FTF: Franklin Limited Duration Income Trust reports 6.31% NAV return, $0.0615 monthly

Rhea-AI Filing Summary

Franklin Limited Duration Income Trust reports fiscal year results for the period ended December 31, 2025. The Fund posted a 6.31% cumulative total return based on NAV and 4.11% based on market price. Net asset value declined to $6.62 per share and market price to $6.15 per share.

The Fund maintains a managed distribution plan paying a monthly fixed rate of $0.0615 per share; management estimates distributions for the year exceeded available income, and a portion may be a return of capital. The portfolio is diversified across high-yield corporate bonds (41.1%), senior floating-rate interests (26.0%), mortgage-backed securities (14.8%), marketplace loans (12.6%) and other holdings. The Fund used financial leverage equal to 31.32% of the portfolio at 12/31/25.

Insights

Portfolio Strategist

Allocation and yield stance drove results amid spread volatility.

The Fund’s overweight to high-yield corporate bonds and exposure to senior floating-rate loans contributed positively to the 6.31% NAV return for the 12 months ended 12/31/2025. Portfolio construction emphasized limited duration to moderate rate sensitivity.

The Fund’s use of leverage (31.32% of the portfolio as of 12/31/25) amplifies income but increases NAV volatility; realized performance was also affected by security selection in mortgages and loans. Subsequent quarterly disclosures may show changes in positioning.

Tax & Distribution Specialist

Monthly managed distribution includes a return of capital component this year.

The Fund intends monthly payouts at $0.0615 per share under its managed distribution plan and estimates distributions exceeded income and net realized gains in the fiscal year, so a portion may be a return of capital. Shareholders will receive Form 1099-DIV showing tax treatment.

The Board may amend or terminate the plan; the filing states such changes could adversely affect market price. Cash‑flow treatment and exact tax characterization will be reflected on mailed tax forms and future shareholder notices.

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.

(a) The Report to Shareholders is filed herewith

Not FDIC Insured | No Bank Guarantee | May Lose Value

Managed Distribution Policy: 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	2
Performance Summary	5
Financial Highlights and Schedule of Investments	8
Financial Statements	126
Notes to Financial Statements	130
Report of Independent Registered Public Accounting Firm	142
Tax Information	143
Important Information to Shareholders	144
Annual Meeting of Shareholders	151
Dividend Reinvestment and Cash Purchase Plan	152
Board Members and Officers	154
Shareholder Information	159
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franklintempleton.com Annual Report 1

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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
	Investments
Corporate Bonds	41.1%
Senior Floating Rate Interests	26.0%
Mortgage-Backed Securities	14.8%
Marketplace Loans	12.6%
Asset-Backed Securities*	3.3%
Other†	0.3%
Short-Term Investments	1.9%

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

^†Categories within the Other category are listed in full in the Fund’s Schedule of Investments (SOI), which can be found later in this report.

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

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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^® LSTA^® US Leveraged Loan Index^SM + 1/3 Bloomberg MBS Index, posted a +7.68% cumulative total return.¹ 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.² The Morningstar^® LSTA^® US Leveraged Loan Index^SM, which is designed to reflect the performance of the largest facilities in the leveraged loan market, posted a +5.90% cumulative total return.¹ 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.² 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^® is a trademark owned by CFA Institute.

franklintempleton.com Annual Report 3

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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.

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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 12/31/25^1,2

	Cumulative Total Return3			Average Annual Total Return3
	Based on NAV4	Based on market price5		Based on NAV4	Based on market price5
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 Income	Tax Return of Capital	Total
	$0.5278	$0.2102	$0.7380

See page 7 for Performance Summary footnotes.

franklintempleton.com Annual Report 5

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FRANKLIN LIMITED DURATION INCOME TRUST

PERFORMANCE SUMMARY

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

Total return represents the change in value of an investment over the periods shown. It includes any applicable maximum sales charge, Fund expenses, account fees and reinvested distributions. The unmanaged 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.

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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

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FRANKLIN LIMITED DURATION INCOME TRUST

Financial Highlights

		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:
Net investment incomea		0.57	0.64	0.65	0.62	0.52
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:
Net investment income		(0.53)	(0.51)	(0.41)	(0.57)	(0.55)
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)b	—
Net asset value, end of year		$6.62	$6.94	$7.18	$7.06	$8.97
Market value, end of yearc		$6.15	$6.63	$6.22	$6.21	$9.09
Total return (based on net asset value per share)d		6.31%	7.24%	12.36%	(12.75)%	5.16%
Total return (based on market value per share)d		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%e	2.68%e	1.75%e
Net investment income.		8.33%	9.00%	9.16%	8.16%	5.58%
Supplemental data
Net assets, end of year (000’s)		$267,661	$280,401	$290,198	$285,319	$270,437
Portfolio turnover rate		125.39%	109.84%	104.86%	95.50%	107.66%
Portfolio turnover rate excluding mortgage dollar rollsf		63.47%	52.23%	71.14%	52.93%	51.04%
Total credit facility and other financial leverage outstanding at end of year (000’s)		$97,500	$107,863	$109,652	$117,090	$116,359
Asset coverage per $1,000 of debt		$3,745	$3,600	$3,647	$3,437	$3,324

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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL HIGHLIGHTS

	Year Ended December 31,			Year Ended December 31, 2017*,#	Year Ended March 31,
	2020*	2019*	2018*		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:
Net investment incomea	0.51	0.53	0.57	0.48	0.62	0.72
Net realized and unrealized gains (losses)	(0.15)	0.39	(0.79)	(0.03)	0.85	(1.41)
Distributions to preferred shareholders from:
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:
Net investment income	(0.55)	(0.58)	(0.49)	(0.43)	(0.57)	(0.74)
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)g	—	—	—
Net asset value, end of year	$9.43	$10.00	$10.11	$12.32	$12.91	$12.38
Market value, end of yearc	$9.42	$9.59	$9.02	$11.83	$11.97	$11.34
Total return (based on net asset value per share)d	4.26%	9.33%	(9.07)%	4.71%	12.02%	(5.44)%
Total return (based on market value per share)d	9.43%	18.34%	(14.86)%	7.08%	14.07%	(0.44)%
Ratios to average net assets applicable to common sharesh,i
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 affiliatese	1.85%	2.15%	1.71%	1.23%	1.32%	1.16%j
Net investment income	5.51%	5.15%	4.97%	5.04%	4.83%	5.52%
Supplemental data
Net assets, end of year (000’s)	$284,199	$301,452	$304,804	$278,489	$291,875	$332,132
Portfolio turnover rate	106.46%	113.49%	198.44%	168.28%	265.00%	270.16%
Portfolio turnover rate excluding mortgage dollar rollsf	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)	$111,505	$107,117	$90,000k	$—	$—	$—
Asset coverage per preferred share	$—	$—	$—l	$72,311	$74,809	$75,991
Liquidation preference per preferred share	$—	$—	$—l	$25,000	$25,000	$25,000
Asset coverage per $1,000 of debt	$3,549	$3,814	$4,387k	$—	$—	$—

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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL HIGHLIGHTS

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

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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 Outstanding(1)	Asset Coverage per $1,000(2)	Involuntary Liquidation Preference(3)	Average Market Value Outstanding(4)
Reverse Repurchase Agreement
December 31, 2024	$10,362,788	$3,600	$10,494,333	N/A
December 31, 2023	$12,151,954	$3,647	$12,335,804	N/A
December 31, 2022	$34,090,177	$3,437	$34,456,370	N/A
December 31, 2021	$33,358,605	$3,324	$33,448,122	N/A
(5)December 31, 2020	$18,504,585	$3,549	$18,523,129	N/A
(5)December 31, 2019	$17,117,190	$3,814	$17,169,028	N/A
Credit Facility
December 31, 2025	$97,500,000	$3,745	$97,879,546	$97,500,000
December 31, 2024	$97,500,000	$3,600	$97,942,894	$97,500,000
December 31, 2023	$97,500,000	$3,647	$98,013,825	$86,460,576
December 31, 2022	$83,000,000	$3,437	$83,403,086	$83,008,795
December 31, 2021	$83,000,000	$3,324	$83,079,041	$86,629,314
(5)December 31, 2020	$93,000,000	$3,549	$93,090,704	$92,029,719
(5)December 31, 2019	$90,000,000	$3,814	$90,218,042	$90,127,217
(5)December 31, 2018	$90,000,000	$4,387	$90,267,083	$33,334,190
Year Ended(5)	Total Preferred Shares Outstanding	Asset Coverage per Preferred Share	Involuntary Liquidation Preference Per Preferred Share	Average Market Value Per Preferred Share(6)
Preferred Shares Series M
December 31, 2017	1,200	$72,311	$25,000	N/A
March 31, 2017	1,200	$74,809	$25,000	N/A
March 31, 2016	1,200	$75,991	$25,000	N/A
Preferred Shares Series W
December 31, 2017	1,200	$72,311	$25,000	N/A
March 31, 2017	1,200	$74,809	$25,000	N/A
March 31, 2016	1,200	$75,991	$25,000	N/A
Preferred Shares Series F
December 31, 2017	1,200	$72,311	$25,000	N/A
March 31, 2017	1,200	$74,809	$25,000	N/A
March 31, 2016	1,200	$75,991	$25,000	N/A

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

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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

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FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, December 31, 2025

		Country	Shares		Value
	Common Stocks 0.3%
	Diversified Telecommunication Services 0.1%
a	Altice France SA	France	17,562		$316,291
	Hotels, Restaurants & Leisure 0.0%†
a	24 Hour Fitness Worldwide, Inc.	United States	159,925		5,917
	Metals & Mining 0.0%†
a	Petra Diamonds Ltd.	South Africa	331,401		75,941
	Oil, Gas & Consumable Fuels 0.1%
a	Amplify Energy Corp.	United States	281		1,284
	Birch Permian Holdings, Inc.	United States	20,307		100,682
	California Resources Corp.	United States	72		3,219
					105,185
	Pharmaceuticals 0.1%
a	Keenova Therapeutics plc	United States	3,008		269,066
a	Par Health, Inc.	United States	3,008		28,200
					297,266
	Software 0.0%†
a,b	DSG Topco, Inc.	United States	1,755		4,826
	Total Common Stocks (Cost $2,595,997)				805,426
			Rights
	Rights 0.0%†
	Diversified Telecommunication Services 0.0%†
a	Altice France SA, 2/20/49	France	1,671		27,738
	Total Rights (Cost $–)				27,738
			Warrants
	Warrants 0.0%
	Metals & Mining 0.0%
a,b	Petra Diamonds Ltd., 2/20/49	South Africa	187,787		—
	Total Warrants (Cost $–)				—
			Principal Amount*
	Corporate Bonds 58.7%
	Aerospace & Defense 1.1%
c	ATI, Inc., Senior Note, 7.25%, 8/15/30	United States	700,000		739,947
d	Axon Enterprise, Inc., Senior Note, 144A, 6.25%, 3/15/33	United States	250,000		261,123
d	Bombardier, Inc., Senior Note, 144A, 7%, 6/01/32	Canada	85,000		89,921
d	Efesto Bidco SpA Efesto US LLC, XR, Senior Secured Note, 144A, 7.5%, 2/15/32	Italy	1,050,000		1,063,120
d	TransDigm, Inc.,
	Senior Secured Note, 144A, 6%, 1/15/33	United States	170,000		174,127
	Senior Sub. Note, 144A, 6.75%, 1/31/34	United States	520,000		542,006
					2,870,244
	Automobile Components 1.5%
c,d	Adient Global Holdings Ltd., Senior Note, 144A, 8.25%, 4/15/31	United States	600,000		631,253
d	American Axle & Manufacturing, Inc., Senior Secured Note, 144A, 6.375%, 10/15/32	United States	300,000		305,679
d	Clarios Global LP / Clarios US Finance Co., Senior Note, 144A, 6.75%, 9/15/32	United States	310,000		321,652

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Automobile Components (continued)
c,d	Dornoch Debt Merger Sub, Inc., Senior Note, 144A, 6.625%, 10/15/29	United States	1,750,000		$1,517,220
d	Forvia SE, Senior Note, 144A, 6.75%, 9/15/33	France	355,000		366,784
d,e	IHO Verwaltungs GmbH,
	Senior Secured Note, 144A, PIK, 7.75%, 11/15/30	Germany	400,000		420,624
	Senior Secured Note, 144A, PIK, 8%, 11/15/32	Germany	400,000		422,896
					3,986,108
	Automobiles 0.4%
d	Jaguar Land Rover Automotive plc, Senior Note, 144A, 5.5%, 7/15/29	United Kingdom	500,000		500,265
d	Nissan Motor Co. Ltd., Senior Bond, 144A, 8.125%, 7/17/35	Japan	565,000		600,890
					1,101,155
	Biotechnology 0.9%
d	Emergent BioSolutions, Inc., Senior Note, 144A, 3.875%, 8/15/28	United States	900,000		812,169
d	Genmab A/S / Genmab Finance LLC,
	Senior Note, 144A, 7.25%, 12/15/33	Denmark	480,000		504,601
	Senior Secured Note, 144A, 6.25%, 12/15/32	Denmark	480,000		492,260
d	Grifols SA, Senior Note, 144A, 4.75%, 10/15/28	Spain	600,000		593,004
					2,402,034
	Broadline Retail 0.5%
d	Wayfair LLC,
	Senior Secured Note, 144A, 7.25%, 10/31/29	United States	200,000		208,941
c	Senior Secured Note, 144A, 7.75%, 9/15/30	United States	800,000		855,129
	Senior Secured Note, 144A, 6.75%, 11/15/32	United States	315,000		324,214
					1,388,284
	Building Products 2.0%
c,d	Camelot Return Merger Sub, Inc., Senior Secured Note, 144A, 8.75%, 8/01/28	United States	500,000		387,868
c,d	Cornerstone Building Brands, Inc., Senior Note, 144A, 6.125%, 1/15/29	United States	1,000,000		506,438
c,d	EMRLD Borrower LP / Emerald Co-Issuer, Inc., Senior Secured Note, 144A, 6.625%, 12/15/30	United States	600,000		625,657
d	JH North America Holdings, Inc.,
	Senior Secured Note, 144A, 5.875%, 1/31/31	United States	100,000		102,207
	Senior Secured Note, 144A, 6.125%, 7/31/32	United States	125,000		128,388
d	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, Senior Secured Note, 144A, 6.75%, 4/01/32	United States	500,000		512,908
d	Quikrete Holdings, Inc.,
	Senior Note, 144A, 6.75%, 3/01/33	United States	150,000		156,747
	Senior Secured Note, 144A, 6.375%, 3/01/32	United States	300,000		312,461
c,d	Smyrna Ready Mix Concrete LLC, Senior Secured Note, 144A, 8.875%, 11/15/31	United States	1,200,000		1,284,441
d	Standard Building Solutions, Inc.,
c	Senior Note, 144A, 6.5%, 8/15/32	United States	900,000		927,221
	Senior Note, 144A, 6.25%, 8/01/33	United States	330,000		337,294
					5,281,630
	Capital Markets 0.9%
d	Jane Street Group / JSG Finance, Inc.,
c	Senior Secured Note, 144A, 4.5%, 11/15/29	United States	500,000		494,518
	Senior Secured Note, 144A, 6.125%, 11/01/32	United States	500,000		509,115
	Senior Secured Note, 144A, 6.75%, 5/01/33	United States	600,000		626,674
d	Stonex Escrow Issuer LLC, Secured Note, 144A, 6.875%, 7/15/32	United States	285,000		295,806

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Capital Markets (continued)
c,d	StoneX Group, Inc., Secured Note, 144A, 7.875%, 3/01/31	United States	500,000		$533,150
					2,459,263
	Chemicals 1.9%
d,e	Advancion Sciences, Inc., Senior Note, 144A, PIK, 9.25%, 11/01/26	United States	255,256		219,343
b,d,e,f	Anagram Holdings LLC / Anagram International, Inc., Secured Note, 144A, PIK, 10%, 8/15/26	United States	166,428		—
d,f	Braskem Idesa SAPI, Senior Secured Bond, 144A, 6.99%, 2/20/32	Mexico	300,000		174,187
c	Celanese US Holdings LLC, Senior Note, 6.83%, 7/15/29	United States	1,000,000		1,049,876
d	Cerdia Finanz GmbH, Senior Secured Note, 144A, 9.375%, 10/03/31	Germany	500,000		519,375
c,d	Element Solutions, Inc., Senior Note, 144A, 3.875%, 9/01/28	United States	200,000		195,624
	FMC Corp., Sub. Bond, 8.45% to 10/31/30, FRN thereafter, 11/01/55	United States	300,000		237,699
d,e	GPD Cos., Inc., Senior Secured Note, 144A, PIK, 12.5%, 12/31/29	United States	1,002,267		516,001
c,d	Illuminate Buyer LLC / Illuminate Holdings IV, Inc., Senior Note, 144A, 9%, 7/01/28	United States	216,000		217,416
c,d	Rain Carbon, Inc., Senior Secured Note, 144A, 12.25%, 9/01/29	United States	1,200,000		1,251,103
d	Solstice Advanced Materials, Inc., Senior Note, 144A, 5.625%, 9/30/33	United States	625,000		630,884
					5,011,508
	Commercial Services & Supplies 1.5%
c,d	Allied Universal Holdco LLC, Senior Secured Note, 144A, 7.875%, 2/15/31	United States	550,000		579,961
d	Prime Security Services Borrower LLC / Prime Finance, Inc., Senior Secured Note, 144A, 3.375%, 8/31/27	United States	240,000		235,565
c,d	RR Donnelley & Sons Co., Senior Secured Note, 144A, 9.5%, 8/01/29	United States	1,125,000		1,163,526
d	Veritiv Operating Co., Senior Secured Note, 144A, 10.5%, 11/30/30	United States	225,000		242,204
c,d	VM Consolidated, Inc., Senior Note, 144A, 5.5%, 4/15/29	United States	800,000		801,064
d	Waste Pro USA, Inc., Senior Note, 144A, 7%, 2/01/33	United States	200,000		206,363
c,d	Wrangler Holdco Corp., Senior Note, 144A, 6.625%, 4/01/32	Canada	700,000		735,541
					3,964,224
	Communications Equipment 0.2%
d	Viasat, Inc., Senior Note, 144A, 7.5%, 5/30/31	United States	525,000		499,824
	Construction & Engineering 0.1%
d	Arcosa, Inc.,
c	Senior Note, 144A, 4.375%, 4/15/29	United States	300,000		295,560
	Senior Note, 144A, 6.875%, 8/15/32	United States	100,000		105,800
					401,360
	Consumer Finance 1.7%
d	Encore Capital Group, Inc.,
	Senior Secured Note, 144A, 9.25%, 4/01/29	United States	600,000		633,000
	Senior Secured Note, 144A, 8.5%, 5/15/30	United States	400,000		430,470
c,d	FirstCash, Inc., Senior Note, 144A, 6.875%, 3/01/32	United States	1,100,000		1,145,597
d	Macquarie Airfinance Holdings Ltd., Senior Note, 144A, 6.5%, 3/26/31	United Kingdom	200,000		214,313
	OneMain Finance Corp.,
	Senior Bond, 5.375%, 11/15/29	United States	500,000		500,608

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Consumer Finance (continued)
	OneMain Finance Corp., (continued)
	Senior Note, 6.5%, 3/15/33	United States	290,000		$293,517
c,d	PROG Holdings, Inc., Senior Note, 144A, 6%, 11/15/29	United States	1,400,000		1,387,372
					4,604,877
	Consumer Staples Distribution & Retail 0.3%
c,d	US Foods, Inc., Senior Note, 144A, 6.875%, 9/15/28	United States	700,000		725,010
	Containers & Packaging 1.7%
c,d	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, Senior Note, 144A, 4%, 9/01/29	United States	1,500,000		1,413,369
c,d	Clydesdale Acquisition Holdings, Inc., Senior Secured Note, 144A, 6.75%, 4/15/32	United States	1,000,000		1,028,944
c,d	Mauser Packaging Solutions Holding Co., Secured Note, 144A, 9.25%, 4/15/30	United States	1,500,000		1,447,500
c,d	Toucan FinCo Ltd. / Toucan FinCo Can, Inc., / Toucan FinCo US LLC, Senior Secured Note, 144A, 9.5%, 5/15/30	Canada	750,000		749,652
					4,639,465
	Distributors 0.3%
d	Gates Corp., Senior Note, 144A, 6.875%, 7/01/29	United States	400,000		415,892
d	RB Global Holdings, Inc., Senior Note, 144A, 7.75%, 3/15/31	Canada	425,000		444,854
					860,746
	Diversified Consumer Services 0.5%
	Grand Canyon University, Secured Note, 5.125%, 10/01/28	United States	1,300,000		1,292,982
	Diversified REITs 0.8%
d	Global Net Lease, Inc., Senior Note, 144A, 4.5%, 9/30/28	United States	900,000		885,396
c,d	Global Net Lease, Inc., / Global Net Lease Operating Partnership LP, Senior Note, 144A, 3.75%, 12/15/27	United States	670,000		652,911
c,d	VICI Properties LP / VICI Note Co., Inc., Senior Note, 144A, 3.75%, 2/15/27	United States	700,000		695,711
					2,234,018
	Diversified Telecommunication Services 1.1%
d	APLD ComputeCo LLC, Senior Secured Note, 144A, 9.25%, 12/15/30	United States	1,025,000		1,006,217
c,d	CCO Holdings LLC / CCO Holdings Capital Corp., Senior Note, 144A, 6.375%, 9/01/29	United States	1,000,000		1,014,251
d	Cipher Compute LLC, Senior Secured Note, 144A, 7.125%, 11/15/30	United States	385,000		392,597
d	WULF Compute LLC, Senior Secured Note, 144A, 7.75%, 10/15/30	United States	560,000		577,365
					2,990,430
	Electric Utilities 1.4%
d	California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, Senior Note, 144A, 6.375%, 2/15/32	United Kingdom	1,275,000		1,279,863
d	NRG Energy, Inc.,
	Senior Bond, 144A, 6%, 1/15/36	United States	665,000		674,156
c	Senior Note, 144A, 5.75%, 7/15/29	United States	800,000		800,084
d	Vistra Operations Co. LLC,
	Senior Note, 144A, 4.375%, 5/01/29	United States	400,000		395,176
c	Senior Note, 144A, 7.75%, 10/15/31	United States	100,000		105,964

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Electric Utilities (continued)
d	Vistra Operations Co. LLC, (continued)
	Senior Note, 144A, 6.875%, 4/15/32	United States	600,000		$632,334
					3,887,577
	Electrical Equipment 0.5%
c,d	Vertiv Group Corp., Senior Secured Note, 144A, 4.125%, 11/15/28	United States	1,300,000		1,284,790
	Electronic Equipment, Instruments & Components 0.4%
c,d	TTM Technologies, Inc., Senior Note, 144A, 4%, 3/01/29	United States	1,000,000		980,476
	Energy Equipment & Services 1.8%
d	Borr IHC Ltd. / Borr Finance LLC, Senior Secured Note, 144A, 10.375%, 11/15/30	Mexico	220,311		219,917
d	Kodiak Gas Services LLC,
	Senior Bond, 144A, 6.75%, 10/01/35	United States	130,000		133,728
c	Senior Note, 144A, 7.25%, 2/15/29	United States	700,000		728,663
	Senior Note, 144A, 6.5%, 10/01/33	United States	225,000		229,890
d	Nabors Industries, Inc., Senior Note, 144A, 8.875%, 8/15/31	United States	1,300,000		1,262,010
	Transocean International Ltd.,
	Senior Bond, 6.8%, 3/15/38	United States	600,000		516,400
d	Senior Note, 144A, 8.25%, 5/15/29	United States	100,000		100,853
c,d	Senior Secured Note, 144A, 8.75%, 2/15/30	United States	600,000		627,233
d	Senior Secured Note, 144A, 7.875%, 10/15/32	United States	90,000		94,422
d	Transocean Titan Financing Ltd., Senior Secured Note, 144A, 8.375%, 2/01/28	United States	80,952		82,732
d	Weatherford International Ltd.,
c	Senior Note, 144A, 8.625%, 4/30/30	United States	256,000		262,579
	Senior Note, 144A, 6.75%, 10/15/33	United States	540,000		553,307
					4,811,734
	Entertainment 0.7%
c,d	Banijay Entertainment SAS, Senior Secured Note, 144A, 8.125%, 5/01/29	France	1,100,000		1,146,630
	Warnermedia Holdings, Inc.,
	Senior Bond, 5.05%, 3/15/42	United States	350,000		247,187
	Senior Note, 4.054%, 3/15/29	United States	520,000		505,903
					1,899,720
	Financial Services 3.5%
d	CrossCountry Intermediate HoldCo LLC,
	Senior Note, 144A, 6.5%, 10/01/30	United States	430,000		439,136
	Senior Note, 144A, 6.75%, 12/01/32	United States	625,000		638,257
d	Freedom Mortgage Holdings LLC,
c	Senior Note, 144A, 9.25%, 2/01/29	United States	300,000		314,813
	Senior Note, 144A, 6.875%, 5/01/31	United States	300,000		300,342
	Senior Note, 144A, 8.375%, 4/01/32	United States	650,000		684,736
	Senior Note, 144A, 7.875%, 4/01/33	United States	325,000		336,807
c,d	GGAM Finance Ltd., Senior Note, 144A, 8%, 6/15/28	Ireland	700,000		741,775
d	Jefferson Capital Holdings LLC,
	Senior Note, 144A, 6%, 8/15/26	United States	500,000		500,390
	Senior Note, 144A, 9.5%, 2/15/29	United States	1,400,000		1,476,822
d	Osaic Holdings, Inc., Senior Note, 144A, 8%, 8/01/33	United States	215,000		224,779
c,d	PHH Escrow Issuer LLC / PHH Corp., Senior Note, 144A, 9.875%, 11/01/29	United States	1,800,000		1,869,408
d	PRA Group, Inc.,
c	Senior Note, 144A, 8.375%, 2/01/28	United States	600,000		615,306

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Financial Services (continued)
d	PRA Group, Inc., (continued)
c	Senior Note, 144A, 5%, 10/01/29	United States	300,000		$282,371
	Senior Note, 144A, 8.875%, 1/31/30	United States	400,000		415,484
d	Rocket Cos., Inc., Senior Note, 144A, 6.375%, 8/01/33	United States	400,000		417,548
					9,257,974
	Food Products 0.4%
c	B&G Foods, Inc., Senior Note, 5.25%, 9/15/27	United States	400,000		392,067
d,e	Chobani Holdco II LLC, Senior Note, 144A, PIK, 8.75%, 10/01/29	United States	109,144		114,123
d	Chobani LLC / Chobani Finance Corp., Inc., Senior Note, 144A, 7.625%, 7/01/29	United States	200,000		208,874
d	Froneri Lux FinCo SARL, Senior Secured Note, 144A, 6%, 8/01/32	United Kingdom	465,000		471,754
					1,186,818
	Ground Transportation 0.4%
c,d	First Student Bidco, Inc., / First Transit Parent, Inc., Senior Secured Note, 144A, 4%, 7/31/29	United States	400,000		390,178
d	Watco Cos. LLC / Watco Finance Corp., Senior Note, 144A, 7.125%, 8/01/32	United States	660,000		691,592
					1,081,770
	Health Care Equipment & Supplies 0.5%
c,d	Bausch + Lomb Corp., Senior Secured Note, 144A, 8.375%, 10/01/28	United States	600,000		627,000
d	Insulet Corp., Senior Note, 144A, 6.5%, 4/01/33	United States	100,000		104,622
c,d	Medline Borrower LP, Senior Note, 144A, 5.25%, 10/01/29	United States	500,000		502,998
					1,234,620
	Health Care Providers & Services 2.4%
d	CHS/Community Health Systems, Inc., 144A, 10.75%, 6/15/33	United States	500,000		537,487
	Secured Note, 144A, 6.125%, 4/01/30	United States	500,000		401,072
c	Senior Secured Note, 144A, 10.875%, 1/15/32	United States	450,000		491,711
	Senior Secured Note, 144A, 9.75%, 1/15/34	United States	400,000		420,631
d	DaVita, Inc.,
c	Senior Note, 144A, 4.625%, 6/01/30	United States	1,200,000		1,167,678
	Senior Note, 144A, 6.875%, 9/01/32	United States	200,000		208,313
c,d	Kedrion SpA, Senior Secured Note, 144A, 6.5%, 9/01/29	Italy	1,500,000		1,479,052
d	MPH Acquisition Holdings LLC,
	Senior Secured Note, 144A, 5.75%, 12/31/30	United States	90,027		79,071
e	Senior Secured Note, 144A, PIK, 11.5%, 12/31/30	United States	141,230		146,450
e	Senior Secured Note, 144A, PIK, 6.75%, 3/31/31	United States	775,080		666,965
c	Tenet Healthcare Corp., Senior Secured Note, 6.125%, 6/15/30	United States	700,000		717,180
					6,315,610
	Health Care REITs 0.8%
d	Diversified Healthcare Trust, Senior Secured Note, 144A, 7.25%, 10/15/30	United States	1,190,000		1,218,248
d	MPT Operating Partnership LP / MPT Finance Corp., Senior Secured Note, 144A, 8.5%, 2/15/32	United States	750,000		801,509
					2,019,757
	Health Care Technology 0.4%
d	IQVIA, Inc., Senior Note, 144A, 6.25%, 6/01/32	United States	925,000		967,706

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Hotel & Resort REITs 0.6%
d	Pebblebrook Hotel LP / PEB Finance Corp., Senior Note, 144A, 6.375%, 10/15/29	United States	200,000		$205,447
d	RHP Hotel Properties LP / RHP Finance Corp.,
c	Senior Note, 144A, 7.25%, 7/15/28	United States	300,000		309,559
c	Senior Note, 144A, 6.5%, 4/01/32	United States	700,000		726,439
	Senior Note, 144A, 6.5%, 6/15/33	United States	275,000		286,981
					1,528,426
	Hotels, Restaurants & Leisure 3.5%
d	Allwyn Entertainment Financing UK plc, Senior Secured Note, 144A, 7.875%, 4/30/29	Switzerland	800,000		833,102
d	Carnival Corp., Senior Note, 144A, 5.75%, 8/01/32	United States	835,000		857,988
c,d	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., Senior Note, 144A, 6.75%, 1/15/30	United States	1,300,000		1,236,950
d	Great Canadian Gaming Corp. / Raptor LLC, Senior Secured Note, 144A, 8.75%, 11/15/29	Canada	900,000		909,742
d	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, Senior Secured Note, 144A, 8.25%, 4/15/30	United States	650,000		679,284
d	NCL Corp. Ltd.,
	Senior Note, 144A, 6.75%, 2/01/32	United States	500,000		512,269
	Senior Note, 144A, 6.25%, 9/15/33	United States	480,000		480,023
d	Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., Senior Secured Note, 144A, 6.25%, 10/15/30	United States	275,000		280,830
d	Royal Caribbean Cruises Ltd.,
	Senior Note, 144A, 6.25%, 3/15/32	United States	300,000		310,534
	Senior Note, 144A, 6%, 2/01/33	United States	400,000		411,138
c,d	Station Casinos LLC, Senior Note, 144A, 4.5%, 2/15/28	United States	200,000		198,466
d	Viking Cruises Ltd.,
c	Senior Note, 144A, 7%, 2/15/29	United States	600,000		605,622
	Senior Note, 144A, 5.875%, 10/15/33	United States	520,000		528,296
c,d	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., Senior Note, 144A, 7.125%, 2/15/31	United States	1,500,000		1,624,054
					9,468,298
	Household Durables 1.8%
d	Ashton Woods USA LLC / Ashton Woods Finance Co.,
c	Senior Note, 144A, 4.625%, 4/01/30	United States	1,000,000		959,624
	Senior Note, 144A, 6.875%, 8/01/33	United States	355,000		355,580
c,d	Dream Finders Homes, Inc., Senior Note, 144A, 8.25%, 8/15/28	United States	500,000		516,487
d	K. Hovnanian Enterprises, Inc.,
	Senior Note, 144A, 8%, 4/01/31	United States	150,000		153,206
	Senior Note, 144A, 8.375%, 10/01/33	United States	225,000		228,838
c,d	LGI Homes, Inc., Senior Note, 144A, 8.75%, 12/15/28	United States	800,000		834,954
	Newell Brands, Inc.,
	Senior Note, 6.375%, 5/15/30	United States	75,000		73,340
	Senior Note, 6.625%, 5/15/32	United States	50,000		48,577
d	Senior Note, 144A, 8.5%, 6/01/28	United States	300,000		314,954
d	Weekley Homes LLC / Weekley Finance Corp.,
c	Senior Note, 144A, 4.875%, 9/15/28	United States	800,000		789,588
	Senior Note, 144A, 6.75%, 1/15/34	United States	605,000		613,337
					4,888,485
	Household Products 0.1%
d	Energizer Holdings, Inc., Senior Note, 144A, 4.375%, 3/31/29	United States	200,000		191,322

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Independent Power and Renewable Electricity Producers 1.1%
c,d	Clearway Energy Operating LLC,
	Senior Bond, 144A, 3.75%, 1/15/32	United States	400,000		$365,511
	Senior Note, 144A, 4.75%, 3/15/28	United States	300,000		300,449
	Senior Note, 144A, 3.75%, 2/15/31	United States	200,000		187,544
c,d	Leeward Renewable Energy Operations LLC, Senior Note, 144A, 4.25%, 7/01/29	United States	1,000,000		956,532
d	Talen Energy Supply LLC,
	Senior Bond, 144A, 6.5%, 2/01/36	United States	590,000		610,482
	Senior Note, 144A, 6.25%, 2/01/34	United States	590,000		602,026
					3,022,544
	Insurance 0.6%
c,d	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,
	Senior Note, 144A, 6.75%, 10/15/27	United States	400,000		404,211
	Senior Secured Note, 144A, 7%, 1/15/31	United States	500,000		519,083
d	Asurion LLC and Asurion Co-Issuer, Inc., Senior Secured Note, 144A, 8%, 12/31/32	United States	550,000		570,970
					1,494,264
	IT Services 0.8%
d	Cogent Communications Group LLC / Cogent Finance, Inc.,
c	Senior Note, 144A, 7%, 6/15/27	United States	700,000		702,038
	Senior Secured Note, 144A, 6.5%, 7/01/32	United States	975,000		913,046
d	Fortress Intermediate 3, Inc., Senior Secured Note, 144A, 7.5%, 6/01/31	United States	600,000		626,814
					2,241,898
	Machinery 1.3%
c,d	ATS Corp., Senior Note, 144A, 4.125%, 12/15/28	Canada	1,300,000		1,273,289
c,d	Calderys Financing LLC, Senior Secured Note, 144A, 11.25%, 6/01/28	France	800,000		850,477
c,d	ESAB Corp., Senior Note, 144A, 6.25%, 4/15/29	United States	600,000		617,680
c	Hillenbrand, Inc., Senior Note, 6.25%, 2/15/29	United States	600,000		614,161
d	Terex Corp., Senior Note, 144A, 6.25%, 10/15/32	United States	170,000		174,540
					3,530,147
	Media 3.6%
d	Clear Channel Outdoor Holdings, Inc.,
c	Senior Note, 144A, 7.75%, 4/15/28	United States	300,000		300,442
c	Senior Note, 144A, 7.5%, 6/01/29	United States	900,000		894,470
	Senior Secured Note, 144A, 7.5%, 3/15/33	United States	1,500,000		1,585,682
c,d	CSC Holdings LLC,
	Senior Note, 144A, 11.25%, 5/15/28	United States	700,000		557,543
	Senior Note, 144A, 11.75%, 1/31/29	United States	500,000		371,786
d	Directv Financing LLC, Senior Secured Note, 144A, 8.875%, 2/01/30	United States	150,000		151,957
c,d	Directv Financing LLC / Directv Financing Co-Obligor, Inc., Senior Secured Note, 144A, 5.875%, 8/15/27	United States	82,000		82,527
d	EW Scripps Co. (The), Secured Note, 144A, 9.875%, 8/15/30	United States	750,000		749,601
d	Gray Media, Inc.,
	Secured Note, 144A, 9.625%, 7/15/32	United States	390,000		405,024
	Senior Bond, 144A, 5.375%, 11/15/31	United States	300,000		225,227
	Senior Secured Note, 144A, 7.25%, 8/15/33	United States	355,000		362,962
c,d	McGraw-Hill Education, Inc., Senior Secured Note, 144A, 7.375%, 9/01/31	United States	800,000		844,658
d	News Corp., Senior Note, 144A, 3.875%, 5/15/29	United States	1,200,000		1,164,623

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Media (continued)
d	Outfront Media Capital LLC / Outfront Media Capital Corp., Senior Bond, 144A, 4.625%, 3/15/30	United States	75,000		$73,403
c,d	Sinclair Television Group, Inc., Senior Secured Note, 144A, 8.125%, 2/15/33	United States	800,000		836,096
d	Univision Communications, Inc., Senior Secured Note, 144A, 9.375%, 8/01/32	United States	275,000		295,770
d	VZ Secured Financing BV, Senior Secured Note, 144A, 7.5%, 1/15/33	Netherlands	695,000		704,770
					9,606,541
	Metals & Mining 1.7%
d	Cleveland-Cliffs, Inc.,
	Senior Note, 144A, 7%, 3/15/32	United States	340,000		348,925
	Senior Note, 144A, 7.625%, 1/15/34	United States	565,000		590,869
d	Commercial Metals Co.,
	Senior Bond, 144A, 6%, 12/15/35	United States	445,000		456,452
	Senior Note, 144A, 5.75%, 11/15/33	United States	225,000		230,200
d	Constellium SE,
c	Senior Note, 144A, 3.75%, 4/15/29	United States	600,000		579,857
	Senior Note, 144A, 6.375%, 8/15/32	United States	400,000		414,746
d	Mineral Resources Ltd., Senior Note, 144A, 7%, 4/01/31	Australia	295,000		307,893
d	Novelis Corp.,
	Senior Note, 144A, 6.875%, 1/30/30	United States	300,000		311,652
	Senior Note, 144A, 6.375%, 8/15/33	United States	745,000		755,856
d	Petra Diamonds US Treasury plc, Senior Secured Note, 144A, 9.75%, 3/08/30	South Africa	781,938		463,497
					4,459,947
	Mortgage Real Estate Investment Trusts (REITs) 0.7%
c,d	Apollo Commercial Real Estate Finance, Inc., Senior Secured Note, 144A, 4.625%, 6/15/29	United States	1,500,000		1,452,029
d	Starwood Property Trust, Inc., Senior Note, 144A, 5.75%, 1/15/31	United States	445,000		450,340
					1,902,369
	Oil, Gas & Consumable Fuels 4.9%
c,d	Antero Resources Corp., Senior Note, 144A, 7.625%, 2/01/29	United States	166,000		169,138
c,d	Calumet Specialty Products Partners LP / Calumet Finance Corp.,
	Senior Note, 144A, 8.125%, 1/15/27	United States	900,000		901,359
	Senior Secured Note, 144A, 9.25%, 7/15/29	United States	800,000		822,271
d	Coronado Finance Pty. Ltd., Senior Secured Note, 144A, 9.25%, 10/01/29	Australia	550,000		510,109
d	Crescent Energy Finance LLC,
	Senior Note, 144A, 7.375%, 1/15/33	United States	295,000		280,135
	Senior Note, 144A, 8.375%, 1/15/34	United States	800,000		795,160
c,d	Expand Energy Corp., Senior Note, 144A, 6.75%, 4/15/29	United States	500,000		502,975
d	Hess Midstream Operations LP, Senior Note, 144A, 6.5%, 6/01/29	United States	500,000		518,243
d	Hilcorp Energy I LP / Hilcorp Finance Co., Senior Note, 144A, 5.75%, 2/01/29	United States	500,000		495,691
c,d	Kinetik Holdings LP, Senior Note, 144A, 5.875%, 6/15/30	United States	600,000		605,742
c,d	Martin Midstream Partners LP / Martin Midstream Finance Corp., Secured Note, 144A, 11.5%, 2/15/28	United States	1,700,000		1,763,810
b,d,f	Murray Energy Corp., Secured Note, 144A, 12%, 4/15/24	United States	606,187		—
c,d	Northriver Midstream Finance LP, Senior Secured Note, 144A, 6.75%, 7/15/32	Canada	1,100,000		1,121,745
d	Sunoco LP, Senior Note, 144A, 7.25%, 5/01/32	United States	600,000		634,798
c,d	Venture Global Calcasieu Pass LLC, Senior Secured Bond, 144A, 4.125%, 8/15/31	United States	300,000		273,201

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Oil, Gas & Consumable Fuels (continued)
c,d	Venture Global Calcasieu Pass LLC, (continued)
	Senior Secured Note, 144A, 3.875%, 8/15/29	United States	300,000		$281,457
c,d	Venture Global LNG, Inc.,
	Senior Secured Note, 144A, 8.125%, 6/01/28	United States	600,000		608,066
	Senior Secured Note, 144A, 9.5%, 2/01/29	United States	500,000		518,551
	Senior Secured Note, 144A, 8.375%, 6/01/31	United States	500,000		497,503
d	Venture Global Plaquemines LNG LLC,
	Senior Secured Bond, 144A, 7.75%, 5/01/35	United States	200,000		219,098
	Senior Secured Bond, 144A, 6.75%, 1/15/36	United States	485,000		497,009
	Senior Secured Note, 144A, 6.125%, 12/15/30	United States	45,000		45,852
	Senior Secured Note, 144A, 7.5%, 5/01/33	United States	200,000		216,211
	Senior Secured Note, 144A, 6.5%, 1/15/34	United States	290,000		297,177
	Senior Secured Note, 144A, 6.5%, 6/15/34	United States	45,000		46,002
d	Vital Energy, Inc., Senior Note, 144A, 7.875%, 4/15/32	United States	375,000		369,736
					12,991,039
	Paper & Forest Products 0.1%
d	Magnera Corp., Senior Secured Note, 144A, 4.75%, 11/15/29	United States	400,000		370,306
	Passenger Airlines 0.3%
d	American Airlines, Inc. / AAdvantage Loyalty IP Ltd., Senior Secured Note, 144A, 5.5%, 4/20/26	United States	166,667		166,990
d	OneSky Flight LLC, Senior Note, 144A, 8.875%, 12/15/29	United States	250,000		267,714
c,d	United Airlines, Inc.,
	Senior Secured Note, 144A, 4.375%, 4/15/26	United States	100,000		99,935
	Senior Secured Note, 144A, 4.625%, 4/15/29	United States	300,000		298,910
					833,549
	Personal Care Products 0.6%
c,d	Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, Senior Note, 144A, 6.625%, 7/15/30	United States	600,000		617,021
c,d	Opal Bidco SAS, Senior Secured Note, 144A, 6.5%, 3/31/32	France	950,000		973,673
					1,590,694
	Pharmaceuticals 0.1%
d	Endo Finance Holdings, Inc., Senior Secured Note, 144A, 8.5%, 4/15/31	United States	200,000		211,638
	Professional Services 0.2%
d	CACI International, Inc., Senior Note, 144A, 6.375%, 6/15/33	United States	425,000		440,270
	Real Estate Management & Development 0.5%
c,d	Forestar Group, Inc., Senior Note, 144A, 6.5%, 3/15/33	United States	1,200,000		1,224,804
	Semiconductors & Semiconductor Equipment 0.1%
d	Qnity Electronics, Inc.,
	Senior Note, 144A, 6.25%, 8/15/33	United States	140,000		145,292
	Senior Secured Note, 144A, 5.75%, 8/15/32	United States	240,000		245,687
					390,979
	Software 1.0%
c,d	Camelot Finance SA, Senior Secured Note, 144A, 4.5%, 11/01/26	United States	72,000		71,555
d	Gen Digital, Inc., Senior Note, 144A, 6.25%, 4/01/33	United States	250,000		258,860
d	McAfee Corp., Senior Note, 144A, 7.375%, 2/15/30	United States	1,300,000		1,135,085
c,d	Rocket Software, Inc., Senior Note, 144A, 6.5%, 2/15/29	United States	1,300,000		1,280,055
					2,745,555

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Corporate Bonds (continued)
	Specialized REITs 1.0%
c,d	Iron Mountain, Inc., Senior Note, 144A, 7%, 2/15/29	United States	1,000,000		$1,027,851
d	Millrose Properties, Inc.,
	Senior Note, 144A, 6.375%, 8/01/30	United States	1,125,000		1,151,853
	Senior Note, 144A, 6.25%, 9/15/32	United States	375,000		378,659
					2,558,363
	Specialty Retail 0.6%
c,d	Gap, Inc. (The), Senior Note, 144A, 3.625%, 10/01/29	United States	700,000		664,593
d	PetSmart LLC / PetSmart Finance Corp., Senior Secured Note, 144A, 7.5%, 9/15/32	United States	725,000		738,695
d	White Cap Supply Holdings LLC, Senior Note, 144A, 7.375%, 11/15/30	United States	320,000		332,244
					1,735,532
	Technology Hardware, Storage & Peripherals 0.2%
d	Seagate Data Storage Technology Pte. Ltd., Senior Note, 144A, 5.875%, 7/15/30	United States	550,000		567,664
	Textiles, Apparel & Luxury Goods 0.4%
d,e	Beach Acquisition Bidco LLC, Senior Note, 144A, PIK, 10%, 7/15/33	United States	720,000		758,786
d	Under Armour, Inc., Senior Note, 144A, 7.25%, 7/15/30	United States	250,000		250,867
					1,009,653
	Trading Companies & Distributors 1.1%
d	EquipmentShare.com, Inc.,
	Secured Note, 144A, 9%, 5/15/28	United States	655,000		681,482
	Secured Note, 144A, 8.625%, 5/15/32	United States	745,000		787,854
c,d	Herc Holdings, Inc., Senior Note, 144A, 6.625%, 6/15/29	United States	900,000		937,610
d	WESCO Distribution, Inc., Senior Note, 144A, 6.375%, 3/15/33	United States	625,000		652,943
					3,059,889
	Wireless Telecommunication Services 1.2%
d	Altice France Lux 3 / Altice Holdings 1, Senior Note, 144A, 10%, 1/15/33	Luxembourg	400,000		367,352
c,d	Connect Finco SARL / Connect US Finco LLC, Senior Secured Note, 144A, 9%, 9/15/29	United Kingdom	800,000		849,591
b,g	Digicel Group Holdings Ltd., 29.426%, 11/17/33	Bermuda	35,583		1,126
c,d	Iliad Holding SAS, Senior Secured Note, 144A, 7%, 4/15/32	France	925,000		954,510
d	Zegona Finance plc, Senior Secured Note, 144A, 8.625%, 7/15/29	United Kingdom	1,100,000		1,170,094
					3,342,673
	Total Corporate Bonds (Cost $156,486,781)				157,048,563
h	Senior Floating Rate Interests 37.1%
i	Aerospace & Defense 0.3%
	Signia Aerospace LLC, First Lien, CME Term Loan, 6.571%, (3-month SOFR + 2.75%), 12/11/31	United States	279,471		280,849
	Vertex Aerospace Services Corp., First Lien, 2024 CME Term Loan, 5.966%, (1-month SOFR + 2.25%), 12/06/30	United States	534,380		538,140
					818,989
i	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	382,484		380,596

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	Air Freight & Logistics (continued)
	Rand Parent LLC, First Lien, CME Term Loan, B, 6.672%, (3-month SOFR + 3%), 3/18/30	United States	495,304		$497,402
					877,998
i	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	466,348		468,768
j	American Axle & Manufacturing, Inc., First Lien, Incremental CME Term Loan, C, 7.408%, (12-month SOFR + 3.25%), 2/24/32	United States	283,582		284,172
	Clarios Global LP, First Lien, Amendment No. 6 Dollar CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 1/28/32	United States	229,386		230,855
	DexKo Global, Inc., First Lien, 2023 Incremental CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 10/04/28	United States	232,105		231,061
	DexKo Global, Inc., First Lien, Closing Date Dollar CME Term Loan, 7.581%, (1-month SOFR + 3.75%), 10/04/28	United States	462,740		460,281
e	First Brands Group LLC, First Lien, 2021 CME Term Loan, PIK, 10.987%, (1-month SOFR + 7%), 3/30/27	United States	826,846		4,457
	First Brands Group LLC, First Lien, 2022-II Incremental CME Term Loan, 10.987%, (1-month SOFR + 7%), 3/30/27	United States	836,103		4,507
e	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	780,989		13,667
e	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	669,050		127,583
	Highline Aftermarket Acquisition LLC, First Lien, 2025-1 CME Term Loan, 7.322%, (3-month SOFR + 3.5%), 2/13/30	United States	22,556		22,655
					1,848,006
	Automobiles 0.4%
i	American Trailer World Corp., First Lien, CME Term Loan, B, 7.566%, (1-month SOFR + 3.75%), 3/03/28	United States	1,135,380		1,013,917
	Beverages 0.2%
i	Primo Brands Corp., First Lien, 2025 Refinancing CME Term Loan, 6.252%, (3-month SOFR + 2.25%), 3/31/28	United States	550,705		552,910
	Biotechnology 0.0%†
i	Genmab A/S, First Lien, Initial CME Term Loan, B, 6.733%, (3-month SOFR + 3%), 12/13/32	Denmark	74,361		74,802
i	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	384,152		323,168
	Peer Holding III BV, First Lien, CME Term Loan, B5B, 6.172%, (3-month SOFR + 2.5%), 7/01/31	Netherlands	338,173		340,039
					663,207
i	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	122,193		122,588
	Cornerstone Building Brands, Inc., First Lien, CME Term Loan, C, 8.25%, (1-month SOFR + 4.5%), 5/15/31	United States	597,911		427,007
j	Groundworks LLC, First Lien, Initial CME Term Loan, 6.732%, (1-month SOFR + 3%), 3/14/31	United States	131,868		132,692
	MIWD Holdco II LLC, First Lien, 2024 Incremental CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 3/28/31	United States	103,224		103,450

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	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	55,923		$56,343
					842,080
i	Capital Markets 1.4%
	Aretec Group, Inc., First Lien, CME Term Loan, B4, 6.716%, (1-month SOFR + 3%), 8/09/30	United States	740,254		744,022
	Ascensus Holdings, Inc., First Lien, 2024 CME Term Loan, B, 6.716%, (1-month SOFR + 3%), 11/25/32	United States	800,282		800,442
	Citadel Securities Global Holdings LLC, First Lien, 2024 CME Term Loan, 5.672%, (3-month SOFR + 2%), 10/31/31	United States	310,525		312,506
	Edelman Financial Engines Center LLC (The), First Lien, Initial CME Term Loan, 6.716%, (1-month SOFR + 3%), 4/07/28	United States	958,996		965,163
	GTCR Everest Borrower LLC, First Lien, 2025 CME Term Loan, 6.422%, (3-month SOFR + 2.75%), 9/05/31	United States	157,616		158,382
	Jane Street Group LLC, First Lien, Extended CME Term Loan, 5.822%, (3-month SOFR + 2%), 12/15/31	United States	523,807		522,005
	Nexus Buyer LLC, First Lien, Amendment No. 10 CME Term Loan, 7.716%, (1-month SOFR + 4%), 7/31/31	United States	140,776		139,926
					3,642,446
i	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	105,589		106,150
	Hexion Holdings Corp., Second Lien, Initial CME Term Loan, 11.254%, (1-month SOFR + 7.438%), 3/15/30	United States	98,495		95,849
	INEOS US Finance LLC, First Lien, 2030 Dollar CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 2/18/30	Luxembourg	312,840		254,672
	INEOS US Petrochem LLC, First Lien, New CME Term Loan, B1, 8.066%, (1-month SOFR + 4.25%), 4/02/29	United States	899,568		638,693
	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	895,048		896,887
	Nouryon Finance BV, First Lien, November 2024 Dollar CME Term Loan, B1, 7.036%, (3-month SOFR + 3.25%), 4/03/28	Netherlands	483,828		484,837
	Nouryon Finance BV, First Lien, November 2024 Dollar CME Term Loan, B2, 7.162%, (3-month SOFR + 3.25%), 4/03/28	Netherlands	268,001		268,587
	SCIH Salt Holdings, Inc., First Lien, CME Term Loan, B1, 6.522%, (3-month SOFR + 2.75%), 1/31/29	United States	1,359,945		1,364,269
	Vibrantz Technologies, Inc., First Lien, Initial CME Term Loan, 8.327%, (3-month SOFR + 4.25%), 4/23/29	United States	1,161,000		650,485
					4,760,429
i	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	877,077		882,695
	Madison IAQ LLC, First Lien, Initial CME Term Loan, 6.702%, (6-month SOFR + 2.5%), 6/21/28	United States	972,395		978,191
	Neptune Bidco US, Inc., First Lien, Dollar CME Term Loan, B, 9.012%, (3-month SOFR + 5%), 4/11/29	United States	304,147		301,448
	Pitney Bowes, Inc., First Lien, CME Term Loan, B, 7.422%, (3-month SOFR + 3.75%), 3/19/32	United States	1,091,648		1,087,216

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	Commercial Services & Supplies (continued)
	Spin Holdco, Inc., First Lien, Initial CME Term Loan, 8.022%,  (3-month SOFR + 4%), 3/06/28	United States	466,417		$362,056
					3,611,606
	Communications Equipment 0.2%
i	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	586,714		584,654
i	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	435,463		398,003
	Chromalloy Corp., First Lien, CME Term Loan, 7.226%, (3-month SOFR + 3.25%), 3/27/31	United States	332,789		335,155
	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	353,691		355,017
	Green Infrastructure Partners, Inc., First Lien, Initial CME Term Loan, 6.753%, (3-month SOFR + 2.75%), 9/24/32	United States	295,082		296,188
	Kodiak Building Partners, Inc., First Lien, CME Term Loan, B, 7.466%, (1-month SOFR + 3.75%), 12/04/31	United States	63,637		62,245
	Zekelman Industries, Inc., First Lien, 2024 CME Term Loan, 5.981%, (1-month SOFR + 2.25%), 1/24/31	United States	388,454		390,822
					1,837,430
i	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	450,168		451,273
	Shift4 Payments LLC, First Lien, Amendment No. 2 CME Term Loan, 6.172%, (3-month SOFR + 2.5%), 6/30/32	United States	98,828		99,528
					550,801
	Consumer Staples Distribution & Retail 0.0%†
i	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	69,204		69,665
	Containers & Packaging 1.6%
i,j	Bradyplus Holdings LLC, First Lien, Initial CME Term Loan, 7.19%, (3-month SOFR + 3.5%), 12/13/32	United States	400,000		396,416
i	Charter Next Generation, Inc., First Lien, 2024 Replacement CME Term Loan, 6.5%, (1-month SOFR + 2.75%), 11/29/30	United States	1,498,030		1,503,011
i	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	539,816		540,008
i,j	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	7,616		7,619
j,k	Klockner Pentaplast of America, Inc., First Lien, CME Term Loan, TBD, 11/01/32	Luxembourg	500,480		449,808
i	Klockner Pentaplast of America, Inc., First Lien, USD CME Term Loan, B, 9.044%, (6-month SOFR + 4.75%), 2/12/26	Luxembourg	1,569,501		274,663
i	Mauser Packaging Solutions Holding Co., First Lien, 2025 CME Term Loan, 7.232%, (1-month SOFR + 3.5%), 4/15/30	United States	670,000		658,416
i	ProAmpac PG Borrower LLC, First Lien, 2024 CME Term Loan, B, 7.894%, (3-month SOFR + 4%), 9/15/28	United States	540,546		542,343
					4,372,284

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	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	789,524		$782,615
	Gloves Buyer, Inc., First Lien, Initial CME Term Loan, 7.716%, (1-month SOFR + 4%), 5/21/32	United States	400,000		398,750
	Verde Purchaser LLC, First Lien, Second Refinancing CME Term Loan, 7.672%, (3-month SOFR + 4%), 11/30/30	United States	651,988		652,839
					1,834,204
i	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	773,666		777,325
	Mavis Tire Express Services Topco Corp., First Lien, 2025 Incremental CME Term Loan, 6.716%, (1-month SOFR + 3%), 5/04/28	United States	233,907		235,026
	Pre-Paid Legal Services, Inc., First Lien, Initial CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 12/07/28	United States	679,167		658,157
	Wand NewCo 3, Inc., First Lien, Initial CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 1/30/31	United States	97,151		97,364
					1,767,872
	Diversified Telecommunication Services 0.1%
i	Ensono, Inc., First Lien, Initial CME Term Loan, 7.831%, (1-month SOFR + 4%), 5/26/28	United States	257,244		257,496
	Electrical Equipment 0.2%
i	Indicor LLC, First Lien, Dollar CME Term Loan, D, 6.422%, (3-month SOFR + 2.75%), 11/22/29	United States	576,714		580,858
	Electronic Equipment, Instruments & Components 0.0%†
i,j	Project Aurora US Finco, Inc., First Lien, CME Term Loan, B2, 6.49%, (3-month SOFR + 2.75%), 9/30/32	United States	47,478		47,774
	Entertainment 0.2%
i	Playtika Holding Corp., First Lien, CME Term Loan, B1, 6.581%, (1-month SOFR + 2.75%), 3/13/28	United States	580,233		562,011
i	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	197,418		186,560
	Boost Newco Borrower LLC, First Lien, CME Term Loan, B2, 5.672%, (3-month SOFR + 2%), 1/31/31	United States	430,443		431,655
	First Eagle Holdings, Inc., First Lien, Initial CME Term Loan, 7.459%, (1-month SOFR + 3.5%), 8/16/32	United States	564,718		564,682
	Orion US Finco, Inc., First Lien, Initial CME Term Loan, 7.325%, (12-month SOFR + 3.5%), 10/08/32	United States	209,607		210,835
	Osaic Holdings, Inc., First Lien, Initial CME Term Loan, 6.595%, (6-month SOFR + 3%), 8/02/32	United States	203,485		204,572
	Priority Holdings LLC, First Lien, CME Term Loan, B, 7.466%, (1-month SOFR + 3.75%), 7/30/32	United States	365,374		359,985
	Speed Midco 3 SARL, First Lien, USD CME Term Loan, B, 6.288%, (6-month SOFR + 2.5%), 10/01/32	Luxembourg	204,678		205,766
					2,164,055
i	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	132,911		133,826

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	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	361,473		$357,677
					491,503
i	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	140,058		141,218
	First Student Bidco, Inc., First Lien, CME Term Loan, B, 6.172%, (3-month SOFR + 2.5%), 8/15/30	United States	694,329		697,540
	First Student Bidco, Inc., First Lien, CME Term Loan, C, 6.172%, (3-month SOFR + 2.5%), 8/15/30	United States	127,045		127,547
	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	1,277,623		1,268,679
e	LaserShip, Inc., First Lien, CME Term Loan, B1, PIK, 5.434%, (3-month SOFR + 1.5%), 8/10/29	United States	331,761		249,613
e	LaserShip, Inc., First Lien, CME Term Loan, D, PIK, 5.434%, (3-month SOFR + 1.5%), 8/10/29	United States	240,241		63,184
	Savage Enterprises LLC, First Lien, Amendment No. 7 CME Term Loan, 6.284%, (1-month SOFR + 2.5%), 8/05/32	United States	94,527		95,059
	Student Transportation of America Holdings, Inc., First Lien, CME Term Loan, B, 6.939%, (3-month SOFR + 3.25%), 6/24/32	United States	194,336		195,146
	WWEX Uni Topco Holdings LLC, First Lien, Initial CME Term Loan, 7.672%, (3-month SOFR + 4%), 7/26/28	United States	592,288		595,726
					3,433,712
i	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	488,750		489,972
	Bausch + Lomb Corp., First Lien, Third Amendment CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 1/15/31	United States	167,394		169,361
	Medline Borrower LP, First Lien, 2030 Refinancing CME Term Loan, 5.466%, (1-month SOFR + 1.75%), 10/23/30	United States	332,009		333,617
					992,950
i	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	743,975		706,081
	ADMI Corp., First Lien, CME Term Loan, B5, 9.466%, (1-month SOFR + 5.75%), 12/23/27	United States	127,273		122,373
	Charlotte Buyer, Inc., First Lien, Second Refinancing CME Term Loan, 8.011%, (1-month SOFR + 4.25%), 2/11/28	United States	1,119,175		1,101,335
	CNT Holdings I Corp., First Lien, 2025 Replacement CME Term Loan, 6.34%, (3-month SOFR + 2.5%), 11/08/32	United States	143,940		144,443
	Global Medical Response, Inc., First Lien, Initial CME Term Loan, 7.384%, (3-month SOFR + 3.5%), 10/01/32	United States	124,224		125,146
	LifePoint Health, Inc., First Lien, 2024-2 Refinancing CME Term Loan, 7.335%, (1-month SOFR + 3.5%), 5/19/31	United States	397,852		398,930
	LifePoint Health, Inc., First Lien, CME Term Loan, B1, 7.655%, (3-month SOFR + 3.75%), 5/19/31	United States	220,930		221,902
	Medical Solutions Holdings, Inc., First Lien, CME Term Loan, 7.44%, (3-month SOFR + 3.5%), 11/01/28	United States	567,481		132,728
	MPH Acquisition Holdings LLC, First Lien, Exchange First Out CME Term Loan, 7.59%, (3-month SOFR + 3.75%), 12/31/30	United States	66,213		66,477
	MPH Acquisition Holdings LLC, First Lien, Second Out CME Term Loan, 8.702%, (3-month SOFR + 4.6%), 12/31/30	United States	548,866		517,307

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	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	524,387		$527,025
	Paradigm Parent LLC, First Lien, Initial CME Term Loan, 8.172%, (3-month SOFR + 4.5%), 4/16/32	United States	306,923		271,100
	PAREXEL International, Inc., First Lien, Seventh Amendment CME Term Loan, 6.466%, (1-month SOFR + 2.75%), 12/12/31	United States	257,153		258,332
	Pathway Vet Alliance LLC, First Lien, CME Term Loan, A, 8.84%, (3-month SOFR + 5%), 6/30/28	United States	196,885		198,731
e	Pathway Vet Alliance LLC, First Lien, CME Term Loan, B, PIK, 8.84%, (3-month SOFR + 5%), 6/30/28	United States	629,861		451,138
	Radiology Partners, Inc., First Lien, CME Term Loan, B, 8.502%, (3-month SOFR + 4.5%), 6/30/32	United States	498,750		498,478
	Star Parent, Inc., First Lien, CME Term Loan, 7.672%, (3-month SOFR + 4%), 9/27/30	United States	458,500		459,557
	US Anesthesia Partners, Inc., First Lien, Initial CME Term Loan, 7.987%, (1-month SOFR + 4%), 10/02/28	United States	632,963		636,770
j	US Fertility Enterprises LLC, First Lien, CME Term Loan, 7.292%, (12-month SOFR + 3.75%), 12/10/32	United States	173,684		174,553
					7,012,406
i	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	1,723,508		1,728,895
	Cotiviti, Inc., First Lien, New CME Term Loan, B, 6.623%, (1-month SOFR + 2.75%), 5/01/31	United States	842,196		811,317
					2,540,212
i	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	243,750		242,470
	Fertitta Entertainment LLC, First Lien, Initial CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 1/29/29	United States	658,635		659,234
	Flynn Restaurant Group LP, First Lien, 2025 CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 1/28/32	United States	920,604		925,451
	Golden State Foods LLC, First Lien, Initial CME Term Loan, 8.002%, (3-month SOFR + 4%), 12/04/31	United States	195,768		197,236
	Great Canadian Gaming Corp., First Lien, CME Term Loan, B, 8.445%, (3-month SOFR + 4.75%), 11/01/29	Canada	395,350		389,667
	Hilton Grand Vacations Borrower LLC, First Lien, Initial CME Term Loan, 5.716%, (1-month SOFR + 2%), 8/02/28	United States	445,165		446,946
	IRB Holding Corp., First Lien, 2025 Replacement CME Term Loan, B, 6.216%, (1-month SOFR + 2.5%), 12/16/30	United States	343,048		344,235
	Light & Wonder International, Inc., First Lien, CME Term Loan, B2, 5.986%, (1-month SOFR + 2.25%), 4/16/29	United States	157,949		158,788
	Ontario Gaming GTA LP, First Lien, CME Term Loan, B, 8.24%, (3-month SOFR + 4.25%), 8/01/30	Canada	416,668		386,608
	Penn Entertainment, Inc., First Lien, CME Term Loan, B, 6.216%, (1-month SOFR + 2.5%), 5/03/29	United States	106,358		107,109
	Scientific Games Holdings LP, First Lien, 2024 Refinancing Dollar CME Term Loan, 6.934%, (3-month SOFR + 3%), 4/04/29	United States	888,330		873,899
					4,731,643
i	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	1,199,286		1,203,280

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	Household Durables (continued)
	Hunter Douglas, Inc., First Lien, CME Term Loan, B1, 6.672%, (3-month SOFR + 3%), 1/16/32	Netherlands	264,567		$266,362
					1,469,642
	Household Products 0.1%
i,j	Lavender Dutch BorrowerCo BV, First Lien, CME Term Loan, B, 7.009%, (12-month SOFR + 3.25%), 12/02/32	Netherlands	272,340		274,893
	Independent Power and Renewable Electricity Producers 0.1%
i	Talen Energy Supply LLC, First Lien, Initial CME Term Loan, B, 6.353%, (3-month SOFR + 2.5%), 5/17/30	United States	205,054		206,144
i	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	290,511		291,237
	Acrisure LLC, First Lien, CME Term Loan, B6, 6.716%, (1-month SOFR + 3%), 11/06/30	United States	1,105,159		1,105,679
	Alliant Holdings Intermediate LLC, First Lien, Initial CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 9/19/31	United States	945,607		948,808
	Asurion LLC, First Lien, New CME Term Loan, B10, 7.816%, (1-month SOFR + 4%), 8/21/28	United States	387,000		387,921
	Asurion LLC, Second Lien, New CME Term Loan, B3, 9.081%, (1-month SOFR + 5.25%), 1/31/28	United States	32,665		32,609
	Asurion LLC, Second Lien, New CME Term Loan, B4, 9.081%, (1-month SOFR + 5.25%), 1/19/29	United States	1,085,259		1,068,828
	Broadstreet Partners Group LLC, First Lien, 2024 CME Term Loan, B, 6.466%, (1-month SOFR + 2.75%), 6/16/31	United States	216,252		217,216
	CRC Insurance Group LLC, First Lien, CME Term Loan, B, 6.422%, (3-month SOFR + 2.75%), 5/06/31	United States	113,782		114,114
j	Jones DesLauriers Insurance Management, Inc., First Lien, CME Term Loan, 6.542%, (12-month SOFR + 3%), 12/09/32	Canada	285,714		286,428
	OneDigital Borrower LLC, First Lien, 2025 Refinancing CME Term Loan, 6.716%, (1-month SOFR + 3%), 7/02/31	United States	32,409		32,531
	Sedgwick Claims Management Services, Inc., First Lien, 2024 CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 7/31/31	United States	1,260,391		1,265,779
					5,751,150
	IT Services 2.0%
i	Barracuda Networks, Inc., First Lien, Initial CME Term Loan, 8.34%, (3-month SOFR + 4.5%), 8/15/29	United States	413,877		338,798
e	Diamond Sports Net LLC, First Lien, Exit Term Loan, PIK, 15%, 1/03/28	United States	35,513		13,926
i	Fortress Intermediate 3, Inc., First Lien, CME Term Loan, B, 6.784%, (1-month SOFR + 3%), 6/27/31	United States	524,841		525,993
i	Gainwell Acquisition Corp., First Lien, CME Term Loan, B, 7.772%, (3-month SOFR + 4%), 10/01/27	United States	610,696		601,077
i	Indy US Holdco LLC, First Lien, Thirteenth Amendment Refinancing CME Term Loan, 6.416%, (1-month SOFR + 2.5%), 10/31/30	United States	577,518		579,124
i	Kaseya, Inc., First Lien, Initial CME Term Loan, 6.716%, (1-month SOFR + 3%), 3/22/32	United States	592,951		594,173
i	MH Sub I LLC (Micro Holding Corp.), First Lien, CME Term Loan, 8.252%, (3-month SOFR + 4.25%), 5/03/28	United States	636,157		593,376
i	MH Sub I LLC, First Lien, 2024 December New CME Term Loan, 7.966%, (1-month SOFR + 4.25%), 12/31/31	United States	430,595		370,514
i	Peraton Corp., First Lien, CME Term Loan, B, 7.69%, (3-month SOFR + 3.75%), 2/01/28	United States	1,391,918		1,294,734

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
	IT Services (continued)
i	Plano HoldCo, Inc., First Lien, Closing Date CME Term Loan, 7.172%, (3-month SOFR + 3.5%), 10/02/31	United States	330,833		$321,735
					5,233,450
	Leisure Products 0.1%
i	GBT US III LLC, First Lien, CME Term Loan, B1, 6.358%, (3-month SOFR + 2.5%), 7/25/31	United States	137,119		137,757
	Machinery 0.3%
i	TK Elevator Midco GmbH, First Lien, CME Term Loan, B1, 6.947%, (6-month SOFR + 2.75%), 4/30/30	Germany	683,658		688,687
i	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	833,245		837,652
	Gray Media, Inc., First Lien, CME Term Loan, D, 6.987%, (1-month SOFR + 3%), 12/01/28	United States	155,756		156,146
	McGraw-Hill Education, Inc., First Lien, CME Term Loan, B, 6.466%, (1-month SOFR + 2.75%), 8/06/31	United States	292,812		295,663
	Univision Communications, Inc., First Lien, 2024 Replacement CME Term Loan, 7.416%, (1-month SOFR + 3.5%), 1/23/29	United States	689,500		688,962
	Univision Communications, Inc., First Lien, Initial CME Term Loan, 7.081%, (1-month SOFR + 3.25%), 1/31/29	United States	329,552		327,698
	Virgin Media Bristol LLC, First Lien, Advance CME Term Loan, Q, 7.115%, (1-month SOFR + 3.25%), 1/31/29	United States	762,949		765,334
					3,071,455
	Oil, Gas & Consumable Fuels 0.2%
i	Apro LLC, First Lien, Initial CME Term Loan, 7.677%, (3-month SOFR + 3.75%), 7/09/31	United States	397,985		400,472
	Paper & Forest Products 0.2%
i	Magnera Corp., First Lien, CME Term Loan, 8.072%, (3-month SOFR + 4.25%), 11/04/31	United States	539,675		537,203
i	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	96,290		96,893
	AAdvantage Loyalty IP Ltd., First Lien, CME Term Loan, 6.134%, (3-month SOFR + 2.25%), 4/20/28	United States	468,331		470,028
	American Airlines, Inc., First Lien, Initial CME Term Loan, 6.258%, (6-month SOFR + 2.25%), 6/04/29	United States	784,000		786,085
	United Airlines, Inc., First Lien, CME Term Loan, B, 5.732%, (1-month SOFR + 2%), 2/24/31	United States	494,706		497,645
	WestJet Loyalty LP, First Lien, Initial CME Term Loan, 6.922%, (3-month SOFR + 3.25%), 2/14/31	Canada	1,183,822		1,190,665
					3,041,316
i	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	644,870		339,363
	Knowlton Development Corp., Inc., First Lien, Dollar CME Term Loan, 7.216%, (1-month SOFR + 3.5%), 8/15/28	Canada	88,235		87,243
	OPAL US LLC, First Lien, CME Term Loan, B4, 6.686%, (3-month SOFR + 3%), 4/28/32	United States	698,250		703,487
					1,130,093

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	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	514,579		$511,234
	Grifols Worldwide Operations USA, Inc., First Lien, CME Term  Loan, B, 5.922%, (3-month SOFR + 2%), 11/15/27	Spain	340,419		340,773
	Southern Veterinary Partners LLC, First Lien, 2025 New CME  Term Loan, 6.365%, (3-month SOFR + 2.5%), 12/04/31	United States	171,553		171,538
					1,023,545
i	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	557,467		560,667
	CoreLogic, Inc., First Lien, Initial CME Term Loan, 7.331%,  (1-month SOFR + 3.5%), 6/02/28	United States	589,736		591,074
	Ensemble RCM LLC, First Lien, CME Term Loan, B, 6.84%, (3-month SOFR + 3%), 8/01/29	United States	70,053		70,479
	Ingenovis Health, Inc., First Lien, Initial CME Term Loan, 8.334%, (1-month SOFR + 4.25%), 3/06/28	United States	763,211		224,193
	Soliant Lower Intermediate LLC, First Lien, Initial CME Term Loan, 7.794%, (6-month SOFR + 3.75%), 7/18/31	United States	558,405		455,100
					1,901,513
	Real Estate Management & Development 0.0%†
i	Greystar Real Estate Partners LLC, First Lien, CME Term Loan, B3, 6.322%, (3-month SOFR + 2.5%), 8/21/30	United States	123,561		124,333
	Semiconductors & Semiconductor Equipment 0.2%
i	MKS, Inc., First Lien, 2025-1 Dollar CME Term Loan, B, 5.716%, (1-month SOFR + 2%), 8/17/29	United States	596,589		600,443
i	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	992,500		991,086
	Central Parent LLC, First Lien, 2024 Refinancing CME Term Loan, 7.252%, (3-month SOFR + 3.25%), 7/06/29	United States	1,238,532		1,053,111
	Cloud Software Group, Inc., First Lien, Incremental CME Term Loan, B, 6.922%, (3-month SOFR + 3.25%), 3/21/31	United States	465,240		466,366
	Cloudera, Inc., First Lien, Initial CME Term Loan, 7.566%, (1-month SOFR + 3.75%), 10/09/28	United States	463,781		445,592
	Clover Holdings 2 LLC, First Lien, Initial CME Term Loan, 7.522%, (1-month SOFR + 3.75%), 12/09/31	United States	315,123		315,762
	ConnectWise LLC, First Lien, Initial CME Term Loan, 7.763%, (3-month SOFR + 3.5%), 9/29/28	United States	261,072		256,994
j	Dawn Bidco LLC, First Lien, CME Term Loan, 7.259%, (12-month SOFR + 3.5%), 8/20/32	United States	1,000,000		998,220
	ECI Macola/Max Holding LLC, First Lien, 2025 Repricing CME Term Loan, 6.752%, (3-month SOFR + 2.75%), 5/09/30	United States	604,927		608,756
	Epicor Software Corp., First Lien, CME Term Loan, E, 6.216%, (1-month SOFR + 2.5%), 5/30/31	United States	1,236,132		1,241,571
	Genesys Cloud Services, Inc., First Lien, 2025 Dollar CME Term Loan, 6.216%, (1-month SOFR + 2.5%), 1/30/32	United States	1,289,920		1,288,914
	IGT Holding IV AB, First Lien, CME Term Loan, B8, 6.672%, (3-month SOFR + 3%), 9/02/31	Sweden	509,570		513,391
	Imprivata, Inc., First Lien, 2025 Refinancing CME Term Loan, 6.672%, (3-month SOFR + 3%), 12/01/27	United States	285,084		286,711
	KnowBe4, Inc., First Lien, CME Term Loan, 7.59%, (3-month SOFR + 3.75%), 7/23/32	United States	187,500		187,852

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
i	Software (continued)
	McAfee Corp., First Lien, CME Term Loan, B1, 6.716%, (1-month SOFR + 3%), 3/01/29	United States	1,232,555		$1,141,513
	Mermaid Bidco, Inc., First Lien, USD CME Term Loan, B, 7.151%, (3-month SOFR + 3.25%), 7/03/31	United States	66,037		66,367
	Oceankey US II Corp., First Lien, Initial CME Term Loan, 7.316%, (1-month SOFR + 3.5%), 12/15/28	United States	296,915		293,265
	Polaris Newco LLC, First Lien, Dollar CME Term Loan, 7.852%, (3-month SOFR + 3.75%), 6/02/28	United States	598,118		578,159
	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	812,447		812,098
	Project Boost Purchaser LLC, First Lien, Initial CME Term Loan, 6.422%, (3-month SOFR + 2.75%), 7/16/31	United States	351,712		352,987
	Proofpoint, Inc., First Lien, 2024 Refinancing CME Term Loan, 6.916%, (1-month SOFR + 3%), 8/31/28	United States	450,062		453,124
	Rocket Software, Inc., First Lien, CME Term Loan, 7.466%, (1-month SOFR + 3.75%), 11/28/28	United States	599,593		600,217
	Sovos Compliance LLC, First Lien, Amendment No. 3 Replacement CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 8/13/29	United States	611,540		614,075
	UKG, Inc., First Lien, Initial CME Term Loan, 6.338%, (3-month SOFR + 2.5%), 2/10/31	United States	640,824		642,237
	Zelis Payments Buyer, Inc., First Lien, Amendment No. 5 CME Term Loan, 6.966%, (1-month SOFR + 3.25%), 11/26/31	United States	465,101		462,194
					14,670,562
i	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	101,276		101,458
	Evergreen Acqco 1 LP, First Lien, Initial CME Term Loan, 6.701%, (3-month SOFR + 3%), 9/17/32	United States	362,725		364,947
b,e	GNC Holdings, Inc., Second Lien, CME Term Loan, PIK, 10.016%, (1-month SOFR + 6%), 10/07/26	United States	110,102		82,577
	Great Outdoors Group LLC, First Lien, CME Term Loan, B, 6.966%, (1-month SOFR + 3.25%), 1/23/32	United States	814,923		820,730
	Michaels Cos., Inc. (The), First Lien, CME Term Loan, B, 8.184%, (3-month SOFR + 4.25%), 4/17/28	United States	974,580		944,699
	Petco Health & Wellness Co., Inc., First Lien, Initial CME Term Loan, 7.184%, (3-month SOFR + 3.25%), 3/03/28	United States	484,328		480,183
j	PetSmart LLC, First Lien, Initial CME Term Loan, 7.734%, (1-month SOFR + 4%), 8/18/32	United States	400,000		398,876
	RealTruck Group, Inc., First Lien, Initial CME Term Loan, 7.581%, (1-month SOFR + 3.75%), 1/31/28	United States	777,734		602,744
	White Cap Supply Holdings LLC, First Lien, CME Term Loan, C, 6.966%, (1-month SOFR + 3.25%), 10/19/29	United States	670,045		673,532
					4,469,746
i	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	30,329		30,613
	Flash Charm, Inc., First Lien, CME Term Loan, B2, 7.354%, (3-month SOFR + 3.5%), 3/02/28	United States	1,313,347		1,228,892
	Varsity Brands, Inc., First Lien, 2025-2 Replacement CME Term Loan, 6.983%, (12-month SOFR + 3%), 8/26/31	United States	446,474		448,637
					1,708,142

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
h	Senior Floating Rate Interests (continued)
	Trading Companies & Distributors 0.0%†
i	QXO Building Products, Inc., First Lien, CME Term Loan, B, 5.716%, (1-month SOFR + 2%), 4/30/32	United States	35,979		$36,149
	Water Utilities 0.0%†
i	Deep Blue Operating I LLC, First Lien, Initial CME Term Loan, 6.593%, (1-month SOFR + 2.75%), 10/01/32	United States	119,332		119,903
	Wireless Telecommunication Services 0.0%†
i	Crown Subsea Communications Holding, Inc., First Lien, 2025 CME Term Loan, 7.216%, (1-month SOFR + 3.5%), 1/30/31	United States	128,019		129,171
	Total Senior Floating Rate Interests (Cost $106,685,136)				99,263,689
l	Marketplace Loans 17.9%
b	Financial Services 17.9%
	Total Marketplace Loans (Cost $54,200,161)				47,946,434
	Asset-Backed Securities 4.8%
	Capital Markets 0.0%†
c,i	Merrill Lynch Mortgage Investors Trust, 2003-OPT1, B2, FRN, 7.971%, (1-month SOFR + 4.239%), 7/25/34	United States	33,301		21,172
	Financial Services 4.8%
c,d,i	BlueMountain CLO XXVI Ltd., 2019-26A, CR, 144A, FRN, 6.346%, (3-month SOFR + 2.462%), 10/20/34	United States	2,000,000		2,010,474
d,i	BlueMountain CLO XXXI Ltd., 2021-31A, D, 144A, FRN, 7.146%, (3-month SOFR + 3.262%), 4/19/34	United States	1,000,000		1,002,699
d,i	Carlyle US CLO Ltd.,
	2017-2A, D1R2, 144A, FRN, 7.434%, (3-month SOFR + 3.55%), 7/20/37	United States	2,000,000		2,015,446
	2019-1A, BR2, 144A, FRN, 5.484%, (3-month SOFR + 1.6%), 4/20/31	United States	1,500,000		1,505,438
c,i	Morgan Stanley ABS Capital I, Inc. Trust 2003-NC10, B1, FRN, 8.796%, (1-month SOFR + 5.064%), 10/25/33	United States	106,161		132,748
c,d,i	Octagon Investment Partners XXII Ltd., 2014-1A, CRR, 144A, FRN, 6.019%, (3-month SOFR + 2.162%), 1/22/30	United States	6,050,000		6,091,368
c,i	Structured Asset Investment Loan Trust, 2003-BC2, M3, FRN, 8.721%, (1-month SOFR + 4.989%), 4/25/33	United States	13,987		17,835
					12,776,008
	Total Asset-Backed Securities (Cost $12,576,528)				12,797,180
	Mortgage-Backed Securities 21.1%
	Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 4.0%
c	FHLMC Gold Pool, 20 Year, 6.5%, 8/01/27	United States	8,188		8,505
c	FHLMC Gold Pool, 30 Year, 3.5%, 3/01/45	United States	7,428		7,067
c	FHLMC Gold Pool, 30 Year, 3.5%, 12/01/48	United States	1,359,426		1,277,157
c	FHLMC Gold Pool, 30 Year, 4%, 5/01/48	United States	947,835		919,865
c	FHLMC Gold Pool, 30 Year, 6%, 7/01/28 - 11/01/36	United States	130,850		136,679
c	FHLMC Gold Pool, 30 Year, 6.5%, 3/01/38	United States	4,217		4,444
c	FHLMC Gold Pool, 30 Year, 7%, 9/01/27	United States	3,603		3,788
c	FHLMC Gold Pool, 30 Year, 8.5%, 7/01/31	United States	19,677		20,814
	FHLMC Pool, 30 Year, 5%, 12/01/54	United States	8,275,710		8,262,465
					10,640,784

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Principal Amount*		Value
	Mortgage-Backed Securities (continued)
m	Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%†
	FNMA, 5.665%, (6-month Refinitiv USD IBOR Consumer Cash Fallbacks +/- MBS Margin), 6/01/32	United States	5,949		$6,017
	Federal National Mortgage Association (FNMA) Fixed Rate 10.0%
	FNMA, 3.5%, 7/01/56	United States	324,085		299,421
c	FNMA, 15 Year, 2%, 9/01/35	United States	603,567		560,644
c	FNMA, 15 Year, 3%, 8/01/27	United States	723		715
c	FNMA, 20 Year, 4.5%, 9/01/29	United States	5,465		5,482
c	FNMA, 30 Year, 3%, 10/01/50	United States	2,089,938		1,856,155
c	FNMA, 30 Year, 3.5%, 1/01/45 - 6/01/45	United States	335,192		319,144
c	FNMA, 30 Year, 4%, 10/01/47	United States	1,445,852		1,398,702
c	FNMA, 30 Year, 4%, 11/01/44 - 1/01/48	United States	442,907		428,729
c	FNMA, 30 Year, 4.5%, 3/01/44	United States	558		557
c	FNMA, 30 Year, 5%, 5/01/38 - 7/01/39	United States	95,842		98,422
c	FNMA, 30 Year, 5.5%, 6/01/37	United States	96,000		100,340
c	FNMA, 30 Year, 5.5%, 3/01/54	United States	7,214,476		7,325,324
	FNMA, 30 Year, 5.5%, 12/01/55	United States	7,902,124		8,016,853
c	FNMA, 30 Year, 6%, 4/01/33 - 6/01/38	United States	209,325		220,589
c	FNMA, 30 Year, 6.5%, 8/01/32	United States	26,152		27,471
n	Uniform Mortgage-Backed Securities, 5.5%, TBA, 1/25/56	United States	3,010,000		3,052,558
n	Uniform Mortgage-Backed Securities, 6%, TBA, 1/25/56	United States	2,950,000		3,029,307
					26,740,413
	Government National Mortgage Association (GNMA) Fixed Rate 7.1%
c	GNMA I, Single-family, 30 Year, 6.5%, 6/15/31 - 12/15/33	United States	109,555		112,126
c	GNMA II, Single-family, 30 Year, 3.5%, 12/20/49	United States	548,386		503,976
n	GNMA II, Single-family, 30 Year, 5.5%, 1/15/56	United States	9,220,000		9,310,841
n	GNMA II, Single-family, 30 Year, 6%, 1/15/56	United States	9,060,000		9,233,768
c	GNMA II, Single-family, 30 Year, 7%, 1/20/29	United States	2,521		2,593
c	GNMA II, Single-family, 30 Year, 8%, 1/20/28 - 10/20/31	United States	16,529		17,196
					19,180,500
	Total Mortgage-Backed Securities (Cost $57,163,973)				56,567,714
	Municipal Bonds 0.1%
	Arizona 0.1%
d	Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, Revenue, 144A, 2024, 7.375%, 10/01/29	United States	375,000		393,548
	Total Municipal Bonds (Cost $376,887)				393,548
			Shares
	Escrows and Litigation Trusts 0.0%
a,b	Endo GUC Trust, Escrow Account	United States	82,310		—
	Total Escrows and Litigation Trusts (Cost $–)				—
	Total Long Term Investments (Cost $390,085,463)				374,850,292

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

		Country	Shares		Value
	Short Term Investments 2.7%
	Money Market Funds 2.7%
o,p	Franklin Institutional U.S. Government Money Market Fund, 3.681%	United States	7,161,789		$7,161,789
	Total Money Market Funds (Cost $7,161,789)				7,161,789
	Total Short Term Investments (Cost $7,161,789)				7,161,789
	Total Investments (Cost $397,247,252) 142.7%				$382,012,081
q	Credit Facility (36.4)%				(97,500,000)
	Other Assets, less Liabilities (6.3)%				(16,851,373)
	Net Assets 100.0%				$267,660,708

See Abbreviations on page 141.

^* The principal amount is stated in U.S. dollars unless otherwise indicated.

^† Rounds to less than 0.1% of net assets.

^a Non-income producing.

^b Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements.

^c A portion or all of the security is pledged as collateral in connection with the Fund’s credit facility.

^d 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.

^e Income may be received in additional securities and/or cash.

^f Defaulted security or security for which income has been deemed uncollectible. See Note 8.

^g The rate shown represents the yield at period end.

^h See Note 1(e) regarding senior floating rate interests.

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

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

^kA 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.

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

^mAdjustable 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).

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

^o See Note 5(c) regarding investments in affiliated management investment companies.

^p The rate shown is the annualized seven-day effective yield at period end.

^q See Note 3 regarding credit facility.

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

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FRANKLIN LIMITED DURATION INCOME TRUST

Schedule of Investments, 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		Principal Amount				Value
Marketplace Loans - 17.9%
Block, Inc.
a8038800.SQ.FTS.B, 4.78%, 1/30/26		$	3,485			$	2,652
a8040045.SQ.FTS.B, 5.913%, 1/30/26			11,144				6,537
a8042105.SQ.FTS.B, 4.78%, 1/31/26			1,832				1,247
a,b8042594.SQ.FTS.B, 6.474%, 1/31/26			872				428
a,b8049012.SQ.FTS.B, 4.755%, 2/01/26			3,551				61
a8048746.SQ.FTS.B, 5.103%, 2/01/26			1,732				1,184
a,b8049065.SQ.FTS.B, 5.346%, 2/01/26			32,690				703
a,b8048279.SQ.FTS.B, 5.438%, 2/01/26			9,406				218
a8052570.SQ.FTS.B, 4.79%, 2/02/26			277				238
a8051096.SQ.FTS.B, 5.515%, 2/02/26			628				432
a,b8051409.SQ.FTS.B, 5.909%, 2/02/26			1,697				49
a8052229.SQ.FTS.B, 5.915%, 2/02/26			1,288				855
a,b8054235.SQ.FTS.B, 4.757%, 2/03/26			3,049				48
a,b8054545.SQ.FTS.B, 5.918%, 2/03/26			2,066				48
a8056029.SQ.FTS.B, 4.783%, 2/04/26			2,037				1,414
a,b8059935.SQ.FTS.B, 4.779%, 2/05/26			17,163				407
a8059674.SQ.FTS.B, 5.913%, 2/05/26			1,555				1,018
a,b8059635.SQ.FTS.B, 6.167%, 2/05/26			2,858				59
a,b8059274.SQ.FTS.B, 6.177%, 2/05/26			1,409				31
a8061233.SQ.FTS.B, 4.776%, 2/06/26			1,298				1,044
a8060903.SQ.FTS.B, 5.343%, 2/06/26			1,432				892
a,b8062268.SQ.FTS.B, 5.448%, 2/06/26			697				13
a8063350.SQ.FTS.B, 5.909%, 2/06/26			4,316				2,372
a8064329.SQ.FTS.B, 4.78%, 2/07/26			2,950				2,512
a8070242.SQ.FTS.B, 4.78%, 2/08/26			1,640				1,362
a8071615.SQ.FTS.B, 6.459%, 2/08/26			215				132
a8072915.SQ.FTS.B, 5.541%, 2/09/26			1,644				1,074
a8076049.SQ.FTS.B, 5.095%, 2/10/26			429				382
a8077025.SQ.FTS.B, 5.725%, 2/11/26			3,466				2,451
a8078030.SQ.FTS.B, 5.916%, 2/12/26			3,268				1,814
a,b8078475.SQ.FTS.B, 6.46%, 2/12/26			1,352				29
a,b8084325.SQ.FTS.B, 5.096%, 2/13/26			3,749				1,862
a,b8083556.SQ.FTS.B, 5.723%, 2/13/26			28,734				715
a,b8083380.SQ.FTS.B, 6.163%, 2/13/26			1,684				1,148
a,b8084098.SQ.FTS.B, 6.172%, 2/13/26			1,497				841
a,b8087986.SQ.FTS.B, 4.753%, 2/14/26			3,035				64
a8085028.SQ.FTS.B, 4.778%, 2/14/26			6,755				4,964
a8085688.SQ.FTS.B, 4.778%, 2/14/26			1,667				1,390
a8086140.SQ.FTS.B, 5.083%, 2/14/26			1,103				681
a8087076.SQ.FTS.B, 6.167%, 2/14/26			3,074				1,979
a,b8090252.SQ.FTS.B, 4.747%, 2/15/26			434				10
a8090392.SQ.FTS.B, 5.094%, 2/15/26			5,573				4,347
a,b8091452.SQ.FTS.B, 5.908%, 2/15/26			6,428				102
a8091224.SQ.FTS.B, 5.914%, 2/15/26			2,288				1,524

Description		Principal Amount				Value
Block, Inc. (continued)
a8090129.SQ.FTS.B, 6.165%, 2/15/26		$	972			$	636
a,b8095193.SQ.FTS.B, 5.082%, 2/16/26			1,147				41
a,b8096997.SQ.FTS.B, 4.749%, 2/17/26			2,909				47
a,b8097872.SQ.FTS.B, 6.158%, 2/18/26			98				75
a8101986.SQ.FTS.B, 5.343%, 2/19/26			1,311				930
a,b8101882.SQ.FTS.B, 6.161%, 2/19/26			10,769				104
a,b8102147.SQ.FTS.B, 6.171%, 2/19/26			792				20
a8103124.SQ.FTS.B, 6.289%, 2/20/26			2,871				1,688
a8114447.SQ.FTS.B, 4.746%, 2/22/26			156				107
a,b8114935.SQ.FTS.B, 6.414%, 2/22/26			3,564				52
a8117795.SQ.FTS.B, 4.778%, 2/23/26			1,599				1,353
a8116917.SQ.FTS.B, 6.328%, 2/23/26			2,511				1,529
a8115844.SQ.FTS.B, 6.352%, 2/23/26			36				26
a8118325.SQ.FTS.B, 6.423%, 2/23/26			668				426
a,b8119531.SQ.FTS.B, 5.406%, 2/24/26			3,034				1,641
a8119314.SQ.FTS.B, 6.139%, 2/24/26			486				347
a8119683.SQ.FTS.B, 4.792%, 2/25/26			125				118
a8122643.SQ.FTS.B, 4.781%, 2/26/26			2,763				1,564
a8127364.SQ.FTS.B, 5.911%, 2/27/26			7,049				4,707
a8131129.SQ.FTS.B, 4.767%, 2/28/26			1,292				737
a8136318.SQ.FTS.B, 4.791%, 2/28/26			469				406
a,b8131001.SQ.FTS.B, 5.101%, 2/28/26			763				652
a8138282.SQ.FTS.B, 5.113%, 2/28/26			31,045				20,931
a,b8143305.SQ.FTS.B, 5.408%, 2/28/26			4,010				1,734
a,b8129955.SQ.FTS.B, 5.643%, 2/28/26			194				4
a8143370.SQ.FTS.B, 6.422%, 2/28/26			5,330				2,973
a8135171.SQ.FTS.B, 6.544%, 2/28/26			1,046				633
a8128195.SQ.FTS.B, 6.551%, 2/28/26			2,570				1,632
a,b8137699.SQ.FTS.B, 6.65%, 2/28/26			1,030				22
a8145071.SQ.FTS.B, 4.99%, 3/02/26			193				112
a,b8145418.SQ.FTS.B, 5.636%, 3/02/26			12,225				241
a,b8144863.SQ.FTS.B, 6.159%, 3/02/26			1,376				52
a,b8146232.SQ.FTS.B, 4.781%, 3/03/26			23,828				13,122
a,b8150361.SQ.FTS.B, 4.78%, 3/04/26			24,110				692
a8151363.SQ.FTS.B, 4.786%, 3/04/26			78				77
a,b8155739.SQ.FTS.B, 4.955%, 3/05/26			11,144				167
a,b8157489.SQ.FTS.B, 6.418%, 3/05/26			1,783				1,187
a8160380.SQ.FTS.B, 4.779%, 3/06/26			2,913				2,492
a8160800.SQ.FTS.B, 5.097%, 3/06/26			2,112				1,478
a8162728.SQ.FTS.B, 6.55%, 3/07/26			261				137
a8164437.SQ.FTS.B, 6.289%, 3/09/26			170				96
a,b8167768.SQ.FTS.B, 5.625%, 3/10/26			832				23
a,b8169094.SQ.FTS.B, 5.66%, 3/10/26			2,540				58
a,b8170418.SQ.FTS.B, 5.66%, 3/10/26			3,677				58

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8171795.SQ.FTS.B, 5.112%, 3/11/26		$	2,477			$	2,112
a8174278.SQ.FTS.B, 5.117%, 3/11/26			1,823				1,019
a,b8173171.SQ.FTS.B, 6.325%, 3/11/26			9,578				149
a,b8174746.SQ.FTS.B, 6.328%, 3/11/26			20,312				319
a8178775.SQ.FTS.B, 4.78%, 3/12/26			2,154				2,078
a8179202.SQ.FTS.B, 6.142%, 3/12/26			416				359
a8178625.SQ.FTS.B, 6.655%, 3/12/26			260				156
a8183617.SQ.FTS.B, 4.956%, 3/13/26			10				7
a8181653.SQ.FTS.B, 5.635%, 3/13/26			471				265
a8182398.SQ.FTS.B, 5.911%, 3/13/26			7,528				6,168
a8181805.SQ.FTS.B, 6.414%, 3/13/26			2,325				1,457
a8184756.SQ.FTS.B, 4.78%, 3/14/26			1,061				610
a,b8184697.SQ.FTS.B, 5.637%, 3/14/26			2,932				35
a8188774.SQ.FTS.B, 6.415%, 3/16/26			121				106
a,b8189740.SQ.FTS.B, 6.423%, 3/16/26			7,590				118
a,b8192679.SQ.FTS.B, 6.547%, 3/17/26			11,145				380
a8195154.SQ.FTS.B, 4.783%, 3/18/26			891				801
a8201092.SQ.FTS.B, 4.78%, 3/19/26			2,319				1,928
a8203394.SQ.FTS.B, 4.783%, 3/20/26			660				566
a8203626.SQ.FTS.B, 5.66%, 3/20/26			672				276
a8203587.SQ.FTS.B, 6.334%, 3/20/26			632				206
a8207036.SQ.FTS.B, 6.304%, 3/21/26			579				204
a8206849.SQ.FTS.B, 6.315%, 3/21/26			424				289
a8206444.SQ.FTS.B, 6.423%, 3/21/26			4,075				2,876
a8207447.SQ.FTS.B, 4.782%, 3/22/26			629				574
a8207104.SQ.FTS.B, 6.359%, 3/22/26			596				165
a,b8210620.SQ.FTS.B, 4.782%, 3/23/26			6,930				153
a,b8208304.SQ.FTS.B, 6.68%, 3/23/26			2,630				52
a,b8214128.SQ.FTS.B, 5.621%, 3/24/26			1,340				32
a,b8212978.SQ.FTS.B, 5.635%, 3/24/26			4,722				86
a8213812.SQ.FTS.B, 5.66%, 3/24/26			5,656				3,740
a8211748.SQ.FTS.B, 5.664%, 3/24/26			3,939				2,274
a,b8214167.SQ.FTS.B, 6.421%, 3/24/26			29,872				688
a,b8213530.SQ.FTS.B, 6.422%, 3/24/26			5,213				42
a,b8216246.SQ.FTS.B, 4.942%, 3/25/26			1,354				16
a8215088.SQ.FTS.B, 5.669%, 3/25/26			1,951				1,216
a8222550.SQ.FTS.B, 4.783%, 3/26/26			4,015				3,058
a,b8228053.SQ.FTS.B, 5.113%, 3/28/26			23,240				267
a,b8228222.SQ.FTS.B, 5.909%, 3/28/26			2,852				44
a,b8228243.SQ.FTS.B, 6.152%, 3/28/26			8,973				291
a8228385.SQ.FTS.B, 6.432%, 3/28/26			455				308
a8229745.SQ.FTS.B, 6.15%, 3/29/26			1,664				942
a,b8229319.SQ.FTS.B, 6.423%, 3/29/26			2,952				68
a8231045.SQ.FTS.B, 4.784%, 3/30/26			73				72
a8230433.SQ.FTS.B, 6.667%, 3/30/26			165				152
a,b8234388.SQ.FTS.B, 4.782%, 4/01/26			3,745				118

Description		Principal Amount				Value
Block, Inc. (continued)
a8238048.SQ.FTS.B, 5.113%, 4/01/26		$	2,549			$	2,076
a8237112.SQ.FTS.B, 5.627%, 4/01/26			26				21
a8235789.SQ.FTS.B, 5.66%, 4/01/26			1,513				1,051
a8236723.SQ.FTS.B, 5.913%, 4/01/26			5,738				5,191
a,b8236625.SQ.FTS.B, 6.424%, 4/01/26			3,956				57
a8236423.SQ.FTS.B, 6.672%, 4/01/26			2,234				1,259
a8241254.SQ.FTS.B, 4.779%, 4/02/26			147				146
a8242280.SQ.FTS.B, 5.414%, 4/02/26			2,352				1,726
a,b8245816.SQ.FTS.B, 4.941%, 4/03/26			1,309				20
a,b8247785.SQ.FTS.B, 5.409%, 4/03/26			50,933				1,094
a,b8251921.SQ.FTS.B, 5.113%, 4/04/26			10,837				344
a8249053.SQ.FTS.B, 5.409%, 4/04/26			20,696				14,965
a8251246.SQ.FTS.B, 5.618%, 4/04/26			455				257
a8248924.SQ.FTS.B, 6.145%, 4/04/26			111				105
a,b8252661.SQ.FTS.B, 6.551%, 4/05/26			3,070				69
a8253201.SQ.FTS.B, 6.671%, 4/05/26			919				625
a8257567.SQ.FTS.B, 4.782%, 4/07/26			894				750
a,b8257493.SQ.FTS.B, 4.955%, 4/07/26			7,987				100
a,b8257688.SQ.FTS.B, 4.955%, 4/07/26			12,315				200
a8257447.SQ.FTS.B, 4.96%, 4/07/26			339				231
a8258468.SQ.FTS.B, 5.4%, 4/07/26			663				511
a8255434.SQ.FTS.B, 6.147%, 4/07/26			2,059				831
a8257962.SQ.FTS.B, 6.326%, 4/07/26			7,138				3,218
a,b8258319.SQ.FTS.B, 6.548%, 4/07/26			6,592				165
a8259624.SQ.FTS.B, 4.777%, 4/08/26			720				706
a,b8259353.SQ.FTS.B, 5.66%, 4/08/26			6,123				100
a,b8260447.SQ.FTS.B, 5.66%, 4/08/26			1,380				11
a8262472.SQ.FTS.B, 5.912%, 4/09/26			15,490				10,264
a8263454.SQ.FTS.B, 6.575%, 4/09/26			495				342
a8271359.SQ.FTS.B, 4.779%, 4/10/26			17,846				13,256
a,b8272637.SQ.FTS.B, 4.953%, 4/10/26			2,099				31
a8272965.SQ.FTS.B, 6.151%, 4/10/26			36,151				13,878
a8269644.SQ.FTS.B, 6.542%, 4/10/26			824				575
a8270794.SQ.FTS.B, 6.679%, 4/10/26			90				66
a8274997.SQ.FTS.B, 5.408%, 4/11/26			1,030				793
a8275734.SQ.FTS.B, 5.409%, 4/11/26			17,726				13,806
a8273886.SQ.FTS.B, 5.912%, 4/11/26			619				574
a8275038.SQ.FTS.B, 6.404%, 4/11/26			11				10
a8280031.SQ.FTS.B, 4.781%, 4/14/26			2,215				2,178
a8280241.SQ.FTS.B, 5.664%, 4/14/26			2,848				1,986
a,b8280308.SQ.FTS.B, 6.155%, 4/14/26			7,492				84
a8279403.SQ.FTS.B, 6.331%, 4/14/26			777				473
a8279479.SQ.FTS.B, 6.424%, 4/14/26			2,782				1,831
a8283289.SQ.FTS.B, 4.78%, 4/15/26			2,661				2,583
a8284415.SQ.FTS.B, 5.922%, 4/15/26			757				371
a,b8282315.SQ.FTS.B, 6.149%, 4/15/26			3,675				1,359

