# EDGAR Filing Document

**Accession Number:** 0001233087
**File Stem:** 0001133228-26-002940
**Filing Date:** 2026-3
**Character Count:** 1006942
**Document Hash:** 4955e931aecbbcef7c816099d64f9644
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002940.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001133228-26-002940

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21357
- **FILM NUMBER:** 26720862

**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='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-21357**

**Franklin Limited Duration Income Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

**Not FDIC Insured \| No Bank Guarantee \| May Lose Value**

**<u>Managed Distribution Policy</u>**: The Fund has implemented a managed distribution plan whereby the Fund will distribute a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund's plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund's common shares, but there is no assurance that the plan will be successful in doing so.

Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. No conclusions should be drawn about the Fund's investment performance from the amount of the Fund's distributions or from the terms of the Fund's managed distribution plan.

The Board may amend the terms of the Plan or terminate the Plan at any time without prior notice to the Fund's shareholders, however, at this time there are no reasonably foreseeable circumstances that might cause the termination of the Plan. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund's common shares. The Plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Plan. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.

Please see the "Important Information to Shareholders" section for additional information.

Contents

---

| | |
|:---|:---|
| [Fund Overview](#toc001) | 2 |
| [Performance Summary](#toc002) | 5 |
| [Financial Highlights and Schedule of Investments](#toc003) | 8 |
| [Financial Statements](#toc004) | 126 |
| [Notes to Financial Statements](#toc005) | 130 |
| [Report of Independent Registered Public Accounting Firm](#toc006) | 142 |
| [Tax Information](#toc007) | 143 |
| [Important Information to Shareholders](#toc008) | 144 |
| [Annual Meeting of Shareholders](#toc009) | 151 |
| [Dividend Reinvestment and Cash Purchase Plan](#toc010) | 152 |
| [Board Members and Officers](#toc011) | 154 |
| [Shareholder Information](#toc012) | 159 |
| Visit **franklintempleton.com** for fund updates, to<br> access your account, or to find helpful financial<br> planning tools. |  |

---

franklintempleton.com Annual Report 1

[Back to **Table of Contents**](#toclink)

Franklin Limited Duration Income Trust

Dear Shareholder,

This annual report for Franklin Limited Duration Income Trust covers the fiscal year ended December 31, 2025.

Fund Overview

Q. What is the Fund's investment strategy?

**A.** The Fund seeks to provide high current income, with a secondary objective of capital appreciation to the extent possible and consistent with the Fund's primary objective, through a portfolio consisting primarily of high-yield corporate bonds, floating-rate corporate loans and mortgage-backed and other asset-backed securities. We invest in a diversified mix of fixed income securities, primarily high-yield corporate bonds, senior secured floating-rate corporate loans, and mortgage-backed and other asset-backed securities. The Fund may also invest a portion in marketplace loans. Our top-down analysis of macroeconomic trends combined with a bottom-up analysis of market sectors, industries and issuers drives our investment process. We seek to maintain a limited duration, or interest-rate sensitivity, to moderate the impact that fluctuating interest rates might have on the Fund's fixed income portfolio. Within the corporate bond and corporate loan sectors, we seek securities trading at reasonable valuations from issuers with characteristics such as strong market positions, stable cash flows, reasonable capital structures, supportive asset values, strong sponsorship and improving credit fundamentals. In the mortgage- and other asset-backed securities sector, we look to capture an attractive income stream and total return through our analysis of security prepayment assumptions, potential pricing inefficiencies and underlying collateral characteristics.

Q. What were the overall market conditions during the Fund's reporting period?

**A.** The fixed income market was impacted by several strong forces during 2025. The newly sworn in U.S. President enacted number of initiatives including significant tariff increases on imported goods from the country's largest trading partners and across a wide variety of sectors. The U.S. Federal Reserve (Fed) bank policy was another driver of fixed income returns. Through the beginning of 2025, the Fed held the fed funds rate stable as economic growth continued to be above trend and the U.S. job market remained strong. As the employment environment cooled and inflation trended lower, the Fed enacted three consecutive 25-basis point cuts in the fourth quarter. These were seen as "insurance" cuts as economic growth remained strong. High-yield (HY) corporate bond spreads were volatile

during the year. Spreads widened significantly after the U.S. President's April "Liberation Day", where the largest tariff increases were announced. As more countries signed bilateral trade deals and the U.S. economy moved towards a "goldilocks" environment, spreads tightened ending the year near multi-decade tights.

Q. How did we respond to these changing market conditions?

**A.** Over the course of the year, the Fund maintained an overweight to high yield corporate bonds, a relatively neutral exposure to floating-rate bank loans, and an underweight exposure to mortgage- and other asset-backed securities. This construction was based on favorable corporate fundamentals that are expected to keep the default rate at a subdued level.

**Portfolio Composition**

12/31/25

---

| | |
|:---|:---|
| | **% of Total**<br>**Investments** |
| Corporate Bonds | 41.1% |
| Senior Floating Rate Interests | 26.0% |
| Mortgage-Backed Securities | 14.8% |
| Marketplace Loans | 12.6% |
| Asset-Backed Securities<sup>\*</sup> | 3.3% |
| Other<sup>†</sup> | 0.3% |
| Short-Term Investments | 1.9% |

---

\*Includes non-agency residential mortgage backed securities, collateralized loan obligations and consumer loan certificates.

<sup>†</sup>Categories within the Other category are listed in full in the Fund's Schedule of Investments (SOI), which can be found later in this report.

**The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SOI). The SOI begins on page 13.**

2 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Performance Overview

For the 12 months under review, the Fund posted cumulative total returns of +6.31% based on net asset value and +4.11% based on market price. The Fund's benchmark, the blended 1/3 ICE BofA US High Yield Constrained Index + 1/3 Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index<sup>SM</sup> + 1/3 Bloomberg MBS Index, posted a +7.68% cumulative total return.<sup>1</sup> Individually, the ICE BofA US High Yield Constrained Index, which measures the performance of USD-denominated, noninvestment grade, fixed rate and taxable corporate bonds, posted a +8.50% cumulative total return.<sup>2</sup> The Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index<sup>SM</sup>, which is designed to reflect the performance of the largest facilities in the leveraged loan market, posted a +5.90% cumulative total return.<sup>1</sup> The Bloomberg MBS Index, which tracks the performance of fixed-rate agency mortgage-backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC), posted a 8.58% cumulative total return.<sup>2</sup> Over the period, net asset value decreased from $6.94 per share on December 31, 2024, to $6.62 at period-end, and the market price decreased from $6.63 to $6.15 at period-end. You can find the Fund's long-term performance data in the Performance Summary on page 5.

The Board has implemented a managed distribution plan whereby the Fund distributes a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund's plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund's common shares, but there is no assurance that the plan will be successful in doing so. For the fiscal year ended December 31, 2025, the Fund estimates that it distributed more than its income and net realized capital gains; therefore, a portion of the Fund 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 the Fund's investment performance and should not be confused with "yield" or "income". The Fund

sends a Form 1099-DIV to shareholders each calendar year describing how to report the Fund's distributions for federal income tax purposes. Please see the "Important Information to Shareholders" section for additional information.

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

 

Q. What were the leading contributors to performance?

**A.** Overweight exposure to high-yield (HY) corporate bonds, senior-secured floating-rate bank loans and collateralized loan obligations (CLOs) added to returns for the period. Security selection in HY corporate bonds contributed to performance as did an out-of-index holdings of marketplace loans. Overweight exposure to the two- and five-year portions of the yield curve was accretive to results. The Fund has a yield higher than that of the combined index which contributed to returns for the period.

Q. What were the leading detractors from performance?

**A.** Security selection in floating-rate bank loans and overweight exposure to and security selection in agency mortgage-backed securities curbed performance for the period. Underweight exposure to the 10-year and longer portion of the curve hurt results.

Q. Were there any significant changes to the Fund during the reporting period?

**A.** There have been no major changes to how the Fund is managed.

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

Sincerely,

Glenn I. Voyles, CFA

Justin Ma, CFA

Patrick A. Klein, Ph.D.

Jonathan G. Belk, CFA

Portfolio Management Team

1. Source: Factset. The Blended Benchmark was calculated internally.

2. Source: Morningstar.

The indexes are unmanaged and include reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is not representative of the Fund's portfolio.

Important data provider notices and terms available at www.franklintempletondatasources.com.

CFA<sup>®</sup> is a trademark owned by CFA Institute.

franklintempleton.com Annual Report 3

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

------

*The foregoing information reflects our analysis, opinions and portfolio holdings as of December 31, 2025, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.*

4 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Performance Summary as of December 31, 2025

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 12/31/25<sup>1,2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cumulative Total Return<sup>3</sup>** | **Cumulative Total Return<sup>3</sup>** | **Average Annual Total Return<sup>3</sup>** | **Average Annual Total Return<sup>3</sup>** |
| | **Based on<br> NAV<sup>4</sup>** | **Based on<br> market price<sup>5</sup>** | **Based on<br> NAV<sup>4</sup>** | **Based on<br> market price<sup>5</sup>** |
| 1-Year | +6.31% | +4.11% | +6.31% | +4.11% |
| 5-Year | +17.54% | +13.89% | +3.29% | +2.64% |
| 10-Year | +42.52% | +64.86% | +3.61% | +5.13% |

---

*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** | **12/31/25** | **12/31/24** | **Change** |
| Net Asset Value (NAV) | $6.62 | $6.94 | -$0.32 |
| Market Price (NYSE) | $6.15 | $6.63 | -$0.48 |

---

---

| | | | |
|:---|:---|:---|:---|
| Distributions Per Share (1/1/25–12/31/25) |  |  |  |
|  | **Net Investment**<br> **Income** | **Tax Return <br> of Capital** | **Total** |
|  | $0.5278 | $0.2102 | $0.7380 |

---

**See page 7 for Performance Summary footnotes.**

franklintempleton.com Annual Report 5

[Back to **Table of Contents**](#toclink)

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 indexes include reinvestment of any income or distributions. They differ from the Fund in composition and do not pay management fees or expenses. One cannot invest directly in an index.

**12/31/15–12/31/25**

**See page 7 for Performance Summary footnotes.**

6 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

PERFORMANCE SUMMARY

Events such as the spread of deadly diseases, disasters, and financial, political or social disruptions may heighten risks and adversely affect performance. The Fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results.

**All investments involve risks, including possible loss of principal. Fixed income securities** involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. **Asset-backed, mortgage-backed or mortgage-related securities** are subject to prepay-ment and extension risks. **Low-rated, high-yield bonds** are subject to greater price volatility, illiquidity and possibility of default. The manager may consider **environmental, social and governance (ESG) criteria** in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.

1. Figures are for common shares. As of 12/31/25, the Fund had leverage in the amount of 31.32% 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 voluntary fee waivers, expense caps and/or reimbursements. Voluntary waivers may be modified or discontinued at any time without notice.

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

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

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

6. Source: FactSet. The Blended Benchmark is calculated internally and is composed of 1/3 ICE BofA US High Yield Constrained, 1/3 Morningstar LSTA US Leveraged Loan and 1/3 Bloomberg U.S. Mortgage-Backed Securities Index. The ICE BofA US High Yield Constrained Index measures the performance of USD-denominated, noninvest-ment grade, fixed rate and taxable corporate bonds. The Morningstar LSTA US Leveraged Loan Index is designed to reflect the performance of the largest facilities in the leveraged loan market. 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).

franklintempleton.com Annual Report 7

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $6.94 | $7.18 | $7.06 | $8.97 | $9.43 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.57 | 0.64 | 0.65 | 0.62 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (0.15) | (0.14) | 0.18 | (1.46) | (0.05) |
| Total from investment operations | 0.42 | 0.50 | 0.83 | (0.84) | 0.47 |
| Less distributions to common shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.51) | (0.41) | (0.57) | (0.55) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.21) | (0.23) | (0.30) | (0.21) | (0.38) |
| Total distributions | (0.74) | (0.74) | (0.71) | (0.78) | (0.93) |
| Dilution effect of rights offering |  |  |  | (0.29)<sup>b</sup> |  |
| Net asset value, end of year | $6.62 | $6.94 | $7.18 | $7.06 | $8.97 |
| Market value, end of year<sup>c</sup> | $6.15 | $6.63 | $6.22 | $6.21 | $9.09 |
| Total return (based on net asset value per share)<sup>d</sup> | 6.31% | 7.24% | 12.36% | (12.75)% | 5.16% |
| Total return (based on market value per share)<sup>d</sup> | 4.11% | 19.46% | 12.17% | (23.52)% | 6.77% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | 3.68% | 3.94% | 4.07% | 2.69% | 1.76% |
| Expenses net of waiver and payments by affiliates | 3.66% | 3.92% | 4.06%<sup>e</sup> | 2.68%<sup>e</sup> | 1.75%<sup>e</sup> |
| Net investment income. | 8.33% | 9.00% | 9.16% | 8.16% | 5.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | $267661 | $280401 | $290198 | $285319 | $270437 |
| Portfolio turnover rate | 125.39% | 109.84% | 104.86% | 95.50% | 107.66% |
| Portfolio turnover rate excluding mortgage dollar rolls<sup>f</sup> | 63.47% | 52.23% | 71.14% | 52.93% | 51.04% |
| Total credit facility and other financial leverage outstanding at end of year (000's) | $97500 | $107863 | $109652 | $117090 | $116359 |
| Asset coverage per $1,000 of debt | $3745 | $3600 | $3647 | $3437 | $3324 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended**<br> **December 31,**<br> **2017\*,<sup>#</sup>** | **Year Ended March 31,** | **Year Ended March 31,** |
| <br>&nbsp;&nbsp;&nbsp; | **2020\*** | **2019\*** | **2018\*** | **Year Ended**<br> **December 31,**<br> **2017\*,<sup>#</sup>** | **2017\*** | **2016\*** |
| **Per common share operating performance** |  |  |  |  |  |  |
| (for a common share outstanding throughout the year) |  |  |  |  |  |  |
| Net asset value, beginning of year | $10.00 | $10.11 | $12.32 | $12.91 | $12.38 | $13.87 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.51 | 0.53 | 0.57 | 0.48 | 0.62 | 0.72 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | (0.15) | 0.39 | (0.79) | (0.03) | 0.85 | (1.41) |
| Distributions to preferred shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.06) | (0.08) | (0.07) | (0.06) |
| Total from investment operations | 0.36 | 0.92 | (0.28) | 0.37 | 1.40 | (0.75) |
| Less distributions to common shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.55) | (0.58) | (0.49) | (0.43) | (0.57) | (0.74) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.38) | (0.45) | (0.68) | (0.53) | (0.36) |  |
| Total distributions | (0.93) | (1.03) | (1.17) | (0.96) | (0.93) | (0.74) |
| Repurchase of shares |  |  |  |  | 0.06 |  |
| Dilution effect of rights offering |  |  | (0.76)<sup>g</sup> |  |  |  |
| Net asset value, end of year | $9.43 | $10.00 | $10.11 | $12.32 | $12.91 | $12.38 |
| Market value, end of year<sup>c</sup> | $9.42 | $9.59 | $9.02 | $11.83 | $11.97 | $11.34 |
| Total return (based on net asset value per share)<sup>d</sup> | 4.26% | 9.33% | (9.07)% | 4.71% | 12.02% | (5.44)% |
| Total return (based on market value per share)<sup>d</sup> | 9.43% | 18.34% | (14.86)% | 7.08% | 14.07% | (0.44)% |
| **Ratios to average net assets applicable to common shares<sup>h,i</sup>** |  |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | 1.86% | 2.16% | 1.73% | 1.25% | 1.35% | 1.16% |
| Expenses net of waiver and payments by affiliates<sup>e</sup> | 1.85% | 2.15% | 1.71% | 1.23% | 1.32% | 1.16%<sup>j</sup> |
| Net investment income | 5.51% | 5.15% | 4.97% | 5.04% | 4.83% | 5.52% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of year (000's) | $284199 | $301452 | $304804 | $278489 | $291875 | $332132 |
| Portfolio turnover rate | 106.46% | 113.49% | 198.44% | 168.28% | 265.00% | 270.16% |
| Portfolio turnover rate excluding mortgage dollar rolls<sup>f</sup> | 60.46% | 57.50% | 63.84% | 46.49% | 93.00% | 81.78% |
| Total credit facility and other financial leverage outstanding at end of year (000's) | $111505 | $107117 | $90000<sup>k</sup> | $— | $— | $— |
| Asset coverage per preferred share | $— | $— | $—<sup>l</sup> | $72311 | $74809 | $75991 |
| Liquidation preference per preferred share | $— | $— | $—<sup>l</sup> | $25000 | $25000 | $25000 |
| Asset coverage per $1,000 of debt | $3549 | $3814 | $4387<sup>k</sup> | $— | $— | $— |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
| \* | Not covered by the report of independent registered public accounting firm. |
| <sup>#</sup> | For the period April 1, 2017 to December 31, 2017. |
| <sup>a</sup> | Based on average daily shares outstanding. |
| <sup>b</sup> | Represents the impact of Fund's rights offering of 10,250,000 common shares in February 2022 as a subscription price per share based on a formula. |
| <sup>c</sup> | Based on the last sale on the NYSE American. |
| <sup>d</sup> | The Market Value Total Return is calculated assuming a purchase of common shares on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund's net asset value is used on the purchase, sale and dividend reinvestment dates instead of market value. Total return does not reflect brokerage commissions or sales charges in connection with the purchase or sale of Fund shares. |
|  | Total return is not annualized for periods less than one year. |
| <sup>e</sup> | Benefit of expense reduction rounds to less than 0.01%. |
| <sup>f</sup> | See Note 1(d) regarding mortgage dollar rolls. |
| <sup>g</sup> | Represents the impact of Fund's rights offering of 7,534,709 common shares in October 2018 as a subscription price per share based on a formula. |
| <sup>h</sup> | Based on income and expenses applicable to both common and preferred shares. |
| <sup>i</sup> | Ratios are annualized for periods less than one year. |
| <sup>j</sup> | Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>k</sup> | Effective August 15, 2018, the Fund began participating in a credit facility. |
| <sup>l</sup> | Effective August 15, 2018, the Fund's preferred shares were liquidated. |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Financial Highlights

**Senior Securities Table**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended** | **Total Amount<br> Outstanding<sup>(1)</sup>** | **Asset<br> Coverage<br> per<br> $1,000<sup>(2)</sup>** | **Involuntary<br> Liquidation<br> Preference<sup>(3)</sup>** | **Average<br> Market Value<br> Outstanding<sup>(4)</sup>** |
| Reverse Repurchase Agreement |  |  |  |  |
| December 31, 2024 | $10362788 | $3600 | $10494333 | N/A |
| December 31, 2023 | $12151954 | $3647 | $12335804 | N/A |
| December 31, 2022 | $34090177 | $3437 | $34456370 | N/A |
| December 31, 2021 | $33358605 | $3324 | $33448122 | N/A |
| **<sup>(5)</sup>**December 31, 2020 | $18504585 | $3549 | $18523129 | N/A |
| **<sup>(5)</sup>**December 31, 2019 | $17117190 | $3814 | $17169028 | N/A |
| Credit Facility |  |  |  |  |
| December 31, 2025 | $97500000 | $3745 | $97879546 | $97500000 |
| December 31, 2024 | $97500000 | $3600 | $97942894 | $97500000 |
| December 31, 2023 | $97500000 | $3647 | $98013825 | $86460576 |
| December 31, 2022 | $83000000 | $3437 | $83403086 | $83008795 |
| December 31, 2021 | $83000000 | $3324 | $83079041 | $86629314 |
| **<sup>(5)</sup>**December 31, 2020 | $93000000 | $3549 | $93090704 | $92029719 |
| **<sup>(5)</sup>**December 31, 2019 | $90000000 | $3814 | $90218042 | $90127217 |
| **<sup>(5)</sup>**December 31, 2018 | $90000000 | $4387 | $90267083 | $33334190 |
| **Year Ended<sup>(5)</sup>** | **Total Preferred<br> Shares<br> Outstanding** | **Asset<br> Coverage<br> per<br> Preferred<br> Share** | **Involuntary<br> Liquidation<br> Preference Per<br> Preferred<br> Share** | **Average<br> Market Value<br> Per Preferred<br> Share<sup>(6)</sup>** |
| Preferred Shares Series M |  |  |  |  |
| December 31, 2017 | 1200 | $72311 | $25000 | N/A |
| March 31, 2017 | 1200 | $74809 | $25000 | N/A |
| March 31, 2016 | 1200 | $75991 | $25000 | N/A |
| Preferred Shares Series W | Preferred Shares Series W | Preferred Shares Series W | Preferred Shares Series W | Preferred Shares Series W |
| December 31, 2017 | 1200 | $72311 | $25000 | N/A |
| March 31, 2017 | 1200 | $74809 | $25000 | N/A |
| March 31, 2016 | 1200 | $75991 | $25000 | N/A |
| Preferred Shares Series F | Preferred Shares Series F | Preferred Shares Series F | Preferred Shares Series F | Preferred Shares Series F |
| December 31, 2017 | 1200 | $72311 | $25000 | N/A |
| March 31, 2017 | 1200 | $74809 | $25000 | N/A |
| March 31, 2016 | 1200 | $75991 | $25000 | N/A |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements Annual Report 11

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL HIGHLIGHTS

**Senior Securities Table** (continued)

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

(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per $1,000."

(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.

(4) Average market value outstanding represents the average of the daily amount outstanding including any unpaid interest during the period presented.

(5) Not covered by the report of independent registered public accounting firm.

(6) 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.

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Shares** | **Value** |
|  | **Common Stocks 0.3%** |  |  |  |
|  | **Diversified Telecommunication Services 0.1%** |  |  |  |
| <sup>a</sup> | Altice France SA | France | 17562 | $316291 |
|  | **Hotels, Restaurants & Leisure 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | 24 Hour Fitness Worldwide, Inc. | United States | 159925 | 5917 |
|  | **Metals & Mining 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Petra Diamonds Ltd. | South Africa | 331401 | 75941 |
|  | **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |
| <sup>a</sup> | Amplify Energy Corp. | United States | 281 | 1284 |
|  | Birch Permian Holdings, Inc. | United States | 20307 | 100682 |
|  | California Resources Corp. | United States | 72 | 3219 |
|  |  |  |  | 105185 |
|  | **Pharmaceuticals 0.1%** |  |  |  |
| <sup>a</sup> | Keenova Therapeutics plc | United States | 3008 | 269066 |
| <sup>a</sup> | Par Health, Inc. | United States | 3008 | 28200 |
|  |  |  |  | 297266 |
|  | **Software 0.0%<sup>†</sup>** |  |  |  |
| <sup>a,b</sup> | DSG Topco, Inc. | United States | 1755 | 4826 |
|  | **Total Common Stocks (Cost $2,595,997)** |  |  | **805426** |
|  |  |  | **Rights** |  |
|  | **Rights 0.0%<sup>†</sup>** |  |  |  |
|  | **Diversified Telecommunication**<br> **Services 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Altice France SA, 2/20/49 | France | 1671 | 27738 |
|  | **Total Rights (Cost $–)** |  |  | **27738** |
|  |  |  | **Warrants** |  |
|  | **Warrants 0.0%** |  |  |  |
|  | **Metals & Mining 0.0%** |  |  |  |
| <sup>a,b</sup> | Petra Diamonds Ltd., 2/20/49 | South Africa | 187787 |  |
|  | **Total Warrants (Cost $–)** |  |  |  |
|  |  |  | **Principal<br> Amount<sup>\*</sup>** |  |
|  | **Corporate Bonds 58.7%** |  |  |  |
|  | **Aerospace & Defense 1.1%** |  |  |  |
| <sup>c</sup> | ATI, Inc., Senior Note, 7.25%, 8/15/30 | United States | 700000 | 739947 |
| <sup>d</sup> | Axon Enterprise, Inc., Senior Note, 144A, 6.25%, 3/15/33 | United States | 250000 | 261123 |
| <sup>d</sup> | Bombardier, Inc., Senior Note, 144A, 7%, 6/01/32 | Canada | 85000 | 89921 |
| <sup>d</sup> | Efesto Bidco SpA Efesto US LLC, XR, Senior Secured Note, 144A, 7.5%, 2/15/32 | Italy | 1050000 | 1063120 |
| <sup>d</sup> | TransDigm, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6%, 1/15/33 | United States | 170000 | 174127 |
|  | &nbsp;&nbsp;&nbsp;Senior Sub. Note, 144A, 6.75%, 1/31/34 | United States | 520000 | 542006 |
|  |  |  |  | 2870244 |
|  | **Automobile Components 1.5%** |  |  |  |
| <sup>c,d</sup> | Adient Global Holdings Ltd., Senior Note, 144A, 8.25%, 4/15/31 | United States | 600000 | 631253 |
| <sup>d</sup> | American Axle & Manufacturing, Inc., Senior Secured Note, 144A, 6.375%, 10/15/32 | United States | 300000 | 305679 |
| <sup>d</sup> | Clarios Global LP / Clarios US Finance Co., Senior Note, 144A, 6.75%, 9/15/32 | United States | 310000 | 321652 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 13

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount<sup>\*</sup>** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Automobile Components** (continued) |  |  |  |
| <sup>c,d</sup> | Dornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%, 10/15/29 | United States | 1750000 | $1517220 |
| <sup>d</sup> | Forvia SE, Senior Note, 144A, 6.75%, 9/15/33 | France | 355000 | 366784 |
| <sup>d,e</sup> | IHO Verwaltungs GmbH, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, PIK, 7.75%, 11/15/30 | Germany | 400000 | 420624 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, PIK, 8%, 11/15/32 | Germany | 400000 | 422896 |
|  |  |  |  | 3986108 |
|  | **Automobiles 0.4%** |  |  |  |
| <sup>d</sup> | Jaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, 7/15/29 | United Kingdom | 500000 | 500265 |
| <sup>d</sup> | Nissan Motor Co. Ltd., Senior Bond, 144A, 8.125%, 7/17/35 | Japan | 565000 | 600890 |
|  |  |  |  | 1101155 |
|  | **Biotechnology 0.9%** |  |  |  |
| <sup>d</sup> | Emergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28 | United States | 900000 | 812169 |
| <sup>d</sup> | Genmab A/S / Genmab Finance LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.25%, 12/15/33 | Denmark | 480000 | 504601 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.25%, 12/15/32 | Denmark | 480000 | 492260 |
| <sup>d</sup> | Grifols SA, Senior Note, 144A, 4.75%, 10/15/28 | Spain | 600000 | 593004 |
|  |  |  |  | 2402034 |
|  | **Broadline Retail 0.5%** |  |  |  |
| <sup>d</sup> | Wayfair LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.25%, 10/31/29 | United States | 200000 | 208941 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.75%, 9/15/30 | United States | 800000 | 855129 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.75%, 11/15/32 | United States | 315000 | 324214 |
|  |  |  |  | 1388284 |
|  | **Building Products 2.0%** |  |  |  |
| <sup>c,d</sup> | Camelot Return Merger Sub, Inc., Senior Secured Note, 144A, 8.75%, 8/01/28 | United States | 500000 | 387868 |
| <sup>c,d</sup> | Cornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, 1/15/29 | United States | 1000000 | 506438 |
| <sup>c,d</sup> | EMRLD Borrower LP / Emerald Co-Issuer, Inc., Senior Secured Note, 144A, 6.625%, 12/15/30 | United States | 600000 | 625657 |
| <sup>d</sup> | JH North America Holdings, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 5.875%, 1/31/31 | United States | 100000 | 102207 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.125%, 7/31/32 | United States | 125000 | 128388 |
| <sup>d</sup> | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,<br> Senior Secured Note, 144A, 6.75%, 4/01/32 | United States | 500000 | 512908 |
| <sup>d</sup> | Quikrete Holdings, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 3/01/33 | United States | 150000 | 156747 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.375%, 3/01/32 | United States | 300000 | 312461 |
| <sup>c,d</sup> | Smyrna Ready Mix Concrete LLC, Senior Secured Note, 144A, 8.875%, 11/15/31 | United States | 1200000 | 1284441 |
| <sup>d</sup> | Standard Building Solutions, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.5%, 8/15/32 | United States | 900000 | 927221 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 8/01/33 | United States | 330000 | 337294 |
|  |  |  |  | 5281630 |
|  | **Capital Markets 0.9%** |  |  |  |
| <sup>d</sup> | Jane Street Group / JSG Finance, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 4.5%, 11/15/29 | United States | 500000 | 494518 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.125%, 11/01/32 | United States | 500000 | 509115 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.75%, 5/01/33 | United States | 600000 | 626674 |
| <sup>d</sup> | Stonex Escrow Issuer LLC, Secured Note, 144A, 6.875%, 7/15/32 | United States | 285000 | 295806 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount<sup>\*</sup>** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Capital Markets** (continued) |  |  |  |
| <sup>c,d</sup> | StoneX Group, Inc., Secured Note, 144A, 7.875%, 3/01/31 | United States | 500000 | $533150 |
|  |  |  |  | 2459263 |
|  | **Chemicals 1.9%** |  |  |  |
| <sup>d,e</sup> | Advancion Sciences, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26 | United States | 255256 | 219343 |
| <sup>b,d,e,f</sup> | Anagram Holdings LLC / Anagram International, Inc., Secured Note, 144A, PIK, 10%, 8/15/26 | United States | 166428 |  |
| <sup>d,f</sup> | Braskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32 | Mexico | 300000 | 174187 |
| <sup>c</sup> | Celanese US Holdings LLC, Senior Note, 6.83%, 7/15/29 | United States | 1000000 | 1049876 |
| <sup>d</sup> | Cerdia Finanz GmbH, Senior Secured Note, 144A, 9.375%, 10/03/31 | Germany | 500000 | 519375 |
| <sup>c,d</sup> | Element Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28 | United States | 200000 | 195624 |
|  | FMC Corp., Sub. Bond, 8.45% to 10/31/30, FRN thereafter, 11/01/55 | United States | 300000 | 237699 |
| <sup>d,e</sup> | GPD Cos., Inc., Senior Secured Note, 144A, PIK, 12.5%, 12/31/29 | United States | 1002267 | 516001 |
| <sup>c,d</sup> | Illuminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note, 144A, 9%, 7/01/28 | United States | 216000 | 217416 |
| <sup>c,d</sup> | Rain Carbon, Inc., Senior Secured Note, 144A, 12.25%, 9/01/29 | United States | 1200000 | 1251103 |
| <sup>d</sup> | Solstice Advanced Materials, Inc., Senior Note, 144A, 5.625%, 9/30/33 | United States | 625000 | 630884 |
|  |  |  |  | 5011508 |
|  | **Commercial Services & Supplies 1.5%** |  |  |  |
| <sup>c,d</sup> | Allied Universal Holdco LLC, Senior Secured Note, 144A, 7.875%, 2/15/31 | United States | 550000 | 579961 |
| <sup>d</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., <br> Senior Secured Note, 144A, 3.375%, 8/31/27 | United States | 240000 | 235565 |
| <sup>c,d</sup> | RR Donnelley & Sons Co., Senior Secured Note, 144A, 9.5%, 8/01/29 | United States | 1125000 | 1163526 |
| <sup>d</sup> | Veritiv Operating Co., Senior Secured Note, 144A, 10.5%, 11/30/30 | United States | 225000 | 242204 |
| <sup>c,d</sup> | VM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29 | United States | 800000 | 801064 |
| <sup>d</sup> | Waste Pro USA, Inc., Senior Note, 144A, 7%, 2/01/33 | United States | 200000 | 206363 |
| <sup>c,d</sup> | Wrangler Holdco Corp., Senior Note, 144A, 6.625%, 4/01/32 | Canada | 700000 | 735541 |
|  |  |  |  | 3964224 |
|  | **Communications Equipment 0.2%** |  |  |  |
| <sup>d</sup> | Viasat, Inc., Senior Note, 144A, 7.5%, 5/30/31 | United States | 525000 | 499824 |
|  | **Construction & Engineering 0.1%** |  |  |  |
| <sup>d</sup> | Arcosa, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.375%, 4/15/29 | United States | 300000 | 295560 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 8/15/32 | United States | 100000 | 105800 |
|  |  |  |  | 401360 |
|  | **Consumer Finance 1.7%** |  |  |  |
| <sup>d</sup> | Encore Capital Group, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 9.25%, 4/01/29 | United States | 600000 | 633000 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 8.5%, 5/15/30 | United States | 400000 | 430470 |
| <sup>c,d</sup> | FirstCash, Inc., Senior Note, 144A, 6.875%, 3/01/32 | United States | 1100000 | 1145597 |
| <sup>d</sup> | Macquarie Airfinance Holdings Ltd., Senior Note, 144A, 6.5%, 3/26/31 | United Kingdom | 200000 | 214313 |
|  | OneMain Finance Corp., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 5.375%, 11/15/29 | United States | 500000 | 500608 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount<sup>\*</sup>** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Consumer Finance** (continued) |  |  |  |
|  | OneMain Finance Corp., (continued) |  |  |  |
|  | Senior Note, 6.5%, 3/15/33 | United States | 290000 | $293517 |
| <sup>c,d</sup> | PROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29 | United States | 1400000 | 1387372 |
|  |  |  |  | 4604877 |
|  | **Consumer Staples Distribution & Retail 0.3%** |  |  |  |
| <sup>c,d</sup> | US Foods, Inc., Senior Note, 144A, 6.875%, 9/15/28 | United States | 700000 | 725010 |
|  | **Containers & Packaging 1.7%** |  |  |  |
| <sup>c,d</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, Senior Note, 144A, 4%, 9/01/29 | United States | 1500000 | 1413369 |
| <sup>c,d</sup> | Clydesdale Acquisition Holdings, Inc., Senior Secured Note, 144A, 6.75%, 4/15/32 | United States | 1000000 | 1028944 |
| <sup>c,d</sup> | Mauser Packaging Solutions Holding Co., Secured Note, 144A, 9.25%, 4/15/30 | United States | 1500000 | 1447500 |
| <sup>c,d</sup> | Toucan FinCo Ltd. / Toucan FinCo Can, Inc., / Toucan FinCo US LLC, Senior Secured Note, 144A, 9.5%, 5/15/30 | Canada | 750000 | 749652 |
|  |  |  |  | 4639465 |
|  | **Distributors 0.3%** |  |  |  |
| <sup>d</sup> | Gates Corp., Senior Note, 144A, 6.875%, 7/01/29 | United States | 400000 | 415892 |
| <sup>d</sup> | RB Global Holdings, Inc., Senior Note, 144A, 7.75%, 3/15/31 | Canada | 425000 | 444854 |
|  |  |  |  | 860746 |
|  | **Diversified Consumer Services 0.5%** |  |  |  |
|  | Grand Canyon University, Secured Note, 5.125%, 10/01/28 | United States | 1300000 | 1292982 |
|  | **Diversified REITs 0.8%** |  |  |  |
| <sup>d</sup> | Global Net Lease, Inc., Senior Note, 144A, 4.5%, 9/30/28 | United States | 900000 | 885396 |
| <sup>c,d</sup> | Global Net Lease, Inc., / Global Net Lease Operating Partnership LP, Senior Note, 144A, 3.75%, 12/15/27 | United States | 670000 | 652911 |
| <sup>c,d</sup> | VICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, 2/15/27 | United States | 700000 | 695711 |
|  |  |  |  | 2234018 |
|  | **Diversified Telecommunication Services 1.1%** |  |  |  |
| <sup>d</sup> | APLD ComputeCo LLC, Senior Secured Note, 144A, 9.25%, 12/15/30 | United States | 1025000 | 1006217 |
| <sup>c,d</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, 144A, 6.375%, 9/01/29 | United States | 1000000 | 1014251 |
| <sup>d</sup> | Cipher Compute LLC, Senior Secured Note, 144A, 7.125%, 11/15/30 | United States | 385000 | 392597 |
| <sup>d</sup> | WULF Compute LLC, Senior Secured Note, 144A, 7.75%, 10/15/30 | United States | 560000 | 577365 |
|  |  |  |  | 2990430 |
|  | **Electric Utilities 1.4%** |  |  |  |
| <sup>d</sup> | California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, Senior Note, 144A, 6.375%, 2/15/32 | United Kingdom | 1275000 | 1279863 |
| <sup>d</sup> | NRG Energy, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 6%, 1/15/36 | United States | 665000 | 674156 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 5.75%, 7/15/29 | United States | 800000 | 800084 |
| <sup>d</sup> | Vistra Operations Co. LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.375%, 5/01/29 | United States | 400000 | 395176 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.75%, 10/15/31 | United States | 100000 | 105964 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount<sup>\*</sup>** | &nbsp;&nbsp;**Value** |
| | **Corporate Bonds (continued)** |  |  |  |
| | **Electric Utilities (continued)** |  |  |  |
| <sup>d</sup> | Vistra Operations Co. LLC, (continued) |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 4/15/32 | United States | 600000 | $632334 |
| |  |  |  | 3887577 |
| | **Electrical Equipment 0.5%** |  |  |  |
| <sup>c,d</sup> | Vertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28 | United States | 1300000 | 1284790 |
| |  |  |  |  |
| | **Electronic Equipment, Instruments & Components 0.4%** |  |  |  |
| <sup>c,d</sup> | TTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29 | United States | 1000000 | 980476 |
| | **Energy Equipment & Services 1.8%** |  |  |  |
| <sup>d</sup> | Borr IHC Ltd. / Borr Finance LLC, Senior Secured Note, 144A, 10.375%, 11/15/30 | Mexico | 220311 | 219917 |
| <sup>d</sup> | Kodiak Gas Services LLC, |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 6.75%, 10/01/35 | United States | 130000 | 133728 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.25%, 2/15/29 | United States | 700000 | 728663 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.5%, 10/01/33 | United States | 225000 | 229890 |
| <sup>d</sup> | Nabors Industries, Inc., Senior Note, 144A, 8.875%, 8/15/31 | United States | 1300000 | 1262010 |
| | Transocean International Ltd., |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Bond, 6.8%, 3/15/38 | United States | 600000 | 516400 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.25%, 5/15/29 | United States | 100000 | 100853 |
| <sup>c,d</sup> | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 8.75%, 2/15/30 | United States | 600000 | 627233 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.875%, 10/15/32 | United States | 90000 | 94422 |
| <sup>d</sup> | Transocean Titan Financing Ltd., Senior Secured Note, 144A, 8.375%, 2/01/28 | United States | 80952 | 82732 |
| <sup>d</sup> | Weatherford International Ltd., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.625%, 4/30/30 | United States | 256000 | 262579 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 10/15/33 | United States | 540000 | 553307 |
| |  |  |  | 4811734 |
| | **Entertainment 0.7%** |  |  |  |
| <sup>c,d</sup> | Banijay Entertainment SAS, Senior Secured Note, 144A, 8.125%, 5/01/29 | France | 1100000 | 1146630 |
| | Warnermedia Holdings, Inc., |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Bond, 5.05%, 3/15/42 | United States | 350000 | 247187 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 4.054%, 3/15/29 | United States | 520000 | 505903 |
| |  |  |  | 1899720 |
| | **Financial Services 3.5%** |  |  |  |
| <sup>d</sup> | CrossCountry Intermediate HoldCo LLC, |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.5%, 10/01/30 | United States | 430000 | 439136 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 12/01/32 | United States | 625000 | 638257 |
| <sup>d</sup> | Freedom Mortgage Holdings LLC, |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 9.25%, 2/01/29 | United States | 300000 | 314813 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 5/01/31 | United States | 300000 | 300342 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.375%, 4/01/32 | United States | 650000 | 684736 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.875%, 4/01/33 | United States | 325000 | 336807 |
| <sup>c,d</sup> | GGAM Finance Ltd., Senior Note, 144A, 8%, 6/15/28 | Ireland | 700000 | 741775 |
| <sup>d</sup> | Jefferson Capital Holdings LLC, |  |  |  |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6%, 8/15/26 | United States | 500000 | 500390 |
| | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 9.5%, 2/15/29 | United States | 1400000 | 1476822 |
| <sup>d</sup> | Osaic Holdings, Inc., Senior Note, 144A, 8%, 8/01/33 | United States | 215000 | 224779 |
| <sup>c,d</sup> | PHH Escrow Issuer LLC / PHH Corp., Senior Note, 144A, 9.875%, 11/01/29 | United States | 1800000 | 1869408 |
| <sup>d</sup> | PRA Group, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.375%, 2/01/28 | United States | 600000 | 615306 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Financial Services** (continued) |  |  |  |
| <sup>d</sup> | PRA Group, Inc., (continued) |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 5%, 10/01/29 | United States | 300000 | $282371 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.875%, 1/31/30 | United States | 400000 | 415484 |
| <sup>d</sup> | Rocket Cos., Inc., Senior Note, 144A, 6.375%, 8/01/33 | United States | 400000 | 417548 |
|  |  |  |  | 9257974 |
|  | **Food Products 0.4%** |  |  |  |
| <sup>c</sup> | B&G Foods, Inc., Senior Note, 5.25%, 9/15/27 | United States | 400000 | 392067 |
| <sup>d,e</sup> | Chobani Holdco II LLC, Senior Note, 144A, PIK, 8.75%, 10/01/29 | United States | 109144 | 114123 |
| <sup>d</sup> | Chobani LLC / Chobani Finance Corp., Inc., Senior Note, 144A, 7.625%, 7/01/29 | United States | 200000 | 208874 |
| <sup>d</sup> | Froneri Lux FinCo SARL, Senior Secured Note, 144A, 6%, 8/01/32 | United Kingdom | 465000 | 471754 |
|  |  |  |  | 1186818 |
|  | **Ground Transportation 0.4%** |  |  |  |
| <sup>c,d</sup> | First Student Bidco, Inc., / First Transit Parent, Inc., Senior Secured Note, 144A, 4%, 7/31/29 | United States | 400000 | 390178 |
| <sup>d</sup> | Watco Cos. LLC / Watco Finance Corp., Senior Note, 144A, 7.125%, 8/01/32 | United States | 660000 | 691592 |
|  |  |  |  | 1081770 |
|  | **Health Care Equipment & Supplies 0.5%** |  |  |  |
| <sup>c,d</sup> | Bausch + Lomb Corp., Senior Secured Note, 144A, 8.375%, 10/01/28 | United States | 600000 | 627000 |
| <sup>d</sup> | Insulet Corp., Senior Note, 144A, 6.5%, 4/01/33 | United States | 100000 | 104622 |
| <sup>c,d</sup> | Medline Borrower LP, Senior Note, 144A, 5.25%, 10/01/29 | United States | 500000 | 502998 |
|  |  |  |  | 1234620 |
|  | **Health Care Providers & Services 2.4%** |  |  |  |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc., 144A, 10.75%, 6/15/33 | United States | 500000 | 537487 |
|  | &nbsp;&nbsp;&nbsp;Secured Note, 144A, 6.125%, 4/01/30 | United States | 500000 | 401072 |
| c | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 10.875%, 1/15/32 | United States | 450000 | 491711 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 9.75%, 1/15/34 | United States | 400000 | 420631 |
| <sup>d</sup> | DaVita, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.625%, 6/01/30 | United States | 1200000 | 1167678 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 9/01/32 | United States | 200000 | 208313 |
| <sup>c,d</sup> | Kedrion SpA, Senior Secured Note, 144A, 6.5%, 9/01/29 | Italy | 1500000 | 1479052 |
| <sup>d</sup> | MPH Acquisition Holdings LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 5.75%, 12/31/30 | United States | 90027 | 79071 |
| e | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, PIK, 11.5%, 12/31/30 | United States | 141230 | 146450 |
| e | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, PIK, 6.75%, 3/31/31 | United States | 775080 | 666965 |
| <sup>c</sup> | Tenet Healthcare Corp., Senior Secured Note, 6.125%, 6/15/30 | United States | 700000 | 717180 |
|  |  |  |  | 6315610 |
|  | **Health Care REITs 0.8%** |  |  |  |
| <sup>d</sup> | Diversified Healthcare Trust, Senior Secured Note, 144A, 7.25%, 10/15/30 | United States | 1190000 | 1218248 |
| <sup>d</sup> | MPT Operating Partnership LP / MPT Finance Corp., Senior Secured Note, 144A, 8.5%, 2/15/32 | United States | 750000 | 801509 |
|  |  |  |  | 2019757 |
|  | **Health Care Technology 0.4%** |  |  |  |
| <sup>d</sup> | IQVIA, Inc., Senior Note, 144A, 6.25%, 6/01/32 | United States | 925000 | 967706 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Hotel & Resort REITs 0.6%** |  |  |  |
| <sup>d</sup> | Pebblebrook Hotel LP / PEB Finance Corp., Senior Note, 144A, 6.375%, 10/15/29 | United States | 200000 | $205447 |
| <sup>d</sup> | RHP Hotel Properties LP / RHP Finance Corp., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.25%, 7/15/28 | United States | 300000 | 309559 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.5%, 4/01/32 | United States | 700000 | 726439 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.5%, 6/15/33 | United States | 275000 | 286981 |
|  |  |  |  | 1528426 |
|  | **Hotels, Restaurants & Leisure 3.5%** |  |  |  |
| <sup>d</sup> | Allwyn Entertainment Financing UK plc, Senior Secured Note, 144A, 7.875%, 4/30/29 | Switzerland | 800000 | 833102 |
| <sup>d</sup> | Carnival Corp., Senior Note, 144A, 5.75%, 8/01/32 | United States | 835000 | 857988 |
| <sup>c,d</sup> | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., Senior Note, 144A, 6.75%, 1/15/30 | United States | 1300000 | 1236950 |
| <sup>d</sup> | Great Canadian Gaming Corp. / Raptor LLC, Senior Secured Note, 144A, 8.75%, 11/15/29 | Canada | 900000 | 909742 |
| <sup>d</sup> | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, Senior Secured Note, 144A, 8.25%, 4/15/30 | United States | 650000 | 679284 |
| <sup>d</sup> | NCL Corp. Ltd., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 2/01/32 | United States | 500000 | 512269 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 9/15/33 | United States | 480000 | 480023 |
| <sup>d</sup> | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., Senior Secured Note, 144A, 6.25%, 10/15/30 | United States | 275000 | 280830 |
| <sup>d</sup> | Royal Caribbean Cruises Ltd., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 3/15/32 | United States | 300000 | 310534 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6%, 2/01/33 | United States | 400000 | 411138 |
| <sup>c,d</sup> | Station Casinos LLC, Senior Note, 144A, 4.5%, 2/15/28 | United States | 200000 | 198466 |
| <sup>d</sup> | Viking Cruises Ltd., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7%, 2/15/29 | United States | 600000 | 605622 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 5.875%, 10/15/33 | United States | 520000 | 528296 |
| <sup>c,d</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Senior Note, 144A, 7.125%, 2/15/31 | United States | 1500000 | 1624054 |
|  |  |  |  | 9468298 |
|  | **Household Durables 1.8%** |  |  |  |
| <sup>d</sup> | Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.625%, 4/01/30 | United States | 1000000 | 959624 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 8/01/33 | United States | 355000 | 355580 |
| <sup>c,d</sup> | Dream Finders Homes, Inc., Senior Note, 144A, 8.25%, 8/15/28 | United States | 500000 | 516487 |
| <sup>d</sup> | K. Hovnanian Enterprises, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8%, 4/01/31 | United States | 150000 | 153206 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.375%, 10/01/33 | United States | 225000 | 228838 |
| <sup>c,d</sup> | LGI Homes, Inc., Senior Note, 144A, 8.75%, 12/15/28 | United States | 800000 | 834954 |
|  | Newell Brands, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 6.375%, 5/15/30 | United States | 75000 | 73340 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 6.625%, 5/15/32 | United States | 50000 | 48577 |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.5%, 6/01/28 | United States | 300000 | 314954 |
| <sup>d</sup> | Weekley Homes LLC / Weekley Finance Corp., |  |  |  |
| c | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.875%, 9/15/28 | United States | 800000 | 789588 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 1/15/34 | United States | 605000 | 613337 |
|  |  |  |  | 4888485 |
|  | **Household Products 0.1%** |  |  |  |
| <sup>d</sup> | Energizer Holdings, Inc., Senior Note, 144A, 4.375%, 3/31/29 | United States | 200000 | 191322 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 19

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Independent Power and Renewable Electricity Producers 1.1%** |  |  |  |
| <sup>c,d</sup> | Clearway Energy Operating LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 3.75%, 1/15/32 | United States | 400000 | $365511 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 4.75%, 3/15/28 | United States | 300000 | 300449 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 3.75%, 2/15/31 | United States | 200000 | 187544 |
| <sup>c,d</sup> | Leeward Renewable Energy Operations LLC, Senior Note, 144A, 4.25%, 7/01/29 | United States | 1000000 | 956532 |
| <sup>d</sup> | Talen Energy Supply LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 6.5%, 2/01/36 | United States | 590000 | 610482 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 2/01/34 | United States | 590000 | 602026 |
|  |  |  |  | 3022544 |
|  | **Insurance 0.6%** |  |  |  |
| <sup>c,d</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.75%, 10/15/27 | United States | 400000 | 404211 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7%, 1/15/31 | United States | 500000 | 519083 |
| <sup>d</sup> | Asurion LLC and Asurion Co-Issuer, Inc., Senior Secured Note, 144A, 8%, 12/31/32 | United States | 550000 | 570970 |
|  |  |  |  | 1494264 |
|  | **IT Services 0.8%** |  |  |  |
| <sup>d</sup> | Cogent Communications Group LLC / Cogent Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <sup>c</sup> | &nbsp;&nbsp;&nbsp; Senior Note, 144A, 7%, 6/15/27 | United States | 700000 | 702038 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.5%, 7/01/32 | United States | 975000 | 913046 |
| <sup>d</sup> | Fortress Intermediate 3, Inc., Senior Secured Note, 144A, 7.5%, 6/01/31 | United States | 600000 | 626814 |
|  |  |  |  | 2241898 |
|  | **Machinery 1.3%** |  |  |  |
| <sup>c,d</sup> | ATS Corp., Senior Note, 144A, 4.125%, 12/15/28 | Canada | 1300000 | 1273289 |
| <sup>c,d</sup> | Calderys Financing LLC, Senior Secured Note, 144A, 11.25%, 6/01/28 | France | 800000 | 850477 |
| <sup>c,d</sup> | ESAB Corp., Senior Note, 144A, 6.25%, 4/15/29 | United States | 600000 | 617680 |
| <sup>c</sup> | Hillenbrand, Inc., Senior Note, 6.25%, 2/15/29 | United States | 600000 | 614161 |
| <sup>d</sup> | Terex Corp., Senior Note, 144A, 6.25%, 10/15/32 | United States | 170000 | 174540 |
|  |  |  |  | 3530147 |
|  | **Media 3.6%** |  |  |  |
| <sup>d</sup> | Clear Channel Outdoor Holdings, Inc., |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.75%, 4/15/28 | United States | 300000 | 300442 |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.5%, 6/01/29 | United States | 900000 | 894470 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.5%, 3/15/33 | United States | 1500000 | 1585682 |
| <sup>c,d</sup> | CSC Holdings LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 11.25%, 5/15/28 | United States | 700000 | 557543 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 11.75%, 1/31/29 | United States | 500000 | 371786 |
| <sup>d</sup> | Directv Financing LLC, Senior Secured Note, 144A, 8.875%, 2/01/30 | United States | 150000 | 151957 |
| <sup>c,d</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., Senior Secured Note, 144A, 5.875%, 8/15/27 | United States | 82000 | 82527 |
| <sup>d</sup> | EW Scripps Co. (The), Secured Note, 144A, 9.875%, 8/15/30 | United States | 750000 | 749601 |
| <sup>d</sup> | Gray Media, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Secured Note, 144A, 9.625%, 7/15/32 | United States | 390000 | 405024 |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 5.375%, 11/15/31 | United States | 300000 | 225227 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.25%, 8/15/33 | United States | 355000 | 362962 |
| <sup>c,d</sup> | McGraw-Hill Education, Inc., Senior Secured Note, 144A, 7.375%, 9/01/31 | United States | 800000 | 844658 |
| <sup>d</sup> | News Corp., Senior Note, 144A, 3.875%, 5/15/29 | United States | 1200000 | 1164623 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Media** (continued) |  |  |  |
| <sup>d</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., Senior Bond, 144A, 4.625%, 3/15/30 | United States | 75000 | $73403 |
| <sup>c,d</sup> | Sinclair Television Group, Inc., Senior Secured Note, 144A, 8.125%, 2/15/33 | United States | 800000 | 836096 |
| <sup>d</sup> | Univision Communications, Inc., Senior Secured Note, 144A, 9.375%, 8/01/32 | United States | 275000 | 295770 |
| <sup>d</sup> | VZ Secured Financing BV, Senior Secured Note, 144A, 7.5%, 1/15/33 | Netherlands | 695000 | 704770 |
|  |  |  |  | 9606541 |
|  | **Metals & Mining 1.7%** |  |  |  |
| <sup>d</sup> | Cleveland-Cliffs, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7%, 3/15/32 | United States | 340000 | 348925 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.625%, 1/15/34 | United States | 565000 | 590869 |
| <sup>d</sup> | Commercial Metals Co., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Bond, 144A, 6%, 12/15/35 | United States | 445000 | 456452 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 5.75%, 11/15/33 | United States | 225000 | 230200 |
| <sup>d</sup> | Constellium SE, |  |  |  |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 3.75%, 4/15/29 | United States | 600000 | 579857 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.375%, 8/15/32 | United States | 400000 | 414746 |
| <sup>d</sup> | Mineral Resources Ltd., Senior Note, 144A, 7%, 4/01/31 | Australia | 295000 | 307893 |
| <sup>d</sup> | Novelis Corp., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.875%, 1/30/30 | United States | 300000 | 311652 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.375%, 8/15/33 | United States | 745000 | 755856 |
| <sup>d</sup> | Petra Diamonds US Treasury plc, Senior Secured Note, 144A, 9.75%, 3/08/30 | South Africa | 781938 | 463497 |
|  |  |  |  | 4459947 |
|  | **Mortgage Real Estate Investment Trusts (REITs) 0.7%** |  |  |  |
| <sup>c,d</sup> | Apollo Commercial Real Estate Finance, Inc., Senior Secured Note, 144A, 4.625%, 6/15/29 | United States | 1500000 | 1452029 |
| <sup>d</sup> | Starwood Property Trust, Inc., Senior Note, 144A, 5.75%, 1/15/31 | United States | 445000 | 450340 |
|  |  |  |  | 1902369 |
|  | **Oil, Gas & Consumable Fuels 4.9%** |  |  |  |
| <sup>c,d</sup> | Antero Resources Corp., Senior Note, 144A, 7.625%, 2/01/29 | United States | 166000 | 169138 |
| <sup>c,d</sup> | Calumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.125%, 1/15/27 | United States | 900000 | 901359 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 9.25%, 7/15/29 | United States | 800000 | 822271 |
| <sup>d</sup> | Coronado Finance Pty. Ltd., Senior Secured Note, 144A, 9.25%, 10/01/29 | Australia | 550000 | 510109 |
| <sup>d</sup> | Crescent Energy Finance LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 7.375%, 1/15/33 | United States | 295000 | 280135 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 8.375%, 1/15/34 | United States | 800000 | 795160 |
| <sup>c,d</sup> | Expand Energy Corp., Senior Note, 144A, 6.75%, 4/15/29 | United States | 500000 | 502975 |
| <sup>d</sup> | Hess Midstream Operations LP, Senior Note, 144A, 6.5%, 6/01/29 | United States | 500000 | 518243 |
| <sup>d</sup> | Hilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%, 2/01/29 | United States | 500000 | 495691 |
| <sup>c,d</sup> | Kinetik Holdings LP, Senior Note, 144A, 5.875%, 6/15/30 | United States | 600000 | 605742 |
| <sup>c,d</sup> | Martin Midstream Partners LP / Martin Midstream Finance Corp., Secured Note, 144A, 11.5%, 2/15/28 | United States | 1700000 | 1763810 |
| <sup>b,d,f</sup> | Murray Energy Corp., Secured Note, 144A, 12%, 4/15/24 | United States | 606187 |  |
| <sup>c,d</sup> | Northriver Midstream Finance LP, Senior Secured Note, 144A, 6.75%, 7/15/32 | Canada | 1100000 | 1121745 |
| <sup>d</sup> | Sunoco LP, Senior Note, 144A, 7.25%, 5/01/32 | United States | 600000 | 634798 |
| <sup>c,d</sup> | Venture Global Calcasieu Pass LLC, Senior Secured Bond, 144A, 4.125%, 8/15/31 | United States | 300000 | 273201 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Oil, Gas & Consumable Fuels** (continued) |  |  |  |
| <sup>c,d</sup> | Venture Global Calcasieu Pass LLC, (continued) |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 3.875%, 8/15/29 | United States | 300000 | $281457 |
| <sup>c,d</sup> | Venture Global LNG, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 8.125%, 6/01/28 | United States | 600000 | 608066 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 9.5%, 2/01/29 | United States | 500000 | 518551 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 8.375%, 6/01/31 | United States | 500000 | 497503 |
| <sup>d</sup> | Venture Global Plaquemines LNG LLC, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Bond, 144A, 7.75%, 5/01/35 | United States | 200000 | 219098 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Bond, 144A, 6.75%, 1/15/36 | United States | 485000 | 497009 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.125%, 12/15/30 | United States | 45000 | 45852 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 7.5%, 5/01/33 | United States | 200000 | 216211 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.5%, 1/15/34 | United States | 290000 | 297177 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 6.5%, 6/15/34 | United States | 45000 | 46002 |
| <sup>d</sup> | Vital Energy, Inc., Senior Note, 144A, 7.875%, 4/15/32 | United States | 375000 | 369736 |
|  |  |  |  | 12991039 |
|  | **Paper & Forest Products 0.1%** |  |  |  |
| <sup>d</sup> | Magnera Corp., Senior Secured Note, 144A, 4.75%, 11/15/29 | United States | 400000 | 370306 |
|  | **Passenger Airlines 0.3%** |  |  |  |
| <sup>d</sup> | American Airlines, Inc. / AAdvantage Loyalty IP Ltd., Senior Secured Note, 144A, 5.5%, 4/20/26 | United States | 166667 | 166990 |
| <sup>d</sup> | OneSky Flight LLC, Senior Note, 144A, 8.875%, 12/15/29 | United States | 250000 | 267714 |
| <sup>c,d</sup> | United Airlines, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 4.375%, 4/15/26 | United States | 100000 | 99935 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 4.625%, 4/15/29 | United States | 300000 | 298910 |
|  |  |  |  | 833549 |
|  | **Personal Care Products 0.6%** |  |  |  |
| <sup>c,d</sup> | Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, Senior Note, 144A, 6.625%, 7/15/30 | United States | 600000 | 617021 |
| <sup>c,d</sup> | Opal Bidco SAS, Senior Secured Note, 144A, 6.5%, 3/31/32 | France | 950000 | 973673 |
|  |  |  |  | 1590694 |
|  | **Pharmaceuticals 0.1%** |  |  |  |
| <sup>d</sup> | Endo Finance Holdings, Inc., Senior Secured Note, 144A, 8.5%, 4/15/31 | United States | 200000 | 211638 |
|  | **Professional Services 0.2%** |  |  |  |
| <sup>d</sup> | CACI International, Inc., Senior Note, 144A, 6.375%, 6/15/33 | United States | 425000 | 440270 |
|  | **Real Estate Management & Development 0.5%** |  |  |  |
| <sup>c,d</sup> | Forestar Group, Inc., Senior Note, 144A, 6.5%, 3/15/33 | United States | 1200000 | 1224804 |
|  | **Semiconductors & Semiconductor Equipment 0.1%** |  |  |  |
| <sup>d</sup> | Qnity Electronics, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 8/15/33 | United States | 140000 | 145292 |
|  | &nbsp;&nbsp;&nbsp;Senior Secured Note, 144A, 5.75%, 8/15/32 | United States | 240000 | 245687 |
|  |  |  |  | 390979 |
|  | **Software 1.0%** |  |  |  |
| <sup>c,d</sup> | Camelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26 | United States | 72000 | 71555 |
| <sup>d</sup> | Gen Digital, Inc., Senior Note, 144A, 6.25%, 4/01/33 | United States | 250000 | 258860 |
| <sup>d</sup> | McAfee Corp., Senior Note, 144A, 7.375%, 2/15/30 | United States | 1300000 | 1135085 |
| <sup>c,d</sup> | Rocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29 | United States | 1300000 | 1280055 |
|  |  |  |  | 2745555 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
|  | **Corporate Bonds** (continued) |  |  |  |
|  | **Specialized REITs 1.0%** |  |  |  |
| <sup>c,d</sup> | Iron Mountain, Inc., Senior Note, 144A, 7%, 2/15/29 | United States | 1000000 | $1027851 |
| <sup>d</sup> | Millrose Properties, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.375%, 8/01/30 | United States | 1125000 | 1151853 |
|  | &nbsp;&nbsp;&nbsp;Senior Note, 144A, 6.25%, 9/15/32 | United States | 375000 | 378659 |
|  |  |  |  | 2558363 |
|  | **Specialty Retail 0.6%** |  |  |  |
| <sup>c,d</sup> | Gap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29 | United States | 700000 | 664593 |
| <sup>d</sup> | PetSmart LLC / PetSmart Finance Corp., Senior Secured Note, 144A, 7.5%, 9/15/32 | United States | 725000 | 738695 |
| <sup>d</sup> | White Cap Supply Holdings LLC, Senior Note, 144A, 7.375%, 11/15/30 | United States | 320000 | 332244 |
|  |  |  |  | 1735532 |
|  | **Technology Hardware, Storage & Peripherals 0.2%** |  |  |  |
| <sup>d</sup> | Seagate Data Storage Technology Pte. Ltd., Senior Note, 144A, 5.875%, 7/15/30 | United States | 550000 | 567664 |
|  | **Textiles, Apparel & Luxury Goods 0.4%** |  |  |  |
| <sup>d,e</sup> | Beach Acquisition Bidco LLC, Senior Note, 144A, PIK, 10%, 7/15/33 | United States | 720000 | 758786 |
| <sup>d</sup> | Under Armour, Inc., Senior Note, 144A, 7.25%, 7/15/30 | United States | 250000 | 250867 |
|  |  |  |  | 1009653 |
|  | **Trading Companies & Distributors 1.1%** |  |  |  |
| <sup>d</sup> | EquipmentShare.com, Inc., |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Secured Note, 144A, 9%, 5/15/28 | United States | 655000 | 681482 |
|  | &nbsp;&nbsp;&nbsp;Secured Note, 144A, 8.625%, 5/15/32 | United States | 745000 | 787854 |
| <sup>c,d</sup> | Herc Holdings, Inc., Senior Note, 144A, 6.625%, 6/15/29 | United States | 900000 | 937610 |
| <sup>d</sup> | WESCO Distribution, Inc., Senior Note, 144A, 6.375%, 3/15/33 | United States | 625000 | 652943 |
|  |  |  |  | 3059889 |
|  | **Wireless Telecommunication Services 1.2%** |  |  |  |
| <sup>d</sup> | Altice France Lux 3 / Altice Holdings 1, Senior Note, 144A, 10%, 1/15/33 | Luxembourg | 400000 | 367352 |
| <sup>c,d</sup> | Connect Finco SARL / Connect US Finco LLC, Senior Secured Note, 144A, 9%, 9/15/29 | United Kingdom | 800000 | 849591 |
| <sup>b,g</sup> | Digicel Group Holdings Ltd., 29.426%, 11/17/33 | Bermuda | 35583 | 1126 |
| <sup>c,d</sup> | Iliad Holding SAS, Senior Secured Note, 144A, 7%, 4/15/32 | France | 925000 | 954510 |
| <sup>d</sup> | Zegona Finance plc, Senior Secured Note, 144A, 8.625%, 7/15/29 | United Kingdom | 1100000 | 1170094 |
|  |  |  |  | 3342673 |
|  | **Total Corporate Bonds (Cost $156,486,781)** |  |  | **157048563** |
| <sup>h</sup> | **Senior Floating Rate Interests 37.1%** |  |  |  |
| <sup>i</sup> | **Aerospace & Defense 0.3%** |  |  |  |
|  | Signia Aerospace LLC, First Lien, CME Term Loan, 6.571%, (3-month SOFR + 2.75%), 12/11/31 | United States | 279471 | 280849 |
|  | Vertex Aerospace Services Corp., First Lien, 2024 CME Term Loan, 5.966%, (1-month SOFR + 2.25%), 12/06/30 | United States | 534380 | 538140 |
|  |  |  |  | 818989 |
| <sup>i</sup> | **Air Freight & Logistics 0.3%** |  |  |  |
|  | Clue Opco LLC, First Lien, CME Term Loan, B, 8.338%, (3-month SOFR + 4.5%), 12/19/30 | United States | 382484 | 380596 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 23

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Air Freight & Logistics** (continued) |  |  |  |
|  | Rand Parent LLC, First Lien, CME Term Loan, B, 6.672%, (3-month SOFR + 3%), 3/18/30 | United States | 495304 | $497402 |
|  |  |  |  | 877998 |
| <sup>i</sup> | **Automobile Components 0.7%** |  |  |  |
|  | Adient US LLC, First Lien, CME Term Loan, B2, 5.966%, (1-month SOFR + 2.25%), 1/31/31 | United States | 466348 | 468768 |
| <sup>j</sup> | American Axle & Manufacturing, Inc., First Lien, Incremental CME Term Loan, C, 7.408%, (12-month SOFR + 3.25%), 2/24/32 | United States | 283582 | 284172 |
|  | Clarios Global LP, First Lien, Amendment No. 6 Dollar CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 1/28/32 | United States | 229386 | 230855 |
|  | DexKo Global, Inc., First Lien, 2023 Incremental CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 10/04/28 | United States | 232105 | 231061 |
|  | DexKo Global, Inc., First Lien, Closing Date Dollar CME Term Loan, 7.581%, (1-month SOFR + 3.75%), 10/04/28 | United States | 462740 | 460281 |
| <sup>e</sup> | First Brands Group LLC, First Lien, 2021 CME Term Loan, PIK, 10.987%, (1-month SOFR + 7%), 3/30/27 | United States | 826846 | 4457 |
|  | First Brands Group LLC, First Lien, 2022-II Incremental CME Term Loan, 10.987%, (1-month SOFR + 7%), 3/30/27 | United States | 836103 | 4507 |
| <sup>e</sup> | First Brands Group LLC, First Lien, DIP Roll Up CME Term Loan, CME Term Loan, PIK, 10.843%, (1-month SOFR + 7%), 6/29/26 | United States | 780989 | 13667 |
| <sup>e</sup> | First Brands Group LLC, First Lien, USD Debtor-In-Possession New Money CME Term Loan, PIK, 5.393%, (1-month SOFR + 1.55%), 6/29/26 | United States | 669050 | 127583 |
|  | Highline Aftermarket Acquisition LLC, First Lien, 2025-1 CME Term Loan, 7.322%, (3-month SOFR + 3.5%), 2/13/30 | United States | 22556 | 22655 |
|  |  |  |  | 1848006 |
|  | **Automobiles 0.4%** |  |  |  |
| <sup>i</sup> | American Trailer World Corp., First Lien, CME Term Loan, B, 7.566%, (1-month SOFR + 3.75%), 3/03/28 | United States | 1135380 | 1013917 |
|  | **Beverages 0.2%** |  |  |  |
| <sup>i</sup> | Primo Brands Corp., First Lien, 2025 Refinancing CME Term Loan, 6.252%, (3-month SOFR + 2.25%), 3/31/28 | United States | 550705 | 552910 |
|  | **Biotechnology 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | Genmab A/S, First Lien, Initial CME Term Loan, B, 6.733%, (3-month SOFR + 3%), 12/13/32 | Denmark | 74361 | 74802 |
| <sup>i</sup> | **Broadline Retail 0.2%** |  |  |  |
|  | Knot Worldwide, Inc. (The), First Lien, Amendment No. 5 CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 1/31/28 | United States | 384152 | 323168 |
|  | Peer Holding III BV, First Lien, CME Term Loan, B5B, 6.172%, (3-month SOFR + 2.5%), 7/01/31 | Netherlands | 338173 | 340039 |
|  |  |  |  | 663207 |
| <sup>i</sup> | **Building Products 0.3%** |  |  |  |
|  | Chariot Buyer LLC, First Lien, Amendment No. 5 Incremental CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 9/08/32 | United States | 122193 | 122588 |
|  | Cornerstone Building Brands, Inc., First Lien, CME Term Loan, C, 8.25%, (1-month SOFR + 4.5%), 5/15/31 | United States | 597911 | 427007 |
| <sup>j</sup> | Groundworks LLC, First Lien, Initial CME Term Loan, 6.732%, (1-month SOFR + 3%), 3/14/31 | United States | 131868 | 132692 |
|  | MIWD Holdco II LLC, First Lien, 2024 Incremental CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 3/28/31 | United States | 103224 | 103450 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Building Products** (continued) |  |  |  |
|  | Smyrna Ready Mix Concrete LLC, First Lien, 2025 CME Term Loan, 6.916%, (1-month SOFR + 3%), 3/30/29 | United States | 55923 | $56343 |
|  |  |  |  | 842080 |
| <sup>i</sup> | **Capital Markets 1.4%** |  |  |  |
|  | Aretec Group, Inc., First Lien, CME Term Loan, B4, 6.716%, (1-month SOFR + 3%), 8/09/30 | United States | 740254 | 744022 |
|  | Ascensus Holdings, Inc., First Lien, 2024 CME Term Loan, B, 6.716%, (1-month SOFR + 3%), 11/25/32 | United States | 800282 | 800442 |
|  | Citadel Securities Global Holdings LLC, First Lien, 2024 CME Term Loan, 5.672%, (3-month SOFR + 2%), 10/31/31 | United States | 310525 | 312506 |
|  | Edelman Financial Engines Center LLC (The), First Lien, Initial CME Term Loan, 6.716%, (1-month SOFR + 3%), 4/07/28 | United States | 958996 | 965163 |
|  | GTCR Everest Borrower LLC, First Lien, 2025 CME Term Loan, 6.422%, (3-month SOFR + 2.75%), 9/05/31 | United States | 157616 | 158382 |
|  | Jane Street Group LLC, First Lien, Extended CME Term Loan, 5.822%, (3-month SOFR + 2%), 12/15/31 | United States | 523807 | 522005 |
|  | Nexus Buyer LLC, First Lien, Amendment No. 10 CME Term Loan, 7.716%, (1-month SOFR + 4%), 7/31/31 | United States | 140776 | 139926 |
|  |  |  |  | 3642446 |
| <sup>i</sup> | **Chemicals 1.8%** |  |  |  |
|  | A-AP Buyer, Inc., First Lien, Initial CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 9/09/31 | United States | 105589 | 106150 |
|  | Hexion Holdings Corp., Second Lien, Initial CME Term Loan, 11.254%, (1-month SOFR + 7.438%), 3/15/30 | United States | 98495 | 95849 |
|  | INEOS US Finance LLC, First Lien, 2030 Dollar CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 2/18/30 | Luxembourg | 312840 | 254672 |
|  | INEOS US Petrochem LLC, First Lien, New CME Term Loan, B1, 8.066%, (1-month SOFR + 4.25%), 4/02/29 | United States | 899568 | 638693 |
|  | Lummus Technology Holdings V LLC, First Lien, Amendment No. 4 Refinancing CME Term Loan, B, 6.216%, (1-month SOFR + 2.5%), 12/31/29 | United States | 895048 | 896887 |
|  | Nouryon Finance BV, First Lien, November 2024 Dollar CME Term Loan, B1, 7.036%, (3-month SOFR + 3.25%), 4/03/28 | Netherlands | 483828 | 484837 |
|  | Nouryon Finance BV, First Lien, November 2024 Dollar CME Term Loan, B2, 7.162%, (3-month SOFR + 3.25%), 4/03/28 | Netherlands | 268001 | 268587 |
|  | SCIH Salt Holdings, Inc., First Lien, CME Term Loan, B1, 6.522%, (3-month SOFR + 2.75%), 1/31/29 | United States | 1359945 | 1364269 |
|  | Vibrantz Technologies, Inc., First Lien, Initial CME Term Loan, 8.327%, (3-month SOFR + 4.25%), 4/23/29 | United States | 1161000 | 650485 |
|  |  |  |  | 4760429 |
| <sup>i</sup> | **Commercial Services & Supplies 1.4%** |  |  |  |
|  | Allied Universal Holdco LLC, First Lien, Amendment No. 7 Replacement USD CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 8/20/32 | United States | 877077 | 882695 |
|  | Madison IAQ LLC, First Lien, Initial CME Term Loan, 6.702%, (6-month SOFR + 2.5%), 6/21/28 | United States | 972395 | 978191 |
|  | Neptune Bidco US, Inc., First Lien, Dollar CME Term Loan, B, 9.012%, (3-month SOFR + 5%), 4/11/29 | United States | 304147 | 301448 |
|  | Pitney Bowes, Inc., First Lien, CME Term Loan, B, 7.422%, (3-month SOFR + 3.75%), 3/19/32 | United States | 1091648 | 1087216 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 25

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Commercial Services & Supplies** (continued) |  |  |  |
|  | Spin Holdco, Inc., First Lien, Initial CME Term Loan, 8.022%, (3-month SOFR + 4%), 3/06/28 | United States | 466417 | $362056 |
|  |  |  |  | 3611606 |
|  | **Communications Equipment 0.2%** |  |  |  |
| <sup>i</sup> | Delta Topco, Inc., First Lien, Fourth Amendment Refinancing CME Term Loan, 6.554%, (1-month SOFR + 2.75%; 3-month SOFR + 2.75%), 11/30/29 | United States | 586714 | 584654 |
| <sup>i</sup> | **Construction & Engineering 0.7%** |  |  |  |
|  | Brand Industrial Services, Inc., First Lien, CME Term Loan, C, 8.354%, (3-month SOFR + 4.5%), 8/01/30 | United States | 435463 | 398003 |
|  | Chromalloy Corp., First Lien, CME Term Loan, 7.226%, (3-month SOFR + 3.25%), 3/27/31 | United States | 332789 | 335155 |
|  | DG Investment Intermediate Holdings 2, Inc., First Lien, Closing Date Initial CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 7/09/32 | United States | 353691 | 355017 |
|  | Green Infrastructure Partners, Inc., First Lien, Initial CME Term Loan, 6.753%, (3-month SOFR + 2.75%), 9/24/32 | United States | 295082 | 296188 |
|  | Kodiak Building Partners, Inc., First Lien, CME Term Loan, B, 7.466%, (1-month SOFR + 3.75%), 12/04/31 | United States | 63637 | 62245 |
|  | Zekelman Industries, Inc., First Lien, 2024 CME Term Loan, 5.981%, (1-month SOFR + 2.25%), 1/24/31 | United States | 388454 | 390822 |
|  |  |  |  | 1837430 |
| <sup>i</sup> | **Consumer Finance 0.2%** |  |  |  |
|  | Neon Maple US Debt Mergersub, Inc., First Lien, CME Term Loan, B1, 6.216%, (1-month SOFR + 2.5%), 11/17/31 | United States | 450168 | 451273 |
|  | Shift4 Payments LLC, First Lien, Amendment No. 2 CME Term Loan, 6.172%, (3-month SOFR + 2.5%), 6/30/32 | United States | 98828 | 99528 |
|  |  |  |  | 550801 |
|  | **Consumer Staples Distribution & Retail 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | Boots Group Bidco Ltd. (The), First Lien, Closing Date Dollar CME Term Loan, 7.206%, (3-month SOFR + 3.5%), 8/30/32 | United Kingdom | 69204 | 69665 |
|  | **Containers & Packaging 1.6%** |  |  |  |
| <sup>i,j</sup> | Bradyplus Holdings LLC, First Lien, Initial CME Term Loan, 7.19%, (3-month SOFR + 3.5%), 12/13/32 | United States | 400000 | 396416 |
| <sup>i</sup> | Charter Next Generation, Inc., First Lien, 2024 Replacement CME Term Loan, 6.5%, (1-month SOFR + 2.75%), 11/29/30 | United States | 1498030 | 1503011 |
| <sup>i</sup> | Clydesdale Acquisition Holdings, Inc., First Lien, 2025 Incremental Closing Date CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 4/01/32 | United States | 539816 | 540008 |
| <sup>i,j</sup> | Clydesdale Acquisition Holdings, Inc., First Lien, 2025 Incremental Delayed Draw CME Term Loan, B, 7.034%, (1-month SOFR + 3.25%), 4/01/32 | United States | 7616 | 7619 |
| <sup>j,k</sup> | Klockner Pentaplast of America, Inc., First Lien, CME Term Loan, TBD, 11/01/32 | Luxembourg | 500480 | 449808 |
| <sup>i</sup> | Klockner Pentaplast of America, Inc., First Lien, USD CME Term Loan, B, 9.044%, (6-month SOFR + 4.75%), 2/12/26 | Luxembourg | 1569501 | 274663 |
| <sup>i</sup> | Mauser Packaging Solutions Holding Co., First Lien, 2025 CME Term Loan, 7.232%, (1-month SOFR + 3.5%), 4/15/30 | United States | 670000 | 658416 |
| <sup>i</sup> | ProAmpac PG Borrower LLC, First Lien, 2024 CME Term Loan, B, 7.894%, (3-month SOFR + 4%), 9/15/28 | United States | 540546 | 542343 |
|  |  |  |  | 4372284 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Distributors 0.7%** |  |  |  |
|  | BCPE Empire Holdings, Inc., First Lien, Amendment No. 8 Incremental CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 12/11/30 | United States | 789524 | $782615 |
|  | Gloves Buyer, Inc., First Lien, Initial CME Term Loan, 7.716%, (1-month SOFR + 4%), 5/21/32 | United States | 400000 | 398750 |
|  | Verde Purchaser LLC, First Lien, Second Refinancing CME Term Loan, 7.672%, (3-month SOFR + 4%), 11/30/30 | United States | 651988 | 652839 |
|  |  |  |  | 1834204 |
| <sup>i</sup> | **Diversified Consumer Services 0.7%** |  |  |  |
|  | Ascend Learning LLC, First Lien, Initial CME Term Loan, 6.716%, (1-month SOFR + 3%), 12/11/28 | United States | 773666 | 777325 |
|  | Mavis Tire Express Services Topco Corp., First Lien, 2025 Incremental CME Term Loan, 6.716%, (1-month SOFR + 3%), 5/04/28 | United States | 233907 | 235026 |
|  | Pre-Paid Legal Services, Inc., First Lien, Initial CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 12/07/28 | United States | 679167 | 658157 |
|  | Wand NewCo 3, Inc., First Lien, Initial CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 1/30/31 | United States | 97151 | 97364 |
|  |  |  |  | 1767872 |
|  | **Diversified Telecommunication Services 0.1%** |  |  |  |
| <sup>i</sup> | Ensono, Inc., First Lien, Initial CME Term Loan, 7.831%, (1-month SOFR + 4%), 5/26/28 | United States | 257244 | 257496 |
|  | **Electrical Equipment 0.2%** |  |  |  |
| <sup>i</sup> | Indicor LLC, First Lien, Dollar CME Term Loan, D, 6.422%, (3-month SOFR + 2.75%), 11/22/29 | United States | 576714 | 580858 |
|  | **Electronic Equipment, Instruments & Components 0.0%<sup>†</sup>** |  |  |  |
| <sup>i,j</sup> | Project Aurora US Finco, Inc., First Lien, CME Term Loan, B2, 6.49%, (3-month SOFR + 2.75%), 9/30/32 | United States | 47478 | 47774 |
|  | **Entertainment 0.2%** |  |  |  |
| <sup>i</sup> | Playtika Holding Corp., First Lien, CME Term Loan, B1, 6.581%, (1-month SOFR + 2.75%), 3/13/28 | United States | 580233 | 562011 |
| <sup>i</sup> | **Financial Services 0.8%** |  |  |  |
|  | Apex Group Treasury LLC, First Lien, 2025 Refinancing CME Term Loan, B, 7.387%, (3-month SOFR + 3.5%), 2/27/32 | United States | 197418 | 186560 |
|  | Boost Newco Borrower LLC, First Lien, CME Term Loan, B2, 5.672%, (3-month SOFR + 2%), 1/31/31 | United States | 430443 | 431655 |
|  | First Eagle Holdings, Inc., First Lien, Initial CME Term Loan, 7.459%, (1-month SOFR + 3.5%), 8/16/32 | United States | 564718 | 564682 |
|  | Orion US Finco, Inc., First Lien, Initial CME Term Loan, 7.325%, (12-month SOFR + 3.5%), 10/08/32 | United States | 209607 | 210835 |
|  | Osaic Holdings, Inc., First Lien, Initial CME Term Loan, 6.595%, (6-month SOFR + 3%), 8/02/32 | United States | 203485 | 204572 |
|  | Priority Holdings LLC, First Lien, CME Term Loan, B, 7.466%, (1-month SOFR + 3.75%), 7/30/32 | United States | 365374 | 359985 |
|  | Speed Midco 3 SARL, First Lien, USD CME Term Loan, B, 6.288%, (6-month SOFR + 2.5%), 10/01/32 | Luxembourg | 204678 | 205766 |
|  |  |  |  | 2164055 |
| <sup>i</sup> | **Food Products 0.2%** |  |  |  |
|  | Nourish Buyer I, Inc., First Lien, Initial CME Term Loan, 8.25%, (1-month SOFR + 4.5%), 7/08/32 | United States | 132911 | 133826 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 27

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Food Products** (continued) |  |  |  |
|  | Primary Products Finance LLC, First Lien, 2024 Second Replacement CME Term Loan, B, 7.185%, (3-month SOFR + 3.25%), 4/02/29 | United States | 361473 | $357677 |
|  |  |  |  | 491503 |
| <sup>i</sup> | **Ground Transportation 1.3%** |  |  |  |
|  | Aggreko Holdings, Inc., First Lien, 2025 Amended USD CME Term Loan, 6.868%, (3-month SOFR + 3%), 5/21/31 | United Kingdom | 140058 | 141218 |
|  | First Student Bidco, Inc., First Lien, CME Term Loan, B, 6.172%, (3-month SOFR + 2.5%), 8/15/30 | United States | 694329 | 697540 |
|  | First Student Bidco, Inc., First Lien, CME Term Loan, C, 6.172%, (3-month SOFR + 2.5%), 8/15/30 | United States | 127045 | 127547 |
|  | Kenan Advantage Group, Inc. (The), First Lien, U.S. CME Term Loan, B4, 6.966%, (1-month SOFR + 3.25%), 1/25/29 | United States | 1277623 | 1268679 |
| <sup>e</sup> | LaserShip, Inc., First Lien, CME Term Loan, B1, PIK, 5.434%, (3-month SOFR + 1.5%), 8/10/29 | United States | 331761 | 249613 |
| <sup>e</sup> | LaserShip, Inc., First Lien, CME Term Loan, D, PIK, 5.434%, (3-month SOFR + 1.5%), 8/10/29 | United States | 240241 | 63184 |
|  | Savage Enterprises LLC, First Lien, Amendment No. 7 CME Term Loan, 6.284%, (1-month SOFR + 2.5%), 8/05/32 | United States | 94527 | 95059 |
|  | Student Transportation of America Holdings, Inc., First Lien, CME Term Loan, B, 6.939%, (3-month SOFR + 3.25%), 6/24/32 | United States | 194336 | 195146 |
|  | WWEX Uni Topco Holdings LLC, First Lien, Initial CME Term Loan, 7.672%, (3-month SOFR + 4%), 7/26/28 | United States | 592288 | 595726 |
|  |  |  |  | 3433712 |
| <sup>i</sup> | **Health Care Equipment & Supplies 0.4%** |  |  |  |
|  | Bausch + Lomb Corp., First Lien, New CME Term Loan, 7.716%, (1-month SOFR + 4%), 9/29/28 | United States | 488750 | 489972 |
|  | Bausch + Lomb Corp., First Lien, Third Amendment CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 1/15/31 | United States | 167394 | 169361 |
|  | Medline Borrower LP, First Lien, 2030 Refinancing CME Term Loan, 5.466%, (1-month SOFR + 1.75%), 10/23/30 | United States | 332009 | 333617 |
|  |  |  |  | 992950 |
| <sup>i</sup> | **Health Care Providers & Services 2.6%** |  |  |  |
|  | ADMI Corp., First Lien, Amendment No. 4 Refinancing CME Term Loan, 7.206%, (1-month SOFR + 3.375%), 12/23/27 | United States | 743975 | 706081 |
|  | ADMI Corp., First Lien, CME Term Loan, B5, 9.466%, (1-month SOFR + 5.75%), 12/23/27 | United States | 127273 | 122373 |
|  | Charlotte Buyer, Inc., First Lien, Second Refinancing CME Term Loan, 8.011%, (1-month SOFR + 4.25%), 2/11/28 | United States | 1119175 | 1101335 |
|  | CNT Holdings I Corp., First Lien, 2025 Replacement CME Term Loan, 6.34%, (3-month SOFR + 2.5%), 11/08/32 | United States | 143940 | 144443 |
|  | Global Medical Response, Inc., First Lien, Initial CME Term Loan, 7.384%, (3-month SOFR + 3.5%), 10/01/32 | United States | 124224 | 125146 |
|  | LifePoint Health, Inc., First Lien, 2024-2 Refinancing CME Term Loan, 7.335%, (1-month SOFR + 3.5%), 5/19/31 | United States | 397852 | 398930 |
|  | LifePoint Health, Inc., First Lien, CME Term Loan, B1, 7.655%, (3-month SOFR + 3.75%), 5/19/31 | United States | 220930 | 221902 |
|  | Medical Solutions Holdings, Inc., First Lien, CME Term Loan, 7.44%, (3-month SOFR + 3.5%), 11/01/28 | United States | 567481 | 132728 |
|  | MPH Acquisition Holdings LLC, First Lien, Exchange First Out CME Term Loan, 7.59%, (3-month SOFR + 3.75%), 12/31/30 | United States | 66213 | 66477 |
|  | MPH Acquisition Holdings LLC, First Lien, Second Out CME Term Loan, 8.702%, (3-month SOFR + 4.6%), 12/31/30 | United States | 548866 | 517307 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Health Care Providers & Services** (continued) |  |  |  |
|  | Pacific Dental Services, Inc., First Lien, CME Term Loan, 6.236%, (1-month SOFR + 2.5%), 3/17/31 | United States | 524387 | $527025 |
|  | Paradigm Parent LLC, First Lien, Initial CME Term Loan, 8.172%, (3-month SOFR + 4.5%), 4/16/32 | United States | 306923 | 271100 |
|  | PAREXEL International, Inc., First Lien, Seventh Amendment CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 12/12/31 | United States | 257153 | 258332 |
|  | Pathway Vet Alliance LLC, First Lien, CME Term Loan, A, 8.84%, (3-month SOFR + 5%), 6/30/28 | United States | 196885 | 198731 |
| <sup>e</sup> | Pathway Vet Alliance LLC, First Lien, CME Term Loan, B, PIK, 8.84%, (3-month SOFR + 5%), 6/30/28 | United States | 629861 | 451138 |
|  | Radiology Partners, Inc., First Lien, CME Term Loan, B, 8.502%, (3-month SOFR + 4.5%), 6/30/32 | United States | 498750 | 498478 |
|  | Star Parent, Inc., First Lien, CME Term Loan, 7.672%, (3-month SOFR + 4%), 9/27/30 | United States | 458500 | 459557 |
|  | US Anesthesia Partners, Inc., First Lien, Initial CME Term Loan, 7.987%, (1-month SOFR + 4%), 10/02/28 | United States | 632963 | 636770 |
| <sup>j</sup> | US Fertility Enterprises LLC, First Lien, CME Term Loan, 7.292%, (12-month SOFR + 3.75%), 12/10/32 | United States | 173684 | 174553 |
|  |  |  |  | 7012406 |
| <sup>i</sup> | **Health Care Technology 1.0%** |  |  |  |
|  | AthenaHealth Group, Inc., First Lien, Initial CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 2/15/29 | United States | 1723508 | 1728895 |
|  | Cotiviti, Inc., First Lien, New CME Term Loan, B, 6.623%, (1-month SOFR + 2.75%), 5/01/31 | United States | 842196 | 811317 |
|  |  |  |  | 2540212 |
| <sup>i</sup> | **Hotels, Restaurants & Leisure 1.8%** |  |  |  |
|  | Caesars Entertainment, Inc., First Lien, 2023 Incremental CME Term Loan, B, 5.966%, (1-month SOFR + 2.25%), 2/06/30 | United States | 243750 | 242470 |
|  | Fertitta Entertainment LLC, First Lien, Initial CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 1/29/29 | United States | 658635 | 659234 |
|  | Flynn Restaurant Group LP, First Lien, 2025 CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 1/28/32 | United States | 920604 | 925451 |
|  | Golden State Foods LLC, First Lien, Initial CME Term Loan, 8.002%, (3-month SOFR + 4%), 12/04/31 | United States | 195768 | 197236 |
|  | Great Canadian Gaming Corp., First Lien, CME Term Loan, B, 8.445%, (3-month SOFR + 4.75%), 11/01/29 | Canada | 395350 | 389667 |
|  | Hilton Grand Vacations Borrower LLC, First Lien, Initial CME Term Loan, 5.716%, (1-month SOFR + 2%), 8/02/28 | United States | 445165 | 446946 |
|  | IRB Holding Corp., First Lien, 2025 Replacement CME Term Loan, B, 6.216%, (1-month SOFR + 2.5%), 12/16/30 | United States | 343048 | 344235 |
|  | Light & Wonder International, Inc., First Lien, CME Term Loan, B2, 5.986%, (1-month SOFR + 2.25%), 4/16/29 | United States | 157949 | 158788 |
|  | Ontario Gaming GTA LP, First Lien, CME Term Loan, B, 8.24%, (3-month SOFR + 4.25%), 8/01/30 | Canada | 416668 | 386608 |
|  | Penn Entertainment, Inc., First Lien, CME Term Loan, B, 6.216%, (1-month SOFR + 2.5%), 5/03/29 | United States | 106358 | 107109 |
|  | Scientific Games Holdings LP, First Lien, 2024 Refinancing Dollar CME Term Loan, 6.934%, (3-month SOFR + 3%), 4/04/29 | United States | 888330 | 873899 |
|  |  |  |  | 4731643 |
| <sup>i</sup> | **Household Durables 0.6%** |  |  |  |
|  | AI Aqua Merger Sub, Inc., First Lien, 2025 Refinancing CME Term Loan, B, 6.861%, (1-month SOFR + 3%; 3-month SOFR + 3%), 7/31/28 | United States | 1199286 | 1203280 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 29

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Household Durables** (continued) |  |  |  |
|  | Hunter Douglas, Inc., First Lien, CME Term Loan, B1, 6.672%, (3-month SOFR + 3%), 1/16/32 | Netherlands | 264567 | $266362 |
|  |  |  |  | 1469642 |
|  | **Household Products 0.1%** |  |  |  |
| <sup>i,j</sup> | Lavender Dutch BorrowerCo BV, First Lien, CME Term Loan, B, 7.009%, (12-month SOFR + 3.25%), 12/02/32 | Netherlands | 272340 | 274893 |
|  | **Independent Power and Renewable Electricity Producers 0.1%** |  |  |  |
| <sup>i</sup> | Talen Energy Supply LLC, First Lien, Initial CME Term Loan, B, 6.353%, (3-month SOFR + 2.5%), 5/17/30 | United States | 205054 | 206144 |
| <sup>i</sup> | **Insurance 2.1%** |  |  |  |
|  | Acrisure LLC, First Lien, 2025 Refinancing CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 6/21/32 | United States | 290511 | 291237 |
|  | Acrisure LLC, First Lien, CME Term Loan, B6, 6.716%, (1-month SOFR + 3%), 11/06/30 | United States | 1105159 | 1105679 |
|  | Alliant Holdings Intermediate LLC, First Lien, Initial CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 9/19/31 | United States | 945607 | 948808 |
|  | Asurion LLC, First Lien, New CME Term Loan, B10, 7.816%, (1-month SOFR + 4%), 8/21/28 | United States | 387000 | 387921 |
|  | Asurion LLC, Second Lien, New CME Term Loan, B3, 9.081%, (1-month SOFR + 5.25%), 1/31/28 | United States | 32665 | 32609 |
|  | Asurion LLC, Second Lien, New CME Term Loan, B4, 9.081%, (1-month SOFR + 5.25%), 1/19/29 | United States | 1085259 | 1068828 |
|  | Broadstreet Partners Group LLC, First Lien, 2024 CME Term Loan, B, 6.466%, (1-month SOFR + 2.75%), 6/16/31 | United States | 216252 | 217216 |
|  | CRC Insurance Group LLC, First Lien, CME Term Loan, B, 6.422%, (3-month SOFR + 2.75%), 5/06/31 | United States | 113782 | 114114 |
| <sup>j</sup> | Jones DesLauriers Insurance Management, Inc., First Lien, CME Term Loan, 6.542%, (12-month SOFR + 3%), 12/09/32 | Canada | 285714 | 286428 |
|  | OneDigital Borrower LLC, First Lien, 2025 Refinancing CME Term Loan, 6.716%, (1-month SOFR + 3%), 7/02/31 | United States | 32409 | 32531 |
|  | Sedgwick Claims Management Services, Inc., First Lien, 2024 CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 7/31/31 | United States | 1260391 | 1265779 |
|  |  |  |  | 5751150 |
|  | **IT Services 2.0%** |  |  |  |
| <sup>i</sup> | Barracuda Networks, Inc., First Lien, Initial CME Term Loan, 8.34%, (3-month SOFR + 4.5%), 8/15/29 | United States | 413877 | 338798 |
| <sup>e</sup> | Diamond Sports Net LLC, First Lien, Exit Term Loan, PIK, 15%, 1/03/28 | United States | 35513 | 13926 |
| <sup>i</sup> | Fortress Intermediate 3, Inc., First Lien, CME Term Loan, B, 6.784%, (1-month SOFR + 3%), 6/27/31 | United States | 524841 | 525993 |
| <sup>i</sup> | Gainwell Acquisition Corp., First Lien, CME Term Loan, B, 7.772%, (3-month SOFR + 4%), 10/01/27 | United States | 610696 | 601077 |
| <sup>i</sup> | Indy US Holdco LLC, First Lien, Thirteenth Amendment Refinancing CME Term Loan, 6.416%, (1-month SOFR + 2.5%), 10/31/30 | United States | 577518 | 579124 |
| <sup>i</sup> | Kaseya, Inc., First Lien, Initial CME Term Loan, 6.716%, (1-month SOFR + 3%), 3/22/32 | United States | 592951 | 594173 |
| <sup>i</sup> | MH Sub I LLC (Micro Holding Corp.), First Lien, CME Term Loan, 8.252%, (3-month SOFR + 4.25%), 5/03/28 | United States | 636157 | 593376 |
| <sup>i</sup> | MH Sub I LLC, First Lien, 2024 December New CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 12/31/31 | United States | 430595 | 370514 |
| <sup>i</sup> | Peraton Corp., First Lien, CME Term Loan, B, 7.69%, (3-month SOFR + 3.75%), 2/01/28 | United States | 1391918 | 1294734 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
|  | **IT Services** (continued) |  |  |  |
| <sup>i</sup> | Plano HoldCo, Inc., First Lien, Closing Date CME Term Loan, 7.172%, (3-month SOFR + 3.5%), 10/02/31 | United States | 330833 | $321735 |
|  |  |  |  | 5233450 |
|  | **Leisure Products 0.1%** |  |  |  |
| <sup>i</sup> | GBT US III LLC, First Lien, CME Term Loan, B1, 6.358%, (3-month SOFR + 2.5%), 7/25/31 | United States | 137119 | 137757 |
|  | **Machinery 0.3%** |  |  |  |
| <sup>i</sup> | TK Elevator Midco GmbH, First Lien, CME Term Loan, B1, 6.947%, (6-month SOFR + 2.75%), 4/30/30 | Germany | 683658 | 688687 |
| <sup>i</sup> | **Media 1.1%** |  |  |  |
|  | Cengage Learning, Inc., First Lien, 2024 Refinancing CME Term Loan, 7.227%, (1-month SOFR + 3.5%), 3/24/31 | United States | 833245 | 837652 |
|  | Gray Media, Inc., First Lien, CME Term Loan, D, 6.987%, (1-month SOFR + 3%), 12/01/28 | United States | 155756 | 156146 |
|  | McGraw-Hill Education, Inc., First Lien, CME Term Loan, B, 6.466%, (1-month SOFR + 2.75%), 8/06/31 | United States | 292812 | 295663 |
|  | Univision Communications, Inc., First Lien, 2024 Replacement CME Term Loan, 7.416%, (1-month SOFR + 3.5%), 1/23/29 | United States | 689500 | 688962 |
|  | Univision Communications, Inc., First Lien, Initial CME Term Loan, 7.081%, (1-month SOFR + 3.25%), 1/31/29 | United States | 329552 | 327698 |
|  | Virgin Media Bristol LLC, First Lien, Advance CME Term Loan, Q, 7.115%, (1-month SOFR + 3.25%), 1/31/29 | United States | 762949 | 765334 |
|  |  |  |  | 3071455 |
|  | **Oil, Gas & Consumable Fuels 0.2%** |  |  |  |
| <sup>i</sup> | Apro LLC, First Lien, Initial CME Term Loan, 7.677%, (3-month SOFR + 3.75%), 7/09/31 | United States | 397985 | 400472 |
|  | **Paper & Forest Products 0.2%** |  |  |  |
| <sup>i</sup> | Magnera Corp., First Lien, CME Term Loan, 8.072%, (3-month SOFR + 4.25%), 11/04/31 | United States | 539675 | 537203 |
| <sup>i</sup> | **Passenger Airlines 1.1%** |  |  |  |
|  | AAdvantage Loyalty IP Ltd., First Lien, 2025 Incremental CME Term Loan, 7.134%, (3-month SOFR + 3.25%), 5/28/32 | United States | 96290 | 96893 |
|  | AAdvantage Loyalty IP Ltd., First Lien, CME Term Loan, 6.134%, (3-month SOFR + 2.25%), 4/20/28 | United States | 468331 | 470028 |
|  | American Airlines, Inc., First Lien, Initial CME Term Loan, 6.258%, (6-month SOFR + 2.25%), 6/04/29 | United States | 784000 | 786085 |
|  | United Airlines, Inc., First Lien, CME Term Loan, B, 5.732%, (1-month SOFR + 2%), 2/24/31 | United States | 494706 | 497645 |
|  | WestJet Loyalty LP, First Lien, Initial CME Term Loan, 6.922%, (3-month SOFR + 3.25%), 2/14/31 | Canada | 1183822 | 1190665 |
|  |  |  |  | 3041316 |
| <sup>i</sup> | **Personal Care Products 0.4%** |  |  |  |
|  | Conair Holdings LLC, First Lien, CME Term Loan, B, 7.581%, (1-month SOFR + 3.75%), 5/17/28 | United States | 644870 | 339363 |
|  | Knowlton Development Corp., Inc., First Lien, Dollar CME Term Loan, 7.216%, (1-month SOFR + 3.5%), 8/15/28 | Canada | 88235 | 87243 |
|  | OPAL US LLC, First Lien, CME Term Loan, B4, 6.686%, (3-month SOFR + 3%), 4/28/32 | United States | 698250 | 703487 |
|  |  |  |  | 1130093 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 31

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Pharmaceuticals 0.4%** |  |  |  |
| | Endo Finance Holdings, Inc., First Lien, 2024 Refinancing CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 4/23/31 | United States | 514579 | $511234 |
| | Grifols Worldwide Operations USA, Inc., First Lien, CME Term Loan, B, 5.922%, (3-month SOFR + 2%), 11/15/27 | Spain | 340419 | 340773 |
| | Southern Veterinary Partners LLC, First Lien, 2025 New CME Term Loan, 6.365%, (3-month SOFR + 2.5%), 12/04/31 | United States | 171553 | 171538 |
| |  |  |  | 1023545 |
| <sup>i</sup> | **Professional Services 0.7%** |  |  |  |
| | CHG Healthcare Services, Inc., First Lien, Amendment No. 7 Refinancing CME Term Loan, 6.59%, (3-month SOFR + 2.75%), 9/29/28 | United States | 557467 | 560667 |
| | CoreLogic, Inc., First Lien, Initial CME Term Loan, 7.331%, (1-month SOFR + 3.5%), 6/02/28 | United States | 589736 | 591074 |
| | Ensemble RCM LLC, First Lien, CME Term Loan, B, 6.84%, (3-month SOFR + 3%), 8/01/29 | United States | 70053 | 70479 |
| | Ingenovis Health, Inc., First Lien, Initial CME Term Loan, 8.334%, (1-month SOFR + 4.25%), 3/06/28 | United States | 763211 | 224193 |
| | Soliant Lower Intermediate LLC, First Lien, Initial CME Term Loan, 7.794%, (6-month SOFR + 3.75%), 7/18/31 | United States | 558405 | 455100 |
| |  |  |  | 1901513 |
| | **Real Estate Management & Development 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | Greystar Real Estate Partners LLC, First Lien, CME Term Loan, B3, 6.322%, (3-month SOFR + 2.5%), 8/21/30 | United States | 123561 | 124333 |
| | **Semiconductors & Semiconductor Equipment 0.2%** |  |  |  |
| <sup>i</sup> | MKS, Inc., First Lien, 2025-1 Dollar CME Term Loan, B, 5.716%, (1-month SOFR + 2%), 8/17/29 | United States | 596589 | 600443 |
| <sup>i</sup> | **Software 5.5%** |  |  |  |
| | Boxer Parent Co., Inc., First Lien, 2031 Replacement Dollar CME Term Loan, 6.822%, (3-month SOFR + 3%), 7/30/31 | United States | 992500 | 991086 |
| | Central Parent LLC, First Lien, 2024 Refinancing CME Term Loan, 7.252%, (3-month SOFR + 3.25%), 7/06/29 | United States | 1238532 | 1053111 |
| | Cloud Software Group, Inc., First Lien, Incremental CME Term Loan, B, 6.922%, (3-month SOFR + 3.25%), 3/21/31 | United States | 465240 | 466366 |
| | Cloudera, Inc., First Lien, Initial CME Term Loan, 7.566%, (1-month SOFR + 3.75%), 10/09/28 | United States | 463781 | 445592 |
| | Clover Holdings 2 LLC, First Lien, Initial CME Term Loan, 7.522%, (1-month SOFR + 3.75%), 12/09/31 | United States | 315123 | 315762 |
| | ConnectWise LLC, First Lien, Initial CME Term Loan, 7.763%, (3-month SOFR + 3.5%), 9/29/28 | United States | 261072 | 256994 |
| <sup>j</sup> | Dawn Bidco LLC, First Lien, CME Term Loan, 7.259%, (12-month SOFR + 3.5%), 8/20/32 | United States | 1000000 | 998220 |
| | ECI Macola/Max Holding LLC, First Lien, 2025 Repricing CME Term Loan, 6.752%, (3-month SOFR + 2.75%), 5/09/30 | United States | 604927 | 608756 |
| | Epicor Software Corp., First Lien, CME Term Loan, E, 6.216%, (1-month SOFR + 2.5%), 5/30/31 | United States | 1236132 | 1241571 |
| | Genesys Cloud Services, Inc., First Lien, 2025 Dollar CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 1/30/32 | United States | 1289920 | 1288914 |
| | IGT Holding IV AB, First Lien, CME Term Loan, B8, 6.672%, (3-month SOFR + 3%), 9/02/31 | Sweden | 509570 | 513391 |
| | Imprivata, Inc., First Lien, 2025 Refinancing CME Term Loan, 6.672%, (3-month SOFR + 3%), 12/01/27 | United States | 285084 | 286711 |
| | KnowBe4, Inc., First Lien, CME Term Loan, 7.59%, (3-month SOFR + 3.75%), 7/23/32 | United States | 187500 | 187852 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
| <sup>i</sup> | **Software** (continued) |  |  |  |
|  | McAfee Corp., First Lien, CME Term Loan, B1, 6.716%, (1-month SOFR + 3%), 3/01/29 | United States | 1232555 | $1141513 |
|  | Mermaid Bidco, Inc., First Lien, USD CME Term Loan, B, 7.151%, (3-month SOFR + 3.25%), 7/03/31 | United States | 66037 | 66367 |
|  | Oceankey US II Corp., First Lien, Initial CME Term Loan, 7.316%, (1-month SOFR + 3.5%), 12/15/28 | United States | 296915 | 293265 |
|  | Polaris Newco LLC, First Lien, Dollar CME Term Loan, 7.852%, (3-month SOFR + 3.75%), 6/02/28 | United States | 598118 | 578159 |
|  | Project Alpha Intermediate Holding, Inc., First Lien, Second Amendment Refinancing CME Term Loan, 7.252%, (3-month SOFR + 3.25%), 10/28/30 | United States | 812447 | 812098 |
|  | Project Boost Purchaser LLC, First Lien, Initial CME Term Loan, 6.422%, (3-month SOFR + 2.75%), 7/16/31 | United States | 351712 | 352987 |
|  | Proofpoint, Inc., First Lien, 2024 Refinancing CME Term Loan, 6.916%, (1-month SOFR + 3%), 8/31/28 | United States | 450062 | 453124 |
|  | Rocket Software, Inc., First Lien, CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 11/28/28 | United States | 599593 | 600217 |
|  | Sovos Compliance LLC, First Lien, Amendment No. 3 Replacement CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 8/13/29 | United States | 611540 | 614075 |
|  | UKG, Inc., First Lien, Initial CME Term Loan, 6.338%, (3-month SOFR + 2.5%), 2/10/31 | United States | 640824 | 642237 |
|  | Zelis Payments Buyer, Inc., First Lien, Amendment No. 5 CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 11/26/31 | United States | 465101 | 462194 |
|  |  |  |  | 14670562 |
| <sup>i</sup> | **Specialty Retail 1.7%** |  |  |  |
|  | AIP RD Buyer Corp., First Lien, CME Term Loan, 7.416%, (1-month SOFR + 3.5%), 12/23/30 | United States | 101276 | 101458 |
|  | Evergreen Acqco 1 LP, First Lien, Initial CME Term Loan, 6.701%, (3-month SOFR + 3%), 9/17/32 | United States | 362725 | 364947 |
| <sup>b,e</sup> | GNC Holdings, Inc., Second Lien, CME Term Loan, PIK, 10.016%, (1-month SOFR + 6%), 10/07/26 | United States | 110102 | 82577 |
|  | Great Outdoors Group LLC, First Lien, CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 1/23/32 | United States | 814923 | 820730 |
|  | Michaels Cos., Inc. (The), First Lien, CME Term Loan, B, 8.184%, (3-month SOFR + 4.25%), 4/17/28 | United States | 974580 | 944699 |
|  | Petco Health & Wellness Co., Inc., First Lien, Initial CME Term Loan, 7.184%, (3-month SOFR + 3.25%), 3/03/28 | United States | 484328 | 480183 |
| <sup>j</sup> | PetSmart LLC, First Lien, Initial CME Term Loan, 7.734%, (1-month SOFR + 4%), 8/18/32 | United States | 400000 | 398876 |
|  | RealTruck Group, Inc., First Lien, Initial CME Term Loan, 7.581%, (1-month SOFR + 3.75%), 1/31/28 | United States | 777734 | 602744 |
|  | White Cap Supply Holdings LLC, First Lien, CME Term Loan, C, 6.966%, (1-month SOFR + 3.25%), 10/19/29 | United States | 670045 | 673532 |
|  |  |  |  | 4469746 |
| <sup>i</sup> | **Textiles, Apparel & Luxury Goods 0.6%** |  |  |  |
|  | Beach Acquisition Bidco LLC, First Lien, CME Term Loan, B1, 6.922%, (3-month SOFR + 3.25%), 9/13/32 | United States | 30329 | 30613 |
|  | Flash Charm, Inc., First Lien, CME Term Loan, B2, 7.354%, (3-month SOFR + 3.5%), 3/02/28 | United States | 1313347 | 1228892 |
|  | Varsity Brands, Inc., First Lien, 2025-2 Replacement CME Term Loan, 6.983%, (12-month SOFR + 3%), 8/26/31 | United States | 446474 | 448637 |
|  |  |  |  | 1708142 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| <sup>h</sup> | **Senior Floating Rate Interests** (continued) |  |  |  |
|  | **Trading Companies & Distributors 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | QXO Building Products, Inc., First Lien, CME Term Loan, B, 5.716%, (1-month SOFR + 2%), 4/30/32 | United States | 35979 | $36149 |
|  | **Water Utilities 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | Deep Blue Operating I LLC, First Lien, Initial CME Term Loan, 6.593%, (1-month SOFR + 2.75%), 10/01/32 | United States | 119332 | 119903 |
|  | **Wireless Telecommunication Services 0.0%<sup>†</sup>** |  |  |  |
| <sup>i</sup> | Crown Subsea Communications Holding, Inc., First Lien, 2025 CME Term Loan, 7.216%, (1-month SOFR + 3.5%), 1/30/31 | United States | 128019 | 129171 |
|  | **Total Senior Floating Rate Interests (Cost $106,685,136)** | **Total Senior Floating Rate Interests (Cost $106,685,136)** |  | **99263689** |
| <sup>l</sup> | **Marketplace Loans 17.9%** |  |  |  |
| <sup>b</sup> | **Financial Services 17.9%** |  |  |  |
|  | **Total Marketplace Loans (Cost $54,200,161)** |  |  | **47946434** |
|  | **Asset-Backed Securities 4.8%** |  |  |  |
|  | **Capital Markets 0.0%<sup>†</sup>** |  |  |  |
| <sup>c,i</sup> | Merrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN, 7.971%, (1-month SOFR + 4.239%), 7/25/34 | United States | 33301 | 21172 |
|  | **Financial Services 4.8%** |  |  |  |
| <sup>c,d,i</sup> | BlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 6.346%, (3-month SOFR + 2.462%), 10/20/34 | United States | 2000000 | 2010474 |
| <sup>d,i</sup> | BlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 7.146%, (3-month SOFR + 3.262%), 4/19/34 | United States | 1000000 | 1002699 |
| <sup>d,i</sup> | Carlyle US CLO Ltd., |  |  |  |
|  | 2017-2A, D1R2, 144A, FRN, 7.434%, (3-month SOFR + 3.55%), 7/20/37 | United States | 2000000 | 2015446 |
|  | 2019-1A, BR2, 144A, FRN, 5.484%, (3-month SOFR + 1.6%), 4/20/31 | United States | 1500000 | 1505438 |
| <sup>c,i</sup> | Morgan Stanley ABS Capital I, Inc. Trust 2003-NC10, B1, FRN, 8.796%, (1-month SOFR + 5.064%), 10/25/33 | United States | 106161 | 132748 |
| <sup>c,d,i</sup> | Octagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN, 6.019%, (3-month SOFR + 2.162%), 1/22/30 | United States | 6050000 | 6091368 |
| <sup>c,i</sup> | Structured Asset Investment Loan Trust, 2003-BC2, M3, FRN, 8.721%, (1-month SOFR + 4.989%), 4/25/33 | United States | 13987 | 17835 |
|  |  |  |  | 12776008 |
|  | **Total Asset-Backed Securities (Cost $12,576,528)** |  |  | **12797180** |
|  | **Mortgage-Backed Securities 21.1%** |  |  |  |
|  | **Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 4.0%** |  |  |  |
| <sup>c</sup> | FHLMC Gold Pool, 20 Year, 6.5%, 8/01/27 | United States | 8188 | 8505 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 3.5%, 3/01/45 | United States | 7428 | 7067 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 3.5%, 12/01/48 | United States | 1359426 | 1277157 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 4%, 5/01/48 | United States | 947835 | 919865 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 6%, 7/01/28 - 11/01/36 | United States | 130850 | 136679 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 6.5%, 3/01/38 | United States | 4217 | 4444 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 7%, 9/01/27 | United States | 3603 | 3788 |
| <sup>c</sup> | FHLMC Gold Pool, 30 Year, 8.5%, 7/01/31 | United States | 19677 | 20814 |
|  | FHLMC Pool, 30 Year, 5%, 12/01/54 | United States | 8275710 | 8262465 |
|  |  |  |  | 10640784 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Country** | **Principal Amount<sup>\*</sup>** | **Value** |
| | **Mortgage-Backed Securities** (continued) |  |  |  |
| <sup>m</sup> | **Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%<sup>†</sup>** | **Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%<sup>†</sup>** |  |  |
| | FNMA, 5.665%, (6-month Refinitiv USD IBOR Consumer Cash Fallbacks +/- MBS Margin), 6/01/32 | United States | 5949 | $6017 |
| | **Federal National Mortgage Association (FNMA) Fixed Rate 10.0%** |  |  |  |
| | FNMA, 3.5%, 7/01/56 | United States | 324085 | 299421 |
| <sup>c</sup> | FNMA, 15 Year, 2%, 9/01/35 | United States | 603567 | 560644 |
| <sup>c</sup> | FNMA, 15 Year, 3%, 8/01/27 | United States | 723 | 715 |
| <sup>c</sup> | FNMA, 20 Year, 4.5%, 9/01/29 | United States | 5465 | 5482 |
| <sup>c</sup> | FNMA, 30 Year, 3%, 10/01/50 | United States | 2089938 | 1856155 |
| <sup>c</sup> | FNMA, 30 Year, 3.5%, 1/01/45 - 6/01/45 | United States | 335192 | 319144 |
| <sup>c</sup> | FNMA, 30 Year, 4%, 10/01/47 | United States | 1445852 | 1398702 |
| <sup>c</sup> | FNMA, 30 Year, 4%, 11/01/44 - 1/01/48 | United States | 442907 | 428729 |
| <sup>c</sup> | FNMA, 30 Year, 4.5%, 3/01/44 | United States | 558 | 557 |
| <sup>c</sup> | FNMA, 30 Year, 5%, 5/01/38 - 7/01/39 | United States | 95842 | 98422 |
| <sup>c</sup> | FNMA, 30 Year, 5.5%, 6/01/37 | United States | 96000 | 100340 |
| <sup>c</sup> | FNMA, 30 Year, 5.5%, 3/01/54 | United States | 7214476 | 7325324 |
| | FNMA, 30 Year, 5.5%, 12/01/55 | United States | 7902124 | 8016853 |
| <sup>c</sup> | FNMA, 30 Year, 6%, 4/01/33 - 6/01/38 | United States | 209325 | 220589 |
| <sup>c</sup> | FNMA, 30 Year, 6.5%, 8/01/32 | United States | 26152 | 27471 |
| <sup>n</sup> | Uniform Mortgage-Backed Securities, 5.5%, TBA, 1/25/56 | United States | 3010000 | 3052558 |
| <sup>n</sup> | Uniform Mortgage-Backed Securities, 6%, TBA, 1/25/56 | United States | 2950000 | 3029307 |
| |  |  |  | 26740413 |
| | **Government National Mortgage Association (GNMA) Fixed Rate 7.1%** | **Government National Mortgage Association (GNMA) Fixed Rate 7.1%** |  |  |
| <sup>c</sup> | GNMA I, Single-family, 30 Year, 6.5%, 6/15/31 - 12/15/33 | United States | 109555 | 112126 |
| <sup>c</sup> | GNMA II, Single-family, 30 Year, 3.5%, 12/20/49 | United States | 548386 | 503976 |
| <sup>n</sup> | GNMA II, Single-family, 30 Year, 5.5%, 1/15/56 | United States | 9220000 | 9310841 |
| <sup>n</sup> | GNMA II, Single-family, 30 Year, 6%, 1/15/56 | United States | 9060000 | 9233768 |
| <sup>c</sup> | GNMA II, Single-family, 30 Year, 7%, 1/20/29 | United States | 2521 | 2593 |
| <sup>c</sup> | GNMA II, Single-family, 30 Year, 8%, 1/20/28 - 10/20/31 | United States | 16529 | 17196 |
| |  |  |  | 19180500 |
| | **Total Mortgage-Backed Securities (Cost $57,163,973)** |  |  | **56567714** |
| | **Municipal Bonds 0.1%** |  |  |  |
| | **Arizona 0.1%** |  |  |  |
| <sup>d</sup> | Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, Revenue, 144A, 2024, 7.375%, 10/01/29 | United States | 375000 | 393548 |
| | **Total Municipal Bonds (Cost $376,887)** |  |  | **393548** |
| |  |  | **Shares** |  |
| | **Escrows and Litigation Trusts 0.0%** |  |  |  |
| <sup>a,b</sup> | Endo GUC Trust, Escrow Account | United States | 82310 |  |
| | **Total Escrows and Litigation Trusts (Cost $–)** |  |  |  |
| | **Total Long Term Investments (Cost $390,085,463)** |  |  | **374850292** |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Country** | **Shares** | **Value** |
| | **Short Term Investments 2.7%** |  |  |  |
| | **Money Market Funds 2.7%** |  |  |  |
| <sup>o,p</sup> | Franklin Institutional U.S. Government Money Market Fund, 3.681% | United States | 7161789 | $7161789 |
| | **Total Money Market Funds (Cost $7,161,789)** |  |  | **7161789** |
| | **Total Short Term Investments (Cost $7,161,789)** |  |  | **7161789** |
| | **Total Investments (Cost $397,247,252) 142.7%** |  |  | **$382012081** |
| **<sup>q</sup>** | **Credit Facility (36.4)%** |  |  | **(97500000)** |
| | **Other Assets, less Liabilities (6.3)%** |  |  | **(16851373)** |
| | **Net Assets 100.0%** |  |  | **$267660708** |

---

See Abbreviations on page 141.

<sup>\*</sup> The principal amount is stated in U.S. dollars unless otherwise indicated.

<sup>†</sup> Rounds to less than 0.1% of net assets.

<sup>a</sup> Non-income producing.

<sup>b</sup> Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements.

<sup>c</sup> A portion or all of the security is pledged as collateral in connection with the Fund's credit facility.

<sup>d</sup> 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, 2025, the aggregate value of these securities was $162,836,966, representing 60.8% of net assets.

<sup>e</sup> Income may be received in additional securities and/or cash.

<sup>f</sup> Defaulted security or security for which income has been deemed uncollectible. See Note 8.

<sup>g</sup> The rate shown represents the yield at period end.

<sup>h</sup> See Note 1(e) regarding senior floating rate interests.

<sup>i</sup>The coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.

<sup>j</sup>A portion or all of the security purchased on a delayed delivery basis. See Note 1(c).

<sup>k</sup>A portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of the settlement and will be based upon a reference index/floor plus a spread.

<sup>l</sup> See Note 1(f) regarding Marketplace Lending. See full breakdown of marketplace loans holdings in the table at the end of this schedule.

<sup>m</sup>Adjustable Rate Mortgage-Backed Security (ARM); the rate shown is the effective rate at period end. ARM rates are not based on a published reference rate and spread; they are based on the weighted average rates of the underlying mortgage loans, less the applicable servicing and guarantee fees (MBS margin).

<sup>n</sup> Security purchased on a to-be-announced (TBA) basis. See Note 1(c).

<sup>o</sup> See Note 5(c) regarding investments in affiliated management investment companies.

<sup>p</sup> The rate shown is the annualized seven-day effective yield at period end.

<sup>q</sup> See Note 3 regarding credit facility.

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, December 31, 2025

**Franklin Limited Duration Income Trust**

At December 31, 2025, the Fund had the following marketplace loans outstanding. See Note 1(f).

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Principal Amount** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans - 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;<sup>a</sup>8038800.SQ.FTS.B, 4.78%, 1/30/26 | $3485 | $2652 |
| &nbsp;&nbsp;<sup>a</sup>8040045.SQ.FTS.B, 5.913%, 1/30/26 | 11144 | 6537 |
| &nbsp;&nbsp;<sup>a</sup>8042105.SQ.FTS.B, 4.78%, 1/31/26 | 1832 | 1247 |
| <sup><sup>a,b</sup></sup>8042594.SQ.FTS.B, 6.474%, 1/31/26 | 872 | 428 |
| <sup><sup>a,b</sup></sup>8049012.SQ.FTS.B, 4.755%, 2/01/26 | 3551 | 61 |
| &nbsp;&nbsp;<sup>a</sup>8048746.SQ.FTS.B, 5.103%, 2/01/26 | 1732 | 1184 |
| <sup><sup>a,b</sup></sup>8049065.SQ.FTS.B, 5.346%, 2/01/26 | 32690 | 703 |
| <sup><sup>a,b</sup></sup>8048279.SQ.FTS.B, 5.438%, 2/01/26 | 9406 | 218 |
| &nbsp;&nbsp;<sup>a</sup>8052570.SQ.FTS.B, 4.79%, 2/02/26 | 277 | 238 |
| &nbsp;&nbsp;<sup>a</sup>8051096.SQ.FTS.B, 5.515%, 2/02/26 | 628 | 432 |
| <sup><sup>a,b</sup></sup>8051409.SQ.FTS.B, 5.909%, 2/02/26 | 1697 | 49 |
| &nbsp;&nbsp;<sup>a</sup>8052229.SQ.FTS.B, 5.915%, 2/02/26 | 1288 | 855 |
| <sup><sup>a,b</sup></sup>8054235.SQ.FTS.B, 4.757%, 2/03/26 | 3049 | 48 |
| <sup><sup>a,b</sup></sup>8054545.SQ.FTS.B, 5.918%, 2/03/26 | 2066 | 48 |
| &nbsp;&nbsp;<sup>a</sup>8056029.SQ.FTS.B, 4.783%, 2/04/26 | 2037 | 1414 |
| <sup><sup>a,b</sup></sup>8059935.SQ.FTS.B, 4.779%, 2/05/26 | 17163 | 407 |
| &nbsp;&nbsp;<sup>a</sup>8059674.SQ.FTS.B, 5.913%, 2/05/26 | 1555 | 1018 |
| <sup><sup>a,b</sup></sup>8059635.SQ.FTS.B, 6.167%, 2/05/26 | 2858 | 59 |
| <sup><sup>a,b</sup></sup>8059274.SQ.FTS.B, 6.177%, 2/05/26 | 1409 | 31 |
| &nbsp;&nbsp;<sup>a</sup>8061233.SQ.FTS.B, 4.776%, 2/06/26 | 1298 | 1044 |
| &nbsp;&nbsp;<sup>a</sup>8060903.SQ.FTS.B, 5.343%, 2/06/26 | 1432 | 892 |
| <sup><sup>a,b</sup></sup>8062268.SQ.FTS.B, 5.448%, 2/06/26 | 697 | 13 |
| &nbsp;&nbsp;<sup>a</sup>8063350.SQ.FTS.B, 5.909%, 2/06/26 | 4316 | 2372 |
| &nbsp;&nbsp;<sup>a</sup>8064329.SQ.FTS.B, 4.78%, 2/07/26 | 2950 | 2512 |
| &nbsp;&nbsp;<sup>a</sup>8070242.SQ.FTS.B, 4.78%, 2/08/26 | 1640 | 1362 |
| &nbsp;&nbsp;<sup>a</sup>8071615.SQ.FTS.B, 6.459%, 2/08/26 | 215 | 132 |
| &nbsp;&nbsp;<sup>a</sup>8072915.SQ.FTS.B, 5.541%, 2/09/26 | 1644 | 1074 |
| &nbsp;&nbsp;<sup>a</sup>8076049.SQ.FTS.B, 5.095%, 2/10/26 | 429 | 382 |
| &nbsp;&nbsp;<sup>a</sup>8077025.SQ.FTS.B, 5.725%, 2/11/26 | 3466 | 2451 |
| &nbsp;&nbsp;<sup>a</sup>8078030.SQ.FTS.B, 5.916%, 2/12/26 | 3268 | 1814 |
| <sup><sup>a,b</sup></sup>8078475.SQ.FTS.B, 6.46%, 2/12/26 | 1352 | 29 |
| <sup><sup>a,b</sup></sup>8084325.SQ.FTS.B, 5.096%, 2/13/26 | 3749 | 1862 |
| <sup><sup>a,b</sup></sup>8083556.SQ.FTS.B, 5.723%, 2/13/26 | 28734 | 715 |
| <sup><sup>a,b</sup></sup>8083380.SQ.FTS.B, 6.163%, 2/13/26 | 1684 | 1148 |
| <sup><sup>a,b</sup></sup>8084098.SQ.FTS.B, 6.172%, 2/13/26 | 1497 | 841 |
| <sup><sup>a,b</sup></sup>8087986.SQ.FTS.B, 4.753%, 2/14/26 | 3035 | 64 |
| &nbsp;&nbsp;<sup>a</sup>8085028.SQ.FTS.B, 4.778%, 2/14/26 | 6755 | 4964 |
| &nbsp;&nbsp;<sup>a</sup>8085688.SQ.FTS.B, 4.778%, 2/14/26 | 1667 | 1390 |
| &nbsp;&nbsp;<sup>a</sup>8086140.SQ.FTS.B, 5.083%, 2/14/26 | 1103 | 681 |
| &nbsp;&nbsp;<sup>a</sup>8087076.SQ.FTS.B, 6.167%, 2/14/26 | 3074 | 1979 |
| <sup><sup>a,b</sup></sup>8090252.SQ.FTS.B, 4.747%, 2/15/26 | 434 | 10 |
| &nbsp;&nbsp;<sup>a</sup>8090392.SQ.FTS.B, 5.094%, 2/15/26 | 5573 | 4347 |
| <sup><sup>a,b</sup></sup>8091452.SQ.FTS.B, 5.908%, 2/15/26 | 6428 | 102 |
| &nbsp;&nbsp;<sup>a</sup>8091224.SQ.FTS.B, 5.914%, 2/15/26 | 2288 | 1524 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8090129.SQ.FTS.B, 6.165%, 2/15/26 | $972 | $636 |
| <sup><sup>a,b</sup></sup>8095193.SQ.FTS.B, 5.082%, 2/16/26 | 1147 | 41 |
| <sup><sup>a,b</sup></sup>8096997.SQ.FTS.B, 4.749%, 2/17/26 | 2909 | 47 |
| <sup><sup>a,b</sup></sup>8097872.SQ.FTS.B, 6.158%, 2/18/26 | 98 | 75 |
| &nbsp;&nbsp;<sup>a</sup>8101986.SQ.FTS.B, 5.343%, 2/19/26 | 1311 | 930 |
| <sup><sup>a,b</sup></sup>8101882.SQ.FTS.B, 6.161%, 2/19/26 | 10769 | 104 |
| <sup><sup>a,b</sup></sup>8102147.SQ.FTS.B, 6.171%, 2/19/26 | 792 | 20 |
| &nbsp;&nbsp;<sup>a</sup>8103124.SQ.FTS.B, 6.289%, 2/20/26 | 2871 | 1688 |
| &nbsp;&nbsp;<sup>a</sup>8114447.SQ.FTS.B, 4.746%, 2/22/26 | 156 | 107 |
| <sup><sup>a,b</sup></sup>8114935.SQ.FTS.B, 6.414%, 2/22/26 | 3564 | 52 |
| &nbsp;&nbsp;<sup>a</sup>8117795.SQ.FTS.B, 4.778%, 2/23/26 | 1599 | 1353 |
| &nbsp;&nbsp;<sup>a</sup>8116917.SQ.FTS.B, 6.328%, 2/23/26 | 2511 | 1529 |
| &nbsp;&nbsp;<sup>a</sup>8115844.SQ.FTS.B, 6.352%, 2/23/26 | 36 | 26 |
| &nbsp;&nbsp;<sup>a</sup>8118325.SQ.FTS.B, 6.423%, 2/23/26 | 668 | 426 |
| <sup><sup>a,b</sup></sup>8119531.SQ.FTS.B, 5.406%, 2/24/26 | 3034 | 1641 |
| &nbsp;&nbsp;<sup>a</sup>8119314.SQ.FTS.B, 6.139%, 2/24/26 | 486 | 347 |
| &nbsp;&nbsp;<sup>a</sup>8119683.SQ.FTS.B, 4.792%, 2/25/26 | 125 | 118 |
| &nbsp;&nbsp;<sup>a</sup>8122643.SQ.FTS.B, 4.781%, 2/26/26 | 2763 | 1564 |
| &nbsp;&nbsp;<sup>a</sup>8127364.SQ.FTS.B, 5.911%, 2/27/26 | 7049 | 4707 |
| &nbsp;&nbsp;<sup>a</sup>8131129.SQ.FTS.B, 4.767%, 2/28/26 | 1292 | 737 |
| &nbsp;&nbsp;<sup>a</sup>8136318.SQ.FTS.B, 4.791%, 2/28/26 | 469 | 406 |
| <sup><sup>a,b</sup></sup>8131001.SQ.FTS.B, 5.101%, 2/28/26 | 763 | 652 |
| &nbsp;&nbsp;<sup>a</sup>8138282.SQ.FTS.B, 5.113%, 2/28/26 | 31045 | 20931 |
| <sup><sup>a,b</sup></sup>8143305.SQ.FTS.B, 5.408%, 2/28/26 | 4010 | 1734 |
| <sup><sup>a,b</sup></sup>8129955.SQ.FTS.B, 5.643%, 2/28/26 | 194 | 4 |
| &nbsp;&nbsp;<sup>a</sup>8143370.SQ.FTS.B, 6.422%, 2/28/26 | 5330 | 2973 |
| &nbsp;&nbsp;<sup>a</sup>8135171.SQ.FTS.B, 6.544%, 2/28/26 | 1046 | 633 |
| &nbsp;&nbsp;<sup>a</sup>8128195.SQ.FTS.B, 6.551%, 2/28/26 | 2570 | 1632 |
| <sup><sup>a,b</sup></sup>8137699.SQ.FTS.B, 6.65%, 2/28/26 | 1030 | 22 |
| &nbsp;&nbsp;<sup>a</sup>8145071.SQ.FTS.B, 4.99%, 3/02/26 | 193 | 112 |
| <sup><sup>a,b</sup></sup>8145418.SQ.FTS.B, 5.636%, 3/02/26 | 12225 | 241 |
| <sup><sup>a,b</sup></sup>8144863.SQ.FTS.B, 6.159%, 3/02/26 | 1376 | 52 |
| <sup><sup>a,b</sup></sup>8146232.SQ.FTS.B, 4.781%, 3/03/26 | 23828 | 13122 |
| <sup><sup>a,b</sup></sup>8150361.SQ.FTS.B, 4.78%, 3/04/26 | 24110 | 692 |
| &nbsp;&nbsp;<sup>a</sup>8151363.SQ.FTS.B, 4.786%, 3/04/26 | 78 | 77 |
| <sup><sup>a,b</sup></sup>8155739.SQ.FTS.B, 4.955%, 3/05/26 | 11144 | 167 |
| <sup><sup>a,b</sup></sup>8157489.SQ.FTS.B, 6.418%, 3/05/26 | 1783 | 1187 |
| &nbsp;&nbsp;<sup>a</sup>8160380.SQ.FTS.B, 4.779%, 3/06/26 | 2913 | 2492 |
| &nbsp;&nbsp;<sup>a</sup>8160800.SQ.FTS.B, 5.097%, 3/06/26 | 2112 | 1478 |
| &nbsp;&nbsp;<sup>a</sup>8162728.SQ.FTS.B, 6.55%, 3/07/26 | 261 | 137 |
| &nbsp;&nbsp;<sup>a</sup>8164437.SQ.FTS.B, 6.289%, 3/09/26 | 170 | 96 |
| <sup><sup>a,b</sup></sup>8167768.SQ.FTS.B, 5.625%, 3/10/26 | 832 | 23 |
| <sup><sup>a,b</sup></sup>8169094.SQ.FTS.B, 5.66%, 3/10/26 | 2540 | 58 |
| <sup><sup>a,b</sup></sup>8170418.SQ.FTS.B, 5.66%, 3/10/26 | 3677 | 58 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 37

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8171795.SQ.FTS.B, 5.112%, 3/11/26 | $2477 | $2112 |
| &nbsp;&nbsp;<sup>a</sup>8174278.SQ.FTS.B, 5.117%, 3/11/26 | 1823 | 1019 |
| <sup><sup>a,b</sup></sup>8173171.SQ.FTS.B, 6.325%, 3/11/26 | 9578 | 149 |
| <sup><sup>a,b</sup></sup>8174746.SQ.FTS.B, 6.328%, 3/11/26 | 20312 | 319 |
| &nbsp;&nbsp;<sup>a</sup>8178775.SQ.FTS.B, 4.78%, 3/12/26 | 2154 | 2078 |
| &nbsp;&nbsp;<sup>a</sup>8179202.SQ.FTS.B, 6.142%, 3/12/26 | 416 | 359 |
| &nbsp;&nbsp;<sup>a</sup>8178625.SQ.FTS.B, 6.655%, 3/12/26 | 260 | 156 |
| &nbsp;&nbsp;<sup>a</sup>8183617.SQ.FTS.B, 4.956%, 3/13/26 | 10 | 7 |
| &nbsp;&nbsp;<sup>a</sup>8181653.SQ.FTS.B, 5.635%, 3/13/26 | 471 | 265 |
| &nbsp;&nbsp;<sup>a</sup>8182398.SQ.FTS.B, 5.911%, 3/13/26 | 7528 | 6168 |
| &nbsp;&nbsp;<sup>a</sup>8181805.SQ.FTS.B, 6.414%, 3/13/26 | 2325 | 1457 |
| &nbsp;&nbsp;<sup>a</sup>8184756.SQ.FTS.B, 4.78%, 3/14/26 | 1061 | 610 |
| <sup><sup>a,b</sup></sup>8184697.SQ.FTS.B, 5.637%, 3/14/26 | 2932 | 35 |
| &nbsp;&nbsp;<sup>a</sup>8188774.SQ.FTS.B, 6.415%, 3/16/26 | 121 | 106 |
| <sup><sup>a,b</sup></sup>8189740.SQ.FTS.B, 6.423%, 3/16/26 | 7590 | 118 |
| <sup><sup>a,b</sup></sup>8192679.SQ.FTS.B, 6.547%, 3/17/26 | 11145 | 380 |
| &nbsp;&nbsp;<sup>a</sup>8195154.SQ.FTS.B, 4.783%, 3/18/26 | 891 | 801 |
| &nbsp;&nbsp;<sup>a</sup>8201092.SQ.FTS.B, 4.78%, 3/19/26 | 2319 | 1928 |
| &nbsp;&nbsp;<sup>a</sup>8203394.SQ.FTS.B, 4.783%, 3/20/26 | 660 | 566 |
| &nbsp;&nbsp;<sup>a</sup>8203626.SQ.FTS.B, 5.66%, 3/20/26 | 672 | 276 |
| &nbsp;&nbsp;<sup>a</sup>8203587.SQ.FTS.B, 6.334%, 3/20/26 | 632 | 206 |
| &nbsp;&nbsp;<sup>a</sup>8207036.SQ.FTS.B, 6.304%, 3/21/26 | 579 | 204 |
| &nbsp;&nbsp;<sup>a</sup>8206849.SQ.FTS.B, 6.315%, 3/21/26 | 424 | 289 |
| &nbsp;&nbsp;<sup>a</sup>8206444.SQ.FTS.B, 6.423%, 3/21/26 | 4075 | 2876 |
| &nbsp;&nbsp;<sup>a</sup>8207447.SQ.FTS.B, 4.782%, 3/22/26 | 629 | 574 |
| &nbsp;&nbsp;<sup>a</sup>8207104.SQ.FTS.B, 6.359%, 3/22/26 | 596 | 165 |
| <sup><sup>a,b</sup></sup>8210620.SQ.FTS.B, 4.782%, 3/23/26 | 6930 | 153 |
| <sup><sup>a,b</sup></sup>8208304.SQ.FTS.B, 6.68%, 3/23/26 | 2630 | 52 |
| <sup><sup>a,b</sup></sup>8214128.SQ.FTS.B, 5.621%, 3/24/26 | 1340 | 32 |
| <sup><sup>a,b</sup></sup>8212978.SQ.FTS.B, 5.635%, 3/24/26 | 4722 | 86 |
| &nbsp;&nbsp;<sup>a</sup>8213812.SQ.FTS.B, 5.66%, 3/24/26 | 5656 | 3740 |
| &nbsp;&nbsp;<sup>a</sup>8211748.SQ.FTS.B, 5.664%, 3/24/26 | 3939 | 2274 |
| <sup><sup>a,b</sup></sup>8214167.SQ.FTS.B, 6.421%, 3/24/26 | 29872 | 688 |
| <sup><sup>a,b</sup></sup>8213530.SQ.FTS.B, 6.422%, 3/24/26 | 5213 | 42 |
| <sup><sup>a,b</sup></sup>8216246.SQ.FTS.B, 4.942%, 3/25/26 | 1354 | 16 |
| &nbsp;&nbsp;<sup>a</sup>8215088.SQ.FTS.B, 5.669%, 3/25/26 | 1951 | 1216 |
| &nbsp;&nbsp;<sup>a</sup>8222550.SQ.FTS.B, 4.783%, 3/26/26 | 4015 | 3058 |
| <sup><sup>a,b</sup></sup>8228053.SQ.FTS.B, 5.113%, 3/28/26 | 23240 | 267 |
| <sup><sup>a,b</sup></sup>8228222.SQ.FTS.B, 5.909%, 3/28/26 | 2852 | 44 |
| <sup><sup>a,b</sup></sup>8228243.SQ.FTS.B, 6.152%, 3/28/26 | 8973 | 291 |
| &nbsp;&nbsp;<sup>a</sup>8228385.SQ.FTS.B, 6.432%, 3/28/26 | 455 | 308 |
| &nbsp;&nbsp;<sup>a</sup>8229745.SQ.FTS.B, 6.15%, 3/29/26 | 1664 | 942 |
| <sup><sup>a,b</sup></sup>8229319.SQ.FTS.B, 6.423%, 3/29/26 | 2952 | 68 |
| &nbsp;&nbsp;<sup>a</sup>8231045.SQ.FTS.B, 4.784%, 3/30/26 | 73 | 72 |
| &nbsp;&nbsp;<sup>a</sup>8230433.SQ.FTS.B, 6.667%, 3/30/26 | 165 | 152 |
| <sup><sup>a,b</sup></sup>8234388.SQ.FTS.B, 4.782%, 4/01/26 | 3745 | 118 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8238048.SQ.FTS.B, 5.113%, 4/01/26 | $2549 | $2076 |
| &nbsp;&nbsp;<sup>a</sup>8237112.SQ.FTS.B, 5.627%, 4/01/26 | 26 | 21 |
| &nbsp;&nbsp;<sup>a</sup>8235789.SQ.FTS.B, 5.66%, 4/01/26 | 1513 | 1051 |
| &nbsp;&nbsp;<sup>a</sup>8236723.SQ.FTS.B, 5.913%, 4/01/26 | 5738 | 5191 |
| <sup><sup>a,b</sup></sup>8236625.SQ.FTS.B, 6.424%, 4/01/26 | 3956 | 57 |
| &nbsp;&nbsp;<sup>a</sup>8236423.SQ.FTS.B, 6.672%, 4/01/26 | 2234 | 1259 |
| &nbsp;&nbsp;<sup>a</sup>8241254.SQ.FTS.B, 4.779%, 4/02/26 | 147 | 146 |
| &nbsp;&nbsp;<sup>a</sup>8242280.SQ.FTS.B, 5.414%, 4/02/26 | 2352 | 1726 |
| <sup><sup>a,b</sup></sup>8245816.SQ.FTS.B, 4.941%, 4/03/26 | 1309 | 20 |
| <sup><sup>a,b</sup></sup>8247785.SQ.FTS.B, 5.409%, 4/03/26 | 50933 | 1094 |
| <sup><sup>a,b</sup></sup>8251921.SQ.FTS.B, 5.113%, 4/04/26 | 10837 | 344 |
| &nbsp;&nbsp;<sup>a</sup>8249053.SQ.FTS.B, 5.409%, 4/04/26 | 20696 | 14965 |
| &nbsp;&nbsp;<sup>a</sup>8251246.SQ.FTS.B, 5.618%, 4/04/26 | 455 | 257 |
| &nbsp;&nbsp;<sup>a</sup>8248924.SQ.FTS.B, 6.145%, 4/04/26 | 111 | 105 |
| <sup><sup>a,b</sup></sup>8252661.SQ.FTS.B, 6.551%, 4/05/26 | 3070 | 69 |
| &nbsp;&nbsp;<sup>a</sup>8253201.SQ.FTS.B, 6.671%, 4/05/26 | 919 | 625 |
| &nbsp;&nbsp;<sup>a</sup>8257567.SQ.FTS.B, 4.782%, 4/07/26 | 894 | 750 |
| <sup><sup>a,b</sup></sup>8257493.SQ.FTS.B, 4.955%, 4/07/26 | 7987 | 100 |
| <sup><sup>a,b</sup></sup>8257688.SQ.FTS.B, 4.955%, 4/07/26 | 12315 | 200 |
| &nbsp;&nbsp;<sup>a</sup>8257447.SQ.FTS.B, 4.96%, 4/07/26 | 339 | 231 |
| &nbsp;&nbsp;<sup>a</sup>8258468.SQ.FTS.B, 5.4%, 4/07/26 | 663 | 511 |
| &nbsp;&nbsp;<sup>a</sup>8255434.SQ.FTS.B, 6.147%, 4/07/26 | 2059 | 831 |
| &nbsp;&nbsp;<sup>a</sup>8257962.SQ.FTS.B, 6.326%, 4/07/26 | 7138 | 3218 |
| <sup><sup>a,b</sup></sup>8258319.SQ.FTS.B, 6.548%, 4/07/26 | 6592 | 165 |
| &nbsp;&nbsp;<sup>a</sup>8259624.SQ.FTS.B, 4.777%, 4/08/26 | 720 | 706 |
| <sup><sup>a,b</sup></sup>8259353.SQ.FTS.B, 5.66%, 4/08/26 | 6123 | 100 |
| <sup><sup>a,b</sup></sup>8260447.SQ.FTS.B, 5.66%, 4/08/26 | 1380 | 11 |
| &nbsp;&nbsp;<sup>a</sup>8262472.SQ.FTS.B, 5.912%, 4/09/26 | 15490 | 10264 |
| &nbsp;&nbsp;<sup>a</sup>8263454.SQ.FTS.B, 6.575%, 4/09/26 | 495 | 342 |
| &nbsp;&nbsp;<sup>a</sup>8271359.SQ.FTS.B, 4.779%, 4/10/26 | 17846 | 13256 |
| <sup><sup>a,b</sup></sup>8272637.SQ.FTS.B, 4.953%, 4/10/26 | 2099 | 31 |
| &nbsp;&nbsp;<sup>a</sup>8272965.SQ.FTS.B, 6.151%, 4/10/26 | 36151 | 13878 |
| &nbsp;&nbsp;<sup>a</sup>8269644.SQ.FTS.B, 6.542%, 4/10/26 | 824 | 575 |
| &nbsp;&nbsp;<sup>a</sup>8270794.SQ.FTS.B, 6.679%, 4/10/26 | 90 | 66 |
| &nbsp;&nbsp;<sup>a</sup>8274997.SQ.FTS.B, 5.408%, 4/11/26 | 1030 | 793 |
| &nbsp;&nbsp;<sup>a</sup>8275734.SQ.FTS.B, 5.409%, 4/11/26 | 17726 | 13806 |
| &nbsp;&nbsp;<sup>a</sup>8273886.SQ.FTS.B, 5.912%, 4/11/26 | 619 | 574 |
| &nbsp;&nbsp;<sup>a</sup>8275038.SQ.FTS.B, 6.404%, 4/11/26 | 11 | 10 |
| &nbsp;&nbsp;<sup>a</sup>8280031.SQ.FTS.B, 4.781%, 4/14/26 | 2215 | 2178 |
| &nbsp;&nbsp;<sup>a</sup>8280241.SQ.FTS.B, 5.664%, 4/14/26 | 2848 | 1986 |
| <sup><sup>a,b</sup></sup>8280308.SQ.FTS.B, 6.155%, 4/14/26 | 7492 | 84 |
| &nbsp;&nbsp;<sup>a</sup>8279403.SQ.FTS.B, 6.331%, 4/14/26 | 777 | 473 |
| &nbsp;&nbsp;<sup>a</sup>8279479.SQ.FTS.B, 6.424%, 4/14/26 | 2782 | 1831 |
| &nbsp;&nbsp;<sup>a</sup>8283289.SQ.FTS.B, 4.78%, 4/15/26 | 2661 | 2583 |
| &nbsp;&nbsp;<sup>a</sup>8284415.SQ.FTS.B, 5.922%, 4/15/26 | 757 | 371 |
| <sup><sup>a,b</sup></sup>8282315.SQ.FTS.B, 6.149%, 4/15/26 | 3675 | 1359 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8282366.SQ.FTS.B, 6.15%, 4/15/26 | $598 | $460 |
| <sup><sup>a,b</sup></sup>8281351.SQ.FTS.B, 6.344%, 4/15/26 | 485 | 8 |
| &nbsp;&nbsp;<sup>a</sup>8286613.SQ.FTS.B, 5.119%, 4/16/26 | 358 | 325 |
| <sup><sup>a,b</sup></sup>8285213.SQ.FTS.B, 5.633%, 4/16/26 | 8446 | 131 |
| &nbsp;&nbsp;<sup>a</sup>8292753.SQ.FTS.B, 4.778%, 4/17/26 | 1699 | 1451 |
| &nbsp;&nbsp;<sup>a</sup>8293129.SQ.FTS.B, 5.113%, 4/17/26 | 1324 | 537 |
| <sup><sup>a,b</sup></sup>8292991.SQ.FTS.B, 5.664%, 4/17/26 | 3943 | 90 |
| <sup><sup>a,b</sup></sup>8292229.SQ.FTS.B, 6.42%, 4/17/26 | 2095 | 44 |
| &nbsp;&nbsp;<sup>a</sup>8298299.SQ.FTS.B, 6.152%, 4/18/26 | 460 | 428 |
| <sup><sup>a,b</sup></sup>8298679.SQ.FTS.B, 5.111%, 4/19/26 | 5181 | 116 |
| &nbsp;&nbsp;<sup>a</sup>8298818.SQ.FTS.B, 5.121%, 4/19/26 | 165 | 163 |
| <sup><sup>a,b</sup></sup>8298862.SQ.FTS.B, 6.688%, 4/19/26 | 900 | 19 |
| &nbsp;&nbsp;<sup>a</sup>8302545.SQ.FTS.B, 5.1%, 4/21/26 | 557 | 494 |
| &nbsp;&nbsp;<sup>a</sup>8304341.SQ.FTS.B, 5.112%, 4/21/26 | 1970 | 1825 |
| &nbsp;&nbsp;<sup>a</sup>8303233.SQ.FTS.B, 5.408%, 4/21/26 | 1913 | 1748 |
| &nbsp;&nbsp;<sup>a</sup>8301821.SQ.FTS.B, 5.409%, 4/21/26 | 137 | 131 |
| &nbsp;&nbsp;<sup>a</sup>8303564.SQ.FTS.B, 5.663%, 4/21/26 | 8820 | 4970 |
| <sup><sup>a,b</sup></sup>8302396.SQ.FTS.B, 6.423%, 4/21/26 | 4226 | 96 |
| <sup><sup>a,b</sup></sup>8303679.SQ.FTS.B, 6.556%, 4/21/26 | 1129 | 17 |
| &nbsp;&nbsp;<sup>a</sup>8305030.SQ.FTS.B, 4.78%, 4/22/26 | 1033 | 982 |
| &nbsp;&nbsp;<sup>a</sup>8306790.SQ.FTS.B, 4.781%, 4/22/26 | 925 | 914 |
| &nbsp;&nbsp;<sup>a</sup>8306433.SQ.FTS.B, 4.784%, 4/22/26 | 267 | 263 |
| &nbsp;&nbsp;<sup>a</sup>8307029.SQ.FTS.B, 5.099%, 4/22/26 | 489 | 395 |
| &nbsp;&nbsp;<sup>a</sup>8308013.SQ.FTS.B, 5.634%, 4/22/26 | 523 | 310 |
| &nbsp;&nbsp;<sup>a</sup>8310385.SQ.FTS.B, 4.78%, 4/23/26 | 18339 | 16935 |
| &nbsp;&nbsp;<sup>a</sup>8311336.SQ.FTS.B, 4.78%, 4/23/26 | 10707 | 10358 |
| <sup><sup>a,b</sup></sup>8308309.SQ.FTS.B, 6.326%, 4/23/26 | 1253 | 14 |
| <sup><sup>a,b</sup></sup>8310986.SQ.FTS.B, 6.545%, 4/23/26 | 2034 | 46 |
| &nbsp;&nbsp;<sup>a</sup>8315066.SQ.FTS.B, 4.779%, 4/24/26 | 5724 | 5143 |
| &nbsp;&nbsp;<sup>a</sup>8316584.SQ.FTS.B, 4.78%, 4/24/26 | 37 | 37 |
| <sup><sup>a,b</sup></sup>8316445.SQ.FTS.B, 4.957%, 4/24/26 | 10154 | 234 |
| &nbsp;&nbsp;<sup>a</sup>8315868.SQ.FTS.B, 5.114%, 4/24/26 | 1693 | 1666 |
| <sup><sup>a,b</sup></sup>8313533.SQ.FTS.B, 6.136%, 4/24/26 | 1816 | 39 |
| &nbsp;&nbsp;<sup>a</sup>8315846.SQ.FTS.B, 6.441%, 4/24/26 | 73 | 69 |
| &nbsp;&nbsp;<sup>a</sup>8313568.SQ.FTS.B, 6.546%, 4/24/26 | 1646 | 1226 |
| &nbsp;&nbsp;<sup>a</sup>8317690.SQ.FTS.B, 5.114%, 4/25/26 | 1221 | 1144 |
| &nbsp;&nbsp;<sup>a</sup>8317674.SQ.FTS.B, 5.406%, 4/25/26 | 1093 | 411 |
| &nbsp;&nbsp;<sup>a</sup>8317433.SQ.FTS.B, 5.413%, 4/25/26 | 1218 | 1166 |
| &nbsp;&nbsp;<sup>a</sup>8321089.SQ.FTS.B, 6.559%, 4/26/26 | 1259 | 717 |
| &nbsp;&nbsp;<sup>a</sup>8322538.SQ.FTS.B, 6.149%, 4/27/26 | 1331 | 888 |
| &nbsp;&nbsp;<sup>a</sup>8324605.SQ.FTS.B, 5.116%, 4/28/26 | 2293 | 1993 |
| &nbsp;&nbsp;<sup>a</sup>8323551.SQ.FTS.B, 5.666%, 4/28/26 | 59 | 58 |
| &nbsp;&nbsp;<sup>a</sup>8325733.SQ.FTS.B, 5.913%, 4/28/26 | 1568 | 1466 |
| &nbsp;&nbsp;<sup>a</sup>8330966.SQ.FTS.B, 5.408%, 4/29/26 | 10208 | 6778 |
| &nbsp;&nbsp;<sup>a</sup>8327958.SQ.FTS.B, 5.912%, 4/29/26 | 653 | 599 |
| &nbsp;&nbsp;<sup>a</sup>8328083.SQ.FTS.B, 6.151%, 4/29/26 | 4096 | 2761 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8330680.SQ.FTS.B, 6.534%, 4/29/26 | $596 | $417 |
| &nbsp;&nbsp;<sup>a</sup>8330043.SQ.FTS.B, 6.667%, 4/29/26 | 92 | 88 |
| &nbsp;&nbsp;<sup>a</sup>8337918.SQ.FTS.B, 4.78%, 4/30/26 | 8348 | 7619 |
| &nbsp;&nbsp;<sup>a</sup>8333227.SQ.FTS.B, 4.781%, 4/30/26 | 7143 | 4901 |
| <sup><sup>a,b</sup></sup>8332292.SQ.FTS.B, 5.111%, 4/30/26 | 4999 | 2315 |
| &nbsp;&nbsp;<sup>a</sup>8336941.SQ.FTS.B, 5.114%, 4/30/26 | 519 | 504 |
| &nbsp;&nbsp;<sup>a</sup>8340102.SQ.FTS.B, 5.398%, 4/30/26 | 1219 | 818 |
| <sup><sup>a,b</sup></sup>8333216.SQ.FTS.B, 5.66%, 4/30/26 | 2061 | 1398 |
| <sup><sup>a,b</sup></sup>8332399.SQ.FTS.B, 6.15%, 4/30/26 | 20377 | 326 |
| &nbsp;&nbsp;<sup>a</sup>8339541.SQ.FTS.B, 6.315%, 4/30/26 | 1895 | 473 |
| &nbsp;&nbsp;<sup>a</sup>8339553.SQ.FTS.B, 6.412%, 4/30/26 | 160 | 116 |
| &nbsp;&nbsp;<sup>a</sup>8333157.SQ.FTS.B, 6.682%, 4/30/26 | 2082 | 707 |
| <sup><sup>a,b</sup></sup>8340759.SQ.FTS.B, 5.915%, 5/01/26 | 1001 | 678 |
| <sup><sup>a,b</sup></sup>8340885.SQ.FTS.B, 6.33%, 5/01/26 | 1640 | 44 |
| &nbsp;&nbsp;<sup>a</sup>8341323.SQ.FTS.B, 6.421%, 5/01/26 | 2840 | 1193 |
| &nbsp;&nbsp;<sup>a</sup>8343577.SQ.FTS.B, 6.547%, 5/01/26 | 10807 | 7601 |
| <sup><sup>a,b</sup></sup>8344811.SQ.FTS.B, 5.404%, 5/02/26 | 5262 | 95 |
| &nbsp;&nbsp;<sup>a</sup>8344256.SQ.FTS.B, 5.675%, 5/02/26 | 767 | 621 |
| <sup><sup>a,b</sup></sup>8344755.SQ.FTS.B, 6.661%, 5/02/26 | 990 | 18 |
| &nbsp;&nbsp;<sup>a</sup>8345124.SQ.FTS.B, 5.402%, 5/03/26 | 2319 | 1500 |
| &nbsp;&nbsp;<sup>a</sup>8345516.SQ.FTS.B, 5.407%, 5/03/26 | 1058 | 1020 |
| <sup><sup>a,b</sup></sup>8345591.SQ.FTS.B, 6.408%, 5/03/26 | 497 | 35 |
| &nbsp;&nbsp;<sup>a</sup>8349679.SQ.FTS.B, 4.778%, 5/04/26 | 2648 | 2442 |
| &nbsp;&nbsp;<sup>a</sup>8347607.SQ.FTS.B, 4.779%, 5/04/26 | 11753 | 8963 |
| &nbsp;&nbsp;<sup>a</sup>8347937.SQ.FTS.B, 5.115%, 5/04/26 | 1565 | 1495 |
| &nbsp;&nbsp;<sup>a</sup>8348817.SQ.FTS.B, 5.116%, 5/04/26 | 4937 | 3718 |
| &nbsp;&nbsp;<sup>a</sup>8347238.SQ.FTS.B, 5.409%, 5/04/26 | 1872 | 1394 |
| <sup><sup>a,b</sup></sup>8345940.SQ.FTS.B, 5.913%, 5/04/26 | 17445 | 292 |
| &nbsp;&nbsp;<sup>a</sup>8348474.SQ.FTS.B, 6.439%, 5/04/26 | 454 | 303 |
| <sup><sup>a,b</sup></sup>8351268.SQ.FTS.B, 5.66%, 5/05/26 | 7356 | 4367 |
| &nbsp;&nbsp;<sup>a</sup>8353154.SQ.FTS.B, 5.66%, 5/05/26 | 2575 | 2209 |
| &nbsp;&nbsp;<sup>a</sup>8352958.SQ.FTS.B, 5.912%, 5/05/26 | 7714 | 5856 |
| &nbsp;&nbsp;<sup>a</sup>8353040.SQ.FTS.B, 6.147%, 5/05/26 | 978 | 876 |
| &nbsp;&nbsp;<sup>a</sup>8351528.SQ.FTS.B, 6.321%, 5/05/26 | 1419 | 808 |
| &nbsp;&nbsp;<sup>a</sup>8355418.SQ.FTS.B, 4.777%, 5/06/26 | 993 | 968 |
| &nbsp;&nbsp;<sup>a</sup>8355680.SQ.FTS.B, 5.115%, 5/06/26 | 3100 | 2644 |
| &nbsp;&nbsp;<sup>a</sup>8355818.SQ.FTS.B, 6.148%, 5/06/26 | 1594 | 1485 |
| <sup><sup>a,b</sup></sup>8354862.SQ.FTS.B, 6.422%, 5/06/26 | 26607 | 541 |
| &nbsp;&nbsp;<sup>a</sup>8355919.SQ.FTS.B, 6.422%, 5/06/26 | 55032 | 22115 |
| &nbsp;&nbsp;<sup>a</sup>8362955.SQ.FTS.B, 5.117%, 5/07/26 | 2875 | 2178 |
| &nbsp;&nbsp;<sup>a</sup>8364366.SQ.FTS.B, 5.408%, 5/07/26 | 26901 | 10496 |
| &nbsp;&nbsp;<sup>a</sup>8360992.SQ.FTS.B, 5.66%, 5/07/26 | 9976 | 7068 |
| &nbsp;&nbsp;<sup>a</sup>8360909.SQ.FTS.B, 5.904%, 5/07/26 | 626 | 459 |
| &nbsp;&nbsp;<sup>a</sup>8363762.SQ.FTS.B, 6.151%, 5/07/26 | 14261 | 5114 |
| &nbsp;&nbsp;<sup>a</sup>8361519.SQ.FTS.B, 6.42%, 5/07/26 | 4079 | 1468 |
| <sup><sup>a,b</sup></sup>8364244.SQ.FTS.B, 6.42%, 5/07/26 | 6508 | 124 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 39

