UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

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, 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: 12/31

Date of reporting period: 6/30/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

Semiannual

Report

Franklin

Limited

Duration

Income

Trust

June

30,

2023

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

.

Managed

Distribution

Policy

:

The

Fund’s

Board

of

Trustees

(the

“Board”)

has

authorized

a

managed

distribution

plan

pursuant

to

which

the

Fund

makes

monthly

distributions

to

shareholders

at

an

annual

minimum

fixed

rate

of

10%,

based

on

the

average

monthly

net

asset

value

(NAV)

of

the

Fund’s

common

shares

(the

“Plan”).

The

Fund

calculates

the

average

NAV

from

the

previous

month

based

on

the

number

of

business

days

in

the

month

on

which

the

NAV

is

calculated.

The

Plan

is

intended

to

provide

shareholders

with

a

constant,

but

not

guaranteed,

fixed

minimum

rate

of

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

can

be

no

assurance

that

the

Plan

will

be

successful

in

doing

so.

The

Fund

is

managed

with

a

goal

of

generating

as

much

of

the

distribution

as

possible

from

net

ordinary

income

and

short-term

capital

gains,

that

is

consistent

with

the

Fund’s

investment

strategy

and

risk

profile.

To

the

extent

that

sufficient

distributable

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

was

invested

in

the

Fund

is

paid

back

to

shareholders.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

Even

though

the

Fund

may

realize

current

year

capital

gains,

such

gains

may

be

offset,

in

whole

or

in

part,

by

the

Fund’s

capital

loss

carryovers

from

prior

years.

The

Board

may

amend

the

terms

of

the

Plan

or

terminate

the

Plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Plan.

The

amendment

or

termination

of

the

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

the

current

distribution

or

from

the

terms

of

the

Fund’s

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

3

Financial

Highlights

and

Schedule

of

Investments

5

Financial

Statements

136

Notes

to

Financial

Statements

140

Important

Information

to

Shareholders

152

Annual

Meeting

of

Shareholders

153

Dividend

Reinvestment

and

Cash

Purchase

Plan

154

Shareholder

Information

156

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

Franklin

Limited

Duration

Income

Trust

Dear

Shareholder,

This

semiannual

report

for

Franklin

Limited

Duration

Income

Trust

covers

the

period

ended

June

30,

2023.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

high,

current

income,

with

a

secondary

objective

of

capital

appreciation

to

the

extent

possible

and

consistent

with

the

Fund’s

primary

objective,

through

a

portfolio

consisting

primarily

of

high-yield

corporate

bonds,

floating

rate

corporate

loans

and

mortgage-

and

other

asset-backed

securities.

Performance

Overview

For

the

six

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+5.57%

based

on

net

asset

value

and

+5.30%

based

on

market

price.

Net

asset

value

increased

from

$7.06

per

share

on

December

31,

2022,

to

$7.09

at

period-end,

and

the

market

price

decreased

from

$6.21

to

$6.18

over

the

same

period.

You

can

find

the

Fund’s

long-

term

performance

data

in

the

Performance

Summary

on

page

3

.

The

Fund

has

a

managed

distribution

plan

pursuant

to

which

the

Fund

makes

monthly

distributions

to

shareholders

at

an

annual

minimum

fixed

rate

of

10%,

based

on

the

average

monthly

net

asset

value

of

the

Fund’s

common

shares

(the

“Plan”).

The

Plan

has

maintained

this

10%

fixed

rate

since

it

began

in

January

2017.

The

Plan

has

no

impact

on

the

Fund’s

investment

strategy

and

may

reduce

the

Fund’s

net

asset

value.

The

Fund’s

investment

manager

believes

the

Plan

helps

maintain

the

Fund’s

competitiveness

and

may

benefit

the

Fund’s

market

price

and

premium/discount

to

the

Fund’s

net

asset

value.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Thank

you

for

your

continued

participation

in

Franklin

Limited

Duration

Income

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Sonal

Desai,

Ph.D.

Glenn

I.

Voyles,

CFA

Justin

Ma,

CFA

Patrick

A.

Klein,

Ph.D.

Portfolio

Management

Team

Portfolio

Composition

6/30/23

%

of

Total

Investments

Corporate

Bonds

30.7%

Senior

Floating

Rate

Interests

29.0%

Marketplace

Loans

17.2%

Mortgage-Backed

Securities

10.3%

Asset-Backed

Securities

*

10.2%

Common

Stocks

1.0%

Commercial

Mortgage-Backed

Securities

0.8%

Other

†,‡

0.0%

Short-Term

Investments

0.8%

*

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.

‡

Rounds

to

less

than

0.1%.

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

7

.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

June

30,

2023

Franklin

Limited

Duration

Income

Trust

3

franklintempleton.com

Semiannual

Report

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

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

6/30/23

1,2

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

Cumulative

Total

Return

3

Average

Annual

Total

Return

3

Based

on

NAV

4

Based

on

market

price

5

Based

on

NAV

4

Based

on

market

price

5

6-Month

+5.57%

+5.30%

+5.57%

+5.30%

1-Year

+7.39%

+2.28%

+7.39%

+2.28%

5-Year

+1.05%

-2.77%

+0.21%

-0.56%

10-Year

+21.17%

+17.23%

+1.94%

+1.60%

Symbol:

FTF

6/30/23

12/31/22

Change

Net

Asset

Value

(NAV)

$7.09

$7.06

+$0.03

Market

Price

(NYSE)

$6.18

$6.21

-$0.03

See

page

4

for

Performance

Summary

footnotes.

Franklin

Limited

Duration

Income

Trust

Performance

Summary

4

franklintempleton.com

Semiannual

Report

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

prepayment

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

6/30/23,

the

Fund

had

leverage

in

the

amount

of

32.00%

of

the

Fund’s

total

portfolio.

The

Fund

employs

leverage

through

partic-

ipation

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

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.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(1/1/23–6/30/23)

Net

Investment

Income

$0.3572

Franklin

Limited

Duration

Income

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

5

a

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

2021

2020

2019

2018

Per

common

share

operating

performance

(for

a

common

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.06

$8.97

$9.43

$10.00

$10.11

$12.32

Income

from

investment

operations:

Net

investment

income

a

.............

0.32

0.62

0.52

0.51

0.53

0.57

Net

realized

and

unrealized

gains

(losses)

0.07

(1.46)

(0.05)

(0.15)

0.39

(0.79)

Dividends

to

preferred

shareholders

from

net

investment

income

..............

—

—

—

—

—

(0.06)

Total

from

investment

operations

........

0.39

(0.84)

0.47

0.36

0.92

(0.28)

Less

distributions

to

common

shareholders

from:

Net

investment

income

..............

(0.36)

(0.57)

(0.55)

(0.55)

(0.58)

(0.49)

Tax

return

of

capital

................

—

(0.21)

(0.38)

(0.38)

(0.45)

(0.68)

Total

distributions

...................

(0.36)

(0.78)

(0.93)

(0.93)

(1.03)

(1.17)

Dilution

effect

of

rights

offering

.........

—

(0.29)

b

—

—

—

(0.76)

c

Net

asset

value,

end

of

period

..........

$7.09

$7.06

$8.97

$9.43

$10.00

$10.11

Market

value,

end

of

period

d

...........

$6.18

$6.21

$9.09

$9.42

$9.59

$9.02

Total

return

(based

on

net

asset

value

per

share)

e

...........................

5.57%

(12.75)%

5.16%

4.26%

9.33%

(9.07)%

Total

return

(based

on

market

value

per

share)

e

...........................

5.30%

(23.52)%

6.77%

9.43%

18.34%

(14.86)%

Ratios

to

average

net

assets

applicable

to

common

shares

f,g

Expenses

before

waiver

and

payments

by

affiliates

..........................

4.01%

2.69%

1.76%

1.86%

2.16%

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

4.00%

2.68%

1.75%

1.85%

2.15%

1.71%

Net

investment

income

...............

9.02%

8.16%

5.58%

5.51%

5.15%

4.97%

Supplemental

data

Net

assets

applicable

to

common

shares,

end

of

period

(000’s)

.................

$286,643

$285,319

$270,437

$284,199

$301,452

$304,804

Portfolio

turnover

rate

................

46.64%

95.50%

107.66%

106.46%

113.49%

198.44%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

i

........................

25.87%

52.93%

51.04%

60.46%

57.50%

63.84%

Total

credit

facility

and

reverse

repurchase

agreements

outstanding

at

end

of

period

(000’s)

...........................

$110,813

$117,090

$116,359

$111,505

$107,117

$90,000

j

Asset

coverage

per

$1,000

of

debt

......

$3,587

$3,437

$3,324

$3,549

$3,814

$4,387

j

Franklin

Limited

Duration

Income

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

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

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.

d

Based

on

the

last

sale

on

the

NYSE

American.

e

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.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Based

on

income

and

expenses

applicable

to

both

common

and

preferred

shares.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

See

Note

1(d)

regarding

mortgage

dollar

rolls.

j

Effective

August

15,

2018,

the

Fund

began

participating

in

a

credit

facility.

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited),

June

30,

2023

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.3%

Ground

Transportation

0.0%

†

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...................

Australia

522,133

$

52,598

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

24,950

3,568

Independent

Power

and

Renewable

Electricity

Producers

1.1%

b

Talen

Energy

Corp.

....................................

United

States

41,217

2,067,032

b

Talen

Energy

Corp.

....................................

United

States

20,338

1,019,951

3,086,983

Metals

&

Mining

0.1%

b

Petra

Diamonds

Ltd.

...................................

South

Africa

331,401

283,097

Oil,

Gas

&

Consumable

Fuels

0.1%

b

Amplify

Energy

Corp.

..................................

United

States

281

1,903

Birch

Permian

Holdings,

Inc.

.............................

United

States

20,307

304,605

California

Resources

Corp.

..............................

United

States

42

1,902

308,410

Total

Common

Stocks

(Cost

$2,330,751)

.......................................

3,734,656

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

59,089

1,477

b

Total

Preferred

Stocks

(Cost

$79,741)

..........................................

1,477

Warrants

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b

California

Resources

Corp.,

10/27/24

......................

United

States

96

1,139

Total

Warrants

(Cost

$–)

......................................................

1,139

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

c,d,e,f

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

37,394

3,683

Total

Convertible

Bonds

(Cost

$10,324)

........................................

3,683

Corporate

Bonds

42.0%

Aerospace

&

Defense

0.3%

f,g

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

....

United

States

900,000

896,411

Automobile

Components

1.1%

f,g

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

......................

United

States

700,000

711,675

Senior

Secured

Note,

144A,

7%,

4/15/28

..................

United

States

400,000

404,796

f,g

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

..........................................

United

States

1,300,000

1,062,132

g

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

9.5

%

,

5/31/25

...

United

States

1,000,000

1,023,472

3,202,075

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobiles

0.4%

f,g

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

...........................................

United

Kingdom

1,300,000

$

1,110,633

Banks

0.5%

e,g

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

.................................

United

States

1,500,000

1,504,830

Beverages

0.2%

f,g

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

700,000

600,555

Biotechnology

0.2%

f

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

8/15/28

.

United

States

900,000

524,515

Broadline

Retail

0.5%

f,g

Macy's

Retail

Holdings

LLC

,

Senior

Bond

,

144A,

6.125

%

,

3/15/32

.

United

States

600,000

525,711

h

Nordstrom,

Inc.

,

Senior

Bond

,

4

%

,

3/15/27

..................

United

States

1,000,000

891,035

1,416,746

Building

Products

1.3%

f,g

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

.....................................

United

States

500,000

473,159

f,g

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

...........................................

United

States

1,000,000

791,645

f,g

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

.....................................

United

States

500,000

473,862

f,g

Emerald

Debt

Merger

Sub

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

....................................

United

States

1,100,000

1,091,750

f,g

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

......................................

United

States

1,000,000

919,900

3,750,316

Capital

Markets

0.2%

f,g

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

......................................

United

States

500,000

430,749

Chemicals

2.2%

c,f

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

158,503

118,437

f,g

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

...........................................

United

States

200,000

144,623

f

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

300,000

194,606

g

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

1,000,000

993,970

f,g

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

..........................................

Switzerland

600,000

511,482

f,g

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

300,000

262,035

f,h

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

1,500,000

1,382,311

f

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

9

%

,

7/01/28

...................................

United

States

1,000,000

872,765

c,f

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

200,000

133,000

f,g

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

.....................................

United

States

1,000,000

971,600

f,h

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

1,000,000

767,470

6,352,299

Commercial

Services

&

Supplies

0.9%

f,g

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

800,000

695,438

f,g

Enviri

Corp.

,

Senior

Note

,

144A,

5.75

%

,

7/31/27

..............

United

States

1,400,000

1,220,254

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Commercial

Services

&

Supplies

(continued)

f,g

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

....................

United

States

600,000

$

529,774

2,445,466

Construction

&

Engineering

0.6%

f,g

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

.............

United

States

300,000

269,110

f,g

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

800,000

738,696

f,g

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

.....................................

United

States

800,000

721,152

1,728,958

Consumer

Finance

1.3%

f,g

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

..........

Ireland

700,000

701,046

g

OneMain

Finance

Corp.

,

Senior

Note

,

9

%

,

1/15/29

............

United

States

1,000,000

1,009,350

f,g

PRA

Group,

Inc.

,

Senior

Note,

144A,

8.375%,

2/01/28

.....................

United

States

600,000

544,125

Senior

Note,

144A,

5%,

10/01/29

.......................

United

States

300,000

227,397

f,g

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

1,400,000

1,234,111

3,716,029

Containers

&

Packaging

2.7%

f,g

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4

%

,

9/01/29

.......

United

States

1,500,000

1,189,663

f

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

h

Senior

Note,

144A,

5.25%,

8/15/27

......................

United

States

600,000

509,032

g

Senior

Secured

Note,

144A,

5.25%,

4/30/25

...............

United

States

600,000

587,559

g

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

,

Senior

Note

,

4.75

%

,

2/01/26

.................................

United

States

500,000

485,033

f,g

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

300,000

305,591

f,g

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

.....................

United

States

1,500,000

1,386,265

Senior

Secured

Note,

144A,

7.875%,

8/15/26

..............

United

States

1,200,000

1,193,506

f,h

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/13/27

...........................................

United

States

375,000

371,791

f,g

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

300,000

260,106

f,h

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

1,200,000

1,062,589

f,g

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

.

Netherlands

400,000

385,535

7,736,670

Distributors

0.3%

f,g

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

......................

Canada

500,000

519,338

Senior

Secured

Note,

144A,

6.75%,

3/15/28

...............

Canada

300,000

302,751

822,089

Diversified

Consumer

Services

0.4%

h

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

1,300,000

1,180,400

Diversified

REITs

0.7%

f,g

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

......................

United

States

800,000

587,696

f,g

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

...............

United

States

900,000

693,222

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

(continued)

f,g

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...........................................

United

States

700,000

$

642,765

1,923,683

Diversified

Telecommunication

Services

0.7%

f

Altice

France

Holding

SA

,

Senior

Note,

144A,

6%,

2/15/28

........................

Luxembourg

300,000

146,618

Senior

Secured

Note,

144A,

10.5%,

5/15/27

...............

Luxembourg

1,700,000

1,031,364

f,g

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Note

,

144A,

6.375

%

,

9/01/29

................................

United

States

1,000,000

943,244

2,121,226

Electric

Utilities

0.6%

f

Vistra

Operations

Co.

LLC

,

g

Senior

Note,

144A,

5.625%,

2/15/27

.....................

United

States

1,300,000

1,247,190

h

Senior

Note,

144A,

4.375%,

5/01/29

.....................

United

States

400,000

350,743

1,597,933

Electrical

Equipment

0.7%

f,g

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

1,000,000

891,184

f,g

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

1,300,000

1,172,462

2,063,646

Electronic

Equipment,

Instruments

&

Components

0.1%

f,g

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

500,000

425,505

Energy

Equipment

&

Services

1.7%

f

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

c

Secured

Note,

144A,

PIK,

10%,

4/01/26

..................

United

States

1,058,831

904,041

Senior

Secured

Note,

144A,

7.5%,

4/01/25

................

United

States

325,000

311,652

f,g

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

900,000

876,541

f,g

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

1,000,000

934,715

f,g

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

.....................................

United

States

300,000

306,660

f,g

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

800,000

812,876

f,g

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

United

States

700,000

711,324

4,857,809

Entertainment

0.7%

f,g

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

...........................................

France

2,000,000

1,962,250

Financial

Services

0.5%

f,g

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

1,200,000

976,509

f,g

United

Wholesale

Mortgage

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

United

States

400,000

381,051

1,357,560

Food

Products

0.5%

g

B&G

Foods,

Inc.

,

Senior

Note,

5.25%,

4/01/25

...........................

United

States

1,000,000

956,090

Senior

Note,

5.25%,

9/15/27

...........................

United

States

400,000

348,056

1,304,146

Ground

Transportation

0.5%

f,g

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

800,000

777,578

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Ground

Transportation

(continued)

f,g

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

..............................

United

States

900,000

$

763,434

1,541,012

Health

Care

Equipment

&

Supplies

0.4%

f,g

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

400,000

431,242

f,g

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

.....................

United

States

500,000

434,365

Senior

Secured

Note,

144A,

3.875%,

4/01/29

..............

United

States

400,000

348,003

1,213,610

Health

Care

Providers

&

Services

1.5%

f

CHS/Community

Health

Systems,

Inc.

,

h

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

500,000

298,428

g

Senior

Secured

Note,

144A,

5.625%,

3/15/27

..............

United

States

400,000

352,881

f,g

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

700,000

601,711

f,g

Fortrea

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

7/01/30

.

United

States

1,000,000

1,025,220

f,h

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

1,100,000

829,268

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

4.875%,

1/01/26

...................

United

States

500,000

487,497

g

Senior

Secured

Note,

6.125%,

6/15/30

...................

United

States

700,000

690,865

4,285,870

Hotel

&

Resort

REITs

0.1%

f,g

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25

%

,

7/15/28

.....................................

United

States

300,000

303,339

Hotels,

Restaurants

&

Leisure

4.1%

a,d,f

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

1,500,000

—

f

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

.....................................

Czech

Republic

800,000

813,208

f,g

Boyne

USA,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

5/15/29

...........

United

States

300,000

270,618

f,g

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

.....................

United

States

400,000

392,130

Senior

Note,

144A,

5.75%,

3/01/27

......................

United

States

1,500,000

1,382,272

f,g

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

...........................................

United

States

400,000

437,869

f,g

Everi

Holdings,

Inc.

,

Senior

Note

,

144A,

5

%

,

7/15/29

...........

United

States

700,000

613,662

f,g

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.......................

United

States

1,300,000

1,107,622

f,h

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

300,000

280,939

f,g

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

.....................

United

States

500,000

369,438

Senior

Note,

144A,

5.625%,

9/01/29

.....................

United

States

500,000

379,215

f,g

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

.......................

United

States

500,000

474,524

Senior

Note,

144A,

11.625%,

8/15/27

....................

United

States

700,000

761,865

f,g

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

200,000

179,757

f

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

1,500,000

1,113,014

f,g

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/25

.................................

United

States

1,700,000

1,674,359

f,g

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

...........................

United

States

1,500,000

1,492,263

11,742,755

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Household

Durables

0.5%

f,g

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

6.625%,

1/15/28

.....................

United

States

500,000

$

478,655

Senior

Note,

144A,

4.625%,

4/01/30

.....................

United

States

1,000,000

854,970

1,333,625

Independent

Power

and

Renewable

Electricity

Producers

1.0%

f,g

Calpine

Corp.

,

Senior

Note

,

144A,

5.125

%

,

3/15/28

............

United

States

1,500,000

1,340,673

f,g

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

......................

United

States

400,000

326,225

Senior

Note,

144A,

4.75%,

3/15/28

......................

United

States

300,000

277,071

Senior

Note,

144A,

3.75%,

2/15/31

......................

United

States

200,000

166,154

f

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

.....................................

United

States

1,000,000

892,126

3,002,249

Insurance

0.4%

f,g

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

...........................

United

States

400,000

376,572

f,g

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

.....................................

Canada

800,000

807,123

1,183,695

IT

Services

0.9%

f,g

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

...........................................

United

States

700,000

587,178

f

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

.......................

United

States

500,000

467,555

g

Senior

Note,

144A,

3.625%,

6/15/29

.....................

United

States

200,000

176,245

f,g

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

..............................

United

States

1,100,000

879,503

f,g

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

......

United

States

400,000

381,382

2,491,863

Machinery

1.0%

f,g

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

.............

Canada

1,300,000

1,164,894

f,g

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

...........................................

France

800,000

820,832

f,g

Chart

Industries,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/01/30

.

United

States

700,000

715,053

f,g

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

.....................................

Canada

300,000

272,619

2,973,398

Media

2.0%

f,g

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

.....................................

United

Kingdom

300,000

298,903

f,g

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

......................

United

States

300,000

235,869

Senior

Note,

144A,

7.5%,

6/01/29

.......................

United

States

400,000

296,453

g

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

...........................

United

States

500,000

465,604

f

Senior

Note,

144A,

11.25%,

5/15/28

.....................

United

States

700,000

679,640

d,f,g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

.....................

United

States

500,000

12,896

Senior

Secured

Note,

144A,

5.375%,

8/15/26

..............

United

States

800,000

27,500

f,g

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

....................

United

States

200,000

181,362

f,g

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/01/28

...

United

States

1,000,000

745,659

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

f,h

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

.............

United

States

1,200,000

$

1,054,543

f,g

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

500,000

405,388

f

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

700,000

404,442

f,g

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

600,000

521,965

f,g

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

5/01/29

...........................................

United

States

400,000

344,105

5,674,329

Metals

&

Mining

0.6%

f,g

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

600,000

511,120

c,f

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.033

%

,

3/08/26

....................................

South

Africa

766,731

717,576

f,g

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

600,000

504,610

1,733,306

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

f,g

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

................................

United

States

1,500,000

1,171,314

f,g

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

.................

United

States

300,000

244,442

1,415,756

Oil,

Gas

&

Consumable

Fuels

4.5%

f,g

Antero

Resources

Corp.

,

Senior

Note

,

144A,

7.625

%

,

2/01/29

....

United

States

166,000

168,589

f,g

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

......................

United

States

900,000

862,552

Cheniere

Energy

Partners

LP

,

g

Senior

Note,

4.5%,

10/01/29

...........................

United

States

900,000

826,791

h

Senior

Note,

4%,

3/01/31

.............................

United

States

500,000

440,795

g

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

600,000

560,872

f,g

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

500,000

487,951

f,g

Civitas

Resources,

Inc.

,

Senior

Note,

144A,

8.375%,

7/01/28

.....................

United

States

700,000

708,785

Senior

Note,

144A,

8.75%,

7/01/31

......................

United

States

700,000

710,535

f

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

h

Senior

Note,

144A,

6%,

2/01/29

........................

United

States

1,000,000

934,765

g

Senior

Note,

144A,

8%,

4/01/29

........................

United

States

500,000

507,273

f,g

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

...........................................

United

States

300,000

281,346

f,g

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

.................................

United

States

800,000

783,272

f,g

EnLink

Midstream

LLC

,

Senior

Note

,

144A,

6.5

%

,

9/01/30

.......

United

States

800,000

799,917

f,g

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

100,000

101,054

f,g

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

500,000

460,259

f,g

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

5.75

%

,

2/01/29

...........................................

United

States

500,000

453,239

f,g

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

600,000

570,897

f,g

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

.....................

United

States

1,800,000

1,738,278

a,d,f,g

Murray

Energy

Corp.

,

Secured

Note

,

144A,

12

%

,

4/15/24

.......

United

States

606,187

—

f,g

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

..............

United

States

300,000

258,413

Senior

Secured

Note,

144A,

3.875%,

8/15/29

..............

United

States

300,000

262,353

f,g

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note,

144A,

8.125%,

6/01/28

..............

United

States

600,000

610,053

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

f,g

Venture

Global

LNG,

Inc.,

(continued)

Senior

Secured

Note,

144A,

8.375%,

6/01/31

..............

United

States

500,000

$

504,754

13,032,743

Paper

&

Forest

Products

0.1%

f

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

400,000

262,091

Passenger

Airlines

0.5%

f,g

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.............................

United

States

1,000,000

991,590

f,g

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

..............

United

States

100,000

95,101

Senior

Secured

Note,

144A,

4.625%,

4/15/29

..............

United

States

300,000

273,620

1,360,311

Pharmaceuticals

1.1%

f,g

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

327,000

328,195

f

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

.....................

United

States

115,000

69,000

g

Senior

Secured

Note,

144A,

11%,

9/30/28

.................

United

States

581,000

414,137

d,f,g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

......................

United

States

492,000

30,135

Senior

Note,

144A,

6%,

6/30/28

........................

United

States

613,000

32,182

d,f

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

....................

United

States

500,000

370,498

f,g

Kevlar

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

.........

Italy

1,000,000

857,500

d,f,g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

203,000

150,304

g

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

.....................................

Israel

900,000

833,690

3,085,641

Real

Estate

Management

&

Development

0.5%

f,g

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

...............................

United

States

1,000,000

904,105

f,g

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

500,000

460,003

1,364,108

Software

1.0%

f,g

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

700,000

660,058

f,h

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

............

United

States

1,300,000

1,131,725

f,g

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

1,300,000

1,096,035

2,887,818

Specialized

REITs

0.3%

f,g

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/15/29

...........

United

States

1,000,000

1,002,762

Specialty

Retail

0.7%

f,g

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

.....................................

United

States

800,000

828,024

f,g

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

700,000

495,353

f

Michaels

Cos.,

Inc.

(The)

,

h

Senior

Note,

144A,

7.875%,

5/01/29

.....................

United

States

600,000

405,000

g

Senior

Secured

Note,

144A,

5.25%,

5/01/28

...............

United

States

300,000

242,691

d,i

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

FRN

,

10.27

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

.....................

United

States

239,415

26,336

1,997,404

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

0.1%

f,g

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

............

United

States

400,000

$

403,506

Trading

Companies

&

Distributors

0.4%

f,g

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

1,200,000

1,040,256

Total

Corporate

Bonds

(Cost

$137,209,587)

.....................................

120,363,946

j

Senior

Floating

Rate

Interests

39.7%

k

Aerospace

&

Defense

0.7%

c

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

......................................

United

Kingdom

1,099,372

984,625

Cobham

Ultra

SeniorCo

SARL

,

Term

Loan,

B

,

8.56

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

8/03/29

...............................

Luxembourg

333,060

327,856

Vertex

Aerospace

Services

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.952

%

,

(

1-month

SOFR

+

3.75

%

),

12/06/28

...............

United

States

547,977

548,550

1,861,031

a

a

a

a

a

a

k

Air

Freight

&

Logistics

0.6%

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

9.477

%

,

(

6-month

SOFR

+

4.178

%

),

3/24/26

......................

United

States

1,307,032

1,306,450

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.492

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

..............................

United

States

360,986

341,132

1,647,582

a

a

a

a

a

a

k

Automobile

Components

1.2%

Adient

US

LLC

,

CME

Term

Loan,

B1

,

8.467

%

,

(

1-month

SOFR

+

3.25

%

),

4/10/28

.....................................

United

States

473,468

474,060

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

9.253

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

......................

United

States

474,760

454,582

First

Brands

Group

LLC

,

2022-II

Incremental

CME

Term

Loan,

10.246%,

(6-month

SOFR

+

5%),

3/30/27

.......................................

United

States

749,000

734,020

First

Lien,

2021

CME

Term

Loan,

10.252%,

(6-month

SOFR

+

5%),

3/30/27

...........................................

United

States

1,214,064

1,191,683

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

9.702

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

................

United

States

537,403

519,937

3,374,282

a

a

a

a

a

a

Automobiles

0.4%

k

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.952

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

................

United

States

1,135,380

1,027,167

k

Beverages

0.3%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

8.76

%

,

(

3-month

SOFR

+

3.5

%

),

4/05/28

........................

United

States

469,048

309,571

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.659

%

,

(

3-month

SOFR

+

3.5

%

),

3/31/28

........................

United

States

566,354

548,922

858,493

a

a

a

a

a

a

k

Capital

Markets

1.4%

Citadel

Securities

LP

,

CME

Term

Loan,

B1

,

8.268

%

,

(

1-month

SOFR

+

3

%

),

2/02/28

......................................

United

States

318,400

318,968

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.992

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

...........

United

States

570,864

555,471

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

8.904

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/07/28

...

United

States

978,600

955,911

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Capital

Markets

(continued)

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

7.967

%

,

(

1-month

SOFR

+

2.75

%

),

1/26/28

...................................

United

States

537,591

$

536,874

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B

,

8.896

%

,

(

1-month

SOFR

+

3.75

%

),

7/31/28

.......................

United

Kingdom

1,060,714

1,042,682

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

CME

Term

Loan

,

8.753

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/25

............

United

States

578,546

541,230

3,951,136

a

a

a

a

a

a

k

Chemicals

2.6%

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

9.253

%

,

(

3-month

SOFR

+

3.75

%

),

12/29/27

......................

United

States

688,266

525,147

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.443

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

3/16/25

..................

United

States

178,331

177,918

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

9.779%,

(3-month

SOFR

+

4.5%),

3/15/29

......................................

United

States

990,000

936,941

Second

Lien,

Initial

CME

Term

Loan,

12.627%,

(1-month

SOFR

+

7.438%),

3/15/30

....................................

United

States

279,070

231,163

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

7.967

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

.......................

United

Kingdom

917,933

917,129

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.003

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

......................

Luxembourg

320,000

319,312

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.717

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

.....................................

United

States

622,885

615,002

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

8.717

%

,

(

1-month

SOFR

+

3.5

%

),

6/30/27

...............

United

States

915,822

909,284

Nouryon

Finance

BV

,

2023

CME

Term

Loan,

8.99%,

(3-month

SOFR

+

4%),

4/03/28

..

Netherlands

273,438

272,184

Extended

Dollar

CME

Term

Loan,

9.318%,

(3-month

SOFR

+

4%),

4/03/28

...........................................

Netherlands

380,952

378,095

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.304

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

.....................................

United

States

1,191,000

1,053,219

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

9.154

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

..................

United

States

1,189,967

1,174,254

7,509,648

a

a

a

a

a

a

k

Commercial

Services

&

Supplies

2.5%

Allied

Universal

Holdco

LLC

,

l

Amendment

No.

3

CME

Term

Loan,

9.881%,

(6-month

SOFR

+

4.75%),

5/12/28

.....................................

United

States

250,000

244,793

Initial

U.S.

Dollar

CME

Term

Loan,

8.952%,

(1-month

SOFR

+

3.75%),

5/12/28

.....................................

United

States

1,354,792

1,319,418

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

9.147

%

,

(

1-month

SOFR

+

4

%

),

2/15/29

............

United

States

1,055,484

1,034,375

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.242

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

................................

United

States

702,086

690,238

Indicor

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.398

%

,

(

3-month

SOFR

+

4.5

%

),

11/22/29

.......................

United

States

159,509

159,073

Madison

IAQ

LLC

,

Term

Loan

,

8.302

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

.....................................

United

States

493,703

484,199

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.217

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

.........................

United

States

1,759,500

1,634,136

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

7.943

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

9/23/26

United

States

395,949

396,331

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Commercial

Services

&

Supplies

(continued)

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

9.23

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

.......................................

United

States

1,270,750

$

1,096,930

7,059,493

a

a

a

a

a

a

k

Construction

&

Engineering

0.4%

Brown

Group

Holding

LLC

,

Incremental

CME

Term

Loan,

B2

,

8.778

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

7/02/29

...........................................

United

States

163,240

163,123

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.654

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........................

United

States

664,034

631,387

Zekelman

Industries,

Inc.

,

2020

Term

Loan

,

7.197

%

,

(

1-month

SOFR

+

2

%

),

1/24/27

......................................

United

States

396,916

394,711

1,189,221

a

a

a

a

a

a

k

Consumer

Staples

Distribution

&

Retail

0.1%

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

11.15

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

...........................

United

States

102,042

94,899

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

CME

Term

Loan

,

8.717

%

,

(

1-month

SOFR

+

3.5

%

),

9/23/27

.................

United

States

163,670

161,944

256,843

a

a

a

a

a

a

k

Containers

&

Packaging

1.3%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

8.967

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

...............

United

States

1,096,024

1,088,834

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.104

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

.............................

Luxembourg

1,606,382

1,537,107

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

9.16

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

...................

United

States

1,200,000

1,198,080

3,824,021

a

a

a

a

a

a

k

Diversified

Consumer

Services

0.6%

KUEHG

Corp.

,

First

Lien,

CME

Term

Loan

,

10.146

%

,

(

1-month

SOFR

+

5

%

),

5/23/30

.................................

United

States

500,000

496,145

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.943

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/15/28

.................

United

States

696,609

688,120

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

8.852

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

................

United

States

648,551

645,665

1,829,930

a

a

a

a

a

a

k

Diversified

Telecommunication

Services

0.8%

Altice

France

SA

,

USD

CME

Term

Loan,

B14

,

10.486

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

...............................

France

485,405

433,630

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.452

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

.............................

United

States

1,909,809

1,766,573

2,200,203

a

a

a

a

a

a

Electrical

Equipment

0.1%

k

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.452

%

,

(

1-month

SOFR

+

4.25

%

),

5/13/29

...........................................

United

States

255,645

256,125

k

Entertainment

0.3%

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

7.943

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................................

United

States

394,950

394,063

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Entertainment

(continued)

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

7.95

%

,

(

1-month

SOFR

+

2.75

%

),

5/18/25

...................................

United

States

324,516

$

324,289

718,352

a

a

a

a

a

a

k

Financial

Services

0.9%

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.688

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

8/02/28

...................

United

States

831,250

819,305

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.952

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

.............................

United

States

275,362

233,771

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

9.217

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

.......................................

United

States

1,580,164

1,581,642

2,634,718

a

a

a

a

a

a

k

Food

Products

0.2%

B&G

Foods,

Inc.

,

Tranche

Term

Loan,

B4

,

7.654

%

,

(

1-month

SOFR

+

2.5

%

),

10/10/26

...................................

United

States

327,936

322,095

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

9.04

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

.................................

United

States

204,828

204,529

526,624

a

a

a

a

a

a

k

Ground

Transportation

0.2%

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C

,

8.702

%

,

(

1-month

SOFR

+

3.5

%

),

3/16/29

...............................

United

States

395,990

397,392

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

9.523

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

12/15/28

.................

United

States

373,456

307,774

705,166

a

a

a

a

a

a

k

Health

Care

Equipment

&

Supplies

0.3%

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

8.352

%

,

(

1-month

SOFR

+

3.25

%

),

10/23/28

.............................

United

States

297,739

294,668

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

10.452

%

,

(

1-month

SOFR

+

5.25

%

),

12/15/27

....................................

United

States

582,460

567,898

862,566

a

a

a

a

a

a

k

Health

Care

Providers

&

Services

3.3%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

8.592%,

(1-month

SOFR

+

3.375%),

12/23/27

............................

United

States

763,502

720,556

Amendment

No.

5

Incremental

Term

Loan,

8.967%,

(1-month

SOFR

+

3.75%),

12/23/27

.............................

United

States

205,669

192,728

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

9.226

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

7/17/28

............

United

States

918,621

788,485

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.396

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

.......................

United

States

466,473

457,960

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.459

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.......................

United

States

146,876

146,491

eResearchTechnology,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.717

%

,

(

1-month

SOFR

+

4.5

%

),

2/04/27

.................

United

States

648,547

625,361

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.193

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/18/28

....

United

States

626,606

535,748

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.614

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

...............

United

States

380,109

358,062

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

9.726

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

..............................

United

States

629,335

564,155

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Health

Care

Providers

&

Services

(continued)

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.815%,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

..................

United

States

1,494,459

$

1,137,194

First

Lien,

Initial

Term

Loan,

C,

9.092%,

(3-month

SOFR

+

3.75%),

3/02/28

...........................................

United

States

48,018

36,539

Owens

&

Minor,

Inc.

,

CME

Term

Loan,

B1

,

8.785

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%;

6-month

SOFR

+

3.75%

),

3/29/29

...........................................

United

States

141,332

141,508

Pacific

Dental

Services

LLC

,

Term

Loan

,

8.704

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

......................................

United

States

92,301

92,157

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

8.943

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

............

United

States

722,348

639,881

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.404

%

,

(

1-month

SOFR

+

3.25

%

),

11/15/28

.............................

United

States

255,484

253,823

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

9.476

%

,

(

3-month

SOFR

+

4

%

),

6/22/26

.........................

United

States

543,226

446,804

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.518

%

,

(

1-month

SOFR

+

4.25

%

),

7/09/25

.......................

United

States

724,138

549,215

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.42

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

.................

United

States

344,838

324,732

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.217

%

,

(

1-month

SOFR

+

4

%

),

10/22/26

........................

United

States

1,545,624

1,543,692

9,555,091

a

a

a

a

a

a

Health

Care

Technology

0.6%

k

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.589

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

...............................

United

States

1,763,248

1,701,535

k

Hotels,

Restaurants

&

Leisure

1.7%

c

24

Hour

Fitness

Worldwide,

Inc.

,

Tranche

1

Term

Loan

,

10.143

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

................

United

States

1,225,999

154,510

Bally's

Corp.

,

Term

Loan,

B

,

8.396

%

,

(

1-month

SOFR

+

3.25

%

),

10/02/28

..........................................

United

States

788,000

771,614

Caesars

Entertainment,

Inc.

,

2023

Incremental

CME

Term

Loan,

B

,

8.452

%

,

(

1-month

SOFR

+

3.25

%

),

2/06/30

................

United

States

299,250

299,640

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.102

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

.........................

United

States

675,742

668,211

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

8.753

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

..............

Ireland

140,184

140,606

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

CME

Term

Loan

,

9.467

%

,

(

1-month

SOFR

+

4.25

%

),

11/22/28

...............

United

States

612,135

605,554

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

8.217

%

,

(

3-month

SOFR

+

3

%

),

8/02/28

.........................

United

States

667,892

666,759

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

8.202

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

........................

United

States

350,020

348,051

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

7.952

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

..............................

United

States

109,113

108,897

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

9.52

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

...........................

United

States

545,339

544,202

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.421

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

............

United

States

503,378

498,030

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.248

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

..................

United

States

161,163

161,201

4,967,275

a

a

a

a

a

a

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Household

Durables

0.4%

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

10.663

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

...................

United

States

689,500

$

448,158

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.666

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

...............................

Netherlands

297,744

283,881

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.476

%

,

(

3-month

USD

LIBOR

+

3

%

),

7/21/28

.....................

United

States

430,893

419,761

1,151,800

a

a

a

a

a

a

Household

Products

0.1%

k

Energizer

Holdings,

Inc.

,

2020

Term

Loan

,

7.442

%

,

(

1-month

SOFR

+

2.25

%

),

12/22/27

..................................

United

States

202,140

201,383

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

k

Talen

Energy

Supply

LLC

,

Initial

CME

Term

Loan,

B,

9.59%,

(3-month

SOFR

+

4.5%),

5/17/30

...........................................

United

States

61,376

61,287

Initial

CME

Term

Loan,

C,

9.59%,

(3-month

SOFR

+

4.5%),

5/17/30

...........................................

United

States

49,735

49,663

110,950

a

a

a

a

a

a

k

Insurance

1.5%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

8.693%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

......................................

United

States

777,889

757,124

First

Lien,

2021-1

Additional

Term

Loan,

8.943%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

..............................

United

States

192,228

187,903

First

Lien,

2021-2

Additional

Term

Loan,

9.443%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

..............................

United

States

172,203

169,118

Alliant

Holdings

Intermediate

LLC

,

New

CME

Term

Loan,

B5,

8.647%,

(1-month

SOFR

+

3.5%),

11/05/27

..........................................

United

States

100,427

99,939

New

Term

Loan,

B4,

8.65%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

..........................................

United

States

492,613

490,325

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.602%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

401,172

398,079

2021

Term

Loan,

8.717%,

(1-month

SOFR

+

3.5%),

2/12/27

....

United

States

241,823

239,808

2022-2

CME

Term

Loan,

9.352%,

(1-month

SOFR

+

4.25%),

2/12/27

...........................................

United

States

261,184

261,063

Asurion

LLC

,

New

CME

Term

Loan,

B10,

9.202%,

(1-month

SOFR

+

4%),

8/19/28

...........................................

United

States

397,000

376,777

Second

Lien,

New

Term

Loan,

B3,

10.452%,

(1-month

SOFR

+

5.25%),

1/31/28

.....................................

United

States

32,665

27,918

Second

Lien,

New

Term

Loan,

B4,

10.402%,

(1-month

SOFR

+

5.25%),

1/20/29

.....................................

United

States

1,085,259

913,169

HUB

International

Ltd.

,

2022

Incremental

CME

Term

Loan

,

9.072

%

,

(

3-month

SOFR

+

4

%

),

11/10/29

........................

United

States

257,328

257,513

4,178,736

a

a

a

a

a

a

k

IT

Services

2.1%

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan

,

10.038

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

11/01/24

..................

United

States

1,911,507

1,724,600

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.545

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

........................

United

States

833,799

806,805

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.998

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

........................

United

States

1,131,948

1,116,384

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

IT

Services

(continued)

Go

Daddy

Operating

Co.

LLC

(GD

Finance

Co.,

Inc.)

,

Amendment

No.

6

CME

Term

Loan

,

8.102

%

,

(

1-month

SOFR

+

3

%

),

11/09/29

United

States

157,937

$

158,423

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Amendment

No.

3

CME

Term

Loan

,

9.556

%

,

(

1-month

SOFR

+

4.5%;

6-month

SOFR

+

4.5%

),

12/19/25

..........................................

United

States

391,959

392,449

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

8.952

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

.....................................

United

States

1,433,395

1,411,127

Thrasio

LLC

,

Initial

Term

Loan

,

12.159

%

,

(

3-month

SOFR

+

7

%

),

12/18/26

..........................................

United

States

342,965

267,513

5,877,301

a

a

a

a

a

a

k

Leisure

Products

0.2%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

10.268

%

,

(

1-month

SOFR

+

5

%

),

12/16/24

United

States

293,615

284,561

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

8.788%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

316,140

313,869

Term

Loan,

B2,

8.788%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

United

Kingdom

45,070

44,746

643,176

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

0.1%

k

ICON

plc

,

CME

Term

Loan,

7.753%,

(3-month

SOFR

+

2.25%),

7/03/28

...

United

States

335,863

336,283

U.S.

CME

Term

Loan,

7.753%,

(3-month

SOFR

+

2.25%),

7/03/28

United

States

83,680

83,785

420,068

a

a

a

a

a

a

k

Machinery

0.6%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

9.217

%

,

(

1-month

SOFR

+

4

%

),

10/13/28

.....................................

United

States

546,413

476,901

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.452

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

.......................

United

States

534,694

525,224

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

8.602

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...........................

Germany

702,744

698,180

1,700,305

a

a

a

a

a

a

k

Media

2.7%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

9.88

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........................

United

States

978,393

960,845

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

3.5

%

),

8/21/26

........................

United

States

625,645

598,717

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

7.443

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

..................

United

States

783,424

756,659

Gray

Television,

Inc.

,

Term

Loan,

D

,

8.275

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

..........................................

United

States

296,241

290,015

McGraw-Hill

Education,

Inc.

,

Initial

CME

Term

Loan

,

9.823

%

,

(

1-month

SOFR

+

4.75%;

6-month

SOFR

+

4.75%

),

7/28/28

....

United

States

993,429

933,823

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2023

May

Incremental

CME

Term

Loan

,

9.352

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

...........................................

United

States

1,092,919

1,050,022

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan,

B

,

8.477

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

.......................

United

States

1,757,584

1,471,317

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

8.443%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

..................

United

States

963,471

956,761

First

Lien,

Initial

Term

Loan,

B,

8.443%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

.....................................

United

States

338,111

332,448

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Media

(continued)

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

8.443

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

..............................

United

States

462,949

$

461,625

7,812,232

a

a

a

a

a

a

k

Passenger

Airlines

1.5%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

10

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

..............

United

States

724,129

740,553

Air

Canada

,

Term

Loan

,

8.839

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

...........................................

Canada

1,183,203

1,184,789

Kestrel

Bidco,

Inc.

,

Term

Loan

,

8.251

%

,

(

3-month

SOFR

+

3

%

),

12/11/26

..........................................

Canada

1,326,605

1,290,216

United

Airlines,

Inc.

,

Term

Loan,

B

,

9.292

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

.....................................

United

States

1,000,697

1,001,813

4,217,371

a

a

a

a

a

a

k

Personal

Care

Products

0.7%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

9.288

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

..........................

United

States

661,708

625,727

Coty,

Inc.

,

USD

Term

Loan,

B

,

7.503

%

,

(

1-month

SOFR

+

2.25

%

),

4/07/25

...........................................

United

States

419,477

420,998

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

9.092

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........................

Luxembourg

834,218

831,094

1,877,819

a

a

a

a

a

a

k

Pharmaceuticals

0.7%

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

7.414

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

..................

Spain

500,000

492,813

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

8.864

%

,

(

1-month

SOFR

+

3.5

%

),

5/05/28

...............................

United

States

630,876

630,705

Organon

&

Co.

,

Dollar

Term

Loan

,

8.25

%

,

(

1-month

USD

LIBOR

+

3

%

),

6/02/28

.......................................

United

States

675,709

676,449

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

8.693

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/25

........

United

States

143,728

141,069

1,941,036

a

a

a

a

a

a

k

Professional

Services

0.4%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.967

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............................

United

States

783,243

755,830

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.404

%

,

(

1-month

SOFR

+

3.25

%

),

9/29/28

.......................

United

States

424,308

422,769

1,178,599

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.2%

k

MKS

Instruments,

Inc.

,

Initial

Dollar

CME

Term

Loan,

B

,

7.939

%

,

(

1-month

SOFR

+

2.75

%

),

8/17/29

.......................

United

States

694,750

696,487

k

Software

5.0%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

10.385

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

..................

United

States

623,636

423,197

Central

Parent,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.492

%

,

(

3-month

SOFR

+

4.25

%

),

7/06/29

..............................

United

States

255,857

255,440

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.952%,

(1-month

SOFR

+

3.75%),

10/08/28

....................................

United

States

374,545

366,470

Second

Lien,

Initial

CME

Term

Loan,

11.253%,

(1-month

SOFR

+

6%),

10/08/29

......................................

United

States

165,289

150,414

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Software

(continued)

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.904

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

......................

United

States

296,834

$

277,356

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.264

%

,

(

3-month

SOFR

+

4

%

),

10/16/26

........................

United

States

1,712,016

1,699,980

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

9.253

%

,

(

3-month

SOFR

+

3.75

%

),

11/09/27

......................

United

States

618,884

613,280

Epicor

Software

Corp.

,

Term

Loan,

C

,

8.467

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

.....................................

United

States

655,513

648,263

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

CME

Term

Loan

,

9.025

%

,

(

1-month

SOFR

+

4

%

),

12/01/27

........

United

States

961,230

959,942

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.904

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..........................

United

States

1,616,556

1,019,328

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan

,

8.693

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

7/01/24

.............

United

States

1,048,593

1,041,253

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.01

%

,

(

1-month

SOFR

+

3.75

%

),

3/02/28

.....................................

United

States

1,168,462

1,140,466

IGT

Holding

IV

AB

,

CME

Term

Loan,

B2

,

8.462

%

,

(

1-month

SOFR

+

3.65

%

),

3/31/28

.....................................

Sweden

520,186

516,284

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

9.42%,

(1-month

SOFR

+

4.25%),

12/01/27

......................

United

States

786,050

666,114

First

Lien,

First

Amendment

Term

Loan,

9.191%,

(1-month

SOFR

+

4%),

12/01/27

......................................

United

States

57,598

48,374

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.01

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

.....................................

United

States

785,810

753,831

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.943

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/15/28

.................

United

States

679,886

666,078

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

9.538

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

............................

United

States

1,415,018

1,306,529

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.445

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

................

United

States

694,750

542,773

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

9.717

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

........................

United

States

625,674

605,284

UKG,

Inc.

,

Second

Lien,

2021

Incremental

CME

Term

Loan

,

10.271

%

,

(

3-month

SOFR

+

5.25

%

),

5/03/27

...............

United

States

270,096

262,669

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

9.505

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/24/28

...........................................

United

States

456,979

435,320

14,398,645

a

a

a

a

a

a

k

Specialty

Retail

2.1%

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

11.003

%

,

(

3-month

SOFR

+

5.5

%

),

4/26/28

...............................

United

States

681,181

681,181

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

8.943

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

..............................

United

States

761,248

756,490

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

9.753

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

.....................................

United

States

1,000,092

888,582

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.522

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

......................

United

States

649,110

624,142

PetSmart

LLC

,

Initial

CME

Term

Loan

,

8.952

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

.....................................

United

States

509,060

508,955

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

8.967

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/28

.....................................

United

States

798,147

754,113

SRS

Distribution,

Inc.

,

2021

Refinancing

Term

Loan,

8.693%,

(1-month

USD

LIBOR

+

3.5%),

6/02/28

......................................

United

States

523,132

509,439

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

j

Senior

Floating

Rate

Interests

(continued)

k

Specialty

Retail

(continued)

SRS

Distribution,

Inc.,

(continued)

2022

Refinancing

CME

Term

Loan,

8.702%,

(1-month

SOFR

+

3.5%),

6/02/28

......................................

United

States

23,565

$

23,050

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

10.299

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

.....................

United

States

540,124

463,664

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

8.852

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

390,063

387,435

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.954

%

,

(

1-month

SOFR

+

3.75

%

),

12/21/27

.............................

United

States

522,779

513,631

6,110,682

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.3%

k

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

10.03

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

..........................

United

States

1,084,994

820,527

k

Textiles,

Apparel

&

Luxury

Goods

0.2%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

10.71

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

12/19/25

..................

United

States

412,678

413,246

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

8.654

%

,

(

1-month

SOFR

+

3.5

%

),

4/16/28

......................................

United

States

211,815

204,750

617,996

a

a

a

a

a

a

k

Transportation

Infrastructure

0.4%

First

Student

Bidco,

Inc.

,

Incremental

CME

Term

Loan,

B,

9.342%,

(3-month

SOFR

+

4%),

7/21/28

...........................................

United

States

372,137

365,394

Incremental

CME

Term

Loan,

C,

9.342%,

(3-month

SOFR

+

4%),

7/21/28

...........................................

United

States

25,974

25,503

Initial

Term

Loan,

B,

8.143%,

(3-month

SOFR

+

3%),

7/21/28

...

United

States

353,136

342,542

Initial

Term

Loan,

C,

8.143%,

(3-month

SOFR

+

3%),

7/21/28

...

United

States

132,366

128,395

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.693

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

5/07/28

...............................

United

States

459,649

381,509

1,243,343

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$119,936,032)

.........................

113,714,958

m

Marketplace

Loans

23.5%

a

Financial

Services

23.5%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$73,119,694)

....................................

67,450,012

Asset-Backed

Securities

14.0%

Capital

Markets

0.0%

†

g,k

Merrill

Lynch

Mortgage

Investors

Trust

,

2003-OPT1

,

B2

,

FRN

,

9.275

%

,

(

1-month

USD

LIBOR

+

4.125

%

),

7/25/34

.

..........

United

States

33,301

22,145

Commercial

Services

&

Supplies

0.5%

f,k

KKR

CLO

26

Ltd.

,

CR

,

144A,

FRN

,

7.46

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/15/34

.

....................................

United

States

1,500,000

1,418,710

Financial

Services

13.5%

f,k

AMMC

CLO

22

Ltd.

,

2018-22A

,

C

,

144A,

FRN

,

7.005

%

,

(

3-month

USD

LIBOR

+

1.75

%

),

4/25/31

.

.........................

United

States

1,500,000

1,429,932

f,k

BlueMountain

CLO

XXV

Ltd.

,

2019-25A

,

CR

,

144A,

FRN

,

7.51

%

,

(

3-month

USD

LIBOR

+

2.25

%

),

7/15/36

.

..................

United

States

1,500,000

1,415,676

f,k

BlueMountain

CLO

XXVI

Ltd.

,

2019-26A

,

CR

,

144A,

FRN

,

7.45

%

,

(

3-month

USD

LIBOR

+

2.2

%

),

10/20/34

.

..................

United

States

2,000,000

1,911,587

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

f,k

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

D

,

144A,

FRN

,

8.265

%

,

(

3-month

USD

LIBOR

+

3

%

),

4/19/34

.

....................

United

States

1,000,000

$

904,918

f,k

BlueMountain

CLO

XXXV

Ltd.

,

2022-35A

,

D

,

144A,

FRN

,

9.071

%

,

(

3-month

SOFR

+

4

%

),

7/22/35

.

.........................

United

States

1,500,000

1,428,609

f,k

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-1A,

CR2,

144A,

FRN,

7.06%,

(3-month

USD

LIBOR

+

1.8%),

4/17/31

...........................................

United

States

1,500,000

1,428,621

h

2014-1A,

DR,

144A,

FRN,

7.86%,

(3-month

USD

LIBOR

+

2.6%),

4/17/31

...........................................

United

States

2,300,000

2,077,951

f,k

Carlyle

US

CLO

Ltd.

,

2017-4A,

C,

144A,

FRN,

8.06%,

(3-month

USD

LIBOR

+

2.8%),

1/15/30

...........................................

United

States

1,000,000

913,030

2019-1A,

BR,

144A,

FRN,

7.45%,

(3-month

USD

LIBOR

+

2.2%),

4/20/31

...........................................

United

States

1,500,000

1,446,276

f,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2018-29,

PT,

144A,

FRN,

15.382%,

12/15/43

...............

United

States

5,449

5,009

2019-26,

PT,

144A,

FRN,

20.525%,

8/15/44

................

United

States

60,320

56,814

2019-31,

PT,

144A,

FRN,

20.489%,

9/15/44

................

United

States

52,529

48,825

2019-37,

PT,

144A,

FRN,

20.45%,

10/17/44

................

United

States

62,933

59,740

2019-42,

PT,

144A,

FRN,

20.491%,

11/15/44

...............

United

States

57,159

53,646

2019-51,

PT,

144A,

FRN,

16.927%,

1/15/45

................

United

States

67,191

63,164

2019-52,

PT,

144A,

FRN,

14.755%,

1/15/45

................

United

States

70,782

66,729

2019-S1,

PT,

144A,

FRN,

12.195%,

4/15/44

................

United

States

18,230

17,491

2019-S2,

PT,

144A,

FRN,

12.237%,

5/16/44

................

United

States

17,690

16,211

2019-S3,

PT,

144A,

FRN,

12.941%,

6/15/44

................

United

States

60,724

56,511

2019-S4,

PT,

144A,

FRN,

13.451%,

8/15/44

................

United

States

40,923

39,270

2019-S5,

PT,

144A,

FRN,

13.452%,

9/15/44

................

United

States

40,195

37,718

2019-S6,

PT,

144A,

FRN,

12.722%,

10/17/44

...............

United

States

49,896

46,311

2019-S7,

PT,

144A,

FRN,

11.291%,

12/15/44

...............

United

States

33,967

31,513

2019-S8,

PT,

144A,

FRN,

11.867%,

1/15/45

................

United

States

36,525

33,854

2020-2,

PT,

144A,

FRN,

15.074%,

3/15/45

.................

United

States

69,245

65,280

2020-7,

PT,

144A,

FRN,

17.661%,

4/17/45

.................

United

States

38,026

35,185

f,h,k

Dryden

38

Senior

Loan

Fund

,

2015-38A

,

DR

,

144A,

FRN

,

8.26

%

,

(

3-month

USD

LIBOR

+

3

%

),

7/15/30

.

....................

United

States

2,500,000

2,299,020

f,k

Dryden

42

Senior

Loan

Fund

,

h

2016-42A,

CR,

144A,

FRN,

7.31%,

(3-month

USD

LIBOR

+

2.05%),

7/15/30

.....................................

United

States

2,400,000

2,319,782

2016-42A,

DR,

144A,

FRN,

8.19%,

(3-month

USD

LIBOR

+

2.93%),

7/15/30

.....................................

United

States

1,000,000

900,449

f,h,k

Dryden

58

CLO

Ltd.

,

2018-58A

,

C

,

144A,

FRN

,

7.06

%

,

(

3-month

USD

LIBOR

+

1.8

%

),

7/17/31

.

..........................

United

States

3,000,000

2,874,513

f,k

KKR

CLO

20

Ltd.

,

C

,

144A,

FRN

,

7.21

%

,

(

3-month

USD

LIBOR

+

1.95

%

),

10/16/30

.

...................................

United

States

1,000,000

966,952

f,k

Madison

Park

Funding

XXXI

Ltd.

,

2018-31A

,

D

,

144A,

FRN

,

8.273

%

,

(

3-month

USD

LIBOR

+

3

%

),

1/23/31

.

....................

United

States

1,250,000

1,206,454

f,k

Magnetite

XXII

Ltd.

,

2019-22A

,

DR

,

144A,

FRN

,

8.36

%

,

(

3-month

USD

LIBOR

+

3.1

%

),

4/15/31

.

..........................

United

States

1,000,000

968,153

g,k

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2003-NC10

,

B1

,

FRN

,

10.1

%

,

(

1-month

USD

LIBOR

+

4.95

%

),

10/25/33

.

...........

United

States

177,805

189,142

f,k

Newark

BSL

CLO

1

Ltd.

,

2016-1A

,

CR

,

144A,

FRN

,

8.34

%

,

(

3-month

SOFR

+

3.262

%

),

12/21/29

.

............................

United

States

1,000,000

941,083

f,k

Octagon

Investment

Partners

32

Ltd.

,

2017-1A

,

CR

,

144A,

FRN

,

7.31

%

,

(

3-month

USD

LIBOR

+

2.05

%

),

7/15/29

.

............

United

States

1,500,000

1,445,538

f,h,k

Octagon

Investment

Partners

XXII

Ltd.

,

2014-1A

,

CRR

,

144A,

FRN

,

7.173

%

,

(

3-month

USD

LIBOR

+

1.9

%

),

1/22/30

.

............

United

States

6,050,000

5,752,595

f,k

OHA

Credit

Funding

9

Ltd.

,

2021-9A

,

D

,

144A,

FRN

,

8.215

%

,

(

3-month

USD

LIBOR

+

2.95

%

),

7/19/35

.

..................

United

States

1,500,000

1,433,869

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

f,n

Prosper

Pass-Thru

Trust

III

,

2020-PT1,

A,

144A,

FRN,

15.575%,

3/15/26

................

United

States

35,113

$

34,059

2020-PT2,

A,

144A,

FRN,

19.873%,

4/15/26

................

United

States

42,183

40,216

2020-PT3,

A,

144A,

FRN,

9.523%,

5/15/26

.................

United

States

12,201

11,296

g,k

Structured

Asset

Investment

Loan

Trust

,

2003-BC2

,

M3

,

FRN

,

10.025

%

,

(

1-month

USD

LIBOR

+

4.875

%

),

4/25/33

.

.........

United

States

13,987

15,280

f,n

Upgrade

Master

Pass-Thru

Trust

,

2019-PT2

,

A

,

144A,

FRN

,

16.663

%

,

2/15/26

.

...................................

United

States

36,547

35,661

f,k

Voya

CLO

Ltd.

,

h

2014-1A,

BR2,

144A,

FRN,

7.143%,

(3-month

SOFR

+

2.162%),

4/18/31

...........................................

United

States

1,300,000

1,230,058

2014-1A,

CR2,

144A,

FRN,

8.043%,

(3-month

SOFR

+

3.062%),

4/18/31

...........................................

United

States

500,000

434,439

h

2016-3A,

CR,

144A,

FRN,

8.512%,

(3-month

USD

LIBOR

+

3.25%),

10/18/31

....................................

United

States

2,000,000

1,740,720

38,529,150

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$41,582,922)

...............................

39,970,005

Commercial

Mortgage-Backed

Securities

1.0%

Financial

Services

1.0%

h

Citigroup

Commercial

Mortgage

Trust

,

2015-GC27

,

A5

,

3.137

%

,

2/10/48

...........................................

United

States

1,520,000

1,449,684

n

Commercial

Mortgage

Trust

,

2006-GG7

,

AJ

,

FRN

,

6.214

%

,

7/10/38

United

States

194,980

120,595

h

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C28

,

A4

,

3.227

%

,

10/15/48

....................................

United

States

1,410,000

1,330,393

2,900,672

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$3,164,689)

.................

2,900,672

Mortgage-Backed

Securities

14.1%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

1.9%

g

FHLMC

Gold

Pool,

15

Year,

5%,

12/01/23

...................

United

States

755

752

g

FHLMC

Gold

Pool,

20

Year,

6.5%,

8/01/27

..................

United

States

54,746

55,996

g

FHLMC

Gold

Pool,

30

Year,

3.5%,

3/01/45

..................

United

States

9,337

8,703

g

FHLMC

Gold

Pool,

30

Year,

3.5%,

12/01/48

.................

United

States

1,716,651

1,590,657

g

FHLMC

Gold

Pool,

30

Year,

4%,

5/01/48

....................

United

States

1,236,812

1,184,370

g

FHLMC

Gold

Pool,

30

Year,

6%,

7/01/28

-

11/01/36

............

United

States

190,464

195,336

g

FHLMC

Gold

Pool,

30

Year,

6.5%,

3/01/38

..................

United

States

5,757

5,906

g

FHLMC

Gold

Pool,

30

Year,

7%,

9/01/27

....................

United

States

17,481

17,491

g

FHLMC

Gold

Pool,

30

Year,

8.5%,

7/01/31

..................

United

States

62,397

64,594

g

FHLMC

Pool,

15

Year,

2.5%,

9/01/35

.......................

United

States

2,632,559

2,405,165

5,528,970

o

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA,

4.665%

-

6.975%,

(6-month

USD

LIBOR

+/-

MBS

Margin),

6/01/32

-

7/01/34

....................................

United

States

50,276

50,023

50,023

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

11.9%

FNMA,

3.5%,

7/01/56

..................................

United

States

385,539

353,761

g

FNMA,

15

Year,

2%,

9/01/35

.............................

United

States

852,882

761,244

g

FNMA,

15

Year,

3%,

8/01/27

.............................

United

States

2,996

2,876

g

FNMA,

15

Year,

3.5%,

1/01/26

...........................

United

States

3,724

3,636

g

FNMA,

20

Year,

4.5%,

5/01/24

-

9/01/29

....................

United

States

13,299

13,062

g

FNMA,

30

Year,

2.5%,

9/01/50

...........................

United

States

3,953,513

3,386,142

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

g

FNMA,

30

Year,

3%,

10/01/50

............................

United

States

2,583,629

$

2,289,260

g

FNMA,

30

Year,

3.5%,

1/01/45

-

6/01/45

....................

United

States

404,234

376,961

g

FNMA,

30

Year,

4%,

10/01/47

............................

United

States

1,852,686

1,767,738

g

FNMA,

30

Year,

4%,

11/01/44

-

1/01/48

.....................

United

States

564,343

539,075

g

FNMA,

30

Year,

4.5%,

3/01/44

...........................

United

States

603

585

g

FNMA,

30

Year,

5%,

5/01/38

-

7/01/39

......................

United

States

140,875

141,969

g

FNMA,

30

Year,

5.5%,

6/01/37

...........................

United

States

112,036

115,116

g

FNMA,

30

Year,

6%,

4/01/33

-

6/01/38

......................

United

States

281,082

291,655

g

FNMA,

30

Year,

6.5%,

8/01/32

...........................

United

States

43,075

44,912

p

FNMA,

Single-family,

30

Year,

5%,

7/25/53

..................

United

States

12,138,000

11,894,292

p

FNMA,

Single-family,

30

Year,

5.5%,

7/25/53

.................

United

States

12,136,000

12,078,164

34,060,448

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.3%

g

GNMA

I,

Single-family,

30

Year,

6.5%,

6/15/31

-

12/15/33

........

United

States

173,010

177,836

g

GNMA

II,

Single-family,

30

Year,

3.5%,

12/20/49

..............

United

States

714,618

664,720

g

GNMA

II,

Single-family,

30

Year,

7%,

1/20/24

-

1/20/29

.........

United

States

7,022

7,134

g

GNMA

II,

Single-family,

30

Year,

8%,

1/20/28

-

10/20/31

........

United

States

36,775

38,141

887,831

Total

Mortgage-Backed

Securities

(Cost

$42,964,002)

............................

40,527,272

Total

Long

Term

Investments

(Cost

$420,397,742)

...............................

388,667,820

a

Short

Term

Investments

1.1%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.1%

q,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.699%

....

United

States

3,126,767

3,126,767

Total

Money

Market

Funds

(Cost

$3,126,767)

...................................

3,126,767

Total

Short

Term

Investments

(Cost

$3,126,767

)

.................................

3,126,767

a

Total

Investments

(Cost

$423,524,509)

136.7%

..................................

$391,794,587

Reverse

Repurchase

Agreements

(9.8)%

.......................................

(28,203,865)

s

Credit

Facility

(29.0)%

........................................................

(83,000,000)

Other

Assets,

less

Liabilities

2.1%

.............................................

6,051,948

Net

Assets

100.0%

...........................................................

$286,642,670

Amount

Borrowed

Payable

t

Reverse

Repurchase

Agreements

(9.8)%

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

$

939,000

$

(951,898)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

396,750

(402,200)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

1,007,500

(1,021,339)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

470,000

(476,456)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

209,250

(212,124)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

884,000

(896,143)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

386,250

(388,964)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

927,000

(939,733)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

822,500

(826,573)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

646,250

(655,127)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

328,125

(332,632)

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

See

Abbreviations

on

page

151

.

a

a

a

Amount

Borrowed

a

Payable

t

Reverse

Repurchase

Agreements

(continued)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

$

311,000

$

(315,272)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

1,151,250

(1,167,064)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

727,500

(737,493)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

354,750

(359,623)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

383,125

(388,388)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

248,750

(252,167)

Counterparty

UBS

AG,

5.75%,

7/06/23

.....................

709,500

(719,246)

Counterparty

UBS

AG,

5.813%,

7/06/23

....................

1,309,860

(1,328,050)

Counterparty

UBS

AG,

5.813%,

7/06/23

....................

1,211,895

(1,228,724)

Counterparty

UBS

AG,

6.2%,

7/06/23

......................

2,240,160

(2,273,339)

Counterparty

UBS

AG,

6.2%,

7/06/23

......................

4,533,628

(4,600,776)

Counterparty

UBS

AG,

6.2%,

7/06/23

......................

994,611

(1,009,342)

Counterparty

UBS

AG,

6.2%,

7/06/23

......................

1,908,420

(1,936,686)

Counterparty

UBS

AG,

6.45%,

7/06/23

.....................

1,825,200

(1,853,323)

Counterparty

UBS

AG,

6.45%,

7/06/23

.....................

1,288,480

(1,308,333)

Counterparty

UBS

AG,

6.45%,

7/06/23

.....................

1,598,224

(1,622,850)

Total

Reverse

Repurchase

Agreements

(Proceeds

$27,812,978)

...................

$(28,203,865)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

11

regarding

fair

value

measurements.

b

Non-income

producing.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

See

Note

9

regarding

credit

risk

and

defaulted

securities.

e

Perpetual

security

with

no

stated

maturity

date.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2023,

the

aggregate

value

of

these

securities

was

$147,386,381,

representing

51.4%

of

net

assets.

g

A

portion

or

all

of

the

security

is

pledged

as

collateral

in

connection

with

the

Fund’s

revolving

credit

facility.

h

A

portion

or

all

of

the

security

is

designated

as

collateral

for

reverse

repurchase

agreements.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

j

See

Note

1(e)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

m

See

Note

1(f)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread,

but

instead

pass-through

weighted

average

interest

income

inclusive

of

any

caps

or

floors,

if

applicable,

from

the

underlying

mortgage

loans

in

which

the

majority

of

mortgages

pay

interest

based

on

the

index

shown

at

their

designated

reset

dates

plus

a

spread,

less

the

applicable

servicing

and

guaranty

fee

(MBS

margin).

p

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(c).

q

See

Note

5(c)

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

See

Note

3

regarding

credit

facility.

t

See

Note

4

regarding

reverse

repurchase

agreements.

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited),

June

30,

2023

Franklin

Limited

Duration

Income

Trust

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

At

June

30,

2023,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(f).

Description

Principal

Amount

Value

Marketplace

Loans

-

23.5%

Block,

Inc.

5989835.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

$

3,773

$

3,434

5989942.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

15,130

10,616

5990282.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

2,045

2,000

5990355.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

4,501

4,341

5990519.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

4,613

3,804

5990664.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

5,334

5,189

5990790.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

16

16

5990845.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

1,257

1,184

5992122.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

111

110

5992335.SQ.FTS.B,

Zero

Cpn,

4/13/24

...

3,447

3,373

5993174.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

12,413

11,177

5993445.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

466

460

5993484.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

4,745

4,634

5993663.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

3,418

1,766

5994040.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

7,877

6,636

5994215.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

971

922

5994801.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,445

1,397

5995717.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

1,719

1,687

5995749.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

4,226

4,097

5995818.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

424

416

5995981.SQ.FTS.B,

Zero

Cpn,

4/14/24

...

8,267

8,196

5996345.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

1,045

718

5996474.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

17,017

8,065

5996605.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

4,571

4,361

5996697.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

243

241

5996762.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,178

707

5996857.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

809

713

5996866.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

3,003

2,953

5996979.SQ.FTS.B,

Zero

Cpn,

4/15/24

...

2,643

2,602

5997164.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,384

2,339

5997200.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,782

1,876

5997223.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

933

410

5997238.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,457

1,441

5997286.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,227

1,187

5997335.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

3,146

3,078

5997475.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,296

2,208

5997495.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,659

2,624

5997540.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

1,467

1,427

5997562.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

4,245

3,858

5997611.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

3,270

1,085

5997646.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

2,652

2,438

5997689.SQ.FTS.B,

Zero

Cpn,

4/16/24

...

775

271

5998026.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

6,063

5,825

5998297.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

386

368

5998437.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

927

898

5998517.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

5,011

4,691

5998620.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

11,556

8,584

6000119.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

161

149

6000301.SQ.FTS.B,

Zero

Cpn,

4/17/24

...

3,546

3,096

6001495.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,133

3,884

6001577.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,158

958

6001892.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

5,715

4,079

6002018.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

4,859

4,542

6002293.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

6,484

5,036

6002739.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

8,086

7,726

6003779.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,576

2,331

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6003800.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

$

1,527

$

1,481

6003889.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,139

1,419

6003901.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,334

2,559

6004110.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,592

3,527

6004196.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,617

1,399

6004380.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

896

882

6004440.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

1,108

221

6004498.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

730

727

6004621.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

3,922

3,517

6004668.SQ.FTS.B,

Zero

Cpn,

4/18/24

...

2,597

2,483

6005257.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,790

2,513

6005475.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,112

1,985

6005567.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,324

1,292

6005673.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

146

141

6005793.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

1,341

1,180

6006509.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

2,455

2,340

6006918.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

407

405

6007026.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

3,905

3,746

6007122.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

30,842

28,734

6007505.SQ.FTS.B,

Zero

Cpn,

4/19/24

...

9,577

9,362

6009425.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

667

654

6009477.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,666

6,606

6009777.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,059

2,369

6009819.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,715

1,635

6009872.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

8,310

7,979

6010183.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,254

1,170

6010369.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,604

2,369

6010623.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

6,796

6,399

6010855.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,472

2,391

6010907.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

27,211

24,720

6011390.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

3,038

1,374

6011596.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,146

1,137

6011745.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

197

196

6011775.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

9,235

9,015

6011902.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,964

1,902

6012006.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,125

2,034

6012017.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

22,474

16,016

6012540.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

2,266

2,128

6012594.SQ.FTS.B,

Zero

Cpn,

4/20/24

...

1,410

1,388

6012758.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

804

767

6012834.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

59

57

6012848.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,247

2,202

6012911.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,149

852

6013492.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,277

1,900

6013648.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,455

1,025

6013691.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

5,960

5,174

6014070.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,167

562

6014090.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,030

1,713

6014131.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,851

1,562

6014217.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

534

529

6014389.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

262

250

6014484.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,079

1,084

6014505.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

9,046

8,962

6014890.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

9,174

6,482

6014950.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,150

1,528

6014983.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

1,211

1,189

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6015092.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

$

3,643

$

2,467

6015300.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

8,262

7,569

6015468.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

3,107

2,718

6015679.SQ.FTS.B,

Zero

Cpn,

4/21/24

...

2,447

2,121

6015930.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

699

572

6016033.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

953

888

6016137.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

408

373

6016148.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

5,838

4,650

6016195.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

2,367

2,310

6016228.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

856

836

6016244.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

3,990

3,887

6016297.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,992

1,947

6016403.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

1,042

988

6016515.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

630

286

6016530.SQ.FTS.B,

Zero

Cpn,

4/22/24

...

929

895

6016571.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

383

371

6016613.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

5,410

4,174

6016658.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

13,290

9,949

6016761.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

1,572

1,505

6016785.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

806

276

6016805.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,111

2,030

6016900.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

1,059

1,027

6016922.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

9,565

9,289

6017013.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

2,239

1,004

6017113.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

8,695

6,596

6017170.SQ.FTS.B,

Zero

Cpn,

4/23/24

...

3,236

2,178

6017516.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

1,730

1,651

6017672.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

32

32

6017818.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

2,335

1,535

6017846.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

808

766

6017943.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

14,382

11,083

6020247.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

2,490

2,282

6020319.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

9,871

9,606

6020677.SQ.FTS.B,

Zero

Cpn,

4/24/24

...

71

69

6020869.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,427

2,361

6021038.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

3,748

3,644

6021095.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

2,486

635

6021107.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

723

712

6021119.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

454

357

6021583.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,447

1,398

6022048.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

929

920

6022109.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

5,416

5,211

6022198.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,362

1,289

6022231.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

5,671

5,551

6022324.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

11,214

9,746

6022456.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

818

712

6022469.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,209

1,178

6022510.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

924

913

6022569.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,961

1,843

6022605.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

896

881

6022681.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,517

1,389

6022708.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

116

114

6022765.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

4,447

3,783

6022895.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,599

1,509

6023252.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

1,935

1,727

6023371.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

307

291

6023504.SQ.FTS.B,

Zero

Cpn,

4/25/24

...

10,672

3,539

6024310.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,452

1,648

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6024525.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

$

776

$

726

6024576.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,276

533

6024664.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

415

402

6024786.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

315

257

6024861.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

2,667

740

6025110.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

508

479

6025118.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,908

1,756

6025458.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

3,327

3,042

6025524.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

3,897

3,695

6025705.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

1,241

1,158

6025753.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

802

524

6025762.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

4,234

3,706

6026062.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

9,209

8,990

6026172.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

391

176

6026186.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

37,391

36,066

6026776.SQ.FTS.B,

Zero

Cpn,

4/26/24

...

12,747

12,263

6029264.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,715

1,645

6029319.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,771

1,630

6029348.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,337

4,250

6029460.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

239

236

6029494.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,986

1,288

6029690.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

5,513

5,359

6030087.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

9,326

4,166

6030215.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,600

4,385

6030459.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

11,008

10,820

6031754.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

10,900

9,088

6032061.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

894

284

6032160.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,205

3,857

6032202.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

5,113

5,000

6032257.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,316

1,288

6032475.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

538

531

6032567.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,439

1,175

6032586.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

4,393

4,293

6032641.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

702

671

6032658.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,600

1,333

6032706.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

1,551

1,238

6032730.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

389

386

6032751.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

20,644

19,702

6033029.SQ.FTS.B,

Zero

Cpn,

4/27/24

...

2,765

2,706

6034584.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

7,199

6,832

6034932.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,787

1,750

6035626.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

12,594

9,480

6035788.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

2,615

2,554

6035959.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

91

90

6036437.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,029

999

6036691.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

6,357

6,169

6036905.SQ.FTS.B,

Zero

Cpn,

4/28/24

...

1,446

1,323

6037441.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

1,541

1,476

6037579.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

755

730

6037594.SQ.FTS.B,

Zero

Cpn,

4/29/24

...

916

791

6037767.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,955

1,931

6037837.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,113

806

6037922.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

5,879

5,404

6038037.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,234

1,166

6038154.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

789

783

6038195.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

4,133

4,030

6038921.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,059

950

6039225.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

4,469

4,332

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6041108.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

$

1,245

$

1,216

6041346.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

1,721

822

6041494.SQ.FTS.B,

Zero

Cpn,

4/30/24

...

3,793

3,355

6041862.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,162

2,111

6041958.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

1,431

1,385

6042993.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,840

2,697

6043231.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

135

132

6043960.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

20,987

14,493

6044748.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

4,572

4,365

6044841.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,033

2,016

6045004.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

486

468

6045253.SQ.FTS.B,

Zero

Cpn,

5/01/24

...

2,937

2,851

6045708.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

607

595

6045842.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

13,708

10,491

6046836.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

4,101

3,412

6047068.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

653

261

6047208.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

1,512

1,477

6047280.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

13,747

13,428

6047899.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

2,916

2,858

6047999.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

3,099

2,956

6048047.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

748

741

6048225.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

8,442

3,049

6048371.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

730

709

6048420.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

516

512

6048454.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

787

654

6048455.SQ.FTS.B,

Zero

Cpn,

5/02/24

...

613

547

6051007.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

8,501

8,297

6051812.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,456

2,347

6052463.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,471

2,403

6052668.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

468

461

6052749.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

13,117

12,590

6053380.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

2,427

2,379

6053935.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

319

312

6053985.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

1,165

496

6054076.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

8,748

8,176

6054373.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

191

187

6054396.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

3,356

3,208

6054480.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,324

3,779

6054550.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

4,497

3,368

6054630.SQ.FTS.B,

Zero

Cpn,

5/03/24

...

807

383

6055962.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

4,013

3,763

6056397.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,042

1,840

6056494.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

670

632

6057235.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

3,047

2,835

6057387.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,535

894

6057411.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

669

654

6057477.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,057

1,039

6057507.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,160

2,130

6057606.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

1,574

1,506

6057764.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

6,479

6,199

6057874.SQ.FTS.B,

Zero

Cpn,

5/04/24

...

2,269

2,088

6058404.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,874

1,849

6058469.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

1,557

871

6058566.SQ.FTS.B,

Zero

Cpn,

5/05/24

...

7,238

5,626

6059743.SQ.FTS.B,

Zero

Cpn,

5/06/24

...

1,685

1,646

6061540.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

7,429

7,102

6061935.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

5,269

5,033

6062212.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

15,921

13,359

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6062778.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

$

625

$

469

6062938.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

177

155

6062940.SQ.FTS.B,

Zero

Cpn,

5/07/24

...