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8282366.SQ.FTS.B, 6.15%, 4/15/26		$	598			$	460
a,b8281351.SQ.FTS.B, 6.344%, 4/15/26			485				8
a8286613.SQ.FTS.B, 5.119%, 4/16/26			358				325
a,b8285213.SQ.FTS.B, 5.633%, 4/16/26			8,446				131
a8292753.SQ.FTS.B, 4.778%, 4/17/26			1,699				1,451
a8293129.SQ.FTS.B, 5.113%, 4/17/26			1,324				537
a,b8292991.SQ.FTS.B, 5.664%, 4/17/26			3,943				90
a,b8292229.SQ.FTS.B, 6.42%, 4/17/26			2,095				44
a8298299.SQ.FTS.B, 6.152%, 4/18/26			460				428
a,b8298679.SQ.FTS.B, 5.111%, 4/19/26			5,181				116
a8298818.SQ.FTS.B, 5.121%, 4/19/26			165				163
a,b8298862.SQ.FTS.B, 6.688%, 4/19/26			900				19
a8302545.SQ.FTS.B, 5.1%, 4/21/26			557				494
a8304341.SQ.FTS.B, 5.112%, 4/21/26			1,970				1,825
a8303233.SQ.FTS.B, 5.408%, 4/21/26			1,913				1,748
a8301821.SQ.FTS.B, 5.409%, 4/21/26			137				131
a8303564.SQ.FTS.B, 5.663%, 4/21/26			8,820				4,970
a,b8302396.SQ.FTS.B, 6.423%, 4/21/26			4,226				96
a,b8303679.SQ.FTS.B, 6.556%, 4/21/26			1,129				17
a8305030.SQ.FTS.B, 4.78%, 4/22/26			1,033				982
a8306790.SQ.FTS.B, 4.781%, 4/22/26			925				914
a8306433.SQ.FTS.B, 4.784%, 4/22/26			267				263
a8307029.SQ.FTS.B, 5.099%, 4/22/26			489				395
a8308013.SQ.FTS.B, 5.634%, 4/22/26			523				310
a8310385.SQ.FTS.B, 4.78%, 4/23/26			18,339				16,935
a8311336.SQ.FTS.B, 4.78%, 4/23/26			10,707				10,358
a,b8308309.SQ.FTS.B, 6.326%, 4/23/26			1,253				14
a,b8310986.SQ.FTS.B, 6.545%, 4/23/26			2,034				46
a8315066.SQ.FTS.B, 4.779%, 4/24/26			5,724				5,143
a8316584.SQ.FTS.B, 4.78%, 4/24/26			37				37
a,b8316445.SQ.FTS.B, 4.957%, 4/24/26			10,154				234
a8315868.SQ.FTS.B, 5.114%, 4/24/26			1,693				1,666
a,b8313533.SQ.FTS.B, 6.136%, 4/24/26			1,816				39
a8315846.SQ.FTS.B, 6.441%, 4/24/26			73				69
a8313568.SQ.FTS.B, 6.546%, 4/24/26			1,646				1,226
a8317690.SQ.FTS.B, 5.114%, 4/25/26			1,221				1,144
a8317674.SQ.FTS.B, 5.406%, 4/25/26			1,093				411
a8317433.SQ.FTS.B, 5.413%, 4/25/26			1,218				1,166
a8321089.SQ.FTS.B, 6.559%, 4/26/26			1,259				717
a8322538.SQ.FTS.B, 6.149%, 4/27/26			1,331				888
a8324605.SQ.FTS.B, 5.116%, 4/28/26			2,293				1,993
a8323551.SQ.FTS.B, 5.666%, 4/28/26			59				58
a8325733.SQ.FTS.B, 5.913%, 4/28/26			1,568				1,466
a8330966.SQ.FTS.B, 5.408%, 4/29/26			10,208				6,778
a8327958.SQ.FTS.B, 5.912%, 4/29/26			653				599
a8328083.SQ.FTS.B, 6.151%, 4/29/26			4,096				2,761

Description		Principal Amount				Value
Block, Inc. (continued)
a8330680.SQ.FTS.B, 6.534%, 4/29/26		$	596			$	417
a8330043.SQ.FTS.B, 6.667%, 4/29/26			92				88
a8337918.SQ.FTS.B, 4.78%, 4/30/26			8,348				7,619
a8333227.SQ.FTS.B, 4.781%, 4/30/26			7,143				4,901
a,b8332292.SQ.FTS.B, 5.111%, 4/30/26			4,999				2,315
a8336941.SQ.FTS.B, 5.114%, 4/30/26			519				504
a8340102.SQ.FTS.B, 5.398%, 4/30/26			1,219				818
a,b8333216.SQ.FTS.B, 5.66%, 4/30/26			2,061				1,398
a,b8332399.SQ.FTS.B, 6.15%, 4/30/26			20,377				326
a8339541.SQ.FTS.B, 6.315%, 4/30/26			1,895				473
a8339553.SQ.FTS.B, 6.412%, 4/30/26			160				116
a8333157.SQ.FTS.B, 6.682%, 4/30/26			2,082				707
a,b8340759.SQ.FTS.B, 5.915%, 5/01/26			1,001				678
a,b8340885.SQ.FTS.B, 6.33%, 5/01/26			1,640				44
a8341323.SQ.FTS.B, 6.421%, 5/01/26			2,840				1,193
a8343577.SQ.FTS.B, 6.547%, 5/01/26			10,807				7,601
a,b8344811.SQ.FTS.B, 5.404%, 5/02/26			5,262				95
a8344256.SQ.FTS.B, 5.675%, 5/02/26			767				621
a,b8344755.SQ.FTS.B, 6.661%, 5/02/26			990				18
a8345124.SQ.FTS.B, 5.402%, 5/03/26			2,319				1,500
a8345516.SQ.FTS.B, 5.407%, 5/03/26			1,058				1,020
a,b8345591.SQ.FTS.B, 6.408%, 5/03/26			497				35
a8349679.SQ.FTS.B, 4.778%, 5/04/26			2,648				2,442
a8347607.SQ.FTS.B, 4.779%, 5/04/26			11,753				8,963
a8347937.SQ.FTS.B, 5.115%, 5/04/26			1,565				1,495
a8348817.SQ.FTS.B, 5.116%, 5/04/26			4,937				3,718
a8347238.SQ.FTS.B, 5.409%, 5/04/26			1,872				1,394
a,b8345940.SQ.FTS.B, 5.913%, 5/04/26			17,445				292
a8348474.SQ.FTS.B, 6.439%, 5/04/26			454				303
a,b8351268.SQ.FTS.B, 5.66%, 5/05/26			7,356				4,367
a8353154.SQ.FTS.B, 5.66%, 5/05/26			2,575				2,209
a8352958.SQ.FTS.B, 5.912%, 5/05/26			7,714				5,856
a8353040.SQ.FTS.B, 6.147%, 5/05/26			978				876
a8351528.SQ.FTS.B, 6.321%, 5/05/26			1,419				808
a8355418.SQ.FTS.B, 4.777%, 5/06/26			993				968
a8355680.SQ.FTS.B, 5.115%, 5/06/26			3,100				2,644
a8355818.SQ.FTS.B, 6.148%, 5/06/26			1,594				1,485
a,b8354862.SQ.FTS.B, 6.422%, 5/06/26			26,607				541
a8355919.SQ.FTS.B, 6.422%, 5/06/26			55,032				22,115
a8362955.SQ.FTS.B, 5.117%, 5/07/26			2,875				2,178
a8364366.SQ.FTS.B, 5.408%, 5/07/26			26,901				10,496
a8360992.SQ.FTS.B, 5.66%, 5/07/26			9,976				7,068
a8360909.SQ.FTS.B, 5.904%, 5/07/26			626				459
a8363762.SQ.FTS.B, 6.151%, 5/07/26			14,261				5,114
a8361519.SQ.FTS.B, 6.42%, 5/07/26			4,079				1,468
a,b8364244.SQ.FTS.B, 6.42%, 5/07/26			6,508				124

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b8362533.SQ.FTS.B, 6.422%, 5/07/26		$	27,306			$	561
a8365908.SQ.FTS.B, 6.134%, 5/08/26			511				281
a,b8367222.SQ.FTS.B, 6.152%, 5/08/26			1,870				546
a,b8365780.SQ.FTS.B, 6.154%, 5/08/26			1,207				656
a8369250.SQ.FTS.B, 4.78%, 5/10/26			7,863				6,587
a8369783.SQ.FTS.B, 4.78%, 5/10/26			1,073				1,037
a,b8369869.SQ.FTS.B, 5.92%, 5/10/26			2,956				38
a8369410.SQ.FTS.B, 6.569%, 5/10/26			141				124
a8370077.SQ.FTS.B, 5.622%, 5/11/26			71				62
a8370126.SQ.FTS.B, 5.66%, 5/11/26			528				168
a8370081.SQ.FTS.B, 6.141%, 5/11/26			1,550				552
a8370394.SQ.FTS.B, 6.151%, 5/11/26			3				3
a8374285.SQ.FTS.B, 6.148%, 5/12/26			1,703				1,339
a8374802.SQ.FTS.B, 6.421%, 5/12/26			3,005				2,762
a8373286.SQ.FTS.B, 6.681%, 5/12/26			561				425
a,b8375331.SQ.FTS.B, 4.957%, 5/13/26			5,243				2,771
a8377457.SQ.FTS.B, 5.115%, 5/13/26			300				287
a8376607.SQ.FTS.B, 6.153%, 5/13/26			3,027				2,170
a8381974.SQ.FTS.B, 5.912%, 5/14/26			3,109				2,856
a8381739.SQ.FTS.B, 6.154%, 5/14/26			3,844				2,802
a8381346.SQ.FTS.B, 6.426%, 5/14/26			379				323
a8382928.SQ.FTS.B, 6.691%, 5/14/26			497				155
a8387711.SQ.FTS.B, 4.78%, 5/15/26			104				103
a,b8384744.SQ.FTS.B, 4.965%, 5/15/26			903				9
a8384801.SQ.FTS.B, 6.537%, 5/15/26			1,389				899
a8385070.SQ.FTS.B, 6.681%, 5/15/26			349				205
a8388012.SQ.FTS.B, 4.962%, 5/16/26			242				106
a,b8389216.SQ.FTS.B, 4.95%, 5/17/26			2,640				30
a8389234.SQ.FTS.B, 5.116%, 5/17/26			2,290				2,048
a8389162.SQ.FTS.B, 5.12%, 5/17/26			1,838				1,462
a8388857.SQ.FTS.B, 5.66%, 5/17/26			23,746				17,496
a8389413.SQ.FTS.B, 6.419%, 5/17/26			568				157
a8392094.SQ.FTS.B, 5.913%, 5/18/26			3,980				3,033
a,b8391994.SQ.FTS.B, 6.325%, 5/18/26			1,074				21
a,b8392006.SQ.FTS.B, 6.415%, 5/18/26			2,186				21
a,b8394291.SQ.FTS.B, 6.417%, 5/19/26			982				457
a8399103.SQ.FTS.B, 5.115%, 5/20/26			5,764				5,183
a8400919.SQ.FTS.B, 6.425%, 5/20/26			1,980				1,321
a,b8400298.SQ.FTS.B, 6.551%, 5/20/26			1,063				259
a8405836.SQ.FTS.B, 4.779%, 5/21/26			24,885				12,110
a8405494.SQ.FTS.B, 5.666%, 5/21/26			1,039				979
a,b8407488.SQ.FTS.B, 6.327%, 5/21/26			8,012				187
a8412395.SQ.FTS.B, 5.66%, 5/22/26			1,672				1,351
a8413717.SQ.FTS.B, 4.777%, 5/23/26			4,574				3,381
a8413337.SQ.FTS.B, 4.786%, 5/23/26			2,104				1,623
a8414502.SQ.FTS.B, 4.782%, 5/24/26			2,811				2,375

Description		Principal Amount				Value
Block, Inc. (continued)
a8414189.SQ.FTS.B, 5.114%, 5/24/26		$	7,324			$	6,042
a8416979.SQ.FTS.B, 6.152%, 5/25/26			502				417
a,b8417212.SQ.FTS.B, 6.535%, 5/25/26			2,610				18
a8424072.SQ.FTS.B, 5.111%, 5/26/26			3,417				3,287
a8424599.SQ.FTS.B, 5.411%, 5/26/26			727				720
a,b8423748.SQ.FTS.B, 6.421%, 5/26/26			27,432				570
a8421165.SQ.FTS.B, 6.672%, 5/26/26			27,974				8,833
a8427914.SQ.FTS.B, 4.78%, 5/27/26			8,875				7,082
a8429942.SQ.FTS.B, 6.42%, 5/27/26			4,346				2,642
a8432282.SQ.FTS.B, 5.66%, 5/28/26			604				298
a8432287.SQ.FTS.B, 5.911%, 5/28/26			7,075				4,679
a8436420.SQ.FTS.B, 5.113%, 5/29/26			9,201				7,619
a8434105.SQ.FTS.B, 5.406%, 5/29/26			59				58
a8432926.SQ.FTS.B, 5.414%, 5/29/26			1,549				1,337
a,b8438415.SQ.FTS.B, 6.545%, 6/01/26			5,967				89
a8443850.SQ.FTS.B, 4.78%, 6/02/26			1,005				1,000
a8443128.SQ.FTS.B, 5.113%, 6/02/26			19,371				13,254
a,b8442301.SQ.FTS.B, 5.913%, 6/02/26			20,473				313
a8441924.SQ.FTS.B, 6.435%, 6/02/26			1,069				594
a8446230.SQ.FTS.B, 4.78%, 6/03/26			1,420				1,025
a8444305.SQ.FTS.B, 4.786%, 6/03/26			789				754
a8446740.SQ.FTS.B, 5.409%, 6/03/26			9,339				8,339
a,b8448116.SQ.FTS.B, 5.416%, 6/03/26			3,110				912
a8444651.SQ.FTS.B, 5.907%, 6/03/26			1,511				1,080
a8451510.SQ.FTS.B, 4.769%, 6/04/26			487				474
a8450587.SQ.FTS.B, 4.777%, 6/04/26			1,039				999
a8452091.SQ.FTS.B, 4.777%, 6/04/26			67				67
a8449473.SQ.FTS.B, 5.912%, 6/04/26			769				414
a8453472.SQ.FTS.B, 5.912%, 6/04/26			7,559				5,941
a8450845.SQ.FTS.B, 6.418%, 6/04/26			45				45
a8451169.SQ.FTS.B, 6.421%, 6/04/26			3,827				2,630
a8449446.SQ.FTS.B, 6.511%, 6/04/26			235				182
a8458289.SQ.FTS.B, 4.773%, 6/05/26			87				87
a8457754.SQ.FTS.B, 4.962%, 6/05/26			2,809				1,465
a,b8457662.SQ.FTS.B, 5.113%, 6/05/26			3,523				83
a,b8459389.SQ.FTS.B, 5.629%, 6/05/26			1,388				22
a8457284.SQ.FTS.B, 6.672%, 6/05/26			4,021				3,371
a8461925.SQ.FTS.B, 4.78%, 6/06/26			3,501				3,009
a,b8466686.SQ.FTS.B, 6.564%, 6/07/26			1,101				15
a8471753.SQ.FTS.B, 4.778%, 6/09/26			327				326
a8472266.SQ.FTS.B, 4.783%, 6/09/26			4,406				3,457
a,b8468141.SQ.FTS.B, 5.113%, 6/09/26			3,610				68
a8468391.SQ.FTS.B, 5.114%, 6/09/26			7,370				5,449
a8470584.SQ.FTS.B, 5.409%, 6/09/26			2,054				1,983
a8469972.SQ.FTS.B, 5.418%, 6/09/26			1,069				827
a,b8470076.SQ.FTS.B, 6.43%, 6/09/26			3,091				1,075

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b8473553.SQ.FTS.B, 4.95%, 6/10/26		$	3,402			$	67
a8474399.SQ.FTS.B, 5.409%, 6/10/26			122				119
a8473230.SQ.FTS.B, 5.668%, 6/10/26			2,304				1,662
a8476205.SQ.FTS.B, 5.904%, 6/10/26			106				100
a8472904.SQ.FTS.B, 6.138%, 6/10/26			1,464				932
a,b8474805.SQ.FTS.B, 6.148%, 6/10/26			2,862				868
a8474473.SQ.FTS.B, 6.164%, 6/10/26			273				259
a8476356.SQ.FTS.B, 6.417%, 6/10/26			4,733				2,673
a8473287.SQ.FTS.B, 6.419%, 6/10/26			2,497				731
a8474869.SQ.FTS.B, 6.423%, 6/10/26			8,195				4,328
a8479375.SQ.FTS.B, 4.78%, 6/11/26			2,033				1,797
a8477360.SQ.FTS.B, 4.781%, 6/11/26			359				357
a8478806.SQ.FTS.B, 4.781%, 6/11/26			6,221				5,412
a,b8479076.SQ.FTS.B, 5.912%, 6/11/26			9,942				3,226
a8480047.SQ.FTS.B, 6.422%, 6/11/26			2,485				1,642
a8484073.SQ.FTS.B, 4.78%, 6/12/26			6,336				6,137
a8492082.SQ.FTS.B, 4.779%, 6/13/26			1,498				1,485
a8490409.SQ.FTS.B, 5.113%, 6/13/26			31,321				21,996
a8492250.SQ.FTS.B, 5.113%, 6/13/26			133				132
a8490078.SQ.FTS.B, 5.115%, 6/13/26			3,862				3,542
a8489082.SQ.FTS.B, 5.632%, 6/13/26			267				158
a8491909.SQ.FTS.B, 5.911%, 6/13/26			1,547				1,522
a8491602.SQ.FTS.B, 6.164%, 6/13/26			168				155
a8492413.SQ.FTS.B, 6.546%, 6/13/26			5,465				3,446
a8491451.SQ.FTS.B, 6.671%, 6/13/26			3,919				2,425
a,b8492838.SQ.FTS.B, 4.778%, 6/14/26			2,867				74
a8492723.SQ.FTS.B, 4.784%, 6/14/26			915				900
a,b8492468.SQ.FTS.B, 6.679%, 6/14/26			1,684				406
a8496616.SQ.FTS.B, 4.783%, 6/16/26			2,939				2,684
a,b8497156.SQ.FTS.B, 4.953%, 6/16/26			3,421				56
a8495024.SQ.FTS.B, 5.409%, 6/16/26			4,043				3,624
a8496191.SQ.FTS.B, 5.632%, 6/16/26			4,753				2,829
a8495625.SQ.FTS.B, 5.912%, 6/16/26			17,302				10,196
a8498105.SQ.FTS.B, 6.15%, 6/16/26			2,941				2,828
a8499776.SQ.FTS.B, 4.713%, 6/17/26			1,216				985
a8502513.SQ.FTS.B, 4.779%, 6/17/26			4,721				4,521
a8502732.SQ.FTS.B, 4.779%, 6/17/26			5,421				5,184
a8499247.SQ.FTS.B, 4.78%, 6/17/26			14				14
a8502261.SQ.FTS.B, 5.117%, 6/17/26			585				537
a8499199.SQ.FTS.B, 6.114%, 6/17/26			1,767				777
a8502495.SQ.FTS.B, 6.355%, 6/17/26			509				253
a8503947.SQ.FTS.B, 5.031%, 6/18/26			1,333				1,324
a8503664.SQ.FTS.B, 5.625%, 6/18/26			950				441
a,b8503520.SQ.FTS.B, 6.675%, 6/18/26			1,891				1,419
a8509782.SQ.FTS.B, 4.718%, 6/19/26			7,996				7,007
a8512975.SQ.FTS.B, 4.936%, 6/19/26			9,791				5,656

Description		Principal Amount				Value
Block, Inc. (continued)
a8509437.SQ.FTS.B, 5.031%, 6/19/26		$	3,196			$	3,102
a8510453.SQ.FTS.B, 5.35%, 6/19/26			2,339				2,052
a,b8511595.SQ.FTS.B, 5.66%, 6/19/26			1,686				36
a8514464.SQ.FTS.B, 4.716%, 6/20/26			804				769
a8514047.SQ.FTS.B, 4.717%, 6/20/26			3,130				3,045
a8516928.SQ.FTS.B, 4.719%, 6/20/26			3,497				3,366
a,b8517116.SQ.FTS.B, 4.778%, 6/20/26			3,113				932
a8517643.SQ.FTS.B, 4.779%, 6/20/26			13,379				11,240
a,b8517465.SQ.FTS.B, 5.597%, 6/20/26			20,046				347
a8515165.SQ.FTS.B, 6.434%, 6/20/26			1,010				626
a8517064.SQ.FTS.B, 6.453%, 6/20/26			473				418
a8519610.SQ.FTS.B, 5.031%, 6/21/26			765				321
a,b8518824.SQ.FTS.B, 5.914%, 6/21/26			4,617				90
a8518969.SQ.FTS.B, 6.442%, 6/21/26			266				250
a8520520.SQ.FTS.B, 4.708%, 6/22/26			650				638
a8524516.SQ.FTS.B, 4.777%, 6/23/26			1,336				1,323
a8521233.SQ.FTS.B, 4.952%, 6/23/26			1,451				893
a8522951.SQ.FTS.B, 5.348%, 6/23/26			5,721				3,627
a8521799.SQ.FTS.B, 5.618%, 6/23/26			833				596
a8524961.SQ.FTS.B, 6.104%, 6/23/26			1,774				1,401
a8523155.SQ.FTS.B, 6.447%, 6/23/26			429				348
a8525012.SQ.FTS.B, 6.463%, 6/23/26			497				394
a8526636.SQ.FTS.B, 5.031%, 6/24/26			7,003				6,477
a8525872.SQ.FTS.B, 6.144%, 6/24/26			1,385				660
a,b8530878.SQ.FTS.B, 4.719%, 6/25/26			7,095				6,346
a8531017.SQ.FTS.B, 5.599%, 6/25/26			1,422				1,261
a8532244.SQ.FTS.B, 4.717%, 6/26/26			3,654				3,529
a8533163.SQ.FTS.B, 4.72%, 6/26/26			9,099				3,575
a8532557.SQ.FTS.B, 5.606%, 6/26/26			1,416				982
a8532163.SQ.FTS.B, 5.909%, 6/26/26			2,186				688
a8536923.SQ.FTS.B, 5.408%, 6/27/26			7,714				4,607
a,b8535243.SQ.FTS.B, 5.598%, 6/27/26			22,666				590
a8537208.SQ.FTS.B, 6.103%, 6/27/26			6,556				4,487
a,b8536360.SQ.FTS.B, 6.446%, 6/27/26			7,315				83
a8540471.SQ.FTS.B, 4.717%, 6/29/26			6,206				5,910
a,b8540713.SQ.FTS.B, 5.347%, 6/29/26			41,850				564
a,b8540292.SQ.FTS.B, 6.445%, 6/29/26			1,849				1,468
a8545182.SQ.FTS.B, 4.717%, 6/30/26			8,523				6,213
a8546901.SQ.FTS.B, 4.717%, 6/30/26			123				123
a8547300.SQ.FTS.B, 4.717%, 6/30/26			5,079				4,869
a8547757.SQ.FTS.B, 4.717%, 6/30/26			695				685
a8546373.SQ.FTS.B, 4.719%, 6/30/26			2,804				2,753
a8546179.SQ.FTS.B, 4.769%, 6/30/26			805				743
a,b8547282.SQ.FTS.B, 4.938%, 6/30/26			1,283				511
a8541549.SQ.FTS.B, 5.031%, 6/30/26			153				148
a8546141.SQ.FTS.B, 5.031%, 6/30/26			3,225				1,576

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8545786.SQ.FTS.B, 5.346%, 6/30/26		$	249			$	243
a8542406.SQ.FTS.B, 5.612%, 6/30/26			119				117
a8542002.SQ.FTS.B, 6.091%, 6/30/26			765				611
a8545628.SQ.FTS.B, 6.284%, 6/30/26			348				299
a8547838.SQ.FTS.B, 6.447%, 6/30/26			850				550
a,b8542402.SQ.FTS.B, 6.47%, 6/30/26			1,225				585
a8550885.SQ.FTS.B, 4.717%, 7/01/26			7,741				7,125
a8550545.SQ.FTS.B, 5.601%, 7/01/26			3,365				2,738
a8550441.SQ.FTS.B, 6.095%, 7/01/26			3,459				845
a8550455.SQ.FTS.B, 6.1%, 7/01/26			307				285
a,b8551699.SQ.FTS.B, 4.717%, 7/02/26			6,213				1,784
a8552265.SQ.FTS.B, 4.717%, 7/02/26			228				223
a8552680.SQ.FTS.B, 4.717%, 7/02/26			8,497				8,152
a8553581.SQ.FTS.B, 4.717%, 7/02/26			17				17
a8551592.SQ.FTS.B, 4.722%, 7/02/26			2,306				2,191
a8552282.SQ.FTS.B, 5.031%, 7/02/26			3,571				3,478
a8551424.SQ.FTS.B, 5.348%, 7/02/26			2,678				2,496
a,b8551383.SQ.FTS.B, 5.637%, 7/02/26			394				9
a8552547.SQ.FTS.B, 5.912%, 7/02/26			604				590
a8553935.SQ.FTS.B, 6.424%, 7/02/26			2,135				1,159
a,b8553490.SQ.FTS.B, 6.444%, 7/02/26			8,564				4,310
a,b8553825.SQ.FTS.B, 6.447%, 7/02/26			6,467				103
a8558540.SQ.FTS.B, 4.716%, 7/03/26			2,554				2,114
a8555800.SQ.FTS.B, 4.722%, 7/03/26			1,625				1,564
a8558497.SQ.FTS.B, 4.952%, 7/03/26			598				380
a8555629.SQ.FTS.B, 5.031%, 7/03/26			7,729				4,814
a8557966.SQ.FTS.B, 5.031%, 7/03/26			1,135				1,130
a,b8555106.SQ.FTS.B, 5.597%, 7/03/26			37,629				14,223
a8556574.SQ.FTS.B, 5.911%, 7/03/26			3,312				3,081
a,b8555525.SQ.FTS.B, 5.915%, 7/03/26			7,992				197
a8557033.SQ.FTS.B, 6.448%, 7/03/26			4,626				3,860
a8559173.SQ.FTS.B, 4.717%, 7/04/26			2,037				1,902
a,b8559144.SQ.FTS.B, 4.935%, 7/04/26			1,312				617
a8559060.SQ.FTS.B, 5.036%, 7/04/26			3,664				1,108
a8560397.SQ.FTS.B, 5.031%, 7/05/26			3,296				2,926
a8560928.SQ.FTS.B, 5.598%, 7/05/26			6,259				5,894
a8560367.SQ.FTS.B, 6.3%, 7/05/26			35				33
a8592543.SQ.FTS.B, 4.706%, 7/06/26			482				457
a,b8572345.SQ.FTS.B, 4.924%, 7/06/26			2,282				30
a,b8561850.SQ.FTS.B, 4.939%, 7/06/26			3,978				44
a8591863.SQ.FTS.B, 4.941%, 7/06/26			1,572				364
a8564616.SQ.FTS.B, 5.596%, 7/06/26			5,189				2,506
a8592590.SQ.FTS.B, 5.613%, 7/06/26			453				441
a8561613.SQ.FTS.B, 5.902%, 7/06/26			537				500
a8562871.SQ.FTS.B, 5.913%, 7/06/26			3,008				2,011
a8561563.SQ.FTS.B, 6.089%, 7/06/26			463				438

Description		Principal Amount				Value
Block, Inc. (continued)
a8581913.SQ.FTS.B, 6.448%, 7/06/26		$	3,477			$	2,191
a8595911.SQ.FTS.B, 5.347%, 7/07/26			19,698				14,129
a8596541.SQ.FTS.B, 5.367%, 7/07/26			652				523
a8595818.SQ.FTS.B, 5.593%, 7/07/26			2,277				649
a8593033.SQ.FTS.B, 5.597%, 7/07/26			2,348				36
a,b8594664.SQ.FTS.B, 5.603%, 7/07/26			2,698				53
a,b8599234.SQ.FTS.B, 4.717%, 7/08/26			42,728				922
a8599843.SQ.FTS.B, 4.718%, 7/08/26			18,753				16,414
a8598140.SQ.FTS.B, 4.719%, 7/08/26			2,652				2,600
a8599492.SQ.FTS.B, 4.946%, 7/08/26			360				192
a8602566.SQ.FTS.B, 4.72%, 7/09/26			1,440				1,427
a8604048.SQ.FTS.B, 5.016%, 7/09/26			216				210
a8604707.SQ.FTS.B, 5.027%, 7/09/26			754				743
a8605021.SQ.FTS.B, 5.031%, 7/09/26			28,489				25,382
a8602305.SQ.FTS.B, 5.348%, 7/09/26			5,205				4,460
a,b8604749.SQ.FTS.B, 6.438%, 7/09/26			2,042				18
a8606964.SQ.FTS.B, 4.717%, 7/10/26			4,603				3,562
a8608944.SQ.FTS.B, 4.717%, 7/10/26			339				339
a8606334.SQ.FTS.B, 4.718%, 7/10/26			835				834
a8607390.SQ.FTS.B, 4.718%, 7/10/26			5,520				5,460
a8608563.SQ.FTS.B, 5.031%, 7/10/26			6,206				6,150
a,b8607126.SQ.FTS.B, 6.45%, 7/10/26			6,684				126
a8609698.SQ.FTS.B, 4.708%, 7/11/26			344				342
a8609535.SQ.FTS.B, 4.717%, 7/11/26			4,666				4,575
a8609793.SQ.FTS.B, 6.101%, 7/11/26			1,277				739
a,b8609977.SQ.FTS.B, 6.289%, 7/11/26			5,916				46
a8609710.SQ.FTS.B, 6.443%, 7/11/26			790				752
a8610580.SQ.FTS.B, 5.346%, 7/12/26			23,352				16,449
a8610332.SQ.FTS.B, 5.602%, 7/12/26			1,807				1,585
a8613886.SQ.FTS.B, 6.101%, 7/13/26			16,067				4,776
a8612475.SQ.FTS.B, 6.297%, 7/13/26			969				518
a8616978.SQ.FTS.B, 4.717%, 7/14/26			19,635				19,157
a8615833.SQ.FTS.B, 4.718%, 7/14/26			1,719				1,711
a8616468.SQ.FTS.B, 5.912%, 7/14/26			9,831				7,832
a8616687.SQ.FTS.B, 6.448%, 7/14/26			8,392				2,860
a,b8616385.SQ.FTS.B, 6.453%, 7/14/26			2,849				45
a8621549.SQ.FTS.B, 4.939%, 7/15/26			1,572				360
a8618231.SQ.FTS.B, 5.031%, 7/15/26			5,932				4,933
a8618922.SQ.FTS.B, 5.031%, 7/15/26			8,066				7,689
a8620862.SQ.FTS.B, 6.445%, 7/15/26			5,415				1,032
a8627969.SQ.FTS.B, 4.715%, 7/16/26			1,560				1,504
a8627926.SQ.FTS.B, 4.946%, 7/16/26			1,447				328
a,b8627043.SQ.FTS.B, 5.635%, 7/16/26			2,130				37
a8626995.SQ.FTS.B, 5.906%, 7/16/26			2,314				1,779
a,b8627581.SQ.FTS.B, 6.102%, 7/16/26			13,107				153
a8630033.SQ.FTS.B, 5.346%, 7/17/26			5,596				5,403

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b8630523.SQ.FTS.B, 5.346%, 7/17/26		$	9,588			$	218
a8629935.SQ.FTS.B, 5.348%, 7/17/26			2,387				2,177
a8631607.SQ.FTS.B, 5.595%, 7/17/26			2,715				2,326
a,b8631766.SQ.FTS.B, 5.912%, 7/17/26			27,586				19,348
a8631516.SQ.FTS.B, 5.915%, 7/17/26			2,453				2,155
a8631952.SQ.FTS.B, 4.719%, 7/18/26			6,337				5,792
a8632216.SQ.FTS.B, 4.719%, 7/18/26			6,028				5,649
a,b8632155.SQ.FTS.B, 5.599%, 7/18/26			8,785				176
a8631847.SQ.FTS.B, 6.11%, 7/18/26			76				74
a8632737.SQ.FTS.B, 4.714%, 7/19/26			1,790				1,371
a,b8632673.SQ.FTS.B, 5.348%, 7/19/26			4,602				3,343
a8632818.SQ.FTS.B, 6.302%, 7/19/26			112				105
a8633357.SQ.FTS.B, 4.717%, 7/20/26			3,269				3,010
a8633721.SQ.FTS.B, 4.72%, 7/20/26			2,335				2,302
a8633800.SQ.FTS.B, 4.734%, 7/20/26			829				762
a8633867.SQ.FTS.B, 4.741%, 7/20/26			610				537
a8633268.SQ.FTS.B, 5.031%, 7/20/26			4,156				4,046
a8635886.SQ.FTS.B, 4.717%, 7/21/26			6,417				4,834
a8636253.SQ.FTS.B, 5.031%, 7/21/26			7				7
a8634810.SQ.FTS.B, 6.272%, 7/21/26			202				123
a8639830.SQ.FTS.B, 4.712%, 7/22/26			956				927
a8639870.SQ.FTS.B, 4.715%, 7/22/26			1,554				1,475
a8637766.SQ.FTS.B, 4.718%, 7/22/26			147				147
a8638182.SQ.FTS.B, 4.72%, 7/22/26			945				939
a,b8640538.SQ.FTS.B, 4.942%, 7/22/26			1,019				16
a,b8639103.SQ.FTS.B, 4.953%, 7/22/26			217				49
a8639729.SQ.FTS.B, 5.34%, 7/22/26			847				780
a8638821.SQ.FTS.B, 5.343%, 7/22/26			2,519				802
a8639353.SQ.FTS.B, 6.101%, 7/22/26			22,443				18,091
a8640554.SQ.FTS.B, 6.101%, 7/22/26			9,209				7,761
a8640551.SQ.FTS.B, 6.458%, 7/22/26			392				324
a8646157.SQ.FTS.B, 4.715%, 7/23/26			1,434				958
a8644339.SQ.FTS.B, 4.717%, 7/23/26			316				313
a8644372.SQ.FTS.B, 4.717%, 7/23/26			621				617
a8644899.SQ.FTS.B, 4.717%, 7/23/26			11,131				11,038
a8644830.SQ.FTS.B, 4.722%, 7/23/26			2,446				2,331
a8646097.SQ.FTS.B, 5.6%, 7/23/26			4,544				3,573
a8642969.SQ.FTS.B, 6.101%, 7/23/26			10,087				8,737
a8645706.SQ.FTS.B, 6.453%, 7/23/26			952				162
a8650179.SQ.FTS.B, 4.715%, 7/24/26			3,509				2,678
a8648277.SQ.FTS.B, 4.717%, 7/24/26			23,576				23,204
a8649701.SQ.FTS.B, 4.719%, 7/24/26			4,729				4,269
a8647888.SQ.FTS.B, 4.722%, 7/24/26			48				48
a8647688.SQ.FTS.B, 4.939%, 7/24/26			729				344
a8649808.SQ.FTS.B, 5.031%, 7/24/26			5,579				4,735
a8649863.SQ.FTS.B, 5.041%, 7/24/26			1,548				484

Description		Principal Amount				Value
Block, Inc. (continued)
a8648035.SQ.FTS.B, 5.61%, 7/24/26		$	1,429			$	1,133
a,b8649905.SQ.FTS.B, 6.292%, 7/24/26			4,379				49
a8648257.SQ.FTS.B, 6.453%, 7/24/26			14				13
a8650790.SQ.FTS.B, 4.717%, 7/25/26			3,442				3,400
a8651192.SQ.FTS.B, 4.717%, 7/25/26			1,797				1,779
a8651531.SQ.FTS.B, 4.717%, 7/25/26			255				253
a8651338.SQ.FTS.B, 5.031%, 7/25/26			3,665				2,460
a8651551.SQ.FTS.B, 6.278%, 7/25/26			376				292
a8652172.SQ.FTS.B, 5.6%, 7/26/26			4,390				3,506
a,b8652048.SQ.FTS.B, 6.095%, 7/26/26			4,708				88
a,b8651944.SQ.FTS.B, 6.45%, 7/26/26			4,157				78
a8653722.SQ.FTS.B, 4.716%, 7/27/26			1,728				1,702
a8654222.SQ.FTS.B, 5.031%, 7/27/26			6,651				3,591
a8653123.SQ.FTS.B, 6.44%, 7/27/26			101				92
a8659090.SQ.FTS.B, 4.717%, 7/28/26			6,259				6,079
a8660345.SQ.FTS.B, 4.718%, 7/28/26			5,022				4,928
a8661885.SQ.FTS.B, 4.731%, 7/28/26			335				332
a8659511.SQ.FTS.B, 5.345%, 7/28/26			896				877
a8661652.SQ.FTS.B, 5.348%, 7/28/26			2,181				2,005
a,b8661317.SQ.FTS.B, 5.35%, 7/28/26			4,850				97
a8667081.SQ.FTS.B, 4.716%, 7/29/26			7,505				5,586
a8666292.SQ.FTS.B, 4.717%, 7/29/26			6,765				6,647
a8665342.SQ.FTS.B, 5.031%, 7/29/26			16,285				12,525
a8666939.SQ.FTS.B, 5.346%, 7/29/26			5,853				3,688
a8662262.SQ.FTS.B, 5.912%, 7/29/26			4,835				3,153
a8662533.SQ.FTS.B, 6.101%, 7/29/26			15,856				7,513
a8662222.SQ.FTS.B, 6.114%, 7/29/26			222				210
a8666605.SQ.FTS.B, 6.447%, 7/29/26			1,080				570
a8662960.SQ.FTS.B, 6.452%, 7/29/26			961				540
a8662511.SQ.FTS.B, 6.461%, 7/29/26			476				379
a8674072.SQ.FTS.B, 4.717%, 7/30/26			13,670				10,697
a,b8672633.SQ.FTS.B, 4.923%, 7/30/26			697				9
a8673724.SQ.FTS.B, 5.336%, 7/30/26			130				128
a8674644.SQ.FTS.B, 5.338%, 7/30/26			2,696				1,694
a8673307.SQ.FTS.B, 5.595%, 7/30/26			1,530				1,384
a8672694.SQ.FTS.B, 6.102%, 7/30/26			4,574				3,935
a8677765.SQ.FTS.B, 4.717%, 7/31/26			8,771				8,038
a8678042.SQ.FTS.B, 4.717%, 7/31/26			9,929				7,196
a8679727.SQ.FTS.B, 4.72%, 7/31/26			1,862				1,802
a8678369.SQ.FTS.B, 4.721%, 7/31/26			565				562
a8677332.SQ.FTS.B, 5.593%, 7/31/26			1,673				1,492
a,b8675880.SQ.FTS.B, 6.443%, 7/31/26			1,484				823
a,b8677487.SQ.FTS.B, 6.448%, 7/31/26			28,028				212
a8680154.SQ.FTS.B, 4.717%, 8/01/26			6,009				5,337
a8680779.SQ.FTS.B, 4.719%, 8/01/26			5,784				5,483
a8680592.SQ.FTS.B, 5.351%, 8/01/26			4,948				2,880

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8680760.SQ.FTS.B, 5.616%, 8/01/26		$	878			$	475
a8681652.SQ.FTS.B, 5.592%, 8/02/26			1,448				1,342
a8681754.SQ.FTS.B, 6.101%, 8/02/26			1,095				735
a8681406.SQ.FTS.B, 6.449%, 8/02/26			1,012				865
a8681518.SQ.FTS.B, 6.453%, 8/02/26			2,579				1,842
a8687028.SQ.FTS.B, 4.715%, 8/03/26			2,046				2,018
a8684714.SQ.FTS.B, 4.717%, 8/03/26			8,970				8,499
a8686777.SQ.FTS.B, 4.717%, 8/03/26			4,812				4,283
a8687207.SQ.FTS.B, 4.718%, 8/03/26			13,708				13,430
a8684467.SQ.FTS.B, 4.719%, 8/03/26			6,529				5,888
a8686662.SQ.FTS.B, 4.719%, 8/03/26			1,684				1,636
a,b8686960.SQ.FTS.B, 5.031%, 8/03/26			6,243				109
a8686623.SQ.FTS.B, 5.346%, 8/03/26			22				22
a8685570.SQ.FTS.B, 5.591%, 8/03/26			1,725				1,040
a,b8686239.SQ.FTS.B, 5.914%, 8/03/26			10,192				185
a8687166.SQ.FTS.B, 6.444%, 8/03/26			1,837				1,332
a8690907.SQ.FTS.B, 4.71%, 8/04/26			274				272
a8691610.SQ.FTS.B, 4.71%, 8/04/26			413				410
a8691436.SQ.FTS.B, 4.715%, 8/04/26			3,389				1,633
a8690167.SQ.FTS.B, 4.72%, 8/04/26			1,372				1,319
a,b8691252.SQ.FTS.B, 4.934%, 8/04/26			593				455
a8692292.SQ.FTS.B, 5.031%, 8/04/26			5,795				5,478
a,b8687514.SQ.FTS.B, 5.348%, 8/04/26			12,872				7,131
a8692856.SQ.FTS.B, 6.445%, 8/04/26			4,921				2,602
a8690231.SQ.FTS.B, 6.45%, 8/04/26			5,060				3,146
a,b8691057.SQ.FTS.B, 6.451%, 8/04/26			1,988				20
a8697049.SQ.FTS.B, 4.721%, 8/05/26			1,692				1,613
a8694682.SQ.FTS.B, 4.722%, 8/05/26			2,898				2,557
a8697206.SQ.FTS.B, 5.341%, 8/05/26			2,173				1,639
a8695717.SQ.FTS.B, 6.095%, 8/05/26			2,865				1,518
a8695674.SQ.FTS.B, 6.289%, 8/05/26			1,157				1,004
a8698352.SQ.FTS.B, 6.439%, 8/05/26			669				412
a8704881.SQ.FTS.B, 4.718%, 8/06/26			488				484
a8701599.SQ.FTS.B, 5.346%, 8/06/26			1,753				1,731
a8701522.SQ.FTS.B, 5.596%, 8/06/26			1,618				1,482
a8705703.SQ.FTS.B, 6.116%, 8/06/26			302				281
a8701858.SQ.FTS.B, 6.294%, 8/06/26			1,387				733
a8710592.SQ.FTS.B, 5.027%, 8/07/26			1,722				1,064
a8709740.SQ.FTS.B, 5.347%, 8/07/26			681				661
a8709944.SQ.FTS.B, 6.092%, 8/07/26			1,734				1,382
a8709725.SQ.FTS.B, 6.442%, 8/07/26			443				404
a8706498.SQ.FTS.B, 6.447%, 8/07/26			77				74
a8711741.SQ.FTS.B, 4.717%, 8/08/26			2,301				2,234
a8711403.SQ.FTS.B, 4.719%, 8/08/26			393				391
a8711263.SQ.FTS.B, 5.596%, 8/08/26			1,226				1,180
a8711222.SQ.FTS.B, 6.448%, 8/08/26			879				813

Description		Principal Amount				Value
Block, Inc. (continued)
a8711907.SQ.FTS.B, 4.721%, 8/09/26		$	3,225			$	3,046
a8712295.SQ.FTS.B, 5.031%, 8/09/26			5,916				2,076
a8712421.SQ.FTS.B, 5.586%, 8/09/26			768				374
a8712036.SQ.FTS.B, 5.899%, 8/09/26			892				255
a8716618.SQ.FTS.B, 4.717%, 8/10/26			49				49
a8714669.SQ.FTS.B, 4.721%, 8/10/26			169				169
a8715534.SQ.FTS.B, 5.351%, 8/10/26			1,647				1,551
a8714584.SQ.FTS.B, 6.099%, 8/10/26			823				611
a,b8716827.SQ.FTS.B, 6.104%, 8/10/26			2,119				49
a8713729.SQ.FTS.B, 6.105%, 8/10/26			1,005				737
a8717411.SQ.FTS.B, 6.439%, 8/10/26			972				755
a8716970.SQ.FTS.B, 6.45%, 8/10/26			3,521				1,864
a8720068.SQ.FTS.B, 5.911%, 8/11/26			31,238				21,286
a8720674.SQ.FTS.B, 5.915%, 8/11/26			86				84
a8721995.SQ.FTS.B, 6.113%, 8/11/26			565				538
a8722961.SQ.FTS.B, 4.712%, 8/12/26			1,667				1,597
a8724926.SQ.FTS.B, 5.031%, 8/12/26			596				591
a8725236.SQ.FTS.B, 5.031%, 8/12/26			3,093				2,909
a8722921.SQ.FTS.B, 5.66%, 8/12/26			454				287
a8725200.SQ.FTS.B, 6.093%, 8/12/26			694				661
a8723083.SQ.FTS.B, 6.101%, 8/12/26			16,892				12,262
a8732659.SQ.FTS.B, 4.715%, 8/13/26			6,383				4,998
a8731110.SQ.FTS.B, 4.717%, 8/13/26			2,225				1,650
a8731893.SQ.FTS.B, 4.717%, 8/13/26			7,702				7,609
a8732958.SQ.FTS.B, 4.717%, 8/13/26			5,312				4,295
a8734256.SQ.FTS.B, 4.717%, 8/13/26			2,167				2,138
a8731254.SQ.FTS.B, 5.031%, 8/13/26			1,706				1,462
a8733116.SQ.FTS.B, 5.031%, 8/13/26			9,757				9,473
a8734081.SQ.FTS.B, 5.344%, 8/13/26			3,449				3,204
a8733763.SQ.FTS.B, 5.346%, 8/13/26			1,938				1,908
a8734489.SQ.FTS.B, 5.598%, 8/13/26			2,792				2,483
a8731659.SQ.FTS.B, 6.1%, 8/13/26			984				953
a,b8735076.SQ.FTS.B, 6.103%, 8/13/26			1,324				263
a8732750.SQ.FTS.B, 6.105%, 8/13/26			123				120
a,b8732814.SQ.FTS.B, 6.289%, 8/13/26			2,158				25
a,b8731734.SQ.FTS.B, 6.449%, 8/13/26			1,315				878
a8738820.SQ.FTS.B, 4.717%, 8/14/26			7,868				7,818
a,b8738044.SQ.FTS.B, 5.031%, 8/14/26			12,511				158
a8736986.SQ.FTS.B, 5.349%, 8/14/26			6,255				4,610
a8737181.SQ.FTS.B, 5.597%, 8/14/26			18,986				18,437
a8738355.SQ.FTS.B, 5.927%, 8/14/26			396				369
a8736721.SQ.FTS.B, 6.102%, 8/14/26			1,751				1,652
a8739830.SQ.FTS.B, 5.63%, 8/15/26			1,664				236
a,b8740604.SQ.FTS.B, 4.715%, 8/16/26			6,686				73
a8740321.SQ.FTS.B, 6.289%, 8/16/26			3,354				2,320
a8740298.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 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b8741770.SQ.FTS.B, 5.031%, 8/17/26		$	5,154			$	115
a8740836.SQ.FTS.B, 5.345%, 8/17/26			2,909				2,808
a8741383.SQ.FTS.B, 5.596%, 8/17/26			1,933				1,906
a8744604.SQ.FTS.B, 5.912%, 8/18/26			3,023				2,881
a,b8746269.SQ.FTS.B, 6.101%, 8/18/26			1,127				14
a8743880.SQ.FTS.B, 6.105%, 8/18/26			1,677				1,549
a8744514.SQ.FTS.B, 6.122%, 8/18/26			749				347
a,b8745954.SQ.FTS.B, 6.447%, 8/18/26			3,811				91
a8749050.SQ.FTS.B, 4.717%, 8/19/26			21,742				16,526
a8750220.SQ.FTS.B, 5.031%, 8/19/26			802				796
a8748544.SQ.FTS.B, 5.598%, 8/19/26			1,725				1,608
a,b8748662.SQ.FTS.B, 5.912%, 8/19/26			54,327				859
a8748330.SQ.FTS.B, 6.11%, 8/19/26			918				500
a8747688.SQ.FTS.B, 6.447%, 8/19/26			5,028				2,307
a,b8750040.SQ.FTS.B, 6.451%, 8/19/26			1,394				21
a8753305.SQ.FTS.B, 6.098%, 8/20/26			216				210
a8758803.SQ.FTS.B, 4.71%, 8/21/26			1,080				1,059
a8757740.SQ.FTS.B, 4.717%, 8/21/26			585				581
a8757806.SQ.FTS.B, 4.717%, 8/21/26			5,737				5,626
a8758856.SQ.FTS.B, 4.717%, 8/21/26			26,128				25,707
a8760663.SQ.FTS.B, 5.341%, 8/21/26			1,961				1,691
a8757068.SQ.FTS.B, 5.597%, 8/21/26			689				675
a8761140.SQ.FTS.B, 4.729%, 8/22/26			413				410
a,b8761597.SQ.FTS.B, 4.931%, 8/22/26			2,846				17
a8761244.SQ.FTS.B, 5.625%, 8/22/26			698				486
a,b8761792.SQ.FTS.B, 6.449%, 8/22/26			6,259				66
a8762803.SQ.FTS.B, 4.719%, 8/23/26			2,125				2,084
a8762304.SQ.FTS.B, 5.031%, 8/23/26			2,537				2,505
a8762394.SQ.FTS.B, 5.031%, 8/23/26			2,356				2,321
a8762539.SQ.FTS.B, 5.041%, 8/23/26			932				848
a8762704.SQ.FTS.B, 5.34%, 8/23/26			1,519				1,013
a8762480.SQ.FTS.B, 5.343%, 8/23/26			2,321				2,086
a,b8762072.SQ.FTS.B, 6.448%, 8/23/26			12,462				154
a8767360.SQ.FTS.B, 4.717%, 8/24/26			34,175				27,999
a8766354.SQ.FTS.B, 4.718%, 8/24/26			7,630				7,522
a8765158.SQ.FTS.B, 4.721%, 8/24/26			1,357				1,307
a8765466.SQ.FTS.B, 4.73%, 8/24/26			1,319				1,218
a8765282.SQ.FTS.B, 4.929%, 8/24/26			2,213				409
a8765325.SQ.FTS.B, 6.439%, 8/24/26			925				827
a,b8764323.SQ.FTS.B, 6.446%, 8/24/26			7,381				1,591
a8770518.SQ.FTS.B, 4.713%, 8/25/26			1,375				1,339
a8770644.SQ.FTS.B, 4.717%, 8/25/26			1,789				1,766
a8770437.SQ.FTS.B, 4.719%, 8/25/26			7,781				6,418
a,b8770401.SQ.FTS.B, 4.939%, 8/25/26			1,638				23
a,b8771824.SQ.FTS.B, 5.356%, 8/25/26			1,314				28
a8770705.SQ.FTS.B, 6.102%, 8/25/26			6,928				6,245

Description		Principal Amount				Value
Block, Inc. (continued)
a8776086.SQ.FTS.B, 4.717%, 8/26/26		$	1,592			$	1,585
a8775795.SQ.FTS.B, 5.909%, 8/26/26			5,807				3,770
a8775938.SQ.FTS.B, 6.096%, 8/26/26			846				789
a,b8773519.SQ.FTS.B, 6.289%, 8/26/26			12,595				258
a8775508.SQ.FTS.B, 6.454%, 8/26/26			2,460				1,552
a8779876.SQ.FTS.B, 4.715%, 8/27/26			1,447				1,433
a8780880.SQ.FTS.B, 4.717%, 8/27/26			6,991				5,264
a8782555.SQ.FTS.B, 4.72%, 8/27/26			5,447				4,920
a8779842.SQ.FTS.B, 5.031%, 8/27/26			896				786
a8780769.SQ.FTS.B, 5.34%, 8/27/26			1,116				1,080
a8783807.SQ.FTS.B, 5.595%, 8/27/26			3,521				1,852
a8780857.SQ.FTS.B, 6.267%, 8/27/26			497				359
a8782013.SQ.FTS.B, 6.446%, 8/27/26			25,994				13,888
a8784012.SQ.FTS.B, 4.717%, 8/28/26			4,108				4,080
a8787368.SQ.FTS.B, 4.717%, 8/28/26			9,097				8,876
a8786772.SQ.FTS.B, 4.721%, 8/28/26			1,399				1,387
a8786350.SQ.FTS.B, 4.728%, 8/28/26			1,093				1,043
a8787750.SQ.FTS.B, 4.738%, 8/28/26			558				530
a8785078.SQ.FTS.B, 5.917%, 8/28/26			992				977
a,b8788129.SQ.FTS.B, 6.297%, 8/28/26			2,306				28
a8786823.SQ.FTS.B, 6.447%, 8/28/26			3,492				2,450
a8789222.SQ.FTS.B, 4.717%, 9/01/26			797				725
a8789475.SQ.FTS.B, 4.717%, 9/01/26			1,519				1,500
a8789135.SQ.FTS.B, 5.344%, 9/01/26			1,625				1,604
a8789114.SQ.FTS.B, 5.597%, 9/01/26			1,834				1,542
a8789863.SQ.FTS.B, 5.598%, 9/01/26			2,712				2,588
a,b8789760.SQ.FTS.B, 6.094%, 9/01/26			4,612				692
a8789620.SQ.FTS.B, 6.447%, 9/01/26			1,458				952
a8790416.SQ.FTS.B, 4.719%, 9/02/26			5,153				5,039
a8790172.SQ.FTS.B, 4.722%, 9/02/26			1,008				991
a8792148.SQ.FTS.B, 4.712%, 9/03/26			2,002				1,946
a8792270.SQ.FTS.B, 4.715%, 9/03/26			2,427				2,379
a8794915.SQ.FTS.B, 4.738%, 9/03/26			504				491
a,b8793066.SQ.FTS.B, 4.937%, 9/03/26			2,425				17
a,b8790902.SQ.FTS.B, 5.344%, 9/03/26			4,260				3,396
a8792017.SQ.FTS.B, 5.597%, 9/03/26			2,942				1,975
a8793458.SQ.FTS.B, 5.597%, 9/03/26			29,386				21,093
a8794375.SQ.FTS.B, 5.598%, 9/03/26			1,525				1,488
a8794817.SQ.FTS.B, 5.914%, 9/03/26			41				40
a8793999.SQ.FTS.B, 6.46%, 9/03/26			1,362				927
a8798801.SQ.FTS.B, 4.717%, 9/04/26			4,398				4,343
a8798733.SQ.FTS.B, 4.719%, 9/04/26			1,000				992
a8796898.SQ.FTS.B, 4.721%, 9/04/26			1,682				1,665
a8795518.SQ.FTS.B, 4.727%, 9/04/26			463				460
a8798958.SQ.FTS.B, 5.031%, 9/04/26			1,184				1,025
a8799475.SQ.FTS.B, 5.031%, 9/04/26			1,725				1,693

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8795948.SQ.FTS.B, 5.346%, 9/04/26		$	7,191			$	7,140
a8798784.SQ.FTS.B, 5.347%, 9/04/26			1,697				378
a8799069.SQ.FTS.B, 5.902%, 9/04/26			763				723
a,b8797767.SQ.FTS.B, 6.443%, 9/04/26			4,879				90
a,b8796879.SQ.FTS.B, 6.447%, 9/04/26			686				334
a8795309.SQ.FTS.B, 6.448%, 9/04/26			8,586				7,914
a8799168.SQ.FTS.B, 6.453%, 9/04/26			1,887				989
a8797037.SQ.FTS.B, 6.464%, 9/04/26			298				283
a8803128.SQ.FTS.B, 4.717%, 9/05/26			15,340				15,138
a8803601.SQ.FTS.B, 5.031%, 9/05/26			6,705				6,118
a8801426.SQ.FTS.B, 5.346%, 9/05/26			5,339				4,420
a8800369.SQ.FTS.B, 6.455%, 9/05/26			267				255
a8808087.SQ.FTS.B, 4.715%, 9/06/26			991				976
a8809654.SQ.FTS.B, 4.715%, 9/06/26			5,633				4,561
a8807369.SQ.FTS.B, 4.717%, 9/06/26			22,289				15,110
a8808137.SQ.FTS.B, 5.031%, 9/06/26			3,562				3,422
a8809923.SQ.FTS.B, 5.031%, 9/06/26			9,888				5,474
a8806314.SQ.FTS.B, 5.349%, 9/06/26			4,449				2,351
a8813727.SQ.FTS.B, 4.712%, 9/07/26			2,196				2,119
a8813315.SQ.FTS.B, 4.715%, 9/07/26			1,001				984
a8813836.SQ.FTS.B, 4.715%, 9/07/26			1,875				1,855
a8813473.SQ.FTS.B, 4.716%, 9/07/26			2,224				2,132
a8812752.SQ.FTS.B, 4.717%, 9/07/26			3,422				3,371
a8814270.SQ.FTS.B, 4.717%, 9/07/26			16,484				16,317
a8812085.SQ.FTS.B, 4.719%, 9/07/26			2,702				2,627
a8812972.SQ.FTS.B, 4.719%, 9/07/26			491				486
a8813523.SQ.FTS.B, 4.721%, 9/07/26			1,831				1,808
a8813216.SQ.FTS.B, 4.723%, 9/07/26			2,404				2,231
a8813810.SQ.FTS.B, 5.338%, 9/07/26			630				589
a8813693.SQ.FTS.B, 5.922%, 9/07/26			862				790
a8815588.SQ.FTS.B, 4.717%, 9/08/26			1,122				1,099
a8816075.SQ.FTS.B, 4.711%, 9/09/26			2,165				1,743
a8815640.SQ.FTS.B, 4.716%, 9/09/26			1,464				1,433
a8816131.SQ.FTS.B, 4.717%, 9/09/26			9,566				8,489
a8816272.SQ.FTS.B, 5.031%, 9/09/26			7,959				7,593
a8817238.SQ.FTS.B, 4.713%, 9/10/26			2,007				1,965
a8817729.SQ.FTS.B, 4.715%, 9/10/26			1,683				1,669
a8820101.SQ.FTS.B, 4.717%, 9/10/26			116				115
a8817077.SQ.FTS.B, 4.728%, 9/10/26			1,157				1,104
a8819236.SQ.FTS.B, 5.031%, 9/10/26			6,049				5,981
a8820580.SQ.FTS.B, 5.597%, 9/10/26			4,522				4,296
a8819206.SQ.FTS.B, 5.92%, 9/10/26			1,351				701
a8819233.SQ.FTS.B, 6.437%, 9/10/26			398				163
a8820753.SQ.FTS.B, 6.452%, 9/10/26			406				364
a8821540.SQ.FTS.B, 4.717%, 9/11/26			125				124
a8823877.SQ.FTS.B, 4.717%, 9/11/26			1,551				1,544

Description		Principal Amount				Value
Block, Inc. (continued)
a8823819.SQ.FTS.B, 4.72%, 9/11/26		$	3,617			$	3,531
a8823792.SQ.FTS.B, 5.028%, 9/11/26			1,513				1,442
a8823219.SQ.FTS.B, 5.031%, 9/11/26			3,771				3,745
a8822677.SQ.FTS.B, 5.038%, 9/11/26			540				532
a8822510.SQ.FTS.B, 6.471%, 9/11/26			32				31
a8829260.SQ.FTS.B, 4.717%, 9/12/26			2,738				2,689
a8828014.SQ.FTS.B, 5.031%, 9/12/26			3,485				3,058
a8830058.SQ.FTS.B, 5.031%, 9/12/26			405				402
a8825701.SQ.FTS.B, 5.35%, 9/12/26			4,717				890
a8828135.SQ.FTS.B, 5.358%, 9/12/26			1,202				1,023
a8826143.SQ.FTS.B, 5.912%, 9/12/26			1,367				1,319
a8838852.SQ.FTS.B, 4.715%, 9/13/26			2,338				2,295
a8834664.SQ.FTS.B, 4.717%, 9/13/26			3,811				3,736
a8836681.SQ.FTS.B, 4.717%, 9/13/26			4,632				4,520
a8838966.SQ.FTS.B, 4.718%, 9/13/26			8,133				5,728
a8835008.SQ.FTS.B, 4.721%, 9/13/26			1,692				1,672
a8835526.SQ.FTS.B, 5.031%, 9/13/26			9,565				9,311
a8837203.SQ.FTS.B, 5.031%, 9/13/26			7,203				6,096
a8837752.SQ.FTS.B, 5.031%, 9/13/26			26,816				25,732
a,b8836851.SQ.FTS.B, 5.912%, 9/13/26			24,846				514
a8839021.SQ.FTS.B, 6.447%, 9/13/26			42,756				30,919
a8838919.SQ.FTS.B, 6.448%, 9/13/26			25				24
a8842061.SQ.FTS.B, 4.715%, 9/14/26			3,394				3,311
a8843092.SQ.FTS.B, 4.716%, 9/14/26			2,159				1,843
a8841131.SQ.FTS.B, 4.717%, 9/14/26			2,765				2,717
a8839870.SQ.FTS.B, 4.719%, 9/14/26			2,477				2,398
a8842351.SQ.FTS.B, 4.72%, 9/14/26			1,367				1,350
a8842727.SQ.FTS.B, 4.936%, 9/14/26			264				249
a8841952.SQ.FTS.B, 5.031%, 9/14/26			2,521				1,713
a8841986.SQ.FTS.B, 5.031%, 9/14/26			2,315				2,259
a8842685.SQ.FTS.B, 5.034%, 9/14/26			2,016				1,517
a8841626.SQ.FTS.B, 5.598%, 9/14/26			1,730				1,704
a8842754.SQ.FTS.B, 5.915%, 9/14/26			1,872				634
a8842789.SQ.FTS.B, 6.44%, 9/14/26			1,229				710
a8844282.SQ.FTS.B, 4.717%, 9/15/26			1,471				1,422
a8845115.SQ.FTS.B, 4.719%, 9/15/26			4,746				4,675
a8845651.SQ.FTS.B, 4.72%, 9/15/26			169				169
a8844633.SQ.FTS.B, 5.031%, 9/15/26			5,203				4,156
a8845741.SQ.FTS.B, 5.031%, 9/15/26			2,906				2,682
a8844521.SQ.FTS.B, 5.344%, 9/15/26			3,185				2,916
a8845925.SQ.FTS.B, 5.355%, 9/15/26			832				803
a8845493.SQ.FTS.B, 5.602%, 9/15/26			1,209				1,195
a8846040.SQ.FTS.B, 6.099%, 9/15/26			1,360				1,055
a,b8844207.SQ.FTS.B, 6.313%, 9/15/26			774				11
a8846318.SQ.FTS.B, 4.719%, 9/16/26			2,012				1,715
a8846377.SQ.FTS.B, 4.719%, 9/16/26			3,986				3,302

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8846802.SQ.FTS.B, 4.952%, 9/16/26		$	1,048			$	130
a8847166.SQ.FTS.B, 6.289%, 9/16/26			836				773
a8846785.SQ.FTS.B, 6.463%, 9/16/26			1,302				742
a8848531.SQ.FTS.B, 5.598%, 9/17/26			10,082				9,285
a8849373.SQ.FTS.B, 6.102%, 9/17/26			5,918				4,855
a,b8849329.SQ.FTS.B, 6.444%, 9/17/26			3,112				55
a8854650.SQ.FTS.B, 4.714%, 9/18/26			1,280				1,265
a8854705.SQ.FTS.B, 4.717%, 9/18/26			2,347				2,334
a,b8856054.SQ.FTS.B, 4.932%, 9/18/26			2,066				27
a8855848.SQ.FTS.B, 5.031%, 9/18/26			13,300				10,343
a8857471.SQ.FTS.B, 5.031%, 9/18/26			18,201				15,165
a,b8854037.SQ.FTS.B, 5.346%, 9/18/26			45,873				829
a8856216.SQ.FTS.B, 5.346%, 9/18/26			27,658				26,942
a8853822.SQ.FTS.B, 5.598%, 9/18/26			4,545				4,360
a8857808.SQ.FTS.B, 5.031%, 9/19/26			1,393				1,380
a8860956.SQ.FTS.B, 5.031%, 9/19/26			8,411				8,354
a8860687.SQ.FTS.B, 6.443%, 9/19/26			2,642				2,370
a8866627.SQ.FTS.B, 4.717%, 9/20/26			6,775				6,334
a8867899.SQ.FTS.B, 4.717%, 9/20/26			1,770				1,734
a8866821.SQ.FTS.B, 4.719%, 9/20/26			3,015				2,915
a8867299.SQ.FTS.B, 4.719%, 9/20/26			4,940				3,567
a8867865.SQ.FTS.B, 4.723%, 9/20/26			1,294				1,272
a8866443.SQ.FTS.B, 5.031%, 9/20/26			1,868				1,855
a8869585.SQ.FTS.B, 5.031%, 9/20/26			1,367				1,346
a8866747.SQ.FTS.B, 5.343%, 9/20/26			2,408				2,164
a8867120.SQ.FTS.B, 5.346%, 9/20/26			4,027				3,297
a8865003.SQ.FTS.B, 5.912%, 9/20/26			15,880				12,821
a8869600.SQ.FTS.B, 6.427%, 9/20/26			73				70
a8865971.SQ.FTS.B, 6.442%, 9/20/26			534				502
a8867464.SQ.FTS.B, 6.443%, 9/20/26			342				332
a8869835.SQ.FTS.B, 4.717%, 9/21/26			8,316				8,178
a8871439.SQ.FTS.B, 4.718%, 9/21/26			10,616				10,102
a8871367.SQ.FTS.B, 4.719%, 9/21/26			2,672				2,620
a8872233.SQ.FTS.B, 4.938%, 9/21/26			16,421				10,168
a8871049.SQ.FTS.B, 4.957%, 9/21/26			115				105
a8872976.SQ.FTS.B, 5.346%, 9/21/26			28,086				26,192
a8870251.SQ.FTS.B, 5.354%, 9/21/26			14				14
a8871686.SQ.FTS.B, 5.918%, 9/21/26			1,694				1,456
a8871299.SQ.FTS.B, 6.101%, 9/21/26			2,848				2,637
a8875186.SQ.FTS.B, 4.717%, 9/22/26			793				751
a8875784.SQ.FTS.B, 4.719%, 9/22/26			4,885				4,815
a8875759.SQ.FTS.B, 4.954%, 9/22/26			615				438
a8876001.SQ.FTS.B, 5.031%, 9/22/26			2,434				2,400
a8875674.SQ.FTS.B, 5.036%, 9/22/26			2,776				2,112
a8875910.SQ.FTS.B, 5.036%, 9/22/26			2,054				2,001
a8875938.SQ.FTS.B, 5.344%, 9/22/26			1,402				1,338

Description		Principal Amount				Value
Block, Inc. (continued)
a8875891.SQ.FTS.B, 5.595%, 9/22/26		$	323			$	319
a,b8875261.SQ.FTS.B, 5.616%, 9/22/26			2,425				25
a8876073.SQ.FTS.B, 5.913%, 9/22/26			3,338				3,272
a8876716.SQ.FTS.B, 4.714%, 9/23/26			1,070				1,056
a8876656.SQ.FTS.B, 5.031%, 9/23/26			3,244				3,162
a8876920.SQ.FTS.B, 6.447%, 9/23/26			1,085				174
a8878180.SQ.FTS.B, 4.717%, 9/24/26			734				719
a8877253.SQ.FTS.B, 5.031%, 9/24/26			478				476
a8878197.SQ.FTS.B, 5.031%, 9/24/26			6,323				6,286
a8881459.SQ.FTS.B, 4.717%, 9/25/26			2,995				2,972
a8882014.SQ.FTS.B, 4.717%, 9/25/26			1,987				1,585
a8883088.SQ.FTS.B, 4.717%, 9/25/26			1,167				1,150
a8884506.SQ.FTS.B, 4.717%, 9/25/26			16,302				16,013
a8883131.SQ.FTS.B, 4.936%, 9/25/26			2,058				1,317
a8884936.SQ.FTS.B, 5.031%, 9/25/26			2,503				2,448
a8882668.SQ.FTS.B, 5.598%, 9/25/26			6,721				6,541
a8883687.SQ.FTS.B, 6.098%, 9/25/26			5,822				75
a8886302.SQ.FTS.B, 4.717%, 9/26/26			3,510				3,444
a8887594.SQ.FTS.B, 4.717%, 9/26/26			6,538				6,444
a8889880.SQ.FTS.B, 4.717%, 9/26/26			49,710				41,306
a8888177.SQ.FTS.B, 4.719%, 9/26/26			1,936				1,913
a8890741.SQ.FTS.B, 4.719%, 9/26/26			3,895				3,846
a8888564.SQ.FTS.B, 5.031%, 9/26/26			158				157
a8889516.SQ.FTS.B, 5.031%, 9/26/26			13,319				12,840
a8890666.SQ.FTS.B, 5.037%, 9/26/26			609				605
a8890646.SQ.FTS.B, 5.34%, 9/26/26			903				856
a8887086.SQ.FTS.B, 5.353%, 9/26/26			698				673
a,b8890694.SQ.FTS.B, 5.909%, 9/26/26			9,884				96
a8890937.SQ.FTS.B, 5.912%, 9/26/26			5,329				5,115
a8886793.SQ.FTS.B, 6.101%, 9/26/26			3,475				2,656
a8888258.SQ.FTS.B, 6.449%, 9/26/26			1,622				1,522
a,b8889437.SQ.FTS.B, 6.454%, 9/26/26			2,111				939
a8896816.SQ.FTS.B, 4.717%, 9/27/26			872				865
a8896906.SQ.FTS.B, 4.717%, 9/27/26			1,543				1,506
a8893844.SQ.FTS.B, 4.718%, 9/27/26			856				850
a8896954.SQ.FTS.B, 4.718%, 9/27/26			17,297				17,018
a8896209.SQ.FTS.B, 4.719%, 9/27/26			1,699				1,657
a8897971.SQ.FTS.B, 4.719%, 9/27/26			10,810				8,750
a8895423.SQ.FTS.B, 4.722%, 9/27/26			2,837				2,770
a8897818.SQ.FTS.B, 4.722%, 9/27/26			1,489				1,451
a8894117.SQ.FTS.B, 4.73%, 9/27/26			455				451
a8897911.SQ.FTS.B, 5.339%, 9/27/26			720				708
a8897924.SQ.FTS.B, 5.351%, 9/27/26			5,120				890
a8894937.SQ.FTS.B, 5.585%, 9/27/26			726				689
a8897962.SQ.FTS.B, 5.586%, 9/27/26			1,445				817
a8897787.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 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8895347.SQ.FTS.B, 6.286%, 9/27/26		$	802			$	728
a8894985.SQ.FTS.B, 6.427%, 9/27/26			239				230
a8901099.SQ.FTS.B, 5.031%, 9/28/26			8,158				8,030
a8901066.SQ.FTS.B, 5.345%, 9/28/26			4,382				3,286
a8899859.SQ.FTS.B, 5.351%, 9/28/26			2,046				1,964
a8900831.SQ.FTS.B, 5.598%, 9/28/26			6,216				5,758
a8901655.SQ.FTS.B, 5.598%, 9/28/26			10,856				9,963
a8898593.SQ.FTS.B, 5.913%, 9/28/26			1,957				1,918
a,b8901624.SQ.FTS.B, 6.28%, 9/28/26			2,726				44
a8903177.SQ.FTS.B, 4.717%, 9/29/26			4,603				4,507
a8903983.SQ.FTS.B, 4.721%, 9/29/26			1,810				1,790
a8903915.SQ.FTS.B, 6.447%, 9/29/26			873				565
a8904098.SQ.FTS.B, 6.462%, 9/29/26			1,560				290
a8904248.SQ.FTS.B, 4.717%, 9/30/26			3,063				3,005
a8905176.SQ.FTS.B, 4.717%, 9/30/26			2,625				2,603
a8904804.SQ.FTS.B, 5.031%, 9/30/26			4,357				4,214
a8909342.SQ.FTS.B, 5.036%, 9/30/26			896				883
a8907952.SQ.FTS.B, 5.606%, 9/30/26			1,103				973
a,b8905890.SQ.FTS.B, 5.616%, 9/30/26			699				96
a8904556.SQ.FTS.B, 5.926%, 9/30/26			812				753
a8904640.SQ.FTS.B, 6.102%, 9/30/26			7,299				1,368
a,b8907137.SQ.FTS.B, 6.447%, 9/30/26			2,376				60
a8904372.SQ.FTS.B, 6.449%, 9/30/26			5,361				4,829
a8908818.SQ.FTS.B, 6.45%, 9/30/26			836				810
a8910175.SQ.FTS.B, 4.717%, 10/01/26			1,343				1,320
a8913820.SQ.FTS.B, 4.717%, 10/01/26			8,239				7,407
a8914272.SQ.FTS.B, 4.717%, 10/01/26			3,901				3,879
a8913957.SQ.FTS.B, 5.031%, 10/01/26			14,778				12,121
a8914751.SQ.FTS.B, 5.031%, 10/01/26			1,924				1,898
a8911274.SQ.FTS.B, 5.352%, 10/01/26			2,997				2,663
a8912109.SQ.FTS.B, 6.083%, 10/01/26			575				543
a8910246.SQ.FTS.B, 6.091%, 10/01/26			1,358				670
a8910299.SQ.FTS.B, 6.434%, 10/01/26			538				491
a8911064.SQ.FTS.B, 6.445%, 10/01/26			2,747				719
a,b8912126.SQ.FTS.B, 6.447%, 10/01/26			7,218				136
a8917561.SQ.FTS.B, 4.717%, 10/02/26			2,167				2,131
a8915304.SQ.FTS.B, 4.718%, 10/02/26			21,124				17,487
a8917624.SQ.FTS.B, 4.724%, 10/02/26			1,186				1,171
a8919027.SQ.FTS.B, 4.726%, 10/02/26			1,881				1,732
a8918745.SQ.FTS.B, 5.031%, 10/02/26			9,424				7,477
a8919093.SQ.FTS.B, 5.031%, 10/02/26			440				430
a8916864.SQ.FTS.B, 5.346%, 10/02/26			9,570				8,800
a8914912.SQ.FTS.B, 5.353%, 10/02/26			736				721
a8916602.SQ.FTS.B, 5.356%, 10/02/26			631				599
a8917966.SQ.FTS.B, 5.597%, 10/02/26			12,101				11,183
a8914928.SQ.FTS.B, 6.296%, 10/02/26			1,180				910

Description		Principal Amount				Value
Block, Inc. (continued)
a8914901.SQ.FTS.B, 6.303%, 10/02/26		$	449			$	413
a8915288.SQ.FTS.B, 6.427%, 10/02/26			75				72
a8916613.SQ.FTS.B, 6.447%, 10/02/26			3,388				1,804
a8924143.SQ.FTS.B, 4.712%, 10/03/26			1,162				1,124
a8923656.SQ.FTS.B, 4.715%, 10/03/26			2,758				2,666
a8921581.SQ.FTS.B, 4.717%, 10/03/26			1,897				1,876
a8921687.SQ.FTS.B, 4.717%, 10/03/26			3,236				3,167
a8921862.SQ.FTS.B, 4.717%, 10/03/26			1,982				1,959
a8921951.SQ.FTS.B, 4.717%, 10/03/26			8,762				8,653
a8924167.SQ.FTS.B, 4.717%, 10/03/26			10,346				10,017
a8925319.SQ.FTS.B, 4.718%, 10/03/26			1,744				742
a8925345.SQ.FTS.B, 4.721%, 10/03/26			628				624
a,b8925420.SQ.FTS.B, 4.962%, 10/03/26			574				96
a8925056.SQ.FTS.B, 6.101%, 10/03/26			13,492				12,772
a8924731.SQ.FTS.B, 6.289%, 10/03/26			6,759				5,911
a8921558.SQ.FTS.B, 6.447%, 10/03/26			465				421
a8924008.SQ.FTS.B, 6.448%, 10/03/26			8,935				7,270
a8929365.SQ.FTS.B, 4.711%, 10/04/26			903				892
a8927324.SQ.FTS.B, 4.717%, 10/04/26			12,446				10,966
a8928418.SQ.FTS.B, 4.717%, 10/04/26			3,951				3,889
a8928969.SQ.FTS.B, 4.717%, 10/04/26			5,137				5,032
a8929609.SQ.FTS.B, 4.717%, 10/04/26			1,564				1,519
a8929394.SQ.FTS.B, 4.718%, 10/04/26			10,712				10,366
a8929323.SQ.FTS.B, 4.721%, 10/04/26			2,057				510
a8928211.SQ.FTS.B, 5.031%, 10/04/26			4,760				4,057
a8928251.SQ.FTS.B, 5.031%, 10/04/26			1,204				1,195
a8928373.SQ.FTS.B, 5.031%, 10/04/26			640				635
a8929651.SQ.FTS.B, 5.035%, 10/04/26			2,069				1,824
a8926716.SQ.FTS.B, 5.352%, 10/04/26			2,186				1,865
a8928930.SQ.FTS.B, 5.358%, 10/04/26			989				952
a8928058.SQ.FTS.B, 6.447%, 10/04/26			1,642				1,346
a8928581.SQ.FTS.B, 6.448%, 10/04/26			1,885				1,707
a,b8928687.SQ.FTS.B, 6.453%, 10/04/26			4,948				653
a8927594.SQ.FTS.B, 6.463%, 10/04/26			1,646				290
a8927605.SQ.FTS.B, 6.478%, 10/04/26			255				240
a8934541.SQ.FTS.B, 4.717%, 10/07/26			2,832				2,801
a,b8935775.SQ.FTS.B, 4.952%, 10/07/26			1,319				471
a8934661.SQ.FTS.B, 5.026%, 10/07/26			895				848
a8936334.SQ.FTS.B, 5.343%, 10/07/26			1,271				1,222
a8934327.SQ.FTS.B, 5.346%, 10/07/26			3,218				2,820
a8935796.SQ.FTS.B, 5.348%, 10/07/26			8,606				6,887
a8934377.SQ.FTS.B, 5.349%, 10/07/26			3,552				3,440
a8934694.SQ.FTS.B, 5.35%, 10/07/26			2,443				2,311
a,b8935085.SQ.FTS.B, 5.597%, 10/07/26			14,772				64
a8935607.SQ.FTS.B, 6.095%, 10/07/26			3,530				2,646
a8935698.SQ.FTS.B, 6.1%, 10/07/26			1,486				1,396

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8935582.SQ.FTS.B, 6.289%, 10/07/26		$	886			$	536
a,b8936375.SQ.FTS.B, 6.442%, 10/07/26			4,163				87
a8936092.SQ.FTS.B, 6.454%, 10/07/26			1,179				1,115
a8937160.SQ.FTS.B, 4.715%, 10/08/26			1,572				1,463
a8937602.SQ.FTS.B, 4.717%, 10/08/26			1,398				1,327
a8937695.SQ.FTS.B, 4.717%, 10/08/26			19,332				13,848
a8939134.SQ.FTS.B, 4.717%, 10/08/26			23,066				19,452
a8940084.SQ.FTS.B, 4.717%, 10/08/26			31,015				29,593
a8938417.SQ.FTS.B, 4.719%, 10/08/26			10,235				9,258
a8939770.SQ.FTS.B, 4.722%, 10/08/26			1,111				1,103
a8938232.SQ.FTS.B, 4.923%, 10/08/26			648				93
a8937385.SQ.FTS.B, 5.037%, 10/08/26			1,803				1,705
a8939595.SQ.FTS.B, 5.346%, 10/08/26			3,478				3,396
a8937116.SQ.FTS.B, 5.352%, 10/08/26			928				910
a8939936.SQ.FTS.B, 5.912%, 10/08/26			949				943
a,b8938614.SQ.FTS.B, 6.1%, 10/08/26			33,431				834
a8940025.SQ.FTS.B, 6.293%, 10/08/26			770				698
a,b8941007.SQ.FTS.B, 6.436%, 10/08/26			1,931				26
a8942038.SQ.FTS.B, 4.717%, 10/09/26			4,975				4,769
a8942979.SQ.FTS.B, 4.717%, 10/09/26			11,310				10,964
a8943210.SQ.FTS.B, 4.717%, 10/09/26			5,062				5,021
a,b8942705.SQ.FTS.B, 4.718%, 10/09/26			29,763				622
a8943500.SQ.FTS.B, 4.72%, 10/09/26			2,694				2,659
a,b8943820.SQ.FTS.B, 4.938%, 10/09/26			13,560				285
a,b8943814.SQ.FTS.B, 5.031%, 10/09/26			1,119				199
a8944218.SQ.FTS.B, 5.031%, 10/09/26			18,857				16,526
a8944752.SQ.FTS.B, 5.031%, 10/09/26			6,466				6,335
a8943787.SQ.FTS.B, 5.342%, 10/09/26			994				963
a8944457.SQ.FTS.B, 5.347%, 10/09/26			12,931				12,442
a8941468.SQ.FTS.B, 5.907%, 10/09/26			1,572				1,457
a8941059.SQ.FTS.B, 5.912%, 10/09/26			547				530
a8943618.SQ.FTS.B, 6.439%, 10/09/26			1,288				1,018
a,b8941192.SQ.FTS.B, 6.448%, 10/09/26			20,226				1,849
a8941143.SQ.FTS.B, 6.449%, 10/09/26			1,708				1,479
a8952482.SQ.FTS.B, 4.715%, 10/10/26			1,702				1,682
a8949640.SQ.FTS.B, 4.717%, 10/10/26			5,785				5,710
a8950012.SQ.FTS.B, 4.717%, 10/10/26			4,634				4,576
a8950385.SQ.FTS.B, 4.717%, 10/10/26			610				604
a8950632.SQ.FTS.B, 4.717%, 10/10/26			4,774				3,934
a8952011.SQ.FTS.B, 4.717%, 10/10/26			7,343				7,161
a8952253.SQ.FTS.B, 4.717%, 10/10/26			3,077				3,047
a8948050.SQ.FTS.B, 4.718%, 10/10/26			10,182				10,010
a8952426.SQ.FTS.B, 4.723%, 10/10/26			1,464				1,446
a8949380.SQ.FTS.B, 5.023%, 10/10/26			1,289				1,241
a8950478.SQ.FTS.B, 5.596%, 10/10/26			7,020				6,357
a8950425.SQ.FTS.B, 5.637%, 10/10/26			1,781				1,019

Description		Principal Amount				Value
Block, Inc. (continued)
a8952559.SQ.FTS.B, 6.101%, 10/10/26		$	7,092			$	6,636
a,b8949998.SQ.FTS.B, 6.289%, 10/10/26			1,316				22
a8948535.SQ.FTS.B, 6.454%, 10/10/26			2,556				1,533
a8953074.SQ.FTS.B, 4.717%, 10/11/26			6,266				6,102
a8953345.SQ.FTS.B, 4.717%, 10/11/26			539				532
a8953942.SQ.FTS.B, 4.717%, 10/11/26			76				76
a8954818.SQ.FTS.B, 4.717%, 10/11/26			1,976				1,928
a8955040.SQ.FTS.B, 4.717%, 10/11/26			2,211				2,177
a8955644.SQ.FTS.B, 4.719%, 10/11/26			602				596
a8956844.SQ.FTS.B, 4.719%, 10/11/26			913				901
a8956223.SQ.FTS.B, 5.037%, 10/11/26			1,143				1,123
a8954264.SQ.FTS.B, 5.346%, 10/11/26			15,733				15,159
a8956245.SQ.FTS.B, 5.346%, 10/11/26			12,354				3,019
a8955321.SQ.FTS.B, 5.351%, 10/11/26			1,328				1,252
a8953403.SQ.FTS.B, 5.597%, 10/11/26			2,237				507
a8953819.SQ.FTS.B, 5.6%, 10/11/26			4,006				2,446
a,b8955682.SQ.FTS.B, 5.623%, 10/11/26			3,813				17
a8952934.SQ.FTS.B, 6.104%, 10/11/26			1,994				1,536
a8953757.SQ.FTS.B, 6.11%, 10/11/26			805				756
a8956813.SQ.FTS.B, 6.11%, 10/11/26			1,260				574
a8956870.SQ.FTS.B, 6.289%, 10/11/26			748				696
a8952924.SQ.FTS.B, 6.462%, 10/11/26			81				79
a8956946.SQ.FTS.B, 4.717%, 10/12/26			28,514				23,475
a8957341.SQ.FTS.B, 4.721%, 10/12/26			1,591				1,546
a8957766.SQ.FTS.B, 5.593%, 10/12/26			1,369				1,147
a8956929.SQ.FTS.B, 6.114%, 10/12/26			653				602
a,b8957569.SQ.FTS.B, 6.448%, 10/12/26			3,925				709
a8958432.SQ.FTS.B, 4.714%, 10/13/26			2,242				2,195
a8958160.SQ.FTS.B, 4.718%, 10/13/26			13,521				12,878
a8958763.SQ.FTS.B, 4.718%, 10/13/26			10,068				9,895
a8958483.SQ.FTS.B, 4.72%, 10/13/26			4,494				4,194
a8958061.SQ.FTS.B, 5.606%, 10/13/26			971				935
a8958414.SQ.FTS.B, 6.303%, 10/13/26			90				84
a8958087.SQ.FTS.B, 6.457%, 10/13/26			2,463				1,350
a8962209.SQ.FTS.B, 4.715%, 10/14/26			2,649				2,597
a8960643.SQ.FTS.B, 4.717%, 10/14/26			3,386				3,326
a8961194.SQ.FTS.B, 4.717%, 10/14/26			3,197				3,037
a8961533.SQ.FTS.B, 4.717%, 10/14/26			4,770				4,702
a8962553.SQ.FTS.B, 4.717%, 10/14/26			3,327				3,288
a8963948.SQ.FTS.B, 4.717%, 10/14/26			2,629				2,576
a8960970.SQ.FTS.B, 4.719%, 10/14/26			5,756				5,587
a8962324.SQ.FTS.B, 4.719%, 10/14/26			1,261				1,254
a8964388.SQ.FTS.B, 4.722%, 10/14/26			3,929				3,260
a8961757.SQ.FTS.B, 5.031%, 10/14/26			6,290				6,111
a8962768.SQ.FTS.B, 5.031%, 10/14/26			12,334				12,089
a,b8963849.SQ.FTS.B, 5.632%, 10/14/26			7,180				63

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a8964246.SQ.FTS.B, 6.092%, 10/14/26		$	1,102			$	178
a8964775.SQ.FTS.B, 4.713%, 10/15/26			1,200				1,136
a8965065.SQ.FTS.B, 4.715%, 10/15/26			3,406				3,248
a8966041.SQ.FTS.B, 4.717%, 10/15/26			7,651				7,472
a8968549.SQ.FTS.B, 4.717%, 10/15/26			3,483				3,455
a8969577.SQ.FTS.B, 4.717%, 10/15/26			12,903				12,570
a8969405.SQ.FTS.B, 4.719%, 10/15/26			1,494				1,465
a8967439.SQ.FTS.B, 4.72%, 10/15/26			4,476				4,390
a8969415.SQ.FTS.B, 4.72%, 10/15/26			6,496				5,485
a8966630.SQ.FTS.B, 5.031%, 10/15/26			307				299
a8968435.SQ.FTS.B, 5.031%, 10/15/26			4,624				4,331
a8968710.SQ.FTS.B, 5.031%, 10/15/26			1,782				1,739
a8965700.SQ.FTS.B, 5.589%, 10/15/26			655				624
a8968085.SQ.FTS.B, 5.597%, 10/15/26			5,464				5,130
a8968412.SQ.FTS.B, 6.091%, 10/15/26			1,620				1,232
a,b8967085.SQ.FTS.B, 6.101%, 10/15/26			3,972				89
a8968503.SQ.FTS.B, 6.101%, 10/15/26			4,395				2,842
a8969536.SQ.FTS.B, 6.107%, 10/15/26			962				941
a8964704.SQ.FTS.B, 6.442%, 10/15/26			1,097				1,047
a8972852.SQ.FTS.B, 4.716%, 10/16/26			5,458				5,317
a8969872.SQ.FTS.B, 4.717%, 10/16/26			2,210				2,074
a8972725.SQ.FTS.B, 4.717%, 10/16/26			3,211				3,090
a8971564.SQ.FTS.B, 4.718%, 10/16/26			9,175				7,619
a8970295.SQ.FTS.B, 5.031%, 10/16/26			5,342				5,078
a8971293.SQ.FTS.B, 5.031%, 10/16/26			3,930				3,840
a,b8973251.SQ.FTS.B, 5.031%, 10/16/26			40,783				212
a8969983.SQ.FTS.B, 5.346%, 10/16/26			9,902				7,544
a,b8971762.SQ.FTS.B, 5.912%, 10/16/26			70,854				1,787
a8971681.SQ.FTS.B, 6.1%, 10/16/26			500				489
a8976253.SQ.FTS.B, 4.718%, 10/17/26			10,381				10,178
a8977011.SQ.FTS.B, 5.031%, 10/17/26			9,300				8,632
a8977912.SQ.FTS.B, 5.031%, 10/17/26			9,592				9,287
a8980205.SQ.FTS.B, 5.031%, 10/17/26			1,714				1,606
a8980256.SQ.FTS.B, 5.346%, 10/17/26			33,571				28,911
a8979093.SQ.FTS.B, 5.597%, 10/17/26			8,631				4,829
a8978811.SQ.FTS.B, 5.911%, 10/17/26			9,983				8,342
a8978280.SQ.FTS.B, 6.096%, 10/17/26			1,311				1,211
a8979012.SQ.FTS.B, 6.438%, 10/17/26			1,871				1,303
a8983642.SQ.FTS.B, 4.717%, 10/18/26			11,370				7,312
a8984501.SQ.FTS.B, 4.725%, 10/18/26			1,606				1,563
a8983194.SQ.FTS.B, 4.729%, 10/18/26			1,383				1,282
a8983479.SQ.FTS.B, 5.031%, 10/18/26			4,955				4,690
a8984475.SQ.FTS.B, 5.349%, 10/18/26			794				762
a,b8984792.SQ.FTS.B, 5.603%, 10/18/26			2,902				722
a8980889.SQ.FTS.B, 6.1%, 10/18/26			8,866				8,159
a8984688.SQ.FTS.B, 6.285%, 10/18/26			401				369

Description		Principal Amount				Value
Block, Inc. (continued)
a8981634.SQ.FTS.B, 6.294%, 10/18/26		$	1,413			$	1,035
a8983217.SQ.FTS.B, 6.447%, 10/18/26			1,570				1,296
a8985474.SQ.FTS.B, 4.715%, 10/19/26			1,055				1,032
a8985699.SQ.FTS.B, 4.718%, 10/19/26			2,063				2,019
a8985614.SQ.FTS.B, 4.719%, 10/19/26			5,719				5,548
a8985822.SQ.FTS.B, 4.719%, 10/19/26			5,903				5,755
a8985519.SQ.FTS.B, 4.725%, 10/19/26			1,233				1,214
a8985782.SQ.FTS.B, 5.338%, 10/19/26			1,823				1,406
a8986178.SQ.FTS.B, 5.599%, 10/19/26			2,529				1,871
a8985499.SQ.FTS.B, 6.089%, 10/19/26			1,543				412
a8986097.SQ.FTS.B, 6.1%, 10/19/26			2,783				2,590
a8986051.SQ.FTS.B, 6.289%, 10/19/26			57				53
a8985936.SQ.FTS.B, 6.445%, 10/19/26			10,170				6,058
a8986078.SQ.FTS.B, 6.447%, 10/19/26			2,454				1,442
a8985807.SQ.FTS.B, 6.468%, 10/19/26			804				622
a8986375.SQ.FTS.B, 4.717%, 10/20/26			6,539				6,432
a8989344.SQ.FTS.B, 4.717%, 10/21/26			224				222
a8989386.SQ.FTS.B, 4.717%, 10/21/26			1,704				555
a8989722.SQ.FTS.B, 4.717%, 10/21/26			663				652
a8990253.SQ.FTS.B, 4.718%, 10/21/26			2,549				2,435
a8988904.SQ.FTS.B, 4.719%, 10/21/26			5,820				5,687
a8989804.SQ.FTS.B, 4.722%, 10/21/26			2,474				2,384
a8991440.SQ.FTS.B, 5.034%, 10/21/26			2,250				2,204
a8987791.SQ.FTS.B, 5.341%, 10/21/26			1,789				1,707
a8990399.SQ.FTS.B, 5.353%, 10/21/26			736				721
a8988877.SQ.FTS.B, 5.594%, 10/21/26			1,549				1,406
a8989912.SQ.FTS.B, 6.101%, 10/21/26			1,818				1,806
a8989674.SQ.FTS.B, 6.454%, 10/21/26			2,507				1,645
a8996209.SQ.FTS.B, 4.717%, 10/22/26			6,005				5,866
a8996117.SQ.FTS.B, 4.718%, 10/22/26			1,952				1,863
a8992384.SQ.FTS.B, 5.346%, 10/22/26			8,874				8,812
a8994465.SQ.FTS.B, 5.912%, 10/22/26			10,303				10,055
a8997660.SQ.FTS.B, 4.713%, 10/23/26			2,607				2,543
a8997888.SQ.FTS.B, 4.714%, 10/23/26			3,972				3,217
a8997559.SQ.FTS.B, 4.715%, 10/23/26			3,013				2,918
a9000304.SQ.FTS.B, 4.715%, 10/23/26			2,111				2,066
a8998658.SQ.FTS.B, 4.717%, 10/23/26			1,506				1,486
a,b8998994.SQ.FTS.B, 4.719%, 10/23/26			12,653				275
a,b8998493.SQ.FTS.B, 4.72%, 10/23/26			11,313				2,246
a8998438.SQ.FTS.B, 4.746%, 10/23/26			514				498
a8996591.SQ.FTS.B, 5.026%, 10/23/26			1,658				361
a8996344.SQ.FTS.B, 5.031%, 10/23/26			3,761				3,360
a8997175.SQ.FTS.B, 5.031%, 10/23/26			8,189				7,962
a8999309.SQ.FTS.B, 5.031%, 10/23/26			18,038				17,611
a8997979.SQ.FTS.B, 5.342%, 10/23/26			2,934				2,116
a8999710.SQ.FTS.B, 5.346%, 10/23/26			16,885				16,558

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9000255.SQ.FTS.B, 5.346%, 10/23/26		$	3,429			$	2,733
a,b8999281.SQ.FTS.B, 6.445%, 10/23/26			3,587				338
a8996442.SQ.FTS.B, 6.45%, 10/23/26			5,969				4,690
a9006660.SQ.FTS.B, 4.714%, 10/24/26			1,717				1,450
a9003589.SQ.FTS.B, 4.715%, 10/24/26			4,690				4,544
a9005567.SQ.FTS.B, 4.717%, 10/24/26			8,671				8,583
a9006116.SQ.FTS.B, 4.717%, 10/24/26			10,972				4,604
a9006060.SQ.FTS.B, 4.719%, 10/24/26			2,228				2,190
a9007011.SQ.FTS.B, 4.719%, 10/24/26			5,855				5,719
a9007181.SQ.FTS.B, 4.719%, 10/24/26			3,266				3,166
a9004726.SQ.FTS.B, 4.724%, 10/24/26			2,628				2,478
a9003317.SQ.FTS.B, 4.928%, 10/24/26			1,756				771
a9006926.SQ.FTS.B, 5.031%, 10/24/26			3,342				3,279
a9004492.SQ.FTS.B, 5.346%, 10/24/26			1,643				1,575
a9003354.SQ.FTS.B, 5.598%, 10/24/26			3,574				3,370
a9006015.SQ.FTS.B, 5.603%, 10/24/26			2,162				1,634
a9006711.SQ.FTS.B, 5.66%, 10/24/26			95				88
a9007123.SQ.FTS.B, 6.443%, 10/24/26			5,295				3,662
a9003502.SQ.FTS.B, 6.445%, 10/24/26			2,831				483
a9007774.SQ.FTS.B, 6.447%, 10/24/26			5,561				4,079
a9005020.SQ.FTS.B, 6.448%, 10/24/26			6,055				3,558
a9010353.SQ.FTS.B, 4.717%, 10/25/26			20,203				19,871
a9010279.SQ.FTS.B, 4.723%, 10/25/26			1,873				1,829
a9009656.SQ.FTS.B, 4.726%, 10/25/26			1,042				1,028
a9008379.SQ.FTS.B, 5.031%, 10/25/26			3,631				3,590
a9009762.SQ.FTS.B, 5.036%, 10/25/26			296				294
a9011573.SQ.FTS.B, 5.597%, 10/25/26			7,385				7,011
a9010254.SQ.FTS.B, 5.636%, 10/25/26			1,397				1,047
a9010313.SQ.FTS.B, 5.912%, 10/25/26			1,044				836
a9012957.SQ.FTS.B, 4.717%, 10/26/26			15,020				14,211
a9012625.SQ.FTS.B, 4.719%, 10/26/26			6,126				5,900
a9012889.SQ.FTS.B, 4.719%, 10/26/26			4,324				4,117
a9012720.SQ.FTS.B, 4.731%, 10/26/26			837				815
a9012213.SQ.FTS.B, 5.031%, 10/26/26			3,965				3,624
a9012417.SQ.FTS.B, 5.333%, 10/26/26			1,215				1,074
a9012610.SQ.FTS.B, 5.351%, 10/26/26			319				317
a9012452.SQ.FTS.B, 6.107%, 10/26/26			1,473				1,328
a,b9012381.SQ.FTS.B, 6.289%, 10/26/26			1,053				146
a9013646.SQ.FTS.B, 5.031%, 10/27/26			13,178				12,903
a9013547.SQ.FTS.B, 6.448%, 10/27/26			5,824				4,875
a9014758.SQ.FTS.B, 4.715%, 10/28/26			3,706				3,549
a9016660.SQ.FTS.B, 4.717%, 10/28/26			2,049				2,029
a9016375.SQ.FTS.B, 4.72%, 10/28/26			4,683				4,587
a9016301.SQ.FTS.B, 4.738%, 10/28/26			476				469
a9016321.SQ.FTS.B, 5.024%, 10/28/26			868				798
a9014962.SQ.FTS.B, 5.59%, 10/28/26			640				606

Description		Principal Amount				Value
Block, Inc. (continued)
a9018977.SQ.FTS.B, 6.101%, 10/28/26		$	1,372			$	1,355
a9019968.SQ.FTS.B, 4.719%, 10/29/26			1,205				1,186
a9024093.SQ.FTS.B, 4.719%, 10/29/26			5,860				5,786
a9023258.SQ.FTS.B, 4.72%, 10/29/26			5,521				5,281
a9023743.SQ.FTS.B, 5.029%, 10/29/26			3,568				3,207
a9022850.SQ.FTS.B, 5.031%, 10/29/26			5,964				5,852
a9023881.SQ.FTS.B, 5.031%, 10/29/26			1,922				1,911
a9024352.SQ.FTS.B, 5.031%, 10/29/26			853				810
a9024053.SQ.FTS.B, 5.596%, 10/29/26			1,298				1,186
a9021446.SQ.FTS.B, 6.101%, 10/29/26			14,940				14,574
a9023142.SQ.FTS.B, 6.103%, 10/29/26			595				586
a9027074.SQ.FTS.B, 4.715%, 10/30/26			3,308				3,261
a9025056.SQ.FTS.B, 4.717%, 10/30/26			2,096				2,046
a9026836.SQ.FTS.B, 4.717%, 10/30/26			6,480				6,279
a9027350.SQ.FTS.B, 4.717%, 10/30/26			482				467
a9026703.SQ.FTS.B, 4.72%, 10/30/26			4,403				4,308
a9026606.SQ.FTS.B, 4.721%, 10/30/26			1,395				1,384
a9024985.SQ.FTS.B, 4.73%, 10/30/26			524				519
a,b9027676.SQ.FTS.B, 5.346%, 10/30/26			44,021				1,115
a9027639.SQ.FTS.B, 5.351%, 10/30/26			680				672
a9026138.SQ.FTS.B, 5.594%, 10/30/26			1,496				1,445
a9026229.SQ.FTS.B, 5.921%, 10/30/26			1,604				919
a9025952.SQ.FTS.B, 6.101%, 10/30/26			2,926				1,794
a9027428.SQ.FTS.B, 6.102%, 10/30/26			156				156
a9025330.SQ.FTS.B, 6.104%, 10/30/26			794				780
a9024818.SQ.FTS.B, 6.289%, 10/30/26			4,349				3,217
a,b9027592.SQ.FTS.B, 6.466%, 10/30/26			1,463				173
a9027341.SQ.FTS.B, 6.478%, 10/30/26			184				173
a9036715.SQ.FTS.B, 4.717%, 11/01/26			31,284				30,453
a9033361.SQ.FTS.B, 4.719%, 11/01/26			6,748				6,644
a9032745.SQ.FTS.B, 5.346%, 11/01/26			9,111				8,922
a9035177.SQ.FTS.B, 5.603%, 11/01/26			982				972
a9040087.SQ.FTS.B, 4.717%, 11/02/26			7,736				6,641
a9038889.SQ.FTS.B, 4.719%, 11/02/26			5,064				3,946
a9037054.SQ.FTS.B, 4.738%, 11/02/26			398				393
a9038969.SQ.FTS.B, 5.031%, 11/02/26			3,818				3,722
a9036939.SQ.FTS.B, 5.601%, 11/02/26			3,588				3,465
a9040694.SQ.FTS.B, 6.101%, 11/02/26			12,772				12,290
a9037429.SQ.FTS.B, 6.447%, 11/02/26			9,702				8,878
a9041371.SQ.FTS.B, 4.946%, 11/03/26			841				506
a9042280.SQ.FTS.B, 5.031%, 11/03/26			2,570				2,479
a9042059.SQ.FTS.B, 5.342%, 11/03/26			1,139				1,125
a9041385.SQ.FTS.B, 6.101%, 11/03/26			10,610				10,056
a9042240.SQ.FTS.B, 6.108%, 11/03/26			2,438				2,155
a9042012.SQ.FTS.B, 6.454%, 11/03/26			937				119
a9042441.SQ.FTS.B, 4.71%, 11/04/26			1,292				1,273

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9043286.SQ.FTS.B, 4.715%, 11/04/26		$	2,151			$	2,094
a9042891.SQ.FTS.B, 4.717%, 11/04/26			14,723				14,234
a9042596.SQ.FTS.B, 4.718%, 11/04/26			5,044				4,939
a9042763.SQ.FTS.B, 4.72%, 11/04/26			2,768				2,740
a9042522.SQ.FTS.B, 5.029%, 11/04/26			2,918				2,775
a,b9042742.SQ.FTS.B, 5.909%, 11/04/26			2,104				867
a9042581.SQ.FTS.B, 6.102%, 11/04/26			743				607
a9045500.SQ.FTS.B, 4.717%, 11/05/26			6,814				5,727
a9046420.SQ.FTS.B, 4.717%, 11/05/26			11,995				11,601
a9048084.SQ.FTS.B, 4.717%, 11/05/26			2,485				2,456
a9047177.SQ.FTS.B, 4.718%, 11/05/26			17,667				17,188
a9044523.SQ.FTS.B, 4.722%, 11/05/26			3,879				3,213
a9047603.SQ.FTS.B, 4.726%, 11/05/26			651				642
a9047641.SQ.FTS.B, 4.956%, 11/05/26			280				257
a9045040.SQ.FTS.B, 5.031%, 11/05/26			1,867				984
a9048220.SQ.FTS.B, 5.031%, 11/05/26			8,313				8,054
a9048170.SQ.FTS.B, 5.597%, 11/05/26			510				359
a9046727.SQ.FTS.B, 5.599%, 11/05/26			9,057				8,583
a,b9048487.SQ.FTS.B, 5.632%, 11/05/26			4,478				985
a,b9045086.SQ.FTS.B, 6.448%, 11/05/26			27,357				2,724
a9052710.SQ.FTS.B, 4.705%, 11/06/26			829				815
a9049716.SQ.FTS.B, 4.717%, 11/06/26			2,211				2,178
a9049870.SQ.FTS.B, 4.717%, 11/06/26			6,165				6,022
a9050109.SQ.FTS.B, 4.717%, 11/06/26			6,484				6,412
a9048839.SQ.FTS.B, 4.719%, 11/06/26			3,449				3,294
a9050459.SQ.FTS.B, 4.719%, 11/06/26			2,046				2,021
a9051681.SQ.FTS.B, 4.721%, 11/06/26			5,813				5,216
a9051118.SQ.FTS.B, 4.722%, 11/06/26			2,947				2,686
a9048764.SQ.FTS.B, 4.73%, 11/06/26			911				896
a9051976.SQ.FTS.B, 5.031%, 11/06/26			22,132				15,412
a9052740.SQ.FTS.B, 5.031%, 11/06/26			24,995				24,490
a9052581.SQ.FTS.B, 5.346%, 11/06/26			8,602				7,153
a9049293.SQ.FTS.B, 5.593%, 11/06/26			2,631				2,445
a,b9050809.SQ.FTS.B, 5.598%, 11/06/26			24,174				256
a9049511.SQ.FTS.B, 6.434%, 11/06/26			266				259
a9049705.SQ.FTS.B, 6.434%, 11/06/26			626				482
a9055197.SQ.FTS.B, 4.717%, 11/07/26			3,725				3,662
a9056795.SQ.FTS.B, 4.717%, 11/07/26			5,046				4,302
a9054526.SQ.FTS.B, 4.719%, 11/07/26			2,436				2,397
a9055355.SQ.FTS.B, 4.719%, 11/07/26			7,481				7,355
a9055086.SQ.FTS.B, 4.728%, 11/07/26			908				896
a9053959.SQ.FTS.B, 5.031%, 11/07/26			6,667				5,430
a9056192.SQ.FTS.B, 5.031%, 11/07/26			12,259				12,132
a9056928.SQ.FTS.B, 5.031%, 11/07/26			7,411				7,069
a9057169.SQ.FTS.B, 5.364%, 11/07/26			989				795
a9054200.SQ.FTS.B, 5.598%, 11/07/26			2,691				2,458