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup><sup>a,b</sup></sup>8362533.SQ.FTS.B, 6.422%, 5/07/26 | $27306 | $561 |
| &nbsp;&nbsp;<sup>a</sup>8365908.SQ.FTS.B, 6.134%, 5/08/26 | 511 | 281 |
| <sup><sup>a,b</sup></sup>8367222.SQ.FTS.B, 6.152%, 5/08/26 | 1870 | 546 |
| <sup><sup>a,b</sup></sup>8365780.SQ.FTS.B, 6.154%, 5/08/26 | 1207 | 656 |
| &nbsp;&nbsp;<sup>a</sup>8369250.SQ.FTS.B, 4.78%, 5/10/26 | 7863 | 6587 |
| &nbsp;&nbsp;<sup>a</sup>8369783.SQ.FTS.B, 4.78%, 5/10/26 | 1073 | 1037 |
| <sup><sup>a,b</sup></sup>8369869.SQ.FTS.B, 5.92%, 5/10/26 | 2956 | 38 |
| &nbsp;&nbsp;<sup>a</sup>8369410.SQ.FTS.B, 6.569%, 5/10/26 | 141 | 124 |
| &nbsp;&nbsp;<sup>a</sup>8370077.SQ.FTS.B, 5.622%, 5/11/26 | 71 | 62 |
| &nbsp;&nbsp;<sup>a</sup>8370126.SQ.FTS.B, 5.66%, 5/11/26 | 528 | 168 |
| &nbsp;&nbsp;<sup>a</sup>8370081.SQ.FTS.B, 6.141%, 5/11/26 | 1550 | 552 |
| &nbsp;&nbsp;<sup>a</sup>8370394.SQ.FTS.B, 6.151%, 5/11/26 | 3 | 3 |
| &nbsp;&nbsp;<sup>a</sup>8374285.SQ.FTS.B, 6.148%, 5/12/26 | 1703 | 1339 |
| &nbsp;&nbsp;<sup>a</sup>8374802.SQ.FTS.B, 6.421%, 5/12/26 | 3005 | 2762 |
| &nbsp;&nbsp;<sup>a</sup>8373286.SQ.FTS.B, 6.681%, 5/12/26 | 561 | 425 |
| <sup><sup>a,b</sup></sup>8375331.SQ.FTS.B, 4.957%, 5/13/26 | 5243 | 2771 |
| &nbsp;&nbsp;<sup>a</sup>8377457.SQ.FTS.B, 5.115%, 5/13/26 | 300 | 287 |
| &nbsp;&nbsp;<sup>a</sup>8376607.SQ.FTS.B, 6.153%, 5/13/26 | 3027 | 2170 |
| &nbsp;&nbsp;<sup>a</sup>8381974.SQ.FTS.B, 5.912%, 5/14/26 | 3109 | 2856 |
| &nbsp;&nbsp;<sup>a</sup>8381739.SQ.FTS.B, 6.154%, 5/14/26 | 3844 | 2802 |
| &nbsp;&nbsp;<sup>a</sup>8381346.SQ.FTS.B, 6.426%, 5/14/26 | 379 | 323 |
| &nbsp;&nbsp;<sup>a</sup>8382928.SQ.FTS.B, 6.691%, 5/14/26 | 497 | 155 |
| &nbsp;&nbsp;<sup>a</sup>8387711.SQ.FTS.B, 4.78%, 5/15/26 | 104 | 103 |
| <sup><sup>a,b</sup></sup>8384744.SQ.FTS.B, 4.965%, 5/15/26 | 903 | 9 |
| &nbsp;&nbsp;<sup>a</sup>8384801.SQ.FTS.B, 6.537%, 5/15/26 | 1389 | 899 |
| &nbsp;&nbsp;<sup>a</sup>8385070.SQ.FTS.B, 6.681%, 5/15/26 | 349 | 205 |
| &nbsp;&nbsp;<sup>a</sup>8388012.SQ.FTS.B, 4.962%, 5/16/26 | 242 | 106 |
| <sup><sup>a,b</sup></sup>8389216.SQ.FTS.B, 4.95%, 5/17/26 | 2640 | 30 |
| &nbsp;&nbsp;<sup>a</sup>8389234.SQ.FTS.B, 5.116%, 5/17/26 | 2290 | 2048 |
| &nbsp;&nbsp;<sup>a</sup>8389162.SQ.FTS.B, 5.12%, 5/17/26 | 1838 | 1462 |
| &nbsp;&nbsp;<sup>a</sup>8388857.SQ.FTS.B, 5.66%, 5/17/26 | 23746 | 17496 |
| &nbsp;&nbsp;<sup>a</sup>8389413.SQ.FTS.B, 6.419%, 5/17/26 | 568 | 157 |
| &nbsp;&nbsp;<sup>a</sup>8392094.SQ.FTS.B, 5.913%, 5/18/26 | 3980 | 3033 |
| <sup><sup>a,b</sup></sup>8391994.SQ.FTS.B, 6.325%, 5/18/26 | 1074 | 21 |
| <sup><sup>a,b</sup></sup>8392006.SQ.FTS.B, 6.415%, 5/18/26 | 2186 | 21 |
| <sup><sup>a,b</sup></sup>8394291.SQ.FTS.B, 6.417%, 5/19/26 | 982 | 457 |
| &nbsp;&nbsp;<sup>a</sup>8399103.SQ.FTS.B, 5.115%, 5/20/26 | 5764 | 5183 |
| &nbsp;&nbsp;<sup>a</sup>8400919.SQ.FTS.B, 6.425%, 5/20/26 | 1980 | 1321 |
| <sup><sup>a,b</sup></sup>8400298.SQ.FTS.B, 6.551%, 5/20/26 | 1063 | 259 |
| &nbsp;&nbsp;<sup>a</sup>8405836.SQ.FTS.B, 4.779%, 5/21/26 | 24885 | 12110 |
| &nbsp;&nbsp;<sup>a</sup>8405494.SQ.FTS.B, 5.666%, 5/21/26 | 1039 | 979 |
| <sup><sup>a,b</sup></sup>8407488.SQ.FTS.B, 6.327%, 5/21/26 | 8012 | 187 |
| &nbsp;&nbsp;<sup>a</sup>8412395.SQ.FTS.B, 5.66%, 5/22/26 | 1672 | 1351 |
| &nbsp;&nbsp;<sup>a</sup>8413717.SQ.FTS.B, 4.777%, 5/23/26 | 4574 | 3381 |
| &nbsp;&nbsp;<sup>a</sup>8413337.SQ.FTS.B, 4.786%, 5/23/26 | 2104 | 1623 |
| &nbsp;&nbsp;<sup>a</sup>8414502.SQ.FTS.B, 4.782%, 5/24/26 | 2811 | 2375 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal** <br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8414189.SQ.FTS.B, 5.114%, 5/24/26 | $7324 | $6042 |
| &nbsp;&nbsp;<sup>a</sup>8416979.SQ.FTS.B, 6.152%, 5/25/26 | 502 | 417 |
| <sup><sup>a,b</sup></sup>8417212.SQ.FTS.B, 6.535%, 5/25/26 | 2610 | 18 |
| &nbsp;&nbsp;<sup>a</sup>8424072.SQ.FTS.B, 5.111%, 5/26/26 | 3417 | 3287 |
| &nbsp;&nbsp;<sup>a</sup>8424599.SQ.FTS.B, 5.411%, 5/26/26 | 727 | 720 |
| <sup><sup>a,b</sup></sup>8423748.SQ.FTS.B, 6.421%, 5/26/26 | 27432 | 570 |
| &nbsp;&nbsp;<sup>a</sup>8421165.SQ.FTS.B, 6.672%, 5/26/26 | 27974 | 8833 |
| &nbsp;&nbsp;<sup>a</sup>8427914.SQ.FTS.B, 4.78%, 5/27/26 | 8875 | 7082 |
| &nbsp;&nbsp;<sup>a</sup>8429942.SQ.FTS.B, 6.42%, 5/27/26 | 4346 | 2642 |
| &nbsp;&nbsp;<sup>a</sup>8432282.SQ.FTS.B, 5.66%, 5/28/26 | 604 | 298 |
| &nbsp;&nbsp;<sup>a</sup>8432287.SQ.FTS.B, 5.911%, 5/28/26 | 7075 | 4679 |
| &nbsp;&nbsp;<sup>a</sup>8436420.SQ.FTS.B, 5.113%, 5/29/26 | 9201 | 7619 |
| &nbsp;&nbsp;<sup>a</sup>8434105.SQ.FTS.B, 5.406%, 5/29/26 | 59 | 58 |
| &nbsp;&nbsp;<sup>a</sup>8432926.SQ.FTS.B, 5.414%, 5/29/26 | 1549 | 1337 |
| <sup><sup>a,b</sup></sup>8438415.SQ.FTS.B, 6.545%, 6/01/26 | 5967 | 89 |
| &nbsp;&nbsp;<sup>a</sup>8443850.SQ.FTS.B, 4.78%, 6/02/26 | 1005 | 1000 |
| &nbsp;&nbsp;<sup>a</sup>8443128.SQ.FTS.B, 5.113%, 6/02/26 | 19371 | 13254 |
| <sup><sup>a,b</sup></sup>8442301.SQ.FTS.B, 5.913%, 6/02/26 | 20473 | 313 |
| &nbsp;&nbsp;<sup>a</sup>8441924.SQ.FTS.B, 6.435%, 6/02/26 | 1069 | 594 |
| &nbsp;&nbsp;<sup>a</sup>8446230.SQ.FTS.B, 4.78%, 6/03/26 | 1420 | 1025 |
| &nbsp;&nbsp;<sup>a</sup>8444305.SQ.FTS.B, 4.786%, 6/03/26 | 789 | 754 |
| &nbsp;&nbsp;<sup>a</sup>8446740.SQ.FTS.B, 5.409%, 6/03/26 | 9339 | 8339 |
| <sup><sup>a,b</sup></sup>8448116.SQ.FTS.B, 5.416%, 6/03/26 | 3110 | 912 |
| &nbsp;&nbsp;<sup>a</sup>8444651.SQ.FTS.B, 5.907%, 6/03/26 | 1511 | 1080 |
| &nbsp;&nbsp;<sup>a</sup>8451510.SQ.FTS.B, 4.769%, 6/04/26 | 487 | 474 |
| &nbsp;&nbsp;<sup>a</sup>8450587.SQ.FTS.B, 4.777%, 6/04/26 | 1039 | 999 |
| &nbsp;&nbsp;<sup>a</sup>8452091.SQ.FTS.B, 4.777%, 6/04/26 | 67 | 67 |
| &nbsp;&nbsp;<sup>a</sup>8449473.SQ.FTS.B, 5.912%, 6/04/26 | 769 | 414 |
| &nbsp;&nbsp;<sup>a</sup>8453472.SQ.FTS.B, 5.912%, 6/04/26 | 7559 | 5941 |
| &nbsp;&nbsp;<sup>a</sup>8450845.SQ.FTS.B, 6.418%, 6/04/26 | 45 | 45 |
| &nbsp;&nbsp;<sup>a</sup>8451169.SQ.FTS.B, 6.421%, 6/04/26 | 3827 | 2630 |
| &nbsp;&nbsp;<sup>a</sup>8449446.SQ.FTS.B, 6.511%, 6/04/26 | 235 | 182 |
| &nbsp;&nbsp;<sup>a</sup>8458289.SQ.FTS.B, 4.773%, 6/05/26 | 87 | 87 |
| &nbsp;&nbsp;<sup>a</sup>8457754.SQ.FTS.B, 4.962%, 6/05/26 | 2809 | 1465 |
| <sup><sup>a,b</sup></sup>8457662.SQ.FTS.B, 5.113%, 6/05/26 | 3523 | 83 |
| <sup><sup>a,b</sup></sup>8459389.SQ.FTS.B, 5.629%, 6/05/26 | 1388 | 22 |
| &nbsp;&nbsp;<sup>a</sup>8457284.SQ.FTS.B, 6.672%, 6/05/26 | 4021 | 3371 |
| &nbsp;&nbsp;<sup>a</sup>8461925.SQ.FTS.B, 4.78%, 6/06/26 | 3501 | 3009 |
| <sup><sup>a,b</sup></sup>8466686.SQ.FTS.B, 6.564%, 6/07/26 | 1101 | 15 |
| &nbsp;&nbsp;<sup>a</sup>8471753.SQ.FTS.B, 4.778%, 6/09/26 | 327 | 326 |
| &nbsp;&nbsp;<sup>a</sup>8472266.SQ.FTS.B, 4.783%, 6/09/26 | 4406 | 3457 |
| <sup><sup>a,b</sup></sup>8468141.SQ.FTS.B, 5.113%, 6/09/26 | 3610 | 68 |
| &nbsp;&nbsp;<sup>a</sup>8468391.SQ.FTS.B, 5.114%, 6/09/26 | 7370 | 5449 |
| &nbsp;&nbsp;<sup>a</sup>8470584.SQ.FTS.B, 5.409%, 6/09/26 | 2054 | 1983 |
| &nbsp;&nbsp;<sup>a</sup>8469972.SQ.FTS.B, 5.418%, 6/09/26 | 1069 | 827 |
| <sup><sup>a,b</sup></sup>8470076.SQ.FTS.B, 6.43%, 6/09/26 | 3091 | 1075 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup><sup>a,b</sup></sup>8473553.SQ.FTS.B, 4.95%, 6/10/26 | $3402 | $67 |
| &nbsp;&nbsp;<sup>a</sup>8474399.SQ.FTS.B, 5.409%, 6/10/26 | 122 | 119 |
| &nbsp;&nbsp;<sup>a</sup>8473230.SQ.FTS.B, 5.668%, 6/10/26 | 2304 | 1662 |
| &nbsp;&nbsp;<sup>a</sup>8476205.SQ.FTS.B, 5.904%, 6/10/26 | 106 | 100 |
| &nbsp;&nbsp;<sup>a</sup>8472904.SQ.FTS.B, 6.138%, 6/10/26 | 1464 | 932 |
| <sup><sup>a,b</sup></sup>8474805.SQ.FTS.B, 6.148%, 6/10/26 | 2862 | 868 |
| &nbsp;&nbsp;<sup>a</sup>8474473.SQ.FTS.B, 6.164%, 6/10/26 | 273 | 259 |
| &nbsp;&nbsp;<sup>a</sup>8476356.SQ.FTS.B, 6.417%, 6/10/26 | 4733 | 2673 |
| &nbsp;&nbsp;<sup>a</sup>8473287.SQ.FTS.B, 6.419%, 6/10/26 | 2497 | 731 |
| &nbsp;&nbsp;<sup>a</sup>8474869.SQ.FTS.B, 6.423%, 6/10/26 | 8195 | 4328 |
| &nbsp;&nbsp;<sup>a</sup>8479375.SQ.FTS.B, 4.78%, 6/11/26 | 2033 | 1797 |
| &nbsp;&nbsp;<sup>a</sup>8477360.SQ.FTS.B, 4.781%, 6/11/26 | 359 | 357 |
| &nbsp;&nbsp;<sup>a</sup>8478806.SQ.FTS.B, 4.781%, 6/11/26 | 6221 | 5412 |
| <sup><sup>a,b</sup></sup>8479076.SQ.FTS.B, 5.912%, 6/11/26 | 9942 | 3226 |
| &nbsp;&nbsp;<sup>a</sup>8480047.SQ.FTS.B, 6.422%, 6/11/26 | 2485 | 1642 |
| &nbsp;&nbsp;<sup>a</sup>8484073.SQ.FTS.B, 4.78%, 6/12/26 | 6336 | 6137 |
| &nbsp;&nbsp;<sup>a</sup>8492082.SQ.FTS.B, 4.779%, 6/13/26 | 1498 | 1485 |
| &nbsp;&nbsp;<sup>a</sup>8490409.SQ.FTS.B, 5.113%, 6/13/26 | 31321 | 21996 |
| &nbsp;&nbsp;<sup>a</sup>8492250.SQ.FTS.B, 5.113%, 6/13/26 | 133 | 132 |
| &nbsp;&nbsp;<sup>a</sup>8490078.SQ.FTS.B, 5.115%, 6/13/26 | 3862 | 3542 |
| &nbsp;&nbsp;<sup>a</sup>8489082.SQ.FTS.B, 5.632%, 6/13/26 | 267 | 158 |
| &nbsp;&nbsp;<sup>a</sup>8491909.SQ.FTS.B, 5.911%, 6/13/26 | 1547 | 1522 |
| &nbsp;&nbsp;<sup>a</sup>8491602.SQ.FTS.B, 6.164%, 6/13/26 | 168 | 155 |
| &nbsp;&nbsp;<sup>a</sup>8492413.SQ.FTS.B, 6.546%, 6/13/26 | 5465 | 3446 |
| &nbsp;&nbsp;<sup>a</sup>8491451.SQ.FTS.B, 6.671%, 6/13/26 | 3919 | 2425 |
| <sup><sup>a,b</sup></sup>8492838.SQ.FTS.B, 4.778%, 6/14/26 | 2867 | 74 |
| &nbsp;&nbsp;<sup>a</sup>8492723.SQ.FTS.B, 4.784%, 6/14/26 | 915 | 900 |
| <sup><sup>a,b</sup></sup>8492468.SQ.FTS.B, 6.679%, 6/14/26 | 1684 | 406 |
| &nbsp;&nbsp;<sup>a</sup>8496616.SQ.FTS.B, 4.783%, 6/16/26 | 2939 | 2684 |
| <sup><sup>a,b</sup></sup>8497156.SQ.FTS.B, 4.953%, 6/16/26 | 3421 | 56 |
| &nbsp;&nbsp;<sup>a</sup>8495024.SQ.FTS.B, 5.409%, 6/16/26 | 4043 | 3624 |
| &nbsp;&nbsp;<sup>a</sup>8496191.SQ.FTS.B, 5.632%, 6/16/26 | 4753 | 2829 |
| &nbsp;&nbsp;<sup>a</sup>8495625.SQ.FTS.B, 5.912%, 6/16/26 | 17302 | 10196 |
| &nbsp;&nbsp;<sup>a</sup>8498105.SQ.FTS.B, 6.15%, 6/16/26 | 2941 | 2828 |
| &nbsp;&nbsp;<sup>a</sup>8499776.SQ.FTS.B, 4.713%, 6/17/26 | 1216 | 985 |
| &nbsp;&nbsp;<sup>a</sup>8502513.SQ.FTS.B, 4.779%, 6/17/26 | 4721 | 4521 |
| &nbsp;&nbsp;<sup>a</sup>8502732.SQ.FTS.B, 4.779%, 6/17/26 | 5421 | 5184 |
| &nbsp;&nbsp;<sup>a</sup>8499247.SQ.FTS.B, 4.78%, 6/17/26 | 14 | 14 |
| &nbsp;&nbsp;<sup>a</sup>8502261.SQ.FTS.B, 5.117%, 6/17/26 | 585 | 537 |
| &nbsp;&nbsp;<sup>a</sup>8499199.SQ.FTS.B, 6.114%, 6/17/26 | 1767 | 777 |
| &nbsp;&nbsp;<sup>a</sup>8502495.SQ.FTS.B, 6.355%, 6/17/26 | 509 | 253 |
| &nbsp;&nbsp;<sup>a</sup>8503947.SQ.FTS.B, 5.031%, 6/18/26 | 1333 | 1324 |
| &nbsp;&nbsp;<sup>a</sup>8503664.SQ.FTS.B, 5.625%, 6/18/26 | 950 | 441 |
| <sup><sup>a,b</sup></sup>8503520.SQ.FTS.B, 6.675%, 6/18/26 | 1891 | 1419 |
| &nbsp;&nbsp;<sup>a</sup>8509782.SQ.FTS.B, 4.718%, 6/19/26 | 7996 | 7007 |
| &nbsp;&nbsp;<sup>a</sup>8512975.SQ.FTS.B, 4.936%, 6/19/26 | 9791 | 5656 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8509437.SQ.FTS.B, 5.031%, 6/19/26 | $3196 | $3102 |
| &nbsp;&nbsp;<sup>a</sup>8510453.SQ.FTS.B, 5.35%, 6/19/26 | 2339 | 2052 |
| <sup><sup>a,b</sup></sup>8511595.SQ.FTS.B, 5.66%, 6/19/26 | 1686 | 36 |
| &nbsp;&nbsp;<sup>a</sup>8514464.SQ.FTS.B, 4.716%, 6/20/26 | 804 | 769 |
| &nbsp;&nbsp;<sup>a</sup>8514047.SQ.FTS.B, 4.717%, 6/20/26 | 3130 | 3045 |
| &nbsp;&nbsp;<sup>a</sup>8516928.SQ.FTS.B, 4.719%, 6/20/26 | 3497 | 3366 |
| <sup><sup>a,b</sup></sup>8517116.SQ.FTS.B, 4.778%, 6/20/26 | 3113 | 932 |
| &nbsp;&nbsp;<sup>a</sup>8517643.SQ.FTS.B, 4.779%, 6/20/26 | 13379 | 11240 |
| <sup><sup>a,b</sup></sup>8517465.SQ.FTS.B, 5.597%, 6/20/26 | 20046 | 347 |
| &nbsp;&nbsp;<sup>a</sup>8515165.SQ.FTS.B, 6.434%, 6/20/26 | 1010 | 626 |
| &nbsp;&nbsp;<sup>a</sup>8517064.SQ.FTS.B, 6.453%, 6/20/26 | 473 | 418 |
| &nbsp;&nbsp;<sup>a</sup>8519610.SQ.FTS.B, 5.031%, 6/21/26 | 765 | 321 |
| <sup><sup>a,b</sup></sup>8518824.SQ.FTS.B, 5.914%, 6/21/26 | 4617 | 90 |
| &nbsp;&nbsp;<sup>a</sup>8518969.SQ.FTS.B, 6.442%, 6/21/26 | 266 | 250 |
| &nbsp;&nbsp;<sup>a</sup>8520520.SQ.FTS.B, 4.708%, 6/22/26 | 650 | 638 |
| &nbsp;&nbsp;<sup>a</sup>8524516.SQ.FTS.B, 4.777%, 6/23/26 | 1336 | 1323 |
| &nbsp;&nbsp;<sup>a</sup>8521233.SQ.FTS.B, 4.952%, 6/23/26 | 1451 | 893 |
| &nbsp;&nbsp;<sup>a</sup>8522951.SQ.FTS.B, 5.348%, 6/23/26 | 5721 | 3627 |
| &nbsp;&nbsp;<sup>a</sup>8521799.SQ.FTS.B, 5.618%, 6/23/26 | 833 | 596 |
| &nbsp;&nbsp;<sup>a</sup>8524961.SQ.FTS.B, 6.104%, 6/23/26 | 1774 | 1401 |
| &nbsp;&nbsp;<sup>a</sup>8523155.SQ.FTS.B, 6.447%, 6/23/26 | 429 | 348 |
| &nbsp;&nbsp;<sup>a</sup>8525012.SQ.FTS.B, 6.463%, 6/23/26 | 497 | 394 |
| &nbsp;&nbsp;<sup>a</sup>8526636.SQ.FTS.B, 5.031%, 6/24/26 | 7003 | 6477 |
| &nbsp;&nbsp;<sup>a</sup>8525872.SQ.FTS.B, 6.144%, 6/24/26 | 1385 | 660 |
| <sup><sup>a,b</sup></sup>8530878.SQ.FTS.B, 4.719%, 6/25/26 | 7095 | 6346 |
| &nbsp;&nbsp;<sup>a</sup>8531017.SQ.FTS.B, 5.599%, 6/25/26 | 1422 | 1261 |
| &nbsp;&nbsp;<sup>a</sup>8532244.SQ.FTS.B, 4.717%, 6/26/26 | 3654 | 3529 |
| &nbsp;&nbsp;<sup>a</sup>8533163.SQ.FTS.B, 4.72%, 6/26/26 | 9099 | 3575 |
| &nbsp;&nbsp;<sup>a</sup>8532557.SQ.FTS.B, 5.606%, 6/26/26 | 1416 | 982 |
| &nbsp;&nbsp;<sup>a</sup>8532163.SQ.FTS.B, 5.909%, 6/26/26 | 2186 | 688 |
| &nbsp;&nbsp;<sup>a</sup>8536923.SQ.FTS.B, 5.408%, 6/27/26 | 7714 | 4607 |
| <sup><sup>a,b</sup></sup>8535243.SQ.FTS.B, 5.598%, 6/27/26 | 22666 | 590 |
| &nbsp;&nbsp;<sup>a</sup>8537208.SQ.FTS.B, 6.103%, 6/27/26 | 6556 | 4487 |
| <sup><sup>a,b</sup></sup>8536360.SQ.FTS.B, 6.446%, 6/27/26 | 7315 | 83 |
| &nbsp;&nbsp;<sup>a</sup>8540471.SQ.FTS.B, 4.717%, 6/29/26 | 6206 | 5910 |
| <sup><sup>a,b</sup></sup>8540713.SQ.FTS.B, 5.347%, 6/29/26 | 41850 | 564 |
| <sup><sup>a,b</sup></sup>8540292.SQ.FTS.B, 6.445%, 6/29/26 | 1849 | 1468 |
| &nbsp;&nbsp;<sup>a</sup>8545182.SQ.FTS.B, 4.717%, 6/30/26 | 8523 | 6213 |
| &nbsp;&nbsp;<sup>a</sup>8546901.SQ.FTS.B, 4.717%, 6/30/26 | 123 | 123 |
| &nbsp;&nbsp;<sup>a</sup>8547300.SQ.FTS.B, 4.717%, 6/30/26 | 5079 | 4869 |
| &nbsp;&nbsp;<sup>a</sup>8547757.SQ.FTS.B, 4.717%, 6/30/26 | 695 | 685 |
| &nbsp;&nbsp;<sup>a</sup>8546373.SQ.FTS.B, 4.719%, 6/30/26 | 2804 | 2753 |
| &nbsp;&nbsp;<sup>a</sup>8546179.SQ.FTS.B, 4.769%, 6/30/26 | 805 | 743 |
| <sup><sup>a,b</sup></sup>8547282.SQ.FTS.B, 4.938%, 6/30/26 | 1283 | 511 |
| &nbsp;&nbsp;<sup>a</sup>8541549.SQ.FTS.B, 5.031%, 6/30/26 | 153 | 148 |
| &nbsp;&nbsp;<sup>a</sup>8546141.SQ.FTS.B, 5.031%, 6/30/26 | 3225 | 1576 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 41

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8545786.SQ.FTS.B, 5.346%, 6/30/26 | $249 | $243 |
| &nbsp;&nbsp;<sup>a</sup>8542406.SQ.FTS.B, 5.612%, 6/30/26 | 119 | 117 |
| &nbsp;&nbsp;<sup>a</sup>8542002.SQ.FTS.B, 6.091%, 6/30/26 | 765 | 611 |
| &nbsp;&nbsp;<sup>a</sup>8545628.SQ.FTS.B, 6.284%, 6/30/26 | 348 | 299 |
| &nbsp;&nbsp;<sup>a</sup>8547838.SQ.FTS.B, 6.447%, 6/30/26 | 850 | 550 |
| <sup><sup>a,b</sup></sup>8542402.SQ.FTS.B, 6.47%, 6/30/26 | 1225 | 585 |
| &nbsp;&nbsp;<sup>a</sup>8550885.SQ.FTS.B, 4.717%, 7/01/26 | 7741 | 7125 |
| &nbsp;&nbsp;<sup>a</sup>8550545.SQ.FTS.B, 5.601%, 7/01/26 | 3365 | 2738 |
| &nbsp;&nbsp;<sup>a</sup>8550441.SQ.FTS.B, 6.095%, 7/01/26 | 3459 | 845 |
| &nbsp;&nbsp;<sup>a</sup>8550455.SQ.FTS.B, 6.1%, 7/01/26 | 307 | 285 |
| <sup><sup>a,b</sup></sup>8551699.SQ.FTS.B, 4.717%, 7/02/26 | 6213 | 1784 |
| &nbsp;&nbsp;<sup>a</sup>8552265.SQ.FTS.B, 4.717%, 7/02/26 | 228 | 223 |
| &nbsp;&nbsp;<sup>a</sup>8552680.SQ.FTS.B, 4.717%, 7/02/26 | 8497 | 8152 |
| &nbsp;&nbsp;<sup>a</sup>8553581.SQ.FTS.B, 4.717%, 7/02/26 | 17 | 17 |
| &nbsp;&nbsp;<sup>a</sup>8551592.SQ.FTS.B, 4.722%, 7/02/26 | 2306 | 2191 |
| &nbsp;&nbsp;<sup>a</sup>8552282.SQ.FTS.B, 5.031%, 7/02/26 | 3571 | 3478 |
| &nbsp;&nbsp;<sup>a</sup>8551424.SQ.FTS.B, 5.348%, 7/02/26 | 2678 | 2496 |
| <sup><sup>a,b</sup></sup>8551383.SQ.FTS.B, 5.637%, 7/02/26 | 394 | 9 |
| &nbsp;&nbsp;<sup>a</sup>8552547.SQ.FTS.B, 5.912%, 7/02/26 | 604 | 590 |
| &nbsp;&nbsp;<sup>a</sup>8553935.SQ.FTS.B, 6.424%, 7/02/26 | 2135 | 1159 |
| <sup><sup>a,b</sup></sup>8553490.SQ.FTS.B, 6.444%, 7/02/26 | 8564 | 4310 |
| <sup><sup>a,b</sup></sup>8553825.SQ.FTS.B, 6.447%, 7/02/26 | 6467 | 103 |
| &nbsp;&nbsp;<sup>a</sup>8558540.SQ.FTS.B, 4.716%, 7/03/26 | 2554 | 2114 |
| &nbsp;&nbsp;<sup>a</sup>8555800.SQ.FTS.B, 4.722%, 7/03/26 | 1625 | 1564 |
| &nbsp;&nbsp;<sup>a</sup>8558497.SQ.FTS.B, 4.952%, 7/03/26 | 598 | 380 |
| &nbsp;&nbsp;<sup>a</sup>8555629.SQ.FTS.B, 5.031%, 7/03/26 | 7729 | 4814 |
| &nbsp;&nbsp;<sup>a</sup>8557966.SQ.FTS.B, 5.031%, 7/03/26 | 1135 | 1130 |
| <sup><sup>a,b</sup></sup>8555106.SQ.FTS.B, 5.597%, 7/03/26 | 37629 | 14223 |
| &nbsp;&nbsp;<sup>a</sup>8556574.SQ.FTS.B, 5.911%, 7/03/26 | 3312 | 3081 |
| <sup><sup>a,b</sup></sup>8555525.SQ.FTS.B, 5.915%, 7/03/26 | 7992 | 197 |
| &nbsp;&nbsp;<sup>a</sup>8557033.SQ.FTS.B, 6.448%, 7/03/26 | 4626 | 3860 |
| &nbsp;&nbsp;<sup>a</sup>8559173.SQ.FTS.B, 4.717%, 7/04/26 | 2037 | 1902 |
| <sup><sup>a,b</sup></sup>8559144.SQ.FTS.B, 4.935%, 7/04/26 | 1312 | 617 |
| &nbsp;&nbsp;<sup>a</sup>8559060.SQ.FTS.B, 5.036%, 7/04/26 | 3664 | 1108 |
| &nbsp;&nbsp;<sup>a</sup>8560397.SQ.FTS.B, 5.031%, 7/05/26 | 3296 | 2926 |
| &nbsp;&nbsp;<sup>a</sup>8560928.SQ.FTS.B, 5.598%, 7/05/26 | 6259 | 5894 |
| &nbsp;&nbsp;<sup>a</sup>8560367.SQ.FTS.B, 6.3%, 7/05/26 | 35 | 33 |
| &nbsp;&nbsp;<sup>a</sup>8592543.SQ.FTS.B, 4.706%, 7/06/26 | 482 | 457 |
| <sup><sup>a,b</sup></sup>8572345.SQ.FTS.B, 4.924%, 7/06/26 | 2282 | 30 |
| <sup><sup>a,b</sup></sup>8561850.SQ.FTS.B, 4.939%, 7/06/26 | 3978 | 44 |
| &nbsp;&nbsp;<sup>a</sup>8591863.SQ.FTS.B, 4.941%, 7/06/26 | 1572 | 364 |
| &nbsp;&nbsp;<sup>a</sup>8564616.SQ.FTS.B, 5.596%, 7/06/26 | 5189 | 2506 |
| &nbsp;&nbsp;<sup>a</sup>8592590.SQ.FTS.B, 5.613%, 7/06/26 | 453 | 441 |
| &nbsp;&nbsp;<sup>a</sup>8561613.SQ.FTS.B, 5.902%, 7/06/26 | 537 | 500 |
| &nbsp;&nbsp;<sup>a</sup>8562871.SQ.FTS.B, 5.913%, 7/06/26 | 3008 | 2011 |
| &nbsp;&nbsp;<sup>a</sup>8561563.SQ.FTS.B, 6.089%, 7/06/26 | 463 | 438 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8581913.SQ.FTS.B, 6.448%, 7/06/26 | $3477 | $2191 |
| &nbsp;&nbsp;<sup>a</sup>8595911.SQ.FTS.B, 5.347%, 7/07/26 | 19698 | 14129 |
| &nbsp;&nbsp;<sup>a</sup>8596541.SQ.FTS.B, 5.367%, 7/07/26 | 652 | 523 |
| &nbsp;&nbsp;<sup>a</sup>8595818.SQ.FTS.B, 5.593%, 7/07/26 | 2277 | 649 |
| &nbsp;&nbsp;<sup>a</sup>8593033.SQ.FTS.B, 5.597%, 7/07/26 | 2348 | 36 |
| <sup><sup>a,b</sup></sup>8594664.SQ.FTS.B, 5.603%, 7/07/26 | 2698 | 53 |
| <sup><sup>a,b</sup></sup>8599234.SQ.FTS.B, 4.717%, 7/08/26 | 42728 | 922 |
| &nbsp;&nbsp;<sup>a</sup>8599843.SQ.FTS.B, 4.718%, 7/08/26 | 18753 | 16414 |
| &nbsp;&nbsp;<sup>a</sup>8598140.SQ.FTS.B, 4.719%, 7/08/26 | 2652 | 2600 |
| &nbsp;&nbsp;<sup>a</sup>8599492.SQ.FTS.B, 4.946%, 7/08/26 | 360 | 192 |
| &nbsp;&nbsp;<sup>a</sup>8602566.SQ.FTS.B, 4.72%, 7/09/26 | 1440 | 1427 |
| &nbsp;&nbsp;<sup>a</sup>8604048.SQ.FTS.B, 5.016%, 7/09/26 | 216 | 210 |
| &nbsp;&nbsp;<sup>a</sup>8604707.SQ.FTS.B, 5.027%, 7/09/26 | 754 | 743 |
| &nbsp;&nbsp;<sup>a</sup>8605021.SQ.FTS.B, 5.031%, 7/09/26 | 28489 | 25382 |
| &nbsp;&nbsp;<sup>a</sup>8602305.SQ.FTS.B, 5.348%, 7/09/26 | 5205 | 4460 |
| <sup><sup>a,b</sup></sup>8604749.SQ.FTS.B, 6.438%, 7/09/26 | 2042 | 18 |
| &nbsp;&nbsp;<sup>a</sup>8606964.SQ.FTS.B, 4.717%, 7/10/26 | 4603 | 3562 |
| &nbsp;&nbsp;<sup>a</sup>8608944.SQ.FTS.B, 4.717%, 7/10/26 | 339 | 339 |
| &nbsp;&nbsp;<sup>a</sup>8606334.SQ.FTS.B, 4.718%, 7/10/26 | 835 | 834 |
| &nbsp;&nbsp;<sup>a</sup>8607390.SQ.FTS.B, 4.718%, 7/10/26 | 5520 | 5460 |
| &nbsp;&nbsp;<sup>a</sup>8608563.SQ.FTS.B, 5.031%, 7/10/26 | 6206 | 6150 |
| <sup><sup>a,b</sup></sup>8607126.SQ.FTS.B, 6.45%, 7/10/26 | 6684 | 126 |
| &nbsp;&nbsp;<sup>a</sup>8609698.SQ.FTS.B, 4.708%, 7/11/26 | 344 | 342 |
| &nbsp;&nbsp;<sup>a</sup>8609535.SQ.FTS.B, 4.717%, 7/11/26 | 4666 | 4575 |
| &nbsp;&nbsp;<sup>a</sup>8609793.SQ.FTS.B, 6.101%, 7/11/26 | 1277 | 739 |
| <sup><sup>a,b</sup></sup>8609977.SQ.FTS.B, 6.289%, 7/11/26 | 5916 | 46 |
| &nbsp;&nbsp;<sup>a</sup>8609710.SQ.FTS.B, 6.443%, 7/11/26 | 790 | 752 |
| &nbsp;&nbsp;<sup>a</sup>8610580.SQ.FTS.B, 5.346%, 7/12/26 | 23352 | 16449 |
| &nbsp;&nbsp;<sup>a</sup>8610332.SQ.FTS.B, 5.602%, 7/12/26 | 1807 | 1585 |
| &nbsp;&nbsp;<sup>a</sup>8613886.SQ.FTS.B, 6.101%, 7/13/26 | 16067 | 4776 |
| &nbsp;&nbsp;<sup>a</sup>8612475.SQ.FTS.B, 6.297%, 7/13/26 | 969 | 518 |
| &nbsp;&nbsp;<sup>a</sup>8616978.SQ.FTS.B, 4.717%, 7/14/26 | 19635 | 19157 |
| &nbsp;&nbsp;<sup>a</sup>8615833.SQ.FTS.B, 4.718%, 7/14/26 | 1719 | 1711 |
| &nbsp;&nbsp;<sup>a</sup>8616468.SQ.FTS.B, 5.912%, 7/14/26 | 9831 | 7832 |
| &nbsp;&nbsp;<sup>a</sup>8616687.SQ.FTS.B, 6.448%, 7/14/26 | 8392 | 2860 |
| <sup><sup>a,b</sup></sup>8616385.SQ.FTS.B, 6.453%, 7/14/26 | 2849 | 45 |
| &nbsp;&nbsp;<sup>a</sup>8621549.SQ.FTS.B, 4.939%, 7/15/26 | 1572 | 360 |
| &nbsp;&nbsp;<sup>a</sup>8618231.SQ.FTS.B, 5.031%, 7/15/26 | 5932 | 4933 |
| &nbsp;&nbsp;<sup>a</sup>8618922.SQ.FTS.B, 5.031%, 7/15/26 | 8066 | 7689 |
| &nbsp;&nbsp;<sup>a</sup>8620862.SQ.FTS.B, 6.445%, 7/15/26 | 5415 | 1032 |
| &nbsp;&nbsp;<sup>a</sup>8627969.SQ.FTS.B, 4.715%, 7/16/26 | 1560 | 1504 |
| &nbsp;&nbsp;<sup>a</sup>8627926.SQ.FTS.B, 4.946%, 7/16/26 | 1447 | 328 |
| <sup><sup>a,b</sup></sup>8627043.SQ.FTS.B, 5.635%, 7/16/26 | 2130 | 37 |
| &nbsp;&nbsp;<sup>a</sup>8626995.SQ.FTS.B, 5.906%, 7/16/26 | 2314 | 1779 |
| <sup><sup>a,b</sup></sup>8627581.SQ.FTS.B, 6.102%, 7/16/26 | 13107 | 153 |
| &nbsp;&nbsp;<sup>a</sup>8630033.SQ.FTS.B, 5.346%, 7/17/26 | 5596 | 5403 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup><sup>a,b</sup></sup>8630523.SQ.FTS.B, 5.346%, 7/17/26 | $9588 | $218 |
| &nbsp;&nbsp;<sup>a</sup>8629935.SQ.FTS.B, 5.348%, 7/17/26 | 2387 | 2177 |
| &nbsp;&nbsp;<sup>a</sup>8631607.SQ.FTS.B, 5.595%, 7/17/26 | 2715 | 2326 |
| <sup><sup>a,b</sup></sup>8631766.SQ.FTS.B, 5.912%, 7/17/26 | 27586 | 19348 |
| &nbsp;&nbsp;<sup>a</sup>8631516.SQ.FTS.B, 5.915%, 7/17/26 | 2453 | 2155 |
| &nbsp;&nbsp;<sup>a</sup>8631952.SQ.FTS.B, 4.719%, 7/18/26 | 6337 | 5792 |
| &nbsp;&nbsp;<sup>a</sup>8632216.SQ.FTS.B, 4.719%, 7/18/26 | 6028 | 5649 |
| <sup><sup>a,b</sup></sup>8632155.SQ.FTS.B, 5.599%, 7/18/26 | 8785 | 176 |
| &nbsp;&nbsp;<sup>a</sup>8631847.SQ.FTS.B, 6.11%, 7/18/26 | 76 | 74 |
| &nbsp;&nbsp;<sup>a</sup>8632737.SQ.FTS.B, 4.714%, 7/19/26 | 1790 | 1371 |
| <sup><sup>a,b</sup></sup>8632673.SQ.FTS.B, 5.348%, 7/19/26 | 4602 | 3343 |
| &nbsp;&nbsp;<sup>a</sup>8632818.SQ.FTS.B, 6.302%, 7/19/26 | 112 | 105 |
| &nbsp;&nbsp;<sup>a</sup>8633357.SQ.FTS.B, 4.717%, 7/20/26 | 3269 | 3010 |
| &nbsp;&nbsp;<sup>a</sup>8633721.SQ.FTS.B, 4.72%, 7/20/26 | 2335 | 2302 |
| &nbsp;&nbsp;<sup>a</sup>8633800.SQ.FTS.B, 4.734%, 7/20/26 | 829 | 762 |
| &nbsp;&nbsp;<sup>a</sup>8633867.SQ.FTS.B, 4.741%, 7/20/26 | 610 | 537 |
| &nbsp;&nbsp;<sup>a</sup>8633268.SQ.FTS.B, 5.031%, 7/20/26 | 4156 | 4046 |
| &nbsp;&nbsp;<sup>a</sup>8635886.SQ.FTS.B, 4.717%, 7/21/26 | 6417 | 4834 |
| &nbsp;&nbsp;<sup>a</sup>8636253.SQ.FTS.B, 5.031%, 7/21/26 | 7 | 7 |
| &nbsp;&nbsp;<sup>a</sup>8634810.SQ.FTS.B, 6.272%, 7/21/26 | 202 | 123 |
| &nbsp;&nbsp;<sup>a</sup>8639830.SQ.FTS.B, 4.712%, 7/22/26 | 956 | 927 |
| &nbsp;&nbsp;<sup>a</sup>8639870.SQ.FTS.B, 4.715%, 7/22/26 | 1554 | 1475 |
| &nbsp;&nbsp;<sup>a</sup>8637766.SQ.FTS.B, 4.718%, 7/22/26 | 147 | 147 |
| &nbsp;&nbsp;<sup>a</sup>8638182.SQ.FTS.B, 4.72%, 7/22/26 | 945 | 939 |
| <sup><sup>a,b</sup></sup>8640538.SQ.FTS.B, 4.942%, 7/22/26 | 1019 | 16 |
| <sup><sup>a,b</sup></sup>8639103.SQ.FTS.B, 4.953%, 7/22/26 | 217 | 49 |
| &nbsp;&nbsp;<sup>a</sup>8639729.SQ.FTS.B, 5.34%, 7/22/26 | 847 | 780 |
| &nbsp;&nbsp;<sup>a</sup>8638821.SQ.FTS.B, 5.343%, 7/22/26 | 2519 | 802 |
| &nbsp;&nbsp;<sup>a</sup>8639353.SQ.FTS.B, 6.101%, 7/22/26 | 22443 | 18091 |
| &nbsp;&nbsp;<sup>a</sup>8640554.SQ.FTS.B, 6.101%, 7/22/26 | 9209 | 7761 |
| &nbsp;&nbsp;<sup>a</sup>8640551.SQ.FTS.B, 6.458%, 7/22/26 | 392 | 324 |
| &nbsp;&nbsp;<sup>a</sup>8646157.SQ.FTS.B, 4.715%, 7/23/26 | 1434 | 958 |
| &nbsp;&nbsp;<sup>a</sup>8644339.SQ.FTS.B, 4.717%, 7/23/26 | 316 | 313 |
| &nbsp;&nbsp;<sup>a</sup>8644372.SQ.FTS.B, 4.717%, 7/23/26 | 621 | 617 |
| &nbsp;&nbsp;<sup>a</sup>8644899.SQ.FTS.B, 4.717%, 7/23/26 | 11131 | 11038 |
| &nbsp;&nbsp;<sup>a</sup>8644830.SQ.FTS.B, 4.722%, 7/23/26 | 2446 | 2331 |
| &nbsp;&nbsp;<sup>a</sup>8646097.SQ.FTS.B, 5.6%, 7/23/26 | 4544 | 3573 |
| &nbsp;&nbsp;<sup>a</sup>8642969.SQ.FTS.B, 6.101%, 7/23/26 | 10087 | 8737 |
| &nbsp;&nbsp;<sup>a</sup>8645706.SQ.FTS.B, 6.453%, 7/23/26 | 952 | 162 |
| &nbsp;&nbsp;<sup>a</sup>8650179.SQ.FTS.B, 4.715%, 7/24/26 | 3509 | 2678 |
| &nbsp;&nbsp;<sup>a</sup>8648277.SQ.FTS.B, 4.717%, 7/24/26 | 23576 | 23204 |
| &nbsp;&nbsp;<sup>a</sup>8649701.SQ.FTS.B, 4.719%, 7/24/26 | 4729 | 4269 |
| &nbsp;&nbsp;<sup>a</sup>8647888.SQ.FTS.B, 4.722%, 7/24/26 | 48 | 48 |
| &nbsp;&nbsp;<sup>a</sup>8647688.SQ.FTS.B, 4.939%, 7/24/26 | 729 | 344 |
| &nbsp;&nbsp;<sup>a</sup>8649808.SQ.FTS.B, 5.031%, 7/24/26 | 5579 | 4735 |
| &nbsp;&nbsp;<sup>a</sup>8649863.SQ.FTS.B, 5.041%, 7/24/26 | 1548 | 484 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8648035.SQ.FTS.B, 5.61%, 7/24/26 | $1429 | $1133 |
| <sup><sup>a,b</sup></sup>8649905.SQ.FTS.B, 6.292%, 7/24/26 | 4379 | 49 |
| &nbsp;&nbsp;<sup>a</sup>8648257.SQ.FTS.B, 6.453%, 7/24/26 | 14 | 13 |
| &nbsp;&nbsp;<sup>a</sup>8650790.SQ.FTS.B, 4.717%, 7/25/26 | 3442 | 3400 |
| &nbsp;&nbsp;<sup>a</sup>8651192.SQ.FTS.B, 4.717%, 7/25/26 | 1797 | 1779 |
| &nbsp;&nbsp;<sup>a</sup>8651531.SQ.FTS.B, 4.717%, 7/25/26 | 255 | 253 |
| &nbsp;&nbsp;<sup>a</sup>8651338.SQ.FTS.B, 5.031%, 7/25/26 | 3665 | 2460 |
| &nbsp;&nbsp;<sup>a</sup>8651551.SQ.FTS.B, 6.278%, 7/25/26 | 376 | 292 |
| &nbsp;&nbsp;<sup>a</sup>8652172.SQ.FTS.B, 5.6%, 7/26/26 | 4390 | 3506 |
| <sup><sup>a,b</sup></sup>8652048.SQ.FTS.B, 6.095%, 7/26/26 | 4708 | 88 |
| <sup><sup>a,b</sup></sup>8651944.SQ.FTS.B, 6.45%, 7/26/26 | 4157 | 78 |
| &nbsp;&nbsp;<sup>a</sup>8653722.SQ.FTS.B, 4.716%, 7/27/26 | 1728 | 1702 |
| &nbsp;&nbsp;<sup>a</sup>8654222.SQ.FTS.B, 5.031%, 7/27/26 | 6651 | 3591 |
| &nbsp;&nbsp;<sup>a</sup>8653123.SQ.FTS.B, 6.44%, 7/27/26 | 101 | 92 |
| &nbsp;&nbsp;<sup>a</sup>8659090.SQ.FTS.B, 4.717%, 7/28/26 | 6259 | 6079 |
| &nbsp;&nbsp;<sup>a</sup>8660345.SQ.FTS.B, 4.718%, 7/28/26 | 5022 | 4928 |
| &nbsp;&nbsp;<sup>a</sup>8661885.SQ.FTS.B, 4.731%, 7/28/26 | 335 | 332 |
| &nbsp;&nbsp;<sup>a</sup>8659511.SQ.FTS.B, 5.345%, 7/28/26 | 896 | 877 |
| &nbsp;&nbsp;<sup>a</sup>8661652.SQ.FTS.B, 5.348%, 7/28/26 | 2181 | 2005 |
| <sup><sup>a,b</sup></sup>8661317.SQ.FTS.B, 5.35%, 7/28/26 | 4850 | 97 |
| &nbsp;&nbsp;<sup>a</sup>8667081.SQ.FTS.B, 4.716%, 7/29/26 | 7505 | 5586 |
| &nbsp;&nbsp;<sup>a</sup>8666292.SQ.FTS.B, 4.717%, 7/29/26 | 6765 | 6647 |
| &nbsp;&nbsp;<sup>a</sup>8665342.SQ.FTS.B, 5.031%, 7/29/26 | 16285 | 12525 |
| &nbsp;&nbsp;<sup>a</sup>8666939.SQ.FTS.B, 5.346%, 7/29/26 | 5853 | 3688 |
| &nbsp;&nbsp;<sup>a</sup>8662262.SQ.FTS.B, 5.912%, 7/29/26 | 4835 | 3153 |
| &nbsp;&nbsp;<sup>a</sup>8662533.SQ.FTS.B, 6.101%, 7/29/26 | 15856 | 7513 |
| &nbsp;&nbsp;<sup>a</sup>8662222.SQ.FTS.B, 6.114%, 7/29/26 | 222 | 210 |
| &nbsp;&nbsp;<sup>a</sup>8666605.SQ.FTS.B, 6.447%, 7/29/26 | 1080 | 570 |
| &nbsp;&nbsp;<sup>a</sup>8662960.SQ.FTS.B, 6.452%, 7/29/26 | 961 | 540 |
| &nbsp;&nbsp;<sup>a</sup>8662511.SQ.FTS.B, 6.461%, 7/29/26 | 476 | 379 |
| &nbsp;&nbsp;<sup>a</sup>8674072.SQ.FTS.B, 4.717%, 7/30/26 | 13670 | 10697 |
| <sup><sup>a,b</sup></sup>8672633.SQ.FTS.B, 4.923%, 7/30/26 | 697 | 9 |
| &nbsp;&nbsp;<sup>a</sup>8673724.SQ.FTS.B, 5.336%, 7/30/26 | 130 | 128 |
| &nbsp;&nbsp;<sup>a</sup>8674644.SQ.FTS.B, 5.338%, 7/30/26 | 2696 | 1694 |
| &nbsp;&nbsp;<sup>a</sup>8673307.SQ.FTS.B, 5.595%, 7/30/26 | 1530 | 1384 |
| &nbsp;&nbsp;<sup>a</sup>8672694.SQ.FTS.B, 6.102%, 7/30/26 | 4574 | 3935 |
| &nbsp;&nbsp;<sup>a</sup>8677765.SQ.FTS.B, 4.717%, 7/31/26 | 8771 | 8038 |
| &nbsp;&nbsp;<sup>a</sup>8678042.SQ.FTS.B, 4.717%, 7/31/26 | 9929 | 7196 |
| &nbsp;&nbsp;<sup>a</sup>8679727.SQ.FTS.B, 4.72%, 7/31/26 | 1862 | 1802 |
| &nbsp;&nbsp;<sup>a</sup>8678369.SQ.FTS.B, 4.721%, 7/31/26 | 565 | 562 |
| &nbsp;&nbsp;<sup>a</sup>8677332.SQ.FTS.B, 5.593%, 7/31/26 | 1673 | 1492 |
| <sup><sup>a,b</sup></sup>8675880.SQ.FTS.B, 6.443%, 7/31/26 | 1484 | 823 |
| <sup><sup>a,b</sup></sup>8677487.SQ.FTS.B, 6.448%, 7/31/26 | 28028 | 212 |
| &nbsp;&nbsp;<sup>a</sup>8680154.SQ.FTS.B, 4.717%, 8/01/26 | 6009 | 5337 |
| &nbsp;&nbsp;<sup>a</sup>8680779.SQ.FTS.B, 4.719%, 8/01/26 | 5784 | 5483 |
| &nbsp;&nbsp;<sup>a</sup>8680592.SQ.FTS.B, 5.351%, 8/01/26 | 4948 | 2880 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 43

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8680760.SQ.FTS.B, 5.616%, 8/01/26 | $878 | $475 |
| &nbsp;&nbsp;<sup>a</sup>8681652.SQ.FTS.B, 5.592%, 8/02/26 | 1448 | 1342 |
| &nbsp;&nbsp;<sup>a</sup>8681754.SQ.FTS.B, 6.101%, 8/02/26 | 1095 | 735 |
| &nbsp;&nbsp;<sup>a</sup>8681406.SQ.FTS.B, 6.449%, 8/02/26 | 1012 | 865 |
| &nbsp;&nbsp;<sup>a</sup>8681518.SQ.FTS.B, 6.453%, 8/02/26 | 2579 | 1842 |
| &nbsp;&nbsp;<sup>a</sup>8687028.SQ.FTS.B, 4.715%, 8/03/26 | 2046 | 2018 |
| &nbsp;&nbsp;<sup>a</sup>8684714.SQ.FTS.B, 4.717%, 8/03/26 | 8970 | 8499 |
| &nbsp;&nbsp;<sup>a</sup>8686777.SQ.FTS.B, 4.717%, 8/03/26 | 4812 | 4283 |
| &nbsp;&nbsp;<sup>a</sup>8687207.SQ.FTS.B, 4.718%, 8/03/26 | 13708 | 13430 |
| &nbsp;&nbsp;<sup>a</sup>8684467.SQ.FTS.B, 4.719%, 8/03/26 | 6529 | 5888 |
| &nbsp;&nbsp;<sup>a</sup>8686662.SQ.FTS.B, 4.719%, 8/03/26 | 1684 | 1636 |
| <sup><sup>a,b</sup></sup>8686960.SQ.FTS.B, 5.031%, 8/03/26 | 6243 | 109 |
| &nbsp;&nbsp;<sup>a</sup>8686623.SQ.FTS.B, 5.346%, 8/03/26 | 22 | 22 |
| &nbsp;&nbsp;<sup>a</sup>8685570.SQ.FTS.B, 5.591%, 8/03/26 | 1725 | 1040 |
| <sup><sup>a,b</sup></sup>8686239.SQ.FTS.B, 5.914%, 8/03/26 | 10192 | 185 |
| &nbsp;&nbsp;<sup>a</sup>8687166.SQ.FTS.B, 6.444%, 8/03/26 | 1837 | 1332 |
| &nbsp;&nbsp;<sup>a</sup>8690907.SQ.FTS.B, 4.71%, 8/04/26 | 274 | 272 |
| &nbsp;&nbsp;<sup>a</sup>8691610.SQ.FTS.B, 4.71%, 8/04/26 | 413 | 410 |
| &nbsp;&nbsp;<sup>a</sup>8691436.SQ.FTS.B, 4.715%, 8/04/26 | 3389 | 1633 |
| &nbsp;&nbsp;<sup>a</sup>8690167.SQ.FTS.B, 4.72%, 8/04/26 | 1372 | 1319 |
| <sup><sup>a,b</sup></sup>8691252.SQ.FTS.B, 4.934%, 8/04/26 | 593 | 455 |
| &nbsp;&nbsp;<sup>a</sup>8692292.SQ.FTS.B, 5.031%, 8/04/26 | 5795 | 5478 |
| <sup><sup>a,b</sup></sup>8687514.SQ.FTS.B, 5.348%, 8/04/26 | 12872 | 7131 |
| &nbsp;&nbsp;<sup>a</sup>8692856.SQ.FTS.B, 6.445%, 8/04/26 | 4921 | 2602 |
| &nbsp;&nbsp;<sup>a</sup>8690231.SQ.FTS.B, 6.45%, 8/04/26 | 5060 | 3146 |
| <sup><sup>a,b</sup></sup>8691057.SQ.FTS.B, 6.451%, 8/04/26 | 1988 | 20 |
| &nbsp;&nbsp;<sup>a</sup>8697049.SQ.FTS.B, 4.721%, 8/05/26 | 1692 | 1613 |
| &nbsp;&nbsp;<sup>a</sup>8694682.SQ.FTS.B, 4.722%, 8/05/26 | 2898 | 2557 |
| &nbsp;&nbsp;<sup>a</sup>8697206.SQ.FTS.B, 5.341%, 8/05/26 | 2173 | 1639 |
| &nbsp;&nbsp;<sup>a</sup>8695717.SQ.FTS.B, 6.095%, 8/05/26 | 2865 | 1518 |
| &nbsp;&nbsp;<sup>a</sup>8695674.SQ.FTS.B, 6.289%, 8/05/26 | 1157 | 1004 |
| &nbsp;&nbsp;<sup>a</sup>8698352.SQ.FTS.B, 6.439%, 8/05/26 | 669 | 412 |
| &nbsp;&nbsp;<sup>a</sup>8704881.SQ.FTS.B, 4.718%, 8/06/26 | 488 | 484 |
| &nbsp;&nbsp;<sup>a</sup>8701599.SQ.FTS.B, 5.346%, 8/06/26 | 1753 | 1731 |
| &nbsp;&nbsp;<sup>a</sup>8701522.SQ.FTS.B, 5.596%, 8/06/26 | 1618 | 1482 |
| &nbsp;&nbsp;<sup>a</sup>8705703.SQ.FTS.B, 6.116%, 8/06/26 | 302 | 281 |
| &nbsp;&nbsp;<sup>a</sup>8701858.SQ.FTS.B, 6.294%, 8/06/26 | 1387 | 733 |
| &nbsp;&nbsp;<sup>a</sup>8710592.SQ.FTS.B, 5.027%, 8/07/26 | 1722 | 1064 |
| &nbsp;&nbsp;<sup>a</sup>8709740.SQ.FTS.B, 5.347%, 8/07/26 | 681 | 661 |
| &nbsp;&nbsp;<sup>a</sup>8709944.SQ.FTS.B, 6.092%, 8/07/26 | 1734 | 1382 |
| &nbsp;&nbsp;<sup>a</sup>8709725.SQ.FTS.B, 6.442%, 8/07/26 | 443 | 404 |
| &nbsp;&nbsp;<sup>a</sup>8706498.SQ.FTS.B, 6.447%, 8/07/26 | 77 | 74 |
| &nbsp;&nbsp;<sup>a</sup>8711741.SQ.FTS.B, 4.717%, 8/08/26 | 2301 | 2234 |
| &nbsp;&nbsp;<sup>a</sup>8711403.SQ.FTS.B, 4.719%, 8/08/26 | 393 | 391 |
| &nbsp;&nbsp;<sup>a</sup>8711263.SQ.FTS.B, 5.596%, 8/08/26 | 1226 | 1180 |
| &nbsp;&nbsp;<sup>a</sup>8711222.SQ.FTS.B, 6.448%, 8/08/26 | 879 | 813 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8711907.SQ.FTS.B, 4.721%, 8/09/26 | $3225 | $3046 |
| &nbsp;&nbsp;<sup>a</sup>8712295.SQ.FTS.B, 5.031%, 8/09/26 | 5916 | 2076 |
| &nbsp;&nbsp;<sup>a</sup>8712421.SQ.FTS.B, 5.586%, 8/09/26 | 768 | 374 |
| &nbsp;&nbsp;<sup>a</sup>8712036.SQ.FTS.B, 5.899%, 8/09/26 | 892 | 255 |
| &nbsp;&nbsp;<sup>a</sup>8716618.SQ.FTS.B, 4.717%, 8/10/26 | 49 | 49 |
| &nbsp;&nbsp;<sup>a</sup>8714669.SQ.FTS.B, 4.721%, 8/10/26 | 169 | 169 |
| &nbsp;&nbsp;<sup>a</sup>8715534.SQ.FTS.B, 5.351%, 8/10/26 | 1647 | 1551 |
| &nbsp;&nbsp;<sup>a</sup>8714584.SQ.FTS.B, 6.099%, 8/10/26 | 823 | 611 |
| <sup><sup>a,b</sup></sup>8716827.SQ.FTS.B, 6.104%, 8/10/26 | 2119 | 49 |
| &nbsp;&nbsp;<sup>a</sup>8713729.SQ.FTS.B, 6.105%, 8/10/26 | 1005 | 737 |
| &nbsp;&nbsp;<sup>a</sup>8717411.SQ.FTS.B, 6.439%, 8/10/26 | 972 | 755 |
| &nbsp;&nbsp;<sup>a</sup>8716970.SQ.FTS.B, 6.45%, 8/10/26 | 3521 | 1864 |
| &nbsp;&nbsp;<sup>a</sup>8720068.SQ.FTS.B, 5.911%, 8/11/26 | 31238 | 21286 |
| &nbsp;&nbsp;<sup>a</sup>8720674.SQ.FTS.B, 5.915%, 8/11/26 | 86 | 84 |
| &nbsp;&nbsp;<sup>a</sup>8721995.SQ.FTS.B, 6.113%, 8/11/26 | 565 | 538 |
| &nbsp;&nbsp;<sup>a</sup>8722961.SQ.FTS.B, 4.712%, 8/12/26 | 1667 | 1597 |
| &nbsp;&nbsp;<sup>a</sup>8724926.SQ.FTS.B, 5.031%, 8/12/26 | 596 | 591 |
| &nbsp;&nbsp;<sup>a</sup>8725236.SQ.FTS.B, 5.031%, 8/12/26 | 3093 | 2909 |
| &nbsp;&nbsp;<sup>a</sup>8722921.SQ.FTS.B, 5.66%, 8/12/26 | 454 | 287 |
| &nbsp;&nbsp;<sup>a</sup>8725200.SQ.FTS.B, 6.093%, 8/12/26 | 694 | 661 |
| &nbsp;&nbsp;<sup>a</sup>8723083.SQ.FTS.B, 6.101%, 8/12/26 | 16892 | 12262 |
| &nbsp;&nbsp;<sup>a</sup>8732659.SQ.FTS.B, 4.715%, 8/13/26 | 6383 | 4998 |
| &nbsp;&nbsp;<sup>a</sup>8731110.SQ.FTS.B, 4.717%, 8/13/26 | 2225 | 1650 |
| &nbsp;&nbsp;<sup>a</sup>8731893.SQ.FTS.B, 4.717%, 8/13/26 | 7702 | 7609 |
| &nbsp;&nbsp;<sup>a</sup>8732958.SQ.FTS.B, 4.717%, 8/13/26 | 5312 | 4295 |
| &nbsp;&nbsp;<sup>a</sup>8734256.SQ.FTS.B, 4.717%, 8/13/26 | 2167 | 2138 |
| &nbsp;&nbsp;<sup>a</sup>8731254.SQ.FTS.B, 5.031%, 8/13/26 | 1706 | 1462 |
| &nbsp;&nbsp;<sup>a</sup>8733116.SQ.FTS.B, 5.031%, 8/13/26 | 9757 | 9473 |
| &nbsp;&nbsp;<sup>a</sup>8734081.SQ.FTS.B, 5.344%, 8/13/26 | 3449 | 3204 |
| &nbsp;&nbsp;<sup>a</sup>8733763.SQ.FTS.B, 5.346%, 8/13/26 | 1938 | 1908 |
| &nbsp;&nbsp;<sup>a</sup>8734489.SQ.FTS.B, 5.598%, 8/13/26 | 2792 | 2483 |
| &nbsp;&nbsp;<sup>a</sup>8731659.SQ.FTS.B, 6.1%, 8/13/26 | 984 | 953 |
| <sup><sup>a,b</sup></sup>8735076.SQ.FTS.B, 6.103%, 8/13/26 | 1324 | 263 |
| &nbsp;&nbsp;<sup>a</sup>8732750.SQ.FTS.B, 6.105%, 8/13/26 | 123 | 120 |
| <sup><sup>a,b</sup></sup>8732814.SQ.FTS.B, 6.289%, 8/13/26 | 2158 | 25 |
| <sup><sup>a,b</sup></sup>8731734.SQ.FTS.B, 6.449%, 8/13/26 | 1315 | 878 |
| &nbsp;&nbsp;<sup>a</sup>8738820.SQ.FTS.B, 4.717%, 8/14/26 | 7868 | 7818 |
| <sup><sup>a,b</sup></sup>8738044.SQ.FTS.B, 5.031%, 8/14/26 | 12511 | 158 |
| &nbsp;&nbsp;<sup>a</sup>8736986.SQ.FTS.B, 5.349%, 8/14/26 | 6255 | 4610 |
| &nbsp;&nbsp;<sup>a</sup>8737181.SQ.FTS.B, 5.597%, 8/14/26 | 18986 | 18437 |
| &nbsp;&nbsp;<sup>a</sup>8738355.SQ.FTS.B, 5.927%, 8/14/26 | 396 | 369 |
| &nbsp;&nbsp;<sup>a</sup>8736721.SQ.FTS.B, 6.102%, 8/14/26 | 1751 | 1652 |
| &nbsp;&nbsp;<sup>a</sup>8739830.SQ.FTS.B, 5.63%, 8/15/26 | 1664 | 236 |
| <sup><sup>a,b</sup></sup>8740604.SQ.FTS.B, 4.715%, 8/16/26 | 6686 | 73 |
| &nbsp;&nbsp;<sup>a</sup>8740321.SQ.FTS.B, 6.289%, 8/16/26 | 3354 | 2320 |
| &nbsp;&nbsp;<sup>a</sup>8740298.SQ.FTS.B, 6.304%, 8/16/26 | 205 | 174 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup><sup>a,b</sup></sup>8741770.SQ.FTS.B, 5.031%, 8/17/26 | $5154 | $115 |
| &nbsp;&nbsp;<sup>a</sup>8740836.SQ.FTS.B, 5.345%, 8/17/26 | 2909 | 2808 |
| &nbsp;&nbsp;<sup>a</sup>8741383.SQ.FTS.B, 5.596%, 8/17/26 | 1933 | 1906 |
| &nbsp;&nbsp;<sup>a</sup>8744604.SQ.FTS.B, 5.912%, 8/18/26 | 3023 | 2881 |
| <sup><sup>a,b</sup></sup>8746269.SQ.FTS.B, 6.101%, 8/18/26 | 1127 | 14 |
| &nbsp;&nbsp;<sup>a</sup>8743880.SQ.FTS.B, 6.105%, 8/18/26 | 1677 | 1549 |
| &nbsp;&nbsp;<sup>a</sup>8744514.SQ.FTS.B, 6.122%, 8/18/26 | 749 | 347 |
| <sup><sup>a,b</sup></sup>8745954.SQ.FTS.B, 6.447%, 8/18/26 | 3811 | 91 |
| &nbsp;&nbsp;<sup>a</sup>8749050.SQ.FTS.B, 4.717%, 8/19/26 | 21742 | 16526 |
| &nbsp;&nbsp;<sup>a</sup>8750220.SQ.FTS.B, 5.031%, 8/19/26 | 802 | 796 |
| &nbsp;&nbsp;<sup>a</sup>8748544.SQ.FTS.B, 5.598%, 8/19/26 | 1725 | 1608 |
| <sup><sup>a,b</sup></sup>8748662.SQ.FTS.B, 5.912%, 8/19/26 | 54327 | 859 |
| &nbsp;&nbsp;<sup>a</sup>8748330.SQ.FTS.B, 6.11%, 8/19/26 | 918 | 500 |
| &nbsp;&nbsp;<sup>a</sup>8747688.SQ.FTS.B, 6.447%, 8/19/26 | 5028 | 2307 |
| <sup><sup>a,b</sup></sup>8750040.SQ.FTS.B, 6.451%, 8/19/26 | 1394 | 21 |
| &nbsp;&nbsp;<sup>a</sup>8753305.SQ.FTS.B, 6.098%, 8/20/26 | 216 | 210 |
| &nbsp;&nbsp;<sup>a</sup>8758803.SQ.FTS.B, 4.71%, 8/21/26 | 1080 | 1059 |
| &nbsp;&nbsp;<sup>a</sup>8757740.SQ.FTS.B, 4.717%, 8/21/26 | 585 | 581 |
| &nbsp;&nbsp;<sup>a</sup>8757806.SQ.FTS.B, 4.717%, 8/21/26 | 5737 | 5626 |
| &nbsp;&nbsp;<sup>a</sup>8758856.SQ.FTS.B, 4.717%, 8/21/26 | 26128 | 25707 |
| &nbsp;&nbsp;<sup>a</sup>8760663.SQ.FTS.B, 5.341%, 8/21/26 | 1961 | 1691 |
| &nbsp;&nbsp;<sup>a</sup>8757068.SQ.FTS.B, 5.597%, 8/21/26 | 689 | 675 |
| &nbsp;&nbsp;<sup>a</sup>8761140.SQ.FTS.B, 4.729%, 8/22/26 | 413 | 410 |
| <sup><sup>a,b</sup></sup>8761597.SQ.FTS.B, 4.931%, 8/22/26 | 2846 | 17 |
| &nbsp;&nbsp;<sup>a</sup>8761244.SQ.FTS.B, 5.625%, 8/22/26 | 698 | 486 |
| <sup><sup>a,b</sup></sup>8761792.SQ.FTS.B, 6.449%, 8/22/26 | 6259 | 66 |
| &nbsp;&nbsp;<sup>a</sup>8762803.SQ.FTS.B, 4.719%, 8/23/26 | 2125 | 2084 |
| &nbsp;&nbsp;<sup>a</sup>8762304.SQ.FTS.B, 5.031%, 8/23/26 | 2537 | 2505 |
| &nbsp;&nbsp;<sup>a</sup>8762394.SQ.FTS.B, 5.031%, 8/23/26 | 2356 | 2321 |
| &nbsp;&nbsp;<sup>a</sup>8762539.SQ.FTS.B, 5.041%, 8/23/26 | 932 | 848 |
| &nbsp;&nbsp;<sup>a</sup>8762704.SQ.FTS.B, 5.34%, 8/23/26 | 1519 | 1013 |
| &nbsp;&nbsp;<sup>a</sup>8762480.SQ.FTS.B, 5.343%, 8/23/26 | 2321 | 2086 |
| <sup><sup>a,b</sup></sup>8762072.SQ.FTS.B, 6.448%, 8/23/26 | 12462 | 154 |
| &nbsp;&nbsp;<sup>a</sup>8767360.SQ.FTS.B, 4.717%, 8/24/26 | 34175 | 27999 |
| &nbsp;&nbsp;<sup>a</sup>8766354.SQ.FTS.B, 4.718%, 8/24/26 | 7630 | 7522 |
| &nbsp;&nbsp;<sup>a</sup>8765158.SQ.FTS.B, 4.721%, 8/24/26 | 1357 | 1307 |
| &nbsp;&nbsp;<sup>a</sup>8765466.SQ.FTS.B, 4.73%, 8/24/26 | 1319 | 1218 |
| &nbsp;&nbsp;<sup>a</sup>8765282.SQ.FTS.B, 4.929%, 8/24/26 | 2213 | 409 |
| &nbsp;&nbsp;<sup>a</sup>8765325.SQ.FTS.B, 6.439%, 8/24/26 | 925 | 827 |
| <sup><sup>a,b</sup></sup>8764323.SQ.FTS.B, 6.446%, 8/24/26 | 7381 | 1591 |
| &nbsp;&nbsp;<sup>a</sup>8770518.SQ.FTS.B, 4.713%, 8/25/26 | 1375 | 1339 |
| &nbsp;&nbsp;<sup>a</sup>8770644.SQ.FTS.B, 4.717%, 8/25/26 | 1789 | 1766 |
| &nbsp;&nbsp;<sup>a</sup>8770437.SQ.FTS.B, 4.719%, 8/25/26 | 7781 | 6418 |
| <sup><sup>a,b</sup></sup>8770401.SQ.FTS.B, 4.939%, 8/25/26 | 1638 | 23 |
| <sup><sup>a,b</sup></sup>8771824.SQ.FTS.B, 5.356%, 8/25/26 | 1314 | 28 |
| &nbsp;&nbsp;<sup>a</sup>8770705.SQ.FTS.B, 6.102%, 8/25/26 | 6928 | 6245 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8776086.SQ.FTS.B, 4.717%, 8/26/26 | $1592 | $1585 |
| &nbsp;&nbsp;<sup>a</sup>8775795.SQ.FTS.B, 5.909%, 8/26/26 | 5807 | 3770 |
| &nbsp;&nbsp;<sup>a</sup>8775938.SQ.FTS.B, 6.096%, 8/26/26 | 846 | 789 |
| <sup><sup>a,b</sup></sup>8773519.SQ.FTS.B, 6.289%, 8/26/26 | 12595 | 258 |
| &nbsp;&nbsp;<sup>a</sup>8775508.SQ.FTS.B, 6.454%, 8/26/26 | 2460 | 1552 |
| &nbsp;&nbsp;<sup>a</sup>8779876.SQ.FTS.B, 4.715%, 8/27/26 | 1447 | 1433 |
| &nbsp;&nbsp;<sup>a</sup>8780880.SQ.FTS.B, 4.717%, 8/27/26 | 6991 | 5264 |
| &nbsp;&nbsp;<sup>a</sup>8782555.SQ.FTS.B, 4.72%, 8/27/26 | 5447 | 4920 |
| &nbsp;&nbsp;<sup>a</sup>8779842.SQ.FTS.B, 5.031%, 8/27/26 | 896 | 786 |
| &nbsp;&nbsp;<sup>a</sup>8780769.SQ.FTS.B, 5.34%, 8/27/26 | 1116 | 1080 |
| &nbsp;&nbsp;<sup>a</sup>8783807.SQ.FTS.B, 5.595%, 8/27/26 | 3521 | 1852 |
| &nbsp;&nbsp;<sup>a</sup>8780857.SQ.FTS.B, 6.267%, 8/27/26 | 497 | 359 |
| &nbsp;&nbsp;<sup>a</sup>8782013.SQ.FTS.B, 6.446%, 8/27/26 | 25994 | 13888 |
| &nbsp;&nbsp;<sup>a</sup>8784012.SQ.FTS.B, 4.717%, 8/28/26 | 4108 | 4080 |
| &nbsp;&nbsp;<sup>a</sup>8787368.SQ.FTS.B, 4.717%, 8/28/26 | 9097 | 8876 |
| &nbsp;&nbsp;<sup>a</sup>8786772.SQ.FTS.B, 4.721%, 8/28/26 | 1399 | 1387 |
| &nbsp;&nbsp;<sup>a</sup>8786350.SQ.FTS.B, 4.728%, 8/28/26 | 1093 | 1043 |
| &nbsp;&nbsp;<sup>a</sup>8787750.SQ.FTS.B, 4.738%, 8/28/26 | 558 | 530 |
| &nbsp;&nbsp;<sup>a</sup>8785078.SQ.FTS.B, 5.917%, 8/28/26 | 992 | 977 |
| <sup><sup>a,b</sup></sup>8788129.SQ.FTS.B, 6.297%, 8/28/26 | 2306 | 28 |
| &nbsp;&nbsp;<sup>a</sup>8786823.SQ.FTS.B, 6.447%, 8/28/26 | 3492 | 2450 |
| &nbsp;&nbsp;<sup>a</sup>8789222.SQ.FTS.B, 4.717%, 9/01/26 | 797 | 725 |
| &nbsp;&nbsp;<sup>a</sup>8789475.SQ.FTS.B, 4.717%, 9/01/26 | 1519 | 1500 |
| &nbsp;&nbsp;<sup>a</sup>8789135.SQ.FTS.B, 5.344%, 9/01/26 | 1625 | 1604 |
| &nbsp;&nbsp;<sup>a</sup>8789114.SQ.FTS.B, 5.597%, 9/01/26 | 1834 | 1542 |
| &nbsp;&nbsp;<sup>a</sup>8789863.SQ.FTS.B, 5.598%, 9/01/26 | 2712 | 2588 |
| <sup><sup>a,b</sup></sup>8789760.SQ.FTS.B, 6.094%, 9/01/26 | 4612 | 692 |
| &nbsp;&nbsp;<sup>a</sup>8789620.SQ.FTS.B, 6.447%, 9/01/26 | 1458 | 952 |
| &nbsp;&nbsp;<sup>a</sup>8790416.SQ.FTS.B, 4.719%, 9/02/26 | 5153 | 5039 |
| &nbsp;&nbsp;<sup>a</sup>8790172.SQ.FTS.B, 4.722%, 9/02/26 | 1008 | 991 |
| &nbsp;&nbsp;<sup>a</sup>8792148.SQ.FTS.B, 4.712%, 9/03/26 | 2002 | 1946 |
| &nbsp;&nbsp;<sup>a</sup>8792270.SQ.FTS.B, 4.715%, 9/03/26 | 2427 | 2379 |
| &nbsp;&nbsp;<sup>a</sup>8794915.SQ.FTS.B, 4.738%, 9/03/26 | 504 | 491 |
| <sup><sup>a,b</sup></sup>8793066.SQ.FTS.B, 4.937%, 9/03/26 | 2425 | 17 |
| <sup><sup>a,b</sup></sup>8790902.SQ.FTS.B, 5.344%, 9/03/26 | 4260 | 3396 |
| &nbsp;&nbsp;<sup>a</sup>8792017.SQ.FTS.B, 5.597%, 9/03/26 | 2942 | 1975 |
| &nbsp;&nbsp;<sup>a</sup>8793458.SQ.FTS.B, 5.597%, 9/03/26 | 29386 | 21093 |
| &nbsp;&nbsp;<sup>a</sup>8794375.SQ.FTS.B, 5.598%, 9/03/26 | 1525 | 1488 |
| &nbsp;&nbsp;<sup>a</sup>8794817.SQ.FTS.B, 5.914%, 9/03/26 | 41 | 40 |
| &nbsp;&nbsp;<sup>a</sup>8793999.SQ.FTS.B, 6.46%, 9/03/26 | 1362 | 927 |
| &nbsp;&nbsp;<sup>a</sup>8798801.SQ.FTS.B, 4.717%, 9/04/26 | 4398 | 4343 |
| &nbsp;&nbsp;<sup>a</sup>8798733.SQ.FTS.B, 4.719%, 9/04/26 | 1000 | 992 |
| &nbsp;&nbsp;<sup>a</sup>8796898.SQ.FTS.B, 4.721%, 9/04/26 | 1682 | 1665 |
| &nbsp;&nbsp;<sup>a</sup>8795518.SQ.FTS.B, 4.727%, 9/04/26 | 463 | 460 |
| &nbsp;&nbsp;<sup>a</sup>8798958.SQ.FTS.B, 5.031%, 9/04/26 | 1184 | 1025 |
| &nbsp;&nbsp;<sup>a</sup>8799475.SQ.FTS.B, 5.031%, 9/04/26 | 1725 | 1693 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 45

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8795948.SQ.FTS.B, 5.346%, 9/04/26 | $7191 | $7140 |
| &nbsp;&nbsp;<sup>a</sup>8798784.SQ.FTS.B, 5.347%, 9/04/26 | 1697 | 378 |
| &nbsp;&nbsp;<sup>a</sup>8799069.SQ.FTS.B, 5.902%, 9/04/26 | 763 | 723 |
| <sup><sup>a,b</sup></sup>8797767.SQ.FTS.B, 6.443%, 9/04/26 | 4879 | 90 |
| <sup><sup>a,b</sup></sup>8796879.SQ.FTS.B, 6.447%, 9/04/26 | 686 | 334 |
| &nbsp;&nbsp;<sup>a</sup>8795309.SQ.FTS.B, 6.448%, 9/04/26 | 8586 | 7914 |
| &nbsp;&nbsp;<sup>a</sup>8799168.SQ.FTS.B, 6.453%, 9/04/26 | 1887 | 989 |
| &nbsp;&nbsp;<sup>a</sup>8797037.SQ.FTS.B, 6.464%, 9/04/26 | 298 | 283 |
| &nbsp;&nbsp;<sup>a</sup>8803128.SQ.FTS.B, 4.717%, 9/05/26 | 15340 | 15138 |
| &nbsp;&nbsp;<sup>a</sup>8803601.SQ.FTS.B, 5.031%, 9/05/26 | 6705 | 6118 |
| &nbsp;&nbsp;<sup>a</sup>8801426.SQ.FTS.B, 5.346%, 9/05/26 | 5339 | 4420 |
| &nbsp;&nbsp;<sup>a</sup>8800369.SQ.FTS.B, 6.455%, 9/05/26 | 267 | 255 |
| &nbsp;&nbsp;<sup>a</sup>8808087.SQ.FTS.B, 4.715%, 9/06/26 | 991 | 976 |
| &nbsp;&nbsp;<sup>a</sup>8809654.SQ.FTS.B, 4.715%, 9/06/26 | 5633 | 4561 |
| &nbsp;&nbsp;<sup>a</sup>8807369.SQ.FTS.B, 4.717%, 9/06/26 | 22289 | 15110 |
| &nbsp;&nbsp;<sup>a</sup>8808137.SQ.FTS.B, 5.031%, 9/06/26 | 3562 | 3422 |
| &nbsp;&nbsp;<sup>a</sup>8809923.SQ.FTS.B, 5.031%, 9/06/26 | 9888 | 5474 |
| &nbsp;&nbsp;<sup>a</sup>8806314.SQ.FTS.B, 5.349%, 9/06/26 | 4449 | 2351 |
| &nbsp;&nbsp;<sup>a</sup>8813727.SQ.FTS.B, 4.712%, 9/07/26 | 2196 | 2119 |
| &nbsp;&nbsp;<sup>a</sup>8813315.SQ.FTS.B, 4.715%, 9/07/26 | 1001 | 984 |
| &nbsp;&nbsp;<sup>a</sup>8813836.SQ.FTS.B, 4.715%, 9/07/26 | 1875 | 1855 |
| &nbsp;&nbsp;<sup>a</sup>8813473.SQ.FTS.B, 4.716%, 9/07/26 | 2224 | 2132 |
| &nbsp;&nbsp;<sup>a</sup>8812752.SQ.FTS.B, 4.717%, 9/07/26 | 3422 | 3371 |
| &nbsp;&nbsp;<sup>a</sup>8814270.SQ.FTS.B, 4.717%, 9/07/26 | 16484 | 16317 |
| &nbsp;&nbsp;<sup>a</sup>8812085.SQ.FTS.B, 4.719%, 9/07/26 | 2702 | 2627 |
| &nbsp;&nbsp;<sup>a</sup>8812972.SQ.FTS.B, 4.719%, 9/07/26 | 491 | 486 |
| &nbsp;&nbsp;<sup>a</sup>8813523.SQ.FTS.B, 4.721%, 9/07/26 | 1831 | 1808 |
| &nbsp;&nbsp;<sup>a</sup>8813216.SQ.FTS.B, 4.723%, 9/07/26 | 2404 | 2231 |
| &nbsp;&nbsp;<sup>a</sup>8813810.SQ.FTS.B, 5.338%, 9/07/26 | 630 | 589 |
| &nbsp;&nbsp;<sup>a</sup>8813693.SQ.FTS.B, 5.922%, 9/07/26 | 862 | 790 |
| &nbsp;&nbsp;<sup>a</sup>8815588.SQ.FTS.B, 4.717%, 9/08/26 | 1122 | 1099 |
| &nbsp;&nbsp;<sup>a</sup>8816075.SQ.FTS.B, 4.711%, 9/09/26 | 2165 | 1743 |
| &nbsp;&nbsp;<sup>a</sup>8815640.SQ.FTS.B, 4.716%, 9/09/26 | 1464 | 1433 |
| &nbsp;&nbsp;<sup>a</sup>8816131.SQ.FTS.B, 4.717%, 9/09/26 | 9566 | 8489 |
| &nbsp;&nbsp;<sup>a</sup>8816272.SQ.FTS.B, 5.031%, 9/09/26 | 7959 | 7593 |
| &nbsp;&nbsp;<sup>a</sup>8817238.SQ.FTS.B, 4.713%, 9/10/26 | 2007 | 1965 |
| &nbsp;&nbsp;<sup>a</sup>8817729.SQ.FTS.B, 4.715%, 9/10/26 | 1683 | 1669 |
| &nbsp;&nbsp;<sup>a</sup>8820101.SQ.FTS.B, 4.717%, 9/10/26 | 116 | 115 |
| &nbsp;&nbsp;<sup>a</sup>8817077.SQ.FTS.B, 4.728%, 9/10/26 | 1157 | 1104 |
| &nbsp;&nbsp;<sup>a</sup>8819236.SQ.FTS.B, 5.031%, 9/10/26 | 6049 | 5981 |
| &nbsp;&nbsp;<sup>a</sup>8820580.SQ.FTS.B, 5.597%, 9/10/26 | 4522 | 4296 |
| &nbsp;&nbsp;<sup>a</sup>8819206.SQ.FTS.B, 5.92%, 9/10/26 | 1351 | 701 |
| &nbsp;&nbsp;<sup>a</sup>8819233.SQ.FTS.B, 6.437%, 9/10/26 | 398 | 163 |
| &nbsp;&nbsp;<sup>a</sup>8820753.SQ.FTS.B, 6.452%, 9/10/26 | 406 | 364 |
| &nbsp;&nbsp;<sup>a</sup>8821540.SQ.FTS.B, 4.717%, 9/11/26 | 125 | 124 |
| &nbsp;&nbsp;<sup>a</sup>8823877.SQ.FTS.B, 4.717%, 9/11/26 | 1551 | 1544 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8823819.SQ.FTS.B, 4.72%, 9/11/26 | $3617 | $3531 |
| &nbsp;&nbsp;<sup>a</sup>8823792.SQ.FTS.B, 5.028%, 9/11/26 | 1513 | 1442 |
| &nbsp;&nbsp;<sup>a</sup>8823219.SQ.FTS.B, 5.031%, 9/11/26 | 3771 | 3745 |
| &nbsp;&nbsp;<sup>a</sup>8822677.SQ.FTS.B, 5.038%, 9/11/26 | 540 | 532 |
| &nbsp;&nbsp;<sup>a</sup>8822510.SQ.FTS.B, 6.471%, 9/11/26 | 32 | 31 |
| &nbsp;&nbsp;<sup>a</sup>8829260.SQ.FTS.B, 4.717%, 9/12/26 | 2738 | 2689 |
| &nbsp;&nbsp;<sup>a</sup>8828014.SQ.FTS.B, 5.031%, 9/12/26 | 3485 | 3058 |
| &nbsp;&nbsp;<sup>a</sup>8830058.SQ.FTS.B, 5.031%, 9/12/26 | 405 | 402 |
| &nbsp;&nbsp;<sup>a</sup>8825701.SQ.FTS.B, 5.35%, 9/12/26 | 4717 | 890 |
| &nbsp;&nbsp;<sup>a</sup>8828135.SQ.FTS.B, 5.358%, 9/12/26 | 1202 | 1023 |
| &nbsp;&nbsp;<sup>a</sup>8826143.SQ.FTS.B, 5.912%, 9/12/26 | 1367 | 1319 |
| &nbsp;&nbsp;<sup>a</sup>8838852.SQ.FTS.B, 4.715%, 9/13/26 | 2338 | 2295 |
| &nbsp;&nbsp;<sup>a</sup>8834664.SQ.FTS.B, 4.717%, 9/13/26 | 3811 | 3736 |
| &nbsp;&nbsp;<sup>a</sup>8836681.SQ.FTS.B, 4.717%, 9/13/26 | 4632 | 4520 |
| &nbsp;&nbsp;<sup>a</sup>8838966.SQ.FTS.B, 4.718%, 9/13/26 | 8133 | 5728 |
| &nbsp;&nbsp;<sup>a</sup>8835008.SQ.FTS.B, 4.721%, 9/13/26 | 1692 | 1672 |
| &nbsp;&nbsp;<sup>a</sup>8835526.SQ.FTS.B, 5.031%, 9/13/26 | 9565 | 9311 |
| &nbsp;&nbsp;<sup>a</sup>8837203.SQ.FTS.B, 5.031%, 9/13/26 | 7203 | 6096 |
| &nbsp;&nbsp;<sup>a</sup>8837752.SQ.FTS.B, 5.031%, 9/13/26 | 26816 | 25732 |
| <sup><sup>a,b</sup></sup>8836851.SQ.FTS.B, 5.912%, 9/13/26 | 24846 | 514 |
| &nbsp;&nbsp;<sup>a</sup>8839021.SQ.FTS.B, 6.447%, 9/13/26 | 42756 | 30919 |
| &nbsp;&nbsp;<sup>a</sup>8838919.SQ.FTS.B, 6.448%, 9/13/26 | 25 | 24 |
| &nbsp;&nbsp;<sup>a</sup>8842061.SQ.FTS.B, 4.715%, 9/14/26 | 3394 | 3311 |
| &nbsp;&nbsp;<sup>a</sup>8843092.SQ.FTS.B, 4.716%, 9/14/26 | 2159 | 1843 |
| &nbsp;&nbsp;<sup>a</sup>8841131.SQ.FTS.B, 4.717%, 9/14/26 | 2765 | 2717 |
| &nbsp;&nbsp;<sup>a</sup>8839870.SQ.FTS.B, 4.719%, 9/14/26 | 2477 | 2398 |
| &nbsp;&nbsp;<sup>a</sup>8842351.SQ.FTS.B, 4.72%, 9/14/26 | 1367 | 1350 |
| &nbsp;&nbsp;<sup>a</sup>8842727.SQ.FTS.B, 4.936%, 9/14/26 | 264 | 249 |
| &nbsp;&nbsp;<sup>a</sup>8841952.SQ.FTS.B, 5.031%, 9/14/26 | 2521 | 1713 |
| &nbsp;&nbsp;<sup>a</sup>8841986.SQ.FTS.B, 5.031%, 9/14/26 | 2315 | 2259 |
| &nbsp;&nbsp;<sup>a</sup>8842685.SQ.FTS.B, 5.034%, 9/14/26 | 2016 | 1517 |
| &nbsp;&nbsp;<sup>a</sup>8841626.SQ.FTS.B, 5.598%, 9/14/26 | 1730 | 1704 |
| &nbsp;&nbsp;<sup>a</sup>8842754.SQ.FTS.B, 5.915%, 9/14/26 | 1872 | 634 |
| &nbsp;&nbsp;<sup>a</sup>8842789.SQ.FTS.B, 6.44%, 9/14/26 | 1229 | 710 |
| &nbsp;&nbsp;<sup>a</sup>8844282.SQ.FTS.B, 4.717%, 9/15/26 | 1471 | 1422 |
| &nbsp;&nbsp;<sup>a</sup>8845115.SQ.FTS.B, 4.719%, 9/15/26 | 4746 | 4675 |
| &nbsp;&nbsp;<sup>a</sup>8845651.SQ.FTS.B, 4.72%, 9/15/26 | 169 | 169 |
| &nbsp;&nbsp;<sup>a</sup>8844633.SQ.FTS.B, 5.031%, 9/15/26 | 5203 | 4156 |
| &nbsp;&nbsp;<sup>a</sup>8845741.SQ.FTS.B, 5.031%, 9/15/26 | 2906 | 2682 |
| &nbsp;&nbsp;<sup>a</sup>8844521.SQ.FTS.B, 5.344%, 9/15/26 | 3185 | 2916 |
| &nbsp;&nbsp;<sup>a</sup>8845925.SQ.FTS.B, 5.355%, 9/15/26 | 832 | 803 |
| &nbsp;&nbsp;<sup>a</sup>8845493.SQ.FTS.B, 5.602%, 9/15/26 | 1209 | 1195 |
| &nbsp;&nbsp;<sup>a</sup>8846040.SQ.FTS.B, 6.099%, 9/15/26 | 1360 | 1055 |
| <sup><sup>a,b</sup></sup>8844207.SQ.FTS.B, 6.313%, 9/15/26 | 774 | 11 |
| &nbsp;&nbsp;<sup>a</sup>8846318.SQ.FTS.B, 4.719%, 9/16/26 | 2012 | 1715 |
| &nbsp;&nbsp;<sup>a</sup>8846377.SQ.FTS.B, 4.719%, 9/16/26 | 3986 | 3302 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8846802.SQ.FTS.B, 4.952%, 9/16/26 | $1048 | $130 |
| &nbsp;&nbsp;<sup>a</sup>8847166.SQ.FTS.B, 6.289%, 9/16/26 | 836 | 773 |
| &nbsp;&nbsp;<sup>a</sup>8846785.SQ.FTS.B, 6.463%, 9/16/26 | 1302 | 742 |
| &nbsp;&nbsp;<sup>a</sup>8848531.SQ.FTS.B, 5.598%, 9/17/26 | 10082 | 9285 |
| &nbsp;&nbsp;<sup>a</sup>8849373.SQ.FTS.B, 6.102%, 9/17/26 | 5918 | 4855 |
| <sup><sup>a,b</sup></sup>8849329.SQ.FTS.B, 6.444%, 9/17/26 | 3112 | 55 |
| &nbsp;&nbsp;<sup>a</sup>8854650.SQ.FTS.B, 4.714%, 9/18/26 | 1280 | 1265 |
| &nbsp;&nbsp;<sup>a</sup>8854705.SQ.FTS.B, 4.717%, 9/18/26 | 2347 | 2334 |
| <sup><sup>a,b</sup></sup>8856054.SQ.FTS.B, 4.932%, 9/18/26 | 2066 | 27 |
| &nbsp;&nbsp;<sup>a</sup>8855848.SQ.FTS.B, 5.031%, 9/18/26 | 13300 | 10343 |
| &nbsp;&nbsp;<sup>a</sup>8857471.SQ.FTS.B, 5.031%, 9/18/26 | 18201 | 15165 |
| <sup><sup>a,b</sup></sup>8854037.SQ.FTS.B, 5.346%, 9/18/26 | 45873 | 829 |
| &nbsp;&nbsp;<sup>a</sup>8856216.SQ.FTS.B, 5.346%, 9/18/26 | 27658 | 26942 |
| &nbsp;&nbsp;<sup>a</sup>8853822.SQ.FTS.B, 5.598%, 9/18/26 | 4545 | 4360 |
| &nbsp;&nbsp;<sup>a</sup>8857808.SQ.FTS.B, 5.031%, 9/19/26 | 1393 | 1380 |
| &nbsp;&nbsp;<sup>a</sup>8860956.SQ.FTS.B, 5.031%, 9/19/26 | 8411 | 8354 |
| &nbsp;&nbsp;<sup>a</sup>8860687.SQ.FTS.B, 6.443%, 9/19/26 | 2642 | 2370 |
| &nbsp;&nbsp;<sup>a</sup>8866627.SQ.FTS.B, 4.717%, 9/20/26 | 6775 | 6334 |
| &nbsp;&nbsp;<sup>a</sup>8867899.SQ.FTS.B, 4.717%, 9/20/26 | 1770 | 1734 |
| &nbsp;&nbsp;<sup>a</sup>8866821.SQ.FTS.B, 4.719%, 9/20/26 | 3015 | 2915 |
| &nbsp;&nbsp;<sup>a</sup>8867299.SQ.FTS.B, 4.719%, 9/20/26 | 4940 | 3567 |
| &nbsp;&nbsp;<sup>a</sup>8867865.SQ.FTS.B, 4.723%, 9/20/26 | 1294 | 1272 |
| &nbsp;&nbsp;<sup>a</sup>8866443.SQ.FTS.B, 5.031%, 9/20/26 | 1868 | 1855 |
| &nbsp;&nbsp;<sup>a</sup>8869585.SQ.FTS.B, 5.031%, 9/20/26 | 1367 | 1346 |
| &nbsp;&nbsp;<sup>a</sup>8866747.SQ.FTS.B, 5.343%, 9/20/26 | 2408 | 2164 |
| &nbsp;&nbsp;<sup>a</sup>8867120.SQ.FTS.B, 5.346%, 9/20/26 | 4027 | 3297 |
| &nbsp;&nbsp;<sup>a</sup>8865003.SQ.FTS.B, 5.912%, 9/20/26 | 15880 | 12821 |
| &nbsp;&nbsp;<sup>a</sup>8869600.SQ.FTS.B, 6.427%, 9/20/26 | 73 | 70 |
| &nbsp;&nbsp;<sup>a</sup>8865971.SQ.FTS.B, 6.442%, 9/20/26 | 534 | 502 |
| &nbsp;&nbsp;<sup>a</sup>8867464.SQ.FTS.B, 6.443%, 9/20/26 | 342 | 332 |
| &nbsp;&nbsp;<sup>a</sup>8869835.SQ.FTS.B, 4.717%, 9/21/26 | 8316 | 8178 |
| &nbsp;&nbsp;<sup>a</sup>8871439.SQ.FTS.B, 4.718%, 9/21/26 | 10616 | 10102 |
| &nbsp;&nbsp;<sup>a</sup>8871367.SQ.FTS.B, 4.719%, 9/21/26 | 2672 | 2620 |
| &nbsp;&nbsp;<sup>a</sup>8872233.SQ.FTS.B, 4.938%, 9/21/26 | 16421 | 10168 |
| &nbsp;&nbsp;<sup>a</sup>8871049.SQ.FTS.B, 4.957%, 9/21/26 | 115 | 105 |
| &nbsp;&nbsp;<sup>a</sup>8872976.SQ.FTS.B, 5.346%, 9/21/26 | 28086 | 26192 |
| &nbsp;&nbsp;<sup>a</sup>8870251.SQ.FTS.B, 5.354%, 9/21/26 | 14 | 14 |
| &nbsp;&nbsp;<sup>a</sup>8871686.SQ.FTS.B, 5.918%, 9/21/26 | 1694 | 1456 |
| &nbsp;&nbsp;<sup>a</sup>8871299.SQ.FTS.B, 6.101%, 9/21/26 | 2848 | 2637 |
| &nbsp;&nbsp;<sup>a</sup>8875186.SQ.FTS.B, 4.717%, 9/22/26 | 793 | 751 |
| &nbsp;&nbsp;<sup>a</sup>8875784.SQ.FTS.B, 4.719%, 9/22/26 | 4885 | 4815 |
| &nbsp;&nbsp;<sup>a</sup>8875759.SQ.FTS.B, 4.954%, 9/22/26 | 615 | 438 |
| &nbsp;&nbsp;<sup>a</sup>8876001.SQ.FTS.B, 5.031%, 9/22/26 | 2434 | 2400 |
| &nbsp;&nbsp;<sup>a</sup>8875674.SQ.FTS.B, 5.036%, 9/22/26 | 2776 | 2112 |
| &nbsp;&nbsp;<sup>a</sup>8875910.SQ.FTS.B, 5.036%, 9/22/26 | 2054 | 2001 |
| &nbsp;&nbsp;<sup>a</sup>8875938.SQ.FTS.B, 5.344%, 9/22/26 | 1402 | 1338 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8875891.SQ.FTS.B, 5.595%, 9/22/26 | $323 | $319 |
| <sup><sup>a,b</sup></sup>8875261.SQ.FTS.B, 5.616%, 9/22/26 | 2425 | 25 |
| &nbsp;&nbsp;<sup>a</sup>8876073.SQ.FTS.B, 5.913%, 9/22/26 | 3338 | 3272 |
| &nbsp;&nbsp;<sup>a</sup>8876716.SQ.FTS.B, 4.714%, 9/23/26 | 1070 | 1056 |
| &nbsp;&nbsp;<sup>a</sup>8876656.SQ.FTS.B, 5.031%, 9/23/26 | 3244 | 3162 |
| &nbsp;&nbsp;<sup>a</sup>8876920.SQ.FTS.B, 6.447%, 9/23/26 | 1085 | 174 |
| &nbsp;&nbsp;<sup>a</sup>8878180.SQ.FTS.B, 4.717%, 9/24/26 | 734 | 719 |
| &nbsp;&nbsp;<sup>a</sup>8877253.SQ.FTS.B, 5.031%, 9/24/26 | 478 | 476 |
| &nbsp;&nbsp;<sup>a</sup>8878197.SQ.FTS.B, 5.031%, 9/24/26 | 6323 | 6286 |
| &nbsp;&nbsp;<sup>a</sup>8881459.SQ.FTS.B, 4.717%, 9/25/26 | 2995 | 2972 |
| &nbsp;&nbsp;<sup>a</sup>8882014.SQ.FTS.B, 4.717%, 9/25/26 | 1987 | 1585 |
| &nbsp;&nbsp;<sup>a</sup>8883088.SQ.FTS.B, 4.717%, 9/25/26 | 1167 | 1150 |
| &nbsp;&nbsp;<sup>a</sup>8884506.SQ.FTS.B, 4.717%, 9/25/26 | 16302 | 16013 |
| &nbsp;&nbsp;<sup>a</sup>8883131.SQ.FTS.B, 4.936%, 9/25/26 | 2058 | 1317 |
| &nbsp;&nbsp;<sup>a</sup>8884936.SQ.FTS.B, 5.031%, 9/25/26 | 2503 | 2448 |
| &nbsp;&nbsp;<sup>a</sup>8882668.SQ.FTS.B, 5.598%, 9/25/26 | 6721 | 6541 |
| &nbsp;&nbsp;<sup>a</sup>8883687.SQ.FTS.B, 6.098%, 9/25/26 | 5822 | 75 |
| &nbsp;&nbsp;<sup>a</sup>8886302.SQ.FTS.B, 4.717%, 9/26/26 | 3510 | 3444 |
| &nbsp;&nbsp;<sup>a</sup>8887594.SQ.FTS.B, 4.717%, 9/26/26 | 6538 | 6444 |
| &nbsp;&nbsp;<sup>a</sup>8889880.SQ.FTS.B, 4.717%, 9/26/26 | 49710 | 41306 |
| &nbsp;&nbsp;<sup>a</sup>8888177.SQ.FTS.B, 4.719%, 9/26/26 | 1936 | 1913 |
| &nbsp;&nbsp;<sup>a</sup>8890741.SQ.FTS.B, 4.719%, 9/26/26 | 3895 | 3846 |
| &nbsp;&nbsp;<sup>a</sup>8888564.SQ.FTS.B, 5.031%, 9/26/26 | 158 | 157 |
| &nbsp;&nbsp;<sup>a</sup>8889516.SQ.FTS.B, 5.031%, 9/26/26 | 13319 | 12840 |
| &nbsp;&nbsp;<sup>a</sup>8890666.SQ.FTS.B, 5.037%, 9/26/26 | 609 | 605 |
| &nbsp;&nbsp;<sup>a</sup>8890646.SQ.FTS.B, 5.34%, 9/26/26 | 903 | 856 |
| &nbsp;&nbsp;<sup>a</sup>8887086.SQ.FTS.B, 5.353%, 9/26/26 | 698 | 673 |
| <sup><sup>a,b</sup></sup>8890694.SQ.FTS.B, 5.909%, 9/26/26 | 9884 | 96 |
| &nbsp;&nbsp;<sup>a</sup>8890937.SQ.FTS.B, 5.912%, 9/26/26 | 5329 | 5115 |
| &nbsp;&nbsp;<sup>a</sup>8886793.SQ.FTS.B, 6.101%, 9/26/26 | 3475 | 2656 |
| &nbsp;&nbsp;<sup>a</sup>8888258.SQ.FTS.B, 6.449%, 9/26/26 | 1622 | 1522 |
| <sup><sup>a,b</sup></sup>8889437.SQ.FTS.B, 6.454%, 9/26/26 | 2111 | 939 |
| &nbsp;&nbsp;<sup>a</sup>8896816.SQ.FTS.B, 4.717%, 9/27/26 | 872 | 865 |
| &nbsp;&nbsp;<sup>a</sup>8896906.SQ.FTS.B, 4.717%, 9/27/26 | 1543 | 1506 |
| &nbsp;&nbsp;<sup>a</sup>8893844.SQ.FTS.B, 4.718%, 9/27/26 | 856 | 850 |
| &nbsp;&nbsp;<sup>a</sup>8896954.SQ.FTS.B, 4.718%, 9/27/26 | 17297 | 17018 |
| &nbsp;&nbsp;<sup>a</sup>8896209.SQ.FTS.B, 4.719%, 9/27/26 | 1699 | 1657 |
| &nbsp;&nbsp;<sup>a</sup>8897971.SQ.FTS.B, 4.719%, 9/27/26 | 10810 | 8750 |
| &nbsp;&nbsp;<sup>a</sup>8895423.SQ.FTS.B, 4.722%, 9/27/26 | 2837 | 2770 |
| &nbsp;&nbsp;<sup>a</sup>8897818.SQ.FTS.B, 4.722%, 9/27/26 | 1489 | 1451 |
| &nbsp;&nbsp;<sup>a</sup>8894117.SQ.FTS.B, 4.73%, 9/27/26 | 455 | 451 |
| &nbsp;&nbsp;<sup>a</sup>8897911.SQ.FTS.B, 5.339%, 9/27/26 | 720 | 708 |
| &nbsp;&nbsp;<sup>a</sup>8897924.SQ.FTS.B, 5.351%, 9/27/26 | 5120 | 890 |
| &nbsp;&nbsp;<sup>a</sup>8894937.SQ.FTS.B, 5.585%, 9/27/26 | 726 | 689 |
| &nbsp;&nbsp;<sup>a</sup>8897962.SQ.FTS.B, 5.586%, 9/27/26 | 1445 | 817 |
| &nbsp;&nbsp;<sup>a</sup>8897787.SQ.FTS.B, 5.602%, 9/27/26 | 926 | 893 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8895347.SQ.FTS.B, 6.286%, 9/27/26 | $802 | $728 |
| &nbsp;&nbsp;<sup>a</sup>8894985.SQ.FTS.B, 6.427%, 9/27/26 | 239 | 230 |
| &nbsp;&nbsp;<sup>a</sup>8901099.SQ.FTS.B, 5.031%, 9/28/26 | 8158 | 8030 |
| &nbsp;&nbsp;<sup>a</sup>8901066.SQ.FTS.B, 5.345%, 9/28/26 | 4382 | 3286 |
| &nbsp;&nbsp;<sup>a</sup>8899859.SQ.FTS.B, 5.351%, 9/28/26 | 2046 | 1964 |
| &nbsp;&nbsp;<sup>a</sup>8900831.SQ.FTS.B, 5.598%, 9/28/26 | 6216 | 5758 |
| &nbsp;&nbsp;<sup>a</sup>8901655.SQ.FTS.B, 5.598%, 9/28/26 | 10856 | 9963 |
| &nbsp;&nbsp;<sup>a</sup>8898593.SQ.FTS.B, 5.913%, 9/28/26 | 1957 | 1918 |
| <sup><sup>a,b</sup></sup>8901624.SQ.FTS.B, 6.28%, 9/28/26 | 2726 | 44 |
| &nbsp;&nbsp;<sup>a</sup>8903177.SQ.FTS.B, 4.717%, 9/29/26 | 4603 | 4507 |
| &nbsp;&nbsp;<sup>a</sup>8903983.SQ.FTS.B, 4.721%, 9/29/26 | 1810 | 1790 |
| &nbsp;&nbsp;<sup>a</sup>8903915.SQ.FTS.B, 6.447%, 9/29/26 | 873 | 565 |
| &nbsp;&nbsp;<sup>a</sup>8904098.SQ.FTS.B, 6.462%, 9/29/26 | 1560 | 290 |
| &nbsp;&nbsp;<sup>a</sup>8904248.SQ.FTS.B, 4.717%, 9/30/26 | 3063 | 3005 |
| &nbsp;&nbsp;<sup>a</sup>8905176.SQ.FTS.B, 4.717%, 9/30/26 | 2625 | 2603 |
| &nbsp;&nbsp;<sup>a</sup>8904804.SQ.FTS.B, 5.031%, 9/30/26 | 4357 | 4214 |
| &nbsp;&nbsp;<sup>a</sup>8909342.SQ.FTS.B, 5.036%, 9/30/26 | 896 | 883 |
| &nbsp;&nbsp;<sup>a</sup>8907952.SQ.FTS.B, 5.606%, 9/30/26 | 1103 | 973 |
| <sup><sup>a,b</sup></sup>8905890.SQ.FTS.B, 5.616%, 9/30/26 | 699 | 96 |
| &nbsp;&nbsp;<sup>a</sup>8904556.SQ.FTS.B, 5.926%, 9/30/26 | 812 | 753 |
| &nbsp;&nbsp;<sup>a</sup>8904640.SQ.FTS.B, 6.102%, 9/30/26 | 7299 | 1368 |
| <sup><sup>a,b</sup></sup>8907137.SQ.FTS.B, 6.447%, 9/30/26 | 2376 | 60 |
| &nbsp;&nbsp;<sup>a</sup>8904372.SQ.FTS.B, 6.449%, 9/30/26 | 5361 | 4829 |
| &nbsp;&nbsp;<sup>a</sup>8908818.SQ.FTS.B, 6.45%, 9/30/26 | 836 | 810 |
| &nbsp;&nbsp;<sup>a</sup>8910175.SQ.FTS.B, 4.717%, 10/01/26 | 1343 | 1320 |
| &nbsp;&nbsp;<sup>a</sup>8913820.SQ.FTS.B, 4.717%, 10/01/26 | 8239 | 7407 |
| &nbsp;&nbsp;<sup>a</sup>8914272.SQ.FTS.B, 4.717%, 10/01/26 | 3901 | 3879 |
| &nbsp;&nbsp;<sup>a</sup>8913957.SQ.FTS.B, 5.031%, 10/01/26 | 14778 | 12121 |
| &nbsp;&nbsp;<sup>a</sup>8914751.SQ.FTS.B, 5.031%, 10/01/26 | 1924 | 1898 |
| &nbsp;&nbsp;<sup>a</sup>8911274.SQ.FTS.B, 5.352%, 10/01/26 | 2997 | 2663 |
| &nbsp;&nbsp;<sup>a</sup>8912109.SQ.FTS.B, 6.083%, 10/01/26 | 575 | 543 |
| &nbsp;&nbsp;<sup>a</sup>8910246.SQ.FTS.B, 6.091%, 10/01/26 | 1358 | 670 |
| &nbsp;&nbsp;<sup>a</sup>8910299.SQ.FTS.B, 6.434%, 10/01/26 | 538 | 491 |
| &nbsp;&nbsp;<sup>a</sup>8911064.SQ.FTS.B, 6.445%, 10/01/26 | 2747 | 719 |
| <sup><sup>a,b</sup></sup>8912126.SQ.FTS.B, 6.447%, 10/01/26 | 7218 | 136 |
| &nbsp;&nbsp;<sup>a</sup>8917561.SQ.FTS.B, 4.717%, 10/02/26 | 2167 | 2131 |
| &nbsp;&nbsp;<sup>a</sup>8915304.SQ.FTS.B, 4.718%, 10/02/26 | 21124 | 17487 |
| &nbsp;&nbsp;<sup>a</sup>8917624.SQ.FTS.B, 4.724%, 10/02/26 | 1186 | 1171 |
| &nbsp;&nbsp;<sup>a</sup>8919027.SQ.FTS.B, 4.726%, 10/02/26 | 1881 | 1732 |
| &nbsp;&nbsp;<sup>a</sup>8918745.SQ.FTS.B, 5.031%, 10/02/26 | 9424 | 7477 |
| &nbsp;&nbsp;<sup>a</sup>8919093.SQ.FTS.B, 5.031%, 10/02/26 | 440 | 430 |
| &nbsp;&nbsp;<sup>a</sup>8916864.SQ.FTS.B, 5.346%, 10/02/26 | 9570 | 8800 |
| &nbsp;&nbsp;<sup>a</sup>8914912.SQ.FTS.B, 5.353%, 10/02/26 | 736 | 721 |
| &nbsp;&nbsp;<sup>a</sup>8916602.SQ.FTS.B, 5.356%, 10/02/26 | 631 | 599 |
| &nbsp;&nbsp;<sup>a</sup>8917966.SQ.FTS.B, 5.597%, 10/02/26 | 12101 | 11183 |
| &nbsp;&nbsp;<sup>a</sup>8914928.SQ.FTS.B, 6.296%, 10/02/26 | 1180 | 910 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8914901.SQ.FTS.B, 6.303%, 10/02/26 | $449 | $413 |
| &nbsp;&nbsp;<sup>a</sup>8915288.SQ.FTS.B, 6.427%, 10/02/26 | 75 | 72 |
| &nbsp;&nbsp;<sup>a</sup>8916613.SQ.FTS.B, 6.447%, 10/02/26 | 3388 | 1804 |
| &nbsp;&nbsp;<sup>a</sup>8924143.SQ.FTS.B, 4.712%, 10/03/26 | 1162 | 1124 |
| &nbsp;&nbsp;<sup>a</sup>8923656.SQ.FTS.B, 4.715%, 10/03/26 | 2758 | 2666 |
| &nbsp;&nbsp;<sup>a</sup>8921581.SQ.FTS.B, 4.717%, 10/03/26 | 1897 | 1876 |
| &nbsp;&nbsp;<sup>a</sup>8921687.SQ.FTS.B, 4.717%, 10/03/26 | 3236 | 3167 |
| &nbsp;&nbsp;<sup>a</sup>8921862.SQ.FTS.B, 4.717%, 10/03/26 | 1982 | 1959 |
| &nbsp;&nbsp;<sup>a</sup>8921951.SQ.FTS.B, 4.717%, 10/03/26 | 8762 | 8653 |
| &nbsp;&nbsp;<sup>a</sup>8924167.SQ.FTS.B, 4.717%, 10/03/26 | 10346 | 10017 |
| &nbsp;&nbsp;<sup>a</sup>8925319.SQ.FTS.B, 4.718%, 10/03/26 | 1744 | 742 |
| &nbsp;&nbsp;<sup>a</sup>8925345.SQ.FTS.B, 4.721%, 10/03/26 | 628 | 624 |
| <sup><sup>a,b</sup></sup>8925420.SQ.FTS.B, 4.962%, 10/03/26 | 574 | 96 |
| &nbsp;&nbsp;<sup>a</sup>8925056.SQ.FTS.B, 6.101%, 10/03/26 | 13492 | 12772 |
| &nbsp;&nbsp;<sup>a</sup>8924731.SQ.FTS.B, 6.289%, 10/03/26 | 6759 | 5911 |
| &nbsp;&nbsp;<sup>a</sup>8921558.SQ.FTS.B, 6.447%, 10/03/26 | 465 | 421 |
| &nbsp;&nbsp;<sup>a</sup>8924008.SQ.FTS.B, 6.448%, 10/03/26 | 8935 | 7270 |
| &nbsp;&nbsp;<sup>a</sup>8929365.SQ.FTS.B, 4.711%, 10/04/26 | 903 | 892 |
| &nbsp;&nbsp;<sup>a</sup>8927324.SQ.FTS.B, 4.717%, 10/04/26 | 12446 | 10966 |
| &nbsp;&nbsp;<sup>a</sup>8928418.SQ.FTS.B, 4.717%, 10/04/26 | 3951 | 3889 |
| &nbsp;&nbsp;<sup>a</sup>8928969.SQ.FTS.B, 4.717%, 10/04/26 | 5137 | 5032 |
| &nbsp;&nbsp;<sup>a</sup>8929609.SQ.FTS.B, 4.717%, 10/04/26 | 1564 | 1519 |
| &nbsp;&nbsp;<sup>a</sup>8929394.SQ.FTS.B, 4.718%, 10/04/26 | 10712 | 10366 |
| &nbsp;&nbsp;<sup>a</sup>8929323.SQ.FTS.B, 4.721%, 10/04/26 | 2057 | 510 |
| &nbsp;&nbsp;<sup>a</sup>8928211.SQ.FTS.B, 5.031%, 10/04/26 | 4760 | 4057 |
| &nbsp;&nbsp;<sup>a</sup>8928251.SQ.FTS.B, 5.031%, 10/04/26 | 1204 | 1195 |
| &nbsp;&nbsp;<sup>a</sup>8928373.SQ.FTS.B, 5.031%, 10/04/26 | 640 | 635 |
| &nbsp;&nbsp;<sup>a</sup>8929651.SQ.FTS.B, 5.035%, 10/04/26 | 2069 | 1824 |
| &nbsp;&nbsp;<sup>a</sup>8926716.SQ.FTS.B, 5.352%, 10/04/26 | 2186 | 1865 |
| &nbsp;&nbsp;<sup>a</sup>8928930.SQ.FTS.B, 5.358%, 10/04/26 | 989 | 952 |
| &nbsp;&nbsp;<sup>a</sup>8928058.SQ.FTS.B, 6.447%, 10/04/26 | 1642 | 1346 |
| &nbsp;&nbsp;<sup>a</sup>8928581.SQ.FTS.B, 6.448%, 10/04/26 | 1885 | 1707 |
| <sup><sup>a,b</sup></sup>8928687.SQ.FTS.B, 6.453%, 10/04/26 | 4948 | 653 |
| &nbsp;&nbsp;<sup>a</sup>8927594.SQ.FTS.B, 6.463%, 10/04/26 | 1646 | 290 |
| &nbsp;&nbsp;<sup>a</sup>8927605.SQ.FTS.B, 6.478%, 10/04/26 | 255 | 240 |
| &nbsp;&nbsp;<sup>a</sup>8934541.SQ.FTS.B, 4.717%, 10/07/26 | 2832 | 2801 |
| <sup><sup>a,b</sup></sup>8935775.SQ.FTS.B, 4.952%, 10/07/26 | 1319 | 471 |
| &nbsp;&nbsp;<sup>a</sup>8934661.SQ.FTS.B, 5.026%, 10/07/26 | 895 | 848 |
| &nbsp;&nbsp;<sup>a</sup>8936334.SQ.FTS.B, 5.343%, 10/07/26 | 1271 | 1222 |
| &nbsp;&nbsp;<sup>a</sup>8934327.SQ.FTS.B, 5.346%, 10/07/26 | 3218 | 2820 |
| &nbsp;&nbsp;<sup>a</sup>8935796.SQ.FTS.B, 5.348%, 10/07/26 | 8606 | 6887 |
| &nbsp;&nbsp;<sup>a</sup>8934377.SQ.FTS.B, 5.349%, 10/07/26 | 3552 | 3440 |
| &nbsp;&nbsp;<sup>a</sup>8934694.SQ.FTS.B, 5.35%, 10/07/26 | 2443 | 2311 |
| <sup><sup>a,b</sup></sup>8935085.SQ.FTS.B, 5.597%, 10/07/26 | 14772 | 64 |
| &nbsp;&nbsp;<sup>a</sup>8935607.SQ.FTS.B, 6.095%, 10/07/26 | 3530 | 2646 |
| &nbsp;&nbsp;<sup>a</sup>8935698.SQ.FTS.B, 6.1%, 10/07/26 | 1486 | 1396 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8935582.SQ.FTS.B, 6.289%, 10/07/26 | $886 | $536 |
| <sup><sup>a,b</sup></sup>8936375.SQ.FTS.B, 6.442%, 10/07/26 | 4163 | 87 |
| &nbsp;&nbsp;<sup>a</sup>8936092.SQ.FTS.B, 6.454%, 10/07/26 | 1179 | 1115 |
| &nbsp;&nbsp;<sup>a</sup>8937160.SQ.FTS.B, 4.715%, 10/08/26 | 1572 | 1463 |
| &nbsp;&nbsp;<sup>a</sup>8937602.SQ.FTS.B, 4.717%, 10/08/26 | 1398 | 1327 |
| &nbsp;&nbsp;<sup>a</sup>8937695.SQ.FTS.B, 4.717%, 10/08/26 | 19332 | 13848 |
| &nbsp;&nbsp;<sup>a</sup>8939134.SQ.FTS.B, 4.717%, 10/08/26 | 23066 | 19452 |
| &nbsp;&nbsp;<sup>a</sup>8940084.SQ.FTS.B, 4.717%, 10/08/26 | 31015 | 29593 |
| &nbsp;&nbsp;<sup>a</sup>8938417.SQ.FTS.B, 4.719%, 10/08/26 | 10235 | 9258 |
| &nbsp;&nbsp;<sup>a</sup>8939770.SQ.FTS.B, 4.722%, 10/08/26 | 1111 | 1103 |
| &nbsp;&nbsp;<sup>a</sup>8938232.SQ.FTS.B, 4.923%, 10/08/26 | 648 | 93 |
| &nbsp;&nbsp;<sup>a</sup>8937385.SQ.FTS.B, 5.037%, 10/08/26 | 1803 | 1705 |
| &nbsp;&nbsp;<sup>a</sup>8939595.SQ.FTS.B, 5.346%, 10/08/26 | 3478 | 3396 |
| &nbsp;&nbsp;<sup>a</sup>8937116.SQ.FTS.B, 5.352%, 10/08/26 | 928 | 910 |
| &nbsp;&nbsp;<sup>a</sup>8939936.SQ.FTS.B, 5.912%, 10/08/26 | 949 | 943 |
| <sup><sup>a,b</sup></sup>8938614.SQ.FTS.B, 6.1%, 10/08/26 | 33431 | 834 |
| &nbsp;&nbsp;<sup>a</sup>8940025.SQ.FTS.B, 6.293%, 10/08/26 | 770 | 698 |
| <sup><sup>a,b</sup></sup>8941007.SQ.FTS.B, 6.436%, 10/08/26 | 1931 | 26 |
| &nbsp;&nbsp;<sup>a</sup>8942038.SQ.FTS.B, 4.717%, 10/09/26 | 4975 | 4769 |
| &nbsp;&nbsp;<sup>a</sup>8942979.SQ.FTS.B, 4.717%, 10/09/26 | 11310 | 10964 |
| &nbsp;&nbsp;<sup>a</sup>8943210.SQ.FTS.B, 4.717%, 10/09/26 | 5062 | 5021 |
| <sup><sup>a,b</sup></sup>8942705.SQ.FTS.B, 4.718%, 10/09/26 | 29763 | 622 |
| &nbsp;&nbsp;<sup>a</sup>8943500.SQ.FTS.B, 4.72%, 10/09/26 | 2694 | 2659 |
| <sup><sup>a,b</sup></sup>8943820.SQ.FTS.B, 4.938%, 10/09/26 | 13560 | 285 |
| <sup><sup>a,b</sup></sup>8943814.SQ.FTS.B, 5.031%, 10/09/26 | 1119 | 199 |
| &nbsp;&nbsp;<sup>a</sup>8944218.SQ.FTS.B, 5.031%, 10/09/26 | 18857 | 16526 |
| &nbsp;&nbsp;<sup>a</sup>8944752.SQ.FTS.B, 5.031%, 10/09/26 | 6466 | 6335 |
| &nbsp;&nbsp;<sup>a</sup>8943787.SQ.FTS.B, 5.342%, 10/09/26 | 994 | 963 |
| &nbsp;&nbsp;<sup>a</sup>8944457.SQ.FTS.B, 5.347%, 10/09/26 | 12931 | 12442 |
| &nbsp;&nbsp;<sup>a</sup>8941468.SQ.FTS.B, 5.907%, 10/09/26 | 1572 | 1457 |
| &nbsp;&nbsp;<sup>a</sup>8941059.SQ.FTS.B, 5.912%, 10/09/26 | 547 | 530 |
| &nbsp;&nbsp;<sup>a</sup>8943618.SQ.FTS.B, 6.439%, 10/09/26 | 1288 | 1018 |
| <sup><sup>a,b</sup></sup>8941192.SQ.FTS.B, 6.448%, 10/09/26 | 20226 | 1849 |
| &nbsp;&nbsp;<sup>a</sup>8941143.SQ.FTS.B, 6.449%, 10/09/26 | 1708 | 1479 |
| &nbsp;&nbsp;<sup>a</sup>8952482.SQ.FTS.B, 4.715%, 10/10/26 | 1702 | 1682 |
| &nbsp;&nbsp;<sup>a</sup>8949640.SQ.FTS.B, 4.717%, 10/10/26 | 5785 | 5710 |
| &nbsp;&nbsp;<sup>a</sup>8950012.SQ.FTS.B, 4.717%, 10/10/26 | 4634 | 4576 |
| &nbsp;&nbsp;<sup>a</sup>8950385.SQ.FTS.B, 4.717%, 10/10/26 | 610 | 604 |
| &nbsp;&nbsp;<sup>a</sup>8950632.SQ.FTS.B, 4.717%, 10/10/26 | 4774 | 3934 |
| &nbsp;&nbsp;<sup>a</sup>8952011.SQ.FTS.B, 4.717%, 10/10/26 | 7343 | 7161 |
| &nbsp;&nbsp;<sup>a</sup>8952253.SQ.FTS.B, 4.717%, 10/10/26 | 3077 | 3047 |
| &nbsp;&nbsp;<sup>a</sup>8948050.SQ.FTS.B, 4.718%, 10/10/26 | 10182 | 10010 |
| &nbsp;&nbsp;<sup>a</sup>8952426.SQ.FTS.B, 4.723%, 10/10/26 | 1464 | 1446 |
| &nbsp;&nbsp;<sup>a</sup>8949380.SQ.FTS.B, 5.023%, 10/10/26 | 1289 | 1241 |
| &nbsp;&nbsp;<sup>a</sup>8950478.SQ.FTS.B, 5.596%, 10/10/26 | 7020 | 6357 |
| &nbsp;&nbsp;<sup>a</sup>8950425.SQ.FTS.B, 5.637%, 10/10/26 | 1781 | 1019 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8952559.SQ.FTS.B, 6.101%, 10/10/26 | $7092 | $6636 |
| <sup><sup>a,b</sup></sup>8949998.SQ.FTS.B, 6.289%, 10/10/26 | 1316 | 22 |
| &nbsp;&nbsp;<sup>a</sup>8948535.SQ.FTS.B, 6.454%, 10/10/26 | 2556 | 1533 |
| &nbsp;&nbsp;<sup>a</sup>8953074.SQ.FTS.B, 4.717%, 10/11/26 | 6266 | 6102 |
| &nbsp;&nbsp;<sup>a</sup>8953345.SQ.FTS.B, 4.717%, 10/11/26 | 539 | 532 |
| &nbsp;&nbsp;<sup>a</sup>8953942.SQ.FTS.B, 4.717%, 10/11/26 | 76 | 76 |
| &nbsp;&nbsp;<sup>a</sup>8954818.SQ.FTS.B, 4.717%, 10/11/26 | 1976 | 1928 |
| &nbsp;&nbsp;<sup>a</sup>8955040.SQ.FTS.B, 4.717%, 10/11/26 | 2211 | 2177 |
| &nbsp;&nbsp;<sup>a</sup>8955644.SQ.FTS.B, 4.719%, 10/11/26 | 602 | 596 |
| &nbsp;&nbsp;<sup>a</sup>8956844.SQ.FTS.B, 4.719%, 10/11/26 | 913 | 901 |
| &nbsp;&nbsp;<sup>a</sup>8956223.SQ.FTS.B, 5.037%, 10/11/26 | 1143 | 1123 |
| &nbsp;&nbsp;<sup>a</sup>8954264.SQ.FTS.B, 5.346%, 10/11/26 | 15733 | 15159 |
| &nbsp;&nbsp;<sup>a</sup>8956245.SQ.FTS.B, 5.346%, 10/11/26 | 12354 | 3019 |
| &nbsp;&nbsp;<sup>a</sup>8955321.SQ.FTS.B, 5.351%, 10/11/26 | 1328 | 1252 |
| &nbsp;&nbsp;<sup>a</sup>8953403.SQ.FTS.B, 5.597%, 10/11/26 | 2237 | 507 |
| &nbsp;&nbsp;<sup>a</sup>8953819.SQ.FTS.B, 5.6%, 10/11/26 | 4006 | 2446 |
| <sup><sup>a,b</sup></sup>8955682.SQ.FTS.B, 5.623%, 10/11/26 | 3813 | 17 |
| &nbsp;&nbsp;<sup>a</sup>8952934.SQ.FTS.B, 6.104%, 10/11/26 | 1994 | 1536 |
| &nbsp;&nbsp;<sup>a</sup>8953757.SQ.FTS.B, 6.11%, 10/11/26 | 805 | 756 |
| &nbsp;&nbsp;<sup>a</sup>8956813.SQ.FTS.B, 6.11%, 10/11/26 | 1260 | 574 |
| &nbsp;&nbsp;<sup>a</sup>8956870.SQ.FTS.B, 6.289%, 10/11/26 | 748 | 696 |
| &nbsp;&nbsp;<sup>a</sup>8952924.SQ.FTS.B, 6.462%, 10/11/26 | 81 | 79 |
| &nbsp;&nbsp;<sup>a</sup>8956946.SQ.FTS.B, 4.717%, 10/12/26 | 28514 | 23475 |
| &nbsp;&nbsp;<sup>a</sup>8957341.SQ.FTS.B, 4.721%, 10/12/26 | 1591 | 1546 |
| &nbsp;&nbsp;<sup>a</sup>8957766.SQ.FTS.B, 5.593%, 10/12/26 | 1369 | 1147 |
| &nbsp;&nbsp;<sup>a</sup>8956929.SQ.FTS.B, 6.114%, 10/12/26 | 653 | 602 |
| <sup><sup>a,b</sup></sup>8957569.SQ.FTS.B, 6.448%, 10/12/26 | 3925 | 709 |
| &nbsp;&nbsp;<sup>a</sup>8958432.SQ.FTS.B, 4.714%, 10/13/26 | 2242 | 2195 |
| &nbsp;&nbsp;<sup>a</sup>8958160.SQ.FTS.B, 4.718%, 10/13/26 | 13521 | 12878 |
| &nbsp;&nbsp;<sup>a</sup>8958763.SQ.FTS.B, 4.718%, 10/13/26 | 10068 | 9895 |
| &nbsp;&nbsp;<sup>a</sup>8958483.SQ.FTS.B, 4.72%, 10/13/26 | 4494 | 4194 |
| &nbsp;&nbsp;<sup>a</sup>8958061.SQ.FTS.B, 5.606%, 10/13/26 | 971 | 935 |
| &nbsp;&nbsp;<sup>a</sup>8958414.SQ.FTS.B, 6.303%, 10/13/26 | 90 | 84 |
| &nbsp;&nbsp;<sup>a</sup>8958087.SQ.FTS.B, 6.457%, 10/13/26 | 2463 | 1350 |
| &nbsp;&nbsp;<sup>a</sup>8962209.SQ.FTS.B, 4.715%, 10/14/26 | 2649 | 2597 |
| &nbsp;&nbsp;<sup>a</sup>8960643.SQ.FTS.B, 4.717%, 10/14/26 | 3386 | 3326 |
| &nbsp;&nbsp;<sup>a</sup>8961194.SQ.FTS.B, 4.717%, 10/14/26 | 3197 | 3037 |
| &nbsp;&nbsp;<sup>a</sup>8961533.SQ.FTS.B, 4.717%, 10/14/26 | 4770 | 4702 |
| &nbsp;&nbsp;<sup>a</sup>8962553.SQ.FTS.B, 4.717%, 10/14/26 | 3327 | 3288 |
| &nbsp;&nbsp;<sup>a</sup>8963948.SQ.FTS.B, 4.717%, 10/14/26 | 2629 | 2576 |
| &nbsp;&nbsp;<sup>a</sup>8960970.SQ.FTS.B, 4.719%, 10/14/26 | 5756 | 5587 |
| &nbsp;&nbsp;<sup>a</sup>8962324.SQ.FTS.B, 4.719%, 10/14/26 | 1261 | 1254 |
| &nbsp;&nbsp;<sup>a</sup>8964388.SQ.FTS.B, 4.722%, 10/14/26 | 3929 | 3260 |
| &nbsp;&nbsp;<sup>a</sup>8961757.SQ.FTS.B, 5.031%, 10/14/26 | 6290 | 6111 |
| &nbsp;&nbsp;<sup>a</sup>8962768.SQ.FTS.B, 5.031%, 10/14/26 | 12334 | 12089 |
| <sup><sup>a,b</sup></sup>8963849.SQ.FTS.B, 5.632%, 10/14/26 | 7180 | 63 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 49

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8964246.SQ.FTS.B, 6.092%, 10/14/26 | $1102 | $178 |
| &nbsp;&nbsp;<sup>a</sup>8964775.SQ.FTS.B, 4.713%, 10/15/26 | 1200 | 1136 |
| &nbsp;&nbsp;<sup>a</sup>8965065.SQ.FTS.B, 4.715%, 10/15/26 | 3406 | 3248 |
| &nbsp;&nbsp;<sup>a</sup>8966041.SQ.FTS.B, 4.717%, 10/15/26 | 7651 | 7472 |
| &nbsp;&nbsp;<sup>a</sup>8968549.SQ.FTS.B, 4.717%, 10/15/26 | 3483 | 3455 |
| &nbsp;&nbsp;<sup>a</sup>8969577.SQ.FTS.B, 4.717%, 10/15/26 | 12903 | 12570 |
| &nbsp;&nbsp;<sup>a</sup>8969405.SQ.FTS.B, 4.719%, 10/15/26 | 1494 | 1465 |
| &nbsp;&nbsp;<sup>a</sup>8967439.SQ.FTS.B, 4.72%, 10/15/26 | 4476 | 4390 |
| &nbsp;&nbsp;<sup>a</sup>8969415.SQ.FTS.B, 4.72%, 10/15/26 | 6496 | 5485 |
| &nbsp;&nbsp;<sup>a</sup>8966630.SQ.FTS.B, 5.031%, 10/15/26 | 307 | 299 |
| &nbsp;&nbsp;<sup>a</sup>8968435.SQ.FTS.B, 5.031%, 10/15/26 | 4624 | 4331 |
| &nbsp;&nbsp;<sup>a</sup>8968710.SQ.FTS.B, 5.031%, 10/15/26 | 1782 | 1739 |
| &nbsp;&nbsp;<sup>a</sup>8965700.SQ.FTS.B, 5.589%, 10/15/26 | 655 | 624 |
| &nbsp;&nbsp;<sup>a</sup>8968085.SQ.FTS.B, 5.597%, 10/15/26 | 5464 | 5130 |
| &nbsp;&nbsp;<sup>a</sup>8968412.SQ.FTS.B, 6.091%, 10/15/26 | 1620 | 1232 |
| <sup><sup>a,b</sup></sup>8967085.SQ.FTS.B, 6.101%, 10/15/26 | 3972 | 89 |
| &nbsp;&nbsp;<sup>a</sup>8968503.SQ.FTS.B, 6.101%, 10/15/26 | 4395 | 2842 |
| &nbsp;&nbsp;<sup>a</sup>8969536.SQ.FTS.B, 6.107%, 10/15/26 | 962 | 941 |
| &nbsp;&nbsp;<sup>a</sup>8964704.SQ.FTS.B, 6.442%, 10/15/26 | 1097 | 1047 |
| &nbsp;&nbsp;<sup>a</sup>8972852.SQ.FTS.B, 4.716%, 10/16/26 | 5458 | 5317 |
| &nbsp;&nbsp;<sup>a</sup>8969872.SQ.FTS.B, 4.717%, 10/16/26 | 2210 | 2074 |
| &nbsp;&nbsp;<sup>a</sup>8972725.SQ.FTS.B, 4.717%, 10/16/26 | 3211 | 3090 |
| &nbsp;&nbsp;<sup>a</sup>8971564.SQ.FTS.B, 4.718%, 10/16/26 | 9175 | 7619 |
| &nbsp;&nbsp;<sup>a</sup>8970295.SQ.FTS.B, 5.031%, 10/16/26 | 5342 | 5078 |
| &nbsp;&nbsp;<sup>a</sup>8971293.SQ.FTS.B, 5.031%, 10/16/26 | 3930 | 3840 |
| <sup><sup>a,b</sup></sup>8973251.SQ.FTS.B, 5.031%, 10/16/26 | 40783 | 212 |
| &nbsp;&nbsp;<sup>a</sup>8969983.SQ.FTS.B, 5.346%, 10/16/26 | 9902 | 7544 |
| <sup><sup>a,b</sup></sup>8971762.SQ.FTS.B, 5.912%, 10/16/26 | 70854 | 1787 |
| &nbsp;&nbsp;<sup>a</sup>8971681.SQ.FTS.B, 6.1%, 10/16/26 | 500 | 489 |
| &nbsp;&nbsp;<sup>a</sup>8976253.SQ.FTS.B, 4.718%, 10/17/26 | 10381 | 10178 |
| &nbsp;&nbsp;<sup>a</sup>8977011.SQ.FTS.B, 5.031%, 10/17/26 | 9300 | 8632 |
| &nbsp;&nbsp;<sup>a</sup>8977912.SQ.FTS.B, 5.031%, 10/17/26 | 9592 | 9287 |
| &nbsp;&nbsp;<sup>a</sup>8980205.SQ.FTS.B, 5.031%, 10/17/26 | 1714 | 1606 |
| &nbsp;&nbsp;<sup>a</sup>8980256.SQ.FTS.B, 5.346%, 10/17/26 | 33571 | 28911 |
| &nbsp;&nbsp;<sup>a</sup>8979093.SQ.FTS.B, 5.597%, 10/17/26 | 8631 | 4829 |
| &nbsp;&nbsp;<sup>a</sup>8978811.SQ.FTS.B, 5.911%, 10/17/26 | 9983 | 8342 |
| &nbsp;&nbsp;<sup>a</sup>8978280.SQ.FTS.B, 6.096%, 10/17/26 | 1311 | 1211 |
| &nbsp;&nbsp;<sup>a</sup>8979012.SQ.FTS.B, 6.438%, 10/17/26 | 1871 | 1303 |
| &nbsp;&nbsp;<sup>a</sup>8983642.SQ.FTS.B, 4.717%, 10/18/26 | 11370 | 7312 |
| &nbsp;&nbsp;<sup>a</sup>8984501.SQ.FTS.B, 4.725%, 10/18/26 | 1606 | 1563 |
| &nbsp;&nbsp;<sup>a</sup>8983194.SQ.FTS.B, 4.729%, 10/18/26 | 1383 | 1282 |
| &nbsp;&nbsp;<sup>a</sup>8983479.SQ.FTS.B, 5.031%, 10/18/26 | 4955 | 4690 |
| &nbsp;&nbsp;<sup>a</sup>8984475.SQ.FTS.B, 5.349%, 10/18/26 | 794 | 762 |
| <sup><sup>a,b</sup></sup>8984792.SQ.FTS.B, 5.603%, 10/18/26 | 2902 | 722 |
| &nbsp;&nbsp;<sup>a</sup>8980889.SQ.FTS.B, 6.1%, 10/18/26 | 8866 | 8159 |
| &nbsp;&nbsp;<sup>a</sup>8984688.SQ.FTS.B, 6.285%, 10/18/26 | 401 | 369 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>8981634.SQ.FTS.B, 6.294%, 10/18/26 | $1413 | $1035 |
| &nbsp;&nbsp;<sup>a</sup>8983217.SQ.FTS.B, 6.447%, 10/18/26 | 1570 | 1296 |
| &nbsp;&nbsp;<sup>a</sup>8985474.SQ.FTS.B, 4.715%, 10/19/26 | 1055 | 1032 |
| &nbsp;&nbsp;<sup>a</sup>8985699.SQ.FTS.B, 4.718%, 10/19/26 | 2063 | 2019 |
| &nbsp;&nbsp;<sup>a</sup>8985614.SQ.FTS.B, 4.719%, 10/19/26 | 5719 | 5548 |
| &nbsp;&nbsp;<sup>a</sup>8985822.SQ.FTS.B, 4.719%, 10/19/26 | 5903 | 5755 |
| &nbsp;&nbsp;<sup>a</sup>8985519.SQ.FTS.B, 4.725%, 10/19/26 | 1233 | 1214 |
| &nbsp;&nbsp;<sup>a</sup>8985782.SQ.FTS.B, 5.338%, 10/19/26 | 1823 | 1406 |
| &nbsp;&nbsp;<sup>a</sup>8986178.SQ.FTS.B, 5.599%, 10/19/26 | 2529 | 1871 |
| &nbsp;&nbsp;<sup>a</sup>8985499.SQ.FTS.B, 6.089%, 10/19/26 | 1543 | 412 |
| &nbsp;&nbsp;<sup>a</sup>8986097.SQ.FTS.B, 6.1%, 10/19/26 | 2783 | 2590 |
| &nbsp;&nbsp;<sup>a</sup>8986051.SQ.FTS.B, 6.289%, 10/19/26 | 57 | 53 |
| &nbsp;&nbsp;<sup>a</sup>8985936.SQ.FTS.B, 6.445%, 10/19/26 | 10170 | 6058 |
| &nbsp;&nbsp;<sup>a</sup>8986078.SQ.FTS.B, 6.447%, 10/19/26 | 2454 | 1442 |
| &nbsp;&nbsp;<sup>a</sup>8985807.SQ.FTS.B, 6.468%, 10/19/26 | 804 | 622 |
| &nbsp;&nbsp;<sup>a</sup>8986375.SQ.FTS.B, 4.717%, 10/20/26 | 6539 | 6432 |
| &nbsp;&nbsp;<sup>a</sup>8989344.SQ.FTS.B, 4.717%, 10/21/26 | 224 | 222 |
| &nbsp;&nbsp;<sup>a</sup>8989386.SQ.FTS.B, 4.717%, 10/21/26 | 1704 | 555 |
| &nbsp;&nbsp;<sup>a</sup>8989722.SQ.FTS.B, 4.717%, 10/21/26 | 663 | 652 |
| &nbsp;&nbsp;<sup>a</sup>8990253.SQ.FTS.B, 4.718%, 10/21/26 | 2549 | 2435 |
| &nbsp;&nbsp;<sup>a</sup>8988904.SQ.FTS.B, 4.719%, 10/21/26 | 5820 | 5687 |
| &nbsp;&nbsp;<sup>a</sup>8989804.SQ.FTS.B, 4.722%, 10/21/26 | 2474 | 2384 |
| &nbsp;&nbsp;<sup>a</sup>8991440.SQ.FTS.B, 5.034%, 10/21/26 | 2250 | 2204 |
| &nbsp;&nbsp;<sup>a</sup>8987791.SQ.FTS.B, 5.341%, 10/21/26 | 1789 | 1707 |
| &nbsp;&nbsp;<sup>a</sup>8990399.SQ.FTS.B, 5.353%, 10/21/26 | 736 | 721 |
| &nbsp;&nbsp;<sup>a</sup>8988877.SQ.FTS.B, 5.594%, 10/21/26 | 1549 | 1406 |
| &nbsp;&nbsp;<sup>a</sup>8989912.SQ.FTS.B, 6.101%, 10/21/26 | 1818 | 1806 |
| &nbsp;&nbsp;<sup>a</sup>8989674.SQ.FTS.B, 6.454%, 10/21/26 | 2507 | 1645 |
| &nbsp;&nbsp;<sup>a</sup>8996209.SQ.FTS.B, 4.717%, 10/22/26 | 6005 | 5866 |
| &nbsp;&nbsp;<sup>a</sup>8996117.SQ.FTS.B, 4.718%, 10/22/26 | 1952 | 1863 |
| &nbsp;&nbsp;<sup>a</sup>8992384.SQ.FTS.B, 5.346%, 10/22/26 | 8874 | 8812 |
| &nbsp;&nbsp;<sup>a</sup>8994465.SQ.FTS.B, 5.912%, 10/22/26 | 10303 | 10055 |
| &nbsp;&nbsp;<sup>a</sup>8997660.SQ.FTS.B, 4.713%, 10/23/26 | 2607 | 2543 |
| &nbsp;&nbsp;<sup>a</sup>8997888.SQ.FTS.B, 4.714%, 10/23/26 | 3972 | 3217 |
| &nbsp;&nbsp;<sup>a</sup>8997559.SQ.FTS.B, 4.715%, 10/23/26 | 3013 | 2918 |
| &nbsp;&nbsp;<sup>a</sup>9000304.SQ.FTS.B, 4.715%, 10/23/26 | 2111 | 2066 |
| &nbsp;&nbsp;<sup>a</sup>8998658.SQ.FTS.B, 4.717%, 10/23/26 | 1506 | 1486 |
| <sup><sup>a,b</sup></sup>8998994.SQ.FTS.B, 4.719%, 10/23/26 | 12653 | 275 |
| <sup><sup>a,b</sup></sup>8998493.SQ.FTS.B, 4.72%, 10/23/26 | 11313 | 2246 |
| &nbsp;&nbsp;<sup>a</sup>8998438.SQ.FTS.B, 4.746%, 10/23/26 | 514 | 498 |
| &nbsp;&nbsp;<sup>a</sup>8996591.SQ.FTS.B, 5.026%, 10/23/26 | 1658 | 361 |
| &nbsp;&nbsp;<sup>a</sup>8996344.SQ.FTS.B, 5.031%, 10/23/26 | 3761 | 3360 |
| &nbsp;&nbsp;<sup>a</sup>8997175.SQ.FTS.B, 5.031%, 10/23/26 | 8189 | 7962 |
| &nbsp;&nbsp;<sup>a</sup>8999309.SQ.FTS.B, 5.031%, 10/23/26 | 18038 | 17611 |
| &nbsp;&nbsp;<sup>a</sup>8997979.SQ.FTS.B, 5.342%, 10/23/26 | 2934 | 2116 |
| &nbsp;&nbsp;<sup>a</sup>8999710.SQ.FTS.B, 5.346%, 10/23/26 | 16885 | 16558 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9000255.SQ.FTS.B, 5.346%, 10/23/26 | $3429 | $2733 |
| <sup><sup>a,b</sup></sup>8999281.SQ.FTS.B, 6.445%, 10/23/26 | 3587 | 338 |
| &nbsp;&nbsp;<sup>a</sup>8996442.SQ.FTS.B, 6.45%, 10/23/26 | 5969 | 4690 |
| &nbsp;&nbsp;<sup>a</sup>9006660.SQ.FTS.B, 4.714%, 10/24/26 | 1717 | 1450 |
| &nbsp;&nbsp;<sup>a</sup>9003589.SQ.FTS.B, 4.715%, 10/24/26 | 4690 | 4544 |
| &nbsp;&nbsp;<sup>a</sup>9005567.SQ.FTS.B, 4.717%, 10/24/26 | 8671 | 8583 |
| &nbsp;&nbsp;<sup>a</sup>9006116.SQ.FTS.B, 4.717%, 10/24/26 | 10972 | 4604 |
| &nbsp;&nbsp;<sup>a</sup>9006060.SQ.FTS.B, 4.719%, 10/24/26 | 2228 | 2190 |
| &nbsp;&nbsp;<sup>a</sup>9007011.SQ.FTS.B, 4.719%, 10/24/26 | 5855 | 5719 |
| &nbsp;&nbsp;<sup>a</sup>9007181.SQ.FTS.B, 4.719%, 10/24/26 | 3266 | 3166 |
| &nbsp;&nbsp;<sup>a</sup>9004726.SQ.FTS.B, 4.724%, 10/24/26 | 2628 | 2478 |
| &nbsp;&nbsp;<sup>a</sup>9003317.SQ.FTS.B, 4.928%, 10/24/26 | 1756 | 771 |
| &nbsp;&nbsp;<sup>a</sup>9006926.SQ.FTS.B, 5.031%, 10/24/26 | 3342 | 3279 |
| &nbsp;&nbsp;<sup>a</sup>9004492.SQ.FTS.B, 5.346%, 10/24/26 | 1643 | 1575 |
| &nbsp;&nbsp;<sup>a</sup>9003354.SQ.FTS.B, 5.598%, 10/24/26 | 3574 | 3370 |
| &nbsp;&nbsp;<sup>a</sup>9006015.SQ.FTS.B, 5.603%, 10/24/26 | 2162 | 1634 |
| &nbsp;&nbsp;<sup>a</sup>9006711.SQ.FTS.B, 5.66%, 10/24/26 | 95 | 88 |
| &nbsp;&nbsp;<sup>a</sup>9007123.SQ.FTS.B, 6.443%, 10/24/26 | 5295 | 3662 |
| &nbsp;&nbsp;<sup>a</sup>9003502.SQ.FTS.B, 6.445%, 10/24/26 | 2831 | 483 |
| &nbsp;&nbsp;<sup>a</sup>9007774.SQ.FTS.B, 6.447%, 10/24/26 | 5561 | 4079 |
| &nbsp;&nbsp;<sup>a</sup>9005020.SQ.FTS.B, 6.448%, 10/24/26 | 6055 | 3558 |
| &nbsp;&nbsp;<sup>a</sup>9010353.SQ.FTS.B, 4.717%, 10/25/26 | 20203 | 19871 |
| &nbsp;&nbsp;<sup>a</sup>9010279.SQ.FTS.B, 4.723%, 10/25/26 | 1873 | 1829 |
| &nbsp;&nbsp;<sup>a</sup>9009656.SQ.FTS.B, 4.726%, 10/25/26 | 1042 | 1028 |
| &nbsp;&nbsp;<sup>a</sup>9008379.SQ.FTS.B, 5.031%, 10/25/26 | 3631 | 3590 |
| &nbsp;&nbsp;<sup>a</sup>9009762.SQ.FTS.B, 5.036%, 10/25/26 | 296 | 294 |
| &nbsp;&nbsp;<sup>a</sup>9011573.SQ.FTS.B, 5.597%, 10/25/26 | 7385 | 7011 |
| &nbsp;&nbsp;<sup>a</sup>9010254.SQ.FTS.B, 5.636%, 10/25/26 | 1397 | 1047 |
| &nbsp;&nbsp;<sup>a</sup>9010313.SQ.FTS.B, 5.912%, 10/25/26 | 1044 | 836 |
| &nbsp;&nbsp;<sup>a</sup>9012957.SQ.FTS.B, 4.717%, 10/26/26 | 15020 | 14211 |
| &nbsp;&nbsp;<sup>a</sup>9012625.SQ.FTS.B, 4.719%, 10/26/26 | 6126 | 5900 |
| &nbsp;&nbsp;<sup>a</sup>9012889.SQ.FTS.B, 4.719%, 10/26/26 | 4324 | 4117 |
| &nbsp;&nbsp;<sup>a</sup>9012720.SQ.FTS.B, 4.731%, 10/26/26 | 837 | 815 |
| &nbsp;&nbsp;<sup>a</sup>9012213.SQ.FTS.B, 5.031%, 10/26/26 | 3965 | 3624 |
| &nbsp;&nbsp;<sup>a</sup>9012417.SQ.FTS.B, 5.333%, 10/26/26 | 1215 | 1074 |
| &nbsp;&nbsp;<sup>a</sup>9012610.SQ.FTS.B, 5.351%, 10/26/26 | 319 | 317 |
| &nbsp;&nbsp;<sup>a</sup>9012452.SQ.FTS.B, 6.107%, 10/26/26 | 1473 | 1328 |
| <sup><sup>a,b</sup></sup>9012381.SQ.FTS.B, 6.289%, 10/26/26 | 1053 | 146 |
| &nbsp;&nbsp;<sup>a</sup>9013646.SQ.FTS.B, 5.031%, 10/27/26 | 13178 | 12903 |
| &nbsp;&nbsp;<sup>a</sup>9013547.SQ.FTS.B, 6.448%, 10/27/26 | 5824 | 4875 |
| &nbsp;&nbsp;<sup>a</sup>9014758.SQ.FTS.B, 4.715%, 10/28/26 | 3706 | 3549 |
| &nbsp;&nbsp;<sup>a</sup>9016660.SQ.FTS.B, 4.717%, 10/28/26 | 2049 | 2029 |
| &nbsp;&nbsp;<sup>a</sup>9016375.SQ.FTS.B, 4.72%, 10/28/26 | 4683 | 4587 |
| &nbsp;&nbsp;<sup>a</sup>9016301.SQ.FTS.B, 4.738%, 10/28/26 | 476 | 469 |
| &nbsp;&nbsp;<sup>a</sup>9016321.SQ.FTS.B, 5.024%, 10/28/26 | 868 | 798 |
| &nbsp;&nbsp;<sup>a</sup>9014962.SQ.FTS.B, 5.59%, 10/28/26 | 640 | 606 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9018977.SQ.FTS.B, 6.101%, 10/28/26 | $1372 | $1355 |
| &nbsp;&nbsp;<sup>a</sup>9019968.SQ.FTS.B, 4.719%, 10/29/26 | 1205 | 1186 |
| &nbsp;&nbsp;<sup>a</sup>9024093.SQ.FTS.B, 4.719%, 10/29/26 | 5860 | 5786 |
| &nbsp;&nbsp;<sup>a</sup>9023258.SQ.FTS.B, 4.72%, 10/29/26 | 5521 | 5281 |
| &nbsp;&nbsp;<sup>a</sup>9023743.SQ.FTS.B, 5.029%, 10/29/26 | 3568 | 3207 |
| &nbsp;&nbsp;<sup>a</sup>9022850.SQ.FTS.B, 5.031%, 10/29/26 | 5964 | 5852 |
| &nbsp;&nbsp;<sup>a</sup>9023881.SQ.FTS.B, 5.031%, 10/29/26 | 1922 | 1911 |
| &nbsp;&nbsp;<sup>a</sup>9024352.SQ.FTS.B, 5.031%, 10/29/26 | 853 | 810 |
| &nbsp;&nbsp;<sup>a</sup>9024053.SQ.FTS.B, 5.596%, 10/29/26 | 1298 | 1186 |
| &nbsp;&nbsp;<sup>a</sup>9021446.SQ.FTS.B, 6.101%, 10/29/26 | 14940 | 14574 |
| &nbsp;&nbsp;<sup>a</sup>9023142.SQ.FTS.B, 6.103%, 10/29/26 | 595 | 586 |
| &nbsp;&nbsp;<sup>a</sup>9027074.SQ.FTS.B, 4.715%, 10/30/26 | 3308 | 3261 |
| &nbsp;&nbsp;<sup>a</sup>9025056.SQ.FTS.B, 4.717%, 10/30/26 | 2096 | 2046 |
| &nbsp;&nbsp;<sup>a</sup>9026836.SQ.FTS.B, 4.717%, 10/30/26 | 6480 | 6279 |
| &nbsp;&nbsp;<sup>a</sup>9027350.SQ.FTS.B, 4.717%, 10/30/26 | 482 | 467 |
| &nbsp;&nbsp;<sup>a</sup>9026703.SQ.FTS.B, 4.72%, 10/30/26 | 4403 | 4308 |
| &nbsp;&nbsp;<sup>a</sup>9026606.SQ.FTS.B, 4.721%, 10/30/26 | 1395 | 1384 |
| &nbsp;&nbsp;<sup>a</sup>9024985.SQ.FTS.B, 4.73%, 10/30/26 | 524 | 519 |
| <sup><sup>a,b</sup></sup>9027676.SQ.FTS.B, 5.346%, 10/30/26 | 44021 | 1115 |
| &nbsp;&nbsp;<sup>a</sup>9027639.SQ.FTS.B, 5.351%, 10/30/26 | 680 | 672 |
| &nbsp;&nbsp;<sup>a</sup>9026138.SQ.FTS.B, 5.594%, 10/30/26 | 1496 | 1445 |
| &nbsp;&nbsp;<sup>a</sup>9026229.SQ.FTS.B, 5.921%, 10/30/26 | 1604 | 919 |
| &nbsp;&nbsp;<sup>a</sup>9025952.SQ.FTS.B, 6.101%, 10/30/26 | 2926 | 1794 |
| &nbsp;&nbsp;<sup>a</sup>9027428.SQ.FTS.B, 6.102%, 10/30/26 | 156 | 156 |
| &nbsp;&nbsp;<sup>a</sup>9025330.SQ.FTS.B, 6.104%, 10/30/26 | 794 | 780 |
| &nbsp;&nbsp;<sup>a</sup>9024818.SQ.FTS.B, 6.289%, 10/30/26 | 4349 | 3217 |
| <sup><sup>a,b</sup></sup>9027592.SQ.FTS.B, 6.466%, 10/30/26 | 1463 | 173 |
| &nbsp;&nbsp;<sup>a</sup>9027341.SQ.FTS.B, 6.478%, 10/30/26 | 184 | 173 |
| &nbsp;&nbsp;<sup>a</sup>9036715.SQ.FTS.B, 4.717%, 11/01/26 | 31284 | 30453 |
| &nbsp;&nbsp;<sup>a</sup>9033361.SQ.FTS.B, 4.719%, 11/01/26 | 6748 | 6644 |
| &nbsp;&nbsp;<sup>a</sup>9032745.SQ.FTS.B, 5.346%, 11/01/26 | 9111 | 8922 |
| &nbsp;&nbsp;<sup>a</sup>9035177.SQ.FTS.B, 5.603%, 11/01/26 | 982 | 972 |
| &nbsp;&nbsp;<sup>a</sup>9040087.SQ.FTS.B, 4.717%, 11/02/26 | 7736 | 6641 |
| &nbsp;&nbsp;<sup>a</sup>9038889.SQ.FTS.B, 4.719%, 11/02/26 | 5064 | 3946 |
| &nbsp;&nbsp;<sup>a</sup>9037054.SQ.FTS.B, 4.738%, 11/02/26 | 398 | 393 |
| &nbsp;&nbsp;<sup>a</sup>9038969.SQ.FTS.B, 5.031%, 11/02/26 | 3818 | 3722 |
| &nbsp;&nbsp;<sup>a</sup>9036939.SQ.FTS.B, 5.601%, 11/02/26 | 3588 | 3465 |
| &nbsp;&nbsp;<sup>a</sup>9040694.SQ.FTS.B, 6.101%, 11/02/26 | 12772 | 12290 |
| &nbsp;&nbsp;<sup>a</sup>9037429.SQ.FTS.B, 6.447%, 11/02/26 | 9702 | 8878 |
| &nbsp;&nbsp;<sup>a</sup>9041371.SQ.FTS.B, 4.946%, 11/03/26 | 841 | 506 |
| &nbsp;&nbsp;<sup>a</sup>9042280.SQ.FTS.B, 5.031%, 11/03/26 | 2570 | 2479 |
| &nbsp;&nbsp;<sup>a</sup>9042059.SQ.FTS.B, 5.342%, 11/03/26 | 1139 | 1125 |
| &nbsp;&nbsp;<sup>a</sup>9041385.SQ.FTS.B, 6.101%, 11/03/26 | 10610 | 10056 |
| &nbsp;&nbsp;<sup>a</sup>9042240.SQ.FTS.B, 6.108%, 11/03/26 | 2438 | 2155 |
| &nbsp;&nbsp;<sup>a</sup>9042012.SQ.FTS.B, 6.454%, 11/03/26 | 937 | 119 |
| &nbsp;&nbsp;<sup>a</sup>9042441.SQ.FTS.B, 4.71%, 11/04/26 | 1292 | 1273 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 51