7,917

7,574

6064140.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

7,892

7,520

6064293.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,560

2,024

6064362.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

11,197

10,866

6064581.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

5,515

5,406

6064679.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,314

2,297

6064899.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,710

2,594

6064994.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

583

571

6065828.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

5,938

5,794

6066156.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

486

397

6066185.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

337

294

6066411.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

2,214

1,557

6066460.SQ.FTS.B,

Zero

Cpn,

5/08/24

...

1,860

1,659

6105865.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

12,989

11,739

6106260.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

19,084

18,774

6107497.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

3,904

3,725

6114086.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

6,580

6,041

6120442.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

2,276

2,249

6120599.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

4,507

4,032

6120695.SQ.FTS.B,

Zero

Cpn,

5/09/24

...

16,890

3,053

6120991.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

16,609

15,943

6121380.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

10,206

9,726

6123221.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,379

4,257

6123370.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

2,710

2,653

6123474.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

4,318

4,152

6124160.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

3,491

3,057

6124471.SQ.FTS.B,

Zero

Cpn,

5/10/24

...

357

331

6124663.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

726

710

6124726.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

901

854

6124886.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

1,792

1,668

6124964.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

2,020

1,988

6125068.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

206

202

6125454.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

5,266

4,562

6125605.SQ.FTS.B,

Zero

Cpn,

5/11/24

...

8,367

8,102

6125951.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

4,144

3,997

6126056.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,233

1,191

6126130.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

1,429

1,361

6126159.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

10,622

10,205

6126352.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

255

249

6126546.SQ.FTS.B,

Zero

Cpn,

5/12/24

...

19,042

15,537

6126842.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

712

409

6126949.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,316

2,938

6127023.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

1,942

1,858

6127055.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,687

3,317

6127135.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

350

304

6127161.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,720

2,780

6127354.SQ.FTS.B,

Zero

Cpn,

5/13/24

...

3,454

3,388

6131519.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

2,344

1,368

6131558.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

8,490

7,912

6131935.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

11,587

11,138

6132644.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,909

1,889

6133045.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,182

880

6133068.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,508

1,368

6133120.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

4,577

4,133

6133328.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

887

847

6133496.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

370

347

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6133604.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

$

5,630

$

5,406

6133761.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

309

302

6133784.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

1,673

1,380

6133881.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

4,287

2,279

6134336.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

2,464

2,082

6134382.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

285

273

6134451.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

7,683

7,138

6134608.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

19,242

18,429

6134817.SQ.FTS.B,

Zero

Cpn,

5/15/24

...

2,697

781

6134889.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,384

3,271

6135032.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

5,220

5,140

6135260.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,395

1,064

6135555.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

5,339

5,118

6135920.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,783

2,733

6136004.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

280

266

6136011.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,075

3,015

6136183.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

10,128

9,885

6136593.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

727

713

6136658.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

1,203

1,167

6136708.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

675

667

6137211.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,163

1,355

6137232.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

3,529

3,461

6137335.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

11,062

10,527

6137559.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

7,566

5,722

6137598.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,410

2,061

6137618.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

2,848

2,732

6137705.SQ.FTS.B,

Zero

Cpn,

5/16/24

...

533

401

6139862.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

1,316

1,298

6139905.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

29,419

22,980

6140575.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

573

543

6140638.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

3,031

2,969

6140799.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,376

2,330

6140997.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

2,820

2,538

6141151.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,927

5,731

6141410.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

841

811

6141440.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,308

5,129

6141668.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

6,729

6,064

6141872.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

764

755

6142082.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

352

347

6142364.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

9,335

9,046

6143035.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

199

177

6143142.SQ.FTS.B,

Zero

Cpn,

5/17/24

...

5,626

3,883

6143331.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

2,471

2,040

6143635.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

20,085

17,327

6144498.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

678

580

6144778.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,073

972

6144854.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

22

21

6144883.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,039

1,020

6144922.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,213

1,069

6145017.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

9,904

9,190

6145373.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

7,300

6,004

6145587.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

358

296

6145832.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

12,599

9,241

6146141.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

11,543

11,048

6146429.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

1,346

1,252

6146643.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

401

383

6146677.SQ.FTS.B,

Zero

Cpn,

5/18/24

...

8,942

6,857

6146709.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

993

977

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6146851.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

$

555

$

487

6146883.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

3,264

3,055

6147356.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

2,136

1,985

6147453.SQ.FTS.B,

Zero

Cpn,

5/19/24

...

1,853

1,804

6147570.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

12,756

11,110

6148043.SQ.FTS.B,

Zero

Cpn,

5/20/24

...

4,220

3,929

6148494.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,932

2,822

6148823.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,481

1,332

6149304.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

556

394

6149316.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,586

1,518

6149448.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

1,303

1,134

6149499.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

4,154

3,929

6149853.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,181

2,135

6150107.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

3,582

3,490

6150788.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

16,156

14,095

6151255.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,943

2,810

6151369.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

2,002

767

6151394.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

7,367

5,696

6151494.SQ.FTS.B,

Zero

Cpn,

5/21/24

...

11,036

10,756

6152895.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

3,689

3,563

6153376.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,264

1,244

6153438.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

12,066

10,922

6153821.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

4,051

3,999

6154047.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

5,358

5,171

6154364.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

4,220

3,641

6154520.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

24,065

23,076

6155581.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

1,176

1,153

6155866.SQ.FTS.B,

Zero

Cpn,

5/22/24

...

4,529

4,432

6157573.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,286

3,227

6157628.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

7,301

3,813

6157771.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,767

1,704

6157908.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

7,420

5,014

6158083.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,749

1,582

6158135.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,028

973

6158205.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

359

205

6158230.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,548

3,411

6158567.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

3,098

2,935

6158999.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

403

362

6159034.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

7,919

6,320

6159579.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

1,118

1,072

6160240.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

5,152

4,919

6160453.SQ.FTS.B,

Zero

Cpn,

5/23/24

...

6,595

6,429

6160824.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

4,667

4,536

6160842.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

31,223

29,876

6161183.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

8,398

8,235

6161346.SQ.FTS.B,

Zero

Cpn,

5/24/24

...

24,140

23,436

6162767.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

485

463

6162815.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

2,549

2,483

6162920.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,138

1,123

6163607.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,337

561

6163664.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

3,666

3,569

6164490.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

627

473

6164509.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,397

1,372

6164638.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

1,154

1,116

6164713.SQ.FTS.B,

Zero

Cpn,

5/25/24

...

547

215

6164881.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

194

186

6164895.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

652

638

6164924.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

5,038

4,920

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

33

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6164992.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

$

2,055

$

2,020

6165046.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

1,978

1,941

6165114.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

6,273

6,012

6165270.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

7,259

6,767

6165379.SQ.FTS.B,

Zero

Cpn,

5/26/24

...

11,193

10,972

6165639.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

943

908

6165712.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,752

1,707

6165752.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

2,189

1,061

6165780.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,370

3,309

6165844.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

977

557

6165851.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

866

808

6165865.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,499

1,013

6165881.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,208

3,152

6165932.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

1,285

1,247

6165959.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

3,470

2,941

6166008.SQ.FTS.B,

Zero

Cpn,

5/27/24

...

6,734

6,531

6166473.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

10,132

9,113

6168602.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

4,852

4,690

6168769.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

706

697

6169185.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

88

87

6169281.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

666

334

6169436.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

5,211

4,604

6169609.SQ.FTS.B,

Zero

Cpn,

5/28/24

...

2,044

1,984

6169671.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

2,691

2,402

6169941.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

29,458

28,794

6171528.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

687

656

6171559.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

13,247

12,873

6172125.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,400

3,354

6172357.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

359

281

6172379.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

25,214

24,586

6173121.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

475

455

6173152.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

735

586

6173179.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

3,194

2,664

6173212.SQ.FTS.B,

Zero

Cpn,

5/29/24

...

5,048

4,907

6173353.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

31,521

15,668

6173941.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,999

1,630

6174011.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,279

2,163

6174095.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

523

516

6174157.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

2,054

1,218

6174486.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

933

589

6174517.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

7,811

7,614

6174804.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

6,481

4,880

6174916.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

11,014

10,860

6175370.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

15,187

14,679

6175818.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

4,737

4,673

6176070.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

791

501

6176080.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

1,336

1,214

6176406.SQ.FTS.B,

Zero

Cpn,

5/30/24

...

11,958

7,239

6178615.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

5,576

5,389

6178845.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,594

3,772

6179452.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

645

618

6179513.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

7,266

7,027

6179839.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

27,736

25,582

6180603.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

900

865

6180743.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

4,248

3,751

6180859.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,198

2,971

6180900.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

3,477

3,139

6181153.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

7,169

6,974

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6181418.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

$

2,986

$

2,927

6181484.SQ.FTS.B,

Zero

Cpn,

6/01/24

...

17,542

15,563

6181987.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

8,029

7,687

6182384.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

12,061

11,752

6183036.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,747

2,066

6183177.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

3,301

3,198

6183364.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

22,783

17,302

6183979.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

6,891

6,126

6184220.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,363

2,169

6184326.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,551

2,446

6184613.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

20,658

20,334

6185416.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,615

2,482

6185583.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

2,310

2,237

6185649.SQ.FTS.B,

Zero

Cpn,

6/02/24

...

4,165

3,864

6185734.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

666

631

6185764.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

8,571

8,180

6185962.SQ.FTS.B,

Zero

Cpn,

6/03/24

...

13,407

12,673

6186590.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

3,656

3,289

6186681.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,330

2,000

6186738.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

2,390

1,940

6186791.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

529

455

6186800.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

5,107

4,897

6186968.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

5,106

4,793

6187157.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

1,062

1,000

6187200.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

1,728

1,672

6187330.SQ.FTS.B,

Zero

Cpn,

6/04/24

...

525

505

6187581.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

9,117

8,037

6188758.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,091

1,056

6188827.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

387

204

6188835.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,808

1,767

6188931.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

15,000

14,596

6189734.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

4,569

2,554

6189962.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

971

579

6190028.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

102

98

6190034.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

480

461

6190114.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

11,161

10,721

6191058.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,820

1,548

6191126.SQ.FTS.B,

Zero

Cpn,

6/05/24

...

1,433

1,212

6191169.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,926

4,734

6191473.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

9,805

9,541

6191846.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,037

3,960

6193278.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

815

725

6193329.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

5,004

1,834

6193576.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

9,579

3,940

6193734.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

498

442

6193772.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

7,843

5,702

6193934.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

12,224

11,814

6194662.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

2,524

2,453

6194711.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

3,965

3,798

6194772.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

4,761

4,451

6194827.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

1,664

1,621

6194847.SQ.FTS.B,

Zero

Cpn,

6/06/24

...

5,185

4,414

6195532.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

759

703

6195958.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

3,928

3,769

6196143.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,167

3,935

6196533.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,551

4,432

6196620.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

78

77

6196642.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

13,364

12,994

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6199792.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

$

265

$

256

6199807.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,838

2,333

6199868.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

7,212

7,124

6200219.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,052

2,931

6200337.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

6,433

6,178

6200483.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,958

3,027

6200671.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

2,699

2,543

6200784.SQ.FTS.B,

Zero

Cpn,

6/07/24

...

4,860

4,768

6202771.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

12,767

12,629

6203227.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

29,407

28,963

6204710.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

10,962

5,519

6205053.SQ.FTS.B,

Zero

Cpn,

6/08/24

...

36,641

34,544

6206770.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

8,442

8,244

6207163.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

626

402

6207794.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,875

596

6207882.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,369

1,155

6207918.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

14,807

6,289

6208258.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,747

1,700

6208363.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

4,153

3,320

6208448.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

6,776

6,476

6209230.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

848

578

6209272.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,010

995

6209506.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

1,331

1,295

6209537.SQ.FTS.B,

Zero

Cpn,

6/09/24

...

11,167

10,706

6209713.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

10,917

10,210

6209942.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,912

1,846

6210029.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

2,413

2,321

6210093.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

921

906

6210171.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

562

535

6210196.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

1,855

1,784

6210328.SQ.FTS.B,

Zero

Cpn,

6/10/24

...

7,557

7,350

6210576.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

903

831

6210631.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,760

1,692

6210686.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

3,226

2,299

6210859.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

1,472

584

6210889.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

794

624

6210921.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

926

840

6210954.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

3,780

3,662

6211111.SQ.FTS.B,

Zero

Cpn,

6/11/24

...

5,018

4,859

6211487.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

4,407

2,956

6212235.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,163

2,094

6212506.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

12,708

11,213

6213041.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,318

1,016

6213085.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

469

309

6213124.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

6,100

5,943

6213956.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

3,141

1,485

6214100.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

1,560

1,524

6214132.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

5,324

4,424

6214375.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

6,416

5,988

6214585.SQ.FTS.B,

Zero

Cpn,

6/12/24

...

2,893

2,224

6214927.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

2,179

2,067

6214964.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

7,032

6,287

6215167.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

16,643

16,407

6216209.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

39

39

6216284.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

1,855

971

6216314.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

6,034

5,859

6216494.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

565

522

6216577.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

576

569

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6216693.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

$

2,170

$

2,147

6216880.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

10,779

10,485

6217157.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

356

327

6217497.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

3,605

3,419

6217578.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

6,464

5,387

6217709.SQ.FTS.B,

Zero

Cpn,

6/13/24

...

10,842

10,389

6218976.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,336

1,217

6219039.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,793

2,659

6219226.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,600

2,557

6219783.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

2,678

2,421

6219983.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,390

1,358

6220062.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

4,594

4,416

6220217.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,104

1,089

6220257.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,881

1,737

6220305.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

9,098

8,864

6220540.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

3,724

3,647

6220584.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

4,672

4,478

6220688.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

1,298

1,070

6220731.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

109

108

6220890.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

11,147

10,627

6221188.SQ.FTS.B,

Zero

Cpn,

6/14/24

...

22,400

21,000

6223684.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,312

1,256

6223816.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

1,453

1,387

6223884.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

9,266

9,073

6224170.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,571

2,526

6224329.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,351

3,211

6224475.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,072

2,995

6224739.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

421

307

6224766.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

9,285

8,902

6225158.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

13,161

11,827

6225668.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,231

2,194

6226281.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

11,934

11,465

6226524.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

3,095

2,670

6226571.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

2,665

2,604

6226697.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

6,866

5,092

6226867.SQ.FTS.B,

Zero

Cpn,

6/15/24

...

23,381

22,217

6227048.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,081

2,907

6227108.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

389

373

6227126.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

2,263

1,389

6227501.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

295

289

6227527.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,127

3,037

6227687.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

895

847

6228233.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

339

336

6228282.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,914

3,125

6228429.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

9,442

9,163

6228983.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

1,044

966

6229023.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

3,966

3,893

6229176.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

4,816

2,896

6229351.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

18,749

17,932

6234422.SQ.FTS.B,

Zero

Cpn,

6/16/24

...

34,189

30,649

6234975.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

338

302

6234996.SQ.FTS.B,

Zero

Cpn,

6/17/24

...

45,789

43,876

6236022.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

3,772

3,401

6236101.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

7,515

7,276

6236283.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

5,305

5,143

6236439.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

2,676

2,510

6236492.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

433

396

6236524.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

969

721

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

35

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6236543.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

$

2,383

$

2,299

6236626.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

837

813

6236672.SQ.FTS.B,

Zero

Cpn,

6/18/24

...

4,815

4,471

6236981.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

11,317

10,997

6237885.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,580

3,449

6238082.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,769

1,254

6238343.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

8,394

7,782

6238709.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,129

1,041

6238868.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,977

1,934

6239020.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,137

2,069

6239158.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,034

1,786

6239251.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

455

447

6239467.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

2,763

2,608

6239552.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

3,372

3,304

6239689.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

1,098

909

6239757.SQ.FTS.B,

Zero

Cpn,

6/19/24

...

20,851

20,023

6240233.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,171

1,127

6240359.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

4,235

4,092

6240450.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

14,449

13,001

6240860.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

27,433

26,656

6242053.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

3,419

570

6242101.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

1,538

1,320

6242278.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

2,678

2,580

6242376.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

12,929

12,310

6242718.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

19,785

19,195

6243487.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

675

664

6243627.SQ.FTS.B,

Zero

Cpn,

6/20/24

...

6,277

6,078

6243705.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,222

4,121

6243899.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

38,563

34,361

6244796.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,280

1,257

6244877.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

601

582

6244929.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

756

700

6245170.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

54

52

6245195.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

3,668

3,331

6245376.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

2,764

2,722

6245607.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

1,129

840

6245635.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

19,706

17,999

6246027.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

4,214

4,190

6246379.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

489

483

6246391.SQ.FTS.B,

Zero

Cpn,

6/21/24

...

3,265

3,034

6248734.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

25,586

24,486

6249615.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,571

1,489

6249654.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

10,590

9,903

6250009.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,762

1,710

6250256.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

3,998

3,892

6250466.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

1,429

1,387

6250508.SQ.FTS.B,

Zero

Cpn,

6/22/24

...

48,720

47,587

6252217.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

3,787

3,675

6252413.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

13,784

13,373

6252808.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

7,259

3,780

6253020.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

6,858

6,115

6253221.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

28,281

10,703

6253595.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

38

38

6253613.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

4,175

4,098

6253814.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

11,151

7,427

6254118.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

30,653

28,846

6254832.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

3,327

1,772

6254961.SQ.FTS.B,

Zero

Cpn,

6/23/24

...

8,238

4,887

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6255052.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

$

1,168

$

886

6255079.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,074

1,942

6255102.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

8,868

8,675

6255365.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,734

1,576

6255484.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

2,450

2,363

6255538.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

310

308

6255555.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

1,762

1,702

6255586.SQ.FTS.B,

Zero

Cpn,

6/24/24

...

8,758

8,247

6255721.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

4,316

4,226

6255882.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

1,524

1,129

6255905.SQ.FTS.B,

Zero

Cpn,

6/25/24

...

17,338

15,868

6256199.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

3,344

3,001

6256293.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

868

778

6256733.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

659

625

6256746.SQ.FTS.B,

Zero

Cpn,

6/26/24

...

10,552

10,331

6257152.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

9,397

8,461

6257645.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,158

826

6257672.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

5,538

5,002

6257833.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

21,765

20,422

6258307.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

2,804

2,603

6258360.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

11,516

10,806

6258738.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

18,251

9,621

6259001.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

2,089

2,009

6259073.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

821

811

6259101.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,491

1,437

6259129.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

2,640

2,362

6259189.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

771

715

6259203.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

823

808

6259245.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

1,071

826

6259271.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

2,359

2,265

6259346.SQ.FTS.B,

Zero

Cpn,

6/27/24

...

16,526

15,138

6260149.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

14,762

14,533

6260778.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

821

804

6260850.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

23,327

18,806

6261286.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

11,059

10,936

6261735.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

8,021

7,764

6261844.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,848

1,188

6261882.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

4,111

3,804

6262224.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

1,433

1,384

6262253.SQ.FTS.B,

Zero

Cpn,

6/28/24

...

12,822

12,610

6265093.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

55,337

53,349

6266527.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

5,153

4,945

6266741.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

3,125

3,081

6266868.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

7,741

7,550

6267148.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

10,119

9,737

6267406.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

6,092

1,789

6267504.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

1,229

1,170

6267529.SQ.FTS.B,

Zero

Cpn,

6/29/24

...

34,696

33,921

6268142.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

4,919

3,856

6268263.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,015

1,489

6268371.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

786

753

6268433.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

1,238

1,204

6268536.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,953

3,837

6268686.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,522

3,273

6268895.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

156

155

6268941.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,643

3,491

6269130.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

3,009

2,745

6269245.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

7,318

6,926

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6269741.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

$

16,077

$

10,333

6270137.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

9,606

8,823

6270504.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

697

690

6270715.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

9,815

9,492

6271064.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,379

2,294

6271110.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

792

739

6271130.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

5,097

4,981

6271247.SQ.FTS.B,

Zero

Cpn,

6/30/24

...

2,225

2,110

6271297.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

2,890

2,840

6271419.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

2,161

2,113

6271548.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

2,251

2,168

6271589.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

5,632

2,238

6271709.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

907

852

6271749.SQ.FTS.B,

Zero

Cpn,

7/01/24

...

719

713

6271806.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

778

565

6271965.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

1,134

1,123

6272126.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

44,357

36,714

6272606.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

42

41

6272614.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

966

641

6272631.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

2,057

1,938

6272668.SQ.FTS.B,

Zero

Cpn,

7/02/24

...

15,905

14,313

6273772.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

1,693

1,037

6273991.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

1,869

1,830

6274032.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

2,950

1,644

6274083.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

2,412

2,372

6274157.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

1,438

1,402

6274209.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

4,126

4,057

6274385.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

11,299

11,058

6274822.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

7,552

7,107

6274990.SQ.FTS.B,

Zero

Cpn,

7/03/24

...

14,810

14,548

6275878.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

26,409

26,027

6277193.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

1,122

388

6277212.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

12,525

12,108

6277523.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

339

320

6277552.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

7,786

7,108

6277703.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

9,666

9,234

6277890.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

9,801

8,913

6278075.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

11,688

11,427

6278480.SQ.FTS.B,

Zero

Cpn,

7/04/24

...

15,066

14,594

6279950.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

13,377

12,716

6280625.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,591

1,528

6280720.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

6,314

5,466

6280991.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

3,029

2,947

6281064.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

6,937

6,809

6281288.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

5,222

5,081

6281445.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

12,810

12,457

6281803.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

12,989

12,704

6282174.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,231

1,183

6282187.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

7,284

6,891

6282489.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

4,286

4,178

6282655.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

1,878

1,349

6282756.SQ.FTS.B,

Zero

Cpn,

7/05/24

...

2,683

2,582

6282832.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

3,181

2,997

6282933.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,819

4,518

6283088.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

12,650

12,464

6283938.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

2,640

2,545

6284086.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

6,869

6,663

6284204.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,086

1,076

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6284271.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

$

8,105

$

7,187

6284407.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,060

3,425

6284484.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

4,682

4,555

6284746.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,786

1,122

6284762.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

32,136

30,207

6285358.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

1,226

810

6285379.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

534

426

6285386.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

5,958

5,556

6285493.SQ.FTS.B,

Zero

Cpn,

7/06/24

...

4,527

4,264

6285826.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

18,862

6,034

6285989.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

1,188

1,052

6286014.SQ.FTS.B,

Zero

Cpn,

7/07/24

...

15,151

14,832

6286324.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

2,606

2,311

6286371.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

677

647

6286394.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

8,735

8,500

6286529.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

487

378

6286540.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

6,040

5,824

6286655.SQ.FTS.B,

Zero

Cpn,

7/08/24

...

16,470

15,869

6287596.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,218

1,172

6287623.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

9,805

9,448

6287915.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

16,261

10,864

6288232.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

1,586

1,533

6288576.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

8,829

8,395

6288806.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,549

2,501

6289044.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

5,693

5,556

6289197.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

4,086

3,968

6289292.SQ.FTS.B,

Zero

Cpn,

7/09/24

...

2,418

2,343

6289506.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,776

3,316

6289592.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,575

3,395

6289713.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,196

2,134

6289824.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

676

662

6289850.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,209

3,123

6289909.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

584

564

6289916.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,658

2,504

6289946.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

14,332

13,817

6290558.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

4,676

4,266

6290686.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,079

716

6290705.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

3,205

3,076

6290807.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

16,116

15,261

6291094.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,671

1,638

6291134.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

2,253

2,129

6291172.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

6,760

6,359

6291298.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

1,519

1,467

6291332.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

5,712

5,482

6291423.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

31,301

30,111

6292238.SQ.FTS.B,

Zero

Cpn,

7/10/24

...

5,869

5,373

6292303.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

4,190

4,060

6292453.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

6,234

5,413

6292590.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

718

678

6292798.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

807

793

6292832.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

6,318

6,122

6293048.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

3,637

3,531

6293155.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

3,488

3,370

6293286.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

7,310

7,164

6293587.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

321

319

6293655.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

8,335

7,816

6293924.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

1,971

1,896

6293970.SQ.FTS.B,

Zero

Cpn,

7/11/24

...

42,936

41,759

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

37

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6297797.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

$

843

$

837

6297973.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

24,792

21,204

6298918.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

4,699

4,463

6299286.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

6,668

6,509

6299822.SQ.FTS.B,

Zero

Cpn,

7/12/24

...

35,642

29,350

6301004.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,239

984

6301061.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

826

804

6301138.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,023

2,771

6301279.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

1,157

999

6301313.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,177

1,160

6301356.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

2,751

2,697

6301622.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

3,703

3,553

6301794.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

18,260

15,276

6302451.SQ.FTS.B,

Zero

Cpn,

7/13/24

...

48,924

29,940

6303288.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

6,911

6,031

6303398.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

7,137

6,947

6303525.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

789

773

6303544.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

8,531

7,988

6303731.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

1,179

617

6303742.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

18,748

16,442

6303928.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

14,676

13,924

6304272.SQ.FTS.B,

Zero

Cpn,

7/14/24

...

14,058

13,145

6304540.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

3,243

1,871

6304704.SQ.FTS.B,

Zero

Cpn,

7/15/24

...

7,782

7,543

6305017.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

10,463

9,540

6305199.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

399

369

6305210.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

13,514

12,779

6305475.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

5,101

4,956

6305552.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

2,002

1,397

6305567.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

7,950

7,678

6305711.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

7,837

4,250

6305830.SQ.FTS.B,

Zero

Cpn,

7/16/24

...

3,623

3,484

6306038.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

3,216

3,162

6306206.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

3,279

3,082

6306307.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,425

1,161

6306454.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,291

6,155

6306672.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,939

2,845

6306917.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

5,611

5,391

6307093.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

763

661

6307129.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,362

1,314

6307157.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

6,121

6,043

6307646.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,489

1,205

6307666.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

629

573

6307670.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

1,477

1,402

6307709.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

2,210

2,127

6307843.SQ.FTS.B,

Zero

Cpn,

7/17/24

...

53,032

34,262

6308517.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,125

2,954

6308588.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,508

2,371

6308638.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

12,615

4,760

6308867.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,169

1,135

6308905.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

760

750

6309135.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

508

489

6309217.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

4,366

4,273

6309478.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

6,553

6,341

6309680.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

1,915

1,882

6309782.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

14,908

12,481

6310087.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

3,995

3,899

6310398.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

564

550

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6310413.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

$

9,962

$

9,686

6310777.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

2,008

1,838

6310826.SQ.FTS.B,

Zero

Cpn,

7/18/24

...

34,529

32,415

6313211.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

3,143

2,448

6313277.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

9,357

8,995

6313360.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

27,513

26,645

6314501.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

6,712

6,089

6314760.SQ.FTS.B,

Zero

Cpn,

7/19/24

...

24,600

23,808

6316213.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

963

928

6316352.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

17,527

14,548

6317901.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

10,657

8,507

6318667.SQ.FTS.B,

Zero

Cpn,

7/20/24

...

8,414

8,277

6318987.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

6,807

6,544

6319080.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,962

1,782

6319107.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

3,477

3,174

6319143.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

5,416

5,115

6319283.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

6,295

6,017

6319473.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

1,988

1,841

6319500.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

4,841

4,405

6319540.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

22,273

21,229

6320015.SQ.FTS.B,

Zero

Cpn,

7/21/24

...

2,205

2,017

6320067.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

8,845

8,632

6320377.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

1,781

1,734

6320431.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

2,322

2,236

6320463.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

2,688

2,603

6320549.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

5,130

5,013

6320652.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

645

624

6320663.SQ.FTS.B,

Zero

Cpn,

7/22/24

...

3,168

3,086

6320947.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

15,742

15,043

6321672.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

931

578

6321697.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

9,127

8,790

6324885.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

13,883

12,551

6335477.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,529

1,154

6339761.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

5,399

5,237

6344004.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

8,127

7,811

6351220.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

8,719

5,147

6351314.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

1,890

1,811

6351344.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

4,231

4,098

6351415.SQ.FTS.B,

Zero

Cpn,

7/23/24

...

22,304

21,386

6351906.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,026

993

6351923.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

1,088

475

6351935.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

44,531

39,199

6353747.SQ.FTS.B,

Zero

Cpn,

7/24/24

...

67,181

58,486

6354885.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

8,218

8,117

6355010.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

5,609

4,855

6355080.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

2,714

2,603

6355140.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

11,934

10,415

6355478.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

8,701

8,407

6356002.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

9,704

9,160

6356244.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

8,663

8,561

6356731.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

28,437

26,903

6357398.SQ.FTS.B,

Zero

Cpn,

7/25/24

...

44,460

42,214

6359308.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

5,855

5,615

6359502.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,821

2,763

6359620.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

3,121

3,038

6359818.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

21,624

18,226

6360884.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

2,632

2,485

6360951.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

7,531

6,935

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6361105.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

$

2,557

$

2,512

6361294.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

6,186

6,020

6361679.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

1,993

1,951

6361843.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

8,582

8,350

6362076.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

15,924

15,145

6362559.SQ.FTS.B,

Zero

Cpn,

7/26/24

...

26,180

19,182

6362721.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

714

688

6362860.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

8,745

8,163

6363192.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

12,833

12,119

6363637.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

284

275

6363644.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,945

1,891

6363686.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

3,800

3,737

6363846.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

5,501

5,044

6364087.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

1,553

1,442

6364181.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

4,110

4,033

6364316.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

9,579

8,747

6364585.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

10,550

9,679

6364887.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

11,393

11,174

6365238.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

4,412

3,832

6365292.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

2,095

1,891

6365338.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

3,834

3,620

6365501.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

116

113

6365589.SQ.FTS.B,

Zero

Cpn,

7/27/24

...

43,021

41,192

6365766.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

276

272

6365782.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

8,561

8,284

6365981.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

1,801

1,691

6366011.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

22,475

20,486

6366264.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

3,395

3,294

6366324.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

2,887

2,747

6366373.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

776

603

6366383.SQ.FTS.B,

Zero

Cpn,

7/28/24

...

15,614

15,159

6366953.SQ.FTS.B,

Zero

Cpn,

7/29/24

...

8,670

8,390

6367499.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

2,591

2,479

6367703.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

3,486

3,372

6367936.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

9,904

9,332

6368537.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

595

585

6368935.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

616

587

6368986.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

9,745

9,149

6369291.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

7,906

7,670

6369532.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

3,194

3,002

6369635.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

148

146

6369651.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

3,072

2,927

6369707.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,559

1,527

6369738.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,502

1,363

6369816.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

2,970

2,850

6369918.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

1,269

961

6369973.SQ.FTS.B,

Zero

Cpn,

7/30/24

...

8,298

8,236

6370760.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

3,882

3,735

6370868.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

5,954

5,614

6371193.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

2,279

1,797

6371306.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

24,915

20,429

6372038.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

8,072

7,260

6372243.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

78

78

6372459.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

5,015

4,954

6372611.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

632

600

6372643.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

9,459

8,903

6372864.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

6,358

6,097

6373113.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

30,329

29,709

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6373714.SQ.FTS.B,

Zero

Cpn,

7/31/24

...

$

10,656

$

10,366

6373935.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

15,193

14,303

6374560.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

5,145

4,952

6374829.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

6,237

5,707

6375056.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

6,493

6,376

6375258.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

5,145

3,702

6375409.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

3,896

3,591

6375496.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

2,077

2,019

6375594.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

713

682

6375604.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

5,827

5,699

6375782.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

5,545

5,319

6375880.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

7,991

7,574

6376098.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

1,291

1,274

6376152.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

361

352

6376186.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

3,347

3,270

6376252.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

1,578

1,241

6376382.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

1,098

1,034

6376430.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

7,785

6,525

6376520.SQ.FTS.B,

Zero

Cpn,

8/01/24

...

12,405

12,257

6378678.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

12,319

12,068

6379177.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

716

573

6379217.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

987

974

6380372.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

2,176

2,024

6381071.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

5,821

3,220

6381231.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

17,132

16,565

6381758.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

5,406

4,799

6382017.SQ.FTS.B,

Zero

Cpn,

8/02/24

...

10,565

10,393

6382192.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

909

876

6382230.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,145

1,111

6382270.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,852

2,408

6382340.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,593

1,557

6382392.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,792

1,669

6382445.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

2,986

2,714

6382618.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

6,966

6,653

6382943.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

1,001

932

6383225.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

4,218

3,955

6383354.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

9,597

9,233

6383612.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

33,426

32,730

6384968.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

8,450

7,805

6385173.SQ.FTS.B,

Zero

Cpn,

8/03/24

...

3,416

3,305

6385248.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

10,438

9,967

6385482.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

2,155

2,113

6385533.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

3,243

3,048

6385594.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

3,208

3,119

6385665.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

843

821

6385708.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

4,301

4,098

6385789.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

1,385

1,360

6385836.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

737

682

6385852.SQ.FTS.B,

Zero

Cpn,

8/04/24

...

12,352

12,031

6386107.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

776

703

6386123.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

3,613

2,517

6386155.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

2,006

1,820

6386201.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

5,923

5,720

6386318.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

520

516

6386373.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

1,967

1,916

6386432.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

4,616

4,480

6386560.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

1,190

1,166

6386584.SQ.FTS.B,

Zero

Cpn,

8/05/24

...

16,280

15,746

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

39

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6387684.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

$

633

$

626

6387707.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

10,764

10,495

6387991.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

612

595

6388035.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

6,352

6,071

6388183.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

249

245

6388188.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

3,045

2,864

6388246.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

3,068

2,660

6388334.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

18,474

17,889

6388839.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

4,955

3,354

6388964.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

7,389

6,776

6389092.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

2,757

2,544

6389136.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

1,512

1,488

6389187.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

2,144

2,007

6389241.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

8,633

7,819

6389476.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

6,795

6,663

6389692.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

10,028

9,526

6389937.SQ.FTS.B,

Zero

Cpn,

8/06/24

...

16,260

15,168

6390169.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

2,440

2,380

6390236.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

25,429

24,393

6391119.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

11,318

9,238

6391376.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

2,532

1,495

6391413.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,289

1,250

6391482.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

6,437

6,291

6391686.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

884

803

6391713.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

4,385

4,279

6391785.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,444

1,378

6391839.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,527

1,314

6391900.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

9,124

8,807

6392131.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

8,661

7,941

6392264.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

1,798

1,750

6392316.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

7,591

7,187

6392541.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

18,237

17,235

6392804.SQ.FTS.B,

Zero

Cpn,

8/07/24

...

29,672

23,765

6393258.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

6,072

5,624

6393460.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

26,506

25,520

6394647.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

351

328

6394656.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

3,796

3,456

6394772.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

7,551

7,050

6394978.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

3,045

2,410

6395080.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

6,714

6,394

6395225.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

13,426

12,887

6395381.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

4,148

3,808

6395454.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

2,529

2,438

6395473.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

2,217

2,100

6395510.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,428

1,389

6395540.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

1,016

968

6395579.SQ.FTS.B,

Zero

Cpn,

8/08/24

...

16,289

16,051

6397785.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

1,446

1,361

6397835.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

8,015

7,651

6398028.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

25,009

24,393

6399248.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

10,409

10,097

6399623.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

5,299

4,619

6399808.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

5,425

3,826

6399945.SQ.FTS.B,

Zero

Cpn,

8/09/24

...

61,721

58,035

6401143.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

16,143

15,506

6401578.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

5,545

5,348

6401826.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

2,093

1,900

6401986.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

639

626

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6402002.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

$

20,958

$

19,827

6402588.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

27,858

25,308

6403304.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

3,211

3,153

6403399.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

2,894

2,753

6403460.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

4,782

4,506

6403655.SQ.FTS.B,

Zero

Cpn,

8/10/24

...

34,906

33,822

6404013.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

1,761

591

6404105.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

737

723

6404123.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

13,187

12,757

6404377.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

5,656

5,526

6404470.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

11,152

8,514

6404657.SQ.FTS.B,

Zero

Cpn,

8/11/24

...

1,940

1,902

6404711.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

2,111

791

6404730.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,757

1,678

6404777.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,542

1,517

6404826.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

722

711

6404863.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

7,473

7,077

6404986.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

3,191

3,038

6405032.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,444

1,410

6405068.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,230

646

6405095.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

9,536

8,630

6405225.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

7,118

6,386

6405300.SQ.FTS.B,

Zero

Cpn,

8/12/24

...

1,150

809

6405500.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

5,527

5,396

6406065.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,449

1,409

6406132.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

12,234

12,033

6406651.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

3,453

3,377

6406734.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

3,230

3,080

6406851.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

15,538

14,614

6407232.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

2,072

1,274

6407421.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

3,226

2,941

6407495.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

4,448

4,352

6407732.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

5,032

4,767

6407869.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

1,732

1,618

6407953.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

15,590

14,562

6408411.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

19,389

16,552

6408737.SQ.FTS.B,

Zero

Cpn,

8/13/24

...

10,577

10,232

6408809.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

4,940

4,815

6408982.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,882

1,654

6409373.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

5,657

5,375

6409817.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

36,548

33,577

6410779.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

6,921

6,542

6410871.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

441

429

6410885.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,763

2,535

6410921.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

36,727

35,491

6411813.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

2,575

2,527

6411910.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

353

347

6411928.SQ.FTS.B,

Zero

Cpn,

8/14/24

...

61,184

58,353

6412029.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

249

240

6412065.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,284

2,461

6412168.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,396

1,304

6412205.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,297

3,120

6412313.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,377

2,300

6412425.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

880

852

6412494.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,281

4,053

6412667.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

6,157

5,948

6412851.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

3,733

3,639

6412969.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,982

4,805

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6413114.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

$

2,082

$

1,926

6413181.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

4,433

3,650

6413274.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

24,094

19,983

6413919.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

2,792

2,596

6413975.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

8,795

8,145

6414176.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

12,087

11,751

6414417.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

1,884

1,523

6414440.SQ.FTS.B,

Zero

Cpn,

8/15/24

...

12,519

11,104

6417918.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

1,276

940

6417951.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

8,824

7,446

6418107.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

6,464

6,326

6418448.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

6,224

6,137

6418829.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

448

432

6418890.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

791

745

6418930.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

13,094

12,553

6419394.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

11,671

7,538

6419654.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

24,622

23,945

6420400.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

4,308

4,131

6420469.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

7,059

6,969

6420818.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

299

292

6420849.SQ.FTS.B,

Zero

Cpn,

8/16/24

...

19,898

19,518

6421972.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

5,184

4,979

6422299.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,450

3,297

6422382.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

28,414

27,386

6423213.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

6,655

6,188

6423320.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

3,305

3,255

6423457.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

899

167

6423534.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

4,021

3,942

6423973.SQ.FTS.B,

Zero

Cpn,

8/17/24

...

16,965

16,307

6424183.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

9,396

9,084

6424306.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

426

408

6424326.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

1,968

1,925

6424352.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

1,759

1,574

6424419.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

1,955

1,083

6424447.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

5,851

5,705

6424610.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

3,481

3,142

6424657.SQ.FTS.B,

Zero

Cpn,

8/18/24

...

16,986

16,617

6425155.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

3,354

3,112

6425215.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

7,211

6,851

6425368.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

1,207

1,130

6425387.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

5,976

5,793

6425500.SQ.FTS.B,

Zero

Cpn,

8/19/24

...

1,450

1,399

6425518.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

106

103

6425521.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

1,388

1,317

6425535.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

26,982

23,466

6426021.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

3,919

3,837

6426261.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

9,422

9,079

6426430.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

950

900

6426445.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

1,330

1,297

6426469.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

4,233

4,078

6426517.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

3,029

2,959

6426589.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

1,451

1,413

6426717.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

4,267

4,014

6426775.SQ.FTS.B,

Zero

Cpn,

8/20/24

...

4,868

4,721

6427014.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,149

972

6427032.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

1,472

1,023

6427051.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

10,660

7,124

6427445.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

6,571

5,698

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6427754.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

$

3,243

$

2,391

6427969.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

6,874

6,098

6428150.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

14,605

14,213

6428693.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

4,755

4,581

6428794.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

4,659

4,408

6428886.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

5,747

5,332

6429002.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

3,154

3,040

6429072.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

953

900

6429105.SQ.FTS.B,

Zero

Cpn,

8/21/24

...

52,337

50,290

6430098.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

4,014

3,859

6430218.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

16,550

15,796

6430605.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,562

1,478

6430683.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

4,785

4,669

6430924.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

5,723

5,572

6431104.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

6,330

6,063

6431296.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

4,337

3,619

6431499.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

937

752

6431531.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

9,186

8,624

6432206.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

3,326

3,173

6432257.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

5,165

5,025

6432368.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

7,198

6,798

6432495.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,564

1,526

6432554.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,163

1,110

6432570.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,789

1,762

6432592.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

12,065

10,815

6432799.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,368

1,288

6432834.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

6,127

5,981

6432982.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

1,686

1,623

6433065.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

2,820

2,713

6433147.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

376

374

6433271.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

3,084

2,446

6433283.SQ.FTS.B,

Zero

Cpn,

8/22/24

...

28,015

27,142

6435246.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

49,516

47,849

6436225.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

3,160

2,932

6436393.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

5,376

5,165

6436620.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

6,501

5,914

6436847.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

6,713

5,974

6436932.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

5,065

4,831

6439282.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

2,799

2,640

6439336.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

10,031

8,106

6439544.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

10,081

9,824

6439799.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,802

1,693

6439846.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

2,328

2,258

6439919.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

5,960

5,667

6440056.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

3,043

2,818

6440087.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

5,303

5,031

6440247.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

5,679

5,460

6440915.SQ.FTS.B,

Zero

Cpn,

8/23/24

...

1,202

706

6441178.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

27,793

27,536

6443019.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

30,393

29,092

6443584.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

1,891

1,768

6443705.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

1,309

378

6443722.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

12,741

11,705

6443946.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,323

1,925

6444044.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

2,897

2,822

6444109.SQ.FTS.B,

Zero

Cpn,

8/24/24

...

25,712

24,793

6444348.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

1,286

1,138

6444409.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

19,736

18,824

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

41

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6444607.SQ.FTS.B,

Zero

Cpn,

8/25/24

...

$

13,970

$

13,662

6445198.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

3,248

3,133

6445330.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

3,752

3,564

6445692.SQ.FTS.B,

Zero

Cpn,

8/26/24

...

3,455

3,334

6446832.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

4,886

4,197

6447036.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,646

1,586

6447204.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,172

1,131

6447311.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,161

1,118

6447362.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

17,121

12,916

6447960.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

9,866

9,579

6448363.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

1,249

1,230

6448425.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

8,304

8,070

6449050.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

683

586

6449069.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

3,752

3,408

6449290.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

544

537

6449387.SQ.FTS.B,

Zero

Cpn,

8/27/24

...

339

336

6449442.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

31,091

29,188

6450204.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,612

3,457

6450386.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

2,846

2,723

6450586.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

9,141

7,823

6450873.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,920

1,828

6450914.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

18,039

17,536

6451468.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

5,702

5,468

6451547.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,335

3,228

6451649.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

24,444

19,601

6452083.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

3,998

3,850

6452179.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

816

535

6452192.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

1,560

1,393

6452254.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

35,963

34,169

6452781.SQ.FTS.B,

Zero

Cpn,

8/28/24

...

4,983

4,787

6452851.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

1,818

1,789

6452907.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

55,075

53,443

6454149.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

2,103

1,931

6454187.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

10,636

9,944

6454450.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

973

944

6454476.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

15,662

14,728

6454684.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

25,616

23,929

6455116.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

7,845

6,348

6455363.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

3,552

3,425

6455420.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

1,152

1,133

6455470.SQ.FTS.B,

Zero

Cpn,

9/01/24

...

3,060

2,875

6457335.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,482

1,375

6457382.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

100

99

6457397.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

24,629

23,681

6457841.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

17,702

16,969

6458143.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

4,904

4,599

6458308.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

2,716

2,285

6458371.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

8,267

6,185

6458550.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

22,225

21,856

6459191.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,105

1,045

6459197.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

15,659

15,428

6459855.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

6,300

5,412

6460071.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

317

302

6460082.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

8,065

7,443

6460388.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,339

1,297

6460464.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

451

443

6460474.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

399

385

6460488.SQ.FTS.B,

Zero

Cpn,

9/02/24

...

1,496

1,450

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6460771.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

$

2,674

$

2,560

6460963.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

18,377

17,242

6461670.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

9,923

9,442

6462246.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

977

932

6462265.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

26,815

25,758

6462700.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

6,428

5,610

6462955.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

1,711

1,680

6463025.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

2,779

2,572

6463165.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

2,238

2,115

6463274.SQ.FTS.B,

Zero

Cpn,

9/03/24

...

49,559

46,121

6463663.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,151

1,120

6463689.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,162

1,107

6463708.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

2,429

2,294

6463746.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

3,639

3,532

6463795.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

1,650

1,555

6463826.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

747

681

6463876.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

10,982

10,619

6464055.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

6,682

6,522

6464157.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

2,147

2,076

6464217.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

6,422

6,168

6464330.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

871

838

6464359.SQ.FTS.B,

Zero

Cpn,

9/04/24

...

5,532

5,328

6464495.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

1,238

1,213

6464532.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

7,209

6,624

6464721.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

16,336

15,906

6465069.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

1,066

971

6465091.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

418

398

6465123.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

2,784

2,682

6465179.SQ.FTS.B,

Zero

Cpn,

9/05/24

...

18,814

17,583

6466885.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

4,773

4,667

6467182.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

5,224

4,903

6467343.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

40,794

39,791

6468643.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

2,497

2,278

6468712.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,389

915

6468755.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

2,878

2,784

6468827.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

4,046

3,681

6468944.SQ.FTS.B,

Zero

Cpn,

9/06/24

...

1,041

1,003

6469005.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

9,773

9,479

6469473.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

3,212

3,053

6469565.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

4,456

4,169

6469680.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

6,526

6,155

6470042.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

8,282

7,705

6470310.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

1,000

977

6470963.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

9,178

8,389

6471093.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

2,486

2,457

6471142.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

410

395

6471145.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

6,354

5,529

6471489.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

748

736

6471507.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

24,479

23,510

6472007.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

6,427

5,896

6472155.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

828

638

6472220.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

10,456

10,244

6472473.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

3,835

3,681

6472563.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

1,912

1,806

6472589.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

846

782

6472602.SQ.FTS.B,

Zero

Cpn,

9/07/24

...

2,362

2,291

6472660.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

11,531

10,917

6472856.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

16,601

14,176

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6473202.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

$

939

$

917

6473234.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

21,338

20,406

6473854.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

7,213

7,103

6474103.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

56,120

52,097

6475632.SQ.FTS.B,

Zero

Cpn,

9/08/24

...

18,348

17,539

6477778.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

41,872

39,308

6479264.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

4,190

3,988

6479434.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,893

1,544

6479465.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

3,104

2,992

6479607.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,441

2,331

6479699.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

531

517

6479734.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

17,095

16,505

6480025.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

6,855

6,591

6480110.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

2,623

2,454

6480235.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,190

1,137

6480254.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

932

883

6480288.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

1,980

1,865

6480325.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

9,557

9,289

6480539.SQ.FTS.B,

Zero

Cpn,

9/09/24

...

24,689

24,047

6481471.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

60,415

38,837

6482947.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

23,861

22,916

6483524.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

619

598

6483552.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

5,122

5,041

6483676.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

5,114

4,882

6483811.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

35,068

33,217

6484353.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,158

2,060

6484457.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

2,937

2,419

6484508.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,025

908

6484568.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

1,639

1,615

6484644.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

29,254

25,728

6484967.SQ.FTS.B,

Zero

Cpn,

9/10/24

...

8,940

8,539

6484990.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

8,196

6,907

6485100.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

625

560

6485142.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

7,054

6,436

6485277.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

13,665

13,293

6485599.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

3,487

3,397

6485654.SQ.FTS.B,

Zero

Cpn,

9/11/24

...

31,590

29,387

6486262.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

1,339

1,292

6486322.SQ.FTS.B,

Zero

Cpn,

9/12/24

...

14,308

13,532

6486754.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

19,824

16,275

6487589.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

2,957

2,874

6487721.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

18,423

17,725

6488326.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

6,526

6,226

6488513.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

572

555

6488534.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

4,721

4,463

6488780.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

53,668

51,511

6490032.SQ.FTS.B,

Zero

Cpn,

9/13/24

...

1,366

1,106

6490397.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,917

1,890

6490527.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

6,459

6,220

6490690.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

406

394

6490724.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,529

2,403

6490934.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,771

1,519

6490995.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,262

2,116

6491102.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,433

1,021

6491558.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

24,496

23,175

6492223.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

23,121

21,629

6492811.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,475

4,320

6492962.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

3,024

2,979

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6493114.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

$

1,895

$

1,726

6493146.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,302

4,153

6493336.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

9,548

9,038

6493444.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,849

4,551

6493558.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,031

1,963

6493582.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

4,850

4,614

6493703.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

2,425

2,262

6493728.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

1,315

1,288

6493757.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

532

487

6493764.SQ.FTS.B,

Zero

Cpn,

9/14/24

...

5,617

5,472

6493807.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,260

1,174

6493862.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,209

1,080

6493901.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

5,878

5,483

6494001.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,058

1,041

6494229.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

1,685

1,601

6494303.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

26,641

24,887

6495063.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,743

3,573

6495134.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

4,008

3,296

6495272.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,745

3,621

6495805.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

938

561

6495825.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

57,254

51,348

6496661.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

6,999

6,745

6496824.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,483

2,347

6496848.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

915

886

6496859.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,394

2,266

6496903.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,476

2,968

6496985.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

3,853

3,700

6497045.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

2,075

1,848

6497072.SQ.FTS.B,

Zero

Cpn,

9/15/24

...

27,916

23,833

6499066.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,297

2,824

6499129.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

7,794

7,541

6499262.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,793

3,633

6499348.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

866

833

6499390.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,076

2,322

6499466.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,794

3,450

6499564.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,664

1,595

6499639.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

2,303

2,082

6499728.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

10,822

9,851

6500167.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,066

1,026

6500218.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,681

3,574

6500302.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

26,960

25,187

6501126.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,966

3,804

6501269.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

1,656

1,351

6501304.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

9,131

8,068

6501466.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,610

4,200

6501637.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,826

4,663

6501703.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

10,340

9,816

6502410.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

3,071

2,973

6502500.SQ.FTS.B,

Zero

Cpn,

9/16/24

...

4,689

4,449

6502619.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

34,925

30,464

6503521.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

953

935

6503552.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

328

306

6503553.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,496

1,454

6503613.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

6,518

6,279

6503838.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

3,916

3,750

6503932.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

13,356

12,302

6504146.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

1,573

1,487

6504172.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

157

152

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

43

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6504182.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

$

5,583

$

5,362

6504319.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

409

397

6504331.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

14,933

14,378

6504631.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

36,403

35,199

6505407.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

2,277

2,240

6505502.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

3,933

3,604

6505651.SQ.FTS.B,

Zero

Cpn,

9/17/24

...

21,743

18,393

6505692.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

14,305

13,957

6505959.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

13,076

12,715

6506195.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

2,085

1,998

6506276.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

1,524

1,507

6506335.SQ.FTS.B,

Zero

Cpn,

9/18/24

...

15,535

14,970

6506691.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

3,308

3,169

6506749.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

5,283

5,155

6506871.SQ.FTS.B,

Zero

Cpn,

9/19/24

...

13,004

12,701

6507502.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

18,610

17,971

6508226.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

4,680

4,467

6508335.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

12,105

11,799

6508733.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

31,865

22,923

6509315.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

829

803

6509352.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,030

1,008

6509389.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

3,380

3,055

6509423.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,432

1,416

6509699.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,873

2,700

6509740.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,882

1,817

6509799.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

733

715

6509823.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

1,416

883

6509842.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

6,365

3,706

6509957.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

737

663

6509983.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

7,257

6,957

6510199.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

10,440

7,608

6510343.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

13,787

12,440

6510683.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

2,212

2,143

6510720.SQ.FTS.B,

Zero

Cpn,

9/20/24

...

4,456

4,164

6510764.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,778

7,264

6511065.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

11,488

11,130

6511413.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

3,140

2,933

6511527.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,540

1,480

6511582.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,798

7,678

6511915.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

849

770

6511938.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

4,422

4,318

6512121.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,472

1,414

6512152.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

3,514

3,358

6512220.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,866

7,709

6512525.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

1,320

1,276

6512555.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

48,477

44,941

6513435.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

11,739

11,229

6513671.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

5,244

5,026

6513824.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

943

937

6513872.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

7,256

6,997

6513947.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

6,660

6,418

6514107.SQ.FTS.B,

Zero

Cpn,

9/21/24

...

2,952

2,837

6514143.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

12,510

11,957

6514561.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,174

3,126

6514761.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,487

2,416

6514830.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

7,028

6,815

6514993.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

12,375

10,563

6515249.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,778

2,687

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6515316.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

$

7,520

$

6,826

6515484.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

11,970

11,079

6515657.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,348

2,263

6515677.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,461

3,290

6515710.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,025

2,970

6515734.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

31,915

30,459

6516245.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,446

2,197

6516286.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

9,771

9,497

6516538.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

1,653

1,598

6516582.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

3,093

2,939

6516693.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,608

2,523

6516729.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

12,216

11,706

6516894.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

7,293

6,980

6516963.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

2,734

2,669

6516986.SQ.FTS.B,

Zero

Cpn,

9/22/24

...

9,574

8,859

6518785.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,391

1,354

6518856.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

6,775

6,634

6519040.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,583

2,524

6519159.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,249

1,213

6519210.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

7,352

7,252

6519784.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,406

2,308

6519847.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

22,340

21,599

6520493.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,489

2,409

6520524.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

689

668

6520559.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

7,168

6,788

6520665.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

35,485

34,674

6521426.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

9,493

8,919

6521583.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

1,211

1,157

6521589.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

17,287

16,241

6521999.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

7,434

6,911

6522172.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

4,485

4,365

6522264.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

6,528

6,352

6522435.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

2,202

2,153

6522448.SQ.FTS.B,

Zero

Cpn,

9/23/24

...

4,156

3,943

6522559.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

768

748

6522679.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

22,855

21,932

6523457.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

5,006

4,562

6523612.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

3,050

2,932

6523691.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,727

2,681

6523865.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

4,885

4,743

6523986.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,322

2,074

6524043.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

1,471

1,385

6524093.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

5,261

5,066

6524159.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

22,946

19,494

6524615.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

18,527

17,289

6524904.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

3,457

3,362

6524997.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

8,666

8,263

6525209.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

2,131

2,032

6525365.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

768

683

6525402.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

3,140

2,956

6525520.SQ.FTS.B,

Zero

Cpn,

9/24/24

...

5,714

5,500

6525628.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

2,220

2,133

6525689.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

1,086

1,019

6525711.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

17,916

17,169

6525996.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

25,373

21,302

6526306.SQ.FTS.B,

Zero

Cpn,

9/25/24

...

832

813

6526328.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

3,819

3,759

6526395.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,194

1,888

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6526419.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

$

871

$

861

6526438.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,109

1,595

6526463.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

2,002

1,955

6526512.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

7,178

6,552

6526594.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

11,771

10,434

6526712.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

881

857

6526719.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

19,829

18,363

6527034.SQ.FTS.B,

Zero

Cpn,

9/26/24

...

540

514

6527233.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

789

674

6527241.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

6,216

5,793

6527700.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

3,013

2,925

6527794.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

1,027

1,013

6527937.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

2,291

2,106

6527995.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

3,089

2,995

6528101.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

8,326

8,077

6528356.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

404

401

6528399.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

534

520

6528426.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

2,977

2,850

6528470.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

11,056

9,297

6528825.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

6,166

6,048

6529069.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

7,038

2,912

6529173.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

787

780

6529418.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

3,902

3,750

6529479.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

19,516

17,063

6529714.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

2,217

2,142

6529880.SQ.FTS.B,

Zero

Cpn,

9/27/24

...

613

586

6530871.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,682

2,640

6530974.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

1,792

1,740

6531005.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,451

3,334

6531083.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

5,709

5,455

6531346.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,012

1,990

6531610.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

16,515

15,225

6532060.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,076

1,702

6532129.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

20,208

19,571

6532625.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

5,652

5,436

6532763.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,773

2,716

6532833.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

9,940

9,619

6533131.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

13,284

12,458

6533389.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

3,843

3,610

6533471.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

5,838

4,368

6533609.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

2,375

2,217

6533664.SQ.FTS.B,

Zero

Cpn,

9/28/24

...

41,566

39,636

6534234.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

2,057

1,966

6534275.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

13,954

13,715

6534741.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

5,536

5,316

6534929.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

5,681

5,546

6535184.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,093

1,083

6535297.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

3,225

3,077

6535374.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

928

888

6535403.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

26,452

25,656

6536562.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

3,068

2,998

6536620.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

19,885

18,976

6536968.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

3,041

2,920

6537043.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

19,414

19,044

6537550.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

11,395

10,886

6537731.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

1,549

1,494

6537793.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

6,419

4,385

6537833.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

5,019

4,754

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6537881.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

$

1,554

$

1,530

6537896.SQ.FTS.B,

Zero

Cpn,

9/29/24

...

13,786

13,075

6539774.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

9,771

8,886

6540744.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,228

4,069

6540848.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,535

3,416

6540988.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,824

3,426

6541073.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

6,531

6,353

6541303.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,690

4,411

6541453.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

3,610

3,456

6541530.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,468

1,384

6541605.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

59,820

57,107

6542910.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

36,122

34,328

6543180.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

734

698

6543248.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,380

1,092

6543299.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,298

5,069

6543583.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,158

1,055

6543660.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

2,471

2,319

6543823.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

12,850

10,212

6544407.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

7,743

7,434

6544704.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

4,496

4,388

6545006.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

785

622

6545017.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,727

5,277

6545171.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

1,623

1,526

6545225.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

11,267

10,739

6545555.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

45,853

43,936

6546339.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

9,913

9,255

6546729.SQ.FTS.B,

Zero

Cpn,

9/30/24

...

5,800

5,606

6546854.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

3,200

3,080

6546947.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

3,388

3,270

6547024.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

1,094

1,016

6547057.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

2,457

2,311

6547129.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

3,393

3,273

6547200.SQ.FTS.B,

Zero

Cpn,

10/01/24

..

16,727

16,238

6547519.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

9,111

7,216

6547675.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

3,303

3,140

6547726.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

1,369

1,292

6547757.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

5,484

5,282

6547839.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

4,997

4,788

6547912.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

6,252

4,278

6547979.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

5,951

5,724

6548080.SQ.FTS.B,

Zero

Cpn,

10/02/24

..

1,382

1,328

6548660.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

450

442

6548698.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

16,325

15,813

6549584.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,643

2,377

6549708.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

9,134

8,524

6550180.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

9,950

9,469

6550386.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

16,832

16,105

6550734.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,968

2,863

6550866.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,029

1,946

6550936.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,847

2,663

6550992.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

4,537

4,293

6551062.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

1,841

1,740

6551100.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

8,933

8,480

6551310.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

1,637

1,200

6551325.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

2,855

2,148

6551364.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

5,203

4,881

6551473.SQ.FTS.B,

Zero

Cpn,

10/03/24

..

20,157

19,291

6551773.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,748

2,653

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

45

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6551899.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

$

7,630

$

7,153

6552075.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

5,502

5,247

6552179.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,806

1,658

6552210.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

22,692

21,077

6552833.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,966

1,445

6552899.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

17,663

16,978

6553320.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

209

203

6553327.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

20,132

19,358

6553678.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,228

2,144

6553741.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

813

768

6553758.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,189

4,030

6553827.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,032

900

6553841.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,507

4,250

6553952.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

1,726

1,622

6553988.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,551

2,332

6554035.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

7,094

6,813

6554254.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

2,133

1,899

6554307.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

4,362

4,203

6554455.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

418

410

6554555.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

7,941

7,472

6554698.SQ.FTS.B,

Zero

Cpn,

10/04/24

..

40,565

39,078

6555406.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

34,486

33,140

6556308.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,451

1,207

6556334.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

30,789

28,269

6557012.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

7,541

5,897

6557101.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

5,734

5,520

6557187.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

541

525

6557212.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

3,092

2,694

6557296.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

893

829

6557321.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,831

1,768

6557353.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

14,371

12,803

6557673.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

15,427

13,159

6557892.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,915

1,848

6557965.SQ.FTS.B,

Zero

Cpn,

10/05/24

..

1,816

1,758

6559679.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

3,561

3,307

6559733.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

6,467

5,502

6559813.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

5,082

4,912

6560050.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

10,891

10,262

6560356.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

4,185

4,031

6560506.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

4,109

3,978

6560669.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,658

1,604

6560753.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

14,484

13,953

6561389.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

989

949

6561416.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

6,859

6,371

6561570.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,529

1,420

6561622.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

822

789

6561647.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

8,945

8,462

6561882.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

5,828

5,605

6562111.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,935

1,783

6562135.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

938

822

6562157.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

1,369

1,329

6562213.SQ.FTS.B,

Zero

Cpn,

10/06/24

..

38,000

36,268

6563066.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

1,843

1,722

6563144.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

6,685

5,843

6563378.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,606

2,436

6563463.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

9,148

8,705

6563811.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,783

4,591

6563977.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,255

2,123

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6564064.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

$

3,780

$

3,641

6564200.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

5,701

5,451

6564373.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

518

504

6564429.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

3,578

3,414

6564514.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

22,309

21,498

6564931.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,240

4,088

6565265.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,666

2,554

6565297.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

4,122

3,658

6565331.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

2,964

2,872

6565502.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

8,649

8,247

6565687.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

18,425

17,639

6566072.SQ.FTS.B,

Zero

Cpn,

10/07/24

..

14,395

13,860

6566183.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

3,889

3,715

6566227.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,594

2,513

6566274.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

2,522

2,430

6566308.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,045

1,009

6566320.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

1,767

1,706

6566359.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

6,218

5,945

6566462.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

30,161

28,699

6566839.SQ.FTS.B,

Zero

Cpn,

10/08/24

..

33,428

30,741

6567193.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

1,689

1,616

6567233.SQ.FTS.B,

Zero

Cpn,

10/09/24

..

16,456

15,880

6567613.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

27,434

26,259

6568498.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

13,597

12,763

6568787.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,895

3,660

6568887.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

21,665

20,851

6569379.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

6,531

5,467

6569436.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

5,258

5,032

6569513.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

14,520

13,997

6569771.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

1,025

995

6569791.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

33,506

32,628

6570606.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,325

1,988

6570635.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

983

949

6570659.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,286

3,159

6570731.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

2,680

2,494

6570747.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

3,168

3,051

6570850.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

6,303

6,068

6570932.SQ.FTS.B,

Zero

Cpn,

10/10/24

..

5,164

4,958

6571257.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

7,804

7,511

6571560.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,462

1,411

6571638.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

5,591

5,393

6571863.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

6,705

6,369

6572128.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

4,964

4,765

6572248.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

2,643

2,313

6572357.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

9,551

9,141

6572671.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

10,333

9,935

6572893.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,176

3,041

6573020.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

757

612

6573048.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

9,699

9,105

6573202.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

1,137

1,094

6573217.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

6,442

6,189

6573298.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,946

3,794

6573411.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

734

702

6573435.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

5,722

5,528

6573608.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

10,396

10,033

6573896.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

4,976

4,707

6574031.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,635

3,510

6574100.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

995

890

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6574118.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

$

15,590

$

15,000

6574364.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

8,588

8,326

6574468.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

3,394

3,274

6574544.SQ.FTS.B,

Zero

Cpn,

10/11/24

..

11,500

11,091

6574600.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,103

1,058

6574631.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,436

1,349

6574664.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,088

995

6574685.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,396

2,328

6575172.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,182

1,147

6575265.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

17,743

17,063

6575505.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,259

2,114

6575554.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

4,756

4,305

6575711.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,771

2,658

6575772.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

4,660

4,474

6575921.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,651

2,961

6576074.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

11,122

10,705

6576295.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,314

3,201

6576379.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

5,334

5,132

6576437.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

11,188

10,580

6576656.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,046

1,009

6576751.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,335

2,240

6576775.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,302

1,191

6576801.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

8,760

8,406

6576942.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,192

2,589

6577102.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,698

1,632

6577154.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

786

761

6577195.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,816

2,717

6577282.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

4,659

4,472

6577363.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,613

2,442

6577417.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

1,491

1,278

6577454.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,813

3,658

6577507.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,994

2,875

6577564.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

3,796

3,667

6577711.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

2,866

2,711

6577762.SQ.FTS.B,

Zero

Cpn,

10/12/24

..

32,741

31,616

6579848.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,766

2,651

6579940.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

5,988

5,747

6580071.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,502

2,399

6580139.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,014

1,916

6580189.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

6,876

5,902

6580346.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

3,485

3,365

6580568.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

13,638

12,934

6580960.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,299

2,119

6580994.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,947

1,867

6581059.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,634

1,572

6581139.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,726

1,657

6581197.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

938

903

6581224.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

2,898

2,802

6581363.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

12,064

10,139

6581602.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

670

623

6581616.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

61,113

58,605

6582752.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

4,608

4,410

6582812.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

5,248

5,030

6582973.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

8,261

7,555

6583130.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

4,616

4,443

6583208.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,583

1,510

6583271.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

1,865

1,785

6583290.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

4,961

4,781

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6583381.SQ.FTS.B,

Zero

Cpn,

10/13/24

..

$

1,972

$

1,851

6583437.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

5,083

4,851

6583651.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,020

2,896

6583770.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,283

1,220

6583795.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,450

1,387

6583836.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

2,355

2,181

6583920.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,449

4,255

6584064.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,892

4,384

6584210.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

5,991

5,717

6584370.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

787

760

6584399.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,083

3,813

6584507.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,042

3,402

6584545.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

6,341

6,100

6584703.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

11,956

11,249

6584940.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

4,119

3,971

6585055.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,676

1,607

6585085.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

9,505

9,124

6585289.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

1,733

1,649

6585297.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

12,442

11,900

6585489.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

8,414

8,068

6585719.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

3,796

3,671

6585909.SQ.FTS.B,

Zero

Cpn,

10/14/24

..

55,049

52,771

6586591.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

879

853

6586628.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

2,205

2,101

6586690.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

3,410

3,292

6586751.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

18,528

17,632

6586986.SQ.FTS.B,

Zero

Cpn,

10/15/24

..

24,066

22,888

6587300.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,086

1,999

6587329.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

3,398

3,286

6587406.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,349

1,282

6587424.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

2,485

2,382

6587465.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

13,335

12,761

6587681.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

15,146

14,544

6587881.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

1,308

1,220

6587899.SQ.FTS.B,

Zero

Cpn,

10/16/24

..

5,250

5,046

6588173.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,122

2,042

6588204.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

966

929

6588233.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,718

3,298

6588360.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

3,244

3,113

6588436.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,453

2,352

6588560.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,616

1,554

6588657.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,512

2,218

6588734.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

510

491

6588814.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

18,105

17,363

6589168.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

10,211

9,824

6589375.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

5,349

5,103

6589496.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

26,407

25,373

6589928.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,430

1,365

6589943.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

4,318

4,119

6590002.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,644

1,561

6590008.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

1,463

1,377

6590037.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

2,141

2,054

6590071.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

4,858

4,536

6590159.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

8,043

7,722

6590283.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

7,237

6,959

6590374.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

11,254

10,759

6590548.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

18,734

18,169

6590995.SQ.FTS.B,

Zero

Cpn,

10/17/24

..

42,997

41,330

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

47

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6591452.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

$

3,006

$

2,890

6591557.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

26,081

24,075

6592215.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,253

2,160

6592271.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

10,599

10,204

6592520.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

8,540

6,716

6592677.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

3,316

3,119

6592732.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

4,979

4,716

6592827.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

3,769

3,631

6592904.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

2,167

2,055

6592955.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

1,355

1,294

6592984.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

9,068

8,751

6593196.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

4,817

4,674

6593340.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

6,041

5,823

6593455.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

3,822

3,688

6593547.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

3,912

3,771

6593615.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

53,621

51,595

6594417.SQ.FTS.B,

Zero

Cpn,

10/18/24

..

8,955

8,516

6594547.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

344

335

6594576.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

57,643

55,022

6595968.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

3,585

3,453

6596089.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

25,225

24,197

6596492.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

16,241

15,400

6596616.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

6,572

6,301

6596708.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

30,765

27,665

6597179.SQ.FTS.B,

Zero

Cpn,

10/19/24

..

5,254

5,015

6598703.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

410

399

6598762.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

857

831

6598803.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

983

942

6598856.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,811

2,624

6598907.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,744

1,684

6598975.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,125

2,031

6599062.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,562

1,415

6599129.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

8,771

8,479

6599841.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

979

935

6599868.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,768

2,657

6599932.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

5,909

5,451

6600211.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

17,589

16,643

6600597.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

5,225

4,960

6600773.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

8,333

6,580

6600929.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,199

1,151

6600942.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

13,047

12,273

6601133.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

6,087

5,834

6601226.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

6,386

6,126

6601350.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

7,591

7,281

6601513.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

2,689

1,972

6601578.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,427

1,234

6601614.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

1,946

1,865

6601641.SQ.FTS.B,

Zero

Cpn,

10/20/24

..

7,737

7,416

6601773.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,889

1,712

6601798.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

4,803

4,605

6601869.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,627

3,478

6601952.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

11,528

11,011

6602369.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

5,172

4,871

6602614.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

2,027

1,948

6602670.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

1,131

1,083

6602708.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

26,424

25,342

6603320.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,180

3,077

6603407.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,847

3,699

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6603490.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

$

15,086

$

14,482

6603823.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

3,413

3,255

6603872.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

4,062

3,889

6603963.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

5,993

5,790

6604124.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

5,477

5,179

6604347.SQ.FTS.B,

Zero

Cpn,

10/21/24

..

5,385

5,163

6604390.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

13,168

11,852

6604516.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

3,716

3,478

6604551.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

2,177

2,091

6604580.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

529

508

6604594.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

5,671

5,412

6604668.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

7,583

7,243

6604745.SQ.FTS.B,

Zero

Cpn,

10/22/24

..

26,088

25,003

6605032.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

17,053

16,332

6605228.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

8,512

8,180

6605296.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

3,227

3,134

6605359.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

7,575

7,254

6605443.SQ.FTS.B,

Zero

Cpn,

10/23/24

..

2,410

2,212

6605602.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

10,918

10,474

6606017.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

3,561

3,412

6606180.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,595

2,501

6606258.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

3,131

2,950

6606355.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

3,822

3,713

6606515.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

4,874

4,711

6606668.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,102

1,035

6606708.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

4,029

3,727

6606794.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

4,663

4,448

6606875.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

551

540

6606907.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,892

2,775

6606972.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

5,394

5,070

6607093.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

381

368

6607123.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

828

798

6607134.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

2,546

2,447

6607191.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

9,480

9,071

6607353.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,480

1,408

6607380.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

20,224

19,468

6607699.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

53,217

50,550

6608433.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

12,072

11,490

6608520.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

1,976

1,792

6608551.SQ.FTS.B,

Zero

Cpn,

10/24/24

..

43,516

41,562

6608761.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

529

514

6608821.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

5,104

4,366

6608855.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,596

1,533

6608886.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,812

1,746

6608920.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

9,533

8,964

6609054.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

21,133

20,309

6609798.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

7,018

6,460

6609952.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

16,621

16,025

6610249.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

4,258

4,069

6610365.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

4,712

4,413

6610472.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,029

1,895

6610546.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,359

2,627

6610649.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,685

3,324

6610669.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,343

1,280

6610691.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,541

1,796

6610757.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,560

2,445

6610818.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

2,916

2,805

6610859.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,561

3,232

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6610893.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

$

13,475

$

12,688

6611088.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

6,480

6,251

6611236.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,360

1,306

6611263.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

751

688

6611285.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,346

3,214

6611350.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

3,709

3,576

6611467.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

8,447

8,102

6611591.SQ.FTS.B,

Zero

Cpn,

10/25/24

..

1,750

1,687

6611766.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,210

2,096

6611834.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

6,580

6,091

6611950.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

610

583

6611964.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

4,731

4,560

6612122.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

909

874

6612151.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

6,345

6,052

6612366.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,255

2,177

6612551.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,607

2,520

6612679.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

8,263

7,919

6612940.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,680

1,627

6613026.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

2,652

2,398

6613062.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

6,029

5,778

6613223.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

483

468

6613242.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

1,935

1,839

6613302.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

22,386

21,271

6613978.SQ.FTS.B,

Zero

Cpn,

10/26/24

..

59,710

57,722

6616878.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

5,452

4,284

6617145.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

1,594

1,535

6617167.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

4,353

3,938

6617214.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

9,155

8,753

6617623.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

16,124

15,477

6618090.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

2,438

2,249

6618145.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

17,768

17,024

6618703.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

422

407

6618707.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

3,163

2,999

6618740.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

3,347

3,243

6618871.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

701

675

6618891.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

19,398

18,550

6619460.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

759

729

6619853.SQ.FTS.B,

Zero

Cpn,

10/27/24

..

48,816

46,770

6620492.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,846

4,614

6620628.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

3,679

3,522

6620738.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

13,190

12,563

6621055.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,550

2,450

6621177.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

894

831

6621205.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,683

1,565

6621277.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

759

706

6621294.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,581

1,536

6621339.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

836

757

6621347.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

5,746

5,493

6621488.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

5,804

5,553

6621683.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,946

2,825

6621829.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,443

1,371

6621852.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

953

918

6621867.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,541

2,441

6621889.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

22,880

22,040

6622405.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

9,559

9,149

6622558.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,537

1,442

6622604.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

9,278

8,784

6622782.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

9,328

8,145

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6622989.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

$

15,899

$

14,893

6623306.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

15,807

15,015

6623576.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

6,687

5,742

6623667.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

5,472

5,143

6623752.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

4,620

4,336

6623816.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

2,349

2,245

6623858.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,221

1,158

6623886.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

8,017

7,001

6624045.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

1,624

1,560

6624096.SQ.FTS.B,

Zero

Cpn,

10/28/24

..

11,875

9,847

6624130.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

4,887

4,666

6624216.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

9,406

8,974

6624369.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

6,458

6,063

6624471.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

8,417

7,884

6624605.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

591

546

6624612.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

5,720

5,286

6624697.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

8,563

8,219

6624851.SQ.FTS.B,

Zero

Cpn,

10/29/24

..

4,659

4,482

6624927.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

19,877

19,036

6625307.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

10,461

9,906

6625459.SQ.FTS.B,

Zero

Cpn,

10/30/24

..

24,770

23,675

6626412.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

5,808

5,561

6626622.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

14,412

13,791

6626954.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

2,561

2,443

6626988.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,161

1,075

6627023.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

12,473

10,542

6627283.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,760

6,466

6627435.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,314

6,052

6627588.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

7,792

7,491

6627794.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

7,993

7,642

6627983.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

4,692

4,531

6628093.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

12,079

11,402

6628287.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

798

749

6628291.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,600

1,447

6628333.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,353

1,208

6628363.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

13,316

12,608

6628683.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

498

475

6628700.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

10,179

9,558

6628857.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

4,697

4,248

6628924.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

6,731

6,479

6629071.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,950

1,740

6629128.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

842

817

6629155.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

13,369

12,622

6629563.SQ.FTS.B,

Zero

Cpn,

11/01/24

..

1,615

1,313

6629645.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

674

651

6629685.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

7,047

6,752

6629803.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

18,542

17,736

6630192.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,447

4,281

6630410.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,673

1,564

6630469.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

8,612

8,264

6630756.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,462

1,407

6630805.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,952

1,873

6630852.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

8,882

8,496

6631067.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,442

2,292

6631079.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,258

5,047

6631330.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

403

389

6631380.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,564

2,465

6631430.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,344

5,077

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

49

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6631536.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

$

2,138

$

2,006

6631597.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

9,328

8,771

6631727.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

9,328

9,026

6632000.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

9,569

9,087

6632193.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

2,594

2,435

6632217.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

7,275

6,805

6632349.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

5,880

5,617

6632451.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,669

3,432

6632513.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,293

3,185

6632582.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,769

3,640

6632672.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,106

3,935

6632741.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

14,341

13,805

6632935.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

1,875

1,802

6632956.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

832

791

6632986.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

3,911

3,739

6633043.SQ.FTS.B,

Zero

Cpn,

11/02/24

..

4,542

4,345

6633135.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

3,884

3,615

6633229.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

769

731

6633246.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

1,335

1,297

6633291.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

19,268

18,566

6633785.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

1,493

1,421

6633840.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

5,305

4,992

6633957.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

7,203

6,852

6634067.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

9,484

9,123

6634320.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

71,600

68,106

6635247.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

9,021

8,368

6635343.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

5,171

4,876

6635436.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

4,093

3,927

6635505.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,529

2,443

6635542.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

1,287

946

6635569.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,002

1,925

6635624.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,935

2,833

6635708.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

5,245

5,031

6635771.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

1,342

1,290

6635792.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

7,629

7,243

6635855.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

25,937

24,824

6636191.SQ.FTS.B,

Zero

Cpn,

11/03/24

..

2,084

2,022

6637843.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

3,620

3,466

6637911.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,102

1,056

6637931.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

8,654

8,199

6638163.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

7,050

6,742

6638334.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

1,741

1,652

6638387.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

12,020

10,883

6638710.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

4,581

4,425

6638914.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

2,490

2,310

6638950.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

9,675

9,320

6639250.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

66,761

64,054

6640655.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

6,536

6,311

6640836.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

10,117

9,678

6640951.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

9,174

8,779

6641106.SQ.FTS.B,

Zero

Cpn,

11/04/24

..

17,777

16,677

6641381.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,586

1,504

6641506.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,385

3,067

6641625.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

15,100

14,486

6642093.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

8,797

8,322

6642363.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,767

2,662

6642443.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,345

1,286

6642494.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,742

3,580

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6642599.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

$

2,777

$

2,656

6642637.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

2,140

2,067

6642683.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,946

4,721

6642786.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,892

4,303

6642839.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

3,838

3,596

6642924.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

933

691

6642953.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

6,071

5,697

6643070.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

4,562

4,234

6643141.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,949

1,876

6643191.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

958

932

6643218.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

1,744

1,683

6643269.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

44,495

41,295

6643920.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

9,376

8,730

6644033.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

435

420

6644035.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

8,774

8,238

6644229.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

11,918

11,320

6644424.SQ.FTS.B,

Zero

Cpn,

11/05/24

..

42,835

40,757

6644589.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

8,164

7,093

6644691.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

7,929

7,594

6644781.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

2,293

2,057

6644809.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

1,018

975

6644824.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

729

705

6644831.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

11,771

11,264

6644985.SQ.FTS.B,

Zero

Cpn,

11/06/24

..

