# EDGAR Filing Document

**Accession Number:** 0001233087
**File Stem:** 0001133228-25-009051
**Filing Date:** 2025-8
**Character Count:** 56363
**Document Hash:** db3b29c852d87e13f1be6aeccfdf60bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009051.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009051

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN LTD DURATION INCOME TRUST
- **CENTRAL INDEX KEY:** 0001233087

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21357
- **FILM NUMBER:** 251266312

**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

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## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Limited Duration Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers 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:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers 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):

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

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

Date: August 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Limited Duration Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers 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:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers 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):

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

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

Date: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Limited Duration Income Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Limited Duration Income Trust | Franklin Limited Duration Income Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## 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, January 30, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on January 31, 2025 and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for January Monthly Distribution as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0464 (75%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0151 (25%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of December 31, 2024, for the fiscal year ending December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.7380  | &nbsp;&nbsp; $0.4877 (66%) | &nbsp;&nbsp; $0.0233 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.2270 (31%) |

---

**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.<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 12/31/2024)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 12/31/2024)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 12/31/2024)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 12/31/2024)<sup>4</sup> |
| &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 10.63% | &nbsp;&nbsp;&nbsp; 7.24% | 10.63% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 December 31, 2024. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through December 31, 2024.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2023 through December 31, 2024, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2023 through December 31, 2024), as a percentage of the Fund's NAV as of December 31, 2024.**

<br> The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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 fixed rate to determine if an adjustment should be made.<br>

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.6 trillion in assets under management as of December 31, 2024. 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, February 27, 2025.

Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on February 28, 2025 and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for February Monthly Distribution as of January 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0378 (62%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0237 (38%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of January 31, 2025, for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0464 (75%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0151 (25%) |

---

**<br>** 

<br> **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.<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 1/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 1/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 1/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 1/31/2025)<sup>4</sup> |
| &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 10.62% | &nbsp;&nbsp;&nbsp; 1.03% | 0.88% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 January 31, 2025. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through January 31, 2025.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through January 31, 2025, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through January 31, 2025), as a percentage of the Fund's NAV as of January 31, 2025.**

**<br>** 

<br> The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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 fixed rate to determine if an adjustment should be made.

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.58 trillion in assets under management as of January 31, 2025. 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")**

**NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, March 28, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on March 31, 2025 and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for March Monthly Distribution as of February 28, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0380 (62%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0235 (38%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of February 28, 2025, for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.1230  | &nbsp;&nbsp; $0.0842 (68%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0388 (32%) |

---

**<br>** 

<br> **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 2/28/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 2/28/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 2/28/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/28/2025)<sup>4</sup> |
| &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 10.66% | &nbsp;&nbsp;&nbsp; 1.49% | 1.78% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 February 28, 2025. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through February 28, 2025.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through February 28, 2025, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through February 28, 2025), as a percentage of the Fund's NAV as of February 28, 2025.**

The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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 fixed rate to determine if an adjustment should be made.

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.58 trillion in assets under management as of February 28, 2025. For more information, please visit franklintempleton.com.

<br> #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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")**

**NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, April 29, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on April 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for April Monthly Distribution as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0438 (71%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0177 (29%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of March 31, 2025, for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.1845  | &nbsp;&nbsp; $0.1222 (66%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0623 (34%) |

---

**<br>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 3/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 3/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 3/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 3/31/2025)<sup>4</sup> |
| &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 10.88% | &nbsp;&nbsp;&nbsp; 0.34% | 2.72% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 March 31, 2025. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through March 31, 2025.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through March 31, 2025, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through March 31, 2025), as a percentage of the Fund's NAV as of March 31, 2025.**

The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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 fixed rate to determine if an adjustment should be made.

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.53 trillion in assets under management as of March 31, 2025. 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>** 

<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")**

**NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, May 29, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on May 30, 2025, and for the fiscal year 2025 year-to-date are as follows:<br>

Estimated Allocations for May Monthly Distribution as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0436 (71%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0179 (29%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of April 30, 2025, for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.2460  | &nbsp;&nbsp; $0.1660 (67%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0800 (33%) |

---

**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 4/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 4/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 4/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 4/30/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.96% | &nbsp;&nbsp; 11.01% | &nbsp;&nbsp;&nbsp; 0.06% | 3.67% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 April 30, 2025. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through April 30, 2025.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through April 30, 2025, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through April 30, 2025), as a percentage of the Fund's NAV as of April 30, 2025.**

**<br>** 

<br> The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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. <br>

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 fixed rate to determine if an adjustment should be made.

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.53 trillion in assets under management as of April 30, 2025. 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")**

**NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, June 27, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

The Fund's estimated sources of the distribution to be paid on June 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for June Monthly Distribution as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.0615  | &nbsp;&nbsp; $0.0336 (55%) | &nbsp;&nbsp; $0.0018 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0261 (42%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of May 31, 2025, for the fiscal year ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; $0.3075  | &nbsp;&nbsp; $0.2096 (68%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0979 (32%) |

---

**<br>** 

<br> The Fund has experienced a cumulative loss in undistributed net realized and unrealized capital gains and losses totaling $1.4215 per share. Of that amount, $0.5139 per share represents unrealized depreciation of portfolio securities.<br>

**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 5/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 5/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 5/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 10.87% | &nbsp;&nbsp;&nbsp; 2.33% | 4.53% |

---

**Fund Performance and Distribution Rate Information:**

**1. &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 May 31, 2025. 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;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through May 31, 2025.**

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

**Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through May 31, 2025, assuming reinvestment of distributions paid.**

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

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through May 31, 2025), as a percentage of the Fund's NAV as of May 31, 2025.**

**<br>** 

<br> The Fund's Board of Trustees (the "Board") has authorized a managed distribution plan (the "Plan") pursuant to which the Fund makes monthly distributions to shareholders at the fixed rate of $0.0615 per share. The Plan is intended to provide shareholders with consistent distributions each month and is intended to narrow the discount between the market price and the net asset value ("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. <br>

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 fixed rate to determine if an adjustment should be made.

**For further information on Franklin Limited Duration Income Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.57 trillion in assets under management as of May 31, 2025. 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; #