Morgan Stanley & Parametric (FTF) report 7.5% stake in Franklin LTD Duration Trust

Rhea-AI Filing Summary

Franklin Ltd Duration Income Trust ownership disclosure: Morgan Stanley and Parametric Portfolio Associates LLC filed an amended Schedule 13G/A reporting beneficial ownership of 7.5% of the trust's Common Shares of Beneficial Interest. The filing lists shared voting power of 361,939 and shared dispositive power of 3,020,736.

The filing is a joint submission and includes exhibits for a Joint Filing Agreement and subsidiary identification information; signatures from authorized signatories are provided.

Insights

Governance Analyst

Joint 13G/A shows institutional passive ownership at 7.5%

The filing lists two institutional filers—Morgan Stanley reporting through MS reporting units and Parametric Portfolio Associates LLC—together showing 7.5% beneficial ownership. The report specifies shared voting and dispositive powers and attaches a Joint Filing Agreement.

Because this is a Schedule 13G/A amendment, it reflects passive reporting conventions rather than active acquisition intent; subsequent filings would show any change in position.

Institutional Ownership Specialist

Positions disclosed via shared voting/dispositive powers, not sole control.

The disclosure shows shared voting power 361,939 and shared dispositive power 3,020,736, indicating holdings reported across reporting units. The filing cites Release No. 34-39538 to explain aggregation rules for MS Reporting Units.

Cash-flow treatment and purchase timing are not provided in the excerpt; future amendments would show material changes.

Key Figures

Beneficial ownership: 7.5 % Shared voting power: 361,939 shares Shared dispositive power: 3,020,736 shares +1 more

4 metrics

Beneficial ownership 7.5 % Percent of class reported on Schedule 13G/A

Shared voting power 361,939 shares Shared voting power reported by filers

Shared dispositive power 3,020,736 shares Shared dispositive power reported by filers

CUSIP 35472T101 Security identifier for Common Shares of Beneficial Interest

Key Terms

Schedule 13G/A, Beneficial ownership, Reporting Units, Joint Filing Agreement

4 terms

Schedule 13G/A regulatory

"Amendment No. 1 ) FRANKLIN LTD DURATION INCOME TRUST"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership financial

"Item 4. | Ownership (a) | Amount beneficially owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Reporting Units regulatory

"MS Reporting Units of Morgan Stanley and its subsidiaries"

Joint Filing Agreement legal

"EXHIBIT NO. EXHIBITS 99.1 Joint Filing Agreement"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

FRANKLIN LTD DURATION INCOME TRUST

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

35472T101

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 35472T101

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 361,939.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,020,736.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,020,736.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 35472T101

1

Names of Reporting Persons

Parametric Portfolio Associates LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 361,939.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,020,736.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,020,736.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FRANKLIN LTD DURATION INCOME TRUST
(b)	Address of issuer's principal executive offices: ONE FRANKLIN PARKWAY, SAN MATEO, CA, 94403-1906
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Parametric Portfolio Associates LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 800 Fifth Avenue, Suite 2800, Seattle, WA 98104
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 35472T101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 7.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	05/11/2026

Parametric Portfolio Associates LLC

Signature:	Cindy Kim
Name/Title:	Authorized Signatory, Parametric Portfolio Associates LLC
Date:	05/11/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake did Morgan Stanley and Parametric report in FTF?

They reported beneficial ownership of 7.5% of Franklin Ltd Duration Income Trust. The filing attributes shared voting power of 361,939 and shared dispositive power of 3,020,736 to the joint filers.

Does this Schedule 13G/A indicate active trading or passive ownership for FTF?

This filing reflects passive reporting under Schedule 13G/A, indicating institutional ownership rather than an active acquisition narrative. It is a joint amendment showing aggregated positions by reporting units, not a disclosure of trades or intent to trade.

Who signed the amended 13G/A for FTF?

Authorized signatories signed the amendment: Claire Gordon for Morgan Stanley and Cindy Kim for Parametric Portfolio Associates LLC. The filing also attaches a Joint Filing Agreement and Item 7 subsidiary information.

What do the shared voting and dispositive power numbers mean in this filing?

Shared voting power 361,939 indicates votes reported as shared authority; shared dispositive power 3,020,736 indicates shared authority to direct sale or transfer. These figures reflect how the filers report control across reporting units.

Does the 13G/A show who receives proceeds or transaction timing for FTF holdings?

No. The amendment discloses ownership and power metrics but does not state proceeds recipients or purchase timing. The filing focuses on beneficial ownership percentages and power allocations under reporting rules.