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal** <br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9043286.SQ.FTS.B, 4.715%, 11/04/26 | $2151 | $2094 |
| &nbsp;&nbsp;<sup>a</sup>9042891.SQ.FTS.B, 4.717%, 11/04/26 | 14723 | 14234 |
| &nbsp;&nbsp;<sup>a</sup>9042596.SQ.FTS.B, 4.718%, 11/04/26 | 5044 | 4939 |
| &nbsp;&nbsp;<sup>a</sup>9042763.SQ.FTS.B, 4.72%, 11/04/26 | 2768 | 2740 |
| &nbsp;&nbsp;<sup>a</sup>9042522.SQ.FTS.B, 5.029%, 11/04/26 | 2918 | 2775 |
| <sup><sup>a,b</sup></sup>9042742.SQ.FTS.B, 5.909%, 11/04/26 | 2104 | 867 |
| &nbsp;&nbsp;<sup>a</sup>9042581.SQ.FTS.B, 6.102%, 11/04/26 | 743 | 607 |
| &nbsp;&nbsp;<sup>a</sup>9045500.SQ.FTS.B, 4.717%, 11/05/26 | 6814 | 5727 |
| &nbsp;&nbsp;<sup>a</sup>9046420.SQ.FTS.B, 4.717%, 11/05/26 | 11995 | 11601 |
| &nbsp;&nbsp;<sup>a</sup>9048084.SQ.FTS.B, 4.717%, 11/05/26 | 2485 | 2456 |
| &nbsp;&nbsp;<sup>a</sup>9047177.SQ.FTS.B, 4.718%, 11/05/26 | 17667 | 17188 |
| &nbsp;&nbsp;<sup>a</sup>9044523.SQ.FTS.B, 4.722%, 11/05/26 | 3879 | 3213 |
| &nbsp;&nbsp;<sup>a</sup>9047603.SQ.FTS.B, 4.726%, 11/05/26 | 651 | 642 |
| &nbsp;&nbsp;<sup>a</sup>9047641.SQ.FTS.B, 4.956%, 11/05/26 | 280 | 257 |
| &nbsp;&nbsp;<sup>a</sup>9045040.SQ.FTS.B, 5.031%, 11/05/26 | 1867 | 984 |
| &nbsp;&nbsp;<sup>a</sup>9048220.SQ.FTS.B, 5.031%, 11/05/26 | 8313 | 8054 |
| &nbsp;&nbsp;<sup>a</sup>9048170.SQ.FTS.B, 5.597%, 11/05/26 | 510 | 359 |
| &nbsp;&nbsp;<sup>a</sup>9046727.SQ.FTS.B, 5.599%, 11/05/26 | 9057 | 8583 |
| <sup><sup>a,b</sup></sup>9048487.SQ.FTS.B, 5.632%, 11/05/26 | 4478 | 985 |
| <sup><sup>a,b</sup></sup>9045086.SQ.FTS.B, 6.448%, 11/05/26 | 27357 | 2724 |
| &nbsp;&nbsp;<sup>a</sup>9052710.SQ.FTS.B, 4.705%, 11/06/26 | 829 | 815 |
| &nbsp;&nbsp;<sup>a</sup>9049716.SQ.FTS.B, 4.717%, 11/06/26 | 2211 | 2178 |
| &nbsp;&nbsp;<sup>a</sup>9049870.SQ.FTS.B, 4.717%, 11/06/26 | 6165 | 6022 |
| &nbsp;&nbsp;<sup>a</sup>9050109.SQ.FTS.B, 4.717%, 11/06/26 | 6484 | 6412 |
| &nbsp;&nbsp;<sup>a</sup>9048839.SQ.FTS.B, 4.719%, 11/06/26 | 3449 | 3294 |
| &nbsp;&nbsp;<sup>a</sup>9050459.SQ.FTS.B, 4.719%, 11/06/26 | 2046 | 2021 |
| &nbsp;&nbsp;<sup>a</sup>9051681.SQ.FTS.B, 4.721%, 11/06/26 | 5813 | 5216 |
| &nbsp;&nbsp;<sup>a</sup>9051118.SQ.FTS.B, 4.722%, 11/06/26 | 2947 | 2686 |
| &nbsp;&nbsp;<sup>a</sup>9048764.SQ.FTS.B, 4.73%, 11/06/26 | 911 | 896 |
| &nbsp;&nbsp;<sup>a</sup>9051976.SQ.FTS.B, 5.031%, 11/06/26 | 22132 | 15412 |
| &nbsp;&nbsp;<sup>a</sup>9052740.SQ.FTS.B, 5.031%, 11/06/26 | 24995 | 24490 |
| &nbsp;&nbsp;<sup>a</sup>9052581.SQ.FTS.B, 5.346%, 11/06/26 | 8602 | 7153 |
| &nbsp;&nbsp;<sup>a</sup>9049293.SQ.FTS.B, 5.593%, 11/06/26 | 2631 | 2445 |
| <sup><sup>a,b</sup></sup>9050809.SQ.FTS.B, 5.598%, 11/06/26 | 24174 | 256 |
| &nbsp;&nbsp;<sup>a</sup>9049511.SQ.FTS.B, 6.434%, 11/06/26 | 266 | 259 |
| &nbsp;&nbsp;<sup>a</sup>9049705.SQ.FTS.B, 6.434%, 11/06/26 | 626 | 482 |
| &nbsp;&nbsp;<sup>a</sup>9055197.SQ.FTS.B, 4.717%, 11/07/26 | 3725 | 3662 |
| &nbsp;&nbsp;<sup>a</sup>9056795.SQ.FTS.B, 4.717%, 11/07/26 | 5046 | 4302 |
| &nbsp;&nbsp;<sup>a</sup>9054526.SQ.FTS.B, 4.719%, 11/07/26 | 2436 | 2397 |
| &nbsp;&nbsp;<sup>a</sup>9055355.SQ.FTS.B, 4.719%, 11/07/26 | 7481 | 7355 |
| &nbsp;&nbsp;<sup>a</sup>9055086.SQ.FTS.B, 4.728%, 11/07/26 | 908 | 896 |
| &nbsp;&nbsp;<sup>a</sup>9053959.SQ.FTS.B, 5.031%, 11/07/26 | 6667 | 5430 |
| &nbsp;&nbsp;<sup>a</sup>9056192.SQ.FTS.B, 5.031%, 11/07/26 | 12259 | 12132 |
| &nbsp;&nbsp;<sup>a</sup>9056928.SQ.FTS.B, 5.031%, 11/07/26 | 7411 | 7069 |
| &nbsp;&nbsp;<sup>a</sup>9057169.SQ.FTS.B, 5.364%, 11/07/26 | 989 | 795 |
| &nbsp;&nbsp;<sup>a</sup>9054200.SQ.FTS.B, 5.598%, 11/07/26 | 2691 | 2458 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9057372.SQ.FTS.B, 5.598%, 11/07/26 | $16410 | $16007 |
| &nbsp;&nbsp;<sup>a</sup>9055928.SQ.FTS.B, 5.913%, 11/07/26 | 2540 | 2204 |
| &nbsp;&nbsp;<sup>a</sup>9057321.SQ.FTS.B, 6.101%, 11/07/26 | 1414 | 1372 |
| &nbsp;&nbsp;<sup>a</sup>9053423.SQ.FTS.B, 6.106%, 11/07/26 | 1113 | 1027 |
| &nbsp;&nbsp;<sup>a</sup>9053569.SQ.FTS.B, 6.319%, 11/07/26 | 80 | 77 |
| &nbsp;&nbsp;<sup>a</sup>9054150.SQ.FTS.B, 6.436%, 11/07/26 | 488 | 439 |
| &nbsp;&nbsp;<sup>a</sup>9060471.SQ.FTS.B, 4.715%, 11/08/26 | 1688 | 1669 |
| &nbsp;&nbsp;<sup>a</sup>9063145.SQ.FTS.B, 4.717%, 11/08/26 | 4030 | 3776 |
| &nbsp;&nbsp;<sup>a</sup>9062565.SQ.FTS.B, 4.718%, 11/08/26 | 22375 | 20941 |
| &nbsp;&nbsp;<sup>a</sup>9062028.SQ.FTS.B, 5.031%, 11/08/26 | 10448 | 6818 |
| &nbsp;&nbsp;<sup>a</sup>9064251.SQ.FTS.B, 5.031%, 11/08/26 | 4805 | 4713 |
| &nbsp;&nbsp;<sup>a</sup>9061310.SQ.FTS.B, 5.34%, 11/08/26 | 1174 | 1136 |
| &nbsp;&nbsp;<sup>a</sup>9062399.SQ.FTS.B, 5.346%, 11/08/26 | 1211 | 1172 |
| &nbsp;&nbsp;<sup>a</sup>9061366.SQ.FTS.B, 5.598%, 11/08/26 | 9756 | 9512 |
| &nbsp;&nbsp;<sup>a</sup>9062475.SQ.FTS.B, 5.634%, 11/08/26 | 396 | 377 |
| &nbsp;&nbsp;<sup>a</sup>9060750.SQ.FTS.B, 6.099%, 11/08/26 | 4576 | 2826 |
| &nbsp;&nbsp;<sup>a</sup>9060869.SQ.FTS.B, 6.284%, 11/08/26 | 1107 | 660 |
| &nbsp;&nbsp;<sup>a</sup>9066634.SQ.FTS.B, 4.717%, 11/09/26 | 3337 | 3289 |
| &nbsp;&nbsp;<sup>a</sup>9067602.SQ.FTS.B, 4.717%, 11/09/26 | 1669 | 1355 |
| &nbsp;&nbsp;<sup>a</sup>9068240.SQ.FTS.B, 4.717%, 11/09/26 | 29302 | 28737 |
| &nbsp;&nbsp;<sup>a</sup>9065706.SQ.FTS.B, 4.718%, 11/09/26 | 4153 | 4086 |
| &nbsp;&nbsp;<sup>a</sup>9067932.SQ.FTS.B, 4.719%, 11/09/26 | 4483 | 4337 |
| &nbsp;&nbsp;<sup>a</sup>9065141.SQ.FTS.B, 4.726%, 11/09/26 | 1792 | 1715 |
| &nbsp;&nbsp;<sup>a</sup>9065653.SQ.FTS.B, 5.031%, 11/09/26 | 2859 | 2542 |
| &nbsp;&nbsp;<sup>a</sup>9066243.SQ.FTS.B, 5.031%, 11/09/26 | 2992 | 2953 |
| &nbsp;&nbsp;<sup>a</sup>9067485.SQ.FTS.B, 5.031%, 11/09/26 | 1750 | 1610 |
| &nbsp;&nbsp;<sup>a</sup>9068177.SQ.FTS.B, 5.031%, 11/09/26 | 1708 | 1639 |
| &nbsp;&nbsp;<sup>a</sup>9065908.SQ.FTS.B, 5.035%, 11/09/26 | 3601 | 3362 |
| &nbsp;&nbsp;<sup>a</sup>9065039.SQ.FTS.B, 5.037%, 11/09/26 | 2189 | 2075 |
| &nbsp;&nbsp;<sup>a</sup>9069310.SQ.FTS.B, 5.348%, 11/09/26 | 2500 | 2471 |
| &nbsp;&nbsp;<sup>a</sup>9065236.SQ.FTS.B, 5.924%, 11/09/26 | 720 | 698 |
| &nbsp;&nbsp;<sup>a</sup>9067591.SQ.FTS.B, 6.44%, 11/09/26 | 361 | 336 |
| &nbsp;&nbsp;<sup>a</sup>9067515.SQ.FTS.B, 6.443%, 11/09/26 | 2841 | 1861 |
| &nbsp;&nbsp;<sup>a</sup>9065269.SQ.FTS.B, 6.447%, 11/09/26 | 18812 | 10436 |
| &nbsp;&nbsp;<sup>a</sup>9071099.SQ.FTS.B, 4.717%, 11/10/26 | 6157 | 2982 |
| &nbsp;&nbsp;<sup>a</sup>9071286.SQ.FTS.B, 4.717%, 11/10/26 | 1048 | 1039 |
| &nbsp;&nbsp;<sup>a</sup>9071190.SQ.FTS.B, 4.722%, 11/10/26 | 3690 | 3478 |
| &nbsp;&nbsp;<sup>a</sup>9070460.SQ.FTS.B, 5.598%, 11/10/26 | 17609 | 17237 |
| <sup><sup>a,b</sup></sup>9071058.SQ.FTS.B, 6.286%, 11/10/26 | 3037 | 1446 |
| &nbsp;&nbsp;<sup>a</sup>9071710.SQ.FTS.B, 5.913%, 11/11/26 | 1731 | 1598 |
| &nbsp;&nbsp;<sup>a</sup>9076464.SQ.FTS.B, 4.717%, 11/12/26 | 35642 | 34434 |
| &nbsp;&nbsp;<sup>a</sup>9074555.SQ.FTS.B, 4.721%, 11/12/26 | 2778 | 2739 |
| &nbsp;&nbsp;<sup>a</sup>9074982.SQ.FTS.B, 4.721%, 11/12/26 | 3168 | 3112 |
| &nbsp;&nbsp;<sup>a</sup>9076411.SQ.FTS.B, 5.027%, 11/12/26 | 1134 | 1114 |
| &nbsp;&nbsp;<sup>a</sup>9074683.SQ.FTS.B, 5.031%, 11/12/26 | 7341 | 7254 |
| &nbsp;&nbsp;<sup>a</sup>9076452.SQ.FTS.B, 5.037%, 11/12/26 | 1129 | 1038 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9073615.SQ.FTS.B, 5.047%, 11/12/26 | $264 | $262 |
| &nbsp;&nbsp;<sup>a</sup>9075354.SQ.FTS.B, 5.595%, 11/12/26 | 4004 | 3868 |
| &nbsp;&nbsp;<sup>a</sup>9075165.SQ.FTS.B, 5.912%, 11/12/26 | 1680 | 1214 |
| &nbsp;&nbsp;<sup>a</sup>9076700.SQ.FTS.B, 6.299%, 11/12/26 | 99 | 96 |
| &nbsp;&nbsp;<sup>a</sup>9075191.SQ.FTS.B, 6.437%, 11/12/26 | 1043 | 461 |
| &nbsp;&nbsp;<sup>a</sup>9073723.SQ.FTS.B, 6.447%, 11/12/26 | 15917 | 13652 |
| &nbsp;&nbsp;<sup>a</sup>9074203.SQ.FTS.B, 6.448%, 11/12/26 | 2974 | 2619 |
| &nbsp;&nbsp;<sup>a</sup>9080421.SQ.FTS.B, 4.708%, 11/13/26 | 589 | 580 |
| &nbsp;&nbsp;<sup>a</sup>9080832.SQ.FTS.B, 4.715%, 11/13/26 | 1574 | 1539 |
| &nbsp;&nbsp;<sup>a</sup>9077395.SQ.FTS.B, 4.716%, 11/13/26 | 1471 | 1443 |
| &nbsp;&nbsp;<sup>a</sup>9077953.SQ.FTS.B, 4.717%, 11/13/26 | 5769 | 5689 |
| &nbsp;&nbsp;<sup>a</sup>9080487.SQ.FTS.B, 4.717%, 11/13/26 | 3219 | 3172 |
| &nbsp;&nbsp;<sup>a</sup>9080222.SQ.FTS.B, 5.022%, 11/13/26 | 1574 | 1502 |
| &nbsp;&nbsp;<sup>a</sup>9078368.SQ.FTS.B, 5.031%, 11/13/26 | 2971 | 2836 |
| &nbsp;&nbsp;<sup>a</sup>9079036.SQ.FTS.B, 5.031%, 11/13/26 | 501 | 497 |
| &nbsp;&nbsp;<sup>a</sup>9079360.SQ.FTS.B, 5.031%, 11/13/26 | 32390 | 29886 |
| &nbsp;&nbsp;<sup>a</sup>9081564.SQ.FTS.B, 5.031%, 11/13/26 | 4590 | 4561 |
| &nbsp;&nbsp;<sup>a</sup>9080906.SQ.FTS.B, 5.036%, 11/13/26 | 1876 | 1826 |
| &nbsp;&nbsp;<sup>a</sup>9079226.SQ.FTS.B, 5.6%, 11/13/26 | 2714 | 2664 |
| &nbsp;&nbsp;<sup>a</sup>9080596.SQ.FTS.B, 5.906%, 11/13/26 | 1330 | 1206 |
| &nbsp;&nbsp;<sup>a</sup>9080434.SQ.FTS.B, 6.294%, 11/13/26 | 644 | 588 |
| &nbsp;&nbsp;<sup>a</sup>9079100.SQ.FTS.B, 6.448%, 11/13/26 | 2234 | 1984 |
| &nbsp;&nbsp;<sup>a</sup>9077607.SQ.FTS.B, 6.461%, 11/13/26 | 599 | 424 |
| &nbsp;&nbsp;<sup>a</sup>9081776.SQ.FTS.B, 4.717%, 11/14/26 | 9664 | 9496 |
| &nbsp;&nbsp;<sup>a</sup>9083721.SQ.FTS.B, 4.717%, 11/14/26 | 19947 | 19357 |
| &nbsp;&nbsp;<sup>a</sup>9085432.SQ.FTS.B, 4.717%, 11/14/26 | 2365 | 2331 |
| &nbsp;&nbsp;<sup>a</sup>9083110.SQ.FTS.B, 5.031%, 11/14/26 | 1625 | 1560 |
| &nbsp;&nbsp;<sup>a</sup>9084999.SQ.FTS.B, 5.348%, 11/14/26 | 6679 | 5399 |
| &nbsp;&nbsp;<sup>a</sup>9085809.SQ.FTS.B, 5.596%, 11/14/26 | 2960 | 2930 |
| <sup><sup>a,b</sup></sup>9083077.SQ.FTS.B, 5.597%, 11/14/26 | 1236 | 272 |
| &nbsp;&nbsp;<sup>a</sup>9085083.SQ.FTS.B, 5.627%, 11/14/26 | 1782 | 235 |
| &nbsp;&nbsp;<sup>a</sup>9082495.SQ.FTS.B, 5.911%, 11/14/26 | 1441 | 1434 |
| &nbsp;&nbsp;<sup>a</sup>9085543.SQ.FTS.B, 6.099%, 11/14/26 | 5510 | 5335 |
| &nbsp;&nbsp;<sup>a</sup>9083172.SQ.FTS.B, 6.101%, 11/14/26 | 39735 | 22159 |
| &nbsp;&nbsp;<sup>a</sup>9088529.SQ.FTS.B, 4.717%, 11/15/26 | 5562 | 5510 |
| &nbsp;&nbsp;<sup>a</sup>9089073.SQ.FTS.B, 4.717%, 11/15/26 | 9052 | 8905 |
| &nbsp;&nbsp;<sup>a</sup>9090243.SQ.FTS.B, 4.717%, 11/15/26 | 4059 | 3966 |
| &nbsp;&nbsp;<sup>a</sup>9091714.SQ.FTS.B, 4.717%, 11/15/26 | 5585 | 5526 |
| &nbsp;&nbsp;<sup>a</sup>9091162.SQ.FTS.B, 4.718%, 11/15/26 | 7597 | 7510 |
| &nbsp;&nbsp;<sup>a</sup>9092037.SQ.FTS.B, 4.719%, 11/15/26 | 12007 | 10437 |
| &nbsp;&nbsp;<sup>a</sup>9090367.SQ.FTS.B, 4.72%, 11/15/26 | 3721 | 3500 |
| &nbsp;&nbsp;<sup>a</sup>9090639.SQ.FTS.B, 4.721%, 11/15/26 | 3966 | 3862 |
| &nbsp;&nbsp;<sup>a</sup>9091117.SQ.FTS.B, 4.721%, 11/15/26 | 2138 | 2101 |
| &nbsp;&nbsp;<sup>a</sup>9090092.SQ.FTS.B, 4.95%, 11/15/26 | 118 | 103 |
| &nbsp;&nbsp;<sup>a</sup>9090756.SQ.FTS.B, 5.031%, 11/15/26 | 5350 | 4858 |
| &nbsp;&nbsp;<sup>a</sup>9092544.SQ.FTS.B, 5.031%, 11/15/26 | 5828 | 5728 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9092280.SQ.FTS.B, 5.348%, 11/15/26 | $7314 | $7180 |
| <sup><sup>a,b</sup></sup>9090227.SQ.FTS.B, 6.451%, 11/15/26 | 1790 | 785 |
| &nbsp;&nbsp;<sup>a</sup>9093708.SQ.FTS.B, 4.717%, 11/16/26 | 2212 | 2176 |
| &nbsp;&nbsp;<sup>a</sup>9093067.SQ.FTS.B, 4.72%, 11/16/26 | 4121 | 4029 |
| &nbsp;&nbsp;<sup>a</sup>9093277.SQ.FTS.B, 5.031%, 11/16/26 | 1032 | 853 |
| &nbsp;&nbsp;<sup>a</sup>9094763.SQ.FTS.B, 5.912%, 11/16/26 | 3828 | 3736 |
| &nbsp;&nbsp;<sup>a</sup>9096726.SQ.FTS.B, 6.101%, 11/16/26 | 21498 | 18276 |
| &nbsp;&nbsp;<sup>a</sup>9092935.SQ.FTS.B, 6.104%, 11/16/26 | 1625 | 1465 |
| &nbsp;&nbsp;<sup>a</sup>9093570.SQ.FTS.B, 6.108%, 11/16/26 | 1784 | 1657 |
| &nbsp;&nbsp;<sup>a</sup>9097131.SQ.FTS.B, 6.28%, 11/16/26 | 954 | 873 |
| &nbsp;&nbsp;<sup>a</sup>9095365.SQ.FTS.B, 6.448%, 11/16/26 | 832 | 827 |
| &nbsp;&nbsp;<sup>a</sup>9095660.SQ.FTS.B, 6.45%, 11/16/26 | 295 | 272 |
| &nbsp;&nbsp;<sup>a</sup>9098490.SQ.FTS.B, 4.71%, 11/17/26 | 1438 | 1414 |
| &nbsp;&nbsp;<sup>a</sup>9097852.SQ.FTS.B, 4.717%, 11/17/26 | 59 | 58 |
| &nbsp;&nbsp;<sup>a</sup>9098193.SQ.FTS.B, 4.717%, 11/17/26 | 5644 | 5514 |
| &nbsp;&nbsp;<sup>a</sup>9098317.SQ.FTS.B, 5.031%, 11/17/26 | 10295 | 9137 |
| &nbsp;&nbsp;<sup>a</sup>9098528.SQ.FTS.B, 5.346%, 11/17/26 | 6816 | 5402 |
| &nbsp;&nbsp;<sup>a</sup>9097954.SQ.FTS.B, 5.353%, 11/17/26 | 1029 | 982 |
| &nbsp;&nbsp;<sup>a</sup>9098466.SQ.FTS.B, 5.358%, 11/17/26 | 1115 | 1081 |
| &nbsp;&nbsp;<sup>a</sup>9097978.SQ.FTS.B, 5.6%, 11/17/26 | 6326 | 5680 |
| &nbsp;&nbsp;<sup>a</sup>9098073.SQ.FTS.B, 5.605%, 11/17/26 | 1634 | 305 |
| &nbsp;&nbsp;<sup>a</sup>9098609.SQ.FTS.B, 6.105%, 11/17/26 | 1532 | 1443 |
| &nbsp;&nbsp;<sup>a</sup>9097840.SQ.FTS.B, 6.456%, 11/17/26 | 452 | 426 |
| &nbsp;&nbsp;<sup>a</sup>9098812.SQ.FTS.B, 4.716%, 11/18/26 | 2278 | 2242 |
| &nbsp;&nbsp;<sup>a</sup>9099300.SQ.FTS.B, 4.72%, 11/18/26 | 2150 | 2063 |
| &nbsp;&nbsp;<sup>a</sup>9098873.SQ.FTS.B, 5.353%, 11/18/26 | 447 | 444 |
| &nbsp;&nbsp;<sup>a</sup>9101968.SQ.FTS.B, 4.713%, 11/19/26 | 2462 | 2354 |
| &nbsp;&nbsp;<sup>a</sup>9100939.SQ.FTS.B, 4.717%, 11/19/26 | 1033 | 1023 |
| &nbsp;&nbsp;<sup>a</sup>9101828.SQ.FTS.B, 4.717%, 11/19/26 | 3950 | 3864 |
| &nbsp;&nbsp;<sup>a</sup>9104177.SQ.FTS.B, 4.717%, 11/19/26 | 3764 | 3628 |
| &nbsp;&nbsp;<sup>a</sup>9101475.SQ.FTS.B, 4.718%, 11/19/26 | 8754 | 190 |
| &nbsp;&nbsp;<sup>a</sup>9102789.SQ.FTS.B, 4.718%, 11/19/26 | 16006 | 15746 |
| &nbsp;&nbsp;<sup>a</sup>9100368.SQ.FTS.B, 4.93%, 11/19/26 | 2203 | 98 |
| &nbsp;&nbsp;<sup>a</sup>9102655.SQ.FTS.B, 5.031%, 11/19/26 | 3252 | 3153 |
| &nbsp;&nbsp;<sup>a</sup>9102613.SQ.FTS.B, 5.346%, 11/19/26 | 2297 | 2203 |
| &nbsp;&nbsp;<sup>a</sup>9101660.SQ.FTS.B, 6.099%, 11/19/26 | 2700 | 2646 |
| &nbsp;&nbsp;<sup>a</sup>9103471.SQ.FTS.B, 6.101%, 11/19/26 | 25377 | 13609 |
| &nbsp;&nbsp;<sup>a</sup>9101027.SQ.FTS.B, 6.302%, 11/19/26 | 133 | 126 |
| &nbsp;&nbsp;<sup>a</sup>9101128.SQ.FTS.B, 6.447%, 11/19/26 | 6243 | 6023 |
| &nbsp;&nbsp;<sup>a</sup>9099846.SQ.FTS.B, 6.451%, 11/19/26 | 869 | 819 |
| &nbsp;&nbsp;<sup>a</sup>9107106.SQ.FTS.B, 4.711%, 11/20/26 | 2215 | 2156 |
| &nbsp;&nbsp;<sup>a</sup>9105631.SQ.FTS.B, 4.722%, 11/20/26 | 2996 | 2915 |
| &nbsp;&nbsp;<sup>a</sup>9106785.SQ.FTS.B, 4.722%, 11/20/26 | 1426 | 1395 |
| &nbsp;&nbsp;<sup>a</sup>9108761.SQ.FTS.B, 4.722%, 11/20/26 | 2875 | 2789 |
| &nbsp;&nbsp;<sup>a</sup>9106638.SQ.FTS.B, 4.944%, 11/20/26 | 2654 | 1351 |
| &nbsp;&nbsp;<sup>a</sup>9105200.SQ.FTS.B, 5.031%, 11/20/26 | 3446 | 3397 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9106673.SQ.FTS.B, 5.031%, 11/20/26 | $6049 | $5050 |
| &nbsp;&nbsp;<sup>a</sup>9108528.SQ.FTS.B, 5.031%, 11/20/26 | 4895 | 4695 |
| &nbsp;&nbsp;<sup>a</sup>9107057.SQ.FTS.B, 5.337%, 11/20/26 | 750 | 731 |
| &nbsp;&nbsp;<sup>a</sup>9107320.SQ.FTS.B, 5.582%, 11/20/26 | 276 | 271 |
| &nbsp;&nbsp;<sup>a</sup>9104473.SQ.FTS.B, 5.598%, 11/20/26 | 8195 | 7887 |
| &nbsp;&nbsp;<sup>a</sup>9105728.SQ.FTS.B, 5.598%, 11/20/26 | 34364 | 31557 |
| &nbsp;&nbsp;<sup>a</sup>9107160.SQ.FTS.B, 5.912%, 11/20/26 | 1813 | 1795 |
| &nbsp;&nbsp;<sup>a</sup>9109305.SQ.FTS.B, 4.712%, 11/21/26 | 972 | 956 |
| &nbsp;&nbsp;<sup>a</sup>9112602.SQ.FTS.B, 4.715%, 11/21/26 | 4482 | 4393 |
| &nbsp;&nbsp;<sup>a</sup>9110080.SQ.FTS.B, 4.717%, 11/21/26 | 10109 | 9903 |
| &nbsp;&nbsp;<sup>a</sup>9110690.SQ.FTS.B, 4.717%, 11/21/26 | 10228 | 10108 |
| &nbsp;&nbsp;<sup>a</sup>9112990.SQ.FTS.B, 4.717%, 11/21/26 | 14432 | 14234 |
| &nbsp;&nbsp;<sup>a</sup>9109065.SQ.FTS.B, 4.719%, 11/21/26 | 3919 | 3830 |
| &nbsp;&nbsp;<sup>a</sup>9108864.SQ.FTS.B, 4.721%, 11/21/26 | 3143 | 3093 |
| &nbsp;&nbsp;<sup>a</sup>9111289.SQ.FTS.B, 5.346%, 11/21/26 | 2484 | 2466 |
| &nbsp;&nbsp;<sup>a</sup>9112878.SQ.FTS.B, 5.598%, 11/21/26 | 8546 | 8229 |
| &nbsp;&nbsp;<sup>a</sup>9112799.SQ.FTS.B, 5.6%, 11/21/26 | 1745 | 1727 |
| &nbsp;&nbsp;<sup>a</sup>9111644.SQ.FTS.B, 6.105%, 11/21/26 | 1075 | 1046 |
| &nbsp;&nbsp;<sup>a</sup>9111809.SQ.FTS.B, 6.114%, 11/21/26 | 1253 | 1090 |
| &nbsp;&nbsp;<sup>a</sup>9111269.SQ.FTS.B, 6.438%, 11/21/26 | 805 | 717 |
| &nbsp;&nbsp;<sup>a</sup>9109377.SQ.FTS.B, 6.447%, 11/21/26 | 2438 | 2309 |
| &nbsp;&nbsp;<sup>a</sup>9119239.SQ.FTS.B, 4.715%, 11/22/26 | 5008 | 4761 |
| &nbsp;&nbsp;<sup>a</sup>9117797.SQ.FTS.B, 4.717%, 11/22/26 | 1421 | 1399 |
| &nbsp;&nbsp;<sup>a</sup>9117923.SQ.FTS.B, 4.717%, 11/22/26 | 18740 | 18475 |
| &nbsp;&nbsp;<sup>a</sup>9120835.SQ.FTS.B, 4.717%, 11/22/26 | 3586 | 3495 |
| &nbsp;&nbsp;<sup>a</sup>9120702.SQ.FTS.B, 4.72%, 11/22/26 | 3045 | 2911 |
| &nbsp;&nbsp;<sup>a</sup>9121919.SQ.FTS.B, 4.721%, 11/22/26 | 1521 | 1496 |
| &nbsp;&nbsp;<sup>a</sup>9121013.SQ.FTS.B, 5.031%, 11/22/26 | 12907 | 12498 |
| &nbsp;&nbsp;<sup>a</sup>9119107.SQ.FTS.B, 5.346%, 11/22/26 | 1349 | 1325 |
| &nbsp;&nbsp;<sup>a</sup>9119400.SQ.FTS.B, 5.912%, 11/22/26 | 10887 | 10755 |
| &nbsp;&nbsp;<sup>a</sup>9120449.SQ.FTS.B, 5.912%, 11/22/26 | 4785 | 4229 |
| <sup><sup>a,b</sup></sup>9121883.SQ.FTS.B, 6.301%, 11/22/26 | 1987 | 58 |
| &nbsp;&nbsp;<sup>a</sup>9121483.SQ.FTS.B, 6.452%, 11/22/26 | 3977 | 504 |
| &nbsp;&nbsp;<sup>a</sup>9122989.SQ.FTS.B, 4.717%, 11/23/26 | 3099 | 3031 |
| &nbsp;&nbsp;<sup>a</sup>9124194.SQ.FTS.B, 4.717%, 11/23/26 | 4753 | 4621 |
| &nbsp;&nbsp;<sup>a</sup>9125324.SQ.FTS.B, 4.717%, 11/23/26 | 21447 | 20418 |
| &nbsp;&nbsp;<sup>a</sup>9125861.SQ.FTS.B, 4.717%, 11/23/26 | 19477 | 18975 |
| &nbsp;&nbsp;<sup>a</sup>9126803.SQ.FTS.B, 4.717%, 11/23/26 | 1439 | 1407 |
| &nbsp;&nbsp;<sup>a</sup>9127058.SQ.FTS.B, 4.721%, 11/23/26 | 1095 | 1088 |
| &nbsp;&nbsp;<sup>a</sup>9126887.SQ.FTS.B, 4.724%, 11/23/26 | 2024 | 1925 |
| &nbsp;&nbsp;<sup>a</sup>9123875.SQ.FTS.B, 5.344%, 11/23/26 | 1667 | 1625 |
| &nbsp;&nbsp;<sup>a</sup>9123272.SQ.FTS.B, 5.347%, 11/23/26 | 7273 | 7118 |
| &nbsp;&nbsp;<sup>a</sup>9126972.SQ.FTS.B, 5.639%, 11/23/26 | 2119 | 47 |
| &nbsp;&nbsp;<sup>a</sup>9125014.SQ.FTS.B, 6.096%, 11/23/26 | 3615 | 3367 |
| &nbsp;&nbsp;<sup>a</sup>9122687.SQ.FTS.B, 6.11%, 11/23/26 | 1050 | 1003 |
| &nbsp;&nbsp;<sup>a</sup>9124557.SQ.FTS.B, 6.447%, 11/23/26 | 16459 | 8095 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9125105.SQ.FTS.B, 6.447%, 11/23/26 | $3119 | $3020 |
| &nbsp;&nbsp;<sup>a</sup>9127408.SQ.FTS.B, 4.707%, 11/24/26 | 617 | 604 |
| &nbsp;&nbsp;<sup>a</sup>9128046.SQ.FTS.B, 4.717%, 11/24/26 | 1514 | 1473 |
| &nbsp;&nbsp;<sup>a</sup>9128076.SQ.FTS.B, 4.717%, 11/24/26 | 8568 | 8178 |
| &nbsp;&nbsp;<sup>a</sup>9127658.SQ.FTS.B, 4.719%, 11/24/26 | 10121 | 9700 |
| <sup><sup>a,b</sup></sup>9127447.SQ.FTS.B, 6.285%, 11/24/26 | 2082 | 815 |
| &nbsp;&nbsp;<sup>a</sup>9127980.SQ.FTS.B, 6.294%, 11/24/26 | 149 | 145 |
| &nbsp;&nbsp;<sup>a</sup>9127427.SQ.FTS.B, 6.436%, 11/24/26 | 117 | 114 |
| <sup><sup>a,b</sup></sup>9127518.SQ.FTS.B, 6.447%, 11/24/26 | 4864 | 97 |
| &nbsp;&nbsp;<sup>a</sup>9127957.SQ.FTS.B, 6.45%, 11/24/26 | 1187 | 1067 |
| &nbsp;&nbsp;<sup>a</sup>9127924.SQ.FTS.B, 6.464%, 11/24/26 | 612 | 581 |
| &nbsp;&nbsp;<sup>a</sup>9128408.SQ.FTS.B, 5.031%, 11/25/26 | 6708 | 6295 |
| &nbsp;&nbsp;<sup>a</sup>9128526.SQ.FTS.B, 6.456%, 11/25/26 | 831 | 810 |
| &nbsp;&nbsp;<sup>a</sup>9129734.SQ.FTS.B, 4.715%, 11/26/26 | 4390 | 4246 |
| &nbsp;&nbsp;<sup>a</sup>9129392.SQ.FTS.B, 4.717%, 11/26/26 | 12221 | 11996 |
| &nbsp;&nbsp;<sup>a</sup>9129667.SQ.FTS.B, 4.717%, 11/26/26 | 955 | 939 |
| &nbsp;&nbsp;<sup>a</sup>9129793.SQ.FTS.B, 4.721%, 11/26/26 | 2713 | 2671 |
| &nbsp;&nbsp;<sup>a</sup>9129648.SQ.FTS.B, 4.726%, 11/26/26 | 1559 | 1525 |
| &nbsp;&nbsp;<sup>a</sup>9129676.SQ.FTS.B, 5.031%, 11/26/26 | 3030 | 2967 |
| &nbsp;&nbsp;<sup>a</sup>9129885.SQ.FTS.B, 5.346%, 11/26/26 | 12658 | 12486 |
| &nbsp;&nbsp;<sup>a</sup>9129727.SQ.FTS.B, 5.625%, 11/26/26 | 285 | 202 |
| &nbsp;&nbsp;<sup>a</sup>9129364.SQ.FTS.B, 5.909%, 11/26/26 | 918 | 887 |
| &nbsp;&nbsp;<sup>a</sup>9129064.SQ.FTS.B, 6.45%, 11/26/26 | 2264 | 2210 |
| &nbsp;&nbsp;<sup>a</sup>9135485.SQ.FTS.B, 4.715%, 11/27/26 | 5636 | 4917 |
| &nbsp;&nbsp;<sup>a</sup>9135431.SQ.FTS.B, 4.716%, 11/27/26 | 2470 | 2418 |
| &nbsp;&nbsp;<sup>a</sup>9132550.SQ.FTS.B, 4.717%, 11/27/26 | 11690 | 11567 |
| &nbsp;&nbsp;<sup>a</sup>9133461.SQ.FTS.B, 4.717%, 11/27/26 | 3726 | 3637 |
| &nbsp;&nbsp;<sup>a</sup>9133611.SQ.FTS.B, 4.717%, 11/27/26 | 15744 | 15299 |
| &nbsp;&nbsp;<sup>a</sup>9134393.SQ.FTS.B, 4.717%, 11/27/26 | 1584 | 1553 |
| &nbsp;&nbsp;<sup>a</sup>9134649.SQ.FTS.B, 4.717%, 11/27/26 | 4026 | 3948 |
| &nbsp;&nbsp;<sup>a</sup>9134445.SQ.FTS.B, 4.72%, 11/27/26 | 2437 | 2396 |
| &nbsp;&nbsp;<sup>a</sup>9134538.SQ.FTS.B, 4.73%, 11/27/26 | 1266 | 1232 |
| &nbsp;&nbsp;<sup>a</sup>9132418.SQ.FTS.B, 5.6%, 11/27/26 | 3046 | 2878 |
| <sup><sup>a,b</sup></sup>9131207.SQ.FTS.B, 5.63%, 11/27/26 | 4364 | 85 |
| &nbsp;&nbsp;<sup>a</sup>9134026.SQ.FTS.B, 5.913%, 11/27/26 | 5073 | 4794 |
| &nbsp;&nbsp;<sup>a</sup>9133569.SQ.FTS.B, 6.104%, 11/27/26 | 1879 | 1564 |
| &nbsp;&nbsp;<sup>a</sup>9133101.SQ.FTS.B, 6.283%, 11/27/26 | 582 | 559 |
| &nbsp;&nbsp;<sup>a</sup>9136822.SQ.FTS.B, 4.715%, 11/28/26 | 3087 | 3035 |
| &nbsp;&nbsp;<sup>a</sup>9137681.SQ.FTS.B, 4.717%, 11/28/26 | 17351 | 17009 |
| &nbsp;&nbsp;<sup>a</sup>9138988.SQ.FTS.B, 4.717%, 11/28/26 | 28528 | 27179 |
| &nbsp;&nbsp;<sup>a</sup>9136995.SQ.FTS.B, 4.719%, 11/28/26 | 2004 | 1979 |
| &nbsp;&nbsp;<sup>a</sup>9137217.SQ.FTS.B, 4.719%, 11/28/26 | 4664 | 4533 |
| &nbsp;&nbsp;<sup>a</sup>9140575.SQ.FTS.B, 4.719%, 11/28/26 | 4432 | 4341 |
| &nbsp;&nbsp;<sup>a</sup>9140067.SQ.FTS.B, 4.72%, 11/28/26 | 4439 | 4363 |
| &nbsp;&nbsp;<sup>a</sup>9140499.SQ.FTS.B, 4.724%, 11/28/26 | 1910 | 1876 |
| &nbsp;&nbsp;<sup>a</sup>9138929.SQ.FTS.B, 4.726%, 11/28/26 | 1255 | 1236 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9137432.SQ.FTS.B, 5.346%, 11/28/26 | $3995 | $3851 |
| &nbsp;&nbsp;<sup>a</sup>9140421.SQ.FTS.B, 5.347%, 11/28/26 | 6319 | 5724 |
| &nbsp;&nbsp;<sup>a</sup>9138777.SQ.FTS.B, 5.348%, 11/28/26 | 13837 | 11325 |
| &nbsp;&nbsp;<sup>a</sup>9135932.SQ.FTS.B, 5.592%, 11/28/26 | 1175 | 1128 |
| &nbsp;&nbsp;<sup>a</sup>9138735.SQ.FTS.B, 5.599%, 11/28/26 | 2178 | 2027 |
| &nbsp;&nbsp;<sup>a</sup>9137592.SQ.FTS.B, 5.606%, 11/28/26 | 1790 | 1682 |
| &nbsp;&nbsp;<sup>a</sup>9136623.SQ.FTS.B, 6.101%, 11/28/26 | 5346 | 3701 |
| &nbsp;&nbsp;<sup>a</sup>9137673.SQ.FTS.B, 6.433%, 11/28/26 | 24 | 24 |
| &nbsp;&nbsp;<sup>a</sup>9140240.SQ.FTS.B, 6.436%, 11/28/26 | 417 | 409 |
| &nbsp;&nbsp;<sup>a</sup>9135850.SQ.FTS.B, 6.451%, 11/28/26 | 2993 | 1693 |
| &nbsp;&nbsp;<sup>a</sup>9147467.SQ.FTS.B, 4.705%, 11/29/26 | 1345 | 1215 |
| &nbsp;&nbsp;<sup>a</sup>9147517.SQ.FTS.B, 4.712%, 11/29/26 | 2143 | 2071 |
| &nbsp;&nbsp;<sup>a</sup>9143704.SQ.FTS.B, 4.715%, 11/29/26 | 2786 | 2718 |
| &nbsp;&nbsp;<sup>a</sup>9145148.SQ.FTS.B, 4.717%, 11/29/26 | 1974 | 1916 |
| &nbsp;&nbsp;<sup>a</sup>9145702.SQ.FTS.B, 4.717%, 11/29/26 | 23686 | 18793 |
| &nbsp;&nbsp;<sup>a</sup>9146009.SQ.FTS.B, 4.717%, 11/29/26 | 12647 | 12312 |
| &nbsp;&nbsp;<sup>a</sup>9146280.SQ.FTS.B, 4.718%, 11/29/26 | 16823 | 14794 |
| &nbsp;&nbsp;<sup>a</sup>9146590.SQ.FTS.B, 4.718%, 11/29/26 | 24440 | 23916 |
| &nbsp;&nbsp;<sup>a</sup>9145036.SQ.FTS.B, 4.72%, 11/29/26 | 1866 | 1839 |
| &nbsp;&nbsp;<sup>a</sup>9145406.SQ.FTS.B, 4.72%, 11/29/26 | 3906 | 3850 |
| &nbsp;&nbsp;<sup>a</sup>9144264.SQ.FTS.B, 4.723%, 11/29/26 | 1191 | 1166 |
| &nbsp;&nbsp;<sup>a</sup>9147028.SQ.FTS.B, 4.933%, 11/29/26 | 1409 | 979 |
| &nbsp;&nbsp;<sup>a</sup>9144848.SQ.FTS.B, 4.935%, 11/29/26 | 3381 | 1934 |
| &nbsp;&nbsp;<sup>a</sup>9146262.SQ.FTS.B, 5.031%, 11/29/26 | 1135 | 1062 |
| &nbsp;&nbsp;<sup>a</sup>9147559.SQ.FTS.B, 5.031%, 11/29/26 | 14564 | 14159 |
| &nbsp;&nbsp;<sup>a</sup>9145261.SQ.FTS.B, 5.346%, 11/29/26 | 3505 | 3337 |
| &nbsp;&nbsp;<sup>a</sup>9143958.SQ.FTS.B, 5.348%, 11/29/26 | 8252 | 7689 |
| &nbsp;&nbsp;<sup>a</sup>9143818.SQ.FTS.B, 5.591%, 11/29/26 | 771 | 761 |
| &nbsp;&nbsp;<sup>a</sup>9143890.SQ.FTS.B, 5.597%, 11/29/26 | 1572 | 1552 |
| &nbsp;&nbsp;<sup>a</sup>9144384.SQ.FTS.B, 5.602%, 11/29/26 | 1905 | 1857 |
| &nbsp;&nbsp;<sup>a</sup>9144454.SQ.FTS.B, 6.444%, 11/29/26 | 4615 | 2990 |
| &nbsp;&nbsp;<sup>a</sup>9144614.SQ.FTS.B, 6.447%, 11/29/26 | 1022 | 861 |
| &nbsp;&nbsp;<sup>a</sup>9147142.SQ.FTS.B, 6.459%, 11/29/26 | 601 | 561 |
| &nbsp;&nbsp;<sup>a</sup>9147144.SQ.FTS.B, 6.511%, 11/29/26 | 4785 | 3928 |
| &nbsp;&nbsp;<sup>a</sup>9154577.SQ.FTS.B, 4.717%, 11/30/26 | 11943 | 11723 |
| &nbsp;&nbsp;<sup>a</sup>9155289.SQ.FTS.B, 4.717%, 11/30/26 | 11079 | 1728 |
| &nbsp;&nbsp;<sup>a</sup>9151414.SQ.FTS.B, 4.719%, 11/30/26 | 9134 | 8747 |
| &nbsp;&nbsp;<sup>a</sup>9155165.SQ.FTS.B, 4.719%, 11/30/26 | 6432 | 6295 |
| &nbsp;&nbsp;<sup>a</sup>9148759.SQ.FTS.B, 5.031%, 11/30/26 | 1740 | 1709 |
| &nbsp;&nbsp;<sup>a</sup>9151335.SQ.FTS.B, 5.031%, 11/30/26 | 3997 | 3497 |
| &nbsp;&nbsp;<sup>a</sup>9151758.SQ.FTS.B, 5.031%, 11/30/26 | 45778 | 44587 |
| &nbsp;&nbsp;<sup>a</sup>9154401.SQ.FTS.B, 5.031%, 11/30/26 | 3316 | 3185 |
| &nbsp;&nbsp;<sup>a</sup>9154995.SQ.FTS.B, 5.031%, 11/30/26 | 1295 | 1259 |
| &nbsp;&nbsp;<sup>a</sup>9149181.SQ.FTS.B, 5.346%, 11/30/26 | 23640 | 23259 |
| &nbsp;&nbsp;<sup>a</sup>9155156.SQ.FTS.B, 5.346%, 11/30/26 | 320 | 315 |
| &nbsp;&nbsp;<sup>a</sup>9148888.SQ.FTS.B, 5.348%, 11/30/26 | 2683 | 2297 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9155020.SQ.FTS.B, 5.916%, 11/30/26 | $3128 | $2721 |
| &nbsp;&nbsp;<sup>a</sup>9153027.SQ.FTS.B, 6.101%, 11/30/26 | 34687 | 25117 |
| &nbsp;&nbsp;<sup>a</sup>9154820.SQ.FTS.B, 6.102%, 11/30/26 | 5530 | 5396 |
| &nbsp;&nbsp;<sup>a</sup>9149036.SQ.FTS.B, 6.437%, 11/30/26 | 567 | 538 |
| &nbsp;&nbsp;<sup>a</sup>9148870.SQ.FTS.B, 6.439%, 11/30/26 | 786 | 562 |
| &nbsp;&nbsp;<sup>a</sup>9151157.SQ.FTS.B, 6.452%, 11/30/26 | 2620 | 2184 |
| &nbsp;&nbsp;<sup>a</sup>9154456.SQ.FTS.B, 6.456%, 11/30/26 | 714 | 665 |
| &nbsp;&nbsp;<sup>a</sup>9155651.SQ.FTS.B, 4.717%, 12/01/26 | 12995 | 12671 |
| &nbsp;&nbsp;<sup>a</sup>9156105.SQ.FTS.B, 4.717%, 12/01/26 | 7165 | 6996 |
| &nbsp;&nbsp;<sup>a</sup>9155397.SQ.FTS.B, 4.719%, 12/01/26 | 9265 | 8964 |
| &nbsp;&nbsp;<sup>a</sup>9155547.SQ.FTS.B, 4.723%, 12/01/26 | 2077 | 2039 |
| &nbsp;&nbsp;<sup>a</sup>9156236.SQ.FTS.B, 6.282%, 12/01/26 | 1998 | 1406 |
| <sup><sup>a,b</sup></sup>9155885.SQ.FTS.B, 6.449%, 12/01/26 | 9052 | 103 |
| &nbsp;&nbsp;<sup>a</sup>9158375.SQ.FTS.B, 4.716%, 12/02/26 | 2337 | 2267 |
| &nbsp;&nbsp;<sup>a</sup>9158560.SQ.FTS.B, 4.716%, 12/02/26 | 4082 | 4003 |
| &nbsp;&nbsp;<sup>a</sup>9160393.SQ.FTS.B, 4.717%, 12/02/26 | 8607 | 8447 |
| &nbsp;&nbsp;<sup>a</sup>9160592.SQ.FTS.B, 4.717%, 12/02/26 | 3128 | 3048 |
| &nbsp;&nbsp;<sup>a</sup>9159523.SQ.FTS.B, 4.721%, 12/02/26 | 3550 | 3487 |
| &nbsp;&nbsp;<sup>a</sup>9159435.SQ.FTS.B, 4.727%, 12/02/26 | 601 | 596 |
| &nbsp;&nbsp;<sup>a</sup>9158480.SQ.FTS.B, 5.024%, 12/02/26 | 668 | 653 |
| &nbsp;&nbsp;<sup>a</sup>9158902.SQ.FTS.B, 5.031%, 12/02/26 | 7226 | 5957 |
| &nbsp;&nbsp;<sup>a</sup>9160773.SQ.FTS.B, 5.031%, 12/02/26 | 1779 | 1706 |
| &nbsp;&nbsp;<sup>a</sup>9157527.SQ.FTS.B, 5.342%, 12/02/26 | 1492 | 1237 |
| &nbsp;&nbsp;<sup>a</sup>9157584.SQ.FTS.B, 5.346%, 12/02/26 | 9440 | 9233 |
| &nbsp;&nbsp;<sup>a</sup>9156672.SQ.FTS.B, 5.631%, 12/02/26 | 3714 | 2125 |
| &nbsp;&nbsp;<sup>a</sup>9159458.SQ.FTS.B, 5.912%, 12/02/26 | 3105 | 2999 |
| &nbsp;&nbsp;<sup>a</sup>9159402.SQ.FTS.B, 5.93%, 12/02/26 | 151 | 149 |
| &nbsp;&nbsp;<sup>a</sup>9159565.SQ.FTS.B, 6.101%, 12/02/26 | 23835 | 22842 |
| &nbsp;&nbsp;<sup>a</sup>9159373.SQ.FTS.B, 6.289%, 12/02/26 | 2527 | 1524 |
| &nbsp;&nbsp;<sup>a</sup>9159296.SQ.FTS.B, 6.448%, 12/02/26 | 1858 | 1806 |
| &nbsp;&nbsp;<sup>a</sup>9164909.SQ.FTS.B, 4.715%, 12/03/26 | 3537 | 3479 |
| &nbsp;&nbsp;<sup>a</sup>9165058.SQ.FTS.B, 4.717%, 12/03/26 | 33769 | 32493 |
| &nbsp;&nbsp;<sup>a</sup>9163696.SQ.FTS.B, 4.718%, 12/03/26 | 16502 | 16094 |
| &nbsp;&nbsp;<sup>a</sup>9166172.SQ.FTS.B, 4.718%, 12/03/26 | 3456 | 3242 |
| &nbsp;&nbsp;<sup>a</sup>9164636.SQ.FTS.B, 4.719%, 12/03/26 | 9186 | 8849 |
| &nbsp;&nbsp;<sup>a</sup>9162108.SQ.FTS.B, 4.721%, 12/03/26 | 2701 | 2649 |
| <sup><sup>a,b</sup></sup>9166277.SQ.FTS.B, 4.935%, 12/03/26 | 10193 | 161 |
| &nbsp;&nbsp;<sup>a</sup>9166416.SQ.FTS.B, 4.937%, 12/03/26 | 2666 | 1723 |
| &nbsp;&nbsp;<sup>a</sup>9166520.SQ.FTS.B, 5.031%, 12/03/26 | 20834 | 20070 |
| &nbsp;&nbsp;<sup>a</sup>9161505.SQ.FTS.B, 5.597%, 12/03/26 | 9221 | 8888 |
| &nbsp;&nbsp;<sup>a</sup>9163154.SQ.FTS.B, 5.597%, 12/03/26 | 13863 | 12762 |
| &nbsp;&nbsp;<sup>a</sup>9164334.SQ.FTS.B, 5.597%, 12/03/26 | 13832 | 12557 |
| &nbsp;&nbsp;<sup>a</sup>9166259.SQ.FTS.B, 5.599%, 12/03/26 | 191 | 189 |
| &nbsp;&nbsp;<sup>a</sup>9163114.SQ.FTS.B, 5.602%, 12/03/26 | 1103 | 1053 |
| &nbsp;&nbsp;<sup>a</sup>9164225.SQ.FTS.B, 6.101%, 12/03/26 | 2140 | 2084 |
| &nbsp;&nbsp;<sup>a</sup>9164265.SQ.FTS.B, 6.105%, 12/03/26 | 1072 | 1063 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9165561.SQ.FTS.B, 6.444%, 12/03/26 | $1800 | $1640 |
| &nbsp;&nbsp;<sup>a</sup>9165709.SQ.FTS.B, 6.447%, 12/03/26 | 8448 | 8214 |
| <sup><sup>a,b</sup></sup>9162917.SQ.FTS.B, 6.449%, 12/03/26 | 7999 | 76 |
| &nbsp;&nbsp;<sup>a</sup>9166450.SQ.FTS.B, 6.451%, 12/03/26 | 1171 | 1095 |
| &nbsp;&nbsp;<sup>a</sup>9170192.SQ.FTS.B, 4.715%, 12/04/26 | 3769 | 3709 |
| &nbsp;&nbsp;<sup>a</sup>9167655.SQ.FTS.B, 4.717%, 12/04/26 | 6755 | 6633 |
| &nbsp;&nbsp;<sup>a</sup>9168118.SQ.FTS.B, 4.717%, 12/04/26 | 4147 | 3999 |
| &nbsp;&nbsp;<sup>a</sup>9169854.SQ.FTS.B, 4.717%, 12/04/26 | 4730 | 4451 |
| &nbsp;&nbsp;<sup>a</sup>9170284.SQ.FTS.B, 4.717%, 12/04/26 | 9179 | 8962 |
| &nbsp;&nbsp;<sup>a</sup>9168508.SQ.FTS.B, 4.718%, 12/04/26 | 20239 | 19687 |
| &nbsp;&nbsp;<sup>a</sup>9168211.SQ.FTS.B, 4.72%, 12/04/26 | 8500 | 7486 |
| &nbsp;&nbsp;<sup>a</sup>9168435.SQ.FTS.B, 4.721%, 12/04/26 | 2095 | 2045 |
| &nbsp;&nbsp;<sup>a</sup>9170833.SQ.FTS.B, 4.729%, 12/04/26 | 1116 | 1090 |
| &nbsp;&nbsp;<sup>a</sup>9170470.SQ.FTS.B, 5.031%, 12/04/26 | 13143 | 12744 |
| &nbsp;&nbsp;<sup>a</sup>9169159.SQ.FTS.B, 5.333%, 12/04/26 | 1585 | 1381 |
| &nbsp;&nbsp;<sup>a</sup>9166701.SQ.FTS.B, 5.597%, 12/04/26 | 2931 | 2747 |
| &nbsp;&nbsp;<sup>a</sup>9170125.SQ.FTS.B, 5.66%, 12/04/26 | 563 | 103 |
| &nbsp;&nbsp;<sup>a</sup>9169979.SQ.FTS.B, 6.092%, 12/04/26 | 1722 | 855 |
| &nbsp;&nbsp;<sup>a</sup>9170138.SQ.FTS.B, 6.101%, 12/04/26 | 1793 | 1729 |
| <sup><sup>a,b</sup></sup>9169657.SQ.FTS.B, 6.289%, 12/04/26 | 27874 | 419 |
| &nbsp;&nbsp;<sup>a</sup>9178335.SQ.FTS.B, 4.715%, 12/05/26 | 4025 | 3848 |
| &nbsp;&nbsp;<sup>a</sup>9173933.SQ.FTS.B, 4.717%, 12/05/26 | 6814 | 6679 |
| &nbsp;&nbsp;<sup>a</sup>9175225.SQ.FTS.B, 4.717%, 12/05/26 | 6030 | 5968 |
| &nbsp;&nbsp;<sup>a</sup>9178432.SQ.FTS.B, 4.718%, 12/05/26 | 15366 | 15038 |
| &nbsp;&nbsp;<sup>a</sup>9176370.SQ.FTS.B, 5.347%, 12/05/26 | 14814 | 13650 |
| &nbsp;&nbsp;<sup>a</sup>9174238.SQ.FTS.B, 5.597%, 12/05/26 | 10654 | 10098 |
| <sup><sup>a,b</sup></sup>9177726.SQ.FTS.B, 6.1%, 12/05/26 | 3907 | 45 |
| &nbsp;&nbsp;<sup>a</sup>9176055.SQ.FTS.B, 6.102%, 12/05/26 | 4025 | 3880 |
| &nbsp;&nbsp;<sup>a</sup>9176675.SQ.FTS.B, 6.296%, 12/05/26 | 887 | 732 |
| &nbsp;&nbsp;<sup>a</sup>9177910.SQ.FTS.B, 6.446%, 12/05/26 | 13996 | 12986 |
| &nbsp;&nbsp;<sup>a</sup>9174597.SQ.FTS.B, 6.453%, 12/05/26 | 1993 | 1893 |
| &nbsp;&nbsp;<sup>a</sup>9179564.SQ.FTS.B, 4.717%, 12/06/26 | 4951 | 4791 |
| &nbsp;&nbsp;<sup>a</sup>9180406.SQ.FTS.B, 4.717%, 12/06/26 | 9811 | 9534 |
| &nbsp;&nbsp;<sup>a</sup>9180047.SQ.FTS.B, 4.719%, 12/06/26 | 3626 | 3543 |
| &nbsp;&nbsp;<sup>a</sup>9180655.SQ.FTS.B, 4.719%, 12/06/26 | 8825 | 7639 |
| &nbsp;&nbsp;<sup>a</sup>9180247.SQ.FTS.B, 4.72%, 12/06/26 | 3976 | 3914 |
| &nbsp;&nbsp;<sup>a</sup>9182035.SQ.FTS.B, 4.721%, 12/06/26 | 2679 | 2612 |
| &nbsp;&nbsp;<sup>a</sup>9178912.SQ.FTS.B, 5.597%, 12/06/26 | 3588 | 3497 |
| &nbsp;&nbsp;<sup>a</sup>9180198.SQ.FTS.B, 5.621%, 12/06/26 | 1003 | 896 |
| &nbsp;&nbsp;<sup>a</sup>9180177.SQ.FTS.B, 5.63%, 12/06/26 | 717 | 531 |
| &nbsp;&nbsp;<sup>a</sup>9182307.SQ.FTS.B, 6.099%, 12/06/26 | 2474 | 1965 |
| &nbsp;&nbsp;<sup>a</sup>9178676.SQ.FTS.B, 6.102%, 12/06/26 | 5355 | 5096 |
| &nbsp;&nbsp;<sup>a</sup>9179013.SQ.FTS.B, 6.103%, 12/06/26 | 1576 | 1546 |
| &nbsp;&nbsp;<sup>a</sup>9184119.SQ.FTS.B, 4.707%, 12/07/26 | 1643 | 1567 |
| &nbsp;&nbsp;<sup>a</sup>9183809.SQ.FTS.B, 4.715%, 12/07/26 | 3438 | 3349 |
| &nbsp;&nbsp;<sup>a</sup>9183910.SQ.FTS.B, 4.72%, 12/07/26 | 1037 | 1018 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9183875.SQ.FTS.B, 5.031%, 12/07/26 | $1927 | $1355 |
| &nbsp;&nbsp;<sup>a</sup>9183934.SQ.FTS.B, 5.031%, 12/07/26 | 9420 | 8817 |
| &nbsp;&nbsp;<sup>a</sup>9183904.SQ.FTS.B, 5.157%, 12/07/26 | 593 | 562 |
| &nbsp;&nbsp;<sup>a</sup>9183530.SQ.FTS.B, 5.601%, 12/07/26 | 4875 | 3681 |
| &nbsp;&nbsp;<sup>a</sup>9183562.SQ.FTS.B, 5.633%, 12/07/26 | 3722 | 2562 |
| &nbsp;&nbsp;<sup>a</sup>9183652.SQ.FTS.B, 5.954%, 12/07/26 | 328 | 321 |
| &nbsp;&nbsp;<sup>a</sup>9183760.SQ.FTS.B, 6.113%, 12/07/26 | 1207 | 1100 |
| &nbsp;&nbsp;<sup>a</sup>9184051.SQ.FTS.B, 6.289%, 12/07/26 | 4669 | 2938 |
| &nbsp;&nbsp;<sup>a</sup>9184261.SQ.FTS.B, 4.717%, 12/08/26 | 5867 | 5771 |
| &nbsp;&nbsp;<sup>a</sup>9184838.SQ.FTS.B, 4.719%, 12/08/26 | 7457 | 7297 |
| &nbsp;&nbsp;<sup>a</sup>9184485.SQ.FTS.B, 5.031%, 12/08/26 | 4784 | 4720 |
| &nbsp;&nbsp;<sup>a</sup>9184743.SQ.FTS.B, 5.345%, 12/08/26 | 4887 | 3376 |
| <sup><sup>a,b</sup></sup>9184150.SQ.FTS.B, 5.351%, 12/08/26 | 4320 | 110 |
| &nbsp;&nbsp;<sup>a</sup>9184205.SQ.FTS.B, 5.908%, 12/08/26 | 2932 | 2757 |
| &nbsp;&nbsp;<sup>a</sup>9184136.SQ.FTS.B, 6.457%, 12/08/26 | 788 | 655 |
| &nbsp;&nbsp;<sup>a</sup>9184808.SQ.FTS.B, 6.46%, 12/08/26 | 1118 | 1029 |
| &nbsp;&nbsp;<sup>a</sup>9185576.SQ.FTS.B, 4.715%, 12/09/26 | 4056 | 3951 |
| &nbsp;&nbsp;<sup>a</sup>9187167.SQ.FTS.B, 4.716%, 12/09/26 | 9738 | 8432 |
| &nbsp;&nbsp;<sup>a</sup>9187365.SQ.FTS.B, 4.719%, 12/09/26 | 6493 | 6269 |
| &nbsp;&nbsp;<sup>a</sup>9188954.SQ.FTS.B, 4.719%, 12/09/26 | 5619 | 5359 |
| &nbsp;&nbsp;<sup>a</sup>9189031.SQ.FTS.B, 4.78%, 12/09/26 | 319 | 276 |
| &nbsp;&nbsp;<sup>a</sup>9187817.SQ.FTS.B, 5.355%, 12/09/26 | 1956 | 1893 |
| &nbsp;&nbsp;<sup>a</sup>9189038.SQ.FTS.B, 5.592%, 12/09/26 | 1547 | 1495 |
| &nbsp;&nbsp;<sup>a</sup>9186531.SQ.FTS.B, 5.595%, 12/09/26 | 5667 | 3355 |
| &nbsp;&nbsp;<sup>a</sup>9189584.SQ.FTS.B, 5.598%, 12/09/26 | 6000 | 5794 |
| &nbsp;&nbsp;<sup>a</sup>9189351.SQ.FTS.B, 5.599%, 12/09/26 | 2754 | 2408 |
| &nbsp;&nbsp;<sup>a</sup>9188436.SQ.FTS.B, 6.11%, 12/09/26 | 939 | 249 |
| &nbsp;&nbsp;<sup>a</sup>9187508.SQ.FTS.B, 6.289%, 12/09/26 | 4491 | 4383 |
| &nbsp;&nbsp;<sup>a</sup>9186054.SQ.FTS.B, 6.444%, 12/09/26 | 819 | 801 |
| &nbsp;&nbsp;<sup>a</sup>9189410.SQ.FTS.B, 6.447%, 12/09/26 | 4166 | 3837 |
| &nbsp;&nbsp;<sup>a</sup>9188228.SQ.FTS.B, 6.452%, 12/09/26 | 1160 | 1052 |
| &nbsp;&nbsp;<sup>a</sup>9190887.SQ.FTS.B, 4.715%, 12/10/26 | 3200 | 3133 |
| &nbsp;&nbsp;<sup>a</sup>9193546.SQ.FTS.B, 4.717%, 12/10/26 | 4816 | 4727 |
| &nbsp;&nbsp;<sup>a</sup>9193625.SQ.FTS.B, 4.718%, 12/10/26 | 18809 | 18496 |
| &nbsp;&nbsp;<sup>a</sup>9193959.SQ.FTS.B, 4.718%, 12/10/26 | 33056 | 32045 |
| &nbsp;&nbsp;<sup>a</sup>9190754.SQ.FTS.B, 4.721%, 12/10/26 | 1944 | 1915 |
| &nbsp;&nbsp;<sup>a</sup>9193398.SQ.FTS.B, 4.723%, 12/10/26 | 2937 | 2856 |
| &nbsp;&nbsp;<sup>a</sup>9193526.SQ.FTS.B, 5.031%, 12/10/26 | 853 | 840 |
| &nbsp;&nbsp;<sup>a</sup>9190661.SQ.FTS.B, 5.038%, 12/10/26 | 1380 | 1347 |
| &nbsp;&nbsp;<sup>a</sup>9190286.SQ.FTS.B, 6.289%, 12/10/26 | 449 | 374 |
| <sup><sup>a,b</sup></sup>9190831.SQ.FTS.B, 6.442%, 12/10/26 | 5487 | 2310 |
| &nbsp;&nbsp;<sup>a</sup>9192699.SQ.FTS.B, 6.442%, 12/10/26 | 1322 | 1247 |
| &nbsp;&nbsp;<sup>a</sup>9194871.SQ.FTS.B, 6.448%, 12/10/26 | 8328 | 7858 |
| &nbsp;&nbsp;<sup>a</sup>9191893.SQ.FTS.B, 6.45%, 12/10/26 | 642 | 601 |
| &nbsp;&nbsp;<sup>a</sup>9193943.SQ.FTS.B, 6.458%, 12/10/26 | 727 | 708 |
| &nbsp;&nbsp;<sup>a</sup>9193486.SQ.FTS.B, 6.671%, 12/10/26 | 2787 | 2149 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9196467.SQ.FTS.B, 4.717%, 12/11/26 | $59867 | $57391 |
| &nbsp;&nbsp;<sup>a</sup>9199431.SQ.FTS.B, 4.717%, 12/11/26 | 21646 | 21008 |
| &nbsp;&nbsp;<sup>a</sup>9198770.SQ.FTS.B, 4.718%, 12/11/26 | 23213 | 22805 |
| &nbsp;&nbsp;<sup>a</sup>9199860.SQ.FTS.B, 4.718%, 12/11/26 | 2407 | 2110 |
| &nbsp;&nbsp;<sup>a</sup>9195216.SQ.FTS.B, 4.719%, 12/11/26 | 2018 | 1962 |
| &nbsp;&nbsp;<sup>a</sup>9198689.SQ.FTS.B, 4.721%, 12/11/26 | 4949 | 4779 |
| &nbsp;&nbsp;<sup>a</sup>9195826.SQ.FTS.B, 5.031%, 12/11/26 | 15459 | 14158 |
| &nbsp;&nbsp;<sup>a</sup>9199900.SQ.FTS.B, 5.031%, 12/11/26 | 10707 | 10379 |
| &nbsp;&nbsp;<sup>a</sup>9200198.SQ.FTS.B, 5.031%, 12/11/26 | 4109 | 4001 |
| &nbsp;&nbsp;<sup>a</sup>9195783.SQ.FTS.B, 5.04%, 12/11/26 | 2257 | 1574 |
| &nbsp;&nbsp;<sup>a</sup>9195350.SQ.FTS.B, 5.345%, 12/11/26 | 7835 | 7081 |
| &nbsp;&nbsp;<sup>a</sup>9200187.SQ.FTS.B, 5.626%, 12/11/26 | 769 | 447 |
| &nbsp;&nbsp;<sup>a</sup>9194966.SQ.FTS.B, 5.913%, 12/11/26 | 3732 | 3530 |
| &nbsp;&nbsp;<sup>a</sup>9199374.SQ.FTS.B, 5.919%, 12/11/26 | 2102 | 1985 |
| &nbsp;&nbsp;<sup>a</sup>9199363.SQ.FTS.B, 6.11%, 12/11/26 | 453 | 443 |
| &nbsp;&nbsp;<sup>a</sup>9195164.SQ.FTS.B, 6.447%, 12/11/26 | 594 | 576 |
| &nbsp;&nbsp;<sup>a</sup>9204766.SQ.FTS.B, 4.715%, 12/12/26 | 2799 | 2742 |
| &nbsp;&nbsp;<sup>a</sup>9205145.SQ.FTS.B, 4.717%, 12/12/26 | 19263 | 18708 |
| &nbsp;&nbsp;<sup>a</sup>9206976.SQ.FTS.B, 4.717%, 12/12/26 | 19249 | 18859 |
| &nbsp;&nbsp;<sup>a</sup>9207267.SQ.FTS.B, 4.717%, 12/12/26 | 2200 | 2137 |
| &nbsp;&nbsp;<sup>a</sup>9207290.SQ.FTS.B, 4.717%, 12/12/26 | 5899 | 5621 |
| &nbsp;&nbsp;<sup>a</sup>9207488.SQ.FTS.B, 4.721%, 12/12/26 | 3886 | 3790 |
| &nbsp;&nbsp;<sup>a</sup>9204266.SQ.FTS.B, 4.741%, 12/12/26 | 635 | 622 |
| &nbsp;&nbsp;<sup>a</sup>9204961.SQ.FTS.B, 5.031%, 12/12/26 | 4832 | 4591 |
| <sup><sup>a,b</sup></sup>9206195.SQ.FTS.B, 5.031%, 12/12/26 | 27854 | 3504 |
| &nbsp;&nbsp;<sup>a</sup>9205054.SQ.FTS.B, 5.343%, 12/12/26 | 1217 | 1163 |
| &nbsp;&nbsp;<sup>a</sup>9204558.SQ.FTS.B, 5.59%, 12/12/26 | 2546 | 2353 |
| &nbsp;&nbsp;<sup>a</sup>9203745.SQ.FTS.B, 5.628%, 12/12/26 | 1351 | 902 |
| &nbsp;&nbsp;<sup>a</sup>9207230.SQ.FTS.B, 5.724%, 12/12/26 | 1700 | 1655 |
| &nbsp;&nbsp;<sup>a</sup>9203776.SQ.FTS.B, 5.915%, 12/12/26 | 4049 | 3916 |
| &nbsp;&nbsp;<sup>a</sup>9204844.SQ.FTS.B, 6.101%, 12/12/26 | 4724 | 4390 |
| &nbsp;&nbsp;<sup>a</sup>9203378.SQ.FTS.B, 6.103%, 12/12/26 | 7726 | 7199 |
| &nbsp;&nbsp;<sup>a</sup>9207579.SQ.FTS.B, 6.448%, 12/12/26 | 4461 | 4368 |
| &nbsp;&nbsp;<sup>a</sup>9207481.SQ.FTS.B, 6.478%, 12/12/26 | 59 | 58 |
| &nbsp;&nbsp;<sup>a</sup>9209637.SQ.FTS.B, 4.715%, 12/13/26 | 5148 | 5006 |
| &nbsp;&nbsp;<sup>a</sup>9210915.SQ.FTS.B, 4.715%, 12/13/26 | 3958 | 3786 |
| &nbsp;&nbsp;<sup>a</sup>9210630.SQ.FTS.B, 4.717%, 12/13/26 | 3999 | 3863 |
| &nbsp;&nbsp;<sup>a</sup>9211331.SQ.FTS.B, 4.717%, 12/13/26 | 12964 | 12677 |
| &nbsp;&nbsp;<sup>a</sup>9212050.SQ.FTS.B, 4.717%, 12/13/26 | 4623 | 4464 |
| &nbsp;&nbsp;<sup>a</sup>9210573.SQ.FTS.B, 5.024%, 12/13/26 | 1004 | 961 |
| &nbsp;&nbsp;<sup>a</sup>9212501.SQ.FTS.B, 5.031%, 12/13/26 | 33165 | 32645 |
| &nbsp;&nbsp;<sup>a</sup>9211765.SQ.FTS.B, 5.343%, 12/13/26 | 3714 | 3369 |
| &nbsp;&nbsp;<sup>a</sup>9210378.SQ.FTS.B, 5.346%, 12/13/26 | 8002 | 7174 |
| &nbsp;&nbsp;<sup>a</sup>9211071.SQ.FTS.B, 5.346%, 12/13/26 | 7219 | 7125 |
| &nbsp;&nbsp;<sup>a</sup>9211825.SQ.FTS.B, 5.346%, 12/13/26 | 10686 | 10311 |
| &nbsp;&nbsp;<sup>a</sup>9212166.SQ.FTS.B, 5.346%, 12/13/26 | 4735 | 4650 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9212375.SQ.FTS.B, 5.346%, 12/13/26 | $5696 | $5541 |
| &nbsp;&nbsp;<sup>a</sup>9208893.SQ.FTS.B, 5.353%, 12/13/26 | 3506 | 2619 |
| &nbsp;&nbsp;<sup>a</sup>9210004.SQ.FTS.B, 5.355%, 12/13/26 | 2594 | 2325 |
| &nbsp;&nbsp;<sup>a</sup>9207945.SQ.FTS.B, 5.597%, 12/13/26 | 12150 | 11677 |
| &nbsp;&nbsp;<sup>a</sup>9209516.SQ.FTS.B, 5.597%, 12/13/26 | 5157 | 4781 |
| &nbsp;&nbsp;<sup>a</sup>9210339.SQ.FTS.B, 5.915%, 12/13/26 | 693 | 669 |
| &nbsp;&nbsp;<sup>a</sup>9209498.SQ.FTS.B, 6.102%, 12/13/26 | 595 | 563 |
| <sup><sup>a,b</sup></sup>9210711.SQ.FTS.B, 6.289%, 12/13/26 | 13172 | 193 |
| &nbsp;&nbsp;<sup>a</sup>9210048.SQ.FTS.B, 6.448%, 12/13/26 | 10324 | 7844 |
| &nbsp;&nbsp;<sup>a</sup>9209763.SQ.FTS.B, 6.451%, 12/13/26 | 2922 | 2808 |
| &nbsp;&nbsp;<sup>a</sup>9209608.SQ.FTS.B, 6.453%, 12/13/26 | 56 | 55 |
| &nbsp;&nbsp;<sup>a</sup>9208409.SQ.FTS.B, 6.665%, 12/13/26 | 6814 | 6548 |
| &nbsp;&nbsp;<sup>a</sup>9213002.SQ.FTS.B, 4.715%, 12/14/26 | 4196 | 4115 |
| &nbsp;&nbsp;<sup>a</sup>9212786.SQ.FTS.B, 4.717%, 12/14/26 | 6082 | 5973 |
| <sup><sup>a,b</sup></sup>9213374.SQ.FTS.B, 4.945%, 12/14/26 | 1473 | 18 |
| &nbsp;&nbsp;<sup>a</sup>9213101.SQ.FTS.B, 5.475%, 12/14/26 | 1434 | 1401 |
| &nbsp;&nbsp;<sup>a</sup>9212922.SQ.FTS.B, 6.114%, 12/14/26 | 672 | 632 |
| &nbsp;&nbsp;<sup>a</sup>9213633.SQ.FTS.B, 4.712%, 12/15/26 | 2891 | 2791 |
| &nbsp;&nbsp;<sup>a</sup>9214259.SQ.FTS.B, 4.719%, 12/15/26 | 4181 | 4054 |
| <sup><sup>a,b</sup></sup>9213907.SQ.FTS.B, 4.97%, 12/15/26 | 860 | 72 |
| &nbsp;&nbsp;<sup>a</sup>9214159.SQ.FTS.B, 5.027%, 12/15/26 | 5567 | 4065 |
| &nbsp;&nbsp;<sup>a</sup>9213965.SQ.FTS.B, 5.465%, 12/15/26 | 1233 | 1211 |
| &nbsp;&nbsp;<sup>a</sup>9214350.SQ.FTS.B, 6.102%, 12/15/26 | 7103 | 975 |
| &nbsp;&nbsp;<sup>a</sup>9213773.SQ.FTS.B, 6.104%, 12/15/26 | 5700 | 5077 |
| &nbsp;&nbsp;<sup>a</sup>9213556.SQ.FTS.B, 6.289%, 12/15/26 | 4718 | 4131 |
| &nbsp;&nbsp;<sup>a</sup>9213874.SQ.FTS.B, 6.441%, 12/15/26 | 73 | 72 |
| &nbsp;&nbsp;<sup>a</sup>9214205.SQ.FTS.B, 6.442%, 12/15/26 | 2937 | 2696 |
| &nbsp;&nbsp;<sup>a</sup>9213686.SQ.FTS.B, 6.445%, 12/15/26 | 336 | 331 |
| &nbsp;&nbsp;<sup>a</sup>9216772.SQ.FTS.B, 4.712%, 12/16/26 | 2771 | 2687 |
| &nbsp;&nbsp;<sup>a</sup>9218163.SQ.FTS.B, 4.715%, 12/16/26 | 5037 | 4893 |
| &nbsp;&nbsp;<sup>a</sup>9219202.SQ.FTS.B, 4.715%, 12/16/26 | 1688 | 1669 |
| &nbsp;&nbsp;<sup>a</sup>9218380.SQ.FTS.B, 4.718%, 12/16/26 | 2873 | 2813 |
| &nbsp;&nbsp;<sup>a</sup>9215466.SQ.FTS.B, 4.719%, 12/16/26 | 6573 | 6459 |
| &nbsp;&nbsp;<sup>a</sup>9218462.SQ.FTS.B, 4.722%, 12/16/26 | 3220 | 3151 |
| &nbsp;&nbsp;<sup>a</sup>9219043.SQ.FTS.B, 5.017%, 12/16/26 | 750 | 735 |
| &nbsp;&nbsp;<sup>a</sup>9218020.SQ.FTS.B, 5.031%, 12/16/26 | 9519 | 7435 |
| &nbsp;&nbsp;<sup>a</sup>9217978.SQ.FTS.B, 5.339%, 12/16/26 | 2245 | 1682 |
| &nbsp;&nbsp;<sup>a</sup>9218771.SQ.FTS.B, 5.346%, 12/16/26 | 1786 | 1774 |
| &nbsp;&nbsp;<sup>a</sup>9215791.SQ.FTS.B, 5.592%, 12/16/26 | 2264 | 2189 |
| &nbsp;&nbsp;<sup>a</sup>9216439.SQ.FTS.B, 5.599%, 12/16/26 | 16150 | 15287 |
| &nbsp;&nbsp;<sup>a</sup>9218909.SQ.FTS.B, 5.6%, 12/16/26 | 8759 | 7699 |
| &nbsp;&nbsp;<sup>a</sup>9217910.SQ.FTS.B, 6.289%, 12/16/26 | 4289 | 2048 |
| &nbsp;&nbsp;<sup>a</sup>9215439.SQ.FTS.B, 6.438%, 12/16/26 | 1030 | 859 |
| &nbsp;&nbsp;<sup>a</sup>9218299.SQ.FTS.B, 6.454%, 12/16/26 | 717 | 702 |
| &nbsp;&nbsp;<sup>a</sup>9215965.SQ.FTS.B, 6.509%, 12/16/26 | 16646 | 10919 |
| &nbsp;&nbsp;<sup>a</sup>9224148.SQ.FTS.B, 4.716%, 12/17/26 | 7033 | 6819 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9222464.SQ.FTS.B, 4.717%, 12/17/26 | $3812 | $3748 |
| &nbsp;&nbsp;<sup>a</sup>9223909.SQ.FTS.B, 4.717%, 12/17/26 | 7297 | 7144 |
| &nbsp;&nbsp;<sup>a</sup>9225370.SQ.FTS.B, 4.717%, 12/17/26 | 13103 | 12703 |
| &nbsp;&nbsp;<sup>a</sup>9226472.SQ.FTS.B, 4.717%, 12/17/26 | 47476 | 41320 |
| &nbsp;&nbsp;<sup>a</sup>9224987.SQ.FTS.B, 5.028%, 12/17/26 | 2373 | 2256 |
| &nbsp;&nbsp;<sup>a</sup>9227390.SQ.FTS.B, 5.346%, 12/17/26 | 16784 | 16059 |
| &nbsp;&nbsp;<sup>a</sup>9224421.SQ.FTS.B, 5.596%, 12/17/26 | 2160 | 2146 |
| &nbsp;&nbsp;<sup>a</sup>9227183.SQ.FTS.B, 5.723%, 12/17/26 | 6956 | 6775 |
| <sup><sup>a,b</sup></sup>9222658.SQ.FTS.B, 5.725%, 12/17/26 | 21718 | 916 |
| &nbsp;&nbsp;<sup>a</sup>9223506.SQ.FTS.B, 5.913%, 12/17/26 | 8898 | 8655 |
| &nbsp;&nbsp;<sup>a</sup>9222417.SQ.FTS.B, 6.436%, 12/17/26 | 1014 | 872 |
| &nbsp;&nbsp;<sup>a</sup>9225725.SQ.FTS.B, 6.446%, 12/17/26 | 3949 | 3912 |
| &nbsp;&nbsp;<sup>a</sup>9222649.SQ.FTS.B, 6.455%, 12/17/26 | 1066 | 977 |
| &nbsp;&nbsp;<sup>a</sup>9231498.SQ.FTS.B, 4.717%, 12/18/26 | 27987 | 27244 |
| &nbsp;&nbsp;<sup>a</sup>9231199.SQ.FTS.B, 4.719%, 12/18/26 | 7799 | 6797 |
| &nbsp;&nbsp;<sup>a</sup>9234203.SQ.FTS.B, 4.723%, 12/18/26 | 2729 | 2671 |
| &nbsp;&nbsp;<sup>a</sup>9235373.SQ.FTS.B, 4.725%, 12/18/26 | 2006 | 1954 |
| <sup><sup>a,b</sup></sup>9234342.SQ.FTS.B, 4.957%, 12/18/26 | 550 | 208 |
| &nbsp;&nbsp;<sup>a</sup>9230943.SQ.FTS.B, 5.031%, 12/18/26 | 990 | 980 |
| &nbsp;&nbsp;<sup>a</sup>9231112.SQ.FTS.B, 5.031%, 12/18/26 | 1763 | 1625 |
| &nbsp;&nbsp;<sup>a</sup>9233935.SQ.FTS.B, 5.346%, 12/18/26 | 9034 | 8886 |
| &nbsp;&nbsp;<sup>a</sup>9234584.SQ.FTS.B, 5.346%, 12/18/26 | 13782 | 13383 |
| &nbsp;&nbsp;<sup>a</sup>9231043.SQ.FTS.B, 5.607%, 12/18/26 | 1155 | 1115 |
| &nbsp;&nbsp;<sup>a</sup>9235234.SQ.FTS.B, 5.641%, 12/18/26 | 1042 | 817 |
| &nbsp;&nbsp;<sup>a</sup>9233301.SQ.FTS.B, 5.911%, 12/18/26 | 9916 | 9725 |
| &nbsp;&nbsp;<sup>a</sup>9230685.SQ.FTS.B, 6.101%, 12/18/26 | 797 | 775 |
| &nbsp;&nbsp;<sup>a</sup>9233883.SQ.FTS.B, 6.447%, 12/18/26 | 2090 | 1914 |
| &nbsp;&nbsp;<sup>a</sup>9230722.SQ.FTS.B, 6.449%, 12/18/26 | 4147 | 4033 |
| &nbsp;&nbsp;<sup>a</sup>9234304.SQ.FTS.B, 6.454%, 12/18/26 | 3643 | 2133 |
| &nbsp;&nbsp;<sup>a</sup>9235715.SQ.FTS.B, 4.717%, 12/19/26 | 438 | 435 |
| &nbsp;&nbsp;<sup>a</sup>9236008.SQ.FTS.B, 4.717%, 12/19/26 | 546 | 536 |
| &nbsp;&nbsp;<sup>a</sup>9236567.SQ.FTS.B, 4.717%, 12/19/26 | 2068 | 2021 |
| &nbsp;&nbsp;<sup>a</sup>9236869.SQ.FTS.B, 4.717%, 12/19/26 | 15002 | 14489 |
| &nbsp;&nbsp;<sup>a</sup>9236018.SQ.FTS.B, 4.718%, 12/19/26 | 22065 | 21600 |
| &nbsp;&nbsp;<sup>a</sup>9235879.SQ.FTS.B, 4.719%, 12/19/26 | 5278 | 5148 |
| &nbsp;&nbsp;<sup>a</sup>9236589.SQ.FTS.B, 5.031%, 12/19/26 | 3524 | 3469 |
| &nbsp;&nbsp;<sup>a</sup>9236652.SQ.FTS.B, 5.031%, 12/19/26 | 1774 | 1748 |
| &nbsp;&nbsp;<sup>a</sup>9236750.SQ.FTS.B, 5.031%, 12/19/26 | 8649 | 8433 |
| &nbsp;&nbsp;<sup>a</sup>9236387.SQ.FTS.B, 5.593%, 12/19/26 | 3752 | 2645 |
| &nbsp;&nbsp;<sup>a</sup>9235738.SQ.FTS.B, 5.598%, 12/19/26 | 6356 | 6139 |
| &nbsp;&nbsp;<sup>a</sup>9235666.SQ.FTS.B, 5.726%, 12/19/26 | 2085 | 2002 |
| &nbsp;&nbsp;<sup>a</sup>9235840.SQ.FTS.B, 6.103%, 12/19/26 | 512 | 505 |
| &nbsp;&nbsp;<sup>a</sup>9235986.SQ.FTS.B, 6.289%, 12/19/26 | 2269 | 1074 |
| &nbsp;&nbsp;<sup>a</sup>9236686.SQ.FTS.B, 6.447%, 12/19/26 | 476 | 331 |
| &nbsp;&nbsp;<sup>a</sup>9239713.SQ.FTS.B, 4.716%, 12/20/26 | 2050 | 2005 |
| &nbsp;&nbsp;<sup>a</sup>9241854.SQ.FTS.B, 4.717%, 12/20/26 | 12492 | 12223 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9238885.SQ.FTS.B, 4.718%, 12/20/26 | $4227 | $3703 |
| &nbsp;&nbsp;<sup>a</sup>9239082.SQ.FTS.B, 4.719%, 12/20/26 | 5454 | 5291 |
| &nbsp;&nbsp;<sup>a</sup>9239061.SQ.FTS.B, 4.895%, 12/20/26 | 540 | 372 |
| &nbsp;&nbsp;<sup>a</sup>9238922.SQ.FTS.B, 5.031%, 12/20/26 | 4531 | 4303 |
| <sup><sup>a,b</sup></sup>9239257.SQ.FTS.B, 5.031%, 12/20/26 | 9539 | 581 |
| &nbsp;&nbsp;<sup>a</sup>9240446.SQ.FTS.B, 5.031%, 12/20/26 | 11399 | 11039 |
| &nbsp;&nbsp;<sup>a</sup>9241135.SQ.FTS.B, 5.031%, 12/20/26 | 7407 | 7173 |
| &nbsp;&nbsp;<sup>a</sup>9241729.SQ.FTS.B, 5.031%, 12/20/26 | 1481 | 1160 |
| &nbsp;&nbsp;<sup>a</sup>9240141.SQ.FTS.B, 5.348%, 12/20/26 | 2759 | 2735 |
| &nbsp;&nbsp;<sup>a</sup>9241767.SQ.FTS.B, 5.351%, 12/20/26 | 2641 | 2594 |
| &nbsp;&nbsp;<sup>a</sup>9237831.SQ.FTS.B, 5.6%, 12/20/26 | 4548 | 4300 |
| &nbsp;&nbsp;<sup>a</sup>9238073.SQ.FTS.B, 5.9%, 12/20/26 | 1836 | 1551 |
| &nbsp;&nbsp;<sup>a</sup>9240702.SQ.FTS.B, 5.912%, 12/20/26 | 15348 | 14806 |
| &nbsp;&nbsp;<sup>a</sup>9238145.SQ.FTS.B, 5.924%, 12/20/26 | 987 | 904 |
| <sup><sup>a,b</sup></sup>9238216.SQ.FTS.B, 6.275%, 12/20/26 | 620 | 473 |
| &nbsp;&nbsp;<sup>a</sup>9241643.SQ.FTS.B, 6.307%, 12/20/26 | 530 | 403 |
| &nbsp;&nbsp;<sup>a</sup>9241668.SQ.FTS.B, 6.434%, 12/20/26 | 843 | 733 |
| &nbsp;&nbsp;<sup>a</sup>9240259.SQ.FTS.B, 6.448%, 12/20/26 | 4758 | 4360 |
| &nbsp;&nbsp;<sup>a</sup>9241126.SQ.FTS.B, 6.45%, 12/20/26 | 2155 | 1225 |
| &nbsp;&nbsp;<sup>a</sup>9239598.SQ.FTS.B, 6.453%, 12/20/26 | 653 | 646 |
| &nbsp;&nbsp;<sup>a</sup>9241076.SQ.FTS.B, 6.453%, 12/20/26 | 639 | 626 |
| &nbsp;&nbsp;<sup>a</sup>9243155.SQ.FTS.B, 4.717%, 12/21/26 | 11900 | 11529 |
| &nbsp;&nbsp;<sup>a</sup>9242922.SQ.FTS.B, 5.026%, 12/21/26 | 1751 | 1619 |
| &nbsp;&nbsp;<sup>a</sup>9243442.SQ.FTS.B, 5.348%, 12/21/26 | 3114 | 3023 |
| &nbsp;&nbsp;<sup>a</sup>9243622.SQ.FTS.B, 6.441%, 12/21/26 | 3545 | 1737 |
| &nbsp;&nbsp;<sup>a</sup>9244317.SQ.FTS.B, 4.717%, 12/22/26 | 4521 | 4322 |
| &nbsp;&nbsp;<sup>a</sup>9243792.SQ.FTS.B, 5.031%, 12/22/26 | 1286 | 1257 |
| &nbsp;&nbsp;<sup>a</sup>9243928.SQ.FTS.B, 5.031%, 12/22/26 | 1324 | 1296 |
| &nbsp;&nbsp;<sup>a</sup>9244119.SQ.FTS.B, 5.162%, 12/22/26 | 2734 | 2674 |
| &nbsp;&nbsp;<sup>a</sup>9243690.SQ.FTS.B, 5.595%, 12/22/26 | 2622 | 2519 |
| &nbsp;&nbsp;<sup>a</sup>9243739.SQ.FTS.B, 6.1%, 12/22/26 | 703 | 686 |
| &nbsp;&nbsp;<sup>a</sup>9243854.SQ.FTS.B, 6.285%, 12/22/26 | 2160 | 2030 |
| &nbsp;&nbsp;<sup>a</sup>9244302.SQ.FTS.B, 6.431%, 12/22/26 | 799 | 731 |
| &nbsp;&nbsp;<sup>a</sup>9244215.SQ.FTS.B, 6.448%, 12/22/26 | 9095 | 6686 |
| &nbsp;&nbsp;<sup>a</sup>9246270.SQ.FTS.B, 4.717%, 12/23/26 | 8040 | 7856 |
| &nbsp;&nbsp;<sup>a</sup>9248019.SQ.FTS.B, 4.717%, 12/23/26 | 2792 | 2716 |
| &nbsp;&nbsp;<sup>a</sup>9249476.SQ.FTS.B, 4.717%, 12/23/26 | 14037 | 13662 |
| &nbsp;&nbsp;<sup>a</sup>9246423.SQ.FTS.B, 4.719%, 12/23/26 | 4645 | 4518 |
| &nbsp;&nbsp;<sup>a</sup>9249287.SQ.FTS.B, 4.72%, 12/23/26 | 5352 | 5251 |
| &nbsp;&nbsp;<sup>a</sup>9245392.SQ.FTS.B, 5.031%, 12/23/26 | 2020 | 1999 |
| &nbsp;&nbsp;<sup>a</sup>9245767.SQ.FTS.B, 5.031%, 12/23/26 | 7902 | 7740 |
| &nbsp;&nbsp;<sup>a</sup>9246582.SQ.FTS.B, 5.031%, 12/23/26 | 15623 | 15398 |
| &nbsp;&nbsp;<sup>a</sup>9247438.SQ.FTS.B, 5.66%, 12/23/26 | 460 | 366 |
| &nbsp;&nbsp;<sup>a</sup>9247347.SQ.FTS.B, 6.101%, 12/23/26 | 4664 | 4190 |
| &nbsp;&nbsp;<sup>a</sup>9247458.SQ.FTS.B, 6.447%, 12/23/26 | 1322 | 1233 |
| &nbsp;&nbsp;<sup>a</sup>9248114.SQ.FTS.B, 6.447%, 12/23/26 | 1716 | 1694 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9249258.SQ.FTS.B, 6.453%, 12/23/26 | $1075 | $1018 |
| <sup>a</sup>9249448.SQ.FTS.B, 6.46%, 12/23/26 | 989 | 913 |
| <sup>a</sup>9250466.SQ.FTS.B, 4.71%, 12/24/26 | 1936 | 1704 |
| <sup>a</sup>9251428.SQ.FTS.B, 4.717%, 12/24/26 | 6426 | 6295 |
| <sup>a</sup>9254106.SQ.FTS.B, 4.717%, 12/24/26 | 1653 | 1619 |
| <sup>a</sup>9254201.SQ.FTS.B, 4.718%, 12/24/26 | 18289 | 17914 |
| <sup>a</sup>9254627.SQ.FTS.B, 4.72%, 12/24/26 | 5037 | 4934 |
| <sup>a</sup>9251589.SQ.FTS.B, 5.02%, 12/24/26 | 985 | 964 |
| <sup>a</sup>9251708.SQ.FTS.B, 5.029%, 12/24/26 | 4244 | 3920 |
| <sup>a</sup>9250535.SQ.FTS.B, 5.031%, 12/24/26 | 5352 | 5296 |
| <sup>a</sup>9252486.SQ.FTS.B, 5.031%, 12/24/26 | 5766 | 5709 |
| <sup>a</sup>9252744.SQ.FTS.B, 5.347%, 12/24/26 | 13726 | 13556 |
| <sup>a</sup>9253242.SQ.FTS.B, 5.348%, 12/24/26 | 8211 | 8009 |
| <sup>a</sup>9251624.SQ.FTS.B, 5.917%, 12/24/26 | 1636 | 1604 |
| <sup>a</sup>9250357.SQ.FTS.B, 6.102%, 12/24/26 | 2513 | 2383 |
| <sup>a</sup>9251272.SQ.FTS.B, 6.275%, 12/24/26 | 1059 | 887 |
| <sup>a</sup>9251976.SQ.FTS.B, 6.284%, 12/24/26 | 2075 | 1017 |
| <sup>a</sup>9254608.SQ.FTS.B, 6.289%, 12/24/26 | 442 | 416 |
| <sup>a</sup>9249904.SQ.FTS.B, 6.301%, 12/24/26 | 1134 | 1012 |
| <sup>a</sup>9258174.SQ.FTS.B, 4.714%, 12/25/26 | 2503 | 2456 |
| <sup>a</sup>9257526.SQ.FTS.B, 4.717%, 12/25/26 | 25523 | 25167 |
| <sup>a</sup>9258995.SQ.FTS.B, 4.717%, 12/25/26 | 13415 | 13113 |
| <sup>a</sup>9254874.SQ.FTS.B, 4.718%, 12/25/26 | 29440 | 28685 |
| <sup>a</sup>9259409.SQ.FTS.B, 4.719%, 12/25/26 | 7170 | 7004 |
| <sup>a</sup>9257421.SQ.FTS.B, 4.72%, 12/25/26 | 6179 | 6013 |
| <sup>a</sup>9256270.SQ.FTS.B, 4.723%, 12/25/26 | 2708 | 2637 |
| <sup>a</sup>9257371.SQ.FTS.B, 4.734%, 12/25/26 | 536 | 531 |
| <sup>a</sup>9258130.SQ.FTS.B, 5.92%, 12/25/26 | 1278 | 1244 |
| <sup>a</sup>9258787.SQ.FTS.B, 6.1%, 12/25/26 | 6917 | 6721 |
| <sup>a</sup>9256744.SQ.FTS.B, 6.432%, 12/25/26 | 562 | 526 |
| <sup>a</sup>9256751.SQ.FTS.B, 6.447%, 12/25/26 | 15768 | 15374 |
| <sup>a</sup>9259286.SQ.FTS.B, 6.447%, 12/25/26 | 3778 | 3654 |
| <sup>a</sup>9263405.SQ.FTS.B, 4.717%, 12/26/26 | 9317 | 9077 |
| <sup>a</sup>9264955.SQ.FTS.B, 4.717%, 12/26/26 | 7377 | 7106 |
| <sup>a</sup>9262595.SQ.FTS.B, 4.719%, 12/26/26 | 8241 | 7995 |
| <sup>a</sup>9263005.SQ.FTS.B, 4.721%, 12/26/26 | 4606 | 4484 |
| <sup>a</sup>9262440.SQ.FTS.B, 5.353%, 12/26/26 | 2049 | 2001 |
| <sup>a</sup>9264764.SQ.FTS.B, 5.912%, 12/26/26 | 3364 | 3307 |
| <sup>a</sup>9264155.SQ.FTS.B, 6.101%, 12/26/26 | 18059 | 17523 |
| <sup>a</sup>9262854.SQ.FTS.B, 6.287%, 12/26/26 | 5205 | 2393 |
| <sup>a</sup>9263275.SQ.FTS.B, 6.444%, 12/26/26 | 571 | 562 |
| <sup>a</sup>9269828.SQ.FTS.B, 4.717%, 12/27/26 | 8798 | 8534 |
| <sup>a</sup>9271717.SQ.FTS.B, 4.717%, 12/27/26 | 7097 | 6084 |
| <sup>a</sup>9271842.SQ.FTS.B, 4.717%, 12/27/26 | 17090 | 16735 |
| <sup>a</sup>9270086.SQ.FTS.B, 4.719%, 12/27/26 | 7150 | 6987 |
| <sup>a</sup>9269402.SQ.FTS.B, 4.72%, 12/27/26 | 2238 | 2167 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9271433.SQ.FTS.B, 4.72%, 12/27/26 | $3651 | $3473 |
| <sup>a</sup>9271021.SQ.FTS.B, 4.723%, 12/27/26 | 2565 | 2508 |
| <sup>a</sup>9270526.SQ.FTS.B, 5.031%, 12/27/26 | 5076 | 4969 |
| <sup>a</sup>9271526.SQ.FTS.B, 5.031%, 12/27/26 | 2215 | 2171 |
| <sup>a</sup>9272478.SQ.FTS.B, 5.031%, 12/27/26 | 44 | 43 |
| <sup>a</sup>9269082.SQ.FTS.B, 5.344%, 12/27/26 | 4792 | 4682 |
| <sup>a</sup>9268637.SQ.FTS.B, 5.349%, 12/27/26 | 3403 | 3360 |
| <sup>a</sup>9271059.SQ.FTS.B, 6.1%, 12/27/26 | 28887 | 24235 |
| <sup>a</sup>9272489.SQ.FTS.B, 6.101%, 12/27/26 | 5220 | 5144 |
| <sup>a</sup>9269747.SQ.FTS.B, 6.434%, 12/27/26 | 912 | 845 |
| <sup>a</sup>9268208.SQ.FTS.B, 6.449%, 12/27/26 | 4099 | 3835 |
| <sup>a</sup>9273636.SQ.FTS.B, 4.71%, 12/28/26 | 2188 | 2129 |
| <sup>a</sup>9273177.SQ.FTS.B, 4.716%, 12/28/26 | 2908 | 2854 |
| <sup>a</sup>9272901.SQ.FTS.B, 4.717%, 12/28/26 | 2094 | 2013 |
| <sup>a</sup>9272987.SQ.FTS.B, 4.722%, 12/28/26 | 2191 | 2135 |
| <sup>a</sup>9273394.SQ.FTS.B, 5.02%, 12/28/26 | 1503 | 1395 |
| <sup>a</sup>9272933.SQ.FTS.B, 5.339%, 12/28/26 | 1559 | 1514 |
| <sup>a</sup>9272825.SQ.FTS.B, 5.585%, 12/28/26 | 1198 | 1136 |
| <sup>a</sup>9273038.SQ.FTS.B, 5.916%, 12/28/26 | 2344 | 2299 |
| <sup>a</sup>9272862.SQ.FTS.B, 5.919%, 12/28/26 | 567 | 556 |
| <sup>a</sup>9273291.SQ.FTS.B, 6.101%, 12/28/26 | 3542 | 3439 |
| <sup>a</sup>9273579.SQ.FTS.B, 6.449%, 12/28/26 | 1324 | 1295 |
| <sup>a</sup>9273958.SQ.FTS.B, 4.713%, 12/29/26 | 2172 | 2101 |
| <sup>a</sup>9273719.SQ.FTS.B, 4.717%, 12/29/26 | 879 | 868 |
| <sup>a</sup>9274076.SQ.FTS.B, 4.717%, 12/29/26 | 5204 | 5130 |
| <sup>a</sup>9274316.SQ.FTS.B, 4.717%, 12/29/26 | 1635 | 1600 |
| <sup>a</sup>9273991.SQ.FTS.B, 4.721%, 12/29/26 | 4437 | 4338 |
| <sup>a</sup>9274412.SQ.FTS.B, 4.727%, 12/29/26 | 1850 | 1801 |
| <sup>a</sup>9274235.SQ.FTS.B, 5.031%, 12/29/26 | 3949 | 3848 |
| <sup>a</sup>9273824.SQ.FTS.B, 5.346%, 12/29/26 | 4668 | 4608 |
| <sup>a</sup>9274529.SQ.FTS.B, 5.348%, 12/29/26 | 13323 | 3940 |
| <sup>a</sup>9274502.SQ.FTS.B, 5.351%, 12/29/26 | 1368 | 1344 |
| <sup>a</sup>9274437.SQ.FTS.B, 5.908%, 12/29/26 | 2103 | 1952 |
| <sup>a</sup>9273949.SQ.FTS.B, 6.447%, 12/29/26 | 516 | 488 |
| <sup>a</sup>9273749.SQ.FTS.B, 6.451%, 12/29/26 | 2339 | 2270 |
| <sup>a</sup>9274396.SQ.FTS.B, 6.461%, 12/29/26 | 1797 | 1412 |
| <sup>a</sup>9276732.SQ.FTS.B, 4.717%, 12/30/26 | 12291 | 11943 |
| <sup>a</sup>9278429.SQ.FTS.B, 4.717%, 12/30/26 | 2690 | 2635 |
| <sup>a</sup>9279701.SQ.FTS.B, 4.717%, 12/30/26 | 5515 | 5449 |
| <sup>a</sup>9279898.SQ.FTS.B, 4.717%, 12/30/26 | 14561 | 14180 |
| <sup>a</sup>9277855.SQ.FTS.B, 4.719%, 12/30/26 | 5984 | 5799 |
| <sup>a</sup>9279583.SQ.FTS.B, 4.719%, 12/30/26 | 4707 | 4561 |
| <sup>a</sup>9279845.SQ.FTS.B, 4.738%, 12/30/26 | 836 | 815 |
| <sup>a</sup>9277403.SQ.FTS.B, 5.031%, 12/30/26 | 570 | 566 |
| <sup>a</sup>9279044.SQ.FTS.B, 5.031%, 12/30/26 | 5874 | 5752 |
| <sup>a</sup>9279418.SQ.FTS.B, 5.031%, 12/30/26 | 7696 | 7446 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements Annual Report 59

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9280396.SQ.FTS.B, 5.031%, 12/30/26 | $7029 | $6927 |
| <sup>a</sup>9278744.SQ.FTS.B, 5.347%, 12/30/26 | 1159 | 1147 |
| <sup>a</sup>9275676.SQ.FTS.B, 5.36%, 12/30/26 | 1379 | 1045 |
| <sup>a</sup>9278154.SQ.FTS.B, 5.597%, 12/30/26 | 5144 | 5069 |
| <sup>a</sup>9277630.SQ.FTS.B, 5.599%, 12/30/26 | 10011 | 8831 |
| <sup>a</sup>9277231.SQ.FTS.B, 5.6%, 12/30/26 | 4806 | 4703 |
| <sup>a</sup>9277456.SQ.FTS.B, 5.916%, 12/30/26 | 1999 | 1947 |
| <sup>a</sup>9278540.SQ.FTS.B, 6.099%, 12/30/26 | 5757 | 1010 |
| <sup>a</sup>9275726.SQ.FTS.B, 6.282%, 12/30/26 | 559 | 548 |
| <sup>a</sup>9278869.SQ.FTS.B, 6.448%, 12/30/26 | 16464 | 9988 |
| <sup>a</sup>9279876.SQ.FTS.B, 6.452%, 12/30/26 | 462 | 452 |
| <sup>a</sup>9283443.SQ.FTS.B, 4.714%, 1/01/27 | 317 | 315 |
| <sup>a</sup>9282371.SQ.FTS.B, 4.717%, 1/01/27 | 20876 | 18513 |
| <sup>a</sup>9283554.SQ.FTS.B, 4.717%, 1/01/27 | 3954 | 3800 |
| <sup>a</sup>9284963.SQ.FTS.B, 4.718%, 1/01/27 | 7092 | 6896 |
| <sup>a</sup>9283331.SQ.FTS.B, 5.344%, 1/01/27 | 1687 | 1641 |
| <sup>a</sup>9285598.SQ.FTS.B, 5.346%, 1/01/27 | 7022 | 6934 |
| <sup>a</sup>9280863.SQ.FTS.B, 5.602%, 1/01/27 | 2319 | 2284 |
| <sup>a,b</sup>9285185.SQ.FTS.B, 5.628%, 1/01/27 | 20851 | 4958 |
| <sup>a</sup>9284935.SQ.FTS.B, 5.66%, 1/01/27 | 827 | 514 |
| <sup>a</sup>9283233.SQ.FTS.B, 6.1%, 1/01/27 | 1279 | 1260 |
| <sup>a</sup>9283802.SQ.FTS.B, 6.101%, 1/01/27 | 53313 | 50637 |
| <sup>a</sup>9285516.SQ.FTS.B, 6.284%, 1/01/27 | 636 | 616 |
| <sup>a,b</sup>9284820.SQ.FTS.B, 6.289%, 1/01/27 | 6693 | 98 |
| <sup>a</sup>9284910.SQ.FTS.B, 6.289%, 1/01/27 | 1160 | 1111 |
| <sup>a</sup>9280974.SQ.FTS.B, 6.447%, 1/01/27 | 22736 | 20471 |
| <sup>a</sup>,b9281812.SQ.FTS.B, 6.447%, 1/01/27 | 6315 | 2176 |
| <sup>a</sup>9283638.SQ.FTS.B, 6.449%, 1/01/27 | 7628 | 5977 |
| <sup>a</sup>9294098.SQ.FTS.B, 4.709%, 1/02/27 | 1422 | 1398 |
| <sup>a</sup>9292484.SQ.FTS.B, 4.716%, 1/02/27 | 6208 | 6040 |
| <sup>a</sup>9292599.SQ.FTS.B, 4.717%, 1/02/27 | 4511 | 4304 |
| <sup>a</sup>9295177.SQ.FTS.B, 4.717%, 1/02/27 | 44167 | 42969 |
| <sup>a</sup>9291061.SQ.FTS.B, 5.031%, 1/02/27 | 2370 | 2319 |
| <sup>a</sup>9291458.SQ.FTS.B, 5.031%, 1/02/27 | 17746 | 17518 |
| <sup>a</sup>9294710.SQ.FTS.B, 5.031%, 1/02/27 | 12473 | 12165 |
| <sup>a</sup>9295085.SQ.FTS.B, 5.592%, 1/02/27 | 1735 | 1670 |
| <sup>a</sup>9293370.SQ.FTS.B, 5.597%, 1/02/27 | 24427 | 23644 |
| <sup>a</sup>9294302.SQ.FTS.B, 5.597%, 1/02/27 | 6763 | 6672 |
| <sup>a</sup>9291447.SQ.FTS.B, 5.604%, 1/02/27 | 480 | 448 |
| <sup>a</sup>9290749.SQ.FTS.B, 6.1%, 1/02/27 . | 12898 | 12082 |
| <sup>a</sup>9295144.SQ.FTS.B, 6.439%, 1/02/27 | 1831 | 1717 |
| <sup>a</sup>9291154.SQ.FTS.B, 6.448%, 1/02/27 | 1941 | 1908 |
| <sup>a</sup>9292586.SQ.FTS.B, 6.47%, 1/02/27 | 542 | 525 |
| <sup>a</sup>9296084.SQ.FTS.B, 4.717%, 1/03/27 | 6893 | 6756 |
| <sup>a</sup>9296312.SQ.FTS.B, 4.717%, 1/03/27 | 3691 | 3610 |
| <sup>a</sup>9299430.SQ.FTS.B, 4.717%, 1/03/27 | 2026 | 1985 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9299365.SQ.FTS.B, 4.718%, 1/03/27 | $3037 | $2953 |
| <sup>a,b</sup>9299640.SQ.FTS.B, 4.718%, 1/03/27 | 22877 | 11298 |
| <sup>a</sup>9300625.SQ.FTS.B, 4.721%, 1/03/27 | 2423 | 2377 |
| <sup>a</sup>9295977.SQ.FTS.B, 5.027%, 1/03/27 | 1226 | 1206 |
| <sup>a</sup>9298873.SQ.FTS.B, 5.028%, 1/03/27 | 1763 | 1718 |
| <sup>a</sup>9297677.SQ.FTS.B, 5.031%, 1/03/27 | 6634 | 6517 |
| <sup>a</sup>9299487.SQ.FTS.B, 5.031%, 1/03/27 | 4232 | 4012 |
| <sup>a</sup>9296896.SQ.FTS.B, 5.346%, 1/03/27 | 16998 | 16243 |
| <sup>a</sup>9298801.SQ.FTS.B, 5.597%, 1/03/27 | 1725 | 1711 |
| <sup>a</sup>9300747.SQ.FTS.B, 5.597%, 1/03/27 | 6572 | 4882 |
| <sup>a</sup>9297631.SQ.FTS.B, 5.598%, 1/03/27 | 676 | 658 |
| <sup>a</sup>9300518.SQ.FTS.B, 5.598%, 1/03/27 | 6206 | 1723 |
| <sup>a,b</sup>9299087.SQ.FTS.B, 5.629%, 1/03/27 | 15484 | 279 |
| <sup>a</sup>9297945.SQ.FTS.B, 5.912%, 1/03/27 | 19395 | 19067 |
| <sup>a</sup>9300084.SQ.FTS.B, 6.1%, 1/03/27 | 17428 | 16936 |
| <sup>a</sup>9298906.SQ.FTS.B, 6.289%, 1/03/27 | 8356 | 7901 |
| <sup>a</sup>9300698.SQ.FTS.B, 6.289%, 1/03/27 | 1809 | 1242 |
| <sup>a</sup>9301498.SQ.FTS.B, 4.715%, 1/04/27 | 3276 | 3197 |
| <sup>a</sup>9301559.SQ.FTS.B, 4.719%, 1/04/27 | 8014 | 7747 |
| <sup>a</sup>9301065.SQ.FTS.B, 5.028%, 1/04/27 | 2410 | 2310 |
| <sup>a</sup>9300832.SQ.FTS.B, 5.031%, 1/04/27 | 7433 | 7304 |
| <sup>a</sup>9301141.SQ.FTS.B, 5.031%, 1/04/27 | 3524 | 3463 |
| <sup>a</sup>9301197.SQ.FTS.B, 5.346%, 1/04/27 | 29689 | 28879 |
| <sup>a</sup>9300996.SQ.FTS.B, 5.599%, 1/04/27 | 597 | 591 |
| <sup>a</sup>9301901.SQ.FTS.B, 5.6%, 1/04/27 . | 3211 | 3087 |
| <sup>a</sup>9301731.SQ.FTS.B, 6.104%, 1/04/27 | 2343 | 2301 |
| <sup>a</sup>9301695.SQ.FTS.B, 6.289%, 1/04/27 | 145 | 142 |
| <sup>a</sup>9302878.SQ.FTS.B, 4.714%, 1/05/27 | 1655 | 1624 |
| <sup>a</sup>9302292.SQ.FTS.B, 4.715%, 1/05/27 | 3580 | 3502 |
| <sup>a</sup>9302552.SQ.FTS.B, 4.718%, 1/05/27 | 13728 | 13476 |
| <sup>a</sup>9302356.SQ.FTS.B, 4.724%, 1/05/27 | 2593 | 2519 |
| <sup>a</sup>9302257.SQ.FTS.B, 4.726%, 1/05/27 | 1937 | 1891 |
| <sup>a</sup>9302429.SQ.FTS.B, 5.031%, 1/05/27 | 825 | 804 |
| <sup>a</sup>9302854.SQ.FTS.B, 5.338%, 1/05/27 | 1166 | 1105 |
| <sup>a</sup>9301987.SQ.FTS.B, 5.346%, 1/05/27 | 13302 | 10098 |
| <sup>a</sup>9301956.SQ.FTS.B, 5.353%, 1/05/27 | 3429 | 2680 |
| <sup>a</sup>9302837.SQ.FTS.B, 5.588%, 1/05/27 | 796 | 775 |
| <sup>a</sup>9302147.SQ.FTS.B, 5.912%, 1/05/27 | 7067 | 6684 |
| <sup>a</sup>9302334.SQ.FTS.B, 6.431%, 1/05/27 | 765 | 726 |
| <sup>a</sup>9302443.SQ.FTS.B, 6.445%, 1/05/27 | 7357 | 5841 |
| <sup>a</sup>9302807.SQ.FTS.B, 6.456%, 1/05/27 | 731 | 712 |
| <sup>a</sup>9303307.SQ.FTS.B, 4.72%, 1/06/27 | 887 | 878 |
| <sup>a</sup>9303332.SQ.FTS.B, 4.927%, 1/06/27 | 367 | 289 |
| <sup>a</sup>9303196.SQ.FTS.B, 5.034%, 1/06/27 | 2702 | 2613 |
| <sup>a</sup>9303055.SQ.FTS.B, 5.346%, 1/06/27 | 8825 | 8603 |
| <sup>a</sup>9303780.SQ.FTS.B, 5.348%, 1/06/27 | 7724 | 7446 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal Amount** | **Value** |
| **Marketplace Loans (continued)** |  |  |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>9303337.SQ.FTS.B, 5.597%, 1/06/27 | $1607 | $1554 |
| <sup>a</sup>9302912.SQ.FTS.B, 5.917%, 1/06/27 | 2626 | 2545 |
| <sup>a</sup>9303026.SQ.FTS.B, 6.098%, 1/06/27 | 1400 | 1308 |
| <sup>a</sup>9303360.SQ.FTS.B, 6.1%, 1/06/27 | 35401 | 20011 |
| <sup>a</sup>9303048.SQ.FTS.B, 6.466%, 1/06/27 | 653 | 604 |
| <sup>a</sup>9308052.SQ.FTS.B, 4.717%, 1/07/27 | 2280 | 2020 |
| <sup>a</sup>9306197.SQ.FTS.B, 5.912%, 1/07/27 | 9799 | 8137 |
| <sup>a</sup>9305554.SQ.FTS.B, 5.913%, 1/07/27 | 2397 | 2060 |
| <sup>a</sup>9305268.SQ.FTS.B, 6.447%, 1/07/27 | 551 | 508 |
| <sup>a</sup>9310926.SQ.FTS.B, 4.71%, 1/08/27 | 1287 | 1257 |
| <sup>a</sup>9310777.SQ.FTS.B, 4.717%, 1/08/27 | 2285 | 2220 |
| <sup>a</sup>9311236.SQ.FTS.B, 4.717%, 1/08/27 | 5978 | 5790 |
| <sup>a</sup>9312232.SQ.FTS.B, 4.717%, 1/08/27 | 15264 | 14748 |
| <sup>a</sup>9312734.SQ.FTS.B, 4.717%, 1/08/27 | 11484 | 10173 |
| <sup>a</sup>9313089.SQ.FTS.B, 4.717%, 1/08/27 | 1435 | 1401 |
| <sup>a</sup>9311447.SQ.FTS.B, 4.718%, 1/08/27 | 15032 | 14313 |
| <sup>a</sup>9311081.SQ.FTS.B, 4.721%, 1/08/27 | 5368 | 5189 |
| <sup>a</sup>9313153.SQ.FTS.B, 4.721%, 1/08/27 | 5917 | 5257 |
| <sup>a</sup>9311395.SQ.FTS.B, 4.722%, 1/08/27 | 3012 | 2863 |
| <sup>a</sup>9313940.SQ.FTS.B, 5.031%, 1/08/27 | 30195 | 29513 |
| <sup>a</sup>9311042.SQ.FTS.B, 5.153%, 1/08/27 | 1122 | 1078 |
| <sup>a</sup>9309921.SQ.FTS.B, 5.469%, 1/08/27 | 4199 | 4001 |
| <sup>a</sup>9313917.SQ.FTS.B, 5.48%, 1/08/27 | 1462 | 1413 |
| <sup>a</sup>9313107.SQ.FTS.B, 5.589%, 1/08/27 | 3819 | 822 |
| <sup>a</sup>9312601.SQ.FTS.B, 6.101%, 1/08/27 | 1394 | 1262 |
| <sup>a</sup>9312970.SQ.FTS.B, 6.101%, 1/08/27 | 4450 | 4318 |
| <sup>a</sup>9311705.SQ.FTS.B, 6.11%, 1/08/27 | 975 | 955 |
| <sup>a</sup>9311348.SQ.FTS.B, 6.283%, 1/08/27 | 1205 | 1039 |
| <sup>a</sup>9312931.SQ.FTS.B, 6.442%, 1/08/27 | 2888 | 2465 |
| <sup>a</sup>9315231.SQ.FTS.B, 4.717%, 1/09/27 | 4341 | 4124 |
| <sup>a</sup>9316060.SQ.FTS.B, 4.717%, 1/09/27 | 490 | 481 |
| <sup>a</sup>9316452.SQ.FTS.B, 4.717%, 1/09/27 | 1120 | 1093 |
| <sup>a</sup>9318480.SQ.FTS.B, 4.717%, 1/09/27 | 37184 | 36253 |
| <sup>a</sup>9314533.SQ.FTS.B, 4.718%, 1/09/27 | 15374 | 15006 |
| <sup>a</sup>9317416.SQ.FTS.B, 4.719%, 1/09/27 | 6284 | 6213 |
| <sup>a</sup>9316813.SQ.FTS.B, 4.72%, 1/09/27 | 2738 | 2663 |
| <sup>a</sup>9315642.SQ.FTS.B, 5.031%, 1/09/27 | 15562 | 15154 |
| <sup>a</sup>9316085.SQ.FTS.B, 5.031%, 1/09/27 | 15806 | 15530 |
| <sup>a</sup>9316895.SQ.FTS.B, 5.031%, 1/09/27 | 22404 | 21987 |
| <sup>a</sup>9316762.SQ.FTS.B, 5.158%, 1/09/27 | 2273 | 2197 |
| <sup>a</sup>9317641.SQ.FTS.B, 5.346%, 1/09/27 | 43905 | 34411 |
| <sup>a</sup>9316512.SQ.FTS.B, 5.902%, 1/09/27 | 1923 | 497 |
| <sup>a</sup>9314461.SQ.FTS.B, 6.092%, 1/09/27 | 1638 | 1530 |
| <sup>a</sup>9317393.SQ.FTS.B, 6.463%, 1/09/27 | 960 | 912 |
| <sup>a</sup>9316485.SQ.FTS.B, 6.662%, 1/09/27 | 1647 | 1380 |
| <sup>a</sup>9316618.SQ.FTS.B, 6.666%, 1/09/27 | 8270 | 5001 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9316535.SQ.FTS.B, 6.673%, 1/09/27 | $2658 | $2397 |
| <sup>a</sup>9324541.SQ.FTS.B, 4.713%, 1/10/27 | 3763 | 3589 |
| <sup>a</sup>9324900.SQ.FTS.B, 4.715%, 1/10/27 | 4072 | 3956 |
| <sup>a</sup>9322155.SQ.FTS.B, 4.717%, 1/10/27 | 3133 | 3082 |
| <sup>a</sup>9322911.SQ.FTS.B, 4.717%, 1/10/27 | 5779 | 5584 |
| <sup>a</sup>9323048.SQ.FTS.B, 4.717%, 1/10/27 | 5797 | 5534 |
| <sup>a</sup>9323762.SQ.FTS.B, 4.717%, 1/10/27 | 9488 | 9316 |
| <sup>a</sup>9324153.SQ.FTS.B, 4.717%, 1/10/27 | 8994 | 8742 |
| <sup>a</sup>9324331.SQ.FTS.B, 4.717%, 1/10/27 | 7447 | 6632 |
| <sup>a</sup>9325041.SQ.FTS.B, 4.717%, 1/10/27 | 3497 | 3335 |
| <sup>a</sup>9325171.SQ.FTS.B, 4.717%, 1/10/27 | 35811 | 34143 |
| <sup>a</sup>9321572.SQ.FTS.B, 4.719%, 1/10/27 | 5413 | 5256 |
| <sup>a</sup>9324034.SQ.FTS.B, 4.719%, 1/10/27 | 5157 | 4587 |
| <sup>a</sup>9324018.SQ.FTS.B, 4.728%, 1/10/27 | 829 | 817 |
| <sup>a</sup>9324450.SQ.FTS.B, 5.031%, 1/10/27 | 3436 | 3362 |
| <sup>a</sup>9325774.SQ.FTS.B, 5.031%, 1/10/27 | 12576 | 12367 |
| <sup>a</sup>9324312.SQ.FTS.B, 5.339%, 1/10/27 | 769 | 758 |
| <sup>a</sup>9323617.SQ.FTS.B, 5.345%, 1/10/27 | 3207 | 2426 |
| <sup>a</sup>9323652.SQ.FTS.B, 5.348%, 1/10/27 | 3423 | 3326 |
| <sup>a</sup>9326164.SQ.FTS.B, 5.72%, 1/10/27 | 6607 | 4855 |
| <sup>a</sup>9322443.SQ.FTS.B, 5.723%, 1/10/27 | 10046 | 9515 |
| <sup>a</sup>9323610.SQ.FTS.B, 6.289%, 1/10/27 | 398 | 378 |
| <sup>a</sup>9324625.SQ.FTS.B, 6.289%, 1/10/27 | 1181 | 1163 |
| <sup>a</sup>9324826.SQ.FTS.B, 6.448%, 1/10/27 | 1439 | 1400 |
| <sup>a</sup>9327854.SQ.FTS.B, 4.717%, 1/11/27 | 9009 | 8833 |
| <sup>a</sup>9328778.SQ.FTS.B, 4.717%, 1/11/27 | 12094 | 11881 |
| <sup>a</sup>9329267.SQ.FTS.B, 4.717%, 1/11/27 | 5849 | 5692 |
| <sup>a</sup>9329576.SQ.FTS.B, 4.717%, 1/11/27 | 3057 | 2969 |
| <sup>a</sup>9329738.SQ.FTS.B, 4.717%, 1/11/27 | 9905 | 9699 |
| <sup>a</sup>9326586.SQ.FTS.B, 4.72%, 1/11/27 | 6480 | 6301 |
| <sup>a</sup>9329929.SQ.FTS.B, 5.023%, 1/11/27 | 1606 | 1570 |
| <sup>a</sup>9329405.SQ.FTS.B, 5.031%, 1/11/27 | 5771 | 5661 |
| <sup>a</sup>9326275.SQ.FTS.B, 5.346%, 1/11/27 | 8870 | 8606 |
| <sup>a</sup>9327646.SQ.FTS.B, 5.599%, 1/11/27 | 9441 | 7059 |
| <sup>a</sup>9326751.SQ.FTS.B, 6.351%, 1/11/27 | 2280 | 2166 |
| <sup>a</sup>9329649.SQ.FTS.B, 6.351%, 1/11/27 | 4756 | 4646 |
| <sup>a</sup>9329392.SQ.FTS.B, 6.365%, 1/11/27 | 1404 | 1336 |
| <sup>a</sup>9329329.SQ.FTS.B, 6.45%, 1/11/27 | 4404 | 3904 |
| <sup>a</sup>9329603.SQ.FTS.B, 6.667%, 1/11/27 | 3062 | 1433 |
| <sup>a</sup>9330925.SQ.FTS.B, 4.714%, 1/12/27 | 1491 | 1466 |
| <sup>a</sup>9331266.SQ.FTS.B, 4.721%, 1/12/27 | 3068 | 2919 |
| <sup>a</sup>9331303.SQ.FTS.B, 5.031%, 1/12/27 | 10743 | 10176 |
| <sup>a</sup>9330630.SQ.FTS.B, 5.342%, 1/12/27 | 3978 | 1217 |
| <sup>a</sup>9330864.SQ.FTS.B, 5.504%, 1/12/27 | 3500 | 3193 |
| <sup>a</sup>9331454.SQ.FTS.B, 5.515%, 1/12/27 | 452 | 418 |
| <sup>a</sup>9331174.SQ.FTS.B, 5.721%, 1/12/27 | 1673 | 1630 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 61

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal Amount** | **Value** |
| **Marketplace Loans** (continued) |  |  |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>9330945.SQ.FTS.B, 5.723%, 1/12/27 | $17308 | $16416 |
| <sup>a</sup>9330827.SQ.FTS.B, 5.724%, 1/12/27 | 2283 | 2191 |
| <sup>a</sup>9331198.SQ.FTS.B, 5.724%, 1/12/27 | 3056 | 2963 |
| <sup>a</sup>9330769.SQ.FTS.B, 5.73%, 1/12/27 | 935 | 906 |
| <sup>a</sup>9330658.SQ.FTS.B, 5.911%, 1/12/27 | 12704 | 11676 |
| <sup>a</sup>9331448.SQ.FTS.B, 5.912%, 1/12/27 | 1212 | 826 |
| <sup>a</sup>9331405.SQ.FTS.B, 6.099%, 1/12/27 | 1633 | 1595 |
| <sup>a</sup>9331242.SQ.FTS.B, 6.122%, 1/12/27 | 234 | 232 |
| <sup>a</sup>9331998.SQ.FTS.B, 4.714%, 1/13/27 | 952 | 933 |
| <sup>a</sup>9332063.SQ.FTS.B, 5.031%, 1/13/27 | 2243 | 2170 |
| <sup>a</sup>9332092.SQ.FTS.B, 5.031%, 1/13/27 | 2004 | 1966 |
| <sup>a</sup>9332126.SQ.FTS.B, 5.031%, 1/13/27 | 17577 | 17197 |
| <sup>a</sup>9331725.SQ.FTS.B, 5.158%, 1/13/27 | 18728 | 18208 |
| <sup>a</sup>9331699.SQ.FTS.B, 5.597%, 1/13/27 | 1050 | 1035 |
| <sup>a</sup>9331630.SQ.FTS.B, 5.712%, 1/13/27 | 1128 | 1071 |
| <sup>a</sup>9331508.SQ.FTS.B, 5.726%, 1/13/27 | 6191 | 6049 |
| <sup>a</sup>9331609.SQ.FTS.B, 5.971%, 1/13/27 | 1489 | 1403 |
| <sup>a</sup>9332012.SQ.FTS.B, 6.355%, 1/13/27 | 2507 | 2400 |
| <sup>a</sup>9331647.SQ.FTS.B, 6.665%, 1/13/27 | 4151 | 3568 |
| <sup>a</sup>9333798.SQ.FTS.B, 4.717%, 1/14/27 | 13960 | 13631 |
| <sup>a</sup>9334660.SQ.FTS.B, 4.717%, 1/14/27 | 27080 | 26015 |
| <sup>a</sup>9336578.SQ.FTS.B, 4.717%, 1/14/27 | 25424 | 24795 |
| <sup>a</sup>9337194.SQ.FTS.B, 4.717%, 1/14/27 | 61388 | 58566 |
| <sup>a</sup>9335345.SQ.FTS.B, 4.72%, 1/14/27 | 6936 | 6734 |
| <sup>a</sup>9338139.SQ.FTS.B, 4.721%, 1/14/27 | 1928 | 1884 |
| <sup>a</sup>9335275.SQ.FTS.B, 4.726%, 1/14/27 | 1959 | 1913 |
| <sup>a</sup>9338188.SQ.FTS.B, 5.158%, 1/14/27 | 21361 | 20280 |
| <sup>a</sup>9334405.SQ.FTS.B, 5.159%, 1/14/27 | 7686 | 7518 |
| <sup>a</sup>9336318.SQ.FTS.B, 5.346%, 1/14/27 | 8762 | 8635 |
| <sup>a</sup>9338103.SQ.FTS.B, 5.72%, 1/14/27 | 805 | 780 |
| <sup>a</sup>9337098.SQ.FTS.B, 5.723%, 1/14/27 | 2813 | 2752 |
| <sup>a</sup>9335523.SQ.FTS.B, 6.098%, 1/14/27 | 4906 | 3345 |
| <sup>a</sup>9338006.SQ.FTS.B, 6.449%, 1/14/27 | 2607 | 2539 |
| <sup>a</sup>9335570.SQ.FTS.B, 6.667%, 1/14/27 | 10543 | 8173 |
| <sup>a</sup>9334631.SQ.FTS.B, 6.668%, 1/14/27 | 1277 | 1218 |
| <sup>a</sup>9339409.SQ.FTS.B, 4.703%, 1/15/27 | 1431 | 1269 |
| <sup>a</sup>9340881.SQ.FTS.B, 4.716%, 1/15/27 | 8129 | 7807 |
| <sup>a</sup>9341226.SQ.FTS.B, 4.717%, 1/15/27 | 19325 | 18889 |
| <sup>a</sup>9342124.SQ.FTS.B, 4.717%, 1/15/27 | 22982 | 22175 |
| <sup>a</sup>9338705.SQ.FTS.B, 4.718%, 1/15/27 | 7142 | 6889 |
| <sup>a</sup>9341027.SQ.FTS.B, 4.719%, 1/15/27 | 8514 | 8219 |
| <sup>a</sup>9338354.SQ.FTS.B, 4.72%, 1/15/27 | 1201 | 1183 |
| <sup>a</sup>9341742.SQ.FTS.B, 5.031%, 1/15/27 | 4686 | 4330 |
| <sup>a</sup>9341611.SQ.FTS.B, 5.158%, 1/15/27 | 8374 | 8189 |
| <sup>a</sup>9341771.SQ.FTS.B, 5.348%, 1/15/27 | 10329 | 3279 |
| <sup>a</sup>9342545.SQ.FTS.B, 5.468%, 1/15/27 | 4502 | 4292 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>9339468.SQ.FTS.B, 5.472%, 1/15/27 | $3613 | $3565 |
| <sup>a</sup>9339035.SQ.FTS.B, 5.912%, 1/15/27 | 1521 | 1342 |
| <sup>a</sup>9341926.SQ.FTS.B, 6.353%, 1/15/27 | 7883 | 7552 |
| <sup>a</sup>9338294.SQ.FTS.B, 6.682%, 1/15/27 | 1360 | 860 |
| <sup>a</sup>9345015.SQ.FTS.B, 4.717%, 1/16/27 | 11111 | 10886 |
| <sup>a</sup>9344782.SQ.FTS.B, 4.719%, 1/16/27 | 9824 | 9343 |
| <sup>a</sup>9346225.SQ.FTS.B, 4.72%, 1/16/27 | 5893 | 5779 |
| <sup>a</sup>9344042.SQ.FTS.B, 5.031%, 1/16/27 | 21614 | 20992 |
| <sup>a</sup>9345424.SQ.FTS.B, 5.151%, 1/16/27 | 915 | 906 |
| <sup>a</sup>9344694.SQ.FTS.B, 5.361%, 1/16/27 | 1235 | 1141 |
| <sup>a</sup>9345462.SQ.FTS.B, 5.472%, 1/16/27 | 18400 | 18091 |
| <sup>a</sup>9346389.SQ.FTS.B, 5.472%, 1/16/27 | 25685 | 25043 |
| <sup>a</sup>9342609.SQ.FTS.B, 5.599%, 1/16/27 | 4885 | 4813 |
| <sup>a</sup>9345846.SQ.FTS.B, 5.975%, 1/16/27 | 9303 | 8766 |
| <sup>a</sup>9344980.SQ.FTS.B, 6.294%, 1/16/27 | 1182 | 1124 |
| <sup>a</sup>9346350.SQ.FTS.B, 6.35%, 1/16/27 | 1400 | 1373 |
| <sup>a</sup>9345333.SQ.FTS.B, 6.351%, 1/16/27 | 8090 | 7602 |
| <sup>a</sup>9342970.SQ.FTS.B, 6.352%, 1/16/27 | 2261 | 2166 |
| <sup>a</sup>9344588.SQ.FTS.B, 6.352%, 1/16/27 | 1579 | 1514 |
| <sup>a</sup>9343155.SQ.FTS.B, 6.353%, 1/16/27 | 27404 | 5831 |
| <sup>a</sup>9343104.SQ.FTS.B, 6.679%, 1/16/27 | 253 | 250 |
| <sup>a</sup>9344658.SQ.FTS.B, 6.679%, 1/16/27 | 1996 | 1134 |
| <sup>a</sup>9351131.SQ.FTS.B, 4.717%, 1/17/27 | 54809 | 53469 |
| <sup>a</sup>9352850.SQ.FTS.B, 4.717%, 1/17/27 | 31283 | 30792 |
| <sup>a</sup>9348928.SQ.FTS.B, 4.721%, 1/17/27 | 3949 | 3867 |
| <sup>a</sup>9352709.SQ.FTS.B, 4.721%, 1/17/27 | 3367 | 3289 |
| <sup>a</sup>9349978.SQ.FTS.B, 5.475%, 1/17/27 | 1121 | 1105 |
| <sup>a</sup>9350901.SQ.FTS.B, 5.725%, 1/17/27 | 15320 | 11216 |
| <sup>a</sup>9352375.SQ.FTS.B, 5.975%, 1/17/27 | 13488 | 11201 |
| <sup>a</sup>9352805.SQ.FTS.B, 6.347%, 1/17/27 | 5082 | 1053 |
| <sup>a</sup>9349103.SQ.FTS.B, 6.352%, 1/17/27 | 8851 | 8667 |
| <sup>a</sup>9352690.SQ.FTS.B, 6.447%, 1/17/27 | 798 | 680 |
| <sup>a</sup>9349603.SQ.FTS.B, 6.51%, 1/17/27 | 2870 | 2783 |
| <sup>a</sup>9350890.SQ.FTS.B, 6.522%, 1/17/27 | 772 | 725 |
| <sup>a</sup>9354622.SQ.FTS.B, 4.714%, 1/18/27 | 2679 | 2618 |
| <sup>a</sup>9354578.SQ.FTS.B, 4.717%, 1/18/27 | 1914 | 1874 |
| <sup>a</sup>9355172.SQ.FTS.B, 4.717%, 1/18/27 | 12485 | 12118 |
| <sup>a</sup>9356128.SQ.FTS.B, 4.717%, 1/18/27 | 10404 | 10244 |
| <sup>a</sup>9354692.SQ.FTS.B, 4.718%, 1/18/27 | 15847 | 14139 |
| <sup>a</sup>9356530.SQ.FTS.B, 4.718%, 1/18/27 | 41432 | 39439 |
| <sup>a</sup>9354437.SQ.FTS.B, 4.721%, 1/18/27 | 2555 | 2489 |
| <sup>a</sup>9353643.SQ.FTS.B, 5.451%, 1/18/27 | 232 | 230 |
| <sup>a</sup>9355096.SQ.FTS.B, 5.47%, 1/18/27 | 2355 | 2282 |
| <sup>a</sup>9353534.SQ.FTS.B, 5.478%, 1/18/27 | 2190 | 2110 |
| <sup>a</sup>9354553.SQ.FTS.B, 5.483%, 1/18/27 | 1038 | 1020 |
| <sup>a</sup>9353593.SQ.FTS.B, 5.484%, 1/18/27 | 1826 | 1673 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Principal Amount** | **Value** |
| **Marketplace Loans (continued)** |  |  |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>9353680.SQ.FTS.B, 5.723%, 1/18/27 | $14130 | $13736 |
| <sup>a</sup>9356498.SQ.FTS.B, 5.732%, 1/18/27 | 1676 | 1591 |
| <sup>a</sup>9356013.SQ.FTS.B, 5.972%, 1/18/27 | 4704 | 3389 |
| <sup>a</sup>9357721.SQ.FTS.B, 4.717%, 1/19/27 | 6257 | 6156 |
| <sup>a</sup>9357890.SQ.FTS.B, 4.717%, 1/19/27 | 16076 | 15849 |
| <sup>a</sup>9357410.SQ.FTS.B, 4.719%, 1/19/27 | 4116 | 3958 |
| <sup>a</sup>9357474.SQ.FTS.B, 6.67%, 1/19/27 | 1024 | 926 |
| <sup>a</sup>9357880.SQ.FTS.B, 6.685%, 1/19/27 | 474 | 451 |
| <sup>a</sup>9357873.SQ.FTS.B, 6.691%, 1/19/27 | 485 | 472 |
| <sup>a</sup>9358530.SQ.FTS.B, 4.717%, 1/20/27 | 5311 | 5183 |
| <sup>a</sup>9358673.SQ.FTS.B, 4.719%, 1/20/27 | 9319 | 9110 |
| <sup>a</sup>9358611.SQ.FTS.B, 4.723%, 1/20/27 | 2650 | 2580 |
| <sup>a</sup>9358805.SQ.FTS.B, 4.738%, 1/20/27 | 961 | 931 |
| <sup>a</sup>9358641.SQ.FTS.B, 4.946%, 1/20/27 | 1075 | 1019 |
| <sup>a</sup>9358367.SQ.FTS.B, 5.469%, 1/20/27 | 6345 | 6097 |
| <sup>a</sup>9358829.SQ.FTS.B, 5.721%, 1/20/27 | 1194 | 1179 |
| <sup>a</sup>9358516.SQ.FTS.B, 6.645%, 1/20/27 | 514 | 495 |
| <sup>a</sup>9358454.SQ.FTS.B, 6.668%, 1/20/27 | 2134 | 2066 |
| <sup>a</sup>9358800.SQ.FTS.B, 6.709%, 1/20/27 | 253 | 246 |
| <sup>a</sup>9360729.SQ.FTS.B, 4.714%, 1/21/27 | 2272 | 2195 |
| <sup>a</sup>9361026.SQ.FTS.B, 4.717%, 1/21/27 | 18501 | 17874 |
| <sup>a</sup>9361538.SQ.FTS.B, 4.717%, 1/21/27 | 6996 | 6229 |
| <sup>a</sup>9362878.SQ.FTS.B, 4.717%, 1/21/27 | 2825 | 2760 |
| <sup>a</sup>9362907.SQ.FTS.B, 4.717%, 1/21/27 | 48748 | 43467 |
| <sup>a</sup>9363611.SQ.FTS.B, 4.717%, 1/21/27 | 3272 | 3160 |
| <sup>a</sup>9362230.SQ.FTS.B, 4.718%, 1/21/27 | 34480 | 33095 |
| <sup>a</sup>9359876.SQ.FTS.B, 4.721%, 1/21/27 | 5454 | 5307 |
| <sup>a</sup>9360851.SQ.FTS.B, 5.157%, 1/21/27 | 4245 | 4130 |
| <sup>a</sup>9360487.SQ.FTS.B, 5.158%, 1/21/27 | 1553 | 1224 |
| <sup>a</sup>9360702.SQ.FTS.B, 5.468%, 1/21/27 | 705 | 696 |
| <sup>a</sup>9361985.SQ.FTS.B, 5.472%, 1/21/27 | 16262 | 12809 |
| <sup>a</sup>9360462.SQ.FTS.B, 5.587%, 1/21/27 | 1424 | 1350 |
| <sup>a</sup>9361679.SQ.FTS.B, 6.352%, 1/21/27 | 7575 | 7331 |
| <sup>a</sup>9360208.SQ.FTS.B, 6.661%, 1/21/27 | 2253 | 2125 |
| <sup>a</sup>9363652.SQ.FTS.B, 6.666%, 1/21/27 | 21034 | 20599 |
| <sup>a</sup>9365173.SQ.FTS.B, 4.717%, 1/22/27 | 1817 | 1802 |
| <sup>a</sup>9366313.SQ.FTS.B, 4.717%, 1/22/27 | 6016 | 5878 |
| <sup>a</sup>9367228.SQ.FTS.B, 4.717%, 1/22/27 | 17220 | 16536 |
| <sup>a</sup>9367474.SQ.FTS.B, 4.717%, 1/22/27 | 9486 | 9271 |
| <sup>a</sup>9367749.SQ.FTS.B, 4.718%, 1/22/27 | 12790 | 12642 |
| <sup>a</sup>9367157.SQ.FTS.B, 4.721%, 1/22/27 | 2805 | 2738 |
| <sup>a</sup>9364376.SQ.FTS.B, 4.722%, 1/22/27 | 5106 | 4854 |
| <sup>a</sup>9366478.SQ.FTS.B, 5.031%, 1/22/27 | 37528 | 36693 |
| <sup>a</sup>9367444.SQ.FTS.B, 5.149%, 1/22/27 | 2099 | 1978 |
| <sup>a</sup>9364179.SQ.FTS.B, 5.157%, 1/22/27 | 1459 | 1431 |
| <sup>a</sup>9364862.SQ.FTS.B, 5.157%, 1/22/27 | 1568 | 1443 |

---

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal Amount** | <br>**Value** |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>9367720.SQ.FTS.B, 5.157%, 1/22/27 | $2369 | $2296 |
| <sup>a</sup>9364578.SQ.FTS.B, 5.158%, 1/22/27 | 5563 | 5323 |
| <sup>a</sup>9365965.SQ.FTS.B, 5.472%, 1/22/27 | 25832 | 19560 |
| <sup>a</sup>9365561.SQ.FTS.B, 5.474%, 1/22/27 | 12348 | 9676 |
| <sup>a</sup>9365284.SQ.FTS.B, 5.5%, 1/22/27 | 2026 | 1878 |
| <sup>a</sup>9365019.SQ.FTS.B, 5.606%, 1/22/27 | 1332 | 1199 |
| <sup>a</sup>9367652.SQ.FTS.B, 5.719%, 1/22/27 | 1571 | 1539 |
| <sup>a</sup>9366423.SQ.FTS.B, 5.724%, 1/22/27 | 2163 | 1625 |
| <sup>a</sup>9367707.SQ.FTS.B, 6.299%, 1/22/27 | 465 | 445 |
| <sup>a</sup>9365388.SQ.FTS.B, 6.35%, 1/22/27 | 4216 | 3622 |
| <sup>a</sup>9365501.SQ.FTS.B, 6.353%, 1/22/27 | 3850 | 71 |
| <sup>a</sup>9364042.SQ.FTS.B, 6.668%, 1/22/27 | 678 | 568 |
| <sup>a</sup>9368613.SQ.FTS.B, 4.717%, 1/23/27 | 12918 | 12578 |
| <sup>a</sup>9369288.SQ.FTS.B, 4.717%, 1/23/27 | 10434 | 9990 |
| <sup>a</sup>9369568.SQ.FTS.B, 4.717%, 1/23/27 | 2963 | 2895 |
| <sup>a</sup>9370569.SQ.FTS.B, 4.717%, 1/23/27 | 34580 | 33773 |
| <sup>a</sup>9371259.SQ.FTS.B, 4.718%, 1/23/27 | 28900 | 28145 |
| <sup>a</sup>9369552.SQ.FTS.B, 4.732%, 1/23/27 | 1484 | 1405 |
| <sup>a</sup>9370333.SQ.FTS.B, 5.157%, 1/23/27 | 1218 | 1178 |
| <sup>a</sup>9371937.SQ.FTS.B, 5.157%, 1/23/27 | 1261 | 1217 |
| <sup>a</sup>9369674.SQ.FTS.B, 5.471%, 1/23/27 | 30666 | 29910 |
| <sup>a</sup>9370402.SQ.FTS.B, 5.472%, 1/23/27 | 1281 | 1223 |
| <sup>a</sup>9370432.SQ.FTS.B, 5.475%, 1/23/27 | 6429 | 6124 |
| <sup>a</sup>9370411.SQ.FTS.B, 5.499%, 1/23/27 | 756 | 702 |
| <sup>a</sup>9369518.SQ.FTS.B, 6.309%, 1/23/27 | 370 | 359 |
| <sup>a</sup>9371894.SQ.FTS.B, 6.492%, 1/23/27 | 1047 | 633 |
| <sup>a</sup>9370351.SQ.FTS.B, 6.662%, 1/23/27 | 1943 | 1890 |
| <sup>a</sup>9374980.SQ.FTS.B, 4.715%, 1/24/27 | 6256 | 6059 |
| <sup>a</sup>9376727.SQ.FTS.B, 4.715%, 1/24/27 | 4028 | 3943 |
| <sup>a</sup>9375841.SQ.FTS.B, 4.717%, 1/24/27 | 4273 | 4200 |
| <sup>a</sup>9376145.SQ.FTS.B, 4.717%, 1/24/27 | 6267 | 6107 |
| <sup>a</sup>9376578.SQ.FTS.B, 4.717%, 1/24/27 | 5246 | 5089 |
| <sup>a</sup>9377365.SQ.FTS.B, 4.717%, 1/24/27 | 30882 | 30103 |
| <sup>a</sup>9378231.SQ.FTS.B, 4.717%, 1/24/27 | 42384 | 40646 |
| <sup>a</sup>9375693.SQ.FTS.B, 4.719%, 1/24/27 | 5158 | 5004 |
| <sup>a</sup>9376457.SQ.FTS.B, 4.719%, 1/24/27 | 5701 | 5534 |
| <sup>a</sup>9377147.SQ.FTS.B, 4.72%, 1/24/27 | 3941 | 3819 |
| <sup>a</sup>9374459.SQ.FTS.B, 5.156%, 1/24/27 | 8885 | 8508 |
| <sup>a</sup>9377317.SQ.FTS.B, 5.157%, 1/24/27 | 1846 | 1814 |
| <sup>a</sup>9376390.SQ.FTS.B, 5.723%, 1/24/27 | 1651 | 1529 |
| <sup>a</sup>9376992.SQ.FTS.B, 5.975%, 1/24/27 | 4573 | 4395 |
| <sup>a</sup>9378136.SQ.FTS.B, 6.348%, 1/24/27 | 1860 | 1816 |
| <sup>a</sup>9375213.SQ.FTS.B, 6.667%, 1/24/27 | 1969 | 1830 |
| <sup>a</sup>9380435.SQ.FTS.B, 4.715%, 1/25/27 | 4346 | 4198 |
| <sup>a</sup>9380843.SQ.FTS.B, 4.717%, 1/25/27 | 1656 | 1595 |
| <sup>a</sup>9386699.SQ.FTS.B, 4.717%, 1/25/27 | 17907 | 17430 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 63

