP.FTS.B, 28.21%, 11/24/26. . | 4416 | 4409 | L2260722.UP.FTS.B, 18.02%, 12/16/26. . . | 2592 | 2554 | 2554 |
| FW2109993.UP.FTS.B, 28.34%, 11/24/26.. | 4418 | 4410 | L2262594.UP.FTS.B, 18.44%, 12/16/26. . . | 866 | 855 | 855 |
| FW2110973.UP.FTS.B, 28.48%, 11/24/26.. | 2652 | 2648 | L2265320.UP.FTS.B, 18.67%, 12/16/26. . . | 867 | 856 | 856 |
| FW2111445.UP.FTS.B, 28.69%, 11/24/26. . | 6722 | 470 | FW2266130.UP.FTS.B, 18.7%, 12/16/26.. . | 8926 | 8820 | 8820 |
| FW2112020.UP.FTS.B, 28.92%, 11/24/26.. | 2547 | 2538 | L2261867.UP.FTS.B, 18.76%, 12/16/26. . . | 2170 | 2143 | 2143 |
| FW2111392.UP.FTS.B, 29.36%, 11/24/26. . | 5708 | 404 | L2265066.UP.FTS.B, 18.81%, 12/16/26. . . | 4682 | 340 | 340 |
| FW2109377.UP.FTS.B, 30.03%, 11/24/26.. | 4349 | 4335 | L2264467.UP.FTS.B, 18.83%, 12/16/26. . . | 19155 | 17997 | 17997 |
| FW2112225.UP.FTS.B, 30.05%, 11/24/26.. | 1688 | 1685 | FW2261853.UP.FTS.B, 18.96%, 12/16/26.. | 1311 | 1232 | 1232 |
| FW2111978.UP.FTS.B, 30.35%, 11/24/26. . | 3127 | 486 | L2261873.UP.FTS.B, 19.04%, 12/16/26. . . | 2531 | 363 | 363 |
| FW2112276.UP.FTS.B, 30.64%, 11/24/26.. | 1394 | 97 | L2262520.UP.FTS.B, 19.39%, 12/16/26. . . | 4522 | 4452 | 4452 |
| FW2109608.UP.FTS.B, 30.73%, 11/24/26.. | 1815 | 542 | L2261512.UP.FTS.B, 19.6%, 12/16/26. . . . | 8694 | 8591 | 8591 |
| FW2112451.UP.FTS.B, 30.73%, 11/24/26.. | 1602 | 1600 | L2261469.UP.FTS.B, 19.7%, 12/16/26. . . . | 2784 | 2742 | 2742 |
| FW2111816.UP.FTS.B, 30.78%, 11/24/26. . | 2048 | 2045 | L2260922.UP.FTS.B, 19.74%, 12/16/26. . . | 6089 | 6051 | 6051 |
| FW2111418.UP.FTS.B, 30.88%, 11/24/26. . | 13794 | 13774 | L2265533.UP.FTS.B, 19.85%, 12/16/26. . . | 8825 | 8288 | 8288 |
| FW2112419.UP.FTS.B, 30.97%, 11/24/26.. | 1221 | 1205 | L2261927.UP.FTS.B, 19.86%, 12/16/26. . . | 870 | 857 | 857 |
| FW2111709.UP.FTS.B, 31.03%, 11/24/26. . | 6682 | 6672 | L2262271.UP.FTS.B, 20.02%, 12/16/26. . . | 8475 | 8348 | 8348 |
| FW2110860.UP.FTS.B, 31.09%, 11/24/26.. | 4188 | 4182 | L2238848.UP.FTS.B, 20.03%, 12/16/26. . . | 22912 | 726 | 726 |
| FW2111832.UP.FTS.B, 31.16%, 11/24/26. . | 10644 | 10599 | FW2262822.UP.FTS.B, 20.38%, 12/16/26.. | 2615 | 2599 | 2599 |
| FW2104466.UP.FTS.B, 31.47%, 11/24/26.. | 3747 | 3742 | FW2266143.UP.FTS.B, 20.49%, 12/16/26.. | 11910 | 346 | 346 |
| FW2111588.UP.FTS.B, 31.7%, 11/24/26.. . | 2098 | 147 | L2262115.UP.FTS.B, 20.57%, 12/16/26.. . . | 2268 | 2236 | 2236 |
| FW2112102.UP.FTS.B, 31.76%, 11/24/26.. | 7165 | 7150 | L2262532.UP.FTS.B, 20.65%, 12/16/26. . . | 11420 | 3289 | 3289 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 127 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 127 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2264912.UP.FTS.B, 20.76%, 12/16/26. . . $ | L2264912.UP.FTS.B, 20.76%, 12/16/26. . . $ | L2264912.UP.FTS.B, 20.76%, 12/16/26. . . $ | 3492 | $3439 | FW2264712.UP.FTS.B, 28.97%, 12/16/26.. $ | 2323 | $2204 |
| FW2267215.UP.FTS.B, 20.8%, 12/16/26.. . | FW2267215.UP.FTS.B, 20.8%, 12/16/26.. . | FW2267215.UP.FTS.B, 20.8%, 12/16/26.. . | 8731 | 8665 | FW2265353.UP.FTS.B, 29.01%, 12/16/26.. | 12287 | 12205 |
| L2265409.UP.FTS.B, 21.36%, 12/16/26. . . | L2265409.UP.FTS.B, 21.36%, 12/16/26. . . | L2265409.UP.FTS.B, 21.36%, 12/16/26. . . | 4498 | 1260 | FW2264681.UP.FTS.B, 29.13%, 12/16/26.. | 3585 | 3565 |
| L2266258.UP.FTS.B, 21.36%, 12/16/26. . . | L2266258.UP.FTS.B, 21.36%, 12/16/26. . . | L2266258.UP.FTS.B, 21.36%, 12/16/26. . . | 4811 | 4775 | FW2263571.UP.FTS.B, 29.51%, 12/16/26.. | 3758 | 561 |
| L2263510.UP.FTS.B, 21.37%, 12/16/26. . . | L2263510.UP.FTS.B, 21.37%, 12/16/26. . . | L2263510.UP.FTS.B, 21.37%, 12/16/26. . . | 2449 | 2412 | FW2261035.UP.FTS.B, 29.7%, 12/16/26.. . | 1554 | 1543 |
| FW2263533.UP.FTS.B, 21.45%, 12/16/26.. | FW2263533.UP.FTS.B, 21.45%, 12/16/26.. | FW2263533.UP.FTS.B, 21.45%, 12/16/26.. | 4404 | 4351 | FW2256091.UP.FTS.B, 29.72%, 12/16/26.. | 3185 | 3022 |
| FW2265163.UP.FTS.B, 21.6%, 12/16/26.. . | FW2265163.UP.FTS.B, 21.6%, 12/16/26.. . | FW2265163.UP.FTS.B, 21.6%, 12/16/26.. . | 5253 | 5174 | FW2261136.UP.FTS.B, 29.72%, 12/16/26.. | 5386 | 5356 |
| FW2266413.UP.FTS.B, 21.62%, 12/16/26.. | FW2266413.UP.FTS.B, 21.62%, 12/16/26.. | FW2266413.UP.FTS.B, 21.62%, 12/16/26.. | 13053 | 12898 | FW2266831.UP.FTS.B, 29.8%, 12/16/26.. . | 3641 | 541 |
| L2266172.UP.FTS.B, 21.62%, 12/16/26. . . | L2266172.UP.FTS.B, 21.62%, 12/16/26. . . | L2266172.UP.FTS.B, 21.62%, 12/16/26. . . | 3064 | 3045 | FW2261815.UP.FTS.B, 29.81%, 12/16/26.. | 23383 | 6889 |
| FW2265342.UP.FTS.B, 21.77%, 12/16/26.. | FW2265342.UP.FTS.B, 21.77%, 12/16/26.. | FW2265342.UP.FTS.B, 21.77%, 12/16/26.. | 3153 | 3134 | FW2263141.UP.FTS.B, 30.02%, 12/16/26.. | 18730 | 1327 |
| L2264438.UP.FTS.B, 21.8%, 12/16/26. . . . | L2264438.UP.FTS.B, 21.8%, 12/16/26. . . . | L2264438.UP.FTS.B, 21.8%, 12/16/26. . . . | 4357 | 4306 | FW2262711.UP.FTS.B, 30.17%, 12/16/26.. | 1048 | 160 |
| FW2242546.UP.FTS.B, 21.96%, 12/16/26.. | FW2242546.UP.FTS.B, 21.96%, 12/16/26.. | FW2242546.UP.FTS.B, 21.96%, 12/16/26.. | 9554 | 9418 | FW2258081.UP.FTS.B, 30.3%, 12/16/26.. . | 4432 | 4403 |
| FW2265692.UP.FTS.B, 22.08%, 12/16/26.. | FW2265692.UP.FTS.B, 22.08%, 12/16/26.. | FW2265692.UP.FTS.B, 22.08%, 12/16/26.. | 6568 | 6474 | FW2266883.UP.FTS.B, 30.32%, 12/16/26.. | 13489 | 13414 |
| FW2264842.UP.FTS.B, 22.29%, 12/16/26.. | FW2264842.UP.FTS.B, 22.29%, 12/16/26.. | FW2264842.UP.FTS.B, 22.29%, 12/16/26.. | 12084 | 372 | FW2263430.UP.FTS.B, 30.41%, 12/16/26.. | 2296 | 655 |
| FW2265852.UP.FTS.B, 22.69%, 12/16/26.. | FW2265852.UP.FTS.B, 22.69%, 12/16/26.. | FW2265852.UP.FTS.B, 22.69%, 12/16/26.. | 1849 | 44 | FW2262301.UP.FTS.B, 30.52%, 12/16/26.. | 4502 | 4472 |
| L2251494.UP.FTS.B, 22.87%, 12/16/26. . . | L2251494.UP.FTS.B, 22.87%, 12/16/26. . . | L2251494.UP.FTS.B, 22.87%, 12/16/26. . . | 2434 | 2417 | FW2265725.UP.FTS.B, 30.59%, 12/16/26.. | 2884 | 201 |
| L2250660.UP.FTS.B, 23.02%, 12/16/26. . . | L2250660.UP.FTS.B, 23.02%, 12/16/26. . . | L2250660.UP.FTS.B, 23.02%, 12/16/26. . . | 3958 | 3934 | FW2266526.UP.FTS.B, 30.61%, 12/16/26.. | 3712 | 554 |
| L2262151.UP.FTS.B, 23.18%, 12/16/26. . . | L2262151.UP.FTS.B, 23.18%, 12/16/26. . . | L2262151.UP.FTS.B, 23.18%, 12/16/26. . . | 19082 | 18961 | FW2260220.UP.FTS.B, 30.63%, 12/16/26.. | 1123 | 79 |
| L2262515.UP.FTS.B, 23.26%, 12/16/26. . . | L2262515.UP.FTS.B, 23.26%, 12/16/26. . . | L2262515.UP.FTS.B, 23.26%, 12/16/26. . . | 39260 | 38971 | FW2261708.UP.FTS.B, 30.67%, 12/16/26.. | 2730 | 2711 |
| L2263677.UP.FTS.B, 23.33%, 12/16/26. . . | L2263677.UP.FTS.B, 23.33%, 12/16/26. . . | L2263677.UP.FTS.B, 23.33%, 12/16/26. . . | 13201 | 13122 | FW2265545.UP.FTS.B, 30.86%, 12/16/26.. | 1980 | 138 |
| L2265697.UP.FTS.B, 23.5%, 12/16/26. . . . | L2265697.UP.FTS.B, 23.5%, 12/16/26. . . . | L2265697.UP.FTS.B, 23.5%, 12/16/26. . . . | 2643 | 2623 | FW2266558.UP.FTS.B, 30.86%, 12/16/26.. | 1802 | 1789 |
| L2266895.UP.FTS.B, 23.57%, 12/16/26. . . | L2266895.UP.FTS.B, 23.57%, 12/16/26. . . | L2266895.UP.FTS.B, 23.57%, 12/16/26. . . | 3525 | 3499 | FW2265302.UP.FTS.B, 30.93%, 12/16/26.. | 2229 | 333 |
| L2266458.UP.FTS.B, 23.68%, 12/16/26. . . | L2266458.UP.FTS.B, 23.68%, 12/16/26. . . | L2266458.UP.FTS.B, 23.68%, 12/16/26. . . | 1174 | 340 | FW2262897.UP.FTS.B, 30.96%, 12/16/26.. | 3840 | 3813 |
| L2264675.UP.FTS.B, 23.95%, 12/16/26. . . | L2264675.UP.FTS.B, 23.95%, 12/16/26. . . | L2264675.UP.FTS.B, 23.95%, 12/16/26. . . | 17867 | 16937 | FW2265508.UP.FTS.B, 30.96%, 12/16/26.. | 2794 | 2775 |
| L2262668.UP.FTS.B, 24.03%, 12/16/26. . . | L2262668.UP.FTS.B, 24.03%, 12/16/26. . . | L2262668.UP.FTS.B, 24.03%, 12/16/26. . . | 2912 | 2895 | FW2266459.UP.FTS.B, 30.98%, 12/16/26.. | 1063 | 1055 |
| L2160603.UP.FTS.B, 24.28%, 12/16/26. . . | L2160603.UP.FTS.B, 24.28%, 12/16/26. . . | L2160603.UP.FTS.B, 24.28%, 12/16/26. . . | 2826 | 2809 | FW2260770.UP.FTS.B, 31.08%, 12/16/26.. | 1352 | 1344 |
| FW2262173.UP.FTS.B, 24.42%, 12/16/26.. | FW2262173.UP.FTS.B, 24.42%, 12/16/26.. | FW2262173.UP.FTS.B, 24.42%, 12/16/26.. | 17892 | 16961 | FW2266146.UP.FTS.B, 31.1%, 12/16/26.. . | 1352 | 1343 |
| L2263485.UP.FTS.B, 24.71%, 12/16/26. . . | L2263485.UP.FTS.B, 24.71%, 12/16/26. . . | L2263485.UP.FTS.B, 24.71%, 12/16/26. . . | 1769 | 1756 | FW2264279.UP.FTS.B, 31.14%, 12/16/26.. | 1713 | 1703 |
| FW2263757.UP.FTS.B, 24.74%, 12/16/26.. | FW2263757.UP.FTS.B, 24.74%, 12/16/26.. | FW2263757.UP.FTS.B, 24.74%, 12/16/26.. | 6633 | 6594 | FW2266925.UP.FTS.B, 31.22%, 12/16/26.. | 16847 | 15982 |
| FW2263559.UP.FTS.B, 24.81%, 12/16/26.. | FW2263559.UP.FTS.B, 24.81%, 12/16/26.. | FW2263559.UP.FTS.B, 24.81%, 12/16/26.. | 6823 | 1983 | FW2266682.UP.FTS.B, 31.23%, 12/16/26.. | 4201 | 3986 |
| FW2266843.UP.FTS.B, 24.86%, 12/16/26.. | FW2266843.UP.FTS.B, 24.86%, 12/16/26.. | FW2266843.UP.FTS.B, 24.86%, 12/16/26.. | 2654 | 2617 | FW2267010.UP.FTS.B, 31.33%, 12/16/26.. | 2647 | 2512 |
| L2267064.UP.FTS.B, 25.29%, 12/16/26. . . | L2267064.UP.FTS.B, 25.29%, 12/16/26. . . | L2267064.UP.FTS.B, 25.29%, 12/16/26. . . | 1010 | 152 | FW2262129.UP.FTS.B, 31.54%, 12/16/26.. | 6449 | 6399 |
| L2266381.UP.FTS.B, 25.31%, 12/16/26. . . | L2266381.UP.FTS.B, 25.31%, 12/16/26. . . | L2266381.UP.FTS.B, 25.31%, 12/16/26. . . | 1680 | 1666 | FW2263240.UP.FTS.B, 32.21%, 12/16/26.. | 3345 | 3326 |
| L2262190.UP.FTS.B, 25.35%, 12/16/26. . . | L2262190.UP.FTS.B, 25.35%, 12/16/26. . . | L2262190.UP.FTS.B, 25.35%, 12/16/26. . . | 3633 | 3607 | FW2270153.UP.FTS.B, 7.21%, 12/17/26.. . | 3720 | 3693 |
| L2264771.UP.FTS.B, 25.35%, 12/16/26. . . | L2264771.UP.FTS.B, 25.35%, 12/16/26. . . | L2264771.UP.FTS.B, 25.35%, 12/16/26. . . | 1684 | 1674 | FW2269719.UP.FTS.B, 7.26%, 12/17/26.. . | 9724 | 9142 |
| L2265942.UP.FTS.B, 25.35%, 12/16/26. . . | L2265942.UP.FTS.B, 25.35%, 12/16/26. . . | L2265942.UP.FTS.B, 25.35%, 12/16/26. . . | 4912 | 4661 | L2269403.UP.FTS.B, 7.47%, 12/17/26. . . . | 12383 | 12290 |
| L2265116.UP.FTS.B, 25.37%, 12/16/26.. . . | L2265116.UP.FTS.B, 25.37%, 12/16/26.. . . | L2265116.UP.FTS.B, 25.37%, 12/16/26.. . . | 1418 | 1410 | L2269259.UP.FTS.B, 8.25%, 12/17/26. . . . | 2495 | 2476 |
| L2262592.UP.FTS.B, 25.43%, 12/16/26. . . | L2262592.UP.FTS.B, 25.43%, 12/16/26. . . | L2262592.UP.FTS.B, 25.43%, 12/16/26. . . | 1058 | 1046 | L2268096.UP.FTS.B, 8.29%, 12/17/26. . . . | 19958 | 19811 |
| L2236916.UP.FTS.B, 25.5%, 12/16/26. . . . | L2236916.UP.FTS.B, 25.5%, 12/16/26. . . . | L2236916.UP.FTS.B, 25.5%, 12/16/26. . . . | 3546 | 3521 | L2268631.UP.FTS.B, 8.37%, 12/17/26. . . . | 5837 | 5793 |
| L2266958.UP.FTS.B, 25.5%, 12/16/26. . . . | L2266958.UP.FTS.B, 25.5%, 12/16/26. . . . | L2266958.UP.FTS.B, 25.5%, 12/16/26. . . . | 987 | 936 | L2267269.UP.FTS.B, 8.51%, 12/17/26. . . . | 12486 | 12392 |
| FW2261893.UP.FTS.B, 25.52%, 12/16/26.. | FW2261893.UP.FTS.B, 25.52%, 12/16/26.. | FW2261893.UP.FTS.B, 25.52%, 12/16/26.. | 3700 | 265 | L2269424.UP.FTS.B, 8.98%, 12/17/26. . . . | 9175 | 9108 |
| FW2265341.UP.FTS.B, 25.64%, 12/16/26.. | FW2265341.UP.FTS.B, 25.64%, 12/16/26.. | FW2265341.UP.FTS.B, 25.64%, 12/16/26.. | 8869 | 8817 | L2269008.UP.FTS.B, 9%, 12/17/26.. . . . . . | 12706 | 1707 |
| FW2259738.UP.FTS.B, 26.14%, 12/16/26.. | FW2259738.UP.FTS.B, 26.14%, 12/16/26.. | FW2259738.UP.FTS.B, 26.14%, 12/16/26.. | 2843 | 2822 | L2268916.UP.FTS.B, 9.12%, 12/17/26. . . . | 6416 | 469 |
| FW2262758.UP.FTS.B, 26.24%, 12/16/26.. | FW2262758.UP.FTS.B, 26.24%, 12/16/26.. | FW2262758.UP.FTS.B, 26.24%, 12/16/26.. | 4545 | 4313 | L2270906.UP.FTS.B, 9.12%, 12/17/26. . . . | 5046 | 367 |
| FW2263939.UP.FTS.B, 26.78%, 12/16/26.. | FW2263939.UP.FTS.B, 26.78%, 12/16/26.. | FW2263939.UP.FTS.B, 26.78%, 12/16/26.. | 3560 | 3540 | L2271105.UP.FTS.B, 9.17%, 12/17/26. . . . | 28375 | 28169 |
| FW2266313.UP.FTS.B, 26.81%, 12/16/26.. | FW2266313.UP.FTS.B, 26.81%, 12/16/26.. | FW2266313.UP.FTS.B, 26.81%, 12/16/26.. | 1841 | 538 | L2270069.UP.FTS.B, 9.27%, 12/17/26. . . . | 5427 | 5388 |
| FW2265141.UP.FTS.B, 26.9%, 12/16/26.. . | FW2265141.UP.FTS.B, 26.9%, 12/16/26.. . | FW2265141.UP.FTS.B, 26.9%, 12/16/26.. . | 16249 | 16140 | FW2267252.UP.FTS.B, 9.41%, 12/17/26.. . | 6665 | 6420 |
| FW2262376.UP.FTS.B, 27.09%, 12/16/26.. | FW2262376.UP.FTS.B, 27.09%, 12/16/26.. | FW2262376.UP.FTS.B, 27.09%, 12/16/26.. | 1782 | 1771 | FW2269726.UP.FTS.B, 9.71%, 12/17/26.. . | 12551 | 12458 |
| L2267104.UP.FTS.B, 27.38%, 12/16/26. . . | L2267104.UP.FTS.B, 27.38%, 12/16/26. . . | L2267104.UP.FTS.B, 27.38%, 12/16/26. . . | 4424 | 662 | L2266480.UP.FTS.B, 10.61%, 12/17/26. . . | 2939 | 2912 |
| FW2266619.UP.FTS.B, 27.46%, 12/16/26.. | FW2266619.UP.FTS.B, 27.46%, 12/16/26.. | FW2266619.UP.FTS.B, 27.46%, 12/16/26.. | 3300 | 3281 | FW2269561.UP.FTS.B, 11.28%, 12/17/26.. | 5390 | 5341 |
| FW2265289.UP.FTS.B, 27.87%, 12/16/26.. | FW2265289.UP.FTS.B, 27.87%, 12/16/26.. | FW2265289.UP.FTS.B, 27.87%, 12/16/26.. | 3215 | 3196 | L2263798.UP.FTS.B, 11.32%, 12/17/26.. . . | 22649 | 22443 |
| FW2262621.UP.FTS.B, 27.92%, 12/16/26.. | FW2262621.UP.FTS.B, 27.92%, 12/16/26.. | FW2262621.UP.FTS.B, 27.92%, 12/16/26.. | 6698 | 6660 | L2268167.UP.FTS.B, 11.62%, 12/17/26.. . . | 2445 | 2416 |
| FW2265288.UP.FTS.B, 28.09%, 12/16/26.. | FW2265288.UP.FTS.B, 28.09%, 12/16/26.. | FW2265288.UP.FTS.B, 28.09%, 12/16/26.. | 3687 | 1079 | L2270002.UP.FTS.B, 11.76%, 12/17/26.. . . | 3797 | 3763 |
| FW2264546.UP.FTS.B, 28.23%, 12/16/26.. | FW2264546.UP.FTS.B, 28.23%, 12/16/26.. | FW2264546.UP.FTS.B, 28.23%, 12/16/26.. | 2683 | 2664 | L2265322.UP.FTS.B, 11.78%, 12/17/26.. . . | 3802 | 277 |
| FW2260718.UP.FTS.B, 28.56%, 12/16/26.. | FW2260718.UP.FTS.B, 28.56%, 12/16/26.. | FW2260718.UP.FTS.B, 28.56%, 12/16/26.. | 1790 | 1777 | L2269004.UP.FTS.B, 11.83%, 12/17/26.. . . | 10974 | 10870 |
| FW2263509.UP.FTS.B, 28.65%, 12/16/26.. | FW2263509.UP.FTS.B, 28.65%, 12/16/26.. | FW2263509.UP.FTS.B, 28.65%, 12/16/26.. | 9403 | 9338 | L2270705.UP.FTS.B, 12.61%, 12/17/26. . . | 8468 | 8392 |
| FW2265850.UP.FTS.B, 28.76%, 12/16/26.. | FW2265850.UP.FTS.B, 28.76%, 12/16/26.. | FW2265850.UP.FTS.B, 28.76%, 12/16/26.. | 5375 | 5338 | L2269154.UP.FTS.B, 12.96%, 12/17/26. . . | 17257 | 16216 |
| FW2177600.UP.FTS.B, 28.89%, 12/16/26.. | FW2177600.UP.FTS.B, 28.89%, 12/16/26.. | FW2177600.UP.FTS.B, 28.89%, 12/16/26.. | 1970 | 1957 | L2267510.UP.FTS.B, 13.34%, 12/17/26. . . | 9172 | 9090 |
| 128 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 128 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2267025.UP.FTS.B, 13.36%, 12/17/26. . . | $4869 | $342 | L2267445.UP.FTS.B, 24.36%, 12/17/26. . . $10,601 | L2267445.UP.FTS.B, 24.36%, 12/17/26. . . $10,601 | $10542 | 10542 |
| FW2269825.UP.FTS.B, 13.55%, 12/17/26.. | 4234 | 4196 | L2269673.UP.FTS.B, 24.46%, 12/17/26. . . | 884 | 879 | 879 |
| L2264006.UP.FTS.B, 13.57%, 12/17/26. . . | 8686 | 8165 | L2269335.UP.FTS.B, 24.65%, 12/17/26. . . | 2122 | 2110 | 2110 |
| L2269188.UP.FTS.B, 14.18%, 12/17/26. . . | 4601 | 4561 | L2267833.UP.FTS.B, 24.72%, 12/17/26. . . | 1310 | 93 | 93 |
| FW2259052.UP.FTS.B, 14.44%, 12/17/26.. | 5971 | 5916 | L2269672.UP.FTS.B, 24.89%, 12/17/26. . . | 5606 | 5320 | 5320 |
| L2270155.UP.FTS.B, 14.46%, 12/17/26. . . | 41512 | 41132 | FW2269543.UP.FTS.B, 24.98%, 12/17/26.. | 10179 | 10109 | 10109 |
| L2269061.UP.FTS.B, 14.52%, 12/17/26. . . | 3822 | 3788 | L2270388.UP.FTS.B, 25.02%, 12/17/26. . . | 1419 | 101 | 101 |
| L2268637.UP.FTS.B, 14.78%, 12/17/26. . . | 4514 | 4462 | L2267853.UP.FTS.B, 25.14%, 12/17/26. . . | 2303 | 2288 | 2288 |
| L2267803.UP.FTS.B, 15.27%, 12/17/26. . . | 4621 | 4580 | L2268401.UP.FTS.B, 25.14%, 12/17/26. . . | 3038 | 2883 | 2883 |
| L2267899.UP.FTS.B, 15.39%, 12/17/26. . . | 8561 | 8486 | L2270209.UP.FTS.B, 25.15%, 12/17/26. . . | 1860 | 1850 | 1850 |
| FW2269286.UP.FTS.B, 15.6%, 12/17/26.. . | 25120 | 24890 | L2268106.UP.FTS.B, 25.26%, 12/17/26. . . | 20010 | 19899 | 19899 |
| L2269989.UP.FTS.B, 15.72%, 12/17/26. . . | 25714 | 25391 | L2267192.UP.FTS.B, 25.29%, 12/17/26. . . | 1860 | 1850 | 1850 |
| L2269665.UP.FTS.B, 16.5%, 12/17/26. . . . | 13958 | 13791 | L2269322.UP.FTS.B, 25.3%, 12/17/26. . . . | 2569 | 2555 | 2555 |
| L2267902.UP.FTS.B, 16.76%, 12/17/26. . . | 10923 | 10829 | L2268468.UP.FTS.B, 25.32%, 12/17/26. . . | 3101 | 3080 | 3080 |
| FW2269695.UP.FTS.B, 16.79%, 12/17/26.. | 6455 | 6374 | L2269795.UP.FTS.B, 25.35%, 12/17/26. . . | 3551 | 1035 | 1035 |
| L2269419.UP.FTS.B, 17%, 12/17/26.. . . . . | 8332 | 8205 | L2267659.UP.FTS.B, 25.42%, 12/17/26. . . | 1862 | 1849 | 1849 |
| L2267913.UP.FTS.B, 17.09%, 12/17/26. . . | 4317 | 4279 | L2267258.UP.FTS.B, 25.45%, 12/17/26. . . | 4128 | 3916 | 3916 |
| FW2270884.UP.FTS.B, 17.41%, 12/17/26.. | 13801 | 13630 | FW2271160.UP.FTS.B, 25.56%, 12/17/26.. | 15604 | 2348 | 2348 |
| L2270105.UP.FTS.B, 17.48%, 12/17/26. . . | 1726 | 1704 | L2268244.UP.FTS.B, 25.64%, 12/17/26. . . | 7362 | 7321 | 7321 |
| FW2268458.UP.FTS.B, 17.71%, 12/17/26.. | 8760 | 8228 | L2270962.UP.FTS.B, 25.74%, 12/17/26. . . | 3003 | 2982 | 2982 |
| L2270652.UP.FTS.B, 17.8%, 12/17/26. . . . | 2419 | 2390 | FW2268057.UP.FTS.B, 25.81%, 12/17/26.. | 1775 | 1763 | 1763 |
| FW2267256.UP.FTS.B, 17.83%, 12/17/26.. | 8519 | 8394 | L2270498.UP.FTS.B, 25.87%, 12/17/26. . . | 10040 | 9973 | 9973 |
| FW2270802.UP.FTS.B, 17.83%, 12/17/26.. | 864 | 853 | L2262513.UP.FTS.B, 25.9%, 12/17/26. . . . | 6213 | 6179 | 6179 |
| L2268164.UP.FTS.B, 18.3%, 12/17/26. . . . | 5192 | 5114 | L2265919.UP.FTS.B, 26.09%, 12/17/26. . . | 2220 | 2205 | 2205 |
| L2270265.UP.FTS.B, 18.3%, 12/17/26. . . . | 1731 | 1709 | FW2271111.UP.FTS.B, 26.4%, 12/17/26.. . | 5390 | 5357 | 5357 |
| L2267799.UP.FTS.B, 18.33%, 12/17/26. . . | 6144 | 5775 | FW2268918.UP.FTS.B, 26.51%, 12/17/26.. | 2256 | 2140 | 2140 |
| L2268221.UP.FTS.B, 18.86%, 12/17/26. . . | 2220 | 159 | FW2267544.UP.FTS.B, 26.57%, 12/17/26.. | 8895 | 8835 | 8835 |
| FW2267424.UP.FTS.B, 18.94%, 12/17/26.. | 4054 | 3989 | L2267802.UP.FTS.B, 26.75%, 12/17/26. . . | 4555 | 39 | 39 |
| L2267275.UP.FTS.B, 19%, 12/17/26.. . . . . | 87 | 86 | FW2269440.UP.FTS.B, 26.99%, 12/17/26.. | 578 | 85 | 85 |
| FW2268753.UP.FTS.B, 19.71%, 12/17/26.. | 4369 | 4316 | FW2268673.UP.FTS.B, 27.06%, 12/17/26.. | 23718 | 1693 | 1693 |
| L2268708.UP.FTS.B, 19.88%, 12/17/26. . . | 4351 | 4287 | FW2265199.UP.FTS.B, 27.31%, 12/17/26.. | 4803 | 4771 | 4771 |
| L2251159.UP.FTS.B, 19.93%, 12/17/26.. . . | 2908 | 211 | FW2270087.UP.FTS.B, 27.31%, 12/17/26.. | 14243 | 325 | 325 |
| FW2267947.UP.FTS.B, 20.33%, 12/17/26.. | 5344 | 5069 | FW2270167.UP.FTS.B, 27.42%, 12/17/26.. | 13379 | 13290 | 13290 |
| L2267364.UP.FTS.B, 20.36%, 12/17/26. . . | 1918 | 1891 | FW2258741.UP.FTS.B, 27.63%, 12/17/26.. | 2409 | 2393 | 2393 |
| L2268745.UP.FTS.B, 20.6%, 12/17/26. . . . | 3841 | 3784 | FW2260873.UP.FTS.B, 27.95%, 12/17/26.. | 1675 | 1660 | 1660 |
| L2268926.UP.FTS.B, 20.65%, 12/17/26. . . | 23560 | 23211 | FW2267234.UP.FTS.B, 28.03%, 12/17/26.. | 1059 | 1053 | 1053 |
| L2268079.UP.FTS.B, 20.72%, 12/17/26. . . | 3506 | 3482 | FW2267678.UP.FTS.B, 28.34%, 12/17/26.. | 2504 | 2490 | 2490 |
| L2256028.UP.FTS.B, 20.74%, 12/17/26. . . | 5233 | 5159 | FW2270459.UP.FTS.B, 28.48%, 12/17/26.. | 11301 | 11167 | 11167 |
| L2270132.UP.FTS.B, 20.75%, 12/17/26. . . | 1309 | 1299 | FW2267548.UP.FTS.B, 28.61%, 12/17/26.. | 4117 | 4095 | 4095 |
| L2244360.UP.FTS.B, 20.77%, 12/17/26. . . | 1309 | 1291 | FW2269324.UP.FTS.B, 28.61%, 12/17/26.. | 13093 | 13011 | 13011 |
| FW2268177.UP.FTS.B, 20.82%, 12/17/26.. | 3056 | 3038 | FW2266293.UP.FTS.B, 28.87%, 12/17/26.. | 2562 | 751 | 751 |
| L2270631.UP.FTS.B, 21.07%, 12/17/26. . . | 10454 | 9821 | FW2269400.UP.FTS.B, 29.19%, 12/17/26.. | 5380 | 5344 | 5344 |
| L2269703.UP.FTS.B, 21.08%, 12/17/26. . . | 3058 | 3041 | FW2267743.UP.FTS.B, 29.41%, 12/17/26.. | 3665 | 1076 | 1076 |
| L2268043.UP.FTS.B, 21.67%, 12/17/26. . . | 43779 | 43169 | FW2271113.UP.FTS.B, 29.49%, 12/17/26.. | 3153 | 3134 | 3134 |
| FW2269279.UP.FTS.B, 21.88%, 12/17/26.. | 12802 | 12713 | FW2269705.UP.FTS.B, 29.7%, 12/17/26.. . | 4668 | 4644 | 4644 |
| FW2268457.UP.FTS.B, 22.16%, 12/17/26.. | 10086 | 10028 | FW2269252.UP.FTS.B, 29.77%, 12/17/26.. | 4452 | 4426 | 4426 |
| FW2268655.UP.FTS.B, 22.38%, 12/17/26.. | 21943 | 21621 | FW2269827.UP.FTS.B, 29.81%, 12/17/26.. | 19205 | 1360 | 1360 |
| FW2263842.UP.FTS.B, 22.41%, 12/17/26.. | 13167 | 13092 | FW2268163.UP.FTS.B, 29.95%, 12/17/26.. | 4546 | 4515 | 4515 |
| L2214006.UP.FTS.B, 22.76%, 12/17/26. . . | 1320 | 1311 | FW2268908.UP.FTS.B, 29.95%, 12/17/26.. | 28748 | 28598 | 28598 |
| FW2268533.UP.FTS.B, 22.89%, 12/17/26.. | 2736 | 394 | FW2260471.UP.FTS.B, 30.04%, 12/17/26.. | 6928 | 6880 | 6880 |
| FW2267880.UP.FTS.B, 23.11%, 12/17/26.. | 8798 | 8670 | FW2270337.UP.FTS.B, 30.28%, 12/17/26.. | 250 | 246 | 246 |
| FW2271155.UP.FTS.B, 23.14%, 12/17/26.. | 10558 | 10499 | FW2270592.UP.FTS.B, 30.29%, 12/17/26.. | 1239 | 88 | 88 |
| FW2270621.UP.FTS.B, 23.29%, 12/17/26.. | 4239 | 4208 | FW2271092.UP.FTS.B, 30.29%, 12/17/26.. | 787 | 779 | 779 |
| L2267371.UP.FTS.B, 23.36%, 12/17/26. . . | 1145 | 1138 | FW2260486.UP.FTS.B, 30.33%, 12/17/26.. | 13489 | 13419 | 13419 |
| FW2270716.UP.FTS.B, 24.09%, 12/17/26.. | 4413 | 4388 | FW2266749.UP.FTS.B, 30.39%, 12/17/26.. | 1169 | 1163 | 1163 |
| L2266509.UP.FTS.B, 24.1%, 12/17/26. . . . | 1757 | 31 | FW2270022.UP.FTS.B, 30.5%, 12/17/26.. . | 9445 | 658 | 658 |
| L2269612.UP.FTS.B, 24.24%, 12/17/26. . . | 3091 | 3069 | FW2267249.UP.FTS.B, 30.71%, 12/17/26.. | 16869 | 2541 | 2541 |
| FW2268352.UP.FTS.B, 24.36%, 12/17/26.. | 4634 | 4584 | FW2267325.UP.FTS.B, 30.83%, 12/17/26.. | 2232 | 660 | 660 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 129 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 129 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2270615.UP.FTS.B, 30.87%, 12/17/26.. $ | FW2270615.UP.FTS.B, 30.87%, 12/17/26.. $ | FW2270615.UP.FTS.B, 30.87%, 12/17/26.. $ | 1441 | $1432 | L2475352.UP.FTS.B, 14.64%, 1/20/27. . . . | $15768 | $15635 |
| FW2269601.UP.FTS.B, 30.92%, 12/17/26.. | FW2269601.UP.FTS.B, 30.92%, 12/17/26.. | FW2269601.UP.FTS.B, 30.92%, 12/17/26.. | 1621 | 1613 | L2475028.UP.FTS.B, 14.75%, 1/20/27. . . . | 4333 | 4297 |
| FW2269462.UP.FTS.B, 30.96%, 12/17/26.. | FW2269462.UP.FTS.B, 30.96%, 12/17/26.. | FW2269462.UP.FTS.B, 30.96%, 12/17/26.. | 9280 | 397 | FW2470981.UP.FTS.B, 15.29%, 1/20/27.. . | 33469 | 33096 |
| FW2269865.UP.FTS.B, 30.96%, 12/17/26.. | FW2269865.UP.FTS.B, 30.96%, 12/17/26.. | FW2269865.UP.FTS.B, 30.96%, 12/17/26.. | 1261 | 1255 | FW2471019.UP.FTS.B, 15.35%, 1/20/27.. . | 949 | 940 |
| FW2269782.UP.FTS.B, 31.05%, 12/17/26.. | FW2269782.UP.FTS.B, 31.05%, 12/17/26.. | FW2269782.UP.FTS.B, 31.05%, 12/17/26.. | 7299 | 7261 | L2474491.UP.FTS.B, 15.9%, 1/20/27. . . . . | 3827 | 3783 |
| FW2270320.UP.FTS.B, 31.1%, 12/17/26.. . | FW2270320.UP.FTS.B, 31.1%, 12/17/26.. . | FW2270320.UP.FTS.B, 31.1%, 12/17/26.. . | 1655 | 489 | L2471752.UP.FTS.B, 16.14%, 1/20/27. . . . | 5225 | 5166 |
| FW2267089.UP.FTS.B, 31.13%, 12/17/26.. | FW2267089.UP.FTS.B, 31.13%, 12/17/26.. | FW2267089.UP.FTS.B, 31.13%, 12/17/26.. | 2323 | 349 | L2471789.UP.FTS.B, 16.78%, 1/20/27. . . . | 26079 | 25861 |
| FW2267969.UP.FTS.B, 31.13%, 12/17/26.. | FW2267969.UP.FTS.B, 31.13%, 12/17/26.. | FW2267969.UP.FTS.B, 31.13%, 12/17/26.. | 3696 | 3672 | L2471603.UP.FTS.B, 17.27%, 1/20/27. . . . | 5507 | 5445 |
| FW2269656.UP.FTS.B, 31.22%, 12/17/26.. | FW2269656.UP.FTS.B, 31.22%, 12/17/26.. | FW2269656.UP.FTS.B, 31.22%, 12/17/26.. | 1443 | 1434 | L2471460.UP.FTS.B, 18.18%, 1/20/27. . . . | 36499 | 5335 |
| FW2268923.UP.FTS.B, 31.23%, 12/17/26.. | FW2268923.UP.FTS.B, 31.23%, 12/17/26.. | FW2268923.UP.FTS.B, 31.23%, 12/17/26.. | 9563 | (67) | L2475868.UP.FTS.B, 18.54%, 1/20/27. . . . | 2985 | 2945 |
| FW2269622.UP.FTS.B, 31.24%, 12/17/26.. | FW2269622.UP.FTS.B, 31.24%, 12/17/26.. | FW2269622.UP.FTS.B, 31.24%, 12/17/26.. | 992 | 987 | FW2472357.UP.FTS.B, 18.64%, 1/20/27.. . | 17563 | 17324 |
| FW2266605.UP.FTS.B, 31.38%, 12/17/26.. | FW2266605.UP.FTS.B, 31.38%, 12/17/26.. | FW2266605.UP.FTS.B, 31.38%, 12/17/26.. | 2165 | 2151 | FW2472703.UP.FTS.B, 18.76%, 1/20/27.. . | 6149 | 6065 |
| FW2267887.UP.FTS.B, 31.51%, 12/17/26.. | FW2267887.UP.FTS.B, 31.51%, 12/17/26.. | FW2267887.UP.FTS.B, 31.51%, 12/17/26.. | 4307 | 4283 | L2475296.UP.FTS.B, 18.87%, 1/20/27. . . . | 1746 | 1725 |
| FW2475907.UP.FTS.B, 4.84%, 1/20/27.. . . | FW2475907.UP.FTS.B, 4.84%, 1/20/27.. . . | FW2475907.UP.FTS.B, 4.84%, 1/20/27.. . . | 34952 | 34760 | L2472163.UP.FTS.B, 19.55%, 1/20/27. . . . | 3821 | 3768 |
| L2474579.UP.FTS.B, 4.95%, 1/20/27. . . . . | L2474579.UP.FTS.B, 4.95%, 1/20/27. . . . . | L2474579.UP.FTS.B, 4.95%, 1/20/27. . . . . | 20154 | 20038 | L2471471.UP.FTS.B, 19.65%, 1/20/27. . . . | 6145 | 6061 |
| L2474331.UP.FTS.B, 5.25%, 1/20/27. . . . . | L2474331.UP.FTS.B, 5.25%, 1/20/27. . . . . | L2474331.UP.FTS.B, 5.25%, 1/20/27. . . . . | 8343 | 8298 | L2474729.UP.FTS.B, 20.39%, 1/20/27. . . . | 8831 | 8782 |
| L2471525.UP.FTS.B, 5.57%, 1/20/27. . . . . | L2471525.UP.FTS.B, 5.57%, 1/20/27. . . . . | L2471525.UP.FTS.B, 5.57%, 1/20/27. . . . . | 33470 | 33290 | FW2472361.UP.FTS.B, 20.41%, 1/20/27.. . | 9361 | 9309 |
| L2475396.UP.FTS.B, 5.61%, 1/20/27. . . . . | L2475396.UP.FTS.B, 5.61%, 1/20/27. . . . . | L2475396.UP.FTS.B, 5.61%, 1/20/27. . . . . | 41844 | 41618 | L2472392.UP.FTS.B, 21.16%, 1/20/27. . . . | 3679 | 561 |
| L2474959.UP.FTS.B, 5.82%, 1/20/27. . . . . | L2474959.UP.FTS.B, 5.82%, 1/20/27. . . . . | L2474959.UP.FTS.B, 5.82%, 1/20/27. . . . . | 6701 | 6665 | L2473064.UP.FTS.B, 21.2%, 1/20/27. . . . . | 1159 | 1142 |
| L2475014.UP.FTS.B, 5.92%, 1/20/27. . . . . | L2475014.UP.FTS.B, 5.92%, 1/20/27. . . . . | L2475014.UP.FTS.B, 5.92%, 1/20/27. . . . . | 1006 | 1000 | FW2472901.UP.FTS.B, 21.26%, 1/20/27.. . | 8855 | 8806 |
| L2472984.UP.FTS.B, 6.81%, 1/20/27. . . . . | L2472984.UP.FTS.B, 6.81%, 1/20/27. . . . . | L2472984.UP.FTS.B, 6.81%, 1/20/27. . . . . | 2737 | 2720 | FW2471738.UP.FTS.B, 21.32%, 1/20/27.. . | 6433 | 956 |
| FW2475429.UP.FTS.B, 7.27%, 1/20/27.. . . | FW2475429.UP.FTS.B, 7.27%, 1/20/27.. . . | FW2475429.UP.FTS.B, 7.27%, 1/20/27.. . . | 6277 | 6236 | L2473306.UP.FTS.B, 21.55%, 1/20/27. . . . | 5317 | 5246 |
| FW2473269.UP.FTS.B, 7.61%, 1/20/27.. . . | FW2473269.UP.FTS.B, 7.61%, 1/20/27.. . . | FW2473269.UP.FTS.B, 7.61%, 1/20/27.. . . | 3375 | 3351 | L2474203.UP.FTS.B, 22.33%, 1/20/27. . . . | 14298 | 2201 |
| L2473931.UP.FTS.B, 7.74%, 1/20/27. . . . . | L2473931.UP.FTS.B, 7.74%, 1/20/27. . . . . | L2473931.UP.FTS.B, 7.74%, 1/20/27. . . . . | 14343 | 14242 | FW2470992.UP.FTS.B, 22.85%, 1/20/27.. . | 1851 | 284 |
| L2452101.UP.FTS.B, 7.79%, 1/20/27. . . . . | L2452101.UP.FTS.B, 7.79%, 1/20/27. . . . . | L2452101.UP.FTS.B, 7.79%, 1/20/27. . . . . | 10016 | 9963 | FW2475846.UP.FTS.B, 23.25%, 1/20/27.. . | 4011 | 3985 |
| L2475724.UP.FTS.B, 7.86%, 1/20/27. . . . . | L2475724.UP.FTS.B, 7.86%, 1/20/27. . . . . | L2475724.UP.FTS.B, 7.86%, 1/20/27. . . . . | 8402 | 8342 | L2471971.UP.FTS.B, 23.61%, 1/20/27. . . . | 4645 | 4615 |
| L2473325.UP.FTS.B, 8.62%, 1/20/27. . . . . | L2473325.UP.FTS.B, 8.62%, 1/20/27. . . . . | L2473325.UP.FTS.B, 8.62%, 1/20/27. . . . . | 2146 | 2017 | FW2474184.UP.FTS.B, 23.79%, 1/20/27.. . | 4104 | 4082 |
| L2473450.UP.FTS.B, 8.65%, 1/20/27. . . . . | L2473450.UP.FTS.B, 8.65%, 1/20/27. . . . . | L2473450.UP.FTS.B, 8.65%, 1/20/27. . . . . | 21180 | 21033 | L2472806.UP.FTS.B, 24.05%, 1/20/27. . . . | 10605 | 10542 |
| FW2473955.UP.FTS.B, 8.68%, 1/20/27.. . . | FW2473955.UP.FTS.B, 8.68%, 1/20/27.. . . | FW2473955.UP.FTS.B, 8.68%, 1/20/27.. . . | 3303 | 3280 | FW2473402.UP.FTS.B, 24.11%, 1/20/27.. . | 16075 | 15989 |
| L2475523.UP.FTS.B, 8.93%, 1/20/27. . . . . | L2475523.UP.FTS.B, 8.93%, 1/20/27. . . . . | L2475523.UP.FTS.B, 8.93%, 1/20/27. . . . . | 8908 | 1202 | FW2471587.UP.FTS.B, 24.31%, 1/20/27.. . | 1787 | 1778 |
| FW2473331.UP.FTS.B, 9.04%, 1/20/27.. . . | FW2473331.UP.FTS.B, 9.04%, 1/20/27.. . . | FW2473331.UP.FTS.B, 9.04%, 1/20/27.. . . | 15047 | 14489 | L2473421.UP.FTS.B, 24.31%, 1/20/27. . . . | 18420 | 1324 |
| L2473688.UP.FTS.B, 9.31%, 1/20/27. . . . . | L2473688.UP.FTS.B, 9.31%, 1/20/27. . . . . | L2473688.UP.FTS.B, 9.31%, 1/20/27. . . . . | 8494 | 8436 | FW2475492.UP.FTS.B, 24.4%, 1/20/27.. . . | 2681 | 2667 |
| L2474865.UP.FTS.B, 9.49%, 1/20/27. . . . . | L2474865.UP.FTS.B, 9.49%, 1/20/27. . . . . | L2474865.UP.FTS.B, 9.49%, 1/20/27. . . . . | 3718 | 923 | L2475345.UP.FTS.B, 24.61%, 1/20/27. . . . | 4572 | 4304 |
| L2474080.UP.FTS.B, 9.61%, 1/20/27. . . . . | L2474080.UP.FTS.B, 9.61%, 1/20/27. . . . . | L2474080.UP.FTS.B, 9.61%, 1/20/27. . . . . | 8036 | 7980 | L2474208.UP.FTS.B, 24.67%, 1/20/27. . . . | 1347 | 1339 |
| L2472065.UP.FTS.B, 9.95%, 1/20/27. . . . . | L2472065.UP.FTS.B, 9.95%, 1/20/27. . . . . | L2472065.UP.FTS.B, 9.95%, 1/20/27. . . . . | 6386 | 6343 | L2472023.UP.FTS.B, 24.83%, 1/20/27. . . . | 2416 | 2403 |
| FW2473429.UP.FTS.B, 10.42%, 1/20/27.. . | FW2473429.UP.FTS.B, 10.42%, 1/20/27.. . | FW2473429.UP.FTS.B, 10.42%, 1/20/27.. . | 4265 | 4236 | L2473063.UP.FTS.B, 25.05%, 1/20/27. . . . | 912 | 906 |
| FW2472711.UP.FTS.B, 10.61%, 1/20/27.. . | FW2472711.UP.FTS.B, 10.61%, 1/20/27.. . | FW2472711.UP.FTS.B, 10.61%, 1/20/27.. . | 4032 | 3986 | L2475329.UP.FTS.B, 25.09%, 1/20/27. . . . | 4478 | 4454 |
| L2473817.UP.FTS.B, 10.77%, 1/20/27. . . . | L2473817.UP.FTS.B, 10.77%, 1/20/27. . . . | L2473817.UP.FTS.B, 10.77%, 1/20/27. . . . | 13605 | 13484 | L2470742.UP.FTS.B, 25.25%, 1/20/27. . . . | 2330 | 2318 |
| FW2472488.UP.FTS.B, 10.89%, 1/20/27.. . | FW2472488.UP.FTS.B, 10.89%, 1/20/27.. . | FW2472488.UP.FTS.B, 10.89%, 1/20/27.. . | 4273 | 4235 | L2470870.UP.FTS.B, 25.27%, 1/20/27. . . . | 4349 | 309 |
| FW2475584.UP.FTS.B, 10.93%, 1/20/27.. . | FW2475584.UP.FTS.B, 10.93%, 1/20/27.. . | FW2475584.UP.FTS.B, 10.93%, 1/20/27.. . | 4430 | 1126 | L2471521.UP.FTS.B, 25.28%, 1/20/27. . . . | 992 | 980 |
| L2473418.UP.FTS.B, 10.96%, 1/20/27. . . . | L2473418.UP.FTS.B, 10.96%, 1/20/27. . . . | L2473418.UP.FTS.B, 10.96%, 1/20/27. . . . | 15386 | 15252 | L2471728.UP.FTS.B, 25.34%, 1/20/27. . . . | 9279 | 9227 |
| L2474933.UP.FTS.B, 11.24%, 1/20/27. . . . | L2474933.UP.FTS.B, 11.24%, 1/20/27. . . . | L2474933.UP.FTS.B, 11.24%, 1/20/27. . . . | 24815 | 24598 | L2471667.UP.FTS.B, 25.39%, 1/20/27. . . . | 6991 | 6955 |
| L2473427.UP.FTS.B, 11.29%, 1/20/27. . . . | L2473427.UP.FTS.B, 11.29%, 1/20/27. . . . | L2473427.UP.FTS.B, 11.29%, 1/20/27. . . . | 17112 | 16963 | L2474715.UP.FTS.B, 25.42%, 1/20/27. . . . | 2422 | 2406 |
| L2473112.UP.FTS.B, 11.72%, 1/20/27.. . . . | L2473112.UP.FTS.B, 11.72%, 1/20/27.. . . . | L2473112.UP.FTS.B, 11.72%, 1/20/27.. . . . | 4264 | 4226 | L2474965.UP.FTS.B, 25.47%, 1/20/27. . . . | 1524 | 1516 |
| L2471911.UP.FTS.B, 11.83%, 1/20/27.. . . . | L2471911.UP.FTS.B, 11.83%, 1/20/27.. . . . | L2471911.UP.FTS.B, 11.83%, 1/20/27.. . . . | 11674 | 1620 | L2472226.UP.FTS.B, 25.56%, 1/20/27. . . . | 2959 | 2944 |
| L2475887.UP.FTS.B, 12.32%, 1/20/27. . . . | L2475887.UP.FTS.B, 12.32%, 1/20/27. . . . | L2475887.UP.FTS.B, 12.32%, 1/20/27. . . . | 8590 | 8516 | FW2472063.UP.FTS.B, 25.58%, 1/20/27.. . | 1002 | 951 |
| L2471859.UP.FTS.B, 12.54%, 1/20/27. . . . | L2471859.UP.FTS.B, 12.54%, 1/20/27. . . . | L2471859.UP.FTS.B, 12.54%, 1/20/27. . . . | 12899 | 12788 | FW2472820.UP.FTS.B, 25.64%, 1/20/27.. . | 2691 | 2677 |
| L2474658.UP.FTS.B, 12.78%, 1/20/27. . . . | L2474658.UP.FTS.B, 12.78%, 1/20/27. . . . | L2474658.UP.FTS.B, 12.78%, 1/20/27. . . . | 4303 | 4266 | L2471756.UP.FTS.B, 26.47%, 1/20/27. . . . | 982 | 977 |
| L2471497.UP.FTS.B, 12.88%, 1/20/27. . . . | L2471497.UP.FTS.B, 12.88%, 1/20/27. . . . | L2471497.UP.FTS.B, 12.88%, 1/20/27. . . . | 6457 | 6401 | FW2471391.UP.FTS.B, 26.65%, 1/20/27.. . | 2298 | 676 |
| L2471480.UP.FTS.B, 13.4%, 1/20/27. . . . . | L2471480.UP.FTS.B, 13.4%, 1/20/27. . . . . | L2471480.UP.FTS.B, 13.4%, 1/20/27. . . . . | 2558 | 2533 | L2474425.UP.FTS.B, 26.68%, 1/20/27. . . . | 4498 | 4475 |
| L2475656.UP.FTS.B, 13.51%, 1/20/27. . . . | L2475656.UP.FTS.B, 13.51%, 1/20/27. . . . | L2475656.UP.FTS.B, 13.51%, 1/20/27. . . . | 2667 | 684 | FW2472110.UP.FTS.B, 27.03%, 1/20/27.. . | 11705 | 11644 |
| L2474789.UP.FTS.B, 13.64%, 1/20/27. . . . | L2474789.UP.FTS.B, 13.64%, 1/20/27. . . . | L2474789.UP.FTS.B, 13.64%, 1/20/27. . . . | 21586 | 21402 | FW2474738.UP.FTS.B, 27.15%, 1/20/27.. . | 2522 | 2509 |
| FW2474683.UP.FTS.B, 13.75%, 1/20/27.. . | FW2474683.UP.FTS.B, 13.75%, 1/20/27.. . | FW2474683.UP.FTS.B, 13.75%, 1/20/27.. . | 3023 | 2997 | FW2475280.UP.FTS.B, 27.6%, 1/20/27.. . . | 11272 | 11214 |
| L2474173.UP.FTS.B, 13.96%, 1/20/27. . . . | L2474173.UP.FTS.B, 13.96%, 1/20/27. . . . | L2474173.UP.FTS.B, 13.96%, 1/20/27. . . . | 3428 | 3398 | L2475015.UP.FTS.B, 27.6%, 1/20/27. . . . . | 5412 | 5385 |
| L2473476.UP.FTS.B, 14%, 1/20/27.. . . . . . | L2473476.UP.FTS.B, 14%, 1/20/27.. . . . . . | L2473476.UP.FTS.B, 14%, 1/20/27.. . . . . . | 5697 | 5645 | FW2473211.UP.FTS.B, 27.91%, 1/20/27.. . | 5505 | 5477 |
| L2471439.UP.FTS.B, 14.4%, 1/20/27. . . . . | L2471439.UP.FTS.B, 14.4%, 1/20/27. . . . . | L2471439.UP.FTS.B, 14.4%, 1/20/27. . . . . | 952 | 944 | L2473038.UP.FTS.B, 28.44%, 1/20/27. . . . | 2981 | 2966 |
| L2472468.UP.FTS.B, 14.46%, 1/20/27. . . . | L2472468.UP.FTS.B, 14.46%, 1/20/27. . . . | L2472468.UP.FTS.B, 14.46%, 1/20/27. . . . | 5195 | 5151 | FW2475609.UP.FTS.B, 28.57%, 1/20/27.. . | 5364 | 5333 |
| L2474447.UP.FTS.B, 14.59%, 1/20/27. . . . | L2474447.UP.FTS.B, 14.59%, 1/20/27. . . . | L2474447.UP.FTS.B, 14.59%, 1/20/27. . . . | 3811 | 3779 | FW2475241.UP.FTS.B, 28.86%, 1/20/27.. . | 607 | 598 |
| 130 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 130 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2472537.UP.FTS.B, 29.07%, 1/20/27.. . | $3621 | $3603 | L2478510.UP.FTS.B, 7.06%, 1/21/27. . . . . | $1203 | $1197 | 1197 |
| FW2472883.UP.FTS.B, 29.5%, 1/20/27.. . . | 9070 | 9024 | FW2480731.UP.FTS.B, 7.27%, 1/21/27.. . . | 11527 | 843 | 843 |
| FW2472042.UP.FTS.B, 29.53%, 1/20/27.. . | 3425 | 3406 | L2461602.UP.FTS.B, 7.51%, 1/21/27. . . . . | 42169 | 41874 | 41874 |
| FW2468507.UP.FTS.B, 29.73%, 1/20/27.. . | 11521 | 804 | L2478233.UP.FTS.B, 7.75%, 1/21/27. . . . . | 3377 | 3353 | 3353 |
| FW2475643.UP.FTS.B, 29.93%, 1/20/27.. . | 1431 | 428 | FW2480389.UP.FTS.B, 7.87%, 1/21/27.. . . | 6334 | 6290 | 6290 |
| FW2473392.UP.FTS.B, 30.03%, 1/20/27.. . | 3222 | 499 | L2476700.UP.FTS.B, 8.05%, 1/21/27. . . . . | 3693 | 3663 | 3663 |
| FW2475302.UP.FTS.B, 30.28%, 1/20/27.. . | 4360 | 4338 | L2482145.UP.FTS.B, 8.06%, 1/21/27. . . . . | 16078 | 15965 | 15965 |
| FW2474444.UP.FTS.B, 30.39%, 1/20/27.. . | 4157 | 4135 | FW2479918.UP.FTS.B, 8.11%, 1/21/27.. . . | 1688 | 1676 | 1676 |
| FW2471876.UP.FTS.B, 30.6%, 1/20/27.. . . | 1545 | 1537 | L2477326.UP.FTS.B, 8.52%, 1/21/27. . . . . | 21170 | 21024 | 21024 |
| FW2473795.UP.FTS.B, 30.76%, 1/20/27.. . | 1412 | 422 | L2480346.UP.FTS.B, 8.56%, 1/21/27. . . . . | 2116 | 2101 | 2101 |
| FW2473987.UP.FTS.B, 30.82%, 1/20/27.. . | 5456 | 5429 | L2476447.UP.FTS.B, 8.62%, 1/21/27. . . . . | 8245 | 8186 | 8186 |
| FW2471934.UP.FTS.B, 30.86%, 1/20/27.. . | 2249 | 346 | L2481499.UP.FTS.B, 9.01%, 1/21/27. . . . . | 3129 | 3108 | 3108 |
| FW2473631.UP.FTS.B, 30.87%, 1/20/27.. . | 1085 | 1079 | L2477347.UP.FTS.B, 9.48%, 1/21/27. . . . . | 1445 | 1435 | 1435 |
| FW2473454.UP.FTS.B, 30.96%, 1/20/27.. . | 8478 | 104 | FW2478172.UP.FTS.B, 9.55%, 1/21/27.. . . | 5193 | 4882 | 4882 |
| FW2475760.UP.FTS.B, 30.97%, 1/20/27.. . | 16374 | 16292 | L2477329.UP.FTS.B, 9.62%, 1/21/27. . . . . | 7654 | 7602 | 7602 |
| FW2474925.UP.FTS.B, 31.01%, 1/20/27.. . | 1559 | 1550 | L2477858.UP.FTS.B, 9.8%, 1/21/27. . . . . . | 20851 | 20710 | 20710 |
| FW2425853.UP.FTS.B, 31.04%, 1/20/27.. . | 3259 | 226 | L2450265.UP.FTS.B, 9.85%, 1/21/27. . . . . | 3405 | 3382 | 3382 |
| FW2471357.UP.FTS.B, 31.05%, 1/20/27.. . | 1323 | (6) | L2480599.UP.FTS.B, 9.99%, 1/21/27. . . . . | 19423 | 19254 | 19254 |
| FW2470766.UP.FTS.B, 31.08%, 1/20/27.. . | 1205 | 1145 | FW2479183.UP.FTS.B, 10.05%, 1/21/27.. . | 7241 | 7178 | 7178 |
| FW2475230.UP.FTS.B, 31.1%, 1/20/27.. . . | 1418 | 217 | FW2477988.UP.FTS.B, 10.11%, 1/21/27.. . | 3553 | 495 | 495 |
| FW2472231.UP.FTS.B, 31.13%, 1/20/27.. . | 1417 | 98 | FW2479731.UP.FTS.B, 10.13%, 1/21/27.. . | 13280 | 13190 | 13190 |
| FW2471006.UP.FTS.B, 31.15%, 1/20/27.. . | 1480 | 1470 | L2477998.UP.FTS.B, 10.21%, 1/21/27. . . . | 16922 | 16774 | 16774 |
| FW2475753.UP.FTS.B, 31.17%, 1/20/27.. . | 3914 | 3894 | L2480405.UP.FTS.B, 10.65%, 1/21/27. . . . | 5123 | 5079 | 5079 |
| FW2470630.UP.FTS.B, 31.2%, 1/20/27.. . . | 1639 | 1631 | FW2478301.UP.FTS.B, 10.7%, 1/21/27.. . . | 6319 | 6277 | 6277 |
| FW2417723.UP.FTS.B, 31.22%, 1/20/27.. . | 6288 | 6245 | FW2480560.UP.FTS.B, 10.78%, 1/21/27.. . | 4698 | 4658 | 4658 |
| FW2473522.UP.FTS.B, 31.22%, 1/20/27.. . | 2901 | 201 | L2476472.UP.FTS.B, 10.79%, 1/21/27. . . . | 4271 | 4234 | 4234 |
| FW2475257.UP.FTS.B, 31.23%, 1/20/27.. . | 7009 | 6975 | FW2480584.UP.FTS.B, 10.82%, 1/21/27.. . | 5105 | 5060 | 5060 |
| FW2473144.UP.FTS.B, 31.25%, 1/20/27.. . | 1836 | 543 | L2476061.UP.FTS.B, 10.91%, 1/21/27. . . . | 20169 | 20035 | 20035 |
| FW2471867.UP.FTS.B, 31.46%, 1/20/27.. . | 4260 | 1255 | L2476577.UP.FTS.B, 11.24%, 1/21/27. . . . | 3425 | 3394 | 3394 |
| FW2473891.UP.FTS.B, 31.57%, 1/20/27.. . | 6868 | 6824 | FW2480576.UP.FTS.B, 11.26%, 1/21/27.. . | 20196 | 20023 | 20023 |
| FW2473130.UP.FTS.B, 31.62%, 1/20/27.. . | 7153 | 496 | FW2480948.UP.FTS.B, 11.69%, 1/21/27.. . | 21429 | 21246 | 21246 |
| FW2473201.UP.FTS.B, 31.68%, 1/20/27.. . | 13537 | 12869 | FW2480972.UP.FTS.B, 11.69%, 1/21/27.. . | 4286 | 4249 | 4249 |
| FW2471457.UP.FTS.B, 31.71%, 1/20/27.. . | 1890 | 1879 | L2477410.UP.FTS.B, 11.79%, 1/21/27. . . . | 12174 | 12060 | 12060 |
| FW2475312.UP.FTS.B, 31.98%, 1/20/27.. . | 950 | 25 | FW2477060.UP.FTS.B, 11.89%, 1/21/27.. . | 25721 | 25501 | 25501 |
| L2481582.UP.FTS.B, 4.62%, 1/21/27. . . . . | 33331 | 33149 | L2481328.UP.FTS.B, 12.51%, 1/21/27. . . . | 4299 | 4262 | 4262 |
| L2478241.UP.FTS.B, 4.87%, 1/21/27. . . . . | 17520 | 17425 | L2479402.UP.FTS.B, 12.63%, 1/21/27. . . . | 6553 | 6162 | 6162 |
| L2477575.UP.FTS.B, 4.96%, 1/21/27. . . . . | 9287 | 9233 | FW2481147.UP.FTS.B, 12.81%, 1/21/27.. . | 8607 | 8534 | 8534 |
| L2478449.UP.FTS.B, 5.07%, 1/21/27. . . . . | 40915 | 40693 | FW2480666.UP.FTS.B, 12.82%, 1/21/27.. . | 17214 | 17069 | 17069 |
| FW2478227.UP.FTS.B, 5.11%, 1/21/27.. . . | 9186 | 9137 | L2480627.UP.FTS.B, 13.09%, 1/21/27. . . . | 5514 | 5468 | 5468 |
| L2478495.UP.FTS.B, 5.12%, 1/21/27. . . . . | 8352 | 8307 | L2479108.UP.FTS.B, 13.57%, 1/21/27. . . . | 20713 | 20539 | 20539 |
| L2446259.UP.FTS.B, 5.18%, 1/21/27. . . . . | 8350 | 8305 | FW2476623.UP.FTS.B, 13.66%, 1/21/27.. . | 6864 | 471 | 471 |
| L2478632.UP.FTS.B, 5.24%, 1/21/27. . . . . | 16712 | 16622 | L2480452.UP.FTS.B, 14.24%, 1/21/27. . . . | 4325 | 4289 | 4289 |
| L2477767.UP.FTS.B, 5.31%, 1/21/27. . . . . | 12538 | 12470 | L2480894.UP.FTS.B, 14.25%, 1/21/27. . . . | 10209 | 10124 | 10124 |
| L2478466.UP.FTS.B, 5.39%, 1/21/27. . . . . | 9187 | 9137 | L2478328.UP.FTS.B, 14.36%, 1/21/27. . . . | 21638 | 21458 | 21458 |
| L2478450.UP.FTS.B, 5.42%, 1/21/27. . . . . | 5017 | 4990 | L2481349.UP.FTS.B, 14.92%, 1/21/27. . . . | 6591 | 6536 | 6536 |
| L2480061.UP.FTS.B, 5.73%, 1/21/27. . . . . | 9964 | 9911 | FW2476598.UP.FTS.B, 14.99%, 1/21/27.. . | 8807 | 8283 | 8283 |
| L2459372.UP.FTS.B, 5.76%, 1/21/27. . . . . | 12561 | 12495 | FW2479747.UP.FTS.B, 15%, 1/21/27.. . . . | 4338 | 4302 | 4302 |
| L2477090.UP.FTS.B, 5.84%, 1/21/27. . . . . | 5026 | 4999 | FW2476545.UP.FTS.B, 15.04%, 1/21/27.. . | 8676 | 8604 | 8604 |
| L2477803.UP.FTS.B, 6.01%, 1/21/27. . . . . | 35075 | 34887 | FW2476940.UP.FTS.B, 15.14%, 1/21/27.. . | 2777 | 2754 | 2754 |
| L2477744.UP.FTS.B, 6.17%, 1/21/27. . . . . | 31036 | 30872 | L2472995.UP.FTS.B, 15.34%, 1/21/27. . . . | 2606 | 2576 | 2576 |
| L2476427.UP.FTS.B, 6.24%, 1/21/27. . . . . | 8391 | 8346 | L2476780.UP.FTS.B, 15.94%, 1/21/27. . . . | 4351 | 4303 | 4303 |
| FW2476186.UP.FTS.B, 6.33%, 1/21/27.. . . | 20985 | 20875 | L2478232.UP.FTS.B, 15.98%, 1/21/27. . . . | 9141 | 1329 | 1329 |
| L2477424.UP.FTS.B, 6.43%, 1/21/27. . . . . | 16794 | 16706 | FW2477987.UP.FTS.B, 16%, 1/21/27.. . . . | 6096 | 6028 | 6028 |
| L2480644.UP.FTS.B, 6.59%, 1/21/27. . . . . | 21006 | 20896 | L2478528.UP.FTS.B, 16.29%, 1/21/27. . . . | 3952 | 3788 | 3788 |
| L2480479.UP.FTS.B, 6.6%, 1/21/27. . . . . . | 5378 | 5350 | L2481261.UP.FTS.B, 16.32%, 1/21/27. . . . | 26522 | 24956 | 24956 |
| L2480622.UP.FTS.B, 6.63%, 1/21/27. . . . . | 26893 | 26752 | L2480206.UP.FTS.B, 16.56%, 1/21/27. . . . | 30524 | 30276 | 30276 |
| L2479361.UP.FTS.B, 6.78%, 1/21/27. . . . . | 17659 | 17567 | L2480635.UP.FTS.B, 16.62%, 1/21/27. . . . | 4361 | 4313 | 4313 |
| L2478485.UP.FTS.B, 6.81%, 1/21/27. . . . . | 11044 | 10978 | L2481665.UP.FTS.B, 17.36%, 1/21/27. . . . | 3498 | 3459 | 3459 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 131 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 131 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2476814.UP.FTS.B, 17.49%, 1/21/27.. . $ | FW2476814.UP.FTS.B, 17.49%, 1/21/27.. . $ | FW2476814.UP.FTS.B, 17.49%, 1/21/27.. . $ | 4455 | $4191 | FW2476973.UP.FTS.B, 28.09%, 1/21/27.. . $ | 1917 | $300 |
| L2477405.UP.FTS.B, 17.76%, 1/21/27. . . . | L2477405.UP.FTS.B, 17.76%, 1/21/27. . . . | L2477405.UP.FTS.B, 17.76%, 1/21/27. . . . | 19015 | 18802 | FW2476707.UP.FTS.B, 28.1%, 1/21/27.. . . | 7170 | 7132 |
| L2479195.UP.FTS.B, 17.9%, 1/21/27. . . . . | L2479195.UP.FTS.B, 17.9%, 1/21/27. . . . . | L2479195.UP.FTS.B, 17.9%, 1/21/27. . . . . | 5532 | 217 | FW2477133.UP.FTS.B, 28.1%, 1/21/27.. . . | 7676 | 7639 |
| FW2480097.UP.FTS.B, 18.93%, 1/21/27.. . | FW2480097.UP.FTS.B, 18.93%, 1/21/27.. . | FW2480097.UP.FTS.B, 18.93%, 1/21/27.. . | 2813 | 2782 | FW2479206.UP.FTS.B, 28.15%, 1/21/27.. . | 261 | 257 |
| L2482226.UP.FTS.B, 19.47%, 1/21/27. . . . | L2482226.UP.FTS.B, 19.47%, 1/21/27. . . . | L2482226.UP.FTS.B, 19.47%, 1/21/27. . . . | 14089 | 13901 | FW2481757.UP.FTS.B, 28.3%, 1/21/27.. . . | 6776 | 6744 |
| FW2477756.UP.FTS.B, 19.8%, 1/21/27.. . . | FW2477756.UP.FTS.B, 19.8%, 1/21/27.. . . | FW2477756.UP.FTS.B, 19.8%, 1/21/27.. . . | 2644 | 2609 | FW2476276.UP.FTS.B, 28.48%, 1/21/27.. . | 4961 | 4937 |
| L2482112.UP.FTS.B, 19.84%, 1/21/27. . . . | L2482112.UP.FTS.B, 19.84%, 1/21/27. . . . | L2482112.UP.FTS.B, 19.84%, 1/21/27. . . . | 3881 | 3827 | FW2477763.UP.FTS.B, 28.51%, 1/21/27.. . | 7232 | 7198 |