Description		Principal Amount				Value
Block, Inc. (continued)
a9057372.SQ.FTS.B, 5.598%, 11/07/26		$	16,410			$	16,007
a9055928.SQ.FTS.B, 5.913%, 11/07/26			2,540				2,204
a9057321.SQ.FTS.B, 6.101%, 11/07/26			1,414				1,372
a9053423.SQ.FTS.B, 6.106%, 11/07/26			1,113				1,027
a9053569.SQ.FTS.B, 6.319%, 11/07/26			80				77
a9054150.SQ.FTS.B, 6.436%, 11/07/26			488				439
a9060471.SQ.FTS.B, 4.715%, 11/08/26			1,688				1,669
a9063145.SQ.FTS.B, 4.717%, 11/08/26			4,030				3,776
a9062565.SQ.FTS.B, 4.718%, 11/08/26			22,375				20,941
a9062028.SQ.FTS.B, 5.031%, 11/08/26			10,448				6,818
a9064251.SQ.FTS.B, 5.031%, 11/08/26			4,805				4,713
a9061310.SQ.FTS.B, 5.34%, 11/08/26			1,174				1,136
a9062399.SQ.FTS.B, 5.346%, 11/08/26			1,211				1,172
a9061366.SQ.FTS.B, 5.598%, 11/08/26			9,756				9,512
a9062475.SQ.FTS.B, 5.634%, 11/08/26			396				377
a9060750.SQ.FTS.B, 6.099%, 11/08/26			4,576				2,826
a9060869.SQ.FTS.B, 6.284%, 11/08/26			1,107				660
a9066634.SQ.FTS.B, 4.717%, 11/09/26			3,337				3,289
a9067602.SQ.FTS.B, 4.717%, 11/09/26			1,669				1,355
a9068240.SQ.FTS.B, 4.717%, 11/09/26			29,302				28,737
a9065706.SQ.FTS.B, 4.718%, 11/09/26			4,153				4,086
a9067932.SQ.FTS.B, 4.719%, 11/09/26			4,483				4,337
a9065141.SQ.FTS.B, 4.726%, 11/09/26			1,792				1,715
a9065653.SQ.FTS.B, 5.031%, 11/09/26			2,859				2,542
a9066243.SQ.FTS.B, 5.031%, 11/09/26			2,992				2,953
a9067485.SQ.FTS.B, 5.031%, 11/09/26			1,750				1,610
a9068177.SQ.FTS.B, 5.031%, 11/09/26			1,708				1,639
a9065908.SQ.FTS.B, 5.035%, 11/09/26			3,601				3,362
a9065039.SQ.FTS.B, 5.037%, 11/09/26			2,189				2,075
a9069310.SQ.FTS.B, 5.348%, 11/09/26			2,500				2,471
a9065236.SQ.FTS.B, 5.924%, 11/09/26			720				698
a9067591.SQ.FTS.B, 6.44%, 11/09/26			361				336
a9067515.SQ.FTS.B, 6.443%, 11/09/26			2,841				1,861
a9065269.SQ.FTS.B, 6.447%, 11/09/26			18,812				10,436
a9071099.SQ.FTS.B, 4.717%, 11/10/26			6,157				2,982
a9071286.SQ.FTS.B, 4.717%, 11/10/26			1,048				1,039
a9071190.SQ.FTS.B, 4.722%, 11/10/26			3,690				3,478
a9070460.SQ.FTS.B, 5.598%, 11/10/26			17,609				17,237
a,b9071058.SQ.FTS.B, 6.286%, 11/10/26			3,037				1,446
a9071710.SQ.FTS.B, 5.913%, 11/11/26			1,731				1,598
a9076464.SQ.FTS.B, 4.717%, 11/12/26			35,642				34,434
a9074555.SQ.FTS.B, 4.721%, 11/12/26			2,778				2,739
a9074982.SQ.FTS.B, 4.721%, 11/12/26			3,168				3,112
a9076411.SQ.FTS.B, 5.027%, 11/12/26			1,134				1,114
a9074683.SQ.FTS.B, 5.031%, 11/12/26			7,341				7,254
a9076452.SQ.FTS.B, 5.037%, 11/12/26			1,129				1,038

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9073615.SQ.FTS.B, 5.047%, 11/12/26		$	264			$	262
a9075354.SQ.FTS.B, 5.595%, 11/12/26			4,004				3,868
a9075165.SQ.FTS.B, 5.912%, 11/12/26			1,680				1,214
a9076700.SQ.FTS.B, 6.299%, 11/12/26			99				96
a9075191.SQ.FTS.B, 6.437%, 11/12/26			1,043				461
a9073723.SQ.FTS.B, 6.447%, 11/12/26			15,917				13,652
a9074203.SQ.FTS.B, 6.448%, 11/12/26			2,974				2,619
a9080421.SQ.FTS.B, 4.708%, 11/13/26			589				580
a9080832.SQ.FTS.B, 4.715%, 11/13/26			1,574				1,539
a9077395.SQ.FTS.B, 4.716%, 11/13/26			1,471				1,443
a9077953.SQ.FTS.B, 4.717%, 11/13/26			5,769				5,689
a9080487.SQ.FTS.B, 4.717%, 11/13/26			3,219				3,172
a9080222.SQ.FTS.B, 5.022%, 11/13/26			1,574				1,502
a9078368.SQ.FTS.B, 5.031%, 11/13/26			2,971				2,836
a9079036.SQ.FTS.B, 5.031%, 11/13/26			501				497
a9079360.SQ.FTS.B, 5.031%, 11/13/26			32,390				29,886
a9081564.SQ.FTS.B, 5.031%, 11/13/26			4,590				4,561
a9080906.SQ.FTS.B, 5.036%, 11/13/26			1,876				1,826
a9079226.SQ.FTS.B, 5.6%, 11/13/26			2,714				2,664
a9080596.SQ.FTS.B, 5.906%, 11/13/26			1,330				1,206
a9080434.SQ.FTS.B, 6.294%, 11/13/26			644				588
a9079100.SQ.FTS.B, 6.448%, 11/13/26			2,234				1,984
a9077607.SQ.FTS.B, 6.461%, 11/13/26			599				424
a9081776.SQ.FTS.B, 4.717%, 11/14/26			9,664				9,496
a9083721.SQ.FTS.B, 4.717%, 11/14/26			19,947				19,357
a9085432.SQ.FTS.B, 4.717%, 11/14/26			2,365				2,331
a9083110.SQ.FTS.B, 5.031%, 11/14/26			1,625				1,560
a9084999.SQ.FTS.B, 5.348%, 11/14/26			6,679				5,399
a9085809.SQ.FTS.B, 5.596%, 11/14/26			2,960				2,930
a,b9083077.SQ.FTS.B, 5.597%, 11/14/26			1,236				272
a9085083.SQ.FTS.B, 5.627%, 11/14/26			1,782				235
a9082495.SQ.FTS.B, 5.911%, 11/14/26			1,441				1,434
a9085543.SQ.FTS.B, 6.099%, 11/14/26			5,510				5,335
a9083172.SQ.FTS.B, 6.101%, 11/14/26			39,735				22,159
a9088529.SQ.FTS.B, 4.717%, 11/15/26			5,562				5,510
a9089073.SQ.FTS.B, 4.717%, 11/15/26			9,052				8,905
a9090243.SQ.FTS.B, 4.717%, 11/15/26			4,059				3,966
a9091714.SQ.FTS.B, 4.717%, 11/15/26			5,585				5,526
a9091162.SQ.FTS.B, 4.718%, 11/15/26			7,597				7,510
a9092037.SQ.FTS.B, 4.719%, 11/15/26			12,007				10,437
a9090367.SQ.FTS.B, 4.72%, 11/15/26			3,721				3,500
a9090639.SQ.FTS.B, 4.721%, 11/15/26			3,966				3,862
a9091117.SQ.FTS.B, 4.721%, 11/15/26			2,138				2,101
a9090092.SQ.FTS.B, 4.95%, 11/15/26			118				103
a9090756.SQ.FTS.B, 5.031%, 11/15/26			5,350				4,858
a9092544.SQ.FTS.B, 5.031%, 11/15/26			5,828				5,728

Description		Principal Amount				Value
Block, Inc. (continued)
a9092280.SQ.FTS.B, 5.348%, 11/15/26		$	7,314			$	7,180
a,b9090227.SQ.FTS.B, 6.451%, 11/15/26			1,790				785
a9093708.SQ.FTS.B, 4.717%, 11/16/26			2,212				2,176
a9093067.SQ.FTS.B, 4.72%, 11/16/26			4,121				4,029
a9093277.SQ.FTS.B, 5.031%, 11/16/26			1,032				853
a9094763.SQ.FTS.B, 5.912%, 11/16/26			3,828				3,736
a9096726.SQ.FTS.B, 6.101%, 11/16/26			21,498				18,276
a9092935.SQ.FTS.B, 6.104%, 11/16/26			1,625				1,465
a9093570.SQ.FTS.B, 6.108%, 11/16/26			1,784				1,657
a9097131.SQ.FTS.B, 6.28%, 11/16/26			954				873
a9095365.SQ.FTS.B, 6.448%, 11/16/26			832				827
a9095660.SQ.FTS.B, 6.45%, 11/16/26			295				272
a9098490.SQ.FTS.B, 4.71%, 11/17/26			1,438				1,414
a9097852.SQ.FTS.B, 4.717%, 11/17/26			59				58
a9098193.SQ.FTS.B, 4.717%, 11/17/26			5,644				5,514
a9098317.SQ.FTS.B, 5.031%, 11/17/26			10,295				9,137
a9098528.SQ.FTS.B, 5.346%, 11/17/26			6,816				5,402
a9097954.SQ.FTS.B, 5.353%, 11/17/26			1,029				982
a9098466.SQ.FTS.B, 5.358%, 11/17/26			1,115				1,081
a9097978.SQ.FTS.B, 5.6%, 11/17/26			6,326				5,680
a9098073.SQ.FTS.B, 5.605%, 11/17/26			1,634				305
a9098609.SQ.FTS.B, 6.105%, 11/17/26			1,532				1,443
a9097840.SQ.FTS.B, 6.456%, 11/17/26			452				426
a9098812.SQ.FTS.B, 4.716%, 11/18/26			2,278				2,242
a9099300.SQ.FTS.B, 4.72%, 11/18/26			2,150				2,063
a9098873.SQ.FTS.B, 5.353%, 11/18/26			447				444
a9101968.SQ.FTS.B, 4.713%, 11/19/26			2,462				2,354
a9100939.SQ.FTS.B, 4.717%, 11/19/26			1,033				1,023
a9101828.SQ.FTS.B, 4.717%, 11/19/26			3,950				3,864
a9104177.SQ.FTS.B, 4.717%, 11/19/26			3,764				3,628
a9101475.SQ.FTS.B, 4.718%, 11/19/26			8,754				190
a9102789.SQ.FTS.B, 4.718%, 11/19/26			16,006				15,746
a9100368.SQ.FTS.B, 4.93%, 11/19/26			2,203				98
a9102655.SQ.FTS.B, 5.031%, 11/19/26			3,252				3,153
a9102613.SQ.FTS.B, 5.346%, 11/19/26			2,297				2,203
a9101660.SQ.FTS.B, 6.099%, 11/19/26			2,700				2,646
a9103471.SQ.FTS.B, 6.101%, 11/19/26			25,377				13,609
a9101027.SQ.FTS.B, 6.302%, 11/19/26			133				126
a9101128.SQ.FTS.B, 6.447%, 11/19/26			6,243				6,023
a9099846.SQ.FTS.B, 6.451%, 11/19/26			869				819
a9107106.SQ.FTS.B, 4.711%, 11/20/26			2,215				2,156
a9105631.SQ.FTS.B, 4.722%, 11/20/26			2,996				2,915
a9106785.SQ.FTS.B, 4.722%, 11/20/26			1,426				1,395
a9108761.SQ.FTS.B, 4.722%, 11/20/26			2,875				2,789
a9106638.SQ.FTS.B, 4.944%, 11/20/26			2,654				1,351
a9105200.SQ.FTS.B, 5.031%, 11/20/26			3,446				3,397

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9106673.SQ.FTS.B, 5.031%, 11/20/26		$	6,049			$	5,050
a9108528.SQ.FTS.B, 5.031%, 11/20/26			4,895				4,695
a9107057.SQ.FTS.B, 5.337%, 11/20/26			750				731
a9107320.SQ.FTS.B, 5.582%, 11/20/26			276				271
a9104473.SQ.FTS.B, 5.598%, 11/20/26			8,195				7,887
a9105728.SQ.FTS.B, 5.598%, 11/20/26			34,364				31,557
a9107160.SQ.FTS.B, 5.912%, 11/20/26			1,813				1,795
a9109305.SQ.FTS.B, 4.712%, 11/21/26			972				956
a9112602.SQ.FTS.B, 4.715%, 11/21/26			4,482				4,393
a9110080.SQ.FTS.B, 4.717%, 11/21/26			10,109				9,903
a9110690.SQ.FTS.B, 4.717%, 11/21/26			10,228				10,108
a9112990.SQ.FTS.B, 4.717%, 11/21/26			14,432				14,234
a9109065.SQ.FTS.B, 4.719%, 11/21/26			3,919				3,830
a9108864.SQ.FTS.B, 4.721%, 11/21/26			3,143				3,093
a9111289.SQ.FTS.B, 5.346%, 11/21/26			2,484				2,466
a9112878.SQ.FTS.B, 5.598%, 11/21/26			8,546				8,229
a9112799.SQ.FTS.B, 5.6%, 11/21/26			1,745				1,727
a9111644.SQ.FTS.B, 6.105%, 11/21/26			1,075				1,046
a9111809.SQ.FTS.B, 6.114%, 11/21/26			1,253				1,090
a9111269.SQ.FTS.B, 6.438%, 11/21/26			805				717
a9109377.SQ.FTS.B, 6.447%, 11/21/26			2,438				2,309
a9119239.SQ.FTS.B, 4.715%, 11/22/26			5,008				4,761
a9117797.SQ.FTS.B, 4.717%, 11/22/26			1,421				1,399
a9117923.SQ.FTS.B, 4.717%, 11/22/26			18,740				18,475
a9120835.SQ.FTS.B, 4.717%, 11/22/26			3,586				3,495
a9120702.SQ.FTS.B, 4.72%, 11/22/26			3,045				2,911
a9121919.SQ.FTS.B, 4.721%, 11/22/26			1,521				1,496
a9121013.SQ.FTS.B, 5.031%, 11/22/26			12,907				12,498
a9119107.SQ.FTS.B, 5.346%, 11/22/26			1,349				1,325
a9119400.SQ.FTS.B, 5.912%, 11/22/26			10,887				10,755
a9120449.SQ.FTS.B, 5.912%, 11/22/26			4,785				4,229
a,b9121883.SQ.FTS.B, 6.301%, 11/22/26			1,987				58
a9121483.SQ.FTS.B, 6.452%, 11/22/26			3,977				504
a9122989.SQ.FTS.B, 4.717%, 11/23/26			3,099				3,031
a9124194.SQ.FTS.B, 4.717%, 11/23/26			4,753				4,621
a9125324.SQ.FTS.B, 4.717%, 11/23/26			21,447				20,418
a9125861.SQ.FTS.B, 4.717%, 11/23/26			19,477				18,975
a9126803.SQ.FTS.B, 4.717%, 11/23/26			1,439				1,407
a9127058.SQ.FTS.B, 4.721%, 11/23/26			1,095				1,088
a9126887.SQ.FTS.B, 4.724%, 11/23/26			2,024				1,925
a9123875.SQ.FTS.B, 5.344%, 11/23/26			1,667				1,625
a9123272.SQ.FTS.B, 5.347%, 11/23/26			7,273				7,118
a9126972.SQ.FTS.B, 5.639%, 11/23/26			2,119				47
a9125014.SQ.FTS.B, 6.096%, 11/23/26			3,615				3,367
a9122687.SQ.FTS.B, 6.11%, 11/23/26			1,050				1,003
a9124557.SQ.FTS.B, 6.447%, 11/23/26			16,459				8,095

Description		Principal Amount				Value
Block, Inc. (continued)
a9125105.SQ.FTS.B, 6.447%, 11/23/26		$	3,119			$	3,020
a9127408.SQ.FTS.B, 4.707%, 11/24/26			617				604
a9128046.SQ.FTS.B, 4.717%, 11/24/26			1,514				1,473
a9128076.SQ.FTS.B, 4.717%, 11/24/26			8,568				8,178
a9127658.SQ.FTS.B, 4.719%, 11/24/26			10,121				9,700
a,b9127447.SQ.FTS.B, 6.285%, 11/24/26			2,082				815
a9127980.SQ.FTS.B, 6.294%, 11/24/26			149				145
a9127427.SQ.FTS.B, 6.436%, 11/24/26			117				114
a,b9127518.SQ.FTS.B, 6.447%, 11/24/26			4,864				97
a9127957.SQ.FTS.B, 6.45%, 11/24/26			1,187				1,067
a9127924.SQ.FTS.B, 6.464%, 11/24/26			612				581
a9128408.SQ.FTS.B, 5.031%, 11/25/26			6,708				6,295
a9128526.SQ.FTS.B, 6.456%, 11/25/26			831				810
a9129734.SQ.FTS.B, 4.715%, 11/26/26			4,390				4,246
a9129392.SQ.FTS.B, 4.717%, 11/26/26			12,221				11,996
a9129667.SQ.FTS.B, 4.717%, 11/26/26			955				939
a9129793.SQ.FTS.B, 4.721%, 11/26/26			2,713				2,671
a9129648.SQ.FTS.B, 4.726%, 11/26/26			1,559				1,525
a9129676.SQ.FTS.B, 5.031%, 11/26/26			3,030				2,967
a9129885.SQ.FTS.B, 5.346%, 11/26/26			12,658				12,486
a9129727.SQ.FTS.B, 5.625%, 11/26/26			285				202
a9129364.SQ.FTS.B, 5.909%, 11/26/26			918				887
a9129064.SQ.FTS.B, 6.45%, 11/26/26			2,264				2,210
a9135485.SQ.FTS.B, 4.715%, 11/27/26			5,636				4,917
a9135431.SQ.FTS.B, 4.716%, 11/27/26			2,470				2,418
a9132550.SQ.FTS.B, 4.717%, 11/27/26			11,690				11,567
a9133461.SQ.FTS.B, 4.717%, 11/27/26			3,726				3,637
a9133611.SQ.FTS.B, 4.717%, 11/27/26			15,744				15,299
a9134393.SQ.FTS.B, 4.717%, 11/27/26			1,584				1,553
a9134649.SQ.FTS.B, 4.717%, 11/27/26			4,026				3,948
a9134445.SQ.FTS.B, 4.72%, 11/27/26			2,437				2,396
a9134538.SQ.FTS.B, 4.73%, 11/27/26			1,266				1,232
a9132418.SQ.FTS.B, 5.6%, 11/27/26			3,046				2,878
a,b9131207.SQ.FTS.B, 5.63%, 11/27/26			4,364				85
a9134026.SQ.FTS.B, 5.913%, 11/27/26			5,073				4,794
a9133569.SQ.FTS.B, 6.104%, 11/27/26			1,879				1,564
a9133101.SQ.FTS.B, 6.283%, 11/27/26			582				559
a9136822.SQ.FTS.B, 4.715%, 11/28/26			3,087				3,035
a9137681.SQ.FTS.B, 4.717%, 11/28/26			17,351				17,009
a9138988.SQ.FTS.B, 4.717%, 11/28/26			28,528				27,179
a9136995.SQ.FTS.B, 4.719%, 11/28/26			2,004				1,979
a9137217.SQ.FTS.B, 4.719%, 11/28/26			4,664				4,533
a9140575.SQ.FTS.B, 4.719%, 11/28/26			4,432				4,341
a9140067.SQ.FTS.B, 4.72%, 11/28/26			4,439				4,363
a9140499.SQ.FTS.B, 4.724%, 11/28/26			1,910				1,876
a9138929.SQ.FTS.B, 4.726%, 11/28/26			1,255				1,236

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9137432.SQ.FTS.B, 5.346%, 11/28/26		$	3,995			$	3,851
a9140421.SQ.FTS.B, 5.347%, 11/28/26			6,319				5,724
a9138777.SQ.FTS.B, 5.348%, 11/28/26			13,837				11,325
a9135932.SQ.FTS.B, 5.592%, 11/28/26			1,175				1,128
a9138735.SQ.FTS.B, 5.599%, 11/28/26			2,178				2,027
a9137592.SQ.FTS.B, 5.606%, 11/28/26			1,790				1,682
a9136623.SQ.FTS.B, 6.101%, 11/28/26			5,346				3,701
a9137673.SQ.FTS.B, 6.433%, 11/28/26			24				24
a9140240.SQ.FTS.B, 6.436%, 11/28/26			417				409
a9135850.SQ.FTS.B, 6.451%, 11/28/26			2,993				1,693
a9147467.SQ.FTS.B, 4.705%, 11/29/26			1,345				1,215
a9147517.SQ.FTS.B, 4.712%, 11/29/26			2,143				2,071
a9143704.SQ.FTS.B, 4.715%, 11/29/26			2,786				2,718
a9145148.SQ.FTS.B, 4.717%, 11/29/26			1,974				1,916
a9145702.SQ.FTS.B, 4.717%, 11/29/26			23,686				18,793
a9146009.SQ.FTS.B, 4.717%, 11/29/26			12,647				12,312
a9146280.SQ.FTS.B, 4.718%, 11/29/26			16,823				14,794
a9146590.SQ.FTS.B, 4.718%, 11/29/26			24,440				23,916
a9145036.SQ.FTS.B, 4.72%, 11/29/26			1,866				1,839
a9145406.SQ.FTS.B, 4.72%, 11/29/26			3,906				3,850
a9144264.SQ.FTS.B, 4.723%, 11/29/26			1,191				1,166
a9147028.SQ.FTS.B, 4.933%, 11/29/26			1,409				979
a9144848.SQ.FTS.B, 4.935%, 11/29/26			3,381				1,934
a9146262.SQ.FTS.B, 5.031%, 11/29/26			1,135				1,062
a9147559.SQ.FTS.B, 5.031%, 11/29/26			14,564				14,159
a9145261.SQ.FTS.B, 5.346%, 11/29/26			3,505				3,337
a9143958.SQ.FTS.B, 5.348%, 11/29/26			8,252				7,689
a9143818.SQ.FTS.B, 5.591%, 11/29/26			771				761
a9143890.SQ.FTS.B, 5.597%, 11/29/26			1,572				1,552
a9144384.SQ.FTS.B, 5.602%, 11/29/26			1,905				1,857
a9144454.SQ.FTS.B, 6.444%, 11/29/26			4,615				2,990
a9144614.SQ.FTS.B, 6.447%, 11/29/26			1,022				861
a9147142.SQ.FTS.B, 6.459%, 11/29/26			601				561
a9147144.SQ.FTS.B, 6.511%, 11/29/26			4,785				3,928
a9154577.SQ.FTS.B, 4.717%, 11/30/26			11,943				11,723
a9155289.SQ.FTS.B, 4.717%, 11/30/26			11,079				1,728
a9151414.SQ.FTS.B, 4.719%, 11/30/26			9,134				8,747
a9155165.SQ.FTS.B, 4.719%, 11/30/26			6,432				6,295
a9148759.SQ.FTS.B, 5.031%, 11/30/26			1,740				1,709
a9151335.SQ.FTS.B, 5.031%, 11/30/26			3,997				3,497
a9151758.SQ.FTS.B, 5.031%, 11/30/26			45,778				44,587
a9154401.SQ.FTS.B, 5.031%, 11/30/26			3,316				3,185
a9154995.SQ.FTS.B, 5.031%, 11/30/26			1,295				1,259
a9149181.SQ.FTS.B, 5.346%, 11/30/26			23,640				23,259
a9155156.SQ.FTS.B, 5.346%, 11/30/26			320				315
a9148888.SQ.FTS.B, 5.348%, 11/30/26			2,683				2,297

Description		Principal Amount				Value
Block, Inc. (continued)
a9155020.SQ.FTS.B, 5.916%, 11/30/26		$	3,128			$	2,721
a9153027.SQ.FTS.B, 6.101%, 11/30/26			34,687				25,117
a9154820.SQ.FTS.B, 6.102%, 11/30/26			5,530				5,396
a9149036.SQ.FTS.B, 6.437%, 11/30/26			567				538
a9148870.SQ.FTS.B, 6.439%, 11/30/26			786				562
a9151157.SQ.FTS.B, 6.452%, 11/30/26			2,620				2,184
a9154456.SQ.FTS.B, 6.456%, 11/30/26			714				665
a9155651.SQ.FTS.B, 4.717%, 12/01/26			12,995				12,671
a9156105.SQ.FTS.B, 4.717%, 12/01/26			7,165				6,996
a9155397.SQ.FTS.B, 4.719%, 12/01/26			9,265				8,964
a9155547.SQ.FTS.B, 4.723%, 12/01/26			2,077				2,039
a9156236.SQ.FTS.B, 6.282%, 12/01/26			1,998				1,406
a,b9155885.SQ.FTS.B, 6.449%, 12/01/26			9,052				103
a9158375.SQ.FTS.B, 4.716%, 12/02/26			2,337				2,267
a9158560.SQ.FTS.B, 4.716%, 12/02/26			4,082				4,003
a9160393.SQ.FTS.B, 4.717%, 12/02/26			8,607				8,447
a9160592.SQ.FTS.B, 4.717%, 12/02/26			3,128				3,048
a9159523.SQ.FTS.B, 4.721%, 12/02/26			3,550				3,487
a9159435.SQ.FTS.B, 4.727%, 12/02/26			601				596
a9158480.SQ.FTS.B, 5.024%, 12/02/26			668				653
a9158902.SQ.FTS.B, 5.031%, 12/02/26			7,226				5,957
a9160773.SQ.FTS.B, 5.031%, 12/02/26			1,779				1,706
a9157527.SQ.FTS.B, 5.342%, 12/02/26			1,492				1,237
a9157584.SQ.FTS.B, 5.346%, 12/02/26			9,440				9,233
a9156672.SQ.FTS.B, 5.631%, 12/02/26			3,714				2,125
a9159458.SQ.FTS.B, 5.912%, 12/02/26			3,105				2,999
a9159402.SQ.FTS.B, 5.93%, 12/02/26			151				149
a9159565.SQ.FTS.B, 6.101%, 12/02/26			23,835				22,842
a9159373.SQ.FTS.B, 6.289%, 12/02/26			2,527				1,524
a9159296.SQ.FTS.B, 6.448%, 12/02/26			1,858				1,806
a9164909.SQ.FTS.B, 4.715%, 12/03/26			3,537				3,479
a9165058.SQ.FTS.B, 4.717%, 12/03/26			33,769				32,493
a9163696.SQ.FTS.B, 4.718%, 12/03/26			16,502				16,094
a9166172.SQ.FTS.B, 4.718%, 12/03/26			3,456				3,242
a9164636.SQ.FTS.B, 4.719%, 12/03/26			9,186				8,849
a9162108.SQ.FTS.B, 4.721%, 12/03/26			2,701				2,649
a,b9166277.SQ.FTS.B, 4.935%, 12/03/26			10,193				161
a9166416.SQ.FTS.B, 4.937%, 12/03/26			2,666				1,723
a9166520.SQ.FTS.B, 5.031%, 12/03/26			20,834				20,070
a9161505.SQ.FTS.B, 5.597%, 12/03/26			9,221				8,888
a9163154.SQ.FTS.B, 5.597%, 12/03/26			13,863				12,762
a9164334.SQ.FTS.B, 5.597%, 12/03/26			13,832				12,557
a9166259.SQ.FTS.B, 5.599%, 12/03/26			191				189
a9163114.SQ.FTS.B, 5.602%, 12/03/26			1,103				1,053
a9164225.SQ.FTS.B, 6.101%, 12/03/26			2,140				2,084
a9164265.SQ.FTS.B, 6.105%, 12/03/26			1,072				1,063

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9165561.SQ.FTS.B, 6.444%, 12/03/26		$	1,800			$	1,640
a9165709.SQ.FTS.B, 6.447%, 12/03/26			8,448				8,214
a,b9162917.SQ.FTS.B, 6.449%, 12/03/26			7,999				76
a9166450.SQ.FTS.B, 6.451%, 12/03/26			1,171				1,095
a9170192.SQ.FTS.B, 4.715%, 12/04/26			3,769				3,709
a9167655.SQ.FTS.B, 4.717%, 12/04/26			6,755				6,633
a9168118.SQ.FTS.B, 4.717%, 12/04/26			4,147				3,999
a9169854.SQ.FTS.B, 4.717%, 12/04/26			4,730				4,451
a9170284.SQ.FTS.B, 4.717%, 12/04/26			9,179				8,962
a9168508.SQ.FTS.B, 4.718%, 12/04/26			20,239				19,687
a9168211.SQ.FTS.B, 4.72%, 12/04/26			8,500				7,486
a9168435.SQ.FTS.B, 4.721%, 12/04/26			2,095				2,045
a9170833.SQ.FTS.B, 4.729%, 12/04/26			1,116				1,090
a9170470.SQ.FTS.B, 5.031%, 12/04/26			13,143				12,744
a9169159.SQ.FTS.B, 5.333%, 12/04/26			1,585				1,381
a9166701.SQ.FTS.B, 5.597%, 12/04/26			2,931				2,747
a9170125.SQ.FTS.B, 5.66%, 12/04/26			563				103
a9169979.SQ.FTS.B, 6.092%, 12/04/26			1,722				855
a9170138.SQ.FTS.B, 6.101%, 12/04/26			1,793				1,729
a,b9169657.SQ.FTS.B, 6.289%, 12/04/26			27,874				419
a9178335.SQ.FTS.B, 4.715%, 12/05/26			4,025				3,848
a9173933.SQ.FTS.B, 4.717%, 12/05/26			6,814				6,679
a9175225.SQ.FTS.B, 4.717%, 12/05/26			6,030				5,968
a9178432.SQ.FTS.B, 4.718%, 12/05/26			15,366				15,038
a9176370.SQ.FTS.B, 5.347%, 12/05/26			14,814				13,650
a9174238.SQ.FTS.B, 5.597%, 12/05/26			10,654				10,098
a,b9177726.SQ.FTS.B, 6.1%, 12/05/26			3,907				45
a9176055.SQ.FTS.B, 6.102%, 12/05/26			4,025				3,880
a9176675.SQ.FTS.B, 6.296%, 12/05/26			887				732
a9177910.SQ.FTS.B, 6.446%, 12/05/26			13,996				12,986
a9174597.SQ.FTS.B, 6.453%, 12/05/26			1,993				1,893
a9179564.SQ.FTS.B, 4.717%, 12/06/26			4,951				4,791
a9180406.SQ.FTS.B, 4.717%, 12/06/26			9,811				9,534
a9180047.SQ.FTS.B, 4.719%, 12/06/26			3,626				3,543
a9180655.SQ.FTS.B, 4.719%, 12/06/26			8,825				7,639
a9180247.SQ.FTS.B, 4.72%, 12/06/26			3,976				3,914
a9182035.SQ.FTS.B, 4.721%, 12/06/26			2,679				2,612
a9178912.SQ.FTS.B, 5.597%, 12/06/26			3,588				3,497
a9180198.SQ.FTS.B, 5.621%, 12/06/26			1,003				896
a9180177.SQ.FTS.B, 5.63%, 12/06/26			717				531
a9182307.SQ.FTS.B, 6.099%, 12/06/26			2,474				1,965
a9178676.SQ.FTS.B, 6.102%, 12/06/26			5,355				5,096
a9179013.SQ.FTS.B, 6.103%, 12/06/26			1,576				1,546
a9184119.SQ.FTS.B, 4.707%, 12/07/26			1,643				1,567
a9183809.SQ.FTS.B, 4.715%, 12/07/26			3,438				3,349
a9183910.SQ.FTS.B, 4.72%, 12/07/26			1,037				1,018

Description		Principal Amount				Value
Block, Inc. (continued)
a9183875.SQ.FTS.B, 5.031%, 12/07/26		$	1,927			$	1,355
a9183934.SQ.FTS.B, 5.031%, 12/07/26			9,420				8,817
a9183904.SQ.FTS.B, 5.157%, 12/07/26			593				562
a9183530.SQ.FTS.B, 5.601%, 12/07/26			4,875				3,681
a9183562.SQ.FTS.B, 5.633%, 12/07/26			3,722				2,562
a9183652.SQ.FTS.B, 5.954%, 12/07/26			328				321
a9183760.SQ.FTS.B, 6.113%, 12/07/26			1,207				1,100
a9184051.SQ.FTS.B, 6.289%, 12/07/26			4,669				2,938
a9184261.SQ.FTS.B, 4.717%, 12/08/26			5,867				5,771
a9184838.SQ.FTS.B, 4.719%, 12/08/26			7,457				7,297
a9184485.SQ.FTS.B, 5.031%, 12/08/26			4,784				4,720
a9184743.SQ.FTS.B, 5.345%, 12/08/26			4,887				3,376
a,b9184150.SQ.FTS.B, 5.351%, 12/08/26			4,320				110
a9184205.SQ.FTS.B, 5.908%, 12/08/26			2,932				2,757
a9184136.SQ.FTS.B, 6.457%, 12/08/26			788				655
a9184808.SQ.FTS.B, 6.46%, 12/08/26			1,118				1,029
a9185576.SQ.FTS.B, 4.715%, 12/09/26			4,056				3,951
a9187167.SQ.FTS.B, 4.716%, 12/09/26			9,738				8,432
a9187365.SQ.FTS.B, 4.719%, 12/09/26			6,493				6,269
a9188954.SQ.FTS.B, 4.719%, 12/09/26			5,619				5,359
a9189031.SQ.FTS.B, 4.78%, 12/09/26			319				276
a9187817.SQ.FTS.B, 5.355%, 12/09/26			1,956				1,893
a9189038.SQ.FTS.B, 5.592%, 12/09/26			1,547				1,495
a9186531.SQ.FTS.B, 5.595%, 12/09/26			5,667				3,355
a9189584.SQ.FTS.B, 5.598%, 12/09/26			6,000				5,794
a9189351.SQ.FTS.B, 5.599%, 12/09/26			2,754				2,408
a9188436.SQ.FTS.B, 6.11%, 12/09/26			939				249
a9187508.SQ.FTS.B, 6.289%, 12/09/26			4,491				4,383
a9186054.SQ.FTS.B, 6.444%, 12/09/26			819				801
a9189410.SQ.FTS.B, 6.447%, 12/09/26			4,166				3,837
a9188228.SQ.FTS.B, 6.452%, 12/09/26			1,160				1,052
a9190887.SQ.FTS.B, 4.715%, 12/10/26			3,200				3,133
a9193546.SQ.FTS.B, 4.717%, 12/10/26			4,816				4,727
a9193625.SQ.FTS.B, 4.718%, 12/10/26			18,809				18,496
a9193959.SQ.FTS.B, 4.718%, 12/10/26			33,056				32,045
a9190754.SQ.FTS.B, 4.721%, 12/10/26			1,944				1,915
a9193398.SQ.FTS.B, 4.723%, 12/10/26			2,937				2,856
a9193526.SQ.FTS.B, 5.031%, 12/10/26			853				840
a9190661.SQ.FTS.B, 5.038%, 12/10/26			1,380				1,347
a9190286.SQ.FTS.B, 6.289%, 12/10/26			449				374
a,b9190831.SQ.FTS.B, 6.442%, 12/10/26			5,487				2,310
a9192699.SQ.FTS.B, 6.442%, 12/10/26			1,322				1,247
a9194871.SQ.FTS.B, 6.448%, 12/10/26			8,328				7,858
a9191893.SQ.FTS.B, 6.45%, 12/10/26			642				601
a9193943.SQ.FTS.B, 6.458%, 12/10/26			727				708
a9193486.SQ.FTS.B, 6.671%, 12/10/26			2,787				2,149

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9196467.SQ.FTS.B, 4.717%, 12/11/26		$	59,867			$	57,391
a9199431.SQ.FTS.B, 4.717%, 12/11/26			21,646				21,008
a9198770.SQ.FTS.B, 4.718%, 12/11/26			23,213				22,805
a9199860.SQ.FTS.B, 4.718%, 12/11/26			2,407				2,110
a9195216.SQ.FTS.B, 4.719%, 12/11/26			2,018				1,962
a9198689.SQ.FTS.B, 4.721%, 12/11/26			4,949				4,779
a9195826.SQ.FTS.B, 5.031%, 12/11/26			15,459				14,158
a9199900.SQ.FTS.B, 5.031%, 12/11/26			10,707				10,379
a9200198.SQ.FTS.B, 5.031%, 12/11/26			4,109				4,001
a9195783.SQ.FTS.B, 5.04%, 12/11/26			2,257				1,574
a9195350.SQ.FTS.B, 5.345%, 12/11/26			7,835				7,081
a9200187.SQ.FTS.B, 5.626%, 12/11/26			769				447
a9194966.SQ.FTS.B, 5.913%, 12/11/26			3,732				3,530
a9199374.SQ.FTS.B, 5.919%, 12/11/26			2,102				1,985
a9199363.SQ.FTS.B, 6.11%, 12/11/26			453				443
a9195164.SQ.FTS.B, 6.447%, 12/11/26			594				576
a9204766.SQ.FTS.B, 4.715%, 12/12/26			2,799				2,742
a9205145.SQ.FTS.B, 4.717%, 12/12/26			19,263				18,708
a9206976.SQ.FTS.B, 4.717%, 12/12/26			19,249				18,859
a9207267.SQ.FTS.B, 4.717%, 12/12/26			2,200				2,137
a9207290.SQ.FTS.B, 4.717%, 12/12/26			5,899				5,621
a9207488.SQ.FTS.B, 4.721%, 12/12/26			3,886				3,790
a9204266.SQ.FTS.B, 4.741%, 12/12/26			635				622
a9204961.SQ.FTS.B, 5.031%, 12/12/26			4,832				4,591
a,b9206195.SQ.FTS.B, 5.031%, 12/12/26			27,854				3,504
a9205054.SQ.FTS.B, 5.343%, 12/12/26			1,217				1,163
a9204558.SQ.FTS.B, 5.59%, 12/12/26			2,546				2,353
a9203745.SQ.FTS.B, 5.628%, 12/12/26			1,351				902
a9207230.SQ.FTS.B, 5.724%, 12/12/26			1,700				1,655
a9203776.SQ.FTS.B, 5.915%, 12/12/26			4,049				3,916
a9204844.SQ.FTS.B, 6.101%, 12/12/26			4,724				4,390
a9203378.SQ.FTS.B, 6.103%, 12/12/26			7,726				7,199
a9207579.SQ.FTS.B, 6.448%, 12/12/26			4,461				4,368
a9207481.SQ.FTS.B, 6.478%, 12/12/26			59				58
a9209637.SQ.FTS.B, 4.715%, 12/13/26			5,148				5,006
a9210915.SQ.FTS.B, 4.715%, 12/13/26			3,958				3,786
a9210630.SQ.FTS.B, 4.717%, 12/13/26			3,999				3,863
a9211331.SQ.FTS.B, 4.717%, 12/13/26			12,964				12,677
a9212050.SQ.FTS.B, 4.717%, 12/13/26			4,623				4,464
a9210573.SQ.FTS.B, 5.024%, 12/13/26			1,004				961
a9212501.SQ.FTS.B, 5.031%, 12/13/26			33,165				32,645
a9211765.SQ.FTS.B, 5.343%, 12/13/26			3,714				3,369
a9210378.SQ.FTS.B, 5.346%, 12/13/26			8,002				7,174
a9211071.SQ.FTS.B, 5.346%, 12/13/26			7,219				7,125
a9211825.SQ.FTS.B, 5.346%, 12/13/26			10,686				10,311
a9212166.SQ.FTS.B, 5.346%, 12/13/26			4,735				4,650

Description		Principal Amount				Value
Block, Inc. (continued)
a9212375.SQ.FTS.B, 5.346%, 12/13/26		$	5,696			$	5,541
a9208893.SQ.FTS.B, 5.353%, 12/13/26			3,506				2,619
a9210004.SQ.FTS.B, 5.355%, 12/13/26			2,594				2,325
a9207945.SQ.FTS.B, 5.597%, 12/13/26			12,150				11,677
a9209516.SQ.FTS.B, 5.597%, 12/13/26			5,157				4,781
a9210339.SQ.FTS.B, 5.915%, 12/13/26			693				669
a9209498.SQ.FTS.B, 6.102%, 12/13/26			595				563
a,b9210711.SQ.FTS.B, 6.289%, 12/13/26			13,172				193
a9210048.SQ.FTS.B, 6.448%, 12/13/26			10,324				7,844
a9209763.SQ.FTS.B, 6.451%, 12/13/26			2,922				2,808
a9209608.SQ.FTS.B, 6.453%, 12/13/26			56				55
a9208409.SQ.FTS.B, 6.665%, 12/13/26			6,814				6,548
a9213002.SQ.FTS.B, 4.715%, 12/14/26			4,196				4,115
a9212786.SQ.FTS.B, 4.717%, 12/14/26			6,082				5,973
a,b9213374.SQ.FTS.B, 4.945%, 12/14/26			1,473				18
a9213101.SQ.FTS.B, 5.475%, 12/14/26			1,434				1,401
a9212922.SQ.FTS.B, 6.114%, 12/14/26			672				632
a9213633.SQ.FTS.B, 4.712%, 12/15/26			2,891				2,791
a9214259.SQ.FTS.B, 4.719%, 12/15/26			4,181				4,054
a,b9213907.SQ.FTS.B, 4.97%, 12/15/26			860				72
a9214159.SQ.FTS.B, 5.027%, 12/15/26			5,567				4,065
a9213965.SQ.FTS.B, 5.465%, 12/15/26			1,233				1,211
a9214350.SQ.FTS.B, 6.102%, 12/15/26			7,103				975
a9213773.SQ.FTS.B, 6.104%, 12/15/26			5,700				5,077
a9213556.SQ.FTS.B, 6.289%, 12/15/26			4,718				4,131
a9213874.SQ.FTS.B, 6.441%, 12/15/26			73				72
a9214205.SQ.FTS.B, 6.442%, 12/15/26			2,937				2,696
a9213686.SQ.FTS.B, 6.445%, 12/15/26			336				331
a9216772.SQ.FTS.B, 4.712%, 12/16/26			2,771				2,687
a9218163.SQ.FTS.B, 4.715%, 12/16/26			5,037				4,893
a9219202.SQ.FTS.B, 4.715%, 12/16/26			1,688				1,669
a9218380.SQ.FTS.B, 4.718%, 12/16/26			2,873				2,813
a9215466.SQ.FTS.B, 4.719%, 12/16/26			6,573				6,459
a9218462.SQ.FTS.B, 4.722%, 12/16/26			3,220				3,151
a9219043.SQ.FTS.B, 5.017%, 12/16/26			750				735
a9218020.SQ.FTS.B, 5.031%, 12/16/26			9,519				7,435
a9217978.SQ.FTS.B, 5.339%, 12/16/26			2,245				1,682
a9218771.SQ.FTS.B, 5.346%, 12/16/26			1,786				1,774
a9215791.SQ.FTS.B, 5.592%, 12/16/26			2,264				2,189
a9216439.SQ.FTS.B, 5.599%, 12/16/26			16,150				15,287
a9218909.SQ.FTS.B, 5.6%, 12/16/26			8,759				7,699
a9217910.SQ.FTS.B, 6.289%, 12/16/26			4,289				2,048
a9215439.SQ.FTS.B, 6.438%, 12/16/26			1,030				859
a9218299.SQ.FTS.B, 6.454%, 12/16/26			717				702
a9215965.SQ.FTS.B, 6.509%, 12/16/26			16,646				10,919
a9224148.SQ.FTS.B, 4.716%, 12/17/26			7,033				6,819

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9222464.SQ.FTS.B, 4.717%, 12/17/26		$	3,812			$	3,748
a9223909.SQ.FTS.B, 4.717%, 12/17/26			7,297				7,144
a9225370.SQ.FTS.B, 4.717%, 12/17/26			13,103				12,703
a9226472.SQ.FTS.B, 4.717%, 12/17/26			47,476				41,320
a9224987.SQ.FTS.B, 5.028%, 12/17/26			2,373				2,256
a9227390.SQ.FTS.B, 5.346%, 12/17/26			16,784				16,059
a9224421.SQ.FTS.B, 5.596%, 12/17/26			2,160				2,146
a9227183.SQ.FTS.B, 5.723%, 12/17/26			6,956				6,775
a,b9222658.SQ.FTS.B, 5.725%, 12/17/26			21,718				916
a9223506.SQ.FTS.B, 5.913%, 12/17/26			8,898				8,655
a9222417.SQ.FTS.B, 6.436%, 12/17/26			1,014				872
a9225725.SQ.FTS.B, 6.446%, 12/17/26			3,949				3,912
a9222649.SQ.FTS.B, 6.455%, 12/17/26			1,066				977
a9231498.SQ.FTS.B, 4.717%, 12/18/26			27,987				27,244
a9231199.SQ.FTS.B, 4.719%, 12/18/26			7,799				6,797
a9234203.SQ.FTS.B, 4.723%, 12/18/26			2,729				2,671
a9235373.SQ.FTS.B, 4.725%, 12/18/26			2,006				1,954
a,b9234342.SQ.FTS.B, 4.957%, 12/18/26			550				208
a9230943.SQ.FTS.B, 5.031%, 12/18/26			990				980
a9231112.SQ.FTS.B, 5.031%, 12/18/26			1,763				1,625
a9233935.SQ.FTS.B, 5.346%, 12/18/26			9,034				8,886
a9234584.SQ.FTS.B, 5.346%, 12/18/26			13,782				13,383
a9231043.SQ.FTS.B, 5.607%, 12/18/26			1,155				1,115
a9235234.SQ.FTS.B, 5.641%, 12/18/26			1,042				817
a9233301.SQ.FTS.B, 5.911%, 12/18/26			9,916				9,725
a9230685.SQ.FTS.B, 6.101%, 12/18/26			797				775
a9233883.SQ.FTS.B, 6.447%, 12/18/26			2,090				1,914
a9230722.SQ.FTS.B, 6.449%, 12/18/26			4,147				4,033
a9234304.SQ.FTS.B, 6.454%, 12/18/26			3,643				2,133
a9235715.SQ.FTS.B, 4.717%, 12/19/26			438				435
a9236008.SQ.FTS.B, 4.717%, 12/19/26			546				536
a9236567.SQ.FTS.B, 4.717%, 12/19/26			2,068				2,021
a9236869.SQ.FTS.B, 4.717%, 12/19/26			15,002				14,489
a9236018.SQ.FTS.B, 4.718%, 12/19/26			22,065				21,600
a9235879.SQ.FTS.B, 4.719%, 12/19/26			5,278				5,148
a9236589.SQ.FTS.B, 5.031%, 12/19/26			3,524				3,469
a9236652.SQ.FTS.B, 5.031%, 12/19/26			1,774				1,748
a9236750.SQ.FTS.B, 5.031%, 12/19/26			8,649				8,433
a9236387.SQ.FTS.B, 5.593%, 12/19/26			3,752				2,645
a9235738.SQ.FTS.B, 5.598%, 12/19/26			6,356				6,139
a9235666.SQ.FTS.B, 5.726%, 12/19/26			2,085				2,002
a9235840.SQ.FTS.B, 6.103%, 12/19/26			512				505
a9235986.SQ.FTS.B, 6.289%, 12/19/26			2,269				1,074
a9236686.SQ.FTS.B, 6.447%, 12/19/26			476				331
a9239713.SQ.FTS.B, 4.716%, 12/20/26			2,050				2,005
a9241854.SQ.FTS.B, 4.717%, 12/20/26			12,492				12,223

Description		Principal Amount				Value
Block, Inc. (continued)
a9238885.SQ.FTS.B, 4.718%, 12/20/26		$	4,227			$	3,703
a9239082.SQ.FTS.B, 4.719%, 12/20/26			5,454				5,291
a9239061.SQ.FTS.B, 4.895%, 12/20/26			540				372
a9238922.SQ.FTS.B, 5.031%, 12/20/26			4,531				4,303
a,b9239257.SQ.FTS.B, 5.031%, 12/20/26			9,539				581
a9240446.SQ.FTS.B, 5.031%, 12/20/26			11,399				11,039
a9241135.SQ.FTS.B, 5.031%, 12/20/26			7,407				7,173
a9241729.SQ.FTS.B, 5.031%, 12/20/26			1,481				1,160
a9240141.SQ.FTS.B, 5.348%, 12/20/26			2,759				2,735
a9241767.SQ.FTS.B, 5.351%, 12/20/26			2,641				2,594
a9237831.SQ.FTS.B, 5.6%, 12/20/26			4,548				4,300
a9238073.SQ.FTS.B, 5.9%, 12/20/26			1,836				1,551
a9240702.SQ.FTS.B, 5.912%, 12/20/26			15,348				14,806
a9238145.SQ.FTS.B, 5.924%, 12/20/26			987				904
a,b9238216.SQ.FTS.B, 6.275%, 12/20/26			620				473
a9241643.SQ.FTS.B, 6.307%, 12/20/26			530				403
a9241668.SQ.FTS.B, 6.434%, 12/20/26			843				733
a9240259.SQ.FTS.B, 6.448%, 12/20/26			4,758				4,360
a9241126.SQ.FTS.B, 6.45%, 12/20/26			2,155				1,225
a9239598.SQ.FTS.B, 6.453%, 12/20/26			653				646
a9241076.SQ.FTS.B, 6.453%, 12/20/26			639				626
a9243155.SQ.FTS.B, 4.717%, 12/21/26			11,900				11,529
a9242922.SQ.FTS.B, 5.026%, 12/21/26			1,751				1,619
a9243442.SQ.FTS.B, 5.348%, 12/21/26			3,114				3,023
a9243622.SQ.FTS.B, 6.441%, 12/21/26			3,545				1,737
a9244317.SQ.FTS.B, 4.717%, 12/22/26			4,521				4,322
a9243792.SQ.FTS.B, 5.031%, 12/22/26			1,286				1,257
a9243928.SQ.FTS.B, 5.031%, 12/22/26			1,324				1,296
a9244119.SQ.FTS.B, 5.162%, 12/22/26			2,734				2,674
a9243690.SQ.FTS.B, 5.595%, 12/22/26			2,622				2,519
a9243739.SQ.FTS.B, 6.1%, 12/22/26			703				686
a9243854.SQ.FTS.B, 6.285%, 12/22/26			2,160				2,030
a9244302.SQ.FTS.B, 6.431%, 12/22/26			799				731
a9244215.SQ.FTS.B, 6.448%, 12/22/26			9,095				6,686
a9246270.SQ.FTS.B, 4.717%, 12/23/26			8,040				7,856
a9248019.SQ.FTS.B, 4.717%, 12/23/26			2,792				2,716
a9249476.SQ.FTS.B, 4.717%, 12/23/26			14,037				13,662
a9246423.SQ.FTS.B, 4.719%, 12/23/26			4,645				4,518
a9249287.SQ.FTS.B, 4.72%, 12/23/26			5,352				5,251
a9245392.SQ.FTS.B, 5.031%, 12/23/26			2,020				1,999
a9245767.SQ.FTS.B, 5.031%, 12/23/26			7,902				7,740
a9246582.SQ.FTS.B, 5.031%, 12/23/26			15,623				15,398
a9247438.SQ.FTS.B, 5.66%, 12/23/26			460				366
a9247347.SQ.FTS.B, 6.101%, 12/23/26			4,664				4,190
a9247458.SQ.FTS.B, 6.447%, 12/23/26			1,322				1,233
a9248114.SQ.FTS.B, 6.447%, 12/23/26			1,716				1,694

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9249258.SQ.FTS.B, 6.453%, 12/23/26		$	1,075			$	1,018
a9249448.SQ.FTS.B, 6.46%, 12/23/26			989				913
a9250466.SQ.FTS.B, 4.71%, 12/24/26			1,936				1,704
a9251428.SQ.FTS.B, 4.717%, 12/24/26			6,426				6,295
a9254106.SQ.FTS.B, 4.717%, 12/24/26			1,653				1,619
a9254201.SQ.FTS.B, 4.718%, 12/24/26			18,289				17,914
a9254627.SQ.FTS.B, 4.72%, 12/24/26			5,037				4,934
a9251589.SQ.FTS.B, 5.02%, 12/24/26			985				964
a9251708.SQ.FTS.B, 5.029%, 12/24/26			4,244				3,920
a9250535.SQ.FTS.B, 5.031%, 12/24/26			5,352				5,296
a9252486.SQ.FTS.B, 5.031%, 12/24/26			5,766				5,709
a9252744.SQ.FTS.B, 5.347%, 12/24/26			13,726				13,556
a9253242.SQ.FTS.B, 5.348%, 12/24/26			8,211				8,009
a9251624.SQ.FTS.B, 5.917%, 12/24/26			1,636				1,604
a9250357.SQ.FTS.B, 6.102%, 12/24/26			2,513				2,383
a9251272.SQ.FTS.B, 6.275%, 12/24/26			1,059				887
a9251976.SQ.FTS.B, 6.284%, 12/24/26			2,075				1,017
a9254608.SQ.FTS.B, 6.289%, 12/24/26			442				416
a9249904.SQ.FTS.B, 6.301%, 12/24/26			1,134				1,012
a9258174.SQ.FTS.B, 4.714%, 12/25/26			2,503				2,456
a9257526.SQ.FTS.B, 4.717%, 12/25/26			25,523				25,167
a9258995.SQ.FTS.B, 4.717%, 12/25/26			13,415				13,113
a9254874.SQ.FTS.B, 4.718%, 12/25/26			29,440				28,685
a9259409.SQ.FTS.B, 4.719%, 12/25/26			7,170				7,004
a9257421.SQ.FTS.B, 4.72%, 12/25/26			6,179				6,013
a9256270.SQ.FTS.B, 4.723%, 12/25/26			2,708				2,637
a9257371.SQ.FTS.B, 4.734%, 12/25/26			536				531
a9258130.SQ.FTS.B, 5.92%, 12/25/26			1,278				1,244
a9258787.SQ.FTS.B, 6.1%, 12/25/26			6,917				6,721
a9256744.SQ.FTS.B, 6.432%, 12/25/26			562				526
a9256751.SQ.FTS.B, 6.447%, 12/25/26			15,768				15,374
a9259286.SQ.FTS.B, 6.447%, 12/25/26			3,778				3,654
a9263405.SQ.FTS.B, 4.717%, 12/26/26			9,317				9,077
a9264955.SQ.FTS.B, 4.717%, 12/26/26			7,377				7,106
a9262595.SQ.FTS.B, 4.719%, 12/26/26			8,241				7,995
a9263005.SQ.FTS.B, 4.721%, 12/26/26			4,606				4,484
a9262440.SQ.FTS.B, 5.353%, 12/26/26			2,049				2,001
a9264764.SQ.FTS.B, 5.912%, 12/26/26			3,364				3,307
a9264155.SQ.FTS.B, 6.101%, 12/26/26			18,059				17,523
a9262854.SQ.FTS.B, 6.287%, 12/26/26			5,205				2,393
a9263275.SQ.FTS.B, 6.444%, 12/26/26			571				562
a9269828.SQ.FTS.B, 4.717%, 12/27/26			8,798				8,534
a9271717.SQ.FTS.B, 4.717%, 12/27/26			7,097				6,084
a9271842.SQ.FTS.B, 4.717%, 12/27/26			17,090				16,735
a9270086.SQ.FTS.B, 4.719%, 12/27/26			7,150				6,987
a9269402.SQ.FTS.B, 4.72%, 12/27/26			2,238				2,167

Description		Principal Amount				Value
Block, Inc. (continued)
a9271433.SQ.FTS.B, 4.72%, 12/27/26		$	3,651			$	3,473
a9271021.SQ.FTS.B, 4.723%, 12/27/26			2,565				2,508
a9270526.SQ.FTS.B, 5.031%, 12/27/26			5,076				4,969
a9271526.SQ.FTS.B, 5.031%, 12/27/26			2,215				2,171
a9272478.SQ.FTS.B, 5.031%, 12/27/26			44				43
a9269082.SQ.FTS.B, 5.344%, 12/27/26			4,792				4,682
a9268637.SQ.FTS.B, 5.349%, 12/27/26			3,403				3,360
a9271059.SQ.FTS.B, 6.1%, 12/27/26			28,887				24,235
a9272489.SQ.FTS.B, 6.101%, 12/27/26			5,220				5,144
a9269747.SQ.FTS.B, 6.434%, 12/27/26			912				845
a9268208.SQ.FTS.B, 6.449%, 12/27/26			4,099				3,835
a9273636.SQ.FTS.B, 4.71%, 12/28/26			2,188				2,129
a9273177.SQ.FTS.B, 4.716%, 12/28/26			2,908				2,854
a9272901.SQ.FTS.B, 4.717%, 12/28/26			2,094				2,013
a9272987.SQ.FTS.B, 4.722%, 12/28/26			2,191				2,135
a9273394.SQ.FTS.B, 5.02%, 12/28/26			1,503				1,395
a9272933.SQ.FTS.B, 5.339%, 12/28/26			1,559				1,514
a9272825.SQ.FTS.B, 5.585%, 12/28/26			1,198				1,136
a9273038.SQ.FTS.B, 5.916%, 12/28/26			2,344				2,299
a9272862.SQ.FTS.B, 5.919%, 12/28/26			567				556
a9273291.SQ.FTS.B, 6.101%, 12/28/26			3,542				3,439
a9273579.SQ.FTS.B, 6.449%, 12/28/26			1,324				1,295
a9273958.SQ.FTS.B, 4.713%, 12/29/26			2,172				2,101
a9273719.SQ.FTS.B, 4.717%, 12/29/26			879				868
a9274076.SQ.FTS.B, 4.717%, 12/29/26			5,204				5,130
a9274316.SQ.FTS.B, 4.717%, 12/29/26			1,635				1,600
a9273991.SQ.FTS.B, 4.721%, 12/29/26			4,437				4,338
a9274412.SQ.FTS.B, 4.727%, 12/29/26			1,850				1,801
a9274235.SQ.FTS.B, 5.031%, 12/29/26			3,949				3,848
a9273824.SQ.FTS.B, 5.346%, 12/29/26			4,668				4,608
a9274529.SQ.FTS.B, 5.348%, 12/29/26			13,323				3,940
a9274502.SQ.FTS.B, 5.351%, 12/29/26			1,368				1,344
a9274437.SQ.FTS.B, 5.908%, 12/29/26			2,103				1,952
a9273949.SQ.FTS.B, 6.447%, 12/29/26			516				488
a9273749.SQ.FTS.B, 6.451%, 12/29/26			2,339				2,270
a9274396.SQ.FTS.B, 6.461%, 12/29/26			1,797				1,412
a9276732.SQ.FTS.B, 4.717%, 12/30/26			12,291				11,943
a9278429.SQ.FTS.B, 4.717%, 12/30/26			2,690				2,635
a9279701.SQ.FTS.B, 4.717%, 12/30/26			5,515				5,449
a9279898.SQ.FTS.B, 4.717%, 12/30/26			14,561				14,180
a9277855.SQ.FTS.B, 4.719%, 12/30/26			5,984				5,799
a9279583.SQ.FTS.B, 4.719%, 12/30/26			4,707				4,561
a9279845.SQ.FTS.B, 4.738%, 12/30/26			836				815
a9277403.SQ.FTS.B, 5.031%, 12/30/26			570				566
a9279044.SQ.FTS.B, 5.031%, 12/30/26			5,874				5,752
a9279418.SQ.FTS.B, 5.031%, 12/30/26			7,696				7,446

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9280396.SQ.FTS.B, 5.031%, 12/30/26		$	7,029			$	6,927
a9278744.SQ.FTS.B, 5.347%, 12/30/26			1,159				1,147
a9275676.SQ.FTS.B, 5.36%, 12/30/26			1,379				1,045
a9278154.SQ.FTS.B, 5.597%, 12/30/26			5,144				5,069
a9277630.SQ.FTS.B, 5.599%, 12/30/26			10,011				8,831
a9277231.SQ.FTS.B, 5.6%, 12/30/26			4,806				4,703
a9277456.SQ.FTS.B, 5.916%, 12/30/26			1,999				1,947
a9278540.SQ.FTS.B, 6.099%, 12/30/26			5,757				1,010
a9275726.SQ.FTS.B, 6.282%, 12/30/26			559				548
a9278869.SQ.FTS.B, 6.448%, 12/30/26			16,464				9,988
a9279876.SQ.FTS.B, 6.452%, 12/30/26			462				452
a9283443.SQ.FTS.B, 4.714%, 1/01/27			317				315
a9282371.SQ.FTS.B, 4.717%, 1/01/27			20,876				18,513
a9283554.SQ.FTS.B, 4.717%, 1/01/27			3,954				3,800
a9284963.SQ.FTS.B, 4.718%, 1/01/27			7,092				6,896
a9283331.SQ.FTS.B, 5.344%, 1/01/27			1,687				1,641
a9285598.SQ.FTS.B, 5.346%, 1/01/27			7,022				6,934
a9280863.SQ.FTS.B, 5.602%, 1/01/27			2,319				2,284
a,b9285185.SQ.FTS.B, 5.628%, 1/01/27			20,851				4,958
a9284935.SQ.FTS.B, 5.66%, 1/01/27			827				514
a9283233.SQ.FTS.B, 6.1%, 1/01/27			1,279				1,260
a9283802.SQ.FTS.B, 6.101%, 1/01/27			53,313				50,637
a9285516.SQ.FTS.B, 6.284%, 1/01/27			636				616
a,b9284820.SQ.FTS.B, 6.289%, 1/01/27			6,693				98
a9284910.SQ.FTS.B, 6.289%, 1/01/27			1,160				1,111
a9280974.SQ.FTS.B, 6.447%, 1/01/27			22,736				20,471
a,b9281812.SQ.FTS.B, 6.447%, 1/01/27			6,315				2,176
a9283638.SQ.FTS.B, 6.449%, 1/01/27			7,628				5,977
a9294098.SQ.FTS.B, 4.709%, 1/02/27			1,422				1,398
a9292484.SQ.FTS.B, 4.716%, 1/02/27			6,208				6,040
a9292599.SQ.FTS.B, 4.717%, 1/02/27			4,511				4,304
a9295177.SQ.FTS.B, 4.717%, 1/02/27			44,167				42,969
a9291061.SQ.FTS.B, 5.031%, 1/02/27			2,370				2,319
a9291458.SQ.FTS.B, 5.031%, 1/02/27			17,746				17,518
a9294710.SQ.FTS.B, 5.031%, 1/02/27			12,473				12,165
a9295085.SQ.FTS.B, 5.592%, 1/02/27			1,735				1,670
a9293370.SQ.FTS.B, 5.597%, 1/02/27			24,427				23,644
a9294302.SQ.FTS.B, 5.597%, 1/02/27			6,763				6,672
a9291447.SQ.FTS.B, 5.604%, 1/02/27			480				448
a9290749.SQ.FTS.B, 6.1%, 1/02/27 .			12,898				12,082
a9295144.SQ.FTS.B, 6.439%, 1/02/27			1,831				1,717
a9291154.SQ.FTS.B, 6.448%, 1/02/27			1,941				1,908
a9292586.SQ.FTS.B, 6.47%, 1/02/27			542				525
a9296084.SQ.FTS.B, 4.717%, 1/03/27			6,893				6,756
a9296312.SQ.FTS.B, 4.717%, 1/03/27			3,691				3,610
a9299430.SQ.FTS.B, 4.717%, 1/03/27			2,026				1,985

Description		Principal Amount				Value
Block, Inc. (continued)
a9299365.SQ.FTS.B, 4.718%, 1/03/27		$	3,037			$	2,953
a,b9299640.SQ.FTS.B, 4.718%, 1/03/27			22,877				11,298
a9300625.SQ.FTS.B, 4.721%, 1/03/27			2,423				2,377
a9295977.SQ.FTS.B, 5.027%, 1/03/27			1,226				1,206
a9298873.SQ.FTS.B, 5.028%, 1/03/27			1,763				1,718
a9297677.SQ.FTS.B, 5.031%, 1/03/27			6,634				6,517
a9299487.SQ.FTS.B, 5.031%, 1/03/27			4,232				4,012
a9296896.SQ.FTS.B, 5.346%, 1/03/27			16,998				16,243
a9298801.SQ.FTS.B, 5.597%, 1/03/27			1,725				1,711
a9300747.SQ.FTS.B, 5.597%, 1/03/27			6,572				4,882
a9297631.SQ.FTS.B, 5.598%, 1/03/27			676				658
a9300518.SQ.FTS.B, 5.598%, 1/03/27			6,206				1,723
a,b9299087.SQ.FTS.B, 5.629%, 1/03/27			15,484				279
a9297945.SQ.FTS.B, 5.912%, 1/03/27			19,395				19,067
a9300084.SQ.FTS.B, 6.1%, 1/03/27			17,428				16,936
a9298906.SQ.FTS.B, 6.289%, 1/03/27			8,356				7,901
a9300698.SQ.FTS.B, 6.289%, 1/03/27			1,809				1,242
a9301498.SQ.FTS.B, 4.715%, 1/04/27			3,276				3,197
a9301559.SQ.FTS.B, 4.719%, 1/04/27			8,014				7,747
a9301065.SQ.FTS.B, 5.028%, 1/04/27			2,410				2,310
a9300832.SQ.FTS.B, 5.031%, 1/04/27			7,433				7,304
a9301141.SQ.FTS.B, 5.031%, 1/04/27			3,524				3,463
a9301197.SQ.FTS.B, 5.346%, 1/04/27			29,689				28,879
a9300996.SQ.FTS.B, 5.599%, 1/04/27			597				591
a9301901.SQ.FTS.B, 5.6%, 1/04/27 .			3,211				3,087
a9301731.SQ.FTS.B, 6.104%, 1/04/27			2,343				2,301
a9301695.SQ.FTS.B, 6.289%, 1/04/27			145				142
a9302878.SQ.FTS.B, 4.714%, 1/05/27			1,655				1,624
a9302292.SQ.FTS.B, 4.715%, 1/05/27			3,580				3,502
a9302552.SQ.FTS.B, 4.718%, 1/05/27			13,728				13,476
a9302356.SQ.FTS.B, 4.724%, 1/05/27			2,593				2,519
a9302257.SQ.FTS.B, 4.726%, 1/05/27			1,937				1,891
a9302429.SQ.FTS.B, 5.031%, 1/05/27			825				804
a9302854.SQ.FTS.B, 5.338%, 1/05/27			1,166				1,105
a9301987.SQ.FTS.B, 5.346%, 1/05/27			13,302				10,098
a9301956.SQ.FTS.B, 5.353%, 1/05/27			3,429				2,680
a9302837.SQ.FTS.B, 5.588%, 1/05/27			796				775
a9302147.SQ.FTS.B, 5.912%, 1/05/27			7,067				6,684
a9302334.SQ.FTS.B, 6.431%, 1/05/27			765				726
a9302443.SQ.FTS.B, 6.445%, 1/05/27			7,357				5,841
a9302807.SQ.FTS.B, 6.456%, 1/05/27			731				712
a9303307.SQ.FTS.B, 4.72%, 1/06/27			887				878
a9303332.SQ.FTS.B, 4.927%, 1/06/27			367				289
a9303196.SQ.FTS.B, 5.034%, 1/06/27			2,702				2,613
a9303055.SQ.FTS.B, 5.346%, 1/06/27			8,825				8,603
a9303780.SQ.FTS.B, 5.348%, 1/06/27			7,724				7,446

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9303337.SQ.FTS.B, 5.597%, 1/06/27		$	1,607			$	1,554
a9302912.SQ.FTS.B, 5.917%, 1/06/27			2,626				2,545
a9303026.SQ.FTS.B, 6.098%, 1/06/27			1,400				1,308
a9303360.SQ.FTS.B, 6.1%, 1/06/27			35,401				20,011
a9303048.SQ.FTS.B, 6.466%, 1/06/27			653				604
a9308052.SQ.FTS.B, 4.717%, 1/07/27			2,280				2,020
a9306197.SQ.FTS.B, 5.912%, 1/07/27			9,799				8,137
a9305554.SQ.FTS.B, 5.913%, 1/07/27			2,397				2,060
a9305268.SQ.FTS.B, 6.447%, 1/07/27			551				508
a9310926.SQ.FTS.B, 4.71%, 1/08/27			1,287				1,257
a9310777.SQ.FTS.B, 4.717%, 1/08/27			2,285				2,220
a9311236.SQ.FTS.B, 4.717%, 1/08/27			5,978				5,790
a9312232.SQ.FTS.B, 4.717%, 1/08/27			15,264				14,748
a9312734.SQ.FTS.B, 4.717%, 1/08/27			11,484				10,173
a9313089.SQ.FTS.B, 4.717%, 1/08/27			1,435				1,401
a9311447.SQ.FTS.B, 4.718%, 1/08/27			15,032				14,313
a9311081.SQ.FTS.B, 4.721%, 1/08/27			5,368				5,189
a9313153.SQ.FTS.B, 4.721%, 1/08/27			5,917				5,257
a9311395.SQ.FTS.B, 4.722%, 1/08/27			3,012				2,863
a9313940.SQ.FTS.B, 5.031%, 1/08/27			30,195				29,513
a9311042.SQ.FTS.B, 5.153%, 1/08/27			1,122				1,078
a9309921.SQ.FTS.B, 5.469%, 1/08/27			4,199				4,001
a9313917.SQ.FTS.B, 5.48%, 1/08/27			1,462				1,413
a9313107.SQ.FTS.B, 5.589%, 1/08/27			3,819				822
a9312601.SQ.FTS.B, 6.101%, 1/08/27			1,394				1,262
a9312970.SQ.FTS.B, 6.101%, 1/08/27			4,450				4,318
a9311705.SQ.FTS.B, 6.11%, 1/08/27			975				955
a9311348.SQ.FTS.B, 6.283%, 1/08/27			1,205				1,039
a9312931.SQ.FTS.B, 6.442%, 1/08/27			2,888				2,465
a9315231.SQ.FTS.B, 4.717%, 1/09/27			4,341				4,124
a9316060.SQ.FTS.B, 4.717%, 1/09/27			490				481
a9316452.SQ.FTS.B, 4.717%, 1/09/27			1,120				1,093
a9318480.SQ.FTS.B, 4.717%, 1/09/27			37,184				36,253
a9314533.SQ.FTS.B, 4.718%, 1/09/27			15,374				15,006
a9317416.SQ.FTS.B, 4.719%, 1/09/27			6,284				6,213
a9316813.SQ.FTS.B, 4.72%, 1/09/27			2,738				2,663
a9315642.SQ.FTS.B, 5.031%, 1/09/27			15,562				15,154
a9316085.SQ.FTS.B, 5.031%, 1/09/27			15,806				15,530
a9316895.SQ.FTS.B, 5.031%, 1/09/27			22,404				21,987
a9316762.SQ.FTS.B, 5.158%, 1/09/27			2,273				2,197
a9317641.SQ.FTS.B, 5.346%, 1/09/27			43,905				34,411
a9316512.SQ.FTS.B, 5.902%, 1/09/27			1,923				497
a9314461.SQ.FTS.B, 6.092%, 1/09/27			1,638				1,530
a9317393.SQ.FTS.B, 6.463%, 1/09/27			960				912
a9316485.SQ.FTS.B, 6.662%, 1/09/27			1,647				1,380
a9316618.SQ.FTS.B, 6.666%, 1/09/27			8,270				5,001

Description		Principal Amount				Value
Block, Inc. (continued)
a9316535.SQ.FTS.B, 6.673%, 1/09/27		$	2,658			$	2,397
a9324541.SQ.FTS.B, 4.713%, 1/10/27			3,763				3,589
a9324900.SQ.FTS.B, 4.715%, 1/10/27			4,072				3,956
a9322155.SQ.FTS.B, 4.717%, 1/10/27			3,133				3,082
a9322911.SQ.FTS.B, 4.717%, 1/10/27			5,779				5,584
a9323048.SQ.FTS.B, 4.717%, 1/10/27			5,797				5,534
a9323762.SQ.FTS.B, 4.717%, 1/10/27			9,488				9,316
a9324153.SQ.FTS.B, 4.717%, 1/10/27			8,994				8,742
a9324331.SQ.FTS.B, 4.717%, 1/10/27			7,447				6,632
a9325041.SQ.FTS.B, 4.717%, 1/10/27			3,497				3,335
a9325171.SQ.FTS.B, 4.717%, 1/10/27			35,811				34,143
a9321572.SQ.FTS.B, 4.719%, 1/10/27			5,413				5,256
a9324034.SQ.FTS.B, 4.719%, 1/10/27			5,157				4,587
a9324018.SQ.FTS.B, 4.728%, 1/10/27			829				817
a9324450.SQ.FTS.B, 5.031%, 1/10/27			3,436				3,362
a9325774.SQ.FTS.B, 5.031%, 1/10/27			12,576				12,367
a9324312.SQ.FTS.B, 5.339%, 1/10/27			769				758
a9323617.SQ.FTS.B, 5.345%, 1/10/27			3,207				2,426
a9323652.SQ.FTS.B, 5.348%, 1/10/27			3,423				3,326
a9326164.SQ.FTS.B, 5.72%, 1/10/27			6,607				4,855
a9322443.SQ.FTS.B, 5.723%, 1/10/27			10,046				9,515
a9323610.SQ.FTS.B, 6.289%, 1/10/27			398				378
a9324625.SQ.FTS.B, 6.289%, 1/10/27			1,181				1,163
a9324826.SQ.FTS.B, 6.448%, 1/10/27			1,439				1,400
a9327854.SQ.FTS.B, 4.717%, 1/11/27			9,009				8,833
a9328778.SQ.FTS.B, 4.717%, 1/11/27			12,094				11,881
a9329267.SQ.FTS.B, 4.717%, 1/11/27			5,849				5,692
a9329576.SQ.FTS.B, 4.717%, 1/11/27			3,057				2,969
a9329738.SQ.FTS.B, 4.717%, 1/11/27			9,905				9,699
a9326586.SQ.FTS.B, 4.72%, 1/11/27			6,480				6,301
a9329929.SQ.FTS.B, 5.023%, 1/11/27			1,606				1,570
a9329405.SQ.FTS.B, 5.031%, 1/11/27			5,771				5,661
a9326275.SQ.FTS.B, 5.346%, 1/11/27			8,870				8,606
a9327646.SQ.FTS.B, 5.599%, 1/11/27			9,441				7,059
a9326751.SQ.FTS.B, 6.351%, 1/11/27			2,280				2,166
a9329649.SQ.FTS.B, 6.351%, 1/11/27			4,756				4,646
a9329392.SQ.FTS.B, 6.365%, 1/11/27			1,404				1,336
a9329329.SQ.FTS.B, 6.45%, 1/11/27			4,404				3,904
a9329603.SQ.FTS.B, 6.667%, 1/11/27			3,062				1,433
a9330925.SQ.FTS.B, 4.714%, 1/12/27			1,491				1,466
a9331266.SQ.FTS.B, 4.721%, 1/12/27			3,068				2,919
a9331303.SQ.FTS.B, 5.031%, 1/12/27			10,743				10,176
a9330630.SQ.FTS.B, 5.342%, 1/12/27			3,978				1,217
a9330864.SQ.FTS.B, 5.504%, 1/12/27			3,500				3,193
a9331454.SQ.FTS.B, 5.515%, 1/12/27			452				418
a9331174.SQ.FTS.B, 5.721%, 1/12/27			1,673				1,630

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9330945.SQ.FTS.B, 5.723%, 1/12/27		$	17,308			$	16,416
a9330827.SQ.FTS.B, 5.724%, 1/12/27			2,283				2,191
a9331198.SQ.FTS.B, 5.724%, 1/12/27			3,056				2,963
a9330769.SQ.FTS.B, 5.73%, 1/12/27			935				906
a9330658.SQ.FTS.B, 5.911%, 1/12/27			12,704				11,676
a9331448.SQ.FTS.B, 5.912%, 1/12/27			1,212				826
a9331405.SQ.FTS.B, 6.099%, 1/12/27			1,633				1,595
a9331242.SQ.FTS.B, 6.122%, 1/12/27			234				232
a9331998.SQ.FTS.B, 4.714%, 1/13/27			952				933
a9332063.SQ.FTS.B, 5.031%, 1/13/27			2,243				2,170
a9332092.SQ.FTS.B, 5.031%, 1/13/27			2,004				1,966
a9332126.SQ.FTS.B, 5.031%, 1/13/27			17,577				17,197
a9331725.SQ.FTS.B, 5.158%, 1/13/27			18,728				18,208
a9331699.SQ.FTS.B, 5.597%, 1/13/27			1,050				1,035
a9331630.SQ.FTS.B, 5.712%, 1/13/27			1,128				1,071
a9331508.SQ.FTS.B, 5.726%, 1/13/27			6,191				6,049
a9331609.SQ.FTS.B, 5.971%, 1/13/27			1,489				1,403
a9332012.SQ.FTS.B, 6.355%, 1/13/27			2,507				2,400
a9331647.SQ.FTS.B, 6.665%, 1/13/27			4,151				3,568
a9333798.SQ.FTS.B, 4.717%, 1/14/27			13,960				13,631
a9334660.SQ.FTS.B, 4.717%, 1/14/27			27,080				26,015
a9336578.SQ.FTS.B, 4.717%, 1/14/27			25,424				24,795
a9337194.SQ.FTS.B, 4.717%, 1/14/27			61,388				58,566
a9335345.SQ.FTS.B, 4.72%, 1/14/27			6,936				6,734
a9338139.SQ.FTS.B, 4.721%, 1/14/27			1,928				1,884
a9335275.SQ.FTS.B, 4.726%, 1/14/27			1,959				1,913
a9338188.SQ.FTS.B, 5.158%, 1/14/27			21,361				20,280
a9334405.SQ.FTS.B, 5.159%, 1/14/27			7,686				7,518
a9336318.SQ.FTS.B, 5.346%, 1/14/27			8,762				8,635
a9338103.SQ.FTS.B, 5.72%, 1/14/27			805				780
a9337098.SQ.FTS.B, 5.723%, 1/14/27			2,813				2,752
a9335523.SQ.FTS.B, 6.098%, 1/14/27			4,906				3,345
a9338006.SQ.FTS.B, 6.449%, 1/14/27			2,607				2,539
a9335570.SQ.FTS.B, 6.667%, 1/14/27			10,543				8,173
a9334631.SQ.FTS.B, 6.668%, 1/14/27			1,277				1,218
a9339409.SQ.FTS.B, 4.703%, 1/15/27			1,431				1,269
a9340881.SQ.FTS.B, 4.716%, 1/15/27			8,129				7,807
a9341226.SQ.FTS.B, 4.717%, 1/15/27			19,325				18,889
a9342124.SQ.FTS.B, 4.717%, 1/15/27			22,982				22,175
a9338705.SQ.FTS.B, 4.718%, 1/15/27			7,142				6,889
a9341027.SQ.FTS.B, 4.719%, 1/15/27			8,514				8,219
a9338354.SQ.FTS.B, 4.72%, 1/15/27			1,201				1,183
a9341742.SQ.FTS.B, 5.031%, 1/15/27			4,686				4,330
a9341611.SQ.FTS.B, 5.158%, 1/15/27			8,374				8,189
a9341771.SQ.FTS.B, 5.348%, 1/15/27			10,329				3,279
a9342545.SQ.FTS.B, 5.468%, 1/15/27			4,502				4,292

Description		Principal Amount				Value
Block, Inc. (continued)
a9339468.SQ.FTS.B, 5.472%, 1/15/27		$	3,613			$	3,565
a9339035.SQ.FTS.B, 5.912%, 1/15/27			1,521				1,342
a9341926.SQ.FTS.B, 6.353%, 1/15/27			7,883				7,552
a9338294.SQ.FTS.B, 6.682%, 1/15/27			1,360				860
a9345015.SQ.FTS.B, 4.717%, 1/16/27			11,111				10,886
a9344782.SQ.FTS.B, 4.719%, 1/16/27			9,824				9,343
a9346225.SQ.FTS.B, 4.72%, 1/16/27			5,893				5,779
a9344042.SQ.FTS.B, 5.031%, 1/16/27			21,614				20,992
a9345424.SQ.FTS.B, 5.151%, 1/16/27			915				906
a9344694.SQ.FTS.B, 5.361%, 1/16/27			1,235				1,141
a9345462.SQ.FTS.B, 5.472%, 1/16/27			18,400				18,091
a9346389.SQ.FTS.B, 5.472%, 1/16/27			25,685				25,043
a9342609.SQ.FTS.B, 5.599%, 1/16/27			4,885				4,813
a9345846.SQ.FTS.B, 5.975%, 1/16/27			9,303				8,766
a9344980.SQ.FTS.B, 6.294%, 1/16/27			1,182				1,124
a9346350.SQ.FTS.B, 6.35%, 1/16/27			1,400				1,373
a9345333.SQ.FTS.B, 6.351%, 1/16/27			8,090				7,602
a9342970.SQ.FTS.B, 6.352%, 1/16/27			2,261				2,166
a9344588.SQ.FTS.B, 6.352%, 1/16/27			1,579				1,514
a9343155.SQ.FTS.B, 6.353%, 1/16/27			27,404				5,831
a9343104.SQ.FTS.B, 6.679%, 1/16/27			253				250
a9344658.SQ.FTS.B, 6.679%, 1/16/27			1,996				1,134
a9351131.SQ.FTS.B, 4.717%, 1/17/27			54,809				53,469
a9352850.SQ.FTS.B, 4.717%, 1/17/27			31,283				30,792
a9348928.SQ.FTS.B, 4.721%, 1/17/27			3,949				3,867
a9352709.SQ.FTS.B, 4.721%, 1/17/27			3,367				3,289
a9349978.SQ.FTS.B, 5.475%, 1/17/27			1,121				1,105
a9350901.SQ.FTS.B, 5.725%, 1/17/27			15,320				11,216
a9352375.SQ.FTS.B, 5.975%, 1/17/27			13,488				11,201
a9352805.SQ.FTS.B, 6.347%, 1/17/27			5,082				1,053
a9349103.SQ.FTS.B, 6.352%, 1/17/27			8,851				8,667
a9352690.SQ.FTS.B, 6.447%, 1/17/27			798				680
a9349603.SQ.FTS.B, 6.51%, 1/17/27			2,870				2,783
a9350890.SQ.FTS.B, 6.522%, 1/17/27			772				725
a9354622.SQ.FTS.B, 4.714%, 1/18/27			2,679				2,618
a9354578.SQ.FTS.B, 4.717%, 1/18/27			1,914				1,874
a9355172.SQ.FTS.B, 4.717%, 1/18/27			12,485				12,118
a9356128.SQ.FTS.B, 4.717%, 1/18/27			10,404				10,244
a9354692.SQ.FTS.B, 4.718%, 1/18/27			15,847				14,139
a9356530.SQ.FTS.B, 4.718%, 1/18/27			41,432				39,439
a9354437.SQ.FTS.B, 4.721%, 1/18/27			2,555				2,489
a9353643.SQ.FTS.B, 5.451%, 1/18/27			232				230
a9355096.SQ.FTS.B, 5.47%, 1/18/27			2,355				2,282
a9353534.SQ.FTS.B, 5.478%, 1/18/27			2,190				2,110
a9354553.SQ.FTS.B, 5.483%, 1/18/27			1,038				1,020
a9353593.SQ.FTS.B, 5.484%, 1/18/27			1,826				1,673

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9353680.SQ.FTS.B, 5.723%, 1/18/27		$	14,130			$	13,736
a9356498.SQ.FTS.B, 5.732%, 1/18/27			1,676				1,591
a9356013.SQ.FTS.B, 5.972%, 1/18/27			4,704				3,389
a9357721.SQ.FTS.B, 4.717%, 1/19/27			6,257				6,156
a9357890.SQ.FTS.B, 4.717%, 1/19/27			16,076				15,849
a9357410.SQ.FTS.B, 4.719%, 1/19/27			4,116				3,958
a9357474.SQ.FTS.B, 6.67%, 1/19/27			1,024				926
a9357880.SQ.FTS.B, 6.685%, 1/19/27			474				451
a9357873.SQ.FTS.B, 6.691%, 1/19/27			485				472
a9358530.SQ.FTS.B, 4.717%, 1/20/27			5,311				5,183
a9358673.SQ.FTS.B, 4.719%, 1/20/27			9,319				9,110
a9358611.SQ.FTS.B, 4.723%, 1/20/27			2,650				2,580
a9358805.SQ.FTS.B, 4.738%, 1/20/27			961				931
a9358641.SQ.FTS.B, 4.946%, 1/20/27			1,075				1,019
a9358367.SQ.FTS.B, 5.469%, 1/20/27			6,345				6,097
a9358829.SQ.FTS.B, 5.721%, 1/20/27			1,194				1,179
a9358516.SQ.FTS.B, 6.645%, 1/20/27			514				495
a9358454.SQ.FTS.B, 6.668%, 1/20/27			2,134				2,066
a9358800.SQ.FTS.B, 6.709%, 1/20/27			253				246
a9360729.SQ.FTS.B, 4.714%, 1/21/27			2,272				2,195
a9361026.SQ.FTS.B, 4.717%, 1/21/27			18,501				17,874
a9361538.SQ.FTS.B, 4.717%, 1/21/27			6,996				6,229
a9362878.SQ.FTS.B, 4.717%, 1/21/27			2,825				2,760
a9362907.SQ.FTS.B, 4.717%, 1/21/27			48,748				43,467
a9363611.SQ.FTS.B, 4.717%, 1/21/27			3,272				3,160
a9362230.SQ.FTS.B, 4.718%, 1/21/27			34,480				33,095
a9359876.SQ.FTS.B, 4.721%, 1/21/27			5,454				5,307
a9360851.SQ.FTS.B, 5.157%, 1/21/27			4,245				4,130
a9360487.SQ.FTS.B, 5.158%, 1/21/27			1,553				1,224
a9360702.SQ.FTS.B, 5.468%, 1/21/27			705				696
a9361985.SQ.FTS.B, 5.472%, 1/21/27			16,262				12,809
a9360462.SQ.FTS.B, 5.587%, 1/21/27			1,424				1,350
a9361679.SQ.FTS.B, 6.352%, 1/21/27			7,575				7,331
a9360208.SQ.FTS.B, 6.661%, 1/21/27			2,253				2,125
a9363652.SQ.FTS.B, 6.666%, 1/21/27			21,034				20,599
a9365173.SQ.FTS.B, 4.717%, 1/22/27			1,817				1,802
a9366313.SQ.FTS.B, 4.717%, 1/22/27			6,016				5,878
a9367228.SQ.FTS.B, 4.717%, 1/22/27			17,220				16,536
a9367474.SQ.FTS.B, 4.717%, 1/22/27			9,486				9,271
a9367749.SQ.FTS.B, 4.718%, 1/22/27			12,790				12,642
a9367157.SQ.FTS.B, 4.721%, 1/22/27			2,805				2,738
a9364376.SQ.FTS.B, 4.722%, 1/22/27			5,106				4,854
a9366478.SQ.FTS.B, 5.031%, 1/22/27			37,528				36,693
a9367444.SQ.FTS.B, 5.149%, 1/22/27			2,099				1,978
a9364179.SQ.FTS.B, 5.157%, 1/22/27			1,459				1,431
a9364862.SQ.FTS.B, 5.157%, 1/22/27			1,568				1,443

Description		Principal Amount				Value
Block, Inc. (continued)
a9367720.SQ.FTS.B, 5.157%, 1/22/27		$	2,369			$	2,296
a9364578.SQ.FTS.B, 5.158%, 1/22/27			5,563				5,323
a9365965.SQ.FTS.B, 5.472%, 1/22/27			25,832				19,560
a9365561.SQ.FTS.B, 5.474%, 1/22/27			12,348				9,676
a9365284.SQ.FTS.B, 5.5%, 1/22/27			2,026				1,878
a9365019.SQ.FTS.B, 5.606%, 1/22/27			1,332				1,199
a9367652.SQ.FTS.B, 5.719%, 1/22/27			1,571				1,539
a9366423.SQ.FTS.B, 5.724%, 1/22/27			2,163				1,625
a9367707.SQ.FTS.B, 6.299%, 1/22/27			465				445
a9365388.SQ.FTS.B, 6.35%, 1/22/27			4,216				3,622
a9365501.SQ.FTS.B, 6.353%, 1/22/27			3,850				71
a9364042.SQ.FTS.B, 6.668%, 1/22/27			678				568
a9368613.SQ.FTS.B, 4.717%, 1/23/27			12,918				12,578
a9369288.SQ.FTS.B, 4.717%, 1/23/27			10,434				9,990
a9369568.SQ.FTS.B, 4.717%, 1/23/27			2,963				2,895
a9370569.SQ.FTS.B, 4.717%, 1/23/27			34,580				33,773
a9371259.SQ.FTS.B, 4.718%, 1/23/27			28,900				28,145
a9369552.SQ.FTS.B, 4.732%, 1/23/27			1,484				1,405
a9370333.SQ.FTS.B, 5.157%, 1/23/27			1,218				1,178
a9371937.SQ.FTS.B, 5.157%, 1/23/27			1,261				1,217
a9369674.SQ.FTS.B, 5.471%, 1/23/27			30,666				29,910
a9370402.SQ.FTS.B, 5.472%, 1/23/27			1,281				1,223
a9370432.SQ.FTS.B, 5.475%, 1/23/27			6,429				6,124
a9370411.SQ.FTS.B, 5.499%, 1/23/27			756				702
a9369518.SQ.FTS.B, 6.309%, 1/23/27			370				359
a9371894.SQ.FTS.B, 6.492%, 1/23/27			1,047				633
a9370351.SQ.FTS.B, 6.662%, 1/23/27			1,943				1,890
a9374980.SQ.FTS.B, 4.715%, 1/24/27			6,256				6,059
a9376727.SQ.FTS.B, 4.715%, 1/24/27			4,028				3,943
a9375841.SQ.FTS.B, 4.717%, 1/24/27			4,273				4,200
a9376145.SQ.FTS.B, 4.717%, 1/24/27			6,267				6,107
a9376578.SQ.FTS.B, 4.717%, 1/24/27			5,246				5,089
a9377365.SQ.FTS.B, 4.717%, 1/24/27			30,882				30,103
a9378231.SQ.FTS.B, 4.717%, 1/24/27			42,384				40,646
a9375693.SQ.FTS.B, 4.719%, 1/24/27			5,158				5,004
a9376457.SQ.FTS.B, 4.719%, 1/24/27			5,701				5,534
a9377147.SQ.FTS.B, 4.72%, 1/24/27			3,941				3,819
a9374459.SQ.FTS.B, 5.156%, 1/24/27			8,885				8,508
a9377317.SQ.FTS.B, 5.157%, 1/24/27			1,846				1,814
a9376390.SQ.FTS.B, 5.723%, 1/24/27			1,651				1,529
a9376992.SQ.FTS.B, 5.975%, 1/24/27			4,573				4,395
a9378136.SQ.FTS.B, 6.348%, 1/24/27			1,860				1,816
a9375213.SQ.FTS.B, 6.667%, 1/24/27			1,969				1,830
a9380435.SQ.FTS.B, 4.715%, 1/25/27			4,346				4,198
a9380843.SQ.FTS.B, 4.717%, 1/25/27			1,656				1,595
a9386699.SQ.FTS.B, 4.717%, 1/25/27			17,907				17,430

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9396495.SQ.FTS.B, 4.719%, 1/25/27		$	5,193			$	4,986
a9380614.SQ.FTS.B, 4.72%, 1/25/27			5,433				5,328
a9426129.SQ.FTS.B, 5.157%, 1/25/27			5,794				5,605
a9381380.SQ.FTS.B, 5.158%, 1/25/27			18,270				17,754
a9379333.SQ.FTS.B, 5.472%, 1/25/27			14,983				14,388
a9422903.SQ.FTS.B, 5.728%, 1/25/27			2,150				2,103
a9401482.SQ.FTS.B, 6.289%, 1/25/27			16,429				10,656
a9384472.SQ.FTS.B, 6.665%, 1/25/27			1,883				1,855
a9380874.SQ.FTS.B, 6.668%, 1/25/27			9,946				9,590
a9461168.SQ.FTS.B, 4.706%, 1/26/27			1,857				1,641
a9454266.SQ.FTS.B, 4.717%, 1/26/27			16,039				15,698
a9459159.SQ.FTS.B, 4.719%, 1/26/27			5,850				5,714
a9464275.SQ.FTS.B, 4.72%, 1/26/27			7,677				7,438
a9457973.SQ.FTS.B, 5.471%, 1/26/27			2,540				2,440
a9462125.SQ.FTS.B, 5.473%, 1/26/27			12,555				9,821
a9460556.SQ.FTS.B, 5.977%, 1/26/27			1,616				1,577
a9458897.SQ.FTS.B, 6.334%, 1/26/27			507				495
a9466101.SQ.FTS.B, 6.353%, 1/26/27			7,119				6,828
a9469188.SQ.FTS.B, 6.672%, 1/26/27			4,521				3,725
a9474581.SQ.FTS.B, 4.717%, 1/27/27			9,514				9,174
a9472326.SQ.FTS.B, 4.719%, 1/27/27			11,119				9,893
a9470687.SQ.FTS.B, 4.72%, 1/27/27			6,280				6,081
a9485142.SQ.FTS.B, 5.157%, 1/27/27			12,215				11,836
a9490065.SQ.FTS.B, 5.477%, 1/27/27			4,880				3,703
a9489786.SQ.FTS.B, 5.492%, 1/27/27			426				405
a9477443.SQ.FTS.B, 6.351%, 1/27/27			13,568				13,251
a9484698.SQ.FTS.B, 6.503%, 1/27/27			925				894
a9474108.SQ.FTS.B, 6.657%, 1/27/27			1,952				1,478
a9586343.SQ.FTS.B, 4.715%, 1/28/27			3,269				3,101
a9606772.SQ.FTS.B, 4.715%, 1/28/27			6,163				5,836
a9585729.SQ.FTS.B, 4.717%, 1/28/27			3,062				2,982
a9585896.SQ.FTS.B, 4.717%, 1/28/27			3,546				3,461
a9608786.SQ.FTS.B, 4.717%, 1/28/27			14,384				13,775
a9586753.SQ.FTS.B, 4.719%, 1/28/27			3,223				3,134
a9595204.SQ.FTS.B, 4.719%, 1/28/27			2,797				2,737
a9586704.SQ.FTS.B, 4.723%, 1/28/27			2,956				2,811
a9603595.SQ.FTS.B, 4.724%, 1/28/27			3,050				2,924
a9586584.SQ.FTS.B, 5.153%, 1/28/27			4,647				3,660
a9587537.SQ.FTS.B, 5.156%, 1/28/27			31,056				24,289
a9591396.SQ.FTS.B, 5.158%, 1/28/27			7,384				7,196
a9609102.SQ.FTS.B, 5.158%, 1/28/27			18,772				18,133
a9608674.SQ.FTS.B, 5.161%, 1/28/27			4,872				4,656
a9586041.SQ.FTS.B, 5.466%, 1/28/27			3,360				3,053
a9587039.SQ.FTS.B, 5.719%, 1/28/27			3,433				3,078
a9512652.SQ.FTS.B, 5.723%, 1/28/27			8,367				6,198
a9596677.SQ.FTS.B, 5.723%, 1/28/27			2,272				2,213

Description		Principal Amount				Value
Block, Inc. (continued)
a9580037.SQ.FTS.B, 5.728%, 1/28/27		$	4,172			$	3,731
a9603156.SQ.FTS.B, 6.269%, 1/28/27			62				61
a9594761.SQ.FTS.B, 6.292%, 1/28/27			2,673				2,494
a9586513.SQ.FTS.B, 6.35%, 1/28/27			1,331				1,310
a9598874.SQ.FTS.B, 6.352%, 1/28/27			2,855				2,802
a9587236.SQ.FTS.B, 6.353%, 1/28/27			9,160				8,950
a9585371.SQ.FTS.B, 6.354%, 1/28/27			4,481				3,020
a9586826.SQ.FTS.B, 6.496%, 1/28/27			598				579
a9587089.SQ.FTS.B, 6.513%, 1/28/27			5,870				5,224
a9609009.SQ.FTS.B, 6.668%, 1/28/27			5,195				5,048
a9603452.SQ.FTS.B, 6.676%, 1/28/27			932				835
a9512257.SQ.FTS.B, 6.678%, 1/28/27			1,901				201
a9611873.SQ.FTS.B, 4.717%, 1/29/27			33,645				28,536
a9612913.SQ.FTS.B, 4.718%, 1/29/27			7,000				6,818
a9609963.SQ.FTS.B, 4.719%, 1/29/27			9,129				8,878
a9612701.SQ.FTS.B, 4.719%, 1/29/27			12,920				12,508
a9610756.SQ.FTS.B, 4.72%, 1/29/27			8,905				8,525
a9613213.SQ.FTS.B, 4.72%, 1/29/27			3,284				3,184
a9609771.SQ.FTS.B, 5.157%, 1/29/27			3,928				3,831
a9611100.SQ.FTS.B, 5.157%, 1/29/27			1,269				1,032
a9609551.SQ.FTS.B, 5.467%, 1/29/27			1,353				1,332
a9609927.SQ.FTS.B, 5.469%, 1/29/27			2,650				2,014
a9613303.SQ.FTS.B, 5.471%, 1/29/27			22,964				22,480
a9610385.SQ.FTS.B, 5.472%, 1/29/27			22,832				6,327
a9611642.SQ.FTS.B, 5.727%, 1/29/27			1,517				1,445
a9611685.SQ.FTS.B, 5.727%, 1/29/27			4,897				4,659
a9610943.SQ.FTS.B, 5.976%, 1/29/27			8,160				7,525
a9613110.SQ.FTS.B, 6.354%, 1/29/27			4,953				4,831
a9611122.SQ.FTS.B, 6.666%, 1/29/27			14,400				14,096
a9613072.SQ.FTS.B, 6.669%, 1/29/27			1,767				1,335
a9609626.SQ.FTS.B, 6.676%, 1/29/27			2,621				1,989
a9616693.SQ.FTS.B, 4.708%, 1/30/27			1,397				1,357
a9613728.SQ.FTS.B, 4.717%, 1/30/27			19,435				18,401
a9615154.SQ.FTS.B, 4.717%, 1/30/27			12,372				12,045
a9615694.SQ.FTS.B, 4.717%, 1/30/27			2,609				2,529
a9616042.SQ.FTS.B, 4.717%, 1/30/27			13,407				13,101
a9615465.SQ.FTS.B, 4.719%, 1/30/27			8,140				7,891
a9615944.SQ.FTS.B, 4.719%, 1/30/27			6,547				6,307
a9614502.SQ.FTS.B, 4.721%, 1/30/27			3,214				3,076
a9617920.SQ.FTS.B, 4.724%, 1/30/27			1,705				1,653
a9616312.SQ.FTS.B, 5.157%, 1/30/27			29,790				28,760
a9615024.SQ.FTS.B, 5.16%, 1/30/27			4,583				4,429
a9616747.SQ.FTS.B, 5.472%, 1/30/27			29,118				28,536
a9617507.SQ.FTS.B, 5.472%, 1/30/27			35,932				32,701
a9615112.SQ.FTS.B, 6.343%, 1/30/27			1,710				1,560
a9616714.SQ.FTS.B, 6.513%, 1/30/27			4,911				4,372

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9616306.SQ.FTS.B, 6.647%, 1/30/27		$	398			$	389
a9615456.SQ.FTS.B, 6.69%, 1/30/27			816				514
a9623689.SQ.FTS.B, 4.712%, 1/31/27			2,275				2,196
a9623783.SQ.FTS.B, 4.714%, 1/31/27			4,034				3,885
a9624954.SQ.FTS.B, 4.715%, 1/31/27			4,869				4,732
a9623575.SQ.FTS.B, 4.717%, 1/31/27			7,769				7,624
a9622395.SQ.FTS.B, 4.718%, 1/31/27			7,874				7,635
a9623865.SQ.FTS.B, 4.718%, 1/31/27			18,674				18,374
a9621902.SQ.FTS.B, 4.719%, 1/31/27			9,893				9,538
a9623304.SQ.FTS.B, 4.719%, 1/31/27			8,776				8,568
a9622763.SQ.FTS.B, 5.155%, 1/31/27			11,478				9,306
a9623749.SQ.FTS.B, 5.157%, 1/31/27			1,491				1,463
a9621381.SQ.FTS.B, 5.159%, 1/31/27			9,559				9,118
a9620667.SQ.FTS.B, 5.166%, 1/31/27			2,397				2,291
a9621249.SQ.FTS.B, 5.47%, 1/31/27			1,532				1,499
a9624877.SQ.FTS.B, 5.473%, 1/31/27			3,896				3,549
a9624457.SQ.FTS.B, 5.474%, 1/31/27			1,838				1,781
a9620757.SQ.FTS.B, 5.475%, 1/31/27			277				260
a9624832.SQ.FTS.B, 5.723%, 1/31/27			2,670				2,598
a9623115.SQ.FTS.B, 5.726%, 1/31/27			9,467				8,576
a9622230.SQ.FTS.B, 5.973%, 1/31/27			6,297				5,944
a9625110.SQ.FTS.B, 5.979%, 1/31/27			5,036				4,648
a9623053.SQ.FTS.B, 6.289%, 1/31/27			1,357				1,055
a9622350.SQ.FTS.B, 6.297%, 1/31/27			1,468				1,370
a9621008.SQ.FTS.B, 6.353%, 1/31/27			6,198				6,004
a9623073.SQ.FTS.B, 6.661%, 1/31/27			1,132				1,079
a9624502.SQ.FTS.B, 6.674%, 1/31/27			1,769				1,707
a9625408.SQ.FTS.B, 4.71%, 2/01/27			2,121				2,081
a9625996.SQ.FTS.B, 4.713%, 2/01/27			2,644				2,593
a9627932.SQ.FTS.B, 4.717%, 2/01/27			53,011				51,618
a9626851.SQ.FTS.B, 4.718%, 2/01/27			16,279				15,819
a9626481.SQ.FTS.B, 4.719%, 2/01/27			11,594				11,036
a9629306.SQ.FTS.B, 4.719%, 2/01/27			12,307				11,853
a9627286.SQ.FTS.B, 4.721%, 2/01/27			3,713				3,654
a9625313.SQ.FTS.B, 4.727%, 2/01/27			2,015				1,958
a9625612.SQ.FTS.B, 5.158%, 2/01/27			10,688				10,367
a9627622.SQ.FTS.B, 5.472%, 2/01/27			6,728				6,571
a9629588.SQ.FTS.B, 5.486%, 2/01/27			1,570				1,236
a9625584.SQ.FTS.B, 5.493%, 2/01/27			948				890
a9629232.SQ.FTS.B, 5.965%, 2/01/27			1,713				1,635
a9629665.SQ.FTS.B, 6.333%, 2/01/27			679				662
a9627860.SQ.FTS.B, 6.506%, 2/01/27			1,241				1,200
a9627430.SQ.FTS.B, 6.667%, 2/01/27			1,521				1,467
a9626140.SQ.FTS.B, 6.669%, 2/01/27			3,995				3,770
a9629177.SQ.FTS.B, 6.669%, 2/01/27			2,626				2,534
a9629887.SQ.FTS.B, 4.717%, 2/02/27			24,998				24,185