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9396495.SQ.FTS.B, 4.719%, 1/25/27 | $5193 | $4986 |
| <sup>a</sup>9380614.SQ.FTS.B, 4.72%, 1/25/27 | 5433 | 5328 |
| <sup>a</sup>9426129.SQ.FTS.B, 5.157%, 1/25/27 | 5794 | 5605 |
| <sup>a</sup>9381380.SQ.FTS.B, 5.158%, 1/25/27 | 18270 | 17754 |
| <sup>a</sup>9379333.SQ.FTS.B, 5.472%, 1/25/27 | 14983 | 14388 |
| <sup>a</sup>9422903.SQ.FTS.B, 5.728%, 1/25/27 | 2150 | 2103 |
| <sup>a</sup>9401482.SQ.FTS.B, 6.289%, 1/25/27 | 16429 | 10656 |
| <sup>a</sup>9384472.SQ.FTS.B, 6.665%, 1/25/27 | 1883 | 1855 |
| <sup>a</sup>9380874.SQ.FTS.B, 6.668%, 1/25/27 | 9946 | 9590 |
| <sup>a</sup>9461168.SQ.FTS.B, 4.706%, 1/26/27 | 1857 | 1641 |
| <sup>a</sup>9454266.SQ.FTS.B, 4.717%, 1/26/27 | 16039 | 15698 |
| <sup>a</sup>9459159.SQ.FTS.B, 4.719%, 1/26/27 | 5850 | 5714 |
| <sup>a</sup>9464275.SQ.FTS.B, 4.72%, 1/26/27 | 7677 | 7438 |
| <sup>a</sup>9457973.SQ.FTS.B, 5.471%, 1/26/27 | 2540 | 2440 |
| <sup>a</sup>9462125.SQ.FTS.B, 5.473%, 1/26/27 | 12555 | 9821 |
| <sup>a</sup>9460556.SQ.FTS.B, 5.977%, 1/26/27 | 1616 | 1577 |
| <sup>a</sup>9458897.SQ.FTS.B, 6.334%, 1/26/27 | 507 | 495 |
| <sup>a</sup>9466101.SQ.FTS.B, 6.353%, 1/26/27 | 7119 | 6828 |
| <sup>a</sup>9469188.SQ.FTS.B, 6.672%, 1/26/27 | 4521 | 3725 |
| <sup>a</sup>9474581.SQ.FTS.B, 4.717%, 1/27/27 | 9514 | 9174 |
| <sup>a</sup>9472326.SQ.FTS.B, 4.719%, 1/27/27 | 11119 | 9893 |
| <sup>a</sup>9470687.SQ.FTS.B, 4.72%, 1/27/27 | 6280 | 6081 |
| <sup>a</sup>9485142.SQ.FTS.B, 5.157%, 1/27/27 | 12215 | 11836 |
| <sup>a</sup>9490065.SQ.FTS.B, 5.477%, 1/27/27 | 4880 | 3703 |
| <sup>a</sup>9489786.SQ.FTS.B, 5.492%, 1/27/27 | 426 | 405 |
| <sup>a</sup>9477443.SQ.FTS.B, 6.351%, 1/27/27 | 13568 | 13251 |
| <sup>a</sup>9484698.SQ.FTS.B, 6.503%, 1/27/27 | 925 | 894 |
| <sup>a</sup>9474108.SQ.FTS.B, 6.657%, 1/27/27 | 1952 | 1478 |
| <sup>a</sup>9586343.SQ.FTS.B, 4.715%, 1/28/27 | 3269 | 3101 |
| <sup>a</sup>9606772.SQ.FTS.B, 4.715%, 1/28/27 | 6163 | 5836 |
| <sup>a</sup>9585729.SQ.FTS.B, 4.717%, 1/28/27 | 3062 | 2982 |
| <sup>a</sup>9585896.SQ.FTS.B, 4.717%, 1/28/27 | 3546 | 3461 |
| <sup>a</sup>9608786.SQ.FTS.B, 4.717%, 1/28/27 | 14384 | 13775 |
| <sup>a</sup>9586753.SQ.FTS.B, 4.719%, 1/28/27 | 3223 | 3134 |
| <sup>a</sup>9595204.SQ.FTS.B, 4.719%, 1/28/27 | 2797 | 2737 |
| <sup>a</sup>9586704.SQ.FTS.B, 4.723%, 1/28/27 | 2956 | 2811 |
| <sup>a</sup>9603595.SQ.FTS.B, 4.724%, 1/28/27 | 3050 | 2924 |
| <sup>a</sup>9586584.SQ.FTS.B, 5.153%, 1/28/27 | 4647 | 3660 |
| <sup>a</sup>9587537.SQ.FTS.B, 5.156%, 1/28/27 | 31056 | 24289 |
| <sup>a</sup>9591396.SQ.FTS.B, 5.158%, 1/28/27 | 7384 | 7196 |
| <sup>a</sup>9609102.SQ.FTS.B, 5.158%, 1/28/27 | 18772 | 18133 |
| <sup>a</sup>9608674.SQ.FTS.B, 5.161%, 1/28/27 | 4872 | 4656 |
| <sup>a</sup>9586041.SQ.FTS.B, 5.466%, 1/28/27 | 3360 | 3053 |
| <sup>a</sup>9587039.SQ.FTS.B, 5.719%, 1/28/27 | 3433 | 3078 |
| <sup>a</sup>9512652.SQ.FTS.B, 5.723%, 1/28/27 | 8367 | 6198 |
| <sup>a</sup>9596677.SQ.FTS.B, 5.723%, 1/28/27 | 2272 | 2213 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9580037.SQ.FTS.B, 5.728%, 1/28/27 | $4172 | $3731 |
| <sup>a</sup>9603156.SQ.FTS.B, 6.269%, 1/28/27 | 62 | 61 |
| <sup>a</sup>9594761.SQ.FTS.B, 6.292%, 1/28/27 | 2673 | 2494 |
| <sup>a</sup>9586513.SQ.FTS.B, 6.35%, 1/28/27 | 1331 | 1310 |
| <sup>a</sup>9598874.SQ.FTS.B, 6.352%, 1/28/27 | 2855 | 2802 |
| <sup>a</sup>9587236.SQ.FTS.B, 6.353%, 1/28/27 | 9160 | 8950 |
| <sup>a</sup>9585371.SQ.FTS.B, 6.354%, 1/28/27 | 4481 | 3020 |
| <sup>a</sup>9586826.SQ.FTS.B, 6.496%, 1/28/27 | 598 | 579 |
| <sup>a</sup>9587089.SQ.FTS.B, 6.513%, 1/28/27 | 5870 | 5224 |
| <sup>a</sup>9609009.SQ.FTS.B, 6.668%, 1/28/27 | 5195 | 5048 |
| <sup>a</sup>9603452.SQ.FTS.B, 6.676%, 1/28/27 | 932 | 835 |
| <sup>a</sup>9512257.SQ.FTS.B, 6.678%, 1/28/27 | 1901 | 201 |
| <sup>a</sup>9611873.SQ.FTS.B, 4.717%, 1/29/27 | 33645 | 28536 |
| <sup>a</sup>9612913.SQ.FTS.B, 4.718%, 1/29/27 | 7000 | 6818 |
| <sup>a</sup>9609963.SQ.FTS.B, 4.719%, 1/29/27 | 9129 | 8878 |
| <sup>a</sup>9612701.SQ.FTS.B, 4.719%, 1/29/27 | 12920 | 12508 |
| <sup>a</sup>9610756.SQ.FTS.B, 4.72%, 1/29/27 | 8905 | 8525 |
| <sup>a</sup>9613213.SQ.FTS.B, 4.72%, 1/29/27 | 3284 | 3184 |
| <sup>a</sup>9609771.SQ.FTS.B, 5.157%, 1/29/27 | 3928 | 3831 |
| <sup>a</sup>9611100.SQ.FTS.B, 5.157%, 1/29/27 | 1269 | 1032 |
| <sup>a</sup>9609551.SQ.FTS.B, 5.467%, 1/29/27 | 1353 | 1332 |
| <sup>a</sup>9609927.SQ.FTS.B, 5.469%, 1/29/27 | 2650 | 2014 |
| <sup>a</sup>9613303.SQ.FTS.B, 5.471%, 1/29/27 | 22964 | 22480 |
| <sup>a</sup>9610385.SQ.FTS.B, 5.472%, 1/29/27 | 22832 | 6327 |
| <sup>a</sup>9611642.SQ.FTS.B, 5.727%, 1/29/27 | 1517 | 1445 |
| <sup>a</sup>9611685.SQ.FTS.B, 5.727%, 1/29/27 | 4897 | 4659 |
| <sup>a</sup>9610943.SQ.FTS.B, 5.976%, 1/29/27 | 8160 | 7525 |
| <sup>a</sup>9613110.SQ.FTS.B, 6.354%, 1/29/27 | 4953 | 4831 |
| <sup>a</sup>9611122.SQ.FTS.B, 6.666%, 1/29/27 | 14400 | 14096 |
| <sup>a</sup>9613072.SQ.FTS.B, 6.669%, 1/29/27 | 1767 | 1335 |
| <sup>a</sup>9609626.SQ.FTS.B, 6.676%, 1/29/27 | 2621 | 1989 |
| <sup>a</sup>9616693.SQ.FTS.B, 4.708%, 1/30/27 | 1397 | 1357 |
| <sup>a</sup>9613728.SQ.FTS.B, 4.717%, 1/30/27 | 19435 | 18401 |
| <sup>a</sup>9615154.SQ.FTS.B, 4.717%, 1/30/27 | 12372 | 12045 |
| <sup>a</sup>9615694.SQ.FTS.B, 4.717%, 1/30/27 | 2609 | 2529 |
| <sup>a</sup>9616042.SQ.FTS.B, 4.717%, 1/30/27 | 13407 | 13101 |
| <sup>a</sup>9615465.SQ.FTS.B, 4.719%, 1/30/27 | 8140 | 7891 |
| <sup>a</sup>9615944.SQ.FTS.B, 4.719%, 1/30/27 | 6547 | 6307 |
| <sup>a</sup>9614502.SQ.FTS.B, 4.721%, 1/30/27 | 3214 | 3076 |
| <sup>a</sup>9617920.SQ.FTS.B, 4.724%, 1/30/27 | 1705 | 1653 |
| <sup>a</sup>9616312.SQ.FTS.B, 5.157%, 1/30/27 | 29790 | 28760 |
| <sup>a</sup>9615024.SQ.FTS.B, 5.16%, 1/30/27 | 4583 | 4429 |
| <sup>a</sup>9616747.SQ.FTS.B, 5.472%, 1/30/27 | 29118 | 28536 |
| <sup>a</sup>9617507.SQ.FTS.B, 5.472%, 1/30/27 | 35932 | 32701 |
| <sup>a</sup>9615112.SQ.FTS.B, 6.343%, 1/30/27 | 1710 | 1560 |
| <sup>a</sup>9616714.SQ.FTS.B, 6.513%, 1/30/27 | 4911 | 4372 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9616306.SQ.FTS.B, 6.647%, 1/30/27 | $398 | $389 |
| <sup>a</sup>9615456.SQ.FTS.B, 6.69%, 1/30/27 | 816 | 514 |
| <sup>a</sup>9623689.SQ.FTS.B, 4.712%, 1/31/27 | 2275 | 2196 |
| <sup>a</sup>9623783.SQ.FTS.B, 4.714%, 1/31/27 | 4034 | 3885 |
| <sup>a</sup>9624954.SQ.FTS.B, 4.715%, 1/31/27 | 4869 | 4732 |
| <sup>a</sup>9623575.SQ.FTS.B, 4.717%, 1/31/27 | 7769 | 7624 |
| <sup>a</sup>9622395.SQ.FTS.B, 4.718%, 1/31/27 | 7874 | 7635 |
| <sup>a</sup>9623865.SQ.FTS.B, 4.718%, 1/31/27 | 18674 | 18374 |
| <sup>a</sup>9621902.SQ.FTS.B, 4.719%, 1/31/27 | 9893 | 9538 |
| <sup>a</sup>9623304.SQ.FTS.B, 4.719%, 1/31/27 | 8776 | 8568 |
| <sup>a</sup>9622763.SQ.FTS.B, 5.155%, 1/31/27 | 11478 | 9306 |
| <sup>a</sup>9623749.SQ.FTS.B, 5.157%, 1/31/27 | 1491 | 1463 |
| <sup>a</sup>9621381.SQ.FTS.B, 5.159%, 1/31/27 | 9559 | 9118 |
| <sup>a</sup>9620667.SQ.FTS.B, 5.166%, 1/31/27 | 2397 | 2291 |
| <sup>a</sup>9621249.SQ.FTS.B, 5.47%, 1/31/27 | 1532 | 1499 |
| <sup>a</sup>9624877.SQ.FTS.B, 5.473%, 1/31/27 | 3896 | 3549 |
| <sup>a</sup>9624457.SQ.FTS.B, 5.474%, 1/31/27 | 1838 | 1781 |
| <sup>a</sup>9620757.SQ.FTS.B, 5.475%, 1/31/27 | 277 | 260 |
| <sup>a</sup>9624832.SQ.FTS.B, 5.723%, 1/31/27 | 2670 | 2598 |
| <sup>a</sup>9623115.SQ.FTS.B, 5.726%, 1/31/27 | 9467 | 8576 |
| <sup>a</sup>9622230.SQ.FTS.B, 5.973%, 1/31/27 | 6297 | 5944 |
| <sup>a</sup>9625110.SQ.FTS.B, 5.979%, 1/31/27 | 5036 | 4648 |
| <sup>a</sup>9623053.SQ.FTS.B, 6.289%, 1/31/27 | 1357 | 1055 |
| <sup>a</sup>9622350.SQ.FTS.B, 6.297%, 1/31/27 | 1468 | 1370 |
| <sup>a</sup>9621008.SQ.FTS.B, 6.353%, 1/31/27 | 6198 | 6004 |
| <sup>a</sup>9623073.SQ.FTS.B, 6.661%, 1/31/27 | 1132 | 1079 |
| <sup>a</sup>9624502.SQ.FTS.B, 6.674%, 1/31/27 | 1769 | 1707 |
| <sup>a</sup>9625408.SQ.FTS.B, 4.71%, 2/01/27 | 2121 | 2081 |
| <sup>a</sup>9625996.SQ.FTS.B, 4.713%, 2/01/27 | 2644 | 2593 |
| <sup>a</sup>9627932.SQ.FTS.B, 4.717%, 2/01/27 | 53011 | 51618 |
| <sup>a</sup>9626851.SQ.FTS.B, 4.718%, 2/01/27 | 16279 | 15819 |
| <sup>a</sup>9626481.SQ.FTS.B, 4.719%, 2/01/27 | 11594 | 11036 |
| <sup>a</sup>9629306.SQ.FTS.B, 4.719%, 2/01/27 | 12307 | 11853 |
| <sup>a</sup>9627286.SQ.FTS.B, 4.721%, 2/01/27 | 3713 | 3654 |
| <sup>a</sup>9625313.SQ.FTS.B, 4.727%, 2/01/27 | 2015 | 1958 |
| <sup>a</sup>9625612.SQ.FTS.B, 5.158%, 2/01/27 | 10688 | 10367 |
| <sup>a</sup>9627622.SQ.FTS.B, 5.472%, 2/01/27 | 6728 | 6571 |
| <sup>a</sup>9629588.SQ.FTS.B, 5.486%, 2/01/27 | 1570 | 1236 |
| <sup>a</sup>9625584.SQ.FTS.B, 5.493%, 2/01/27 | 948 | 890 |
| <sup>a</sup>9629232.SQ.FTS.B, 5.965%, 2/01/27 | 1713 | 1635 |
| <sup>a</sup>9629665.SQ.FTS.B, 6.333%, 2/01/27 | 679 | 662 |
| <sup>a</sup>9627860.SQ.FTS.B, 6.506%, 2/01/27 | 1241 | 1200 |
| <sup>a</sup>9627430.SQ.FTS.B, 6.667%, 2/01/27 | 1521 | 1467 |
| <sup>a</sup>9626140.SQ.FTS.B, 6.669%, 2/01/27 | 3995 | 3770 |
| <sup>a</sup>9629177.SQ.FTS.B, 6.669%, 2/01/27 | 2626 | 2534 |
| <sup>a</sup>9629887.SQ.FTS.B, 4.717%, 2/02/27 | 24998 | 24185 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9630264.SQ.FTS.B, 4.719%, 2/02/27 | $13734 | $13003 |
| <sup>a</sup>9629789.SQ.FTS.B, 4.72%, 2/02/27 | 5655 | 5522 |
| <sup>a</sup>9629708.SQ.FTS.B, 5.469%, 2/02/27 | 6266 | 4916 |
| <sup>a</sup>9630226.SQ.FTS.B, 5.971%, 2/02/27 | 1874 | 1788 |
| <sup>a</sup>9631218.SQ.FTS.B, 4.716%, 2/03/27 | 6423 | 6281 |
| <sup>a</sup>9630523.SQ.FTS.B, 4.717%, 2/03/27 | 8735 | 8642 |
| <sup>a</sup>9630962.SQ.FTS.B, 4.718%, 2/03/27 | 3578 | 3478 |
| <sup>a</sup>9630761.SQ.FTS.B, 4.719%, 2/03/27 | 17057 | 8761 |
| <sup>a</sup>9630929.SQ.FTS.B, 5.16%, 2/03/27 | 1370 | 1305 |
| <sup>a</sup>9631130.SQ.FTS.B, 5.16%, 2/03/27 | 3885 | 3698 |
| <sup>a</sup>9631180.SQ.FTS.B, 5.171%, 2/03/27 | 1353 | 1314 |
| <sup>a</sup>9631205.SQ.FTS.B, 5.503%, 2/03/27 | 1057 | 682 |
| <sup>a</sup>9631002.SQ.FTS.B, 6.667%, 2/03/27 | 7483 | 7238 |
| <sup>a</sup>9636055.SQ.FTS.B, 4.716%, 2/04/27 | 3802 | 3681 |
| <sup>a</sup>9632283.SQ.FTS.B, 4.717%, 2/04/27 | 8496 | 8075 |
| <sup>a</sup>9632503.SQ.FTS.B, 4.717%, 2/04/27 | 2027 | 1962 |
| <sup>a</sup>9633664.SQ.FTS.B, 4.717%, 2/04/27 | 19743 | 18764 |
| <sup>a</sup>9633958.SQ.FTS.B, 4.717%, 2/04/27 | 70791 | 68145 |
| <sup>a</sup>9635410.SQ.FTS.B, 4.717%, 2/04/27 | 17772 | 17452 |
| <sup>a</sup>9636499.SQ.FTS.B, 4.717%, 2/04/27 | 25093 | 24167 |
| <sup>a</sup>9633510.SQ.FTS.B, 4.719%, 2/04/27 | 4800 | 4556 |
| <sup>a</sup>9636186.SQ.FTS.B, 5.157%, 2/04/27 | 9234 | 8724 |
| <sup>a</sup>9635295.SQ.FTS.B, 5.47%, 2/04/27 | 5380 | 5178 |
| <sup>a</sup>9633610.SQ.FTS.B, 5.493%, 2/04/27 | 1547 | 688 |
| <sup>a</sup>9633648.SQ.FTS.B, 5.721%, 2/04/27 | 740 | 724 |
| <sup>a</sup>9636322.SQ.FTS.B, 5.728%, 2/04/27 | 5378 | 4827 |
| <sup>a</sup>9637016.SQ.FTS.B, 6.342%, 2/04/27 | 1198 | 786 |
| <sup>a</sup>9633484.SQ.FTS.B, 6.343%, 2/04/27 | 1101 | 1068 |
| <sup>a</sup>9636100.SQ.FTS.B, 6.665%, 2/04/27 | 4950 | 4699 |
| <sup>a</sup>9639711.SQ.FTS.B, 4.713%, 2/05/27 | 3816 | 3391 |
| <sup>a</sup>9640440.SQ.FTS.B, 4.716%, 2/05/27 | 8328 | 8008 |
| <sup>a</sup>9638414.SQ.FTS.B, 4.717%, 2/05/27 | 4863 | 4622 |
| <sup>a</sup>9638534.SQ.FTS.B, 4.723%, 2/05/27 | 3516 | 3407 |
| <sup>a</sup>9640525.SQ.FTS.B, 5.144%, 2/05/27 | 1871 | 1522 |
| <sup>a</sup>9638980.SQ.FTS.B, 5.157%, 2/05/27 | 10342 | 10136 |
| <sup>a</sup>9639320.SQ.FTS.B, 5.157%, 2/05/27 | 13395 | 13116 |
| <sup>a</sup>9640786.SQ.FTS.B, 5.157%, 2/05/27 | 31444 | 30494 |
| <sup>a</sup>9637171.SQ.FTS.B, 5.158%, 2/05/27 | 19770 | 19207 |
| <sup>a</sup>9638640.SQ.FTS.B, 5.472%, 2/05/27 | 15413 | 14881 |
| <sup>a</sup>9639281.SQ.FTS.B, 5.976%, 2/05/27 | 1423 | 1344 |
| <sup>a</sup>9640408.SQ.FTS.B, 5.983%, 2/05/27 | 2352 | 2252 |
| <sup>a</sup>9637637.SQ.FTS.B, 6.352%, 2/05/27 | 15691 | 13556 |
| <sup>a</sup>9638153.SQ.FTS.B, 6.353%, 2/05/27 | 11664 | 10679 |
| <sup>a</sup>9639778.SQ.FTS.B, 6.667%, 2/05/27 | 13786 | 13412 |
| <sup>a</sup>9640136.SQ.FTS.B, 6.668%, 2/05/27 | 3358 | 3277 |
| <sup>a</sup>9640630.SQ.FTS.B, 6.669%, 2/05/27 | 8391 | 7343 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 65

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9642158.SQ.FTS.B, 4.715%, 2/06/27 | $5049 | $4840 |
| <sup>a</sup>9642889.SQ.FTS.B, 4.717%, 2/06/27 | 1902 | 1840 |
| <sup>a</sup>9642915.SQ.FTS.B, 4.717%, 2/06/27 | 23166 | 22658 |
| <sup>a</sup>9643912.SQ.FTS.B, 4.717%, 2/06/27 | 28015 | 27429 |
| <sup>a</sup>9645181.SQ.FTS.B, 4.717%, 2/06/27 | 16099 | 15657 |
| <sup>a</sup>9645330.SQ.FTS.B, 4.717%, 2/06/27 | 10057 | 9881 |
| <sup>a</sup>9645592.SQ.FTS.B, 4.717%, 2/06/27 | 21225 | 20507 |
| <sup>a</sup>9643692.SQ.FTS.B, 4.718%, 2/06/27 | 3210 | 2731 |
| <sup>a</sup>9644467.SQ.FTS.B, 4.718%, 2/06/27 | 33594 | 32631 |
| <sup>a</sup>9644891.SQ.FTS.B, 4.72%, 2/06/27 | 7535 | 7249 |
| <sup>a</sup>9643760.SQ.FTS.B, 4.721%, 2/06/27 | 4683 | 4565 |
| <sup>a</sup>9644867.SQ.FTS.B, 4.725%, 2/06/27 | 1783 | 1741 |
| <sup>a</sup>9643892.SQ.FTS.B, 4.752%, 2/06/27 | 546 | 533 |
| <sup>a</sup>9641767.SQ.FTS.B, 5.146%, 2/06/27 | 1331 | 1228 |
| <sup>a</sup>9642334.SQ.FTS.B, 5.154%, 2/06/27 | 6170 | 5876 |
| <sup>a</sup>9642811.SQ.FTS.B, 5.156%, 2/06/27 | 1919 | 1884 |
| <sup>a</sup>9643374.SQ.FTS.B, 5.158%, 2/06/27 | 12241 | 11868 |
| <sup>a</sup>9645293.SQ.FTS.B, 5.502%, 2/06/27 | 525 | 424 |
| <sup>a</sup>9641827.SQ.FTS.B, 5.504%, 2/06/27 | 7855 | 1458 |
| <sup>a</sup>9645156.SQ.FTS.B, 5.722%, 2/06/27 | 6585 | 4778 |
| <sup>a</sup>9645284.SQ.FTS.B, 5.73%, 2/06/27 | 1304 | 1260 |
| <sup>a</sup>9642527.SQ.FTS.B, 5.978%, 2/06/27 | 8335 | 6079 |
| <sup>a</sup>9644970.SQ.FTS.B, 5.982%, 2/06/27 | 1239 | 1223 |
| <sup>a</sup>9641733.SQ.FTS.B, 6.515%, 2/06/27 | 1523 | 590 |
| <sup>a</sup>9643738.SQ.FTS.B, 6.659%, 2/06/27 | 1254 | 1131 |
| <sup>a</sup>9642136.SQ.FTS.B, 6.672%, 2/06/27 | 778 | 750 |
| <sup>a</sup>9643689.SQ.FTS.B, 6.676%, 2/06/27 | 792 | 742 |
| <sup>a</sup>9651472.SQ.FTS.B, 4.696%, 2/07/27 | 494 | 480 |
| <sup>a</sup>9651484.SQ.FTS.B, 4.717%, 2/07/27 | 5294 | 5161 |
| <sup>a</sup>9652003.SQ.FTS.B, 4.717%, 2/07/27 | 30726 | 29427 |
| <sup>a</sup>9649805.SQ.FTS.B, 4.719%, 2/07/27 | 13754 | 13137 |
| <sup>a</sup>9650037.SQ.FTS.B, 4.719%, 2/07/27 | 11354 | 10934 |
| <sup>a</sup>9650377.SQ.FTS.B, 4.721%, 2/07/27 | 2890 | 2798 |
| <sup>a</sup>9649717.SQ.FTS.B, 4.724%, 2/07/27 | 1327 | 1279 |
| <sup>a</sup>9650628.SQ.FTS.B, 4.725%, 2/07/27 | 1067 | 1044 |
| <sup>a</sup>9650373.SQ.FTS.B, 4.741%, 2/07/27 | 807 | 788 |
| <sup>a</sup>9649326.SQ.FTS.B, 5.156%, 2/07/27 | 7118 | 6913 |
| <sup>a</sup>9648543.SQ.FTS.B, 5.157%, 2/07/27 | 15263 | 14864 |
| <sup>a</sup>9651040.SQ.FTS.B, 5.157%, 2/07/27 | 28314 | 26680 |
| <sup>a</sup>9651441.SQ.FTS.B, 5.157%, 2/07/27 | 7007 | 5596 |
| <sup>a</sup>9649777.SQ.FTS.B, 5.466%, 2/07/27 | 1732 | 1649 |
| <sup>a</sup>9652557.SQ.FTS.B, 5.468%, 2/07/27 | 2113 | 2019 |
| <sup>a</sup>9650639.SQ.FTS.B, 5.725%, 2/07/27 | 10556 | 9869 |
| <sup>a</sup>9651036.SQ.FTS.B, 5.987%, 2/07/27 | 1117 | 813 |
| <sup>a</sup>9650592.SQ.FTS.B, 6.346%, 2/07/27 | 2911 | 2031 |
| <sup>a</sup>9652606.SQ.FTS.B, 6.348%, 2/07/27 | 885 | 849 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9650452.SQ.FTS.B, 6.356%, 2/07/27 | $5332 | $5072 |
| <sup>a</sup>9648504.SQ.FTS.B, 6.662%, 2/07/27 | 1134 | 1087 |
| <sup>a</sup>9649630.SQ.FTS.B, 6.665%, 2/07/27 | 1397 | 1347 |
| <sup>a</sup>9651579.SQ.FTS.B, 6.667%, 2/07/27 | 20675 | 19985 |
| <sup>a</sup>9652636.SQ.FTS.B, 6.667%, 2/07/27 | 16575 | 15903 |
| <sup>a</sup>9650837.SQ.FTS.B, 6.669%, 2/07/27 | 7711 | 5962 |
| <sup>a</sup>9649271.SQ.FTS.B, 6.687%, 2/07/27 | 630 | 572 |
| <sup>a</sup>9654306.SQ.FTS.B, 4.717%, 2/08/27 | 13784 | 13334 |
| <sup>a</sup>9655958.SQ.FTS.B, 4.717%, 2/08/27 | 5344 | 5103 |
| <sup>a</sup>9653014.SQ.FTS.B, 4.718%, 2/08/27 | 8070 | 7812 |
| <sup>a</sup>9655214.SQ.FTS.B, 4.718%, 2/08/27 | 27837 | 27087 |
| <sup>a</sup>9656158.SQ.FTS.B, 4.718%, 2/08/27 | 15277 | 14945 |
| <sup>a</sup>9657118.SQ.FTS.B, 4.718%, 2/08/27 | 18851 | 18316 |
| <sup>a</sup>9653357.SQ.FTS.B, 4.721%, 2/08/27 | 1553 | 1523 |
| <sup>a</sup>9653393.SQ.FTS.B, 4.721%, 2/08/27 | 6483 | 6151 |
| <sup>a</sup>9654068.SQ.FTS.B, 4.724%, 2/08/27 | 3108 | 3006 |
| <sup>a</sup>9653568.SQ.FTS.B, 4.727%, 2/08/27 | 1564 | 1531 |
| <sup>a</sup>9656020.SQ.FTS.B, 5.47%, 2/08/27 | 2993 | 2879 |
| <sup>a</sup>9654173.SQ.FTS.B, 5.472%, 2/08/27 | 1747 | 1701 |
| <sup>a</sup>9656602.SQ.FTS.B, 5.723%, 2/08/27 | 12675 | 12473 |
| <sup>a</sup>9653707.SQ.FTS.B, 5.973%, 2/08/27 | 3949 | 3855 |
| <sup>a</sup>9654799.SQ.FTS.B, 5.975%, 2/08/27 | 12426 | 11837 |
| <sup>a</sup>9654261.SQ.FTS.B, 5.989%, 2/08/27 | 1375 | 1300 |
| <sup>a</sup>9655137.SQ.FTS.B, 6.358%, 2/08/27 | 2074 | 2022 |
| <sup>a</sup>9654760.SQ.FTS.B, 6.656%, 2/08/27 | 1892 | 1710 |
| <sup>a</sup>9655822.SQ.FTS.B, 6.664%, 2/08/27 | 2840 | 2492 |
| <sup>a</sup>9653615.SQ.FTS.B, 6.667%, 2/08/27 | 1427 | 1376 |
| <sup>a</sup>9657838.SQ.FTS.B, 4.717%, 2/09/27 | 14270 | 13653 |
| <sup>a</sup>9658158.SQ.FTS.B, 4.718%, 2/09/27 | 21899 | 19475 |
| <sup>a</sup>9658094.SQ.FTS.B, 4.719%, 2/09/27 | 6783 | 6519 |
| <sup>a</sup>9658560.SQ.FTS.B, 4.722%, 2/09/27 | 5397 | 5121 |
| <sup>a</sup>9658409.SQ.FTS.B, 4.725%, 2/09/27 | 3378 | 3018 |
| <sup>a</sup>9658046.SQ.FTS.B, 5.159%, 2/09/27 | 4221 | 4071 |
| <sup>a</sup>9658453.SQ.FTS.B, 5.975%, 2/09/27 | 10151 | 9405 |
| <sup>a</sup>9658657.SQ.FTS.B, 4.716%, 2/10/27 | 2085 | 2037 |
| <sup>a</sup>9658909.SQ.FTS.B, 4.716%, 2/10/27 | 1927 | 1866 |
| <sup>a</sup>9659202.SQ.FTS.B, 4.717%, 2/10/27 | 3269 | 3165 |
| <sup>a</sup>9659259.SQ.FTS.B, 4.717%, 2/10/27 | 4269 | 4169 |
| <sup>a</sup>9659101.SQ.FTS.B, 4.719%, 2/10/27 | 9173 | 8922 |
| <sup>a</sup>9659320.SQ.FTS.B, 4.719%, 2/10/27 | 1985 | 1910 |
| <sup>a</sup>9658825.SQ.FTS.B, 5.157%, 2/10/27 | 7607 | 7403 |
| <sup>a</sup>9658927.SQ.FTS.B, 5.159%, 2/10/27 | 3491 | 3467 |
| <sup>a</sup>9658697.SQ.FTS.B, 5.512%, 2/10/27 | 2175 | 1065 |
| <sup>a</sup>9658782.SQ.FTS.B, 5.724%, 2/10/27 | 4547 | 4340 |
| <sup>a</sup>9659343.SQ.FTS.B, 6.352%, 2/10/27 | 10077 | 9768 |
| <sup>a</sup>9660675.SQ.FTS.B, 4.717%, 2/11/27 | 19402 | 17246 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9661078.SQ.FTS.B, 4.717%, 2/11/27 | $28433 | $27585 |
| <sup>a</sup>9661872.SQ.FTS.B, 4.717%, 2/11/27 | 8721 | 8474 |
| <sup>a</sup>9662220.SQ.FTS.B, 4.717%, 2/11/27 | 1899 | 1876 |
| <sup>a</sup>9662367.SQ.FTS.B, 4.717%, 2/11/27 | 15375 | 14781 |
| <sup>a</sup>9663180.SQ.FTS.B, 4.717%, 2/11/27 | 6481 | 6383 |
| <sup>a</sup>9663317.SQ.FTS.B, 4.718%, 2/11/27 | 39020 | 37379 |
| <sup>a</sup>9662304.SQ.FTS.B, 4.72%, 2/11/27 | 7143 | 6907 |
| <sup>a</sup>9663846.SQ.FTS.B, 4.723%, 2/11/27 | 3421 | 3338 |
| <sup>a</sup>9663799.SQ.FTS.B, 5.154%, 2/11/27 | 3316 | 2677 |
| <sup>a</sup>9661784.SQ.FTS.B, 5.158%, 2/11/27 | 2886 | 2783 |
| <sup>a</sup>9662014.SQ.FTS.B, 5.472%, 2/11/27 | 17745 | 13416 |
| <sup>a</sup>9663928.SQ.FTS.B, 5.72%, 2/11/27 | 1010 | 989 |
| <sup>a</sup>9663271.SQ.FTS.B, 5.721%, 2/11/27 | 2794 | 2721 |
| <sup>a</sup>9663905.SQ.FTS.B, 6.367%, 2/11/27 | 870 | 847 |
| <sup>a</sup>9662276.SQ.FTS.B, 6.67%, 2/11/27 | 1461 | 1361 |
| <sup>a</sup>9666406.SQ.FTS.B, 4.716%, 2/12/27 | 6665 | 6528 |
| <sup>a</sup>9667944.SQ.FTS.B, 4.717%, 2/12/27 | 9644 | 9357 |
| <sup>a</sup>9668168.SQ.FTS.B, 4.717%, 2/12/27 | 3461 | 3348 |
| <sup>a</sup>9668301.SQ.FTS.B, 4.717%, 2/12/27 | 12546 | 12017 |
| <sup>a</sup>9668564.SQ.FTS.B, 4.717%, 2/12/27 | 74580 | 70773 |
| <sup>a</sup>9665434.SQ.FTS.B, 4.718%, 2/12/27 | 22299 | 21896 |
| <sup>a</sup>9667213.SQ.FTS.B, 4.718%, 2/12/27 | 7932 | 7695 |
| <sup>a</sup>9667745.SQ.FTS.B, 5.156%, 2/12/27 | 10424 | 10121 |
| <sup>a</sup>9667463.SQ.FTS.B, 5.157%, 2/12/27 | 25909 | 25112 |
| <sup>a</sup>9668064.SQ.FTS.B, 5.157%, 2/12/27 | 3239 | 3139 |
| <sup>a</sup>9666553.SQ.FTS.B, 5.47%, 2/12/27 | 11335 | 11036 |
| <sup>a</sup>9665049.SQ.FTS.B, 5.472%, 2/12/27 | 16161 | 15409 |
| <sup>a</sup>9665961.SQ.FTS.B, 5.472%, 2/12/27 | 22569 | 21751 |
| <sup>a</sup>9667435.SQ.FTS.B, 5.492%, 2/12/27 | 967 | 916 |
| <sup>a</sup>9664424.SQ.FTS.B, 5.722%, 2/12/27 | 9694 | 9487 |
| <sup>a</sup>9668466.SQ.FTS.B, 6.289%, 2/12/27 | 6634 | 6190 |
| <sup>a</sup>9664334.SQ.FTS.B, 6.349%, 2/12/27 | 486 | 473 |
| <sup>a</sup>9664029.SQ.FTS.B, 6.354%, 2/12/27 | 8713 | 8166 |
| <sup>a</sup>9667350.SQ.FTS.B, 6.668%, 2/12/27 | 7290 | 6044 |
| <sup>a</sup>9668149.SQ.FTS.B, 6.67%, 2/12/27 | 665 | 642 |
| <sup>a</sup>9669977.SQ.FTS.B, 4.717%, 2/13/27 | 3743 | 3653 |
| <sup>a</sup>9668829.SQ.FTS.B, 4.718%, 2/13/27 | 30005 | 28681 |
| <sup>a</sup>9671540.SQ.FTS.B, 4.732%, 2/13/27 | 1319 | 1279 |
| <sup>a</sup>9671269.SQ.FTS.B, 5.157%, 2/13/27 | 10752 | 10576 |
| <sup>a</sup>9671574.SQ.FTS.B, 5.157%, 2/13/27 | 31924 | 30696 |
| <sup>a</sup>9671957.SQ.FTS.B, 5.472%, 2/13/27 | 14104 | 13446 |
| <sup>a</sup>9671001.SQ.FTS.B, 5.474%, 2/13/27 | 10594 | 7968 |
| <sup>a</sup>9672184.SQ.FTS.B, 5.475%, 2/13/27 | 433 | 368 |
| <sup>a</sup>9670659.SQ.FTS.B, 5.517%, 2/13/27 | 1431 | 1215 |
| <sup>a</sup>9672651.SQ.FTS.B, 5.526%, 2/13/27 | 1450 | 660 |
| <sup>a</sup>9671242.SQ.FTS.B, 5.733%, 2/13/27 | 1641 | 1581 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9670810.SQ.FTS.B, 5.975%, 2/13/27 | $8613 | $8330 |
| <sup>a</sup>9671549.SQ.FTS.B, 6.351%, 2/13/27 | 1792 | 1541 |
| <sup>a</sup>9672702.SQ.FTS.B, 6.508%, 2/13/27 | 5592 | 5378 |
| <sup>a</sup>9671938.SQ.FTS.B, 6.513%, 2/13/27 | 448 | 435 |
| <sup>a</sup>9672680.SQ.FTS.B, 6.659%, 2/13/27 | 1144 | 1037 |
| <sup>a</sup>9671204.SQ.FTS.B, 6.661%, 2/13/27 | 3267 | 2749 |
| <sup>a</sup>9670586.SQ.FTS.B, 6.664%, 2/13/27 | 2140 | 2066 |
| <sup>a</sup>9671135.SQ.FTS.B, 6.667%, 2/13/27 | 2599 | 2449 |
| <sup>a</sup>9670086.SQ.FTS.B, 6.668%, 2/13/27 | 21398 | 16883 |
| <sup>a</sup>9672418.SQ.FTS.B, 6.668%, 2/13/27 | 14547 | 11939 |
| <sup>a</sup>9677143.SQ.FTS.B, 4.696%, 2/14/27 | 496 | 482 |
| <sup>a</sup>9676724.SQ.FTS.B, 4.715%, 2/14/27 | 4406 | 4265 |
| <sup>a</sup>9677090.SQ.FTS.B, 4.715%, 2/14/27 | 4159 | 3984 |
| <sup>a</sup>9676425.SQ.FTS.B, 4.717%, 2/14/27 | 4404 | 4237 |
| <sup>a</sup>9676797.SQ.FTS.B, 4.717%, 2/14/27 | 6168 | 5853 |
| <sup>a</sup>9677386.SQ.FTS.B, 4.717%, 2/14/27 | 7939 | 7648 |
| <sup>a</sup>9678536.SQ.FTS.B, 4.717%, 2/14/27 | 51561 | 49410 |
| <sup>a</sup>9679660.SQ.FTS.B, 4.717%, 2/14/27 | 10062 | 9714 |
| <sup>a</sup>9675526.SQ.FTS.B, 4.719%, 2/14/27 | 9266 | 8956 |
| <sup>a</sup>9677990.SQ.FTS.B, 4.72%, 2/14/27 | 6341 | 6162 |
| <sup>a</sup>9678402.SQ.FTS.B, 4.722%, 2/14/27 | 2900 | 2835 |
| <sup>a,b</sup>9677029.SQ.FTS.B, 5.157%, 2/14/27 | 4507 | 898 |
| <sup>a</sup>9677575.SQ.FTS.B, 5.157%, 2/14/27 | 34946 | 32405 |
| <sup>a</sup>9678093.SQ.FTS.B, 5.157%, 2/14/27 | 18214 | 16815 |
| <sup>a</sup>9677293.SQ.FTS.B, 5.158%, 2/14/27 | 5059 | 4765 |
| <sup>a</sup>9676686.SQ.FTS.B, 5.46%, 2/14/27 | 1556 | 1484 |
| <sup>a</sup>9676981.SQ.FTS.B, 5.472%, 2/14/27 | 3230 | 1091 |
| <sup>a</sup>9678366.SQ.FTS.B, 5.502%, 2/14/27 | 1085 | 976 |
| <sup>a</sup>9675968.SQ.FTS.B, 5.513%, 2/14/27 | 733 | 677 |
| <sup>a</sup>9676544.SQ.FTS.B, 5.722%, 2/14/27 | 2458 | 2434 |
| <sup>a</sup>9675417.SQ.FTS.B, 5.723%, 2/14/27 | 4732 | 4515 |
| <sup>a</sup>9675778.SQ.FTS.B, 5.723%, 2/14/27 | 3213 | 3148 |
| <sup>a</sup>9676006.SQ.FTS.B, 5.723%, 2/14/27 | 7949 | 7828 |
| <sup>a</sup>9678510.SQ.FTS.B, 5.727%, 2/14/27 | 2788 | 2610 |
| <sup>a</sup>9676960.SQ.FTS.B, 5.987%, 2/14/27 | 2539 | 1757 |
| <sup>a</sup>9677176.SQ.FTS.B, 6.504%, 2/14/27 | 1571 | 1502 |
| <sup>a</sup>9679568.SQ.FTS.B, 6.669%, 2/14/27 | 683 | 676 |
| <sup>a</sup>9680340.SQ.FTS.B, 4.716%, 2/15/27 | 5795 | 5703 |
| <sup>a</sup>9680547.SQ.FTS.B, 4.717%, 2/15/27 | 3421 | 3320 |
| <sup>a</sup>9682109.SQ.FTS.B, 4.717%, 2/15/27 | 7076 | 6840 |
| <sup>a</sup>9682242.SQ.FTS.B, 4.717%, 2/15/27 | 12918 | 12591 |
| <sup>a</sup>9682695.SQ.FTS.B, 4.717%, 2/15/27 | 49853 | 48169 |
| <sup>a</sup>9681432.SQ.FTS.B, 4.718%, 2/15/27 | 22854 | 22286 |
| <sup>a</sup>9681989.SQ.FTS.B, 4.722%, 2/15/27 | 4044 | 3894 |
| <sup>a</sup>9679903.SQ.FTS.B, 5.156%, 2/15/27 | 13934 | 12837 |
| <sup>a</sup>9682478.SQ.FTS.B, 5.161%, 2/15/27 | 3104 | 2935 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9682606.SQ.FTS.B, 5.161%, 2/15/27 | $2882 | $2769 |
| <sup>a</sup>9681375.SQ.FTS.B, 5.477%, 2/15/27 | 3154 | 3076 |
| <sup>a</sup>9680205.SQ.FTS.B, 5.979%, 2/15/27 | 4144 | 3842 |
| <sup>a</sup>9681344.SQ.FTS.B, 6.357%, 2/15/27 | 2212 | 2141 |
| <sup>a</sup>9685509.SQ.FTS.B, 4.712%, 2/16/27 | 1256 | 1223 |
| <sup>a</sup>9685525.SQ.FTS.B, 4.712%, 2/16/27 | 1256 | 1222 |
| <sup>a</sup>9685416.SQ.FTS.B, 4.723%, 2/16/27 | 3782 | 3637 |
| <sup>a</sup>9685468.SQ.FTS.B, 4.724%, 2/16/27 | 4304 | 3695 |
| <sup>a</sup>9685292.SQ.FTS.B, 5.159%, 2/16/27 | 3237 | 3066 |
| <sup>a</sup>9685344.SQ.FTS.B, 5.471%, 2/16/27 | 4815 | 4691 |
| <sup>a</sup>9685328.SQ.FTS.B, 5.484%, 2/16/27 | 1511 | 1471 |
| <sup>a</sup>9685601.SQ.FTS.B, 6.286%, 2/16/27 | 2481 | 2125 |
| <sup>a</sup>9685261.SQ.FTS.B, 6.354%, 2/16/27 | 2700 | 2593 |
| <sup>a</sup>9685537.SQ.FTS.B, 6.665%, 2/16/27 | 2086 | 2031 |
| <sup>a</sup>9685133.SQ.FTS.B, 6.667%, 2/16/27 | 7722 | 7450 |
| <sup>a</sup>9685649.SQ.FTS.B, 6.673%, 2/16/27 | 2003 | 1947 |
| <sup>a</sup>9685903.SQ.FTS.B, 4.712%, 2/17/27 | 3200 | 3032 |
| <sup>a</sup>9686060.SQ.FTS.B, 4.715%, 2/17/27 | 3672 | 3600 |
| <sup>a</sup>9685936.SQ.FTS.B, 4.721%, 2/17/27 | 6257 | 6020 |
| <sup>a</sup>9686322.SQ.FTS.B, 5.472%, 2/17/27 | 5660 | 5617 |
| <sup>a</sup>9686285.SQ.FTS.B, 5.473%, 2/17/27 | 3044 | 2281 |
| <sup>a</sup>9685863.SQ.FTS.B, 5.73%, 2/17/27 | 2363 | 2259 |
| <sup>a</sup>9686136.SQ.FTS.B, 5.975%, 2/17/27 | 14809 | 13106 |
| <sup>a</sup>9685779.SQ.FTS.B, 6.667%, 2/17/27 | 4824 | 4655 |
| <sup>a</sup>9685884.SQ.FTS.B, 6.685%, 2/17/27 | 815 | 787 |
| <sup>a</sup>9688139.SQ.FTS.B, 4.717%, 2/18/27 | 8288 | 8038 |
| <sup>a</sup>9689690.SQ.FTS.B, 4.717%, 2/18/27 | 43515 | 42025 |
| <sup>a</sup>9689331.SQ.FTS.B, 4.72%, 2/18/27 | 3327 | 3247 |
| <sup>a</sup>9689452.SQ.FTS.B, 4.721%, 2/18/27 | 2070 | 2029 |
| <sup>a</sup>9686509.SQ.FTS.B, 5.157%, 2/18/27 | 1162 | 1137 |
| <sup>a</sup>9687352.SQ.FTS.B, 5.157%, 2/18/27 | 28909 | 27265 |
| <sup>a</sup>9690650.SQ.FTS.B, 5.157%, 2/18/27 | 19474 | 18519 |
| <sup>a</sup>9688110.SQ.FTS.B, 5.469%, 2/18/27 | 2967 | 2847 |
| <sup>a</sup>9689387.SQ.FTS.B, 5.722%, 2/18/27 | 3999 | 3787 |
| <sup>a</sup>9690440.SQ.FTS.B, 5.722%, 2/18/27 | 17637 | 15875 |
| <sup>a</sup>9690837.SQ.FTS.B, 5.723%, 2/18/27 | 8612 | 8161 |
| <sup>a</sup>9688285.SQ.FTS.B, 5.724%, 2/18/27 | 48904 | 46654 |
| <sup>a</sup>9690916.SQ.FTS.B, 5.977%, 2/18/27 | 17321 | 11988 |
| <sup>a</sup>9686779.SQ.FTS.B, 6.378%, 2/18/27 | 679 | 652 |
| <sup>a</sup>9689213.SQ.FTS.B, 6.665%, 2/18/27 | 11233 | 9934 |
| <sup>a</sup>9690292.SQ.FTS.B, 6.665%, 2/18/27 | 6816 | 6581 |
| <sup>a</sup>9690206.SQ.FTS.B, 6.668%, 2/18/27 | 3766 | 3639 |
| <sup>a</sup>9689433.SQ.FTS.B, 6.67%, 2/18/27 | 816 | 723 |
| <sup>a</sup>9691163.SQ.FTS.B, 6.67%, 2/18/27 | 6480 | 5201 |
| <sup>a</sup>9689534.SQ.FTS.B, 6.673%, 2/18/27 | 645 | 623 |
| <sup>a</sup>9692647.SQ.FTS.B, 4.717%, 2/19/27 | 44190 | 42906 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9694310.SQ.FTS.B, 4.717%, 2/19/27 | $20607 | $19996 |
| <sup>a</sup>9695169.SQ.FTS.B, 4.717%, 2/19/27 | 68401 | 65288 |
| <sup>a</sup>9694132.SQ.FTS.B, 4.719%, 2/19/27 | 7248 | 3957 |
| <sup>a</sup>9694104.SQ.FTS.B, 4.722%, 2/19/27 | 2366 | 2283 |
| <sup>a</sup>9694229.SQ.FTS.B, 5.157%, 2/19/27 | 7031 | 6503 |
| <sup>a</sup>9691689.SQ.FTS.B, 5.469%, 2/19/27 | 4906 | 4492 |
| <sup>a</sup>9691424.SQ.FTS.B, 5.515%, 2/19/27 | 457 | 444 |
| <sup>a</sup>9694535.SQ.FTS.B, 5.723%, 2/19/27 | 53960 | 50476 |
| <sup>a</sup>9693520.SQ.FTS.B, 5.724%, 2/19/27 | 23022 | 20751 |
| <sup>a</sup>9692023.SQ.FTS.B, 5.725%, 2/19/27 | 5499 | 5412 |
| <sup>a</sup>9691862.SQ.FTS.B, 5.726%, 2/19/27 | 4324 | 4164 |
| <sup>a</sup>9691337.SQ.FTS.B, 6.289%, 2/19/27 | 244 | 240 |
| <sup>a</sup>9693968.SQ.FTS.B, 6.289%, 2/19/27 | 4054 | 3494 |
| <sup>a</sup>9693868.SQ.FTS.B, 6.353%, 2/19/27 | 5738 | 5457 |
| <sup>a</sup>9692335.SQ.FTS.B, 6.667%, 2/19/27 | 8262 | 8033 |
| <sup>a</sup>9694054.SQ.FTS.B, 6.673%, 2/19/27 | 3607 | 2962 |
| <sup>a</sup>9694086.SQ.FTS.B, 6.688%, 2/19/27 | 763 | 675 |
| <sup>a</sup>9698189.SQ.FTS.B, 4.712%, 2/20/27 | 1594 | 1547 |
| <sup>a</sup>9697311.SQ.FTS.B, 4.717%, 2/20/27 | 4231 | 4138 |
| <sup>a</sup>9697430.SQ.FTS.B, 4.717%, 2/20/27 | 50111 | 48427 |
| <sup>a</sup>9698391.SQ.FTS.B, 4.717%, 2/20/27 | 10405 | 10090 |
| <sup>a</sup>9698532.SQ.FTS.B, 4.717%, 2/20/27 | 22005 | 21352 |
| <sup>a</sup>9698867.SQ.FTS.B, 4.717%, 2/20/27 | 27455 | 26931 |
| <sup>a</sup>9699417.SQ.FTS.B, 4.717%, 2/20/27 | 37189 | 36174 |
| <sup>a</sup>9698273.SQ.FTS.B, 4.721%, 2/20/27 | 5555 | 5353 |
| <sup>a</sup>9695939.SQ.FTS.B, 5.156%, 2/20/27 | 10746 | 10447 |
| <sup>a</sup>9697009.SQ.FTS.B, 5.971%, 2/20/27 | 3588 | 3473 |
| <sup>a</sup>9698221.SQ.FTS.B, 6.352%, 2/20/27 | 3498 | 3383 |
| <sup>a</sup>9696243.SQ.FTS.B, 6.354%, 2/20/27 | 13395 | 11659 |
| <sup>a</sup>9698175.SQ.FTS.B, 6.357%, 2/20/27 | 1412 | 1297 |
| <sup>a</sup>9699394.SQ.FTS.B, 6.364%, 2/20/27 | 737 | 701 |
| <sup>a</sup>9695901.SQ.FTS.B, 6.667%, 2/20/27 | 1194 | 1077 |
| <sup>a</sup>9696543.SQ.FTS.B, 6.667%, 2/20/27 | 9911 | 9483 |
| <sup>a</sup>9697107.SQ.FTS.B, 6.667%, 2/20/27 | 1849 | 1768 |
| <sup>a</sup>9702571.SQ.FTS.B, 4.717%, 2/21/27 | 1551 | 1485 |
| <sup>a</sup>9702673.SQ.FTS.B, 4.717%, 2/21/27 | 39602 | 38590 |
| <sup>a</sup>9705861.SQ.FTS.B, 4.717%, 2/21/27 | 15386 | 13744 |
| <sup>a</sup>9706458.SQ.FTS.B, 4.717%, 2/21/27 | 4282 | 2150 |
| <sup>a</sup>9706585.SQ.FTS.B, 4.717%, 2/21/27 | 5467 | 5301 |
| <sup>a</sup>9706347.SQ.FTS.B, 4.718%, 2/21/27 | 7047 | 6873 |
| <sup>a</sup>9706803.SQ.FTS.B, 4.718%, 2/21/27 | 18468 | 17895 |
| <sup>a</sup>9705704.SQ.FTS.B, 4.719%, 2/21/27 | 4152 | 4045 |
| <sup>a</sup>9702419.SQ.FTS.B, 4.721%, 2/21/27 | 5840 | 5670 |
| <sup>a</sup>9704461.SQ.FTS.B, 4.722%, 2/21/27 | 5457 | 5210 |
| <sup>a</sup>9705806.SQ.FTS.B, 4.727%, 2/21/27 | 2061 | 2008 |
| <sup>a</sup>9704135.SQ.FTS.B, 5.156%, 2/21/27 | 12630 | 12161 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9705672.SQ.FTS.B, 5.466%, 2/21/27 | $3187 | $2988 |
| <sup>a</sup>9705300.SQ.FTS.B, 5.472%, 2/21/27 | 23111 | 22168 |
| <sup>a</sup>9706549.SQ.FTS.B, 6.293%, 2/21/27 | 1402 | 1344 |
| <sup>a</sup>9706759.SQ.FTS.B, 6.35%, 2/21/27 | 1927 | 1865 |
| <sup>a</sup>9705001.SQ.FTS.B, 6.352%, 2/21/27 | 14983 | 14022 |
| <sup>a</sup>9702389.SQ.FTS.B, 6.359%, 2/21/27 | 1233 | 1134 |
| <sup>a</sup>9704895.SQ.FTS.B, 6.51%, 2/21/27 | 11689 | 6481 |
| <sup>a</sup>9706187.SQ.FTS.B, 6.665%, 2/21/27 | 6889 | 1378 |
| <sup>a</sup>9702639.SQ.FTS.B, 6.67%, 2/21/27 | 1192 | 1109 |
| <sup>a</sup>9707136.SQ.FTS.B, 4.715%, 2/22/27 | 5951 | 5748 |
| <sup>a</sup>9707251.SQ.FTS.B, 4.717%, 2/22/27 | 4997 | 4803 |
| <sup>a</sup>9708394.SQ.FTS.B, 4.717%, 2/22/27 | 2710 | 2637 |
| <sup>a</sup>9709336.SQ.FTS.B, 4.717%, 2/22/27 | 10472 | 10118 |
| <sup>a</sup>9708467.SQ.FTS.B, 4.729%, 2/22/27 | 1891 | 1793 |
| <sup>a</sup>9710537.SQ.FTS.B, 5.157%, 2/22/27 | 4837 | 4717 |
| <sup>a</sup>9710869.SQ.FTS.B, 5.158%, 2/22/27 | 22403 | 21777 |
| <sup>a</sup>9708497.SQ.FTS.B, 5.471%, 2/22/27 | 27505 | 26505 |
| <sup>a</sup>9709548.SQ.FTS.B, 5.715%, 2/22/27 | 1637 | 1559 |
| <sup>a</sup>9707410.SQ.FTS.B, 5.723%, 2/22/27 | 29528 | 28180 |
| <sup>a</sup>9710420.SQ.FTS.B, 6.289%, 2/22/27 | 2077 | 2019 |
| <sup>a</sup>9710674.SQ.FTS.B, 6.289%, 2/22/27 | 5379 | 5158 |
| <sup>a</sup>9709147.SQ.FTS.B, 6.51%, 2/22/27 | 1163 | 1136 |
| <sup>a</sup>9709589.SQ.FTS.B, 6.51%, 2/22/27 | 35573 | 33081 |
| <sup>a</sup>9707009.SQ.FTS.B, 6.529%, 2/22/27 | 589 | 572 |
| <sup>a</sup>9710385.SQ.FTS.B, 6.672%, 2/22/27 | 1537 | 1451 |
| <sup>a</sup>9712073.SQ.FTS.B, 4.715%, 2/23/27 | 5151 | 4981 |
| <sup>a</sup>9711582.SQ.FTS.B, 4.717%, 2/23/27 | 8909 | 8682 |
| <sup>a</sup>9711910.SQ.FTS.B, 4.717%, 2/23/27 | 4503 | 4333 |
| <sup>a</sup>9711833.SQ.FTS.B, 4.718%, 2/23/27 | 7770 | 7527 |
| <sup>a</sup>9711959.SQ.FTS.B, 4.72%, 2/23/27 | 8696 | 8361 |
| <sup>a</sup>9711490.SQ.FTS.B, 5.16%, 2/23/27 | 8179 | 3134 |
| <sup>a</sup>9711542.SQ.FTS.B, 5.474%, 2/23/27 | 4343 | 3986 |
| <sup>a</sup>9711360.SQ.FTS.B, 5.723%, 2/23/27 | 522 | 517 |
| <sup>a</sup>9711715.SQ.FTS.B, 6.354%, 2/23/27 | 8487 | 8265 |
| <sup>a</sup>9711386.SQ.FTS.B, 6.666%, 2/23/27 | 11028 | 10631 |
| <sup>a</sup>9712750.SQ.FTS.B, 4.716%, 2/24/27 | 5472 | 2830 |
| <sup>a</sup>9712714.SQ.FTS.B, 4.717%, 2/24/27 | 3597 | 3482 |
| <sup>a</sup>9712130.SQ.FTS.B, 4.719%, 2/24/27 | 4890 | 4786 |
| <sup>a</sup>9712402.SQ.FTS.B, 4.723%, 2/24/27 | 2052 | 1937 |
| <sup>a</sup>9712215.SQ.FTS.B, 6.352%, 2/24/27 | 11167 | 10820 |
| <sup>a</sup>9712461.SQ.FTS.B, 6.352%, 2/24/27 | 24399 | 22490 |
| <sup>a</sup>9712801.SQ.FTS.B, 6.502%, 2/24/27 | 883 | 821 |
| <sup>a</sup>9712746.SQ.FTS.B, 6.534%, 2/24/27 | 434 | 404 |
| <sup>a</sup>9712813.SQ.FTS.B, 6.666%, 2/24/27 | 17199 | 16036 |
| <sup>a</sup>9717602.SQ.FTS.B, 4.716%, 2/25/27 | 8001 | 7756 |
| <sup>a</sup>9715412.SQ.FTS.B, 4.717%, 2/25/27 | 14453 | 14106 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9717882.SQ.FTS.B, 4.717%, 2/25/27 | $31636 | $31110 |
| <sup>a</sup>9715732.SQ.FTS.B, 4.719%, 2/25/27 | 9020 | 8779 |
| <sup>a</sup>9717770.SQ.FTS.B, 4.719%, 2/25/27 | 9743 | 9494 |
| <sup>a</sup>9716065.SQ.FTS.B, 4.734%, 2/25/27 | 1479 | 1418 |
| <sup>a</sup>9717761.SQ.FTS.B, 5.148%, 2/25/27 | 1728 | 1682 |
| <sup>a</sup>9715394.SQ.FTS.B, 5.162%, 2/25/27 | 1425 | 1348 |
| <sup>a</sup>9717466.SQ.FTS.B, 5.503%, 2/25/27 | 1176 | 968 |
| <sup>a</sup>9717102.SQ.FTS.B, 5.726%, 2/25/27 | 6896 | 6256 |
| <sup>a</sup>9716074.SQ.FTS.B, 5.975%, 2/25/27 | 84762 | 74595 |
| <sup>a</sup>9717218.SQ.FTS.B, 5.976%, 2/25/27 | 21229 | 20594 |
| <sup>a</sup>9715899.SQ.FTS.B, 5.987%, 2/25/27 | 1090 | 958 |
| <sup>a</sup>9714949.SQ.FTS.B, 6.351%, 2/25/27 | 15467 | 14983 |
| <sup>a</sup>9714022.SQ.FTS.B, 6.352%, 2/25/27 | 27436 | 23985 |
| <sup>a</sup>9717084.SQ.FTS.B, 6.362%, 2/25/27 | 1400 | 1364 |
| <sup>a</sup>9717492.SQ.FTS.B, 6.661%, 2/25/27 | 2946 | 2820 |
| <sup>a</sup>9715958.SQ.FTS.B, 6.67%, 2/25/27 | 5592 | 4755 |
| <sup>a</sup>9715928.SQ.FTS.B, 6.685%, 2/25/27 | 1014 | 978 |
| <sup>a</sup>9720887.SQ.FTS.B, 4.717%, 2/26/27 | 6683 | 6511 |
| <sup>a</sup>9721245.SQ.FTS.B, 4.717%, 2/26/27 | 26138 | 25211 |
| <sup>a</sup>9721638.SQ.FTS.B, 4.717%, 2/26/27 | 59595 | 57905 |
| <sup>a</sup>9722472.SQ.FTS.B, 4.718%, 2/26/27 | 38091 | 37156 |
| <sup>a</sup>9720802.SQ.FTS.B, 5.156%, 2/26/27 | 3113 | 2959 |
| <sup>a</sup>9720151.SQ.FTS.B, 5.46%, 2/26/27 | 1744 | 1656 |
| <sup>a</sup>9718647.SQ.FTS.B, 5.474%, 2/26/27 | 5969 | 5842 |
| <sup>a</sup>9721128.SQ.FTS.B, 5.478%, 2/26/27 | 1000 | 970 |
| <sup>a</sup>9720986.SQ.FTS.B, 5.482%, 2/26/27 | 474 | 469 |
| <sup>a</sup>9718916.SQ.FTS.B, 5.505%, 2/26/27 | 7639 | 7253 |
| <sup>a</sup>9718864.SQ.FTS.B, 5.712%, 2/26/27 | 118 | 117 |
| <sup>a</sup>9719234.SQ.FTS.B, 5.723%, 2/26/27 | 1591 | 1486 |
| <sup>a</sup>9721231.SQ.FTS.B, 5.723%, 2/26/27 | 1958 | 1492 |
| <sup>a</sup>9720865.SQ.FTS.B, 5.962%, 2/26/27 | 2131 | 1566 |
| <sup>a</sup>9718619.SQ.FTS.B, 5.993%, 2/26/27 | 983 | 907 |
| <sup>a</sup>9719647.SQ.FTS.B, 6.352%, 2/26/27 | 22014 | 21127 |
| <sup>a</sup>9719339.SQ.FTS.B, 6.505%, 2/26/27 | 6164 | 3544 |
| <sup>a</sup>9720182.SQ.FTS.B, 6.509%, 2/26/27 | 34046 | 18980 |
| <sup>a</sup>9719577.SQ.FTS.B, 6.529%, 2/26/27 | 750 | 715 |
| <sup>a</sup>9719276.SQ.FTS.B, 6.662%, 2/26/27 | 911 | 744 |
| <sup>a</sup>9720575.SQ.FTS.B, 6.665%, 2/26/27 | 2503 | 2364 |
| <sup>a</sup>9720601.SQ.FTS.B, 6.667%, 2/26/27 | 14356 | 9419 |
| <sup>a</sup>9721013.SQ.FTS.B, 6.667%, 2/26/27 | 7048 | 6904 |
| <sup>a</sup>9722371.SQ.FTS.B, 6.667%, 2/26/27 | 14870 | 2388 |
| <sup>a</sup>9726962.SQ.FTS.B, 4.714%, 2/27/27 | 3603 | 3470 |
| <sup>a</sup>9723506.SQ.FTS.B, 4.717%, 2/27/27 | 3111 | 2984 |
| <sup>a</sup>9725842.SQ.FTS.B, 4.717%, 2/27/27 | 8287 | 7910 |
| <sup>a</sup>9726529.SQ.FTS.B, 4.717%, 2/27/27 | 32631 | 31585 |
| <sup>a</sup>9727045.SQ.FTS.B, 4.717%, 2/27/27 | 73291 | 65241 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 69

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9725938.SQ.FTS.B, 4.718%, 2/27/27 | $7963 | $7764 |
| <sup>a</sup>9723625.SQ.FTS.B, 4.719%, 2/27/27 | 14481 | 13654 |
| <sup>a</sup>9724309.SQ.FTS.B, 4.719%, 2/27/27 | 10647 | 10327 |
| <sup>a</sup>9726453.SQ.FTS.B, 4.719%, 2/27/27 | 10209 | 9883 |
| <sup>a</sup>9723221.SQ.FTS.B, 4.722%, 2/27/27 | 4644 | 4485 |
| <sup>a</sup>9722941.SQ.FTS.B, 5.155%, 2/27/27 | 4165 | 4057 |
| <sup>a</sup>9724987.SQ.FTS.B, 5.157%, 2/27/27 | 11374 | 10708 |
| <sup>a</sup>9726139.SQ.FTS.B, 5.157%, 2/27/27 | 8493 | 8207 |
| <sup>a</sup>9726257.SQ.FTS.B, 5.157%, 2/27/27 | 3127 | 3063 |
| <sup>a</sup>9725630.SQ.FTS.B, 5.161%, 2/27/27 | 3483 | 3414 |
| <sup>a</sup>9726253.SQ.FTS.B, 5.468%, 2/27/27 | 1680 | 1535 |
| <sup>a</sup>9726419.SQ.FTS.B, 5.498%, 2/27/27 | 4006 | 3474 |
| <sup>a</sup>9726339.SQ.FTS.B, 5.505%, 2/27/27 | 2787 | 2644 |
| <sup>a</sup>9727013.SQ.FTS.B, 5.506%, 2/27/27 | 4092 | 1882 |
| <sup>a</sup>9723348.SQ.FTS.B, 5.725%, 2/27/27 | 6364 | 6072 |
| <sup>a</sup>9724139.SQ.FTS.B, 5.976%, 2/27/27 | 5840 | 5659 |
| <sup>a</sup>9726092.SQ.FTS.B, 5.982%, 2/27/27 | 2633 | 2566 |
| <sup>a</sup>9725783.SQ.FTS.B, 6.304%, 2/27/27 | 398 | 379 |
| <sup>a</sup>9724584.SQ.FTS.B, 6.358%, 2/27/27 | 3349 | 3076 |
| <sup>a</sup>9723105.SQ.FTS.B, 6.509%, 2/27/27 | 11059 | 10267 |
| <sup>a</sup>9723599.SQ.FTS.B, 6.663%, 2/27/27 | 910 | 886 |
| <sup>a</sup>9726852.SQ.FTS.B, 6.667%, 2/27/27 | 4486 | 4274 |
| <sup>a</sup>9724937.SQ.FTS.B, 6.671%, 2/27/27 | 2914 | 2350 |
| <sup>a</sup>9726324.SQ.FTS.B, 6.671%, 2/27/27 | 1003 | 849 |
| <sup>a</sup>9725704.SQ.FTS.B, 6.673%, 2/27/27 | 1563 | 1531 |
| <sup>a</sup>9739796.SQ.FTS.B, 4.711%, 2/28/27 | 1660 | 1630 |
| <sup>a</sup>9742353.SQ.FTS.B, 4.712%, 2/28/27 | 4308 | 4105 |
| <sup>a</sup>9739833.SQ.FTS.B, 4.715%, 2/28/27 | 10599 | 8912 |
| <sup>a</sup>9743144.SQ.FTS.B, 4.716%, 2/28/27 | 9333 | 8949 |
| <sup>a</sup>9732814.SQ.FTS.B, 4.717%, 2/28/27 | 23799 | 22989 |
| <sup>a</sup>9736810.SQ.FTS.B, 4.717%, 2/28/27 | 1652 | 1615 |
| <sup>a</sup>9738017.SQ.FTS.B, 4.717%, 2/28/27 | 5419 | 5119 |
| <sup>a</sup>9738785.SQ.FTS.B, 4.717%, 2/28/27 | 2626 | 2583 |
| <sup>a</sup>9740645.SQ.FTS.B, 4.717%, 2/28/27 | 26195 | 25771 |
| <sup>a</sup>9742407.SQ.FTS.B, 4.717%, 2/28/27 | 17939 | 17219 |
| <sup>a</sup>9742943.SQ.FTS.B, 4.717%, 2/28/27 | 10504 | 10087 |
| <sup>a</sup>9743268.SQ.FTS.B, 4.717%, 2/28/27 | 1538 | 1482 |
| <sup>a</sup>9743402.SQ.FTS.B, 4.717%, 2/28/27 | 17788 | 16932 |
| <sup>a</sup>9734686.SQ.FTS.B, 4.718%, 2/28/27 | 8572 | 8344 |
| <sup>a</sup>9741788.SQ.FTS.B, 4.718%, 2/28/27 | 15960 | 15415 |
| <sup>a</sup>9732343.SQ.FTS.B, 4.719%, 2/28/27 | 17187 | 9193 |
| <sup>a</sup>9734059.SQ.FTS.B, 4.719%, 2/28/27 | 15399 | 13777 |
| <sup>a</sup>9742732.SQ.FTS.B, 4.719%, 2/28/27 | 13450 | 13008 |
| <sup>a</sup>9738856.SQ.FTS.B, 4.72%, 2/28/27 | 8304 | 8038 |
| <sup>a</sup>9738586.SQ.FTS.B, 4.721%, 2/28/27 | 6821 | 6514 |
| <sup>a</sup>9742059.SQ.FTS.B, 4.724%, 2/28/27 | 2917 | 2836 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9742217.SQ.FTS.B, 4.727%, 2/28/27 | $2537 | $2417 |
| <sup>a</sup>9734029.SQ.FTS.B, 4.73%, 2/28/27 | 1836 | 1777 |
| <sup>a</sup>9742397.SQ.FTS.B, 4.746%, 2/28/27 | 751 | 732 |
| <sup>a</sup>9739124.SQ.FTS.B, 5.155%, 2/28/27 | 7300 | 6967 |
| <sup>a</sup>9741741.SQ.FTS.B, 5.158%, 2/28/27 | 5548 | 5421 |
| <sup>a</sup>9738207.SQ.FTS.B, 5.469%, 2/28/27 | 2185 | 2090 |
| <sup>a</sup>9733568.SQ.FTS.B, 5.47%, 2/28/27 | 6402 | 6129 |
| <sup>a</sup>9732668.SQ.FTS.B, 5.472%, 2/28/27 | 1313 | 1269 |
| <sup>a</sup>9740092.SQ.FTS.B, 5.472%, 2/28/27 | 27856 | 26451 |
| <sup>a</sup>9743292.SQ.FTS.B, 5.472%, 2/28/27 | 7222 | 6905 |
| <sup>a</sup>9738372.SQ.FTS.B, 5.474%, 2/28/27 | 7551 | 7244 |
| <sup>a</sup>9737127.SQ.FTS.B, 5.475%, 2/28/27 | 6499 | 5196 |
| <sup>a</sup>9738707.SQ.FTS.B, 5.478%, 2/28/27 | 2382 | 2226 |
| <sup>a</sup>9732302.SQ.FTS.B, 5.512%, 2/28/27 | 2034 | 951 |
| <sup>a</sup>9739769.SQ.FTS.B, 5.713%, 2/28/27 | 1655 | 1302 |
| <sup>a</sup>9736911.SQ.FTS.B, 5.72%, 2/28/27 | 4743 | 4635 |
| <sup>a</sup>9736309.SQ.FTS.B, 5.721%, 2/28/27 | 7102 | 5066 |
| <sup>a</sup>9742099.SQ.FTS.B, 5.723%, 2/28/27 | 2304 | 2250 |
| <sup>a</sup>9733690.SQ.FTS.B, 5.724%, 2/28/27 | 10036 | 9884 |
| <sup>a</sup>9739595.SQ.FTS.B, 5.724%, 2/28/27 | 2971 | 2890 |
| <sup>a</sup>9743094.SQ.FTS.B, 5.728%, 2/28/27 | 2754 | 2688 |
| <sup>a</sup>9743053.SQ.FTS.B, 5.969%, 2/28/27 | 2571 | 2486 |
| <sup>a</sup>9742129.SQ.FTS.B, 5.975%, 2/28/27 | 7415 | 7231 |
| <sup>a</sup>9742245.SQ.FTS.B, 5.977%, 2/28/27 | 9611 | 9318 |
| <sup>a</sup>9736882.SQ.FTS.B, 6.264%, 2/28/27 | 932 | 100 |
| <sup>a</sup>9742050.SQ.FTS.B, 6.289%, 2/28/27 | 358 | 348 |
| <sup>a</sup>9734847.SQ.FTS.B, 6.352%, 2/28/27 | 58998 | 56548 |
| <sup>a</sup>9736173.SQ.FTS.B, 6.352%, 2/28/27 | 2931 | 2808 |
| <sup>a</sup>9734262.SQ.FTS.B, 6.353%, 2/28/27 | 5374 | 5309 |
| <sup>a</sup>9736017.SQ.FTS.B, 6.356%, 2/28/27 | 3941 | 3813 |
| <sup>a</sup>9742897.SQ.FTS.B, 6.356%, 2/28/27 | 2105 | 2055 |
| <sup>a</sup>9737290.SQ.FTS.B, 6.509%, 2/28/27 | 20140 | 19036 |
| <sup>a</sup>9738260.SQ.FTS.B, 6.509%, 2/28/27 | 1918 | 1870 |
| <sup>a</sup>9732212.SQ.FTS.B, 6.515%, 2/28/27 | 2106 | 2047 |
| <sup>a</sup>9736385.SQ.FTS.B, 6.666%, 2/28/27 | 22896 | 21917 |
| <sup>a</sup>9732138.SQ.FTS.B, 6.667%, 2/28/27 | 1566 | 1531 |
| <sup>a</sup>9741966.SQ.FTS.B, 6.668%, 2/28/27 | 411 | 401 |
| <sup>a</sup>9744116.SQ.FTS.B, 4.715%, 3/01/27 | 5840 | 5565 |
| <sup>a</sup>9744105.SQ.FTS.B, 4.717%, 3/01/27 | 1287 | 1230 |
| <sup>a</sup>9744661.SQ.FTS.B, 4.717%, 3/01/27 | 11045 | 10849 |
| <sup>a</sup>9743591.SQ.FTS.B, 4.721%, 3/01/27 | 5483 | 5347 |
| <sup>a</sup>9743887.SQ.FTS.B, 4.721%, 3/01/27 | 3697 | 3578 |
| <sup>a</sup>9743876.SQ.FTS.B, 4.752%, 3/01/27 | 668 | 647 |
| <sup>a</sup>9744340.SQ.FTS.B, 5.157%, 3/01/27 | 4245 | 4044 |
| <sup>a</sup>9744037.SQ.FTS.B, 5.508%, 3/01/27 | 2426 | 1900 |
| <sup>a</sup>9743940.SQ.FTS.B, 5.727%, 3/01/27 | 2556 | 2466 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9744208.SQ.FTS.B, 5.727%, 3/01/27 | $2621 | $2525 |
| <sup>a</sup>9744833.SQ.FTS.B, 5.964%, 3/01/27 | 789 | 779 |
| <sup>a</sup>9744393.SQ.FTS.B, 5.975%, 3/01/27 | 23592 | 20121 |
| <sup>a</sup>9743835.SQ.FTS.B, 6.287%, 3/01/27 | 4382 | 3640 |
| <sup>a</sup>9743833.SQ.FTS.B, 6.289%, 3/01/27 | 227 | 221 |
| <sup>a</sup>9744186.SQ.FTS.B, 6.342%, 3/01/27 | 1538 | 1476 |
| <sup>a</sup>9744255.SQ.FTS.B, 6.35%, 3/01/27 | 6310 | 6040 |
| <sup>a</sup>9744089.SQ.FTS.B, 6.662%, 3/01/27 | 1063 | 1038 |
| <sup>a</sup>9743954.SQ.FTS.B, 6.668%, 3/01/27 | 4884 | 4749 |
| <sup>a</sup>9743927.SQ.FTS.B, 6.676%, 3/01/27 | 940 | 858 |
| <sup>a</sup>9746584.SQ.FTS.B, 4.717%, 3/02/27 | 19285 | 18653 |
| <sup>a</sup>9748133.SQ.FTS.B, 4.717%, 3/02/27 | 12963 | 12497 |
| <sup>a</sup>9748390.SQ.FTS.B, 4.717%, 3/02/27 | 52139 | 50207 |
| <sup>a</sup>9749187.SQ.FTS.B, 4.717%, 3/02/27 | 41421 | 40018 |
| <sup>a</sup>9749862.SQ.FTS.B, 4.717%, 3/02/27 | 6037 | 5825 |
| <sup>a</sup>9749954.SQ.FTS.B, 4.717%, 3/02/27 | 10987 | 10385 |
| <sup>a</sup>9745665.SQ.FTS.B, 4.723%, 3/02/27 | 2040 | 1939 |
| <sup>a</sup>9748354.SQ.FTS.B, 5.148%, 3/02/27 | 1880 | 1840 |
| <sup>a</sup>9746144.SQ.FTS.B, 5.457%, 3/02/27 | 346 | 323 |
| <sup>a</sup>9747306.SQ.FTS.B, 5.506%, 3/02/27 | 4473 | 4174 |
| <sup>a</sup>9746040.SQ.FTS.B, 5.713%, 3/02/27 | 2774 | 2186 |
| <sup>a</sup>9745687.SQ.FTS.B, 6.289%, 3/02/27 | 5583 | 5313 |
| <sup>a</sup>9747405.SQ.FTS.B, 6.509%, 3/02/27 | 23370 | 22220 |
| <sup>a</sup>9746276.SQ.FTS.B, 6.664%, 3/02/27 | 6930 | 6315 |
| <sup>a</sup>9745960.SQ.FTS.B, 6.666%, 3/02/27 | 2331 | 2224 |
| <sup>a</sup>9745596.SQ.FTS.B, 6.667%, 3/02/27 | 5317 | 5024 |
| <sup>a</sup>9751764.SQ.FTS.B, 4.717%, 3/03/27 | 2163 | 2100 |
| <sup>a</sup>9751803.SQ.FTS.B, 4.717%, 3/03/27 | 16648 | 15831 |
| <sup>a</sup>9752370.SQ.FTS.B, 4.717%, 3/03/27 | 30724 | 29565 |
| <sup>a</sup>9752911.SQ.FTS.B, 4.717%, 3/03/27 | 29427 | 28492 |
| <sup>a</sup>9750543.SQ.FTS.B, 4.718%, 3/03/27 | 18895 | 17968 |
| <sup>a</sup>9753667.SQ.FTS.B, 4.718%, 3/03/27 | 2640 | 2555 |
| <sup>a</sup>9754379.SQ.FTS.B, 4.719%, 3/03/27 | 16033 | 15088 |
| <sup>a</sup>9753440.SQ.FTS.B, 4.72%, 3/03/27 | 7131 | 6894 |
| <sup>a</sup>9753639.SQ.FTS.B, 4.72%, 3/03/27 | 2976 | 2896 |
| <sup>a</sup>9753611.SQ.FTS.B, 4.723%, 3/03/27 | 2925 | 2845 |
| <sup>a</sup>9752158.SQ.FTS.B, 5.157%, 3/03/27 | 4336 | 3545 |
| <sup>a</sup>9753901.SQ.FTS.B, 5.157%, 3/03/27 | 36300 | 33363 |
| <sup>a</sup>9751239.SQ.FTS.B, 5.472%, 3/03/27 | 20261 | 18618 |
| <sup>a</sup>9752268.SQ.FTS.B, 5.472%, 3/03/27 | 3458 | 3308 |
| <sup>a</sup>9750096.SQ.FTS.B, 5.474%, 3/03/27 | 8785 | 8399 |
| <sup>a</sup>9751031.SQ.FTS.B, 5.474%, 3/03/27 | 3608 | 2764 |
| <sup>a</sup>9753702.SQ.FTS.B, 5.521%, 3/03/27 | 314 | 303 |
| <sup>a</sup>9751590.SQ.FTS.B, 5.721%, 3/03/27 | 6061 | 5840 |
| <sup>a</sup>9753403.SQ.FTS.B, 5.721%, 3/03/27 | 4272 | 4150 |
| <sup>a</sup>9750383.SQ.FTS.B, 5.727%, 3/03/27 | 7137 | 6512 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9753581.SQ.FTS.B, 6.295%, 3/03/27 | $1545 | $1220 |
| <sup>a</sup>9752822.SQ.FTS.B, 6.338%, 3/03/27 | 1173 | 1125 |
| <sup>a</sup>9751165.SQ.FTS.B, 6.501%, 3/03/27 | 1949 | 1815 |
| <sup>a</sup>9752853.SQ.FTS.B, 6.667%, 3/03/27 | 2833 | 2726 |
| <sup>a</sup>9753716.SQ.FTS.B, 6.668%, 3/03/27 | 13589 | 3314 |
| <sup>a</sup>9754335.SQ.FTS.B, 6.675%, 3/03/27 | 2665 | 2182 |
| <sup>a</sup>9759271.SQ.FTS.B, 4.717%, 3/04/27 | 27556 | 26460 |
| <sup>a</sup>9759943.SQ.FTS.B, 4.717%, 3/04/27 | 1840 | 1790 |
| <sup>a</sup>9759964.SQ.FTS.B, 4.718%, 3/04/27 | 44989 | 43539 |
| <sup>a</sup>9757714.SQ.FTS.B, 4.721%, 3/04/27 | 5810 | 5598 |
| <sup>a</sup>9757500.SQ.FTS.B, 4.722%, 3/04/27 | 4083 | 4003 |
| <sup>a</sup>9758404.SQ.FTS.B, 4.729%, 3/04/27 | 2205 | 2104 |
| <sup>a</sup>9759125.SQ.FTS.B, 4.734%, 3/04/27 | 1283 | 1252 |
| <sup>a</sup>9759169.SQ.FTS.B, 5.148%, 3/04/27 | 1648 | 1612 |
| <sup>a</sup>9761545.SQ.FTS.B, 5.157%, 3/04/27 | 53433 | 49106 |
| <sup>a</sup>9759829.SQ.FTS.B, 5.472%, 3/04/27 | 4861 | 4553 |
| <sup>a</sup>9760920.SQ.FTS.B, 5.472%, 3/04/27 | 29132 | 28110 |
| <sup>a</sup>9761441.SQ.FTS.B, 5.474%, 3/04/27 | 7720 | 7438 |
| <sup>a</sup>9758987.SQ.FTS.B, 5.503%, 3/04/27 | 2626 | 2527 |
| <sup>a</sup>9758593.SQ.FTS.B, 5.723%, 3/04/27 | 12964 | 12588 |
| <sup>a</sup>9758561.SQ.FTS.B, 6.656%, 3/04/27 | 1148 | 1110 |
| <sup>a</sup>9757840.SQ.FTS.B, 6.667%, 3/04/27 | 12430 | 11845 |
| <sup>a</sup>9757396.SQ.FTS.B, 6.673%, 3/04/27 | 2878 | 2772 |
| <sup>a</sup>9764084.SQ.FTS.B, 4.714%, 3/05/27 | 1507 | 1443 |
| <sup>a</sup>9766690.SQ.FTS.B, 4.716%, 3/05/27 | 3504 | 3343 |
| <sup>a</sup>9764195.SQ.FTS.B, 4.717%, 3/05/27 | 12236 | 11890 |
| <sup>a</sup>9764965.SQ.FTS.B, 4.717%, 3/05/27 | 4683 | 4510 |
| <sup>a</sup>9765621.SQ.FTS.B, 4.717%, 3/05/27 | 1229 | 1186 |
| <sup>a</sup>9765773.SQ.FTS.B, 4.717%, 3/05/27 | 34003 | 32779 |
| <sup>a</sup>9762355.SQ.FTS.B, 4.718%, 3/05/27 | 2200 | 2113 |
| <sup>a</sup>9763423.SQ.FTS.B, 4.718%, 3/05/27 | 17459 | 16824 |
| <sup>a</sup>9764705.SQ.FTS.B, 4.718%, 3/05/27 | 16073 | 15531 |
| <sup>a</sup>9764521.SQ.FTS.B, 4.719%, 3/05/27 | 6891 | 6671 |
| <sup>a</sup>9765400.SQ.FTS.B, 4.719%, 3/05/27 | 16200 | 15327 |
| <sup>a</sup>9766463.SQ.FTS.B, 4.72%, 3/05/27 | 4612 | 4561 |
| <sup>a</sup>9765024.SQ.FTS.B, 5.157%, 3/05/27 | 5558 | 5288 |
| <sup>a</sup>9763917.SQ.FTS.B, 5.159%, 3/05/27 | 11036 | 10493 |
| <sup>a</sup>9764391.SQ.FTS.B, 5.473%, 3/05/27 | 10208 | 9749 |
| <sup>a</sup>9765663.SQ.FTS.B, 5.502%, 3/05/27 | 3747 | 3551 |
| <sup>a</sup>9763324.SQ.FTS.B, 5.509%, 3/05/27 | 3070 | 2789 |
| <sup>a</sup>9766186.SQ.FTS.B, 5.72%, 3/05/27 | 3810 | 3635 |
| <sup>a</sup>9766268.SQ.FTS.B, 5.725%, 3/05/27 | 4662 | 4368 |
| <sup>a</sup>9763798.SQ.FTS.B, 5.726%, 3/05/27 | 7410 | 6744 |
| <sup>a</sup>9762427.SQ.FTS.B, 5.976%, 3/05/27 | 23629 | 22484 |
| <sup>a</sup>9766312.SQ.FTS.B, 5.977%, 3/05/27 | 7182 | 7046 |
| <sup>a</sup>9764103.SQ.FTS.B, 5.98%, 3/05/27 | 3489 | 3339 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 71

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9766749.SQ.FTS.B, 6.289%, 3/05/27 | $13100 | $12513 |
| <sup>a</sup>9765712.SQ.FTS.B, 6.355%, 3/05/27 | 2408 | 2308 |
| <sup>a</sup>9762285.SQ.FTS.B, 6.509%, 3/05/27 | 551 | 536 |
| <sup>a</sup>9765070.SQ.FTS.B, 6.668%, 3/05/27 | 23241 | 8514 |
| <sup>a</sup>9765636.SQ.FTS.B, 6.669%, 3/05/27 | 1343 | 1165 |
| <sup>a</sup>9766808.SQ.FTS.B, 4.716%, 3/06/27 | 9358 | 8985 |
| <sup>a</sup>9767219.SQ.FTS.B, 4.716%, 3/06/27 | 8885 | 8556 |
| <sup>a</sup>9766894.SQ.FTS.B, 4.717%, 3/06/27 | 19788 | 19339 |
| <sup>a</sup>9767362.SQ.FTS.B, 4.717%, 3/06/27 | 5274 | 5031 |
| <sup>a</sup>9767318.SQ.FTS.B, 4.722%, 3/06/27 | 5447 | 4885 |
| <sup>a</sup>9767178.SQ.FTS.B, 4.723%, 3/06/27 | 2948 | 2778 |
| <sup>a</sup>9767419.SQ.FTS.B, 5.474%, 3/06/27 | 9018 | 8815 |
| <sup>a</sup>9767132.SQ.FTS.B, 5.738%, 3/06/27 | 1277 | 1242 |
| <sup>a</sup>9767148.SQ.FTS.B, 6.351%, 3/06/27 | 3667 | 3209 |
| <sup>a</sup>9767609.SQ.FTS.B, 6.352%, 3/06/27 | 29355 | 12213 |
| <sup>a</sup>9767533.SQ.FTS.B, 6.355%, 3/06/27 | 2939 | 2786 |
| <sup>a</sup>9767206.SQ.FTS.B, 6.497%, 3/06/27 | 958 | 760 |
| <sup>a</sup>9767580.SQ.FTS.B, 6.658%, 3/06/27 | 2195 | 2042 |
| <sup>a</sup>9767401.SQ.FTS.B, 6.66%, 3/06/27 | 2675 | 2581 |
| <sup>a</sup>9767874.SQ.FTS.B, 4.714%, 3/07/27 | 3383 | 3276 |
| <sup>a</sup>9768213.SQ.FTS.B, 4.722%, 3/07/27 | 3795 | 3620 |
| <sup>a</sup>9767955.SQ.FTS.B, 5.157%, 3/07/27 | 7196 | 7035 |
| <sup>a</sup>9768252.SQ.FTS.B, 5.157%, 3/07/27 | 8181 | 7913 |
| <sup>a</sup>9768364.SQ.FTS.B, 5.161%, 3/07/27 | 6917 | 6587 |
| <sup>a</sup>9768331.SQ.FTS.B, 5.723%, 3/07/27 | 539 | 535 |
| <sup>a</sup>9768194.SQ.FTS.B, 5.966%, 3/07/27 | 1560 | 1511 |
| <sup>a</sup>9768172.SQ.FTS.B, 5.987%, 3/07/27 | 1970 | 1856 |
| <sup>a</sup>9767847.SQ.FTS.B, 6.507%, 3/07/27 | 3200 | 2555 |
| <sup>a</sup>9768033.SQ.FTS.B, 6.667%, 3/07/27 | 6929 | 6823 |
| <sup>a</sup>9768322.SQ.FTS.B, 6.667%, 3/07/27 | 646 | 618 |
| <sup>a</sup>9767912.SQ.FTS.B, 6.669%, 3/07/27 | 3832 | 3649 |
| <sup>a</sup>9772805.SQ.FTS.B, 4.711%, 3/08/27 | 1894 | 1700 |
| <sup>a</sup>9772891.SQ.FTS.B, 4.715%, 3/08/27 | 6009 | 5295 |
| <sup>a</sup>9772957.SQ.FTS.B, 4.715%, 3/08/27 | 6112 | 5881 |
| <sup>a</sup>9770289.SQ.FTS.B, 4.716%, 3/08/27 | 9296 | 8995 |
| <sup>a</sup>9771994.SQ.FTS.B, 4.717%, 3/08/27 | 19415 | 17307 |
| <sup>a</sup>9773065.SQ.FTS.B, 4.717%, 3/08/27 | 6224 | 5996 |
| <sup>a</sup>9771469.SQ.FTS.B, 4.718%, 3/08/27 | 19739 | 19028 |
| <sup>a</sup>9772512.SQ.FTS.B, 4.721%, 3/08/27 | 2401 | 2331 |
| <sup>a</sup>9769811.SQ.FTS.B, 4.722%, 3/08/27 | 3538 | 3363 |
| <sup>a</sup>9771878.SQ.FTS.B, 5.156%, 3/08/27 | 11299 | 10746 |
| <sup>a</sup>9769458.SQ.FTS.B, 5.157%, 3/08/27 | 14935 | 14201 |
| <sup>a</sup>9772936.SQ.FTS.B, 5.162%, 3/08/27 | 2784 | 2670 |
| <sup>a</sup>9772495.SQ.FTS.B, 5.47%, 3/08/27 | 1480 | 1415 |
| <sup>a</sup>9772202.SQ.FTS.B, 5.504%, 3/08/27 | 28336 | 20658 |
| <sup>a</sup>9772774.SQ.FTS.B, 5.72%, 3/08/27 | 1944 | 1853 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9772835.SQ.FTS.B, 5.723%, 3/08/27 | $2775 | $2671 |
| <sup>a</sup>9770817.SQ.FTS.B, 5.975%, 3/08/27 | 48515 | 44694 |
| <sup>a</sup>9773540.SQ.FTS.B, 5.975%, 3/08/27 | 50307 | 43005 |
| <sup>a</sup>9770503.SQ.FTS.B, 6.349%, 3/08/27 | 3731 | 3596 |
| <sup>a</sup>9772582.SQ.FTS.B, 6.353%, 3/08/27 | 5867 | 5631 |
| <sup>a</sup>9770125.SQ.FTS.B, 6.657%, 3/08/27 | 2207 | 1801 |
| <sup>a</sup>9772533.SQ.FTS.B, 6.66%, 3/08/27 | 2095 | 1994 |
| <sup>a</sup>9773184.SQ.FTS.B, 6.667%, 3/08/27 | 18834 | 18003 |
| <sup>a</sup>9771850.SQ.FTS.B, 6.668%, 3/08/27 | 3403 | 790 |
| <sup>a</sup>9770650.SQ.FTS.B, 6.669%, 3/08/27 | 14248 | 5211 |
| <sup>a</sup>9777616.SQ.FTS.B, 4.709%, 3/09/27 | 3428 | 3038 |
| <sup>a</sup>9776526.SQ.FTS.B, 4.715%, 3/09/27 | 5476 | 5292 |
| <sup>a</sup>9777853.SQ.FTS.B, 4.715%, 3/09/27 | 4427 | 4333 |
| <sup>a</sup>9778049.SQ.FTS.B, 4.715%, 3/09/27 | 6947 | 6718 |
| <sup>a</sup>9776032.SQ.FTS.B, 4.717%, 3/09/27 | 2981 | 2891 |
| <sup>a</sup>9776317.SQ.FTS.B, 4.717%, 3/09/27 | 2251 | 2179 |
| <sup>a</sup>9776729.SQ.FTS.B, 4.717%, 3/09/27 | 6991 | 6747 |
| <sup>a</sup>9775538.SQ.FTS.B, 4.718%, 3/09/27 | 8613 | 8283 |
| <sup>a</sup>9777220.SQ.FTS.B, 4.718%, 3/09/27 | 35580 | 33908 |
| <sup>a</sup>9776267.SQ.FTS.B, 4.719%, 3/09/27 | 5196 | 5042 |
| <sup>a</sup>9778124.SQ.FTS.B, 4.719%, 3/09/27 | 15677 | 14950 |
| <sup>a</sup>9774193.SQ.FTS.B, 4.72%, 3/09/27 | 3958 | 3870 |
| <sup>a</sup>9777078.SQ.FTS.B, 4.724%, 3/09/27 | 2998 | 2929 |
| <sup>a</sup>9777158.SQ.FTS.B, 4.724%, 3/09/27 | 1479 | 1445 |
| <sup>a</sup>9775533.SQ.FTS.B, 4.822%, 3/09/27 | 233 | 225 |
| <sup>a</sup>9774302.SQ.FTS.B, 5.157%, 3/09/27 | 2438 | 2386 |
| <sup>a</sup>9776819.SQ.FTS.B, 5.157%, 3/09/27 | 9046 | 8739 |
| <sup>a</sup>9777178.SQ.FTS.B, 5.157%, 3/09/27 | 4627 | 3879 |
| <sup>a</sup>9775207.SQ.FTS.B, 5.158%, 3/09/27 | 7082 | 6889 |
| <sup>a</sup>9777113.SQ.FTS.B, 5.163%, 3/09/27 | 3928 | 3734 |
| <sup>a</sup>9778337.SQ.FTS.B, 5.471%, 3/09/27 | 9232 | 8637 |
| <sup>a</sup>9777913.SQ.FTS.B, 5.473%, 3/09/27 | 8745 | 8492 |
| <sup>a</sup>9775141.SQ.FTS.B, 5.509%, 3/09/27 | 862 | 805 |
| <sup>a</sup>9775502.SQ.FTS.B, 5.512%, 3/09/27 | 1188 | 1111 |
| <sup>a</sup>9775762.SQ.FTS.B, 5.72%, 3/09/27 | 3909 | 3657 |
| <sup>a</sup>9774110.SQ.FTS.B, 5.723%, 3/09/27 | 2674 | 2595 |
| <sup>a</sup>9775187.SQ.FTS.B, 5.723%, 3/09/27 | 586 | 572 |
| <sup>a</sup>9778248.SQ.FTS.B, 5.723%, 3/09/27 | 8093 | 7653 |
| <sup>a</sup>9776074.SQ.FTS.B, 5.727%, 3/09/27 | 5839 | 5536 |
| <sup>a</sup>9776244.SQ.FTS.B, 5.738%, 3/09/27 | 1486 | 1417 |
| <sup>a</sup>9776634.SQ.FTS.B, 5.975%, 3/09/27 | 9493 | 9082 |
| <sup>a</sup>9776587.SQ.FTS.B, 5.981%, 3/09/27 | 1968 | 1931 |
| <sup>a</sup>9776472.SQ.FTS.B, 6.283%, 3/09/27 | 2090 | 1918 |
| <sup>a</sup>9774964.SQ.FTS.B, 6.351%, 3/09/27 | 3770 | 3608 |
| <sup>a</sup>9775847.SQ.FTS.B, 6.354%, 3/09/27 | 10257 | 9815 |
| <sup>a</sup>9776352.SQ.FTS.B, 6.354%, 3/09/27 | 4358 | 4126 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9774835.SQ.FTS.B, 6.357%, 3/09/27 | $5398 | $2163 |
| <sup>a</sup>9774738.SQ.FTS.B, 6.359%, 3/09/27 | 1943 | 1891 |
| <sup>a</sup>9776175.SQ.FTS.B, 6.664%, 3/09/27 | 4871 | 4461 |
| <sup>a</sup>9775648.SQ.FTS.B, 6.667%, 3/09/27 | 4987 | 4883 |
| <sup>a</sup>9776409.SQ.FTS.B, 6.667%, 3/09/27 | 4489 | 4212 |
| <sup>a</sup>9777656.SQ.FTS.B, 6.67%, 3/09/27 | 3314 | 3198 |
| <sup>a</sup>9780021.SQ.FTS.B, 4.713%, 3/10/27 | 4418 | 4291 |
| <sup>a</sup>9779938.SQ.FTS.B, 4.717%, 3/10/27 | 5613 | 5393 |
| <sup>a</sup>9781803.SQ.FTS.B, 4.717%, 3/10/27 | 15785 | 15460 |
| <sup>a</sup>9778675.SQ.FTS.B, 4.718%, 3/10/27 | 44142 | 41685 |
| <sup>a</sup>9780657.SQ.FTS.B, 4.719%, 3/10/27 | 12613 | 12194 |
| <sup>a</sup>9779791.SQ.FTS.B, 4.725%, 3/10/27 | 3634 | 3412 |
| <sup>a</sup>9779886.SQ.FTS.B, 4.727%, 3/10/27 | 2388 | 2321 |
| <sup>a</sup>9780076.SQ.FTS.B, 5.158%, 3/10/27 | 48090 | 44222 |
| <sup>a</sup>9782090.SQ.FTS.B, 5.472%, 3/10/27 | 21092 | 20375 |
| <sup>a</sup>9778492.SQ.FTS.B, 5.491%, 3/10/27 | 2097 | 1160 |
| <sup>a</sup>9779742.SQ.FTS.B, 5.495%, 3/10/27 | 669 | 646 |
| <sup>a</sup>9780005.SQ.FTS.B, 5.728%, 3/10/27 | 1675 | 1609 |
| <sup>a</sup>9780843.SQ.FTS.B, 5.975%, 3/10/27 | 68794 | 64995 |
| <sup>a</sup>9782066.SQ.FTS.B, 6.302%, 3/10/27 | 1110 | 1056 |
| <sup>a</sup>9779862.SQ.FTS.B, 6.677%, 3/10/27 | 764 | 734 |
| <sup>a</sup>9788389.SQ.FTS.B, 4.715%, 3/11/27 | 6153 | 5509 |
| <sup>a</sup>9786862.SQ.FTS.B, 4.717%, 3/11/27 | 14732 | 12885 |
| <sup>a</sup>9788608.SQ.FTS.B, 4.718%, 3/11/27 | 10230 | 9207 |
| <sup>a</sup>9788952.SQ.FTS.B, 4.718%, 3/11/27 | 24089 | 23190 |
| <sup>a</sup>9786668.SQ.FTS.B, 4.719%, 3/11/27 | 6808 | 6560 |
| <sup>a</sup>9785226.SQ.FTS.B, 4.72%, 3/11/27 | 4732 | 4560 |
| <sup>a</sup>9785804.SQ.FTS.B, 5.157%, 3/11/27 | 852 | 837 |
| <sup>a</sup>9787510.SQ.FTS.B, 5.157%, 3/11/27 | 24730 | 20181 |
| <sup>a</sup>9785852.SQ.FTS.B, 5.158%, 3/11/27 | 18385 | 17496 |
| <sup>a</sup>9786500.SQ.FTS.B, 5.158%, 3/11/27 | 4183 | 4011 |
| <sup>a</sup>9787817.SQ.FTS.B, 5.472%, 3/11/27 | 29978 | 28693 |
| <sup>a</sup>9788478.SQ.FTS.B, 5.474%, 3/11/27 | 2070 | 2036 |
| <sup>a</sup>9786555.SQ.FTS.B, 5.475%, 3/11/27 | 4071 | 3953 |
| <sup>a</sup>9789459.SQ.FTS.B, 5.724%, 3/11/27 | 29243 | 26636 |
| <sup>a</sup>9785521.SQ.FTS.B, 5.727%, 3/11/27 | 3183 | 3035 |
| <sup>a</sup>9788524.SQ.FTS.B, 5.973%, 3/11/27 | 5286 | 5063 |
| <sup>a</sup>9785607.SQ.FTS.B, 6.289%, 3/11/27 | 3641 | 3543 |
| <sup>a</sup>9787186.SQ.FTS.B, 6.51%, 3/11/27 | 18828 | 17846 |
| <sup>a</sup>9786855.SQ.FTS.B, 6.686%, 3/11/27 | 621 | 592 |
| <sup>a</sup>9791315.SQ.FTS.B, 4.715%, 3/12/27 | 5224 | 5028 |
| <sup>a</sup>9791027.SQ.FTS.B, 4.717%, 3/12/27 | 5202 | 5051 |
| <sup>a</sup>9791462.SQ.FTS.B, 4.717%, 3/12/27 | 60274 | 56998 |
| <sup>a</sup>9793544.SQ.FTS.B, 4.717%, 3/12/27 | 54957 | 53050 |
| <sup>a</sup>9794287.SQ.FTS.B, 4.718%, 3/12/27 | 21289 | 19018 |
| <sup>a</sup>9793248.SQ.FTS.B, 4.72%, 3/12/27 | 8069 | 7805 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9791421.SQ.FTS.B, 4.728%, 3/12/27 | $1765 | $1732 |
| <sup>a</sup>9793396.SQ.FTS.B, 5.461%, 3/12/27 | 1626 | 1541 |
| <sup>a</sup>9792343.SQ.FTS.B, 5.472%, 3/12/27 | 17974 | 17150 |
| <sup>a</sup>9791098.SQ.FTS.B, 5.503%, 3/12/27 | 1794 | 1679 |
| <sup>a</sup>9793479.SQ.FTS.B, 5.721%, 3/12/27 | 6865 | 6238 |
| <sup>a</sup>9789768.SQ.FTS.B, 5.723%, 3/12/27 | 35574 | 34220 |
| <sup>a</sup>9791157.SQ.FTS.B, 5.975%, 3/12/27 | 8228 | 7836 |
| <sup>a</sup>9793206.SQ.FTS.B, 6.506%, 3/12/27 | 720 | 628 |
| <sup>a</sup>9790891.SQ.FTS.B, 6.512%, 3/12/27 | 6082 | 5547 |
| <sup>a</sup>9789737.SQ.FTS.B, 6.649%, 3/12/27 | 334 | 327 |
| <sup>a</sup>9791135.SQ.FTS.B, 6.66%, 3/12/27 | 1848 | 730 |
| <sup>a</sup>9792263.SQ.FTS.B, 6.668%, 3/12/27 | 7664 | 3253 |
| <sup>a</sup>9793218.SQ.FTS.B, 6.668%, 3/12/27 | 8711 | 5574 |
| <sup>a</sup>9793373.SQ.FTS.B, 6.677%, 3/12/27 | 720 | 700 |
| <sup>a</sup>9794649.SQ.FTS.B, 4.717%, 3/13/27 | 6438 | 6193 |
| <sup>a</sup>9794769.SQ.FTS.B, 4.717%, 3/13/27 | 8353 | 8010 |
| <sup>a</sup>9794892.SQ.FTS.B, 4.717%, 3/13/27 | 7129 | 6868 |
| <sup>a</sup>9794315.SQ.FTS.B, 4.718%, 3/13/27 | 1806 | 1748 |
| <sup>a</sup>9795082.SQ.FTS.B, 4.719%, 3/13/27 | 13374 | 12855 |
| <sup>a</sup>9794735.SQ.FTS.B, 4.722%, 3/13/27 | 3874 | 3759 |
| <sup>a</sup>9795005.SQ.FTS.B, 5.154%, 3/13/27 | 4687 | 4402 |
| <sup>a</sup>9794350.SQ.FTS.B, 5.158%, 3/13/27 | 26378 | 25234 |
| <sup>a</sup>9794707.SQ.FTS.B, 5.472%, 3/13/27 | 2721 | 2644 |
| <sup>a</sup>9795061.SQ.FTS.B, 5.503%, 3/13/27 | 1031 | 994 |
| <sup>a</sup>9794611.SQ.FTS.B, 5.977%, 3/13/27 | 3454 | 3302 |
| <sup>a</sup>9794865.SQ.FTS.B, 6.344%, 3/13/27 | 2259 | 2086 |
| <sup>a</sup>9794605.SQ.FTS.B, 6.356%, 3/13/27 | 829 | 733 |
| <sup>a</sup>9794693.SQ.FTS.B, 6.369%, 3/13/27 | 1169 | 813 |
| <sup>a</sup>9794850.SQ.FTS.B, 6.515%, 3/13/27 | 1369 | 1248 |
| <sup>a</sup>9794978.SQ.FTS.B, 6.66%, 3/13/27 | 1028 | 1013 |
| <sup>a</sup>9795216.SQ.FTS.B, 4.711%, 3/14/27 | 3913 | 3741 |
| <sup>a</sup>9795346.SQ.FTS.B, 4.717%, 3/14/27 | 2244 | 2178 |
| <sup>a</sup>9795493.SQ.FTS.B, 4.718%, 3/14/27 | 2141 | 1925 |
| <sup>a</sup>9795506.SQ.FTS.B, 4.719%, 3/14/27 | 11183 | 10840 |
| <sup>a</sup>9795267.SQ.FTS.B, 4.721%, 3/14/27 | 3504 | 3357 |
| <sup>a</sup>9795303.SQ.FTS.B, 4.722%, 3/14/27 | 5268 | 5064 |
| <sup>a</sup>9795632.SQ.FTS.B, 5.157%, 3/14/27 | 14037 | 13448 |
| <sup>a</sup>9795764.SQ.FTS.B, 5.731%, 3/14/27 | 2031 | 1975 |
| <sup>a</sup>9795370.SQ.FTS.B, 6.285%, 3/14/27 | 3346 | 3151 |
| <sup>a</sup>9795247.SQ.FTS.B, 6.346%, 3/14/27 | 804 | 783 |
| <sup>a</sup>9795785.SQ.FTS.B, 6.354%, 3/14/27 | 10913 | 10214 |
| <sup>a</sup>9795421.SQ.FTS.B, 6.51%, 3/14/27 | 1501 | 1471 |
| <sup>a</sup>9795254.SQ.FTS.B, 6.686%, 3/14/27 | 587 | 562 |
| <sup>a</sup>9798628.SQ.FTS.B, 4.707%, 3/15/27 | 1750 | 1647 |
| <sup>a</sup>9799763.SQ.FTS.B, 4.712%, 3/15/27 | 2320 | 2254 |
| <sup>a</sup>9796652.SQ.FTS.B, 4.717%, 3/15/27 | 11268 | 10721 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 73

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9797692.SQ.FTS.B, 4.717%, 3/15/27 | $4879 | $4689 |
| &nbsp;&nbsp;<sup>a</sup>9798744.SQ.FTS.B, 4.717%, 3/15/27 | 15996 | 15572 |
| &nbsp;&nbsp;<sup>a</sup>9799211.SQ.FTS.B, 4.717%, 3/15/27 | 5747 | 5508 |
| &nbsp;&nbsp;<sup>a</sup>9799598.SQ.FTS.B, 4.717%, 3/15/27 | 3001 | 2896 |
| &nbsp;&nbsp;<sup>a</sup>9799672.SQ.FTS.B, 4.717%, 3/15/27 | 5346 | 4112 |
| &nbsp;&nbsp;<sup>a</sup>9796952.SQ.FTS.B, 4.719%, 3/15/27 | 12162 | 11727 |
| &nbsp;&nbsp;<sup>a</sup>9797617.SQ.FTS.B, 4.719%, 3/15/27 | 2954 | 2851 |
| &nbsp;&nbsp;<sup>a</sup>9799803.SQ.FTS.B, 4.719%, 3/15/27 | 12270 | 11837 |
| &nbsp;&nbsp;<sup>a</sup>9801051.SQ.FTS.B, 4.721%, 3/15/27 | 5245 | 5095 |
| &nbsp;&nbsp;<sup>a</sup>9800995.SQ.FTS.B, 4.738%, 3/15/27 | 1102 | 1072 |
| &nbsp;&nbsp;<sup>a</sup>9801022.SQ.FTS.B, 4.741%, 3/15/27 | 1085 | 1038 |
| &nbsp;&nbsp;<sup>a</sup>9800407.SQ.FTS.B, 5.146%, 3/15/27 | 1173 | 1139 |
| &nbsp;&nbsp;<sup>a</sup>9800347.SQ.FTS.B, 5.15%, 3/15/27 | 2223 | 2124 |
| &nbsp;&nbsp;<sup>a</sup>9797827.SQ.FTS.B, 5.157%, 3/15/27 | 14077 | 13669 |
| &nbsp;&nbsp;<sup>a</sup>9798337.SQ.FTS.B, 5.157%, 3/15/27 | 11022 | 10714 |
| &nbsp;&nbsp;<sup>a</sup>9799641.SQ.FTS.B, 5.174%, 3/15/27 | 1531 | 1405 |
| &nbsp;&nbsp;<sup>a</sup>9798659.SQ.FTS.B, 5.972%, 3/15/27 | 4469 | 4317 |
| &nbsp;&nbsp;<sup>a</sup>9800452.SQ.FTS.B, 5.975%, 3/15/27 | 49767 | 48195 |
| &nbsp;&nbsp;<sup>a</sup>9799970.SQ.FTS.B, 6.354%, 3/15/27 | 10701 | 9851 |
| &nbsp;&nbsp;<sup>a</sup>9797483.SQ.FTS.B, 6.355%, 3/15/27 | 2332 | 2274 |
| &nbsp;&nbsp;<sup>a</sup>9800417.SQ.FTS.B, 6.356%, 3/15/27 | 1478 | 1424 |
| &nbsp;&nbsp;<sup>a</sup>9800983.SQ.FTS.B, 6.496%, 3/15/27 | 800 | 757 |
| &nbsp;&nbsp;<sup>a</sup>9798310.SQ.FTS.B, 6.509%, 3/15/27 | 457 | 448 |
| &nbsp;&nbsp;<sup>a</sup>9800392.SQ.FTS.B, 6.66%, 3/15/27 | 1345 | 1289 |
| &nbsp;&nbsp;<sup>a</sup>9798204.SQ.FTS.B, 6.663%, 3/15/27 | 6017 | 5500 |
| &nbsp;&nbsp;<sup>a</sup>9797331.SQ.FTS.B, 6.664%, 3/15/27 | 4069 | 3017 |
| &nbsp;&nbsp;<sup>a</sup>9800133.SQ.FTS.B, 6.665%, 3/15/27 | 10982 | 9139 |
| &nbsp;&nbsp;<sup>a</sup>9799329.SQ.FTS.B, 6.666%, 3/15/27 | 14905 | 14364 |
| &nbsp;&nbsp;<sup>a</sup>9801006.SQ.FTS.B, 6.667%, 3/15/27 | 1012 | 379 |
| &nbsp;&nbsp;<sup>a</sup>9799661.SQ.FTS.B, 6.692%, 3/15/27 | 777 | 749 |
| &nbsp;&nbsp;<sup>a</sup>9803993.SQ.FTS.B, 4.715%, 3/16/27 | 4687 | 4558 |
| &nbsp;&nbsp;<sup>a</sup>9804841.SQ.FTS.B, 4.717%, 3/16/27 | 16355 | 15709 |
| &nbsp;&nbsp;<sup>a</sup>9801523.SQ.FTS.B, 4.719%, 3/16/27 | 4920 | 4820 |
| &nbsp;&nbsp;<sup>a</sup>9803860.SQ.FTS.B, 4.732%, 3/16/27 | 1620 | 1549 |
| &nbsp;&nbsp;<sup>a</sup>9804135.SQ.FTS.B, 5.157%, 3/16/27 | 34463 | 33655 |
| &nbsp;&nbsp;<sup>a</sup>9801756.SQ.FTS.B, 5.472%, 3/16/27 | 27282 | 25801 |
| &nbsp;&nbsp;<sup>a</sup>9802689.SQ.FTS.B, 5.472%, 3/16/27 | 62744 | 58729 |
| &nbsp;&nbsp;<sup>a</sup>9805279.SQ.FTS.B, 5.736%, 3/16/27 | 1886 | 1800 |
| &nbsp;&nbsp;<sup>a</sup>9803954.SQ.FTS.B, 6.283%, 3/16/27 | 1481 | 1269 |
| &nbsp;&nbsp;<sup>a</sup>9803883.SQ.FTS.B, 6.355%, 3/16/27 | 3655 | 3561 |
| &nbsp;&nbsp;<sup>a</sup>9805329.SQ.FTS.B, 6.505%, 3/16/27 | 2662 | 2426 |
| &nbsp;&nbsp;<sup>a</sup>9801648.SQ.FTS.B, 6.507%, 3/16/27 | 1923 | 1823 |
| &nbsp;&nbsp;<sup>a</sup>9801728.SQ.FTS.B, 6.657%, 3/16/27 | 1244 | 1161 |
| &nbsp;&nbsp;<sup>a</sup>9805168.SQ.FTS.B, 6.668%, 3/16/27 | 8393 | 7976 |
| &nbsp;&nbsp;<sup>a</sup>9801377.SQ.FTS.B, 6.669%, 3/16/27 | 4289 | 4055 |
| &nbsp;&nbsp;<sup>a</sup>9807327.SQ.FTS.B, 4.717%, 3/17/27 | 35848 | 34512 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9807733.SQ.FTS.B, 4.717%, 3/17/27 | $6532 | $6278 |
| &nbsp;&nbsp;<sup>a</sup>9807880.SQ.FTS.B, 4.717%, 3/17/27 | 16843 | 16099 |
| &nbsp;&nbsp;<sup>a</sup>9808222.SQ.FTS.B, 4.717%, 3/17/27 | 10590 | 10181 |
| &nbsp;&nbsp;<sup>a</sup>9808800.SQ.FTS.B, 4.718%, 3/17/27 | 19901 | 19496 |
| &nbsp;&nbsp;<sup>a</sup>9807027.SQ.FTS.B, 4.72%, 3/17/27 | 10919 | 10237 |
| &nbsp;&nbsp;<sup>a</sup>9807699.SQ.FTS.B, 4.723%, 3/17/27 | 3986 | 3852 |
| &nbsp;&nbsp;<sup>a</sup>9807858.SQ.FTS.B, 4.728%, 3/17/27 | 1268 | 1197 |
| &nbsp;&nbsp;<sup>a</sup>9808352.SQ.FTS.B, 5.136%, 3/17/27 | 437 | 424 |
| &nbsp;&nbsp;<sup>a</sup>9805586.SQ.FTS.B, 5.156%, 3/17/27 | 8428 | 8270 |
| &nbsp;&nbsp;<sup>a</sup>9809316.SQ.FTS.B, 5.157%, 3/17/27 | 15956 | 15381 |
| &nbsp;&nbsp;<sup>a</sup>9808031.SQ.FTS.B, 5.158%, 3/17/27 | 16395 | 15922 |
| &nbsp;&nbsp;<sup>a</sup>9807827.SQ.FTS.B, 5.475%, 3/17/27 | 2561 | 2466 |
| &nbsp;&nbsp;<sup>a</sup>9806175.SQ.FTS.B, 5.488%, 3/17/27 | 255 | 249 |
| &nbsp;&nbsp;<sup>a</sup>9808393.SQ.FTS.B, 5.724%, 3/17/27 | 19747 | 19111 |
| &nbsp;&nbsp;<sup>a</sup>9806194.SQ.FTS.B, 5.729%, 3/17/27 | 3835 | 3716 |
| &nbsp;&nbsp;<sup>a</sup>9806964.SQ.FTS.B, 5.972%, 3/17/27 | 3805 | 3682 |
| &nbsp;&nbsp;<sup>a</sup>9805412.SQ.FTS.B, 5.975%, 3/17/27 | 4961 | 4831 |
| &nbsp;&nbsp;<sup>a</sup>9807165.SQ.FTS.B, 6.353%, 3/17/27 | 15505 | 14333 |
| &nbsp;&nbsp;<sup>a</sup>9808365.SQ.FTS.B, 6.506%, 3/17/27 | 807 | 785 |
| &nbsp;&nbsp;<sup>a</sup>9806539.SQ.FTS.B, 6.666%, 3/17/27 | 13716 | 13406 |
| &nbsp;&nbsp;<sup>a</sup>9805967.SQ.FTS.B, 6.667%, 3/17/27 | 12668 | 12256 |
| &nbsp;&nbsp;<sup>a</sup>9812903.SQ.FTS.B, 4.715%, 3/18/27 | 6405 | 6224 |
| &nbsp;&nbsp;<sup>a</sup>9812437.SQ.FTS.B, 4.717%, 3/18/27 | 21409 | 20151 |
| &nbsp;&nbsp;<sup>a</sup>9813139.SQ.FTS.B, 4.717%, 3/18/27 | 12888 | 12417 |
| &nbsp;&nbsp;<sup>a</sup>9815539.SQ.FTS.B, 4.717%, 3/18/27 | 63056 | 60295 |
| &nbsp;&nbsp;<sup>a</sup>9816468.SQ.FTS.B, 4.717%, 3/18/27 | 23523 | 22697 |
| &nbsp;&nbsp;<sup>a</sup>9816916.SQ.FTS.B, 4.718%, 3/18/27 | 30203 | 29166 |
| &nbsp;&nbsp;<sup>a</sup>9814382.SQ.FTS.B, 4.721%, 3/18/27 | 7432 | 7056 |
| &nbsp;&nbsp;<sup>a</sup>9813878.SQ.FTS.B, 5.157%, 3/18/27 | 18415 | 17616 |
| &nbsp;&nbsp;<sup>a</sup>9815365.SQ.FTS.B, 5.157%, 3/18/27 | 11300 | 10412 |
| &nbsp;&nbsp;<sup>a</sup>9812221.SQ.FTS.B, 5.162%, 3/18/27 | 2025 | 1908 |
| &nbsp;&nbsp;<sup>a</sup>9813198.SQ.FTS.B, 5.472%, 3/18/27 | 39633 | 37835 |
| &nbsp;&nbsp;<sup>a</sup>9815486.SQ.FTS.B, 6.296%, 3/18/27 | 2472 | 2209 |
| &nbsp;&nbsp;<sup>a</sup>9812343.SQ.FTS.B, 6.349%, 3/18/27 | 2194 | 2115 |
| &nbsp;&nbsp;<sup>a</sup>9814712.SQ.FTS.B, 6.352%, 3/18/27 | 35286 | 33894 |
| &nbsp;&nbsp;<sup>a</sup>9814518.SQ.FTS.B, 6.363%, 3/18/27 | 1282 | 1248 |
| &nbsp;&nbsp;<sup>a</sup>9813135.SQ.FTS.B, 6.525%, 3/18/27 | 465 | 443 |
| &nbsp;&nbsp;<sup>a</sup>9814585.SQ.FTS.B, 6.666%, 3/18/27 | 4358 | 3098 |
| &nbsp;&nbsp;<sup>a</sup>9819349.SQ.FTS.B, 4.711%, 3/19/27 | 1910 | 1794 |
| &nbsp;&nbsp;<sup>a</sup>9819404.SQ.FTS.B, 4.715%, 3/19/27 | 7086 | 6903 |
| &nbsp;&nbsp;<sup>a</sup>9817282.SQ.FTS.B, 4.717%, 3/19/27 | 28402 | 27336 |
| &nbsp;&nbsp;<sup>a</sup>9819806.SQ.FTS.B, 4.717%, 3/19/27 | 8136 | 7832 |
| &nbsp;&nbsp;<sup>a</sup>9819956.SQ.FTS.B, 4.717%, 3/19/27 | 21164 | 16963 |
| &nbsp;&nbsp;<sup>a</sup>9820622.SQ.FTS.B, 4.717%, 3/19/27 | 1724 | 1688 |
| &nbsp;&nbsp;<sup>a</sup>9818388.SQ.FTS.B, 4.719%, 3/19/27 | 13673 | 13245 |
| &nbsp;&nbsp;<sup>a</sup>9819644.SQ.FTS.B, 4.719%, 3/19/27 | 11687 | 11270 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Principal**<br> **Amount** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9820193.SQ.FTS.B, 4.719%, 3/19/27 | $3341 | $3217 |
| &nbsp;&nbsp;<sup>a</sup>9819608.SQ.FTS.B, 4.721%, 3/19/27 | 2887 | 2806 |
| &nbsp;&nbsp;<sup>a</sup>9820558.SQ.FTS.B, 4.721%, 3/19/27 | 6865 | 6619 |
| &nbsp;&nbsp;<sup>a</sup>9817188.SQ.FTS.B, 5.159%, 3/19/27 | 5374 | 4970 |
| &nbsp;&nbsp;<sup>a</sup>9820708.SQ.FTS.B, 5.456%, 3/19/27 | 976 | 952 |
| &nbsp;&nbsp;<sup>a</sup>9820390.SQ.FTS.B, 5.471%, 3/19/27 | 10260 | 9706 |
| &nbsp;&nbsp;<sup>a</sup>9818999.SQ.FTS.B, 5.472%, 3/19/27 | 13942 | 13050 |
| &nbsp;&nbsp;<sup>a</sup>9821228.SQ.FTS.B, 5.472%, 3/19/27 | 40222 | 39069 |
| &nbsp;&nbsp;<sup>a</sup>9818805.SQ.FTS.B, 5.473%, 3/19/27 | 8170 | 7856 |
| &nbsp;&nbsp;<sup>a</sup>9820788.SQ.FTS.B, 5.723%, 3/19/27 | 32327 | 30191 |
| &nbsp;&nbsp;<sup>a</sup>9820639.SQ.FTS.B, 5.725%, 3/19/27 | 7796 | 7448 |
| &nbsp;&nbsp;<sup>a</sup>9820297.SQ.FTS.B, 5.975%, 3/19/27 | 5310 | 5172 |
| &nbsp;&nbsp;<sup>a</sup>9820729.SQ.FTS.B, 6.284%, 3/19/27 | 1391 | 1360 |
| &nbsp;&nbsp;<sup>a</sup>9817940.SQ.FTS.B, 6.353%, 3/19/27 | 19025 | 18309 |
| &nbsp;&nbsp;<sup>a</sup>9817851.SQ.FTS.B, 6.357%, 3/19/27 | 4600 | 4415 |
| &nbsp;&nbsp;<sup>a</sup>9818319.SQ.FTS.B, 6.363%, 3/19/27 | 2123 | 2008 |
| &nbsp;&nbsp;<sup>a</sup>9820514.SQ.FTS.B, 6.507%, 3/19/27 | 4440 | 3127 |
| &nbsp;&nbsp;<sup>a</sup>9819624.SQ.FTS.B, 6.514%, 3/19/27 | 1205 | 1172 |
| &nbsp;&nbsp;<sup>a</sup>9817923.SQ.FTS.B, 6.664%, 3/19/27 | 3324 | 3238 |
| &nbsp;&nbsp;<sup>a</sup>9817025.SQ.FTS.B, 6.67%, 3/19/27 | 3679 | 3353 |
| &nbsp;&nbsp;<sup>a</sup>9821580.SQ.FTS.B, 4.715%, 3/20/27 | 7972 | 7673 |
| &nbsp;&nbsp;<sup>a</sup>9822047.SQ.FTS.B, 4.715%, 3/20/27 | 5961 | 5626 |
| &nbsp;&nbsp;<sup>a</sup>9821854.SQ.FTS.B, 4.717%, 3/20/27 | 22292 | 21246 |
| &nbsp;&nbsp;<sup>a</sup>9822160.SQ.FTS.B, 4.717%, 3/20/27 | 18047 | 17298 |
| &nbsp;&nbsp;<sup>a</sup>9821477.SQ.FTS.B, 4.718%, 3/20/27 | 9360 | 8884 |
| &nbsp;&nbsp;<sup>a</sup>9821665.SQ.FTS.B, 4.719%, 3/20/27 | 11520 | 11070 |
| &nbsp;&nbsp;<sup>a</sup>9821777.SQ.FTS.B, 4.72%, 3/20/27 | 7643 | 7374 |
| &nbsp;&nbsp;<sup>a</sup>9821413.SQ.FTS.B, 4.723%, 3/20/27 | 4104 | 3980 |
| &nbsp;&nbsp;<sup>a</sup>9822028.SQ.FTS.B, 5.473%, 3/20/27 | 1487 | 1418 |
| &nbsp;&nbsp;<sup>a</sup>9821455.SQ.FTS.B, 5.478%, 3/20/27 | 2523 | 2427 |
| &nbsp;&nbsp;<sup>a</sup>9821569.SQ.FTS.B, 5.493%, 3/20/27 | 1448 | 1177 |
| &nbsp;&nbsp;<sup>a</sup>9821406.SQ.FTS.B, 6.649%, 3/20/27 | 509 | 487 |
| &nbsp;&nbsp;<sup>a</sup>9822885.SQ.FTS.B, 4.705%, 3/21/27 | 1427 | 1382 |
| &nbsp;&nbsp;<sup>a</sup>9822474.SQ.FTS.B, 4.715%, 3/21/27 | 6091 | 5899 |
| &nbsp;&nbsp;<sup>a</sup>9822336.SQ.FTS.B, 4.717%, 3/21/27 | 10608 | 10218 |
| &nbsp;&nbsp;<sup>a</sup>9822523.SQ.FTS.B, 4.718%, 3/21/27 | 9805 | 9388 |
| &nbsp;&nbsp;<sup>a</sup>9822942.SQ.FTS.B, 5.142%, 3/21/27 | 1846 | 1549 |
| &nbsp;&nbsp;<sup>a</sup>9822621.SQ.FTS.B, 5.157%, 3/21/27 | 8278 | 6570 |
| &nbsp;&nbsp;<sup>a</sup>9822712.SQ.FTS.B, 5.157%, 3/21/27 | 16581 | 15251 |
| &nbsp;&nbsp;<sup>a</sup>9822317.SQ.FTS.B, 5.465%, 3/21/27 | 1671 | 1636 |
| &nbsp;&nbsp;<sup>a</sup>9823028.SQ.FTS.B, 5.466%, 3/21/27 | 2899 | 2377 |
| &nbsp;&nbsp;<sup>a</sup>9822675.SQ.FTS.B, 5.471%, 3/21/27 | 3743 | 3431 |
| &nbsp;&nbsp;<sup>a</sup>9822601.SQ.FTS.B, 5.528%, 3/21/27 | 399 | 379 |
| &nbsp;&nbsp;<sup>a</sup>9822978.SQ.FTS.B, 5.725%, 3/21/27 | 3212 | 3160 |
| &nbsp;&nbsp;<sup>a</sup>9822456.SQ.FTS.B, 6.339%, 3/21/27 | 1751 | 1613 |
| &nbsp;&nbsp;<sup>a</sup>9822955.SQ.FTS.B, 6.347%, 3/21/27 | 1629 | 1595 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9822607.SQ.FTS.B, 6.354%, 3/21/27 | $2306 | $2128 |
| &nbsp;&nbsp;<sup>a</sup>9822391.SQ.FTS.B, 6.667%, 3/21/27 | 7717 | 7506 |
| &nbsp;&nbsp;<sup>a</sup>9822894.SQ.FTS.B, 6.667%, 3/21/27 | 3660 | 3484 |
| &nbsp;&nbsp;<sup>a</sup>9823046.SQ.FTS.B, 6.674%, 3/21/27 | 2125 | 2069 |
| &nbsp;&nbsp;<sup>a</sup>9822445.SQ.FTS.B, 6.676%, 3/21/27 | 948 | 894 |
| &nbsp;&nbsp;<sup>a</sup>9828441.SQ.FTS.B, 4.71%, 3/22/27 | 3133 | 3039 |
| &nbsp;&nbsp;<sup>a</sup>9825161.SQ.FTS.B, 4.714%, 3/22/27 | 2728 | 2436 |
| &nbsp;&nbsp;<sup>a</sup>9827878.SQ.FTS.B, 4.716%, 3/22/27 | 10169 | 9817 |
| &nbsp;&nbsp;<sup>a</sup>9823898.SQ.FTS.B, 4.717%, 3/22/27 | 2911 | 2780 |
| &nbsp;&nbsp;<sup>a</sup>9824099.SQ.FTS.B, 4.717%, 3/22/27 | 8690 | 8412 |
| &nbsp;&nbsp;<sup>a</sup>9824404.SQ.FTS.B, 4.717%, 3/22/27 | 22602 | 21494 |
| &nbsp;&nbsp;<sup>a</sup>9825675.SQ.FTS.B, 4.717%, 3/22/27 | 2693 | 2635 |
| &nbsp;&nbsp;<sup>a</sup>9825980.SQ.FTS.B, 4.717%, 3/22/27 | 39490 | 34981 |
| &nbsp;&nbsp;<sup>a</sup>9826775.SQ.FTS.B, 4.717%, 3/22/27 | 5847 | 5615 |
| &nbsp;&nbsp;<sup>a</sup>9827400.SQ.FTS.B, 4.717%, 3/22/27 | 22617 | 21981 |
| &nbsp;&nbsp;<sup>a</sup>9827816.SQ.FTS.B, 4.717%, 3/22/27 | 2123 | 2063 |
| &nbsp;&nbsp;<sup>a</sup>9828015.SQ.FTS.B, 4.717%, 3/22/27 | 25361 | 24540 |
| &nbsp;&nbsp;<sup>a</sup>9828554.SQ.FTS.B, 4.717%, 3/22/27 | 36039 | 34941 |
| &nbsp;&nbsp;<sup>a</sup>9826741.SQ.FTS.B, 4.718%, 3/22/27 | 2719 | 2622 |
| &nbsp;&nbsp;<sup>a</sup>9826935.SQ.FTS.B, 4.718%, 3/22/27 | 35826 | 34898 |
| &nbsp;&nbsp;<sup>a</sup>9825823.SQ.FTS.B, 4.719%, 3/22/27 | 7624 | 7273 |
| &nbsp;&nbsp;<sup>a</sup>9826880.SQ.FTS.B, 4.726%, 3/22/27 | 1802 | 1751 |
| &nbsp;&nbsp;<sup>a</sup>9828406.SQ.FTS.B, 5.159%, 3/22/27 | 1974 | 1903 |
| &nbsp;&nbsp;<sup>a</sup>9823933.SQ.FTS.B, 5.469%, 3/22/27 | 1808 | 1752 |
| &nbsp;&nbsp;<sup>a</sup>9824052.SQ.FTS.B, 5.502%, 3/22/27 | 885 | 829 |
| &nbsp;&nbsp;<sup>a</sup>9828491.SQ.FTS.B, 5.508%, 3/22/27 | 216 | 211 |
| &nbsp;&nbsp;<sup>a</sup>9826651.SQ.FTS.B, 5.717%, 3/22/27 | 2209 | 2105 |
| &nbsp;&nbsp;<sup>a</sup>9827846.SQ.FTS.B, 6.279%, 3/22/27 | 1302 | 1252 |
| &nbsp;&nbsp;<sup>a</sup>9825195.SQ.FTS.B, 6.289%, 3/22/27 | 26126 | 23997 |
| &nbsp;&nbsp;<sup>a</sup>9826901.SQ.FTS.B, 6.359%, 3/22/27 | 3212 | 3081 |
| &nbsp;&nbsp;<sup>a</sup>9828396.SQ.FTS.B, 6.649%, 3/22/27 | 992 | 375 |
| &nbsp;&nbsp;<sup>a</sup>9827853.SQ.FTS.B, 6.663%, 3/22/27 | 3030 | 2894 |
| &nbsp;&nbsp;<sup>a</sup>9826502.SQ.FTS.B, 6.668%, 3/22/27 | 6847 | 6698 |
| &nbsp;&nbsp;<sup>a</sup>9826699.SQ.FTS.B, 6.672%, 3/22/27 | 2549 | 2140 |
| &nbsp;&nbsp;<sup>a</sup>9830503.SQ.FTS.B, 4.715%, 3/23/27 | 6552 | 6306 |
| &nbsp;&nbsp;<sup>a</sup>9831470.SQ.FTS.B, 4.717%, 3/23/27 | 4105 | 3867 |
| &nbsp;&nbsp;<sup>a</sup>9832139.SQ.FTS.B, 4.717%, 3/23/27 | 30574 | 29057 |
| &nbsp;&nbsp;<sup>a</sup>9833086.SQ.FTS.B, 4.717%, 3/23/27 | 1505 | 1463 |
| &nbsp;&nbsp;<sup>a</sup>9833116.SQ.FTS.B, 4.717%, 3/23/27 | 22440 | 21828 |
| &nbsp;&nbsp;<sup>a</sup>9832550.SQ.FTS.B, 4.719%, 3/23/27 | 14757 | 14361 |
| &nbsp;&nbsp;<sup>a</sup>9831091.SQ.FTS.B, 4.721%, 3/23/27 | 6247 | 6002 |
| &nbsp;&nbsp;<sup>a</sup>9831798.SQ.FTS.B, 4.722%, 3/23/27 | 5361 | 4798 |
| &nbsp;&nbsp;<sup>a</sup>9832033.SQ.FTS.B, 5.149%, 3/23/27 | 3044 | 2799 |
| &nbsp;&nbsp;<sup>a</sup>9828776.SQ.FTS.B, 5.157%, 3/23/27 | 37550 | 29746 |
| &nbsp;&nbsp;<sup>a</sup>9829485.SQ.FTS.B, 5.159%, 3/23/27 | 16832 | 15797 |
| &nbsp;&nbsp;<sup>a</sup>9830609.SQ.FTS.B, 5.159%, 3/23/27 | 6274 | 6191 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 75

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9830440.SQ.FTS.B, 5.161%, 3/23/27 | $2808 | $2745 |
| &nbsp;&nbsp;<sup>a</sup>9831611.SQ.FTS.B, 5.473%, 3/23/27 | 19745 | 18643 |
| &nbsp;&nbsp;<sup>a</sup>9833031.SQ.FTS.B, 5.497%, 3/23/27 | 1698 | 1628 |
| &nbsp;&nbsp;<sup>a</sup>9832960.SQ.FTS.B, 5.732%, 3/23/27 | 3681 | 1724 |
| &nbsp;&nbsp;<sup>a</sup>9832443.SQ.FTS.B, 5.976%, 3/23/27 | 10290 | 7909 |
| &nbsp;&nbsp;<sup>a</sup>9830168.SQ.FTS.B, 5.978%, 3/23/27 | 8387 | 8093 |
| &nbsp;&nbsp;<sup>a</sup>9831190.SQ.FTS.B, 6.289%, 3/23/27 | 6085 | 5593 |
| &nbsp;&nbsp;<sup>a</sup>9831330.SQ.FTS.B, 6.289%, 3/23/27 | 8521 | 6607 |
| &nbsp;&nbsp;<sup>a</sup>9832075.SQ.FTS.B, 6.355%, 3/23/27 | 4666 | 4492 |
| &nbsp;&nbsp;<sup>a</sup>9830076.SQ.FTS.B, 6.365%, 3/23/27 | 1440 | 1405 |
| &nbsp;&nbsp;<sup>a</sup>9831819.SQ.FTS.B, 6.508%, 3/23/27 | 9735 | 9481 |
| &nbsp;&nbsp;<sup>a</sup>9830103.SQ.FTS.B, 6.51%, 3/23/27 | 2543 | 2325 |
| &nbsp;&nbsp;<sup>a</sup>9831536.SQ.FTS.B, 6.664%, 3/23/27 | 6323 | 4425 |
| &nbsp;&nbsp;<sup>a</sup>9832767.SQ.FTS.B, 6.665%, 3/23/27 | 13585 | 9780 |
| &nbsp;&nbsp;<sup>a</sup>9830398.SQ.FTS.B, 6.668%, 3/23/27 | 1894 | 1771 |
| &nbsp;&nbsp;<sup>a</sup>9833368.SQ.FTS.B, 4.717%, 3/24/27 | 11126 | 10587 |
| &nbsp;&nbsp;<sup>a</sup>9837926.SQ.FTS.B, 4.717%, 3/24/27 | 27160 | 26154 |
| &nbsp;&nbsp;<sup>a</sup>9836358.SQ.FTS.B, 4.718%, 3/24/27 | 35467 | 34077 |
| &nbsp;&nbsp;<sup>a</sup>9838683.SQ.FTS.B, 4.719%, 3/24/27 | 15170 | 14612 |
| &nbsp;&nbsp;<sup>a</sup>9838834.SQ.FTS.B, 4.719%, 3/24/27 | 5862 | 5655 |
| &nbsp;&nbsp;<sup>a</sup>9835585.SQ.FTS.B, 4.723%, 3/24/27 | 4067 | 3911 |
| &nbsp;&nbsp;<sup>a</sup>9835976.SQ.FTS.B, 5.471%, 3/24/27 | 10776 | 10393 |
| &nbsp;&nbsp;<sup>a</sup>9833953.SQ.FTS.B, 5.472%, 3/24/27 | 19710 | 18616 |
| &nbsp;&nbsp;<sup>a</sup>9834923.SQ.FTS.B, 5.473%, 3/24/27 | 4868 | 4643 |
| &nbsp;&nbsp;<sup>a</sup>9835121.SQ.FTS.B, 5.493%, 3/24/27 | 1904 | 1047 |
| &nbsp;&nbsp;<sup>a</sup>9835199.SQ.FTS.B, 5.723%, 3/24/27 | 15005 | 14521 |
| &nbsp;&nbsp;<sup>a</sup>9838970.SQ.FTS.B, 5.723%, 3/24/27 | 5952 | 5727 |
| &nbsp;&nbsp;<sup>a</sup>9838297.SQ.FTS.B, 5.735%, 3/24/27 | 2279 | 2081 |
| &nbsp;&nbsp;<sup>a</sup>9833886.SQ.FTS.B, 5.966%, 3/24/27 | 1385 | 1313 |
| &nbsp;&nbsp;<sup>a</sup>9838337.SQ.FTS.B, 5.975%, 3/24/27 | 13041 | 12624 |
| &nbsp;&nbsp;<sup>a</sup>9837693.SQ.FTS.B, 5.977%, 3/24/27 | 4163 | 3939 |
| &nbsp;&nbsp;<sup>a</sup>9836909.SQ.FTS.B, 5.979%, 3/24/27 | 5308 | 5083 |
| &nbsp;&nbsp;<sup>a</sup>9836994.SQ.FTS.B, 6.352%, 3/24/27 | 31540 | 30175 |
| &nbsp;&nbsp;<sup>a</sup>9837723.SQ.FTS.B, 6.352%, 3/24/27 | 12960 | 12388 |
| &nbsp;&nbsp;<sup>a</sup>9837524.SQ.FTS.B, 6.507%, 3/24/27 | 6921 | 6597 |
| &nbsp;&nbsp;<sup>a</sup>9838578.SQ.FTS.B, 6.511%, 3/24/27 | 7359 | 6978 |
| &nbsp;&nbsp;<sup>a</sup>9835049.SQ.FTS.B, 6.656%, 3/24/27 | 2214 | 2085 |
| &nbsp;&nbsp;<sup>a</sup>9835145.SQ.FTS.B, 6.669%, 3/24/27 | 3507 | 3035 |
| &nbsp;&nbsp;<sup>a</sup>9833813.SQ.FTS.B, 6.674%, 3/24/27 | 2470 | 2349 |
| &nbsp;&nbsp;<sup>a</sup>9836320.SQ.FTS.B, 6.678%, 3/24/27 | 1673 | 1543 |
| &nbsp;&nbsp;<sup>a</sup>9835023.SQ.FTS.B, 6.69%, 3/24/27 | 540 | 526 |
| &nbsp;&nbsp;<sup>a</sup>9843868.SQ.FTS.B, 4.717%, 3/25/27 | 76037 | 73060 |
| &nbsp;&nbsp;<sup>a</sup>9845760.SQ.FTS.B, 4.717%, 3/25/27 | 6404 | 6117 |
| &nbsp;&nbsp;<sup>a</sup>9846829.SQ.FTS.B, 4.717%, 3/25/27 | 40089 | 38176 |
| &nbsp;&nbsp;<sup>a</sup>9847452.SQ.FTS.B, 4.717%, 3/25/27 | 47364 | 42329 |
| &nbsp;&nbsp;<sup>a</sup>9845965.SQ.FTS.B, 5.157%, 3/25/27 | 28782 | 28189 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9845552.SQ.FTS.B, 5.471%, 3/25/27 | $10390 | $10210 |
| &nbsp;&nbsp;<sup>a</sup>9845739.SQ.FTS.B, 5.502%, 3/25/27 | 855 | 802 |
| &nbsp;&nbsp;<sup>a</sup>9843081.SQ.FTS.B, 5.723%, 3/25/27 | 14164 | 13412 |
| &nbsp;&nbsp;<sup>a</sup>9842503.SQ.FTS.B, 5.724%, 3/25/27 | 13234 | 12300 |
| &nbsp;&nbsp;<sup>a</sup>9847704.SQ.FTS.B, 5.726%, 3/25/27 | 7002 | 6817 |
| &nbsp;&nbsp;<sup>a</sup>9842814.SQ.FTS.B, 6.286%, 3/25/27 | 3315 | 2981 |
| &nbsp;&nbsp;<sup>a</sup>9842377.SQ.FTS.B, 6.663%, 3/25/27 | 2090 | 2002 |
| &nbsp;&nbsp;<sup>a</sup>9842967.SQ.FTS.B, 6.666%, 3/25/27 | 3727 | 3471 |
| &nbsp;&nbsp;<sup>a</sup>9843745.SQ.FTS.B, 6.667%, 3/25/27 | 2300 | 1932 |
| &nbsp;&nbsp;<sup>a</sup>9849253.SQ.FTS.B, 4.715%, 3/26/27 | 6841 | 6625 |
| &nbsp;&nbsp;<sup>a</sup>9852980.SQ.FTS.B, 4.715%, 3/26/27 | 3162 | 3071 |
| &nbsp;&nbsp;<sup>a</sup>9847975.SQ.FTS.B, 4.716%, 3/26/27 | 6915 | 6814 |
| &nbsp;&nbsp;<sup>a</sup>9848281.SQ.FTS.B, 4.717%, 3/26/27 | 8999 | 8659 |
| &nbsp;&nbsp;<sup>a</sup>9849396.SQ.FTS.B, 4.717%, 3/26/27 | 1607 | 1555 |
| &nbsp;&nbsp;<sup>a</sup>9851220.SQ.FTS.B, 4.717%, 3/26/27 | 5777 | 5569 |
| &nbsp;&nbsp;<sup>a</sup>9851320.SQ.FTS.B, 4.717%, 3/26/27 | 23119 | 21650 |
| &nbsp;&nbsp;<sup>a</sup>9854426.SQ.FTS.B, 4.717%, 3/26/27 | 74499 | 70227 |
| &nbsp;&nbsp;<sup>a</sup>9849867.SQ.FTS.B, 4.72%, 3/26/27 | 9673 | 8691 |
| &nbsp;&nbsp;<sup>a</sup>9853953.SQ.FTS.B, 4.722%, 3/26/27 | 5451 | 5261 |
| &nbsp;&nbsp;<sup>a</sup>9854083.SQ.FTS.B, 4.722%, 3/26/27 | 5323 | 5113 |
| &nbsp;&nbsp;<sup>a</sup>9850021.SQ.FTS.B, 5.157%, 3/26/27 | 46483 | 44784 |
| &nbsp;&nbsp;<sup>a</sup>9850951.SQ.FTS.B, 5.157%, 3/26/27 | 16965 | 16100 |
| &nbsp;&nbsp;<sup>a</sup>9851761.SQ.FTS.B, 5.157%, 3/26/27 | 21871 | 20939 |
| &nbsp;&nbsp;<sup>a</sup>9848206.SQ.FTS.B, 5.164%, 3/26/27 | 3079 | 2848 |
| &nbsp;&nbsp;<sup>a</sup>9849048.SQ.FTS.B, 5.47%, 3/26/27 | 7146 | 6822 |
| &nbsp;&nbsp;<sup>a</sup>9854252.SQ.FTS.B, 5.472%, 3/26/27 | 5777 | 5607 |
| &nbsp;&nbsp;<sup>a</sup>9851175.SQ.FTS.B, 5.498%, 3/26/27 | 2466 | 618 |
| &nbsp;&nbsp;<sup>a</sup>9853308.SQ.FTS.B, 5.723%, 3/26/27 | 25594 | 24937 |
| &nbsp;&nbsp;<sup>a</sup>9852407.SQ.FTS.B, 5.976%, 3/26/27 | 16922 | 15642 |
| &nbsp;&nbsp;<sup>a</sup>9848911.SQ.FTS.B, 5.977%, 3/26/27 | 5219 | 4955 |
| &nbsp;&nbsp;<sup>a</sup>9850930.SQ.FTS.B, 5.978%, 3/26/27 | 1604 | 1518 |
| &nbsp;&nbsp;<sup>a</sup>9853068.SQ.FTS.B, 6.289%, 3/26/27 | 9458 | 9043 |
| &nbsp;&nbsp;<sup>a</sup>9848780.SQ.FTS.B, 6.295%, 3/26/27 | 4385 | 3396 |
| &nbsp;&nbsp;<sup>a</sup>9849441.SQ.FTS.B, 6.351%, 3/26/27 | 27544 | 23886 |
| &nbsp;&nbsp;<sup>a</sup>9854234.SQ.FTS.B, 6.653%, 3/26/27 | 1244 | 1149 |
| &nbsp;&nbsp;<sup>a</sup>9851718.SQ.FTS.B, 6.656%, 3/26/27 | 1514 | 1452 |
| &nbsp;&nbsp;<sup>a</sup>9855885.SQ.FTS.B, 4.715%, 3/27/27 | 7800 | 7485 |
| &nbsp;&nbsp;<sup>a</sup>9855718.SQ.FTS.B, 4.716%, 3/27/27 | 10550 | 10186 |
| &nbsp;&nbsp;<sup>a</sup>9856103.SQ.FTS.B, 4.716%, 3/27/27 | 2955 | 2905 |
| &nbsp;&nbsp;<sup>a</sup>9855527.SQ.FTS.B, 4.717%, 3/27/27 | 6559 | 6170 |
| &nbsp;&nbsp;<sup>a</sup>9856409.SQ.FTS.B, 4.719%, 3/27/27 | 10884 | 10577 |
| &nbsp;&nbsp;<sup>a</sup>9855868.SQ.FTS.B, 4.726%, 3/27/27 | 2110 | 2006 |
| &nbsp;&nbsp;<sup>a</sup>9856158.SQ.FTS.B, 5.475%, 3/27/27 | 1390 | 1324 |
| &nbsp;&nbsp;<sup>a</sup>9855573.SQ.FTS.B, 5.499%, 3/27/27 | 1402 | 1369 |
| &nbsp;&nbsp;<sup>a</sup>9855598.SQ.FTS.B, 5.718%, 3/27/27 | 5704 | 4663 |
| &nbsp;&nbsp;<sup>a</sup>9856170.SQ.FTS.B, 5.723%, 3/27/27 | 21327 | 20304 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9855694.SQ.FTS.B, 5.724%, 3/27/27 | $3284 | $3223 |
| &nbsp;&nbsp;<sup>a</sup>9855941.SQ.FTS.B, 5.725%, 3/27/27 | 16919 | 15809 |
| &nbsp;&nbsp;<sup>a</sup>9855801.SQ.FTS.B, 6.506%, 3/27/27 | 4621 | 4460 |
| &nbsp;&nbsp;<sup>a</sup>9855643.SQ.FTS.B, 6.669%, 3/27/27 | 5126 | 4973 |
| &nbsp;&nbsp;<sup>a</sup>9856568.SQ.FTS.B, 4.715%, 3/28/27 | 6309 | 6100 |
| &nbsp;&nbsp;<sup>a</sup>9857182.SQ.FTS.B, 4.717%, 3/28/27 | 1551 | 1483 |
| &nbsp;&nbsp;<sup>a</sup>9857257.SQ.FTS.B, 4.717%, 3/28/27 | 11055 | 10641 |
| &nbsp;&nbsp;<sup>a</sup>9856818.SQ.FTS.B, 4.718%, 3/28/27 | 3583 | 3516 |
| &nbsp;&nbsp;<sup>a</sup>9856636.SQ.FTS.B, 4.719%, 3/28/27 | 15550 | 14766 |
| &nbsp;&nbsp;<sup>a</sup>9857540.SQ.FTS.B, 4.72%, 3/28/27 | 8300 | 8047 |
| &nbsp;&nbsp;<sup>a</sup>9856779.SQ.FTS.B, 5.154%, 3/28/27 | 5343 | 5055 |
| &nbsp;&nbsp;<sup>a</sup>9856892.SQ.FTS.B, 5.156%, 3/28/27 | 9161 | 8757 |
| &nbsp;&nbsp;<sup>a</sup>9857198.SQ.FTS.B, 5.156%, 3/28/27 | 6668 | 6375 |
| &nbsp;&nbsp;<sup>a</sup>9856977.SQ.FTS.B, 5.157%, 3/28/27 | 8324 | 8202 |
| &nbsp;&nbsp;<sup>a</sup>9857151.SQ.FTS.B, 5.469%, 3/28/27 | 2758 | 2571 |
| &nbsp;&nbsp;<sup>a</sup>9857488.SQ.FTS.B, 5.726%, 3/28/27 | 1640 | 1547 |
| &nbsp;&nbsp;<sup>a</sup>9857114.SQ.FTS.B, 5.728%, 3/28/27 | 3690 | 3595 |
| &nbsp;&nbsp;<sup>a</sup>9856866.SQ.FTS.B, 5.732%, 3/28/27 | 2925 | 2767 |
| &nbsp;&nbsp;<sup>a</sup>9857473.SQ.FTS.B, 5.967%, 3/28/27 | 1820 | 1621 |
| &nbsp;&nbsp;<sup>a</sup>9857513.SQ.FTS.B, 5.968%, 3/28/27 | 2488 | 2362 |
| &nbsp;&nbsp;<sup>a</sup>9857634.SQ.FTS.B, 5.977%, 3/28/27 | 5454 | 5032 |
| &nbsp;&nbsp;<sup>a</sup>9856539.SQ.FTS.B, 6.345%, 3/28/27 | 2301 | 2220 |
| &nbsp;&nbsp;<sup>a</sup>9857685.SQ.FTS.B, 6.354%, 3/28/27 | 5207 | 4602 |
| &nbsp;&nbsp;<sup>a</sup>9857090.SQ.FTS.B, 6.665%, 3/28/27 | 1870 | 1765 |
| &nbsp;&nbsp;<sup>a</sup>9857338.SQ.FTS.B, 6.667%, 3/28/27 | 18355 | 15890 |
| &nbsp;&nbsp;<sup>a</sup>9857167.SQ.FTS.B, 6.674%, 3/28/27 | 1476 | 1348 |
| &nbsp;&nbsp;<sup>a</sup>9860871.SQ.FTS.B, 4.78%, 3/29/27 | 450 | 426 |
| &nbsp;&nbsp;<sup>a</sup>9858949.SQ.FTS.B, 5.158%, 3/29/27 | 4069 | 3858 |
| &nbsp;&nbsp;<sup>a</sup>9858826.SQ.FTS.B, 5.162%, 3/29/27 | 2363 | 2270 |
| &nbsp;&nbsp;<sup>a</sup>9859135.SQ.FTS.B, 5.478%, 3/29/27 | 1458 | 1377 |
| &nbsp;&nbsp;<sup>a</sup>9858716.SQ.FTS.B, 6.368%, 3/29/27 | 1812 | 1588 |
| &nbsp;&nbsp;<sup>a</sup>9858730.SQ.FTS.B, 6.667%, 3/29/27 | 10231 | 9447 |
| &nbsp;&nbsp;<sup>a</sup>9865635.SQ.FTS.B, 4.544%, 3/30/27 | 3255 | 3199 |
| &nbsp;&nbsp;<sup>a</sup>9869980.SQ.FTS.B, 4.548%, 3/30/27 | 10008 | 9637 |
| &nbsp;&nbsp;<sup>a</sup>9867412.SQ.FTS.B, 4.549%, 3/30/27 | 12189 | 11929 |
| &nbsp;&nbsp;<sup>a</sup>9869836.SQ.FTS.B, 4.549%, 3/30/27 | 10033 | 9710 |
| &nbsp;&nbsp;<sup>a</sup>9869277.SQ.FTS.B, 4.55%, 3/30/27 | 48347 | 46531 |
| &nbsp;&nbsp;<sup>a</sup>9870056.SQ.FTS.B, 4.551%, 3/30/27 | 10117 | 9007 |
| &nbsp;&nbsp;<sup>a</sup>9868831.SQ.FTS.B, 4.559%, 3/30/27 | 2632 | 2551 |
| &nbsp;&nbsp;<sup>a</sup>9869923.SQ.FTS.B, 4.987%, 3/30/27 | 12288 | 11192 |
| &nbsp;&nbsp;<sup>a</sup>9868858.SQ.FTS.B, 4.988%, 3/30/27 | 16120 | 15740 |
| &nbsp;&nbsp;<sup>a</sup>9867204.SQ.FTS.B, 4.99%, 3/30/27 | 11644 | 9914 |
| &nbsp;&nbsp;<sup>a</sup>9868759.SQ.FTS.B, 5.301%, 3/30/27 | 12527 | 11900 |
| &nbsp;&nbsp;<sup>a</sup>9870128.SQ.FTS.B, 5.302%, 3/30/27 | 5956 | 5806 |
| &nbsp;&nbsp;<sup>a</sup>9867169.SQ.FTS.B, 5.348%, 3/30/27 | 1393 | 1282 |
| &nbsp;&nbsp;<sup>a</sup>9866583.SQ.FTS.B, 5.553%, 3/30/27 | 4117 | 3920 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9865920.SQ.FTS.B, 5.788%, 3/30/27 | $1122 | $1062 |
| &nbsp;&nbsp;<sup>a</sup>9865797.SQ.FTS.B, 5.802%, 3/30/27 | 5115 | 4800 |
| &nbsp;&nbsp;<sup>a</sup>9867038.SQ.FTS.B, 5.802%, 3/30/27 | 5425 | 2981 |
| &nbsp;&nbsp;<sup>a</sup>9866967.SQ.FTS.B, 5.803%, 3/30/27 | 2935 | 2846 |
| &nbsp;&nbsp;<sup>a</sup>9867640.SQ.FTS.B, 5.804%, 3/30/27 | 68829 | 65849 |
| &nbsp;&nbsp;<sup>a</sup>9869105.SQ.FTS.B, 6.09%, 3/30/27 | 577 | 541 |
| &nbsp;&nbsp;<sup>a</sup>9865758.SQ.FTS.B, 6.106%, 3/30/27 | 663 | 635 |
| &nbsp;&nbsp;<sup>a</sup>9869078.SQ.FTS.B, 6.175%, 3/30/27 | 1763 | 1667 |
| &nbsp;&nbsp;<sup>a</sup>9867382.SQ.FTS.B, 6.178%, 3/30/27 | 3301 | 3207 |
| &nbsp;&nbsp;<sup>a</sup>9866033.SQ.FTS.B, 6.18%, 3/30/27 | 25900 | 24807 |
| &nbsp;&nbsp;<sup>a</sup>9867611.SQ.FTS.B, 6.481%, 3/30/27 | 1097 | 1042 |
| &nbsp;&nbsp;<sup>a</sup>9869111.SQ.FTS.B, 6.495%, 3/30/27 | 18339 | 15706 |
| &nbsp;&nbsp;<sup>a</sup>9865940.SQ.FTS.B, 6.5%, 3/30/27 | 2385 | 2271 |
| &nbsp;&nbsp;<sup>a</sup>9876045.SQ.FTS.B, 4.542%, 4/01/27 | 2313 | 2226 |
| &nbsp;&nbsp;<sup>a</sup>9876748.SQ.FTS.B, 4.544%, 4/01/27 | 4386 | 4030 |
| &nbsp;&nbsp;<sup>a</sup>9873190.SQ.FTS.B, 4.545%, 4/01/27 | 3238 | 3110 |
| &nbsp;&nbsp;<sup>a</sup>9872128.SQ.FTS.B, 4.547%, 4/01/27 | 6354 | 6100 |
| &nbsp;&nbsp;<sup>a</sup>9875906.SQ.FTS.B, 4.547%, 4/01/27 | 3899 | 3743 |
| &nbsp;&nbsp;<sup>a</sup>9872920.SQ.FTS.B, 4.549%, 4/01/27 | 1668 | 1604 |
| &nbsp;&nbsp;<sup>a</sup>9873108.SQ.FTS.B, 4.549%, 4/01/27 | 2706 | 2602 |
| &nbsp;&nbsp;<sup>a</sup>9873432.SQ.FTS.B, 4.549%, 4/01/27 | 24723 | 22718 |
| &nbsp;&nbsp;<sup>a</sup>9874132.SQ.FTS.B, 4.549%, 4/01/27 | 7643 | 7339 |
| &nbsp;&nbsp;<sup>a</sup>9874450.SQ.FTS.B, 4.549%, 4/01/27 | 75014 | 72011 |
| &nbsp;&nbsp;<sup>a</sup>9875928.SQ.FTS.B, 4.549%, 4/01/27 | 8375 | 8064 |
| &nbsp;&nbsp;<sup>a</sup>9872357.SQ.FTS.B, 4.55%, 4/01/27 | 9261 | 8909 |
| &nbsp;&nbsp;<sup>a</sup>9876839.SQ.FTS.B, 4.55%, 4/01/27 | 18109 | 17403 |
| &nbsp;&nbsp;<sup>a</sup>9873849.SQ.FTS.B, 4.551%, 4/01/27 | 11353 | 10900 |
| &nbsp;&nbsp;<sup>a</sup>9874080.SQ.FTS.B, 4.551%, 4/01/27 | 4676 | 4453 |
| &nbsp;&nbsp;<sup>a</sup>9871652.SQ.FTS.B, 4.552%, 4/01/27 | 10852 | 10421 |
| &nbsp;&nbsp;<sup>a</sup>9876093.SQ.FTS.B, 4.552%, 4/01/27 | 3055 | 2909 |
| &nbsp;&nbsp;<sup>a</sup>9872848.SQ.FTS.B, 4.554%, 4/01/27 | 2924 | 2810 |
| &nbsp;&nbsp;<sup>a</sup>9872822.SQ.FTS.B, 4.559%, 4/01/27 | 2313 | 2223 |
| &nbsp;&nbsp;<sup>a</sup>9876177.SQ.FTS.B, 4.986%, 4/01/27 | 5375 | 5154 |
| &nbsp;&nbsp;<sup>a</sup>9871911.SQ.FTS.B, 4.988%, 4/01/27 | 9249 | 8803 |
| &nbsp;&nbsp;<sup>a</sup>9876236.SQ.FTS.B, 4.988%, 4/01/27 | 17505 | 16677 |
| &nbsp;&nbsp;<sup>a</sup>9872996.SQ.FTS.B, 4.995%, 4/01/27 | 3870 | 3713 |
| &nbsp;&nbsp;<sup>a</sup>9875354.SQ.FTS.B, 5.288%, 4/01/27 | 1509 | 1449 |
| &nbsp;&nbsp;<sup>a</sup>9875589.SQ.FTS.B, 5.302%, 4/01/27 | 6616 | 6392 |
| &nbsp;&nbsp;<sup>a</sup>9876161.SQ.FTS.B, 5.302%, 4/01/27 | 1754 | 1664 |
| &nbsp;&nbsp;<sup>a</sup>9874260.SQ.FTS.B, 5.305%, 4/01/27 | 6077 | 5843 |
| &nbsp;&nbsp;<sup>a</sup>9875461.SQ.FTS.B, 5.332%, 4/01/27 | 7501 | 6560 |
| &nbsp;&nbsp;<sup>a</sup>9876511.SQ.FTS.B, 5.332%, 4/01/27 | 5664 | 5399 |
| &nbsp;&nbsp;<sup>a</sup>9873263.SQ.FTS.B, 5.335%, 4/01/27 | 8292 | 7792 |
| &nbsp;&nbsp;<sup>a</sup>9872215.SQ.FTS.B, 5.802%, 4/01/27 | 5979 | 5647 |
| &nbsp;&nbsp;<sup>a</sup>9875748.SQ.FTS.B, 5.806%, 4/01/27 | 11027 | 10513 |
| &nbsp;&nbsp;<sup>a</sup>9876461.SQ.FTS.B, 5.823%, 4/01/27 | 874 | 840 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 77