| FW2470384.UP.FTS.B, 19.99%, 1/21/27.. . | FW2470384.UP.FTS.B, 19.99%, 1/21/27.. . | FW2470384.UP.FTS.B, 19.99%, 1/21/27.. . | 5363 | 5046 | FW2478384.UP.FTS.B, 28.67%, 1/21/27.. . | 1785 | 1775 |
| FW2478138.UP.FTS.B, 20.35%, 1/21/27.. . | FW2478138.UP.FTS.B, 20.35%, 1/21/27.. . | FW2478138.UP.FTS.B, 20.35%, 1/21/27.. . | 17623 | 17531 | FW2479323.UP.FTS.B, 28.7%, 1/21/27.. . . | 1357 | 1350 |
| L2481444.UP.FTS.B, 20.35%, 1/21/27. . . . | L2481444.UP.FTS.B, 20.35%, 1/21/27. . . . | L2481444.UP.FTS.B, 20.35%, 1/21/27. . . . | 7064 | 7027 | FW2473316.UP.FTS.B, 28.74%, 1/21/27.. . | 18878 | 125 |
| FW2478527.UP.FTS.B, 20.76%, 1/21/27.. . | FW2478527.UP.FTS.B, 20.76%, 1/21/27.. . | FW2478527.UP.FTS.B, 20.76%, 1/21/27.. . | 19875 | 19721 | FW2476695.UP.FTS.B, 29.04%, 1/21/27.. . | 4946 | 4920 |
| L2441362.UP.FTS.B, 20.97%, 1/21/27. . . . | L2441362.UP.FTS.B, 20.97%, 1/21/27. . . . | L2441362.UP.FTS.B, 20.97%, 1/21/27. . . . | 4436 | 4375 | FW2480041.UP.FTS.B, 29.19%, 1/21/27.. . | 917 | 871 |
| FW2479867.UP.FTS.B, 21.17%, 1/21/27.. . | FW2479867.UP.FTS.B, 21.17%, 1/21/27.. . | FW2479867.UP.FTS.B, 21.17%, 1/21/27.. . | 2833 | 2818 | FW2480886.UP.FTS.B, 29.21%, 1/21/27.. . | 25457 | 24199 |
| L2481056.UP.FTS.B, 21.36%, 1/21/27. . . . | L2481056.UP.FTS.B, 21.36%, 1/21/27. . . . | L2481056.UP.FTS.B, 21.36%, 1/21/27. . . . | 1819 | 530 | FW2481763.UP.FTS.B, 29.55%, 1/21/27.. . | 4532 | 4511 |
| L2475998.UP.FTS.B, 21.42%, 1/21/27. . . . | L2475998.UP.FTS.B, 21.42%, 1/21/27. . . . | L2475998.UP.FTS.B, 21.42%, 1/21/27. . . . | 7935 | 7829 | FW2480439.UP.FTS.B, 29.92%, 1/21/27.. . | 3176 | 3154 |
| FW2478245.UP.FTS.B, 22.19%, 1/21/27.. . | FW2478245.UP.FTS.B, 22.19%, 1/21/27.. . | FW2478245.UP.FTS.B, 22.19%, 1/21/27.. . | 4516 | 1315 | FW2477825.UP.FTS.B, 30.12%, 1/21/27.. . | 1429 | 100 |
| L2478209.UP.FTS.B, 22.48%, 1/21/27. . . . | L2478209.UP.FTS.B, 22.48%, 1/21/27. . . . | L2478209.UP.FTS.B, 22.48%, 1/21/27. . . . | 5332 | 5305 | FW2480521.UP.FTS.B, 30.21%, 1/21/27.. . | 1904 | 133 |
| L2476636.UP.FTS.B, 22.64%, 1/21/27. . . . | L2476636.UP.FTS.B, 22.64%, 1/21/27. . . . | L2476636.UP.FTS.B, 22.64%, 1/21/27. . . . | 766 | 758 | FW2476060.UP.FTS.B, 30.53%, 1/21/27.. . | 5452 | 5427 |
| L2476441.UP.FTS.B, 22.74%, 1/21/27. . . . | L2476441.UP.FTS.B, 22.74%, 1/21/27. . . . | L2476441.UP.FTS.B, 22.74%, 1/21/27. . . . | 4892 | 4868 | FW2481818.UP.FTS.B, 30.54%, 1/21/27.. . | 15154 | (14) |
| L2481616.UP.FTS.B, 22.8%, 1/21/27. . . . . | L2481616.UP.FTS.B, 22.8%, 1/21/27. . . . . | L2481616.UP.FTS.B, 22.8%, 1/21/27. . . . . | 2834 | 2819 | FW2481370.UP.FTS.B, 30.57%, 1/21/27.. . | 1194 | 1136 |
| L2481541.UP.FTS.B, 22.92%, 1/21/27. . . . | L2481541.UP.FTS.B, 22.92%, 1/21/27. . . . | L2481541.UP.FTS.B, 22.92%, 1/21/27. . . . | 6544 | 975 | FW2476388.UP.FTS.B, 30.81%, 1/21/27.. . | 7977 | 7584 |
| L2475307.UP.FTS.B, 23.31%, 1/21/27. . . . | L2475307.UP.FTS.B, 23.31%, 1/21/27. . . . | L2475307.UP.FTS.B, 23.31%, 1/21/27. . . . | 1960 | 1950 | FW2480390.UP.FTS.B, 30.84%, 1/21/27.. . | 2677 | 2661 |
| FW2477308.UP.FTS.B, 23.41%, 1/21/27.. . | FW2477308.UP.FTS.B, 23.41%, 1/21/27.. . | FW2477308.UP.FTS.B, 23.41%, 1/21/27.. . | 7747 | 7641 | FW2476651.UP.FTS.B, 30.87%, 1/21/27.. . | 1203 | 1194 |
| FW2479645.UP.FTS.B, 23.45%, 1/21/27.. . | FW2479645.UP.FTS.B, 23.45%, 1/21/27.. . | FW2479645.UP.FTS.B, 23.45%, 1/21/27.. . | 3565 | 3547 | FW2479214.UP.FTS.B, 30.9%, 1/21/27.. . . | 10119 | 1568 |
| L2476876.UP.FTS.B, 23.51%, 1/21/27. . . . | L2476876.UP.FTS.B, 23.51%, 1/21/27. . . . | L2476876.UP.FTS.B, 23.51%, 1/21/27. . . . | 4279 | 4258 | FW2481906.UP.FTS.B, 30.96%, 1/21/27.. . | 1001 | 996 |
| FW2476171.UP.FTS.B, 24.01%, 1/21/27.. . | FW2476171.UP.FTS.B, 24.01%, 1/21/27.. . | FW2476171.UP.FTS.B, 24.01%, 1/21/27.. . | 3214 | 3198 | FW2476575.UP.FTS.B, 30.97%, 1/21/27.. . | 1103 | 1049 |
| L2476196.UP.FTS.B, 24.05%, 1/21/27. . . . | L2476196.UP.FTS.B, 24.05%, 1/21/27. . . . | L2476196.UP.FTS.B, 24.05%, 1/21/27. . . . | 1693 | 1676 | FW2478647.UP.FTS.B, 31.06%, 1/21/27.. . | 4277 | 4257 |
| L2480692.UP.FTS.B, 24.23%, 1/21/27. . . . | L2480692.UP.FTS.B, 24.23%, 1/21/27. . . . | L2480692.UP.FTS.B, 24.23%, 1/21/27. . . . | 983 | 978 | FW2480600.UP.FTS.B, 31.1%, 1/21/27.. . . | 3282 | 3264 |
| L2480153.UP.FTS.B, 24.26%, 1/21/27. . . . | L2480153.UP.FTS.B, 24.26%, 1/21/27. . . . | L2480153.UP.FTS.B, 24.26%, 1/21/27. . . . | 1267 | 1204 | FW2476779.UP.FTS.B, 31.12%, 1/21/27.. . | 1001 | 996 |
| FW2476307.UP.FTS.B, 24.31%, 1/21/27.. . | FW2476307.UP.FTS.B, 24.31%, 1/21/27.. . | FW2476307.UP.FTS.B, 24.31%, 1/21/27.. . | 1430 | 1423 | FW2479381.UP.FTS.B, 31.12%, 1/21/27.. . | 6842 | 6804 |
| L2438024.UP.FTS.B, 24.89%, 1/21/27. . . . | L2438024.UP.FTS.B, 24.89%, 1/21/27. . . . | L2438024.UP.FTS.B, 24.89%, 1/21/27. . . . | 1880 | 1870 | FW2478988.UP.FTS.B, 31.13%, 1/21/27.. . | 22752 | 22647 |
| L2481353.UP.FTS.B, 24.94%, 1/21/27. . . . | L2481353.UP.FTS.B, 24.94%, 1/21/27. . . . | L2481353.UP.FTS.B, 24.94%, 1/21/27. . . . | 7609 | 7572 | FW2477761.UP.FTS.B, 31.16%, 1/21/27.. . | 2086 | 2076 |
| L2477192.UP.FTS.B, 25.1%, 1/21/27. . . . . | L2477192.UP.FTS.B, 25.1%, 1/21/27. . . . . | L2477192.UP.FTS.B, 25.1%, 1/21/27. . . . . | 6002 | 5797 | FW2478252.UP.FTS.B, 31.16%, 1/21/27.. . | 1155 | 81 |
| L2477602.UP.FTS.B, 25.12%, 1/21/27. . . . | L2477602.UP.FTS.B, 25.12%, 1/21/27. . . . | L2477602.UP.FTS.B, 25.12%, 1/21/27. . . . | 3583 | 3536 | FW2481372.UP.FTS.B, 31.16%, 1/21/27.. . | 1334 | 93 |
| FW2477086.UP.FTS.B, 25.18%, 1/21/27.. . | FW2477086.UP.FTS.B, 25.18%, 1/21/27.. . | FW2477086.UP.FTS.B, 25.18%, 1/21/27.. . | 9065 | 8615 | FW2482179.UP.FTS.B, 31.16%, 1/21/27.. . | 1638 | 1631 |
| L2450581.UP.FTS.B, 25.25%, 1/21/27. . . . | L2450581.UP.FTS.B, 25.25%, 1/21/27. . . . | L2450581.UP.FTS.B, 25.25%, 1/21/27. . . . | 4122 | 4101 | FW2478875.UP.FTS.B, 31.18%, 1/21/27.. . | 3936 | 3885 |
| L2478464.UP.FTS.B, 25.27%, 1/21/27. . . . | L2478464.UP.FTS.B, 25.27%, 1/21/27. . . . | L2478464.UP.FTS.B, 25.27%, 1/21/27. . . . | 3138 | 3122 | FW2477853.UP.FTS.B, 31.19%, 1/21/27.. . | 12194 | 12138 |
| L2480444.UP.FTS.B, 25.32%, 1/21/27. . . . | L2480444.UP.FTS.B, 25.32%, 1/21/27. . . . | L2480444.UP.FTS.B, 25.32%, 1/21/27. . . . | 1792 | 1768 | FW2482160.UP.FTS.B, 31.2%, 1/21/27.. . . | 2185 | 2175 |
| L2476431.UP.FTS.B, 25.35%, 1/21/27. . . . | L2476431.UP.FTS.B, 25.35%, 1/21/27. . . . | L2476431.UP.FTS.B, 25.35%, 1/21/27. . . . | 1370 | 403 | FW2478503.UP.FTS.B, 31.21%, 1/21/27.. . | 2744 | 2730 |
| L2480238.UP.FTS.B, 25.42%, 1/21/27. . . . | L2480238.UP.FTS.B, 25.42%, 1/21/27. . . . | L2480238.UP.FTS.B, 25.42%, 1/21/27. . . . | 986 | 973 | FW2479301.UP.FTS.B, 31.22%, 1/21/27.. . | 994 | 989 |
| L2476482.UP.FTS.B, 25.43%, 1/21/27. . . . | L2476482.UP.FTS.B, 25.43%, 1/21/27. . . . | L2476482.UP.FTS.B, 25.43%, 1/21/27. . . . | 1030 | 158 | FW2480515.UP.FTS.B, 31.22%, 1/21/27.. . | 1639 | 1631 |
| L2477171.UP.FTS.B, 25.43%, 1/21/27. . . . | L2477171.UP.FTS.B, 25.43%, 1/21/27. . . . | L2477171.UP.FTS.B, 25.43%, 1/21/27. . . . | 3586 | 3568 | FW2477324.UP.FTS.B, 31.89%, 1/21/27.. . | 3123 | (20) |
| L2480918.UP.FTS.B, 25.48%, 1/21/27. . . . | L2480918.UP.FTS.B, 25.48%, 1/21/27. . . . | L2480918.UP.FTS.B, 25.48%, 1/21/27. . . . | 1298 | 199 | FW2476930.UP.FTS.B, 32.05%, 1/21/27.. . | 930 | 277 |
| L2480345.UP.FTS.B, 25.5%, 1/21/27. . . . . | L2480345.UP.FTS.B, 25.5%, 1/21/27. . . . . | L2480345.UP.FTS.B, 25.5%, 1/21/27. . . . . | 10924 | 3213 | FW2482047.UP.FTS.B, 32.18%, 1/21/27.. . | 13244 | 13170 |
| L2477959.UP.FTS.B, 25.85%, 1/21/27. . . . | L2477959.UP.FTS.B, 25.85%, 1/21/27. . . . | L2477959.UP.FTS.B, 25.85%, 1/21/27. . . . | 8975 | 8931 | FW2476788.UP.FTS.B, 32.36%, 1/21/27.. . | 4696 | 1403 |
| L2478675.UP.FTS.B, 25.98%, 1/21/27. . . . | L2478675.UP.FTS.B, 25.98%, 1/21/27. . . . | L2478675.UP.FTS.B, 25.98%, 1/21/27. . . . | 17254 | 17147 | FW2478961.UP.FTS.B, 33.21%, 1/21/27.. . | 1646 | 1639 |
| L2482239.UP.FTS.B, 26.18%, 1/21/27. . . . | L2482239.UP.FTS.B, 26.18%, 1/21/27. . . . | L2482239.UP.FTS.B, 26.18%, 1/21/27. . . . | 4459 | 4435 | L1722528.UP.FTS.B, 25.34%, 2/16/27. . . . | 3470 | 1001 |
| FW2477396.UP.FTS.B, 26.27%, 1/21/27.. . | FW2477396.UP.FTS.B, 26.27%, 1/21/27.. . | FW2477396.UP.FTS.B, 26.27%, 1/21/27.. . | 3183 | 3022 | FW1720537.UP.FTS.B, 25.44%, 2/16/27.. . | 4633 | 4394 |
| FW2479519.UP.FTS.B, 26.72%, 1/21/27.. . | FW2479519.UP.FTS.B, 26.72%, 1/21/27.. . | FW2479519.UP.FTS.B, 26.72%, 1/21/27.. . | 19613 | 19518 | L1722725.UP.FTS.B, 25.76%, 2/16/27. . . . | 1301 | 1292 |
| FW2478637.UP.FTS.B, 26.86%, 1/21/27.. . | FW2478637.UP.FTS.B, 26.86%, 1/21/27.. . | FW2478637.UP.FTS.B, 26.86%, 1/21/27.. . | 7200 | 7165 | L1722547.UP.FTS.B, 26.6%, 2/16/27. . . . . | 2887 | 2717 |
| L2476870.UP.FTS.B, 26.94%, 1/21/27. . . . | L2476870.UP.FTS.B, 26.94%, 1/21/27. . . . | L2476870.UP.FTS.B, 26.94%, 1/21/27. . . . | 2701 | 2666 | FW1721612.UP.FTS.B, 26.87%, 2/16/27.. . | 4470 | 4447 |
| FW2476597.UP.FTS.B, 26.97%, 1/21/27.. . | FW2476597.UP.FTS.B, 26.97%, 1/21/27.. . | FW2476597.UP.FTS.B, 26.97%, 1/21/27.. . | 5374 | 5346 | FW1722067.UP.FTS.B, 26.89%, 2/16/27.. . | 7422 | 530 |
| FW2477799.UP.FTS.B, 27%, 1/21/27.. . . . | FW2477799.UP.FTS.B, 27%, 1/21/27.. . . . | FW2477799.UP.FTS.B, 27%, 1/21/27.. . . . | 27900 | 4270 | FW1722580.UP.FTS.B, 28.29%, 2/16/27.. . | 2888 | 2879 |
| FW2480047.UP.FTS.B, 27.03%, 1/21/27.. . | FW2480047.UP.FTS.B, 27.03%, 1/21/27.. . | FW2480047.UP.FTS.B, 27.03%, 1/21/27.. . | 4708 | 58 | FW1722218.UP.FTS.B, 29.06%, 2/16/27.. . | 4630 | 4389 |
| FW2480713.UP.FTS.B, 27.03%, 1/21/27.. . | FW2480713.UP.FTS.B, 27.03%, 1/21/27.. . | FW2480713.UP.FTS.B, 27.03%, 1/21/27.. . | 2817 | 29 | FW1720737.UP.FTS.B, 29.83%, 2/16/27.. . | 2611 | 2469 |
| FW2477621.UP.FTS.B, 27.45%, 1/21/27.. . | FW2477621.UP.FTS.B, 27.45%, 1/21/27.. . | FW2477621.UP.FTS.B, 27.45%, 1/21/27.. . | 5769 | 5742 | L2656149.UP.FTS.B, 4.9%, 2/18/27. . . . . . | 35516 | 35332 |
| FW2480795.UP.FTS.B, 27.7%, 1/21/27.. . . | FW2480795.UP.FTS.B, 27.7%, 1/21/27.. . . | FW2480795.UP.FTS.B, 27.7%, 1/21/27.. . . | 2526 | 2514 | L2656376.UP.FTS.B, 5.08%, 2/18/27. . . . . | 16049 | 15964 |
| FW2476474.UP.FTS.B, 28.03%, 1/21/27.. . | FW2476474.UP.FTS.B, 28.03%, 1/21/27.. . | FW2476474.UP.FTS.B, 28.03%, 1/21/27.. . | 2257 | 2246 | L2654934.UP.FTS.B, 6.41%, 2/18/27. . . . . | 11108 | 11053 |
| 132 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 132 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2657802.UP.FTS.B, 7.01%, 2/18/27.. . . | $5227 | $4916 | L2648053.UP.FTS.B, 17.58%, 2/18/27. . . . | $5755 | $5688 | 5688 |
| L2657504.UP.FTS.B, 7.74%, 2/18/27. . . . . | 7298 | 7248 | FW2655219.UP.FTS.B, 17.61%, 2/18/27.. . | 23802 | 23517 | 23517 |
| L2653557.UP.FTS.B, 8.97%, 2/18/27. . . . . | 10209 | 10160 | FW2654968.UP.FTS.B, 17.64%, 2/18/27.. . | 3460 | 3411 | 3411 |
| L2653066.UP.FTS.B, 9.34%, 2/18/27. . . . . | 899 | 870 | L2655372.UP.FTS.B, 17.8%, 2/18/27. . . . . | 6784 | 6379 | 6379 |
| FW2653627.UP.FTS.B, 9.99%, 2/18/27.. . . | 4565 | 4534 | FW2657700.UP.FTS.B, 17.81%, 2/18/27.. . | 11361 | 11201 | 11201 |
| FW2657543.UP.FTS.B, 10.25%, 2/18/27.. . | 1733 | 1721 | L2656742.UP.FTS.B, 17.82%, 2/18/27. . . . | 4882 | 4813 | 4813 |
| FW2657532.UP.FTS.B, 10.48%, 2/18/27.. . | 17589 | 17467 | FW2655696.UP.FTS.B, 17.99%, 2/18/27.. . | 4837 | 4547 | 4547 |
| FW2657539.UP.FTS.B, 10.96%, 2/18/27.. . | 9551 | 9467 | L2653109.UP.FTS.B, 18.03%, 2/18/27. . . . | 1350 | 1270 | 1270 |
| FW2653836.UP.FTS.B, 10.99%, 2/18/27.. . | 2798 | 2770 | L2653689.UP.FTS.B, 18.18%, 2/18/27. . . . | 3129 | 3084 | 3084 |
| L2656455.UP.FTS.B, 11.03%, 2/18/27. . . . | 15624 | 15487 | FW2656568.UP.FTS.B, 18.19%, 2/18/27.. . | 5804 | 5757 | 5757 |
| L2655850.UP.FTS.B, 11.44%, 2/18/27. . . . | 23480 | 23275 | L2653164.UP.FTS.B, 18.21%, 2/18/27. . . . | 9775 | 9662 | 9662 |
| FW2655412.UP.FTS.B, 11.77%, 2/18/27.. . | 12191 | 12085 | FW2655873.UP.FTS.B, 18.24%, 2/18/27.. . | 1020 | 147 | 147 |
| L2657392.UP.FTS.B, 12.09%, 2/18/27. . . . | 12117 | 12012 | FW2654520.UP.FTS.B, 18.49%, 2/18/27.. . | 2935 | 2893 | 2893 |
| FW2654161.UP.FTS.B, 12.29%, 2/18/27.. . | 1307 | 1299 | L2657353.UP.FTS.B, 18.73%, 2/18/27. . . . | 13220 | 13109 | 13109 |
| FW2654483.UP.FTS.B, 12.32%, 2/18/27.. . | 7126 | 519 | FW2654489.UP.FTS.B, 18.88%, 2/18/27.. . | 7301 | 7217 | 7217 |
| L2655901.UP.FTS.B, 12.32%, 2/18/27. . . . | 6107 | 6054 | L2655430.UP.FTS.B, 19%, 2/18/27.. . . . . . | 27215 | 25593 | 25593 |
| L2654898.UP.FTS.B, 12.38%, 2/18/27. . . . | 22685 | 22489 | L2654519.UP.FTS.B, 19.08%, 2/18/27. . . . | 746 | 734 | 734 |
| L2653887.UP.FTS.B, 12.55%, 2/18/27. . . . | 3230 | 3202 | L2654244.UP.FTS.B, 19.24%, 2/18/27. . . . | 8904 | 8378 | 8378 |
| FW2653749.UP.FTS.B, 12.56%, 2/18/27.. . | 4365 | 4328 | L2647332.UP.FTS.B, 19.32%, 2/18/27. . . . | 3613 | 3399 | 3399 |
| L2654736.UP.FTS.B, 12.58%, 2/18/27. . . . | 9237 | 9153 | L2654570.UP.FTS.B, 19.68%, 2/18/27. . . . | 995 | 936 | 936 |
| FW2654132.UP.FTS.B, 12.73%, 2/18/27.. . | 18520 | 18360 | FW2656424.UP.FTS.B, 19.82%, 2/18/27.. . | 2946 | 2905 | 2905 |
| FW2653495.UP.FTS.B, 12.88%, 2/18/27.. . | 6851 | 6790 | L2655217.UP.FTS.B, 20.04%, 2/18/27. . . . | 11077 | 10951 | 10951 |
| L2653291.UP.FTS.B, 12.9%, 2/18/27. . . . . | 3337 | 3306 | L2656336.UP.FTS.B, 20.22%, 2/18/27. . . . | 1525 | 1433 | 1433 |
| FW2654033.UP.FTS.B, 13.1%, 2/18/27.. . . | 6398 | 6341 | L2657227.UP.FTS.B, 20.27%, 2/18/27. . . . | 3004 | 182 | 182 |
| FW2655119.UP.FTS.B, 13.31%, 2/18/27.. . | 10716 | 10078 | FW2654532.UP.FTS.B, 20.37%, 2/18/27.. . | 7885 | 7791 | 7791 |
| FW2653830.UP.FTS.B, 13.35%, 2/18/27.. . | 13217 | 13105 | FW2657187.UP.FTS.B, 20.48%, 2/18/27.. . | 18246 | 17992 | 17992 |
| FW2656357.UP.FTS.B, 13.79%, 2/18/27.. . | 9379 | 9300 | FW2657677.UP.FTS.B, 20.65%, 2/18/27.. . | 4922 | 4853 | 4853 |
| L2657722.UP.FTS.B, 13.79%, 2/18/27. . . . | 5564 | 274 | L2655606.UP.FTS.B, 20.79%, 2/18/27. . . . | 4476 | 4425 | 4425 |
| L2656469.UP.FTS.B, 13.95%, 2/18/27. . . . | 5641 | 5582 | L2656206.UP.FTS.B, 20.82%, 2/18/27. . . . | 18350 | 5156 | 5156 |
| FW2657507.UP.FTS.B, 13.96%, 2/18/27.. . | 2807 | 2783 | FW2654620.UP.FTS.B, 20.83%, 2/18/27.. . | 4701 | 4661 | 4661 |
| L2655146.UP.FTS.B, 14.16%, 2/18/27. . . . | 6527 | 6470 | L2656191.UP.FTS.B, 20.98%, 2/18/27. . . . | 4332 | 4298 | 4298 |
| FW2657544.UP.FTS.B, 14.38%, 2/18/27.. . | 16950 | 16806 | FW2657310.UP.FTS.B, 21.81%, 2/18/27.. . | 3128 | 3107 | 3107 |
| FW2656039.UP.FTS.B, 14.43%, 2/18/27.. . | 2020 | 2003 | L2656138.UP.FTS.B, 21.85%, 2/18/27. . . . | 35016 | 34532 | 34532 |
| FW2655411.UP.FTS.B, 14.47%, 2/18/27.. . | 2359 | 2338 | L2655942.UP.FTS.B, 21.87%, 2/18/27. . . . | 10775 | 10654 | 10654 |
| L2655911.UP.FTS.B, 14.57%, 2/18/27. . . . | 13181 | 13070 | L2655022.UP.FTS.B, 22.08%, 2/18/27. . . . | 3833 | 3763 | 3763 |
| FW2653497.UP.FTS.B, 14.59%, 2/18/27.. . | 14061 | 13943 | FW2657679.UP.FTS.B, 22.17%, 2/18/27.. . | 6315 | 6258 | 6258 |
| L2653926.UP.FTS.B, 14.76%, 2/18/27. . . . | 13757 | 13636 | FW2652896.UP.FTS.B, 22.36%, 2/18/27.. . | 12235 | 302 | 302 |
| FW2655361.UP.FTS.B, 14.81%, 2/18/27.. . | 5716 | 5668 | L2654476.UP.FTS.B, 22.41%, 2/18/27. . . . | 9891 | 9829 | 9829 |
| L2656634.UP.FTS.B, 15.1%, 2/18/27. . . . . | 9873 | 2535 | FW2653768.UP.FTS.B, 22.47%, 2/18/27.. . | 26917 | 26744 | 26744 |
| FW2656874.UP.FTS.B, 15.48%, 2/18/27.. . | 2908 | 2874 | L2656298.UP.FTS.B, 22.6%, 2/18/27. . . . . | 2969 | 2950 | 2950 |
| L2657406.UP.FTS.B, 15.83%, 2/18/27. . . . | 14115 | 13950 | FW2653494.UP.FTS.B, 22.62%, 2/18/27.. . | 8940 | 8417 | 8417 |
| L2656610.UP.FTS.B, 15.94%, 2/18/27. . . . | 13240 | 13130 | FW2652640.UP.FTS.B, 22.63%, 2/18/27.. . | 15835 | 15735 | 15735 |
| FW2657294.UP.FTS.B, 16.22%, 2/18/27.. . | 19162 | 19003 | L2656980.UP.FTS.B, 22.68%, 2/18/27. . . . | 7199 | 7154 | 7154 |
| FW2652611.UP.FTS.B, 16.26%, 2/18/27.. . | 1944 | 1921 | L2657169.UP.FTS.B, 22.71%, 2/18/27. . . . | 13408 | 13321 | 13321 |
| FW2655943.UP.FTS.B, 16.38%, 2/18/27.. . | 972 | 964 | L2656560.UP.FTS.B, 22.9%, 2/18/27. . . . . | 13670 | 12974 | 12974 |
| FW2655801.UP.FTS.B, 16.39%, 2/18/27.. . | 4772 | 4717 | FW2657631.UP.FTS.B, 23.06%, 2/18/27.. . | 4398 | 4329 | 4329 |
| L2655952.UP.FTS.B, 16.47%, 2/18/27. . . . | 10608 | 10484 | L2656205.UP.FTS.B, 23.2%, 2/18/27. . . . . | 11403 | 433 | 433 |
| L2657168.UP.FTS.B, 16.47%, 2/18/27. . . . | 1768 | 1747 | L2655993.UP.FTS.B, 23.24%, 2/18/27. . . . | 1172 | 1164 | 1164 |
| L2653161.UP.FTS.B, 16.51%, 2/18/27. . . . | 8828 | 8725 | FW2657375.UP.FTS.B, 23.29%, 2/18/27.. . | 2524 | 2508 | 2508 |
| FW2656762.UP.FTS.B, 16.73%, 2/18/27.. . | 22116 | 21859 | L2657188.UP.FTS.B, 23.47%, 2/18/27. . . . | 1603 | 33 | 33 |
| FW2654911.UP.FTS.B, 16.77%, 2/18/27.. . | 2142 | 2115 | L2657051.UP.FTS.B, 23.78%, 2/18/27. . . . | 1531 | 1521 | 1521 |
| L2656088.UP.FTS.B, 16.82%, 2/18/27. . . . | 4486 | 4220 | FW2657769.UP.FTS.B, 24.23%, 2/18/27.. . | 10684 | 10613 | 10613 |
| L2656733.UP.FTS.B, 17.08%, 2/18/27. . . . | 4421 | 4369 | FW2653982.UP.FTS.B, 24.33%, 2/18/27.. . | 9761 | 9700 | 9700 |
| L2654909.UP.FTS.B, 17.1%, 2/18/27. . . . . | 4871 | 4831 | L2655559.UP.FTS.B, 24.41%, 2/18/27. . . . | 1479 | 431 | 431 |
| L2657493.UP.FTS.B, 17.25%, 2/18/27. . . . | 22161 | 21904 | L2654164.UP.FTS.B, 24.66%, 2/18/27. . . . | 14868 | 2249 | 2249 |
| FW2655755.UP.FTS.B, 17.36%, 2/18/27.. . | 7539 | 7475 | L2657363.UP.FTS.B, 24.67%, 2/18/27. . . . | 5337 | 5304 | 5304 |
| L2656274.UP.FTS.B, 17.4%, 2/18/27. . . . . | 1773 | 1748 | FW2656663.UP.FTS.B, 24.74%, 2/18/27.. . | 19723 | 19602 | 19602 |
| FW2656859.UP.FTS.B, 17.55%, 2/18/27.. . | 6651 | 6574 | FW2656497.UP.FTS.B, 24.83%, 2/18/27.. . | 2900 | 2879 | 2879 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 133 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 133 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2656199.UP.FTS.B, 25.05%, 2/18/27. . . . | L2656199.UP.FTS.B, 25.05%, 2/18/27. . . . | L2656199.UP.FTS.B, 25.05%, 2/18/27. . . . | $3172 | $225 | FW2655513.UP.FTS.B, 31.12%, 2/18/27.. . $11,914 | FW2655513.UP.FTS.B, 31.12%, 2/18/27.. . $11,914 | $828 |
| L2653710.UP.FTS.B, 25.07%, 2/18/27. . . . | L2653710.UP.FTS.B, 25.07%, 2/18/27. . . . | L2653710.UP.FTS.B, 25.07%, 2/18/27. . . . | 12702 | 903 | FW2656050.UP.FTS.B, 31.14%, 2/18/27.. . | 2113 | 2101 |
| L2656850.UP.FTS.B, 25.16%, 2/18/27. . . . | L2656850.UP.FTS.B, 25.16%, 2/18/27. . . . | L2656850.UP.FTS.B, 25.16%, 2/18/27. . . . | 951 | 68 | FW2657278.UP.FTS.B, 31.15%, 2/18/27.. . | 1006 | 295 |
| L2654529.UP.FTS.B, 25.17%, 2/18/27. . . . | L2654529.UP.FTS.B, 25.17%, 2/18/27. . . . | L2654529.UP.FTS.B, 25.17%, 2/18/27. . . . | 1904 | 135 | FW2657778.UP.FTS.B, 31.18%, 2/18/27.. . | 4276 | 4060 |
| L2656202.UP.FTS.B, 25.17%, 2/18/27. . . . | L2656202.UP.FTS.B, 25.17%, 2/18/27. . . . | L2656202.UP.FTS.B, 25.17%, 2/18/27. . . . | 1079 | 1061 | FW2653443.UP.FTS.B, 31.19%, 2/18/27.. . | 14030 | 13929 |
| FW2656918.UP.FTS.B, 25.32%, 2/18/27.. . | FW2656918.UP.FTS.B, 25.32%, 2/18/27.. . | FW2656918.UP.FTS.B, 25.32%, 2/18/27.. . | 5436 | 5403 | FW2657050.UP.FTS.B, 31.21%, 2/18/27.. . | 3763 | 3741 |
| L2657540.UP.FTS.B, 25.32%, 2/18/27. . . . | L2657540.UP.FTS.B, 25.32%, 2/18/27. . . . | L2657540.UP.FTS.B, 25.32%, 2/18/27. . . . | 1541 | 1532 | FW2657281.UP.FTS.B, 31.21%, 2/18/27.. . | 2174 | 332 |
| L2655238.UP.FTS.B, 25.36%, 2/18/27. . . . | L2655238.UP.FTS.B, 25.36%, 2/18/27. . . . | L2655238.UP.FTS.B, 25.36%, 2/18/27. . . . | 2864 | 2841 | FW2653784.UP.FTS.B, 31.22%, 2/18/27.. . | 6152 | 6116 |
| L2657584.UP.FTS.B, 25.37%, 2/18/27. . . . | L2657584.UP.FTS.B, 25.37%, 2/18/27. . . . | L2657584.UP.FTS.B, 25.37%, 2/18/27. . . . | 7129 | 7080 | FW2653299.UP.FTS.B, 31.23%, 2/18/27.. . | 3952 | 3929 |
| L2654896.UP.FTS.B, 25.41%, 2/18/27. . . . | L2654896.UP.FTS.B, 25.41%, 2/18/27. . . . | L2654896.UP.FTS.B, 25.41%, 2/18/27. . . . | 2334 | 166 | FW2620309.UP.FTS.B, 31.31%, 2/18/27.. . | 15898 | 15806 |
| FW2654047.UP.FTS.B, 25.42%, 2/18/27.. . | FW2654047.UP.FTS.B, 25.42%, 2/18/27.. . | FW2654047.UP.FTS.B, 25.42%, 2/18/27.. . | 6799 | 6707 | FW2656784.UP.FTS.B, 31.34%, 2/18/27.. . | 3125 | 3107 |
| L2654135.UP.FTS.B, 25.48%, 2/18/27. . . . | L2654135.UP.FTS.B, 25.48%, 2/18/27. . . . | L2654135.UP.FTS.B, 25.48%, 2/18/27. . . . | 24988 | 7323 | FW2652650.UP.FTS.B, 31.46%, 2/18/27.. . | 4596 | 4570 |
| L2655788.UP.FTS.B, 25.63%, 2/18/27. . . . | L2655788.UP.FTS.B, 25.63%, 2/18/27. . . . | L2655788.UP.FTS.B, 25.63%, 2/18/27. . . . | 3446 | 3425 | FW2656739.UP.FTS.B, 31.47%, 2/18/27.. . | 2403 | 2388 |
| FW2654552.UP.FTS.B, 25.75%, 2/18/27.. . | FW2654552.UP.FTS.B, 25.75%, 2/18/27.. . | FW2654552.UP.FTS.B, 25.75%, 2/18/27.. . | 4898 | 4868 | FW2655423.UP.FTS.B, 31.75%, 2/18/27.. . | 7386 | 7339 |
| FW2656585.UP.FTS.B, 25.76%, 2/18/27.. . | FW2656585.UP.FTS.B, 25.76%, 2/18/27.. . | FW2656585.UP.FTS.B, 25.76%, 2/18/27.. . | 4989 | 4959 | L2782778.UP.FTS.B, 5.38%, 3/14/27. . . . . | 17314 | 17224 |
| FW2656323.UP.FTS.B, 25.93%, 2/18/27.. . | FW2656323.UP.FTS.B, 25.93%, 2/18/27.. . | FW2656323.UP.FTS.B, 25.93%, 2/18/27.. . | 2081 | 27 | FW2779815.UP.FTS.B, 5.52%, 3/14/27.. . . | 6543 | 6507 |
| FW2654356.UP.FTS.B, 26.11%, 2/18/27.. . | FW2654356.UP.FTS.B, 26.11%, 2/18/27.. . | FW2654356.UP.FTS.B, 26.11%, 2/18/27.. . | 6117 | 1791 | FW2785873.UP.FTS.B, 5.67%, 3/14/27.. . . | 23339 | 23221 |
| FW2654205.UP.FTS.B, 26.46%, 2/18/27.. . | FW2654205.UP.FTS.B, 26.46%, 2/18/27.. . | FW2654205.UP.FTS.B, 26.46%, 2/18/27.. . | 7612 | 2230 | L2786047.UP.FTS.B, 5.71%, 3/14/27. . . . . | 4339 | 4317 |
| FW2653266.UP.FTS.B, 26.59%, 2/18/27.. . | FW2653266.UP.FTS.B, 26.59%, 2/18/27.. . | FW2653266.UP.FTS.B, 26.59%, 2/18/27.. . | 6362 | 6324 | FW2785225.UP.FTS.B, 5.78%, 3/14/27.. . . | 16925 | 16840 |
| FW2656738.UP.FTS.B, 26.73%, 2/18/27.. . | FW2656738.UP.FTS.B, 26.73%, 2/18/27.. . | FW2656738.UP.FTS.B, 26.73%, 2/18/27.. . | 9911 | 9851 | L2785472.UP.FTS.B, 5.82%, 3/14/27. . . . . | 6945 | 6910 |
| L2655310.UP.FTS.B, 26.89%, 2/18/27. . . . | L2655310.UP.FTS.B, 26.89%, 2/18/27. . . . | L2655310.UP.FTS.B, 26.89%, 2/18/27. . . . | 9096 | 9041 | L2785533.UP.FTS.B, 5.87%, 3/14/27. . . . . | 10154 | 10102 |
| FW2657625.UP.FTS.B, 26.98%, 2/18/27.. . | FW2657625.UP.FTS.B, 26.98%, 2/18/27.. . | FW2657625.UP.FTS.B, 26.98%, 2/18/27.. . | 6690 | 6643 | FW2725624.UP.FTS.B, 5.92%, 3/14/27.. . . | 43422 | 43205 |
| FW2653312.UP.FTS.B, 27.24%, 2/18/27.. . | FW2653312.UP.FTS.B, 27.24%, 2/18/27.. . | FW2653312.UP.FTS.B, 27.24%, 2/18/27.. . | 2105 | 148 | L2782378.UP.FTS.B, 5.98%, 3/14/27. . . . . | 43379 | 43158 |
| FW2653485.UP.FTS.B, 27.32%, 2/18/27.. . | FW2653485.UP.FTS.B, 27.32%, 2/18/27.. . | FW2653485.UP.FTS.B, 27.32%, 2/18/27.. . | 9105 | 9051 | L2785586.UP.FTS.B, 6.13%, 3/14/27. . . . . | 43450 | 43234 |
| FW2656567.UP.FTS.B, 27.44%, 2/18/27.. . | FW2656567.UP.FTS.B, 27.44%, 2/18/27.. . | FW2656567.UP.FTS.B, 27.44%, 2/18/27.. . | 3129 | 22 | L2785761.UP.FTS.B, 6.14%, 3/14/27. . . . . | 34760 | 34587 |
| L2655961.UP.FTS.B, 27.71%, 2/18/27. . . . | L2655961.UP.FTS.B, 27.71%, 2/18/27. . . . | L2655961.UP.FTS.B, 27.71%, 2/18/27. . . . | 1612 | 1600 | L2788888.UP.FTS.B, 6.14%, 3/14/27. . . . . | 8669 | 8624 |
| FW2655208.UP.FTS.B, 28.11%, 2/18/27.. . | FW2655208.UP.FTS.B, 28.11%, 2/18/27.. . | FW2655208.UP.FTS.B, 28.11%, 2/18/27.. . | 39685 | 39448 | L2781494.UP.FTS.B, 6.32%, 3/14/27. . . . . | 10259 | 10209 |
| L2656270.UP.FTS.B, 28.21%, 2/18/27. . . . | L2656270.UP.FTS.B, 28.21%, 2/18/27. . . . | L2656270.UP.FTS.B, 28.21%, 2/18/27. . . . | 7261 | 7215 | L2783749.UP.FTS.B, 6.39%, 3/14/27. . . . . | 6793 | 6758 |
| FW2656127.UP.FTS.B, 28.24%, 2/18/27.. . | FW2656127.UP.FTS.B, 28.24%, 2/18/27.. . | FW2656127.UP.FTS.B, 28.24%, 2/18/27.. . | 2373 | 2359 | L2784317.UP.FTS.B, 6.43%, 3/14/27. . . . . | 5654 | 5626 |
| FW2653273.UP.FTS.B, 28.29%, 2/18/27.. . | FW2653273.UP.FTS.B, 28.29%, 2/18/27.. . | FW2653273.UP.FTS.B, 28.29%, 2/18/27.. . | 22817 | 22681 | L2786287.UP.FTS.B, 6.48%, 3/14/27. . . . . | 2039 | 2027 |
| FW2653857.UP.FTS.B, 28.32%, 2/18/27.. . | FW2653857.UP.FTS.B, 28.32%, 2/18/27.. . | FW2653857.UP.FTS.B, 28.32%, 2/18/27.. . | 19207 | 19057 | L2780792.UP.FTS.B, 6.49%, 3/14/27. . . . . | 25231 | 25106 |
| FW2657275.UP.FTS.B, 28.44%, 2/18/27.. . | FW2657275.UP.FTS.B, 28.44%, 2/18/27.. . | FW2657275.UP.FTS.B, 28.44%, 2/18/27.. . | 3709 | 3674 | L2789358.UP.FTS.B, 6.49%, 3/14/27. . . . . | 43381 | 43161 |
| FW2657124.UP.FTS.B, 28.84%, 2/18/27.. . | FW2657124.UP.FTS.B, 28.84%, 2/18/27.. . | FW2657124.UP.FTS.B, 28.84%, 2/18/27.. . | 8431 | 8352 | L2779720.UP.FTS.B, 6.5%, 3/14/27. . . . . . | 24205 | 24083 |
| FW2654272.UP.FTS.B, 29.23%, 2/18/27.. . | FW2654272.UP.FTS.B, 29.23%, 2/18/27.. . | FW2654272.UP.FTS.B, 29.23%, 2/18/27.. . | 7838 | 2309 | L2784003.UP.FTS.B, 6.62%, 3/14/27. . . . . | 14362 | 14291 |
| FW2654274.UP.FTS.B, 29.24%, 2/18/27.. . | FW2654274.UP.FTS.B, 29.24%, 2/18/27.. . | FW2654274.UP.FTS.B, 29.24%, 2/18/27.. . | 14842 | 14745 | L2789856.UP.FTS.B, 6.67%, 3/14/27. . . . . | 7922 | 7883 |
| FW2657590.UP.FTS.B, 29.26%, 2/18/27.. . | FW2657590.UP.FTS.B, 29.26%, 2/18/27.. . | FW2657590.UP.FTS.B, 29.26%, 2/18/27.. . | 4871 | 4839 | L2786197.UP.FTS.B, 6.8%, 3/14/27. . . . . . | 5645 | 5616 |
| FW2654804.UP.FTS.B, 29.69%, 2/18/27.. . | FW2654804.UP.FTS.B, 29.69%, 2/18/27.. . | FW2654804.UP.FTS.B, 29.69%, 2/18/27.. . | 6433 | 6391 | L2776276.UP.FTS.B, 6.89%, 3/14/27. . . . . | 21208 | 21098 |
| FW2655382.UP.FTS.B, 29.8%, 2/18/27.. . . | FW2655382.UP.FTS.B, 29.8%, 2/18/27.. . . | FW2655382.UP.FTS.B, 29.8%, 2/18/27.. . . | 6432 | 6390 | L2785513.UP.FTS.B, 6.9%, 3/14/27. . . . . . | 14027 | 13959 |
| FW2656448.UP.FTS.B, 29.81%, 2/18/27.. . | FW2656448.UP.FTS.B, 29.81%, 2/18/27.. . | FW2656448.UP.FTS.B, 29.81%, 2/18/27.. . | 4763 | 4735 | L2781885.UP.FTS.B, 7.11%, 3/14/27. . . . . | 16630 | 16547 |
| FW2654690.UP.FTS.B, 30.25%, 2/18/27.. . | FW2654690.UP.FTS.B, 30.25%, 2/18/27.. . | FW2654690.UP.FTS.B, 30.25%, 2/18/27.. . | 1012 | 1005 | L2783455.UP.FTS.B, 7.28%, 3/14/27. . . . . | 35506 | 35334 |
| FW2652797.UP.FTS.B, 30.47%, 2/18/27.. . | FW2652797.UP.FTS.B, 30.47%, 2/18/27.. . | FW2652797.UP.FTS.B, 30.47%, 2/18/27.. . | 1559 | 1550 | L2784258.UP.FTS.B, 7.29%, 3/14/27. . . . . | 8699 | 8655 |
| FW2655034.UP.FTS.B, 30.5%, 2/18/27.. . . | FW2655034.UP.FTS.B, 30.5%, 2/18/27.. . . | FW2655034.UP.FTS.B, 30.5%, 2/18/27.. . . | 3573 | 3552 | L2788274.UP.FTS.B, 7.36%, 3/14/27. . . . . | 4799 | 4776 |
| FW2656345.UP.FTS.B, 30.5%, 2/18/27.. . . | FW2656345.UP.FTS.B, 30.5%, 2/18/27.. . . | FW2656345.UP.FTS.B, 30.5%, 2/18/27.. . . | 3119 | 3101 | L2781599.UP.FTS.B, 7.38%, 3/14/27. . . . . | 4712 | 4690 |
| FW2657689.UP.FTS.B, 30.56%, 2/18/27.. . | FW2657689.UP.FTS.B, 30.56%, 2/18/27.. . | FW2657689.UP.FTS.B, 30.56%, 2/18/27.. . | 12844 | 12769 | L2784013.UP.FTS.B, 7.38%, 3/14/27. . . . . | 17402 | 17272 |
| FW2654309.UP.FTS.B, 30.59%, 2/18/27.. . | FW2654309.UP.FTS.B, 30.59%, 2/18/27.. . | FW2654309.UP.FTS.B, 30.59%, 2/18/27.. . | 1333 | (6) | FW2784023.UP.FTS.B, 7.45%, 3/14/27.. . . | 32907 | 32748 |
| FW2656342.UP.FTS.B, 30.71%, 2/18/27.. . | FW2656342.UP.FTS.B, 30.71%, 2/18/27.. . | FW2656342.UP.FTS.B, 30.71%, 2/18/27.. . | 964 | 957 | L2781125.UP.FTS.B, 7.45%, 3/14/27. . . . . | 6547 | 6515 |
| FW2657586.UP.FTS.B, 30.8%, 2/18/27.. . . | FW2657586.UP.FTS.B, 30.8%, 2/18/27.. . . | FW2657586.UP.FTS.B, 30.8%, 2/18/27.. . . | 2938 | 2921 | L2783926.UP.FTS.B, 7.49%, 3/14/27. . . . . | 15976 | 15898 |
| FW2657094.UP.FTS.B, 30.81%, 2/18/27.. . | FW2657094.UP.FTS.B, 30.81%, 2/18/27.. . | FW2657094.UP.FTS.B, 30.81%, 2/18/27.. . | 5140 | 5111 | L2781938.UP.FTS.B, 7.6%, 3/14/27. . . . . . | 43666 | 43455 |
| FW2655259.UP.FTS.B, 30.9%, 2/18/27.. . . | FW2655259.UP.FTS.B, 30.9%, 2/18/27.. . . | FW2655259.UP.FTS.B, 30.9%, 2/18/27.. . . | 4591 | 4564 | FW2780236.UP.FTS.B, 7.69%, 3/14/27.. . . | 30575 | 30354 |
| FW2655652.UP.FTS.B, 30.92%, 2/18/27.. . | FW2655652.UP.FTS.B, 30.92%, 2/18/27.. . | FW2655652.UP.FTS.B, 30.92%, 2/18/27.. . | 29197 | 28812 | FW2788438.UP.FTS.B, 7.69%, 3/14/27.. . . | 1922 | 1913 |
| FW2653746.UP.FTS.B, 30.93%, 2/18/27.. . | FW2653746.UP.FTS.B, 30.93%, 2/18/27.. . | FW2653746.UP.FTS.B, 30.93%, 2/18/27.. . | 1928 | 1917 | L2788290.UP.FTS.B, 7.73%, 3/14/27. . . . . | 8320 | 8260 |
| FW2654029.UP.FTS.B, 30.99%, 2/18/27.. . | FW2654029.UP.FTS.B, 30.99%, 2/18/27.. . | FW2654029.UP.FTS.B, 30.99%, 2/18/27.. . | 1837 | 1826 | L2781769.UP.FTS.B, 7.86%, 3/14/27. . . . . | 18705 | 18570 |
| FW2657179.UP.FTS.B, 30.99%, 2/18/27.. . | FW2657179.UP.FTS.B, 30.99%, 2/18/27.. . | FW2657179.UP.FTS.B, 30.99%, 2/18/27.. . | 6061 | 6026 | L2784113.UP.FTS.B, 7.9%, 3/14/27. . . . . . | 9616 | 9546 |
| FW2641769.UP.FTS.B, 31.01%, 2/18/27.. . | FW2641769.UP.FTS.B, 31.01%, 2/18/27.. . | FW2641769.UP.FTS.B, 31.01%, 2/18/27.. . | 2296 | 2283 | L2769930.UP.FTS.B, 7.96%, 3/14/27. . . . . | 27105 | 26909 |
| FW2654823.UP.FTS.B, 31.05%, 2/18/27.. . | FW2654823.UP.FTS.B, 31.05%, 2/18/27.. . | FW2654823.UP.FTS.B, 31.05%, 2/18/27.. . | 2490 | 2468 | FW2784974.UP.FTS.B, 8.13%, 3/14/27.. . . | 40811 | 40518 |
| FW2654181.UP.FTS.B, 31.06%, 2/18/27.. . | FW2654181.UP.FTS.B, 31.06%, 2/18/27.. . | FW2654181.UP.FTS.B, 31.06%, 2/18/27.. . | 919 | 913 | FW2788677.UP.FTS.B, 8.13%, 3/14/27.. . . | 16699 | 16578 |
| FW2656038.UP.FTS.B, 31.06%, 2/18/27.. . | FW2656038.UP.FTS.B, 31.06%, 2/18/27.. . | FW2656038.UP.FTS.B, 31.06%, 2/18/27.. . | 1286 | 1278 | L2780083.UP.FTS.B, 8.23%, 3/14/27. . . . . | 39381 | 39098 |
| FW2652957.UP.FTS.B, 31.1%, 2/18/27.. . . | FW2652957.UP.FTS.B, 31.1%, 2/18/27.. . . | FW2652957.UP.FTS.B, 31.1%, 2/18/27.. . . | 1083 | 1075 | FW2781791.UP.FTS.B, 8.25%, 3/14/27.. . . | 26918 | 26724 |
| 134 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 134 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2789155.UP.FTS.B, 8.26%, 3/14/27. . . . . | $21881 | $21724 | L2785568.UP.FTS.B, 10.89%, 3/14/27. . . . | $9444 | $9352 | 9352 |
| L2780176.UP.FTS.B, 8.31%, 3/14/27. . . . . | 43768 | 43453 | L2785551.UP.FTS.B, 10.91%, 3/14/27. . . . | 10328 | 10227 | 10227 |
| L2764977.UP.FTS.B, 8.36%, 3/14/27. . . . . | 9455 | 9387 | FW2781725.UP.FTS.B, 11.04%, 3/14/27.. . | 10597 | 10494 | 10494 |
| L2779428.UP.FTS.B, 8.36%, 3/14/27. . . . . | 9193 | 9127 | FW2786689.UP.FTS.B, 11.07%, 3/14/27.. . | 2915 | 2886 | 2886 |
| L2784617.UP.FTS.B, 8.41%, 3/14/27. . . . . | 18652 | 18518 | L2780428.UP.FTS.B, 11.08%, 3/14/27. . . . | 4495 | 258 | 258 |
| L2782254.UP.FTS.B, 8.42%, 3/14/27. . . . . | 7005 | 6972 | L2787329.UP.FTS.B, 11.09%, 3/14/27. . . . | 3091 | 3061 | 3061 |
| L2782003.UP.FTS.B, 8.5%, 3/14/27. . . . . . | 20086 | 19941 | L2786414.UP.FTS.B, 11.1%, 3/14/27. . . . . | 5741 | 5685 | 5685 |
| L2787246.UP.FTS.B, 8.5%, 3/14/27. . . . . . | 2190 | 2174 | L2785769.UP.FTS.B, 11.11%, 3/14/27.. . . . | 14170 | 14034 | 14034 |
| FW2783606.UP.FTS.B, 8.52%, 3/14/27.. . . | 12969 | 12877 | L2780313.UP.FTS.B, 11.15%, 3/14/27. . . . | 44170 | 43741 | 43741 |
| L2784591.UP.FTS.B, 8.72%, 3/14/27. . . . . | 43828 | 43515 | L2784551.UP.FTS.B, 11.17%, 3/14/27. . . . | 44179 | 43874 | 43874 |
| FW2780109.UP.FTS.B, 8.73%, 3/14/27.. . . | 13137 | 13043 | FW2790608.UP.FTS.B, 11.2%, 3/14/27.. . . | 6611 | 6548 | 6548 |
| L2789064.UP.FTS.B, 8.75%, 3/14/27. . . . . | 17357 | 17233 | L2782637.UP.FTS.B, 11.23%, 3/14/27. . . . | 8836 | 8775 | 8775 |
| L2789316.UP.FTS.B, 8.8%, 3/14/27. . . . . . | 43967 | 43656 | L2786841.UP.FTS.B, 11.25%, 3/14/27. . . . | 8836 | 8751 | 8751 |
| L2786540.UP.FTS.B, 8.81%, 3/14/27. . . . . | 4735 | 4701 | FW2784513.UP.FTS.B, 11.29%, 3/14/27.. . | 29619 | 29258 | 29258 |
| FW2782565.UP.FTS.B, 8.84%, 3/14/27.. . . | 13153 | 13059 | FW2783670.UP.FTS.B, 11.3%, 3/14/27.. . . | 8841 | 8756 | 8756 |
| L2788641.UP.FTS.B, 8.88%, 3/14/27. . . . . | 9390 | 9323 | FW2787754.UP.FTS.B, 11.35%, 3/14/27.. . | 18548 | 18370 | 18370 |
| L2789324.UP.FTS.B, 8.92%, 3/14/27. . . . . | 9264 | 9219 | L2780596.UP.FTS.B, 11.42%, 3/14/27. . . . | 10952 | 10844 | 10844 |
| L2783739.UP.FTS.B, 8.99%, 3/14/27. . . . . | 7386 | 7332 | L2783876.UP.FTS.B, 11.45%, 3/14/27. . . . | 20761 | 20561 | 20561 |
| L2785284.UP.FTS.B, 9.11%, 3/14/27. . . . . | 4739 | 4706 | L2785637.UP.FTS.B, 11.46%, 3/14/27. . . . | 6190 | 6130 | 6130 |
| L2785081.UP.FTS.B, 9.13%, 3/14/27. . . . . | 15448 | 15338 | L2785144.UP.FTS.B, 11.47%, 3/14/27. . . . | 8843 | 8757 | 8757 |
| L2786222.UP.FTS.B, 9.23%, 3/14/27. . . . . | 17560 | 17436 | L2786029.UP.FTS.B, 11.5%, 3/14/27. . . . . | 3465 | 3431 | 3431 |
| L2780310.UP.FTS.B, 9.24%, 3/14/27. . . . . | 15804 | 15692 | FW2783898.UP.FTS.B, 11.53%, 3/14/27.. . | 4849 | 4554 | 4554 |
| L2782105.UP.FTS.B, 9.39%, 3/14/27. . . . . | 43923 | 43612 | L2784105.UP.FTS.B, 11.55%, 3/14/27. . . . | 13267 | 13139 | 13139 |
| L2780047.UP.FTS.B, 9.4%, 3/14/27. . . . . . | 23450 | 23284 | L2781415.UP.FTS.B, 11.61%, 3/14/27. . . . | 8847 | 8786 | 8786 |
| L2780296.UP.FTS.B, 9.41%, 3/14/27. . . . . | 28287 | 28087 | FW2782127.UP.FTS.B, 11.62%, 3/14/27.. . | 10174 | 10076 | 10076 |
| L2786749.UP.FTS.B, 9.46%, 3/14/27. . . . . | 9402 | 9336 | L2782114.UP.FTS.B, 11.62%, 3/14/27.. . . . | 6193 | 6133 | 6133 |
| L2783357.UP.FTS.B, 9.56%, 3/14/27. . . . . | 21974 | 21818 | L2783581.UP.FTS.B, 11.64%, 3/14/27. . . . | 13280 | 13152 | 13152 |
| FW2782447.UP.FTS.B, 9.67%, 3/14/27.. . . | 19343 | 19207 | L2787996.UP.FTS.B, 11.64%, 3/14/27. . . . | 13714 | 13620 | 13620 |
| L2784348.UP.FTS.B, 9.7%, 3/14/27. . . . . . | 7360 | 7308 | L2784589.UP.FTS.B, 11.65%, 3/14/27. . . . | 45770 | 11577 | 11577 |
| FW2783021.UP.FTS.B, 9.72%, 3/14/27.. . . | 11344 | 11264 | L2789734.UP.FTS.B, 11.68%, 3/14/27. . . . | 16590 | 16428 | 16428 |
| L2779827.UP.FTS.B, 9.72%, 3/14/27. . . . . | 10996 | 10918 | L2785328.UP.FTS.B, 11.77%, 3/14/27. . . . | 6018 | 5960 | 5960 |
| L2780798.UP.FTS.B, 9.77%, 3/14/27. . . . . | 7916 | 7860 | L2779976.UP.FTS.B, 11.78%, 3/14/27. . . . | 5665 | 5626 | 5626 |
| L2784962.UP.FTS.B, 9.82%, 3/14/27. . . . . | 26372 | 26186 | L2782264.UP.FTS.B, 11.8%, 3/14/27. . . . . | 5754 | 5698 | 5698 |
| L2786875.UP.FTS.B, 9.85%, 3/14/27. . . . . | 24451 | 24279 | L2781320.UP.FTS.B, 11.83%, 3/14/27. . . . | 26734 | 26476 | 26476 |
| L2788004.UP.FTS.B, 9.9%, 3/14/27. . . . . . | 17598 | 17474 | L2782425.UP.FTS.B, 11.95%, 3/14/27. . . . | 6647 | 6583 | 6583 |
| FW2780201.UP.FTS.B, 9.94%, 3/14/27.. . . | 33177 | 32944 | L2786075.UP.FTS.B, 11.95%, 3/14/27. . . . | 17092 | 16927 | 16927 |
| FW2781336.UP.FTS.B, 9.97%, 3/14/27.. . . | 11445 | 11392 | L2784459.UP.FTS.B, 12.04%, 3/14/27. . . . | 6555 | 6492 | 6492 |
| FW2783844.UP.FTS.B, 10%, 3/14/27.. . . . | 4401 | 4370 | L2784249.UP.FTS.B, 12.05%, 3/14/27. . . . | 30931 | 30634 | 30634 |
| L2781395.UP.FTS.B, 10.07%, 3/14/27. . . . | 23858 | 23624 | L2779695.UP.FTS.B, 12.07%, 3/14/27. . . . | 21262 | 21057 | 21057 |
| FW2780207.UP.FTS.B, 10.09%, 3/14/27.. . | 7925 | 7847 | L2785156.UP.FTS.B, 12.07%, 3/14/27. . . . | 28970 | 28690 | 28690 |
| L2789352.UP.FTS.B, 10.18%, 3/14/27. . . . | 11449 | 11336 | L2786241.UP.FTS.B, 12.07%, 3/14/27. . . . | 22147 | 21934 | 21934 |
| L2785217.UP.FTS.B, 10.21%, 3/14/27. . . . | 24821 | 24580 | L2781389.UP.FTS.B, 12.12%, 3/14/27. . . . | 17721 | 17550 | 17550 |
| FW2779711.UP.FTS.B, 10.28%, 3/14/27.. . | 25318 | 25019 | L2785480.UP.FTS.B, 12.19%, 3/14/27. . . . | 15887 | 15734 | 15734 |
| FW2780436.UP.FTS.B, 10.28%, 3/14/27.. . | 5198 | 5161 | L2783293.UP.FTS.B, 12.24%, 3/14/27. . . . | 13295 | 13167 | 13167 |
| L2784387.UP.FTS.B, 10.32%, 3/14/27. . . . | 23260 | 23033 | L2781089.UP.FTS.B, 12.27%, 3/14/27. . . . | 4698 | 4653 | 4653 |
| L2785592.UP.FTS.B, 10.32%, 3/14/27. . . . | 14978 | 14832 | L2755118.UP.FTS.B, 12.3%, 3/14/27. . . . . | 11109 | 2819 | 2819 |
| L2782038.UP.FTS.B, 10.33%, 3/14/27. . . . | 44054 | 43746 | L2781183.UP.FTS.B, 12.35%, 3/14/27. . . . | 32017 | 31712 | 31712 |
| L2787115.UP.FTS.B, 10.53%, 3/14/27. . . . | 19661 | 19524 | FW2699067.UP.FTS.B, 12.38%, 3/14/27.. . | 13301 | 13174 | 13174 |
| FW2781353.UP.FTS.B, 10.54%, 3/14/27.. . | 28214 | 28017 | FW2781045.UP.FTS.B, 12.41%, 3/14/27.. . | 6557 | 6495 | 6495 |
| L2788929.UP.FTS.B, 10.57%, 3/14/27. . . . | 44088 | 43658 | L2789411.UP.FTS.B, 12.41%, 3/14/27. . . . | 6652 | 6588 | 6588 |
| FW2781880.UP.FTS.B, 10.6%, 3/14/27.. . . | 18519 | 18338 | L2785022.UP.FTS.B, 12.43%, 3/14/27. . . . | 17738 | 17617 | 17617 |
| L2781419.UP.FTS.B, 10.69%, 3/14/27. . . . | 4411 | 4367 | L2789283.UP.FTS.B, 12.43%, 3/14/27. . . . | 18176 | 18001 | 18001 |
| L2780112.UP.FTS.B, 10.7%, 3/14/27. . . . . | 8830 | 8744 | L2783693.UP.FTS.B, 12.45%, 3/14/27. . . . | 5676 | 5622 | 5622 |
| L2784328.UP.FTS.B, 10.71%, 3/14/27. . . . | 38197 | 37824 | L2784664.UP.FTS.B, 12.45%, 3/14/27. . . . | 9579 | 9487 | 9487 |
| L2786415.UP.FTS.B, 10.79%, 3/14/27. . . . | 12971 | 12845 | L2785612.UP.FTS.B, 12.47%, 3/14/27. . . . | 5805 | 5748 | 5748 |
| FW2780382.UP.FTS.B, 10.8%, 3/14/27.. . . | 4765 | 4719 | L2782955.UP.FTS.B, 12.51%, 3/14/27. . . . | 14194 | 14058 | 14058 |
| FW2784241.UP.FTS.B, 10.82%, 3/14/27.. . | 9328 | 9237 | L2784478.UP.FTS.B, 12.55%, 3/14/27. . . . | 4791 | 4745 | 4745 |
| FW2783122.UP.FTS.B, 10.84%, 3/14/27.. . | 3530 | 3496 | L2781845.UP.FTS.B, 12.57%, 3/14/27. . . . | 17130 | 16966 | 16966 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 135 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 135 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2785689.UP.FTS.B, 12.59%, 3/14/27.. . $ | FW2785689.UP.FTS.B, 12.59%, 3/14/27.. . $ | FW2785689.UP.FTS.B, 12.59%, 3/14/27.. . $ | 1952 | $1933 | L2780785.UP.FTS.B, 13.88%, 3/14/27. . . . | $14160 | $14025 |
| L2784205.UP.FTS.B, 12.6%, 3/14/27. . . . . | L2784205.UP.FTS.B, 12.6%, 3/14/27. . . . . | L2784205.UP.FTS.B, 12.6%, 3/14/27. . . . . | 10648 | 10546 | L2776854.UP.FTS.B, 13.89%, 3/14/27. . . . | 22338 | 22129 |
| FW2784584.UP.FTS.B, 12.62%, 3/14/27.. . | FW2784584.UP.FTS.B, 12.62%, 3/14/27.. . | FW2784584.UP.FTS.B, 12.62%, 3/14/27.. . | 33011 | 32694 | L2780968.UP.FTS.B, 13.89%, 3/14/27. . . . | 6663 | 6600 |
| L2782900.UP.FTS.B, 12.63%, 3/14/27. . . . | L2782900.UP.FTS.B, 12.63%, 3/14/27. . . . | L2782900.UP.FTS.B, 12.63%, 3/14/27. . . . | 10520 | 10419 | L2787639.UP.FTS.B, 13.93%, 3/14/27. . . . | 5755 | 5701 |
| L2785749.UP.FTS.B, 12.65%, 3/14/27. . . . | L2785749.UP.FTS.B, 12.65%, 3/14/27. . . . | L2785749.UP.FTS.B, 12.65%, 3/14/27. . . . | 13312 | 13185 | FW2781533.UP.FTS.B, 13.96%, 3/14/27.. . | 22719 | 22504 |
| FW2785256.UP.FTS.B, 12.69%, 3/14/27.. . | FW2785256.UP.FTS.B, 12.69%, 3/14/27.. . | FW2785256.UP.FTS.B, 12.69%, 3/14/27.. . | 44379 | 43954 | L2784724.UP.FTS.B, 14.06%, 3/14/27. . . . | 23974 | 23747 |
| FW2786124.UP.FTS.B, 12.69%, 3/14/27.. . | FW2786124.UP.FTS.B, 12.69%, 3/14/27.. . | FW2786124.UP.FTS.B, 12.69%, 3/14/27.. . | 8432 | 8351 | L2785675.UP.FTS.B, 14.06%, 3/14/27. . . . | 6200 | 6141 |
| L2784017.UP.FTS.B, 12.7%, 3/14/27. . . . . | L2784017.UP.FTS.B, 12.7%, 3/14/27. . . . . | L2784017.UP.FTS.B, 12.7%, 3/14/27. . . . . | 2164 | 2033 | FW2783613.UP.FTS.B, 14.08%, 3/14/27.. . | 26828 | 26575 |
| L2783427.UP.FTS.B, 12.77%, 3/14/27. . . . | L2783427.UP.FTS.B, 12.77%, 3/14/27. . . . | L2783427.UP.FTS.B, 12.77%, 3/14/27. . . . | 6215 | 6155 | L2780420.UP.FTS.B, 14.17%, 3/14/27. . . . | 10658 | 10557 |
| L2779872.UP.FTS.B, 12.82%, 3/14/27. . . . | L2779872.UP.FTS.B, 12.82%, 3/14/27. . . . | L2779872.UP.FTS.B, 12.82%, 3/14/27. . . . | 1728 | 1711 | FW2784641.UP.FTS.B, 14.18%, 3/14/27.. . | 14205 | 14071 |
| L2780197.UP.FTS.B, 12.84%, 3/14/27. . . . | L2780197.UP.FTS.B, 12.84%, 3/14/27. . . . | L2780197.UP.FTS.B, 12.84%, 3/14/27. . . . | 13320 | 13192 | L2782193.UP.FTS.B, 14.18%, 3/14/27. . . . | 28798 | 28526 |
| FW2784701.UP.FTS.B, 12.85%, 3/14/27.. . | FW2784701.UP.FTS.B, 12.85%, 3/14/27.. . | FW2784701.UP.FTS.B, 12.85%, 3/14/27.. . | 19748 | 2706 | FW2789366.UP.FTS.B, 14.19%, 3/14/27.. . | 44578 | 44158 |
| L2780893.UP.FTS.B, 12.86%, 3/14/27. . . . | L2780893.UP.FTS.B, 12.86%, 3/14/27. . . . | L2780893.UP.FTS.B, 12.86%, 3/14/27. . . . | 883 | 875 | L2779894.UP.FTS.B, 14.2%, 3/14/27. . . . . | 9583 | 9493 |
| FW2784873.UP.FTS.B, 12.88%, 3/14/27.. . | FW2784873.UP.FTS.B, 12.88%, 3/14/27.. . | FW2784873.UP.FTS.B, 12.88%, 3/14/27.. . | 13782 | 13645 | L2781015.UP.FTS.B, 14.2%, 3/14/27. . . . . | 15213 | 15040 |
| FW2780429.UP.FTS.B, 12.96%, 3/14/27.. . | FW2780429.UP.FTS.B, 12.96%, 3/14/27.. . | FW2780429.UP.FTS.B, 12.96%, 3/14/27.. . | 5670 | 5616 | L2783211.UP.FTS.B, 14.21%, 3/14/27. . . . | 26749 | 26497 |
| L2757291.UP.FTS.B, 12.97%, 3/14/27. . . . | L2757291.UP.FTS.B, 12.97%, 3/14/27. . . . | L2757291.UP.FTS.B, 12.97%, 3/14/27. . . . | 3713 | 3677 | L2787992.UP.FTS.B, 14.22%, 3/14/27. . . . | 5796 | 5741 |
| L2781348.UP.FTS.B, 12.98%, 3/14/27. . . . | L2781348.UP.FTS.B, 12.98%, 3/14/27. . . . | L2781348.UP.FTS.B, 12.98%, 3/14/27. . . . | 13681 | 13550 | L2785053.UP.FTS.B, 14.24%, 3/14/27. . . . | 8917 | 8833 |
| L2787912.UP.FTS.B, 12.99%, 3/14/27. . . . | L2787912.UP.FTS.B, 12.99%, 3/14/27. . . . | L2787912.UP.FTS.B, 12.99%, 3/14/27. . . . | 5686 | 5631 | FW2788869.UP.FTS.B, 14.25%, 3/14/27.. . | 6599 | 6537 |
| L2789648.UP.FTS.B, 12.99%, 3/14/27. . . . | L2789648.UP.FTS.B, 12.99%, 3/14/27. . . . | L2789648.UP.FTS.B, 12.99%, 3/14/27. . . . | 5330 | 5279 | L2787570.UP.FTS.B, 14.25%, 3/14/27. . . . | 3396 | 3362 |
| L2759372.UP.FTS.B, 13%, 3/14/27.. . . . . . | L2759372.UP.FTS.B, 13%, 3/14/27.. . . . . . | L2759372.UP.FTS.B, 13%, 3/14/27.. . . . . . | 44421 | 43997 | L2757062.UP.FTS.B, 14.27%, 3/14/27. . . . | 5356 | 5305 |
| L2782861.UP.FTS.B, 13%, 3/14/27.. . . . . . | L2782861.UP.FTS.B, 13%, 3/14/27.. . . . . . | L2782861.UP.FTS.B, 13%, 3/14/27.. . . . . . | 2399 | 2376 | FW2789260.UP.FTS.B, 14.31%, 3/14/27.. . | 18997 | 18818 |
| L2785427.UP.FTS.B, 13.01%, 3/14/27. . . . | L2785427.UP.FTS.B, 13.01%, 3/14/27. . . . | L2785427.UP.FTS.B, 13.01%, 3/14/27. . . . | 2211 | 2190 | L2783095.UP.FTS.B, 14.33%, 3/14/27. . . . | 2406 | 2383 |
| L2786071.UP.FTS.B, 13.02%, 3/14/27. . . . | L2786071.UP.FTS.B, 13.02%, 3/14/27. . . . | L2786071.UP.FTS.B, 13.02%, 3/14/27. . . . | 5781 | 5726 | FW2785433.UP.FTS.B, 14.35%, 3/14/27.. . | 5761 | 5707 |
| FW2779969.UP.FTS.B, 13.03%, 3/14/27.. . | FW2779969.UP.FTS.B, 13.03%, 3/14/27.. . | FW2779969.UP.FTS.B, 13.03%, 3/14/27.. . | 8885 | 8800 | L2782210.UP.FTS.B, 14.35%, 3/14/27. . . . | 4460 | 4418 |
| L2785265.UP.FTS.B, 13.07%, 3/14/27. . . . | L2785265.UP.FTS.B, 13.07%, 3/14/27. . . . | L2785265.UP.FTS.B, 13.07%, 3/14/27. . . . | 3821 | 3785 | L2788746.UP.FTS.B, 14.35%, 3/14/27. . . . | 9455 | 9366 |