29,140

27,894

6645398.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,455

1,402

6645434.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,199

1,117

6645453.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,934

1,855

6645484.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

2,100

1,987

6645512.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

6,874

6,636

6645658.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,705

1,631

6645686.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

546

522

6645693.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

1,472

1,371

6645710.SQ.FTS.B,

Zero

Cpn,

11/07/24

..

31,364

30,060

6646830.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,637

2,467

6646939.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

2,691

2,533

6647009.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

6,956

6,614

6647186.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,660

1,595

6647219.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

9,766

9,172

6647368.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

763

710

6647408.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,875

3,608

6647467.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

811

775

6647503.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,090

843

6647522.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

3,995

3,828

6647619.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,921

1,831

6647681.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

5,282

4,963

6647800.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

1,068

1,027

6647840.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

23,058

22,082

6648396.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

6,301

6,073

6648529.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

17,108

16,074

6648824.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

30,088

28,530

6649348.SQ.FTS.B,

Zero

Cpn,

11/08/24

..

12,226

11,782

6649508.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,565

1,490

6649544.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

3,751

3,034

6649624.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,192

1,122

6649650.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

26,412

24,541

6650425.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,458

1,391

6650470.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,033

980

6650496.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

3,878

3,514

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6650634.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

$

1,509

$

1,446

6650690.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

2,012

1,925

6650749.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

1,352

1,301

6650783.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

10,879

10,388

6651043.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

9,251

8,174

6651196.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

10,567

10,118

6651375.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

6,524

6,178

6651454.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

27,944

26,684

6652046.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

7,667

7,400

6652207.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

25,806

24,773

6652684.SQ.FTS.B,

Zero

Cpn,

11/09/24

..

17,173

16,139

6652963.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

57,264

55,026

6654407.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

1,213

1,150

6654424.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

6,546

6,310

6654638.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

2,325

2,224

6654704.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,084

2,902

6654761.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

14,969

14,321

6655017.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

9,861

9,534

6655324.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

7,827

7,300

6655472.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,662

3,495

6655528.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

10,395

9,952

6655674.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

3,877

3,732

6655765.SQ.FTS.B,

Zero

Cpn,

11/10/24

..

24,178

22,093

6657790.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,758

2,656

6657902.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,116

1,958

6657954.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

20,460

19,688

6658757.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,139

2,057

6658835.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

38,996

34,354

6659753.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

7,874

7,347

6659902.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

6,785

5,169

6660038.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

6,171

5,861

6660139.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

4,895

4,224

6660224.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

740

577

6660251.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,871

3,340

6660323.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

582

562

6660350.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

2,989

2,851

6660432.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

11,720

11,241

6660633.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

22,316

21,294

6661141.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

9,943

9,412

6661420.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

1,330

1,208

6661445.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,096

2,936

6661547.SQ.FTS.B,

Zero

Cpn,

11/11/24

..

3,046

2,890

6661598.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

3,583

3,435

6661803.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

2,160

2,073

6661839.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

3,068

2,937

6661932.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

4,863

4,617

6662049.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

11,821

11,291

6662402.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

16,721

15,950

6662851.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

1,922

1,746

6662880.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

3,202

3,071

6662954.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

28,341

26,764

6663672.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

8,023

7,683

6663839.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

1,107

846

6663872.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

12,825

12,230

6664058.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

10,633

9,834

6664234.SQ.FTS.B,

Zero

Cpn,

11/12/24

..

69,307

65,655

6664760.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

6,120

5,874

6664845.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

2,863

2,712

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6664879.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

$

2,182

$

2,082

6664913.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

20,926

19,672

6665182.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

7,011

6,138

6665278.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

541

508

6665298.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

5,669

5,368

6665369.SQ.FTS.B,

Zero

Cpn,

11/13/24

..

32,520

31,061

6665806.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

15,884

14,954

6666012.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

870

830

6666027.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

1,002

773

6666045.SQ.FTS.B,

Zero

Cpn,

11/14/24

..

7,800

7,437

6666383.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,971

2,815

6666415.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,474

3,342

6666620.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

10,270

9,834

6666966.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

5,878

5,633

6667133.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,538

2,390

6667210.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,016

1,908

6667255.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,747

4,569

6667397.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,671

2,551

6667433.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

282

272

6667444.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

18,061

16,482

6667839.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

7,919

7,467

6668015.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,948

2,793

6668063.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

3,498

3,271

6668101.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

20,839

19,515

6668527.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,074

3,905

6668614.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

7,996

7,647

6668770.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,802

2,684

6668840.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

4,201

3,878

6668950.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,968

1,876

6668973.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

8,057

7,654

6669104.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

12,740

12,191

6669319.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

7,756

7,417

6669431.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

10,865

10,212

6669601.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,748

2,480

6669628.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

12,689

12,142

6669945.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

1,776

1,699

6669990.SQ.FTS.B,

Zero

Cpn,

11/15/24

..

2,086

1,831

6670045.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,179

1,866

6670082.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

14,111

13,400

6670539.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,187

2,096

6670584.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

7,840

7,502

6670927.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,700

2,579

6671037.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,712

2,609

6671124.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,075

1,034

6671193.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,336

1,099

6671220.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

84,127

80,175

6672556.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

561

536

6672564.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,783

1,708

6672633.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,303

3,161

6672685.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

10,630

8,743

6672873.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

3,415

3,242

6672941.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,263

1,968

6672984.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

12,923

12,175

6673193.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

7,898

7,585

6673364.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

1,254

1,189

6673400.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

2,344

2,209

6673470.SQ.FTS.B,

Zero

Cpn,

11/16/24

..

12,217

11,682

6673496.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,890

3,743

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

51

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6673620.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

$

1,256

$

1,208

6673661.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

7,446

5,790

6673857.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

3,913

3,703

6673955.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,282

6,003

6674173.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

21,868

19,800

6674682.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

744

721

6674718.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,670

6,407

6674845.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

39,195

37,354

6675519.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

14,214

13,130

6675789.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,416

1,374

6675813.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

697

673

6675821.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

647

562

6675826.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,978

1,913

6675866.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,484

5,920

6675965.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

6,182

5,852

6676099.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

8,925

8,544

6676213.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

2,395

1,775

6676262.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

1,621

1,557

6676305.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

14,970

14,280

6676551.SQ.FTS.B,

Zero

Cpn,

11/17/24

..

21,750

20,869

6678248.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

18,537

17,737

6678686.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

9,141

8,709

6678934.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,582

2,339

6678969.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

3,576

3,407

6679059.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

873

831

6679082.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

766

741

6679112.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,164

2,033

6679174.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

6,764

6,468

6679338.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

33,055

31,575

6680117.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

2,530

2,268

6680134.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

26,588

25,238

6680574.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

12,267

11,669

6680808.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

17,093

16,062

6681069.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

4,329

4,125

6681143.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

1,511

1,444

6681160.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

16,710

15,820

6681436.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

1,410

1,318

6681453.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

6,783

6,491

6681505.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

6,935

6,543

6681576.SQ.FTS.B,

Zero

Cpn,

11/18/24

..

4,195

3,965

6681713.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

4,711

4,318

6681892.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

9,876

9,298

6682155.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

5,447

5,157

6682395.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,965

1,899

6682514.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

4,644

4,322

6682609.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

3,912

3,743

6682726.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

4,471

4,180

6682799.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

11,839

10,816

6683091.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

6,073

5,784

6683291.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

12,477

11,850

6683627.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

23,752

22,630

6683903.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,524

2,266

6683935.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,194

1,104

6683953.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

20,495

19,347

6684191.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,204

1,897

6684258.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

6,014

5,641

6684307.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,738

1,585

6684331.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

10,494

9,788

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6684432.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

$

20,826

$

19,387

6684690.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

1,330

1,213

6684729.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

2,901

2,741

6684752.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

6,028

5,763

6684883.SQ.FTS.B,

Zero

Cpn,

11/19/24

..

10,639

10,015

6685012.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

4,266

4,098

6685077.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

8,971

8,506

6685159.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

17,120

16,119

6685333.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

5,646

5,431

6685416.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

1,024

976

6685432.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

394

381

6685442.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

1,545

1,445

6685457.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

1,118

1,055

6685465.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

7,986

7,129

6685537.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

4,420

4,134

6685588.SQ.FTS.B,

Zero

Cpn,

11/20/24

..

11,046

10,420

6685738.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

10,812

10,345

6685843.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

3,534

3,223

6685874.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

9,815

9,379

6685974.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

1,045

991

6685990.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

1,323

1,271

6686008.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

4,882

4,655

6686068.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

2,881

2,792

6686130.SQ.FTS.B,

Zero

Cpn,

11/21/24

..

18,012

16,474

6686468.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

8,681

8,334

6686918.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,746

4,329

6687098.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

3,511

3,362

6687213.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

6,378

6,086

6687353.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,241

3,887

6687438.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,420

2,299

6687486.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

4,617

4,299

6687581.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

17,819

16,887

6687957.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

18,790

17,831

6688199.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

2,377

2,219

6688215.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

10,109

9,625

6688395.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

34,859

33,205

6688928.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,847

1,782

6688955.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

10,222

9,609

6689130.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

9,853

9,327

6689300.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

21,278

19,949

6689576.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

1,472

1,409

6689606.SQ.FTS.B,

Zero

Cpn,

11/22/24

..

64,030

61,243

6689861.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

6,282

5,750

6690020.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

13,894

13,241

6690377.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

843

668

6690395.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

19,815

18,856

6691088.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

1,731

1,572

6691123.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

747

723

6691152.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

35,614

33,675

6691958.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

272

264

6691965.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

3,119

2,984

6692081.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

4,540

4,328

6692198.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

928

887

6692249.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

23,062

21,941

6692878.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

29,058

27,593

6693343.SQ.FTS.B,

Zero

Cpn,

11/23/24

..

4,131

3,868

6693426.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

4,054

3,874

6693537.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

16,800

15,822

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6693814.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

$

2,336

$

2,244

6693905.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

27,585

26,346

6694528.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

9,246

8,800

6694717.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

2,544

2,211

6694760.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

6,704

6,356

6694906.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

800

755

6694918.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

17,749

16,645

6695247.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

16,959

15,857

6695590.SQ.FTS.B,

Zero

Cpn,

11/24/24

..

80,896

77,410

6699687.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,989

3,727

6699782.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

803

732

6699812.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

17,505

16,288

6700059.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,573

3,224

6700153.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,413

1,291

6700200.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

14,198

13,198

6700598.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

24,209

22,575

6701151.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

8,330

7,814

6701350.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

2,090

1,922

6701426.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

8,035

7,456

6701552.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

8,016

7,327

6701879.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

1,406

1,295

6702173.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

44,653

41,429

6702872.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

12,910

12,108

6703045.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

3,908

3,627

6703148.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

4,980

4,610

6703211.SQ.FTS.B,

Zero

Cpn,

11/25/24

..

58,178

54,518

6704096.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

53,549

49,983

6705690.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

8,366

7,844

6705865.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

7,567

6,996

6705968.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

2,245

2,082

6705993.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

4,439

4,037

6706110.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

48,201

44,599

6706951.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

2,243

2,104

6706998.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

4,578

4,281

6707064.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

8,183

7,548

6707193.SQ.FTS.B,

Zero

Cpn,

11/26/24

..

2,668

2,427

6707228.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

7,856

7,257

6707343.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

4,602

4,226

6707419.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

966

880

6707438.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

4,345

4,041

6707492.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

8,490

7,875

6707638.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

12,714

11,616

6707788.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

8,392

7,761

6707887.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

2,243

2,032

6707934.SQ.FTS.B,

Zero

Cpn,

11/27/24

..

15,184

14,235

6708155.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

753

693

6708167.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

5,574

5,227

6708237.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

898

820

6708252.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

6,379

5,927

6708321.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

972

860

6708335.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,548

1,432

6708353.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

2,303

2,128

6708382.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

1,295

1,190

6708398.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

10,883

10,124

6708530.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

5,357

4,963

6708592.SQ.FTS.B,

Zero

Cpn,

11/28/24

..

8,003

7,395

6708686.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

5,818

5,352

6708765.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

33,539

30,904

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6709139.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

$

4,488

$

4,100

6709178.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

2,089

1,934

6709197.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

1,118

1,029

6709206.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

1,448

1,327

6709217.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

3,418

3,191

6709254.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

11,843

10,928

6709347.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

4,400

4,081

6709375.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

3,095

2,824

6709411.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

1,888

1,749

6709428.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

14,951

13,770

6709574.SQ.FTS.B,

Zero

Cpn,

11/29/24

..

23,771

22,099

6712994.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,937

2,677

6713041.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,378

2,206

6713072.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

887

812

6713105.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,302

2,114

6713223.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

554

510

6713490.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

70,614

66,163

6715279.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

2,572

2,368

6715338.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

16,947

15,271

6715884.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

1,647

1,519

6715927.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

16,668

15,518

6716103.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

12,350

11,282

6716320.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

4,070

3,815

6716386.SQ.FTS.B,

Zero

Cpn,

11/30/24

..

16,732

15,684

6717878.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

14,572

13,497

6718145.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

3,636

3,324

6718221.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,869

4,420

6718331.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

5,465

5,101

6718446.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

2,702

2,532

6718564.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

4,520

4,178

6718644.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

10,297

9,543

6718911.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

1,630

1,510

6718949.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

10,646

9,978

6719242.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

32,422

29,795

6719978.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

36,393

34,093

6720847.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

18,034

16,633

6721119.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

9,212

8,386

6721290.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

7,383

6,831

6721371.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

6,353

5,900

6721535.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

933

850

6721560.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

1,595

1,475

6721588.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

7,105

6,632

6721650.SQ.FTS.B,

Zero

Cpn,

12/01/24

..

68,867

63,300

6722029.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,151

1,061

6722101.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

30,300

28,280

6723064.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

1,045

955

6723114.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

13,692

12,777

6723552.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

2,135

1,961

6723600.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

3,167

2,887

6723654.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

4,554

4,256

6723773.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

15,585

14,444

6724086.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

6,805

6,377

6724267.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

5,348

4,969

6724412.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

4,303

3,963

6724504.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

619

568

6724523.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

35,467

33,105

6725323.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

8,247

7,535

6725475.SQ.FTS.B,

Zero

Cpn,

12/02/24

..

6,942

6,377

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

53

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6725598.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

$

33,481

$

31,388

6725990.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

9,538

8,875

6726115.SQ.FTS.B,

Zero

Cpn,

12/03/24

..

5,142

4,742

6726187.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

754

696

6726195.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,805

1,663

6726218.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,807

1,664

6726243.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,964

1,839

6726265.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

1,028

936

6726273.SQ.FTS.B,

Zero

Cpn,

12/04/24

..

30,097

28,119

6727203.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,749

3,475

6727439.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,775

2,553

6727516.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,144

2,862

6727632.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

6,363

5,838

6727887.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,494

2,327

6727943.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,642

1,513

6727976.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,408

3,161

6728062.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

9,312

8,556

6728257.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

8,757

8,121

6728372.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,461

1,351

6728384.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,237

3,000

6728447.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,179

1,096

6728464.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

26,501

24,650

6728832.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,822

2,616

6728878.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

2,513

2,315

6728900.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

23,282

21,628

6729193.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,324

1,231

6729219.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

4,930

4,546

6729307.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

3,245

3,013

6729382.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

7,645

7,136

6729474.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

36,197

33,066

6730021.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

9,202

8,450

6730137.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

1,629

1,494

6730165.SQ.FTS.B,

Zero

Cpn,

12/05/24

..

4,852

4,417

6730206.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,530

1,434

6730247.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,030

2,808

6730282.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

27,071

24,719

6730619.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

5,063

4,725

6730706.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

1,645

1,520

6730739.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

4,358

4,017

6730862.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

4,519

4,172

6730945.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

7,993

7,405

6731123.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,846

3,446

6731212.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

16,860

15,791

6731584.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

14,571

13,562

6731863.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,916

3,574

6731941.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

10,238

9,467

6732169.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

3,843

3,399

6732279.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

8,948

8,382

6732419.SQ.FTS.B,

Zero

Cpn,

12/06/24

..

95,558

87,774

6733839.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,574

3,319

6733916.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,600

2,395

6733962.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,617

3,351

6734048.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,873

2,656

6734123.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,401

2,224

6734163.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,533

2,318

6734215.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,306

3,020

6734266.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

4,787

4,414

6734360.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

5,095

4,706

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6734499.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

$

631

$

570

6734519.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

15,473

14,265

6734763.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

3,190

2,915

6735095.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,158

2,009

6735518.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

8,309

7,670

6735675.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

4,895

4,534

6735751.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

7,941

7,323

6735929.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

14,230

13,033

6736151.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,696

2,506

6736189.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,607

2,384

6736253.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,662

2,429

6736344.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,653

2,427

6736387.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,883

2,657

6736432.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,680

2,499

6736454.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

2,149

1,979

6736475.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

9,899

9,110

6736746.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

5,383

4,891

6736885.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

1,252

1,142

6736891.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

8,013

7,428

6736973.SQ.FTS.B,

Zero

Cpn,

12/07/24

..

50,754

47,099

6739385.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

12,009

11,204

6739672.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,842

1,711

6739737.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,093

3,767

6739909.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,060

981

6739956.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

6,717

6,272

6740201.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,928

3,584

6740348.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,744

1,594

6740405.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

6,541

6,038

6740589.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,387

4,046

6740746.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

3,917

3,618

6740909.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,558

2,375

6740964.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

6,131

5,562

6741174.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,338

2,157

6741238.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,488

2,312

6741295.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

9,565

8,918

6741506.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

698

650

6741515.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

4,103

3,812

6741627.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

5,636

5,155

6741768.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,176

1,990

6741879.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

2,055

1,884

6741979.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

459

422

6741990.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

1,063

971

6742018.SQ.FTS.B,

Zero

Cpn,

12/08/24

..

53,164

48,831

6742983.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,752

4,417

6743122.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,733

1,596

6743192.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,695

1,564

6743247.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,155

1,050

6743270.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

3,118

2,884

6743380.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

14,421

13,507

6743858.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

7,989

7,359

6744125.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

65,113

60,520

6745241.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

12,738

11,832

6745556.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

2,046

1,874

6745604.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

19,157

17,860

6745946.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

1,064

970

6745959.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,888

4,504

6746024.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

6,909

6,422

6746144.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

8,943

8,277

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6746254.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

$

4,150

$

3,805

6746276.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

4,467

4,183

6746317.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

7,191

6,651

6746391.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

13,694

12,734

6746537.SQ.FTS.B,

Zero

Cpn,

12/09/24

..

19,217

17,782

6746688.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

9,328

8,588

6746846.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

1,110

1,017

6746858.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

1,926

1,762

6746881.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

22,082

20,457

6747173.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

787

733

6747192.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

4,018

3,742

6747248.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

3,453

3,219

6747289.SQ.FTS.B,

Zero

Cpn,

12/10/24

..

9,075

8,435

6747386.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

6,303

5,901

6747476.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

3,558

3,297

6747535.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

6,072

5,625

6747633.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

1,932

1,795

6747650.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

13,767

12,732

6747822.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

8,106

7,450

6747940.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

5,248

4,894

6748006.SQ.FTS.B,

Zero

Cpn,

12/11/24

..

3,939

3,635

6748206.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

5,678

5,292

6748280.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,928

1,760

6748347.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,408

1,313

6748412.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

6,955

6,514

6748622.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,224

1,116

6748650.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,231

1,129

6748685.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

7,936

7,350

6748923.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

9,741

9,033

6749151.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

9,335

8,609

6749419.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,409

1,299

6749437.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,953

1,811

6749489.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

8,214

7,660

6749627.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

2,217

2,048

6749687.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

2,472

2,266

6749760.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

1,373

1,243

6749790.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

37,527

34,583

6750446.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

52,106

48,778

6751073.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

7,162

6,613

6751154.SQ.FTS.B,

Zero

Cpn,

12/12/24

..

59,420

55,628

6751963.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

6,054

5,647

6752098.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

12,233

11,219

6752465.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

4,287

3,999

6752610.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,709

5,263

6752839.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

17,769

16,402

6753157.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,316

1,214

6753170.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,745

1,595

6753232.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,190

4,841

6753345.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,281

1,184

6753376.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

10,334

9,494

6753600.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,350

2,115

6753691.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

5,740

5,355

6753815.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

2,067

1,909

6753883.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

7,972

7,402

6753999.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

46,193

42,791

6754631.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

1,568

1,432

6754679.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

14,318

13,182

6754923.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

3,910

3,513

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6755002.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

$

9,025

$

8,310

6755154.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

12,048

11,141

6755378.SQ.FTS.B,

Zero

Cpn,

12/13/24

..

11,385

10,402

6755415.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

2,731

2,507

6755529.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

4,991

4,638

6755599.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

5,214

4,834

6755745.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

3,526

3,225

6755867.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

9,397

8,662

6756214.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

15,977

14,726

6756551.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

11,423

10,517

6756754.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

77,951

72,692

6758108.SQ.FTS.B,

Zero

Cpn,

12/14/24

..

65,061

60,425

6762030.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

13,691

12,713

6762522.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,264

2,073

6762666.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

14,205

12,988

6763133.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,479

2,294

6763218.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

18,019

16,413

6763891.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

24,469

22,789

6764382.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,325

2,149

6764435.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

55,730

51,346

6765372.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

2,286

2,108

6765425.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

1,970

1,837

6765455.SQ.FTS.B,

Zero

Cpn,

12/15/24

..

4,182

3,857

6765716.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

5,201

4,848

6765978.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

4,886

4,462

6766125.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

13,618

12,645

6766669.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

22,807

21,059

6767266.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

907

834

6767297.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,661

2,472

6767344.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,863

2,628

6767421.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

2,729

2,525

6767513.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

9,053

8,254

6767719.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

1,451

1,352

6767745.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

9,894

9,021

6767913.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

10,457

9,655

6768092.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

7,074

6,569

6768242.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

3,436

3,205

6768288.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

4,059

3,750

6768347.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

8,101

7,458

6768480.SQ.FTS.B,

Zero

Cpn,

12/16/24

..

88,653

82,920

6768974.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

17,040

15,770

6769240.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

2,109

1,924

6769277.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

776

720

6769287.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,233

5,809

6769374.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

2,959

2,727

6769419.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,044

5,534

6769489.SQ.FTS.B,

Zero

Cpn,

12/17/24

..

6,940

6,393

6769591.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,654

1,517

6769628.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

12,355

11,559

6769828.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

1,712

1,572

6769846.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

3,425

3,171

6769902.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

11,518

10,602

6770088.SQ.FTS.B,

Zero

Cpn,

12/18/24

..

10,317

9,526

6770272.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,484

1,383

6770294.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,477

1,358

6770314.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,774

1,646

6770333.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,040

948

6770350.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,992

1,853

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

55

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6770386.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

$

2,608

$

2,380

6770438.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

2,757

2,537

6770494.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

4,197

3,910

6770538.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

7,283

6,788

6770622.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,535

3,231

6770673.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

8,134

7,553

6770792.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

5,511

5,155

6770859.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

558

510

6770865.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

7,869

7,200

6770950.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

5,631

5,229

6771010.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

2,264

2,086

6771037.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

1,599

1,489

6771055.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,058

2,861

6771080.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

7,178

6,664

6771131.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,073

2,814

6771148.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

3,328

3,072

6771175.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

23,343

21,750

6771424.SQ.FTS.B,

Zero

Cpn,

12/19/24

..

10,001

9,280

6771628.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

20,018

18,540

6772136.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

6,487

6,033

6772390.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,587

1,452

6772432.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

4,032

3,772

6772483.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,445

3,166

6772588.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,416

1,306

6772616.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

7,224

6,675

6772769.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

22,683

21,212

6773205.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

8,174

7,570

6773299.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

4,711

4,390

6773346.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

7,734

7,097

6773444.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

9,201

8,450

6773606.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

22,514

20,813

6773882.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

41,746

39,057

6774309.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,854

3,557

6774347.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

10,134

9,246

6774452.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,087

1,932

6774477.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

11,629

10,803

6774627.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

10,945

9,976

6774726.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,977

3,684

6774751.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

1,854

1,711

6774764.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,773

3,451

6774798.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

3,362

3,079

6774832.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

5,256

4,897

6774845.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

2,899

2,686

6774867.SQ.FTS.B,

Zero

Cpn,

12/20/24

..

44,738

41,431

6774967.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

6,746

6,152

6775130.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

12,826

11,921

6775499.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

19,048

17,596

6775831.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,268

2,096

6775859.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

8,026

7,426

6775946.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

999

913

6775959.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,293

2,105

6775998.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

7,600

7,005

6776051.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

33,590

31,337

6776630.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

76,807

70,920

6777532.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

7,677

7,153

6777626.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,521

2,329

6777690.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,621

2,391

6777712.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

2,228

2,069

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6777747.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

$

1,460

$

1,360

6777789.SQ.FTS.B,

Zero

Cpn,

12/21/24

..

5,505

5,081

6779457.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,279

3,034

6779509.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,711

1,586

6779549.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,446

3,182

6779646.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

23,544

21,848

6780392.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,366

1,273

6780403.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

26,278

24,397

6780948.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,667

3,395

6781021.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

1,131

1,055

6781042.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

69,119

63,980

6782244.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

14,777

13,604

6782677.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

3,619

3,318

6782796.SQ.FTS.B,

Zero

Cpn,

12/22/24

..

11,113

10,394

6782893.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

110,609

101,066

6785667.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

7,969

7,339

6785814.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

4,309

3,952

6785884.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,994

1,859

6785915.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

1,042

972

6785929.SQ.FTS.B,

Zero

Cpn,

12/23/24

..

27,139

24,841

6785949.SQ.FTS.B,

Zero

Cpn,

12/24/24

..

109,981

102,064

6787715.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

4,583

4,284

6787919.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,270

1,185

6787995.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,338

1,244

6788040.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

3,462

3,202

6788178.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

22,875

21,229

6788693.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

7,017

6,477

6788822.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

12,595

11,559

6789037.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,999

2,741

6789105.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

1,161

1,073

6789128.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

16,409

15,055

6789389.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

4,240

3,964

6789467.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

9,068

8,445

6789729.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

39,386

36,260

6790557.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

2,691

2,477

6790594.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

5,115

4,734

6790695.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

9,296

8,483

6790865.SQ.FTS.B,

Zero

Cpn,

12/26/24

..

9,107

8,430

6791003.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

9,835

9,076

6791247.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

7,178

6,626

6791344.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

11,907

11,132

6791651.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

3,675

3,393

6791794.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

12,524

11,662

6792018.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

22,224

20,462

6792371.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

802

749

6792382.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

14,659

13,568

6792899.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

33,267

30,787

6793867.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

28,327

26,081

6794251.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

7,537

6,891

6794317.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,544

2,374

6794344.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

2,808

2,576

6794372.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,259

1,156

6794378.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

7,280

6,679

6794515.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,723

1,590

6794542.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

6,045

5,534

6794637.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

863

806

6794647.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

1,260

1,166

6794686.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

26,209

24,039

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6795070.SQ.FTS.B,

Zero

Cpn,

12/27/24

..

$

11,330

$

10,337

21,230,331

Freedom

Financial

Asset

Management

LLC

APP-10151809.FP.FTS.B,

5.99%,

8/13/23

.

873

875

APP-10767085.FP.FTS.B,

15.49%,

10/09/23

..........................

287

287

APP-10157125.FP.FTS.B,

15.49%,

10/28/23

..........................

1,297

1,303

APP-10780894.FP.FTS.B,

5.99%,

11/15/23

1,932

1,939

APP-10670609.FP.FTS.B,

5.99%,

11/23/23

1,653

1,663

APP-10783446.FP.FTS.B,

19.99%,

11/30/23

5,097

503

APP-11028232.FP.FTS.B,

5.99%,

12/12/23

2,642

2,655

APP-11036370.FP.FTS.B,

5.99%,

12/14/23

1,876

1,886

APP-11605709.FP.FTS.B,

5.99%,

12/21/23

1,954

1,968

APP-11694992.FP.FTS.B,

5.99%,

12/23/23

2,627

2,646

APP-11767896.FP.FTS.B,

5.99%,

12/24/23

2,246

2,262

APP-11816519.FP.FTS.B,

22.49%,

12/30/23

2,590

2,632

APP-12119879.FP.FTS.B,

5.99%,

1/22/24

.

3,636

3,663

APP-11693930.FP.FTS.B,

15.49%,

2/05/24

2,943

2,962

APP-11442830.FP.FTS.B,

5.99%,

2/06/24

.

3,677

3,699

APP-11796839.FP.FTS.B,

23.99%,

2/11/24

3,309

3,343

APP-11799568.FP.FTS.B,

15.49%,

2/12/24

3,470

3,497

APP-12674457.FP.FTS.B,

5.99%,

2/25/24

.

4,150

4,184

APP-12675080.FP.FTS.B,

17.49%,

2/25/24

4,952

5,005

APP-12168376.FP.FTS.B,

5.99%,

3/01/24

.

3,473

3,493

APP-12544302.FP.FTS.B,

16.49%,

3/01/24

3,099

3,120

APP-13337202.FP.FTS.B,

5.99%,

3/15/24

.

3,856

3,887

APP-13420504.FP.FTS.B,

5.99%,

3/16/24

.

4,639

4,675

APP-13148703.FP.FTS.B,

17.49%,

3/16/24

6,169

6,232

APP-13360065.FP.FTS.B,

19.99%,

3/27/24

4,200

4,264

APP-12608313.FP.FTS.B,

5.99%,

4/10/24

.

2,942

2,964

APP-12800126.FP.FTS.B,

5.99%,

4/10/24

.

4,691

4,727

APP-11798739.FP.FTS.B,

5.99%,

4/11/24

.

3,722

3,750

APP-13038344.FP.FTS.B,

23.99%,

4/12/24

4,951

5,003

APP-12905173.FP.FTS.B,

5.99%,

4/15/24

.

3,894

3,925

APP-12933623.FP.FTS.B,

5.99%,

4/16/24

.

3,411

3,439

APP-13059920.FP.FTS.B,

17.99%,

4/16/24

3,143

3,171

APP-12801588.FP.FTS.B,

5.99%,

4/17/24

.

2,867

2,891

APP-12933592.FP.FTS.B,

12.74%,

4/18/24

5,917

5,970

APP-12933925.FP.FTS.B,

5.99%,

4/23/24

.

3,368

3,399

APP-12934108.FP.FTS.B,

5.99%,

4/23/24

.

4,154

4,191

APP-12911251.FP.FTS.B,

5.99%,

4/24/24

.

4,700

4,743

APP-13026134.FP.FTS.B,

5.99%,

4/24/24

.

3,612

3,638

APP-13061207.FP.FTS.B,

5.99%,

4/30/24

.

3,391

3,417

APP-13432810.FP.FTS.B,

5.99%,

5/01/24

.

4,315

4,345

APP-13433208.FP.FTS.B,

5.99%,

5/01/24

.

3,476

3,505

APP-13435116.FP.FTS.B,

5.99%,

5/01/24

.

2,849

2,865

APP-13323350.FP.FTS.B,

16.49%,

5/01/24

4,482

4,510

APP-14062945.FP.FTS.B,

17.99%,

5/01/24

9,908

9,966

APP-13323276.FP.FTS.B,

5.99%,

5/05/24

.

3,522

3,549

APP-13323298.FP.FTS.B,

5.99%,

5/06/24

.

3,243

3,268

APP-13614056.FP.FTS.B,

15.99%,

5/11/24

4,552

4,589

APP-13270610.FP.FTS.B,

5.99%,

5/12/24

.

4,567

4,598

APP-13337251.FP.FTS.B,

5.99%,

5/13/24

.

4,986

5,029

APP-13438285.FP.FTS.B,

5.99%,

5/14/24

.

3,253

3,281

APP-13199267.FP.FTS.B,

5.99%,

5/15/24

.

3,254

3,283

APP-13301744.FP.FTS.B,

5.99%,

5/15/24

.

3,620

3,660

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13323228.FP.FTS.B,

5.99%,

5/15/24

.

$

3,973

$

4,006

APP-13628844.FP.FTS.B,

16.99%,

5/15/24

5,335

5,383

APP-13453990.FP.FTS.B,

5.99%,

5/22/24

.

4,330

4,371

APP-13488078.FP.FTS.B,

5.99%,

5/23/24

.

4,420

4,462

APP-11876534.FP.FTS.B,

5.99%,

5/25/24

.

4,835

671

APP-14264510.FP.FTS.B,

5.99%,

6/10/24

.

4,733

4,773

APP-14258833.FP.FTS.B,

18.49%,

6/10/24

4,929

4,971

APP-14387197.FP.FTS.B,

5.99%,

6/15/24

.

5,203

5,251

APP-14351539.FP.FTS.B,

5.99%,

6/21/24

.

5,119

678

APP-14179087.FP.FTS.B,

5.99%,

6/23/24

.

4,797

4,845

APP-14491308.FP.FTS.B,

23.99%,

6/28/24

5,162

5,232

APP-14369139.FP.FTS.B,

5.99%,

6/29/24

.

5,659

5,720

APP-12800813.FP.FTS.B,

15.49%,

6/30/24

7,848

4,730

APP-14569696.FP.FTS.B,

5.99%,

7/07/24

.

5,950

6,003

APP-10156971.FP.FTS.B,

14.99%,

8/15/24

15,662

15,791

APP-15044905.FP.FTS.B,

5.99%,

8/25/24

.

4,217

4,265

APP-10561115.FP.FTS.B,

13.99%,

10/08/24

3,874

3,901

APP-10775435.FP.FTS.B,

15.49%,

10/09/24

..........................

13,649

13,721

APP-10940707.FP.FTS.B,

8.49%,

10/15/24

8,813

8,879

APP-10932376.FP.FTS.B,

19.99%,

10/22/24

..........................

3,918

3,949

APP-10600138.FP.FTS.B,

10.49%,

10/29/24

..........................

13,664

13,794

APP-11023093.FP.FTS.B,

10.49%,

10/30/24

7,657

7,739

APP-10815186.FP.FTS.B,

13.49%,

10/30/24

..........................

12,972

13,144

APP-11036232.FP.FTS.B,

16.99%,

10/30/24

6,437

750

APP-10692850.FP.FTS.B,

13.24%,

11/12/24

20,381

20,547

APP-10670951.FP.FTS.B,

17.99%,

11/15/24

12,767

12,774

APP-10385583.FP.FTS.B,

12.24%,

11/22/24

6,172

6,232

APP-10481821.FP.FTS.B,

23.49%,

11/22/24

5,400

5,428

APP-11040038.FP.FTS.B,

15.49%,

12/01/24

13,764

13,786

APP-11018721.FP.FTS.B,

23.99%,

12/01/24

9,802

9,718

APP-10991532.FP.FTS.B,

13.99%,

12/10/24

..........................

5,717

5,765

APP-11039981.FP.FTS.B,

12.74%,

12/13/24

7,819

7,888

APP-11025781.FP.FTS.B,

23.99%,

12/13/24

9,501

6,325

APP-11029317.FP.FTS.B,

23.99%,

12/13/24

6,508

6,495

APP-11036112.FP.FTS.B,

16.99%,

12/14/24

4,069

4,104

APP-10692602.FP.FTS.B,

17.99%,

12/14/24

..........................

4,735

4,759

APP-11720453.FP.FTS.B,

12.24%,

12/22/24

7,085

7,152

APP-11789211.FP.FTS.B,

6.99%,

12/29/24

16,468

16,643

APP-11821469.FP.FTS.B,

17.49%,

12/30/24

10,689

10,768

APP-12250721.FP.FTS.B,

23.74%,

1/27/25

21,815

2,570

APP-12250024.FP.FTS.B,

23.99%,

1/27/25

6,940

1,572

APP-11694729.FP.FTS.B,

15.49%,

2/01/25

8,525

8,571

APP-11799631.FP.FTS.B,

9.74%,

2/02/25

.

10,766

10,851

APP-11750342.FP.FTS.B,

12.24%,

2/05/25

19,618

11,509

APP-11751212.FP.FTS.B,

13.99%,

2/05/25

11,699

11,776

APP-11755781.FP.FTS.B,

16.99%,

2/05/25

5,668

5,708

APP-11693818.FP.FTS.B,

9.49%,

2/06/25

.

18,698

18,856

APP-11799362.FP.FTS.B,

9.74%,

2/10/25

.

10,240

10,332

APP-11811501.FP.FTS.B,

15.24%,

2/12/25

18,673

11,259

APP-11237904.FP.FTS.B,

11.99%,

2/18/25

8,371

8,406

APP-12840850.FP.FTS.B,

9.49%,

2/21/25

.

7,836

7,871

APP-12413449.FP.FTS.B,

9.74%,

2/22/25

.

15,018

15,147

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

57

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12801527.FP.FTS.B,

11.74%,

2/22/25

$

12,128

$

12,228

APP-12801479.FP.FTS.B,

9.49%,

2/27/25

.

15,731

15,850

APP-12674069.FP.FTS.B,

18.99%,

2/27/25

7,929

7,954

APP-12675613.FP.FTS.B,

13.49%,

2/28/25

8,482

8,558

APP-12780140.FP.FTS.B,

9.74%,

3/01/25

.

7,560

7,617

APP-12076585.FP.FTS.B,

11.74%,

3/01/25

11,546

11,592

APP-12882137.FP.FTS.B,

12.49%,

3/01/25

31,379

31,576

APP-12871940.FP.FTS.B,

8.99%,

3/03/25

.

18,420

18,556

APP-12175554.FP.FTS.B,

11.99%,

3/03/25

9,032

9,095

APP-12139584.FP.FTS.B,

11.99%,

3/06/25

8,738

8,805

APP-12106191.FP.FTS.B,

7.74%,

3/07/25

.

10,741

10,832

APP-12097231.FP.FTS.B,

9.49%,

3/11/25

.

16,892

17,054

APP-12139672.FP.FTS.B,

9.74%,

3/11/25

.

10,472

10,572

APP-12188198.FP.FTS.B,

16.99%,

3/11/25

4,686

4,727

APP-12245609.FP.FTS.B,

25.49%,

3/12/25

7,922

2,823

APP-12934217.FP.FTS.B,

15.99%,

3/15/25

14,850

14,865

APP-13434461.FP.FTS.B,

9.49%,

3/20/25

.

10,403

10,462

APP-13337421.FP.FTS.B,

11.49%,

3/21/25

8,285

8,354

APP-13300513.FP.FTS.B,

17.99%,

3/24/25

4,825

4,851

APP-12776522.FP.FTS.B,

7.74%,

3/28/25

.

11,030

11,145

APP-13251266.FP.FTS.B,

7.74%,

3/28/25

.

10,993

11,112

APP-13381468.FP.FTS.B,

9.49%,

3/29/25

.

24,685

24,954

APP-13628483.FP.FTS.B,

16.49%,

3/29/25

7,309

7,354

APP-12607544.FP.FTS.B,

23.49%,

3/29/25

7,725

859

APP-13417584.FP.FTS.B,

12.49%,

3/30/25

30,956

31,307

APP-12798456.FP.FTS.B,

7.49%,

4/01/25

.

9,672

9,708

APP-12674971.FP.FTS.B,

10.49%,

4/01/25

29,580

29,781

APP-12544478.FP.FTS.B,

18.99%,

4/01/25

6,647

6,608

APP-12801328.FP.FTS.B,

11.74%,

4/03/25

22,654

22,762

APP-12877021.FP.FTS.B,

25.49%,

4/03/25

6,493

731

APP-12786233.FP.FTS.B,

15.99%,

4/05/25

14,474

14,416

APP-12785793.FP.FTS.B,

11.74%,

4/06/25

22,916

23,035

APP-12675330.FP.FTS.B,

9.74%,

4/07/25

.

10,865

10,957

APP-12797301.FP.FTS.B,

19.99%,

4/07/25

7,717

7,714

APP-10692548.FP.FTS.B,

9.74%,

4/08/25

.

7,914

7,982

APP-12990000.FP.FTS.B,

23.99%,

4/09/25

10,676

10,551

APP-11605986.FP.FTS.B,

7.74%,

4/10/25

.

15,182

1,761

APP-12975635.FP.FTS.B,

18.99%,

4/10/25

12,419

7,445

APP-13028127.FP.FTS.B,

21.49%,

4/10/25

29,023

28,650

APP-12795850.FP.FTS.B,

23.74%,

4/10/25

14,122

9,073

APP-08960612.FP.FTS.B,

9.74%,

4/11/25

.

9,762

9,842

APP-12236101.FP.FTS.B,

20.99%,

4/11/25

10,155

10,036

APP-12674201.FP.FTS.B,

15.49%,

4/12/25

7,824

7,883

APP-12800747.FP.FTS.B,

13.99%,

4/15/25

16,274

16,412

APP-12886570.FP.FTS.B,

17.49%,

4/15/25

11,050

10,893

APP-12869824.FP.FTS.B,

23.99%,

4/15/25

6,785

6,723

APP-13026280.FP.FTS.B,

23.99%,

4/15/25

10,086

9,978

APP-12888880.FP.FTS.B,

15.74%,

4/16/25

8,010

7,965

APP-12767903.FP.FTS.B,

25.49%,

4/17/25

6,519

6,463

APP-13048345.FP.FTS.B,

7.74%,

4/18/25

.

9,186

9,272

APP-12934120.FP.FTS.B,

16.99%,

4/18/25

6,477

6,534

APP-13060301.FP.FTS.B,

9.49%,

4/20/25

.

13,227

13,357

APP-13044683.FP.FTS.B,

12.49%,

4/20/25

31,537

31,823

APP-12931531.FP.FTS.B,

21.49%,

4/21/25

5,792

5,783

APP-13165810.FP.FTS.B,

11.99%,

4/25/25

9,623

9,724

APP-13023000.FP.FTS.B,

23.74%,

4/25/25

7,512

7,331

APP-13161529.FP.FTS.B,

9.49%,

4/30/25

.

25,931

26,157

APP-14056236.FP.FTS.B,

13.24%,

4/30/25

25,127

25,333

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14372285.FP.FTS.B,

14.74%,

5/01/25

$

20,441

$

20,488

APP-14372271.FP.FTS.B,

16.49%,

5/01/25

16,317

16,108

APP-13427697.FP.FTS.B,

18.99%,

5/01/25

9,482

9,405

APP-13432774.FP.FTS.B,

21.49%,

5/01/25

5,142

5,071

APP-14271382.FP.FTS.B,

18.49%,

5/02/25

10,997

10,935

APP-13431511.FP.FTS.B,

9.74%,

5/04/25

.

8,870

8,944

APP-13352228.FP.FTS.B,

25.49%,

5/04/25

7,015

6,876

APP-13416512.FP.FTS.B,

9.49%,

5/05/25

.

25,837

26,056

APP-14179250.FP.FTS.B,

9.84%,

5/05/25

.

19,781

19,968

APP-13199149.FP.FTS.B,

9.74%,

5/10/25

.

8,881

8,966

APP-13408706.FP.FTS.B,

12.99%,

5/13/25

17,414

17,439

APP-13628220.FP.FTS.B,

15.49%,

5/13/25

7,686

7,735

APP-13679431.FP.FTS.B,

19.49%,

5/13/25

9,211

9,138

APP-13664871.FP.FTS.B,

24.99%,

5/13/25

5,369

5,298

APP-13389626.FP.FTS.B,

25.49%,

5/13/25

8,054

837

APP-13333579.FP.FTS.B,

10.49%,

5/14/25

23,923

24,129

APP-13335711.FP.FTS.B,

14.49%,

5/14/25

10,906

10,930

APP-13336703.FP.FTS.B,

14.49%,

5/14/25

9,513

9,579

APP-13442439.FP.FTS.B,

15.99%,

5/14/25

18,130

5,922

APP-13435964.FP.FTS.B,

18.99%,

5/14/25

8,527

8,532

APP-14372135.FP.FTS.B,

10.49%,

5/15/25

10,694

10,794

APP-13437525.FP.FTS.B,

19.49%,

5/15/25

11,011

10,912

APP-13678041.FP.FTS.B,

18.49%,

5/16/25

5,081

5,091

APP-14586853.FP.FTS.B,

14.74%,

5/17/25

5,135

5,178

APP-13608364.FP.FTS.B,

9.84%,

5/18/25

.

14,022

14,163

APP-13658658.FP.FTS.B,

11.84%,

5/18/25

7,988

8,062

APP-14286350.FP.FTS.B,

16.99%,

5/19/25

13,172

13,207

APP-14581247.FP.FTS.B,

12.74%,

5/20/25

10,539

10,631

APP-13625542.FP.FTS.B,

24.99%,

5/20/25

10,582

10,483

APP-12543097.FP.FTS.B,

10.09%,

5/23/25

8,222

8,314

APP-13658179.FP.FTS.B,

10.84%,

5/24/25

32,657

33,003

APP-13658871.FP.FTS.B,

9.84%,

5/25/25

.

25,984

26,286

APP-13639147.FP.FTS.B,

18.49%,

5/25/25

12,909

12,858

APP-13658257.FP.FTS.B,

10.09%,

5/26/25

10,537

10,662

APP-14229868.FP.FTS.B,

16.74%,

6/08/25

34,746

34,691

APP-14240775.FP.FTS.B,

20.49%,

6/08/25

7,105

7,081

APP-14384326.FP.FTS.B,

16.99%,

6/15/25

13,898

13,898

APP-14253378.FP.FTS.B,

18.49%,

6/15/25

7,039

7,050

APP-14276228.FP.FTS.B,

19.24%,

6/15/25

16,920

16,739

APP-14246643.FP.FTS.B,

14.99%,

6/17/25

18,291

18,292

APP-11444368.FP.FTS.B,

17.49%,

6/17/25

8,609

8,623

APP-14416732.FP.FTS.B,

18.99%,

6/17/25

6,228

6,205

APP-14179277.FP.FTS.B,

12.74%,

6/22/25

24,699

24,789

APP-14518951.FP.FTS.B,

15.49%,

6/22/25

6,902

6,965

APP-14179511.FP.FTS.B,

18.49%,

6/22/25

5,341

5,367

APP-14253507.FP.FTS.B,

10.84%,

6/23/25

34,035

34,441

APP-14393547.FP.FTS.B,

17.99%,

6/23/25

7,974

837

APP-14477454.FP.FTS.B,

13.99%,

6/24/25

7,562

7,643

APP-14372095.FP.FTS.B,

14.99%,

6/25/25

17,274

17,516

APP-14386049.FP.FTS.B,

22.24%,

6/29/25

9,023

8,991

APP-14312204.FP.FTS.B,

25.49%,

6/29/25

7,336

7,306

APP-14227350.FP.FTS.B,

18.49%,

6/30/25

13,955

13,884

APP-14440616.FP.FTS.B,

25.49%,

7/01/25

8,477

8,272

APP-14541502.FP.FTS.B,

16.49%,

7/06/25

12,598

12,376

APP-14556464.FP.FTS.B,

16.24%,

7/07/25

24,470

8,220

APP-14580010.FP.FTS.B,

23.49%,

7/07/25

11,644

7,502

APP-14558687.FP.FTS.B,

25.49%,

7/07/25

11,534

11,306

APP-14372326.FP.FTS.B,

10.24%,

7/08/25

19,343

19,593

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14523480.FP.FTS.B,

18.99%,

7/08/25

$

12,252

$

12,225

APP-14227668.FP.FTS.B,

21.49%,

7/08/25

10,964

1,091

APP-14865343.FP.FTS.B,

10.24%,

7/21/25

25,033

25,311

APP-14256949.FP.FTS.B,

16.24%,

7/23/25

30,056

30,129

APP-13767586.FP.FTS.B,

10.49%,

7/26/25

13,777

13,947

APP-14578491.FP.FTS.B,

10.49%,

9/08/25

11,537

7,539

APP-10561160.FP.FTS.B,

18.99%,

9/13/25

13,425

13,819

APP-10551332.FP.FTS.B,

17.49%,

9/18/25

5,641

5,720

APP-10551426.FP.FTS.B,

10.99%,

9/21/25

15,332

15,548

APP-10671065.FP.FTS.B,

18.99%,

10/09/25

..........................

6,997

7,163

APP-10752759.FP.FTS.B,

18.99%,

10/17/25

..........................

17,560

17,946

APP-10617769.FP.FTS.B,

17.49%,

10/30/25

..........................

15,860

16,249

APP-10580212.FP.FTS.B,

18.49%,

11/03/25

11,273

11,539

APP-10561236.FP.FTS.B,

15.99%,

11/04/25

21,305

21,653

APP-10627143.FP.FTS.B,

16.99%,

11/09/25

8,754

8,915

APP-13423519.FP.FTS.B,

23.99%,

11/13/25

12,823

12,662

APP-10777722.FP.FTS.B,

16.49%,

11/15/25

2,392

2,393

APP-10671041.FP.FTS.B,

16.49%,

11/16/25

14,926

15,218

APP-10703763.FP.FTS.B,

14.49%,

11/20/25

15,178

15,496

APP-10524105.FP.FTS.B,

17.49%,

11/21/25

14,848

1,531

APP-10727609.FP.FTS.B,

17.99%,

11/22/25

8,084

8,275

APP-10692670.FP.FTS.B,

18.49%,

11/22/25

6,772

6,925

APP-10776590.FP.FTS.B,

18.49%,

11/23/25

13,229

13,549

APP-10745958.FP.FTS.B,

8.99%,

11/30/25

8,928

9,074

APP-11008674.FP.FTS.B,

10.99%,

12/05/25

13,839

14,035

APP-11041391.FP.FTS.B,

11.49%,

12/10/25

25,259

25,623

APP-11039564.FP.FTS.B,

10.99%,

12/12/25

19,774

20,067

APP-11034532.FP.FTS.B,

8.99%,

12/13/25

20,799

21,108

APP-11020942.FP.FTS.B,

16.49%,

12/13/25

21,180

21,565

APP-10941172.FP.FTS.B,

10.99%,

12/14/25

16,935

17,194

APP-10293581.FP.FTS.B,

11.49%,

12/14/25

23,843

24,210

APP-10856578.FP.FTS.B,

18.49%,

12/14/25

..........................

6,976

7,110

APP-11701384.FP.FTS.B,

18.49%,

12/15/25

5,151

5,233

APP-11823260.FP.FTS.B,

11.99%,

12/16/25

8,839

8,953

APP-11031081.FP.FTS.B,

15.99%,

1/03/26

14,292

14,488

APP-10561482.FP.FTS.B,

16.99%,

1/03/26

17,128

17,362

APP-12050720.FP.FTS.B,

18.99%,

1/16/26

7,200

7,328

APP-10571038.FP.FTS.B,

10.99%,

1/21/26

9,674

9,827

APP-12180264.FP.FTS.B,

10.24%,

1/26/26

9,815

9,966

APP-12231617.FP.FTS.B,

16.99%,

1/26/26

16,225

16,576

APP-12244001.FP.FTS.B,

13.24%,

1/27/26

7,038

7,148

APP-11694088.FP.FTS.B,

17.74%,

2/01/26

30,987

31,220

APP-11740763.FP.FTS.B,

13.99%,

2/04/26

16,031

16,247

APP-11798624.FP.FTS.B,

17.99%,

2/04/26

14,100

14,301

APP-11822517.FP.FTS.B,

9.99%,

2/05/26

.

18,291

18,470

APP-11764476.FP.FTS.B,

13.24%,

2/05/26

7,224

7,343

APP-11746987.FP.FTS.B,

18.49%,

2/05/26

15,555

15,761

APP-11753189.FP.FTS.B,

18.74%,

2/05/26

20,783

2,612

APP-11722574.FP.FTS.B,

20.49%,

2/05/26

29,660

30,049

APP-11754629.FP.FTS.B,

12.24%,

2/06/26

28,204

28,627

APP-11817911.FP.FTS.B,

18.74%,

2/13/26

14,793

15,100

APP-12887499.FP.FTS.B,

19.49%,

2/25/26

6,908

7,031

APP-12780048.FP.FTS.B,

8.24%,

2/28/26

.

13,427

13,637

APP-12543851.FP.FTS.B,

12.74%,

3/01/26

20,651

20,851

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12934173.FP.FTS.B,

10.24%,

3/08/26

$

13,426

$

13,603

APP-12244619.FP.FTS.B,

15.74%,

3/09/26

38,352

20,360

APP-10903724.FP.FTS.B,

9.99%,

3/12/26

.

25,238

25,627

APP-12253162.FP.FTS.B,

19.99%,

3/12/26

12,921

13,109

APP-12176269.FP.FTS.B,

16.49%,

3/13/26

18,584

18,846

APP-13161478.FP.FTS.B,

18.74%,

3/17/26

16,670

16,938

APP-13385202.FP.FTS.B,

24.99%,

3/19/26

2,173

2,152

APP-12675358.FP.FTS.B,

11.99%,

3/28/26

9,234

9,373

APP-11877668.FP.FTS.B,

16.49%,

3/28/26

18,366

18,784

APP-13414992.FP.FTS.B,

9.99%,

3/30/26

.

22,066

22,421

APP-12803304.FP.FTS.B,

18.24%,

3/31/26

22,848

22,977

APP-13645065.FP.FTS.B,

12.84%,

4/01/26

14,237

14,383

APP-12840855.FP.FTS.B,

18.49%,

4/01/26

14,329

14,476

APP-12779873.FP.FTS.B,

9.49%,

4/03/26

.

22,547

22,827

APP-12886380.FP.FTS.B,

9.99%,

4/03/26

.

24,067

24,366

APP-12889924.FP.FTS.B,

18.74%,

4/03/26

19,087

19,178

APP-12744909.FP.FTS.B,

10.24%,

4/09/26

17,324

9,019

APP-12762134.FP.FTS.B,

20.49%,

4/09/26

38,821

39,127

APP-12993588.FP.FTS.B,

20.99%,

4/09/26

2,134

2,114

APP-12675383.FP.FTS.B,

12.24%,

4/10/26

17,811

18,063

APP-12679150.FP.FTS.B,

12.99%,

4/10/26

37,426

10,848

APP-12787408.FP.FTS.B,

14.99%,

4/10/26

15,183

15,398

APP-12799632.FP.FTS.B,

15.99%,

4/10/26

21,071

21,323

APP-12786604.FP.FTS.B,

16.24%,

4/10/26

24,299

24,547

APP-12775377.FP.FTS.B,

17.49%,

4/10/26

27,584

5,676

APP-13675444.FP.FTS.B,

18.99%,

4/10/26

3,223

3,206

APP-12991443.FP.FTS.B,

24.99%,

4/10/26

7,502

7,565

APP-12779696.FP.FTS.B,

10.99%,

4/11/26

34,803

35,293

APP-12795661.FP.FTS.B,

13.99%,

4/11/26

6,948

7,052

APP-12544256.FP.FTS.B,

14.74%,

4/11/26

27,135

27,447

APP-12414665.FP.FTS.B,

17.49%,

4/11/26

8,878

9,014

APP-12792270.FP.FTS.B,

17.99%,

4/11/26

15,347

15,514

APP-13059570.FP.FTS.B,

8.24%,

4/12/26

.

11,547

11,703

APP-11694989.FP.FTS.B,

9.99%,

4/12/26

.

15,329

15,617

APP-13048169.FP.FTS.B,

10.24%,

4/12/26

10,808

10,951

APP-13050999.FP.FTS.B,

16.74%,

4/12/26

24,494

24,794

APP-12880532.FP.FTS.B,

10.24%,

4/15/26

11,863

2,165

APP-13021207.FP.FTS.B,

13.99%,

4/15/26

18,640

18,880

APP-12800863.FP.FTS.B,

17.49%,

4/15/26

12,036

12,189

APP-12744377.FP.FTS.B,

20.99%,

4/15/26

1,415

1,406

APP-12856249.FP.FTS.B,

12.49%,

4/16/26

10,932

11,111

APP-13068343.FP.FTS.B,

12.74%,

4/16/26

25,470

4,711

APP-13155578.FP.FTS.B,

12.74%,

4/17/26

19,322

19,587

APP-12858657.FP.FTS.B,

12.99%,

4/17/26

33,251

33,794

APP-13115033.FP.FTS.B,

19.49%,

4/17/26

7,717

7,820

APP-12911306.FP.FTS.B,

7.99%,

4/22/26

.

28,962

29,409

APP-13014947.FP.FTS.B,

14.99%,

4/23/26

15,945

16,099

APP-12859987.FP.FTS.B,

14.74%,

4/26/26

22,380

22,793

APP-13060307.FP.FTS.B,

16.99%,

4/28/26

12,426

12,643

APP-12777585.FP.FTS.B,

19.49%,

4/29/26

9,552

9,693

APP-12949437.FP.FTS.B,

21.99%,

4/30/26

13,836

13,871

APP-13423683.FP.FTS.B,

9.99%,

5/01/26

.

20,586

20,839

APP-13441795.FP.FTS.B,

12.74%,

5/01/26

23,171

23,428

APP-13396926.FP.FTS.B,

13.74%,

5/01/26

27,846

28,070

APP-13439922.FP.FTS.B,

16.99%,

5/01/26

12,514

12,662

APP-13431847.FP.FTS.B,

24.99%,

5/01/26

8,035

8,049

APP-13385444.FP.FTS.B,

19.49%,

5/02/26

11,769

11,837

APP-14385374.FP.FTS.B,

19.49%,

5/03/26

8,314

8,358

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

59

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13431225.FP.FTS.B,

16.99%,

5/04/26

$

13,048

$

13,169

APP-13429002.FP.FTS.B,

8.24%,

5/10/26

.

13,390

13,579

APP-13628390.FP.FTS.B,

19.99%,

5/11/26

11,144

11,266

APP-13649172.FP.FTS.B,

13.49%,

5/12/26

15,231

15,418

APP-13657810.FP.FTS.B,

18.99%,

5/12/26

19,539

19,682

APP-13386894.FP.FTS.B,

7.99%,

5/14/26

.

18,596

18,872

APP-13441691.FP.FTS.B,

17.99%,

5/14/26

16,223

16,416

APP-13431194.FP.FTS.B,

18.49%,

5/14/26

17,346

17,526

APP-13682394.FP.FTS.B,

10.59%,

5/15/26

13,152

13,334

APP-14371343.FP.FTS.B,

11.74%,

5/15/26

38,682

39,174

APP-14427608.FP.FTS.B,

11.74%,

5/15/26

38,651

39,173

APP-14581842.FP.FTS.B,

17.99%,

5/15/26

9,509

9,559

APP-13434799.FP.FTS.B,

21.74%,

5/15/26

23,802

8,041

APP-13644126.FP.FTS.B,

10.34%,

5/20/26

15,833

16,071

APP-13605261.FP.FTS.B,

13.74%,

5/21/26

26,058

26,419

APP-13546003.FP.FTS.B,

25.99%,

5/22/26

7,662

7,762

APP-13628557.FP.FTS.B,

18.49%,

5/27/26

15,063

15,299

APP-14179201.FP.FTS.B,

12.34%,

6/08/26

9,625

9,746

APP-14276082.FP.FTS.B,

10.34%,

6/15/26

19,363

19,637

APP-14398590.FP.FTS.B,

10.99%,

6/15/26

9,244

9,369

APP-14372947.FP.FTS.B,

16.49%,

6/15/26

8,160

8,113

APP-14189728.FP.FTS.B,

17.74%,

6/15/26

40,025

40,393

APP-12886960.FP.FTS.B,

22.49%,

6/15/26

7,546

7,619

APP-14397947.FP.FTS.B,

26.49%,

6/16/26

6,720

716

APP-14306826.FP.FTS.B,

10.34%,

6/17/26

19,831

20,100

APP-14230815.FP.FTS.B,

10.34%,

6/20/26

19,295

19,591

APP-14203522.FP.FTS.B,

17.49%,

6/20/26

19,793

20,041

APP-14531089.FP.FTS.B,

10.99%,

6/22/26

15,409

15,628

APP-14549001.FP.FTS.B,

21.49%,

6/23/26

22,252

22,548

APP-14241416.FP.FTS.B,

12.59%,

6/24/26

27,380

27,838

APP-14578298.FP.FTS.B,

23.24%,

6/24/26

9,943

10,077

APP-14372335.FP.FTS.B,

12.99%,

6/30/26

19,227

19,495

APP-14420730.FP.FTS.B,

20.49%,

6/30/26

8,633

8,695

APP-14409335.FP.FTS.B,

18.49%,

7/01/26

8,189

8,289

APP-14491910.FP.FTS.B,

22.49%,

7/04/26

14,965

14,753

APP-14531002.FP.FTS.B,

17.74%,

7/05/26

24,558

24,734

APP-15018518.FP.FTS.B,

11.24%,

7/11/26

8,505

8,562

APP-15020512.FP.FTS.B,

10.24%,

7/15/26

25,039

25,374

APP-13899724.FP.FTS.B,

11.24%,

7/18/26

12,884

13,062

APP-14698479.FP.FTS.B,

10.74%,

7/24/26

31,341

31,834

APP-10179113.FP.FTS.B,

12.49%,

8/15/26

24,548

24,941

APP-10116903.FP.FTS.B,

14.24%,

8/15/26

17,543

17,831

APP-10063830.FP.FTS.B,

15.99%,

8/16/26

36,206

36,856

APP-10105795.FP.FTS.B,

23.49%,

8/17/26

17,293

17,804

APP-11810931.FP.FTS.B,

17.99%,

8/30/26

17,546

10,178

APP-10557980.FP.FTS.B,

19.99%,

9/05/26

11,139

11,327

APP-10060652.FP.FTS.B,

11.99%,

9/12/26

9,374

9,516

APP-10571945.FP.FTS.B,

11.24%,

9/15/26

35,455

35,992

APP-10622378.FP.FTS.B,

13.24%,

9/15/26

35,807

36,278

APP-10173551.FP.FTS.B,

20.99%,

9/20/26

11,680

12,011

APP-10190160.FP.FTS.B,

18.99%,

9/28/26

8,112

8,302

APP-10148097.FP.FTS.B,

11.24%,

9/29/26

31,534

32,134

APP-10202521.FP.FTS.B,

21.49%,

9/30/26

11,551

11,733

APP-10762836.FP.FTS.B,

15.49%,

10/03/26

..........................

37,133

37,595

APP-10769538.FP.FTS.B,

17.99%,

10/09/26

..........................

20,681

21,039

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-10767341.FP.FTS.B,

18.99%,

10/09/26

..........................

$

8,198

$

8,276

APP-11037126.FP.FTS.B,

17.99%,

10/18/26

8,051

8,153

APP-10515203.FP.FTS.B,

16.99%,

10/21/26

..........................

13,294

13,541

APP-10412146.FP.FTS.B,

20.49%,

10/21/26

..........................

18,897

19,394

APP-10610237.FP.FTS.B,

11.99%,

10/25/26

10,001

10,165

APP-10188481.FP.FTS.B,

20.49%,

10/25/26

..........................

6,894

6,906

APP-10583794.FP.FTS.B,

17.49%,

10/28/26

..........................

11,209

11,481

APP-10482503.FP.FTS.B,

17.99%,

10/28/26

..........................

6,113

6,190

APP-11040439.FP.FTS.B,

25.49%,

10/28/26

7,891

8,108

APP-10607213.FP.FTS.B,

16.49%,

10/29/26

..........................

11,603

11,817

APP-11029842.FP.FTS.B,

11.99%,

10/30/26

23,067

23,464

APP-11029798.FP.FTS.B,

17.49%,

10/30/26

13,511

13,757

APP-11036737.FP.FTS.B,

18.99%,

10/30/26

7,863

7,940

APP-10547265.FP.FTS.B,

22.49%,

10/31/26

..........................

23,640

23,923

APP-10567055.FP.FTS.B,

13.24%,

11/01/26

37,048

37,618

APP-10597275.FP.FTS.B,

14.49%,

11/01/26

8,196

8,308

APP-10561574.FP.FTS.B,

14.74%,

11/02/26

20,761

21,088

APP-10569042.FP.FTS.B,

19.99%,

11/03/26

12,624

1,329

APP-10590862.FP.FTS.B,

11.99%,

11/05/26

14,183

14,394

APP-10599539.FP.FTS.B,

13.24%,

11/05/26

34,414

34,930

APP-10551512.FP.FTS.B,

17.99%,

11/05/26

16,964

17,235

APP-10552003.FP.FTS.B,

20.49%,

11/05/26

15,795

16,030

APP-10453183.FP.FTS.B,

17.49%,

11/07/26

30,537

31,024

APP-10623552.FP.FTS.B,

18.99%,

11/09/26

19,314

19,627

APP-10770659.FP.FTS.B,

21.49%,

11/10/26

16,907

17,243

APP-10781246.FP.FTS.B,

14.24%,

11/15/26

11,949

12,140

APP-10773777.FP.FTS.B,

16.99%,

11/15/26

15,132

15,377

APP-10776520.FP.FTS.B,

20.49%,

11/15/26

19,557

20,040

APP-10692390.FP.FTS.B,

16.49%,

11/16/26

11,313

11,503

APP-10787763.FP.FTS.B,

21.99%,

11/16/26

17,759

18,048

APP-10780121.FP.FTS.B,

11.99%,

11/21/26

14,127

14,368

APP-10779675.FP.FTS.B,

21.49%,

11/21/26

13,244

13,543

APP-10756900.FP.FTS.B,

16.99%,

11/22/26

15,217

15,540

APP-10770156.FP.FTS.B,

16.99%,

11/22/26

13,695

13,957

APP-10760354.FP.FTS.B,

11.99%,

11/23/26

14,692

14,953

APP-10508033.FP.FTS.B,

17.49%,

11/23/26

23,680

24,147

APP-10780937.FP.FTS.B,

16.49%,

11/24/26

5,999

6,116

APP-10991025.FP.FTS.B,

19.49%,

12/05/26

..........................

10,496

10,605

APP-10551248.FP.FTS.B,

16.99%,

12/08/26

..........................

18,219

18,485

APP-11035966.FP.FTS.B,

21.99%,

12/13/26

6,476

6,575

APP-10916888.FP.FTS.B,

11.99%,

12/14/26

11,924

12,119

APP-11025771.FP.FTS.B,

11.99%,

12/14/26

19,123

19,437

APP-11033966.FP.FTS.B,

22.99%,

12/14/26

12,309

12,443

APP-11743320.FP.FTS.B,

13.24%,

12/17/26

16,058

16,290

APP-11737338.FP.FTS.B,

13.24%,

12/22/26

24,443

24,779

APP-11755185.FP.FTS.B,

10.99%,

12/23/26

22,647

23,012

APP-11751486.FP.FTS.B,

11.24%,

12/23/26

14,358

14,589

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-09447197.FP.FTS.B,

13.49%,

12/23/26

..........................

$

11,645

$

11,834

APP-11662515.FP.FTS.B,

14.24%,

12/23/26

10,938

11,118

APP-11609592.FP.FTS.B,

14.74%,

12/24/26

30,797

31,270

APP-11788646.FP.FTS.B,

15.24%,

12/29/26

29,577

30,207

APP-11822223.FP.FTS.B,

10.99%,

12/30/26

16,667

16,940

APP-11806677.FP.FTS.B,

11.74%,

12/30/26

32,613

33,146

APP-11815677.FP.FTS.B,

13.74%,

12/30/26

20,456

20,806

APP-11820229.FP.FTS.B,

17.49%,

12/30/26

11,399

11,488

APP-11800117.FP.FTS.B,

19.99%,

12/30/26

11,708

2,525

APP-10997848.FP.FTS.B,

20.49%,

12/30/26

..........................

15,672

16,080

APP-11804177.FP.FTS.B,

21.99%,

12/30/26

18,648

18,774

APP-10969694.FP.FTS.B,

19.49%,

1/14/27

46,520

9,865

APP-12216140.FP.FTS.B,

11.74%,

1/25/27

38,601

39,209

APP-11753872.FP.FTS.B,

13.24%,

1/25/27

17,625

17,908

APP-12234684.FP.FTS.B,

16.74%,

1/26/27

39,698

40,353

APP-12242133.FP.FTS.B,

22.99%,

1/27/27

12,547

12,690

APP-11654600.FP.FTS.B,

10.49%,

1/28/27

30,175

30,676

APP-11752574.FP.FTS.B,

18.24%,

1/28/27

39,553

40,309

APP-12243752.FP.FTS.B,

19.99%,

1/28/27

14,131

14,409

APP-11704828.FP.FTS.B,

17.49%,

1/31/27

9,285

9,481

APP-11799569.FP.FTS.B,

19.99%,

2/02/27

8,789

8,844

APP-11730595.FP.FTS.B,

11.99%,

2/04/27

20,310

20,607

APP-11689702.FP.FTS.B,

10.49%,

2/05/27

30,310

30,763

APP-11748155.FP.FTS.B,

14.24%,

2/05/27

27,492

27,875

APP-11693799.FP.FTS.B,

16.99%,

2/05/27

12,062

12,166

APP-11750215.FP.FTS.B,

18.24%,

2/05/27

28,191

28,446

APP-11693943.FP.FTS.B,

10.99%,

2/06/27

28,588

29,015

APP-11771449.FP.FTS.B,

9.74%,

2/10/27

.

38,352

38,926

APP-11799619.FP.FTS.B,

17.99%,

2/11/27

18,411

18,564

APP-11806403.FP.FTS.B,

19.99%,

2/11/27

17,196

17,348

APP-11443313.FP.FTS.B,

9.99%,

2/12/27

.

19,811

20,119

APP-11694094.FP.FTS.B,

11.24%,

2/12/27

11,059

11,248

APP-11796213.FP.FTS.B,

11.24%,

2/12/27

27,053

27,468

APP-11816991.FP.FTS.B,

16.24%,

2/12/27

23,988

24,367

APP-11799428.FP.FTS.B,

19.99%,

2/12/27

22,759

23,006

APP-11813343.FP.FTS.B,

11.74%,

2/13/27

38,902

39,535

APP-11804818.FP.FTS.B,

14.99%,

2/13/27

15,882

16,079

APP-11790590.FP.FTS.B,

17.74%,

2/13/27

24,156

24,415

APP-11814239.FP.FTS.B,

17.74%,

2/13/27

31,491

31,786

APP-12801776.FP.FTS.B,

18.49%,

2/15/27

20,640

20,806

APP-12796607.FP.FTS.B,

17.74%,

2/16/27

26,497

26,737

APP-12770843.FP.FTS.B,

18.24%,

2/17/27

32,266

32,565

APP-12797866.FP.FTS.B,

19.99%,

2/17/27

11,446

11,548

APP-12779435.FP.FTS.B,

10.49%,

2/18/27

24,319

24,624

APP-12543838.FP.FTS.B,

15.49%,

2/18/27

23,439

23,783

APP-12784633.FP.FTS.B,

22.99%,

2/21/27

14,434

14,565

APP-12677509.FP.FTS.B,

8.49%,

2/22/27

.

24,353

24,697

APP-12792566.FP.FTS.B,

16.49%,

2/25/27

12,366

12,532

APP-12793802.FP.FTS.B,

16.74%,

2/25/27

33,312

33,603

APP-12769457.FP.FTS.B,

17.99%,

2/25/27

16,215

16,440

APP-12883181.FP.FTS.B,

8.99%,

2/28/27

.

27,282

27,734

APP-12819064.FP.FTS.B,

10.99%,

2/28/27

31,910

32,434

APP-12793590.FP.FTS.B,

19.99%,

2/28/27

18,060

18,337

APP-10681978.FP.FTS.B,

23.49%,

2/28/27

42,498

26,774

APP-13022008.FP.FTS.B,

10.99%,

3/01/27

30,245

30,582

APP-12800786.FP.FTS.B,

11.24%,

3/01/27

16,485

16,691

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13018059.FP.FTS.B,

12.99%,

3/01/27

$

9,694

$

9,810

APP-12814994.FP.FTS.B,

13.74%,

3/01/27

8,094

8,192

APP-12846368.FP.FTS.B,

19.99%,

3/01/27

16,811

16,762

APP-12932776.FP.FTS.B,

16.49%,

3/02/27

10,473

10,546

APP-12859823.FP.FTS.B,

17.99%,

3/03/27

8,271

8,351

APP-12243437.FP.FTS.B,

11.24%,

3/04/27

25,205

25,532

APP-12244716.FP.FTS.B,

19.99%,

3/05/27

20,629

20,671

APP-12116704.FP.FTS.B,

11.74%,

3/06/27

35,821

36,341

APP-12234254.FP.FTS.B,

11.24%,

3/10/27

12,263

12,453

APP-12228505.FP.FTS.B,

17.99%,

3/10/27

18,641

18,774

APP-12213150.FP.FTS.B,

18.49%,

3/10/27

10,110

10,199

APP-12231685.FP.FTS.B,

19.74%,

3/10/27

33,563

33,734

APP-12243221.FP.FTS.B,

8.49%,

3/11/27

.

23,300

23,647

APP-12233502.FP.FTS.B,

16.49%,

3/11/27

20,423

20,737

APP-12232207.FP.FTS.B,

18.99%,

3/11/27

14,371

14,510

APP-12249171.FP.FTS.B,

13.49%,

3/12/27

14,522

14,777

APP-12250129.FP.FTS.B,

17.74%,

3/12/27

25,624

25,832

APP-12042791.FP.FTS.B,

18.74%,

3/12/27

42,991

43,199

APP-12132131.FP.FTS.B,

19.49%,

3/13/27

17,513

17,677

APP-13060467.FP.FTS.B,

11.74%,

3/15/27

40,073

40,625

APP-13155858.FP.FTS.B,

10.99%,

3/16/27

17,478

17,724

APP-13442368.FP.FTS.B,

11.49%,

3/16/27

13,374

13,530

APP-13061057.FP.FTS.B,

13.49%,

3/16/27

13,661

13,848

APP-13093148.FP.FTS.B,

19.74%,

3/16/27

33,077

33,317

APP-13253640.FP.FTS.B,

11.24%,

3/20/27

12,739

12,904

APP-13416800.FP.FTS.B,

16.24%,

3/22/27

28,781

29,130

APP-13323349.FP.FTS.B,

16.49%,

3/25/27

11,920

12,081

APP-13430153.FP.FTS.B,

20.49%,

3/25/27

16,041

16,228

APP-13207096.FP.FTS.B,

19.49%,

3/26/27

14,929

15,115

APP-12782877.FP.FTS.B,

8.49%,

3/28/27

.

23,085

23,439

APP-12799003.FP.FTS.B,

10.99%,

3/28/27

15,675

15,911

APP-12544474.FP.FTS.B,

14.24%,

3/28/27

29,285

29,724

APP-12778979.FP.FTS.B,

16.24%,

3/28/27

24,169

24,545

APP-12781429.FP.FTS.B,

17.74%,

3/28/27

29,107

29,555

APP-12771953.FP.FTS.B,

18.49%,

3/28/27

16,698

16,949

APP-13375770.FP.FTS.B,

19.24%,

3/28/27

17,440

17,681

APP-13370208.FP.FTS.B,

19.74%,

3/28/27

24,949

25,291

APP-12758093.FP.FTS.B,

8.99%,

3/29/27

.

15,517

15,760

APP-12767372.FP.FTS.B,

10.99%,

3/29/27

16,043

16,290

APP-12779388.FP.FTS.B,

10.99%,

3/29/27

31,363

31,845

APP-12791753.FP.FTS.B,

10.99%,

3/29/27

21,176

21,485

APP-12784176.FP.FTS.B,

11.24%,

3/29/27

28,103

28,498

APP-12798277.FP.FTS.B,

13.24%,

3/29/27

17,826

18,097

APP-12795625.FP.FTS.B,

13.49%,

3/29/27

15,737

15,976

APP-12674361.FP.FTS.B,

15.24%,

3/29/27

30,547

31,037

APP-12802958.FP.FTS.B,

16.49%,

3/29/27

20,083

20,398

APP-13402497.FP.FTS.B,

16.49%,

3/29/27

16,411

16,659

APP-12281515.FP.FTS.B,

17.49%,

3/29/27

12,412

12,605

APP-12802206.FP.FTS.B,

17.74%,

3/29/27

41,330

41,778

APP-13389764.FP.FTS.B,

17.74%,

3/29/27

25,163

25,391

APP-12801049.FP.FTS.B,

18.99%,

3/29/27

8,833

8,969

APP-12785988.FP.FTS.B,

19.99%,

3/29/27

7,939

7,885

APP-13251661.FP.FTS.B,

20.24%,

3/29/27

22,527

22,846

APP-12795571.FP.FTS.B,

22.49%,

3/29/27

29,896

30,346

APP-12798313.FP.FTS.B,

22.49%,

3/29/27

32,133

20,541

APP-13009028.FP.FTS.B,

10.99%,

3/30/27

19,764

20,083

APP-12577391.FP.FTS.B,

11.74%,

3/30/27

40,090

40,697

APP-13055453.FP.FTS.B,

13.24%,

3/30/27

30,174

3,400

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

61

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13421220.FP.FTS.B,

14.49%,

3/30/27

$

17,438

$

17,594

APP-13418445.FP.FTS.B,

17.74%,

3/30/27

46,937

5,673

APP-13416410.FP.FTS.B,

18.49%,

3/30/27

10,089

10,251

APP-13405408.FP.FTS.B,

23.24%,

3/30/27

17,483

17,745

APP-13630932.FP.FTS.B,

11.84%,

4/01/27

12,826

12,945

APP-12638350.FP.FTS.B,

13.24%,

4/01/27

20,218

20,429

APP-12674905.FP.FTS.B,

13.24%,

4/01/27

32,670

9,061

APP-12840175.FP.FTS.B,

15.49%,

4/01/27

9,699

9,751

APP-12761107.FP.FTS.B,

16.49%,

4/01/27

19,127

19,163

APP-12542914.FP.FTS.B,

20.49%,

4/01/27

11,234

11,150

APP-12674748.FP.FTS.B,

13.99%,

4/02/27

40,608

41,043

APP-12787387.FP.FTS.B,

16.49%,

4/02/27

11,900

12,012

APP-12882995.FP.FTS.B,

10.99%,

4/03/27

31,960

32,346

APP-12867499.FP.FTS.B,

13.74%,

4/03/27

8,103

8,201

APP-12872712.FP.FTS.B,

16.49%,

4/03/27

12,646

3,645

APP-12887758.FP.FTS.B,

16.49%,

4/03/27

18,068

18,243

APP-12890485.FP.FTS.B,

18.99%,

4/03/27

12,214

12,240

APP-12862659.FP.FTS.B,

23.24%,

4/03/27

16,928

16,840

APP-12857742.FP.FTS.B,

18.74%,

4/05/27

41,599

41,600

APP-12784441.FP.FTS.B,

20.49%,

4/05/27

22,103

22,045

APP-12811031.FP.FTS.B,

20.99%,

4/05/27

16,135

16,219

APP-13538222.FP.FTS.B,

11.34%,

4/06/27

28,433

28,763

APP-12802041.FP.FTS.B,

13.99%,

4/06/27

40,639

41,130

APP-13673131.FP.FTS.B,

11.34%,

4/07/27

16,494

16,690

APP-11924087.FP.FTS.B,

13.49%,

4/07/27

14,369

14,547

APP-12757809.FP.FTS.B,

14.49%,

4/07/27

11,556

11,684

APP-12801750.FP.FTS.B,

18.99%,

4/07/27

4,325

4,264

APP-12984273.FP.FTS.B,

8.99%,

4/08/27

.