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9872112.SQ.FTS.B, 6.166%, 4/01/27 | $1005 | $960 |
| &nbsp;&nbsp;<sup>a</sup>9874037.SQ.FTS.B, 6.339%, 4/01/27 | 2625 | 2496 |
| &nbsp;&nbsp;<sup>a</sup>9873185.SQ.FTS.B, 6.488%, 4/01/27 | 839 | 726 |
| &nbsp;&nbsp;<sup>a</sup>9876478.SQ.FTS.B, 6.494%, 4/01/27 | 2228 | 1927 |
| &nbsp;&nbsp;<sup>a</sup>9875372.SQ.FTS.B, 6.497%, 4/01/27 | 3332 | 3244 |
| &nbsp;&nbsp;<sup>a</sup>9871535.SQ.FTS.B, 6.502%, 4/01/27 | 2682 | 2476 |
| &nbsp;&nbsp;<sup>a</sup>9872735.SQ.FTS.B, 6.504%, 4/01/27 | 1507 | 1412 |
| &nbsp;&nbsp;<sup>a</sup>9876716.SQ.FTS.B, 6.509%, 4/01/27 | 1466 | 1296 |
| &nbsp;&nbsp;<sup>a</sup>9873237.SQ.FTS.B, 6.518%, 4/01/27 | 575 | 556 |
| &nbsp;&nbsp;<sup>a</sup>9885963.SQ.FTS.B, 4.545%, 4/02/27 | 4814 | 4424 |
| &nbsp;&nbsp;<sup>a</sup>9886302.SQ.FTS.B, 4.548%, 4/02/27 | 5512 | 5248 |
| &nbsp;&nbsp;<sup>a</sup>9880988.SQ.FTS.B, 4.549%, 4/02/27 | 5638 | 5400 |
| &nbsp;&nbsp;<sup>a</sup>9881959.SQ.FTS.B, 4.549%, 4/02/27 | 6049 | 5806 |
| &nbsp;&nbsp;<sup>a</sup>9882947.SQ.FTS.B, 4.549%, 4/02/27 | 34682 | 33280 |
| &nbsp;&nbsp;<sup>a</sup>9886010.SQ.FTS.B, 4.549%, 4/02/27 | 828 | 797 |
| &nbsp;&nbsp;<sup>a</sup>9886197.SQ.FTS.B, 4.549%, 4/02/27 | 1640 | 1581 |
| &nbsp;&nbsp;<sup>a</sup>9881147.SQ.FTS.B, 4.55%, 4/02/27 | 18112 | 17436 |
| &nbsp;&nbsp;<sup>a</sup>9884201.SQ.FTS.B, 4.55%, 4/02/27 | 49160 | 47222 |
| &nbsp;&nbsp;<sup>a</sup>9885737.SQ.FTS.B, 4.551%, 4/02/27 | 6016 | 5749 |
| &nbsp;&nbsp;<sup>a</sup>9885640.SQ.FTS.B, 4.552%, 4/02/27 | 2089 | 1996 |
| &nbsp;&nbsp;<sup>a</sup>9882468.SQ.FTS.B, 4.553%, 4/02/27 | 6529 | 6279 |
| &nbsp;&nbsp;<sup>a</sup>9885458.SQ.FTS.B, 4.555%, 4/02/27 | 3573 | 3428 |
| &nbsp;&nbsp;<sup>a</sup>9885352.SQ.FTS.B, 4.557%, 4/02/27 | 3299 | 3162 |
| &nbsp;&nbsp;<sup>a</sup>9885892.SQ.FTS.B, 4.568%, 4/02/27 | 727 | 698 |
| &nbsp;&nbsp;<sup>a</sup>9884877.SQ.FTS.B, 4.988%, 4/02/27 | 32277 | 30945 |
| &nbsp;&nbsp;<sup>a</sup>9886229.SQ.FTS.B, 4.988%, 4/02/27 | 1681 | 1606 |
| &nbsp;&nbsp;<sup>a</sup>9882343.SQ.FTS.B, 4.993%, 4/02/27 | 5959 | 5669 |
| &nbsp;&nbsp;<sup>a</sup>9880881.SQ.FTS.B, 4.997%, 4/02/27 | 1340 | 1280 |
| &nbsp;&nbsp;<sup>a</sup>9885820.SQ.FTS.B, 5.298%, 4/02/27 | 5386 | 4584 |
| &nbsp;&nbsp;<sup>a</sup>9880082.SQ.FTS.B, 5.306%, 4/02/27 | 6135 | 5766 |
| &nbsp;&nbsp;<sup>a</sup>9886255.SQ.FTS.B, 5.323%, 4/02/27 | 1354 | 1295 |
| &nbsp;&nbsp;<sup>a</sup>9885780.SQ.FTS.B, 5.371%, 4/02/27 | 353 | 340 |
| &nbsp;&nbsp;<sup>a</sup>9885656.SQ.FTS.B, 5.554%, 4/02/27 | 10394 | 9650 |
| &nbsp;&nbsp;<sup>a</sup>9881855.SQ.FTS.B, 5.556%, 4/02/27 | 6218 | 5961 |
| &nbsp;&nbsp;<sup>a</sup>9885596.SQ.FTS.B, 5.559%, 4/02/27 | 4509 | 4297 |
| &nbsp;&nbsp;<sup>a</sup>9880918.SQ.FTS.B, 5.561%, 4/02/27 | 2016 | 1934 |
| &nbsp;&nbsp;<sup>a</sup>9884795.SQ.FTS.B, 5.801%, 4/02/27 | 1683 | 1597 |
| &nbsp;&nbsp;<sup>a</sup>9882699.SQ.FTS.B, 5.804%, 4/02/27 | 912 | 834 |
| &nbsp;&nbsp;<sup>a</sup>9880228.SQ.FTS.B, 5.805%, 4/02/27 | 19565 | 18472 |
| &nbsp;&nbsp;<sup>a</sup>9884710.SQ.FTS.B, 5.806%, 4/02/27 | 6308 | 5988 |
| &nbsp;&nbsp;<sup>a</sup>9882854.SQ.FTS.B, 5.807%, 4/02/27 | 4577 | 4394 |
| &nbsp;&nbsp;<sup>a</sup>9885310.SQ.FTS.B, 6.113%, 4/02/27 | 5127 | 3209 |
| &nbsp;&nbsp;<sup>a</sup>9885952.SQ.FTS.B, 6.117%, 4/02/27 | 285 | 270 |
| &nbsp;&nbsp;<sup>a</sup>9885506.SQ.FTS.B, 6.118%, 4/02/27 | 5266 | 5049 |
| &nbsp;&nbsp;<sup>a</sup>9886040.SQ.FTS.B, 6.179%, 4/02/27 | 12000 | 10822 |
| &nbsp;&nbsp;<sup>a</sup>9882095.SQ.FTS.B, 6.18%, 4/02/27 | 13866 | 13248 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9882661.SQ.FTS.B, 6.182%, 4/02/27 | $2987 | $2861 |
| &nbsp;&nbsp;<sup>a</sup>9885409.SQ.FTS.B, 6.183%, 4/02/27 | 879 | 850 |
| &nbsp;&nbsp;<sup>a</sup>9885784.SQ.FTS.B, 6.337%, 4/02/27 | 1745 | 1490 |
| &nbsp;&nbsp;<sup>a</sup>9885944.SQ.FTS.B, 6.337%, 4/02/27 | 1259 | 1197 |
| &nbsp;&nbsp;<sup>a</sup>9884842.SQ.FTS.B, 6.49%, 4/02/27 | 3208 | 2929 |
| &nbsp;&nbsp;<sup>a</sup>9885895.SQ.FTS.B, 6.494%, 4/02/27 | 2198 | 2102 |
| &nbsp;&nbsp;<sup>a</sup>9882726.SQ.FTS.B, 6.496%, 4/02/27 | 7523 | 7244 |
| &nbsp;&nbsp;<sup>a</sup>9881835.SQ.FTS.B, 6.502%, 4/02/27 | 966 | 912 |
| &nbsp;&nbsp;<sup>a</sup>9887550.SQ.FTS.B, 4.543%, 4/03/27 | 2263 | 2176 |
| &nbsp;&nbsp;<sup>a</sup>9890776.SQ.FTS.B, 4.549%, 4/03/27 | 6285 | 6008 |
| &nbsp;&nbsp;<sup>a</sup>9891565.SQ.FTS.B, 4.55%, 4/03/27 | 8705 | 8373 |
| &nbsp;&nbsp;<sup>a</sup>9886858.SQ.FTS.B, 4.551%, 4/03/27 | 12577 | 12046 |
| &nbsp;&nbsp;<sup>a</sup>9889825.SQ.FTS.B, 4.551%, 4/03/27 | 13017 | 12528 |
| &nbsp;&nbsp;<sup>a</sup>9890600.SQ.FTS.B, 4.551%, 4/03/27 | 15044 | 14435 |
| &nbsp;&nbsp;<sup>a</sup>9888105.SQ.FTS.B, 4.552%, 4/03/27 | 8298 | 7969 |
| &nbsp;&nbsp;<sup>a</sup>9889730.SQ.FTS.B, 4.553%, 4/03/27 | 4393 | 4224 |
| &nbsp;&nbsp;<sup>a</sup>9888698.SQ.FTS.B, 4.556%, 4/03/27 | 4610 | 4237 |
| &nbsp;&nbsp;<sup>a</sup>9891525.SQ.FTS.B, 4.558%, 4/03/27 | 3009 | 2888 |
| &nbsp;&nbsp;<sup>a</sup>9888768.SQ.FTS.B, 4.988%, 4/03/27 | 5790 | 5033 |
| &nbsp;&nbsp;<sup>a</sup>9889333.SQ.FTS.B, 4.988%, 4/03/27 | 5104 | 4875 |
| &nbsp;&nbsp;<sup>a</sup>9886587.SQ.FTS.B, 4.99%, 4/03/27 | 4308 | 4128 |
| &nbsp;&nbsp;<sup>a</sup>9888848.SQ.FTS.B, 5.302%, 4/03/27 | 24225 | 22977 |
| &nbsp;&nbsp;<sup>a</sup>9889975.SQ.FTS.B, 5.302%, 4/03/27 | 50462 | 48555 |
| &nbsp;&nbsp;<sup>a</sup>9890888.SQ.FTS.B, 5.302%, 4/03/27 | 3070 | 2862 |
| &nbsp;&nbsp;<sup>a</sup>9890934.SQ.FTS.B, 5.302%, 4/03/27 | 16767 | 16099 |
| &nbsp;&nbsp;<sup>a</sup>9888046.SQ.FTS.B, 5.328%, 4/03/27 | 2399 | 2221 |
| &nbsp;&nbsp;<sup>a</sup>9889722.SQ.FTS.B, 5.338%, 4/03/27 | 1225 | 751 |
| &nbsp;&nbsp;<sup>a</sup>9889453.SQ.FTS.B, 5.553%, 4/03/27 | 17025 | 16332 |
| &nbsp;&nbsp;<sup>a</sup>9886778.SQ.FTS.B, 5.799%, 4/03/27 | 3056 | 2911 |
| &nbsp;&nbsp;<sup>a</sup>9888288.SQ.FTS.B, 5.804%, 4/03/27 | 9543 | 9008 |
| &nbsp;&nbsp;<sup>a</sup>9888672.SQ.FTS.B, 5.816%, 4/03/27 | 1164 | 1129 |
| &nbsp;&nbsp;<sup>a</sup>9887311.SQ.FTS.B, 6.12%, 4/03/27 | 258 | 251 |
| &nbsp;&nbsp;<sup>a</sup>9887172.SQ.FTS.B, 6.18%, 4/03/27 | 3882 | 3708 |
| &nbsp;&nbsp;<sup>a</sup>9887618.SQ.FTS.B, 6.18%, 4/03/27 | 14370 | 13510 |
| &nbsp;&nbsp;<sup>a</sup>9888397.SQ.FTS.B, 6.18%, 4/03/27 | 17706 | 16647 |
| &nbsp;&nbsp;<sup>a</sup>9891152.SQ.FTS.B, 6.182%, 4/03/27 | 19038 | 18179 |
| &nbsp;&nbsp;<sup>a</sup>9889384.SQ.FTS.B, 6.185%, 4/03/27 | 2903 | 2750 |
| &nbsp;&nbsp;<sup>a</sup>9891480.SQ.FTS.B, 6.342%, 4/03/27 | 4698 | 4207 |
| &nbsp;&nbsp;<sup>a</sup>9891933.SQ.FTS.B, 4.549%, 4/04/27 | 28322 | 27057 |
| &nbsp;&nbsp;<sup>a</sup>9892589.SQ.FTS.B, 4.549%, 4/04/27 | 5205 | 4994 |
| &nbsp;&nbsp;<sup>a</sup>9892340.SQ.FTS.B, 4.551%, 4/04/27 | 12306 | 11839 |
| &nbsp;&nbsp;<sup>a</sup>9892489.SQ.FTS.B, 4.988%, 4/04/27 | 11338 | 10601 |
| &nbsp;&nbsp;<sup>a</sup>9891807.SQ.FTS.B, 5.304%, 4/04/27 | 13428 | 12772 |
| &nbsp;&nbsp;<sup>a</sup>9892296.SQ.FTS.B, 5.804%, 4/04/27 | 2173 | 2108 |
| &nbsp;&nbsp;<sup>a</sup>9892642.SQ.FTS.B, 6.18%, 4/04/27 | 2581 | 2444 |
| &nbsp;&nbsp;<sup>a</sup>9892174.SQ.FTS.B, 6.182%, 4/04/27 | 15808 | 12577 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9892166.SQ.FTS.B, 6.332%, 4/04/27 | $908 | $849 |
| &nbsp;&nbsp;<sup>a</sup>9892473.SQ.FTS.B, 6.484%, 4/04/27 | 434 | 422 |
| &nbsp;&nbsp;<sup>a</sup>9893199.SQ.FTS.B, 4.544%, 4/05/27 | 3502 | 3359 |
| &nbsp;&nbsp;<sup>a</sup>9893037.SQ.FTS.B, 4.547%, 4/05/27 | 5892 | 5652 |
| &nbsp;&nbsp;<sup>a</sup>9892897.SQ.FTS.B, 4.549%, 4/05/27 | 13490 | 12974 |
| &nbsp;&nbsp;<sup>a</sup>9893436.SQ.FTS.B, 4.549%, 4/05/27 | 6510 | 6265 |
| &nbsp;&nbsp;<sup>a</sup>9893087.SQ.FTS.B, 4.55%, 4/05/27 | 2798 | 2693 |
| &nbsp;&nbsp;<sup>a</sup>9893505.SQ.FTS.B, 4.952%, 4/05/27 | 579 | 555 |
| &nbsp;&nbsp;<sup>a</sup>9893407.SQ.FTS.B, 4.985%, 4/05/27 | 2800 | 2700 |
| &nbsp;&nbsp;<sup>a</sup>9892666.SQ.FTS.B, 4.986%, 4/05/27 | 5563 | 5343 |
| &nbsp;&nbsp;<sup>a</sup>9893236.SQ.FTS.B, 5.553%, 4/05/27 | 7926 | 7358 |
| &nbsp;&nbsp;<sup>a</sup>9892732.SQ.FTS.B, 5.554%, 4/05/27 | 9626 | 9076 |
| &nbsp;&nbsp;<sup>a</sup>9892817.SQ.FTS.B, 5.556%, 4/05/27 | 3752 | 3173 |
| &nbsp;&nbsp;<sup>a</sup>9893512.SQ.FTS.B, 6.182%, 4/05/27 | 12761 | 12332 |
| &nbsp;&nbsp;<sup>a</sup>9892862.SQ.FTS.B, 6.487%, 4/05/27 | 1997 | 1921 |
| &nbsp;&nbsp;<sup>a</sup>9893296.SQ.FTS.B, 6.495%, 4/05/27 | 7842 | 7502 |
| &nbsp;&nbsp;<sup>a</sup>9894596.SQ.FTS.B, 4.549%, 4/06/27 | 18342 | 17527 |
| &nbsp;&nbsp;<sup>a</sup>9895202.SQ.FTS.B, 4.549%, 4/06/27 | 26278 | 25101 |
| &nbsp;&nbsp;<sup>a</sup>9896419.SQ.FTS.B, 4.549%, 4/06/27 | 9819 | 9401 |
| &nbsp;&nbsp;<sup>a</sup>9896617.SQ.FTS.B, 4.549%, 4/06/27 | 4433 | 4253 |
| &nbsp;&nbsp;<sup>a</sup>9897094.SQ.FTS.B, 4.55%, 4/06/27 | 3307 | 3179 |
| &nbsp;&nbsp;<sup>a</sup>9894911.SQ.FTS.B, 4.551%, 4/06/27 | 5344 | 5139 |
| &nbsp;&nbsp;<sup>a</sup>9896001.SQ.FTS.B, 4.551%, 4/06/27 | 3866 | 3712 |
| &nbsp;&nbsp;<sup>a</sup>9896045.SQ.FTS.B, 4.551%, 4/06/27 | 11762 | 11282 |
| &nbsp;&nbsp;<sup>a</sup>9896263.SQ.FTS.B, 4.562%, 4/06/27 | 2206 | 2119 |
| &nbsp;&nbsp;<sup>a</sup>9896744.SQ.FTS.B, 4.988%, 4/06/27 | 2515 | 2422 |
| &nbsp;&nbsp;<sup>a</sup>9895089.SQ.FTS.B, 4.992%, 4/06/27 | 3560 | 3398 |
| &nbsp;&nbsp;<sup>a</sup>9897240.SQ.FTS.B, 5.307%, 4/06/27 | 2232 | 2081 |
| &nbsp;&nbsp;<sup>a</sup>9896287.SQ.FTS.B, 5.553%, 4/06/27 | 8186 | 7752 |
| &nbsp;&nbsp;<sup>a</sup>9896842.SQ.FTS.B, 5.804%, 4/06/27 | 11615 | 11153 |
| &nbsp;&nbsp;<sup>a</sup>9896706.SQ.FTS.B, 6.479%, 4/06/27 | 1580 | 1169 |
| &nbsp;&nbsp;<sup>a</sup>9896581.SQ.FTS.B, 6.488%, 4/06/27 | 2136 | 1988 |
| &nbsp;&nbsp;<sup>a</sup>9897150.SQ.FTS.B, 6.497%, 4/06/27 | 3122 | 2982 |
| &nbsp;&nbsp;<sup>a</sup>9897432.SQ.FTS.B, 6.536%, 4/06/27 | 537 | 487 |
| &nbsp;&nbsp;<sup>a</sup>9900627.SQ.FTS.B, 4.549%, 4/07/27 | 9455 | 9082 |
| &nbsp;&nbsp;<sup>a</sup>9901443.SQ.FTS.B, 4.549%, 4/07/27 | 1853 | 1770 |
| &nbsp;&nbsp;<sup>a</sup>9901801.SQ.FTS.B, 4.549%, 4/07/27 | 3530 | 3388 |
| &nbsp;&nbsp;<sup>a</sup>9901899.SQ.FTS.B, 4.549%, 4/07/27 | 9235 | 8879 |
| &nbsp;&nbsp;<sup>a</sup>9902388.SQ.FTS.B, 4.549%, 4/07/27 | 6473 | 6227 |
| &nbsp;&nbsp;<sup>a</sup>9903673.SQ.FTS.B, 4.549%, 4/07/27 | 19799 | 18209 |
| &nbsp;&nbsp;<sup>a</sup>9904309.SQ.FTS.B, 4.549%, 4/07/27 | 8721 | 8363 |
| &nbsp;&nbsp;<sup>a</sup>9902675.SQ.FTS.B, 4.55%, 4/07/27 | 35574 | 34188 |
| &nbsp;&nbsp;<sup>a</sup>9901497.SQ.FTS.B, 4.551%, 4/07/27 | 8155 | 7500 |
| &nbsp;&nbsp;<sup>a</sup>9902244.SQ.FTS.B, 4.554%, 4/07/27 | 5542 | 5315 |
| &nbsp;&nbsp;<sup>a</sup>9903596.SQ.FTS.B, 4.554%, 4/07/27 | 5559 | 5340 |
| &nbsp;&nbsp;<sup>a</sup>9904440.SQ.FTS.B, 4.559%, 4/07/27 | 2817 | 2691 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9902185.SQ.FTS.B, 4.562%, 4/07/27 | $2037 | $1962 |
| &nbsp;&nbsp;<sup>a</sup>9900907.SQ.FTS.B, 4.988%, 4/07/27 | 7449 | 7179 |
| &nbsp;&nbsp;<sup>a</sup>9901685.SQ.FTS.B, 5.302%, 4/07/27 | 8250 | 7753 |
| &nbsp;&nbsp;<sup>a</sup>9904489.SQ.FTS.B, 5.302%, 4/07/27 | 21935 | 20775 |
| &nbsp;&nbsp;<sup>a</sup>9900095.SQ.FTS.B, 5.304%, 4/07/27 | 13077 | 11156 |
| &nbsp;&nbsp;<sup>a</sup>9901056.SQ.FTS.B, 5.333%, 4/07/27 | 10593 | 3362 |
| &nbsp;&nbsp;<sup>a</sup>9903923.SQ.FTS.B, 5.553%, 4/07/27 | 22855 | 21765 |
| &nbsp;&nbsp;<sup>a</sup>9904921.SQ.FTS.B, 5.559%, 4/07/27 | 4302 | 4129 |
| &nbsp;&nbsp;<sup>a</sup>9903409.SQ.FTS.B, 5.806%, 4/07/27 | 8978 | 8220 |
| &nbsp;&nbsp;<sup>a</sup>9900476.SQ.FTS.B, 5.807%, 4/07/27 | 9228 | 8760 |
| &nbsp;&nbsp;<sup>a</sup>9904998.SQ.FTS.B, 5.809%, 4/07/27 | 2706 | 2595 |
| &nbsp;&nbsp;<sup>a</sup>9900346.SQ.FTS.B, 6.177%, 4/07/27 | 4511 | 4239 |
| &nbsp;&nbsp;<sup>a</sup>9902158.SQ.FTS.B, 6.359%, 4/07/27 | 824 | 783 |
| &nbsp;&nbsp;<sup>a</sup>9901246.SQ.FTS.B, 6.49%, 4/07/27 | 5722 | 5280 |
| &nbsp;&nbsp;<sup>a</sup>9903540.SQ.FTS.B, 6.495%, 4/07/27 | 2470 | 2359 |
| &nbsp;&nbsp;<sup>a</sup>9901864.SQ.FTS.B, 6.498%, 4/07/27 | 1460 | 1348 |
| &nbsp;&nbsp;<sup>a</sup>9906259.SQ.FTS.B, 4.548%, 4/08/27 | 1433 | 1379 |
| &nbsp;&nbsp;<sup>a</sup>9905949.SQ.FTS.B, 4.549%, 4/08/27 | 5221 | 5021 |
| &nbsp;&nbsp;<sup>a</sup>9906462.SQ.FTS.B, 4.549%, 4/08/27 | 38077 | 36606 |
| &nbsp;&nbsp;<sup>a</sup>9907099.SQ.FTS.B, 4.549%, 4/08/27 | 24012 | 23055 |
| &nbsp;&nbsp;<sup>a</sup>9907573.SQ.FTS.B, 4.549%, 4/08/27 | 40543 | 38916 |
| &nbsp;&nbsp;<sup>a</sup>9908294.SQ.FTS.B, 4.549%, 4/08/27 | 50319 | 48349 |
| &nbsp;&nbsp;<sup>a</sup>9909396.SQ.FTS.B, 4.549%, 4/08/27 | 90879 | 87045 |
| &nbsp;&nbsp;<sup>a</sup>9906361.SQ.FTS.B, 4.551%, 4/08/27 | 4877 | 4658 |
| &nbsp;&nbsp;<sup>a</sup>9909337.SQ.FTS.B, 4.552%, 4/08/27 | 5027 | 4810 |
| &nbsp;&nbsp;<sup>a</sup>9908806.SQ.FTS.B, 4.553%, 4/08/27 | 7633 | 7306 |
| &nbsp;&nbsp;<sup>a</sup>9905265.SQ.FTS.B, 4.556%, 4/08/27 | 3529 | 3358 |
| &nbsp;&nbsp;<sup>a</sup>9905513.SQ.FTS.B, 4.988%, 4/08/27 | 16446 | 15842 |
| &nbsp;&nbsp;<sup>a</sup>9908173.SQ.FTS.B, 4.997%, 4/08/27 | 2685 | 2585 |
| &nbsp;&nbsp;<sup>a</sup>9908240.SQ.FTS.B, 5.556%, 4/08/27 | 2284 | 2213 |
| &nbsp;&nbsp;<sup>a</sup>9906130.SQ.FTS.B, 6.121%, 4/08/27 | 2728 | 2551 |
| &nbsp;&nbsp;<sup>a</sup>9906316.SQ.FTS.B, 6.171%, 4/08/27 | 2907 | 2327 |
| &nbsp;&nbsp;<sup>a</sup>9905299.SQ.FTS.B, 6.173%, 4/08/27 | 2903 | 2772 |
| &nbsp;&nbsp;<sup>a</sup>9907539.SQ.FTS.B, 6.19%, 4/08/27 | 1761 | 1682 |
| &nbsp;&nbsp;<sup>a</sup>9905482.SQ.FTS.B, 6.352%, 4/08/27 | 834 | 715 |
| &nbsp;&nbsp;<sup>a</sup>9908878.SQ.FTS.B, 6.494%, 4/08/27 | 21472 | 20384 |
| &nbsp;&nbsp;<sup>a</sup>9905103.SQ.FTS.B, 6.498%, 4/08/27 | 6959 | 6630 |
| &nbsp;&nbsp;<sup>a</sup>9905327.SQ.FTS.B, 6.498%, 4/08/27 | 7005 | 6524 |
| &nbsp;&nbsp;<sup>a</sup>9914257.SQ.FTS.B, 4.549%, 4/09/27 | 34853 | 32050 |
| &nbsp;&nbsp;<sup>a</sup>9917396.SQ.FTS.B, 4.549%, 4/09/27 | 9640 | 9257 |
| &nbsp;&nbsp;<sup>a</sup>9918827.SQ.FTS.B, 4.549%, 4/09/27 | 16407 | 15696 |
| &nbsp;&nbsp;<sup>a</sup>9915480.SQ.FTS.B, 4.551%, 4/09/27 | 3370 | 3205 |
| &nbsp;&nbsp;<sup>a</sup>9919114.SQ.FTS.B, 4.551%, 4/09/27 | 14212 | 13566 |
| &nbsp;&nbsp;<sup>a</sup>9915724.SQ.FTS.B, 4.556%, 4/09/27 | 3547 | 3412 |
| &nbsp;&nbsp;<sup>a</sup>9917332.SQ.FTS.B, 4.561%, 4/09/27 | 2195 | 2109 |
| &nbsp;&nbsp;<sup>a</sup>9915851.SQ.FTS.B, 4.988%, 4/09/27 | 65470 | 62416 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 79

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9917819.SQ.FTS.B, 4.989%, 4/09/27 | $56784 | $54707 |
| &nbsp;&nbsp;<sup>a</sup>9915551.SQ.FTS.B, 4.99%, 4/09/27 | 3654 | 3497 |
| &nbsp;&nbsp;<sup>a</sup>9917700.SQ.FTS.B, 5.552%, 4/09/27 | 8999 | 8281 |
| &nbsp;&nbsp;<sup>a</sup>9915250.SQ.FTS.B, 5.557%, 4/09/27 | 4290 | 4125 |
| &nbsp;&nbsp;<sup>a</sup>9917574.SQ.FTS.B, 5.802%, 4/09/27 | 2359 | 2237 |
| &nbsp;&nbsp;<sup>a</sup>9917286.SQ.FTS.B, 6.122%, 4/09/27 | 1575 | 1510 |
| &nbsp;&nbsp;<sup>a</sup>9915824.SQ.FTS.B, 6.194%, 4/09/27 | 1134 | 1083 |
| &nbsp;&nbsp;<sup>a</sup>9919097.SQ.FTS.B, 6.489%, 4/09/27 | 1045 | 995 |
| &nbsp;&nbsp;<sup>a</sup>9914176.SQ.FTS.B, 6.495%, 4/09/27 | 1201 | 1144 |
| &nbsp;&nbsp;<sup>a</sup>9917649.SQ.FTS.B, 6.501%, 4/09/27 | 4274 | 3267 |
| &nbsp;&nbsp;<sup>a</sup>9920412.SQ.FTS.B, 4.546%, 4/10/27 | 1698 | 1632 |
| &nbsp;&nbsp;<sup>a</sup>9921427.SQ.FTS.B, 4.549%, 4/10/27 | 9758 | 9352 |
| &nbsp;&nbsp;<sup>a</sup>9923949.SQ.FTS.B, 4.549%, 4/10/27 | 13818 | 13284 |
| &nbsp;&nbsp;<sup>a</sup>9922168.SQ.FTS.B, 4.55%, 4/10/27 | 26617 | 24482 |
| &nbsp;&nbsp;<sup>a</sup>9920056.SQ.FTS.B, 4.551%, 4/10/27 | 12883 | 12347 |
| &nbsp;&nbsp;<sup>a</sup>9924545.SQ.FTS.B, 4.554%, 4/10/27 | 4236 | 4042 |
| &nbsp;&nbsp;<sup>a</sup>9922524.SQ.FTS.B, 4.556%, 4/10/27 | 3770 | 3616 |
| &nbsp;&nbsp;<sup>a</sup>9924165.SQ.FTS.B, 4.57%, 4/10/27 | 1338 | 1283 |
| &nbsp;&nbsp;<sup>a</sup>9920521.SQ.FTS.B, 4.988%, 4/10/27 | 2926 | 2554 |
| &nbsp;&nbsp;<sup>a</sup>9920607.SQ.FTS.B, 4.988%, 4/10/27 | 4176 | 3642 |
| &nbsp;&nbsp;<sup>a</sup>9922687.SQ.FTS.B, 4.988%, 4/10/27 | 58942 | 55654 |
| &nbsp;&nbsp;<sup>a</sup>9923441.SQ.FTS.B, 4.989%, 4/10/27 | 18735 | 18032 |
| &nbsp;&nbsp;<sup>a</sup>9922012.SQ.FTS.B, 5.296%, 4/10/27 | 3108 | 2999 |
| &nbsp;&nbsp;<sup>a</sup>9923893.SQ.FTS.B, 5.298%, 4/10/27 | 7903 | 5177 |
| &nbsp;&nbsp;<sup>a</sup>9920959.SQ.FTS.B, 5.303%, 4/10/27 | 12445 | 11816 |
| &nbsp;&nbsp;<sup>a</sup>9923844.SQ.FTS.B, 5.328%, 4/10/27 | 1635 | 1554 |
| &nbsp;&nbsp;<sup>a</sup>9920930.SQ.FTS.B, 5.349%, 4/10/27 | 1006 | 813 |
| &nbsp;&nbsp;<sup>a</sup>9919895.SQ.FTS.B, 5.552%, 4/10/27 | 4742 | 4560 |
| &nbsp;&nbsp;<sup>a</sup>9921115.SQ.FTS.B, 5.552%, 4/10/27 | 15172 | 14519 |
| &nbsp;&nbsp;<sup>a</sup>9920371.SQ.FTS.B, 5.804%, 4/10/27 | 861 | 817 |
| &nbsp;&nbsp;<sup>a</sup>9922128.SQ.FTS.B, 5.814%, 4/10/27 | 2521 | 2062 |
| &nbsp;&nbsp;<sup>a</sup>9920939.SQ.FTS.B, 6.106%, 4/10/27 | 823 | 762 |
| &nbsp;&nbsp;<sup>a</sup>9920771.SQ.FTS.B, 6.178%, 4/10/27 | 4982 | 4754 |
| &nbsp;&nbsp;<sup>a</sup>9919562.SQ.FTS.B, 6.18%, 4/10/27 | 2542 | 2456 |
| &nbsp;&nbsp;<sup>a</sup>9920468.SQ.FTS.B, 6.328%, 4/10/27 | 916 | 866 |
| &nbsp;&nbsp;<sup>a</sup>9923792.SQ.FTS.B, 6.335%, 4/10/27 | 3926 | 3639 |
| &nbsp;&nbsp;<sup>a</sup>9922543.SQ.FTS.B, 6.336%, 4/10/27 | 9564 | 8555 |
| &nbsp;&nbsp;<sup>a</sup>9923414.SQ.FTS.B, 6.474%, 4/10/27 | 1075 | 1023 |
| &nbsp;&nbsp;<sup>a</sup>9924408.SQ.FTS.B, 6.493%, 4/10/27 | 13238 | 12100 |
| &nbsp;&nbsp;<sup>a</sup>9921603.SQ.FTS.B, 6.495%, 4/10/27 | 19632 | 18495 |
| &nbsp;&nbsp;<sup>a</sup>9923787.SQ.FTS.B, 6.518%, 4/10/27 | 1291 | 663 |
| &nbsp;&nbsp;<sup>a</sup>9924632.SQ.FTS.B, 4.54%, 4/11/27 | 2502 | 2400 |
| &nbsp;&nbsp;<sup>a</sup>9925451.SQ.FTS.B, 4.543%, 4/11/27 | 3361 | 3207 |
| &nbsp;&nbsp;<sup>a</sup>9925419.SQ.FTS.B, 4.546%, 4/11/27 | 3090 | 2969 |
| &nbsp;&nbsp;<sup>a</sup>9924784.SQ.FTS.B, 4.547%, 4/11/27 | 5117 | 4882 |
| &nbsp;&nbsp;<sup>a</sup>9924961.SQ.FTS.B, 4.549%, 4/11/27 | 907 | 867 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9925128.SQ.FTS.B, 4.549%, 4/11/27 | $11148 | $10701 |
| <sup>a</sup>9924760.SQ.FTS.B, 4.562%, 4/11/27 | 2510 | 2312 |
| <sup>a</sup>9924690.SQ.FTS.B, 4.993%, 4/11/27 | 5409 | 5141 |
| <sup>a</sup>9925487.SQ.FTS.B, 5.296%, 4/11/27 | 3803 | 3595 |
| <sup>a</sup>9924827.SQ.FTS.B, 5.312%, 4/11/27 | 2818 | 2625 |
| <sup>a</sup>9924655.SQ.FTS.B, 5.556%, 4/11/27 | 3092 | 2957 |
| <sup>a</sup>9924750.SQ.FTS.B, 5.792%, 4/11/27 | 1544 | 1455 |
| <sup>a</sup>9925332.SQ.FTS.B, 5.808%, 4/11/27 | 5284 | 5008 |
| <sup>a</sup>9924674.SQ.FTS.B, 6.123%, 4/11/27 | 2463 | 1564 |
| <sup>a</sup>9925310.SQ.FTS.B, 6.164%, 4/11/27 | 1118 | 1074 |
| <sup>a</sup>9925273.SQ.FTS.B, 6.171%, 4/11/27 | 2500 | 2363 |
| <sup>a</sup>9924865.SQ.FTS.B, 6.183%, 4/11/27 | 1698 | 1623 |
| <sup>a</sup>9924926.SQ.FTS.B, 6.183%, 4/11/27 | 1961 | 1829 |
| <sup>a</sup>9924615.SQ.FTS.B, 6.185%, 4/11/27 | 1007 | 945 |
| <sup>a</sup>9924737.SQ.FTS.B, 6.198%, 4/11/27 | 836 | 807 |
| <sup>a</sup>9924968.SQ.FTS.B, 6.344%, 4/11/27 | 3089 | 2655 |
| <sup>a</sup>9924885.SQ.FTS.B, 6.494%, 4/11/27 | 3145 | 3026 |
| <sup>a</sup>9925578.SQ.FTS.B, 4.554%, 4/12/27 | 3282 | 3150 |
| <sup>a</sup>9925533.SQ.FTS.B, 4.556%, 4/12/27 | 3235 | 3108 |
| <sup>a</sup>9925740.SQ.FTS.B, 4.984%, 4/12/27 | 4377 | 4170 |
| <sup>a</sup>9925930.SQ.FTS.B, 5.302%, 4/12/27 | 27581 | 23556 |
| <sup>a</sup>9925660.SQ.FTS.B, 5.306%, 4/12/27 | 6776 | 5786 |
| <sup>a</sup>9925794.SQ.FTS.B, 5.802%, 4/12/27 | 8919 | 8452 |
| <sup>a</sup>9925623.SQ.FTS.B, 6.501%, 4/12/27 | 2434 | 2294 |
| <sup>a</sup>9927084.SQ.FTS.B, 4.549%, 4/13/27 | 14382 | 13781 |
| <sup>a</sup>9927199.SQ.FTS.B, 4.549%, 4/13/27 | 5171 | 4962 |
| <sup>a</sup>9927247.SQ.FTS.B, 4.549%, 4/13/27 | 16257 | 15631 |
| <sup>a</sup>9926887.SQ.FTS.B, 4.55%, 4/13/27 | 20974 | 20116 |
| <sup>a</sup>9926681.SQ.FTS.B, 4.551%, 4/13/27 | 7024 | 6736 |
| <sup>a</sup>9927435.SQ.FTS.B, 4.551%, 4/13/27 | 9315 | 8934 |
| <sup>a</sup>9926644.SQ.FTS.B, 4.555%, 4/13/27 | 5556 | 5118 |
| <sup>a</sup>9926633.SQ.FTS.B, 4.973%, 4/13/27 | 1619 | 1542 |
| <sup>a</sup>9926617.SQ.FTS.B, 4.979%, 4/13/27 | 1902 | 1824 |
| <sup>a</sup>9926353.SQ.FTS.B, 5.301%, 4/13/27 | 3017 | 2811 |
| <sup>a</sup>9926579.SQ.FTS.B, 5.307%, 4/13/27 | 3204 | 3077 |
| <sup>a</sup>9927051.SQ.FTS.B, 5.55%, 4/13/27 | 6734 | 5714 |
| <sup>a</sup>9926396.SQ.FTS.B, 5.553%, 4/13/27 | 10173 | 9465 |
| <sup>a</sup>9926487.SQ.FTS.B, 6.177%, 4/13/27 | 4196 | 3968 |
| <sup>a</sup>9926197.SQ.FTS.B, 6.179%, 4/13/27 | 13993 | 12630 |
| <sup>a</sup>9926762.SQ.FTS.B, 6.179%, 4/13/27 | 9460 | 9130 |
| <sup>a</sup>9926511.SQ.FTS.B, 6.491%, 4/13/27 | 5882 | 5563 |
| <sup>a</sup>9929346.SQ.FTS.B, 4.546%, 4/14/27 | 2723 | 2611 |
| <sup>a</sup>9929797.SQ.FTS.B, 4.549%, 4/14/27 | 12008 | 11524 |
| <sup>a</sup>9930077.SQ.FTS.B, 4.549%, 4/14/27 | 20720 | 19909 |
| <sup>a</sup>9933107.SQ.FTS.B, 4.549%, 4/14/27 | 12319 | 11339 |
| <sup>a</sup>9933406.SQ.FTS.B, 4.549%, 4/14/27 | 6705 | 6424 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9930599.SQ.FTS.B, 4.556%, 4/14/27 | $3198 | $3076 |
| &nbsp;&nbsp;<sup>a</sup>9928385.SQ.FTS.B, 4.988%, 4/14/27 | 24806 | 21716 |
| &nbsp;&nbsp;<sup>a</sup>9930725.SQ.FTS.B, 4.988%, 4/14/27 | 65611 | 62757 |
| &nbsp;&nbsp;<sup>a</sup>9931755.SQ.FTS.B, 4.988%, 4/14/27 | 34159 | 32900 |
| &nbsp;&nbsp;<sup>a</sup>9932441.SQ.FTS.B, 4.988%, 4/14/27 | 13392 | 12764 |
| &nbsp;&nbsp;<sup>a</sup>9933334.SQ.FTS.B, 5%, 4/14/27 | 2242 | 2136 |
| &nbsp;&nbsp;<sup>a</sup>9932253.SQ.FTS.B, 5.304%, 4/14/27 | 15524 | 14727 |
| &nbsp;&nbsp;<sup>a</sup>9929155.SQ.FTS.B, 5.327%, 4/14/27 | 2194 | 2057 |
| &nbsp;&nbsp;<sup>a</sup>9931738.SQ.FTS.B, 5.34%, 4/14/27 | 309 | 298 |
| &nbsp;&nbsp;<sup>a</sup>9932591.SQ.FTS.B, 5.553%, 4/14/27 | 28054 | 27080 |
| &nbsp;&nbsp;<sup>a</sup>9933363.SQ.FTS.B, 6.175%, 4/14/27 | 3870 | 3631 |
| &nbsp;&nbsp;<sup>a</sup>9929432.SQ.FTS.B, 6.181%, 4/14/27 | 13630 | 12994 |
| &nbsp;&nbsp;<sup>a</sup>9932222.SQ.FTS.B, 6.515%, 4/14/27 | 775 | 724 |
| &nbsp;&nbsp;<sup>a</sup>9935997.SQ.FTS.B, 4.547%, 4/15/27 | 9246 | 8836 |
| &nbsp;&nbsp;<sup>a</sup>9934063.SQ.FTS.B, 4.549%, 4/15/27 | 40012 | 38165 |
| &nbsp;&nbsp;<sup>a</sup>9935107.SQ.FTS.B, 4.549%, 4/15/27 | 20289 | 19452 |
| &nbsp;&nbsp;<sup>a</sup>9935659.SQ.FTS.B, 4.549%, 4/15/27 | 1330 | 1266 |
| &nbsp;&nbsp;<sup>a</sup>9936208.SQ.FTS.B, 4.549%, 4/15/27 | 78918 | 72655 |
| &nbsp;&nbsp;<sup>a</sup>9937361.SQ.FTS.B, 4.549%, 4/15/27 | 21804 | 20073 |
| &nbsp;&nbsp;<sup>a</sup>9937614.SQ.FTS.B, 4.549%, 4/15/27 | 13458 | 12906 |
| &nbsp;&nbsp;<sup>a</sup>9938276.SQ.FTS.B, 4.549%, 4/15/27 | 17871 | 17147 |
| &nbsp;&nbsp;<sup>a</sup>9934920.SQ.FTS.B, 4.551%, 4/15/27 | 12742 | 12217 |
| &nbsp;&nbsp;<sup>a</sup>9937914.SQ.FTS.B, 4.551%, 4/15/27 | 6218 | 5973 |
| &nbsp;&nbsp;<sup>a</sup>9937716.SQ.FTS.B, 4.554%, 4/15/27 | 5051 | 4838 |
| &nbsp;&nbsp;<sup>a</sup>9935754.SQ.FTS.B, 4.988%, 4/15/27 | 12406 | 11947 |
| &nbsp;&nbsp;<sup>a</sup>9937588.SQ.FTS.B, 4.988%, 4/15/27 | 1271 | 1215 |
| &nbsp;&nbsp;<sup>a</sup>9938167.SQ.FTS.B, 4.989%, 4/15/27 | 3971 | 3745 |
| &nbsp;&nbsp;<sup>a</sup>9937762.SQ.FTS.B, 5.301%, 4/15/27 | 9618 | 9078 |
| &nbsp;&nbsp;<sup>a</sup>9938142.SQ.FTS.B, 5.304%, 4/15/27 | 2864 | 2695 |
| &nbsp;&nbsp;<sup>a</sup>9938213.SQ.FTS.B, 5.305%, 4/15/27 | 4065 | 3855 |
| &nbsp;&nbsp;<sup>a</sup>9933971.SQ.FTS.B, 5.328%, 4/15/27 | 3321 | 3073 |
| &nbsp;&nbsp;<sup>a</sup>9935512.SQ.FTS.B, 5.555%, 4/15/27 | 7677 | 7335 |
| &nbsp;&nbsp;<sup>a</sup>9933467.SQ.FTS.B, 5.806%, 4/15/27 | 11461 | 10989 |
| &nbsp;&nbsp;<sup>a</sup>9933867.SQ.FTS.B, 6.118%, 4/15/27 | 1182 | 1132 |
| &nbsp;&nbsp;<sup>a</sup>9935681.SQ.FTS.B, 6.176%, 4/15/27 | 2261 | 2171 |
| &nbsp;&nbsp;<sup>a</sup>9936923.SQ.FTS.B, 6.18%, 4/15/27 | 38025 | 35667 |
| &nbsp;&nbsp;<sup>a</sup>9935721.SQ.FTS.B, 6.348%, 4/15/27 | 1994 | 1867 |
| &nbsp;&nbsp;<sup>a</sup>9935489.SQ.FTS.B, 6.481%, 4/15/27 | 2186 | 1934 |
| &nbsp;&nbsp;<sup>a</sup>9937840.SQ.FTS.B, 6.496%, 4/15/27 | 10241 | 9566 |
| &nbsp;&nbsp;<sup>a</sup>9941274.SQ.FTS.B, 4.549%, 4/16/27 | 5315 | 4894 |
| &nbsp;&nbsp;<sup>a</sup>9944601.SQ.FTS.B, 4.549%, 4/16/27 | 4357 | 4154 |
| &nbsp;&nbsp;<sup>a</sup>9944648.SQ.FTS.B, 4.549%, 4/16/27 | 6558 | 6280 |
| &nbsp;&nbsp;<sup>a</sup>9945037.SQ.FTS.B, 4.549%, 4/16/27 | 68144 | 65438 |
| &nbsp;&nbsp;<sup>a</sup>9945973.SQ.FTS.B, 4.549%, 4/16/27 | 23449 | 22409 |
| &nbsp;&nbsp;<sup>a</sup>9942645.SQ.FTS.B, 4.55%, 4/16/27 | 28390 | 27277 |
| &nbsp;&nbsp;<sup>a</sup>9943480.SQ.FTS.B, 4.551%, 4/16/27 | 6368 | 6108 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9944634.SQ.FTS.B, 4.551%, 4/16/27 | $2042 | $1947 |
| <sup>a</sup>9944261.SQ.FTS.B, 4.552%, 4/16/27 | 11418 | 10906 |
| <sup>a</sup>9941494.SQ.FTS.B, 4.553%, 4/16/27 | 7647 | 7332 |
| <sup>a</sup>9944572.SQ.FTS.B, 4.556%, 4/16/27 | 3927 | 3766 |
| <sup>a</sup>9944704.SQ.FTS.B, 4.57%, 4/16/27 | 1387 | 1325 |
| <sup>a</sup>9944463.SQ.FTS.B, 4.979%, 4/16/27 | 2804 | 2670 |
| <sup>a</sup>9942126.SQ.FTS.B, 4.988%, 4/16/27 | 8548 | 7486 |
| <sup>a</sup>9943952.SQ.FTS.B, 4.988%, 4/16/27 | 18401 | 17637 |
| <sup>a</sup>9944910.SQ.FTS.B, 4.988%, 4/16/27 | 13083 | 12213 |
| <sup>a</sup>9943415.SQ.FTS.B, 5.3%, 4/16/27 | 3658 | 3498 |
| <sup>a</sup>9942375.SQ.FTS.B, 5.302%, 4/16/27 | 10616 | 10151 |
| <sup>a</sup>9941701.SQ.FTS.B, 5.304%, 4/16/27 | 5599 | 5213 |
| <sup>a</sup>9943702.SQ.FTS.B, 5.321%, 4/16/27 | 891 | 860 |
| <sup>a</sup>9943448.SQ.FTS.B, 5.323%, 4/16/27 | 1320 | 1252 |
| <sup>a</sup>9944718.SQ.FTS.B, 5.536%, 4/16/27 | 947 | 913 |
| <sup>a</sup>9941807.SQ.FTS.B, 5.551%, 4/16/27 | 7406 | 7036 |
| <sup>a</sup>9941576.SQ.FTS.B, 5.553%, 4/16/27 | 9434 | 8846 |
| <sup>a</sup>9943371.SQ.FTS.B, 5.553%, 4/16/27 | 3209 | 3035 |
| <sup>a</sup>9944425.SQ.FTS.B, 5.553%, 4/16/27 | 2747 | 2598 |
| <sup>a</sup>9944730.SQ.FTS.B, 5.554%, 4/16/27 | 10616 | 10135 |
| <sup>a</sup>9943614.SQ.FTS.B, 5.558%, 4/16/27 | 5843 | 5525 |
| <sup>a</sup>9941372.SQ.FTS.B, 5.804%, 4/16/27 | 11124 | 10471 |
| <sup>a</sup>9945879.SQ.FTS.B, 6.118%, 4/16/27 | 1277 | 1242 |
| <sup>a</sup>9944528.SQ.FTS.B, 6.12%, 4/16/27 | 2183 | 2106 |
| <sup>a</sup>9943848.SQ.FTS.B, 6.18%, 4/16/27 | 10048 | 9595 |
| <sup>a</sup>9943812.SQ.FTS.B, 6.187%, 4/16/27 | 3158 | 3015 |
| <sup>a</sup>9945865.SQ.FTS.B, 6.189%, 4/16/27 | 1953 | 1847 |
| <sup>a</sup>9941355.SQ.FTS.B, 6.201%, 4/16/27 | 1360 | 1276 |
| <sup>a</sup>9943597.SQ.FTS.B, 6.322%, 4/16/27 | 1120 | 966 |
| <sup>a</sup>9943716.SQ.FTS.B, 6.493%, 4/16/27 | 6993 | 6387 |
| <sup>a</sup>9942013.SQ.FTS.B, 6.498%, 4/16/27 | 6467 | 6187 |
| <sup>a</sup>9945929.SQ.FTS.B, 6.498%, 4/16/27 | 1377 | 1335 |
| <sup>a</sup>9947766.SQ.FTS.B, 4.537%, 4/17/27 | 1633 | 1569 |
| <sup>a</sup>9948713.SQ.FTS.B, 4.549%, 4/17/27 | 1764 | 1695 |
| <sup>a</sup>9948847.SQ.FTS.B, 4.549%, 4/17/27 | 14868 | 14300 |
| <sup>a</sup>9951179.SQ.FTS.B, 4.549%, 4/17/27 | 9167 | 8779 |
| <sup>a</sup>9949088.SQ.FTS.B, 4.55%, 4/17/27 | 11986 | 11448 |
| <sup>a</sup>9950003.SQ.FTS.B, 4.55%, 4/17/27 | 63604 | 58553 |
| <sup>a</sup>9947809.SQ.FTS.B, 4.551%, 4/17/27 | 12894 | 12363 |
| <sup>a</sup>9948229.SQ.FTS.B, 4.551%, 4/17/27 | 16181 | 15507 |
| <sup>a</sup>9946311.SQ.FTS.B, 4.552%, 4/17/27 | 3368 | 3224 |
| <sup>a</sup>9951139.SQ.FTS.B, 4.554%, 4/17/27 | 3452 | 3178 |
| <sup>a</sup>9949788.SQ.FTS.B, 4.987%, 4/17/27 | 16921 | 16171 |
| <sup>a</sup>9948001.SQ.FTS.B, 5.301%, 4/17/27 | 9489 | 9150 |
| <sup>a</sup>9950648.SQ.FTS.B, 5.302%, 4/17/27 | 54164 | 46331 |
| <sup>a</sup>9948589.SQ.FTS.B, 5.31%, 4/17/27 | 3116 | 2986 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 81

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9948750.SQ.FTS.B, 5.548%, 4/17/27 | $2987 | $2824 |
| &nbsp;&nbsp;<sup>a</sup>9948191.SQ.FTS.B, 5.555%, 4/17/27 | 2203 | 2083 |
| &nbsp;&nbsp;<sup>a</sup>9949266.SQ.FTS.B, 5.555%, 4/17/27 | 10205 | 9742 |
| &nbsp;&nbsp;<sup>a</sup>9947909.SQ.FTS.B, 5.804%, 4/17/27 | 6907 | 6306 |
| &nbsp;&nbsp;<sup>a</sup>9949203.SQ.FTS.B, 5.805%, 4/17/27 | 9651 | 9135 |
| &nbsp;&nbsp;<sup>a</sup>9947983.SQ.FTS.B, 6.109%, 4/17/27 | 946 | 905 |
| &nbsp;&nbsp;<sup>a</sup>9948819.SQ.FTS.B, 6.125%, 4/17/27 | 2365 | 2231 |
| &nbsp;&nbsp;<sup>a</sup>9949415.SQ.FTS.B, 6.181%, 4/17/27 | 26349 | 23796 |
| &nbsp;&nbsp;<sup>a</sup>9947797.SQ.FTS.B, 6.49%, 4/17/27 | 1004 | 969 |
| &nbsp;&nbsp;<sup>a</sup>9948764.SQ.FTS.B, 6.493%, 4/17/27 | 3052 | 2604 |
| &nbsp;&nbsp;<sup>a</sup>9946349.SQ.FTS.B, 6.494%, 4/17/27 | 50579 | 47687 |
| &nbsp;&nbsp;<sup>a</sup>9948795.SQ.FTS.B, 6.5%, 4/17/27 | 1671 | 1477 |
| &nbsp;&nbsp;<sup>a</sup>9947741.SQ.FTS.B, 6.506%, 4/17/27 | 878 | 842 |
| &nbsp;&nbsp;<sup>a</sup>9951645.SQ.FTS.B, 4.547%, 4/18/27 | 3465 | 3326 |
| &nbsp;&nbsp;<sup>a</sup>9951879.SQ.FTS.B, 4.548%, 4/18/27 | 11089 | 10631 |
| &nbsp;&nbsp;<sup>a</sup>9951408.SQ.FTS.B, 4.549%, 4/18/27 | 5430 | 5213 |
| &nbsp;&nbsp;<sup>a</sup>9951459.SQ.FTS.B, 4.549%, 4/18/27 | 7348 | 7044 |
| &nbsp;&nbsp;<sup>a</sup>9951439.SQ.FTS.B, 4.55%, 4/18/27 | 2838 | 2705 |
| &nbsp;&nbsp;<sup>a</sup>9951977.SQ.FTS.B, 4.55%, 4/18/27 | 30645 | 29329 |
| &nbsp;&nbsp;<sup>a</sup>9951765.SQ.FTS.B, 4.555%, 4/18/27 | 2980 | 2858 |
| &nbsp;&nbsp;<sup>a</sup>9951854.SQ.FTS.B, 4.558%, 4/18/27 | 3263 | 3117 |
| &nbsp;&nbsp;<sup>a</sup>9952193.SQ.FTS.B, 4.986%, 4/18/27 | 7899 | 7563 |
| &nbsp;&nbsp;<sup>a</sup>9951673.SQ.FTS.B, 4.99%, 4/18/27 | 7263 | 6939 |
| &nbsp;&nbsp;<sup>a</sup>9951586.SQ.FTS.B, 5.306%, 4/18/27 | 7437 | 7111 |
| &nbsp;&nbsp;<sup>a</sup>9951287.SQ.FTS.B, 5.311%, 4/18/27 | 2156 | 2082 |
| &nbsp;&nbsp;<sup>a</sup>9951789.SQ.FTS.B, 5.551%, 4/18/27 | 2048 | 1962 |
| &nbsp;&nbsp;<sup>a</sup>9951518.SQ.FTS.B, 5.554%, 4/18/27 | 5097 | 4777 |
| &nbsp;&nbsp;<sup>a</sup>9951564.SQ.FTS.B, 6.171%, 4/18/27 | 1718 | 1636 |
| &nbsp;&nbsp;<sup>a</sup>9951803.SQ.FTS.B, 6.178%, 4/18/27 | 7756 | 7217 |
| &nbsp;&nbsp;<sup>a</sup>9951728.SQ.FTS.B, 6.186%, 4/18/27 | 3290 | 3172 |
| &nbsp;&nbsp;<sup>a</sup>9951323.SQ.FTS.B, 6.493%, 4/18/27 | 21163 | 15606 |
| &nbsp;&nbsp;<sup>a</sup>9952276.SQ.FTS.B, 6.178%, 4/19/27 | 10185 | 9694 |
| &nbsp;&nbsp;<sup>a</sup>9955827.SQ.FTS.B, 4.541%, 4/20/27 | 2600 | 2498 |
| &nbsp;&nbsp;<sup>a</sup>9956219.SQ.FTS.B, 4.548%, 4/20/27 | 4233 | 4034 |
| &nbsp;&nbsp;<sup>a</sup>9955775.SQ.FTS.B, 4.549%, 4/20/27 | 3730 | 3563 |
| &nbsp;&nbsp;<sup>a</sup>9958718.SQ.FTS.B, 4.549%, 4/20/27 | 12879 | 12345 |
| &nbsp;&nbsp;<sup>a</sup>9954389.SQ.FTS.B, 4.55%, 4/20/27 | 33352 | 31969 |
| &nbsp;&nbsp;<sup>a</sup>9956858.SQ.FTS.B, 4.551%, 4/20/27 | 12238 | 11688 |
| &nbsp;&nbsp;<sup>a</sup>9957753.SQ.FTS.B, 4.551%, 4/20/27 | 11097 | 10658 |
| &nbsp;&nbsp;<sup>a</sup>9957469.SQ.FTS.B, 4.988%, 4/20/27 | 11892 | 11111 |
| &nbsp;&nbsp;<sup>a</sup>9957615.SQ.FTS.B, 4.988%, 4/20/27 | 7873 | 7471 |
| &nbsp;&nbsp;<sup>a</sup>9958390.SQ.FTS.B, 4.988%, 4/20/27 | 15724 | 14920 |
| &nbsp;&nbsp;<sup>a</sup>9958254.SQ.FTS.B, 4.989%, 4/20/27 | 5539 | 5255 |
| &nbsp;&nbsp;<sup>a</sup>9957036.SQ.FTS.B, 5.301%, 4/20/27 | 21882 | 18774 |
| &nbsp;&nbsp;<sup>a</sup>9956173.SQ.FTS.B, 5.308%, 4/20/27 | 2292 | 2190 |
| &nbsp;&nbsp;<sup>a</sup>9958120.SQ.FTS.B, 5.552%, 4/20/27 | 8304 | 7846 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9956356.SQ.FTS.B, 5.553%, 4/20/27 | $23732 | $22424 |
| <sup>a</sup>9957400.SQ.FTS.B, 5.56%, 4/20/27 | 2358 | 2239 |
| <sup>a</sup>9956329.SQ.FTS.B, 6.105%, 4/20/27 | 547 | 527 |
| <sup>a</sup>9958233.SQ.FTS.B, 6.133%, 4/20/27 | 1310 | 1215 |
| <sup>a</sup>9957737.SQ.FTS.B, 6.162%, 4/20/27 | 1551 | 1251 |
| <sup>a</sup>9955908.SQ.FTS.B, 6.178%, 4/20/27 | 9092 | 8601 |
| <sup>a</sup>9958363.SQ.FTS.B, 6.337%, 4/20/27 | 947 | 892 |
| <sup>a</sup>9956144.SQ.FTS.B, 6.343%, 4/20/27 | 1927 | 1667 |
| <sup>a</sup>9960868.SQ.FTS.B, 4.542%, 4/21/27 | 2984 | 2855 |
| <sup>a</sup>9959584.SQ.FTS.B, 4.549%, 4/21/27 | 25400 | 24253 |
| <sup>a</sup>9960585.SQ.FTS.B, 4.549%, 4/21/27 | 6940 | 6392 |
| <sup>a</sup>9960924.SQ.FTS.B, 4.549%, 4/21/27 | 69265 | 66496 |
| <sup>a</sup>9963918.SQ.FTS.B, 4.549%, 4/21/27 | 18254 | 17395 |
| <sup>a</sup>9962665.SQ.FTS.B, 4.551%, 4/21/27 | 13153 | 12537 |
| <sup>a</sup>9963451.SQ.FTS.B, 4.551%, 4/21/27 | 6720 | 6439 |
| <sup>a</sup>9962015.SQ.FTS.B, 4.988%, 4/21/27 | 22965 | 22141 |
| <sup>a</sup>9960384.SQ.FTS.B, 5.298%, 4/21/27 | 3845 | 3642 |
| <sup>a</sup>9963898.SQ.FTS.B, 5.302%, 4/21/27 | 795 | 764 |
| <sup>a</sup>9962873.SQ.FTS.B, 5.303%, 4/21/27 | 30439 | 29082 |
| <sup>a</sup>9959131.SQ.FTS.B, 5.305%, 4/21/27 | 9053 | 8689 |
| <sup>a</sup>9959037.SQ.FTS.B, 5.316%, 4/21/27 | 162 | 157 |
| <sup>a</sup>9960707.SQ.FTS.B, 5.335%, 4/21/27 | 3058 | 2832 |
| <sup>a</sup>9963075.SQ.FTS.B, 5.553%, 4/21/27 | 46534 | 44421 |
| <sup>a</sup>9963669.SQ.FTS.B, 5.806%, 4/21/27 | 14954 | 12405 |
| <sup>a</sup>9960781.SQ.FTS.B, 5.816%, 4/21/27 | 1843 | 1753 |
| <sup>a</sup>9963866.SQ.FTS.B, 6.115%, 4/21/27 | 4813 | 4292 |
| <sup>a</sup>9960828.SQ.FTS.B, 6.118%, 4/21/27 | 851 | 780 |
| <sup>a</sup>9963064.SQ.FTS.B, 6.179%, 4/21/27 | 1873 | 1755 |
| <sup>a</sup>9961996.SQ.FTS.B, 6.18%, 4/21/27 | 2263 | 2172 |
| <sup>a</sup>9963537.SQ.FTS.B, 6.18%, 4/21/27 | 9741 | 9212 |
| <sup>a</sup>9962654.SQ.FTS.B, 6.202%, 4/21/27 | 930 | 888 |
| <sup>a</sup>9959364.SQ.FTS.B, 6.496%, 4/21/27 | 1335 | 1295 |
| <sup>a</sup>9959428.SQ.FTS.B, 6.496%, 4/21/27 | 4731 | 4423 |
| <sup>a</sup>9962813.SQ.FTS.B, 6.496%, 4/21/27 | 6519 | 6175 |
| <sup>a</sup>9965546.SQ.FTS.B, 4.546%, 4/22/27 | 4420 | 4241 |
| <sup>a</sup>9967839.SQ.FTS.B, 4.548%, 4/22/27 | 10918 | 10060 |
| <sup>a</sup>9964512.SQ.FTS.B, 4.549%, 4/22/27 | 4694 | 4484 |
| <sup>a</sup>9965670.SQ.FTS.B, 4.549%, 4/22/27 | 6281 | 6008 |
| <sup>a</sup>9967213.SQ.FTS.B, 4.549%, 4/22/27 | 21461 | 20563 |
| <sup>a</sup>9967661.SQ.FTS.B, 4.549%, 4/22/27 | 28926 | 27710 |
| <sup>a</sup>9967880.SQ.FTS.B, 4.549%, 4/22/27 | 45245 | 42998 |
| <sup>a</sup>9968433.SQ.FTS.B, 4.549%, 4/22/27 | 20257 | 19411 |
| <sup>a</sup>9968788.SQ.FTS.B, 4.549%, 4/22/27 | 10000 | 9216 |
| <sup>a</sup>9966508.SQ.FTS.B, 4.55%, 4/22/27 | 31732 | 29236 |
| <sup>a</sup>9966957.SQ.FTS.B, 4.55%, 4/22/27 | 24303 | 23249 |
| <sup>a</sup>9966059.SQ.FTS.B, 4.551%, 4/22/27 | 8569 | 8223 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9967585.SQ.FTS.B, 4.551%, 4/22/27 | $8630 | $8256 |
| &nbsp;&nbsp;<sup>a</sup>9964636.SQ.FTS.B, 4.553%, 4/22/27 | 7136 | 6783 |
| &nbsp;&nbsp;<sup>a</sup>9964752.SQ.FTS.B, 4.988%, 4/22/27 | 12070 | 11528 |
| &nbsp;&nbsp;<sup>a</sup>9968352.SQ.FTS.B, 4.991%, 4/22/27 | 1688 | 1615 |
| &nbsp;&nbsp;<sup>a</sup>9965425.SQ.FTS.B, 5.302%, 4/22/27 | 3095 | 2979 |
| &nbsp;&nbsp;<sup>a</sup>9968639.SQ.FTS.B, 5.551%, 4/22/27 | 5050 | 4793 |
| &nbsp;&nbsp;<sup>a</sup>9966832.SQ.FTS.B, 5.556%, 4/22/27 | 10120 | 9605 |
| &nbsp;&nbsp;<sup>a</sup>9967514.SQ.FTS.B, 5.799%, 4/22/27 | 3723 | 3542 |
| &nbsp;&nbsp;<sup>a</sup>9965377.SQ.FTS.B, 6.118%, 4/22/27 | 1758 | 1692 |
| &nbsp;&nbsp;<sup>a</sup>9967566.SQ.FTS.B, 6.17%, 4/22/27 | 1197 | 1083 |
| &nbsp;&nbsp;<sup>a</sup>9968675.SQ.FTS.B, 6.181%, 4/22/27 | 8845 | 8364 |
| &nbsp;&nbsp;<sup>a</sup>9968758.SQ.FTS.B, 6.183%, 4/22/27 | 4069 | 3848 |
| &nbsp;&nbsp;<sup>a</sup>9967205.SQ.FTS.B, 6.327%, 4/22/27 | 1056 | 1003 |
| &nbsp;&nbsp;<sup>a</sup>9965277.SQ.FTS.B, 6.334%, 4/22/27 | 1334 | 1202 |
| &nbsp;&nbsp;<sup>a</sup>9964233.SQ.FTS.B, 6.487%, 4/22/27 | 2262 | 2098 |
| &nbsp;&nbsp;<sup>a</sup>9965140.SQ.FTS.B, 6.49%, 4/22/27 | 2315 | 2234 |
| &nbsp;&nbsp;<sup>a</sup>9968368.SQ.FTS.B, 6.494%, 4/22/27 | 3741 | 3563 |
| &nbsp;&nbsp;<sup>a</sup>9964298.SQ.FTS.B, 6.495%, 4/22/27 | 12031 | 11338 |
| &nbsp;&nbsp;<sup>a</sup>9965732.SQ.FTS.B, 6.495%, 4/22/27 | 21168 | 20049 |
| &nbsp;&nbsp;<sup>a</sup>9965715.SQ.FTS.B, 6.505%, 4/22/27 | 1910 | 1674 |
| &nbsp;&nbsp;<sup>a</sup>9973706.SQ.FTS.B, 4.547%, 4/23/27 | 6244 | 5994 |
| &nbsp;&nbsp;<sup>a</sup>9971631.SQ.FTS.B, 4.549%, 4/23/27 | 2749 | 2634 |
| &nbsp;&nbsp;<sup>a</sup>9971991.SQ.FTS.B, 4.549%, 4/23/27 | 19583 | 18728 |
| &nbsp;&nbsp;<sup>a</sup>9973915.SQ.FTS.B, 4.549%, 4/23/27 | 30026 | 28596 |
| &nbsp;&nbsp;<sup>a</sup>9974348.SQ.FTS.B, 4.549%, 4/23/27 | 33017 | 31366 |
| &nbsp;&nbsp;<sup>a</sup>9974867.SQ.FTS.B, 4.549%, 4/23/27 | 63904 | 61342 |
| &nbsp;&nbsp;<sup>a</sup>9975749.SQ.FTS.B, 4.549%, 4/23/27 | 7496 | 7170 |
| &nbsp;&nbsp;<sup>a</sup>9976105.SQ.FTS.B, 4.549%, 4/23/27 | 2955 | 2838 |
| &nbsp;&nbsp;<sup>a</sup>9972544.SQ.FTS.B, 4.551%, 4/23/27 | 14599 | 13936 |
| &nbsp;&nbsp;<sup>a</sup>9973792.SQ.FTS.B, 4.551%, 4/23/27 | 1924 | 1843 |
| &nbsp;&nbsp;<sup>a</sup>9976618.SQ.FTS.B, 4.552%, 4/23/27 | 3663 | 3497 |
| &nbsp;&nbsp;<sup>a</sup>9972919.SQ.FTS.B, 4.988%, 4/23/27 | 3549 | 3393 |
| &nbsp;&nbsp;<sup>a</sup>9975828.SQ.FTS.B, 4.988%, 4/23/27 | 4179 | 4021 |
| &nbsp;&nbsp;<sup>a</sup>9975880.SQ.FTS.B, 4.99%, 4/23/27 | 6031 | 5801 |
| &nbsp;&nbsp;<sup>a</sup>9976137.SQ.FTS.B, 5.302%, 4/23/27 | 28573 | 27566 |
| &nbsp;&nbsp;<sup>a</sup>9973653.SQ.FTS.B, 5.313%, 4/23/27 | 2118 | 2032 |
| &nbsp;&nbsp;<sup>a</sup>9973843.SQ.FTS.B, 5.331%, 4/23/27 | 3187 | 2955 |
| &nbsp;&nbsp;<sup>a</sup>9973596.SQ.FTS.B, 5.333%, 4/23/27 | 2169 | 1983 |
| &nbsp;&nbsp;<sup>a</sup>9973667.SQ.FTS.B, 5.342%, 4/23/27 | 1373 | 1299 |
| &nbsp;&nbsp;<sup>a</sup>9972991.SQ.FTS.B, 5.805%, 4/23/27 | 24143 | 22962 |
| &nbsp;&nbsp;<sup>a</sup>9971870.SQ.FTS.B, 5.809%, 4/23/27 | 6074 | 5743 |
| &nbsp;&nbsp;<sup>a</sup>9973685.SQ.FTS.B, 6.127%, 4/23/27 | 922 | 865 |
| &nbsp;&nbsp;<sup>a</sup>9973515.SQ.FTS.B, 6.176%, 4/23/27 | 3323 | 3208 |
| &nbsp;&nbsp;<sup>a</sup>9976677.SQ.FTS.B, 6.18%, 4/23/27 | 16845 | 15780 |
| &nbsp;&nbsp;<sup>a</sup>9972416.SQ.FTS.B, 6.181%, 4/23/27 | 2531 | 2407 |
| &nbsp;&nbsp;<sup>a</sup>9971696.SQ.FTS.B, 6.331%, 4/23/27 | 1628 | 1578 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9974795.SQ.FTS.B, 6.488%, 4/23/27 | $3478 | $3245 |
| <sup>a</sup>9971799.SQ.FTS.B, 6.493%, 4/23/27 | 2078 | 1958 |
| <sup>a</sup>9971745.SQ.FTS.B, 6.494%, 4/23/27 | 470 | 456 |
| <sup>a</sup>9975970.SQ.FTS.B, 6.494%, 4/23/27 | 10722 | 10098 |
| <sup>a</sup>9976841.SQ.FTS.B, 4.542%, 4/24/27 | 2185 | 2089 |
| <sup>a</sup>9977894.SQ.FTS.B, 4.548%, 4/24/27 | 9903 | 9481 |
| <sup>a</sup>9977200.SQ.FTS.B, 4.549%, 4/24/27 | 5479 | 5249 |
| <sup>a</sup>9977429.SQ.FTS.B, 4.549%, 4/24/27 | 18999 | 18133 |
| <sup>a</sup>9978536.SQ.FTS.B, 4.549%, 4/24/27 | 28800 | 27534 |
| <sup>a</sup>9978870.SQ.FTS.B, 4.549%, 4/24/27 | 9560 | 9142 |
| <sup>a</sup>9981351.SQ.FTS.B, 4.549%, 4/24/27 | 5874 | 5624 |
| <sup>a</sup>9981268.SQ.FTS.B, 4.55%, 4/24/27 | 5099 | 4699 |
| <sup>a</sup>9976950.SQ.FTS.B, 4.551%, 4/24/27 | 14905 | 14278 |
| <sup>a</sup>9978989.SQ.FTS.B, 4.551%, 4/24/27 | 2670 | 2556 |
| <sup>a</sup>9979950.SQ.FTS.B, 4.551%, 4/24/27 | 18458 | 17575 |
| <sup>a</sup>9978433.SQ.FTS.B, 4.553%, 4/24/27 | 7308 | 6998 |
| <sup>a</sup>9980677.SQ.FTS.B, 4.553%, 4/24/27 | 4617 | 4421 |
| <sup>a</sup>9979384.SQ.FTS.B, 4.555%, 4/24/27 | 2954 | 2834 |
| <sup>a</sup>9977321.SQ.FTS.B, 4.562%, 4/24/27 | 2240 | 2146 |
| <sup>a</sup>9977380.SQ.FTS.B, 4.987%, 4/24/27 | 2088 | 1951 |
| <sup>a</sup>9979612.SQ.FTS.B, 4.988%, 4/24/27 | 38670 | 36640 |
| <sup>a</sup>9978356.SQ.FTS.B, 4.99%, 4/24/27 | 8919 | 8514 |
| <sup>a</sup>9979555.SQ.FTS.B, 4.993%, 4/24/27 | 5439 | 5153 |
| <sup>a</sup>9979036.SQ.FTS.B, 5.302%, 4/24/27 | 14874 | 14021 |
| <sup>a</sup>9980864.SQ.FTS.B, 5.302%, 4/24/27 | 32504 | 31028 |
| <sup>a</sup>9980768.SQ.FTS.B, 5.307%, 4/24/27 | 5539 | 4770 |
| <sup>a</sup>9981218.SQ.FTS.B, 5.32%, 4/24/27 | 871 | 824 |
| <sup>a</sup>9981331.SQ.FTS.B, 5.329%, 4/24/27 | 2008 | 863 |
| <sup>a</sup>9978141.SQ.FTS.B, 6.118%, 4/24/27 | 24390 | 10627 |
| <sup>a</sup>9980559.SQ.FTS.B, 6.18%, 4/24/27 | 1434 | 1380 |
| <sup>a</sup>9979370.SQ.FTS.B, 6.32%, 4/24/27 | 1593 | 1436 |
| <sup>a</sup>9980581.SQ.FTS.B, 6.334%, 4/24/27 | 1921 | 1863 |
| <sup>a</sup>9979592.SQ.FTS.B, 6.474%, 4/24/27 | 929 | 896 |
| <sup>a</sup>9981186.SQ.FTS.B, 6.487%, 4/24/27 | 3303 | 3089 |
| <sup>a</sup>9981436.SQ.FTS.B, 6.493%, 4/24/27 | 12342 | 11820 |
| <sup>a</sup>9978958.SQ.FTS.B, 6.498%, 4/24/27 | 2049 | 1966 |
| <sup>a</sup>9979254.SQ.FTS.B, 6.498%, 4/24/27 | 6220 | 5921 |
| <sup>a</sup>9981632.SQ.FTS.B, 4.549%, 4/25/27 | 20268 | 19376 |
| <sup>a</sup>9981921.SQ.FTS.B, 4.549%, 4/25/27 | 3431 | 3288 |
| <sup>a</sup>9982028.SQ.FTS.B, 4.549%, 4/25/27 | 3680 | 3526 |
| <sup>a</sup>9981953.SQ.FTS.B, 4.55%, 4/25/27 | 10352 | 9896 |
| <sup>a</sup>9982072.SQ.FTS.B, 4.553%, 4/25/27 | 5119 | 4901 |
| <sup>a</sup>9982127.SQ.FTS.B, 4.988%, 4/25/27 | 1412 | 1341 |
| <sup>a</sup>9982168.SQ.FTS.B, 4.988%, 4/25/27 | 28365 | 26866 |
| <sup>a</sup>9981810.SQ.FTS.B, 4.99%, 4/25/27 | 9059 | 8621 |
| <sup>a</sup>9982114.SQ.FTS.B, 5.551%, 4/25/27 | 2753 | 2626 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 83

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9982453.SQ.FTS.B, 6.124%, 4/25/27 | $3956 | $1776 |
| &nbsp;&nbsp;<sup>a</sup>9982142.SQ.FTS.B, 6.126%, 4/25/27 | 817 | 787 |
| &nbsp;&nbsp;<sup>a</sup>9981880.SQ.FTS.B, 6.133%, 4/25/27 | 1177 | 1106 |
| &nbsp;&nbsp;<sup>a</sup>9982421.SQ.FTS.B, 6.34%, 4/25/27 | 1464 | 1380 |
| &nbsp;&nbsp;<sup>a</sup>9982436.SQ.FTS.B, 6.357%, 4/25/27 | 1281 | 1200 |
| &nbsp;&nbsp;<sup>a</sup>9982063.SQ.FTS.B, 6.485%, 4/25/27 | 885 | 849 |
| &nbsp;&nbsp;<sup>a</sup>9981903.SQ.FTS.B, 6.487%, 4/25/27 | 1860 | 1753 |
| &nbsp;&nbsp;<sup>a</sup>9982150.SQ.FTS.B, 6.5%, 4/25/27 | 2313 | 2203 |
| &nbsp;&nbsp;<sup>a</sup>9982801.SQ.FTS.B, 4.543%, 4/26/27 | 2969 | 2821 |
| &nbsp;&nbsp;<sup>a</sup>9982824.SQ.FTS.B, 4.549%, 4/26/27 | 38275 | 35286 |
| &nbsp;&nbsp;<sup>a</sup>9983150.SQ.FTS.B, 4.989%, 4/26/27 | 24111 | 23048 |
| &nbsp;&nbsp;<sup>a</sup>9982517.SQ.FTS.B, 5.301%, 4/26/27 | 5427 | 5179 |
| &nbsp;&nbsp;<sup>a</sup>9982643.SQ.FTS.B, 5.554%, 4/26/27 | 15296 | 14612 |
| &nbsp;&nbsp;<sup>a</sup>9982629.SQ.FTS.B, 6.117%, 4/26/27 | 1285 | 1208 |
| &nbsp;&nbsp;<sup>a</sup>9982583.SQ.FTS.B, 6.184%, 4/26/27 | 5625 | 5089 |
| &nbsp;&nbsp;<sup>a</sup>9982498.SQ.FTS.B, 6.481%, 4/26/27 | 2264 | 2026 |
| &nbsp;&nbsp;<sup>a</sup>9986635.SQ.FTS.B, 4.542%, 4/27/27 | 1873 | 1783 |
| &nbsp;&nbsp;<sup>a</sup>9986143.SQ.FTS.B, 4.547%, 4/27/27 | 8915 | 8487 |
| &nbsp;&nbsp;<sup>a</sup>9986684.SQ.FTS.B, 4.547%, 4/27/27 | 8288 | 7923 |
| &nbsp;&nbsp;<sup>a</sup>9988086.SQ.FTS.B, 4.547%, 4/27/27 | 1698 | 1630 |
| &nbsp;&nbsp;<sup>a</sup>9988185.SQ.FTS.B, 4.549%, 4/27/27 | 10037 | 9260 |
| &nbsp;&nbsp;<sup>a</sup>9985145.SQ.FTS.B, 4.551%, 4/27/27 | 2292 | 2194 |
| &nbsp;&nbsp;<sup>a</sup>9989166.SQ.FTS.B, 4.551%, 4/27/27 | 15726 | 15011 |
| &nbsp;&nbsp;<sup>a</sup>9985564.SQ.FTS.B, 4.557%, 4/27/27 | 4331 | 3995 |
| &nbsp;&nbsp;<sup>a</sup>9985677.SQ.FTS.B, 4.987%, 4/27/27 | 28586 | 26921 |
| &nbsp;&nbsp;<sup>a</sup>9986326.SQ.FTS.B, 4.988%, 4/27/27 | 15616 | 14907 |
| &nbsp;&nbsp;<sup>a</sup>9988122.SQ.FTS.B, 4.988%, 4/27/27 | 3788 | 3591 |
| &nbsp;&nbsp;<sup>a</sup>9988320.SQ.FTS.B, 4.988%, 4/27/27 | 10951 | 10371 |
| &nbsp;&nbsp;<sup>a</sup>9984902.SQ.FTS.B, 5.302%, 4/27/27 | 3613 | 3448 |
| &nbsp;&nbsp;<sup>a</sup>9984677.SQ.FTS.B, 5.339%, 4/27/27 | 4786 | 3168 |
| &nbsp;&nbsp;<sup>a</sup>9985491.SQ.FTS.B, 5.548%, 4/27/27 | 2069 | 1998 |
| &nbsp;&nbsp;<sup>a</sup>9984548.SQ.FTS.B, 5.549%, 4/27/27 | 4227 | 3932 |
| &nbsp;&nbsp;<sup>a</sup>9989529.SQ.FTS.B, 5.559%, 4/27/27 | 3121 | 2926 |
| &nbsp;&nbsp;<sup>a</sup>9984870.SQ.FTS.B, 5.804%, 4/27/27 | 564 | 543 |
| &nbsp;&nbsp;<sup>a</sup>9985464.SQ.FTS.B, 6.118%, 4/27/27 | 407 | 393 |
| &nbsp;&nbsp;<sup>a</sup>9989155.SQ.FTS.B, 6.126%, 4/27/27 | 894 | 862 |
| &nbsp;&nbsp;<sup>a</sup>9985398.SQ.FTS.B, 6.167%, 4/27/27 | 2464 | 2009 |
| &nbsp;&nbsp;<sup>a</sup>9988512.SQ.FTS.B, 6.181%, 4/27/27 | 36705 | 34906 |
| &nbsp;&nbsp;<sup>a</sup>9985057.SQ.FTS.B, 6.193%, 4/27/27 | 2255 | 2131 |
| &nbsp;&nbsp;<sup>a</sup>9985327.SQ.FTS.B, 6.327%, 4/27/27 | 1732 | 1671 |
| &nbsp;&nbsp;<sup>a</sup>9985001.SQ.FTS.B, 6.472%, 4/27/27 | 1263 | 1113 |
| &nbsp;&nbsp;<sup>a</sup>9984793.SQ.FTS.B, 6.479%, 4/27/27 | 1241 | 1198 |
| &nbsp;&nbsp;<sup>a</sup>9988063.SQ.FTS.B, 6.495%, 4/27/27 | 1652 | 1574 |
| &nbsp;&nbsp;<sup>a</sup>9985231.SQ.FTS.B, 6.51%, 4/27/27 | 1405 | 1325 |
| &nbsp;&nbsp;<sup>a</sup>9989652.SQ.FTS.B, 4.548%, 4/28/27 | 5258 | 5046 |
| &nbsp;&nbsp;<sup>a</sup>9990235.SQ.FTS.B, 4.548%, 4/28/27 | 3304 | 3048 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>9994718.SQ.FTS.B, 4.548%, 4/28/27 | $10299 | $9805 |
| <sup>a</sup>9991115.SQ.FTS.B, 4.549%, 4/28/27 | 48396 | 46208 |
| <sup>a</sup>9991923.SQ.FTS.B, 4.549%, 4/28/27 | 3965 | 3789 |
| <sup>a</sup>9992198.SQ.FTS.B, 4.549%, 4/28/27 | 17644 | 16838 |
| <sup>a</sup>9993414.SQ.FTS.B, 4.549%, 4/28/27 | 26531 | 25438 |
| <sup>a</sup>9994414.SQ.FTS.B, 4.549%, 4/28/27 | 4760 | 4553 |
| <sup>a</sup>9994564.SQ.FTS.B, 4.549%, 4/28/27 | 14147 | 13055 |
| <sup>a</sup>9991963.SQ.FTS.B, 4.55%, 4/28/27 | 21508 | 20581 |
| <sup>a</sup>9990406.SQ.FTS.B, 4.551%, 4/28/27 | 17067 | 16337 |
| <sup>a</sup>9994470.SQ.FTS.B, 4.551%, 4/28/27 | 8604 | 8237 |
| <sup>a</sup>9995281.SQ.FTS.B, 4.552%, 4/28/27 | 5984 | 5712 |
| <sup>a</sup>9993348.SQ.FTS.B, 4.554%, 4/28/27 | 6121 | 5860 |
| <sup>a</sup>9994037.SQ.FTS.B, 4.555%, 4/28/27 | 5235 | 5007 |
| <sup>a</sup>9994083.SQ.FTS.B, 4.561%, 4/28/27 | 1700 | 1625 |
| <sup>a</sup>9994762.SQ.FTS.B, 4.982%, 4/28/27 | 1793 | 1726 |
| <sup>a</sup>9991806.SQ.FTS.B, 4.988%, 4/28/27 | 10249 | 9751 |
| <sup>a</sup>9994772.SQ.FTS.B, 4.988%, 4/28/27 | 36273 | 34839 |
| <sup>a</sup>9994241.SQ.FTS.B, 4.989%, 4/28/27 | 5637 | 5270 |
| <sup>a</sup>9994337.SQ.FTS.B, 4.989%, 4/28/27 | 15858 | 14936 |
| <sup>a</sup>9990327.SQ.FTS.B, 5.311%, 4/28/27 | 2484 | 2388 |
| <sup>a</sup>9993980.SQ.FTS.B, 5.344%, 4/28/27 | 2949 | 2458 |
| <sup>a</sup>9989803.SQ.FTS.B, 5.545%, 4/28/27 | 1541 | 1471 |
| <sup>a</sup>9995231.SQ.FTS.B, 5.547%, 4/28/27 | 3040 | 2900 |
| <sup>a</sup>9993786.SQ.FTS.B, 5.55%, 4/28/27 | 3891 | 3344 |
| <sup>a</sup>9993826.SQ.FTS.B, 5.804%, 4/28/27 | 9214 | 8431 |
| <sup>a</sup>9989747.SQ.FTS.B, 6.173%, 4/28/27 | 4304 | 3517 |
| <sup>a</sup>9994454.SQ.FTS.B, 6.175%, 4/28/27 | 5369 | 5033 |
| <sup>a</sup>9993208.SQ.FTS.B, 6.184%, 4/28/27 | 4187 | 3981 |
| <sup>a</sup>9989639.SQ.FTS.B, 6.323%, 4/28/27 | 855 | 792 |
| <sup>a</sup>9995277.SQ.FTS.B, 6.327%, 4/28/27 | 499 | 468 |
| <sup>a</sup>9994091.SQ.FTS.B, 6.335%, 4/28/27 | 985 | 950 |
| <sup>a</sup>9995351.SQ.FTS.B, 6.49%, 4/28/27 | 1399 | 1330 |
| <sup>a</sup>9989865.SQ.FTS.B, 6.492%, 4/28/27 | 11010 | 10280 |
| <sup>a</sup>9995366.SQ.FTS.B, 6.495%, 4/28/27 | 13997 | 13421 |
| <sup>a</sup>9994110.SQ.FTS.B, 6.496%, 4/28/27 | 9594 | 8825 |
| <sup>a</sup>9995522.SQ.FTS.B, 6.496%, 4/28/27 | 8970 | 8464 |
| <sup>a</sup>9995641.SQ.FTS.B, 6.496%, 4/28/27 | 1583 | 1518 |
| <sup>a</sup>9990197.SQ.FTS.B, 6.502%, 4/28/27 | 980 | 923 |
| <sup>a</sup>9999927.SQ.FTS.B, 4.546%, 4/29/27 | 2853 | 2730 |
| <sup>a</sup>9998048.SQ.FTS.B, 4.547%, 4/29/27 | 3950 | 3769 |
| <sup>a</sup>10000339.SQ.FTS.B, 4.549%, 4/29/27 | 3659 | 3507 |
| <sup>a</sup>9996361.SQ.FTS.B, 4.549%, 4/29/27 | 3719 | 3561 |
| <sup>a</sup>9997616.SQ.FTS.B, 4.549%, 4/29/27 | 32368 | 30979 |
| <sup>a</sup>9998620.SQ.FTS.B, 4.549%, 4/29/27 | 50406 | 48234 |
| <sup>a</sup>9999142.SQ.FTS.B, 4.549%, 4/29/27 | 58862 | 56476 |
| <sup>a</sup>9996931.SQ.FTS.B, 4.55%, 4/29/27 | 33548 | 32105 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>9998156.SQ.FTS.B, 4.55%, 4/29/27 | $11696 | $11179 |
| &nbsp;&nbsp;<sup>a</sup>9995811.SQ.FTS.B, 4.551%, 4/29/27 | 19972 | 18434 |
| &nbsp;&nbsp;<sup>a</sup>9996254.SQ.FTS.B, 4.551%, 4/29/27 | 3022 | 2897 |
| &nbsp;&nbsp;<sup>a</sup>9999975.SQ.FTS.B, 4.551%, 4/29/27 | 13459 | 12846 |
| &nbsp;&nbsp;<sup>a</sup>10000413.SQ.FTS.B, 4.552%, 4/29/27 | 11138 | 10645 |
| &nbsp;&nbsp;<sup>a</sup>9996460.SQ.FTS.B, 4.553%, 4/29/27 | 5368 | 5099 |
| &nbsp;&nbsp;<sup>a</sup>9995745.SQ.FTS.B, 4.556%, 4/29/27 | 4701 | 4340 |
| &nbsp;&nbsp;<sup>a</sup>9997932.SQ.FTS.B, 4.558%, 4/29/27 | 1871 | 1796 |
| &nbsp;&nbsp;<sup>a</sup>9996766.SQ.FTS.B, 4.983%, 4/29/27 | 4441 | 4236 |
| &nbsp;&nbsp;<sup>a</sup>9999951.SQ.FTS.B, 4.985%, 4/29/27 | 2283 | 2197 |
| &nbsp;&nbsp;<sup>a</sup>10000145.SQ.FTS.B, 4.988%, 4/29/27 | 11747 | 11318 |
| &nbsp;&nbsp;<sup>a</sup>9998369.SQ.FTS.B, 4.989%, 4/29/27 | 18498 | 17648 |
| &nbsp;&nbsp;<sup>a</sup>9999791.SQ.FTS.B, 6.18%, 4/29/27 | 9466 | 8874 |
| &nbsp;&nbsp;<sup>a</sup>9996164.SQ.FTS.B, 6.181%, 4/29/27 | 3036 | 2892 |
| &nbsp;&nbsp;<sup>a</sup>9996281.SQ.FTS.B, 6.181%, 4/29/27 | 2901 | 2740 |
| &nbsp;&nbsp;<sup>a</sup>10000089.SQ.FTS.B, 6.184%, 4/29/27 | 3419 | 3229 |
| &nbsp;&nbsp;<sup>a</sup>9997998.SQ.FTS.B, 6.186%, 4/29/27 | 3159 | 2937 |
| &nbsp;&nbsp;<sup>a</sup>9997953.SQ.FTS.B, 6.191%, 4/29/27 | 2298 | 2202 |
| &nbsp;&nbsp;<sup>a</sup>9996740.SQ.FTS.B, 6.476%, 4/29/27 | 1296 | 1210 |
| &nbsp;&nbsp;<sup>a</sup>10000402.SQ.FTS.B, 6.488%, 4/29/27 | 1393 | 1095 |
| &nbsp;&nbsp;<sup>a</sup>10000374.SQ.FTS.B, 6.495%, 4/29/27 | 1064 | 828 |
| &nbsp;&nbsp;<sup>a</sup>9996222.SQ.FTS.B, 6.496%, 4/29/27 | 1962 | 1830 |
| &nbsp;&nbsp;<sup>a</sup>9995989.SQ.FTS.B, 6.498%, 4/29/27 | 6849 | 6455 |
| &nbsp;&nbsp;<sup>a</sup>9998125.SQ.FTS.B, 6.502%, 4/29/27 | 1815 | 1734 |
| &nbsp;&nbsp;<sup>a</sup>9995800.SQ.FTS.B, 6.504%, 4/29/27 | 1191 | 1112 |
| &nbsp;&nbsp;<sup>a</sup>10004713.SQ.FTS.B, 4.547%, 4/30/27 | 8780 | 8401 |
| &nbsp;&nbsp;<sup>a</sup>10004983.SQ.FTS.B, 4.547%, 4/30/27 | 6857 | 6526 |
| &nbsp;&nbsp;<sup>a</sup>10007779.SQ.FTS.B, 4.547%, 4/30/27 | 8893 | 8510 |
| &nbsp;&nbsp;<sup>a</sup>10003560.SQ.FTS.B, 4.549%, 4/30/27 | 4971 | 4733 |
| &nbsp;&nbsp;<sup>a</sup>10005580.SQ.FTS.B, 4.549%, 4/30/27 | 7883 | 7487 |
| &nbsp;&nbsp;<sup>a</sup>10005776.SQ.FTS.B, 4.549%, 4/30/27 | 1930 | 1841 |
| &nbsp;&nbsp;<sup>a</sup>10006767.SQ.FTS.B, 4.549%, 4/30/27 | 28022 | 26811 |
| &nbsp;&nbsp;<sup>a</sup>10008771.SQ.FTS.B, 4.549%, 4/30/27 | 10334 | 9887 |
| &nbsp;&nbsp;<sup>a</sup>10008918.SQ.FTS.B, 4.549%, 4/30/27 | 18820 | 17980 |
| &nbsp;&nbsp;<sup>a</sup>10009288.SQ.FTS.B, 4.549%, 4/30/27 | 4741 | 4543 |
| &nbsp;&nbsp;<sup>a</sup>10009437.SQ.FTS.B, 4.549%, 4/30/27 | 43594 | 40263 |
| &nbsp;&nbsp;<sup>a</sup>10010586.SQ.FTS.B, 4.549%, 4/30/27 | 36242 | 34411 |
| &nbsp;&nbsp;<sup>a</sup>10011290.SQ.FTS.B, 4.549%, 4/30/27 | 21039 | 20129 |
| &nbsp;&nbsp;<sup>a</sup>10011585.SQ.FTS.B, 4.549%, 4/30/27 | 57283 | 54731 |
| &nbsp;&nbsp;<sup>a</sup>10013758.SQ.FTS.B, 4.549%, 4/30/27 | 3788 | 3624 |
| &nbsp;&nbsp;<sup>a</sup>10013848.SQ.FTS.B, 4.549%, 4/30/27 | 6547 | 6230 |
| &nbsp;&nbsp;<sup>a</sup>10007103.SQ.FTS.B, 4.55%, 4/30/27 | 45826 | 43949 |
| &nbsp;&nbsp;<sup>a</sup>10011515.SQ.FTS.B, 4.55%, 4/30/27 | 5928 | 5629 |
| &nbsp;&nbsp;<sup>a</sup>10007965.SQ.FTS.B, 4.552%, 4/30/27 | 11085 | 10603 |
| &nbsp;&nbsp;<sup>a</sup>10012346.SQ.FTS.B, 4.552%, 4/30/27 | 9447 | 8723 |
| &nbsp;&nbsp;<sup>a</sup>10012329.SQ.FTS.B, 4.558%, 4/30/27 | 3372 | 3221 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10008306.SQ.FTS.B, 4.564%, 4/30/27 | $1973 | $1888 |
| <sup>a</sup>10005450.SQ.FTS.B, 4.57%, 4/30/27 | 1427 | 1364 |
| <sup>a</sup>10003654.SQ.FTS.B, 4.988%, 4/30/27 | 31425 | 30161 |
| <sup>a</sup>10004522.SQ.FTS.B, 4.988%, 4/30/27 | 3454 | 3255 |
| <sup>a</sup>10005104.SQ.FTS.B, 4.988%, 4/30/27 | 7905 | 7446 |
| <sup>a</sup>10006018.SQ.FTS.B, 4.989%, 4/30/27 | 10150 | 9768 |
| <sup>a</sup>10006982.SQ.FTS.B, 4.99%, 4/30/27 | 8236 | 7905 |
| <sup>a</sup>10005841.SQ.FTS.B, 4.991%, 4/30/27 | 5276 | 5064 |
| <sup>a</sup>10005690.SQ.FTS.B, 5.295%, 4/30/27 | 1754 | 1648 |
| <sup>a</sup>10003541.SQ.FTS.B, 5.322%, 4/30/27 | 876 | 839 |
| <sup>a</sup>10004897.SQ.FTS.B, 5.332%, 4/30/27 | 2938 | 2757 |
| <sup>a</sup>10013094.SQ.FTS.B, 5.341%, 4/30/27 | 3423 | 3133 |
| <sup>a</sup>10013246.SQ.FTS.B, 5.547%, 4/30/27 | 2265 | 2105 |
| <sup>a</sup>10005499.SQ.FTS.B, 5.549%, 4/30/27 | 1445 | 1379 |
| <sup>a</sup>10008342.SQ.FTS.B, 5.553%, 4/30/27 | 52271 | 49886 |
| <sup>a</sup>10008119.SQ.FTS.B, 5.804%, 4/30/27 | 18539 | 17438 |
| <sup>a</sup>10005943.SQ.FTS.B, 5.813%, 4/30/27 | 3099 | 2882 |
| <sup>a</sup>10012319.SQ.FTS.B, 5.822%, 4/30/27 | 1410 | 1353 |
| <sup>a</sup>10006695.SQ.FTS.B, 6.176%, 4/30/27 | 5173 | 4851 |
| <sup>a</sup>10005311.SQ.FTS.B, 6.178%, 4/30/27 | 7277 | 6593 |
| <sup>a</sup>10006212.SQ.FTS.B, 6.18%, 4/30/27 | 43242 | 41170 |
| <sup>a</sup>10012467.SQ.FTS.B, 6.181%, 4/30/27 | 41756 | 34353 |
| <sup>a</sup>10012142.SQ.FTS.B, 6.182%, 4/30/27 | 18216 | 14988 |
| <sup>a</sup>10008316.SQ.FTS.B, 6.196%, 4/30/27 | 1690 | 1606 |
| <sup>a</sup>10013826.SQ.FTS.B, 6.199%, 4/30/27 | 847 | 814 |
| <sup>a</sup>10013192.SQ.FTS.B, 6.339%, 4/30/27 | 2286 | 2069 |
| <sup>a</sup>10008104.SQ.FTS.B, 6.344%, 4/30/27 | 1941 | 1841 |
| <sup>a</sup>10006716.SQ.FTS.B, 6.348%, 4/30/27 | 2425 | 2289 |
| <sup>a</sup>10005830.SQ.FTS.B, 6.481%, 4/30/27 | 1193 | 1151 |
| <sup>a</sup>10010462.SQ.FTS.B, 6.494%, 4/30/27 | 5163 | 4688 |
| <sup>a</sup>10013317.SQ.FTS.B, 6.495%, 4/30/27 | 20175 | 18485 |
| <sup>a</sup>10005721.SQ.FTS.B, 6.498%, 4/30/27 | 2530 | 2362 |
| <sup>a</sup>10010402.SQ.FTS.B, 6.498%, 4/30/27 | 5645 | 4341 |
| <sup>a</sup>10007088.SQ.FTS.B, 6.506%, 4/30/27 | 1442 | 1136 |
| <sup>a</sup>10014073.SQ.FTS.B, 4.547%, 5/01/27 | 7571 | 7222 |
| <sup>a</sup>10013923.SQ.FTS.B, 4.549%, 5/01/27 | 16049 | 15238 |
| <sup>a</sup>10014183.SQ.FTS.B, 4.549%, 5/01/27 | 6755 | 6451 |
| <sup>a</sup>10014246.SQ.FTS.B, 4.549%, 5/01/27 | 17161 | 16455 |
| <sup>a</sup>10014649.SQ.FTS.B, 4.549%, 5/01/27 | 3210 | 3048 |
| <sup>a</sup>10014533.SQ.FTS.B, 4.551%, 5/01/27 | 8361 | 8013 |
| <sup>a</sup>10014456.SQ.FTS.B, 4.987%, 5/01/27 | 7216 | 6859 |
| <sup>a</sup>10014437.SQ.FTS.B, 5.001%, 5/01/27 | 2391 | 2235 |
| <sup>a</sup>10014407.SQ.FTS.B, 5.297%, 5/01/27 | 2949 | 2809 |
| <sup>a</sup>10014620.SQ.FTS.B, 5.298%, 5/01/27 | 3597 | 3384 |
| <sup>a</sup>10014640.SQ.FTS.B, 5.335%, 5/01/27 | 1102 | 1055 |
| <sup>a</sup>10014450.SQ.FTS.B, 5.344%, 5/01/27 | 889 | 605 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 85

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10014143.SQ.FTS.B, 6.18%, 5/01/27 | $6555 | $6188 |
| &nbsp;&nbsp;<sup>a</sup>10014376.SQ.FTS.B, 6.18%, 5/01/27 | 3332 | 3178 |
| &nbsp;&nbsp;<sup>a</sup>10014711.SQ.FTS.B, 6.183%, 5/01/27 | 5425 | 5089 |
| &nbsp;&nbsp;<sup>a</sup>10014514.SQ.FTS.B, 6.332%, 5/01/27 | 2730 | 2576 |
| &nbsp;&nbsp;<sup>a</sup>10014680.SQ.FTS.B, 6.34%, 5/01/27 | 2461 | 2281 |
| &nbsp;&nbsp;<sup>a</sup>10014053.SQ.FTS.B, 6.485%, 5/01/27 | 1787 | 1690 |
| &nbsp;&nbsp;<sup>a</sup>10013891.SQ.FTS.B, 6.486%, 5/01/27 | 1676 | 1592 |
| &nbsp;&nbsp;<sup>a</sup>10013905.SQ.FTS.B, 6.499%, 5/01/27 | 4112 | 3914 |
| &nbsp;&nbsp;<sup>a</sup>10014034.SQ.FTS.B, 6.499%, 5/01/27 | 1380 | 1335 |
| &nbsp;&nbsp;<sup>a</sup>10014872.SQ.FTS.B, 4.549%, 5/02/27 | 29537 | 28258 |
| &nbsp;&nbsp;<sup>a</sup>10015352.SQ.FTS.B, 4.549%, 5/02/27 | 8929 | 8542 |
| &nbsp;&nbsp;<sup>a</sup>10015443.SQ.FTS.B, 4.55%, 5/02/27 | 11536 | 11031 |
| &nbsp;&nbsp;<sup>a</sup>10015336.SQ.FTS.B, 4.557%, 5/02/27 | 3197 | 3035 |
| &nbsp;&nbsp;<sup>a</sup>10015535.SQ.FTS.B, 4.988%, 5/02/27 | 35212 | 31292 |
| &nbsp;&nbsp;<sup>a</sup>10015174.SQ.FTS.B, 5.303%, 5/02/27 | 20305 | 19246 |
| &nbsp;&nbsp;<sup>a</sup>10014810.SQ.FTS.B, 5.812%, 5/02/27 | 2584 | 2184 |
| &nbsp;&nbsp;<sup>a</sup>10015170.SQ.FTS.B, 6.243%, 5/02/27 | 400 | 384 |
| &nbsp;&nbsp;<sup>a</sup>10015134.SQ.FTS.B, 6.343%, 5/02/27 | 4187 | 3918 |
| &nbsp;&nbsp;<sup>a</sup>10014826.SQ.FTS.B, 6.494%, 5/02/27 | 3611 | 3402 |
| &nbsp;&nbsp;<sup>a</sup>10014766.SQ.FTS.B, 6.502%, 5/02/27 | 3947 | 3134 |
| &nbsp;&nbsp;<sup>a</sup>10016682.SQ.FTS.B, 4.541%, 5/03/27 | 2286 | 2186 |
| &nbsp;&nbsp;<sup>a</sup>10021136.SQ.FTS.B, 4.543%, 5/03/27 | 1915 | 1834 |
| &nbsp;&nbsp;<sup>a</sup>10019735.SQ.FTS.B, 4.547%, 5/03/27 | 4443 | 4249 |
| &nbsp;&nbsp;<sup>a</sup>10017318.SQ.FTS.B, 4.549%, 5/03/27 | 37201 | 35590 |
| &nbsp;&nbsp;<sup>a</sup>10019307.SQ.FTS.B, 4.549%, 5/03/27 | 9721 | 9286 |
| &nbsp;&nbsp;<sup>a</sup>10019393.SQ.FTS.B, 4.549%, 5/03/27 | 17352 | 16574 |
| &nbsp;&nbsp;<sup>a</sup>10019913.SQ.FTS.B, 4.549%, 5/03/27 | 37262 | 34462 |
| &nbsp;&nbsp;<sup>a</sup>10021741.SQ.FTS.B, 4.549%, 5/03/27 | 4825 | 4609 |
| &nbsp;&nbsp;<sup>a</sup>10021786.SQ.FTS.B, 4.549%, 5/03/27 | 6556 | 6262 |
| &nbsp;&nbsp;<sup>a</sup>10021902.SQ.FTS.B, 4.549%, 5/03/27 | 16540 | 15852 |
| &nbsp;&nbsp;<sup>a</sup>10020473.SQ.FTS.B, 4.55%, 5/03/27 | 39324 | 37334 |
| &nbsp;&nbsp;<sup>a</sup>10016726.SQ.FTS.B, 4.552%, 5/03/27 | 8446 | 8098 |
| &nbsp;&nbsp;<sup>a</sup>10018575.SQ.FTS.B, 4.988%, 5/03/27 | 47210 | 44988 |
| &nbsp;&nbsp;<sup>a</sup>10021270.SQ.FTS.B, 4.988%, 5/03/27 | 62450 | 59336 |
| &nbsp;&nbsp;<sup>a</sup>10019225.SQ.FTS.B, 5.3%, 5/03/27 | 5607 | 5276 |
| &nbsp;&nbsp;<sup>a</sup>10022170.SQ.FTS.B, 5.303%, 5/03/27 | 20088 | 18902 |
| &nbsp;&nbsp;<sup>a</sup>10019666.SQ.FTS.B, 5.327%, 5/03/27 | 1731 | 1667 |
| &nbsp;&nbsp;<sup>a</sup>10016720.SQ.FTS.B, 5.343%, 5/03/27 | 1032 | 865 |
| &nbsp;&nbsp;<sup>a</sup>10019649.SQ.FTS.B, 5.553%, 5/03/27 | 2100 | 1821 |
| &nbsp;&nbsp;<sup>a</sup>10020275.SQ.FTS.B, 5.804%, 5/03/27 | 16951 | 16148 |
| &nbsp;&nbsp;<sup>a</sup>10020946.SQ.FTS.B, 5.804%, 5/03/27 | 7655 | 7355 |
| &nbsp;&nbsp;<sup>a</sup>10022139.SQ.FTS.B, 5.804%, 5/03/27 | 4707 | 4448 |
| &nbsp;&nbsp;<sup>a</sup>10021098.SQ.FTS.B, 5.805%, 5/03/27 | 3082 | 2978 |
| &nbsp;&nbsp;<sup>a</sup>10017224.SQ.FTS.B, 6.109%, 5/03/27 | 1839 | 1742 |
| &nbsp;&nbsp;<sup>a</sup>10020836.SQ.FTS.B, 6.118%, 5/03/27 | 11826 | 10556 |
| &nbsp;&nbsp;<sup>a</sup>10022084.SQ.FTS.B, 6.179%, 5/03/27 | 9289 | 8421 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10018379.SQ.FTS.B, 6.339%, 5/03/27 | $6066 | $5592 |
| <sup>a</sup>10019821.SQ.FTS.B, 6.34%, 5/03/27 | 7657 | 6713 |
| <sup>a</sup>10021074.SQ.FTS.B, 6.34%, 5/03/27 | 4287 | 3980 |
| <sup>a</sup>10020239.SQ.FTS.B, 6.483%, 5/03/27 | 1690 | 1598 |
| <sup>a</sup>10021166.SQ.FTS.B, 6.493%, 5/03/27 | 10149 | 8006 |
| <sup>a</sup>10016707.SQ.FTS.B, 6.494%, 5/03/27 | 750 | 727 |
| <sup>a</sup>10024434.SQ.FTS.B, 4.549%, 5/04/27 | 3830 | 3663 |
| <sup>a</sup>10025630.SQ.FTS.B, 4.549%, 5/04/27 | 36220 | 33525 |
| <sup>a</sup>10026904.SQ.FTS.B, 4.549%, 5/04/27 | 2557 | 2454 |
| <sup>a</sup>10026934.SQ.FTS.B, 4.549%, 5/04/27 | 8531 | 8167 |
| <sup>a</sup>10027024.SQ.FTS.B, 4.549%, 5/04/27 | 49623 | 45914 |
| <sup>a</sup>10027467.SQ.FTS.B, 4.549%, 5/04/27 | 46261 | 44331 |
| <sup>a</sup>10022665.SQ.FTS.B, 4.551%, 5/04/27 | 17767 | 16996 |
| <sup>a</sup>10023724.SQ.FTS.B, 4.987%, 5/04/27 | 15499 | 14685 |
| <sup>a</sup>10024666.SQ.FTS.B, 4.988%, 5/04/27 | 38410 | 34238 |
| <sup>a</sup>10025972.SQ.FTS.B, 4.989%, 5/04/27 | 40393 | 38484 |
| <sup>a</sup>10027944.SQ.FTS.B, 5.302%, 5/04/27 | 16311 | 15574 |
| <sup>a</sup>10026284.SQ.FTS.B, 5.304%, 5/04/27 | 19787 | 17237 |
| <sup>a</sup>10027446.SQ.FTS.B, 5.348%, 5/04/27 | 1589 | 1426 |
| <sup>a</sup>10023317.SQ.FTS.B, 5.553%, 5/04/27 | 5854 | 5496 |
| <sup>a</sup>10023702.SQ.FTS.B, 5.553%, 5/04/27 | 881 | 841 |
| <sup>a</sup>10025335.SQ.FTS.B, 5.554%, 5/04/27 | 11764 | 11150 |
| <sup>a</sup>10023250.SQ.FTS.B, 5.555%, 5/04/27 | 2803 | 2683 |
| <sup>a</sup>10023686.SQ.FTS.B, 5.574%, 5/04/27 | 1192 | 1146 |
| <sup>a</sup>10025433.SQ.FTS.B, 5.804%, 5/04/27 | 17522 | 16833 |
| <sup>a</sup>10023160.SQ.FTS.B, 5.839%, 5/04/27 | 735 | 705 |
| <sup>a</sup>10024316.SQ.FTS.B, 6.175%, 5/04/27 | 2970 | 2786 |
| <sup>a</sup>10025031.SQ.FTS.B, 6.18%, 5/04/27 | 25276 | 24065 |
| <sup>a</sup>10024511.SQ.FTS.B, 6.183%, 5/04/27 | 9795 | 9251 |
| <sup>a</sup>10023182.SQ.FTS.B, 6.485%, 5/04/27 | 1987 | 1903 |
| <sup>a</sup>10023455.SQ.FTS.B, 6.491%, 5/04/27 | 5614 | 5414 |
| <sup>a</sup>10027909.SQ.FTS.B, 6.491%, 5/04/27 | 1841 | 1781 |
| <sup>a</sup>10024364.SQ.FTS.B, 6.494%, 5/04/27 | 4925 | 4539 |
| <sup>a</sup>10026521.SQ.FTS.B, 6.494%, 5/04/27 | 35518 | 28367 |
| <sup>a</sup>10026263.SQ.FTS.B, 6.496%, 5/04/27 | 1129 | 902 |
| <sup>a</sup>10025603.SQ.FTS.B, 6.5%, 5/04/27 | 1888 | 1821 |
| <sup>a</sup>10030712.SQ.FTS.B, 4.546%, 5/05/27 | 3377 | 3226 |
| <sup>a</sup>10033171.SQ.FTS.B, 4.547%, 5/05/27 | 7119 | 6819 |
| <sup>a</sup>10029672.SQ.FTS.B, 4.548%, 5/05/27 | 6155 | 5841 |
| <sup>a</sup>10031461.SQ.FTS.B, 4.548%, 5/05/27 | 4481 | 4264 |
| <sup>a</sup>10028735.SQ.FTS.B, 4.549%, 5/05/27 | 7282 | 6962 |
| <sup>a</sup>10028916.SQ.FTS.B, 4.549%, 5/05/27 | 2885 | 2761 |
| <sup>a</sup>10029487.SQ.FTS.B, 4.549%, 5/05/27 | 7943 | 7558 |
| <sup>a</sup>10030589.SQ.FTS.B, 4.549%, 5/05/27 | 1724 | 1649 |
| <sup>a</sup>10030690.SQ.FTS.B, 4.549%, 5/05/27 | 1590 | 1513 |
| <sup>a</sup>10033281.SQ.FTS.B, 4.549%, 5/05/27 | 15464 | 14312 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10032458.SQ.FTS.B, 4.55%, 5/05/27 | $52931 | $50633 |
| &nbsp;&nbsp;<sup>a</sup>10031557.SQ.FTS.B, 4.552%, 5/05/27 | 4278 | 4071 |
| &nbsp;&nbsp;<sup>a</sup>10030252.SQ.FTS.B, 4.553%, 5/05/27 | 7218 | 6906 |
| &nbsp;&nbsp;<sup>a</sup>10031367.SQ.FTS.B, 4.553%, 5/05/27 | 8393 | 8009 |
| &nbsp;&nbsp;<sup>a</sup>10033116.SQ.FTS.B, 4.554%, 5/05/27 | 5947 | 5689 |
| &nbsp;&nbsp;<sup>a</sup>10031613.SQ.FTS.B, 4.555%, 5/05/27 | 5403 | 5130 |
| &nbsp;&nbsp;<sup>a</sup>10031713.SQ.FTS.B, 4.555%, 5/05/27 | 4125 | 3934 |
| &nbsp;&nbsp;<sup>a</sup>10031787.SQ.FTS.B, 4.988%, 5/05/27 | 9901 | 9333 |
| &nbsp;&nbsp;<sup>a</sup>10031935.SQ.FTS.B, 4.988%, 5/05/27 | 67263 | 64079 |
| &nbsp;&nbsp;<sup>a</sup>10030767.SQ.FTS.B, 5.281%, 5/05/27 | 238 | 224 |
| &nbsp;&nbsp;<sup>a</sup>10029027.SQ.FTS.B, 5.302%, 5/05/27 | 11061 | 10557 |
| &nbsp;&nbsp;<sup>a</sup>10028232.SQ.FTS.B, 5.304%, 5/05/27 | 13184 | 11501 |
| &nbsp;&nbsp;<sup>a</sup>10030419.SQ.FTS.B, 5.304%, 5/05/27 | 6775 | 6505 |
| &nbsp;&nbsp;<sup>a</sup>10030629.SQ.FTS.B, 5.315%, 5/05/27 | 2343 | 2232 |
| &nbsp;&nbsp;<sup>a</sup>10028058.SQ.FTS.B, 5.552%, 5/05/27 | 5555 | 4826 |
| &nbsp;&nbsp;<sup>a</sup>10030610.SQ.FTS.B, 5.553%, 5/05/27 | 1972 | 1861 |
| &nbsp;&nbsp;<sup>a</sup>10031886.SQ.FTS.B, 5.556%, 5/05/27 | 6182 | 5805 |
| &nbsp;&nbsp;<sup>a</sup>10032988.SQ.FTS.B, 5.806%, 5/05/27 | 15373 | 14102 |
| &nbsp;&nbsp;<sup>a</sup>10030660.SQ.FTS.B, 5.813%, 5/05/27 | 3393 | 3188 |
| &nbsp;&nbsp;<sup>a</sup>10029478.SQ.FTS.B, 6.078%, 5/05/27 | 480 | 453 |
| &nbsp;&nbsp;<sup>a</sup>10033161.SQ.FTS.B, 6.118%, 5/05/27 | 403 | 379 |
| &nbsp;&nbsp;<sup>a</sup>10030346.SQ.FTS.B, 6.177%, 5/05/27 | 5790 | 5500 |
| &nbsp;&nbsp;<sup>a</sup>10033143.SQ.FTS.B, 6.196%, 5/05/27 | 929 | 890 |
| &nbsp;&nbsp;<sup>a</sup>10029790.SQ.FTS.B, 6.337%, 5/05/27 | 34392 | 31192 |
| &nbsp;&nbsp;<sup>a</sup>10028445.SQ.FTS.B, 6.339%, 5/05/27 | 10614 | 10002 |
| &nbsp;&nbsp;<sup>a</sup>10028703.SQ.FTS.B, 6.346%, 5/05/27 | 1676 | 1579 |
| &nbsp;&nbsp;<sup>a</sup>10030686.SQ.FTS.B, 6.472%, 5/05/27 | 906 | 853 |
| &nbsp;&nbsp;<sup>a</sup>10030786.SQ.FTS.B, 6.493%, 5/05/27 | 11722 | 11043 |
| &nbsp;&nbsp;<sup>a</sup>10030521.SQ.FTS.B, 6.496%, 5/05/27 | 6823 | 6429 |
| &nbsp;&nbsp;<sup>a</sup>10029410.SQ.FTS.B, 6.503%, 5/05/27 | 2315 | 2233 |
| &nbsp;&nbsp;<sup>a</sup>10031544.SQ.FTS.B, 6.505%, 5/05/27 | 1422 | 1116 |
| &nbsp;&nbsp;<sup>a</sup>10040627.SQ.FTS.B, 4.544%, 5/06/27 | 5012 | 4778 |
| &nbsp;&nbsp;<sup>a</sup>10038083.SQ.FTS.B, 4.548%, 5/06/27 | 4869 | 4653 |
| &nbsp;&nbsp;<sup>a</sup>10036854.SQ.FTS.B, 4.549%, 5/06/27 | 30206 | 28742 |
| &nbsp;&nbsp;<sup>a</sup>10037435.SQ.FTS.B, 4.549%, 5/06/27 | 2798 | 2683 |
| &nbsp;&nbsp;<sup>a</sup>10040520.SQ.FTS.B, 4.549%, 5/06/27 | 13556 | 12997 |
| &nbsp;&nbsp;<sup>a</sup>10040863.SQ.FTS.B, 4.549%, 5/06/27 | 85463 | 81679 |
| &nbsp;&nbsp;<sup>a</sup>10041557.SQ.FTS.B, 4.549%, 5/06/27 | 3075 | 2944 |
| &nbsp;&nbsp;<sup>a</sup>10041627.SQ.FTS.B, 4.549%, 5/06/27 | 10776 | 10293 |
| &nbsp;&nbsp;<sup>a</sup>10038249.SQ.FTS.B, 4.551%, 5/06/27 | 6472 | 6196 |
| &nbsp;&nbsp;<sup>a</sup>10039099.SQ.FTS.B, 4.551%, 5/06/27 | 15870 | 14689 |
| &nbsp;&nbsp;<sup>a</sup>10041865.SQ.FTS.B, 4.551%, 5/06/27 | 8159 | 7782 |
| &nbsp;&nbsp;<sup>a</sup>10041764.SQ.FTS.B, 4.552%, 5/06/27 | 11036 | 10566 |
| &nbsp;&nbsp;<sup>a</sup>10040686.SQ.FTS.B, 4.557%, 5/06/27 | 3649 | 3378 |
| &nbsp;&nbsp;<sup>a</sup>10038677.SQ.FTS.B, 4.985%, 5/06/27 | 1990 | 1890 |
| &nbsp;&nbsp;<sup>a</sup>10036727.SQ.FTS.B, 4.988%, 5/06/27 | 7358 | 6969 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10039821.SQ.FTS.B, 4.988%, 5/06/27 | $37923 | $35443 |
| <sup>a</sup>10040199.SQ.FTS.B, 4.988%, 5/06/27 | 15297 | 13653 |
| <sup>a</sup>10040393.SQ.FTS.B, 5.305%, 5/06/27 | 10410 | 9798 |
| <sup>a</sup>10040371.SQ.FTS.B, 5.306%, 5/06/27 | 1675 | 1577 |
| <sup>a</sup>10041575.SQ.FTS.B, 5.311%, 5/06/27 | 3491 | 3281 |
| <sup>a</sup>10038392.SQ.FTS.B, 5.333%, 5/06/27 | 6835 | 6342 |
| <sup>a</sup>10040699.SQ.FTS.B, 5.335%, 5/06/27 | 8350 | 7984 |
| <sup>a</sup>10040842.SQ.FTS.B, 5.536%, 5/06/27 | 1512 | 1316 |
| <sup>a</sup>10038486.SQ.FTS.B, 5.551%, 5/06/27 | 11088 | 10462 |
| <sup>a</sup>10039316.SQ.FTS.B, 5.553%, 5/06/27 | 3887 | 3670 |
| <sup>a</sup>10037626.SQ.FTS.B, 5.802%, 5/06/27 | 10701 | 10049 |
| <sup>a</sup>10039393.SQ.FTS.B, 5.809%, 5/06/27 | 5001 | 4746 |
| <sup>a</sup>10038689.SQ.FTS.B, 6.1%, 5/06/27 | 1505 | 1062 |
| <sup>a</sup>10040819.SQ.FTS.B, 6.18%, 5/06/27 | 961 | 902 |
| <sup>a</sup>10038016.SQ.FTS.B, 6.332%, 5/06/27 | 708 | 687 |
| <sup>a</sup>10037479.SQ.FTS.B, 6.486%, 5/06/27 | 2102 | 1857 |
| <sup>a</sup>10037525.SQ.FTS.B, 6.487%, 5/06/27 | 3244 | 3055 |
| <sup>a</sup>10039538.SQ.FTS.B, 6.493%, 5/06/27 | 18789 | 15058 |
| <sup>a</sup>10038782.SQ.FTS.B, 6.494%, 5/06/27 | 3864 | 3616 |
| <sup>a</sup>10038825.SQ.FTS.B, 6.494%, 5/06/27 | 19686 | 17966 |
| <sup>a</sup>10038709.SQ.FTS.B, 6.499%, 5/06/27 | 6436 | 5793 |
| <sup>a</sup>10040850.SQ.FTS.B, 6.504%, 5/06/27 | 1250 | 1170 |
| <sup>a</sup>10046972.SQ.FTS.B, 4.535%, 5/07/27 | 2015 | 1925 |
| <sup>a</sup>10047656.SQ.FTS.B, 4.548%, 5/07/27 | 5941 | 5501 |
| <sup>a</sup>10045312.SQ.FTS.B, 4.549%, 5/07/27 | 3325 | 3183 |
| <sup>a</sup>10046022.SQ.FTS.B, 4.549%, 5/07/27 | 11645 | 11075 |
| <sup>a</sup>10047758.SQ.FTS.B, 4.549%, 5/07/27 | 616 | 586 |
| <sup>a</sup>10047807.SQ.FTS.B, 4.549%, 5/07/27 | 66653 | 63563 |
| <sup>a</sup>10048731.SQ.FTS.B, 4.549%, 5/07/27 | 20364 | 19327 |
| <sup>a</sup>10049011.SQ.FTS.B, 4.549%, 5/07/27 | 4760 | 4556 |
| <sup>a</sup>10047180.SQ.FTS.B, 4.55%, 5/07/27 | 31175 | 29652 |
| <sup>a</sup>10049061.SQ.FTS.B, 4.551%, 5/07/27 | 8496 | 8110 |
| <sup>a</sup>10048554.SQ.FTS.B, 4.988%, 5/07/27 | 17406 | 16272 |
| <sup>a</sup>10047017.SQ.FTS.B, 4.989%, 5/07/27 | 9596 | 9169 |
| <sup>a</sup>10045359.SQ.FTS.B, 5.302%, 5/07/27 | 34054 | 32314 |
| <sup>a</sup>10047161.SQ.FTS.B, 5.331%, 5/07/27 | 1681 | 1190 |
| <sup>a</sup>10048817.SQ.FTS.B, 5.333%, 5/07/27 | 2152 | 1977 |
| <sup>a</sup>10048375.SQ.FTS.B, 5.552%, 5/07/27 | 14290 | 13615 |
| <sup>a</sup>10046489.SQ.FTS.B, 5.553%, 5/07/27 | 29230 | 20543 |
| <sup>a</sup>10047766.SQ.FTS.B, 5.556%, 5/07/27 | 5443 | 5204 |
| <sup>a</sup>10045273.SQ.FTS.B, 5.557%, 5/07/27 | 3952 | 3779 |
| <sup>a</sup>10048838.SQ.FTS.B, 5.804%, 5/07/27 | 7480 | 7222 |
| <sup>a</sup>10046333.SQ.FTS.B, 6.186%, 5/07/27 | 2019 | 1945 |
| <sup>a</sup>10047716.SQ.FTS.B, 6.472%, 5/07/27 | 1310 | 1157 |
| <sup>a</sup>10049148.SQ.FTS.B, 6.495%, 5/07/27 | 57712 | 54537 |
| <sup>a</sup>10045194.SQ.FTS.B, 6.501%, 5/07/27 | 3981 | 3714 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 87

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10045332.SQ.FTS.B, 6.507%, 5/07/27 | $2081 | $1900 |
| &nbsp;&nbsp;<sup>a</sup>10050294.SQ.FTS.B, 4.545%, 5/08/27 | 2149 | 2039 |
| &nbsp;&nbsp;<sup>a</sup>10050034.SQ.FTS.B, 4.55%, 5/08/27 | 33147 | 31718 |
| &nbsp;&nbsp;<sup>a</sup>10050389.SQ.FTS.B, 4.553%, 5/08/27 | 1695 | 1619 |
| &nbsp;&nbsp;<sup>a</sup>10050429.SQ.FTS.B, 4.553%, 5/08/27 | 7807 | 7459 |
| &nbsp;&nbsp;<sup>a</sup>10050369.SQ.FTS.B, 4.988%, 5/08/27 | 3194 | 3060 |
| &nbsp;&nbsp;<sup>a</sup>10050398.SQ.FTS.B, 4.988%, 5/08/27 | 3822 | 3639 |
| &nbsp;&nbsp;<sup>a</sup>10049855.SQ.FTS.B, 4.989%, 5/08/27 | 16617 | 12139 |
| &nbsp;&nbsp;<sup>a</sup>10049991.SQ.FTS.B, 5.305%, 5/08/27 | 4994 | 4781 |
| &nbsp;&nbsp;<sup>a</sup>10050735.SQ.FTS.B, 5.554%, 5/08/27 | 14570 | 14058 |
| &nbsp;&nbsp;<sup>a</sup>10050310.SQ.FTS.B, 5.801%, 5/08/27 | 5757 | 5371 |
| &nbsp;&nbsp;<sup>a</sup>10050490.SQ.FTS.B, 5.804%, 5/08/27 | 2363 | 2268 |
| &nbsp;&nbsp;<sup>a</sup>10049979.SQ.FTS.B, 6.127%, 5/08/27 | 1278 | 1170 |
| &nbsp;&nbsp;<sup>a</sup>10050528.SQ.FTS.B, 6.18%, 5/08/27 | 26037 | 24595 |
| &nbsp;&nbsp;<sup>a</sup>10051599.SQ.FTS.B, 4.545%, 5/09/27 | 3151 | 2997 |
| &nbsp;&nbsp;<sup>a</sup>10051689.SQ.FTS.B, 4.548%, 5/09/27 | 11781 | 11256 |
| &nbsp;&nbsp;<sup>a</sup>10051118.SQ.FTS.B, 4.549%, 5/09/27 | 13307 | 12712 |
| &nbsp;&nbsp;<sup>a</sup>10050922.SQ.FTS.B, 4.988%, 5/09/27 | 20053 | 18998 |
| &nbsp;&nbsp;<sup>a</sup>10051061.SQ.FTS.B, 5.296%, 5/09/27 | 3958 | 3763 |
| &nbsp;&nbsp;<sup>a</sup>10051401.SQ.FTS.B, 5.329%, 5/09/27 | 2835 | 2638 |
| &nbsp;&nbsp;<sup>a</sup>10051263.SQ.FTS.B, 5.334%, 5/09/27 | 4700 | 4459 |
| &nbsp;&nbsp;<sup>a</sup>10051624.SQ.FTS.B, 5.808%, 5/09/27 | 1482 | 1407 |
| &nbsp;&nbsp;<sup>a</sup>10051655.SQ.FTS.B, 5.808%, 5/09/27 | 3719 | 3545 |
| &nbsp;&nbsp;<sup>a</sup>10051515.SQ.FTS.B, 6.118%, 5/09/27 | 4238 | 2634 |
| &nbsp;&nbsp;<sup>a</sup>10051431.SQ.FTS.B, 6.179%, 5/09/27 | 11114 | 10433 |
| &nbsp;&nbsp;<sup>a</sup>10051552.SQ.FTS.B, 6.182%, 5/09/27 | 7313 | 6912 |
| &nbsp;&nbsp;<sup>a</sup>10051310.SQ.FTS.B, 6.493%, 5/09/27 | 7779 | 7410 |
| &nbsp;&nbsp;<sup>a</sup>10051634.SQ.FTS.B, 6.496%, 5/09/27 | 1613 | 1554 |
| &nbsp;&nbsp;<sup>a</sup>10051103.SQ.FTS.B, 6.499%, 5/09/27 | 1132 | 1088 |
| &nbsp;&nbsp;<sup>a</sup>10051229.SQ.FTS.B, 6.499%, 5/09/27 | 3209 | 3019 |
| &nbsp;&nbsp;<sup>a</sup>10053926.SQ.FTS.B, 4.545%, 5/10/27 | 6110 | 5837 |
| &nbsp;&nbsp;<sup>a</sup>10052893.SQ.FTS.B, 4.549%, 5/10/27 | 20603 | 19698 |
| &nbsp;&nbsp;<sup>a</sup>10053450.SQ.FTS.B, 4.549%, 5/10/27 | 1903 | 1821 |
| &nbsp;&nbsp;<sup>a</sup>10053512.SQ.FTS.B, 4.549%, 5/10/27 | 27084 | 25155 |
| &nbsp;&nbsp;<sup>a</sup>10054154.SQ.FTS.B, 4.549%, 5/10/27 | 32040 | 29719 |
| &nbsp;&nbsp;<sup>a</sup>10054682.SQ.FTS.B, 4.549%, 5/10/27 | 16777 | 16016 |
| &nbsp;&nbsp;<sup>a</sup>10054894.SQ.FTS.B, 4.549%, 5/10/27 | 98005 | 93650 |
| &nbsp;&nbsp;<sup>a</sup>10055982.SQ.FTS.B, 4.549%, 5/10/27 | 21740 | 20623 |
| &nbsp;&nbsp;<sup>a</sup>10056201.SQ.FTS.B, 4.55%, 5/10/27 | 22532 | 21544 |
| &nbsp;&nbsp;<sup>a</sup>10052822.SQ.FTS.B, 4.551%, 5/10/27 | 1564 | 1498 |
| &nbsp;&nbsp;<sup>a</sup>10052395.SQ.FTS.B, 4.988%, 5/10/27 | 18197 | 17433 |
| &nbsp;&nbsp;<sup>a</sup>10056149.SQ.FTS.B, 5.3%, 5/10/27 | 1583 | 1515 |
| &nbsp;&nbsp;<sup>a</sup>10056375.SQ.FTS.B, 5.303%, 5/10/27 | 15441 | 14779 |
| &nbsp;&nbsp;<sup>a</sup>10056159.SQ.FTS.B, 5.551%, 5/10/27 | 5550 | 5240 |
| &nbsp;&nbsp;<sup>a</sup>10054039.SQ.FTS.B, 5.802%, 5/10/27 | 6071 | 5217 |
| &nbsp;&nbsp;<sup>a</sup>10056646.SQ.FTS.B, 5.804%, 5/10/27 | 75061 | 70989 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10054023.SQ.FTS.B, 6.32%, 5/10/27 | $1683 | $1530 |
| <sup>a</sup>10054501.SQ.FTS.B, 6.339%, 5/10/27 | 7541 | 7032 |
| <sup>a</sup>10054628.SQ.FTS.B, 6.5%, 5/10/27 | 4712 | 4311 |
| <sup>a</sup>10054497.SQ.FTS.B, 6.516%, 5/10/27 | 947 | 902 |
| <sup>a</sup>10058866.SQ.FTS.B, 4.546%, 5/11/27 | 5440 | 5197 |
| <sup>a</sup>10057703.SQ.FTS.B, 4.549%, 5/11/27 | 1863 | 1768 |
| <sup>a</sup>10058215.SQ.FTS.B, 4.549%, 5/11/27 | 3355 | 3204 |
| <sup>a</sup>10058235.SQ.FTS.B, 4.549%, 5/11/27 | 32918 | 31227 |
| <sup>a</sup>10058376.SQ.FTS.B, 4.549%, 5/11/27 | 12649 | 12114 |
| <sup>a</sup>10058471.SQ.FTS.B, 4.549%, 5/11/27 | 59499 | 56836 |
| <sup>a</sup>10058901.SQ.FTS.B, 4.549%, 5/11/27 | 17640 | 16885 |
| <sup>a</sup>10058023.SQ.FTS.B, 4.551%, 5/11/27 | 15631 | 14921 |
| <sup>a</sup>10058420.SQ.FTS.B, 4.551%, 5/11/27 | 16684 | 15830 |
| <sup>a</sup>10057232.SQ.FTS.B, 4.555%, 5/11/27 | 5088 | 4857 |
| <sup>a</sup>10058123.SQ.FTS.B, 4.555%, 5/11/27 | 5899 | 5474 |
| <sup>a</sup>10058149.SQ.FTS.B, 4.988%, 5/11/27 | 7841 | 7443 |
| <sup>a</sup>10057402.SQ.FTS.B, 4.989%, 5/11/27 | 22865 | 21563 |
| <sup>a</sup>10057762.SQ.FTS.B, 5.302%, 5/11/27 | 18081 | 16826 |
| <sup>a</sup>10057904.SQ.FTS.B, 5.551%, 5/11/27 | 17074 | 15830 |
| <sup>a</sup>10057272.SQ.FTS.B, 5.552%, 5/11/27 | 18114 | 17102 |
| <sup>a</sup>10057595.SQ.FTS.B, 5.553%, 5/11/27 | 11076 | 10562 |
| <sup>a</sup>10057715.SQ.FTS.B, 6.107%, 5/11/27 | 1101 | 1024 |
| <sup>a</sup>10058207.SQ.FTS.B, 6.172%, 5/11/27 | 1132 | 1063 |
| <sup>a</sup>10057385.SQ.FTS.B, 6.18%, 5/11/27 | 1794 | 1685 |
| <sup>a</sup>10057728.SQ.FTS.B, 6.185%, 5/11/27 | 5565 | 5347 |
| <sup>a</sup>10057882.SQ.FTS.B, 6.185%, 5/11/27 | 2888 | 2730 |
| <sup>a</sup>10058770.SQ.FTS.B, 6.494%, 5/11/27 | 23096 | 21820 |
| <sup>a</sup>10061715.SQ.FTS.B, 4.549%, 5/12/27 | 14218 | 13613 |
| <sup>a</sup>10062095.SQ.FTS.B, 4.549%, 5/12/27 | 64275 | 61439 |
| <sup>a</sup>10062861.SQ.FTS.B, 4.549%, 5/12/27 | 12887 | 12304 |
| <sup>a</sup>10060835.SQ.FTS.B, 4.55%, 5/12/27 | 25029 | 23932 |
| <sup>a</sup>10060216.SQ.FTS.B, 4.551%, 5/12/27 | 9057 | 8655 |
| <sup>a</sup>10061639.SQ.FTS.B, 4.552%, 5/12/27 | 4557 | 4357 |
| <sup>a</sup>10060502.SQ.FTS.B, 4.553%, 5/12/27 | 8705 | 8282 |
| <sup>a</sup>10060769.SQ.FTS.B, 5.302%, 5/12/27 | 2303 | 2186 |
| <sup>a</sup>10063267.SQ.FTS.B, 5.302%, 5/12/27 | 24108 | 22698 |
| <sup>a</sup>10061583.SQ.FTS.B, 5.332%, 5/12/27 | 4600 | 4328 |
| <sup>a</sup>10060733.SQ.FTS.B, 5.337%, 5/12/27 | 1941 | 1850 |
| <sup>a</sup>10061958.SQ.FTS.B, 5.553%, 5/12/27 | 10340 | 9797 |
| <sup>a</sup>10063788.SQ.FTS.B, 5.553%, 5/12/27 | 6059 | 5722 |
| <sup>a</sup>10061254.SQ.FTS.B, 5.804%, 5/12/27 | 21636 | 20534 |
| <sup>a</sup>10063036.SQ.FTS.B, 5.804%, 5/12/27 | 16552 | 15657 |
| <sup>a</sup>10063779.SQ.FTS.B, 5.804%, 5/12/27 | 1018 | 952 |
| <sup>a</sup>10060019.SQ.FTS.B, 5.806%, 5/12/27 | 1638 | 1549 |
| <sup>a</sup>10063694.SQ.FTS.B, 5.806%, 5/12/27 | 5435 | 5214 |
| <sup>a</sup>10063028.SQ.FTS.B, 5.828%, 5/12/27 | 1424 | 1230 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10059527.SQ.FTS.B, 6.18%, 5/12/27 | $25859 | $21932 |
| &nbsp;&nbsp;<sup>a</sup>10061212.SQ.FTS.B, 6.18%, 5/12/27 | 5371 | 4556 |
| &nbsp;&nbsp;<sup>a</sup>10059497.SQ.FTS.B, 6.344%, 5/12/27 | 4318 | 4067 |
| &nbsp;&nbsp;<sup>a</sup>10060459.SQ.FTS.B, 6.484%, 5/12/27 | 874 | 833 |
| &nbsp;&nbsp;<sup>a</sup>10060068.SQ.FTS.B, 6.496%, 5/12/27 | 4053 | 3819 |
| &nbsp;&nbsp;<sup>a</sup>10063219.SQ.FTS.B, 6.498%, 5/12/27 | 2782 | 2547 |
| &nbsp;&nbsp;<sup>a</sup>10063760.SQ.FTS.B, 6.505%, 5/12/27 | 2001 | 1871 |
| &nbsp;&nbsp;<sup>a</sup>10070582.SQ.FTS.B, 4.535%, 5/13/27 | 2082 | 1984 |
| &nbsp;&nbsp;<sup>a</sup>10068420.SQ.FTS.B, 4.541%, 5/13/27 | 2852 | 2718 |
| &nbsp;&nbsp;<sup>a</sup>10069149.SQ.FTS.B, 4.549%, 5/13/27 | 41548 | 38600 |
| &nbsp;&nbsp;<sup>a</sup>10070673.SQ.FTS.B, 4.55%, 5/13/27 | 46875 | 44759 |
| &nbsp;&nbsp;<sup>a</sup>10068892.SQ.FTS.B, 4.551%, 5/13/27 | 8993 | 8588 |
| &nbsp;&nbsp;<sup>a</sup>10069811.SQ.FTS.B, 4.551%, 5/13/27 | 14530 | 13887 |
| &nbsp;&nbsp;<sup>a</sup>10070071.SQ.FTS.B, 4.551%, 5/13/27 | 7216 | 6897 |
| &nbsp;&nbsp;<sup>a</sup>10070136.SQ.FTS.B, 4.551%, 5/13/27 | 18970 | 18123 |
| &nbsp;&nbsp;<sup>a</sup>10068724.SQ.FTS.B, 4.552%, 5/13/27 | 11351 | 10546 |
| &nbsp;&nbsp;<sup>a</sup>10070393.SQ.FTS.B, 4.552%, 5/13/27 | 12736 | 12121 |
| &nbsp;&nbsp;<sup>a</sup>10071694.SQ.FTS.B, 4.555%, 5/13/27 | 5396 | 5158 |
| &nbsp;&nbsp;<sup>a</sup>10066794.SQ.FTS.B, 4.988%, 5/13/27 | 14009 | 13296 |
| &nbsp;&nbsp;<sup>a</sup>10067583.SQ.FTS.B, 4.988%, 5/13/27 | 17227 | 16451 |
| &nbsp;&nbsp;<sup>a</sup>10068830.SQ.FTS.B, 4.988%, 5/13/27 | 4030 | 3822 |
| &nbsp;&nbsp;<sup>a</sup>10070232.SQ.FTS.B, 5.301%, 5/13/27 | 5879 | 5589 |
| &nbsp;&nbsp;<sup>a</sup>10068536.SQ.FTS.B, 5.302%, 5/13/27 | 9629 | 9152 |
| &nbsp;&nbsp;<sup>a</sup>10067956.SQ.FTS.B, 5.303%, 5/13/27 | 20445 | 19491 |
| &nbsp;&nbsp;<sup>a</sup>10068664.SQ.FTS.B, 5.305%, 5/13/27 | 4251 | 4041 |
| &nbsp;&nbsp;<sup>a</sup>10070124.SQ.FTS.B, 5.325%, 5/13/27 | 2603 | 2400 |
| &nbsp;&nbsp;<sup>a</sup>10069956.SQ.FTS.B, 5.338%, 5/13/27 | 5830 | 5447 |
| &nbsp;&nbsp;<sup>a</sup>10069033.SQ.FTS.B, 5.342%, 5/13/27 | 1438 | 1389 |
| &nbsp;&nbsp;<sup>a</sup>10068499.SQ.FTS.B, 5.545%, 5/13/27 | 2279 | 2158 |
| &nbsp;&nbsp;<sup>a</sup>10067168.SQ.FTS.B, 5.553%, 5/13/27 | 12881 | 12198 |
| &nbsp;&nbsp;<sup>a</sup>10067562.SQ.FTS.B, 5.553%, 5/13/27 | 1010 | 953 |
| &nbsp;&nbsp;<sup>a</sup>10070622.SQ.FTS.B, 5.553%, 5/13/27 | 3985 | 3764 |
| &nbsp;&nbsp;<sup>a</sup>10069767.SQ.FTS.B, 5.804%, 5/13/27 | 2022 | 1900 |
| &nbsp;&nbsp;<sup>a</sup>10071272.SQ.FTS.B, 5.806%, 5/13/27 | 7117 | 6730 |
| &nbsp;&nbsp;<sup>a</sup>10067095.SQ.FTS.B, 5.807%, 5/13/27 | 4605 | 4326 |
| &nbsp;&nbsp;<sup>a</sup>10071355.SQ.FTS.B, 6.176%, 5/13/27 | 2628 | 2513 |
| &nbsp;&nbsp;<sup>a</sup>10066953.SQ.FTS.B, 6.178%, 5/13/27 | 8039 | 7689 |
| &nbsp;&nbsp;<sup>a</sup>10069052.SQ.FTS.B, 6.18%, 5/13/27 | 3747 | 3605 |
| &nbsp;&nbsp;<sup>a</sup>10070023.SQ.FTS.B, 6.18%, 5/13/27 | 1397 | 1346 |
| &nbsp;&nbsp;<sup>a</sup>10069136.SQ.FTS.B, 6.346%, 5/13/27 | 1198 | 1122 |
| &nbsp;&nbsp;<sup>a</sup>10070543.SQ.FTS.B, 6.459%, 5/13/27 | 120 | 116 |
| &nbsp;&nbsp;<sup>a</sup>10070555.SQ.FTS.B, 6.482%, 5/13/27 | 1379 | 1305 |
| &nbsp;&nbsp;<sup>a</sup>10067376.SQ.FTS.B, 6.488%, 5/13/27 | 5395 | 4426 |
| &nbsp;&nbsp;<sup>a</sup>10070290.SQ.FTS.B, 6.493%, 5/13/27 | 10995 | 9020 |
| &nbsp;&nbsp;<sup>a</sup>10071125.SQ.FTS.B, 6.493%, 5/13/27 | 13178 | 11789 |
| &nbsp;&nbsp;<sup>a</sup>10071415.SQ.FTS.B, 6.494%, 5/13/27 | 20811 | 19845 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10067519.SQ.FTS.B, 6.504%, 5/13/27 | $2506 | $2367 |
| <sup>a</sup>10071856.SQ.FTS.B, 4.549%, 5/14/27 | 13418 | 12732 |
| <sup>a</sup>10072030.SQ.FTS.B, 4.549%, 5/14/27 | 9942 | 9509 |
| <sup>a</sup>10072312.SQ.FTS.B, 4.549%, 5/14/27 | 3344 | 3197 |
| <sup>a</sup>10072408.SQ.FTS.B, 4.549%, 5/14/27 | 7873 | 7524 |
| <sup>a</sup>10073843.SQ.FTS.B, 4.549%, 5/14/27 | 6987 | 6671 |
| <sup>a</sup>10074235.SQ.FTS.B, 4.549%, 5/14/27 | 2866 | 2725 |
| <sup>a</sup>10074919.SQ.FTS.B, 4.549%, 5/14/27 | 24089 | 23037 |
| <sup>a</sup>10074279.SQ.FTS.B, 4.55%, 5/14/27 | 22713 | 21668 |
| <sup>a</sup>10073657.SQ.FTS.B, 4.551%, 5/14/27 | 9000 | 8371 |
| <sup>a</sup>10076016.SQ.FTS.B, 4.553%, 5/14/27 | 8455 | 8081 |
| <sup>a</sup>10074831.SQ.FTS.B, 4.555%, 5/14/27 | 4622 | 4429 |
| <sup>a</sup>10073782.SQ.FTS.B, 4.557%, 5/14/27 | 3778 | 3593 |
| <sup>a</sup>10072946.SQ.FTS.B, 4.558%, 5/14/27 | 3428 | 3279 |
| <sup>a</sup>10075392.SQ.FTS.B, 4.989%, 5/14/27 | 43589 | 41313 |
| <sup>a</sup>10075160.SQ.FTS.B, 5.302%, 5/14/27 | 30792 | 29222 |
| <sup>a</sup>10073174.SQ.FTS.B, 5.303%, 5/14/27 | 18844 | 17874 |
| <sup>a</sup>10076264.SQ.FTS.B, 5.322%, 5/14/27 | 924 | 878 |
| <sup>a</sup>10075113.SQ.FTS.B, 5.538%, 5/14/27 | 1275 | 1208 |
| <sup>a</sup>10074638.SQ.FTS.B, 5.555%, 5/14/27 | 12210 | 11333 |
| <sup>a</sup>10075144.SQ.FTS.B, 5.566%, 5/14/27 | 1256 | 1211 |
| <sup>a</sup>10074764.SQ.FTS.B, 5.804%, 5/14/27 | 6517 | 6187 |
| <sup>a</sup>10072288.SQ.FTS.B, 5.805%, 5/14/27 | 2503 | 2352 |
| <sup>a</sup>10074535.SQ.FTS.B, 5.805%, 5/14/27 | 11772 | 11062 |
| <sup>a</sup>10075119.SQ.FTS.B, 5.806%, 5/14/27 | 4577 | 3965 |
| <sup>a</sup>10072150.SQ.FTS.B, 6.118%, 5/14/27 | 5146 | 4889 |
| <sup>a</sup>10074036.SQ.FTS.B, 6.151%, 5/14/27 | 596 | 566 |
| <sup>a</sup>10071777.SQ.FTS.B, 6.171%, 5/14/27 | 3370 | 2872 |
| <sup>a</sup>10073024.SQ.FTS.B, 6.176%, 5/14/27 | 7003 | 5968 |
| <sup>a</sup>10076276.SQ.FTS.B, 6.177%, 5/14/27 | 2977 | 2825 |
| <sup>a</sup>10072562.SQ.FTS.B, 6.336%, 5/14/27 | 12357 | 11640 |
| <sup>a</sup>10072360.SQ.FTS.B, 6.491%, 5/14/27 | 3744 | 3601 |
| <sup>a</sup>10073580.SQ.FTS.B, 6.492%, 5/14/27 | 5986 | 5359 |
| <sup>a</sup>10074104.SQ.FTS.B, 6.497%, 5/14/27 | 9985 | 9518 |
| <sup>a</sup>10074039.SQ.FTS.B, 6.501%, 5/14/27 | 2978 | 2793 |
| <sup>a</sup>10076617.SQ.FTS.B, 4.547%, 5/15/27 | 9515 | 9093 |
| <sup>a</sup>10076376.SQ.FTS.B, 4.548%, 5/15/27 | 4544 | 4342 |
| <sup>a</sup>10076408.SQ.FTS.B, 4.548%, 5/15/27 | 3924 | 3752 |
| <sup>a</sup>10076418.SQ.FTS.B, 4.549%, 5/15/27 | 14425 | 13681 |
| <sup>a</sup>10076505.SQ.FTS.B, 4.549%, 5/15/27 | 2950 | 2832 |
| <sup>a</sup>10076977.SQ.FTS.B, 4.549%, 5/15/27 | 9473 | 9074 |
| <sup>a</sup>10077057.SQ.FTS.B, 4.549%, 5/15/27 | 22168 | 21167 |
| <sup>a</sup>10076330.SQ.FTS.B, 4.562%, 5/15/27 | 2566 | 2447 |
| <sup>a</sup>10076784.SQ.FTS.B, 4.562%, 5/15/27 | 2396 | 2293 |
| <sup>a</sup>10076855.SQ.FTS.B, 4.992%, 5/15/27 | 2094 | 2009 |
| <sup>a</sup>10076567.SQ.FTS.B, 5.309%, 5/15/27 | 654 | 631 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 89