| L2785621.UP.FTS.B, 13.13%, 3/14/27. . . . | L2785621.UP.FTS.B, 13.13%, 3/14/27. . . . | L2785621.UP.FTS.B, 13.13%, 3/14/27. . . . | 44437 | 44013 | FW2785109.UP.FTS.B, 14.4%, 3/14/27.. . . | 11086 | 10981 |
| L2789482.UP.FTS.B, 13.14%, 3/14/27. . . . | L2789482.UP.FTS.B, 13.14%, 3/14/27. . . . | L2789482.UP.FTS.B, 13.14%, 3/14/27. . . . | 16887 | 16726 | FW2787191.UP.FTS.B, 14.4%, 3/14/27.. . . | 26946 | 26697 |
| L2763346.UP.FTS.B, 13.17%, 3/14/27. . . . | L2763346.UP.FTS.B, 13.17%, 3/14/27. . . . | L2763346.UP.FTS.B, 13.17%, 3/14/27. . . . | 2933 | 2905 | FW2783492.UP.FTS.B, 14.41%, 3/14/27.. . | 13382 | 13256 |
| L2786729.UP.FTS.B, 13.17%, 3/14/27. . . . | L2786729.UP.FTS.B, 13.17%, 3/14/27. . . . | L2786729.UP.FTS.B, 13.17%, 3/14/27. . . . | 18154 | 17058 | FW2790249.UP.FTS.B, 14.41%, 3/14/27.. . | 6691 | 6628 |
| L2781033.UP.FTS.B, 13.19%, 3/14/27. . . . | L2781033.UP.FTS.B, 13.19%, 3/14/27. . . . | L2781033.UP.FTS.B, 13.19%, 3/14/27. . . . | 13334 | 13206 | FW2784749.UP.FTS.B, 14.42%, 3/14/27.. . | 11509 | 11401 |
| L2789300.UP.FTS.B, 13.2%, 3/14/27. . . . . | L2789300.UP.FTS.B, 13.2%, 3/14/27. . . . . | L2789300.UP.FTS.B, 13.2%, 3/14/27. . . . . | 11520 | 11411 | L2782049.UP.FTS.B, 14.43%, 3/14/27. . . . | 12598 | 12480 |
| L2783463.UP.FTS.B, 13.21%, 3/14/27. . . . | L2783463.UP.FTS.B, 13.21%, 3/14/27. . . . | L2783463.UP.FTS.B, 13.21%, 3/14/27. . . . | 9512 | 9448 | L2783057.UP.FTS.B, 14.44%, 3/14/27. . . . | 23845 | 23617 |
| L2785549.UP.FTS.B, 13.25%, 3/14/27. . . . | L2785549.UP.FTS.B, 13.25%, 3/14/27. . . . | L2785549.UP.FTS.B, 13.25%, 3/14/27. . . . | 5982 | 5925 | L2782438.UP.FTS.B, 14.45%, 3/14/27. . . . | 956 | 947 |
| L2785339.UP.FTS.B, 13.26%, 3/14/27. . . . | L2785339.UP.FTS.B, 13.26%, 3/14/27. . . . | L2785339.UP.FTS.B, 13.26%, 3/14/27. . . . | 11558 | 11448 | L2780531.UP.FTS.B, 14.47%, 3/14/27. . . . | 44066 | 43639 |
| FW2787932.UP.FTS.B, 13.27%, 3/14/27.. . | FW2787932.UP.FTS.B, 13.27%, 3/14/27.. . | FW2787932.UP.FTS.B, 13.27%, 3/14/27.. . | 2875 | 2847 | L2784886.UP.FTS.B, 14.47%, 3/14/27. . . . | 9806 | 9714 |
| FW2775855.UP.FTS.B, 13.32%, 3/14/27.. . | FW2775855.UP.FTS.B, 13.32%, 3/14/27.. . | FW2775855.UP.FTS.B, 13.32%, 3/14/27.. . | 44357 | 43937 | L2790181.UP.FTS.B, 14.49%, 3/14/27. . . . | 24605 | 24376 |
| L2789460.UP.FTS.B, 13.33%, 3/14/27. . . . | L2789460.UP.FTS.B, 13.33%, 3/14/27. . . . | L2789460.UP.FTS.B, 13.33%, 3/14/27. . . . | 16089 | 15938 | L2779895.UP.FTS.B, 14.52%, 3/14/27. . . . | 12494 | 12377 |
| FW2780715.UP.FTS.B, 13.35%, 3/14/27.. . | FW2780715.UP.FTS.B, 13.35%, 3/14/27.. . | FW2780715.UP.FTS.B, 13.35%, 3/14/27.. . | 9123 | 8574 | L2780675.UP.FTS.B, 14.56%, 3/14/27. . . . | 982 | 973 |
| L2762745.UP.FTS.B, 13.39%, 3/14/27. . . . | L2762745.UP.FTS.B, 13.39%, 3/14/27. . . . | L2762745.UP.FTS.B, 13.39%, 3/14/27. . . . | 15890 | 15740 | FW2780644.UP.FTS.B, 14.57%, 3/14/27.. . | 2231 | 2210 |
| L2778828.UP.FTS.B, 13.39%, 3/14/27. . . . | L2778828.UP.FTS.B, 13.39%, 3/14/27. . . . | L2778828.UP.FTS.B, 13.39%, 3/14/27. . . . | 28322 | 28057 | L2780671.UP.FTS.B, 14.57%, 3/14/27. . . . | 21690 | 21486 |
| FW2785848.UP.FTS.B, 13.4%, 3/14/27.. . . | FW2785848.UP.FTS.B, 13.4%, 3/14/27.. . . | FW2785848.UP.FTS.B, 13.4%, 3/14/27.. . . | 11207 | 11101 | L2787542.UP.FTS.B, 14.57%, 3/14/27. . . . | 9385 | 9296 |
| FW2787165.UP.FTS.B, 13.47%, 3/14/27.. . | FW2787165.UP.FTS.B, 13.47%, 3/14/27.. . | FW2787165.UP.FTS.B, 13.47%, 3/14/27.. . | 8892 | 8808 | FW2783925.UP.FTS.B, 14.6%, 3/14/27.. . . | 10266 | 10169 |
| L2782603.UP.FTS.B, 13.49%, 3/14/27. . . . | L2782603.UP.FTS.B, 13.49%, 3/14/27. . . . | L2782603.UP.FTS.B, 13.49%, 3/14/27. . . . | 13346 | 13219 | L2781074.UP.FTS.B, 14.63%, 3/14/27. . . . | 5728 | 412 |
| FW2789036.UP.FTS.B, 13.51%, 3/14/27.. . | FW2789036.UP.FTS.B, 13.51%, 3/14/27.. . | FW2789036.UP.FTS.B, 13.51%, 3/14/27.. . | 22689 | 22474 | L2785260.UP.FTS.B, 14.63%, 3/14/27. . . . | 23570 | 23348 |
| L2780870.UP.FTS.B, 13.52%, 3/14/27. . . . | L2780870.UP.FTS.B, 13.52%, 3/14/27. . . . | L2780870.UP.FTS.B, 13.52%, 3/14/27. . . . | 3717 | 3681 | L2779917.UP.FTS.B, 14.65%, 3/14/27. . . . | 9374 | 9286 |
| L2785005.UP.FTS.B, 13.54%, 3/14/27. . . . | L2785005.UP.FTS.B, 13.54%, 3/14/27. . . . | L2785005.UP.FTS.B, 13.54%, 3/14/27. . . . | 13348 | 13221 | FW2790537.UP.FTS.B, 14.66%, 3/14/27.. . | 22320 | 22110 |
| L2778983.UP.FTS.B, 13.58%, 3/14/27. . . . | L2778983.UP.FTS.B, 13.58%, 3/14/27. . . . | L2778983.UP.FTS.B, 13.58%, 3/14/27. . . . | 8548 | 8467 | L2779718.UP.FTS.B, 14.69%, 3/14/27. . . . | 17858 | 17690 |
| FW2785775.UP.FTS.B, 13.59%, 3/14/27.. . | FW2785775.UP.FTS.B, 13.59%, 3/14/27.. . | FW2785775.UP.FTS.B, 13.59%, 3/14/27.. . | 21114 | 20914 | FW2787310.UP.FTS.B, 14.7%, 3/14/27.. . . | 891 | 882 |
| L2785594.UP.FTS.B, 13.62%, 3/14/27. . . . | L2785594.UP.FTS.B, 13.62%, 3/14/27. . . . | L2785594.UP.FTS.B, 13.62%, 3/14/27. . . . | 3382 | 3350 | L2783815.UP.FTS.B, 14.7%, 3/14/27. . . . . | 14533 | 14399 |
| L2790624.UP.FTS.B, 13.63%, 3/14/27. . . . | L2790624.UP.FTS.B, 13.63%, 3/14/27. . . . | L2790624.UP.FTS.B, 13.63%, 3/14/27. . . . | 11077 | 10972 | L2785114.UP.FTS.B, 14.72%, 3/14/27. . . . | 10715 | 10615 |
| L2778942.UP.FTS.B, 13.72%, 3/14/27. . . . | L2778942.UP.FTS.B, 13.72%, 3/14/27. . . . | L2778942.UP.FTS.B, 13.72%, 3/14/27. . . . | 5787 | 5732 | L2783384.UP.FTS.B, 14.73%, 3/14/27. . . . | 6251 | 6192 |
| FW2789945.UP.FTS.B, 13.77%, 3/14/27.. . | FW2789945.UP.FTS.B, 13.77%, 3/14/27.. . | FW2789945.UP.FTS.B, 13.77%, 3/14/27.. . | 7571 | 7500 | L2785570.UP.FTS.B, 14.73%, 3/14/27. . . . | 35720 | 35384 |
| L2784118.UP.FTS.B, 13.78%, 3/14/27. . . . | L2784118.UP.FTS.B, 13.78%, 3/14/27. . . . | L2784118.UP.FTS.B, 13.78%, 3/14/27. . . . | 21570 | 21362 | FW2785300.UP.FTS.B, 14.74%, 3/14/27.. . | 44650 | 44231 |
| L2785893.UP.FTS.B, 13.78%, 3/14/27. . . . | L2785893.UP.FTS.B, 13.78%, 3/14/27. . . . | L2785893.UP.FTS.B, 13.78%, 3/14/27. . . . | 1861 | 1842 | L2784692.UP.FTS.B, 14.74%, 3/14/27. . . . | 6251 | 6192 |
| L2785890.UP.FTS.B, 13.83%, 3/14/27. . . . | L2785890.UP.FTS.B, 13.83%, 3/14/27. . . . | L2785890.UP.FTS.B, 13.83%, 3/14/27. . . . | 11489 | 11380 | L2783467.UP.FTS.B, 14.77%, 3/14/27. . . . | 9561 | 9471 |
| L2782918.UP.FTS.B, 13.85%, 3/14/27. . . . | L2782918.UP.FTS.B, 13.85%, 3/14/27. . . . | L2782918.UP.FTS.B, 13.85%, 3/14/27. . . . | 4097 | 4058 | FW2787112.UP.FTS.B, 14.78%, 3/14/27.. . | 40191 | 39814 |
| L2785818.UP.FTS.B, 13.87%, 3/14/27. . . . | L2785818.UP.FTS.B, 13.87%, 3/14/27. . . . | L2785818.UP.FTS.B, 13.87%, 3/14/27. . . . | 6146 | 6088 | L2781163.UP.FTS.B, 14.78%, 3/14/27. . . . | 7216 | 7149 |
| FW2783338.UP.FTS.B, 13.88%, 3/14/27.. . | FW2783338.UP.FTS.B, 13.88%, 3/14/27.. . | FW2783338.UP.FTS.B, 13.88%, 3/14/27.. . | 14261 | 14126 | L2780444.UP.FTS.B, 14.82%, 3/14/27. . . . | 23938 | 23713 |
| 136 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 136 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2783852.UP.FTS.B, 14.83%, 3/14/27. . . . | $5337 | $5287 | L2786790.UP.FTS.B, 15.86%, 3/14/27. . . . | $4838 | $4793 | 4793 |
| L2785733.UP.FTS.B, 14.86%, 3/14/27. . . . | 4021 | 1029 | L2785504.UP.FTS.B, 15.88%, 3/14/27. . . . | 2228 | 2198 | 2198 |
| L2788260.UP.FTS.B, 14.88%, 3/14/27. . . . | 3841 | 3805 | FW2720638.UP.FTS.B, 15.89%, 3/14/27.. . | 18023 | 17783 | 17783 |
| L2783640.UP.FTS.B, 14.89%, 3/14/27. . . . | 17154 | 16993 | FW2782452.UP.FTS.B, 15.89%, 3/14/27.. . | 9007 | 8925 | 8925 |
| L2788586.UP.FTS.B, 14.9%, 3/14/27. . . . . | 2245 | 2224 | L2779778.UP.FTS.B, 15.94%, 3/14/27. . . . | 15234 | 15028 | 15028 |
| L2784500.UP.FTS.B, 14.95%, 3/14/27. . . . | 4825 | 4780 | L2782963.UP.FTS.B, 15.98%, 3/14/27. . . . | 7170 | 7073 | 7073 |
| L2790437.UP.FTS.B, 14.98%, 3/14/27. . . . | 22341 | 22131 | L2789937.UP.FTS.B, 15.99%, 3/14/27. . . . | 4840 | 4795 | 4795 |
| FW2783542.UP.FTS.B, 14.99%, 3/14/27.. . | 29491 | 29215 | L2790390.UP.FTS.B, 15.99%, 3/14/27. . . . | 3585 | 3552 | 3552 |
| L2786162.UP.FTS.B, 15.01%, 3/14/27. . . . | 26812 | 26560 | L2755556.UP.FTS.B, 16.01%, 3/14/27. . . . | 9885 | 1415 | 1415 |
| L2789724.UP.FTS.B, 15.01%, 3/14/27. . . . | 3843 | 3807 | L2780035.UP.FTS.B, 16.03%, 3/14/27. . . . | 4935 | 4869 | 4869 |
| L2785803.UP.FTS.B, 15.06%, 3/14/27. . . . | 6257 | 6198 | FW2789245.UP.FTS.B, 16.05%, 3/14/27.. . | 7800 | 7694 | 7694 |
| L2787981.UP.FTS.B, 15.07%, 3/14/27. . . . | 1877 | 1858 | L2781166.UP.FTS.B, 16.07%, 3/14/27. . . . | 9592 | 9462 | 9462 |
| L2790024.UP.FTS.B, 15.07%, 3/14/27. . . . | 1782 | 1765 | L2782280.UP.FTS.B, 16.08%, 3/14/27. . . . | 12150 | 12039 | 12039 |
| L2788608.UP.FTS.B, 15.09%, 3/14/27. . . . | 4825 | 4780 | FW2789710.UP.FTS.B, 16.11%, 3/14/27.. . | 4313 | 592 | 592 |
| FW2781024.UP.FTS.B, 15.1%, 3/14/27.. . . | 5185 | 5136 | FW2781445.UP.FTS.B, 16.12%, 3/14/27.. . | 9654 | 9562 | 9562 |
| FW2781451.UP.FTS.B, 15.12%, 3/14/27.. . | 4552 | 4499 | L2785889.UP.FTS.B, 16.2%, 3/14/27. . . . . | 5226 | 244 | 244 |
| L2789351.UP.FTS.B, 15.12%, 3/14/27. . . . | 13410 | 13285 | L2779954.UP.FTS.B, 16.22%, 3/14/27. . . . | 9004 | 8876 | 8876 |
| FW2779319.UP.FTS.B, 15.17%, 3/14/27.. . | 1699 | 1676 | FW2789690.UP.FTS.B, 16.28%, 3/14/27.. . | 22420 | 22118 | 22118 |
| FW2783642.UP.FTS.B, 15.18%, 3/14/27.. . | 2951 | 2923 | L2780955.UP.FTS.B, 16.29%, 3/14/27. . . . | 4844 | 4799 | 4799 |
| L2779837.UP.FTS.B, 15.19%, 3/14/27. . . . | 44709 | 44102 | L2779021.UP.FTS.B, 16.32%, 3/14/27. . . . | 6279 | 6195 | 6195 |
| L2785487.UP.FTS.B, 15.19%, 3/14/27. . . . | 35768 | 35433 | L2783945.UP.FTS.B, 16.32%, 3/14/27. . . . | 9031 | 8949 | 8949 |
| L2781288.UP.FTS.B, 15.2%, 3/14/27. . . . . | 2683 | 2658 | L2784177.UP.FTS.B, 16.34%, 3/14/27. . . . | 5742 | 5664 | 5664 |
| L2787335.UP.FTS.B, 15.22%, 3/14/27. . . . | 2862 | 2835 | FW2781186.UP.FTS.B, 16.35%, 3/14/27.. . | 4486 | 4425 | 4425 |
| L2782134.UP.FTS.B, 15.23%, 3/14/27. . . . | 10553 | 10409 | L2781334.UP.FTS.B, 16.44%, 3/14/27. . . . | 9027 | 8907 | 8907 |
| L2782167.UP.FTS.B, 15.28%, 3/14/27. . . . | 29069 | 28798 | FW2783831.UP.FTS.B, 16.46%, 3/14/27.. . | 4883 | 1253 | 1253 |
| L2782707.UP.FTS.B, 15.34%, 3/14/27. . . . | 39273 | 38893 | L2785542.UP.FTS.B, 16.46%, 3/14/27. . . . | 4846 | 4781 | 4781 |
| L2786073.UP.FTS.B, 15.34%, 3/14/27. . . . | 38020 | 37664 | FW2787232.UP.FTS.B, 16.47%, 3/14/27.. . | 3141 | 3099 | 3099 |
| L2782112.UP.FTS.B, 15.35%, 3/14/27. . . . | 871 | 863 | L2788530.UP.FTS.B, 16.48%, 3/14/27. . . . | 22449 | 22147 | 22147 |
| L2785263.UP.FTS.B, 15.35%, 3/14/27. . . . | 1762 | 1743 | L2781937.UP.FTS.B, 16.51%, 3/14/27. . . . | 10742 | 10643 | 10643 |
| FW2788688.UP.FTS.B, 15.38%, 3/14/27.. . | 9683 | 9593 | L2785787.UP.FTS.B, 16.51%, 3/14/27. . . . | 4366 | 4325 | 4325 |
| L2788995.UP.FTS.B, 15.39%, 3/14/27. . . . | 2952 | 2912 | L2781470.UP.FTS.B, 16.53%, 3/14/27. . . . | 10411 | 10315 | 10315 |
| L2781912.UP.FTS.B, 15.44%, 3/14/27. . . . | 7769 | 7302 | FW2790130.UP.FTS.B, 16.54%, 3/14/27.. . | 10772 | 10627 | 10627 |
| FW2785183.UP.FTS.B, 15.45%, 3/14/27.. . | 17907 | 17740 | L2782699.UP.FTS.B, 16.54%, 3/14/27. . . . | 25134 | 24973 | 24973 |
| FW2783726.UP.FTS.B, 15.47%, 3/14/27.. . | 7695 | 7591 | FW2779874.UP.FTS.B, 16.55%, 3/14/27.. . | 8948 | 8829 | 8829 |
| L2782475.UP.FTS.B, 15.49%, 3/14/27. . . . | 9750 | 9618 | L2788921.UP.FTS.B, 16.56%, 3/14/27. . . . | 7541 | 7471 | 7471 |
| L2787379.UP.FTS.B, 15.51%, 3/14/27. . . . | 14410 | 14215 | L2783496.UP.FTS.B, 16.57%, 3/14/27. . . . | 10145 | 10052 | 10052 |
| L2780102.UP.FTS.B, 15.53%, 3/14/27. . . . | 12352 | 12237 | L2784909.UP.FTS.B, 16.61%, 3/14/27. . . . | 3919 | 3866 | 3866 |
| L2752868.UP.FTS.B, 15.54%, 3/14/27. . . . | 19702 | 19518 | L2787113.UP.FTS.B, 16.63%, 3/14/27. . . . | 781 | 264 | 264 |
| L2785752.UP.FTS.B, 15.55%, 3/14/27. . . . | 11179 | 11031 | L2781123.UP.FTS.B, 16.65%, 3/14/27. . . . | 8947 | 8864 | 8864 |
| L2789168.UP.FTS.B, 15.56%, 3/14/27. . . . | 4599 | 1232 | FW2786140.UP.FTS.B, 16.66%, 3/14/27.. . | 2852 | 2806 | 2806 |
| FW2783396.UP.FTS.B, 15.6%, 3/14/27.. . . | 18340 | 18156 | FW2788768.UP.FTS.B, 16.66%, 3/14/27.. . | 18408 | 18238 | 18238 |
| FW2785292.UP.FTS.B, 15.63%, 3/14/27.. . | 3671 | 3621 | L2781826.UP.FTS.B, 16.66%, 3/14/27. . . . | 2155 | 2135 | 2135 |
| L2785384.UP.FTS.B, 15.63%, 3/14/27. . . . | 20147 | 19874 | L2785121.UP.FTS.B, 16.67%, 3/14/27. . . . | 24245 | 23918 | 23918 |
| FW2781102.UP.FTS.B, 15.67%, 3/14/27.. . | 23984 | 23666 | L2783524.UP.FTS.B, 16.68%, 3/14/27. . . . | 9609 | 9479 | 9479 |
| L2779187.UP.FTS.B, 15.67%, 3/14/27. . . . | 28565 | 28178 | L2786003.UP.FTS.B, 16.71%, 3/14/27. . . . | 2964 | 2924 | 2924 |
| L2781003.UP.FTS.B, 15.67%, 3/14/27. . . . | 18587 | 18409 | L2782816.UP.FTS.B, 16.73%, 3/14/27. . . . | 5838 | 5760 | 5760 |
| L2785074.UP.FTS.B, 15.67%, 3/14/27. . . . | 18905 | 18723 | FW2785133.UP.FTS.B, 16.75%, 3/14/27.. . | 18412 | 18243 | 18243 |
| FW2780435.UP.FTS.B, 15.71%, 3/14/27.. . | 4836 | 4791 | L2786728.UP.FTS.B, 16.78%, 3/14/27. . . . | 8982 | 8861 | 8861 |
| L2782787.UP.FTS.B, 15.71%, 3/14/27. . . . | 20418 | 20228 | FW2782269.UP.FTS.B, 16.79%, 3/14/27.. . | 3841 | 3805 | 3805 |
| L2787103.UP.FTS.B, 15.71%, 3/14/27. . . . | 33493 | 33181 | L2783630.UP.FTS.B, 16.79%, 3/14/27. . . . | 24703 | 24370 | 24370 |
| FW2780573.UP.FTS.B, 15.72%, 3/14/27.. . | 7432 | 7363 | L2790588.UP.FTS.B, 16.81%, 3/14/27. . . . | 3593 | 3560 | 3560 |
| FW2785320.UP.FTS.B, 15.73%, 3/14/27.. . | 3582 | 3549 | FW2790218.UP.FTS.B, 16.82%, 3/14/27.. . | 3144 | 3115 | 3115 |
| L2788269.UP.FTS.B, 15.76%, 3/14/27. . . . | 4747 | 4703 | FW2783290.UP.FTS.B, 16.83%, 3/14/27.. . | 6829 | 6766 | 6766 |
| L2785537.UP.FTS.B, 15.78%, 3/14/27. . . . | 3028 | 2987 | FW2787453.UP.FTS.B, 16.84%, 3/14/27.. . | 5750 | 5697 | 5697 |
| L2780255.UP.FTS.B, 15.79%, 3/14/27. . . . | 38530 | 38171 | L2781471.UP.FTS.B, 16.84%, 3/14/27. . . . | 988 | 979 | 979 |
| L2781597.UP.FTS.B, 15.79%, 3/14/27. . . . | 24095 | 23871 | L2790374.UP.FTS.B, 16.87%, 3/14/27. . . . | 7098 | 7003 | 7003 |
| L2788017.UP.FTS.B, 15.83%, 3/14/27. . . . | 5106 | 5037 | FW2783637.UP.FTS.B, 16.93%, 3/14/27.. . | 7178 | 7083 | 7083 |
| L2787854.UP.FTS.B, 15.85%, 3/14/27. . . . | 2857 | 2816 | L2782584.UP.FTS.B, 16.94%, 3/14/27. . . . | 15277 | 15071 | 15071 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 137 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 137 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2780924.UP.FTS.B, 16.96%, 3/14/27. . . . | L2780924.UP.FTS.B, 16.96%, 3/14/27. . . . | L2780924.UP.FTS.B, 16.96%, 3/14/27. . . . | $6269 | $6185 | FW2781007.UP.FTS.B, 18.03%, 3/14/27.. . $ | 9248 | $9129 |
| L2783856.UP.FTS.B, 16.96%, 3/14/27. . . . | L2783856.UP.FTS.B, 16.96%, 3/14/27. . . . | L2783856.UP.FTS.B, 16.96%, 3/14/27. . . . | 3505 | 3458 | FW2780686.UP.FTS.B, 18.04%, 3/14/27.. . | 1030 | 266 |
| L2783224.UP.FTS.B, 16.97%, 3/14/27. . . . | L2783224.UP.FTS.B, 16.97%, 3/14/27. . . . | L2783224.UP.FTS.B, 16.97%, 3/14/27. . . . | 3743 | 3689 | L2780829.UP.FTS.B, 18.05%, 3/14/27. . . . | 8654 | 8538 |
| L2781842.UP.FTS.B, 17.01%, 3/14/27. . . . | L2781842.UP.FTS.B, 17.01%, 3/14/27. . . . | L2781842.UP.FTS.B, 17.01%, 3/14/27. . . . | 6741 | 6651 | FW2781770.UP.FTS.B, 18.09%, 3/14/27.. . | 2951 | 2924 |
| FW2779871.UP.FTS.B, 17.03%, 3/14/27.. . | FW2779871.UP.FTS.B, 17.03%, 3/14/27.. . | FW2779871.UP.FTS.B, 17.03%, 3/14/27.. . | 14385 | 14192 | L2785717.UP.FTS.B, 18.12%, 3/14/27. . . . | 14426 | 14190 |
| FW2781271.UP.FTS.B, 17.06%, 3/14/27.. . | FW2781271.UP.FTS.B, 17.06%, 3/14/27.. . | FW2781271.UP.FTS.B, 17.06%, 3/14/27.. . | 6832 | 6740 | FW2771881.UP.FTS.B, 18.18%, 3/14/27.. . | 4509 | 4435 |
| L2787213.UP.FTS.B, 17.06%, 3/14/27. . . . | L2787213.UP.FTS.B, 17.06%, 3/14/27. . . . | L2787213.UP.FTS.B, 17.06%, 3/14/27. . . . | 41262 | 40883 | FW2780394.UP.FTS.B, 18.18%, 3/14/27.. . | 8567 | 8427 |
| L2782031.UP.FTS.B, 17.07%, 3/14/27. . . . | L2782031.UP.FTS.B, 17.07%, 3/14/27. . . . | L2782031.UP.FTS.B, 17.07%, 3/14/27. . . . | 13526 | 13346 | FW2784120.UP.FTS.B, 18.18%, 3/14/27.. . | 3315 | 114 |
| L2780352.UP.FTS.B, 17.09%, 3/14/27. . . . | L2780352.UP.FTS.B, 17.09%, 3/14/27. . . . | L2780352.UP.FTS.B, 17.09%, 3/14/27. . . . | 8992 | 8871 | L2781185.UP.FTS.B, 18.2%, 3/14/27. . . . . | 3517 | 3460 |
| L2780173.UP.FTS.B, 17.14%, 3/14/27. . . . | L2780173.UP.FTS.B, 17.14%, 3/14/27. . . . | L2780173.UP.FTS.B, 17.14%, 3/14/27. . . . | 2787 | 2746 | L2762731.UP.FTS.B, 18.21%, 3/14/27. . . . | 5862 | 5809 |
| FW2784298.UP.FTS.B, 17.15%, 3/14/27.. . | FW2784298.UP.FTS.B, 17.15%, 3/14/27.. . | FW2784298.UP.FTS.B, 17.15%, 3/14/27.. . | 22473 | 22104 | L2785773.UP.FTS.B, 18.25%, 3/14/27. . . . | 12176 | 12013 |
| L2789704.UP.FTS.B, 17.16%, 3/14/27. . . . | L2789704.UP.FTS.B, 17.16%, 3/14/27. . . . | L2789704.UP.FTS.B, 17.16%, 3/14/27. . . . | 22481 | 22179 | FW2779997.UP.FTS.B, 18.26%, 3/14/27.. . | 1764 | 1695 |
| FW2780002.UP.FTS.B, 17.17%, 3/14/27.. . | FW2780002.UP.FTS.B, 17.17%, 3/14/27.. . | FW2780002.UP.FTS.B, 17.17%, 3/14/27.. . | 2698 | 2662 | L2786738.UP.FTS.B, 18.29%, 3/14/27. . . . | 1968 | 1936 |
| L2788261.UP.FTS.B, 17.17%, 3/14/27. . . . | L2788261.UP.FTS.B, 17.17%, 3/14/27. . . . | L2788261.UP.FTS.B, 17.17%, 3/14/27. . . . | 1169 | 1158 | L2784355.UP.FTS.B, 18.3%, 3/14/27. . . . . | 2796 | 2759 |
| L2780146.UP.FTS.B, 17.18%, 3/14/27. . . . | L2780146.UP.FTS.B, 17.18%, 3/14/27. . . . | L2780146.UP.FTS.B, 17.18%, 3/14/27. . . . | 3298 | 3254 | L2781131.UP.FTS.B, 18.34%, 3/14/27. . . . | 9472 | 9386 |
| FW2779719.UP.FTS.B, 17.2%, 3/14/27.. . . | FW2779719.UP.FTS.B, 17.2%, 3/14/27.. . . | FW2779719.UP.FTS.B, 17.2%, 3/14/27.. . . | 5846 | 5767 | L2781333.UP.FTS.B, 18.4%, 3/14/27. . . . . | 15743 | 15492 |
| L2786112.UP.FTS.B, 17.23%, 3/14/27. . . . | L2786112.UP.FTS.B, 17.23%, 3/14/27. . . . | L2786112.UP.FTS.B, 17.23%, 3/14/27. . . . | 2307 | 2272 | L2782423.UP.FTS.B, 18.4%, 3/14/27. . . . . | 11805 | 11650 |
| L2785657.UP.FTS.B, 17.24%, 3/14/27. . . . | L2785657.UP.FTS.B, 17.24%, 3/14/27. . . . | L2785657.UP.FTS.B, 17.24%, 3/14/27. . . . | 3958 | 3904 | L2789502.UP.FTS.B, 18.42%, 3/14/27. . . . | 33917 | 33580 |
| FW2785239.UP.FTS.B, 17.27%, 3/14/27.. . | FW2785239.UP.FTS.B, 17.27%, 3/14/27.. . | FW2785239.UP.FTS.B, 17.27%, 3/14/27.. . | 2684 | 2648 | L2781963.UP.FTS.B, 18.43%, 3/14/27. . . . | 9836 | 9675 |
| FW2782814.UP.FTS.B, 17.3%, 3/14/27.. . . | FW2782814.UP.FTS.B, 17.3%, 3/14/27.. . . | FW2782814.UP.FTS.B, 17.3%, 3/14/27.. . . | 5757 | 5680 | L2789078.UP.FTS.B, 18.45%, 3/14/27. . . . | 3519 | 3462 |
| L2785928.UP.FTS.B, 17.3%, 3/14/27. . . . . | L2785928.UP.FTS.B, 17.3%, 3/14/27. . . . . | L2785928.UP.FTS.B, 17.3%, 3/14/27. . . . . | 44926 | 44334 | FW2786891.UP.FTS.B, 18.46%, 3/14/27.. . | 14266 | 14026 |
| FW2780342.UP.FTS.B, 17.34%, 3/14/27.. . | FW2780342.UP.FTS.B, 17.34%, 3/14/27.. . | FW2780342.UP.FTS.B, 17.34%, 3/14/27.. . | 9648 | 9515 | FW2783747.UP.FTS.B, 18.48%, 3/14/27.. . | 4512 | 4438 |
| L2781008.UP.FTS.B, 17.34%, 3/14/27. . . . | L2781008.UP.FTS.B, 17.34%, 3/14/27. . . . | L2781008.UP.FTS.B, 17.34%, 3/14/27. . . . | 6658 | 6597 | FW2788462.UP.FTS.B, 18.48%, 3/14/27.. . | 9025 | 8877 |
| L2783179.UP.FTS.B, 17.39%, 3/14/27. . . . | L2783179.UP.FTS.B, 17.39%, 3/14/27. . . . | L2783179.UP.FTS.B, 17.39%, 3/14/27. . . . | 8098 | 7965 | FW2780658.UP.FTS.B, 18.49%, 3/14/27.. . | 13937 | 13746 |
| L2783901.UP.FTS.B, 17.4%, 3/14/27. . . . . | L2783901.UP.FTS.B, 17.4%, 3/14/27. . . . . | L2783901.UP.FTS.B, 17.4%, 3/14/27. . . . . | 14217 | 13984 | L2761321.UP.FTS.B, 18.5%, 3/14/27. . . . . | 2528 | 2487 |
| L2780286.UP.FTS.B, 17.43%, 3/14/27. . . . | L2780286.UP.FTS.B, 17.43%, 3/14/27. . . . | L2780286.UP.FTS.B, 17.43%, 3/14/27. . . . | 17097 | 16868 | L2779732.UP.FTS.B, 18.53%, 3/14/27. . . . | 9297 | 9145 |
| L2785227.UP.FTS.B, 17.43%, 3/14/27. . . . | L2785227.UP.FTS.B, 17.43%, 3/14/27. . . . | L2785227.UP.FTS.B, 17.43%, 3/14/27. . . . | 26187 | 25836 | FW2788100.UP.FTS.B, 18.55%, 3/14/27.. . | 20543 | 20275 |
| L2785862.UP.FTS.B, 17.44%, 3/14/27. . . . | L2785862.UP.FTS.B, 17.44%, 3/14/27. . . . | L2785862.UP.FTS.B, 17.44%, 3/14/27. . . . | 35996 | 35666 | L2788795.UP.FTS.B, 18.58%, 3/14/27. . . . | 9027 | 8935 |
| L2790752.UP.FTS.B, 17.44%, 3/14/27. . . . | L2790752.UP.FTS.B, 17.44%, 3/14/27. . . . | L2790752.UP.FTS.B, 17.44%, 3/14/27. . . . | 3837 | 3784 | L2785399.UP.FTS.B, 18.59%, 3/14/27. . . . | 14725 | 14465 |
| FW2781874.UP.FTS.B, 17.45%, 3/14/27.. . | FW2781874.UP.FTS.B, 17.45%, 3/14/27.. . | FW2781874.UP.FTS.B, 17.45%, 3/14/27.. . | 900 | 888 | L2789629.UP.FTS.B, 18.6%, 3/14/27. . . . . | 4965 | 4884 |
| L2786485.UP.FTS.B, 17.46%, 3/14/27. . . . | L2786485.UP.FTS.B, 17.46%, 3/14/27. . . . | L2786485.UP.FTS.B, 17.46%, 3/14/27. . . . | 14309 | 14118 | FW2780445.UP.FTS.B, 18.66%, 3/14/27.. . | 15801 | 15543 |
| FW2780478.UP.FTS.B, 17.53%, 3/14/27.. . | FW2780478.UP.FTS.B, 17.53%, 3/14/27.. . | FW2780478.UP.FTS.B, 17.53%, 3/14/27.. . | 968 | 70 | L2780206.UP.FTS.B, 18.66%, 3/14/27. . . . | 9029 | 8882 |
| L2786475.UP.FTS.B, 17.53%, 3/14/27. . . . | L2786475.UP.FTS.B, 17.53%, 3/14/27. . . . | L2786475.UP.FTS.B, 17.53%, 3/14/27. . . . | 699 | 50 | L2789624.UP.FTS.B, 18.67%, 3/14/27. . . . | 14447 | 14255 |
| L2785327.UP.FTS.B, 17.54%, 3/14/27. . . . | L2785327.UP.FTS.B, 17.54%, 3/14/27. . . . | L2785327.UP.FTS.B, 17.54%, 3/14/27. . . . | 5851 | 5772 | FW2780229.UP.FTS.B, 18.68%, 3/14/27.. . | 2257 | 2221 |
| L2780295.UP.FTS.B, 17.55%, 3/14/27. . . . | L2780295.UP.FTS.B, 17.55%, 3/14/27. . . . | L2780295.UP.FTS.B, 17.55%, 3/14/27. . . . | 4861 | 4796 | L2782895.UP.FTS.B, 18.68%, 3/14/27. . . . | 9795 | 9666 |
| L2789286.UP.FTS.B, 17.58%, 3/14/27. . . . | L2789286.UP.FTS.B, 17.58%, 3/14/27. . . . | L2789286.UP.FTS.B, 17.58%, 3/14/27. . . . | 8133 | 8026 | FW2782751.UP.FTS.B, 18.72%, 3/14/27.. . | 9031 | 8884 |
| FW2780850.UP.FTS.B, 17.6%, 3/14/27.. . . | FW2780850.UP.FTS.B, 17.6%, 3/14/27.. . . | FW2780850.UP.FTS.B, 17.6%, 3/14/27.. . . | 13505 | 13324 | FW2786391.UP.FTS.B, 18.72%, 3/14/27.. . | 7262 | 7166 |
| FW2783200.UP.FTS.B, 17.6%, 3/14/27.. . . | FW2783200.UP.FTS.B, 17.6%, 3/14/27.. . . | FW2783200.UP.FTS.B, 17.6%, 3/14/27.. . . | 12641 | 12473 | L2783944.UP.FTS.B, 18.73%, 3/14/27. . . . | 8861 | 8717 |
| FW2785880.UP.FTS.B, 17.62%, 3/14/27.. . | FW2785880.UP.FTS.B, 17.62%, 3/14/27.. . | FW2785880.UP.FTS.B, 17.62%, 3/14/27.. . | 8103 | 7995 | FW2784433.UP.FTS.B, 18.76%, 3/14/27.. . | 6210 | 6126 |
| L2785321.UP.FTS.B, 17.62%, 3/14/27. . . . | L2785321.UP.FTS.B, 17.62%, 3/14/27. . . . | L2785321.UP.FTS.B, 17.62%, 3/14/27. . . . | 6305 | 6220 | L2783654.UP.FTS.B, 18.81%, 3/14/27. . . . | 11733 | 11546 |
| L2784632.UP.FTS.B, 17.63%, 3/14/27. . . . | L2784632.UP.FTS.B, 17.63%, 3/14/27. . . . | L2784632.UP.FTS.B, 17.63%, 3/14/27. . . . | 6757 | 6695 | L2784627.UP.FTS.B, 18.83%, 3/14/27. . . . | 9099 | 8968 |
| L2783865.UP.FTS.B, 17.67%, 3/14/27. . . . | L2783865.UP.FTS.B, 17.67%, 3/14/27. . . . | L2783865.UP.FTS.B, 17.67%, 3/14/27. . . . | 5018 | 4709 | L2779919.UP.FTS.B, 18.85%, 3/14/27. . . . | 48473 | 3470 |
| L2784502.UP.FTS.B, 17.69%, 3/14/27. . . . | L2784502.UP.FTS.B, 17.69%, 3/14/27. . . . | L2784502.UP.FTS.B, 17.69%, 3/14/27. . . . | 27016 | 26655 | L2782107.UP.FTS.B, 18.88%, 3/14/27. . . . | 9938 | 9776 |
| L2780580.UP.FTS.B, 17.7%, 3/14/27. . . . . | L2780580.UP.FTS.B, 17.7%, 3/14/27. . . . . | L2780580.UP.FTS.B, 17.7%, 3/14/27. . . . . | 3152 | 3110 | L2781571.UP.FTS.B, 18.92%, 3/14/27. . . . | 9849 | 9688 |
| L2782772.UP.FTS.B, 17.7%, 3/14/27. . . . . | L2782772.UP.FTS.B, 17.7%, 3/14/27. . . . . | L2782772.UP.FTS.B, 17.7%, 3/14/27. . . . . | 13793 | 2010 | L2782929.UP.FTS.B, 18.95%, 3/14/27. . . . | 2349 | 2318 |
| L2785162.UP.FTS.B, 17.72%, 3/14/27. . . . | L2785162.UP.FTS.B, 17.72%, 3/14/27. . . . | L2785162.UP.FTS.B, 17.72%, 3/14/27. . . . | 18012 | 17717 | FW2787024.UP.FTS.B, 19%, 3/14/27.. . . . | 45187 | 44452 |
| L2789365.UP.FTS.B, 17.74%, 3/14/27. . . . | L2789365.UP.FTS.B, 17.74%, 3/14/27. . . . | L2789365.UP.FTS.B, 17.74%, 3/14/27. . . . | 37421 | 5328 | L2783159.UP.FTS.B, 19.01%, 3/14/27. . . . | 3600 | 3552 |
| L2789037.UP.FTS.B, 17.75%, 3/14/27. . . . | L2789037.UP.FTS.B, 17.75%, 3/14/27. . . . | L2789037.UP.FTS.B, 17.75%, 3/14/27. . . . | 17903 | 1288 | FW2782318.UP.FTS.B, 19.02%, 3/14/27.. . | 11117 | 3090 |
| L2780144.UP.FTS.B, 17.8%, 3/14/27. . . . . | L2780144.UP.FTS.B, 17.8%, 3/14/27. . . . . | L2780144.UP.FTS.B, 17.8%, 3/14/27. . . . . | 14883 | 14677 | FW2790605.UP.FTS.B, 19.02%, 3/14/27.. . | 28832 | 28572 |
| L2782152.UP.FTS.B, 17.81%, 3/14/27. . . . | L2782152.UP.FTS.B, 17.81%, 3/14/27. . . . | L2782152.UP.FTS.B, 17.81%, 3/14/27. . . . | 2348 | 2317 | L2781200.UP.FTS.B, 19.02%, 3/14/27. . . . | 9038 | 8891 |
| FW2784943.UP.FTS.B, 17.86%, 3/14/27.. . | FW2784943.UP.FTS.B, 17.86%, 3/14/27.. . | FW2784943.UP.FTS.B, 17.86%, 3/14/27.. . | 9782 | 9624 | FW2784575.UP.FTS.B, 19.03%, 3/14/27.. . | 13442 | 13223 |
| FW2783998.UP.FTS.B, 17.89%, 3/14/27.. . | FW2783998.UP.FTS.B, 17.89%, 3/14/27.. . | FW2783998.UP.FTS.B, 17.89%, 3/14/27.. . | 1809 | 1785 | L2784145.UP.FTS.B, 19.03%, 3/14/27. . . . | 4971 | 4890 |
| FW2784396.UP.FTS.B, 17.89%, 3/14/27.. . | FW2784396.UP.FTS.B, 17.89%, 3/14/27.. . | FW2784396.UP.FTS.B, 17.89%, 3/14/27.. . | 3514 | 3457 | L2779673.UP.FTS.B, 19.08%, 3/14/27. . . . | 5876 | 5780 |
| FW2779862.UP.FTS.B, 17.93%, 3/14/27.. . | FW2779862.UP.FTS.B, 17.93%, 3/14/27.. . | FW2779862.UP.FTS.B, 17.93%, 3/14/27.. . | 901 | 889 | L2789238.UP.FTS.B, 19.09%, 3/14/27. . . . | 8178 | 8047 |
| L2785495.UP.FTS.B, 17.96%, 3/14/27. . . . | L2785495.UP.FTS.B, 17.96%, 3/14/27. . . . | L2785495.UP.FTS.B, 17.96%, 3/14/27. . . . | 3335 | 3290 | L2785730.UP.FTS.B, 19.13%, 3/14/27. . . . | 22642 | 22440 |
| L2785895.UP.FTS.B, 17.97%, 3/14/27. . . . | L2785895.UP.FTS.B, 17.97%, 3/14/27. . . . | L2785895.UP.FTS.B, 17.97%, 3/14/27. . . . | 19893 | 19571 | FW2754559.UP.FTS.B, 19.14%, 3/14/27.. . | 22602 | 22302 |
| L2783820.UP.FTS.B, 17.99%, 3/14/27. . . . | L2783820.UP.FTS.B, 17.99%, 3/14/27. . . . | L2783820.UP.FTS.B, 17.99%, 3/14/27. . . . | 34320 | 33865 | FW2787713.UP.FTS.B, 19.15%, 3/14/27.. . | 8102 | 7989 |
| L2784843.UP.FTS.B, 18.02%, 3/14/27. . . . | L2784843.UP.FTS.B, 18.02%, 3/14/27. . . . | L2784843.UP.FTS.B, 18.02%, 3/14/27. . . . | 11156 | 2889 | FW2780787.UP.FTS.B, 19.16%, 3/14/27.. . | 12658 | 12452 |
| 138 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 138 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2785207.UP.FTS.B, 19.16%, 3/14/27.. . | $22573 | $22209 | L2784927.UP.FTS.B, 20.04%, 3/14/27. . . . | $7025 | $6711 | 6711 |
| L2781882.UP.FTS.B, 19.22%, 3/14/27. . . . | 8793 | 8258 | FW2785877.UP.FTS.B, 20.08%, 3/14/27.. . | 4804 | 4740 | 4740 |
| L2783530.UP.FTS.B, 19.22%, 3/14/27. . . . | 4522 | 4448 | FW2787084.UP.FTS.B, 20.12%, 3/14/27.. . | 5892 | 5796 | 5796 |
| L2787505.UP.FTS.B, 19.22%, 3/14/27. . . . | 2512 | 2389 | L2788756.UP.FTS.B, 20.13%, 3/14/27. . . . | 14866 | 14715 | 14715 |
| FW2779984.UP.FTS.B, 19.29%, 3/14/27.. . | 7287 | 7169 | L2783601.UP.FTS.B, 20.15%, 3/14/27. . . . | 7599 | 230 | 230 |
| L2779286.UP.FTS.B, 19.31%, 3/14/27. . . . | 5427 | 5339 | L2780471.UP.FTS.B, 20.16%, 3/14/27. . . . | 5439 | 5351 | 5351 |
| L2780702.UP.FTS.B, 19.32%, 3/14/27. . . . | 20015 | 18786 | L2785428.UP.FTS.B, 20.21%, 3/14/27. . . . | 3629 | 3581 | 3581 |
| L2785478.UP.FTS.B, 19.34%, 3/14/27. . . . | 45230 | 44495 | L2779074.UP.FTS.B, 20.27%, 3/14/27. . . . | 5288 | 5200 | 5200 |
| FW2784356.UP.FTS.B, 19.36%, 3/14/27.. . | 11217 | 11117 | L2782817.UP.FTS.B, 20.32%, 3/14/27. . . . | 20489 | 3056 | 3056 |
| L2772898.UP.FTS.B, 19.36%, 3/14/27. . . . | 36186 | 35815 | L2782852.UP.FTS.B, 20.32%, 3/14/27. . . . | 998 | 987 | 987 |
| L2788944.UP.FTS.B, 19.36%, 3/14/27. . . . | 45230 | 44631 | L2780204.UP.FTS.B, 20.34%, 3/14/27. . . . | 9003 | 8857 | 8857 |
| L2781072.UP.FTS.B, 19.38%, 3/14/27. . . . | 3980 | 3928 | L2789071.UP.FTS.B, 20.34%, 3/14/27. . . . | 13605 | 13385 | 13385 |
| L2786225.UP.FTS.B, 19.38%, 3/14/27. . . . | 12396 | 12195 | FW2780713.UP.FTS.B, 20.36%, 3/14/27.. . | 15782 | 15526 | 15526 |
| L2787510.UP.FTS.B, 19.38%, 3/14/27. . . . | 19513 | 19197 | L2790430.UP.FTS.B, 20.37%, 3/14/27. . . . | 18141 | 17902 | 17902 |
| L2780753.UP.FTS.B, 19.39%, 3/14/27. . . . | 20627 | 20290 | L2783368.UP.FTS.B, 20.38%, 3/14/27. . . . | 7573 | 2182 | 2182 |
| L2784108.UP.FTS.B, 19.4%, 3/14/27. . . . . | 19608 | 18417 | L2781217.UP.FTS.B, 20.42%, 3/14/27. . . . | 11774 | 11660 | 11660 |
| FW2779751.UP.FTS.B, 19.43%, 3/14/27.. . | 3619 | 3560 | L2782188.UP.FTS.B, 20.46%, 3/14/27. . . . | 13249 | 13113 | 13113 |
| L2783953.UP.FTS.B, 19.43%, 3/14/27. . . . | 2262 | 2232 | L2789118.UP.FTS.B, 20.49%, 3/14/27. . . . | 13491 | 13312 | 13312 |
| L2785370.UP.FTS.B, 19.45%, 3/14/27. . . . | 19725 | 19405 | L2783485.UP.FTS.B, 20.5%, 3/14/27. . . . . | 13637 | 13459 | 13459 |
| FW2785518.UP.FTS.B, 19.46%, 3/14/27.. . | 14840 | 14599 | FW2783065.UP.FTS.B, 20.52%, 3/14/27.. . | 4015 | 3976 | 3976 |
| L2780125.UP.FTS.B, 19.47%, 3/14/27. . . . | 19907 | 19644 | L2779878.UP.FTS.B, 20.54%, 3/14/27. . . . | 12704 | 12592 | 12592 |
| L2790127.UP.FTS.B, 19.48%, 3/14/27. . . . | 9681 | 9553 | L2788741.UP.FTS.B, 20.54%, 3/14/27. . . . | 5082 | 4999 | 4999 |
| L2784624.UP.FTS.B, 19.51%, 3/14/27. . . . | 10038 | 9423 | FW2784389.UP.FTS.B, 20.56%, 3/14/27.. . | 2995 | 2964 | 2964 |
| L2781083.UP.FTS.B, 19.56%, 3/14/27. . . . | 3592 | 3544 | FW2788480.UP.FTS.B, 20.56%, 3/14/27.. . | 6018 | 1737 | 1737 |
| FW2785941.UP.FTS.B, 19.58%, 3/14/27.. . | 17113 | 527 | L2781714.UP.FTS.B, 20.56%, 3/14/27. . . . | 22660 | 22302 | 22302 |
| L2784181.UP.FTS.B, 19.58%, 3/14/27. . . . | 22521 | 22158 | L2782942.UP.FTS.B, 20.56%, 3/14/27. . . . | 9619 | 9464 | 9464 |
| L2782824.UP.FTS.B, 19.61%, 3/14/27. . . . | 9867 | 9707 | FW2789665.UP.FTS.B, 20.58%, 3/14/27.. . | 4226 | 306 | 306 |
| L2780683.UP.FTS.B, 19.62%, 3/14/27. . . . | 8429 | 479 | L2785210.UP.FTS.B, 20.6%, 3/14/27. . . . . | 6698 | 1814 | 1814 |
| L2780902.UP.FTS.B, 19.63%, 3/14/27. . . . | 6427 | 6323 | L2784645.UP.FTS.B, 20.66%, 3/14/27. . . . | 1858 | 1825 | 1825 |
| L2785354.UP.FTS.B, 19.65%, 3/14/27. . . . | 3712 | 3663 | FW2785996.UP.FTS.B, 20.67%, 3/14/27.. . | 4902 | 4823 | 4823 |
| FW2780425.UP.FTS.B, 19.66%, 3/14/27.. . | 13580 | 13400 | FW2782809.UP.FTS.B, 20.69%, 3/14/27.. . | 4993 | 4912 | 4912 |
| FW2783399.UP.FTS.B, 19.68%, 3/14/27.. . | 4985 | 4904 | L2781794.UP.FTS.B, 20.69%, 3/14/27. . . . | 12514 | 12307 | 12307 |
| L2780913.UP.FTS.B, 19.68%, 3/14/27. . . . | 5795 | 5718 | FW2786190.UP.FTS.B, 20.74%, 3/14/27.. . | 4856 | 4791 | 4791 |
| FW2782056.UP.FTS.B, 19.7%, 3/14/27.. . . | 7342 | 7245 | FW2781564.UP.FTS.B, 20.75%, 3/14/27.. . | 2996 | 2948 | 2948 |
| L2787013.UP.FTS.B, 19.7%, 3/14/27. . . . . | 7839 | 7714 | FW2785244.UP.FTS.B, 20.75%, 3/14/27.. . | 6898 | 6786 | 6786 |
| L2789596.UP.FTS.B, 19.71%, 3/14/27. . . . | 5071 | 5003 | L2785821.UP.FTS.B, 20.75%, 3/14/27. . . . | 3995 | 3930 | 3930 |
| L2790185.UP.FTS.B, 19.71%, 3/14/27. . . . | 10757 | 10612 | FW2785451.UP.FTS.B, 20.8%, 3/14/27.. . . | 25122 | 24724 | 24724 |
| L2782557.UP.FTS.B, 19.73%, 3/14/27. . . . | 9872 | 9741 | FW2787933.UP.FTS.B, 20.81%, 3/14/27.. . | 18214 | 17922 | 17922 |
| L2789528.UP.FTS.B, 19.75%, 3/14/27. . . . | 4201 | 4120 | FW2780653.UP.FTS.B, 20.84%, 3/14/27.. . | 9957 | 9798 | 9798 |
| L2776323.UP.FTS.B, 19.76%, 3/14/27. . . . | 14480 | 14245 | L2786023.UP.FTS.B, 20.84%, 3/14/27. . . . | 6357 | 6293 | 6293 |
| L2781903.UP.FTS.B, 19.77%, 3/14/27. . . . | 13584 | 13463 | L2786517.UP.FTS.B, 20.9%, 3/14/27. . . . . | 14931 | 14680 | 14680 |
| L2789061.UP.FTS.B, 19.78%, 3/14/27. . . . | 1399 | 1375 | L2785557.UP.FTS.B, 20.92%, 3/14/27. . . . | 1038 | 74 | 74 |
| FW2786060.UP.FTS.B, 19.8%, 3/14/27.. . . | 3582 | 3534 | L2790205.UP.FTS.B, 20.92%, 3/14/27. . . . | 1544 | 1519 | 1519 |
| L2784343.UP.FTS.B, 19.81%, 3/14/27. . . . | 4529 | 4455 | FW2780991.UP.FTS.B, 20.95%, 3/14/27.. . | 7923 | 7797 | 7797 |
| L2785329.UP.FTS.B, 19.82%, 3/14/27. . . . | 6974 | 6861 | L2784917.UP.FTS.B, 20.96%, 3/14/27. . . . | 31795 | 31283 | 31283 |
| L2780611.UP.FTS.B, 19.83%, 3/14/27. . . . | 7880 | 7752 | FW2789132.UP.FTS.B, 21%, 3/14/27.. . . . | 7813 | 7687 | 7687 |
| L2782244.UP.FTS.B, 19.84%, 3/14/27. . . . | 4998 | 4693 | L2780447.UP.FTS.B, 21.03%, 3/14/27. . . . | 3420 | 3374 | 3374 |
| L2785103.UP.FTS.B, 19.85%, 3/14/27. . . . | 390 | 385 | FW2783376.UP.FTS.B, 21.04%, 3/14/27.. . | 3998 | 3934 | 3934 |
| L2780515.UP.FTS.B, 19.86%, 3/14/27. . . . | 6238 | 445 | L2784285.UP.FTS.B, 21.04%, 3/14/27. . . . | 2649 | 2622 | 2622 |
| L2782116.UP.FTS.B, 19.9%, 3/14/27. . . . . | 15778 | 14809 | L2785009.UP.FTS.B, 21.06%, 3/14/27. . . . | 15720 | 15466 | 15466 |
| FW2784189.UP.FTS.B, 19.91%, 3/14/27.. . | 9556 | 9467 | FW2783063.UP.FTS.B, 21.08%, 3/14/27.. . | 9087 | 8941 | 8941 |
| L2771055.UP.FTS.B, 19.91%, 3/14/27. . . . | 6342 | 6277 | L2785764.UP.FTS.B, 21.12%, 3/14/27. . . . | 7819 | 7350 | 7350 |
| L2781737.UP.FTS.B, 19.91%, 3/14/27. . . . | 4493 | 4433 | L2762778.UP.FTS.B, 21.15%, 3/14/27. . . . | 5453 | 5365 | 5365 |
| L2782045.UP.FTS.B, 19.92%, 3/14/27. . . . | 14319 | 14130 | L2783728.UP.FTS.B, 21.18%, 3/14/27. . . . | 3000 | 2951 | 2951 |
| FW2781890.UP.FTS.B, 19.93%, 3/14/27.. . | 9974 | 9815 | L2778435.UP.FTS.B, 21.2%, 3/14/27. . . . . | 2000 | 1968 | 1968 |
| L2782730.UP.FTS.B, 19.94%, 3/14/27. . . . | 9060 | 8913 | FW2784043.UP.FTS.B, 21.22%, 3/14/27.. . | 3106 | 224 | 224 |
| L2784726.UP.FTS.B, 19.97%, 3/14/27. . . . | 14860 | 14708 | FW2783359.UP.FTS.B, 21.23%, 3/14/27.. . | 15454 | 15205 | 15205 |
| L2785429.UP.FTS.B, 20%, 3/14/27.. . . . . . | 3965 | 3901 | L2780075.UP.FTS.B, 21.23%, 3/14/27. . . . | 20930 | 20654 | 20654 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 139 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 139 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2779425.UP.FTS.B, 21.27%, 3/14/27.. . $ | FW2779425.UP.FTS.B, 21.27%, 3/14/27.. . $ | FW2779425.UP.FTS.B, 21.27%, 3/14/27.. . $ | 9991 | $9834 | L2779978.UP.FTS.B, 22.26%, 3/14/27. . . . | $4557 | $4484 |
| FW2780777.UP.FTS.B, 21.29%, 3/14/27.. . | FW2780777.UP.FTS.B, 21.29%, 3/14/27.. . | FW2780777.UP.FTS.B, 21.29%, 3/14/27.. . | 3002 | 2953 | L2783657.UP.FTS.B, 22.26%, 3/14/27. . . . | 9935 | 9775 |
| L2780757.UP.FTS.B, 21.34%, 3/14/27. . . . | L2780757.UP.FTS.B, 21.34%, 3/14/27. . . . | L2780757.UP.FTS.B, 21.34%, 3/14/27. . . . | 1546 | 1530 | L2785258.UP.FTS.B, 22.27%, 3/14/27. . . . | 25612 | 25355 |
| FW2788633.UP.FTS.B, 21.36%, 3/14/27.. . | FW2788633.UP.FTS.B, 21.36%, 3/14/27.. . | FW2788633.UP.FTS.B, 21.36%, 3/14/27.. . | 3422 | 3367 | L2780882.UP.FTS.B, 22.29%, 3/14/27. . . . | 8386 | 8302 |
| L2785878.UP.FTS.B, 21.36%, 3/14/27. . . . | L2785878.UP.FTS.B, 21.36%, 3/14/27. . . . | L2785878.UP.FTS.B, 21.36%, 3/14/27. . . . | 1364 | 1350 | L2784609.UP.FTS.B, 22.31%, 3/14/27. . . . | 5834 | 5758 |
| FW2781849.UP.FTS.B, 21.39%, 3/14/27.. . | FW2781849.UP.FTS.B, 21.39%, 3/14/27.. . | FW2781849.UP.FTS.B, 21.39%, 3/14/27.. . | 9094 | 8948 | L2780535.UP.FTS.B, 22.33%, 3/14/27. . . . | 903 | 886 |
| FW2781871.UP.FTS.B, 21.39%, 3/14/27.. . | FW2781871.UP.FTS.B, 21.39%, 3/14/27.. . | FW2781871.UP.FTS.B, 21.39%, 3/14/27.. . | 9822 | 9664 | L2780097.UP.FTS.B, 22.4%, 3/14/27. . . . . | 5268 | 5219 |
| FW2783027.UP.FTS.B, 21.39%, 3/14/27.. . | FW2783027.UP.FTS.B, 21.39%, 3/14/27.. . | FW2783027.UP.FTS.B, 21.39%, 3/14/27.. . | 19751 | 19552 | L2781968.UP.FTS.B, 22.4%, 3/14/27. . . . . | 9118 | 9026 |
| L2783471.UP.FTS.B, 21.41%, 3/14/27. . . . | L2783471.UP.FTS.B, 21.41%, 3/14/27. . . . | L2783471.UP.FTS.B, 21.41%, 3/14/27. . . . | 9142 | 8997 | L2780470.UP.FTS.B, 22.46%, 3/14/27. . . . | 4560 | 4514 |
| FW2789740.UP.FTS.B, 21.46%, 3/14/27.. . | FW2789740.UP.FTS.B, 21.46%, 3/14/27.. . | FW2789740.UP.FTS.B, 21.46%, 3/14/27.. . | 13644 | 13466 | L2784446.UP.FTS.B, 22.46%, 3/14/27. . . . | 4109 | 3863 |
| L2787046.UP.FTS.B, 21.46%, 3/14/27. . . . | L2787046.UP.FTS.B, 21.46%, 3/14/27. . . . | L2787046.UP.FTS.B, 21.46%, 3/14/27. . . . | 2045 | 1921 | L2780797.UP.FTS.B, 22.54%, 3/14/27. . . . | 5472 | 5418 |
| L2784388.UP.FTS.B, 21.47%, 3/14/27. . . . | L2784388.UP.FTS.B, 21.47%, 3/14/27. . . . | L2784388.UP.FTS.B, 21.47%, 3/14/27. . . . | 4135 | 4060 | L2786010.UP.FTS.B, 22.55%, 3/14/27. . . . | 20064 | 19889 |
| L2784444.UP.FTS.B, 21.47%, 3/14/27. . . . | L2784444.UP.FTS.B, 21.47%, 3/14/27. . . . | L2784444.UP.FTS.B, 21.47%, 3/14/27. . . . | 4002 | 3938 | FW2790759.UP.FTS.B, 22.58%, 3/14/27.. . | 8850 | 8761 |
| L2785139.UP.FTS.B, 21.47%, 3/14/27. . . . | L2785139.UP.FTS.B, 21.47%, 3/14/27. . . . | L2785139.UP.FTS.B, 21.47%, 3/14/27. . . . | 8914 | 8824 | L2787644.UP.FTS.B, 22.58%, 3/14/27. . . . | 20068 | 19807 |
| L2789869.UP.FTS.B, 21.53%, 3/14/27. . . . | L2789869.UP.FTS.B, 21.53%, 3/14/27. . . . | L2789869.UP.FTS.B, 21.53%, 3/14/27. . . . | 7005 | 6935 | L2783196.UP.FTS.B, 22.61%, 3/14/27. . . . | 44858 | 44410 |
| FW2789765.UP.FTS.B, 21.55%, 3/14/27.. . | FW2789765.UP.FTS.B, 21.55%, 3/14/27.. . | FW2789765.UP.FTS.B, 21.55%, 3/14/27.. . | 18197 | 18013 | FW2784227.UP.FTS.B, 22.62%, 3/14/27.. . | 3467 | 3432 |
| L2779350.UP.FTS.B, 21.55%, 3/14/27. . . . | L2779350.UP.FTS.B, 21.55%, 3/14/27. . . . | L2779350.UP.FTS.B, 21.55%, 3/14/27. . . . | 6187 | 147 | FW2781920.UP.FTS.B, 22.63%, 3/14/27.. . | 3923 | 3884 |
| L2789337.UP.FTS.B, 21.56%, 3/14/27. . . . | L2789337.UP.FTS.B, 21.56%, 3/14/27. . . . | L2789337.UP.FTS.B, 21.56%, 3/14/27. . . . | 37121 | 36635 | L2784421.UP.FTS.B, 22.65%, 3/14/27. . . . | 20984 | 20648 |
| FW2786256.UP.FTS.B, 21.58%, 3/14/27.. . | FW2786256.UP.FTS.B, 21.58%, 3/14/27.. . | FW2786256.UP.FTS.B, 21.58%, 3/14/27.. . | 7666 | 7565 | FW2786125.UP.FTS.B, 22.66%, 3/14/27.. . | 19706 | 19509 |
| L2782008.UP.FTS.B, 21.58%, 3/14/27. . . . | L2782008.UP.FTS.B, 21.58%, 3/14/27. . . . | L2782008.UP.FTS.B, 21.58%, 3/14/27. . . . | 1547 | 1531 | FW2784685.UP.FTS.B, 22.67%, 3/14/27.. . | 2268 | 2237 |
| L2773530.UP.FTS.B, 21.6%, 3/14/27. . . . . | L2773530.UP.FTS.B, 21.6%, 3/14/27. . . . . | L2773530.UP.FTS.B, 21.6%, 3/14/27. . . . . | 8189 | 8057 | FW2784073.UP.FTS.B, 22.68%, 3/14/27.. . | 17582 | 17285 |
| L2786557.UP.FTS.B, 21.6%, 3/14/27. . . . . | L2786557.UP.FTS.B, 21.6%, 3/14/27. . . . . | L2786557.UP.FTS.B, 21.6%, 3/14/27. . . . . | 13421 | 315 | L2783023.UP.FTS.B, 22.68%, 3/14/27. . . . | 6629 | 6539 |
| L2780344.UP.FTS.B, 21.61%, 3/14/27. . . . | L2780344.UP.FTS.B, 21.61%, 3/14/27. . . . | L2780344.UP.FTS.B, 21.61%, 3/14/27. . . . | 3197 | 232 | FW2784182.UP.FTS.B, 22.7%, 3/14/27.. . . | 6895 | 6830 |
| L2790163.UP.FTS.B, 21.62%, 3/14/27. . . . | L2790163.UP.FTS.B, 21.62%, 3/14/27. . . . | L2790163.UP.FTS.B, 21.62%, 3/14/27. . . . | 3003 | 2955 | L2782562.UP.FTS.B, 22.7%, 3/14/27. . . . . | 10949 | 10840 |
| L2785432.UP.FTS.B, 21.63%, 3/14/27. . . . | L2785432.UP.FTS.B, 21.63%, 3/14/27. . . . | L2785432.UP.FTS.B, 21.63%, 3/14/27. . . . | 7280 | 7216 | FW2788584.UP.FTS.B, 22.8%, 3/14/27.. . . | 11956 | 11836 |
| L2758459.UP.FTS.B, 21.67%, 3/14/27. . . . | L2758459.UP.FTS.B, 21.67%, 3/14/27. . . . | L2758459.UP.FTS.B, 21.67%, 3/14/27. . . . | 9200 | 1356 | FW2777044.UP.FTS.B, 22.81%, 3/14/27.. . | 3976 | 3921 |
| L2784140.UP.FTS.B, 21.67%, 3/14/27. . . . | L2784140.UP.FTS.B, 21.67%, 3/14/27. . . . | L2784140.UP.FTS.B, 21.67%, 3/14/27. . . . | 10943 | 10834 | FW2753534.UP.FTS.B, 22.82%, 3/14/27.. . | 9128 | 9010 |
| L2785864.UP.FTS.B, 21.67%, 3/14/27. . . . | L2785864.UP.FTS.B, 21.67%, 3/14/27. . . . | L2785864.UP.FTS.B, 21.67%, 3/14/27. . . . | 4189 | 104 | FW2784654.UP.FTS.B, 22.82%, 3/14/27.. . | 2098 | 43 |
| L2782992.UP.FTS.B, 21.68%, 3/14/27. . . . | L2782992.UP.FTS.B, 21.68%, 3/14/27. . . . | L2782992.UP.FTS.B, 21.68%, 3/14/27. . . . | 18202 | 17910 | L2781656.UP.FTS.B, 22.82%, 3/14/27. . . . | 4927 | 4848 |
| FW2786747.UP.FTS.B, 21.7%, 3/14/27.. . . | FW2786747.UP.FTS.B, 21.7%, 3/14/27.. . . | FW2786747.UP.FTS.B, 21.7%, 3/14/27.. . . | 3654 | 3602 | L2780837.UP.FTS.B, 22.86%, 3/14/27. . . . | 9084 | 8939 |
| FW2785547.UP.FTS.B, 21.71%, 3/14/27.. . | FW2785547.UP.FTS.B, 21.71%, 3/14/27.. . | FW2785547.UP.FTS.B, 21.71%, 3/14/27.. . | 7099 | 7037 | FW2786104.UP.FTS.B, 22.87%, 3/14/27.. . | 3555 | 1029 |
| FW2783166.UP.FTS.B, 21.74%, 3/14/27.. . | FW2783166.UP.FTS.B, 21.74%, 3/14/27.. . | FW2783166.UP.FTS.B, 21.74%, 3/14/27.. . | 897 | 885 | FW2781557.UP.FTS.B, 22.9%, 3/14/27.. . . | 45644 | 45187 |
| L2788222.UP.FTS.B, 21.74%, 3/14/27. . . . | L2788222.UP.FTS.B, 21.74%, 3/14/27. . . . | L2788222.UP.FTS.B, 21.74%, 3/14/27. . . . | 11162 | 11049 | FW2784959.UP.FTS.B, 22.93%, 3/14/27.. . | 9769 | 9671 |
| L2790540.UP.FTS.B, 21.79%, 3/14/27. . . . | L2790540.UP.FTS.B, 21.79%, 3/14/27. . . . | L2790540.UP.FTS.B, 21.79%, 3/14/27. . . . | 10925 | 10815 | L2785473.UP.FTS.B, 22.94%, 3/14/27. . . . | 9134 | 9043 |
| FW2784824.UP.FTS.B, 21.8%, 3/14/27.. . . | FW2784824.UP.FTS.B, 21.8%, 3/14/27.. . . | FW2784824.UP.FTS.B, 21.8%, 3/14/27.. . . | 2549 | 2523 | FW2782255.UP.FTS.B, 22.97%, 3/14/27.. . | 9189 | 9101 |
| L2785736.UP.FTS.B, 21.81%, 3/14/27. . . . | L2785736.UP.FTS.B, 21.81%, 3/14/27. . . . | L2785736.UP.FTS.B, 21.81%, 3/14/27. . . . | 12627 | 1882 | FW2787840.UP.FTS.B, 22.97%, 3/14/27.. . | 2283 | 2246 |
| L2782941.UP.FTS.B, 21.84%, 3/14/27. . . . | L2782941.UP.FTS.B, 21.84%, 3/14/27. . . . | L2782941.UP.FTS.B, 21.84%, 3/14/27. . . . | 2755 | 2728 | L2785540.UP.FTS.B, 22.99%, 3/14/27. . . . | 4018 | 3978 |
| L2785656.UP.FTS.B, 21.86%, 3/14/27. . . . | L2785656.UP.FTS.B, 21.86%, 3/14/27. . . . | L2785656.UP.FTS.B, 21.86%, 3/14/27. . . . | 8923 | 8833 | FW2784934.UP.FTS.B, 23%, 3/14/27.. . . . | 19358 | 19165 |
| FW2789308.UP.FTS.B, 21.87%, 3/14/27.. . | FW2789308.UP.FTS.B, 21.87%, 3/14/27.. . | FW2789308.UP.FTS.B, 21.87%, 3/14/27.. . | 4371 | 4300 | L2779888.UP.FTS.B, 23%, 3/14/27.. . . . . . | 9770 | 9673 |
| L2784758.UP.FTS.B, 21.87%, 3/14/27. . . . | L2784758.UP.FTS.B, 21.87%, 3/14/27. . . . | L2784758.UP.FTS.B, 21.87%, 3/14/27. . . . | 196 | 193 | L2787316.UP.FTS.B, 23.04%, 3/14/27. . . . | 15922 | 15771 |
| FW2784365.UP.FTS.B, 21.9%, 3/14/27.. . . | FW2784365.UP.FTS.B, 21.9%, 3/14/27.. . . | FW2784365.UP.FTS.B, 21.9%, 3/14/27.. . . | 1002 | 992 | L2780183.UP.FTS.B, 23.06%, 3/14/27. . . . | 7338 | 7268 |
| L2781510.UP.FTS.B, 21.9%, 3/14/27. . . . . | L2781510.UP.FTS.B, 21.9%, 3/14/27. . . . . | L2781510.UP.FTS.B, 21.9%, 3/14/27. . . . . | 4317 | 4123 | L2784662.UP.FTS.B, 23.09%, 3/14/27. . . . | 4475 | 4431 |