Description		Principal Amount				Value
Block, Inc. (continued)
a9630264.SQ.FTS.B, 4.719%, 2/02/27		$	13,734			$	13,003
a9629789.SQ.FTS.B, 4.72%, 2/02/27			5,655				5,522
a9629708.SQ.FTS.B, 5.469%, 2/02/27			6,266				4,916
a9630226.SQ.FTS.B, 5.971%, 2/02/27			1,874				1,788
a9631218.SQ.FTS.B, 4.716%, 2/03/27			6,423				6,281
a9630523.SQ.FTS.B, 4.717%, 2/03/27			8,735				8,642
a9630962.SQ.FTS.B, 4.718%, 2/03/27			3,578				3,478
a9630761.SQ.FTS.B, 4.719%, 2/03/27			17,057				8,761
a9630929.SQ.FTS.B, 5.16%, 2/03/27			1,370				1,305
a9631130.SQ.FTS.B, 5.16%, 2/03/27			3,885				3,698
a9631180.SQ.FTS.B, 5.171%, 2/03/27			1,353				1,314
a9631205.SQ.FTS.B, 5.503%, 2/03/27			1,057				682
a9631002.SQ.FTS.B, 6.667%, 2/03/27			7,483				7,238
a9636055.SQ.FTS.B, 4.716%, 2/04/27			3,802				3,681
a9632283.SQ.FTS.B, 4.717%, 2/04/27			8,496				8,075
a9632503.SQ.FTS.B, 4.717%, 2/04/27			2,027				1,962
a9633664.SQ.FTS.B, 4.717%, 2/04/27			19,743				18,764
a9633958.SQ.FTS.B, 4.717%, 2/04/27			70,791				68,145
a9635410.SQ.FTS.B, 4.717%, 2/04/27			17,772				17,452
a9636499.SQ.FTS.B, 4.717%, 2/04/27			25,093				24,167
a9633510.SQ.FTS.B, 4.719%, 2/04/27			4,800				4,556
a9636186.SQ.FTS.B, 5.157%, 2/04/27			9,234				8,724
a9635295.SQ.FTS.B, 5.47%, 2/04/27			5,380				5,178
a9633610.SQ.FTS.B, 5.493%, 2/04/27			1,547				688
a9633648.SQ.FTS.B, 5.721%, 2/04/27			740				724
a9636322.SQ.FTS.B, 5.728%, 2/04/27			5,378				4,827
a9637016.SQ.FTS.B, 6.342%, 2/04/27			1,198				786
a9633484.SQ.FTS.B, 6.343%, 2/04/27			1,101				1,068
a9636100.SQ.FTS.B, 6.665%, 2/04/27			4,950				4,699
a9639711.SQ.FTS.B, 4.713%, 2/05/27			3,816				3,391
a9640440.SQ.FTS.B, 4.716%, 2/05/27			8,328				8,008
a9638414.SQ.FTS.B, 4.717%, 2/05/27			4,863				4,622
a9638534.SQ.FTS.B, 4.723%, 2/05/27			3,516				3,407
a9640525.SQ.FTS.B, 5.144%, 2/05/27			1,871				1,522
a9638980.SQ.FTS.B, 5.157%, 2/05/27			10,342				10,136
a9639320.SQ.FTS.B, 5.157%, 2/05/27			13,395				13,116
a9640786.SQ.FTS.B, 5.157%, 2/05/27			31,444				30,494
a9637171.SQ.FTS.B, 5.158%, 2/05/27			19,770				19,207
a9638640.SQ.FTS.B, 5.472%, 2/05/27			15,413				14,881
a9639281.SQ.FTS.B, 5.976%, 2/05/27			1,423				1,344
a9640408.SQ.FTS.B, 5.983%, 2/05/27			2,352				2,252
a9637637.SQ.FTS.B, 6.352%, 2/05/27			15,691				13,556
a9638153.SQ.FTS.B, 6.353%, 2/05/27			11,664				10,679
a9639778.SQ.FTS.B, 6.667%, 2/05/27			13,786				13,412
a9640136.SQ.FTS.B, 6.668%, 2/05/27			3,358				3,277
a9640630.SQ.FTS.B, 6.669%, 2/05/27			8,391				7,343

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9642158.SQ.FTS.B, 4.715%, 2/06/27		$	5,049			$	4,840
a9642889.SQ.FTS.B, 4.717%, 2/06/27			1,902				1,840
a9642915.SQ.FTS.B, 4.717%, 2/06/27			23,166				22,658
a9643912.SQ.FTS.B, 4.717%, 2/06/27			28,015				27,429
a9645181.SQ.FTS.B, 4.717%, 2/06/27			16,099				15,657
a9645330.SQ.FTS.B, 4.717%, 2/06/27			10,057				9,881
a9645592.SQ.FTS.B, 4.717%, 2/06/27			21,225				20,507
a9643692.SQ.FTS.B, 4.718%, 2/06/27			3,210				2,731
a9644467.SQ.FTS.B, 4.718%, 2/06/27			33,594				32,631
a9644891.SQ.FTS.B, 4.72%, 2/06/27			7,535				7,249
a9643760.SQ.FTS.B, 4.721%, 2/06/27			4,683				4,565
a9644867.SQ.FTS.B, 4.725%, 2/06/27			1,783				1,741
a9643892.SQ.FTS.B, 4.752%, 2/06/27			546				533
a9641767.SQ.FTS.B, 5.146%, 2/06/27			1,331				1,228
a9642334.SQ.FTS.B, 5.154%, 2/06/27			6,170				5,876
a9642811.SQ.FTS.B, 5.156%, 2/06/27			1,919				1,884
a9643374.SQ.FTS.B, 5.158%, 2/06/27			12,241				11,868
a9645293.SQ.FTS.B, 5.502%, 2/06/27			525				424
a9641827.SQ.FTS.B, 5.504%, 2/06/27			7,855				1,458
a9645156.SQ.FTS.B, 5.722%, 2/06/27			6,585				4,778
a9645284.SQ.FTS.B, 5.73%, 2/06/27			1,304				1,260
a9642527.SQ.FTS.B, 5.978%, 2/06/27			8,335				6,079
a9644970.SQ.FTS.B, 5.982%, 2/06/27			1,239				1,223
a9641733.SQ.FTS.B, 6.515%, 2/06/27			1,523				590
a9643738.SQ.FTS.B, 6.659%, 2/06/27			1,254				1,131
a9642136.SQ.FTS.B, 6.672%, 2/06/27			778				750
a9643689.SQ.FTS.B, 6.676%, 2/06/27			792				742
a9651472.SQ.FTS.B, 4.696%, 2/07/27			494				480
a9651484.SQ.FTS.B, 4.717%, 2/07/27			5,294				5,161
a9652003.SQ.FTS.B, 4.717%, 2/07/27			30,726				29,427
a9649805.SQ.FTS.B, 4.719%, 2/07/27			13,754				13,137
a9650037.SQ.FTS.B, 4.719%, 2/07/27			11,354				10,934
a9650377.SQ.FTS.B, 4.721%, 2/07/27			2,890				2,798
a9649717.SQ.FTS.B, 4.724%, 2/07/27			1,327				1,279
a9650628.SQ.FTS.B, 4.725%, 2/07/27			1,067				1,044
a9650373.SQ.FTS.B, 4.741%, 2/07/27			807				788
a9649326.SQ.FTS.B, 5.156%, 2/07/27			7,118				6,913
a9648543.SQ.FTS.B, 5.157%, 2/07/27			15,263				14,864
a9651040.SQ.FTS.B, 5.157%, 2/07/27			28,314				26,680
a9651441.SQ.FTS.B, 5.157%, 2/07/27			7,007				5,596
a9649777.SQ.FTS.B, 5.466%, 2/07/27			1,732				1,649
a9652557.SQ.FTS.B, 5.468%, 2/07/27			2,113				2,019
a9650639.SQ.FTS.B, 5.725%, 2/07/27			10,556				9,869
a9651036.SQ.FTS.B, 5.987%, 2/07/27			1,117				813
a9650592.SQ.FTS.B, 6.346%, 2/07/27			2,911				2,031
a9652606.SQ.FTS.B, 6.348%, 2/07/27			885				849

Description		Principal Amount				Value
Block, Inc. (continued)
a9650452.SQ.FTS.B, 6.356%, 2/07/27		$	5,332			$	5,072
a9648504.SQ.FTS.B, 6.662%, 2/07/27			1,134				1,087
a9649630.SQ.FTS.B, 6.665%, 2/07/27			1,397				1,347
a9651579.SQ.FTS.B, 6.667%, 2/07/27			20,675				19,985
a9652636.SQ.FTS.B, 6.667%, 2/07/27			16,575				15,903
a9650837.SQ.FTS.B, 6.669%, 2/07/27			7,711				5,962
a9649271.SQ.FTS.B, 6.687%, 2/07/27			630				572
a9654306.SQ.FTS.B, 4.717%, 2/08/27			13,784				13,334
a9655958.SQ.FTS.B, 4.717%, 2/08/27			5,344				5,103
a9653014.SQ.FTS.B, 4.718%, 2/08/27			8,070				7,812
a9655214.SQ.FTS.B, 4.718%, 2/08/27			27,837				27,087
a9656158.SQ.FTS.B, 4.718%, 2/08/27			15,277				14,945
a9657118.SQ.FTS.B, 4.718%, 2/08/27			18,851				18,316
a9653357.SQ.FTS.B, 4.721%, 2/08/27			1,553				1,523
a9653393.SQ.FTS.B, 4.721%, 2/08/27			6,483				6,151
a9654068.SQ.FTS.B, 4.724%, 2/08/27			3,108				3,006
a9653568.SQ.FTS.B, 4.727%, 2/08/27			1,564				1,531
a9656020.SQ.FTS.B, 5.47%, 2/08/27			2,993				2,879
a9654173.SQ.FTS.B, 5.472%, 2/08/27			1,747				1,701
a9656602.SQ.FTS.B, 5.723%, 2/08/27			12,675				12,473
a9653707.SQ.FTS.B, 5.973%, 2/08/27			3,949				3,855
a9654799.SQ.FTS.B, 5.975%, 2/08/27			12,426				11,837
a9654261.SQ.FTS.B, 5.989%, 2/08/27			1,375				1,300
a9655137.SQ.FTS.B, 6.358%, 2/08/27			2,074				2,022
a9654760.SQ.FTS.B, 6.656%, 2/08/27			1,892				1,710
a9655822.SQ.FTS.B, 6.664%, 2/08/27			2,840				2,492
a9653615.SQ.FTS.B, 6.667%, 2/08/27			1,427				1,376
a9657838.SQ.FTS.B, 4.717%, 2/09/27			14,270				13,653
a9658158.SQ.FTS.B, 4.718%, 2/09/27			21,899				19,475
a9658094.SQ.FTS.B, 4.719%, 2/09/27			6,783				6,519
a9658560.SQ.FTS.B, 4.722%, 2/09/27			5,397				5,121
a9658409.SQ.FTS.B, 4.725%, 2/09/27			3,378				3,018
a9658046.SQ.FTS.B, 5.159%, 2/09/27			4,221				4,071
a9658453.SQ.FTS.B, 5.975%, 2/09/27			10,151				9,405
a9658657.SQ.FTS.B, 4.716%, 2/10/27			2,085				2,037
a9658909.SQ.FTS.B, 4.716%, 2/10/27			1,927				1,866
a9659202.SQ.FTS.B, 4.717%, 2/10/27			3,269				3,165
a9659259.SQ.FTS.B, 4.717%, 2/10/27			4,269				4,169
a9659101.SQ.FTS.B, 4.719%, 2/10/27			9,173				8,922
a9659320.SQ.FTS.B, 4.719%, 2/10/27			1,985				1,910
a9658825.SQ.FTS.B, 5.157%, 2/10/27			7,607				7,403
a9658927.SQ.FTS.B, 5.159%, 2/10/27			3,491				3,467
a9658697.SQ.FTS.B, 5.512%, 2/10/27			2,175				1,065
a9658782.SQ.FTS.B, 5.724%, 2/10/27			4,547				4,340
a9659343.SQ.FTS.B, 6.352%, 2/10/27			10,077				9,768
a9660675.SQ.FTS.B, 4.717%, 2/11/27			19,402				17,246

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9661078.SQ.FTS.B, 4.717%, 2/11/27		$	28,433			$	27,585
a9661872.SQ.FTS.B, 4.717%, 2/11/27			8,721				8,474
a9662220.SQ.FTS.B, 4.717%, 2/11/27			1,899				1,876
a9662367.SQ.FTS.B, 4.717%, 2/11/27			15,375				14,781
a9663180.SQ.FTS.B, 4.717%, 2/11/27			6,481				6,383
a9663317.SQ.FTS.B, 4.718%, 2/11/27			39,020				37,379
a9662304.SQ.FTS.B, 4.72%, 2/11/27			7,143				6,907
a9663846.SQ.FTS.B, 4.723%, 2/11/27			3,421				3,338
a9663799.SQ.FTS.B, 5.154%, 2/11/27			3,316				2,677
a9661784.SQ.FTS.B, 5.158%, 2/11/27			2,886				2,783
a9662014.SQ.FTS.B, 5.472%, 2/11/27			17,745				13,416
a9663928.SQ.FTS.B, 5.72%, 2/11/27			1,010				989
a9663271.SQ.FTS.B, 5.721%, 2/11/27			2,794				2,721
a9663905.SQ.FTS.B, 6.367%, 2/11/27			870				847
a9662276.SQ.FTS.B, 6.67%, 2/11/27			1,461				1,361
a9666406.SQ.FTS.B, 4.716%, 2/12/27			6,665				6,528
a9667944.SQ.FTS.B, 4.717%, 2/12/27			9,644				9,357
a9668168.SQ.FTS.B, 4.717%, 2/12/27			3,461				3,348
a9668301.SQ.FTS.B, 4.717%, 2/12/27			12,546				12,017
a9668564.SQ.FTS.B, 4.717%, 2/12/27			74,580				70,773
a9665434.SQ.FTS.B, 4.718%, 2/12/27			22,299				21,896
a9667213.SQ.FTS.B, 4.718%, 2/12/27			7,932				7,695
a9667745.SQ.FTS.B, 5.156%, 2/12/27			10,424				10,121
a9667463.SQ.FTS.B, 5.157%, 2/12/27			25,909				25,112
a9668064.SQ.FTS.B, 5.157%, 2/12/27			3,239				3,139
a9666553.SQ.FTS.B, 5.47%, 2/12/27			11,335				11,036
a9665049.SQ.FTS.B, 5.472%, 2/12/27			16,161				15,409
a9665961.SQ.FTS.B, 5.472%, 2/12/27			22,569				21,751
a9667435.SQ.FTS.B, 5.492%, 2/12/27			967				916
a9664424.SQ.FTS.B, 5.722%, 2/12/27			9,694				9,487
a9668466.SQ.FTS.B, 6.289%, 2/12/27			6,634				6,190
a9664334.SQ.FTS.B, 6.349%, 2/12/27			486				473
a9664029.SQ.FTS.B, 6.354%, 2/12/27			8,713				8,166
a9667350.SQ.FTS.B, 6.668%, 2/12/27			7,290				6,044
a9668149.SQ.FTS.B, 6.67%, 2/12/27			665				642
a9669977.SQ.FTS.B, 4.717%, 2/13/27			3,743				3,653
a9668829.SQ.FTS.B, 4.718%, 2/13/27			30,005				28,681
a9671540.SQ.FTS.B, 4.732%, 2/13/27			1,319				1,279
a9671269.SQ.FTS.B, 5.157%, 2/13/27			10,752				10,576
a9671574.SQ.FTS.B, 5.157%, 2/13/27			31,924				30,696
a9671957.SQ.FTS.B, 5.472%, 2/13/27			14,104				13,446
a9671001.SQ.FTS.B, 5.474%, 2/13/27			10,594				7,968
a9672184.SQ.FTS.B, 5.475%, 2/13/27			433				368
a9670659.SQ.FTS.B, 5.517%, 2/13/27			1,431				1,215
a9672651.SQ.FTS.B, 5.526%, 2/13/27			1,450				660
a9671242.SQ.FTS.B, 5.733%, 2/13/27			1,641				1,581

Description		Principal Amount				Value
Block, Inc. (continued)
a9670810.SQ.FTS.B, 5.975%, 2/13/27		$	8,613			$	8,330
a9671549.SQ.FTS.B, 6.351%, 2/13/27			1,792				1,541
a9672702.SQ.FTS.B, 6.508%, 2/13/27			5,592				5,378
a9671938.SQ.FTS.B, 6.513%, 2/13/27			448				435
a9672680.SQ.FTS.B, 6.659%, 2/13/27			1,144				1,037
a9671204.SQ.FTS.B, 6.661%, 2/13/27			3,267				2,749
a9670586.SQ.FTS.B, 6.664%, 2/13/27			2,140				2,066
a9671135.SQ.FTS.B, 6.667%, 2/13/27			2,599				2,449
a9670086.SQ.FTS.B, 6.668%, 2/13/27			21,398				16,883
a9672418.SQ.FTS.B, 6.668%, 2/13/27			14,547				11,939
a9677143.SQ.FTS.B, 4.696%, 2/14/27			496				482
a9676724.SQ.FTS.B, 4.715%, 2/14/27			4,406				4,265
a9677090.SQ.FTS.B, 4.715%, 2/14/27			4,159				3,984
a9676425.SQ.FTS.B, 4.717%, 2/14/27			4,404				4,237
a9676797.SQ.FTS.B, 4.717%, 2/14/27			6,168				5,853
a9677386.SQ.FTS.B, 4.717%, 2/14/27			7,939				7,648
a9678536.SQ.FTS.B, 4.717%, 2/14/27			51,561				49,410
a9679660.SQ.FTS.B, 4.717%, 2/14/27			10,062				9,714
a9675526.SQ.FTS.B, 4.719%, 2/14/27			9,266				8,956
a9677990.SQ.FTS.B, 4.72%, 2/14/27			6,341				6,162
a9678402.SQ.FTS.B, 4.722%, 2/14/27			2,900				2,835
a,b9677029.SQ.FTS.B, 5.157%, 2/14/27			4,507				898
a9677575.SQ.FTS.B, 5.157%, 2/14/27			34,946				32,405
a9678093.SQ.FTS.B, 5.157%, 2/14/27			18,214				16,815
a9677293.SQ.FTS.B, 5.158%, 2/14/27			5,059				4,765
a9676686.SQ.FTS.B, 5.46%, 2/14/27			1,556				1,484
a9676981.SQ.FTS.B, 5.472%, 2/14/27			3,230				1,091
a9678366.SQ.FTS.B, 5.502%, 2/14/27			1,085				976
a9675968.SQ.FTS.B, 5.513%, 2/14/27			733				677
a9676544.SQ.FTS.B, 5.722%, 2/14/27			2,458				2,434
a9675417.SQ.FTS.B, 5.723%, 2/14/27			4,732				4,515
a9675778.SQ.FTS.B, 5.723%, 2/14/27			3,213				3,148
a9676006.SQ.FTS.B, 5.723%, 2/14/27			7,949				7,828
a9678510.SQ.FTS.B, 5.727%, 2/14/27			2,788				2,610
a9676960.SQ.FTS.B, 5.987%, 2/14/27			2,539				1,757
a9677176.SQ.FTS.B, 6.504%, 2/14/27			1,571				1,502
a9679568.SQ.FTS.B, 6.669%, 2/14/27			683				676
a9680340.SQ.FTS.B, 4.716%, 2/15/27			5,795				5,703
a9680547.SQ.FTS.B, 4.717%, 2/15/27			3,421				3,320
a9682109.SQ.FTS.B, 4.717%, 2/15/27			7,076				6,840
a9682242.SQ.FTS.B, 4.717%, 2/15/27			12,918				12,591
a9682695.SQ.FTS.B, 4.717%, 2/15/27			49,853				48,169
a9681432.SQ.FTS.B, 4.718%, 2/15/27			22,854				22,286
a9681989.SQ.FTS.B, 4.722%, 2/15/27			4,044				3,894
a9679903.SQ.FTS.B, 5.156%, 2/15/27			13,934				12,837
a9682478.SQ.FTS.B, 5.161%, 2/15/27			3,104				2,935

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9682606.SQ.FTS.B, 5.161%, 2/15/27		$	2,882			$	2,769
a9681375.SQ.FTS.B, 5.477%, 2/15/27			3,154				3,076
a9680205.SQ.FTS.B, 5.979%, 2/15/27			4,144				3,842
a9681344.SQ.FTS.B, 6.357%, 2/15/27			2,212				2,141
a9685509.SQ.FTS.B, 4.712%, 2/16/27			1,256				1,223
a9685525.SQ.FTS.B, 4.712%, 2/16/27			1,256				1,222
a9685416.SQ.FTS.B, 4.723%, 2/16/27			3,782				3,637
a9685468.SQ.FTS.B, 4.724%, 2/16/27			4,304				3,695
a9685292.SQ.FTS.B, 5.159%, 2/16/27			3,237				3,066
a9685344.SQ.FTS.B, 5.471%, 2/16/27			4,815				4,691
a9685328.SQ.FTS.B, 5.484%, 2/16/27			1,511				1,471
a9685601.SQ.FTS.B, 6.286%, 2/16/27			2,481				2,125
a9685261.SQ.FTS.B, 6.354%, 2/16/27			2,700				2,593
a9685537.SQ.FTS.B, 6.665%, 2/16/27			2,086				2,031
a9685133.SQ.FTS.B, 6.667%, 2/16/27			7,722				7,450
a9685649.SQ.FTS.B, 6.673%, 2/16/27			2,003				1,947
a9685903.SQ.FTS.B, 4.712%, 2/17/27			3,200				3,032
a9686060.SQ.FTS.B, 4.715%, 2/17/27			3,672				3,600
a9685936.SQ.FTS.B, 4.721%, 2/17/27			6,257				6,020
a9686322.SQ.FTS.B, 5.472%, 2/17/27			5,660				5,617
a9686285.SQ.FTS.B, 5.473%, 2/17/27			3,044				2,281
a9685863.SQ.FTS.B, 5.73%, 2/17/27			2,363				2,259
a9686136.SQ.FTS.B, 5.975%, 2/17/27			14,809				13,106
a9685779.SQ.FTS.B, 6.667%, 2/17/27			4,824				4,655
a9685884.SQ.FTS.B, 6.685%, 2/17/27			815				787
a9688139.SQ.FTS.B, 4.717%, 2/18/27			8,288				8,038
a9689690.SQ.FTS.B, 4.717%, 2/18/27			43,515				42,025
a9689331.SQ.FTS.B, 4.72%, 2/18/27			3,327				3,247
a9689452.SQ.FTS.B, 4.721%, 2/18/27			2,070				2,029
a9686509.SQ.FTS.B, 5.157%, 2/18/27			1,162				1,137
a9687352.SQ.FTS.B, 5.157%, 2/18/27			28,909				27,265
a9690650.SQ.FTS.B, 5.157%, 2/18/27			19,474				18,519
a9688110.SQ.FTS.B, 5.469%, 2/18/27			2,967				2,847
a9689387.SQ.FTS.B, 5.722%, 2/18/27			3,999				3,787
a9690440.SQ.FTS.B, 5.722%, 2/18/27			17,637				15,875
a9690837.SQ.FTS.B, 5.723%, 2/18/27			8,612				8,161
a9688285.SQ.FTS.B, 5.724%, 2/18/27			48,904				46,654
a9690916.SQ.FTS.B, 5.977%, 2/18/27			17,321				11,988
a9686779.SQ.FTS.B, 6.378%, 2/18/27			679				652
a9689213.SQ.FTS.B, 6.665%, 2/18/27			11,233				9,934
a9690292.SQ.FTS.B, 6.665%, 2/18/27			6,816				6,581
a9690206.SQ.FTS.B, 6.668%, 2/18/27			3,766				3,639
a9689433.SQ.FTS.B, 6.67%, 2/18/27			816				723
a9691163.SQ.FTS.B, 6.67%, 2/18/27			6,480				5,201
a9689534.SQ.FTS.B, 6.673%, 2/18/27			645				623
a9692647.SQ.FTS.B, 4.717%, 2/19/27			44,190				42,906

Description		Principal Amount				Value
Block, Inc. (continued)
a9694310.SQ.FTS.B, 4.717%, 2/19/27		$	20,607			$	19,996
a9695169.SQ.FTS.B, 4.717%, 2/19/27			68,401				65,288
a9694132.SQ.FTS.B, 4.719%, 2/19/27			7,248				3,957
a9694104.SQ.FTS.B, 4.722%, 2/19/27			2,366				2,283
a9694229.SQ.FTS.B, 5.157%, 2/19/27			7,031				6,503
a9691689.SQ.FTS.B, 5.469%, 2/19/27			4,906				4,492
a9691424.SQ.FTS.B, 5.515%, 2/19/27			457				444
a9694535.SQ.FTS.B, 5.723%, 2/19/27			53,960				50,476
a9693520.SQ.FTS.B, 5.724%, 2/19/27			23,022				20,751
a9692023.SQ.FTS.B, 5.725%, 2/19/27			5,499				5,412
a9691862.SQ.FTS.B, 5.726%, 2/19/27			4,324				4,164
a9691337.SQ.FTS.B, 6.289%, 2/19/27			244				240
a9693968.SQ.FTS.B, 6.289%, 2/19/27			4,054				3,494
a9693868.SQ.FTS.B, 6.353%, 2/19/27			5,738				5,457
a9692335.SQ.FTS.B, 6.667%, 2/19/27			8,262				8,033
a9694054.SQ.FTS.B, 6.673%, 2/19/27			3,607				2,962
a9694086.SQ.FTS.B, 6.688%, 2/19/27			763				675
a9698189.SQ.FTS.B, 4.712%, 2/20/27			1,594				1,547
a9697311.SQ.FTS.B, 4.717%, 2/20/27			4,231				4,138
a9697430.SQ.FTS.B, 4.717%, 2/20/27			50,111				48,427
a9698391.SQ.FTS.B, 4.717%, 2/20/27			10,405				10,090
a9698532.SQ.FTS.B, 4.717%, 2/20/27			22,005				21,352
a9698867.SQ.FTS.B, 4.717%, 2/20/27			27,455				26,931
a9699417.SQ.FTS.B, 4.717%, 2/20/27			37,189				36,174
a9698273.SQ.FTS.B, 4.721%, 2/20/27			5,555				5,353
a9695939.SQ.FTS.B, 5.156%, 2/20/27			10,746				10,447
a9697009.SQ.FTS.B, 5.971%, 2/20/27			3,588				3,473
a9698221.SQ.FTS.B, 6.352%, 2/20/27			3,498				3,383
a9696243.SQ.FTS.B, 6.354%, 2/20/27			13,395				11,659
a9698175.SQ.FTS.B, 6.357%, 2/20/27			1,412				1,297
a9699394.SQ.FTS.B, 6.364%, 2/20/27			737				701
a9695901.SQ.FTS.B, 6.667%, 2/20/27			1,194				1,077
a9696543.SQ.FTS.B, 6.667%, 2/20/27			9,911				9,483
a9697107.SQ.FTS.B, 6.667%, 2/20/27			1,849				1,768
a9702571.SQ.FTS.B, 4.717%, 2/21/27			1,551				1,485
a9702673.SQ.FTS.B, 4.717%, 2/21/27			39,602				38,590
a9705861.SQ.FTS.B, 4.717%, 2/21/27			15,386				13,744
a9706458.SQ.FTS.B, 4.717%, 2/21/27			4,282				2,150
a9706585.SQ.FTS.B, 4.717%, 2/21/27			5,467				5,301
a9706347.SQ.FTS.B, 4.718%, 2/21/27			7,047				6,873
a9706803.SQ.FTS.B, 4.718%, 2/21/27			18,468				17,895
a9705704.SQ.FTS.B, 4.719%, 2/21/27			4,152				4,045
a9702419.SQ.FTS.B, 4.721%, 2/21/27			5,840				5,670
a9704461.SQ.FTS.B, 4.722%, 2/21/27			5,457				5,210
a9705806.SQ.FTS.B, 4.727%, 2/21/27			2,061				2,008
a9704135.SQ.FTS.B, 5.156%, 2/21/27			12,630				12,161

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9705672.SQ.FTS.B, 5.466%, 2/21/27		$	3,187			$	2,988
a9705300.SQ.FTS.B, 5.472%, 2/21/27			23,111				22,168
a9706549.SQ.FTS.B, 6.293%, 2/21/27			1,402				1,344
a9706759.SQ.FTS.B, 6.35%, 2/21/27			1,927				1,865
a9705001.SQ.FTS.B, 6.352%, 2/21/27			14,983				14,022
a9702389.SQ.FTS.B, 6.359%, 2/21/27			1,233				1,134
a9704895.SQ.FTS.B, 6.51%, 2/21/27			11,689				6,481
a9706187.SQ.FTS.B, 6.665%, 2/21/27			6,889				1,378
a9702639.SQ.FTS.B, 6.67%, 2/21/27			1,192				1,109
a9707136.SQ.FTS.B, 4.715%, 2/22/27			5,951				5,748
a9707251.SQ.FTS.B, 4.717%, 2/22/27			4,997				4,803
a9708394.SQ.FTS.B, 4.717%, 2/22/27			2,710				2,637
a9709336.SQ.FTS.B, 4.717%, 2/22/27			10,472				10,118
a9708467.SQ.FTS.B, 4.729%, 2/22/27			1,891				1,793
a9710537.SQ.FTS.B, 5.157%, 2/22/27			4,837				4,717
a9710869.SQ.FTS.B, 5.158%, 2/22/27			22,403				21,777
a9708497.SQ.FTS.B, 5.471%, 2/22/27			27,505				26,505
a9709548.SQ.FTS.B, 5.715%, 2/22/27			1,637				1,559
a9707410.SQ.FTS.B, 5.723%, 2/22/27			29,528				28,180
a9710420.SQ.FTS.B, 6.289%, 2/22/27			2,077				2,019
a9710674.SQ.FTS.B, 6.289%, 2/22/27			5,379				5,158
a9709147.SQ.FTS.B, 6.51%, 2/22/27			1,163				1,136
a9709589.SQ.FTS.B, 6.51%, 2/22/27			35,573				33,081
a9707009.SQ.FTS.B, 6.529%, 2/22/27			589				572
a9710385.SQ.FTS.B, 6.672%, 2/22/27			1,537				1,451
a9712073.SQ.FTS.B, 4.715%, 2/23/27			5,151				4,981
a9711582.SQ.FTS.B, 4.717%, 2/23/27			8,909				8,682
a9711910.SQ.FTS.B, 4.717%, 2/23/27			4,503				4,333
a9711833.SQ.FTS.B, 4.718%, 2/23/27			7,770				7,527
a9711959.SQ.FTS.B, 4.72%, 2/23/27			8,696				8,361
a9711490.SQ.FTS.B, 5.16%, 2/23/27			8,179				3,134
a9711542.SQ.FTS.B, 5.474%, 2/23/27			4,343				3,986
a9711360.SQ.FTS.B, 5.723%, 2/23/27			522				517
a9711715.SQ.FTS.B, 6.354%, 2/23/27			8,487				8,265
a9711386.SQ.FTS.B, 6.666%, 2/23/27			11,028				10,631
a9712750.SQ.FTS.B, 4.716%, 2/24/27			5,472				2,830
a9712714.SQ.FTS.B, 4.717%, 2/24/27			3,597				3,482
a9712130.SQ.FTS.B, 4.719%, 2/24/27			4,890				4,786
a9712402.SQ.FTS.B, 4.723%, 2/24/27			2,052				1,937
a9712215.SQ.FTS.B, 6.352%, 2/24/27			11,167				10,820
a9712461.SQ.FTS.B, 6.352%, 2/24/27			24,399				22,490
a9712801.SQ.FTS.B, 6.502%, 2/24/27			883				821
a9712746.SQ.FTS.B, 6.534%, 2/24/27			434				404
a9712813.SQ.FTS.B, 6.666%, 2/24/27			17,199				16,036
a9717602.SQ.FTS.B, 4.716%, 2/25/27			8,001				7,756
a9715412.SQ.FTS.B, 4.717%, 2/25/27			14,453				14,106

Description		Principal Amount				Value
Block, Inc. (continued)
a9717882.SQ.FTS.B, 4.717%, 2/25/27		$	31,636			$	31,110
a9715732.SQ.FTS.B, 4.719%, 2/25/27			9,020				8,779
a9717770.SQ.FTS.B, 4.719%, 2/25/27			9,743				9,494
a9716065.SQ.FTS.B, 4.734%, 2/25/27			1,479				1,418
a9717761.SQ.FTS.B, 5.148%, 2/25/27			1,728				1,682
a9715394.SQ.FTS.B, 5.162%, 2/25/27			1,425				1,348
a9717466.SQ.FTS.B, 5.503%, 2/25/27			1,176				968
a9717102.SQ.FTS.B, 5.726%, 2/25/27			6,896				6,256
a9716074.SQ.FTS.B, 5.975%, 2/25/27			84,762				74,595
a9717218.SQ.FTS.B, 5.976%, 2/25/27			21,229				20,594
a9715899.SQ.FTS.B, 5.987%, 2/25/27			1,090				958
a9714949.SQ.FTS.B, 6.351%, 2/25/27			15,467				14,983
a9714022.SQ.FTS.B, 6.352%, 2/25/27			27,436				23,985
a9717084.SQ.FTS.B, 6.362%, 2/25/27			1,400				1,364
a9717492.SQ.FTS.B, 6.661%, 2/25/27			2,946				2,820
a9715958.SQ.FTS.B, 6.67%, 2/25/27			5,592				4,755
a9715928.SQ.FTS.B, 6.685%, 2/25/27			1,014				978
a9720887.SQ.FTS.B, 4.717%, 2/26/27			6,683				6,511
a9721245.SQ.FTS.B, 4.717%, 2/26/27			26,138				25,211
a9721638.SQ.FTS.B, 4.717%, 2/26/27			59,595				57,905
a9722472.SQ.FTS.B, 4.718%, 2/26/27			38,091				37,156
a9720802.SQ.FTS.B, 5.156%, 2/26/27			3,113				2,959
a9720151.SQ.FTS.B, 5.46%, 2/26/27			1,744				1,656
a9718647.SQ.FTS.B, 5.474%, 2/26/27			5,969				5,842
a9721128.SQ.FTS.B, 5.478%, 2/26/27			1,000				970
a9720986.SQ.FTS.B, 5.482%, 2/26/27			474				469
a9718916.SQ.FTS.B, 5.505%, 2/26/27			7,639				7,253
a9718864.SQ.FTS.B, 5.712%, 2/26/27			118				117
a9719234.SQ.FTS.B, 5.723%, 2/26/27			1,591				1,486
a9721231.SQ.FTS.B, 5.723%, 2/26/27			1,958				1,492
a9720865.SQ.FTS.B, 5.962%, 2/26/27			2,131				1,566
a9718619.SQ.FTS.B, 5.993%, 2/26/27			983				907
a9719647.SQ.FTS.B, 6.352%, 2/26/27			22,014				21,127
a9719339.SQ.FTS.B, 6.505%, 2/26/27			6,164				3,544
a9720182.SQ.FTS.B, 6.509%, 2/26/27			34,046				18,980
a9719577.SQ.FTS.B, 6.529%, 2/26/27			750				715
a9719276.SQ.FTS.B, 6.662%, 2/26/27			911				744
a9720575.SQ.FTS.B, 6.665%, 2/26/27			2,503				2,364
a9720601.SQ.FTS.B, 6.667%, 2/26/27			14,356				9,419
a9721013.SQ.FTS.B, 6.667%, 2/26/27			7,048				6,904
a9722371.SQ.FTS.B, 6.667%, 2/26/27			14,870				2,388
a9726962.SQ.FTS.B, 4.714%, 2/27/27			3,603				3,470
a9723506.SQ.FTS.B, 4.717%, 2/27/27			3,111				2,984
a9725842.SQ.FTS.B, 4.717%, 2/27/27			8,287				7,910
a9726529.SQ.FTS.B, 4.717%, 2/27/27			32,631				31,585
a9727045.SQ.FTS.B, 4.717%, 2/27/27			73,291				65,241

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9725938.SQ.FTS.B, 4.718%, 2/27/27		$	7,963			$	7,764
a9723625.SQ.FTS.B, 4.719%, 2/27/27			14,481				13,654
a9724309.SQ.FTS.B, 4.719%, 2/27/27			10,647				10,327
a9726453.SQ.FTS.B, 4.719%, 2/27/27			10,209				9,883
a9723221.SQ.FTS.B, 4.722%, 2/27/27			4,644				4,485
a9722941.SQ.FTS.B, 5.155%, 2/27/27			4,165				4,057
a9724987.SQ.FTS.B, 5.157%, 2/27/27			11,374				10,708
a9726139.SQ.FTS.B, 5.157%, 2/27/27			8,493				8,207
a9726257.SQ.FTS.B, 5.157%, 2/27/27			3,127				3,063
a9725630.SQ.FTS.B, 5.161%, 2/27/27			3,483				3,414
a9726253.SQ.FTS.B, 5.468%, 2/27/27			1,680				1,535
a9726419.SQ.FTS.B, 5.498%, 2/27/27			4,006				3,474
a9726339.SQ.FTS.B, 5.505%, 2/27/27			2,787				2,644
a9727013.SQ.FTS.B, 5.506%, 2/27/27			4,092				1,882
a9723348.SQ.FTS.B, 5.725%, 2/27/27			6,364				6,072
a9724139.SQ.FTS.B, 5.976%, 2/27/27			5,840				5,659
a9726092.SQ.FTS.B, 5.982%, 2/27/27			2,633				2,566
a9725783.SQ.FTS.B, 6.304%, 2/27/27			398				379
a9724584.SQ.FTS.B, 6.358%, 2/27/27			3,349				3,076
a9723105.SQ.FTS.B, 6.509%, 2/27/27			11,059				10,267
a9723599.SQ.FTS.B, 6.663%, 2/27/27			910				886
a9726852.SQ.FTS.B, 6.667%, 2/27/27			4,486				4,274
a9724937.SQ.FTS.B, 6.671%, 2/27/27			2,914				2,350
a9726324.SQ.FTS.B, 6.671%, 2/27/27			1,003				849
a9725704.SQ.FTS.B, 6.673%, 2/27/27			1,563				1,531
a9739796.SQ.FTS.B, 4.711%, 2/28/27			1,660				1,630
a9742353.SQ.FTS.B, 4.712%, 2/28/27			4,308				4,105
a9739833.SQ.FTS.B, 4.715%, 2/28/27			10,599				8,912
a9743144.SQ.FTS.B, 4.716%, 2/28/27			9,333				8,949
a9732814.SQ.FTS.B, 4.717%, 2/28/27			23,799				22,989
a9736810.SQ.FTS.B, 4.717%, 2/28/27			1,652				1,615
a9738017.SQ.FTS.B, 4.717%, 2/28/27			5,419				5,119
a9738785.SQ.FTS.B, 4.717%, 2/28/27			2,626				2,583
a9740645.SQ.FTS.B, 4.717%, 2/28/27			26,195				25,771
a9742407.SQ.FTS.B, 4.717%, 2/28/27			17,939				17,219
a9742943.SQ.FTS.B, 4.717%, 2/28/27			10,504				10,087
a9743268.SQ.FTS.B, 4.717%, 2/28/27			1,538				1,482
a9743402.SQ.FTS.B, 4.717%, 2/28/27			17,788				16,932
a9734686.SQ.FTS.B, 4.718%, 2/28/27			8,572				8,344
a9741788.SQ.FTS.B, 4.718%, 2/28/27			15,960				15,415
a9732343.SQ.FTS.B, 4.719%, 2/28/27			17,187				9,193
a9734059.SQ.FTS.B, 4.719%, 2/28/27			15,399				13,777
a9742732.SQ.FTS.B, 4.719%, 2/28/27			13,450				13,008
a9738856.SQ.FTS.B, 4.72%, 2/28/27			8,304				8,038
a9738586.SQ.FTS.B, 4.721%, 2/28/27			6,821				6,514
a9742059.SQ.FTS.B, 4.724%, 2/28/27			2,917				2,836

Description		Principal Amount				Value
Block, Inc. (continued)
a9742217.SQ.FTS.B, 4.727%, 2/28/27		$	2,537			$	2,417
a9734029.SQ.FTS.B, 4.73%, 2/28/27			1,836				1,777
a9742397.SQ.FTS.B, 4.746%, 2/28/27			751				732
a9739124.SQ.FTS.B, 5.155%, 2/28/27			7,300				6,967
a9741741.SQ.FTS.B, 5.158%, 2/28/27			5,548				5,421
a9738207.SQ.FTS.B, 5.469%, 2/28/27			2,185				2,090
a9733568.SQ.FTS.B, 5.47%, 2/28/27			6,402				6,129
a9732668.SQ.FTS.B, 5.472%, 2/28/27			1,313				1,269
a9740092.SQ.FTS.B, 5.472%, 2/28/27			27,856				26,451
a9743292.SQ.FTS.B, 5.472%, 2/28/27			7,222				6,905
a9738372.SQ.FTS.B, 5.474%, 2/28/27			7,551				7,244
a9737127.SQ.FTS.B, 5.475%, 2/28/27			6,499				5,196
a9738707.SQ.FTS.B, 5.478%, 2/28/27			2,382				2,226
a9732302.SQ.FTS.B, 5.512%, 2/28/27			2,034				951
a9739769.SQ.FTS.B, 5.713%, 2/28/27			1,655				1,302
a9736911.SQ.FTS.B, 5.72%, 2/28/27			4,743				4,635
a9736309.SQ.FTS.B, 5.721%, 2/28/27			7,102				5,066
a9742099.SQ.FTS.B, 5.723%, 2/28/27			2,304				2,250
a9733690.SQ.FTS.B, 5.724%, 2/28/27			10,036				9,884
a9739595.SQ.FTS.B, 5.724%, 2/28/27			2,971				2,890
a9743094.SQ.FTS.B, 5.728%, 2/28/27			2,754				2,688
a9743053.SQ.FTS.B, 5.969%, 2/28/27			2,571				2,486
a9742129.SQ.FTS.B, 5.975%, 2/28/27			7,415				7,231
a9742245.SQ.FTS.B, 5.977%, 2/28/27			9,611				9,318
a9736882.SQ.FTS.B, 6.264%, 2/28/27			932				100
a9742050.SQ.FTS.B, 6.289%, 2/28/27			358				348
a9734847.SQ.FTS.B, 6.352%, 2/28/27			58,998				56,548
a9736173.SQ.FTS.B, 6.352%, 2/28/27			2,931				2,808
a9734262.SQ.FTS.B, 6.353%, 2/28/27			5,374				5,309
a9736017.SQ.FTS.B, 6.356%, 2/28/27			3,941				3,813
a9742897.SQ.FTS.B, 6.356%, 2/28/27			2,105				2,055
a9737290.SQ.FTS.B, 6.509%, 2/28/27			20,140				19,036
a9738260.SQ.FTS.B, 6.509%, 2/28/27			1,918				1,870
a9732212.SQ.FTS.B, 6.515%, 2/28/27			2,106				2,047
a9736385.SQ.FTS.B, 6.666%, 2/28/27			22,896				21,917
a9732138.SQ.FTS.B, 6.667%, 2/28/27			1,566				1,531
a9741966.SQ.FTS.B, 6.668%, 2/28/27			411				401
a9744116.SQ.FTS.B, 4.715%, 3/01/27			5,840				5,565
a9744105.SQ.FTS.B, 4.717%, 3/01/27			1,287				1,230
a9744661.SQ.FTS.B, 4.717%, 3/01/27			11,045				10,849
a9743591.SQ.FTS.B, 4.721%, 3/01/27			5,483				5,347
a9743887.SQ.FTS.B, 4.721%, 3/01/27			3,697				3,578
a9743876.SQ.FTS.B, 4.752%, 3/01/27			668				647
a9744340.SQ.FTS.B, 5.157%, 3/01/27			4,245				4,044
a9744037.SQ.FTS.B, 5.508%, 3/01/27			2,426				1,900
a9743940.SQ.FTS.B, 5.727%, 3/01/27			2,556				2,466

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9744208.SQ.FTS.B, 5.727%, 3/01/27		$	2,621			$	2,525
a9744833.SQ.FTS.B, 5.964%, 3/01/27			789				779
a9744393.SQ.FTS.B, 5.975%, 3/01/27			23,592				20,121
a9743835.SQ.FTS.B, 6.287%, 3/01/27			4,382				3,640
a9743833.SQ.FTS.B, 6.289%, 3/01/27			227				221
a9744186.SQ.FTS.B, 6.342%, 3/01/27			1,538				1,476
a9744255.SQ.FTS.B, 6.35%, 3/01/27			6,310				6,040
a9744089.SQ.FTS.B, 6.662%, 3/01/27			1,063				1,038
a9743954.SQ.FTS.B, 6.668%, 3/01/27			4,884				4,749
a9743927.SQ.FTS.B, 6.676%, 3/01/27			940				858
a9746584.SQ.FTS.B, 4.717%, 3/02/27			19,285				18,653
a9748133.SQ.FTS.B, 4.717%, 3/02/27			12,963				12,497
a9748390.SQ.FTS.B, 4.717%, 3/02/27			52,139				50,207
a9749187.SQ.FTS.B, 4.717%, 3/02/27			41,421				40,018
a9749862.SQ.FTS.B, 4.717%, 3/02/27			6,037				5,825
a9749954.SQ.FTS.B, 4.717%, 3/02/27			10,987				10,385
a9745665.SQ.FTS.B, 4.723%, 3/02/27			2,040				1,939
a9748354.SQ.FTS.B, 5.148%, 3/02/27			1,880				1,840
a9746144.SQ.FTS.B, 5.457%, 3/02/27			346				323
a9747306.SQ.FTS.B, 5.506%, 3/02/27			4,473				4,174
a9746040.SQ.FTS.B, 5.713%, 3/02/27			2,774				2,186
a9745687.SQ.FTS.B, 6.289%, 3/02/27			5,583				5,313
a9747405.SQ.FTS.B, 6.509%, 3/02/27			23,370				22,220
a9746276.SQ.FTS.B, 6.664%, 3/02/27			6,930				6,315
a9745960.SQ.FTS.B, 6.666%, 3/02/27			2,331				2,224
a9745596.SQ.FTS.B, 6.667%, 3/02/27			5,317				5,024
a9751764.SQ.FTS.B, 4.717%, 3/03/27			2,163				2,100
a9751803.SQ.FTS.B, 4.717%, 3/03/27			16,648				15,831
a9752370.SQ.FTS.B, 4.717%, 3/03/27			30,724				29,565
a9752911.SQ.FTS.B, 4.717%, 3/03/27			29,427				28,492
a9750543.SQ.FTS.B, 4.718%, 3/03/27			18,895				17,968
a9753667.SQ.FTS.B, 4.718%, 3/03/27			2,640				2,555
a9754379.SQ.FTS.B, 4.719%, 3/03/27			16,033				15,088
a9753440.SQ.FTS.B, 4.72%, 3/03/27			7,131				6,894
a9753639.SQ.FTS.B, 4.72%, 3/03/27			2,976				2,896
a9753611.SQ.FTS.B, 4.723%, 3/03/27			2,925				2,845
a9752158.SQ.FTS.B, 5.157%, 3/03/27			4,336				3,545
a9753901.SQ.FTS.B, 5.157%, 3/03/27			36,300				33,363
a9751239.SQ.FTS.B, 5.472%, 3/03/27			20,261				18,618
a9752268.SQ.FTS.B, 5.472%, 3/03/27			3,458				3,308
a9750096.SQ.FTS.B, 5.474%, 3/03/27			8,785				8,399
a9751031.SQ.FTS.B, 5.474%, 3/03/27			3,608				2,764
a9753702.SQ.FTS.B, 5.521%, 3/03/27			314				303
a9751590.SQ.FTS.B, 5.721%, 3/03/27			6,061				5,840
a9753403.SQ.FTS.B, 5.721%, 3/03/27			4,272				4,150
a9750383.SQ.FTS.B, 5.727%, 3/03/27			7,137				6,512

Description		Principal Amount				Value
Block, Inc. (continued)
a9753581.SQ.FTS.B, 6.295%, 3/03/27		$	1,545			$	1,220
a9752822.SQ.FTS.B, 6.338%, 3/03/27			1,173				1,125
a9751165.SQ.FTS.B, 6.501%, 3/03/27			1,949				1,815
a9752853.SQ.FTS.B, 6.667%, 3/03/27			2,833				2,726
a9753716.SQ.FTS.B, 6.668%, 3/03/27			13,589				3,314
a9754335.SQ.FTS.B, 6.675%, 3/03/27			2,665				2,182
a9759271.SQ.FTS.B, 4.717%, 3/04/27			27,556				26,460
a9759943.SQ.FTS.B, 4.717%, 3/04/27			1,840				1,790
a9759964.SQ.FTS.B, 4.718%, 3/04/27			44,989				43,539
a9757714.SQ.FTS.B, 4.721%, 3/04/27			5,810				5,598
a9757500.SQ.FTS.B, 4.722%, 3/04/27			4,083				4,003
a9758404.SQ.FTS.B, 4.729%, 3/04/27			2,205				2,104
a9759125.SQ.FTS.B, 4.734%, 3/04/27			1,283				1,252
a9759169.SQ.FTS.B, 5.148%, 3/04/27			1,648				1,612
a9761545.SQ.FTS.B, 5.157%, 3/04/27			53,433				49,106
a9759829.SQ.FTS.B, 5.472%, 3/04/27			4,861				4,553
a9760920.SQ.FTS.B, 5.472%, 3/04/27			29,132				28,110
a9761441.SQ.FTS.B, 5.474%, 3/04/27			7,720				7,438
a9758987.SQ.FTS.B, 5.503%, 3/04/27			2,626				2,527
a9758593.SQ.FTS.B, 5.723%, 3/04/27			12,964				12,588
a9758561.SQ.FTS.B, 6.656%, 3/04/27			1,148				1,110
a9757840.SQ.FTS.B, 6.667%, 3/04/27			12,430				11,845
a9757396.SQ.FTS.B, 6.673%, 3/04/27			2,878				2,772
a9764084.SQ.FTS.B, 4.714%, 3/05/27			1,507				1,443
a9766690.SQ.FTS.B, 4.716%, 3/05/27			3,504				3,343
a9764195.SQ.FTS.B, 4.717%, 3/05/27			12,236				11,890
a9764965.SQ.FTS.B, 4.717%, 3/05/27			4,683				4,510
a9765621.SQ.FTS.B, 4.717%, 3/05/27			1,229				1,186
a9765773.SQ.FTS.B, 4.717%, 3/05/27			34,003				32,779
a9762355.SQ.FTS.B, 4.718%, 3/05/27			2,200				2,113
a9763423.SQ.FTS.B, 4.718%, 3/05/27			17,459				16,824
a9764705.SQ.FTS.B, 4.718%, 3/05/27			16,073				15,531
a9764521.SQ.FTS.B, 4.719%, 3/05/27			6,891				6,671
a9765400.SQ.FTS.B, 4.719%, 3/05/27			16,200				15,327
a9766463.SQ.FTS.B, 4.72%, 3/05/27			4,612				4,561
a9765024.SQ.FTS.B, 5.157%, 3/05/27			5,558				5,288
a9763917.SQ.FTS.B, 5.159%, 3/05/27			11,036				10,493
a9764391.SQ.FTS.B, 5.473%, 3/05/27			10,208				9,749
a9765663.SQ.FTS.B, 5.502%, 3/05/27			3,747				3,551
a9763324.SQ.FTS.B, 5.509%, 3/05/27			3,070				2,789
a9766186.SQ.FTS.B, 5.72%, 3/05/27			3,810				3,635
a9766268.SQ.FTS.B, 5.725%, 3/05/27			4,662				4,368
a9763798.SQ.FTS.B, 5.726%, 3/05/27			7,410				6,744
a9762427.SQ.FTS.B, 5.976%, 3/05/27			23,629				22,484
a9766312.SQ.FTS.B, 5.977%, 3/05/27			7,182				7,046
a9764103.SQ.FTS.B, 5.98%, 3/05/27			3,489				3,339

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9766749.SQ.FTS.B, 6.289%, 3/05/27		$	13,100			$	12,513
a9765712.SQ.FTS.B, 6.355%, 3/05/27			2,408				2,308
a9762285.SQ.FTS.B, 6.509%, 3/05/27			551				536
a9765070.SQ.FTS.B, 6.668%, 3/05/27			23,241				8,514
a9765636.SQ.FTS.B, 6.669%, 3/05/27			1,343				1,165
a9766808.SQ.FTS.B, 4.716%, 3/06/27			9,358				8,985
a9767219.SQ.FTS.B, 4.716%, 3/06/27			8,885				8,556
a9766894.SQ.FTS.B, 4.717%, 3/06/27			19,788				19,339
a9767362.SQ.FTS.B, 4.717%, 3/06/27			5,274				5,031
a9767318.SQ.FTS.B, 4.722%, 3/06/27			5,447				4,885
a9767178.SQ.FTS.B, 4.723%, 3/06/27			2,948				2,778
a9767419.SQ.FTS.B, 5.474%, 3/06/27			9,018				8,815
a9767132.SQ.FTS.B, 5.738%, 3/06/27			1,277				1,242
a9767148.SQ.FTS.B, 6.351%, 3/06/27			3,667				3,209
a9767609.SQ.FTS.B, 6.352%, 3/06/27			29,355				12,213
a9767533.SQ.FTS.B, 6.355%, 3/06/27			2,939				2,786
a9767206.SQ.FTS.B, 6.497%, 3/06/27			958				760
a9767580.SQ.FTS.B, 6.658%, 3/06/27			2,195				2,042
a9767401.SQ.FTS.B, 6.66%, 3/06/27			2,675				2,581
a9767874.SQ.FTS.B, 4.714%, 3/07/27			3,383				3,276
a9768213.SQ.FTS.B, 4.722%, 3/07/27			3,795				3,620
a9767955.SQ.FTS.B, 5.157%, 3/07/27			7,196				7,035
a9768252.SQ.FTS.B, 5.157%, 3/07/27			8,181				7,913
a9768364.SQ.FTS.B, 5.161%, 3/07/27			6,917				6,587
a9768331.SQ.FTS.B, 5.723%, 3/07/27			539				535
a9768194.SQ.FTS.B, 5.966%, 3/07/27			1,560				1,511
a9768172.SQ.FTS.B, 5.987%, 3/07/27			1,970				1,856
a9767847.SQ.FTS.B, 6.507%, 3/07/27			3,200				2,555
a9768033.SQ.FTS.B, 6.667%, 3/07/27			6,929				6,823
a9768322.SQ.FTS.B, 6.667%, 3/07/27			646				618
a9767912.SQ.FTS.B, 6.669%, 3/07/27			3,832				3,649
a9772805.SQ.FTS.B, 4.711%, 3/08/27			1,894				1,700
a9772891.SQ.FTS.B, 4.715%, 3/08/27			6,009				5,295
a9772957.SQ.FTS.B, 4.715%, 3/08/27			6,112				5,881
a9770289.SQ.FTS.B, 4.716%, 3/08/27			9,296				8,995
a9771994.SQ.FTS.B, 4.717%, 3/08/27			19,415				17,307
a9773065.SQ.FTS.B, 4.717%, 3/08/27			6,224				5,996
a9771469.SQ.FTS.B, 4.718%, 3/08/27			19,739				19,028
a9772512.SQ.FTS.B, 4.721%, 3/08/27			2,401				2,331
a9769811.SQ.FTS.B, 4.722%, 3/08/27			3,538				3,363
a9771878.SQ.FTS.B, 5.156%, 3/08/27			11,299				10,746
a9769458.SQ.FTS.B, 5.157%, 3/08/27			14,935				14,201
a9772936.SQ.FTS.B, 5.162%, 3/08/27			2,784				2,670
a9772495.SQ.FTS.B, 5.47%, 3/08/27			1,480				1,415
a9772202.SQ.FTS.B, 5.504%, 3/08/27			28,336				20,658
a9772774.SQ.FTS.B, 5.72%, 3/08/27			1,944				1,853

Description		Principal Amount				Value
Block, Inc. (continued)
a9772835.SQ.FTS.B, 5.723%, 3/08/27		$	2,775			$	2,671
a9770817.SQ.FTS.B, 5.975%, 3/08/27			48,515				44,694
a9773540.SQ.FTS.B, 5.975%, 3/08/27			50,307				43,005
a9770503.SQ.FTS.B, 6.349%, 3/08/27			3,731				3,596
a9772582.SQ.FTS.B, 6.353%, 3/08/27			5,867				5,631
a9770125.SQ.FTS.B, 6.657%, 3/08/27			2,207				1,801
a9772533.SQ.FTS.B, 6.66%, 3/08/27			2,095				1,994
a9773184.SQ.FTS.B, 6.667%, 3/08/27			18,834				18,003
a9771850.SQ.FTS.B, 6.668%, 3/08/27			3,403				790
a9770650.SQ.FTS.B, 6.669%, 3/08/27			14,248				5,211
a9777616.SQ.FTS.B, 4.709%, 3/09/27			3,428				3,038
a9776526.SQ.FTS.B, 4.715%, 3/09/27			5,476				5,292
a9777853.SQ.FTS.B, 4.715%, 3/09/27			4,427				4,333
a9778049.SQ.FTS.B, 4.715%, 3/09/27			6,947				6,718
a9776032.SQ.FTS.B, 4.717%, 3/09/27			2,981				2,891
a9776317.SQ.FTS.B, 4.717%, 3/09/27			2,251				2,179
a9776729.SQ.FTS.B, 4.717%, 3/09/27			6,991				6,747
a9775538.SQ.FTS.B, 4.718%, 3/09/27			8,613				8,283
a9777220.SQ.FTS.B, 4.718%, 3/09/27			35,580				33,908
a9776267.SQ.FTS.B, 4.719%, 3/09/27			5,196				5,042
a9778124.SQ.FTS.B, 4.719%, 3/09/27			15,677				14,950
a9774193.SQ.FTS.B, 4.72%, 3/09/27			3,958				3,870
a9777078.SQ.FTS.B, 4.724%, 3/09/27			2,998				2,929
a9777158.SQ.FTS.B, 4.724%, 3/09/27			1,479				1,445
a9775533.SQ.FTS.B, 4.822%, 3/09/27			233				225
a9774302.SQ.FTS.B, 5.157%, 3/09/27			2,438				2,386
a9776819.SQ.FTS.B, 5.157%, 3/09/27			9,046				8,739
a9777178.SQ.FTS.B, 5.157%, 3/09/27			4,627				3,879
a9775207.SQ.FTS.B, 5.158%, 3/09/27			7,082				6,889
a9777113.SQ.FTS.B, 5.163%, 3/09/27			3,928				3,734
a9778337.SQ.FTS.B, 5.471%, 3/09/27			9,232				8,637
a9777913.SQ.FTS.B, 5.473%, 3/09/27			8,745				8,492
a9775141.SQ.FTS.B, 5.509%, 3/09/27			862				805
a9775502.SQ.FTS.B, 5.512%, 3/09/27			1,188				1,111
a9775762.SQ.FTS.B, 5.72%, 3/09/27			3,909				3,657
a9774110.SQ.FTS.B, 5.723%, 3/09/27			2,674				2,595
a9775187.SQ.FTS.B, 5.723%, 3/09/27			586				572
a9778248.SQ.FTS.B, 5.723%, 3/09/27			8,093				7,653
a9776074.SQ.FTS.B, 5.727%, 3/09/27			5,839				5,536
a9776244.SQ.FTS.B, 5.738%, 3/09/27			1,486				1,417
a9776634.SQ.FTS.B, 5.975%, 3/09/27			9,493				9,082
a9776587.SQ.FTS.B, 5.981%, 3/09/27			1,968				1,931
a9776472.SQ.FTS.B, 6.283%, 3/09/27			2,090				1,918
a9774964.SQ.FTS.B, 6.351%, 3/09/27			3,770				3,608
a9775847.SQ.FTS.B, 6.354%, 3/09/27			10,257				9,815
a9776352.SQ.FTS.B, 6.354%, 3/09/27			4,358				4,126

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9774835.SQ.FTS.B, 6.357%, 3/09/27		$	5,398			$	2,163
a9774738.SQ.FTS.B, 6.359%, 3/09/27			1,943				1,891
a9776175.SQ.FTS.B, 6.664%, 3/09/27			4,871				4,461
a9775648.SQ.FTS.B, 6.667%, 3/09/27			4,987				4,883
a9776409.SQ.FTS.B, 6.667%, 3/09/27			4,489				4,212
a9777656.SQ.FTS.B, 6.67%, 3/09/27			3,314				3,198
a9780021.SQ.FTS.B, 4.713%, 3/10/27			4,418				4,291
a9779938.SQ.FTS.B, 4.717%, 3/10/27			5,613				5,393
a9781803.SQ.FTS.B, 4.717%, 3/10/27			15,785				15,460
a9778675.SQ.FTS.B, 4.718%, 3/10/27			44,142				41,685
a9780657.SQ.FTS.B, 4.719%, 3/10/27			12,613				12,194
a9779791.SQ.FTS.B, 4.725%, 3/10/27			3,634				3,412
a9779886.SQ.FTS.B, 4.727%, 3/10/27			2,388				2,321
a9780076.SQ.FTS.B, 5.158%, 3/10/27			48,090				44,222
a9782090.SQ.FTS.B, 5.472%, 3/10/27			21,092				20,375
a9778492.SQ.FTS.B, 5.491%, 3/10/27			2,097				1,160
a9779742.SQ.FTS.B, 5.495%, 3/10/27			669				646
a9780005.SQ.FTS.B, 5.728%, 3/10/27			1,675				1,609
a9780843.SQ.FTS.B, 5.975%, 3/10/27			68,794				64,995
a9782066.SQ.FTS.B, 6.302%, 3/10/27			1,110				1,056
a9779862.SQ.FTS.B, 6.677%, 3/10/27			764				734
a9788389.SQ.FTS.B, 4.715%, 3/11/27			6,153				5,509
a9786862.SQ.FTS.B, 4.717%, 3/11/27			14,732				12,885
a9788608.SQ.FTS.B, 4.718%, 3/11/27			10,230				9,207
a9788952.SQ.FTS.B, 4.718%, 3/11/27			24,089				23,190
a9786668.SQ.FTS.B, 4.719%, 3/11/27			6,808				6,560
a9785226.SQ.FTS.B, 4.72%, 3/11/27			4,732				4,560
a9785804.SQ.FTS.B, 5.157%, 3/11/27			852				837
a9787510.SQ.FTS.B, 5.157%, 3/11/27			24,730				20,181
a9785852.SQ.FTS.B, 5.158%, 3/11/27			18,385				17,496
a9786500.SQ.FTS.B, 5.158%, 3/11/27			4,183				4,011
a9787817.SQ.FTS.B, 5.472%, 3/11/27			29,978				28,693
a9788478.SQ.FTS.B, 5.474%, 3/11/27			2,070				2,036
a9786555.SQ.FTS.B, 5.475%, 3/11/27			4,071				3,953
a9789459.SQ.FTS.B, 5.724%, 3/11/27			29,243				26,636
a9785521.SQ.FTS.B, 5.727%, 3/11/27			3,183				3,035
a9788524.SQ.FTS.B, 5.973%, 3/11/27			5,286				5,063
a9785607.SQ.FTS.B, 6.289%, 3/11/27			3,641				3,543
a9787186.SQ.FTS.B, 6.51%, 3/11/27			18,828				17,846
a9786855.SQ.FTS.B, 6.686%, 3/11/27			621				592
a9791315.SQ.FTS.B, 4.715%, 3/12/27			5,224				5,028
a9791027.SQ.FTS.B, 4.717%, 3/12/27			5,202				5,051
a9791462.SQ.FTS.B, 4.717%, 3/12/27			60,274				56,998
a9793544.SQ.FTS.B, 4.717%, 3/12/27			54,957				53,050
a9794287.SQ.FTS.B, 4.718%, 3/12/27			21,289				19,018
a9793248.SQ.FTS.B, 4.72%, 3/12/27			8,069				7,805

Description		Principal Amount				Value
Block, Inc. (continued)
a9791421.SQ.FTS.B, 4.728%, 3/12/27		$	1,765			$	1,732
a9793396.SQ.FTS.B, 5.461%, 3/12/27			1,626				1,541
a9792343.SQ.FTS.B, 5.472%, 3/12/27			17,974				17,150
a9791098.SQ.FTS.B, 5.503%, 3/12/27			1,794				1,679
a9793479.SQ.FTS.B, 5.721%, 3/12/27			6,865				6,238
a9789768.SQ.FTS.B, 5.723%, 3/12/27			35,574				34,220
a9791157.SQ.FTS.B, 5.975%, 3/12/27			8,228				7,836
a9793206.SQ.FTS.B, 6.506%, 3/12/27			720				628
a9790891.SQ.FTS.B, 6.512%, 3/12/27			6,082				5,547
a9789737.SQ.FTS.B, 6.649%, 3/12/27			334				327
a9791135.SQ.FTS.B, 6.66%, 3/12/27			1,848				730
a9792263.SQ.FTS.B, 6.668%, 3/12/27			7,664				3,253
a9793218.SQ.FTS.B, 6.668%, 3/12/27			8,711				5,574
a9793373.SQ.FTS.B, 6.677%, 3/12/27			720				700
a9794649.SQ.FTS.B, 4.717%, 3/13/27			6,438				6,193
a9794769.SQ.FTS.B, 4.717%, 3/13/27			8,353				8,010
a9794892.SQ.FTS.B, 4.717%, 3/13/27			7,129				6,868
a9794315.SQ.FTS.B, 4.718%, 3/13/27			1,806				1,748
a9795082.SQ.FTS.B, 4.719%, 3/13/27			13,374				12,855
a9794735.SQ.FTS.B, 4.722%, 3/13/27			3,874				3,759
a9795005.SQ.FTS.B, 5.154%, 3/13/27			4,687				4,402
a9794350.SQ.FTS.B, 5.158%, 3/13/27			26,378				25,234
a9794707.SQ.FTS.B, 5.472%, 3/13/27			2,721				2,644
a9795061.SQ.FTS.B, 5.503%, 3/13/27			1,031				994
a9794611.SQ.FTS.B, 5.977%, 3/13/27			3,454				3,302
a9794865.SQ.FTS.B, 6.344%, 3/13/27			2,259				2,086
a9794605.SQ.FTS.B, 6.356%, 3/13/27			829				733
a9794693.SQ.FTS.B, 6.369%, 3/13/27			1,169				813
a9794850.SQ.FTS.B, 6.515%, 3/13/27			1,369				1,248
a9794978.SQ.FTS.B, 6.66%, 3/13/27			1,028				1,013
a9795216.SQ.FTS.B, 4.711%, 3/14/27			3,913				3,741
a9795346.SQ.FTS.B, 4.717%, 3/14/27			2,244				2,178
a9795493.SQ.FTS.B, 4.718%, 3/14/27			2,141				1,925
a9795506.SQ.FTS.B, 4.719%, 3/14/27			11,183				10,840
a9795267.SQ.FTS.B, 4.721%, 3/14/27			3,504				3,357
a9795303.SQ.FTS.B, 4.722%, 3/14/27			5,268				5,064
a9795632.SQ.FTS.B, 5.157%, 3/14/27			14,037				13,448
a9795764.SQ.FTS.B, 5.731%, 3/14/27			2,031				1,975
a9795370.SQ.FTS.B, 6.285%, 3/14/27			3,346				3,151
a9795247.SQ.FTS.B, 6.346%, 3/14/27			804				783
a9795785.SQ.FTS.B, 6.354%, 3/14/27			10,913				10,214
a9795421.SQ.FTS.B, 6.51%, 3/14/27			1,501				1,471
a9795254.SQ.FTS.B, 6.686%, 3/14/27			587				562
a9798628.SQ.FTS.B, 4.707%, 3/15/27			1,750				1,647
a9799763.SQ.FTS.B, 4.712%, 3/15/27			2,320				2,254
a9796652.SQ.FTS.B, 4.717%, 3/15/27			11,268				10,721

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9797692.SQ.FTS.B, 4.717%, 3/15/27		$	4,879			$	4,689
a9798744.SQ.FTS.B, 4.717%, 3/15/27			15,996				15,572
a9799211.SQ.FTS.B, 4.717%, 3/15/27			5,747				5,508
a9799598.SQ.FTS.B, 4.717%, 3/15/27			3,001				2,896
a9799672.SQ.FTS.B, 4.717%, 3/15/27			5,346				4,112
a9796952.SQ.FTS.B, 4.719%, 3/15/27			12,162				11,727
a9797617.SQ.FTS.B, 4.719%, 3/15/27			2,954				2,851
a9799803.SQ.FTS.B, 4.719%, 3/15/27			12,270				11,837
a9801051.SQ.FTS.B, 4.721%, 3/15/27			5,245				5,095
a9800995.SQ.FTS.B, 4.738%, 3/15/27			1,102				1,072
a9801022.SQ.FTS.B, 4.741%, 3/15/27			1,085				1,038
a9800407.SQ.FTS.B, 5.146%, 3/15/27			1,173				1,139
a9800347.SQ.FTS.B, 5.15%, 3/15/27			2,223				2,124
a9797827.SQ.FTS.B, 5.157%, 3/15/27			14,077				13,669
a9798337.SQ.FTS.B, 5.157%, 3/15/27			11,022				10,714
a9799641.SQ.FTS.B, 5.174%, 3/15/27			1,531				1,405
a9798659.SQ.FTS.B, 5.972%, 3/15/27			4,469				4,317
a9800452.SQ.FTS.B, 5.975%, 3/15/27			49,767				48,195
a9799970.SQ.FTS.B, 6.354%, 3/15/27			10,701				9,851
a9797483.SQ.FTS.B, 6.355%, 3/15/27			2,332				2,274
a9800417.SQ.FTS.B, 6.356%, 3/15/27			1,478				1,424
a9800983.SQ.FTS.B, 6.496%, 3/15/27			800				757
a9798310.SQ.FTS.B, 6.509%, 3/15/27			457				448
a9800392.SQ.FTS.B, 6.66%, 3/15/27			1,345				1,289
a9798204.SQ.FTS.B, 6.663%, 3/15/27			6,017				5,500
a9797331.SQ.FTS.B, 6.664%, 3/15/27			4,069				3,017
a9800133.SQ.FTS.B, 6.665%, 3/15/27			10,982				9,139
a9799329.SQ.FTS.B, 6.666%, 3/15/27			14,905				14,364
a9801006.SQ.FTS.B, 6.667%, 3/15/27			1,012				379
a9799661.SQ.FTS.B, 6.692%, 3/15/27			777				749
a9803993.SQ.FTS.B, 4.715%, 3/16/27			4,687				4,558
a9804841.SQ.FTS.B, 4.717%, 3/16/27			16,355				15,709
a9801523.SQ.FTS.B, 4.719%, 3/16/27			4,920				4,820
a9803860.SQ.FTS.B, 4.732%, 3/16/27			1,620				1,549
a9804135.SQ.FTS.B, 5.157%, 3/16/27			34,463				33,655
a9801756.SQ.FTS.B, 5.472%, 3/16/27			27,282				25,801
a9802689.SQ.FTS.B, 5.472%, 3/16/27			62,744				58,729
a9805279.SQ.FTS.B, 5.736%, 3/16/27			1,886				1,800
a9803954.SQ.FTS.B, 6.283%, 3/16/27			1,481				1,269
a9803883.SQ.FTS.B, 6.355%, 3/16/27			3,655				3,561
a9805329.SQ.FTS.B, 6.505%, 3/16/27			2,662				2,426
a9801648.SQ.FTS.B, 6.507%, 3/16/27			1,923				1,823
a9801728.SQ.FTS.B, 6.657%, 3/16/27			1,244				1,161
a9805168.SQ.FTS.B, 6.668%, 3/16/27			8,393				7,976
a9801377.SQ.FTS.B, 6.669%, 3/16/27			4,289				4,055
a9807327.SQ.FTS.B, 4.717%, 3/17/27			35,848				34,512

Description		Principal Amount				Value
Block, Inc. (continued)
a9807733.SQ.FTS.B, 4.717%, 3/17/27		$	6,532			$	6,278
a9807880.SQ.FTS.B, 4.717%, 3/17/27			16,843				16,099
a9808222.SQ.FTS.B, 4.717%, 3/17/27			10,590				10,181
a9808800.SQ.FTS.B, 4.718%, 3/17/27			19,901				19,496
a9807027.SQ.FTS.B, 4.72%, 3/17/27			10,919				10,237
a9807699.SQ.FTS.B, 4.723%, 3/17/27			3,986				3,852
a9807858.SQ.FTS.B, 4.728%, 3/17/27			1,268				1,197
a9808352.SQ.FTS.B, 5.136%, 3/17/27			437				424
a9805586.SQ.FTS.B, 5.156%, 3/17/27			8,428				8,270
a9809316.SQ.FTS.B, 5.157%, 3/17/27			15,956				15,381
a9808031.SQ.FTS.B, 5.158%, 3/17/27			16,395				15,922
a9807827.SQ.FTS.B, 5.475%, 3/17/27			2,561				2,466
a9806175.SQ.FTS.B, 5.488%, 3/17/27			255				249
a9808393.SQ.FTS.B, 5.724%, 3/17/27			19,747				19,111
a9806194.SQ.FTS.B, 5.729%, 3/17/27			3,835				3,716
a9806964.SQ.FTS.B, 5.972%, 3/17/27			3,805				3,682
a9805412.SQ.FTS.B, 5.975%, 3/17/27			4,961				4,831
a9807165.SQ.FTS.B, 6.353%, 3/17/27			15,505				14,333
a9808365.SQ.FTS.B, 6.506%, 3/17/27			807				785
a9806539.SQ.FTS.B, 6.666%, 3/17/27			13,716				13,406
a9805967.SQ.FTS.B, 6.667%, 3/17/27			12,668				12,256
a9812903.SQ.FTS.B, 4.715%, 3/18/27			6,405				6,224
a9812437.SQ.FTS.B, 4.717%, 3/18/27			21,409				20,151
a9813139.SQ.FTS.B, 4.717%, 3/18/27			12,888				12,417
a9815539.SQ.FTS.B, 4.717%, 3/18/27			63,056				60,295
a9816468.SQ.FTS.B, 4.717%, 3/18/27			23,523				22,697
a9816916.SQ.FTS.B, 4.718%, 3/18/27			30,203				29,166
a9814382.SQ.FTS.B, 4.721%, 3/18/27			7,432				7,056
a9813878.SQ.FTS.B, 5.157%, 3/18/27			18,415				17,616
a9815365.SQ.FTS.B, 5.157%, 3/18/27			11,300				10,412
a9812221.SQ.FTS.B, 5.162%, 3/18/27			2,025				1,908
a9813198.SQ.FTS.B, 5.472%, 3/18/27			39,633				37,835
a9815486.SQ.FTS.B, 6.296%, 3/18/27			2,472				2,209
a9812343.SQ.FTS.B, 6.349%, 3/18/27			2,194				2,115
a9814712.SQ.FTS.B, 6.352%, 3/18/27			35,286				33,894
a9814518.SQ.FTS.B, 6.363%, 3/18/27			1,282				1,248
a9813135.SQ.FTS.B, 6.525%, 3/18/27			465				443
a9814585.SQ.FTS.B, 6.666%, 3/18/27			4,358				3,098
a9819349.SQ.FTS.B, 4.711%, 3/19/27			1,910				1,794
a9819404.SQ.FTS.B, 4.715%, 3/19/27			7,086				6,903
a9817282.SQ.FTS.B, 4.717%, 3/19/27			28,402				27,336
a9819806.SQ.FTS.B, 4.717%, 3/19/27			8,136				7,832
a9819956.SQ.FTS.B, 4.717%, 3/19/27			21,164				16,963
a9820622.SQ.FTS.B, 4.717%, 3/19/27			1,724				1,688
a9818388.SQ.FTS.B, 4.719%, 3/19/27			13,673				13,245
a9819644.SQ.FTS.B, 4.719%, 3/19/27			11,687				11,270

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9820193.SQ.FTS.B, 4.719%, 3/19/27		$	3,341			$	3,217
a9819608.SQ.FTS.B, 4.721%, 3/19/27			2,887				2,806
a9820558.SQ.FTS.B, 4.721%, 3/19/27			6,865				6,619
a9817188.SQ.FTS.B, 5.159%, 3/19/27			5,374				4,970
a9820708.SQ.FTS.B, 5.456%, 3/19/27			976				952
a9820390.SQ.FTS.B, 5.471%, 3/19/27			10,260				9,706
a9818999.SQ.FTS.B, 5.472%, 3/19/27			13,942				13,050
a9821228.SQ.FTS.B, 5.472%, 3/19/27			40,222				39,069
a9818805.SQ.FTS.B, 5.473%, 3/19/27			8,170				7,856
a9820788.SQ.FTS.B, 5.723%, 3/19/27			32,327				30,191
a9820639.SQ.FTS.B, 5.725%, 3/19/27			7,796				7,448
a9820297.SQ.FTS.B, 5.975%, 3/19/27			5,310				5,172
a9820729.SQ.FTS.B, 6.284%, 3/19/27			1,391				1,360
a9817940.SQ.FTS.B, 6.353%, 3/19/27			19,025				18,309
a9817851.SQ.FTS.B, 6.357%, 3/19/27			4,600				4,415
a9818319.SQ.FTS.B, 6.363%, 3/19/27			2,123				2,008
a9820514.SQ.FTS.B, 6.507%, 3/19/27			4,440				3,127
a9819624.SQ.FTS.B, 6.514%, 3/19/27			1,205				1,172
a9817923.SQ.FTS.B, 6.664%, 3/19/27			3,324				3,238
a9817025.SQ.FTS.B, 6.67%, 3/19/27			3,679				3,353
a9821580.SQ.FTS.B, 4.715%, 3/20/27			7,972				7,673
a9822047.SQ.FTS.B, 4.715%, 3/20/27			5,961				5,626
a9821854.SQ.FTS.B, 4.717%, 3/20/27			22,292				21,246
a9822160.SQ.FTS.B, 4.717%, 3/20/27			18,047				17,298
a9821477.SQ.FTS.B, 4.718%, 3/20/27			9,360				8,884
a9821665.SQ.FTS.B, 4.719%, 3/20/27			11,520				11,070
a9821777.SQ.FTS.B, 4.72%, 3/20/27			7,643				7,374
a9821413.SQ.FTS.B, 4.723%, 3/20/27			4,104				3,980
a9822028.SQ.FTS.B, 5.473%, 3/20/27			1,487				1,418
a9821455.SQ.FTS.B, 5.478%, 3/20/27			2,523				2,427
a9821569.SQ.FTS.B, 5.493%, 3/20/27			1,448				1,177
a9821406.SQ.FTS.B, 6.649%, 3/20/27			509				487
a9822885.SQ.FTS.B, 4.705%, 3/21/27			1,427				1,382
a9822474.SQ.FTS.B, 4.715%, 3/21/27			6,091				5,899
a9822336.SQ.FTS.B, 4.717%, 3/21/27			10,608				10,218
a9822523.SQ.FTS.B, 4.718%, 3/21/27			9,805				9,388
a9822942.SQ.FTS.B, 5.142%, 3/21/27			1,846				1,549
a9822621.SQ.FTS.B, 5.157%, 3/21/27			8,278				6,570
a9822712.SQ.FTS.B, 5.157%, 3/21/27			16,581				15,251
a9822317.SQ.FTS.B, 5.465%, 3/21/27			1,671				1,636
a9823028.SQ.FTS.B, 5.466%, 3/21/27			2,899				2,377
a9822675.SQ.FTS.B, 5.471%, 3/21/27			3,743				3,431
a9822601.SQ.FTS.B, 5.528%, 3/21/27			399				379
a9822978.SQ.FTS.B, 5.725%, 3/21/27			3,212				3,160
a9822456.SQ.FTS.B, 6.339%, 3/21/27			1,751				1,613
a9822955.SQ.FTS.B, 6.347%, 3/21/27			1,629				1,595

Description		Principal Amount				Value
Block, Inc. (continued)
a9822607.SQ.FTS.B, 6.354%, 3/21/27		$	2,306			$	2,128
a9822391.SQ.FTS.B, 6.667%, 3/21/27			7,717				7,506
a9822894.SQ.FTS.B, 6.667%, 3/21/27			3,660				3,484
a9823046.SQ.FTS.B, 6.674%, 3/21/27			2,125				2,069
a9822445.SQ.FTS.B, 6.676%, 3/21/27			948				894
a9828441.SQ.FTS.B, 4.71%, 3/22/27			3,133				3,039
a9825161.SQ.FTS.B, 4.714%, 3/22/27			2,728				2,436
a9827878.SQ.FTS.B, 4.716%, 3/22/27			10,169				9,817
a9823898.SQ.FTS.B, 4.717%, 3/22/27			2,911				2,780
a9824099.SQ.FTS.B, 4.717%, 3/22/27			8,690				8,412
a9824404.SQ.FTS.B, 4.717%, 3/22/27			22,602				21,494
a9825675.SQ.FTS.B, 4.717%, 3/22/27			2,693				2,635
a9825980.SQ.FTS.B, 4.717%, 3/22/27			39,490				34,981
a9826775.SQ.FTS.B, 4.717%, 3/22/27			5,847				5,615
a9827400.SQ.FTS.B, 4.717%, 3/22/27			22,617				21,981
a9827816.SQ.FTS.B, 4.717%, 3/22/27			2,123				2,063
a9828015.SQ.FTS.B, 4.717%, 3/22/27			25,361				24,540
a9828554.SQ.FTS.B, 4.717%, 3/22/27			36,039				34,941
a9826741.SQ.FTS.B, 4.718%, 3/22/27			2,719				2,622
a9826935.SQ.FTS.B, 4.718%, 3/22/27			35,826				34,898
a9825823.SQ.FTS.B, 4.719%, 3/22/27			7,624				7,273
a9826880.SQ.FTS.B, 4.726%, 3/22/27			1,802				1,751
a9828406.SQ.FTS.B, 5.159%, 3/22/27			1,974				1,903
a9823933.SQ.FTS.B, 5.469%, 3/22/27			1,808				1,752
a9824052.SQ.FTS.B, 5.502%, 3/22/27			885				829
a9828491.SQ.FTS.B, 5.508%, 3/22/27			216				211
a9826651.SQ.FTS.B, 5.717%, 3/22/27			2,209				2,105
a9827846.SQ.FTS.B, 6.279%, 3/22/27			1,302				1,252
a9825195.SQ.FTS.B, 6.289%, 3/22/27			26,126				23,997
a9826901.SQ.FTS.B, 6.359%, 3/22/27			3,212				3,081
a9828396.SQ.FTS.B, 6.649%, 3/22/27			992				375
a9827853.SQ.FTS.B, 6.663%, 3/22/27			3,030				2,894
a9826502.SQ.FTS.B, 6.668%, 3/22/27			6,847				6,698
a9826699.SQ.FTS.B, 6.672%, 3/22/27			2,549				2,140
a9830503.SQ.FTS.B, 4.715%, 3/23/27			6,552				6,306
a9831470.SQ.FTS.B, 4.717%, 3/23/27			4,105				3,867
a9832139.SQ.FTS.B, 4.717%, 3/23/27			30,574				29,057
a9833086.SQ.FTS.B, 4.717%, 3/23/27			1,505				1,463
a9833116.SQ.FTS.B, 4.717%, 3/23/27			22,440				21,828
a9832550.SQ.FTS.B, 4.719%, 3/23/27			14,757				14,361
a9831091.SQ.FTS.B, 4.721%, 3/23/27			6,247				6,002
a9831798.SQ.FTS.B, 4.722%, 3/23/27			5,361				4,798
a9832033.SQ.FTS.B, 5.149%, 3/23/27			3,044				2,799
a9828776.SQ.FTS.B, 5.157%, 3/23/27			37,550				29,746
a9829485.SQ.FTS.B, 5.159%, 3/23/27			16,832				15,797
a9830609.SQ.FTS.B, 5.159%, 3/23/27			6,274				6,191

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9830440.SQ.FTS.B, 5.161%, 3/23/27		$	2,808			$	2,745
a9831611.SQ.FTS.B, 5.473%, 3/23/27			19,745				18,643
a9833031.SQ.FTS.B, 5.497%, 3/23/27			1,698				1,628
a9832960.SQ.FTS.B, 5.732%, 3/23/27			3,681				1,724
a9832443.SQ.FTS.B, 5.976%, 3/23/27			10,290				7,909
a9830168.SQ.FTS.B, 5.978%, 3/23/27			8,387				8,093
a9831190.SQ.FTS.B, 6.289%, 3/23/27			6,085				5,593
a9831330.SQ.FTS.B, 6.289%, 3/23/27			8,521				6,607
a9832075.SQ.FTS.B, 6.355%, 3/23/27			4,666				4,492
a9830076.SQ.FTS.B, 6.365%, 3/23/27			1,440				1,405
a9831819.SQ.FTS.B, 6.508%, 3/23/27			9,735				9,481
a9830103.SQ.FTS.B, 6.51%, 3/23/27			2,543				2,325
a9831536.SQ.FTS.B, 6.664%, 3/23/27			6,323				4,425
a9832767.SQ.FTS.B, 6.665%, 3/23/27			13,585				9,780
a9830398.SQ.FTS.B, 6.668%, 3/23/27			1,894				1,771
a9833368.SQ.FTS.B, 4.717%, 3/24/27			11,126				10,587
a9837926.SQ.FTS.B, 4.717%, 3/24/27			27,160				26,154
a9836358.SQ.FTS.B, 4.718%, 3/24/27			35,467				34,077
a9838683.SQ.FTS.B, 4.719%, 3/24/27			15,170				14,612
a9838834.SQ.FTS.B, 4.719%, 3/24/27			5,862				5,655
a9835585.SQ.FTS.B, 4.723%, 3/24/27			4,067				3,911
a9835976.SQ.FTS.B, 5.471%, 3/24/27			10,776				10,393
a9833953.SQ.FTS.B, 5.472%, 3/24/27			19,710				18,616
a9834923.SQ.FTS.B, 5.473%, 3/24/27			4,868				4,643
a9835121.SQ.FTS.B, 5.493%, 3/24/27			1,904				1,047
a9835199.SQ.FTS.B, 5.723%, 3/24/27			15,005				14,521
a9838970.SQ.FTS.B, 5.723%, 3/24/27			5,952				5,727
a9838297.SQ.FTS.B, 5.735%, 3/24/27			2,279				2,081
a9833886.SQ.FTS.B, 5.966%, 3/24/27			1,385				1,313
a9838337.SQ.FTS.B, 5.975%, 3/24/27			13,041				12,624
a9837693.SQ.FTS.B, 5.977%, 3/24/27			4,163				3,939
a9836909.SQ.FTS.B, 5.979%, 3/24/27			5,308				5,083
a9836994.SQ.FTS.B, 6.352%, 3/24/27			31,540				30,175
a9837723.SQ.FTS.B, 6.352%, 3/24/27			12,960				12,388
a9837524.SQ.FTS.B, 6.507%, 3/24/27			6,921				6,597
a9838578.SQ.FTS.B, 6.511%, 3/24/27			7,359				6,978
a9835049.SQ.FTS.B, 6.656%, 3/24/27			2,214				2,085
a9835145.SQ.FTS.B, 6.669%, 3/24/27			3,507				3,035
a9833813.SQ.FTS.B, 6.674%, 3/24/27			2,470				2,349
a9836320.SQ.FTS.B, 6.678%, 3/24/27			1,673				1,543
a9835023.SQ.FTS.B, 6.69%, 3/24/27			540				526
a9843868.SQ.FTS.B, 4.717%, 3/25/27			76,037				73,060
a9845760.SQ.FTS.B, 4.717%, 3/25/27			6,404				6,117
a9846829.SQ.FTS.B, 4.717%, 3/25/27			40,089				38,176
a9847452.SQ.FTS.B, 4.717%, 3/25/27			47,364				42,329
a9845965.SQ.FTS.B, 5.157%, 3/25/27			28,782				28,189

Description		Principal Amount				Value
Block, Inc. (continued)
a9845552.SQ.FTS.B, 5.471%, 3/25/27		$	10,390			$	10,210
a9845739.SQ.FTS.B, 5.502%, 3/25/27			855				802
a9843081.SQ.FTS.B, 5.723%, 3/25/27			14,164				13,412
a9842503.SQ.FTS.B, 5.724%, 3/25/27			13,234				12,300
a9847704.SQ.FTS.B, 5.726%, 3/25/27			7,002				6,817
a9842814.SQ.FTS.B, 6.286%, 3/25/27			3,315				2,981
a9842377.SQ.FTS.B, 6.663%, 3/25/27			2,090				2,002
a9842967.SQ.FTS.B, 6.666%, 3/25/27			3,727				3,471
a9843745.SQ.FTS.B, 6.667%, 3/25/27			2,300				1,932
a9849253.SQ.FTS.B, 4.715%, 3/26/27			6,841				6,625
a9852980.SQ.FTS.B, 4.715%, 3/26/27			3,162				3,071
a9847975.SQ.FTS.B, 4.716%, 3/26/27			6,915				6,814
a9848281.SQ.FTS.B, 4.717%, 3/26/27			8,999				8,659
a9849396.SQ.FTS.B, 4.717%, 3/26/27			1,607				1,555
a9851220.SQ.FTS.B, 4.717%, 3/26/27			5,777				5,569
a9851320.SQ.FTS.B, 4.717%, 3/26/27			23,119				21,650
a9854426.SQ.FTS.B, 4.717%, 3/26/27			74,499				70,227
a9849867.SQ.FTS.B, 4.72%, 3/26/27			9,673				8,691
a9853953.SQ.FTS.B, 4.722%, 3/26/27			5,451				5,261
a9854083.SQ.FTS.B, 4.722%, 3/26/27			5,323				5,113
a9850021.SQ.FTS.B, 5.157%, 3/26/27			46,483				44,784
a9850951.SQ.FTS.B, 5.157%, 3/26/27			16,965				16,100
a9851761.SQ.FTS.B, 5.157%, 3/26/27			21,871				20,939
a9848206.SQ.FTS.B, 5.164%, 3/26/27			3,079				2,848
a9849048.SQ.FTS.B, 5.47%, 3/26/27			7,146				6,822
a9854252.SQ.FTS.B, 5.472%, 3/26/27			5,777				5,607
a9851175.SQ.FTS.B, 5.498%, 3/26/27			2,466				618
a9853308.SQ.FTS.B, 5.723%, 3/26/27			25,594				24,937
a9852407.SQ.FTS.B, 5.976%, 3/26/27			16,922				15,642
a9848911.SQ.FTS.B, 5.977%, 3/26/27			5,219				4,955
a9850930.SQ.FTS.B, 5.978%, 3/26/27			1,604				1,518
a9853068.SQ.FTS.B, 6.289%, 3/26/27			9,458				9,043
a9848780.SQ.FTS.B, 6.295%, 3/26/27			4,385				3,396
a9849441.SQ.FTS.B, 6.351%, 3/26/27			27,544				23,886
a9854234.SQ.FTS.B, 6.653%, 3/26/27			1,244				1,149
a9851718.SQ.FTS.B, 6.656%, 3/26/27			1,514				1,452
a9855885.SQ.FTS.B, 4.715%, 3/27/27			7,800				7,485
a9855718.SQ.FTS.B, 4.716%, 3/27/27			10,550				10,186
a9856103.SQ.FTS.B, 4.716%, 3/27/27			2,955				2,905
a9855527.SQ.FTS.B, 4.717%, 3/27/27			6,559				6,170
a9856409.SQ.FTS.B, 4.719%, 3/27/27			10,884				10,577
a9855868.SQ.FTS.B, 4.726%, 3/27/27			2,110				2,006
a9856158.SQ.FTS.B, 5.475%, 3/27/27			1,390				1,324
a9855573.SQ.FTS.B, 5.499%, 3/27/27			1,402				1,369
a9855598.SQ.FTS.B, 5.718%, 3/27/27			5,704				4,663
a9856170.SQ.FTS.B, 5.723%, 3/27/27			21,327				20,304

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9855694.SQ.FTS.B, 5.724%, 3/27/27		$	3,284			$	3,223
a9855941.SQ.FTS.B, 5.725%, 3/27/27			16,919				15,809
a9855801.SQ.FTS.B, 6.506%, 3/27/27			4,621				4,460
a9855643.SQ.FTS.B, 6.669%, 3/27/27			5,126				4,973
a9856568.SQ.FTS.B, 4.715%, 3/28/27			6,309				6,100
a9857182.SQ.FTS.B, 4.717%, 3/28/27			1,551				1,483
a9857257.SQ.FTS.B, 4.717%, 3/28/27			11,055				10,641
a9856818.SQ.FTS.B, 4.718%, 3/28/27			3,583				3,516
a9856636.SQ.FTS.B, 4.719%, 3/28/27			15,550				14,766
a9857540.SQ.FTS.B, 4.72%, 3/28/27			8,300				8,047
a9856779.SQ.FTS.B, 5.154%, 3/28/27			5,343				5,055
a9856892.SQ.FTS.B, 5.156%, 3/28/27			9,161				8,757
a9857198.SQ.FTS.B, 5.156%, 3/28/27			6,668				6,375
a9856977.SQ.FTS.B, 5.157%, 3/28/27			8,324				8,202
a9857151.SQ.FTS.B, 5.469%, 3/28/27			2,758				2,571
a9857488.SQ.FTS.B, 5.726%, 3/28/27			1,640				1,547
a9857114.SQ.FTS.B, 5.728%, 3/28/27			3,690				3,595
a9856866.SQ.FTS.B, 5.732%, 3/28/27			2,925				2,767
a9857473.SQ.FTS.B, 5.967%, 3/28/27			1,820				1,621
a9857513.SQ.FTS.B, 5.968%, 3/28/27			2,488				2,362
a9857634.SQ.FTS.B, 5.977%, 3/28/27			5,454				5,032
a9856539.SQ.FTS.B, 6.345%, 3/28/27			2,301				2,220
a9857685.SQ.FTS.B, 6.354%, 3/28/27			5,207				4,602
a9857090.SQ.FTS.B, 6.665%, 3/28/27			1,870				1,765
a9857338.SQ.FTS.B, 6.667%, 3/28/27			18,355				15,890
a9857167.SQ.FTS.B, 6.674%, 3/28/27			1,476				1,348
a9860871.SQ.FTS.B, 4.78%, 3/29/27			450				426
a9858949.SQ.FTS.B, 5.158%, 3/29/27			4,069				3,858
a9858826.SQ.FTS.B, 5.162%, 3/29/27			2,363				2,270
a9859135.SQ.FTS.B, 5.478%, 3/29/27			1,458				1,377
a9858716.SQ.FTS.B, 6.368%, 3/29/27			1,812				1,588
a9858730.SQ.FTS.B, 6.667%, 3/29/27			10,231				9,447
a9865635.SQ.FTS.B, 4.544%, 3/30/27			3,255				3,199
a9869980.SQ.FTS.B, 4.548%, 3/30/27			10,008				9,637
a9867412.SQ.FTS.B, 4.549%, 3/30/27			12,189				11,929
a9869836.SQ.FTS.B, 4.549%, 3/30/27			10,033				9,710
a9869277.SQ.FTS.B, 4.55%, 3/30/27			48,347				46,531
a9870056.SQ.FTS.B, 4.551%, 3/30/27			10,117				9,007
a9868831.SQ.FTS.B, 4.559%, 3/30/27			2,632				2,551
a9869923.SQ.FTS.B, 4.987%, 3/30/27			12,288				11,192
a9868858.SQ.FTS.B, 4.988%, 3/30/27			16,120				15,740
a9867204.SQ.FTS.B, 4.99%, 3/30/27			11,644				9,914
a9868759.SQ.FTS.B, 5.301%, 3/30/27			12,527				11,900
a9870128.SQ.FTS.B, 5.302%, 3/30/27			5,956				5,806
a9867169.SQ.FTS.B, 5.348%, 3/30/27			1,393				1,282
a9866583.SQ.FTS.B, 5.553%, 3/30/27			4,117				3,920

Description		Principal Amount				Value
Block, Inc. (continued)
a9865920.SQ.FTS.B, 5.788%, 3/30/27		$	1,122			$	1,062
a9865797.SQ.FTS.B, 5.802%, 3/30/27			5,115				4,800
a9867038.SQ.FTS.B, 5.802%, 3/30/27			5,425				2,981
a9866967.SQ.FTS.B, 5.803%, 3/30/27			2,935				2,846
a9867640.SQ.FTS.B, 5.804%, 3/30/27			68,829				65,849
a9869105.SQ.FTS.B, 6.09%, 3/30/27			577				541
a9865758.SQ.FTS.B, 6.106%, 3/30/27			663				635
a9869078.SQ.FTS.B, 6.175%, 3/30/27			1,763				1,667
a9867382.SQ.FTS.B, 6.178%, 3/30/27			3,301				3,207
a9866033.SQ.FTS.B, 6.18%, 3/30/27			25,900				24,807
a9867611.SQ.FTS.B, 6.481%, 3/30/27			1,097				1,042
a9869111.SQ.FTS.B, 6.495%, 3/30/27			18,339				15,706
a9865940.SQ.FTS.B, 6.5%, 3/30/27			2,385				2,271
a9876045.SQ.FTS.B, 4.542%, 4/01/27			2,313				2,226
a9876748.SQ.FTS.B, 4.544%, 4/01/27			4,386				4,030
a9873190.SQ.FTS.B, 4.545%, 4/01/27			3,238				3,110
a9872128.SQ.FTS.B, 4.547%, 4/01/27			6,354				6,100
a9875906.SQ.FTS.B, 4.547%, 4/01/27			3,899				3,743
a9872920.SQ.FTS.B, 4.549%, 4/01/27			1,668				1,604
a9873108.SQ.FTS.B, 4.549%, 4/01/27			2,706				2,602
a9873432.SQ.FTS.B, 4.549%, 4/01/27			24,723				22,718
a9874132.SQ.FTS.B, 4.549%, 4/01/27			7,643				7,339
a9874450.SQ.FTS.B, 4.549%, 4/01/27			75,014				72,011
a9875928.SQ.FTS.B, 4.549%, 4/01/27			8,375				8,064
a9872357.SQ.FTS.B, 4.55%, 4/01/27			9,261				8,909
a9876839.SQ.FTS.B, 4.55%, 4/01/27			18,109				17,403
a9873849.SQ.FTS.B, 4.551%, 4/01/27			11,353				10,900
a9874080.SQ.FTS.B, 4.551%, 4/01/27			4,676				4,453
a9871652.SQ.FTS.B, 4.552%, 4/01/27			10,852				10,421
a9876093.SQ.FTS.B, 4.552%, 4/01/27			3,055				2,909
a9872848.SQ.FTS.B, 4.554%, 4/01/27			2,924				2,810
a9872822.SQ.FTS.B, 4.559%, 4/01/27			2,313				2,223
a9876177.SQ.FTS.B, 4.986%, 4/01/27			5,375				5,154
a9871911.SQ.FTS.B, 4.988%, 4/01/27			9,249				8,803
a9876236.SQ.FTS.B, 4.988%, 4/01/27			17,505				16,677
a9872996.SQ.FTS.B, 4.995%, 4/01/27			3,870				3,713
a9875354.SQ.FTS.B, 5.288%, 4/01/27			1,509				1,449
a9875589.SQ.FTS.B, 5.302%, 4/01/27			6,616				6,392
a9876161.SQ.FTS.B, 5.302%, 4/01/27			1,754				1,664
a9874260.SQ.FTS.B, 5.305%, 4/01/27			6,077				5,843
a9875461.SQ.FTS.B, 5.332%, 4/01/27			7,501				6,560
a9876511.SQ.FTS.B, 5.332%, 4/01/27			5,664				5,399
a9873263.SQ.FTS.B, 5.335%, 4/01/27			8,292				7,792
a9872215.SQ.FTS.B, 5.802%, 4/01/27			5,979				5,647
a9875748.SQ.FTS.B, 5.806%, 4/01/27			11,027				10,513
a9876461.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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9872112.SQ.FTS.B, 6.166%, 4/01/27		$	1,005			$	960
a9874037.SQ.FTS.B, 6.339%, 4/01/27			2,625				2,496
a9873185.SQ.FTS.B, 6.488%, 4/01/27			839				726
a9876478.SQ.FTS.B, 6.494%, 4/01/27			2,228				1,927
a9875372.SQ.FTS.B, 6.497%, 4/01/27			3,332				3,244
a9871535.SQ.FTS.B, 6.502%, 4/01/27			2,682				2,476
a9872735.SQ.FTS.B, 6.504%, 4/01/27			1,507				1,412
a9876716.SQ.FTS.B, 6.509%, 4/01/27			1,466				1,296
a9873237.SQ.FTS.B, 6.518%, 4/01/27			575				556
a9885963.SQ.FTS.B, 4.545%, 4/02/27			4,814				4,424
a9886302.SQ.FTS.B, 4.548%, 4/02/27			5,512				5,248
a9880988.SQ.FTS.B, 4.549%, 4/02/27			5,638				5,400
a9881959.SQ.FTS.B, 4.549%, 4/02/27			6,049				5,806
a9882947.SQ.FTS.B, 4.549%, 4/02/27			34,682				33,280
a9886010.SQ.FTS.B, 4.549%, 4/02/27			828				797
a9886197.SQ.FTS.B, 4.549%, 4/02/27			1,640				1,581
a9881147.SQ.FTS.B, 4.55%, 4/02/27			18,112				17,436
a9884201.SQ.FTS.B, 4.55%, 4/02/27			49,160				47,222
a9885737.SQ.FTS.B, 4.551%, 4/02/27			6,016				5,749
a9885640.SQ.FTS.B, 4.552%, 4/02/27			2,089				1,996
a9882468.SQ.FTS.B, 4.553%, 4/02/27			6,529				6,279
a9885458.SQ.FTS.B, 4.555%, 4/02/27			3,573				3,428
a9885352.SQ.FTS.B, 4.557%, 4/02/27			3,299				3,162
a9885892.SQ.FTS.B, 4.568%, 4/02/27			727				698
a9884877.SQ.FTS.B, 4.988%, 4/02/27			32,277				30,945
a9886229.SQ.FTS.B, 4.988%, 4/02/27			1,681				1,606
a9882343.SQ.FTS.B, 4.993%, 4/02/27			5,959				5,669
a9880881.SQ.FTS.B, 4.997%, 4/02/27			1,340				1,280
a9885820.SQ.FTS.B, 5.298%, 4/02/27			5,386				4,584
a9880082.SQ.FTS.B, 5.306%, 4/02/27			6,135				5,766
a9886255.SQ.FTS.B, 5.323%, 4/02/27			1,354				1,295
a9885780.SQ.FTS.B, 5.371%, 4/02/27			353				340
a9885656.SQ.FTS.B, 5.554%, 4/02/27			10,394				9,650
a9881855.SQ.FTS.B, 5.556%, 4/02/27			6,218				5,961
a9885596.SQ.FTS.B, 5.559%, 4/02/27			4,509				4,297
a9880918.SQ.FTS.B, 5.561%, 4/02/27			2,016				1,934
a9884795.SQ.FTS.B, 5.801%, 4/02/27			1,683				1,597
a9882699.SQ.FTS.B, 5.804%, 4/02/27			912				834
a9880228.SQ.FTS.B, 5.805%, 4/02/27			19,565				18,472
a9884710.SQ.FTS.B, 5.806%, 4/02/27			6,308				5,988
a9882854.SQ.FTS.B, 5.807%, 4/02/27			4,577				4,394
a9885310.SQ.FTS.B, 6.113%, 4/02/27			5,127				3,209
a9885952.SQ.FTS.B, 6.117%, 4/02/27			285				270
a9885506.SQ.FTS.B, 6.118%, 4/02/27			5,266				5,049
a9886040.SQ.FTS.B, 6.179%, 4/02/27			12,000				10,822
a9882095.SQ.FTS.B, 6.18%, 4/02/27			13,866				13,248