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10076893.SQ.FTS.B, 5.343%, 5/15/27 | $1131 | $842 |
| &nbsp;&nbsp;<sup>a</sup>10076874.SQ.FTS.B, 5.545%, 5/15/27 | 2154 | 2052 |
| &nbsp;&nbsp;<sup>a</sup>10076902.SQ.FTS.B, 5.545%, 5/15/27 | 3578 | 3363 |
| &nbsp;&nbsp;<sup>a</sup>10076963.SQ.FTS.B, 5.55%, 5/15/27 | 2598 | 2460 |
| &nbsp;&nbsp;<sup>a</sup>10076399.SQ.FTS.B, 5.564%, 5/15/27 | 2094 | 1983 |
| &nbsp;&nbsp;<sup>a</sup>10076575.SQ.FTS.B, 5.798%, 5/15/27 | 1488 | 1413 |
| &nbsp;&nbsp;<sup>a</sup>10076520.SQ.FTS.B, 5.804%, 5/15/27 | 9521 | 8951 |
| &nbsp;&nbsp;<sup>a</sup>10076591.SQ.FTS.B, 5.809%, 5/15/27 | 2562 | 2408 |
| &nbsp;&nbsp;<sup>a</sup>10076357.SQ.FTS.B, 6.157%, 5/15/27 | 1364 | 1164 |
| &nbsp;&nbsp;<sup>a</sup>10076368.SQ.FTS.B, 6.17%, 5/15/27 | 1411 | 1335 |
| &nbsp;&nbsp;<sup>a</sup>10076927.SQ.FTS.B, 6.178%, 5/15/27 | 4294 | 3999 |
| &nbsp;&nbsp;<sup>a</sup>10076772.SQ.FTS.B, 6.183%, 5/15/27 | 2804 | 2393 |
| &nbsp;&nbsp;<sup>a</sup>10076687.SQ.FTS.B, 6.187%, 5/15/27 | 3864 | 3667 |
| &nbsp;&nbsp;<sup>a</sup>10076718.SQ.FTS.B, 6.492%, 5/15/27 | 8931 | 8381 |
| &nbsp;&nbsp;<sup>a</sup>10076802.SQ.FTS.B, 6.5%, 5/15/27 | 5253 | 4818 |
| &nbsp;&nbsp;<sup>a</sup>10077869.SQ.FTS.B, 4.544%, 5/16/27 | 6113 | 5832 |
| &nbsp;&nbsp;<sup>a</sup>10077299.SQ.FTS.B, 4.547%, 5/16/27 | 8970 | 8532 |
| &nbsp;&nbsp;<sup>a</sup>10077518.SQ.FTS.B, 4.549%, 5/16/27 | 6147 | 5847 |
| &nbsp;&nbsp;<sup>a</sup>10077557.SQ.FTS.B, 4.55%, 5/16/27 | 12304 | 11744 |
| &nbsp;&nbsp;<sup>a</sup>10078060.SQ.FTS.B, 4.551%, 5/16/27 | 8467 | 8052 |
| &nbsp;&nbsp;<sup>a</sup>10077695.SQ.FTS.B, 4.552%, 5/16/27 | 10288 | 9833 |
| &nbsp;&nbsp;<sup>a</sup>10077818.SQ.FTS.B, 4.555%, 5/16/27 | 5502 | 5253 |
| &nbsp;&nbsp;<sup>a</sup>10077914.SQ.FTS.B, 4.988%, 5/16/27 | 19451 | 18589 |
| &nbsp;&nbsp;<sup>a</sup>10077507.SQ.FTS.B, 4.993%, 5/16/27 | 1852 | 1415 |
| &nbsp;&nbsp;<sup>a</sup>10077368.SQ.FTS.B, 5.302%, 5/16/27 | 5038 | 4850 |
| &nbsp;&nbsp;<sup>a</sup>10077339.SQ.FTS.B, 5.308%, 5/16/27 | 4197 | 4026 |
| &nbsp;&nbsp;<sup>a</sup>10077248.SQ.FTS.B, 5.549%, 5/16/27 | 7263 | 6750 |
| &nbsp;&nbsp;<sup>a</sup>10077204.SQ.FTS.B, 5.808%, 5/16/27 | 2529 | 2425 |
| &nbsp;&nbsp;<sup>a</sup>10077291.SQ.FTS.B, 6.151%, 5/16/27 | 558 | 536 |
| &nbsp;&nbsp;<sup>a</sup>10077416.SQ.FTS.B, 6.181%, 5/16/27 | 12565 | 11894 |
| &nbsp;&nbsp;<sup>a</sup>10077778.SQ.FTS.B, 6.346%, 5/16/27 | 1405 | 1310 |
| &nbsp;&nbsp;<sup>a</sup>10077213.SQ.FTS.B, 6.494%, 5/16/27 | 4151 | 3973 |
| &nbsp;&nbsp;<sup>a</sup>10077639.SQ.FTS.B, 6.496%, 5/16/27 | 7026 | 6695 |
| &nbsp;&nbsp;<sup>a</sup>10077786.SQ.FTS.B, 6.496%, 5/16/27 | 3375 | 3246 |
| &nbsp;&nbsp;<sup>a</sup>10079136.SQ.FTS.B, 4.544%, 5/17/27 | 3542 | 3299 |
| &nbsp;&nbsp;<sup>a</sup>10080470.SQ.FTS.B, 4.546%, 5/17/27 | 5658 | 5409 |
| &nbsp;&nbsp;<sup>a</sup>10082325.SQ.FTS.B, 4.546%, 5/17/27 | 5709 | 5457 |
| &nbsp;&nbsp;<sup>a</sup>10079764.SQ.FTS.B, 4.547%, 5/17/27 | 9594 | 9144 |
| &nbsp;&nbsp;<sup>a</sup>10079193.SQ.FTS.B, 4.548%, 5/17/27 | 12727 | 12150 |
| &nbsp;&nbsp;<sup>a</sup>10079986.SQ.FTS.B, 4.549%, 5/17/27 | 25094 | 23919 |
| &nbsp;&nbsp;<sup>a</sup>10080581.SQ.FTS.B, 4.549%, 5/17/27 | 40325 | 38545 |
| &nbsp;&nbsp;<sup>a</sup>10081091.SQ.FTS.B, 4.549%, 5/17/27 | 3102 | 2951 |
| &nbsp;&nbsp;<sup>a</sup>10081306.SQ.FTS.B, 4.549%, 5/17/27 | 24430 | 23365 |
| &nbsp;&nbsp;<sup>a</sup>10081616.SQ.FTS.B, 4.549%, 5/17/27 | 78219 | 74797 |
| &nbsp;&nbsp;<sup>a</sup>10082454.SQ.FTS.B, 4.549%, 5/17/27 | 51612 | 49096 |
| &nbsp;&nbsp;<sup>a</sup>10083349.SQ.FTS.B, 4.549%, 5/17/27 | 13661 | 13020 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10083506.SQ.FTS.B, 4.55%, 5/17/27 | $58759 | $55888 |
| <sup>a</sup>10081225.SQ.FTS.B, 4.552%, 5/17/27 | 9772 | 9295 |
| <sup>a</sup>10079048.SQ.FTS.B, 4.566%, 5/17/27 | 1999 | 1898 |
| <sup>a</sup>10082389.SQ.FTS.B, 4.987%, 5/17/27 | 7346 | 7012 |
| <sup>a</sup>10082867.SQ.FTS.B, 5.301%, 5/17/27 | 13357 | 12735 |
| <sup>a</sup>10081141.SQ.FTS.B, 5.332%, 5/17/27 | 2960 | 2821 |
| <sup>a</sup>10078992.SQ.FTS.B, 5.552%, 5/17/27 | 6236 | 5944 |
| <sup>a</sup>10081028.SQ.FTS.B, 5.56%, 5/17/27 | 3187 | 3011 |
| <sup>a</sup>10081201.SQ.FTS.B, 5.561%, 5/17/27 | 2334 | 2241 |
| <sup>a</sup>10083249.SQ.FTS.B, 5.808%, 5/17/27 | 8655 | 8150 |
| <sup>a</sup>10079038.SQ.FTS.B, 6.11%, 5/17/27 | 1473 | 1374 |
| <sup>a</sup>10080999.SQ.FTS.B, 6.118%, 5/17/27 | 3824 | 3566 |
| <sup>a</sup>10083493.SQ.FTS.B, 6.118%, 5/17/27 | 746 | 717 |
| <sup>a</sup>10081576.SQ.FTS.B, 6.175%, 5/17/27 | 2931 | 2822 |
| <sup>a</sup>10079523.SQ.FTS.B, 6.18%, 5/17/27 | 8768 | 8394 |
| <sup>a</sup>10083502.SQ.FTS.B, 6.477%, 5/17/27 | 974 | 922 |
| <sup>a</sup>10079461.SQ.FTS.B, 6.489%, 5/17/27 | 1673 | 1595 |
| <sup>a</sup>10083019.SQ.FTS.B, 6.493%, 5/17/27 | 15892 | 15168 |
| <sup>a</sup>10082997.SQ.FTS.B, 6.494%, 5/17/27 | 2686 | 2545 |
| <sup>a</sup>10081505.SQ.FTS.B, 6.495%, 5/17/27 | 8852 | 8370 |
| <sup>a</sup>10081558.SQ.FTS.B, 6.495%, 5/17/27 | 681 | 657 |
| <sup>a</sup>10080532.SQ.FTS.B, 6.504%, 5/17/27 | 2551 | 2395 |
| <sup>a</sup>10082858.SQ.FTS.B, 6.516%, 5/17/27 | 1131 | 937 |
| <sup>a</sup>10084716.SQ.FTS.B, 4.544%, 5/18/27 | 5077 | 4847 |
| <sup>a</sup>10083867.SQ.FTS.B, 4.547%, 5/18/27 | 9342 | 8941 |
| <sup>a</sup>10087465.SQ.FTS.B, 4.548%, 5/18/27 | 12303 | 11725 |
| <sup>a</sup>10085055.SQ.FTS.B, 4.549%, 5/18/27 | 38318 | 36590 |
| <sup>a</sup>10086202.SQ.FTS.B, 4.549%, 5/18/27 | 9074 | 8663 |
| <sup>a</sup>10086785.SQ.FTS.B, 4.549%, 5/18/27 | 40216 | 38402 |
| <sup>a</sup>10086115.SQ.FTS.B, 4.551%, 5/18/27 | 9461 | 8976 |
| <sup>a</sup>10087257.SQ.FTS.B, 4.551%, 5/18/27 | 17801 | 17028 |
| <sup>a</sup>10085881.SQ.FTS.B, 4.556%, 5/18/27 | 3931 | 3753 |
| <sup>a</sup>10084453.SQ.FTS.B, 4.561%, 5/18/27 | 2137 | 2042 |
| <sup>a</sup>10085867.SQ.FTS.B, 4.562%, 5/18/27 | 1241 | 1187 |
| <sup>a</sup>10085938.SQ.FTS.B, 4.983%, 5/18/27 | 1757 | 1688 |
| <sup>a</sup>10085580.SQ.FTS.B, 4.984%, 5/18/27 | 5997 | 5693 |
| <sup>a</sup>10086308.SQ.FTS.B, 4.985%, 5/18/27 | 5007 | 4722 |
| <sup>a</sup>10084799.SQ.FTS.B, 4.986%, 5/18/27 | 6423 | 6013 |
| <sup>a</sup>10084068.SQ.FTS.B, 4.988%, 5/18/27 | 17910 | 16256 |
| <sup>a</sup>10085669.SQ.FTS.B, 4.989%, 5/18/27 | 7409 | 7059 |
| <sup>a</sup>10087607.SQ.FTS.B, 4.989%, 5/18/27 | 33984 | 32434 |
| <sup>a</sup>10087539.SQ.FTS.B, 4.99%, 5/18/27 | 6519 | 6184 |
| <sup>a</sup>10087406.SQ.FTS.B, 4.991%, 5/18/27 | 4804 | 4531 |
| <sup>a</sup>10086407.SQ.FTS.B, 4.992%, 5/18/27 | 5719 | 5448 |
| <sup>a</sup>10086434.SQ.FTS.B, 4.999%, 5/18/27 | 2039 | 1956 |
| <sup>a</sup>10087862.SQ.FTS.B, 5.553%, 5/18/27 | 61243 | 56985 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10086360.SQ.FTS.B, 5.799%, 5/18/27 | $3943 | $3782 |
| &nbsp;&nbsp;<sup>a</sup>10088310.SQ.FTS.B, 5.806%, 5/18/27 | 15465 | 14739 |
| &nbsp;&nbsp;<sup>a</sup>10085971.SQ.FTS.B, 6.118%, 5/18/27 | 620 | 595 |
| &nbsp;&nbsp;<sup>a</sup>10085983.SQ.FTS.B, 6.177%, 5/18/27 | 8588 | 8074 |
| &nbsp;&nbsp;<sup>a</sup>10085764.SQ.FTS.B, 6.181%, 5/18/27 | 6394 | 6114 |
| &nbsp;&nbsp;<sup>a</sup>10086462.SQ.FTS.B, 6.181%, 5/18/27 | 13667 | 12502 |
| &nbsp;&nbsp;<sup>a</sup>10086662.SQ.FTS.B, 6.183%, 5/18/27 | 13852 | 13024 |
| &nbsp;&nbsp;<sup>a</sup>10086601.SQ.FTS.B, 6.494%, 5/18/27 | 9826 | 8179 |
| &nbsp;&nbsp;<sup>a</sup>10084478.SQ.FTS.B, 6.496%, 5/18/27 | 7291 | 6985 |
| &nbsp;&nbsp;<sup>a</sup>10086593.SQ.FTS.B, 6.501%, 5/18/27 | 1641 | 1564 |
| &nbsp;&nbsp;<sup>a</sup>10085962.SQ.FTS.B, 6.505%, 5/18/27 | 1260 | 1200 |
| &nbsp;&nbsp;<sup>a</sup>10085917.SQ.FTS.B, 6.519%, 5/18/27 | 1184 | 1128 |
| &nbsp;&nbsp;<sup>a</sup>10089898.SQ.FTS.B, 4.545%, 5/19/27 | 3633 | 3466 |
| &nbsp;&nbsp;<sup>a</sup>10092416.SQ.FTS.B, 4.547%, 5/19/27 | 5429 | 5199 |
| &nbsp;&nbsp;<sup>a</sup>10089028.SQ.FTS.B, 4.549%, 5/19/27 | 1959 | 1873 |
| &nbsp;&nbsp;<sup>a</sup>10089959.SQ.FTS.B, 4.549%, 5/19/27 | 14112 | 13392 |
| &nbsp;&nbsp;<sup>a</sup>10091511.SQ.FTS.B, 4.549%, 5/19/27 | 11423 | 10868 |
| &nbsp;&nbsp;<sup>a</sup>10088671.SQ.FTS.B, 4.551%, 5/19/27 | 15065 | 14398 |
| &nbsp;&nbsp;<sup>a</sup>10092301.SQ.FTS.B, 4.553%, 5/19/27 | 5106 | 4881 |
| &nbsp;&nbsp;<sup>a</sup>10090219.SQ.FTS.B, 4.986%, 5/19/27 | 3992 | 3787 |
| &nbsp;&nbsp;<sup>a</sup>10088502.SQ.FTS.B, 4.988%, 5/19/27 | 7703 | 7308 |
| &nbsp;&nbsp;<sup>a</sup>10090695.SQ.FTS.B, 4.988%, 5/19/27 | 64854 | 58970 |
| &nbsp;&nbsp;<sup>a</sup>10092855.SQ.FTS.B, 4.988%, 5/19/27 | 53829 | 51285 |
| &nbsp;&nbsp;<sup>a</sup>10090610.SQ.FTS.B, 4.989%, 5/19/27 | 11165 | 10601 |
| &nbsp;&nbsp;<sup>a</sup>10090496.SQ.FTS.B, 4.99%, 5/19/27 | 7642 | 7313 |
| &nbsp;&nbsp;<sup>a</sup>10092317.SQ.FTS.B, 4.993%, 5/19/27 | 2409 | 2295 |
| &nbsp;&nbsp;<sup>a</sup>10092509.SQ.FTS.B, 5.306%, 5/19/27 | 5567 | 5292 |
| &nbsp;&nbsp;<sup>a</sup>10090265.SQ.FTS.B, 5.333%, 5/19/27 | 22039 | 19985 |
| &nbsp;&nbsp;<sup>a</sup>10091903.SQ.FTS.B, 5.344%, 5/19/27 | 2658 | 2503 |
| &nbsp;&nbsp;<sup>a</sup>10091360.SQ.FTS.B, 5.554%, 5/19/27 | 29144 | 27134 |
| &nbsp;&nbsp;<sup>a</sup>10091629.SQ.FTS.B, 5.554%, 5/19/27 | 26916 | 25300 |
| &nbsp;&nbsp;<sup>a</sup>10091556.SQ.FTS.B, 5.556%, 5/19/27 | 4336 | 4162 |
| &nbsp;&nbsp;<sup>a</sup>10091927.SQ.FTS.B, 5.804%, 5/19/27 | 36965 | 34836 |
| &nbsp;&nbsp;<sup>a</sup>10090601.SQ.FTS.B, 6.172%, 5/19/27 | 2259 | 2160 |
| &nbsp;&nbsp;<sup>a</sup>10092486.SQ.FTS.B, 6.177%, 5/19/27 | 1578 | 1503 |
| &nbsp;&nbsp;<sup>a</sup>10092381.SQ.FTS.B, 6.337%, 5/19/27 | 3310 | 3176 |
| &nbsp;&nbsp;<sup>a</sup>10089079.SQ.FTS.B, 6.338%, 5/19/27 | 30466 | 28763 |
| &nbsp;&nbsp;<sup>a</sup>10092357.SQ.FTS.B, 6.49%, 5/19/27 | 6788 | 6102 |
| &nbsp;&nbsp;<sup>a</sup>10090143.SQ.FTS.B, 6.491%, 5/19/27 | 4192 | 4043 |
| &nbsp;&nbsp;<sup>a</sup>10092843.SQ.FTS.B, 6.491%, 5/19/27 | 1936 | 1792 |
| &nbsp;&nbsp;<sup>a</sup>10092474.SQ.FTS.B, 6.494%, 5/19/27 | 3706 | 3510 |
| &nbsp;&nbsp;<sup>a</sup>10092565.SQ.FTS.B, 6.494%, 5/19/27 | 34962 | 33498 |
| &nbsp;&nbsp;<sup>a</sup>10098864.SQ.FTS.B, 4.549%, 5/20/27 | 10204 | 9737 |
| &nbsp;&nbsp;<sup>a</sup>10101149.SQ.FTS.B, 4.549%, 5/20/27 | 18993 | 18019 |
| &nbsp;&nbsp;<sup>a</sup>10100555.SQ.FTS.B, 4.55%, 5/20/27 | 55944 | 53196 |
| &nbsp;&nbsp;<sup>a</sup>10097694.SQ.FTS.B, 4.551%, 5/20/27 | 8107 | 7724 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10102565.SQ.FTS.B, 4.551%, 5/20/27 | $16752 | $15988 |
| <sup>a</sup>10100394.SQ.FTS.B, 4.553%, 5/20/27 | 7218 | 6889 |
| <sup>a</sup>10097480.SQ.FTS.B, 4.979%, 5/20/27 | 3641 | 3410 |
| <sup>a</sup>10101637.SQ.FTS.B, 4.996%, 5/20/27 | 2380 | 2259 |
| <sup>a</sup>10099289.SQ.FTS.B, 5.302%, 5/20/27 | 68515 | 64668 |
| <sup>a</sup>10101669.SQ.FTS.B, 5.302%, 5/20/27 | 79513 | 74806 |
| <sup>a</sup>10099266.SQ.FTS.B, 5.551%, 5/20/27 | 3749 | 3524 |
| <sup>a</sup>10097860.SQ.FTS.B, 5.553%, 5/20/27 | 7877 | 7499 |
| <sup>a</sup>10099061.SQ.FTS.B, 5.553%, 5/20/27 | 11799 | 11230 |
| <sup>a</sup>10100509.SQ.FTS.B, 5.564%, 5/20/27 | 1827 | 1701 |
| <sup>a</sup>10097380.SQ.FTS.B, 5.804%, 5/20/27 | 3297 | 3108 |
| <sup>a</sup>10098023.SQ.FTS.B, 5.805%, 5/20/27 | 32722 | 31121 |
| <sup>a</sup>10097545.SQ.FTS.B, 6.118%, 5/20/27 | 7356 | 6654 |
| <sup>a</sup>10101357.SQ.FTS.B, 6.182%, 5/20/27 | 14644 | 12672 |
| <sup>a</sup>10100353.SQ.FTS.B, 6.186%, 5/20/27 | 3010 | 2830 |
| <sup>a</sup>10101535.SQ.FTS.B, 6.339%, 5/20/27 | 7698 | 6242 |
| <sup>a</sup>10101328.SQ.FTS.B, 6.341%, 5/20/27 | 3785 | 3531 |
| <sup>a</sup>10100533.SQ.FTS.B, 6.49%, 5/20/27 | 1621 | 1536 |
| <sup>a</sup>10103277.SQ.FTS.B, 4.549%, 5/21/27 | 3953 | 3778 |
| <sup>a</sup>10104340.SQ.FTS.B, 4.549%, 5/21/27 | 15220 | 14560 |
| <sup>a</sup>10104891.SQ.FTS.B, 4.549%, 5/21/27 | 24254 | 22635 |
| <sup>a</sup>10106865.SQ.FTS.B, 4.549%, 5/21/27 | 4134 | 3938 |
| <sup>a</sup>10106905.SQ.FTS.B, 4.549%, 5/21/27 | 63290 | 60072 |
| <sup>a</sup>10107777.SQ.FTS.B, 4.55%, 5/21/27 | 25252 | 24015 |
| <sup>a</sup>10103941.SQ.FTS.B, 4.987%, 5/21/27 | 12310 | 11532 |
| <sup>a</sup>10106415.SQ.FTS.B, 4.987%, 5/21/27 | 7056 | 6723 |
| <sup>a</sup>10105649.SQ.FTS.B, 4.988%, 5/21/27 | 9733 | 9336 |
| <sup>a</sup>10102888.SQ.FTS.B, 4.989%, 5/21/27 | 24243 | 22871 |
| <sup>a</sup>10106093.SQ.FTS.B, 4.989%, 5/21/27 | 34474 | 32524 |
| <sup>a</sup>10106610.SQ.FTS.B, 4.989%, 5/21/27 | 24226 | 22062 |
| <sup>a</sup>10104703.SQ.FTS.B, 5.3%, 5/21/27 | 2189 | 2075 |
| <sup>a</sup>10105218.SQ.FTS.B, 5.301%, 5/21/27 | 11235 | 10776 |
| <sup>a</sup>10105865.SQ.FTS.B, 5.302%, 5/21/27 | 10621 | 10151 |
| <sup>a</sup>10105850.SQ.FTS.B, 5.321%, 5/21/27 | 723 | 656 |
| <sup>a</sup>10102699.SQ.FTS.B, 5.334%, 5/21/27 | 3632 | 3467 |
| <sup>a</sup>10105435.SQ.FTS.B, 5.547%, 5/21/27 | 5102 | 4822 |
| <sup>a</sup>10103427.SQ.FTS.B, 5.554%, 5/21/27 | 22390 | 21159 |
| <sup>a</sup>10106012.SQ.FTS.B, 5.802%, 5/21/27 | 8416 | 7964 |
| <sup>a</sup>10107718.SQ.FTS.B, 6.164%, 5/21/27 | 1269 | 1213 |
| <sup>a</sup>10105533.SQ.FTS.B, 6.183%, 5/21/27 | 11439 | 10984 |
| <sup>a</sup>10103365.SQ.FTS.B, 6.321%, 5/21/27 | 1654 | 1577 |
| <sup>a</sup>10106858.SQ.FTS.B, 6.483%, 5/21/27 | 1341 | 1113 |
| <sup>a</sup>10104678.SQ.FTS.B, 6.494%, 5/21/27 | 2231 | 1885 |
| <sup>a</sup>10105511.SQ.FTS.B, 6.494%, 5/21/27 | 4066 | 3886 |
| <sup>a</sup>10104764.SQ.FTS.B, 6.495%, 5/21/27 | 7017 | 6641 |
| <sup>a</sup>10106457.SQ.FTS.B, 6.495%, 5/21/27 | 21409 | 19338 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 91

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10104854.SQ.FTS.B, 6.501%, 5/21/27 | $1929 | $1630 |
| &nbsp;&nbsp;<sup>a</sup>10105192.SQ.FTS.B, 6.505%, 5/21/27 | 2011 | 1903 |
| &nbsp;&nbsp;<sup>a</sup>10108354.SQ.FTS.B, 4.549%, 5/22/27 | 9293 | 8880 |
| &nbsp;&nbsp;<sup>a</sup>10108424.SQ.FTS.B, 4.549%, 5/22/27 | 8009 | 7638 |
| &nbsp;&nbsp;<sup>a</sup>10108540.SQ.FTS.B, 4.55%, 5/22/27 | 26138 | 24926 |
| &nbsp;&nbsp;<sup>a</sup>10108249.SQ.FTS.B, 4.551%, 5/22/27 | 2926 | 2732 |
| &nbsp;&nbsp;<sup>a</sup>10108491.SQ.FTS.B, 4.554%, 5/22/27 | 6766 | 6446 |
| &nbsp;&nbsp;<sup>a</sup>10108033.SQ.FTS.B, 4.988%, 5/22/27 | 6765 | 6470 |
| &nbsp;&nbsp;<sup>a</sup>10108851.SQ.FTS.B, 5.301%, 5/22/27 | 13831 | 13145 |
| &nbsp;&nbsp;<sup>a</sup>10108291.SQ.FTS.B, 5.306%, 5/22/27 | 2997 | 2830 |
| &nbsp;&nbsp;<sup>a</sup>10108313.SQ.FTS.B, 5.307%, 5/22/27 | 5404 | 4864 |
| &nbsp;&nbsp;<sup>a</sup>10107989.SQ.FTS.B, 5.33%, 5/22/27 | 6175 | 5886 |
| &nbsp;&nbsp;<sup>a</sup>10108750.SQ.FTS.B, 5.334%, 5/22/27 | 14713 | 11455 |
| &nbsp;&nbsp;<sup>a</sup>10108241.SQ.FTS.B, 5.341%, 5/22/27 | 1208 | 1126 |
| &nbsp;&nbsp;<sup>a</sup>10108085.SQ.FTS.B, 5.805%, 5/22/27 | 11166 | 10624 |
| &nbsp;&nbsp;<sup>a</sup>10108146.SQ.FTS.B, 5.806%, 5/22/27 | 15249 | 14432 |
| &nbsp;&nbsp;<sup>a</sup>10107966.SQ.FTS.B, 6.182%, 5/22/27 | 3230 | 3074 |
| &nbsp;&nbsp;<sup>a</sup>10108081.SQ.FTS.B, 6.323%, 5/22/27 | 1574 | 1500 |
| &nbsp;&nbsp;<sup>a</sup>10108733.SQ.FTS.B, 6.475%, 5/22/27 | 1076 | 1038 |
| &nbsp;&nbsp;<sup>a</sup>10107941.SQ.FTS.B, 6.494%, 5/22/27 | 2031 | 1917 |
| &nbsp;&nbsp;<sup>a</sup>10108280.SQ.FTS.B, 6.508%, 5/22/27 | 1591 | 1474 |
| &nbsp;&nbsp;<sup>a</sup>10109803.SQ.FTS.B, 4.545%, 5/23/27 | 3109 | 2971 |
| &nbsp;&nbsp;<sup>a</sup>10108951.SQ.FTS.B, 4.549%, 5/23/27 | 14397 | 13731 |
| &nbsp;&nbsp;<sup>a</sup>10109074.SQ.FTS.B, 4.549%, 5/23/27 | 18231 | 17385 |
| &nbsp;&nbsp;<sup>a</sup>10109210.SQ.FTS.B, 4.549%, 5/23/27 | 2509 | 2387 |
| &nbsp;&nbsp;<sup>a</sup>10109899.SQ.FTS.B, 4.549%, 5/23/27 | 16985 | 16246 |
| &nbsp;&nbsp;<sup>a</sup>10109272.SQ.FTS.B, 4.551%, 5/23/27 | 4307 | 4116 |
| &nbsp;&nbsp;<sup>a</sup>10109604.SQ.FTS.B, 4.554%, 5/23/27 | 5250 | 4906 |
| &nbsp;&nbsp;<sup>a</sup>10109690.SQ.FTS.B, 4.989%, 5/23/27 | 15800 | 14434 |
| &nbsp;&nbsp;<sup>a</sup>10109063.SQ.FTS.B, 5.294%, 5/23/27 | 2229 | 2125 |
| &nbsp;&nbsp;<sup>a</sup>10109048.SQ.FTS.B, 5.296%, 5/23/27 | 2883 | 2598 |
| &nbsp;&nbsp;<sup>a</sup>10109831.SQ.FTS.B, 5.302%, 5/23/27 | 10303 | 9795 |
| &nbsp;&nbsp;<sup>a</sup>10109342.SQ.FTS.B, 5.343%, 5/23/27 | 756 | 730 |
| &nbsp;&nbsp;<sup>a</sup>10109346.SQ.FTS.B, 5.553%, 5/23/27 | 33070 | 31339 |
| &nbsp;&nbsp;<sup>a</sup>10109325.SQ.FTS.B, 6.172%, 5/23/27 | 2033 | 1772 |
| &nbsp;&nbsp;<sup>a</sup>10109658.SQ.FTS.B, 6.175%, 5/23/27 | 5749 | 5012 |
| &nbsp;&nbsp;<sup>a</sup>10109230.SQ.FTS.B, 6.184%, 5/23/27 | 6558 | 6235 |
| &nbsp;&nbsp;<sup>a</sup>10109299.SQ.FTS.B, 6.493%, 5/23/27 | 4774 | 4053 |
| &nbsp;&nbsp;<sup>a</sup>10109646.SQ.FTS.B, 6.494%, 5/23/27 | 2107 | 1903 |
| &nbsp;&nbsp;<sup>a</sup>10113529.SQ.FTS.B, 4.537%, 5/24/27 | 2685 | 2512 |
| &nbsp;&nbsp;<sup>a</sup>10113194.SQ.FTS.B, 4.549%, 5/24/27 | 8046 | 7693 |
| &nbsp;&nbsp;<sup>a</sup>10113371.SQ.FTS.B, 4.549%, 5/24/27 | 15317 | 14619 |
| &nbsp;&nbsp;<sup>a</sup>10113579.SQ.FTS.B, 4.549%, 5/24/27 | 28868 | 27580 |
| &nbsp;&nbsp;<sup>a</sup>10114453.SQ.FTS.B, 4.549%, 5/24/27 | 22733 | 21683 |
| &nbsp;&nbsp;<sup>a</sup>10115779.SQ.FTS.B, 4.549%, 5/24/27 | 32883 | 31360 |
| &nbsp;&nbsp;<sup>a</sup>10112287.SQ.FTS.B, 4.551%, 5/24/27 | 7806 | 7458 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10112725.SQ.FTS.B, 4.551%, 5/24/27 | $11220 | $10494 |
| <sup>a</sup>10112475.SQ.FTS.B, 4.552%, 5/24/27 | 5420 | 5172 |
| <sup>a</sup>10112902.SQ.FTS.B, 4.552%, 5/24/27 | 10163 | 9712 |
| <sup>a</sup>10113856.SQ.FTS.B, 4.556%, 5/24/27 | 4608 | 4401 |
| <sup>a</sup>10115640.SQ.FTS.B, 4.559%, 5/24/27 | 3136 | 2996 |
| <sup>a</sup>10113130.SQ.FTS.B, 4.986%, 5/24/27 | 4023 | 3817 |
| <sup>a</sup>10111112.SQ.FTS.B, 4.989%, 5/24/27 | 12177 | 11646 |
| <sup>a</sup>10112849.SQ.FTS.B, 5.301%, 5/24/27 | 7495 | 7110 |
| <sup>a</sup>10115424.SQ.FTS.B, 5.302%, 5/24/27 | 2870 | 2742 |
| <sup>a</sup>10113300.SQ.FTS.B, 5.304%, 5/24/27 | 3847 | 3635 |
| <sup>a</sup>10111449.SQ.FTS.B, 5.34%, 5/24/27 | 2387 | 2243 |
| <sup>a</sup>10112587.SQ.FTS.B, 5.55%, 5/24/27 | 7580 | 7166 |
| <sup>a</sup>10110832.SQ.FTS.B, 5.555%, 5/24/27 | 17318 | 15543 |
| <sup>a</sup>10115246.SQ.FTS.B, 5.555%, 5/24/27 | 11845 | 11321 |
| <sup>a</sup>10114668.SQ.FTS.B, 5.804%, 5/24/27 | 3274 | 2909 |
| <sup>a</sup>10111511.SQ.FTS.B, 5.805%, 5/24/27 | 20443 | 19359 |
| <sup>a</sup>10112448.SQ.FTS.B, 5.805%, 5/24/27 | 2387 | 2253 |
| <sup>a</sup>10113360.SQ.FTS.B, 6.117%, 5/24/27 | 1267 | 1001 |
| <sup>a</sup>10113042.SQ.FTS.B, 6.179%, 5/24/27 | 8196 | 7798 |
| <sup>a</sup>10112810.SQ.FTS.B, 6.18%, 5/24/27 | 6358 | 5942 |
| <sup>a</sup>10114721.SQ.FTS.B, 6.181%, 5/24/27 | 65030 | 61219 |
| <sup>a</sup>10115469.SQ.FTS.B, 6.182%, 5/24/27 | 7358 | 6782 |
| <sup>a</sup>10112252.SQ.FTS.B, 6.19%, 5/24/27 | 1730 | 1513 |
| <sup>a</sup>10112687.SQ.FTS.B, 6.331%, 5/24/27 | 4165 | 3274 |
| <sup>a</sup>10112092.SQ.FTS.B, 6.334%, 5/24/27 | 6366 | 5277 |
| <sup>a</sup>10115191.SQ.FTS.B, 6.488%, 5/24/27 | 4050 | 3807 |
| <sup>a</sup>10115678.SQ.FTS.B, 6.495%, 5/24/27 | 11019 | 10331 |
| <sup>a</sup>10112991.SQ.FTS.B, 6.5%, 5/24/27 | 4133 | 3970 |
| <sup>a</sup>10115236.SQ.FTS.B, 6.501%, 5/24/27 | 1901 | 1751 |
| <sup>a</sup>10112041.SQ.FTS.B, 6.51%, 5/24/27 | 1743 | 1576 |
| <sup>a</sup>10118456.SQ.FTS.B, 4.545%, 5/25/27 | 3744 | 3561 |
| <sup>a</sup>10120966.SQ.FTS.B, 4.547%, 5/25/27 | 8940 | 8517 |
| <sup>a</sup>10122406.SQ.FTS.B, 4.548%, 5/25/27 | 13086 | 12450 |
| <sup>a</sup>10118163.SQ.FTS.B, 4.549%, 5/25/27 | 2128 | 2020 |
| <sup>a</sup>10118798.SQ.FTS.B, 4.549%, 5/25/27 | 9331 | 8911 |
| <sup>a</sup>10120287.SQ.FTS.B, 4.549%, 5/25/27 | 2043 | 1957 |
| <sup>a</sup>10121544.SQ.FTS.B, 4.549%, 5/25/27 | 2471 | 2360 |
| <sup>a</sup>10121807.SQ.FTS.B, 4.549%, 5/25/27 | 65876 | 62753 |
| <sup>a</sup>10120345.SQ.FTS.B, 4.55%, 5/25/27 | 11980 | 11369 |
| <sup>a</sup>10121373.SQ.FTS.B, 4.553%, 5/25/27 | 9195 | 8775 |
| <sup>a</sup>10118996.SQ.FTS.B, 4.987%, 5/25/27 | 11209 | 10695 |
| <sup>a</sup>10120531.SQ.FTS.B, 4.987%, 5/25/27 | 12546 | 11999 |
| <sup>a</sup>10121119.SQ.FTS.B, 4.988%, 5/25/27 | 4117 | 3913 |
| <sup>a</sup>10121561.SQ.FTS.B, 4.992%, 5/25/27 | 7517 | 7142 |
| <sup>a</sup>10119440.SQ.FTS.B, 5.302%, 5/25/27 | 40258 | 38183 |
| <sup>a</sup>10122544.SQ.FTS.B, 5.302%, 5/25/27 | 40615 | 38257 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>10118530.SQ.FTS.B, 5.303%, 5/25/27 | $25717 | $24570 |
| &nbsp;&nbsp;<sup>a</sup>10121177.SQ.FTS.B, 5.311%, 5/25/27 | 2829 | 2698 |
| &nbsp;&nbsp;<sup>a</sup>10120125.SQ.FTS.B, 5.326%, 5/25/27 | 3641 | 3422 |
| &nbsp;&nbsp;<sup>a</sup>10118492.SQ.FTS.B, 5.333%, 5/25/27 | 824 | 795 |
| &nbsp;&nbsp;<sup>a</sup>10120770.SQ.FTS.B, 5.336%, 5/25/27 | 6209 | 5840 |
| &nbsp;&nbsp;<sup>a</sup>10120856.SQ.FTS.B, 5.341%, 5/25/27 | 3509 | 3348 |
| &nbsp;&nbsp;<sup>a</sup>10120321.SQ.FTS.B, 5.554%, 5/25/27 | 1522 | 1443 |
| &nbsp;&nbsp;<sup>a</sup>10122835.SQ.FTS.B, 5.805%, 5/25/27 | 52123 | 48779 |
| &nbsp;&nbsp;<sup>a</sup>10118276.SQ.FTS.B, 5.807%, 5/25/27 | 12262 | 11476 |
| &nbsp;&nbsp;<sup>a</sup>10120719.SQ.FTS.B, 5.808%, 5/25/27 | 3069 | 2905 |
| &nbsp;&nbsp;<sup>a</sup>10118508.SQ.FTS.B, 5.839%, 5/25/27 | 900 | 858 |
| &nbsp;&nbsp;<sup>a</sup>10120749.SQ.FTS.B, 6.166%, 5/25/27 | 1890 | 1779 |
| &nbsp;&nbsp;<sup>a</sup>10122529.SQ.FTS.B, 6.18%, 5/25/27 | 2181 | 2011 |
| &nbsp;&nbsp;<sup>a</sup>10120096.SQ.FTS.B, 6.243%, 5/25/27 | 567 | 497 |
| &nbsp;&nbsp;<sup>a</sup>10120202.SQ.FTS.B, 6.335%, 5/25/27 | 3298 | 3194 |
| &nbsp;&nbsp;<sup>a</sup>10121433.SQ.FTS.B, 6.336%, 5/25/27 | 8521 | 8178 |
| &nbsp;&nbsp;<sup>a</sup>10120934.SQ.FTS.B, 6.342%, 5/25/27 | 3320 | 3108 |
| &nbsp;&nbsp;<sup>a</sup>10122821.SQ.FTS.B, 6.346%, 5/25/27 | 1218 | 1140 |
| &nbsp;&nbsp;<sup>a</sup>10120102.SQ.FTS.B, 6.493%, 5/25/27 | 1856 | 1775 |
| &nbsp;&nbsp;<sup>a</sup>10119271.SQ.FTS.B, 6.494%, 5/25/27 | 7068 | 6698 |
| &nbsp;&nbsp;<sup>a</sup>10120053.SQ.FTS.B, 6.494%, 5/25/27 | 2090 | 1966 |
| &nbsp;&nbsp;<sup>a</sup>10121642.SQ.FTS.B, 6.496%, 5/25/27 | 17262 | 16366 |
| &nbsp;&nbsp;<sup>a</sup>10121227.SQ.FTS.B, 6.497%, 5/25/27 | 11995 | 11484 |
| &nbsp;&nbsp;<sup>a</sup>10121338.SQ.FTS.B, 6.499%, 5/25/27 | 4534 | 4274 |
| &nbsp;&nbsp;<sup>a</sup>10128903.SQ.FTS.B, 4.549%, 5/26/27 | 35428 | 33262 |
| &nbsp;&nbsp;<sup>a</sup>10129873.SQ.FTS.B, 4.549%, 5/26/27 | 8624 | 8094 |
| &nbsp;&nbsp;<sup>a</sup>10130161.SQ.FTS.B, 4.549%, 5/26/27 | 91755 | 86154 |
| &nbsp;&nbsp;<sup>a</sup>10131107.SQ.FTS.B, 4.549%, 5/26/27 | 13186 | 12369 |
| &nbsp;&nbsp;<sup>a</sup>10127765.SQ.FTS.B, 4.55%, 5/26/27 | 22484 | 21109 |
| &nbsp;&nbsp;<sup>a</sup>10128846.SQ.FTS.B, 4.55%, 5/26/27 | 5420 | 5086 |
| &nbsp;&nbsp;<sup>a</sup>10127085.SQ.FTS.B, 4.556%, 5/26/27 | 4675 | 4388 |
| &nbsp;&nbsp;<sup>a</sup>10132523.SQ.FTS.B, 4.558%, 5/26/27 | 3737 | 3509 |
| &nbsp;&nbsp;<sup>a</sup>10131379.SQ.FTS.B, 4.987%, 5/26/27 | 12872 | 11996 |
| &nbsp;&nbsp;<sup>a</sup>10128531.SQ.FTS.B, 4.988%, 5/26/27 | 1004 | 936 |
| &nbsp;&nbsp;<sup>a</sup>10131606.SQ.FTS.B, 5.304%, 5/26/27 | 16362 | 15202 |
| &nbsp;&nbsp;<sup>a</sup>10131300.SQ.FTS.B, 5.306%, 5/26/27 | 3469 | 3221 |
| &nbsp;&nbsp;<sup>a</sup>10132561.SQ.FTS.B, 5.311%, 5/26/27 | 714 | 658 |
| &nbsp;&nbsp;<sup>a</sup>10131365.SQ.FTS.B, 5.333%, 5/26/27 | 841 | 776 |
| &nbsp;&nbsp;<sup>a</sup>10132307.SQ.FTS.B, 5.34%, 5/26/27 | 2250 | 2068 |
| &nbsp;&nbsp;<sup>a</sup>10132338.SQ.FTS.B, 5.341%, 5/26/27 | 1311 | 1210 |
| &nbsp;&nbsp;<sup>a</sup>10131065.SQ.FTS.B, 5.541%, 5/26/27 | 1897 | 1756 |
| &nbsp;&nbsp;<sup>a</sup>10131943.SQ.FTS.B, 5.548%, 5/26/27 | 5968 | 5518 |
| &nbsp;&nbsp;<sup>a</sup>10132351.SQ.FTS.B, 5.553%, 5/26/27 | 5470 | 5071 |
| &nbsp;&nbsp;<sup>a</sup>10132070.SQ.FTS.B, 5.554%, 5/26/27 | 20669 | 19139 |
| &nbsp;&nbsp;<sup>a</sup>10127631.SQ.FTS.B, 5.558%, 5/26/27 | 6519 | 6040 |
| &nbsp;&nbsp;<sup>a</sup>10128576.SQ.FTS.B, 5.558%, 5/26/27 | 1384 | 1279 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10129956.SQ.FTS.B, 5.804%, 5/26/27 | $11145 | $10249 |
| <sup>a</sup>10129759.SQ.FTS.B, 6.172%, 5/26/27 | 2126 | 1958 |
| <sup>a</sup>10128702.SQ.FTS.B, 6.176%, 5/26/27 | 6830 | 6272 |
| <sup>a</sup>10129598.SQ.FTS.B, 6.18%, 5/26/27 | 12629 | 11593 |
| <sup>a</sup>10129784.SQ.FTS.B, 6.18%, 5/26/27 | 10693 | 9822 |
| <sup>a</sup>10128599.SQ.FTS.B, 6.334%, 5/26/27 | 4392 | 4031 |
| <sup>a</sup>10127207.SQ.FTS.B, 6.488%, 5/26/27 | 4610 | 4211 |
| <sup>a</sup>10132506.SQ.FTS.B, 6.49%, 5/26/27 | 2195 | 1992 |
| <sup>a</sup>10127174.SQ.FTS.B, 6.493%, 5/26/27 | 2599 | 2377 |
| <sup>a</sup>10127038.SQ.FTS.B, 6.494%, 5/26/27 | 1815 | 1644 |
| <sup>a</sup>10127250.SQ.FTS.B, 6.494%, 5/26/27 | 32103 | 29203 |
| <sup>a</sup>10128252.SQ.FTS.B, 6.494%, 5/26/27 | 9900 | 8993 |
| <sup>a</sup>10132574.SQ.FTS.B, 6.494%, 5/26/27 | 6172 | 5603 |
| <sup>a</sup>10131263.SQ.FTS.B, 6.5%, 5/26/27 | 2138 | 1943 |
| <sup>a</sup>10131279.SQ.FTS.B, 6.5%, 5/26/27 | 1866 | 1706 |
| <sup>a</sup>10133314.SQ.FTS.B, 4.548%, 5/27/27 | 13358 | 12543 |
| <sup>a</sup>10133097.SQ.FTS.B, 4.549%, 5/27/27 | 42255 | 39677 |
| <sup>a</sup>10132846.SQ.FTS.B, 4.551%, 5/27/27 | 6184 | 5812 |
| <sup>a</sup>10133057.SQ.FTS.B, 4.553%, 5/27/27 | 3342 | 3136 |
| <sup>a</sup>10132767.SQ.FTS.B, 4.554%, 5/27/27 | 5263 | 4941 |
| <sup>a</sup>10133414.SQ.FTS.B, 4.562%, 5/27/27 | 1292 | 1213 |
| <sup>a</sup>10132902.SQ.FTS.B, 5.301%, 5/27/27 | 3267 | 3035 |
| <sup>a</sup>10132700.SQ.FTS.B, 5.303%, 5/27/27 | 7959 | 7396 |
| <sup>a</sup>10133420.SQ.FTS.B, 5.303%, 5/27/27 | 13871 | 12886 |
| <sup>a</sup>10132793.SQ.FTS.B, 5.804%, 5/27/27 | 1059 | 971 |
| <sup>a</sup>10132926.SQ.FTS.B, 5.804%, 5/27/27 | 10201 | 9409 |
| <sup>a</sup>10133546.SQ.FTS.B, 5.804%, 5/27/27 | 21841 | 20079 |
| <sup>a</sup>10133751.SQ.FTS.B, 5.807%, 5/27/27 | 2633 | 2418 |
| <sup>a</sup>10132659.SQ.FTS.B, 6.118%, 5/27/27 | 2204 | 2029 |
| <sup>a</sup>10133004.SQ.FTS.B, 6.174%, 5/27/27 | 5004 | 4596 |
| <sup>a</sup>10132802.SQ.FTS.B, 6.184%, 5/27/27 | 5642 | 5163 |
| <sup>a</sup>10132879.SQ.FTS.B, 6.49%, 5/27/27 | 4174 | 3806 |
| <sup>a</sup>10133510.SQ.FTS.B, 6.496%, 5/27/27 | 6263 | 5710 |
| <sup>a</sup>10135405.SQ.FTS.B, 4.545%, 5/28/27 | 3711 | 3484 |
| <sup>a</sup>10136707.SQ.FTS.B, 4.547%, 5/28/27 | 9446 | 8868 |
| <sup>a</sup>10138146.SQ.FTS.B, 4.547%, 5/28/27 | 6070 | 5703 |
| <sup>a</sup>10136103.SQ.FTS.B, 4.548%, 5/28/27 | 3808 | 3575 |
| <sup>a</sup>10136809.SQ.FTS.B, 4.549%, 5/28/27 | 29388 | 27585 |
| <sup>a</sup>10137328.SQ.FTS.B, 4.549%, 5/28/27 | 27828 | 26149 |
| <sup>a</sup>10135759.SQ.FTS.B, 4.551%, 5/28/27 | 9194 | 8626 |
| <sup>a</sup>10134263.SQ.FTS.B, 4.554%, 5/28/27 | 6699 | 6289 |
| <sup>a</sup>10135906.SQ.FTS.B, 4.555%, 5/28/27 | 5314 | 4987 |
| <sup>a</sup>10134177.SQ.FTS.B, 4.986%, 5/28/27 | 2423 | 2262 |
| <sup>a</sup>10136197.SQ.FTS.B, 4.989%, 5/28/27 | 20739 | 19359 |
| <sup>a</sup>10137282.SQ.FTS.B, 5.328%, 5/28/27 | 858 | 622 |
| <sup>a</sup>10134001.SQ.FTS.B, 5.334%, 5/28/27 | 6082 | 5640 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 93

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10136558.SQ.FTS.B, 5.551%, 5/28/27 | $4574 | $4239 |
| <sup>a</sup>10137849.SQ.FTS.B, 5.556%, 5/28/27 | 7025 | 6478 |
| <sup>a</sup>10135257.SQ.FTS.B, 5.802%, 5/28/27 | 1724 | 1589 |
| <sup>a</sup>10136634.SQ.FTS.B, 5.804%, 5/28/27 | 2486 | 2299 |
| <sup>a</sup>10135562.SQ.FTS.B, 5.807%, 5/28/27 | 6264 | 5774 |
| <sup>a</sup>10134844.SQ.FTS.B, 6.118%, 5/28/27 | 7363 | 6648 |
| <sup>a</sup>10136528.SQ.FTS.B, 6.134%, 5/28/27 | 1527 | 1390 |
| <sup>a</sup>10138793.SQ.FTS.B, 6.18%, 5/28/27 | 37704 | 34600 |
| <sup>a</sup>10138633.SQ.FTS.B, 6.182%, 5/28/27 | 11847 | 10858 |
| <sup>a</sup>10138352.SQ.FTS.B, 6.333%, 5/28/27 | 5265 | 4834 |
| <sup>a</sup>10134465.SQ.FTS.B, 6.337%, 5/28/27 | 5678 | 5042 |
| <sup>a</sup>10138004.SQ.FTS.B, 6.339%, 5/28/27 | 9839 | 8986 |
| <sup>a</sup>10135205.SQ.FTS.B, 6.472%, 5/28/27 | 1016 | 927 |
| <sup>a</sup>10135334.SQ.FTS.B, 6.481%, 5/28/27 | 1557 | 1417 |
| <sup>a</sup>10136667.SQ.FTS.B, 6.486%, 5/28/27 | 2931 | 2672 |
| <sup>a</sup>10137847.SQ.FTS.B, 6.493%, 5/28/27 | 1062 | 971 |
| <sup>a</sup>10136008.SQ.FTS.B, 6.494%, 5/28/27 | 3369 | 3082 |
| <sup>a</sup>10138508.SQ.FTS.B, 6.497%, 5/28/27 | 6682 | 6119 |
| <sup>a</sup>10139528.SQ.FTS.B, 4.541%, 5/29/27 | 3981 | 3739 |
| <sup>a</sup>10140020.SQ.FTS.B, 4.546%, 5/29/27 | 6854 | 6436 |
| <sup>a</sup>10139614.SQ.FTS.B, 4.549%, 5/29/27 | 9192 | 8627 |
| <sup>a</sup>10139733.SQ.FTS.B, 4.549%, 5/29/27 | 4119 | 3865 |
| <sup>a</sup>10139809.SQ.FTS.B, 4.549%, 5/29/27 | 5288 | 4964 |
| <sup>a</sup>10140113.SQ.FTS.B, 4.549%, 5/29/27 | 12855 | 12053 |
| <sup>a</sup>10139295.SQ.FTS.B, 4.552%, 5/29/27 | 9952 | 9341 |
| <sup>a</sup>10139412.SQ.FTS.B, 4.992%, 5/29/27 | 9540 | 8907 |
| <sup>a</sup>10140309.SQ.FTS.B, 5.335%, 5/29/27 | 10168 | 9321 |
| <sup>a</sup>10139582.SQ.FTS.B, 5.336%, 5/29/27 | 1882 | 1722 |
| <sup>a</sup>10139790.SQ.FTS.B, 6.118%, 5/29/27 | 1159 | 1054 |
| <sup>a</sup>10139879.SQ.FTS.B, 6.178%, 5/29/27 | 10468 | 9592 |
| <sup>a</sup>10139256.SQ.FTS.B, 6.489%, 5/29/27 | 3139 | 2861 |
| <sup>a</sup>10140505.SQ.FTS.B, 4.545%, 5/30/27 | 3200 | 3002 |
| <sup>a</sup>10140583.SQ.FTS.B, 4.547%, 5/30/27 | 7111 | 6671 |
| <sup>a</sup>10141150.SQ.FTS.B, 4.549%, 5/30/27 | 30438 | 28554 |
| <sup>a</sup>10141011.SQ.FTS.B, 4.551%, 5/30/27 | 10386 | 9743 |
| <sup>a</sup>10140698.SQ.FTS.B, 4.555%, 5/30/27 | 5801 | 5445 |
| <sup>a</sup>10140930.SQ.FTS.B, 4.993%, 5/30/27 | 5414 | 5054 |
| <sup>a</sup>10140560.SQ.FTS.B, 5.006%, 5/30/27 | 1834 | 1710 |
| <sup>a</sup>10140470.SQ.FTS.B, 6.349%, 5/30/27 | 1901 | 1731 |
| <sup>a</sup>10140763.SQ.FTS.B, 6.495%, 5/30/27 | 14516 | 13227 |
| <sup>a</sup>10146022.SQ.FTS.B, 4.538%, 6/01/27 | 2789 | 2618 |
| <sup>a</sup>10145681.SQ.FTS.B, 4.542%, 6/01/27 | 4229 | 3969 |
| <sup>a</sup>10147672.SQ.FTS.B, 4.545%, 6/01/27 | 5229 | 4908 |
| <sup>a</sup>10147384.SQ.FTS.B, 4.547%, 6/01/27 | 10120 | 9497 |
| <sup>a</sup>10142821.SQ.FTS.B, 4.549%, 6/01/27 | 5243 | 4921 |
| <sup>a</sup>10143121.SQ.FTS.B, 4.549%, 6/01/27 | 5198 | 4878 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10146145.SQ.FTS.B, 4.549%, 6/01/27 | $7219 | $6775 |
| <sup>a</sup>10146479.SQ.FTS.B, 4.549%, 6/01/27 | 3194 | 2999 |
| <sup>a</sup>10146544.SQ.FTS.B, 4.551%, 6/01/27 | 9694 | 9099 |
| <sup>a</sup>10147274.SQ.FTS.B, 4.551%, 6/01/27 | 7367 | 6914 |
| <sup>a</sup>10147856.SQ.FTS.B, 4.552%, 6/01/27 | 11855 | 11124 |
| <sup>a</sup>10143966.SQ.FTS.B, 4.554%, 6/01/27 | 6845 | 6425 |
| <sup>a</sup>10145553.SQ.FTS.B, 4.554%, 6/01/27 | 6689 | 6276 |
| <sup>a</sup>10146086.SQ.FTS.B, 4.981%, 6/01/27 | 3567 | 3326 |
| <sup>a</sup>10145780.SQ.FTS.B, 4.987%, 6/01/27 | 15532 | 14485 |
| <sup>a</sup>10144582.SQ.FTS.B, 4.988%, 6/01/27 | 40942 | 38177 |
| <sup>a</sup>10147245.SQ.FTS.B, 5.307%, 6/01/27 | 4432 | 4124 |
| <sup>a</sup>10147592.SQ.FTS.B, 5.336%, 6/01/27 | 3608 | 3330 |
| <sup>a</sup>10147829.SQ.FTS.B, 5.341%, 6/01/27 | 1859 | 1709 |
| <sup>a</sup>10147221.SQ.FTS.B, 5.55%, 6/01/27 | 4599 | 4262 |
| <sup>a</sup>10143375.SQ.FTS.B, 5.801%, 6/01/27 | 3274 | 3020 |
| <sup>a</sup>10143489.SQ.FTS.B, 5.804%, 6/01/27 | 7547 | 6967 |
| <sup>a</sup>10144152.SQ.FTS.B, 5.804%, 6/01/27 | 10034 | 9266 |
| <sup>a</sup>10145665.SQ.FTS.B, 6.161%, 6/01/27 | 1237 | 1136 |
| <sup>a</sup>10146291.SQ.FTS.B, 6.18%, 6/01/27 | 11347 | 10406 |
| <sup>a</sup>10144333.SQ.FTS.B, 6.243%, 6/01/27 | 492 | 450 |
| <sup>a</sup>10144432.SQ.FTS.B, 6.491%, 6/01/27 | 8567 | 7827 |
| <sup>a</sup>10144345.SQ.FTS.B, 6.495%, 6/01/27 | 4125 | 3645 |
| <sup>a</sup>10146798.SQ.FTS.B, 6.495%, 6/01/27 | 26993 | 24640 |
| <sup>a</sup>10147763.SQ.FTS.B, 6.495%, 6/01/27 | 2256 | 2062 |
| <sup>a</sup>10148103.SQ.FTS.B, 4.549%, 6/02/27 | 29674 | 27863 |
| <sup>a</sup>10148888.SQ.FTS.B, 4.549%, 6/02/27 | 7171 | 6727 |
| <sup>a</sup>10149225.SQ.FTS.B, 4.549%, 6/02/27 | 12513 | 11725 |
| <sup>a</sup>10151082.SQ.FTS.B, 4.551%, 6/02/27 | 14459 | 13564 |
| <sup>a</sup>10149040.SQ.FTS.B, 4.553%, 6/02/27 | 7912 | 7426 |
| <sup>a</sup>10151298.SQ.FTS.B, 4.554%, 6/02/27 | 6877 | 6452 |
| <sup>a</sup>10152255.SQ.FTS.B, 4.561%, 6/02/27 | 2359 | 2215 |
| <sup>a</sup>10147986.SQ.FTS.B, 4.979%, 6/02/27 | 2703 | 2519 |
| <sup>a</sup>10149750.SQ.FTS.B, 4.988%, 6/02/27 | 5224 | 4852 |
| <sup>a</sup>10153269.SQ.FTS.B, 5.303%, 6/02/27 | 12207 | 11360 |
| <sup>a</sup>10153247.SQ.FTS.B, 5.323%, 6/02/27 | 1563 | 1451 |
| <sup>a</sup>10152240.SQ.FTS.B, 5.333%, 6/02/27 | 1139 | 1045 |
| <sup>a</sup>10150899.SQ.FTS.B, 5.545%, 6/02/27 | 2359 | 2182 |
| <sup>a</sup>10150931.SQ.FTS.B, 5.551%, 6/02/27 | 3297 | 3037 |
| <sup>a</sup>10153357.SQ.FTS.B, 5.551%, 6/02/27 | 2502 | 2296 |
| <sup>a</sup>10149999.SQ.FTS.B, 5.553%, 6/02/27 | 4105 | 3796 |
| <sup>a</sup>10151466.SQ.FTS.B, 5.553%, 6/02/27 | 68541 | 63023 |
| <sup>a</sup>10152306.SQ.FTS.B, 5.553%, 6/02/27 | 86919 | 80426 |
| <sup>a</sup>10150830.SQ.FTS.B, 5.804%, 6/02/27 | 10679 | 9854 |
| <sup>a</sup>10151335.SQ.FTS.B, 5.804%, 6/02/27 | 22039 | 20355 |
| <sup>a</sup>10150106.SQ.FTS.B, 5.805%, 6/02/27 | 49224 | 45323 |
| <sup>a</sup>10153214.SQ.FTS.B, 5.816%, 6/02/27 | 2750 | 2539 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10153201.SQ.FTS.B, 5.819%, 6/02/27 | $1867 | $1723 |
| <sup>a</sup>10153343.SQ.FTS.B, 6.118%, 6/02/27 | 441 | 405 |
| <sup>a</sup>10152249.SQ.FTS.B, 6.175%, 6/02/27 | 1125 | 1032 |
| <sup>a</sup>10150997.SQ.FTS.B, 6.181%, 6/02/27 | 3383 | 3099 |
| <sup>a</sup>10152268.SQ.FTS.B, 6.326%, 6/02/27 | 2963 | 2717 |
| <sup>a</sup>10149935.SQ.FTS.B, 6.344%, 6/02/27 | 3186 | 2901 |
| <sup>a</sup>10148857.SQ.FTS.B, 6.364%, 6/02/27 | 1030 | 941 |
| <sup>a</sup>10153229.SQ.FTS.B, 6.487%, 6/02/27 | 1877 | 1715 |
| <sup>a</sup>10151264.SQ.FTS.B, 6.491%, 6/02/27 | 3948 | 3597 |
| <sup>a</sup>10149866.SQ.FTS.B, 6.501%, 6/02/27 | 3765 | 3429 |
| <sup>a</sup>10155983.SQ.FTS.B, 4.545%, 6/03/27 | 4686 | 4399 |
| <sup>a</sup>10156038.SQ.FTS.B, 4.545%, 6/03/27 | 4797 | 4501 |
| <sup>a</sup>10154093.SQ.FTS.B, 4.546%, 6/03/27 | 3276 | 3075 |
| <sup>a</sup>10153627.SQ.FTS.B, 4.549%, 6/03/27 | 842 | 791 |
| <sup>a</sup>10154451.SQ.FTS.B, 4.549%, 6/03/27 | 4649 | 4359 |
| <sup>a</sup>10155065.SQ.FTS.B, 4.549%, 6/03/27 | 35811 | 33606 |
| <sup>a</sup>10157481.SQ.FTS.B, 4.549%, 6/03/27 | 11609 | 10895 |
| <sup>a</sup>10157580.SQ.FTS.B, 4.549%, 6/03/27 | 11854 | 11128 |
| <sup>a</sup>10157668.SQ.FTS.B, 4.549%, 6/03/27 | 51930 | 48723 |
| <sup>a</sup>10158227.SQ.FTS.B, 4.549%, 6/03/27 | 72802 | 68305 |
| <sup>a</sup>10153895.SQ.FTS.B, 4.551%, 6/03/27 | 6562 | 6159 |
| <sup>a</sup>10153411.SQ.FTS.B, 4.556%, 6/03/27 | 4711 | 4420 |
| <sup>a</sup>10154322.SQ.FTS.B, 4.556%, 6/03/27 | 4862 | 4564 |
| <sup>a</sup>10155881.SQ.FTS.B, 4.556%, 6/03/27 | 4872 | 4575 |
| <sup>a</sup>10156303.SQ.FTS.B, 4.556%, 6/03/27 | 3617 | 3395 |
| <sup>a</sup>10156341.SQ.FTS.B, 4.988%, 6/03/27 | 66056 | 61626 |
| <sup>a</sup>10156104.SQ.FTS.B, 4.99%, 6/03/27 | 15698 | 14644 |
| <sup>a</sup>10153555.SQ.FTS.B, 5.294%, 6/03/27 | 3753 | 3487 |
| <sup>a</sup>10153749.SQ.FTS.B, 5.298%, 6/03/27 | 5285 | 4908 |
| <sup>a</sup>10154289.SQ.FTS.B, 5.302%, 6/03/27 | 1062 | 986 |
| <sup>a</sup>10153841.SQ.FTS.B, 5.328%, 6/03/27 | 4247 | 3922 |
| <sup>a</sup>10154549.SQ.FTS.B, 5.33%, 6/03/27 | 4239 | 3898 |
| <sup>a</sup>10154151.SQ.FTS.B, 5.337%, 6/03/27 | 4045 | 3575 |
| <sup>a</sup>10155838.SQ.FTS.B, 5.802%, 6/03/27 | 3241 | 2990 |
| <sup>a</sup>10154877.SQ.FTS.B, 5.804%, 6/03/27 | 6788 | 6261 |
| <sup>a</sup>10154771.SQ.FTS.B, 6.111%, 6/03/27 | 3437 | 3127 |
| <sup>a</sup>10155768.SQ.FTS.B, 6.18%, 6/03/27 | 5665 | 5209 |
| <sup>a</sup>10154406.SQ.FTS.B, 6.482%, 6/03/27 | 2336 | 2125 |
| <sup>a</sup>10154651.SQ.FTS.B, 6.483%, 6/03/27 | 2036 | 1852 |
| <sup>a</sup>10153641.SQ.FTS.B, 6.488%, 6/03/27 | 4616 | 4181 |
| <sup>a</sup>10155464.SQ.FTS.B, 6.495%, 6/03/27 | 20966 | 19202 |
| <sup>a</sup>10154048.SQ.FTS.B, 6.504%, 6/03/27 | 1113 | 1004 |
| <sup>a</sup>10155727.SQ.FTS.B, 6.504%, 6/03/27 | 2860 | 2612 |
| <sup>a</sup>10155720.SQ.FTS.B, 6.536%, 6/03/27 | 301 | 273 |
| <sup>a</sup>10165923.SQ.FTS.B, 4.54%, 6/04/27 | 1874 | 1759 |
| <sup>a</sup>10162794.SQ.FTS.B, 4.547%, 6/04/27 | 10858 | 10188 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10162981.SQ.FTS.B, 4.547%, 6/04/27 | $10194 | $9565 |
| <sup>a</sup>10166007.SQ.FTS.B, 4.547%, 6/04/27 | 8242 | 7733 |
| <sup>a</sup>10163675.SQ.FTS.B, 4.549%, 6/04/27 | 2747 | 2577 |
| <sup>a</sup>10164474.SQ.FTS.B, 4.549%, 6/04/27 | 1055 | 990 |
| <sup>a</sup>10165073.SQ.FTS.B, 4.549%, 6/04/27 | 18907 | 17741 |
| <sup>a</sup>10165962.SQ.FTS.B, 4.549%, 6/04/27 | 3261 | 3060 |
| <sup>a</sup>10163498.SQ.FTS.B, 4.552%, 6/04/27 | 3742 | 3495 |
| <sup>a</sup>10163613.SQ.FTS.B, 4.554%, 6/04/27 | 5615 | 5266 |
| <sup>a</sup>10166141.SQ.FTS.B, 4.557%, 6/04/27 | 4401 | 4129 |
| <sup>a</sup>10164151.SQ.FTS.B, 4.981%, 6/04/27 | 4103 | 3827 |
| <sup>a</sup>10164280.SQ.FTS.B, 4.99%, 6/04/27 | 16739 | 15628 |
| <sup>a</sup>10166080.SQ.FTS.B, 4.993%, 6/04/27 | 6853 | 6394 |
| <sup>a</sup>10162274.SQ.FTS.B, 5.301%, 6/04/27 | 39989 | 37147 |
| <sup>a</sup>10165209.SQ.FTS.B, 5.302%, 6/04/27 | 49402 | 45880 |
| <sup>a</sup>10164494.SQ.FTS.B, 5.334%, 6/04/27 | 3826 | 3546 |
| <sup>a</sup>10165948.SQ.FTS.B, 5.336%, 6/04/27 | 3488 | 3198 |
| <sup>a</sup>10164210.SQ.FTS.B, 5.544%, 6/04/27 | 1850 | 1711 |
| <sup>a</sup>10166540.SQ.FTS.B, 5.552%, 6/04/27 | 9777 | 9046 |
| <sup>a</sup>10163716.SQ.FTS.B, 5.555%, 6/04/27 | 2094 | 1938 |
| <sup>a</sup>10166450.SQ.FTS.B, 5.557%, 6/04/27 | 6426 | 5928 |
| <sup>a</sup>10162165.SQ.FTS.B, 5.804%, 6/04/27 | 10590 | 9762 |
| <sup>a</sup>10162247.SQ.FTS.B, 5.804%, 6/04/27 | 1537 | 1418 |
| <sup>a</sup>10166197.SQ.FTS.B, 5.804%, 6/04/27 | 20240 | 18624 |
| <sup>a</sup>10166623.SQ.FTS.B, 5.805%, 6/04/27 | 35268 | 32490 |
| <sup>a</sup>10163785.SQ.FTS.B, 6.12%, 6/04/27 | 4914 | 4506 |
| <sup>a</sup>10164228.SQ.FTS.B, 6.18%, 6/04/27 | 2673 | 2455 |
| <sup>a</sup>10165772.SQ.FTS.B, 6.18%, 6/04/27 | 20771 | 19032 |
| <sup>a</sup>10164549.SQ.FTS.B, 6.181%, 6/04/27 | 39442 | 36150 |
| <sup>a</sup>10167219.SQ.FTS.B, 6.342%, 6/04/27 | 7414 | 6766 |
| <sup>a</sup>10164269.SQ.FTS.B, 6.351%, 6/04/27 | 1170 | 1067 |
| <sup>a</sup>10162234.SQ.FTS.B, 6.474%, 6/04/27 | 957 | 867 |
| <sup>a</sup>10162063.SQ.FTS.B, 6.49%, 6/04/27 | 6353 | 5792 |
| <sup>a</sup>10163871.SQ.FTS.B, 6.494%, 6/04/27 | 20694 | 18864 |
| <sup>a</sup>10165654.SQ.FTS.B, 6.495%, 6/04/27 | 15656 | 14264 |
| <sup>a</sup>10163183.SQ.FTS.B, 6.497%, 6/04/27 | 9518 | 8662 |
| <sup>a</sup>10166179.SQ.FTS.B, 6.509%, 6/04/27 | 354 | 258 |
| <sup>a</sup>10167778.SQ.FTS.B, 4.543%, 6/05/27 | 3118 | 2928 |
| <sup>a</sup>10170386.SQ.FTS.B, 4.546%, 6/05/27 | 6264 | 5879 |
| <sup>a</sup>10171604.SQ.FTS.B, 4.546%, 6/05/27 | 5078 | 4764 |
| <sup>a</sup>10170444.SQ.FTS.B, 4.547%, 6/05/27 | 7886 | 7395 |
| <sup>a</sup>10168297.SQ.FTS.B, 4.549%, 6/05/27 | 4199 | 3939 |
| <sup>a</sup>10168573.SQ.FTS.B, 4.549%, 6/05/27 | 38746 | 36353 |
| <sup>a</sup>10169442.SQ.FTS.B, 4.549%, 6/05/27 | 79737 | 74799 |
| <sup>a</sup>10170235.SQ.FTS.B, 4.549%, 6/05/27 | 8491 | 7965 |
| <sup>a</sup>10170598.SQ.FTS.B, 4.549%, 6/05/27 | 30727 | 28823 |
| <sup>a</sup>10171355.SQ.FTS.B, 4.549%, 6/05/27 | 12978 | 12177 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 95

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10171775.SQ.FTS.B, 4.549%, 6/05/27 | $2071 | $1941 |
| <sup>a</sup>10172149.SQ.FTS.B, 4.549%, 6/05/27 | 18039 | 16914 |
| <sup>a</sup>10167634.SQ.FTS.B, 4.551%, 6/05/27 | 8218 | 7710 |
| <sup>a</sup>10167804.SQ.FTS.B, 4.551%, 6/05/27 | 15183 | 14239 |
| <sup>a</sup>10169186.SQ.FTS.B, 4.551%, 6/05/27 | 13828 | 12972 |
| <sup>a</sup>10171206.SQ.FTS.B, 4.551%, 6/05/27 | 15408 | 14462 |
| <sup>a</sup>10171785.SQ.FTS.B, 4.551%, 6/05/27 | 7898 | 7409 |
| <sup>a</sup>10170961.SQ.FTS.B, 4.552%, 6/05/27 | 11533 | 10824 |
| <sup>a</sup>10168410.SQ.FTS.B, 4.557%, 6/05/27 | 3853 | 3613 |
| <sup>a</sup>10167759.SQ.FTS.B, 4.562%, 6/05/27 | 2637 | 2473 |
| <sup>a</sup>10170326.SQ.FTS.B, 4.578%, 6/05/27 | 1166 | 1093 |
| <sup>a</sup>10171909.SQ.FTS.B, 4.988%, 6/05/27 | 4305 | 4015 |
| <sup>a</sup>10171753.SQ.FTS.B, 5.281%, 6/05/27 | 656 | 609 |
| <sup>a</sup>10167500.SQ.FTS.B, 5.298%, 6/05/27 | 5321 | 4939 |
| <sup>a</sup>10171681.SQ.FTS.B, 5.299%, 6/05/27 | 5586 | 5190 |
| <sup>a</sup>10168059.SQ.FTS.B, 5.3%, 6/05/27 | 9748 | 9056 |
| <sup>a</sup>10171061.SQ.FTS.B, 5.302%, 6/05/27 | 1099 | 1021 |
| <sup>a</sup>10171484.SQ.FTS.B, 5.335%, 6/05/27 | 6784 | 6275 |
| <sup>a</sup>10171880.SQ.FTS.B, 5.345%, 6/05/27 | 2154 | 1994 |
| <sup>a</sup>10170201.SQ.FTS.B, 5.539%, 6/05/27 | 2071 | 1916 |
| <sup>a</sup>10167297.SQ.FTS.B, 5.551%, 6/05/27 | 10422 | 9637 |
| <sup>a</sup>10170521.SQ.FTS.B, 5.801%, 6/05/27 | 3823 | 3511 |
| <sup>a</sup>10170926.SQ.FTS.B, 5.804%, 6/05/27 | 3339 | 3064 |
| <sup>a</sup>10171871.SQ.FTS.B, 6.107%, 6/05/27 | 1203 | 1095 |
| <sup>a</sup>10171772.SQ.FTS.B, 6.117%, 6/05/27 | 986 | 900 |
| <sup>a</sup>10170343.SQ.FTS.B, 6.168%, 6/05/27 | 1397 | 1283 |
| <sup>a</sup>10171129.SQ.FTS.B, 6.18%, 6/05/27 | 4829 | 4432 |
| <sup>a</sup>10171953.SQ.FTS.B, 6.182%, 6/05/27 | 8484 | 7783 |
| <sup>a</sup>10171844.SQ.FTS.B, 6.329%, 6/05/27 | 2569 | 2350 |
| <sup>a</sup>10167751.SQ.FTS.B, 6.372%, 6/05/27 | 774 | 697 |
| <sup>a</sup>10171899.SQ.FTS.B, 6.372%, 6/05/27 | 961 | 877 |
| <sup>a</sup>10171067.SQ.FTS.B, 6.485%, 6/05/27 | 3381 | 3094 |
| <sup>a</sup>10169412.SQ.FTS.B, 6.487%, 6/05/27 | 1896 | 1733 |
| <sup>a</sup>10170357.SQ.FTS.B, 6.492%, 6/05/27 | 2584 | 2360 |
| <sup>a</sup>10172068.SQ.FTS.B, 6.496%, 6/05/27 | 10458 | 9545 |
| <sup>a</sup>10167530.SQ.FTS.B, 6.497%, 6/05/27 | 5348 | 4866 |
| <sup>a</sup>10172011.SQ.FTS.B, 6.497%, 6/05/27 | 7847 | 7150 |
| <sup>a</sup>10171722.SQ.FTS.B, 6.504%, 6/05/27 | 2271 | 2078 |
| <sup>a</sup>10167474.SQ.FTS.B, 6.507%, 6/05/27 | 1641 | 1499 |
| <sup>a</sup>10170338.SQ.FTS.B, 6.51%, 6/05/27 | 1806 | 1652 |
| <sup>a</sup>10172543.SQ.FTS.B, 4.544%, 6/06/27 | 3878 | 3639 |
| <sup>a</sup>10172835.SQ.FTS.B, 4.548%, 6/06/27 | 12871 | 12084 |
| <sup>a</sup>10172512.SQ.FTS.B, 4.549%, 6/06/27 | 1049 | 984 |
| <sup>a</sup>10172689.SQ.FTS.B, 4.549%, 6/06/27 | 14989 | 14060 |
| <sup>a</sup>10172932.SQ.FTS.B, 4.55%, 6/06/27 | 11868 | 11132 |
| <sup>a</sup>10172523.SQ.FTS.B, 4.556%, 6/06/27 | 2840 | 2664 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal** <br> **Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10172490.SQ.FTS.B, 4.995%, 6/06/27 | $2514 | $2342 |
| <sup>a</sup>10172580.SQ.FTS.B, 5.335%, 6/06/27 | 5186 | 4767 |
| <sup>a</sup>10172670.SQ.FTS.B, 5.341%, 6/06/27 | 1519 | 1386 |
| <sup>a</sup>10173213.SQ.FTS.B, 5.553%, 6/06/27 | 7450 | 6889 |
| <sup>a</sup>10173044.SQ.FTS.B, 6.118%, 6/06/27 | 4205 | 3864 |
| <sup>a</sup>10172817.SQ.FTS.B, 6.133%, 6/06/27 | 895 | 769 |
| <sup>a</sup>10172623.SQ.FTS.B, 6.18%, 6/06/27 | 6433 | 5905 |
| <sup>a</sup>10173085.SQ.FTS.B, 6.18%, 6/06/27 | 7761 | 7122 |
| <sup>a</sup>10172281.SQ.FTS.B, 6.312%, 6/06/27 | 1028 | 935 |
| <sup>a</sup>10173143.SQ.FTS.B, 6.493%, 6/06/27 | 8569 | 7769 |
| <sup>a</sup>10172295.SQ.FTS.B, 6.494%, 6/06/27 | 20002 | 18123 |
| <sup>a</sup>10173489.SQ.FTS.B, 4.546%, 6/07/27 | 2027 | 1902 |
| <sup>a</sup>10173826.SQ.FTS.B, 4.546%, 6/07/27 | 6660 | 6248 |
| <sup>a</sup>10173723.SQ.FTS.B, 4.547%, 6/07/27 | 7510 | 7042 |
| <sup>a</sup>10173945.SQ.FTS.B, 4.551%, 6/07/27 | 13761 | 12904 |
| <sup>a</sup>10173503.SQ.FTS.B, 4.553%, 6/07/27 | 7365 | 6901 |
| <sup>a</sup>10173887.SQ.FTS.B, 4.557%, 6/07/27 | 2217 | 2080 |
| <sup>a</sup>10173312.SQ.FTS.B, 4.988%, 6/07/27 | 9110 | 8493 |
| <sup>a</sup>10173656.SQ.FTS.B, 4.995%, 6/07/27 | 4671 | 4358 |
| <sup>a</sup>10173910.SQ.FTS.B, 4.996%, 6/07/27 | 3600 | 3357 |
| <sup>a</sup>10174071.SQ.FTS.B, 5.303%, 6/07/27 | 20813 | 19314 |
| <sup>a</sup>10173575.SQ.FTS.B, 5.306%, 6/07/27 | 5599 | 5204 |
| <sup>a</sup>10173620.SQ.FTS.B, 5.555%, 6/07/27 | 4887 | 4513 |
| <sup>a</sup>10173396.SQ.FTS.B, 5.804%, 6/07/27 | 8788 | 8095 |
| <sup>a</sup>10173702.SQ.FTS.B, 6.108%, 6/07/27 | 2500 | 2262 |
| <sup>a</sup>10173688.SQ.FTS.B, 6.182%, 6/07/27 | 2036 | 1871 |
| <sup>a</sup>10173870.SQ.FTS.B, 6.196%, 6/07/27 | 1619 | 1481 |
| <sup>a</sup>10173799.SQ.FTS.B, 6.332%, 6/07/27 | 4209 | 3833 |
| <sup>a</sup>10173295.SQ.FTS.B, 6.494%, 6/07/27 | 3449 | 3155 |
| <sup>a</sup>10175524.SQ.FTS.B, 4.542%, 6/08/27 | 2621 | 2460 |
| <sup>a</sup>10175568.SQ.FTS.B, 4.542%, 6/08/27 | 4120 | 3865 |
| <sup>a</sup>10179627.SQ.FTS.B, 4.548%, 6/08/27 | 6233 | 5847 |
| <sup>a</sup>10175172.SQ.FTS.B, 4.549%, 6/08/27 | 4259 | 3995 |
| <sup>a</sup>10177723.SQ.FTS.B, 4.549%, 6/08/27 | 21431 | 20104 |
| <sup>a</sup>10180126.SQ.FTS.B, 4.549%, 6/08/27 | 2127 | 1996 |
| <sup>a</sup>10177675.SQ.FTS.B, 4.551%, 6/08/27 | 4336 | 4065 |
| <sup>a</sup>10177524.SQ.FTS.B, 4.561%, 6/08/27 | 2298 | 2155 |
| <sup>a</sup>10175216.SQ.FTS.B, 4.982%, 6/08/27 | 3826 | 3567 |
| <sup>a</sup>10176647.SQ.FTS.B, 4.988%, 6/08/27 | 44998 | 41973 |
| <sup>a</sup>10179541.SQ.FTS.B, 5.304%, 6/08/27 | 4238 | 3936 |
| <sup>a</sup>10179907.SQ.FTS.B, 5.304%, 6/08/27 | 11746 | 10921 |
| <sup>a</sup>10175476.SQ.FTS.B, 5.325%, 6/08/27 | 706 | 646 |
| <sup>a</sup>10179765.SQ.FTS.B, 5.335%, 6/08/27 | 6358 | 5855 |
| <sup>a</sup>10175644.SQ.FTS.B, 5.346%, 6/08/27 | 653 | 601 |
| <sup>a</sup>10175258.SQ.FTS.B, 5.541%, 6/08/27 | 2723 | 2521 |
| <sup>a</sup>10177344.SQ.FTS.B, 5.8%, 6/08/27 | 5151 | 4758 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10177422.SQ.FTS.B, 5.808%, 6/08/27 | $8043 | $7407 |
| <sup>a</sup>10175655.SQ.FTS.B, 6.113%, 6/08/27 | 2848 | 2593 |
| <sup>a</sup>10179439.SQ.FTS.B, 6.121%, 6/08/27 | 4103 | 3744 |
| <sup>a</sup>10175836.SQ.FTS.B, 6.337%, 6/08/27 | 25043 | 22809 |
| <sup>a</sup>10177262.SQ.FTS.B, 6.356%, 6/08/27 | 1139 | 1034 |
| <sup>a</sup>10180170.SQ.FTS.B, 6.49%, 6/08/27 | 5175 | 4735 |
| <sup>a</sup>10175364.SQ.FTS.B, 6.492%, 6/08/27 | 5585 | 5113 |
| <sup>a</sup>10177277.SQ.FTS.B, 6.494%, 6/08/27 | 6344 | 5804 |
| <sup>a</sup>10177551.SQ.FTS.B, 6.494%, 6/08/27 | 6926 | 6307 |
| <sup>a</sup>10175772.SQ.FTS.B, 6.514%, 6/08/27 | 1014 | 924 |
| <sup>a</sup>10182635.SQ.FTS.B, 4.537%, 6/09/27 | 2665 | 2501 |
| <sup>a</sup>10182968.SQ.FTS.B, 4.542%, 6/09/27 | 3306 | 3102 |
| <sup>a</sup>10180380.SQ.FTS.B, 4.547%, 6/09/27 | 7382 | 6923 |
| <sup>a</sup>10180472.SQ.FTS.B, 4.547%, 6/09/27 | 11014 | 10332 |
| <sup>a</sup>10184617.SQ.FTS.B, 4.548%, 6/09/27 | 5708 | 5355 |
| <sup>a</sup>10181579.SQ.FTS.B, 4.549%, 6/09/27 | 6526 | 6122 |
| <sup>a</sup>10181735.SQ.FTS.B, 4.549%, 6/09/27 | 9814 | 9204 |
| <sup>a</sup>10182529.SQ.FTS.B, 4.549%, 6/09/27 | 8375 | 7852 |
| <sup>a</sup>10182767.SQ.FTS.B, 4.549%, 6/09/27 | 15923 | 14932 |
| <sup>a</sup>10183678.SQ.FTS.B, 4.549%, 6/09/27 | 26233 | 24599 |
| <sup>a</sup>10185168.SQ.FTS.B, 4.549%, 6/09/27 | 4389 | 4118 |
| <sup>a</sup>10182057.SQ.FTS.B, 4.551%, 6/09/27 | 10567 | 9914 |
| <sup>a</sup>10182287.SQ.FTS.B, 4.551%, 6/09/27 | 16847 | 15774 |
| <sup>a</sup>10184722.SQ.FTS.B, 4.551%, 6/09/27 | 8054 | 7558 |
| <sup>a</sup>10181253.SQ.FTS.B, 4.553%, 6/09/27 | 4321 | 4052 |
| <sup>a</sup>10182178.SQ.FTS.B, 4.553%, 6/09/27 | 9370 | 8792 |
| <sup>a</sup>10183002.SQ.FTS.B, 4.553%, 6/09/27 | 8870 | 8319 |
| <sup>a</sup>10183232.SQ.FTS.B, 4.555%, 6/09/27 | 5821 | 5454 |
| <sup>a</sup>10183647.SQ.FTS.B, 4.555%, 6/09/27 | 2172 | 2036 |
| <sup>a</sup>10185208.SQ.FTS.B, 4.989%, 6/09/27 | 19257 | 17952 |
| <sup>a</sup>10181323.SQ.FTS.B, 4.99%, 6/09/27 | 9827 | 9157 |
| <sup>a</sup>10183623.SQ.FTS.B, 4.995%, 6/09/27 | 4488 | 4183 |
| <sup>a</sup>10185005.SQ.FTS.B, 5.303%, 6/09/27 | 18290 | 16992 |
| <sup>a</sup>10184858.SQ.FTS.B, 5.304%, 6/09/27 | 8728 | 8099 |
| <sup>a</sup>10183658.SQ.FTS.B, 5.323%, 6/09/27 | 1410 | 1291 |
| <sup>a</sup>10181888.SQ.FTS.B, 5.334%, 6/09/27 | 10993 | 10081 |
| <sup>a</sup>10181184.SQ.FTS.B, 5.34%, 6/09/27 | 3167 | 2928 |
| <sup>a</sup>10183105.SQ.FTS.B, 5.548%, 6/09/27 | 5054 | 4668 |
| <sup>a</sup>10184162.SQ.FTS.B, 5.553%, 6/09/27 | 54481 | 50401 |
| <sup>a</sup>10183893.SQ.FTS.B, 5.554%, 6/09/27 | 34181 | 31617 |
| <sup>a</sup>10183206.SQ.FTS.B, 5.555%, 6/09/27 | 5840 | 5404 |
| <sup>a</sup>10183447.SQ.FTS.B, 5.555%, 6/09/27 | 3029 | 2799 |
| <sup>a</sup>10180689.SQ.FTS.B, 5.804%, 6/09/27 | 22888 | 21104 |
| <sup>a</sup>10183475.SQ.FTS.B, 5.806%, 6/09/27 | 18792 | 17348 |
| <sup>a</sup>10180290.SQ.FTS.B, 6.118%, 6/09/27 | 2985 | 2726 |
| <sup>a</sup>10182708.SQ.FTS.B, 6.182%, 6/09/27 | 4382 | 4009 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10184589.SQ.FTS.B, 6.333%, 6/09/27 | $2366 | $2156 |
| <sup>a</sup>10181727.SQ.FTS.B, 6.49%, 6/09/27 | 910 | 826 |
| <sup>a</sup>10183445.SQ.FTS.B, 6.49%, 6/09/27 | 2582 | 2334 |
| <sup>a</sup>10183072.SQ.FTS.B, 6.494%, 6/09/27 | 2208 | 2017 |
| <sup>a</sup>10183157.SQ.FTS.B, 6.495%, 6/09/27 | 5257 | 4786 |
| <sup>a</sup>10184130.SQ.FTS.B, 6.499%, 6/09/27 | 4006 | 3642 |
| <sup>a</sup>10182679.SQ.FTS.B, 6.5%, 6/09/27 . | 4612 | 4216 |
| <sup>a</sup>10188183.SQ.FTS.B, 4.547%, 6/10/27 | 7579 | 7103 |
| <sup>a</sup>10185574.SQ.FTS.B, 4.549%, 6/10/27 | 21109 | 19791 |
| <sup>a</sup>10185991.SQ.FTS.B, 4.549%, 6/10/27 | 36160 | 33923 |
| <sup>a</sup>10188851.SQ.FTS.B, 4.549%, 6/10/27 | 23581 | 22113 |
| <sup>a</sup>10189124.SQ.FTS.B, 4.549%, 6/10/27 | 16610 | 15588 |
| <sup>a</sup>10187225.SQ.FTS.B, 4.551%, 6/10/27 | 17202 | 16133 |
| <sup>a</sup>10189104.SQ.FTS.B, 4.552%, 6/10/27 | 4829 | 4525 |
| <sup>a</sup>10189891.SQ.FTS.B, 4.552%, 6/10/27 | 13651 | 12805 |
| <sup>a</sup>10185445.SQ.FTS.B, 4.553%, 6/10/27 | 9258 | 8684 |
| <sup>a</sup>10187152.SQ.FTS.B, 4.978%, 6/10/27 | 2729 | 2547 |
| <sup>a</sup>10190061.SQ.FTS.B, 4.984%, 6/10/27 | 7435 | 6935 |
| <sup>a</sup>10186920.SQ.FTS.B, 4.988%, 6/10/27 | 11799 | 10997 |
| <sup>a</sup>10187761.SQ.FTS.B, 4.988%, 6/10/27 | 42995 | 40106 |
| <sup>a</sup>10188605.SQ.FTS.B, 4.988%, 6/10/27 | 11124 | 10376 |
| <sup>a</sup>10188685.SQ.FTS.B, 4.989%, 6/10/27 | 27089 | 25258 |
| <sup>a</sup>10187485.SQ.FTS.B, 5.551%, 6/10/27 | 13002 | 12026 |
| <sup>a</sup>10189285.SQ.FTS.B, 5.553%, 6/10/27 | 52699 | 48732 |
| <sup>a</sup>10187638.SQ.FTS.B, 5.557%, 6/10/27 | 9536 | 8827 |
| <sup>a</sup>10188574.SQ.FTS.B, 5.56%, 6/10/27 | 4961 | 4590 |
| <sup>a</sup>10189833.SQ.FTS.B, 5.56%, 6/10/27 | 3920 | 3625 |
| <sup>a</sup>10189234.SQ.FTS.B, 5.805%, 6/10/27 | 4355 | 4014 |
| <sup>a</sup>10189739.SQ.FTS.B, 5.809%, 6/10/27 | 6988 | 6439 |
| <sup>a</sup>10185394.SQ.FTS.B, 6.177%, 6/10/27 | 3786 | 3475 |
| <sup>a</sup>10188293.SQ.FTS.B, 6.18%, 6/10/27 | 15093 | 13869 |
| <sup>a</sup>10188285.SQ.FTS.B, 6.323%, 6/10/27 | 873 | 788 |
| <sup>a</sup>10189045.SQ.FTS.B, 6.338%, 6/10/27 | 5942 | 5413 |
| <sup>a</sup>10187208.SQ.FTS.B, 6.341%, 6/10/27 | 1186 | 1078 |
| <sup>a</sup>10189038.SQ.FTS.B, 6.479%, 6/10/27 | 1702 | 1557 |
| <sup>a</sup>10189805.SQ.FTS.B, 6.484%, 6/10/27 | 2764 | 2527 |
| <sup>a</sup>10188141.SQ.FTS.B, 6.491%, 6/10/27 | 4179 | 3820 |
| <sup>a</sup>10188362.SQ.FTS.B, 6.494%, 6/10/27 | 5416 | 4938 |
| <sup>a</sup>10188385.SQ.FTS.B, 6.494%, 6/10/27 | 25923 | 23648 |
| <sup>a</sup>10186854.SQ.FTS.B, 6.501%, 6/10/27 | 2547 | 2319 |
| <sup>a</sup>10193547.SQ.FTS.B, 4.545%, 6/11/27 | 6443 | 6040 |
| <sup>a</sup>10198279.SQ.FTS.B, 4.547%, 6/11/27 | 7661 | 7181 |
| <sup>a</sup>10193397.SQ.FTS.B, 4.549%, 6/11/27 | 7316 | 6858 |
| <sup>a</sup>10196609.SQ.FTS.B, 4.549%, 6/11/27 | 5391 | 5054 |
| <sup>a</sup>10196884.SQ.FTS.B, 4.549%, 6/11/27 | 98647 | 92503 |
| <sup>a</sup>10194401.SQ.FTS.B, 4.55%, 6/11/27 | 24293 | 22774 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 97

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10193662.SQ.FTS.B, 4.551%, 6/11/27 | $9971 | $9347 |
| <sup>a</sup>10194077.SQ.FTS.B, 4.551%, 6/11/27 | 9595 | 8996 |
| <sup>a</sup>10195213.SQ.FTS.B, 4.551%, 6/11/27 | 17241 | 16164 |
| <sup>a</sup>10198402.SQ.FTS.B, 4.552%, 6/11/27 | 3101 | 2907 |
| <sup>a</sup>10193955.SQ.FTS.B, 4.553%, 6/11/27 | 4404 | 4129 |
| <sup>a</sup>10195417.SQ.FTS.B, 4.988%, 6/11/27 | 22189 | 20696 |
| <sup>a</sup>10197979.SQ.FTS.B, 4.989%, 6/11/27 | 18881 | 17594 |
| <sup>a</sup>10193491.SQ.FTS.B, 5.003%, 6/11/27 | 1738 | 1619 |
| <sup>a</sup>10193248.SQ.FTS.B, 5.3%, 6/11/27 . | 5493 | 5096 |
| <sup>a</sup>10195008.SQ.FTS.B, 5.302%, 6/11/27 | 20553 | 19091 |
| <sup>a</sup>10195867.SQ.FTS.B, 5.302%, 6/11/27 | 33200 | 30824 |
| <sup>a</sup>10194815.SQ.FTS.B, 5.337%, 6/11/27 | 3893 | 3579 |
| <sup>a</sup>10198450.SQ.FTS.B, 5.553%, 6/11/27 | 1090 | 1007 |
| <sup>a</sup>10194868.SQ.FTS.B, 5.806%, 6/11/27 | 9047 | 8336 |
| <sup>a</sup>10193208.SQ.FTS.B, 6.134%, 6/11/27 | 1781 | 1634 |
| <sup>a</sup>10193058.SQ.FTS.B, 6.179%, 6/11/27 | 19334 | 17732 |
| <sup>a</sup>10196534.SQ.FTS.B, 6.18%, 6/11/27 | 3365 | 3087 |
| <sup>a</sup>10196724.SQ.FTS.B, 6.18%, 6/11/27 | 22521 | 20627 |
| <sup>a</sup>10196669.SQ.FTS.B, 6.183%, 6/11/27 | 5609 | 5146 |
| <sup>a</sup>10193875.SQ.FTS.B, 6.187%, 6/11/27 | 2184 | 2002 |
| <sup>a</sup>10193504.SQ.FTS.B, 6.341%, 6/11/27 | 7817 | 7111 |
| <sup>a</sup>10193343.SQ.FTS.B, 6.489%, 6/11/27 | 4107 | 3751 |
| <sup>a</sup>10198467.SQ.FTS.B, 6.493%, 6/11/27 | 11571 | 10570 |
| <sup>a</sup>10193219.SQ.FTS.B, 6.496%, 6/11/27 | 3668 | 3354 |
| <sup>a</sup>10202955.SQ.FTS.B, 4.543%, 6/12/27 | 3315 | 3109 |
| <sup>a</sup>10200277.SQ.FTS.B, 4.547%, 6/12/27 | 10785 | 10117 |
| <sup>a</sup>10198767.SQ.FTS.B, 4.549%, 6/12/27 | 5438 | 5098 |
| <sup>a</sup>10198815.SQ.FTS.B, 4.549%, 6/12/27 | 2411 | 2260 |
| <sup>a</sup>10199138.SQ.FTS.B, 4.549%, 6/12/27 | 14593 | 13681 |
| <sup>a</sup>10199403.SQ.FTS.B, 4.549%, 6/12/27 | 37230 | 34923 |
| <sup>a</sup>10200655.SQ.FTS.B, 4.549%, 6/12/27 | 56276 | 52622 |
| <sup>a</sup>10201445.SQ.FTS.B, 4.549%, 6/12/27 | 4702 | 4407 |
| <sup>a</sup>10201968.SQ.FTS.B, 4.549%, 6/12/27 | 5268 | 4936 |
| <sup>a</sup>10201340.SQ.FTS.B, 4.551%, 6/12/27 | 15969 | 14967 |
| <sup>a</sup>10201758.SQ.FTS.B, 4.551%, 6/12/27 | 14958 | 14029 |
| <sup>a</sup>10199345.SQ.FTS.B, 4.552%, 6/12/27 | 2597 | 2435 |
| <sup>a</sup>10200491.SQ.FTS.B, 4.554%, 6/12/27 | 7444 | 6977 |
| <sup>a</sup>10200596.SQ.FTS.B, 4.989%, 6/12/27 | 3435 | 3203 |
| <sup>a</sup>10202989.SQ.FTS.B, 4.991%, 6/12/27 | 4977 | 4640 |
| <sup>a</sup>10201491.SQ.FTS.B, 5.299%, 6/12/27 | 5254 | 4872 |
| <sup>a</sup>10198630.SQ.FTS.B, 5.333%, 6/12/27 | 2295 | 2128 |
| <sup>a</sup>10198802.SQ.FTS.B, 5.333%, 6/12/27 | 869 | 803 |
| <sup>a</sup>10198983.SQ.FTS.B, 5.339%, 6/12/27 | 5912 | 5468 |
| <sup>a</sup>10198487.SQ.FTS.B, 5.34%, 6/12/27 | 5682 | 5266 |
| <sup>a</sup>10198730.SQ.FTS.B, 5.545%, 6/12/27 | 3014 | 2784 |
| <sup>a</sup>10198925.SQ.FTS.B, 5.547%, 6/12/27 | 2284 | 2108 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10201641.SQ.FTS.B, 5.553%, 6/12/27 | $9945 | $9196 |
| <sup>a</sup>10201557.SQ.FTS.B, 5.8%, 6/12/27 . | 5312 | 4890 |
| <sup>a</sup>10198597.SQ.FTS.B, 5.818%, 6/12/27 | 1539 | 1419 |
| <sup>a</sup>10202073.SQ.FTS.B, 6.18%, 6/12/27 | 57819 | 52777 |
| <sup>a</sup>10203128.SQ.FTS.B, 6.181%, 6/12/27 | 15798 | 14497 |
| <sup>a</sup>10200470.SQ.FTS.B, 6.187%, 6/12/27 | 3104 | 2848 |
| <sup>a</sup>10198723.SQ.FTS.B, 6.488%, 6/12/27 | 985 | 898 |
| <sup>a</sup>10198674.SQ.FTS.B, 6.491%, 6/12/27 | 2168 | 1981 |
| <sup>a</sup>10203058.SQ.FTS.B, 6.494%, 6/12/27 | 5474 | 4974 |
| <sup>a</sup>10198850.SQ.FTS.B, 6.499%, 6/12/27 | 6100 | 5550 |
| <sup>a</sup>10198801.SQ.FTS.B, 6.514%, 6/12/27 | 1047 | 954 |
| <sup>a</sup>10203791.SQ.FTS.B, 4.548%, 6/13/27 | 13135 | 12314 |
| <sup>a</sup>10203439.SQ.FTS.B, 4.549%, 6/13/27 | 24991 | 23428 |
| <sup>a</sup>10204140.SQ.FTS.B, 4.549%, 6/13/27 | 37320 | 34997 |
| <sup>a</sup>10203890.SQ.FTS.B, 4.551%, 6/13/27 | 7147 | 6697 |
| <sup>a</sup>10203964.SQ.FTS.B, 4.551%, 6/13/27 | 20467 | 19186 |
| <sup>a</sup>10203246.SQ.FTS.B, 4.552%, 6/13/27 | 4017 | 3765 |
| <sup>a</sup>10203603.SQ.FTS.B, 4.989%, 6/13/27 | 8058 | 7506 |
| <sup>a</sup>10203778.SQ.FTS.B, 5.297%, 6/13/27 | 1703 | 1579 |
| <sup>a</sup>10203322.SQ.FTS.B, 5.3%, 6/13/27 | 12222 | 11312 |
| <sup>a</sup>10203762.SQ.FTS.B, 5.303%, 6/13/27 | 1610 | 1493 |
| <sup>a</sup>10203435.SQ.FTS.B, 5.365%, 6/13/27 | 549 | 508 |
| <sup>a</sup>10203284.SQ.FTS.B, 5.555%, 6/13/27 | 5946 | 5497 |
| <sup>a</sup>10203590.SQ.FTS.B, 5.804%, 6/13/27 | 2003 | 1846 |
| <sup>a</sup>10203957.SQ.FTS.B, 6.106%, 6/13/27 | 1107 | 1006 |
| <sup>a</sup>10203585.SQ.FTS.B, 6.118%, 6/13/27 | 477 | 432 |
| <sup>a</sup>10203665.SQ.FTS.B, 6.118%, 6/13/27 | 11713 | 10689 |
| <sup>a</sup>10204127.SQ.FTS.B, 6.118%, 6/13/27 | 2036 | 1866 |
| <sup>a</sup>10204109.SQ.FTS.B, 6.19%, 6/13/27 | 2667 | 2443 |
| <sup>a</sup>10203422.SQ.FTS.B, 6.488%, 6/13/27 | 1504 | 1375 |
| <sup>a</sup>10203397.SQ.FTS.B, 6.495%, 6/13/27 | 5798 | 5295 |
| <sup>a</sup>10204441.SQ.FTS.B, 4.548%, 6/14/27 | 11622 | 10893 |
| <sup>a</sup>10205039.SQ.FTS.B, 4.555%, 6/14/27 | 6016 | 5639 |
| <sup>a</sup>10204963.SQ.FTS.B, 4.578%, 6/14/27 | 1201 | 1125 |
| <sup>a</sup>10204531.SQ.FTS.B, 5.301%, 6/14/27 | 7226 | 6710 |
| <sup>a</sup>10204704.SQ.FTS.B, 5.302%, 6/14/27 | 5851 | 5432 |
| <sup>a</sup>10204583.SQ.FTS.B, 5.35%, 6/14/27 | 1501 | 1390 |
| <sup>a</sup>10204518.SQ.FTS.B, 5.549%, 6/14/27 | 1782 | 1648 |
| <sup>a</sup>10204599.SQ.FTS.B, 5.552%, 6/14/27 | 14363 | 13270 |
| <sup>a</sup>10204972.SQ.FTS.B, 5.565%, 6/14/27 | 2681 | 2476 |
| <sup>a</sup>10204752.SQ.FTS.B, 6.181%, 6/14/27 | 29713 | 27199 |
| <sup>a</sup>10205086.SQ.FTS.B, 6.2%, 6/14/27 | 1584 | 1453 |
| <sup>a</sup>10205000.SQ.FTS.B, 6.493%, 6/14/27 | 4457 | 4071 |
| <sup>a</sup>10208136.SQ.FTS.B, 4.543%, 6/15/27 | 3946 | 3699 |
| <sup>a</sup>10210352.SQ.FTS.B, 4.543%, 6/15/27 | 4405 | 4130 |
| <sup>a</sup>10210531.SQ.FTS.B, 4.546%, 6/15/27 | 7040 | 6601 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10207828.SQ.FTS.B, 4.548%, 6/15/27 | $2904 | $2723 |
| <sup>a</sup>10207936.SQ.FTS.B, 4.548%, 6/15/27 | 12354 | 11580 |
| <sup>a</sup>10205916.SQ.FTS.B, 4.549%, 6/15/27 | 2411 | 2260 |
| <sup>a</sup>10205928.SQ.FTS.B, 4.549%, 6/15/27 | 668 | 627 |
| <sup>a</sup>10206321.SQ.FTS.B, 4.549%, 6/15/27 | 30447 | 28539 |
| <sup>a</sup>10207649.SQ.FTS.B, 4.549%, 6/15/27 | 13079 | 12259 |
| <sup>a</sup>10209398.SQ.FTS.B, 4.549%, 6/15/27 | 14828 | 13886 |
| <sup>a</sup>10205967.SQ.FTS.B, 4.55%, 6/15/27 | 11740 | 10999 |
| <sup>a</sup>10207545.SQ.FTS.B, 4.55%, 6/15/27 | 12318 | 11547 |
| <sup>a</sup>10210614.SQ.FTS.B, 4.55%, 6/15/27 | 12603 | 11816 |
| <sup>a</sup>10207078.SQ.FTS.B, 4.559%, 6/15/27 | 2881 | 2701 |
| <sup>a</sup>10208173.SQ.FTS.B, 4.56%, 6/15/27 | 3193 | 2993 |
| <sup>a</sup>10210508.SQ.FTS.B, 4.561%, 6/15/27 | 2375 | 2226 |
| <sup>a</sup>10207757.SQ.FTS.B, 5.336%, 6/15/27 | 4327 | 4006 |
| <sup>a</sup>10210715.SQ.FTS.B, 5.351%, 6/15/27 | 1626 | 1498 |
| <sup>a</sup>10208101.SQ.FTS.B, 5.549%, 6/15/27 | 4607 | 4256 |
| <sup>a</sup>10207512.SQ.FTS.B, 5.553%, 6/15/27 | 3283 | 3034 |
| <sup>a</sup>10207477.SQ.FTS.B, 5.807%, 6/15/27 | 3067 | 2817 |
| <sup>a</sup>10205931.SQ.FTS.B, 5.809%, 6/15/27 | 4919 | 4529 |
| <sup>a</sup>10208210.SQ.FTS.B, 6.118%, 6/15/27 | 22348 | 20473 |
| <sup>a</sup>10207799.SQ.FTS.B, 6.124%, 6/15/27 | 2123 | 1949 |
| <sup>a</sup>10207158.SQ.FTS.B, 6.18%, 6/15/27 | 18456 | 16900 |
| <sup>a</sup>10209627.SQ.FTS.B, 6.18%, 6/15/27 | 1981 | 1809 |
| <sup>a</sup>10207862.SQ.FTS.B, 6.182%, 6/15/27 | 8498 | 7782 |
| <sup>a</sup>10210414.SQ.FTS.B, 6.183%, 6/15/27 | 7728 | 7091 |
| <sup>a</sup>10210332.SQ.FTS.B, 6.338%, 6/15/27 | 1693 | 1543 |
| <sup>a</sup>10207855.SQ.FTS.B, 6.476%, 6/15/27 | 1632 | 1492 |
| <sup>a</sup>10209658.SQ.FTS.B, 6.492%, 6/15/27 | 4876 | 4452 |
| <sup>a</sup>10207816.SQ.FTS.B, 6.494%, 6/15/27 | 1711 | 1563 |
| <sup>a</sup>10209695.SQ.FTS.B, 6.495%, 6/15/27 | 40213 | 36652 |
| <sup>a</sup>10209564.SQ.FTS.B, 6.5%, 6/15/27 | 4652 | 4223 |
| <sup>a</sup>10213423.SQ.FTS.B, 4.535%, 6/16/27 | 1262 | 1183 |
| <sup>a</sup>10211169.SQ.FTS.B, 4.544%, 6/16/27 | 4318 | 4047 |
| <sup>a</sup>10213643.SQ.FTS.B, 4.547%, 6/16/27 | 11047 | 10357 |
| <sup>a</sup>10210780.SQ.FTS.B, 4.549%, 6/16/27 | 6503 | 6094 |
| <sup>a</sup>10212018.SQ.FTS.B, 4.549%, 6/16/27 | 5644 | 5293 |
| <sup>a</sup>10212593.SQ.FTS.B, 4.549%, 6/16/27 | 6527 | 6118 |
| <sup>a</sup>10214328.SQ.FTS.B, 4.549%, 6/16/27 | 8864 | 8310 |
| <sup>a</sup>10215366.SQ.FTS.B, 4.549%, 6/16/27 | 5453 | 5111 |
| <sup>a</sup>10215391.SQ.FTS.B, 4.549%, 6/16/27 | 3275 | 3070 |
| <sup>a</sup>10215428.SQ.FTS.B, 4.549%, 6/16/27 | 18202 | 17058 |
| <sup>a</sup>10214401.SQ.FTS.B, 4.551%, 6/16/27 | 4118 | 3861 |
| <sup>a</sup>10210882.SQ.FTS.B, 4.558%, 6/16/27 | 3758 | 3521 |
| <sup>a</sup>10213733.SQ.FTS.B, 4.978%, 6/16/27 | 2619 | 2440 |
| <sup>a</sup>10214004.SQ.FTS.B, 4.987%, 6/16/27 | 15925 | 14832 |
| <sup>a</sup>10211222.SQ.FTS.B, 4.989%, 6/16/27 | 34059 | 31722 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10213439.SQ.FTS.B, 5.3%, 6/16/27 | $3540 | $3286 |
| <sup>a</sup>10212157.SQ.FTS.B, 5.302%, 6/16/27 | 12528 | 11630 |
| <sup>a</sup>10212649.SQ.FTS.B, 5.302%, 6/16/27 | 19369 | 17981 |
| <sup>a</sup>10214982.SQ.FTS.B, 5.302%, 6/16/27 | 53362 | 49511 |
| <sup>a</sup>10214519.SQ.FTS.B, 5.332%, 6/16/27 | 8006 | 7400 |
| <sup>a</sup>10212572.SQ.FTS.B, 5.354%, 6/16/27 | 1450 | 1337 |
| <sup>a</sup>10214440.SQ.FTS.B, 5.549%, 6/16/27 | 4164 | 3849 |
| <sup>a</sup>10213543.SQ.FTS.B, 5.551%, 6/16/27 | 5747 | 5313 |
| <sup>a</sup>10214487.SQ.FTS.B, 5.553%, 6/16/27 | 3294 | 3045 |
| <sup>a</sup>10210939.SQ.FTS.B, 5.556%, 6/16/27 | 3579 | 3306 |
| <sup>a</sup>10215417.SQ.FTS.B, 5.801%, 6/16/27 | 1393 | 1281 |
| <sup>a</sup>10211001.SQ.FTS.B, 5.804%, 6/16/27 | 7596 | 6999 |
| <sup>a</sup>10212943.SQ.FTS.B, 5.804%, 6/16/27 | 58896 | 54222 |
| <sup>a</sup>10213468.SQ.FTS.B, 5.806%, 6/16/27 | 9316 | 8586 |
| <sup>a</sup>10214473.SQ.FTS.B, 6.175%, 6/16/27 | 1225 | 1122 |
| <sup>a</sup>10212336.SQ.FTS.B, 6.18%, 6/16/27 | 21570 | 19749 |
| <sup>a</sup>10214581.SQ.FTS.B, 6.18%, 6/16/27 | 27287 | 24992 |
| <sup>a</sup>10213604.SQ.FTS.B, 6.181%, 6/16/27 | 2633 | 2413 |
| <sup>a</sup>10213808.SQ.FTS.B, 6.181%, 6/16/27 | 18826 | 17258 |
| <sup>a</sup>10211201.SQ.FTS.B, 6.331%, 6/16/27 | 3023 | 2759 |
| <sup>a</sup>10213752.SQ.FTS.B, 6.338%, 6/16/27 | 5915 | 5403 |
| <sup>a</sup>10214094.SQ.FTS.B, 6.338%, 6/16/27 | 25292 | 23080 |
| <sup>a</sup>10212008.SQ.FTS.B, 6.431%, 6/16/27 | 444 | 405 |
| <sup>a</sup>10213742.SQ.FTS.B, 6.484%, 6/16/27 | 1399 | 1278 |
| <sup>a</sup>10213988.SQ.FTS.B, 6.51%, 6/16/27 | 1687 | 1534 |
| <sup>a</sup>10219096.SQ.FTS.B, 4.545%, 6/17/27 | 4668 | 4376 |
| <sup>a</sup>10219138.SQ.FTS.B, 4.547%, 6/17/27 | 9623 | 9016 |
| <sup>a</sup>10217191.SQ.FTS.B, 4.549%, 6/17/27 | 6784 | 6362 |
| <sup>a</sup>10217582.SQ.FTS.B, 4.549%, 6/17/27 | 3285 | 3079 |
| <sup>a</sup>10219179.SQ.FTS.B, 4.549%, 6/17/27 | 9503 | 8907 |
| <sup>a</sup>10219282.SQ.FTS.B, 4.549%, 6/17/27 | 77856 | 72977 |
| <sup>a</sup>10217379.SQ.FTS.B, 4.55%, 6/17/27 | 6202 | 5814 |
| <sup>a</sup>10218767.SQ.FTS.B, 4.551%, 6/17/27 | 15966 | 14967 |
| <sup>a</sup>10217526.SQ.FTS.B, 4.988%, 6/17/27 | 3332 | 3104 |
| <sup>a</sup>10218174.SQ.FTS.B, 4.988%, 6/17/27 | 44134 | 41114 |
| <sup>a</sup>10218948.SQ.FTS.B, 4.988%, 6/17/27 | 12264 | 11427 |
| <sup>a</sup>10215488.SQ.FTS.B, 4.989%, 6/17/27 | 83216 | 77552 |
| <sup>a</sup>10217575.SQ.FTS.B, 4.999%, 6/17/27 | 2580 | 2403 |
| <sup>a</sup>10218636.SQ.FTS.B, 4.999%, 6/17/27 | 2627 | 2449 |
| <sup>a</sup>10219090.SQ.FTS.B, 5.302%, 6/17/27 | 1130 | 1049 |
| <sup>a</sup>10217115.SQ.FTS.B, 5.306%, 6/17/27 | 6393 | 5933 |
| <sup>a</sup>10218093.SQ.FTS.B, 5.309%, 6/17/27 | 4368 | 4051 |
| <sup>a</sup>10217338.SQ.FTS.B, 5.328%, 6/17/27 | 2646 | 2440 |
| <sup>a</sup>10217481.SQ.FTS.B, 5.553%, 6/17/27 | 3453 | 3195 |
| <sup>a</sup>10217295.SQ.FTS.B, 5.804%, 6/17/27 | 4452 | 4101 |
| <sup>a</sup>10217825.SQ.FTS.B, 5.804%, 6/17/27 | 9888 | 9111 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 99

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10218646.SQ.FTS.B, 5.804%, 6/17/27 | $17078 | $15741 |
| <sup>a</sup>10217635.SQ.FTS.B, 5.808%, 6/17/27 | 3028 | 2788 |
| <sup>a</sup>10217946.SQ.FTS.B, 6.118%, 6/17/27 | 928 | 852 |
| <sup>a</sup>10219055.SQ.FTS.B, 6.169%, 6/17/27 | 1660 | 1522 |
| <sup>a</sup>10217445.SQ.FTS.B, 6.176%, 6/17/27 | 3527 | 3231 |
| <sup>a</sup>10217951.SQ.FTS.B, 6.182%, 6/17/27 | 3712 | 3396 |
| <sup>a</sup>10219250.SQ.FTS.B, 6.324%, 6/17/27 | 2395 | 2192 |
| <sup>a</sup>10219075.SQ.FTS.B, 6.493%, 6/17/27 | 1052 | 958 |
| <sup>a</sup>10217925.SQ.FTS.B, 6.494%, 6/17/27 | 3445 | 3146 |
| <sup>a</sup>10218124.SQ.FTS.B, 6.494%, 6/17/27 | 4397 | 4004 |
| <sup>a</sup>10219128.SQ.FTS.B, 6.494%, 6/17/27 | 3335 | 3038 |
| <sup>a</sup>10217689.SQ.FTS.B, 6.495%, 6/17/27 | 10417 | 9506 |
| <sup>a</sup>10218030.SQ.FTS.B, 6.496%, 6/17/27 | 6341 | 5770 |
| <sup>a</sup>10224809.SQ.FTS.B, 4.538%, 6/18/27 | 1992 | 1867 |
| <sup>a</sup>10223328.SQ.FTS.B, 4.549%, 6/18/27 | 15730 | 14741 |
| <sup>a</sup>10223540.SQ.FTS.B, 4.549%, 6/18/27 | 13732 | 12866 |
| <sup>a</sup>10226148.SQ.FTS.B, 4.549%, 6/18/27 | 73656 | 69020 |
| <sup>a</sup>10225240.SQ.FTS.B, 4.55%, 6/18/27 | 69582 | 65200 |
| <sup>a</sup>10227366.SQ.FTS.B, 4.55%, 6/18/27 | 14063 | 13180 |
| <sup>a</sup>10222790.SQ.FTS.B, 4.551%, 6/18/27 | 16072 | 15059 |
| <sup>a</sup>10227055.SQ.FTS.B, 4.551%, 6/18/27 | 14776 | 13848 |
| <sup>a</sup>10226913.SQ.FTS.B, 4.553%, 6/18/27 | 10069 | 9436 |
| <sup>a</sup>10223746.SQ.FTS.B, 4.555%, 6/18/27 | 6129 | 5743 |
| <sup>a</sup>10226031.SQ.FTS.B, 4.986%, 6/18/27 | 12928 | 12038 |
| <sup>a</sup>10225223.SQ.FTS.B, 4.988%, 6/18/27 | 1713 | 1596 |
| <sup>a</sup>10224844.SQ.FTS.B, 5.006%, 6/18/27 | 1992 | 1855 |
| <sup>a</sup>10224686.SQ.FTS.B, 5.331%, 6/18/27 | 8997 | 8310 |
| <sup>a</sup>10223734.SQ.FTS.B, 5.336%, 6/18/27 | 1400 | 1297 |
| <sup>a</sup>10223059.SQ.FTS.B, 5.552%, 6/18/27 | 14730 | 13611 |
| <sup>a</sup>10224945.SQ.FTS.B, 5.553%, 6/18/27 | 18416 | 17028 |
| <sup>a</sup>10227013.SQ.FTS.B, 5.557%, 6/18/27 | 4216 | 3894 |
| <sup>a</sup>10223912.SQ.FTS.B, 6.18%, 6/18/27 | 37683 | 34521 |
| <sup>a</sup>10226124.SQ.FTS.B, 6.18%, 6/18/27 | 4472 | 4095 |
| <sup>a</sup>10224902.SQ.FTS.B, 6.484%, 6/18/27 | 2327 | 2124 |
| <sup>a</sup>10230951.SQ.FTS.B, 4.545%, 6/19/27 | 5093 | 4772 |
| <sup>a</sup>10229434.SQ.FTS.B, 4.548%, 6/19/27 | 13374 | 12531 |
| <sup>a</sup>10228855.SQ.FTS.B, 4.549%, 6/19/27 | 18163 | 17019 |
| <sup>a</sup>10229177.SQ.FTS.B, 4.549%, 6/19/27 | 5398 | 5058 |
| <sup>a</sup>10231623.SQ.FTS.B, 4.549%, 6/19/27 | 671 | 629 |
| <sup>a</sup>10231630.SQ.FTS.B, 4.55%, 6/19/27 | 25084 | 23508 |
| <sup>a</sup>10227990.SQ.FTS.B, 4.553%, 6/19/27 | 10065 | 9431 |
| <sup>a</sup>10227441.SQ.FTS.B, 4.98%, 6/19/27 | 3542 | 3298 |
| <sup>a</sup>10231458.SQ.FTS.B, 4.988%, 6/19/27 | 13725 | 12785 |
| <sup>a</sup>10228622.SQ.FTS.B, 5.294%, 6/19/27 | 2557 | 2372 |
| <sup>a</sup>10230418.SQ.FTS.B, 5.301%, 6/19/27 | 8277 | 7676 |
| <sup>a</sup>10230143.SQ.FTS.B, 5.329%, 6/19/27 | 5435 | 4979 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10227605.SQ.FTS.B, 5.333%, 6/19/27 | $2145 | $1979 |
| <sup>a</sup>10228709.SQ.FTS.B, 5.34%, 6/19/27 | 3258 | 3014 |
| <sup>a</sup>10231045.SQ.FTS.B, 5.552%, 6/19/27 | 18154 | 16771 |
| <sup>a</sup>10229592.SQ.FTS.B, 5.553%, 6/19/27 | 46345 | 42823 |
| <sup>a</sup>10229279.SQ.FTS.B, 5.801%, 6/19/27 | 5754 | 5301 |
| <sup>a</sup>10230501.SQ.FTS.B, 5.804%, 6/19/27 | 32660 | 30041 |
| <sup>a</sup>10227882.SQ.FTS.B, 5.805%, 6/19/27 | 4441 | 4088 |
| <sup>a</sup>10229339.SQ.FTS.B, 6.113%, 6/19/27 | 6344 | 5815 |
| <sup>a</sup>10227930.SQ.FTS.B, 6.124%, 6/19/27 | 2413 | 2213 |
| <sup>a</sup>10229956.SQ.FTS.B, 6.18%, 6/19/27 | 22675 | 20771 |
| <sup>a</sup>10230262.SQ.FTS.B, 6.181%, 6/19/27 | 27038 | 24769 |
| <sup>a</sup>10231200.SQ.FTS.B, 6.181%, 6/19/27 | 20550 | 18838 |
| <sup>a</sup>10230911.SQ.FTS.B, 6.48%, 6/19/27 | 2162 | 1973 |
| <sup>a</sup>10228151.SQ.FTS.B, 6.493%, 6/19/27 | 22097 | 20161 |
| <sup>a</sup>10230245.SQ.FTS.B, 6.493%, 6/19/27 | 6238 | 5694 |
| <sup>a</sup>10231588.SQ.FTS.B, 6.494%, 6/19/27 | 1740 | 1588 |
| <sup>a</sup>10228801.SQ.FTS.B, 6.496%, 6/19/27 | 2472 | 2257 |
| <sup>a</sup>10230195.SQ.FTS.B, 6.496%, 6/19/27 | 3648 | 3327 |
| <sup>a</sup>10227652.SQ.FTS.B, 6.497%, 6/19/27 | 11575 | 10559 |
| <sup>a</sup>10229226.SQ.FTS.B, 6.504%, 6/19/27 | 2274 | 2076 |
| <sup>a</sup>10232168.SQ.FTS.B, 4.541%, 6/20/27 | 2962 | 2776 |
| <sup>a</sup>10232114.SQ.FTS.B, 4.547%, 6/20/27 | 7562 | 7085 |
| <sup>a</sup>10232392.SQ.FTS.B, 4.549%, 6/20/27 | 38926 | 36463 |
| <sup>a</sup>10232236.SQ.FTS.B, 4.551%, 6/20/27 | 14297 | 13395 |
| <sup>a</sup>10232375.SQ.FTS.B, 4.559%, 6/20/27 | 2048 | 1919 |
| <sup>a</sup>10232704.SQ.FTS.B, 4.986%, 6/20/27 | 11250 | 10472 |
| <sup>a</sup>10231828.SQ.FTS.B, 4.988%, 6/20/27 | 5087 | 4737 |
| <sup>a</sup>10231872.SQ.FTS.B, 4.988%, 6/20/27 | 20556 | 19147 |
| <sup>a</sup>10232074.SQ.FTS.B, 4.988%, 6/20/27 | 5052 | 4704 |
| <sup>a</sup>10232207.SQ.FTS.B, 4.988%, 6/20/27 | 4466 | 4158 |
| <sup>a</sup>10232694.SQ.FTS.B, 5.291%, 6/20/27 | 2480 | 2300 |
| <sup>a</sup>10231849.SQ.FTS.B, 5.298%, 6/20/27 | 4230 | 3922 |
| <sup>a</sup>10232007.SQ.FTS.B, 5.303%, 6/20/27 | 8416 | 7798 |
| <sup>a</sup>10232357.SQ.FTS.B, 5.338%, 6/20/27 | 2480 | 2291 |
| <sup>a</sup>10232065.SQ.FTS.B, 5.563%, 6/20/27 | 2485 | 2296 |
| <sup>a</sup>10232335.SQ.FTS.B, 5.799%, 6/20/27 | 3536 | 3255 |
| <sup>a</sup>10232189.SQ.FTS.B, 6.179%, 6/20/27 | 4017 | 3682 |
| <sup>a</sup>10231773.SQ.FTS.B, 6.325%, 6/20/27 | 1225 | 1119 |
| <sup>a</sup>10231802.SQ.FTS.B, 6.484%, 6/20/27 | 1877 | 1713 |
| <sup>a</sup>10231998.SQ.FTS.B, 6.495%, 6/20/27 | 2382 | 2172 |
| <sup>a</sup>10233323.SQ.FTS.B, 4.544%, 6/21/27 | 3550 | 3326 |
| <sup>a</sup>10233028.SQ.FTS.B, 4.549%, 6/21/27 | 4512 | 4228 |
| <sup>a</sup>10233059.SQ.FTS.B, 4.549%, 6/21/27 | 4526 | 4241 |
| <sup>a</sup>10233087.SQ.FTS.B, 4.549%, 6/21/27 | 11271 | 10560 |
| <sup>a</sup>10233514.SQ.FTS.B, 4.549%, 6/21/27 | 8012 | 7505 |
| <sup>a</sup>10232784.SQ.FTS.B, 4.551%, 6/21/27 | 7684 | 7199 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10233484.SQ.FTS.B, 4.556%, 6/21/27 | $5096 | $4774 |
| <sup>a</sup>10233156.SQ.FTS.B, 4.566%, 6/21/27 | 2146 | 2011 |
| <sup>a</sup>10233296.SQ.FTS.B, 4.568%, 6/21/27 | 954 | 894 |
| <sup>a</sup>10232838.SQ.FTS.B, 4.991%, 6/21/27 | 8838 | 8230 |
| <sup>a</sup>10233178.SQ.FTS.B, 5.336%, 6/21/27 | 15377 | 14248 |
| <sup>a</sup>10233419.SQ.FTS.B, 5.336%, 6/21/27 | 10325 | 9557 |
| <sup>a</sup>10233391.SQ.FTS.B, 5.337%, 6/21/27 | 4705 | 4359 |
| <sup>a</sup>10233308.SQ.FTS.B, 5.339%, 6/21/27 | 1664 | 1542 |
| <sup>a</sup>10232906.SQ.FTS.B, 5.553%, 6/21/27 | 16858 | 15572 |
| <sup>a</sup>10233469.SQ.FTS.B, 6.167%, 6/21/27 | 2635 | 2415 |
| <sup>a</sup>10232833.SQ.FTS.B, 6.368%, 6/21/27 | 873 | 798 |
| <sup>a</sup>10233585.SQ.FTS.B, 6.492%, 6/21/27 | 12633 | 11516 |
| <sup>a</sup>10233566.SQ.FTS.B, 6.494%, 6/21/27 | 3386 | 3084 |
| <sup>a</sup>10233367.SQ.FTS.B, 6.51%, 6/21/27 | 1746 | 1589 |
| <sup>a</sup>10235810.SQ.FTS.B, 4.543%, 6/22/27 | 5011 | 4695 |
| <sup>a</sup>10236874.SQ.FTS.B, 4.547%, 6/22/27 | 7434 | 6966 |
| <sup>a</sup>10238197.SQ.FTS.B, 4.547%, 6/22/27 | 10102 | 9466 |
| <sup>a</sup>10236927.SQ.FTS.B, 4.549%, 6/22/27 | 19285 | 18071 |
| <sup>a</sup>10237069.SQ.FTS.B, 4.549%, 6/22/27 | 85644 | 80243 |
| <sup>a</sup>10238336.SQ.FTS.B, 4.549%, 6/22/27 | 16822 | 15760 |
| <sup>a</sup>10234780.SQ.FTS.B, 4.551%, 6/22/27 | 5573 | 5222 |
| <sup>a</sup>10238023.SQ.FTS.B, 4.552%, 6/22/27 | 13782 | 12911 |
| <sup>a</sup>10234932.SQ.FTS.B, 4.986%, 6/22/27 | 3468 | 3230 |
| <sup>a</sup>10236404.SQ.FTS.B, 4.988%, 6/22/27 | 28258 | 26317 |
| <sup>a</sup>10236110.SQ.FTS.B, 5.302%, 6/22/27 | 35206 | 32646 |
| <sup>a</sup>10236092.SQ.FTS.B, 5.309%, 6/22/27 | 1193 | 1106 |
| <sup>a</sup>10235914.SQ.FTS.B, 5.806%, 6/22/27 | 8374 | 7714 |
| <sup>a</sup>10236780.SQ.FTS.B, 6.18%, 6/22/27 | 11063 | 10124 |
| <sup>a</sup>10237888.SQ.FTS.B, 6.18%, 6/22/27 | 17044 | 15610 |
| <sup>a</sup>10236715.SQ.FTS.B, 6.181%, 6/22/27 | 3632 | 3327 |
| <sup>a</sup>10235889.SQ.FTS.B, 6.187%, 6/22/27 | 3696 | 3385 |
| <sup>a</sup>10236063.SQ.FTS.B, 6.193%, 6/22/27 | 2694 | 2469 |
| <sup>a</sup>10237039.SQ.FTS.B, 6.297%, 6/22/27 | 810 | 741 |
| <sup>a</sup>10236356.SQ.FTS.B, 6.486%, 6/22/27 | 3929 | 3586 |
| <sup>a</sup>10235030.SQ.FTS.B, 6.493%, 6/22/27 | 29923 | 27296 |
| <sup>a</sup>10237821.SQ.FTS.B, 6.493%, 6/22/27 | 10055 | 9171 |
| <sup>a</sup>10237045.SQ.FTS.B, 6.502%, 6/22/27 | 4254 | 3880 |
| <sup>a</sup>10234737.SQ.FTS.B, 6.51%, 6/22/27 | 1785 | 1626 |
| <sup>a</sup>10236707.SQ.FTS.B, 6.51%, 6/22/27 | 910 | 830 |
| <sup>a</sup>10240701.SQ.FTS.B, 4.544%, 6/23/27 | 6174 | 5784 |
| <sup>a</sup>10240794.SQ.FTS.B, 4.549%, 6/23/27 | 2254 | 2111 |
| <sup>a</sup>10242672.SQ.FTS.B, 4.549%, 6/23/27 | 15120 | 14163 |
| <sup>a</sup>10243186.SQ.FTS.B, 4.549%, 6/23/27 | 73257 | 68619 |
| <sup>a</sup>10242421.SQ.FTS.B, 4.551%, 6/23/27 | 19676 | 18429 |
| <sup>a</sup>10241937.SQ.FTS.B, 4.552%, 6/23/27 | 7167 | 6711 |
| <sup>a</sup>10242826.SQ.FTS.B, 4.981%, 6/23/27 | 2480 | 2308 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10240865.SQ.FTS.B, 5.302%, 6/23/27 | $54067 | $50115 |
| <sup>a</sup>10243043.SQ.FTS.B, 5.304%, 6/23/27 | 19841 | 18391 |
| <sup>a</sup>10243136.SQ.FTS.B, 5.328%, 6/23/27 | 2223 | 2059 |
| <sup>a</sup>10242926.SQ.FTS.B, 5.329%, 6/23/27 | 3580 | 3317 |
| <sup>a</sup>10243152.SQ.FTS.B, 5.365%, 6/23/27 | 1148 | 1063 |
| <sup>a</sup>10242010.SQ.FTS.B, 5.552%, 6/23/27 | 5767 | 5328 |
| <sup>a</sup>10242067.SQ.FTS.B, 5.553%, 6/23/27 | 56642 | 52314 |
| <sup>a</sup>10241537.SQ.FTS.B, 5.804%, 6/23/27 | 34468 | 31734 |
| <sup>a</sup>10242874.SQ.FTS.B, 5.804%, 6/23/27 | 3465 | 3191 |
| <sup>a</sup>10240666.SQ.FTS.B, 6.18%, 6/23/27 | 1637 | 1500 |
| <sup>a</sup>10242983.SQ.FTS.B, 6.181%, 6/23/27 | 2531 | 2319 |
| <sup>a</sup>10242625.SQ.FTS.B, 6.182%, 6/23/27 | 5753 | 5266 |
| <sup>a</sup>10242052.SQ.FTS.B, 6.185%, 6/23/27 | 2766 | 2532 |
| <sup>a</sup>10242061.SQ.FTS.B, 6.186%, 6/23/27 | 4664 | 4271 |
| <sup>a</sup>10241991.SQ.FTS.B, 6.333%, 6/23/27 | 2036 | 1861 |
| <sup>a</sup>10239622.SQ.FTS.B, 6.337%, 6/23/27 | 2170 | 1976 |
| <sup>a</sup>10239668.SQ.FTS.B, 6.483%, 6/23/27 | 1842 | 1680 |
| <sup>a</sup>10239682.SQ.FTS.B, 6.494%, 6/23/27 | 4699 | 4286 |
| <sup>a</sup>10239734.SQ.FTS.B, 6.494%, 6/23/27 | 52200 | 47590 |
| <sup>a</sup>10243163.SQ.FTS.B, 6.498%, 6/23/27 | 2577 | 2351 |
| <sup>a</sup>10242856.SQ.FTS.B, 6.508%, 6/23/27 | 1734 | 1581 |
| <sup>a</sup>10248539.SQ.FTS.B, 4.547%, 6/24/27 | 9858 | 9230 |
| <sup>a</sup>10248985.SQ.FTS.B, 4.547%, 6/24/27 | 9250 | 8662 |
| <sup>a</sup>10249685.SQ.FTS.B, 4.549%, 6/24/27 | 15838 | 14829 |
| <sup>a</sup>10247389.SQ.FTS.B, 4.55%, 6/24/27 | 32490 | 30422 |
| <sup>a</sup>10249094.SQ.FTS.B, 4.551%, 6/24/27 | 5969 | 5588 |
| <sup>a</sup>10249191.SQ.FTS.B, 4.551%, 6/24/27 | 11122 | 10413 |
| <sup>a</sup>10249341.SQ.FTS.B, 4.551%, 6/24/27 | 3791 | 3550 |
| <sup>a</sup>10246080.SQ.FTS.B, 4.985%, 6/24/27 | 3974 | 3699 |
| <sup>a</sup>10245898.SQ.FTS.B, 4.987%, 6/24/27 | 6121 | 5697 |
| <sup>a</sup>10248446.SQ.FTS.B, 5.296%, 6/24/27 | 3521 | 3263 |
| <sup>a</sup>10248251.SQ.FTS.B, 5.315%, 6/24/27 | 2260 | 2094 |
| <sup>a</sup>10249522.SQ.FTS.B, 5.332%, 6/24/27 | 7975 | 7386 |
| <sup>a</sup>10246034.SQ.FTS.B, 5.552%, 6/24/27 | 2348 | 2168 |
| <sup>a</sup>10248383.SQ.FTS.B, 6.178%, 6/24/27 | 1673 | 1531 |
| <sup>a</sup>10248840.SQ.FTS.B, 6.178%, 6/24/27 | 6513 | 5963 |
| <sup>a</sup>10246136.SQ.FTS.B, 6.18%, 6/24/27 | 85914 | 78659 |
| <sup>a</sup>10247867.SQ.FTS.B, 6.18%, 6/24/27 | 6870 | 6287 |
| <sup>a</sup>10248302.SQ.FTS.B, 6.492%, 6/24/27 | 3906 | 3561 |
| <sup>a</sup>10249440.SQ.FTS.B, 6.501%, 6/24/27 | 4816 | 4390 |
| <sup>a</sup>10250393.SQ.FTS.B, 4.549%, 6/25/27 | 22650 | 21206 |
| <sup>a</sup>10250529.SQ.FTS.B, 4.549%, 6/25/27 | 51620 | 48327 |
| <sup>a</sup>10250853.SQ.FTS.B, 4.549%, 6/25/27 | 43357 | 40593 |
| <sup>a</sup>10250208.SQ.FTS.B, 4.974%, 6/25/27 | 1788 | 1664 |
| <sup>a</sup>10250765.SQ.FTS.B, 4.981%, 6/25/27 | 2531 | 2356 |
| <sup>a</sup>10250490.SQ.FTS.B, 4.986%, 6/25/27 | 16111 | 14990 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 101

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>10250804.SQ.FTS.B, 5.306%, 6/25/27 | $5483 | $5080 |
| <sup>a</sup>10250180.SQ.FTS.B, 5.33%, 6/25/27 | 6069 | 5621 |
| <sup>a</sup>10250136.SQ.FTS.B, 5.555%, 6/25/27 | 3902 | 3603 |
| <sup>a</sup>10250292.SQ.FTS.B, 5.804%, 6/25/27 | 23100 | 21254 |
| <sup>a</sup>10250779.SQ.FTS.B, 5.804%, 6/25/27 | 5313 | 4889 |
| <sup>a</sup>10250216.SQ.FTS.B, 6.334%, 6/25/27 | 11367 | 10378 |
| <sup>a</sup>10250829.SQ.FTS.B, 6.485%, 6/25/27 | 3346 | 3050 |
| <sup>a</sup>10250369.SQ.FTS.B, 6.49%, 6/25/27 | 4798 | 4372 |
| <sup>a</sup>10250254.SQ.FTS.B, 6.496%, 6/25/27 | 5483 | 4995 |
| <sup>a</sup>10250264.SQ.FTS.B, 6.496%, 6/25/27 | 12762 | 11631 |
| <sup>a</sup>10250526.SQ.FTS.B, 6.519%, 6/25/27 | 1458 | 1328 |
| <sup>a</sup>10253515.SQ.FTS.B, 4.543%, 6/26/27 | 5527 | 5175 |
| <sup>a</sup>10253628.SQ.FTS.B, 4.547%, 6/26/27 | 8796 | 8236 |
| <sup>a</sup>10252368.SQ.FTS.B, 4.549%, 6/26/27 | 3386 | 3170 |
| <sup>a</sup>10252393.SQ.FTS.B, 4.549%, 6/26/27 | 26203 | 24527 |
| <sup>a</sup>10253421.SQ.FTS.B, 4.549%, 6/26/27 | 2270 | 2125 |
| <sup>a</sup>10253436.SQ.FTS.B, 4.549%, 6/26/27 | 6810 | 6376 |
| <sup>a</sup>10254658.SQ.FTS.B, 4.549%, 6/26/27 | 27240 | 25504 |
| <sup>a</sup>10252859.SQ.FTS.B, 4.55%, 6/26/27 | 68668 | 64290 |
| <sup>a</sup>10254573.SQ.FTS.B, 4.551%, 6/26/27 | 2009 | 1881 |
| <sup>a</sup>10253244.SQ.FTS.B, 4.552%, 6/26/27 | 10783 | 10095 |
| <sup>a</sup>10254458.SQ.FTS.B, 4.552%, 6/26/27 | 5959 | 5579 |
| <sup>a</sup>10254535.SQ.FTS.B, 4.552%, 6/26/27 | 2656 | 2487 |
| <sup>a</sup>10252671.SQ.FTS.B, 4.561%, 6/26/27 | 3065 | 2869 |
| <sup>a</sup>10253700.SQ.FTS.B, 4.988%, 6/26/27 | 29692 | 27629 |
| <sup>a</sup>10254066.SQ.FTS.B, 4.988%, 6/26/27 | 25913 | 24107 |
| <sup>a</sup>10252769.SQ.FTS.B, 4.99%, 6/26/27 | 7092 | 6599 |
| <sup>a</sup>10255088.SQ.FTS.B, 4.993%, 6/26/27 | 2741 | 2550 |
| <sup>a</sup>10251941.SQ.FTS.B, 4.996%, 6/26/27 | 3769 | 3507 |
| <sup>a</sup>10251554.SQ.FTS.B, 5.302%, 6/26/27 | 31974 | 29621 |
| <sup>a</sup>10254320.SQ.FTS.B, 5.334%, 6/26/27 | 11303 | 10467 |
| <sup>a</sup>10252712.SQ.FTS.B, 5.335%, 6/26/27 | 1159 | 1073 |
| <sup>a</sup>10252719.SQ.FTS.B, 5.555%, 6/26/27 | 3338 | 3082 |
| <sup>a</sup>10254017.SQ.FTS.B, 5.799%, 6/26/27 | 5047 | 4644 |
| <sup>a</sup>10253564.SQ.FTS.B, 5.803%, 6/26/27 | 3130 | 2880 |
| <sup>a</sup>10254606.SQ.FTS.B, 6.172%, 6/26/27 | 4272 | 3911 |
| <sup>a</sup>10252651.SQ.FTS.B, 6.19%, 6/26/27 | 1823 | 1668 |
| <sup>a</sup>10254517.SQ.FTS.B, 6.488%, 6/26/27 | 4104 | 3741 |
| <sup>a</sup>10253337.SQ.FTS.B, 6.492%, 6/26/27 | 13875 | 12646 |
| <sup>a</sup>10251981.SQ.FTS.B, 6.493%, 6/26/27 | 21317 | 19424 |
| <sup>a</sup>10255121.SQ.FTS.B, 6.494%, 6/26/27 | 9911 | 9033 |
| <sup>a,b</sup>5989835.SQ.FTS.B, 5.158%, 4/13/34 | 3543 |  |
| <sup>a,b</sup>5994040.SQ.FTS.B, 5.157%, 4/14/34 | 6214 |  |
| <sup>a,b</sup>5996474.SQ.FTS.B, 4.843%, 4/15/34 | 17017 |  |
| <sup>a,b</sup>5997475.SQ.FTS.B, 4.43%, 4/16/34 | 1656 |  |
| <sup>a,b</sup>5997200.SQ.FTS.B, 5.097%, 4/16/34 | 2782 |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6000301.SQ.FTS.B, 5.093%, 4/17/34 | $3546 | $— |
| <sup>a,b</sup>6004440.SQ.FTS.B, 4.732%, 4/18/34 | 1108 |  |
| <sup>a,b</sup>6001577.SQ.FTS.B, 5.151%, 4/18/34 | 1056 |  |
| <sup>a,b</sup>6011390.SQ.FTS.B, 5.288%, 4/20/34 | 1154 |  |
| <sup>a,b</sup>6015092.SQ.FTS.B, 4.748%, 4/21/34 | 3643 |  |
| <sup>a,b</sup>6014890.SQ.FTS.B, 4.906%, 4/21/34 | 9174 | 1 |
| <sup>a,b</sup>6013648.SQ.FTS.B, 4.944%, 4/21/34 | 1455 |  |
| <sup>a,b</sup>6012758.SQ.FTS.B, 5.035%, 4/21/34 | 723 |  |
| <sup>a,b</sup>6014070.SQ.FTS.B, 5.04%, 4/21/34 . | 807 |  |
| <sup>a,b</sup>6012911.SQ.FTS.B, 5.521%, 4/21/34 | 2149 |  |
| <sup>a,b</sup>6016148.SQ.FTS.B, 5.158%, 4/22/34 | 5838 |  |
| <sup>a,b</sup>6015930.SQ.FTS.B, 5.191%, 4/22/34 | 575 |  |
| <sup>a,b</sup>6016033.SQ.FTS.B, 5.427%, 4/22/34 | 411 |  |
| <sup>a,b</sup>6017013.SQ.FTS.B, 5.183%, 4/23/34 | 1385 |  |
| <sup>a,b</sup>6022765.SQ.FTS.B, 4.749%, 4/25/34 | 4447 |  |
| <sup>a,b</sup>6021095.SQ.FTS.B, 5.183%, 4/25/34 | 1600 |  |
| <sup>a,b</sup>6026172.SQ.FTS.B, 4.002%, 4/26/34 | 322 |  |
| <sup>a,b</sup>6024576.SQ.FTS.B, 4.74%, 4/26/34 | 1276 |  |
| <sup>a,b</sup>6024861.SQ.FTS.B, 5.431%, 4/26/34 | 2667 |  |
| <sup>a,b</sup>6029494.SQ.FTS.B, 4.71%, 4/27/34 | 1298 |  |
| <sup>a,b</sup>6032730.SQ.FTS.B, 5.44%, 4/27/34 | 389 |  |
| <sup>a,b</sup>6036691.SQ.FTS.B, 4.307%, 4/28/34 | 2479 |  |
| <sup>a,b</sup>6041346.SQ.FTS.B, 4.725%, 4/30/34 | 1333 |  |
| <sup>a,b</sup>6048225.SQ.FTS.B, 4.528%, 5/02/34 | 8214 |  |
| <sup>a,b</sup>6054550.SQ.FTS.B, 5.285%, 5/03/34 | 4497 |  |
| <sup>a,b</sup>6057387.SQ.FTS.B, 5.53%, 5/04/34 . | 1675 |  |
| <sup>a,b</sup>6058469.SQ.FTS.B, 5.446%, 5/05/34 | 1557 |  |
| <sup>a,b</sup>6062778.SQ.FTS.B, 5.554%, 5/07/34 | 305 |  |
| <sup>a,b</sup>6120695.SQ.FTS.B, 4.75%, 5/09/34 . | 16890 |  |
| <sup>a,b</sup>6124160.SQ.FTS.B, 5.377%, 5/10/34 | 3491 |  |
| <sup>a,b</sup>6126546.SQ.FTS.B, 4.906%, 5/12/34 | 19042 |  |
| <sup>a,b</sup>6126842.SQ.FTS.B, 5.561%, 5/13/34 | 637 |  |
| <sup>a,b</sup>6133881.SQ.FTS.B, 4.75%, 5/15/34 . | 2378 |  |
| <sup>a,b</sup>6131519.SQ.FTS.B, 5.381%, 5/15/34 | 1418 |  |
| <sup>a,b</sup>6134817.SQ.FTS.B, 5.535%, 5/15/34 | 2697 |  |
| <sup>a,b</sup>6135260.SQ.FTS.B, 5.427%, 5/16/34 | 1443 |  |
| <sup>a,b</sup>6146677.SQ.FTS.B, 4.308%, 5/18/34 | 8942 |  |
| <sup>a,b</sup>6151394.SQ.FTS.B, 4.308%, 5/21/34 | 5177 |  |
| <sup>a,b</sup>6150788.SQ.FTS.B, 4.749%, 5/21/34 | 14529 | 1 |
| <sup>a,b</sup>6149304.SQ.FTS.B, 5.405%, 5/21/34 | 401 |  |
| <sup>a,b</sup>6153438.SQ.FTS.B, 4.906%, 5/22/34 | 7548 |  |
| <sup>a,b</sup>6157908.SQ.FTS.B, 4.749%, 5/23/34 | 1370 |  |
| <sup>a,b</sup>6157628.SQ.FTS.B, 5.44%, 5/23/34 | 4793 |  |
| <sup>a,b</sup>6159034.SQ.FTS.B, 5.535%, 5/23/34 | 7919 | 1 |
| <sup>a,b</sup>6164713.SQ.FTS.B, 5.418%, 5/25/34 | 395 |  |
| <sup>a,b</sup>6163607.SQ.FTS.B, 5.453%, 5/25/34 | 1355 |  |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Description**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6166473.SQ.FTS.B, 4.527%, 5/28/34 | $5156 | $— |
| <sup>a,b</sup>6169281.SQ.FTS.B, 4.724%, 5/28/34 | 242 |  |
| <sup>a,b</sup>6169671.SQ.FTS.B, 4.528%, 5/29/34 | 2580 |  |
| <sup>a,b</sup>6172125.SQ.FTS.B, 5.031%, 5/29/34 | 3361 |  |
| <sup>a,b</sup>6176406.SQ.FTS.B, 4.749%, 5/30/34 | 11958 |  |
| <sup>a,b</sup>6174157.SQ.FTS.B, 5.441%, 5/30/34 | 1917 |  |
| <sup>a,b</sup>6176070.SQ.FTS.B, 5.565%, 5/30/34 | 662 |  |
| <sup>a,b</sup>6186681.SQ.FTS.B, 5.152%, 6/04/34 | 628 |  |
| <sup>a,b</sup>6191126.SQ.FTS.B, 4.528%, 6/05/34 | 1433 |  |
| <sup>a,b</sup>6188827.SQ.FTS.B, 4.793%, 6/05/34 | 314 |  |
| <sup>a,b</sup>6194847.SQ.FTS.B, 4.748%, 6/06/34 | 2674 |  |
| <sup>a,b</sup>6193329.SQ.FTS.B, 5.377%, 6/06/34 | 4245 |  |
| <sup>a,b</sup>6199807.SQ.FTS.B, 4.754%, 6/07/34 | 2588 |  |
| <sup>a,b</sup>6200483.SQ.FTS.B, 5.283%, 6/07/34 | 3807 |  |
| <sup>a,b</sup>6207918.SQ.FTS.B, 5.534%, 6/09/34 | 14807 |  |
| <sup>a,b</sup>6207882.SQ.FTS.B, 5.543%, 6/09/34 | 1369 |  |
| <sup>a,b</sup>6210686.SQ.FTS.B, 5.157%, 6/11/34 | 1334 |  |
| <sup>a,b</sup>6214585.SQ.FTS.B, 5.382%, 6/12/34 | 2893 |  |
| <sup>a,b</sup>6213956.SQ.FTS.B, 5.53%, 6/12/34 . | 3141 |  |
| <sup>a,b</sup>6217157.SQ.FTS.B, 5.456%, 6/13/34 | 272 |  |
| <sup>a,b</sup>6220890.SQ.FTS.B, 5.031%, 6/14/34 | 11147 |  |
| <sup>a,b</sup>6226697.SQ.FTS.B, 4.309%, 6/15/34 | 6802 |  |
| <sup>a,b</sup>6225158.SQ.FTS.B, 4.527%, 6/15/34 | 3256 |  |
| <sup>a,b</sup>6226524.SQ.FTS.B, 5.281%, 6/15/34 | 2241 |  |
| <sup>a,b</sup>6228233.SQ.FTS.B, 5.047%, 6/16/34 | 24 |  |
| <sup>a,b</sup>6229176.SQ.FTS.B, 5.281%, 6/16/34 | 4816 |  |
| <sup>a,b</sup>6242053.SQ.FTS.B, 4.744%, 6/20/34 | 3405 |  |
| <sup>a,b</sup>6242376.SQ.FTS.B, 5.251%, 6/20/34 | 5760 |  |
| <sup>a,b</sup>6254118.SQ.FTS.B, 4.969%, 6/23/34 | 10644 | 1 |
| <sup>a,b</sup>6254961.SQ.FTS.B, 5.472%, 6/23/34 | 5460 |  |
| <sup>a,b</sup>6253221.SQ.FTS.B, 5.598%, 6/23/34 | 28281 |  |
| <sup>a,b</sup>6252808.SQ.FTS.B, 5.601%, 6/23/34 | 5809 |  |
| <sup>a,b</sup>6254832.SQ.FTS.B, 5.759%, 6/23/34 | 2498 |  |
| <sup>a,b</sup>6255052.SQ.FTS.B, 5.597%, 6/24/34 | 307 |  |
| <sup>a,b</sup>6255882.SQ.FTS.B, 5.757%, 6/25/34 | 515 |  |
| <sup>a,b</sup>6259203.SQ.FTS.B, 4.759%, 6/27/34 | 445 |  |
| <sup>a,b</sup>6257645.SQ.FTS.B, 5.031%, 6/27/34 | 683 |  |
| <sup>a,b</sup>6259245.SQ.FTS.B, 5.75%, 6/27/34 . | 616 |  |
| <sup>a,b</sup>6260850.SQ.FTS.B, 4.969%, 6/28/34 | 22653 |  |
| <sup>a,b</sup>6267406.SQ.FTS.B, 5.373%, 6/29/34 | 6092 |  |
| <sup>a,b</sup>6271064.SQ.FTS.B, 4.748%, 6/30/34 | 1172 |  |
| <sup>a,b</sup>6271110.SQ.FTS.B, 4.757%, 6/30/34 | 791 |  |
| <sup>a,b</sup>6269741.SQ.FTS.B, 5.031%, 6/30/34 | 7237 | 1 |
| <sup>a,b</sup>6268263.SQ.FTS.B, 5.247%, 6/30/34 | 1775 |  |
| <sup>a,b</sup>6268433.SQ.FTS.B, 5.258%, 6/30/34 | 284 |  |
| <sup>a,b</sup>6268142.SQ.FTS.B, 5.6%, 6/30/34 | 4489 |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6271589.SQ.FTS.B, 5.445%, 7/01/34 | $1098 | $— |
| <sup>a,b</sup>6274032.SQ.FTS.B, 5.66%, 7/03/34 | 2950 |  |
| <sup>a,b</sup>6277193.SQ.FTS.B, 5.608%, 7/04/34 | 1122 |  |
| <sup>a,b</sup>6282655.SQ.FTS.B, 5.66%, 7/05/34 | 1878 |  |
| <sup>a,b</sup>6285379.SQ.FTS.B, 5.743%, 7/06/34 | 295 |  |
| <sup>a,b</sup>6285826.SQ.FTS.B, 5.473%, 7/07/34 | 11789 |  |
| <sup>a,b</sup>6286529.SQ.FTS.B, 5.748%, 7/08/34 | 439 |  |
| <sup>a,b</sup>6290705.SQ.FTS.B, 5.475%, 7/10/34 | 2878 |  |
| <sup>a,b</sup>6290686.SQ.FTS.B, 5.488%, 7/10/34 | 440 |  |
| <sup>a,b</sup>6302451.SQ.FTS.B, 5.66%, 7/13/34 . | 48897 |  |
| <sup>a,b</sup>6303731.SQ.FTS.B, 4.733%, 7/14/34 | 260 |  |
| <sup>a,b</sup>6305199.SQ.FTS.B, 5.425%, 7/16/34 | 399 |  |
| <sup>a,b</sup>6307843.SQ.FTS.B, 5.754%, 7/17/34 | 53032 |  |
| <sup>a,b</sup>6308638.SQ.FTS.B, 4.749%, 7/18/34 | 12615 |  |
| <sup>a,b</sup>6317901.SQ.FTS.B, 5.754%, 7/20/34 | 928 | 1 |
| <sup>a,b</sup>6320015.SQ.FTS.B, 5.25%, 7/21/34 . | 2205 |  |
| <sup>a,b</sup>6351220.SQ.FTS.B, 5.25%, 7/23/34 . | 7497 |  |
| <sup>a,b</sup>6335477.SQ.FTS.B, 5.387%, 7/23/34 | 557 |  |
| <sup>a,b</sup>6362559.SQ.FTS.B, 5.127%, 7/26/34 | 26180 | 1 |
| <sup>a,b</sup>6369651.SQ.FTS.B, 4.528%, 7/30/34 | 85 |  |
| <sup>a,b</sup>6368537.SQ.FTS.B, 5.66%, 7/30/34 . | 276 |  |
| <sup>a,b</sup>6372459.SQ.FTS.B, 5.376%, 7/31/34 | 2642 |  |
| <sup>a,b</sup>6374829.SQ.FTS.B, 5.129%, 8/01/34 | 5779 |  |
| <sup>a,b</sup>6379217.SQ.FTS.B, 5.262%, 8/02/34 | 478 |  |
| <sup>a,b</sup>6381758.SQ.FTS.B, 5.475%, 8/02/34 | 2586 |  |
| <sup>a,b</sup>6382230.SQ.FTS.B, 5.479%, 8/03/34 | 1124 |  |
| <sup>a,b</sup>6386123.SQ.FTS.B, 5.252%, 8/05/34 | 3613 |  |
| <sup>a,b</sup>6395381.SQ.FTS.B, 4.966%, 8/08/34 | 1358 |  |
| <sup>a,b</sup>6394978.SQ.FTS.B, 5.752%, 8/08/34 | 2823 |  |
| <sup>a,b</sup>6399623.SQ.FTS.B, 5.374%, 8/09/34 | 3629 |  |
| <sup>a,b</sup>6399808.SQ.FTS.B, 5.442%, 8/09/34 | 5425 |  |
| <sup>a,b</sup>6401578.SQ.FTS.B, 5.254%, 8/10/34 | 2229 |  |
| <sup>a,b</sup>6404470.SQ.FTS.B, 5.251%, 8/11/34 | 11152 |  |
| <sup>a,b</sup>6404013.SQ.FTS.B, 5.66%, 8/11/34 . | 1738 |  |
| <sup>a,b</sup>6404711.SQ.FTS.B, 5.603%, 8/12/34 | 2111 |  |
| <sup>a,b</sup>6408982.SQ.FTS.B, 4.743%, 8/14/34 | 2687 |  |
| <sup>a,b</sup>6412313.SQ.FTS.B, 4.75%, 8/15/34 . | 2377 |  |
| <sup>a,b</sup>6423457.SQ.FTS.B, 4.747%, 8/17/34 | 547 |  |
| <sup>a,b</sup>6429072.SQ.FTS.B, 5.379%, 8/21/34 | 513 |  |
| <sup>a,b</sup>6427445.SQ.FTS.B, 5.439%, 8/21/34 | 6571 |  |
| <sup>a,b</sup>6427032.SQ.FTS.B, 5.441%, 8/21/34 | 1469 |  |
| <sup>a,b</sup>6433271.SQ.FTS.B, 4.742%, 8/22/34 | 3084 |  |
| <sup>a,b</sup>6439919.SQ.FTS.B, 5.375%, 8/23/34 | 4906 |  |
| <sup>a,b</sup>6439336.SQ.FTS.B, 5.377%, 8/23/34 | 4354 | 1 |
| <sup>a,b</sup>6443722.SQ.FTS.B, 5.377%, 8/24/34 | 11723 |  |
| <sup>a,b</sup>6443946.SQ.FTS.B, 5.447%, 8/24/34 | 2284 |  |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 103