| FW2782801.UP.FTS.B, 21.92%, 3/14/27.. . | FW2782801.UP.FTS.B, 21.92%, 3/14/27.. . | FW2782801.UP.FTS.B, 21.92%, 3/14/27.. . | 4908 | 4863 | FW2784618.UP.FTS.B, 23.12%, 3/14/27.. . | 20782 | 20445 |
| L2782578.UP.FTS.B, 21.93%, 3/14/27. . . . | L2782578.UP.FTS.B, 21.93%, 3/14/27. . . . | L2782578.UP.FTS.B, 21.93%, 3/14/27. . . . | 9107 | 8960 | FW2786356.UP.FTS.B, 23.15%, 3/14/27.. . | 12192 | 11538 |
| L2787728.UP.FTS.B, 21.93%, 3/14/27. . . . | L2787728.UP.FTS.B, 21.93%, 3/14/27. . . . | L2787728.UP.FTS.B, 21.93%, 3/14/27. . . . | 19853 | 19653 | FW2780202.UP.FTS.B, 23.19%, 3/14/27.. . | 4933 | 4854 |
| L2786180.UP.FTS.B, 21.96%, 3/14/27. . . . | L2786180.UP.FTS.B, 21.96%, 3/14/27. . . . | L2786180.UP.FTS.B, 21.96%, 3/14/27. . . . | 12209 | 880 | L2761841.UP.FTS.B, 23.22%, 3/14/27. . . . | 9136 | 9018 |
| FW2780135.UP.FTS.B, 21.97%, 3/14/27.. . | FW2780135.UP.FTS.B, 21.97%, 3/14/27.. . | FW2780135.UP.FTS.B, 21.97%, 3/14/27.. . | 9928 | 9828 | L2785554.UP.FTS.B, 23.22%, 3/14/27. . . . | 11877 | 11688 |
| FW2789174.UP.FTS.B, 21.99%, 3/14/27.. . | FW2789174.UP.FTS.B, 21.99%, 3/14/27.. . | FW2789174.UP.FTS.B, 21.99%, 3/14/27.. . | 9108 | 8962 | L2784336.UP.FTS.B, 23.23%, 3/14/27. . . . | 10964 | 10854 |
| FW2785285.UP.FTS.B, 22%, 3/14/27.. . . . | FW2785285.UP.FTS.B, 22%, 3/14/27.. . . . | FW2785285.UP.FTS.B, 22%, 3/14/27.. . . . | 9363 | 8804 | L2785264.UP.FTS.B, 23.25%, 3/14/27. . . . | 954 | 938 |
| L2784561.UP.FTS.B, 22.05%, 3/14/27. . . . | L2784561.UP.FTS.B, 22.05%, 3/14/27. . . . | L2784561.UP.FTS.B, 22.05%, 3/14/27. . . . | 8609 | 8518 | L2784879.UP.FTS.B, 23.27%, 3/14/27. . . . | 25770 | 25513 |
| L2785737.UP.FTS.B, 22.05%, 3/14/27. . . . | L2785737.UP.FTS.B, 22.05%, 3/14/27. . . . | L2785737.UP.FTS.B, 22.05%, 3/14/27. . . . | 11868 | 11750 | L2760019.UP.FTS.B, 23.32%, 3/14/27. . . . | 2286 | 2249 |
| FW2784161.UP.FTS.B, 22.07%, 3/14/27.. . | FW2784161.UP.FTS.B, 22.07%, 3/14/27.. . | FW2784161.UP.FTS.B, 22.07%, 3/14/27.. . | 5342 | 5272 | L2783934.UP.FTS.B, 23.32%, 3/14/27. . . . | 10514 | 10409 |
| FW2782553.UP.FTS.B, 22.13%, 3/14/27.. . | FW2782553.UP.FTS.B, 22.13%, 3/14/27.. . | FW2782553.UP.FTS.B, 22.13%, 3/14/27.. . | 9112 | 8965 | FW2781643.UP.FTS.B, 23.35%, 3/14/27.. . | 8382 | 600 |
| FW2785552.UP.FTS.B, 22.13%, 3/14/27.. . | FW2785552.UP.FTS.B, 22.13%, 3/14/27.. . | FW2785552.UP.FTS.B, 22.13%, 3/14/27.. . | 8382 | 8248 | L2782223.UP.FTS.B, 23.37%, 3/14/27. . . . | 6855 | 6745 |
| FW2781801.UP.FTS.B, 22.17%, 3/14/27.. . | FW2781801.UP.FTS.B, 22.17%, 3/14/27.. . | FW2781801.UP.FTS.B, 22.17%, 3/14/27.. . | 4747 | 4667 | FW2784660.UP.FTS.B, 23.39%, 3/14/27.. . | 11600 | 11484 |
| L2783252.UP.FTS.B, 22.19%, 3/14/27. . . . | L2783252.UP.FTS.B, 22.19%, 3/14/27. . . . | L2783252.UP.FTS.B, 22.19%, 3/14/27. . . . | 3979 | 3941 | L2780091.UP.FTS.B, 23.39%, 3/14/27. . . . | 5941 | 5846 |
| L2782604.UP.FTS.B, 22.2%, 3/14/27. . . . . | L2782604.UP.FTS.B, 22.2%, 3/14/27. . . . . | L2782604.UP.FTS.B, 22.2%, 3/14/27. . . . . | 5924 | 5829 | L2783070.UP.FTS.B, 23.43%, 3/14/27. . . . | 25060 | 23704 |
| L2785618.UP.FTS.B, 22.23%, 3/14/27. . . . | L2785618.UP.FTS.B, 22.23%, 3/14/27. . . . | L2785618.UP.FTS.B, 22.23%, 3/14/27. . . . | 20779 | 20570 | FW2788561.UP.FTS.B, 23.46%, 3/14/27.. . | 7405 | 7331 |
| 140 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 140 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2782011.UP.FTS.B, 23.47%, 3/14/27.. . | $5485 | $5430 | FW2784019.UP.FTS.B, 24.41%, 3/14/27.. . $2,943 | FW2784019.UP.FTS.B, 24.41%, 3/14/27.. . $2,943 | $2914 | 2914 |
| L2761176.UP.FTS.B, 23.49%, 3/14/27. . . . | 5395 | 5325 | L2787675.UP.FTS.B, 24.41%, 3/14/27. . . . | 3024 | 2976 | 2976 |
| L2782909.UP.FTS.B, 23.52%, 3/14/27. . . . | 4026 | 3986 | L2780368.UP.FTS.B, 24.46%, 3/14/27. . . . | 1843 | 1825 | 1825 |
| L2786831.UP.FTS.B, 23.53%, 3/14/27. . . . | 2560 | 2535 | FW2781651.UP.FTS.B, 24.5%, 3/14/27.. . . | 3823 | 50 | 50 |
| FW2783910.UP.FTS.B, 23.55%, 3/14/27.. . | 2215 | 2179 | L2789467.UP.FTS.B, 24.5%, 3/14/27. . . . . | 7240 | 7168 | 7168 |
| L2785861.UP.FTS.B, 23.55%, 3/14/27. . . . | 1632 | 1606 | L2785189.UP.FTS.B, 24.51%, 3/14/27. . . . | 31527 | 31215 | 31215 |
| L2781260.UP.FTS.B, 23.57%, 3/14/27. . . . | 3475 | 3440 | FW2786034.UP.FTS.B, 24.53%, 3/14/27.. . | 5260 | 379 | 379 |
| L2782859.UP.FTS.B, 23.57%, 3/14/27. . . . | 18696 | 5403 | L2780976.UP.FTS.B, 24.53%, 3/14/27. . . . | 3702 | 3668 | 3668 |
| FW2784430.UP.FTS.B, 23.6%, 3/14/27.. . . | 6950 | 6839 | L2783176.UP.FTS.B, 24.55%, 3/14/27. . . . | 4580 | 4535 | 4535 |
| L2785160.UP.FTS.B, 23.61%, 3/14/27. . . . | 4024 | 3960 | L2780408.UP.FTS.B, 24.56%, 3/14/27. . . . | 33703 | 2425 | 2425 |
| L2782694.UP.FTS.B, 23.62%, 3/14/27. . . . | 9157 | 9067 | L2784521.UP.FTS.B, 24.56%, 3/14/27. . . . | 956 | 14 | 14 |
| FW2780693.UP.FTS.B, 23.64%, 3/14/27.. . | 1553 | 1538 | FW2789662.UP.FTS.B, 24.58%, 3/14/27.. . | 18542 | 17541 | 17541 |
| FW2788638.UP.FTS.B, 23.68%, 3/14/27.. . | 3119 | 465 | FW2784794.UP.FTS.B, 24.59%, 3/14/27.. . | 3667 | 3630 | 3630 |
| L2786303.UP.FTS.B, 23.68%, 3/14/27. . . . | 4071 | 3851 | L2789217.UP.FTS.B, 24.59%, 3/14/27. . . . | 5500 | 5446 | 5446 |
| FW2783416.UP.FTS.B, 23.69%, 3/14/27.. . | 1587 | 1491 | FW2787277.UP.FTS.B, 24.63%, 3/14/27.. . | 9240 | 8746 | 8746 |
| L2785417.UP.FTS.B, 23.7%, 3/14/27. . . . . | 2225 | 2184 | L2785580.UP.FTS.B, 24.64%, 3/14/27. . . . | 906 | 891 | 891 |
| FW2782070.UP.FTS.B, 23.71%, 3/14/27.. . | 15933 | 1142 | FW2786154.UP.FTS.B, 24.69%, 3/14/27.. . | 4007 | 3944 | 3944 |
| L2780981.UP.FTS.B, 23.73%, 3/14/27. . . . | 2287 | 2264 | L2788945.UP.FTS.B, 24.69%, 3/14/27. . . . | 1351 | 28 | 28 |
| FW2782598.UP.FTS.B, 23.76%, 3/14/27.. . | 4025 | 3985 | FW2784504.UP.FTS.B, 24.71%, 3/14/27.. . | 4035 | 3995 | 3995 |
| FW2779943.UP.FTS.B, 23.77%, 3/14/27.. . | 4264 | 4182 | L2790168.UP.FTS.B, 24.71%, 3/14/27. . . . | 3978 | 3923 | 3923 |
| FW2789256.UP.FTS.B, 23.77%, 3/14/27.. . | 39558 | 11107 | L2763354.UP.FTS.B, 24.72%, 3/14/27. . . . | 9178 | 9087 | 9087 |
| L2786981.UP.FTS.B, 23.77%, 3/14/27. . . . | 2196 | 156 | L2780767.UP.FTS.B, 24.74%, 3/14/27. . . . | 3379 | 3344 | 3344 |
| L2777367.UP.FTS.B, 23.84%, 3/14/27. . . . | 7961 | 7882 | FW2789200.UP.FTS.B, 24.76%, 3/14/27.. . | 9171 | 9080 | 9080 |
| L2785703.UP.FTS.B, 23.84%, 3/14/27. . . . | 46841 | 44318 | L2785834.UP.FTS.B, 24.76%, 3/14/27. . . . | 23260 | 22010 | 22010 |
| L2787821.UP.FTS.B, 23.85%, 3/14/27. . . . | 3576 | 3517 | FW2783832.UP.FTS.B, 24.77%, 3/14/27.. . | 7162 | 6780 | 6780 |
| FW2781390.UP.FTS.B, 23.87%, 3/14/27.. . | 3020 | 2990 | L2782914.UP.FTS.B, 24.81%, 3/14/27. . . . | 5000 | 4953 | 4953 |
| L2782820.UP.FTS.B, 23.87%, 3/14/27. . . . | 1230 | 1217 | FW2785616.UP.FTS.B, 24.82%, 3/14/27.. . | 4402 | 4359 | 4359 |
| L2780834.UP.FTS.B, 23.88%, 3/14/27. . . . | 3909 | 3869 | L2781646.UP.FTS.B, 24.82%, 3/14/27. . . . | 1385 | 1363 | 1363 |
| L2755133.UP.FTS.B, 23.9%, 3/14/27. . . . . | 9975 | 9876 | L2785436.UP.FTS.B, 24.82%, 3/14/27. . . . | 1284 | 1271 | 1271 |
| L2779812.UP.FTS.B, 23.92%, 3/14/27. . . . | 6545 | 6444 | FW2773993.UP.FTS.B, 24.86%, 3/14/27.. . | 11015 | 10841 | 10841 |
| L2782516.UP.FTS.B, 23.94%, 3/14/27. . . . | 6864 | 6755 | L2782406.UP.FTS.B, 24.86%, 3/14/27. . . . | 1387 | 1374 | 1374 |
| FW2782245.UP.FTS.B, 23.97%, 3/14/27.. . | 3478 | 3444 | FW2785579.UP.FTS.B, 24.87%, 3/14/27.. . | 1550 | 1535 | 1535 |
| L2785033.UP.FTS.B, 23.98%, 3/14/27. . . . | 2746 | 2719 | L2780171.UP.FTS.B, 24.87%, 3/14/27. . . . | 911 | 895 | 895 |
| L2782059.UP.FTS.B, 23.99%, 3/14/27. . . . | 7243 | 7172 | L2780108.UP.FTS.B, 24.9%, 3/14/27. . . . . | 1092 | 1082 | 1082 |
| L2782866.UP.FTS.B, 24.04%, 3/14/27. . . . | 9293 | 8793 | L2780668.UP.FTS.B, 24.9%, 3/14/27. . . . . | 1009 | 999 | 999 |
| L2785483.UP.FTS.B, 24.04%, 3/14/27. . . . | 22880 | 22653 | L2786424.UP.FTS.B, 24.9%, 3/14/27. . . . . | 2752 | 2725 | 2725 |
| FW2783257.UP.FTS.B, 24.06%, 3/14/27.. . | 3213 | 3182 | FW2789519.UP.FTS.B, 24.91%, 3/14/27.. . | 3027 | 2997 | 2997 |
| FW2788985.UP.FTS.B, 24.06%, 3/14/27.. . | 6408 | 6345 | FW2787364.UP.FTS.B, 24.92%, 3/14/27.. . | 5046 | 4996 | 4996 |
| FW2781228.UP.FTS.B, 24.08%, 3/14/27.. . | 18323 | 5309 | L2784041.UP.FTS.B, 24.92%, 3/14/27. . . . | 5206 | 5158 | 5158 |
| L2785874.UP.FTS.B, 24.08%, 3/14/27. . . . | 8266 | 8187 | FW2786639.UP.FTS.B, 24.93%, 3/14/27.. . | 29870 | 28062 | 28062 |
| FW2789306.UP.FTS.B, 24.13%, 3/14/27.. . | 27672 | 27411 | L2783320.UP.FTS.B, 24.93%, 3/14/27. . . . | 1835 | 1817 | 1817 |
| L2785916.UP.FTS.B, 24.17%, 3/14/27. . . . | 9890 | 9792 | L2789092.UP.FTS.B, 24.93%, 3/14/27. . . . | 44953 | 44509 | 44509 |
| FW2783759.UP.FTS.B, 24.2%, 3/14/27.. . . | 2015 | 1995 | FW2781259.UP.FTS.B, 24.94%, 3/14/27.. . | 2014 | 1995 | 1995 |
| FW2789810.UP.FTS.B, 24.24%, 3/14/27.. . | 1853 | 1753 | L2787716.UP.FTS.B, 24.94%, 3/14/27. . . . | 1480 | 1466 | 1466 |
| L2777858.UP.FTS.B, 24.24%, 3/14/27. . . . | 3206 | 3155 | FW2786578.UP.FTS.B, 24.96%, 3/14/27.. . | 4037 | 3997 | 3997 |
| L2785772.UP.FTS.B, 24.26%, 3/14/27. . . . | 6305 | 98 | L2781584.UP.FTS.B, 24.97%, 3/14/27. . . . | 1704 | 496 | 496 |
| FW2786063.UP.FTS.B, 24.27%, 3/14/27.. . | 13740 | 13604 | L2788648.UP.FTS.B, 24.97%, 3/14/27. . . . | 3318 | 3280 | 3280 |
| FW2787432.UP.FTS.B, 24.27%, 3/14/27.. . | 18320 | 18138 | FW2789180.UP.FTS.B, 24.98%, 3/14/27.. . | 3982 | 3944 | 3944 |
| FW2782192.UP.FTS.B, 24.29%, 3/14/27.. . | 32497 | 30773 | L2782113.UP.FTS.B, 24.98%, 3/14/27. . . . | 1604 | 1588 | 1588 |
| L2780844.UP.FTS.B, 24.29%, 3/14/27. . . . | 1374 | 1360 | L2782951.UP.FTS.B, 24.98%, 3/14/27. . . . | 5413 | 5327 | 5327 |
| FW2780840.UP.FTS.B, 24.31%, 3/14/27.. . | 28923 | 28635 | L2780392.UP.FTS.B, 24.99%, 3/14/27. . . . | 4781 | 61 | 61 |
| L2781049.UP.FTS.B, 24.35%, 3/14/27. . . . | 27226 | 26965 | L2785666.UP.FTS.B, 24.99%, 3/14/27. . . . | 7767 | 1156 | 1156 |
| FW2785302.UP.FTS.B, 24.36%, 3/14/27.. . | 7166 | 7096 | FW2780263.UP.FTS.B, 25%, 3/14/27.. . . . | 4030 | 3994 | 3994 |
| L2782467.UP.FTS.B, 24.36%, 3/14/27. . . . | 16491 | 16328 | FW2785281.UP.FTS.B, 25%, 3/14/27.. . . . | 2110 | 2090 | 2090 |
| L2786696.UP.FTS.B, 24.36%, 3/14/27. . . . | 955 | 143 | L2782686.UP.FTS.B, 25%, 3/14/27.. . . . . . | 14681 | 14536 | 14536 |
| FW2785584.UP.FTS.B, 24.37%, 3/14/27.. . | 3381 | 3314 | L2788674.UP.FTS.B, 25.02%, 3/14/27. . . . | 1009 | 999 | 999 |
| L2784096.UP.FTS.B, 24.39%, 3/14/27. . . . | 12010 | 238 | FW2780348.UP.FTS.B, 25.03%, 3/14/27.. . | 5112 | 1484 | 1484 |
| L2786186.UP.FTS.B, 24.4%, 3/14/27. . . . . | 13700 | 13484 | L2762758.UP.FTS.B, 25.04%, 3/14/27. . . . | 2937 | 2908 | 2908 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 141 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 141 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2762807.UP.FTS.B, 25.04%, 3/14/27. . . . | L2762807.UP.FTS.B, 25.04%, 3/14/27. . . . | L2762807.UP.FTS.B, 25.04%, 3/14/27. . . . | $1285 | $1272 | L2782339.UP.FTS.B, 25.34%, 3/14/27. . . . | $1413 | $1397 |
| L2782815.UP.FTS.B, 25.05%, 3/14/27. . . . | L2782815.UP.FTS.B, 25.05%, 3/14/27. . . . | L2782815.UP.FTS.B, 25.05%, 3/14/27. . . . | 974 | 70 | L2783030.UP.FTS.B, 25.34%, 3/14/27. . . . | 11255 | 11143 |
| L2788073.UP.FTS.B, 25.08%, 3/14/27. . . . | L2788073.UP.FTS.B, 25.08%, 3/14/27. . . . | L2788073.UP.FTS.B, 25.08%, 3/14/27. . . . | 1052 | 13 | L2785122.UP.FTS.B, 25.34%, 3/14/27. . . . | 1561 | 1546 |
| L2782211.UP.FTS.B, 25.12%, 3/14/27. . . . | L2782211.UP.FTS.B, 25.12%, 3/14/27. . . . | L2782211.UP.FTS.B, 25.12%, 3/14/27. . . . | 3743 | 3708 | L2779712.UP.FTS.B, 25.35%, 3/14/27. . . . | 2204 | 2182 |
| L2788622.UP.FTS.B, 25.12%, 3/14/27. . . . | L2788622.UP.FTS.B, 25.12%, 3/14/27. . . . | L2788622.UP.FTS.B, 25.12%, 3/14/27. . . . | 7905 | 7827 | L2783282.UP.FTS.B, 25.35%, 3/14/27. . . . | 1461 | 1448 |
| L2789388.UP.FTS.B, 25.13%, 3/14/27. . . . | L2789388.UP.FTS.B, 25.13%, 3/14/27. . . . | L2789388.UP.FTS.B, 25.13%, 3/14/27. . . . | 1059 | 158 | L2785055.UP.FTS.B, 25.35%, 3/14/27. . . . | 2085 | 310 |
| FW2786218.UP.FTS.B, 25.14%, 3/14/27.. . | FW2786218.UP.FTS.B, 25.14%, 3/14/27.. . | FW2786218.UP.FTS.B, 25.14%, 3/14/27.. . | 7435 | 7361 | FW2784870.UP.FTS.B, 25.36%, 3/14/27.. . | 7071 | 7002 |
| L2781286.UP.FTS.B, 25.14%, 3/14/27. . . . | L2781286.UP.FTS.B, 25.14%, 3/14/27. . . . | L2781286.UP.FTS.B, 25.14%, 3/14/27. . . . | 3213 | 3181 | L2758245.UP.FTS.B, 25.36%, 3/14/27. . . . | 6021 | 5914 |
| L2784225.UP.FTS.B, 25.14%, 3/14/27. . . . | L2784225.UP.FTS.B, 25.14%, 3/14/27. . . . | L2784225.UP.FTS.B, 25.14%, 3/14/27. . . . | 947 | 141 | L2783459.UP.FTS.B, 25.36%, 3/14/27. . . . | 4225 | 4183 |
| L2771517.UP.FTS.B, 25.15%, 3/14/27. . . . | L2771517.UP.FTS.B, 25.15%, 3/14/27. . . . | L2771517.UP.FTS.B, 25.15%, 3/14/27. . . . | 950 | 934 | L2785851.UP.FTS.B, 25.36%, 3/14/27. . . . | 1052 | 12 |
| L2782036.UP.FTS.B, 25.15%, 3/14/27. . . . | L2782036.UP.FTS.B, 25.15%, 3/14/27. . . . | L2782036.UP.FTS.B, 25.15%, 3/14/27. . . . | 918 | 909 | L2789222.UP.FTS.B, 25.36%, 3/14/27. . . . | 1476 | 1462 |
| L2785611.UP.FTS.B, 25.15%, 3/14/27. . . . | L2785611.UP.FTS.B, 25.15%, 3/14/27. . . . | L2785611.UP.FTS.B, 25.15%, 3/14/27. . . . | 1032 | 290 | L2766318.UP.FTS.B, 25.37%, 3/14/27. . . . | 10587 | 1574 |
| FW2779775.UP.FTS.B, 25.16%, 3/14/27.. . | FW2779775.UP.FTS.B, 25.16%, 3/14/27.. . | FW2779775.UP.FTS.B, 25.16%, 3/14/27.. . | 3213 | 3181 | L2782190.UP.FTS.B, 25.37%, 3/14/27. . . . | 1064 | 1046 |
| FW2780910.UP.FTS.B, 25.16%, 3/14/27.. . | FW2780910.UP.FTS.B, 25.16%, 3/14/27.. . | FW2780910.UP.FTS.B, 25.16%, 3/14/27.. . | 6838 | 6774 | L2788621.UP.FTS.B, 25.37%, 3/14/27. . . . | 5746 | 5693 |
| FW2786251.UP.FTS.B, 25.16%, 3/14/27.. . | FW2786251.UP.FTS.B, 25.16%, 3/14/27.. . | FW2786251.UP.FTS.B, 25.16%, 3/14/27.. . | 28910 | 4361 | L2779717.UP.FTS.B, 25.38%, 3/14/27. . . . | 1469 | 1455 |
| L2780203.UP.FTS.B, 25.16%, 3/14/27. . . . | L2780203.UP.FTS.B, 25.16%, 3/14/27. . . . | L2780203.UP.FTS.B, 25.16%, 3/14/27. . . . | 1255 | 89 | L2786791.UP.FTS.B, 25.38%, 3/14/27. . . . | 1056 | 1044 |
| FW2784065.UP.FTS.B, 25.17%, 3/14/27.. . | FW2784065.UP.FTS.B, 25.17%, 3/14/27.. . | FW2784065.UP.FTS.B, 25.17%, 3/14/27.. . | 12125 | 11934 | L2787407.UP.FTS.B, 25.38%, 3/14/27. . . . | 3306 | 3274 |
| L2782121.UP.FTS.B, 25.17%, 3/14/27. . . . | L2782121.UP.FTS.B, 25.17%, 3/14/27. . . . | L2782121.UP.FTS.B, 25.17%, 3/14/27. . . . | 7744 | 7664 | FW2786988.UP.FTS.B, 25.39%, 3/14/27.. . | 1033 | 977 |
| L2785652.UP.FTS.B, 25.17%, 3/14/27. . . . | L2785652.UP.FTS.B, 25.17%, 3/14/27. . . . | L2785652.UP.FTS.B, 25.17%, 3/14/27. . . . | 8170 | 8089 | L2780613.UP.FTS.B, 25.39%, 3/14/27. . . . | 6061 | 6002 |
| FW2783634.UP.FTS.B, 25.18%, 3/14/27.. . | FW2783634.UP.FTS.B, 25.18%, 3/14/27.. . | FW2783634.UP.FTS.B, 25.18%, 3/14/27.. . | 7268 | 7200 | L2781090.UP.FTS.B, 25.39%, 3/14/27. . . . | 1579 | 1494 |
| FW2784381.UP.FTS.B, 25.18%, 3/14/27.. . | FW2784381.UP.FTS.B, 25.18%, 3/14/27.. . | FW2784381.UP.FTS.B, 25.18%, 3/14/27.. . | 1887 | 1865 | L2781639.UP.FTS.B, 25.39%, 3/14/27. . . . | 1949 | 140 |
| FW2782493.UP.FTS.B, 25.19%, 3/14/27.. . | FW2782493.UP.FTS.B, 25.19%, 3/14/27.. . | FW2782493.UP.FTS.B, 25.19%, 3/14/27.. . | 2021 | 2001 | L2782789.UP.FTS.B, 25.4%, 3/14/27. . . . . | 3475 | 1011 |
| L2783148.UP.FTS.B, 25.19%, 3/14/27. . . . | L2783148.UP.FTS.B, 25.19%, 3/14/27. . . . | L2783148.UP.FTS.B, 25.19%, 3/14/27. . . . | 4773 | 4733 | L2780553.UP.FTS.B, 25.41%, 3/14/27. . . . | 1378 | 1364 |
| L2783409.UP.FTS.B, 25.19%, 3/14/27. . . . | L2783409.UP.FTS.B, 25.19%, 3/14/27. . . . | L2783409.UP.FTS.B, 25.19%, 3/14/27. . . . | 5162 | 5112 | L2784514.UP.FTS.B, 25.41%, 3/14/27. . . . | 1286 | 1273 |
| L2784278.UP.FTS.B, 25.19%, 3/14/27. . . . | L2784278.UP.FTS.B, 25.19%, 3/14/27. . . . | L2784278.UP.FTS.B, 25.19%, 3/14/27. . . . | 1193 | 1182 | L2788160.UP.FTS.B, 25.41%, 3/14/27. . . . | 3306 | 3274 |
| FW2785903.UP.FTS.B, 25.2%, 3/14/27.. . . | FW2785903.UP.FTS.B, 25.2%, 3/14/27.. . . | FW2785903.UP.FTS.B, 25.2%, 3/14/27.. . . | 7988 | 7910 | FW2786974.UP.FTS.B, 25.42%, 3/14/27.. . | 3031 | 3001 |
| L2783822.UP.FTS.B, 25.2%, 3/14/27. . . . . | L2783822.UP.FTS.B, 25.2%, 3/14/27. . . . . | L2783822.UP.FTS.B, 25.2%, 3/14/27. . . . . | 1555 | 1541 | L2780048.UP.FTS.B, 25.42%, 3/14/27. . . . | 7821 | 556 |
| L2786161.UP.FTS.B, 25.2%, 3/14/27. . . . . | L2786161.UP.FTS.B, 25.2%, 3/14/27. . . . . | L2786161.UP.FTS.B, 25.2%, 3/14/27. . . . . | 4051 | 3987 | L2780699.UP.FTS.B, 25.42%, 3/14/27. . . . | 3996 | 287 |
| L2756043.UP.FTS.B, 25.21%, 3/14/27. . . . | L2756043.UP.FTS.B, 25.21%, 3/14/27. . . . | L2756043.UP.FTS.B, 25.21%, 3/14/27. . . . | 6939 | 6874 | L2781498.UP.FTS.B, 25.42%, 3/14/27. . . . | 9357 | 672 |
| L2785715.UP.FTS.B, 25.22%, 3/14/27. . . . | L2785715.UP.FTS.B, 25.22%, 3/14/27. . . . | L2785715.UP.FTS.B, 25.22%, 3/14/27. . . . | 1376 | 1362 | L2783648.UP.FTS.B, 25.42%, 3/14/27. . . . | 7355 | 6905 |
| FW2781139.UP.FTS.B, 25.23%, 3/14/27.. . | FW2781139.UP.FTS.B, 25.23%, 3/14/27.. . | FW2781139.UP.FTS.B, 25.23%, 3/14/27.. . | 8809 | 2559 | L2789382.UP.FTS.B, 25.42%, 3/14/27. . . . | 1706 | 254 |
| L2780085.UP.FTS.B, 25.23%, 3/14/27. . . . | L2780085.UP.FTS.B, 25.23%, 3/14/27. . . . | L2780085.UP.FTS.B, 25.23%, 3/14/27. . . . | 1486 | 1395 | L2782753.UP.FTS.B, 25.44%, 3/14/27. . . . | 1653 | 1637 |
| L2780703.UP.FTS.B, 25.23%, 3/14/27. . . . | L2780703.UP.FTS.B, 25.23%, 3/14/27. . . . | L2780703.UP.FTS.B, 25.23%, 3/14/27. . . . | 26704 | 1906 | L2782792.UP.FTS.B, 25.44%, 3/14/27. . . . | 5236 | 5184 |
| L2785508.UP.FTS.B, 25.24%, 3/14/27. . . . | L2785508.UP.FTS.B, 25.24%, 3/14/27. . . . | L2785508.UP.FTS.B, 25.24%, 3/14/27. . . . | 2571 | 2545 | L2783659.UP.FTS.B, 25.44%, 3/14/27. . . . | 2572 | 2547 |
| L2790763.UP.FTS.B, 25.24%, 3/14/27. . . . | L2790763.UP.FTS.B, 25.24%, 3/14/27. . . . | L2790763.UP.FTS.B, 25.24%, 3/14/27. . . . | 46236 | 45803 | L2785196.UP.FTS.B, 25.44%, 3/14/27. . . . | 2480 | 2456 |
| L2783094.UP.FTS.B, 25.25%, 3/14/27. . . . | L2783094.UP.FTS.B, 25.25%, 3/14/27. . . . | L2783094.UP.FTS.B, 25.25%, 3/14/27. . . . | 7253 | 7182 | L2786472.UP.FTS.B, 25.44%, 3/14/27. . . . | 2993 | 213 |
| L2785846.UP.FTS.B, 25.26%, 3/14/27. . . . | L2785846.UP.FTS.B, 25.26%, 3/14/27. . . . | L2785846.UP.FTS.B, 25.26%, 3/14/27. . . . | 12395 | 12273 | L2789341.UP.FTS.B, 25.44%, 3/14/27. . . . | 919 | 907 |
| L2786152.UP.FTS.B, 25.26%, 3/14/27. . . . | L2786152.UP.FTS.B, 25.26%, 3/14/27. . . . | L2786152.UP.FTS.B, 25.26%, 3/14/27. . . . | 1723 | 251 | L2790313.UP.FTS.B, 25.44%, 3/14/27. . . . | 1532 | 223 |
| L2788841.UP.FTS.B, 25.26%, 3/14/27. . . . | L2788841.UP.FTS.B, 25.26%, 3/14/27. . . . | L2788841.UP.FTS.B, 25.26%, 3/14/27. . . . | 975 | 70 | FW2781250.UP.FTS.B, 25.45%, 3/14/27.. . | 2296 | 2274 |
| L2782384.UP.FTS.B, 25.27%, 3/14/27. . . . | L2782384.UP.FTS.B, 25.27%, 3/14/27. . . . | L2782384.UP.FTS.B, 25.27%, 3/14/27. . . . | 812 | 799 | L2782387.UP.FTS.B, 25.45%, 3/14/27. . . . | 5328 | 5275 |
| L2787770.UP.FTS.B, 25.27%, 3/14/27. . . . | L2787770.UP.FTS.B, 25.27%, 3/14/27. . . . | L2787770.UP.FTS.B, 25.27%, 3/14/27. . . . | 1010 | 1000 | L2789729.UP.FTS.B, 25.45%, 3/14/27. . . . | 1102 | 1091 |
| L2784711.UP.FTS.B, 25.28%, 3/14/27. . . . | L2784711.UP.FTS.B, 25.28%, 3/14/27. . . . | L2784711.UP.FTS.B, 25.28%, 3/14/27. . . . | 1610 | 1582 | L2738355.UP.FTS.B, 25.46%, 3/14/27. . . . | 8966 | 8884 |
| L2780354.UP.FTS.B, 25.29%, 3/14/27. . . . | L2780354.UP.FTS.B, 25.29%, 3/14/27. . . . | L2780354.UP.FTS.B, 25.29%, 3/14/27. . . . | 13498 | 13365 | L2762162.UP.FTS.B, 25.46%, 3/14/27. . . . | 951 | 940 |
| L2781929.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2781929.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2781929.UP.FTS.B, 25.3%, 3/14/27. . . . . | 1506 | 1490 | L2775042.UP.FTS.B, 25.46%, 3/14/27. . . . | 1256 | 1243 |
| L2785136.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785136.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785136.UP.FTS.B, 25.3%, 3/14/27. . . . . | 2938 | 2909 | L2780947.UP.FTS.B, 25.46%, 3/14/27. . . . | 12401 | 12279 |
| L2785498.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785498.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785498.UP.FTS.B, 25.3%, 3/14/27. . . . . | 906 | 870 | L2781236.UP.FTS.B, 25.46%, 3/14/27. . . . | 1653 | 1637 |
| L2785844.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785844.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2785844.UP.FTS.B, 25.3%, 3/14/27. . . . . | 2204 | 2182 | L2789403.UP.FTS.B, 25.46%, 3/14/27. . . . | 919 | 910 |
| L2786640.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2786640.UP.FTS.B, 25.3%, 3/14/27. . . . . | L2786640.UP.FTS.B, 25.3%, 3/14/27. . . . . | 4523 | 4475 | L2779831.UP.FTS.B, 25.47%, 3/14/27. . . . | 769 | 757 |
| FW2781846.UP.FTS.B, 25.31%, 3/14/27.. . | FW2781846.UP.FTS.B, 25.31%, 3/14/27.. . | FW2781846.UP.FTS.B, 25.31%, 3/14/27.. . | 11570 | 11456 | L2779922.UP.FTS.B, 25.47%, 3/14/27. . . . | 1657 | 118 |
| L2762586.UP.FTS.B, 25.31%, 3/14/27. . . . | L2762586.UP.FTS.B, 25.31%, 3/14/27. . . . | L2762586.UP.FTS.B, 25.31%, 3/14/27. . . . | 12463 | 3629 | L2781384.UP.FTS.B, 25.47%, 3/14/27. . . . | 1837 | 1819 |
| L2780766.UP.FTS.B, 25.31%, 3/14/27. . . . | L2780766.UP.FTS.B, 25.31%, 3/14/27. . . . | L2780766.UP.FTS.B, 25.31%, 3/14/27. . . . | 17998 | 17713 | L2783845.UP.FTS.B, 25.47%, 3/14/27. . . . | 6263 | 6202 |
| L2785356.UP.FTS.B, 25.31%, 3/14/27. . . . | L2785356.UP.FTS.B, 25.31%, 3/14/27. . . . | L2785356.UP.FTS.B, 25.31%, 3/14/27. . . . | 3511 | 252 | FW2783798.UP.FTS.B, 25.48%, 3/14/27.. . | 4961 | 4912 |
| L2781289.UP.FTS.B, 25.32%, 3/14/27. . . . | L2781289.UP.FTS.B, 25.32%, 3/14/27. . . . | L2781289.UP.FTS.B, 25.32%, 3/14/27. . . . | 11019 | 10911 | FW2785945.UP.FTS.B, 25.48%, 3/14/27.. . | 2481 | 2456 |
| L2781668.UP.FTS.B, 25.32%, 3/14/27. . . . | L2781668.UP.FTS.B, 25.32%, 3/14/27. . . . | L2781668.UP.FTS.B, 25.32%, 3/14/27. . . . | 1170 | 1151 | L2780799.UP.FTS.B, 25.48%, 3/14/27. . . . | 19463 | 19147 |
| L2786994.UP.FTS.B, 25.32%, 3/14/27. . . . | L2786994.UP.FTS.B, 25.32%, 3/14/27. . . . | L2786994.UP.FTS.B, 25.32%, 3/14/27. . . . | 4316 | 4273 | L2784721.UP.FTS.B, 25.48%, 3/14/27. . . . | 2201 | 24 |
| L2788135.UP.FTS.B, 25.32%, 3/14/27. . . . | L2788135.UP.FTS.B, 25.32%, 3/14/27. . . . | L2788135.UP.FTS.B, 25.32%, 3/14/27. . . . | 4040 | 3976 | L2785894.UP.FTS.B, 25.48%, 3/14/27. . . . | 2065 | 148 |
| L2789685.UP.FTS.B, 25.32%, 3/14/27. . . . | L2789685.UP.FTS.B, 25.32%, 3/14/27. . . . | L2789685.UP.FTS.B, 25.32%, 3/14/27. . . . | 2296 | 2273 | L2789644.UP.FTS.B, 25.48%, 3/14/27. . . . | 7626 | 7551 |
| L2786111.UP.FTS.B, 25.33%, 3/14/27.. . . . | L2786111.UP.FTS.B, 25.33%, 3/14/27.. . . . | L2786111.UP.FTS.B, 25.33%, 3/14/27.. . . . | 1010 | 1000 | L2781099.UP.FTS.B, 25.49%, 3/14/27. . . . | 1837 | 1819 |
| 142 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 142 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2783331.UP.FTS.B, 25.49%, 3/14/27. . . . | $13800 | $13577 | L2780008.UP.FTS.B, 25.87%, 3/14/27. . . . | $5793 | $5736 | 5736 |
| L2785973.UP.FTS.B, 25.49%, 3/14/27. . . . | 1711 | 1679 | L2781526.UP.FTS.B, 25.87%, 3/14/27. . . . | 4965 | 4916 | 4916 |
| L2789126.UP.FTS.B, 25.49%, 3/14/27. . . . | 3714 | 3678 | L2780080.UP.FTS.B, 25.88%, 3/14/27. . . . | 8735 | 8649 | 8649 |
| L2781097.UP.FTS.B, 25.5%, 3/14/27. . . . . | 1929 | 1910 | FW2786039.UP.FTS.B, 25.89%, 3/14/27.. . | 4258 | 4214 | 4214 |
| L2781634.UP.FTS.B, 25.5%, 3/14/27. . . . . | 10289 | 10187 | FW2789463.UP.FTS.B, 25.89%, 3/14/27.. . | 8000 | 7921 | 7921 |
| L2782100.UP.FTS.B, 25.5%, 3/14/27. . . . . | 2034 | 2012 | FW2780770.UP.FTS.B, 25.9%, 3/14/27.. . . | 9878 | 9784 | 9784 |
| L2782416.UP.FTS.B, 25.5%, 3/14/27. . . . . | 6174 | 6114 | L2790291.UP.FTS.B, 25.9%, 3/14/27. . . . . | 3184 | 3150 | 3150 |
| L2783689.UP.FTS.B, 25.5%, 3/14/27. . . . . | 9083 | 8996 | FW2789383.UP.FTS.B, 25.92%, 3/14/27.. . | 2087 | 310 | 310 |
| L2784183.UP.FTS.B, 25.5%, 3/14/27. . . . . | 3278 | 3244 | FW2790136.UP.FTS.B, 25.92%, 3/14/27.. . | 33012 | 32491 | 32491 |
| L2785003.UP.FTS.B, 25.5%, 3/14/27. . . . . | 8354 | 8265 | L2781244.UP.FTS.B, 25.96%, 3/14/27. . . . | 6713 | 6647 | 6647 |
| L2787414.UP.FTS.B, 25.5%, 3/14/27. . . . . | 1481 | 1468 | L2786958.UP.FTS.B, 25.96%, 3/14/27. . . . | 5610 | 5555 | 5555 |
| L2780940.UP.FTS.B, 25.51%, 3/14/27. . . . | 10915 | 1634 | L2787560.UP.FTS.B, 25.96%, 3/14/27. . . . | 3415 | 996 | 996 |
| L2782131.UP.FTS.B, 25.51%, 3/14/27. . . . | 16169 | 16010 | FW2790410.UP.FTS.B, 25.97%, 3/14/27.. . | 2299 | 2277 | 2277 |
| L2783650.UP.FTS.B, 25.51%, 3/14/27. . . . | 3033 | 3004 | L2780995.UP.FTS.B, 25.98%, 3/14/27. . . . | 12692 | 12567 | 12567 |
| L2785441.UP.FTS.B, 25.51%, 3/14/27. . . . | 3491 | 3457 | L2788615.UP.FTS.B, 25.98%, 3/14/27. . . . | 4139 | 4098 | 4098 |
| L2788040.UP.FTS.B, 25.51%, 3/14/27. . . . | 2157 | 2135 | FW2789493.UP.FTS.B, 26.02%, 3/14/27.. . | 13058 | 1931 | 1931 |
| FW2785898.UP.FTS.B, 25.52%, 3/14/27.. . | 3032 | 3003 | FW2785920.UP.FTS.B, 26.05%, 3/14/27.. . | 9934 | 9837 | 9837 |
| FW2786678.UP.FTS.B, 25.53%, 3/14/27.. . | 3547 | 3514 | L2782923.UP.FTS.B, 26.05%, 3/14/27. . . . | 2422 | 2292 | 2292 |
| L2783105.UP.FTS.B, 25.53%, 3/14/27. . . . | 3344 | 3164 | L2787985.UP.FTS.B, 26.07%, 3/14/27. . . . | 2115 | 2094 | 2094 |
| L2783570.UP.FTS.B, 25.53%, 3/14/27. . . . | 3585 | 3550 | FW2789885.UP.FTS.B, 26.1%, 3/14/27.. . . | 8035 | 7959 | 7959 |
| L2784004.UP.FTS.B, 25.53%, 3/14/27. . . . | 3032 | 3002 | L2782453.UP.FTS.B, 26.12%, 3/14/27. . . . | 8648 | 8563 | 8563 |
| L2782017.UP.FTS.B, 25.54%, 3/14/27. . . . | 1971 | 1853 | FW2790587.UP.FTS.B, 26.13%, 3/14/27.. . | 10396 | 10294 | 10294 |
| FW2779787.UP.FTS.B, 25.55%, 3/14/27.. . | 11944 | 11826 | L2787983.UP.FTS.B, 26.14%, 3/14/27. . . . | 3543 | 25 | 25 |
| FW2783441.UP.FTS.B, 25.55%, 3/14/27.. . | 6064 | 6004 | L2767489.UP.FTS.B, 26.15%, 3/14/27. . . . | 8856 | 8774 | 8774 |
| L2785828.UP.FTS.B, 25.55%, 3/14/27. . . . | 5053 | 5003 | L2789391.UP.FTS.B, 26.18%, 3/14/27. . . . | 2377 | 2355 | 2355 |
| L2788882.UP.FTS.B, 25.56%, 3/14/27. . . . | 5963 | 423 | FW2781418.UP.FTS.B, 26.19%, 3/14/27.. . | 1023 | 968 | 968 |
| L2789121.UP.FTS.B, 25.56%, 3/14/27. . . . | 3032 | 3002 | FW2782503.UP.FTS.B, 26.19%, 3/14/27.. . | 5061 | 5011 | 5011 |
| FW2784612.UP.FTS.B, 25.59%, 3/14/27.. . | 39644 | 39277 | L2790694.UP.FTS.B, 26.19%, 3/14/27. . . . | 1951 | 138 | 138 |
| FW2787136.UP.FTS.B, 25.59%, 3/14/27.. . | 19713 | 19529 | L2788594.UP.FTS.B, 26.26%, 3/14/27. . . . | 7798 | 2265 | 2265 |
| FW2779971.UP.FTS.B, 25.6%, 3/14/27.. . . | 20858 | 20653 | FW2781434.UP.FTS.B, 26.27%, 3/14/27.. . | 36813 | 36233 | 36233 |
| FW2785182.UP.FTS.B, 25.6%, 3/14/27.. . . | 31793 | 31480 | FW2780132.UP.FTS.B, 26.28%, 3/14/27.. . | 2099 | 2072 | 2072 |
| FW2788301.UP.FTS.B, 25.6%, 3/14/27.. . . | 5054 | 5004 | FW2781283.UP.FTS.B, 26.28%, 3/14/27.. . | 10124 | 9964 | 9964 |
| L2779594.UP.FTS.B, 25.6%, 3/14/27. . . . . | 3308 | 3275 | FW2784157.UP.FTS.B, 26.28%, 3/14/27.. . | 41482 | 41073 | 41073 |
| L2783555.UP.FTS.B, 25.63%, 3/14/27. . . . | 3007 | 2975 | L2787642.UP.FTS.B, 26.29%, 3/14/27. . . . | 2485 | 2461 | 2461 |
| L2787005.UP.FTS.B, 25.63%, 3/14/27. . . . | 14249 | 4161 | FW2786626.UP.FTS.B, 26.35%, 3/14/27.. . | 2028 | 2008 | 2008 |
| L2781773.UP.FTS.B, 25.64%, 3/14/27. . . . | 5118 | 5068 | FW2786872.UP.FTS.B, 26.36%, 3/14/27.. . | 1836 | 130 | 130 |
| L2782139.UP.FTS.B, 25.66%, 3/14/27. . . . | 19299 | 18994 | FW2786839.UP.FTS.B, 26.39%, 3/14/27.. . | 12433 | 880 | 880 |
| L2789273.UP.FTS.B, 25.66%, 3/14/27. . . . | 3125 | 3075 | FW2781613.UP.FTS.B, 26.4%, 3/14/27.. . . | 3124 | 3096 | 3096 |
| L2779605.UP.FTS.B, 25.67%, 3/14/27. . . . | 1562 | 1547 | L2783551.UP.FTS.B, 26.4%, 3/14/27. . . . . | 7825 | 7748 | 7748 |
| FW2783690.UP.FTS.B, 25.69%, 3/14/27.. . | 9969 | 9877 | FW2782469.UP.FTS.B, 26.41%, 3/14/27.. . | 11047 | 10939 | 10939 |
| FW2787434.UP.FTS.B, 25.69%, 3/14/27.. . | 3676 | 3640 | L2780989.UP.FTS.B, 26.41%, 3/14/27. . . . | 21726 | 21450 | 21450 |
| FW2783763.UP.FTS.B, 25.71%, 3/14/27.. . | 4595 | 4550 | FW2740721.UP.FTS.B, 26.47%, 3/14/27.. . | 2946 | 2918 | 2918 |
| FW2779444.UP.FTS.B, 25.73%, 3/14/27.. . | 4597 | 4551 | L2779936.UP.FTS.B, 26.49%, 3/14/27. . . . | 3609 | 258 | 258 |
| L2780672.UP.FTS.B, 25.73%, 3/14/27. . . . | 11673 | 11559 | FW2774639.UP.FTS.B, 26.5%, 3/14/27.. . . | 6906 | 6838 | 6838 |
| FW2780847.UP.FTS.B, 25.74%, 3/14/27.. . | 4136 | 4096 | FW2783423.UP.FTS.B, 26.53%, 3/14/27.. . | 9308 | 9209 | 9209 |
| FW2780856.UP.FTS.B, 25.75%, 3/14/27.. . | 18844 | 18659 | L2783137.UP.FTS.B, 26.54%, 3/14/27. . . . | 6743 | 6647 | 6647 |
| FW2787230.UP.FTS.B, 25.75%, 3/14/27.. . | 6894 | 6826 | FW2782876.UP.FTS.B, 26.56%, 3/14/27.. . | 9209 | 9119 | 9119 |
| FW2782144.UP.FTS.B, 25.77%, 3/14/27.. . | 2482 | 2458 | FW2785883.UP.FTS.B, 26.57%, 3/14/27.. . | 5919 | 5862 | 5862 |
| FW2784068.UP.FTS.B, 25.78%, 3/14/27.. . | 1324 | 1302 | FW2788390.UP.FTS.B, 26.61%, 3/14/27.. . | 2747 | 2722 | 2722 |
| L2784093.UP.FTS.B, 25.79%, 3/14/27. . . . | 8273 | 8143 | FW2780039.UP.FTS.B, 26.66%, 3/14/27.. . | 2108 | 14 | 14 |
| FW2785241.UP.FTS.B, 25.8%, 3/14/27.. . . | 14155 | 14023 | L2781275.UP.FTS.B, 26.69%, 3/14/27. . . . | 6957 | 2022 | 2022 |
| FW2789673.UP.FTS.B, 25.81%, 3/14/27.. . | 4045 | 4005 | FW2788205.UP.FTS.B, 26.7%, 3/14/27.. . . | 9489 | 9396 | 9396 |
| FW2785161.UP.FTS.B, 25.83%, 3/14/27.. . | 8957 | 8869 | FW2782433.UP.FTS.B, 26.73%, 3/14/27.. . | 4975 | 4926 | 4926 |
| FW2780258.UP.FTS.B, 25.85%, 3/14/27.. . | 45929 | 45475 | FW2784337.UP.FTS.B, 26.73%, 3/14/27.. . | 5988 | 5930 | 5930 |
| FW2782682.UP.FTS.B, 25.85%, 3/14/27.. . | 12474 | 1871 | FW2782583.UP.FTS.B, 26.76%, 3/14/27.. . | 4749 | 1383 | 1383 |
| L2782068.UP.FTS.B, 25.85%, 3/14/27. . . . | 20710 | 20508 | FW2781640.UP.FTS.B, 26.82%, 3/14/27.. . | 19811 | 19618 | 19618 |
| FW2779937.UP.FTS.B, 25.86%, 3/14/27.. . | 14461 | 14328 | FW2781134.UP.FTS.B, 26.83%, 3/14/27.. . | 5288 | 5230 | 5230 |
| FW2785698.UP.FTS.B, 25.86%, 3/14/27.. . | 11033 | 10925 | FW2777326.UP.FTS.B, 26.85%, 3/14/27.. . | 4496 | 4455 | 4455 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 143 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 143 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  | Principal | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2783028.UP.FTS.B, 26.85%, 3/14/27.. . $ | FW2783028.UP.FTS.B, 26.85%, 3/14/27.. . $ | FW2783028.UP.FTS.B, 26.85%, 3/14/27.. . $ | 9676 | $9582 | FW2788420.UP.FTS.B, 28.03%, 3/14/27.. . $ | 6006 | $5948 |
| FW2790522.UP.FTS.B, 26.85%, 3/14/27.. . | FW2790522.UP.FTS.B, 26.85%, 3/14/27.. . | FW2790522.UP.FTS.B, 26.85%, 3/14/27.. . | 8478 | 8395 | FW2785385.UP.FTS.B, 28.06%, 3/14/27.. . | 7115 | 7046 |
| FW2784070.UP.FTS.B, 26.88%, 3/14/27.. . | FW2784070.UP.FTS.B, 26.88%, 3/14/27.. . | FW2784070.UP.FTS.B, 26.88%, 3/14/27.. . | 15022 | 14875 | FW2780403.UP.FTS.B, 28.18%, 3/14/27.. . | 4440 | 4397 |
| FW2781537.UP.FTS.B, 26.89%, 3/14/27.. . | FW2781537.UP.FTS.B, 26.89%, 3/14/27.. . | FW2781537.UP.FTS.B, 26.89%, 3/14/27.. . | 3738 | 3677 | FW2785555.UP.FTS.B, 28.23%, 3/14/27.. . | 1074 | 77 |
| FW2783215.UP.FTS.B, 26.96%, 3/14/27.. . | FW2783215.UP.FTS.B, 26.96%, 3/14/27.. . | FW2783215.UP.FTS.B, 26.96%, 3/14/27.. . | 9773 | 1467 | FW2784340.UP.FTS.B, 28.27%, 3/14/27.. . | 3088 | 3058 |
| FW2785739.UP.FTS.B, 26.98%, 3/14/27.. . | FW2785739.UP.FTS.B, 26.98%, 3/14/27.. . | FW2785739.UP.FTS.B, 26.98%, 3/14/27.. . | 3075 | 2909 | FW2781578.UP.FTS.B, 28.33%, 3/14/27.. . | 13129 | 13003 |
| FW2784428.UP.FTS.B, 27.03%, 3/14/27.. . | FW2784428.UP.FTS.B, 27.03%, 3/14/27.. . | FW2784428.UP.FTS.B, 27.03%, 3/14/27.. . | 5608 | 401 | FW2789642.UP.FTS.B, 28.34%, 3/14/27.. . | 9246 | 9157 |
| FW2779756.UP.FTS.B, 27.04%, 3/14/27.. . | FW2779756.UP.FTS.B, 27.04%, 3/14/27.. . | FW2779756.UP.FTS.B, 27.04%, 3/14/27.. . | 4979 | 4930 | FW2781808.UP.FTS.B, 28.36%, 3/14/27.. . | 10186 | 10089 |
| FW2781267.UP.FTS.B, 27.05%, 3/14/27.. . | FW2781267.UP.FTS.B, 27.05%, 3/14/27.. . | FW2781267.UP.FTS.B, 27.05%, 3/14/27.. . | 4610 | 4565 | L2784704.UP.FTS.B, 28.4%, 3/14/27. . . . . | 4494 | 320 |
| FW2789531.UP.FTS.B, 27.05%, 3/14/27.. . | FW2789531.UP.FTS.B, 27.05%, 3/14/27.. . | FW2789531.UP.FTS.B, 27.05%, 3/14/27.. . | 13829 | 13695 | FW2781950.UP.FTS.B, 28.45%, 3/14/27.. . | 6474 | 6412 |
| FW2787704.UP.FTS.B, 27.06%, 3/14/27.. . | FW2787704.UP.FTS.B, 27.06%, 3/14/27.. . | FW2787704.UP.FTS.B, 27.06%, 3/14/27.. . | 1844 | 1826 | FW2784111.UP.FTS.B, 28.45%, 3/14/27.. . | 5581 | 5530 |
| FW2787336.UP.FTS.B, 27.09%, 3/14/27.. . | FW2787336.UP.FTS.B, 27.09%, 3/14/27.. . | FW2787336.UP.FTS.B, 27.09%, 3/14/27.. . | 7391 | 7320 | FW2781108.UP.FTS.B, 28.46%, 3/14/27.. . | 3468 | 3434 |
| FW2784913.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2784913.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2784913.UP.FTS.B, 27.1%, 3/14/27.. . . | 12239 | 11584 | L2780004.UP.FTS.B, 28.5%, 3/14/27. . . . . | 3584 | 1045 |
| FW2785449.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2785449.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2785449.UP.FTS.B, 27.1%, 3/14/27.. . . | 9221 | 9131 | FW2781674.UP.FTS.B, 28.51%, 3/14/27.. . | 6012 | 5954 |
| FW2789171.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2789171.UP.FTS.B, 27.1%, 3/14/27.. . . | FW2789171.UP.FTS.B, 27.1%, 3/14/27.. . . | 4979 | 4931 | L2785465.UP.FTS.B, 28.54%, 3/14/27. . . . | 4515 | – |
| FW2781100.UP.FTS.B, 27.11%, 3/14/27.. . | FW2781100.UP.FTS.B, 27.11%, 3/14/27.. . | FW2781100.UP.FTS.B, 27.11%, 3/14/27.. . | 3051 | 3017 | FW2786004.UP.FTS.B, 28.57%, 3/14/27.. . | 10546 | 10444 |
| FW2785546.UP.FTS.B, 27.15%, 3/14/27.. . | FW2785546.UP.FTS.B, 27.15%, 3/14/27.. . | FW2785546.UP.FTS.B, 27.15%, 3/14/27.. . | 4519 | 4475 | FW2781987.UP.FTS.B, 28.61%, 3/14/27.. . | 20354 | 20158 |
| FW2788735.UP.FTS.B, 27.15%, 3/14/27.. . | FW2788735.UP.FTS.B, 27.15%, 3/14/27.. . | FW2788735.UP.FTS.B, 27.15%, 3/14/27.. . | 4660 | 4410 | FW2786144.UP.FTS.B, 28.61%, 3/14/27.. . | 1925 | 1907 |
| FW2790487.UP.FTS.B, 27.19%, 3/14/27.. . | FW2790487.UP.FTS.B, 27.19%, 3/14/27.. . | FW2790487.UP.FTS.B, 27.19%, 3/14/27.. . | 3228 | 3196 | FW2790351.UP.FTS.B, 28.63%, 3/14/27.. . | 4627 | 4583 |
| L2784086.UP.FTS.B, 27.19%, 3/14/27. . . . | L2784086.UP.FTS.B, 27.19%, 3/14/27. . . . | L2784086.UP.FTS.B, 27.19%, 3/14/27. . . . | 4058 | 4007 | FW2788124.UP.FTS.B, 28.64%, 3/14/27.. . | 9067 | 8980 |
| FW2780366.UP.FTS.B, 27.22%, 3/14/27.. . | FW2780366.UP.FTS.B, 27.22%, 3/14/27.. . | FW2780366.UP.FTS.B, 27.22%, 3/14/27.. . | 3052 | 3023 | L2788699.UP.FTS.B, 28.65%, 3/14/27. . . . | 6107 | 6048 |
| FW2782171.UP.FTS.B, 27.22%, 3/14/27.. . | FW2782171.UP.FTS.B, 27.22%, 3/14/27.. . | FW2782171.UP.FTS.B, 27.22%, 3/14/27.. . | 6489 | 6428 | FW2749985.UP.FTS.B, 28.71%, 3/14/27.. . | 2036 | 2016 |
| FW2789041.UP.FTS.B, 27.27%, 3/14/27.. . | FW2789041.UP.FTS.B, 27.27%, 3/14/27.. . | FW2789041.UP.FTS.B, 27.27%, 3/14/27.. . | 4918 | 4871 | FW2780226.UP.FTS.B, 28.72%, 3/14/27.. . | 6940 | 6873 |
| FW2784994.UP.FTS.B, 27.31%, 3/14/27.. . | FW2784994.UP.FTS.B, 27.31%, 3/14/27.. . | FW2784994.UP.FTS.B, 27.31%, 3/14/27.. . | 5107 | 5060 | FW2788496.UP.FTS.B, 28.72%, 3/14/27.. . | 7033 | 6966 |
| FW2782365.UP.FTS.B, 27.34%, 3/14/27.. . | FW2782365.UP.FTS.B, 27.34%, 3/14/27.. . | FW2782365.UP.FTS.B, 27.34%, 3/14/27.. . | 4621 | 4576 | FW2787016.UP.FTS.B, 28.75%, 3/14/27.. . | 13882 | 13748 |
| FW2788518.UP.FTS.B, 27.34%, 3/14/27.. . | FW2788518.UP.FTS.B, 27.34%, 3/14/27.. . | FW2788518.UP.FTS.B, 27.34%, 3/14/27.. . | 4559 | 4512 | FW2786938.UP.FTS.B, 28.76%, 3/14/27.. . | 2591 | 2566 |
| FW2780191.UP.FTS.B, 27.35%, 3/14/27.. . | FW2780191.UP.FTS.B, 27.35%, 3/14/27.. . | FW2780191.UP.FTS.B, 27.35%, 3/14/27.. . | 4059 | 4020 | FW2787789.UP.FTS.B, 28.76%, 3/14/27.. . | 1348 | 1334 |
| L2782849.UP.FTS.B, 27.38%, 3/14/27. . . . | L2782849.UP.FTS.B, 27.38%, 3/14/27. . . . | L2782849.UP.FTS.B, 27.38%, 3/14/27. . . . | 4429 | 4386 | FW2785517.UP.FTS.B, 28.82%, 3/14/27.. . | 20085 | 19892 |
| FW2779746.UP.FTS.B, 27.4%, 3/14/27.. . . | FW2779746.UP.FTS.B, 27.4%, 3/14/27.. . . | FW2779746.UP.FTS.B, 27.4%, 3/14/27.. . . | 9248 | 9160 | FW2780172.UP.FTS.B, 28.83%, 3/14/27.. . | 1851 | 1833 |
| FW2781187.UP.FTS.B, 27.42%, 3/14/27.. . | FW2781187.UP.FTS.B, 27.42%, 3/14/27.. . | FW2781187.UP.FTS.B, 27.42%, 3/14/27.. . | 2574 | 2550 | FW2784235.UP.FTS.B, 28.84%, 3/14/27.. . | 4763 | 706 |
| FW2787946.UP.FTS.B, 27.42%, 3/14/27.. . | FW2787946.UP.FTS.B, 27.42%, 3/14/27.. . | FW2787946.UP.FTS.B, 27.42%, 3/14/27.. . | 17539 | 17369 | FW2784893.UP.FTS.B, 28.85%, 3/14/27.. . | 10090 | 9993 |
| L2785536.UP.FTS.B, 27.43%, 3/14/27. . . . | L2785536.UP.FTS.B, 27.43%, 3/14/27. . . . | L2785536.UP.FTS.B, 27.43%, 3/14/27. . . . | 13956 | 13217 | FW2783497.UP.FTS.B, 28.87%, 3/14/27.. . | 3702 | 1088 |
| FW2781329.UP.FTS.B, 27.46%, 3/14/27.. . | FW2781329.UP.FTS.B, 27.46%, 3/14/27.. . | FW2781329.UP.FTS.B, 27.46%, 3/14/27.. . | 2307 | 2285 | FW2784865.UP.FTS.B, 28.89%, 3/14/27.. . | 1048 | 993 |
| FW2782057.UP.FTS.B, 27.48%, 3/14/27.. . | FW2782057.UP.FTS.B, 27.48%, 3/14/27.. . | FW2782057.UP.FTS.B, 27.48%, 3/14/27.. . | 10059 | 9961 | FW2785593.UP.FTS.B, 28.9%, 3/14/27.. . . | 7780 | 7706 |
| FW2780427.UP.FTS.B, 27.49%, 3/14/27.. . | FW2780427.UP.FTS.B, 27.49%, 3/14/27.. . | FW2780427.UP.FTS.B, 27.49%, 3/14/27.. . | 2769 | 2742 | FW2789750.UP.FTS.B, 28.92%, 3/14/27.. . | 3739 | 3703 |
| FW2780043.UP.FTS.B, 27.53%, 3/14/27.. . | FW2780043.UP.FTS.B, 27.53%, 3/14/27.. . | FW2780043.UP.FTS.B, 27.53%, 3/14/27.. . | 1989 | 1969 | FW2787416.UP.FTS.B, 28.94%, 3/14/27.. . | 1204 | 1192 |
| L2780772.UP.FTS.B, 27.53%, 3/14/27. . . . | L2780772.UP.FTS.B, 27.53%, 3/14/27. . . . | L2780772.UP.FTS.B, 27.53%, 3/14/27. . . . | 5538 | – | FW2784104.UP.FTS.B, 28.97%, 3/14/27.. . | 5092 | 5043 |
| L2783614.UP.FTS.B, 27.63%, 3/14/27. . . . | L2783614.UP.FTS.B, 27.63%, 3/14/27. . . . | L2783614.UP.FTS.B, 27.63%, 3/14/27. . . . | 8230 | 1225 | FW2783990.UP.FTS.B, 28.98%, 3/14/27.. . | 3242 | 3191 |
| FW2780514.UP.FTS.B, 27.64%, 3/14/27.. . | FW2780514.UP.FTS.B, 27.64%, 3/14/27.. . | FW2780514.UP.FTS.B, 27.64%, 3/14/27.. . | 5077 | 5028 | FW2789827.UP.FTS.B, 29.03%, 3/14/27.. . | 3222 | 3192 |
| FW2780278.UP.FTS.B, 27.7%, 3/14/27.. . . | FW2780278.UP.FTS.B, 27.7%, 3/14/27.. . . | FW2780278.UP.FTS.B, 27.7%, 3/14/27.. . . | 40189 | 39801 | FW2781279.UP.FTS.B, 29.08%, 3/14/27.. . | 3116 | 913 |
| FW2783812.UP.FTS.B, 27.72%, 3/14/27.. . | FW2783812.UP.FTS.B, 27.72%, 3/14/27.. . | FW2783812.UP.FTS.B, 27.72%, 3/14/27.. . | 4947 | 4900 | FW2784282.UP.FTS.B, 29.08%, 3/14/27.. . | 6863 | 6799 |
| FW2781744.UP.FTS.B, 27.73%, 3/14/27.. . | FW2781744.UP.FTS.B, 27.73%, 3/14/27.. . | FW2781744.UP.FTS.B, 27.73%, 3/14/27.. . | 13851 | 13716 | FW2780789.UP.FTS.B, 29.09%, 3/14/27.. . | 1436 | 213 |
| FW2789146.UP.FTS.B, 27.73%, 3/14/27.. . | FW2789146.UP.FTS.B, 27.73%, 3/14/27.. . | FW2789146.UP.FTS.B, 27.73%, 3/14/27.. . | 3613 | 3578 | FW2781080.UP.FTS.B, 29.1%, 3/14/27.. . . | 1576 | 1561 |
| FW2781921.UP.FTS.B, 27.75%, 3/14/27.. . | FW2781921.UP.FTS.B, 27.75%, 3/14/27.. . | FW2781921.UP.FTS.B, 27.75%, 3/14/27.. . | 3416 | 513 | FW2783840.UP.FTS.B, 29.11%, 3/14/27.. . | 17642 | 17475 |
| FW2784987.UP.FTS.B, 27.75%, 3/14/27.. . | FW2784987.UP.FTS.B, 27.75%, 3/14/27.. . | FW2784987.UP.FTS.B, 27.75%, 3/14/27.. . | 14959 | 14814 | FW2782994.UP.FTS.B, 29.14%, 3/14/27.. . | 3634 | 3598 |
| FW2787204.UP.FTS.B, 27.75%, 3/14/27.. . | FW2787204.UP.FTS.B, 27.75%, 3/14/27.. . | FW2787204.UP.FTS.B, 27.75%, 3/14/27.. . | 35313 | 34981 | FW2783889.UP.FTS.B, 29.18%, 3/14/27.. . | 4092 | 4054 |
| FW2780839.UP.FTS.B, 27.8%, 3/14/27.. . . | FW2780839.UP.FTS.B, 27.8%, 3/14/27.. . . | FW2780839.UP.FTS.B, 27.8%, 3/14/27.. . . | 8015 | 1186 | FW2786022.UP.FTS.B, 29.2%, 3/14/27.. . . | 5309 | 791 |
| FW2786682.UP.FTS.B, 27.8%, 3/14/27.. . . | FW2786682.UP.FTS.B, 27.8%, 3/14/27.. . . | FW2786682.UP.FTS.B, 27.8%, 3/14/27.. . . | 35384 | 35056 | FW2779355.UP.FTS.B, 29.22%, 3/14/27.. . | 5497 | 5205 |
| FW2782891.UP.FTS.B, 27.85%, 3/14/27.. . | FW2782891.UP.FTS.B, 27.85%, 3/14/27.. . | FW2782891.UP.FTS.B, 27.85%, 3/14/27.. . | 8690 | 8607 | FW2781786.UP.FTS.B, 29.22%, 3/14/27.. . | 1760 | 1743 |
| FW2783303.UP.FTS.B, 27.89%, 3/14/27.. . | FW2783303.UP.FTS.B, 27.89%, 3/14/27.. . | FW2783303.UP.FTS.B, 27.89%, 3/14/27.. . | 9185 | 9100 | FW2784027.UP.FTS.B, 29.23%, 3/14/27.. . | 14089 | 13966 |
| FW2786495.UP.FTS.B, 27.9%, 3/14/27.. . . | FW2786495.UP.FTS.B, 27.9%, 3/14/27.. . . | FW2786495.UP.FTS.B, 27.9%, 3/14/27.. . . | 5300 | 31 | FW2781563.UP.FTS.B, 29.25%, 3/14/27.. . | 927 | 918 |
| FW2783389.UP.FTS.B, 27.94%, 3/14/27.. . | FW2783389.UP.FTS.B, 27.94%, 3/14/27.. . | FW2783389.UP.FTS.B, 27.94%, 3/14/27.. . | 10175 | 9629 | FW2783263.UP.FTS.B, 29.25%, 3/14/27.. . | 8616 | 8533 |
| L2786514.UP.FTS.B, 27.96%, 3/14/27. . . . | L2786514.UP.FTS.B, 27.96%, 3/14/27. . . . | L2786514.UP.FTS.B, 27.96%, 3/14/27. . . . | 2012 | 1993 | FW2779918.UP.FTS.B, 29.26%, 3/14/27.. . | 6485 | 6423 |
| FW2786087.UP.FTS.B, 27.98%, 3/14/27.. . | FW2786087.UP.FTS.B, 27.98%, 3/14/27.. . | FW2786087.UP.FTS.B, 27.98%, 3/14/27.. . | 3368 | 3332 | FW2780483.UP.FTS.B, 29.28%, 3/14/27.. . | 4965 | 353 |
| FW2784087.UP.FTS.B, 27.99%, 3/14/27.. . | FW2784087.UP.FTS.B, 27.99%, 3/14/27.. . | FW2784087.UP.FTS.B, 27.99%, 3/14/27.. . | 2790 | 2765 | FW2785470.UP.FTS.B, 29.28%, 3/14/27.. . | 8524 | 8442 |
| FW2783828.UP.FTS.B, 28%, 3/14/27.. . . . | FW2783828.UP.FTS.B, 28%, 3/14/27.. . . . | FW2783828.UP.FTS.B, 28%, 3/14/27.. . . . | 7354 | 7286 | FW2781164.UP.FTS.B, 29.32%, 3/14/27.. . | 13772 | 13646 |
| FW2786129.UP.FTS.B, 28%, 3/14/27.. . . . | FW2786129.UP.FTS.B, 28%, 3/14/27.. . . . | FW2786129.UP.FTS.B, 28%, 3/14/27.. . . . | 4592 | 4550 | FW2781011.UP.FTS.B, 29.33%, 3/14/27.. . | 9769 | 1445 |
| FW2789959.UP.FTS.B, 28.01%, 3/14/27.. . | FW2789959.UP.FTS.B, 28.01%, 3/14/27.. . | FW2789959.UP.FTS.B, 28.01%, 3/14/27.. . | 3168 | 6 | FW2787118.UP.FTS.B, 29.41%, 3/14/27.. . | 2688 | 2662 |
| 144 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 144 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW2785953.UP.FTS.B, 29.44%, 3/14/27.. . | $10318 | $733 | FW2789370.UP.FTS.B, 30.6%, 3/14/27.. . . $4,181 | FW2789370.UP.FTS.B, 30.6%, 3/14/27.. . . $4,181 | $4141 | 4141 |
| FW2779974.UP.FTS.B, 29.47%, 3/14/27.. . | 3615 | 3580 | FW2781547.UP.FTS.B, 30.61%, 3/14/27.. . | 938 | 888 | 888 |
| FW2787970.UP.FTS.B, 29.51%, 3/14/27.. . | 5007 | 4959 | FW2785934.UP.FTS.B, 30.61%, 3/14/27.. . | 17003 | 16841 | 16841 |