Description		Principal Amount				Value
Block, Inc. (continued)
a9882661.SQ.FTS.B, 6.182%, 4/02/27		$	2,987			$	2,861
a9885409.SQ.FTS.B, 6.183%, 4/02/27			879				850
a9885784.SQ.FTS.B, 6.337%, 4/02/27			1,745				1,490
a9885944.SQ.FTS.B, 6.337%, 4/02/27			1,259				1,197
a9884842.SQ.FTS.B, 6.49%, 4/02/27			3,208				2,929
a9885895.SQ.FTS.B, 6.494%, 4/02/27			2,198				2,102
a9882726.SQ.FTS.B, 6.496%, 4/02/27			7,523				7,244
a9881835.SQ.FTS.B, 6.502%, 4/02/27			966				912
a9887550.SQ.FTS.B, 4.543%, 4/03/27			2,263				2,176
a9890776.SQ.FTS.B, 4.549%, 4/03/27			6,285				6,008
a9891565.SQ.FTS.B, 4.55%, 4/03/27			8,705				8,373
a9886858.SQ.FTS.B, 4.551%, 4/03/27			12,577				12,046
a9889825.SQ.FTS.B, 4.551%, 4/03/27			13,017				12,528
a9890600.SQ.FTS.B, 4.551%, 4/03/27			15,044				14,435
a9888105.SQ.FTS.B, 4.552%, 4/03/27			8,298				7,969
a9889730.SQ.FTS.B, 4.553%, 4/03/27			4,393				4,224
a9888698.SQ.FTS.B, 4.556%, 4/03/27			4,610				4,237
a9891525.SQ.FTS.B, 4.558%, 4/03/27			3,009				2,888
a9888768.SQ.FTS.B, 4.988%, 4/03/27			5,790				5,033
a9889333.SQ.FTS.B, 4.988%, 4/03/27			5,104				4,875
a9886587.SQ.FTS.B, 4.99%, 4/03/27			4,308				4,128
a9888848.SQ.FTS.B, 5.302%, 4/03/27			24,225				22,977
a9889975.SQ.FTS.B, 5.302%, 4/03/27			50,462				48,555
a9890888.SQ.FTS.B, 5.302%, 4/03/27			3,070				2,862
a9890934.SQ.FTS.B, 5.302%, 4/03/27			16,767				16,099
a9888046.SQ.FTS.B, 5.328%, 4/03/27			2,399				2,221
a9889722.SQ.FTS.B, 5.338%, 4/03/27			1,225				751
a9889453.SQ.FTS.B, 5.553%, 4/03/27			17,025				16,332
a9886778.SQ.FTS.B, 5.799%, 4/03/27			3,056				2,911
a9888288.SQ.FTS.B, 5.804%, 4/03/27			9,543				9,008
a9888672.SQ.FTS.B, 5.816%, 4/03/27			1,164				1,129
a9887311.SQ.FTS.B, 6.12%, 4/03/27			258				251
a9887172.SQ.FTS.B, 6.18%, 4/03/27			3,882				3,708
a9887618.SQ.FTS.B, 6.18%, 4/03/27			14,370				13,510
a9888397.SQ.FTS.B, 6.18%, 4/03/27			17,706				16,647
a9891152.SQ.FTS.B, 6.182%, 4/03/27			19,038				18,179
a9889384.SQ.FTS.B, 6.185%, 4/03/27			2,903				2,750
a9891480.SQ.FTS.B, 6.342%, 4/03/27			4,698				4,207
a9891933.SQ.FTS.B, 4.549%, 4/04/27			28,322				27,057
a9892589.SQ.FTS.B, 4.549%, 4/04/27			5,205				4,994
a9892340.SQ.FTS.B, 4.551%, 4/04/27			12,306				11,839
a9892489.SQ.FTS.B, 4.988%, 4/04/27			11,338				10,601
a9891807.SQ.FTS.B, 5.304%, 4/04/27			13,428				12,772
a9892296.SQ.FTS.B, 5.804%, 4/04/27			2,173				2,108
a9892642.SQ.FTS.B, 6.18%, 4/04/27			2,581				2,444
a9892174.SQ.FTS.B, 6.182%, 4/04/27			15,808				12,577

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9892166.SQ.FTS.B, 6.332%, 4/04/27		$	908			$	849
a9892473.SQ.FTS.B, 6.484%, 4/04/27			434				422
a9893199.SQ.FTS.B, 4.544%, 4/05/27			3,502				3,359
a9893037.SQ.FTS.B, 4.547%, 4/05/27			5,892				5,652
a9892897.SQ.FTS.B, 4.549%, 4/05/27			13,490				12,974
a9893436.SQ.FTS.B, 4.549%, 4/05/27			6,510				6,265
a9893087.SQ.FTS.B, 4.55%, 4/05/27			2,798				2,693
a9893505.SQ.FTS.B, 4.952%, 4/05/27			579				555
a9893407.SQ.FTS.B, 4.985%, 4/05/27			2,800				2,700
a9892666.SQ.FTS.B, 4.986%, 4/05/27			5,563				5,343
a9893236.SQ.FTS.B, 5.553%, 4/05/27			7,926				7,358
a9892732.SQ.FTS.B, 5.554%, 4/05/27			9,626				9,076
a9892817.SQ.FTS.B, 5.556%, 4/05/27			3,752				3,173
a9893512.SQ.FTS.B, 6.182%, 4/05/27			12,761				12,332
a9892862.SQ.FTS.B, 6.487%, 4/05/27			1,997				1,921
a9893296.SQ.FTS.B, 6.495%, 4/05/27			7,842				7,502
a9894596.SQ.FTS.B, 4.549%, 4/06/27			18,342				17,527
a9895202.SQ.FTS.B, 4.549%, 4/06/27			26,278				25,101
a9896419.SQ.FTS.B, 4.549%, 4/06/27			9,819				9,401
a9896617.SQ.FTS.B, 4.549%, 4/06/27			4,433				4,253
a9897094.SQ.FTS.B, 4.55%, 4/06/27			3,307				3,179
a9894911.SQ.FTS.B, 4.551%, 4/06/27			5,344				5,139
a9896001.SQ.FTS.B, 4.551%, 4/06/27			3,866				3,712
a9896045.SQ.FTS.B, 4.551%, 4/06/27			11,762				11,282
a9896263.SQ.FTS.B, 4.562%, 4/06/27			2,206				2,119
a9896744.SQ.FTS.B, 4.988%, 4/06/27			2,515				2,422
a9895089.SQ.FTS.B, 4.992%, 4/06/27			3,560				3,398
a9897240.SQ.FTS.B, 5.307%, 4/06/27			2,232				2,081
a9896287.SQ.FTS.B, 5.553%, 4/06/27			8,186				7,752
a9896842.SQ.FTS.B, 5.804%, 4/06/27			11,615				11,153
a9896706.SQ.FTS.B, 6.479%, 4/06/27			1,580				1,169
a9896581.SQ.FTS.B, 6.488%, 4/06/27			2,136				1,988
a9897150.SQ.FTS.B, 6.497%, 4/06/27			3,122				2,982
a9897432.SQ.FTS.B, 6.536%, 4/06/27			537				487
a9900627.SQ.FTS.B, 4.549%, 4/07/27			9,455				9,082
a9901443.SQ.FTS.B, 4.549%, 4/07/27			1,853				1,770
a9901801.SQ.FTS.B, 4.549%, 4/07/27			3,530				3,388
a9901899.SQ.FTS.B, 4.549%, 4/07/27			9,235				8,879
a9902388.SQ.FTS.B, 4.549%, 4/07/27			6,473				6,227
a9903673.SQ.FTS.B, 4.549%, 4/07/27			19,799				18,209
a9904309.SQ.FTS.B, 4.549%, 4/07/27			8,721				8,363
a9902675.SQ.FTS.B, 4.55%, 4/07/27			35,574				34,188
a9901497.SQ.FTS.B, 4.551%, 4/07/27			8,155				7,500
a9902244.SQ.FTS.B, 4.554%, 4/07/27			5,542				5,315
a9903596.SQ.FTS.B, 4.554%, 4/07/27			5,559				5,340
a9904440.SQ.FTS.B, 4.559%, 4/07/27			2,817				2,691

Description		Principal Amount				Value
Block, Inc. (continued)
a9902185.SQ.FTS.B, 4.562%, 4/07/27		$	2,037			$	1,962
a9900907.SQ.FTS.B, 4.988%, 4/07/27			7,449				7,179
a9901685.SQ.FTS.B, 5.302%, 4/07/27			8,250				7,753
a9904489.SQ.FTS.B, 5.302%, 4/07/27			21,935				20,775
a9900095.SQ.FTS.B, 5.304%, 4/07/27			13,077				11,156
a9901056.SQ.FTS.B, 5.333%, 4/07/27			10,593				3,362
a9903923.SQ.FTS.B, 5.553%, 4/07/27			22,855				21,765
a9904921.SQ.FTS.B, 5.559%, 4/07/27			4,302				4,129
a9903409.SQ.FTS.B, 5.806%, 4/07/27			8,978				8,220
a9900476.SQ.FTS.B, 5.807%, 4/07/27			9,228				8,760
a9904998.SQ.FTS.B, 5.809%, 4/07/27			2,706				2,595
a9900346.SQ.FTS.B, 6.177%, 4/07/27			4,511				4,239
a9902158.SQ.FTS.B, 6.359%, 4/07/27			824				783
a9901246.SQ.FTS.B, 6.49%, 4/07/27			5,722				5,280
a9903540.SQ.FTS.B, 6.495%, 4/07/27			2,470				2,359
a9901864.SQ.FTS.B, 6.498%, 4/07/27			1,460				1,348
a9906259.SQ.FTS.B, 4.548%, 4/08/27			1,433				1,379
a9905949.SQ.FTS.B, 4.549%, 4/08/27			5,221				5,021
a9906462.SQ.FTS.B, 4.549%, 4/08/27			38,077				36,606
a9907099.SQ.FTS.B, 4.549%, 4/08/27			24,012				23,055
a9907573.SQ.FTS.B, 4.549%, 4/08/27			40,543				38,916
a9908294.SQ.FTS.B, 4.549%, 4/08/27			50,319				48,349
a9909396.SQ.FTS.B, 4.549%, 4/08/27			90,879				87,045
a9906361.SQ.FTS.B, 4.551%, 4/08/27			4,877				4,658
a9909337.SQ.FTS.B, 4.552%, 4/08/27			5,027				4,810
a9908806.SQ.FTS.B, 4.553%, 4/08/27			7,633				7,306
a9905265.SQ.FTS.B, 4.556%, 4/08/27			3,529				3,358
a9905513.SQ.FTS.B, 4.988%, 4/08/27			16,446				15,842
a9908173.SQ.FTS.B, 4.997%, 4/08/27			2,685				2,585
a9908240.SQ.FTS.B, 5.556%, 4/08/27			2,284				2,213
a9906130.SQ.FTS.B, 6.121%, 4/08/27			2,728				2,551
a9906316.SQ.FTS.B, 6.171%, 4/08/27			2,907				2,327
a9905299.SQ.FTS.B, 6.173%, 4/08/27			2,903				2,772
a9907539.SQ.FTS.B, 6.19%, 4/08/27			1,761				1,682
a9905482.SQ.FTS.B, 6.352%, 4/08/27			834				715
a9908878.SQ.FTS.B, 6.494%, 4/08/27			21,472				20,384
a9905103.SQ.FTS.B, 6.498%, 4/08/27			6,959				6,630
a9905327.SQ.FTS.B, 6.498%, 4/08/27			7,005				6,524
a9914257.SQ.FTS.B, 4.549%, 4/09/27			34,853				32,050
a9917396.SQ.FTS.B, 4.549%, 4/09/27			9,640				9,257
a9918827.SQ.FTS.B, 4.549%, 4/09/27			16,407				15,696
a9915480.SQ.FTS.B, 4.551%, 4/09/27			3,370				3,205
a9919114.SQ.FTS.B, 4.551%, 4/09/27			14,212				13,566
a9915724.SQ.FTS.B, 4.556%, 4/09/27			3,547				3,412
a9917332.SQ.FTS.B, 4.561%, 4/09/27			2,195				2,109
a9915851.SQ.FTS.B, 4.988%, 4/09/27			65,470				62,416

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9917819.SQ.FTS.B, 4.989%, 4/09/27		$	56,784			$	54,707
a9915551.SQ.FTS.B, 4.99%, 4/09/27			3,654				3,497
a9917700.SQ.FTS.B, 5.552%, 4/09/27			8,999				8,281
a9915250.SQ.FTS.B, 5.557%, 4/09/27			4,290				4,125
a9917574.SQ.FTS.B, 5.802%, 4/09/27			2,359				2,237
a9917286.SQ.FTS.B, 6.122%, 4/09/27			1,575				1,510
a9915824.SQ.FTS.B, 6.194%, 4/09/27			1,134				1,083
a9919097.SQ.FTS.B, 6.489%, 4/09/27			1,045				995
a9914176.SQ.FTS.B, 6.495%, 4/09/27			1,201				1,144
a9917649.SQ.FTS.B, 6.501%, 4/09/27			4,274				3,267
a9920412.SQ.FTS.B, 4.546%, 4/10/27			1,698				1,632
a9921427.SQ.FTS.B, 4.549%, 4/10/27			9,758				9,352
a9923949.SQ.FTS.B, 4.549%, 4/10/27			13,818				13,284
a9922168.SQ.FTS.B, 4.55%, 4/10/27			26,617				24,482
a9920056.SQ.FTS.B, 4.551%, 4/10/27			12,883				12,347
a9924545.SQ.FTS.B, 4.554%, 4/10/27			4,236				4,042
a9922524.SQ.FTS.B, 4.556%, 4/10/27			3,770				3,616
a9924165.SQ.FTS.B, 4.57%, 4/10/27			1,338				1,283
a9920521.SQ.FTS.B, 4.988%, 4/10/27			2,926				2,554
a9920607.SQ.FTS.B, 4.988%, 4/10/27			4,176				3,642
a9922687.SQ.FTS.B, 4.988%, 4/10/27			58,942				55,654
a9923441.SQ.FTS.B, 4.989%, 4/10/27			18,735				18,032
a9922012.SQ.FTS.B, 5.296%, 4/10/27			3,108				2,999
a9923893.SQ.FTS.B, 5.298%, 4/10/27			7,903				5,177
a9920959.SQ.FTS.B, 5.303%, 4/10/27			12,445				11,816
a9923844.SQ.FTS.B, 5.328%, 4/10/27			1,635				1,554
a9920930.SQ.FTS.B, 5.349%, 4/10/27			1,006				813
a9919895.SQ.FTS.B, 5.552%, 4/10/27			4,742				4,560
a9921115.SQ.FTS.B, 5.552%, 4/10/27			15,172				14,519
a9920371.SQ.FTS.B, 5.804%, 4/10/27			861				817
a9922128.SQ.FTS.B, 5.814%, 4/10/27			2,521				2,062
a9920939.SQ.FTS.B, 6.106%, 4/10/27			823				762
a9920771.SQ.FTS.B, 6.178%, 4/10/27			4,982				4,754
a9919562.SQ.FTS.B, 6.18%, 4/10/27			2,542				2,456
a9920468.SQ.FTS.B, 6.328%, 4/10/27			916				866
a9923792.SQ.FTS.B, 6.335%, 4/10/27			3,926				3,639
a9922543.SQ.FTS.B, 6.336%, 4/10/27			9,564				8,555
a9923414.SQ.FTS.B, 6.474%, 4/10/27			1,075				1,023
a9924408.SQ.FTS.B, 6.493%, 4/10/27			13,238				12,100
a9921603.SQ.FTS.B, 6.495%, 4/10/27			19,632				18,495
a9923787.SQ.FTS.B, 6.518%, 4/10/27			1,291				663
a9924632.SQ.FTS.B, 4.54%, 4/11/27			2,502				2,400
a9925451.SQ.FTS.B, 4.543%, 4/11/27			3,361				3,207
a9925419.SQ.FTS.B, 4.546%, 4/11/27			3,090				2,969
a9924784.SQ.FTS.B, 4.547%, 4/11/27			5,117				4,882
a9924961.SQ.FTS.B, 4.549%, 4/11/27			907				867

Description		Principal Amount				Value
Block, Inc. (continued)
a9925128.SQ.FTS.B, 4.549%, 4/11/27		$	11,148			$	10,701
a9924760.SQ.FTS.B, 4.562%, 4/11/27			2,510				2,312
a9924690.SQ.FTS.B, 4.993%, 4/11/27			5,409				5,141
a9925487.SQ.FTS.B, 5.296%, 4/11/27			3,803				3,595
a9924827.SQ.FTS.B, 5.312%, 4/11/27			2,818				2,625
a9924655.SQ.FTS.B, 5.556%, 4/11/27			3,092				2,957
a9924750.SQ.FTS.B, 5.792%, 4/11/27			1,544				1,455
a9925332.SQ.FTS.B, 5.808%, 4/11/27			5,284				5,008
a9924674.SQ.FTS.B, 6.123%, 4/11/27			2,463				1,564
a9925310.SQ.FTS.B, 6.164%, 4/11/27			1,118				1,074
a9925273.SQ.FTS.B, 6.171%, 4/11/27			2,500				2,363
a9924865.SQ.FTS.B, 6.183%, 4/11/27			1,698				1,623
a9924926.SQ.FTS.B, 6.183%, 4/11/27			1,961				1,829
a9924615.SQ.FTS.B, 6.185%, 4/11/27			1,007				945
a9924737.SQ.FTS.B, 6.198%, 4/11/27			836				807
a9924968.SQ.FTS.B, 6.344%, 4/11/27			3,089				2,655
a9924885.SQ.FTS.B, 6.494%, 4/11/27			3,145				3,026
a9925578.SQ.FTS.B, 4.554%, 4/12/27			3,282				3,150
a9925533.SQ.FTS.B, 4.556%, 4/12/27			3,235				3,108
a9925740.SQ.FTS.B, 4.984%, 4/12/27			4,377				4,170
a9925930.SQ.FTS.B, 5.302%, 4/12/27			27,581				23,556
a9925660.SQ.FTS.B, 5.306%, 4/12/27			6,776				5,786
a9925794.SQ.FTS.B, 5.802%, 4/12/27			8,919				8,452
a9925623.SQ.FTS.B, 6.501%, 4/12/27			2,434				2,294
a9927084.SQ.FTS.B, 4.549%, 4/13/27			14,382				13,781
a9927199.SQ.FTS.B, 4.549%, 4/13/27			5,171				4,962
a9927247.SQ.FTS.B, 4.549%, 4/13/27			16,257				15,631
a9926887.SQ.FTS.B, 4.55%, 4/13/27			20,974				20,116
a9926681.SQ.FTS.B, 4.551%, 4/13/27			7,024				6,736
a9927435.SQ.FTS.B, 4.551%, 4/13/27			9,315				8,934
a9926644.SQ.FTS.B, 4.555%, 4/13/27			5,556				5,118
a9926633.SQ.FTS.B, 4.973%, 4/13/27			1,619				1,542
a9926617.SQ.FTS.B, 4.979%, 4/13/27			1,902				1,824
a9926353.SQ.FTS.B, 5.301%, 4/13/27			3,017				2,811
a9926579.SQ.FTS.B, 5.307%, 4/13/27			3,204				3,077
a9927051.SQ.FTS.B, 5.55%, 4/13/27			6,734				5,714
a9926396.SQ.FTS.B, 5.553%, 4/13/27			10,173				9,465
a9926487.SQ.FTS.B, 6.177%, 4/13/27			4,196				3,968
a9926197.SQ.FTS.B, 6.179%, 4/13/27			13,993				12,630
a9926762.SQ.FTS.B, 6.179%, 4/13/27			9,460				9,130
a9926511.SQ.FTS.B, 6.491%, 4/13/27			5,882				5,563
a9929346.SQ.FTS.B, 4.546%, 4/14/27			2,723				2,611
a9929797.SQ.FTS.B, 4.549%, 4/14/27			12,008				11,524
a9930077.SQ.FTS.B, 4.549%, 4/14/27			20,720				19,909
a9933107.SQ.FTS.B, 4.549%, 4/14/27			12,319				11,339
a9933406.SQ.FTS.B, 4.549%, 4/14/27			6,705				6,424

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9930599.SQ.FTS.B, 4.556%, 4/14/27		$	3,198			$	3,076
a9928385.SQ.FTS.B, 4.988%, 4/14/27			24,806				21,716
a9930725.SQ.FTS.B, 4.988%, 4/14/27			65,611				62,757
a9931755.SQ.FTS.B, 4.988%, 4/14/27			34,159				32,900
a9932441.SQ.FTS.B, 4.988%, 4/14/27			13,392				12,764
a9933334.SQ.FTS.B, 5%, 4/14/27			2,242				2,136
a9932253.SQ.FTS.B, 5.304%, 4/14/27			15,524				14,727
a9929155.SQ.FTS.B, 5.327%, 4/14/27			2,194				2,057
a9931738.SQ.FTS.B, 5.34%, 4/14/27			309				298
a9932591.SQ.FTS.B, 5.553%, 4/14/27			28,054				27,080
a9933363.SQ.FTS.B, 6.175%, 4/14/27			3,870				3,631
a9929432.SQ.FTS.B, 6.181%, 4/14/27			13,630				12,994
a9932222.SQ.FTS.B, 6.515%, 4/14/27			775				724
a9935997.SQ.FTS.B, 4.547%, 4/15/27			9,246				8,836
a9934063.SQ.FTS.B, 4.549%, 4/15/27			40,012				38,165
a9935107.SQ.FTS.B, 4.549%, 4/15/27			20,289				19,452
a9935659.SQ.FTS.B, 4.549%, 4/15/27			1,330				1,266
a9936208.SQ.FTS.B, 4.549%, 4/15/27			78,918				72,655
a9937361.SQ.FTS.B, 4.549%, 4/15/27			21,804				20,073
a9937614.SQ.FTS.B, 4.549%, 4/15/27			13,458				12,906
a9938276.SQ.FTS.B, 4.549%, 4/15/27			17,871				17,147
a9934920.SQ.FTS.B, 4.551%, 4/15/27			12,742				12,217
a9937914.SQ.FTS.B, 4.551%, 4/15/27			6,218				5,973
a9937716.SQ.FTS.B, 4.554%, 4/15/27			5,051				4,838
a9935754.SQ.FTS.B, 4.988%, 4/15/27			12,406				11,947
a9937588.SQ.FTS.B, 4.988%, 4/15/27			1,271				1,215
a9938167.SQ.FTS.B, 4.989%, 4/15/27			3,971				3,745
a9937762.SQ.FTS.B, 5.301%, 4/15/27			9,618				9,078
a9938142.SQ.FTS.B, 5.304%, 4/15/27			2,864				2,695
a9938213.SQ.FTS.B, 5.305%, 4/15/27			4,065				3,855
a9933971.SQ.FTS.B, 5.328%, 4/15/27			3,321				3,073
a9935512.SQ.FTS.B, 5.555%, 4/15/27			7,677				7,335
a9933467.SQ.FTS.B, 5.806%, 4/15/27			11,461				10,989
a9933867.SQ.FTS.B, 6.118%, 4/15/27			1,182				1,132
a9935681.SQ.FTS.B, 6.176%, 4/15/27			2,261				2,171
a9936923.SQ.FTS.B, 6.18%, 4/15/27			38,025				35,667
a9935721.SQ.FTS.B, 6.348%, 4/15/27			1,994				1,867
a9935489.SQ.FTS.B, 6.481%, 4/15/27			2,186				1,934
a9937840.SQ.FTS.B, 6.496%, 4/15/27			10,241				9,566
a9941274.SQ.FTS.B, 4.549%, 4/16/27			5,315				4,894
a9944601.SQ.FTS.B, 4.549%, 4/16/27			4,357				4,154
a9944648.SQ.FTS.B, 4.549%, 4/16/27			6,558				6,280
a9945037.SQ.FTS.B, 4.549%, 4/16/27			68,144				65,438
a9945973.SQ.FTS.B, 4.549%, 4/16/27			23,449				22,409
a9942645.SQ.FTS.B, 4.55%, 4/16/27			28,390				27,277
a9943480.SQ.FTS.B, 4.551%, 4/16/27			6,368				6,108

Description		Principal Amount				Value
Block, Inc. (continued)
a9944634.SQ.FTS.B, 4.551%, 4/16/27		$	2,042			$	1,947
a9944261.SQ.FTS.B, 4.552%, 4/16/27			11,418				10,906
a9941494.SQ.FTS.B, 4.553%, 4/16/27			7,647				7,332
a9944572.SQ.FTS.B, 4.556%, 4/16/27			3,927				3,766
a9944704.SQ.FTS.B, 4.57%, 4/16/27			1,387				1,325
a9944463.SQ.FTS.B, 4.979%, 4/16/27			2,804				2,670
a9942126.SQ.FTS.B, 4.988%, 4/16/27			8,548				7,486
a9943952.SQ.FTS.B, 4.988%, 4/16/27			18,401				17,637
a9944910.SQ.FTS.B, 4.988%, 4/16/27			13,083				12,213
a9943415.SQ.FTS.B, 5.3%, 4/16/27			3,658				3,498
a9942375.SQ.FTS.B, 5.302%, 4/16/27			10,616				10,151
a9941701.SQ.FTS.B, 5.304%, 4/16/27			5,599				5,213
a9943702.SQ.FTS.B, 5.321%, 4/16/27			891				860
a9943448.SQ.FTS.B, 5.323%, 4/16/27			1,320				1,252
a9944718.SQ.FTS.B, 5.536%, 4/16/27			947				913
a9941807.SQ.FTS.B, 5.551%, 4/16/27			7,406				7,036
a9941576.SQ.FTS.B, 5.553%, 4/16/27			9,434				8,846
a9943371.SQ.FTS.B, 5.553%, 4/16/27			3,209				3,035
a9944425.SQ.FTS.B, 5.553%, 4/16/27			2,747				2,598
a9944730.SQ.FTS.B, 5.554%, 4/16/27			10,616				10,135
a9943614.SQ.FTS.B, 5.558%, 4/16/27			5,843				5,525
a9941372.SQ.FTS.B, 5.804%, 4/16/27			11,124				10,471
a9945879.SQ.FTS.B, 6.118%, 4/16/27			1,277				1,242
a9944528.SQ.FTS.B, 6.12%, 4/16/27			2,183				2,106
a9943848.SQ.FTS.B, 6.18%, 4/16/27			10,048				9,595
a9943812.SQ.FTS.B, 6.187%, 4/16/27			3,158				3,015
a9945865.SQ.FTS.B, 6.189%, 4/16/27			1,953				1,847
a9941355.SQ.FTS.B, 6.201%, 4/16/27			1,360				1,276
a9943597.SQ.FTS.B, 6.322%, 4/16/27			1,120				966
a9943716.SQ.FTS.B, 6.493%, 4/16/27			6,993				6,387
a9942013.SQ.FTS.B, 6.498%, 4/16/27			6,467				6,187
a9945929.SQ.FTS.B, 6.498%, 4/16/27			1,377				1,335
a9947766.SQ.FTS.B, 4.537%, 4/17/27			1,633				1,569
a9948713.SQ.FTS.B, 4.549%, 4/17/27			1,764				1,695
a9948847.SQ.FTS.B, 4.549%, 4/17/27			14,868				14,300
a9951179.SQ.FTS.B, 4.549%, 4/17/27			9,167				8,779
a9949088.SQ.FTS.B, 4.55%, 4/17/27			11,986				11,448
a9950003.SQ.FTS.B, 4.55%, 4/17/27			63,604				58,553
a9947809.SQ.FTS.B, 4.551%, 4/17/27			12,894				12,363
a9948229.SQ.FTS.B, 4.551%, 4/17/27			16,181				15,507
a9946311.SQ.FTS.B, 4.552%, 4/17/27			3,368				3,224
a9951139.SQ.FTS.B, 4.554%, 4/17/27			3,452				3,178
a9949788.SQ.FTS.B, 4.987%, 4/17/27			16,921				16,171
a9948001.SQ.FTS.B, 5.301%, 4/17/27			9,489				9,150
a9950648.SQ.FTS.B, 5.302%, 4/17/27			54,164				46,331
a9948589.SQ.FTS.B, 5.31%, 4/17/27			3,116				2,986

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9948750.SQ.FTS.B, 5.548%, 4/17/27		$	2,987			$	2,824
a9948191.SQ.FTS.B, 5.555%, 4/17/27			2,203				2,083
a9949266.SQ.FTS.B, 5.555%, 4/17/27			10,205				9,742
a9947909.SQ.FTS.B, 5.804%, 4/17/27			6,907				6,306
a9949203.SQ.FTS.B, 5.805%, 4/17/27			9,651				9,135
a9947983.SQ.FTS.B, 6.109%, 4/17/27			946				905
a9948819.SQ.FTS.B, 6.125%, 4/17/27			2,365				2,231
a9949415.SQ.FTS.B, 6.181%, 4/17/27			26,349				23,796
a9947797.SQ.FTS.B, 6.49%, 4/17/27			1,004				969
a9948764.SQ.FTS.B, 6.493%, 4/17/27			3,052				2,604
a9946349.SQ.FTS.B, 6.494%, 4/17/27			50,579				47,687
a9948795.SQ.FTS.B, 6.5%, 4/17/27			1,671				1,477
a9947741.SQ.FTS.B, 6.506%, 4/17/27			878				842
a9951645.SQ.FTS.B, 4.547%, 4/18/27			3,465				3,326
a9951879.SQ.FTS.B, 4.548%, 4/18/27			11,089				10,631
a9951408.SQ.FTS.B, 4.549%, 4/18/27			5,430				5,213
a9951459.SQ.FTS.B, 4.549%, 4/18/27			7,348				7,044
a9951439.SQ.FTS.B, 4.55%, 4/18/27			2,838				2,705
a9951977.SQ.FTS.B, 4.55%, 4/18/27			30,645				29,329
a9951765.SQ.FTS.B, 4.555%, 4/18/27			2,980				2,858
a9951854.SQ.FTS.B, 4.558%, 4/18/27			3,263				3,117
a9952193.SQ.FTS.B, 4.986%, 4/18/27			7,899				7,563
a9951673.SQ.FTS.B, 4.99%, 4/18/27			7,263				6,939
a9951586.SQ.FTS.B, 5.306%, 4/18/27			7,437				7,111
a9951287.SQ.FTS.B, 5.311%, 4/18/27			2,156				2,082
a9951789.SQ.FTS.B, 5.551%, 4/18/27			2,048				1,962
a9951518.SQ.FTS.B, 5.554%, 4/18/27			5,097				4,777
a9951564.SQ.FTS.B, 6.171%, 4/18/27			1,718				1,636
a9951803.SQ.FTS.B, 6.178%, 4/18/27			7,756				7,217
a9951728.SQ.FTS.B, 6.186%, 4/18/27			3,290				3,172
a9951323.SQ.FTS.B, 6.493%, 4/18/27			21,163				15,606
a9952276.SQ.FTS.B, 6.178%, 4/19/27			10,185				9,694
a9955827.SQ.FTS.B, 4.541%, 4/20/27			2,600				2,498
a9956219.SQ.FTS.B, 4.548%, 4/20/27			4,233				4,034
a9955775.SQ.FTS.B, 4.549%, 4/20/27			3,730				3,563
a9958718.SQ.FTS.B, 4.549%, 4/20/27			12,879				12,345
a9954389.SQ.FTS.B, 4.55%, 4/20/27			33,352				31,969
a9956858.SQ.FTS.B, 4.551%, 4/20/27			12,238				11,688
a9957753.SQ.FTS.B, 4.551%, 4/20/27			11,097				10,658
a9957469.SQ.FTS.B, 4.988%, 4/20/27			11,892				11,111
a9957615.SQ.FTS.B, 4.988%, 4/20/27			7,873				7,471
a9958390.SQ.FTS.B, 4.988%, 4/20/27			15,724				14,920
a9958254.SQ.FTS.B, 4.989%, 4/20/27			5,539				5,255
a9957036.SQ.FTS.B, 5.301%, 4/20/27			21,882				18,774
a9956173.SQ.FTS.B, 5.308%, 4/20/27			2,292				2,190
a9958120.SQ.FTS.B, 5.552%, 4/20/27			8,304				7,846

Description		Principal Amount				Value
Block, Inc. (continued)
a9956356.SQ.FTS.B, 5.553%, 4/20/27		$	23,732			$	22,424
a9957400.SQ.FTS.B, 5.56%, 4/20/27			2,358				2,239
a9956329.SQ.FTS.B, 6.105%, 4/20/27			547				527
a9958233.SQ.FTS.B, 6.133%, 4/20/27			1,310				1,215
a9957737.SQ.FTS.B, 6.162%, 4/20/27			1,551				1,251
a9955908.SQ.FTS.B, 6.178%, 4/20/27			9,092				8,601
a9958363.SQ.FTS.B, 6.337%, 4/20/27			947				892
a9956144.SQ.FTS.B, 6.343%, 4/20/27			1,927				1,667
a9960868.SQ.FTS.B, 4.542%, 4/21/27			2,984				2,855
a9959584.SQ.FTS.B, 4.549%, 4/21/27			25,400				24,253
a9960585.SQ.FTS.B, 4.549%, 4/21/27			6,940				6,392
a9960924.SQ.FTS.B, 4.549%, 4/21/27			69,265				66,496
a9963918.SQ.FTS.B, 4.549%, 4/21/27			18,254				17,395
a9962665.SQ.FTS.B, 4.551%, 4/21/27			13,153				12,537
a9963451.SQ.FTS.B, 4.551%, 4/21/27			6,720				6,439
a9962015.SQ.FTS.B, 4.988%, 4/21/27			22,965				22,141
a9960384.SQ.FTS.B, 5.298%, 4/21/27			3,845				3,642
a9963898.SQ.FTS.B, 5.302%, 4/21/27			795				764
a9962873.SQ.FTS.B, 5.303%, 4/21/27			30,439				29,082
a9959131.SQ.FTS.B, 5.305%, 4/21/27			9,053				8,689
a9959037.SQ.FTS.B, 5.316%, 4/21/27			162				157
a9960707.SQ.FTS.B, 5.335%, 4/21/27			3,058				2,832
a9963075.SQ.FTS.B, 5.553%, 4/21/27			46,534				44,421
a9963669.SQ.FTS.B, 5.806%, 4/21/27			14,954				12,405
a9960781.SQ.FTS.B, 5.816%, 4/21/27			1,843				1,753
a9963866.SQ.FTS.B, 6.115%, 4/21/27			4,813				4,292
a9960828.SQ.FTS.B, 6.118%, 4/21/27			851				780
a9963064.SQ.FTS.B, 6.179%, 4/21/27			1,873				1,755
a9961996.SQ.FTS.B, 6.18%, 4/21/27			2,263				2,172
a9963537.SQ.FTS.B, 6.18%, 4/21/27			9,741				9,212
a9962654.SQ.FTS.B, 6.202%, 4/21/27			930				888
a9959364.SQ.FTS.B, 6.496%, 4/21/27			1,335				1,295
a9959428.SQ.FTS.B, 6.496%, 4/21/27			4,731				4,423
a9962813.SQ.FTS.B, 6.496%, 4/21/27			6,519				6,175
a9965546.SQ.FTS.B, 4.546%, 4/22/27			4,420				4,241
a9967839.SQ.FTS.B, 4.548%, 4/22/27			10,918				10,060
a9964512.SQ.FTS.B, 4.549%, 4/22/27			4,694				4,484
a9965670.SQ.FTS.B, 4.549%, 4/22/27			6,281				6,008
a9967213.SQ.FTS.B, 4.549%, 4/22/27			21,461				20,563
a9967661.SQ.FTS.B, 4.549%, 4/22/27			28,926				27,710
a9967880.SQ.FTS.B, 4.549%, 4/22/27			45,245				42,998
a9968433.SQ.FTS.B, 4.549%, 4/22/27			20,257				19,411
a9968788.SQ.FTS.B, 4.549%, 4/22/27			10,000				9,216
a9966508.SQ.FTS.B, 4.55%, 4/22/27			31,732				29,236
a9966957.SQ.FTS.B, 4.55%, 4/22/27			24,303				23,249
a9966059.SQ.FTS.B, 4.551%, 4/22/27			8,569				8,223

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9967585.SQ.FTS.B, 4.551%, 4/22/27		$	8,630			$	8,256
a9964636.SQ.FTS.B, 4.553%, 4/22/27			7,136				6,783
a9964752.SQ.FTS.B, 4.988%, 4/22/27			12,070				11,528
a9968352.SQ.FTS.B, 4.991%, 4/22/27			1,688				1,615
a9965425.SQ.FTS.B, 5.302%, 4/22/27			3,095				2,979
a9968639.SQ.FTS.B, 5.551%, 4/22/27			5,050				4,793
a9966832.SQ.FTS.B, 5.556%, 4/22/27			10,120				9,605
a9967514.SQ.FTS.B, 5.799%, 4/22/27			3,723				3,542
a9965377.SQ.FTS.B, 6.118%, 4/22/27			1,758				1,692
a9967566.SQ.FTS.B, 6.17%, 4/22/27			1,197				1,083
a9968675.SQ.FTS.B, 6.181%, 4/22/27			8,845				8,364
a9968758.SQ.FTS.B, 6.183%, 4/22/27			4,069				3,848
a9967205.SQ.FTS.B, 6.327%, 4/22/27			1,056				1,003
a9965277.SQ.FTS.B, 6.334%, 4/22/27			1,334				1,202
a9964233.SQ.FTS.B, 6.487%, 4/22/27			2,262				2,098
a9965140.SQ.FTS.B, 6.49%, 4/22/27			2,315				2,234
a9968368.SQ.FTS.B, 6.494%, 4/22/27			3,741				3,563
a9964298.SQ.FTS.B, 6.495%, 4/22/27			12,031				11,338
a9965732.SQ.FTS.B, 6.495%, 4/22/27			21,168				20,049
a9965715.SQ.FTS.B, 6.505%, 4/22/27			1,910				1,674
a9973706.SQ.FTS.B, 4.547%, 4/23/27			6,244				5,994
a9971631.SQ.FTS.B, 4.549%, 4/23/27			2,749				2,634
a9971991.SQ.FTS.B, 4.549%, 4/23/27			19,583				18,728
a9973915.SQ.FTS.B, 4.549%, 4/23/27			30,026				28,596
a9974348.SQ.FTS.B, 4.549%, 4/23/27			33,017				31,366
a9974867.SQ.FTS.B, 4.549%, 4/23/27			63,904				61,342
a9975749.SQ.FTS.B, 4.549%, 4/23/27			7,496				7,170
a9976105.SQ.FTS.B, 4.549%, 4/23/27			2,955				2,838
a9972544.SQ.FTS.B, 4.551%, 4/23/27			14,599				13,936
a9973792.SQ.FTS.B, 4.551%, 4/23/27			1,924				1,843
a9976618.SQ.FTS.B, 4.552%, 4/23/27			3,663				3,497
a9972919.SQ.FTS.B, 4.988%, 4/23/27			3,549				3,393
a9975828.SQ.FTS.B, 4.988%, 4/23/27			4,179				4,021
a9975880.SQ.FTS.B, 4.99%, 4/23/27			6,031				5,801
a9976137.SQ.FTS.B, 5.302%, 4/23/27			28,573				27,566
a9973653.SQ.FTS.B, 5.313%, 4/23/27			2,118				2,032
a9973843.SQ.FTS.B, 5.331%, 4/23/27			3,187				2,955
a9973596.SQ.FTS.B, 5.333%, 4/23/27			2,169				1,983
a9973667.SQ.FTS.B, 5.342%, 4/23/27			1,373				1,299
a9972991.SQ.FTS.B, 5.805%, 4/23/27			24,143				22,962
a9971870.SQ.FTS.B, 5.809%, 4/23/27			6,074				5,743
a9973685.SQ.FTS.B, 6.127%, 4/23/27			922				865
a9973515.SQ.FTS.B, 6.176%, 4/23/27			3,323				3,208
a9976677.SQ.FTS.B, 6.18%, 4/23/27			16,845				15,780
a9972416.SQ.FTS.B, 6.181%, 4/23/27			2,531				2,407
a9971696.SQ.FTS.B, 6.331%, 4/23/27			1,628				1,578

Description		Principal Amount				Value
Block, Inc. (continued)
a9974795.SQ.FTS.B, 6.488%, 4/23/27		$	3,478			$	3,245
a9971799.SQ.FTS.B, 6.493%, 4/23/27			2,078				1,958
a9971745.SQ.FTS.B, 6.494%, 4/23/27			470				456
a9975970.SQ.FTS.B, 6.494%, 4/23/27			10,722				10,098
a9976841.SQ.FTS.B, 4.542%, 4/24/27			2,185				2,089
a9977894.SQ.FTS.B, 4.548%, 4/24/27			9,903				9,481
a9977200.SQ.FTS.B, 4.549%, 4/24/27			5,479				5,249
a9977429.SQ.FTS.B, 4.549%, 4/24/27			18,999				18,133
a9978536.SQ.FTS.B, 4.549%, 4/24/27			28,800				27,534
a9978870.SQ.FTS.B, 4.549%, 4/24/27			9,560				9,142
a9981351.SQ.FTS.B, 4.549%, 4/24/27			5,874				5,624
a9981268.SQ.FTS.B, 4.55%, 4/24/27			5,099				4,699
a9976950.SQ.FTS.B, 4.551%, 4/24/27			14,905				14,278
a9978989.SQ.FTS.B, 4.551%, 4/24/27			2,670				2,556
a9979950.SQ.FTS.B, 4.551%, 4/24/27			18,458				17,575
a9978433.SQ.FTS.B, 4.553%, 4/24/27			7,308				6,998
a9980677.SQ.FTS.B, 4.553%, 4/24/27			4,617				4,421
a9979384.SQ.FTS.B, 4.555%, 4/24/27			2,954				2,834
a9977321.SQ.FTS.B, 4.562%, 4/24/27			2,240				2,146
a9977380.SQ.FTS.B, 4.987%, 4/24/27			2,088				1,951
a9979612.SQ.FTS.B, 4.988%, 4/24/27			38,670				36,640
a9978356.SQ.FTS.B, 4.99%, 4/24/27			8,919				8,514
a9979555.SQ.FTS.B, 4.993%, 4/24/27			5,439				5,153
a9979036.SQ.FTS.B, 5.302%, 4/24/27			14,874				14,021
a9980864.SQ.FTS.B, 5.302%, 4/24/27			32,504				31,028
a9980768.SQ.FTS.B, 5.307%, 4/24/27			5,539				4,770
a9981218.SQ.FTS.B, 5.32%, 4/24/27			871				824
a9981331.SQ.FTS.B, 5.329%, 4/24/27			2,008				863
a9978141.SQ.FTS.B, 6.118%, 4/24/27			24,390				10,627
a9980559.SQ.FTS.B, 6.18%, 4/24/27			1,434				1,380
a9979370.SQ.FTS.B, 6.32%, 4/24/27			1,593				1,436
a9980581.SQ.FTS.B, 6.334%, 4/24/27			1,921				1,863
a9979592.SQ.FTS.B, 6.474%, 4/24/27			929				896
a9981186.SQ.FTS.B, 6.487%, 4/24/27			3,303				3,089
a9981436.SQ.FTS.B, 6.493%, 4/24/27			12,342				11,820
a9978958.SQ.FTS.B, 6.498%, 4/24/27			2,049				1,966
a9979254.SQ.FTS.B, 6.498%, 4/24/27			6,220				5,921
a9981632.SQ.FTS.B, 4.549%, 4/25/27			20,268				19,376
a9981921.SQ.FTS.B, 4.549%, 4/25/27			3,431				3,288
a9982028.SQ.FTS.B, 4.549%, 4/25/27			3,680				3,526
a9981953.SQ.FTS.B, 4.55%, 4/25/27			10,352				9,896
a9982072.SQ.FTS.B, 4.553%, 4/25/27			5,119				4,901
a9982127.SQ.FTS.B, 4.988%, 4/25/27			1,412				1,341
a9982168.SQ.FTS.B, 4.988%, 4/25/27			28,365				26,866
a9981810.SQ.FTS.B, 4.99%, 4/25/27			9,059				8,621
a9982114.SQ.FTS.B, 5.551%, 4/25/27			2,753				2,626

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9982453.SQ.FTS.B, 6.124%, 4/25/27		$	3,956			$	1,776
a9982142.SQ.FTS.B, 6.126%, 4/25/27			817				787
a9981880.SQ.FTS.B, 6.133%, 4/25/27			1,177				1,106
a9982421.SQ.FTS.B, 6.34%, 4/25/27			1,464				1,380
a9982436.SQ.FTS.B, 6.357%, 4/25/27			1,281				1,200
a9982063.SQ.FTS.B, 6.485%, 4/25/27			885				849
a9981903.SQ.FTS.B, 6.487%, 4/25/27			1,860				1,753
a9982150.SQ.FTS.B, 6.5%, 4/25/27			2,313				2,203
a9982801.SQ.FTS.B, 4.543%, 4/26/27			2,969				2,821
a9982824.SQ.FTS.B, 4.549%, 4/26/27			38,275				35,286
a9983150.SQ.FTS.B, 4.989%, 4/26/27			24,111				23,048
a9982517.SQ.FTS.B, 5.301%, 4/26/27			5,427				5,179
a9982643.SQ.FTS.B, 5.554%, 4/26/27			15,296				14,612
a9982629.SQ.FTS.B, 6.117%, 4/26/27			1,285				1,208
a9982583.SQ.FTS.B, 6.184%, 4/26/27			5,625				5,089
a9982498.SQ.FTS.B, 6.481%, 4/26/27			2,264				2,026
a9986635.SQ.FTS.B, 4.542%, 4/27/27			1,873				1,783
a9986143.SQ.FTS.B, 4.547%, 4/27/27			8,915				8,487
a9986684.SQ.FTS.B, 4.547%, 4/27/27			8,288				7,923
a9988086.SQ.FTS.B, 4.547%, 4/27/27			1,698				1,630
a9988185.SQ.FTS.B, 4.549%, 4/27/27			10,037				9,260
a9985145.SQ.FTS.B, 4.551%, 4/27/27			2,292				2,194
a9989166.SQ.FTS.B, 4.551%, 4/27/27			15,726				15,011
a9985564.SQ.FTS.B, 4.557%, 4/27/27			4,331				3,995
a9985677.SQ.FTS.B, 4.987%, 4/27/27			28,586				26,921
a9986326.SQ.FTS.B, 4.988%, 4/27/27			15,616				14,907
a9988122.SQ.FTS.B, 4.988%, 4/27/27			3,788				3,591
a9988320.SQ.FTS.B, 4.988%, 4/27/27			10,951				10,371
a9984902.SQ.FTS.B, 5.302%, 4/27/27			3,613				3,448
a9984677.SQ.FTS.B, 5.339%, 4/27/27			4,786				3,168
a9985491.SQ.FTS.B, 5.548%, 4/27/27			2,069				1,998
a9984548.SQ.FTS.B, 5.549%, 4/27/27			4,227				3,932
a9989529.SQ.FTS.B, 5.559%, 4/27/27			3,121				2,926
a9984870.SQ.FTS.B, 5.804%, 4/27/27			564				543
a9985464.SQ.FTS.B, 6.118%, 4/27/27			407				393
a9989155.SQ.FTS.B, 6.126%, 4/27/27			894				862
a9985398.SQ.FTS.B, 6.167%, 4/27/27			2,464				2,009
a9988512.SQ.FTS.B, 6.181%, 4/27/27			36,705				34,906
a9985057.SQ.FTS.B, 6.193%, 4/27/27			2,255				2,131
a9985327.SQ.FTS.B, 6.327%, 4/27/27			1,732				1,671
a9985001.SQ.FTS.B, 6.472%, 4/27/27			1,263				1,113
a9984793.SQ.FTS.B, 6.479%, 4/27/27			1,241				1,198
a9988063.SQ.FTS.B, 6.495%, 4/27/27			1,652				1,574
a9985231.SQ.FTS.B, 6.51%, 4/27/27			1,405				1,325
a9989652.SQ.FTS.B, 4.548%, 4/28/27			5,258				5,046
a9990235.SQ.FTS.B, 4.548%, 4/28/27			3,304				3,048

Description		Principal Amount				Value
Block, Inc. (continued)
a9994718.SQ.FTS.B, 4.548%, 4/28/27		$	10,299			$	9,805
a9991115.SQ.FTS.B, 4.549%, 4/28/27			48,396				46,208
a9991923.SQ.FTS.B, 4.549%, 4/28/27			3,965				3,789
a9992198.SQ.FTS.B, 4.549%, 4/28/27			17,644				16,838
a9993414.SQ.FTS.B, 4.549%, 4/28/27			26,531				25,438
a9994414.SQ.FTS.B, 4.549%, 4/28/27			4,760				4,553
a9994564.SQ.FTS.B, 4.549%, 4/28/27			14,147				13,055
a9991963.SQ.FTS.B, 4.55%, 4/28/27			21,508				20,581
a9990406.SQ.FTS.B, 4.551%, 4/28/27			17,067				16,337
a9994470.SQ.FTS.B, 4.551%, 4/28/27			8,604				8,237
a9995281.SQ.FTS.B, 4.552%, 4/28/27			5,984				5,712
a9993348.SQ.FTS.B, 4.554%, 4/28/27			6,121				5,860
a9994037.SQ.FTS.B, 4.555%, 4/28/27			5,235				5,007
a9994083.SQ.FTS.B, 4.561%, 4/28/27			1,700				1,625
a9994762.SQ.FTS.B, 4.982%, 4/28/27			1,793				1,726
a9991806.SQ.FTS.B, 4.988%, 4/28/27			10,249				9,751
a9994772.SQ.FTS.B, 4.988%, 4/28/27			36,273				34,839
a9994241.SQ.FTS.B, 4.989%, 4/28/27			5,637				5,270
a9994337.SQ.FTS.B, 4.989%, 4/28/27			15,858				14,936
a9990327.SQ.FTS.B, 5.311%, 4/28/27			2,484				2,388
a9993980.SQ.FTS.B, 5.344%, 4/28/27			2,949				2,458
a9989803.SQ.FTS.B, 5.545%, 4/28/27			1,541				1,471
a9995231.SQ.FTS.B, 5.547%, 4/28/27			3,040				2,900
a9993786.SQ.FTS.B, 5.55%, 4/28/27			3,891				3,344
a9993826.SQ.FTS.B, 5.804%, 4/28/27			9,214				8,431
a9989747.SQ.FTS.B, 6.173%, 4/28/27			4,304				3,517
a9994454.SQ.FTS.B, 6.175%, 4/28/27			5,369				5,033
a9993208.SQ.FTS.B, 6.184%, 4/28/27			4,187				3,981
a9989639.SQ.FTS.B, 6.323%, 4/28/27			855				792
a9995277.SQ.FTS.B, 6.327%, 4/28/27			499				468
a9994091.SQ.FTS.B, 6.335%, 4/28/27			985				950
a9995351.SQ.FTS.B, 6.49%, 4/28/27			1,399				1,330
a9989865.SQ.FTS.B, 6.492%, 4/28/27			11,010				10,280
a9995366.SQ.FTS.B, 6.495%, 4/28/27			13,997				13,421
a9994110.SQ.FTS.B, 6.496%, 4/28/27			9,594				8,825
a9995522.SQ.FTS.B, 6.496%, 4/28/27			8,970				8,464
a9995641.SQ.FTS.B, 6.496%, 4/28/27			1,583				1,518
a9990197.SQ.FTS.B, 6.502%, 4/28/27			980				923
a9999927.SQ.FTS.B, 4.546%, 4/29/27			2,853				2,730
a9998048.SQ.FTS.B, 4.547%, 4/29/27			3,950				3,769
a10000339.SQ.FTS.B, 4.549%, 4/29/27			3,659				3,507
a9996361.SQ.FTS.B, 4.549%, 4/29/27			3,719				3,561
a9997616.SQ.FTS.B, 4.549%, 4/29/27			32,368				30,979
a9998620.SQ.FTS.B, 4.549%, 4/29/27			50,406				48,234
a9999142.SQ.FTS.B, 4.549%, 4/29/27			58,862				56,476
a9996931.SQ.FTS.B, 4.55%, 4/29/27			33,548				32,105

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a9998156.SQ.FTS.B, 4.55%, 4/29/27		$	11,696			$	11,179
a9995811.SQ.FTS.B, 4.551%, 4/29/27			19,972				18,434
a9996254.SQ.FTS.B, 4.551%, 4/29/27			3,022				2,897
a9999975.SQ.FTS.B, 4.551%, 4/29/27			13,459				12,846
a10000413.SQ.FTS.B, 4.552%, 4/29/27			11,138				10,645
a9996460.SQ.FTS.B, 4.553%, 4/29/27			5,368				5,099
a9995745.SQ.FTS.B, 4.556%, 4/29/27			4,701				4,340
a9997932.SQ.FTS.B, 4.558%, 4/29/27			1,871				1,796
a9996766.SQ.FTS.B, 4.983%, 4/29/27			4,441				4,236
a9999951.SQ.FTS.B, 4.985%, 4/29/27			2,283				2,197
a10000145.SQ.FTS.B, 4.988%, 4/29/27			11,747				11,318
a9998369.SQ.FTS.B, 4.989%, 4/29/27			18,498				17,648
a9999791.SQ.FTS.B, 6.18%, 4/29/27			9,466				8,874
a9996164.SQ.FTS.B, 6.181%, 4/29/27			3,036				2,892
a9996281.SQ.FTS.B, 6.181%, 4/29/27			2,901				2,740
a10000089.SQ.FTS.B, 6.184%, 4/29/27			3,419				3,229
a9997998.SQ.FTS.B, 6.186%, 4/29/27			3,159				2,937
a9997953.SQ.FTS.B, 6.191%, 4/29/27			2,298				2,202
a9996740.SQ.FTS.B, 6.476%, 4/29/27			1,296				1,210
a10000402.SQ.FTS.B, 6.488%, 4/29/27			1,393				1,095
a10000374.SQ.FTS.B, 6.495%, 4/29/27			1,064				828
a9996222.SQ.FTS.B, 6.496%, 4/29/27			1,962				1,830
a9995989.SQ.FTS.B, 6.498%, 4/29/27			6,849				6,455
a9998125.SQ.FTS.B, 6.502%, 4/29/27			1,815				1,734
a9995800.SQ.FTS.B, 6.504%, 4/29/27			1,191				1,112
a10004713.SQ.FTS.B, 4.547%, 4/30/27			8,780				8,401
a10004983.SQ.FTS.B, 4.547%, 4/30/27			6,857				6,526
a10007779.SQ.FTS.B, 4.547%, 4/30/27			8,893				8,510
a10003560.SQ.FTS.B, 4.549%, 4/30/27			4,971				4,733
a10005580.SQ.FTS.B, 4.549%, 4/30/27			7,883				7,487
a10005776.SQ.FTS.B, 4.549%, 4/30/27			1,930				1,841
a10006767.SQ.FTS.B, 4.549%, 4/30/27			28,022				26,811
a10008771.SQ.FTS.B, 4.549%, 4/30/27			10,334				9,887
a10008918.SQ.FTS.B, 4.549%, 4/30/27			18,820				17,980
a10009288.SQ.FTS.B, 4.549%, 4/30/27			4,741				4,543
a10009437.SQ.FTS.B, 4.549%, 4/30/27			43,594				40,263
a10010586.SQ.FTS.B, 4.549%, 4/30/27			36,242				34,411
a10011290.SQ.FTS.B, 4.549%, 4/30/27			21,039				20,129
a10011585.SQ.FTS.B, 4.549%, 4/30/27			57,283				54,731
a10013758.SQ.FTS.B, 4.549%, 4/30/27			3,788				3,624
a10013848.SQ.FTS.B, 4.549%, 4/30/27			6,547				6,230
a10007103.SQ.FTS.B, 4.55%, 4/30/27			45,826				43,949
a10011515.SQ.FTS.B, 4.55%, 4/30/27			5,928				5,629
a10007965.SQ.FTS.B, 4.552%, 4/30/27			11,085				10,603
a10012346.SQ.FTS.B, 4.552%, 4/30/27			9,447				8,723
a10012329.SQ.FTS.B, 4.558%, 4/30/27			3,372				3,221

Description		Principal Amount				Value
Block, Inc. (continued)
a10008306.SQ.FTS.B, 4.564%, 4/30/27		$	1,973			$	1,888
a10005450.SQ.FTS.B, 4.57%, 4/30/27			1,427				1,364
a10003654.SQ.FTS.B, 4.988%, 4/30/27			31,425				30,161
a10004522.SQ.FTS.B, 4.988%, 4/30/27			3,454				3,255
a10005104.SQ.FTS.B, 4.988%, 4/30/27			7,905				7,446
a10006018.SQ.FTS.B, 4.989%, 4/30/27			10,150				9,768
a10006982.SQ.FTS.B, 4.99%, 4/30/27			8,236				7,905
a10005841.SQ.FTS.B, 4.991%, 4/30/27			5,276				5,064
a10005690.SQ.FTS.B, 5.295%, 4/30/27			1,754				1,648
a10003541.SQ.FTS.B, 5.322%, 4/30/27			876				839
a10004897.SQ.FTS.B, 5.332%, 4/30/27			2,938				2,757
a10013094.SQ.FTS.B, 5.341%, 4/30/27			3,423				3,133
a10013246.SQ.FTS.B, 5.547%, 4/30/27			2,265				2,105
a10005499.SQ.FTS.B, 5.549%, 4/30/27			1,445				1,379
a10008342.SQ.FTS.B, 5.553%, 4/30/27			52,271				49,886
a10008119.SQ.FTS.B, 5.804%, 4/30/27			18,539				17,438
a10005943.SQ.FTS.B, 5.813%, 4/30/27			3,099				2,882
a10012319.SQ.FTS.B, 5.822%, 4/30/27			1,410				1,353
a10006695.SQ.FTS.B, 6.176%, 4/30/27			5,173				4,851
a10005311.SQ.FTS.B, 6.178%, 4/30/27			7,277				6,593
a10006212.SQ.FTS.B, 6.18%, 4/30/27			43,242				41,170
a10012467.SQ.FTS.B, 6.181%, 4/30/27			41,756				34,353
a10012142.SQ.FTS.B, 6.182%, 4/30/27			18,216				14,988
a10008316.SQ.FTS.B, 6.196%, 4/30/27			1,690				1,606
a10013826.SQ.FTS.B, 6.199%, 4/30/27			847				814
a10013192.SQ.FTS.B, 6.339%, 4/30/27			2,286				2,069
a10008104.SQ.FTS.B, 6.344%, 4/30/27			1,941				1,841
a10006716.SQ.FTS.B, 6.348%, 4/30/27			2,425				2,289
a10005830.SQ.FTS.B, 6.481%, 4/30/27			1,193				1,151
a10010462.SQ.FTS.B, 6.494%, 4/30/27			5,163				4,688
a10013317.SQ.FTS.B, 6.495%, 4/30/27			20,175				18,485
a10005721.SQ.FTS.B, 6.498%, 4/30/27			2,530				2,362
a10010402.SQ.FTS.B, 6.498%, 4/30/27			5,645				4,341
a10007088.SQ.FTS.B, 6.506%, 4/30/27			1,442				1,136
a10014073.SQ.FTS.B, 4.547%, 5/01/27			7,571				7,222
a10013923.SQ.FTS.B, 4.549%, 5/01/27			16,049				15,238
a10014183.SQ.FTS.B, 4.549%, 5/01/27			6,755				6,451
a10014246.SQ.FTS.B, 4.549%, 5/01/27			17,161				16,455
a10014649.SQ.FTS.B, 4.549%, 5/01/27			3,210				3,048
a10014533.SQ.FTS.B, 4.551%, 5/01/27			8,361				8,013
a10014456.SQ.FTS.B, 4.987%, 5/01/27			7,216				6,859
a10014437.SQ.FTS.B, 5.001%, 5/01/27			2,391				2,235
a10014407.SQ.FTS.B, 5.297%, 5/01/27			2,949				2,809
a10014620.SQ.FTS.B, 5.298%, 5/01/27			3,597				3,384
a10014640.SQ.FTS.B, 5.335%, 5/01/27			1,102				1,055
a10014450.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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10014143.SQ.FTS.B, 6.18%, 5/01/27		$	6,555			$	6,188
a10014376.SQ.FTS.B, 6.18%, 5/01/27			3,332				3,178
a10014711.SQ.FTS.B, 6.183%, 5/01/27			5,425				5,089
a10014514.SQ.FTS.B, 6.332%, 5/01/27			2,730				2,576
a10014680.SQ.FTS.B, 6.34%, 5/01/27			2,461				2,281
a10014053.SQ.FTS.B, 6.485%, 5/01/27			1,787				1,690
a10013891.SQ.FTS.B, 6.486%, 5/01/27			1,676				1,592
a10013905.SQ.FTS.B, 6.499%, 5/01/27			4,112				3,914
a10014034.SQ.FTS.B, 6.499%, 5/01/27			1,380				1,335
a10014872.SQ.FTS.B, 4.549%, 5/02/27			29,537				28,258
a10015352.SQ.FTS.B, 4.549%, 5/02/27			8,929				8,542
a10015443.SQ.FTS.B, 4.55%, 5/02/27			11,536				11,031
a10015336.SQ.FTS.B, 4.557%, 5/02/27			3,197				3,035
a10015535.SQ.FTS.B, 4.988%, 5/02/27			35,212				31,292
a10015174.SQ.FTS.B, 5.303%, 5/02/27			20,305				19,246
a10014810.SQ.FTS.B, 5.812%, 5/02/27			2,584				2,184
a10015170.SQ.FTS.B, 6.243%, 5/02/27			400				384
a10015134.SQ.FTS.B, 6.343%, 5/02/27			4,187				3,918
a10014826.SQ.FTS.B, 6.494%, 5/02/27			3,611				3,402
a10014766.SQ.FTS.B, 6.502%, 5/02/27			3,947				3,134
a10016682.SQ.FTS.B, 4.541%, 5/03/27			2,286				2,186
a10021136.SQ.FTS.B, 4.543%, 5/03/27			1,915				1,834
a10019735.SQ.FTS.B, 4.547%, 5/03/27			4,443				4,249
a10017318.SQ.FTS.B, 4.549%, 5/03/27			37,201				35,590
a10019307.SQ.FTS.B, 4.549%, 5/03/27			9,721				9,286
a10019393.SQ.FTS.B, 4.549%, 5/03/27			17,352				16,574
a10019913.SQ.FTS.B, 4.549%, 5/03/27			37,262				34,462
a10021741.SQ.FTS.B, 4.549%, 5/03/27			4,825				4,609
a10021786.SQ.FTS.B, 4.549%, 5/03/27			6,556				6,262
a10021902.SQ.FTS.B, 4.549%, 5/03/27			16,540				15,852
a10020473.SQ.FTS.B, 4.55%, 5/03/27			39,324				37,334
a10016726.SQ.FTS.B, 4.552%, 5/03/27			8,446				8,098
a10018575.SQ.FTS.B, 4.988%, 5/03/27			47,210				44,988
a10021270.SQ.FTS.B, 4.988%, 5/03/27			62,450				59,336
a10019225.SQ.FTS.B, 5.3%, 5/03/27			5,607				5,276
a10022170.SQ.FTS.B, 5.303%, 5/03/27			20,088				18,902
a10019666.SQ.FTS.B, 5.327%, 5/03/27			1,731				1,667
a10016720.SQ.FTS.B, 5.343%, 5/03/27			1,032				865
a10019649.SQ.FTS.B, 5.553%, 5/03/27			2,100				1,821
a10020275.SQ.FTS.B, 5.804%, 5/03/27			16,951				16,148
a10020946.SQ.FTS.B, 5.804%, 5/03/27			7,655				7,355
a10022139.SQ.FTS.B, 5.804%, 5/03/27			4,707				4,448
a10021098.SQ.FTS.B, 5.805%, 5/03/27			3,082				2,978
a10017224.SQ.FTS.B, 6.109%, 5/03/27			1,839				1,742
a10020836.SQ.FTS.B, 6.118%, 5/03/27			11,826				10,556
a10022084.SQ.FTS.B, 6.179%, 5/03/27			9,289				8,421

Description		Principal Amount				Value
Block, Inc. (continued)
a10018379.SQ.FTS.B, 6.339%, 5/03/27		$	6,066			$	5,592
a10019821.SQ.FTS.B, 6.34%, 5/03/27			7,657				6,713
a10021074.SQ.FTS.B, 6.34%, 5/03/27			4,287				3,980
a10020239.SQ.FTS.B, 6.483%, 5/03/27			1,690				1,598
a10021166.SQ.FTS.B, 6.493%, 5/03/27			10,149				8,006
a10016707.SQ.FTS.B, 6.494%, 5/03/27			750				727
a10024434.SQ.FTS.B, 4.549%, 5/04/27			3,830				3,663
a10025630.SQ.FTS.B, 4.549%, 5/04/27			36,220				33,525
a10026904.SQ.FTS.B, 4.549%, 5/04/27			2,557				2,454
a10026934.SQ.FTS.B, 4.549%, 5/04/27			8,531				8,167
a10027024.SQ.FTS.B, 4.549%, 5/04/27			49,623				45,914
a10027467.SQ.FTS.B, 4.549%, 5/04/27			46,261				44,331
a10022665.SQ.FTS.B, 4.551%, 5/04/27			17,767				16,996
a10023724.SQ.FTS.B, 4.987%, 5/04/27			15,499				14,685
a10024666.SQ.FTS.B, 4.988%, 5/04/27			38,410				34,238
a10025972.SQ.FTS.B, 4.989%, 5/04/27			40,393				38,484
a10027944.SQ.FTS.B, 5.302%, 5/04/27			16,311				15,574
a10026284.SQ.FTS.B, 5.304%, 5/04/27			19,787				17,237
a10027446.SQ.FTS.B, 5.348%, 5/04/27			1,589				1,426
a10023317.SQ.FTS.B, 5.553%, 5/04/27			5,854				5,496
a10023702.SQ.FTS.B, 5.553%, 5/04/27			881				841
a10025335.SQ.FTS.B, 5.554%, 5/04/27			11,764				11,150
a10023250.SQ.FTS.B, 5.555%, 5/04/27			2,803				2,683
a10023686.SQ.FTS.B, 5.574%, 5/04/27			1,192				1,146
a10025433.SQ.FTS.B, 5.804%, 5/04/27			17,522				16,833
a10023160.SQ.FTS.B, 5.839%, 5/04/27			735				705
a10024316.SQ.FTS.B, 6.175%, 5/04/27			2,970				2,786
a10025031.SQ.FTS.B, 6.18%, 5/04/27			25,276				24,065
a10024511.SQ.FTS.B, 6.183%, 5/04/27			9,795				9,251
a10023182.SQ.FTS.B, 6.485%, 5/04/27			1,987				1,903
a10023455.SQ.FTS.B, 6.491%, 5/04/27			5,614				5,414
a10027909.SQ.FTS.B, 6.491%, 5/04/27			1,841				1,781
a10024364.SQ.FTS.B, 6.494%, 5/04/27			4,925				4,539
a10026521.SQ.FTS.B, 6.494%, 5/04/27			35,518				28,367
a10026263.SQ.FTS.B, 6.496%, 5/04/27			1,129				902
a10025603.SQ.FTS.B, 6.5%, 5/04/27			1,888				1,821
a10030712.SQ.FTS.B, 4.546%, 5/05/27			3,377				3,226
a10033171.SQ.FTS.B, 4.547%, 5/05/27			7,119				6,819
a10029672.SQ.FTS.B, 4.548%, 5/05/27			6,155				5,841
a10031461.SQ.FTS.B, 4.548%, 5/05/27			4,481				4,264
a10028735.SQ.FTS.B, 4.549%, 5/05/27			7,282				6,962
a10028916.SQ.FTS.B, 4.549%, 5/05/27			2,885				2,761
a10029487.SQ.FTS.B, 4.549%, 5/05/27			7,943				7,558
a10030589.SQ.FTS.B, 4.549%, 5/05/27			1,724				1,649
a10030690.SQ.FTS.B, 4.549%, 5/05/27			1,590				1,513
a10033281.SQ.FTS.B, 4.549%, 5/05/27			15,464				14,312

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10032458.SQ.FTS.B, 4.55%, 5/05/27		$	52,931			$	50,633
a10031557.SQ.FTS.B, 4.552%, 5/05/27			4,278				4,071
a10030252.SQ.FTS.B, 4.553%, 5/05/27			7,218				6,906
a10031367.SQ.FTS.B, 4.553%, 5/05/27			8,393				8,009
a10033116.SQ.FTS.B, 4.554%, 5/05/27			5,947				5,689
a10031613.SQ.FTS.B, 4.555%, 5/05/27			5,403				5,130
a10031713.SQ.FTS.B, 4.555%, 5/05/27			4,125				3,934
a10031787.SQ.FTS.B, 4.988%, 5/05/27			9,901				9,333
a10031935.SQ.FTS.B, 4.988%, 5/05/27			67,263				64,079
a10030767.SQ.FTS.B, 5.281%, 5/05/27			238				224
a10029027.SQ.FTS.B, 5.302%, 5/05/27			11,061				10,557
a10028232.SQ.FTS.B, 5.304%, 5/05/27			13,184				11,501
a10030419.SQ.FTS.B, 5.304%, 5/05/27			6,775				6,505
a10030629.SQ.FTS.B, 5.315%, 5/05/27			2,343				2,232
a10028058.SQ.FTS.B, 5.552%, 5/05/27			5,555				4,826
a10030610.SQ.FTS.B, 5.553%, 5/05/27			1,972				1,861
a10031886.SQ.FTS.B, 5.556%, 5/05/27			6,182				5,805
a10032988.SQ.FTS.B, 5.806%, 5/05/27			15,373				14,102
a10030660.SQ.FTS.B, 5.813%, 5/05/27			3,393				3,188
a10029478.SQ.FTS.B, 6.078%, 5/05/27			480				453
a10033161.SQ.FTS.B, 6.118%, 5/05/27			403				379
a10030346.SQ.FTS.B, 6.177%, 5/05/27			5,790				5,500
a10033143.SQ.FTS.B, 6.196%, 5/05/27			929				890
a10029790.SQ.FTS.B, 6.337%, 5/05/27			34,392				31,192
a10028445.SQ.FTS.B, 6.339%, 5/05/27			10,614				10,002
a10028703.SQ.FTS.B, 6.346%, 5/05/27			1,676				1,579
a10030686.SQ.FTS.B, 6.472%, 5/05/27			906				853
a10030786.SQ.FTS.B, 6.493%, 5/05/27			11,722				11,043
a10030521.SQ.FTS.B, 6.496%, 5/05/27			6,823				6,429
a10029410.SQ.FTS.B, 6.503%, 5/05/27			2,315				2,233
a10031544.SQ.FTS.B, 6.505%, 5/05/27			1,422				1,116
a10040627.SQ.FTS.B, 4.544%, 5/06/27			5,012				4,778
a10038083.SQ.FTS.B, 4.548%, 5/06/27			4,869				4,653
a10036854.SQ.FTS.B, 4.549%, 5/06/27			30,206				28,742
a10037435.SQ.FTS.B, 4.549%, 5/06/27			2,798				2,683
a10040520.SQ.FTS.B, 4.549%, 5/06/27			13,556				12,997
a10040863.SQ.FTS.B, 4.549%, 5/06/27			85,463				81,679
a10041557.SQ.FTS.B, 4.549%, 5/06/27			3,075				2,944
a10041627.SQ.FTS.B, 4.549%, 5/06/27			10,776				10,293
a10038249.SQ.FTS.B, 4.551%, 5/06/27			6,472				6,196
a10039099.SQ.FTS.B, 4.551%, 5/06/27			15,870				14,689
a10041865.SQ.FTS.B, 4.551%, 5/06/27			8,159				7,782
a10041764.SQ.FTS.B, 4.552%, 5/06/27			11,036				10,566
a10040686.SQ.FTS.B, 4.557%, 5/06/27			3,649				3,378
a10038677.SQ.FTS.B, 4.985%, 5/06/27			1,990				1,890
a10036727.SQ.FTS.B, 4.988%, 5/06/27			7,358				6,969

Description		Principal Amount				Value
Block, Inc. (continued)
a10039821.SQ.FTS.B, 4.988%, 5/06/27		$	37,923			$	35,443
a10040199.SQ.FTS.B, 4.988%, 5/06/27			15,297				13,653
a10040393.SQ.FTS.B, 5.305%, 5/06/27			10,410				9,798
a10040371.SQ.FTS.B, 5.306%, 5/06/27			1,675				1,577
a10041575.SQ.FTS.B, 5.311%, 5/06/27			3,491				3,281
a10038392.SQ.FTS.B, 5.333%, 5/06/27			6,835				6,342
a10040699.SQ.FTS.B, 5.335%, 5/06/27			8,350				7,984
a10040842.SQ.FTS.B, 5.536%, 5/06/27			1,512				1,316
a10038486.SQ.FTS.B, 5.551%, 5/06/27			11,088				10,462
a10039316.SQ.FTS.B, 5.553%, 5/06/27			3,887				3,670
a10037626.SQ.FTS.B, 5.802%, 5/06/27			10,701				10,049
a10039393.SQ.FTS.B, 5.809%, 5/06/27			5,001				4,746
a10038689.SQ.FTS.B, 6.1%, 5/06/27			1,505				1,062
a10040819.SQ.FTS.B, 6.18%, 5/06/27			961				902
a10038016.SQ.FTS.B, 6.332%, 5/06/27			708				687
a10037479.SQ.FTS.B, 6.486%, 5/06/27			2,102				1,857
a10037525.SQ.FTS.B, 6.487%, 5/06/27			3,244				3,055
a10039538.SQ.FTS.B, 6.493%, 5/06/27			18,789				15,058
a10038782.SQ.FTS.B, 6.494%, 5/06/27			3,864				3,616
a10038825.SQ.FTS.B, 6.494%, 5/06/27			19,686				17,966
a10038709.SQ.FTS.B, 6.499%, 5/06/27			6,436				5,793
a10040850.SQ.FTS.B, 6.504%, 5/06/27			1,250				1,170
a10046972.SQ.FTS.B, 4.535%, 5/07/27			2,015				1,925
a10047656.SQ.FTS.B, 4.548%, 5/07/27			5,941				5,501
a10045312.SQ.FTS.B, 4.549%, 5/07/27			3,325				3,183
a10046022.SQ.FTS.B, 4.549%, 5/07/27			11,645				11,075
a10047758.SQ.FTS.B, 4.549%, 5/07/27			616				586
a10047807.SQ.FTS.B, 4.549%, 5/07/27			66,653				63,563
a10048731.SQ.FTS.B, 4.549%, 5/07/27			20,364				19,327
a10049011.SQ.FTS.B, 4.549%, 5/07/27			4,760				4,556
a10047180.SQ.FTS.B, 4.55%, 5/07/27			31,175				29,652
a10049061.SQ.FTS.B, 4.551%, 5/07/27			8,496				8,110
a10048554.SQ.FTS.B, 4.988%, 5/07/27			17,406				16,272
a10047017.SQ.FTS.B, 4.989%, 5/07/27			9,596				9,169
a10045359.SQ.FTS.B, 5.302%, 5/07/27			34,054				32,314
a10047161.SQ.FTS.B, 5.331%, 5/07/27			1,681				1,190
a10048817.SQ.FTS.B, 5.333%, 5/07/27			2,152				1,977
a10048375.SQ.FTS.B, 5.552%, 5/07/27			14,290				13,615
a10046489.SQ.FTS.B, 5.553%, 5/07/27			29,230				20,543
a10047766.SQ.FTS.B, 5.556%, 5/07/27			5,443				5,204
a10045273.SQ.FTS.B, 5.557%, 5/07/27			3,952				3,779
a10048838.SQ.FTS.B, 5.804%, 5/07/27			7,480				7,222
a10046333.SQ.FTS.B, 6.186%, 5/07/27			2,019				1,945
a10047716.SQ.FTS.B, 6.472%, 5/07/27			1,310				1,157
a10049148.SQ.FTS.B, 6.495%, 5/07/27			57,712				54,537
a10045194.SQ.FTS.B, 6.501%, 5/07/27			3,981				3,714

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10045332.SQ.FTS.B, 6.507%, 5/07/27		$	2,081			$	1,900
a10050294.SQ.FTS.B, 4.545%, 5/08/27			2,149				2,039
a10050034.SQ.FTS.B, 4.55%, 5/08/27			33,147				31,718
a10050389.SQ.FTS.B, 4.553%, 5/08/27			1,695				1,619
a10050429.SQ.FTS.B, 4.553%, 5/08/27			7,807				7,459
a10050369.SQ.FTS.B, 4.988%, 5/08/27			3,194				3,060
a10050398.SQ.FTS.B, 4.988%, 5/08/27			3,822				3,639
a10049855.SQ.FTS.B, 4.989%, 5/08/27			16,617				12,139
a10049991.SQ.FTS.B, 5.305%, 5/08/27			4,994				4,781
a10050735.SQ.FTS.B, 5.554%, 5/08/27			14,570				14,058
a10050310.SQ.FTS.B, 5.801%, 5/08/27			5,757				5,371
a10050490.SQ.FTS.B, 5.804%, 5/08/27			2,363				2,268
a10049979.SQ.FTS.B, 6.127%, 5/08/27			1,278				1,170
a10050528.SQ.FTS.B, 6.18%, 5/08/27			26,037				24,595
a10051599.SQ.FTS.B, 4.545%, 5/09/27			3,151				2,997
a10051689.SQ.FTS.B, 4.548%, 5/09/27			11,781				11,256
a10051118.SQ.FTS.B, 4.549%, 5/09/27			13,307				12,712
a10050922.SQ.FTS.B, 4.988%, 5/09/27			20,053				18,998
a10051061.SQ.FTS.B, 5.296%, 5/09/27			3,958				3,763
a10051401.SQ.FTS.B, 5.329%, 5/09/27			2,835				2,638
a10051263.SQ.FTS.B, 5.334%, 5/09/27			4,700				4,459
a10051624.SQ.FTS.B, 5.808%, 5/09/27			1,482				1,407
a10051655.SQ.FTS.B, 5.808%, 5/09/27			3,719				3,545
a10051515.SQ.FTS.B, 6.118%, 5/09/27			4,238				2,634
a10051431.SQ.FTS.B, 6.179%, 5/09/27			11,114				10,433
a10051552.SQ.FTS.B, 6.182%, 5/09/27			7,313				6,912
a10051310.SQ.FTS.B, 6.493%, 5/09/27			7,779				7,410
a10051634.SQ.FTS.B, 6.496%, 5/09/27			1,613				1,554
a10051103.SQ.FTS.B, 6.499%, 5/09/27			1,132				1,088
a10051229.SQ.FTS.B, 6.499%, 5/09/27			3,209				3,019
a10053926.SQ.FTS.B, 4.545%, 5/10/27			6,110				5,837
a10052893.SQ.FTS.B, 4.549%, 5/10/27			20,603				19,698
a10053450.SQ.FTS.B, 4.549%, 5/10/27			1,903				1,821
a10053512.SQ.FTS.B, 4.549%, 5/10/27			27,084				25,155
a10054154.SQ.FTS.B, 4.549%, 5/10/27			32,040				29,719
a10054682.SQ.FTS.B, 4.549%, 5/10/27			16,777				16,016
a10054894.SQ.FTS.B, 4.549%, 5/10/27			98,005				93,650
a10055982.SQ.FTS.B, 4.549%, 5/10/27			21,740				20,623
a10056201.SQ.FTS.B, 4.55%, 5/10/27			22,532				21,544
a10052822.SQ.FTS.B, 4.551%, 5/10/27			1,564				1,498
a10052395.SQ.FTS.B, 4.988%, 5/10/27			18,197				17,433
a10056149.SQ.FTS.B, 5.3%, 5/10/27			1,583				1,515
a10056375.SQ.FTS.B, 5.303%, 5/10/27			15,441				14,779
a10056159.SQ.FTS.B, 5.551%, 5/10/27			5,550				5,240
a10054039.SQ.FTS.B, 5.802%, 5/10/27			6,071				5,217
a10056646.SQ.FTS.B, 5.804%, 5/10/27			75,061				70,989

Description		Principal Amount				Value
Block, Inc. (continued)
a10054023.SQ.FTS.B, 6.32%, 5/10/27		$	1,683			$	1,530
a10054501.SQ.FTS.B, 6.339%, 5/10/27			7,541				7,032
a10054628.SQ.FTS.B, 6.5%, 5/10/27			4,712				4,311
a10054497.SQ.FTS.B, 6.516%, 5/10/27			947				902
a10058866.SQ.FTS.B, 4.546%, 5/11/27			5,440				5,197
a10057703.SQ.FTS.B, 4.549%, 5/11/27			1,863				1,768
a10058215.SQ.FTS.B, 4.549%, 5/11/27			3,355				3,204
a10058235.SQ.FTS.B, 4.549%, 5/11/27			32,918				31,227
a10058376.SQ.FTS.B, 4.549%, 5/11/27			12,649				12,114
a10058471.SQ.FTS.B, 4.549%, 5/11/27			59,499				56,836
a10058901.SQ.FTS.B, 4.549%, 5/11/27			17,640				16,885
a10058023.SQ.FTS.B, 4.551%, 5/11/27			15,631				14,921
a10058420.SQ.FTS.B, 4.551%, 5/11/27			16,684				15,830
a10057232.SQ.FTS.B, 4.555%, 5/11/27			5,088				4,857
a10058123.SQ.FTS.B, 4.555%, 5/11/27			5,899				5,474
a10058149.SQ.FTS.B, 4.988%, 5/11/27			7,841				7,443
a10057402.SQ.FTS.B, 4.989%, 5/11/27			22,865				21,563
a10057762.SQ.FTS.B, 5.302%, 5/11/27			18,081				16,826
a10057904.SQ.FTS.B, 5.551%, 5/11/27			17,074				15,830
a10057272.SQ.FTS.B, 5.552%, 5/11/27			18,114				17,102
a10057595.SQ.FTS.B, 5.553%, 5/11/27			11,076				10,562
a10057715.SQ.FTS.B, 6.107%, 5/11/27			1,101				1,024
a10058207.SQ.FTS.B, 6.172%, 5/11/27			1,132				1,063
a10057385.SQ.FTS.B, 6.18%, 5/11/27			1,794				1,685
a10057728.SQ.FTS.B, 6.185%, 5/11/27			5,565				5,347
a10057882.SQ.FTS.B, 6.185%, 5/11/27			2,888				2,730
a10058770.SQ.FTS.B, 6.494%, 5/11/27			23,096				21,820
a10061715.SQ.FTS.B, 4.549%, 5/12/27			14,218				13,613
a10062095.SQ.FTS.B, 4.549%, 5/12/27			64,275				61,439
a10062861.SQ.FTS.B, 4.549%, 5/12/27			12,887				12,304
a10060835.SQ.FTS.B, 4.55%, 5/12/27			25,029				23,932
a10060216.SQ.FTS.B, 4.551%, 5/12/27			9,057				8,655
a10061639.SQ.FTS.B, 4.552%, 5/12/27			4,557				4,357
a10060502.SQ.FTS.B, 4.553%, 5/12/27			8,705				8,282
a10060769.SQ.FTS.B, 5.302%, 5/12/27			2,303				2,186
a10063267.SQ.FTS.B, 5.302%, 5/12/27			24,108				22,698
a10061583.SQ.FTS.B, 5.332%, 5/12/27			4,600				4,328
a10060733.SQ.FTS.B, 5.337%, 5/12/27			1,941				1,850
a10061958.SQ.FTS.B, 5.553%, 5/12/27			10,340				9,797
a10063788.SQ.FTS.B, 5.553%, 5/12/27			6,059				5,722
a10061254.SQ.FTS.B, 5.804%, 5/12/27			21,636				20,534
a10063036.SQ.FTS.B, 5.804%, 5/12/27			16,552				15,657
a10063779.SQ.FTS.B, 5.804%, 5/12/27			1,018				952
a10060019.SQ.FTS.B, 5.806%, 5/12/27			1,638				1,549
a10063694.SQ.FTS.B, 5.806%, 5/12/27			5,435				5,214
a10063028.SQ.FTS.B, 5.828%, 5/12/27			1,424				1,230

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10059527.SQ.FTS.B, 6.18%, 5/12/27		$	25,859			$	21,932
a10061212.SQ.FTS.B, 6.18%, 5/12/27			5,371				4,556
a10059497.SQ.FTS.B, 6.344%, 5/12/27			4,318				4,067
a10060459.SQ.FTS.B, 6.484%, 5/12/27			874				833
a10060068.SQ.FTS.B, 6.496%, 5/12/27			4,053				3,819
a10063219.SQ.FTS.B, 6.498%, 5/12/27			2,782				2,547
a10063760.SQ.FTS.B, 6.505%, 5/12/27			2,001				1,871
a10070582.SQ.FTS.B, 4.535%, 5/13/27			2,082				1,984
a10068420.SQ.FTS.B, 4.541%, 5/13/27			2,852				2,718
a10069149.SQ.FTS.B, 4.549%, 5/13/27			41,548				38,600
a10070673.SQ.FTS.B, 4.55%, 5/13/27			46,875				44,759
a10068892.SQ.FTS.B, 4.551%, 5/13/27			8,993				8,588
a10069811.SQ.FTS.B, 4.551%, 5/13/27			14,530				13,887
a10070071.SQ.FTS.B, 4.551%, 5/13/27			7,216				6,897
a10070136.SQ.FTS.B, 4.551%, 5/13/27			18,970				18,123
a10068724.SQ.FTS.B, 4.552%, 5/13/27			11,351				10,546
a10070393.SQ.FTS.B, 4.552%, 5/13/27			12,736				12,121
a10071694.SQ.FTS.B, 4.555%, 5/13/27			5,396				5,158
a10066794.SQ.FTS.B, 4.988%, 5/13/27			14,009				13,296
a10067583.SQ.FTS.B, 4.988%, 5/13/27			17,227				16,451
a10068830.SQ.FTS.B, 4.988%, 5/13/27			4,030				3,822
a10070232.SQ.FTS.B, 5.301%, 5/13/27			5,879				5,589
a10068536.SQ.FTS.B, 5.302%, 5/13/27			9,629				9,152
a10067956.SQ.FTS.B, 5.303%, 5/13/27			20,445				19,491
a10068664.SQ.FTS.B, 5.305%, 5/13/27			4,251				4,041
a10070124.SQ.FTS.B, 5.325%, 5/13/27			2,603				2,400
a10069956.SQ.FTS.B, 5.338%, 5/13/27			5,830				5,447
a10069033.SQ.FTS.B, 5.342%, 5/13/27			1,438				1,389
a10068499.SQ.FTS.B, 5.545%, 5/13/27			2,279				2,158
a10067168.SQ.FTS.B, 5.553%, 5/13/27			12,881				12,198
a10067562.SQ.FTS.B, 5.553%, 5/13/27			1,010				953
a10070622.SQ.FTS.B, 5.553%, 5/13/27			3,985				3,764
a10069767.SQ.FTS.B, 5.804%, 5/13/27			2,022				1,900
a10071272.SQ.FTS.B, 5.806%, 5/13/27			7,117				6,730
a10067095.SQ.FTS.B, 5.807%, 5/13/27			4,605				4,326
a10071355.SQ.FTS.B, 6.176%, 5/13/27			2,628				2,513
a10066953.SQ.FTS.B, 6.178%, 5/13/27			8,039				7,689
a10069052.SQ.FTS.B, 6.18%, 5/13/27			3,747				3,605
a10070023.SQ.FTS.B, 6.18%, 5/13/27			1,397				1,346
a10069136.SQ.FTS.B, 6.346%, 5/13/27			1,198				1,122
a10070543.SQ.FTS.B, 6.459%, 5/13/27			120				116
a10070555.SQ.FTS.B, 6.482%, 5/13/27			1,379				1,305
a10067376.SQ.FTS.B, 6.488%, 5/13/27			5,395				4,426
a10070290.SQ.FTS.B, 6.493%, 5/13/27			10,995				9,020
a10071125.SQ.FTS.B, 6.493%, 5/13/27			13,178				11,789
a10071415.SQ.FTS.B, 6.494%, 5/13/27			20,811				19,845

Description		Principal Amount				Value
Block, Inc. (continued)
a10067519.SQ.FTS.B, 6.504%, 5/13/27		$	2,506			$	2,367
a10071856.SQ.FTS.B, 4.549%, 5/14/27			13,418				12,732
a10072030.SQ.FTS.B, 4.549%, 5/14/27			9,942				9,509
a10072312.SQ.FTS.B, 4.549%, 5/14/27			3,344				3,197
a10072408.SQ.FTS.B, 4.549%, 5/14/27			7,873				7,524
a10073843.SQ.FTS.B, 4.549%, 5/14/27			6,987				6,671
a10074235.SQ.FTS.B, 4.549%, 5/14/27			2,866				2,725
a10074919.SQ.FTS.B, 4.549%, 5/14/27			24,089				23,037
a10074279.SQ.FTS.B, 4.55%, 5/14/27			22,713				21,668
a10073657.SQ.FTS.B, 4.551%, 5/14/27			9,000				8,371
a10076016.SQ.FTS.B, 4.553%, 5/14/27			8,455				8,081
a10074831.SQ.FTS.B, 4.555%, 5/14/27			4,622				4,429
a10073782.SQ.FTS.B, 4.557%, 5/14/27			3,778				3,593
a10072946.SQ.FTS.B, 4.558%, 5/14/27			3,428				3,279
a10075392.SQ.FTS.B, 4.989%, 5/14/27			43,589				41,313
a10075160.SQ.FTS.B, 5.302%, 5/14/27			30,792				29,222
a10073174.SQ.FTS.B, 5.303%, 5/14/27			18,844				17,874
a10076264.SQ.FTS.B, 5.322%, 5/14/27			924				878
a10075113.SQ.FTS.B, 5.538%, 5/14/27			1,275				1,208
a10074638.SQ.FTS.B, 5.555%, 5/14/27			12,210				11,333
a10075144.SQ.FTS.B, 5.566%, 5/14/27			1,256				1,211
a10074764.SQ.FTS.B, 5.804%, 5/14/27			6,517				6,187
a10072288.SQ.FTS.B, 5.805%, 5/14/27			2,503				2,352
a10074535.SQ.FTS.B, 5.805%, 5/14/27			11,772				11,062
a10075119.SQ.FTS.B, 5.806%, 5/14/27			4,577				3,965
a10072150.SQ.FTS.B, 6.118%, 5/14/27			5,146				4,889
a10074036.SQ.FTS.B, 6.151%, 5/14/27			596				566
a10071777.SQ.FTS.B, 6.171%, 5/14/27			3,370				2,872
a10073024.SQ.FTS.B, 6.176%, 5/14/27			7,003				5,968
a10076276.SQ.FTS.B, 6.177%, 5/14/27			2,977				2,825
a10072562.SQ.FTS.B, 6.336%, 5/14/27			12,357				11,640
a10072360.SQ.FTS.B, 6.491%, 5/14/27			3,744				3,601
a10073580.SQ.FTS.B, 6.492%, 5/14/27			5,986				5,359
a10074104.SQ.FTS.B, 6.497%, 5/14/27			9,985				9,518
a10074039.SQ.FTS.B, 6.501%, 5/14/27			2,978				2,793
a10076617.SQ.FTS.B, 4.547%, 5/15/27			9,515				9,093
a10076376.SQ.FTS.B, 4.548%, 5/15/27			4,544				4,342
a10076408.SQ.FTS.B, 4.548%, 5/15/27			3,924				3,752
a10076418.SQ.FTS.B, 4.549%, 5/15/27			14,425				13,681
a10076505.SQ.FTS.B, 4.549%, 5/15/27			2,950				2,832
a10076977.SQ.FTS.B, 4.549%, 5/15/27			9,473				9,074
a10077057.SQ.FTS.B, 4.549%, 5/15/27			22,168				21,167
a10076330.SQ.FTS.B, 4.562%, 5/15/27			2,566				2,447
a10076784.SQ.FTS.B, 4.562%, 5/15/27			2,396				2,293
a10076855.SQ.FTS.B, 4.992%, 5/15/27			2,094				2,009
a10076567.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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10076893.SQ.FTS.B, 5.343%, 5/15/27		$	1,131			$	842
a10076874.SQ.FTS.B, 5.545%, 5/15/27			2,154				2,052
a10076902.SQ.FTS.B, 5.545%, 5/15/27			3,578				3,363
a10076963.SQ.FTS.B, 5.55%, 5/15/27			2,598				2,460
a10076399.SQ.FTS.B, 5.564%, 5/15/27			2,094				1,983
a10076575.SQ.FTS.B, 5.798%, 5/15/27			1,488				1,413
a10076520.SQ.FTS.B, 5.804%, 5/15/27			9,521				8,951
a10076591.SQ.FTS.B, 5.809%, 5/15/27			2,562				2,408
a10076357.SQ.FTS.B, 6.157%, 5/15/27			1,364				1,164
a10076368.SQ.FTS.B, 6.17%, 5/15/27			1,411				1,335
a10076927.SQ.FTS.B, 6.178%, 5/15/27			4,294				3,999
a10076772.SQ.FTS.B, 6.183%, 5/15/27			2,804				2,393
a10076687.SQ.FTS.B, 6.187%, 5/15/27			3,864				3,667
a10076718.SQ.FTS.B, 6.492%, 5/15/27			8,931				8,381
a10076802.SQ.FTS.B, 6.5%, 5/15/27			5,253				4,818
a10077869.SQ.FTS.B, 4.544%, 5/16/27			6,113				5,832
a10077299.SQ.FTS.B, 4.547%, 5/16/27			8,970				8,532
a10077518.SQ.FTS.B, 4.549%, 5/16/27			6,147				5,847
a10077557.SQ.FTS.B, 4.55%, 5/16/27			12,304				11,744
a10078060.SQ.FTS.B, 4.551%, 5/16/27			8,467				8,052
a10077695.SQ.FTS.B, 4.552%, 5/16/27			10,288				9,833
a10077818.SQ.FTS.B, 4.555%, 5/16/27			5,502				5,253
a10077914.SQ.FTS.B, 4.988%, 5/16/27			19,451				18,589
a10077507.SQ.FTS.B, 4.993%, 5/16/27			1,852				1,415
a10077368.SQ.FTS.B, 5.302%, 5/16/27			5,038				4,850
a10077339.SQ.FTS.B, 5.308%, 5/16/27			4,197				4,026
a10077248.SQ.FTS.B, 5.549%, 5/16/27			7,263				6,750
a10077204.SQ.FTS.B, 5.808%, 5/16/27			2,529				2,425
a10077291.SQ.FTS.B, 6.151%, 5/16/27			558				536
a10077416.SQ.FTS.B, 6.181%, 5/16/27			12,565				11,894
a10077778.SQ.FTS.B, 6.346%, 5/16/27			1,405				1,310
a10077213.SQ.FTS.B, 6.494%, 5/16/27			4,151				3,973
a10077639.SQ.FTS.B, 6.496%, 5/16/27			7,026				6,695
a10077786.SQ.FTS.B, 6.496%, 5/16/27			3,375				3,246
a10079136.SQ.FTS.B, 4.544%, 5/17/27			3,542				3,299
a10080470.SQ.FTS.B, 4.546%, 5/17/27			5,658				5,409
a10082325.SQ.FTS.B, 4.546%, 5/17/27			5,709				5,457
a10079764.SQ.FTS.B, 4.547%, 5/17/27			9,594				9,144
a10079193.SQ.FTS.B, 4.548%, 5/17/27			12,727				12,150
a10079986.SQ.FTS.B, 4.549%, 5/17/27			25,094				23,919
a10080581.SQ.FTS.B, 4.549%, 5/17/27			40,325				38,545
a10081091.SQ.FTS.B, 4.549%, 5/17/27			3,102				2,951
a10081306.SQ.FTS.B, 4.549%, 5/17/27			24,430				23,365
a10081616.SQ.FTS.B, 4.549%, 5/17/27			78,219				74,797
a10082454.SQ.FTS.B, 4.549%, 5/17/27			51,612				49,096
a10083349.SQ.FTS.B, 4.549%, 5/17/27			13,661				13,020

Description		Principal Amount				Value
Block, Inc. (continued)
a10083506.SQ.FTS.B, 4.55%, 5/17/27		$	58,759			$	55,888
a10081225.SQ.FTS.B, 4.552%, 5/17/27			9,772				9,295
a10079048.SQ.FTS.B, 4.566%, 5/17/27			1,999				1,898
a10082389.SQ.FTS.B, 4.987%, 5/17/27			7,346				7,012
a10082867.SQ.FTS.B, 5.301%, 5/17/27			13,357				12,735
a10081141.SQ.FTS.B, 5.332%, 5/17/27			2,960				2,821
a10078992.SQ.FTS.B, 5.552%, 5/17/27			6,236				5,944
a10081028.SQ.FTS.B, 5.56%, 5/17/27			3,187				3,011
a10081201.SQ.FTS.B, 5.561%, 5/17/27			2,334				2,241
a10083249.SQ.FTS.B, 5.808%, 5/17/27			8,655				8,150
a10079038.SQ.FTS.B, 6.11%, 5/17/27			1,473				1,374
a10080999.SQ.FTS.B, 6.118%, 5/17/27			3,824				3,566
a10083493.SQ.FTS.B, 6.118%, 5/17/27			746				717
a10081576.SQ.FTS.B, 6.175%, 5/17/27			2,931				2,822
a10079523.SQ.FTS.B, 6.18%, 5/17/27			8,768				8,394
a10083502.SQ.FTS.B, 6.477%, 5/17/27			974				922
a10079461.SQ.FTS.B, 6.489%, 5/17/27			1,673				1,595
a10083019.SQ.FTS.B, 6.493%, 5/17/27			15,892				15,168
a10082997.SQ.FTS.B, 6.494%, 5/17/27			2,686				2,545
a10081505.SQ.FTS.B, 6.495%, 5/17/27			8,852				8,370
a10081558.SQ.FTS.B, 6.495%, 5/17/27			681				657
a10080532.SQ.FTS.B, 6.504%, 5/17/27			2,551				2,395
a10082858.SQ.FTS.B, 6.516%, 5/17/27			1,131				937
a10084716.SQ.FTS.B, 4.544%, 5/18/27			5,077				4,847
a10083867.SQ.FTS.B, 4.547%, 5/18/27			9,342				8,941
a10087465.SQ.FTS.B, 4.548%, 5/18/27			12,303				11,725
a10085055.SQ.FTS.B, 4.549%, 5/18/27			38,318				36,590
a10086202.SQ.FTS.B, 4.549%, 5/18/27			9,074				8,663
a10086785.SQ.FTS.B, 4.549%, 5/18/27			40,216				38,402
a10086115.SQ.FTS.B, 4.551%, 5/18/27			9,461				8,976
a10087257.SQ.FTS.B, 4.551%, 5/18/27			17,801				17,028
a10085881.SQ.FTS.B, 4.556%, 5/18/27			3,931				3,753
a10084453.SQ.FTS.B, 4.561%, 5/18/27			2,137				2,042
a10085867.SQ.FTS.B, 4.562%, 5/18/27			1,241				1,187
a10085938.SQ.FTS.B, 4.983%, 5/18/27			1,757				1,688
a10085580.SQ.FTS.B, 4.984%, 5/18/27			5,997				5,693
a10086308.SQ.FTS.B, 4.985%, 5/18/27			5,007				4,722
a10084799.SQ.FTS.B, 4.986%, 5/18/27			6,423				6,013
a10084068.SQ.FTS.B, 4.988%, 5/18/27			17,910				16,256
a10085669.SQ.FTS.B, 4.989%, 5/18/27			7,409				7,059
a10087607.SQ.FTS.B, 4.989%, 5/18/27			33,984				32,434
a10087539.SQ.FTS.B, 4.99%, 5/18/27			6,519				6,184
a10087406.SQ.FTS.B, 4.991%, 5/18/27			4,804				4,531
a10086407.SQ.FTS.B, 4.992%, 5/18/27			5,719				5,448
a10086434.SQ.FTS.B, 4.999%, 5/18/27			2,039				1,956
a10087862.SQ.FTS.B, 5.553%, 5/18/27			61,243				56,985

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10086360.SQ.FTS.B, 5.799%, 5/18/27		$	3,943			$	3,782
a10088310.SQ.FTS.B, 5.806%, 5/18/27			15,465				14,739
a10085971.SQ.FTS.B, 6.118%, 5/18/27			620				595
a10085983.SQ.FTS.B, 6.177%, 5/18/27			8,588				8,074
a10085764.SQ.FTS.B, 6.181%, 5/18/27			6,394				6,114
a10086462.SQ.FTS.B, 6.181%, 5/18/27			13,667				12,502
a10086662.SQ.FTS.B, 6.183%, 5/18/27			13,852				13,024
a10086601.SQ.FTS.B, 6.494%, 5/18/27			9,826				8,179
a10084478.SQ.FTS.B, 6.496%, 5/18/27			7,291				6,985
a10086593.SQ.FTS.B, 6.501%, 5/18/27			1,641				1,564
a10085962.SQ.FTS.B, 6.505%, 5/18/27			1,260				1,200
a10085917.SQ.FTS.B, 6.519%, 5/18/27			1,184				1,128
a10089898.SQ.FTS.B, 4.545%, 5/19/27			3,633				3,466
a10092416.SQ.FTS.B, 4.547%, 5/19/27			5,429				5,199
a10089028.SQ.FTS.B, 4.549%, 5/19/27			1,959				1,873
a10089959.SQ.FTS.B, 4.549%, 5/19/27			14,112				13,392
a10091511.SQ.FTS.B, 4.549%, 5/19/27			11,423				10,868
a10088671.SQ.FTS.B, 4.551%, 5/19/27			15,065				14,398
a10092301.SQ.FTS.B, 4.553%, 5/19/27			5,106				4,881
a10090219.SQ.FTS.B, 4.986%, 5/19/27			3,992				3,787
a10088502.SQ.FTS.B, 4.988%, 5/19/27			7,703				7,308
a10090695.SQ.FTS.B, 4.988%, 5/19/27			64,854				58,970
a10092855.SQ.FTS.B, 4.988%, 5/19/27			53,829				51,285
a10090610.SQ.FTS.B, 4.989%, 5/19/27			11,165				10,601
a10090496.SQ.FTS.B, 4.99%, 5/19/27			7,642				7,313
a10092317.SQ.FTS.B, 4.993%, 5/19/27			2,409				2,295
a10092509.SQ.FTS.B, 5.306%, 5/19/27			5,567				5,292
a10090265.SQ.FTS.B, 5.333%, 5/19/27			22,039				19,985
a10091903.SQ.FTS.B, 5.344%, 5/19/27			2,658				2,503
a10091360.SQ.FTS.B, 5.554%, 5/19/27			29,144				27,134
a10091629.SQ.FTS.B, 5.554%, 5/19/27			26,916				25,300
a10091556.SQ.FTS.B, 5.556%, 5/19/27			4,336				4,162
a10091927.SQ.FTS.B, 5.804%, 5/19/27			36,965				34,836
a10090601.SQ.FTS.B, 6.172%, 5/19/27			2,259				2,160
a10092486.SQ.FTS.B, 6.177%, 5/19/27			1,578				1,503
a10092381.SQ.FTS.B, 6.337%, 5/19/27			3,310				3,176
a10089079.SQ.FTS.B, 6.338%, 5/19/27			30,466				28,763
a10092357.SQ.FTS.B, 6.49%, 5/19/27			6,788				6,102
a10090143.SQ.FTS.B, 6.491%, 5/19/27			4,192				4,043
a10092843.SQ.FTS.B, 6.491%, 5/19/27			1,936				1,792
a10092474.SQ.FTS.B, 6.494%, 5/19/27			3,706				3,510
a10092565.SQ.FTS.B, 6.494%, 5/19/27			34,962				33,498
a10098864.SQ.FTS.B, 4.549%, 5/20/27			10,204				9,737
a10101149.SQ.FTS.B, 4.549%, 5/20/27			18,993				18,019
a10100555.SQ.FTS.B, 4.55%, 5/20/27			55,944				53,196
a10097694.SQ.FTS.B, 4.551%, 5/20/27			8,107				7,724