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6443705.SQ.FTS.B, 5.757%, 8/24/34 | $1309 | $— |
| <sup>a,b</sup>6450204.SQ.FTS.B, 4.969%, 8/28/34 | 1484 |  |
| <sup>a,b</sup>6454476.SQ.FTS.B, 5.251%, 9/01/34 | 2565 |  |
| <sup>a,b</sup>6463165.SQ.FTS.B, 4.974%, 9/03/34 | 850 |  |
| <sup>a,b</sup>6472563.SQ.FTS.B, 5.474%, 9/07/34 | 1124 |  |
| <sup>a,b</sup>6480025.SQ.FTS.B, 4.528%, 9/09/34 | 6855 |  |
| <sup>a,b</sup>6481471.SQ.FTS.B, 5.252%, 9/10/34 | 56731 |  |
| <sup>a,b</sup>6484508.SQ.FTS.B, 5.737%, 9/10/34 | 907 |  |
| <sup>a,b</sup>6484990.SQ.FTS.B, 5.379%, 9/11/34 | 8174 |  |
| <sup>a,b</sup>6485599.SQ.FTS.B, 5.595%, 9/11/34 | 3350 |  |
| <sup>a,b</sup>6488534.SQ.FTS.B, 5.66%, 9/13/34 | 4069 |  |
| <sup>a,b</sup>6490032.SQ.FTS.B, 5.66%, 9/13/34 | 1366 |  |
| <sup>a,b</sup>6493901.SQ.FTS.B, 4.747%, 9/15/34 | 1341 |  |
| <sup>a,b</sup>6495272.SQ.FTS.B, 5.383%, 9/15/34 | 2996 |  |
| <sup>a,b</sup>6493807.SQ.FTS.B, 5.678%, 9/15/34 | 798 |  |
| <sup>a,b</sup>6499390.SQ.FTS.B, 4.753%, 9/16/34 | 1905 |  |
| <sup>a,b</sup>6499466.SQ.FTS.B, 4.971%, 9/16/34 | 2079 |  |
| <sup>a,b</sup>6499066.SQ.FTS.B, 5.132%, 9/16/34 | 2376 |  |
| <sup>a,b</sup>6505651.SQ.FTS.B, 5.126%, 9/17/34 | 11018 |  |
| <sup>a,b</sup>6504331.SQ.FTS.B, 5.251%, 9/17/34 | 16006 |  |
| <sup>a,b</sup>6510199.SQ.FTS.B, 5.377%, 9/20/34 | 3748 |  |
| <sup>a,b</sup>6509842.SQ.FTS.B, 5.758%, 9/20/34 | 5661 |  |
| <sup>a,b</sup>6514993.SQ.FTS.B, 4.748%, 9/22/34 | 11666 |  |
| <sup>a,b</sup>6526438.SQ.FTS.B, 5.471%, 9/26/34 | 2043 |  |
| <sup>a,b</sup>6528470.SQ.FTS.B, 4.527%, 9/27/34 | 5896 |  |
| <sup>a,b</sup>6533471.SQ.FTS.B, 5.66%, 9/28/34 | 5455 |  |
| <sup>a,b</sup>6537833.SQ.FTS.B, 4.963%, 9/29/34 | 4274 |  |
| <sup>a,b</sup>6546339.SQ.FTS.B, 5.031%, 9/30/34 | 3311 |  |
| <sup>a,b</sup>6539774.SQ.FTS.B, 5.438%, 9/30/34 | 7745 |  |
| <sup>a,b</sup>6545017.SQ.FTS.B, 5.438%, 9/30/34 | 5479 |  |
| <sup>a,b</sup>6547912.SQ.FTS.B, 5.756%, 10/02/34 | 3479 |  |
| <sup>a,b</sup>6550386.SQ.FTS.B, 4.842%, 10/03/34 | 3804 | 1 |
| <sup>a,b</sup>6551364.SQ.FTS.B, 5.595%, 10/03/34 | 2540 |  |
| <sup>a,b</sup>6551325.SQ.FTS.B, 5.597%, 10/03/34 | 1077 |  |
| <sup>a,b</sup>6551310.SQ.FTS.B, 5.678%, 10/03/34 | 1637 |  |
| <sup>a,b</sup>6552179.SQ.FTS.B, 5.6%, 10/04/34 | 1236 |  |
| <sup>a,b</sup>6552833.SQ.FTS.B, 5.676%, 10/04/34 | 1914 |  |
| <sup>a,b</sup>6557212.SQ.FTS.B, 6.167%, 10/05/34 | 393 |  |
| <sup>a,b</sup>6560669.SQ.FTS.B, 5.595%, 10/06/34 | 297 |  |
| <sup>a,b</sup>6565297.SQ.FTS.B, 5.667%, 10/07/34 | 2245 |  |
| <sup>a,b</sup>6566308.SQ.FTS.B, 5.205%, 10/08/34 | 588 |  |
| <sup>a,b</sup>6568787.SQ.FTS.B, 4.654%, 10/10/34 | 2085 |  |
| <sup>a,b</sup>6570635.SQ.FTS.B, 5.757%, 10/10/34 | 197 |  |
| <sup>a,b</sup>6569379.SQ.FTS.B, 5.759%, 10/10/34 | 6083 |  |
| <sup>a,b</sup>6573435.SQ.FTS.B, 4.751%, 10/11/34 | 434 |  |
| <sup>a,b</sup>6575505.SQ.FTS.B, 5.561%, 10/12/34 | 818 |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6574600.SQ.FTS.B, 5.99%, 10/12/34 | $466 | $— |
| <sup>a,b</sup>6583381.SQ.FTS.B, 4.299%, 10/13/34 | 1860 |  |
| <sup>a,b</sup>6584064.SQ.FTS.B, 5.184%, 10/14/34 | 1200 |  |
| <sup>a,b</sup>6584703.SQ.FTS.B, 5.377%, 10/14/34 | 1023 |  |
| <sup>a,b</sup>6586628.SQ.FTS.B, 5.766%, 10/15/34 | 423 |  |
| <sup>a,b</sup>6591557.SQ.FTS.B, 4.748%, 10/18/34 | 22190 |  |
| <sup>a,b</sup>6602708.SQ.FTS.B, 4.937%, 10/21/34 | 20691 |  |
| <sup>a,b</sup>6603320.SQ.FTS.B, 6.256%, 10/21/34 | 2923 |  |
| <sup>a,b</sup>6606708.SQ.FTS.B, 4.937%, 10/24/34 | 2234 |  |
| <sup>a,b</sup>6608433.SQ.FTS.B, 5.187%, 10/24/34 | 7450 |  |
| <sup>a,b</sup>6606355.SQ.FTS.B, 6.005%, 10/24/34 | 3197 |  |
| <sup>a,b</sup>6606972.SQ.FTS.B, 6.415%, 10/24/34 | 2678 |  |
| <sup>a,b</sup>6608920.SQ.FTS.B, 4.655%, 10/25/34 | 4842 |  |
| <sup>a,b</sup>6608761.SQ.FTS.B, 4.729%, 10/25/34 | 529 |  |
| <sup>a,b</sup>6610691.SQ.FTS.B, 5.437%, 10/25/34 | 1555 |  |
| <sup>a,b</sup>6610546.SQ.FTS.B, 6.424%, 10/25/34 | 2651 |  |
| <sup>a,b</sup>6611834.SQ.FTS.B, 4.934%, 10/26/34 | 6514 |  |
| <sup>a,b</sup>6620492.SQ.FTS.B, 5.563%, 10/28/34 | 1538 |  |
| <sup>a,b</sup>6621277.SQ.FTS.B, 6.437%, 10/28/34 | 645 |  |
| <sup>a,b</sup>6627023.SQ.FTS.B, 4.75%, 11/01/34 | 9110 |  |
| <sup>a,b</sup>6626988.SQ.FTS.B, 5.457%, 11/01/34 | 1021 |  |
| <sup>a,b</sup>6629563.SQ.FTS.B, 6.246%, 11/01/34 | 867 |  |
| <sup>a,b</sup>6632935.SQ.FTS.B, 5.367%, 11/02/34 | 1675 |  |
| <sup>a,b</sup>6640951.SQ.FTS.B, 5.186%, 11/04/34 | 3014 |  |
| <sup>a,b</sup>6638387.SQ.FTS.B, 5.187%, 11/04/34 | 6765 | 1 |
| <sup>a,b</sup>6642494.SQ.FTS.B, 5.183%, 11/05/34 | 2440 |  |
| <sup>a,b</sup>6642924.SQ.FTS.B, 5.436%, 11/05/34 | 918 |  |
| <sup>a,b</sup>6642786.SQ.FTS.B, 5.563%, 11/05/34 | 3631 |  |
| <sup>a,b</sup>6642443.SQ.FTS.B, 6.01%, 11/05/34 | 1132 |  |
| <sup>a,b</sup>6655765.SQ.FTS.B, 6.415%, 11/10/34 | 22394 |  |
| <sup>a,b</sup>6660038.SQ.FTS.B, 5.192%, 11/11/34 | 1025 |  |
| <sup>a,b</sup>6659902.SQ.FTS.B, 5.439%, 11/11/34 | 3775 |  |
| <sup>a,b</sup>6662402.SQ.FTS.B, 4.654%, 11/12/34 | 16704 |  |
| <sup>a,b</sup>6662851.SQ.FTS.B, 4.749%, 11/12/34 | 538 |  |
| <sup>a,b</sup>6667444.SQ.FTS.B, 5.189%, 11/15/34 | 13964 |  |
| <sup>a,b</sup>6667839.SQ.FTS.B, 5.563%, 11/15/34 | 2316 |  |
| <sup>a,b</sup>6669990.SQ.FTS.B, 5.756%, 11/15/34 | 2054 |  |
| <sup>a,b</sup>6669319.SQ.FTS.B, 5.757%, 11/15/34 | 5727 |  |
| <sup>a,b</sup>6668063.SQ.FTS.B, 6.167%, 11/15/34 | 1903 |  |
| <sup>a,b</sup>6672873.SQ.FTS.B, 4.942%, 11/16/34 | 1122 |  |
| <sup>a,b</sup>6672685.SQ.FTS.B, 6.418%, 11/16/34 | 9596 |  |
| <sup>a,b</sup>6681453.SQ.FTS.B, 4.942%, 11/18/34 | 2541 |  |
| <sup>a,b</sup>6681160.SQ.FTS.B, 5.19%, 11/18/34 | 11154 | 1 |
| <sup>a,b</sup>6681576.SQ.FTS.B, 6.01%, 11/18/34 | 2334 |  |
| <sup>a,b</sup>6684258.SQ.FTS.B, 5.379%, 11/19/34 | 5085 |  |
| <sup>a,b</sup>6681713.SQ.FTS.B, 5.434%, 11/19/34 | 4188 |  |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6683903.SQ.FTS.B, 6.164%, 11/19/34 | $1832 | $— |
| <sup>a,b</sup>6685416.SQ.FTS.B, 6.029%, 11/20/34 | 182 |  |
| <sup>a,b</sup>6687486.SQ.FTS.B, 5.443%, 11/22/34 | 1208 |  |
| <sup>a,b</sup>6701879.SQ.FTS.B, 4.747%, 11/25/34 | 555 |  |
| <sup>a,b</sup>6703045.SQ.FTS.B, 5.373%, 11/25/34 | 481 |  |
| <sup>a,b</sup>6706998.SQ.FTS.B, 4.934%, 11/26/34 | 4568 |  |
| <sup>a,b</sup>6705993.SQ.FTS.B, 6.41%, 11/26/34 | 3907 |  |
| <sup>a,b</sup>6709178.SQ.FTS.B, 5.366%, 11/29/34 | 223 |  |
| <sup>a,b</sup>6709139.SQ.FTS.B, 6.422%, 11/29/34 | 417 |  |
| <sup>a,b</sup>6716386.SQ.FTS.B, 4.656%, 11/30/34 | 14513 |  |
| <sup>a,b</sup>6713041.SQ.FTS.B, 4.745%, 11/30/34 | 1739 |  |
| <sup>a,b</sup>6718331.SQ.FTS.B, 4.937%, 12/01/34 | 2957 |  |
| <sup>a,b</sup>6726195.SQ.FTS.B, 5.77%, 12/04/34 | 1147 |  |
| <sup>a,b</sup>6727203.SQ.FTS.B, 5.371%, 12/05/34 | 1293 |  |
| <sup>a,b</sup>6736151.SQ.FTS.B, 5.19%, 12/07/34 | 843 |  |
| <sup>a,b</sup>6734360.SQ.FTS.B, 5.571%, 12/07/34 | 3091 |  |
| <sup>a,b</sup>6735929.SQ.FTS.B, 6.418%, 12/07/34 | 7389 |  |
| <sup>a,b</sup>6741238.SQ.FTS.B, 5.188%, 12/08/34 | 532 |  |
| <sup>a,b</sup>6741768.SQ.FTS.B, 6.258%, 12/08/34 | 7 |  |
| <sup>a,b</sup>6747289.SQ.FTS.B, 5.192%, 12/10/34 | 3359 |  |
| <sup>a,b</sup>6747633.SQ.FTS.B, 5.206%, 12/11/34 | 496 |  |
| <sup>a,b</sup>6749151.SQ.FTS.B, 5.758%, 12/12/34 | 2209 |  |
| <sup>a,b</sup>6755529.SQ.FTS.B, 5.195%, 12/14/34 | 567 |  |
| <sup>a,b</sup>6755599.SQ.FTS.B, 5.382%, 12/14/34 | 3652 |  |
| <sup>a,b</sup>6765978.SQ.FTS.B, 6.413%, 12/16/34 | 3559 |  |
| <sup>a,b</sup>6767513.SQ.FTS.B, 6.413%, 12/16/34 | 3105 |  |
| <sup>a,b</sup>6769902.SQ.FTS.B, 5.756%, 12/18/34 | 1683 |  |
| <sup>a,b</sup>6770314.SQ.FTS.B, 4.757%, 12/19/34 | 850 |  |
| <sup>a,b</sup>6770294.SQ.FTS.B, 5.418%, 12/19/34 | 1307 |  |
| <sup>a,b</sup>6770865.SQ.FTS.B, 6.164%, 12/19/34 | 4212 |  |
| <sup>a,b</sup>6772432.SQ.FTS.B, 4.659%, 12/20/34 | 3614 |  |
| <sup>a,b</sup>6771628.SQ.FTS.B, 5.378%, 12/20/34 | 11342 | 1 |
| <sup>a,b</sup>6775946.SQ.FTS.B, 6.15%, 12/21/34 | 868 |  |
| <sup>a,b</sup>6785814.SQ.FTS.B, 6.008%, 12/23/34 | 3173 |  |
| <sup>a,b</sup>6789729.SQ.FTS.B, 5.755%, 12/26/34 | 23677 |  |
| <sup>a,b</sup>6789128.SQ.FTS.B, 6.008%, 12/26/34 | 6626 |  |
| <sup>a,b</sup>6792899.SQ.FTS.B, 5.377%, 12/27/34 | 15687 |  |
| <sup>a,b</sup>6795851.SQ.FTS.B, 6.414%, 12/28/34 | 13992 |  |
| <sup>a,b</sup>6800164.SQ.FTS.B, 5.451%, 12/29/34 | 921 |  |
| <sup>a,b</sup>6807351.SQ.FTS.B, 5.571%, 12/30/34 | 601 |  |
| <sup>a,b</sup>6807255.SQ.FTS.B, 6.011%, 12/30/34 | 3694 |  |
| <sup>a,b</sup>6812718.SQ.FTS.B, 4.933%, 1/03/35 | 8697 |  |
| <sup>a,b</sup>6813993.SQ.FTS.B, 4.656%, 1/04/35 | 100 |  |
| <sup>a,b</sup>6815365.SQ.FTS.B, 5.568%, 1/05/35 | 4860 | 1 |
| <sup>a,b</sup>6815336.SQ.FTS.B, 5.76%, 1/05/35 | 1094 |  |
| <sup>a,b</sup>6814457.SQ.FTS.B, 6.205%, 1/05/35 | 231 |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6828597.SQ.FTS.B, 6.01%, 1/10/35 | $1851 | $— |
| <sup>a,b</sup>6830425.SQ.FTS.B, 6.154%, 1/10/35 | 1050 |  |
| <sup>a,b</sup>6833081.SQ.FTS.B, 5.753%, 1/11/35 | 3532 |  |
| <sup>a,b</sup>6831288.SQ.FTS.B, 5.755%, 1/11/35 | 1391 |  |
| <sup>a,b</sup>6844837.SQ.FTS.B, 5.189%, 1/14/35 | 4383 | 1 |
| <sup>a,b</sup>6845844.SQ.FTS.B, 5.577%, 1/15/35 | 2264 |  |
| <sup>a,b</sup>6853583.SQ.FTS.B, 4.652%, 1/18/35 | 1003 | 5 |
| <sup>a,b</sup>6864766.SQ.FTS.B, 5.461%, 1/22/35 | 346 |  |
| <sup>a,b</sup>6865119.SQ.FTS.B, 6.261%, 1/22/35 | 1131 |  |
| <sup>a,b</sup>6865816.SQ.FTS.B, 4.941%, 1/23/35 | 975 |  |
| <sup>a,b</sup>6867424.SQ.FTS.B, 4.938%, 1/24/35 | 1424 | 20 |
| <sup>a,b</sup>6867235.SQ.FTS.B, 5.378%, 1/24/35 | 4400 | 1 |
| <sup>a,b</sup>6874224.SQ.FTS.B, 4.938%, 1/26/35 | 12671 |  |
| <sup>a,b</sup>6878498.SQ.FTS.B, 6.006%, 1/27/35 | 15839 |  |
| <sup>a,b</sup>6879258.SQ.FTS.B, 6.169%, 1/27/35 | 995 |  |
| <sup>a,b</sup>6883683.SQ.FTS.B, 6.259%, 1/28/35 | 11390 |  |
| <sup>a,b</sup>6889101.SQ.FTS.B, 4.932%, 1/31/35 | 894 |  |
| <sup>a,b</sup>6891704.SQ.FTS.B, 4.939%, 2/01/35 | 2150 | 50 |
| <sup>a,b</sup>6894382.SQ.FTS.B, 6.261%, 2/02/35 | 3927 |  |
| <sup>a,b</sup>6901055.SQ.FTS.B, 5.187%, 2/04/35 | 8090 | 7 |
| <sup>a,b</sup>6905278.SQ.FTS.B, 5.375%, 2/06/35 | 4086 | 1 |
| <sup>a,b</sup>6905725.SQ.FTS.B, 6.41%, 2/06/35 | 2638 |  |
| <sup>a,b</sup>6910812.SQ.FTS.B, 5.563%, 2/08/35 | 5166 |  |
| <sup>a,b</sup>6913129.SQ.FTS.B, 5.759%, 2/09/35 | 1084 |  |
| <sup>a,b</sup>6913617.SQ.FTS.B, 6.006%, 2/09/35 | 11248 | 2 |
| <sup>a,b</sup>6918477.SQ.FTS.B, 4.762%, 2/10/35 | 795 |  |
| <sup>a,b</sup>6919126.SQ.FTS.B, 4.721%, 2/11/35 | 870 |  |
| <sup>a,b</sup>6920374.SQ.FTS.B, 6.421%, 2/11/35 | 1833 | 1 |
| <sup>a,b</sup>6923080.SQ.FTS.B, 5.567%, 2/14/35 | 5327 | 2 |
| <sup>a,b</sup>6934280.SQ.FTS.B, 5.378%, 2/17/35 | 655 | 1 |
| <sup>a,b</sup>6933378.SQ.FTS.B, 6.007%, 2/17/35 | 1773 | 1 |
| <sup>a,b</sup>6937297.SQ.FTS.B, 4.748%, 2/18/35 | 2807 | 1 |
| <sup>a,b</sup>6939326.SQ.FTS.B, 5.44%, 2/18/35 | 8134 | 3 |
| <sup>a,b</sup>6937107.SQ.FTS.B, 5.441%, 2/18/35 | 2690 | 1 |
| <sup>a,b</sup>6939442.SQ.FTS.B, 5.565%, 2/18/35 | 1301 | 4 |
| <sup>a,b</sup>6941232.SQ.FTS.B, 5.755%, 2/19/35 | 14604 | 417 |
| <sup>a,b</sup>6941710.SQ.FTS.B, 6.007%, 2/19/35 | 5409 | 3 |
| <sup>a,b</sup>6942041.SQ.FTS.B, 6.135%, 2/20/35 | 783 |  |
| <sup>a,b</sup>6946128.SQ.FTS.B, 5.748%, 2/21/35 | 1931 | 1 |
| <sup>a,b</sup>6946527.SQ.FTS.B, 6.003%, 2/21/35 | 726 | 1 |
| <sup>a,b</sup>6957735.SQ.FTS.B, 5.377%, 2/24/35 | 2280 | 2 |
| <sup>a,b</sup>6957843.SQ.FTS.B, 6.007%, 2/24/35 | 3638 | 144 |
| <sup>a,b</sup>6957706.SQ.FTS.B, 6.439%, 2/24/35 | 982 |  |
| <sup>a,b</sup>6958893.SQ.FTS.B, 5.475%, 2/25/35 | 286 |  |
| <sup>a,b</sup>6962136.SQ.FTS.B, 5.755%, 2/25/35 | 1990 | 1 |
| <sup>a,b</sup>6962386.SQ.FTS.B, 5.445%, 2/26/35 | 1496 | 2 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 105

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount**  | **Value** |
| **Marketplace Loans (continued)** |  | |
| Block, Inc. (continued) |  |  |
| <sup>a,b</sup>6962449.SQ.FTS.B, 6%, 2/26/35 | $665 | $— |
| <sup>a,b</sup>6963703.SQ.FTS.B, 5.441%, 2/27/35 | 4914 | 115 |
| <sup>a,b</sup>6968688.SQ.FTS.B, 5.439%, 2/28/35 | 15914 | 11 |
| <sup>a,b</sup>6964600.SQ.FTS.B, 5.754%, 2/28/35 | 3817 | 2 |
| <sup>a,b</sup>6977409.SQ.FTS.B, 5.758%, 2/28/35 | 6257 | 10 |
| <sup>a,b</sup>6983514.SQ.FTS.B, 4.657%, 3/01/35 | 1054 | 2 |
| <sup>a,b</sup>6981506.SQ.FTS.B, 5.759%, 3/01/35 | 4725 | 1 |
| <sup>a,b</sup>6981745.SQ.FTS.B, 6.205%, 3/01/35 | 727 |  |
| <sup>a,b</sup>6983907.SQ.FTS.B, 6.255%, 3/01/35 | 5990 | 2 |
| <sup>a,b</sup>6983184.SQ.FTS.B, 6.258%, 3/01/35 | 2759 | 1 |
| <sup>a,b</sup>6985831.SQ.FTS.B, 5.756%, 3/03/35 | 6077 | 6 |
| <sup>a,b</sup>6986183.SQ.FTS.B, 6.005%, 3/03/35 | 1326 | 1 |
| <sup>a,b</sup>6987073.SQ.FTS.B, 5.772%, 3/04/35 | 204 | 4 |
| <sup>a,b</sup>6987047.SQ.FTS.B, 6.254%, 3/04/35 | 3612 | 1 |
| <sup>a,b</sup>6988804.SQ.FTS.B, 5.378%, 3/05/35 | 22027 | 31 |
| <sup>a,b</sup>6992671.SQ.FTS.B, 5.188%, 3/06/35 | 804 |  |
| <sup>a,b</sup>6992646.SQ.FTS.B, 5.386%, 3/06/35 | 878 | 1 |
| <sup>a,b</sup>6991080.SQ.FTS.B, 6.168%, 3/06/35 | 878 | 1 |
| <sup>a,b</sup>6999659.SQ.FTS.B, 5.377%, 3/08/35 | 6547 | 3 |
| <sup>a,b</sup>7003117.SQ.FTS.B, 5.451%, 3/09/35 | 715 |  |
| <sup>a,b</sup>7002848.SQ.FTS.B, 5.753%, 3/09/35 | 2390 | 5 |
| <sup>a,b</sup>7006832.SQ.FTS.B, 5.564%, 3/11/35 | 11203 | 3 |
| <sup>a,b</sup>7006543.SQ.FTS.B, 5.57%, 3/11/35 | 5929 | 11 |
| <sup>a,b</sup>7007213.SQ.FTS.B, 5.746%, 3/11/35 | 3175 | 2 |
| <sup>a,b</sup>7012393.SQ.FTS.B, 5.198%, 3/13/35 | 252 |  |
| <sup>a,b</sup>7010981.SQ.FTS.B, 5.377%, 3/13/35 | 2023 | 1 |
| <sup>a,b</sup>7019058.SQ.FTS.B, 5.758%, 3/14/35 | 1512 | 141 |
| <sup>a,b</sup>7031129.SQ.FTS.B, 5.566%, 3/19/35 | 23073 | 49 |
| <sup>a,b</sup>7033869.SQ.FTS.B, 6.158%, 3/19/35 | 2930 | 1 |
| <sup>a,b</sup>7030479.SQ.FTS.B, 6.26%, 3/19/35 | 533 | 54 |
| <sup>a,b</sup>7036165.SQ.FTS.B, 4.657%, 3/20/35 | 6631 | 6 |
| <sup>a,b</sup>7040271.SQ.FTS.B, 5.377%, 3/21/35 | 17136 | 1386 |
| <sup>a,b</sup>7046389.SQ.FTS.B, 4.762%, 3/22/35 | 133 |  |
| <sup>a,b</sup>7046858.SQ.FTS.B, 5.566%, 3/22/35 | 6997 | 16 |
| <sup>a,b</sup>7044311.SQ.FTS.B, 5.757%, 3/22/35 | 2555 | 1 |
| <sup>a,b</sup>7044180.SQ.FTS.B, 6.256%, 3/22/35 | 778 | 1 |
| <sup>a,b</sup>7047312.SQ.FTS.B, 5.566%, 3/23/35 | 1444 | 62 |
| <sup>a,b</sup>7047271.SQ.FTS.B, 6.25%, 3/23/35 | 1006 | 43 |
| <sup>a,b</sup>7050699.SQ.FTS.B, 6.012%, 3/25/35 | 1636 | 2 |
| <sup>a,b</sup>7055837.SQ.FTS.B, 5.754%, 3/27/35 | 5733 | 15 |
| <sup>a,b</sup>7060939.SQ.FTS.B, 5.381%, 3/28/35 | 535 | 60 |
| <sup>a,b</sup>7069074.SQ.FTS.B, 4.938%, 4/01/35 | 3076 | 353 |
| <sup>a,b</sup>7077191.SQ.FTS.B, 4.654%, 4/03/35 | 5771 | 13 |
| <sup>a,b</sup>7075883.SQ.FTS.B, 6.007%, 4/03/35 | 3716 | 2 |
| <sup>a,b</sup>7077874.SQ.FTS.B, 6.413%, 4/04/35 | 1766 | 2 |
| <sup>a,b</sup>7087577.SQ.FTS.B, 4.937%, 4/05/35 | 27996 | 53 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7087146.SQ.FTS.B, 5.758%, 4/05/35 | $5687 | $11 |
| <sup>a,b</sup>7091881.SQ.FTS.B, 6.007%, 4/06/35 | 25110 | 7 |
| <sup>a,b</sup>7093794.SQ.FTS.B, 5.191%, 4/08/35 | 1129 | 1 |
| <sup>a,b</sup>7101547.SQ.FTS.B, 6.002%, 4/11/35 | 1547 | 3 |
| <sup>a,b</sup>7099200.SQ.FTS.B, 6.256%, 4/11/35 | 9571 | 7 |
| <sup>a,b</sup>7107852.SQ.FTS.B, 5.754%, 4/12/35 | 22699 | 40 |
| <sup>a,b</sup>7111729.SQ.FTS.B, 5.38%, 4/13/35 | 1918 | 218 |
| <sup>a,b</sup>7112088.SQ.FTS.B, 5.193%, 4/14/35 | 1208 | 2 |
| <sup>a,b</sup>7112613.SQ.FTS.B, 6.26%, 4/14/35 | 5163 | 18 |
| <sup>a,b</sup>7116213.SQ.FTS.B, 4.746%, 4/16/35 | 323 |  |
| <sup>a,b</sup>7114099.SQ.FTS.B, 5.576%, 4/16/35 | 1266 | 2 |
| <sup>a,b</sup>7119610.SQ.FTS.B, 5.754%, 4/17/35 | 2533 | 4 |
| <sup>a,b</sup>7120695.SQ.FTS.B, 6.006%, 4/17/35 | 13067 | 15 |
| <sup>a,b</sup>7117683.SQ.FTS.B, 6.168%, 4/17/35 | 5322 | 6 |
| <sup>a,b</sup>7120315.SQ.FTS.B, 6.171%, 4/17/35 | 110 |  |
| <sup>a,b</sup>7125880.SQ.FTS.B, 6.009%, 4/18/35 | 6031 | 11 |
| <sup>a,b</sup>7132043.SQ.FTS.B, 4.654%, 4/19/35 | 11699 | 19 |
| <sup>a,b</sup>7135169.SQ.FTS.B, 6.001%, 4/19/35 | 586 |  |
| <sup>a,b</sup>7138440.SQ.FTS.B, 4.775%, 4/20/35 | 471 | 1 |
| <sup>a,b</sup>7136267.SQ.FTS.B, 5.577%, 4/20/35 | 492 | 1 |
| <sup>a,b</sup>7147190.SQ.FTS.B, 5.44%, 4/23/35 | 6796 | 6 |
| <sup>a,b</sup>7153431.SQ.FTS.B, 4.938%, 4/25/35 | 21694 | 19 |
| <sup>a,b</sup>7154470.SQ.FTS.B, 5.446%, 4/25/35 | 573 | 1 |
| <sup>a,b</sup>7164056.SQ.FTS.B, 6.403%, 4/27/35 | 229 | 17 |
| <sup>a,b</sup>7164004.SQ.FTS.B, 6.416%, 4/27/35 | 9823 | 11 |
| <sup>a,b</sup>7173420.SQ.FTS.B, 5.378%, 4/30/35 | 4098 | 10 |
| <sup>a,b</sup>7174416.SQ.FTS.B, 5.379%, 5/01/35 | 1948 | 3 |
| <sup>a,b</sup>7174615.SQ.FTS.B, 6.263%, 5/01/35 | 2929 | 4 |
| <sup>a,b</sup>7179478.SQ.FTS.B, 4.939%, 5/02/35 | 7904 | 26 |
| <sup>a,b</sup>7187557.SQ.FTS.B, 4.938%, 5/03/35 | 3412 | 38 |
| <sup>a,b</sup>7187451.SQ.FTS.B, 5.379%, 5/03/35 | 5960 | 19 |
| <sup>a,b</sup>7192584.SQ.FTS.B, 5.755%, 5/06/35 | 5371 | 20 |
| <sup>a,b</sup>7194324.SQ.FTS.B, 5.189%, 5/07/35 | 16993 | 29 |
| <sup>a,b</sup>7194913.SQ.FTS.B, 5.434%, 5/07/35 | 925 | 2 |
| <sup>a,b</sup>7197003.SQ.FTS.B, 5.571%, 5/07/35 | 916 | 119 |
| <sup>a,b</sup>7199276.SQ.FTS.B, 4.938%, 5/08/35 | 32102 | 61 |
| <sup>a,b</sup>7200153.SQ.FTS.B, 5.376%, 5/08/35 | 16216 | 16 |
| <sup>a,b</sup>7200668.SQ.FTS.B, 6.158%, 5/08/35 | 1887 | 3 |
| <sup>a,b</sup>7205002.SQ.FTS.B, 4.654%, 5/09/35 | 75336 | 154 |
| <sup>a,b</sup>7206980.SQ.FTS.B, 6.414%, 5/09/35 | 13640 | 23 |
| <sup>a,b</sup>7204916.SQ.FTS.B, 6.415%, 5/09/35 | 1800 | 7 |
| <sup>a,b</sup>7212464.SQ.FTS.B, 6.247%, 5/12/35 | 259 | 14 |
| <sup>a,b</sup>7214825.SQ.FTS.B, 4.752%, 5/13/35 | 6212 | 7 |
| <sup>a,b</sup>7212718.SQ.FTS.B, 5.544%, 5/13/35 | 877 | 2 |
| <sup>a,b</sup>7223668.SQ.FTS.B, 4.756%, 5/15/35 | 916 | 1 |
| <sup>a,b</sup>7227981.SQ.FTS.B, 5.77%, 5/16/35 | 1615 | 2 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7227866.SQ.FTS.B, 6.012%, 5/16/35 | $727 | $24 |
| <sup>a,b</sup>7233660.SQ.FTS.B, 4.73%, 5/17/35 | 658 | 1 |
| <sup>a,b</sup>7232691.SQ.FTS.B, 5.755%, 5/17/35 | 35086 | 131 |
| <sup>a,b</sup>7238159.SQ.FTS.B, 5.747%, 5/20/35 | 1425 | 5 |
| <sup>a,b</sup>7243958.SQ.FTS.B, 4.653%, 5/21/35 | 16197 | 29 |
| <sup>a,b</sup>7244207.SQ.FTS.B, 5.566%, 5/21/35 | 270 | 55 |
| <sup>a,b</sup>7244363.SQ.FTS.B, 5.573%, 5/21/35 | 2610 | 5 |
| <sup>a,b</sup>7244108.SQ.FTS.B, 5.75%, 5/21/35 | 1133 | 2 |
| <sup>a,b</sup>7248245.SQ.FTS.B, 4.65%, 5/22/35 | 1011 | 12 |
| <sup>a,b</sup>7249505.SQ.FTS.B, 5.38%, 5/22/35 | 4386 | 6 |
| <sup>a,b</sup>7249579.SQ.FTS.B, 5.565%, 5/22/35 | 9581 | 15 |
| <sup>a,b</sup>7250972.SQ.FTS.B, 5.749%, 5/22/35 | 1122 | 3 |
| <sup>a,b</sup>7248608.SQ.FTS.B, 6.162%, 5/22/35 | 1522 | 4 |
| <sup>a,b</sup>7251367.SQ.FTS.B, 4.936%, 5/23/35 | 2158 | 11 |
| <sup>a,b</sup>7251651.SQ.FTS.B, 5.755%, 5/23/35 | 1105 | 250 |
| <sup>a,b</sup>7253125.SQ.FTS.B, 6.008%, 5/24/35 | 9228 | 31 |
| <sup>a,b</sup>7254942.SQ.FTS.B, 5.181%, 5/25/35 | 456 | 1 |
| <sup>a,b</sup>7255280.SQ.FTS.B, 5.581%, 5/25/35 | 2104 | 3 |
| <sup>a,b</sup>7255995.SQ.FTS.B, 6.157%, 5/25/35 | 1767 | 3 |
| <sup>a,b</sup>7255984.SQ.FTS.B, 6.245%, 5/25/35 | 764 | 3 |
| <sup>a,b</sup>7262165.SQ.FTS.B, 4.654%, 5/28/35 | 7001 | 1503 |
| <sup>a,b</sup>7262587.SQ.FTS.B, 5.566%, 5/28/35 | 11195 | 53 |
| <sup>a,b</sup>7261105.SQ.FTS.B, 6.154%, 5/28/35 | 765 | 2 |
| <sup>a,b</sup>7269934.SQ.FTS.B, 5.565%, 5/30/35 | 1563 | 4 |
| <sup>a,b</sup>7273316.SQ.FTS.B, 5.753%, 5/30/35 | 14525 | 15 |
| <sup>a,b</sup>7276376.SQ.FTS.B, 4.655%, 6/01/35 | 13113 | 62 |
| <sup>a,b</sup>7290561.SQ.FTS.B, 4.937%, 6/06/35 | 28751 | 161 |
| <sup>a,b</sup>7290026.SQ.FTS.B, 5.38%, 6/06/35 | 12287 | 33 |
| <sup>a,b</sup>7297748.SQ.FTS.B, 4.75%, 6/07/35 | 396 | 1 |
| <sup>a,b</sup>7298379.SQ.FTS.B, 5.565%, 6/08/35 | 12186 | 72 |
| <sup>a,b</sup>7300855.SQ.FTS.B, 5.736%, 6/08/35 | 1131 | 2 |
| <sup>a,b</sup>7299245.SQ.FTS.B, 6.171%, 6/08/35 | 3563 | 5 |
| <sup>a,b</sup>7299309.SQ.FTS.B, 6.258%, 6/08/35 | 8689 | 90 |
| <sup>a,b</sup>7302186.SQ.FTS.B, 4.727%, 6/09/35 | 1118 | 3 |
| <sup>a,b</sup>7302660.SQ.FTS.B, 5.439%, 6/10/35 | 1300 | 3 |
| <sup>a,b</sup>7309810.SQ.FTS.B, 4.937%, 6/12/35 | 19077 | 49 |
| <sup>a,b</sup>7316695.SQ.FTS.B, 6.005%, 6/13/35 | 496 | 2 |
| <sup>a,b</sup>7320914.SQ.FTS.B, 5.372%, 6/14/35 | 623 | 166 |
| <sup>a,b</sup>7321205.SQ.FTS.B, 6.132%, 6/14/35 | 463 | 1 |
| <sup>a,b</sup>7324843.SQ.FTS.B, 5.761%, 6/15/35 | 1080 | 4 |
| <sup>a,b</sup>7326549.SQ.FTS.B, 5.763%, 6/15/35 | 1103 | 4 |
| <sup>a,b</sup>7324812.SQ.FTS.B, 6.164%, 6/15/35 | 705 | 2 |
| <sup>a,b</sup>7328067.SQ.FTS.B, 6.259%, 6/16/35 | 1889 | 495 |
| <sup>a,b</sup>7329113.SQ.FTS.B, 5.19%, 6/17/35 | 10623 | 103 |
| <sup>a,b</sup>7329506.SQ.FTS.B, 5.756%, 6/17/35 | 4395 | 12 |
| <sup>a,b</sup>7334033.SQ.FTS.B, 4.717%, 6/18/35 | 194 | 1 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7334213.SQ.FTS.B, 4.76%, 6/18/35 | $2715 | $4 |
| <sup>a,b</sup>7330370.SQ.FTS.B, 5.368%, 6/18/35 | 2170 | 7 |
| <sup>a,b</sup>7330811.SQ.FTS.B, 5.56%, 6/18/35 | 363 | 39 |
| <sup>a,b</sup>7334073.SQ.FTS.B, 6.004%, 6/18/35 | 1829 | 193 |
| <sup>a,b</sup>7337996.SQ.FTS.B, 5.192%, 6/19/35 | 3988 | 17 |
| <sup>a,b</sup>7337001.SQ.FTS.B, 5.378%, 6/19/35 | 4094 | 1072 |
| <sup>a,b</sup>7335700.SQ.FTS.B, 5.379%, 6/19/35 | 21677 | 49 |
| <sup>a,b</sup>7336392.SQ.FTS.B, 5.387%, 6/19/35 | 257 | 1 |
| <sup>a,b</sup>7334461.SQ.FTS.B, 6.01%, 6/19/35 | 182 | 35 |
| <sup>a,b</sup>7340973.SQ.FTS.B, 5.181%, 6/20/35 | 913 | 3 |
| <sup>a,b</sup>7340466.SQ.FTS.B, 6.416%, 6/20/35 | 6487 | 21 |
| <sup>a,b</sup>7344615.SQ.FTS.B, 5.757%, 6/21/35 | 634 | 2 |
| <sup>a,b</sup>7344686.SQ.FTS.B, 5.984%, 6/21/35 | 680 | 2 |
| <sup>a,b</sup>7344580.SQ.FTS.B, 6.421%, 6/21/35 | 264 | 52 |
| <sup>a,b</sup>7348182.SQ.FTS.B, 5.191%, 6/22/35 | 319 | 64 |
| <sup>a,b</sup>7350116.SQ.FTS.B, 5.377%, 6/22/35 | 8273 | 32 |
| <sup>a,b</sup>7351036.SQ.FTS.B, 6.153%, 6/22/35 | 1185 | 3 |
| <sup>a,b</sup>7352326.SQ.FTS.B, 5.566%, 6/23/35 | 465 | 52 |
| <sup>a,b</sup>7351905.SQ.FTS.B, 5.572%, 6/23/35 | 219 | 1 |
| <sup>a,b</sup>7352037.SQ.FTS.B, 5.995%, 6/23/35 | 1931 | 6 |
| <sup>a,b</sup>7353627.SQ.FTS.B, 6.258%, 6/25/35 | 18930 | 4310 |
| <sup>a,b</sup>7361225.SQ.FTS.B, 5.741%, 6/27/35 | 470 | 3 |
| <sup>a,b</sup>7360537.SQ.FTS.B, 5.999%, 6/27/35 | 1325 | 5 |
| <sup>a,b</sup>7360259.SQ.FTS.B, 6.26%, 6/27/35 | 8011 | 35 |
| <sup>a,b</sup>7365864.SQ.FTS.B, 4.754%, 6/28/35 | 1280 | 4 |
| <sup>a,b</sup>7367432.SQ.FTS.B, 4.937%, 6/29/35 | 12689 | 36 |
| <sup>a,b</sup>7369572.SQ.FTS.B, 4.937%, 6/29/35 | 3012 | 991 |
| <sup>a,b</sup>7370739.SQ.FTS.B, 4.75%, 6/30/35 | 4173 | 13 |
| <sup>a,b</sup>7370621.SQ.FTS.B, 5.428%, 6/30/35 | 663 | 5 |
| <sup>a,b</sup>7372484.SQ.FTS.B, 5.437%, 7/01/35 | 5030 | 18 |
| <sup>a,b</sup>7375657.SQ.FTS.B, 6.017%, 7/02/35 | 1085 | 6 |
| <sup>a,b</sup>7382823.SQ.FTS.B, 4.937%, 7/04/35 | 35680 | 291 |
| <sup>a,b</sup>7381323.SQ.FTS.B, 6.165%, 7/04/35 | 3923 | 476 |
| <sup>a,b</sup>7386885.SQ.FTS.B, 5.189%, 7/05/35 | 2257 | 15 |
| <sup>a,b</sup>7385816.SQ.FTS.B, 5.456%, 7/05/35 | 557 | 120 |
| <sup>a,b</sup>7385186.SQ.FTS.B, 5.565%, 7/05/35 | 15580 | 64 |
| <sup>a,b</sup>7385592.SQ.FTS.B, 5.999%, 7/05/35 | 1203 | 250 |
| <sup>a,b</sup>7388297.SQ.FTS.B, 4.939%, 7/07/35 | 2853 | 876 |
| <sup>a,b</sup>7391456.SQ.FTS.B, 5.374%, 7/08/35 | 2998 | 279 |
| <sup>a,b</sup>7396669.SQ.FTS.B, 5.758%, 7/10/35 | 4871 | 34 |
| <sup>a,b</sup>7401793.SQ.FTS.B, 5.573%, 7/11/35 | 182 | 1 |
| <sup>a,b</sup>7404632.SQ.FTS.B, 5.195%, 7/12/35 | 5041 | 18 |
| <sup>a,b</sup>7406230.SQ.FTS.B, 5.451%, 7/12/35 | 234 | 30 |
| <sup>a,b</sup>7407499.SQ.FTS.B, 6.008%, 7/14/35 | 5293 | 22 |
| <sup>a,b</sup>7410871.SQ.FTS.B, 5.199%, 7/16/35 | 185 | 1 |
| <sup>a,b</sup>7411162.SQ.FTS.B, 5.566%, 7/16/35 | 33263 | 172 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 107

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7409266.SQ.FTS.B, 5.572%, 7/16/35 | $913 | $8 |
| <sup>a,b</sup>7410796.SQ.FTS.B, 5.744%, 7/16/35 | 14 | 2 |
| <sup>a,b</sup>7409794.SQ.FTS.B, 6.252%, 7/16/35 | 1964 | 9 |
| <sup>a,b</sup>7412170.SQ.FTS.B, 5.379%, 7/17/35 | 10387 | 76 |
| <sup>a,b</sup>7411720.SQ.FTS.B, 5.565%, 7/17/35 | 11088 | 2318 |
| <sup>a,b</sup>7418984.SQ.FTS.B, 4.654%, 7/18/35 | 15908 | 5224 |
| <sup>a,b</sup>7419256.SQ.FTS.B, 5.565%, 7/19/35 | 571 | 5 |
| <sup>a,b</sup>7421975.SQ.FTS.B, 5.996%, 7/19/35 | 1619 | 5 |
| <sup>a,b</sup>7422360.SQ.FTS.B, 6.254%, 7/19/35 | 188 | 1 |
| <sup>a,b</sup>7423364.SQ.FTS.B, 4.939%, 7/21/35 | 5514 | 31 |
| <sup>a,b</sup>7425843.SQ.FTS.B, 6.004%, 7/22/35 | 3954 | 24 |
| <sup>a,b</sup>7439471.SQ.FTS.B, 5.754%, 7/26/35 | 21014 | 130 |
| <sup>a,b</sup>7442975.SQ.FTS.B, 5.75%, 7/28/35 | 1775 | 8 |
| <sup>a,b</sup>7443490.SQ.FTS.B, 5.753%, 7/28/35 | 307 | 37 |
| <sup>a,b</sup>7447146.SQ.FTS.B, 6.008%, 7/29/35 | 2869 | 271 |
| <sup>a,b</sup>7447921.SQ.FTS.B, 5.19%, 7/30/35 | 1782 | 219 |
| <sup>a,b</sup>7450427.SQ.FTS.B, 5.19%, 7/30/35 | 5832 | 2252 |
| <sup>a,b</sup>7448609.SQ.FTS.B, 5.993%, 7/30/35 | 350 | 3 |
| <sup>a,b</sup>7451728.SQ.FTS.B, 4.742%, 7/31/35 | 3791 | 16 |
| <sup>a,b</sup>7456543.SQ.FTS.B, 5.189%, 8/01/35 | 1227 | 445 |
| <sup>a,b</sup>7459778.SQ.FTS.B, 5.19%, 8/01/35 | 8378 | 798 |
| <sup>a,b</sup>7460306.SQ.FTS.B, 5.453%, 8/02/35 | 200 | 80 |
| <sup>a,b</sup>7461229.SQ.FTS.B, 6.416%, 8/02/35 | 877 | 100 |
| <sup>a,b</sup>7460506.SQ.FTS.B, 6.43%, 8/02/35 | 447 | 5 |
| <sup>a,b</sup>7463365.SQ.FTS.B, 5.379%, 8/03/35 | 252 | 25 |
| <sup>a,b</sup>7463465.SQ.FTS.B, 6.009%, 8/03/35 | 9525 | 77 |
| <sup>a,b</sup>7463702.SQ.FTS.B, 5.754%, 8/04/35 | 3142 | 26 |
| <sup>a,b</sup>7469386.SQ.FTS.B, 5.188%, 8/06/35 | 3584 | 477 |
| <sup>a,b</sup>7472315.SQ.FTS.B, 4.739%, 8/07/35 | 610 | 4 |
| <sup>a,b</sup>7473548.SQ.FTS.B, 6.256%, 8/07/35 | 13601 | 116 |
| <sup>a,b</sup>7476745.SQ.FTS.B, 5.189%, 8/08/35 | 329 | 125 |
| <sup>a,b</sup>7486693.SQ.FTS.B, 4.743%, 8/12/35 | 1539 | 14 |
| <sup>a,b</sup>7485874.SQ.FTS.B, 6.414%, 8/12/35 | 6996 | 63 |
| <sup>a,b</sup>7491010.SQ.FTS.B, 6.26%, 8/13/35 | 5510 | 59 |
| <sup>a,b</sup>7492570.SQ.FTS.B, 6.258%, 8/14/35 | 2849 | 26 |
| <sup>a,b</sup>7500385.SQ.FTS.B, 5.572%, 8/15/35 | 861 | 159 |
| <sup>a,b</sup>7500335.SQ.FTS.B, 6.254%, 8/15/35 | 1255 | 8 |
| <sup>a,b</sup>7505871.SQ.FTS.B, 5.773%, 8/16/35 | 583 | 5 |
| <sup>a,b</sup>7507909.SQ.FTS.B, 6.258%, 8/16/35 | 30984 | 249 |
| <sup>a,b</sup>7508859.SQ.FTS.B, 4.939%, 8/17/35 | 1621 | 20 |
| <sup>a,b</sup>7508979.SQ.FTS.B, 5.375%, 8/17/35 | 481 | 5 |
| <sup>a,b</sup>7509672.SQ.FTS.B, 5.481%, 8/17/35 | 491 | 5 |
| <sup>a,b</sup>7512125.SQ.FTS.B, 4.654%, 8/19/35 | 2673 | 34 |
| <sup>a,b</sup>7513007.SQ.FTS.B, 5.374%, 8/20/35 | 305 | 3 |
| <sup>a,b</sup>7517983.SQ.FTS.B, 4.755%, 8/21/35 | 843 | 5 |
| <sup>a,b</sup>7519489.SQ.FTS.B, 5.382%, 8/21/35 | 3156 | 20 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7517921.SQ.FTS.B, 6%, 8/21/35 | $585 | $200 |
| <sup>a,b</sup>7516754.SQ.FTS.B, 6.015%, 8/21/35 | 774 | 9 |
| <sup>a,b</sup>7529446.SQ.FTS.B, 4.948%, 8/23/35 | 2327 | 25 |
| <sup>a,b</sup>7528897.SQ.FTS.B, 5.44%, 8/23/35 | 16423 | 92 |
| <sup>a,b</sup>7529705.SQ.FTS.B, 4.937%, 8/24/35 | 9719 | 123 |
| <sup>a,b</sup>7531238.SQ.FTS.B, 4.934%, 8/25/35 | 350 | 124 |
| <sup>a,b</sup>7530909.SQ.FTS.B, 5.366%, 8/25/35 | 727 | 7 |
| <sup>a,b</sup>7534396.SQ.FTS.B, 5.738%, 8/26/35 | 985 | 12 |
| <sup>a,b</sup>7541290.SQ.FTS.B, 6.412%, 8/28/35 | 263 | 21 |
| <sup>a,b</sup>7547912.SQ.FTS.B, 6.413%, 8/29/35 | 3516 | 38 |
| <sup>a,b</sup>7550899.SQ.FTS.B, 5.19%, 9/01/35 | 1653 | 19 |
| <sup>a,b</sup>7550967.SQ.FTS.B, 5.375%, 9/01/35 | 3825 | 50 |
| <sup>a,b</sup>7554320.SQ.FTS.B, 5.378%, 9/01/35 | 13754 | 129 |
| <sup>a,b</sup>7559616.SQ.FTS.B, 4.745%, 9/04/35 | 985 | 8 |
| <sup>a,b</sup>7556990.SQ.FTS.B, 5.377%, 9/04/35 | 2053 | 918 |
| <sup>a,b</sup>7561072.SQ.FTS.B, 5.374%, 9/05/35 | 647 | 303 |
| <sup>a,b</sup>7564172.SQ.FTS.B, 5.383%, 9/05/35 | 2725 | 998 |
| <sup>a,b</sup>7567904.SQ.FTS.B, 6.009%, 9/06/35 | 2727 | 38 |
| <sup>a,b</sup>7565647.SQ.FTS.B, 6.246%, 9/06/35 | 1102 | 9 |
| <sup>a,b</sup>7566801.SQ.FTS.B, 6.289%, 9/06/35 | 794 | 5 |
| <sup>a,b</sup>7573584.SQ.FTS.B, 4.934%, 9/07/35 | 4835 | 49 |
| <sup>a,b</sup>7573801.SQ.FTS.B, 5.567%, 9/07/35 | 14773 | 204 |
| <sup>a,b</sup>7573203.SQ.FTS.B, 5.754%, 9/07/35 | 2786 | 22 |
| <sup>a,b</sup>7574527.SQ.FTS.B, 6.416%, 9/07/35 | 12073 | 87 |
| <sup>a,b</sup>7575766.SQ.FTS.B, 5.377%, 9/08/35 | 315 | 35 |
| <sup>a,b</sup>7578388.SQ.FTS.B, 6.263%, 9/08/35 | 502 | 5 |
| <sup>a,b</sup>7579146.SQ.FTS.B, 6.289%, 9/09/35 | 8 | 1 |
| <sup>a,b</sup>7586080.SQ.FTS.B, 4.65%, 9/12/35 | 6134 | 67 |
| <sup>a,b</sup>7587307.SQ.FTS.B, 4.654%, 9/12/35 | 48237 | 337 |
| <sup>a,b</sup>7590174.SQ.FTS.B, 5.562%, 9/13/35 | 7270 | 63 |
| <sup>a,b</sup>7590215.SQ.FTS.B, 6.012%, 9/13/35 | 1194 | 163 |
| <sup>a,b</sup>7600629.SQ.FTS.B, 5.563%, 9/16/35 | 3898 | 44 |
| <sup>a,b</sup>7601451.SQ.FTS.B, 6.006%, 9/17/35 | 259 | 44 |
| <sup>a,b</sup>7608748.SQ.FTS.B, 6.007%, 9/19/35 | 30329 | 346 |
| <sup>a,b</sup>7607003.SQ.FTS.B, 6.01%, 9/19/35 | 1790 | 24 |
| <sup>a,b</sup>7611097.SQ.FTS.B, 6.423%, 9/20/35 | 2067 | 26 |
| <sup>a,b</sup>7616557.SQ.FTS.B, 5.189%, 9/21/35 | 11359 | 119 |
| <sup>a,b</sup>7616489.SQ.FTS.B, 6.258%, 9/21/35 | 2021 | 22 |
| <sup>a,b</sup>7617901.SQ.FTS.B, 6.261%, 9/21/35 | 2981 | 30 |
| <sup>a,b</sup>7621073.SQ.FTS.B, 6.007%, 9/22/35 | 20648 | 7679 |
| <sup>a,b</sup>7618964.SQ.FTS.B, 6.413%, 9/22/35 | 4601 | 56 |
| <sup>a,b</sup>7621327.SQ.FTS.B, 4.94%, 9/23/35 | 2410 | 34 |
| <sup>a,b</sup>7621639.SQ.FTS.B, 5.198%, 9/23/35 | 1826 | 27 |
| <sup>a,b</sup>7621653.SQ.FTS.B, 5.379%, 9/23/35 | 2220 | 427 |
| <sup>a,b</sup>7621747.SQ.FTS.B, 5.758%, 9/23/35 | 3270 | 16 |
| <sup>a,b</sup>7622472.SQ.FTS.B, 6.004%, 9/24/35 | 4474 | 37 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a,b</sup>7624372.SQ.FTS.B, 5.183%, 9/25/35 | $2463 | $22 |
| <sup>a,b</sup>7628418.SQ.FTS.B, 5.567%, 9/26/35 | 10448 | 96 |
| <sup>a,b</sup>7628146.SQ.FTS.B, 5.752%, 9/26/35 | 11216 | 48 |
| <sup>a,b</sup>7633344.SQ.FTS.B, 6.009%, 9/27/35 | 1025 | 9 |
| <sup>a,b</sup>7637405.SQ.FTS.B, 6.023%, 9/28/35 | 1404 | 11 |
| <sup>a,b</sup>7644598.SQ.FTS.B, 5.748%, 9/30/35 | 2505 | 817 |
| <sup>a,b</sup>7646634.SQ.FTS.B, 5.446%, 10/01/35 | 1503 | 13 |
| <sup>a,b</sup>7648665.SQ.FTS.B, 5.763%, 10/01/35 | 1643 | 20 |
| <sup>a,b</sup>7647054.SQ.FTS.B, 5.916%, 10/01/35 | 997 | 16 |
| <sup>a,b</sup>7652755.SQ.FTS.B, 4.939%, 10/02/35 | 90 | 41 |
| <sup>a,b</sup>7653058.SQ.FTS.B, 5.095%, 10/02/35 | 9467 | 4263 |
| <sup>a,b</sup>7650606.SQ.FTS.B, 5.439%, 10/02/35 | 1604 | 190 |
| <sup>a,b</sup>7656219.SQ.FTS.B, 5.19%, 10/03/35 | 10946 | 1639 |
| <sup>a,b</sup>7654737.SQ.FTS.B, 5.418%, 10/03/35 | 1110 | 14 |
| <sup>a,b</sup>7655820.SQ.FTS.B, 6.255%, 10/03/35 | 1434 | 164 |
| <sup>a,b</sup>7657393.SQ.FTS.B, 6.257%, 10/03/35 | 2647 | 1158 |
| <sup>a,b</sup>7661360.SQ.FTS.B, 6.414%, 10/04/35 | 362 | 44 |
| <sup>a,b</sup>7664538.SQ.FTS.B, 5.186%, 10/05/35 | 5682 | 565 |
| <sup>a,b</sup>7667419.SQ.FTS.B, 5.189%, 10/05/35 | 4894 | 126 |
| <sup>a,b</sup>7667909.SQ.FTS.B, 5.091%, 10/06/35 | 2103 | 34 |
| <sup>a,b</sup>7688136.SQ.FTS.B, 5.188%, 10/12/35 | 14991 | 185 |
| <sup>a,b</sup>7690007.SQ.FTS.B, 5.193%, 10/13/35 | 1194 | 20 |
| <sup>a,b</sup>7690899.SQ.FTS.B, 5.188%, 10/14/35 | 9454 | 73 |
| <sup>a,b</sup>7695591.SQ.FTS.B, 5.911%, 10/16/35 | 5123 | 62 |
| <sup>a,b</sup>7698491.SQ.FTS.B, 4.782%, 10/17/35 | 1549 | 746 |
| <sup>a,b</sup>7702418.SQ.FTS.B, 5.094%, 10/18/35 | 1435 | 693 |
| <sup>a,b</sup>7701859.SQ.FTS.B, 5.759%, 10/18/35 | 1772 | 21 |
| <sup>a,b</sup>7707103.SQ.FTS.B, 5.536%, 10/20/35 | 20361 | 2396 |
| <sup>a,b</sup>7707363.SQ.FTS.B, 4.737%, 10/21/35 | 629 | 10 |
| <sup>a,b</sup>7712891.SQ.FTS.B, 5.563%, 10/23/35 | 3823 | 44 |
| <sup>a,b</sup>7712462.SQ.FTS.B, 6.161%, 10/23/35 | 2881 | 35 |
| <sup>a,b</sup>7721764.SQ.FTS.B, 5.451%, 10/25/35 | 472 | 58 |
| <sup>a,b</sup>7722772.SQ.FTS.B, 6.165%, 10/25/35 | 4023 | 1668 |
| <sup>a,b</sup>7728570.SQ.FTS.B, 4.785%, 10/26/35 | 948 | 575 |
| <sup>a,b</sup>7724838.SQ.FTS.B, 5.095%, 10/26/35 | 22645 | 362 |
| <sup>a,b</sup>7727853.SQ.FTS.B, 5.724%, 10/26/35 | 2192 | 1183 |
| <sup>a,b</sup>7729945.SQ.FTS.B, 5.911%, 10/26/35 | 1229 | 20 |
| <sup>a,b</sup>7732601.SQ.FTS.B, 5.914%, 10/28/35 | 722 | 147 |
| <sup>a,b</sup>7736498.SQ.FTS.B, 5.911%, 10/29/35 | 3086 | 434 |
| <sup>a,b</sup>7741215.SQ.FTS.B, 5.72%, 10/30/35 | 3427 | 55 |
| <sup>a,b</sup>7745153.SQ.FTS.B, 5.35%, 11/01/35 | 3659 | 69 |
| <sup>a,b</sup>7751173.SQ.FTS.B, 6.19%, 11/02/35 | 750 | 12 |
| <sup>a,b</sup>7756883.SQ.FTS.B, 4.779%, 11/03/35 | 16501 | 379 |
| &nbsp;&nbsp;<sup>a</sup>7758717.SQ.FTS.B, 4.784%, 11/04/35 | 505 | 319 |
| &nbsp;&nbsp;<sup>a</sup>7759657.SQ.FTS.B, 5.337%, 11/05/35 | 489 | 309 |
| &nbsp;&nbsp;<sup>a</sup>7758755.SQ.FTS.B, 5.535%, 11/05/35 | 5916 | 3503 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>7759020.SQ.FTS.B, 6.165%, 11/05/35 | $522 | $271 |
| <sup>a,b</sup>7763292.SQ.FTS.B, 5.913%, 11/06/35 | 20230 | 309 |
| <sup>a,b</sup>7767704.SQ.FTS.B, 5.912%, 11/07/35 | 10394 | 1581 |
| <sup>a,b</sup>7767072.SQ.FTS.B, 6.166%, 11/07/35 | 5030 | 77 |
| <sup>a,b</sup>7768208.SQ.FTS.B, 4.78%, 11/08/35 | 24992 | 15355 |
| <sup>a</sup>7768065.SQ.FTS.B, 5.095%, 11/08/35 | 125 | 71 |
| <sup>a</sup>7769434.SQ.FTS.B, 5.715%, 11/08/35 | 426 | 264 |
| <sup>a,b</sup>7768047.SQ.FTS.B, 5.93%, 11/08/35 | 463 | 70 |
| <sup>a,b</sup>7776652.SQ.FTS.B, 4.78%, 11/09/35 | 2561 | 1623 |
| <sup>a,b</sup>7776805.SQ.FTS.B, 4.78%, 11/09/35 | 5785 | 143 |
| <sup>a</sup>7775071.SQ.FTS.B, 5.531%, 11/09/35 | 504 | 325 |
| <sup>a,b</sup>7776077.SQ.FTS.B, 5.723%, 11/09/35 | 1977 | 391 |
| <sup>a</sup>7774319.SQ.FTS.B, 6.154%, 11/09/35 | 219 | 115 |
| <sup>a</sup>7780337.SQ.FTS.B, 4.742%, 11/10/35 | 145 | 66 |
| <sup>a</sup>7780702.SQ.FTS.B, 4.777%, 11/10/35 | 688 | 391 |
| <sup>a,b</sup>7780421.SQ.FTS.B, 5.093%, 11/10/35 | 8601 | 5205 |
| <sup>a,b</sup>7781198.SQ.FTS.B, 6.159%, 11/10/35 | 4074 | 44 |
| <sup>a</sup>7781650.SQ.FTS.B, 5.091%, 11/11/35 | 1617 | 285 |
| <sup>a,b</sup>7786987.SQ.FTS.B, 4.749%, 11/13/35 | 29312 | 16544 |
| <sup>a,b</sup>7786287.SQ.FTS.B, 5.346%, 11/13/35 | 1934 | 364 |
| <sup>a</sup>7785232.SQ.FTS.B, 6.154%, 11/13/35 | 169 | 25 |
| <sup>a</sup>7791269.SQ.FTS.B, 4.787%, 11/14/35 | 968 | 215 |
| <sup>a</sup>7789582.SQ.FTS.B, 5.094%, 11/14/35 | 5329 | 1299 |
| &nbsp;&nbsp;<sup>a</sup>7788590.SQ.FTS.B, 5.1%, 11/14/35 | 1294 | 730 |
| &nbsp;&nbsp;<sup>a</sup>7788186.SQ.FTS.B, 6.163%, 11/14/35 | 481 | 130 |
| &nbsp;&nbsp;<sup>a</sup>7794931.SQ.FTS.B, 4.78%, 11/15/35 | 1030 | 679 |
| <sup>a,b</sup>7794684.SQ.FTS.B, 5.413%, 11/15/35 | 161 | 74 |
| <sup>a,b</sup>7795103.SQ.FTS.B, 5.437%, 11/15/35 | 5594 | 63 |
| <sup>a,b</sup>7798166.SQ.FTS.B, 5.911%, 11/16/35 | 20551 | 224 |
| <sup>a,b</sup>7803525.SQ.FTS.B, 5.344%, 11/17/35 | 3578 | 69 |
| <sup>a,b</sup>7800873.SQ.FTS.B, 5.724%, 11/17/35 | 3516 | 2131 |
| <sup>a,b</sup>7805048.SQ.FTS.B, 5.44%, 11/19/35 | 504 | 10 |
| <sup>a,b</sup>7808380.SQ.FTS.B, 5.914%, 11/20/35 | 6558 | 80 |
| <sup>a,b</sup>7806075.SQ.FTS.B, 5.918%, 11/20/35 | 1024 | 18 |
| <sup>a,b</sup>7811542.SQ.FTS.B, 4.73%, 11/21/35 | 196 | 91 |
| <sup>a</sup>7811481.SQ.FTS.B, 4.775%, 11/21/35 | 1226 | 810 |
| <sup>a</sup>7810845.SQ.FTS.B, 5.103%, 11/21/35 | 524 | 348 |
| <sup>a</sup>7810923.SQ.FTS.B, 6.149%, 11/21/35 | 301 | 169 |
| <sup>a,b</sup>7811729.SQ.FTS.B, 6.168%, 11/21/35 | 1139 | 19 |
| <sup>a,b</sup>7814352.SQ.FTS.B, 5.098%, 11/22/35 | 3498 | 81 |
| <sup>a,b</sup>7815586.SQ.FTS.B, 5.535%, 11/22/35 | 2713 | 547 |
| <sup>a,b</sup>7823332.SQ.FTS.B, 4.752%, 11/23/35 | 22 | 5 |
| <sup>a</sup>7823385.SQ.FTS.B, 5.097%, 11/23/35 | 2283 | 715 |
| <sup>a,b</sup>7822522.SQ.FTS.B, 5.536%, 11/23/35 | 18694 | 320 |
| <sup>a</sup>7828343.SQ.FTS.B, 5.096%, 11/24/35 | 1355 | 894 |
| <sup>a</sup>7825444.SQ.FTS.B, 6.164%, 11/24/35 | 141 | 91 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 109

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Description**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| &nbsp;&nbsp;<sup>a</sup>7830269.SQ.FTS.B, 5.535%, 11/25/35 | $72 | $49 |
| <sup>a</sup>7829488.SQ.FTS.B, 5.907%, 11/25/35 | 882 | 176 |
| <sup>a,b</sup>7830760.SQ.FTS.B, 5.436%, 11/26/35 | 6345 | 107 |
| <sup>a</sup>7836439.SQ.FTS.B, 5.723%, 11/29/35 | 1451 | 826 |
| <sup>a</sup>7845604.SQ.FTS.B, 4.78%, 11/30/35 | 1275 | 889 |
| <sup>a,b</sup>7847120.SQ.FTS.B, 4.78%, 11/30/35 | 15845 | 300 |
| <sup>a</sup>7848556.SQ.FTS.B, 5.092%, 11/30/35 | 1252 | 717 |
| <sup>a</sup>7842626.SQ.FTS.B, 5.102%, 11/30/35 | 352 | 246 |
| <sup>a,b</sup>7843814.SQ.FTS.B, 5.435%, 11/30/35 | 1606 | 704 |
| <sup>a</sup>7849316.SQ.FTS.B, 6.154%, 11/30/35 | 40 | 25 |
| <sup>a</sup>7842506.SQ.FTS.B, 6.164%, 11/30/35 | 1544 | 913 |
| <sup>a,b</sup>7845896.SQ.FTS.B, 6.171%, 11/30/35 | 2769 | 35 |
| <sup>a,b</sup>7851862.SQ.FTS.B, 5.444%, 12/02/35 | 1437 | 27 |
| <sup>a</sup>7856504.SQ.FTS.B, 5.089%, 12/03/35 | 1689 | 1156 |
| <sup>a,b</sup>7853962.SQ.FTS.B, 5.094%, 12/03/35 | 30459 | 1134 |
| &nbsp;&nbsp;<sup>a</sup>7855254.SQ.FTS.B, 6.477%, 12/03/35 | 833 | 384 |
| <sup>a,b</sup>7859113.SQ.FTS.B, 4.781%, 12/04/35 | 9584 | 6072 |
| <sup>a,b</sup>7860462.SQ.FTS.B, 5.347%, 12/04/35 | 4552 | 103 |
| &nbsp;&nbsp;<sup>a</sup>7856808.SQ.FTS.B, 5.717%, 12/04/35 | 465 | 270 |
| <sup>a,b</sup>7857831.SQ.FTS.B, 5.725%, 12/04/35 | 16733 | 214 |
| <sup>a,b</sup>7863722.SQ.FTS.B, 4.743%, 12/05/35 | 926 | 10 |
| <sup>a,b</sup>7862394.SQ.FTS.B, 4.749%, 12/05/35 | 365 | 177 |
| <sup>a</sup>7863127.SQ.FTS.B, 4.762%, 12/05/35 | 183 | 105 |
| <sup>a</sup>7861753.SQ.FTS.B, 5.093%, 12/05/35 | 1434 | 891 |
| <sup>a,b</sup>7862669.SQ.FTS.B, 5.099%, 12/05/35 | 857 | 353 |
| <sup>a,b</sup>7864315.SQ.FTS.B, 5.915%, 12/05/35 | 7642 | 3859 |
| <sup>a</sup>7862243.SQ.FTS.B, 6.152%, 12/05/35 | 587 | 312 |
| <sup>a,b</sup>7863145.SQ.FTS.B, 6.164%, 12/05/35 | 7065 | 124 |
| <sup>a,b</sup>7866713.SQ.FTS.B, 4.782%, 12/06/35 | 5812 | 142 |
| <sup>a,b</sup>7868442.SQ.FTS.B, 5.09%, 12/06/35 | 2341 | 61 |
| <sup>a</sup>7872545.SQ.FTS.B, 5.093%, 12/07/35 | 642 | 377 |
| <sup>a,b</sup>7873355.SQ.FTS.B, 6.155%, 12/07/35 | 552 | 12 |
| <sup>a,b</sup>7873369.SQ.FTS.B, 6.163%, 12/07/35 | 12998 | 184 |
| <sup>a,b</sup>7874480.SQ.FTS.B, 5.112%, 12/08/35 | 1064 | 25 |
| <sup>a,b</sup>7875047.SQ.FTS.B, 4.757%, 12/09/35 | 209 | 102 |
| <sup>a</sup>7875148.SQ.FTS.B, 5.092%, 12/09/35 | 2450 | 1690 |
| <sup>a</sup>7875406.SQ.FTS.B, 5.094%, 12/09/35 | 10561 | 7104 |
| <sup>a</sup>7875019.SQ.FTS.B, 6.172%, 12/09/35 | 48 | 32 |
| <sup>a,b</sup>7876335.SQ.FTS.B, 5.917%, 12/10/35 | 2135 | 34 |
| <sup>a</sup>7880764.SQ.FTS.B, 4.782%, 12/11/35 | 907 | 600 |
| &nbsp;&nbsp;<sup>a</sup>7882746.SQ.FTS.B, 5.535%, 12/11/35 | 7173 | 4086 |
| <sup>a,b</sup>7886338.SQ.FTS.B, 4.78%, 12/12/35 | 4316 | 190 |
| <sup>a,b</sup>7884915.SQ.FTS.B, 6.152%, 12/12/35 | 1897 | 46 |
| <sup>a,b</sup>7885751.SQ.FTS.B, 6.479%, 12/12/35 | 4172 | 98 |
| <sup>a,b</sup>7892822.SQ.FTS.B, 5.913%, 12/13/35 | 7563 | 104 |
| <sup>a,b</sup>7895485.SQ.FTS.B, 5.922%, 12/14/35 | 171 | 4 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| Block, Inc. (continued) |  |  |
| <sup>a</sup>7894179.SQ.FTS.B, 6.169%, 12/14/35 | $445 | $309 |
| <sup>a</sup>7899105.SQ.FTS.B, 5.1%, 12/15/35 | 987 | 683 |
| <sup>a</sup>7899376.SQ.FTS.B, 5.105%, 12/15/35 | 772 | 554 |
| <sup>a</sup>7899924.SQ.FTS.B, 4.783%, 12/16/35 | 734 | 462 |
| <sup>a,b</sup>7900212.SQ.FTS.B, 5.902%, 12/16/35 | 1559 | 45 |
| <sup>a</sup>7899808.SQ.FTS.B, 6.172%, 12/16/35 | 730 | 479 |
| <sup>a,b</sup>7905396.SQ.FTS.B, 6.161%, 12/18/35 | 6605 | 102 |
| <sup>a</sup>7911086.SQ.FTS.B, 6.289%, 12/19/35 | 1286 | 577 |
| <sup>a</sup>7912587.SQ.FTS.B, 4.781%, 12/20/35 | 2332 | 1457 |
| <sup>a,b</sup>7914364.SQ.FTS.B, 5.437%, 12/20/35 | 3173 | 71 |
| <sup>a</sup>7914903.SQ.FTS.B, 4.752%, 12/21/35 | 376 | 214 |
| <sup>a</sup>7919065.SQ.FTS.B, 5.349%, 12/22/35 | 2011 | 949 |
| <sup>a</sup>7922062.SQ.FTS.B, 5.535%, 12/24/35 | 4163 | 2867 |
| <sup>a</sup>7922596.SQ.FTS.B, 5.909%, 12/24/35 | 1930 | 1115 |
| <sup>a,b</sup>7926526.SQ.FTS.B, 4.732%, 12/25/35 | 272 | 5 |
| <sup>a,b</sup>7925941.SQ.FTS.B, 5.096%, 12/25/35 | 933 | 45 |
| <sup>a</sup>7925997.SQ.FTS.B, 6.164%, 12/25/35 | 413 | 173 |
| <sup>a,b</sup>7929408.SQ.FTS.B, 4.737%, 12/26/35 | 1614 | 24 |
| <sup>a,b</sup>7928943.SQ.FTS.B, 4.748%, 12/26/35 | 1019 | 24 |
| <sup>a</sup>7931051.SQ.FTS.B, 4.779%, 12/26/35 | 2376 | 1675 |
| <sup>a,b</sup>7930838.SQ.FTS.B, 5.723%, 12/26/35 | 11250 | 7454 |
| <sup>a</sup>7937373.SQ.FTS.B, 5.351%, 12/27/35 | 866 | 497 |
| <sup>a,b</sup>7937726.SQ.FTS.B, 6.164%, 12/27/35 | 8353 | 373 |
| <sup>a</sup>7939562.SQ.FTS.B, 4.78%, 12/28/35 | 29977 | 22153 |
| <sup>a,b</sup>7942127.SQ.FTS.B, 5.535%, 12/29/35 | 8564 | 246 |
| <sup>a,b</sup>7944001.SQ.FTS.B, 5.346%, 1/01/36 | 4384 | 206 |
| <sup>a</sup>7947682.SQ.FTS.B, 5.35%, 1/01/36 | 1241 | 709 |
| <sup>a</sup>7949413.SQ.FTS.B, 6.163%, 1/02/36 | 15938 | 11047 |
| <sup>a,b</sup>7955576.SQ.FTS.B, 4.769%, 1/03/36 | 661 | 12 |
| <sup>a</sup>7956716.SQ.FTS.B, 4.78%, 1/03/36 | 5326 | 4020 |
| <sup>a,b</sup>7958110.SQ.FTS.B, 6.164%, 1/03/36 | 7758 | 186 |
| <sup>a</sup>7959302.SQ.FTS.B, 4.749%, 1/04/36 | 2746 | 1201 |
| <sup>a</sup>7959418.SQ.FTS.B, 5.715%, 1/04/36 | 1513 | 1092 |
| <sup>a,b</sup>7962368.SQ.FTS.B, 4.743%, 1/05/36 | 1763 | 49 |
| <sup>a</sup>7961282.SQ.FTS.B, 4.781%, 1/05/36 | 9434 | 6732 |
| <sup>a,b</sup>7959962.SQ.FTS.B, 6.165%, 1/05/36 | 9979 | 6717 |
| <sup>a</sup>7964047.SQ.FTS.B, 4.78%, 1/06/36 | 5986 | 4349 |
| <sup>a,b</sup>7963986.SQ.FTS.B, 6.162%, 1/06/36 | 1380 | 791 |
| <sup>a</sup>7964426.SQ.FTS.B, 5.088%, 1/07/36 | 2402 | 1193 |
| <sup>a</sup>7964666.SQ.FTS.B, 5.094%, 1/07/36 | 2539 | 1807 |
| <sup>a</sup>7964521.SQ.FTS.B, 5.1%, 1/07/36 | 998 | 549 |
| <sup>a</sup>7969108.SQ.FTS.B, 6.164%, 1/09/36 | 182 | 101 |
| <sup>a,b</sup>7972214.SQ.FTS.B, 4.782%, 1/10/36 | 6798 | 327 |
| <sup>a,b</sup>7974222.SQ.FTS.B, 5.731%, 1/10/36 | 719 | 357 |
| <sup>a,b</sup>7973285.SQ.FTS.B, 5.911%, 1/10/36 | 5331 | 240 |
| <sup>a,b</sup>7972649.SQ.FTS.B, 6.478%, 1/10/36 | 3641 | 67 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Block, Inc. (continued) |  |  |
| <sup>a</sup>7979582.SQ.FTS.B, 4.779%, 1/11/36 | $2206 | $1599 |
| <sup>a</sup>7977713.SQ.FTS.B, 5.348%, 1/11/36 | 1219 | 756 |
| <sup>a</sup>7977299.SQ.FTS.B, 5.545%, 1/11/36 | 782 | 540 |
| <sup>a</sup>7983443.SQ.FTS.B, 5.094%, 1/12/36 | 15244 | 10318 |
| <sup>a</sup>7982373.SQ.FTS.B, 5.346%, 1/12/36 | 17528 | 13097 |
| <sup>a</sup>7983120.SQ.FTS.B, 5.913%, 1/12/36 | 37 | 25 |
| <sup>a,b</sup>7988493.SQ.FTS.B, 6.175%, 1/15/36 | 1524 | 42 |
| <sup>a,b</sup>7990968.SQ.FTS.B, 4.748%, 1/16/36 | 8874 | 254 |
| <sup>a,b</sup>7991968.SQ.FTS.B, 5.915%, 1/16/36 | 2711 | 48 |
| <sup>a</sup>7990193.SQ.FTS.B, 5.919%, 1/16/36 | 93 | 73 |
| <sup>a,b</sup>7992014.SQ.FTS.B, 6.167%, 1/16/36 | 5321 | 131 |
| <sup>a,b</sup>7993140.SQ.FTS.B, 6.289%, 1/16/36 | 5681 | 125 |
| <sup>a,b</sup>8000796.SQ.FTS.B, 4.757%, 1/17/36 | 1675 | 26 |
| <sup>a,b</sup>8000433.SQ.FTS.B, 4.773%, 1/17/36 | 1067 | 16 |
| <sup>a</sup>7994356.SQ.FTS.B, 4.786%, 1/17/36 | 953 | 629 |
| <sup>a</sup>8003084.SQ.FTS.B, 4.717%, 1/18/36 | 82 | 42 |
| <sup>a,b</sup>8005029.SQ.FTS.B, 5.911%, 1/18/36 | 10934 | 544 |
| <sup>a</sup>8005199.SQ.FTS.B, 6.164%, 1/18/36 | 596 | 338 |
| <sup>a,b</sup>8007842.SQ.FTS.B, 4.724%, 1/19/36 | 829 | 18 |
| <sup>a,b</sup>8007844.SQ.FTS.B, 4.751%, 1/19/36 | 2161 | 64 |
| <sup>a</sup>8008215.SQ.FTS.B, 5.535%, 1/19/36 | 2393 | 1995 |
| <sup>a,b</sup>8012289.SQ.FTS.B, 5.093%, 1/22/36 | 8215 | 118 |
| <sup>a</sup>8014032.SQ.FTS.B, 5.094%, 1/22/36 | 2996 | 2033 |
| <sup>a</sup>8012919.SQ.FTS.B, 5.095%, 1/22/36 | 9356 | 7229 |
| <sup>a,b</sup>8016422.SQ.FTS.B, 4.767%, 1/23/36 | 620 | 12 |
| <sup>a</sup>8016600.SQ.FTS.B, 4.771%, 1/23/36 | 1557 | 1130 |
| <sup>a,b</sup>8016663.SQ.FTS.B, 5.348%, 1/23/36 | 7206 | 311 |
| <sup>a,b</sup>8017283.SQ.FTS.B, 6.474%, 1/23/36 | 2763 | 79 |
| <sup>a,b</sup>8018766.SQ.FTS.B, 5.912%, 1/24/36 | 15041 | 214 |
| <sup>a,b</sup>8021897.SQ.FTS.B, 5.915%, 1/24/36 | 2592 | 1607 |
| <sup>a,b</sup>8027604.SQ.FTS.B, 4.784%, 1/25/36 | 4651 | 218 |
| <sup>a</sup>8025958.SQ.FTS.B, 5.09%, 1/25/36 | 3283 | 1927 |
| <sup>a,b</sup>8025169.SQ.FTS.B, 5.096%, 1/25/36 | 1448 | 80 |
| <sup>a</sup>8024997.SQ.FTS.B, 5.713%, 1/25/36 | 1499 | 783 |
| <sup>a,b</sup>8023992.SQ.FTS.B, 6.481%, 1/25/36 | 12196 | 279 |
| <sup>a,b</sup>8030978.SQ.FTS.B, 5.444%, 1/26/36 | 3358 | 43 |
| <sup>a,b</sup>8029441.SQ.FTS.B, 5.535%, 1/26/36 | 1493 | 42 |
| <sup>a,b</sup>8032677.SQ.FTS.B, 6.279%, 1/28/36 | 384 | 12 |
|  |  | 42362983 |
| &nbsp;&nbsp;Freedom Financial Asset Management LLC |  |  |
| &nbsp;&nbsp;APP-11764476.FP.FTS.B, 13.24%, 2/05/26 | 329 | 330 |
| &nbsp;&nbsp;APP-11041391.FP.FTS.B, 11.49%, 2/10/26 | 1478 | 1480 |
| &nbsp;&nbsp;APP-12887499.FP.FTS.B, 19.49%, 2/25/26 | 475 | 480 |
| &nbsp;&nbsp;APP-12780048.FP.FTS.B, 8.24%, 2/28/26 | 847 | 851 |
| &nbsp;&nbsp;APP-12543851.FP.FTS.B, 12.74%, 3/01/26 | 1980 | 1984 |
| &nbsp;&nbsp;APP-12934173.FP.FTS.B, 10.24%, 3/08/26 | 1379 | 1383 |
| &nbsp;&nbsp;APP-12675358.FP.FTS.B, 11.99%, 3/28/26 | 149 | 149 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Freedom Financial Asset Management LLC (continued) |  |  |
| &nbsp;&nbsp;APP-11877668.FP.FTS.B, 16.49%, 3/28/26 | $1386 | $1411 |
| &nbsp;&nbsp;APP-13414992.FP.FTS.B, 9.99%, 3/30/26 | 2212 | 2223 |
| &nbsp;&nbsp;APP-12803304.FP.FTS.B, 18.24%, 3/31/26 | 4275 | 1467 |
| &nbsp;&nbsp;APP-12779873.FP.FTS.B, 9.49%, 4/03/26 | 2317 | 2323 |
| &nbsp;&nbsp;APP-12886380.FP.FTS.B, 9.99%, 4/03/26 | 2488 | 2494 |
| &nbsp;&nbsp;APP-12889924.FP.FTS.B, 18.74%, 4/03/26 | 2201 | 2230 |
| &nbsp;&nbsp;APP-12792270.FP.FTS.B, 17.99%, 4/11/26 | 1109 | 1117 |
| &nbsp;&nbsp;APP-13059570.FP.FTS.B, 8.24%, 4/12/26 | 1159 | 1163 |
| &nbsp;&nbsp;APP-13048169.FP.FTS.B, 10.24%, 4/12/26 | 1110 | 1114 |
| &nbsp;&nbsp;APP-12911306.FP.FTS.B, 7.99%, 4/22/26 | 3049 | 3063 |
| &nbsp;&nbsp;APP-10692670.FP.FTS.B, 18.49%, 4/22/26 | 305 | 307 |
| &nbsp;&nbsp;APP-12859987.FP.FTS.B, 14.74%, 4/26/26 | 2387 | 2423 |
| &nbsp;&nbsp;APP-13423683.FP.FTS.B, 9.99%, 5/01/26 | 2753 | 2762 |
| &nbsp;&nbsp;APP-13396926.FP.FTS.B, 13.74%, 5/01/26 | 3903 | 3938 |
| &nbsp;&nbsp;APP-13439922.FP.FTS.B, 16.99%, 5/01/26 | 1983 | 2011 |
| &nbsp;&nbsp;APP-13386894.FP.FTS.B, 7.99%, 5/14/26 | 2509 | 2522 |
| &nbsp;&nbsp;APP-13657810.FP.FTS.B, 18.99%, 6/12/26 | 943 | 949 |
| &nbsp;&nbsp;APP-14189728.FP.FTS.B, 17.74%, 6/15/26 | 9040 | 9274 |
| &nbsp;&nbsp;APP-14306826.FP.FTS.B, 10.34%, 6/17/26 | 3224 | 3243 |
| &nbsp;&nbsp;APP-14549001.FP.FTS.B, 21.49%, 6/23/26 | 4116 | 4243 |
| &nbsp;&nbsp;APP-12231617.FP.FTS.B, 16.99%, 6/26/26 | 3997 | 4097 |
| &nbsp;&nbsp;APP-10617769.FP.FTS.B, 17.49%, 6/30/26 | 1082 | 1095 |
| &nbsp;&nbsp;APP-15020512.FP.FTS.B, 10.24%, 7/15/26 | 4760 | 4792 |
| &nbsp;&nbsp;APP-10179113.FP.FTS.B, 12.49%, 8/15/26 | 5978 | 6026 |
| &nbsp;&nbsp;APP-10116903.FP.FTS.B, 14.24%, 8/15/26 | 4076 | 4112 |
| &nbsp;&nbsp;APP-10063830.FP.FTS.B, 15.99%, 8/16/26 | 10573 | 10717 |
| &nbsp;&nbsp;APP-10105795.FP.FTS.B, 23.49%, 8/17/26 | 4827 | 5013 |
| &nbsp;&nbsp;APP-14531002.FP.FTS.B, 17.74%, 8/20/26 | 1553 | 1557 |
| &nbsp;&nbsp;APP-11746987.FP.FTS.B, 18.49%, 9/05/26 | 4799 | 4973 |
| &nbsp;&nbsp;APP-10557980.FP.FTS.B, 19.99%, 9/05/26 | 2997 | 3063 |
| &nbsp;&nbsp;APP-10622378.FP.FTS.B, 13.24%, 9/15/26 | 9372 | 9444 |
| &nbsp;&nbsp;APP-12886960.FP.FTS.B, 22.49%, 9/15/26 | 829 | 843 |
| &nbsp;&nbsp;APP-10561482.FP.FTS.B, 16.99%, 9/30/26 | 5990 | 6187 |
| &nbsp;&nbsp;APP-10571945.FP.FTS.B, 11.24%, 10/15/26 | 9421 | 9497 |
| &nbsp;&nbsp;APP-10412146.FP.FTS.B, 20.49%, 10/21/26 | 5536 | 5702 |
| &nbsp;&nbsp;APP-10610237.FP.FTS.B, 11.99%, 10/25/26 | 1816 | 1828 |
| &nbsp;&nbsp;APP-10482503.FP.FTS.B, 17.99%, 10/28/26 | 1913 | 1934 |
| &nbsp;&nbsp;APP-10597275.FP.FTS.B, 14.49%, 11/01/26 | 382 | 387 |
| &nbsp;&nbsp;APP-10561574.FP.FTS.B, 14.74%, 11/02/26 | 6363 | 6426 |
| &nbsp;&nbsp;APP-10590862.FP.FTS.B, 11.99%, 11/05/26 | 4161 | 4196 |
| &nbsp;&nbsp;APP-10453183.FP.FTS.B, 17.49%, 11/07/26 | 9692 | 9815 |
| &nbsp;&nbsp;APP-10623552.FP.FTS.B, 18.99%, 11/09/26 | 6302 | 6462 |
| &nbsp;&nbsp;APP-10781246.FP.FTS.B, 14.24%, 11/15/26 | 3611 | 3655 |
| <sup>b</sup>APP-10779675.FP.FTS.B, 21.49%, 11/21/26 | 7559 | 827 |
| &nbsp;&nbsp;APP-10756900.FP.FTS.B, 16.99%, 11/22/26 | 4806 | 4949 |
| &nbsp;&nbsp;APP-10760354.FP.FTS.B, 11.99%, 11/23/26 | 4335 | 4382 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 111

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Freedom Financial Asset Management LLC (continued) |  |  |
| &nbsp;&nbsp;APP-10780937.FP.FTS.B, 16.49%, 11/24/26 | $1889 | $1914 |
| <sup>b</sup>APP-12795850.FP.FTS.B, 23.74%, 12/10/26 | 2009 |  |
| &nbsp;&nbsp;APP-11035966.FP.FTS.B, 21.99%, 12/13/26 | 2346 | 2421 |
| &nbsp;&nbsp;APP-10916888.FP.FTS.B, 11.99%, 12/14/26 | 3774 | 3813 |
| &nbsp;&nbsp;APP-11025771.FP.FTS.B, 11.99%, 12/14/26 | 6054 | 6116 |
| &nbsp;&nbsp;APP-11743320.FP.FTS.B, 13.24%, 12/17/26 | 5312 | 5376 |
| &nbsp;&nbsp;APP-11737338.FP.FTS.B, 13.24%, 12/22/26 | 9009 | 9134 |
| &nbsp;&nbsp;APP-11755185.FP.FTS.B, 10.99%, 12/23/26 | 7383 | 7464 |
| &nbsp;&nbsp;APP-11751486.FP.FTS.B, 11.24%, 12/23/26 | 4417 | 4464 |
| &nbsp;&nbsp;APP-11820229.FP.FTS.B, 17.49%, 12/30/26 | 2686 | 2712 |
| &nbsp;&nbsp;APP-11753872.FP.FTS.B, 13.24%, 1/25/27 | 5916 | 5994 |
| &nbsp;&nbsp;APP-12234684.FP.FTS.B, 16.74%, 1/26/27 | 14542 | 14794 |
| &nbsp;&nbsp;APP-11815677.FP.FTS.B, 13.74%, 1/30/27 | 229 | 229 |
| &nbsp;&nbsp;APP-12242133.FP.FTS.B, 22.99%, 1/31/27 | 5259 | 5523 |
| &nbsp;&nbsp;APP-11750215.FP.FTS.B, 18.24%, 2/05/27 | 10904 | 11199 |
| &nbsp;&nbsp;APP-11693943.FP.FTS.B, 10.99%, 2/06/27 | 10016 | 10120 |
| &nbsp;&nbsp;APP-11813343.FP.FTS.B, 11.74%, 2/13/27 | 13782 | 13939 |
| &nbsp;&nbsp;APP-11804818.FP.FTS.B, 14.99%, 2/13/27 | 5875 | 6031 |
| &nbsp;&nbsp;APP-11790590.FP.FTS.B, 17.74%, 2/13/27 | 9165 | 9465 |
| &nbsp;&nbsp;APP-12801776.FP.FTS.B, 18.49%, 2/15/27 | 7857 | 8078 |
| &nbsp;&nbsp;APP-12796607.FP.FTS.B, 17.74%, 2/16/27 | 11114 | 11571 |
| &nbsp;&nbsp;APP-11799619.FP.FTS.B, 17.99%, 2/21/27 | 7149 | 7453 |
| &nbsp;&nbsp;APP-12677509.FP.FTS.B, 8.49%, 2/22/27 | 8535 | 8635 |
| &nbsp;&nbsp;APP-11609592.FP.FTS.B, 14.74%, 2/24/27 | 12612 | 12791 |
| &nbsp;&nbsp;APP-12792566.FP.FTS.B, 16.49%, 2/25/27 | 4490 | 4561 |
| <sup>b</sup>APP-12793802.FP.FTS.B, 16.74%, 2/25/27 | 15288 | 3210 |
| &nbsp;&nbsp;APP-12883181.FP.FTS.B, 8.99%, 2/28/27 | 9181 | 9299 |
| <sup>b</sup>APP-13018059.FP.FTS.B, 12.99%, 3/01/27 | 3652 | 801 |
| &nbsp;&nbsp;APP-12846368.FP.FTS.B, 19.99%, 3/01/27 | 7190 | 7431 |
| &nbsp;&nbsp;APP-12932776.FP.FTS.B, 16.49%, 3/02/27 | 4106 | 4156 |
| <sup>b</sup>APP-12243437.FP.FTS.B, 11.24%, 3/04/27 | 11641 | 1314 |
| &nbsp;&nbsp;APP-12234254.FP.FTS.B, 11.24%, 3/10/27 | 4530 | 4583 |
| &nbsp;&nbsp;APP-12232207.FP.FTS.B, 18.99%, 3/11/27 | 5889 | 6068 |
| &nbsp;&nbsp;APP-12116704.FP.FTS.B, 11.74%, 3/15/27 | 13382 | 13543 |
| &nbsp;&nbsp;APP-13060467.FP.FTS.B, 11.74%, 3/15/27 | 15351 | 15531 |
| &nbsp;&nbsp;APP-13155858.FP.FTS.B, 10.99%, 3/16/27 | 6645 | 6722 |
| &nbsp;&nbsp;APP-13253640.FP.FTS.B, 11.24%, 3/20/27 | 5405 | 1792 |
| &nbsp;&nbsp;APP-13323349.FP.FTS.B, 16.49%, 3/25/27 | 4725 | 4807 |
| &nbsp;&nbsp;APP-13430153.FP.FTS.B, 20.49%, 3/25/27 | 6675 | 6977 |
| &nbsp;&nbsp;APP-13207096.FP.FTS.B, 19.49%, 3/26/27 | 6168 | 6471 |
| &nbsp;&nbsp;APP-12799003.FP.FTS.B, 10.99%, 3/28/27 | 5680 | 5751 |
| &nbsp;&nbsp;APP-12758093.FP.FTS.B, 8.99%, 3/29/27 | 5502 | 5570 |
| &nbsp;&nbsp;APP-12767372.FP.FTS.B, 10.99%, 3/29/27 | 5820 | 5892 |
| &nbsp;&nbsp;APP-12784176.FP.FTS.B, 11.24%, 3/29/27 | 10073 | 10220 |
| &nbsp;&nbsp;APP-12795625.FP.FTS.B, 13.49%, 3/29/27 | 5871 | 5955 |
| &nbsp;&nbsp;APP-13251661.FP.FTS.B, 20.24%, 3/29/27 | 10069 | 10423 |
| &nbsp;&nbsp;APP-12795571.FP.FTS.B, 22.49%, 3/29/27 | 12268 | 12838 |
| &nbsp;&nbsp;APP-12577391.FP.FTS.B, 11.74%, 3/30/27 | 14427 | 14607 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| Freedom Financial Asset Management LLC (continued) |  |  |
| APP-13421220.FP.FTS.B, 14.49%, 3/30/27 | $7226 | $7364 |
| APP-13405408.FP.FTS.B, 23.24%, 3/30/27 | 7477 | 7860 |
| APP-12231685.FP.FTS.B, 19.74%, 3/31/27 | 15180 | 15712 |
| APP-13630932.FP.FTS.B, 11.84%, 4/01/27 | 5078 | 5136 |
| APP-12840175.FP.FTS.B, 15.49%, 4/01/27 | 2478 | 2503 |
| APP-12761107.FP.FTS.B, 16.49%, 4/01/27 | 7294 | 7458 |
| APP-12674748.FP.FTS.B, 13.99%, 4/02/27 | 16035 | 16220 |
| APP-12867499.FP.FTS.B, 13.74%, 4/03/27 | 3181 | 3214 |
| APP-12890485.FP.FTS.B, 18.99%, 4/03/27 | 5079 | 5209 |
| APP-12811031.FP.FTS.B, 20.99%, 4/05/27 | 1650 | 1648 |
| APP-13673131.FP.FTS.B, 11.34%, 4/07/27 | 6537 | 6609 |
| APP-11924087.FP.FTS.B, 13.49%, 4/07/27 | 5680 | 5752 |
| APP-12804826.FP.FTS.B, 19.99%, 4/08/27 | 2699 | 2776 |
| APP-12758120.FP.FTS.B, 10.99%, 4/10/27 | 8001 | 8089 |
| APP-12413477.FP.FTS.B, 15.49%, 4/10/27 | 4016 | 4122 |
| APP-12637418.FP.FTS.B, 16.49%, 4/10/27 | 8403 | 8574 |
| APP-12796424.FP.FTS.B, 17.99%, 4/10/27 | 5250 | 5447 |
| APP-12723310.FP.FTS.B, 22.99%, 4/10/27 | 6099 | 6357 |
| APP-12735907.FP.FTS.B, 11.74%, 4/11/27 | 15667 | 15853 |
| APP-12119588.FP.FTS.B, 13.74%, 4/11/27 | 3811 | 3857 |
| APP-11806403.FP.FTS.B, 19.99%, 4/11/27 | 8061 | 8387 |
| APP-12794611.FP.FTS.B, 16.49%, 4/12/27 | 9234 | 9405 |
| APP-12119732.FP.FTS.B, 22.49%, 4/13/27 | 4014 | 4197 |
| APP-12819793.FP.FTS.B, 11.24%, 4/14/27 | 4422 | 4485 |
| APP-12933712.FP.FTS.B, 16.99%, 4/14/27 | 5942 | 6123 |
| APP-12847750.FP.FTS.B, 10.49%, 4/15/27 | 9008 | 9121 |
| APP-12886061.FP.FTS.B, 10.99%, 4/15/27 | 7737 | 7834 |
| APP-12889697.FP.FTS.B, 14.49%, 4/15/27 | 7658 | 7792 |
| APP-13008146.FP.FTS.B, 19.99%, 4/15/27 | 4950 | 5114 |
| APP-12831439.FP.FTS.B, 10.99%, 4/16/27 | 10850 | 10988 |
| APP-12845270.FP.FTS.B, 17.74%, 4/16/27 | 13180 | 13726 |
| APP-12883157.FP.FTS.B, 13.74%, 4/17/27 | 3596 | 3644 |
| APP-12800972.FP.FTS.B, 17.49%, 4/17/27 | 8198 | 8476 |
| APP-12800643.FP.FTS.B, 19.74%, 4/17/27 | 14782 | 15339 |
| APP-12931503.FP.FTS.B, 13.24%, 4/18/27 | 8008 | 8124 |
| APP-13141094.FP.FTS.B, 10.99%, 4/20/27 | 12217 | 12368 |
| APP-13009743.FP.FTS.B, 10.99%, 4/22/27 | 6499 | 6586 |
| APP-12674727.FP.FTS.B, 13.24%, 4/22/27 | 10680 | 10846 |
| APP-12977040.FP.FTS.B, 20.49%, 4/23/27 | 5374 | 5570 |
| APP-13166600.FP.FTS.B, 21.49%, 4/23/27 | 5307 | 5558 |
| APP-12944703.FP.FTS.B, 22.49%, 4/23/27 | 770 | 775 |
| APP-13057143.FP.FTS.B, 10.99%, 4/26/27 | 10987 | 11136 |
| APP-13061655.FP.FTS.B, 13.24%, 4/26/27 | 11293 | 11472 |
| APP-12933713.FP.FTS.B, 17.99%, 4/26/27 | 6721 | 6893 |
| APP-13106287.FP.FTS.B, 11.74%, 4/28/27 | 14054 | 14256 |
| APP-12798277.FP.FTS.B, 13.24%, 4/29/27 | 2066 | 2076 |
| APP-13009028.FP.FTS.B, 10.99%, 4/30/27 | 7378 | 7475 |
| APP-13134349.FP.FTS.B, 21.24%, 4/30/27 | 8220 | 8652 |
| APP-13424293.FP.FTS.B, 10.99%, 5/01/27 | 6867 | 6939 |
| APP-13431042.FP.FTS.B, 10.99%, 5/01/27 | 6481 | 6550 |
| APP-13431253.FP.FTS.B, 16.49%, 5/01/27 | 7897 | 8009 |
| APP-13430284.FP.FTS.B, 19.99%, 5/01/27 | 4475 | 4624 |
| APP-13430327.FP.FTS.B, 19.99%, 5/01/27 | 3721 | 3818 |
| APP-13441350.FP.FTS.B, 19.99%, 5/01/27 | 3716 | 3812 |
| APP-13410577.FP.FTS.B, 22.99%, 5/01/27 | 5665 | 5872 |
| APP-14247820.FP.FTS.B, 11.34%, 5/02/27 | 8491 | 8582 |
| APP-13342784.FP.FTS.B, 21.99%, 5/02/27 | 4550 | 4718 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Freedom Financial Asset Management LLC (continued) |  |  |
| &nbsp;&nbsp;APP-12270573.FP.FTS.B, 10.99%, 5/06/27 | $12036 | $12174 |
| &nbsp;&nbsp;APP-12932857.FP.FTS.B, 18.99%, 5/10/27 | 3660 | 3763 |
| &nbsp;&nbsp;APP-12775739.FP.FTS.B, 25.49%, 5/10/27 | 3976 | 4141 |
| &nbsp;&nbsp;APP-12412862.FP.FTS.B, 25.49%, 5/11/27 | 4549 | 4730 |
| &nbsp;&nbsp;APP-13658270.FP.FTS.B, 9.34%, 5/12/27 | 10363 | 10483 |
| &nbsp;&nbsp;APP-13416172.FP.FTS.B, 8.99%, 5/13/27 | 7644 | 7740 |
| &nbsp;&nbsp;APP-13031523.FP.FTS.B, 10.99%, 5/13/27 | 13137 | 13306 |
| &nbsp;&nbsp;APP-13438034.FP.FTS.B, 17.99%, 5/13/27 | 2787 | 1633 |
| &nbsp;&nbsp;APP-13436550.FP.FTS.B, 16.99%, 5/14/27 | 5844 | 5949 |
| &nbsp;&nbsp;APP-13430567.FP.FTS.B, 17.49%, 5/14/27 | 5967 | 6135 |
| &nbsp;&nbsp;APP-13431427.FP.FTS.B, 21.99%, 5/14/27 | 3364 | 3487 |
| &nbsp;&nbsp;APP-13318759.FP.FTS.B, 22.49%, 5/14/27 | 3023 | 3146 |
| &nbsp;&nbsp;APP-13436993.FP.FTS.B, 8.99%, 5/15/27 | 8212 | 8319 |
| &nbsp;&nbsp;APP-13396243.FP.FTS.B, 11.24%, 5/15/27 | 5223 | 5293 |
| &nbsp;&nbsp;APP-13440554.FP.FTS.B, 11.24%, 5/15/27 | 4441 | 4501 |
| &nbsp;&nbsp;APP-13435327.FP.FTS.B, 13.24%, 5/15/27 | 9021 | 9168 |
| &nbsp;&nbsp;APP-13663645.FP.FTS.B, 13.59%, 5/15/27 | 9678 | 9811 |
| &nbsp;&nbsp;APP-13644113.FP.FTS.B, 14.34%, 5/15/27 | 6017 | 6039 |
| &nbsp;&nbsp;APP-13444523.FP.FTS.B, 16.99%, 5/15/27 | 9709 | 10012 |
| &nbsp;&nbsp;APP-13672139.FP.FTS.B, 17.49%, 5/15/27 | 6707 | 6822 |
| &nbsp;&nbsp;APP-13666596.FP.FTS.B, 20.49%, 5/15/27 | 5609 | 5832 |
| &nbsp;&nbsp;APP-14531705.FP.FTS.B, 22.99%, 5/15/27 | 3793 | 3925 |
| &nbsp;&nbsp;APP-11924095.FP.FTS.B, 19.99%, 5/16/27 | 2732 | 1032 |
| &nbsp;&nbsp;APP-13628585.FP.FTS.B, 20.49%, 5/16/27 | 7564 | 7883 |
| &nbsp;&nbsp;APP-13680651.FP.FTS.B, 20.49%, 5/21/27 | 4872 | 5089 |
| &nbsp;&nbsp;APP-13629014.FP.FTS.B, 14.74%, 5/24/27 | 10889 | 11101 |
| &nbsp;&nbsp;APP-13637168.FP.FTS.B, 15.24%, 5/25/27 | 15736 | 16049 |
| &nbsp;&nbsp;APP-13051907.FP.FTS.B, 25.49%, 5/26/27 | 4151 | 4364 |
| &nbsp;&nbsp;APP-13598334.FP.FTS.B, 11.34%, 5/27/27 | 8286 | 8408 |
| &nbsp;&nbsp;APP-13637703.FP.FTS.B, 14.09%, 5/30/27 | 10008 | 10185 |
| &nbsp;&nbsp;APP-13319688.FP.FTS.B, 14.49%, 5/30/27 | 10155 | 10377 |
| &nbsp;&nbsp;APP-12770485.FP.FTS.B, 20.49%, 5/30/27 | 2146 | 2160 |
| <sup>b</sup>APP-12802041.FP.FTS.B, 13.99%, 6/06/27 | 20984 | 4143 |
| &nbsp;&nbsp;APP-14548548.FP.FTS.B, 22.99%, 6/14/27 | 3726 | 3856 |
| &nbsp;&nbsp;APP-12884053.FP.FTS.B, 10.99%, 6/15/27 | 8716 | 8835 |
| &nbsp;&nbsp;APP-14257683.FP.FTS.B, 20.49%, 6/15/27 | 11193 | 11668 |
| &nbsp;&nbsp;APP-13443719.FP.FTS.B, 22.49%, 6/15/27 | 3947 | 4121 |
| &nbsp;&nbsp;APP-14236905.FP.FTS.B, 17.49%, 6/21/27 | 10204 | 10590 |
| &nbsp;&nbsp;APP-14196561.FP.FTS.B, 13.59%, 6/23/27 | 14535 | 14782 |
| &nbsp;&nbsp;APP-12548143.FP.FTS.B, 19.99%, 6/23/27 | 12210 | 12731 |
| &nbsp;&nbsp;APP-14178654.FP.FTS.B, 9.34%, 6/24/27 | 7298 | 7396 |
| &nbsp;&nbsp;APP-14267906.FP.FTS.B, 11.59%, 6/24/27 | 5551 | 5634 |
| &nbsp;&nbsp;APP-14510576.FP.FTS.B, 22.74%, 6/24/27 | 4875 | 5107 |
| &nbsp;&nbsp;APP-14427403.FP.FTS.B, 24.74%, 6/24/27 | 7076 | 7462 |
| &nbsp;&nbsp;APP-09045394.FP.FTS.B, 13.74%, 6/25/27 | 4285 | 4352 |
| &nbsp;&nbsp;APP-14578061.FP.FTS.B, 11.74%, 6/26/27 | 13865 | 14057 |
| &nbsp;&nbsp;APP-14268521.FP.FTS.B, 10.09%, 6/27/27 | 17024 | 17273 |
| &nbsp;&nbsp;APP-14385385.FP.FTS.B, 19.24%, 6/28/27 | 12540 | 13024 |
| &nbsp;&nbsp;APP-14377174.FP.FTS.B, 12.24%, 6/29/27 | 6734 | 6852 |
| &nbsp;&nbsp;APP-14423027.FP.FTS.B, 13.99%, 6/30/27 | 12407 | 12627 |
| &nbsp;&nbsp;APP-13643702.FP.FTS.B, 18.99%, 6/30/27 | 9335 | 9702 |
| &nbsp;&nbsp;APP-13649694.FP.FTS.B, 19.49%, 6/30/27 | 6316 | 6573 |
| &nbsp;&nbsp;APP-11810505.FP.FTS.B, 21.24%, 6/30/27 | 11984 | 12690 |
| &nbsp;&nbsp;APP-14431213.FP.FTS.B, 18.49%, 7/01/27 | 7692 | 7902 |
| &nbsp;&nbsp;APP-14177847.FP.FTS.B, 18.74%, 7/08/27 | 17819 | 18331 |
| &nbsp;&nbsp;APP-13394495.FP.FTS.B, 11.49%, 7/13/27 | 5307 | 3973 |
| &nbsp;&nbsp;APP-14515585.FP.FTS.B, 20.49%, 7/15/27 | 5545 | 5755 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Freedom Financial Asset Management LLC (continued) |  |  |
| &nbsp;&nbsp;APP-14421841.FP.FTS.B, 20.99%, 7/15/27 | $5091 | $5269 |
| &nbsp;&nbsp;APP-13061423.FP.FTS.B, 13.24%, 7/17/27 | 8803 | 8941 |
| &nbsp;&nbsp;APP-13678923.FP.FTS.B, 11.34%, 7/20/27 | 12021 | 12198 |
| &nbsp;&nbsp;APP-13028479.FP.FTS.B, 21.74%, 7/23/27 | 764 | 765 |
| &nbsp;&nbsp;APP-14420972.FP.FTS.B, 14.24%, 7/26/27 | 6572 | 6691 |
| &nbsp;&nbsp;APP-14541253.FP.FTS.B, 13.99%, 7/31/27 | 16869 | 17146 |
| &nbsp;&nbsp;APP-12910819.FP.FTS.B, 17.99%, 7/31/27 | 3249 | 3322 |
| &nbsp;&nbsp;APP-14545674.FP.FTS.B, 26.99%, 8/03/27 | 4678 | 4867 |
| &nbsp;&nbsp;APP-14550089.FP.FTS.B, 18.49%, 8/06/27 | 8855 | 9165 |
| &nbsp;&nbsp;bAPP-14542132.FP.FTS.B, 20.99%, 8/15/27 | 5921 | 641 |
| &nbsp;&nbsp;APP-14531089.FP.FTS.B, 10.99%, 8/22/27 | 2256 | 2271 |
| &nbsp;&nbsp;APP-13423039.FP.FTS.B, 14.24%, 9/14/27 | 18197 | 10220 |
| &nbsp;&nbsp;APP-14568007.FP.FTS.B, 20.49%, 9/15/27 | 9905 | 10308 |
| &nbsp;&nbsp;APP-13484600.FP.FTS.B, 20.49%, 9/18/27 | 3732 | 3793 |
| &nbsp;&nbsp;APP-14569337.FP.FTS.B, 24.74%, 10/07/27 | 7365 | 5664 |
| &nbsp;&nbsp;APP-12804212.FP.FTS.B, 22.49%, 10/10/27 | 6200 | 6544 |
| &nbsp;&nbsp;APP-13659468.FP.FTS.B, 26.49%, 10/12/27 | 5783 | 6066 |
| &nbsp;&nbsp;APP-13157103.FP.FTS.B, 9.24%, 11/17/27 | 2184 | 2195 |
| &nbsp;&nbsp;APP-13132268.FP.FTS.B, 16.74%, 1/01/28 | 17842 | 18452 |
| &nbsp;&nbsp;APP-12042791.FP.FTS.B, 18.74%, 3/30/28 | 30053 | 31308 |
| &nbsp;&nbsp;APP-12794031.FP.FTS.B, 18.99%, 4/28/28 | 10865 | 3487 |
| &nbsp;&nbsp;APP-12244001.FP.FTS.B, 13.24%, 1/27/36 | 264 | 265 |
|  |  | 1557844 |
| &nbsp;&nbsp;LendingClub Corp. |  |  |
| &nbsp;&nbsp;154211311.LC.FTS.B, 20%, 11/26/34 | 2590 |  |
| &nbsp;&nbsp;LendingClub Corp. - LCX PM |  |  |
| &nbsp;&nbsp;174304247.LC.FTS.B, 20.99%, 2/02/26 | 1528 | 1528 |
| &nbsp;&nbsp;185237685.LC.FTS.B, 18.49%, 1/20/27 | 186 | 185 |
| &nbsp;&nbsp;185250357.LC.FTS.B, 19.99%, 1/20/27 | 5224 | 5329 |
| &nbsp;&nbsp;185117236.LC.FTS.B, 20.99%, 1/26/27 | 7490 | 7651 |
| &nbsp;&nbsp;185597588.LC.FTS.B, 16.24%, 1/28/27 | 5447 |  |
| &nbsp;&nbsp;185488281.LC.FTS.B, 28.99%, 1/29/27 | 2551 | 2652 |
| &nbsp;&nbsp;185547681.LC.FTS.B, 19.99%, 1/31/27 | 3205 | 3244 |
| &nbsp;&nbsp;184982732.LC.FTS.B, 16.99%, 2/01/27 | 4703 | 4724 |
| &nbsp;&nbsp;185662157.LC.FTS.B, 16.49%, 2/07/27 | 5594 | 5624 |
| &nbsp;&nbsp;185835140.LC.FTS.B, 21.99%, 2/14/27 | 6827 | 7024 |
| &nbsp;&nbsp;185699989.LC.FTS.B, 23.99%, 2/14/27 | 3530 | 3633 |
| &nbsp;&nbsp;186058311.LC.FTS.B, 15.69%, 2/15/27 | 14779 |  |
| &nbsp;&nbsp;186007586.LC.FTS.B, 23.49%, 2/15/27 | 4541 | 4677 |
| &nbsp;&nbsp;185942868.LC.FTS.B, 15.94%, 2/18/27 | 12709 |  |
| &nbsp;&nbsp;186027871.LC.FTS.B, 18.99%, 2/20/27 | 7642 | 7692 |
| &nbsp;&nbsp;187071023.LC.FTS.B, 17.99%, 3/11/27 | 5090 | 5103 |
| <sup>b</sup>187032664.LC.FTS.B, 20.99%, 3/11/27 | 8681 | 148 |
| &nbsp;&nbsp;187178718.LC.FTS.B, 19.99%, 3/15/27 | 7346 | 7415 |
| &nbsp;&nbsp;186624355.LC.FTS.B, 21.49%, 3/15/27 | 3995 | 4047 |
| &nbsp;&nbsp;187028667.LC.FTS.B, 20.99%, 3/17/27 | 4814 | 4880 |
| &nbsp;&nbsp;187192813.LC.FTS.B, 20.49%, 3/18/27 | 3518 | 3575 |
| &nbsp;&nbsp;187318217.LC.FTS.B, 20.49%, 3/18/27 | 9844 | 10032 |
| &nbsp;&nbsp;186654687.LC.FTS.B, 23.49%, 3/20/27 | 7605 | 1452 |
| &nbsp;&nbsp;187350401.LC.FTS.B, 15.19%, 3/21/27 | 4868 | 4892 |
| &nbsp;&nbsp;187430105.LC.FTS.B, 25.99%, 3/25/27 | 5361 | 1071 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 113

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;LendingClub Corp. - LCX PM (continued) |  |  |
| &nbsp;&nbsp;187611207.LC.FTS.B, 18.99%, 3/28/27 | $6905 | $6930 |
| &nbsp;&nbsp;187644231.LC.FTS.B, 19.99%, 3/28/27 | 6282 | 6418 |
| &nbsp;&nbsp;187621983.LC.FTS.B, 20.99%, 3/28/27 | 4603 | 4702 |
| &nbsp;&nbsp;187670705.LC.FTS.B, 17.44%, 3/29/27 | 13437 | 13330 |
| &nbsp;&nbsp;187264368.LC.FTS.B, 20.99%, 3/29/27 | 3542 | 3597 |
| &nbsp;&nbsp;187100244.LC.FTS.B, Zero Cpn, 3/30/27 | 5446 |  |
| &nbsp;&nbsp;187772972.LC.FTS.B, 18.99%, 3/30/27 | 10370 |  |
| &nbsp;&nbsp;187751574.LC.FTS.B, 20.44%, 3/30/27 | 11379 | 11571 |
| &nbsp;&nbsp;187614352.LC.FTS.B, 20.99%, 3/30/27 | 8850 | 9015 |
| &nbsp;&nbsp;187235906.LC.FTS.B, 13.19%, 3/31/27 | 10110 | 10139 |
| &nbsp;&nbsp;187804301.LC.FTS.B, 19.67%, 3/31/27 | 12115 | 12366 |
| &nbsp;&nbsp;187819893.LC.FTS.B, 21.49%, 3/31/27 | 14212 | 14505 |
| &nbsp;&nbsp;187825531.LC.FTS.B, 19.99%, 4/01/27 | 3355 | 3393 |
| &nbsp;&nbsp;187860298.LC.FTS.B, 23.99%, 4/01/27 | 2175 | 2227 |
| &nbsp;&nbsp;187860052.LC.FTS.B, 22.99%, 4/03/27 | 3826 | 3929 |
| &nbsp;&nbsp;187891277.LC.FTS.B, 21.49%, 4/04/27 | 12280 |  |
| &nbsp;&nbsp;187787243.LC.FTS.B, 21.99%, 4/04/27 | 6079 | 6245 |
| &nbsp;&nbsp;187765035.LC.FTS.B, 23.99%, 4/04/27 | 9373 | 9628 |
| &nbsp;&nbsp;188031790.LC.FTS.B, 20.49%, 4/06/27 | 7440 | 7552 |
| &nbsp;&nbsp;188023733.LC.FTS.B, 20.99%, 4/06/27 | 3000 | 3036 |
| &nbsp;&nbsp;188040936.LC.FTS.B, 20.99%, 4/06/27 | 5621 | 5690 |
| &nbsp;&nbsp;187683423.LC.FTS.B, 20.99%, 4/09/27 | 10935 |  |
| &nbsp;&nbsp;187829994.LC.FTS.B, 22.99%, 4/15/27 | 12113 | 12462 |
| &nbsp;&nbsp;187298854.LC.FTS.B, 23.49%, 4/15/27 | 14924 | 5821 |
| &nbsp;&nbsp;187906511.LC.FTS.B, 22.99%, 4/20/27 | 4882 | 5024 |
| &nbsp;&nbsp;187995587.LC.FTS.B, 6%, 5/15/27 | 6334 | 6467 |
| &nbsp;&nbsp;185498696.LC.FTS.B, 26.49%, 5/26/27 | 12105 | 2401 |
| <sup>b</sup>185497213.LC.FTS.B, 20.49%, 6/30/27 | 5910 | 406 |
| &nbsp;&nbsp;187345456.LC.FTS.B, 25.99%, 7/18/27 | 11443 | 11879 |
| &nbsp;&nbsp;187835579.LC.FTS.B, 22.49%, 7/30/27 | 2219 | 2286 |
| &nbsp;&nbsp;185500402.LC.FTS.B, 17.74%, 9/12/27 | 14059 | 5152 |
| &nbsp;&nbsp;187754766.LC.FTS.B, 21.99%, 9/30/27 | 12431 | 2434 |
| &nbsp;&nbsp;187316257.LC.FTS.B, 22.49%, 10/21/27 | 9811 | 10045 |
| &nbsp;&nbsp;187054481.LC.FTS.B, 22.49%, 11/20/27 | 12897 | 13188 |
| &nbsp;&nbsp;187417305.LC.FTS.B, 22.99%, 11/20/27 | 4579 |  |
| &nbsp;&nbsp;185367638.LC.FTS.B, 5%, 1/24/28 | 10459 | 10649 |
| &nbsp;&nbsp;185689957.LC.FTS.B, 5%, 2/01/28 | 4812 | 4930 |
| &nbsp;&nbsp;187403735.LC.FTS.B, 5%, 4/10/28 | 5955 | 6133 |
| &nbsp;&nbsp;187202054.LC.FTS.B, 5%, 5/21/28 | 10111 | 10257 |
| &nbsp;&nbsp;187034706.LC.FTS.B, 5%, 3/31/35 | 709 | 707 |
| &nbsp;&nbsp;188000200.LC.FTS.B, 22.99%, 4/06/35 | 5777 |  |
|  |  | 341092 |
| &nbsp;&nbsp;Prosper Funding LLC |  |  |
| &nbsp;&nbsp;1605548.PS.FTS.B, 12.3%, 8/16/26 | 2108 | 2110 |
| &nbsp;&nbsp;1605551.PS.FTS.B, 18.3%, 8/16/26 | 12 | 12 |
| &nbsp;&nbsp;1606481.PS.FTS.B, 15%, 8/17/26 | 1985 | 2009 |
| &nbsp;&nbsp;1618512.PS.FTS.B, 18.5%, 8/20/26 | 1731 | 1753 |
| &nbsp;&nbsp;1627885.PS.FTS.B, 15.29%, 9/21/26 | 3845 | 3905 |
| &nbsp;&nbsp;1645247.PS.FTS.B, 6%, 10/27/26 | 2614 | 2669 |
| &nbsp;&nbsp;1655355.PS.FTS.B, 12%, 10/27/26 | 7382 | 7399 |
| &nbsp;&nbsp;1648957.PS.FTS.B, 14.29%, 10/27/26 | 2199 | 2229 |
| &nbsp;&nbsp;1645616.PS.FTS.B, 16.63%, 10/27/26 | 2096 | 2127 |
| &nbsp;&nbsp;1655334.PS.FTS.B, 25.67%, 10/27/26 | 2191 | 2261 |
| &nbsp;&nbsp;1656189.PS.FTS.B, 13.7%, 10/28/26 | 3133 | 3178 |
| &nbsp;&nbsp;1656201.PS.FTS.B, 14.68%, 10/28/26 | 775 | 777 |
| &nbsp;&nbsp;1647056.PS.FTS.B, 13.7%, 10/29/26 | 1309 | 1328 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Prosper Funding LLC (continued) |  |  |
| &nbsp;&nbsp;1647023.PS.FTS.B, 16.33%, 10/29/26 | $6245 | $6336 |
| &nbsp;&nbsp;1647155.PS.FTS.B, 18.48%, 10/29/26 | 6298 | 6456 |
| &nbsp;&nbsp;1650974.PS.FTS.B, 11.1%, 11/05/26 | 3455 | 3446 |
| &nbsp;&nbsp;1660968.PS.FTS.B, 11.89%, 11/05/26 | 2550 | 2543 |
| &nbsp;&nbsp;1648693.PS.FTS.B, 12.7%, 11/05/26 | 3934 | 3942 |
| &nbsp;&nbsp;1650971.PS.FTS.B, 12.87%, 11/05/26 | 5970 | 5961 |
| <sup>b</sup>1651400.PS.FTS.B, 13.13%, 11/05/26 | 6671 |  |
| &nbsp;&nbsp;1651085.PS.FTS.B, 25.6%, 11/05/26 | 1296 | 1333 |
| &nbsp;&nbsp;1658134.PS.FTS.B, 13.6%, 11/08/26 | 1054 | 1062 |
| &nbsp;&nbsp;1651829.PS.FTS.B, 16.33%, 11/08/26 | 324 | 325 |
| &nbsp;&nbsp;1653347.PS.FTS.B, 10.8%, 11/09/26 | 2643 | 686 |
| &nbsp;&nbsp;1666392.PS.FTS.B, 11.2%, 11/09/26 | 1364 | 1363 |
| &nbsp;&nbsp;1651808.PS.FTS.B, 11.2%, 11/11/26 | 1030 | 1028 |
| &nbsp;&nbsp;1651412.PS.FTS.B, 13.6%, 11/11/26 | 6013 | 6046 |
| &nbsp;&nbsp;1652735.PS.FTS.B, 10.8%, 11/16/26 | 1586 | 1584 |
| &nbsp;&nbsp;1657068.PS.FTS.B, 21.9%, 11/22/26 | 4754 | 4282 |
| &nbsp;&nbsp;1657104.PS.FTS.B, 10.4%, 11/23/26 | 5695 | 5709 |
| &nbsp;&nbsp;1654979.PS.FTS.B, 11.1%, 12/05/26 | 1831 | 505 |
| &nbsp;&nbsp;1685577.PS.FTS.B, 28.23%, 12/14/26 | 4863 | 5025 |
| &nbsp;&nbsp;1685967.PS.FTS.B, 11.5%, 12/15/26 | 3477 | 3473 |
| &nbsp;&nbsp;1685961.PS.FTS.B, 18.48%, 12/15/26 | 4191 | 4258 |
| &nbsp;&nbsp;1686345.PS.FTS.B, 23%, 12/15/26 | 3185 | 3302 |
| &nbsp;&nbsp;1673528.PS.FTS.B, 19%, 12/16/26 | 7045 | 7160 |
| &nbsp;&nbsp;1680745.PS.FTS.B, 13.3%, 12/17/26 | 2909 | 2938 |
| &nbsp;&nbsp;1687770.PS.FTS.B, 14.29%, 12/17/26 | 3910 | 3941 |
| &nbsp;&nbsp;1687689.PS.FTS.B, 16%, 12/17/26 | 4292 | 4365 |
| &nbsp;&nbsp;1674248.PS.FTS.B, 16.5%, 12/17/26 | 5573 | 4860 |
| <sup>b</sup>1654303.PS.FTS.B, 21.18%, 12/18/26 | 4561 | 608 |
| &nbsp;&nbsp;1688382.PS.FTS.B, 10.29%, 12/20/26 | 3680 | 3681 |
| &nbsp;&nbsp;1685184.PS.FTS.B, 12.4%, 12/25/26 | 3847 | 3843 |
| &nbsp;&nbsp;1685808.PS.FTS.B, 18.33%, 12/29/26 | 1408 | 1403 |
| &nbsp;&nbsp;1679512.PS.FTS.B, 15.7%, 1/08/27 | 2338 | 2336 |
| &nbsp;&nbsp;1679959.PS.FTS.B, 12.32%, 1/09/27 | 1891 | 1075 |
| &nbsp;&nbsp;1687871.PS.FTS.B, 12.7%, 1/12/27 | 7371 | 7364 |
| &nbsp;&nbsp;1688213.PS.FTS.B, 15.03%, 1/12/27 | 2287 | 2298 |
| &nbsp;&nbsp;1688252.PS.FTS.B, 16.33%, 1/12/27 | 927 | 935 |
| &nbsp;&nbsp;1701030.PS.FTS.B, 18.25%, 1/12/27 | 7502 | 7612 |
| &nbsp;&nbsp;1687862.PS.FTS.B, 21.09%, 1/12/27 | 2237 | 2315 |
| &nbsp;&nbsp;1694182.PS.FTS.B, 21.18%, 1/12/27 | 1131 | 1149 |
| &nbsp;&nbsp;1688234.PS.FTS.B, 25.6%, 1/12/27 | 1334 | 1381 |
| &nbsp;&nbsp;1701831.PS.FTS.B, 12.3%, 1/13/27 | 2712 | 2710 |
| &nbsp;&nbsp;1688576.PS.FTS.B, 18.48%, 1/13/27 | 3298 | 3356 |
| &nbsp;&nbsp;1689002.PS.FTS.B, 19.23%, 1/13/27 | 1840 | 1869 |
| &nbsp;&nbsp;1689590.PS.FTS.B, 11.4%, 1/14/27 | 1602 | 1602 |
| &nbsp;&nbsp;1695235.PS.FTS.B, 12.24%, 1/14/27 | 3251 | 3280 |
| &nbsp;&nbsp;1695712.PS.FTS.B, 27.4%, 1/14/27 | 855 | 886 |
| &nbsp;&nbsp;1701330.PS.FTS.B, 16.1%, 1/15/27 | 2899 | 2943 |
| &nbsp;&nbsp;1703238.PS.FTS.B, 22.9%, 1/18/27 | 1124 | 1166 |
| &nbsp;&nbsp;1692950.PS.FTS.B, 9.81%, 1/20/27 | 4417 | 4421 |
| &nbsp;&nbsp;1698271.PS.FTS.B, 11.5%, 1/26/27 | 3220 | 3219 |
| &nbsp;&nbsp;1701660.PS.FTS.B, 11.2%, 1/27/27 | 2717 | 2713 |
| &nbsp;&nbsp;1701273.PS.FTS.B, 14.68%, 2/12/27 | 6128 | 6112 |
| &nbsp;&nbsp;1707812.PS.FTS.B, 11.2%, 2/15/27 | 1283 | 1282 |
| &nbsp;&nbsp;1714540.PS.FTS.B, 11.2%, 2/15/27 | 5130 | 5128 |
| &nbsp;&nbsp;1708139.PS.FTS.B, 15.2%, 2/15/27 | 7427 | 7481 |
| &nbsp;&nbsp;1709063.PS.FTS.B, 16.7%, 2/15/27 | 3588 | 3606 |
| &nbsp;&nbsp;1722529.PS.FTS.B, 19%, 3/12/27 | 9930 | 2528 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans (continued)** |  |  |
| &nbsp;&nbsp;Prosper Funding LLC (continued) |  |  |
| &nbsp;&nbsp;1733471.PS.FTS.B, 10.44%, 3/22/27 | $6727 | $6721 |
| &nbsp;&nbsp;1732976.PS.FTS.B, 10.53%, 3/22/27 | 4362 | 4362 |
| &nbsp;&nbsp;1740124.PS.FTS.B, 11.61%, 3/22/27 | 5551 | 5545 |
| &nbsp;&nbsp;1732970.PS.FTS.B, 11.79%, 3/22/27 | 3116 | 3112 |
| &nbsp;&nbsp;1732922.PS.FTS.B, 12.9%, 3/22/27 | 10357 | 10345 |
| &nbsp;&nbsp;1733459.PS.FTS.B, 13.7%, 3/22/27 | 12118 | 12126 |
| &nbsp;&nbsp;1739653.PS.FTS.B, 18.48%, 3/22/27 | 6856 | 6996 |
| &nbsp;&nbsp;1709645.PS.FTS.B, 9.27%, 3/23/27 | 10549 | 10527 |
| &nbsp;&nbsp;1734128.PS.FTS.B, 10.08%, 3/23/27 | 3215 | 2736 |
| &nbsp;&nbsp;1743894.PS.FTS.B, 10.29%, 3/23/27 | 12021 | 12011 |
| <sup>b</sup>1744077.PS.FTS.B, 10.8%, 3/23/27 | 4425 | 147 |
| &nbsp;&nbsp;1734281.PS.FTS.B, 11.4%, 3/23/27 | 3215 | 3212 |
| &nbsp;&nbsp;1740508.PS.FTS.B, 11.6%, 3/23/27 | 2231 | 2230 |
| &nbsp;&nbsp;1733702.PS.FTS.B, 11.89%, 3/23/27 | 1439 | 1439 |
| &nbsp;&nbsp;1733807.PS.FTS.B, 12.32%, 3/23/27 | 4017 | 3411 |
| &nbsp;&nbsp;1740880.PS.FTS.B, 13.5%, 3/23/27 | 3680 | 3707 |
| &nbsp;&nbsp;1733816.PS.FTS.B, 15.1%, 3/23/27 | 6436 | 6493 |
| &nbsp;&nbsp;1734278.PS.FTS.B, 15.2%, 3/23/27 | 3257 | 3276 |
| <sup>b</sup>1740997.PS.FTS.B, 16.8%, 3/23/27 | 9948 | 403 |
| &nbsp;&nbsp;1744065.PS.FTS.B, 16.8%, 3/23/27 | 8404 | 1979 |
| &nbsp;&nbsp;1743573.PS.FTS.B, 18.78%, 3/23/27 | 3272 | 3340 |
| &nbsp;&nbsp;1741006.PS.FTS.B, 19%, 3/23/27 | 2419 | 2470 |
| &nbsp;&nbsp;1741000.PS.FTS.B, 25.67%, 3/23/27 | 5506 | 5748 |
| &nbsp;&nbsp;1740316.PS.FTS.B, 28.23%, 3/23/27 | 3946 | 4115 |
| &nbsp;&nbsp;1744257.PS.FTS.B, 14%, 3/24/27 | 1285 | 1293 |
| &nbsp;&nbsp;1744812.PS.FTS.B, 14.7%, 3/24/27 | 3574 | 3574 |
| &nbsp;&nbsp;1733513.PS.FTS.B, 11.7%, 3/26/27 | 2844 | 2841 |
| &nbsp;&nbsp;1735826.PS.FTS.B, 13.19%, 3/27/27 | 7447 | 7425 |
| <sup>b</sup>1736876.PS.FTS.B, 19.3%, 3/29/27 | 4275 | 183 |
| &nbsp;&nbsp;1747200.PS.FTS.B, 27.4%, 3/29/27 | 4939 | 5168 |
| &nbsp;&nbsp;1742146.PS.FTS.B, 10.7%, 3/31/27 | 2901 | 2897 |
| &nbsp;&nbsp;1740187.PS.FTS.B, 15.1%, 4/01/27 | 1746 | 1753 |
| &nbsp;&nbsp;1741336.PS.FTS.B, 25.9%, 4/01/27 | 3087 | 3236 |
| &nbsp;&nbsp;1749478.PS.FTS.B, 11.5%, 4/05/27 | 1390 | 1381 |
| &nbsp;&nbsp;1749460.PS.FTS.B, 11.7%, 4/05/27 | 2285 | 2272 |
| &nbsp;&nbsp;1752540.PS.FTS.B, 11.7%, 4/05/27 | 6527 | 6490 |
| &nbsp;&nbsp;1740496.PS.FTS.B, 14.19%, 4/05/27 | 3083 | 3088 |
| &nbsp;&nbsp;1742810.PS.FTS.B, 16.7%, 4/05/27 | 1411 | 1409 |
| <sup>b</sup>1741168.PS.FTS.B, 18.93%, 4/05/27 | 15042 |  |
| &nbsp;&nbsp;1743101.PS.FTS.B, 10.5%, 4/06/27 | 249 | 248 |
| &nbsp;&nbsp;1743137.PS.FTS.B, 10.5%, 4/06/27 | 6401 | 6367 |
| &nbsp;&nbsp;1743125.PS.FTS.B, 14.7%, 4/06/27 | 6844 | 6835 |
| &nbsp;&nbsp;1752906.PS.FTS.B, 16.33%, 4/06/27 | 4912 | 4905 |
| &nbsp;&nbsp;1750876.PS.FTS.B, 10.29%, 4/07/27 | 11164 | 11107 |
| &nbsp;&nbsp;1744037.PS.FTS.B, 10.5%, 4/07/27 | 4801 | 4776 |
| &nbsp;&nbsp;1750606.PS.FTS.B, 12%, 4/07/27 | 2975 | 2973 |
| &nbsp;&nbsp;1744541.PS.FTS.B, 12.2%, 4/07/27 | 11514 | 11454 |
| &nbsp;&nbsp;1753842.PS.FTS.B, 12.2%, 4/07/27 | 3290 | 3273 |
| &nbsp;&nbsp;1744553.PS.FTS.B, 14.53%, 4/07/27 | 3368 | 3354 |
| &nbsp;&nbsp;1753656.PS.FTS.B, 14.6%, 4/07/27 | 8561 | 8554 |
| &nbsp;&nbsp;1744559.PS.FTS.B, 14.89%, 4/07/27 | 530 | 525 |
| &nbsp;&nbsp;1751047.PS.FTS.B, 19.3%, 4/07/27 | 8987 | 9117 |
| &nbsp;&nbsp;1750600.PS.FTS.B, 23%, 4/07/27 | 5151 | 5303 |
| &nbsp;&nbsp;1755057.PS.FTS.B, 11.2%, 4/08/27 | 18632 | 4106 |
| &nbsp;&nbsp;1755237.PS.FTS.B, 16.02%, 4/08/27 | 4016 | 4071 |
| &nbsp;&nbsp;1744907.PS.FTS.B, 17.59%, 4/08/27 | 938 | 952 |
| &nbsp;&nbsp;1755927.PS.FTS.B, 11.89%, 4/11/27 | 2946 | 2933 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Prosper Funding LLC (continued) |  |  |
| &nbsp;&nbsp;1752289.PS.FTS.B, 16.5%, 4/11/27 | $7035 | $7037 |
| &nbsp;&nbsp;1746119.PS.FTS.B, 18.13%, 4/11/27 | 3785 | 3786 |
| &nbsp;&nbsp;1752915.PS.FTS.B, 12.5%, 4/12/27 | 8322 | 8277 |
| &nbsp;&nbsp;1757922.PS.FTS.B, 14.67%, 4/13/27 | 3420 | 3424 |
| &nbsp;&nbsp;1749839.PS.FTS.B, 25.6%, 4/14/27 | 6011 | 6239 |
| &nbsp;&nbsp;1733504.PS.FTS.B, 11.6%, 4/15/27 | 4338 | 4330 |
| &nbsp;&nbsp;1753416.PS.FTS.B, 13.6%, 4/15/27 | 1341 | 1329 |
| &nbsp;&nbsp;1734263.PS.FTS.B, 16.33%, 4/16/27 | 7213 | 7248 |
| &nbsp;&nbsp;1749754.PS.FTS.B, 25.9%, 4/17/27 | 5285 | 1350 |
| &nbsp;&nbsp;1742819.PS.FTS.B, 11.7%, 4/19/27 | 4163 | 4140 |
| &nbsp;&nbsp;1744568.PS.FTS.B, 12%, 4/20/27 | 3980 | 3959 |
| <sup>b</sup>1734077.PS.FTS.B, 14%, 4/22/27 | 3194 | 84 |
| &nbsp;&nbsp;1744227.PS.FTS.B, 16%, 4/22/27 | 7255 | 6333 |
| &nbsp;&nbsp;1734284.PS.FTS.B, 16.9%, 4/22/27 | 725 | 741 |
| &nbsp;&nbsp;1755429.PS.FTS.B, 10.5%, 4/28/27 | 3221 | 3208 |
| &nbsp;&nbsp;1744277.PS.FTS.B, 14.39%, 4/29/27 | 3645 | 3642 |
| &nbsp;&nbsp;1749974.PS.FTS.B, 23.31%, 4/29/27 | 2840 | 2955 |
| &nbsp;&nbsp;1752903.PS.FTS.B, 21.18%, 4/30/27 | 9868 | 9994 |
| &nbsp;&nbsp;1750621.PS.FTS.B, 17.37%, 5/01/27 | 3879 | 3935 |
| &nbsp;&nbsp;1744034.PS.FTS.B, 19%, 5/10/27 | 4142 | 4198 |
| &nbsp;&nbsp;1760306.PS.FTS.B, 22.5%, 5/20/27 | 3075 | 3222 |
| &nbsp;&nbsp;1627891.PS.FTS.B, 15.1%, 8/21/27 | 4129 | 2245 |
| &nbsp;&nbsp;1739848.PS.FTS.B, 21.9%, 9/22/27 | 3747 | 3923 |
| &nbsp;&nbsp;1754328.PS.FTS.B, 13.1%, 10/07/27 | 4419 | 2359 |
| &nbsp;&nbsp;1751044.PS.FTS.B, 14.7%, 10/15/27 | 9098 | 9078 |
| &nbsp;&nbsp;1744730.PS.FTS.B, 16.02%, 11/06/27 | 4586 | 4652 |
| &nbsp;&nbsp;1678714.PS.FTS.B, 25.2%, 11/14/27 | 8961 | 9325 |
| &nbsp;&nbsp;1755876.PS.FTS.B, 19.3%, 3/31/28 | 9353 | 9422 |
| <sup>b</sup>1734275.PS.FTS.B, 15%, 3/23/35 | 2624 |  |
|  |  | 594737 |
| &nbsp;&nbsp;Upgrade, Inc. - Card |  |  |
| &nbsp;&nbsp;992157584.UG.FTS.B, 28.98%, 2/08/26 | 362 | 51 |
| &nbsp;&nbsp;991996150.UG.FTS.B, 28.98%, 3/09/26 | 24 | 23 |
| &nbsp;&nbsp;992246618.UG.FTS.B, 28.98%, 3/11/26 | 18 | 18 |
| &nbsp;&nbsp;b992361782.UG.FTS.B, 29.48%, 4/19/26 | 101 |  |
| &nbsp;&nbsp;992237498.UG.FTS.B, 15.97%, 5/30/26 | 2266 | 2316 |
| &nbsp;&nbsp;992196449.UG.FTS.B, 29.49%, 8/18/26 | 101 | 104 |
| &nbsp;&nbsp;992159329.UG.FTS.B, 21.98%, 8/29/26 | 64 | 65 |
| <sup>b</sup>992238434.UG.FTS.B, 28.98%, 9/12/26 | 325 | 22 |
| &nbsp;&nbsp;992217550.UG.FTS.B, 28.98%, 9/20/26 | 105 | 109 |
| <sup>b</sup>992083215.UG.FTS.B, 29.49%, 10/20/26 | 61 | 50 |
| &nbsp;&nbsp;992485527.UG.FTS.B, 29.49%, 10/20/26 | 112 | 116 |
| &nbsp;&nbsp;992425148.UG.FTS.B, 28.98%, 11/20/26 | 161 | 168 |
| <sup>b</sup>992514855.UG.FTS.B, 29.49%, 11/20/26 | 60 | 47 |
| <sup>b</sup>992038832.UG.FTS.B, 28.98%, 12/09/26 | 706 |  |
| &nbsp;&nbsp;992277625.UG.FTS.B, 15.99%, 4/13/27 | 54 | 54 |
| &nbsp;&nbsp;992239940.UG.FTS.B, 15.99%, 7/06/27 | 499 | 520 |
| &nbsp;&nbsp;992193819.UG.FTS.B, 22.36%, 11/29/27 | 60 | 63 |
| &nbsp;&nbsp;991994026.UG.FTS.B, 29.49%, 2/09/28 | 1700 | 1228 |
| &nbsp;&nbsp;992156587.UG.FTS.B, 29.49%, 9/09/29 | 220 | 20 |
| &nbsp;&nbsp;992058890.UG.FTS.B, 29.49%, 10/18/29 | 110 | 111 |
| &nbsp;&nbsp;992189183.UG.FTS.B, 29.49%, 3/09/30 | 60 | 61 |
| &nbsp;&nbsp;992073990.UG.FTS.B, 19.99%, 3/19/30 | 32 | 32 |
| <sup>b</sup>992057082.UG.FTS.B, 29.46%, 7/18/30 | 51 | 4 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upgrade, Inc. - Card (continued) |  |  |
| &nbsp;&nbsp;992395091.UG.FTS.B, 29.49%, 11/20/30 | $32 | $33 |
|  |  | 5215 |
| &nbsp;&nbsp;Upstart Network, Inc |  |  |
| &nbsp;&nbsp;L1721509.UP.FTS.B, 11.2%, 9/16/26 | 3753 | 3695 |
| &nbsp;&nbsp;FW1720612.UP.FTS.B, 11.37%, 9/16/26 | 2258 | 2223 |
| &nbsp;&nbsp;FW1721436.UP.FTS.B, 14.47%, 9/16/26 | 1851 | 1829 |
| &nbsp;&nbsp;L1720338.UP.FTS.B, 15.39%, 9/16/26 | 3050 | 3015 |
| &nbsp;&nbsp;L1721497.UP.FTS.B, 16.37%, 9/16/26 | 1647 | 1628 |
| &nbsp;&nbsp;FW1720748.UP.FTS.B, 16.61%, 9/16/26 | 1037 | 1025 |
| &nbsp;&nbsp;L1722523.UP.FTS.B, 21.72%, 9/16/26 | 789 | 777 |
| &nbsp;&nbsp;FW1722389.UP.FTS.B, 21.83%, 9/16/26 | 5980 | 5888 |
| &nbsp;&nbsp;L1701780.UP.FTS.B, 26.48%, 9/16/26 | 2333 | 2300 |
| &nbsp;&nbsp;FW1721156.UP.FTS.B, 26.95%, 9/16/26 | 5394 | 5318 |
| &nbsp;&nbsp;FW1720986.UP.FTS.B, 30.57%, 9/16/26 | 109 | 8 |
| &nbsp;&nbsp;FW1720294.UP.FTS.B, 30.66%, 9/16/26 | 648 | 640 |
| &nbsp;&nbsp;L1892951.UP.FTS.B, 14.33%, 10/21/26 | 365 | 361 |
| &nbsp;&nbsp;L1893967.UP.FTS.B, 14.49%, 10/21/26 | 388 | 383 |
| &nbsp;&nbsp;L1890982.UP.FTS.B, 16.75%, 10/21/26 | 1604 | 1588 |
| &nbsp;&nbsp;FW1894844.UP.FTS.B, 18.47%, 10/21/26 | 5422 | 5352 |
| &nbsp;&nbsp;L1889041.UP.FTS.B, 19.76%, 10/21/26 | 362 | 357 |
| &nbsp;&nbsp;L1893140.UP.FTS.B, 24.95%, 10/21/26 | 429 | 423 |
| &nbsp;&nbsp;L1890870.UP.FTS.B, 25.37%, 10/21/26 | 1406 | 1388 |
| &nbsp;&nbsp;FW1893402.UP.FTS.B, 27.14%, 10/21/26 | 1814 | 1428 |
| &nbsp;&nbsp;L1892234.UP.FTS.B, 27.37%, 10/21/26 | 3233 | 3195 |
| &nbsp;&nbsp;FW1892884.UP.FTS.B, 28.78%, 10/21/26 | 637 | 630 |
| &nbsp;&nbsp;FW1890284.UP.FTS.B, 30.97%, 10/21/26 | 605 | 481 |
| &nbsp;&nbsp;L2015861.UP.FTS.B, 9.46%, 11/10/26 | 2089 | 2048 |
| <sup>b</sup>L2017795.UP.FTS.B, 13.15%, 11/10/26 | 1569 | 89 |
| &nbsp;&nbsp;L2016861.UP.FTS.B, 14.32%, 11/10/26 | 3958 | 3892 |
| &nbsp;&nbsp;L2016450.UP.FTS.B, 15.84%, 11/10/26 | 1895 | 1872 |
| &nbsp;&nbsp;FW2017922.UP.FTS.B, 16.45%, 11/10/26 | 3693 | 3632 |
| &nbsp;&nbsp;L2017365.UP.FTS.B, 19.49%, 11/10/26 | 7902 | 7772 |
| &nbsp;&nbsp;L2018057.UP.FTS.B, 20.23%, 11/10/26 | 5093 | 4998 |
| &nbsp;&nbsp;L2012751.UP.FTS.B, 20.27%, 11/10/26 | 3218 | 2170 |
| &nbsp;&nbsp;L2018362.UP.FTS.B, 20.61%, 11/10/26 | 829 | 815 |
| &nbsp;&nbsp;L2015725.UP.FTS.B, 22.82%, 11/10/26 | 419 | 412 |
| &nbsp;&nbsp;L2018074.UP.FTS.B, 23.36%, 11/10/26 | 1682 | 1652 |
| &nbsp;&nbsp;L2010804.UP.FTS.B, 24.21%, 11/10/26 | 4242 | 4167 |
| &nbsp;&nbsp;L2017556.UP.FTS.B, 25.05%, 11/10/26 | 986 | 968 |
| &nbsp;&nbsp;L2017313.UP.FTS.B, 25.23%, 11/10/26 | 1257 | 1235 |
| &nbsp;&nbsp;FW2018097.UP.FTS.B, 28.2%, 11/10/26 | 500 | 492 |
| &nbsp;&nbsp;FW2017283.UP.FTS.B, 29.28%, 11/10/26 | 1517 | 1492 |
| &nbsp;&nbsp;FW2016668.UP.FTS.B, 29.41%, 11/10/26 | 2234 | 2197 |
| &nbsp;&nbsp;FW2016021.UP.FTS.B, 29.96%, 11/10/26 | 3967 | 3902 |
| &nbsp;&nbsp;FW2017531.UP.FTS.B, 30.14%, 11/10/26 | 2343 | 2304 |
| &nbsp;&nbsp;FW2015923.UP.FTS.B, 30.28%, 11/10/26 | 2461 | 2421 |
| &nbsp;&nbsp;FW2016098.UP.FTS.B, 30.28%, 11/10/26 | 493 | 485 |
| &nbsp;&nbsp;FW2015746.UP.FTS.B, 30.57%, 11/10/26 | 908 | 893 |
| &nbsp;&nbsp;FW2017369.UP.FTS.B, 30.83%, 11/10/26 | 930 | 915 |
| &nbsp;&nbsp;FW2015784.UP.FTS.B, 31.24%, 11/10/26 | 717 | 706 |
| &nbsp;&nbsp;FW2110828.UP.FTS.B, 6%, 11/24/26 | 475 | 159 |
| &nbsp;&nbsp;L2111539.UP.FTS.B, 8.17%, 11/24/26 | 1719 | 1686 |
| &nbsp;&nbsp;FW2112522.UP.FTS.B, 10.63%, 11/24/26 | 122 | 121 |
| &nbsp;&nbsp;L2110925.UP.FTS.B, 12.01%, 11/24/26 | 6935 | 6828 |
| &nbsp;&nbsp;L2112036.UP.FTS.B, 13.1%, 11/24/26 | 352 | 347 |
| &nbsp;&nbsp;L2112445.UP.FTS.B, 15.34%, 11/24/26 | 732 | 725 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2111566.UP.FTS.B, 15.86%, 11/24/26 | $121 | $88 |
| &nbsp;&nbsp;L2111428.UP.FTS.B, 15.89%, 11/24/26 | 561 | 41 |
| &nbsp;&nbsp;L2111907.UP.FTS.B, 16.75%, 11/24/26 | 750 | 744 |
| &nbsp;&nbsp;FW2103098.UP.FTS.B, 18.1%, 11/24/26 | 1023 | 1010 |
| &nbsp;&nbsp;L2112204.UP.FTS.B, 18.12%, 11/24/26 | 1417 | 1405 |
| &nbsp;&nbsp;L2111433.UP.FTS.B, 19.56%, 11/24/26 | 1307 | 1292 |
| <sup>b</sup>L2110920.UP.FTS.B, 20%, 11/24/26 | 4208 | 730 |
| &nbsp;&nbsp;L2111070.UP.FTS.B, 20.97%, 11/24/26 | 604 | 597 |
| &nbsp;&nbsp;FW2110697.UP.FTS.B, 21.79%, 11/24/26 | 3931 | 3032 |
| &nbsp;&nbsp;L2111001.UP.FTS.B, 22.12%, 11/24/26 | 3 | 3 |
| <sup>b</sup>L2109591.UP.FTS.B, 22.25%, 11/24/26 | 8327 | 697 |
| &nbsp;&nbsp;L2111688.UP.FTS.B, 25.07%, 11/24/26 | 714 | 706 |
| &nbsp;&nbsp;L2112349.UP.FTS.B, 25.4%, 11/24/26 | 2865 | 2833 |
| &nbsp;&nbsp;L2111206.UP.FTS.B, 25.46%, 11/24/26 | 575 | 568 |
| &nbsp;&nbsp;FW2109993.UP.FTS.B, 28.34%, 11/24/26 | 1496 | 1480 |
| &nbsp;&nbsp;FW2111816.UP.FTS.B, 30.78%, 11/24/26 | 712 | 705 |
| &nbsp;&nbsp;FW2112102.UP.FTS.B, 31.76%, 11/24/26 | 2473 | 2449 |
| &nbsp;&nbsp;FW2111859.UP.FTS.B, 16.21%, 11/28/26 | 2111 | 2092 |
| &nbsp;&nbsp;FW2264096.UP.FTS.B, 8.01%, 12/16/26 | 2099 | 2056 |
| &nbsp;&nbsp;L2266515.UP.FTS.B, 8.1%, 12/16/26 | 1664 | 1631 |
| &nbsp;&nbsp;L2264632.UP.FTS.B, 8.24%, 12/16/26 | 4714 | 4617 |
| &nbsp;&nbsp;L2233679.UP.FTS.B, 10.15%, 12/16/26 | 1564 | 1532 |
| &nbsp;&nbsp;L2256936.UP.FTS.B, 11.09%, 12/16/26 | 4926 | 4842 |
| &nbsp;&nbsp;L2261890.UP.FTS.B, 11.17%, 12/16/26 | 4298 | 1294 |
| &nbsp;&nbsp;L2262690.UP.FTS.B, 13.04%, 12/16/26 | 2167 | 2131 |
| &nbsp;&nbsp;FW2263216.UP.FTS.B, 14.33%, 12/16/26 | 233 | 229 |
| &nbsp;&nbsp;FW2262525.UP.FTS.B, 14.73%, 12/16/26 | 7866 | 7737 |
| &nbsp;&nbsp;L2266678.UP.FTS.B, 14.84%, 12/16/26 | 3415 | 3360 |
| &nbsp;&nbsp;L2266887.UP.FTS.B, 15.02%, 12/16/26 | 1845 | 1825 |
| &nbsp;&nbsp;FW2266772.UP.FTS.B, 15.05%, 12/16/26 | 2074 | 2051 |
| &nbsp;&nbsp;L2265506.UP.FTS.B, 16.32%, 12/16/26 | 1278 | 1262 |
| &nbsp;&nbsp;L2261462.UP.FTS.B, 16.62%, 12/16/26 | 893 | 884 |
| &nbsp;&nbsp;L2262304.UP.FTS.B, 17.3%, 12/16/26 | 3559 | 3521 |
| &nbsp;&nbsp;L2261255.UP.FTS.B, 17.42%, 12/16/26 | 9281 | 9178 |
| &nbsp;&nbsp;L2260922.UP.FTS.B, 19.74%, 12/16/26 | 2001 | 1967 |
| &nbsp;&nbsp;L2265533.UP.FTS.B, 19.85%, 12/16/26 | 3229 | 2385 |
| &nbsp;&nbsp;L2262271.UP.FTS.B, 20.02%, 12/16/26 | 2440 | 2404 |
| &nbsp;&nbsp;FW2262822.UP.FTS.B, 20.38%, 12/16/26 | 863 | 849 |
| &nbsp;&nbsp;L2262115.UP.FTS.B, 20.57%, 12/16/26 | 554 | 546 |
| &nbsp;&nbsp;L2266172.UP.FTS.B, 21.62%, 12/16/26 | 1026 | 1009 |
| &nbsp;&nbsp;FW2265342.UP.FTS.B, 21.77%, 12/16/26 | 1011 | 995 |
| &nbsp;&nbsp;L2264438.UP.FTS.B, 21.8%, 12/16/26 | 1393 | 1378 |
| &nbsp;&nbsp;FW2242546.UP.FTS.B, 21.96%, 12/16/26 | 3213 | 3167 |
| &nbsp;&nbsp;L2266895.UP.FTS.B, 23.57%, 12/16/26 | 1209 | 1190 |
| &nbsp;&nbsp;L2262668.UP.FTS.B, 24.03%, 12/16/26 | 1011 | 995 |
| &nbsp;&nbsp;L2263485.UP.FTS.B, 24.71%, 12/16/26 | 615 | 606 |
| &nbsp;&nbsp;FW2263757.UP.FTS.B, 24.74%, 12/16/26 | 2295 | 2261 |
| &nbsp;&nbsp;FW2263559.UP.FTS.B, 24.81%, 12/16/26 | 1046 | 1031 |
| <sup>b</sup>FW2266843.UP.FTS.B, 24.86%, 12/16/26 | 1130 | 187 |
| &nbsp;&nbsp;L2262592.UP.FTS.B, 25.43%, 12/16/26 | 187 | 185 |
| &nbsp;&nbsp;L2236916.UP.FTS.B, 25.5%, 12/16/26 | 1244 | 1225 |
| &nbsp;&nbsp;FW2263939.UP.FTS.B, 26.78%, 12/16/26 | 952 | 938 |
| <sup>b</sup>FW2266619.UP.FTS.B, 27.46%, 12/16/26 | 1589 | 113 |
| <sup>b</sup>FW2260718.UP.FTS.B, 28.56%, 12/16/26 | 829 | 11 |
| &nbsp;&nbsp;FW2264681.UP.FTS.B, 29.13%, 12/16/26 | 1310 | 1292 |
| <sup>b</sup>FW2261708.UP.FTS.B, 30.67%, 12/16/26 | 1346 | 19 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2266558.UP.FTS.B, 30.86%, 12/16/26 | $673 | $664 |
| &nbsp;&nbsp;FW2266459.UP.FTS.B, 30.98%, 12/16/26 | 352 | 347 |
| &nbsp;&nbsp;FW2260770.UP.FTS.B, 31.08%, 12/16/26 | 505 | 498 |
| &nbsp;&nbsp;FW2270153.UP.FTS.B, 7.21%, 12/17/26 | 868 | 851 |
| &nbsp;&nbsp;FW2269719.UP.FTS.B, 7.26%, 12/17/26 | 2898 | 2077 |
| &nbsp;&nbsp;L2269403.UP.FTS.B, 7.47%, 12/17/26 | 3429 | 3359 |
| &nbsp;&nbsp;L2269259.UP.FTS.B, 8.25%, 12/17/26 | 703 | 688 |
| &nbsp;&nbsp;L2268096.UP.FTS.B, 8.29%, 12/17/26 | 5620 | 5506 |
| &nbsp;&nbsp;L2267269.UP.FTS.B, 8.51%, 12/17/26 | 3530 | 3457 |
| &nbsp;&nbsp;L2271105.UP.FTS.B, 9.17%, 12/17/26 | 6590 | 6468 |
| &nbsp;&nbsp;L2263798.UP.FTS.B, 11.32%, 12/17/26 | 6619 | 6508 |
| &nbsp;&nbsp;L2270002.UP.FTS.B, 11.76%, 12/17/26 | 1121 | 1103 |
| &nbsp;&nbsp;L2270705.UP.FTS.B, 12.61%, 12/17/26 | 2529 | 2487 |
| &nbsp;&nbsp;L2264006.UP.FTS.B, 13.57%, 12/17/26 | 2630 | 2586 |
| &nbsp;&nbsp;FW2259052.UP.FTS.B, 14.44%, 12/17/26 | 1829 | 1799 |
| &nbsp;&nbsp;L2267899.UP.FTS.B, 15.39%, 12/17/26 | 2470 | 2431 |
| &nbsp;&nbsp;L2269989.UP.FTS.B, 15.72%, 12/17/26 | 8010 | 7921 |
| &nbsp;&nbsp;L2269665.UP.FTS.B, 16.5%, 12/17/26 | 4316 | 4270 |
| &nbsp;&nbsp;L2270652.UP.FTS.B, 17.8%, 12/17/26 | 772 | 764 |
| &nbsp;&nbsp;FW2270802.UP.FTS.B, 17.83%, 12/17/26 | 276 | 273 |
| &nbsp;&nbsp;L2270265.UP.FTS.B, 18.3%, 12/17/26 | 557 | 551 |
| &nbsp;&nbsp;L2267799.UP.FTS.B, 18.33%, 12/17/26 | 1957 | 1936 |
| &nbsp;&nbsp;FW2268753.UP.FTS.B, 19.71%, 12/17/26 | 1552 | 1157 |
| &nbsp;&nbsp;L2267364.UP.FTS.B, 20.36%, 12/17/26 | 617 | 608 |
| &nbsp;&nbsp;L2268079.UP.FTS.B, 20.72%, 12/17/26 | 1109 | 1091 |
| &nbsp;&nbsp;L2270132.UP.FTS.B, 20.75%, 12/17/26 | 434 | 427 |
| &nbsp;&nbsp;L2270631.UP.FTS.B, 21.07%, 12/17/26 | 4008 | 3948 |
| &nbsp;&nbsp;L2268043.UP.FTS.B, 21.67%, 12/17/26 | 15085 | 14867 |
| &nbsp;&nbsp;FW2268457.UP.FTS.B, 22.16%, 12/17/26 | 3400 | 3348 |
| &nbsp;&nbsp;FW2263842.UP.FTS.B, 22.41%, 12/17/26 | 4549 | 4480 |
| &nbsp;&nbsp;FW2267880.UP.FTS.B, 23.11%, 12/17/26 | 3001 | 2959 |
| &nbsp;&nbsp;FW2271155.UP.FTS.B, 23.14%, 12/17/26 | 3608 | 3552 |
| &nbsp;&nbsp;L2267371.UP.FTS.B, 23.36%, 12/17/26 | 393 | 387 |
| &nbsp;&nbsp;FW2270716.UP.FTS.B, 24.09%, 12/17/26 | 1742 | 538 |
| &nbsp;&nbsp;FW2268352.UP.FTS.B, 24.36%, 12/17/26 | 476 | 469 |
| &nbsp;&nbsp;L2269673.UP.FTS.B, 24.46%, 12/17/26 | 306 | 301 |
| &nbsp;&nbsp;L2268106.UP.FTS.B, 25.26%, 12/17/26 | 6897 | 6798 |
| &nbsp;&nbsp;FW2267234.UP.FTS.B, 28.03%, 12/17/26 | 308 | 303 |
| <sup>b</sup>FW2260471.UP.FTS.B, 30.04%, 12/17/26 | 3015 | 523 |
| &nbsp;&nbsp;FW2260486.UP.FTS.B, 30.33%, 12/17/26 | 4992 | 4926 |
| &nbsp;&nbsp;FW2266749.UP.FTS.B, 30.39%, 12/17/26 | 433 | 428 |
| &nbsp;&nbsp;FW2267969.UP.FTS.B, 31.13%, 12/17/26 | 1381 | 1364 |
| &nbsp;&nbsp;FW2269656.UP.FTS.B, 31.22%, 12/17/26 | 544 | 537 |
| &nbsp;&nbsp;FW2266605.UP.FTS.B, 31.38%, 12/17/26 | 820 | 809 |
| &nbsp;&nbsp;L2269424.UP.FTS.B, 8.98%, 12/28/26 | 2617 | 2563 |
| &nbsp;&nbsp;FW2267947.UP.FTS.B, 20.33%, 12/28/26 | 1857 | 1828 |
| &nbsp;&nbsp;L2474331.UP.FTS.B, 5.25%, 1/20/27 | 2380 | 2317 |
| &nbsp;&nbsp;L2471525.UP.FTS.B, 5.57%, 1/20/27 | 9635 | 9381 |
| &nbsp;&nbsp;L2475014.UP.FTS.B, 5.92%, 1/20/27 | 205 | 176 |
| &nbsp;&nbsp;L2475724.UP.FTS.B, 7.86%, 1/20/27 | 2455 | 2403 |
| &nbsp;&nbsp;L2473450.UP.FTS.B, 8.65%, 1/20/27 | 6357 | 6223 |
| &nbsp;&nbsp;FW2473331.UP.FTS.B, 9.04%, 1/20/27 | 3591 | 3524 |
| &nbsp;&nbsp;L2474865.UP.FTS.B, 9.49%, 1/20/27 | 756 | 743 |
| &nbsp;&nbsp;L2474080.UP.FTS.B, 9.61%, 1/20/27 | 2400 | 2351 |
| &nbsp;&nbsp;L2472065.UP.FTS.B, 9.95%, 1/20/27 | 1951 | 1910 |
| &nbsp;&nbsp;L2471859.UP.FTS.B, 12.54%, 1/20/27 | 4082 | 4014 |
| &nbsp;&nbsp;L2474658.UP.FTS.B, 12.78%, 1/20/27 | 1366 | 1343 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2471480.UP.FTS.B, 13.4%, 1/20/27 | $651 | $560 |
| <sup>b</sup>L2473476.UP.FTS.B, 14%, 1/20/27 | 2259 | 133 |
| &nbsp;&nbsp;L2472468.UP.FTS.B, 14.46%, 1/20/27 | 1685 | 1658 |
| &nbsp;&nbsp;L2474447.UP.FTS.B, 14.59%, 1/20/27 | 1326 | 955 |
| &nbsp;&nbsp;L2475028.UP.FTS.B, 14.75%, 1/20/27 | 1411 | 1388 |
| &nbsp;&nbsp;FW2471019.UP.FTS.B, 15.35%, 1/20/27 | 300 | 295 |
| &nbsp;&nbsp;L2474491.UP.FTS.B, 15.9%, 1/20/27 | 1457 | 444 |
| &nbsp;&nbsp;L2471752.UP.FTS.B, 16.14%, 1/20/27 | 1731 | 1714 |
| &nbsp;&nbsp;L2471471.UP.FTS.B, 19.65%, 1/20/27 | 1914 | 1888 |
| &nbsp;&nbsp;L2474729.UP.FTS.B, 20.39%, 1/20/27 | 3083 | 3038 |
| &nbsp;&nbsp;L2473064.UP.FTS.B, 21.2%, 1/20/27 | 412 | 407 |
| &nbsp;&nbsp;L2473306.UP.FTS.B, 21.55%, 1/20/27 | 2060 | 1516 |
| &nbsp;&nbsp;FW2475846.UP.FTS.B, 23.25%, 1/20/27 | 1458 | 1437 |
| &nbsp;&nbsp;FW2474184.UP.FTS.B, 23.79%, 1/20/27 | 1492 | 1472 |
| &nbsp;&nbsp;FW2473402.UP.FTS.B, 24.11%, 1/20/27 | 5863 | 5784 |
| &nbsp;&nbsp;L2472023.UP.FTS.B, 24.83%, 1/20/27 | 948 | 709 |
| &nbsp;&nbsp;L2471728.UP.FTS.B, 25.34%, 1/20/27 | 3455 | 3410 |
| &nbsp;&nbsp;L2471667.UP.FTS.B, 25.39%, 1/20/27 | 2589 | 2555 |
| &nbsp;&nbsp;FW2473631.UP.FTS.B, 30.87%, 1/20/27 | 413 | 408 |
| <sup>b</sup>FW2474925.UP.FTS.B, 31.01%, 1/20/27 | 637 | 113 |
| &nbsp;&nbsp;FW2475230.UP.FTS.B, 31.1%, 1/20/27 | 621 | 459 |
| &nbsp;&nbsp;FW2473891.UP.FTS.B, 31.57%, 1/20/27 | 2403 | 2373 |
| &nbsp;&nbsp;FW2478227.UP.FTS.B, 5.11%, 1/21/27 | 2624 | 2555 |
| &nbsp;&nbsp;L2478495.UP.FTS.B, 5.12%, 1/21/27 | 2388 | 2325 |
| &nbsp;&nbsp;L2478466.UP.FTS.B, 5.39%, 1/21/27 | 2627 | 2558 |
| &nbsp;&nbsp;L2478450.UP.FTS.B, 5.42%, 1/21/27 | 1441 | 1403 |
| &nbsp;&nbsp;L2459372.UP.FTS.B, 5.76%, 1/21/27 | 3910 | 2758 |
| &nbsp;&nbsp;L2477090.UP.FTS.B, 5.84%, 1/21/27 | 1451 | 1413 |
| &nbsp;&nbsp;L2477803.UP.FTS.B, 6.01%, 1/21/27 | 10031 | 9772 |
| &nbsp;&nbsp;L2477744.UP.FTS.B, 6.17%, 1/21/27 | 9005 | 8770 |
| &nbsp;&nbsp;L2480644.UP.FTS.B, 6.59%, 1/21/27 | 6128 | 5969 |
| &nbsp;&nbsp;L2480479.UP.FTS.B, 6.6%, 1/21/27 | 1569 | 1529 |
| &nbsp;&nbsp;L2480622.UP.FTS.B, 6.63%, 1/21/27 | 7852 | 7649 |
| &nbsp;&nbsp;L2478510.UP.FTS.B, 7.06%, 1/21/27 | 333 | 325 |
| &nbsp;&nbsp;L2461602.UP.FTS.B, 7.51%, 1/21/27 | 12462 | 12199 |
| &nbsp;&nbsp;L2478233.UP.FTS.B, 7.75%, 1/21/27 | 1002 | 981 |
| &nbsp;&nbsp;FW2480389.UP.FTS.B, 7.87%, 1/21/27 | 1881 | 1842 |
| &nbsp;&nbsp;L2477326.UP.FTS.B, 8.52%, 1/21/27 | 6344 | 6212 |
| &nbsp;&nbsp;L2480346.UP.FTS.B, 8.56%, 1/21/27 | 622 | 193 |
| &nbsp;&nbsp;L2481499.UP.FTS.B, 9.01%, 1/21/27 | 1062 | 315 |
| &nbsp;&nbsp;L2477347.UP.FTS.B, 9.48%, 1/21/27 | 439 | 430 |
| <sup>b</sup>FW2478172.UP.FTS.B, 9.55%, 1/21/27 | 2228 | 162 |
| &nbsp;&nbsp;L2477329.UP.FTS.B, 9.62%, 1/21/27 | 2330 | 2281 |
| &nbsp;&nbsp;L2477858.UP.FTS.B, 9.8%, 1/21/27 | 6347 | 6215 |
| &nbsp;&nbsp;L2480599.UP.FTS.B, 9.99%, 1/21/27 | 5946 | 5844 |
| &nbsp;&nbsp;FW2479183.UP.FTS.B, 10.05%, 1/21/27 | 2215 | 2178 |
| &nbsp;&nbsp;L2480405.UP.FTS.B, 10.65%, 1/21/27 | 1581 | 1554 |
| &nbsp;&nbsp;FW2478301.UP.FTS.B, 10.7%, 1/21/27 | 954 | 939 |
| &nbsp;&nbsp;L2476472.UP.FTS.B, 10.79%, 1/21/27 | 1281 | 1260 |
| &nbsp;&nbsp;FW2480584.UP.FTS.B, 10.82%, 1/21/27 | 1556 | 1530 |
| &nbsp;&nbsp;L2476577.UP.FTS.B, 11.24%, 1/21/27 | 932 | 917 |
| &nbsp;&nbsp;FW2480576.UP.FTS.B, 11.26%, 1/21/27 | 6283 | 6178 |
| &nbsp;&nbsp;L2477410.UP.FTS.B, 11.79%, 1/21/27 | 1585 | 1564 |
| &nbsp;&nbsp;FW2477060.UP.FTS.B, 11.89%, 1/21/27 | 7999 | 7866 |
| &nbsp;&nbsp;L2481328.UP.FTS.B, 12.51%, 1/21/27 | 1359 | 1336 |
| &nbsp;&nbsp;L2479402.UP.FTS.B, 12.63%, 1/21/27 | 2202 | 1593 |
| &nbsp;&nbsp;L2480894.UP.FTS.B, 14.25%, 1/21/27 | 3318 | 3264 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 117