| FW2788427.UP.FTS.B, 29.53%, 3/14/27.. . | 6489 | 6427 | FW2789252.UP.FTS.B, 30.65%, 3/14/27.. . | 18584 | 18408 | 18408 |
| FW2779230.UP.FTS.B, 29.54%, 3/14/27.. . | 9270 | 9181 | FW2785351.UP.FTS.B, 30.67%, 3/14/27.. . | 1487 | 1473 | 1473 |
| FW2781467.UP.FTS.B, 29.58%, 3/14/27.. . | 6295 | 933 | FW2780044.UP.FTS.B, 30.68%, 3/14/27.. . | 963 | (7) | (7) |
| FW2785701.UP.FTS.B, 29.6%, 3/14/27.. . . | 1947 | 1928 | FW2780952.UP.FTS.B, 30.68%, 3/14/27.. . | 929 | 920 | 920 |
| FW2780605.UP.FTS.B, 29.61%, 3/14/27.. . | 927 | 918 | FW2785651.UP.FTS.B, 30.68%, 3/14/27.. . | 1766 | 1750 | 1750 |
| FW2786457.UP.FTS.B, 29.64%, 3/14/27.. . | 4636 | 4592 | FW2787603.UP.FTS.B, 30.68%, 3/14/27.. . | 1008 | 998 | 998 |
| FW2788463.UP.FTS.B, 29.68%, 3/14/27.. . | 3286 | 233 | FW2781585.UP.FTS.B, 30.69%, 3/14/27.. . | 1126 | 1066 | 1066 |
| FW2788443.UP.FTS.B, 29.76%, 3/14/27.. . | 1855 | 1837 | FW2784325.UP.FTS.B, 30.69%, 3/14/27.. . | 1220 | 1155 | 1155 |
| FW2784031.UP.FTS.B, 29.77%, 3/14/27.. . | 8893 | 2624 | FW2785631.UP.FTS.B, 30.69%, 3/14/27.. . | 1859 | 1841 | 1841 |
| FW2773545.UP.FTS.B, 29.8%, 3/14/27.. . . | 1973 | 1947 | FW2787729.UP.FTS.B, 30.71%, 3/14/27.. . | 3794 | 1110 | 1110 |
| FW2785457.UP.FTS.B, 29.81%, 3/14/27.. . | 3842 | 3805 | FW2790266.UP.FTS.B, 30.72%, 3/14/27.. . | 748 | 737 | 737 |
| FW2782660.UP.FTS.B, 29.88%, 3/14/27.. . | 1003 | 967 | FW2783504.UP.FTS.B, 30.73%, 3/14/27.. . | 3160 | 3130 | 3130 |
| FW2783287.UP.FTS.B, 29.91%, 3/14/27.. . | 4638 | 4593 | FW2786209.UP.FTS.B, 30.73%, 3/14/27.. . | 1301 | 1289 | 1289 |
| FW2784527.UP.FTS.B, 29.93%, 3/14/27.. . | 9544 | 1414 | FW2782610.UP.FTS.B, 30.77%, 3/14/27.. . | 939 | 889 | 889 |
| FW2782094.UP.FTS.B, 29.97%, 3/14/27.. . | 9377 | 9288 | FW2785573.UP.FTS.B, 30.77%, 3/14/27.. . | 1379 | 96 | 96 |
| FW2783229.UP.FTS.B, 29.98%, 3/14/27.. . | 11135 | 11029 | FW2783660.UP.FTS.B, 30.79%, 3/14/27.. . | 2417 | 2394 | 2394 |
| FW2784677.UP.FTS.B, 29.98%, 3/14/27.. . | 936 | 927 | FW2789302.UP.FTS.B, 30.79%, 3/14/27.. . | 5607 | 5310 | 5310 |
| FW2789655.UP.FTS.B, 29.98%, 3/14/27.. . | 13919 | 13786 | FW2784402.UP.FTS.B, 30.8%, 3/14/27.. . . | 3842 | 3808 | 3808 |
| FW2782160.UP.FTS.B, 30.01%, 3/14/27.. . | 1058 | (6) | FW2780019.UP.FTS.B, 30.81%, 3/14/27.. . | 1301 | 1289 | 1289 |
| FW2788528.UP.FTS.B, 30.04%, 3/14/27.. . | 18560 | 18383 | FW2780875.UP.FTS.B, 30.81%, 3/14/27.. . | 2510 | 2486 | 2486 |
| FW2784122.UP.FTS.B, 30.05%, 3/14/27.. . | 4780 | 4525 | FW2781304.UP.FTS.B, 30.82%, 3/14/27.. . | 1041 | 154 | 154 |
| FW2789631.UP.FTS.B, 30.08%, 3/14/27.. . | 4289 | 4249 | FW2785523.UP.FTS.B, 30.83%, 3/14/27.. . | 3567 | 3377 | 3377 |
| FW2788067.UP.FTS.B, 30.09%, 3/14/27.. . | 5729 | 5678 | FW2785601.UP.FTS.B, 30.83%, 3/14/27.. . | 2066 | 2046 | 2046 |
| FW2779811.UP.FTS.B, 30.11%, 3/14/27.. . | 1940 | 136 | FW2779868.UP.FTS.B, 30.84%, 3/14/27.. . | 1394 | 1373 | 1373 |
| FW2787874.UP.FTS.B, 30.13%, 3/14/27.. . | 1021 | 1011 | FW2784190.UP.FTS.B, 30.84%, 3/14/27.. . | 1513 | 1497 | 1497 |
| FW2788950.UP.FTS.B, 30.14%, 3/14/27.. . | 10890 | 10785 | FW2780405.UP.FTS.B, 30.87%, 3/14/27.. . | 1515 | 443 | 443 |
| FW2781683.UP.FTS.B, 30.16%, 3/14/27.. . | 4218 | 3996 | FW2781128.UP.FTS.B, 30.87%, 3/14/27.. . | 2045 | 2026 | 2026 |
| FW2784092.UP.FTS.B, 30.18%, 3/14/27.. . | 2324 | 2302 | FW2781941.UP.FTS.B, 30.87%, 3/14/27.. . | 1673 | 1658 | 1658 |
| FW2788570.UP.FTS.B, 30.2%, 3/14/27.. . . | 7705 | 7632 | FW2783995.UP.FTS.B, 30.88%, 3/14/27.. . | 3273 | 3243 | 3243 |
| FW2784272.UP.FTS.B, 30.21%, 3/14/27.. . | 42055 | 41654 | FW2782574.UP.FTS.B, 30.89%, 3/14/27.. . | 9162 | 9074 | 9074 |
| FW2782050.UP.FTS.B, 30.24%, 3/14/27.. . | 24276 | 3618 | FW2789947.UP.FTS.B, 30.89%, 3/14/27.. . | 3692 | 3647 | 3647 |
| FW2781612.UP.FTS.B, 30.26%, 3/14/27.. . | 1021 | 1012 | FW2783449.UP.FTS.B, 30.9%, 3/14/27.. . . | 1231 | 360 | 360 |
| FW2750613.UP.FTS.B, 30.29%, 3/14/27.. . | 929 | 920 | FW2790078.UP.FTS.B, 30.9%, 3/14/27.. . . | 2603 | 2578 | 2578 |
| FW2789447.UP.FTS.B, 30.29%, 3/14/27.. . | 3150 | 466 | FW2777774.UP.FTS.B, 30.91%, 3/14/27.. . | 1228 | 359 | 359 |
| FW2786929.UP.FTS.B, 30.3%, 3/14/27.. . . | 9303 | 9216 | FW2785606.UP.FTS.B, 30.91%, 3/14/27.. . | 3621 | 256 | 256 |
| FW2781150.UP.FTS.B, 30.31%, 3/14/27.. . | 2879 | 2851 | FW2788878.UP.FTS.B, 30.91%, 3/14/27.. . | 2789 | 2763 | 2763 |
| FW2782935.UP.FTS.B, 30.31%, 3/14/27.. . | 7369 | 7302 | FW2783182.UP.FTS.B, 30.92%, 3/14/27.. . | 1116 | 1105 | 1105 |
| FW2785389.UP.FTS.B, 30.36%, 3/14/27.. . | 4167 | 4130 | FW2784494.UP.FTS.B, 30.92%, 3/14/27.. . | 1581 | 1566 | 1566 |
| FW2790079.UP.FTS.B, 30.37%, 3/14/27.. . | 5574 | 5521 | FW2776819.UP.FTS.B, 30.93%, 3/14/27.. . | 807 | 793 | 793 |
| FW2785341.UP.FTS.B, 30.39%, 3/14/27.. . | 1002 | 992 | FW2779765.UP.FTS.B, 30.93%, 3/14/27.. . | 1610 | 471 | 471 |
| FW2783523.UP.FTS.B, 30.41%, 3/14/27.. . | 4830 | 4784 | FW2781984.UP.FTS.B, 30.93%, 3/14/27.. . | 4463 | 4420 | 4420 |
| FW2781702.UP.FTS.B, 30.46%, 3/14/27.. . | 5480 | 5428 | FW2783458.UP.FTS.B, 30.93%, 3/14/27.. . | 1039 | 984 | 984 |
| FW2790017.UP.FTS.B, 30.46%, 3/14/27.. . | 1764 | 125 | FW2790293.UP.FTS.B, 30.94%, 3/14/27.. . | 2511 | 2487 | 2487 |
| FW2781023.UP.FTS.B, 30.48%, 3/14/27.. . | 9935 | 9407 | FW2783246.UP.FTS.B, 30.95%, 3/14/27.. . | 1395 | 1381 | 1381 |
| FW2790314.UP.FTS.B, 30.48%, 3/14/27.. . | 10204 | 3011 | FW2784380.UP.FTS.B, 30.95%, 3/14/27.. . | 1023 | 1013 | 1013 |
| FW2788285.UP.FTS.B, 30.5%, 3/14/27.. . . | 2533 | 2509 | FW2782215.UP.FTS.B, 30.96%, 3/14/27.. . | 1302 | 1289 | 1289 |
| FW2780158.UP.FTS.B, 30.52%, 3/14/27.. . | 1685 | 1670 | FW2789203.UP.FTS.B, 30.96%, 3/14/27.. . | 3098 | 2933 | 2933 |
| FW2781177.UP.FTS.B, 30.53%, 3/14/27.. . | 5851 | 20 | FW2782248.UP.FTS.B, 30.97%, 3/14/27.. . | 2582 | 2559 | 2559 |
| FW2780987.UP.FTS.B, 30.55%, 3/14/27.. . | 1018 | 982 | FW2782268.UP.FTS.B, 30.97%, 3/14/27.. . | 1179 | 1168 | 1168 |
| FW2781915.UP.FTS.B, 30.55%, 3/14/27.. . | 926 | 271 | FW2785963.UP.FTS.B, 30.97%, 3/14/27.. . | 10693 | 10592 | 10592 |
| FW2782697.UP.FTS.B, 30.56%, 3/14/27.. . | 12362 | (58) | FW2786330.UP.FTS.B, 30.97%, 3/14/27.. . | 17853 | 17683 | 17683 |
| FW2786530.UP.FTS.B, 30.56%, 3/14/27.. . | 2891 | 851 | FW2783531.UP.FTS.B, 30.98%, 3/14/27.. . | 9438 | 9348 | 9348 |
| FW2780499.UP.FTS.B, 30.57%, 3/14/27.. . | 1596 | 1511 | FW2783734.UP.FTS.B, 30.98%, 3/14/27.. . | 2046 | 2026 | 2026 |
| FW2789619.UP.FTS.B, 30.58%, 3/14/27.. . | 1487 | 1472 | FW2784675.UP.FTS.B, 30.98%, 3/14/27.. . | 1953 | 1934 | 1934 |
| FW2781411.UP.FTS.B, 30.59%, 3/14/27.. . | 856 | 845 | FW2785442.UP.FTS.B, 30.98%, 3/14/27.. . | 1116 | 1105 | 1105 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 145 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 145 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2786195.UP.FTS.B, 30.98%, 3/14/27.. . $ | FW2786195.UP.FTS.B, 30.98%, 3/14/27.. . $ | FW2786195.UP.FTS.B, 30.98%, 3/14/27.. . $ | 1116 | $1105 | FW2778535.UP.FTS.B, 31.21%, 3/14/27.. . $13,899 | FW2778535.UP.FTS.B, 31.21%, 3/14/27.. . $13,899 | $982 |
| FW2782332.UP.FTS.B, 30.99%, 3/14/27.. . | FW2782332.UP.FTS.B, 30.99%, 3/14/27.. . | FW2782332.UP.FTS.B, 30.99%, 3/14/27.. . | 1575 | 1562 | FW2785357.UP.FTS.B, 31.21%, 3/14/27.. . | 2977 | 2949 |
| FW2784273.UP.FTS.B, 30.99%, 3/14/27.. . | FW2784273.UP.FTS.B, 30.99%, 3/14/27.. . | FW2784273.UP.FTS.B, 30.99%, 3/14/27.. . | 1453 | 103 | FW2787102.UP.FTS.B, 31.21%, 3/14/27.. . | 4466 | 4423 |
| FW2786754.UP.FTS.B, 30.99%, 3/14/27.. . | FW2786754.UP.FTS.B, 30.99%, 3/14/27.. . | FW2786754.UP.FTS.B, 30.99%, 3/14/27.. . | 1581 | 1566 | FW2788875.UP.FTS.B, 31.21%, 3/14/27.. . | 12232 | 3620 |
| FW2779939.UP.FTS.B, 31%, 3/14/27.. . . . | FW2779939.UP.FTS.B, 31%, 3/14/27.. . . . | FW2779939.UP.FTS.B, 31%, 3/14/27.. . . . | 886 | 873 | FW2781077.UP.FTS.B, 31.22%, 3/14/27.. . | 1023 | 1014 |
| FW2783509.UP.FTS.B, 31.03%, 3/14/27.. . | FW2783509.UP.FTS.B, 31.03%, 3/14/27.. . | FW2783509.UP.FTS.B, 31.03%, 3/14/27.. . | 5580 | 5527 | FW2783800.UP.FTS.B, 31.22%, 3/14/27.. . | 5883 | 410 |
| FW2784679.UP.FTS.B, 31.03%, 3/14/27.. . | FW2784679.UP.FTS.B, 31.03%, 3/14/27.. . | FW2784679.UP.FTS.B, 31.03%, 3/14/27.. . | 2112 | 2088 | FW2786205.UP.FTS.B, 31.22%, 3/14/27.. . | 11463 | 3357 |
| FW2782870.UP.FTS.B, 31.04%, 3/14/27.. . | FW2782870.UP.FTS.B, 31.04%, 3/14/27.. . | FW2782870.UP.FTS.B, 31.04%, 3/14/27.. . | 1245 | 1231 | FW2774568.UP.FTS.B, 31.23%, 3/14/27.. . | 815 | 804 |
| FW2787185.UP.FTS.B, 31.04%, 3/14/27.. . | FW2787185.UP.FTS.B, 31.04%, 3/14/27.. . | FW2787185.UP.FTS.B, 31.04%, 3/14/27.. . | 2545 | 180 | FW2783270.UP.FTS.B, 31.23%, 3/14/27.. . | 18698 | 18521 |
| FW2787376.UP.FTS.B, 31.04%, 3/14/27.. . | FW2787376.UP.FTS.B, 31.04%, 3/14/27.. . | FW2787376.UP.FTS.B, 31.04%, 3/14/27.. . | 2511 | 2487 | FW2783557.UP.FTS.B, 31.23%, 3/14/27.. . | 3493 | 3460 |
| FW2783607.UP.FTS.B, 31.05%, 3/14/27.. . | FW2783607.UP.FTS.B, 31.05%, 3/14/27.. . | FW2783607.UP.FTS.B, 31.05%, 3/14/27.. . | 8713 | 8636 | FW2781391.UP.FTS.B, 31.24%, 3/14/27.. . | 8096 | 8020 |
| FW2787448.UP.FTS.B, 31.05%, 3/14/27.. . | FW2787448.UP.FTS.B, 31.05%, 3/14/27.. . | FW2787448.UP.FTS.B, 31.05%, 3/14/27.. . | 1209 | 1198 | FW2782281.UP.FTS.B, 31.24%, 3/14/27.. . | 2881 | 2848 |
| FW2784370.UP.FTS.B, 31.06%, 3/14/27.. . | FW2784370.UP.FTS.B, 31.06%, 3/14/27.. . | FW2784370.UP.FTS.B, 31.06%, 3/14/27.. . | 8742 | 8659 | FW2789907.UP.FTS.B, 31.24%, 3/14/27.. . | 1227 | 1179 |
| FW2786202.UP.FTS.B, 31.06%, 3/14/27.. . | FW2786202.UP.FTS.B, 31.06%, 3/14/27.. . | FW2786202.UP.FTS.B, 31.06%, 3/14/27.. . | 5634 | 5334 | FW2783300.UP.FTS.B, 31.25%, 3/14/27.. . | 2326 | 2304 |
| FW2789056.UP.FTS.B, 31.06%, 3/14/27.. . | FW2789056.UP.FTS.B, 31.06%, 3/14/27.. . | FW2789056.UP.FTS.B, 31.06%, 3/14/27.. . | 864 | 836 | FW2785509.UP.FTS.B, 31.25%, 3/14/27.. . | 3223 | 3193 |
| FW2786026.UP.FTS.B, 31.07%, 3/14/27.. . | FW2786026.UP.FTS.B, 31.07%, 3/14/27.. . | FW2786026.UP.FTS.B, 31.07%, 3/14/27.. . | 13021 | 12897 | FW2785558.UP.FTS.B, 31.27%, 3/14/27.. . | 3908 | 3871 |
| FW2790081.UP.FTS.B, 31.07%, 3/14/27.. . | FW2790081.UP.FTS.B, 31.07%, 3/14/27.. . | FW2790081.UP.FTS.B, 31.07%, 3/14/27.. . | 1209 | 1198 | FW2780726.UP.FTS.B, 31.3%, 3/14/27.. . . | 3121 | 3091 |
| FW2782355.UP.FTS.B, 31.08%, 3/14/27.. . | FW2782355.UP.FTS.B, 31.08%, 3/14/27.. . | FW2782355.UP.FTS.B, 31.08%, 3/14/27.. . | 1848 | 1831 | FW2780853.UP.FTS.B, 31.33%, 3/14/27.. . | 4328 | 4101 |
| FW2784742.UP.FTS.B, 31.08%, 3/14/27.. . | FW2784742.UP.FTS.B, 31.08%, 3/14/27.. . | FW2784742.UP.FTS.B, 31.08%, 3/14/27.. . | 1720 | 254 | FW2784357.UP.FTS.B, 31.34%, 3/14/27.. . | 4833 | 1416 |
| FW2785866.UP.FTS.B, 31.08%, 3/14/27.. . | FW2785866.UP.FTS.B, 31.08%, 3/14/27.. . | FW2785866.UP.FTS.B, 31.08%, 3/14/27.. . | 1116 | 1106 | FW2786526.UP.FTS.B, 31.34%, 3/14/27.. . | 6214 | 432 |
| FW2788599.UP.FTS.B, 31.08%, 3/14/27.. . | FW2788599.UP.FTS.B, 31.08%, 3/14/27.. . | FW2788599.UP.FTS.B, 31.08%, 3/14/27.. . | 2436 | – | FW2779996.UP.FTS.B, 31.38%, 3/14/27.. . | 3232 | 3202 |
| FW2787532.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787532.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787532.UP.FTS.B, 31.09%, 3/14/27.. . | 1031 | 1022 | FW2783347.UP.FTS.B, 31.39%, 3/14/27.. . | 5243 | 365 |
| FW2787582.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787582.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787582.UP.FTS.B, 31.09%, 3/14/27.. . | 1608 | 1523 | FW2784473.UP.FTS.B, 31.45%, 3/14/27.. . | 2516 | 2492 |
| FW2787940.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787940.UP.FTS.B, 31.09%, 3/14/27.. . | FW2787940.UP.FTS.B, 31.09%, 3/14/27.. . | 7441 | 7370 | FW2781466.UP.FTS.B, 31.46%, 3/14/27.. . | 1582 | 1567 |
| FW2788471.UP.FTS.B, 31.09%, 3/14/27.. . | FW2788471.UP.FTS.B, 31.09%, 3/14/27.. . | FW2788471.UP.FTS.B, 31.09%, 3/14/27.. . | 2535 | 2400 | FW2787620.UP.FTS.B, 31.48%, 3/14/27.. . | 15917 | 15766 |
| FW2788577.UP.FTS.B, 31.09%, 3/14/27.. . | FW2788577.UP.FTS.B, 31.09%, 3/14/27.. . | FW2788577.UP.FTS.B, 31.09%, 3/14/27.. . | 2046 | 2027 | FW2785379.UP.FTS.B, 31.49%, 3/14/27.. . | 26365 | 26125 |
| FW2780732.UP.FTS.B, 31.1%, 3/14/27.. . . | FW2780732.UP.FTS.B, 31.1%, 3/14/27.. . . | FW2780732.UP.FTS.B, 31.1%, 3/14/27.. . . | 2697 | 2672 | FW2784706.UP.FTS.B, 31.51%, 3/14/27.. . | 4562 | 4518 |
| FW2788870.UP.FTS.B, 31.1%, 3/14/27.. . . | FW2788870.UP.FTS.B, 31.1%, 3/14/27.. . . | FW2788870.UP.FTS.B, 31.1%, 3/14/27.. . . | 5515 | 5464 | FW2780027.UP.FTS.B, 31.52%, 3/14/27.. . | 2793 | 2767 |
| FW2785064.UP.FTS.B, 31.11%, 3/14/27.. . | FW2785064.UP.FTS.B, 31.11%, 3/14/27.. . | FW2785064.UP.FTS.B, 31.11%, 3/14/27.. . | 1116 | 1106 | FW2786404.UP.FTS.B, 31.55%, 3/14/27.. . | 14392 | 1016 |
| FW2785188.UP.FTS.B, 31.11%, 3/14/27.. . | FW2785188.UP.FTS.B, 31.11%, 3/14/27.. . | FW2785188.UP.FTS.B, 31.11%, 3/14/27.. . | 5775 | 1687 | FW2789305.UP.FTS.B, 31.55%, 3/14/27.. . | 4816 | 4767 |
| FW2781136.UP.FTS.B, 31.12%, 3/14/27.. . | FW2781136.UP.FTS.B, 31.12%, 3/14/27.. . | FW2781136.UP.FTS.B, 31.12%, 3/14/27.. . | 3534 | 3501 | FW2788279.UP.FTS.B, 31.69%, 3/14/27.. . | 4796 | (73) |
| FW2786131.UP.FTS.B, 31.12%, 3/14/27.. . | FW2786131.UP.FTS.B, 31.12%, 3/14/27.. . | FW2786131.UP.FTS.B, 31.12%, 3/14/27.. . | 2160 | 2140 | FW2780410.UP.FTS.B, 31.7%, 3/14/27.. . . | 5689 | 5636 |
| FW2789294.UP.FTS.B, 31.12%, 3/14/27.. . | FW2789294.UP.FTS.B, 31.12%, 3/14/27.. . | FW2789294.UP.FTS.B, 31.12%, 3/14/27.. . | 4278 | 4238 | FW2780093.UP.FTS.B, 31.72%, 3/14/27.. . | 2423 | 2400 |
| FW2784127.UP.FTS.B, 31.13%, 3/14/27.. . | FW2784127.UP.FTS.B, 31.13%, 3/14/27.. . | FW2784127.UP.FTS.B, 31.13%, 3/14/27.. . | 3156 | 3123 | FW2778405.UP.FTS.B, 31.73%, 3/14/27.. . | 6560 | 463 |
| FW2781681.UP.FTS.B, 31.14%, 3/14/27.. . | FW2781681.UP.FTS.B, 31.14%, 3/14/27.. . | FW2781681.UP.FTS.B, 31.14%, 3/14/27.. . | 1209 | 1198 | FW2781284.UP.FTS.B, 31.75%, 3/14/27.. . | 3167 | 3137 |
| FW2786543.UP.FTS.B, 31.14%, 3/14/27.. . | FW2786543.UP.FTS.B, 31.14%, 3/14/27.. . | FW2786543.UP.FTS.B, 31.14%, 3/14/27.. . | 1247 | 182 | FW2781775.UP.FTS.B, 31.79%, 3/14/27.. . | 5309 | 5259 |
| FW2787239.UP.FTS.B, 31.14%, 3/14/27.. . | FW2787239.UP.FTS.B, 31.14%, 3/14/27.. . | FW2787239.UP.FTS.B, 31.14%, 3/14/27.. . | 4279 | 4238 | FW2785751.UP.FTS.B, 31.86%, 3/14/27.. . | 1863 | 1845 |
| FW2788705.UP.FTS.B, 31.14%, 3/14/27.. . | FW2788705.UP.FTS.B, 31.14%, 3/14/27.. . | FW2788705.UP.FTS.B, 31.14%, 3/14/27.. . | 3917 | 3876 | FW2780155.UP.FTS.B, 31.91%, 3/14/27.. . | 2329 | 2307 |
| FW2780167.UP.FTS.B, 31.15%, 3/14/27.. . | FW2780167.UP.FTS.B, 31.15%, 3/14/27.. . | FW2780167.UP.FTS.B, 31.15%, 3/14/27.. . | 4279 | 4238 | FW2789903.UP.FTS.B, 31.92%, 3/14/27.. . | 4534 | 4493 |
| FW2781895.UP.FTS.B, 31.15%, 3/14/27.. . | FW2781895.UP.FTS.B, 31.15%, 3/14/27.. . | FW2781895.UP.FTS.B, 31.15%, 3/14/27.. . | 1771 | 1755 | FW2783916.UP.FTS.B, 31.93%, 3/14/27.. . | 3168 | 3138 |
| FW2782102.UP.FTS.B, 31.15%, 3/14/27.. . | FW2782102.UP.FTS.B, 31.15%, 3/14/27.. . | FW2782102.UP.FTS.B, 31.15%, 3/14/27.. . | 1209 | 1198 | FW2784397.UP.FTS.B, 32.06%, 3/14/27.. . | 3287 | 962 |
| FW2782284.UP.FTS.B, 31.15%, 3/14/27.. . | FW2782284.UP.FTS.B, 31.15%, 3/14/27.. . | FW2782284.UP.FTS.B, 31.15%, 3/14/27.. . | 4125 | 4085 | FW2784038.UP.FTS.B, 32.17%, 3/14/27.. . | 26159 | 25929 |
| FW2784762.UP.FTS.B, 31.15%, 3/14/27.. . | FW2784762.UP.FTS.B, 31.15%, 3/14/27.. . | FW2784762.UP.FTS.B, 31.15%, 3/14/27.. . | 1953 | 1935 | FW2781715.UP.FTS.B, 32.21%, 3/14/27.. . | 5418 | 5367 |
| FW2786173.UP.FTS.B, 31.15%, 3/14/27.. . | FW2786173.UP.FTS.B, 31.15%, 3/14/27.. . | FW2786173.UP.FTS.B, 31.15%, 3/14/27.. . | 9777 | 9687 | FW2790669.UP.FTS.B, 32.4%, 3/14/27.. . . | 4943 | 4896 |
| FW2787162.UP.FTS.B, 31.15%, 3/14/27.. . | FW2787162.UP.FTS.B, 31.15%, 3/14/27.. . | FW2787162.UP.FTS.B, 31.15%, 3/14/27.. . | 3163 | 3133 | FW2781161.UP.FTS.B, 32.42%, 3/14/27.. . | 6332 | 6274 |
| FW2780763.UP.FTS.B, 31.16%, 3/14/27.. . | FW2780763.UP.FTS.B, 31.16%, 3/14/27.. . | FW2780763.UP.FTS.B, 31.16%, 3/14/27.. . | 1674 | 1659 | FW2785590.UP.FTS.B, 32.55%, 3/14/27.. . | 8491 | (122) |
| FW2782887.UP.FTS.B, 31.16%, 3/14/27.. . | FW2782887.UP.FTS.B, 31.16%, 3/14/27.. . | FW2782887.UP.FTS.B, 31.16%, 3/14/27.. . | 6511 | 6450 | FW2783748.UP.FTS.B, 32.56%, 3/14/27.. . | 1151 | 80 |
| FW2786834.UP.FTS.B, 31.16%, 3/14/27.. . | FW2786834.UP.FTS.B, 31.16%, 3/14/27.. . | FW2786834.UP.FTS.B, 31.16%, 3/14/27.. . | 4666 | 4420 | FW2784631.UP.FTS.B, 32.84%, 3/14/27.. . | 1400 | 1387 |
| FW2787568.UP.FTS.B, 31.16%, 3/14/27.. . | FW2787568.UP.FTS.B, 31.16%, 3/14/27.. . | FW2787568.UP.FTS.B, 31.16%, 3/14/27.. . | 930 | 921 | FW2782812.UP.FTS.B, 32.88%, 3/14/27.. . | 11465 | 806 |
| FW2789262.UP.FTS.B, 31.16%, 3/14/27.. . | FW2789262.UP.FTS.B, 31.16%, 3/14/27.. . | FW2789262.UP.FTS.B, 31.16%, 3/14/27.. . | 2294 | 339 | FW2788557.UP.FTS.B, 32.99%, 3/14/27.. . | 1082 | 1071 |
| FW2780136.UP.FTS.B, 31.17%, 3/14/27.. . | FW2780136.UP.FTS.B, 31.17%, 3/14/27.. . | FW2780136.UP.FTS.B, 31.17%, 3/14/27.. . | 1675 | 1659 | FW2783388.UP.FTS.B, 33.44%, 3/14/27.. . | 1589 | 1574 |
| FW2781751.UP.FTS.B, 31.17%, 3/14/27.. . | FW2781751.UP.FTS.B, 31.17%, 3/14/27.. . | FW2781751.UP.FTS.B, 31.17%, 3/14/27.. . | 1411 | 1398 | FW2783160.UP.FTS.B, 34.17%, 3/14/27.. . | 5548 | 382 |
| FW2782287.UP.FTS.B, 31.17%, 3/14/27.. . | FW2782287.UP.FTS.B, 31.17%, 3/14/27.. . | FW2782287.UP.FTS.B, 31.17%, 3/14/27.. . | 1951 | 1929 | FW2779857.UP.FTS.B, 34.2%, 3/14/27.. . . | 3504 | 241 |
| FW2784788.UP.FTS.B, 31.17%, 3/14/27.. . | FW2784788.UP.FTS.B, 31.17%, 3/14/27.. . | FW2784788.UP.FTS.B, 31.17%, 3/14/27.. . | 6857 | 6792 | FW2789113.UP.FTS.B, 34.45%, 3/14/27.. . | 12019 | 11907 |
| FW2789715.UP.FTS.B, 31.18%, 3/14/27.. . | FW2789715.UP.FTS.B, 31.18%, 3/14/27.. . | FW2789715.UP.FTS.B, 31.18%, 3/14/27.. . | 1940 | 1922 | FW2783774.UP.FTS.B, 34.74%, 3/14/27.. . | 15908 | 1094 |
| FW2782023.UP.FTS.B, 31.19%, 3/14/27.. . | FW2782023.UP.FTS.B, 31.19%, 3/14/27.. . | FW2782023.UP.FTS.B, 31.19%, 3/14/27.. . | 2140 | 2119 | FW2780347.UP.FTS.B, 34.98%, 3/14/27.. . | 33263 | 9833 |
| FW2782700.UP.FTS.B, 31.19%, 3/14/27.. . | FW2782700.UP.FTS.B, 31.19%, 3/14/27.. . | FW2782700.UP.FTS.B, 31.19%, 3/14/27.. . | 5303 | 5252 | L1894414.UP.FTS.B, 14.79%, 3/21/27. . . . | 6578 | 6187 |
| FW2787099.UP.FTS.B, 31.19%, 3/14/27.. . | FW2787099.UP.FTS.B, 31.19%, 3/14/27.. . | FW2787099.UP.FTS.B, 31.19%, 3/14/27.. . | 1272 | 90 | L1895507.UP.FTS.B, 22.08%, 3/21/27. . . . | 11475 | 10890 |
| 146 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 146 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| FW1893730.UP.FTS.B, 26.84%, 3/21/27.. . | $7589 | $7563 | L2932192.UP.FTS.B, 12.4%, 4/11/27. . . . . | $26992 | $26729 | 26729 |
| FW1890965.UP.FTS.B, 27.74%, 3/21/27.. . | 46532 | 13552 | L2928805.UP.FTS.B, 12.67%, 4/11/27. . . . | 31688 | 31479 | 31479 |
| FW1894575.UP.FTS.B, 28.17%, 3/21/27.. . | 4667 | 332 | L2925660.UP.FTS.B, 12.92%, 4/11/27. . . . | 1318 | 1304 | 1304 |
| FW1892275.UP.FTS.B, 31.17%, 3/21/27.. . | 20884 | 20762 | L2930442.UP.FTS.B, 13.06%, 4/11/27. . . . | 16224 | 16067 | 16067 |
| FW1850949.UP.FTS.B, 31.21%, 3/21/27.. . | 36135 | 35229 | L2930302.UP.FTS.B, 13.11%, 4/11/27.. . . . | 6671 | 6606 | 6606 |
| FW1890555.UP.FTS.B, 31.62%, 3/21/27.. . | 4665 | 1376 | L2929574.UP.FTS.B, 13.26%, 4/11/27. . . . | 9018 | 8930 | 8930 |
| L2018288.UP.FTS.B, 10.67%, 4/10/27. . . . | 14075 | 13939 | L2927750.UP.FTS.B, 13.53%, 4/11/27. . . . | 6769 | 6703 | 6703 |
| L2010485.UP.FTS.B, 11.01%, 4/10/27. . . . | 9357 | 682 | L2929053.UP.FTS.B, 13.57%, 4/11/27. . . . | 14791 | 14647 | 14647 |
| L2017330.UP.FTS.B, 18.21%, 4/10/27. . . . | 4535 | 4472 | L2932322.UP.FTS.B, 13.78%, 4/11/27. . . . | 3213 | 233 | 233 |
| FW2016567.UP.FTS.B, 21.23%, 4/10/27.. . | 4485 | 4416 | L2932091.UP.FTS.B, 14.06%, 4/11/27. . . . | 14976 | 2035 | 2035 |
| L2018168.UP.FTS.B, 21.66%, 4/10/27. . . . | 10795 | 10609 | L2931141.UP.FTS.B, 14.22%, 4/11/27.. . . . | 9403 | 9308 | 9308 |
| L2018248.UP.FTS.B, 24.88%, 4/10/27. . . . | 2647 | 2630 | L2929484.UP.FTS.B, 14.28%, 4/11/27. . . . | 6875 | 1744 | 1744 |
| L2015858.UP.FTS.B, 25.48%, 4/10/27. . . . | 6023 | 5977 | L2931559.UP.FTS.B, 14.36%, 4/11/27. . . . | 36177 | 35829 | 35829 |
| FW2018468.UP.FTS.B, 26.52%, 4/10/27.. . | 18958 | 18740 | L2905065.UP.FTS.B, 14.54%, 4/11/27. . . . | 1709 | 1690 | 1690 |
| FW2017442.UP.FTS.B, 30.64%, 4/10/27.. . | 3764 | 539 | L2930680.UP.FTS.B, 14.64%, 4/11/27. . . . | 1076 | 1063 | 1063 |
| L2931144.UP.FTS.B, 5.51%, 4/11/27.. . . . . | 7939 | 7901 | FW2931651.UP.FTS.B, 14.66%, 4/11/27.. . | 6336 | 6275 | 6275 |
| FW2930052.UP.FTS.B, 5.58%, 4/11/27.. . . | 17646 | 17561 | L2931110.UP.FTS.B, 14.92%, 4/11/27.. . . . | 4076 | 4019 | 4019 |
| FW2932165.UP.FTS.B, 5.86%, 4/11/27.. . . | 17926 | 17840 | L2928992.UP.FTS.B, 15.03%, 4/11/27. . . . | 9060 | 8973 | 8973 |
| L2928632.UP.FTS.B, 5.88%, 4/11/27. . . . . | 9361 | 9316 | L2929671.UP.FTS.B, 15.08%, 4/11/27. . . . | 42759 | 42316 | 42316 |
| L2931142.UP.FTS.B, 5.9%, 4/11/27. . . . . . | 18085 | 17992 | L2928247.UP.FTS.B, 15.12%, 4/11/27. . . . | 4350 | 4308 | 4308 |
| L2931197.UP.FTS.B, 6.15%, 4/11/27.. . . . . | 2828 | 2815 | L2928237.UP.FTS.B, 15.14%, 4/11/27. . . . | 39239 | 38864 | 38864 |
| L2931326.UP.FTS.B, 6.18%, 4/11/27. . . . . | 11029 | 10975 | L2930249.UP.FTS.B, 15.14%, 4/11/27. . . . | 9787 | 9694 | 9694 |
| L2931374.UP.FTS.B, 7.06%, 4/11/27. . . . . | 6204 | 6175 | L2927958.UP.FTS.B, 15.19%, 4/11/27. . . . | 14567 | 14427 | 14427 |
| FW2929692.UP.FTS.B, 7.58%, 4/11/27.. . . | 11539 | 11456 | FW2928811.UP.FTS.B, 15.33%, 4/11/27.. . | 5361 | 5284 | 5284 |
| FW2930492.UP.FTS.B, 7.76%, 4/11/27.. . . | 24223 | 24051 | FW2930646.UP.FTS.B, 15.55%, 4/11/27.. . | 4446 | 4403 | 4403 |
| L2928415.UP.FTS.B, 7.84%, 4/11/27. . . . . | 31090 | 30868 | L2930377.UP.FTS.B, 15.57%, 4/11/27. . . . | 16254 | 16026 | 16026 |
| L2928839.UP.FTS.B, 7.91%, 4/11/27. . . . . | 7048 | 6998 | L2927743.UP.FTS.B, 15.66%, 4/11/27. . . . | 6806 | 6710 | 6710 |
| L2929271.UP.FTS.B, 8.07%, 4/11/27. . . . . | 31999 | 31852 | L2928343.UP.FTS.B, 15.68%, 4/11/27. . . . | 1966 | 1947 | 1947 |
| L2928297.UP.FTS.B, 8.58%, 4/11/27. . . . . | 22255 | 22097 | L2928701.UP.FTS.B, 15.72%, 4/11/27. . . . | 4265 | 4225 | 4225 |
| FW2930354.UP.FTS.B, 8.77%, 4/11/27.. . . | 19001 | 18864 | FW2930346.UP.FTS.B, 15.87%, 4/11/27.. . | 908 | 899 | 899 |
| L2929501.UP.FTS.B, 8.87%, 4/11/27. . . . . | 23877 | 23708 | L2928179.UP.FTS.B, 15.92%, 4/11/27. . . . | 31762 | 31460 | 31460 |
| L2929733.UP.FTS.B, 9.1%, 4/11/27. . . . . . | 33433 | 33197 | L2928682.UP.FTS.B, 15.94%, 4/11/27. . . . | 11622 | 11460 | 11460 |
| L2930239.UP.FTS.B, 9.15%, 4/11/27. . . . . | 21922 | 21762 | FW2929957.UP.FTS.B, 16.01%, 4/11/27.. . | 12715 | 12595 | 12595 |
| L2928144.UP.FTS.B, 9.39%, 4/11/27. . . . . | 18039 | 17913 | L2929608.UP.FTS.B, 16.07%, 4/11/27. . . . | 906 | 893 | 893 |
| FW2928771.UP.FTS.B, 9.46%, 4/11/27.. . . | 44622 | 44309 | FW2929029.UP.FTS.B, 16.18%, 4/11/27.. . | 15990 | 15834 | 15834 |
| L2931437.UP.FTS.B, 9.47%, 4/11/27. . . . . | 9371 | 9305 | L2932260.UP.FTS.B, 16.49%, 4/11/27. . . . | 1546 | 1524 | 1524 |
| L2932211.UP.FTS.B, 9.68%, 4/11/27.. . . . . | 18931 | 18799 | L2930475.UP.FTS.B, 16.55%, 4/11/27. . . . | 6002 | 5919 | 5919 |
| L2931292.UP.FTS.B, 9.71%, 4/11/27. . . . . | 1480 | 1469 | L2927859.UP.FTS.B, 16.57%, 4/11/27. . . . | 3001 | 2960 | 2960 |
| L2930583.UP.FTS.B, 9.81%, 4/11/27. . . . . | 40199 | 39919 | L2925173.UP.FTS.B, 16.58%, 4/11/27. . . . | 2001 | 1982 | 1982 |
| L2929532.UP.FTS.B, 9.84%, 4/11/27. . . . . | 15240 | 15132 | L2909526.UP.FTS.B, 16.64%, 4/11/27. . . . | 6368 | 6308 | 6308 |
| L2931910.UP.FTS.B, 10.07%, 4/11/27. . . . | 4470 | 4439 | L2930340.UP.FTS.B, 16.68%, 4/11/27. . . . | 24400 | 24164 | 24164 |
| L2931980.UP.FTS.B, 10.2%, 4/11/27. . . . . | 9659 | 9592 | FW2880291.UP.FTS.B, 16.74%, 4/11/27.. . | 11968 | 11803 | 11803 |
| L2932135.UP.FTS.B, 10.91%, 4/11/27. . . . | 20610 | 20406 | L2927944.UP.FTS.B, 16.84%, 4/11/27. . . . | 2824 | 1490 | 1490 |
| L2930472.UP.FTS.B, 10.98%, 4/11/27. . . . | 986 | 976 | FW2930839.UP.FTS.B, 16.93%, 4/11/27.. . | 3459 | 3427 | 3427 |
| L2928694.UP.FTS.B, 11.02%, 4/11/27.. . . . | 14431 | 14289 | FW2928717.UP.FTS.B, 16.97%, 4/11/27.. . | 6828 | 6733 | 6733 |
| L2929301.UP.FTS.B, 11.05%, 4/11/27.. . . . | 10130 | 10030 | L2928313.UP.FTS.B, 17.03%, 4/11/27. . . . | 10016 | 9877 | 9877 |
| FW2931075.UP.FTS.B, 11.12%, 4/11/27.. . | 11423 | 11308 | L2928071.UP.FTS.B, 17.22%, 4/11/27. . . . | 1002 | 988 | 988 |
| FW2930918.UP.FTS.B, 11.32%, 4/11/27.. . | 5381 | 5328 | L2930149.UP.FTS.B, 17.22%, 4/11/27. . . . | 8945 | 8861 | 8861 |
| FW2931457.UP.FTS.B, 11.32%, 4/11/27.. . | 8971 | 8882 | FW2930905.UP.FTS.B, 17.36%, 4/11/27.. . | 30598 | 30176 | 30176 |
| FW2928380.UP.FTS.B, 11.34%, 4/11/27.. . | 3409 | 3376 | L2920414.UP.FTS.B, 17.44%, 4/11/27. . . . | 24426 | 24087 | 24087 |
| L2925082.UP.FTS.B, 11.39%, 4/11/27.. . . . | 4038 | 3998 | L2928286.UP.FTS.B, 17.5%, 4/11/27. . . . . | 4143 | 4099 | 4099 |
| L2929885.UP.FTS.B, 11.42%, 4/11/27.. . . . | 39034 | 38767 | L2930132.UP.FTS.B, 17.59%, 4/11/27. . . . | 4376 | 4302 | 4302 |
| L2929334.UP.FTS.B, 11.51%, 4/11/27.. . . . | 21451 | 21241 | FW2930503.UP.FTS.B, 17.64%, 4/11/27.. . | 4554 | 4491 | 4491 |
| L2929504.UP.FTS.B, 11.63%, 4/11/27.. . . . | 2694 | 2667 | L2929835.UP.FTS.B, 17.66%, 4/11/27. . . . | 9715 | 9582 | 9582 |
| FW2928315.UP.FTS.B, 11.88%, 4/11/27.. . | 2970 | 2941 | L2929520.UP.FTS.B, 17.74%, 4/11/27. . . . | 13446 | 13213 | 13213 |
| L2931774.UP.FTS.B, 11.89%, 4/11/27.. . . . | 13134 | 13000 | L2931693.UP.FTS.B, 17.77%, 4/11/27. . . . | 4014 | 3976 | 3976 |
| L2930803.UP.FTS.B, 11.99%, 4/11/27.. . . . | 14470 | 14328 | FW2928215.UP.FTS.B, 17.86%, 4/11/27.. . | 5018 | 4949 | 4949 |
| L2930792.UP.FTS.B, 12.29%, 4/11/27. . . . | 4497 | 4453 | L2930769.UP.FTS.B, 18.01%, 4/11/27. . . . | 12805 | 12687 | 12687 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 147 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 147 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| L2931697.UP.FTS.B, 18.04%, 4/11/27. . . . | L2931697.UP.FTS.B, 18.04%, 4/11/27. . . . | L2931697.UP.FTS.B, 18.04%, 4/11/27. . . . | $17734 | $17423 | L2929355.UP.FTS.B, 22.65%, 4/11/27. . . . | $2030 | $2006 |
| L2930203.UP.FTS.B, 18.11%, 4/11/27.. . . . | L2930203.UP.FTS.B, 18.11%, 4/11/27.. . . . | L2930203.UP.FTS.B, 18.11%, 4/11/27.. . . . | 36643 | 36293 | FW2907671.UP.FTS.B, 22.68%, 4/11/27.. . | 18649 | 18436 |
| L2929357.UP.FTS.B, 18.14%, 4/11/27. . . . | L2929357.UP.FTS.B, 18.14%, 4/11/27. . . . | L2929357.UP.FTS.B, 18.14%, 4/11/27. . . . | 5485 | 5409 | L2928173.UP.FTS.B, 22.91%, 4/11/27. . . . | 2954 | 2905 |
| FW2928101.UP.FTS.B, 18.34%, 4/11/27.. . | FW2928101.UP.FTS.B, 18.34%, 4/11/27.. . | FW2928101.UP.FTS.B, 18.34%, 4/11/27.. . | 3014 | 2963 | FW2930674.UP.FTS.B, 22.96%, 4/11/27.. . | 14076 | 13906 |
| L2929573.UP.FTS.B, 18.4%, 4/11/27. . . . . | L2929573.UP.FTS.B, 18.4%, 4/11/27. . . . . | L2929573.UP.FTS.B, 18.4%, 4/11/27. . . . . | 13878 | 7687 | L2928500.UP.FTS.B, 23.05%, 4/11/27. . . . | 45877 | 45375 |
| FW2931119.UP.FTS.B, 18.48%, 4/11/27.. . | FW2931119.UP.FTS.B, 18.48%, 4/11/27.. . | FW2931119.UP.FTS.B, 18.48%, 4/11/27.. . | 3381 | 3349 | FW2931576.UP.FTS.B, 23.07%, 4/11/27.. . | 13851 | 13693 |
| L2930797.UP.FTS.B, 18.58%, 4/11/27. . . . | L2930797.UP.FTS.B, 18.58%, 4/11/27. . . . | L2930797.UP.FTS.B, 18.58%, 4/11/27. . . . | 1097 | 1078 | L2924972.UP.FTS.B, 23.1%, 4/11/27. . . . . | 10050 | 5970 |
| L2931356.UP.FTS.B, 18.7%, 4/11/27. . . . . | L2931356.UP.FTS.B, 18.7%, 4/11/27. . . . . | L2931356.UP.FTS.B, 18.7%, 4/11/27. . . . . | 10239 | 10066 | FW2928961.UP.FTS.B, 23.12%, 4/11/27.. . | 4585 | 4535 |
| FW2930223.UP.FTS.B, 18.74%, 4/11/27.. . | FW2930223.UP.FTS.B, 18.74%, 4/11/27.. . | FW2930223.UP.FTS.B, 18.74%, 4/11/27.. . | 4592 | 332 | FW2929214.UP.FTS.B, 23.28%, 4/11/27.. . | 1016 | 999 |
| FW2931505.UP.FTS.B, 18.79%, 4/11/27.. . | FW2931505.UP.FTS.B, 18.79%, 4/11/27.. . | FW2931505.UP.FTS.B, 18.79%, 4/11/27.. . | 12802 | 12683 | L2929169.UP.FTS.B, 23.28%, 4/11/27. . . . | 9906 | 9797 |
| FW2928788.UP.FTS.B, 18.9%, 4/11/27.. . . | FW2928788.UP.FTS.B, 18.9%, 4/11/27.. . . | FW2928788.UP.FTS.B, 18.9%, 4/11/27.. . . | 3933 | 3879 | L2932120.UP.FTS.B, 23.29%, 4/11/27. . . . | 5082 | 5024 |
| L2926454.UP.FTS.B, 19.25%, 4/11/27. . . . | L2926454.UP.FTS.B, 19.25%, 4/11/27. . . . | L2926454.UP.FTS.B, 19.25%, 4/11/27. . . . | 2969 | 2918 | L2931244.UP.FTS.B, 23.41%, 4/11/27. . . . | 2026 | 2005 |
| L2932213.UP.FTS.B, 19.31%, 4/11/27. . . . | L2932213.UP.FTS.B, 19.31%, 4/11/27. . . . | L2932213.UP.FTS.B, 19.31%, 4/11/27. . . . | 7599 | 7471 | L2930990.UP.FTS.B, 23.44%, 4/11/27. . . . | 10072 | 9905 |
| L2929660.UP.FTS.B, 19.43%, 4/11/27. . . . | L2929660.UP.FTS.B, 19.43%, 4/11/27. . . . | L2929660.UP.FTS.B, 19.43%, 4/11/27. . . . | 3022 | 2971 | FW2931695.UP.FTS.B, 23.47%, 4/11/27.. . | 3281 | 1949 |
| L2930569.UP.FTS.B, 19.46%, 4/11/27. . . . | L2930569.UP.FTS.B, 19.46%, 4/11/27. . . . | L2930569.UP.FTS.B, 19.46%, 4/11/27. . . . | 19233 | 19056 | FW2928339.UP.FTS.B, 23.55%, 4/11/27.. . | 25286 | 25009 |
| L2927920.UP.FTS.B, 19.53%, 4/11/27. . . . | L2927920.UP.FTS.B, 19.53%, 4/11/27. . . . | L2927920.UP.FTS.B, 19.53%, 4/11/27. . . . | 13740 | 13509 | L2931393.UP.FTS.B, 23.58%, 4/11/27. . . . | 6008 | 5940 |
| FW2928255.UP.FTS.B, 19.6%, 4/11/27.. . . | FW2928255.UP.FTS.B, 19.6%, 4/11/27.. . . | FW2928255.UP.FTS.B, 19.6%, 4/11/27.. . . | 5530 | 5439 | L2932212.UP.FTS.B, 23.72%, 4/11/27. . . . | 10079 | 9965 |
| L2930145.UP.FTS.B, 19.64%, 4/11/27. . . . | L2930145.UP.FTS.B, 19.64%, 4/11/27. . . . | L2930145.UP.FTS.B, 19.64%, 4/11/27. . . . | 10626 | 10452 | L2928534.UP.FTS.B, 23.8%, 4/11/27. . . . . | 9988 | 9853 |
| L2924609.UP.FTS.B, 19.67%, 4/11/27. . . . | L2924609.UP.FTS.B, 19.67%, 4/11/27. . . . | L2924609.UP.FTS.B, 19.67%, 4/11/27. . . . | 26115 | 25676 | FW2931916.UP.FTS.B, 23.85%, 4/11/27.. . | 5549 | 5487 |
| FW2928828.UP.FTS.B, 19.68%, 4/11/27.. . | FW2928828.UP.FTS.B, 19.68%, 4/11/27.. . | FW2928828.UP.FTS.B, 19.68%, 4/11/27.. . | 4032 | 3964 | L2928211.UP.FTS.B, 23.9%, 4/11/27.. . . . . | 12704 | 1895 |
| L2928959.UP.FTS.B, 19.94%, 4/11/27. . . . | L2928959.UP.FTS.B, 19.94%, 4/11/27. . . . | L2928959.UP.FTS.B, 19.94%, 4/11/27. . . . | 7388 | 7266 | L2929679.UP.FTS.B, 24.13%, 4/11/27. . . . | 34188 | 33825 |
| FW2931080.UP.FTS.B, 20.11%, 4/11/27.. . | FW2931080.UP.FTS.B, 20.11%, 4/11/27.. . | FW2931080.UP.FTS.B, 20.11%, 4/11/27.. . | 10823 | 10642 | L2930487.UP.FTS.B, 24.15%, 4/11/27. . . . | 17437 | 1257 |
| L2929135.UP.FTS.B, 20.21%, 4/11/27. . . . | L2929135.UP.FTS.B, 20.21%, 4/11/27. . . . | L2929135.UP.FTS.B, 20.21%, 4/11/27. . . . | 5046 | 4988 | FW2928539.UP.FTS.B, 24.21%, 4/11/27.. . | 9256 | 9151 |
| L2928908.UP.FTS.B, 20.26%, 4/11/27. . . . | L2928908.UP.FTS.B, 20.26%, 4/11/27. . . . | L2928908.UP.FTS.B, 20.26%, 4/11/27. . . . | 918 | 902 | FW2929160.UP.FTS.B, 24.21%, 4/11/27.. . | 1011 | 1000 |
| L2930386.UP.FTS.B, 20.28%, 4/11/27. . . . | L2930386.UP.FTS.B, 20.28%, 4/11/27. . . . | L2930386.UP.FTS.B, 20.28%, 4/11/27. . . . | 9740 | 9652 | L2928472.UP.FTS.B, 24.3%, 4/11/27. . . . . | 6415 | 3791 |
| L2929352.UP.FTS.B, 20.34%, 4/11/27. . . . | L2929352.UP.FTS.B, 20.34%, 4/11/27. . . . | L2929352.UP.FTS.B, 20.34%, 4/11/27. . . . | 9052 | 8902 | L2930096.UP.FTS.B, 24.39%, 4/11/27. . . . | 3705 | 3663 |
| L2932129.UP.FTS.B, 20.49%, 4/11/27. . . . | L2932129.UP.FTS.B, 20.49%, 4/11/27. . . . | L2932129.UP.FTS.B, 20.49%, 4/11/27. . . . | 19102 | 2590 | FW2929123.UP.FTS.B, 24.4%, 4/11/27.. . . | 5556 | 5464 |
| L2929654.UP.FTS.B, 20.54%, 4/11/27. . . . | L2929654.UP.FTS.B, 20.54%, 4/11/27. . . . | L2929654.UP.FTS.B, 20.54%, 4/11/27. . . . | 21022 | 688 | L2929607.UP.FTS.B, 24.41%, 4/11/27. . . . | 1729 | 494 |
| L2931611.UP.FTS.B, 20.6%, 4/11/27.. . . . . | L2931611.UP.FTS.B, 20.6%, 4/11/27.. . . . . | L2931611.UP.FTS.B, 20.6%, 4/11/27.. . . . . | 14968 | 14763 | FW2930547.UP.FTS.B, 24.45%, 4/11/27.. . | 3056 | 3022 |
| FW2930991.UP.FTS.B, 20.65%, 4/11/27.. . | FW2930991.UP.FTS.B, 20.65%, 4/11/27.. . | FW2930991.UP.FTS.B, 20.65%, 4/11/27.. . | 1451 | 55 | FW2926554.UP.FTS.B, 24.53%, 4/11/27.. . | 10234 | 6092 |
| L2929578.UP.FTS.B, 20.69%, 4/11/27. . . . | L2929578.UP.FTS.B, 20.69%, 4/11/27. . . . | L2929578.UP.FTS.B, 20.69%, 4/11/27. . . . | 19931 | 19702 | FW2928927.UP.FTS.B, 24.56%, 4/11/27.. . | 12134 | 11997 |
| L2931702.UP.FTS.B, 20.87%, 4/11/27. . . . | L2931702.UP.FTS.B, 20.87%, 4/11/27. . . . | L2931702.UP.FTS.B, 20.87%, 4/11/27. . . . | 8277 | 8165 | FW2929993.UP.FTS.B, 24.61%, 4/11/27.. . | 7059 | 6943 |
| L2927893.UP.FTS.B, 20.88%, 4/11/27. . . . | L2927893.UP.FTS.B, 20.88%, 4/11/27. . . . | L2927893.UP.FTS.B, 20.88%, 4/11/27. . . . | 6065 | 5995 | L2931286.UP.FTS.B, 24.62%, 4/11/27. . . . | 18535 | 18229 |
| L2928097.UP.FTS.B, 21%, 4/11/27.. . . . . . | L2928097.UP.FTS.B, 21%, 4/11/27.. . . . . . | L2928097.UP.FTS.B, 21%, 4/11/27.. . . . . . | 6309 | 449 | L2931805.UP.FTS.B, 24.68%, 4/11/27. . . . | 1164 | 82 |
| FW2929918.UP.FTS.B, 21.02%, 4/11/27.. . | FW2929918.UP.FTS.B, 21.02%, 4/11/27.. . | FW2929918.UP.FTS.B, 21.02%, 4/11/27.. . | 851 | 843 | FW2927974.UP.FTS.B, 24.72%, 4/11/27.. . | 3183 | 923 |
| FW2930169.UP.FTS.B, 21.07%, 4/11/27.. . | FW2930169.UP.FTS.B, 21.07%, 4/11/27.. . | FW2930169.UP.FTS.B, 21.07%, 4/11/27.. . | 9273 | 9150 | FW2931412.UP.FTS.B, 24.72%, 4/11/27.. . | 5048 | 4983 |
| FW2929809.UP.FTS.B, 21.08%, 4/11/27.. . | FW2929809.UP.FTS.B, 21.08%, 4/11/27.. . | FW2929809.UP.FTS.B, 21.08%, 4/11/27.. . | 11950 | 11813 | L2928852.UP.FTS.B, 24.73%, 4/11/27. . . . | 1390 | 1374 |
| L2928658.UP.FTS.B, 21.27%, 4/11/27. . . . | L2928658.UP.FTS.B, 21.27%, 4/11/27. . . . | L2928658.UP.FTS.B, 21.27%, 4/11/27. . . . | 920 | 907 | L2929765.UP.FTS.B, 24.83%, 4/11/27. . . . | 969 | 957 |
| FW2930564.UP.FTS.B, 21.29%, 4/11/27.. . | FW2930564.UP.FTS.B, 21.29%, 4/11/27.. . | FW2930564.UP.FTS.B, 21.29%, 4/11/27.. . | 1828 | 1807 | L2928512.UP.FTS.B, 24.85%, 4/11/27. . . . | 9954 | 9839 |
| L2929710.UP.FTS.B, 21.35%, 4/11/27. . . . | L2929710.UP.FTS.B, 21.35%, 4/11/27. . . . | L2929710.UP.FTS.B, 21.35%, 4/11/27. . . . | 11136 | 11015 | L2932289.UP.FTS.B, 24.85%, 4/11/27. . . . | 2224 | 2199 |
| L2928922.UP.FTS.B, 21.49%, 4/11/27. . . . | L2928922.UP.FTS.B, 21.49%, 4/11/27. . . . | L2928922.UP.FTS.B, 21.49%, 4/11/27. . . . | 4969 | 4886 | L2932342.UP.FTS.B, 24.92%, 4/11/27. . . . | 3227 | 3192 |
| FW2930464.UP.FTS.B, 21.68%, 4/11/27.. . | FW2930464.UP.FTS.B, 21.68%, 4/11/27.. . | FW2930464.UP.FTS.B, 21.68%, 4/11/27.. . | 11047 | 10862 | L2928873.UP.FTS.B, 24.96%, 4/11/27. . . . | 932 | 268 |
| L2931173.UP.FTS.B, 21.74%, 4/11/27.. . . . | L2931173.UP.FTS.B, 21.74%, 4/11/27.. . . . | L2931173.UP.FTS.B, 21.74%, 4/11/27.. . . . | 3220 | 3186 | L2931584.UP.FTS.B, 25.02%, 4/11/27. . . . | 1222 | 727 |
| L2930355.UP.FTS.B, 21.76%, 4/11/27. . . . | L2930355.UP.FTS.B, 21.76%, 4/11/27. . . . | L2930355.UP.FTS.B, 21.76%, 4/11/27. . . . | 4603 | 4551 | L2928413.UP.FTS.B, 25.03%, 4/11/27. . . . | 1576 | 1558 |
| FW2927878.UP.FTS.B, 21.78%, 4/11/27.. . | FW2927878.UP.FTS.B, 21.78%, 4/11/27.. . | FW2927878.UP.FTS.B, 21.78%, 4/11/27.. . | 5064 | 5006 | FW2928348.UP.FTS.B, 25.04%, 4/11/27.. . | 8669 | 8564 |
| L2924601.UP.FTS.B, 21.86%, 4/11/27. . . . | L2924601.UP.FTS.B, 21.86%, 4/11/27. . . . | L2924601.UP.FTS.B, 21.86%, 4/11/27. . . . | 4097 | 4050 | L2927825.UP.FTS.B, 25.04%, 4/11/27. . . . | 1971 | 1949 |
| L2931872.UP.FTS.B, 21.94%, 4/11/27. . . . | L2931872.UP.FTS.B, 21.94%, 4/11/27. . . . | L2931872.UP.FTS.B, 21.94%, 4/11/27. . . . | 24547 | 24209 | L2929669.UP.FTS.B, 25.06%, 4/11/27. . . . | 983 | 71 |
| L2929073.UP.FTS.B, 22.08%, 4/11/27. . . . | L2929073.UP.FTS.B, 22.08%, 4/11/27. . . . | L2929073.UP.FTS.B, 22.08%, 4/11/27. . . . | 24293 | 24009 | L2929882.UP.FTS.B, 25.08%, 4/11/27. . . . | 6584 | 6510 |
| L2931630.UP.FTS.B, 22.14%, 4/11/27. . . . | L2931630.UP.FTS.B, 22.14%, 4/11/27. . . . | L2931630.UP.FTS.B, 22.14%, 4/11/27. . . . | 19770 | 19440 | L2932152.UP.FTS.B, 25.08%, 4/11/27. . . . | 9922 | 9810 |
| FW2930816.UP.FTS.B, 22.15%, 4/11/27.. . | FW2930816.UP.FTS.B, 22.15%, 4/11/27.. . | FW2930816.UP.FTS.B, 22.15%, 4/11/27.. . | 8570 | 8427 | L2930717.UP.FTS.B, 25.09%, 4/11/27. . . . | 1029 | 1016 |
| L2932038.UP.FTS.B, 22.19%, 4/11/27. . . . | L2932038.UP.FTS.B, 22.19%, 4/11/27. . . . | L2932038.UP.FTS.B, 22.19%, 4/11/27. . . . | 4608 | 4555 | L2931976.UP.FTS.B, 25.09%, 4/11/27. . . . | 2272 | 657 |
| FW2931433.UP.FTS.B, 22.3%, 4/11/27.. . . | FW2931433.UP.FTS.B, 22.3%, 4/11/27.. . . | FW2931433.UP.FTS.B, 22.3%, 4/11/27.. . . | 26917 | 26610 | FW2927922.UP.FTS.B, 25.14%, 4/11/27.. . | 16137 | 15956 |
| FW2932293.UP.FTS.B, 22.35%, 4/11/27.. . | FW2932293.UP.FTS.B, 22.35%, 4/11/27.. . | FW2932293.UP.FTS.B, 22.35%, 4/11/27.. . | 4082 | 2340 | L2928636.UP.FTS.B, 25.16%, 4/11/27. . . . | 927 | 917 |
| L2929277.UP.FTS.B, 22.4%, 4/11/27. . . . . | L2929277.UP.FTS.B, 22.4%, 4/11/27. . . . . | L2929277.UP.FTS.B, 22.4%, 4/11/27. . . . . | 8759 | 8659 | L2930146.UP.FTS.B, 25.16%, 4/11/27. . . . | 1123 | 1111 |
| L2929537.UP.FTS.B, 22.4%, 4/11/27. . . . . | L2929537.UP.FTS.B, 22.4%, 4/11/27. . . . . | L2929537.UP.FTS.B, 22.4%, 4/11/27. . . . . | 19443 | 19123 | L2930269.UP.FTS.B, 25.2%, 4/11/27. . . . . | 3155 | 3103 |
| L2931850.UP.FTS.B, 22.46%, 4/11/27. . . . | L2931850.UP.FTS.B, 22.46%, 4/11/27. . . . | L2931850.UP.FTS.B, 22.46%, 4/11/27. . . . | 3431 | 506 | L2930022.UP.FTS.B, 25.21%, 4/11/27. . . . | 2226 | 2201 |
| FW2929717.UP.FTS.B, 22.54%, 4/11/27.. . | FW2929717.UP.FTS.B, 22.54%, 4/11/27.. . | FW2929717.UP.FTS.B, 22.54%, 4/11/27.. . | 6040 | 5974 | L2929652.UP.FTS.B, 25.22%, 4/11/27. . . . | 4545 | 4494 |
| L2930859.UP.FTS.B, 22.54%, 4/11/27. . . . | L2930859.UP.FTS.B, 22.54%, 4/11/27. . . . | L2930859.UP.FTS.B, 22.54%, 4/11/27. . . . | 4764 | 128 | L2929572.UP.FTS.B, 25.24%, 4/11/27. . . . | 1913 | 281 |
| 148 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 148 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2928316.UP.FTS.B, 25.25%, 4/11/27. . . . | $3393 | $2027 | FW2921283.UP.FTS.B, 27.6%, 4/11/27.. . . | $2889 | $2857 | 2857 |
| L2927753.UP.FTS.B, 25.31%, 4/11/27. . . . | 4731 | 4679 | FW2929218.UP.FTS.B, 27.65%, 4/11/27.. . | 5034 | 4978 | 4978 |
| L2929095.UP.FTS.B, 25.31%, 4/11/27. . . . | 2152 | 2117 | FW2928485.UP.FTS.B, 27.66%, 4/11/27.. . | 4661 | 4609 | 4609 |
| L2931438.UP.FTS.B, 25.31%, 4/11/27. . . . | 4731 | 4678 | FW2929228.UP.FTS.B, 27.79%, 4/11/27.. . | 11189 | 11064 | 11064 |
| L2931363.UP.FTS.B, 25.32%, 4/11/27. . . . | 3117 | 220 | FW2929722.UP.FTS.B, 27.8%, 4/11/27.. . . | 1771 | 1742 | 1742 |
| L2927955.UP.FTS.B, 25.33%, 4/11/27. . . . | 936 | 926 | FW2928870.UP.FTS.B, 28.25%, 4/11/27.. . | 8119 | 8029 | 8029 |
| L2930098.UP.FTS.B, 25.33%, 4/11/27. . . . | 10579 | 10460 | FW2928012.UP.FTS.B, 28.41%, 4/11/27.. . | 5151 | 5095 | 5095 |
| L2931522.UP.FTS.B, 25.34%, 4/11/27. . . . | 11690 | 11559 | FW2929500.UP.FTS.B, 28.42%, 4/11/27.. . | 2709 | 2679 | 2679 |
| L2929568.UP.FTS.B, 25.35%, 4/11/27. . . . | 2824 | 2789 | FW2929560.UP.FTS.B, 28.47%, 4/11/27.. . | 28016 | 27706 | 27706 |
| L2931134.UP.FTS.B, 25.35%, 4/11/27.. . . . | 28729 | 4129 | FW2928601.UP.FTS.B, 28.52%, 4/11/27.. . | 11509 | 6883 | 6883 |
| L2931357.UP.FTS.B, 25.35%, 4/11/27. . . . | 2041 | 2018 | FW2924868.UP.FTS.B, 28.85%, 4/11/27.. . | 5649 | 5541 | 5541 |
| L2930348.UP.FTS.B, 25.36%, 4/11/27. . . . | 6031 | 5931 | L2928840.UP.FTS.B, 28.98%, 4/11/27. . . . | 13294 | 946 | 946 |
| L2930363.UP.FTS.B, 25.38%, 4/11/27. . . . | 2041 | 2008 | FW2927938.UP.FTS.B, 29.01%, 4/11/27.. . | 4640 | 2765 | 2765 |
| L2930887.UP.FTS.B, 25.38%, 4/11/27. . . . | 4441 | 42 | FW2930574.UP.FTS.B, 29.3%, 4/11/27.. . . | 8140 | 8050 | 8050 |
| L2931442.UP.FTS.B, 25.38%, 4/11/27. . . . | 3991 | 3946 | FW2929935.UP.FTS.B, 29.53%, 4/11/27.. . | 30062 | 29736 | 29736 |
| L2925217.UP.FTS.B, 25.4%, 4/11/27. . . . . | 2784 | 2753 | FW2931409.UP.FTS.B, 29.65%, 4/11/27.. . | 5240 | 5182 | 5182 |
| L2932031.UP.FTS.B, 25.4%, 4/11/27. . . . . | 2060 | 2027 | FW2930665.UP.FTS.B, 29.74%, 4/11/27.. . | 7208 | 7128 | 7128 |
| L2929249.UP.FTS.B, 25.41%, 4/11/27. . . . | 1485 | 1468 | FW2927928.UP.FTS.B, 29.77%, 4/11/27.. . | 1030 | 1018 | 1018 |
| L2930160.UP.FTS.B, 25.43%, 4/11/27. . . . | 4274 | 4227 | FW2931000.UP.FTS.B, 30.12%, 4/11/27.. . | 1873 | 1853 | 1853 |
| L2931638.UP.FTS.B, 25.43%, 4/11/27. . . . | 4462 | 4412 | FW2930176.UP.FTS.B, 30.35%, 4/11/27.. . | 994 | 69 | 69 |
| L2928774.UP.FTS.B, 25.44%, 4/11/27. . . . | 1392 | 1376 | FW2929635.UP.FTS.B, 30.45%, 4/11/27.. . | 1031 | 1020 | 1020 |
| L2931011.UP.FTS.B, 25.45%, 4/11/27.. . . . | 1656 | 1638 | FW2931821.UP.FTS.B, 30.54%, 4/11/27.. . | 1687 | 1669 | 1669 |
| L2931216.UP.FTS.B, 25.47%, 4/11/27. . . . | 2506 | 2478 | FW2928765.UP.FTS.B, 30.58%, 4/11/27.. . | 5249 | 5192 | 5192 |
| FW2932239.UP.FTS.B, 25.48%, 4/11/27.. . | 10023 | 9910 | FW2905761.UP.FTS.B, 30.61%, 4/11/27.. . | 1030 | 1019 | 1019 |
| L2928194.UP.FTS.B, 25.48%, 4/11/27. . . . | 3126 | 3088 | FW2924597.UP.FTS.B, 30.67%, 4/11/27.. . | 3449 | 244 | 244 |
| L2929019.UP.FTS.B, 25.49%, 4/11/27. . . . | 3248 | 3212 | FW2931107.UP.FTS.B, 30.69%, 4/11/27.. . | 1577 | 112 | 112 |
| L2928800.UP.FTS.B, 25.5%, 4/11/27. . . . . | 2227 | 2191 | FW2930995.UP.FTS.B, 30.73%, 4/11/27.. . | 2438 | 2411 | 2411 |
| L2924786.UP.FTS.B, 25.51%, 4/11/27. . . . | 5754 | 5690 | FW2925607.UP.FTS.B, 30.77%, 4/11/27.. . | 2621 | 2588 | 2588 |
| L2929869.UP.FTS.B, 25.51%, 4/11/27. . . . | 5769 | 5705 | FW2929924.UP.FTS.B, 30.77%, 4/11/27.. . | 1398 | 1383 | 1383 |
| L2931369.UP.FTS.B, 25.52%, 4/11/27. . . . | 11135 | 800 | FW2931246.UP.FTS.B, 30.79%, 4/11/27.. . | 1487 | 1471 | 1471 |
| L2924958.UP.FTS.B, 25.66%, 4/11/27. . . . | 3933 | 280 | FW2927877.UP.FTS.B, 30.81%, 4/11/27.. . | 1744 | 1046 | 1046 |
| L2929203.UP.FTS.B, 25.67%, 4/11/27. . . . | 18414 | 18211 | FW2928835.UP.FTS.B, 30.88%, 4/11/27.. . | 8253 | 8163 | 8163 |
| FW2931488.UP.FTS.B, 25.84%, 4/11/27.. . | 3715 | 3654 | FW2928958.UP.FTS.B, 30.9%, 4/11/27.. . . | 938 | 928 | 928 |
| FW2928712.UP.FTS.B, 25.91%, 4/11/27.. . | 3251 | 3215 | FW2929033.UP.FTS.B, 30.91%, 4/11/27.. . | 4901 | 2937 | 2937 |
| FW2928810.UP.FTS.B, 25.97%, 4/11/27.. . | 5201 | 2997 | FW2929535.UP.FTS.B, 30.91%, 4/11/27.. . | 31508 | 31169 | 31169 |