31,752

32,249

APP-12804826.FP.FTS.B,

19.99%,

4/08/27

6,301

6,326

APP-12700449.FP.FTS.B,

24.99%,

4/09/27

43,142

43,046

APP-12736035.FP.FTS.B,

8.99%,

4/10/27

.

20,853

21,140

APP-12875152.FP.FTS.B,

8.99%,

4/10/27

.

32,418

16,379

APP-12758120.FP.FTS.B,

10.99%,

4/10/27

21,024

21,294

APP-13018537.FP.FTS.B,

10.99%,

4/10/27

19,975

20,232

APP-12679617.FP.FTS.B,

11.24%,

4/10/27

33,909

6,166

APP-12795960.FP.FTS.B,

13.24%,

4/10/27

20,313

20,585

APP-12413477.FP.FTS.B,

15.49%,

4/10/27

9,869

9,932

APP-12637418.FP.FTS.B,

16.49%,

4/10/27

19,890

20,157

APP-12933534.FP.FTS.B,

16.99%,

4/10/27

16,320

16,497

APP-12986414.FP.FTS.B,

17.74%,

4/10/27

33,913

33,984

APP-12796424.FP.FTS.B,

17.99%,

4/10/27

12,497

12,501

APP-12976491.FP.FTS.B,

17.99%,

4/10/27

7,618

7,503

APP-13016825.FP.FTS.B,

17.99%,

4/10/27

21,421

21,449

APP-13018575.FP.FTS.B,

18.74%,

4/10/27

41,496

41,695

APP-12770485.FP.FTS.B,

20.49%,

4/10/27

13,497

13,503

APP-13020600.FP.FTS.B,

21.49%,

4/10/27

12,603

12,600

APP-12804212.FP.FTS.B,

22.49%,

4/10/27

10,264

10,275

APP-12723310.FP.FTS.B,

22.99%,

4/10/27

13,660

13,636

APP-12971734.FP.FTS.B,

25.49%,

4/10/27

9,443

9,497

APP-13009797.FP.FTS.B,

25.49%,

4/10/27

9,824

9,807

APP-12709781.FP.FTS.B,

8.99%,

4/11/27

.

19,045

19,311

APP-12801468.FP.FTS.B,

11.24%,

4/11/27

11,114

11,273

APP-13662283.FP.FTS.B,

11.59%,

4/11/27

14,390

14,562

APP-12735907.FP.FTS.B,

11.74%,

4/11/27

40,309

40,890

APP-12731627.FP.FTS.B,

13.24%,

4/11/27

20,536

20,817

APP-12119588.FP.FTS.B,

13.74%,

4/11/27

9,560

9,701

APP-12782592.FP.FTS.B,

16.24%,

4/11/27

26,439

26,778

APP-09096529.FP.FTS.B,

10.49%,

4/12/27

24,236

24,586

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12870868.FP.FTS.B,

13.24%,

4/12/27

$

24,439

$

24,797

APP-11872577.FP.FTS.B,

13.99%,

4/12/27

35,940

36,450

APP-12780320.FP.FTS.B,

14.99%,

4/12/27

14,991

15,189

APP-12794611.FP.FTS.B,

16.49%,

4/12/27

22,106

22,434

APP-12675250.FP.FTS.B,

19.99%,

4/12/27

21,613

21,729

APP-12793996.FP.FTS.B,

19.99%,

4/12/27

28,792

3,445

APP-12543186.FP.FTS.B,

21.49%,

4/12/27

12,099

12,104

APP-12674073.FP.FTS.B,

17.49%,

4/13/27

24,764

24,962

APP-12119732.FP.FTS.B,

22.49%,

4/13/27

9,092

9,178

APP-12819793.FP.FTS.B,

11.24%,

4/14/27

11,451

11,640

APP-12933712.FP.FTS.B,

16.99%,

4/14/27

14,492

14,593

APP-12634752.FP.FTS.B,

8.49%,

4/15/27

.

23,689

24,021

APP-12601811.FP.FTS.B,

10.49%,

4/15/27

24,859

6,983

APP-12847750.FP.FTS.B,

10.49%,

4/15/27

23,878

24,256

APP-12840779.FP.FTS.B,

10.99%,

4/15/27

32,203

32,700

APP-12880291.FP.FTS.B,

10.99%,

4/15/27

21,698

22,032

APP-12884053.FP.FTS.B,

10.99%,

4/15/27

20,034

20,341

APP-12886061.FP.FTS.B,

10.99%,

4/15/27

20,078

20,386

APP-12890839.FP.FTS.B,

12.99%,

4/15/27

9,747

9,894

APP-12889697.FP.FTS.B,

14.49%,

4/15/27

19,001

19,272

APP-12838144.FP.FTS.B,

14.74%,

4/15/27

27,022

2,912

APP-12879648.FP.FTS.B,

14.99%,

4/15/27

5,451

5,448

APP-12872440.FP.FTS.B,

16.49%,

4/15/27

9,934

10,015

APP-12851953.FP.FTS.B,

16.74%,

4/15/27

38,217

38,730

APP-13062300.FP.FTS.B,

17.49%,

4/15/27

13,218

13,307

APP-12885686.FP.FTS.B,

17.99%,

4/15/27

9,182

9,321

APP-12674259.FP.FTS.B,

19.99%,

4/15/27

8,411

8,455

APP-13008146.FP.FTS.B,

19.99%,

4/15/27

12,303

12,400

APP-12967750.FP.FTS.B,

21.24%,

4/15/27

21,954

21,846

APP-12780020.FP.FTS.B,

8.99%,

4/16/27

.

26,098

26,469

APP-12801088.FP.FTS.B,

10.99%,

4/16/27

21,372

21,706

APP-12831439.FP.FTS.B,

10.99%,

4/16/27

28,121

28,561

APP-13011697.FP.FTS.B,

10.99%,

4/16/27

10,382

10,509

APP-12540590.FP.FTS.B,

14.49%,

4/16/27

24,427

24,785

APP-12845270.FP.FTS.B,

17.74%,

4/16/27

33,316

33,658

APP-12863914.FP.FTS.B,

19.49%,

4/16/27

14,641

14,703

APP-11924095.FP.FTS.B,

19.99%,

4/16/27

21,090

21,253

APP-12848627.FP.FTS.B,

21.99%,

4/16/27

8,968

9,042

APP-13157103.FP.FTS.B,

9.24%,

4/17/27

.

11,874

12,036

APP-12779666.FP.FTS.B,

11.49%,

4/17/27

14,446

14,643

APP-12883157.FP.FTS.B,

13.74%,

4/17/27

8,982

9,132

APP-12800972.FP.FTS.B,

17.49%,

4/17/27

19,449

19,683

APP-12861690.FP.FTS.B,

17.74%,

4/17/27

11,723

11,582

APP-13156398.FP.FTS.B,

17.74%,

4/17/27

41,306

41,655

APP-12800643.FP.FTS.B,

19.74%,

4/17/27

34,149

34,432

APP-13158258.FP.FTS.B,

19.99%,

4/17/27

10,641

10,689

APP-12931503.FP.FTS.B,

13.24%,

4/18/27

20,292

20,592

APP-13016462.FP.FTS.B,

20.49%,

4/18/27

15,360

3,306

APP-13061405.FP.FTS.B,

22.24%,

4/18/27

23,550

23,697

APP-13058395.FP.FTS.B,

21.24%,

4/19/27

18,048

17,938

APP-13141094.FP.FTS.B,

10.99%,

4/20/27

32,001

32,464

APP-13083128.FP.FTS.B,

11.24%,

4/20/27

17,615

17,861

APP-13002914.FP.FTS.B,

18.99%,

4/20/27

14,672

14,791

APP-12974063.FP.FTS.B,

19.99%,

4/20/27

21,828

21,943

APP-13009743.FP.FTS.B,

10.99%,

4/22/27

16,864

17,137

APP-12674727.FP.FTS.B,

13.24%,

4/22/27

26,921

27,355

APP-09645128.FP.FTS.B,

15.49%,

4/23/27

40,680

41,258

APP-13017812.FP.FTS.B,

16.49%,

4/23/27

7,478

7,485

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12910819.FP.FTS.B,

17.99%,

4/23/27

$

6,238

$

6,342

APP-13018067.FP.FTS.B,

18.99%,

4/23/27

15,947

16,136

APP-12548143.FP.FTS.B,

19.99%,

4/23/27

23,536

23,789

APP-12997870.FP.FTS.B,

19.99%,

4/23/27

20,481

20,701

APP-13016033.FP.FTS.B,

20.24%,

4/23/27

43,748

43,970

APP-12977040.FP.FTS.B,

20.49%,

4/23/27

15,032

15,213

APP-13166600.FP.FTS.B,

21.49%,

4/23/27

12,203

12,294

APP-12944703.FP.FTS.B,

22.49%,

4/23/27

9,424

9,482

APP-12801215.FP.FTS.B,

19.99%,

4/24/27

23,320

2,476

APP-12933688.FP.FTS.B,

19.99%,

4/24/27

18,996

19,212

APP-12911189.FP.FTS.B,

20.49%,

4/24/27

5,765

5,699

APP-11888471.FP.FTS.B,

16.49%,

4/25/27

19,106

19,399

APP-13068321.FP.FTS.B,

18.24%,

4/25/27

38,649

39,061

APP-11022483.FP.FTS.B,

18.99%,

4/25/27

6,671

6,750

APP-13051587.FP.FTS.B,

19.99%,

4/25/27

5,404

5,345

APP-13057143.FP.FTS.B,

10.99%,

4/26/27

28,510

28,970

APP-13061655.FP.FTS.B,

13.24%,

4/26/27

28,468

28,924

APP-12933713.FP.FTS.B,

17.99%,

4/26/27

22,670

22,914

APP-13155804.FP.FTS.B,

17.99%,

4/26/27

22,592

4,787

APP-13345325.FP.FTS.B,

19.99%,

4/26/27

21,180

21,225

APP-13106287.FP.FTS.B,

11.74%,

4/28/27

36,610

37,284

APP-13060974.FP.FTS.B,

19.74%,

4/28/27

28,135

28,489

APP-13155767.FP.FTS.B,

23.24%,

4/28/27

18,138

18,328

APP-13139319.FP.FTS.B,

11.24%,

4/30/27

20,087

20,444

APP-13060795.FP.FTS.B,

17.49%,

4/30/27

5,183

5,169

APP-11810505.FP.FTS.B,

21.24%,

4/30/27

21,282

21,452

APP-13134349.FP.FTS.B,

21.24%,

4/30/27

18,931

18,813

APP-13302130.FP.FTS.B,

10.99%,

5/01/27

24,224

4,434

APP-13421715.FP.FTS.B,

10.99%,

5/01/27

21,556

21,809

APP-13423557.FP.FTS.B,

10.99%,

5/01/27

23,169

23,457

APP-13424293.FP.FTS.B,

10.99%,

5/01/27

17,301

17,504

APP-13431042.FP.FTS.B,

10.99%,

5/01/27

16,269

16,460

APP-13131348.FP.FTS.B,

13.74%,

5/01/27

21,658

21,970

APP-13439065.FP.FTS.B,

14.24%,

5/01/27

30,254

30,526

APP-13431253.FP.FTS.B,

16.49%,

5/01/27

18,695

18,863

APP-13162907.FP.FTS.B,

16.74%,

5/01/27

28,875

29,153

APP-13408703.FP.FTS.B,

16.99%,

5/01/27

11,905

11,923

APP-13430747.FP.FTS.B,

17.49%,

5/01/27

13,245

13,268

APP-13154672.FP.FTS.B,

18.49%,

5/01/27

17,992

17,989

APP-13422992.FP.FTS.B,

18.99%,

5/01/27

24,468

24,461

APP-13442546.FP.FTS.B,

19.74%,

5/01/27

32,152

32,064

APP-13430284.FP.FTS.B,

19.99%,

5/01/27

10,310

6,244

APP-13430327.FP.FTS.B,

19.99%,

5/01/27

8,474

8,471

APP-13441350.FP.FTS.B,

19.99%,

5/01/27

8,473

8,470

APP-13404981.FP.FTS.B,

21.99%,

5/01/27

8,639

8,676

APP-13420080.FP.FTS.B,

21.99%,

5/01/27

28,787

28,564

APP-13410577.FP.FTS.B,

22.99%,

5/01/27

12,521

12,408

APP-13440761.FP.FTS.B,

22.99%,

5/01/27

43,531

43,218

APP-14247820.FP.FTS.B,

11.34%,

5/02/27

20,648

20,866

APP-13073067.FP.FTS.B,

20.49%,

5/02/27

8,837

8,790

APP-13342784.FP.FTS.B,

21.99%,

5/02/27

9,848

9,827

APP-14265376.FP.FTS.B,

20.49%,

5/03/27

13,428

13,388

APP-13308191.FP.FTS.B,

16.99%,

5/04/27

12,407

12,334

APP-13389512.FP.FTS.B,

13.24%,

5/05/27

17,316

17,524

APP-12270573.FP.FTS.B,

10.99%,

5/06/27

30,160

30,556

APP-13301897.FP.FTS.B,

16.49%,

5/06/27

10,775

10,800

APP-13301831.FP.FTS.B,

15.74%,

5/08/27

41,134

4,435

APP-13311434.FP.FTS.B,

16.49%,

5/08/27

12,038

12,178

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13193722.FP.FTS.B,

11.24%,

5/09/27

$

18,796

$

19,039

APP-13641523.FP.FTS.B,

13.59%,

5/10/27

20,559

20,803

APP-12932857.FP.FTS.B,

18.99%,

5/10/27

8,283

8,336

APP-12775739.FP.FTS.B,

25.49%,

5/10/27

8,636

8,630

APP-13323183.FP.FTS.B,

18.74%,

5/11/27

29,118

29,272

APP-12412862.FP.FTS.B,

25.49%,

5/11/27

9,848

9,849

APP-13658270.FP.FTS.B,

9.34%,

5/12/27

.

26,614

26,952

APP-13418718.FP.FTS.B,

16.24%,

5/12/27

23,914

24,222

APP-12412882.FP.FTS.B,

17.74%,

5/12/27

26,703

26,791

APP-13208283.FP.FTS.B,

17.99%,

5/12/27

21,616

12,839

APP-13659468.FP.FTS.B,

26.49%,

5/12/27

9,039

8,965

APP-13416172.FP.FTS.B,

8.99%,

5/13/27

.

19,522

19,806

APP-13031523.FP.FTS.B,

10.99%,

5/13/27

32,700

33,192

APP-13439563.FP.FTS.B,

17.49%,

5/13/27

7,603

7,552

APP-13438034.FP.FTS.B,

17.99%,

5/13/27

6,418

6,506

APP-12982177.FP.FTS.B,

19.49%,

5/13/27

16,499

5,627

APP-13416776.FP.FTS.B,

19.99%,

5/13/27

12,001

12,054

APP-13437001.FP.FTS.B,

8.49%,

5/14/27

.

24,198

24,551

APP-13423039.FP.FTS.B,

14.24%,

5/14/27

33,285

33,744

APP-10823341.FP.FTS.B,

15.49%,

5/14/27

11,728

11,818

APP-13199989.FP.FTS.B,

16.74%,

5/14/27

39,606

39,852

APP-13436550.FP.FTS.B,

16.99%,

5/14/27

14,325

14,524

APP-13430567.FP.FTS.B,

17.49%,

5/14/27

15,111

15,188

APP-13417327.FP.FTS.B,

17.99%,

5/14/27

3,172

3,171

APP-13336406.FP.FTS.B,

18.49%,

5/14/27

19,239

19,367

APP-14356626.FP.FTS.B,

18.49%,

5/14/27

12,784

12,854

APP-13380372.FP.FTS.B,

21.99%,

5/14/27

28,524

28,551

APP-13431427.FP.FTS.B,

21.99%,

5/14/27

7,356

7,389

APP-13433077.FP.FTS.B,

21.99%,

5/14/27

3,654

3,604

APP-13318759.FP.FTS.B,

22.49%,

5/14/27

6,496

6,512

APP-13330852.FP.FTS.B,

22.49%,

5/14/27

30,747

30,781

APP-13443719.FP.FTS.B,

22.49%,

5/14/27

7,894

7,925

APP-14548548.FP.FTS.B,

22.99%,

5/14/27

7,747

7,749

APP-13416305.FP.FTS.B,

8.99%,

5/15/27

.

31,557

32,029

APP-13436993.FP.FTS.B,

8.99%,

5/15/27

.

20,943

21,256

APP-13396243.FP.FTS.B,

11.24%,

5/15/27

12,935

13,138

APP-13440554.FP.FTS.B,

11.24%,

5/15/27

12,049

12,249

APP-13394315.FP.FTS.B,

13.24%,

5/15/27

32,760

33,280

APP-13435327.FP.FTS.B,

13.24%,

5/15/27

20,378

20,691

APP-13663645.FP.FTS.B,

13.59%,

5/15/27

23,598

13,395

APP-13644113.FP.FTS.B,

14.34%,

5/15/27

41,372

41,900

APP-13319688.FP.FTS.B,

14.49%,

5/15/27

22,259

22,614

APP-13422792.FP.FTS.B,

14.49%,

5/15/27

8,098

8,232

APP-13444523.FP.FTS.B,

16.99%,

5/15/27

22,782

22,891

APP-13672139.FP.FTS.B,

17.49%,

5/15/27

15,950

16,135

APP-13552958.FP.FTS.B,

17.99%,

5/15/27

14,795

1,999

APP-13441338.FP.FTS.B,

18.49%,

5/15/27

10,805

10,883

APP-13355854.FP.FTS.B,

18.99%,

5/15/27

5,476

5,415

APP-13441877.FP.FTS.B,

18.99%,

5/15/27

13,688

1,577

APP-13433669.FP.FTS.B,

19.99%,

5/15/27

12,852

12,922

APP-13666596.FP.FTS.B,

20.49%,

5/15/27

12,730

12,733

APP-14254675.FP.FTS.B,

20.49%,

5/15/27

3,176

3,135

APP-14531705.FP.FTS.B,

22.99%,

5/15/27

8,271

8,278

APP-14273039.FP.FTS.B,

18.99%,

5/16/27

10,775

10,832

APP-13628585.FP.FTS.B,

20.49%,

5/16/27

17,286

17,360

APP-14366522.FP.FTS.B,

10.49%,

5/18/27

36,411

36,876

APP-13658420.FP.FTS.B,

19.99%,

5/18/27

17,013

17,093

APP-13484600.FP.FTS.B,

20.49%,

5/18/27

15,425

15,497

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

63

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-13537074.FP.FTS.B,

9.34%,

5/20/27

.

$

16,175

$

16,411

APP-13678923.FP.FTS.B,

11.34%,

5/20/27

26,153

26,543

APP-13364619.FP.FTS.B,

16.49%,

5/20/27

21,351

2,465

APP-13637703.FP.FTS.B,

14.09%,

5/21/27

22,532

22,868

APP-13680651.FP.FTS.B,

20.49%,

5/21/27

10,854

10,899

APP-14444232.FP.FTS.B,

21.49%,

5/21/27

13,340

13,301

APP-13626550.FP.FTS.B,

17.24%,

5/23/27

31,013

2,705

APP-14548905.FP.FTS.B,

18.99%,

5/23/27

25,850

25,939

APP-12686049.FP.FTS.B,

19.99%,

5/23/27

13,573

1,390

APP-13624563.FP.FTS.B,

22.99%,

5/23/27

10,399

10,459

APP-13645609.FP.FTS.B,

9.34%,

5/24/27

.

32,396

32,899

APP-13629014.FP.FTS.B,

14.74%,

5/24/27

25,880

26,269

APP-13459107.FP.FTS.B,

19.99%,

5/24/27

7,864

7,941

APP-13484955.FP.FTS.B,

12.34%,

5/25/27

35,799

36,367

APP-13659238.FP.FTS.B,

13.59%,

5/25/27

29,837

30,321

APP-13637168.FP.FTS.B,

15.24%,

5/25/27

37,111

37,688

APP-13337072.FP.FTS.B,

18.24%,

5/26/27

40,969

40,822

APP-13643702.FP.FTS.B,

18.99%,

5/26/27

18,401

18,542

APP-13649694.FP.FTS.B,

19.49%,

5/26/27

12,811

12,950

APP-13051907.FP.FTS.B,

25.49%,

5/26/27

9,099

9,168

APP-13598334.FP.FTS.B,

11.34%,

5/27/27

20,493

20,840

APP-13132268.FP.FTS.B,

16.74%,

6/01/27

27,317

27,378

APP-14227389.FP.FTS.B,

13.59%,

6/08/27

25,083

25,364

APP-14229349.FP.FTS.B,

17.99%,

6/08/27

5,015

765

APP-14263084.FP.FTS.B,

20.49%,

6/10/27

4,518

4,422

APP-11007128.FP.FTS.B,

22.99%,

6/14/27

15,449

1,598

APP-14365422.FP.FTS.B,

11.99%,

6/15/27

9,290

9,388

APP-14343452.FP.FTS.B,

17.49%,

6/15/27

21,246

21,353

APP-14179022.FP.FTS.B,

17.99%,

6/15/27

14,239

14,313

APP-14232871.FP.FTS.B,

20.24%,

6/15/27

35,487

35,323

APP-14257683.FP.FTS.B,

20.49%,

6/15/27

22,379

22,346

APP-14388011.FP.FTS.B,

20.99%,

6/15/27

21,867

21,931

APP-13429983.FP.FTS.B,

22.49%,

6/15/27

3,773

3,710

APP-14408719.FP.FTS.B,

15.49%,

6/16/27

26,851

7,695

APP-14253271.FP.FTS.B,

16.74%,

6/16/27

27,281

27,612

APP-14406359.FP.FTS.B,

21.24%,

6/16/27

44,541

44,557

APP-14429358.FP.FTS.B,

13.74%,

6/17/27

10,369

2,925

APP-14323855.FP.FTS.B,

14.49%,

6/17/27

8,375

8,481

APP-14252658.FP.FTS.B,

19.99%,

6/17/27

17,181

17,207

APP-13608484.FP.FTS.B,

14.99%,

6/20/27

24,776

4,647

APP-14177993.FP.FTS.B,

11.59%,

6/21/27

12,529

12,722

APP-14180064.FP.FTS.B,

11.59%,

6/21/27

16,088

16,336

APP-14236905.FP.FTS.B,

17.49%,

6/21/27

22,452

22,598

APP-14216604.FP.FTS.B,

17.74%,

6/21/27

34,317

34,597

APP-14439411.FP.FTS.B,

17.74%,

6/21/27

36,118

36,568

APP-14547768.FP.FTS.B,

11.74%,

6/22/27

32,766

33,217

APP-14212566.FP.FTS.B,

16.74%,

6/22/27

30,595

31,044

APP-14439822.FP.FTS.B,

17.24%,

6/22/27

6,365

6,447

APP-14196561.FP.FTS.B,

13.59%,

6/23/27

33,700

34,227

APP-14178654.FP.FTS.B,

9.34%,

6/24/27

.

18,023

18,271

APP-14267906.FP.FTS.B,

11.59%,

6/24/27

13,187

13,402

APP-14588538.FP.FTS.B,

19.24%,

6/24/27

25,281

25,470

APP-14572397.FP.FTS.B,

20.99%,

6/24/27

20,696

20,786

APP-14510576.FP.FTS.B,

22.74%,

6/24/27

10,415

10,426

APP-14427403.FP.FTS.B,

24.74%,

6/24/27

13,205

13,224

APP-14429127.FP.FTS.B,

11.74%,

6/25/27

24,508

24,884

APP-14369074.FP.FTS.B,

12.49%,

6/25/27

41,803

42,450

APP-09045394.FP.FTS.B,

13.74%,

6/25/27

10,055

10,190

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-14578061.FP.FTS.B,

11.74%,

6/26/27

$

33,237

$

33,713

APP-14268521.FP.FTS.B,

10.09%,

6/27/27

41,353

41,998

APP-14145291.FP.FTS.B,

18.49%,

6/27/27

14,623

14,726

APP-14386005.FP.FTS.B,

11.74%,

6/28/27

24,357

24,753

APP-14413971.FP.FTS.B,

12.49%,

6/28/27

40,856

41,528

APP-14385312.FP.FTS.B,

17.24%,

6/28/27

30,388

30,862

APP-12794031.FP.FTS.B,

18.99%,

6/28/27

14,133

14,198

APP-14385385.FP.FTS.B,

19.24%,

6/28/27

27,204

27,461

APP-14391702.FP.FTS.B,

22.99%,

6/28/27

6,840

6,744

APP-14371219.FP.FTS.B,

11.74%,

6/29/27

29,094

29,536

APP-14377174.FP.FTS.B,

12.24%,

6/29/27

15,895

16,148

APP-14409463.FP.FTS.B,

18.99%,

6/29/27

8,633

8,775

APP-14423027.FP.FTS.B,

13.99%,

6/30/27

28,767

29,264

APP-14420972.FP.FTS.B,

14.24%,

6/30/27

14,503

14,684

APP-14541539.FP.FTS.B,

12.49%,

7/01/27

8,558

8,679

APP-14431213.FP.FTS.B,

18.49%,

7/01/27

16,188

16,205

APP-14421841.FP.FTS.B,

20.99%,

7/01/27

10,236

10,226

APP-14542132.FP.FTS.B,

20.99%,

7/02/27

8,889

8,862

APP-14439749.FP.FTS.B,

15.99%,

7/03/27

17,544

9,825

APP-14329060.FP.FTS.B,

18.49%,

7/03/27

22,946

22,965

APP-14561082.FP.FTS.B,

17.49%,

7/04/27

21,989

21,939

APP-14595190.FP.FTS.B,

20.74%,

7/05/27

35,247

34,984

APP-14541253.FP.FTS.B,

13.99%,

7/06/27

34,286

34,729

APP-14550089.FP.FTS.B,

18.49%,

7/06/27

17,477

17,422

APP-14515585.FP.FTS.B,

20.49%,

7/07/27

11,285

11,261

APP-14568007.FP.FTS.B,

20.49%,

7/07/27

17,633

17,595

APP-14553043.FP.FTS.B,

11.99%,

7/08/27

34,010

34,453

APP-14177847.FP.FTS.B,

18.74%,

7/08/27

39,356

39,488

APP-13394495.FP.FTS.B,

11.49%,

7/13/27

13,481

7,997

APP-13678668.FP.FTS.B,

17.99%,

7/15/27

19,096

19,169

APP-13061423.FP.FTS.B,

13.24%,

7/17/27

19,694

19,932

APP-14216111.FP.FTS.B,

17.99%,

7/20/27

13,141

13,246

APP-13028479.FP.FTS.B,

21.74%,

7/23/27

23,125

23,107

APP-13403231.FP.FTS.B,

16.74%,

7/30/27

26,285

26,692

APP-14545674.FP.FTS.B,

26.99%,

8/03/27

9,002

8,898

APP-14531076.FP.FTS.B,

23.24%,

8/07/27

16,668

16,499

APP-14569337.FP.FTS.B,

24.74%,

8/07/27

13,446

13,294

APP-12595724.FP.FTS.B,

25.49%,

8/22/27

6,891

635

APP-13639283.FP.FTS.B,

20.74%,

8/25/27

40,994

40,532

APP-13652171.FP.FTS.B,

22.99%,

8/26/27

8,791

8,837

APP-13657764.FP.FTS.B,

16.74%,

9/13/27

30,148

30,431

APP-13302140.FP.FTS.B,

17.99%,

9/25/27

10,366

10,528

14,064,212

LendingClub

Corp.

142964458.LC.FTS.B,

18.94%,

11/01/23

..

1,483

1,479

141699210.LC.FTS.B,

17.97%,

11/06/23

..

1,577

1,578

143172928.LC.FTS.B,

14.47%,

11/07/23

..

2,268

2,256

143142201.LC.FTS.B,

10.47%,

11/09/23

..

2,686

2,660

143298645.LC.FTS.B,

10.72%,

11/09/23

..

1,262

1,249

144619608.LC.FTS.B,

16.14%,

12/19/23

..

1,369

1,361

145208498.LC.FTS.B,

18.94%,

12/19/23

..

2,942

2,948

145501891.LC.FTS.B,

10.33%,

12/28/23

..

5,974

5,895

145511024.LC.FTS.B,

10.72%,

12/28/23

..

2,514

2,483

143897911.LC.FTS.B,

10.33%,

12/31/23

..

2,893

2,854

145586016.LC.FTS.B,

11.8%,

12/31/23

...

2,084

2,053

145625511.LC.FTS.B,

10.72%,

1/02/24

...

3,415

3,367

145461394.LC.FTS.B,

11.8%,

1/10/24

....

1,788

1,763

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

(continued)

145621023.LC.FTS.B,

10.72%,

1/15/24

...

$

2,779

$

2,742

145657415.LC.FTS.B,

11.31%,

1/15/24

...

4,163

4,102

146204474.LC.FTS.B,

11.8%,

1/15/24

....

1,789

1,762

146260552.LC.FTS.B,

16.91%,

1/15/24

...

2,956

2,932

145988002.LC.FTS.B,

10.33%,

1/24/24

...

2,781

2,745

143317674.LC.FTS.B,

10.72%,

1/27/24

...

6,980

6,867

146735125.LC.FTS.B,

11.8%,

1/28/24

....

5,336

5,257

146965410.LC.FTS.B,

12.98%,

1/29/24

...

1,830

1,807

146050977.LC.FTS.B,

15.02%,

1/29/24

...

3,337

3,307

146270708.LC.FTS.B,

18.94%,

1/30/24

...

2,443

2,433

144834703.LC.FTS.B,

12.98%,

2/19/24

...

6,864

6,742

148110315.LC.FTS.B,

17.97%,

2/29/24

...

4,180

4,205

148295277.LC.FTS.B,

17.19%,

3/06/24

...

4,090

4,025

148478260.LC.FTS.B,

13.08%,

3/15/24

...

3,501

3,441

148784147.LC.FTS.B,

14.74%,

3/20/24

...

2,035

2,008

146892745.LC.FTS.B,

18.94%,

3/30/24

...

3,080

3,054

145134172.LC.FTS.B,

10.33%,

3/31/24

...

3,644

3,575

149640002.LC.FTS.B,

13.9%,

4/02/24

...

2,180

2,146

149742003.LC.FTS.B,

12.4%,

4/05/24

...

5,248

5,152

149860763.LC.FTS.B,

17.19%,

4/09/24

...

4,619

4,550

150215503.LC.FTS.B,

14.74%,

4/15/24

...

2,351

2,319

150301304.LC.FTS.B,

17.19%,

4/21/24

...

5,523

997

150527722.LC.FTS.B,

15.57%,

4/23/24

...

3,682

2,921

150867060.LC.FTS.B,

15.57%,

4/29/24

...

4,266

4,217

151088676.LC.FTS.B,

10.33%,

5/01/24

...

4,475

4,385

150672283.LC.FTS.B,

20%,

5/02/24

.....

4,845

4,799

151465885.LC.FTS.B,

17.19%,

5/09/24

...

6,059

5,939

149608993.LC.FTS.B,

13.9%,

6/02/24

...

4,609

4,492

150611409.LC.FTS.B,

15.57%,

6/06/24

...

4,387

4,230

153285109.LC.FTS.B,

Zero

Cpn,

6/12/24

.

10,457

–

150330237.LC.FTS.B,

14.74%,

6/17/24

...

4,731

4,621

150797540.LC.FTS.B,

13.9%,

6/29/24

...

216

215

154685026.LC.FTS.B,

11.02%,

7/05/24

...

5,308

5,185

155019513.LC.FTS.B,

20%,

7/11/24

.....

4,249

4,220

154945152.LC.FTS.B,

14.3%,

7/15/24

...

4,270

4,193

151782625.LC.FTS.B,

20%,

7/15/24

.....

3,297

3,281

155959854.LC.FTS.B,

17.74%,

7/29/24

...

2,966

2,919

156556385.LC.FTS.B,

16.95%,

8/06/24

...

3,148

3,071

153352395.LC.FTS.B,

12.4%,

8/14/24

...

5,399

5,246

156702788.LC.FTS.B,

16.95%,

8/15/24

...

7,522

7,351

157083123.LC.FTS.B,

14.3%,

8/16/24

...

4,791

4,696

157256378.LC.FTS.B,

14.3%,

8/19/24

...

6,391

6,266

157448559.LC.FTS.B,

14.3%,

8/22/24

...

4,505

4,421

156354990.LC.FTS.B,

13.08%,

8/28/24

...

6,598

6,436

150890573.LC.FTS.B,

14.74%,

9/01/24

...

8,393

8,153

151157582.LC.FTS.B,

15.57%,

9/06/24

...

4,583

4,478

158155993.LC.FTS.B,

16.95%,

9/13/24

...

6,717

6,548

159124332.LC.FTS.B,

16.95%,

9/23/24

...

9,934

9,726

157983194.LC.FTS.B,

12.4%,

9/24/24

...

5,122

4,993

158299088.LC.FTS.B,

16.12%,

9/28/24

...

3,405

3,330

159322847.LC.FTS.B,

16.95%,

10/08/24

..

12,366

12,043

160749557.LC.FTS.B,

18.62%,

10/30/24

..

3,854

3,821

150429035.LC.FTS.B,

14.74%,

10/31/24

..

10,377

9,999

145525007.LC.FTS.B,

10.33%,

11/03/24

..

12,760

12,317

161333839.LC.FTS.B,

13.08%,

11/04/24

..

10,993

10,706

154211311.LC.FTS.B,

20%,

11/26/24

....

6,840

6,748

158790336.LC.FTS.B,

16.12%,

11/30/24

..

8,826

8,498

159978471.LC.FTS.B,

15.24%,

12/08/24

..

8,402

8,084

Description

Principal

Amount

Value

LendingClub

Corp.

(continued)

162809872.LC.FTS.B,

12.4%,

12/15/24

...

$

9,604

$

9,310

162773046.LC.FTS.B,

20.55%,

12/15/24

..

4,759

582

163847398.LC.FTS.B,

20.55%,

12/26/24

..

4,121

4,079

148228998.LC.FTS.B,

15.57%,

1/01/25

...

10,984

10,546

161536145.LC.FTS.B,

16.95%,

1/28/25

...

7,712

7,476

157113878.LC.FTS.B,

16.95%,

1/30/25

...

14,434

13,940

166192973.LC.FTS.B,

18.62%,

2/06/25

...

4,395

4,299

167221792.LC.FTS.B,

20.55%,

2/25/25

...

11,844

11,579

163266659.LC.FTS.B,

16.12%,

2/28/25

...

4,850

4,653

163432488.LC.FTS.B,

16.95%,

3/01/25

...

8,502

8,054

167773992.LC.FTS.B,

18.62%,

3/04/25

...

4,582

4,462

167777432.LC.FTS.B,

18.62%,

3/04/25

...

5,498

5,354

167809066.LC.FTS.B,

Zero

Cpn,

3/05/25

.

2,653

–

167823045.LC.FTS.B,

16.12%,

3/05/25

...

6,634

6,386

168015684.LC.FTS.B,

14.3%,

3/11/25

....

13,853

13,358

168199339.LC.FTS.B,

20.55%,

3/11/25

...

8,449

8,248

155540917.LC.FTS.B,

16.95%,

5/15/25

...

14,066

2,522

149326456.LC.FTS.B,

13.9%,

5/31/25

...

15,052

14,225

160673774.LC.FTS.B,

12.4%,

11/30/25

...

18,847

17,845

158856810.LC.FTS.B,

5%,

9/23/32

......

2,233

2,201

146644800.LC.FTS.B,

Zero

Cpn,

9/30/32

.

7,467

–

167464307.LC.FTS.B,

Zero

Cpn,

2/27/33

.

6,562

304

167382438.LC.FTS.B,

23.05%,

2/27/33

...

1,279

1,281

167993948.LC.FTS.B,

Zero

Cpn,

3/16/33

.

3,125

298

163434480.LC.FTS.B,

14.3%,

6/30/33

...

76

28

168120797.LC.FTS.B,

17.74%,

6/30/33

...

899

87

461,779

LendingClub

Corp.

-

LCX

153705323.LC.FTS.B,

16.12%,

7/15/24

...

3,241

2,573

166607803.LC.FTS.B,

Zero

Cpn,

2/12/25

.

6,052

–

166491719.LC.FTS.B,

16.95%,

2/17/25

...

3,096

2,996

165922400.LC.FTS.B,

15%,

6/15/25

.....

11,621

8,700

166637074.LC.FTS.B,

Zero

Cpn,

2/13/33

.

2,187

–

167548521.LC.FTS.B,

8.81%,

7/09/33

...

2,117

122

168426128.LC.FTS.B,

18.62%,

7/19/33

...

461

460

14,851

LendingClub

Corp.

-

LCX

PM

171172117.LC.FTS.B,

14.71%,

10/19/23

..

1,170

1,163

171398384.LC.FTS.B,

14.71%,

10/23/23

..

2,009

1,990

171683007.LC.FTS.B,

15.4%,

11/10/23

...

622

289

172186460.LC.FTS.B,

10.19%,

11/20/23

..

3,943

3,898

172228602.LC.FTS.B,

9.02%,

11/30/23

...

4,662

4,595

171980340.LC.FTS.B,

10.19%,

11/30/23

..

761

748

172426858.LC.FTS.B,

10.19%,

11/30/23

..

3,769

3,717

173411939.LC.FTS.B,

18.24%,

1/25/24

...

5,022

5,009

171124101.LC.FTS.B,

10.81%,

1/27/24

...

703

686

174191708.LC.FTS.B,

18.44%,

2/02/24

...

489

486

185001085.LC.FTS.B,

13.44%,

1/14/25

...

4,905

4,767

184877151.LC.FTS.B,

15.99%,

1/14/25

...

2,933

2,866

184979568.LC.FTS.B,

16.49%,

1/14/25

...

3,442

3,420

185064147.LC.FTS.B,

21.99%,

1/14/25

...

15,731

1,965

185214272.LC.FTS.B,

Zero

Cpn,

1/20/25

.

4,668

440

184962324.LC.FTS.B,

15.19%,

1/20/25

...

2,918

2,902

185185967.LC.FTS.B,

15.99%,

1/20/25

...

3,482

3,391

185305116.LC.FTS.B,

16.19%,

1/20/25

...

5,873

5,809

185216192.LC.FTS.B,

18.99%,

1/20/25

...

11,956

11,876

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

65

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

185255256.LC.FTS.B,

18.99%,

1/20/25

...

$

1,792

$

1,782

185238815.LC.FTS.B,

19.99%,

1/20/25

...

6,009

5,992

185206461.LC.FTS.B,

Zero

Cpn,

1/23/25

.

12,979

1,214

185262402.LC.FTS.B,

18.19%,

1/23/25

...

2,209

2,197

185196514.LC.FTS.B,

12.49%,

1/24/25

...

11,909

11,571

185450425.LC.FTS.B,

12.19%,

1/26/25

...

13,503

13,369

185480688.LC.FTS.B,

23.99%,

1/26/25

...

5,914

5,957

185502282.LC.FTS.B,

12.74%,

1/28/25

...

2,012

2,004

185552695.LC.FTS.B,

16.99%,

1/28/25

...

14,755

14,696

185400546.LC.FTS.B,

20.49%,

1/28/25

...

15,068

15,054

185500985.LC.FTS.B,

Zero

Cpn,

2/01/25

.

18,013

863

185511719.LC.FTS.B,

15.99%,

2/01/25

...

8,590

8,514

185662657.LC.FTS.B,

18.99%,

2/01/25

...

6,242

6,185

185638468.LC.FTS.B,

22.99%,

2/01/25

...

6,092

6,015

185748684.LC.FTS.B,

19.94%,

2/03/25

...

6,039

5,989

185415614.LC.FTS.B,

Zero

Cpn,

2/07/25

.

3,973

–

185760406.LC.FTS.B,

16.69%,

2/07/25

...

24,697

23,991

185520172.LC.FTS.B,

17.44%,

2/07/25

...

9,309

9,225

185040393.LC.FTS.B,

18.44%,

2/07/25

...

3,734

3,679

185821539.LC.FTS.B,

19.99%,

2/07/25

...

7,533

7,464

186031262.LC.FTS.B,

14.49%,

2/09/25

...

4,763

1,738

185907398.LC.FTS.B,

16.49%,

2/09/25

...

5,689

5,645

186010475.LC.FTS.B,

17.94%,

2/09/25

...

6,205

6,158

186036682.LC.FTS.B,

18.99%,

2/09/25

...

13,161

13,051

185643067.LC.FTS.B,

14.99%,

2/10/25

...

5,746

5,698

185994726.LC.FTS.B,

18.49%,

2/11/25

...

9,592

9,514

186109333.LC.FTS.B,

18.99%,

2/11/25

...

3,121

3,099

186079988.LC.FTS.B,

20.99%,

2/11/25

...

9,467

9,414

186099444.LC.FTS.B,

20.99%,

2/11/25

...

14,088

5,248

185744461.LC.FTS.B,

19.99%,

2/12/25

...

4,755

4,719

185887741.LC.FTS.B,

15.99%,

2/14/25

...

6,160

6,112

185869462.LC.FTS.B,

14.99%,

2/15/25

...

3,050

3,031

185704535.LC.FTS.B,

16.49%,

2/15/25

...

15,528

15,412

186171654.LC.FTS.B,

22.99%,

2/15/25

...

15,951

16,052

185937500.LC.FTS.B,

22.49%,

2/20/25

...

17,959

18,044

186235317.LC.FTS.B,

15.99%,

2/21/25

...

5,243

5,209

187039985.LC.FTS.B,

18.99%,

3/10/25

...

6,505

6,451

187006823.LC.FTS.B,

7.09%,

3/11/25

....

24,357

23,469

187034378.LC.FTS.B,

14.49%,

3/11/25

...

22,226

21,856

187041967.LC.FTS.B,

17.99%,

3/11/25

...

4,869

4,816

187002032.LC.FTS.B,

7.59%,

3/14/25

...

24,429

23,538

186484159.LC.FTS.B,

12.49%,

3/14/25

...

20,049

19,664

187105654.LC.FTS.B,

23.19%,

3/14/25

...

5,118

5,135

187229799.LC.FTS.B,

13.19%,

3/15/25

...

10,955

10,874

186336075.LC.FTS.B,

11.49%,

3/16/25

...

21,881

21,248

186898312.LC.FTS.B,

12.49%,

3/16/25

...

22,052

21,480

187015036.LC.FTS.B,

12.49%,

3/16/25

...

22,066

21,758

187080057.LC.FTS.B,

15.99%,

3/17/25

...

4,481

4,451

187276072.LC.FTS.B,

21.79%,

3/17/25

...

6,555

6,583

187341073.LC.FTS.B,

16.99%,

3/21/25

...

1,609

1,599

186935631.LC.FTS.B,

24.99%,

3/21/25

...

2,599

2,621

187345204.LC.FTS.B,

15.44%,

3/23/25

...

8,308

8,224

187594459.LC.FTS.B,

16.39%,

3/25/25

...

11,551

11,440

187506074.LC.FTS.B,

17.39%,

3/25/25

...

25,802

25,101

187617463.LC.FTS.B,

23.99%,

3/25/25

...

4,536

4,510

187637002.LC.FTS.B,

Zero

Cpn,

3/28/25

.

18,318

3,696

187813540.LC.FTS.B,

15.99%,

3/31/25

...

3,802

3,772

187034706.LC.FTS.B,

21.49%,

3/31/25

...

19,032

3,627

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

187619723.LC.FTS.B,

Zero

Cpn,

4/01/25

.

$

8,824

$

–

187868633.LC.FTS.B,

Zero

Cpn,

4/01/25

.

3,209

152

187566584.LC.FTS.B,

12.49%,

4/01/25

...

16,367

16,203

187782892.LC.FTS.B,

15.29%,

4/01/25

...

4,514

4,403

187832626.LC.FTS.B,

21.79%,

4/01/25

...

2,744

2,728

187639145.LC.FTS.B,

20.79%,

4/03/25

...

13,680

13,493

188005229.LC.FTS.B,

14.49%,

4/05/25

...

991

981

188029434.LC.FTS.B,

Zero

Cpn,

4/06/25

.

12,558

–

188014514.LC.FTS.B,

14.49%,

4/06/25

...

7,937

7,862

188006789.LC.FTS.B,

17.99%,

4/06/25

...

6,731

6,667

188000200.LC.FTS.B,

22.99%,

4/06/25

...

17,258

17,176

187914496.LC.FTS.B,

15.99%,

4/16/25

...

3,835

3,802

185404943.LC.FTS.B,

19.95%,

6/05/25

...

20,972

692

187360350.LC.FTS.B,

13.99%,

7/28/25

...

8,945

7,103

185869166.LC.FTS.B,

22.99%,

8/07/25

...

8,291

8,194

171345622.LC.FTS.B,

16.08%,

10/19/25

..

8,484

8,145

173744601.LC.FTS.B,

Zero

Cpn,

1/25/26

.

3,590

338

173608489.LC.FTS.B,

17.3%,

2/02/26

...

13,773

13,197

174304247.LC.FTS.B,

20.99%,

2/02/26

...

19,097

18,779

185018593.LC.FTS.B,

18.99%,

1/14/27

...

17,700

16,854

184468285.LC.FTS.B,

16.99%,

1/15/27

...

11,154

10,463

184956364.LC.FTS.B,

18.99%,

1/16/27

...

12,089

11,338

185237685.LC.FTS.B,

18.49%,

1/20/27

...

5,776

5,606

185118480.LC.FTS.B,

19.44%,

1/20/27

...

8,066

7,890

185250357.LC.FTS.B,

19.99%,

1/20/27

...

13,747

13,560

185150236.LC.FTS.B,

14.99%,

1/24/27

...

14,176

13,689

184459999.LC.FTS.B,

15.99%,

1/24/27

...

19,798

19,041

185319960.LC.FTS.B,

19.49%,

1/24/27

...

20,165

19,906

185367638.LC.FTS.B,

21.49%,

1/24/27

...

19,553

19,296

185504181.LC.FTS.B,

16.49%,

1/26/27

...

5,082

4,946

185497213.LC.FTS.B,

20.49%,

1/26/27

...

9,728

9,607

185117236.LC.FTS.B,

20.99%,

1/26/27

...

19,505

19,261

185498696.LC.FTS.B,

26.49%,

1/26/27

...

21,175

20,666

184791777.LC.FTS.B,

13.74%,

1/28/27

...

9,385

9,075

185597588.LC.FTS.B,

16.24%,

1/28/27

...

10,309

10,043

184927006.LC.FTS.B,

16.99%,

1/28/27

...

29,252

3,678

185537726.LC.FTS.B,

17.24%,

1/28/27

...

6,325

6,143

185500402.LC.FTS.B,

17.74%,

1/28/27

...

24,602

23,051

185547681.LC.FTS.B,

19.99%,

1/28/27

...

7,884

7,794

185488281.LC.FTS.B,

28.99%,

1/29/27

...

6,148

1,274

184898062.LC.FTS.B,

21.49%,

1/31/27

...

8,174

8,059

184982732.LC.FTS.B,

16.99%,

2/01/27

...

12,143

11,761

185682815.LC.FTS.B,

23.99%,

2/01/27

...

9,557

9,361

185689957.LC.FTS.B,

23.99%,

2/01/27

...

8,364

8,192

185699989.LC.FTS.B,

23.99%,

2/01/27

...

8,365

8,193

185544780.LC.FTS.B,

18.99%,

2/02/27

...

28,708

27,688

184678406.LC.FTS.B,

17.49%,

2/03/27

...

8,927

8,653

185716515.LC.FTS.B,

17.49%,

2/03/27

...

12,985

12,586

185662157.LC.FTS.B,

16.49%,

2/07/27

...

14,535

14,099

185742276.LC.FTS.B,

19.49%,

2/07/27

...

24,585

23,994

185470088.LC.FTS.B,

19.99%,

2/07/27

...

8,896

287

185835140.LC.FTS.B,

21.99%,

2/07/27

...

16,582

16,282

185610897.LC.FTS.B,

23.99%,

2/08/27

...

6,713

785

186031699.LC.FTS.B,

20.44%,

2/09/27

...

10,712

10,532

185970580.LC.FTS.B,

13.94%,

2/11/27

...

24,706

22,721

186099084.LC.FTS.B,

21.49%,

2/11/27

...

10,571

10,387

185846086.LC.FTS.B,

21.99%,

2/11/27

...

19,899

19,579

185738415.LC.FTS.B,

24.99%,

2/13/27

...

12,234

11,913

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

186241368.LC.FTS.B,

15.49%,

2/15/27

...

$

25,566

$

24,794

186058311.LC.FTS.B,

15.69%,

2/15/27

...

32,172

29,599

186203908.LC.FTS.B,

21.99%,

2/15/27

...

20,728

20,413

186007586.LC.FTS.B,

23.49%,

2/15/27

...

10,749

10,572

185679797.LC.FTS.B,

23.99%,

2/15/27

...

22,363

226

185942868.LC.FTS.B,

15.94%,

2/18/27

...

25,926

24,646

186027871.LC.FTS.B,

18.99%,

2/20/27

...

18,807

18,310

186522043.LC.FTS.B,

14.94%,

3/10/27

...

5,200

216

187037217.LC.FTS.B,

18.49%,

3/10/27

...

6,420

6,234

187054481.LC.FTS.B,

22.49%,

3/10/27

...

21,084

20,676

186901660.LC.FTS.B,

Zero

Cpn,

3/11/27

.

21,464

–

186904219.LC.FTS.B,

17.19%,

3/11/27

...

12,353

11,906

187071023.LC.FTS.B,

17.99%,

3/11/27

...

12,401

12,052

187032664.LC.FTS.B,

20.99%,

3/11/27

...

16,754

16,483

187074112.LC.FTS.B,

21.99%,

3/11/27

...

13,462

13,207

186654687.LC.FTS.B,

23.49%,

3/11/27

...

15,408

15,133

187106181.LC.FTS.B,

16.99%,

3/14/27

...

8,227

7,995

187047351.LC.FTS.B,

Zero

Cpn,

3/15/27

.

16,025

757

187126669.LC.FTS.B,

14.19%,

3/15/27

...

17,859

16,623

187035884.LC.FTS.B,

16.29%,

3/15/27

...

24,601

22,514

187202054.LC.FTS.B,

19.49%,

3/15/27

...

18,358

18,050

187178718.LC.FTS.B,

19.99%,

3/15/27

...

18,768

18,188

186624355.LC.FTS.B,

21.49%,

3/15/27

...

9,402

9,147

187248536.LC.FTS.B,

13.19%,

3/16/27

...

10,501

10,212

187147644.LC.FTS.B,

14.69%,

3/16/27

...

26,854

25,304

187016641.LC.FTS.B,

22.49%,

3/16/27

...

35,622

4,386

187028667.LC.FTS.B,

20.99%,

3/17/27

...

13,403

13,208

187080092.LC.FTS.B,

20.99%,

3/17/27

...

20,173

19,867

187252598.LC.FTS.B,

20.99%,

3/17/27

...

9,725

1,785

187192813.LC.FTS.B,

20.49%,

3/18/27

...

8,360

8,235

187318217.LC.FTS.B,

20.49%,

3/18/27

...

23,405

23,072

186635756.LC.FTS.B,

21.99%,

3/18/27

...

8,650

1,645

187345456.LC.FTS.B,

25.99%,

3/18/27

...

21,379

20,841

187235906.LC.FTS.B,

13.19%,

3/20/27

...

24,275

23,644

187352932.LC.FTS.B,

Zero

Cpn,

3/21/27

.

13,719

–

187350401.LC.FTS.B,

15.19%,

3/21/27

...

12,236

11,913

187159940.LC.FTS.B,

17.19%,

3/21/27

...

7,827

7,624

186875668.LC.FTS.B,

17.74%,

3/21/27

...

14,271

13,890

187402362.LC.FTS.B,

21.99%,

3/21/27

...

10,937

10,778

187584837.LC.FTS.B,

Zero

Cpn,

3/25/27

.

14,326

–

186943464.LC.FTS.B,

18.99%,

3/25/27

...

16,770

15,831

187492389.LC.FTS.B,

18.99%,

3/25/27

...

4,650

4,532

187598322.LC.FTS.B,

21.99%,

3/25/27

...

20,967

20,702

187547364.LC.FTS.B,

23.19%,

3/25/27

...

10,993

10,840

187430105.LC.FTS.B,

25.99%,

3/25/27

...

10,262

10,034

187636626.LC.FTS.B,

Zero

Cpn,

3/28/27

.

9,740

912

187593197.LC.FTS.B,

13.19%,

3/28/27

...

21,002

20,405

187600393.LC.FTS.B,

13.19%,

3/28/27

...

9,577

9,339

187611207.LC.FTS.B,

18.99%,

3/28/27

...

16,859

16,307

186696299.LC.FTS.B,

19.99%,

3/28/27

...

18,168

2,323

187609544.LC.FTS.B,

19.99%,

3/28/27

...

16,680

16,482

187644231.LC.FTS.B,

19.99%,

3/28/27

...

15,013

14,835

186713472.LC.FTS.B,

20.99%,

3/28/27

...

15,336

1,965

187621983.LC.FTS.B,

20.99%,

3/28/27

...

10,890

10,760

186652351.LC.FTS.B,

23.99%,

3/28/27

...

25,771

25,019

187670705.LC.FTS.B,

17.44%,

3/29/27

...

32,979

30,887

187060479.LC.FTS.B,

20.49%,

3/29/27

...

27,530

2,558

187264368.LC.FTS.B,

20.99%,

3/29/27

...

8,377

8,213

Description

Principal

Amount

Value

LendingClub

Corp.

-

LCX

PM

(continued)

187353272.LC.FTS.B,

21.49%,

3/29/27

...

$

20,722

$

3,869

187710171.LC.FTS.B,

22.49%,

3/29/27

...

28,760

28,189

187764055.LC.FTS.B,

24.99%,

3/29/27

...

8,517

8,338

187100244.LC.FTS.B,

Zero

Cpn,

3/30/27

.

10,971

521

187759921.LC.FTS.B,

Zero

Cpn,

3/30/27

.

32,443

–

187454041.LC.FTS.B,

16.99%,

3/30/27

...

24,070

23,285

187772972.LC.FTS.B,

18.99%,

3/30/27

...

16,435

15,898

187581793.LC.FTS.B,

19.99%,

3/30/27

...

12,534

12,332

187751574.LC.FTS.B,

20.44%,

3/30/27

...

27,474

26,820

187614352.LC.FTS.B,

20.99%,

3/30/27

...

21,246

20,825

187775878.LC.FTS.B,

21.49%,

3/30/27

...

17,131

16,774

187349433.LC.FTS.B,

23.99%,

3/30/27

...

18,963

(438)

187792928.LC.FTS.B,

23.99%,

3/30/27

...

6,203

6,120

187804301.LC.FTS.B,

19.67%,

3/31/27

...

29,562

29,118

187535555.LC.FTS.B,

20.99%,

3/31/27

...

25,624

25,059

187660671.LC.FTS.B,

20.99%,

3/31/27

...

4,364

824

187819893.LC.FTS.B,

21.49%,

3/31/27

...

34,032

33,512

187754766.LC.FTS.B,

21.99%,

3/31/27

...

20,885

20,663

187835579.LC.FTS.B,

22.49%,

3/31/27

...

4,270

4,225

187829994.LC.FTS.B,

22.99%,

3/31/27

...

26,507

26,220

187818729.LC.FTS.B,

23.49%,

3/31/27

...

30,009

29,680

187135458.LC.FTS.B,

25.99%,

3/31/27

...

10,515

8,712

187832290.LC.FTS.B,

17.19%,

4/01/27

...

8,783

8,354

187864418.LC.FTS.B,

18.19%,

4/01/27

...

21,002

20,211

187825531.LC.FTS.B,

19.99%,

4/01/27

...

7,703

7,499

187845146.LC.FTS.B,

19.99%,

4/01/27

...

8,464

8,273

187585267.LC.FTS.B,

20.49%,

4/01/27

...

7,672

7,519

187845055.LC.FTS.B,

21.99%,

4/01/27

...

9,204

1,665

187865227.LC.FTS.B,

22.49%,

4/01/27

...

21,406

20,922

187651859.LC.FTS.B,

23.99%,

4/01/27

...

8,518

8,323

187860298.LC.FTS.B,

23.99%,

4/01/27

...

5,159

5,047

187818380.LC.FTS.B,

25.99%,

4/01/27

...

6,064

5,872

187860052.LC.FTS.B,

22.99%,

4/03/27

...

8,557

8,378

187587561.LC.FTS.B,

23.99%,

4/03/27

...

18,667

18,236

187095846.LC.FTS.B,

18.99%,

4/04/27

...

21,073

20,444

187891277.LC.FTS.B,

21.49%,

4/04/27

...

17,032

16,716

187787243.LC.FTS.B,

21.99%,

4/04/27

...

13,652

13,366

187840847.LC.FTS.B,

22.49%,

4/04/27

...

13,339

1,543

187917369.LC.FTS.B,

22.49%,

4/04/27

...

14,534

14,229

187765035.LC.FTS.B,

23.99%,

4/04/27

...

20,638

20,200

187819878.LC.FTS.B,

18.99%,

4/05/27

...

16,908

16,169

187826108.LC.FTS.B,

18.99%,

4/05/27

...

16,859

15,656

187948430.LC.FTS.B,

19.99%,

4/05/27

...

27,086

25,970

187967430.LC.FTS.B,

20.99%,

4/05/27

...

17,338

16,822

187981773.LC.FTS.B,

22.99%,

4/05/27

...

21,416

20,972

187967050.LC.FTS.B,

18.99%,

4/06/27

...

28,449

27,184

188031790.LC.FTS.B,

20.49%,

4/06/27

...

16,963

16,660

188023733.LC.FTS.B,

20.99%,

4/06/27

...

6,805

6,678

188040936.LC.FTS.B,

20.99%,

4/06/27

...

12,749

12,512

188026351.LC.FTS.B,

22.99%,

4/06/27

...

16,104

15,776

187804219.LC.FTS.B,

25.99%,

4/07/27

...

7,155

1,341

187785381.LC.FTS.B,

23.99%,

4/08/27

...

31,560

5,900

187683423.LC.FTS.B,

20.99%,

4/09/27

...

17,119

16,810

187403735.LC.FTS.B,

22.49%,

4/10/27

...

12,014

11,776

187951931.LC.FTS.B,

22.99%,

4/10/27

...

25,901

25,188

187944849.LC.FTS.B,

20.44%,

4/14/27

...

8,535

8,296

187273598.LC.FTS.B,

18.99%,

4/15/27

...

26,167

20,024

187744654.LC.FTS.B,

18.99%,

4/15/27

...

25,409

24,551

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

67

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

187277454.LC.FTS.B,

19.44%,

4/15/27

...

$

33,124

$

32,466

187248830.LC.FTS.B,

20.99%,

4/15/27

...

22,973

21,876

188025408.LC.FTS.B,

20.99%,

4/15/27

...

6,849

6,739

187995587.LC.FTS.B,

22.99%,

4/15/27

...

16,587

16,291

187298854.LC.FTS.B,

23.49%,

4/15/27

...

29,661

29,112

187875007.LC.FTS.B,

25.99%,

4/15/27

...

8,797

8,570

187337224.LC.FTS.B,

23.49%,

4/16/27

...

34,888

33,812

187875093.LC.FTS.B,

20.99%,

4/18/27

...

17,148

16,819

187946130.LC.FTS.B,

19.99%,

4/20/27

...

21,419

20,508

187906511.LC.FTS.B,

22.99%,

4/20/27

...

10,426

10,252

187945139.LC.FTS.B,

21.99%,

4/24/27

...

18,221

17,797

187776036.LC.FTS.B,

13.19%,

9/05/27

...

6,920

818

187316257.LC.FTS.B,

22.49%,

10/21/27

..

18,406

18,104

187417305.LC.FTS.B,

22.99%,

11/20/27

..

9,271

9,126

3,012,010

Prosper

Funding

LLC

1608023.PS.FTS.B,

13.5%,

8/19/24

.....

3,936

3,847

1618560.PS.FTS.B,

24.6%,

8/20/24

.....

1,009

1,009

1619001.PS.FTS.B,

13.56%,

8/23/24

....

8,707

8,517

1618176.PS.FTS.B,

15.1%,

8/23/24

.....

1,335

1,305

1619013.PS.FTS.B,

16.1%,

8/23/24

.....

1,563

1,536

1610345.PS.FTS.B,

19%,

8/24/24

.......

914

911

1620576.PS.FTS.B,

16.6%,

8/25/24

.....

2,245

2,200

1614442.PS.FTS.B,

24.6%,

8/25/24

.....

2,660

77

1614934.PS.FTS.B,

13.4%,

8/26/24

.....

1,528

1,496

1614493.PS.FTS.B,

14.89%,

8/31/24

....

1,181

1,154

1609517.PS.FTS.B,

15.2%,

8/31/24

.....

9,508

9,291

1623869.PS.FTS.B,

14.19%,

9/21/24

....

2,341

2,300

1623890.PS.FTS.B,

15.86%,

9/21/24

....

2,244

2,198

1634202.PS.FTS.B,

17.49%,

9/21/24

....

11,044

10,815

1633995.PS.FTS.B,

19.8%,

9/21/24

.....

5,129

5,091

1628602.PS.FTS.B,

13%,

9/22/24

.......

319

316

1628368.PS.FTS.B,

20.57%,

9/22/24

....

9,687

9,617

1625354.PS.FTS.B,

13%,

9/23/24

.......

6,495

6,341

1635849.PS.FTS.B,

13.59%,

9/23/24

....

3,729

3,654

1625321.PS.FTS.B,

17.96%,

9/23/24

....

818

811

1630159.PS.FTS.B,

12.3%,

9/24/24

.....

1,384

1,352

1626488.PS.FTS.B,

13.9%,

9/24/24

.....

4,243

–

1626389.PS.FTS.B,

14.31%,

9/24/24

....

1,875

1,838

1630150.PS.FTS.B,

15.03%,

9/24/24

....

1,885

1,848

1637430.PS.FTS.B,

14.7%,

9/27/24

.....

3,997

3,923

1630435.PS.FTS.B,

16.9%,

9/27/24

.....

10,233

10,042

1628009.PS.FTS.B,

15.5%,

9/28/24

.....

2,608

2,553

1628039.PS.FTS.B,

18.41%,

9/28/24

....

1,740

1,708

1632463.PS.FTS.B,

16.5%,

9/29/24

.....

5,049

5,105

1630306.PS.FTS.B,

11.7%,

9/30/24

.....

7,327

7,132

1636029.PS.FTS.B,

13.7%,

9/30/24

.....

2,483

2,415

1612918.PS.FTS.B,

20.9%,

9/30/24

.....

8,088

4,730

1637622.PS.FTS.B,

16.6%,

10/02/24

....

1,523

1,487

1637586.PS.FTS.B,

16%,

10/10/24

......

5,110

4,987

1648303.PS.FTS.B,

16%,

10/26/24

......

5,035

4,928

1655001.PS.FTS.B,

16%,

10/26/24

......

1,007

1,000

1655370.PS.FTS.B,

15.29%,

10/27/24

...

2,002

1,960

1649503.PS.FTS.B,

11.5%,

10/28/24

....

7,952

7,782

1646051.PS.FTS.B,

11.79%,

10/28/24

....

5,160

5,034

1649506.PS.FTS.B,

14.56%,

10/28/24

...

7,892

7,700

1656375.PS.FTS.B,

17%,

10/28/24

......

1,605

1,596

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1646441.PS.FTS.B,

11.7%,

10/29/24

....

$

7,788

$

7,675

1656663.PS.FTS.B,

11.86%,

10/29/24

....

2,757

2,729

1646834.PS.FTS.B,

15.4%,

10/29/24

....

17,967

17,510

1651180.PS.FTS.B,

14.89%,

11/01/24

....

9,913

9,596

1648862.PS.FTS.B,

20.34%,

11/02/24

....

4,102

4,014

1650980.PS.FTS.B,

12.29%,

11/05/24

....

9,853

9,532

1654294.PS.FTS.B,

14.56%,

11/05/24

....

7,889

7,643

1650983.PS.FTS.B,

15.1%,

11/05/24

....

3,500

849

1651811.PS.FTS.B,

14.6%,

11/08/24

.....

2,368

2,297

1658437.PS.FTS.B,

14.6%,

11/08/24

....

7,926

7,671

1664799.PS.FTS.B,

15.1%,

11/08/24

....

4,352

4,257

1664823.PS.FTS.B,

16%,

11/08/24

......

1,063

1,031

1652738.PS.FTS.B,

10.8%,

11/09/24

....

2,066

2,001

1652447.PS.FTS.B,

12%,

11/09/24

......

839

818

1656186.PS.FTS.B,

13.41%,

11/10/24

....

8,957

8,727

1660369.PS.FTS.B,

15.89%,

11/10/24

....

13,270

13,020

1667217.PS.FTS.B,

9.71%,

11/15/24

....

4,076

3,948

1655423.PS.FTS.B,

15.39%,

11/15/24

....

10,580

10,375

1649965.PS.FTS.B,

17.2%,

11/18/24

....

5,390

5,325

1661251.PS.FTS.B,

16.7%,

11/26/24

....

6,064

–

1645250.PS.FTS.B,

13.7%,

11/30/24

....

2,346

2,251

1678333.PS.FTS.B,

12%,

12/14/24

......

3,539

3,430

1672694.PS.FTS.B,

13.36%,

12/14/24

...

2,747

2,662

1672271.PS.FTS.B,

13.59%,

12/14/24

...

5,228

5,071

1672649.PS.FTS.B,

14%,

12/14/24

......

8,278

8,029

1672679.PS.FTS.B,

15.12%,

12/14/24

...

1,112

1,078

1678708.PS.FTS.B,

16.7%,

12/14/24

....

5,617

5,447

1685604.PS.FTS.B,

19.6%,

12/14/24

....

1,045

962

1673333.PS.FTS.B,

13.96%,

12/15/24

...

4,413

4,278

1685919.PS.FTS.B,

16.7%,

12/15/24

....

12,919

12,533

1672931.PS.FTS.B,

16.9%,

12/15/24

....

11,248

10,913

1685940.PS.FTS.B,

17%,

12/15/24

......

1,125

1,106

1685934.PS.FTS.B,

18.41%,

12/15/24

...

2,272

2,204

1673894.PS.FTS.B,

11.79%,

12/16/24

....

3,806

3,690

1680064.PS.FTS.B,

15.8%,

12/16/24

....

2,234

2,168

1680763.PS.FTS.B,

14%,

12/17/24

......

5,518

5,359

1674923.PS.FTS.B,

16%,

12/20/24

......

7,828

7,711

1684060.PS.FTS.B,

24.09%,

12/23/24

...

8,823

8,787

1688222.PS.FTS.B,

11.5%,

1/12/25

.....

4,001

3,890

1700688.PS.FTS.B,

13%,

1/12/25

.......

5,754

5,565

1687916.PS.FTS.B,

13.13%,

1/12/25

....

7,274

4,179

1693783.PS.FTS.B,

13.6%,

1/12/25

.....

1,733

1,676

1693810.PS.FTS.B,

13.7%,

1/12/25

.....

5,943

1,417

1700679.PS.FTS.B,

13.8%,

1/12/25

.....

8,674

8,389

1688228.PS.FTS.B,

15.5%,

1/12/25

.....

2,513

2,430

1694194.PS.FTS.B,

24.4%,

1/12/25

.....

1,847

1,823

1701405.PS.FTS.B,

14.94%,

1/13/25

....

5,823

5,634

1695040.PS.FTS.B,

16.7%,

1/13/25

.....

8,829

8,541

1689398.PS.FTS.B,

15.4%,

1/14/25

.....

3,504

3,391

1689236.PS.FTS.B,

17.59%,

1/14/25

....

2,978

2,905

1689656.PS.FTS.B,

23%,

1/14/25

.......

9,556

8,210

1695043.PS.FTS.B,

16.7%,

1/15/25

.....

11,784

11,536

1690268.PS.FTS.B,

11.4%,

1/18/25

.....

2,876

2,783

1703232.PS.FTS.B,

21%,

1/18/25

.......

1,208

1,196

1704948.PS.FTS.B,

13.05%,

1/19/25

....

7,482

7,249

1690376.PS.FTS.B,

14.04%,

1/21/25

....

6,965

6,734

1700988.PS.FTS.B,

10.8%,

1/26/25

.....

4,580

4,424

1698164.PS.FTS.B,

22.7%,

1/28/25

.....

1,272

1,268

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1705293.PS.FTS.B,

14.79%,

1/29/25

....

$

4,291

$

4,212

1695748.PS.FTS.B,

24.4%,

1/31/25

.....

1,307

1,281

1694638.PS.FTS.B,

21.8%,

2/06/25

.....

4,015

3,924

1707662.PS.FTS.B,

13.9%,

2/14/25

.....

3,633

3,508

1721649.PS.FTS.B,

13.3%,

2/15/25

.....

18,100

17,496

1721043.PS.FTS.B,

13.5%,

2/15/25

.....

6,040

5,839

1708097.PS.FTS.B,

13.7%,

2/15/25

.....

3,931

3,798

1714504.PS.FTS.B,

14.89%,

2/15/25

....

3,044

2,941

1714807.PS.FTS.B,

15.29%,

2/15/25

....

2,136

2,063

1720839.PS.FTS.B,

15.29%,

2/15/25

....

1,990

478

1720845.PS.FTS.B,

15.29%,

2/15/25

....

1,088

1,052

1714516.PS.FTS.B,

15.4%,

2/15/25

.....

7,328

7,079

1721055.PS.FTS.B,

16%,

2/15/25

.......

3,696

3,599

1708859.PS.FTS.B,

17%,

2/15/25

.......

7,905

7,724

1708151.PS.FTS.B,

19.5%,

2/15/25

.....

7,498

7,326

1721049.PS.FTS.B,

22%,

2/15/25

.......

6,334

6,186

1716298.PS.FTS.B,

11.4%,

2/16/25

.....

3,594

3,472

1722525.PS.FTS.B,

19.5%,

2/16/25

.....

1,699

1,649

1717210.PS.FTS.B,

11.4%,

2/18/25

.....

2,983

2,886

1717363.PS.FTS.B,

17.8%,

2/18/25

.....

7,119

6,967

1709564.PS.FTS.B,

15.2%,

2/20/25

.....

2,448

2,360

1718419.PS.FTS.B,

13.9%,

2/22/25

.....

2,725

2,639

1718422.PS.FTS.B,

14.09%,

2/22/25

....

6,667

6,458

1701438.PS.FTS.B,

15.07%,

2/22/25

....

11,945

11,538

1718395.PS.FTS.B,

22.6%,

2/22/25

.....

9,581

9,445

1720674.PS.FTS.B,

22.6%,

2/24/25

.....

1,281

1,257

1714735.PS.FTS.B,

13.6%,

2/28/25

.....

5,553

5,454

1722105.PS.FTS.B,

25.11%,

2/28/25

....

2,677

2,630

1739683.PS.FTS.B,

10.44%,

3/22/25

....

2,484

2,402

1732931.PS.FTS.B,

10.5%,

3/22/25

.....

9,320

9,010

1739638.PS.FTS.B,

10.5%,

3/22/25

.....

4,660

4,505

1733486.PS.FTS.B,

11.7%,

3/22/25

.....

8,900

8,616

1732964.PS.FTS.B,

11.86%,

3/22/25

....

4,895

4,754

1743183.PS.FTS.B,

12.06%,

3/22/25

....

2,839

2,738

1740130.PS.FTS.B,

12.15%,

3/22/25

....

9,695

9,375

1732925.PS.FTS.B,

12.54%,

3/22/25

....

9,428

9,115

1740193.PS.FTS.B,

12.9%,

3/22/25

.....

6,298

6,089

1733219.PS.FTS.B,

13%,

3/22/25

.......

2,521

2,437

1733510.PS.FTS.B,

13%,

3/22/25

.......

3,151

3,046

1739665.PS.FTS.B,

13.5%,

3/22/25

.....

11,253

10,856

1732946.PS.FTS.B,

13.59%,

3/22/25

....

11,055

599

1742658.PS.FTS.B,

13.9%,

3/22/25

.....

4,433

4,277

1742880.PS.FTS.B,

13.9%,

3/22/25

.....

1,157

1,043

1740127.PS.FTS.B,

14.89%,

3/22/25

....

3,184

3,071

1743186.PS.FTS.B,

14.89%,

3/22/25

....

2,356

2,273

1742688.PS.FTS.B,

15.29%,

3/22/25

....

2,553

2,463

1743240.PS.FTS.B,

15.29%,

3/22/25

....

4,468

4,310

1742661.PS.FTS.B,

16%,

3/22/25

.......

4,125

3,987

1732961.PS.FTS.B,

17.7%,

3/22/25

.....

1,933

1,890

1740157.PS.FTS.B,

17.8%,

3/22/25

.....

6,470

6,303

1742655.PS.FTS.B,

17.96%,

3/22/25

....

4,532

4,372

1742667.PS.FTS.B,

20.46%,

3/22/25

....

1,312

1,278

1743195.PS.FTS.B,

21%,

3/22/25

.......

1,286

1,269

1740142.PS.FTS.B,

21.2%,

3/22/25

.....

9,879

9,708

1740166.PS.FTS.B,

22.5%,

3/22/25

.....

5,638

5,491

1742646.PS.FTS.B,

22.5%,

3/22/25

.....

5,304

5,166

1733501.PS.FTS.B,

24.3%,

3/22/25

.....

10,037

9,861

1739647.PS.FTS.B,

25.11%,

3/22/25

....

6,736

6,619

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1740088.PS.FTS.B,

25.4%,

3/22/25

.....

$

2,417

$

2,376

1743513.PS.FTS.B,

11.4%,

3/23/25

.....

5,621

5,435

1740487.PS.FTS.B,

11.86%,

3/23/25

....

6,261

6,055

1740736.PS.FTS.B,

12%,

3/23/25

.......

3,176

409

1734089.PS.FTS.B,

12.54%,

3/23/25

....

8,185

7,915

1733798.PS.FTS.B,

13.1%,

3/23/25

.....

10,088

9,755

1734008.PS.FTS.B,

13.36%,

3/23/25

....

1,289

1,247

1740478.PS.FTS.B,

13.8%,

3/23/25

.....

15,241

14,741

1740493.PS.FTS.B,

13.9%,

3/23/25

.....

9,672

9,351

1733819.PS.FTS.B,

14.49%,

3/23/25

....

6,354

6,132

1734275.PS.FTS.B,

15%,

3/23/25

.......

6,372

6,149

1733825.PS.FTS.B,

15.2%,

3/23/25

.....

6,379

6,156

1740964.PS.FTS.B,

15.2%,

3/23/25

.....

4,069

3,935

1743555.PS.FTS.B,

15.2%,

3/23/25

.....

6,574

5,424

1733942.PS.FTS.B,

15.86%,

3/23/25

....

1,940

1,872

1733657.PS.FTS.B,

16%,

3/23/25

.......

6,424

6,199

1734398.PS.FTS.B,

16%,

3/23/25

.......

6,407

6,183

1733828.PS.FTS.B,

17%,

3/23/25

.......

3,865

3,767

1743576.PS.FTS.B,

17.5%,

3/23/25

.....

1,308

1,275

1740595.PS.FTS.B,

17.8%,

3/23/25

.....

382

378

1743846.PS.FTS.B,

17.8%,

3/23/25

.....

7,763

7,567

1740373.PS.FTS.B,

18.09%,

3/23/25

....

2,592

2,526

1741180.PS.FTS.B,

18.9%,

3/23/25

.....

6,532

6,366

1734401.PS.FTS.B,

19%,

3/23/25

.......

6,091

5,101

1734419.PS.FTS.B,

19.3%,

3/23/25

.....

4,132

4,041

1740703.PS.FTS.B,

19.47%,

3/23/25

....

8,003

2,085

1740439.PS.FTS.B,

19.8%,

3/23/25

.....

1,961

1,912

1743657.PS.FTS.B,

20.34%,

3/23/25

....

1,967

1,917

1744005.PS.FTS.B,

20.4%,

3/23/25

.....

6,559

6,392

1734152.PS.FTS.B,

21.2%,

3/23/25

.....

1,647

1,619

1740553.PS.FTS.B,

21.5%,

3/23/25

.....

2,309

2,250

1740613.PS.FTS.B,

21.5%,

3/23/25

.....

2,055

1,722

1743426.PS.FTS.B,

21.5%,

3/23/25

.....

5,211

5,096

1743627.PS.FTS.B,

22.13%,

3/23/25

....

4,140

3,468

1733837.PS.FTS.B,

22.6%,

3/23/25

.....

1,327

1,305

1740631.PS.FTS.B,

22.6%,

3/23/25

.....

1,327

1,305

1743969.PS.FTS.B,

22.6%,

3/23/25

.....

1,990

1,957

1744029.PS.FTS.B,

22.6%,

3/23/25

.....

2,654

2,609

1743654.PS.FTS.B,

23.4%,

3/23/25

.....

1,998

1,965

1743645.PS.FTS.B,

24.3%,

3/23/25

.....

2,007

1,974

1744230.PS.FTS.B,

24.99%,

3/23/25

....

2,350

355

1734074.PS.FTS.B,

25.56%,

3/23/25

....

10,100

10,143

1734836.PS.FTS.B,

11.7%,

3/24/25

.....

6,256

6,051

1744668.PS.FTS.B,

11.79%,

3/24/25

....

3,755

3,632

1734512.PS.FTS.B,

12.15%,

3/24/25

....

7,526

7,266

1734848.PS.FTS.B,

13.3%,

3/24/25

.....

12,625

12,211

1741714.PS.FTS.B,

13.36%,

3/24/25

....

9,282

8,978

1744371.PS.FTS.B,

13.6%,

3/24/25

.....

2,337

2,275

1741633.PS.FTS.B,

15%,

3/24/25

.......

5,098

4,921

1744692.PS.FTS.B,

15.29%,

3/24/25

....