Description		Principal Amount				Value
Block, Inc. (continued)
a10102565.SQ.FTS.B, 4.551%, 5/20/27		$	16,752			$	15,988
a10100394.SQ.FTS.B, 4.553%, 5/20/27			7,218				6,889
a10097480.SQ.FTS.B, 4.979%, 5/20/27			3,641				3,410
a10101637.SQ.FTS.B, 4.996%, 5/20/27			2,380				2,259
a10099289.SQ.FTS.B, 5.302%, 5/20/27			68,515				64,668
a10101669.SQ.FTS.B, 5.302%, 5/20/27			79,513				74,806
a10099266.SQ.FTS.B, 5.551%, 5/20/27			3,749				3,524
a10097860.SQ.FTS.B, 5.553%, 5/20/27			7,877				7,499
a10099061.SQ.FTS.B, 5.553%, 5/20/27			11,799				11,230
a10100509.SQ.FTS.B, 5.564%, 5/20/27			1,827				1,701
a10097380.SQ.FTS.B, 5.804%, 5/20/27			3,297				3,108
a10098023.SQ.FTS.B, 5.805%, 5/20/27			32,722				31,121
a10097545.SQ.FTS.B, 6.118%, 5/20/27			7,356				6,654
a10101357.SQ.FTS.B, 6.182%, 5/20/27			14,644				12,672
a10100353.SQ.FTS.B, 6.186%, 5/20/27			3,010				2,830
a10101535.SQ.FTS.B, 6.339%, 5/20/27			7,698				6,242
a10101328.SQ.FTS.B, 6.341%, 5/20/27			3,785				3,531
a10100533.SQ.FTS.B, 6.49%, 5/20/27			1,621				1,536
a10103277.SQ.FTS.B, 4.549%, 5/21/27			3,953				3,778
a10104340.SQ.FTS.B, 4.549%, 5/21/27			15,220				14,560
a10104891.SQ.FTS.B, 4.549%, 5/21/27			24,254				22,635
a10106865.SQ.FTS.B, 4.549%, 5/21/27			4,134				3,938
a10106905.SQ.FTS.B, 4.549%, 5/21/27			63,290				60,072
a10107777.SQ.FTS.B, 4.55%, 5/21/27			25,252				24,015
a10103941.SQ.FTS.B, 4.987%, 5/21/27			12,310				11,532
a10106415.SQ.FTS.B, 4.987%, 5/21/27			7,056				6,723
a10105649.SQ.FTS.B, 4.988%, 5/21/27			9,733				9,336
a10102888.SQ.FTS.B, 4.989%, 5/21/27			24,243				22,871
a10106093.SQ.FTS.B, 4.989%, 5/21/27			34,474				32,524
a10106610.SQ.FTS.B, 4.989%, 5/21/27			24,226				22,062
a10104703.SQ.FTS.B, 5.3%, 5/21/27			2,189				2,075
a10105218.SQ.FTS.B, 5.301%, 5/21/27			11,235				10,776
a10105865.SQ.FTS.B, 5.302%, 5/21/27			10,621				10,151
a10105850.SQ.FTS.B, 5.321%, 5/21/27			723				656
a10102699.SQ.FTS.B, 5.334%, 5/21/27			3,632				3,467
a10105435.SQ.FTS.B, 5.547%, 5/21/27			5,102				4,822
a10103427.SQ.FTS.B, 5.554%, 5/21/27			22,390				21,159
a10106012.SQ.FTS.B, 5.802%, 5/21/27			8,416				7,964
a10107718.SQ.FTS.B, 6.164%, 5/21/27			1,269				1,213
a10105533.SQ.FTS.B, 6.183%, 5/21/27			11,439				10,984
a10103365.SQ.FTS.B, 6.321%, 5/21/27			1,654				1,577
a10106858.SQ.FTS.B, 6.483%, 5/21/27			1,341				1,113
a10104678.SQ.FTS.B, 6.494%, 5/21/27			2,231				1,885
a10105511.SQ.FTS.B, 6.494%, 5/21/27			4,066				3,886
a10104764.SQ.FTS.B, 6.495%, 5/21/27			7,017				6,641
a10106457.SQ.FTS.B, 6.495%, 5/21/27			21,409				19,338

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10104854.SQ.FTS.B, 6.501%, 5/21/27		$	1,929			$	1,630
a10105192.SQ.FTS.B, 6.505%, 5/21/27			2,011				1,903
a10108354.SQ.FTS.B, 4.549%, 5/22/27			9,293				8,880
a10108424.SQ.FTS.B, 4.549%, 5/22/27			8,009				7,638
a10108540.SQ.FTS.B, 4.55%, 5/22/27			26,138				24,926
a10108249.SQ.FTS.B, 4.551%, 5/22/27			2,926				2,732
a10108491.SQ.FTS.B, 4.554%, 5/22/27			6,766				6,446
a10108033.SQ.FTS.B, 4.988%, 5/22/27			6,765				6,470
a10108851.SQ.FTS.B, 5.301%, 5/22/27			13,831				13,145
a10108291.SQ.FTS.B, 5.306%, 5/22/27			2,997				2,830
a10108313.SQ.FTS.B, 5.307%, 5/22/27			5,404				4,864
a10107989.SQ.FTS.B, 5.33%, 5/22/27			6,175				5,886
a10108750.SQ.FTS.B, 5.334%, 5/22/27			14,713				11,455
a10108241.SQ.FTS.B, 5.341%, 5/22/27			1,208				1,126
a10108085.SQ.FTS.B, 5.805%, 5/22/27			11,166				10,624
a10108146.SQ.FTS.B, 5.806%, 5/22/27			15,249				14,432
a10107966.SQ.FTS.B, 6.182%, 5/22/27			3,230				3,074
a10108081.SQ.FTS.B, 6.323%, 5/22/27			1,574				1,500
a10108733.SQ.FTS.B, 6.475%, 5/22/27			1,076				1,038
a10107941.SQ.FTS.B, 6.494%, 5/22/27			2,031				1,917
a10108280.SQ.FTS.B, 6.508%, 5/22/27			1,591				1,474
a10109803.SQ.FTS.B, 4.545%, 5/23/27			3,109				2,971
a10108951.SQ.FTS.B, 4.549%, 5/23/27			14,397				13,731
a10109074.SQ.FTS.B, 4.549%, 5/23/27			18,231				17,385
a10109210.SQ.FTS.B, 4.549%, 5/23/27			2,509				2,387
a10109899.SQ.FTS.B, 4.549%, 5/23/27			16,985				16,246
a10109272.SQ.FTS.B, 4.551%, 5/23/27			4,307				4,116
a10109604.SQ.FTS.B, 4.554%, 5/23/27			5,250				4,906
a10109690.SQ.FTS.B, 4.989%, 5/23/27			15,800				14,434
a10109063.SQ.FTS.B, 5.294%, 5/23/27			2,229				2,125
a10109048.SQ.FTS.B, 5.296%, 5/23/27			2,883				2,598
a10109831.SQ.FTS.B, 5.302%, 5/23/27			10,303				9,795
a10109342.SQ.FTS.B, 5.343%, 5/23/27			756				730
a10109346.SQ.FTS.B, 5.553%, 5/23/27			33,070				31,339
a10109325.SQ.FTS.B, 6.172%, 5/23/27			2,033				1,772
a10109658.SQ.FTS.B, 6.175%, 5/23/27			5,749				5,012
a10109230.SQ.FTS.B, 6.184%, 5/23/27			6,558				6,235
a10109299.SQ.FTS.B, 6.493%, 5/23/27			4,774				4,053
a10109646.SQ.FTS.B, 6.494%, 5/23/27			2,107				1,903
a10113529.SQ.FTS.B, 4.537%, 5/24/27			2,685				2,512
a10113194.SQ.FTS.B, 4.549%, 5/24/27			8,046				7,693
a10113371.SQ.FTS.B, 4.549%, 5/24/27			15,317				14,619
a10113579.SQ.FTS.B, 4.549%, 5/24/27			28,868				27,580
a10114453.SQ.FTS.B, 4.549%, 5/24/27			22,733				21,683
a10115779.SQ.FTS.B, 4.549%, 5/24/27			32,883				31,360
a10112287.SQ.FTS.B, 4.551%, 5/24/27			7,806				7,458

Description		Principal Amount				Value
Block, Inc. (continued)
a10112725.SQ.FTS.B, 4.551%, 5/24/27		$	11,220			$	10,494
a10112475.SQ.FTS.B, 4.552%, 5/24/27			5,420				5,172
a10112902.SQ.FTS.B, 4.552%, 5/24/27			10,163				9,712
a10113856.SQ.FTS.B, 4.556%, 5/24/27			4,608				4,401
a10115640.SQ.FTS.B, 4.559%, 5/24/27			3,136				2,996
a10113130.SQ.FTS.B, 4.986%, 5/24/27			4,023				3,817
a10111112.SQ.FTS.B, 4.989%, 5/24/27			12,177				11,646
a10112849.SQ.FTS.B, 5.301%, 5/24/27			7,495				7,110
a10115424.SQ.FTS.B, 5.302%, 5/24/27			2,870				2,742
a10113300.SQ.FTS.B, 5.304%, 5/24/27			3,847				3,635
a10111449.SQ.FTS.B, 5.34%, 5/24/27			2,387				2,243
a10112587.SQ.FTS.B, 5.55%, 5/24/27			7,580				7,166
a10110832.SQ.FTS.B, 5.555%, 5/24/27			17,318				15,543
a10115246.SQ.FTS.B, 5.555%, 5/24/27			11,845				11,321
a10114668.SQ.FTS.B, 5.804%, 5/24/27			3,274				2,909
a10111511.SQ.FTS.B, 5.805%, 5/24/27			20,443				19,359
a10112448.SQ.FTS.B, 5.805%, 5/24/27			2,387				2,253
a10113360.SQ.FTS.B, 6.117%, 5/24/27			1,267				1,001
a10113042.SQ.FTS.B, 6.179%, 5/24/27			8,196				7,798
a10112810.SQ.FTS.B, 6.18%, 5/24/27			6,358				5,942
a10114721.SQ.FTS.B, 6.181%, 5/24/27			65,030				61,219
a10115469.SQ.FTS.B, 6.182%, 5/24/27			7,358				6,782
a10112252.SQ.FTS.B, 6.19%, 5/24/27			1,730				1,513
a10112687.SQ.FTS.B, 6.331%, 5/24/27			4,165				3,274
a10112092.SQ.FTS.B, 6.334%, 5/24/27			6,366				5,277
a10115191.SQ.FTS.B, 6.488%, 5/24/27			4,050				3,807
a10115678.SQ.FTS.B, 6.495%, 5/24/27			11,019				10,331
a10112991.SQ.FTS.B, 6.5%, 5/24/27			4,133				3,970
a10115236.SQ.FTS.B, 6.501%, 5/24/27			1,901				1,751
a10112041.SQ.FTS.B, 6.51%, 5/24/27			1,743				1,576
a10118456.SQ.FTS.B, 4.545%, 5/25/27			3,744				3,561
a10120966.SQ.FTS.B, 4.547%, 5/25/27			8,940				8,517
a10122406.SQ.FTS.B, 4.548%, 5/25/27			13,086				12,450
a10118163.SQ.FTS.B, 4.549%, 5/25/27			2,128				2,020
a10118798.SQ.FTS.B, 4.549%, 5/25/27			9,331				8,911
a10120287.SQ.FTS.B, 4.549%, 5/25/27			2,043				1,957
a10121544.SQ.FTS.B, 4.549%, 5/25/27			2,471				2,360
a10121807.SQ.FTS.B, 4.549%, 5/25/27			65,876				62,753
a10120345.SQ.FTS.B, 4.55%, 5/25/27			11,980				11,369
a10121373.SQ.FTS.B, 4.553%, 5/25/27			9,195				8,775
a10118996.SQ.FTS.B, 4.987%, 5/25/27			11,209				10,695
a10120531.SQ.FTS.B, 4.987%, 5/25/27			12,546				11,999
a10121119.SQ.FTS.B, 4.988%, 5/25/27			4,117				3,913
a10121561.SQ.FTS.B, 4.992%, 5/25/27			7,517				7,142
a10119440.SQ.FTS.B, 5.302%, 5/25/27			40,258				38,183
a10122544.SQ.FTS.B, 5.302%, 5/25/27			40,615				38,257

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10118530.SQ.FTS.B, 5.303%, 5/25/27		$	25,717			$	24,570
a10121177.SQ.FTS.B, 5.311%, 5/25/27			2,829				2,698
a10120125.SQ.FTS.B, 5.326%, 5/25/27			3,641				3,422
a10118492.SQ.FTS.B, 5.333%, 5/25/27			824				795
a10120770.SQ.FTS.B, 5.336%, 5/25/27			6,209				5,840
a10120856.SQ.FTS.B, 5.341%, 5/25/27			3,509				3,348
a10120321.SQ.FTS.B, 5.554%, 5/25/27			1,522				1,443
a10122835.SQ.FTS.B, 5.805%, 5/25/27			52,123				48,779
a10118276.SQ.FTS.B, 5.807%, 5/25/27			12,262				11,476
a10120719.SQ.FTS.B, 5.808%, 5/25/27			3,069				2,905
a10118508.SQ.FTS.B, 5.839%, 5/25/27			900				858
a10120749.SQ.FTS.B, 6.166%, 5/25/27			1,890				1,779
a10122529.SQ.FTS.B, 6.18%, 5/25/27			2,181				2,011
a10120096.SQ.FTS.B, 6.243%, 5/25/27			567				497
a10120202.SQ.FTS.B, 6.335%, 5/25/27			3,298				3,194
a10121433.SQ.FTS.B, 6.336%, 5/25/27			8,521				8,178
a10120934.SQ.FTS.B, 6.342%, 5/25/27			3,320				3,108
a10122821.SQ.FTS.B, 6.346%, 5/25/27			1,218				1,140
a10120102.SQ.FTS.B, 6.493%, 5/25/27			1,856				1,775
a10119271.SQ.FTS.B, 6.494%, 5/25/27			7,068				6,698
a10120053.SQ.FTS.B, 6.494%, 5/25/27			2,090				1,966
a10121642.SQ.FTS.B, 6.496%, 5/25/27			17,262				16,366
a10121227.SQ.FTS.B, 6.497%, 5/25/27			11,995				11,484
a10121338.SQ.FTS.B, 6.499%, 5/25/27			4,534				4,274
a10128903.SQ.FTS.B, 4.549%, 5/26/27			35,428				33,262
a10129873.SQ.FTS.B, 4.549%, 5/26/27			8,624				8,094
a10130161.SQ.FTS.B, 4.549%, 5/26/27			91,755				86,154
a10131107.SQ.FTS.B, 4.549%, 5/26/27			13,186				12,369
a10127765.SQ.FTS.B, 4.55%, 5/26/27			22,484				21,109
a10128846.SQ.FTS.B, 4.55%, 5/26/27			5,420				5,086
a10127085.SQ.FTS.B, 4.556%, 5/26/27			4,675				4,388
a10132523.SQ.FTS.B, 4.558%, 5/26/27			3,737				3,509
a10131379.SQ.FTS.B, 4.987%, 5/26/27			12,872				11,996
a10128531.SQ.FTS.B, 4.988%, 5/26/27			1,004				936
a10131606.SQ.FTS.B, 5.304%, 5/26/27			16,362				15,202
a10131300.SQ.FTS.B, 5.306%, 5/26/27			3,469				3,221
a10132561.SQ.FTS.B, 5.311%, 5/26/27			714				658
a10131365.SQ.FTS.B, 5.333%, 5/26/27			841				776
a10132307.SQ.FTS.B, 5.34%, 5/26/27			2,250				2,068
a10132338.SQ.FTS.B, 5.341%, 5/26/27			1,311				1,210
a10131065.SQ.FTS.B, 5.541%, 5/26/27			1,897				1,756
a10131943.SQ.FTS.B, 5.548%, 5/26/27			5,968				5,518
a10132351.SQ.FTS.B, 5.553%, 5/26/27			5,470				5,071
a10132070.SQ.FTS.B, 5.554%, 5/26/27			20,669				19,139
a10127631.SQ.FTS.B, 5.558%, 5/26/27			6,519				6,040
a10128576.SQ.FTS.B, 5.558%, 5/26/27			1,384				1,279

Description		Principal Amount				Value
Block, Inc. (continued)
a10129956.SQ.FTS.B, 5.804%, 5/26/27		$	11,145			$	10,249
a10129759.SQ.FTS.B, 6.172%, 5/26/27			2,126				1,958
a10128702.SQ.FTS.B, 6.176%, 5/26/27			6,830				6,272
a10129598.SQ.FTS.B, 6.18%, 5/26/27			12,629				11,593
a10129784.SQ.FTS.B, 6.18%, 5/26/27			10,693				9,822
a10128599.SQ.FTS.B, 6.334%, 5/26/27			4,392				4,031
a10127207.SQ.FTS.B, 6.488%, 5/26/27			4,610				4,211
a10132506.SQ.FTS.B, 6.49%, 5/26/27			2,195				1,992
a10127174.SQ.FTS.B, 6.493%, 5/26/27			2,599				2,377
a10127038.SQ.FTS.B, 6.494%, 5/26/27			1,815				1,644
a10127250.SQ.FTS.B, 6.494%, 5/26/27			32,103				29,203
a10128252.SQ.FTS.B, 6.494%, 5/26/27			9,900				8,993
a10132574.SQ.FTS.B, 6.494%, 5/26/27			6,172				5,603
a10131263.SQ.FTS.B, 6.5%, 5/26/27			2,138				1,943
a10131279.SQ.FTS.B, 6.5%, 5/26/27			1,866				1,706
a10133314.SQ.FTS.B, 4.548%, 5/27/27			13,358				12,543
a10133097.SQ.FTS.B, 4.549%, 5/27/27			42,255				39,677
a10132846.SQ.FTS.B, 4.551%, 5/27/27			6,184				5,812
a10133057.SQ.FTS.B, 4.553%, 5/27/27			3,342				3,136
a10132767.SQ.FTS.B, 4.554%, 5/27/27			5,263				4,941
a10133414.SQ.FTS.B, 4.562%, 5/27/27			1,292				1,213
a10132902.SQ.FTS.B, 5.301%, 5/27/27			3,267				3,035
a10132700.SQ.FTS.B, 5.303%, 5/27/27			7,959				7,396
a10133420.SQ.FTS.B, 5.303%, 5/27/27			13,871				12,886
a10132793.SQ.FTS.B, 5.804%, 5/27/27			1,059				971
a10132926.SQ.FTS.B, 5.804%, 5/27/27			10,201				9,409
a10133546.SQ.FTS.B, 5.804%, 5/27/27			21,841				20,079
a10133751.SQ.FTS.B, 5.807%, 5/27/27			2,633				2,418
a10132659.SQ.FTS.B, 6.118%, 5/27/27			2,204				2,029
a10133004.SQ.FTS.B, 6.174%, 5/27/27			5,004				4,596
a10132802.SQ.FTS.B, 6.184%, 5/27/27			5,642				5,163
a10132879.SQ.FTS.B, 6.49%, 5/27/27			4,174				3,806
a10133510.SQ.FTS.B, 6.496%, 5/27/27			6,263				5,710
a10135405.SQ.FTS.B, 4.545%, 5/28/27			3,711				3,484
a10136707.SQ.FTS.B, 4.547%, 5/28/27			9,446				8,868
a10138146.SQ.FTS.B, 4.547%, 5/28/27			6,070				5,703
a10136103.SQ.FTS.B, 4.548%, 5/28/27			3,808				3,575
a10136809.SQ.FTS.B, 4.549%, 5/28/27			29,388				27,585
a10137328.SQ.FTS.B, 4.549%, 5/28/27			27,828				26,149
a10135759.SQ.FTS.B, 4.551%, 5/28/27			9,194				8,626
a10134263.SQ.FTS.B, 4.554%, 5/28/27			6,699				6,289
a10135906.SQ.FTS.B, 4.555%, 5/28/27			5,314				4,987
a10134177.SQ.FTS.B, 4.986%, 5/28/27			2,423				2,262
a10136197.SQ.FTS.B, 4.989%, 5/28/27			20,739				19,359
a10137282.SQ.FTS.B, 5.328%, 5/28/27			858				622
a10134001.SQ.FTS.B, 5.334%, 5/28/27			6,082				5,640

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10136558.SQ.FTS.B, 5.551%, 5/28/27		$	4,574			$	4,239
a10137849.SQ.FTS.B, 5.556%, 5/28/27			7,025				6,478
a10135257.SQ.FTS.B, 5.802%, 5/28/27			1,724				1,589
a10136634.SQ.FTS.B, 5.804%, 5/28/27			2,486				2,299
a10135562.SQ.FTS.B, 5.807%, 5/28/27			6,264				5,774
a10134844.SQ.FTS.B, 6.118%, 5/28/27			7,363				6,648
a10136528.SQ.FTS.B, 6.134%, 5/28/27			1,527				1,390
a10138793.SQ.FTS.B, 6.18%, 5/28/27			37,704				34,600
a10138633.SQ.FTS.B, 6.182%, 5/28/27			11,847				10,858
a10138352.SQ.FTS.B, 6.333%, 5/28/27			5,265				4,834
a10134465.SQ.FTS.B, 6.337%, 5/28/27			5,678				5,042
a10138004.SQ.FTS.B, 6.339%, 5/28/27			9,839				8,986
a10135205.SQ.FTS.B, 6.472%, 5/28/27			1,016				927
a10135334.SQ.FTS.B, 6.481%, 5/28/27			1,557				1,417
a10136667.SQ.FTS.B, 6.486%, 5/28/27			2,931				2,672
a10137847.SQ.FTS.B, 6.493%, 5/28/27			1,062				971
a10136008.SQ.FTS.B, 6.494%, 5/28/27			3,369				3,082
a10138508.SQ.FTS.B, 6.497%, 5/28/27			6,682				6,119
a10139528.SQ.FTS.B, 4.541%, 5/29/27			3,981				3,739
a10140020.SQ.FTS.B, 4.546%, 5/29/27			6,854				6,436
a10139614.SQ.FTS.B, 4.549%, 5/29/27			9,192				8,627
a10139733.SQ.FTS.B, 4.549%, 5/29/27			4,119				3,865
a10139809.SQ.FTS.B, 4.549%, 5/29/27			5,288				4,964
a10140113.SQ.FTS.B, 4.549%, 5/29/27			12,855				12,053
a10139295.SQ.FTS.B, 4.552%, 5/29/27			9,952				9,341
a10139412.SQ.FTS.B, 4.992%, 5/29/27			9,540				8,907
a10140309.SQ.FTS.B, 5.335%, 5/29/27			10,168				9,321
a10139582.SQ.FTS.B, 5.336%, 5/29/27			1,882				1,722
a10139790.SQ.FTS.B, 6.118%, 5/29/27			1,159				1,054
a10139879.SQ.FTS.B, 6.178%, 5/29/27			10,468				9,592
a10139256.SQ.FTS.B, 6.489%, 5/29/27			3,139				2,861
a10140505.SQ.FTS.B, 4.545%, 5/30/27			3,200				3,002
a10140583.SQ.FTS.B, 4.547%, 5/30/27			7,111				6,671
a10141150.SQ.FTS.B, 4.549%, 5/30/27			30,438				28,554
a10141011.SQ.FTS.B, 4.551%, 5/30/27			10,386				9,743
a10140698.SQ.FTS.B, 4.555%, 5/30/27			5,801				5,445
a10140930.SQ.FTS.B, 4.993%, 5/30/27			5,414				5,054
a10140560.SQ.FTS.B, 5.006%, 5/30/27			1,834				1,710
a10140470.SQ.FTS.B, 6.349%, 5/30/27			1,901				1,731
a10140763.SQ.FTS.B, 6.495%, 5/30/27			14,516				13,227
a10146022.SQ.FTS.B, 4.538%, 6/01/27			2,789				2,618
a10145681.SQ.FTS.B, 4.542%, 6/01/27			4,229				3,969
a10147672.SQ.FTS.B, 4.545%, 6/01/27			5,229				4,908
a10147384.SQ.FTS.B, 4.547%, 6/01/27			10,120				9,497
a10142821.SQ.FTS.B, 4.549%, 6/01/27			5,243				4,921
a10143121.SQ.FTS.B, 4.549%, 6/01/27			5,198				4,878

Description		Principal Amount				Value
Block, Inc. (continued)
a10146145.SQ.FTS.B, 4.549%, 6/01/27		$	7,219			$	6,775
a10146479.SQ.FTS.B, 4.549%, 6/01/27			3,194				2,999
a10146544.SQ.FTS.B, 4.551%, 6/01/27			9,694				9,099
a10147274.SQ.FTS.B, 4.551%, 6/01/27			7,367				6,914
a10147856.SQ.FTS.B, 4.552%, 6/01/27			11,855				11,124
a10143966.SQ.FTS.B, 4.554%, 6/01/27			6,845				6,425
a10145553.SQ.FTS.B, 4.554%, 6/01/27			6,689				6,276
a10146086.SQ.FTS.B, 4.981%, 6/01/27			3,567				3,326
a10145780.SQ.FTS.B, 4.987%, 6/01/27			15,532				14,485
a10144582.SQ.FTS.B, 4.988%, 6/01/27			40,942				38,177
a10147245.SQ.FTS.B, 5.307%, 6/01/27			4,432				4,124
a10147592.SQ.FTS.B, 5.336%, 6/01/27			3,608				3,330
a10147829.SQ.FTS.B, 5.341%, 6/01/27			1,859				1,709
a10147221.SQ.FTS.B, 5.55%, 6/01/27			4,599				4,262
a10143375.SQ.FTS.B, 5.801%, 6/01/27			3,274				3,020
a10143489.SQ.FTS.B, 5.804%, 6/01/27			7,547				6,967
a10144152.SQ.FTS.B, 5.804%, 6/01/27			10,034				9,266
a10145665.SQ.FTS.B, 6.161%, 6/01/27			1,237				1,136
a10146291.SQ.FTS.B, 6.18%, 6/01/27			11,347				10,406
a10144333.SQ.FTS.B, 6.243%, 6/01/27			492				450
a10144432.SQ.FTS.B, 6.491%, 6/01/27			8,567				7,827
a10144345.SQ.FTS.B, 6.495%, 6/01/27			4,125				3,645
a10146798.SQ.FTS.B, 6.495%, 6/01/27			26,993				24,640
a10147763.SQ.FTS.B, 6.495%, 6/01/27			2,256				2,062
a10148103.SQ.FTS.B, 4.549%, 6/02/27			29,674				27,863
a10148888.SQ.FTS.B, 4.549%, 6/02/27			7,171				6,727
a10149225.SQ.FTS.B, 4.549%, 6/02/27			12,513				11,725
a10151082.SQ.FTS.B, 4.551%, 6/02/27			14,459				13,564
a10149040.SQ.FTS.B, 4.553%, 6/02/27			7,912				7,426
a10151298.SQ.FTS.B, 4.554%, 6/02/27			6,877				6,452
a10152255.SQ.FTS.B, 4.561%, 6/02/27			2,359				2,215
a10147986.SQ.FTS.B, 4.979%, 6/02/27			2,703				2,519
a10149750.SQ.FTS.B, 4.988%, 6/02/27			5,224				4,852
a10153269.SQ.FTS.B, 5.303%, 6/02/27			12,207				11,360
a10153247.SQ.FTS.B, 5.323%, 6/02/27			1,563				1,451
a10152240.SQ.FTS.B, 5.333%, 6/02/27			1,139				1,045
a10150899.SQ.FTS.B, 5.545%, 6/02/27			2,359				2,182
a10150931.SQ.FTS.B, 5.551%, 6/02/27			3,297				3,037
a10153357.SQ.FTS.B, 5.551%, 6/02/27			2,502				2,296
a10149999.SQ.FTS.B, 5.553%, 6/02/27			4,105				3,796
a10151466.SQ.FTS.B, 5.553%, 6/02/27			68,541				63,023
a10152306.SQ.FTS.B, 5.553%, 6/02/27			86,919				80,426
a10150830.SQ.FTS.B, 5.804%, 6/02/27			10,679				9,854
a10151335.SQ.FTS.B, 5.804%, 6/02/27			22,039				20,355
a10150106.SQ.FTS.B, 5.805%, 6/02/27			49,224				45,323
a10153214.SQ.FTS.B, 5.816%, 6/02/27			2,750				2,539

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10153201.SQ.FTS.B, 5.819%, 6/02/27		$	1,867			$	1,723
a10153343.SQ.FTS.B, 6.118%, 6/02/27			441				405
a10152249.SQ.FTS.B, 6.175%, 6/02/27			1,125				1,032
a10150997.SQ.FTS.B, 6.181%, 6/02/27			3,383				3,099
a10152268.SQ.FTS.B, 6.326%, 6/02/27			2,963				2,717
a10149935.SQ.FTS.B, 6.344%, 6/02/27			3,186				2,901
a10148857.SQ.FTS.B, 6.364%, 6/02/27			1,030				941
a10153229.SQ.FTS.B, 6.487%, 6/02/27			1,877				1,715
a10151264.SQ.FTS.B, 6.491%, 6/02/27			3,948				3,597
a10149866.SQ.FTS.B, 6.501%, 6/02/27			3,765				3,429
a10155983.SQ.FTS.B, 4.545%, 6/03/27			4,686				4,399
a10156038.SQ.FTS.B, 4.545%, 6/03/27			4,797				4,501
a10154093.SQ.FTS.B, 4.546%, 6/03/27			3,276				3,075
a10153627.SQ.FTS.B, 4.549%, 6/03/27			842				791
a10154451.SQ.FTS.B, 4.549%, 6/03/27			4,649				4,359
a10155065.SQ.FTS.B, 4.549%, 6/03/27			35,811				33,606
a10157481.SQ.FTS.B, 4.549%, 6/03/27			11,609				10,895
a10157580.SQ.FTS.B, 4.549%, 6/03/27			11,854				11,128
a10157668.SQ.FTS.B, 4.549%, 6/03/27			51,930				48,723
a10158227.SQ.FTS.B, 4.549%, 6/03/27			72,802				68,305
a10153895.SQ.FTS.B, 4.551%, 6/03/27			6,562				6,159
a10153411.SQ.FTS.B, 4.556%, 6/03/27			4,711				4,420
a10154322.SQ.FTS.B, 4.556%, 6/03/27			4,862				4,564
a10155881.SQ.FTS.B, 4.556%, 6/03/27			4,872				4,575
a10156303.SQ.FTS.B, 4.556%, 6/03/27			3,617				3,395
a10156341.SQ.FTS.B, 4.988%, 6/03/27			66,056				61,626
a10156104.SQ.FTS.B, 4.99%, 6/03/27			15,698				14,644
a10153555.SQ.FTS.B, 5.294%, 6/03/27			3,753				3,487
a10153749.SQ.FTS.B, 5.298%, 6/03/27			5,285				4,908
a10154289.SQ.FTS.B, 5.302%, 6/03/27			1,062				986
a10153841.SQ.FTS.B, 5.328%, 6/03/27			4,247				3,922
a10154549.SQ.FTS.B, 5.33%, 6/03/27			4,239				3,898
a10154151.SQ.FTS.B, 5.337%, 6/03/27			4,045				3,575
a10155838.SQ.FTS.B, 5.802%, 6/03/27			3,241				2,990
a10154877.SQ.FTS.B, 5.804%, 6/03/27			6,788				6,261
a10154771.SQ.FTS.B, 6.111%, 6/03/27			3,437				3,127
a10155768.SQ.FTS.B, 6.18%, 6/03/27			5,665				5,209
a10154406.SQ.FTS.B, 6.482%, 6/03/27			2,336				2,125
a10154651.SQ.FTS.B, 6.483%, 6/03/27			2,036				1,852
a10153641.SQ.FTS.B, 6.488%, 6/03/27			4,616				4,181
a10155464.SQ.FTS.B, 6.495%, 6/03/27			20,966				19,202
a10154048.SQ.FTS.B, 6.504%, 6/03/27			1,113				1,004
a10155727.SQ.FTS.B, 6.504%, 6/03/27			2,860				2,612
a10155720.SQ.FTS.B, 6.536%, 6/03/27			301				273
a10165923.SQ.FTS.B, 4.54%, 6/04/27			1,874				1,759
a10162794.SQ.FTS.B, 4.547%, 6/04/27			10,858				10,188

Description		Principal Amount				Value
Block, Inc. (continued)
a10162981.SQ.FTS.B, 4.547%, 6/04/27		$	10,194			$	9,565
a10166007.SQ.FTS.B, 4.547%, 6/04/27			8,242				7,733
a10163675.SQ.FTS.B, 4.549%, 6/04/27			2,747				2,577
a10164474.SQ.FTS.B, 4.549%, 6/04/27			1,055				990
a10165073.SQ.FTS.B, 4.549%, 6/04/27			18,907				17,741
a10165962.SQ.FTS.B, 4.549%, 6/04/27			3,261				3,060
a10163498.SQ.FTS.B, 4.552%, 6/04/27			3,742				3,495
a10163613.SQ.FTS.B, 4.554%, 6/04/27			5,615				5,266
a10166141.SQ.FTS.B, 4.557%, 6/04/27			4,401				4,129
a10164151.SQ.FTS.B, 4.981%, 6/04/27			4,103				3,827
a10164280.SQ.FTS.B, 4.99%, 6/04/27			16,739				15,628
a10166080.SQ.FTS.B, 4.993%, 6/04/27			6,853				6,394
a10162274.SQ.FTS.B, 5.301%, 6/04/27			39,989				37,147
a10165209.SQ.FTS.B, 5.302%, 6/04/27			49,402				45,880
a10164494.SQ.FTS.B, 5.334%, 6/04/27			3,826				3,546
a10165948.SQ.FTS.B, 5.336%, 6/04/27			3,488				3,198
a10164210.SQ.FTS.B, 5.544%, 6/04/27			1,850				1,711
a10166540.SQ.FTS.B, 5.552%, 6/04/27			9,777				9,046
a10163716.SQ.FTS.B, 5.555%, 6/04/27			2,094				1,938
a10166450.SQ.FTS.B, 5.557%, 6/04/27			6,426				5,928
a10162165.SQ.FTS.B, 5.804%, 6/04/27			10,590				9,762
a10162247.SQ.FTS.B, 5.804%, 6/04/27			1,537				1,418
a10166197.SQ.FTS.B, 5.804%, 6/04/27			20,240				18,624
a10166623.SQ.FTS.B, 5.805%, 6/04/27			35,268				32,490
a10163785.SQ.FTS.B, 6.12%, 6/04/27			4,914				4,506
a10164228.SQ.FTS.B, 6.18%, 6/04/27			2,673				2,455
a10165772.SQ.FTS.B, 6.18%, 6/04/27			20,771				19,032
a10164549.SQ.FTS.B, 6.181%, 6/04/27			39,442				36,150
a10167219.SQ.FTS.B, 6.342%, 6/04/27			7,414				6,766
a10164269.SQ.FTS.B, 6.351%, 6/04/27			1,170				1,067
a10162234.SQ.FTS.B, 6.474%, 6/04/27			957				867
a10162063.SQ.FTS.B, 6.49%, 6/04/27			6,353				5,792
a10163871.SQ.FTS.B, 6.494%, 6/04/27			20,694				18,864
a10165654.SQ.FTS.B, 6.495%, 6/04/27			15,656				14,264
a10163183.SQ.FTS.B, 6.497%, 6/04/27			9,518				8,662
a10166179.SQ.FTS.B, 6.509%, 6/04/27			354				258
a10167778.SQ.FTS.B, 4.543%, 6/05/27			3,118				2,928
a10170386.SQ.FTS.B, 4.546%, 6/05/27			6,264				5,879
a10171604.SQ.FTS.B, 4.546%, 6/05/27			5,078				4,764
a10170444.SQ.FTS.B, 4.547%, 6/05/27			7,886				7,395
a10168297.SQ.FTS.B, 4.549%, 6/05/27			4,199				3,939
a10168573.SQ.FTS.B, 4.549%, 6/05/27			38,746				36,353
a10169442.SQ.FTS.B, 4.549%, 6/05/27			79,737				74,799
a10170235.SQ.FTS.B, 4.549%, 6/05/27			8,491				7,965
a10170598.SQ.FTS.B, 4.549%, 6/05/27			30,727				28,823
a10171355.SQ.FTS.B, 4.549%, 6/05/27			12,978				12,177

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10171775.SQ.FTS.B, 4.549%, 6/05/27		$	2,071			$	1,941
a10172149.SQ.FTS.B, 4.549%, 6/05/27			18,039				16,914
a10167634.SQ.FTS.B, 4.551%, 6/05/27			8,218				7,710
a10167804.SQ.FTS.B, 4.551%, 6/05/27			15,183				14,239
a10169186.SQ.FTS.B, 4.551%, 6/05/27			13,828				12,972
a10171206.SQ.FTS.B, 4.551%, 6/05/27			15,408				14,462
a10171785.SQ.FTS.B, 4.551%, 6/05/27			7,898				7,409
a10170961.SQ.FTS.B, 4.552%, 6/05/27			11,533				10,824
a10168410.SQ.FTS.B, 4.557%, 6/05/27			3,853				3,613
a10167759.SQ.FTS.B, 4.562%, 6/05/27			2,637				2,473
a10170326.SQ.FTS.B, 4.578%, 6/05/27			1,166				1,093
a10171909.SQ.FTS.B, 4.988%, 6/05/27			4,305				4,015
a10171753.SQ.FTS.B, 5.281%, 6/05/27			656				609
a10167500.SQ.FTS.B, 5.298%, 6/05/27			5,321				4,939
a10171681.SQ.FTS.B, 5.299%, 6/05/27			5,586				5,190
a10168059.SQ.FTS.B, 5.3%, 6/05/27			9,748				9,056
a10171061.SQ.FTS.B, 5.302%, 6/05/27			1,099				1,021
a10171484.SQ.FTS.B, 5.335%, 6/05/27			6,784				6,275
a10171880.SQ.FTS.B, 5.345%, 6/05/27			2,154				1,994
a10170201.SQ.FTS.B, 5.539%, 6/05/27			2,071				1,916
a10167297.SQ.FTS.B, 5.551%, 6/05/27			10,422				9,637
a10170521.SQ.FTS.B, 5.801%, 6/05/27			3,823				3,511
a10170926.SQ.FTS.B, 5.804%, 6/05/27			3,339				3,064
a10171871.SQ.FTS.B, 6.107%, 6/05/27			1,203				1,095
a10171772.SQ.FTS.B, 6.117%, 6/05/27			986				900
a10170343.SQ.FTS.B, 6.168%, 6/05/27			1,397				1,283
a10171129.SQ.FTS.B, 6.18%, 6/05/27			4,829				4,432
a10171953.SQ.FTS.B, 6.182%, 6/05/27			8,484				7,783
a10171844.SQ.FTS.B, 6.329%, 6/05/27			2,569				2,350
a10167751.SQ.FTS.B, 6.372%, 6/05/27			774				697
a10171899.SQ.FTS.B, 6.372%, 6/05/27			961				877
a10171067.SQ.FTS.B, 6.485%, 6/05/27			3,381				3,094
a10169412.SQ.FTS.B, 6.487%, 6/05/27			1,896				1,733
a10170357.SQ.FTS.B, 6.492%, 6/05/27			2,584				2,360
a10172068.SQ.FTS.B, 6.496%, 6/05/27			10,458				9,545
a10167530.SQ.FTS.B, 6.497%, 6/05/27			5,348				4,866
a10172011.SQ.FTS.B, 6.497%, 6/05/27			7,847				7,150
a10171722.SQ.FTS.B, 6.504%, 6/05/27			2,271				2,078
a10167474.SQ.FTS.B, 6.507%, 6/05/27			1,641				1,499
a10170338.SQ.FTS.B, 6.51%, 6/05/27			1,806				1,652
a10172543.SQ.FTS.B, 4.544%, 6/06/27			3,878				3,639
a10172835.SQ.FTS.B, 4.548%, 6/06/27			12,871				12,084
a10172512.SQ.FTS.B, 4.549%, 6/06/27			1,049				984
a10172689.SQ.FTS.B, 4.549%, 6/06/27			14,989				14,060
a10172932.SQ.FTS.B, 4.55%, 6/06/27			11,868				11,132
a10172523.SQ.FTS.B, 4.556%, 6/06/27			2,840				2,664

Description		Principal Amount				Value
Block, Inc. (continued)
a10172490.SQ.FTS.B, 4.995%, 6/06/27		$	2,514			$	2,342
a10172580.SQ.FTS.B, 5.335%, 6/06/27			5,186				4,767
a10172670.SQ.FTS.B, 5.341%, 6/06/27			1,519				1,386
a10173213.SQ.FTS.B, 5.553%, 6/06/27			7,450				6,889
a10173044.SQ.FTS.B, 6.118%, 6/06/27			4,205				3,864
a10172817.SQ.FTS.B, 6.133%, 6/06/27			895				769
a10172623.SQ.FTS.B, 6.18%, 6/06/27			6,433				5,905
a10173085.SQ.FTS.B, 6.18%, 6/06/27			7,761				7,122
a10172281.SQ.FTS.B, 6.312%, 6/06/27			1,028				935
a10173143.SQ.FTS.B, 6.493%, 6/06/27			8,569				7,769
a10172295.SQ.FTS.B, 6.494%, 6/06/27			20,002				18,123
a10173489.SQ.FTS.B, 4.546%, 6/07/27			2,027				1,902
a10173826.SQ.FTS.B, 4.546%, 6/07/27			6,660				6,248
a10173723.SQ.FTS.B, 4.547%, 6/07/27			7,510				7,042
a10173945.SQ.FTS.B, 4.551%, 6/07/27			13,761				12,904
a10173503.SQ.FTS.B, 4.553%, 6/07/27			7,365				6,901
a10173887.SQ.FTS.B, 4.557%, 6/07/27			2,217				2,080
a10173312.SQ.FTS.B, 4.988%, 6/07/27			9,110				8,493
a10173656.SQ.FTS.B, 4.995%, 6/07/27			4,671				4,358
a10173910.SQ.FTS.B, 4.996%, 6/07/27			3,600				3,357
a10174071.SQ.FTS.B, 5.303%, 6/07/27			20,813				19,314
a10173575.SQ.FTS.B, 5.306%, 6/07/27			5,599				5,204
a10173620.SQ.FTS.B, 5.555%, 6/07/27			4,887				4,513
a10173396.SQ.FTS.B, 5.804%, 6/07/27			8,788				8,095
a10173702.SQ.FTS.B, 6.108%, 6/07/27			2,500				2,262
a10173688.SQ.FTS.B, 6.182%, 6/07/27			2,036				1,871
a10173870.SQ.FTS.B, 6.196%, 6/07/27			1,619				1,481
a10173799.SQ.FTS.B, 6.332%, 6/07/27			4,209				3,833
a10173295.SQ.FTS.B, 6.494%, 6/07/27			3,449				3,155
a10175524.SQ.FTS.B, 4.542%, 6/08/27			2,621				2,460
a10175568.SQ.FTS.B, 4.542%, 6/08/27			4,120				3,865
a10179627.SQ.FTS.B, 4.548%, 6/08/27			6,233				5,847
a10175172.SQ.FTS.B, 4.549%, 6/08/27			4,259				3,995
a10177723.SQ.FTS.B, 4.549%, 6/08/27			21,431				20,104
a10180126.SQ.FTS.B, 4.549%, 6/08/27			2,127				1,996
a10177675.SQ.FTS.B, 4.551%, 6/08/27			4,336				4,065
a10177524.SQ.FTS.B, 4.561%, 6/08/27			2,298				2,155
a10175216.SQ.FTS.B, 4.982%, 6/08/27			3,826				3,567
a10176647.SQ.FTS.B, 4.988%, 6/08/27			44,998				41,973
a10179541.SQ.FTS.B, 5.304%, 6/08/27			4,238				3,936
a10179907.SQ.FTS.B, 5.304%, 6/08/27			11,746				10,921
a10175476.SQ.FTS.B, 5.325%, 6/08/27			706				646
a10179765.SQ.FTS.B, 5.335%, 6/08/27			6,358				5,855
a10175644.SQ.FTS.B, 5.346%, 6/08/27			653				601
a10175258.SQ.FTS.B, 5.541%, 6/08/27			2,723				2,521
a10177344.SQ.FTS.B, 5.8%, 6/08/27			5,151				4,758

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10177422.SQ.FTS.B, 5.808%, 6/08/27		$	8,043			$	7,407
a10175655.SQ.FTS.B, 6.113%, 6/08/27			2,848				2,593
a10179439.SQ.FTS.B, 6.121%, 6/08/27			4,103				3,744
a10175836.SQ.FTS.B, 6.337%, 6/08/27			25,043				22,809
a10177262.SQ.FTS.B, 6.356%, 6/08/27			1,139				1,034
a10180170.SQ.FTS.B, 6.49%, 6/08/27			5,175				4,735
a10175364.SQ.FTS.B, 6.492%, 6/08/27			5,585				5,113
a10177277.SQ.FTS.B, 6.494%, 6/08/27			6,344				5,804
a10177551.SQ.FTS.B, 6.494%, 6/08/27			6,926				6,307
a10175772.SQ.FTS.B, 6.514%, 6/08/27			1,014				924
a10182635.SQ.FTS.B, 4.537%, 6/09/27			2,665				2,501
a10182968.SQ.FTS.B, 4.542%, 6/09/27			3,306				3,102
a10180380.SQ.FTS.B, 4.547%, 6/09/27			7,382				6,923
a10180472.SQ.FTS.B, 4.547%, 6/09/27			11,014				10,332
a10184617.SQ.FTS.B, 4.548%, 6/09/27			5,708				5,355
a10181579.SQ.FTS.B, 4.549%, 6/09/27			6,526				6,122
a10181735.SQ.FTS.B, 4.549%, 6/09/27			9,814				9,204
a10182529.SQ.FTS.B, 4.549%, 6/09/27			8,375				7,852
a10182767.SQ.FTS.B, 4.549%, 6/09/27			15,923				14,932
a10183678.SQ.FTS.B, 4.549%, 6/09/27			26,233				24,599
a10185168.SQ.FTS.B, 4.549%, 6/09/27			4,389				4,118
a10182057.SQ.FTS.B, 4.551%, 6/09/27			10,567				9,914
a10182287.SQ.FTS.B, 4.551%, 6/09/27			16,847				15,774
a10184722.SQ.FTS.B, 4.551%, 6/09/27			8,054				7,558
a10181253.SQ.FTS.B, 4.553%, 6/09/27			4,321				4,052
a10182178.SQ.FTS.B, 4.553%, 6/09/27			9,370				8,792
a10183002.SQ.FTS.B, 4.553%, 6/09/27			8,870				8,319
a10183232.SQ.FTS.B, 4.555%, 6/09/27			5,821				5,454
a10183647.SQ.FTS.B, 4.555%, 6/09/27			2,172				2,036
a10185208.SQ.FTS.B, 4.989%, 6/09/27			19,257				17,952
a10181323.SQ.FTS.B, 4.99%, 6/09/27			9,827				9,157
a10183623.SQ.FTS.B, 4.995%, 6/09/27			4,488				4,183
a10185005.SQ.FTS.B, 5.303%, 6/09/27			18,290				16,992
a10184858.SQ.FTS.B, 5.304%, 6/09/27			8,728				8,099
a10183658.SQ.FTS.B, 5.323%, 6/09/27			1,410				1,291
a10181888.SQ.FTS.B, 5.334%, 6/09/27			10,993				10,081
a10181184.SQ.FTS.B, 5.34%, 6/09/27			3,167				2,928
a10183105.SQ.FTS.B, 5.548%, 6/09/27			5,054				4,668
a10184162.SQ.FTS.B, 5.553%, 6/09/27			54,481				50,401
a10183893.SQ.FTS.B, 5.554%, 6/09/27			34,181				31,617
a10183206.SQ.FTS.B, 5.555%, 6/09/27			5,840				5,404
a10183447.SQ.FTS.B, 5.555%, 6/09/27			3,029				2,799
a10180689.SQ.FTS.B, 5.804%, 6/09/27			22,888				21,104
a10183475.SQ.FTS.B, 5.806%, 6/09/27			18,792				17,348
a10180290.SQ.FTS.B, 6.118%, 6/09/27			2,985				2,726
a10182708.SQ.FTS.B, 6.182%, 6/09/27			4,382				4,009

Description		Principal Amount				Value
Block, Inc. (continued)
a10184589.SQ.FTS.B, 6.333%, 6/09/27		$	2,366			$	2,156
a10181727.SQ.FTS.B, 6.49%, 6/09/27			910				826
a10183445.SQ.FTS.B, 6.49%, 6/09/27			2,582				2,334
a10183072.SQ.FTS.B, 6.494%, 6/09/27			2,208				2,017
a10183157.SQ.FTS.B, 6.495%, 6/09/27			5,257				4,786
a10184130.SQ.FTS.B, 6.499%, 6/09/27			4,006				3,642
a10182679.SQ.FTS.B, 6.5%, 6/09/27 .			4,612				4,216
a10188183.SQ.FTS.B, 4.547%, 6/10/27			7,579				7,103
a10185574.SQ.FTS.B, 4.549%, 6/10/27			21,109				19,791
a10185991.SQ.FTS.B, 4.549%, 6/10/27			36,160				33,923
a10188851.SQ.FTS.B, 4.549%, 6/10/27			23,581				22,113
a10189124.SQ.FTS.B, 4.549%, 6/10/27			16,610				15,588
a10187225.SQ.FTS.B, 4.551%, 6/10/27			17,202				16,133
a10189104.SQ.FTS.B, 4.552%, 6/10/27			4,829				4,525
a10189891.SQ.FTS.B, 4.552%, 6/10/27			13,651				12,805
a10185445.SQ.FTS.B, 4.553%, 6/10/27			9,258				8,684
a10187152.SQ.FTS.B, 4.978%, 6/10/27			2,729				2,547
a10190061.SQ.FTS.B, 4.984%, 6/10/27			7,435				6,935
a10186920.SQ.FTS.B, 4.988%, 6/10/27			11,799				10,997
a10187761.SQ.FTS.B, 4.988%, 6/10/27			42,995				40,106
a10188605.SQ.FTS.B, 4.988%, 6/10/27			11,124				10,376
a10188685.SQ.FTS.B, 4.989%, 6/10/27			27,089				25,258
a10187485.SQ.FTS.B, 5.551%, 6/10/27			13,002				12,026
a10189285.SQ.FTS.B, 5.553%, 6/10/27			52,699				48,732
a10187638.SQ.FTS.B, 5.557%, 6/10/27			9,536				8,827
a10188574.SQ.FTS.B, 5.56%, 6/10/27			4,961				4,590
a10189833.SQ.FTS.B, 5.56%, 6/10/27			3,920				3,625
a10189234.SQ.FTS.B, 5.805%, 6/10/27			4,355				4,014
a10189739.SQ.FTS.B, 5.809%, 6/10/27			6,988				6,439
a10185394.SQ.FTS.B, 6.177%, 6/10/27			3,786				3,475
a10188293.SQ.FTS.B, 6.18%, 6/10/27			15,093				13,869
a10188285.SQ.FTS.B, 6.323%, 6/10/27			873				788
a10189045.SQ.FTS.B, 6.338%, 6/10/27			5,942				5,413
a10187208.SQ.FTS.B, 6.341%, 6/10/27			1,186				1,078
a10189038.SQ.FTS.B, 6.479%, 6/10/27			1,702				1,557
a10189805.SQ.FTS.B, 6.484%, 6/10/27			2,764				2,527
a10188141.SQ.FTS.B, 6.491%, 6/10/27			4,179				3,820
a10188362.SQ.FTS.B, 6.494%, 6/10/27			5,416				4,938
a10188385.SQ.FTS.B, 6.494%, 6/10/27			25,923				23,648
a10186854.SQ.FTS.B, 6.501%, 6/10/27			2,547				2,319
a10193547.SQ.FTS.B, 4.545%, 6/11/27			6,443				6,040
a10198279.SQ.FTS.B, 4.547%, 6/11/27			7,661				7,181
a10193397.SQ.FTS.B, 4.549%, 6/11/27			7,316				6,858
a10196609.SQ.FTS.B, 4.549%, 6/11/27			5,391				5,054
a10196884.SQ.FTS.B, 4.549%, 6/11/27			98,647				92,503
a10194401.SQ.FTS.B, 4.55%, 6/11/27			24,293				22,774

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10193662.SQ.FTS.B, 4.551%, 6/11/27		$	9,971			$	9,347
a10194077.SQ.FTS.B, 4.551%, 6/11/27			9,595				8,996
a10195213.SQ.FTS.B, 4.551%, 6/11/27			17,241				16,164
a10198402.SQ.FTS.B, 4.552%, 6/11/27			3,101				2,907
a10193955.SQ.FTS.B, 4.553%, 6/11/27			4,404				4,129
a10195417.SQ.FTS.B, 4.988%, 6/11/27			22,189				20,696
a10197979.SQ.FTS.B, 4.989%, 6/11/27			18,881				17,594
a10193491.SQ.FTS.B, 5.003%, 6/11/27			1,738				1,619
a10193248.SQ.FTS.B, 5.3%, 6/11/27 .			5,493				5,096
a10195008.SQ.FTS.B, 5.302%, 6/11/27			20,553				19,091
a10195867.SQ.FTS.B, 5.302%, 6/11/27			33,200				30,824
a10194815.SQ.FTS.B, 5.337%, 6/11/27			3,893				3,579
a10198450.SQ.FTS.B, 5.553%, 6/11/27			1,090				1,007
a10194868.SQ.FTS.B, 5.806%, 6/11/27			9,047				8,336
a10193208.SQ.FTS.B, 6.134%, 6/11/27			1,781				1,634
a10193058.SQ.FTS.B, 6.179%, 6/11/27			19,334				17,732
a10196534.SQ.FTS.B, 6.18%, 6/11/27			3,365				3,087
a10196724.SQ.FTS.B, 6.18%, 6/11/27			22,521				20,627
a10196669.SQ.FTS.B, 6.183%, 6/11/27			5,609				5,146
a10193875.SQ.FTS.B, 6.187%, 6/11/27			2,184				2,002
a10193504.SQ.FTS.B, 6.341%, 6/11/27			7,817				7,111
a10193343.SQ.FTS.B, 6.489%, 6/11/27			4,107				3,751
a10198467.SQ.FTS.B, 6.493%, 6/11/27			11,571				10,570
a10193219.SQ.FTS.B, 6.496%, 6/11/27			3,668				3,354
a10202955.SQ.FTS.B, 4.543%, 6/12/27			3,315				3,109
a10200277.SQ.FTS.B, 4.547%, 6/12/27			10,785				10,117
a10198767.SQ.FTS.B, 4.549%, 6/12/27			5,438				5,098
a10198815.SQ.FTS.B, 4.549%, 6/12/27			2,411				2,260
a10199138.SQ.FTS.B, 4.549%, 6/12/27			14,593				13,681
a10199403.SQ.FTS.B, 4.549%, 6/12/27			37,230				34,923
a10200655.SQ.FTS.B, 4.549%, 6/12/27			56,276				52,622
a10201445.SQ.FTS.B, 4.549%, 6/12/27			4,702				4,407
a10201968.SQ.FTS.B, 4.549%, 6/12/27			5,268				4,936
a10201340.SQ.FTS.B, 4.551%, 6/12/27			15,969				14,967
a10201758.SQ.FTS.B, 4.551%, 6/12/27			14,958				14,029
a10199345.SQ.FTS.B, 4.552%, 6/12/27			2,597				2,435
a10200491.SQ.FTS.B, 4.554%, 6/12/27			7,444				6,977
a10200596.SQ.FTS.B, 4.989%, 6/12/27			3,435				3,203
a10202989.SQ.FTS.B, 4.991%, 6/12/27			4,977				4,640
a10201491.SQ.FTS.B, 5.299%, 6/12/27			5,254				4,872
a10198630.SQ.FTS.B, 5.333%, 6/12/27			2,295				2,128
a10198802.SQ.FTS.B, 5.333%, 6/12/27			869				803
a10198983.SQ.FTS.B, 5.339%, 6/12/27			5,912				5,468
a10198487.SQ.FTS.B, 5.34%, 6/12/27			5,682				5,266
a10198730.SQ.FTS.B, 5.545%, 6/12/27			3,014				2,784
a10198925.SQ.FTS.B, 5.547%, 6/12/27			2,284				2,108

Description		Principal Amount				Value
Block, Inc. (continued)
a10201641.SQ.FTS.B, 5.553%, 6/12/27		$	9,945			$	9,196
a10201557.SQ.FTS.B, 5.8%, 6/12/27 .			5,312				4,890
a10198597.SQ.FTS.B, 5.818%, 6/12/27			1,539				1,419
a10202073.SQ.FTS.B, 6.18%, 6/12/27			57,819				52,777
a10203128.SQ.FTS.B, 6.181%, 6/12/27			15,798				14,497
a10200470.SQ.FTS.B, 6.187%, 6/12/27			3,104				2,848
a10198723.SQ.FTS.B, 6.488%, 6/12/27			985				898
a10198674.SQ.FTS.B, 6.491%, 6/12/27			2,168				1,981
a10203058.SQ.FTS.B, 6.494%, 6/12/27			5,474				4,974
a10198850.SQ.FTS.B, 6.499%, 6/12/27			6,100				5,550
a10198801.SQ.FTS.B, 6.514%, 6/12/27			1,047				954
a10203791.SQ.FTS.B, 4.548%, 6/13/27			13,135				12,314
a10203439.SQ.FTS.B, 4.549%, 6/13/27			24,991				23,428
a10204140.SQ.FTS.B, 4.549%, 6/13/27			37,320				34,997
a10203890.SQ.FTS.B, 4.551%, 6/13/27			7,147				6,697
a10203964.SQ.FTS.B, 4.551%, 6/13/27			20,467				19,186
a10203246.SQ.FTS.B, 4.552%, 6/13/27			4,017				3,765
a10203603.SQ.FTS.B, 4.989%, 6/13/27			8,058				7,506
a10203778.SQ.FTS.B, 5.297%, 6/13/27			1,703				1,579
a10203322.SQ.FTS.B, 5.3%, 6/13/27			12,222				11,312
a10203762.SQ.FTS.B, 5.303%, 6/13/27			1,610				1,493
a10203435.SQ.FTS.B, 5.365%, 6/13/27			549				508
a10203284.SQ.FTS.B, 5.555%, 6/13/27			5,946				5,497
a10203590.SQ.FTS.B, 5.804%, 6/13/27			2,003				1,846
a10203957.SQ.FTS.B, 6.106%, 6/13/27			1,107				1,006
a10203585.SQ.FTS.B, 6.118%, 6/13/27			477				432
a10203665.SQ.FTS.B, 6.118%, 6/13/27			11,713				10,689
a10204127.SQ.FTS.B, 6.118%, 6/13/27			2,036				1,866
a10204109.SQ.FTS.B, 6.19%, 6/13/27			2,667				2,443
a10203422.SQ.FTS.B, 6.488%, 6/13/27			1,504				1,375
a10203397.SQ.FTS.B, 6.495%, 6/13/27			5,798				5,295
a10204441.SQ.FTS.B, 4.548%, 6/14/27			11,622				10,893
a10205039.SQ.FTS.B, 4.555%, 6/14/27			6,016				5,639
a10204963.SQ.FTS.B, 4.578%, 6/14/27			1,201				1,125
a10204531.SQ.FTS.B, 5.301%, 6/14/27			7,226				6,710
a10204704.SQ.FTS.B, 5.302%, 6/14/27			5,851				5,432
a10204583.SQ.FTS.B, 5.35%, 6/14/27			1,501				1,390
a10204518.SQ.FTS.B, 5.549%, 6/14/27			1,782				1,648
a10204599.SQ.FTS.B, 5.552%, 6/14/27			14,363				13,270
a10204972.SQ.FTS.B, 5.565%, 6/14/27			2,681				2,476
a10204752.SQ.FTS.B, 6.181%, 6/14/27			29,713				27,199
a10205086.SQ.FTS.B, 6.2%, 6/14/27			1,584				1,453
a10205000.SQ.FTS.B, 6.493%, 6/14/27			4,457				4,071
a10208136.SQ.FTS.B, 4.543%, 6/15/27			3,946				3,699
a10210352.SQ.FTS.B, 4.543%, 6/15/27			4,405				4,130
a10210531.SQ.FTS.B, 4.546%, 6/15/27			7,040				6,601

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10207828.SQ.FTS.B, 4.548%, 6/15/27		$	2,904			$	2,723
a10207936.SQ.FTS.B, 4.548%, 6/15/27			12,354				11,580
a10205916.SQ.FTS.B, 4.549%, 6/15/27			2,411				2,260
a10205928.SQ.FTS.B, 4.549%, 6/15/27			668				627
a10206321.SQ.FTS.B, 4.549%, 6/15/27			30,447				28,539
a10207649.SQ.FTS.B, 4.549%, 6/15/27			13,079				12,259
a10209398.SQ.FTS.B, 4.549%, 6/15/27			14,828				13,886
a10205967.SQ.FTS.B, 4.55%, 6/15/27			11,740				10,999
a10207545.SQ.FTS.B, 4.55%, 6/15/27			12,318				11,547
a10210614.SQ.FTS.B, 4.55%, 6/15/27			12,603				11,816
a10207078.SQ.FTS.B, 4.559%, 6/15/27			2,881				2,701
a10208173.SQ.FTS.B, 4.56%, 6/15/27			3,193				2,993
a10210508.SQ.FTS.B, 4.561%, 6/15/27			2,375				2,226
a10207757.SQ.FTS.B, 5.336%, 6/15/27			4,327				4,006
a10210715.SQ.FTS.B, 5.351%, 6/15/27			1,626				1,498
a10208101.SQ.FTS.B, 5.549%, 6/15/27			4,607				4,256
a10207512.SQ.FTS.B, 5.553%, 6/15/27			3,283				3,034
a10207477.SQ.FTS.B, 5.807%, 6/15/27			3,067				2,817
a10205931.SQ.FTS.B, 5.809%, 6/15/27			4,919				4,529
a10208210.SQ.FTS.B, 6.118%, 6/15/27			22,348				20,473
a10207799.SQ.FTS.B, 6.124%, 6/15/27			2,123				1,949
a10207158.SQ.FTS.B, 6.18%, 6/15/27			18,456				16,900
a10209627.SQ.FTS.B, 6.18%, 6/15/27			1,981				1,809
a10207862.SQ.FTS.B, 6.182%, 6/15/27			8,498				7,782
a10210414.SQ.FTS.B, 6.183%, 6/15/27			7,728				7,091
a10210332.SQ.FTS.B, 6.338%, 6/15/27			1,693				1,543
a10207855.SQ.FTS.B, 6.476%, 6/15/27			1,632				1,492
a10209658.SQ.FTS.B, 6.492%, 6/15/27			4,876				4,452
a10207816.SQ.FTS.B, 6.494%, 6/15/27			1,711				1,563
a10209695.SQ.FTS.B, 6.495%, 6/15/27			40,213				36,652
a10209564.SQ.FTS.B, 6.5%, 6/15/27			4,652				4,223
a10213423.SQ.FTS.B, 4.535%, 6/16/27			1,262				1,183
a10211169.SQ.FTS.B, 4.544%, 6/16/27			4,318				4,047
a10213643.SQ.FTS.B, 4.547%, 6/16/27			11,047				10,357
a10210780.SQ.FTS.B, 4.549%, 6/16/27			6,503				6,094
a10212018.SQ.FTS.B, 4.549%, 6/16/27			5,644				5,293
a10212593.SQ.FTS.B, 4.549%, 6/16/27			6,527				6,118
a10214328.SQ.FTS.B, 4.549%, 6/16/27			8,864				8,310
a10215366.SQ.FTS.B, 4.549%, 6/16/27			5,453				5,111
a10215391.SQ.FTS.B, 4.549%, 6/16/27			3,275				3,070
a10215428.SQ.FTS.B, 4.549%, 6/16/27			18,202				17,058
a10214401.SQ.FTS.B, 4.551%, 6/16/27			4,118				3,861
a10210882.SQ.FTS.B, 4.558%, 6/16/27			3,758				3,521
a10213733.SQ.FTS.B, 4.978%, 6/16/27			2,619				2,440
a10214004.SQ.FTS.B, 4.987%, 6/16/27			15,925				14,832
a10211222.SQ.FTS.B, 4.989%, 6/16/27			34,059				31,722

Description		Principal Amount				Value
Block, Inc. (continued)
a10213439.SQ.FTS.B, 5.3%, 6/16/27		$	3,540			$	3,286
a10212157.SQ.FTS.B, 5.302%, 6/16/27			12,528				11,630
a10212649.SQ.FTS.B, 5.302%, 6/16/27			19,369				17,981
a10214982.SQ.FTS.B, 5.302%, 6/16/27			53,362				49,511
a10214519.SQ.FTS.B, 5.332%, 6/16/27			8,006				7,400
a10212572.SQ.FTS.B, 5.354%, 6/16/27			1,450				1,337
a10214440.SQ.FTS.B, 5.549%, 6/16/27			4,164				3,849
a10213543.SQ.FTS.B, 5.551%, 6/16/27			5,747				5,313
a10214487.SQ.FTS.B, 5.553%, 6/16/27			3,294				3,045
a10210939.SQ.FTS.B, 5.556%, 6/16/27			3,579				3,306
a10215417.SQ.FTS.B, 5.801%, 6/16/27			1,393				1,281
a10211001.SQ.FTS.B, 5.804%, 6/16/27			7,596				6,999
a10212943.SQ.FTS.B, 5.804%, 6/16/27			58,896				54,222
a10213468.SQ.FTS.B, 5.806%, 6/16/27			9,316				8,586
a10214473.SQ.FTS.B, 6.175%, 6/16/27			1,225				1,122
a10212336.SQ.FTS.B, 6.18%, 6/16/27			21,570				19,749
a10214581.SQ.FTS.B, 6.18%, 6/16/27			27,287				24,992
a10213604.SQ.FTS.B, 6.181%, 6/16/27			2,633				2,413
a10213808.SQ.FTS.B, 6.181%, 6/16/27			18,826				17,258
a10211201.SQ.FTS.B, 6.331%, 6/16/27			3,023				2,759
a10213752.SQ.FTS.B, 6.338%, 6/16/27			5,915				5,403
a10214094.SQ.FTS.B, 6.338%, 6/16/27			25,292				23,080
a10212008.SQ.FTS.B, 6.431%, 6/16/27			444				405
a10213742.SQ.FTS.B, 6.484%, 6/16/27			1,399				1,278
a10213988.SQ.FTS.B, 6.51%, 6/16/27			1,687				1,534
a10219096.SQ.FTS.B, 4.545%, 6/17/27			4,668				4,376
a10219138.SQ.FTS.B, 4.547%, 6/17/27			9,623				9,016
a10217191.SQ.FTS.B, 4.549%, 6/17/27			6,784				6,362
a10217582.SQ.FTS.B, 4.549%, 6/17/27			3,285				3,079
a10219179.SQ.FTS.B, 4.549%, 6/17/27			9,503				8,907
a10219282.SQ.FTS.B, 4.549%, 6/17/27			77,856				72,977
a10217379.SQ.FTS.B, 4.55%, 6/17/27			6,202				5,814
a10218767.SQ.FTS.B, 4.551%, 6/17/27			15,966				14,967
a10217526.SQ.FTS.B, 4.988%, 6/17/27			3,332				3,104
a10218174.SQ.FTS.B, 4.988%, 6/17/27			44,134				41,114
a10218948.SQ.FTS.B, 4.988%, 6/17/27			12,264				11,427
a10215488.SQ.FTS.B, 4.989%, 6/17/27			83,216				77,552
a10217575.SQ.FTS.B, 4.999%, 6/17/27			2,580				2,403
a10218636.SQ.FTS.B, 4.999%, 6/17/27			2,627				2,449
a10219090.SQ.FTS.B, 5.302%, 6/17/27			1,130				1,049
a10217115.SQ.FTS.B, 5.306%, 6/17/27			6,393				5,933
a10218093.SQ.FTS.B, 5.309%, 6/17/27			4,368				4,051
a10217338.SQ.FTS.B, 5.328%, 6/17/27			2,646				2,440
a10217481.SQ.FTS.B, 5.553%, 6/17/27			3,453				3,195
a10217295.SQ.FTS.B, 5.804%, 6/17/27			4,452				4,101
a10217825.SQ.FTS.B, 5.804%, 6/17/27			9,888				9,111

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10218646.SQ.FTS.B, 5.804%, 6/17/27		$	17,078			$	15,741
a10217635.SQ.FTS.B, 5.808%, 6/17/27			3,028				2,788
a10217946.SQ.FTS.B, 6.118%, 6/17/27			928				852
a10219055.SQ.FTS.B, 6.169%, 6/17/27			1,660				1,522
a10217445.SQ.FTS.B, 6.176%, 6/17/27			3,527				3,231
a10217951.SQ.FTS.B, 6.182%, 6/17/27			3,712				3,396
a10219250.SQ.FTS.B, 6.324%, 6/17/27			2,395				2,192
a10219075.SQ.FTS.B, 6.493%, 6/17/27			1,052				958
a10217925.SQ.FTS.B, 6.494%, 6/17/27			3,445				3,146
a10218124.SQ.FTS.B, 6.494%, 6/17/27			4,397				4,004
a10219128.SQ.FTS.B, 6.494%, 6/17/27			3,335				3,038
a10217689.SQ.FTS.B, 6.495%, 6/17/27			10,417				9,506
a10218030.SQ.FTS.B, 6.496%, 6/17/27			6,341				5,770
a10224809.SQ.FTS.B, 4.538%, 6/18/27			1,992				1,867
a10223328.SQ.FTS.B, 4.549%, 6/18/27			15,730				14,741
a10223540.SQ.FTS.B, 4.549%, 6/18/27			13,732				12,866
a10226148.SQ.FTS.B, 4.549%, 6/18/27			73,656				69,020
a10225240.SQ.FTS.B, 4.55%, 6/18/27			69,582				65,200
a10227366.SQ.FTS.B, 4.55%, 6/18/27			14,063				13,180
a10222790.SQ.FTS.B, 4.551%, 6/18/27			16,072				15,059
a10227055.SQ.FTS.B, 4.551%, 6/18/27			14,776				13,848
a10226913.SQ.FTS.B, 4.553%, 6/18/27			10,069				9,436
a10223746.SQ.FTS.B, 4.555%, 6/18/27			6,129				5,743
a10226031.SQ.FTS.B, 4.986%, 6/18/27			12,928				12,038
a10225223.SQ.FTS.B, 4.988%, 6/18/27			1,713				1,596
a10224844.SQ.FTS.B, 5.006%, 6/18/27			1,992				1,855
a10224686.SQ.FTS.B, 5.331%, 6/18/27			8,997				8,310
a10223734.SQ.FTS.B, 5.336%, 6/18/27			1,400				1,297
a10223059.SQ.FTS.B, 5.552%, 6/18/27			14,730				13,611
a10224945.SQ.FTS.B, 5.553%, 6/18/27			18,416				17,028
a10227013.SQ.FTS.B, 5.557%, 6/18/27			4,216				3,894
a10223912.SQ.FTS.B, 6.18%, 6/18/27			37,683				34,521
a10226124.SQ.FTS.B, 6.18%, 6/18/27			4,472				4,095
a10224902.SQ.FTS.B, 6.484%, 6/18/27			2,327				2,124
a10230951.SQ.FTS.B, 4.545%, 6/19/27			5,093				4,772
a10229434.SQ.FTS.B, 4.548%, 6/19/27			13,374				12,531
a10228855.SQ.FTS.B, 4.549%, 6/19/27			18,163				17,019
a10229177.SQ.FTS.B, 4.549%, 6/19/27			5,398				5,058
a10231623.SQ.FTS.B, 4.549%, 6/19/27			671				629
a10231630.SQ.FTS.B, 4.55%, 6/19/27			25,084				23,508
a10227990.SQ.FTS.B, 4.553%, 6/19/27			10,065				9,431
a10227441.SQ.FTS.B, 4.98%, 6/19/27			3,542				3,298
a10231458.SQ.FTS.B, 4.988%, 6/19/27			13,725				12,785
a10228622.SQ.FTS.B, 5.294%, 6/19/27			2,557				2,372
a10230418.SQ.FTS.B, 5.301%, 6/19/27			8,277				7,676
a10230143.SQ.FTS.B, 5.329%, 6/19/27			5,435				4,979

Description		Principal Amount				Value
Block, Inc. (continued)
a10227605.SQ.FTS.B, 5.333%, 6/19/27		$	2,145			$	1,979
a10228709.SQ.FTS.B, 5.34%, 6/19/27			3,258				3,014
a10231045.SQ.FTS.B, 5.552%, 6/19/27			18,154				16,771
a10229592.SQ.FTS.B, 5.553%, 6/19/27			46,345				42,823
a10229279.SQ.FTS.B, 5.801%, 6/19/27			5,754				5,301
a10230501.SQ.FTS.B, 5.804%, 6/19/27			32,660				30,041
a10227882.SQ.FTS.B, 5.805%, 6/19/27			4,441				4,088
a10229339.SQ.FTS.B, 6.113%, 6/19/27			6,344				5,815
a10227930.SQ.FTS.B, 6.124%, 6/19/27			2,413				2,213
a10229956.SQ.FTS.B, 6.18%, 6/19/27			22,675				20,771
a10230262.SQ.FTS.B, 6.181%, 6/19/27			27,038				24,769
a10231200.SQ.FTS.B, 6.181%, 6/19/27			20,550				18,838
a10230911.SQ.FTS.B, 6.48%, 6/19/27			2,162				1,973
a10228151.SQ.FTS.B, 6.493%, 6/19/27			22,097				20,161
a10230245.SQ.FTS.B, 6.493%, 6/19/27			6,238				5,694
a10231588.SQ.FTS.B, 6.494%, 6/19/27			1,740				1,588
a10228801.SQ.FTS.B, 6.496%, 6/19/27			2,472				2,257
a10230195.SQ.FTS.B, 6.496%, 6/19/27			3,648				3,327
a10227652.SQ.FTS.B, 6.497%, 6/19/27			11,575				10,559
a10229226.SQ.FTS.B, 6.504%, 6/19/27			2,274				2,076
a10232168.SQ.FTS.B, 4.541%, 6/20/27			2,962				2,776
a10232114.SQ.FTS.B, 4.547%, 6/20/27			7,562				7,085
a10232392.SQ.FTS.B, 4.549%, 6/20/27			38,926				36,463
a10232236.SQ.FTS.B, 4.551%, 6/20/27			14,297				13,395
a10232375.SQ.FTS.B, 4.559%, 6/20/27			2,048				1,919
a10232704.SQ.FTS.B, 4.986%, 6/20/27			11,250				10,472
a10231828.SQ.FTS.B, 4.988%, 6/20/27			5,087				4,737
a10231872.SQ.FTS.B, 4.988%, 6/20/27			20,556				19,147
a10232074.SQ.FTS.B, 4.988%, 6/20/27			5,052				4,704
a10232207.SQ.FTS.B, 4.988%, 6/20/27			4,466				4,158
a10232694.SQ.FTS.B, 5.291%, 6/20/27			2,480				2,300
a10231849.SQ.FTS.B, 5.298%, 6/20/27			4,230				3,922
a10232007.SQ.FTS.B, 5.303%, 6/20/27			8,416				7,798
a10232357.SQ.FTS.B, 5.338%, 6/20/27			2,480				2,291
a10232065.SQ.FTS.B, 5.563%, 6/20/27			2,485				2,296
a10232335.SQ.FTS.B, 5.799%, 6/20/27			3,536				3,255
a10232189.SQ.FTS.B, 6.179%, 6/20/27			4,017				3,682
a10231773.SQ.FTS.B, 6.325%, 6/20/27			1,225				1,119
a10231802.SQ.FTS.B, 6.484%, 6/20/27			1,877				1,713
a10231998.SQ.FTS.B, 6.495%, 6/20/27			2,382				2,172
a10233323.SQ.FTS.B, 4.544%, 6/21/27			3,550				3,326
a10233028.SQ.FTS.B, 4.549%, 6/21/27			4,512				4,228
a10233059.SQ.FTS.B, 4.549%, 6/21/27			4,526				4,241
a10233087.SQ.FTS.B, 4.549%, 6/21/27			11,271				10,560
a10233514.SQ.FTS.B, 4.549%, 6/21/27			8,012				7,505
a10232784.SQ.FTS.B, 4.551%, 6/21/27			7,684				7,199

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10233484.SQ.FTS.B, 4.556%, 6/21/27		$	5,096			$	4,774
a10233156.SQ.FTS.B, 4.566%, 6/21/27			2,146				2,011
a10233296.SQ.FTS.B, 4.568%, 6/21/27			954				894
a10232838.SQ.FTS.B, 4.991%, 6/21/27			8,838				8,230
a10233178.SQ.FTS.B, 5.336%, 6/21/27			15,377				14,248
a10233419.SQ.FTS.B, 5.336%, 6/21/27			10,325				9,557
a10233391.SQ.FTS.B, 5.337%, 6/21/27			4,705				4,359
a10233308.SQ.FTS.B, 5.339%, 6/21/27			1,664				1,542
a10232906.SQ.FTS.B, 5.553%, 6/21/27			16,858				15,572
a10233469.SQ.FTS.B, 6.167%, 6/21/27			2,635				2,415
a10232833.SQ.FTS.B, 6.368%, 6/21/27			873				798
a10233585.SQ.FTS.B, 6.492%, 6/21/27			12,633				11,516
a10233566.SQ.FTS.B, 6.494%, 6/21/27			3,386				3,084
a10233367.SQ.FTS.B, 6.51%, 6/21/27			1,746				1,589
a10235810.SQ.FTS.B, 4.543%, 6/22/27			5,011				4,695
a10236874.SQ.FTS.B, 4.547%, 6/22/27			7,434				6,966
a10238197.SQ.FTS.B, 4.547%, 6/22/27			10,102				9,466
a10236927.SQ.FTS.B, 4.549%, 6/22/27			19,285				18,071
a10237069.SQ.FTS.B, 4.549%, 6/22/27			85,644				80,243
a10238336.SQ.FTS.B, 4.549%, 6/22/27			16,822				15,760
a10234780.SQ.FTS.B, 4.551%, 6/22/27			5,573				5,222
a10238023.SQ.FTS.B, 4.552%, 6/22/27			13,782				12,911
a10234932.SQ.FTS.B, 4.986%, 6/22/27			3,468				3,230
a10236404.SQ.FTS.B, 4.988%, 6/22/27			28,258				26,317
a10236110.SQ.FTS.B, 5.302%, 6/22/27			35,206				32,646
a10236092.SQ.FTS.B, 5.309%, 6/22/27			1,193				1,106
a10235914.SQ.FTS.B, 5.806%, 6/22/27			8,374				7,714
a10236780.SQ.FTS.B, 6.18%, 6/22/27			11,063				10,124
a10237888.SQ.FTS.B, 6.18%, 6/22/27			17,044				15,610
a10236715.SQ.FTS.B, 6.181%, 6/22/27			3,632				3,327
a10235889.SQ.FTS.B, 6.187%, 6/22/27			3,696				3,385
a10236063.SQ.FTS.B, 6.193%, 6/22/27			2,694				2,469
a10237039.SQ.FTS.B, 6.297%, 6/22/27			810				741
a10236356.SQ.FTS.B, 6.486%, 6/22/27			3,929				3,586
a10235030.SQ.FTS.B, 6.493%, 6/22/27			29,923				27,296
a10237821.SQ.FTS.B, 6.493%, 6/22/27			10,055				9,171
a10237045.SQ.FTS.B, 6.502%, 6/22/27			4,254				3,880
a10234737.SQ.FTS.B, 6.51%, 6/22/27			1,785				1,626
a10236707.SQ.FTS.B, 6.51%, 6/22/27			910				830
a10240701.SQ.FTS.B, 4.544%, 6/23/27			6,174				5,784
a10240794.SQ.FTS.B, 4.549%, 6/23/27			2,254				2,111
a10242672.SQ.FTS.B, 4.549%, 6/23/27			15,120				14,163
a10243186.SQ.FTS.B, 4.549%, 6/23/27			73,257				68,619
a10242421.SQ.FTS.B, 4.551%, 6/23/27			19,676				18,429
a10241937.SQ.FTS.B, 4.552%, 6/23/27			7,167				6,711
a10242826.SQ.FTS.B, 4.981%, 6/23/27			2,480				2,308

Description		Principal Amount				Value
Block, Inc. (continued)
a10240865.SQ.FTS.B, 5.302%, 6/23/27		$	54,067			$	50,115
a10243043.SQ.FTS.B, 5.304%, 6/23/27			19,841				18,391
a10243136.SQ.FTS.B, 5.328%, 6/23/27			2,223				2,059
a10242926.SQ.FTS.B, 5.329%, 6/23/27			3,580				3,317
a10243152.SQ.FTS.B, 5.365%, 6/23/27			1,148				1,063
a10242010.SQ.FTS.B, 5.552%, 6/23/27			5,767				5,328
a10242067.SQ.FTS.B, 5.553%, 6/23/27			56,642				52,314
a10241537.SQ.FTS.B, 5.804%, 6/23/27			34,468				31,734
a10242874.SQ.FTS.B, 5.804%, 6/23/27			3,465				3,191
a10240666.SQ.FTS.B, 6.18%, 6/23/27			1,637				1,500
a10242983.SQ.FTS.B, 6.181%, 6/23/27			2,531				2,319
a10242625.SQ.FTS.B, 6.182%, 6/23/27			5,753				5,266
a10242052.SQ.FTS.B, 6.185%, 6/23/27			2,766				2,532
a10242061.SQ.FTS.B, 6.186%, 6/23/27			4,664				4,271
a10241991.SQ.FTS.B, 6.333%, 6/23/27			2,036				1,861
a10239622.SQ.FTS.B, 6.337%, 6/23/27			2,170				1,976
a10239668.SQ.FTS.B, 6.483%, 6/23/27			1,842				1,680
a10239682.SQ.FTS.B, 6.494%, 6/23/27			4,699				4,286
a10239734.SQ.FTS.B, 6.494%, 6/23/27			52,200				47,590
a10243163.SQ.FTS.B, 6.498%, 6/23/27			2,577				2,351
a10242856.SQ.FTS.B, 6.508%, 6/23/27			1,734				1,581
a10248539.SQ.FTS.B, 4.547%, 6/24/27			9,858				9,230
a10248985.SQ.FTS.B, 4.547%, 6/24/27			9,250				8,662
a10249685.SQ.FTS.B, 4.549%, 6/24/27			15,838				14,829
a10247389.SQ.FTS.B, 4.55%, 6/24/27			32,490				30,422
a10249094.SQ.FTS.B, 4.551%, 6/24/27			5,969				5,588
a10249191.SQ.FTS.B, 4.551%, 6/24/27			11,122				10,413
a10249341.SQ.FTS.B, 4.551%, 6/24/27			3,791				3,550
a10246080.SQ.FTS.B, 4.985%, 6/24/27			3,974				3,699
a10245898.SQ.FTS.B, 4.987%, 6/24/27			6,121				5,697
a10248446.SQ.FTS.B, 5.296%, 6/24/27			3,521				3,263
a10248251.SQ.FTS.B, 5.315%, 6/24/27			2,260				2,094
a10249522.SQ.FTS.B, 5.332%, 6/24/27			7,975				7,386
a10246034.SQ.FTS.B, 5.552%, 6/24/27			2,348				2,168
a10248383.SQ.FTS.B, 6.178%, 6/24/27			1,673				1,531
a10248840.SQ.FTS.B, 6.178%, 6/24/27			6,513				5,963
a10246136.SQ.FTS.B, 6.18%, 6/24/27			85,914				78,659
a10247867.SQ.FTS.B, 6.18%, 6/24/27			6,870				6,287
a10248302.SQ.FTS.B, 6.492%, 6/24/27			3,906				3,561
a10249440.SQ.FTS.B, 6.501%, 6/24/27			4,816				4,390
a10250393.SQ.FTS.B, 4.549%, 6/25/27			22,650				21,206
a10250529.SQ.FTS.B, 4.549%, 6/25/27			51,620				48,327
a10250853.SQ.FTS.B, 4.549%, 6/25/27			43,357				40,593
a10250208.SQ.FTS.B, 4.974%, 6/25/27			1,788				1,664
a10250765.SQ.FTS.B, 4.981%, 6/25/27			2,531				2,356
a10250490.SQ.FTS.B, 4.986%, 6/25/27			16,111				14,990

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a10250804.SQ.FTS.B, 5.306%, 6/25/27		$	5,483			$	5,080
a10250180.SQ.FTS.B, 5.33%, 6/25/27			6,069				5,621
a10250136.SQ.FTS.B, 5.555%, 6/25/27			3,902				3,603
a10250292.SQ.FTS.B, 5.804%, 6/25/27			23,100				21,254
a10250779.SQ.FTS.B, 5.804%, 6/25/27			5,313				4,889
a10250216.SQ.FTS.B, 6.334%, 6/25/27			11,367				10,378
a10250829.SQ.FTS.B, 6.485%, 6/25/27			3,346				3,050
a10250369.SQ.FTS.B, 6.49%, 6/25/27			4,798				4,372
a10250254.SQ.FTS.B, 6.496%, 6/25/27			5,483				4,995
a10250264.SQ.FTS.B, 6.496%, 6/25/27			12,762				11,631
a10250526.SQ.FTS.B, 6.519%, 6/25/27			1,458				1,328
a10253515.SQ.FTS.B, 4.543%, 6/26/27			5,527				5,175
a10253628.SQ.FTS.B, 4.547%, 6/26/27			8,796				8,236
a10252368.SQ.FTS.B, 4.549%, 6/26/27			3,386				3,170
a10252393.SQ.FTS.B, 4.549%, 6/26/27			26,203				24,527
a10253421.SQ.FTS.B, 4.549%, 6/26/27			2,270				2,125
a10253436.SQ.FTS.B, 4.549%, 6/26/27			6,810				6,376
a10254658.SQ.FTS.B, 4.549%, 6/26/27			27,240				25,504
a10252859.SQ.FTS.B, 4.55%, 6/26/27			68,668				64,290
a10254573.SQ.FTS.B, 4.551%, 6/26/27			2,009				1,881
a10253244.SQ.FTS.B, 4.552%, 6/26/27			10,783				10,095
a10254458.SQ.FTS.B, 4.552%, 6/26/27			5,959				5,579
a10254535.SQ.FTS.B, 4.552%, 6/26/27			2,656				2,487
a10252671.SQ.FTS.B, 4.561%, 6/26/27			3,065				2,869
a10253700.SQ.FTS.B, 4.988%, 6/26/27			29,692				27,629
a10254066.SQ.FTS.B, 4.988%, 6/26/27			25,913				24,107
a10252769.SQ.FTS.B, 4.99%, 6/26/27			7,092				6,599
a10255088.SQ.FTS.B, 4.993%, 6/26/27			2,741				2,550
a10251941.SQ.FTS.B, 4.996%, 6/26/27			3,769				3,507
a10251554.SQ.FTS.B, 5.302%, 6/26/27			31,974				29,621
a10254320.SQ.FTS.B, 5.334%, 6/26/27			11,303				10,467
a10252712.SQ.FTS.B, 5.335%, 6/26/27			1,159				1,073
a10252719.SQ.FTS.B, 5.555%, 6/26/27			3,338				3,082
a10254017.SQ.FTS.B, 5.799%, 6/26/27			5,047				4,644
a10253564.SQ.FTS.B, 5.803%, 6/26/27			3,130				2,880
a10254606.SQ.FTS.B, 6.172%, 6/26/27			4,272				3,911
a10252651.SQ.FTS.B, 6.19%, 6/26/27			1,823				1,668
a10254517.SQ.FTS.B, 6.488%, 6/26/27			4,104				3,741
a10253337.SQ.FTS.B, 6.492%, 6/26/27			13,875				12,646
a10251981.SQ.FTS.B, 6.493%, 6/26/27			21,317				19,424
a10255121.SQ.FTS.B, 6.494%, 6/26/27			9,911				9,033
a,b5989835.SQ.FTS.B, 5.158%, 4/13/34			3,543				—
a,b5994040.SQ.FTS.B, 5.157%, 4/14/34			6,214				—
a,b5996474.SQ.FTS.B, 4.843%, 4/15/34			17,017				—
a,b5997475.SQ.FTS.B, 4.43%, 4/16/34			1,656				—
a,b5997200.SQ.FTS.B, 5.097%, 4/16/34			2,782				—

Description		Principal Amount				Value
Block, Inc. (continued)
a,b6000301.SQ.FTS.B, 5.093%, 4/17/34		$	3,546			$	—
a,b6004440.SQ.FTS.B, 4.732%, 4/18/34			1,108				—
a,b6001577.SQ.FTS.B, 5.151%, 4/18/34			1,056				—
a,b6011390.SQ.FTS.B, 5.288%, 4/20/34			1,154				—
a,b6015092.SQ.FTS.B, 4.748%, 4/21/34			3,643				—
a,b6014890.SQ.FTS.B, 4.906%, 4/21/34			9,174				1
a,b6013648.SQ.FTS.B, 4.944%, 4/21/34			1,455				—
a,b6012758.SQ.FTS.B, 5.035%, 4/21/34			723				—
a,b6014070.SQ.FTS.B, 5.04%, 4/21/34 .			807				—
a,b6012911.SQ.FTS.B, 5.521%, 4/21/34			2,149				—
a,b6016148.SQ.FTS.B, 5.158%, 4/22/34			5,838				—
a,b6015930.SQ.FTS.B, 5.191%, 4/22/34			575				—
a,b6016033.SQ.FTS.B, 5.427%, 4/22/34			411				—
a,b6017013.SQ.FTS.B, 5.183%, 4/23/34			1,385				—
a,b6022765.SQ.FTS.B, 4.749%, 4/25/34			4,447				—
a,b6021095.SQ.FTS.B, 5.183%, 4/25/34			1,600				—
a,b6026172.SQ.FTS.B, 4.002%, 4/26/34			322				—
a,b6024576.SQ.FTS.B, 4.74%, 4/26/34			1,276				—
a,b6024861.SQ.FTS.B, 5.431%, 4/26/34			2,667				—
a,b6029494.SQ.FTS.B, 4.71%, 4/27/34			1,298				—
a,b6032730.SQ.FTS.B, 5.44%, 4/27/34			389				—
a,b6036691.SQ.FTS.B, 4.307%, 4/28/34			2,479				—
a,b6041346.SQ.FTS.B, 4.725%, 4/30/34			1,333				—
a,b6048225.SQ.FTS.B, 4.528%, 5/02/34			8,214				—
a,b6054550.SQ.FTS.B, 5.285%, 5/03/34			4,497				—
a,b6057387.SQ.FTS.B, 5.53%, 5/04/34 .			1,675				—
a,b6058469.SQ.FTS.B, 5.446%, 5/05/34			1,557				—
a,b6062778.SQ.FTS.B, 5.554%, 5/07/34			305				—
a,b6120695.SQ.FTS.B, 4.75%, 5/09/34 .			16,890				—
a,b6124160.SQ.FTS.B, 5.377%, 5/10/34			3,491				—
a,b6126546.SQ.FTS.B, 4.906%, 5/12/34			19,042				—
a,b6126842.SQ.FTS.B, 5.561%, 5/13/34			637				—
a,b6133881.SQ.FTS.B, 4.75%, 5/15/34 .			2,378				—
a,b6131519.SQ.FTS.B, 5.381%, 5/15/34			1,418				—
a,b6134817.SQ.FTS.B, 5.535%, 5/15/34			2,697				—
a,b6135260.SQ.FTS.B, 5.427%, 5/16/34			1,443				—
a,b6146677.SQ.FTS.B, 4.308%, 5/18/34			8,942				—
a,b6151394.SQ.FTS.B, 4.308%, 5/21/34			5,177				—
a,b6150788.SQ.FTS.B, 4.749%, 5/21/34			14,529				1
a,b6149304.SQ.FTS.B, 5.405%, 5/21/34			401				—
a,b6153438.SQ.FTS.B, 4.906%, 5/22/34			7,548				—
a,b6157908.SQ.FTS.B, 4.749%, 5/23/34			1,370				—
a,b6157628.SQ.FTS.B, 5.44%, 5/23/34			4,793				—
a,b6159034.SQ.FTS.B, 5.535%, 5/23/34			7,919				1
a,b6164713.SQ.FTS.B, 5.418%, 5/25/34			395				—
a,b6163607.SQ.FTS.B, 5.453%, 5/25/34			1,355				—

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b6166473.SQ.FTS.B, 4.527%, 5/28/34		$	5,156			$	—
a,b6169281.SQ.FTS.B, 4.724%, 5/28/34			242				—
a,b6169671.SQ.FTS.B, 4.528%, 5/29/34			2,580				—
a,b6172125.SQ.FTS.B, 5.031%, 5/29/34			3,361				—
a,b6176406.SQ.FTS.B, 4.749%, 5/30/34			11,958				—
a,b6174157.SQ.FTS.B, 5.441%, 5/30/34			1,917				—
a,b6176070.SQ.FTS.B, 5.565%, 5/30/34			662				—
a,b6186681.SQ.FTS.B, 5.152%, 6/04/34			628				—
a,b6191126.SQ.FTS.B, 4.528%, 6/05/34			1,433				—
a,b6188827.SQ.FTS.B, 4.793%, 6/05/34			314				—
a,b6194847.SQ.FTS.B, 4.748%, 6/06/34			2,674				—
a,b6193329.SQ.FTS.B, 5.377%, 6/06/34			4,245				—
a,b6199807.SQ.FTS.B, 4.754%, 6/07/34			2,588				—
a,b6200483.SQ.FTS.B, 5.283%, 6/07/34			3,807				—
a,b6207918.SQ.FTS.B, 5.534%, 6/09/34			14,807				—
a,b6207882.SQ.FTS.B, 5.543%, 6/09/34			1,369				—
a,b6210686.SQ.FTS.B, 5.157%, 6/11/34			1,334				—
a,b6214585.SQ.FTS.B, 5.382%, 6/12/34			2,893				—
a,b6213956.SQ.FTS.B, 5.53%, 6/12/34 .			3,141				—
a,b6217157.SQ.FTS.B, 5.456%, 6/13/34			272				—
a,b6220890.SQ.FTS.B, 5.031%, 6/14/34			11,147				—
a,b6226697.SQ.FTS.B, 4.309%, 6/15/34			6,802				—
a,b6225158.SQ.FTS.B, 4.527%, 6/15/34			3,256				—
a,b6226524.SQ.FTS.B, 5.281%, 6/15/34			2,241				—
a,b6228233.SQ.FTS.B, 5.047%, 6/16/34			24				—
a,b6229176.SQ.FTS.B, 5.281%, 6/16/34			4,816				—
a,b6242053.SQ.FTS.B, 4.744%, 6/20/34			3,405				—
a,b6242376.SQ.FTS.B, 5.251%, 6/20/34			5,760				—
a,b6254118.SQ.FTS.B, 4.969%, 6/23/34			10,644				1
a,b6254961.SQ.FTS.B, 5.472%, 6/23/34			5,460				—
a,b6253221.SQ.FTS.B, 5.598%, 6/23/34			28,281				—
a,b6252808.SQ.FTS.B, 5.601%, 6/23/34			5,809				—
a,b6254832.SQ.FTS.B, 5.759%, 6/23/34			2,498				—
a,b6255052.SQ.FTS.B, 5.597%, 6/24/34			307				—
a,b6255882.SQ.FTS.B, 5.757%, 6/25/34			515				—
a,b6259203.SQ.FTS.B, 4.759%, 6/27/34			445				—
a,b6257645.SQ.FTS.B, 5.031%, 6/27/34			683				—
a,b6259245.SQ.FTS.B, 5.75%, 6/27/34 .			616				—
a,b6260850.SQ.FTS.B, 4.969%, 6/28/34			22,653				—
a,b6267406.SQ.FTS.B, 5.373%, 6/29/34			6,092				—
a,b6271064.SQ.FTS.B, 4.748%, 6/30/34			1,172				—
a,b6271110.SQ.FTS.B, 4.757%, 6/30/34			791				—
a,b6269741.SQ.FTS.B, 5.031%, 6/30/34			7,237				1
a,b6268263.SQ.FTS.B, 5.247%, 6/30/34			1,775				—
a,b6268433.SQ.FTS.B, 5.258%, 6/30/34			284				—
a,b6268142.SQ.FTS.B, 5.6%, 6/30/34			4,489				—

Description		Principal Amount				Value
Block, Inc. (continued)
a,b6271589.SQ.FTS.B, 5.445%, 7/01/34		$	1,098			$	—
a,b6274032.SQ.FTS.B, 5.66%, 7/03/34			2,950				—
a,b6277193.SQ.FTS.B, 5.608%, 7/04/34			1,122				—
a,b6282655.SQ.FTS.B, 5.66%, 7/05/34			1,878				—
a,b6285379.SQ.FTS.B, 5.743%, 7/06/34			295				—
a,b6285826.SQ.FTS.B, 5.473%, 7/07/34			11,789				—
a,b6286529.SQ.FTS.B, 5.748%, 7/08/34			439				—
a,b6290705.SQ.FTS.B, 5.475%, 7/10/34			2,878				—
a,b6290686.SQ.FTS.B, 5.488%, 7/10/34			440				—
a,b6302451.SQ.FTS.B, 5.66%, 7/13/34 .			48,897				—
a,b6303731.SQ.FTS.B, 4.733%, 7/14/34			260				—
a,b6305199.SQ.FTS.B, 5.425%, 7/16/34			399				—
a,b6307843.SQ.FTS.B, 5.754%, 7/17/34			53,032				—
a,b6308638.SQ.FTS.B, 4.749%, 7/18/34			12,615				—
a,b6317901.SQ.FTS.B, 5.754%, 7/20/34			928				1
a,b6320015.SQ.FTS.B, 5.25%, 7/21/34 .			2,205				—
a,b6351220.SQ.FTS.B, 5.25%, 7/23/34 .			7,497				—
a,b6335477.SQ.FTS.B, 5.387%, 7/23/34			557				—
a,b6362559.SQ.FTS.B, 5.127%, 7/26/34			26,180				1
a,b6369651.SQ.FTS.B, 4.528%, 7/30/34			85				—
a,b6368537.SQ.FTS.B, 5.66%, 7/30/34 .			276				—
a,b6372459.SQ.FTS.B, 5.376%, 7/31/34			2,642				—
a,b6374829.SQ.FTS.B, 5.129%, 8/01/34			5,779				—
a,b6379217.SQ.FTS.B, 5.262%, 8/02/34			478				—
a,b6381758.SQ.FTS.B, 5.475%, 8/02/34			2,586				—
a,b6382230.SQ.FTS.B, 5.479%, 8/03/34			1,124				—
a,b6386123.SQ.FTS.B, 5.252%, 8/05/34			3,613				—
a,b6395381.SQ.FTS.B, 4.966%, 8/08/34			1,358				—
a,b6394978.SQ.FTS.B, 5.752%, 8/08/34			2,823				—
a,b6399623.SQ.FTS.B, 5.374%, 8/09/34			3,629				—
a,b6399808.SQ.FTS.B, 5.442%, 8/09/34			5,425				—
a,b6401578.SQ.FTS.B, 5.254%, 8/10/34			2,229				—
a,b6404470.SQ.FTS.B, 5.251%, 8/11/34			11,152				—
a,b6404013.SQ.FTS.B, 5.66%, 8/11/34 .			1,738				—
a,b6404711.SQ.FTS.B, 5.603%, 8/12/34			2,111				—
a,b6408982.SQ.FTS.B, 4.743%, 8/14/34			2,687				—
a,b6412313.SQ.FTS.B, 4.75%, 8/15/34 .			2,377				—
a,b6423457.SQ.FTS.B, 4.747%, 8/17/34			547				—
a,b6429072.SQ.FTS.B, 5.379%, 8/21/34			513				—
a,b6427445.SQ.FTS.B, 5.439%, 8/21/34			6,571				—
a,b6427032.SQ.FTS.B, 5.441%, 8/21/34			1,469				—
a,b6433271.SQ.FTS.B, 4.742%, 8/22/34			3,084				—
a,b6439919.SQ.FTS.B, 5.375%, 8/23/34			4,906				—
a,b6439336.SQ.FTS.B, 5.377%, 8/23/34			4,354				1
a,b6443722.SQ.FTS.B, 5.377%, 8/24/34			11,723				—
a,b6443946.SQ.FTS.B, 5.447%, 8/24/34			2,284				—