| L2929673.UP.FTS.B, 26.05%, 4/11/27. . . . | 15475 | 9231 | FW2928155.UP.FTS.B, 30.92%, 4/11/27.. . | 2139 | 1284 | 1284 |
| L2930197.UP.FTS.B, 26.2%, 4/11/27. . . . . | 46472 | 45708 | FW2930708.UP.FTS.B, 30.94%, 4/11/27.. . | 1032 | 1020 | 1020 |
| FW2928645.UP.FTS.B, 26.24%, 4/11/27.. . | 2603 | 2560 | FW2931261.UP.FTS.B, 30.94%, 4/11/27.. . | 3283 | 3247 | 3247 |
| L2929487.UP.FTS.B, 26.3%, 4/11/27. . . . . | 11179 | 6658 | FW2931588.UP.FTS.B, 30.97%, 4/11/27.. . | 1165 | (13) | (13) |
| FW2930122.UP.FTS.B, 26.47%, 4/11/27.. . | 10137 | 10023 | FW2927975.UP.FTS.B, 31%, 4/11/27. . . . . | 964 | 141 | 141 |
| FW2929864.UP.FTS.B, 26.5%, 4/11/27.. . . | 9197 | 9099 | FW2932124.UP.FTS.B, 31.03%, 4/11/27.. . | 1541 | 225 | 225 |
| L2930852.UP.FTS.B, 26.51%, 4/11/27. . . . | 6791 | 6679 | FW2931670.UP.FTS.B, 31.06%, 4/11/27.. . | 2533 | 2505 | 2505 |
| FW2932003.UP.FTS.B, 26.57%, 4/11/27.. . | 10926 | 10809 | FW2928834.UP.FTS.B, 31.11%, 4/11/27.. . | 2787 | 2757 | 2757 |
| L2930287.UP.FTS.B, 26.84%, 4/11/27. . . . | 14130 | 8442 | FW2930285.UP.FTS.B, 31.11%, 4/11/27.. . | 3471 | 3433 | 3433 |
| FW2927841.UP.FTS.B, 26.89%, 4/11/27.. . | 3931 | 3883 | FW2929975.UP.FTS.B, 31.14%, 4/11/27.. . | 1595 | 1578 | 1578 |
| FW2930544.UP.FTS.B, 27.01%, 4/11/27.. . | 4655 | 4603 | FW2931962.UP.FTS.B, 31.16%, 4/11/27.. . | 1257 | 1241 | 1241 |
| FW2931493.UP.FTS.B, 27.02%, 4/11/27.. . | 4096 | 4051 | FW2927987.UP.FTS.B, 31.17%, 4/11/27.. . | 2627 | 2599 | 2599 |
| FW2932021.UP.FTS.B, 27.2%, 4/11/27.. . . | 1397 | 1381 | FW2929122.UP.FTS.B, 31.17%, 4/11/27.. . | 2346 | 2320 | 2320 |
| FW2930638.UP.FTS.B, 27.26%, 4/11/27.. . | 19746 | 19526 | FW2927833.UP.FTS.B, 31.18%, 4/11/27.. . | 1408 | 1392 | 1392 |
| FW2929129.UP.FTS.B, 27.27%, 4/11/27.. . | 15089 | 14921 | FW2928577.UP.FTS.B, 31.19%, 4/11/27.. . | 1126 | 1114 | 1114 |
| FW2929902.UP.FTS.B, 27.28%, 4/11/27.. . | 4987 | 4933 | FW2930781.UP.FTS.B, 31.2%, 4/11/27.. . . | 1219 | 1206 | 1206 |
| FW2929703.UP.FTS.B, 27.29%, 4/11/27.. . | 20306 | 20080 | FW2929551.UP.FTS.B, 31.21%, 4/11/27.. . | 2065 | 2042 | 2042 |
| FW2927978.UP.FTS.B, 27.34%, 4/11/27.. . | 4625 | 4575 | FW2928856.UP.FTS.B, 31.24%, 4/11/27.. . | 2534 | 2506 | 2506 |
| FW2928866.UP.FTS.B, 27.4%, 4/11/27.. . . | 7267 | 7186 | FW2931330.UP.FTS.B, 31.32%, 4/11/27.. . | 3630 | 1060 | 1060 |
| FW2928193.UP.FTS.B, 27.44%, 4/11/27.. . | 3072 | 3040 | FW2931445.UP.FTS.B, 31.47%, 4/11/27.. . | 4319 | 4272 | 4272 |
| L2929849.UP.FTS.B, 27.53%, 4/11/27. . . . | 1771 | 1751 | FW2932028.UP.FTS.B, 31.51%, 4/11/27.. . | 11394 | 11273 | 11273 |
| FW2929101.UP.FTS.B, 27.56%, 4/11/27.. . | 1305 | 1290 | FW2927764.UP.FTS.B, 31.56%, 4/11/27.. . | 7963 | (106) | (106) |
| FW2928696.UP.FTS.B, 27.59%, 4/11/27.. . | 4101 | 4055 | FW2928583.UP.FTS.B, 31.65%, 4/11/27.. . | 9978 | 695 | 695 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 149 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 149 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2930602.UP.FTS.B, 32%, 4/11/27. . . . . | FW2930602.UP.FTS.B, 32%, 4/11/27. . . . . | FW2930602.UP.FTS.B, 32%, 4/11/27. . . . . | $10707 | $3132 | L2934014.UP.FTS.B, 14.43%, 4/12/27. . . . | $14654 | $14516 |
| FW2932070.UP.FTS.B, 32%, 4/11/27. . . . . | FW2932070.UP.FTS.B, 32%, 4/11/27. . . . . | FW2932070.UP.FTS.B, 32%, 4/11/27. . . . . | 8204 | 8115 | L2933672.UP.FTS.B, 14.48%, 4/12/27. . . . | 1533 | 1518 |
| FW2929182.UP.FTS.B, 32.25%, 4/11/27.. . | FW2929182.UP.FTS.B, 32.25%, 4/11/27.. . | FW2929182.UP.FTS.B, 32.25%, 4/11/27.. . | 27908 | 27604 | FW2921409.UP.FTS.B, 14.51%, 4/12/27.. . | 2904 | 2877 |
| FW2931777.UP.FTS.B, 32.27%, 4/11/27.. . | FW2931777.UP.FTS.B, 32.27%, 4/11/27.. . | FW2931777.UP.FTS.B, 32.27%, 4/11/27.. . | 977 | (11) | L2934357.UP.FTS.B, 14.61%, 4/12/27. . . . | 9319 | 9227 |
| FW2931109.UP.FTS.B, 34.45%, 4/11/27.. . | FW2931109.UP.FTS.B, 34.45%, 4/11/27.. . | FW2931109.UP.FTS.B, 34.45%, 4/11/27.. . | 3699 | (88) | L2935927.UP.FTS.B, 14.75%, 4/12/27. . . . | 40377 | 39996 |
| L2934719.UP.FTS.B, 5.89%, 4/12/27. . . . . | L2934719.UP.FTS.B, 5.89%, 4/12/27. . . . . | L2934719.UP.FTS.B, 5.89%, 4/12/27. . . . . | 15863 | 15786 | L2932740.UP.FTS.B, 14.77%, 4/12/27. . . . | 91 | 31 |
| L2934939.UP.FTS.B, 5.94%, 4/12/27. . . . . | L2934939.UP.FTS.B, 5.94%, 4/12/27. . . . . | L2934939.UP.FTS.B, 5.94%, 4/12/27. . . . . | 12730 | 12665 | L2933917.UP.FTS.B, 14.92%, 4/12/27. . . . | 6340 | 6280 |
| L2934674.UP.FTS.B, 5.99%, 4/12/27. . . . . | L2934674.UP.FTS.B, 5.99%, 4/12/27. . . . . | L2934674.UP.FTS.B, 5.99%, 4/12/27. . . . . | 7053 | 7019 | L2933149.UP.FTS.B, 14.95%, 4/12/27. . . . | 5435 | 5360 |
| L2932966.UP.FTS.B, 6.09%, 4/12/27. . . . . | L2932966.UP.FTS.B, 6.09%, 4/12/27. . . . . | L2932966.UP.FTS.B, 6.09%, 4/12/27. . . . . | 2154 | 2143 | L2934068.UP.FTS.B, 15.16%, 4/12/27. . . . | 4894 | 4848 |
| L2934096.UP.FTS.B, 6.09%, 4/12/27. . . . . | L2934096.UP.FTS.B, 6.09%, 4/12/27. . . . . | L2934096.UP.FTS.B, 6.09%, 4/12/27. . . . . | 5302 | 5277 | FW2934620.UP.FTS.B, 15.18%, 4/12/27.. . | 34160 | 33686 |
| L2935839.UP.FTS.B, 6.13%, 4/12/27. . . . . | L2935839.UP.FTS.B, 6.13%, 4/12/27. . . . . | L2935839.UP.FTS.B, 6.13%, 4/12/27. . . . . | 5303 | 5278 | FW2935949.UP.FTS.B, 15.22%, 4/12/27.. . | 9064 | 8979 |
| L2933662.UP.FTS.B, 6.16%, 4/12/27. . . . . | L2933662.UP.FTS.B, 6.16%, 4/12/27. . . . . | L2933662.UP.FTS.B, 6.16%, 4/12/27. . . . . | 22096 | 21992 | L2935025.UP.FTS.B, 15.26%, 4/12/27. . . . | 4986 | 4939 |
| L2932593.UP.FTS.B, 6.74%, 4/12/27. . . . . | L2932593.UP.FTS.B, 6.74%, 4/12/27. . . . . | L2932593.UP.FTS.B, 6.74%, 4/12/27. . . . . | 6198 | 6169 | FW2935322.UP.FTS.B, 15.48%, 4/12/27.. . | 1633 | 1617 |
| L2932805.UP.FTS.B, 7.25%, 4/12/27. . . . . | L2932805.UP.FTS.B, 7.25%, 4/12/27. . . . . | L2932805.UP.FTS.B, 7.25%, 4/12/27. . . . . | 13311 | 13249 | L2935086.UP.FTS.B, 15.57%, 4/12/27. . . . | 6037 | 823 |
| L2932935.UP.FTS.B, 7.41%, 4/12/27. . . . . | L2932935.UP.FTS.B, 7.41%, 4/12/27. . . . . | L2932935.UP.FTS.B, 7.41%, 4/12/27. . . . . | 17743 | 17661 | L2934951.UP.FTS.B, 15.65%, 4/12/27. . . . | 1268 | 1256 |
| L2934848.UP.FTS.B, 7.68%, 4/12/27. . . . . | L2934848.UP.FTS.B, 7.68%, 4/12/27. . . . . | L2934848.UP.FTS.B, 7.68%, 4/12/27. . . . . | 5418 | 2682 | FW2936086.UP.FTS.B, 15.83%, 4/12/27.. . | 4970 | 4901 |
| L2934028.UP.FTS.B, 8.23%, 4/12/27. . . . . | L2934028.UP.FTS.B, 8.23%, 4/12/27. . . . . | L2934028.UP.FTS.B, 8.23%, 4/12/27. . . . . | 16185 | 16071 | L2933684.UP.FTS.B, 15.83%, 4/12/27. . . . | 9933 | 9839 |
| L2932516.UP.FTS.B, 8.41%, 4/12/27. . . . . | L2932516.UP.FTS.B, 8.41%, 4/12/27. . . . . | L2932516.UP.FTS.B, 8.41%, 4/12/27. . . . . | 3842 | 3814 | FW2932566.UP.FTS.B, 16.14%, 4/12/27.. . | 13250 | 13121 |
| L2928756.UP.FTS.B, 8.5%, 4/12/27. . . . . . | L2928756.UP.FTS.B, 8.5%, 4/12/27. . . . . . | L2928756.UP.FTS.B, 8.5%, 4/12/27. . . . . . | 3109 | 3088 | L2932973.UP.FTS.B, 16.22%, 4/12/27. . . . | 3180 | 3151 |
| L2933997.UP.FTS.B, 8.6%, 4/12/27. . . . . . | L2933997.UP.FTS.B, 8.6%, 4/12/27. . . . . . | L2933997.UP.FTS.B, 8.6%, 4/12/27. . . . . . | 15312 | 15205 | L2934824.UP.FTS.B, 16.29%, 4/12/27. . . . | 6271 | 6185 |
| L2933064.UP.FTS.B, 8.64%, 4/12/27. . . . . | L2933064.UP.FTS.B, 8.64%, 4/12/27. . . . . | L2933064.UP.FTS.B, 8.64%, 4/12/27. . . . . | 38581 | 38305 | FW2934062.UP.FTS.B, 16.46%, 4/12/27.. . | 9534 | 9406 |
| FW2935338.UP.FTS.B, 9.15%, 4/12/27.. . . | FW2935338.UP.FTS.B, 9.15%, 4/12/27.. . . | FW2935338.UP.FTS.B, 9.15%, 4/12/27.. . . | 44436 | 44121 | L2932758.UP.FTS.B, 16.56%, 4/12/27. . . . | 11732 | 11623 |
| FW2933047.UP.FTS.B, 9.38%, 4/12/27.. . . | FW2933047.UP.FTS.B, 9.38%, 4/12/27.. . . | FW2933047.UP.FTS.B, 9.38%, 4/12/27.. . . | 5353 | 5316 | L2933092.UP.FTS.B, 17.01%, 4/12/27. . . . | 36419 | 35921 |
| L2933578.UP.FTS.B, 9.41%, 4/12/27. . . . . | L2933578.UP.FTS.B, 9.41%, 4/12/27. . . . . | L2933578.UP.FTS.B, 9.41%, 4/12/27. . . . . | 39797 | 39521 | L2934264.UP.FTS.B, 17.04%, 4/12/27. . . . | 5940 | 3294 |
| L2935969.UP.FTS.B, 9.48%, 4/12/27. . . . . | L2935969.UP.FTS.B, 9.48%, 4/12/27. . . . . | L2935969.UP.FTS.B, 9.48%, 4/12/27. . . . . | 13387 | 13294 | L2934768.UP.FTS.B, 17.04%, 4/12/27. . . . | 5008 | 4940 |
| L2935039.UP.FTS.B, 9.98%, 4/12/27. . . . . | L2935039.UP.FTS.B, 9.98%, 4/12/27. . . . . | L2935039.UP.FTS.B, 9.98%, 4/12/27. . . . . | 9563 | 9497 | FW2932938.UP.FTS.B, 17.18%, 4/12/27.. . | 2277 | 2246 |
| L2935520.UP.FTS.B, 10.08%, 4/12/27. . . . | L2935520.UP.FTS.B, 10.08%, 4/12/27. . . . | L2935520.UP.FTS.B, 10.08%, 4/12/27. . . . | 4470 | 4439 | L2934330.UP.FTS.B, 17.26%, 4/12/27. . . . | 9748 | 9658 |
| FW2934452.UP.FTS.B, 10.25%, 4/12/27.. . | FW2934452.UP.FTS.B, 10.25%, 4/12/27.. . | FW2934452.UP.FTS.B, 10.25%, 4/12/27.. . | 28785 | 28583 | L2930904.UP.FTS.B, 17.31%, 4/12/27. . . . | 23000 | 12821 |
| L2933292.UP.FTS.B, 10.46%, 4/12/27. . . . | L2933292.UP.FTS.B, 10.46%, 4/12/27. . . . | L2933292.UP.FTS.B, 10.46%, 4/12/27. . . . | 18526 | 18341 | L2934145.UP.FTS.B, 17.34%, 4/12/27. . . . | 22454 | 22248 |
| L2934350.UP.FTS.B, 10.57%, 4/12/27. . . . | L2934350.UP.FTS.B, 10.57%, 4/12/27. . . . | L2934350.UP.FTS.B, 10.57%, 4/12/27. . . . | 9865 | 9798 | FW2928773.UP.FTS.B, 17.37%, 4/12/27.. . | 5819 | 5740 |
| L2933334.UP.FTS.B, 10.67%, 4/12/27. . . . | L2933334.UP.FTS.B, 10.67%, 4/12/27. . . . | L2933334.UP.FTS.B, 10.67%, 4/12/27. . . . | 5731 | 5692 | FW2933266.UP.FTS.B, 17.44%, 4/12/27.. . | 4549 | 4488 |
| L2934277.UP.FTS.B, 10.75%, 4/12/27. . . . | L2934277.UP.FTS.B, 10.75%, 4/12/27. . . . | L2934277.UP.FTS.B, 10.75%, 4/12/27. . . . | 957 | 950 | L2934291.UP.FTS.B, 17.44%, 4/12/27. . . . | 15494 | 15283 |
| L2933170.UP.FTS.B, 10.92%, 4/12/27. . . . | L2933170.UP.FTS.B, 10.92%, 4/12/27. . . . | L2933170.UP.FTS.B, 10.92%, 4/12/27. . . . | 21242 | 21100 | L2929039.UP.FTS.B, 17.51%, 4/12/27. . . . | 3906 | 3853 |
| L2933287.UP.FTS.B, 10.96%, 4/12/27. . . . | L2933287.UP.FTS.B, 10.96%, 4/12/27. . . . | L2933287.UP.FTS.B, 10.96%, 4/12/27. . . . | 5377 | 5341 | L2933233.UP.FTS.B, 17.55%, 4/12/27. . . . | 12764 | 12646 |
| FW2934988.UP.FTS.B, 11.01%, 4/12/27.. . | FW2934988.UP.FTS.B, 11.01%, 4/12/27.. . | FW2934988.UP.FTS.B, 11.01%, 4/12/27.. . | 14162 | 14024 | FW2921340.UP.FTS.B, 18.08%, 4/12/27.. . | 8932 | 8806 |
| L2935685.UP.FTS.B, 11.21%, 4/12/27. . . . | L2935685.UP.FTS.B, 11.21%, 4/12/27. . . . | L2935685.UP.FTS.B, 11.21%, 4/12/27. . . . | 21150 | 20944 | FW2933519.UP.FTS.B, 18.13%, 4/12/27.. . | 8856 | 8736 |
| L2933802.UP.FTS.B, 11.46%, 4/12/27. . . . | L2933802.UP.FTS.B, 11.46%, 4/12/27. . . . | L2933802.UP.FTS.B, 11.46%, 4/12/27. . . . | 26923 | 26663 | FW2932833.UP.FTS.B, 18.37%, 4/12/27.. . | 8770 | 8624 |
| L2934500.UP.FTS.B, 11.56%, 4/12/27. . . . | L2934500.UP.FTS.B, 11.56%, 4/12/27. . . . | L2934500.UP.FTS.B, 11.56%, 4/12/27. . . . | 33843 | 33615 | FW2933186.UP.FTS.B, 18.56%, 4/12/27.. . | 14166 | 13974 |
| L2933611.UP.FTS.B, 11.68%, 4/12/27.. . . . | L2933611.UP.FTS.B, 11.68%, 4/12/27.. . . . | L2933611.UP.FTS.B, 11.68%, 4/12/27.. . . . | 7471 | – | FW2934604.UP.FTS.B, 18.71%, 4/12/27.. . | 24776 | 24365 |
| L2932562.UP.FTS.B, 11.88%, 4/12/27. . . . | L2932562.UP.FTS.B, 11.88%, 4/12/27. . . . | L2932562.UP.FTS.B, 11.88%, 4/12/27. . . . | 2156 | 2142 | L2933956.UP.FTS.B, 18.85%, 4/12/27. . . . | 7747 | 7639 |
| FW2928392.UP.FTS.B, 12.26%, 4/12/27.. . | FW2928392.UP.FTS.B, 12.26%, 4/12/27.. . | FW2928392.UP.FTS.B, 12.26%, 4/12/27.. . | 44969 | 44536 | FW2933573.UP.FTS.B, 18.93%, 4/12/27.. . | 1270 | 1251 |
| L2933323.UP.FTS.B, 12.4%, 4/12/27. . . . . | L2933323.UP.FTS.B, 12.4%, 4/12/27. . . . . | L2933323.UP.FTS.B, 12.4%, 4/12/27. . . . . | 8521 | 8439 | L2934971.UP.FTS.B, 19.06%, 4/12/27. . . . | 3148 | 448 |
| L2929979.UP.FTS.B, 12.66%, 4/12/27. . . . | L2929979.UP.FTS.B, 12.66%, 4/12/27. . . . | L2929979.UP.FTS.B, 12.66%, 4/12/27. . . . | 9599 | 9506 | L2932813.UP.FTS.B, 19.07%, 4/12/27. . . . | 11895 | 11698 |
| FW2935127.UP.FTS.B, 12.79%, 4/12/27.. . | FW2935127.UP.FTS.B, 12.79%, 4/12/27.. . | FW2935127.UP.FTS.B, 12.79%, 4/12/27.. . | 21560 | 2942 | FW2932434.UP.FTS.B, 19.1%, 4/12/27.. . . | 1769 | 1739 |
| L2933178.UP.FTS.B, 12.88%, 4/12/27. . . . | L2933178.UP.FTS.B, 12.88%, 4/12/27. . . . | L2933178.UP.FTS.B, 12.88%, 4/12/27. . . . | 6216 | 6157 | L2935130.UP.FTS.B, 19.21%, 4/12/27. . . . | 4775 | 4707 |
| L2934721.UP.FTS.B, 13.01%, 4/12/27. . . . | L2934721.UP.FTS.B, 13.01%, 4/12/27. . . . | L2934721.UP.FTS.B, 13.01%, 4/12/27. . . . | 9012 | 8926 | FW2932660.UP.FTS.B, 19.24%, 4/12/27.. . | 20870 | 20588 |
| L2932728.UP.FTS.B, 13.07%, 4/12/27. . . . | L2932728.UP.FTS.B, 13.07%, 4/12/27. . . . | L2932728.UP.FTS.B, 13.07%, 4/12/27. . . . | 4847 | 4800 | L2934896.UP.FTS.B, 19.43%, 4/12/27. . . . | 20880 | 20598 |
| L2932384.UP.FTS.B, 13.22%, 4/12/27. . . . | L2932384.UP.FTS.B, 13.22%, 4/12/27. . . . | L2932384.UP.FTS.B, 13.22%, 4/12/27. . . . | 2886 | 2858 | L2933277.UP.FTS.B, 19.45%, 4/12/27. . . . | 2324 | 1289 |
| L2932883.UP.FTS.B, 13.4%, 4/12/27. . . . . | L2932883.UP.FTS.B, 13.4%, 4/12/27. . . . . | L2932883.UP.FTS.B, 13.4%, 4/12/27. . . . . | 1985 | 1966 | FW2934275.UP.FTS.B, 19.55%, 4/12/27.. . | 5226 | 5124 |
| L2933032.UP.FTS.B, 13.49%, 4/12/27. . . . | L2933032.UP.FTS.B, 13.49%, 4/12/27. . . . | L2933032.UP.FTS.B, 13.49%, 4/12/27. . . . | 17400 | 17234 | L2934998.UP.FTS.B, 19.55%, 4/12/27. . . . | 21985 | 21689 |
| L2934809.UP.FTS.B, 13.61%, 4/12/27. . . . | L2934809.UP.FTS.B, 13.61%, 4/12/27. . . . | L2934809.UP.FTS.B, 13.61%, 4/12/27. . . . | 4513 | 4470 | FW2932085.UP.FTS.B, 19.78%, 4/12/27.. . | 1550 | 1524 |
| FW2932832.UP.FTS.B, 13.69%, 4/12/27.. . | FW2932832.UP.FTS.B, 13.69%, 4/12/27.. . | FW2932832.UP.FTS.B, 13.69%, 4/12/27.. . | 19321 | 19137 | FW2935930.UP.FTS.B, 19.97%, 4/12/27.. . | 7886 | 7780 |
| L2934338.UP.FTS.B, 13.77%, 4/12/27. . . . | L2934338.UP.FTS.B, 13.77%, 4/12/27. . . . | L2934338.UP.FTS.B, 13.77%, 4/12/27. . . . | 8127 | 8050 | L2934093.UP.FTS.B, 20.12%, 4/12/27. . . . | 3027 | 2977 |
| FW2932546.UP.FTS.B, 13.93%, 4/12/27.. . | FW2932546.UP.FTS.B, 13.93%, 4/12/27.. . | FW2932546.UP.FTS.B, 13.93%, 4/12/27.. . | 11744 | 11633 | L2932535.UP.FTS.B, 20.15%, 4/12/27. . . . | 8806 | 8651 |
| L2926179.UP.FTS.B, 14%, 4/12/27.. . . . . . | L2926179.UP.FTS.B, 14%, 4/12/27.. . . . . . | L2926179.UP.FTS.B, 14%, 4/12/27.. . . . . . | 29186 | 28909 | L2925524.UP.FTS.B, 20.35%, 4/12/27. . . . | 9178 | 9026 |
| L2934323.UP.FTS.B, 14.05%, 4/12/27. . . . | L2934323.UP.FTS.B, 14.05%, 4/12/27. . . . | L2934323.UP.FTS.B, 14.05%, 4/12/27. . . . | 3615 | 3580 | L2933576.UP.FTS.B, 20.49%, 4/12/27. . . . | 5883 | 426 |
| FW2935078.UP.FTS.B, 14.1%, 4/12/27.. . . | FW2935078.UP.FTS.B, 14.1%, 4/12/27.. . . | FW2935078.UP.FTS.B, 14.1%, 4/12/27.. . . | 2983 | 2954 | L2933470.UP.FTS.B, 20.63%, 4/12/27. . . . | 1941 | 139 |
| FW2933775.UP.FTS.B, 14.2%, 4/12/27.. . . | FW2933775.UP.FTS.B, 14.2%, 4/12/27.. . . | FW2933775.UP.FTS.B, 14.2%, 4/12/27.. . . | 7047 | 6980 | L2934786.UP.FTS.B, 20.82%, 4/12/27. . . . | 9627 | 9468 |
| 150 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 150 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2935383.UP.FTS.B, 21.06%, 4/12/27. . . . | $45969 | $45558 | L2935062.UP.FTS.B, 25.37%, 4/12/27. . . . | $3433 | $3396 | 3396 |
| FW2932358.UP.FTS.B, 21.26%, 4/12/27.. . | 3777 | 544 | L2935717.UP.FTS.B, 25.39%, 4/12/27. . . . | 1340 | 198 | 198 |
| FW2932291.UP.FTS.B, 21.33%, 4/12/27.. . | 9198 | 9047 | L2910258.UP.FTS.B, 25.4%, 4/12/27. . . . . | 10300 | 10188 | 10188 |
| L2933315.UP.FTS.B, 21.57%, 4/12/27. . . . | 5430 | 5357 | L2933671.UP.FTS.B, 25.42%, 4/12/27. . . . | 4361 | 4314 | 4314 |
| FW2932873.UP.FTS.B, 21.6%, 4/12/27.. . . | 1616 | 239 | L2934221.UP.FTS.B, 25.42%, 4/12/27. . . . | 1485 | 1469 | 1469 |
| L2934722.UP.FTS.B, 21.63%, 4/12/27. . . . | 3700 | 3660 | L2934835.UP.FTS.B, 25.42%, 4/12/27. . . . | 14454 | 1038 | 1038 |
| L2933987.UP.FTS.B, 21.69%, 4/12/27. . . . | 26126 | 1868 | L2933216.UP.FTS.B, 25.44%, 4/12/27. . . . | 3341 | 3304 | 3304 |
| L2933448.UP.FTS.B, 21.75%, 4/12/27. . . . | 1657 | 1639 | L2934526.UP.FTS.B, 25.47%, 4/12/27. . . . | 5197 | 5140 | 5140 |
| L2934026.UP.FTS.B, 21.81%, 4/12/27. . . . | 9208 | 9085 | L2935106.UP.FTS.B, 25.47%, 4/12/27. . . . | 1578 | 1561 | 1561 |
| L2935751.UP.FTS.B, 22.01%, 4/12/27. . . . | 1951 | 1932 | L2935825.UP.FTS.B, 25.47%, 4/12/27. . . . | 6125 | 6059 | 6059 |
| L2933788.UP.FTS.B, 22.24%, 4/12/27. . . . | 9290 | 5168 | L2931662.UP.FTS.B, 25.5%, 4/12/27. . . . . | 6356 | 6290 | 6290 |
| L2934342.UP.FTS.B, 22.28%, 4/12/27. . . . | 5687 | 5573 | FW2932553.UP.FTS.B, 25.61%, 4/12/27.. . | 2599 | 2571 | 2571 |
| FW2932542.UP.FTS.B, 22.3%, 4/12/27.. . . | 15671 | 15498 | L2933632.UP.FTS.B, 25.67%, 4/12/27. . . . | 5571 | 5510 | 5510 |
| L2932779.UP.FTS.B, 22.36%, 4/12/27. . . . | 18438 | 18235 | FW2933530.UP.FTS.B, 25.87%, 4/12/27.. . | 1995 | 1974 | 1974 |
| L2934510.UP.FTS.B, 22.41%, 4/12/27. . . . | 9220 | 9118 | L2932808.UP.FTS.B, 25.87%, 4/12/27. . . . | 5335 | 5277 | 5277 |
| L2935129.UP.FTS.B, 22.75%, 4/12/27. . . . | 7382 | 7261 | L2935140.UP.FTS.B, 25.88%, 4/12/27. . . . | 2972 | 2940 | 2940 |
| L2933711.UP.FTS.B, 22.78%, 4/12/27. . . . | 119 | 117 | FW2932828.UP.FTS.B, 26.03%, 4/12/27.. . | 3345 | 3308 | 3308 |
| L2932952.UP.FTS.B, 23.13%, 4/12/27. . . . | 5055 | 5002 | L2932763.UP.FTS.B, 26.08%, 4/12/27. . . . | 4739 | 4687 | 4687 |
| L2932379.UP.FTS.B, 23.14%, 4/12/27. . . . | 6741 | 6667 | FW2932450.UP.FTS.B, 26.13%, 4/12/27.. . | 3067 | 3033 | 3033 |
| L2933553.UP.FTS.B, 23.26%, 4/12/27. . . . | 8408 | 4831 | L2933446.UP.FTS.B, 26.13%, 4/12/27. . . . | 7899 | 7814 | 7814 |
| FW2934271.UP.FTS.B, 23.29%, 4/12/27.. . | 11547 | 11420 | FW2933051.UP.FTS.B, 26.29%, 4/12/27.. . | 2917 | 2882 | 2882 |
| L2933829.UP.FTS.B, 23.3%, 4/12/27. . . . . | 29192 | 28871 | L2934991.UP.FTS.B, 26.41%, 4/12/27. . . . | 2811 | 2780 | 2780 |
| FW2929713.UP.FTS.B, 23.5%, 4/12/27.. . . | 2033 | 2011 | FW2934761.UP.FTS.B, 26.44%, 4/12/27.. . | 6044 | 5979 | 5979 |
| L2932911.UP.FTS.B, 23.5%, 4/12/27. . . . . | 5083 | 5000 | FW2933272.UP.FTS.B, 26.83%, 4/12/27.. . | 5156 | 5103 | 5103 |
| L2932936.UP.FTS.B, 23.51%, 4/12/27. . . . | 9242 | 9120 | FW2933474.UP.FTS.B, 27.39%, 4/12/27.. . | 3451 | 3413 | 3413 |
| L2934363.UP.FTS.B, 23.59%, 4/12/27. . . . | 7190 | 4279 | FW2932656.UP.FTS.B, 27.65%, 4/12/27.. . | 2610 | 2582 | 2582 |
| L2931006.UP.FTS.B, 23.73%, 4/12/27. . . . | 7531 | 7452 | FW2933681.UP.FTS.B, 28.03%, 4/12/27.. . | 1561 | 110 | 110 |
| L2934788.UP.FTS.B, 23.77%, 4/12/27. . . . | 7424 | 7300 | FW2934024.UP.FTS.B, 28.16%, 4/12/27.. . | 40402 | 39968 | 39968 |
| L2935437.UP.FTS.B, 23.88%, 4/12/27. . . . | 9250 | 9148 | FW2933134.UP.FTS.B, 28.35%, 4/12/27.. . | 15046 | 1059 | 1059 |
| L2933915.UP.FTS.B, 23.94%, 4/12/27. . . . | 7401 | 7280 | FW2868466.UP.FTS.B, 28.5%, 4/12/27.. . . | 6627 | 974 | 974 |
| L2933117.UP.FTS.B, 24.09%, 4/12/27. . . . | 1742 | 1719 | FW2932980.UP.FTS.B, 29.72%, 4/12/27.. . | 8298 | 1220 | 1220 |
| FW2932371.UP.FTS.B, 24.1%, 4/12/27.. . . | 5290 | 381 | FW2934728.UP.FTS.B, 29.87%, 4/12/27.. . | 3276 | 3241 | 3241 |
| FW2933477.UP.FTS.B, 24.15%, 4/12/27.. . | 24243 | 23828 | FW2933887.UP.FTS.B, 29.96%, 4/12/27.. . | 2341 | 2316 | 2316 |
| L2935924.UP.FTS.B, 24.3%, 4/12/27. . . . . | 1419 | 209 | FW2932696.UP.FTS.B, 30.54%, 4/12/27.. . | 14990 | 14831 | 14831 |
| L2933708.UP.FTS.B, 24.41%, 4/12/27. . . . | 32097 | 2312 | FW2933555.UP.FTS.B, 30.59%, 4/12/27.. . | 1059 | 155 | 155 |
| FW2932094.UP.FTS.B, 24.49%, 4/12/27.. . | 10095 | 9931 | FW2932351.UP.FTS.B, 30.67%, 4/12/27.. . | 4281 | 625 | 625 |
| FW2933926.UP.FTS.B, 24.54%, 4/12/27.. . | 27788 | 27484 | FW2933837.UP.FTS.B, 30.67%, 4/12/27.. . | 1500 | 1484 | 1484 |
| L2932713.UP.FTS.B, 24.66%, 4/12/27. . . . | 14916 | 14674 | FW2932394.UP.FTS.B, 30.74%, 4/12/27.. . | 2077 | 2057 | 2057 |
| L2934979.UP.FTS.B, 24.7%, 4/12/27. . . . . | 24734 | 14237 | FW2935544.UP.FTS.B, 30.76%, 4/12/27.. . | 967 | 67 | 67 |
| L2934015.UP.FTS.B, 24.74%, 4/12/27. . . . | 993 | 976 | FW2932460.UP.FTS.B, 30.82%, 4/12/27.. . | 1929 | 565 | 565 |
| FW2932608.UP.FTS.B, 24.82%, 4/12/27.. . | 4639 | 4564 | FW2932900.UP.FTS.B, 30.82%, 4/12/27.. . | 3282 | 3248 | 3248 |
| FW2932759.UP.FTS.B, 24.87%, 4/12/27.. . | 7179 | 7103 | FW2932622.UP.FTS.B, 30.83%, 4/12/27.. . | 1059 | 155 | 155 |
| L2934577.UP.FTS.B, 24.97%, 4/12/27. . . . | 4686 | 2789 | FW2935054.UP.FTS.B, 30.86%, 4/12/27.. . | 3282 | 3248 | 3248 |
| FW2934105.UP.FTS.B, 25.03%, 4/12/27.. . | 46359 | 45854 | FW2932461.UP.FTS.B, 30.87%, 4/12/27.. . | 6452 | 945 | 945 |
| L2932978.UP.FTS.B, 25.04%, 4/12/27. . . . | 7113 | 6978 | FW2932657.UP.FTS.B, 30.91%, 4/12/27.. . | 1219 | 1206 | 1206 |
| L2934475.UP.FTS.B, 25.05%, 4/12/27. . . . | 927 | 912 | FW2933690.UP.FTS.B, 30.91%, 4/12/27.. . | 973 | 961 | 961 |
| L2933452.UP.FTS.B, 25.12%, 4/12/27. . . . | 2133 | 2105 | FW2935752.UP.FTS.B, 30.95%, 4/12/27.. . | 1126 | 1114 | 1114 |
| L2934307.UP.FTS.B, 25.18%, 4/12/27. . . . | 1484 | 1468 | FW2933070.UP.FTS.B, 30.98%, 4/12/27.. . | 1220 | 1207 | 1207 |
| L2934790.UP.FTS.B, 25.21%, 4/12/27. . . . | 3246 | 3194 | FW2935536.UP.FTS.B, 31.03%, 4/12/27.. . | 1615 | 1593 | 1593 |
| L2932951.UP.FTS.B, 25.24%, 4/12/27. . . . | 780 | 765 | FW2934908.UP.FTS.B, 31.04%, 4/12/27.. . | 2184 | 30 | 30 |
| L2935620.UP.FTS.B, 25.25%, 4/12/27. . . . | 1052 | 155 | FW2932591.UP.FTS.B, 31.06%, 4/12/27.. . | 1407 | 1392 | 1392 |
| L2932793.UP.FTS.B, 25.27%, 4/12/27. . . . | 6979 | 502 | FW2933622.UP.FTS.B, 31.07%, 4/12/27.. . | 3759 | 3720 | 3720 |
| L2934017.UP.FTS.B, 25.27%, 4/12/27. . . . | 1670 | 1652 | FW2934425.UP.FTS.B, 31.07%, 4/12/27.. . | 1032 | 1021 | 1021 |
| L2934753.UP.FTS.B, 25.27%, 4/12/27. . . . | 1577 | 1551 | FW2933386.UP.FTS.B, 31.11%, 4/12/27.. . | 2440 | 2414 | 2414 |
| L2932489.UP.FTS.B, 25.29%, 4/12/27. . . . | 2424 | 1395 | FW2932838.UP.FTS.B, 31.12%, 4/12/27.. . | 1508 | 1492 | 1492 |
| L2933613.UP.FTS.B, 25.31%, 4/12/27. . . . | 2335 | 2311 | FW2935340.UP.FTS.B, 31.15%, 4/12/27.. . | 1501 | 1485 | 1485 |
| L2934270.UP.FTS.B, 25.32%, 4/12/27. . . . | 1299 | 1285 | FW2934816.UP.FTS.B, 31.17%, 4/12/27.. . | 7918 | 7837 | 7837 |
| L2933656.UP.FTS.B, 25.33%, 4/12/27. . . . | 2041 | 2019 | FW2934569.UP.FTS.B, 31.18%, 4/12/27.. . | 1595 | 1578 | 1578 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 151 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 151 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Principal | Principal |  |  | Principal |  |
| Description |  |  | Amount | Value | Description | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| **Marketplace Loans (continued)** | **Marketplace Loans (continued)** | **Marketplace Loans (continued)** |  |  |  |  |  |
| Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) | Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |
| FW2933023.UP.FTS.B, 31.19%, 4/12/27.. . $ | FW2933023.UP.FTS.B, 31.19%, 4/12/27.. . $ | FW2933023.UP.FTS.B, 31.19%, 4/12/27.. . $ | 1126 | $1114 | FW2475730.UP.FTS.B, 25.91%, 6/21/27.. . $16,783 | FW2475730.UP.FTS.B, 25.91%, 6/21/27.. . $16,783 | $16661 |
| FW2933756.UP.FTS.B, 31.19%, 4/12/27.. . | FW2933756.UP.FTS.B, 31.19%, 4/12/27.. . | FW2933756.UP.FTS.B, 31.19%, 4/12/27.. . | 7601 | 7521 | FW2480920.UP.FTS.B, 27.54%, 6/21/27.. . | 4458 | 4309 |
| FW2932783.UP.FTS.B, 31.23%, 4/12/27.. . | FW2932783.UP.FTS.B, 31.23%, 4/12/27.. . | FW2932783.UP.FTS.B, 31.23%, 4/12/27.. . | 10625 | 10515 | FW2476585.UP.FTS.B, 28.45%, 6/21/27.. . | 5155 | 5120 |
| FW2932550.UP.FTS.B, 31.41%, 4/12/27.. . | FW2932550.UP.FTS.B, 31.41%, 4/12/27.. . | FW2932550.UP.FTS.B, 31.41%, 4/12/27.. . | 8261 | 8174 | FW2478881.UP.FTS.B, 29.78%, 6/21/27.. . | 16969 | 16855 |
| FW2932339.UP.FTS.B, 31.45%, 4/12/27.. . | FW2932339.UP.FTS.B, 31.45%, 4/12/27.. . | FW2932339.UP.FTS.B, 31.45%, 4/12/27.. . | 5629 | 5573 | FW2480801.UP.FTS.B, 30.1%, 6/21/27.. . . | 4802 | 335 |
| FW2934482.UP.FTS.B, 31.52%, 4/12/27.. . | FW2934482.UP.FTS.B, 31.52%, 4/12/27.. . | FW2934482.UP.FTS.B, 31.52%, 4/12/27.. . | 7610 | 7530 | FW2477204.UP.FTS.B, 31.15%, 6/21/27.. . | 26729 | (2874) |
| FW2934428.UP.FTS.B, 34.69%, 4/12/27.. . | FW2934428.UP.FTS.B, 34.69%, 4/12/27.. . | FW2934428.UP.FTS.B, 34.69%, 4/12/27.. . | 30671 | 30365 | FW2480803.UP.FTS.B, 31.18%, 6/21/27.. . | 1172 | 1168 |
| L2112103.UP.FTS.B, 24.86%, 4/24/27. . . . | L2112103.UP.FTS.B, 24.86%, 4/24/27. . . . | L2112103.UP.FTS.B, 24.86%, 4/24/27. . . . | 5263 | 5204 | FW2479880.UP.FTS.B, 31.51%, 6/21/27.. . | 3492 | 3475 |
| L2110396.UP.FTS.B, 25.33%, 4/24/27. . . . | L2110396.UP.FTS.B, 25.33%, 4/24/27. . . . | L2110396.UP.FTS.B, 25.33%, 4/24/27. . . . | 4394 | 670 | L1720447.UP.FTS.B, 25.28%, 7/16/27. . . . | 13238 | 3855 |
| FW2111679.UP.FTS.B, 26.7%, 4/24/27.. . . | FW2111679.UP.FTS.B, 26.7%, 4/24/27.. . . | FW2111679.UP.FTS.B, 26.7%, 4/24/27.. . . | 9496 | 9379 | L2657661.UP.FTS.B, 21.21%, 7/18/27. . . . | 38641 | 36645 |
| FW2111972.UP.FTS.B, 30.79%, 4/24/27.. . | FW2111972.UP.FTS.B, 30.79%, 4/24/27.. . | FW2111972.UP.FTS.B, 30.79%, 4/24/27.. . | 3095 | 3080 | L2653474.UP.FTS.B, 25.32%, 7/18/27. . . . | 31462 | 31014 |
| FW2111589.UP.FTS.B, 30.84%, 4/24/27.. . | FW2111589.UP.FTS.B, 30.84%, 4/24/27.. . | FW2111589.UP.FTS.B, 30.84%, 4/24/27.. . | 2547 | 2538 | L2655918.UP.FTS.B, 26.79%, 7/18/27. . . . | 1037 | 1030 |
| FW2110808.UP.FTS.B, 30.94%, 4/24/27.. . | FW2110808.UP.FTS.B, 30.94%, 4/24/27.. . | FW2110808.UP.FTS.B, 30.94%, 4/24/27.. . | 1451 | 1450 | FW2657401.UP.FTS.B, 28.27%, 7/18/27.. . | 9577 | 1423 |
| FW2111351.UP.FTS.B, 31.07%, 4/24/27.. . | FW2111351.UP.FTS.B, 31.07%, 4/24/27.. . | FW2111351.UP.FTS.B, 31.07%, 4/24/27.. . | 1628 | (35) | FW2656870.UP.FTS.B, 29.33%, 7/18/27.. . | 8865 | 8803 |
| FW2111511.UP.FTS.B, 31.22%, 4/24/27.. . | FW2111511.UP.FTS.B, 31.22%, 4/24/27.. . | FW2111511.UP.FTS.B, 31.22%, 4/24/27.. . | 12478 | 12430 | FW2653868.UP.FTS.B, 29.69%, 7/18/27.. . | 6489 | 6438 |
| L2266091.UP.FTS.B, 16.62%, 5/16/27. . . . | L2266091.UP.FTS.B, 16.62%, 5/16/27. . . . | L2266091.UP.FTS.B, 16.62%, 5/16/27. . . . | 8621 | 8512 | FW2655193.UP.FTS.B, 30.68%, 7/18/27.. . | 9879 | 9794 |
| FW2261915.UP.FTS.B, 18.74%, 5/16/27.. . | FW2261915.UP.FTS.B, 18.74%, 5/16/27.. . | FW2261915.UP.FTS.B, 18.74%, 5/16/27.. . | 1553 | 1533 | FW2656456.UP.FTS.B, 31.18%, 7/18/27.. . | 1606 | 1554 |
| L2263455.UP.FTS.B, 18.85%, 5/16/27. . . . | L2263455.UP.FTS.B, 18.85%, 5/16/27. . . . | L2263455.UP.FTS.B, 18.85%, 5/16/27. . . . | 10534 | 1536 | L2783088.UP.FTS.B, 8.03%, 8/14/27. . . . . | 9053 | 9002 |
| FW2262699.UP.FTS.B, 20.92%, 5/16/27.. . | FW2262699.UP.FTS.B, 20.92%, 5/16/27.. . | FW2262699.UP.FTS.B, 20.92%, 5/16/27.. . | 4720 | 4654 | FW2781831.UP.FTS.B, 11.07%, 8/14/27.. . | 2055 | 1934 |
| FW2261298.UP.FTS.B, 21.8%, 5/16/27.. . . | FW2261298.UP.FTS.B, 21.8%, 5/16/27.. . . | FW2261298.UP.FTS.B, 21.8%, 5/16/27.. . . | 25537 | 23990 | L2785511.UP.FTS.B, 12.59%, 8/14/27. . . . | 2521 | 2499 |
| L2264897.UP.FTS.B, 22.07%, 5/16/27. . . . | L2264897.UP.FTS.B, 22.07%, 5/16/27. . . . | L2264897.UP.FTS.B, 22.07%, 5/16/27. . . . | 8604 | 8081 | FW2788838.UP.FTS.B, 12.8%, 8/14/27.. . . | 3109 | 787 |
| FW2260888.UP.FTS.B, 23.94%, 5/16/27.. . | FW2260888.UP.FTS.B, 23.94%, 5/16/27.. . | FW2260888.UP.FTS.B, 23.94%, 5/16/27.. . | 1697 | 1685 | FW2783150.UP.FTS.B, 14.46%, 8/14/27.. . | 15643 | 14703 |
| L2266028.UP.FTS.B, 25.49%, 5/16/27. . . . | L2266028.UP.FTS.B, 25.49%, 5/16/27. . . . | L2266028.UP.FTS.B, 25.49%, 5/16/27. . . . | 14687 | 13954 | L2787218.UP.FTS.B, 16.02%, 8/14/27. . . . | 21677 | 21529 |
| FW2266879.UP.FTS.B, 28.84%, 5/16/27.. . | FW2266879.UP.FTS.B, 28.84%, 5/16/27.. . | FW2266879.UP.FTS.B, 28.84%, 5/16/27.. . | 4680 | 4433 | L2784950.UP.FTS.B, 16.27%, 8/14/27. . . . | 17110 | 16957 |
| FW2262852.UP.FTS.B, 29.23%, 5/16/27.. . | FW2262852.UP.FTS.B, 29.23%, 5/16/27.. . | FW2262852.UP.FTS.B, 29.23%, 5/16/27.. . | 865 | 858 | L2779779.UP.FTS.B, 16.53%, 8/14/27. . . . | 22988 | 22681 |
| FW2262937.UP.FTS.B, 29.28%, 5/16/27.. . | FW2262937.UP.FTS.B, 29.28%, 5/16/27.. . | FW2262937.UP.FTS.B, 29.28%, 5/16/27.. . | 4308 | 4276 | L2743727.UP.FTS.B, 16.97%, 8/14/27. . . . | 4751 | 4693 |
| FW2263763.UP.FTS.B, 30.01%, 5/16/27.. . | FW2263763.UP.FTS.B, 30.01%, 5/16/27.. . | FW2263763.UP.FTS.B, 30.01%, 5/16/27.. . | 7190 | 7117 | L2780752.UP.FTS.B, 17.46%, 8/14/27. . . . | 33368 | 32978 |
| FW2266827.UP.FTS.B, 30.28%, 5/16/27.. . | FW2266827.UP.FTS.B, 30.28%, 5/16/27.. . | FW2266827.UP.FTS.B, 30.28%, 5/16/27.. . | 7530 | 1097 | L2768222.UP.FTS.B, 17.92%, 8/14/27. . . . | 22399 | 22109 |
| FW2265218.UP.FTS.B, 30.39%, 5/16/27.. . | FW2265218.UP.FTS.B, 30.39%, 5/16/27.. . | FW2265218.UP.FTS.B, 30.39%, 5/16/27.. . | 1334 | 195 | L2781142.UP.FTS.B, 18.71%, 8/14/27. . . . | 5415 | 5344 |
| FW2265797.UP.FTS.B, 31.5%, 5/16/27.. . . | FW2265797.UP.FTS.B, 31.5%, 5/16/27.. . . | FW2265797.UP.FTS.B, 31.5%, 5/16/27.. . . | 7451 | 7372 | L2780510.UP.FTS.B, 19.3%, 8/14/27. . . . . | 23629 | 23341 |
| L2268700.UP.FTS.B, 9.56%, 5/17/27. . . . . | L2268700.UP.FTS.B, 9.56%, 5/17/27. . . . . | L2268700.UP.FTS.B, 9.56%, 5/17/27. . . . . | 3500 | 3476 | FW2785535.UP.FTS.B, 19.34%, 8/14/27.. . | 24438 | 23021 |
| L2269986.UP.FTS.B, 11.35%, 5/17/27. . . . | L2269986.UP.FTS.B, 11.35%, 5/17/27. . . . | L2269986.UP.FTS.B, 11.35%, 5/17/27. . . . | 7507 | 7435 | L2780974.UP.FTS.B, 19.58%, 8/14/27. . . . | 7816 | 7352 |
| L2270469.UP.FTS.B, 12.65%, 5/17/27. . . . | L2270469.UP.FTS.B, 12.65%, 5/17/27. . . . | L2270469.UP.FTS.B, 12.65%, 5/17/27. . . . | 3118 | 3088 | FW2779945.UP.FTS.B, 19.77%, 8/14/27.. . | 5052 | 4968 |
| L2267939.UP.FTS.B, 17.47%, 5/17/27. . . . | L2267939.UP.FTS.B, 17.47%, 5/17/27. . . . | L2267939.UP.FTS.B, 17.47%, 5/17/27. . . . | 2450 | 2419 | L2785975.UP.FTS.B, 20.35%, 8/14/27. . . . | 10203 | 9580 |
| L2270782.UP.FTS.B, 17.78%, 5/17/27. . . . | L2270782.UP.FTS.B, 17.78%, 5/17/27. . . . | L2270782.UP.FTS.B, 17.78%, 5/17/27. . . . | 3166 | 70 | FW2786123.UP.FTS.B, 20.87%, 8/14/27.. . | 2932 | 2906 |
| L2267967.UP.FTS.B, 19.43%, 5/17/27. . . . | L2267967.UP.FTS.B, 19.43%, 5/17/27. . . . | L2267967.UP.FTS.B, 19.43%, 5/17/27. . . . | 13840 | 13748 | L2783671.UP.FTS.B, 20.91%, 8/14/27. . . . | 9951 | 9821 |
| FW2270380.UP.FTS.B, 20.17%, 5/17/27.. . | FW2270380.UP.FTS.B, 20.17%, 5/17/27.. . | FW2270380.UP.FTS.B, 20.17%, 5/17/27.. . | 15469 | 15233 | FW2781956.UP.FTS.B, 21.26%, 8/14/27.. . | 4795 | 4736 |
| L2269383.UP.FTS.B, 23.1%, 5/17/27. . . . . | L2269383.UP.FTS.B, 23.1%, 5/17/27. . . . . | L2269383.UP.FTS.B, 23.1%, 5/17/27. . . . . | 3645 | 3458 | L2784304.UP.FTS.B, 21.78%, 8/14/27. . . . | 2834 | 418 |
| FW2268690.UP.FTS.B, 25.01%, 5/17/27.. . | FW2268690.UP.FTS.B, 25.01%, 5/17/27.. . | FW2268690.UP.FTS.B, 25.01%, 5/17/27.. . | 9090 | 9046 | FW2785231.UP.FTS.B, 21.88%, 8/14/27.. . | 8566 | 8477 |
| L2269566.UP.FTS.B, 25.42%, 5/17/27. . . . | L2269566.UP.FTS.B, 25.42%, 5/17/27. . . . | L2269566.UP.FTS.B, 25.42%, 5/17/27. . . . | 5458 | 5415 | L2786434.UP.FTS.B, 22.26%, 8/14/27. . . . | 30860 | 29006 |
| FW2271010.UP.FTS.B, 28.2%, 5/17/27.. . . | FW2271010.UP.FTS.B, 28.2%, 5/17/27.. . . | FW2271010.UP.FTS.B, 28.2%, 5/17/27.. . . | 2824 | 417 | L2787540.UP.FTS.B, 22.81%, 8/14/27. . . . | 7393 | 7323 |
| FW2269179.UP.FTS.B, 31.16%, 5/17/27.. . | FW2269179.UP.FTS.B, 31.16%, 5/17/27.. . | FW2269179.UP.FTS.B, 31.16%, 5/17/27.. . | 12398 | 12030 | L2784944.UP.FTS.B, 23.08%, 8/14/27. . . . | 20143 | 19819 |
| L2473231.UP.FTS.B, 11.36%, 6/20/27. . . . | L2473231.UP.FTS.B, 11.36%, 6/20/27. . . . | L2473231.UP.FTS.B, 11.36%, 6/20/27. . . . | 5618 | 5567 | L2782075.UP.FTS.B, 23.42%, 8/14/27. . . . | 7254 | 7183 |
| L2473506.UP.FTS.B, 18.22%, 6/20/27. . . . | L2473506.UP.FTS.B, 18.22%, 6/20/27. . . . | L2473506.UP.FTS.B, 18.22%, 6/20/27. . . . | 9155 | 8606 | L2784400.UP.FTS.B, 23.97%, 8/14/27. . . . | 10068 | 9965 |
| L2474417.UP.FTS.B, 25.31%, 6/20/27. . . . | L2474417.UP.FTS.B, 25.31%, 6/20/27. . . . | L2474417.UP.FTS.B, 25.31%, 6/20/27. . . . | 2828 | 2803 | FW2783316.UP.FTS.B, 24.1%, 8/14/27.. . . | 48225 | 47713 |
| FW2473799.UP.FTS.B, 27.38%, 6/20/27.. . | FW2473799.UP.FTS.B, 27.38%, 6/20/27.. . | FW2473799.UP.FTS.B, 27.38%, 6/20/27.. . | 21248 | 21104 | FW2779891.UP.FTS.B, 24.29%, 8/14/27.. . | 9177 | 9073 |
| FW2471955.UP.FTS.B, 29.47%, 6/20/27.. . | FW2471955.UP.FTS.B, 29.47%, 6/20/27.. . | FW2471955.UP.FTS.B, 29.47%, 6/20/27.. . | 6290 | 5977 | FW2780321.UP.FTS.B, 24.37%, 8/14/27.. . | 5845 | 5789 |
| FW2474487.UP.FTS.B, 31.14%, 6/20/27.. . | FW2474487.UP.FTS.B, 31.14%, 6/20/27.. . | FW2474487.UP.FTS.B, 31.14%, 6/20/27.. . | 21848 | 21680 | L2779691.UP.FTS.B, 24.42%, 8/14/27. . . . | 14954 | 1067 |
| FW2473580.UP.FTS.B, 31.24%, 6/20/27.. . | FW2473580.UP.FTS.B, 31.24%, 6/20/27.. . | FW2473580.UP.FTS.B, 31.24%, 6/20/27.. . | 1513 | 448 | L2781314.UP.FTS.B, 24.73%, 8/14/27. . . . | 9700 | 9610 |
| FW2475548.UP.FTS.B, 31.69%, 6/20/27.. . | FW2475548.UP.FTS.B, 31.69%, 6/20/27.. . | FW2475548.UP.FTS.B, 31.69%, 6/20/27.. . | 4032 | 4007 | FW2784538.UP.FTS.B, 24.77%, 8/14/27.. . | 4469 | 4422 |
| L2441819.UP.FTS.B, 8.4%, 6/21/27. . . . . . | L2441819.UP.FTS.B, 8.4%, 6/21/27. . . . . . | L2441819.UP.FTS.B, 8.4%, 6/21/27. . . . . . | 9205 | 9149 | FW2785575.UP.FTS.B, 24.85%, 8/14/27.. . | 10519 | 10393 |
| L2479074.UP.FTS.B, 8.74%, 6/21/27. . . . . | L2479074.UP.FTS.B, 8.74%, 6/21/27. . . . . | L2479074.UP.FTS.B, 8.74%, 6/21/27. . . . . | 3843 | 3614 | L2782622.UP.FTS.B, 24.95%, 8/14/27. . . . | 3223 | 3053 |
| FW2476907.UP.FTS.B, 12.84%, 6/21/27.. . | FW2476907.UP.FTS.B, 12.84%, 6/21/27.. . | FW2476907.UP.FTS.B, 12.84%, 6/21/27.. . | 3929 | 3895 | FW2780849.UP.FTS.B, 25.14%, 8/14/27.. . | 8540 | (274) |
| L2477364.UP.FTS.B, 23.94%, 6/21/27. . . . | L2477364.UP.FTS.B, 23.94%, 6/21/27. . . . | L2477364.UP.FTS.B, 23.94%, 6/21/27. . . . | 5725 | 873 | L2784058.UP.FTS.B, 25.35%, 8/14/27. . . . | 7941 | 7823 |
| L2477866.UP.FTS.B, 25.29%, 6/21/27. . . . | L2477866.UP.FTS.B, 25.29%, 6/21/27. . . . | L2477866.UP.FTS.B, 25.29%, 6/21/27. . . . | 7657 | 7278 | FW2783702.UP.FTS.B, 25.42%, 8/14/27.. . | 10615 | 10459 |
| L2476905.UP.FTS.B, 25.37%, 6/21/27. . . . | L2476905.UP.FTS.B, 25.37%, 6/21/27. . . . | L2476905.UP.FTS.B, 25.37%, 6/21/27. . . . | 18114 | 17992 | FW2779865.UP.FTS.B, 25.43%, 8/14/27.. . | 26262 | 25202 |
| L2480361.UP.FTS.B, 25.41%, 6/21/27. . . . | L2480361.UP.FTS.B, 25.41%, 6/21/27. . . . | L2480361.UP.FTS.B, 25.41%, 6/21/27. . . . | 13771 | 13665 | FW2784695.UP.FTS.B, 25.44%, 8/14/27.. . | 5159 | 5102 |
| L2476949.UP.FTS.B, 25.42%, 6/21/27. . . . | L2476949.UP.FTS.B, 25.42%, 6/21/27. . . . | L2476949.UP.FTS.B, 25.42%, 6/21/27. . . . | 2125 | 622 | L2781942.UP.FTS.B, 25.47%, 8/14/27. . . . | 2551 | 2525 |
| 152 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |
| 152 | Annual Report | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;franklintempleton.com |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Principal |  |  | Principal |  |  |
| Description | Amount | Value | Description | Amount |  | Value |
| **Marketplace Loans (continued)** |  |  |  |  |  |  |
| Upstart Network, Inc. (continued) |  |  | Upstart Network, Inc. (continued) |  |  |  |
| L2784786.UP.FTS.B, 25.48%, 8/14/27. . . . | $27772 | $27497 | FW2931158.UP.FTS.B, 26.91%, 9/11/27.. . $21,574 | FW2931158.UP.FTS.B, 26.91%, 9/11/27.. . $21,574 | $21345 | 21345 |
| L2771933.UP.FTS.B, 25.49%, 8/14/27. . . . | 1622 | 1524 | FW2926514.UP.FTS.B, 27.25%, 9/11/27.. . | 21150 | 20918 | 20918 |
| L2783948.UP.FTS.B, 25.78%, 8/14/27. . . . | 6343 | 6289 | L2929694.UP.FTS.B, 28.25%, 9/11/27. . . . | 3574 | 2135 | 2135 |
| L2783927.UP.FTS.B, 25.9%, 8/14/27. . . . . | 11627 | 11510 | FW2929186.UP.FTS.B, 28.7%, 9/11/27.. . . | 3522 | 3479 | 3479 |
| L2779415.UP.FTS.B, 25.96%, 8/14/27. . . . | 4390 | 4125 | FW2924175.UP.FTS.B, 29.65%, 9/11/27.. . | 48916 | 14070 | 14070 |
| FW2783121.UP.FTS.B, 26.17%, 8/14/27.. . | 4650 | 4604 | FW2931217.UP.FTS.B, 29.81%, 9/11/27.. . | 8793 | 2545 | 2545 |
| FW2786542.UP.FTS.B, 26.24%, 8/14/27.. . | 21441 | 1519 | FW2930626.UP.FTS.B, 30.39%, 9/11/27.. . | 41311 | 40829 | 40829 |
| FW2785999.UP.FTS.B, 26.29%, 8/14/27.. . | 9195 | 9111 | FW2930425.UP.FTS.B, 30.94%, 9/11/27.. . | 2053 | 295 | 295 |
| FW2784999.UP.FTS.B, 26.58%, 8/14/27.. . | 5285 | 5234 | FW2930152.UP.FTS.B, 31.13%, 9/11/27.. . | 9442 | 2733 | 2733 |
| FW2781116.UP.FTS.B, 26.73%, 8/14/27.. . | 8356 | 8259 | L2933378.UP.FTS.B, 20.38%, 9/12/27. . . . | 9285 | 5148 | 5148 |
| FW2785556.UP.FTS.B, 26.76%, 8/14/27.. . | 6830 | 6765 | FW2935272.UP.FTS.B, 21.17%, 9/12/27.. . | 7813 | 1149 | 1149 |
| FW2785914.UP.FTS.B, 26.81%, 8/14/27.. . | 3224 | 3189 | L2910288.UP.FTS.B, 24.29%, 9/12/27. . . . | 15327 | 9130 | 9130 |
| L2779692.UP.FTS.B, 26.94%, 8/14/27. . . . | 1246 | 184 | FW2933357.UP.FTS.B, 24.77%, 9/12/27.. . | 3243 | 3211 | 3211 |
| FW2781861.UP.FTS.B, 27.22%, 8/14/27.. . | 1769 | 259 | FW2933345.UP.FTS.B, 25.32%, 9/12/27.. . | 6919 | 6848 | 6848 |
| FW2785253.UP.FTS.B, 27.32%, 8/14/27.. . | 4881 | (177) | FW2932559.UP.FTS.B, 27.07%, 9/12/27.. . | 12463 | 12327 | 12327 |
| FW2783862.UP.FTS.B, 27.48%, 8/14/27.. . | 6772 | (110) | FW2933743.UP.FTS.B, 30.85%, 9/12/27.. . | 965 | 954 | 954 |
| FW2788769.UP.FTS.B, 27.54%, 8/14/27.. . | 20149 | 19938 | L2111342.UP.FTS.B, 25.1%, 9/24/27.. . . . . | 1479 | 1467 | 1467 |
| FW2781368.UP.FTS.B, 27.78%, 8/14/27.. . | 2678 | 2651 | FW2266529.UP.FTS.B, 27.38%, 10/16/27.. | 6843 | 6783 | 6783 |
| FW2780370.UP.FTS.B, 27.85%, 8/14/27.. . | 21645 | 20546 | FW2267221.UP.FTS.B, 30.92%, 10/17/27.. | 5000 | (656) | (656) |
| FW2781052.UP.FTS.B, 28.05%, 8/14/27.. . | 7376 | 7264 | FW2267501.UP.FTS.B, 31.02%, 10/17/27.. | 3293 | 3172 | 3172 |
| FW2789128.UP.FTS.B, 29.06%, 8/14/27.. . | 11720 | 11626 | FW2475501.UP.FTS.B, 9.96%, 11/20/27.. . | 21925 | 5399 | 5399 |
| FW2789307.UP.FTS.B, 29.22%, 8/14/27.. . | 2357 | 2330 | FW2471896.UP.FTS.B, 26.06%, 11/20/27.. | 2411 | 2392 | 2392 |
| FW2781629.UP.FTS.B, 29.52%, 8/14/27.. . | 9694 | 2805 | FW2479769.UP.FTS.B, 29.92%, 11/21/27.. | 18250 | 18085 | 18085 |
| FW2785583.UP.FTS.B, 29.56%, 8/14/27.. . | 1908 | 1804 | L2788591.UP.FTS.B, 23.29%, 1/14/28. . . . | 15109 | 15249 | 15249 |
| FW2786432.UP.FTS.B, 29.98%, 8/14/27.. . | 5559 | 5500 | FW2779683.UP.FTS.B, 24.26%, 1/14/28.. . | 34824 | 34470 | 34470 |
| FW2787766.UP.FTS.B, 30.16%, 8/14/27.. . | 5293 | 5240 | FW2782441.UP.FTS.B, 27.81%, 1/14/28.. . | 20711 | 20492 | 20492 |
| FW2780369.UP.FTS.B, 30.19%, 8/14/27.. . | 1971 | 1954 | FW2785839.UP.FTS.B, 27.97%, 1/14/28.. . | 34742 | 34407 | 34407 |
| FW2785476.UP.FTS.B, 30.26%, 8/14/27.. . | 6386 | 6055 | FW2782539.UP.FTS.B, 30.4%, 1/14/28.. . . | 23429 | 23182 | 23182 |
| FW2786136.UP.FTS.B, 30.3%, 8/14/27.. . . | 4499 | 314 | FW2785617.UP.FTS.B, 30.93%, 1/14/28.. . | 10592 | 10504 | 10504 |
| FW2781544.UP.FTS.B, 30.63%, 8/14/27.. . | 6935 | 484 | FW2931871.UP.FTS.B, 28.6%, 2/11/28.. . . | 14472 | 9063 | 9063 |
| FW2781204.UP.FTS.B, 30.65%, 8/14/27.. . | 4742 | 1380 | FW2935110.UP.FTS.B, 8.85%, 2/12/28.. . . | 7352 | 7306 | 7306 |
| FW2790096.UP.FTS.B, 30.76%, 8/14/27.. . | 1774 | 126 | L1720314.UP.FTS.B, 21.63%, 9/16/28. . . . | 20785 | 20673 | 20673 |
| FW2779142.UP.FTS.B, 30.78%, 8/14/27.. . | 4430 | 4393 | L1720283.UP.FTS.B, 27.69%, 9/16/28. . . . | 7434 | 7429 | 7429 |
| FW2786761.UP.FTS.B, 30.87%, 8/14/27.. . | 2267 | 2189 | L2016976.UP.FTS.B, 17.93%, 11/10/28.. . . | 3199 | 3182 | 3182 |
| FW2786399.UP.FTS.B, 30.99%, 8/14/27.. . | 5824 | 5768 | L2018384.UP.FTS.B, 24.86%, 11/10/28.. . . | 6477 | 6429 | 6429 |
| FW2782277.UP.FTS.B, 31.03%, 8/14/27.. . | 3449 | 3419 | L2264962.UP.FTS.B, 22.17%, 12/16/28. . . | 3080 | 3066 | 3066 |
| FW2779835.UP.FTS.B, 31.04%, 8/14/27.. . | 6345 | 6002 | L2471413.UP.FTS.B, 14.77%, 1/20/29. . . . | 22987 | 22895 | 22895 |
| FW2782641.UP.FTS.B, 31.04%, 8/14/27.. . | 2070 | 2051 | L2474231.UP.FTS.B, 18.07%, 1/20/29. . . . | 8968 | 8923 | 8923 |
| FW2781707.UP.FTS.B, 31.14%, 8/14/27.. . | 7803 | 7724 | L2472122.UP.FTS.B, 18.59%, 1/20/29. . . . | 3998 | 3980 | 3980 |
| FW2784384.UP.FTS.B, 31.2%, 8/14/27.. . . | 2120 | 2100 | L2475358.UP.FTS.B, 19.49%, 1/20/29. . . . | 5592 | 5568 | 5568 |
| FW2788027.UP.FTS.B, 31.2%, 8/14/27.. . . | 6106 | 6042 | L2470272.UP.FTS.B, 21.01%, 1/20/29. . . . | 5727 | 1481 | 1481 |
| FW2781520.UP.FTS.B, 31.21%, 8/14/27.. . | 13709 | (796) | L2471993.UP.FTS.B, 21.29%, 1/20/29. . . . | 6930 | 6900 | 6900 |
| FW2785600.UP.FTS.B, 31.41%, 8/14/27.. . | 1723 | 1709 | L2473174.UP.FTS.B, 22.65%, 1/20/29. . . . | 8456 | 8405 | 8405 |
| FW2781778.UP.FTS.B, 31.45%, 8/14/27.. . | 3668 | (146) | L2472655.UP.FTS.B, 23.1%, 1/20/29. . . . . | 6707 | 926 | 926 |
| FW2779306.UP.FTS.B, 31.94%, 8/14/27.. . | 7590 | 7513 | L2472888.UP.FTS.B, 23.34%, 1/20/29. . . . | 2917 | 2905 | 2905 |
| FW2780086.UP.FTS.B, 33.32%, 8/14/27.. . | 2664 | 2642 | L2473102.UP.FTS.B, 23.59%, 1/20/29. . . . | 5650 | 5608 | 5608 |
| FW1890892.UP.FTS.B, 16.8%, 8/21/27.. . . | 8348 | 7851 | L2475929.UP.FTS.B, 25.01%, 1/20/29. . . . | 7807 | 554 | 554 |
| FW2017549.UP.FTS.B, 31.31%, 9/10/27.. . | 7214 | 7141 | L2474341.UP.FTS.B, 25.18%, 1/20/29. . . . | 1040 | 1033 | 1033 |
| L2931231.UP.FTS.B, 16.75%, 9/11/27. . . . | 18507 | 18336 | L2472903.UP.FTS.B, 25.78%, 1/20/29. . . . | 1136 | 1127 | 1127 |
| L2928998.UP.FTS.B, 20.3%, 9/11/27. . . . . | 16126 | 15913 | L2475105.UP.FTS.B, 26.03%, 1/20/29. . . . | 2096 | 1981 | 1981 |
| FW2928720.UP.FTS.B, 21.08%, 9/11/27.. . | 48538 | 47904 | L2475341.UP.FTS.B, 26.12%, 1/20/29. . . . | 4072 | 4042 | 4042 |
| L2930159.UP.FTS.B, 21.12%, 9/11/27. . . . | 1704 | 1689 | L2474062.UP.FTS.B, 27.02%, 1/20/29. . . . | 7922 | 7536 | 7536 |
| L2929906.UP.FTS.B, 22.5%, 9/11/27. . . . . | 12294 | 12151 | L2477875.UP.FTS.B, 11.39%, 1/21/29. . . . | 9094 | 9066 | 9066 |
| L2931001.UP.FTS.B, 23.4%, 9/11/27. . . . . | 3404 | (9) | L2480052.UP.FTS.B, 11.51%, 1/21/29. . . . | 1962 | 1956 | 1956 |
| FW2930789.UP.FTS.B, 24.41%, 9/11/27.. . | 18719 | 18487 | L2476569.UP.FTS.B, 12.1%, 1/21/29. . . . . | 9549 | 9520 | 9520 |
| L2931032.UP.FTS.B, 25.34%, 9/11/27. . . . | 9021 | 5351 | L2481459.UP.FTS.B, 19.4%, 1/21/29. . . . . | 18405 | 18320 | 18320 |
| L2928199.UP.FTS.B, 25.64%, 9/11/27. . . . | 3762 | 3718 | L2478078.UP.FTS.B, 21.42%, 1/21/29. . . . | 5485 | 5449 | 5449 |
| FW2930454.UP.FTS.B, 25.93%, 9/11/27.. . | 4908 | 4857 | L2479722.UP.FTS.B, 22.71%, 1/21/29. . . . | 5282 | 5261 | 5261 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 153 |
| franklintempleton.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | Annual Report |  | 153 |