15,955

15,403

1734542.PS.FTS.B,

15.8%,

3/24/25

.....

5,000

4,837

1734809.PS.FTS.B,

16.8%,

3/24/25

.....

3,861

3,727

1734938.PS.FTS.B,

18.5%,

3/24/25

.....

3,505

886

1744779.PS.FTS.B,

18.9%,

3/24/25

.....

5,027

4,949

1734458.PS.FTS.B,

21%,

3/24/25

.......

1,316

1,295

1734947.PS.FTS.B,

24.5%,

3/24/25

.....

10,077

9,914

1741252.PS.FTS.B,

24.95%,

3/24/25

....

6,713

6,604

1741777.PS.FTS.B,

25.3%,

3/24/25

.....

1,345

1,323

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

69

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1735697.PS.FTS.B,

13.3%,

3/25/25

.....

$

1,560

$

1,510

1742152.PS.FTS.B,

13.77%,

3/25/25

....

3,831

3,700

1745604.PS.FTS.B,

14.09%,

3/25/25

....

6,014

5,820

1742521.PS.FTS.B,

14.39%,

3/25/25

....

2,160

2,075

1735790.PS.FTS.B,

14.6%,

3/25/25

.....

1,097

1,069

1735757.PS.FTS.B,

16%,

3/25/25

.......

19,244

18,584

1742158.PS.FTS.B,

16%,

3/25/25

.......

7,065

1,674

1742509.PS.FTS.B,

16%,

3/25/25

.......

16,017

15,468

1745583.PS.FTS.B,

17.8%,

3/25/25

.....

1,208

1,182

1739659.PS.FTS.B,

22.03%,

3/25/25

....

2,140

2,078

1735364.PS.FTS.B,

22.6%,

3/25/25

.....

1,414

1,366

1735736.PS.FTS.B,

24.99%,

3/25/25

....

1,316

1,300

1735709.PS.FTS.B,

25.4%,

3/25/25

.....

2,399

2,367

1733924.PS.FTS.B,

11.79%,

3/26/25

....

3,433

808

1744236.PS.FTS.B,

19.8%,

3/27/25

.....

4,263

4,157

1743310.PS.FTS.B,

15.1%,

3/28/25

.....

8,290

8,047

1745970.PS.FTS.B,

18.5%,

3/28/25

.....

5,401

5,222

1742851.PS.FTS.B,

19.5%,

3/28/25

.....

2,612

2,553

1743232.PS.FTS.B,

19.5%,

3/28/25

.....

6,785

6,630

1737404.PS.FTS.B,

11.5%,

3/29/25

.....

2,606

2,552

1737719.PS.FTS.B,

16.2%,

3/29/25

.....

1,335

1,325

1743577.PS.FTS.B,

18.8%,

3/29/25

.....

5,409

5,325

1744693.PS.FTS.B,

19.91%,

3/29/25

....

7,401

7,394

1745428.PS.FTS.B,

12.4%,

3/30/25

.....

13,659

–

1734161.PS.FTS.B,

19.5%,

3/30/25

.....

983

960

1738949.PS.FTS.B,

24.4%,

3/30/25

.....

4,861

4,693

1744162.PS.FTS.B,

14.39%,

3/31/25

....

25,609

6,188

1740886.PS.FTS.B,

16%,

3/31/25

.......

6,624

6,389

1740421.PS.FTS.B,

10.5%,

4/01/25

.....

3,902

3,769

1742691.PS.FTS.B,

25.4%,

4/03/25

.....

3,568

3,564

1732979.PS.FTS.B,

12%,

4/05/25

.......

8,227

7,945

1749442.PS.FTS.B,

14.85%,

4/05/25

....

17,865

4,173

1752543.PS.FTS.B,

18.09%,

4/05/25

....

10,122

9,745

1752546.PS.FTS.B,

19.3%,

4/05/25

.....

4,506

601

1749466.PS.FTS.B,

24.4%,

4/05/25

.....

3,471

3,362

1750219.PS.FTS.B,

11.86%,

4/06/25

....

7,831

7,540

1753443.PS.FTS.B,

12.5%,

4/06/25

.....

6,548

6,280

1750264.PS.FTS.B,

14%,

4/06/25

.......

5,279

5,326

1743122.PS.FTS.B,

15%,

4/06/25

.......

16,582

15,901

1750204.PS.FTS.B,

15.29%,

4/06/25

....

8,644

8,274

1748103.PS.FTS.B,

15.84%,

4/06/25

....

8,035

7,674

1750210.PS.FTS.B,

15.86%,

4/06/25

....

1,211

1,172

1750243.PS.FTS.B,

15.86%,

4/06/25

....

6,662

6,376

1750234.PS.FTS.B,

17.96%,

4/06/25

....

1,426

1,398

1753404.PS.FTS.B,

18.2%,

4/06/25

.....

8,688

8,398

1743638.PS.FTS.B,

19.5%,

4/06/25

.....

7,288

1,775

1742473.PS.FTS.B,

22.6%,

4/06/25

.....

3,081

461

1742670.PS.FTS.B,

22.6%,

4/06/25

.....

4,533

4,438

1750216.PS.FTS.B,

24.86%,

4/06/25

....

1,350

1,313

1753449.PS.FTS.B,

25.11%,

4/06/25

....

5,851

5,671

1751065.PS.FTS.B,

11.97%,

4/07/25

....

5,616

5,408

1744583.PS.FTS.B,

12.02%,

4/07/25

....

1,306

1,258

1744388.PS.FTS.B,

13%,

4/07/25

.......

10,176

9,799

1744562.PS.FTS.B,

13.36%,

4/07/25

....

3,618

3,484

1754340.PS.FTS.B,

13.5%,

4/07/25

.....

6,582

6,315

1754337.PS.FTS.B,

15.1%,

4/07/25

.....

3,449

151

1750510.PS.FTS.B,

15.12%,

4/07/25

....

7,375

7,199

1753821.PS.FTS.B,

16.29%,

4/07/25

....

2,687

2,590

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1753815.PS.FTS.B,

18.9%,

4/07/25

.....

$

6,087

$

5,866

1751035.PS.FTS.B,

19.41%,

4/07/25

....

14,916

14,374

1754517.PS.FTS.B,

13.3%,

4/08/25

.....

12,296

11,843

1751986.PS.FTS.B,

13.4%,

4/08/25

.....

2,960

2,841

1745267.PS.FTS.B,

13.6%,

4/08/25

.....

13,010

12,513

1744877.PS.FTS.B,

14.6%,

4/08/25

.....

2,290

2,205

1752052.PS.FTS.B,

16.4%,

4/08/25

.....

16,700

15,996

1751287.PS.FTS.B,

17%,

4/08/25

.......

1,608

1,556

1744745.PS.FTS.B,

17.8%,

4/08/25

.....

5,120

4,953

1745360.PS.FTS.B,

23.4%,

4/08/25

.....

3,702

946

1754331.PS.FTS.B,

15%,

4/10/25

.......

1,241

1,208

1743668.PS.FTS.B,

23.4%,

4/10/25

.....

3,124

3,029

1742878.PS.FTS.B,

13.13%,

4/11/25

....

5,347

1,289

1745699.PS.FTS.B,

13.3%,

4/11/25

.....

19,068

18,322

1752310.PS.FTS.B,

16.2%,

4/11/25

.....

6,006

5,801

1755903.PS.FTS.B,

19.3%,

4/11/25

.....

2,375

2,308

1745684.PS.FTS.B,

21.8%,

4/11/25

.....

5,487

5,298

1745741.PS.FTS.B,

22.6%,

4/11/25

.....

10,327

10,043

1755867.PS.FTS.B,

24.4%,

4/11/25

.....

3,124

3,038

1746128.PS.FTS.B,

24.99%,

4/11/25

....

2,644

161

1757481.PS.FTS.B,

12.1%,

4/12/25

.....

6,534

6,300

1744195.PS.FTS.B,

16.9%,

4/12/25

.....

3,374

3,288

1754131.PS.FTS.B,

18.26%,

4/12/25

....

10,113

9,701

1755058.PS.FTS.B,

15.29%,

4/13/25

....

1,661

1,597

1751041.PS.FTS.B,

13.3%,

4/15/25

.....

7,916

7,580

1756672.PS.FTS.B,

14.6%,

4/15/25

.....

5,958

5,723

1753977.PS.FTS.B,

15.29%,

4/15/25

....

4,339

4,155

1753974.PS.FTS.B,

16.5%,

4/15/25

.....

1,343

1,295

1758306.PS.FTS.B,

17.7%,

4/15/25

.....

18,588

777

1750502.PS.FTS.B,

24.3%,

4/15/25

.....

3,157

3,078

1760856.PS.FTS.B,

22.03%,

4/18/25

....

2,403

2,329

1762404.PS.FTS.B,

16.1%,

4/19/25

.....

6,670

6,416

1756317.PS.FTS.B,

17%,

4/20/25

.......

3,372

3,259

1754352.PS.FTS.B,

11.4%,

4/21/25

.....

4,579

4,408

1751911.PS.FTS.B,

17.8%,

4/21/25

.....

1,376

1,327

1749272.PS.FTS.B,

22.6%,

4/21/25

.....

4,307

3,673

1741156.PS.FTS.B,

16.3%,

4/22/25

.....

4,404

4,280

1743570.PS.FTS.B,

22.6%,

4/22/25

.....

7,619

255

1760931.PS.FTS.B,

13.3%,

4/25/25

.....

3,300

3,173

1752298.PS.FTS.B,

15.8%,

4/25/25

.....

7,291

1,728

1742813.PS.FTS.B,

22.5%,

4/28/25

.....

7,300

7,030

1750627.PS.FTS.B,

17.28%,

4/30/25

....

6,750

6,450

1627091.PS.FTS.B,

16%,

8/27/25

.......

7,181

4,485

1749472.PS.FTS.B,

19.8%,

1/05/26

.....

4,577

2,457

1752361.PS.FTS.B,

25.4%,

1/11/26

.....

4,532

2,513

1744674.PS.FTS.B,

21.8%,

2/23/26

.....

5,569

3,116

1735376.PS.FTS.B,

19.5%,

2/25/26

.....

12,033

7,014

1753704.PS.FTS.B,

23.4%,

3/07/26

.....

2,991

1,721

1757469.PS.FTS.B,

13.9%,

3/12/26

.....

1,822

1,166

1605548.PS.FTS.B,

12.3%,

8/16/26

.....

9,125

8,822

1615743.PS.FTS.B,

12.3%,

8/16/26

.....

10,178

9,840

1615752.PS.FTS.B,

14.79%,

8/16/26

....

8,839

7,230

1605551.PS.FTS.B,

18.3%,

8/16/26

.....

9,338

9,220

1615977.PS.FTS.B,

12.7%,

8/17/26

.....

17,179

16,611

1606481.PS.FTS.B,

15%,

8/17/26

.......

7,877

7,620

1606805.PS.FTS.B,

15.5%,

8/17/26

.....

10,781

10,428

1605848.PS.FTS.B,

19.6%,

8/17/26

.....

8,435

8,322

1617531.PS.FTS.B,

13.24%,

8/18/26

....

6,362

6,153

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1610149.PS.FTS.B,

14.2%,

8/18/26

.....

$

7,120

$

6,885

1607264.PS.FTS.B,

16.2%,

8/18/26

.....

10,835

10,483

1618068.PS.FTS.B,

17%,

8/19/26

.......

15,482

639

1608413.PS.FTS.B,

17.24%,

8/20/26

....

5,093

4,931

1618512.PS.FTS.B,

18.5%,

8/20/26

.....

6,606

6,394

1615561.PS.FTS.B,

15%,

8/27/26

.......

2,416

2,345

1633734.PS.FTS.B,

16.63%,

9/20/26

....

2,865

2,768

1623083.PS.FTS.B,

19.23%,

9/20/26

....

9,004

–

1624235.PS.FTS.B,

12.7%,

9/21/26

.....

6,469

6,255

1627891.PS.FTS.B,

15.1%,

9/21/26

.....

10,841

10,480

1627885.PS.FTS.B,

15.29%,

9/21/26

....

13,906

13,445

1627345.PS.FTS.B,

18.78%,

9/21/26

....

7,490

7,396

1628383.PS.FTS.B,

12.87%,

9/22/26

....

6,014

5,820

1635534.PS.FTS.B,

16.5%,

9/23/26

.....

11,069

10,707

1637625.PS.FTS.B,

11.6%,

9/28/26

.....

19,583

18,965

1630147.PS.FTS.B,

14.38%,

9/30/26

....

18,634

17,988

1615740.PS.FTS.B,

16.63%,

10/02/26

...

11,485

11,033

1644863.PS.FTS.B,

9.99%,

10/26/26

....

5,761

5,572

1655727.PS.FTS.B,

10.9%,

10/27/26

....

10,871

10,517

1655355.PS.FTS.B,

12%,

10/27/26

......

25,561

24,726

1648957.PS.FTS.B,

14.29%,

10/27/26

...

7,417

7,174

1645616.PS.FTS.B,

16.63%,

10/27/26

...

7,401

7,155

1645247.PS.FTS.B,

17.1%,

10/27/26

....

11,347

11,158

1655340.PS.FTS.B,

18.95%,

10/27/26

...

9,650

1,324

1655334.PS.FTS.B,

25.67%,

10/27/26

...

4,764

4,825

1656210.PS.FTS.B,

9.45%,

10/28/26

....

25,635

24,807

1656198.PS.FTS.B,

10.71%,

10/28/26

...

5,084

4,915

1646063.PS.FTS.B,

12.62%,

10/28/26

...

7,480

7,237

1649497.PS.FTS.B,

12.8%,

10/28/26

....

19,619

18,982

1656189.PS.FTS.B,

13.7%,

10/28/26

....

9,037

8,745

1656201.PS.FTS.B,

14.68%,

10/28/26

...

2,652

2,566

1656927.PS.FTS.B,

11.89%,

10/29/26

....

14,516

14,204

1647056.PS.FTS.B,

13.7%,

10/29/26

....

4,142

4,060

1647176.PS.FTS.B,

14.79%,

10/29/26

...

7,583

7,439

1647023.PS.FTS.B,

16.33%,

10/29/26

...

19,136

18,794

1647155.PS.FTS.B,

18.48%,

10/29/26

...

18,976

19,054

1657068.PS.FTS.B,

21.9%,

10/29/26

....

11,855

12,250

1657104.PS.FTS.B,

10.4%,

10/30/26

....

18,433

17,821

1650974.PS.FTS.B,

11.1%,

11/05/26

.....

11,107

10,683

1660968.PS.FTS.B,

11.89%,

11/05/26

....

8,188

7,874

1648693.PS.FTS.B,

12.7%,

11/05/26

....

12,406

11,978

1650971.PS.FTS.B,

12.87%,

11/05/26

....

19,101

18,369

1651400.PS.FTS.B,

13.13%,

11/05/26

....

12,005

11,502

1651412.PS.FTS.B,

13.6%,

11/05/26

....

18,833

18,006

1660965.PS.FTS.B,

14.29%,

11/05/26

....

13,605

13,033

1650992.PS.FTS.B,

14.53%,

11/05/26

....

2,271

2,183

1651085.PS.FTS.B,

25.6%,

11/05/26

....

3,625

3,605

1651808.PS.FTS.B,

11.2%,

11/08/26

.....

3,704

3,565

1664808.PS.FTS.B,

11.6%,

11/08/26

.....

8,915

8,580

1658113.PS.FTS.B,

11.99%,

11/08/26

....

4,533

4,358

1665174.PS.FTS.B,

12.5%,

11/08/26

....

29,891

28,766

1658098.PS.FTS.B,

12.62%,

11/08/26

....

14,957

14,394

1658134.PS.FTS.B,

13.6%,

11/08/26

....

3,669

3,519

1651829.PS.FTS.B,

16.33%,

11/08/26

....

1,439

1,379

1652735.PS.FTS.B,

10.8%,

11/09/26

....

5,157

4,964

1653347.PS.FTS.B,

10.8%,

11/09/26

....

7,390

7,115

1666392.PS.FTS.B,

11.2%,

11/09/26

.....

4,446

4,280

1653461.PS.FTS.B,

21%,

11/09/26

......

5,431

1,397

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1654979.PS.FTS.B,

11.1%,

11/12/26

.....

$

5,067

$

4,882

1654997.PS.FTS.B,

16%,

11/12/26

......

7,580

7,402

1664544.PS.FTS.B,

14.74%,

11/15/26

....

2,184

2,116

1651397.PS.FTS.B,

18.33%,

11/15/26

....

19,463

18,857

1654303.PS.FTS.B,

21.18%,

11/19/26

....

7,967

7,716

1658107.PS.FTS.B,

14.2%,

11/20/26

....

15,210

14,558

1657470.PS.FTS.B,

16.33%,

11/22/26

....

13,931

13,450

1654297.PS.FTS.B,

13.3%,

11/28/26

....

10,920

10,507

1647386.PS.FTS.B,

22.5%,

11/30/26

....

4,835

4,775

1685232.PS.FTS.B,

11.07%,

12/14/26

....

18,882

18,187

1678714.PS.FTS.B,

25.2%,

12/14/26

....

12,368

12,246

1685577.PS.FTS.B,

28.23%,

12/14/26

...

12,425

12,357

1685967.PS.FTS.B,

11.5%,

12/15/26

....

10,602

10,214

1685937.PS.FTS.B,

15.5%,

12/15/26

....

2,327

2,233

1679512.PS.FTS.B,

15.7%,

12/15/26

....

15,533

14,904

1686372.PS.FTS.B,

16.7%,

12/15/26

....

8,478

–

1685808.PS.FTS.B,

18.33%,

12/15/26

...

19,723

19,135

1685961.PS.FTS.B,

18.48%,

12/15/26

...

11,833

11,530

1686345.PS.FTS.B,

23%,

12/15/26

......

8,079

8,052

1679056.PS.FTS.B,

26.13%,

12/15/26

...

2,130

2,080

1679959.PS.FTS.B,

12.32%,

12/16/26

...

4,202

4,046

1673948.PS.FTS.B,

17.54%,

12/16/26

...

15,696

15,305

1673528.PS.FTS.B,

19%,

12/16/26

......

19,778

19,280

1674779.PS.FTS.B,

10.4%,

12/17/26

....

10,451

8,425

1674203.PS.FTS.B,

10.8%,

12/17/26

....

11,310

10,901

1674698.PS.FTS.B,

11.89%,

12/17/26

....

3,813

3,673

1680745.PS.FTS.B,

13.3%,

12/17/26

....

9,069

8,711

1687770.PS.FTS.B,

14.29%,

12/17/26

...

11,554

11,096

1687689.PS.FTS.B,

16%,

12/17/26

......

12,448

12,148

1674248.PS.FTS.B,

16.5%,

12/17/26

....

15,621

14,970

1688382.PS.FTS.B,

10.29%,

12/20/26

...

11,274

10,875

1688022.PS.FTS.B,

13.6%,

12/20/26

....

10,705

566

1674359.PS.FTS.B,

22.2%,

12/20/26

....

2,953

2,535

1676078.PS.FTS.B,

10.7%,

12/21/26

....

8,289

7,997

1691244.PS.FTS.B,

14.7%,

12/24/26

....

10,254

9,852

1685184.PS.FTS.B,

12.4%,

12/25/26

....

11,469

11,040

1685217.PS.FTS.B,

10.5%,

12/28/26

....

18,752

18,067

1685976.PS.FTS.B,

11.89%,

12/29/26

....

6,367

6,160

1681009.PS.FTS.B,

13.5%,

1/04/27

.....

5,899

5,651

1700619.PS.FTS.B,

10.53%,

1/12/27

....

19,197

9,627

1693768.PS.FTS.B,

11.88%,

1/12/27

....

11,634

11,189

1687871.PS.FTS.B,

12.7%,

1/12/27

.....

20,981

20,185

1693777.PS.FTS.B,

13.41%,

1/12/27

....

3,138

2,999

1688213.PS.FTS.B,

15.03%,

1/12/27

....

6,298

6,027

1693816.PS.FTS.B,

15.7%,

1/12/27

.....

6,321

6,049

1688252.PS.FTS.B,

16.33%,

1/12/27

....

2,537

2,427

1693828.PS.FTS.B,

16.63%,

1/12/27

....

1,985

1,899

1701030.PS.FTS.B,

18.25%,

1/12/27

....

20,021

19,409

1687862.PS.FTS.B,

21.09%,

1/12/27

....

5,686

5,632

1694182.PS.FTS.B,

21.18%,

1/12/27

....

2,844

2,756

1688234.PS.FTS.B,

25.6%,

1/12/27

.....

3,318

3,282

1688999.PS.FTS.B,

10.62%,

1/13/27

....

3,816

3,673

1701831.PS.FTS.B,

12.3%,

1/13/27

.....

7,753

7,461

1701273.PS.FTS.B,

14.68%,

1/13/27

....

15,715

15,120

1688576.PS.FTS.B,

18.48%,

1/13/27

....

8,820

8,554

1701837.PS.FTS.B,

18.48%,

1/13/27

....

8,018

7,776

1689002.PS.FTS.B,

19.23%,

1/13/27

....

4,829

4,683

1701810.PS.FTS.B,

21.18%,

1/13/27

....

8,940

8,665

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

71

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1689590.PS.FTS.B,

11.4%,

1/14/27

.....

$

4,628

$

4,455

1695235.PS.FTS.B,

12.24%,

1/14/27

....

9,300

8,910

1689731.PS.FTS.B,

14%,

1/14/27

.......

6,262

5,998

1702224.PS.FTS.B,

14.68%,

1/14/27

....

11,700

11,261

1689428.PS.FTS.B,

16.33%,

1/14/27

....

7,928

7,591

1695712.PS.FTS.B,

27.4%,

1/14/27

.....

2,090

2,069

1701330.PS.FTS.B,

16.1%,

1/15/27

.....

7,926

7,658

1703238.PS.FTS.B,

22.9%,

1/18/27

.....

2,868

2,850

1698271.PS.FTS.B,

11.5%,

1/19/27

.....

9,260

8,924

1698235.PS.FTS.B,

11.79%,

1/19/27

....

15,809

12,715

1692950.PS.FTS.B,

9.81%,

1/20/27

.....

12,988

12,521

1692617.PS.FTS.B,

12.2%,

1/20/27

.....

9,298

8,962

1700625.PS.FTS.B,

18.7%,

1/26/27

.....

12,134

11,715

1689014.PS.FTS.B,

24.03%,

1/26/27

....

12,550

12,365

1701660.PS.FTS.B,

11.2%,

1/27/27

.....

7,746

7,452

1693283.PS.FTS.B,

15.39%,

1/28/27

....

12,690

606

1707623.PS.FTS.B,

12.9%,

2/14/27

.....

27,716

26,666

1714342.PS.FTS.B,

13.4%,

2/14/27

.....

4,764

4,583

1714327.PS.FTS.B,

17.37%,

2/14/27

....

19,724

19,072

1721061.PS.FTS.B,

10.5%,

2/15/27

.....

3,998

3,218

1707812.PS.FTS.B,

11.2%,

2/15/27

.....

3,531

3,398

1714540.PS.FTS.B,

11.2%,

2/15/27

.....

14,124

13,594

1720842.PS.FTS.B,

11.6%,

2/15/27

.....

5,652

5,494

1707839.PS.FTS.B,

11.79%,

2/15/27

....

15,743

15,152

1708667.PS.FTS.B,

12.3%,

2/15/27

.....

27,627

26,588

1708139.PS.FTS.B,

15.2%,

2/15/27

.....

19,914

19,048

1708757.PS.FTS.B,

15.29%,

2/15/27

....

21,648

20,706

1709063.PS.FTS.B,

16.7%,

2/15/27

.....

9,124

8,726

1714801.PS.FTS.B,

18.78%,

2/15/27

....

9,788

9,468

1714507.PS.FTS.B,

18.9%,

2/15/27

.....

8,537

2,136

1714495.PS.FTS.B,

19%,

2/15/27

.......

20,413

19,744

1709051.PS.FTS.B,

26.5%,

2/15/27

.....

13,360

240

1709645.PS.FTS.B,

9.27%,

2/16/27

.....

27,169

26,159

1716184.PS.FTS.B,

12.7%,

2/16/27

.....

9,492

9,137

1708634.PS.FTS.B,

15%,

2/21/27

.......

14,048

13,416

1710641.PS.FTS.B,

13.2%,

2/28/27

.....

16,483

15,739

1722529.PS.FTS.B,

19%,

3/12/27

.......

20,961

20,255

1739674.PS.FTS.B,

10.08%,

3/22/27

....

11,927

11,498

1733471.PS.FTS.B,

10.44%,

3/22/27

....

17,607

16,973

1732976.PS.FTS.B,

10.53%,

3/22/27

....

11,846

11,420

1740175.PS.FTS.B,

10.7%,

3/22/27

.....

4,789

4,617

1732952.PS.FTS.B,

11.2%,

3/22/27

.....

10,104

1,268

1732943.PS.FTS.B,

11.5%,

3/22/27

.....

5,358

5,167

1733504.PS.FTS.B,

11.6%,

3/22/27

.....

10,420

10,045

1740124.PS.FTS.B,

11.61%,

3/22/27

....

14,429

13,909

1733513.PS.FTS.B,

11.7%,

3/22/27

.....

9,461

9,122

1732970.PS.FTS.B,

11.79%,

3/22/27

....

8,023

7,734

1733498.PS.FTS.B,

11.79%,

3/22/27

....

12,456

2,666

1732922.PS.FTS.B,

12.9%,

3/22/27

.....

26,628

25,668

1733459.PS.FTS.B,

13.7%,

3/22/27

.....

20,270

19,388

1742640.PS.FTS.B,

14.39%,

3/22/27

....

17,072

16,329

1739641.PS.FTS.B,

14.7%,

3/22/27

.....

12,213

11,681

1740187.PS.FTS.B,

15.1%,

3/22/27

.....

4,079

3,901

1742679.PS.FTS.B,

15.2%,

3/22/27

.....

4,081

3,903

1732916.PS.FTS.B,

16.18%,

3/22/27

....

24,602

23,528

1742682.PS.FTS.B,

16.33%,

3/22/27

....

10,258

9,810

1742649.PS.FTS.B,

16.8%,

3/22/27

.....

16,450

15,731

1739635.PS.FTS.B,

17.29%,

3/22/27

....

16,487

15,888

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1740148.PS.FTS.B,

18.33%,

3/22/27

....

$

12,425

$

11,972

1739653.PS.FTS.B,

18.48%,

3/22/27

....

16,579

15,973

1732940.PS.FTS.B,

18.78%,

3/22/27

....

2,075

1,999

1733495.PS.FTS.B,

21.69%,

3/22/27

....

12,613

12,370

1739848.PS.FTS.B,

21.9%,

3/22/27

.....

5,989

5,065

1733480.PS.FTS.B,

24.03%,

3/22/27

....

12,738

12,486

1739650.PS.FTS.B,

26.43%,

3/22/27

....

7,128

6,225

1734128.PS.FTS.B,

10.08%,

3/23/27

....

7,942

7,658

1741003.PS.FTS.B,

10.08%,

3/23/27

....

6,361

6,134

1743894.PS.FTS.B,

10.29%,

3/23/27

....

31,842

30,703

1743546.PS.FTS.B,

10.5%,

3/23/27

.....

11,954

11,526

1744077.PS.FTS.B,

10.8%,

3/23/27

.....

7,982

7,696

1744092.PS.FTS.B,

10.8%,

3/23/27

.....

6,785

6,542

1740970.PS.FTS.B,

11.2%,

3/23/27

.....

7,999

7,712

1734281.PS.FTS.B,

11.4%,

3/23/27

.....

8,407

8,106

1740508.PS.FTS.B,

11.6%,

3/23/27

.....

6,348

6,121

1740943.PS.FTS.B,

11.6%,

3/23/27

.....

12,023

11,593

1740955.PS.FTS.B,

11.79%,

3/23/27

....

20,058

19,340

1733702.PS.FTS.B,

11.89%,

3/23/27

....

3,936

3,796

1733807.PS.FTS.B,

12.32%,

3/23/27

....

9,654

9,309

1743942.PS.FTS.B,

12.7%,

3/23/27

.....

8,061

7,772

1734272.PS.FTS.B,

13.08%,

3/23/27

....

13,084

12,623

1743558.PS.FTS.B,

13.32%,

3/23/27

....

9,735

9,316

1743567.PS.FTS.B,

13.32%,

3/23/27

....

8,104

7,755

1743561.PS.FTS.B,

13.4%,

3/23/27

.....

16,179

15,599

1740880.PS.FTS.B,

13.5%,

3/23/27

.....

9,104

7,354

1733840.PS.FTS.B,

13.77%,

3/23/27

....

7,515

7,204

1734077.PS.FTS.B,

14%,

3/23/27

.......

6,329

6,055

1740496.PS.FTS.B,

14.19%,

3/23/27

....

7,876

7,627

1733816.PS.FTS.B,

15.1%,

3/23/27

.....

16,179

15,498

1734278.PS.FTS.B,

15.2%,

3/23/27

.....

8,162

7,809

1740958.PS.FTS.B,

15.8%,

3/23/27

.....

20,464

19,578

1734263.PS.FTS.B,

16.33%,

3/23/27

....

16,405

15,715

1744071.PS.FTS.B,

16.33%,

3/23/27

....

11,407

10,913

1743348.PS.FTS.B,

16.43%,

3/23/27

....

18,720

18,051

1740997.PS.FTS.B,

16.8%,

3/23/27

.....

16,450

15,736

1744065.PS.FTS.B,

16.8%,

3/23/27

.....

16,450

15,736

1734284.PS.FTS.B,

16.9%,

3/23/27

.....

1,646

1,587

1733993.PS.FTS.B,

17.2%,

3/23/27

.....

9,888

9,534

1743540.PS.FTS.B,

17.29%,

3/23/27

....

13,985

13,539

1733831.PS.FTS.B,

18.59%,

3/23/27

....

12,440

11,992

1743573.PS.FTS.B,

18.78%,

3/23/27

....

7,886

7,601

1741006.PS.FTS.B,

19%,

3/23/27

.......

5,816

5,606

1733834.PS.FTS.B,

19.23%,

3/23/27

....

9,855

460

1744050.PS.FTS.B,

19.23%,

3/23/27

....

8,566

2,183

1741000.PS.FTS.B,

25.67%,

3/23/27

....

12,724

12,541

1740316.PS.FTS.B,

28.23%,

3/23/27

....

8,634

8,461

1734857.PS.FTS.B,

10.5%,

3/24/27

.....

2,391

2,306

1741357.PS.FTS.B,

10.5%,

3/24/27

.....

5,579

5,380

1734563.PS.FTS.B,

11.2%,

3/24/27

.....

12,398

11,957

1734560.PS.FTS.B,

13.5%,

3/24/27

.....

20,229

19,362

1744257.PS.FTS.B,

14%,

3/24/27

.......

3,543

3,396

1744611.PS.FTS.B,

14.38%,

3/24/27

....

10,325

10,091

1744812.PS.FTS.B,

14.7%,

3/24/27

.....

16,284

15,586

1744299.PS.FTS.B,

15%,

3/24/27

.......

7,339

7,024

1744656.PS.FTS.B,

15%,

3/24/27

.......

10,192

9,755

1741336.PS.FTS.B,

25.9%,

3/24/27

.....

6,136

5,905

1733474.PS.FTS.B,

9.62%,

3/25/27

.....

16,758

2,090

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1742146.PS.FTS.B,

10.7%,

3/25/27

.....

$

7,180

$

6,926

1745565.PS.FTS.B,

12.42%,

3/25/27

....

12,074

11,562

1735826.PS.FTS.B,

13.19%,

3/25/27

....

19,395

18,534

1735664.PS.FTS.B,

14%,

3/25/27

.......

20,285

19,422

1743180.PS.FTS.B,

11.2%,

3/27/27

.....

12,022

11,589

1743544.PS.FTS.B,

16.4%,

3/28/27

.....

29,184

27,970

1744585.PS.FTS.B,

17.29%,

3/29/27

....

5,441

5,345

1736876.PS.FTS.B,

19.3%,

3/29/27

.....

8,443

8,306

1737779.PS.FTS.B,

21%,

3/29/27

.......

7,652

7,676

1747200.PS.FTS.B,

27.4%,

3/29/27

.....

10,454

10,531

1743234.PS.FTS.B,

17.23%,

3/31/27

....

7,094

6,767

1737947.PS.FTS.B,

18%,

3/31/27

.......

19,656

2,833

1735847.PS.FTS.B,

21.18%,

4/01/27

....

8,553

8,221

1749478.PS.FTS.B,

11.5%,

4/05/27

.....

7,072

6,811

1749460.PS.FTS.B,

11.7%,

4/05/27

.....

5,711

5,485

1752540.PS.FTS.B,

11.7%,

4/05/27

.....

16,318

15,672

1752558.PS.FTS.B,

11.79%,

4/05/27

....

9,795

9,407

1742810.PS.FTS.B,

16.7%,

4/05/27

.....

3,339

3,171

1741168.PS.FTS.B,

18.93%,

4/05/27

....

17,342

10,166

1743101.PS.FTS.B,

10.5%,

4/06/27

.....

3,245

3,116

1743137.PS.FTS.B,

10.5%,

4/06/27

.....

16,223

15,582

1743134.PS.FTS.B,

13.3%,

4/06/27

.....

13,030

12,395

1753416.PS.FTS.B,

13.6%,

4/06/27

.....

10,153

9,659

1743128.PS.FTS.B,

14.68%,

4/06/27

....

21,394

20,546

1743143.PS.FTS.B,

14.68%,

4/06/27

....

4,964

4,768

1752909.PS.FTS.B,

14.68%,

4/06/27

....

8,105

7,785

1743125.PS.FTS.B,

14.7%,

4/06/27

.....

16,548

15,723

1753410.PS.FTS.B,

15%,

4/06/27

.......

14,085

13,382

1752906.PS.FTS.B,

16.33%,

4/06/27

....

11,669

11,085

1750213.PS.FTS.B,

25.6%,

4/06/27

.....

1,749

1,690

1750876.PS.FTS.B,

10.29%,

4/07/27

....

28,361

27,246

1744037.PS.FTS.B,

10.5%,

4/07/27

.....

12,167

11,689

1744580.PS.FTS.B,

11.2%,

4/07/27

.....

7,325

7,039

1750624.PS.FTS.B,

11.2%,

4/07/27

.....

7,895

7,586

1744538.PS.FTS.B,

11.7%,

4/07/27

.....

17,134

16,463

1753818.PS.FTS.B,

11.7%,

4/07/27

.....

12,238

11,759

1744568.PS.FTS.B,

12%,

4/07/27

.......

9,805

9,421

1744571.PS.FTS.B,

12%,

4/07/27

.......

8,171

7,851

1750606.PS.FTS.B,

12%,

4/07/27

.......

7,371

7,007

1744541.PS.FTS.B,

12.2%,

4/07/27

.....

28,624

27,503

1753842.PS.FTS.B,

12.2%,

4/07/27

.....

8,178

7,856

1754325.PS.FTS.B,

12.2%,

4/07/27

.....

28,624

27,504

1754328.PS.FTS.B,

13.1%,

4/07/27

.....

8,089

7,772

1744715.PS.FTS.B,

13.3%,

4/07/27

.....

25,896

24,616

1744277.PS.FTS.B,

14.39%,

4/07/27

....

8,262

7,853

1753824.PS.FTS.B,

14.39%,

4/07/27

....

45

45

1744553.PS.FTS.B,

14.53%,

4/07/27

....

8,240

7,915

1753656.PS.FTS.B,

14.6%,

4/07/27

.....

20,676

19,652

1751044.PS.FTS.B,

14.7%,

4/07/27

.....

20,685

19,661

1744559.PS.FTS.B,

14.89%,

4/07/27

....

8,281

7,871

1750597.PS.FTS.B,

16.33%,

4/07/27

....

16,287

16,269

1744574.PS.FTS.B,

19%,

4/07/27

.......

2,546

2,426

1751047.PS.FTS.B,

19.3%,

4/07/27

.....

20,992

20,072

1754322.PS.FTS.B,

21%,

4/07/27

.......

12,751

12,334

1750600.PS.FTS.B,

23%,

4/07/27

.......

12,095

11,720

1755057.PS.FTS.B,

11.2%,

4/08/27

.....

28,487

27,379

1745642.PS.FTS.B,

12%,

4/08/27

.......

8,171

7,853

1755147.PS.FTS.B,

12.6%,

4/08/27

.....

12,291

11,812

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1744856.PS.FTS.B,

13.3%,

4/08/27

.....

$

3,599

$

3,427

1751995.PS.FTS.B,

15.62%,

4/08/27

....

12,120

11,536

1755237.PS.FTS.B,

16.02%,

4/08/27

....

9,572

9,129

1744907.PS.FTS.B,

17.59%,

4/08/27

....

2,087

1,998

1744880.PS.FTS.B,

19%,

4/08/27

.......

12,647

12,055

1754712.PS.FTS.B,

19.38%,

4/08/27

....

21,112

20,122

1747212.PS.FTS.B,

13.48%,

4/09/27

....

20,682

19,967

1744730.PS.FTS.B,

16.02%,

4/10/27

....

7,506

7,155

1753413.PS.FTS.B,

18.48%,

4/10/27

....

7,086

6,696

1755429.PS.FTS.B,

10.5%,

4/11/27

.....

8,111

7,800

1755831.PS.FTS.B,

10.5%,

4/11/27

.....

29,383

6,147

1755984.PS.FTS.B,

11.2%,

4/11/27

......

5,697

5,478

1755501.PS.FTS.B,

11.89%,

4/11/27

.....

7,758

7,461

1755927.PS.FTS.B,

11.89%,

4/11/27

.....

7,350

7,069

1745762.PS.FTS.B,

16.5%,

4/11/27

.....

2,502

2,390

1752289.PS.FTS.B,

16.5%,

4/11/27

.....

16,682

15,876

1746119.PS.FTS.B,

18.13%,

4/11/27

.....

8,820

8,393

1752292.PS.FTS.B,

19.5%,

4/11/27

.....

6,703

234

1755414.PS.FTS.B,

22.5%,

4/11/27

.....

5,196

–

1754125.PS.FTS.B,

10.62%,

4/12/27

....

4,059

3,904

1747364.PS.FTS.B,

11.16%,

4/12/27

....

10,000

3,778

1757454.PS.FTS.B,

11.89%,

4/12/27

....

7,350

7,070

1750198.PS.FTS.B,

11.99%,

4/12/27

....

13,924

13,376

1752915.PS.FTS.B,

12.5%,

4/12/27

.....

20,518

19,710

1754278.PS.FTS.B,

24.42%,

4/12/27

....

12,111

11,932

1757922.PS.FTS.B,

14.67%,

4/13/27

....

8,273

7,880

1749839.PS.FTS.B,

25.6%,

4/14/27

.....

12,980

12,597

1750612.PS.FTS.B,

11.79%,

4/15/27

....

11,436

10,988

1749974.PS.FTS.B,

23.31%,

4/15/27

....

5,662

5,501

1733450.PS.FTS.B,

18.13%,

4/16/27

....

21,368

20,397

1750927.PS.FTS.B,

11.4%,

4/17/27

.....

10,628

10,212

1750621.PS.FTS.B,

17.37%,

4/17/27

....

8,418

8,024

1744034.PS.FTS.B,

19%,

4/17/27

.......

9,775

9,341

1749754.PS.FTS.B,

25.9%,

4/17/27

.....

8,867

8,532

1742819.PS.FTS.B,

11.7%,

4/19/27

.....

10,261

9,854

1762974.PS.FTS.B,

11.2%,

4/20/27

.....

5,714

5,507

1751050.PS.FTS.B,

26.13%,

4/21/27

....

4,506

4,303

1744227.PS.FTS.B,

16%,

4/22/27

.......

15,475

12,720

1752903.PS.FTS.B,

21.18%,

4/30/27

....

20,590

19,487

1743944.PS.FTS.B,

24.2%,

4/30/27

.....

3,554

3,407

1750849.PS.FTS.B,

16.64%,

5/01/27

....

12,905

12,251

1760306.PS.FTS.B,

22.5%,

5/06/27

.....

6,901

6,767

1720848.PS.FTS.B,

28.23%,

11/29/27

....

9,313

3,890

1734827.PS.FTS.B,

13.23%,

2/24/28

....

13,142

6,296

1755876.PS.FTS.B,

19.3%,

3/04/28

.....

14,580

13,936

1742816.PS.FTS.B,

14.2%,

3/05/28

.....

9,167

8,830

1753428.PS.FTS.B,

23.31%,

3/06/28

....

1,904

1,319

1758402.PS.FTS.B,

13.2%,

3/08/28

.....

21,557

9,929

1756383.PS.FTS.B,

19.3%,

3/26/28

.....

24,441

23,519

5,022,024

Upgrade,

Inc.

24931814.UG.FTS.B,

29.69%,

12/17/24

..

12,347

13,159

Upgrade,

Inc.

-

Card

992426453.UG.FTS.B,

21.48%,

8/11/23

..

15

15

992363968.UG.FTS.B,

29.49%,

8/20/23

..

8

2

992517447.UG.FTS.B,

29.49%,

8/20/23

..

8

8

992542647.UG.FTS.B,

29.49%,

8/20/23

..

6

6

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

73

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992488893.UG.FTS.B,

28.98%,

9/20/23

..

$

15

$

14

992584780.UG.FTS.B,

29.49%,

9/20/23

..

12

12

991874632.UG.FTS.B,

29.49%,

9/22/23

..

25

2

992466757.UG.FTS.B,

29.49%,

10/18/23

.

22

23

992418247.UG.FTS.B,

29.49%,

10/20/23

.

21

20

992427320.UG.FTS.B,

29.49%,

10/20/23

.

17

17

992627762.UG.FTS.B,

29.49%,

11/19/23

.

24

22

992384914.UG.FTS.B,

28.98%,

11/20/23

.

24

2

992385650.UG.FTS.B,

29.49%,

11/20/23

.

18

17

992071864.UG.FTS.B,

29.49%,

11/23/23

.

18

17

992423538.UG.FTS.B,

28.98%,

1/18/24

..

29

26

992362572.UG.FTS.B,

27.99%,

1/20/24

..

23

21

991876422.UG.FTS.B,

28.48%,

2/04/24

..

1

1

991911959.UG.FTS.B,

29.49%,

2/22/24

..

1

–

991916239.UG.FTS.B,

Zero

Cpn,

2/24/24

.

275

19

991959581.UG.FTS.B,

Zero

Cpn,

2/24/24

.

721

50

992101420.UG.FTS.B,

Zero

Cpn,

2/24/24

.

78

5

991852151.UG.FTS.B,

22.47%,

2/24/24

..

10

10

991866170.UG.FTS.B,

28.48%,

2/24/24

..

250

253

992101724.UG.FTS.B,

28.48%,

2/24/24

..

325

330

992102544.UG.FTS.B,

28.48%,

2/24/24

..

29

29

991956731.UG.FTS.B,

29.48%,

2/24/24

..

216

219

991848028.UG.FTS.B,

29.49%,

2/24/24

..

66

68

991886867.UG.FTS.B,

29.49%,

2/24/24

..

202

208

991933021.UG.FTS.B,

29.49%,

2/24/24

..

174

179

991950424.UG.FTS.B,

29.49%,

2/24/24

..

33

34

991976510.UG.FTS.B,

29.49%,

2/24/24

..

50

52

992077761.UG.FTS.B,

29.49%,

2/24/24

..

41

41

992102579.UG.FTS.B,

Zero

Cpn,

2/25/24

.

91

6

991866886.UG.FTS.B,

18.47%,

2/25/24

..

360

365

991999276.UG.FTS.B,

18.71%,

2/25/24

..

71

71

992031845.UG.FTS.B,

21.48%,

2/25/24

..

283

284

991866922.UG.FTS.B,

23.45%,

2/25/24

..

96

14

992073765.UG.FTS.B,

28.48%,

2/25/24

..

24

4

991878918.UG.FTS.B,

29.49%,

2/25/24

..

97

15

991888975.UG.FTS.B,

29.49%,

2/25/24

..

10

10

991905614.UG.FTS.B,

29.49%,

2/25/24

..

45

46

991930962.UG.FTS.B,

29.49%,

2/25/24

..

190

194

991954495.UG.FTS.B,

29.49%,

2/25/24

..

262

269

991959713.UG.FTS.B,

29.49%,

2/25/24

..

183

186

991981134.UG.FTS.B,

29.49%,

2/25/24

..

64

66

992017871.UG.FTS.B,

29.49%,

2/25/24

..

77

13

992033544.UG.FTS.B,

29.49%,

2/25/24

..

53

55

992075988.UG.FTS.B,

29.49%,

2/25/24

..

106

108

992102898.UG.FTS.B,

29.49%,

2/25/24

..

21

21

991898242.UG.FTS.B,

18.47%,

2/26/24

..

259

261

992015394.UG.FTS.B,

19.99%,

2/26/24

..

3

–

991876803.UG.FTS.B,

22.47%,

2/26/24

..

20

20

991875647.UG.FTS.B,

28.48%,

2/26/24

..

82

84

991905180.UG.FTS.B,

28.48%,

2/26/24

..

508

522

991889815.UG.FTS.B,

29.49%,

2/26/24

..

152

154

991895548.UG.FTS.B,

29.49%,

2/26/24

..

57

5

991913945.UG.FTS.B,

29.49%,

2/26/24

..

31

31

991926271.UG.FTS.B,

29.49%,

2/26/24

..

57

58

991945566.UG.FTS.B,

29.49%,

2/26/24

..

179

185

992099968.UG.FTS.B,

29.49%,

2/26/24

..

47

48

992103144.UG.FTS.B,

29.49%,

2/26/24

..

119

121

991884866.UG.FTS.B,

28.48%,

2/28/24

..

98

99

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991929191.UG.FTS.B,

16.49%,

3/03/24

..

$

53

$

53

991974320.UG.FTS.B,

15.47%,

3/04/24

..

54

55

992120686.UG.FTS.B,

17.47%,

3/04/24

..

82

82

992143275.UG.FTS.B,

17.49%,

3/04/24

..

88

88

991980485.UG.FTS.B,

15.47%,

3/07/24

..

66

66

992130218.UG.FTS.B,

14%,

3/09/24

.....

53

53

991988243.UG.FTS.B,

19.99%,

3/09/24

..

24

24

992015582.UG.FTS.B,

25.45%,

3/09/24

..

50

50

991947784.UG.FTS.B,

28.48%,

3/09/24

..

204

(4)

991971995.UG.FTS.B,

28.48%,

3/09/24

..

43

43

992025146.UG.FTS.B,

28.48%,

3/09/24

..

115

116

991958748.UG.FTS.B,

29.48%,

3/09/24

..

83

85

991981257.UG.FTS.B,

29.48%,

3/09/24

..

261

264

992023316.UG.FTS.B,

29.48%,

3/09/24

..

345

352

991948104.UG.FTS.B,

29.49%,

3/09/24

..

93

6

991949509.UG.FTS.B,

29.49%,

3/09/24

..

337

19

991952909.UG.FTS.B,

29.49%,

3/09/24

..

8

8

991954992.UG.FTS.B,

29.49%,

3/09/24

..

293

291

991956849.UG.FTS.B,

29.49%,

3/09/24

..

527

33

991959995.UG.FTS.B,

29.49%,

3/09/24

..

164

165

991970332.UG.FTS.B,

29.49%,

3/09/24

..

46

3

991981108.UG.FTS.B,

29.49%,

3/09/24

..

61

62

991992833.UG.FTS.B,

29.49%,

3/09/24

..

108

(2)

992001036.UG.FTS.B,

29.49%,

3/09/24

..

133

136

992050277.UG.FTS.B,

29.49%,

3/09/24

..

56

57

992162012.UG.FTS.B,

29.49%,

3/09/24

..

53

53

992201836.UG.FTS.B,

29.49%,

3/09/24

..

95

96

992227421.UG.FTS.B,

29.49%,

3/09/24

..

501

506

992227559.UG.FTS.B,

29.49%,

3/09/24

..

243

245

992054339.UG.FTS.B,

15.47%,

3/10/24

..

128

129

992054320.UG.FTS.B,

17.49%,

3/10/24

..

154

153

991997335.UG.FTS.B,

28.48%,

3/10/24

..

86

87

991973313.UG.FTS.B,

29.48%,

3/10/24

..

252

254

991992482.UG.FTS.B,

29.48%,

3/10/24

..

153

156

992107287.UG.FTS.B,

29.48%,

3/10/24

..

12

12

992223848.UG.FTS.B,

29.48%,

3/10/24

..

99

100

991972731.UG.FTS.B,

29.49%,

3/10/24

..

130

129

991998219.UG.FTS.B,

29.49%,

3/10/24

..

83

83

992028625.UG.FTS.B,

29.49%,

3/10/24

..

237

(11)

992065171.UG.FTS.B,

29.49%,

3/10/24

..

202

204

992082006.UG.FTS.B,

29.49%,

3/10/24

..

18

18

992122760.UG.FTS.B,

29.49%,

3/10/24

..

344

348

992161920.UG.FTS.B,

29.49%,

3/10/24

..

83

84

992221871.UG.FTS.B,

29.49%,

3/10/24

..

47

4

992224418.UG.FTS.B,

29.49%,

3/10/24

..

75

76

992227731.UG.FTS.B,

29.49%,

3/10/24

..

310

314

991980673.UG.FTS.B,

Zero

Cpn,

3/11/24

.

196

14

992003524.UG.FTS.B,

Zero

Cpn,

3/11/24

.

470

33

992009208.UG.FTS.B,

Zero

Cpn,

3/11/24

.

1,404

98

992046363.UG.FTS.B,

Zero

Cpn,

3/11/24

.

506

35

992058939.UG.FTS.B,

Zero

Cpn,

3/11/24

.

125

9

992123247.UG.FTS.B,

Zero

Cpn,

3/11/24

.

571

40

992119104.UG.FTS.B,

19.99%,

3/11/24

..

199

203

992186911.UG.FTS.B,

19.99%,

3/11/24

..

308

311

992208649.UG.FTS.B,

19.99%,

3/11/24

..

152

154

991980660.UG.FTS.B,

26.44%,

3/11/24

..

105

106

992219283.UG.FTS.B,

27.95%,

3/11/24

..

261

37

991969535.UG.FTS.B,

27.99%,

3/11/24

..

161

162

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992025302.UG.FTS.B,

28.48%,

3/11/24

..

$

121

$

123

992057368.UG.FTS.B,

28.48%,

3/11/24

..

738

746

992074328.UG.FTS.B,

28.48%,

3/11/24

..

301

305

992081909.UG.FTS.B,

28.48%,

3/11/24

..

41

14

992108714.UG.FTS.B,

28.48%,

3/11/24

..

12

12

992122493.UG.FTS.B,

28.48%,

3/11/24

..

200

203

992156171.UG.FTS.B,

28.48%,

3/11/24

..

42

43

992184956.UG.FTS.B,

28.48%,

3/11/24

..

1,133

1,141

992201771.UG.FTS.B,

28.48%,

3/11/24

..

75

75

992222674.UG.FTS.B,

28.48%,

3/11/24

..

7

7

992001356.UG.FTS.B,

29.45%,

3/11/24

..

389

55

991967970.UG.FTS.B,

29.47%,

3/11/24

..

27

27

991976338.UG.FTS.B,

29.47%,

3/11/24

..

300

304

992092631.UG.FTS.B,

29.47%,

3/11/24

..

224

228

991989904.UG.FTS.B,

29.48%,

3/11/24

..

303

309

992003825.UG.FTS.B,

29.48%,

3/11/24

..

90

92

992078333.UG.FTS.B,

29.48%,

3/11/24

..

74

75

992081960.UG.FTS.B,

29.48%,

3/11/24

..

64

65

992090036.UG.FTS.B,

29.48%,

3/11/24

..

56

57

992126882.UG.FTS.B,

29.48%,

3/11/24

..

88

90

992190424.UG.FTS.B,

29.48%,

3/11/24

..

73

74

992219602.UG.FTS.B,

29.48%,

3/11/24

..

4

4

991963105.UG.FTS.B,

29.49%,

3/11/24

..

208

208

991966512.UG.FTS.B,

29.49%,

3/11/24

..

136

139

991967449.UG.FTS.B,

29.49%,

3/11/24

..

1

1

991967978.UG.FTS.B,

29.49%,

3/11/24

..

167

168

991968169.UG.FTS.B,

29.49%,

3/11/24

..

11

11

991969299.UG.FTS.B,

29.49%,

3/11/24

..

8

8

991970831.UG.FTS.B,

29.49%,

3/11/24

..

62

63

991971719.UG.FTS.B,

29.49%,

3/11/24

..

16

16

991971759.UG.FTS.B,

29.49%,

3/11/24

..

37

37

991973597.UG.FTS.B,

29.49%,

3/11/24

..

115

118

991975594.UG.FTS.B,

29.49%,

3/11/24

..

16

16

991978339.UG.FTS.B,

29.49%,

3/11/24

..

28

2

991981361.UG.FTS.B,

29.49%,

3/11/24

..

75

77

991981798.UG.FTS.B,

29.49%,

3/11/24

..

215

220

991981843.UG.FTS.B,

29.49%,

3/11/24

..

106

108

991982907.UG.FTS.B,

29.49%,

3/11/24

..

91

5

991984128.UG.FTS.B,

29.49%,

3/11/24

..

187

13

991988472.UG.FTS.B,

29.49%,

3/11/24

..

32

33

991991666.UG.FTS.B,

29.49%,

3/11/24

..

654

644

991991892.UG.FTS.B,

29.49%,

3/11/24

..

7

4

991992026.UG.FTS.B,

29.49%,

3/11/24

..

50

50

991996702.UG.FTS.B,

29.49%,

3/11/24

..

30

30

992000404.UG.FTS.B,

29.49%,

3/11/24

..

50

51

992001112.UG.FTS.B,

29.49%,

3/11/24

...

34

33

992004460.UG.FTS.B,

29.49%,

3/11/24

..

59

4

992006161.UG.FTS.B,

29.49%,

3/11/24

..

75

77

992013145.UG.FTS.B,

29.49%,

3/11/24

..

88

88

992017553.UG.FTS.B,

29.49%,

3/11/24

..

173

174

992017646.UG.FTS.B,

29.49%,

3/11/24

..

71

72

992021215.UG.FTS.B,

29.49%,

3/11/24

..

1

1

992024260.UG.FTS.B,

29.49%,

3/11/24

..

175

178

992026353.UG.FTS.B,

29.49%,

3/11/24

..

–

–

992027759.UG.FTS.B,

29.49%,

3/11/24

..

–

–

992028242.UG.FTS.B,

29.49%,

3/11/24

..

5

5

992029501.UG.FTS.B,

29.49%,

3/11/24

..

41

42

992030279.UG.FTS.B,

29.49%,

3/11/24

..

33

33

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992033526.UG.FTS.B,

29.49%,

3/11/24

..

$

49

$

50

992036879.UG.FTS.B,

29.49%,

3/11/24

..

40

41

992038432.UG.FTS.B,

29.49%,

3/11/24

..

157

23

992038753.UG.FTS.B,

29.49%,

3/11/24

..

108

109

992040681.UG.FTS.B,

29.49%,

3/11/24

..

59

60

992041084.UG.FTS.B,

29.49%,

3/11/24

..

19

19

992043326.UG.FTS.B,

29.49%,

3/11/24

..

48

48

992048623.UG.FTS.B,

29.49%,

3/11/24

..

102

16

992052684.UG.FTS.B,

29.49%,

3/11/24

..

117

116

992061984.UG.FTS.B,

29.49%,

3/11/24

..

38

39

992062881.UG.FTS.B,

29.49%,

3/11/24

..

255

260

992063046.UG.FTS.B,

29.49%,

3/11/24

..

79

79

992064330.UG.FTS.B,

29.49%,

3/11/24

..

2

2

992065487.UG.FTS.B,

29.49%,

3/11/24

..

51

52

992070602.UG.FTS.B,

29.49%,

3/11/24

..

10

10

992075123.UG.FTS.B,

29.49%,

3/11/24

..

227

232

992080367.UG.FTS.B,

29.49%,

3/11/24

..

49

49

992082784.UG.FTS.B,

29.49%,

3/11/24

..

110

113

992082907.UG.FTS.B,

29.49%,

3/11/24

..

85

87

992085348.UG.FTS.B,

29.49%,

3/11/24

..

180

10

992088919.UG.FTS.B,

29.49%,

3/11/24

..

45

46

992091878.UG.FTS.B,

29.49%,

3/11/24

..

447

457

992091949.UG.FTS.B,

29.49%,

3/11/24

..

500

508

992100022.UG.FTS.B,

29.49%,

3/11/24

..

7

7

992108065.UG.FTS.B,

29.49%,

3/11/24

..

36

1

992110531.UG.FTS.B,

29.49%,

3/11/24

..

17

17

992115212.UG.FTS.B,

29.49%,

3/11/24

..

43

44

992118667.UG.FTS.B,

29.49%,

3/11/24

..

89

30

992119262.UG.FTS.B,

29.49%,

3/11/24

..

259

265

992123631.UG.FTS.B,

29.49%,

3/11/24

..

113

114

992123633.UG.FTS.B,

29.49%,

3/11/24

..

178

182

992131003.UG.FTS.B,

29.49%,

3/11/24

..

59

60

992131523.UG.FTS.B,

29.49%,

3/11/24

..

46

47

992139676.UG.FTS.B,

29.49%,

3/11/24

..

21

21

992145666.UG.FTS.B,

29.49%,

3/11/24

..

11

11

992149062.UG.FTS.B,

29.49%,

3/11/24

..

73

74

992149476.UG.FTS.B,

29.49%,

3/11/24

..

57

57

992149734.UG.FTS.B,

29.49%,

3/11/24

..

–

–

992153056.UG.FTS.B,

29.49%,

3/11/24

..

49

(2)

992155445.UG.FTS.B,

29.49%,

3/11/24

..

51

45

992156484.UG.FTS.B,

29.49%,

3/11/24

..

349

28

992165322.UG.FTS.B,

29.49%,

3/11/24

..

22

22

992169000.UG.FTS.B,

29.49%,

3/11/24

..

379

27

992174667.UG.FTS.B,

29.49%,

3/11/24

..

18

18

992177545.UG.FTS.B,

29.49%,

3/11/24

..

87

89

992193276.UG.FTS.B,

29.49%,

3/11/24

..

93

93

992219945.UG.FTS.B,

29.49%,

3/11/24

..

179

(7)

992219983.UG.FTS.B,

29.49%,

3/11/24

..

221

224

992233205.UG.FTS.B,

29.49%,

3/11/24

..

14

14

992236288.UG.FTS.B,

29.49%,

3/11/24

..

45

46

992248438.UG.FTS.B,

29.49%,

3/11/24

..

44

44

992248545.UG.FTS.B,

29.49%,

3/11/24

..

220

222

991976016.UG.FTS.B,

Zero

Cpn,

3/12/24

.

150

10

991993294.UG.FTS.B,

Zero

Cpn,

3/12/24

.

60

4

992057625.UG.FTS.B,

Zero

Cpn,

3/12/24

.

1,320

94

992231708.UG.FTS.B,

Zero

Cpn,

3/12/24

.

84

6

991979939.UG.FTS.B,

19.99%,

3/12/24

..

218

34

992099670.UG.FTS.B,

19.99%,

3/12/24

..

149

151

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

75

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991992429.UG.FTS.B,

25.44%,

3/12/24

..

$

295

$

294

992006543.UG.FTS.B,

25.44%,

3/12/24

..

95

96

991991960.UG.FTS.B,

25.45%,

3/12/24

..

101

100

992020392.UG.FTS.B,

26.44%,

3/12/24

..

187

187

992058481.UG.FTS.B,

26.44%,

3/12/24

..

106

106

992147248.UG.FTS.B,

26.44%,

3/12/24

..

79

79

992236108.UG.FTS.B,

27.95%,

3/12/24

..

260

263

992211131.UG.FTS.B,

27.99%,

3/12/24

..

97

98

991980426.UG.FTS.B,

28.48%,

3/12/24

..

40

14

991980478.UG.FTS.B,

28.48%,

3/12/24

..

190

193

991981861.UG.FTS.B,

28.48%,

3/12/24

..

131

134

991993059.UG.FTS.B,

28.48%,

3/12/24

..

173

175

991994714.UG.FTS.B,

28.48%,

3/12/24

..

168

172

991995099.UG.FTS.B,

28.48%,

3/12/24

..

449

458

992016115.UG.FTS.B,

28.48%,

3/12/24

..

91

93

992019599.UG.FTS.B,

28.48%,

3/12/24

..

76

78

992041058.UG.FTS.B,

28.48%,

3/12/24

..

131

133

992064423.UG.FTS.B,

28.48%,

3/12/24

..

96

97

992080168.UG.FTS.B,

28.48%,

3/12/24

..

56

57

992089711.UG.FTS.B,

28.48%,

3/12/24

..

156

158

992108074.UG.FTS.B,

28.48%,

3/12/24

..

258

261

992128465.UG.FTS.B,

28.48%,

3/12/24

..

54

55

992140378.UG.FTS.B,

28.48%,

3/12/24

..

660

671

992227904.UG.FTS.B,

28.48%,

3/12/24

..

112

113

992245487.UG.FTS.B,

28.48%,

3/12/24

..

53

54

991992389.UG.FTS.B,

29.46%,

3/12/24

..

284

20

991977637.UG.FTS.B,

29.47%,

3/12/24

..

84

84

991994314.UG.FTS.B,

29.47%,

3/12/24

..

135

138

991994604.UG.FTS.B,

29.47%,

3/12/24

..

235

240

992104564.UG.FTS.B,

29.47%,

3/12/24

..

313

315

991979541.UG.FTS.B,

29.48%,

3/12/24

..

18

2

991985582.UG.FTS.B,

29.48%,

3/12/24

..

31

31

991990427.UG.FTS.B,

29.48%,

3/12/24

..

317

324

991991716.UG.FTS.B,

29.48%,

3/12/24

..

507

515

991993848.UG.FTS.B,

29.48%,

3/12/24

..

904

921

991994388.UG.FTS.B,

29.48%,

3/12/24

..

201

202

991996938.UG.FTS.B,

29.48%,

3/12/24

..

83

85

992007739.UG.FTS.B,

29.48%,

3/12/24

..

89

13

992033875.UG.FTS.B,

29.48%,

3/12/24

..

193

197

992036981.UG.FTS.B,

29.48%,

3/12/24

..

19

19

992048219.UG.FTS.B,

29.48%,

3/12/24

..

254

(11)

992091748.UG.FTS.B,

29.48%,

3/12/24

..

134

137

992092709.UG.FTS.B,

29.48%,

3/12/24

..

448

457

992116109.UG.FTS.B,

29.48%,

3/12/24

..

106

107

992155636.UG.FTS.B,

29.48%,

3/12/24

..

105

107

992159021.UG.FTS.B,

29.48%,

3/12/24

..

222

227

992186587.UG.FTS.B,

29.48%,

3/12/24

..

121

123

991979632.UG.FTS.B,

29.49%,

3/12/24

..

40

6

991980627.UG.FTS.B,

29.49%,

3/12/24

..

121

121

991983851.UG.FTS.B,

29.49%,

3/12/24

..

66

67

991985169.UG.FTS.B,

29.49%,

3/12/24

..

45

46

991987390.UG.FTS.B,

29.49%,

3/12/24

..

314

320

991987451.UG.FTS.B,

29.49%,

3/12/24

..

64

65

991988530.UG.FTS.B,

29.49%,

3/12/24

..

96

98

991989211.UG.FTS.B,

29.49%,

3/12/24

..

27

27

991989660.UG.FTS.B,

29.49%,

3/12/24

..

61

63

991990176.UG.FTS.B,

29.49%,

3/12/24

..

272

(12)

991990964.UG.FTS.B,

29.49%,

3/12/24

..

143

143

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991991285.UG.FTS.B,

29.49%,

3/12/24

..

$

49

$

50

991991358.UG.FTS.B,

29.49%,

3/12/24

..

99

100

991991867.UG.FTS.B,

29.49%,

3/12/24

..

422

143

991992934.UG.FTS.B,

29.49%,

3/12/24

..

43

44

991993792.UG.FTS.B,

29.49%,

3/12/24

..

136

138

991996593.UG.FTS.B,

29.49%,

3/12/24

..

92

92

991998323.UG.FTS.B,

29.49%,

3/12/24

..

60

62

991998381.UG.FTS.B,

29.49%,

3/12/24

..

398

137

991999068.UG.FTS.B,

29.49%,

3/12/24

..

93

95

991999303.UG.FTS.B,

29.49%,

3/12/24

..

43

44

991999409.UG.FTS.B,

29.49%,

3/12/24

..

42

43

992004438.UG.FTS.B,

29.49%,

3/12/24

..

113

114

992005501.UG.FTS.B,

29.49%,

3/12/24

..

127

130

992009155.UG.FTS.B,

29.49%,

3/12/24

..

29

29

992009843.UG.FTS.B,

29.49%,

3/12/24

..

24

1

992010776.UG.FTS.B,

29.49%,

3/12/24

..

63

64

992014057.UG.FTS.B,

29.49%,

3/12/24

..

71

(5)

992015322.UG.FTS.B,

29.49%,

3/12/24

..

–

–

992016479.UG.FTS.B,

29.49%,

3/12/24

..

38

39

992019910.UG.FTS.B,

29.49%,

3/12/24

..

–

–

992020735.UG.FTS.B,

29.49%,

3/12/24

..

44

45

992021468.UG.FTS.B,

29.49%,

3/12/24

..

148

149

992024943.UG.FTS.B,

29.49%,

3/12/24

..

27

24

992025911.UG.FTS.B,

29.49%,

3/12/24

..

177

179

992029135.UG.FTS.B,

29.49%,

3/12/24

..

42

42

992033278.UG.FTS.B,

29.49%,

3/12/24

..

1,007

1,025

992037572.UG.FTS.B,

29.49%,

3/12/24

..

358

366

992039465.UG.FTS.B,

29.49%,

3/12/24

..

45

46

992046325.UG.FTS.B,

29.49%,

3/12/24

..

72

25

992046656.UG.FTS.B,

29.49%,

3/12/24

..

29

29

992056072.UG.FTS.B,

29.49%,

3/12/24

..

95

96

992067880.UG.FTS.B,

29.49%,

3/12/24

..

146

149

992069103.UG.FTS.B,

29.49%,

3/12/24

..

61

18

992069159.UG.FTS.B,

29.49%,

3/12/24

..

33

34

992071436.UG.FTS.B,

29.49%,

3/12/24

..

64

65

992072777.UG.FTS.B,

29.49%,

3/12/24

..

81

23

992075247.UG.FTS.B,

29.49%,

3/12/24

..

108

111

992128285.UG.FTS.B,

29.49%,

3/12/24

..

43

44

992134548.UG.FTS.B,

29.49%,

3/12/24

..

45

45

992136216.UG.FTS.B,

29.49%,

3/12/24

..

52

53

992137680.UG.FTS.B,

29.49%,

3/12/24

..

65

66

992146740.UG.FTS.B,

29.49%,

3/12/24

..

3

3

992150155.UG.FTS.B,

29.49%,

3/12/24

..

–

–

992150344.UG.FTS.B,

29.49%,

3/12/24

..

42

43

992152914.UG.FTS.B,

29.49%,

3/12/24

..

63

64

992158034.UG.FTS.B,

29.49%,

3/12/24

..

114

115

992159913.UG.FTS.B,

29.49%,

3/12/24

..

88

89

992164429.UG.FTS.B,

29.49%,

3/12/24

..

44

45

992173972.UG.FTS.B,

29.49%,

3/12/24

..

88

88

992198780.UG.FTS.B,

29.49%,

3/12/24

..

38

38

992208931.UG.FTS.B,

29.49%,

3/12/24

..

65

66

992218476.UG.FTS.B,

29.49%,

3/12/24

..

113

8

992231303.UG.FTS.B,

29.49%,

3/12/24

..

51

15

992233767.UG.FTS.B,

29.49%,

3/12/24

..

30

30

992238974.UG.FTS.B,

29.49%,

3/12/24

..

65

66

992242905.UG.FTS.B,

29.49%,

3/12/24

..

41

42

992248637.UG.FTS.B,

29.49%,

3/12/24

..

109

16

992251449.UG.FTS.B,

29.49%,

3/12/24

..

53

54

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992256192.UG.FTS.B,

29.49%,

3/12/24

..

$

122

$

9

992257356.UG.FTS.B,

19.99%,

3/13/24

..

24

24

992238746.UG.FTS.B,

27.99%,

3/13/24

..

110

111

992222620.UG.FTS.B,

29.48%,

3/13/24

..

33

33

992244001.UG.FTS.B,

29.48%,

3/13/24

..

125

127

992221497.UG.FTS.B,

29.49%,

3/13/24

..

62

62

992225158.UG.FTS.B,

29.49%,

3/13/24

..

14

14

992236245.UG.FTS.B,

29.49%,

3/13/24

..

72

73

992248601.UG.FTS.B,

29.49%,

3/13/24

..

70

10

992229986.UG.FTS.B,

28.48%,

3/14/24

..

170

172

992226697.UG.FTS.B,

29.48%,

3/14/24

..

98

101

992256645.UG.FTS.B,

29.48%,

3/14/24

..

102

103

992227885.UG.FTS.B,

29.49%,

3/14/24

..

36

36

992229543.UG.FTS.B,

29.49%,

3/14/24

..

106

108

992232418.UG.FTS.B,

29.49%,

3/14/24

..

26

26

992231888.UG.FTS.B,

20.47%,

3/15/24

..

14

14

992257016.UG.FTS.B,

21.48%,

3/15/24

..

127

127

992257213.UG.FTS.B,

22.47%,

3/15/24

..

107

106

992235610.UG.FTS.B,

28.48%,

3/15/24

..

44

45

992248857.UG.FTS.B,

28.48%,

3/15/24

..

46

47

992244370.UG.FTS.B,

29.46%,

3/15/24

..

22

3

992228817.UG.FTS.B,

29.49%,

3/15/24

..

570

41

992229492.UG.FTS.B,

29.49%,

3/15/24

..

43

43

992237964.UG.FTS.B,

29.49%,

3/15/24

..

311

315

992241471.UG.FTS.B,

29.49%,

3/15/24

..

55

19

992256440.UG.FTS.B,

29.49%,

3/15/24

..

97

32

992257450.UG.FTS.B,

29.49%,

3/15/24

..

115

117

992046727.UG.FTS.B,

17.71%,

3/18/24

..

541

546

992073948.UG.FTS.B,

26.44%,

3/21/24

..

398

401

992071429.UG.FTS.B,

26.49%,

3/21/24

..

12

12

992154424.UG.FTS.B,

27.99%,

3/21/24

..

39

40

992062232.UG.FTS.B,

29.48%,

3/21/24

..

78

13

992080667.UG.FTS.B,

29.48%,

3/21/24

..

53

54

992100121.UG.FTS.B,

29.48%,

3/21/24

..

23

23

992228997.UG.FTS.B,

29.48%,

3/21/24

..

110

112

992058652.UG.FTS.B,

29.49%,

3/21/24

..

69

70

992059391.UG.FTS.B,

29.49%,

3/21/24

..

139

142

992059518.UG.FTS.B,

29.49%,

3/21/24

..

120

123

992061481.UG.FTS.B,

29.49%,

3/21/24

..

119

9

992063981.UG.FTS.B,

29.49%,

3/21/24

..

94

94

992064804.UG.FTS.B,

29.49%,

3/21/24

..

20

20

992069331.UG.FTS.B,

29.49%,

3/21/24

..

48

50

992075877.UG.FTS.B,

29.49%,

3/21/24

..

33

33

992080861.UG.FTS.B,

29.49%,

3/21/24

..

317

326

992106222.UG.FTS.B,

29.49%,

3/21/24

..

43

44

992123946.UG.FTS.B,

29.49%,

3/21/24

..

110

113

992164644.UG.FTS.B,

29.49%,

3/21/24

..

136

139

992178504.UG.FTS.B,

29.49%,

3/21/24

..

64

66

992196449.UG.FTS.B,

29.49%,

3/21/24

..

120

123

992264002.UG.FTS.B,

29.49%,

3/21/24

..

51

52

992291699.UG.FTS.B,

29.49%,

3/21/24

..

63

63

992337443.UG.FTS.B,

29.49%,

3/21/24

..

37

37

992337929.UG.FTS.B,

29.49%,

3/21/24

..

50

51

992088590.UG.FTS.B,

20.48%,

3/22/24

..

191

191

992081106.UG.FTS.B,

28.48%,

3/22/24

..

46

46

992289485.UG.FTS.B,

29.47%,

3/22/24

..

48

49

992171922.UG.FTS.B,

29.48%,

3/22/24

..

113

116

992069928.UG.FTS.B,

29.49%,

3/22/24

..

21

21

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992070230.UG.FTS.B,

29.49%,

3/22/24

..

$

241

$

246

992070887.UG.FTS.B,

29.49%,

3/22/24

..

59

5

992072385.UG.FTS.B,

29.49%,

3/22/24

..

5

4

992075057.UG.FTS.B,

29.49%,

3/22/24

..

212

215

992076874.UG.FTS.B,

29.49%,

3/22/24

..

152

156

992088821.UG.FTS.B,

29.49%,

3/22/24

..

38

39

992222932.UG.FTS.B,

29.49%,

3/22/24

..

71

72

992333164.UG.FTS.B,

29.49%,

3/22/24

..

–

–

992075603.UG.FTS.B,

Zero

Cpn,

3/23/24

.

328

23

992184082.UG.FTS.B,

Zero

Cpn,

3/23/24

.

53

4

992348190.UG.FTS.B,

Zero

Cpn,

3/23/24

.

119

8

992081564.UG.FTS.B,

17.49%,

3/23/24

..

87

87

992080099.UG.FTS.B,

17.71%,

3/23/24

..

275

277

992086082.UG.FTS.B,

18.96%,

3/23/24

..

638

644

992090289.UG.FTS.B,

19.47%,

3/23/24

..

–

–

992075141.UG.FTS.B,

19.99%,

3/23/24

..

35

36

992096028.UG.FTS.B,

19.99%,

3/23/24

..

253

259

992139604.UG.FTS.B,

19.99%,

3/23/24

..

157

160

992238542.UG.FTS.B,

19.99%,

3/23/24

..

635

651

992295280.UG.FTS.B,

19.99%,

3/23/24

..

67

68

992083040.UG.FTS.B,

21.47%,

3/23/24

..

90

90

992217305.UG.FTS.B,

21.47%,

3/23/24

..

163

164

992108038.UG.FTS.B,

22.45%,

3/23/24

..

65

66

992087993.UG.FTS.B,

22.47%,

3/23/24

..

604

609

992102137.UG.FTS.B,

22.47%,

3/23/24

..

252

252

992229367.UG.FTS.B,

24.45%,

3/23/24

..

65

66

992082470.UG.FTS.B,

25.44%,

3/23/24

..

382

384

992177179.UG.FTS.B,

25.44%,

3/23/24

..

217

219

992110891.UG.FTS.B,

27.99%,

3/23/24

..

254

258

992075192.UG.FTS.B,

28.48%,

3/23/24

..

28

28

992075903.UG.FTS.B,

28.48%,

3/23/24

..

191

192

992077309.UG.FTS.B,

28.48%,

3/23/24

..

73

74

992078472.UG.FTS.B,

28.48%,

3/23/24

..

37

38

992080231.UG.FTS.B,

28.48%,

3/23/24

..

44

45

992081851.UG.FTS.B,

28.48%,

3/23/24

..

12

13

992088139.UG.FTS.B,

28.48%,

3/23/24

..

29

29

992089378.UG.FTS.B,

28.48%,

3/23/24

..

68

68

992099572.UG.FTS.B,

28.48%,

3/23/24

..

19

19

992115966.UG.FTS.B,

28.48%,

3/23/24

..

45

47

992135303.UG.FTS.B,

28.48%,

3/23/24

..

6

6

992143519.UG.FTS.B,

28.48%,

3/23/24

..

27

27

992144038.UG.FTS.B,

28.48%,

3/23/24

..

41

42

992157605.UG.FTS.B,

28.48%,

3/23/24

..

40

41

992166058.UG.FTS.B,

28.48%,

3/23/24

..

346

(3)

992178330.UG.FTS.B,

28.48%,

3/23/24

..

54

55

992182026.UG.FTS.B,

28.48%,

3/23/24

..

158

161

992192250.UG.FTS.B,

28.48%,

3/23/24

..

21

21

992199643.UG.FTS.B,

28.48%,

3/23/24

..

46

7

992238981.UG.FTS.B,

28.48%,

3/23/24

..

111

114

992253596.UG.FTS.B,

28.48%,

3/23/24

..

74

6

992125045.UG.FTS.B,

29.46%,

3/23/24

..

332

340

992144623.UG.FTS.B,

29.46%,

3/23/24

..

210

216

992322378.UG.FTS.B,

29.46%,

3/23/24

..

138

141

992079043.UG.FTS.B,

29.47%,

3/23/24

..

385

(12)

992084847.UG.FTS.B,

29.47%,

3/23/24

..

105

107

992093193.UG.FTS.B,

29.47%,

3/23/24

..

676

694

992137517.UG.FTS.B,

29.47%,

3/23/24

..

51

52

992162173.UG.FTS.B,

29.47%,

3/23/24

..

37

6

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

77

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992180325.UG.FTS.B,

29.47%,

3/23/24

..

$

57

$

59

992075860.UG.FTS.B,

29.48%,

3/23/24

..

362

364

992093771.UG.FTS.B,

29.48%,

3/23/24

..

372

380

992106250.UG.FTS.B,

29.48%,

3/23/24

..

105

108

992114239.UG.FTS.B,

29.48%,

3/23/24

..

32

28

992115794.UG.FTS.B,

29.48%,

3/23/24

..

59

60

992117051.UG.FTS.B,

29.48%,

3/23/24

..

125

127

992128724.UG.FTS.B,

29.48%,

3/23/24

..

163

167

992142473.UG.FTS.B,

29.48%,

3/23/24

..

291

294

992172882.UG.FTS.B,

29.48%,

3/23/24

..

99

101

992188566.UG.FTS.B,

29.48%,

3/23/24

..

138

142

992197970.UG.FTS.B,

29.48%,

3/23/24

..

67

68

992206246.UG.FTS.B,

29.48%,

3/23/24

..

2

2

992302396.UG.FTS.B,

29.48%,

3/23/24

..

200

201

992313618.UG.FTS.B,

29.48%,

3/23/24

..

130

132

992075137.UG.FTS.B,

29.49%,

3/23/24

..