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2481349.UP.FTS.B, 14.92%, 1/21/27 | $2302 | $1658 |
| &nbsp;&nbsp;FW2476598.UP.FTS.B, 14.99%, 1/21/27 | 2860 | 2813 |
| &nbsp;&nbsp;FW2476545.UP.FTS.B, 15.04%, 1/21/27 | 2836 | 2790 |
| &nbsp;&nbsp;FW2476940.UP.FTS.B, 15.14%, 1/21/27 | 402 | 397 |
| &nbsp;&nbsp;L2472995.UP.FTS.B, 15.34%, 1/21/27 | 855 | 847 |
| &nbsp;&nbsp;L2481665.UP.FTS.B, 17.36%, 1/21/27 | 1177 | 1165 |
| &nbsp;&nbsp;FW2476814.UP.FTS.B, 17.49%, 1/21/27 | 1379 | 1361 |
| &nbsp;&nbsp;FW2470384.UP.FTS.B, 19.99%, 1/21/27 | 2121 | 630 |
| &nbsp;&nbsp;L2481444.UP.FTS.B, 20.35%, 1/21/27 | 3016 | 926 |
| &nbsp;&nbsp;FW2479867.UP.FTS.B, 21.17%, 1/21/27 | 999 | 985 |
| &nbsp;&nbsp;FW2476171.UP.FTS.B, 24.01%, 1/21/27 | 1185 | 1169 |
| &nbsp;&nbsp;FW2476307.UP.FTS.B, 24.31%, 1/21/27 | 523 | 516 |
| &nbsp;&nbsp;L2477602.UP.FTS.B, 25.12%, 1/21/27 | 1323 | 1306 |
| &nbsp;&nbsp;L2450581.UP.FTS.B, 25.25%, 1/21/27 | 1523 | 1504 |
| <sup>b</sup>FW2480795.UP.FTS.B, 27.7%, 1/21/27 | 1260 | 90 |
| &nbsp;&nbsp;FW2480439.UP.FTS.B, 29.92%, 1/21/27 | 1236 | 1219 |
| &nbsp;&nbsp;FW2476060.UP.FTS.B, 30.53%, 1/21/27 | 2136 | 2112 |
| &nbsp;&nbsp;FW2479214.UP.FTS.B, 30.9%, 1/21/27 | 3884 | 3841 |
| <sup>b</sup>FW2482047.UP.FTS.B, 32.18%, 1/21/27 | 6255 | 1092 |
| &nbsp;&nbsp;FW2479301.UP.FTS.B, 31.22%, 1/28/27 | 397 | 393 |
| &nbsp;&nbsp;FW2472901.UP.FTS.B, 21.26%, 2/01/27 | 3369 | 3318 |
| &nbsp;&nbsp;L2480452.UP.FTS.B, 14.24%, 2/02/27 | 1507 | 1481 |
| <sup>b</sup>L2473112.UP.FTS.B, 11.72%, 2/03/27 | 1816 | 106 |
| &nbsp;&nbsp;FW2480948.UP.FTS.B, 11.69%, 2/05/27 | 7227 | 7100 |
| &nbsp;&nbsp;L2477998.UP.FTS.B, 10.21%, 2/10/27 | 5581 | 5483 |
| <sup>b</sup>L1722234.UP.FTS.B, 12.18%, 2/16/27 | 3472 | 251 |
| &nbsp;&nbsp;L1722117.UP.FTS.B, 23.46%, 2/16/27 | 4409 | 4346 |
| &nbsp;&nbsp;L1722725.UP.FTS.B, 25.76%, 2/16/27 | 660 | 482 |
| &nbsp;&nbsp;FW1721612.UP.FTS.B, 26.87%, 2/16/27 | 1331 | 1310 |
| &nbsp;&nbsp;FW1720421.UP.FTS.B, 27.95%, 2/16/27 | 2135 | 2102 |
| &nbsp;&nbsp;FW1720737.UP.FTS.B, 29.83%, 2/16/27 | 1134 | 1116 |
| &nbsp;&nbsp;L2656149.UP.FTS.B, 4.9%, 2/18/27 | 10669 | 10377 |
| &nbsp;&nbsp;L2654934.UP.FTS.B, 6.41%, 2/18/27 | 2302 | 2253 |
| &nbsp;&nbsp;L2657504.UP.FTS.B, 7.74%, 2/18/27 | 2282 | 2232 |
| &nbsp;&nbsp;FW2653627.UP.FTS.B, 9.99%, 2/18/27 | 1449 | 1418 |
| &nbsp;&nbsp;FW2657539.UP.FTS.B, 10.96%, 2/18/27 | 3105 | 3050 |
| &nbsp;&nbsp;FW2653836.UP.FTS.B, 10.99%, 2/18/27 | 660 | 650 |
| &nbsp;&nbsp;L2655850.UP.FTS.B, 11.44%, 2/18/27 | 7679 | 7545 |
| &nbsp;&nbsp;FW2654132.UP.FTS.B, 12.73%, 2/18/27 | 6239 | 6130 |
| &nbsp;&nbsp;L2653291.UP.FTS.B, 12.9%, 2/18/27 | 1016 | 999 |
| &nbsp;&nbsp;FW2654033.UP.FTS.B, 13.1%, 2/18/27 | 2221 | 666 |
| &nbsp;&nbsp;FW2657544.UP.FTS.B, 14.38%, 2/18/27 | 5791 | 5693 |
| &nbsp;&nbsp;FW2656039.UP.FTS.B, 14.43%, 2/18/27 | 690 | 679 |
| &nbsp;&nbsp;FW2655411.UP.FTS.B, 14.47%, 2/18/27 | 790 | 777 |
| &nbsp;&nbsp;FW2653497.UP.FTS.B, 14.59%, 2/18/27 | 4815 | 4733 |
| &nbsp;&nbsp;L2653926.UP.FTS.B, 14.76%, 2/18/27 | 4576 | 4500 |
| &nbsp;&nbsp;FW2656874.UP.FTS.B, 15.48%, 2/18/27 | 1007 | 997 |
| &nbsp;&nbsp;L2657406.UP.FTS.B, 15.83%, 2/18/27 | 4906 | 4855 |
| &nbsp;&nbsp;L2656610.UP.FTS.B, 15.94%, 2/18/27 | 4619 | 4542 |
| &nbsp;&nbsp;FW2655801.UP.FTS.B, 16.39%, 2/18/27 | 1671 | 1654 |
| &nbsp;&nbsp;L2655952.UP.FTS.B, 16.47%, 2/18/27 | 3720 | 3682 |
| &nbsp;&nbsp;FW2654911.UP.FTS.B, 16.77%, 2/18/27 | 663 | 656 |
| &nbsp;&nbsp;FW2655755.UP.FTS.B, 17.36%, 2/18/27 | 2641 | 2598 |
| &nbsp;&nbsp;L2656274.UP.FTS.B, 17.4%, 2/18/27 | 628 | 619 |
| &nbsp;&nbsp;L2648053.UP.FTS.B, 17.58%, 2/18/27 | 2035 | 2014 |
| &nbsp;&nbsp;FW2655219.UP.FTS.B, 17.61%, 2/18/27 | 8347 | 8263 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2657700.UP.FTS.B, 17.81%, 2/18/27 | $1928 | $1901 |
| &nbsp;&nbsp;L2653689.UP.FTS.B, 18.18%, 2/18/27 | 1146 | 1129 |
| &nbsp;&nbsp;L2657353.UP.FTS.B, 18.73%, 2/18/27 | 4936 | 4855 |
| &nbsp;&nbsp;FW2656424.UP.FTS.B, 19.82%, 2/18/27 | 976 | 962 |
| &nbsp;&nbsp;FW2657677.UP.FTS.B, 20.65%, 2/18/27 | 1815 | 1789 |
| &nbsp;&nbsp;FW2654620.UP.FTS.B, 20.83%, 2/18/27 | 1405 | 1383 |
| &nbsp;&nbsp;FW2657310.UP.FTS.B, 21.81%, 2/18/27 | 1139 | 1122 |
| &nbsp;&nbsp;L2655942.UP.FTS.B, 21.87%, 2/18/27 | 4032 | 3994 |
| &nbsp;&nbsp;L2656980.UP.FTS.B, 22.68%, 2/18/27 | 2719 | 2679 |
| &nbsp;&nbsp;FW2657769.UP.FTS.B, 24.23%, 2/18/27 | 3655 | 3602 |
| &nbsp;&nbsp;FW2656918.UP.FTS.B, 25.32%, 2/18/27 | 2114 | 2085 |
| &nbsp;&nbsp;FW2654552.UP.FTS.B, 25.75%, 2/18/27 | 1915 | 1889 |
| &nbsp;&nbsp;FW2656585.UP.FTS.B, 25.76%, 2/18/27 | 1952 | 1925 |
| &nbsp;&nbsp;FW2657275.UP.FTS.B, 28.44%, 2/18/27 | 900 | 887 |
| &nbsp;&nbsp;FW2657124.UP.FTS.B, 28.84%, 2/18/27 | 3055 | 2627 |
| &nbsp;&nbsp;FW2656448.UP.FTS.B, 29.81%, 2/18/27 | 1944 | 1919 |
| &nbsp;&nbsp;FW2654690.UP.FTS.B, 30.25%, 2/18/27 | 422 | 417 |
| <sup>b</sup>FW2652797.UP.FTS.B, 30.47%, 2/18/27 | 788 | 5 |
| &nbsp;&nbsp;FW2656342.UP.FTS.B, 30.71%, 2/18/27 | 304 | 300 |
| &nbsp;&nbsp;FW2655259.UP.FTS.B, 30.9%, 2/18/27 | 1896 | 1873 |
| <sup>b</sup>FW2655652.UP.FTS.B, 30.92%, 2/18/27 | 16092 | 1133 |
| &nbsp;&nbsp;FW2653746.UP.FTS.B, 30.93%, 2/18/27 | 867 | 640 |
| &nbsp;&nbsp;FW2654823.UP.FTS.B, 31.05%, 2/18/27 | 473 | 433 |
| &nbsp;&nbsp;FW2652957.UP.FTS.B, 31.1%, 2/18/27 | 452 | 372 |
| &nbsp;&nbsp;FW2656050.UP.FTS.B, 31.14%, 2/18/27 | 876 | 865 |
| <sup>b</sup>FW2653299.UP.FTS.B, 31.23%, 2/18/27 | 2256 | 161 |
| &nbsp;&nbsp;FW2653485.UP.FTS.B, 27.32%, 2/20/27 | 3643 | 3593 |
| &nbsp;&nbsp;L2782778.UP.FTS.B, 5.38%, 3/14/27 | 5494 | 5353 |
| &nbsp;&nbsp;FW2785225.UP.FTS.B, 5.78%, 3/14/27 | 5418 | 5279 |
| &nbsp;&nbsp;L2785533.UP.FTS.B, 5.87%, 3/14/27 | 3243 | 3160 |
| &nbsp;&nbsp;L2785761.UP.FTS.B, 6.14%, 3/14/27 | 11183 | 10896 |
| &nbsp;&nbsp;L2789358.UP.FTS.B, 6.49%, 3/14/27 | 13916 | 13563 |
| &nbsp;&nbsp;L2789856.UP.FTS.B, 6.67%, 3/14/27 | 2366 | 2309 |
| &nbsp;&nbsp;L2776276.UP.FTS.B, 6.89%, 3/14/27 | 2926 | 2879 |
| &nbsp;&nbsp;L2783455.UP.FTS.B, 7.28%, 3/14/27 | 11615 | 11319 |
| &nbsp;&nbsp;L2781599.UP.FTS.B, 7.38%, 3/14/27 | 1543 | 1504 |
| &nbsp;&nbsp;L2784013.UP.FTS.B, 7.38%, 3/14/27 | 5332 | 5227 |
| &nbsp;&nbsp;L2783926.UP.FTS.B, 7.49%, 3/14/27 | 5240 | 5107 |
| &nbsp;&nbsp;L2781938.UP.FTS.B, 7.6%, 3/14/27 | 14345 | 13981 |
| &nbsp;&nbsp;FW2780236.UP.FTS.B, 7.69%, 3/14/27 | 10058 | 9852 |
| &nbsp;&nbsp;L2784113.UP.FTS.B, 7.9%, 3/14/27 | 3172 | 3107 |
| &nbsp;&nbsp;L2769930.UP.FTS.B, 7.96%, 3/14/27 | 8946 | 8763 |
| &nbsp;&nbsp;FW2784974.UP.FTS.B, 8.13%, 3/14/27 | 13546 | 13268 |
| &nbsp;&nbsp;L2764977.UP.FTS.B, 8.36%, 3/14/27 | 3138 | 3074 |
| &nbsp;&nbsp;L2782254.UP.FTS.B, 8.42%, 3/14/27 | 1993 | 1947 |
| &nbsp;&nbsp;L2782003.UP.FTS.B, 8.5%, 3/14/27 | 6623 | 6489 |
| &nbsp;&nbsp;L2787246.UP.FTS.B, 8.5%, 3/14/27 | 728 | 713 |
| &nbsp;&nbsp;L2784591.UP.FTS.B, 8.72%, 3/14/27 | 14626 | 14328 |
| &nbsp;&nbsp;L2789064.UP.FTS.B, 8.75%, 3/14/27 | 5817 | 5699 |
| &nbsp;&nbsp;L2786540.UP.FTS.B, 8.81%, 3/14/27 | 1581 | 1549 |
| &nbsp;&nbsp;L2783739.UP.FTS.B, 8.99%, 3/14/27 | 2318 | 2273 |
| &nbsp;&nbsp;L2785284.UP.FTS.B, 9.11%, 3/14/27 | 1589 | 1557 |
| &nbsp;&nbsp;L2780310.UP.FTS.B, 9.24%, 3/14/27 | 5310 | 5202 |
| &nbsp;&nbsp;L2780296.UP.FTS.B, 9.41%, 3/14/27 | 9525 | 9331 |
| &nbsp;&nbsp;FW2782447.UP.FTS.B, 9.67%, 3/14/27 | 6539 | 6406 |
| &nbsp;&nbsp;FW2783021.UP.FTS.B, 9.72%, 3/14/27 | 3837 | 3760 |
| &nbsp;&nbsp;L2780798.UP.FTS.B, 9.77%, 3/14/27 | 2679 | 2625 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2788004.UP.FTS.B, 9.9%, 3/14/27 | $5969 | $5849 |
| &nbsp;&nbsp;L2789352.UP.FTS.B, 10.18%, 3/14/27 | 3896 | 3831 |
| &nbsp;&nbsp;L2785217.UP.FTS.B, 10.21%, 3/14/27 | 8435 | 8297 |
| &nbsp;&nbsp;FW2780436.UP.FTS.B, 10.28%, 3/14/27 | 1772 | 1736 |
| &nbsp;&nbsp;L2785592.UP.FTS.B, 10.32%, 3/14/27 | 5109 | 5025 |
| &nbsp;&nbsp;L2782038.UP.FTS.B, 10.33%, 3/14/27 | 15021 | 14718 |
| &nbsp;&nbsp;FW2781880.UP.FTS.B, 10.6%, 3/14/27 | 6342 | 6237 |
| &nbsp;&nbsp;FW2784241.UP.FTS.B, 10.82%, 3/14/27 | 2887 | 2842 |
| &nbsp;&nbsp;FW2783122.UP.FTS.B, 10.84%, 3/14/27 | 1212 | 1192 |
| &nbsp;&nbsp;L2785568.UP.FTS.B, 10.89%, 3/14/27 | 3245 | 3191 |
| &nbsp;&nbsp;FW2786689.UP.FTS.B, 11.07%, 3/14/27 | 1005 | 988 |
| &nbsp;&nbsp;L2787329.UP.FTS.B, 11.09%, 3/14/27 | 1065 | 1048 |
| &nbsp;&nbsp;L2786414.UP.FTS.B, 11.1%, 3/14/27 | 1979 | 1946 |
| &nbsp;&nbsp;L2785769.UP.FTS.B, 11.11%, 3/14/27 | 4902 | 4822 |
| &nbsp;&nbsp;L2780313.UP.FTS.B, 11.15%, 3/14/27 | 15238 | 14989 |
| &nbsp;&nbsp;L2786841.UP.FTS.B, 11.25%, 3/14/27 | 3051 | 3002 |
| &nbsp;&nbsp;FW2783670.UP.FTS.B, 11.3%, 3/14/27 | 3059 | 3009 |
| &nbsp;&nbsp;FW2787754.UP.FTS.B, 11.35%, 3/14/27 | 6398 | 6295 |
| &nbsp;&nbsp;L2780596.UP.FTS.B, 11.42%, 3/14/27 | 3587 | 3531 |
| &nbsp;&nbsp;L2785144.UP.FTS.B, 11.47%, 3/14/27 | 3059 | 3009 |
| &nbsp;&nbsp;L2784105.UP.FTS.B, 11.55%, 3/14/27 | 4600 | 4525 |
| &nbsp;&nbsp;L2789734.UP.FTS.B, 11.68%, 3/14/27 | 2870 | 2831 |
| &nbsp;&nbsp;L2785328.UP.FTS.B, 11.77%, 3/14/27 | 2107 | 2073 |
| &nbsp;&nbsp;L2779976.UP.FTS.B, 11.78%, 3/14/27 | 1971 | 1932 |
| &nbsp;&nbsp;L2782425.UP.FTS.B, 11.95%, 3/14/27 | 2325 | 2288 |
| &nbsp;&nbsp;L2784249.UP.FTS.B, 12.05%, 3/14/27 | 10745 | 10574 |
| &nbsp;&nbsp;L2779695.UP.FTS.B, 12.07%, 3/14/27 | 7424 | 7304 |
| &nbsp;&nbsp;L2786241.UP.FTS.B, 12.07%, 3/14/27 | 7734 | 7609 |
| &nbsp;&nbsp;L2781389.UP.FTS.B, 12.12%, 3/14/27 | 6192 | 6091 |
| &nbsp;&nbsp;L2783293.UP.FTS.B, 12.24%, 3/14/27 | 4653 | 4577 |
| &nbsp;&nbsp;L2781089.UP.FTS.B, 12.27%, 3/14/27 | 1645 | 1618 |
| &nbsp;&nbsp;FW2781045.UP.FTS.B, 12.41%, 3/14/27 | 2292 | 2256 |
| &nbsp;&nbsp;L2785022.UP.FTS.B, 12.43%, 3/14/27 | 6223 | 6100 |
| &nbsp;&nbsp;L2789283.UP.FTS.B, 12.43%, 3/14/27 | 6341 | 6240 |
| &nbsp;&nbsp;L2784478.UP.FTS.B, 12.55%, 3/14/27 | 360 | 356 |
| &nbsp;&nbsp;L2782900.UP.FTS.B, 12.63%, 3/14/27 | 3656 | 3598 |
| &nbsp;&nbsp;L2785749.UP.FTS.B, 12.65%, 3/14/27 | 4684 | 4609 |
| &nbsp;&nbsp;FW2786124.UP.FTS.B, 12.69%, 3/14/27 | 2971 | 2923 |
| &nbsp;&nbsp;L2784017.UP.FTS.B, 12.7%, 3/14/27 | 709 | 698 |
| &nbsp;&nbsp;L2783427.UP.FTS.B, 12.77%, 3/14/27 | 2238 | 2202 |
| &nbsp;&nbsp;L2779872.UP.FTS.B, 12.82%, 3/14/27 | 557 | 548 |
| &nbsp;&nbsp;L2780197.UP.FTS.B, 12.84%, 3/14/27 | 4698 | 4623 |
| &nbsp;&nbsp;FW2784873.UP.FTS.B, 12.88%, 3/14/27 | 3965 | 3906 |
| &nbsp;&nbsp;FW2780429.UP.FTS.B, 12.96%, 3/14/27 | 1987 | 1956 |
| &nbsp;&nbsp;L2789648.UP.FTS.B, 12.99%, 3/14/27 | 1884 | 1854 |
| &nbsp;&nbsp;L2785427.UP.FTS.B, 13.01%, 3/14/27 | 771 | 759 |
| &nbsp;&nbsp;L2786071.UP.FTS.B, 13.02%, 3/14/27 | 1848 | 1820 |
| &nbsp;&nbsp;L2785265.UP.FTS.B, 13.07%, 3/14/27 | 1352 | 1331 |
| &nbsp;&nbsp;L2789482.UP.FTS.B, 13.14%, 3/14/27 | 5983 | 5887 |
| &nbsp;&nbsp;L2783463.UP.FTS.B, 13.21%, 3/14/27 | 3373 | 3306 |
| &nbsp;&nbsp;L2785549.UP.FTS.B, 13.25%, 3/14/27 | 2049 | 2017 |
| &nbsp;&nbsp;L2785339.UP.FTS.B, 13.26%, 3/14/27 | 4099 | 4033 |
| &nbsp;&nbsp;FW2787165.UP.FTS.B, 13.47%, 3/14/27 | 3143 | 3093 |
| &nbsp;&nbsp;L2778983.UP.FTS.B, 13.58%, 3/14/27 | 3035 | 2987 |
| &nbsp;&nbsp;FW2785775.UP.FTS.B, 13.59%, 3/14/27 | 7444 | 7327 |
| &nbsp;&nbsp;L2785594.UP.FTS.B, 13.62%, 3/14/27 | 1205 | 1186 |
| &nbsp;&nbsp;L2782918.UP.FTS.B, 13.85%, 3/14/27 | 1465 | 1442 |
| &nbsp;&nbsp;L2776854.UP.FTS.B, 13.89%, 3/14/27 | 8081 | 7953 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2787639.UP.FTS.B, 13.93%, 3/14/27 | $2019 | $1987 |
| &nbsp;&nbsp;FW2781533.UP.FTS.B, 13.96%, 3/14/27 | 8133 | 8004 |
| &nbsp;&nbsp;L2785675.UP.FTS.B, 14.06%, 3/14/27 | 2179 | 2145 |
| &nbsp;&nbsp;FW2788869.UP.FTS.B, 14.25%, 3/14/27 | 2372 | 2334 |
| &nbsp;&nbsp;L2782210.UP.FTS.B, 14.35%, 3/14/27 | 1606 | 1580 |
| &nbsp;&nbsp;L2782049.UP.FTS.B, 14.43%, 3/14/27 | 4560 | 4488 |
| &nbsp;&nbsp;L2779895.UP.FTS.B, 14.52%, 3/14/27 | 2280 | 2250 |
| &nbsp;&nbsp;L2779917.UP.FTS.B, 14.65%, 3/14/27 | 3386 | 3332 |
| &nbsp;&nbsp;FW2790537.UP.FTS.B, 14.66%, 3/14/27 | 8063 | 7936 |
| &nbsp;&nbsp;FW2787310.UP.FTS.B, 14.7%, 3/14/27 | 319 | 314 |
| &nbsp;&nbsp;L2784692.UP.FTS.B, 14.74%, 3/14/27 | 2261 | 2225 |
| &nbsp;&nbsp;L2781163.UP.FTS.B, 14.78%, 3/14/27 | 2597 | 2557 |
| &nbsp;&nbsp;L2788260.UP.FTS.B, 14.88%, 3/14/27 | 1321 | 1301 |
| &nbsp;&nbsp;L2784500.UP.FTS.B, 14.95%, 3/14/27 | 1716 | 1690 |
| &nbsp;&nbsp;L2787981.UP.FTS.B, 15.07%, 3/14/27 | 168 | 166 |
| <sup>b</sup>L2790024.UP.FTS.B, 15.07%, 3/14/27 | 760 | 113 |
| &nbsp;&nbsp;L2789351.UP.FTS.B, 15.12%, 3/14/27 | 4874 | 4798 |
| &nbsp;&nbsp;FW2779319.UP.FTS.B, 15.17%, 3/14/27 | 618 | 612 |
| &nbsp;&nbsp;FW2783642.UP.FTS.B, 15.18%, 3/14/27 | 1073 | 1057 |
| &nbsp;&nbsp;L2785487.UP.FTS.B, 15.19%, 3/14/27 | 13014 | 12810 |
| &nbsp;&nbsp;L2781288.UP.FTS.B, 15.2%, 3/14/27 | 976 | 961 |
| &nbsp;&nbsp;L2782134.UP.FTS.B, 15.23%, 3/14/27 | 3880 | 3845 |
| &nbsp;&nbsp;L2786073.UP.FTS.B, 15.34%, 3/14/27 | 13860 | 13643 |
| &nbsp;&nbsp;FW2788688.UP.FTS.B, 15.38%, 3/14/27 | 3556 | 3500 |
| &nbsp;&nbsp;L2781912.UP.FTS.B, 15.44%, 3/14/27 | 2868 | 1623 |
| &nbsp;&nbsp;FW2783726.UP.FTS.B, 15.47%, 3/14/27 | 2803 | 2777 |
| <sup>b</sup>L2787379.UP.FTS.B, 15.51%, 3/14/27 | 6165 | 1039 |
| &nbsp;&nbsp;L2787103.UP.FTS.B, 15.71%, 3/14/27 | 12267 | 12075 |
| &nbsp;&nbsp;L2788269.UP.FTS.B, 15.76%, 3/14/27 | 1739 | 1712 |
| &nbsp;&nbsp;L2780255.UP.FTS.B, 15.79%, 3/14/27 | 13926 | 13713 |
| &nbsp;&nbsp;L2781597.UP.FTS.B, 15.79%, 3/14/27 | 8835 | 8697 |
| &nbsp;&nbsp;L2785504.UP.FTS.B, 15.88%, 3/14/27 | 719 | 712 |
| &nbsp;&nbsp;FW2720638.UP.FTS.B, 15.89%, 3/14/27 | 6764 | 6703 |
| &nbsp;&nbsp;FW2782452.UP.FTS.B, 15.89%, 3/14/27 | 3294 | 3243 |
| <sup>b</sup>L2779778.UP.FTS.B, 15.94%, 3/14/27 | 7075 | 593 |
| &nbsp;&nbsp;L2782963.UP.FTS.B, 15.98%, 3/14/27 | 2651 | 2627 |
| &nbsp;&nbsp;L2789937.UP.FTS.B, 15.99%, 3/14/27 | 171 | 169 |
| &nbsp;&nbsp;L2790390.UP.FTS.B, 15.99%, 3/14/27 | 1317 | 1297 |
| &nbsp;&nbsp;L2782280.UP.FTS.B, 16.08%, 3/14/27 | 4528 | 4458 |
| <sup>b</sup>L2779021.UP.FTS.B, 16.32%, 3/14/27 | 2893 | 452 |
| &nbsp;&nbsp;L2783945.UP.FTS.B, 16.32%, 3/14/27 | 3410 | 3357 |
| &nbsp;&nbsp;L2781334.UP.FTS.B, 16.44%, 3/14/27 | 3343 | 3313 |
| <sup>b</sup>FW2787232.UP.FTS.B, 16.47%, 3/14/27 | 1366 | 210 |
| &nbsp;&nbsp;L2788530.UP.FTS.B, 16.48%, 3/14/27 | 8323 | 8247 |
| &nbsp;&nbsp;L2781937.UP.FTS.B, 16.51%, 3/14/27 | 898 | 888 |
| <sup>b</sup>L2785787.UP.FTS.B, 16.51%, 3/14/27 | 1957 | 77 |
| &nbsp;&nbsp;L2788921.UP.FTS.B, 16.56%, 3/14/27 | 2573 | 2535 |
| &nbsp;&nbsp;L2784909.UP.FTS.B, 16.61%, 3/14/27 | 1425 | 1412 |
| &nbsp;&nbsp;L2781826.UP.FTS.B, 16.66%, 3/14/27 | 800 | 787 |
| &nbsp;&nbsp;L2786003.UP.FTS.B, 16.71%, 3/14/27 | 1117 | 1107 |
| &nbsp;&nbsp;L2783630.UP.FTS.B, 16.79%, 3/14/27 | 9178 | 9095 |
| &nbsp;&nbsp;L2790588.UP.FTS.B, 16.81%, 3/14/27 | 1334 | 1314 |
| &nbsp;&nbsp;FW2790218.UP.FTS.B, 16.82%, 3/14/27 | 1168 | 1150 |
| &nbsp;&nbsp;L2781471.UP.FTS.B, 16.84%, 3/14/27 | 366 | 361 |
| &nbsp;&nbsp;L2790374.UP.FTS.B, 16.87%, 3/14/27 | 2639 | 2615 |
| &nbsp;&nbsp;L2780924.UP.FTS.B, 16.96%, 3/14/27 | 2321 | 2300 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 119

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2783224.UP.FTS.B, 16.97%, 3/14/27 | $276 | $273 |
| &nbsp;&nbsp;FW2780002.UP.FTS.B, 17.17%, 3/14/27 | 1018 | 1008 |
| &nbsp;&nbsp;FW2779719.UP.FTS.B, 17.2%, 3/14/27 | 2183 | 2163 |
| &nbsp;&nbsp;L2785657.UP.FTS.B, 17.24%, 3/14/27 | 1480 | 1467 |
| &nbsp;&nbsp;L2783179.UP.FTS.B, 17.39%, 3/14/27 | 3031 | 2987 |
| &nbsp;&nbsp;L2785862.UP.FTS.B, 17.44%, 3/14/27 | 13464 | 13258 |
| &nbsp;&nbsp;FW2781874.UP.FTS.B, 17.45%, 3/14/27 | 337 | 334 |
| &nbsp;&nbsp;L2789286.UP.FTS.B, 17.58%, 3/14/27 | 3357 | 1879 |
| &nbsp;&nbsp;FW2783200.UP.FTS.B, 17.6%, 3/14/27 | 4673 | 4631 |
| &nbsp;&nbsp;L2780580.UP.FTS.B, 17.7%, 3/14/27 | 1171 | 1161 |
| &nbsp;&nbsp;L2785162.UP.FTS.B, 17.72%, 3/14/27 | 7837 | 2250 |
| &nbsp;&nbsp;FW2784396.UP.FTS.B, 17.89%, 3/14/27 | 1323 | 1305 |
| &nbsp;&nbsp;FW2779862.UP.FTS.B, 17.93%, 3/14/27 | 339 | 336 |
| &nbsp;&nbsp;L2785495.UP.FTS.B, 17.96%, 3/14/27 | 1257 | 1246 |
| &nbsp;&nbsp;FW2781007.UP.FTS.B, 18.03%, 3/14/27 | 2669 | 2643 |
| &nbsp;&nbsp;L2780829.UP.FTS.B, 18.05%, 3/14/27 | 3265 | 3236 |
| &nbsp;&nbsp;FW2781770.UP.FTS.B, 18.09%, 3/14/27 | 1082 | 1065 |
| &nbsp;&nbsp;L2785717.UP.FTS.B, 18.12%, 3/14/27 | 5448 | 5371 |
| <sup>b</sup>FW2771881.UP.FTS.B, 18.18%, 3/14/27 | 2000 | 313 |
| &nbsp;&nbsp;L2762731.UP.FTS.B, 18.21%, 3/14/27 | 2217 | 2183 |
| &nbsp;&nbsp;L2785773.UP.FTS.B, 18.25%, 3/14/27 | 4615 | 4574 |
| &nbsp;&nbsp;L2784355.UP.FTS.B, 18.3%, 3/14/27 | 1055 | 1046 |
| &nbsp;&nbsp;L2781131.UP.FTS.B, 18.34%, 3/14/27 | 3586 | 3532 |
| &nbsp;&nbsp;L2781963.UP.FTS.B, 18.43%, 3/14/27 | 3730 | 3677 |
| &nbsp;&nbsp;L2789078.UP.FTS.B, 18.45%, 3/14/27 | 1337 | 1319 |
| &nbsp;&nbsp;FW2788462.UP.FTS.B, 18.48%, 3/14/27 | 3409 | 3362 |
| &nbsp;&nbsp;L2761321.UP.FTS.B, 18.5%, 3/14/27 | 963 | 949 |
| &nbsp;&nbsp;L2779732.UP.FTS.B, 18.53%, 3/14/27 | 3528 | 3478 |
| &nbsp;&nbsp;L2788795.UP.FTS.B, 18.58%, 3/14/27 | 3427 | 3371 |
| &nbsp;&nbsp;L2789629.UP.FTS.B, 18.6%, 3/14/27 | 1886 | 1859 |
| &nbsp;&nbsp;L2780206.UP.FTS.B, 18.66%, 3/14/27 | 3440 | 3392 |
| &nbsp;&nbsp;L2789624.UP.FTS.B, 18.67%, 3/14/27 | 5495 | 5447 |
| &nbsp;&nbsp;L2783944.UP.FTS.B, 18.73%, 3/14/27 | 3387 | 3339 |
| &nbsp;&nbsp;FW2784433.UP.FTS.B, 18.76%, 3/14/27 | 2309 | 2288 |
| &nbsp;&nbsp;L2783654.UP.FTS.B, 18.81%, 3/14/27 | 4581 | 4517 |
| &nbsp;&nbsp;L2784627.UP.FTS.B, 18.83%, 3/14/27 | 2849 | 2822 |
| <sup>b</sup>L2782107.UP.FTS.B, 18.88%, 3/14/27 | 4654 | 183 |
| &nbsp;&nbsp;L2779673.UP.FTS.B, 19.08%, 3/14/27 | 2246 | 2214 |
| &nbsp;&nbsp;FW2754559.UP.FTS.B, 19.14%, 3/14/27 | 8647 | 8571 |
| &nbsp;&nbsp;L2779286.UP.FTS.B, 19.31%, 3/14/27 | 2081 | 2052 |
| &nbsp;&nbsp;L2785478.UP.FTS.B, 19.34%, 3/14/27 | 17352 | 17108 |
| &nbsp;&nbsp;L2787510.UP.FTS.B, 19.38%, 3/14/27 | 7310 | 7211 |
| &nbsp;&nbsp;L2784108.UP.FTS.B, 19.4%, 3/14/27 | 6919 | 6858 |
| &nbsp;&nbsp;L2784181.UP.FTS.B, 19.58%, 3/14/27 | 8509 | 8393 |
| <sup>b</sup>L2782824.UP.FTS.B, 19.61%, 3/14/27 | 4475 | 698 |
| &nbsp;&nbsp;FW2780425.UP.FTS.B, 19.66%, 3/14/27 | 5227 | 5182 |
| &nbsp;&nbsp;L2780913.UP.FTS.B, 19.68%, 3/14/27 | 2232 | 2212 |
| &nbsp;&nbsp;L2784343.UP.FTS.B, 19.81%, 3/14/27 | 1747 | 1722 |
| &nbsp;&nbsp;L2781737.UP.FTS.B, 19.91%, 3/14/27 | 1745 | 1731 |
| &nbsp;&nbsp;L2782730.UP.FTS.B, 19.94%, 3/14/27 | 3500 | 3451 |
| &nbsp;&nbsp;L2784726.UP.FTS.B, 19.97%, 3/14/27 | 5753 | 5661 |
| &nbsp;&nbsp;FW2785877.UP.FTS.B, 20.08%, 3/14/27 | 1860 | 1844 |
| &nbsp;&nbsp;L2780471.UP.FTS.B, 20.16%, 3/14/27 | 2108 | 2078 |
| <sup>b</sup>L2779074.UP.FTS.B, 20.27%, 3/14/27 | 2685 | 195 |
| &nbsp;&nbsp;L2782852.UP.FTS.B, 20.32%, 3/14/27 | 388 | 382 |
| &nbsp;&nbsp;L2781217.UP.FTS.B, 20.42%, 3/14/27 | 4417 | 4348 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2785244.UP.FTS.B, 20.75%, 3/14/27 | $2667 | $2631 |
| &nbsp;&nbsp;FW2780653.UP.FTS.B, 20.84%, 3/14/27 | 3673 | 3623 |
| &nbsp;&nbsp;L2786023.UP.FTS.B, 20.84%, 3/14/27 | 2484 | 2445 |
| &nbsp;&nbsp;L2786517.UP.FTS.B, 20.9%, 3/14/27 | 5211 | 5141 |
| &nbsp;&nbsp;L2790205.UP.FTS.B, 20.92%, 3/14/27 | 604 | 596 |
| &nbsp;&nbsp;FW2783376.UP.FTS.B, 21.04%, 3/14/27 | 976 | 963 |
| &nbsp;&nbsp;L2783728.UP.FTS.B, 21.18%, 3/14/27 | 1177 | 1160 |
| &nbsp;&nbsp;FW2783359.UP.FTS.B, 21.23%, 3/14/27 | 6066 | 5982 |
| &nbsp;&nbsp;FW2780777.UP.FTS.B, 21.29%, 3/14/27 | 1159 | 1144 |
| &nbsp;&nbsp;L2783471.UP.FTS.B, 21.41%, 3/14/27 | 3612 | 3562 |
| <sup>b</sup>L2784388.UP.FTS.B, 21.47%, 3/14/27 | 1462 | 249 |
| &nbsp;&nbsp;L2789869.UP.FTS.B, 21.53%, 3/14/27 | 2760 | 2718 |
| &nbsp;&nbsp;L2784140.UP.FTS.B, 21.67%, 3/14/27 | 4350 | 4283 |
| &nbsp;&nbsp;L2782992.UP.FTS.B, 21.68%, 3/14/27 | 7184 | 7085 |
| &nbsp;&nbsp;L2784561.UP.FTS.B, 22.05%, 3/14/27 | 2850 | 2807 |
| &nbsp;&nbsp;L2785618.UP.FTS.B, 22.23%, 3/14/27 | 8252 | 8126 |
| &nbsp;&nbsp;L2785258.UP.FTS.B, 22.27%, 3/14/27 | 10177 | 10022 |
| &nbsp;&nbsp;L2784609.UP.FTS.B, 22.31%, 3/14/27 | 2330 | 2311 |
| &nbsp;&nbsp;L2781968.UP.FTS.B, 22.4%, 3/14/27 | 3629 | 3574 |
| &nbsp;&nbsp;L2780470.UP.FTS.B, 22.46%, 3/14/27 | 1837 | 1809 |
| &nbsp;&nbsp;L2784446.UP.FTS.B, 22.46%, 3/14/27 | 1633 | 1620 |
| <sup>b</sup>L2787644.UP.FTS.B, 22.58%, 3/14/27 | 9352 | 1444 |
| &nbsp;&nbsp;FW2784227.UP.FTS.B, 22.62%, 3/14/27 | 1404 | 1383 |
| &nbsp;&nbsp;L2781656.UP.FTS.B, 22.82%, 3/14/27 | 1973 | 1946 |
| &nbsp;&nbsp;L2785473.UP.FTS.B, 22.94%, 3/14/27 | 3216 | 3168 |
| &nbsp;&nbsp;FW2782255.UP.FTS.B, 22.97%, 3/14/27 | 3423 | 3373 |
| &nbsp;&nbsp;FW2784934.UP.FTS.B, 23%, 3/14/27 | 7734 | 7616 |
| &nbsp;&nbsp;L2780183.UP.FTS.B, 23.06%, 3/14/27 | 2849 | 2807 |
| &nbsp;&nbsp;L2784662.UP.FTS.B, 23.09%, 3/14/27 | 1797 | 1770 |
| &nbsp;&nbsp;L2784336.UP.FTS.B, 23.23%, 3/14/27 | 4406 | 4340 |
| <sup>b</sup>L2784879.UP.FTS.B, 23.27%, 3/14/27 | 12727 | 394 |
| &nbsp;&nbsp;L2760019.UP.FTS.B, 23.32%, 3/14/27 | 947 | 935 |
| &nbsp;&nbsp;FW2784660.UP.FTS.B, 23.39%, 3/14/27 | 4666 | 4596 |
| &nbsp;&nbsp;L2782909.UP.FTS.B, 23.52%, 3/14/27 | 1630 | 1606 |
| &nbsp;&nbsp;L2785861.UP.FTS.B, 23.55%, 3/14/27 | 637 | 629 |
| &nbsp;&nbsp;FW2780693.UP.FTS.B, 23.64%, 3/14/27 | 627 | 617 |
| &nbsp;&nbsp;L2780981.UP.FTS.B, 23.73%, 3/14/27 | 925 | 911 |
| &nbsp;&nbsp;FW2782598.UP.FTS.B, 23.76%, 3/14/27 | 1629 | 1605 |
| &nbsp;&nbsp;FW2779943.UP.FTS.B, 23.77%, 3/14/27 | 520 | 513 |
| &nbsp;&nbsp;L2755133.UP.FTS.B, 23.9%, 3/14/27 | 4044 | 3984 |
| &nbsp;&nbsp;L2782516.UP.FTS.B, 23.94%, 3/14/27 | 2783 | 2745 |
| <sup>b</sup>FW2782245.UP.FTS.B, 23.97%, 3/14/27 | 1719 | 42 |
| &nbsp;&nbsp;FW2785302.UP.FTS.B, 24.36%, 3/14/27 | 3031 | 2988 |
| &nbsp;&nbsp;L2782467.UP.FTS.B, 24.36%, 3/14/27 | 6723 | 6625 |
| &nbsp;&nbsp;L2780976.UP.FTS.B, 24.53%, 3/14/27 | 1639 | 960 |
| &nbsp;&nbsp;L2783176.UP.FTS.B, 24.55%, 3/14/27 | 1912 | 1885 |
| &nbsp;&nbsp;FW2784794.UP.FTS.B, 24.59%, 3/14/27 | 1512 | 1490 |
| &nbsp;&nbsp;L2789217.UP.FTS.B, 24.59%, 3/14/27 | 2307 | 2274 |
| &nbsp;&nbsp;FW2786154.UP.FTS.B, 24.69%, 3/14/27 | 1590 | 1570 |
| &nbsp;&nbsp;FW2784504.UP.FTS.B, 24.71%, 3/14/27 | 1651 | 1627 |
| &nbsp;&nbsp;L2763354.UP.FTS.B, 24.72%, 3/14/27 | 3681 | 3628 |
| &nbsp;&nbsp;FW2789200.UP.FTS.B, 24.76%, 3/14/27 | 3756 | 3701 |
| &nbsp;&nbsp;L2782914.UP.FTS.B, 24.81%, 3/14/27 | 1975 | 1947 |
| &nbsp;&nbsp;L2782406.UP.FTS.B, 24.86%, 3/14/27 | 564 | 556 |
| &nbsp;&nbsp;FW2785579.UP.FTS.B, 24.87%, 3/14/27 | 531 | 523 |
| &nbsp;&nbsp;FW2787364.UP.FTS.B, 24.92%, 3/14/27 | 2071 | 2041 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2789180.UP.FTS.B, 24.98%, 3/14/27 | $1581 | $1559 |
| &nbsp;&nbsp;L2762807.UP.FTS.B, 25.04%, 3/14/27 | 565 | 337 |
| &nbsp;&nbsp;L2782211.UP.FTS.B, 25.12%, 3/14/27 | 1505 | 1484 |
| <sup>b</sup>FW2786218.UP.FTS.B, 25.14%, 3/14/27 | 3873 | 279 |
| &nbsp;&nbsp;FW2779775.UP.FTS.B, 25.16%, 3/14/27 | 1323 | 1304 |
| &nbsp;&nbsp;FW2780910.UP.FTS.B, 25.16%, 3/14/27 | 2719 | 2681 |
| &nbsp;&nbsp;FW2783634.UP.FTS.B, 25.18%, 3/14/27 | 2864 | 2823 |
| &nbsp;&nbsp;FW2782493.UP.FTS.B, 25.19%, 3/14/27 | 834 | 822 |
| &nbsp;&nbsp;L2785715.UP.FTS.B, 25.22%, 3/14/27 | 564 | 556 |
| &nbsp;&nbsp;L2785508.UP.FTS.B, 25.24%, 3/14/27 | 1059 | 1044 |
| &nbsp;&nbsp;L2785846.UP.FTS.B, 25.26%, 3/14/27 | 5669 | 1614 |
| &nbsp;&nbsp;L2781289.UP.FTS.B, 25.32%, 3/14/27 | 4541 | 4476 |
| &nbsp;&nbsp;L2786111.UP.FTS.B, 25.33%, 3/14/27 | 406 | 400 |
| &nbsp;&nbsp;L2783030.UP.FTS.B, 25.34%, 3/14/27 | 4062 | 4004 |
| &nbsp;&nbsp;L2785122.UP.FTS.B, 25.34%, 3/14/27 | 361 | 26 |
| &nbsp;&nbsp;L2779712.UP.FTS.B, 25.35%, 3/14/27 | 918 | 905 |
| &nbsp;&nbsp;L2783282.UP.FTS.B, 25.35%, 3/14/27 | 588 | 580 |
| &nbsp;&nbsp;L2758245.UP.FTS.B, 25.36%, 3/14/27 | 1627 | 1605 |
| &nbsp;&nbsp;L2786791.UP.FTS.B, 25.38%, 3/14/27 | 295 | 290 |
| &nbsp;&nbsp;L2780613.UP.FTS.B, 25.39%, 3/14/27 | 2499 | 2463 |
| &nbsp;&nbsp;L2780553.UP.FTS.B, 25.41%, 3/14/27 | 568 | 560 |
| &nbsp;&nbsp;L2784514.UP.FTS.B, 25.41%, 3/14/27 | 530 | 523 |
| &nbsp;&nbsp;L2782792.UP.FTS.B, 25.44%, 3/14/27 | 2160 | 2129 |
| &nbsp;&nbsp;L2785196.UP.FTS.B, 25.44%, 3/14/27 | 1040 | 1025 |
| &nbsp;&nbsp;L2789729.UP.FTS.B, 25.45%, 3/14/27 | 455 | 448 |
| &nbsp;&nbsp;L2775042.UP.FTS.B, 25.46%, 3/14/27 | 311 | 306 |
| &nbsp;&nbsp;L2781236.UP.FTS.B, 25.46%, 3/14/27 | 572 | 564 |
| &nbsp;&nbsp;FW2785945.UP.FTS.B, 25.48%, 3/14/27 | 923 | 909 |
| <sup>b</sup>L2781099.UP.FTS.B, 25.49%, 3/14/27 | 883 | 143 |
| &nbsp;&nbsp;L2783689.UP.FTS.B, 25.5%, 3/14/27 | 3574 | 3523 |
| &nbsp;&nbsp;L2783570.UP.FTS.B, 25.53%, 3/14/27 | 1460 | 1440 |
| &nbsp;&nbsp;FW2785182.UP.FTS.B, 25.6%, 3/14/27 | 13141 | 12952 |
| <sup>b</sup>FW2788301.UP.FTS.B, 25.6%, 3/14/27 | 2797 | 203 |
| &nbsp;&nbsp;L2779594.UP.FTS.B, 25.6%, 3/14/27 | 1371 | 1351 |
| &nbsp;&nbsp;L2783555.UP.FTS.B, 25.63%, 3/14/27 | 1042 | 1027 |
| &nbsp;&nbsp;L2779605.UP.FTS.B, 25.67%, 3/14/27 | 646 | 637 |
| &nbsp;&nbsp;FW2783690.UP.FTS.B, 25.69%, 3/14/27 | 3922 | 3866 |
| &nbsp;&nbsp;FW2787434.UP.FTS.B, 25.69%, 3/14/27 | 1521 | 1499 |
| &nbsp;&nbsp;FW2779444.UP.FTS.B, 25.73%, 3/14/27 | 1904 | 1877 |
| &nbsp;&nbsp;FW2787230.UP.FTS.B, 25.75%, 3/14/27 | 2855 | 2814 |
| &nbsp;&nbsp;FW2785698.UP.FTS.B, 25.86%, 3/14/27 | 4581 | 4516 |
| &nbsp;&nbsp;L2780080.UP.FTS.B, 25.88%, 3/14/27 | 3639 | 3587 |
| &nbsp;&nbsp;L2781244.UP.FTS.B, 25.96%, 3/14/27 | 3038 | 1790 |
| &nbsp;&nbsp;L2780995.UP.FTS.B, 25.98%, 3/14/27 | 5702 | 3373 |
| &nbsp;&nbsp;FW2789885.UP.FTS.B, 26.1%, 3/14/27 | 3503 | 2104 |
| &nbsp;&nbsp;L2787642.UP.FTS.B, 26.29%, 3/14/27 | 1036 | 1021 |
| &nbsp;&nbsp;FW2786626.UP.FTS.B, 26.35%, 3/14/27 | 878 | 865 |
| &nbsp;&nbsp;FW2781613.UP.FTS.B, 26.4%, 3/14/27 | 1289 | 1272 |
| &nbsp;&nbsp;FW2788390.UP.FTS.B, 26.61%, 3/14/27 | 1121 | 1106 |
| &nbsp;&nbsp;FW2782433.UP.FTS.B, 26.73%, 3/14/27 | 2084 | 2054 |
| &nbsp;&nbsp;FW2782583.UP.FTS.B, 26.76%, 3/14/27 | 1849 | 1823 |
| &nbsp;&nbsp;FW2781134.UP.FTS.B, 26.83%, 3/14/27 | 1782 | 1756 |
| &nbsp;&nbsp;FW2785449.UP.FTS.B, 27.1%, 3/14/27 | 3879 | 3825 |
| &nbsp;&nbsp;FW2785546.UP.FTS.B, 27.15%, 3/14/27 | 1900 | 1873 |
| &nbsp;&nbsp;FW2789041.UP.FTS.B, 27.27%, 3/14/27 | 1959 | 1932 |
| &nbsp;&nbsp;FW2788518.UP.FTS.B, 27.34%, 3/14/27 | 1655 | 1632 |
| &nbsp;&nbsp;FW2781329.UP.FTS.B, 27.46%, 3/14/27 | 977 | 964 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2780427.UP.FTS.B, 27.49%, 3/14/27 | $1170 | $1154 |
| &nbsp;&nbsp;FW2782891.UP.FTS.B, 27.85%, 3/14/27 | 3885 | 3831 |
| &nbsp;&nbsp;FW2784087.UP.FTS.B, 27.99%, 3/14/27 | 1210 | 1193 |
| &nbsp;&nbsp;FW2786129.UP.FTS.B, 28%, 3/14/27 | 1899 | 1873 |
| &nbsp;&nbsp;FW2789642.UP.FTS.B, 28.34%, 3/14/27 | 4598 | 1334 |
| &nbsp;&nbsp;FW2781108.UP.FTS.B, 28.46%, 3/14/27 | 1393 | 1374 |
| &nbsp;&nbsp;FW2781674.UP.FTS.B, 28.51%, 3/14/27 | 2569 | 2534 |
| &nbsp;&nbsp;FW2780172.UP.FTS.B, 28.83%, 3/14/27 | 795 | 784 |
| &nbsp;&nbsp;FW2779355.UP.FTS.B, 29.22%, 3/14/27 | 2363 | 2331 |
| &nbsp;&nbsp;FW2784027.UP.FTS.B, 29.23%, 3/14/27 | 6040 | 5962 |
| &nbsp;&nbsp;FW2781563.UP.FTS.B, 29.25%, 3/14/27 | 400 | 394 |
| &nbsp;&nbsp;FW2785470.UP.FTS.B, 29.28%, 3/14/27 | 3675 | 3626 |
| &nbsp;&nbsp;FW2779974.UP.FTS.B, 29.47%, 3/14/27 | 1561 | 1540 |
| &nbsp;&nbsp;FW2779230.UP.FTS.B, 29.54%, 3/14/27 | 4007 | 3953 |
| &nbsp;&nbsp;FW2785701.UP.FTS.B, 29.6%, 3/14/27 | 888 | 534 |
| <sup>b</sup>FW2780605.UP.FTS.B, 29.61%, 3/14/27 | 505 | 36 |
| &nbsp;&nbsp;FW2783287.UP.FTS.B, 29.91%, 3/14/27 | 2015 | 1989 |
| &nbsp;&nbsp;FW2789655.UP.FTS.B, 29.98%, 3/14/27 | 6808 | 3960 |
| &nbsp;&nbsp;FW2788950.UP.FTS.B, 30.14%, 3/14/27 | 4425 | 4365 |
| &nbsp;&nbsp;FW2782935.UP.FTS.B, 30.31%, 3/14/27 | 3091 | 3052 |
| <sup>b</sup>FW2783523.UP.FTS.B, 30.41%, 3/14/27 | 2182 | 156 |
| &nbsp;&nbsp;FW2790314.UP.FTS.B, 30.48%, 3/14/27 | 4401 | 4344 |
| &nbsp;&nbsp;FW2780158.UP.FTS.B, 30.52%, 3/14/27 | 666 | 658 |
| &nbsp;&nbsp;FW2780499.UP.FTS.B, 30.57%, 3/14/27 | 721 | 434 |
| &nbsp;&nbsp;FW2789252.UP.FTS.B, 30.65%, 3/14/27 | 8131 | 8025 |
| &nbsp;&nbsp;FW2785351.UP.FTS.B, 30.67%, 3/14/27 | 651 | 642 |
| &nbsp;&nbsp;FW2780952.UP.FTS.B, 30.68%, 3/14/27 | 407 | 402 |
| &nbsp;&nbsp;FW2787603.UP.FTS.B, 30.68%, 3/14/27 | 411 | 406 |
| <sup>b</sup>FW2783504.UP.FTS.B, 30.73%, 3/14/27 | 1907 | 136 |
| &nbsp;&nbsp;FW2783660.UP.FTS.B, 30.79%, 3/14/27 | 1059 | 1045 |
| &nbsp;&nbsp;FW2790078.UP.FTS.B, 30.9%, 3/14/27 | 1155 | 1140 |
| &nbsp;&nbsp;FW2783182.UP.FTS.B, 30.92%, 3/14/27 | 489 | 483 |
| &nbsp;&nbsp;FW2790293.UP.FTS.B, 30.94%, 3/14/27 | 1103 | 1089 |
| &nbsp;&nbsp;FW2783246.UP.FTS.B, 30.95%, 3/14/27 | 306 | 22 |
| &nbsp;&nbsp;FW2783531.UP.FTS.B, 30.98%, 3/14/27 | 3860 | 3809 |
| &nbsp;&nbsp;FW2784675.UP.FTS.B, 30.98%, 3/14/27 | 868 | 857 |
| &nbsp;&nbsp;FW2782332.UP.FTS.B, 30.99%, 3/14/27 | 441 | 435 |
| &nbsp;&nbsp;FW2787448.UP.FTS.B, 31.05%, 3/14/27 | 532 | 525 |
| &nbsp;&nbsp;FW2790081.UP.FTS.B, 31.07%, 3/14/27 | 531 | 525 |
| &nbsp;&nbsp;FW2785866.UP.FTS.B, 31.08%, 3/14/27 | 491 | 485 |
| &nbsp;&nbsp;FW2787532.UP.FTS.B, 31.09%, 3/14/27 | 470 | 464 |
| &nbsp;&nbsp;FW2788870.UP.FTS.B, 31.1%, 3/14/27 | 2320 | 2290 |
| &nbsp;&nbsp;FW2781136.UP.FTS.B, 31.12%, 3/14/27 | 1557 | 1537 |
| &nbsp;&nbsp;FW2789294.UP.FTS.B, 31.12%, 3/14/27 | 1861 | 1838 |
| &nbsp;&nbsp;FW2787239.UP.FTS.B, 31.14%, 3/14/27 | 1885 | 1860 |
| &nbsp;&nbsp;FW2787162.UP.FTS.B, 31.15%, 3/14/27 | 1393 | 1375 |
| &nbsp;&nbsp;FW2780763.UP.FTS.B, 31.16%, 3/14/27 | 737 | 727 |
| &nbsp;&nbsp;FW2781077.UP.FTS.B, 31.22%, 3/14/27 | 451 | 445 |
| &nbsp;&nbsp;FW2783270.UP.FTS.B, 31.23%, 3/14/27 | 8729 | 8618 |
| <sup>b</sup>FW2783300.UP.FTS.B, 31.25%, 3/14/27 | 1400 | 100 |
| &nbsp;&nbsp;FW2779996.UP.FTS.B, 31.38%, 3/14/27 | 1373 | 1355 |
| &nbsp;&nbsp;FW2781466.UP.FTS.B, 31.46%, 3/14/27 | 727 | 718 |
| <sup>b</sup>FW2784706.UP.FTS.B, 31.51%, 3/14/27 | 2319 | 385 |
| &nbsp;&nbsp;FW2780027.UP.FTS.B, 31.52%, 3/14/27 | 1238 | 1222 |
| &nbsp;&nbsp;FW2785751.UP.FTS.B, 31.86%, 3/14/27 | 826 | 815 |
| &nbsp;&nbsp;FW2780155.UP.FTS.B, 31.91%, 3/14/27 | 1034 | 1021 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 121

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2773530.UP.FTS.B, 21.6%, 3/15/27 | $3221 | $3177 |
| &nbsp;&nbsp;L2780204.UP.FTS.B, 20.34%, 3/17/27 | 3507 | 3459 |
| &nbsp;&nbsp;L2780083.UP.FTS.B, 8.23%, 3/18/27 | 13015 | 12750 |
| <sup>b</sup>L2781166.UP.FTS.B, 16.07%, 3/19/27 | 4562 | 331 |
| &nbsp;&nbsp;L1890702.UP.FTS.B, 25.43%, 3/19/27 | 2154 | 2124 |
| <sup>b</sup>FW2788471.UP.FTS.B, 31.09%, 3/19/27 | 992 | 18 |
| &nbsp;&nbsp;FW2781791.UP.FTS.B, 8.25%, 3/20/27 | 8871 | 8690 |
| &nbsp;&nbsp;L2783095.UP.FTS.B, 14.33%, 3/20/27 | 863 | 850 |
| &nbsp;&nbsp;L2788995.UP.FTS.B, 15.39%, 3/20/27 | 1083 | 1073 |
| &nbsp;&nbsp;L2785417.UP.FTS.B, 23.7%, 3/20/27 | 777 | 765 |
| &nbsp;&nbsp;FW2789463.UP.FTS.B, 25.89%, 3/20/27 | 3322 | 3275 |
| &nbsp;&nbsp;FW2781187.UP.FTS.B, 27.42%, 3/20/27 | 1087 | 1072 |
| &nbsp;&nbsp;L2784962.UP.FTS.B, 9.82%, 3/21/27 | 8937 | 8757 |
| &nbsp;&nbsp;FW2781024.UP.FTS.B, 15.1%, 3/21/27 | 1875 | 1846 |
| &nbsp;&nbsp;FW2783063.UP.FTS.B, 21.08%, 3/21/27 | 3603 | 3554 |
| &nbsp;&nbsp;L2785874.UP.FTS.B, 24.08%, 3/21/27 | 3308 | 3262 |
| &nbsp;&nbsp;FW1893730.UP.FTS.B, 26.84%, 3/21/27 | 3790 | 2740 |
| &nbsp;&nbsp;L2780176.UP.FTS.B, 8.31%, 3/22/27 | 14541 | 14245 |
| &nbsp;&nbsp;FW2789132.UP.FTS.B, 21%, 3/23/27 | 3069 | 3027 |
| &nbsp;&nbsp;L2783023.UP.FTS.B, 22.68%, 3/23/27 | 2365 | 2328 |
| <sup>b</sup>FW2785547.UP.FTS.B, 21.71%, 3/24/27 | 3549 | 537 |
| &nbsp;&nbsp;L2784724.UP.FTS.B, 14.06%, 3/26/27 | 7852 | 7733 |
| <sup>b</sup>FW2789245.UP.FTS.B, 16.05%, 3/28/27 | 3598 | 225 |
| &nbsp;&nbsp;FW2784959.UP.FTS.B, 22.93%, 3/28/27 | 3934 | 3876 |
| &nbsp;&nbsp;FW2781941.UP.FTS.B, 30.87%, 3/28/27 | 724 | 715 |
| &nbsp;&nbsp;FW2786929.UP.FTS.B, 30.3%, 4/01/27 | 3984 | 3934 |
| &nbsp;&nbsp;L2000658.UP.FTS.B, 11.67%, 4/10/27 | 4612 | 4529 |
| &nbsp;&nbsp;FW2011916.UP.FTS.B, 16.6%, 4/10/27 | 1280 | 690 |
| &nbsp;&nbsp;FW2018016.UP.FTS.B, 16.76%, 4/10/27 | 9196 | 9090 |
| &nbsp;&nbsp;FW2016567.UP.FTS.B, 21.23%, 4/10/27 | 2423 | 1368 |
| &nbsp;&nbsp;L2018168.UP.FTS.B, 21.66%, 4/10/27 | 1102 | 79 |
| &nbsp;&nbsp;L2018248.UP.FTS.B, 24.88%, 4/10/27 | 1300 | 1278 |
| &nbsp;&nbsp;FW2016392.UP.FTS.B, 31.01%, 4/10/27 | 205 | 201 |
| &nbsp;&nbsp;L2931144.UP.FTS.B, 5.51%, 4/11/27 | 2649 | 2578 |
| &nbsp;&nbsp;FW2932165.UP.FTS.B, 5.86%, 4/11/27 | 6009 | 5849 |
| &nbsp;&nbsp;L2928632.UP.FTS.B, 5.88%, 4/11/27 | 3138 | 3055 |
| &nbsp;&nbsp;L2931374.UP.FTS.B, 7.06%, 4/11/27 | 2118 | 2062 |
| &nbsp;&nbsp;L2928415.UP.FTS.B, 7.84%, 4/11/27 | 10714 | 10487 |
| &nbsp;&nbsp;L2928839.UP.FTS.B, 7.91%, 4/11/27 | 2592 | 1369 |
| &nbsp;&nbsp;FW2930354.UP.FTS.B, 8.77%, 4/11/27 | 6274 | 6145 |
| &nbsp;&nbsp;L2929501.UP.FTS.B, 8.87%, 4/11/27 | 8344 | 8168 |
| &nbsp;&nbsp;L2929733.UP.FTS.B, 9.1%, 4/11/27 | 11751 | 11505 |
| &nbsp;&nbsp;L2928144.UP.FTS.B, 9.39%, 4/11/27 | 6289 | 6158 |
| &nbsp;&nbsp;L2932211.UP.FTS.B, 9.68%, 4/11/27 | 1838 | 1813 |
| &nbsp;&nbsp;L2931292.UP.FTS.B, 9.71%, 4/11/27 | 532 | 521 |
| &nbsp;&nbsp;L2930583.UP.FTS.B, 9.81%, 4/11/27 | 14230 | 13933 |
| &nbsp;&nbsp;L2928694.UP.FTS.B, 11.02%, 4/11/27 | 5193 | 5103 |
| &nbsp;&nbsp;FW2931075.UP.FTS.B, 11.12%, 4/11/27 | 4252 | 4179 |
| &nbsp;&nbsp;FW2928380.UP.FTS.B, 11.34%, 4/11/27 | 1232 | 1211 |
| &nbsp;&nbsp;L2929334.UP.FTS.B, 11.51%, 4/11/27 | 7768 | 7635 |
| &nbsp;&nbsp;L2931774.UP.FTS.B, 11.89%, 4/11/27 | 4414 | 4342 |
| &nbsp;&nbsp;L2932192.UP.FTS.B, 12.4%, 4/11/27 | 9894 | 9725 |
| &nbsp;&nbsp;L2925660.UP.FTS.B, 12.92%, 4/11/27 | 502 | 493 |
| &nbsp;&nbsp;L2930302.UP.FTS.B, 13.11%, 4/11/27 | 2468 | 2427 |
| &nbsp;&nbsp;L2929053.UP.FTS.B, 13.57%, 4/11/27 | 3983 | 3922 |
| &nbsp;&nbsp;L2931141.UP.FTS.B, 14.22%, 4/11/27 | 2892 | 2847 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2931110.UP.FTS.B, 14.92%, 4/11/27 | $1555 | $1539 |
| &nbsp;&nbsp;L2928237.UP.FTS.B, 15.14%, 4/11/27 | 14898 | 14651 |
| &nbsp;&nbsp;L2930249.UP.FTS.B, 15.14%, 4/11/27 | 3717 | 3655 |
| &nbsp;&nbsp;L2930377.UP.FTS.B, 15.57%, 4/11/27 | 6118 | 6058 |
| &nbsp;&nbsp;L2927743.UP.FTS.B, 15.66%, 4/11/27 | 2601 | 2575 |
| &nbsp;&nbsp;L2928701.UP.FTS.B, 15.72%, 4/11/27 | 1618 | 1592 |
| &nbsp;&nbsp;L2928682.UP.FTS.B, 15.94%, 4/11/27 | 4458 | 4414 |
| &nbsp;&nbsp;FW2929957.UP.FTS.B, 16.01%, 4/11/27 | 4884 | 4804 |
| &nbsp;&nbsp;L2929608.UP.FTS.B, 16.07%, 4/11/27 | 345 | 342 |
| &nbsp;&nbsp;L2932260.UP.FTS.B, 16.49%, 4/11/27 | 366 | 362 |
| &nbsp;&nbsp;L2930475.UP.FTS.B, 16.55%, 4/11/27 | 2576 | 693 |
| <sup>b</sup>L2927859.UP.FTS.B, 16.57%, 4/11/27 | 969 | 70 |
| &nbsp;&nbsp;FW2928717.UP.FTS.B, 16.97%, 4/11/27 | 2654 | 2628 |
| &nbsp;&nbsp;L2929835.UP.FTS.B, 17.66%, 4/11/27 | 3844 | 3807 |
| &nbsp;&nbsp;L2931693.UP.FTS.B, 17.77%, 4/11/27 | 1576 | 1551 |
| &nbsp;&nbsp;L2930203.UP.FTS.B, 18.11%, 4/11/27 | 13407 | 13201 |
| &nbsp;&nbsp;L2929357.UP.FTS.B, 18.14%, 4/11/27 | 2172 | 2151 |
| &nbsp;&nbsp;FW2928101.UP.FTS.B, 18.34%, 4/11/27 | 1258 | 713 |
| &nbsp;&nbsp;L2929573.UP.FTS.B, 18.4%, 4/11/27 | 5441 | 5389 |
| &nbsp;&nbsp;FW2931119.UP.FTS.B, 18.48%, 4/11/27 | 1339 | 1317 |
| &nbsp;&nbsp;L2926454.UP.FTS.B, 19.25%, 4/11/27 | 959 | 945 |
| &nbsp;&nbsp;L2932213.UP.FTS.B, 19.31%, 4/11/27 | 3041 | 2994 |
| &nbsp;&nbsp;L2927920.UP.FTS.B, 19.53%, 4/11/27 | 5511 | 5426 |
| <sup>b</sup>L2929135.UP.FTS.B, 20.21%, 4/11/27 | 2494 | 391 |
| &nbsp;&nbsp;L2928908.UP.FTS.B, 20.26%, 4/11/27 | 371 | 366 |
| &nbsp;&nbsp;L2927893.UP.FTS.B, 20.88%, 4/11/27 | 2474 | 2431 |
| &nbsp;&nbsp;FW2929918.UP.FTS.B, 21.02%, 4/11/27 | 149 | 147 |
| &nbsp;&nbsp;FW2929809.UP.FTS.B, 21.08%, 4/11/27 | 4883 | 4799 |
| &nbsp;&nbsp;L2930355.UP.FTS.B, 21.76%, 4/11/27 | 1897 | 1865 |
| &nbsp;&nbsp;FW2930816.UP.FTS.B, 22.15%, 4/11/27 | 3568 | 3514 |
| &nbsp;&nbsp;L2929277.UP.FTS.B, 22.4%, 4/11/27 | 3645 | 3583 |
| &nbsp;&nbsp;L2929355.UP.FTS.B, 22.65%, 4/11/27 | 650 | 640 |
| &nbsp;&nbsp;L2932120.UP.FTS.B, 23.29%, 4/11/27 | 2089 | 2056 |
| &nbsp;&nbsp;FW2931916.UP.FTS.B, 23.85%, 4/11/27 | 2344 | 2305 |
| &nbsp;&nbsp;FW2929160.UP.FTS.B, 24.21%, 4/11/27 | 416 | 410 |
| &nbsp;&nbsp;L2930096.UP.FTS.B, 24.39%, 4/11/27 | 1563 | 1539 |
| &nbsp;&nbsp;L2932289.UP.FTS.B, 24.85%, 4/11/27 | 951 | 935 |
| &nbsp;&nbsp;L2928413.UP.FTS.B, 25.03%, 4/11/27 | 675 | 664 |
| &nbsp;&nbsp;L2930022.UP.FTS.B, 25.21%, 4/11/27 | 956 | 940 |
| &nbsp;&nbsp;L2928316.UP.FTS.B, 25.25%, 4/11/27 | 1236 | 1216 |
| &nbsp;&nbsp;L2931011.UP.FTS.B, 25.45%, 4/11/27 | 688 | 677 |
| &nbsp;&nbsp;L2928194.UP.FTS.B, 25.48%, 4/11/27 | 727 | 715 |
| &nbsp;&nbsp;L2928800.UP.FTS.B, 25.5%, 4/11/27 | 959 | 945 |
| &nbsp;&nbsp;L2924786.UP.FTS.B, 25.51%, 4/11/27 | 2478 | 2438 |
| &nbsp;&nbsp;L2929203.UP.FTS.B, 25.67%, 4/11/27 | 7943 | 7820 |
| &nbsp;&nbsp;FW2931488.UP.FTS.B, 25.84%, 4/11/27 | 1594 | 1571 |
| &nbsp;&nbsp;L2930197.UP.FTS.B, 26.2%, 4/11/27 | 20163 | 19871 |
| <sup>b</sup>FW2928645.UP.FTS.B, 26.24%, 4/11/27 | 1301 | 200 |
| &nbsp;&nbsp;FW2932003.UP.FTS.B, 26.57%, 4/11/27 | 4674 | 4602 |
| &nbsp;&nbsp;FW2930544.UP.FTS.B, 27.01%, 4/11/27 | 2009 | 1978 |
| &nbsp;&nbsp;FW2930638.UP.FTS.B, 27.26%, 4/11/27 | 8179 | 8054 |
| &nbsp;&nbsp;FW2929129.UP.FTS.B, 27.27%, 4/11/27 | 6626 | 6522 |
| &nbsp;&nbsp;FW2929101.UP.FTS.B, 27.56%, 4/11/27 | 574 | 565 |
| <sup>b</sup>FW2928485.UP.FTS.B, 27.66%, 4/11/27 | 2364 | 375 |
| <sup>b</sup>FW2928012.UP.FTS.B, 28.41%, 4/11/27 | 2972 | 214 |
| &nbsp;&nbsp;FW2929560.UP.FTS.B, 28.47%, 4/11/27 | 13183 | 12980 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2929635.UP.FTS.B, 30.45%, 4/11/27 | $470 | $463 |
| <sup>b</sup>FW2929924.UP.FTS.B, 30.77%, 4/11/27 | 676 | 48 |
| &nbsp;&nbsp;FW2929033.UP.FTS.B, 30.91%, 4/11/27 | 1858 | 1830 |
| &nbsp;&nbsp;FW2930708.UP.FTS.B, 30.94%, 4/11/27 | 471 | 464 |
| &nbsp;&nbsp;FW2931261.UP.FTS.B, 30.94%, 4/11/27 | 1500 | 1478 |
| &nbsp;&nbsp;FW2931670.UP.FTS.B, 31.06%, 4/11/27 | 1116 | 1101 |
| &nbsp;&nbsp;FW2931962.UP.FTS.B, 31.16%, 4/11/27 | 388 | 382 |
| &nbsp;&nbsp;FW2927833.UP.FTS.B, 31.18%, 4/11/27 | 645 | 636 |
| &nbsp;&nbsp;FW2928577.UP.FTS.B, 31.19%, 4/11/27 | 516 | 508 |
| &nbsp;&nbsp;FW2928856.UP.FTS.B, 31.24%, 4/11/27 | 1162 | 1145 |
| &nbsp;&nbsp;FW2932028.UP.FTS.B, 31.51%, 4/11/27 | 5591 | 5511 |
| &nbsp;&nbsp;L2934719.UP.FTS.B, 5.89%, 4/12/27 | 5176 | 5041 |
| &nbsp;&nbsp;L2934939.UP.FTS.B, 5.94%, 4/12/27 | 3466 | 3386 |
| &nbsp;&nbsp;L2934674.UP.FTS.B, 5.99%, 4/12/27 | 2184 | 2129 |
| &nbsp;&nbsp;L2932966.UP.FTS.B, 6.09%, 4/12/27 | 605 | 591 |
| &nbsp;&nbsp;L2935839.UP.FTS.B, 6.13%, 4/12/27 | 1785 | 1737 |
| &nbsp;&nbsp;L2933662.UP.FTS.B, 6.16%, 4/12/27 | 7437 | 7239 |
| &nbsp;&nbsp;L2932593.UP.FTS.B, 6.74%, 4/12/27 | 2104 | 2048 |
| &nbsp;&nbsp;L2932805.UP.FTS.B, 7.25%, 4/12/27 | 3240 | 3169 |
| &nbsp;&nbsp;L2932516.UP.FTS.B, 8.41%, 4/12/27 | 862 | 847 |
| &nbsp;&nbsp;L2933064.UP.FTS.B, 8.64%, 4/12/27 | 12377 | 12128 |
| &nbsp;&nbsp;L2935520.UP.FTS.B, 10.08%, 4/12/27 | 1588 | 1555 |
| &nbsp;&nbsp;FW2934452.UP.FTS.B, 10.25%, 4/12/27 | 10148 | 9939 |
| &nbsp;&nbsp;L2933292.UP.FTS.B, 10.46%, 4/12/27 | 4289 | 4224 |
| &nbsp;&nbsp;L2934277.UP.FTS.B, 10.75%, 4/12/27 | 314 | 308 |
| &nbsp;&nbsp;L2933170.UP.FTS.B, 10.92%, 4/12/27 | 7732 | 7571 |
| &nbsp;&nbsp;L2935685.UP.FTS.B, 11.21%, 4/12/27 | 7627 | 7499 |
| &nbsp;&nbsp;L2934721.UP.FTS.B, 13.01%, 4/12/27 | 3330 | 3274 |
| &nbsp;&nbsp;L2932728.UP.FTS.B, 13.07%, 4/12/27 | 1777 | 1747 |
| &nbsp;&nbsp;L2932883.UP.FTS.B, 13.4%, 4/12/27 | 737 | 725 |
| &nbsp;&nbsp;L2933032.UP.FTS.B, 13.49%, 4/12/27 | 6451 | 6345 |
| &nbsp;&nbsp;FW2932832.UP.FTS.B, 13.69%, 4/12/27 | 7202 | 7082 |
| &nbsp;&nbsp;L2934323.UP.FTS.B, 14.05%, 4/12/27 | 1221 | 1202 |
| &nbsp;&nbsp;FW2935078.UP.FTS.B, 14.1%, 4/12/27 | 1081 | 1064 |
| &nbsp;&nbsp;L2934014.UP.FTS.B, 14.43%, 4/12/27 | 5516 | 5425 |
| &nbsp;&nbsp;FW2921409.UP.FTS.B, 14.51%, 4/12/27 | 1004 | 988 |
| &nbsp;&nbsp;L2933917.UP.FTS.B, 14.92%, 4/12/27 | 2401 | 2362 |
| <sup>b</sup>L2933149.UP.FTS.B, 14.95%, 4/12/27 | 2556 | 225 |
| &nbsp;&nbsp;L2934068.UP.FTS.B, 15.16%, 4/12/27 | 1857 | 1827 |
| &nbsp;&nbsp;FW2935322.UP.FTS.B, 15.48%, 4/12/27 | 615 | 605 |
| &nbsp;&nbsp;L2934951.UP.FTS.B, 15.65%, 4/12/27 | 489 | 481 |
| &nbsp;&nbsp;FW2936086.UP.FTS.B, 15.83%, 4/12/27 | 1876 | 1858 |
| &nbsp;&nbsp;L2933684.UP.FTS.B, 15.83%, 4/12/27 | 3741 | 3681 |
| &nbsp;&nbsp;L2934824.UP.FTS.B, 16.29%, 4/12/27 | 2356 | 2334 |
| &nbsp;&nbsp;L2934330.UP.FTS.B, 17.26%, 4/12/27 | 3804 | 3742 |
| &nbsp;&nbsp;FW2928773.UP.FTS.B, 17.37%, 4/12/27 | 2256 | 2235 |
| &nbsp;&nbsp;L2929039.UP.FTS.B, 17.51%, 4/12/27 | 1511 | 1497 |
| &nbsp;&nbsp;FW2933519.UP.FTS.B, 18.13%, 4/12/27 | 3494 | 3461 |
| &nbsp;&nbsp;L2933956.UP.FTS.B, 18.85%, 4/12/27 | 2799 | 2773 |
| &nbsp;&nbsp;L2932813.UP.FTS.B, 19.07%, 4/12/27 | 4747 | 4675 |
| &nbsp;&nbsp;FW2932660.UP.FTS.B, 19.24%, 4/12/27 | 8358 | 8282 |
| &nbsp;&nbsp;FW2935930.UP.FTS.B, 19.97%, 4/12/27 | 3184 | 3155 |
| &nbsp;&nbsp;L2934093.UP.FTS.B, 20.12%, 4/12/27 | 1230 | 1211 |
| &nbsp;&nbsp;L2933315.UP.FTS.B, 21.57%, 4/12/27 | 2232 | 2212 |
| &nbsp;&nbsp;L2934722.UP.FTS.B, 21.63%, 4/12/27 | 1441 | 1418 |
| &nbsp;&nbsp;FW2932542.UP.FTS.B, 22.3%, 4/12/27 | 6501 | 6393 |
| &nbsp;&nbsp;L2932952.UP.FTS.B, 23.13%, 4/12/27 | 2080 | 2047 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2934363.UP.FTS.B, 23.59%, 4/12/27 | $3271 | $1865 |
| <sup>b</sup>L2933915.UP.FTS.B, 23.94%, 4/12/27 | 3918 | 279 |
| &nbsp;&nbsp;FW2933926.UP.FTS.B, 24.54%, 4/12/27 | 11831 | 11643 |
| &nbsp;&nbsp;L2932713.UP.FTS.B, 24.66%, 4/12/27 | 6324 | 6237 |
| &nbsp;&nbsp;FW2934105.UP.FTS.B, 25.03%, 4/12/27 | 19839 | 19527 |
| &nbsp;&nbsp;L2934475.UP.FTS.B, 25.05%, 4/12/27 | 397 | 391 |
| &nbsp;&nbsp;L2934307.UP.FTS.B, 25.18%, 4/12/27 | 637 | 627 |
| &nbsp;&nbsp;L2933613.UP.FTS.B, 25.31%, 4/12/27 | 1030 | 1015 |
| &nbsp;&nbsp;L2934270.UP.FTS.B, 25.32%, 4/12/27 | 558 | 550 |
| &nbsp;&nbsp;L2933656.UP.FTS.B, 25.33%, 4/12/27 | 881 | 867 |
| &nbsp;&nbsp;L2935106.UP.FTS.B, 25.47%, 4/12/27 | 679 | 669 |
| &nbsp;&nbsp;L2931662.UP.FTS.B, 25.5%, 4/12/27 | 2584 | 2545 |
| &nbsp;&nbsp;L2935140.UP.FTS.B, 25.88%, 4/12/27 | 1287 | 1267 |
| &nbsp;&nbsp;FW2932450.UP.FTS.B, 26.13%, 4/12/27 | 1330 | 1310 |
| &nbsp;&nbsp;L2933446.UP.FTS.B, 26.13%, 4/12/27 | 3425 | 3372 |
| &nbsp;&nbsp;FW2934761.UP.FTS.B, 26.44%, 4/12/27 | 2629 | 2588 |
| &nbsp;&nbsp;FW2933474.UP.FTS.B, 27.39%, 4/12/27 | 1388 | 1367 |
| &nbsp;&nbsp;FW2932657.UP.FTS.B, 30.91%, 4/12/27 | 557 | 549 |
| &nbsp;&nbsp;FW2932838.UP.FTS.B, 31.12%, 4/12/27 | 516 | 509 |
| &nbsp;&nbsp;FW2934816.UP.FTS.B, 31.17%, 4/12/27 | 3714 | 3663 |
| &nbsp;&nbsp;FW2932550.UP.FTS.B, 31.41%, 4/12/27 | 3795 | 3742 |
| &nbsp;&nbsp;L2926179.UP.FTS.B, 14%, 4/14/27 | 10929 | 10748 |
| &nbsp;&nbsp;L2932935.UP.FTS.B, 7.41%, 4/15/27 | 6079 | 5920 |
| &nbsp;&nbsp;FW2782751.UP.FTS.B, 18.72%, 4/15/27 | 3955 | 2789 |
| &nbsp;&nbsp;L2930145.UP.FTS.B, 19.64%, 4/15/27 | 2484 | 2455 |
| &nbsp;&nbsp;L2933178.UP.FTS.B, 12.88%, 4/16/27 | 2295 | 2257 |
| &nbsp;&nbsp;L2266480.UP.FTS.B, 10.61%, 4/17/27 | 1056 | 1036 |
| &nbsp;&nbsp;L2929271.UP.FTS.B, 8.07%, 4/19/27 | 11077 | 10788 |
| &nbsp;&nbsp;FW2111536.UP.FTS.B, 24.67%, 4/24/27 | 4118 | 2913 |
| &nbsp;&nbsp;L2112103.UP.FTS.B, 24.86%, 4/24/27 | 2300 | 1627 |
| &nbsp;&nbsp;FW2110882.UP.FTS.B, 25.83%, 4/24/27 | 3357 | 2418 |
| <sup>b</sup>L2920414.UP.FTS.B, 17.44%, 4/26/27 | 10979 | 1646 |
| &nbsp;&nbsp;L2931611.UP.FTS.B, 20.6%, 5/01/27 | 6491 | 6434 |
| <sup>b</sup>L2266091.UP.FTS.B, 16.62%, 5/16/27 | 4664 | 339 |
| <sup>b</sup>L2264467.UP.FTS.B, 18.83%, 5/16/27 | 12793 | 1150 |
| &nbsp;&nbsp;FW2262937.UP.FTS.B, 29.28%, 5/16/27 | 2274 | 2241 |
| <sup>b</sup>FW2266925.UP.FTS.B, 31.22%, 5/16/27 | 11414 | 815 |
| &nbsp;&nbsp;L2269188.UP.FTS.B, 14.18%, 5/17/27 | 1768 | 1733 |
| &nbsp;&nbsp;L2267939.UP.FTS.B, 17.47%, 5/17/27 | 988 | 977 |
| &nbsp;&nbsp;L2267967.UP.FTS.B, 19.43%, 5/17/27 | 7060 | 6949 |
| <sup>b</sup>L2269383.UP.FTS.B, 23.1%, 5/17/27 | 1873 | 136 |
| &nbsp;&nbsp;L2267445.UP.FTS.B, 24.36%, 5/17/27 | 4835 | 4750 |
| <sup>b</sup>L2269335.UP.FTS.B, 24.65%, 5/17/27 | 1256 | 91 |
| &nbsp;&nbsp;FW2269543.UP.FTS.B, 24.98%, 5/17/27 | 4700 | 4623 |
| &nbsp;&nbsp;L2268401.UP.FTS.B, 25.14%, 5/17/27 | 1435 | 1408 |
| &nbsp;&nbsp;L2269566.UP.FTS.B, 25.42%, 5/17/27 | 377 | 348 |
| &nbsp;&nbsp;FW2783542.UP.FTS.B, 14.99%, 6/14/27 | 7905 | 568 |
| &nbsp;&nbsp;L2473231.UP.FTS.B, 11.36%, 6/20/27 | 2122 | 2080 |
| &nbsp;&nbsp;L2474789.UP.FTS.B, 13.64%, 6/20/27 | 8512 | 8351 |
| &nbsp;&nbsp;L2472806.UP.FTS.B, 24.05%, 6/20/27 | 6117 | 4347 |
| &nbsp;&nbsp;L2480635.UP.FTS.B, 16.62%, 6/21/27 | 1680 | 1663 |
| &nbsp;&nbsp;FW2478138.UP.FTS.B, 20.35%, 6/21/27 | 8115 | 7979 |
| &nbsp;&nbsp;L2441362.UP.FTS.B, 20.97%, 6/21/27 | 2055 | 2024 |
| &nbsp;&nbsp;FW2476973.UP.FTS.B, 28.09%, 6/21/27 | 1183 | 1170 |
| &nbsp;&nbsp;FW2481906.UP.FTS.B, 30.96%, 6/21/27 | 504 | 361 |
| &nbsp;&nbsp;FW2787024.UP.FTS.B, 19%, 6/28/27 | 18372 | 18105 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 123

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2780008.UP.FTS.B, 25.87%, 7/14/27 | $1572 | $113 |
| <sup>b</sup>FW2653443.UP.FTS.B, 31.19%, 7/18/27 | 9272 | 1467 |
| &nbsp;&nbsp;FW2652650.UP.FTS.B, 31.46%, 7/18/27 | 2138 | 639 |
| &nbsp;&nbsp;FW2266148.UP.FTS.B, 14.03%, 7/21/27 | 1745 | 1711 |
| &nbsp;&nbsp;L2656455.UP.FTS.B, 11.03%, 7/27/27 | 8022 | 7857 |
| &nbsp;&nbsp;L2785513.UP.FTS.B, 6.9%, 8/14/27 | 5443 | 5289 |
| &nbsp;&nbsp;L2781769.UP.FTS.B, 7.86%, 8/14/27 | 7562 | 3825 |
| &nbsp;&nbsp;L2784328.UP.FTS.B, 10.71%, 8/14/27 | 15708 | 15397 |
| &nbsp;&nbsp;FW2780382.UP.FTS.B, 10.8%, 8/14/27 | 2040 | 991 |
| &nbsp;&nbsp;L2785893.UP.FTS.B, 13.78%, 8/14/27 | 943 | 468 |
| &nbsp;&nbsp;L2783211.UP.FTS.B, 14.21%, 8/14/27 | 11539 | 11320 |
| &nbsp;&nbsp;FW2787191.UP.FTS.B, 14.4%, 8/14/27 | 12384 | 12159 |
| <sup>b</sup>L2784886.UP.FTS.B, 14.47%, 8/14/27 | 4755 | 660 |
| &nbsp;&nbsp;L2785260.UP.FTS.B, 14.63%, 8/14/27 | 10107 | 9915 |
| &nbsp;&nbsp;FW2785300.UP.FTS.B, 14.74%, 8/14/27 | 19896 | 19523 |
| &nbsp;&nbsp;L2785752.UP.FTS.B, 15.55%, 8/14/27 | 6677 | 6622 |
| &nbsp;&nbsp;L2787854.UP.FTS.B, 15.85%, 8/14/27 | 1358 | 1344 |
| &nbsp;&nbsp;L2784177.UP.FTS.B, 16.34%, 8/14/27 | 2652 | 2625 |
| <sup>b</sup>L2782699.UP.FTS.B, 16.54%, 8/14/27 | 13124 | 1790 |
| &nbsp;&nbsp;FW2786140.UP.FTS.B, 16.66%, 8/14/27 | 839 | 830 |
| &nbsp;&nbsp;L2785121.UP.FTS.B, 16.67%, 8/14/27 | 11932 | 5975 |
| <sup>b</sup>FW2783637.UP.FTS.B, 16.93%, 8/14/27 | 4826 | 706 |
| <sup>b</sup>L2780752.UP.FTS.B, 17.46%, 8/14/27 | 19182 | 2909 |
| &nbsp;&nbsp;L2784502.UP.FTS.B, 17.69%, 8/14/27 | 4114 | 297 |
| &nbsp;&nbsp;FW2780686.UP.FTS.B, 18.04%, 8/14/27 | 498 | 252 |
| &nbsp;&nbsp;L2781142.UP.FTS.B, 18.71%, 8/14/27 | 3270 | 1626 |
| &nbsp;&nbsp;L2780702.UP.FTS.B, 19.32%, 8/14/27 | 8345 | 8225 |
| &nbsp;&nbsp;FW2782056.UP.FTS.B, 19.7%, 8/14/27 | 3547 | 3514 |
| <sup>b</sup>L2782244.UP.FTS.B, 19.84%, 8/14/27 | 2921 | 211 |
| &nbsp;&nbsp;L2782188.UP.FTS.B, 20.46%, 8/14/27 | 6502 | 6384 |
| &nbsp;&nbsp;FW2788480.UP.FTS.B, 20.56%, 8/14/27 | 2853 | 2802 |
| &nbsp;&nbsp;FW2786123.UP.FTS.B, 20.87%, 8/14/27 | 1381 | 1358 |
| &nbsp;&nbsp;L2782941.UP.FTS.B, 21.84%, 8/14/27 | 1343 | 1321 |
| <sup>b</sup>FW2785231.UP.FTS.B, 21.88%, 8/14/27 | 6725 | 491 |
| &nbsp;&nbsp;L2780882.UP.FTS.B, 22.29%, 8/14/27 | 4110 | 4040 |
| &nbsp;&nbsp;L2785540.UP.FTS.B, 22.99%, 8/14/27 | 2383 | 1241 |
| <sup>b</sup>L2761176.UP.FTS.B, 23.49%, 8/14/27 | 3464 | 507 |
| &nbsp;&nbsp;L2785483.UP.FTS.B, 24.04%, 8/14/27 | 10344 | 10180 |
| <sup>b</sup>FW2789810.UP.FTS.B, 24.24%, 8/14/27 | 1212 | 88 |
| &nbsp;&nbsp;FW2780321.UP.FTS.B, 24.37%, 8/14/27 | 3176 | 1655 |
| &nbsp;&nbsp;FW2780263.UP.FTS.B, 25%, 8/14/27 | 2153 | 2120 |
| <sup>b</sup>L2782686.UP.FTS.B, 25%, 8/14/27 | 10383 | 1605 |
| &nbsp;&nbsp;FW2780348.UP.FTS.B, 25.03%, 8/14/27 | 2937 | 1507 |
| &nbsp;&nbsp;L2780085.UP.FTS.B, 25.23%, 8/14/27 | 684 | 675 |
| <sup>b</sup>L2781090.UP.FTS.B, 25.39%, 8/14/27 | 1174 | 1 |
| &nbsp;&nbsp;L2771933.UP.FTS.B, 25.49%, 8/14/27 | 882 | 869 |
| &nbsp;&nbsp;L2782131.UP.FTS.B, 25.51%, 8/14/27 | 8547 | 8417 |
| &nbsp;&nbsp;L2782017.UP.FTS.B, 25.54%, 8/14/27 | 1028 | 1013 |
| <sup>b</sup>FW2783121.UP.FTS.B, 26.17%, 8/14/27 | 3139 | 226 |
| &nbsp;&nbsp;FW2781808.UP.FTS.B, 28.36%, 8/14/27 | 4996 | 4926 |
| <sup>b</sup>FW2781950.UP.FTS.B, 28.45%, 8/14/27 | 4407 | 315 |
| &nbsp;&nbsp;FW2787016.UP.FTS.B, 28.75%, 8/14/27 | 9288 | 9180 |
| <sup>b</sup>FW2773545.UP.FTS.B, 29.8%, 8/14/27 | 1025 | 7 |
| &nbsp;&nbsp;FW2786761.UP.FTS.B, 30.87%, 8/14/27 | 1189 | 1174 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;FW2788878.UP.FTS.B, 30.91%, 8/14/27 | $1534 | $1513 |
| &nbsp;&nbsp;FW2787940.UP.FTS.B, 31.09%, 8/14/27 | 5482 | 2916 |
| <sup>b</sup>FW2784788.UP.FTS.B, 31.17%, 8/14/27 | 5207 | 369 |
| &nbsp;&nbsp;L2783467.UP.FTS.B, 14.77%, 8/15/27 | 4155 | 4082 |
| <sup>b</sup>FW2788570.UP.FTS.B, 30.2%, 8/15/27 | 4576 | 704 |
| &nbsp;&nbsp;L2785554.UP.FTS.B, 23.22%, 8/16/27 | 6965 | 6867 |
| &nbsp;&nbsp;L2788641.UP.FTS.B, 8.88%, 8/18/27 | 4468 | 2861 |
| &nbsp;&nbsp;FW2779874.UP.FTS.B, 16.55%, 8/19/27 | 4211 | 4169 |
| &nbsp;&nbsp;FW2788124.UP.FTS.B, 28.64%, 8/20/27 | 5751 | 3927 |
| &nbsp;&nbsp;FW2782011.UP.FTS.B, 23.47%, 8/22/27 | 2957 | 757 |
| &nbsp;&nbsp;L2780799.UP.FTS.B, 25.48%, 8/24/27 | 13455 | 3405 |
| &nbsp;&nbsp;L2785536.UP.FTS.B, 27.43%, 8/28/27 | 9747 | 9636 |
| &nbsp;&nbsp;FW2786209.UP.FTS.B, 30.73%, 8/28/27 | 832 | 219 |
| &nbsp;&nbsp;FW2789146.UP.FTS.B, 27.73%, 9/01/27 | 2756 | 2725 |
| &nbsp;&nbsp;FW2931457.UP.FTS.B, 11.32%, 9/11/27 | 2581 | 188 |
| &nbsp;&nbsp;L2929885.UP.FTS.B, 11.42%, 9/11/27 | 18134 | 8394 |
| &nbsp;&nbsp;L2927750.UP.FTS.B, 13.53%, 9/11/27 | 3225 | 3163 |
| &nbsp;&nbsp;L2931559.UP.FTS.B, 14.36%, 9/11/27 | 20353 | 19971 |
| <sup>b</sup>L2931231.UP.FTS.B, 16.75%, 9/11/27 | 12011 | 1687 |
| &nbsp;&nbsp;L2930149.UP.FTS.B, 17.22%, 9/11/27 | 4756 | 4668 |
| &nbsp;&nbsp;L2929537.UP.FTS.B, 22.4%, 9/11/27 | 12421 | 6234 |
| &nbsp;&nbsp;L2929019.UP.FTS.B, 25.49%, 9/11/27 | 1769 | 1740 |
| &nbsp;&nbsp;FW2928696.UP.FTS.B, 27.59%, 9/11/27 | 2314 | 2278 |
| &nbsp;&nbsp;FW2927928.UP.FTS.B, 29.77%, 9/11/27 | 647 | 638 |
| &nbsp;&nbsp;FW2930626.UP.FTS.B, 30.39%, 9/11/27 | 225 | 221 |
| &nbsp;&nbsp;FW2929535.UP.FTS.B, 30.91%, 9/11/27 | 17115 | 16887 |
| &nbsp;&nbsp;L2932384.UP.FTS.B, 13.22%, 9/12/27 | 1542 | 731 |
| &nbsp;&nbsp;L2932973.UP.FTS.B, 16.22%, 9/12/27 | 1492 | 1464 |
| &nbsp;&nbsp;L2934264.UP.FTS.B, 17.04%, 9/12/27 | 2944 | 2916 |
| &nbsp;&nbsp;L2935129.UP.FTS.B, 22.75%, 9/12/27 | 3688 | 3627 |
| &nbsp;&nbsp;FW2933357.UP.FTS.B, 24.77%, 9/12/27 | 1658 | 1631 |
| <sup>b</sup>L2935062.UP.FTS.B, 25.37%, 9/12/27 | 2068 | 314 |
| &nbsp;&nbsp;FW2932656.UP.FTS.B, 27.65%, 9/12/27 | 1533 | 1510 |
| &nbsp;&nbsp;L2935437.UP.FTS.B, 23.88%, 9/14/27 | 4759 | 4677 |
| &nbsp;&nbsp;L2909526.UP.FTS.B, 16.64%, 9/15/27 | 3059 | 3000 |
| &nbsp;&nbsp;L2928512.UP.FTS.B, 24.85%, 9/16/27 | 5604 | 5512 |
| &nbsp;&nbsp;FW2932783.UP.FTS.B, 31.23%, 9/18/27 | 7737 | 7651 |
| &nbsp;&nbsp;L2932135.UP.FTS.B, 10.91%, 9/22/27 | 9163 | 8979 |
| &nbsp;&nbsp;L2109723.UP.FTS.B, 14.71%, 9/24/27 | 16025 | 15731 |
| &nbsp;&nbsp;FW2111832.UP.FTS.B, 31.16%, 9/24/27 | 4713 | 4655 |
| &nbsp;&nbsp;L2927958.UP.FTS.B, 15.19%, 9/26/27 | 7329 | 7182 |
| <sup>b</sup>L2930990.UP.FTS.B, 23.44%, 9/26/27 | 5787 | 154 |
| &nbsp;&nbsp;L2262094.UP.FTS.B, 15.17%, 10/16/27 | 1556 | 111 |
| &nbsp;&nbsp;FW2266529.UP.FTS.B, 27.38%, 10/16/27 | 3071 | 3021 |
| &nbsp;&nbsp;FW2268177.UP.FTS.B, 20.82%, 10/17/27 | 1571 | 1541 |
| &nbsp;&nbsp;FW2269400.UP.FTS.B, 29.19%, 10/17/27 | 3557 | 2379 |
| &nbsp;&nbsp;FW2269705.UP.FTS.B, 29.7%, 10/17/27 | 2528 | 2488 |
| &nbsp;&nbsp;FW2270320.UP.FTS.B, 31.1%, 10/17/27 | 951 | 638 |
| <sup>b</sup>L2261820.UP.FTS.B, 15.32%, 10/28/27 | 18113 | 2949 |
| &nbsp;&nbsp;L2777367.UP.FTS.B, 23.84%, 11/14/27 | 1869 | 135 |
| <sup>b</sup>FW2471006.UP.FTS.B, 31.15%, 11/20/27 | 994 | 71 |
| &nbsp;&nbsp;L2480061.UP.FTS.B, 5.73%, 11/21/27 | 3232 | 3141 |
| &nbsp;&nbsp;FW2476186.UP.FTS.B, 6.33%, 11/21/27 | 8718 | 8433 |
| &nbsp;&nbsp;FW2657294.UP.FTS.B, 16.22%, 12/18/27 | 8653 | 5816 |
| &nbsp;&nbsp;FW2657050.UP.FTS.B, 31.21%, 12/18/27 | 2105 | 2075 |
| &nbsp;&nbsp;FW2655382.UP.FTS.B, 29.8%, 12/25/27 | 2950 | 2908 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Principal Amount** | **Value** |
| &nbsp;&nbsp;**Marketplace Loans** (continued) |  |  |
| &nbsp;&nbsp;Upstart Network, Inc. (continued) |  |  |
| &nbsp;&nbsp;L2782861.UP.FTS.B, 13%, 1/14/28 | $1161 | $1138 |
| &nbsp;&nbsp;L2782045.UP.FTS.B, 19.92%, 1/14/28 | 5793 | 5743 |
| &nbsp;&nbsp;FW2787933.UP.FTS.B, 20.81%, 1/14/28 | 423 | 417 |
| &nbsp;&nbsp;L2790163.UP.FTS.B, 21.62%, 1/14/28 | 953 | 940 |
| &nbsp;&nbsp;L2781510.UP.FTS.B, 21.9%, 1/14/28 | 2431 | 636 |
| &nbsp;&nbsp;FW2780403.UP.FTS.B, 28.18%, 1/14/28 | 2774 | 1330 |
| &nbsp;&nbsp;FW2789113.UP.FTS.B, 34.45%, 1/14/28 | 8552 | 8466 |
| &nbsp;&nbsp;FW2779683.UP.FTS.B, 24.26%, 1/16/28 | 20695 | 20394 |
| &nbsp;&nbsp;L2786161.UP.FTS.B, 25.2%, 1/20/28 | 2805 | 1789 |
| &nbsp;&nbsp;L2771055.UP.FTS.B, 19.91%, 1/21/28 | 3530 | 3463 |
| &nbsp;&nbsp;L2785139.UP.FTS.B, 21.47%, 1/21/28 | 4906 | 4814 |
| <sup>b</sup>L2929671.UP.FTS.B, 15.08%, 2/11/28 | 13978 | 566 |
| &nbsp;&nbsp;L2931697.UP.FTS.B, 18.04%, 2/11/28 | 9311 | 9147 |
| &nbsp;&nbsp;FW2931871.UP.FTS.B, 28.6%, 2/11/28 | 11050 | 5136 |
| &nbsp;&nbsp;FW2934062.UP.FTS.B, 16.46%, 2/12/28 | 3810 | 3774 |
| &nbsp;&nbsp;L2016976.UP.FTS.B, 17.93%, 11/10/28 | 1990 | 1959 |
| &nbsp;&nbsp;L2471413.UP.FTS.B, 14.77%, 1/20/29 | 14165 | 14103 |
| &nbsp;&nbsp;L2474231.UP.FTS.B, 18.07%, 1/20/29 | 5393 | 5316 |
| &nbsp;&nbsp;L2470272.UP.FTS.B, 21.01%, 1/20/29 | 3732 | 3683 |
| &nbsp;&nbsp;L2476521.UP.FTS.B, 6%, 1/21/29 | 446 | 424 |
| &nbsp;&nbsp;L2478078.UP.FTS.B, 21.42%, 1/21/29 | 3377 | 3342 |
| &nbsp;&nbsp;L2478021.UP.FTS.B, 24.55%, 1/21/29 | 6440 | 6212 |
| &nbsp;&nbsp;L2481996.UP.FTS.B, 25.8%, 1/21/29 | 979 | 970 |
| &nbsp;&nbsp;L2783362.UP.FTS.B, 25.93%, 3/14/29 | 798 | 790 |
| &nbsp;&nbsp;L2927882.UP.FTS.B, 26.42%, 4/11/29 | 3106 | 3078 |
| &nbsp;&nbsp;L2477875.UP.FTS.B, 11.39%, 6/21/29 | 5722 | 5671 |
| &nbsp;&nbsp;L2781565.UP.FTS.B, 27%, 8/14/29 | 2328 | 2350 |
| &nbsp;&nbsp;L2928953.UP.FTS.B, 25.86%, 9/11/29 | 2234 | 2141 |
|  |  | 3084563 |
| &nbsp;&nbsp;**Total Marketplace Loans (Cost $54,200,161)** |  | $**47946434** |

---

<sup>a</sup>The rate shown represents the yield at period end.

<sup>b</sup>Defaulted security or security for which income has been deemed uncollectible. See Note 8.

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 125

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

December 31, 2025

---

| | |
|:---|:---|
| | **Franklin <br> Limited <br> Duration<br> Income Trust** |
| Assets: |  |
| &nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost - Unaffiliated issuers | $390085463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost - Non-controlled affiliates (Note 5c) | 7161789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value - Unaffiliated issuers | $374850292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value - Non-controlled affiliates (Note 5c) | 7161789 |
| &nbsp;&nbsp;Cash | 7568292 |
| &nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 823033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 3876865 |
| &nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments (Note 9) | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 394280636 |
| Liabilities: |  |
| &nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 3415486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for purchases of TBA securities (Note 1c) | 24566420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility (Note 3) | 97500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 225982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest (Note 3) | 482679 |
| &nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments (Note 9) | 6 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 429280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 126619928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $267660708 |
| Net assets consist of: |  |
| &nbsp;&nbsp;Paid-in capital | $343036785 |
| &nbsp;&nbsp;Total distributable earnings (losses) | (75376077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $267660708 |
| &nbsp;&nbsp;Shares outstanding | 40405374 |
| &nbsp;&nbsp;Net asset value per share<sup>a</sup> | $6.62 |

---

<sup>a</sup>Net asset value per share may not recalculate due to rounding.

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended December 31, 2025

---

| | |
|:---|:---|
|  | **Franklin <br> Limited <br> Duration <br> Income Trust** |
| Investment income: |  |
| &nbsp;&nbsp;Dividends: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $37684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliates (Note 5c) | 588562 |
| &nbsp;&nbsp;Interest: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 32288180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 32914426 |
| Expenses: |  |
| &nbsp;&nbsp;Management fees (Note 5a) | 2802341 |
| &nbsp;&nbsp;Transfer agent fees | 61199 |
| &nbsp;&nbsp;Custodian fees | 2069 |
| &nbsp;&nbsp;Reports to shareholders fees | 147874 |
| &nbsp;&nbsp;Registration and filing fees | 22500 |
| &nbsp;&nbsp;Professional fees | 255182 |
| &nbsp;&nbsp;Trustees' fees and expenses | 3177 |
| &nbsp;&nbsp;Marketplace lending fees (Note 1f) | 1211465 |
| &nbsp;&nbsp;Interest expense (Note 3 & 4) | 5419488 |
| &nbsp;&nbsp;Other | 162636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10087931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 5c) | (34843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 10053088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 22861338 |
| Realized and unrealized gains (losses): |  |
| &nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (6933529) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments | (17194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6948373) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1167005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unfunded loan commitments (Note 9) | (605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1166400 |
| Net realized and unrealized gain (loss) | (5781973) |
| Net increase (decrease) in net assets resulting from operations | $17079365 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 127

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Limited Duration Income Trust** | &nbsp;&nbsp;**Franklin Limited Duration Income Trust** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended <br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended <br> December 31, 2024** |
| Increase (decrease) in net assets: |  |  |
| &nbsp;&nbsp;Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$22861338 | &nbsp;&nbsp;&nbsp;&nbsp;$25768914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6948373) | &nbsp;&nbsp;&nbsp;&nbsp;(8030434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1166400 | &nbsp;&nbsp;&nbsp;&nbsp;2282826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;17079365 | &nbsp;&nbsp;&nbsp;&nbsp;20021306 |
| &nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(21327755) | &nbsp;&nbsp;&nbsp;&nbsp;(20501755) |
| &nbsp;&nbsp;Distributions to shareholders from tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(8491411) | &nbsp;&nbsp;&nbsp;&nbsp;(9317411) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(29819166) | &nbsp;&nbsp;&nbsp;&nbsp;(29819166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(12739801) | &nbsp;&nbsp;&nbsp;&nbsp;(9797860) |
| Net assets: |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;280400509 | &nbsp;&nbsp;&nbsp;&nbsp;290198369 |
| &nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;$267660708 | &nbsp;&nbsp;&nbsp;&nbsp;$280400509 |

---

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

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Cash Flows

for the year ended December 31, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Franklin Limited Duration Income Trust** |
| Cash flow from operating activities: |  |
| &nbsp;&nbsp;Dividends, interest and other income received | &nbsp;&nbsp;$31924302 |
| &nbsp;&nbsp;Operating expenses paid | &nbsp;&nbsp;(4720082) |
| &nbsp;&nbsp;Interest expense paid | &nbsp;&nbsp;(5358686) |
| &nbsp;&nbsp;Deposits with brokers | &nbsp;&nbsp;550000 |
| &nbsp;&nbsp;Realized gain on foreign currency transactions | &nbsp;&nbsp;2350 |
| &nbsp;&nbsp;Purchases of long-term investments | &nbsp;&nbsp;(479405590) |
| &nbsp;&nbsp;Sales and maturities of long-term investments | &nbsp;&nbsp;495147285 |
| &nbsp;&nbsp;Net sales of short-term investments | &nbsp;&nbsp;4959133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided - operating activities | &nbsp;&nbsp;43098712 |
| Cash flow from financing activities: |  |
| &nbsp;&nbsp;Net change in reverse repurchase agreements | &nbsp;&nbsp;(10494333) |
| &nbsp;&nbsp;Cash distributions to shareholders | &nbsp;&nbsp;(29819166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used - financing activities | &nbsp;&nbsp;(40313499) |
| Net increase (decrease) in cash | &nbsp;&nbsp;2785213 |
| Cash at beginning of year | &nbsp;&nbsp;4783079 |
| Cash at end of year | &nbsp;&nbsp;$7568292 |
| **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, 2025** |  |
| Net increase (decrease) in net assets resulting from operating activities | &nbsp;&nbsp;&nbsp;&nbsp;$17079365 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization income | &nbsp;&nbsp;&nbsp;&nbsp;(704525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested dividends from non-controlled affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(588562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest received in the form of securities | &nbsp;&nbsp;&nbsp;&nbsp;(160953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable and other assets | &nbsp;&nbsp;&nbsp;&nbsp;624870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in interest payable | &nbsp;&nbsp;&nbsp;&nbsp;60802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in deposits with brokers | &nbsp;&nbsp;&nbsp;&nbsp;550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable to affiliates, accrued expenses, and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(86482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;1854402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;219510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in cost of investments | &nbsp;&nbsp;&nbsp;&nbsp;25417290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1167005) |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;$43098712 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 129

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Notes to Financial Statements

**1. Organization and Significant Accounting Policies**

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

The following summarizes the Fund's significant accounting policies.

**a. Financial Instrument Valuation**

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

Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued

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

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

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

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

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund's business day. Events can occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held

130 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**1. Organization and Significant Accounting Policies** (continued)

**a. Financial Instrument Valuation** (continued)

by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the value of the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day of the reporting period. Any security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

**b. Foreign Currency Translation**

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities

transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

**c. Securities Purchased on a When-Issued, Forward Commitment or Delayed Delivery Basis and TBA Basis**

The Fund may purchase securities on a when-issued, forward commitment or delayed delivery and to-be-announced (TBA) basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date.

**d. Mortgage Dollar Rolls**

The Fund enters into mortgage dollar rolls, typically on a TBA basis. Mortgage dollar rolls are agreements between the Fund and a financial institution where the Fund sells (or buys) mortgage-backed securities for delivery on a specified date and simultaneously contracts to repurchase (or sell) substantially similar (same type, coupon, and maturity) securities at a future date and at a predetermined price. Gains or losses are realized on the initial sale, and the difference between the repurchase price and the sale price is recorded as an unrealized gain or loss to the Fund upon entering into the mortgage dollar roll. In addition, the Fund may invest the cash proceeds that are received from the initial sale. During the period between the sale and repurchase, the Fund is not entitled to principal and interest paid on the mortgage backed securities. Transactions in mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to the Fund's portfolio turnover rate. The risks of mortgage dollar roll transactions include the potential inability of the counterparty to fulfill its obligations.

franklintempleton.com Annual Report 131

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**1. Organization and Significant Accounting Policies** (continued)

**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 Secured Overnight Financing Rate (SOFR). Senior secured corporate loans often require prepayment of principal from excess cash flows or at the discretion of the borrower. As a result, actual maturity may be substantially less than the stated maturity. Senior secured corporate loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.

**f. Marketplace Lending**

The Fund invests in loans obtained through marketplace lending. Marketplace lending, sometimes referred to as peer-to-peer lending, is a method of financing in which a platform facilitates the borrowing and lending of money. It is considered an alternative to more traditional forms of debt financing. Prospective borrowers are required to provide certain financial information to the platform, including, but not limited to, the intended purpose of the loan, income, employment information, credit score, debt-to-income ratio, credit history (including defaults and delinquencies) and home ownership status. Based on this and other information, the platform assigns its own credit rating to the borrower and sets the interest rate for the requested loan. The platform then posts the borrowing requests online, giving investors the opportunity to purchase the loans based on factors such as the interest rates and expected yields of the loans, the borrower background data, and the credit rating assigned by the platform.

When the Fund invests in these loans, it usually purchases all rights, title and interest in the loans pursuant to a loan purchase agreement directly from the platform. The platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to the Fund, less any servicing fees assessed. The servicer is typically responsible for taking actions against a borrower in the event of a default on the loan. Servicing fees, along with other administration fees, are included in marketplace lending fees in the Statement of Operations. The Fund, as an investor in a loan, would be entitled to receive payment only from the

borrower and would not be able to recover any deficiency from the platform, except under very narrow circumstances. The loans in which the Fund may invest are unsecured.

**g. Income and Deferred Taxes**

It is the Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of December 31, 2025, 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). The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**h. 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 (including interest income from payment-in-kind securities, if any) 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. The Fund may receive other income from investments in senior secured corporate loans or unfunded commitments, including

132 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**1. Organization and Significant Accounting Policies** (continued)

**h. Security Transactions, Investment Income, Expenses and Distributions** (continued)

amendment fees, consent fees or commitment fees. These fees are recorded as income when received by the Fund. Facility fees are recognized as income over the expected term of the loan. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex dividend date. The Fund employs a managed distribution policy whereby the Fund will distribute a level distribution amount to shareholders. The Fund intends to distribute $0.0615 per share monthly. The Fund's distribution level may be changed by the Board in the future. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted and, if necessary, a return of capital. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences

may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

**i. 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.

**j. Guarantees and Indemnifications**

Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Shares of Beneficial Interest**

At December 31, 2025, there were an unlimited number of shares authorized (without par value). During the years ended December 31, 2025 and 2024 there were no shares issued; all reinvested distributions were satisfied with previously issued shares purchased in the open market.

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. During the years ended December 31, 2025 and 2024, there were no shares repurchased.

**3. Credit Facility**

The Fund participates in a revolving senior secured margin loan agreement (Credit Facility) with The Bank of New York Mellon (BNYM) pursuant to which the Fund may borrow up to a maximum commitment amount of $100 million. The Credit Facility provides a source of funds to the Fund to purchase additional investments as part of its investment strategy.

Under the terms of the Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund at the applicable rate, pay an annual commitment fee of 0.25% based on the unused portion of the Credit Facility whenever the outstanding borrowings are less than 75% of the commitment amount. Collateral pledged by the Fund associated with outstanding borrowings is held in a segregated account with the Fund's custodian and the securities are indicated in the Schedule of Investments.

franklintempleton.com Annual Report 133

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**3. Credit Facility** (continued)

At December 31, 2025, the Fund had outstanding borrowings of $97,500,000, which approximates fair value, and incurred interest expenses at a rate equal to the Overnight Bank Funding Rate (OBFR) plus 0.80%. The borrowings are categorized as Level 2 within the fair value hierarchy. The average borrowings and the average interest rate for the days with outstanding borrowings during the year ended December 31, 2025, were $97,500,000 and 5.01%, respectively.

**4. Reverse Repurchase Agreements**

The Fund enters into reverse repurchase agreements, under which the Fund sells securities in exchange for cash to counterparties, with a simultaneous agreement to repurchase the same or substantially the same security at a mutually agreed-upon date and price. Such a transaction is accounted for as a secured borrowing by the Fund, collateralized by securities for which the Fund retains possession. The gross amount of cash received in exchange for securities sold plus accrued interest payments to be made by the Fund to counterparties are reflected as a payable for Reverse repurchase agreements on the Statement of Assets and Liabilities. Interest payments made on reverse repurchase agreements are recorded as a component of interest expense on the Statement of Operations. Reverse repurchase agreements are subject to the terms of Master Repurchase Agreements (MRAs) with approved counterparties (buyers). The MRAs contain various provisions, including but not limited to events of default and maintenance of collateral for reverse repurchase agreements. In the event of default by either the buyer or the Fund, certain MRAs may permit the non-defaulting party to net and close-out all transactions, if any, traded under such agreements. The buyer may sell securities the Fund pledged as collateral and apply the proceeds towards the reverse repurchase price and any other amounts owed by the Fund in the event of default by the Fund. 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. At December 31, 2025, the Fund had no open reverse repurchase agreements.

For the year ended December 31, 2025, the average borrowings and the average interest rate for the days with outstanding borrowings were $7,178,501 and 4.8%, respectively.

**5. Transactions with Affiliates**

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

---

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

---

 **a. Management Fees**

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

 **b. Administrative Fees**

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

134 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**5. Transactions with Affiliates** (continued)

**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, if applicable, paid directly or indirectly by each affiliate. During the year ended December 31, 2025, the Fund held investments in affiliated management investment companies as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at Beginning <br> of Year** | **Purchases** | **Sales** | **Realized Gain <br> (Loss)** | **Net Change in <br> Unrealized <br> Appreciation (Depreciation)** | **Value <br> at End <br> of Year** | **Number of <br> Shares Held <br> at End <br> of Year** | **Investment <br> Income** |
| **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** |  |  |  |  |  |  |  |
| **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | **Non-Controlled Affiliates** |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Dividends |
| Franklin Institutional U.S. Government Money Market Fund, 3.681% | $11532360 | $179605133 | $(183975704) | $— | $— | $7161789 | 7161789 | $588562 |
| Total Affiliated Securities | $11532360 | $179605133 | $(183975704) | $— | $— | $7161789 |  | $588562 |

---

**6. Income Taxes**

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

At December 31, 2025, the capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| Capital loss carryforwards not subject to expiration: |  |
| &nbsp;&nbsp;Short term | $6013762 |
| &nbsp;&nbsp;Long term | 53545731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $59559493 |

---

During the year ended December 31, 2025, the Fund utilized $134,367 of capital loss carryforwards.

The tax character of distributions paid during the years ended December 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;Ordinary income | $21327755 | $20501755 |
| &nbsp;&nbsp;Return of capital | 8491411 | 9317411 |
|  | $29819166 | $29819166 |

---

franklintempleton.com Annual Report 135

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**6. Income Taxes** (continued)

At December 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cost of investments | $397829024 |
| &nbsp;&nbsp;Unrealized appreciation | $6203372 |
| &nbsp;&nbsp;Unrealized depreciation | (22020315) |
| &nbsp;&nbsp;Net unrealized appreciation (depreciation) | $(15816943) |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of defaulted securities, paydown losses, payments-in-kind and bond discounts and premiums.

**7. Investment Transactions**

Purchases and sales of investments (excluding short term securities) for the year ended December 31, 2025, aggregated $481,259,992 and $497,579,472, respectively.

**8. Credit Risk and Defaulted Securities**

At December 31, 2025, the Fund had 74.8% 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, 2025, the aggregate value of these securities was $557,362, representing 0.2% of the Fund's net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Schedule of Investments.

**9. 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, 2025, unfunded commitments were as follows:

---

| | |
|:---|:---|
| **Borrower** | **Unfunded Commitment** |
| **Franklin Limited Duration Income Trust** |  |
| Clydesdale Acquisition Holdings, Inc. | $1579 |
| GC Ferry Acquisition I, Inc. | 96415 |
| Signia Aerospace LLC | 13624 |
| US Fertility Enterprises LLC | 26316 |
|  | $137934 |

---

136 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**10. Fair Value Measurements**

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

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

&nbsp;&nbsp;&nbsp;&nbsp;&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, 2025, 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:** |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | $— | $316291 | $— | $316291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 5917 |  | 5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 75941 |  |  | 75941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 4503 | 100682 |  | 105185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 297266 |  | 297266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software |  |  | 4826 | 4826 |
| &nbsp;&nbsp;&nbsp;Rights |  | 27738 |  | 27738 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | —<sup>b</sup> |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense |  | 2870244 |  | 2870244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile Components |  | 3986108 |  | 3986108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles |  | 1101155 |  | 1101155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology |  | 2402034 |  | 2402034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadline Retail |  | 1388284 |  | 1388284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Products |  | 5281630 |  | 5281630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets |  | 2459263 |  | 2459263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  | 5011508 | —<sup>b</sup> | 5011508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  | 3964224 |  | 3964224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment |  | 499824 |  | 499824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering |  | 401360 |  | 401360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance |  | 4604877 |  | 4604877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  | 725010 |  | 725010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging |  | 4639465 |  | 4639465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributors |  | 860746 |  | 860746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 1292982 |  | 1292982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified REITs |  | 2234018 |  | 2234018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 2990430 |  | 2990430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities |  | 3887577 |  | 3887577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment |  | 1284790 |  | 1284790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components |  | 980476 |  | 980476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services |  | 4811734 |  | 4811734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  | 1899720 |  | 1899720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services |  | 9257974 |  | 9257974 |

---

franklintempleton.com Annual Report 137

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**10. Fair Value Measurements** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Franklin Limited Duration Income Trust** (continued) |  |  |  |  |
| **Assets:** (continued) |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities:<sup>a</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds: (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Products | $— | $1186818 | $— | $1186818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation |  | 1081770 |  | 1081770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 1234620 |  | 1234620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services |  | 6315610 |  | 6315610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care REITs |  | 2019757 |  | 2019757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology |  | 967706 |  | 967706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel & Resort REITs |  | 1528426 |  | 1528426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  | 9468298 |  | 9468298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Durables |  | 4888485 |  | 4888485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Products |  | 191322 |  | 191322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Power and Renewable Electricity Producers |  | 3022544 |  | 3022544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 1494264 |  | 1494264 |
| &nbsp;&nbsp;&nbsp;&nbsp;IT Services |  | 2241898 |  | 2241898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery |  | 3530147 |  | 3530147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media |  | 9606541 |  | 9606541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining&nbsp;&nbsp;&nbsp;&nbsp; |  | 4459947 |  | 4459947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment Trusts (REITs) |  | 1902369 |  | 1902369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels |  | 12991039 | —<sup>b</sup> | 12991039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paper & Forest Products&nbsp;&nbsp;&nbsp;&nbsp; |  | 370306 |  | 370306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passenger Airlines&nbsp;&nbsp;&nbsp;&nbsp; |  | 833549 |  | 833549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products&nbsp;&nbsp;&nbsp;&nbsp; |  | 1590694 |  | 1590694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals&nbsp;&nbsp;&nbsp;&nbsp; |  | 211638 |  | 211638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services&nbsp;&nbsp;&nbsp;&nbsp; |  | 440270 |  | 440270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development |  | 1224804 |  | 1224804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 390979 |  | 390979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software&nbsp;&nbsp;&nbsp;&nbsp; |  | 2745555 |  | 2745555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs&nbsp;&nbsp;&nbsp;&nbsp; |  | 2558363 |  | 2558363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail&nbsp;&nbsp;&nbsp;&nbsp; |  | 1735532 |  | 1735532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals |  | 567664 |  | 567664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods |  | 1009653 |  | 1009653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 3059889 |  | 3059889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services |  | 3341547 | 1126 | 3342673 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests |  | 99181112 | 82577 | 99263689 |
| &nbsp;&nbsp;&nbsp;Marketplace Loans&nbsp;&nbsp;&nbsp;&nbsp; |  |  | 47946434 | 47946434 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities&nbsp;&nbsp;&nbsp;&nbsp; |  | 12797180 |  | 12797180 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities&nbsp;&nbsp;&nbsp;&nbsp; |  | 56567714 |  | 56567714 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds&nbsp;&nbsp;&nbsp;&nbsp; |  | 393548 |  | 393548 |
| &nbsp;&nbsp;&nbsp;Escrows and Litigation Trusts |  |  | —<sup>b</sup> |  |
| &nbsp;&nbsp;&nbsp;Short Term Investments&nbsp;&nbsp;&nbsp;&nbsp; | 7161789 |  |  | 7161789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $7242233 | $326734885 | $48034963 | $382012081 |
| &nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments&nbsp;&nbsp;&nbsp;&nbsp; | $— | $365 | $— | $365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $— | $365 | $— | $365 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments | $— | $6 | $— | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $— | $6 | $— | $6 |

---

138 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**10. Fair Value Measurements** (continued)

<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments.

<sup>b</sup>Includes financial instruments determined to have no value.

A reconciliation of assets 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, 2025, the reconciliation is as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at**<br> **Beginning of**<br> **Year** | **Purchases<sup>a</sup>** | **Sales<sup>b</sup>** | **Transfer**<br> **Into**<br> **Level 3<sup>c</sup>** | **Transfer**<br> **Out of**<br> **Level 3** | **Net**<br> **Accretion**<br> **(Amortization)** | **Net**<br> **Realized**<br> **Gain**<br> **(Loss)** | **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **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** | **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | $— | $1099500 | $— | $— | $— | $— | $— | $(1094674) | $4826 | $(1094674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | —<sup>d</sup> |  | —<sup>d</sup> |  |  |  | (30880) | 30880 |  |  |
| &nbsp;&nbsp;&nbsp;Warrants: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining |  | —<sup>d</sup> |  |  |  |  |  |  | —<sup>d</sup> |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | —<sup>d</sup> | 18 |  |  |  |  |  | (18) | —<sup>d</sup> | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | —<sup>d</sup> |  | (1492674) |  |  |  |  | 1492674 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | —<sup>d</sup> |  |  |  |  |  |  |  | —<sup>d</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 1192 |  | (420) |  |  | 895 | 389 | (930) | 1126 | 129 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail |  | (3711) | (295) | 77554 |  | 5872 | 23 | 3134 | 82577 | 5230 |
| &nbsp;&nbsp;&nbsp;Marketplace Loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 51407861 | 29375240 | (31961106) |  |  |  | 66329 | (941890) | 47946434 | (1797576) |
| &nbsp;&nbsp;&nbsp;Escrows and Litigation Trusts: | —<sup>d</sup> |  | —<sup>d</sup> |  |  |  |  |  | —<sup>d</sup> |  |
| Total Investments in Securities | $51409053 | $30471047 | $(33454495) | $77554 | $— | $6767 | $35861 | $(510824) | $48034963 | $(2886909) |

---

 

<sup>a</sup>Purchases include all purchases of securities and securities received in corporate actions.

<sup>b</sup>Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

<sup>c</sup>Transferred into Level 3 as a result of the unavailability of a quoted market price in an active market for identical securities and other significant observable valuation inputs. May include amounts related to a corporate action.

<sup>d</sup>Includes financial instruments determined to have no value.

franklintempleton.com Annual Report 139

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**10. Fair Value Measurements** (continued)

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, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at**<br> **End of Year** | | **Valuation Technique** | **Unobservable Inputs** | **Amount/Range**<br> **(Weighted**<br> **Average)<sup>a</sup>** | **Impact to**<br> **Fair Value**<br> **if Input**<br> **Increases<sup>b</sup>** |
| **Franklin Limited Duration Income Trust** |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments in Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Marketplace Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | $47946434 |  | Discounted cash flow | Loss-adjusted discount rate | 2.2% - 14.7% (10.0%) | Decrease |
|  |  |  |  | Projected loss rate | 1.5% - 92.8% (15.0%) | Decrease |
| &nbsp;&nbsp;&nbsp;All Other Investments | 88529 | <sup>c,d</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | $48034963 |  |  |  |  |  |

---

a Weighted based on the relative fair value of the financial instruments.

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

c Includes fair value of immaterial assets and/or liabilities developed using various valuation techniques and unobservable inputs.

d Includes financial instruments determined to have no value.

**11. Operating Segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's Investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related notes to the financial statements. The Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

**12. Subsequent Events**

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

140 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

**Abbreviations**

---

| | |
|:---|:---|
| **Currency** | **Currency** |
| **USD** | United States Dollar |
| **Selected Portfolio** | **Selected Portfolio** |
| **CLO** | Collateralized Loan Obligation |
| **CME** | Chicago Mercantile Exchange |
| **FHLMC** | Federal Home Loan Mortgage Corp. |
| **FNMA** | Federal National Mortgage Association |
| **FRN** | Floating Rate Note |
| **GNMA** | Government National Mortgage Association |
| **IBOR** | Interbank Offered Rate |
| **MBS** | Mortgage-Backed Security |
| **PIK** | Payment-In-Kind |
| **REIT** | Real Estate Investment Trust |
| **SOFR** | Secured Overnight Financing Rate |

---

franklintempleton.com Annual Report 141

[Back to **Table of Contents**](#toclink)

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, 2025, the related statements of operations and cash flows for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**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, 2025 by correspondence with the custodians, transfer agents, private placement agents, agent banks and broker; when replies were not received from agent banks or private placement agents, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

February 19, 2026

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

142 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

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, 2025:

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | **Amount Reported** |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $24160 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $24160 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $18611456 |
| Section 163(j) Interest Earned | §163(j) | $21014651 |

---

franklintempleton.com Annual Report 143

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Important Information to Shareholders (unaudited)

**Share Repurchase Program**

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

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

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

**Managed Distribution Plan**

The Board has implemented a managed distribution plan where the Fund distributes a level distribution amount to shareholders. The Fund intends to make monthly distributions to shareholders at the fixed rate of $0.0615 per share. Management will generally distribute amounts necessary to satisfy the Fund's plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. The plan is intended to provide shareholders with a consistent distribution each month and is intended to narrow the discount between the market price and the NAV of the Fund's common shares, but there is no assurance that the plan will be successful in doing so.

Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. No conclusions should be drawn about the Fund's

investment performance from the amount of the Fund's distributions or from the terms of the Fund's managed distribution plan.

The Board may amend the terms of the plan or terminate the plan at any time. The amendment or termination of the plan could have an adverse effect on the market price of the Fund's common shares. The plan will be subject to the periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

In compliance with Rule 19a-1 of the Investment Company Act of 1940, shareholders will receive a notice that details the source of income for each dividend such as net investment income, gain from the sale of securities and return of principal. However, determination of the actual source of the Fund's dividend can only be made at year-end. The actual source amounts of all Fund dividends will be included in the Fund's annual or semiannual reports.

In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund's dividends as shown on shareholders' statements. Shareholders should refer to their Form 1099-DIV for the character and amount of distributions for income tax reporting purposes. Since each shareholder's tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of Fund distributions.

**Information About the Fund's Goal and Main Investments, Principal Investment Strategy, and Principal Risks**

**Your Fund's Goal and Main Investments**

 ****

The Fund seeks to provide high current income, with a secondary objective of capital appreciation to the extent possible and consistent with the Fund's primary objective.

**Principal Investment Strategy**

 ****

Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in debt securities and other income-producing instruments, allocated primarily among three distinct investment categories: (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

144 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

may be allocated to each of these investment categories; provided that, under normal market conditions, the Fund will invest at least 20% of its total assets in each category.

Under normal circumstances, the Fund's allocation to the investment category of mortgage-backed and other asset-backed securities will be primarily composed of investments in mortgage-backed securities. Under normal market conditions, the Fund will invest at least 20% of its assets in debt securities or other instruments rated below investment grade, sometimes called "junk bonds." The Fund may also invest in investment grade debt securities. Investment grade debt securities are rated in one of the top four ratings categories by a nationally-recognized statistical rating organization (a "Rating Agency") such as S&P, Moody's or Fitch. A debt security rated below the top four ratings categories by each Rating Agency rating the security will be considered below investment grade. The Fund may also buy unrated debt securities or other income-producing instruments.

The Fund may invest in securities or other instruments whose issuers are in default or bankruptcy. Under normal conditions, the Fund will not invest more than 5% of its total assets in debt securities or other obligations whose issuers are in default at the time of purchase.

Under normal market conditions, the Fund may invest up to 25% of its total assets in loans originated through on-line marketplace lending platforms (a "Platform") that provide a marketplace for lending through the purchase of loans (either individually or in aggregations) ("Marketplace Loans") and other types of marketplace lending instruments. The Fund will not invest in Marketplace Loans that the Fund determines to be subprime.

Under normal market conditions, the Investment Manager expects the Fund to maintain an estimated average portfolio duration of between two and five years (including the effect of anticipated leverage). This duration policy may only be changed following provision of 60 days' prior notice to holders of Common Shares ("Common Shareholders"). In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments

and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.

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

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

Subject to the availability of suitable investment opportunities, the Investment Manager will seek to diversify the Fund's investments broadly in an attempt to minimize the portfolio's sensitivity to credit and other risks associated with a particular issuer, industry or sector, or to the impact of a single economic, political or regulatory event.

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

franklintempleton.com Annual Report 145

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

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.

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).

**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**

 ****

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value.

**Interest Rate**

 ****

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

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 market value of a security or investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund's investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in tariffs, trade barriers and investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.

**High-Yield Debt Instruments**

 ****

Issuers of lower-rated or "high-yield" debt instruments (also known as "junk bonds") are not as strong financially as those issuing higher credit quality debt instruments. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt instruments generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of

146 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt instruments generally fluctuate more than those of higher credit quality. High-yield debt instruments are generally more illiquid (harder to sell) and harder to value.

**Floating Rate Corporate Investments**

 ****

Floating rate corporate loans and corporate debt securities generally have credit ratings below investment grade and may be subject to resale restrictions. They are often issued in connection with highly leveraged transactions, and may be subject to greater credit risks than other investments including the possibility of default or bankruptcy. In addition, a secondary market in corporate loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to accurately value existing and prospective investments and to realize in a timely fashion the full value upon the sale of a corporate loan. A significant portion of floating rate investments may be "covenant lite" loans that may contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics.

**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.. 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. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or extend the effective maturity and duration of mortgage securities, making them more sensitive to interest rate changes, subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when interest rates rise.

Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.

Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.

franklintempleton.com Annual Report 147

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

**Extension**

 ****

Some debt securities, particularly mortgage-backed securities, are subject to the risk that the debt security's effective maturity is extended because calls or prepayments are less or slower than anticipated, particularly when interest rates rise. The market value of such security may then decline and become more interest rate sensitive.

**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, reverse repurchase agreements, 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, 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, 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;&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 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, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulator and greater price volatility. Certain of these of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

148 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

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 U.S.s 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.

**Derivative Instruments**

 ****

The performance of derivative instruments depend largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such instruments often have risks similar to their underlying instrument. Derivative instruments (such as futures contracts and options thereon, options, swaps and short sales) involve costs and can create economic leverage in the Fund's portfolio which may result in an amount that exceeds the Fund's initial investment. Other risks include liquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. 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 trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund's ability to sell such securities or other investments when necessary to meet the Fund's liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile

**Portfolio Turnover**

Active and frequent trading may increase a shareholder's tax liability and will increase the Fund's transaction costs, which could detract from Fund performance.

**Management**

 ****

The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.

**Cybersecurity**

 ****

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager and their service providers are subject to the risk of cyber incidents occurring from time to time.

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

franklintempleton.com Annual Report 149

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

IMPORTANT INFORMATION TO SHAREHOLDERS (UNAUDITED)

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

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

150 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Annual Meeting of Shareholders: October 2, 2025 (unaudited)

The Annual Meeting of Shareholders of Franklin Limited Duration Income Trust (the "Fund") was held at the Fund's offices, 300 S.E. 2nd Street, Fort Lauderdale, Florida, on October 2, 2025. The purpose of the meeting was to elect two Trustees of the Fund. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Fund: Harris J. Ashton and Edith E. Holiday.\* No other business was transacted at the meeting with respect to the Fund.

The results of the voting at the Annual Meeting are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 1. Election of two Trustees: |  |  |  |  |  |  |
| **Term Expiring 2028** | **For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Outstanding**<br> **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares Present** | **Withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Outstanding**<br> **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares Present** |
| Harris J. Ashton | 32652376 | 80.81% | 97.07% | 984522 | 2.44% | 2.93% |
| Edith E. Holiday | 31937176 | 79.04% | 94.95% | 1699723 | 4.21% | 5.05% |

---

The Fund is not aware of broker non-votes received with respect to this item.

\* *Terrence 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 Annual Meeting of Shareholders*.

franklintempleton.com Annual Report 151

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Dividend Reinvestment and Cash Purchase Plan (unaudited)

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. Computershare Trust Company, N.A. (Plan Agent), P.O. Box 43006 Providence, RI 02940-3078, 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.

152 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN (UNAUDITED)

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 (888) 888-0151. 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.

franklintempleton.com Annual Report 153

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Board Members and Officers (unaudited)

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 fund complex, are shown below. Generally, each board member serves until that person's successor is elected and qualified.

Independent Board Members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Position** | **Length of**<br> **Time Served** | **Number of Portfolios in**<br> **Fund Complex Overseen**<br> **by Board Member<sup>1</sup>** | **Other Directorships Held**<br> **During at Least the Past 5 Years** |
| **Harris J. Ashton (1932)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2003 | 114 | Bar-S Foods (meat packing company) (1981-2010). |

---

**Principal Occupation During at Least the Past 5 Years:**

Director of various companies; and **formerly**, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Terrence J. Checki (1945)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2017 | 114 | Hess Corporation (exploration of oil and gas) (2014-present). |

---

**Principal Occupation During at Least the Past 5 Years:**

Member of the Council on Foreign Relations (1996-present); Member of the National Committee on U.S.-China Relations (1999-present); member of the board of trustees of the Economic Club of New York (2013-present); member of the board of trustees of the Foreign Policy Association (2005-present); member of the board of directors of Council of the Americas (2007-present) and the Tallberg Foundation (2018-present); and **formerly,** Executive Vice President of the Federal Reserve Bank of New York and Head of its Emerging Markets and Internal Affairs Group and Member of Management Committee (1995-2014); and Visiting Fellow at the Council on Foreign Relations (2014).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mary C. Choksi (1950)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2014 | 114 | Omnicom Group Inc. (advertising and marketing communications services) (2011-present) and White Mountains Insurance Group, Ltd. (holding company) (2017-present); and **formerly**, Avis Budget Group Inc. (car rental) (2007-2020). |

---

**Principal Occupation During at Least the Past 5 Years:**

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

154 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

**FRANKLIN LIMITED DURATION INCOME TRUST**

**Independent Board Members** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth <br> and Address** | **Position** | **Length of <br> Time Served** | **Number of Portfolios in <br> Fund Complex Overseen <br> by Board Member<sup>1</sup>** | **Other Directorships Held <br> During at Least the Past 5 Years** |
| **Edith E. Holiday (1952)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Lead Independent Trustee | Trustee since 2005 and Lead Independent Trustee since 2019 | 114 | Santander Holdings USA (holding company) (2019-present); and **formerly**, Hess Corporation (exploration of oil and gas) (1993-2025); Santander Consumer USA Holdings, Inc. (consumer finance) (2016-2023), Canadian National Railway (railroad) (2001-2021), White Mountains Insurance Group, Ltd. (holding company) (2004-2021), RTI International Metals, Inc. (manufacture and distribution of titanium) (1999-2015) and H.J. Heinz Company (processed foods and allied products) (1994-2013. |

---

**Principal Occupation During at Least the Past 5 Years:**

Director or Trustee of various companies and trusts; and **formerly**, Assistant to the President of the United States and Secretary of the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and Assistant Secretary for Public Affairs and Public Liaison-United States Treasury Department (1988-1989).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **J. Michael Luttig (1954)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2009 | 114 | Boeing Capital Corporation (aircraft financing) (2006-2010). |

---

**Principal Occupation During at Least the Past 5 Years:**

Counselor and Special Advisor to the CEO and Board of Directors of The Coca-Cola Company (beverage company) (2021-present); and **formerly**, Counselor and Senior Advisor to the Chairman, CEO, and Board of Directors, of The Boeing Company (aerospace company), and member of the Executive Council (2019-2020); Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (2006-2019); and Federal Appeals Court Judge, United States Court of Appeals for the Fourth Circuit (1991-2006).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Larry D. Thompson (1945)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2007 | 114 | Graham Holdings Company (education and media organization) (2011-2021); The Southern Company (energy company) (2014-2020; previously 2010-2012) and Cbeyond, Inc. (business communications provider) (2010-2012). |

---

**Principal Occupation During at Least the Past 5 Years:**

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

franklintempleton.com Annual Report 155

[Back to **Table of Contents**](#toclink)

**FRANKLIN LIMITED DURATION INCOME TRUST**

**Independent Board Members** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Position** | **Length of Time Served** | **Number of Portfolios in<br> Fund Complex Overseen <br> by Board Member<sup>1</sup>** | **Other Directorships Held <br> During at Least the Past 5 Years** |
| **Valerie M. Williams (1956)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2021 | 107 | Omnicom Group, Inc. (advertising and marketing communications services) (2016-present), DTE Energy Co. (gas and electric utility) (2018-present), Devon Energy Corporation (exploration and production of oil and gas) (2021-present); and **formerly**, WPX Energy, Inc. (exploration and production of oil and gas) (2018-2021). |

---

**Principal Occupation During at Least the Past 5 Years:**

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

**Interested Board Members and Officers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Position** | **Length of**<br> **Time Served** | **Number of Portfolios in**<br> **Fund Complex Overseen**<br> **by Board Member<sup>1</sup>** | **Other Directorships Held**<br> **During at Least the Past 5 Years** |
| **Gregory E. Johnson<sup>2</sup>**<br> **(1961)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Chairman of the Board, Trustee and Senior Vice President | Chairman of the Board and Senior Vice President since 2023 and Trustee since 2013 | 123 |  |

---

**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 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.<sup>3</sup>**<br> **(1940)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Trustee | Since 2003 | 114 |

---

**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 fund complex.

---

| | | | |
|:---|:---|:---|:---|
| **Bjorn A. Davis (1965)**<br> 100 First Stamford Place<br> Stamford, CT 06902 | Chief Compliance Officer | Since 2024 | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Vice President, Franklin Templeton Global Regulatory Compliance US Advisory Services; Chief Compliance Officer, Franklin Advisers, Inc., Franklin Mutual Advisers LLC, Franklin Templeton Institutional LLC, Templeton Investment Counsel LLC and Templeton Global Advisors Limited (since 2023); **formerly**, Director, Franklin Templeton Global Regulatory Compliance; Chief Compliance Officer, K2 Advisors, LLC and K2/D&S Management Co., LLC (2011-2023).

156 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

**FRANKLIN LIMITED DURATION INCOME TRUST**

**Interested Board Members and Officers** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth**<br> **and Address** | **Position** | **Length of**<br> **Time Served** | **Number of Portfolios in<br> Fund Complex Overseen <br> by Board Member<sup>1</sup>** | **Other Directorships Held <br> During at Least the Past 5 Years** |
| **Sonal Desai, Ph.D. (1963)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | President and Chief Executive Officer – Investment Management | Since 2018 | Not Applicable | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Director and Executive Vice President, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer of certain funds in the Franklin Templeton fund complex.

---

| | | | |
|:---|:---|:---|:---|
| **Susan Kerr (1949)**<br> 280 Park Avenue<br> New York, NY 10017 | Vice President - AML Compliance | Since 2021 | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Senior Compliance Analyst, Franklin Templeton; Chief Anti-Money Laundering Compliance Officer, Legg Mason & Co., or its affiliates; Anti Money Laundering Compliance Officer; Senior Compliance Officer, Franklin Distributors, LLC; and officer of certain funds in the Franklin Templeton fund complex.

---

| | | | |
|:---|:---|:---|:---|
| **Christopher Kings (1974)**<br> One Franklin Parkway San Mateo, CA 94403-1906 | Chief Executive Officer – Finance and Administration | Since 2021 | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Senior Vice President, Franklin Templeton Services, LLC; and officer of certain funds in the Franklin Templeton fund complex.

---

| | | | |
|:---|:---|:---|:---|
| **Navid J. Tofigh (1972)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906 | Vice President and Secretary | Vice President since 2015 and Secretary since 2023 | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Senior Associate General Counsel, Franklin Templeton; and officer of certain funds in the Franklin Templeton fund complex.

---

| | | | |
|:---|:---|:---|:---|
| **Jeffrey W. White (1971)**<br> One Franklin Parkway<br> San Mateo, CA 94403-1906<br>| Chief Financial Officer, Chief Accounting Officer and Treasurer | Since 2024 | Not Applicable |

---

**Principal Occupation During at Least the Past 5 Years:**

Chief Financial Officer, Chief Accounting Officer & Treasurer and officer of certain funds in the Franklin Templeton fund complex; and **formerly**, Director and Assistant Treasurer within Franklin Templeton Global Fund Tax and Fund Administration and Financial Reporting (2017-2023).

Note 1: Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson.

Note 2: Officer information is current as of the date of this report. It is possible that after this date, information about officers may change.

1. Information is for the calendar year ended December 31, 2025, unless otherwise noted. We base the number of portfolios on each separate series of the U.S. registered investment companies within the Franklin Templeton fund complex. These portfolios have a common investment manager or affiliated investment managers.

2. Gregory E. Johnson is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director of Franklin Resources, Inc. (Resources), which is the parent company of the Fund's investment manager and distributor.

3. Rupert H. Johnson, Jr. is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director and a major shareholder of Resources, which is the parent company of the Fund's investment manager and distributor.

**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** 

franklintempleton.com Annual Report 157

[Back to **Table of Contents**](#toclink)

**FRANKLIN LIMITED DURATION INCOME TRUST**

**Interested Board Members and Officers** (continued)

**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.** 

158 Annual Report franklintempleton.com

[Back to **Table of Contents**](#toclink)

FRANKLIN LIMITED DURATION INCOME TRUST

Shareholder Information (unaudited)

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.

franklintempleton.com Annual Report 159

[Back to **Table of Contents**](#toclink)

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

---

| | | | |
|:---|:---|:---|:---|
| ![](footer.jpg) | **Annual Report<br> Franklin Limited Duration Income Trust** |  |  |
| ![](footer.jpg) | **Investment Manager**<br> Franklin Advisers, Inc.<br> (800) DIAL BEN® / <br> 342-5236 | **Transfer Agent**<br> Computershare<br> 150 Royall St., Suite 101<br> Canton, MA 02021<br> Toll Free Number: 888-888-0151<br> International Phone Number:<br> 781-575-2879<br> www.computershare.com |  |
|© 2026 Franklin Templeton Investments. All rights reserved. |© 2026 Franklin Templeton Investments. All rights reserved. |  | FTF A 02/26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Mary C. Choksi as the Audit Committee's financial experts. Mary C. Choksi are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $125,429 in December 31, 2024 and $160,550 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $10,000 in December 31, 2024 and $10,000 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $471,950 in December 31, 2024 and $1,427,011 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Mary C. Choksi

Terrence J. Checki

Edith E. Holiday

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Michael Luttig

Larry D. Thompson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form
N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

FRANKLIN EQUITY GROUP

Proxy Voting Policies & Procedures

An SEC Compliance Rule Policy and Procedures\*

**RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES**

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

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

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

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

*<sup>\*</sup>* <sup>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").</sup>

**HOW THE INVESTMENT MANAGERS VOTE PROXIES**

**Proxy Services**

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

In addition, the Investment Manager may request in-house voting research from Franklin Templeton's Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions; however, there is no obligation or inference for the Investment Manager to formally vote in line with these opinions. This research supports the independent vote decision making process and may reduce reliance on third-party advice for certain votes.

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 make their best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position that relationships between certain affiliates that do not use the "Franklin Templeton" name ("Independent Affiliates") and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers' or an affiliate's (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically

gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

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

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

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

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

**Weight Given Management Recommendations**

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

**Engagement with Issuers**

The Investment Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or

clarification on the proposals. The Investment Managers may also engage with management on a range of issues throughout the year.

**THE PROXY GROUP**

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

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

**PROXY ADMINISTRATION PROCEDURES**

**Situations Where Proxies Are Not Voted**

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

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

**Rejected Votes**

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

**Securities on Loan**

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

**Split Voting**

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

**Bundled Items**

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

**PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS**

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

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

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a

potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.

**Appendix A**

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

Franklin Advisers, Inc. (FAV)

Franklin Templeton Institutional, LLC

The following Proxy Policies apply to FAV only:

**HOW THE INVESTMENT MANAGERS VOTE PROXIES**

**Proxy Services**

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

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

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

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) As of February 28, 2026, the portfolio managers of the Fund are as follows:

Glenn I. Voyles, Justin G. Ma, Patrick Klein and Jonathan G. Belk 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.

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

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

**Mr. Klein** has been a portfolio manager of the Fund since 2022. He joined Franklin Templeton in 2005.

**Mr. Belk** has been a portfolio manager of the Fund since September 2024. He joined Franklin Templeton in 2004.

(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended December 31, 2025.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name | Number of Other<br> Registered <br>Investment<br> Companies<br> Managed | Assets of Other Registered Investment Companies Managed<br> (x $1 million) | Number of Other Pooled Investment Vehicles Managed<sup>1</sup> | Assets of Other Pooled Investment Vehicles Managed<br> (x $1 million)1 | Number of Other Accounts Managed<sup>1</sup> | Assets of<br> Other<br> Accounts<br> Managed<br> (x $1 million)1 |
| Jonathan Belk | 5 | 2112.5 | 4 | 1048.8 | 2 | 89.2 |
| Glenn Voyles | 8 | 6597.4 | 11 | 3257.4 | 3 | 47.5 |
| Justin Ma | 5 | 3261.3 | - | - | - | - |
| Patrick Klein | 26 | 30498.9 | 11 | 3612.9 | 14 | 6458.8<sup>2</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual manager listed would not be solely responsible for managing such listed amounts.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Mr. Klein manages Other Accounts with $1,756.8 in total assets with a performance fee.* 

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 but does not include performance based compensation. This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

*Conflicts.* The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that

opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

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

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

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

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

**Base salary** Each portfolio manager is paid a base salary.

**Annual bonus** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Responsibilities.* The characteristics and complexity of funds managed by the portfolio manager are factored in the investment
manager's appraisal.

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

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

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

---

| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Fund Shares |
| Portfolio Manager | Beneficially Owned |
| Jonathan Belk | None |
| Patrick Klein | None |
| Justin G. Ma | None |
| Glenn I. Voyles | None |

---

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and principal financial officer have concluded that the Registrant's disclosure
controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fldit-efp22448_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fldit-efp22448_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fldit-efp22448_ex99906cert.htm)

Exhibit 99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](fldit-efp22448_ex99c.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, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Limited Duration Income Trust** | **Franklin Limited Duration Income Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | March 02, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | March 02, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | March 02, 2026 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

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

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") 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").

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

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

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business 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 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 superseded 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.

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

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

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

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

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the 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 of 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>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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>:

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

&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.

<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</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 Covered Person should also obtain written approval by FT's General Counsel in such situations.

&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, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. 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 A);

&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 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> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> 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>

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

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

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

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

<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.

<sup>5</sup> See Part X.

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

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

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

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

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

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

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

The Legal Department shall be responsible for ensuring that:

&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**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

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

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

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

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: March 02, 2026

---

| |
|:---|
| /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: March 02, 2026

---

| |
|:---|
| /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 **December 31, 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: March 02, 2026 | Date: March 02, 2026 |

---

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.C

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

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

Estimated Allocations for July Monthly Distribution as of June 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; $0.0339 (55%) | &nbsp;&nbsp; $0.0129 (21%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0147 (24%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of June 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; $0.3690  | &nbsp;&nbsp; $0.2432 (66%) | &nbsp;&nbsp; $0.0018 (1%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1240 (33%) |

---

<br> The Fund has experienced a cumulative loss in undistributed net realized and unrealized capital gains and losses totaling $1.3700 per share. Of that amount, $0.5044 per share represents unrealized depreciation of portfolio securities.

**<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 6/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 6/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 6/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 6/30/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 10.84% | &nbsp;&nbsp;&nbsp; 3.55% | 5.42% |

---

**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 June 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 June 30, 2025.**

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

Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through June 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 June 30, 2025), as a percentage of the Fund's NAV as of June 30, 2025.**

<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.<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 $1.61 trillion in assets under management as of June 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")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, August 28, 2025.

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

The Fund's estimated sources of the distribution to be paid on August 29, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for August Monthly Distribution as of July 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; $0.0533 (87%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0082 (13%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of July 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; $0.4305  | &nbsp;&nbsp; $0.2771 (64%) | &nbsp;&nbsp; $0.0147 (4%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1387 (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.<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 7/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 7/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 7/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 7/31/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp;&nbsp; 4.34% | 6.33% |

---

**Fund Performance and Distribution Rate Information:**

**1. Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through July 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

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

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

**4. The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2024 through July 31, 2025), as a percentage of the Fund's NAV as of July 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 $1.62 trillion in assets under management as of July 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, September 29, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

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

Estimated Allocations for September Monthly Distribution as of August 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; $0.0441 (72%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0174 (28%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of August 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; $0.4920  | &nbsp;&nbsp; $0.3304 (67%) | &nbsp;&nbsp; $0.0147 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1469 (30%) |

---

**<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 8/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 8/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 8/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 8/31/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 10.84% | &nbsp;&nbsp;&nbsp; 5.43% | 7.22% |

---

**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 August 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 August 31, 2025.**

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

Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2024 through August 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 August 31, 2025, as a percentage of the Fund's NAV as of August 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.<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 $1.64 trillion in assets under management as of August 31, 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, October 30, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

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

Estimated Allocations for October Monthly Distribution as of September 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; $0.0508 (83%) | &nbsp;&nbsp; $0.0020 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0087 (14%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of September 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; $0.5535  | &nbsp;&nbsp; $0.3745 (67%) | &nbsp;&nbsp; $0.0147 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1643 (30%) |

---

**<br>** 

<br> The Fund has experienced a cumulative loss in undistributed net realized and unrealized capital gains and losses totaling $1.3871 per share. Of that amount, $0.5238 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 9/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 9/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 9/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 9/30/2025)<sup>4</sup> |
| &nbsp;&nbsp; 4.22% | &nbsp;&nbsp; 10.92% | &nbsp;&nbsp;&nbsp; 5.61% | 8.19% |

---

**<br> 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, 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;&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, 2025.**

**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, 2024 through September 30, 2025, 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, 2024 through September 30, 2025, as a percentage of the Fund's NAV as of September 30, 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.<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 $1.66 trillion in assets under management as of September 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; #

**<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, November 26, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

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

Estimated Allocations for November Monthly Distribution as of October 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; $0.0431 (70%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0184 (30%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of October 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; $0.6150  | &nbsp;&nbsp; $0.4253 (69%) | &nbsp;&nbsp; $0.0167 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1730 (28%) |

---

**<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 10/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 10/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 10/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 10/31/2025)<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;&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, 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;&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, 2025.**

**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, 2024 through October 31, 2025, 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, 2024 through October 31, 2025, as a percentage of the Fund's NAV as of October 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.<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 $1.69 trillion in assets under management as of October 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, December 30, 2025. Franklin Limited Duration Income Trust [NYSE American: FTF]:<br>

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

Estimated Allocations for December Monthly Distribution as of November 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; $0.0418 (68%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0197 (32%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of November 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; $0.6765  | &nbsp;&nbsp; $0.4684 (69%) | &nbsp;&nbsp; $0.0167 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1914 (28%) |

---

**<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 11/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 11/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 11/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 11/30/2025)<sup>4</sup> |
| &nbsp;&nbsp; 3.69% | &nbsp;&nbsp; 11.05% | &nbsp;&nbsp;&nbsp; 6.29% | 10.13% |

---

**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, 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;&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, 2025.**

**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, 2024 through November 30, 2025, 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, 2024 through November 30, 2025, as a percentage of the Fund's NAV as of November 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 $1.67 trillion in assets under management as of November 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; #