---

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

**Franklin Limited Duration Income Trust (continued)**

---

| | | |
|:---|:---|:---|
|  | Principal |  |
| Description | Amount | Value |
| **Marketplace Loans (continued)** |  |  |
| Upstart Network, Inc. (continued) |  |  |
| L2481336.UP.FTS.B, 23.87%, 1/21/29. . . . | $2073 | $2061 |
| L2478021.UP.FTS.B, 24.55%, 1/21/29. . . . | 9438 | 9370 |
| L2481996.UP.FTS.B, 25.8%, 1/21/29. . . . . | 1420 | 1414 |
| L2478711.UP.FTS.B, 26.03%, 1/21/29. . . . | 4381 | 4169 |
| L2476521.UP.FTS.B, 26.04%, 1/21/29. . . . | 944 | 937 |
| L2482022.UP.FTS.B, 26.34%, 1/21/29. . . . | 3507 | 3487 |
| L2478671.UP.FTS.B, 26.52%, 1/21/29. . . . | 3968 | 39 |
| L2477377.UP.FTS.B, 26.53%, 1/21/29. . . . | 4637 | 323 |
| L2476782.UP.FTS.B, 26.59%, 1/21/29. . . . | 2353 | 2273 |
| L2481172.UP.FTS.B, 26.93%, 1/21/29. . . . | 2466 | 2459 |
| L2780235.UP.FTS.B, 24.51%, 3/14/29. . . . | 14343 | 14199 |
| L2782783.UP.FTS.B, 25.4%, 3/14/29. . . . . | 2395 | 2375 |
| L2781690.UP.FTS.B, 25.59%, 3/14/29. . . . | 8469 | 1214 |
| L2784369.UP.FTS.B, 25.66%, 3/14/29. . . . | 1723 | 1715 |
| L2783362.UP.FTS.B, 25.93%, 3/14/29. . . . | 1534 | 1522 |
| L2781012.UP.FTS.B, 26.33%, 3/14/29. . . . | 7302 | 7226 |
| L2781565.UP.FTS.B, 27%, 3/14/29.. . . . . . | 2511 | 2379 |
| L2893504.UP.FTS.B, 25.96%, 4/11/29. . . . | 931 | 922 |
| L2928276.UP.FTS.B, 26.09%, 4/11/29. . . . | 75 | 74 |
| L2927882.UP.FTS.B, 26.42%, 4/11/29. . . . | 4396 | 4356 |
| L2928275.UP.FTS.B, 26.91%, 4/11/29. . . . | 3566 | 3535 |
| L2899443.UP.FTS.B, 27.44%, 4/11/29. . . . | 29064 | 28805 |
| L2472044.UP.FTS.B, 25.12%, 6/20/29. . . . | 7942 | 7908 |
| L2473315.UP.FTS.B, 27.03%, 6/20/29. . . . | 7942 | 7888 |
| L2476272.UP.FTS.B, 26.5%, 6/21/29. . . . . | 2305 | 2292 |
| L2481405.UP.FTS.B, 27.17%, 6/21/29. . . . | 5401 | 5365 |
| L2928953.UP.FTS.B, 25.86%, 9/11/29. . . . | 2919 | 1654 |
| L2471758.UP.FTS.B, 22.48%, 11/20/29.. . . | 4806 | 1303 |
|  |  | 29908898 |
| Total Marketplace Loans (Cost $81,949,722) | Total Marketplace Loans (Cost $81,949,722) |  |
| Total Marketplace Loans (Cost $81,949,722) | Total Marketplace Loans (Cost $81,949,722) | $75416488 |

---

154 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
|  | Franklin<br>Limited<br>Duration<br>Income Trust |
| Assets: |  |
| &nbsp;&nbsp;Investments in securities: |  |
| Cost - Unaffiliated issuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $459979249 |
| Cost - Non-controlled affiliates (Note 5c).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1457842 |
| Value - Unaffiliated issuers .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $413679269 |
| Value - Non-controlled affiliates (Note 5c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1457842 |
| Cash.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8583137 |
| &nbsp;&nbsp;Receivables: |  |
| Investment securities sold.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1342049 |
| Interest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4658503 |
| Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 429720800 |
| Liabilities: |  |
| &nbsp;&nbsp;Payables: |  |
| Investment securities purchased.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25170099 |
| Credit facility (Note 3).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 83000000 |
| Management fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 251336 |
| Transfer agent fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 64225 |
| Trustees' fees and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 953 |
| Accrued interest (Note 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 405852 |
| Reverse repurchase agreements (Note 4).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 34456370 |
| Deposits from brokers for: |  |
| Reverse repurchase agreements (Note 4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 616000 |
| Unrealized depreciation on unfunded loan commitments (Note 13).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 95061 |
| Accrued expenses and other liabilities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341705 |
| Total liabilities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 144401601 |
| Net assets applicable to common shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $285319199 |
| Net assets applicable to common shares consist of: |  |
| Paid-in capital.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $373025553 |
| Total distributable earnings (losses).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (87706354) |
| Net assets applicable to common shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $285319199 |
| Common shares outstanding.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40405374 |
| Net asset value per common share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $7.06 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 155 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended December 31, 2022

---

| | |
|:---|:---|
|  | Franklin<br>Limited<br>Duration<br>Income Trust |
| Investment income: |  |
| &nbsp;&nbsp;Dividends: |  |
| Unaffiliated issuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $168581 |
| Non-controlled affiliates (Note 5c).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 102600 |
| &nbsp;&nbsp;Interest: |  |
| Unaffiliated issuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 32014133 |
| &nbsp;&nbsp;Income from securities loaned: |  |
| Unaffiliated entities (net of fees and rebates).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 111 |
| Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 32285425 |
| Expenses: |  |
| Management fees (Note 5a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3051706 |
| Transfer agent fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 76555 |
| Custodian fees (Note 6).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2900 |
| Reports to shareholders fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8091 |
| Registration and filing fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19063 |
| Professional fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 166106 |
| Marketplace lending fees (Note 1f).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 904929 |
| Interest expense (Note 3 and 4).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3658054 |
| Other.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 123944 |
| . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total expenses | 8011348 |
| Expense reductions (Note 6).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (137) |
| Expenses waived/paid by affiliates (Note 5c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (29525) |
| Net expenses.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7981686 |
| Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24303739 |
| Realized and unrealized gains (losses): |  |
| &nbsp;&nbsp;Net realized gain (loss) from: |  |
| Investments: |  |
| Unaffiliated issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (7581652) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| Investments: |  |
| Unaffiliated issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (45857004) |
| Translation of other assets and liabilities denominated in foreign currencies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (82) |
| Unfunded loan commitments (Note 13).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (96667) |
| Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (45953753) |
| Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (53535405) |
| Net increase (decrease) in net assets applicable to common shares resulting from operations.. . . . . . . . . . . . . . . . . . . | $(29231666) |

---

156 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

![](g473148ftf_a0223159x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

Franklin Limited Duration Income Trust

Year Ended Year Ended <br>   <u>December 31, 2022</u> <u>December 31, 2021</u>

Increase (decrease) in net assets: Operations:

Net investment income.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation).. . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in net assets applicable to common shares resulting from operations.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distributions to common shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distributions to common shareholders from tax return of capital. . . . . . . . . . . . . . . . . . . . .