209

214

992075533.UG.FTS.B,

29.49%,

3/23/24

..

622

638

992076746.UG.FTS.B,

29.49%,

3/23/24

..

84

86

992077968.UG.FTS.B,

29.49%,

3/23/24

..

46

46

992078043.UG.FTS.B,

29.49%,

3/23/24

..

300

305

992078339.UG.FTS.B,

29.49%,

3/23/24

..

462

475

992078829.UG.FTS.B,

29.49%,

3/23/24

..

170

(9)

992079538.UG.FTS.B,

29.49%,

3/23/24

..

46

47

992079879.UG.FTS.B,

29.49%,

3/23/24

..

40

41

992082794.UG.FTS.B,

29.49%,

3/23/24

..

819

839

992082825.UG.FTS.B,

29.49%,

3/23/24

..

83

84

992084523.UG.FTS.B,

29.49%,

3/23/24

..

73

75

992084647.UG.FTS.B,

29.49%,

3/23/24

..

32

33

992088897.UG.FTS.B,

29.49%,

3/23/24

..

41

42

992094074.UG.FTS.B,

29.49%,

3/23/24

..

59

59

992094081.UG.FTS.B,

29.49%,

3/23/24

..

12

12

992095814.UG.FTS.B,

29.49%,

3/23/24

..

97

100

992098225.UG.FTS.B,

29.49%,

3/23/24

..

7

7

992104096.UG.FTS.B,

29.49%,

3/23/24

..

182

186

992104975.UG.FTS.B,

29.49%,

3/23/24

..

6

6

992107438.UG.FTS.B,

29.49%,

3/23/24

..

54

54

992112456.UG.FTS.B,

29.49%,

3/23/24

..

477

487

992114286.UG.FTS.B,

29.49%,

3/23/24

..

40

41

992122922.UG.FTS.B,

29.49%,

3/23/24

..

90

92

992124298.UG.FTS.B,

29.49%,

3/23/24

..

14

14

992125397.UG.FTS.B,

29.49%,

3/23/24

..

75

76

992126923.UG.FTS.B,

29.49%,

3/23/24

..

18

18

992127351.UG.FTS.B,

29.49%,

3/23/24

..

71

71

992132221.UG.FTS.B,

29.49%,

3/23/24

..

87

89

992135554.UG.FTS.B,

29.49%,

3/23/24

..

21

21

992135817.UG.FTS.B,

29.49%,

3/23/24

..

150

153

992137062.UG.FTS.B,

29.49%,

3/23/24

..

41

(1)

992139152.UG.FTS.B,

29.49%,

3/23/24

..

58

60

992143856.UG.FTS.B,

29.49%,

3/23/24

..

62

63

992143882.UG.FTS.B,

29.49%,

3/23/24

..

66

67

992143988.UG.FTS.B,

29.49%,

3/23/24

..

34

35

992147205.UG.FTS.B,

29.49%,

3/23/24

..

64

66

992151275.UG.FTS.B,

29.49%,

3/23/24

..

41

42

992153258.UG.FTS.B,

29.49%,

3/23/24

..

77

7

992154936.UG.FTS.B,

29.49%,

3/23/24

..

5

5

992157117.UG.FTS.B,

29.49%,

3/23/24

..

76

78

992160174.UG.FTS.B,

29.49%,

3/23/24

..

41

41

992160977.UG.FTS.B,

29.49%,

3/23/24

..

193

196

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992160990.UG.FTS.B,

29.49%,

3/23/24

..

$

40

$

41

992162403.UG.FTS.B,

29.49%,

3/23/24

..

86

88

992166916.UG.FTS.B,

29.49%,

3/23/24

..

1,348

102

992169160.UG.FTS.B,

29.49%,

3/23/24

..

101

103

992171230.UG.FTS.B,

29.49%,

3/23/24

..

89

92

992174580.UG.FTS.B,

29.49%,

3/23/24

..

98

7

992176662.UG.FTS.B,

29.49%,

3/23/24

..

133

137

992181280.UG.FTS.B,

29.49%,

3/23/24

..

101

(5)

992186235.UG.FTS.B,

29.49%,

3/23/24

..

63

64

992188685.UG.FTS.B,

29.49%,

3/23/24

..

70

72

992193320.UG.FTS.B,

29.49%,

3/23/24

..

18

18

992195932.UG.FTS.B,

29.49%,

3/23/24

..

28

29

992201306.UG.FTS.B,

29.49%,

3/23/24

..

132

9

992205420.UG.FTS.B,

29.49%,

3/23/24

..

97

7

992209755.UG.FTS.B,

29.49%,

3/23/24

..

65

1

992217269.UG.FTS.B,

29.49%,

3/23/24

..

308

(11)

992261037.UG.FTS.B,

29.49%,

3/23/24

..

150

154

992264714.UG.FTS.B,

29.49%,

3/23/24

..

19

19

992266562.UG.FTS.B,

29.49%,

3/23/24

..

84

85

992270720.UG.FTS.B,

29.49%,

3/23/24

..

45

46

992274808.UG.FTS.B,

29.49%,

3/23/24

..

55

56

992275022.UG.FTS.B,

29.49%,

3/23/24

..

47

48

992275545.UG.FTS.B,

29.49%,

3/23/24

..

18

18

992278366.UG.FTS.B,

29.49%,

3/23/24

..

53

55

992279441.UG.FTS.B,

29.49%,

3/23/24

..

82

6

992300980.UG.FTS.B,

29.49%,

3/23/24

..

31

31

992306475.UG.FTS.B,

29.49%,

3/23/24

..

40

41

992322518.UG.FTS.B,

29.49%,

3/23/24

..

67

(2)

992322922.UG.FTS.B,

29.49%,

3/23/24

..

47

48

992325632.UG.FTS.B,

29.49%,

3/23/24

..

4

–

992332422.UG.FTS.B,

29.49%,

3/23/24

..

83

85

992337743.UG.FTS.B,

29.49%,

3/23/24

..

101

102

992346864.UG.FTS.B,

29.49%,

3/23/24

..

309

315

992347139.UG.FTS.B,

29.49%,

3/23/24

..

486

495

992260894.UG.FTS.B,

15.47%,

3/24/24

..

20

20

992348038.UG.FTS.B,

29.49%,

3/24/24

..

171

174

992233199.UG.FTS.B,

15.49%,

3/30/24

..

256

259

992237108.UG.FTS.B,

15.49%,

3/30/24

..

34

34

992334506.UG.FTS.B,

17.49%,

3/30/24

..

53

54

992191348.UG.FTS.B,

19.96%,

3/30/24

..

200

202

992160172.UG.FTS.B,

16.49%,

4/01/24

..

121

122

992164011.UG.FTS.B,

16.49%,

4/01/24

..

47

48

992414439.UG.FTS.B,

17.49%,

4/01/24

..

1,760

146

992220561.UG.FTS.B,

18.71%,

4/01/24

..

84

86

992169084.UG.FTS.B,

19.3%,

4/01/24

...

93

94

992202635.UG.FTS.B,

20.96%,

4/01/24

..

106

108

992173268.UG.FTS.B,

21.48%,

4/01/24

..

140

142

992175960.UG.FTS.B,

21.48%,

4/01/24

..

282

285

992233910.UG.FTS.B,

21.48%,

4/01/24

..

29

3

992270716.UG.FTS.B,

Zero

Cpn,

4/02/24

.

51

4

992196430.UG.FTS.B,

16.49%,

4/02/24

..

28

28

992256633.UG.FTS.B,

16.49%,

4/02/24

..

124

125

992218531.UG.FTS.B,

17.49%,

4/02/24

..

926

940

992254008.UG.FTS.B,

17.49%,

4/02/24

..

149

152

992255292.UG.FTS.B,

17.49%,

4/02/24

..

21

21

992185159.UG.FTS.B,

17.71%,

4/02/24

..

176

177

992197461.UG.FTS.B,

18.47%,

4/02/24

..

116

118

992200403.UG.FTS.B,

18.47%,

4/02/24

..

496

503

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992198075.UG.FTS.B,

18.71%,

4/02/24

..

$

93

$

94

992172774.UG.FTS.B,

19.96%,

4/02/24

..

8

8

992191634.UG.FTS.B,

20.47%,

4/02/24

..

20

20

992176203.UG.FTS.B,

21.48%,

4/02/24

..

475

482

992311725.UG.FTS.B,

17.47%,

4/03/24

..

47

47

992214077.UG.FTS.B,

17.49%,

4/03/24

..

208

208

992199899.UG.FTS.B,

19.3%,

4/03/24

...

351

352

992223237.UG.FTS.B,

19.3%,

4/03/24

...

118

118

992231175.UG.FTS.B,

20.47%,

4/03/24

..

595

596

992220214.UG.FTS.B,

21.47%,

4/03/24

..

324

323

992198038.UG.FTS.B,

21.48%,

4/03/24

..

64

64

992188122.UG.FTS.B,

23.45%,

4/03/24

..

262

262

992232580.UG.FTS.B,

15%,

4/04/24

.....

20

20

992354230.UG.FTS.B,

16.49%,

4/04/24

..

66

66

992229115.UG.FTS.B,

17.49%,

4/04/24

..

146

145

992199364.UG.FTS.B,

18.47%,

4/04/24

..

426

428

992203524.UG.FTS.B,

18.47%,

4/04/24

..

47

47

992214349.UG.FTS.B,

19.3%,

4/04/24

...

70

70

992198683.UG.FTS.B,

20.96%,

4/04/24

..

46

46

992264265.UG.FTS.B,

15.47%,

4/05/24

..

332

46

992224386.UG.FTS.B,

19.3%,

4/05/24

...

205

205

992231024.UG.FTS.B,

19.3%,

4/05/24

...

35

35

992205235.UG.FTS.B,

20.47%,

4/05/24

..

8

8

992203477.UG.FTS.B,

25.45%,

4/05/24

..

389

157

992205418.UG.FTS.B,

26.44%,

4/05/24

..

51

51

992214868.UG.FTS.B,

26.44%,

4/05/24

..

408

407

992273098.UG.FTS.B,

15%,

4/06/24

.....

57

57

992223672.UG.FTS.B,

15.47%,

4/06/24

..

133

133

992271907.UG.FTS.B,

16.49%,

4/06/24

..

47

47

992224003.UG.FTS.B,

17.47%,

4/06/24

..

556

559

992275288.UG.FTS.B,

17.49%,

4/06/24

..

278

277

992243829.UG.FTS.B,

15%,

4/08/24

.....

190

15

992238414.UG.FTS.B,

15.49%,

4/08/24

..

993

1,000

992365635.UG.FTS.B,

15.49%,

4/08/24

..

132

132

992307654.UG.FTS.B,

16.49%,

4/08/24

..

240

239

992319179.UG.FTS.B,

16.49%,

4/08/24

..

408

410

992345372.UG.FTS.B,

16.49%,

4/08/24

..

1

1

992259612.UG.FTS.B,

17.49%,

4/08/24

..

81

6

992401186.UG.FTS.B,

14.47%,

4/09/24

..

39

39

992309664.UG.FTS.B,

15.47%,

4/09/24

..

83

84

992280719.UG.FTS.B,

17.49%,

4/09/24

..

68

69

992338360.UG.FTS.B,

17.49%,

4/09/24

..

39

39

992269238.UG.FTS.B,

17.71%,

4/09/24

..

44

44

992282763.UG.FTS.B,

Zero

Cpn,

4/10/24

.

38

3

992259589.UG.FTS.B,

16.49%,

4/10/24

..

89

90

992319824.UG.FTS.B,

17.49%,

4/10/24

..

43

44

992337201.UG.FTS.B,

17.49%,

4/10/24

..

12

11

992350594.UG.FTS.B,

17.49%,

4/10/24

..

92

93

992294222.UG.FTS.B,

16.49%,

4/12/24

..

918

926

992265584.UG.FTS.B,

17.49%,

4/12/24

..

74

74

992304659.UG.FTS.B,

18.71%,

4/12/24

..

8

8

992296299.UG.FTS.B,

21.48%,

4/12/24

..

136

137

992287467.UG.FTS.B,

Zero

Cpn,

4/13/24

.

348

24

992355685.UG.FTS.B,

Zero

Cpn,

4/13/24

.

35

3

992324871.UG.FTS.B,

17.49%,

4/13/24

..

73

72

992273786.UG.FTS.B,

18.71%,

4/13/24

..

110

109

992295392.UG.FTS.B,

18.71%,

4/13/24

..

82

83

992296278.UG.FTS.B,

18.71%,

4/13/24

..

347

347

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992291144.UG.FTS.B,

19.96%,

4/13/24

..

$

276

$

278

992408155.UG.FTS.B,

19.96%,

4/13/24

..

26

26

992416542.UG.FTS.B,

19.96%,

4/13/24

..

46

46

992438647.UG.FTS.B,

19.96%,

4/13/24

..

91

90

992281614.UG.FTS.B,

20.47%,

4/13/24

..

472

475

992282729.UG.FTS.B,

20.47%,

4/13/24

..

1,611

506

992280296.UG.FTS.B,

20.96%,

4/13/24

..

73

74

992288043.UG.FTS.B,

21.48%,

4/13/24

..

121

120

992293786.UG.FTS.B,

21.48%,

4/13/24

..

122

123

992370426.UG.FTS.B,

21.48%,

4/13/24

..

24

24

992319188.UG.FTS.B,

22.45%,

4/13/24

..

140

141

992285505.UG.FTS.B,

26.44%,

4/13/24

..

229

228

992290354.UG.FTS.B,

14%,

4/14/24

.....

265

81

992290716.UG.FTS.B,

14.48%,

4/14/24

..

311

314

992290505.UG.FTS.B,

16.49%,

4/14/24

..

65

65

992292653.UG.FTS.B,

16.49%,

4/14/24

..

1,001

77

992293830.UG.FTS.B,

16.49%,

4/14/24

..

231

233

992288452.UG.FTS.B,

19.3%,

4/14/24

...

–

–

992295741.UG.FTS.B,

19.96%,

4/14/24

..

108

108

992285635.UG.FTS.B,

20.47%,

4/14/24

..

187

188

992314331.UG.FTS.B,

20.47%,

4/14/24

..

100

101

992295775.UG.FTS.B,

20.96%,

4/14/24

..

66

66

992306624.UG.FTS.B,

23.45%,

4/14/24

..

181

182

992309647.UG.FTS.B,

25.45%,

4/14/24

..

69

69

992297304.UG.FTS.B,

28.48%,

4/14/24

..

18

18

992288979.UG.FTS.B,

29.49%,

4/14/24

..

582

590

992348358.UG.FTS.B,

16.49%,

4/15/24

..

1,443

92

992311352.UG.FTS.B,

17.49%,

4/15/24

..

55

56

992497171.UG.FTS.B,

17.49%,

4/15/24

..

75

75

992571822.UG.FTS.B,

17.49%,

4/15/24

..

16

16

992294831.UG.FTS.B,

17.71%,

4/15/24

..

341

344

992299108.UG.FTS.B,

18.47%,

4/15/24

..

365

1

992298014.UG.FTS.B,

19.96%,

4/15/24

..

–

–

992298332.UG.FTS.B,

19.99%,

4/15/24

..

373

375

992305270.UG.FTS.B,

23.45%,

4/15/24

..

123

124

992296550.UG.FTS.B,

28.48%,

4/15/24

..

176

180

992299907.UG.FTS.B,

28.48%,

4/15/24

..

183

186

992298353.UG.FTS.B,

29.48%,

4/15/24

..

648

658

992296348.UG.FTS.B,

29.49%,

4/15/24

..

40

3

992298570.UG.FTS.B,

29.49%,

4/15/24

..

68

69

992301040.UG.FTS.B,

29.49%,

4/15/24

..

45

(1)

992305685.UG.FTS.B,

29.49%,

4/15/24

..

112

112

992306433.UG.FTS.B,

Zero

Cpn,

4/16/24

.

308

22

992307115.UG.FTS.B,

Zero

Cpn,

4/16/24

.

72

5

992425133.UG.FTS.B,

17.47%,

4/16/24

..

625

191

992307140.UG.FTS.B,

21.48%,

4/16/24

..

374

376

992307314.UG.FTS.B,

25.45%,

4/16/24

..

618

613

992306818.UG.FTS.B,

28.48%,

4/16/24

..

45

46

992307966.UG.FTS.B,

28.48%,

4/16/24

..

81

83

992308729.UG.FTS.B,

28.48%,

4/16/24

..

15

15

992309855.UG.FTS.B,

29.47%,

4/16/24

..

75

76

992304577.UG.FTS.B,

29.48%,

4/16/24

..

112

114

992304827.UG.FTS.B,

29.49%,

4/16/24

..

98

101

992305369.UG.FTS.B,

29.49%,

4/16/24

..

67

68

992306092.UG.FTS.B,

29.49%,

4/16/24

..

164

168

992306896.UG.FTS.B,

29.49%,

4/16/24

..

62

61

992307114.UG.FTS.B,

29.49%,

4/16/24

..

146

148

992307961.UG.FTS.B,

29.49%,

4/16/24

..

208

214

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

79

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992308240.UG.FTS.B,

29.49%,

4/16/24

..

$

133

$

133

992308347.UG.FTS.B,

29.49%,

4/16/24

..

566

580

992308596.UG.FTS.B,

29.49%,

4/16/24

..

185

61

992308875.UG.FTS.B,

29.49%,

4/16/24

..

59

61

992308975.UG.FTS.B,

29.49%,

4/16/24

..

55

56

992309433.UG.FTS.B,

29.49%,

4/16/24

..

430

438

992309470.UG.FTS.B,

29.49%,

4/16/24

..

38

13

992382966.UG.FTS.B,

16.49%,

4/17/24

..

30

30

992377455.UG.FTS.B,

17.47%,

4/17/24

..

49

50

992330165.UG.FTS.B,

17.71%,

4/17/24

..

130

131

992560425.UG.FTS.B,

17.71%,

4/17/24

..

295

295

992430585.UG.FTS.B,

17.49%,

4/18/24

..

7

7

992325509.UG.FTS.B,

17.71%,

4/18/24

..

112

112

992416946.UG.FTS.B,

26.44%,

4/18/24

..

237

238

992446560.UG.FTS.B,

29.48%,

4/18/24

..

99

100

992383594.UG.FTS.B,

29.49%,

4/18/24

..

59

48

992387026.UG.FTS.B,

29.49%,

4/18/24

..

27

28

992463214.UG.FTS.B,

Zero

Cpn,

4/19/24

.

73

5

992445261.UG.FTS.B,

14.48%,

4/19/24

..

221

222

992368975.UG.FTS.B,

17.49%,

4/19/24

..

462

467

992415751.UG.FTS.B,

17.49%,

4/19/24

..

393

397

992454726.UG.FTS.B,

17.49%,

4/19/24

..

922

931

992570603.UG.FTS.B,

21.48%,

4/19/24

..

3

3

992336475.UG.FTS.B,

28.48%,

4/19/24

..

45

46

992355303.UG.FTS.B,

28.48%,

4/19/24

..

383

393

992397817.UG.FTS.B,

28.48%,

4/19/24

..

99

101

992404979.UG.FTS.B,

28.48%,

4/19/24

..

397

405

992345657.UG.FTS.B,

29.49%,

4/19/24

..

20

20

992363936.UG.FTS.B,

29.49%,

4/19/24

..

81

81

992384552.UG.FTS.B,

29.49%,

4/19/24

..

404

410

992395307.UG.FTS.B,

29.49%,

4/19/24

..

26

26

992491125.UG.FTS.B,

29.49%,

4/19/24

..

21

21

992510143.UG.FTS.B,

29.49%,

4/19/24

..

99

100

992574074.UG.FTS.B,

29.49%,

4/19/24

..

81

81

992612415.UG.FTS.B,

29.49%,

4/19/24

..

102

103

992357683.UG.FTS.B,

Zero

Cpn,

4/20/24

.

70

5

992371414.UG.FTS.B,

Zero

Cpn,

4/20/24

.

42

3

992479525.UG.FTS.B,

Zero

Cpn,

4/20/24

.

396

28

992599263.UG.FTS.B,

Zero

Cpn,

4/20/24

.

37

2

992345757.UG.FTS.B,

19.99%,

4/20/24

..

24

24

992392448.UG.FTS.B,

26.44%,

4/20/24

..

1,128

1,129

992338915.UG.FTS.B,

28.48%,

4/20/24

..

57

59

992405045.UG.FTS.B,

28.48%,

4/20/24

..

71

72

992418355.UG.FTS.B,

28.48%,

4/20/24

..

267

18

992442265.UG.FTS.B,

28.48%,

4/20/24

..

90

91

992451594.UG.FTS.B,

28.48%,

4/20/24

..

13

14

992575704.UG.FTS.B,

28.48%,

4/20/24

..

82

84

992628071.UG.FTS.B,

28.48%,

4/20/24

..

45

45

992340126.UG.FTS.B,

29.45%,

4/20/24

..

157

158

992436051.UG.FTS.B,

29.46%,

4/20/24

..

241

247

992341787.UG.FTS.B,

29.48%,

4/20/24

..

89

16

992344302.UG.FTS.B,

29.48%,

4/20/24

..

433

444

992355773.UG.FTS.B,

29.48%,

4/20/24

..

139

143

992361225.UG.FTS.B,

29.48%,

4/20/24

..

52

53

992362358.UG.FTS.B,

29.48%,

4/20/24

..

52

54

992382847.UG.FTS.B,

29.48%,

4/20/24

..

93

94

992539324.UG.FTS.B,

29.48%,

4/20/24

..

34

35

992340315.UG.FTS.B,

29.49%,

4/20/24

..

268

268

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992340795.UG.FTS.B,

29.49%,

4/20/24

..

$

140

$

143

992343678.UG.FTS.B,

29.49%,

4/20/24

..

113

117

992346213.UG.FTS.B,

29.49%,

4/20/24

..

173

(6)

992347613.UG.FTS.B,

29.49%,

4/20/24

..

361

368

992349101.UG.FTS.B,

29.49%,

4/20/24

..

44

39

992352296.UG.FTS.B,

29.49%,

4/20/24

..

114

114

992352916.UG.FTS.B,

29.49%,

4/20/24

..

20

21

992353094.UG.FTS.B,

29.49%,

4/20/24

..

139

141

992354733.UG.FTS.B,

29.49%,

4/20/24

..

94

96

992359352.UG.FTS.B,

29.49%,

4/20/24

..

180

185

992364036.UG.FTS.B,

29.49%,

4/20/24

..

52

53

992364087.UG.FTS.B,

29.49%,

4/20/24

..

51

52

992369622.UG.FTS.B,

29.49%,

4/20/24

..

690

707

992377143.UG.FTS.B,

29.49%,

4/20/24

..

19

19

992387043.UG.FTS.B,

29.49%,

4/20/24

..

27

27

992388667.UG.FTS.B,

29.49%,

4/20/24

..

55

56

992394679.UG.FTS.B,

29.49%,

4/20/24

..

96

96

992401273.UG.FTS.B,

29.49%,

4/20/24

..

99

102

992402629.UG.FTS.B,

29.49%,

4/20/24

..

474

37

992402850.UG.FTS.B,

29.49%,

4/20/24

..

32

32

992405803.UG.FTS.B,

29.49%,

4/20/24

..

159

159

992407280.UG.FTS.B,

29.49%,

4/20/24

..

89

14

992410379.UG.FTS.B,

29.49%,

4/20/24

..

54

55

992414337.UG.FTS.B,

29.49%,

4/20/24

..

123

127

992415082.UG.FTS.B,

29.49%,

4/20/24

..

148

152

992422684.UG.FTS.B,

29.49%,

4/20/24

..

163

167

992438671.UG.FTS.B,

29.49%,

4/20/24

..

52

52

992442696.UG.FTS.B,

29.49%,

4/20/24

..

147

151

992445119.UG.FTS.B,

29.49%,

4/20/24

..

245

251

992446873.UG.FTS.B,

29.49%,

4/20/24

..

17

17

992447012.UG.FTS.B,

29.49%,

4/20/24

..

76

78

992448680.UG.FTS.B,

29.49%,

4/20/24

..

19

19

992458939.UG.FTS.B,

29.49%,

4/20/24

..

177

181

992462050.UG.FTS.B,

29.49%,

4/20/24

..

133

(7)

992469033.UG.FTS.B,

29.49%,

4/20/24

..

37

38

992470838.UG.FTS.B,

29.49%,

4/20/24

..

65

67

992471190.UG.FTS.B,

29.49%,

4/20/24

..

440

448

992474001.UG.FTS.B,

29.49%,

4/20/24

..

105

108

992476000.UG.FTS.B,

29.49%,

4/20/24

..

11

11

992482557.UG.FTS.B,

29.49%,

4/20/24

..

73

75

992484285.UG.FTS.B,

29.49%,

4/20/24

..

343

352

992496648.UG.FTS.B,

29.49%,

4/20/24

..

95

97

992504556.UG.FTS.B,

29.49%,

4/20/24

..

222

33

992557990.UG.FTS.B,

29.49%,

4/20/24

..

78

79

992560754.UG.FTS.B,

29.49%,

4/20/24

..

111

113

992630723.UG.FTS.B,

29.49%,

4/20/24

..

33

33

992384978.UG.FTS.B,

19.99%,

4/21/24

..

268

270

992422470.UG.FTS.B,

19.99%,

4/21/24

..

182

186

992424287.UG.FTS.B,

19.99%,

4/21/24

..

50

51

992608130.UG.FTS.B,

19.99%,

4/21/24

..

22

22

992358579.UG.FTS.B,

25.45%,

4/21/24

..

75

75

992352071.UG.FTS.B,

28.48%,

4/21/24

..

31

32

992356174.UG.FTS.B,

28.48%,

4/21/24

..

82

84

992357677.UG.FTS.B,

28.48%,

4/21/24

..

36

36

992360281.UG.FTS.B,

28.48%,

4/21/24

..

55

57

992363659.UG.FTS.B,

28.48%,

4/21/24

..

245

246

992375055.UG.FTS.B,

28.48%,

4/21/24

..

53

53

992381859.UG.FTS.B,

28.48%,

4/21/24

..

93

94

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992399854.UG.FTS.B,

28.48%,

4/21/24

..

$

138

$

(4)

992422944.UG.FTS.B,

28.48%,

4/21/24

..

70

72

992464830.UG.FTS.B,

28.48%,

4/21/24

..

–

–

992608528.UG.FTS.B,

28.48%,

4/21/24

..

242

246

992353731.UG.FTS.B,

29.47%,

4/21/24

..

205

209

992563084.UG.FTS.B,

29.47%,

4/21/24

..

141

144

992356491.UG.FTS.B,

29.48%,

4/21/24

..

38

39

992419155.UG.FTS.B,

29.48%,

4/21/24

..

267

274

992433132.UG.FTS.B,

29.48%,

4/21/24

..

65

67

992349100.UG.FTS.B,

29.49%,

4/21/24

..

49

50

992350028.UG.FTS.B,

29.49%,

4/21/24

..

52

53

992351581.UG.FTS.B,

29.49%,

4/21/24

..

307

316

992352252.UG.FTS.B,

29.49%,

4/21/24

..

67

69

992352348.UG.FTS.B,

29.49%,

4/21/24

..

155

159

992353505.UG.FTS.B,

29.49%,

4/21/24

..

72

74

992361207.UG.FTS.B,

29.49%,

4/21/24

..

40

41

992362442.UG.FTS.B,

29.49%,

4/21/24

..

19

19

992363277.UG.FTS.B,

29.49%,

4/21/24

..

75

76

992365004.UG.FTS.B,

29.49%,

4/21/24

..

239

242

992365672.UG.FTS.B,

29.49%,

4/21/24

..

130

132

992367756.UG.FTS.B,

29.49%,

4/21/24

..

–

–

992372209.UG.FTS.B,

29.49%,

4/21/24

..

12

12

992374354.UG.FTS.B,

29.49%,

4/21/24

..

64

64

992376302.UG.FTS.B,

29.49%,

4/21/24

..

80

82

992385221.UG.FTS.B,

29.49%,

4/21/24

..

17

18

992387416.UG.FTS.B,

29.49%,

4/21/24

..

120

123

992396499.UG.FTS.B,

29.49%,

4/21/24

..

80

12

992401061.UG.FTS.B,

29.49%,

4/21/24

..

52

53

992402548.UG.FTS.B,

29.49%,

4/21/24

..

260

268

992424217.UG.FTS.B,

29.49%,

4/21/24

..

109

9

992443789.UG.FTS.B,

29.49%,

4/21/24

..

195

200

992456336.UG.FTS.B,

29.49%,

4/21/24

..

425

433

992464499.UG.FTS.B,

29.49%,

4/21/24

..

73

73

992468196.UG.FTS.B,

29.49%,

4/21/24

..

71

11

992534666.UG.FTS.B,

29.49%,

4/21/24

..

111

112

992545049.UG.FTS.B,

29.49%,

4/21/24

..

1

1

992556319.UG.FTS.B,

29.49%,

4/21/24

..

191

(4)

992636018.UG.FTS.B,

29.49%,

4/21/24

..

106

108

992364286.UG.FTS.B,

Zero

Cpn,

4/22/24

.

181

12

992392229.UG.FTS.B,

Zero

Cpn,

4/22/24

.

54

4

992407396.UG.FTS.B,

Zero

Cpn,

4/22/24

.

125

9

992415247.UG.FTS.B,

Zero

Cpn,

4/22/24

.

489

34

992492786.UG.FTS.B,

Zero

Cpn,

4/22/24

.

69

5

992494360.UG.FTS.B,

Zero

Cpn,

4/22/24

.

85

6

992551472.UG.FTS.B,

Zero

Cpn,

4/22/24

.

708

49

992364692.UG.FTS.B,

19.99%,

4/22/24

..

116

119

992369833.UG.FTS.B,

19.99%,

4/22/24

..

235

242

992378557.UG.FTS.B,

19.99%,

4/22/24

..

7

7

992429949.UG.FTS.B,

19.99%,

4/22/24

..

59

59

992475665.UG.FTS.B,

19.99%,

4/22/24

..

15

16

992492267.UG.FTS.B,

19.99%,

4/22/24

..

35

36

992491442.UG.FTS.B,

27.99%,

4/22/24

..

62

63

992360837.UG.FTS.B,

28.48%,

4/22/24

..

3

3

992382499.UG.FTS.B,

28.48%,

4/22/24

..

45

46

992385748.UG.FTS.B,

28.48%,

4/22/24

..

49

51

992387804.UG.FTS.B,

28.48%,

4/22/24

..

932

941

992412058.UG.FTS.B,

28.48%,

4/22/24

..

77

79

992416907.UG.FTS.B,

28.48%,

4/22/24

..

37

37

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992424568.UG.FTS.B,

28.48%,

4/22/24

..

$

78

$

80

992427668.UG.FTS.B,

28.48%,

4/22/24

..

71

73

992431800.UG.FTS.B,

28.48%,

4/22/24

..

64

66

992443403.UG.FTS.B,

28.48%,

4/22/24

..

30

2

992448201.UG.FTS.B,

28.48%,

4/22/24

..

141

143

992454165.UG.FTS.B,

28.48%,

4/22/24

..

147

151

992455859.UG.FTS.B,

28.48%,

4/22/24

..

97

100

992486047.UG.FTS.B,

28.48%,

4/22/24

..

59

61

992505966.UG.FTS.B,

28.48%,

4/22/24

..

198

202

992522882.UG.FTS.B,

28.48%,

4/22/24

..

274

281

992534533.UG.FTS.B,

28.48%,

4/22/24

..

20

1

992589496.UG.FTS.B,

28.48%,

4/22/24

..

96

98

992602335.UG.FTS.B,

28.48%,

4/22/24

..

67

68

992634019.UG.FTS.B,

28.48%,

4/22/24

..

46

47

992573635.UG.FTS.B,

28.98%,

4/22/24

..

81

83

992363947.UG.FTS.B,

29.46%,

4/22/24

..

60

4

992380070.UG.FTS.B,

29.46%,

4/22/24

..

336

26

992390743.UG.FTS.B,

29.46%,

4/22/24

..

73

75

992399048.UG.FTS.B,

29.46%,

4/22/24

..

274

282

992425682.UG.FTS.B,

29.46%,

4/22/24

..

102

104

992388520.UG.FTS.B,

29.47%,

4/22/24

..

94

97

992391512.UG.FTS.B,

29.47%,

4/22/24

..

73

75

992392635.UG.FTS.B,

29.47%,

4/22/24

..

103

106

992460810.UG.FTS.B,

29.47%,

4/22/24

..

49

49

992479715.UG.FTS.B,

29.47%,

4/22/24

..

54

56

992363029.UG.FTS.B,

29.48%,

4/22/24

..

121

124

992364441.UG.FTS.B,

29.48%,

4/22/24

..

43

45

992367217.UG.FTS.B,

29.48%,

4/22/24

..

489

504

992368806.UG.FTS.B,

29.48%,

4/22/24

..

496

511

992381017.UG.FTS.B,

29.48%,

4/22/24

..

72

74

992406664.UG.FTS.B,

29.48%,

4/22/24

..

263

270

992411120.UG.FTS.B,

29.48%,

4/22/24

..

–

–

992442535.UG.FTS.B,

29.48%,

4/22/24

..

327

336

992507470.UG.FTS.B,

29.48%,

4/22/24

..

19

19

992512527.UG.FTS.B,

29.48%,

4/22/24

..

5

5

992583462.UG.FTS.B,

29.48%,

4/22/24

..

72

74

992617618.UG.FTS.B,

29.48%,

4/22/24

..

34

34

992361368.UG.FTS.B,

29.49%,

4/22/24

..

41

3

992362198.UG.FTS.B,

29.49%,

4/22/24

..

161

165

992362761.UG.FTS.B,

29.49%,

4/22/24

..

457

468

992362772.UG.FTS.B,

29.49%,

4/22/24

..

26

26

992365735.UG.FTS.B,

29.49%,

4/22/24

..

87

88

992365800.UG.FTS.B,

29.49%,

4/22/24

..

188

193

992367525.UG.FTS.B,

29.49%,

4/22/24

..

97

8

992367701.UG.FTS.B,

29.49%,

4/22/24

..

112

115

992367708.UG.FTS.B,

29.49%,

4/22/24

..

319

329

992368371.UG.FTS.B,

29.49%,

4/22/24

..

257

261

992369039.UG.FTS.B,

29.49%,

4/22/24

..

198

204

992372978.UG.FTS.B,

29.49%,

4/22/24

..

138

139

992374502.UG.FTS.B,

29.49%,

4/22/24

..

19

19

992375978.UG.FTS.B,

29.49%,

4/22/24

..

88

91

992378163.UG.FTS.B,

29.49%,

4/22/24

..

892

921

992379030.UG.FTS.B,

29.49%,

4/22/24

..

56

58

992381453.UG.FTS.B,

29.49%,

4/22/24

..

97

99

992384283.UG.FTS.B,

29.49%,

4/22/24

..

95

98

992384291.UG.FTS.B,

29.49%,

4/22/24

..

124

10

992392486.UG.FTS.B,

29.49%,

4/22/24

..

52

53

992393895.UG.FTS.B,

29.49%,

4/22/24

..

73

74

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

81

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992394285.UG.FTS.B,

29.49%,

4/22/24

..

$

147

$

151

992394919.UG.FTS.B,

29.49%,

4/22/24

..

241

249

992395126.UG.FTS.B,

29.49%,

4/22/24

..

49

50

992396949.UG.FTS.B,

29.49%,

4/22/24

..

179

184

992397348.UG.FTS.B,

29.49%,

4/22/24

..

473

39

992398795.UG.FTS.B,

29.49%,

4/22/24

..

35

35

992399923.UG.FTS.B,

29.49%,

4/22/24

..

63

65

992399976.UG.FTS.B,

29.49%,

4/22/24

..

485

499

992400220.UG.FTS.B,

29.49%,

4/22/24

..

145

12

992402175.UG.FTS.B,

29.49%,

4/22/24

..

59

61

992402969.UG.FTS.B,

29.49%,

4/22/24

..

70

(2)

992405962.UG.FTS.B,

29.49%,

4/22/24

..

32

32

992407616.UG.FTS.B,

29.49%,

4/22/24

..

95

98

992408959.UG.FTS.B,

29.49%,

4/22/24

..

127

131

992409797.UG.FTS.B,

29.49%,

4/22/24

..

31

31

992411219.UG.FTS.B,

29.49%,

4/22/24

..

156

161

992413878.UG.FTS.B,

29.49%,

4/22/24

..

419

(13)

992417840.UG.FTS.B,

29.49%,

4/22/24

..

235

235

992418041.UG.FTS.B,

29.49%,

4/22/24

..

140

10

992419162.UG.FTS.B,

29.49%,

4/22/24

..

247

255

992419762.UG.FTS.B,

29.49%,

4/22/24

..

57

59

992424876.UG.FTS.B,

29.49%,

4/22/24

..

172

177

992428323.UG.FTS.B,

29.49%,

4/22/24

..

76

77

992429421.UG.FTS.B,

29.49%,

4/22/24

..

34

35

992438545.UG.FTS.B,

29.49%,

4/22/24

..

107

6

992443674.UG.FTS.B,

29.49%,

4/22/24

..

58

58

992452791.UG.FTS.B,

29.49%,

4/22/24

..

252

254

992456204.UG.FTS.B,

29.49%,

4/22/24

..

71

72

992456646.UG.FTS.B,

29.49%,

4/22/24

..

115

118

992459640.UG.FTS.B,

29.49%,

4/22/24

..

135

140

992466186.UG.FTS.B,

29.49%,

4/22/24

..

64

65

992472499.UG.FTS.B,

29.49%,

4/22/24

..

87

89

992475729.UG.FTS.B,

29.49%,

4/22/24

..

–

–

992476533.UG.FTS.B,

29.49%,

4/22/24

..

350

361

992480966.UG.FTS.B,

29.49%,

4/22/24

..

94

97

992482688.UG.FTS.B,

29.49%,

4/22/24

..

83

84

992482970.UG.FTS.B,

29.49%,

4/22/24

..

66

66

992485368.UG.FTS.B,

29.49%,

4/22/24

..

167

172

992493485.UG.FTS.B,

29.49%,

4/22/24

..

64

65

992497391.UG.FTS.B,

29.49%,

4/22/24

..

25

26

992498054.UG.FTS.B,

29.49%,

4/22/24

..

91

92

992499024.UG.FTS.B,

29.49%,

4/22/24

..

92

93

992511791.UG.FTS.B,

29.49%,

4/22/24

..

76

78

992513901.UG.FTS.B,

29.49%,

4/22/24

..

120

19

992513935.UG.FTS.B,

29.49%,

4/22/24

..

77

6

992528399.UG.FTS.B,

29.49%,

4/22/24

..

51

51

992531260.UG.FTS.B,

29.49%,

4/22/24

..

251

255

992532101.UG.FTS.B,

29.49%,

4/22/24

..

34

35

992536091.UG.FTS.B,

29.49%,

4/22/24

..

798

812

992536205.UG.FTS.B,

29.49%,

4/22/24

..

79

78

992536234.UG.FTS.B,

29.49%,

4/22/24

..

391

390

992555450.UG.FTS.B,

29.49%,

4/22/24

..

55

57

992561430.UG.FTS.B,

29.49%,

4/22/24

..

7

7

992567677.UG.FTS.B,

29.49%,

4/22/24

..

266

19

992569703.UG.FTS.B,

29.49%,

4/22/24

..

254

261

992572323.UG.FTS.B,

29.49%,

4/22/24

..

402

410

992576869.UG.FTS.B,

29.49%,

4/22/24

..

482

490

992585426.UG.FTS.B,

29.49%,

4/22/24

..

146

149

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992602886.UG.FTS.B,

29.49%,

4/22/24

..

$

793

$

806

992606898.UG.FTS.B,

29.49%,

4/22/24

..

59

60

992625714.UG.FTS.B,

29.49%,

4/22/24

..

23

23

992625838.UG.FTS.B,

29.49%,

4/22/24

..

39

40

991988264.UG.FTS.B,

29.49%,

5/08/24

..

150

133

992114050.UG.FTS.B,

29.49%,

5/20/24

..

72

74

992078704.UG.FTS.B,

29.49%,

5/23/24

..

49

41

991922885.UG.FTS.B,

29.49%,

5/25/24

..

54

5

991953930.UG.FTS.B,

29.49%,

6/06/24

..

53

45

992091528.UG.FTS.B,

29.46%,

6/08/24

..

45

38

991994214.UG.FTS.B,

29.48%,

6/09/24

..

499

427

992249113.UG.FTS.B,

29.49%,

6/11/24

..

72

59

992371231.UG.FTS.B,

27.99%,

6/18/24

..

47

39

992086135.UG.FTS.B,

28.48%,

6/20/24

..

285

236

992103503.UG.FTS.B,

29.49%,

6/20/24

..

263

225

992190869.UG.FTS.B,

29.49%,

6/20/24

..

265

229

992211232.UG.FTS.B,

29.49%,

6/20/24

..

64

10

992326535.UG.FTS.B,

29.49%,

6/20/24

..

65

52

992319099.UG.FTS.B,

14.47%,

7/07/24

..

634

83

992609319.UG.FTS.B,

29.49%,

7/17/24

..

506

409

992552647.UG.FTS.B,

25.45%,

7/18/24

..

84

68

992538707.UG.FTS.B,

29.48%,

7/20/24

..

56

45

992167691.UG.FTS.B,

29.49%,

7/20/24

..

107

92

992416487.UG.FTS.B,

29.49%,

7/20/24

..

113

96

992494486.UG.FTS.B,

29.49%,

7/20/24

..

57

49

992077860.UG.FTS.B,

29.49%,

7/23/24

..

52

44

992287364.UG.FTS.B,

29.49%,

8/12/24

..

485

402

992341019.UG.FTS.B,

29.49%,

8/17/24

..

62

4

992203622.UG.FTS.B,

16.49%,

8/30/24

..

255

200

991995732.UG.FTS.B,

29.49%,

9/08/24

..

84

67

991988840.UG.FTS.B,

29.49%,

9/09/24

..

144

118

992091504.UG.FTS.B,

29.49%,

9/09/24

..

82

67

992619826.UG.FTS.B,

29.49%,

9/20/24

..

221

(2)

992192015.UG.FTS.B,

23.45%,

9/30/24

..

81

64

992146186.UG.FTS.B,

28.48%,

10/08/24

.

93

74

992367548.UG.FTS.B,

29.45%,

10/20/24

.

65

67

992093528.UG.FTS.B,

29.49%,

10/20/24

.

191

154

992109266.UG.FTS.B,

29.49%,

10/20/24

.

92

71

992074978.UG.FTS.B,

29.49%,

11/20/24

.

107

86

992383651.UG.FTS.B,

29.49%,

11/20/24

.

390

311

992411572.UG.FTS.B,

29.49%,

11/20/24

.

65

52

992287169.UG.FTS.B,

19.99%,

12/12/24

.

75

58

992350167.UG.FTS.B,

29.49%,

12/18/24

.

353

25

992424535.UG.FTS.B,

29.49%,

12/18/24

.

70

5

992491615.UG.FTS.B,

29.49%,

12/20/24

.

900

690

992616538.UG.FTS.B,

29.49%,

12/20/24

.

87

68

992198946.UG.FTS.B,

17.49%,

12/29/24

.

115

85

992179184.UG.FTS.B,

19.8%,

12/30/24

..

72

54

992636987.UG.FTS.B,

Zero

Cpn,

1/20/25

.

726

50

992456807.UG.FTS.B,

29.49%,

1/20/25

..

120

92

991980947.UG.FTS.B,

19.21%,

2/19/25

..

–

–

991852042.UG.FTS.B,

Zero

Cpn,

2/23/25

.

212

15

991853154.UG.FTS.B,

Zero

Cpn,

2/23/25

.

158

11

992071158.UG.FTS.B,

18.97%,

2/23/25

..

428

436

991848979.UG.FTS.B,

19.21%,

2/23/25

..

44

44

991927049.UG.FTS.B,

19.21%,

2/23/25

..

27

27

991951293.UG.FTS.B,

19.21%,

2/23/25

..

1,106

1,126

992095856.UG.FTS.B,

19.21%,

2/23/25

..

205

208

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991870310.UG.FTS.B,

19.99%,

2/23/25

..

$

202

$

203

991958243.UG.FTS.B,

19.99%,

2/23/25

..

90

92

992085994.UG.FTS.B,

19.99%,

2/23/25

..

8

8

992095669.UG.FTS.B,

19.99%,

2/23/25

..

103

13

992099081.UG.FTS.B,

19.99%,

2/23/25

..

886

925

991898820.UG.FTS.B,

20.46%,

2/23/25

..

248

252

991857987.UG.FTS.B,

21.46%,

2/23/25

..

212

218

991849042.UG.FTS.B,

21.97%,

2/23/25

..

146

149

991857592.UG.FTS.B,

21.98%,

2/23/25

..

990

1,011

991850940.UG.FTS.B,

22.97%,

2/23/25

..

490

502

991850018.UG.FTS.B,

28.98%,

2/23/25

..

187

196

991850458.UG.FTS.B,

28.98%,

2/23/25

..

327

332

991855922.UG.FTS.B,

28.98%,

2/23/25

..

459

482

991857540.UG.FTS.B,

28.98%,

2/23/25

..

322

339

991862467.UG.FTS.B,

28.98%,

2/23/25

..

174

183

991871191.UG.FTS.B,

28.98%,

2/23/25

..

693

718

991883597.UG.FTS.B,

28.98%,

2/23/25

..

303

308

991885208.UG.FTS.B,

28.98%,

2/23/25

..

215

218

991942115.UG.FTS.B,

28.98%,

2/23/25

..

134

135

991947006.UG.FTS.B,

28.98%,

2/23/25

..

556

572

991949036.UG.FTS.B,

28.98%,

2/23/25

..

78

82

991964351.UG.FTS.B,

28.98%,

2/23/25

..

661

695

991979851.UG.FTS.B,

28.98%,

2/23/25

..

351

366

992068595.UG.FTS.B,

28.98%,

2/23/25

..

111

115

992080455.UG.FTS.B,

28.98%,

2/23/25

..

176

183

992097053.UG.FTS.B,

28.98%,

2/23/25

..

559

581

992101060.UG.FTS.B,

28.98%,

2/23/25

..

19

19

991834666.UG.FTS.B,

29.48%,

2/23/25

..

1,394

200

991846424.UG.FTS.B,

29.49%,

2/23/25

..

199

15

991847993.UG.FTS.B,

29.49%,

2/23/25

..

493

519

991851118.UG.FTS.B,

29.49%,

2/23/25

..

204

216

991858389.UG.FTS.B,

29.49%,

2/23/25

..

68

72

991859523.UG.FTS.B,

29.49%,

2/23/25

..

10

10

991859751.UG.FTS.B,

29.49%,

2/23/25

..

147

154

991877149.UG.FTS.B,

29.49%,

2/23/25

..

1,889

1,993

991879861.UG.FTS.B,

29.49%,

2/23/25

..

96

101

991889020.UG.FTS.B,

29.49%,

2/23/25

..

126

25

991898313.UG.FTS.B,

29.49%,

2/23/25

..

65

69

991916358.UG.FTS.B,

29.49%,

2/23/25

..

100

7

991933958.UG.FTS.B,

29.49%,

2/23/25

..

29

30

991942743.UG.FTS.B,

29.49%,

2/23/25

..

214

217

991955703.UG.FTS.B,

29.49%,

2/23/25

..

1,435

209

991973632.UG.FTS.B,

29.49%,

2/23/25

..

425

34

991990365.UG.FTS.B,

29.49%,

2/23/25

..

95

98

992009378.UG.FTS.B,

29.49%,

2/23/25

..

155

108

992042688.UG.FTS.B,

29.49%,

2/23/25

..

6

6

992055313.UG.FTS.B,

29.49%,

2/23/25

..

169

176

992100429.UG.FTS.B,

29.49%,

2/23/25

..

275

275

992101807.UG.FTS.B,

29.49%,

2/23/25

..

957

1,004

992102941.UG.FTS.B,

29.49%,

2/23/25

..

2,359

2,463

992103021.UG.FTS.B,

29.49%,

2/23/25

..

679

710

992095407.UG.FTS.B,

Zero

Cpn,

2/24/25

.

114

8

992100568.UG.FTS.B,

Zero

Cpn,

2/24/25

.

78

5

992095631.UG.FTS.B,

15%,

2/24/25

.....

101

102

992098930.UG.FTS.B,

18.97%,

2/24/25

..

993

1,012

991875724.UG.FTS.B,

19.21%,

2/24/25

..

50

50

992041969.UG.FTS.B,

19.21%,

2/24/25

..

10

10

991858814.UG.FTS.B,

19.99%,

2/24/25

..

337

335

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991918770.UG.FTS.B,

19.99%,

2/24/25

..

$

674

$

711

992022838.UG.FTS.B,

19.99%,

2/24/25

..

144

145

991917948.UG.FTS.B,

20.46%,

2/24/25

..

893

911

991861717.UG.FTS.B,

21.46%,

2/24/25

..

563

578

992094122.UG.FTS.B,

21.98%,

2/24/25

..

166

13

991859983.UG.FTS.B,

28.98%,

2/24/25

..

257

20

991881531.UG.FTS.B,

28.98%,

2/24/25

..

145

152

991892823.UG.FTS.B,

28.98%,

2/24/25

..

22

22

991950991.UG.FTS.B,

28.98%,

2/24/25

..

257

270

992070983.UG.FTS.B,

28.98%,

2/24/25

..

335

349

992095946.UG.FTS.B,

28.98%,

2/24/25

..

–

–

991855828.UG.FTS.B,

29.49%,

2/24/25

..

33

(1)

991856323.UG.FTS.B,

29.49%,

2/24/25

..

829

852

991857305.UG.FTS.B,

29.49%,

2/24/25

..

183

187

991857701.UG.FTS.B,

29.49%,

2/24/25

..

510

539

991864922.UG.FTS.B,

29.49%,

2/24/25

..

57

60

991865031.UG.FTS.B,

29.49%,

2/24/25

..

554

436

991889019.UG.FTS.B,

29.49%,

2/24/25

..

308

324

991940825.UG.FTS.B,

29.49%,

2/24/25

..

17

17

991962356.UG.FTS.B,

29.49%,

2/24/25

..

148

11

991996253.UG.FTS.B,

29.49%,

2/24/25

..

303

316

992017493.UG.FTS.B,

29.49%,

2/24/25

..

161

168

992051195.UG.FTS.B,

29.49%,

2/24/25

..

99

104

992062277.UG.FTS.B,

29.49%,

2/24/25

..

4

4

992088592.UG.FTS.B,

29.49%,

2/24/25

..

29

2

992099175.UG.FTS.B,

29.49%,

2/24/25

..

223

227

992103466.UG.FTS.B,

29.49%,

2/24/25

..

288

299

992102508.UG.FTS.B,

19.21%,

2/25/25

..

440

449

991934046.UG.FTS.B,

19.8%,

2/25/25

...

1,439

1,466

992085534.UG.FTS.B,

19.8%,

2/25/25

...

157

159

992101988.UG.FTS.B,

19.8%,

2/25/25

...

1,250

1,273

992062353.UG.FTS.B,

20.46%,

2/25/25

..

71

72

991868821.UG.FTS.B,

28.98%,

2/25/25

..

745

776

991885747.UG.FTS.B,

28.98%,

2/25/25

..

459

484

991910181.UG.FTS.B,

28.98%,

2/25/25

..

3,750

287

991918949.UG.FTS.B,

28.98%,

2/25/25

..

286

295

992022832.UG.FTS.B,

28.98%,

2/25/25

..

–

–

991884399.UG.FTS.B,

29.49%,

2/25/25

..

109

112

991930137.UG.FTS.B,

29.49%,

2/25/25

..

163

168

992007774.UG.FTS.B,

29.49%,

2/25/25

..

163

(5)

992099082.UG.FTS.B,

29.49%,

2/25/25

..

1,082

1,127

992101569.UG.FTS.B,

29.49%,

2/25/25

..

376

(12)

992102475.UG.FTS.B,

29.49%,

2/25/25

..

1,537

1,541

992103027.UG.FTS.B,

29.49%,

2/25/25

..

481

37

991896054.UG.FTS.B,

15.97%,

3/03/25

..

703

724

991953301.UG.FTS.B,

16.99%,

3/04/25

..

592

603

991901307.UG.FTS.B,

17.97%,

3/04/25

..

116

115

991940362.UG.FTS.B,

17.99%,

3/04/25

..

41

41

992003521.UG.FTS.B,

17.99%,

3/04/25

..

324

330

992121849.UG.FTS.B,

Zero

Cpn,

3/05/25

.

1,232

87

991972238.UG.FTS.B,

15.97%,

3/05/25

..

208

209

991911402.UG.FTS.B,

16.99%,

3/05/25

..

400

407

991938779.UG.FTS.B,

16.99%,

3/05/25

..

123

126

991933144.UG.FTS.B,

17.97%,

3/05/25

..

159

162

992030620.UG.FTS.B,

17.99%,

3/05/25

..

112

111

992048059.UG.FTS.B,

17.99%,

3/05/25

..

3,036

637

992082342.UG.FTS.B,

17.99%,

3/05/25

..

130

130

992122276.UG.FTS.B,

17.99%,

3/05/25

..

–

–

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

83

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992176129.UG.FTS.B,

14.97%,

3/06/25

..

$

430

$

435

991934175.UG.FTS.B,

15%,

3/06/25

.....

319

325

991922719.UG.FTS.B,

15.97%,

3/06/25

..

169

12

991965195.UG.FTS.B,

16.99%,

3/06/25

..

169

172

991976215.UG.FTS.B,

16.99%,

3/06/25

..

519

529

991992407.UG.FTS.B,

16.99%,

3/06/25

..

177

179

991932344.UG.FTS.B,

17.97%,

3/06/25

..

79

80

991964363.UG.FTS.B,

17.97%,

3/06/25

..

129

132

992003351.UG.FTS.B,

17.97%,

3/06/25

..

757

1

992007661.UG.FTS.B,

17.99%,

3/06/25

..

657

670

992104600.UG.FTS.B,

17.99%,

3/06/25

..

698

711

992187270.UG.FTS.B,

17.99%,

3/06/25

..

40

40

991945378.UG.FTS.B,

15%,

3/07/25

.....

139

140

992092422.UG.FTS.B,

15.97%,

3/07/25

..

547

557

992148536.UG.FTS.B,

16.99%,

3/07/25

..

150

152

992024120.UG.FTS.B,

17.99%,

3/07/25

..

136

139

992086926.UG.FTS.B,

17.99%,

3/07/25

..

5

5

991999086.UG.FTS.B,

15.97%,

3/08/25

..

70

71

992069223.UG.FTS.B,

15.97%,

3/08/25

..

579

588

991945523.UG.FTS.B,

16.99%,

3/08/25

..

580

8

992067831.UG.FTS.B,

16.99%,

3/08/25

..

99

100

992167995.UG.FTS.B,

16.99%,

3/08/25

..

785

794

992204207.UG.FTS.B,

16.99%,

3/08/25

..

115

116

991942814.UG.FTS.B,

17.99%,

3/08/25

..

11

11

992023008.UG.FTS.B,

17.99%,

3/08/25

..

27

27

992054524.UG.FTS.B,

17.99%,

3/08/25

..

602

612

992056976.UG.FTS.B,

17.99%,

3/08/25

..

310

67

991969257.UG.FTS.B,

Zero

Cpn,

3/09/25

.

240

17

991962073.UG.FTS.B,

15.97%,

3/09/25

..

450

458

992045994.UG.FTS.B,

15.97%,

3/09/25

..

223

226

992093111.UG.FTS.B,

15.97%,

3/09/25

..

86

86

991959640.UG.FTS.B,

16.99%,

3/09/25

..

281

60

991958431.UG.FTS.B,

17.99%,

3/09/25

..

233

16

991985159.UG.FTS.B,

17.99%,

3/09/25

..

1,375

94

991997373.UG.FTS.B,

17.99%,

3/09/25

..

339

346

992088368.UG.FTS.B,

17.99%,

3/09/25

..

159

162

992158284.UG.FTS.B,

17.99%,

3/09/25

..

453

461

992185435.UG.FTS.B,

17.99%,

3/09/25

..

1,507

1,527

991951113.UG.FTS.B,

19.99%,

3/09/25

..

1,253

1,291

991960077.UG.FTS.B,

19.99%,

3/09/25

..

62

63

992214049.UG.FTS.B,

19.99%,

3/09/25

..

108

111

992005128.UG.FTS.B,

27.99%,

3/09/25

..

53

55

992221115.UG.FTS.B,

27.99%,

3/09/25

..

140

145

991946846.UG.FTS.B,

28.98%,

3/09/25

..

496

519

991946853.UG.FTS.B,

28.98%,

3/09/25

..

302

302

991947597.UG.FTS.B,

28.98%,

3/09/25

..

264

276

991950108.UG.FTS.B,

28.98%,

3/09/25

..

28

27

991951985.UG.FTS.B,

28.98%,

3/09/25

..

771

803

991953091.UG.FTS.B,

28.98%,

3/09/25

..

2,108

2,205

991956904.UG.FTS.B,

28.98%,

3/09/25

..

53

54

991958281.UG.FTS.B,

28.98%,

3/09/25

..

925

911

991961425.UG.FTS.B,

28.98%,

3/09/25

..

412

431

991978892.UG.FTS.B,

28.98%,

3/09/25

..

31

32

992010855.UG.FTS.B,

28.98%,

3/09/25

..

3,160

3,268

992085211.UG.FTS.B,

28.98%,

3/09/25

..

454

469

992179588.UG.FTS.B,

28.98%,

3/09/25

..

11

10

992211701.UG.FTS.B,

28.98%,

3/09/25

..

172

178

991955582.UG.FTS.B,

29.46%,

3/09/25

..

46

46

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992001280.UG.FTS.B,

29.46%,

3/09/25

..

$

329

$

339

992221812.UG.FTS.B,

29.46%,

3/09/25

..

148

154

991953775.UG.FTS.B,

29.47%,

3/09/25

..

302

318

992058926.UG.FTS.B,

29.47%,

3/09/25

..

483

487

992138560.UG.FTS.B,

29.47%,

3/09/25

..

67

68

992226909.UG.FTS.B,

29.48%,

3/09/25

..

75

77

991948233.UG.FTS.B,

29.49%,

3/09/25

..

69

69

991949833.UG.FTS.B,

29.49%,

3/09/25

..

102

107

991949846.UG.FTS.B,

29.49%,

3/09/25

..

16

16

991951547.UG.FTS.B,

29.49%,

3/09/25

..

173

179

991952166.UG.FTS.B,

29.49%,

3/09/25

..

591

612

991953005.UG.FTS.B,

29.49%,

3/09/25

..

274

35

991954696.UG.FTS.B,

29.49%,

3/09/25

..

141

149

991959284.UG.FTS.B,

29.49%,

3/09/25

..

203

212

991960052.UG.FTS.B,

29.49%,

3/09/25

..

228

31

991971585.UG.FTS.B,

29.49%,

3/09/25

..

257

259

991980308.UG.FTS.B,

29.49%,

3/09/25

..

170

178

991983473.UG.FTS.B,

29.49%,

3/09/25

..

716

741

991998692.UG.FTS.B,

29.49%,

3/09/25

..

1,381

1,434

992001551.UG.FTS.B,

29.49%,

3/09/25

..

39

39

992206574.UG.FTS.B,

29.49%,

3/09/25

..

56

–

992211648.UG.FTS.B,

29.49%,

3/09/25

..

128

132

992212611.UG.FTS.B,

29.49%,

3/09/25

..

331

341

992222889.UG.FTS.B,

29.49%,

3/09/25

..

10

10

992226157.UG.FTS.B,

Zero

Cpn,

3/10/25

.

497

34

991956996.UG.FTS.B,

16.99%,

3/10/25

..

264

1

991997245.UG.FTS.B,

19.99%,

3/10/25

..

165

173

992032415.UG.FTS.B,

19.99%,

3/10/25

..

468

490

991957178.UG.FTS.B,

28.98%,

3/10/25

..

360

375

991958934.UG.FTS.B,

28.98%,

3/10/25

..

179

188

991962085.UG.FTS.B,

28.98%,

3/10/25

..

97

98

991968026.UG.FTS.B,

28.98%,

3/10/25

..

896

928

991973413.UG.FTS.B,

28.98%,

3/10/25

..

18

18

991974510.UG.FTS.B,

28.98%,

3/10/25

..

344

355

992011442.UG.FTS.B,

28.98%,

3/10/25

..

590

436

992027655.UG.FTS.B,

28.98%,

3/10/25

..

–

–

992033842.UG.FTS.B,

28.98%,

3/10/25

..

208

218

992060387.UG.FTS.B,

28.98%,

3/10/25

..

221

228

992084194.UG.FTS.B,

28.98%,

3/10/25

..

749

95

992143690.UG.FTS.B,

28.98%,

3/10/25

..

98

102

992184165.UG.FTS.B,

28.98%,

3/10/25

..

2,281

2,361

992229139.UG.FTS.B,

28.98%,

3/10/25

..

1,737

1,761

992234259.UG.FTS.B,

28.98%,

3/10/25

..

17

17

992234778.UG.FTS.B,

28.98%,

3/10/25

..

131

135

992061277.UG.FTS.B,

29.46%,

3/10/25

..

483

504

991959464.UG.FTS.B,

29.47%,

3/10/25

..

465

479

991991290.UG.FTS.B,

29.47%,

3/10/25

..

70

71

992061694.UG.FTS.B,

29.47%,

3/10/25

..

173

41

992139536.UG.FTS.B,

29.47%,

3/10/25

..

780

798

992205977.UG.FTS.B,

29.47%,

3/10/25

..

10

10

991954603.UG.FTS.B,

29.49%,

3/10/25

..

120

28

991954960.UG.FTS.B,

29.49%,

3/10/25

..

252

266

991957562.UG.FTS.B,

29.49%,

3/10/25

..

136

144

991958699.UG.FTS.B,

29.49%,

3/10/25

..

56

8

991960347.UG.FTS.B,

29.49%,

3/10/25

..

196

197

991972068.UG.FTS.B,

29.49%,

3/10/25

..

258

269

991972794.UG.FTS.B,

29.49%,

3/10/25

..

1,133

1,125

991986855.UG.FTS.B,

29.49%,

3/10/25

..

102

107

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

991986924.UG.FTS.B,

29.49%,

3/10/25

..

$

131

$

137

991987090.UG.FTS.B,

29.49%,

3/10/25

..

245

251

991991729.UG.FTS.B,

29.49%,

3/10/25

..

524

67

991992823.UG.FTS.B,

29.49%,

3/10/25

..

68

69

992024541.UG.FTS.B,

29.49%,

3/10/25

..

337

347

992056222.UG.FTS.B,

29.49%,

3/10/25

..

275

282

992084912.UG.FTS.B,

29.49%,

3/10/25

..

919

951

992189126.UG.FTS.B,

29.49%,

3/10/25

..

151

21

992222709.UG.FTS.B,

29.49%,

3/10/25

..

102

106

992228254.UG.FTS.B,

29.49%,

3/10/25

..

506

117

992229344.UG.FTS.B,

29.49%,

3/10/25

..

234

229

991978739.UG.FTS.B,

Zero

Cpn,

3/11/25

.

294

21

991981214.UG.FTS.B,

Zero

Cpn,

3/11/25

.

113

8

991987079.UG.FTS.B,

Zero

Cpn,

3/11/25

.

174

12

992019065.UG.FTS.B,

Zero

Cpn,

3/11/25

.

100

7

992028689.UG.FTS.B,

Zero

Cpn,

3/11/25

.

120

8

992093149.UG.FTS.B,

Zero

Cpn,

3/11/25

.

242

17

992184719.UG.FTS.B,

Zero

Cpn,

3/11/25

.

129

9

992228990.UG.FTS.B,

Zero

Cpn,

3/11/25

.

275

19

992244427.UG.FTS.B,

Zero

Cpn,

3/11/25

.

146

10

991968447.UG.FTS.B,

19.99%,

3/11/25

..

828

844

991968635.UG.FTS.B,

19.99%,

3/11/25

..

1,353

1,369

991970440.UG.FTS.B,

19.99%,

3/11/25

..

182

180

991989654.UG.FTS.B,

19.99%,

3/11/25

..

25

25

992004940.UG.FTS.B,

19.99%,

3/11/25

..

21

21

992007097.UG.FTS.B,

19.99%,

3/11/25

..

18

17

992025841.UG.FTS.B,

19.99%,

3/11/25

..

39

39

992026254.UG.FTS.B,

19.99%,

3/11/25

..

457

463

992028614.UG.FTS.B,

19.99%,

3/11/25

..

166

172

992029209.UG.FTS.B,

19.99%,

3/11/25

..

32

32

992029328.UG.FTS.B,

19.99%,

3/11/25

..

105

109

992030511.UG.FTS.B,

19.99%,

3/11/25

..

44

45

992032062.UG.FTS.B,

19.99%,

3/11/25

..

239

17

992034460.UG.FTS.B,

19.99%,

3/11/25

..

197

206

992048328.UG.FTS.B,

19.99%,

3/11/25

..

929

113

992049367.UG.FTS.B,

19.99%,

3/11/25

..

169

177

992088914.UG.FTS.B,

19.99%,

3/11/25

..

31

31

992119841.UG.FTS.B,

19.99%,

3/11/25

..

94

98

992120582.UG.FTS.B,

19.99%,

3/11/25

..

29

29

992131942.UG.FTS.B,

19.99%,

3/11/25

..

758

(1)

992134817.UG.FTS.B,

19.99%,

3/11/25

..

394

48

992156714.UG.FTS.B,

19.99%,

3/11/25

..

231

239

992159439.UG.FTS.B,

19.99%,

3/11/25

..

480

501

992168147.UG.FTS.B,

19.99%,

3/11/25

..

1,745

350

992172074.UG.FTS.B,

19.99%,

3/11/25

..

370

371

992208823.UG.FTS.B,

19.99%,

3/11/25

..

117

119

992227850.UG.FTS.B,

19.99%,

3/11/25

..

22

22

992238523.UG.FTS.B,

19.99%,

3/11/25

..

651

674

992240522.UG.FTS.B,

19.99%,

3/11/25

..

53

54

992244571.UG.FTS.B,

19.99%,

3/11/25

..

189

196

991964099.UG.FTS.B,

25.95%,

3/11/25

..

11

11

991969813.UG.FTS.B,

27.95%,

3/11/25

..

131

136

991970478.UG.FTS.B,

27.95%,

3/11/25

..

67

70

991977566.UG.FTS.B,

27.95%,

3/11/25

..

117

117

991981186.UG.FTS.B,

27.95%,

3/11/25

..

150

157

991993621.UG.FTS.B,

27.95%,

3/11/25

..

55

56

992012687.UG.FTS.B,

27.95%,

3/11/25

..

489

513

992026849.UG.FTS.B,

27.95%,

3/11/25

..

84

11

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992148579.UG.FTS.B,

27.95%,

3/11/25

..

$

72

$

73

991971937.UG.FTS.B,

27.99%,

3/11/25

..

140

142

992004287.UG.FTS.B,

27.99%,

3/11/25

..

160

160

992027907.UG.FTS.B,

27.99%,

3/11/25

..

59

61

992048043.UG.FTS.B,

27.99%,

3/11/25

..

80

84

992073005.UG.FTS.B,

27.99%,

3/11/25

..

239

249

992145143.UG.FTS.B,

27.99%,

3/11/25

..

189

196

992210645.UG.FTS.B,

27.99%,

3/11/25

..

1,384

1,430

991962687.UG.FTS.B,

28.98%,

3/11/25

..

429

29

991963921.UG.FTS.B,

28.98%,

3/11/25

..

692

724

991967251.UG.FTS.B,

28.98%,

3/11/25

..

68

71

991968337.UG.FTS.B,

28.98%,

3/11/25

..

49

50

991968741.UG.FTS.B,

28.98%,

3/11/25

..

106

106

991969198.UG.FTS.B,

28.98%,

3/11/25

..

944

60

991969940.UG.FTS.B,

28.98%,

3/11/25

..

106

109

991970346.UG.FTS.B,

28.98%,

3/11/25

..

670

701

991970931.UG.FTS.B,

28.98%,

3/11/25

..

37

38

991971916.UG.FTS.B,

28.98%,

3/11/25

..

175

180

991972362.UG.FTS.B,

28.98%,

3/11/25

..

195

204

991973560.UG.FTS.B,

28.98%,

3/11/25

..

47

48

991974107.UG.FTS.B,

28.98%,

3/11/25

..

135

141

991974854.UG.FTS.B,

28.98%,

3/11/25

..

1,991

2,077

991975165.UG.FTS.B,

28.98%,

3/11/25

..

197

207

991978841.UG.FTS.B,

28.98%,

3/11/25

..

371

387

991978961.UG.FTS.B,

28.98%,

3/11/25

..

101

104

991980616.UG.FTS.B,

28.98%,

3/11/25

..

274

278

991980716.UG.FTS.B,

28.98%,

3/11/25

..

838

877

991981032.UG.FTS.B,

28.98%,

3/11/25

..

83

84

991982793.UG.FTS.B,

28.98%,

3/11/25

..

69

72

991984407.UG.FTS.B,

28.98%,

3/11/25

..

137

144

991987352.UG.FTS.B,

28.98%,

3/11/25

..

129

(2)

991988715.UG.FTS.B,

28.98%,

3/11/25

..

11

11

991988726.UG.FTS.B,

28.98%,

3/11/25

..

9

9

991989952.UG.FTS.B,

28.98%,

3/11/25

..

489

63

991995958.UG.FTS.B,

28.98%,

3/11/25

..

149

151

991997912.UG.FTS.B,

28.98%,

3/11/25

..

618

646

991999549.UG.FTS.B,

28.98%,

3/11/25

..

352

369

992000296.UG.FTS.B,

28.98%,

3/11/25

..

14

14

992000896.UG.FTS.B,

28.98%,

3/11/25

..

179

181

992001193.UG.FTS.B,

28.98%,

3/11/25

..

–

–

992001817.UG.FTS.B,

28.98%,

3/11/25

..

51

(1)

992002219.UG.FTS.B,

28.98%,

3/11/25

..

719

164

992002332.UG.FTS.B,

28.98%,

3/11/25

..

2,317

295

992011471.UG.FTS.B,

28.98%,

3/11/25

..

640

651

992016038.UG.FTS.B,

28.98%,

3/11/25

..

142

143

992016171.UG.FTS.B,

28.98%,

3/11/25

..

313

39

992016258.UG.FTS.B,

28.98%,

3/11/25

..

424

439

992023183.UG.FTS.B,

28.98%,

3/11/25

..

49

50

992023534.UG.FTS.B,

28.98%,

3/11/25

..

100

103

992025712.UG.FTS.B,

28.98%,

3/11/25

..

21

21

992025833.UG.FTS.B,

28.98%,

3/11/25

..

41

42

992025859.UG.FTS.B,

28.98%,

3/11/25

..

96

99

992030460.UG.FTS.B,

28.98%,

3/11/25

..

76

79

992037045.UG.FTS.B,

28.98%,

3/11/25

..

436

445

992037522.UG.FTS.B,

28.98%,

3/11/25

..

345

361

992040822.UG.FTS.B,

28.98%,

3/11/25

..

779

816

992046466.UG.FTS.B,

28.98%,

3/11/25

..

239

250

992047309.UG.FTS.B,

28.98%,

3/11/25

..

1,036

1,085

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

85

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992047615.UG.FTS.B,

28.98%,

3/11/25

..

$

1,064

$

1,096

992048579.UG.FTS.B,

28.98%,

3/11/25

..

236

16

992051819.UG.FTS.B,

28.98%,

3/11/25

..

48

49

992053296.UG.FTS.B,

28.98%,

3/11/25

..

467

482

992053675.UG.FTS.B,

28.98%,

3/11/25

..

1,873

1,915

992058151.UG.FTS.B,

28.98%,

3/11/25

..

223

227

992058166.UG.FTS.B,

28.98%,

3/11/25

..

37

37

992058413.UG.FTS.B,

28.98%,

3/11/25

..

189

198

992059286.UG.FTS.B,

28.98%,

3/11/25

..

165

171

992063791.UG.FTS.B,

28.98%,

3/11/25

..

267

280

992066045.UG.FTS.B,

28.98%,

3/11/25

..

827

866

992074959.UG.FTS.B,

28.98%,

3/11/25

..

212

219

992081943.UG.FTS.B,

28.98%,

3/11/25

..

663

673

992083285.UG.FTS.B,

28.98%,

3/11/25

..

25

25

992087191.UG.FTS.B,

28.98%,

3/11/25

..

94

97

992089935.UG.FTS.B,

28.98%,

3/11/25

..

537

541

992092715.UG.FTS.B,

28.98%,

3/11/25

..

161

162

992097011.UG.FTS.B,

28.98%,

3/11/25

..

107

110

992101346.UG.FTS.B,

28.98%,

3/11/25

..

481

500

992103031.UG.FTS.B,

28.98%,

3/11/25

..

483

504

992103102.UG.FTS.B,

28.98%,

3/11/25

..

1,203

1,249

992104063.UG.FTS.B,

28.98%,

3/11/25

..

32

33

992107143.UG.FTS.B,

28.98%,

3/11/25

..

171

178

992108750.UG.FTS.B,

28.98%,

3/11/25

..

72

74

992126188.UG.FTS.B,

28.98%,

3/11/25

..

132

135

992126812.UG.FTS.B,

28.98%,

3/11/25

..

206

26

992132545.UG.FTS.B,

28.98%,

3/11/25

..

171

179

992133652.UG.FTS.B,

28.98%,

3/11/25

..

122

123

992134748.UG.FTS.B,

28.98%,

3/11/25

..

18

16

992147858.UG.FTS.B,

28.98%,

3/11/25

..

19

19

992148358.UG.FTS.B,

28.98%,

3/11/25

..

167

173

992148737.UG.FTS.B,

28.98%,

3/11/25

..

297

299

992153993.UG.FTS.B,

28.98%,

3/11/25

..

79

83

992154044.UG.FTS.B,

28.98%,

3/11/25

..

49

50

992157584.UG.FTS.B,

28.98%,

3/11/25

..

956

716

992157987.UG.FTS.B,

28.98%,

3/11/25

..

319

332

992164863.UG.FTS.B,

28.98%,

3/11/25

..

145

152

992168518.UG.FTS.B,

28.98%,

3/11/25

..

438

454

992170038.UG.FTS.B,

28.98%,

3/11/25

..

18

(1)

992170854.UG.FTS.B,

28.98%,

3/11/25

..

–

–

992171424.UG.FTS.B,

28.98%,

3/11/25

..

17

17

992181823.UG.FTS.B,

28.98%,

3/11/25

..

334

345

992182107.UG.FTS.B,

28.98%,

3/11/25

..

319

330

992191711.UG.FTS.B,

28.98%,

3/11/25

..

290

62

992203919.UG.FTS.B,

28.98%,

3/11/25

..

59

60

992212028.UG.FTS.B,

28.98%,

3/11/25

..

269

277

992222254.UG.FTS.B,

28.98%,

3/11/25

..

120

122

992226073.UG.FTS.B,

28.98%,

3/11/25

..

52

53

992233151.UG.FTS.B,

28.98%,

3/11/25

..

44

44

992238338.UG.FTS.B,

28.98%,

3/11/25

..

115

119

992238365.UG.FTS.B,

28.98%,

3/11/25

..

501

119

992239076.UG.FTS.B,

28.98%,

3/11/25

..

332

343

992239900.UG.FTS.B,

28.98%,

3/11/25

..

54

53

992248314.UG.FTS.B,

28.98%,

3/11/25

..

339

351

992027450.UG.FTS.B,

29.45%,

3/11/25

..

50

51

992029745.UG.FTS.B,

29.45%,

3/11/25

..

78

81

992206165.UG.FTS.B,

29.45%,

3/11/25

..

194

12

991963425.UG.FTS.B,

29.46%,

3/11/25

..

245

244

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

991968571.UG.FTS.B,

29.46%,

3/11/25

..

$

412

$

403

991988255.UG.FTS.B,

29.46%,

3/11/25

..

230

241

991991096.UG.FTS.B,

29.46%,

3/11/25

..

258

271

991993331.UG.FTS.B,

29.46%,

3/11/25

..

262

272

992006452.UG.FTS.B,

29.46%,

3/11/25

..

490

513

992018601.UG.FTS.B,

29.46%,

3/11/25

..

57

58

992024385.UG.FTS.B,

29.46%,

3/11/25

..

5

5

992033511.UG.FTS.B,

29.46%,

3/11/25

..

6

5

992044734.UG.FTS.B,

29.46%,

3/11/25

..

300

314

992079289.UG.FTS.B,

29.46%,

3/11/25

..

92

92

992120587.UG.FTS.B,

29.46%,

3/11/25

..

169

176

992154627.UG.FTS.B,

29.46%,

3/11/25

..

174

178

992158845.UG.FTS.B,

29.46%,

3/11/25

..

372

389

992177585.UG.FTS.B,

29.46%,

3/11/25

..

408

428

992201881.UG.FTS.B,

29.46%,

3/11/25

..

263

269

991971148.UG.FTS.B,

29.47%,

3/11/25

..

772

756

991974316.UG.FTS.B,

29.47%,

3/11/25

..

19

19

991984009.UG.FTS.B,

29.47%,

3/11/25

..

497

522

991991818.UG.FTS.B,

29.47%,

3/11/25

..

100

104

992011703.UG.FTS.B,

29.47%,

3/11/25

..

179

186

992013511.UG.FTS.B,

29.47%,

3/11/25

..

73

19

992017890.UG.FTS.B,

29.47%,

3/11/25

..

154

159

992053435.UG.FTS.B,

29.47%,

3/11/25

..

50

52

992100125.UG.FTS.B,

29.47%,

3/11/25

..

308

316

992175153.UG.FTS.B,

29.47%,

3/11/25

..

36

37

992214422.UG.FTS.B,

29.47%,

3/11/25

..

124

128

991967374.UG.FTS.B,

29.48%,

3/11/25

..

226

238

991980731.UG.FTS.B,

29.48%,

3/11/25

..

110

116

992029150.UG.FTS.B,

29.48%,

3/11/25

..

140

144

992063913.UG.FTS.B,

29.48%,

3/11/25

..

323

340

992070566.UG.FTS.B,

29.48%,

3/11/25

..

274

288

992072427.UG.FTS.B,

29.48%,

3/11/25

..

381

384

991964812.UG.FTS.B,

29.49%,

3/11/25

..

928

216

991965941.UG.FTS.B,

29.49%,

3/11/25

..