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans  (continued)
Block, Inc. (continued)
a,b6443705.SQ.FTS.B, 5.757%, 8/24/34		$	1,309			$	—
a,b6450204.SQ.FTS.B, 4.969%, 8/28/34			1,484				—
a,b6454476.SQ.FTS.B, 5.251%, 9/01/34			2,565				—
a,b6463165.SQ.FTS.B, 4.974%, 9/03/34			850				—
a,b6472563.SQ.FTS.B, 5.474%, 9/07/34			1,124				—
a,b6480025.SQ.FTS.B, 4.528%, 9/09/34			6,855				—
a,b6481471.SQ.FTS.B, 5.252%, 9/10/34			56,731				—
a,b6484508.SQ.FTS.B, 5.737%, 9/10/34			907				—
a,b6484990.SQ.FTS.B, 5.379%, 9/11/34			8,174				—
a,b6485599.SQ.FTS.B, 5.595%, 9/11/34			3,350				—
a,b6488534.SQ.FTS.B, 5.66%, 9/13/34			4,069				—
a,b6490032.SQ.FTS.B, 5.66%, 9/13/34			1,366				—
a,b6493901.SQ.FTS.B, 4.747%, 9/15/34			1,341				—
a,b6495272.SQ.FTS.B, 5.383%, 9/15/34			2,996				—
a,b6493807.SQ.FTS.B, 5.678%, 9/15/34			798				—
a,b6499390.SQ.FTS.B, 4.753%, 9/16/34			1,905				—
a,b6499466.SQ.FTS.B, 4.971%, 9/16/34			2,079				—
a,b6499066.SQ.FTS.B, 5.132%, 9/16/34			2,376				—
a,b6505651.SQ.FTS.B, 5.126%, 9/17/34			11,018				—
a,b6504331.SQ.FTS.B, 5.251%, 9/17/34			16,006				—
a,b6510199.SQ.FTS.B, 5.377%, 9/20/34			3,748				—
a,b6509842.SQ.FTS.B, 5.758%, 9/20/34			5,661				—
a,b6514993.SQ.FTS.B, 4.748%, 9/22/34			11,666				—
a,b6526438.SQ.FTS.B, 5.471%, 9/26/34			2,043				—
a,b6528470.SQ.FTS.B, 4.527%, 9/27/34			5,896				—
a,b6533471.SQ.FTS.B, 5.66%, 9/28/34			5,455				—
a,b6537833.SQ.FTS.B, 4.963%, 9/29/34			4,274				—
a,b6546339.SQ.FTS.B, 5.031%, 9/30/34			3,311				—
a,b6539774.SQ.FTS.B, 5.438%, 9/30/34			7,745				—
a,b6545017.SQ.FTS.B, 5.438%, 9/30/34			5,479				—
a,b6547912.SQ.FTS.B, 5.756%, 10/02/34			3,479				—
a,b6550386.SQ.FTS.B, 4.842%, 10/03/34			3,804				1
a,b6551364.SQ.FTS.B, 5.595%, 10/03/34			2,540				—
a,b6551325.SQ.FTS.B, 5.597%, 10/03/34			1,077				—
a,b6551310.SQ.FTS.B, 5.678%, 10/03/34			1,637				—
a,b6552179.SQ.FTS.B, 5.6%, 10/04/34			1,236				—
a,b6552833.SQ.FTS.B, 5.676%, 10/04/34			1,914				—
a,b6557212.SQ.FTS.B, 6.167%, 10/05/34			393				—
a,b6560669.SQ.FTS.B, 5.595%, 10/06/34			297				—
a,b6565297.SQ.FTS.B, 5.667%, 10/07/34			2,245				—
a,b6566308.SQ.FTS.B, 5.205%, 10/08/34			588				—
a,b6568787.SQ.FTS.B, 4.654%, 10/10/34			2,085				—
a,b6570635.SQ.FTS.B, 5.757%, 10/10/34			197				—
a,b6569379.SQ.FTS.B, 5.759%, 10/10/34			6,083				—
a,b6573435.SQ.FTS.B, 4.751%, 10/11/34			434				—
a,b6575505.SQ.FTS.B, 5.561%, 10/12/34			818				—

Description		Principal Amount				Value
Block, Inc. (continued)
a,b6574600.SQ.FTS.B, 5.99%, 10/12/34		$	466			$	—
a,b6583381.SQ.FTS.B, 4.299%, 10/13/34			1,860				—
a,b6584064.SQ.FTS.B, 5.184%, 10/14/34			1,200				—
a,b6584703.SQ.FTS.B, 5.377%, 10/14/34			1,023				—
a,b6586628.SQ.FTS.B, 5.766%, 10/15/34			423				—
a,b6591557.SQ.FTS.B, 4.748%, 10/18/34			22,190				—
a,b6602708.SQ.FTS.B, 4.937%, 10/21/34			20,691				—
a,b6603320.SQ.FTS.B, 6.256%, 10/21/34			2,923				—
a,b6606708.SQ.FTS.B, 4.937%, 10/24/34			2,234				—
a,b6608433.SQ.FTS.B, 5.187%, 10/24/34			7,450				—
a,b6606355.SQ.FTS.B, 6.005%, 10/24/34			3,197				—
a,b6606972.SQ.FTS.B, 6.415%, 10/24/34			2,678				—
a,b6608920.SQ.FTS.B, 4.655%, 10/25/34			4,842				—
a,b6608761.SQ.FTS.B, 4.729%, 10/25/34			529				—
a,b6610691.SQ.FTS.B, 5.437%, 10/25/34			1,555				—
a,b6610546.SQ.FTS.B, 6.424%, 10/25/34			2,651				—
a,b6611834.SQ.FTS.B, 4.934%, 10/26/34			6,514				—
a,b6620492.SQ.FTS.B, 5.563%, 10/28/34			1,538				—
a,b6621277.SQ.FTS.B, 6.437%, 10/28/34			645				—
a,b6627023.SQ.FTS.B, 4.75%, 11/01/34			9,110				—
a,b6626988.SQ.FTS.B, 5.457%, 11/01/34			1,021				—
a,b6629563.SQ.FTS.B, 6.246%, 11/01/34			867				—
a,b6632935.SQ.FTS.B, 5.367%, 11/02/34			1,675				—
a,b6640951.SQ.FTS.B, 5.186%, 11/04/34			3,014				—
a,b6638387.SQ.FTS.B, 5.187%, 11/04/34			6,765				1
a,b6642494.SQ.FTS.B, 5.183%, 11/05/34			2,440				—
a,b6642924.SQ.FTS.B, 5.436%, 11/05/34			918				—
a,b6642786.SQ.FTS.B, 5.563%, 11/05/34			3,631				—
a,b6642443.SQ.FTS.B, 6.01%, 11/05/34			1,132				—
a,b6655765.SQ.FTS.B, 6.415%, 11/10/34			22,394				—
a,b6660038.SQ.FTS.B, 5.192%, 11/11/34			1,025				—
a,b6659902.SQ.FTS.B, 5.439%, 11/11/34			3,775				—
a,b6662402.SQ.FTS.B, 4.654%, 11/12/34			16,704				—
a,b6662851.SQ.FTS.B, 4.749%, 11/12/34			538				—
a,b6667444.SQ.FTS.B, 5.189%, 11/15/34			13,964				—
a,b6667839.SQ.FTS.B, 5.563%, 11/15/34			2,316				—
a,b6669990.SQ.FTS.B, 5.756%, 11/15/34			2,054				—
a,b6669319.SQ.FTS.B, 5.757%, 11/15/34			5,727				—
a,b6668063.SQ.FTS.B, 6.167%, 11/15/34			1,903				—
a,b6672873.SQ.FTS.B, 4.942%, 11/16/34			1,122				—
a,b6672685.SQ.FTS.B, 6.418%, 11/16/34			9,596				—
a,b6681453.SQ.FTS.B, 4.942%, 11/18/34			2,541				—
a,b6681160.SQ.FTS.B, 5.19%, 11/18/34			11,154				1
a,b6681576.SQ.FTS.B, 6.01%, 11/18/34			2,334				—
a,b6684258.SQ.FTS.B, 5.379%, 11/19/34			5,085				—
a,b6681713.SQ.FTS.B, 5.434%, 11/19/34			4,188				—

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b6683903.SQ.FTS.B, 6.164%, 11/19/34		$	1,832			$	—
a,b6685416.SQ.FTS.B, 6.029%, 11/20/34			182				—
a,b6687486.SQ.FTS.B, 5.443%, 11/22/34			1,208				—
a,b6701879.SQ.FTS.B, 4.747%, 11/25/34			555				—
a,b6703045.SQ.FTS.B, 5.373%, 11/25/34			481				—
a,b6706998.SQ.FTS.B, 4.934%, 11/26/34			4,568				—
a,b6705993.SQ.FTS.B, 6.41%, 11/26/34			3,907				—
a,b6709178.SQ.FTS.B, 5.366%, 11/29/34			223				—
a,b6709139.SQ.FTS.B, 6.422%, 11/29/34			417				—
a,b6716386.SQ.FTS.B, 4.656%, 11/30/34			14,513				—
a,b6713041.SQ.FTS.B, 4.745%, 11/30/34			1,739				—
a,b6718331.SQ.FTS.B, 4.937%, 12/01/34			2,957				—
a,b6726195.SQ.FTS.B, 5.77%, 12/04/34			1,147				—
a,b6727203.SQ.FTS.B, 5.371%, 12/05/34			1,293				—
a,b6736151.SQ.FTS.B, 5.19%, 12/07/34			843				—
a,b6734360.SQ.FTS.B, 5.571%, 12/07/34			3,091				—
a,b6735929.SQ.FTS.B, 6.418%, 12/07/34			7,389				—
a,b6741238.SQ.FTS.B, 5.188%, 12/08/34			532				—
a,b6741768.SQ.FTS.B, 6.258%, 12/08/34			7				—
a,b6747289.SQ.FTS.B, 5.192%, 12/10/34			3,359				—
a,b6747633.SQ.FTS.B, 5.206%, 12/11/34			496				—
a,b6749151.SQ.FTS.B, 5.758%, 12/12/34			2,209				—
a,b6755529.SQ.FTS.B, 5.195%, 12/14/34			567				—
a,b6755599.SQ.FTS.B, 5.382%, 12/14/34			3,652				—
a,b6765978.SQ.FTS.B, 6.413%, 12/16/34			3,559				—
a,b6767513.SQ.FTS.B, 6.413%, 12/16/34			3,105				—
a,b6769902.SQ.FTS.B, 5.756%, 12/18/34			1,683				—
a,b6770314.SQ.FTS.B, 4.757%, 12/19/34			850				—
a,b6770294.SQ.FTS.B, 5.418%, 12/19/34			1,307				—
a,b6770865.SQ.FTS.B, 6.164%, 12/19/34			4,212				—
a,b6772432.SQ.FTS.B, 4.659%, 12/20/34			3,614				—
a,b6771628.SQ.FTS.B, 5.378%, 12/20/34			11,342				1
a,b6775946.SQ.FTS.B, 6.15%, 12/21/34			868				—
a,b6785814.SQ.FTS.B, 6.008%, 12/23/34			3,173				—
a,b6789729.SQ.FTS.B, 5.755%, 12/26/34			23,677				—
a,b6789128.SQ.FTS.B, 6.008%, 12/26/34			6,626				—
a,b6792899.SQ.FTS.B, 5.377%, 12/27/34			15,687				—
a,b6795851.SQ.FTS.B, 6.414%, 12/28/34			13,992				—
a,b6800164.SQ.FTS.B, 5.451%, 12/29/34			921				—
a,b6807351.SQ.FTS.B, 5.571%, 12/30/34			601				—
a,b6807255.SQ.FTS.B, 6.011%, 12/30/34			3,694				—
a,b6812718.SQ.FTS.B, 4.933%, 1/03/35			8,697				—
a,b6813993.SQ.FTS.B, 4.656%, 1/04/35			100				—
a,b6815365.SQ.FTS.B, 5.568%, 1/05/35			4,860				1
a,b6815336.SQ.FTS.B, 5.76%, 1/05/35			1,094				—
a,b6814457.SQ.FTS.B, 6.205%, 1/05/35			231				—

Description		Principal Amount				Value
Block, Inc. (continued)
a,b6828597.SQ.FTS.B, 6.01%, 1/10/35		$	1,851			$	—
a,b6830425.SQ.FTS.B, 6.154%, 1/10/35			1,050				—
a,b6833081.SQ.FTS.B, 5.753%, 1/11/35			3,532				—
a,b6831288.SQ.FTS.B, 5.755%, 1/11/35			1,391				—
a,b6844837.SQ.FTS.B, 5.189%, 1/14/35			4,383				1
a,b6845844.SQ.FTS.B, 5.577%, 1/15/35			2,264				—
a,b6853583.SQ.FTS.B, 4.652%, 1/18/35			1,003				5
a,b6864766.SQ.FTS.B, 5.461%, 1/22/35			346				—
a,b6865119.SQ.FTS.B, 6.261%, 1/22/35			1,131				—
a,b6865816.SQ.FTS.B, 4.941%, 1/23/35			975				—
a,b6867424.SQ.FTS.B, 4.938%, 1/24/35			1,424				20
a,b6867235.SQ.FTS.B, 5.378%, 1/24/35			4,400				1
a,b6874224.SQ.FTS.B, 4.938%, 1/26/35			12,671				—
a,b6878498.SQ.FTS.B, 6.006%, 1/27/35			15,839				—
a,b6879258.SQ.FTS.B, 6.169%, 1/27/35			995				—
a,b6883683.SQ.FTS.B, 6.259%, 1/28/35			11,390				—
a,b6889101.SQ.FTS.B, 4.932%, 1/31/35			894				—
a,b6891704.SQ.FTS.B, 4.939%, 2/01/35			2,150				50
a,b6894382.SQ.FTS.B, 6.261%, 2/02/35			3,927				—
a,b6901055.SQ.FTS.B, 5.187%, 2/04/35			8,090				7
a,b6905278.SQ.FTS.B, 5.375%, 2/06/35			4,086				1
a,b6905725.SQ.FTS.B, 6.41%, 2/06/35			2,638				—
a,b6910812.SQ.FTS.B, 5.563%, 2/08/35			5,166				—
a,b6913129.SQ.FTS.B, 5.759%, 2/09/35			1,084				—
a,b6913617.SQ.FTS.B, 6.006%, 2/09/35			11,248				2
a,b6918477.SQ.FTS.B, 4.762%, 2/10/35			795				—
a,b6919126.SQ.FTS.B, 4.721%, 2/11/35			870				—
a,b6920374.SQ.FTS.B, 6.421%, 2/11/35			1,833				1
a,b6923080.SQ.FTS.B, 5.567%, 2/14/35			5,327				2
a,b6934280.SQ.FTS.B, 5.378%, 2/17/35			655				1
a,b6933378.SQ.FTS.B, 6.007%, 2/17/35			1,773				1
a,b6937297.SQ.FTS.B, 4.748%, 2/18/35			2,807				1
a,b6939326.SQ.FTS.B, 5.44%, 2/18/35			8,134				3
a,b6937107.SQ.FTS.B, 5.441%, 2/18/35			2,690				1
a,b6939442.SQ.FTS.B, 5.565%, 2/18/35			1,301				4
a,b6941232.SQ.FTS.B, 5.755%, 2/19/35			14,604				417
a,b6941710.SQ.FTS.B, 6.007%, 2/19/35			5,409				3
a,b6942041.SQ.FTS.B, 6.135%, 2/20/35			783				—
a,b6946128.SQ.FTS.B, 5.748%, 2/21/35			1,931				1
a,b6946527.SQ.FTS.B, 6.003%, 2/21/35			726				1
a,b6957735.SQ.FTS.B, 5.377%, 2/24/35			2,280				2
a,b6957843.SQ.FTS.B, 6.007%, 2/24/35			3,638				144
a,b6957706.SQ.FTS.B, 6.439%, 2/24/35			982				—
a,b6958893.SQ.FTS.B, 5.475%, 2/25/35			286				—
a,b6962136.SQ.FTS.B, 5.755%, 2/25/35			1,990				1
a,b6962386.SQ.FTS.B, 5.445%, 2/26/35			1,496				2

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b6962449.SQ.FTS.B, 6%, 2/26/35		$	665			$	—
a,b6963703.SQ.FTS.B, 5.441%, 2/27/35			4,914				115
a,b6968688.SQ.FTS.B, 5.439%, 2/28/35			15,914				11
a,b6964600.SQ.FTS.B, 5.754%, 2/28/35			3,817				2
a,b6977409.SQ.FTS.B, 5.758%, 2/28/35			6,257				10
a,b6983514.SQ.FTS.B, 4.657%, 3/01/35			1,054				2
a,b6981506.SQ.FTS.B, 5.759%, 3/01/35			4,725				1
a,b6981745.SQ.FTS.B, 6.205%, 3/01/35			727				—
a,b6983907.SQ.FTS.B, 6.255%, 3/01/35			5,990				2
a,b6983184.SQ.FTS.B, 6.258%, 3/01/35			2,759				1
a,b6985831.SQ.FTS.B, 5.756%, 3/03/35			6,077				6
a,b6986183.SQ.FTS.B, 6.005%, 3/03/35			1,326				1
a,b6987073.SQ.FTS.B, 5.772%, 3/04/35			204				4
a,b6987047.SQ.FTS.B, 6.254%, 3/04/35			3,612				1
a,b6988804.SQ.FTS.B, 5.378%, 3/05/35			22,027				31
a,b6992671.SQ.FTS.B, 5.188%, 3/06/35			804				—
a,b6992646.SQ.FTS.B, 5.386%, 3/06/35			878				1
a,b6991080.SQ.FTS.B, 6.168%, 3/06/35			878				1
a,b6999659.SQ.FTS.B, 5.377%, 3/08/35			6,547				3
a,b7003117.SQ.FTS.B, 5.451%, 3/09/35			715				—
a,b7002848.SQ.FTS.B, 5.753%, 3/09/35			2,390				5
a,b7006832.SQ.FTS.B, 5.564%, 3/11/35			11,203				3
a,b7006543.SQ.FTS.B, 5.57%, 3/11/35			5,929				11
a,b7007213.SQ.FTS.B, 5.746%, 3/11/35			3,175				2
a,b7012393.SQ.FTS.B, 5.198%, 3/13/35			252				—
a,b7010981.SQ.FTS.B, 5.377%, 3/13/35			2,023				1
a,b7019058.SQ.FTS.B, 5.758%, 3/14/35			1,512				141
a,b7031129.SQ.FTS.B, 5.566%, 3/19/35			23,073				49
a,b7033869.SQ.FTS.B, 6.158%, 3/19/35			2,930				1
a,b7030479.SQ.FTS.B, 6.26%, 3/19/35			533				54
a,b7036165.SQ.FTS.B, 4.657%, 3/20/35			6,631				6
a,b7040271.SQ.FTS.B, 5.377%, 3/21/35			17,136				1,386
a,b7046389.SQ.FTS.B, 4.762%, 3/22/35			133				—
a,b7046858.SQ.FTS.B, 5.566%, 3/22/35			6,997				16
a,b7044311.SQ.FTS.B, 5.757%, 3/22/35			2,555				1
a,b7044180.SQ.FTS.B, 6.256%, 3/22/35			778				1
a,b7047312.SQ.FTS.B, 5.566%, 3/23/35			1,444				62
a,b7047271.SQ.FTS.B, 6.25%, 3/23/35			1,006				43
a,b7050699.SQ.FTS.B, 6.012%, 3/25/35			1,636				2
a,b7055837.SQ.FTS.B, 5.754%, 3/27/35			5,733				15
a,b7060939.SQ.FTS.B, 5.381%, 3/28/35			535				60
a,b7069074.SQ.FTS.B, 4.938%, 4/01/35			3,076				353
a,b7077191.SQ.FTS.B, 4.654%, 4/03/35			5,771				13
a,b7075883.SQ.FTS.B, 6.007%, 4/03/35			3,716				2
a,b7077874.SQ.FTS.B, 6.413%, 4/04/35			1,766				2
a,b7087577.SQ.FTS.B, 4.937%, 4/05/35			27,996				53

Description		Principal Amount				Value
Block, Inc. (continued)
a,b7087146.SQ.FTS.B, 5.758%, 4/05/35		$	5,687			$	11
a,b7091881.SQ.FTS.B, 6.007%, 4/06/35			25,110				7
a,b7093794.SQ.FTS.B, 5.191%, 4/08/35			1,129				1
a,b7101547.SQ.FTS.B, 6.002%, 4/11/35			1,547				3
a,b7099200.SQ.FTS.B, 6.256%, 4/11/35			9,571				7
a,b7107852.SQ.FTS.B, 5.754%, 4/12/35			22,699				40
a,b7111729.SQ.FTS.B, 5.38%, 4/13/35			1,918				218
a,b7112088.SQ.FTS.B, 5.193%, 4/14/35			1,208				2
a,b7112613.SQ.FTS.B, 6.26%, 4/14/35			5,163				18
a,b7116213.SQ.FTS.B, 4.746%, 4/16/35			323				—
a,b7114099.SQ.FTS.B, 5.576%, 4/16/35			1,266				2
a,b7119610.SQ.FTS.B, 5.754%, 4/17/35			2,533				4
a,b7120695.SQ.FTS.B, 6.006%, 4/17/35			13,067				15
a,b7117683.SQ.FTS.B, 6.168%, 4/17/35			5,322				6
a,b7120315.SQ.FTS.B, 6.171%, 4/17/35			110				—
a,b7125880.SQ.FTS.B, 6.009%, 4/18/35			6,031				11
a,b7132043.SQ.FTS.B, 4.654%, 4/19/35			11,699				19
a,b7135169.SQ.FTS.B, 6.001%, 4/19/35			586				—
a,b7138440.SQ.FTS.B, 4.775%, 4/20/35			471				1
a,b7136267.SQ.FTS.B, 5.577%, 4/20/35			492				1
a,b7147190.SQ.FTS.B, 5.44%, 4/23/35			6,796				6
a,b7153431.SQ.FTS.B, 4.938%, 4/25/35			21,694				19
a,b7154470.SQ.FTS.B, 5.446%, 4/25/35			573				1
a,b7164056.SQ.FTS.B, 6.403%, 4/27/35			229				17
a,b7164004.SQ.FTS.B, 6.416%, 4/27/35			9,823				11
a,b7173420.SQ.FTS.B, 5.378%, 4/30/35			4,098				10
a,b7174416.SQ.FTS.B, 5.379%, 5/01/35			1,948				3
a,b7174615.SQ.FTS.B, 6.263%, 5/01/35			2,929				4
a,b7179478.SQ.FTS.B, 4.939%, 5/02/35			7,904				26
a,b7187557.SQ.FTS.B, 4.938%, 5/03/35			3,412				38
a,b7187451.SQ.FTS.B, 5.379%, 5/03/35			5,960				19
a,b7192584.SQ.FTS.B, 5.755%, 5/06/35			5,371				20
a,b7194324.SQ.FTS.B, 5.189%, 5/07/35			16,993				29
a,b7194913.SQ.FTS.B, 5.434%, 5/07/35			925				2
a,b7197003.SQ.FTS.B, 5.571%, 5/07/35			916				119
a,b7199276.SQ.FTS.B, 4.938%, 5/08/35			32,102				61
a,b7200153.SQ.FTS.B, 5.376%, 5/08/35			16,216				16
a,b7200668.SQ.FTS.B, 6.158%, 5/08/35			1,887				3
a,b7205002.SQ.FTS.B, 4.654%, 5/09/35			75,336				154
a,b7206980.SQ.FTS.B, 6.414%, 5/09/35			13,640				23
a,b7204916.SQ.FTS.B, 6.415%, 5/09/35			1,800				7
a,b7212464.SQ.FTS.B, 6.247%, 5/12/35			259				14
a,b7214825.SQ.FTS.B, 4.752%, 5/13/35			6,212				7
a,b7212718.SQ.FTS.B, 5.544%, 5/13/35			877				2
a,b7223668.SQ.FTS.B, 4.756%, 5/15/35			916				1
a,b7227981.SQ.FTS.B, 5.77%, 5/16/35			1,615				2

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b7227866.SQ.FTS.B, 6.012%, 5/16/35		$	727			$	24
a,b7233660.SQ.FTS.B, 4.73%, 5/17/35			658				1
a,b7232691.SQ.FTS.B, 5.755%, 5/17/35			35,086				131
a,b7238159.SQ.FTS.B, 5.747%, 5/20/35			1,425				5
a,b7243958.SQ.FTS.B, 4.653%, 5/21/35			16,197				29
a,b7244207.SQ.FTS.B, 5.566%, 5/21/35			270				55
a,b7244363.SQ.FTS.B, 5.573%, 5/21/35			2,610				5
a,b7244108.SQ.FTS.B, 5.75%, 5/21/35			1,133				2
a,b7248245.SQ.FTS.B, 4.65%, 5/22/35			1,011				12
a,b7249505.SQ.FTS.B, 5.38%, 5/22/35			4,386				6
a,b7249579.SQ.FTS.B, 5.565%, 5/22/35			9,581				15
a,b7250972.SQ.FTS.B, 5.749%, 5/22/35			1,122				3
a,b7248608.SQ.FTS.B, 6.162%, 5/22/35			1,522				4
a,b7251367.SQ.FTS.B, 4.936%, 5/23/35			2,158				11
a,b7251651.SQ.FTS.B, 5.755%, 5/23/35			1,105				250
a,b7253125.SQ.FTS.B, 6.008%, 5/24/35			9,228				31
a,b7254942.SQ.FTS.B, 5.181%, 5/25/35			456				1
a,b7255280.SQ.FTS.B, 5.581%, 5/25/35			2,104				3
a,b7255995.SQ.FTS.B, 6.157%, 5/25/35			1,767				3
a,b7255984.SQ.FTS.B, 6.245%, 5/25/35			764				3
a,b7262165.SQ.FTS.B, 4.654%, 5/28/35			7,001				1,503
a,b7262587.SQ.FTS.B, 5.566%, 5/28/35			11,195				53
a,b7261105.SQ.FTS.B, 6.154%, 5/28/35			765				2
a,b7269934.SQ.FTS.B, 5.565%, 5/30/35			1,563				4
a,b7273316.SQ.FTS.B, 5.753%, 5/30/35			14,525				15
a,b7276376.SQ.FTS.B, 4.655%, 6/01/35			13,113				62
a,b7290561.SQ.FTS.B, 4.937%, 6/06/35			28,751				161
a,b7290026.SQ.FTS.B, 5.38%, 6/06/35			12,287				33
a,b7297748.SQ.FTS.B, 4.75%, 6/07/35			396				1
a,b7298379.SQ.FTS.B, 5.565%, 6/08/35			12,186				72
a,b7300855.SQ.FTS.B, 5.736%, 6/08/35			1,131				2
a,b7299245.SQ.FTS.B, 6.171%, 6/08/35			3,563				5
a,b7299309.SQ.FTS.B, 6.258%, 6/08/35			8,689				90
a,b7302186.SQ.FTS.B, 4.727%, 6/09/35			1,118				3
a,b7302660.SQ.FTS.B, 5.439%, 6/10/35			1,300				3
a,b7309810.SQ.FTS.B, 4.937%, 6/12/35			19,077				49
a,b7316695.SQ.FTS.B, 6.005%, 6/13/35			496				2
a,b7320914.SQ.FTS.B, 5.372%, 6/14/35			623				166
a,b7321205.SQ.FTS.B, 6.132%, 6/14/35			463				1
a,b7324843.SQ.FTS.B, 5.761%, 6/15/35			1,080				4
a,b7326549.SQ.FTS.B, 5.763%, 6/15/35			1,103				4
a,b7324812.SQ.FTS.B, 6.164%, 6/15/35			705				2
a,b7328067.SQ.FTS.B, 6.259%, 6/16/35			1,889				495
a,b7329113.SQ.FTS.B, 5.19%, 6/17/35			10,623				103
a,b7329506.SQ.FTS.B, 5.756%, 6/17/35			4,395				12
a,b7334033.SQ.FTS.B, 4.717%, 6/18/35			194				1

Description		Principal Amount				Value
Block, Inc. (continued)
a,b7334213.SQ.FTS.B, 4.76%, 6/18/35		$	2,715			$	4
a,b7330370.SQ.FTS.B, 5.368%, 6/18/35			2,170				7
a,b7330811.SQ.FTS.B, 5.56%, 6/18/35			363				39
a,b7334073.SQ.FTS.B, 6.004%, 6/18/35			1,829				193
a,b7337996.SQ.FTS.B, 5.192%, 6/19/35			3,988				17
a,b7337001.SQ.FTS.B, 5.378%, 6/19/35			4,094				1,072
a,b7335700.SQ.FTS.B, 5.379%, 6/19/35			21,677				49
a,b7336392.SQ.FTS.B, 5.387%, 6/19/35			257				1
a,b7334461.SQ.FTS.B, 6.01%, 6/19/35			182				35
a,b7340973.SQ.FTS.B, 5.181%, 6/20/35			913				3
a,b7340466.SQ.FTS.B, 6.416%, 6/20/35			6,487				21
a,b7344615.SQ.FTS.B, 5.757%, 6/21/35			634				2
a,b7344686.SQ.FTS.B, 5.984%, 6/21/35			680				2
a,b7344580.SQ.FTS.B, 6.421%, 6/21/35			264				52
a,b7348182.SQ.FTS.B, 5.191%, 6/22/35			319				64
a,b7350116.SQ.FTS.B, 5.377%, 6/22/35			8,273				32
a,b7351036.SQ.FTS.B, 6.153%, 6/22/35			1,185				3
a,b7352326.SQ.FTS.B, 5.566%, 6/23/35			465				52
a,b7351905.SQ.FTS.B, 5.572%, 6/23/35			219				1
a,b7352037.SQ.FTS.B, 5.995%, 6/23/35			1,931				6
a,b7353627.SQ.FTS.B, 6.258%, 6/25/35			18,930				4,310
a,b7361225.SQ.FTS.B, 5.741%, 6/27/35			470				3
a,b7360537.SQ.FTS.B, 5.999%, 6/27/35			1,325				5
a,b7360259.SQ.FTS.B, 6.26%, 6/27/35			8,011				35
a,b7365864.SQ.FTS.B, 4.754%, 6/28/35			1,280				4
a,b7367432.SQ.FTS.B, 4.937%, 6/29/35			12,689				36
a,b7369572.SQ.FTS.B, 4.937%, 6/29/35			3,012				991
a,b7370739.SQ.FTS.B, 4.75%, 6/30/35			4,173				13
a,b7370621.SQ.FTS.B, 5.428%, 6/30/35			663				5
a,b7372484.SQ.FTS.B, 5.437%, 7/01/35			5,030				18
a,b7375657.SQ.FTS.B, 6.017%, 7/02/35			1,085				6
a,b7382823.SQ.FTS.B, 4.937%, 7/04/35			35,680				291
a,b7381323.SQ.FTS.B, 6.165%, 7/04/35			3,923				476
a,b7386885.SQ.FTS.B, 5.189%, 7/05/35			2,257				15
a,b7385816.SQ.FTS.B, 5.456%, 7/05/35			557				120
a,b7385186.SQ.FTS.B, 5.565%, 7/05/35			15,580				64
a,b7385592.SQ.FTS.B, 5.999%, 7/05/35			1,203				250
a,b7388297.SQ.FTS.B, 4.939%, 7/07/35			2,853				876
a,b7391456.SQ.FTS.B, 5.374%, 7/08/35			2,998				279
a,b7396669.SQ.FTS.B, 5.758%, 7/10/35			4,871				34
a,b7401793.SQ.FTS.B, 5.573%, 7/11/35			182				1
a,b7404632.SQ.FTS.B, 5.195%, 7/12/35			5,041				18
a,b7406230.SQ.FTS.B, 5.451%, 7/12/35			234				30
a,b7407499.SQ.FTS.B, 6.008%, 7/14/35			5,293				22
a,b7410871.SQ.FTS.B, 5.199%, 7/16/35			185				1
a,b7411162.SQ.FTS.B, 5.566%, 7/16/35			33,263				172

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b7409266.SQ.FTS.B, 5.572%, 7/16/35		$	913			$	8
a,b7410796.SQ.FTS.B, 5.744%, 7/16/35			14				2
a,b7409794.SQ.FTS.B, 6.252%, 7/16/35			1,964				9
a,b7412170.SQ.FTS.B, 5.379%, 7/17/35			10,387				76
a,b7411720.SQ.FTS.B, 5.565%, 7/17/35			11,088				2,318
a,b7418984.SQ.FTS.B, 4.654%, 7/18/35			15,908				5,224
a,b7419256.SQ.FTS.B, 5.565%, 7/19/35			571				5
a,b7421975.SQ.FTS.B, 5.996%, 7/19/35			1,619				5
a,b7422360.SQ.FTS.B, 6.254%, 7/19/35			188				1
a,b7423364.SQ.FTS.B, 4.939%, 7/21/35			5,514				31
a,b7425843.SQ.FTS.B, 6.004%, 7/22/35			3,954				24
a,b7439471.SQ.FTS.B, 5.754%, 7/26/35			21,014				130
a,b7442975.SQ.FTS.B, 5.75%, 7/28/35			1,775				8
a,b7443490.SQ.FTS.B, 5.753%, 7/28/35			307				37
a,b7447146.SQ.FTS.B, 6.008%, 7/29/35			2,869				271
a,b7447921.SQ.FTS.B, 5.19%, 7/30/35			1,782				219
a,b7450427.SQ.FTS.B, 5.19%, 7/30/35			5,832				2,252
a,b7448609.SQ.FTS.B, 5.993%, 7/30/35			350				3
a,b7451728.SQ.FTS.B, 4.742%, 7/31/35			3,791				16
a,b7456543.SQ.FTS.B, 5.189%, 8/01/35			1,227				445
a,b7459778.SQ.FTS.B, 5.19%, 8/01/35			8,378				798
a,b7460306.SQ.FTS.B, 5.453%, 8/02/35			200				80
a,b7461229.SQ.FTS.B, 6.416%, 8/02/35			877				100
a,b7460506.SQ.FTS.B, 6.43%, 8/02/35			447				5
a,b7463365.SQ.FTS.B, 5.379%, 8/03/35			252				25
a,b7463465.SQ.FTS.B, 6.009%, 8/03/35			9,525				77
a,b7463702.SQ.FTS.B, 5.754%, 8/04/35			3,142				26
a,b7469386.SQ.FTS.B, 5.188%, 8/06/35			3,584				477
a,b7472315.SQ.FTS.B, 4.739%, 8/07/35			610				4
a,b7473548.SQ.FTS.B, 6.256%, 8/07/35			13,601				116
a,b7476745.SQ.FTS.B, 5.189%, 8/08/35			329				125
a,b7486693.SQ.FTS.B, 4.743%, 8/12/35			1,539				14
a,b7485874.SQ.FTS.B, 6.414%, 8/12/35			6,996				63
a,b7491010.SQ.FTS.B, 6.26%, 8/13/35			5,510				59
a,b7492570.SQ.FTS.B, 6.258%, 8/14/35			2,849				26
a,b7500385.SQ.FTS.B, 5.572%, 8/15/35			861				159
a,b7500335.SQ.FTS.B, 6.254%, 8/15/35			1,255				8
a,b7505871.SQ.FTS.B, 5.773%, 8/16/35			583				5
a,b7507909.SQ.FTS.B, 6.258%, 8/16/35			30,984				249
a,b7508859.SQ.FTS.B, 4.939%, 8/17/35			1,621				20
a,b7508979.SQ.FTS.B, 5.375%, 8/17/35			481				5
a,b7509672.SQ.FTS.B, 5.481%, 8/17/35			491				5
a,b7512125.SQ.FTS.B, 4.654%, 8/19/35			2,673				34
a,b7513007.SQ.FTS.B, 5.374%, 8/20/35			305				3
a,b7517983.SQ.FTS.B, 4.755%, 8/21/35			843				5
a,b7519489.SQ.FTS.B, 5.382%, 8/21/35			3,156				20

Description		Principal Amount				Value
Block, Inc. (continued)
a,b7517921.SQ.FTS.B, 6%, 8/21/35		$	585			$	200
a,b7516754.SQ.FTS.B, 6.015%, 8/21/35			774				9
a,b7529446.SQ.FTS.B, 4.948%, 8/23/35			2,327				25
a,b7528897.SQ.FTS.B, 5.44%, 8/23/35			16,423				92
a,b7529705.SQ.FTS.B, 4.937%, 8/24/35			9,719				123
a,b7531238.SQ.FTS.B, 4.934%, 8/25/35			350				124
a,b7530909.SQ.FTS.B, 5.366%, 8/25/35			727				7
a,b7534396.SQ.FTS.B, 5.738%, 8/26/35			985				12
a,b7541290.SQ.FTS.B, 6.412%, 8/28/35			263				21
a,b7547912.SQ.FTS.B, 6.413%, 8/29/35			3,516				38
a,b7550899.SQ.FTS.B, 5.19%, 9/01/35			1,653				19
a,b7550967.SQ.FTS.B, 5.375%, 9/01/35			3,825				50
a,b7554320.SQ.FTS.B, 5.378%, 9/01/35			13,754				129
a,b7559616.SQ.FTS.B, 4.745%, 9/04/35			985				8
a,b7556990.SQ.FTS.B, 5.377%, 9/04/35			2,053				918
a,b7561072.SQ.FTS.B, 5.374%, 9/05/35			647				303
a,b7564172.SQ.FTS.B, 5.383%, 9/05/35			2,725				998
a,b7567904.SQ.FTS.B, 6.009%, 9/06/35			2,727				38
a,b7565647.SQ.FTS.B, 6.246%, 9/06/35			1,102				9
a,b7566801.SQ.FTS.B, 6.289%, 9/06/35			794				5
a,b7573584.SQ.FTS.B, 4.934%, 9/07/35			4,835				49
a,b7573801.SQ.FTS.B, 5.567%, 9/07/35			14,773				204
a,b7573203.SQ.FTS.B, 5.754%, 9/07/35			2,786				22
a,b7574527.SQ.FTS.B, 6.416%, 9/07/35			12,073				87
a,b7575766.SQ.FTS.B, 5.377%, 9/08/35			315				35
a,b7578388.SQ.FTS.B, 6.263%, 9/08/35			502				5
a,b7579146.SQ.FTS.B, 6.289%, 9/09/35			8				1
a,b7586080.SQ.FTS.B, 4.65%, 9/12/35			6,134				67
a,b7587307.SQ.FTS.B, 4.654%, 9/12/35			48,237				337
a,b7590174.SQ.FTS.B, 5.562%, 9/13/35			7,270				63
a,b7590215.SQ.FTS.B, 6.012%, 9/13/35			1,194				163
a,b7600629.SQ.FTS.B, 5.563%, 9/16/35			3,898				44
a,b7601451.SQ.FTS.B, 6.006%, 9/17/35			259				44
a,b7608748.SQ.FTS.B, 6.007%, 9/19/35			30,329				346
a,b7607003.SQ.FTS.B, 6.01%, 9/19/35			1,790				24
a,b7611097.SQ.FTS.B, 6.423%, 9/20/35			2,067				26
a,b7616557.SQ.FTS.B, 5.189%, 9/21/35			11,359				119
a,b7616489.SQ.FTS.B, 6.258%, 9/21/35			2,021				22
a,b7617901.SQ.FTS.B, 6.261%, 9/21/35			2,981				30
a,b7621073.SQ.FTS.B, 6.007%, 9/22/35			20,648				7,679
a,b7618964.SQ.FTS.B, 6.413%, 9/22/35			4,601				56
a,b7621327.SQ.FTS.B, 4.94%, 9/23/35			2,410				34
a,b7621639.SQ.FTS.B, 5.198%, 9/23/35			1,826				27
a,b7621653.SQ.FTS.B, 5.379%, 9/23/35			2,220				427
a,b7621747.SQ.FTS.B, 5.758%, 9/23/35			3,270				16
a,b7622472.SQ.FTS.B, 6.004%, 9/24/35			4,474				37

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

Back to Table of Contents 

FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a,b7624372.SQ.FTS.B, 5.183%, 9/25/35		$	2,463			$	22
a,b7628418.SQ.FTS.B, 5.567%, 9/26/35			10,448				96
a,b7628146.SQ.FTS.B, 5.752%, 9/26/35			11,216				48
a,b7633344.SQ.FTS.B, 6.009%, 9/27/35			1,025				9
a,b7637405.SQ.FTS.B, 6.023%, 9/28/35			1,404				11
a,b7644598.SQ.FTS.B, 5.748%, 9/30/35			2,505				817
a,b7646634.SQ.FTS.B, 5.446%, 10/01/35			1,503				13
a,b7648665.SQ.FTS.B, 5.763%, 10/01/35			1,643				20
a,b7647054.SQ.FTS.B, 5.916%, 10/01/35			997				16
a,b7652755.SQ.FTS.B, 4.939%, 10/02/35			90				41
a,b7653058.SQ.FTS.B, 5.095%, 10/02/35			9,467				4,263
a,b7650606.SQ.FTS.B, 5.439%, 10/02/35			1,604				190
a,b7656219.SQ.FTS.B, 5.19%, 10/03/35			10,946				1,639
a,b7654737.SQ.FTS.B, 5.418%, 10/03/35			1,110				14
a,b7655820.SQ.FTS.B, 6.255%, 10/03/35			1,434				164
a,b7657393.SQ.FTS.B, 6.257%, 10/03/35			2,647				1,158
a,b7661360.SQ.FTS.B, 6.414%, 10/04/35			362				44
a,b7664538.SQ.FTS.B, 5.186%, 10/05/35			5,682				565
a,b7667419.SQ.FTS.B, 5.189%, 10/05/35			4,894				126
a,b7667909.SQ.FTS.B, 5.091%, 10/06/35			2,103				34
a,b7688136.SQ.FTS.B, 5.188%, 10/12/35			14,991				185
a,b7690007.SQ.FTS.B, 5.193%, 10/13/35			1,194				20
a,b7690899.SQ.FTS.B, 5.188%, 10/14/35			9,454				73
a,b7695591.SQ.FTS.B, 5.911%, 10/16/35			5,123				62
a,b7698491.SQ.FTS.B, 4.782%, 10/17/35			1,549				746
a,b7702418.SQ.FTS.B, 5.094%, 10/18/35			1,435				693
a,b7701859.SQ.FTS.B, 5.759%, 10/18/35			1,772				21
a,b7707103.SQ.FTS.B, 5.536%, 10/20/35			20,361				2,396
a,b7707363.SQ.FTS.B, 4.737%, 10/21/35			629				10
a,b7712891.SQ.FTS.B, 5.563%, 10/23/35			3,823				44
a,b7712462.SQ.FTS.B, 6.161%, 10/23/35			2,881				35
a,b7721764.SQ.FTS.B, 5.451%, 10/25/35			472				58
a,b7722772.SQ.FTS.B, 6.165%, 10/25/35			4,023				1,668
a,b7728570.SQ.FTS.B, 4.785%, 10/26/35			948				575
a,b7724838.SQ.FTS.B, 5.095%, 10/26/35			22,645				362
a,b7727853.SQ.FTS.B, 5.724%, 10/26/35			2,192				1,183
a,b7729945.SQ.FTS.B, 5.911%, 10/26/35			1,229				20
a,b7732601.SQ.FTS.B, 5.914%, 10/28/35			722				147
a,b7736498.SQ.FTS.B, 5.911%, 10/29/35			3,086				434
a,b7741215.SQ.FTS.B, 5.72%, 10/30/35			3,427				55
a,b7745153.SQ.FTS.B, 5.35%, 11/01/35			3,659				69
a,b7751173.SQ.FTS.B, 6.19%, 11/02/35			750				12
a,b7756883.SQ.FTS.B, 4.779%, 11/03/35			16,501				379
a7758717.SQ.FTS.B, 4.784%, 11/04/35			505				319
a7759657.SQ.FTS.B, 5.337%, 11/05/35			489				309
a7758755.SQ.FTS.B, 5.535%, 11/05/35			5,916				3,503

Description		Principal Amount				Value
Block, Inc. (continued)
a7759020.SQ.FTS.B, 6.165%, 11/05/35		$	522			$	271
a,b7763292.SQ.FTS.B, 5.913%, 11/06/35			20,230				309
a,b7767704.SQ.FTS.B, 5.912%, 11/07/35			10,394				1,581
a,b7767072.SQ.FTS.B, 6.166%, 11/07/35			5,030				77
a,b7768208.SQ.FTS.B, 4.78%, 11/08/35			24,992				15,355
a7768065.SQ.FTS.B, 5.095%, 11/08/35			125				71
a7769434.SQ.FTS.B, 5.715%, 11/08/35			426				264
a,b7768047.SQ.FTS.B, 5.93%, 11/08/35			463				70
a,b7776652.SQ.FTS.B, 4.78%, 11/09/35			2,561				1,623
a,b7776805.SQ.FTS.B, 4.78%, 11/09/35			5,785				143
a7775071.SQ.FTS.B, 5.531%, 11/09/35			504				325
a,b7776077.SQ.FTS.B, 5.723%, 11/09/35			1,977				391
a7774319.SQ.FTS.B, 6.154%, 11/09/35			219				115
a7780337.SQ.FTS.B, 4.742%, 11/10/35			145				66
a7780702.SQ.FTS.B, 4.777%, 11/10/35			688				391
a,b7780421.SQ.FTS.B, 5.093%, 11/10/35			8,601				5,205
a,b7781198.SQ.FTS.B, 6.159%, 11/10/35			4,074				44
a7781650.SQ.FTS.B, 5.091%, 11/11/35			1,617				285
a,b7786987.SQ.FTS.B, 4.749%, 11/13/35			29,312				16,544
a,b7786287.SQ.FTS.B, 5.346%, 11/13/35			1,934				364
a7785232.SQ.FTS.B, 6.154%, 11/13/35			169				25
a7791269.SQ.FTS.B, 4.787%, 11/14/35			968				215
a7789582.SQ.FTS.B, 5.094%, 11/14/35			5,329				1,299
a7788590.SQ.FTS.B, 5.1%, 11/14/35			1,294				730
a7788186.SQ.FTS.B, 6.163%, 11/14/35			481				130
a7794931.SQ.FTS.B, 4.78%, 11/15/35			1,030				679
a,b7794684.SQ.FTS.B, 5.413%, 11/15/35			161				74
a,b7795103.SQ.FTS.B, 5.437%, 11/15/35			5,594				63
a,b7798166.SQ.FTS.B, 5.911%, 11/16/35			20,551				224
a,b7803525.SQ.FTS.B, 5.344%, 11/17/35			3,578				69
a,b7800873.SQ.FTS.B, 5.724%, 11/17/35			3,516				2,131
a,b7805048.SQ.FTS.B, 5.44%, 11/19/35			504				10
a,b7808380.SQ.FTS.B, 5.914%, 11/20/35			6,558				80
a,b7806075.SQ.FTS.B, 5.918%, 11/20/35			1,024				18
a,b7811542.SQ.FTS.B, 4.73%, 11/21/35			196				91
a7811481.SQ.FTS.B, 4.775%, 11/21/35			1,226				810
a7810845.SQ.FTS.B, 5.103%, 11/21/35			524				348
a7810923.SQ.FTS.B, 6.149%, 11/21/35			301				169
a,b7811729.SQ.FTS.B, 6.168%, 11/21/35			1,139				19
a,b7814352.SQ.FTS.B, 5.098%, 11/22/35			3,498				81
a,b7815586.SQ.FTS.B, 5.535%, 11/22/35			2,713				547
a,b7823332.SQ.FTS.B, 4.752%, 11/23/35			22				5
a7823385.SQ.FTS.B, 5.097%, 11/23/35			2,283				715
a,b7822522.SQ.FTS.B, 5.536%, 11/23/35			18,694				320
a7828343.SQ.FTS.B, 5.096%, 11/24/35			1,355				894
a7825444.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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a7830269.SQ.FTS.B, 5.535%, 11/25/35		$	72			$	49
a7829488.SQ.FTS.B, 5.907%, 11/25/35			882				176
a,b7830760.SQ.FTS.B, 5.436%, 11/26/35			6,345				107
a7836439.SQ.FTS.B, 5.723%, 11/29/35			1,451				826
a7845604.SQ.FTS.B, 4.78%, 11/30/35			1,275				889
a,b7847120.SQ.FTS.B, 4.78%, 11/30/35			15,845				300
a7848556.SQ.FTS.B, 5.092%, 11/30/35			1,252				717
a7842626.SQ.FTS.B, 5.102%, 11/30/35			352				246
a,b7843814.SQ.FTS.B, 5.435%, 11/30/35			1,606				704
a7849316.SQ.FTS.B, 6.154%, 11/30/35			40				25
a7842506.SQ.FTS.B, 6.164%, 11/30/35			1,544				913
a,b7845896.SQ.FTS.B, 6.171%, 11/30/35			2,769				35
a,b7851862.SQ.FTS.B, 5.444%, 12/02/35			1,437				27
a7856504.SQ.FTS.B, 5.089%, 12/03/35			1,689				1,156
a,b7853962.SQ.FTS.B, 5.094%, 12/03/35			30,459				1,134
a7855254.SQ.FTS.B, 6.477%, 12/03/35			833				384
a,b7859113.SQ.FTS.B, 4.781%, 12/04/35			9,584				6,072
a,b7860462.SQ.FTS.B, 5.347%, 12/04/35			4,552				103
a7856808.SQ.FTS.B, 5.717%, 12/04/35			465				270
a,b7857831.SQ.FTS.B, 5.725%, 12/04/35			16,733				214
a,b7863722.SQ.FTS.B, 4.743%, 12/05/35			926				10
a,b7862394.SQ.FTS.B, 4.749%, 12/05/35			365				177
a7863127.SQ.FTS.B, 4.762%, 12/05/35			183				105
a7861753.SQ.FTS.B, 5.093%, 12/05/35			1,434				891
a,b7862669.SQ.FTS.B, 5.099%, 12/05/35			857				353
a,b7864315.SQ.FTS.B, 5.915%, 12/05/35			7,642				3,859
a7862243.SQ.FTS.B, 6.152%, 12/05/35			587				312
a,b7863145.SQ.FTS.B, 6.164%, 12/05/35			7,065				124
a,b7866713.SQ.FTS.B, 4.782%, 12/06/35			5,812				142
a,b7868442.SQ.FTS.B, 5.09%, 12/06/35			2,341				61
a7872545.SQ.FTS.B, 5.093%, 12/07/35			642				377
a,b7873355.SQ.FTS.B, 6.155%, 12/07/35			552				12
a,b7873369.SQ.FTS.B, 6.163%, 12/07/35			12,998				184
a,b7874480.SQ.FTS.B, 5.112%, 12/08/35			1,064				25
a,b7875047.SQ.FTS.B, 4.757%, 12/09/35			209				102
a7875148.SQ.FTS.B, 5.092%, 12/09/35			2,450				1,690
a7875406.SQ.FTS.B, 5.094%, 12/09/35			10,561				7,104
a7875019.SQ.FTS.B, 6.172%, 12/09/35			48				32
a,b7876335.SQ.FTS.B, 5.917%, 12/10/35			2,135				34
a7880764.SQ.FTS.B, 4.782%, 12/11/35			907				600
a7882746.SQ.FTS.B, 5.535%, 12/11/35			7,173				4,086
a,b7886338.SQ.FTS.B, 4.78%, 12/12/35			4,316				190
a,b7884915.SQ.FTS.B, 6.152%, 12/12/35			1,897				46
a,b7885751.SQ.FTS.B, 6.479%, 12/12/35			4,172				98
a,b7892822.SQ.FTS.B, 5.913%, 12/13/35			7,563				104
a,b7895485.SQ.FTS.B, 5.922%, 12/14/35			171				4

Description		Principal Amount				Value
Block, Inc. (continued)
a7894179.SQ.FTS.B, 6.169%, 12/14/35		$	445			$	309
a7899105.SQ.FTS.B, 5.1%, 12/15/35			987				683
a7899376.SQ.FTS.B, 5.105%, 12/15/35			772				554
a7899924.SQ.FTS.B, 4.783%, 12/16/35			734				462
a,b7900212.SQ.FTS.B, 5.902%, 12/16/35			1,559				45
a7899808.SQ.FTS.B, 6.172%, 12/16/35			730				479
a,b7905396.SQ.FTS.B, 6.161%, 12/18/35			6,605				102
a7911086.SQ.FTS.B, 6.289%, 12/19/35			1,286				577
a7912587.SQ.FTS.B, 4.781%, 12/20/35			2,332				1,457
a,b7914364.SQ.FTS.B, 5.437%, 12/20/35			3,173				71
a7914903.SQ.FTS.B, 4.752%, 12/21/35			376				214
a7919065.SQ.FTS.B, 5.349%, 12/22/35			2,011				949
a7922062.SQ.FTS.B, 5.535%, 12/24/35			4,163				2,867
a7922596.SQ.FTS.B, 5.909%, 12/24/35			1,930				1,115
a,b7926526.SQ.FTS.B, 4.732%, 12/25/35			272				5
a,b7925941.SQ.FTS.B, 5.096%, 12/25/35			933				45
a7925997.SQ.FTS.B, 6.164%, 12/25/35			413				173
a,b7929408.SQ.FTS.B, 4.737%, 12/26/35			1,614				24
a,b7928943.SQ.FTS.B, 4.748%, 12/26/35			1,019				24
a7931051.SQ.FTS.B, 4.779%, 12/26/35			2,376				1,675
a,b7930838.SQ.FTS.B, 5.723%, 12/26/35			11,250				7,454
a7937373.SQ.FTS.B, 5.351%, 12/27/35			866				497
a,b7937726.SQ.FTS.B, 6.164%, 12/27/35			8,353				373
a7939562.SQ.FTS.B, 4.78%, 12/28/35			29,977				22,153
a,b7942127.SQ.FTS.B, 5.535%, 12/29/35			8,564				246
a,b7944001.SQ.FTS.B, 5.346%, 1/01/36			4,384				206
a7947682.SQ.FTS.B, 5.35%, 1/01/36			1,241				709
a7949413.SQ.FTS.B, 6.163%, 1/02/36			15,938				11,047
a,b7955576.SQ.FTS.B, 4.769%, 1/03/36			661				12
a7956716.SQ.FTS.B, 4.78%, 1/03/36			5,326				4,020
a,b7958110.SQ.FTS.B, 6.164%, 1/03/36			7,758				186
a7959302.SQ.FTS.B, 4.749%, 1/04/36			2,746				1,201
a7959418.SQ.FTS.B, 5.715%, 1/04/36			1,513				1,092
a,b7962368.SQ.FTS.B, 4.743%, 1/05/36			1,763				49
a7961282.SQ.FTS.B, 4.781%, 1/05/36			9,434				6,732
a,b7959962.SQ.FTS.B, 6.165%, 1/05/36			9,979				6,717
a7964047.SQ.FTS.B, 4.78%, 1/06/36			5,986				4,349
a,b7963986.SQ.FTS.B, 6.162%, 1/06/36			1,380				791
a7964426.SQ.FTS.B, 5.088%, 1/07/36			2,402				1,193
a7964666.SQ.FTS.B, 5.094%, 1/07/36			2,539				1,807
a7964521.SQ.FTS.B, 5.1%, 1/07/36			998				549
a7969108.SQ.FTS.B, 6.164%, 1/09/36			182				101
a,b7972214.SQ.FTS.B, 4.782%, 1/10/36			6,798				327
a,b7974222.SQ.FTS.B, 5.731%, 1/10/36			719				357
a,b7973285.SQ.FTS.B, 5.911%, 1/10/36			5,331				240
a,b7972649.SQ.FTS.B, 6.478%, 1/10/36			3,641				67

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Block, Inc. (continued)
a7979582.SQ.FTS.B, 4.779%, 1/11/36		$	2,206			$	1,599
a7977713.SQ.FTS.B, 5.348%, 1/11/36			1,219				756
a7977299.SQ.FTS.B, 5.545%, 1/11/36			782				540
a7983443.SQ.FTS.B, 5.094%, 1/12/36			15,244				10,318
a7982373.SQ.FTS.B, 5.346%, 1/12/36			17,528				13,097
a7983120.SQ.FTS.B, 5.913%, 1/12/36			37				25
a,b7988493.SQ.FTS.B, 6.175%, 1/15/36			1,524				42
a,b7990968.SQ.FTS.B, 4.748%, 1/16/36			8,874				254
a,b7991968.SQ.FTS.B, 5.915%, 1/16/36			2,711				48
a7990193.SQ.FTS.B, 5.919%, 1/16/36			93				73
a,b7992014.SQ.FTS.B, 6.167%, 1/16/36			5,321				131
a,b7993140.SQ.FTS.B, 6.289%, 1/16/36			5,681				125
a,b8000796.SQ.FTS.B, 4.757%, 1/17/36			1,675				26
a,b8000433.SQ.FTS.B, 4.773%, 1/17/36			1,067				16
a7994356.SQ.FTS.B, 4.786%, 1/17/36			953				629
a8003084.SQ.FTS.B, 4.717%, 1/18/36			82				42
a,b8005029.SQ.FTS.B, 5.911%, 1/18/36			10,934				544
a8005199.SQ.FTS.B, 6.164%, 1/18/36			596				338
a,b8007842.SQ.FTS.B, 4.724%, 1/19/36			829				18
a,b8007844.SQ.FTS.B, 4.751%, 1/19/36			2,161				64
a8008215.SQ.FTS.B, 5.535%, 1/19/36			2,393				1,995
a,b8012289.SQ.FTS.B, 5.093%, 1/22/36			8,215				118
a8014032.SQ.FTS.B, 5.094%, 1/22/36			2,996				2,033
a8012919.SQ.FTS.B, 5.095%, 1/22/36			9,356				7,229
a,b8016422.SQ.FTS.B, 4.767%, 1/23/36			620				12
a8016600.SQ.FTS.B, 4.771%, 1/23/36			1,557				1,130
a,b8016663.SQ.FTS.B, 5.348%, 1/23/36			7,206				311
a,b8017283.SQ.FTS.B, 6.474%, 1/23/36			2,763				79
a,b8018766.SQ.FTS.B, 5.912%, 1/24/36			15,041				214
a,b8021897.SQ.FTS.B, 5.915%, 1/24/36			2,592				1,607
a,b8027604.SQ.FTS.B, 4.784%, 1/25/36			4,651				218
a8025958.SQ.FTS.B, 5.09%, 1/25/36			3,283				1,927
a,b8025169.SQ.FTS.B, 5.096%, 1/25/36			1,448				80
a8024997.SQ.FTS.B, 5.713%, 1/25/36			1,499				783
a,b8023992.SQ.FTS.B, 6.481%, 1/25/36			12,196				279
a,b8030978.SQ.FTS.B, 5.444%, 1/26/36			3,358				43
a,b8029441.SQ.FTS.B, 5.535%, 1/26/36			1,493				42
a,b8032677.SQ.FTS.B, 6.279%, 1/28/36			384				12
							42,362,983
Freedom Financial Asset Management LLC
APP-11764476.FP.FTS.B, 13.24%, 2/05/26			329				330
APP-11041391.FP.FTS.B, 11.49%, 2/10/26			1,478				1,480
APP-12887499.FP.FTS.B, 19.49%, 2/25/26			475				480
APP-12780048.FP.FTS.B, 8.24%, 2/28/26			847				851
APP-12543851.FP.FTS.B, 12.74%, 3/01/26			1,980				1,984
APP-12934173.FP.FTS.B, 10.24%, 3/08/26			1,379				1,383
APP-12675358.FP.FTS.B, 11.99%, 3/28/26			149				149

Description		Principal Amount				Value
Freedom Financial Asset Management LLC (continued)
APP-11877668.FP.FTS.B, 16.49%, 3/28/26		$	1,386			$	1,411
APP-13414992.FP.FTS.B, 9.99%, 3/30/26			2,212				2,223
APP-12803304.FP.FTS.B, 18.24%, 3/31/26			4,275				1,467
APP-12779873.FP.FTS.B, 9.49%, 4/03/26			2,317				2,323
APP-12886380.FP.FTS.B, 9.99%, 4/03/26			2,488				2,494
APP-12889924.FP.FTS.B, 18.74%, 4/03/26			2,201				2,230
APP-12792270.FP.FTS.B, 17.99%, 4/11/26			1,109				1,117
APP-13059570.FP.FTS.B, 8.24%, 4/12/26			1,159				1,163
APP-13048169.FP.FTS.B, 10.24%, 4/12/26			1,110				1,114
APP-12911306.FP.FTS.B, 7.99%, 4/22/26			3,049				3,063
APP-10692670.FP.FTS.B, 18.49%, 4/22/26			305				307
APP-12859987.FP.FTS.B, 14.74%, 4/26/26			2,387				2,423
APP-13423683.FP.FTS.B, 9.99%, 5/01/26			2,753				2,762
APP-13396926.FP.FTS.B, 13.74%, 5/01/26			3,903				3,938
APP-13439922.FP.FTS.B, 16.99%, 5/01/26			1,983				2,011
APP-13386894.FP.FTS.B, 7.99%, 5/14/26			2,509				2,522
APP-13657810.FP.FTS.B, 18.99%, 6/12/26			943				949
APP-14189728.FP.FTS.B, 17.74%, 6/15/26			9,040				9,274
APP-14306826.FP.FTS.B, 10.34%, 6/17/26			3,224				3,243
APP-14549001.FP.FTS.B, 21.49%, 6/23/26			4,116				4,243
APP-12231617.FP.FTS.B, 16.99%, 6/26/26			3,997				4,097
APP-10617769.FP.FTS.B, 17.49%, 6/30/26			1,082				1,095
APP-15020512.FP.FTS.B, 10.24%, 7/15/26			4,760				4,792
APP-10179113.FP.FTS.B, 12.49%, 8/15/26			5,978				6,026
APP-10116903.FP.FTS.B, 14.24%, 8/15/26			4,076				4,112
APP-10063830.FP.FTS.B, 15.99%, 8/16/26			10,573				10,717
APP-10105795.FP.FTS.B, 23.49%, 8/17/26			4,827				5,013
APP-14531002.FP.FTS.B, 17.74%, 8/20/26			1,553				1,557
APP-11746987.FP.FTS.B, 18.49%, 9/05/26			4,799				4,973
APP-10557980.FP.FTS.B, 19.99%, 9/05/26			2,997				3,063
APP-10622378.FP.FTS.B, 13.24%, 9/15/26			9,372				9,444
APP-12886960.FP.FTS.B, 22.49%, 9/15/26			829				843
APP-10561482.FP.FTS.B, 16.99%, 9/30/26			5,990				6,187
APP-10571945.FP.FTS.B, 11.24%, 10/15/26			9,421				9,497
APP-10412146.FP.FTS.B, 20.49%, 10/21/26			5,536				5,702
APP-10610237.FP.FTS.B, 11.99%, 10/25/26			1,816				1,828
APP-10482503.FP.FTS.B, 17.99%, 10/28/26			1,913				1,934
APP-10597275.FP.FTS.B, 14.49%, 11/01/26			382				387
APP-10561574.FP.FTS.B, 14.74%, 11/02/26			6,363				6,426
APP-10590862.FP.FTS.B, 11.99%, 11/05/26			4,161				4,196
APP-10453183.FP.FTS.B, 17.49%, 11/07/26			9,692				9,815
APP-10623552.FP.FTS.B, 18.99%, 11/09/26			6,302				6,462
APP-10781246.FP.FTS.B, 14.24%, 11/15/26			3,611				3,655
bAPP-10779675.FP.FTS.B, 21.49%, 11/21/26			7,559				827
APP-10756900.FP.FTS.B, 16.99%, 11/22/26			4,806				4,949
APP-10760354.FP.FTS.B, 11.99%, 11/23/26			4,335				4,382

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Freedom Financial Asset Management LLC (continued)
APP-10780937.FP.FTS.B, 16.49%, 11/24/26		$	1,889			$	1,914
bAPP-12795850.FP.FTS.B, 23.74%, 12/10/26			2,009				—
APP-11035966.FP.FTS.B, 21.99%, 12/13/26			2,346				2,421
APP-10916888.FP.FTS.B, 11.99%, 12/14/26			3,774				3,813
APP-11025771.FP.FTS.B, 11.99%, 12/14/26			6,054				6,116
APP-11743320.FP.FTS.B, 13.24%, 12/17/26			5,312				5,376
APP-11737338.FP.FTS.B, 13.24%, 12/22/26			9,009				9,134
APP-11755185.FP.FTS.B, 10.99%, 12/23/26			7,383				7,464
APP-11751486.FP.FTS.B, 11.24%, 12/23/26			4,417				4,464
APP-11820229.FP.FTS.B, 17.49%, 12/30/26			2,686				2,712
APP-11753872.FP.FTS.B, 13.24%, 1/25/27			5,916				5,994
APP-12234684.FP.FTS.B, 16.74%, 1/26/27			14,542				14,794
APP-11815677.FP.FTS.B, 13.74%, 1/30/27			229				229
APP-12242133.FP.FTS.B, 22.99%, 1/31/27			5,259				5,523
APP-11750215.FP.FTS.B, 18.24%, 2/05/27			10,904				11,199
APP-11693943.FP.FTS.B, 10.99%, 2/06/27			10,016				10,120
APP-11813343.FP.FTS.B, 11.74%, 2/13/27			13,782				13,939
APP-11804818.FP.FTS.B, 14.99%, 2/13/27			5,875				6,031
APP-11790590.FP.FTS.B, 17.74%, 2/13/27			9,165				9,465
APP-12801776.FP.FTS.B, 18.49%, 2/15/27			7,857				8,078
APP-12796607.FP.FTS.B, 17.74%, 2/16/27			11,114				11,571
APP-11799619.FP.FTS.B, 17.99%, 2/21/27			7,149				7,453
APP-12677509.FP.FTS.B, 8.49%, 2/22/27			8,535				8,635
APP-11609592.FP.FTS.B, 14.74%, 2/24/27			12,612				12,791
APP-12792566.FP.FTS.B, 16.49%, 2/25/27			4,490				4,561
bAPP-12793802.FP.FTS.B, 16.74%, 2/25/27			15,288				3,210
APP-12883181.FP.FTS.B, 8.99%, 2/28/27			9,181				9,299
bAPP-13018059.FP.FTS.B, 12.99%, 3/01/27			3,652				801
APP-12846368.FP.FTS.B, 19.99%, 3/01/27			7,190				7,431
APP-12932776.FP.FTS.B, 16.49%, 3/02/27			4,106				4,156
bAPP-12243437.FP.FTS.B, 11.24%, 3/04/27			11,641				1,314
APP-12234254.FP.FTS.B, 11.24%, 3/10/27			4,530				4,583
APP-12232207.FP.FTS.B, 18.99%, 3/11/27			5,889				6,068
APP-12116704.FP.FTS.B, 11.74%, 3/15/27			13,382				13,543
APP-13060467.FP.FTS.B, 11.74%, 3/15/27			15,351				15,531
APP-13155858.FP.FTS.B, 10.99%, 3/16/27			6,645				6,722
APP-13253640.FP.FTS.B, 11.24%, 3/20/27			5,405				1,792
APP-13323349.FP.FTS.B, 16.49%, 3/25/27			4,725				4,807
APP-13430153.FP.FTS.B, 20.49%, 3/25/27			6,675				6,977
APP-13207096.FP.FTS.B, 19.49%, 3/26/27			6,168				6,471
APP-12799003.FP.FTS.B, 10.99%, 3/28/27			5,680				5,751
APP-12758093.FP.FTS.B, 8.99%, 3/29/27			5,502				5,570
APP-12767372.FP.FTS.B, 10.99%, 3/29/27			5,820				5,892
APP-12784176.FP.FTS.B, 11.24%, 3/29/27			10,073				10,220
APP-12795625.FP.FTS.B, 13.49%, 3/29/27			5,871				5,955
APP-13251661.FP.FTS.B, 20.24%, 3/29/27			10,069				10,423
APP-12795571.FP.FTS.B, 22.49%, 3/29/27			12,268				12,838
APP-12577391.FP.FTS.B, 11.74%, 3/30/27			14,427				14,607

Description		Principal Amount				Value
Freedom Financial Asset Management LLC (continued)
APP-13421220.FP.FTS.B, 14.49%, 3/30/27		$	7,226			$	7,364
APP-13405408.FP.FTS.B, 23.24%, 3/30/27			7,477				7,860
APP-12231685.FP.FTS.B, 19.74%, 3/31/27			15,180				15,712
APP-13630932.FP.FTS.B, 11.84%, 4/01/27			5,078				5,136
APP-12840175.FP.FTS.B, 15.49%, 4/01/27			2,478				2,503
APP-12761107.FP.FTS.B, 16.49%, 4/01/27			7,294				7,458
APP-12674748.FP.FTS.B, 13.99%, 4/02/27			16,035				16,220
APP-12867499.FP.FTS.B, 13.74%, 4/03/27			3,181				3,214
APP-12890485.FP.FTS.B, 18.99%, 4/03/27			5,079				5,209
APP-12811031.FP.FTS.B, 20.99%, 4/05/27			1,650				1,648
APP-13673131.FP.FTS.B, 11.34%, 4/07/27			6,537				6,609
APP-11924087.FP.FTS.B, 13.49%, 4/07/27			5,680				5,752
APP-12804826.FP.FTS.B, 19.99%, 4/08/27			2,699				2,776
APP-12758120.FP.FTS.B, 10.99%, 4/10/27			8,001				8,089
APP-12413477.FP.FTS.B, 15.49%, 4/10/27			4,016				4,122
APP-12637418.FP.FTS.B, 16.49%, 4/10/27			8,403				8,574
APP-12796424.FP.FTS.B, 17.99%, 4/10/27			5,250				5,447
APP-12723310.FP.FTS.B, 22.99%, 4/10/27			6,099				6,357
APP-12735907.FP.FTS.B, 11.74%, 4/11/27			15,667				15,853
APP-12119588.FP.FTS.B, 13.74%, 4/11/27			3,811				3,857
APP-11806403.FP.FTS.B, 19.99%, 4/11/27			8,061				8,387
APP-12794611.FP.FTS.B, 16.49%, 4/12/27			9,234				9,405
APP-12119732.FP.FTS.B, 22.49%, 4/13/27			4,014				4,197
APP-12819793.FP.FTS.B, 11.24%, 4/14/27			4,422				4,485
APP-12933712.FP.FTS.B, 16.99%, 4/14/27			5,942				6,123
APP-12847750.FP.FTS.B, 10.49%, 4/15/27			9,008				9,121
APP-12886061.FP.FTS.B, 10.99%, 4/15/27			7,737				7,834
APP-12889697.FP.FTS.B, 14.49%, 4/15/27			7,658				7,792
APP-13008146.FP.FTS.B, 19.99%, 4/15/27			4,950				5,114
APP-12831439.FP.FTS.B, 10.99%, 4/16/27			10,850				10,988
APP-12845270.FP.FTS.B, 17.74%, 4/16/27			13,180				13,726
APP-12883157.FP.FTS.B, 13.74%, 4/17/27			3,596				3,644
APP-12800972.FP.FTS.B, 17.49%, 4/17/27			8,198				8,476
APP-12800643.FP.FTS.B, 19.74%, 4/17/27			14,782				15,339
APP-12931503.FP.FTS.B, 13.24%, 4/18/27			8,008				8,124
APP-13141094.FP.FTS.B, 10.99%, 4/20/27			12,217				12,368
APP-13009743.FP.FTS.B, 10.99%, 4/22/27			6,499				6,586
APP-12674727.FP.FTS.B, 13.24%, 4/22/27			10,680				10,846
APP-12977040.FP.FTS.B, 20.49%, 4/23/27			5,374				5,570
APP-13166600.FP.FTS.B, 21.49%, 4/23/27			5,307				5,558
APP-12944703.FP.FTS.B, 22.49%, 4/23/27			770				775
APP-13057143.FP.FTS.B, 10.99%, 4/26/27			10,987				11,136
APP-13061655.FP.FTS.B, 13.24%, 4/26/27			11,293				11,472
APP-12933713.FP.FTS.B, 17.99%, 4/26/27			6,721				6,893
APP-13106287.FP.FTS.B, 11.74%, 4/28/27			14,054				14,256
APP-12798277.FP.FTS.B, 13.24%, 4/29/27			2,066				2,076
APP-13009028.FP.FTS.B, 10.99%, 4/30/27			7,378				7,475
APP-13134349.FP.FTS.B, 21.24%, 4/30/27			8,220				8,652
APP-13424293.FP.FTS.B, 10.99%, 5/01/27			6,867				6,939
APP-13431042.FP.FTS.B, 10.99%, 5/01/27			6,481				6,550
APP-13431253.FP.FTS.B, 16.49%, 5/01/27			7,897				8,009
APP-13430284.FP.FTS.B, 19.99%, 5/01/27			4,475				4,624
APP-13430327.FP.FTS.B, 19.99%, 5/01/27			3,721				3,818
APP-13441350.FP.FTS.B, 19.99%, 5/01/27			3,716				3,812
APP-13410577.FP.FTS.B, 22.99%, 5/01/27			5,665				5,872
APP-14247820.FP.FTS.B, 11.34%, 5/02/27			8,491				8,582
APP-13342784.FP.FTS.B, 21.99%, 5/02/27			4,550				4,718

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Freedom Financial Asset Management LLC (continued)
APP-12270573.FP.FTS.B, 10.99%, 5/06/27		$	12,036			$	12,174
APP-12932857.FP.FTS.B, 18.99%, 5/10/27			3,660				3,763
APP-12775739.FP.FTS.B, 25.49%, 5/10/27			3,976				4,141
APP-12412862.FP.FTS.B, 25.49%, 5/11/27			4,549				4,730
APP-13658270.FP.FTS.B, 9.34%, 5/12/27			10,363				10,483
APP-13416172.FP.FTS.B, 8.99%, 5/13/27			7,644				7,740
APP-13031523.FP.FTS.B, 10.99%, 5/13/27			13,137				13,306
APP-13438034.FP.FTS.B, 17.99%, 5/13/27			2,787				1,633
APP-13436550.FP.FTS.B, 16.99%, 5/14/27			5,844				5,949
APP-13430567.FP.FTS.B, 17.49%, 5/14/27			5,967				6,135
APP-13431427.FP.FTS.B, 21.99%, 5/14/27			3,364				3,487
APP-13318759.FP.FTS.B, 22.49%, 5/14/27			3,023				3,146
APP-13436993.FP.FTS.B, 8.99%, 5/15/27			8,212				8,319
APP-13396243.FP.FTS.B, 11.24%, 5/15/27			5,223				5,293
APP-13440554.FP.FTS.B, 11.24%, 5/15/27			4,441				4,501
APP-13435327.FP.FTS.B, 13.24%, 5/15/27			9,021				9,168
APP-13663645.FP.FTS.B, 13.59%, 5/15/27			9,678				9,811
APP-13644113.FP.FTS.B, 14.34%, 5/15/27			6,017				6,039
APP-13444523.FP.FTS.B, 16.99%, 5/15/27			9,709				10,012
APP-13672139.FP.FTS.B, 17.49%, 5/15/27			6,707				6,822
APP-13666596.FP.FTS.B, 20.49%, 5/15/27			5,609				5,832
APP-14531705.FP.FTS.B, 22.99%, 5/15/27			3,793				3,925
APP-11924095.FP.FTS.B, 19.99%, 5/16/27			2,732				1,032
APP-13628585.FP.FTS.B, 20.49%, 5/16/27			7,564				7,883
APP-13680651.FP.FTS.B, 20.49%, 5/21/27			4,872				5,089
APP-13629014.FP.FTS.B, 14.74%, 5/24/27			10,889				11,101
APP-13637168.FP.FTS.B, 15.24%, 5/25/27			15,736				16,049
APP-13051907.FP.FTS.B, 25.49%, 5/26/27			4,151				4,364
APP-13598334.FP.FTS.B, 11.34%, 5/27/27			8,286				8,408
APP-13637703.FP.FTS.B, 14.09%, 5/30/27			10,008				10,185
APP-13319688.FP.FTS.B, 14.49%, 5/30/27			10,155				10,377
APP-12770485.FP.FTS.B, 20.49%, 5/30/27			2,146				2,160
bAPP-12802041.FP.FTS.B, 13.99%, 6/06/27			20,984				4,143
APP-14548548.FP.FTS.B, 22.99%, 6/14/27			3,726				3,856
APP-12884053.FP.FTS.B, 10.99%, 6/15/27			8,716				8,835
APP-14257683.FP.FTS.B, 20.49%, 6/15/27			11,193				11,668
APP-13443719.FP.FTS.B, 22.49%, 6/15/27			3,947				4,121
APP-14236905.FP.FTS.B, 17.49%, 6/21/27			10,204				10,590
APP-14196561.FP.FTS.B, 13.59%, 6/23/27			14,535				14,782
APP-12548143.FP.FTS.B, 19.99%, 6/23/27			12,210				12,731
APP-14178654.FP.FTS.B, 9.34%, 6/24/27			7,298				7,396
APP-14267906.FP.FTS.B, 11.59%, 6/24/27			5,551				5,634
APP-14510576.FP.FTS.B, 22.74%, 6/24/27			4,875				5,107
APP-14427403.FP.FTS.B, 24.74%, 6/24/27			7,076				7,462
APP-09045394.FP.FTS.B, 13.74%, 6/25/27			4,285				4,352
APP-14578061.FP.FTS.B, 11.74%, 6/26/27			13,865				14,057
APP-14268521.FP.FTS.B, 10.09%, 6/27/27			17,024				17,273
APP-14385385.FP.FTS.B, 19.24%, 6/28/27			12,540				13,024
APP-14377174.FP.FTS.B, 12.24%, 6/29/27			6,734				6,852
APP-14423027.FP.FTS.B, 13.99%, 6/30/27			12,407				12,627
APP-13643702.FP.FTS.B, 18.99%, 6/30/27			9,335				9,702
APP-13649694.FP.FTS.B, 19.49%, 6/30/27			6,316				6,573
APP-11810505.FP.FTS.B, 21.24%, 6/30/27			11,984				12,690
APP-14431213.FP.FTS.B, 18.49%, 7/01/27			7,692				7,902
APP-14177847.FP.FTS.B, 18.74%, 7/08/27			17,819				18,331
APP-13394495.FP.FTS.B, 11.49%, 7/13/27			5,307				3,973
APP-14515585.FP.FTS.B, 20.49%, 7/15/27			5,545				5,755

Description		Principal Amount				Value
Freedom Financial Asset Management LLC (continued)
APP-14421841.FP.FTS.B, 20.99%, 7/15/27		$	5,091			$	5,269
APP-13061423.FP.FTS.B, 13.24%, 7/17/27			8,803				8,941
APP-13678923.FP.FTS.B, 11.34%, 7/20/27			12,021				12,198
APP-13028479.FP.FTS.B, 21.74%, 7/23/27			764				765
APP-14420972.FP.FTS.B, 14.24%, 7/26/27			6,572				6,691
APP-14541253.FP.FTS.B, 13.99%, 7/31/27			16,869				17,146
APP-12910819.FP.FTS.B, 17.99%, 7/31/27			3,249				3,322
APP-14545674.FP.FTS.B, 26.99%, 8/03/27			4,678				4,867
APP-14550089.FP.FTS.B, 18.49%, 8/06/27			8,855				9,165
bAPP-14542132.FP.FTS.B, 20.99%, 8/15/27			5,921				641
APP-14531089.FP.FTS.B, 10.99%, 8/22/27			2,256				2,271
APP-13423039.FP.FTS.B, 14.24%, 9/14/27			18,197				10,220
APP-14568007.FP.FTS.B, 20.49%, 9/15/27			9,905				10,308
APP-13484600.FP.FTS.B, 20.49%, 9/18/27			3,732				3,793
APP-14569337.FP.FTS.B, 24.74%, 10/07/27			7,365				5,664
APP-12804212.FP.FTS.B, 22.49%, 10/10/27			6,200				6,544
APP-13659468.FP.FTS.B, 26.49%, 10/12/27			5,783				6,066
APP-13157103.FP.FTS.B, 9.24%, 11/17/27			2,184				2,195
APP-13132268.FP.FTS.B, 16.74%, 1/01/28			17,842				18,452
APP-12042791.FP.FTS.B, 18.74%, 3/30/28			30,053				31,308
APP-12794031.FP.FTS.B, 18.99%, 4/28/28			10,865				3,487
APP-12244001.FP.FTS.B, 13.24%, 1/27/36			264				265
							1,557,844
LendingClub Corp.
154211311.LC.FTS.B, 20%, 11/26/34			2,590				—
LendingClub Corp. - LCX PM
174304247.LC.FTS.B, 20.99%, 2/02/26			1,528				1,528
185237685.LC.FTS.B, 18.49%, 1/20/27			186				185
185250357.LC.FTS.B, 19.99%, 1/20/27			5,224				5,329
185117236.LC.FTS.B, 20.99%, 1/26/27			7,490				7,651
185597588.LC.FTS.B, 16.24%, 1/28/27			5,447				—
185488281.LC.FTS.B, 28.99%, 1/29/27			2,551				2,652
185547681.LC.FTS.B, 19.99%, 1/31/27			3,205				3,244
184982732.LC.FTS.B, 16.99%, 2/01/27			4,703				4,724
185662157.LC.FTS.B, 16.49%, 2/07/27			5,594				5,624
185835140.LC.FTS.B, 21.99%, 2/14/27			6,827				7,024
185699989.LC.FTS.B, 23.99%, 2/14/27			3,530				3,633
186058311.LC.FTS.B, 15.69%, 2/15/27			14,779				—
186007586.LC.FTS.B, 23.49%, 2/15/27			4,541				4,677
185942868.LC.FTS.B, 15.94%, 2/18/27			12,709				—
186027871.LC.FTS.B, 18.99%, 2/20/27			7,642				7,692
187071023.LC.FTS.B, 17.99%, 3/11/27			5,090				5,103
b187032664.LC.FTS.B, 20.99%, 3/11/27			8,681				148
187178718.LC.FTS.B, 19.99%, 3/15/27			7,346				7,415
186624355.LC.FTS.B, 21.49%, 3/15/27			3,995				4,047
187028667.LC.FTS.B, 20.99%, 3/17/27			4,814				4,880
187192813.LC.FTS.B, 20.49%, 3/18/27			3,518				3,575
187318217.LC.FTS.B, 20.49%, 3/18/27			9,844				10,032
186654687.LC.FTS.B, 23.49%, 3/20/27			7,605				1,452
187350401.LC.FTS.B, 15.19%, 3/21/27			4,868				4,892
187430105.LC.FTS.B, 25.99%, 3/25/27			5,361				1,071

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
LendingClub Corp. - LCX PM (continued)
187611207.LC.FTS.B, 18.99%, 3/28/27		$	6,905			$	6,930
187644231.LC.FTS.B, 19.99%, 3/28/27			6,282				6,418
187621983.LC.FTS.B, 20.99%, 3/28/27			4,603				4,702
187670705.LC.FTS.B, 17.44%, 3/29/27			13,437				13,330
187264368.LC.FTS.B, 20.99%, 3/29/27			3,542				3,597
187100244.LC.FTS.B, Zero Cpn, 3/30/27			5,446				—
187772972.LC.FTS.B, 18.99%, 3/30/27			10,370				—
187751574.LC.FTS.B, 20.44%, 3/30/27			11,379				11,571
187614352.LC.FTS.B, 20.99%, 3/30/27			8,850				9,015
187235906.LC.FTS.B, 13.19%, 3/31/27			10,110				10,139
187804301.LC.FTS.B, 19.67%, 3/31/27			12,115				12,366
187819893.LC.FTS.B, 21.49%, 3/31/27			14,212				14,505
187825531.LC.FTS.B, 19.99%, 4/01/27			3,355				3,393
187860298.LC.FTS.B, 23.99%, 4/01/27			2,175				2,227
187860052.LC.FTS.B, 22.99%, 4/03/27			3,826				3,929
187891277.LC.FTS.B, 21.49%, 4/04/27			12,280				—
187787243.LC.FTS.B, 21.99%, 4/04/27			6,079				6,245
187765035.LC.FTS.B, 23.99%, 4/04/27			9,373				9,628
188031790.LC.FTS.B, 20.49%, 4/06/27			7,440				7,552
188023733.LC.FTS.B, 20.99%, 4/06/27			3,000				3,036
188040936.LC.FTS.B, 20.99%, 4/06/27			5,621				5,690
187683423.LC.FTS.B, 20.99%, 4/09/27			10,935				—
187829994.LC.FTS.B, 22.99%, 4/15/27			12,113				12,462
187298854.LC.FTS.B, 23.49%, 4/15/27			14,924				5,821
187906511.LC.FTS.B, 22.99%, 4/20/27			4,882				5,024
187995587.LC.FTS.B, 6%, 5/15/27			6,334				6,467
185498696.LC.FTS.B, 26.49%, 5/26/27			12,105				2,401
b185497213.LC.FTS.B, 20.49%, 6/30/27			5,910				406
187345456.LC.FTS.B, 25.99%, 7/18/27			11,443				11,879
187835579.LC.FTS.B, 22.49%, 7/30/27			2,219				2,286
185500402.LC.FTS.B, 17.74%, 9/12/27			14,059				5,152
187754766.LC.FTS.B, 21.99%, 9/30/27			12,431				2,434
187316257.LC.FTS.B, 22.49%, 10/21/27			9,811				10,045
187054481.LC.FTS.B, 22.49%, 11/20/27			12,897				13,188
187417305.LC.FTS.B, 22.99%, 11/20/27			4,579				—
185367638.LC.FTS.B, 5%, 1/24/28			10,459				10,649
185689957.LC.FTS.B, 5%, 2/01/28			4,812				4,930
187403735.LC.FTS.B, 5%, 4/10/28			5,955				6,133
187202054.LC.FTS.B, 5%, 5/21/28			10,111				10,257
187034706.LC.FTS.B, 5%, 3/31/35			709				707
188000200.LC.FTS.B, 22.99%, 4/06/35			5,777				—
							341,092
Prosper Funding LLC
1605548.PS.FTS.B, 12.3%, 8/16/26			2,108				2,110
1605551.PS.FTS.B, 18.3%, 8/16/26			12				12
1606481.PS.FTS.B, 15%, 8/17/26			1,985				2,009
1618512.PS.FTS.B, 18.5%, 8/20/26			1,731				1,753
1627885.PS.FTS.B, 15.29%, 9/21/26			3,845				3,905
1645247.PS.FTS.B, 6%, 10/27/26			2,614				2,669
1655355.PS.FTS.B, 12%, 10/27/26			7,382				7,399
1648957.PS.FTS.B, 14.29%, 10/27/26			2,199				2,229
1645616.PS.FTS.B, 16.63%, 10/27/26			2,096				2,127
1655334.PS.FTS.B, 25.67%, 10/27/26			2,191				2,261
1656189.PS.FTS.B, 13.7%, 10/28/26			3,133				3,178
1656201.PS.FTS.B, 14.68%, 10/28/26			775				777
1647056.PS.FTS.B, 13.7%, 10/29/26			1,309				1,328

Description		Principal Amount				Value
Prosper Funding LLC (continued)
1647023.PS.FTS.B, 16.33%, 10/29/26		$	6,245			$	6,336
1647155.PS.FTS.B, 18.48%, 10/29/26			6,298				6,456
1650974.PS.FTS.B, 11.1%, 11/05/26			3,455				3,446
1660968.PS.FTS.B, 11.89%, 11/05/26			2,550				2,543
1648693.PS.FTS.B, 12.7%, 11/05/26			3,934				3,942
1650971.PS.FTS.B, 12.87%, 11/05/26			5,970				5,961
b1651400.PS.FTS.B, 13.13%, 11/05/26			6,671				—
1651085.PS.FTS.B, 25.6%, 11/05/26			1,296				1,333
1658134.PS.FTS.B, 13.6%, 11/08/26			1,054				1,062
1651829.PS.FTS.B, 16.33%, 11/08/26			324				325
1653347.PS.FTS.B, 10.8%, 11/09/26			2,643				686
1666392.PS.FTS.B, 11.2%, 11/09/26			1,364				1,363
1651808.PS.FTS.B, 11.2%, 11/11/26			1,030				1,028
1651412.PS.FTS.B, 13.6%, 11/11/26			6,013				6,046
1652735.PS.FTS.B, 10.8%, 11/16/26			1,586				1,584
1657068.PS.FTS.B, 21.9%, 11/22/26			4,754				4,282
1657104.PS.FTS.B, 10.4%, 11/23/26			5,695				5,709
1654979.PS.FTS.B, 11.1%, 12/05/26			1,831				505
1685577.PS.FTS.B, 28.23%, 12/14/26			4,863				5,025
1685967.PS.FTS.B, 11.5%, 12/15/26			3,477				3,473
1685961.PS.FTS.B, 18.48%, 12/15/26			4,191				4,258
1686345.PS.FTS.B, 23%, 12/15/26			3,185				3,302
1673528.PS.FTS.B, 19%, 12/16/26			7,045				7,160
1680745.PS.FTS.B, 13.3%, 12/17/26			2,909				2,938
1687770.PS.FTS.B, 14.29%, 12/17/26			3,910				3,941
1687689.PS.FTS.B, 16%, 12/17/26			4,292				4,365
1674248.PS.FTS.B, 16.5%, 12/17/26			5,573				4,860
b1654303.PS.FTS.B, 21.18%, 12/18/26			4,561				608
1688382.PS.FTS.B, 10.29%, 12/20/26			3,680				3,681
1685184.PS.FTS.B, 12.4%, 12/25/26			3,847				3,843
1685808.PS.FTS.B, 18.33%, 12/29/26			1,408				1,403
1679512.PS.FTS.B, 15.7%, 1/08/27			2,338				2,336
1679959.PS.FTS.B, 12.32%, 1/09/27			1,891				1,075
1687871.PS.FTS.B, 12.7%, 1/12/27			7,371				7,364
1688213.PS.FTS.B, 15.03%, 1/12/27			2,287				2,298
1688252.PS.FTS.B, 16.33%, 1/12/27			927				935
1701030.PS.FTS.B, 18.25%, 1/12/27			7,502				7,612
1687862.PS.FTS.B, 21.09%, 1/12/27			2,237				2,315
1694182.PS.FTS.B, 21.18%, 1/12/27			1,131				1,149
1688234.PS.FTS.B, 25.6%, 1/12/27			1,334				1,381
1701831.PS.FTS.B, 12.3%, 1/13/27			2,712				2,710
1688576.PS.FTS.B, 18.48%, 1/13/27			3,298				3,356
1689002.PS.FTS.B, 19.23%, 1/13/27			1,840				1,869
1689590.PS.FTS.B, 11.4%, 1/14/27			1,602				1,602
1695235.PS.FTS.B, 12.24%, 1/14/27			3,251				3,280
1695712.PS.FTS.B, 27.4%, 1/14/27			855				886
1701330.PS.FTS.B, 16.1%, 1/15/27			2,899				2,943
1703238.PS.FTS.B, 22.9%, 1/18/27			1,124				1,166
1692950.PS.FTS.B, 9.81%, 1/20/27			4,417				4,421
1698271.PS.FTS.B, 11.5%, 1/26/27			3,220				3,219
1701660.PS.FTS.B, 11.2%, 1/27/27			2,717				2,713
1701273.PS.FTS.B, 14.68%, 2/12/27			6,128				6,112
1707812.PS.FTS.B, 11.2%, 2/15/27			1,283				1,282
1714540.PS.FTS.B, 11.2%, 2/15/27			5,130				5,128
1708139.PS.FTS.B, 15.2%, 2/15/27			7,427				7,481
1709063.PS.FTS.B, 16.7%, 2/15/27			3,588				3,606
1722529.PS.FTS.B, 19%, 3/12/27			9,930				2,528

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Prosper Funding LLC (continued)
1733471.PS.FTS.B, 10.44%, 3/22/27		$	6,727			$	6,721
1732976.PS.FTS.B, 10.53%, 3/22/27			4,362				4,362
1740124.PS.FTS.B, 11.61%, 3/22/27			5,551				5,545
1732970.PS.FTS.B, 11.79%, 3/22/27			3,116				3,112
1732922.PS.FTS.B, 12.9%, 3/22/27			10,357				10,345
1733459.PS.FTS.B, 13.7%, 3/22/27			12,118				12,126
1739653.PS.FTS.B, 18.48%, 3/22/27			6,856				6,996
1709645.PS.FTS.B, 9.27%, 3/23/27			10,549				10,527
1734128.PS.FTS.B, 10.08%, 3/23/27			3,215				2,736
1743894.PS.FTS.B, 10.29%, 3/23/27			12,021				12,011
b1744077.PS.FTS.B, 10.8%, 3/23/27			4,425				147
1734281.PS.FTS.B, 11.4%, 3/23/27			3,215				3,212
1740508.PS.FTS.B, 11.6%, 3/23/27			2,231				2,230
1733702.PS.FTS.B, 11.89%, 3/23/27			1,439				1,439
1733807.PS.FTS.B, 12.32%, 3/23/27			4,017				3,411
1740880.PS.FTS.B, 13.5%, 3/23/27			3,680				3,707
1733816.PS.FTS.B, 15.1%, 3/23/27			6,436				6,493
1734278.PS.FTS.B, 15.2%, 3/23/27			3,257				3,276
b1740997.PS.FTS.B, 16.8%, 3/23/27			9,948				403
1744065.PS.FTS.B, 16.8%, 3/23/27			8,404				1,979
1743573.PS.FTS.B, 18.78%, 3/23/27			3,272				3,340
1741006.PS.FTS.B, 19%, 3/23/27			2,419				2,470
1741000.PS.FTS.B, 25.67%, 3/23/27			5,506				5,748
1740316.PS.FTS.B, 28.23%, 3/23/27			3,946				4,115
1744257.PS.FTS.B, 14%, 3/24/27			1,285				1,293
1744812.PS.FTS.B, 14.7%, 3/24/27			3,574				3,574
1733513.PS.FTS.B, 11.7%, 3/26/27			2,844				2,841
1735826.PS.FTS.B, 13.19%, 3/27/27			7,447				7,425
b1736876.PS.FTS.B, 19.3%, 3/29/27			4,275				183
1747200.PS.FTS.B, 27.4%, 3/29/27			4,939				5,168
1742146.PS.FTS.B, 10.7%, 3/31/27			2,901				2,897
1740187.PS.FTS.B, 15.1%, 4/01/27			1,746				1,753
1741336.PS.FTS.B, 25.9%, 4/01/27			3,087				3,236
1749478.PS.FTS.B, 11.5%, 4/05/27			1,390				1,381
1749460.PS.FTS.B, 11.7%, 4/05/27			2,285				2,272
1752540.PS.FTS.B, 11.7%, 4/05/27			6,527				6,490
1740496.PS.FTS.B, 14.19%, 4/05/27			3,083				3,088
1742810.PS.FTS.B, 16.7%, 4/05/27			1,411				1,409
b1741168.PS.FTS.B, 18.93%, 4/05/27			15,042				—
1743101.PS.FTS.B, 10.5%, 4/06/27			249				248
1743137.PS.FTS.B, 10.5%, 4/06/27			6,401				6,367
1743125.PS.FTS.B, 14.7%, 4/06/27			6,844				6,835
1752906.PS.FTS.B, 16.33%, 4/06/27			4,912				4,905
1750876.PS.FTS.B, 10.29%, 4/07/27			11,164				11,107
1744037.PS.FTS.B, 10.5%, 4/07/27			4,801				4,776
1750606.PS.FTS.B, 12%, 4/07/27			2,975				2,973
1744541.PS.FTS.B, 12.2%, 4/07/27			11,514				11,454
1753842.PS.FTS.B, 12.2%, 4/07/27			3,290				3,273
1744553.PS.FTS.B, 14.53%, 4/07/27			3,368				3,354
1753656.PS.FTS.B, 14.6%, 4/07/27			8,561				8,554
1744559.PS.FTS.B, 14.89%, 4/07/27			530				525
1751047.PS.FTS.B, 19.3%, 4/07/27			8,987				9,117
1750600.PS.FTS.B, 23%, 4/07/27			5,151				5,303
1755057.PS.FTS.B, 11.2%, 4/08/27			18,632				4,106
1755237.PS.FTS.B, 16.02%, 4/08/27			4,016				4,071
1744907.PS.FTS.B, 17.59%, 4/08/27			938				952
1755927.PS.FTS.B, 11.89%, 4/11/27			2,946				2,933

Description		Principal Amount				Value
Prosper Funding LLC (continued)
1752289.PS.FTS.B, 16.5%, 4/11/27		$	7,035			$	7,037
1746119.PS.FTS.B, 18.13%, 4/11/27			3,785				3,786
1752915.PS.FTS.B, 12.5%, 4/12/27			8,322				8,277
1757922.PS.FTS.B, 14.67%, 4/13/27			3,420				3,424
1749839.PS.FTS.B, 25.6%, 4/14/27			6,011				6,239
1733504.PS.FTS.B, 11.6%, 4/15/27			4,338				4,330
1753416.PS.FTS.B, 13.6%, 4/15/27			1,341				1,329
1734263.PS.FTS.B, 16.33%, 4/16/27			7,213				7,248
1749754.PS.FTS.B, 25.9%, 4/17/27			5,285				1,350
1742819.PS.FTS.B, 11.7%, 4/19/27			4,163				4,140
1744568.PS.FTS.B, 12%, 4/20/27			3,980				3,959
b1734077.PS.FTS.B, 14%, 4/22/27			3,194				84
1744227.PS.FTS.B, 16%, 4/22/27			7,255				6,333
1734284.PS.FTS.B, 16.9%, 4/22/27			725				741
1755429.PS.FTS.B, 10.5%, 4/28/27			3,221				3,208
1744277.PS.FTS.B, 14.39%, 4/29/27			3,645				3,642
1749974.PS.FTS.B, 23.31%, 4/29/27			2,840				2,955
1752903.PS.FTS.B, 21.18%, 4/30/27			9,868				9,994
1750621.PS.FTS.B, 17.37%, 5/01/27			3,879				3,935
1744034.PS.FTS.B, 19%, 5/10/27			4,142				4,198
1760306.PS.FTS.B, 22.5%, 5/20/27			3,075				3,222
1627891.PS.FTS.B, 15.1%, 8/21/27			4,129				2,245
1739848.PS.FTS.B, 21.9%, 9/22/27			3,747				3,923
1754328.PS.FTS.B, 13.1%, 10/07/27			4,419				2,359
1751044.PS.FTS.B, 14.7%, 10/15/27			9,098				9,078
1744730.PS.FTS.B, 16.02%, 11/06/27			4,586				4,652
1678714.PS.FTS.B, 25.2%, 11/14/27			8,961				9,325
1755876.PS.FTS.B, 19.3%, 3/31/28			9,353				9,422
b1734275.PS.FTS.B, 15%, 3/23/35			2,624				—
							594,737
Upgrade, Inc. - Card
992157584.UG.FTS.B, 28.98%, 2/08/26			362				51
991996150.UG.FTS.B, 28.98%, 3/09/26			24				23
992246618.UG.FTS.B, 28.98%, 3/11/26			18				18
b992361782.UG.FTS.B, 29.48%, 4/19/26			101				—
992237498.UG.FTS.B, 15.97%, 5/30/26			2,266				2,316
992196449.UG.FTS.B, 29.49%, 8/18/26			101				104
992159329.UG.FTS.B, 21.98%, 8/29/26			64				65
b992238434.UG.FTS.B, 28.98%, 9/12/26			325				22
992217550.UG.FTS.B, 28.98%, 9/20/26			105				109
b992083215.UG.FTS.B, 29.49%, 10/20/26			61				50
992485527.UG.FTS.B, 29.49%, 10/20/26			112				116
992425148.UG.FTS.B, 28.98%, 11/20/26			161				168
b992514855.UG.FTS.B, 29.49%, 11/20/26			60				47
b992038832.UG.FTS.B, 28.98%, 12/09/26			706				—
992277625.UG.FTS.B, 15.99%, 4/13/27			54				54
992239940.UG.FTS.B, 15.99%, 7/06/27			499				520
992193819.UG.FTS.B, 22.36%, 11/29/27			60				63
991994026.UG.FTS.B, 29.49%, 2/09/28			1,700				1,228
992156587.UG.FTS.B, 29.49%, 9/09/29			220				20
992058890.UG.FTS.B, 29.49%, 10/18/29			110				111
992189183.UG.FTS.B, 29.49%, 3/09/30			60				61
992073990.UG.FTS.B, 19.99%, 3/19/30			32				32
b992057082.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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upgrade, Inc. - Card (continued)
992395091.UG.FTS.B, 29.49%, 11/20/30		$	32			$	33
							5,215
Upstart Network, Inc
L1721509.UP.FTS.B, 11.2%, 9/16/26			3,753				3,695
FW1720612.UP.FTS.B, 11.37%, 9/16/26			2,258				2,223
FW1721436.UP.FTS.B, 14.47%, 9/16/26			1,851				1,829
L1720338.UP.FTS.B, 15.39%, 9/16/26			3,050				3,015
L1721497.UP.FTS.B, 16.37%, 9/16/26			1,647				1,628
FW1720748.UP.FTS.B, 16.61%, 9/16/26			1,037				1,025
L1722523.UP.FTS.B, 21.72%, 9/16/26			789				777
FW1722389.UP.FTS.B, 21.83%, 9/16/26			5,980				5,888
L1701780.UP.FTS.B, 26.48%, 9/16/26			2,333				2,300
FW1721156.UP.FTS.B, 26.95%, 9/16/26			5,394				5,318
FW1720986.UP.FTS.B, 30.57%, 9/16/26			109				8
FW1720294.UP.FTS.B, 30.66%, 9/16/26			648				640
L1892951.UP.FTS.B, 14.33%, 10/21/26			365				361
L1893967.UP.FTS.B, 14.49%, 10/21/26			388				383
L1890982.UP.FTS.B, 16.75%, 10/21/26			1,604				1,588
FW1894844.UP.FTS.B, 18.47%, 10/21/26			5,422				5,352
L1889041.UP.FTS.B, 19.76%, 10/21/26			362				357
L1893140.UP.FTS.B, 24.95%, 10/21/26			429				423
L1890870.UP.FTS.B, 25.37%, 10/21/26			1,406				1,388
FW1893402.UP.FTS.B, 27.14%, 10/21/26			1,814				1,428
L1892234.UP.FTS.B, 27.37%, 10/21/26			3,233				3,195
FW1892884.UP.FTS.B, 28.78%, 10/21/26			637				630
FW1890284.UP.FTS.B, 30.97%, 10/21/26			605				481
L2015861.UP.FTS.B, 9.46%, 11/10/26			2,089				2,048
bL2017795.UP.FTS.B, 13.15%, 11/10/26			1,569				89
L2016861.UP.FTS.B, 14.32%, 11/10/26			3,958				3,892
L2016450.UP.FTS.B, 15.84%, 11/10/26			1,895				1,872
FW2017922.UP.FTS.B, 16.45%, 11/10/26			3,693				3,632
L2017365.UP.FTS.B, 19.49%, 11/10/26			7,902				7,772
L2018057.UP.FTS.B, 20.23%, 11/10/26			5,093				4,998
L2012751.UP.FTS.B, 20.27%, 11/10/26			3,218				2,170
L2018362.UP.FTS.B, 20.61%, 11/10/26			829				815
L2015725.UP.FTS.B, 22.82%, 11/10/26			419				412
L2018074.UP.FTS.B, 23.36%, 11/10/26			1,682				1,652
L2010804.UP.FTS.B, 24.21%, 11/10/26			4,242				4,167
L2017556.UP.FTS.B, 25.05%, 11/10/26			986				968
L2017313.UP.FTS.B, 25.23%, 11/10/26			1,257				1,235
FW2018097.UP.FTS.B, 28.2%, 11/10/26			500				492
FW2017283.UP.FTS.B, 29.28%, 11/10/26			1,517				1,492
FW2016668.UP.FTS.B, 29.41%, 11/10/26			2,234				2,197
FW2016021.UP.FTS.B, 29.96%, 11/10/26			3,967				3,902
FW2017531.UP.FTS.B, 30.14%, 11/10/26			2,343				2,304
FW2015923.UP.FTS.B, 30.28%, 11/10/26			2,461				2,421
FW2016098.UP.FTS.B, 30.28%, 11/10/26			493				485
FW2015746.UP.FTS.B, 30.57%, 11/10/26			908				893
FW2017369.UP.FTS.B, 30.83%, 11/10/26			930				915
FW2015784.UP.FTS.B, 31.24%, 11/10/26			717				706
FW2110828.UP.FTS.B, 6%, 11/24/26			475				159
L2111539.UP.FTS.B, 8.17%, 11/24/26			1,719				1,686
FW2112522.UP.FTS.B, 10.63%, 11/24/26			122				121
L2110925.UP.FTS.B, 12.01%, 11/24/26			6,935				6,828
L2112036.UP.FTS.B, 13.1%, 11/24/26			352				347
L2112445.UP.FTS.B, 15.34%, 11/24/26			732				725