Total distributions to common shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital share transactions (Note 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in net assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net assets applicable to common shares:

Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

End of year.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,303,739 $15,619,369

(7,581,652)(649,531)

(45,953,753)(729,249)

(29,231,666)14,240,589

(22,610,267) (16,509,548)

(8,286,675) (11,604,311)

(30,896,942) (28,113,859)

75,010,981110,798

14,882,373 (13,762,472)

270,436,826 284,199,298

$285,319,199 $270,436,826

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 157 <br>

![](g473148ftf_a0223160x1.jpg)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Cash Flows

for the year ended December 31, 2022

Franklin

Limited

Duration

Income Trust

Cash flow from operating activities:

Dividends, interest and other income received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating expenses paid.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deposits with broker for reverse repurchase agreements .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest expense paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of long-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sales and maturities of long-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net sales of short-term investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash used - operating activities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash flow from financing activities:

Net change in reverse repurchase agreements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash distributions to shareholders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash provided - financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash at beginning of year.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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, 2022

Net increase (decrease) in net assets resulting from operating activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided by operating activities:

Net amortization income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvested dividends from non-controlled affiliates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest received in the form of securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in dividends and interest receivable and other assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in interest payable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in payable to affiliates, accrued expenses, and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Decrease in payable for investments purchased.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Decrease in receivable for investments sold.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in cost of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in unrealized depreciation on investments... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase in cash on deposit with broker... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used in operating activities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash financing activities - reinvestment of dividends.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$31,143,285 (4,023,761)

1,126,000

(3,328,721)

(466,643,881)

398,786,634

7,526,995

(35,413,449)

1,008,248

74,970,896

(33,136,265)

42,842,879

7,429,430

1,153,707

$8,583,137

$(29,231,666)

632,503

(102,600)

(236,841)

(1,198,279)

329,333

299,871

(129,541)

1,873,048

(54,632,281)

45,857,004

1,126,000

$(35,413,449)

$40,085

158 Annual Report The accompanying notes are an integral part of these financial statements. franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. Organization and Significant Accounting Policies

Franklin Limited Duration Income Trust (Fund) is registered under the Investment Company Act of 1940 (1940 Act) as a closed-end management investment company. The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross- functional Valuation Committee (VC). The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively.

Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade

in multiple markets or on multiple exchanges are valued

according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund's pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.

Investments in open-end mutual funds are valued at the closing NAV.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund's business day. Events can occur between the time at which trading in a foreign security

is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held

franklintempleton.com Annual Report 159 <br>

FRANKLIN LIMITED DURATION INCOME TRUST NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies

(continued)

a. Financial Instrument Valuation (continued)

by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the value of the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time. At December 31, 2022, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value"). See the Fair Value Measurements note for more information.

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

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FRANKLIN LIMITED DURATION INCOME TRUST NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies

(continued)

d. Mortgage Dollar Rolls (continued)

turnover rate. The risks of mortgage dollar roll transactions include the potential inability of the counterparty to fulfill its obligations.

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.

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.

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

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, 2022, 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.

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1. Organization and Significant Accounting Policies

(continued)

h. Income and Deferred Taxes (continued)

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, 2022, the Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

i. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization

of premium and accretion of discount on debt securities are included in interest income. Paydown gains and losses are recorded as an adjustment to interest income. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shares of Beneficial Interest

At December 31, 2022, 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, 2022 and 2021, there were no shares repurchased.

Transactions in the Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
|  | Shares | Amount | Shares | Amount |
| Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10250000 | $74,970,896\* |  | $— |
| Shares issued in reinvestment of distributions.. . . . . . . . . . | 4479 | 40085 | 12060 | 110798 |
| Net increase (decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . | 10254479 | $75010981 | 12060 | $110798 |

---

\*Net of rights offering costs of $331,277.

On January 14, 2022, the Fund commenced a transferrable rights offering to common shareholders of record on January 19, 2022 (record date), to subscribe for up to an aggregate of 10,250,000 of the Fund's common shares. The offering expired on February 17, 2022. Each record date shareholder received one right for each outstanding whole common share held, which entitled their holders to purchase one new Fund common share for every three rights held. In addition, record date shareholders who fully exercised their rights (other than those rights that could not be exercised because they represented the right to acquire less than one common share) were entitled to subscribe for additional common shares of the Fund that remained unsubscribed as a result of any unexercised rights. The subscription price per common share was determined based upon a formula equal to 92.5% of the average of the last reported sales price of the Fund's common shares on the NYSE American Stock Exchange on the offering expiration date, and each of the four preceding trading days, subject to a minimum subscription price of 90% of the Fund's net asset value per common share on the offering expiration date. The rights holders subscribed for all 10,250,000 common shares at an average price per share of $7.61. Gross proceeds from the offering were $78,033,340. The Fund received the gross proceeds of the offering minus the dealer manager fee and other expenses of the offering totaling $3,062,444.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Schedule 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, 2022 and incurred $2,771,645 of interest expense during the year. Average borrowings and the average interest rate for the days outstanding during the year ended December 31, 2022, were $83,008,795 and 3.29%, 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

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FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

3. Credit Facility (continued)

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, 2022, 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 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 $34,478,044 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 $41,077,513 which has been identified on the Schedule 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, 2022, the average borrowings and the average interest rate were $35,035,649 and 2.5%, respectively.

5. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| Subsidiary | Affiliation |
| Franklin Advisers, Inc. (Advisers) | Investment manager |
| Franklin Templeton Services, LLC (FT Services) | Administrative manager |

---

a. Management Fees

The Fund pays an investment management fee, calculated daily and paid monthly, to Advisers of 0.70% per year of the average daily managed assets. Managed assets are defined as the Fund's gross asset value minus the sum of accrued liabilities, other than the principal amount of the Credit Facility and other financial leverage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions with Affiliates (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, the Fund held investments in affiliated management investment companies as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Value at<br>Beginning<br>of Year | <br>Purchases | <br>Sales | <br>Realized Gain<br>(Loss) | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | <br>Value<br>at End<br>of Year | Number of<br>Shares Held<br>at End<br>of Year | <br>Investment<br>Income |
| Franklin Limited Duration Income Trust | Franklin Limited Duration Income Trust |  |  |  |  |  |  |  |
| Non-Controlled Affiliates |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Dividends |
| Institutional Fiduciary Trust - |  |  |  |  |  |  |  |  |
| Money Market Portfolio, 3.782%. | $8882237 | $169663062 | $(177087457) | $— | $— | $1457842 | 1457842 | $102600 |
| Non-Controlled Affiliates |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Income from |
|  |  |  |  |  |  |  |  | securities |
|  |  |  |  |  |  |  |  | loaned |
| Institutional Fiduciary Trust - |  |  |  |  |  |  |  |  |
| Money Market Portfolio, 3.782%. | $— | $151000 | $(151000) | $— | $— | $— |  | $— |
| Total Affiliated Securities. . . . | $8882237 | $169814062 | $(177238457) | $— | $— | $1457842 |  | $102600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022, the custodian fees were reduced as noted in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains.

At December 31, 2022, the capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| Capital loss carryforwards not subject to expiration: |  |
| Short term.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $5522050 |
| Long term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35873635 |
| Total capital loss carryforwards.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $41395685 |

---

franklintempleton.com Annual Report 165 <br>

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FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

7. Income Taxes (continued)

The tax character of distributions paid during the years ended December 31, 2022 and 2021, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2022 | 2021 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;Ordinary income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $22610267 | $16509548 |
| &nbsp;&nbsp;Return of capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8286675 | 11604311 |
|  | $30896942 | $28113859 |

---

At December 31, 2022, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unrealized depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net unrealized appreciation (depreciation).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$427,263,526

$3,534,836 (49,751,428)

$(46,216,592)

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, 2022, aggregated $466,514,340 and $402,270,160, respectively.

9. Credit Risk and Defaulted Securities

At December 31, 2022, the Fund had 75.1% of its portfolio invested in high yield securities, senior secured floating rate loans, or other securities rated below investment grade and unrated securities. These securities may be more sensitive to economic conditions causing greater price volatility and are potentially subject to a greater risk of loss due to default than higher rated securities.

The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At December 31, 2022, the aggregate value of these securities represents 0.5% of the Fund's net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Schedule of Investments.

10. Geopolitical Risk

On February 24, 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known. The Fund will continue to assess the impact on valuations and liquidity and will take any potential actions needed in accordance with procedures approved by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 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, 2022, investments in restricted securities, excluding securities exempt from registration under the 1933 Act, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**Issuer** | **Acquisition**<br>**Date** | <br>**Cost** | <br>**Value** |
| **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** |  |  |  |
| 2334763 | Nine Point Energy Holdings, Inc. . . . . . . . . . . . . . . . . . | 7/15/14 – 1/22/21 | $1208234 | $— |
|  | **Total Restricted Securities (Value is —% of Net Assets)** | **.. . . . . . . . . . . . . .** | $1208234 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. 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 Schedule of Investments.

At December 31, 2022, unfunded commitments were as follows:

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment** |
| **Franklin Limited Duration Income Trust** |  |
| athenahealth Group, Inc. | $271739 |
| Aveanna Healthcare LLC | 142209 |
| Dermatology Intermediate Holdings III, Inc. | 4161 |
| Thrasio LLC | 350000 |
|  | $768109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – quoted prices in active markets for identical financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.)

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NOTES TO FINANCIAL STATEMENTS

14. Fair Value Measurements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of December 31, 2022, 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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |
| Hotels, Restaurants & Leisure . . . . . . . . . . . . . | $— | $4553 | $— | $4553 |
| Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . |  | 377413 |  | 377413 |
| Oil, Gas & Consumable Fuels .. . . . . . . . . . . . . | 4298 | 379487 | —a  | 383785 |
| Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . |  |  | 44659 | 44659 |
| Preferred Stocks. . . . . . . . . . . . . . . . . . . . . . . . . |  | 886 |  | 886 |
| Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 795300 |  | 795300 |
| Warrants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1210 |  |  | 1210 |
| Convertible Bonds. . . . . . . . . . . . . . . . . . . . . . . . |  | 2831 |  | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds: |  |  |  |  |
| Aerospace & Defense .. . . . . . . . . . . . . . . . . . . |  | 1383746 |  | 1383746 |
| Airlines .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 2394183 |  | 2394183 |
| Auto Components .. . . . . . . . . . . . . . . . . . . . . . |  | 3554230 |  | 3554230 |
| Automobiles .. . . . . . . . . . . . . . . . . . . . . . . . . . |  | 922358 |  | 922358 |
| Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1470900 |  | 1470900 |
| Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 605340 |  | 605340 |
| Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . |  | 448825 |  | 448825 |
| Building Products .. . . . . . . . . . . . . . . . . . . . . . |  | 3958842 |  | 3958842 |
| Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . |  | 258433 |  | 258433 |
| Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 6615634 |  | 6615634 |
| Commercial Services & Supplies . . . . . . . . . . . |  | 2290050 |  | 2290050 |
| Construction & Engineering . . . . . . . . . . . . . . . |  | 2029167 |  | 2029167 |
| Consumer Finance .. . . . . . . . . . . . . . . . . . . . . |  | 1376313 |  | 1376313 |
| Containers & Packaging .. . . . . . . . . . . . . . . . . |  | 8049402 |  | 8049402 |
| Diversified Consumer Services .. . . . . . . . . . . . |  | 1226277 |  | 1226277 |
| Diversified Financial Services .. . . . . . . . . . . . . |  | 1728553 |  | 1728553 |
| Diversified Telecommunication Services . . . . . . |  | 4253025 |  | 4253025 |
| Electric Utilities .. . . . . . . . . . . . . . . . . . . . . . . . |  | 1581574 |  | 1581574 |
| Electrical Equipment .. . . . . . . . . . . . . . . . . . . . |  | 2402309 |  | 2402309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & |  |  |  |  |
| Components .. . . . . . . . . . . . . . . . . . . . . . . . |  | 429495 |  | 429495 |
| Energy Equipment & Services . . . . . . . . . . . . . |  | 4136917 |  | 4136917 |
| Entertainment .. . . . . . . . . . . . . . . . . . . . . . . . . |  | 2948115 |  | 2948115 |
| Equity Real Estate Investment Trusts (REITs) .. |  | 1995701 |  | 1995701 |
| Food Products . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1381550 |  | 1381550 |
| Health Care Equipment & Supplies .. . . . . . . . . |  | 1145703 |  | 1145703 |
| Health Care Providers & Services .. . . . . . . . . . |  | 2674870 |  | 2674870 |
| Hotels, Restaurants & Leisure . . . . . . . . . . . . . |  | 11985894 | —<sup>a</sup> | 11985894 |
| Household Durables .. . . . . . . . . . . . . . . . . . . . |  | 1731448 |  | 1731448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity |  |  |  |  |
| Producers .. . . . . . . . . . . . . . . . . . . . . . . . . . |  | 5853705 |  | 5853705 |
| Insurance .. . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1149327 |  | 1149327 |
| Internet & Direct Marketing Retail .. . . . . . . . . . |  | 76816 |  | 76816 |
| IT Services .. . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 2902704 |  | 2902704 |
| Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 3912961 |  | 3912961 |

---

168 Annual Report franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| **Franklin Limited Duration Income Trust (continued)** |  |  |  |  |
| Assets: (continued) |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities: |  |  |  |  |
| Corporate Bonds: |  |  |  |  |
| Media .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $— | $5871309 | $— | $5871309 |
| Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . |  | 1728671 |  | 1728671 |
| Mortgage Real Estate Investment Trusts |  |  |  |  |
| (REITs) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 801690 |  | 801690 |
| Multiline Retail . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1861070 |  | 1861070 |
| Oil, Gas & Consumable Fuels .. . . . . . . . . . . . . |  | 14268528 | —a | 14268528 |
| Paper & Forest Products . . . . . . . . . . . . . . . . . |  | 241040 |  | 241040 |
| Personal Products . . . . . . . . . . . . . . . . . . . . . . |  | 717924 |  | 717924 |
| Pharmaceuticals .. . . . . . . . . . . . . . . . . . . . . . . |  | 5508389 |  | 5508389 |
| Real Estate Management & Development .. . . . |  | 1281256 |  | 1281256 |
| Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1455095 | 993522 | 2448617 |
| Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 2731235 |  | 2731235 |
| Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . |  | 2349722 |  | 2349722 |
| Textiles, Apparel & Luxury Goods .. . . . . . . . . . |  | 970158 |  | 970158 |
| Thrifts & Mortgage Finance .. . . . . . . . . . . . . . . |  | 2405720 |  | 2405720 |
| Trading Companies & Distributors .. . . . . . . . . . |  | 1531610 |  | 1531610 |
| Senior Floating Rate Interests.. . . . . . . . . . . . . . . |  | 118778302 |  | 118778302 |
| Marketplace Loans.. . . . . . . . . . . . . . . . . . . . . . . |  |  | 75416488 | 75416488 |
| Asset-Backed Securities.. . . . . . . . . . . . . . . . . . . |  | 39805560 |  | 39805560 |
| Commercial Mortgage-Backed Securities. . . . . . . |  | 2909537 |  | 2909537 |
| Mortgage-Backed Securities.. . . . . . . . . . . . . . . . |  | 41567439 |  | 41567439 |
| Short Term Investments. . . . . . . . . . . . . . . . . . . . | 1457842 |  |  | 1457842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities.. . . . . . . . . . . | $1463350 | $337,219,092b | $76454669 | $415137111 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| Reverse Repurchase Agreements.. . . . . . . . . . . . | $— | $34456370 | $— | $34456370 |
| Unfunded Loan Commitments.. . . . . . . . . . . . . . . |  | 95061 |  | 95061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Financial Instruments.. . . . . . . . . | $— | $34551431 | $— | $34551431 |

---

aIncludes financial instruments determined to have no value at December 31, 2022.

bIncludes foreign securities valued at $377,413, which were categorized as Level 2 as a result of the application of market level fair value procedures. See the Financial Instrument Valuation note for more information.

franklintempleton.com Annual Report 169 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

14. Fair Value Measurements (continued)

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, 2022, the reconciliation is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | Net | Net | | |
|  | | | | | | | Realized | Unrealized | | |
|  | | | | | | | Gain | Appreciation | | |
|  | <br>Balance at<br>Beginning of<br>Year | <br>Purchasesa | <br>Salesb | <br>Transfer<br>Into<br>Level 3c | <br>Transfer<br>Out of<br>Level 3 | <br>Net<br>Accretion<br>(Amortiza-<br>tion) | (Loss)(Depreciation) | (Loss)(Depreciation) | <br>Balance<br>at End<br>of Year | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>on Assets<br>Held at<br>Year End |
| Franklin Limited Duration Income Trust | Franklin Limited Duration Income Trust | Franklin Limited Duration Income Trust |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable |  |  |  |  |  |  |  |  |  |  |
| Fuels.. . . . . . . . . . | $—d | $— | $(189) | $— | $— | $— | $(93756) | $93945 | $—d | $— |
| Road & Rail. . . . . . . . | 44245 |  |  |  |  |  |  | 414 | 44659 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants: |  |  |  |  |  |  |  |  |  |  |
| Oil, Gas & Consumable |  |  |  |  |  |  |  |  |  |  |
| Fuels.. . . . . . . . . . | 2 |  | —<sup>d</sup> |  |  |  |  | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & |  |  |  |  |  |  |  |  |  |  |
| Leisure.. . . . . . . . . |  |  |  | 450 |  |  |  | (450) | —<sup>d</sup> | (450) |
| Oil, Gas & Consumable |  |  |  |  |  |  |  |  |  |  |
| Fuels.. . . . . . . . . . |  |  |  | 3092 |  |  |  | (3092) | —<sup>d</sup> | (3092) |
| Road & Rail. . . . . . . . | 992593 |  |  |  |  | 92452 |  | (91523) | 993522 | (91523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketplace Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financial |  |  |  |  |  |  |  |  |  |  |
| Services.. . . . . . . . | 22972188 | 86358752 | (26859827) |  |  |  | (970877) | (6083748) | 75416488 | (5674694) |
| &nbsp;&nbsp;Total Investments in |  |  |  |  |  |  |  |  |  |  |
| Securities. . . . . . . . . . . . . | $24009028 | $86358752 | $(26860016) | $3542 | $— | $92452 | $(1064633) | $(6084456) | $76454669 | $(5769345) |

---

aPurchases include all purchases of securities and securities received in corporate actions.

bSales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

cTransferred into level 3 as a result of the unavailability of a quoted market price in an active market for identical securities or as a result of the unreliability of the foreign exchange rate and other significant observable valuation inputs. May include amounts related to a corporate action.

dIncludes financial instruments determined to have no value.

Significant unobservable valuation inputs for material Level 3 assets and/or liabilities and impact to fair value as a result of changes in unobservable valuation inputs as of December 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Impact to |
|  |  |  |  | Amount | Fair Value |
|  | Fair Value at |  |  | (Weighted | if Input |
| Description | End of Year | Valuation Technique | Unobservable Inputs | Average)a | Increasesb |
| Franklin Limited Duration Income Trust |  |  |  |  |  |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketplace Loans: |  |  |  |  |  |
| Diversified Financial Services. . | 74542524 | Discounted cash flow | Loss-adjusted | 2.4% - 11.3% | Decrease |
|  |  |  | &nbsp;&nbsp;discount rate | (8.7%) |  |
|  |  |  | Projected loss rate | 3.8% - 24.6% | Decrease |
|  |  |  |  | (18.5%) |  |
| All Other Investments. . . . . . . . . . . | 1,912,145c,d |  |  |  |  |
| Total.. . . . . . . . . . . . . . . . . . . . . . . | $76454669 |  |  |  |  |

---

170 Annual Report franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Fair Value Measurements (continued)

aWeighted based on the relative fair value of the financial instruments.

bRepresents the directional change in the fair value of the Level 3 financial instruments that would result from a significant and reasonable increase in the corresponding input. A significant and reasonable decrease in the input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

cIncludes 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.

dIncludes financial instruments determined to have no value at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848)

–Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of 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, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management has reviewed the requirements and believes that the adoption of the ASU will not have a material impact on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. 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.

Abbreviations

---

| | | | |
|:---|:---|:---|:---|
| Selected Portfolio | Selected Portfolio | Currency |  |
| CLO | Collateralized Loan Obligation | USD | United States Dollar |
| CME | Chicago Mercantile Exchange |  |  |
| 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 |  |  |
| REIT | Real Estate Investment Trust |  |  |
| SOFR | Secured Overnight Financing Rate |  |  |

---

franklintempleton.com Annual Report 171 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Franklin Limited Duration Income Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin Limited Duration Income Trust (the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2021, 2020, 2019, 2018 and 2017, March 31, 2017, 2016, 2015, 2014, and 2013, and the related statements of operations for the years ended December 31, 2021, 2020, 2019, and 2018, for the period of April 1, 2017 through December 31, 2017, and for the years ended March 31, 2017, 2016, 2015, 2014, and 2013, the statements of changes in net assets for the years ended December 31, 2021, 2020, 2019 and 2018, for the period of April 1, 2017 through December 31, 2017, and for the years ended March 31, 2017, 2016, 2015, 2014, and 2013 and the statements of cash flows for the years ended December 31, 2021, 2020, 2019 and 2018 (none of which are presented herein), and we expressed unqualified opinions on those financial statements. In our opinion, the information set forth in the Senior Securities Table of Franklin Limited Duration Income Trust for each of the five years in the period ended December 31, 2022, for the period of April 1, 2017 through December 31, 2017, and for each of the five 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, 2022 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 17, 2023

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

172 Annual Report franklintempleton.com <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | Pursuant to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount Reported |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168581 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168581 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19575434 |
| Section 163(j) Interest Earned | §163(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23217962 |

---

franklintempleton.com Annual Report 173 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Important Information to Shareholders

Share Repurchase Program

The Fund's Board has authorized the Fund to repurchase up to 10% of the Fund's outstanding shares in open-market transactions, at the discretion of management.

In exercising its discretion consistent with its portfolio management responsibilities, the Investment Manager will take into account various other factors, including, but not limited to, the level of the discount, the Fund's performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, Federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund. If and when the Fund's 10% threshold is reached, no further repurchases could be completed until authorized by the Board. Until the 10% threshold is reached, Fund management will have the flexibility to commence share repurchases if and when it is determined to be appropriate in light of prevailing circumstances.

In the Notes to Financial Statements section, please see note 2 (Shares of Beneficial Interest) for additional information regarding shares repurchased.

Portfolio Management Changes

Effective August 1, 2022, Patrick Klein, Ph.D. joined the Fund's Portfolio Management team as a Co-Lead portfolio manager. Dr. Klein joined Franklin Templeton in 2005. Additionally, David Yuen retired on September 30, 2022, and no longer serves as a Co-Lead portfolio manager of the Fund.

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 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

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of anticipated leverage). This duration policy may only be changed following provision of 60 days' prior notice to holders of Common Shares ("Common Shareholders"). In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.

The Fund uses an active sector allocation strategy to try to achieve its goals of income and capital appreciation. This means the Fund allocates its assets among securities in various market sectors based on the Investment Manager's assessment of changing economic, global market, industry, and issuer conditions. Consequently, the Fund, from time to time, may have significant positions in particular sectors. There can be no assurance that the Investment Manager's assessments will be correct.

The Investment Manager will rely heavily on its own analysis of the credit quality and risks associated with individual debt obligations considered for the Fund, rather than relying exclusively on rating agencies, third-party research or the credit ratings assigned by a Platform with regard to Marketplace Loans. The Investment Manager will use this information in an attempt to minimize credit risk and identify borrowers, issuers, industries or sectors that are undervalued or that offer attractive yields relative to the Investment Manager's assessment of their credit characteristics. The Fund's success in achieving its investment objectives may depend more heavily on the Investment Manager's credit analysis than if the Fund invested solely in higher-quality and rated securities.

Subject to the availability of suitable investment opportunities, the Investment Manager will seek to diversify the Fund's investments broadly in an attempt to minimize the

portfolio's sensitivity to credit and other risks associated with a particular issuer, industry or sector, or to the impact of a single economic, political or regulatory event.

The Fund's portfolio may include bonds, debentures, notes and other similar types of debt instruments, such as asset-backed securities, as well as bank loans and loan participations, commercial and agency-issued mortgage securities, payment-in-kind securities, zero-coupon securities, bank certificates of deposit, fixed time deposits and bankers' acceptances, structured notes and other hybrid instruments, preferred shares, municipal or U.S. government securities, debt securities issued by foreign corporations

or supra-national government agencies, mortgage-backed securities issued on a public or private basis, other types of asset-backed securities, and Marketplace Loans and other types of marketplace lending instruments . See the Notes to Financial Statements for further information. The rate of interest on an income-producing security may be fixed, floating or variable. The Fund may use swaps and other derivative instruments.

The Fund may hold equity securities; however, under ordinary circumstances, such investments will be limited to convertible securities, dividend-paying common or preferred stocks, or equity securities acquired in connection with

a restructuring, bankruptcy, default, or the exercise of a conversion or purchase right.

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

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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.

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 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.

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Bank Loans

Bank loans, loan participations and assignments involve credit risk, interest rate risk, liquidity risk, and the risks of being a lender, as well as other risks. If the Fund purchases a loan, it may be able to enforce its rights only through the lender, and may assume the credit risk of both the lender and the borrower.

Corporate loans in which the Fund may invest may be unrated and generally will not be registered with the SEC or listed on a securities exchange. Because the amount of public information available with respect to corporate loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities, corporate loans can be more difficult to value.

Bank loans and certain corporate loans may not be considered "securities," and investors, such as the Fund, therefore may not be entitled to rely on the antifraud protections of the federal securities laws and may have limited legal remedies.

Marketplace Loans

Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.

Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit

risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans and information provided to the Platform regarding the loans

and the borrowers' credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass- through notes risk, fraud risk, platform risk, servicer risk, and tax risk.

Mortgage Securities and Asset-Backed Securities

Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. To the Fund this means a loss of anticipated interest, and

a portion of its principal investment represented by any premium the Fund may have paid. Mortgage prepayments generally increase when interest rates fall.

Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of "locking in" long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. When the Fund reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing security.

Mortgage securities also are subject to extension risk. An unexpected rise in interest rates could reduce the rate of prepayments on mortgage securities and extend their life. This could cause the price of the mortgage securities and the Fund's share price to fall and would make the mortgage securities more sensitive to interest rate changes.

Since September 2008, the Federal Housing Finance Agency (FHFA), an agency of the U.S. government, has acted as the conservator to operate Fannie Mae and Freddie Mac until they are stabilized. It is unclear how long the conservatorship will last or what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac for the long-term.

Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into

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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:

&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;•the possibility either that Common Share income will fall if the Fund's cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund

(including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.

By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund's use of leverage strategies could result in larger losses than if the strategies were not used.

Foreign Securities (non-U.S.)

Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities. These risks can increase the potential for losses in the Fund and may include, among others, currency risks, country risks (political, diplomatic, regional conflicts,

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terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Investing in securities of issuers based in developing or emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree as well as other risks.

Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the United States by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.

Derivatives

The performance of derivatives depends largely on the performance of an underlying asset, interest rate or index, and such instruments often have risks similar to their underlying asset. Derivatives (such as futures contracts and options thereon, options, swaps and short sales) are also subject to a number of risks such as liquidity risk, interest rate risk, credit risk, leverage risk, volatility risk and management risk. They also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.

Liquidity

The Fund may invest up to 25% of its total assets in securities which are illiquid at the time of investment (i.e., securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in

market value. Also, the Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price.

Portfolio Turnover

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.

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 transition to an alternative reference rate will retain the same value or liquidity as they would otherwise have had.

Please see the Performance Summary section of this report for additional risk disclosure.

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IMPORTANT INFORMATION TO SHAREHOLDERS

The following information is a summary of material changes since the last fiscal year. This information may not reflect all of the changes that have occurred since you purchased the Fund.

There have not been any material changes during the last fiscal year.

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Important Information to Shareholders (Unaudited)

UPDATED DISCLOSURES FOR THE FUND WITH AN EFFECTIVE SHELF OFFERING REGISTRATION STATEMENT

The following additional information is provided in connection with a shelf offering registration statement for the Fund as of the fiscal year ended December 31, 2022.

SUMMARY OF FUND EXPENSES

Sales Load (as a percentage of offering price)(1) Offering Expenses (as a percentage of offering price)(1) Dividend Reinvestment Plan Fees(2)

---

| | |
|:---|:---|
| Annual Operating Expenses | Percentage of Net Assets <br>Attributable to Common Shares |
| Management Fees(3) | 1.02%  |
| Interest on Borrowed Funds(4) | 1.23% |
| Other Expenses(5) | 0.44% |
| Total Annual Fund Operating Expenses | 2.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1)If the Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.

(2)You will pay brokerage charges if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.

(3)The Investment Manager is entitled to receive an investment management fee of 0.70% per year of the Fund's average daily Managed Assets. "Managed Assets" are defined as the total assets of the Fund (including any assets attributable to leverage) minus the sum of accrued liabilities (other than the 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.

(4)On August 10, 2018, the Fund entered into a committed financing arrangement through which the Fund is authorized to borrow up to $100 million.

(5)"Other Expenses" are based on estimated amounts for the current fiscal year.

Examples

An investor would pay the following expenses on a $1,000 investment in the Fund, assuming a 5% annual return:

---

| | | | |
|:---|:---|:---|:---|
| One Year | Three Years | Five Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ten Years |
| $27 | $83 | $142 | $302 |

---

The above table and example are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in Shares of the Fund

. The "Example" assumes that all dividends and other distributions are reinvested at net asset value and that the percentage amounts listed in the table above under Total Annual Operating Expenses remain the same in the years shown

. The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund's Common Shares

.

The example should not be considered a representation of past or future expenses, and the Fund's actual expenses may be greater than or less than those shown. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

MARKET PRICE AND NET ASSET VALUATION (NAV) INFORMATION

The Fund's Common Shares are traded on the NYSE American under the symbol "FTF". The below table details for the period indicated the high and low closing market prices and NAV as well as the high and low of the premium and discount of the market value compared to the NAV.

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IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount to | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount to |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Price |  | NAV |  | NAV |
| Fiscal Quarter Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low |
| December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-14.63% |
| September 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-12.57% |
| June 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-13.07% |
| March 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.89% |
| December 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.45% |
| September 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.61% |
| June 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.88% |
| March 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.32% |

---

The net asset value per Common Share on December 31, 2022 was $7.06 and the market price per Common Share at the close of business on December 31, 2022 was $6.21, representing a (12.0)% discount to such net asset value. As of December 31, 2022, the Fund has outstanding 40,405,374 Common Shares. The Fund's Common Shares have traded in the market below, at and above net asset value since the commencement of the Fund's operations. However, it has recently been the case that the Fund's Common Shares have traded at a discount from net asset value. The Fund cannot determine the reasons why the Fund's Common Shares trade at a premium to or discount from net asset value, nor can the Fund predict whether its Shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount. Shares of a closed-end investment company may frequently trade at prices lower than net asset value. The Fund's Board of Trustees regularly monitors the relationship between the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial discount to net asset value for an extended period of time, the Board may consider the repurchase of its Common Shares on the open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an open-end investment company. The Fund cannot assure you that its Board of Trustees will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce market discount.

SENIOR SECURITIES TABLE

The Fund engaged in senior securities during the prior ten years as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Asset | &nbsp;&nbsp;&nbsp;&nbsp;Involuntary | &nbsp;&nbsp;&nbsp;&nbsp;Average |
|  |  | Coverage | &nbsp;&nbsp;&nbsp;&nbsp;Involuntary | &nbsp;&nbsp;&nbsp;&nbsp;Average |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Amount | per | &nbsp;&nbsp;&nbsp;&nbsp;Liquidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Value |
| Year Ended | &nbsp;&nbsp;&nbsp;&nbsp;Outstanding<sup>1</sup> | $1000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Preference<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Outstanding<sup>4</sup> |
| Reverse Repurchase Agreement | Reverse Repurchase Agreement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$34090177 | $3437 | $34456370 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;$33358605 | $3324 | $33448122 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;$18504585 | $3549 | $18523129 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;$17117190 | $3814 | $17169028 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Credit Facility |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$83000000 | $3437 | $83403086 | $83008795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;$83000000 | $3324 | $83079041 | $86629314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;$93000000 | $3549 | $93090704 | $92029719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;$90000000 | $3814 | $90218042 | $90127217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;$90000000 | $4387 | $90267083 | $33334190 |

---

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IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Involuntary |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;Liquidation | Average |
|  | &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coverage | &nbsp;&nbsp;&nbsp;&nbsp;Preference | Average |
|  | &nbsp;&nbsp;&nbsp;Preferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per | &nbsp;&nbsp;&nbsp;&nbsp;Per | Market Value |
|  | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred | &nbsp;&nbsp;&nbsp;&nbsp;Preferred | Per Preferred |
| Year Ended | &nbsp;&nbsp;&nbsp;Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share | &nbsp;&nbsp;&nbsp;&nbsp;Share | Share<sup>5</sup> |
| Preferred Shares Series M |  |  |  |  |
| December 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72311 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74809 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2016 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75991 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2015 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76665 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2014 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78686 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2013 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79157 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| Preferred Shares Series W |  |  |  |  |
| December 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72311 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74809 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2016 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75991 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2015 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76665 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2014 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78686 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2013 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79157 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| Preferred Shares Series F |  |  |  |  |
| December 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72311 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2017 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74809 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2016 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75991 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2015 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76665 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2014 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78686 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |
| March 31, 2013 | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79157 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Total amount of each class of senior securities outstanding at the end of the period presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Average market value outstanding for the reverse repurchase agreements is not applicable because these senior securities were not registered for public trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022, 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.

franklintempleton.com Annual Report 183 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Annual Meeting of Shareholders

The Annual Meeting of Shareholders (the "Meeting") for Franklin Limited Duration Income Trust (Fund) was held on October 4, 2022. At the Meeting, shareholders elected Harris J. Ashton and Edith E. Holiday as Trustees of the Fund to hold office for a three year term, set to expire at the 2025 Annual Meeting of Shareholders. These terms continue, however, until their successors are duly elected and qualified or until a Trustee's resignation, retirement, death or removal, whichever is earlier.

The results of the voting were as follows:

---

| | | |
|:---|:---|:---|
|  |  | Shares |
| Trustee Nominees | Shares For | Withheld |
| Harris J. Ashton | 31,672,654 | 1,405,675 |
| Edith E. Holiday | 31,668,792 | 1,409,537 |

---

Note: Terrance J. Checki, Mary C. Choksi, Gregory E. Johnson, Rupert H. Johnson, Jr., J. Michael Luttig, Larry D. Thompson and Valerie M. Williams are Trustees of the Fund who are currently serving and whose terms of office continued after the meeting.

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FRANKLIN LIMITED DURATION INCOME TRUST

Dividend Reinvestment and Cash Purchase Plan

The Fund's Dividend Reinvestment Plan (Plan) offers you a prompt and simple way to reinvest dividends and capital gain distributions (Distributions) in shares of the Fund. 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.

franklintempleton.com Annual Report 185 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN

As long as you participate in the Plan, the Agent will hold the shares it has acquired for you in safekeeping, in its name or in the name of its nominee. This convenience provides added protection against loss, theft or inadvertent destruction of certificates. However, you may request that a certificate representing your Plan shares be issued to you. Upon your written request, the Agent will deliver to you, without charge, a certificate or certificates for the full shares. The Agent will send you a confirmation of each acquisition made for your account as soon as practicable, but not later than 60 days after the acquisition date. Although from time to time you may have an undivided fractional interest in a share of the Fund, no certificates for a fractional share will be issued. Distributions on fractional shares will be credited to your account. If you terminate your account under the Plan, the Agent will adjust for any such undivided fractional interest in cash at the market value of shares at the time of termination.

You may withdraw from the Plan at any time, without penalty, by notifying the Agent in writing at the address above or by telephone at (800) 416-5585. Such termination will be effective with respect to a Distribution if the Agent receives your notice prior to the Distribution record date. The Agent or the Fund may terminate the Plan upon notice to you in writing mailed at least 30 days prior to any record date for the payment of any Distribution. Upon any termination, the Agent will issue, without charge, stock certificates for all full shares you own and will convert any fractional shares you hold at the time of termination to cash at current market price and send you a check for the proceeds.

The Fund or the Agent may amend the Plan. You will receive written notice at least 30 days before the effective date of any amendment.

186 Annual Report franklintempleton.com <br>

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FRANKLIN LIMITED DURATION INCOME TRUST

Board Members and Officers

The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the Trust, principal occupations during at least the past five years and number of U.S. registered portfolios overseen in the Franklin Templeton/Legg Mason fund complex, are shown below. Generally, each board member serves until that person's successor is elected and qualified.

Independent Board Members

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolios in |  |
| Name, Year of Birth |  | Length of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Complex Overseen | Other Directorships Held |
| and Address | Position | Time Served | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by Board Member\* | During at Least the Past 5 Years |
| Harris J. Ashton (1932) | Trustee | Since 2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | Bar-S Foods (meat packing |
| One Franklin Parkway |  |  |  | company) (1981-2010). |
| 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 119 Hess Corporation (exploration of oil <br> One Franklin Parkway and gas) (2014-present). <br> 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 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group Inc. (advertising |
| One Franklin Parkway |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and marketing communications |
| San Mateo, CA 94403-1906 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;services) (2011-present) and White |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountains Insurance Group, Ltd. |

---

(holding company) (2017-present); and formerly, Avis Budget Group Inc. (car rental) (2007-2020).

Principal Occupation During at Least the Past 5 Years:

Director of various companies; and formerly, Founder and Senior Advisor, Strategic Investment Group (investment management group) (2015-2017); Founding Partner and Senior Managing Director, Strategic Investment Group (1987-2015); Founding Partner and Managing Director, Emerging Markets Management LLC (investment management firm) (1987-2011); and Loan Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank Group (international financial institution) (1977-1987).

franklintempleton.com Annual Report 187 <br>

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Independent Board Members (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Number of Portfolios in |  |
| Name, Year of Birth |  | Length of | Fund Complex Overseen | Other Directorships Held |
| and Address | Position | Time Served | by Board Member\* | During at Least the Past 5 Years |
| Edith E. Holiday (1952) | Lead | Trustee since 2005 | 120 | Hess Corporation (exploration of oil |
| One Franklin Parkway | Independent | and Lead Independent |  | and gas) (1993-present), Santander |
| San Mateo, CA 94403-1906 | Trustee | Trustee since 2019 |  | 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). |

---

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 120 Boeing Capital Corporation (aircraft <br> One Franklin Parkway financing) (2006-2010). <br> 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 (2019-2020); Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (2006-2019); and Federal Appeals Court Judge, United States Court of Appeals for the Fourth Circuit (1991-2006).

Larry D. Thompson (1945) Trustee Since 2007 120 Graham Holdings Company <br> One Franklin Parkway (education and media organization) <br> San Mateo, CA 94403-1906 (2011-2021); The Southern

Company (energy company)

(2014-2020; previously 2010-

2012) and Cbeyond, Inc. (business communications provider) (2010- 2012).

Principal Occupation During at Least the Past 5 Years:

Director of various companies; Counsel, Finch McCranie, LLP (law firm) (2015-present); John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (2015-present; previously 2011-2012); and formerly, Independent Compliance Monitor and Auditor, Volkswagen AG (manufacturer of automobiles and commercial vehicles) (2017- 2020); Executive Vice President - Government Affairs, General Counsel and Corporate Secretary, PepsiCo, Inc. (consumer products) (2012-2014); Senior Vice President - Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011); Senior Fellow of The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice (2001-2003).

188 Annual Report franklintempleton.com <br>

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Independent Board Members (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolios in |  |
| Name, Year of Birth |  | Length of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Complex Overseen | &nbsp;&nbsp;&nbsp;Other Directorships Held |
| and Address | Position | Time Served | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by Board Member\* | &nbsp;&nbsp;&nbsp;During at Least the Past 5 Years |
| Valerie M. Williams (1956) | Trustee | Since 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;Omnicom Group, Inc. (advertising |
| One Franklin Parkway |  |  |  | &nbsp;&nbsp;and marketing communications |
| San Mateo, CA 94403-1906 |  |  |  | &nbsp;&nbsp;services) (2016-present), DTE |
|  |  |  |  | &nbsp;&nbsp;Energy Co. (gas and electric |
|  |  |  |  | &nbsp;&nbsp;utility) (2018-present), Devon |
|  |  |  |  | &nbsp;&nbsp;Energy Corporation (exploration |
|  |  |  |  | &nbsp;&nbsp;and production of oil and gas) |
|  |  |  |  | &nbsp;&nbsp;(2021-present); and formerly, |
|  |  |  |  | &nbsp;&nbsp;WPX Energy, Inc. (exploration and |
|  |  |  |  | &nbsp;&nbsp;production of oil and gas) (2018- |
|  |  |  |  | &nbsp;&nbsp;2021). |

---

Principal Occupation During at Least the Past 5 Years:

Director of various companies; and formerly, Regional Assurance Managing Partner, Ernst & Young LLP (public accounting) (2005-2016), various roles of increasing responsibility at Ernst & Young (1981-2005).

Interested Board Members and Officers

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;Number of Portfolios in |  |
| Name, Year of Birth |  | &nbsp;&nbsp;&nbsp;&nbsp;Length of | &nbsp;&nbsp;&nbsp;Fund Complex Overseen | Other Directorships Held |
| and Address | Position | &nbsp;&nbsp;&nbsp;&nbsp;Time Served | &nbsp;&nbsp;&nbsp;by Board Member\* | During at Least the Past 5 Years |
| \*\*Gregory E. Johnson | Chairman of | &nbsp;&nbsp;&nbsp;&nbsp;Trustee since | &nbsp;&nbsp;131 |  |
| (1961) | the Board, | &nbsp;&nbsp;&nbsp;&nbsp;2013, Senior |  |  |
| One Franklin Parkway | Trustee and | &nbsp;&nbsp;&nbsp;&nbsp;Vice President |  |  |
| San Mateo, CA 94403-1906 | Senior Vice | &nbsp;&nbsp;&nbsp;&nbsp;and Chairman of the |  |  |
|  | President | &nbsp;&nbsp;&nbsp;&nbsp;Board since January |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2023 |  |  |

---

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. | Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee since | 120 |
| (1940) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 |  |
| 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 <br> One Franklin Parkway <br> 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.

franklintempleton.com Annual Report 189 <br>

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FRANKLIN LIMITED DURATION INCOME TRUST

Interested Board Members and Officers (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Number of Portfolios in |  |
| Name, Year of Birth |  | Length of | Fund Complex Overseen | Other Directorships Held |
| and Address | Position | Time Served | by Board Member\* | During at Least the Past 5 Years |
| Breda M. Beckerle (1958) | Chief | Since 2020 | Not Applicable | Not Applicable |
| 280 Park Avenue | Compliance |  |  |  |
| New York, NY 10017 | Officer |  |  |  |

---

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 | Since 2018 | Not Applicable |
| One Franklin Parkway | Chief Executive |  |  |
| San Mateo, CA 94403-1906 | Officer – |  |  |
|  | Investment |  |  |
|  | Management |  |  |

---

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 | &nbsp;&nbsp;Vice President | Not Applicable |
| One Franklin Parkway | and | &nbsp;&nbsp;since 2009 and |  |
| San Mateo, CA 94403-1906 | Co-Secretary | &nbsp;&nbsp;Co-Secretary since |  |
|  |  | &nbsp;&nbsp;2019 |  |

---

Principal Occupation During at Least the Past 5 Years:

Senior Associate General Counsel, Franklin Templeton; Assistant Secretary, Franklin Distributors, LLC; and officer of certain funds in the Franklin Templeton/Legg Mason fund complex.

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| | | |
|:---|:---|:---|
| Matthew T. Hinkle (1971) | Chief Executive Since 2017 | Not Applicable |
| One Franklin Parkway | Officer – |  |
| San Mateo, CA 94403-1906 | Finance and |  |
|  | Administration |  |

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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 - Since 2021 Not Applicable Not Applicable <br> 620 Eighth Avenue AML Compliance <br> 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.

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| | | |
|:---|:---|:---|
| Christopher Kings (1974) | Chief Financial Since January 2022 | Not Applicable |
| One Franklin Parkway | Officer, Chief |  |
| San Mateo, | Accounting Officer |  |
| CA 94403-1906 | and Treasurer |  |

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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.

190 Annual Report franklintempleton.com <br>

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FRANKLIN LIMITED DURATION INCOME TRUST

Interested Board Members and Officers (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Number of Portfolios in |  |
| Name, Year of Birth |  | Length of | Fund Complex Overseen | Other Directorships Held |
| and Address | Position | Time Served | by Board Member\* | 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 |  |  |  |  |

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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.

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| | | | |
|:---|:---|:---|:---|
| Lori A. Weber (1964) | Vice President | &nbsp;&nbsp;Vice President | Not Applicable |
| 300 S.E. 2nd Street | and Secretary | &nbsp;&nbsp;since 2011 and |  |
| Fort Lauderdale, FL 33301- |  | &nbsp;&nbsp;Secretary since |  |
| 1923 |  | &nbsp;&nbsp;2019 |  |

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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.

\*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.

franklintempleton.com Annual Report 191 <br>

FRANKLIN LIMITED DURATION INCOME TRUST

Shareholder Information

Proxy Voting Policies and Procedures

The Fund's investment manager has established Proxy Voting Policies and Procedures (Policies) that the Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Fund's complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-

7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund's proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission's website at sec.gov and reflect the most recent 12-month period ended June 30.

Quarterly Schedule of Investments

The Fund files a complete consolidated schedule of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year as an exhibit to its report on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's website at sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.

192 Annual Report franklintempleton.com <br>

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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

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| | |
|:---|:---|
| Investment Manager | Transfer Agent |
| Franklin Advisers, Inc. | American Stock Transfer & Trust Co., LLC |
| (800) DIAL BEN® / | 6201 15th Avenue |
| 342-5236 | Brooklyn, NY 11219 |
|  | www.astfinancial.com |

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© 2023 Franklin Templeton Investments. All rights reserved. FTF A 02/23

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#### Item 2.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services.
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 $114,935 for the fiscal year ended December 31, 2022 and $97,165 for the fiscal year ended December 31, 2021.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Fees

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

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

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December 31, 2022 and $0 for the fiscal year ended December 31, 2021. The services for which these fees were paid included global access to tax platform International Tax View.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $58,000 for the fiscal year ended December 31, 2022 and $116 for the fiscal year ended December 31, 2021. 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, procedures performed related to N-2 filings and comfort letters.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $221,195 for the fiscal year ended December 31, 2022 and $55,000 for the fiscal year ended December 31, 2021. The services for which these fees were paid included 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, fees in connection with a license for accounting and business knowledge platform Viewpoint and fees in connection with a license for employee development tool ProEdge.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

(g)&nbsp;&nbsp;&nbsp;&nbsp;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 $349,195 for the fiscal year ended December 31, 2022 and $55,116 for the fiscal year ended December 31, 2021.

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

(i)&nbsp;&nbsp;&nbsp;&nbsp;N/A

(j)&nbsp;&nbsp;&nbsp;&nbsp;N/A

#### Item 5.&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | |
|:---|:---|
| **Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Schedule** | **of Investments.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A**  |

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

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

#### RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
Franklin Equity Group, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on <u>Appendix A</u> (hereinafter individually an "Investment Manager" and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group 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 disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any

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separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers' views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.

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

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

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

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

All proxies received by the Proxy Group will be voted based upon the Investment Managers' instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder

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meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to ISS's Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Managers subscribe to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research.

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

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

Conflicts of Interest

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

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers' or an affiliate's (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

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

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

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

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

Weight Given Management Recommendations

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

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Engagement with Issuers

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

THE PROXY GROUP

The Proxy Group is part of 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 Managers' managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers' research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.

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

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Managers may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if an Investment

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Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Managers' intended vote is not correctly submitted; (x) the Investment Managers believe it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

Rejected Votes

Even if the Investment Managers use reasonable efforts to vote a proxy on behalf of 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 Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers' votes are not received, or properly tabulated, by an issuer or the issuer's agent.

Securities on Loan

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

Split Voting

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

Bundled Items

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

PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS

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

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

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

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

Franklin Advisers, Inc. (FAV)

Franklin Templeton Institutional, LLC

Franklin Templeton Portfolio Advisors, Inc. (FTPA)

The following Proxy Policies apply to FAV only:

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

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

For such accounts, FTIS's proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis

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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).

The following Proxy Policies apply to FTPA only:

RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES

In certain SMA programs, typically where the SMA program sponsor has not elected for the Investment Manager to vote proxies, or where the Investment Manager only provides non-discretionary management services to the SMA program, the Investment Manager will not be delegated the responsibility to vote proxies held by the SMA program accounts. Instead, the SMA program sponsor or another service provider will generally vote these proxies. Clients in SMA programs should contact the SMA program sponsor for a copy of the program sponsor's proxy voting policies.

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/.

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| | |
|:---|:---|
| **Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Portfolio** | **Managers of Closed-End Management Investment Companies.**  |

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a) (1) As of February 27, 2023, 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.

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(a) (2) This section reflects information about the portfolio managers as of the fiscal year ended December 31, 2022.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Name | Number of Other<br>Registered<br>Investment<br>Companies<br>Managed<sup>1</sup> | Assets of Other<br>Registered<br> Investment<br> Companies<br> Managed<br> (x $1 million)<sup>1</sup> | Number of Other<br>Pooled Investment<br>Vehicles Managed<sup>1</sup> | Assets of Other<br>Pooled Investment<br>Vehicles Managed<br> (x $1 million)<sup>1</sup> | Number of Other<br>Accounts<br>Managed<sup>1</sup> | Assets of Other<br>Accounts Managed<br> (x $1 million)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Sonal Desai | 9 | 10514.3 | 12 | 4066.3 | 7 | 2884.2 |
| &nbsp;&nbsp;&nbsp;Glenn Voyles | 4 | 3189.4 | 4 | 1046.5 | 1 | 35.0 |
| &nbsp;&nbsp;&nbsp;Justin Ma | 5 | 2796.2 | 1 | 0.0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Patrick Klein | 11 | 12598.8 | 6 | 1084.2 | 3 | 561.1 |

---

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.*&nbsp;&nbsp;&nbsp;&nbsp;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

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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.*&nbsp;&nbsp;&nbsp;&nbsp;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**&nbsp;&nbsp;&nbsp;&nbsp;Each portfolio manager is paid a base salary.

**Annual bonus**&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

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

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

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

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| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Fund<br> Shares Beneficially<br> Owned |
| Sonal Desai | None |
| David Yuen | None |
| Justin G. Ma | None |
| Glenn I. Voyles | None |

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

#### Item 10.&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may

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recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

#### Item 11.&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes in Internal Controls</u>.** 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.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Securities Lending Activities for Closed-End Management Investment Company.
**Securities lending agent** The board of trustees has approved the Fund's participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund's securities lending agent.

The securities lending agent is responsible for the implementation and administration of the Funds' securities lending program. Pursuant to the respective Securities Lending Agreements with the Fund, the securities lending agent performs a variety of services, including (but not limited to) the following:

o Trade finding, execution and settlement

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

o Collateral management and valuation information

o Invoice management and billing from counterparties

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For the year ended December 31, 2022, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Gross income earned by the Fund from securities lending activities** | $122 |
| &nbsp;&nbsp;&nbsp;*Fees and/or compensation paid by the Fund for securities lending activities and related services* |  |
| &nbsp;&nbsp;&nbsp;Fees paid to Securities Lending Agent from revenue split | $11 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split | $– |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in a revenue split | $– |
| &nbsp;&nbsp;&nbsp;Indemnification fees not included in a revenue split | $– |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $– |
| &nbsp;&nbsp;&nbsp;Other fees not included above | $– |
| &nbsp;&nbsp;&nbsp;**Aggregate fees/compensation paid by the Fund for securities lending activities** | $11 |
| &nbsp;&nbsp;&nbsp;**Net income from securities lending activities** | $111 |

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#### Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.
[(a) (1) Code of Ethics](d473148dex99code.htm)

[(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](d473148dex99cert.htm)

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

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

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer – Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer](d473148dex99906cert.htm)

[(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](d473148dex99pres.htm)

[(d) Consent of Independent Registered Public Accounting Firm](d473148dex99con.htm)

------

#### 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

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| | |
|:---|:---|
| By | <u>S\MATTHEW T. HINKLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer –Finance and Administration |
| Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 | Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 |

---

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

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| | |
|:---|:---|
| By | <u>S\MATTHEW T. HINKLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer –Finance and Administration |
| Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 | Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 |

---

---

| | |
|:---|:---|
| By | <u>S\CHRISTOPHER KINGS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Christopher Kings |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 | Date&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023 |

---

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

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| | |
|:---|:---|
| <br>**Procedures** | <br> Revised December 19, 2014 |

---

# FRANKLIN TEMPLETON FUNDS
 **CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers and Purpose of the Code

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

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

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

 *\** 

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

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

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

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

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

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

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

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

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

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

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

## 2
for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

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

Each Covered Officer must:

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

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report at least annually the following affiliations or other relationships:[<sup>1</sup>](#_bookmark0)

o

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

o

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

o

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

o

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

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

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include[<sup>2</sup>](#_bookmark1):

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private Company.

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

<sup>2 &nbsp;&nbsp;&nbsp;&nbsp;</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

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

## 3
· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any gifts in excess of $100 from any person, from any corporation or association.

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

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

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

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

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

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

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

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

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

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

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

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

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

## 4
Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.[<sup>3</sup>](#_bookmark2) However, the Independent Directors of the respective FT Funds will consider any approvals or waivers[<sup>4</sup>](#_bookmark3) sought by any Chief Executive Officers of the Funds.

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

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

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

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

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

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

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.[<sup>5</sup>](#_bookmark4)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

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

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

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of

ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

See Part X.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

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

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

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

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

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

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure on Form N-CSR

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

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

The Legal Department shall be responsible for ensuring that:

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

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

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

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

# EXHIBIT A
Persons Covered by the Franklin Templeton Funds Code of Ethics

January 1, 2022

# FRANKLIN GROUP OF FUNDS
Edward Perks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Rupert H. Johnson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Michael McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# FRANKLIN MUTUAL SERIES FUNDS
Christian K. Correa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

# FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Brooks Ritchey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# TEMPLETON GROUP OF FUNDS
Rupert H. Johnson Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Manraj S. Sekhon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D. &nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Alan Bartlett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# Exhibit B ACKNOWLEDGMENT FORM

### Franklin Templeton Funds Code of Ethics
**For Principal Executives and Senior Financial Officers**

### Instructions:
1. &nbsp;&nbsp;&nbsp;&nbsp; Complete all sections of this form.

2. &nbsp;&nbsp;&nbsp;&nbsp; Print the completed form, sign, and date.

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

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

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

 ****

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;  ***Signature*** |  | &nbsp;&nbsp; ***Date signed*** |

---

  ****

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

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

**AS ADOPTED PURSUANT TO SECTION 906**

# OF THE SARBANES-OXLEY ACT OF 2002
I, Matthew T. Hinkle, Chief Executive Officer of the **Franklin Limited Duration Income Trust** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\MATTHEW T. HINKLE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**AS ADOPTED PURSUANT TO SECTION 906**

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

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\CHRISTOPHER KINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.(Pres)

**FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, July 28, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on July 29, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for July Monthly Distribution as of June 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0628  | &nbsp;&nbsp; $0.0529 (84%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0099 (16%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of June 30, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.4181  | &nbsp;&nbsp; $0.2275 (54%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.1906 (46%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 06/30/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 06/30/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 06/30/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 06/30/2022)<sup>4</sup> |
| &nbsp;&nbsp; -1.03%  | &nbsp;&nbsp; 10.32%  | &nbsp;&nbsp;&nbsp; -14.23%  | 5.73%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through June 30, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through June 30, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through June 30, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through June 30, 2022), as a percentage of the Fund's NAV as of June 30, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.4 trillion in assets under management as of June 30, 2022. For more information, please visit franklintempleton.com.

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

 **FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, August 30, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on August 31, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for August Monthly Distribution as of July 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0613  | &nbsp;&nbsp; $0.0566 (92%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0047 (8%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of July 31, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.4809  | &nbsp;&nbsp; $0.2804 (58%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.2005 (42%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 07/31/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 07/31/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 07/31/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 07/31/2022)<sup>4</sup> |
| &nbsp;&nbsp; -0.52%  | &nbsp;&nbsp; 9.81%  | &nbsp;&nbsp;&nbsp; -11.15%  | 6.41%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through July 31, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through July 31, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through July 31, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through July 31, 2022), as a percentage of the Fund's NAV as of July 31, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.4 trillion in assets under management as of July 31, 2022. For more information, please visit franklintempleton.com.

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

 **FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, September 29, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on September 30, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for September Monthly Distribution as of August 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0628  | &nbsp;&nbsp; $0.0616 (98%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0012 (2%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of August 31, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.5422  | &nbsp;&nbsp; $0.3370 (62%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.2052 (38%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 08/31/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 08/31/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 08/31/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 08/31/2022)<sup>4</sup> |
| &nbsp;&nbsp; -0.61%  | &nbsp;&nbsp; 10.17%  | &nbsp;&nbsp;&nbsp; -11.49%  | 7.32%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through August 31, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through August 31, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through August 31, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through August 31, 2022), as a percentage of the Fund's NAV as of August 31, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.4 trillion in assets under management as of August 31, 2022. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #<br>

 **FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, October 28, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on October 31, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for September Monthly Distribution as of September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0607  | &nbsp;&nbsp; $0.0554 (91%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0053 (0%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of September 30, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.6050  | &nbsp;&nbsp; $0.3986 (66%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.2064 (34%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 09/30/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 09/30/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 09/30/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 09/30/2022)<sup>4</sup> |
| &nbsp;&nbsp; -1.50%  | &nbsp;&nbsp; 10.35%  | &nbsp;&nbsp;&nbsp; -15.16%  | 8.59%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through September 30, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through September 30, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through September 30, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through September 30, 2022), as a percentage of the Fund's NAV as of September 30, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.3 trillion in assets under management as of September 30, 2022. For more information, please visit franklintempleton.com.

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

 **FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, November 29, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on November 30, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for November Monthly Distribution as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0587  | &nbsp;&nbsp; $0.0187 (32%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0400 (68%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of October 31, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.6657  | &nbsp;&nbsp; $0.4540 (68%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.0000 (0%) | &nbsp;&nbsp; $0.2117 (32%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 10/31/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 10/31/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 10/31/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 10/31/2022)<sup>4</sup> |
| &nbsp;&nbsp; -1.38%  | &nbsp;&nbsp; 9.99%  | &nbsp;&nbsp;&nbsp; -14.30%  | 9.44%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through October 31, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through October 31, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through October 31, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through October 31, 2022), as a percentage of the Fund's NAV as of October 31, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.3 trillion in assets under management as of October 31, 2022. For more information, please visit franklintempleton.com.

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

 **FRANKLIN LIMITED DURATION INCOME TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

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

 **FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")**

 **ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, December 29, 2022. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on December 30, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for December Monthly Distribution as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0593  | &nbsp;&nbsp; $0.0407 (69%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0186 (31%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of November 30, 2022, for the fiscal year ending December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.7244  | &nbsp;&nbsp; $0.4727 (65%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.2517 (35%) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 11/30/2022)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 11/30/2022)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 11/30/2022)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 11/30/2022)<sup>4</sup> |
| &nbsp;&nbsp; -0.84%  | &nbsp;&nbsp; 9.92%  | &nbsp;&nbsp;&nbsp; -12.13%  | 10.10%  |

---

**Fund Performance and Distribution Rate Information:**

 **1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through November 30, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

 **2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through November 30, 2022.**

 **3.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2021 through November 30, 2022, assuming reinvestment of distributions paid.**

 **4.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2021 through November 30, 2022), as a percentage of the Fund's NAV as of November 30, 2022.**

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

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

 **For further information on Franklin Limited Duration Income Trust, please visit our web site at:** 

**www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of November 30, 2022. For more information, please visit franklintempleton.com.

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## Ex-99.(Con)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in the Registration Statement on Form N-2 (No. 333-259206) of Franklin Limited Duration Income Trust of our report dated February 17, 2023 relating to the financial statements, financial highlights and senior securities table which appears in Franklin Limited Duration Income Trust's Annual Report on Form N-CSR for the year ended December 31, 2022. We also consent to the reference to us under the heading "Senior Securities" in this Form N-CSR.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 17, 2023