176

184

991966429.UG.FTS.B,

29.49%,

3/11/25

..

57

59

991966840.UG.FTS.B,

29.49%,

3/11/25

..

461

479

991967022.UG.FTS.B,

29.49%,

3/11/25

..

28

28

991967604.UG.FTS.B,

29.49%,

3/11/25

..

83

87

991967623.UG.FTS.B,

29.49%,

3/11/25

..

140

33

991967652.UG.FTS.B,

29.49%,

3/11/25

..

46

48

991969491.UG.FTS.B,

29.49%,

3/11/25

..

518

530

991970083.UG.FTS.B,

29.49%,

3/11/25

..

115

15

991970299.UG.FTS.B,

29.49%,

3/11/25

..

72

75

991973725.UG.FTS.B,

29.49%,

3/11/25

..

456

464

991976864.UG.FTS.B,

29.49%,

3/11/25

..

379

27

991978479.UG.FTS.B,

29.49%,

3/11/25

..

198

207

991979745.UG.FTS.B,

29.49%,

3/11/25

..

517

536

991980333.UG.FTS.B,

29.49%,

3/11/25

..

230

232

991983215.UG.FTS.B,

29.49%,

3/11/25

..

63

17

991983636.UG.FTS.B,

29.49%,

3/11/25

..

493

35

991984234.UG.FTS.B,

29.49%,

3/11/25

..

102

107

991987180.UG.FTS.B,

29.49%,

3/11/25

..

126

129

991987414.UG.FTS.B,

29.49%,

3/11/25

..

841

106

991988975.UG.FTS.B,

29.49%,

3/11/25

..

66

69

991989388.UG.FTS.B,

29.49%,

3/11/25

..

23

23

991989746.UG.FTS.B,

29.49%,

3/11/25

..

100

(4)

991992147.UG.FTS.B,

29.49%,

3/11/25

..

547

561

991995847.UG.FTS.B,

29.49%,

3/11/25

..

52

54

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992000864.UG.FTS.B,

29.49%,

3/11/25

..

$

221

$

219

992001512.UG.FTS.B,

29.49%,

3/11/25

..

34

34

992003237.UG.FTS.B,

29.49%,

3/11/25

..

590

608

992004566.UG.FTS.B,

29.49%,

3/11/25

..

402

93

992005349.UG.FTS.B,

29.49%,

3/11/25

..

250

262

992007891.UG.FTS.B,

29.49%,

3/11/25

..

140

146

992011020.UG.FTS.B,

29.49%,

3/11/25

..

117

122

992020484.UG.FTS.B,

29.49%,

3/11/25

..

321

330

992021917.UG.FTS.B,

29.49%,

3/11/25

..

276

278

992024970.UG.FTS.B,

29.49%,

3/11/25

..

1,910

1,999

992025121.UG.FTS.B,

29.49%,

3/11/25

..

144

152

992025369.UG.FTS.B,

29.49%,

3/11/25

..

74

75

992026503.UG.FTS.B,

29.49%,

3/11/25

..

105

25

992027348.UG.FTS.B,

29.49%,

3/11/25

..

86

88

992028716.UG.FTS.B,

29.49%,

3/11/25

..

171

25

992029549.UG.FTS.B,

29.49%,

3/11/25

..

144

10

992030257.UG.FTS.B,

29.49%,

3/11/25

..

546

128

992033132.UG.FTS.B,

29.49%,

3/11/25

..

337

340

992035063.UG.FTS.B,

29.49%,

3/11/25

..

343

337

992036479.UG.FTS.B,

29.49%,

3/11/25

..

247

260

992037631.UG.FTS.B,

29.49%,

3/11/25

..

121

127

992040296.UG.FTS.B,

29.49%,

3/11/25

..

61

63

992042561.UG.FTS.B,

29.49%,

3/11/25

..

44

15

992043880.UG.FTS.B,

29.49%,

3/11/25

..

62

64

992044810.UG.FTS.B,

29.49%,

3/11/25

..

10

10

992046940.UG.FTS.B,

29.49%,

3/11/25

..

344

343

992064841.UG.FTS.B,

29.49%,

3/11/25

..

40

14

992065664.UG.FTS.B,

29.49%,

3/11/25

..

1,488

1,557

992066264.UG.FTS.B,

29.49%,

3/11/25

..

274

280

992071400.UG.FTS.B,

29.49%,

3/11/25

..

535

561

992073550.UG.FTS.B,

29.49%,

3/11/25

..

195

201

992074666.UG.FTS.B,

29.49%,

3/11/25

..

92

95

992077305.UG.FTS.B,

29.49%,

3/11/25

..

48

(2)

992081049.UG.FTS.B,

29.49%,

3/11/25

..

154

163

992082171.UG.FTS.B,

29.49%,

3/11/25

..

350

368

992084727.UG.FTS.B,

29.49%,

3/11/25

..

257

263

992085469.UG.FTS.B,

29.49%,

3/11/25

..

296

309

992086252.UG.FTS.B,

29.49%,

3/11/25

..

211

221

992086896.UG.FTS.B,

29.49%,

3/11/25

..

79

20

992088267.UG.FTS.B,

29.49%,

3/11/25

..

51

15

992088861.UG.FTS.B,

29.49%,

3/11/25

..

177

186

992093860.UG.FTS.B,

29.49%,

3/11/25

..

71

71

992102278.UG.FTS.B,

29.49%,

3/11/25

..

28

4

992102652.UG.FTS.B,

29.49%,

3/11/25

..

16

16

992106984.UG.FTS.B,

29.49%,

3/11/25

..

183

190

992107551.UG.FTS.B,

29.49%,

3/11/25

..

300

307

992107714.UG.FTS.B,

29.49%,

3/11/25

..

19

19

992109311.UG.FTS.B,

29.49%,

3/11/25

..

262

265

992109997.UG.FTS.B,

29.49%,

3/11/25

..

1,178

404

992111302.UG.FTS.B,

29.49%,

3/11/25

...

35

36

992118598.UG.FTS.B,

29.49%,

3/11/25

..

185

185

992121347.UG.FTS.B,

29.49%,

3/11/25

..

61

4

992123707.UG.FTS.B,

29.49%,

3/11/25

..

1,373

1,426

992124757.UG.FTS.B,

29.49%,

3/11/25

..

–

–

992126616.UG.FTS.B,

29.49%,

3/11/25

..

100

100

992127691.UG.FTS.B,

29.49%,

3/11/25

..

740

(32)

992131355.UG.FTS.B,

29.49%,

3/11/25

..

273

36

992134379.UG.FTS.B,

29.49%,

3/11/25

..

930

930

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992151581.UG.FTS.B,

29.49%,

3/11/25

..

$

52

$

53

992158535.UG.FTS.B,

29.49%,

3/11/25

..

54

8

992170616.UG.FTS.B,

29.49%,

3/11/25

..

231

240

992172061.UG.FTS.B,

29.49%,

3/11/25

..

149

19

992175864.UG.FTS.B,

29.49%,

3/11/25

..

7

7

992176883.UG.FTS.B,

29.49%,

3/11/25

..

21

20

992179156.UG.FTS.B,

29.49%,

3/11/25

..

34

35

992188521.UG.FTS.B,

29.49%,

3/11/25

..

282

293

992195040.UG.FTS.B,

29.49%,

3/11/25

..

104

107

992196015.UG.FTS.B,

29.49%,

3/11/25

..

2,422

2,486

992202400.UG.FTS.B,

29.49%,

3/11/25

..

128

133

992217835.UG.FTS.B,

29.49%,

3/11/25

..

206

213

992217989.UG.FTS.B,

29.49%,

3/11/25

..

1,911

1,981

992225353.UG.FTS.B,

29.49%,

3/11/25

..

227

228

992235769.UG.FTS.B,

29.49%,

3/11/25

..

111

26

992237775.UG.FTS.B,

29.49%,

3/11/25

..

345

148

992242925.UG.FTS.B,

29.49%,

3/11/25

..

111

(6)

992248004.UG.FTS.B,

29.49%,

3/11/25

..

1,021

1,058

991977320.UG.FTS.B,

Zero

Cpn,

3/12/25

.

459

32

991981751.UG.FTS.B,

Zero

Cpn,

3/12/25

.

82

6

991987939.UG.FTS.B,

Zero

Cpn,

3/12/25

.

173

12

991988951.UG.FTS.B,

Zero

Cpn,

3/12/25

.

1,044

72

991990882.UG.FTS.B,

Zero

Cpn,

3/12/25

.

1,087

75

991994935.UG.FTS.B,

Zero

Cpn,

3/12/25

.

561

39

991998113.UG.FTS.B,

Zero

Cpn,

3/12/25

.

351

24

992011988.UG.FTS.B,

Zero

Cpn,

3/12/25

.

49

3

992055703.UG.FTS.B,

Zero

Cpn,

3/12/25

.

116

8

992063465.UG.FTS.B,

Zero

Cpn,

3/12/25

.

29

2

992067597.UG.FTS.B,

Zero

Cpn,

3/12/25

.

73

5

992090588.UG.FTS.B,

Zero

Cpn,

3/12/25

.

806

56

992099219.UG.FTS.B,

Zero

Cpn,

3/12/25

.

127

9

992154894.UG.FTS.B,

Zero

Cpn,

3/12/25

.

224

16

991974684.UG.FTS.B,

19.99%,

3/12/25

..

119

124

991986121.UG.FTS.B,

19.99%,

3/12/25

..

1,386

1,452

991987773.UG.FTS.B,

19.99%,

3/12/25

..

3,296

3,449

991990312.UG.FTS.B,

19.99%,

3/12/25

..

1,252

1,311

991990562.UG.FTS.B,

19.99%,

3/12/25

..

197

206

991992249.UG.FTS.B,

19.99%,

3/12/25

..

2,773

2,904

991993356.UG.FTS.B,

19.99%,

3/12/25

..

528

528

991993747.UG.FTS.B,

19.99%,

3/12/25

..

146

152

991996094.UG.FTS.B,

19.99%,

3/12/25

..

175

180

991998238.UG.FTS.B,

19.99%,

3/12/25

..

3,686

3,766

991999661.UG.FTS.B,

19.99%,

3/12/25

..

421

441

992005951.UG.FTS.B,

19.99%,

3/12/25

..

632

632

992017079.UG.FTS.B,

19.99%,

3/12/25

..

104

109

992023200.UG.FTS.B,

19.99%,

3/12/25

..

396

414

992027504.UG.FTS.B,

19.99%,

3/12/25

..

17

17

992052864.UG.FTS.B,

19.99%,

3/12/25

..

11

11

992053591.UG.FTS.B,

19.99%,

3/12/25

..

58

59

992059475.UG.FTS.B,

19.99%,

3/12/25

..

282

295

992074963.UG.FTS.B,

19.99%,

3/12/25

..

90

94

992101937.UG.FTS.B,

19.99%,

3/12/25

..

37

38

992117451.UG.FTS.B,

19.99%,

3/12/25

..

88

92

992117671.UG.FTS.B,

19.99%,

3/12/25

..

490

60

992138207.UG.FTS.B,

19.99%,

3/12/25

..

20

20

992145911.UG.FTS.B,

19.99%,

3/12/25

..

29

29

992177562.UG.FTS.B,

19.99%,

3/12/25

..

1,504

1,575

992185573.UG.FTS.B,

19.99%,

3/12/25

..

392

411

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

87

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992196780.UG.FTS.B,

19.99%,

3/12/25

..

$

212

$

220

992213000.UG.FTS.B,

19.99%,

3/12/25

..

42

42

992238254.UG.FTS.B,

19.99%,

3/12/25

..

457

55

992250535.UG.FTS.B,

19.99%,

3/12/25

..

83

–

991990658.UG.FTS.B,

25.95%,

3/12/25

..

1,253

1,259

991994071.UG.FTS.B,

25.95%,

3/12/25

..

2,093

265

991995347.UG.FTS.B,

25.95%,

3/12/25

..

1,021

1,040

991993934.UG.FTS.B,

26.94%,

3/12/25

..

1,573

(53)

991995361.UG.FTS.B,

26.94%,

3/12/25

..

1,898

128

991995390.UG.FTS.B,

26.94%,

3/12/25

..

1,030

1,050

992031773.UG.FTS.B,

26.94%,

3/12/25

..

204

202

992069949.UG.FTS.B,

26.94%,

3/12/25

..

100

96

992162223.UG.FTS.B,

26.94%,

3/12/25

..

373

25

991990538.UG.FTS.B,

27.95%,

3/12/25

..

30

30

991977693.UG.FTS.B,

28.98%,

3/12/25

..

700

709

991978502.UG.FTS.B,

28.98%,

3/12/25

..

217

223

991979961.UG.FTS.B,

28.98%,

3/12/25

..

117

29

991980708.UG.FTS.B,

28.98%,

3/12/25

..

547

560

991981222.UG.FTS.B,

28.98%,

3/12/25

..

739

604

991982221.UG.FTS.B,

28.98%,

3/12/25

..

432

452

991982496.UG.FTS.B,

28.98%,

3/12/25

..

4

4

991984189.UG.FTS.B,

28.98%,

3/12/25

..

209

216

991987046.UG.FTS.B,

28.98%,

3/12/25

..

150

155

991987070.UG.FTS.B,

28.98%,

3/12/25

..

683

673

991987508.UG.FTS.B,

28.98%,

3/12/25

..

103

105

991987883.UG.FTS.B,

28.98%,

3/12/25

..

253

262

991987890.UG.FTS.B,

28.98%,

3/12/25

..

190

198

991988065.UG.FTS.B,

28.98%,

3/12/25

..

384

401

991988242.UG.FTS.B,

28.98%,

3/12/25

..

368

371

991988368.UG.FTS.B,

28.98%,

3/12/25

..

24

24

991988716.UG.FTS.B,

28.98%,

3/12/25

..

103

106

991990987.UG.FTS.B,

28.98%,

3/12/25

..

859

213

991991221.UG.FTS.B,

28.98%,

3/12/25

..

30

30

991991251.UG.FTS.B,

28.98%,

3/12/25

..

–

–

991991626.UG.FTS.B,

28.98%,

3/12/25

..

1,400

1,455

991991706.UG.FTS.B,

28.98%,

3/12/25

..

566

592

991991798.UG.FTS.B,

28.98%,

3/12/25

..

507

530

991992424.UG.FTS.B,

28.98%,

3/12/25

..

247

245

991992864.UG.FTS.B,

28.98%,

3/12/25

..

358

366

991992907.UG.FTS.B,

28.98%,

3/12/25

..

1,121

1,163

991992965.UG.FTS.B,

28.98%,

3/12/25

..

636

666

991992992.UG.FTS.B,

28.98%,

3/12/25

..

97

97

991993120.UG.FTS.B,

28.98%,

3/12/25

..

87

91

991993141.UG.FTS.B,

28.98%,

3/12/25

..

793

829

991993852.UG.FTS.B,

28.98%,

3/12/25

..

6,934

7,261

991994272.UG.FTS.B,

28.98%,

3/12/25

..

27

27

991994281.UG.FTS.B,

28.98%,

3/12/25

..

1,630

1,706

991994329.UG.FTS.B,

28.98%,

3/12/25

..

839

858

991994702.UG.FTS.B,

28.98%,

3/12/25

..

694

727

991994726.UG.FTS.B,

28.98%,

3/12/25

..

760

795

991994997.UG.FTS.B,

28.98%,

3/12/25

..

1,493

1,564

991996150.UG.FTS.B,

28.98%,

3/12/25

..

607

635

991998887.UG.FTS.B,

28.98%,

3/12/25

..

501

510

991999636.UG.FTS.B,

28.98%,

3/12/25

..

40

41

992002963.UG.FTS.B,

28.98%,

3/12/25

..

1,041

1,090

992002976.UG.FTS.B,

28.98%,

3/12/25

..

348

363

992004292.UG.FTS.B,

28.98%,

3/12/25

..

4,164

4,361

992007915.UG.FTS.B,

28.98%,

3/12/25

..

111

116

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992009447.UG.FTS.B,

28.98%,

3/12/25

..

$

186

$

192

992010449.UG.FTS.B,

28.98%,

3/12/25

..

242

254

992010868.UG.FTS.B,

28.98%,

3/12/25

..

100

(4)

992012310.UG.FTS.B,

28.98%,

3/12/25

..

204

206

992014247.UG.FTS.B,

28.98%,

3/12/25

..

84

86

992015058.UG.FTS.B,

28.98%,

3/12/25

..

272

281

992015249.UG.FTS.B,

28.98%,

3/12/25

..

11

11

992016117.UG.FTS.B,

28.98%,

3/12/25

..

263

17

992021489.UG.FTS.B,

28.98%,

3/12/25

..

143

149

992021973.UG.FTS.B,

28.98%,

3/12/25

..

3,151

3,255

992024617.UG.FTS.B,

28.98%,

3/12/25

..

15

15

992030698.UG.FTS.B,

28.98%,

3/12/25

..

2,177

2,257

992034556.UG.FTS.B,

28.98%,

3/12/25

..

481

502

992038832.UG.FTS.B,

28.98%,

3/12/25

..

998

1,033

992039233.UG.FTS.B,

28.98%,

3/12/25

..

277

289

992039680.UG.FTS.B,

28.98%,

3/12/25

..

96

100

992044157.UG.FTS.B,

28.98%,

3/12/25

..

412

417

992044480.UG.FTS.B,

28.98%,

3/12/25

..

368

85

992044551.UG.FTS.B,

28.98%,

3/12/25

..

499

507

992044814.UG.FTS.B,

28.98%,

3/12/25

..

261

262

992045450.UG.FTS.B,

28.98%,

3/12/25

..

265

65

992047191.UG.FTS.B,

28.98%,

3/12/25

..

1,311

1,372

992048204.UG.FTS.B,

28.98%,

3/12/25

..

104

107

992051684.UG.FTS.B,

28.98%,

3/12/25

..

220

54

992054695.UG.FTS.B,

28.98%,

3/12/25

..

74

77

992055434.UG.FTS.B,

28.98%,

3/12/25

..

608

636

992056835.UG.FTS.B,

28.98%,

3/12/25

..

394

(17)

992060145.UG.FTS.B,

28.98%,

3/12/25

..

122

126

992064058.UG.FTS.B,

28.98%,

3/12/25

..

68

71

992069346.UG.FTS.B,

28.98%,

3/12/25

..

101

105

992071635.UG.FTS.B,

28.98%,

3/12/25

..

159

161

992071679.UG.FTS.B,

28.98%,

3/12/25

..

281

294

992072262.UG.FTS.B,

28.98%,

3/12/25

..

681

680

992072527.UG.FTS.B,

28.98%,

3/12/25

..

44

45

992072825.UG.FTS.B,

28.98%,

3/12/25

..

102

7

992073366.UG.FTS.B,

28.98%,

3/12/25

..

129

131

992082052.UG.FTS.B,

28.98%,

3/12/25

..

6

6

992087850.UG.FTS.B,

28.98%,

3/12/25

..

181

189

992087976.UG.FTS.B,

28.98%,

3/12/25

..

45

46

992089048.UG.FTS.B,

28.98%,

3/12/25

..

163

170

992090336.UG.FTS.B,

28.98%,

3/12/25

..

275

286

992094662.UG.FTS.B,

28.98%,

3/12/25

..

59

61

992100185.UG.FTS.B,

28.98%,

3/12/25

..

1,761

1,823

992100442.UG.FTS.B,

28.98%,

3/12/25

..

122

127

992110250.UG.FTS.B,

28.98%,

3/12/25

..

206

216

992112480.UG.FTS.B,

28.98%,

3/12/25

..

412

431

992112886.UG.FTS.B,

28.98%,

3/12/25

..

178

185

992113271.UG.FTS.B,

28.98%,

3/12/25

..

591

612

992117475.UG.FTS.B,

28.98%,

3/12/25

..

24

25

992119489.UG.FTS.B,

28.98%,

3/12/25

..

450

(55)

992120153.UG.FTS.B,

28.98%,

3/12/25

..

988

1,017

992127800.UG.FTS.B,

28.98%,

3/12/25

..

136

140

992128185.UG.FTS.B,

28.98%,

3/12/25

..

550

571

992134637.UG.FTS.B,

28.98%,

3/12/25

..

73

76

992140611.UG.FTS.B,

28.98%,

3/12/25

..

87

91

992140679.UG.FTS.B,

28.98%,

3/12/25

..

415

434

992140683.UG.FTS.B,

28.98%,

3/12/25

..

830

853

992151456.UG.FTS.B,

28.98%,

3/12/25

..

67

69

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992151766.UG.FTS.B,

28.98%,

3/12/25

..

$

13

$

13

992155285.UG.FTS.B,

28.98%,

3/12/25

..

1,027

1,075

992166477.UG.FTS.B,

28.98%,

3/12/25

..

410

429

992166770.UG.FTS.B,

28.98%,

3/12/25

..

361

23

992169826.UG.FTS.B,

28.98%,

3/12/25

..

80

79

992172027.UG.FTS.B,

28.98%,

3/12/25

..

184

188

992172709.UG.FTS.B,

28.98%,

3/12/25

..

98

102

992178183.UG.FTS.B,

28.98%,

3/12/25

..

17

16

992191070.UG.FTS.B,

28.98%,

3/12/25

..

91

21

992196736.UG.FTS.B,

28.98%,

3/12/25

..

13

12

992197128.UG.FTS.B,

28.98%,

3/12/25

..

414

416

992202812.UG.FTS.B,

28.98%,

3/12/25

..

52

53

992204705.UG.FTS.B,

28.98%,

3/12/25

..

231

238

992228774.UG.FTS.B,

28.98%,

3/12/25

..

103

105

992229520.UG.FTS.B,

28.98%,

3/12/25

..

579

599

992241229.UG.FTS.B,

28.98%,

3/12/25

..

280

18

992247166.UG.FTS.B,

28.98%,

3/12/25

..

136

141

992247241.UG.FTS.B,

28.98%,

3/12/25

..

220

228

992257331.UG.FTS.B,

28.98%,

3/12/25

..

151

153

992257542.UG.FTS.B,

28.98%,

3/12/25

..

53

55

991989548.UG.FTS.B,

29.45%,

3/12/25

..

629

659

991990731.UG.FTS.B,

29.45%,

3/12/25

..

2,901

2,995

991991384.UG.FTS.B,

29.45%,

3/12/25

..

1,101

1,152

991993171.UG.FTS.B,

29.45%,

3/12/25

..

9

9

991993551.UG.FTS.B,

29.45%,

3/12/25

..

1,364

(8)

992019426.UG.FTS.B,

29.45%,

3/12/25

..

160

168

992030038.UG.FTS.B,

29.45%,

3/12/25

..

144

148

992257231.UG.FTS.B,

29.45%,

3/12/25

..

726

(4)

991986129.UG.FTS.B,

29.46%,

3/12/25

..

521

547

991989181.UG.FTS.B,

29.46%,

3/12/25

..

51

52

991989663.UG.FTS.B,

29.46%,

3/12/25

..

532

558

991994387.UG.FTS.B,

29.46%,

3/12/25

..

1,741

1,828

991994629.UG.FTS.B,

29.46%,

3/12/25

..

1,731

1,817

991995313.UG.FTS.B,

29.46%,

3/12/25

..

348

349

991995497.UG.FTS.B,

29.46%,

3/12/25

..

887

915

992006408.UG.FTS.B,

29.46%,

3/12/25

..

320

322

992007099.UG.FTS.B,

29.46%,

3/12/25

..

394

410

992089198.UG.FTS.B,

29.46%,

3/12/25

..

88

93

992143389.UG.FTS.B,

29.46%,

3/12/25

..

270

63

991987051.UG.FTS.B,

29.47%,

3/12/25

..

171

175

991989007.UG.FTS.B,

29.47%,

3/12/25

..

358

359

991994040.UG.FTS.B,

29.47%,

3/12/25

..

281

286

991994628.UG.FTS.B,

29.47%,

3/12/25

..

3,364

3,528

991995419.UG.FTS.B,

29.47%,

3/12/25

..

123

128

992025113.UG.FTS.B,

29.47%,

3/12/25

..

118

119

992055586.UG.FTS.B,

29.47%,

3/12/25

..

41

42

992066355.UG.FTS.B,

29.47%,

3/12/25

..

177

184

991987387.UG.FTS.B,

29.48%,

3/12/25

..

1,304

1,319

991987928.UG.FTS.B,

29.48%,

3/12/25

..

1,858

1,958

991990060.UG.FTS.B,

29.48%,

3/12/25

..

441

446

991991882.UG.FTS.B,

29.48%,

3/12/25

..

1,318

1,377

991993286.UG.FTS.B,

29.48%,

3/12/25

..

13

13

991993705.UG.FTS.B,

29.48%,

3/12/25

..

41

14

991994796.UG.FTS.B,

29.48%,

3/12/25

..

310

300

991994940.UG.FTS.B,

29.48%,

3/12/25

..

685

695

991995247.UG.FTS.B,

29.48%,

3/12/25

..

891

913

992060916.UG.FTS.B,

29.48%,

3/12/25

..

25

4

992100757.UG.FTS.B,

29.48%,

3/12/25

..

306

319

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992133983.UG.FTS.B,

29.48%,

3/12/25

..

$

267

$

279

991976662.UG.FTS.B,

29.49%,

3/12/25

..

5

5

991977203.UG.FTS.B,

29.49%,

3/12/25

..

307

320

991977874.UG.FTS.B,

29.49%,

3/12/25

..

23

23

991978077.UG.FTS.B,

29.49%,

3/12/25

..

262

61

991978930.UG.FTS.B,

29.49%,

3/12/25

..

126

9

991980382.UG.FTS.B,

29.49%,

3/12/25

..

60

62

991980527.UG.FTS.B,

29.49%,

3/12/25

..

1,463

1,498

991983424.UG.FTS.B,

29.49%,

3/12/25

..

78

82

991983427.UG.FTS.B,

29.49%,

3/12/25

..

19

19

991983750.UG.FTS.B,

29.49%,

3/12/25

..

400

419

991986150.UG.FTS.B,

29.49%,

3/12/25

..

616

80

991987141.UG.FTS.B,

29.49%,

3/12/25

..

2,272

2,403

991988086.UG.FTS.B,

29.49%,

3/12/25

..

1,360

1,432

991988171.UG.FTS.B,

29.49%,

3/12/25

..

599

612

991989453.UG.FTS.B,

29.49%,

3/12/25

..

243

243

991990855.UG.FTS.B,

29.49%,

3/12/25

..

949

994

991990989.UG.FTS.B,

29.49%,

3/12/25

..

1,883

459

991991523.UG.FTS.B,

29.49%,

3/12/25

..

990

1,013

991991622.UG.FTS.B,

29.49%,

3/12/25

..

126

8

991991745.UG.FTS.B,

29.49%,

3/12/25

..

2,624

2,776

991991963.UG.FTS.B,

29.49%,

3/12/25

..

549

550

991992118.UG.FTS.B,

29.49%,

3/12/25

..

296

310

991993361.UG.FTS.B,

29.49%,

3/12/25

..

2,612

2,764

991994026.UG.FTS.B,

29.49%,

3/12/25

..

2,104

2,199

991994236.UG.FTS.B,

29.49%,

3/12/25

..

1,044

1,105

991994319.UG.FTS.B,

29.49%,

3/12/25

..

1,228

1,300

991994330.UG.FTS.B,

29.49%,

3/12/25

..

1,001

1,058

991994648.UG.FTS.B,

29.49%,

3/12/25

..

245

33

991995051.UG.FTS.B,

29.49%,

3/12/25

..

492

494

991995510.UG.FTS.B,

29.49%,

3/12/25

..

1,328

1,399

991995665.UG.FTS.B,

29.49%,

3/12/25

..

305

73

991997278.UG.FTS.B,

29.49%,

3/12/25

..

181

190

991997790.UG.FTS.B,

29.49%,

3/12/25

..

273

277

992000377.UG.FTS.B,

29.49%,

3/12/25

..

364

376

992000397.UG.FTS.B,

29.49%,

3/12/25

..

145

36

992000795.UG.FTS.B,

29.49%,

3/12/25

..

1,742

1,734

992002282.UG.FTS.B,

29.49%,

3/12/25

..

37

38

992004355.UG.FTS.B,

29.49%,

3/12/25

..

1,043

1,104

992005877.UG.FTS.B,

29.49%,

3/12/25

..

–

–

992007425.UG.FTS.B,

29.49%,

3/12/25

..

217

222

992008926.UG.FTS.B,

29.49%,

3/12/25

..

534

557

992009637.UG.FTS.B,

29.49%,

3/12/25

..

113

27

992010263.UG.FTS.B,

29.49%,

3/12/25

..

260

260

992010952.UG.FTS.B,

29.49%,

3/12/25

..

72

75

992011579.UG.FTS.B,

29.49%,

3/12/25

..

640

(14)

992013223.UG.FTS.B,

29.49%,

3/12/25

..

602

625

992013349.UG.FTS.B,

29.49%,

3/12/25

..

19

9

992018253.UG.FTS.B,

29.49%,

3/12/25

..

99

98

992019142.UG.FTS.B,

29.49%,

3/12/25

..

33

33

992019716.UG.FTS.B,

29.49%,

3/12/25

..

81

85

992021257.UG.FTS.B,

29.49%,

3/12/25

..

572

602

992022552.UG.FTS.B,

29.49%,

3/12/25

..

112

118

992024088.UG.FTS.B,

29.49%,

3/12/25

..

282

287

992025987.UG.FTS.B,

29.49%,

3/12/25

..

132

139

992028970.UG.FTS.B,

29.49%,

3/12/25

..

160

163

992031894.UG.FTS.B,

29.49%,

3/12/25

..

589

623

992032191.UG.FTS.B,

29.49%,

3/12/25

..

159

165

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

89

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992033131.UG.FTS.B,

29.49%,

3/12/25

..

$

134

$

142

992034628.UG.FTS.B,

29.49%,

3/12/25

..

622

649

992035459.UG.FTS.B,

29.49%,

3/12/25

..

387

26

992035645.UG.FTS.B,

29.49%,

3/12/25

..

121

128

992035786.UG.FTS.B,

29.49%,

3/12/25

..

2,080

2,201

992035947.UG.FTS.B,

29.49%,

3/12/25

..

22

10

992038154.UG.FTS.B,

29.49%,

3/12/25

..

1,071

254

992039343.UG.FTS.B,

29.49%,

3/12/25

..

343

351

992040849.UG.FTS.B,

29.49%,

3/12/25

..

36

37

992045594.UG.FTS.B,

29.49%,

3/12/25

..

107

112

992045738.UG.FTS.B,

29.49%,

3/12/25

..

3

3

992054780.UG.FTS.B,

29.49%,

3/12/25

..

189

199

992059724.UG.FTS.B,

29.49%,

3/12/25

..

73

76

992059917.UG.FTS.B,

29.49%,

3/12/25

..

1,629

1,698

992062759.UG.FTS.B,

29.49%,

3/12/25

..

201

204

992063028.UG.FTS.B,

29.49%,

3/12/25

..

393

415

992064759.UG.FTS.B,

29.49%,

3/12/25

..

90

95

992066033.UG.FTS.B,

29.49%,

3/12/25

..

82

86

992070590.UG.FTS.B,

29.49%,

3/12/25

..

228

(8)

992073351.UG.FTS.B,

29.49%,

3/12/25

..

58

61

992077273.UG.FTS.B,

29.49%,

3/12/25

..

207

219

992077869.UG.FTS.B,

29.49%,

3/12/25

..

354

348

992079967.UG.FTS.B,

29.49%,

3/12/25

..

28

29

992081543.UG.FTS.B,

29.49%,

3/12/25

..

155

162

992088547.UG.FTS.B,

29.49%,

3/12/25

..

46

47

992088572.UG.FTS.B,

29.49%,

3/12/25

..

222

233

992089447.UG.FTS.B,

29.49%,

3/12/25

..

55

57

992092159.UG.FTS.B,

29.49%,

3/12/25

..

1,378

1,457

992093151.UG.FTS.B,

29.49%,

3/12/25

..

228

233

992095056.UG.FTS.B,

29.49%,

3/12/25

..

149

155

992098219.UG.FTS.B,

29.49%,

3/12/25

..

674

712

992098441.UG.FTS.B,

29.49%,

3/12/25

..

1,036

1,076

992100561.UG.FTS.B,

29.49%,

3/12/25

..

106

107

992108295.UG.FTS.B,

29.49%,

3/12/25

..

45

46

992109359.UG.FTS.B,

29.49%,

3/12/25

..

520

550

992110271.UG.FTS.B,

29.49%,

3/12/25

..

104

106

992111365.UG.FTS.B,

29.49%,

3/12/25

..

149

154

992112852.UG.FTS.B,

29.49%,

3/12/25

..

236

(10)

992114816.UG.FTS.B,

29.49%,

3/12/25

..

24

24

992117674.UG.FTS.B,

29.49%,

3/12/25

..

201

210

992126893.UG.FTS.B,

29.49%,

3/12/25

..

136

44

992130738.UG.FTS.B,

29.49%,

3/12/25

..

97

102

992132486.UG.FTS.B,

29.49%,

3/12/25

..

43

43

992134255.UG.FTS.B,

29.49%,

3/12/25

..

12

12

992135434.UG.FTS.B,

29.49%,

3/12/25

..

–

–

992137600.UG.FTS.B,

29.49%,

3/12/25

..

714

749

992143879.UG.FTS.B,

29.49%,

3/12/25

..

158

161

992146627.UG.FTS.B,

29.49%,

3/12/25

..

494

65

992147169.UG.FTS.B,

29.49%,

3/12/25

..

20

20

992147231.UG.FTS.B,

29.49%,

3/12/25

..

2,033

2,135

992147400.UG.FTS.B,

29.49%,

3/12/25

..

75

78

992154641.UG.FTS.B,

29.49%,

3/12/25

..

175

23

992156451.UG.FTS.B,

29.49%,

3/12/25

..

511

123

992156960.UG.FTS.B,

29.49%,

3/12/25

..

397

(23)

992157039.UG.FTS.B,

29.49%,

3/12/25

..

374

392

992157569.UG.FTS.B,

29.49%,

3/12/25

..

224

231

992158058.UG.FTS.B,

29.49%,

3/12/25

..

949

63

992159029.UG.FTS.B,

29.49%,

3/12/25

..

275

288

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992159120.UG.FTS.B,

29.49%,

3/12/25

..

$

722

$

751

992162823.UG.FTS.B,

29.49%,

3/12/25

..

110

114

992163923.UG.FTS.B,

29.49%,

3/12/25

..

99

104

992166865.UG.FTS.B,

29.49%,

3/12/25

..

114

119

992167273.UG.FTS.B,

29.49%,

3/12/25

..

137

144

992167277.UG.FTS.B,

29.49%,

3/12/25

..

762

790

992167738.UG.FTS.B,

29.49%,

3/12/25

..

619

649

992167986.UG.FTS.B,

29.49%,

3/12/25

..

56

57

992170895.UG.FTS.B,

29.49%,

3/12/25

..

25

25

992171416.UG.FTS.B,

29.49%,

3/12/25

..

135

141

992172294.UG.FTS.B,

29.49%,

3/12/25

..

270

284

992175112.UG.FTS.B,

29.49%,

3/12/25

..

51

53

992178667.UG.FTS.B,

29.49%,

3/12/25

..

87

90

992181548.UG.FTS.B,

29.49%,

3/12/25

..

274

287

992189183.UG.FTS.B,

29.49%,

3/12/25

..

2,574

548

992189290.UG.FTS.B,

29.49%,

3/12/25

..

239

253

992196076.UG.FTS.B,

29.49%,

3/12/25

..

7

6

992200227.UG.FTS.B,

29.49%,

3/12/25

..

87

90

992204874.UG.FTS.B,

29.49%,

3/12/25

..

26

26

992204979.UG.FTS.B,

29.49%,

3/12/25

..

476

101

992205759.UG.FTS.B,

29.49%,

3/12/25

..

18

18

992220821.UG.FTS.B,

29.49%,

3/12/25

..

25

2

992230372.UG.FTS.B,

29.49%,

3/12/25

..

285

294

992235558.UG.FTS.B,

29.49%,

3/12/25

..

629

47

992237645.UG.FTS.B,

29.49%,

3/12/25

..

1,092

1,136

992240381.UG.FTS.B,

29.49%,

3/12/25

..

21

21

992253395.UG.FTS.B,

29.49%,

3/12/25

..

46

46

992257397.UG.FTS.B,

29.49%,

3/12/25

..

474

491

992005851.UG.FTS.B,

29.99%,

3/12/25

..

23

23

992228275.UG.FTS.B,

Zero

Cpn,

3/13/25

.

196

14

992242389.UG.FTS.B,

Zero

Cpn,

3/13/25

.

102

7

992221575.UG.FTS.B,

28.98%,

3/13/25

..

253

262

992223214.UG.FTS.B,

28.98%,

3/13/25

..

62

65

992228277.UG.FTS.B,

28.98%,

3/13/25

..

2,385

2,468

992252799.UG.FTS.B,

28.98%,

3/13/25

..

273

282

992256231.UG.FTS.B,

28.98%,

3/13/25

..

115

119

992257494.UG.FTS.B,

28.98%,

3/13/25

..

809

837

992223485.UG.FTS.B,

29.49%,

3/13/25

..

104

108

992223722.UG.FTS.B,

29.49%,

3/13/25

..

–

–

992230170.UG.FTS.B,

29.49%,

3/13/25

..

99

23

992236810.UG.FTS.B,

29.49%,

3/13/25

..

224

229

992238871.UG.FTS.B,

29.49%,

3/13/25

..

25

26

992241503.UG.FTS.B,

29.49%,

3/13/25

..

25

25

992247512.UG.FTS.B,

29.49%,

3/13/25

..

109

113

992248104.UG.FTS.B,

29.49%,

3/13/25

..

2,042

2,126

992253061.UG.FTS.B,

29.49%,

3/13/25

..

140

145

992223650.UG.FTS.B,

28.98%,

3/14/25

..

83

85

992243808.UG.FTS.B,

28.98%,

3/14/25

..

232

241

992246618.UG.FTS.B,

28.98%,

3/14/25

..

97

100

992249792.UG.FTS.B,

28.98%,

3/14/25

..

134

139

992222734.UG.FTS.B,

29.49%,

3/14/25

..

183

189

992229305.UG.FTS.B,

29.49%,

3/14/25

..

18

10

992236796.UG.FTS.B,

29.49%,

3/14/25

..

95

99

992236869.UG.FTS.B,

29.49%,

3/14/25

..

819

850

992240415.UG.FTS.B,

29.49%,

3/14/25

..

143

142

992240511.UG.FTS.B,

29.49%,

3/14/25

..

122

125

992245569.UG.FTS.B,

29.49%,

3/14/25

..

23

23

992247445.UG.FTS.B,

29.49%,

3/14/25

..

1,711

1,771

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992249104.UG.FTS.B,

29.49%,

3/14/25

..

$

89

$

21

992255301.UG.FTS.B,

29.49%,

3/14/25

..

166

22

992220612.UG.FTS.B,

19.21%,

3/15/25

..

1,627

1,649

992228652.UG.FTS.B,

19.99%,

3/15/25

..

282

293

992241532.UG.FTS.B,

19.99%,

3/15/25

..

97

101

992238765.UG.FTS.B,

20.97%,

3/15/25

..

304

308

992256512.UG.FTS.B,

22.97%,

3/15/25

..

1,257

1,270

992235062.UG.FTS.B,

27.95%,

3/15/25

..

230

238

992228342.UG.FTS.B,

28.98%,

3/15/25

..

2,593

2,677

992235376.UG.FTS.B,

28.98%,

3/15/25

..

136

141

992249106.UG.FTS.B,

28.98%,

3/15/25

..

290

300

992256826.UG.FTS.B,

28.98%,

3/15/25

..

544

564

992256568.UG.FTS.B,

29.46%,

3/15/25

..

172

176

992227992.UG.FTS.B,

29.47%,

3/15/25

..

9

9

992246432.UG.FTS.B,

29.47%,

3/15/25

..

132

137

992221265.UG.FTS.B,

29.49%,

3/15/25

..

268

276

992225292.UG.FTS.B,

29.49%,

3/15/25

..

81

86

992228003.UG.FTS.B,

29.49%,

3/15/25

..

1,780

1,841

992230655.UG.FTS.B,

29.49%,

3/15/25

..

699

724

992234833.UG.FTS.B,

29.49%,

3/15/25

..

426

100

992236749.UG.FTS.B,

29.49%,

3/15/25

..

60

(2)

992245098.UG.FTS.B,

29.49%,

3/15/25

..

94

6

992246476.UG.FTS.B,

29.49%,

3/15/25

..

676

670

992247585.UG.FTS.B,

29.49%,

3/15/25

..

346

18

992257031.UG.FTS.B,

29.49%,

3/15/25

..

111

14

992257274.UG.FTS.B,

29.49%,

3/15/25

..

114

15

992061037.UG.FTS.B,

Zero

Cpn,

3/17/25

.

975

68

992053018.UG.FTS.B,

14.97%,

3/19/25

..

277

281

992166128.UG.FTS.B,

16.99%,

3/20/25

..

7

7

992061796.UG.FTS.B,

19.99%,

3/21/25

..

357

365

992064012.UG.FTS.B,

19.99%,

3/21/25

..

204

26

992078267.UG.FTS.B,

19.99%,

3/21/25

..

13

13

992100473.UG.FTS.B,

19.99%,

3/21/25

..

88

92

992109544.UG.FTS.B,

19.99%,

3/21/25

..

173

179

992162015.UG.FTS.B,

19.99%,

3/21/25

..

195

205

992179076.UG.FTS.B,

19.99%,

3/21/25

..

150

158

992073583.UG.FTS.B,

20.46%,

3/21/25

..

3,105

3,104

992073957.UG.FTS.B,

21.46%,

3/21/25

..

920

116

992207343.UG.FTS.B,

27.95%,

3/21/25

..

54

56

992071680.UG.FTS.B,

27.99%,

3/21/25

..

325

342

992060839.UG.FTS.B,

28.98%,

3/21/25

..

136

143

992063879.UG.FTS.B,

28.98%,

3/21/25

..

133

138

992069610.UG.FTS.B,

28.98%,

3/21/25

..

670

680

992069661.UG.FTS.B,

28.98%,

3/21/25

..

1,749

1,812

992069739.UG.FTS.B,

28.98%,

3/21/25

..

133

134

992070914.UG.FTS.B,

28.98%,

3/21/25

..

752

789

992071444.UG.FTS.B,

28.98%,

3/21/25

..

2,939

211

992071845.UG.FTS.B,

28.98%,

3/21/25

..

189

187

992072135.UG.FTS.B,

28.98%,

3/21/25

..

1,068

1,101

992073866.UG.FTS.B,

28.98%,

3/21/25

..

220

224

992147792.UG.FTS.B,

28.98%,

3/21/25

..

195

198

992208341.UG.FTS.B,

28.98%,

3/21/25

..

176

182

992308790.UG.FTS.B,

28.98%,

3/21/25

..

169

22

992310768.UG.FTS.B,

28.98%,

3/21/25

..

15

15

992311154.UG.FTS.B,

28.98%,

3/21/25

..

1,247

1,295

992059747.UG.FTS.B,

29.45%,

3/21/25

..

1,571

1,612

992300765.UG.FTS.B,

29.45%,

3/21/25

..

103

105

992057082.UG.FTS.B,

29.46%,

3/21/25

..

1,116

1,138

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992064315.UG.FTS.B,

29.46%,

3/21/25

..

$

131

$

138

992068733.UG.FTS.B,

29.46%,

3/21/25

..

403

405

992110512.UG.FTS.B,

29.46%,

3/21/25

..

173

181

992072936.UG.FTS.B,

29.47%,

3/21/25

..

34

34

992179315.UG.FTS.B,

29.47%,

3/21/25

..

27

27

992207607.UG.FTS.B,

29.47%,

3/21/25

..

861

892

992325863.UG.FTS.B,

29.47%,

3/21/25

..

222

228

992182855.UG.FTS.B,

29.48%,

3/21/25

..

313

320

992058890.UG.FTS.B,

29.49%,

3/21/25

..

110

112

992063598.UG.FTS.B,

29.49%,

3/21/25

..

218

227

992065190.UG.FTS.B,

29.49%,

3/21/25

..

255

18

992065896.UG.FTS.B,

29.49%,

3/21/25

..

190

200

992068103.UG.FTS.B,

29.49%,

3/21/25

..

669

680

992068136.UG.FTS.B,

29.49%,

3/21/25

..

–

–

992069095.UG.FTS.B,

29.49%,

3/21/25

..

1,170

1,231

992069341.UG.FTS.B,

29.49%,

3/21/25

..

1,653

1,750

992077359.UG.FTS.B,

29.49%,

3/21/25

..

156

162

992077562.UG.FTS.B,

29.49%,

3/21/25

..

101

107

992078307.UG.FTS.B,

29.49%,

3/21/25

..

240

244

992079050.UG.FTS.B,

29.49%,

3/21/25

..

112

116

992081940.UG.FTS.B,

29.49%,

3/21/25

..

114

116

992084472.UG.FTS.B,

29.49%,

3/21/25

..

441

447

992098239.UG.FTS.B,

29.49%,

3/21/25

..

104

110

992115851.UG.FTS.B,

29.49%,

3/21/25

..

188

198

992129802.UG.FTS.B,

29.49%,

3/21/25

..

936

973

992146320.UG.FTS.B,

29.49%,

3/21/25

..

187

193

992149772.UG.FTS.B,

29.49%,

3/21/25

..

479

505

992154745.UG.FTS.B,

29.49%,

3/21/25

..

37

38

992226859.UG.FTS.B,

29.49%,

3/21/25

..

122

124

992235469.UG.FTS.B,

29.49%,

3/21/25

..

756

786

992264591.UG.FTS.B,

29.49%,

3/21/25

..

2

1

992300395.UG.FTS.B,

29.49%,

3/21/25

..

1,206

1,254

992306353.UG.FTS.B,

29.49%,

3/21/25

..

104

109

992082023.UG.FTS.B,

Zero

Cpn,

3/22/25

.

223

15

992099977.UG.FTS.B,

Zero

Cpn,

3/22/25

.

129

9

992162625.UG.FTS.B,

16.99%,

3/22/25

..

86

88

992073990.UG.FTS.B,

19.99%,

3/22/25

..

234

234

992084950.UG.FTS.B,

19.99%,

3/22/25

..

545

573

992104704.UG.FTS.B,

19.99%,

3/22/25

..

78

79

992343737.UG.FTS.B,

19.99%,

3/22/25

..

153

12

992273958.UG.FTS.B,

27.95%,

3/22/25

..

50

51

992086823.UG.FTS.B,

27.99%,

3/22/25

..

7

7

992108469.UG.FTS.B,

27.99%,

3/22/25

..

267

280

992084233.UG.FTS.B,

28.98%,

3/22/25

..

1,057

1,108

992098649.UG.FTS.B,

28.98%,

3/22/25

..

276

287

992108895.UG.FTS.B,

28.98%,

3/22/25

..

232

243

992127587.UG.FTS.B,

28.98%,

3/22/25

..

319

335

992141907.UG.FTS.B,

28.98%,

3/22/25

..

132

137

992307933.UG.FTS.B,

28.98%,

3/22/25

..

75

78

992078127.UG.FTS.B,

29.45%,

3/22/25

..

–

–

992078559.UG.FTS.B,

29.45%,

3/22/25

..

57

57

992076170.UG.FTS.B,

29.46%,

3/22/25

..

321

335

992097805.UG.FTS.B,

29.46%,

3/22/25

..

2,769

2,909

992068177.UG.FTS.B,

29.47%,

3/22/25

..

1,099

1,142

992069850.UG.FTS.B,

29.47%,

3/22/25

..

113

115

992343062.UG.FTS.B,

29.47%,

3/22/25

..

20

19

992081607.UG.FTS.B,

29.48%,

3/22/25

..

796

810

992070936.UG.FTS.B,

29.49%,

3/22/25

..

5

5

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

91

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992071257.UG.FTS.B,

29.49%,

3/22/25

..

$

142

$

144

992080495.UG.FTS.B,

29.49%,

3/22/25

..

213

220

992081357.UG.FTS.B,

29.49%,

3/22/25

..

495

524

992084032.UG.FTS.B,

29.49%,

3/22/25

..

1,031

(37)

992085704.UG.FTS.B,

29.49%,

3/22/25

..

248

(8)

992100390.UG.FTS.B,

29.49%,

3/22/25

..

108

109

992135888.UG.FTS.B,

29.49%,

3/22/25

..

159

160

992161706.UG.FTS.B,

29.49%,

3/22/25

..

307

323

992192981.UG.FTS.B,

29.49%,

3/22/25

..

510

531

992230870.UG.FTS.B,

29.49%,

3/22/25

..

109

115

992290277.UG.FTS.B,

29.49%,

3/22/25

..

67

70

992332963.UG.FTS.B,

29.49%,

3/22/25

..

101

104

992334799.UG.FTS.B,

29.49%,

3/22/25

..

55

57

992344234.UG.FTS.B,

29.49%,

3/22/25

..

148

153

992344840.UG.FTS.B,

29.49%,

3/22/25

..

140

146

992087923.UG.FTS.B,

Zero

Cpn,

3/23/25

.

146

10

992090503.UG.FTS.B,

Zero

Cpn,

3/23/25

.

88

6

992099727.UG.FTS.B,

Zero

Cpn,

3/23/25

.

92

6

992101791.UG.FTS.B,

Zero

Cpn,

3/23/25

.

244

17

992103300.UG.FTS.B,

Zero

Cpn,

3/23/25

.

79

5

992167658.UG.FTS.B,

Zero

Cpn,

3/23/25

.

73

5

992181352.UG.FTS.B,

Zero

Cpn,

3/23/25

.

142

10

992217489.UG.FTS.B,

Zero

Cpn,

3/23/25

.

203

14

992227977.UG.FTS.B,

Zero

Cpn,

3/23/25

.

184

13

992238279.UG.FTS.B,

Zero

Cpn,

3/23/25

.

269

19

992350403.UG.FTS.B,

Zero

Cpn,

3/23/25

.

160

11

992203745.UG.FTS.B,

14%,

3/23/25

.....

405

414

992086808.UG.FTS.B,

15.97%,

3/23/25

..

39

39

992075269.UG.FTS.B,

16.99%,

3/23/25

..

246

252

992090809.UG.FTS.B,

16.99%,

3/23/25

..

2,274

2,328

992103353.UG.FTS.B,

18.97%,

3/23/25

..

1,188

1,208

992294593.UG.FTS.B,

18.97%,

3/23/25

..

548

557

992088508.UG.FTS.B,

19.21%,

3/23/25

..

1,702

1,741

992076512.UG.FTS.B,

19.99%,

3/23/25

..

454

477

992078517.UG.FTS.B,

19.99%,

3/23/25

..

1,662

1,718

992080903.UG.FTS.B,

19.99%,

3/23/25

..

49

48

992084160.UG.FTS.B,

19.99%,

3/23/25

..

58

60

992084678.UG.FTS.B,

19.99%,

3/23/25

..

158

160

992085309.UG.FTS.B,

19.99%,

3/23/25

..

203

206

992085945.UG.FTS.B,

19.99%,

3/23/25

..

72

76

992085973.UG.FTS.B,

19.99%,

3/23/25

..

158

162

992086106.UG.FTS.B,

19.99%,

3/23/25

..

151

153

992094531.UG.FTS.B,

19.99%,

3/23/25

..

84

85

992100188.UG.FTS.B,

19.99%,

3/23/25

..

490

512

992103634.UG.FTS.B,

19.99%,

3/23/25

..

996

1,013

992107336.UG.FTS.B,

19.99%,

3/23/25

..

319

27

992111582.UG.FTS.B,

19.99%,

3/23/25

..

96

101

992114995.UG.FTS.B,

19.99%,

3/23/25

..

236

235

992118648.UG.FTS.B,

19.99%,

3/23/25

..

528

555

992120079.UG.FTS.B,

19.99%,

3/23/25

..

189

195

992139407.UG.FTS.B,

19.99%,

3/23/25

..

382

401

992141420.UG.FTS.B,

19.99%,

3/23/25

..

339

352

992147171.UG.FTS.B,

19.99%,

3/23/25

..

575

604

992147344.UG.FTS.B,

19.99%,

3/23/25

..

376

394

992149031.UG.FTS.B,

19.99%,

3/23/25

..

640

673

992172315.UG.FTS.B,

19.99%,

3/23/25

..

248

248

992183886.UG.FTS.B,

19.99%,

3/23/25

..

115

121

992205953.UG.FTS.B,

19.99%,

3/23/25

..

101

8

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992214478.UG.FTS.B,

19.99%,

3/23/25

..

$

99

$

102

992222259.UG.FTS.B,

19.99%,

3/23/25

..

312

327

992222263.UG.FTS.B,

19.99%,

3/23/25

..

1,176

1,236

992229695.UG.FTS.B,

19.99%,

3/23/25

..

208

217

992236011.UG.FTS.B,

19.99%,

3/23/25

..

87

88

992244217.UG.FTS.B,

19.99%,

3/23/25

..

19

19

992266504.UG.FTS.B,

19.99%,

3/23/25

..

21

21

992284656.UG.FTS.B,

19.99%,

3/23/25

..

388

407

992287768.UG.FTS.B,

19.99%,

3/23/25

..

29

29

992321872.UG.FTS.B,

19.99%,

3/23/25

..

146

152

992326552.UG.FTS.B,

19.99%,

3/23/25

..

15

15

992092690.UG.FTS.B,

20.45%,

3/23/25

..

2,983

3,054

992090458.UG.FTS.B,

20.46%,

3/23/25

..

2,320

2,375

992090758.UG.FTS.B,

20.46%,

3/23/25

..

2,319

2,374

992092369.UG.FTS.B,

20.46%,

3/23/25

..

183

14

992117378.UG.FTS.B,

20.46%,

3/23/25

..

979

991

992124177.UG.FTS.B,

20.46%,

3/23/25

..

544

555

992089155.UG.FTS.B,

20.97%,

3/23/25

..

468

477

992091418.UG.FTS.B,

21.46%,

3/23/25

..

666

682

992092299.UG.FTS.B,

21.98%,

3/23/25

..

1,671

1,711

992101029.UG.FTS.B,

22.97%,

3/23/25

..

68

52

992082054.UG.FTS.B,

23.95%,

3/23/25

..

179

179

992090255.UG.FTS.B,

23.95%,

3/23/25

..

676

692

992260213.UG.FTS.B,

23.95%,

3/23/25

..

20

20

992163725.UG.FTS.B,

26.48%,

3/23/25

..

47

49

992299793.UG.FTS.B,

26.48%,

3/23/25

..

90

90

992090527.UG.FTS.B,

26.94%,

3/23/25

..

3,779

3,867

992092866.UG.FTS.B,

26.94%,

3/23/25

..

2,253

2,298

992083181.UG.FTS.B,

27.95%,

3/23/25

..

420

434

992085697.UG.FTS.B,

27.95%,

3/23/25

..

220

224

992127996.UG.FTS.B,

27.95%,

3/23/25

..

189

197

992172446.UG.FTS.B,

27.95%,

3/23/25

..

106

111

992173950.UG.FTS.B,

27.95%,

3/23/25

..

47

48

992227551.UG.FTS.B,

27.95%,

3/23/25

..

358

372

992248785.UG.FTS.B,

27.95%,

3/23/25

..

72

72

992253697.UG.FTS.B,

27.95%,

3/23/25

..

1,431

1,483

992261412.UG.FTS.B,

27.95%,

3/23/25

..

243

256

992304750.UG.FTS.B,

27.95%,

3/23/25

..

26

27

992125133.UG.FTS.B,

27.99%,

3/23/25

..

772

813

992214809.UG.FTS.B,

27.99%,

3/23/25

..

61

62

992075303.UG.FTS.B,

28.98%,

3/23/25

..

16

16

992076138.UG.FTS.B,

28.98%,

3/23/25

..

111

112

992076291.UG.FTS.B,

28.98%,

3/23/25

..

933

981

992078321.UG.FTS.B,

28.98%,

3/23/25

..

335

343

992079604.UG.FTS.B,

28.98%,

3/23/25

..

596

627

992079769.UG.FTS.B,

28.98%,

3/23/25

..

23

23

992080285.UG.FTS.B,

28.98%,

3/23/25

..

26

4

992080652.UG.FTS.B,

28.98%,

3/23/25

..

174

181

992081008.UG.FTS.B,

28.98%,

3/23/25

..

148

152

992081513.UG.FTS.B,

28.98%,

3/23/25

..

75

78

992082410.UG.FTS.B,

28.98%,

3/23/25

..

986

1,036

992084885.UG.FTS.B,

28.98%,

3/23/25

..

305

306

992085160.UG.FTS.B,

28.98%,

3/23/25

..

200

206

992085334.UG.FTS.B,

28.98%,

3/23/25

..

267

264

992086210.UG.FTS.B,

28.98%,

3/23/25

..

1,323

1,390

992086215.UG.FTS.B,

28.98%,

3/23/25

..

43

43

992086845.UG.FTS.B,

28.98%,

3/23/25

..

229

241

992087922.UG.FTS.B,

28.98%,

3/23/25

..

2,034

2,139

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

92

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992090532.UG.FTS.B,

28.98%,

3/23/25

..

$

154

$

162

992090957.UG.FTS.B,

28.98%,

3/23/25

..

248

260

992093069.UG.FTS.B,

28.98%,

3/23/25

..

162

169

992093517.UG.FTS.B,

28.98%,

3/23/25

..

120

125

992096907.UG.FTS.B,

28.98%,

3/23/25

..

43

44

992099728.UG.FTS.B,

28.98%,

3/23/25

..

103

108

992101005.UG.FTS.B,

28.98%,

3/23/25

..

76

79

992101195.UG.FTS.B,

28.98%,

3/23/25

..

–

–

992103758.UG.FTS.B,

28.98%,

3/23/25

..

126

127

992104536.UG.FTS.B,

28.98%,

3/23/25

..

14

14

992105540.UG.FTS.B,

28.98%,

3/23/25

..

1,013

1,030

992111381.UG.FTS.B,

28.98%,

3/23/25

..

239

251

992112512.UG.FTS.B,

28.98%,

3/23/25

..

412

433

992114867.UG.FTS.B,

28.98%,

3/23/25

..

55

57

992115078.UG.FTS.B,

28.98%,

3/23/25

..

112

118

992118057.UG.FTS.B,

28.98%,

3/23/25

..

108

110

992120216.UG.FTS.B,

28.98%,

3/23/25

..

167

176

992121451.UG.FTS.B,

28.98%,

3/23/25

..

318

329

992123440.UG.FTS.B,

28.98%,

3/23/25

..

1,039

1,083

992124776.UG.FTS.B,

28.98%,

3/23/25

..

116

122

992124813.UG.FTS.B,

28.98%,

3/23/25

..

11

12

992125987.UG.FTS.B,

28.98%,

3/23/25

..

109

111

992128305.UG.FTS.B,

28.98%,

3/23/25

..

7

7

992129330.UG.FTS.B,

28.98%,

3/23/25

..

138

19

992131302.UG.FTS.B,

28.98%,

3/23/25

..

56

58

992134836.UG.FTS.B,

28.98%,

3/23/25

..

148

147

992136112.UG.FTS.B,

28.98%,

3/23/25

..

289

20

992139646.UG.FTS.B,

28.98%,

3/23/25

..

176

185

992139852.UG.FTS.B,

28.98%,

3/23/25

..

545

40

992139915.UG.FTS.B,

28.98%,

3/23/25

..

480

504

992141070.UG.FTS.B,

28.98%,

3/23/25

..

488

513

992141770.UG.FTS.B,

28.98%,

3/23/25

..

694

725

992142185.UG.FTS.B,

28.98%,

3/23/25

..

907

934

992142312.UG.FTS.B,

28.98%,

3/23/25

..

129

134

992146339.UG.FTS.B,

28.98%,

3/23/25

..

33

34

992148319.UG.FTS.B,

28.98%,

3/23/25

..

289

303

992152825.UG.FTS.B,

28.98%,

3/23/25

..

516

535

992154713.UG.FTS.B,

28.98%,

3/23/25

..

50

52

992157302.UG.FTS.B,

28.98%,

3/23/25

..

138

145

992159141.UG.FTS.B,

28.98%,

3/23/25

..

344

362

992161777.UG.FTS.B,

28.98%,

3/23/25

..

–

–

992162084.UG.FTS.B,

28.98%,

3/23/25

..

255

20

992162426.UG.FTS.B,

28.98%,

3/23/25

..

116

9

992163634.UG.FTS.B,

28.98%,

3/23/25

..

176

177

992163686.UG.FTS.B,

28.98%,

3/23/25

..

607

639

992165576.UG.FTS.B,

28.98%,

3/23/25

..

121

125

992174066.UG.FTS.B,

28.98%,

3/23/25

..

1,718

1,804

992175330.UG.FTS.B,

28.98%,

3/23/25

..

415

436

992176589.UG.FTS.B,

28.98%,

3/23/25

..

276

290

992178085.UG.FTS.B,

28.98%,

3/23/25

..

46

47

992178200.UG.FTS.B,

28.98%,

3/23/25

..

113

111

992185135.UG.FTS.B,

28.98%,

3/23/25

..

689

725

992185248.UG.FTS.B,

28.98%,

3/23/25

..

14

14

992191788.UG.FTS.B,

28.98%,

3/23/25

..

46

48

992200304.UG.FTS.B,

28.98%,

3/23/25

..

307

320

992200336.UG.FTS.B,

28.98%,

3/23/25

..

25

25

992202654.UG.FTS.B,

28.98%,

3/23/25

..

5

5

992208856.UG.FTS.B,

28.98%,

3/23/25

..

146

152

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992209732.UG.FTS.B,

28.98%,

3/23/25

..

$

211

$

221

992210795.UG.FTS.B,

28.98%,

3/23/25

..

127

128

992215052.UG.FTS.B,

28.98%,

3/23/25

..

201

211

992215525.UG.FTS.B,

28.98%,

3/23/25

..

108

114

992217550.UG.FTS.B,

28.98%,

3/23/25

..

184

191

992221459.UG.FTS.B,

28.98%,

3/23/25

..

340

357

992221788.UG.FTS.B,

28.98%,

3/23/25

..

170

179

992223285.UG.FTS.B,

28.98%,

3/23/25

..

110

116

992223486.UG.FTS.B,

28.98%,

3/23/25

..

135

136

992239108.UG.FTS.B,

28.98%,

3/23/25

..

67

67

992240272.UG.FTS.B,

28.98%,

3/23/25

..

851

871

992240553.UG.FTS.B,

28.98%,

3/23/25

..

130

132

992257313.UG.FTS.B,

28.98%,

3/23/25

..

479

503

992273158.UG.FTS.B,

28.98%,

3/23/25

..

511

527

992277450.UG.FTS.B,

28.98%,

3/23/25

..

226

237

992278830.UG.FTS.B,

28.98%,

3/23/25

..

888

933

992284119.UG.FTS.B,

28.98%,

3/23/25

..

103

104

992286457.UG.FTS.B,

28.98%,

3/23/25

..

439

30

992288941.UG.FTS.B,

28.98%,

3/23/25

..

108

15

992289441.UG.FTS.B,

28.98%,

3/23/25

..

2,397

2,490

992292344.UG.FTS.B,

28.98%,

3/23/25

..

71

72

992295903.UG.FTS.B,

28.98%,

3/23/25

..

90

91

992300829.UG.FTS.B,

28.98%,

3/23/25

..

162

163

992302544.UG.FTS.B,

28.98%,

3/23/25

..

32

32

992304763.UG.FTS.B,

28.98%,

3/23/25

..

74

76

992312284.UG.FTS.B,

28.98%,

3/23/25

..

98

100

992312443.UG.FTS.B,

28.98%,

3/23/25

..

901

912

992318692.UG.FTS.B,

28.98%,

3/23/25

..

850

882

992320318.UG.FTS.B,

28.98%,

3/23/25

..

18

18

992321649.UG.FTS.B,

28.98%,

3/23/25

..

614

640

992322320.UG.FTS.B,

28.98%,

3/23/25

..

604

609

992328709.UG.FTS.B,

28.98%,

3/23/25

..

49

51

992331794.UG.FTS.B,

28.98%,

3/23/25

..

1,369

1,423

992332010.UG.FTS.B,

28.98%,

3/23/25

..

25

2

992343925.UG.FTS.B,

28.98%,

3/23/25

..

124

8

992345339.UG.FTS.B,

28.98%,

3/23/25

..

254

264

992091621.UG.FTS.B,

29.45%,

3/23/25

..

1,392

1,467

992091676.UG.FTS.B,

29.45%,

3/23/25

..

106

81

992092743.UG.FTS.B,

29.45%,

3/23/25

..

1,042

1,097

992094325.UG.FTS.B,

29.45%,

3/23/25

..

545

569

992095428.UG.FTS.B,

29.45%,

3/23/25

..

126

133

992096825.UG.FTS.B,

29.45%,

3/23/25

..

1,432

1,508

992107553.UG.FTS.B,

29.45%,

3/23/25

..

37

38

992131203.UG.FTS.B,

29.45%,

3/23/25

..

356

362

992146072.UG.FTS.B,

29.45%,

3/23/25

..

29

29

992154178.UG.FTS.B,

29.45%,

3/23/25

..

428

450

992159199.UG.FTS.B,

29.45%,

3/23/25

..

240

255

992219227.UG.FTS.B,

29.45%,

3/23/25

..

310

323

992260223.UG.FTS.B,

29.45%,

3/23/25

..

82

86

992075500.UG.FTS.B,

29.46%,

3/23/25

..

432

(15)

992075662.UG.FTS.B,

29.46%,

3/23/25

..

102

105

992079475.UG.FTS.B,

29.46%,

3/23/25

..

50

52

992080779.UG.FTS.B,

29.46%,

3/23/25

..

337

347

992082316.UG.FTS.B,

29.46%,

3/23/25

..

101

6

992085613.UG.FTS.B,

29.46%,

3/23/25

..

44

46

992088160.UG.FTS.B,

29.46%,

3/23/25

..

42

43

992089207.UG.FTS.B,

29.46%,

3/23/25

..

377

(13)

992089276.UG.FTS.B,

29.46%,

3/23/25

..

421

444

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

93

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992099262.UG.FTS.B,

29.46%,

3/23/25

..

$

83

$

87

992120728.UG.FTS.B,

29.46%,

3/23/25

..

95

99

992176106.UG.FTS.B,

29.46%,

3/23/25

..

1,173

162

992206970.UG.FTS.B,

29.46%,

3/23/25

..

240

57

992230214.UG.FTS.B,

29.46%,

3/23/25

..

610

81

992234329.UG.FTS.B,

29.46%,

3/23/25

..

744

784

992236437.UG.FTS.B,

29.46%,

3/23/25

..

437

460

992093233.UG.FTS.B,

29.47%,

3/23/25

..

1,443

1,523

992093372.UG.FTS.B,

29.47%,

3/23/25

..

2,089

2,209

992094849.UG.FTS.B,

29.47%,

3/23/25

..

487

513

992098450.UG.FTS.B,

29.47%,

3/23/25

..

600

613

992106683.UG.FTS.B,

29.47%,

3/23/25

..

1,452

1,530

992118997.UG.FTS.B,

29.47%,

3/23/25

..

129

129

992128076.UG.FTS.B,

29.47%,

3/23/25

..

130

137

992173166.UG.FTS.B,

29.47%,

3/23/25

..

49

50

992230065.UG.FTS.B,

29.47%,

3/23/25

..

770

813

992286326.UG.FTS.B,

29.47%,

3/23/25

..

84

89

992086212.UG.FTS.B,

29.48%,

3/23/25

..

41

(1)

992089191.UG.FTS.B,

29.48%,

3/23/25

..

405

53

992092155.UG.FTS.B,

29.48%,

3/23/25

..

1,741

1,844

992100148.UG.FTS.B,

29.48%,

3/23/25

..

166

169

992100721.UG.FTS.B,

29.48%,

3/23/25

..

1,261

1,333

992113544.UG.FTS.B,

29.48%,

3/23/25

..

22

22

992115766.UG.FTS.B,

29.48%,

3/23/25

..

266

278

992119153.UG.FTS.B,

29.48%,

3/23/25

..

48

50

992132973.UG.FTS.B,

29.48%,

3/23/25

..

2,854

3,015

992182984.UG.FTS.B,

29.48%,

3/23/25

..

84

88

992225919.UG.FTS.B,

29.48%,

3/23/25

..

109

110

992269534.UG.FTS.B,

29.48%,

3/23/25

..

162

169

992270543.UG.FTS.B,

29.48%,

3/23/25

..

132

140

992075010.UG.FTS.B,

29.49%,

3/23/25

..

–

–

992075279.UG.FTS.B,

29.49%,

3/23/25

..

217

228

992075962.UG.FTS.B,

29.49%,

3/23/25

..

154

160

992076192.UG.FTS.B,

29.49%,

3/23/25

..

178

185

992076403.UG.FTS.B,

29.49%,

3/23/25

..

131

135

992076612.UG.FTS.B,

29.49%,

3/23/25

..

1,247

1,295

992076714.UG.FTS.B,

29.49%,

3/23/25

..

304

323

992077099.UG.FTS.B,

29.49%,

3/23/25

..

36

36

992077959.UG.FTS.B,

29.49%,

3/23/25

..

341

360

992079417.UG.FTS.B,

29.49%,

3/23/25

..

495

521

992079952.UG.FTS.B,

29.49%,

3/23/25

..

226

221

992080086.UG.FTS.B,

29.49%,

3/23/25

..

13

14

992081380.UG.FTS.B,

29.49%,

3/23/25

..

36

37

992081827.UG.FTS.B,

29.49%,

3/23/25

..

195

205

992083215.UG.FTS.B,

29.49%,

3/23/25

..

117

123

992083817.UG.FTS.B,

29.49%,

3/23/25

..

204

28

992083872.UG.FTS.B,

29.49%,

3/23/25

..

1,828

1,932

992084707.UG.FTS.B,

29.49%,

3/23/25

..

80

85

992084835.UG.FTS.B,

29.49%,

3/23/25

..

214

225

992085314.UG.FTS.B,

29.49%,

3/23/25

..

73

76

992085405.UG.FTS.B,

29.49%,

3/23/25

..

14

14

992085601.UG.FTS.B,

29.49%,

3/23/25

..

315

324

992085899.UG.FTS.B,

29.49%,

3/23/25

..

142

20

992087323.UG.FTS.B,

29.49%,

3/23/25

..

397

418

992087535.UG.FTS.B,

29.49%,

3/23/25

..

751

784

992087878.UG.FTS.B,

29.49%,

3/23/25

..

191

203

992088239.UG.FTS.B,

29.49%,

3/23/25

..

2,761

2,937

992088639.UG.FTS.B,

29.49%,

3/23/25

..

88

90

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992088753.UG.FTS.B,

29.49%,

3/23/25

..

$

38

$

38

992089697.UG.FTS.B,

29.49%,

3/23/25

..

645

681

992090945.UG.FTS.B,

29.49%,

3/23/25

..

1,181

1,243

992090965.UG.FTS.B,

29.49%,

3/23/25

..

42

44

992092544.UG.FTS.B,

29.49%,

3/23/25

..

975

1,032

992093347.UG.FTS.B,

29.49%,

3/23/25

..

2,768

2,914

992093964.UG.FTS.B,

29.49%,

3/23/25

..

9

9

992095535.UG.FTS.B,

29.49%,

3/23/25

..

85

89

992097000.UG.FTS.B,

29.49%,

3/23/25

..

43

43

992099619.UG.FTS.B,

29.49%,

3/23/25

..

18

19

992099679.UG.FTS.B,

29.49%,

3/23/25

..

175

186

992099804.UG.FTS.B,

29.49%,

3/23/25

..

398

424

992099891.UG.FTS.B,

29.49%,

3/23/25

..

99

105

992100366.UG.FTS.B,

29.49%,

3/23/25

..

125

125

992101342.UG.FTS.B,

29.49%,

3/23/25

..

115

121

992101765.UG.FTS.B,

29.49%,

3/23/25

..

686

726

992102014.UG.FTS.B,

29.49%,

3/23/25

..

1,534

114

992104277.UG.FTS.B,

29.49%,

3/23/25

..

44

44

992104677.UG.FTS.B,

29.49%,

3/23/25

..

246

258

992104962.UG.FTS.B,

29.49%,

3/23/25

..

83

87

992105033.UG.FTS.B,

29.49%,

3/23/25

..

710

749

992105126.UG.FTS.B,

29.49%,

3/23/25

..

130

115

992105610.UG.FTS.B,

29.49%,

3/23/25

..

28

28

992105922.UG.FTS.B,

29.49%,

3/23/25

..

89

93

992106235.UG.FTS.B,

29.49%,

3/23/25

..

46

47

992106241.UG.FTS.B,

29.49%,

3/23/25

..

309

325

992107332.UG.FTS.B,

29.49%,

3/23/25

..

103

108

992108103.UG.FTS.B,

29.49%,

3/23/25

..

198

208

992109564.UG.FTS.B,

29.49%,

3/23/25

..

422

431

992110206.UG.FTS.B,

29.49%,

3/23/25

..

35

36

992110292.UG.FTS.B,

29.49%,

3/23/25

..

84

88

992112463.UG.FTS.B,

29.49%,

3/23/25

..

691

730

992115025.UG.FTS.B,

29.49%,

3/23/25

..

122

128

992116093.UG.FTS.B,

29.49%,

3/23/25

..

234

248

992116322.UG.FTS.B,

29.49%,

3/23/25

..

111

9

992117760.UG.FTS.B,

29.49%,

3/23/25

..

185

26

992120452.UG.FTS.B,

29.49%,

3/23/25

..

165

(6)

992120540.UG.FTS.B,

29.49%,

3/23/25

..

25

25

992121896.UG.FTS.B,

29.49%,

3/23/25

..

354

30

992122993.UG.FTS.B,

29.49%,

3/23/25

..

535

528

992123182.UG.FTS.B,

29.49%,

3/23/25

..

277

295

992123466.UG.FTS.B,

29.49%,

3/23/25

..

146

155

992124518.UG.FTS.B,

29.49%,

3/23/25

..

87

91

992124733.UG.FTS.B,

29.49%,

3/23/25

..

47

49

992128723.UG.FTS.B,

29.49%,

3/23/25

..

25

25

992129393.UG.FTS.B,

29.49%,

3/23/25

..

96

98

992130283.UG.FTS.B,

29.49%,

3/23/25

..

121

128

992131223.UG.FTS.B,

29.49%,

3/23/25

..

841

831

992132653.UG.FTS.B,

29.49%,

3/23/25

..

891

869

992134100.UG.FTS.B,

29.49%,

3/23/25

..

165

176

992134832.UG.FTS.B,

29.49%,

3/23/25

..

3

–

992136810.UG.FTS.B,

29.49%,

3/23/25

..

444

470

992137745.UG.FTS.B,

29.49%,

3/23/25

..

215

221

992139577.UG.FTS.B,

29.49%,

3/23/25

..

145

152

992139886.UG.FTS.B,

29.49%,

3/23/25

..

81

86

992141532.UG.FTS.B,

29.49%,

3/23/25

..

35

30

992143800.UG.FTS.B,

29.49%,

3/23/25

..

168

178

992144043.UG.FTS.B,

29.49%,

3/23/25

..

35

36

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

94

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992145625.UG.FTS.B,

29.49%,

3/23/25

..

$

135

$

142

992147037.UG.FTS.B,

29.49%,

3/23/25

..

107

113

992149128.UG.FTS.B,

29.49%,

3/23/25

..

277

295

992149809.UG.FTS.B,

29.49%,

3/23/25

..

242

255

992154893.UG.FTS.B,

29.49%,

3/23/25

..

325

342

992155143.UG.FTS.B,

29.49%,

3/23/25

..

135

141

992155386.UG.FTS.B,

29.49%,

3/23/25

..

65

57

992156242.UG.FTS.B,

29.49%,

3/23/25

..

95

13

992159160.UG.FTS.B,

29.49%,

3/23/25

..

49

51

992160995.UG.FTS.B,

29.49%,

3/23/25

..

51

8

992167628.UG.FTS.B,

29.49%,

3/23/25

..

772

819

992168335.UG.FTS.B,

29.49%,

3/23/25

..

230

241

992169203.UG.FTS.B,

29.49%,

3/23/25

..

215

220

992174056.UG.FTS.B,

29.49%,

3/23/25

..

277

293

992177382.UG.FTS.B,

29.49%,

3/23/25

..

3,458

3,640

992180007.UG.FTS.B,

29.49%,

3/23/25

..

12

12

992182513.UG.FTS.B,

29.49%,

3/23/25

..

224

228

992182554.UG.FTS.B,

29.49%,

3/23/25

..

71

74

992188338.UG.FTS.B,

29.49%,

3/23/25

..

142

149

992191296.UG.FTS.B,

29.49%,

3/23/25

..

273

288

992201970.UG.FTS.B,

29.49%,

3/23/25

..

244

249

992202006.UG.FTS.B,

29.49%,

3/23/25

..

708

725

992203124.UG.FTS.B,

29.49%,

3/23/25

..

1,012

1,071

992205846.UG.FTS.B,

29.49%,

3/23/25

..

342

(5)

992208250.UG.FTS.B,

29.49%,

3/23/25

..

200

204

992215462.UG.FTS.B,

29.49%,

3/23/25

..

229

241

992215505.UG.FTS.B,

29.49%,

3/23/25

..

83

88

992219377.UG.FTS.B,

29.49%,

3/23/25

..

707

(25)

992219910.UG.FTS.B,

29.49%,

3/23/25

..

275

293

992221268.UG.FTS.B,

29.49%,

3/23/25

..

350

362

992222447.UG.FTS.B,

29.49%,

3/23/25

..

146

143

992222570.UG.FTS.B,

29.49%,

3/23/25

..

231

244

992226804.UG.FTS.B,

29.49%,

3/23/25

..

79

82

992228318.UG.FTS.B,

29.49%,

3/23/25

..

55

58

992229716.UG.FTS.B,

29.49%,

3/23/25

..

72

76

992231380.UG.FTS.B,

29.49%,

3/23/25

..

78

82

992231383.UG.FTS.B,

29.49%,

3/23/25

..

6

6

992231724.UG.FTS.B,

29.49%,

3/23/25

..

420

426

992236311.UG.FTS.B,

29.49%,

3/23/25

..

206

217

992238462.UG.FTS.B,

29.49%,

3/23/25

..

188

193

992239237.UG.FTS.B,

29.49%,

3/23/25

..