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
L2111566.UP.FTS.B, 15.86%, 11/24/26		$	121			$	88
L2111428.UP.FTS.B, 15.89%, 11/24/26			561				41
L2111907.UP.FTS.B, 16.75%, 11/24/26			750				744
FW2103098.UP.FTS.B, 18.1%, 11/24/26			1,023				1,010
L2112204.UP.FTS.B, 18.12%, 11/24/26			1,417				1,405
L2111433.UP.FTS.B, 19.56%, 11/24/26			1,307				1,292
bL2110920.UP.FTS.B, 20%, 11/24/26			4,208				730
L2111070.UP.FTS.B, 20.97%, 11/24/26			604				597
FW2110697.UP.FTS.B, 21.79%, 11/24/26			3,931				3,032
L2111001.UP.FTS.B, 22.12%, 11/24/26			3				3
bL2109591.UP.FTS.B, 22.25%, 11/24/26			8,327				697
L2111688.UP.FTS.B, 25.07%, 11/24/26			714				706
L2112349.UP.FTS.B, 25.4%, 11/24/26			2,865				2,833
L2111206.UP.FTS.B, 25.46%, 11/24/26			575				568
FW2109993.UP.FTS.B, 28.34%, 11/24/26			1,496				1,480
FW2111816.UP.FTS.B, 30.78%, 11/24/26			712				705
FW2112102.UP.FTS.B, 31.76%, 11/24/26			2,473				2,449
FW2111859.UP.FTS.B, 16.21%, 11/28/26			2,111				2,092
FW2264096.UP.FTS.B, 8.01%, 12/16/26			2,099				2,056
L2266515.UP.FTS.B, 8.1%, 12/16/26			1,664				1,631
L2264632.UP.FTS.B, 8.24%, 12/16/26			4,714				4,617
L2233679.UP.FTS.B, 10.15%, 12/16/26			1,564				1,532
L2256936.UP.FTS.B, 11.09%, 12/16/26			4,926				4,842
L2261890.UP.FTS.B, 11.17%, 12/16/26			4,298				1,294
L2262690.UP.FTS.B, 13.04%, 12/16/26			2,167				2,131
FW2263216.UP.FTS.B, 14.33%, 12/16/26			233				229
FW2262525.UP.FTS.B, 14.73%, 12/16/26			7,866				7,737
L2266678.UP.FTS.B, 14.84%, 12/16/26			3,415				3,360
L2266887.UP.FTS.B, 15.02%, 12/16/26			1,845				1,825
FW2266772.UP.FTS.B, 15.05%, 12/16/26			2,074				2,051
L2265506.UP.FTS.B, 16.32%, 12/16/26			1,278				1,262
L2261462.UP.FTS.B, 16.62%, 12/16/26			893				884
L2262304.UP.FTS.B, 17.3%, 12/16/26			3,559				3,521
L2261255.UP.FTS.B, 17.42%, 12/16/26			9,281				9,178
L2260922.UP.FTS.B, 19.74%, 12/16/26			2,001				1,967
L2265533.UP.FTS.B, 19.85%, 12/16/26			3,229				2,385
L2262271.UP.FTS.B, 20.02%, 12/16/26			2,440				2,404
FW2262822.UP.FTS.B, 20.38%, 12/16/26			863				849
L2262115.UP.FTS.B, 20.57%, 12/16/26			554				546
L2266172.UP.FTS.B, 21.62%, 12/16/26			1,026				1,009
FW2265342.UP.FTS.B, 21.77%, 12/16/26			1,011				995
L2264438.UP.FTS.B, 21.8%, 12/16/26			1,393				1,378
FW2242546.UP.FTS.B, 21.96%, 12/16/26			3,213				3,167
L2266895.UP.FTS.B, 23.57%, 12/16/26			1,209				1,190
L2262668.UP.FTS.B, 24.03%, 12/16/26			1,011				995
L2263485.UP.FTS.B, 24.71%, 12/16/26			615				606
FW2263757.UP.FTS.B, 24.74%, 12/16/26			2,295				2,261
FW2263559.UP.FTS.B, 24.81%, 12/16/26			1,046				1,031
bFW2266843.UP.FTS.B, 24.86%, 12/16/26			1,130				187
L2262592.UP.FTS.B, 25.43%, 12/16/26			187				185
L2236916.UP.FTS.B, 25.5%, 12/16/26			1,244				1,225
FW2263939.UP.FTS.B, 26.78%, 12/16/26			952				938
bFW2266619.UP.FTS.B, 27.46%, 12/16/26			1,589				113
bFW2260718.UP.FTS.B, 28.56%, 12/16/26			829				11
FW2264681.UP.FTS.B, 29.13%, 12/16/26			1,310				1,292
bFW2261708.UP.FTS.B, 30.67%, 12/16/26			1,346				19

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
FW2266558.UP.FTS.B, 30.86%, 12/16/26		$	673			$	664
FW2266459.UP.FTS.B, 30.98%, 12/16/26			352				347
FW2260770.UP.FTS.B, 31.08%, 12/16/26			505				498
FW2270153.UP.FTS.B, 7.21%, 12/17/26			868				851
FW2269719.UP.FTS.B, 7.26%, 12/17/26			2,898				2,077
L2269403.UP.FTS.B, 7.47%, 12/17/26			3,429				3,359
L2269259.UP.FTS.B, 8.25%, 12/17/26			703				688
L2268096.UP.FTS.B, 8.29%, 12/17/26			5,620				5,506
L2267269.UP.FTS.B, 8.51%, 12/17/26			3,530				3,457
L2271105.UP.FTS.B, 9.17%, 12/17/26			6,590				6,468
L2263798.UP.FTS.B, 11.32%, 12/17/26			6,619				6,508
L2270002.UP.FTS.B, 11.76%, 12/17/26			1,121				1,103
L2270705.UP.FTS.B, 12.61%, 12/17/26			2,529				2,487
L2264006.UP.FTS.B, 13.57%, 12/17/26			2,630				2,586
FW2259052.UP.FTS.B, 14.44%, 12/17/26			1,829				1,799
L2267899.UP.FTS.B, 15.39%, 12/17/26			2,470				2,431
L2269989.UP.FTS.B, 15.72%, 12/17/26			8,010				7,921
L2269665.UP.FTS.B, 16.5%, 12/17/26			4,316				4,270
L2270652.UP.FTS.B, 17.8%, 12/17/26			772				764
FW2270802.UP.FTS.B, 17.83%, 12/17/26			276				273
L2270265.UP.FTS.B, 18.3%, 12/17/26			557				551
L2267799.UP.FTS.B, 18.33%, 12/17/26			1,957				1,936
FW2268753.UP.FTS.B, 19.71%, 12/17/26			1,552				1,157
L2267364.UP.FTS.B, 20.36%, 12/17/26			617				608
L2268079.UP.FTS.B, 20.72%, 12/17/26			1,109				1,091
L2270132.UP.FTS.B, 20.75%, 12/17/26			434				427
L2270631.UP.FTS.B, 21.07%, 12/17/26			4,008				3,948
L2268043.UP.FTS.B, 21.67%, 12/17/26			15,085				14,867
FW2268457.UP.FTS.B, 22.16%, 12/17/26			3,400				3,348
FW2263842.UP.FTS.B, 22.41%, 12/17/26			4,549				4,480
FW2267880.UP.FTS.B, 23.11%, 12/17/26			3,001				2,959
FW2271155.UP.FTS.B, 23.14%, 12/17/26			3,608				3,552
L2267371.UP.FTS.B, 23.36%, 12/17/26			393				387
FW2270716.UP.FTS.B, 24.09%, 12/17/26			1,742				538
FW2268352.UP.FTS.B, 24.36%, 12/17/26			476				469
L2269673.UP.FTS.B, 24.46%, 12/17/26			306				301
L2268106.UP.FTS.B, 25.26%, 12/17/26			6,897				6,798
FW2267234.UP.FTS.B, 28.03%, 12/17/26			308				303
bFW2260471.UP.FTS.B, 30.04%, 12/17/26			3,015				523
FW2260486.UP.FTS.B, 30.33%, 12/17/26			4,992				4,926
FW2266749.UP.FTS.B, 30.39%, 12/17/26			433				428
FW2267969.UP.FTS.B, 31.13%, 12/17/26			1,381				1,364
FW2269656.UP.FTS.B, 31.22%, 12/17/26			544				537
FW2266605.UP.FTS.B, 31.38%, 12/17/26			820				809
L2269424.UP.FTS.B, 8.98%, 12/28/26			2,617				2,563
FW2267947.UP.FTS.B, 20.33%, 12/28/26			1,857				1,828
L2474331.UP.FTS.B, 5.25%, 1/20/27			2,380				2,317
L2471525.UP.FTS.B, 5.57%, 1/20/27			9,635				9,381
L2475014.UP.FTS.B, 5.92%, 1/20/27			205				176
L2475724.UP.FTS.B, 7.86%, 1/20/27			2,455				2,403
L2473450.UP.FTS.B, 8.65%, 1/20/27			6,357				6,223
FW2473331.UP.FTS.B, 9.04%, 1/20/27			3,591				3,524
L2474865.UP.FTS.B, 9.49%, 1/20/27			756				743
L2474080.UP.FTS.B, 9.61%, 1/20/27			2,400				2,351
L2472065.UP.FTS.B, 9.95%, 1/20/27			1,951				1,910
L2471859.UP.FTS.B, 12.54%, 1/20/27			4,082				4,014
L2474658.UP.FTS.B, 12.78%, 1/20/27			1,366				1,343

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
L2471480.UP.FTS.B, 13.4%, 1/20/27		$	651			$	560
bL2473476.UP.FTS.B, 14%, 1/20/27			2,259				133
L2472468.UP.FTS.B, 14.46%, 1/20/27			1,685				1,658
L2474447.UP.FTS.B, 14.59%, 1/20/27			1,326				955
L2475028.UP.FTS.B, 14.75%, 1/20/27			1,411				1,388
FW2471019.UP.FTS.B, 15.35%, 1/20/27			300				295
L2474491.UP.FTS.B, 15.9%, 1/20/27			1,457				444
L2471752.UP.FTS.B, 16.14%, 1/20/27			1,731				1,714
L2471471.UP.FTS.B, 19.65%, 1/20/27			1,914				1,888
L2474729.UP.FTS.B, 20.39%, 1/20/27			3,083				3,038
L2473064.UP.FTS.B, 21.2%, 1/20/27			412				407
L2473306.UP.FTS.B, 21.55%, 1/20/27			2,060				1,516
FW2475846.UP.FTS.B, 23.25%, 1/20/27			1,458				1,437
FW2474184.UP.FTS.B, 23.79%, 1/20/27			1,492				1,472
FW2473402.UP.FTS.B, 24.11%, 1/20/27			5,863				5,784
L2472023.UP.FTS.B, 24.83%, 1/20/27			948				709
L2471728.UP.FTS.B, 25.34%, 1/20/27			3,455				3,410
L2471667.UP.FTS.B, 25.39%, 1/20/27			2,589				2,555
FW2473631.UP.FTS.B, 30.87%, 1/20/27			413				408
bFW2474925.UP.FTS.B, 31.01%, 1/20/27			637				113
FW2475230.UP.FTS.B, 31.1%, 1/20/27			621				459
FW2473891.UP.FTS.B, 31.57%, 1/20/27			2,403				2,373
FW2478227.UP.FTS.B, 5.11%, 1/21/27			2,624				2,555
L2478495.UP.FTS.B, 5.12%, 1/21/27			2,388				2,325
L2478466.UP.FTS.B, 5.39%, 1/21/27			2,627				2,558
L2478450.UP.FTS.B, 5.42%, 1/21/27			1,441				1,403
L2459372.UP.FTS.B, 5.76%, 1/21/27			3,910				2,758
L2477090.UP.FTS.B, 5.84%, 1/21/27			1,451				1,413
L2477803.UP.FTS.B, 6.01%, 1/21/27			10,031				9,772
L2477744.UP.FTS.B, 6.17%, 1/21/27			9,005				8,770
L2480644.UP.FTS.B, 6.59%, 1/21/27			6,128				5,969
L2480479.UP.FTS.B, 6.6%, 1/21/27			1,569				1,529
L2480622.UP.FTS.B, 6.63%, 1/21/27			7,852				7,649
L2478510.UP.FTS.B, 7.06%, 1/21/27			333				325
L2461602.UP.FTS.B, 7.51%, 1/21/27			12,462				12,199
L2478233.UP.FTS.B, 7.75%, 1/21/27			1,002				981
FW2480389.UP.FTS.B, 7.87%, 1/21/27			1,881				1,842
L2477326.UP.FTS.B, 8.52%, 1/21/27			6,344				6,212
L2480346.UP.FTS.B, 8.56%, 1/21/27			622				193
L2481499.UP.FTS.B, 9.01%, 1/21/27			1,062				315
L2477347.UP.FTS.B, 9.48%, 1/21/27			439				430
bFW2478172.UP.FTS.B, 9.55%, 1/21/27			2,228				162
L2477329.UP.FTS.B, 9.62%, 1/21/27			2,330				2,281
L2477858.UP.FTS.B, 9.8%, 1/21/27			6,347				6,215
L2480599.UP.FTS.B, 9.99%, 1/21/27			5,946				5,844
FW2479183.UP.FTS.B, 10.05%, 1/21/27			2,215				2,178
L2480405.UP.FTS.B, 10.65%, 1/21/27			1,581				1,554
FW2478301.UP.FTS.B, 10.7%, 1/21/27			954				939
L2476472.UP.FTS.B, 10.79%, 1/21/27			1,281				1,260
FW2480584.UP.FTS.B, 10.82%, 1/21/27			1,556				1,530
L2476577.UP.FTS.B, 11.24%, 1/21/27			932				917
FW2480576.UP.FTS.B, 11.26%, 1/21/27			6,283				6,178
L2477410.UP.FTS.B, 11.79%, 1/21/27			1,585				1,564
FW2477060.UP.FTS.B, 11.89%, 1/21/27			7,999				7,866
L2481328.UP.FTS.B, 12.51%, 1/21/27			1,359				1,336
L2479402.UP.FTS.B, 12.63%, 1/21/27			2,202				1,593
L2480894.UP.FTS.B, 14.25%, 1/21/27			3,318				3,264

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2481349.UP.FTS.B, 14.92%, 1/21/27		$	2,302			$	1,658
FW2476598.UP.FTS.B, 14.99%, 1/21/27			2,860				2,813
FW2476545.UP.FTS.B, 15.04%, 1/21/27			2,836				2,790
FW2476940.UP.FTS.B, 15.14%, 1/21/27			402				397
L2472995.UP.FTS.B, 15.34%, 1/21/27			855				847
L2481665.UP.FTS.B, 17.36%, 1/21/27			1,177				1,165
FW2476814.UP.FTS.B, 17.49%, 1/21/27			1,379				1,361
FW2470384.UP.FTS.B, 19.99%, 1/21/27			2,121				630
L2481444.UP.FTS.B, 20.35%, 1/21/27			3,016				926
FW2479867.UP.FTS.B, 21.17%, 1/21/27			999				985
FW2476171.UP.FTS.B, 24.01%, 1/21/27			1,185				1,169
FW2476307.UP.FTS.B, 24.31%, 1/21/27			523				516
L2477602.UP.FTS.B, 25.12%, 1/21/27			1,323				1,306
L2450581.UP.FTS.B, 25.25%, 1/21/27			1,523				1,504
bFW2480795.UP.FTS.B, 27.7%, 1/21/27			1,260				90
FW2480439.UP.FTS.B, 29.92%, 1/21/27			1,236				1,219
FW2476060.UP.FTS.B, 30.53%, 1/21/27			2,136				2,112
FW2479214.UP.FTS.B, 30.9%, 1/21/27			3,884				3,841
bFW2482047.UP.FTS.B, 32.18%, 1/21/27			6,255				1,092
FW2479301.UP.FTS.B, 31.22%, 1/28/27			397				393
FW2472901.UP.FTS.B, 21.26%, 2/01/27			3,369				3,318
L2480452.UP.FTS.B, 14.24%, 2/02/27			1,507				1,481
bL2473112.UP.FTS.B, 11.72%, 2/03/27			1,816				106
FW2480948.UP.FTS.B, 11.69%, 2/05/27			7,227				7,100
L2477998.UP.FTS.B, 10.21%, 2/10/27			5,581				5,483
bL1722234.UP.FTS.B, 12.18%, 2/16/27			3,472				251
L1722117.UP.FTS.B, 23.46%, 2/16/27			4,409				4,346
L1722725.UP.FTS.B, 25.76%, 2/16/27			660				482
FW1721612.UP.FTS.B, 26.87%, 2/16/27			1,331				1,310
FW1720421.UP.FTS.B, 27.95%, 2/16/27			2,135				2,102
FW1720737.UP.FTS.B, 29.83%, 2/16/27			1,134				1,116
L2656149.UP.FTS.B, 4.9%, 2/18/27			10,669				10,377
L2654934.UP.FTS.B, 6.41%, 2/18/27			2,302				2,253
L2657504.UP.FTS.B, 7.74%, 2/18/27			2,282				2,232
FW2653627.UP.FTS.B, 9.99%, 2/18/27			1,449				1,418
FW2657539.UP.FTS.B, 10.96%, 2/18/27			3,105				3,050
FW2653836.UP.FTS.B, 10.99%, 2/18/27			660				650
L2655850.UP.FTS.B, 11.44%, 2/18/27			7,679				7,545
FW2654132.UP.FTS.B, 12.73%, 2/18/27			6,239				6,130
L2653291.UP.FTS.B, 12.9%, 2/18/27			1,016				999
FW2654033.UP.FTS.B, 13.1%, 2/18/27			2,221				666
FW2657544.UP.FTS.B, 14.38%, 2/18/27			5,791				5,693
FW2656039.UP.FTS.B, 14.43%, 2/18/27			690				679
FW2655411.UP.FTS.B, 14.47%, 2/18/27			790				777
FW2653497.UP.FTS.B, 14.59%, 2/18/27			4,815				4,733
L2653926.UP.FTS.B, 14.76%, 2/18/27			4,576				4,500
FW2656874.UP.FTS.B, 15.48%, 2/18/27			1,007				997
L2657406.UP.FTS.B, 15.83%, 2/18/27			4,906				4,855
L2656610.UP.FTS.B, 15.94%, 2/18/27			4,619				4,542
FW2655801.UP.FTS.B, 16.39%, 2/18/27			1,671				1,654
L2655952.UP.FTS.B, 16.47%, 2/18/27			3,720				3,682
FW2654911.UP.FTS.B, 16.77%, 2/18/27			663				656
FW2655755.UP.FTS.B, 17.36%, 2/18/27			2,641				2,598
L2656274.UP.FTS.B, 17.4%, 2/18/27			628				619
L2648053.UP.FTS.B, 17.58%, 2/18/27			2,035				2,014
FW2655219.UP.FTS.B, 17.61%, 2/18/27			8,347				8,263

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
FW2657700.UP.FTS.B, 17.81%, 2/18/27		$	1,928			$	1,901
L2653689.UP.FTS.B, 18.18%, 2/18/27			1,146				1,129
L2657353.UP.FTS.B, 18.73%, 2/18/27			4,936				4,855
FW2656424.UP.FTS.B, 19.82%, 2/18/27			976				962
FW2657677.UP.FTS.B, 20.65%, 2/18/27			1,815				1,789
FW2654620.UP.FTS.B, 20.83%, 2/18/27			1,405				1,383
FW2657310.UP.FTS.B, 21.81%, 2/18/27			1,139				1,122
L2655942.UP.FTS.B, 21.87%, 2/18/27			4,032				3,994
L2656980.UP.FTS.B, 22.68%, 2/18/27			2,719				2,679
FW2657769.UP.FTS.B, 24.23%, 2/18/27			3,655				3,602
FW2656918.UP.FTS.B, 25.32%, 2/18/27			2,114				2,085
FW2654552.UP.FTS.B, 25.75%, 2/18/27			1,915				1,889
FW2656585.UP.FTS.B, 25.76%, 2/18/27			1,952				1,925
FW2657275.UP.FTS.B, 28.44%, 2/18/27			900				887
FW2657124.UP.FTS.B, 28.84%, 2/18/27			3,055				2,627
FW2656448.UP.FTS.B, 29.81%, 2/18/27			1,944				1,919
FW2654690.UP.FTS.B, 30.25%, 2/18/27			422				417
bFW2652797.UP.FTS.B, 30.47%, 2/18/27			788				5
FW2656342.UP.FTS.B, 30.71%, 2/18/27			304				300
FW2655259.UP.FTS.B, 30.9%, 2/18/27			1,896				1,873
bFW2655652.UP.FTS.B, 30.92%, 2/18/27			16,092				1,133
FW2653746.UP.FTS.B, 30.93%, 2/18/27			867				640
FW2654823.UP.FTS.B, 31.05%, 2/18/27			473				433
FW2652957.UP.FTS.B, 31.1%, 2/18/27			452				372
FW2656050.UP.FTS.B, 31.14%, 2/18/27			876				865
bFW2653299.UP.FTS.B, 31.23%, 2/18/27			2,256				161
FW2653485.UP.FTS.B, 27.32%, 2/20/27			3,643				3,593
L2782778.UP.FTS.B, 5.38%, 3/14/27			5,494				5,353
FW2785225.UP.FTS.B, 5.78%, 3/14/27			5,418				5,279
L2785533.UP.FTS.B, 5.87%, 3/14/27			3,243				3,160
L2785761.UP.FTS.B, 6.14%, 3/14/27			11,183				10,896
L2789358.UP.FTS.B, 6.49%, 3/14/27			13,916				13,563
L2789856.UP.FTS.B, 6.67%, 3/14/27			2,366				2,309
L2776276.UP.FTS.B, 6.89%, 3/14/27			2,926				2,879
L2783455.UP.FTS.B, 7.28%, 3/14/27			11,615				11,319
L2781599.UP.FTS.B, 7.38%, 3/14/27			1,543				1,504
L2784013.UP.FTS.B, 7.38%, 3/14/27			5,332				5,227
L2783926.UP.FTS.B, 7.49%, 3/14/27			5,240				5,107
L2781938.UP.FTS.B, 7.6%, 3/14/27			14,345				13,981
FW2780236.UP.FTS.B, 7.69%, 3/14/27			10,058				9,852
L2784113.UP.FTS.B, 7.9%, 3/14/27			3,172				3,107
L2769930.UP.FTS.B, 7.96%, 3/14/27			8,946				8,763
FW2784974.UP.FTS.B, 8.13%, 3/14/27			13,546				13,268
L2764977.UP.FTS.B, 8.36%, 3/14/27			3,138				3,074
L2782254.UP.FTS.B, 8.42%, 3/14/27			1,993				1,947
L2782003.UP.FTS.B, 8.5%, 3/14/27			6,623				6,489
L2787246.UP.FTS.B, 8.5%, 3/14/27			728				713
L2784591.UP.FTS.B, 8.72%, 3/14/27			14,626				14,328
L2789064.UP.FTS.B, 8.75%, 3/14/27			5,817				5,699
L2786540.UP.FTS.B, 8.81%, 3/14/27			1,581				1,549
L2783739.UP.FTS.B, 8.99%, 3/14/27			2,318				2,273
L2785284.UP.FTS.B, 9.11%, 3/14/27			1,589				1,557
L2780310.UP.FTS.B, 9.24%, 3/14/27			5,310				5,202
L2780296.UP.FTS.B, 9.41%, 3/14/27			9,525				9,331
FW2782447.UP.FTS.B, 9.67%, 3/14/27			6,539				6,406
FW2783021.UP.FTS.B, 9.72%, 3/14/27			3,837				3,760
L2780798.UP.FTS.B, 9.77%, 3/14/27			2,679				2,625

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2788004.UP.FTS.B, 9.9%, 3/14/27		$	5,969			$	5,849
L2789352.UP.FTS.B, 10.18%, 3/14/27			3,896				3,831
L2785217.UP.FTS.B, 10.21%, 3/14/27			8,435				8,297
FW2780436.UP.FTS.B, 10.28%, 3/14/27			1,772				1,736
L2785592.UP.FTS.B, 10.32%, 3/14/27			5,109				5,025
L2782038.UP.FTS.B, 10.33%, 3/14/27			15,021				14,718
FW2781880.UP.FTS.B, 10.6%, 3/14/27			6,342				6,237
FW2784241.UP.FTS.B, 10.82%, 3/14/27			2,887				2,842
FW2783122.UP.FTS.B, 10.84%, 3/14/27			1,212				1,192
L2785568.UP.FTS.B, 10.89%, 3/14/27			3,245				3,191
FW2786689.UP.FTS.B, 11.07%, 3/14/27			1,005				988
L2787329.UP.FTS.B, 11.09%, 3/14/27			1,065				1,048
L2786414.UP.FTS.B, 11.1%, 3/14/27			1,979				1,946
L2785769.UP.FTS.B, 11.11%, 3/14/27			4,902				4,822
L2780313.UP.FTS.B, 11.15%, 3/14/27			15,238				14,989
L2786841.UP.FTS.B, 11.25%, 3/14/27			3,051				3,002
FW2783670.UP.FTS.B, 11.3%, 3/14/27			3,059				3,009
FW2787754.UP.FTS.B, 11.35%, 3/14/27			6,398				6,295
L2780596.UP.FTS.B, 11.42%, 3/14/27			3,587				3,531
L2785144.UP.FTS.B, 11.47%, 3/14/27			3,059				3,009
L2784105.UP.FTS.B, 11.55%, 3/14/27			4,600				4,525
L2789734.UP.FTS.B, 11.68%, 3/14/27			2,870				2,831
L2785328.UP.FTS.B, 11.77%, 3/14/27			2,107				2,073
L2779976.UP.FTS.B, 11.78%, 3/14/27			1,971				1,932
L2782425.UP.FTS.B, 11.95%, 3/14/27			2,325				2,288
L2784249.UP.FTS.B, 12.05%, 3/14/27			10,745				10,574
L2779695.UP.FTS.B, 12.07%, 3/14/27			7,424				7,304
L2786241.UP.FTS.B, 12.07%, 3/14/27			7,734				7,609
L2781389.UP.FTS.B, 12.12%, 3/14/27			6,192				6,091
L2783293.UP.FTS.B, 12.24%, 3/14/27			4,653				4,577
L2781089.UP.FTS.B, 12.27%, 3/14/27			1,645				1,618
FW2781045.UP.FTS.B, 12.41%, 3/14/27			2,292				2,256
L2785022.UP.FTS.B, 12.43%, 3/14/27			6,223				6,100
L2789283.UP.FTS.B, 12.43%, 3/14/27			6,341				6,240
L2784478.UP.FTS.B, 12.55%, 3/14/27			360				356
L2782900.UP.FTS.B, 12.63%, 3/14/27			3,656				3,598
L2785749.UP.FTS.B, 12.65%, 3/14/27			4,684				4,609
FW2786124.UP.FTS.B, 12.69%, 3/14/27			2,971				2,923
L2784017.UP.FTS.B, 12.7%, 3/14/27			709				698
L2783427.UP.FTS.B, 12.77%, 3/14/27			2,238				2,202
L2779872.UP.FTS.B, 12.82%, 3/14/27			557				548
L2780197.UP.FTS.B, 12.84%, 3/14/27			4,698				4,623
FW2784873.UP.FTS.B, 12.88%, 3/14/27			3,965				3,906
FW2780429.UP.FTS.B, 12.96%, 3/14/27			1,987				1,956
L2789648.UP.FTS.B, 12.99%, 3/14/27			1,884				1,854
L2785427.UP.FTS.B, 13.01%, 3/14/27			771				759
L2786071.UP.FTS.B, 13.02%, 3/14/27			1,848				1,820
L2785265.UP.FTS.B, 13.07%, 3/14/27			1,352				1,331
L2789482.UP.FTS.B, 13.14%, 3/14/27			5,983				5,887
L2783463.UP.FTS.B, 13.21%, 3/14/27			3,373				3,306
L2785549.UP.FTS.B, 13.25%, 3/14/27			2,049				2,017
L2785339.UP.FTS.B, 13.26%, 3/14/27			4,099				4,033
FW2787165.UP.FTS.B, 13.47%, 3/14/27			3,143				3,093
L2778983.UP.FTS.B, 13.58%, 3/14/27			3,035				2,987
FW2785775.UP.FTS.B, 13.59%, 3/14/27			7,444				7,327
L2785594.UP.FTS.B, 13.62%, 3/14/27			1,205				1,186
L2782918.UP.FTS.B, 13.85%, 3/14/27			1,465				1,442
L2776854.UP.FTS.B, 13.89%, 3/14/27			8,081				7,953

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
L2787639.UP.FTS.B, 13.93%, 3/14/27		$	2,019			$	1,987
FW2781533.UP.FTS.B, 13.96%, 3/14/27			8,133				8,004
L2785675.UP.FTS.B, 14.06%, 3/14/27			2,179				2,145
FW2788869.UP.FTS.B, 14.25%, 3/14/27			2,372				2,334
L2782210.UP.FTS.B, 14.35%, 3/14/27			1,606				1,580
L2782049.UP.FTS.B, 14.43%, 3/14/27			4,560				4,488
L2779895.UP.FTS.B, 14.52%, 3/14/27			2,280				2,250
L2779917.UP.FTS.B, 14.65%, 3/14/27			3,386				3,332
FW2790537.UP.FTS.B, 14.66%, 3/14/27			8,063				7,936
FW2787310.UP.FTS.B, 14.7%, 3/14/27			319				314
L2784692.UP.FTS.B, 14.74%, 3/14/27			2,261				2,225
L2781163.UP.FTS.B, 14.78%, 3/14/27			2,597				2,557
L2788260.UP.FTS.B, 14.88%, 3/14/27			1,321				1,301
L2784500.UP.FTS.B, 14.95%, 3/14/27			1,716				1,690
L2787981.UP.FTS.B, 15.07%, 3/14/27			168				166
bL2790024.UP.FTS.B, 15.07%, 3/14/27			760				113
L2789351.UP.FTS.B, 15.12%, 3/14/27			4,874				4,798
FW2779319.UP.FTS.B, 15.17%, 3/14/27			618				612
FW2783642.UP.FTS.B, 15.18%, 3/14/27			1,073				1,057
L2785487.UP.FTS.B, 15.19%, 3/14/27			13,014				12,810
L2781288.UP.FTS.B, 15.2%, 3/14/27			976				961
L2782134.UP.FTS.B, 15.23%, 3/14/27			3,880				3,845
L2786073.UP.FTS.B, 15.34%, 3/14/27			13,860				13,643
FW2788688.UP.FTS.B, 15.38%, 3/14/27			3,556				3,500
L2781912.UP.FTS.B, 15.44%, 3/14/27			2,868				1,623
FW2783726.UP.FTS.B, 15.47%, 3/14/27			2,803				2,777
bL2787379.UP.FTS.B, 15.51%, 3/14/27			6,165				1,039
L2787103.UP.FTS.B, 15.71%, 3/14/27			12,267				12,075
L2788269.UP.FTS.B, 15.76%, 3/14/27			1,739				1,712
L2780255.UP.FTS.B, 15.79%, 3/14/27			13,926				13,713
L2781597.UP.FTS.B, 15.79%, 3/14/27			8,835				8,697
L2785504.UP.FTS.B, 15.88%, 3/14/27			719				712
FW2720638.UP.FTS.B, 15.89%, 3/14/27			6,764				6,703
FW2782452.UP.FTS.B, 15.89%, 3/14/27			3,294				3,243
bL2779778.UP.FTS.B, 15.94%, 3/14/27			7,075				593
L2782963.UP.FTS.B, 15.98%, 3/14/27			2,651				2,627
L2789937.UP.FTS.B, 15.99%, 3/14/27			171				169
L2790390.UP.FTS.B, 15.99%, 3/14/27			1,317				1,297
L2782280.UP.FTS.B, 16.08%, 3/14/27			4,528				4,458
bL2779021.UP.FTS.B, 16.32%, 3/14/27			2,893				452
L2783945.UP.FTS.B, 16.32%, 3/14/27			3,410				3,357
L2781334.UP.FTS.B, 16.44%, 3/14/27			3,343				3,313
bFW2787232.UP.FTS.B, 16.47%, 3/14/27			1,366				210
L2788530.UP.FTS.B, 16.48%, 3/14/27			8,323				8,247
L2781937.UP.FTS.B, 16.51%, 3/14/27			898				888
bL2785787.UP.FTS.B, 16.51%, 3/14/27			1,957				77
L2788921.UP.FTS.B, 16.56%, 3/14/27			2,573				2,535
L2784909.UP.FTS.B, 16.61%, 3/14/27			1,425				1,412
L2781826.UP.FTS.B, 16.66%, 3/14/27			800				787
L2786003.UP.FTS.B, 16.71%, 3/14/27			1,117				1,107
L2783630.UP.FTS.B, 16.79%, 3/14/27			9,178				9,095
L2790588.UP.FTS.B, 16.81%, 3/14/27			1,334				1,314
FW2790218.UP.FTS.B, 16.82%, 3/14/27			1,168				1,150
L2781471.UP.FTS.B, 16.84%, 3/14/27			366				361
L2790374.UP.FTS.B, 16.87%, 3/14/27			2,639				2,615
L2780924.UP.FTS.B, 16.96%, 3/14/27			2,321				2,300

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2783224.UP.FTS.B, 16.97%, 3/14/27		$	276			$	273
FW2780002.UP.FTS.B, 17.17%, 3/14/27			1,018				1,008
FW2779719.UP.FTS.B, 17.2%, 3/14/27			2,183				2,163
L2785657.UP.FTS.B, 17.24%, 3/14/27			1,480				1,467
L2783179.UP.FTS.B, 17.39%, 3/14/27			3,031				2,987
L2785862.UP.FTS.B, 17.44%, 3/14/27			13,464				13,258
FW2781874.UP.FTS.B, 17.45%, 3/14/27			337				334
L2789286.UP.FTS.B, 17.58%, 3/14/27			3,357				1,879
FW2783200.UP.FTS.B, 17.6%, 3/14/27			4,673				4,631
L2780580.UP.FTS.B, 17.7%, 3/14/27			1,171				1,161
L2785162.UP.FTS.B, 17.72%, 3/14/27			7,837				2,250
FW2784396.UP.FTS.B, 17.89%, 3/14/27			1,323				1,305
FW2779862.UP.FTS.B, 17.93%, 3/14/27			339				336
L2785495.UP.FTS.B, 17.96%, 3/14/27			1,257				1,246
FW2781007.UP.FTS.B, 18.03%, 3/14/27			2,669				2,643
L2780829.UP.FTS.B, 18.05%, 3/14/27			3,265				3,236
FW2781770.UP.FTS.B, 18.09%, 3/14/27			1,082				1,065
L2785717.UP.FTS.B, 18.12%, 3/14/27			5,448				5,371
bFW2771881.UP.FTS.B, 18.18%, 3/14/27			2,000				313
L2762731.UP.FTS.B, 18.21%, 3/14/27			2,217				2,183
L2785773.UP.FTS.B, 18.25%, 3/14/27			4,615				4,574
L2784355.UP.FTS.B, 18.3%, 3/14/27			1,055				1,046
L2781131.UP.FTS.B, 18.34%, 3/14/27			3,586				3,532
L2781963.UP.FTS.B, 18.43%, 3/14/27			3,730				3,677
L2789078.UP.FTS.B, 18.45%, 3/14/27			1,337				1,319
FW2788462.UP.FTS.B, 18.48%, 3/14/27			3,409				3,362
L2761321.UP.FTS.B, 18.5%, 3/14/27			963				949
L2779732.UP.FTS.B, 18.53%, 3/14/27			3,528				3,478
L2788795.UP.FTS.B, 18.58%, 3/14/27			3,427				3,371
L2789629.UP.FTS.B, 18.6%, 3/14/27			1,886				1,859
L2780206.UP.FTS.B, 18.66%, 3/14/27			3,440				3,392
L2789624.UP.FTS.B, 18.67%, 3/14/27			5,495				5,447
L2783944.UP.FTS.B, 18.73%, 3/14/27			3,387				3,339
FW2784433.UP.FTS.B, 18.76%, 3/14/27			2,309				2,288
L2783654.UP.FTS.B, 18.81%, 3/14/27			4,581				4,517
L2784627.UP.FTS.B, 18.83%, 3/14/27			2,849				2,822
bL2782107.UP.FTS.B, 18.88%, 3/14/27			4,654				183
L2779673.UP.FTS.B, 19.08%, 3/14/27			2,246				2,214
FW2754559.UP.FTS.B, 19.14%, 3/14/27			8,647				8,571
L2779286.UP.FTS.B, 19.31%, 3/14/27			2,081				2,052
L2785478.UP.FTS.B, 19.34%, 3/14/27			17,352				17,108
L2787510.UP.FTS.B, 19.38%, 3/14/27			7,310				7,211
L2784108.UP.FTS.B, 19.4%, 3/14/27			6,919				6,858
L2784181.UP.FTS.B, 19.58%, 3/14/27			8,509				8,393
bL2782824.UP.FTS.B, 19.61%, 3/14/27			4,475				698
FW2780425.UP.FTS.B, 19.66%, 3/14/27			5,227				5,182
L2780913.UP.FTS.B, 19.68%, 3/14/27			2,232				2,212
L2784343.UP.FTS.B, 19.81%, 3/14/27			1,747				1,722
L2781737.UP.FTS.B, 19.91%, 3/14/27			1,745				1,731
L2782730.UP.FTS.B, 19.94%, 3/14/27			3,500				3,451
L2784726.UP.FTS.B, 19.97%, 3/14/27			5,753				5,661
FW2785877.UP.FTS.B, 20.08%, 3/14/27			1,860				1,844
L2780471.UP.FTS.B, 20.16%, 3/14/27			2,108				2,078
bL2779074.UP.FTS.B, 20.27%, 3/14/27			2,685				195
L2782852.UP.FTS.B, 20.32%, 3/14/27			388				382
L2781217.UP.FTS.B, 20.42%, 3/14/27			4,417				4,348

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
FW2785244.UP.FTS.B, 20.75%, 3/14/27		$	2,667			$	2,631
FW2780653.UP.FTS.B, 20.84%, 3/14/27			3,673				3,623
L2786023.UP.FTS.B, 20.84%, 3/14/27			2,484				2,445
L2786517.UP.FTS.B, 20.9%, 3/14/27			5,211				5,141
L2790205.UP.FTS.B, 20.92%, 3/14/27			604				596
FW2783376.UP.FTS.B, 21.04%, 3/14/27			976				963
L2783728.UP.FTS.B, 21.18%, 3/14/27			1,177				1,160
FW2783359.UP.FTS.B, 21.23%, 3/14/27			6,066				5,982
FW2780777.UP.FTS.B, 21.29%, 3/14/27			1,159				1,144
L2783471.UP.FTS.B, 21.41%, 3/14/27			3,612				3,562
bL2784388.UP.FTS.B, 21.47%, 3/14/27			1,462				249
L2789869.UP.FTS.B, 21.53%, 3/14/27			2,760				2,718
L2784140.UP.FTS.B, 21.67%, 3/14/27			4,350				4,283
L2782992.UP.FTS.B, 21.68%, 3/14/27			7,184				7,085
L2784561.UP.FTS.B, 22.05%, 3/14/27			2,850				2,807
L2785618.UP.FTS.B, 22.23%, 3/14/27			8,252				8,126
L2785258.UP.FTS.B, 22.27%, 3/14/27			10,177				10,022
L2784609.UP.FTS.B, 22.31%, 3/14/27			2,330				2,311
L2781968.UP.FTS.B, 22.4%, 3/14/27			3,629				3,574
L2780470.UP.FTS.B, 22.46%, 3/14/27			1,837				1,809
L2784446.UP.FTS.B, 22.46%, 3/14/27			1,633				1,620
bL2787644.UP.FTS.B, 22.58%, 3/14/27			9,352				1,444
FW2784227.UP.FTS.B, 22.62%, 3/14/27			1,404				1,383
L2781656.UP.FTS.B, 22.82%, 3/14/27			1,973				1,946
L2785473.UP.FTS.B, 22.94%, 3/14/27			3,216				3,168
FW2782255.UP.FTS.B, 22.97%, 3/14/27			3,423				3,373
FW2784934.UP.FTS.B, 23%, 3/14/27			7,734				7,616
L2780183.UP.FTS.B, 23.06%, 3/14/27			2,849				2,807
L2784662.UP.FTS.B, 23.09%, 3/14/27			1,797				1,770
L2784336.UP.FTS.B, 23.23%, 3/14/27			4,406				4,340
bL2784879.UP.FTS.B, 23.27%, 3/14/27			12,727				394
L2760019.UP.FTS.B, 23.32%, 3/14/27			947				935
FW2784660.UP.FTS.B, 23.39%, 3/14/27			4,666				4,596
L2782909.UP.FTS.B, 23.52%, 3/14/27			1,630				1,606
L2785861.UP.FTS.B, 23.55%, 3/14/27			637				629
FW2780693.UP.FTS.B, 23.64%, 3/14/27			627				617
L2780981.UP.FTS.B, 23.73%, 3/14/27			925				911
FW2782598.UP.FTS.B, 23.76%, 3/14/27			1,629				1,605
FW2779943.UP.FTS.B, 23.77%, 3/14/27			520				513
L2755133.UP.FTS.B, 23.9%, 3/14/27			4,044				3,984
L2782516.UP.FTS.B, 23.94%, 3/14/27			2,783				2,745
bFW2782245.UP.FTS.B, 23.97%, 3/14/27			1,719				42
FW2785302.UP.FTS.B, 24.36%, 3/14/27			3,031				2,988
L2782467.UP.FTS.B, 24.36%, 3/14/27			6,723				6,625
L2780976.UP.FTS.B, 24.53%, 3/14/27			1,639				960
L2783176.UP.FTS.B, 24.55%, 3/14/27			1,912				1,885
FW2784794.UP.FTS.B, 24.59%, 3/14/27			1,512				1,490
L2789217.UP.FTS.B, 24.59%, 3/14/27			2,307				2,274
FW2786154.UP.FTS.B, 24.69%, 3/14/27			1,590				1,570
FW2784504.UP.FTS.B, 24.71%, 3/14/27			1,651				1,627
L2763354.UP.FTS.B, 24.72%, 3/14/27			3,681				3,628
FW2789200.UP.FTS.B, 24.76%, 3/14/27			3,756				3,701
L2782914.UP.FTS.B, 24.81%, 3/14/27			1,975				1,947
L2782406.UP.FTS.B, 24.86%, 3/14/27			564				556
FW2785579.UP.FTS.B, 24.87%, 3/14/27			531				523
FW2787364.UP.FTS.B, 24.92%, 3/14/27			2,071				2,041

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
FW2789180.UP.FTS.B, 24.98%, 3/14/27		$	1,581			$	1,559
L2762807.UP.FTS.B, 25.04%, 3/14/27			565				337
L2782211.UP.FTS.B, 25.12%, 3/14/27			1,505				1,484
bFW2786218.UP.FTS.B, 25.14%, 3/14/27			3,873				279
FW2779775.UP.FTS.B, 25.16%, 3/14/27			1,323				1,304
FW2780910.UP.FTS.B, 25.16%, 3/14/27			2,719				2,681
FW2783634.UP.FTS.B, 25.18%, 3/14/27			2,864				2,823
FW2782493.UP.FTS.B, 25.19%, 3/14/27			834				822
L2785715.UP.FTS.B, 25.22%, 3/14/27			564				556
L2785508.UP.FTS.B, 25.24%, 3/14/27			1,059				1,044
L2785846.UP.FTS.B, 25.26%, 3/14/27			5,669				1,614
L2781289.UP.FTS.B, 25.32%, 3/14/27			4,541				4,476
L2786111.UP.FTS.B, 25.33%, 3/14/27			406				400
L2783030.UP.FTS.B, 25.34%, 3/14/27			4,062				4,004
L2785122.UP.FTS.B, 25.34%, 3/14/27			361				26
L2779712.UP.FTS.B, 25.35%, 3/14/27			918				905
L2783282.UP.FTS.B, 25.35%, 3/14/27			588				580
L2758245.UP.FTS.B, 25.36%, 3/14/27			1,627				1,605
L2786791.UP.FTS.B, 25.38%, 3/14/27			295				290
L2780613.UP.FTS.B, 25.39%, 3/14/27			2,499				2,463
L2780553.UP.FTS.B, 25.41%, 3/14/27			568				560
L2784514.UP.FTS.B, 25.41%, 3/14/27			530				523
L2782792.UP.FTS.B, 25.44%, 3/14/27			2,160				2,129
L2785196.UP.FTS.B, 25.44%, 3/14/27			1,040				1,025
L2789729.UP.FTS.B, 25.45%, 3/14/27			455				448
L2775042.UP.FTS.B, 25.46%, 3/14/27			311				306
L2781236.UP.FTS.B, 25.46%, 3/14/27			572				564
FW2785945.UP.FTS.B, 25.48%, 3/14/27			923				909
bL2781099.UP.FTS.B, 25.49%, 3/14/27			883				143
L2783689.UP.FTS.B, 25.5%, 3/14/27			3,574				3,523
L2783570.UP.FTS.B, 25.53%, 3/14/27			1,460				1,440
FW2785182.UP.FTS.B, 25.6%, 3/14/27			13,141				12,952
bFW2788301.UP.FTS.B, 25.6%, 3/14/27			2,797				203
L2779594.UP.FTS.B, 25.6%, 3/14/27			1,371				1,351
L2783555.UP.FTS.B, 25.63%, 3/14/27			1,042				1,027
L2779605.UP.FTS.B, 25.67%, 3/14/27			646				637
FW2783690.UP.FTS.B, 25.69%, 3/14/27			3,922				3,866
FW2787434.UP.FTS.B, 25.69%, 3/14/27			1,521				1,499
FW2779444.UP.FTS.B, 25.73%, 3/14/27			1,904				1,877
FW2787230.UP.FTS.B, 25.75%, 3/14/27			2,855				2,814
FW2785698.UP.FTS.B, 25.86%, 3/14/27			4,581				4,516
L2780080.UP.FTS.B, 25.88%, 3/14/27			3,639				3,587
L2781244.UP.FTS.B, 25.96%, 3/14/27			3,038				1,790
L2780995.UP.FTS.B, 25.98%, 3/14/27			5,702				3,373
FW2789885.UP.FTS.B, 26.1%, 3/14/27			3,503				2,104
L2787642.UP.FTS.B, 26.29%, 3/14/27			1,036				1,021
FW2786626.UP.FTS.B, 26.35%, 3/14/27			878				865
FW2781613.UP.FTS.B, 26.4%, 3/14/27			1,289				1,272
FW2788390.UP.FTS.B, 26.61%, 3/14/27			1,121				1,106
FW2782433.UP.FTS.B, 26.73%, 3/14/27			2,084				2,054
FW2782583.UP.FTS.B, 26.76%, 3/14/27			1,849				1,823
FW2781134.UP.FTS.B, 26.83%, 3/14/27			1,782				1,756
FW2785449.UP.FTS.B, 27.1%, 3/14/27			3,879				3,825
FW2785546.UP.FTS.B, 27.15%, 3/14/27			1,900				1,873
FW2789041.UP.FTS.B, 27.27%, 3/14/27			1,959				1,932
FW2788518.UP.FTS.B, 27.34%, 3/14/27			1,655				1,632
FW2781329.UP.FTS.B, 27.46%, 3/14/27			977				964

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
FW2780427.UP.FTS.B, 27.49%, 3/14/27		$	1,170			$	1,154
FW2782891.UP.FTS.B, 27.85%, 3/14/27			3,885				3,831
FW2784087.UP.FTS.B, 27.99%, 3/14/27			1,210				1,193
FW2786129.UP.FTS.B, 28%, 3/14/27			1,899				1,873
FW2789642.UP.FTS.B, 28.34%, 3/14/27			4,598				1,334
FW2781108.UP.FTS.B, 28.46%, 3/14/27			1,393				1,374
FW2781674.UP.FTS.B, 28.51%, 3/14/27			2,569				2,534
FW2780172.UP.FTS.B, 28.83%, 3/14/27			795				784
FW2779355.UP.FTS.B, 29.22%, 3/14/27			2,363				2,331
FW2784027.UP.FTS.B, 29.23%, 3/14/27			6,040				5,962
FW2781563.UP.FTS.B, 29.25%, 3/14/27			400				394
FW2785470.UP.FTS.B, 29.28%, 3/14/27			3,675				3,626
FW2779974.UP.FTS.B, 29.47%, 3/14/27			1,561				1,540
FW2779230.UP.FTS.B, 29.54%, 3/14/27			4,007				3,953
FW2785701.UP.FTS.B, 29.6%, 3/14/27			888				534
bFW2780605.UP.FTS.B, 29.61%, 3/14/27			505				36
FW2783287.UP.FTS.B, 29.91%, 3/14/27			2,015				1,989
FW2789655.UP.FTS.B, 29.98%, 3/14/27			6,808				3,960
FW2788950.UP.FTS.B, 30.14%, 3/14/27			4,425				4,365
FW2782935.UP.FTS.B, 30.31%, 3/14/27			3,091				3,052
bFW2783523.UP.FTS.B, 30.41%, 3/14/27			2,182				156
FW2790314.UP.FTS.B, 30.48%, 3/14/27			4,401				4,344
FW2780158.UP.FTS.B, 30.52%, 3/14/27			666				658
FW2780499.UP.FTS.B, 30.57%, 3/14/27			721				434
FW2789252.UP.FTS.B, 30.65%, 3/14/27			8,131				8,025
FW2785351.UP.FTS.B, 30.67%, 3/14/27			651				642
FW2780952.UP.FTS.B, 30.68%, 3/14/27			407				402
FW2787603.UP.FTS.B, 30.68%, 3/14/27			411				406
bFW2783504.UP.FTS.B, 30.73%, 3/14/27			1,907				136
FW2783660.UP.FTS.B, 30.79%, 3/14/27			1,059				1,045
FW2790078.UP.FTS.B, 30.9%, 3/14/27			1,155				1,140
FW2783182.UP.FTS.B, 30.92%, 3/14/27			489				483
FW2790293.UP.FTS.B, 30.94%, 3/14/27			1,103				1,089
FW2783246.UP.FTS.B, 30.95%, 3/14/27			306				22
FW2783531.UP.FTS.B, 30.98%, 3/14/27			3,860				3,809
FW2784675.UP.FTS.B, 30.98%, 3/14/27			868				857
FW2782332.UP.FTS.B, 30.99%, 3/14/27			441				435
FW2787448.UP.FTS.B, 31.05%, 3/14/27			532				525
FW2790081.UP.FTS.B, 31.07%, 3/14/27			531				525
FW2785866.UP.FTS.B, 31.08%, 3/14/27			491				485
FW2787532.UP.FTS.B, 31.09%, 3/14/27			470				464
FW2788870.UP.FTS.B, 31.1%, 3/14/27			2,320				2,290
FW2781136.UP.FTS.B, 31.12%, 3/14/27			1,557				1,537
FW2789294.UP.FTS.B, 31.12%, 3/14/27			1,861				1,838
FW2787239.UP.FTS.B, 31.14%, 3/14/27			1,885				1,860
FW2787162.UP.FTS.B, 31.15%, 3/14/27			1,393				1,375
FW2780763.UP.FTS.B, 31.16%, 3/14/27			737				727
FW2781077.UP.FTS.B, 31.22%, 3/14/27			451				445
FW2783270.UP.FTS.B, 31.23%, 3/14/27			8,729				8,618
bFW2783300.UP.FTS.B, 31.25%, 3/14/27			1,400				100
FW2779996.UP.FTS.B, 31.38%, 3/14/27			1,373				1,355
FW2781466.UP.FTS.B, 31.46%, 3/14/27			727				718
bFW2784706.UP.FTS.B, 31.51%, 3/14/27			2,319				385
FW2780027.UP.FTS.B, 31.52%, 3/14/27			1,238				1,222
FW2785751.UP.FTS.B, 31.86%, 3/14/27			826				815
FW2780155.UP.FTS.B, 31.91%, 3/14/27			1,034				1,021

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2773530.UP.FTS.B, 21.6%, 3/15/27		$	3,221			$	3,177
L2780204.UP.FTS.B, 20.34%, 3/17/27			3,507				3,459
L2780083.UP.FTS.B, 8.23%, 3/18/27			13,015				12,750
bL2781166.UP.FTS.B, 16.07%, 3/19/27			4,562				331
L1890702.UP.FTS.B, 25.43%, 3/19/27			2,154				2,124
bFW2788471.UP.FTS.B, 31.09%, 3/19/27			992				18
FW2781791.UP.FTS.B, 8.25%, 3/20/27			8,871				8,690
L2783095.UP.FTS.B, 14.33%, 3/20/27			863				850
L2788995.UP.FTS.B, 15.39%, 3/20/27			1,083				1,073
L2785417.UP.FTS.B, 23.7%, 3/20/27			777				765
FW2789463.UP.FTS.B, 25.89%, 3/20/27			3,322				3,275
FW2781187.UP.FTS.B, 27.42%, 3/20/27			1,087				1,072
L2784962.UP.FTS.B, 9.82%, 3/21/27			8,937				8,757
FW2781024.UP.FTS.B, 15.1%, 3/21/27			1,875				1,846
FW2783063.UP.FTS.B, 21.08%, 3/21/27			3,603				3,554
L2785874.UP.FTS.B, 24.08%, 3/21/27			3,308				3,262
FW1893730.UP.FTS.B, 26.84%, 3/21/27			3,790				2,740
L2780176.UP.FTS.B, 8.31%, 3/22/27			14,541				14,245
FW2789132.UP.FTS.B, 21%, 3/23/27			3,069				3,027
L2783023.UP.FTS.B, 22.68%, 3/23/27			2,365				2,328
bFW2785547.UP.FTS.B, 21.71%, 3/24/27			3,549				537
L2784724.UP.FTS.B, 14.06%, 3/26/27			7,852				7,733
bFW2789245.UP.FTS.B, 16.05%, 3/28/27			3,598				225
FW2784959.UP.FTS.B, 22.93%, 3/28/27			3,934				3,876
FW2781941.UP.FTS.B, 30.87%, 3/28/27			724				715
FW2786929.UP.FTS.B, 30.3%, 4/01/27			3,984				3,934
L2000658.UP.FTS.B, 11.67%, 4/10/27			4,612				4,529
FW2011916.UP.FTS.B, 16.6%, 4/10/27			1,280				690
FW2018016.UP.FTS.B, 16.76%, 4/10/27			9,196				9,090
FW2016567.UP.FTS.B, 21.23%, 4/10/27			2,423				1,368
L2018168.UP.FTS.B, 21.66%, 4/10/27			1,102				79
L2018248.UP.FTS.B, 24.88%, 4/10/27			1,300				1,278
FW2016392.UP.FTS.B, 31.01%, 4/10/27			205				201
L2931144.UP.FTS.B, 5.51%, 4/11/27			2,649				2,578
FW2932165.UP.FTS.B, 5.86%, 4/11/27			6,009				5,849
L2928632.UP.FTS.B, 5.88%, 4/11/27			3,138				3,055
L2931374.UP.FTS.B, 7.06%, 4/11/27			2,118				2,062
L2928415.UP.FTS.B, 7.84%, 4/11/27			10,714				10,487
L2928839.UP.FTS.B, 7.91%, 4/11/27			2,592				1,369
FW2930354.UP.FTS.B, 8.77%, 4/11/27			6,274				6,145
L2929501.UP.FTS.B, 8.87%, 4/11/27			8,344				8,168
L2929733.UP.FTS.B, 9.1%, 4/11/27			11,751				11,505
L2928144.UP.FTS.B, 9.39%, 4/11/27			6,289				6,158
L2932211.UP.FTS.B, 9.68%, 4/11/27			1,838				1,813
L2931292.UP.FTS.B, 9.71%, 4/11/27			532				521
L2930583.UP.FTS.B, 9.81%, 4/11/27			14,230				13,933
L2928694.UP.FTS.B, 11.02%, 4/11/27			5,193				5,103
FW2931075.UP.FTS.B, 11.12%, 4/11/27			4,252				4,179
FW2928380.UP.FTS.B, 11.34%, 4/11/27			1,232				1,211
L2929334.UP.FTS.B, 11.51%, 4/11/27			7,768				7,635
L2931774.UP.FTS.B, 11.89%, 4/11/27			4,414				4,342
L2932192.UP.FTS.B, 12.4%, 4/11/27			9,894				9,725
L2925660.UP.FTS.B, 12.92%, 4/11/27			502				493
L2930302.UP.FTS.B, 13.11%, 4/11/27			2,468				2,427
L2929053.UP.FTS.B, 13.57%, 4/11/27			3,983				3,922
L2931141.UP.FTS.B, 14.22%, 4/11/27			2,892				2,847

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
L2931110.UP.FTS.B, 14.92%, 4/11/27		$	1,555			$	1,539
L2928237.UP.FTS.B, 15.14%, 4/11/27			14,898				14,651
L2930249.UP.FTS.B, 15.14%, 4/11/27			3,717				3,655
L2930377.UP.FTS.B, 15.57%, 4/11/27			6,118				6,058
L2927743.UP.FTS.B, 15.66%, 4/11/27			2,601				2,575
L2928701.UP.FTS.B, 15.72%, 4/11/27			1,618				1,592
L2928682.UP.FTS.B, 15.94%, 4/11/27			4,458				4,414
FW2929957.UP.FTS.B, 16.01%, 4/11/27			4,884				4,804
L2929608.UP.FTS.B, 16.07%, 4/11/27			345				342
L2932260.UP.FTS.B, 16.49%, 4/11/27			366				362
L2930475.UP.FTS.B, 16.55%, 4/11/27			2,576				693
bL2927859.UP.FTS.B, 16.57%, 4/11/27			969				70
FW2928717.UP.FTS.B, 16.97%, 4/11/27			2,654				2,628
L2929835.UP.FTS.B, 17.66%, 4/11/27			3,844				3,807
L2931693.UP.FTS.B, 17.77%, 4/11/27			1,576				1,551
L2930203.UP.FTS.B, 18.11%, 4/11/27			13,407				13,201
L2929357.UP.FTS.B, 18.14%, 4/11/27			2,172				2,151
FW2928101.UP.FTS.B, 18.34%, 4/11/27			1,258				713
L2929573.UP.FTS.B, 18.4%, 4/11/27			5,441				5,389
FW2931119.UP.FTS.B, 18.48%, 4/11/27			1,339				1,317
L2926454.UP.FTS.B, 19.25%, 4/11/27			959				945
L2932213.UP.FTS.B, 19.31%, 4/11/27			3,041				2,994
L2927920.UP.FTS.B, 19.53%, 4/11/27			5,511				5,426
bL2929135.UP.FTS.B, 20.21%, 4/11/27			2,494				391
L2928908.UP.FTS.B, 20.26%, 4/11/27			371				366
L2927893.UP.FTS.B, 20.88%, 4/11/27			2,474				2,431
FW2929918.UP.FTS.B, 21.02%, 4/11/27			149				147
FW2929809.UP.FTS.B, 21.08%, 4/11/27			4,883				4,799
L2930355.UP.FTS.B, 21.76%, 4/11/27			1,897				1,865
FW2930816.UP.FTS.B, 22.15%, 4/11/27			3,568				3,514
L2929277.UP.FTS.B, 22.4%, 4/11/27			3,645				3,583
L2929355.UP.FTS.B, 22.65%, 4/11/27			650				640
L2932120.UP.FTS.B, 23.29%, 4/11/27			2,089				2,056
FW2931916.UP.FTS.B, 23.85%, 4/11/27			2,344				2,305
FW2929160.UP.FTS.B, 24.21%, 4/11/27			416				410
L2930096.UP.FTS.B, 24.39%, 4/11/27			1,563				1,539
L2932289.UP.FTS.B, 24.85%, 4/11/27			951				935
L2928413.UP.FTS.B, 25.03%, 4/11/27			675				664
L2930022.UP.FTS.B, 25.21%, 4/11/27			956				940
L2928316.UP.FTS.B, 25.25%, 4/11/27			1,236				1,216
L2931011.UP.FTS.B, 25.45%, 4/11/27			688				677
L2928194.UP.FTS.B, 25.48%, 4/11/27			727				715
L2928800.UP.FTS.B, 25.5%, 4/11/27			959				945
L2924786.UP.FTS.B, 25.51%, 4/11/27			2,478				2,438
L2929203.UP.FTS.B, 25.67%, 4/11/27			7,943				7,820
FW2931488.UP.FTS.B, 25.84%, 4/11/27			1,594				1,571
L2930197.UP.FTS.B, 26.2%, 4/11/27			20,163				19,871
bFW2928645.UP.FTS.B, 26.24%, 4/11/27			1,301				200
FW2932003.UP.FTS.B, 26.57%, 4/11/27			4,674				4,602
FW2930544.UP.FTS.B, 27.01%, 4/11/27			2,009				1,978
FW2930638.UP.FTS.B, 27.26%, 4/11/27			8,179				8,054
FW2929129.UP.FTS.B, 27.27%, 4/11/27			6,626				6,522
FW2929101.UP.FTS.B, 27.56%, 4/11/27			574				565
bFW2928485.UP.FTS.B, 27.66%, 4/11/27			2,364				375
bFW2928012.UP.FTS.B, 28.41%, 4/11/27			2,972				214
FW2929560.UP.FTS.B, 28.47%, 4/11/27			13,183				12,980

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
FW2929635.UP.FTS.B, 30.45%, 4/11/27		$	470			$	463
bFW2929924.UP.FTS.B, 30.77%, 4/11/27			676				48
FW2929033.UP.FTS.B, 30.91%, 4/11/27			1,858				1,830
FW2930708.UP.FTS.B, 30.94%, 4/11/27			471				464
FW2931261.UP.FTS.B, 30.94%, 4/11/27			1,500				1,478
FW2931670.UP.FTS.B, 31.06%, 4/11/27			1,116				1,101
FW2931962.UP.FTS.B, 31.16%, 4/11/27			388				382
FW2927833.UP.FTS.B, 31.18%, 4/11/27			645				636
FW2928577.UP.FTS.B, 31.19%, 4/11/27			516				508
FW2928856.UP.FTS.B, 31.24%, 4/11/27			1,162				1,145
FW2932028.UP.FTS.B, 31.51%, 4/11/27			5,591				5,511
L2934719.UP.FTS.B, 5.89%, 4/12/27			5,176				5,041
L2934939.UP.FTS.B, 5.94%, 4/12/27			3,466				3,386
L2934674.UP.FTS.B, 5.99%, 4/12/27			2,184				2,129
L2932966.UP.FTS.B, 6.09%, 4/12/27			605				591
L2935839.UP.FTS.B, 6.13%, 4/12/27			1,785				1,737
L2933662.UP.FTS.B, 6.16%, 4/12/27			7,437				7,239
L2932593.UP.FTS.B, 6.74%, 4/12/27			2,104				2,048
L2932805.UP.FTS.B, 7.25%, 4/12/27			3,240				3,169
L2932516.UP.FTS.B, 8.41%, 4/12/27			862				847
L2933064.UP.FTS.B, 8.64%, 4/12/27			12,377				12,128
L2935520.UP.FTS.B, 10.08%, 4/12/27			1,588				1,555
FW2934452.UP.FTS.B, 10.25%, 4/12/27			10,148				9,939
L2933292.UP.FTS.B, 10.46%, 4/12/27			4,289				4,224
L2934277.UP.FTS.B, 10.75%, 4/12/27			314				308
L2933170.UP.FTS.B, 10.92%, 4/12/27			7,732				7,571
L2935685.UP.FTS.B, 11.21%, 4/12/27			7,627				7,499
L2934721.UP.FTS.B, 13.01%, 4/12/27			3,330				3,274
L2932728.UP.FTS.B, 13.07%, 4/12/27			1,777				1,747
L2932883.UP.FTS.B, 13.4%, 4/12/27			737				725
L2933032.UP.FTS.B, 13.49%, 4/12/27			6,451				6,345
FW2932832.UP.FTS.B, 13.69%, 4/12/27			7,202				7,082
L2934323.UP.FTS.B, 14.05%, 4/12/27			1,221				1,202
FW2935078.UP.FTS.B, 14.1%, 4/12/27			1,081				1,064
L2934014.UP.FTS.B, 14.43%, 4/12/27			5,516				5,425
FW2921409.UP.FTS.B, 14.51%, 4/12/27			1,004				988
L2933917.UP.FTS.B, 14.92%, 4/12/27			2,401				2,362
bL2933149.UP.FTS.B, 14.95%, 4/12/27			2,556				225
L2934068.UP.FTS.B, 15.16%, 4/12/27			1,857				1,827
FW2935322.UP.FTS.B, 15.48%, 4/12/27			615				605
L2934951.UP.FTS.B, 15.65%, 4/12/27			489				481
FW2936086.UP.FTS.B, 15.83%, 4/12/27			1,876				1,858
L2933684.UP.FTS.B, 15.83%, 4/12/27			3,741				3,681
L2934824.UP.FTS.B, 16.29%, 4/12/27			2,356				2,334
L2934330.UP.FTS.B, 17.26%, 4/12/27			3,804				3,742
FW2928773.UP.FTS.B, 17.37%, 4/12/27			2,256				2,235
L2929039.UP.FTS.B, 17.51%, 4/12/27			1,511				1,497
FW2933519.UP.FTS.B, 18.13%, 4/12/27			3,494				3,461
L2933956.UP.FTS.B, 18.85%, 4/12/27			2,799				2,773
L2932813.UP.FTS.B, 19.07%, 4/12/27			4,747				4,675
FW2932660.UP.FTS.B, 19.24%, 4/12/27			8,358				8,282
FW2935930.UP.FTS.B, 19.97%, 4/12/27			3,184				3,155
L2934093.UP.FTS.B, 20.12%, 4/12/27			1,230				1,211
L2933315.UP.FTS.B, 21.57%, 4/12/27			2,232				2,212
L2934722.UP.FTS.B, 21.63%, 4/12/27			1,441				1,418
FW2932542.UP.FTS.B, 22.3%, 4/12/27			6,501				6,393
L2932952.UP.FTS.B, 23.13%, 4/12/27			2,080				2,047

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
L2934363.UP.FTS.B, 23.59%, 4/12/27		$	3,271			$	1,865
bL2933915.UP.FTS.B, 23.94%, 4/12/27			3,918				279
FW2933926.UP.FTS.B, 24.54%, 4/12/27			11,831				11,643
L2932713.UP.FTS.B, 24.66%, 4/12/27			6,324				6,237
FW2934105.UP.FTS.B, 25.03%, 4/12/27			19,839				19,527
L2934475.UP.FTS.B, 25.05%, 4/12/27			397				391
L2934307.UP.FTS.B, 25.18%, 4/12/27			637				627
L2933613.UP.FTS.B, 25.31%, 4/12/27			1,030				1,015
L2934270.UP.FTS.B, 25.32%, 4/12/27			558				550
L2933656.UP.FTS.B, 25.33%, 4/12/27			881				867
L2935106.UP.FTS.B, 25.47%, 4/12/27			679				669
L2931662.UP.FTS.B, 25.5%, 4/12/27			2,584				2,545
L2935140.UP.FTS.B, 25.88%, 4/12/27			1,287				1,267
FW2932450.UP.FTS.B, 26.13%, 4/12/27			1,330				1,310
L2933446.UP.FTS.B, 26.13%, 4/12/27			3,425				3,372
FW2934761.UP.FTS.B, 26.44%, 4/12/27			2,629				2,588
FW2933474.UP.FTS.B, 27.39%, 4/12/27			1,388				1,367
FW2932657.UP.FTS.B, 30.91%, 4/12/27			557				549
FW2932838.UP.FTS.B, 31.12%, 4/12/27			516				509
FW2934816.UP.FTS.B, 31.17%, 4/12/27			3,714				3,663
FW2932550.UP.FTS.B, 31.41%, 4/12/27			3,795				3,742
L2926179.UP.FTS.B, 14%, 4/14/27			10,929				10,748
L2932935.UP.FTS.B, 7.41%, 4/15/27			6,079				5,920
FW2782751.UP.FTS.B, 18.72%, 4/15/27			3,955				2,789
L2930145.UP.FTS.B, 19.64%, 4/15/27			2,484				2,455
L2933178.UP.FTS.B, 12.88%, 4/16/27			2,295				2,257
L2266480.UP.FTS.B, 10.61%, 4/17/27			1,056				1,036
L2929271.UP.FTS.B, 8.07%, 4/19/27			11,077				10,788
FW2111536.UP.FTS.B, 24.67%, 4/24/27			4,118				2,913
L2112103.UP.FTS.B, 24.86%, 4/24/27			2,300				1,627
FW2110882.UP.FTS.B, 25.83%, 4/24/27			3,357				2,418
bL2920414.UP.FTS.B, 17.44%, 4/26/27			10,979				1,646
L2931611.UP.FTS.B, 20.6%, 5/01/27			6,491				6,434
bL2266091.UP.FTS.B, 16.62%, 5/16/27			4,664				339
bL2264467.UP.FTS.B, 18.83%, 5/16/27			12,793				1,150
FW2262937.UP.FTS.B, 29.28%, 5/16/27			2,274				2,241
bFW2266925.UP.FTS.B, 31.22%, 5/16/27			11,414				815
L2269188.UP.FTS.B, 14.18%, 5/17/27			1,768				1,733
L2267939.UP.FTS.B, 17.47%, 5/17/27			988				977
L2267967.UP.FTS.B, 19.43%, 5/17/27			7,060				6,949
bL2269383.UP.FTS.B, 23.1%, 5/17/27			1,873				136
L2267445.UP.FTS.B, 24.36%, 5/17/27			4,835				4,750
bL2269335.UP.FTS.B, 24.65%, 5/17/27			1,256				91
FW2269543.UP.FTS.B, 24.98%, 5/17/27			4,700				4,623
L2268401.UP.FTS.B, 25.14%, 5/17/27			1,435				1,408
L2269566.UP.FTS.B, 25.42%, 5/17/27			377				348
FW2783542.UP.FTS.B, 14.99%, 6/14/27			7,905				568
L2473231.UP.FTS.B, 11.36%, 6/20/27			2,122				2,080
L2474789.UP.FTS.B, 13.64%, 6/20/27			8,512				8,351
L2472806.UP.FTS.B, 24.05%, 6/20/27			6,117				4,347
L2480635.UP.FTS.B, 16.62%, 6/21/27			1,680				1,663
FW2478138.UP.FTS.B, 20.35%, 6/21/27			8,115				7,979
L2441362.UP.FTS.B, 20.97%, 6/21/27			2,055				2,024
FW2476973.UP.FTS.B, 28.09%, 6/21/27			1,183				1,170
FW2481906.UP.FTS.B, 30.96%, 6/21/27			504				361
FW2787024.UP.FTS.B, 19%, 6/28/27			18,372				18,105

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2780008.UP.FTS.B, 25.87%, 7/14/27		$	1,572			$	113
bFW2653443.UP.FTS.B, 31.19%, 7/18/27			9,272				1,467
FW2652650.UP.FTS.B, 31.46%, 7/18/27			2,138				639
FW2266148.UP.FTS.B, 14.03%, 7/21/27			1,745				1,711
L2656455.UP.FTS.B, 11.03%, 7/27/27			8,022				7,857
L2785513.UP.FTS.B, 6.9%, 8/14/27			5,443				5,289
L2781769.UP.FTS.B, 7.86%, 8/14/27			7,562				3,825
L2784328.UP.FTS.B, 10.71%, 8/14/27			15,708				15,397
FW2780382.UP.FTS.B, 10.8%, 8/14/27			2,040				991
L2785893.UP.FTS.B, 13.78%, 8/14/27			943				468
L2783211.UP.FTS.B, 14.21%, 8/14/27			11,539				11,320
FW2787191.UP.FTS.B, 14.4%, 8/14/27			12,384				12,159
bL2784886.UP.FTS.B, 14.47%, 8/14/27			4,755				660
L2785260.UP.FTS.B, 14.63%, 8/14/27			10,107				9,915
FW2785300.UP.FTS.B, 14.74%, 8/14/27			19,896				19,523
L2785752.UP.FTS.B, 15.55%, 8/14/27			6,677				6,622
L2787854.UP.FTS.B, 15.85%, 8/14/27			1,358				1,344
L2784177.UP.FTS.B, 16.34%, 8/14/27			2,652				2,625
bL2782699.UP.FTS.B, 16.54%, 8/14/27			13,124				1,790
FW2786140.UP.FTS.B, 16.66%, 8/14/27			839				830
L2785121.UP.FTS.B, 16.67%, 8/14/27			11,932				5,975
bFW2783637.UP.FTS.B, 16.93%, 8/14/27			4,826				706
bL2780752.UP.FTS.B, 17.46%, 8/14/27			19,182				2,909
L2784502.UP.FTS.B, 17.69%, 8/14/27			4,114				297
FW2780686.UP.FTS.B, 18.04%, 8/14/27			498				252
L2781142.UP.FTS.B, 18.71%, 8/14/27			3,270				1,626
L2780702.UP.FTS.B, 19.32%, 8/14/27			8,345				8,225
FW2782056.UP.FTS.B, 19.7%, 8/14/27			3,547				3,514
bL2782244.UP.FTS.B, 19.84%, 8/14/27			2,921				211
L2782188.UP.FTS.B, 20.46%, 8/14/27			6,502				6,384
FW2788480.UP.FTS.B, 20.56%, 8/14/27			2,853				2,802
FW2786123.UP.FTS.B, 20.87%, 8/14/27			1,381				1,358
L2782941.UP.FTS.B, 21.84%, 8/14/27			1,343				1,321
bFW2785231.UP.FTS.B, 21.88%, 8/14/27			6,725				491
L2780882.UP.FTS.B, 22.29%, 8/14/27			4,110				4,040
L2785540.UP.FTS.B, 22.99%, 8/14/27			2,383				1,241
bL2761176.UP.FTS.B, 23.49%, 8/14/27			3,464				507
L2785483.UP.FTS.B, 24.04%, 8/14/27			10,344				10,180
bFW2789810.UP.FTS.B, 24.24%, 8/14/27			1,212				88
FW2780321.UP.FTS.B, 24.37%, 8/14/27			3,176				1,655
FW2780263.UP.FTS.B, 25%, 8/14/27			2,153				2,120
bL2782686.UP.FTS.B, 25%, 8/14/27			10,383				1,605
FW2780348.UP.FTS.B, 25.03%, 8/14/27			2,937				1,507
L2780085.UP.FTS.B, 25.23%, 8/14/27			684				675
bL2781090.UP.FTS.B, 25.39%, 8/14/27			1,174				1
L2771933.UP.FTS.B, 25.49%, 8/14/27			882				869
L2782131.UP.FTS.B, 25.51%, 8/14/27			8,547				8,417
L2782017.UP.FTS.B, 25.54%, 8/14/27			1,028				1,013
bFW2783121.UP.FTS.B, 26.17%, 8/14/27			3,139				226
FW2781808.UP.FTS.B, 28.36%, 8/14/27			4,996				4,926
bFW2781950.UP.FTS.B, 28.45%, 8/14/27			4,407				315
FW2787016.UP.FTS.B, 28.75%, 8/14/27			9,288				9,180
bFW2773545.UP.FTS.B, 29.8%, 8/14/27			1,025				7
FW2786761.UP.FTS.B, 30.87%, 8/14/27			1,189				1,174

Description		Principal Amount				Value
Upstart Network, Inc. (continued)
FW2788878.UP.FTS.B, 30.91%, 8/14/27		$	1,534			$	1,513
FW2787940.UP.FTS.B, 31.09%, 8/14/27			5,482				2,916
bFW2784788.UP.FTS.B, 31.17%, 8/14/27			5,207				369
L2783467.UP.FTS.B, 14.77%, 8/15/27			4,155				4,082
bFW2788570.UP.FTS.B, 30.2%, 8/15/27			4,576				704
L2785554.UP.FTS.B, 23.22%, 8/16/27			6,965				6,867
L2788641.UP.FTS.B, 8.88%, 8/18/27			4,468				2,861
FW2779874.UP.FTS.B, 16.55%, 8/19/27			4,211				4,169
FW2788124.UP.FTS.B, 28.64%, 8/20/27			5,751				3,927
FW2782011.UP.FTS.B, 23.47%, 8/22/27			2,957				757
L2780799.UP.FTS.B, 25.48%, 8/24/27			13,455				3,405
L2785536.UP.FTS.B, 27.43%, 8/28/27			9,747				9,636
FW2786209.UP.FTS.B, 30.73%, 8/28/27			832				219
FW2789146.UP.FTS.B, 27.73%, 9/01/27			2,756				2,725
FW2931457.UP.FTS.B, 11.32%, 9/11/27			2,581				188
L2929885.UP.FTS.B, 11.42%, 9/11/27			18,134				8,394
L2927750.UP.FTS.B, 13.53%, 9/11/27			3,225				3,163
L2931559.UP.FTS.B, 14.36%, 9/11/27			20,353				19,971
bL2931231.UP.FTS.B, 16.75%, 9/11/27			12,011				1,687
L2930149.UP.FTS.B, 17.22%, 9/11/27			4,756				4,668
L2929537.UP.FTS.B, 22.4%, 9/11/27			12,421				6,234
L2929019.UP.FTS.B, 25.49%, 9/11/27			1,769				1,740
FW2928696.UP.FTS.B, 27.59%, 9/11/27			2,314				2,278
FW2927928.UP.FTS.B, 29.77%, 9/11/27			647				638
FW2930626.UP.FTS.B, 30.39%, 9/11/27			225				221
FW2929535.UP.FTS.B, 30.91%, 9/11/27			17,115				16,887
L2932384.UP.FTS.B, 13.22%, 9/12/27			1,542				731
L2932973.UP.FTS.B, 16.22%, 9/12/27			1,492				1,464
L2934264.UP.FTS.B, 17.04%, 9/12/27			2,944				2,916
L2935129.UP.FTS.B, 22.75%, 9/12/27			3,688				3,627
FW2933357.UP.FTS.B, 24.77%, 9/12/27			1,658				1,631
bL2935062.UP.FTS.B, 25.37%, 9/12/27			2,068				314
FW2932656.UP.FTS.B, 27.65%, 9/12/27			1,533				1,510
L2935437.UP.FTS.B, 23.88%, 9/14/27			4,759				4,677
L2909526.UP.FTS.B, 16.64%, 9/15/27			3,059				3,000
L2928512.UP.FTS.B, 24.85%, 9/16/27			5,604				5,512
FW2932783.UP.FTS.B, 31.23%, 9/18/27			7,737				7,651
L2932135.UP.FTS.B, 10.91%, 9/22/27			9,163				8,979
L2109723.UP.FTS.B, 14.71%, 9/24/27			16,025				15,731
FW2111832.UP.FTS.B, 31.16%, 9/24/27			4,713				4,655
L2927958.UP.FTS.B, 15.19%, 9/26/27			7,329				7,182
bL2930990.UP.FTS.B, 23.44%, 9/26/27			5,787				154
L2262094.UP.FTS.B, 15.17%, 10/16/27			1,556				111
FW2266529.UP.FTS.B, 27.38%, 10/16/27			3,071				3,021
FW2268177.UP.FTS.B, 20.82%, 10/17/27			1,571				1,541
FW2269400.UP.FTS.B, 29.19%, 10/17/27			3,557				2,379
FW2269705.UP.FTS.B, 29.7%, 10/17/27			2,528				2,488
FW2270320.UP.FTS.B, 31.1%, 10/17/27			951				638
bL2261820.UP.FTS.B, 15.32%, 10/28/27			18,113				2,949
L2777367.UP.FTS.B, 23.84%, 11/14/27			1,869				135
bFW2471006.UP.FTS.B, 31.15%, 11/20/27			994				71
L2480061.UP.FTS.B, 5.73%, 11/21/27			3,232				3,141
FW2476186.UP.FTS.B, 6.33%, 11/21/27			8,718				8,433
FW2657294.UP.FTS.B, 16.22%, 12/18/27			8,653				5,816
FW2657050.UP.FTS.B, 31.21%, 12/18/27			2,105				2,075
FW2655382.UP.FTS.B, 29.8%, 12/25/27			2,950				2,908

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

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FRANKLIN LIMITED DURATION INCOME TRUST

SCHEDULE OF INVESTMENTS

Franklin Limited Duration Income Trust (continued)

Description		Principal Amount				Value
Marketplace Loans (continued)
Upstart Network, Inc. (continued)
L2782861.UP.FTS.B, 13%, 1/14/28		$	1,161			$	1,138
L2782045.UP.FTS.B, 19.92%, 1/14/28			5,793				5,743
FW2787933.UP.FTS.B, 20.81%, 1/14/28			423				417
L2790163.UP.FTS.B, 21.62%, 1/14/28			953				940
L2781510.UP.FTS.B, 21.9%, 1/14/28			2,431				636
FW2780403.UP.FTS.B, 28.18%, 1/14/28			2,774				1,330
FW2789113.UP.FTS.B, 34.45%, 1/14/28			8,552				8,466
FW2779683.UP.FTS.B, 24.26%, 1/16/28			20,695				20,394
L2786161.UP.FTS.B, 25.2%, 1/20/28			2,805				1,789
L2771055.UP.FTS.B, 19.91%, 1/21/28			3,530				3,463
L2785139.UP.FTS.B, 21.47%, 1/21/28			4,906				4,814
bL2929671.UP.FTS.B, 15.08%, 2/11/28			13,978				566
L2931697.UP.FTS.B, 18.04%, 2/11/28			9,311				9,147
FW2931871.UP.FTS.B, 28.6%, 2/11/28			11,050				5,136
FW2934062.UP.FTS.B, 16.46%, 2/12/28			3,810				3,774
L2016976.UP.FTS.B, 17.93%, 11/10/28			1,990				1,959
L2471413.UP.FTS.B, 14.77%, 1/20/29			14,165				14,103
L2474231.UP.FTS.B, 18.07%, 1/20/29			5,393				5,316
L2470272.UP.FTS.B, 21.01%, 1/20/29			3,732				3,683
L2476521.UP.FTS.B, 6%, 1/21/29			446				424
L2478078.UP.FTS.B, 21.42%, 1/21/29			3,377				3,342
L2478021.UP.FTS.B, 24.55%, 1/21/29			6,440				6,212
L2481996.UP.FTS.B, 25.8%, 1/21/29			979				970
L2783362.UP.FTS.B, 25.93%, 3/14/29			798				790
L2927882.UP.FTS.B, 26.42%, 4/11/29			3,106				3,078
L2477875.UP.FTS.B, 11.39%, 6/21/29			5,722				5,671
L2781565.UP.FTS.B, 27%, 8/14/29			2,328				2,350
L2928953.UP.FTS.B, 25.86%, 9/11/29			2,234				2,141
							3,084,563
Total Marketplace Loans (Cost  $54,200,161)						$	47,946,434

^aThe rate shown represents the yield at period end.

^bDefaulted 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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities
December 31, 2025

	Franklin Limited Duration Income Trust
Assets:
Investments in securities:
Cost - Unaffiliated issuers	$390,085,463
Cost - Non-controlled affiliates (Note 5c)	7,161,789
Value - Unaffiliated issuers	$374,850,292
Value - Non-controlled affiliates (Note 5c)	7,161,789
Cash	7,568,292
Receivables:
Investment securities sold	823,033
Dividends and interest	3,876,865
Unrealized appreciation on unfunded loan commitments (Note 9)	365
Total assets	394,280,636
Liabilities:
Payables:
Investment securities purchased	3,415,486
Payable for purchases of TBA securities (Note 1c)	24,566,420
Credit facility (Note 3)	97,500,000
Management fees	225,982
Trustees’ fees and expenses	75
Accrued interest (Note 3)	482,679
Unrealized depreciation on unfunded loan commitments (Note 9)	6
Accrued expenses and other liabilities	429,280
Total liabilities	126,619,928
Net assets, at value	$267,660,708
Net assets consist of:
Paid-in capital	$343,036,785
Total distributable earnings (losses)	(75,376,077)
Net assets, at value	$267,660,708
Shares outstanding	40,405,374
Net asset value per sharea	$6.62

^aNet 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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended December 31, 2025

	Franklin Limited Duration Income Trust
Investment income:
Dividends:
Unaffiliated issuers	$37,684
Non-controlled affiliates (Note 5c)	588,562
Interest:
Unaffiliated issuers	32,288,180
Total investment income	32,914,426
Expenses:
Management fees (Note 5a)	2,802,341
Transfer agent fees	61,199
Custodian fees	2,069
Reports to shareholders fees	147,874
Registration and filing fees	22,500
Professional fees	255,182
Trustees’ fees and expenses	3,177
Marketplace lending fees (Note 1f)	1,211,465
Interest expense (Note 3 & 4)	5,419,488
Other	162,636
Total expenses	10,087,931
Expenses waived/paid by affiliates (Note 5c)	(34,843)
Net expenses	10,053,088
Net investment income	22,861,338
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments:
Unaffiliated issuers	(6,933,529)
Foreign currency transactions	2,350
TBA sale commitments	(17,194)
Net realized gain (loss)	(6,948,373)
Net change in unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers	1,167,005
Unfunded loan commitments (Note 9)	(605)
Net change in unrealized appreciation (depreciation)	1,166,400
Net realized and unrealized gain (loss)	(5,781,973)
Net increase (decrease) in net assets resulting from operations	$17,079,365

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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	Franklin Limited Duration Income Trust
	Year Ended December 31, 2025	Year Ended December 31, 2024
Increase (decrease) in net assets:
Operations:
Net investment income	$22,861,338	$25,768,914
Net realized gain (loss)	(6,948,373)	(8,030,434)
Net change in unrealized appreciation (depreciation)	1,166,400	2,282,826
Net increase (decrease) in net assets resulting from operations	17,079,365	20,021,306
Distributions to shareholders	(21,327,755)	(20,501,755)
Distributions to shareholders from tax return of capital	(8,491,411)	(9,317,411)
Total distributions to shareholders	(29,819,166)	(29,819,166)
Net increase (decrease) in net assets	(12,739,801)	(9,797,860)
Net assets:
Beginning of year	280,400,509	290,198,369
End of year	$267,660,708	$280,400,509

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

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FRANKLIN LIMITED DURATION INCOME TRUST

FINANCIAL STATEMENTS

Statement of Cash Flows

for the year ended December 31, 2025

	Franklin Limited Duration Income Trust
Cash flow from operating activities:
Dividends, interest and other income received	$31,924,302
Operating expenses paid	(4,720,082)
Interest expense paid	(5,358,686)
Deposits with brokers	550,000
Realized gain on foreign currency transactions	2,350
Purchases of long-term investments	(479,405,590)
Sales and maturities of long-term investments	495,147,285
Net sales of short-term investments	4,959,133
Cash provided - operating activities	43,098,712
Cash flow from financing activities:
Net change in reverse repurchase agreements	(10,494,333)
Cash distributions to shareholders	(29,819,166)
Cash used - financing activities	(40,313,499)
Net increase (decrease) in cash	2,785,213
Cash at beginning of year	4,783,079
Cash at end of year	$7,568,292
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	$17,079,365
Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided by operating activities:
Net amortization income	(704,525)
Reinvested dividends from non-controlled affiliates	(588,562)
Interest received in the form of securities	(160,953)
Decrease in dividends and interest receivable and other assets	624,870
Increase in interest payable	60,802
Decrease in deposits with brokers	550,000
Decrease in payable to affiliates, accrued expenses, and other liabilities	(86,482)
Increase in payable for investments purchased	1,854,402
Decrease in receivable for investments sold	219,510
Decrease in cost of investments	25,417,290
Increase in unrealized appreciation on investments	(1,167,005)
Net cash provided by operating activities	$43,098,712

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

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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

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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

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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

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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

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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

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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 of Year	Purchases	Sales	Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value at End of Year	Number of Shares Held at End of Year	Investment Income
Franklin Limited Duration Income Trust
Non-Controlled Affiliates
								Dividends
Franklin Institutional U.S. Government Money Market Fund, 3.681%	$11,532,360	$179,605,133	$(183,975,704)	$—	$—	$7,161,789	7,161,789	$588,562
Total Affiliated Securities	$11,532,360	$179,605,133	$(183,975,704)	$—	$—	$7,161,789		$588,562

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:
Short term	$6,013,762
Long term	53,545,731
Total capital loss carryforwards	$59,559,493

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:
Ordinary income	$21,327,755	$20,501,755
Return of capital	8,491,411	9,317,411
	$29,819,166	$29,819,166

franklintempleton.com Annual Report 135

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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:

Cost of investments	$397,829,024
Unrealized appreciation	$6,203,372
Unrealized depreciation	(22,020,315)
Net unrealized appreciation (depreciation)	$(15,816,943)

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.	$1,579
GC Ferry Acquisition I, Inc.	96,415
Signia Aerospace LLC	13,624
US Fertility Enterprises LLC	26,316
	$137,934

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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:

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

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

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

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

A summary of inputs used as of December 31, 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:
Investments in Securities:a
Common Stocks:
Diversified Telecommunication Services	$—	$316,291	$—	$316,291
Hotels, Restaurants & Leisure	—	5,917	—	5,917
Metals & Mining	75,941	—	—	75,941
Oil, Gas & Consumable Fuels	4,503	100,682	—	105,185
Pharmaceuticals	—	297,266	—	297,266
Software	—	—	4,826	4,826
Rights	—	27,738	—	27,738
Warrants	—	—	—b	—
Corporate Bonds:
Aerospace & Defense	—	2,870,244	—	2,870,244
Automobile Components	—	3,986,108	—	3,986,108
Automobiles	—	1,101,155	—	1,101,155
Biotechnology	—	2,402,034	—	2,402,034
Broadline Retail	—	1,388,284	—	1,388,284
Building Products	—	5,281,630	—	5,281,630
Capital Markets	—	2,459,263	—	2,459,263
Chemicals	—	5,011,508	—b	5,011,508
Commercial Services & Supplies	—	3,964,224	—	3,964,224
Communications Equipment	—	499,824	—	499,824
Construction & Engineering	—	401,360	—	401,360
Consumer Finance	—	4,604,877	—	4,604,877
Consumer Staples Distribution & Retail	—	725,010	—	725,010
Containers & Packaging	—	4,639,465	—	4,639,465
Distributors	—	860,746	—	860,746
Diversified Consumer Services	—	1,292,982	—	1,292,982
Diversified REITs	—	2,234,018	—	2,234,018
Diversified Telecommunication Services	—	2,990,430	—	2,990,430
Electric Utilities	—	3,887,577	—	3,887,577
Electrical Equipment	—	1,284,790	—	1,284,790
Electronic Equipment, Instruments & Components	—	980,476	—	980,476
Energy Equipment & Services	—	4,811,734	—	4,811,734
Entertainment	—	1,899,720	—	1,899,720
Financial Services	—	9,257,974	—	9,257,974

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FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements (continued)

	Level 1	Level 2	Level 3	Total
Franklin Limited Duration Income Trust (continued)
Assets: (continued)
Investments in Securities:a (continued)
Corporate Bonds: (continued)
Food Products	$—	$1,186,818	$—	$1,186,818
Ground Transportation	—	1,081,770	—	1,081,770
Health Care Equipment & Supplies	—	1,234,620	—	1,234,620
Health Care Providers & Services	—	6,315,610	—	6,315,610
Health Care REITs	—	2,019,757	—	2,019,757
Health Care Technology	—	967,706	—	967,706
Hotel & Resort REITs	—	1,528,426	—	1,528,426
Hotels, Restaurants & Leisure	—	9,468,298	—	9,468,298
Household Durables	—	4,888,485	—	4,888,485
Household Products	—	191,322	—	191,322
Independent Power and Renewable Electricity Producers	—	3,022,544	—	3,022,544
Insurance	—	1,494,264	—	1,494,264
IT Services	—	2,241,898	—	2,241,898
Machinery	—	3,530,147	—	3,530,147
Media	—	9,606,541	—	9,606,541
Metals & Mining	—	4,459,947	—	4,459,947
Mortgage Real Estate Investment Trusts (REITs)	—	1,902,369	—	1,902,369
Oil, Gas & Consumable Fuels	—	12,991,039	—b	12,991,039
Paper & Forest Products	—	370,306	—	370,306
Passenger Airlines	—	833,549	—	833,549
Personal Care Products	—	1,590,694	—	1,590,694
Pharmaceuticals	—	211,638	—	211,638
Professional Services	—	440,270	—	440,270
Real Estate Management & Development	—	1,224,804	—	1,224,804
Semiconductors & Semiconductor Equipment	—	390,979	—	390,979
Software	—	2,745,555	—	2,745,555
Specialized REITs	—	2,558,363	—	2,558,363
Specialty Retail	—	1,735,532	—	1,735,532
Technology Hardware, Storage & Peripherals	—	567,664	—	567,664
Textiles, Apparel & Luxury Goods	—	1,009,653	—	1,009,653
Trading Companies & Distributors	—	3,059,889	—	3,059,889
Wireless Telecommunication Services	—	3,341,547	1,126	3,342,673
Senior Floating Rate Interests	—	99,181,112	82,577	99,263,689
Marketplace Loans	—	—	47,946,434	47,946,434
Asset-Backed Securities	—	12,797,180	—	12,797,180
Mortgage-Backed Securities	—	56,567,714	—	56,567,714
Municipal Bonds	—	393,548	—	393,548
Escrows and Litigation Trusts	—	—	—b	—
Short Term Investments	7,161,789	—	—	7,161,789
Total Investments in Securities	$7,242,233	$326,734,885	$48,034,963	$382,012,081
Other Financial Instruments:
Unfunded Loan Commitments	$—	$365	$—	$365
Total Other Financial Instruments	$—	$365	$—	$365
Liabilities:
Other Financial Instruments:
Unfunded Loan Commitments	$—	$6	$—	$6
Total Other Financial Instruments	$—	$6	$—	$6

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FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements (continued)

^aFor detailed categories, see the accompanying Schedule of Investments.

^bIncludes 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 Beginning of Year	Purchasesa	Salesb	Transfer Into Level 3c	Transfer Out of Level 3	Net Accretion (Amortization)	Net Realized Gain (Loss)	Net Unrealized Appreciation (Depreciation)	Balance at End of Year	Net Change in Unrealized Appreciation (Depreciation) on Assets Held at Year End
Franklin Limited Duration Income Trust
Assets:
Investments in Securities:
Common Stocks:
Software	$—	$1,099,500	$—	$—	$—	$—	$—	$(1,094,674)	$4,826	$(1,094,674)
Specialty Retail	—d	—	—d	—	—	—	(30,880)	30,880	—	—
Warrants:
Metals & Mining	—	—d	—	—	—	—	—	—	—d	—
Corporate Bonds:
Chemicals	—d	18	—	—	—	—	—	(18)	—d	(18)
Hotels, Restaurants & Leisure	—d	—	(1,492,674)	—	—	—	—	1,492,674	—	—
Oil, Gas & Consumable Fuels	—d	—	—	—	—	—	—	—	—d	—
Wireless Telecommunication Services	1,192	—	(420)	—	—	895	389	(930)	1,126	129
Senior Floating Rate Interests:
Specialty Retail	—	(3,711)	(295)	77,554	—	5,872	23	3,134	82,577	5,230
Marketplace Loans:
Financial Services	51,407,861	29,375,240	(31,961,106)	—	—	—	66,329	(941,890)	47,946,434	(1,797,576)
Escrows and Litigation Trusts:	—d	—	—d	—	—	—	—	—	—d	—
Total Investments in Securities	$51,409,053	$30,471,047	$(33,454,495)	$77,554	$—	$6,767	$35,861	$(510,824)	$48,034,963	$(2,886,909)

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

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

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

^dIncludes financial instruments determined to have no value.

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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 End of Year		Valuation Technique	Unobservable Inputs	Amount/Range (Weighted Average)a	Impact to Fair Value if Input Increasesb
Franklin Limited Duration Income Trust
Assets:
Investments in Securities:
Marketplace Loans:
Financial Services	$47,946,434		Discounted cash flow	Loss-adjusted discount rate	2.2% - 14.7% (10.0%)	Decrease
				Projected loss rate	1.5% - 92.8% (15.0%)	Decrease
All Other Investments	88,529	c,d
Total	$48,034,963

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.

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FRANKLIN LIMITED DURATION INCOME TRUST

NOTES TO FINANCIAL STATEMENTS

Abbreviations

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

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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.

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FRANKLIN LIMITED DURATION INCOME TRUST

Tax Information (unaudited)

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

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

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended December 31, 2025:

	Pursuant to:	Amount Reported
Income Eligible for Dividends Received Deduction (DRD)	§854(b)(1)(A)	$24,160
Qualified Dividend Income Earned (QDI)	§854(b)(1)(B)	$24,160
Qualified Net Interest Income (QII)	§871(k)(1)(C)	$18,611,456
Section 163(j) Interest Earned	§163(j)	$21,014,651

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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

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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

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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

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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.

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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:

• 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.

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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.

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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.

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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	% of Outstanding Shares	% of Shares Present	Withheld	% of Outstanding Shares	% of Shares Present
Harris J. Ashton	32,652,376	80.81%	97.07%	984,522	2.44%	2.93%
Edith E. Holiday	31,937,176	79.04%	94.95%	1,699,723	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.

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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.

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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.

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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 and Address	Position	Length of Time Served	Number of Portfolios in Fund Complex Overseen by Board Member1	Other Directorships Held During at Least the Past 5 Years
Harris J. Ashton (1932) One Franklin Parkway San Mateo, CA 94403-1906	Trustee	Since 2003	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) One Franklin Parkway
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) One Franklin Parkway
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).

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Independent Board Members (continued)

Name, Year of Birth and Address	Position	Length of Time Served	Number of Portfolios in Fund Complex Overseen by Board Member1	Other Directorships Held During at Least the Past 5 Years
Edith E. Holiday (1952) One Franklin Parkway San Mateo, CA 94403-1906	Lead Independent Trustee	Trustee since 2005 and Lead Independent Trustee since 2019	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) One Franklin Parkway
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) One Franklin Parkway
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).

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Independent Board Members (continued)

Name, Year of Birth and Address	Position	Length of Time Served	Number of Portfolios in Fund Complex Overseen by Board Member1	Other Directorships Held During at Least the Past 5 Years
Valerie M. Williams (1956) One Franklin Parkway San Mateo, CA 94403-1906	Trustee	Since 2021	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 and Address	Position	Length of Time Served	Number of Portfolios in Fund Complex Overseen by Board Member1	Other Directorships Held During at Least the Past 5 Years
Gregory E. Johnson2 (1961) One Franklin Parkway 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	None

Principal Occupation During at Least the Past 5 Years:

Executive Chairman, Chairman of the Board and Director, Franklin Resources, Inc.; officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of certain funds in the Franklin Templeton fund complex; Vice Chairman, Investment Company Institute; and formerly, Chief Executive Officer (2013-2020) and President (1994-2015) Franklin Resources, Inc.

Rupert H. Johnson, Jr.³ (1940) One Franklin Parkway San Mateo, CA 94403-1906 Trustee Since 2003 114 None

Principal Occupation During at Least the Past 5 Years:

Director (Vice Chairman), Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of certain funds in the Franklin Templeton fund complex.

Bjorn A. Davis (1965) 100 First Stamford Place Stamford, CT 06902 Chief Compliance Officer Since 2024 Not Applicable 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).

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Interested Board Members and Officers (continued)

Name, Year of Birth and Address	Position	Length of Time Served	Number of Portfolios in Fund Complex Overseen by Board Member1	Other Directorships Held During at Least the Past 5 Years
Sonal Desai, Ph.D. (1963) One Franklin Parkway San Mateo, CA 94403-1906	President and Chief Executive Officer – Investment Management	Since 2018	Not Applicable	Not Applicable

Principal Occupation During at Least the Past 5 Years:

Director and Executive Vice President, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and officer of certain funds in the Franklin Templeton fund complex.

Susan Kerr (1949) 280 Park Avenue New York, NY 10017 Vice President - AML Compliance Since 2021 Not Applicable Not Applicable

Principal Occupation During at Least the Past 5 Years:

Senior Compliance Analyst, Franklin Templeton; Chief Anti-Money Laundering Compliance Officer, Legg Mason & Co., or its affiliates; Anti Money Laundering Compliance Officer; Senior Compliance Officer, Franklin Distributors, LLC; and officer of certain funds in the Franklin Templeton fund complex.

Christopher Kings (1974) One Franklin Parkway San Mateo, CA 94403-1906 Chief Executive Officer – Finance and Administration Since 2021 Not Applicable Not Applicable

Principal Occupation During at Least the Past 5 Years:

Senior Vice President, Franklin Templeton Services, LLC; and officer of certain funds in the Franklin Templeton fund complex.

Navid J. Tofigh (1972) One Franklin Parkway San Mateo, CA 94403-1906 Vice President and Secretary Vice President since 2015 and Secretary since 2023 Not Applicable Not Applicable

Principal Occupation During at Least the Past 5 Years:

Senior Associate General Counsel, Franklin Templeton; and officer of certain funds in the Franklin Templeton fund complex.

Jeffrey W. White (1971) One Franklin Parkway San Mateo, CA 94403-1906   Chief Financial Officer, Chief Accounting Officer and Treasurer Since 2024 Not Applicable Not Applicable

Principal Occupation During at Least the Past 5 Years:

Chief Financial Officer, Chief Accounting Officer & Treasurer and officer of certain funds in the Franklin Templeton 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

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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.

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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.

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(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

(c) N/A

(d) N/A

(f) Pursuant to Item 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.

(a) Audit Fees. 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.

(b) Audit-Related Fees. 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.

(c) Tax Fees. 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.

(d) All Other Fees. 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

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Registrant’s Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

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

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

(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

(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.

(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.

(f) Not applicable.

(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.

(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.

(i) Not applicable.

(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(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

J. Michael Luttig

Larry D. Thompson

(b) Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

(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).

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

HOW THE INVESTMENT MANAGERS VOTE PROXIES

Proxy Services

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

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 Registered Investment Companies Managed	Assets of Other Registered Investment Companies Managed (x $1 million)	Number of Other Pooled Investment Vehicles Managed1	Assets of Other Pooled Investment Vehicles Managed (x $1 million)1	Number of Other Accounts Managed1	Assets of Other Accounts Managed (x $1 million)1
Jonathan Belk	5	2,112.5	4	1,048.8	2	89.2
Glenn Voyles	8	6,597.4	11	3,257.4	3	47.5
Justin Ma	5	3,261.3	-	-	-	-
Patrick Klein	26	30,498.9	11	3,612.9	14	6,458.82

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.

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:

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

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

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

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

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

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

Portfolio Manager	Dollar Range of Fund Shares
	Beneficially Owned
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.

(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.

(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.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

(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.

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
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

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FAQ

What distribution does FTF pay and how often?

The Fund pays a fixed monthly distribution of $0.0615 per share. The managed distribution plan targets consistent monthly payouts and may use income, long‑term capital gains, or return of capital to maintain the rate.

Did Franklin Limited Duration Income Trust report a return for 2025?

Yes. The Fund posted a 6.31% cumulative total return based on NAV for the 12 months ended 12/31/2025. Market‑price total return for the period was 4.11%.

Was any portion of 2025 distributions a return of capital for FTF?

Management estimates distributions exceeded income and net realized gains, so a portion may be a return of capital. Form 1099‑DIV will describe tax treatment for shareholders.

What is the Fund’s leverage level as of year‑end?

As of 12/31/2025 the Fund reported leverage equal to 31.32% of the total portfolio, employed via a credit facility, reverse repos and mortgage dollar rolls.

How is the Fund’s portfolio allocated by major asset class?

At 12/31/25 allocations included 41.1% corporate bonds, 26.0% senior floating‑rate interests, 14.8% mortgage‑backed securities, and 12.6% marketplace loans.