55

57

992254291.UG.FTS.B,

29.49%,

3/23/25

..

29

29

992255455.UG.FTS.B,

29.49%,

3/23/25

..

35

36

992261524.UG.FTS.B,

29.49%,

3/23/25

..

167

(12)

992263600.UG.FTS.B,

29.49%,

3/23/25

..

348

369

992268242.UG.FTS.B,

29.49%,

3/23/25

..

190

198

992270406.UG.FTS.B,

29.49%,

3/23/25

..

94

99

992271242.UG.FTS.B,

29.49%,

3/23/25

..

523

542

992287585.UG.FTS.B,

29.49%,

3/23/25

..

126

133

992288841.UG.FTS.B,

29.49%,

3/23/25

..

201

204

992293802.UG.FTS.B,

29.49%,

3/23/25

..

131

131

992294183.UG.FTS.B,

29.49%,

3/23/25

..

510

528

992302403.UG.FTS.B,

29.49%,

3/23/25

..

37

37

992303999.UG.FTS.B,

29.49%,

3/23/25

..

684

709

992318777.UG.FTS.B,

29.49%,

3/23/25

..

165

168

992328658.UG.FTS.B,

29.49%,

3/23/25

..

137

143

992331468.UG.FTS.B,

29.49%,

3/23/25

..

120

124

992331793.UG.FTS.B,

29.49%,

3/23/25

..

218

226

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992333149.UG.FTS.B,

29.49%,

3/23/25

..

$

19

$

20

992345222.UG.FTS.B,

29.49%,

3/23/25

..

13

13

992347137.UG.FTS.B,

29.49%,

3/23/25

..

102

107

992349340.UG.FTS.B,

29.49%,

3/23/25

..

314

327

992349445.UG.FTS.B,

29.49%,

3/23/25

..

71

3

992349685.UG.FTS.B,

29.49%,

3/23/25

..

340

353

992348097.UG.FTS.B,

26.94%,

3/24/25

..

2,022

2,045

992348688.UG.FTS.B,

28.98%,

3/24/25

..

388

403

992348978.UG.FTS.B,

28.98%,

3/24/25

..

153

159

992344862.UG.FTS.B,

29.45%,

3/24/25

..

47

48

992346001.UG.FTS.B,

29.49%,

3/24/25

..

135

140

992346285.UG.FTS.B,

29.49%,

3/24/25

..

14

14

992347851.UG.FTS.B,

29.49%,

3/24/25

..

45

46

992347993.UG.FTS.B,

29.49%,

3/24/25

..

472

489

992349011.UG.FTS.B,

29.49%,

3/24/25

..

170

177

992350144.UG.FTS.B,

29.49%,

3/24/25

..

271

282

992350513.UG.FTS.B,

29.49%,

3/24/25

..

47

48

992093797.UG.FTS.B,

15.97%,

3/25/25

..

1,814

1,856

992100630.UG.FTS.B,

15.97%,

3/25/25

..

324

332

992091162.UG.FTS.B,

17.99%,

3/25/25

..

2,096

2,144

992183815.UG.FTS.B,

17.99%,

3/26/25

..

411

421

992229488.UG.FTS.B,

15.97%,

3/28/25

..

46

46

992130189.UG.FTS.B,

17.99%,

3/28/25

..

17

17

992149701.UG.FTS.B,

17.99%,

3/28/25

..

113

115

992161505.UG.FTS.B,

15.97%,

3/30/25

..

86

88

992151176.UG.FTS.B,

16.99%,

3/30/25

..

56

57

992220928.UG.FTS.B,

16.99%,

3/30/25

..

124

124

992149696.UG.FTS.B,

17.99%,

3/30/25

..

643

650

992164557.UG.FTS.B,

17.99%,

3/30/25

..

94

95

992236318.UG.FTS.B,

17.99%,

3/30/25

..

250

254

992263228.UG.FTS.B,

17.99%,

3/30/25

..

1,299

1,311

992293029.UG.FTS.B,

17.99%,

3/30/25

..

699

87

992149764.UG.FTS.B,

22.97%,

3/30/25

..

1,251

1,271

992199585.UG.FTS.B,

22.97%,

3/30/25

..

186

184

992300267.UG.FTS.B,

16.99%,

3/31/25

..

956

975

992200988.UG.FTS.B,

18.8%,

3/31/25

...

483

492

992232064.UG.FTS.B,

19.21%,

3/31/25

..

104

106

992177013.UG.FTS.B,

15%,

4/01/25

.....

1,292

1,288

992385335.UG.FTS.B,

15%,

4/01/25

.....

671

684

992192029.UG.FTS.B,

15.97%,

4/01/25

..

92

94

992256830.UG.FTS.B,

15.97%,

4/01/25

..

961

986

992286025.UG.FTS.B,

15.97%,

4/01/25

..

27

27

992169526.UG.FTS.B,

16.99%,

4/01/25

..

260

262

992191535.UG.FTS.B,

16.99%,

4/01/25

..

614

626

992318980.UG.FTS.B,

17.99%,

4/01/25

..

4,177

4,284

992393499.UG.FTS.B,

17.99%,

4/01/25

..

52

53

992160230.UG.FTS.B,

19.8%,

4/01/25

...

78

78

992235536.UG.FTS.B,

19.8%,

4/01/25

...

249

255

992218827.UG.FTS.B,

20.97%,

4/01/25

..

1,529

–

992192257.UG.FTS.B,

21.46%,

4/01/25

..

16

16

992192791.UG.FTS.B,

21.46%,

4/01/25

..

170

175

992202494.UG.FTS.B,

21.46%,

4/01/25

..

233

234

992201027.UG.FTS.B,

21.97%,

4/01/25

..

305

310

992159329.UG.FTS.B,

21.98%,

4/01/25

..

205

208

992173863.UG.FTS.B,

25.95%,

4/01/25

..

31

31

992217849.UG.FTS.B,

14.98%,

4/02/25

..

3,003

3,087

992279155.UG.FTS.B,

14.98%,

4/02/25

..

427

439

992371293.UG.FTS.B,

15%,

4/02/25

.....

183

187

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

95

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992218853.UG.FTS.B,

15.97%,

4/02/25

..

$

1,739

$

1,788

992237498.UG.FTS.B,

15.97%,

4/02/25

..

5,698

5,857

992262276.UG.FTS.B,

15.97%,

4/02/25

..

254

261

992275068.UG.FTS.B,

15.97%,

4/02/25

..

251

258

992348574.UG.FTS.B,

15.97%,

4/02/25

..

1,735

1,783

992172915.UG.FTS.B,

16.99%,

4/02/25

..

515

529

992199181.UG.FTS.B,

16.99%,

4/02/25

..

868

892

992211134.UG.FTS.B,

16.99%,

4/02/25

..

103

104

992213440.UG.FTS.B,

16.99%,

4/02/25

..

439

446

992224483.UG.FTS.B,

16.99%,

4/02/25

..

185

189

992252139.UG.FTS.B,

16.99%,

4/02/25

..

211

217

992269575.UG.FTS.B,

16.99%,

4/02/25

..

934

940

992340432.UG.FTS.B,

16.99%,

4/02/25

..

433

442

992174565.UG.FTS.B,

17.99%,

4/02/25

..

68

69

992197966.UG.FTS.B,

17.99%,

4/02/25

..

259

260

992219195.UG.FTS.B,

17.99%,

4/02/25

..

523

523

992247549.UG.FTS.B,

17.99%,

4/02/25

..

295

303

992281998.UG.FTS.B,

17.99%,

4/02/25

..

114

114

992218057.UG.FTS.B,

18.97%,

4/02/25

..

237

240

992194074.UG.FTS.B,

19.21%,

4/02/25

..

1,022

1,034

992227054.UG.FTS.B,

19.21%,

4/02/25

..

21

21

992235684.UG.FTS.B,

19.21%,

4/02/25

..

202

208

992172657.UG.FTS.B,

19.8%,

4/02/25

...

294

302

992218660.UG.FTS.B,

19.8%,

4/02/25

...

644

647

992237579.UG.FTS.B,

19.8%,

4/02/25

...

2,052

2,111

992188005.UG.FTS.B,

20.46%,

4/02/25

..

337

343

992182027.UG.FTS.B,

20.97%,

4/02/25

..

40

40

992196318.UG.FTS.B,

21.46%,

4/02/25

..

16

16

992200970.UG.FTS.B,

21.46%,

4/02/25

..

163

168

992207780.UG.FTS.B,

21.46%,

4/02/25

..

111

114

992182313.UG.FTS.B,

21.98%,

4/02/25

..

508

519

992199234.UG.FTS.B,

21.98%,

4/02/25

..

183

185

992241413.UG.FTS.B,

17.99%,

4/03/25

..

77

78

992313879.UG.FTS.B,

17.99%,

4/03/25

..

1,715

1,745

992353489.UG.FTS.B,

17.99%,

4/03/25

..

22

22

992193179.UG.FTS.B,

18.97%,

4/03/25

..

591

584

992210631.UG.FTS.B,

18.97%,

4/03/25

..

108

110

992198438.UG.FTS.B,

20.97%,

4/03/25

..

3,063

3,113

992189142.UG.FTS.B,

21.46%,

4/03/25

..

1,371

1,391

992193789.UG.FTS.B,

21.46%,

4/03/25

..

1,830

1,836

992233042.UG.FTS.B,

21.46%,

4/03/25

..

13

13

992187308.UG.FTS.B,

22.97%,

4/03/25

..

2,314

2,347

992208957.UG.FTS.B,

Zero

Cpn,

4/04/25

.

147

10

992441413.UG.FTS.B,

Zero

Cpn,

4/04/25

.

451

32

992454336.UG.FTS.B,

Zero

Cpn,

4/04/25

.

792

56

992269592.UG.FTS.B,

14%,

4/04/25

.....

14

14

992270030.UG.FTS.B,

14%,

4/04/25

.....

103

105

992230337.UG.FTS.B,

14.98%,

4/04/25

..

667

675

992232001.UG.FTS.B,

15.97%,

4/04/25

..

141

143

992353155.UG.FTS.B,

15.97%,

4/04/25

..

89

90

992377313.UG.FTS.B,

15.97%,

4/04/25

..

241

27

992383612.UG.FTS.B,

16.99%,

4/04/25

..

168

170

992466354.UG.FTS.B,

16.99%,

4/04/25

..

56

57

992191130.UG.FTS.B,

17.97%,

4/04/25

..

530

536

992367030.UG.FTS.B,

17.97%,

4/04/25

..

209

213

992200137.UG.FTS.B,

17.99%,

4/04/25

..

912

925

992297432.UG.FTS.B,

17.99%,

4/04/25

..

71

72

992390189.UG.FTS.B,

17.99%,

4/04/25

..

864

178

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992415824.UG.FTS.B,

17.99%,

4/04/25

..

$

403

$

408

992201902.UG.FTS.B,

19.21%,

4/04/25

..

1,431

1,455

992197132.UG.FTS.B,

19.8%,

4/04/25

...

79

79

992235065.UG.FTS.B,

19.8%,

4/04/25

...

255

259

992190275.UG.FTS.B,

20.46%,

4/04/25

..

2,413

2,454

992196700.UG.FTS.B,

20.97%,

4/04/25

..

12

12

992196124.UG.FTS.B,

21.46%,

4/04/25

..

619

627

992210094.UG.FTS.B,

26.94%,

4/04/25

..

37

5

992205889.UG.FTS.B,

Zero

Cpn,

4/05/25

.

501

35

992224958.UG.FTS.B,

15%,

4/05/25

.....

243

247

992210521.UG.FTS.B,

15.97%,

4/05/25

..

221

224

992231286.UG.FTS.B,

15.99%,

4/05/25

..

1,638

1,657

992223411.UG.FTS.B,

17.97%,

4/05/25

..

125

127

992218905.UG.FTS.B,

19.21%,

4/05/25

..

1,026

1,045

992202719.UG.FTS.B,

21.46%,

4/05/25

..

347

352

992216395.UG.FTS.B,

21.46%,

4/05/25

..

1,177

1,196

992233548.UG.FTS.B,

21.46%,

4/05/25

..

254

252

992215323.UG.FTS.B,

Zero

Cpn,

4/06/25

.

556

39

992258586.UG.FTS.B,

14%,

4/06/25

.....

13

13

992209626.UG.FTS.B,

14.97%,

4/06/25

..

519

523

992260529.UG.FTS.B,

14.98%,

4/06/25

..

345

348

992212912.UG.FTS.B,

15%,

4/06/25

.....

90

90

992466445.UG.FTS.B,

15.97%,

4/06/25

..

1,291

1,310

992211451.UG.FTS.B,

16.99%,

4/06/25

..

520

529

992263186.UG.FTS.B,

16.99%,

4/06/25

..

414

422

992267047.UG.FTS.B,

16.99%,

4/06/25

..

206

205

992268809.UG.FTS.B,

16.99%,

4/06/25

..

233

237

992319770.UG.FTS.B,

16.99%,

4/06/25

..

131

134

992214605.UG.FTS.B,

17.99%,

4/06/25

..

149

149

992224934.UG.FTS.B,

17.99%,

4/06/25

..

40

40

992247853.UG.FTS.B,

17.99%,

4/06/25

..

339

346

992345302.UG.FTS.B,

17.99%,

4/06/25

..

415

423

992221556.UG.FTS.B,

15.97%,

4/07/25

..

162

165

992243467.UG.FTS.B,

17.99%,

4/07/25

..

172

174

992237345.UG.FTS.B,

14.98%,

4/08/25

..

142

141

992298729.UG.FTS.B,

14.98%,

4/08/25

..

198

202

992368155.UG.FTS.B,

15.97%,

4/08/25

..

74

74

992394992.UG.FTS.B,

15.97%,

4/08/25

..

694

708

992239443.UG.FTS.B,

16.99%,

4/08/25

..

753

598

992320559.UG.FTS.B,

16.99%,

4/08/25

..

250

254

992321202.UG.FTS.B,

16.99%,

4/08/25

..

673

687

992348109.UG.FTS.B,

16.99%,

4/08/25

..

660

673

992350446.UG.FTS.B,

16.99%,

4/08/25

..

359

358

992232136.UG.FTS.B,

17.99%,

4/08/25

..

234

239

992236760.UG.FTS.B,

17.99%,

4/08/25

..

2,190

2,234

992254629.UG.FTS.B,

17.99%,

4/08/25

..

607

619

992259631.UG.FTS.B,

17.99%,

4/08/25

..

487

33

992310973.UG.FTS.B,

17.99%,

4/08/25

..

175

178

992369621.UG.FTS.B,

17.99%,

4/08/25

..

751

52

992429013.UG.FTS.B,

17.99%,

4/08/25

..

178

180

992435139.UG.FTS.B,

17.99%,

4/08/25

..

3

3

992484516.UG.FTS.B,

17.99%,

4/08/25

..

1,200

1,215

992242978.UG.FTS.B,

16.99%,

4/09/25

..

330

337

992384703.UG.FTS.B,

16.99%,

4/09/25

..

670

683

992033191.UG.FTS.B,

28.98%,

4/09/25

..

283

193

992263444.UG.FTS.B,

15.97%,

4/10/25

..

329

336

992487071.UG.FTS.B,

15.97%,

4/10/25

..

641

650

992251291.UG.FTS.B,

15.99%,

4/10/25

..

443

449

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992454909.UG.FTS.B,

16.99%,

4/10/25

..

$

142

$

30

992335007.UG.FTS.B,

17.99%,

4/10/25

..

–

–

992302614.UG.FTS.B,

16.99%,

4/11/25

..

472

482

992442083.UG.FTS.B,

16.99%,

4/11/25

..

156

160

992372193.UG.FTS.B,

17.97%,

4/11/25

..

104

106

992408223.UG.FTS.B,

17.99%,

4/11/25

..

66

67

992286136.UG.FTS.B,

19.21%,

4/11/25

..

723

730

992290810.UG.FTS.B,

19.8%,

4/11/25

...

372

380

992271681.UG.FTS.B,

20.46%,

4/11/25

..

81

81

992318004.UG.FTS.B,

21.98%,

4/11/25

..

10

10

992297219.UG.FTS.B,

15.97%,

4/12/25

..

361

362

992311968.UG.FTS.B,

15.97%,

4/12/25

..

3,482

726

992267819.UG.FTS.B,

16.99%,

4/12/25

..

502

512

992336329.UG.FTS.B,

16.99%,

4/12/25

..

187

189

992347580.UG.FTS.B,

16.99%,

4/12/25

..

1,280

1,307

992354175.UG.FTS.B,

16.99%,

4/12/25

..

36

36

992307762.UG.FTS.B,

17.99%,

4/12/25

..

598

598

992295225.UG.FTS.B,

21.98%,

4/12/25

..

202

205

992322854.UG.FTS.B,

14%,

4/13/25

.....

1,757

1,787

992290392.UG.FTS.B,

15.97%,

4/13/25

..

26

26

992513612.UG.FTS.B,

15.97%,

4/13/25

..

1,079

1,094

992537011.UG.FTS.B,

15.97%,

4/13/25

..

2,897

2,939

992275766.UG.FTS.B,

16.99%,

4/13/25

..

248

251

992277654.UG.FTS.B,

16.99%,

4/13/25

..

1,981

2,023

992287880.UG.FTS.B,

16.99%,

4/13/25

..

439

448

992322383.UG.FTS.B,

16.99%,

4/13/25

..

903

904

992475493.UG.FTS.B,

16.99%,

4/13/25

..

209

4

992274015.UG.FTS.B,

18.21%,

4/13/25

..

619

624

992328216.UG.FTS.B,

18.97%,

4/13/25

..

13

13

992390041.UG.FTS.B,

19.21%,

4/13/25

..

58

4

992403270.UG.FTS.B,

19.21%,

4/13/25

..

150

11

992297895.UG.FTS.B,

19.8%,

4/13/25

...

468

98

992279083.UG.FTS.B,

20.97%,

4/13/25

..

1,486

1,485

992317691.UG.FTS.B,

20.97%,

4/13/25

..

240

244

992329125.UG.FTS.B,

20.97%,

4/13/25

..

32

32

992337065.UG.FTS.B,

20.97%,

4/13/25

..

114

116

992275798.UG.FTS.B,

21.46%,

4/13/25

..

640

642

992307235.UG.FTS.B,

21.46%,

4/13/25

..

145

148

992355419.UG.FTS.B,

21.46%,

4/13/25

..

215

219

992293222.UG.FTS.B,

21.98%,

4/13/25

..

764

778

992363717.UG.FTS.B,

21.98%,

4/13/25

..

58

59

992274704.UG.FTS.B,

22.97%,

4/13/25

..

42

42

992289647.UG.FTS.B,

Zero

Cpn,

4/14/25

.

1,377

93

992295363.UG.FTS.B,

14.98%,

4/14/25

..

38

38

992340474.UG.FTS.B,

15.97%,

4/14/25

..

1,096

1,120

992336097.UG.FTS.B,

15.99%,

4/14/25

..

269

274

992285725.UG.FTS.B,

16.83%,

4/14/25

..

1,707

1,741

992289110.UG.FTS.B,

16.83%,

4/14/25

..

1,515

1,546

992300816.UG.FTS.B,

16.99%,

4/14/25

..

421

430

992564416.UG.FTS.B,

16.99%,

4/14/25

..

734

745

992284980.UG.FTS.B,

17.88%,

4/14/25

..

1,086

1,106

992290644.UG.FTS.B,

17.88%,

4/14/25

..

250

32

992316285.UG.FTS.B,

17.99%,

4/14/25

..

397

405

992324578.UG.FTS.B,

17.99%,

4/14/25

..

359

365

992327489.UG.FTS.B,

17.99%,

4/14/25

..

29

–

992305826.UG.FTS.B,

18.97%,

4/14/25

..

122

124

992285945.UG.FTS.B,

19.21%,

4/14/25

..

240

244

992286128.UG.FTS.B,

19.8%,

4/14/25

...

374

378

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992309878.UG.FTS.B,

19.8%,

4/14/25

...

$

1,334

$

1,349

992285986.UG.FTS.B,

19.99%,

4/14/25

..

79

60

992281600.UG.FTS.B,

20.46%,

4/14/25

..

660

667

992288833.UG.FTS.B,

20.97%,

4/14/25

..

106

108

992289091.UG.FTS.B,

20.97%,

4/14/25

..

148

148

992308779.UG.FTS.B,

21.46%,

4/14/25

..

–

–

992289187.UG.FTS.B,

28.98%,

4/14/25

..

157

164

992289614.UG.FTS.B,

28.98%,

4/14/25

..

226

50

992289975.UG.FTS.B,

28.98%,

4/14/25

..

178

184

992294748.UG.FTS.B,

28.98%,

4/14/25

..

626

647

992305613.UG.FTS.B,

28.98%,

4/14/25

..

286

300

992310447.UG.FTS.B,

28.98%,

4/14/25

..

397

413

992286120.UG.FTS.B,

29.49%,

4/14/25

..

1,132

1,143

992287298.UG.FTS.B,

29.49%,

4/14/25

..

229

238

992296626.UG.FTS.B,

29.49%,

4/14/25

..

49

49

992308681.UG.FTS.B,

29.49%,

4/14/25

..

105

109

992294661.UG.FTS.B,

Zero

Cpn,

4/15/25

.

3,421

239

992303661.UG.FTS.B,

14.97%,

4/15/25

..

1,672

1,707

992303123.UG.FTS.B,

14.98%,

4/15/25

..

1,334

1,362

992308602.UG.FTS.B,

15%,

4/15/25

.....

389

398

992303883.UG.FTS.B,

15.99%,

4/15/25

..

1,293

1,319

992297524.UG.FTS.B,

16.99%,

4/15/25

..

1,113

1,136

992307848.UG.FTS.B,

16.99%,

4/15/25

..

183

187

992320370.UG.FTS.B,

16.99%,

4/15/25

..

1,060

1,076

992340458.UG.FTS.B,

16.99%,

4/15/25

..

79

79

992335446.UG.FTS.B,

17.97%,

4/15/25

..

371

378

992294877.UG.FTS.B,

17.99%,

4/15/25

..

145

148

992301536.UG.FTS.B,

17.99%,

4/15/25

..

101

104

992296404.UG.FTS.B,

19.8%,

4/15/25

...

1,626

1,650

992297561.UG.FTS.B,

19.8%,

4/15/25

...

57

57

992299386.UG.FTS.B,

20.97%,

4/15/25

..

6

5

992297152.UG.FTS.B,

21.46%,

4/15/25

..

22

22

992306919.UG.FTS.B,

21.46%,

4/15/25

..

153

154

992303407.UG.FTS.B,

23.95%,

4/15/25

..

152

147

992307624.UG.FTS.B,

26.94%,

4/15/25

..

377

384

992296314.UG.FTS.B,

27.99%,

4/15/25

..

48

15

992295308.UG.FTS.B,

28.98%,

4/15/25

..

136

142

992295752.UG.FTS.B,

28.98%,

4/15/25

..

2,058

268

992296027.UG.FTS.B,

28.98%,

4/15/25

..

244

256

992297340.UG.FTS.B,

28.98%,

4/15/25

..

741

775

992298164.UG.FTS.B,

28.98%,

4/15/25

..

822

861

992299571.UG.FTS.B,

28.98%,

4/15/25

..

486

502

992300707.UG.FTS.B,

28.98%,

4/15/25

..

675

691

992300880.UG.FTS.B,

28.98%,

4/15/25

..

529

548

992301426.UG.FTS.B,

28.98%,

4/15/25

..

275

289

992308046.UG.FTS.B,

28.98%,

4/15/25

..

121

127

992309552.UG.FTS.B,

28.98%,

4/15/25

..

237

(1)

992297156.UG.FTS.B,

29.46%,

4/15/25

..

294

293

992299371.UG.FTS.B,

29.46%,

4/15/25

..

825

867

992296907.UG.FTS.B,

29.49%,

4/15/25

..

169

172

992297557.UG.FTS.B,

29.49%,

4/15/25

..

793

788

992298614.UG.FTS.B,

29.49%,

4/15/25

..

162

171

992298750.UG.FTS.B,

29.49%,

4/15/25

..

477

32

992308453.UG.FTS.B,

29.49%,

4/15/25

..

125

131

992310696.UG.FTS.B,

29.49%,

4/15/25

..

229

228

992306408.UG.FTS.B,

Zero

Cpn,

4/16/25

.

1,242

86

992306849.UG.FTS.B,

Zero

Cpn,

4/16/25

.

566

40

992306978.UG.FTS.B,

Zero

Cpn,

4/16/25

.

975

67

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

97

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992307236.UG.FTS.B,

Zero

Cpn,

4/16/25

.

$

132

$

9

992308265.UG.FTS.B,

Zero

Cpn,

4/16/25

.

469

33

992460462.UG.FTS.B,

Zero

Cpn,

4/16/25

.

434

30

992580136.UG.FTS.B,

15%,

4/16/25

.....

118

119

992386827.UG.FTS.B,

15.97%,

4/16/25

..

905

104

992414496.UG.FTS.B,

15.97%,

4/16/25

..

157

161

992498711.UG.FTS.B,

15.97%,

4/16/25

..

131

133

992525722.UG.FTS.B,

16.99%,

4/16/25

..

1,674

1,711

992316046.UG.FTS.B,

17.99%,

4/16/25

..

242

247

992305308.UG.FTS.B,

19.99%,

4/16/25

..

247

260

992306261.UG.FTS.B,

19.99%,

4/16/25

..

624

153

992307581.UG.FTS.B,

19.99%,

4/16/25

..

423

444

992307679.UG.FTS.B,

19.99%,

4/16/25

..

254

263

992308797.UG.FTS.B,

19.99%,

4/16/25

..

66

68

992309236.UG.FTS.B,

19.99%,

4/16/25

..

585

614

992309341.UG.FTS.B,

19.99%,

4/16/25

..

1,133

1,158

992309419.UG.FTS.B,

19.99%,

4/16/25

..

156

162

992310357.UG.FTS.B,

19.99%,

4/16/25

..

–

–

992305605.UG.FTS.B,

21.46%,

4/16/25

..

782

171

992381662.UG.FTS.B,

21.46%,

4/16/25

..

183

41

992309577.UG.FTS.B,

21.98%,

4/16/25

..

2,751

2,807

992326041.UG.FTS.B,

21.98%,

4/16/25

..

25

25

992309950.UG.FTS.B,

22.95%,

4/16/25

..

518

528

992304599.UG.FTS.B,

28.98%,

4/16/25

..

619

636

992305433.UG.FTS.B,

28.98%,

4/16/25

..

117

15

992306028.UG.FTS.B,

28.98%,

4/16/25

..

47

48

992306115.UG.FTS.B,

28.98%,

4/16/25

..

978

1,007

992306619.UG.FTS.B,

28.98%,

4/16/25

..

58

58

992307424.UG.FTS.B,

28.98%,

4/16/25

..

288

292

992307777.UG.FTS.B,

28.98%,

4/16/25

..

1,325

1,383

992308010.UG.FTS.B,

28.98%,

4/16/25

..

129

135

992308414.UG.FTS.B,

28.98%,

4/16/25

..

195

205

992308705.UG.FTS.B,

28.98%,

4/16/25

..

151

151

992309686.UG.FTS.B,

28.98%,

4/16/25

..

255

259

992310073.UG.FTS.B,

28.98%,

4/16/25

..

42

15

992310638.UG.FTS.B,

28.98%,

4/16/25

..

926

216

992304303.UG.FTS.B,

29.49%,

4/16/25

..

244

249

992304610.UG.FTS.B,

29.49%,

4/16/25

..

26

(1)

992304613.UG.FTS.B,

29.49%,

4/16/25

..

120

119

992304939.UG.FTS.B,

29.49%,

4/16/25

..

38

38

992305076.UG.FTS.B,

29.49%,

4/16/25

..

151

155

992305333.UG.FTS.B,

29.49%,

4/16/25

..

8

8

992305361.UG.FTS.B,

29.49%,

4/16/25

..

123

16

992305535.UG.FTS.B,

29.49%,

4/16/25

..

43

44

992306689.UG.FTS.B,

29.49%,

4/16/25

..

80

82

992307004.UG.FTS.B,

29.49%,

4/16/25

..

18

18

992307821.UG.FTS.B,

29.49%,

4/16/25

..

17

17

992308785.UG.FTS.B,

29.49%,

4/16/25

..

356

361

992308950.UG.FTS.B,

29.49%,

4/16/25

..

217

228

992310247.UG.FTS.B,

29.49%,

4/16/25

..

121

127

992310266.UG.FTS.B,

29.49%,

4/16/25

..

41

42

992310325.UG.FTS.B,

29.49%,

4/16/25

..

140

–

992355317.UG.FTS.B,

15%,

4/17/25

.....

190

193

992327747.UG.FTS.B,

15.97%,

4/17/25

..

160

160

992323905.UG.FTS.B,

16.99%,

4/17/25

..

3,695

3,751

992597031.UG.FTS.B,

16.99%,

4/17/25

..

220

223

992372747.UG.FTS.B,

17.99%,

4/17/25

..

161

164

992380827.UG.FTS.B,

20.46%,

4/17/25

..

105

107

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992366350.UG.FTS.B,

14.97%,

4/18/25

..

$

148

$

151

992383416.UG.FTS.B,

14.97%,

4/18/25

..

51

52

992421509.UG.FTS.B,

15%,

4/18/25

.....

94

94

992345440.UG.FTS.B,

15.97%,

4/18/25

..

196

199

992397485.UG.FTS.B,

15.97%,

4/18/25

..

193

197

992484763.UG.FTS.B,

15.97%,

4/18/25

..

367

375

992546771.UG.FTS.B,

15.97%,

4/18/25

..

2,312

2,323

992323983.UG.FTS.B,

16.99%,

4/18/25

..

72

73

992356139.UG.FTS.B,

16.99%,

4/18/25

..

277

283

992387534.UG.FTS.B,

16.99%,

4/18/25

..

292

298

992324428.UG.FTS.B,

17.99%,

4/18/25

..

493

504

992347652.UG.FTS.B,

17.99%,

4/18/25

..

1,356

1,387

992380390.UG.FTS.B,

17.99%,

4/18/25

..

521

4

992403384.UG.FTS.B,

17.99%,

4/18/25

..

642

657

992402637.UG.FTS.B,

19.99%,

4/18/25

..

–

–

992385404.UG.FTS.B,

20.97%,

4/18/25

..

9

9

992322893.UG.FTS.B,

28.98%,

4/18/25

..

135

142

992322987.UG.FTS.B,

28.98%,

4/18/25

..

263

276

992325295.UG.FTS.B,

28.98%,

4/18/25

..

154

162

992327973.UG.FTS.B,

28.98%,

4/18/25

..

401

407

992397735.UG.FTS.B,

28.98%,

4/18/25

..

88

92

992461866.UG.FTS.B,

28.98%,

4/18/25

..

1,648

1,706

992341212.UG.FTS.B,

29.45%,

4/18/25

..

1,163

1,219

992346087.UG.FTS.B,

29.48%,

4/18/25

..

122

16

992322780.UG.FTS.B,

29.49%,

4/18/25

..

32

33

992323207.UG.FTS.B,

29.49%,

4/18/25

..

422

432

992323564.UG.FTS.B,

29.49%,

4/18/25

..

115

121

992323640.UG.FTS.B,

29.49%,

4/18/25

..

625

647

992340847.UG.FTS.B,

29.49%,

4/18/25

..

553

562

992351999.UG.FTS.B,

29.49%,

4/18/25

..

141

148

992368603.UG.FTS.B,

29.49%,

4/18/25

..

367

367

992423259.UG.FTS.B,

29.49%,

4/18/25

..

141

139

992490012.UG.FTS.B,

29.49%,

4/18/25

..

602

80

992428210.UG.FTS.B,

Zero

Cpn,

4/19/25

.

305

21

992367233.UG.FTS.B,

15%,

4/19/25

.....

510

521

992334963.UG.FTS.B,

15.97%,

4/19/25

..

2,603

2,661

992487984.UG.FTS.B,

15.97%,

4/19/25

..

284

291

992335615.UG.FTS.B,

16.99%,

4/19/25

..

1,908

1,944

992544000.UG.FTS.B,

16.99%,

4/19/25

..

182

185

992334061.UG.FTS.B,

17.99%,

4/19/25

..

562

575

992340040.UG.FTS.B,

17.99%,

4/19/25

..

793

800

992335335.UG.FTS.B,

19.21%,

4/19/25

..

467

473

992563597.UG.FTS.B,

19.8%,

4/19/25

...

402

406

992357699.UG.FTS.B,

19.99%,

4/19/25

..

148

155

992335621.UG.FTS.B,

20.46%,

4/19/25

..

1,110

1,107

992367825.UG.FTS.B,

20.46%,

4/19/25

..

773

771

992351332.UG.FTS.B,

26.94%,

4/19/25

..

1,095

1,093

992334959.UG.FTS.B,

28.98%,

4/19/25

..

123

122

992340621.UG.FTS.B,

28.98%,

4/19/25

..

203

203

992343828.UG.FTS.B,

28.98%,

4/19/25

..

7

7

992345799.UG.FTS.B,

28.98%,

4/19/25

..

34

34

992356069.UG.FTS.B,

28.98%,

4/19/25

..

214

218

992422280.UG.FTS.B,

28.98%,

4/19/25

..

15

15

992422411.UG.FTS.B,

28.98%,

4/19/25

..

1,362

99

992485761.UG.FTS.B,

28.98%,

4/19/25

..

1,109

1,163

992492586.UG.FTS.B,

28.98%,

4/19/25

..

369

379

992602877.UG.FTS.B,

28.98%,

4/19/25

..

71

74

992609572.UG.FTS.B,

28.98%,

4/19/25

..

82

84

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

98

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992394779.UG.FTS.B,

29.45%,

4/19/25

..

$

62

$

62

992356350.UG.FTS.B,

29.46%,

4/19/25

..

112

112

992382302.UG.FTS.B,

29.48%,

4/19/25

..

641

677

992332787.UG.FTS.B,

29.49%,

4/19/25

..

283

299

992336209.UG.FTS.B,

29.49%,

4/19/25

..

320

333

992336355.UG.FTS.B,

29.49%,

4/19/25

..

1,826

1,915

992339462.UG.FTS.B,

29.49%,

4/19/25

..

736

747

992345740.UG.FTS.B,

29.49%,

4/19/25

..

261

269

992358044.UG.FTS.B,

29.49%,

4/19/25

..

116

123

992381989.UG.FTS.B,

29.49%,

4/19/25

..

344

342

992394877.UG.FTS.B,

29.49%,

4/19/25

..

127

134

992396234.UG.FTS.B,

29.49%,

4/19/25

..

419

325

992399512.UG.FTS.B,

29.49%,

4/19/25

..

1,600

1,686

992451835.UG.FTS.B,

29.49%,

4/19/25

..

2,712

2,848

992508385.UG.FTS.B,

29.49%,

4/19/25

..

69

71

992585077.UG.FTS.B,

29.49%,

4/19/25

..

207

212

992611397.UG.FTS.B,

29.49%,

4/19/25

..

114

119

992339153.UG.FTS.B,

Zero

Cpn,

4/20/25

.

194

13

992401350.UG.FTS.B,

Zero

Cpn,

4/20/25

.

106

8

992414574.UG.FTS.B,

Zero

Cpn,

4/20/25

.

893

61

992600895.UG.FTS.B,

Zero

Cpn,

4/20/25

.

225

16

992338902.UG.FTS.B,

15.97%,

4/20/25

..

507

513

992343511.UG.FTS.B,

18.97%,

4/20/25

..

468

478

992341718.UG.FTS.B,

19.99%,

4/20/25

..

1,210

1,271

992343551.UG.FTS.B,

19.99%,

4/20/25

..

152

19

992345097.UG.FTS.B,

19.99%,

4/20/25

..

234

245

992345531.UG.FTS.B,

19.99%,

4/20/25

..

–

–

992345537.UG.FTS.B,

19.99%,

4/20/25

..

44

46

992346384.UG.FTS.B,

19.99%,

4/20/25

..

256

269

992350961.UG.FTS.B,

19.99%,

4/20/25

..

685

720

992352431.UG.FTS.B,

19.99%,

4/20/25

..

1,273

1,304

992354565.UG.FTS.B,

19.99%,

4/20/25

..

184

190

992370620.UG.FTS.B,

19.99%,

4/20/25

..

279

286

992376081.UG.FTS.B,

19.99%,

4/20/25

..

833

59

992388112.UG.FTS.B,

19.99%,

4/20/25

..

93

93

992396003.UG.FTS.B,

19.99%,

4/20/25

..

220

231

992407904.UG.FTS.B,

19.99%,

4/20/25

..

59

61

992429650.UG.FTS.B,

19.99%,

4/20/25

..

668

700

992462479.UG.FTS.B,

19.99%,

4/20/25

..

22

23

992474848.UG.FTS.B,

19.99%,

4/20/25

..

46

47

992476651.UG.FTS.B,

19.99%,

4/20/25

..

36

37

992490816.UG.FTS.B,

19.99%,

4/20/25

..

423

438

992495523.UG.FTS.B,

19.99%,

4/20/25

..

342

357

992497464.UG.FTS.B,

19.99%,

4/20/25

..

91

67

992514020.UG.FTS.B,

19.99%,

4/20/25

..

226

232

992347525.UG.FTS.B,

21.46%,

4/20/25

..

1,006

999

992587068.UG.FTS.B,

25.95%,

4/20/25

..

280

282

992338075.UG.FTS.B,

27.95%,

4/20/25

..

453

469

992339363.UG.FTS.B,

27.95%,

4/20/25

..

80

79

992394027.UG.FTS.B,

27.95%,

4/20/25

..

981

1,022

992362201.UG.FTS.B,

27.99%,

4/20/25

..

148

155

992366991.UG.FTS.B,

27.99%,

4/20/25

..

343

361

992619976.UG.FTS.B,

27.99%,

4/20/25

..

267

273

992338470.UG.FTS.B,

28.98%,

4/20/25

..

109

111

992338652.UG.FTS.B,

28.98%,

4/20/25

..

272

285

992339835.UG.FTS.B,

28.98%,

4/20/25

..

437

65

992340205.UG.FTS.B,

28.98%,

4/20/25

..

133

139

992340689.UG.FTS.B,

28.98%,

4/20/25

..

920

948

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992341712.UG.FTS.B,

28.98%,

4/20/25

..

$

157

$

161

992342447.UG.FTS.B,

28.98%,

4/20/25

..

597

618

992342749.UG.FTS.B,

28.98%,

4/20/25

..

776

55

992343369.UG.FTS.B,

28.98%,

4/20/25

..

211

220

992345562.UG.FTS.B,

28.98%,

4/20/25

..

189

199

992346258.UG.FTS.B,

28.98%,

4/20/25

..

318

331

992346826.UG.FTS.B,

28.98%,

4/20/25

..

298

300

992350796.UG.FTS.B,

28.98%,

4/20/25

..

464

487

992350941.UG.FTS.B,

28.98%,

4/20/25

..

504

530

992352243.UG.FTS.B,

28.98%,

4/20/25

..

191

200

992354011.UG.FTS.B,

28.98%,

4/20/25

..

76

4

992355254.UG.FTS.B,

28.98%,

4/20/25

..

47

48

992355518.UG.FTS.B,

28.98%,

4/20/25

..

440

450

992355874.UG.FTS.B,

28.98%,

4/20/25

..

423

438

992358247.UG.FTS.B,

28.98%,

4/20/25

..

1,602

1,656

992359827.UG.FTS.B,

28.98%,

4/20/25

..

165

174

992361195.UG.FTS.B,

28.98%,

4/20/25

..

61

64

992362279.UG.FTS.B,

28.98%,

4/20/25

..

14

14

992362288.UG.FTS.B,

28.98%,

4/20/25

..

141

148

992362635.UG.FTS.B,

28.98%,

4/20/25

..

385

398

992363075.UG.FTS.B,

28.98%,

4/20/25

..

122

128

992365288.UG.FTS.B,

28.98%,

4/20/25

..

1,605

1,582

992371026.UG.FTS.B,

28.98%,

4/20/25

..

1,065

1,109

992374810.UG.FTS.B,

28.98%,

4/20/25

..

59

61

992377665.UG.FTS.B,

28.98%,

4/20/25

..

93

97

992379951.UG.FTS.B,

28.98%,

4/20/25

..

110

115

992383323.UG.FTS.B,

28.98%,

4/20/25

..

169

169

992384845.UG.FTS.B,

28.98%,

4/20/25

..

125

131

992387968.UG.FTS.B,

28.98%,

4/20/25

..

227

16

992390700.UG.FTS.B,

28.98%,

4/20/25

..

328

344

992394519.UG.FTS.B,

28.98%,

4/20/25

..

116

119

992394901.UG.FTS.B,

28.98%,

4/20/25

..

1,088

1,134

992395078.UG.FTS.B,

28.98%,

4/20/25

..

257

270

992397649.UG.FTS.B,

28.98%,

4/20/25

..

547

564

992399160.UG.FTS.B,

28.98%,

4/20/25

..

1,322

1,389

992400911.UG.FTS.B,

28.98%,

4/20/25

..

34

35

992402957.UG.FTS.B,

28.98%,

4/20/25

..

34

34

992404083.UG.FTS.B,

28.98%,

4/20/25

..

720

743

992404422.UG.FTS.B,

28.98%,

4/20/25

..

1,168

1,207

992405698.UG.FTS.B,

28.98%,

4/20/25

..

116

117

992406320.UG.FTS.B,

28.98%,

4/20/25

..

45

46

992407169.UG.FTS.B,

28.98%,

4/20/25

..

368

377

992410841.UG.FTS.B,

28.98%,

4/20/25

..

102

107

992422929.UG.FTS.B,

28.98%,

4/20/25

..

154

162

992423682.UG.FTS.B,

28.98%,

4/20/25

..

121

126

992428010.UG.FTS.B,

28.98%,

4/20/25

..

917

963

992433094.UG.FTS.B,

28.98%,

4/20/25

..

159

167

992448816.UG.FTS.B,

28.98%,

4/20/25

..

665

683

992452720.UG.FTS.B,

28.98%,

4/20/25

..

217

17

992455319.UG.FTS.B,

28.98%,

4/20/25

..

250

262

992471150.UG.FTS.B,

28.98%,

4/20/25

..

145

152

992473400.UG.FTS.B,

28.98%,

4/20/25

..

176

183

992475984.UG.FTS.B,

28.98%,

4/20/25

..

81

85

992571536.UG.FTS.B,

28.98%,

4/20/25

..

69

70

992573156.UG.FTS.B,

28.98%,

4/20/25

..

750

777

992581324.UG.FTS.B,

28.98%,

4/20/25

..

982

1,012

992633562.UG.FTS.B,

28.98%,

4/20/25

..

36

37

992339264.UG.FTS.B,

29.45%,

4/20/25

..

67

69

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

99

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992357397.UG.FTS.B,

29.45%,

4/20/25

..

$

65

$

67

992370756.UG.FTS.B,

29.45%,

4/20/25

..

405

426

992633878.UG.FTS.B,

29.45%,

4/20/25

..

31

32

992344089.UG.FTS.B,

29.46%,

4/20/25

..

160

165

992345084.UG.FTS.B,

29.46%,

4/20/25

..

492

(39)

992356070.UG.FTS.B,

29.46%,

4/20/25

..

7

7

992377954.UG.FTS.B,

29.46%,

4/20/25

..

250

260

992379948.UG.FTS.B,

29.46%,

4/20/25

..

348

359

992405854.UG.FTS.B,

29.46%,

4/20/25

..

11

11

992475659.UG.FTS.B,

29.46%,

4/20/25

..

112

118

992634015.UG.FTS.B,

29.46%,

4/20/25

..

256

259

992338247.UG.FTS.B,

29.47%,

4/20/25

..

376

378

992343898.UG.FTS.B,

29.47%,

4/20/25

..

2,291

2,301

992352682.UG.FTS.B,

29.47%,

4/20/25

..

445

445

992356513.UG.FTS.B,

29.47%,

4/20/25

..

274

289

992358512.UG.FTS.B,

29.47%,

4/20/25

..

595

624

992362918.UG.FTS.B,

29.47%,

4/20/25

..

126

19

992338159.UG.FTS.B,

29.48%,

4/20/25

..

1,671

1,767

992340990.UG.FTS.B,

29.48%,

4/20/25

..

94

100

992342047.UG.FTS.B,

29.48%,

4/20/25

..

746

774

992342055.UG.FTS.B,

29.48%,

4/20/25

..

574

601

992347761.UG.FTS.B,

29.48%,

4/20/25

..

352

365

992384921.UG.FTS.B,

29.48%,

4/20/25

..

273

289

992410239.UG.FTS.B,

29.48%,

4/20/25

..

340

359

992420021.UG.FTS.B,

29.48%,

4/20/25

..

210

215

992524698.UG.FTS.B,

29.48%,

4/20/25

..

418

435

992607178.UG.FTS.B,

29.48%,

4/20/25

..

219

228

992139587.UG.FTS.B,

29.49%,

4/20/25

..

407

31

992338435.UG.FTS.B,

29.49%,

4/20/25

..

155

160

992338453.UG.FTS.B,

29.49%,

4/20/25

..

814

58

992338515.UG.FTS.B,

29.49%,

4/20/25

..

230

230

992338857.UG.FTS.B,

29.49%,

4/20/25

..

308

320

992339181.UG.FTS.B,

29.49%,

4/20/25

..

93

98

992339584.UG.FTS.B,

29.49%,

4/20/25

..

468

486

992339771.UG.FTS.B,

29.49%,

4/20/25

..

145

154

992340153.UG.FTS.B,

29.49%,

4/20/25

..

754

797

992340868.UG.FTS.B,

29.49%,

4/20/25

..

130

138

992341297.UG.FTS.B,

29.49%,

4/20/25

..

584

49

992341740.UG.FTS.B,

29.49%,

4/20/25

..

59

59

992342087.UG.FTS.B,

29.49%,

4/20/25

..

29

2

992342274.UG.FTS.B,

29.49%,

4/20/25

..

271

287

992342384.UG.FTS.B,

29.49%,

4/20/25

..

176

180

992343488.UG.FTS.B,

29.49%,

4/20/25

..

208

215

992343701.UG.FTS.B,

29.49%,

4/20/25

..

98

98

992344842.UG.FTS.B,

29.49%,

4/20/25

..

117

117

992345224.UG.FTS.B,

29.49%,

4/20/25

..

845

883

992346255.UG.FTS.B,

29.49%,

4/20/25

..

291

291

992348941.UG.FTS.B,

29.49%,

4/20/25

..

2,161

2,123

992351476.UG.FTS.B,

29.49%,

4/20/25

..

1,518

1,597

992353212.UG.FTS.B,

29.49%,

4/20/25

..

168

174

992353485.UG.FTS.B,

29.49%,

4/20/25

..

279

290

992353742.UG.FTS.B,

29.49%,

4/20/25

..

94

99

992354907.UG.FTS.B,

29.49%,

4/20/25

..

109

114

992355055.UG.FTS.B,

29.49%,

4/20/25

..

1,736

1,707

992355688.UG.FTS.B,

29.49%,

4/20/25

..

189

200

992356441.UG.FTS.B,

29.49%,

4/20/25

..

–

–

992356481.UG.FTS.B,

29.49%,

4/20/25

..

137

144

992357961.UG.FTS.B,

29.49%,

4/20/25

..

673

701

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992360516.UG.FTS.B,

29.49%,

4/20/25

..

$

144

$

152

992362695.UG.FTS.B,

29.49%,

4/20/25

..

93

7

992363009.UG.FTS.B,

29.49%,

4/20/25

..

124

131

992364226.UG.FTS.B,

29.49%,

4/20/25

..

436

449

992365631.UG.FTS.B,

29.49%,

4/20/25

..

72

76

992367719.UG.FTS.B,

29.49%,

4/20/25

..

32

32

992368154.UG.FTS.B,

29.49%,

4/20/25

..

303

42

992372295.UG.FTS.B,

29.49%,

4/20/25

..

207

202

992374591.UG.FTS.B,

29.49%,

4/20/25

..

88

93

992374853.UG.FTS.B,

29.49%,

4/20/25

..

9

4

992375064.UG.FTS.B,

29.49%,

4/20/25

..

2,664

2,786

992376938.UG.FTS.B,

29.49%,

4/20/25

..

179

190

992377400.UG.FTS.B,

29.49%,

4/20/25

..

222

233

992379117.UG.FTS.B,

29.49%,

4/20/25

..

701

737

992381091.UG.FTS.B,

29.49%,

4/20/25

..

746

786

992382960.UG.FTS.B,

29.49%,

4/20/25

..

519

541

992383092.UG.FTS.B,

29.49%,

4/20/25

..

266

282

992383252.UG.FTS.B,

29.49%,

4/20/25

..

135

141

992385483.UG.FTS.B,

29.49%,

4/20/25

..

211

222

992388123.UG.FTS.B,

29.49%,

4/20/25

..

10

10

992390098.UG.FTS.B,

29.49%,

4/20/25

..

111

111

992390575.UG.FTS.B,

29.49%,

4/20/25

..

82

82

992395473.UG.FTS.B,

29.49%,

4/20/25

..

30

29

992395747.UG.FTS.B,

29.49%,

4/20/25

..

472

63

992396638.UG.FTS.B,

29.49%,

4/20/25

..

540

554

992400558.UG.FTS.B,

29.49%,

4/20/25

..

20

20

992403030.UG.FTS.B,

29.49%,

4/20/25

..

167

176

992404573.UG.FTS.B,

29.49%,

4/20/25

..

45

46

992405588.UG.FTS.B,

29.49%,

4/20/25

..

488

515

992406809.UG.FTS.B,

29.49%,

4/20/25

..

159

167

992406926.UG.FTS.B,

29.49%,

4/20/25

..

682

675

992406929.UG.FTS.B,

29.49%,

4/20/25

..

87

91

992409052.UG.FTS.B,

29.49%,

4/20/25

..

84

86

992410684.UG.FTS.B,

29.49%,

4/20/25

..

64

65

992413976.UG.FTS.B,

29.49%,

4/20/25

..

280

296

992415416.UG.FTS.B,

29.49%,

4/20/25

..

359

378

992419455.UG.FTS.B,

29.49%,

4/20/25

..

257

268

992420121.UG.FTS.B,

29.49%,

4/20/25

..

108

114

992422145.UG.FTS.B,

29.49%,

4/20/25

..

17

17

992430690.UG.FTS.B,

29.49%,

4/20/25

..

626

660

992431548.UG.FTS.B,

29.49%,

4/20/25

..

359

377

992442953.UG.FTS.B,

29.49%,

4/20/25

..

183

190

992444515.UG.FTS.B,

29.49%,

4/20/25

..

151

157

992444812.UG.FTS.B,

29.49%,

4/20/25

..

168

179

992445955.UG.FTS.B,

29.49%,

4/20/25

..

322

338

992452851.UG.FTS.B,

29.49%,

4/20/25

..

222

217

992467820.UG.FTS.B,

29.49%,

4/20/25

..

295

309

992473599.UG.FTS.B,

29.49%,

4/20/25

..

29

29

992475354.UG.FTS.B,

29.49%,

4/20/25

..

189

199

992483310.UG.FTS.B,

29.49%,

4/20/25

..

1,137

1,205

992483515.UG.FTS.B,

29.49%,

4/20/25

..

397

418

992484096.UG.FTS.B,

29.49%,

4/20/25

..

69

72

992486021.UG.FTS.B,

29.49%,

4/20/25

..

1,256

1,273

992494720.UG.FTS.B,

29.49%,

4/20/25

..

357

375

992502758.UG.FTS.B,

29.49%,

4/20/25

..

176

179

992549620.UG.FTS.B,

29.49%,

4/20/25

..

207

205

992559870.UG.FTS.B,

29.49%,

4/20/25

..

1,548

1,615

992591527.UG.FTS.B,

29.49%,

4/20/25

..

5

5

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

100

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992603223.UG.FTS.B,

29.49%,

4/20/25

..

$

12

$

12

992610779.UG.FTS.B,

29.49%,

4/20/25

..

43

3

992627526.UG.FTS.B,

29.49%,

4/20/25

..

51

4

992440167.UG.FTS.B,

Zero

Cpn,

4/21/25

.

45

3

992351406.UG.FTS.B,

19.99%,

4/21/25

..

253

261

992351508.UG.FTS.B,

19.99%,

4/21/25

..

2,830

2,975

992359205.UG.FTS.B,

19.99%,

4/21/25

..

2,038

2,139

992366686.UG.FTS.B,

19.99%,

4/21/25

..

791

831

992371601.UG.FTS.B,

19.99%,

4/21/25

..

498

523

992372701.UG.FTS.B,

19.99%,

4/21/25

..

69

72

992387756.UG.FTS.B,

19.99%,

4/21/25

..

97

100

992443011.UG.FTS.B,

19.99%,

4/21/25

..

779

809

992450032.UG.FTS.B,

19.99%,

4/21/25

..

556

573

992636040.UG.FTS.B,

19.99%,

4/21/25

..

270

280

992501284.UG.FTS.B,

27.95%,

4/21/25

..

332

342

992357056.UG.FTS.B,

27.99%,

4/21/25

..

1,649

1,732

992361983.UG.FTS.B,

27.99%,

4/21/25

..

568

590

992400312.UG.FTS.B,

27.99%,

4/21/25

..

224

230

992351973.UG.FTS.B,

28.98%,

4/21/25

..

7

7

992352178.UG.FTS.B,

28.98%,

4/21/25

..

155

163

992352549.UG.FTS.B,

28.98%,

4/21/25

..

539

557

992354317.UG.FTS.B,

28.98%,

4/21/25

..

298

305

992355043.UG.FTS.B,

28.98%,

4/21/25

..

1,547

1,585

992355224.UG.FTS.B,

28.98%,

4/21/25

..

316

332

992355498.UG.FTS.B,

28.98%,

4/21/25

..

789

825

992357432.UG.FTS.B,

28.98%,

4/21/25

..

90

90

992365903.UG.FTS.B,

28.98%,

4/21/25

..

325

342

992367014.UG.FTS.B,

28.98%,

4/21/25

..

271

285

992367696.UG.FTS.B,

28.98%,

4/21/25

..

143

150

992369085.UG.FTS.B,

28.98%,

4/21/25

..

489

490

992370185.UG.FTS.B,

28.98%,

4/21/25

..

719

756

992371850.UG.FTS.B,

28.98%,

4/21/25

..

189

199

992371954.UG.FTS.B,

28.98%,

4/21/25

..

403

409

992374802.UG.FTS.B,

28.98%,

4/21/25

..

3,670

3,853

992381721.UG.FTS.B,

28.98%,

4/21/25

..

185

193

992389731.UG.FTS.B,

28.98%,

4/21/25

..

2,198

2,307

992390380.UG.FTS.B,

28.98%,

4/21/25

..

306

22

992393436.UG.FTS.B,

28.98%,

4/21/25

..

956

999

992395539.UG.FTS.B,

28.98%,

4/21/25

..

397

415

992400731.UG.FTS.B,

28.98%,

4/21/25

..

458

471

992406163.UG.FTS.B,

28.98%,

4/21/25

..

43

44

992421606.UG.FTS.B,

28.98%,

4/21/25

..

95

98

992424168.UG.FTS.B,

28.98%,

4/21/25

..

305

317

992430462.UG.FTS.B,

28.98%,

4/21/25

..

130

136

992442321.UG.FTS.B,

28.98%,

4/21/25

..

131

137

992449049.UG.FTS.B,

28.98%,

4/21/25

..

517

37

992456618.UG.FTS.B,

28.98%,

4/21/25

..

293

293

992466997.UG.FTS.B,

28.98%,

4/21/25

..

90

95

992474567.UG.FTS.B,

28.98%,

4/21/25

..

87

91

992474971.UG.FTS.B,

28.98%,

4/21/25

..

387

404

992475529.UG.FTS.B,

28.98%,

4/21/25

..

98

101

992478508.UG.FTS.B,

28.98%,

4/21/25

..

106

14

992479547.UG.FTS.B,

28.98%,

4/21/25

..

2,496

183

992490876.UG.FTS.B,

28.98%,

4/21/25

..

330

342

992492521.UG.FTS.B,

28.98%,

4/21/25

..

454

468

992492615.UG.FTS.B,

28.98%,

4/21/25

..

110

115

992495847.UG.FTS.B,

28.98%,

4/21/25

..

29

29

992544590.UG.FTS.B,

28.98%,

4/21/25

..

140

145

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992556960.UG.FTS.B,

28.98%,

4/21/25

..

$

705

$

729

992559324.UG.FTS.B,

28.98%,

4/21/25

..

276

286

992361323.UG.FTS.B,

29.46%,

4/21/25

..

954

1,001

992422302.UG.FTS.B,

29.46%,

4/21/25

..

60

61

992427768.UG.FTS.B,

29.46%,

4/21/25

..

98

101

992356316.UG.FTS.B,

29.48%,

4/21/25

..

240

250

992361782.UG.FTS.B,

29.48%,

4/21/25

..

285

301

992439403.UG.FTS.B,

29.48%,

4/21/25

..

358

378

992348141.UG.FTS.B,

29.49%,

4/21/25

..

125

128

992351042.UG.FTS.B,

29.49%,

4/21/25

..

194

199

992352023.UG.FTS.B,

29.49%,

4/21/25

..

146

155

992354425.UG.FTS.B,

29.49%,

4/21/25

..

37

6

992356432.UG.FTS.B,

29.49%,

4/21/25

..

61

63

992357241.UG.FTS.B,

29.49%,

4/21/25

..

794

814

992357742.UG.FTS.B,

29.49%,

4/21/25

..

104

108

992360761.UG.FTS.B,

29.49%,

4/21/25

..

710

97

992372228.UG.FTS.B,

29.49%,

4/21/25

..

177

177

992375667.UG.FTS.B,

29.49%,

4/21/25

..

596

627

992379817.UG.FTS.B,

29.49%,

4/21/25

..

198

206

992380787.UG.FTS.B,

29.49%,

4/21/25

..

365

380

992382622.UG.FTS.B,

29.49%,

4/21/25

..

373

393

992383421.UG.FTS.B,

29.49%,

4/21/25

..

212

225

992387229.UG.FTS.B,

29.49%,

4/21/25

..

855

903

992388368.UG.FTS.B,

29.49%,

4/21/25

..

371

(13)

992389361.UG.FTS.B,

29.49%,

4/21/25

..

134

142

992393754.UG.FTS.B,

29.49%,

4/21/25

..

60

62

992394796.UG.FTS.B,

29.49%,

4/21/25

..

16

16

992397379.UG.FTS.B,

29.49%,

4/21/25

..

167

176

992398418.UG.FTS.B,

29.49%,

4/21/25

..

1,409

1,444

992402711.UG.FTS.B,

29.49%,

4/21/25

..

45

47

992404107.UG.FTS.B,

29.49%,

4/21/25

..

247

249

992404163.UG.FTS.B,

29.49%,

4/21/25

..

248

261

992405258.UG.FTS.B,

29.49%,

4/21/25

..

26

27

992411323.UG.FTS.B,

29.49%,

4/21/25

..

63

66

992414821.UG.FTS.B,

29.49%,

4/21/25

..

205

216

992428173.UG.FTS.B,

29.49%,

4/21/25

..

47

48

992432150.UG.FTS.B,

29.49%,

4/21/25

..

360

377

992443019.UG.FTS.B,

29.49%,

4/21/25

..

175

184

992451088.UG.FTS.B,

29.49%,

4/21/25

..

89

93

992457548.UG.FTS.B,

29.49%,

4/21/25

..

262

276

992461461.UG.FTS.B,

29.49%,

4/21/25

..

141

148

992466482.UG.FTS.B,

29.49%,

4/21/25

..

1,142

1,211

992471202.UG.FTS.B,

29.49%,

4/21/25

..

368

26

992471810.UG.FTS.B,

29.49%,

4/21/25

..

157

(6)

992476858.UG.FTS.B,

29.49%,

4/21/25

..

141

149

992481160.UG.FTS.B,

29.49%,

4/21/25

..

512

536

992490849.UG.FTS.B,

29.49%,

4/21/25

..

24

24

992522366.UG.FTS.B,

29.49%,

4/21/25

..

795

824

992552304.UG.FTS.B,

29.49%,

4/21/25

..

2,032

2,110

992599524.UG.FTS.B,

29.49%,

4/21/25

..

571

(21)

992628900.UG.FTS.B,

29.49%,

4/21/25

..

11

11

992362496.UG.FTS.B,

Zero

Cpn,

4/22/25

.

362

25

992363220.UG.FTS.B,

Zero

Cpn,

4/22/25

.

104

7

992374239.UG.FTS.B,

Zero

Cpn,

4/22/25

.

164

11

992377885.UG.FTS.B,

Zero

Cpn,

4/22/25

.

231

16

992384705.UG.FTS.B,

Zero

Cpn,

4/22/25

.

255

18

992402365.UG.FTS.B,

Zero

Cpn,

4/22/25

.

942

66

992408273.UG.FTS.B,

Zero

Cpn,

4/22/25

.

535

37

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

101

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992413765.UG.FTS.B,

Zero

Cpn,

4/22/25

.

$

125

$

9

992423510.UG.FTS.B,

Zero

Cpn,

4/22/25

.

54

4

992435185.UG.FTS.B,

Zero

Cpn,

4/22/25

.

167

11

992467871.UG.FTS.B,

Zero

Cpn,

4/22/25

.

364

25

992472264.UG.FTS.B,

Zero

Cpn,

4/22/25

.

102

7

992522428.UG.FTS.B,

Zero

Cpn,

4/22/25

.

38

3

992559489.UG.FTS.B,

Zero

Cpn,

4/22/25

.

77

5

992565086.UG.FTS.B,

Zero

Cpn,

4/22/25

.

160

11

992602434.UG.FTS.B,

Zero

Cpn,

4/22/25

.

78

5

992616179.UG.FTS.B,

Zero

Cpn,

4/22/25

.

200

14

992361748.UG.FTS.B,

19.99%,

4/22/25

..

3,365

3,537

992362597.UG.FTS.B,

19.99%,

4/22/25

..

231

239

992363781.UG.FTS.B,

19.99%,

4/22/25

..

563

577

992363953.UG.FTS.B,

19.99%,

4/22/25

..

388

407

992365869.UG.FTS.B,

19.99%,

4/22/25

..

–

–

992368413.UG.FTS.B,

19.99%,

4/22/25

..

801

834

992369131.UG.FTS.B,

19.99%,

4/22/25

..

4,103

4,314

992369769.UG.FTS.B,

19.99%,

4/22/25

..

1,516

1,574

992374806.UG.FTS.B,

19.99%,

4/22/25

..

34

34

992374956.UG.FTS.B,

19.99%,

4/22/25

..

1,403

1,459

992377233.UG.FTS.B,

19.99%,

4/22/25

..

158

166

992384882.UG.FTS.B,

19.99%,

4/22/25

..

516

543

992388988.UG.FTS.B,

19.99%,

4/22/25

..

147

152

992396019.UG.FTS.B,

19.99%,

4/22/25

..

83

87

992398836.UG.FTS.B,

19.99%,

4/22/25

..

566

594

992398999.UG.FTS.B,

19.99%,

4/22/25

..

168

176

992401584.UG.FTS.B,

19.99%,

4/22/25

..

819

861

992404382.UG.FTS.B,

19.99%,

4/22/25

..

218

229

992405095.UG.FTS.B,

19.99%,

4/22/25

..

106

108

992414195.UG.FTS.B,

19.99%,

4/22/25

..

957

43

992418623.UG.FTS.B,

19.99%,

4/22/25

..

137

18

992425088.UG.FTS.B,

19.99%,

4/22/25

..

11

11

992438056.UG.FTS.B,

19.99%,

4/22/25

..

390

401

992447353.UG.FTS.B,

19.99%,

4/22/25

..

95

100

992456573.UG.FTS.B,

19.99%,

4/22/25

..

217

228

992456770.UG.FTS.B,

19.99%,

4/22/25

..

96

99

992480254.UG.FTS.B,

19.99%,

4/22/25

..

49

50

992494631.UG.FTS.B,

19.99%,

4/22/25

..

135

142

992501372.UG.FTS.B,

19.99%,

4/22/25

..

53

54

992514506.UG.FTS.B,

19.99%,

4/22/25

..

104

109

992522165.UG.FTS.B,

19.99%,

4/22/25

..

62

62

992529260.UG.FTS.B,

19.99%,

4/22/25

..

60

61

992552876.UG.FTS.B,

19.99%,

4/22/25

..

168

177

992556548.UG.FTS.B,

19.99%,

4/22/25

..

321

333

992561196.UG.FTS.B,

19.99%,

4/22/25

..

854

897

992593427.UG.FTS.B,

19.99%,

4/22/25

..

101

8

992600769.UG.FTS.B,

19.99%,

4/22/25

..

67

70

992621214.UG.FTS.B,

19.99%,

4/22/25

..

94

97

992629857.UG.FTS.B,

19.99%,

4/22/25

..

338

351

992390419.UG.FTS.B,

26.48%,

4/22/25

..

434

439

992363759.UG.FTS.B,

27.95%,

4/22/25

..

447

463

992387421.UG.FTS.B,

27.95%,

4/22/25

..

252

258

992418947.UG.FTS.B,

27.95%,

4/22/25

..

180

187

992464879.UG.FTS.B,

27.95%,

4/22/25

..

68

69

992473532.UG.FTS.B,

27.95%,

4/22/25

..

182

183

992533724.UG.FTS.B,

27.95%,

4/22/25

..

92

92

992542456.UG.FTS.B,

27.95%,

4/22/25

..

1,045

1,085

992409206.UG.FTS.B,

27.99%,

4/22/25

..

402

395

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992422817.UG.FTS.B,

27.99%,

4/22/25

..

$

114

$

121

992543342.UG.FTS.B,

27.99%,

4/22/25

..

135

141

992613205.UG.FTS.B,

27.99%,

4/22/25

..

64

66

992361894.UG.FTS.B,

28.98%,

4/22/25

..

461

484

992362977.UG.FTS.B,

28.98%,

4/22/25

..

127

133

992363102.UG.FTS.B,

28.98%,

4/22/25

..

175

183

992363176.UG.FTS.B,

28.98%,

4/22/25

..

79

6

992363247.UG.FTS.B,

28.98%,

4/22/25

..

1,411

1,483

992365770.UG.FTS.B,

28.98%,

4/22/25

..

349

362

992365955.UG.FTS.B,

28.98%,

4/22/25

..

661

694

992367123.UG.FTS.B,

28.98%,

4/22/25

..

873

913

992367219.UG.FTS.B,

28.98%,

4/22/25

..

257

270

992367296.UG.FTS.B,

28.98%,

4/22/25

..

400

420

992367687.UG.FTS.B,

28.98%,

4/22/25

..

62

62

992368093.UG.FTS.B,

28.98%,

4/22/25

..

462

474

992368273.UG.FTS.B,

28.98%,

4/22/25

..

6

6

992368560.UG.FTS.B,

28.98%,

4/22/25

..

768

785

992369391.UG.FTS.B,

28.98%,

4/22/25

..

3,600

3,786

992369398.UG.FTS.B,

28.98%,

4/22/25

..

2,845

2,990

992369869.UG.FTS.B,

28.98%,

4/22/25

..

183

191

992370541.UG.FTS.B,

28.98%,

4/22/25

..

98

103

992370841.UG.FTS.B,

28.98%,

4/22/25

..

117

123

992371645.UG.FTS.B,

28.98%,

4/22/25

..

128

135

992372464.UG.FTS.B,

28.98%,

4/22/25

..

–

–

992372536.UG.FTS.B,

28.98%,

4/22/25

..

145

152

992373864.UG.FTS.B,

28.98%,

4/22/25

..

320

337

992374179.UG.FTS.B,

28.98%,

4/22/25

..

184

190

992374711.UG.FTS.B,

28.98%,

4/22/25

..

153

161

992375201.UG.FTS.B,

28.98%,

4/22/25

..

777

773

992376583.UG.FTS.B,

28.98%,

4/22/25

..

95

100

992377294.UG.FTS.B,

28.98%,

4/22/25

..

528

550

992377706.UG.FTS.B,

28.98%,

4/22/25

..

92

97

992381450.UG.FTS.B,

28.98%,

4/22/25

..

248

261

992381541.UG.FTS.B,

28.98%,

4/22/25

..

229

240

992381682.UG.FTS.B,

28.98%,

4/22/25

..

995

1,046

992383551.UG.FTS.B,

28.98%,

4/22/25

..

113

117

992385665.UG.FTS.B,

28.98%,

4/22/25

..

718

755

992385955.UG.FTS.B,

28.98%,

4/22/25

..

398

418

992387223.UG.FTS.B,

28.98%,

4/22/25

..

72

73

992387691.UG.FTS.B,

28.98%,

4/22/25

..

394

413

992387829.UG.FTS.B,

28.98%,

4/22/25

..

16

16

992393761.UG.FTS.B,

28.98%,

4/22/25

..

419

430

992394479.UG.FTS.B,

28.98%,

4/22/25

..

23

23

992395262.UG.FTS.B,

28.98%,

4/22/25

..

508

533

992395500.UG.FTS.B,

28.98%,

4/22/25

..

224

227

992396306.UG.FTS.B,

28.98%,

4/22/25

..

322

339

992398498.UG.FTS.B,

28.98%,

4/22/25

..

107

112

992399780.UG.FTS.B,

28.98%,

4/22/25

..

722

758

992401347.UG.FTS.B,

28.98%,

4/22/25

..

44

46

992401643.UG.FTS.B,

28.98%,

4/22/25

..

506

37

992405745.UG.FTS.B,

28.98%,

4/22/25

..

98

102

992407836.UG.FTS.B,

28.98%,

4/22/25

..

148

9

992411816.UG.FTS.B,

28.98%,

4/22/25

..

100

105

992411958.UG.FTS.B,

28.98%,

4/22/25

..

1,052

(36)

992412918.UG.FTS.B,

28.98%,

4/22/25

..

174

175

992416249.UG.FTS.B,

28.98%,

4/22/25

..

95

100

992417452.UG.FTS.B,

28.98%,

4/22/25

..

22

22

992417494.UG.FTS.B,

28.98%,

4/22/25

..

1,074

1,119

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

102

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992418065.UG.FTS.B,

28.98%,

4/22/25

..

$

1,327

$

1,309

992420668.UG.FTS.B,

28.98%,

4/22/25

..

616

642

992421488.UG.FTS.B,

28.98%,

4/22/25

..

342

355

992422193.UG.FTS.B,

28.98%,

4/22/25

..

147

147

992423191.UG.FTS.B,

28.98%,

4/22/25

..

21

21

992423598.UG.FTS.B,

28.98%,

4/22/25

..

366

384

992425148.UG.FTS.B,

28.98%,

4/22/25

..

259

272

992429717.UG.FTS.B,

28.98%,

4/22/25

..

461

32

992431395.UG.FTS.B,

28.98%,

4/22/25

..

–

–

992431746.UG.FTS.B,

28.98%,

4/22/25

..

310

325

992432797.UG.FTS.B,

28.98%,

4/22/25

..

169

177

992439548.UG.FTS.B,

28.98%,

4/22/25

..

257

268

992440124.UG.FTS.B,

28.98%,

4/22/25

..

124

129

992440865.UG.FTS.B,

28.98%,

4/22/25

..

326

337

992446297.UG.FTS.B,

28.98%,

4/22/25

..

236

248

992449500.UG.FTS.B,

28.98%,

4/22/25

..

255

267

992450447.UG.FTS.B,

28.98%,

4/22/25

..

99

104

992450751.UG.FTS.B,

28.98%,

4/22/25

..

84

87

992452731.UG.FTS.B,

28.98%,

4/22/25

..

143

149

992455341.UG.FTS.B,

28.98%,

4/22/25

..

265

268

992455451.UG.FTS.B,

28.98%,

4/22/25

..

396

402

992458748.UG.FTS.B,

28.98%,

4/22/25

..

181

188

992458755.UG.FTS.B,

28.98%,

4/22/25

..

123

129

992459453.UG.FTS.B,

28.98%,

4/22/25

..

250

251

992468827.UG.FTS.B,

28.98%,

4/22/25

..

703

730

992480717.UG.FTS.B,

28.98%,

4/22/25

..

353

354

992480960.UG.FTS.B,

28.98%,

4/22/25

..

54

55

992482020.UG.FTS.B,

28.98%,

4/22/25

..

3,594

3,777

992491464.UG.FTS.B,

28.98%,

4/22/25

..

1,896

1,975

992496033.UG.FTS.B,

28.98%,

4/22/25

..

143

150

992496078.UG.FTS.B,

28.98%,

4/22/25

..

2,491

2,619

992496285.UG.FTS.B,

28.98%,

4/22/25

..

85

87

992497455.UG.FTS.B,

28.98%,

4/22/25

..

443

458

992500046.UG.FTS.B,

28.98%,

4/22/25

..

63

66

992506218.UG.FTS.B,

28.98%,

4/22/25

..

356

374

992507230.UG.FTS.B,

28.98%,

4/22/25

..

122

124

992511280.UG.FTS.B,

28.98%,

4/22/25

..

94

98

992516839.UG.FTS.B,

28.98%,

4/22/25

..

1,475

(77)

992518430.UG.FTS.B,

28.98%,

4/22/25

..

177

186

992521854.UG.FTS.B,

28.98%,

4/22/25

..

69

72

992521893.UG.FTS.B,

28.98%,

4/22/25

..

177

180

992524050.UG.FTS.B,

28.98%,

4/22/25

..

236

245

992525490.UG.FTS.B,

28.98%,

4/22/25

..

89

93

992529617.UG.FTS.B,

28.98%,

4/22/25

..

89

93

992536795.UG.FTS.B,

28.98%,

4/22/25

..

419

25

992537398.UG.FTS.B,

28.98%,

4/22/25

..

1,192

1,236

992548593.UG.FTS.B,

28.98%,

4/22/25

..

35

2

992549728.UG.FTS.B,

28.98%,

4/22/25

..

34

34

992551231.UG.FTS.B,

28.98%,

4/22/25

..

31

32

992552775.UG.FTS.B,

28.98%,

4/22/25

..

242

171

992554445.UG.FTS.B,

28.98%,

4/22/25

..

710

737

992554813.UG.FTS.B,

28.98%,

4/22/25

..

330

328

992557834.UG.FTS.B,

28.98%,

4/22/25

..

156

162

992563615.UG.FTS.B,

28.98%,

4/22/25

..

234

246

992565533.UG.FTS.B,

28.98%,

4/22/25

..

257

265

992566101.UG.FTS.B,

28.98%,

4/22/25

..

46

48

992574303.UG.FTS.B,

28.98%,

4/22/25

..

65

67

992576385.UG.FTS.B,

28.98%,

4/22/25

..

2,811

(95)

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992595859.UG.FTS.B,

28.98%,

4/22/25

..

$

114

$

93

992603802.UG.FTS.B,

28.98%,

4/22/25

..

165

22

992604122.UG.FTS.B,

28.98%,

4/22/25

..

228

235

992606495.UG.FTS.B,

28.98%,

4/22/25

..

363

376

992610089.UG.FTS.B,

28.98%,

4/22/25

..

1,181

1,219

992610599.UG.FTS.B,

28.98%,

4/22/25

..

22

23

992612697.UG.FTS.B,

28.98%,

4/22/25

..

241

250

992624926.UG.FTS.B,

28.98%,

4/22/25

..

220

220

992628023.UG.FTS.B,

28.98%,

4/22/25

..

20

20

992362455.UG.FTS.B,

29.45%,

4/22/25

..

1,559

115

992363342.UG.FTS.B,

29.45%,

4/22/25

..

149

157

992363476.UG.FTS.B,

29.45%,

4/22/25

..

31

31

992366977.UG.FTS.B,

29.45%,

4/22/25

..

270

284

992373681.UG.FTS.B,

29.45%,

4/22/25

..

240

238

992381102.UG.FTS.B,

29.45%,

4/22/25

..

181

183

992384475.UG.FTS.B,

29.45%,

4/22/25

..

78

69

992391759.UG.FTS.B,

29.45%,

4/22/25

..

62

62

992405476.UG.FTS.B,

29.45%,

4/22/25

..

300

313

992411409.UG.FTS.B,

29.45%,

4/22/25

..

138

141

992464088.UG.FTS.B,

29.45%,

4/22/25

..

39

40

992465290.UG.FTS.B,

29.45%,

4/22/25

..

222

234

992485001.UG.FTS.B,

29.45%,

4/22/25

..

645

673

992506221.UG.FTS.B,

29.45%,

4/22/25

..

38

38

992528734.UG.FTS.B,

29.45%,

4/22/25

..

28

25

992362219.UG.FTS.B,

29.46%,

4/22/25

..

890

934

992365556.UG.FTS.B,

29.46%,

4/22/25

..

196

203

992367623.UG.FTS.B,

29.46%,

4/22/25

..

1,653

1,743

992368238.UG.FTS.B,

29.46%,

4/22/25

..

1,248

1,302

992372241.UG.FTS.B,

29.46%,

4/22/25

..

112

6

992375682.UG.FTS.B,

29.46%,

4/22/25

..

49

50

992377928.UG.FTS.B,

29.46%,

4/22/25

..

60

63

992389328.UG.FTS.B,

29.46%,

4/22/25

..

538

566

992392194.UG.FTS.B,

29.46%,

4/22/25

..

153

160

992392369.UG.FTS.B,

29.46%,

4/22/25

..

96

101

992394478.UG.FTS.B,

29.46%,

4/22/25

..

935

952

992395944.UG.FTS.B,

29.46%,

4/22/25

..

97

97

992398508.UG.FTS.B,

29.46%,

4/22/25

..

462

(15)

992418116.UG.FTS.B,

29.46%,

4/22/25

..

635

668

992431463.UG.FTS.B,

29.46%,

4/22/25

..

30

31

992434681.UG.FTS.B,

29.46%,

4/22/25

..

113

16

992470065.UG.FTS.B,

29.46%,

4/22/25

..

97

102

992474651.UG.FTS.B,

29.46%,

4/22/25

..

446

466

992479842.UG.FTS.B,

29.46%,

4/22/25

..

131

132

992500532.UG.FTS.B,

29.46%,

4/22/25

..

247

34

992529819.UG.FTS.B,

29.46%,

4/22/25

..

146

(5)

992533497.UG.FTS.B,

29.46%,

4/22/25

..

407

428

992584431.UG.FTS.B,

29.46%,

4/22/25

..

102

106

992600132.UG.FTS.B,

29.46%,

4/22/25

..

129

127

992627846.UG.FTS.B,

29.46%,

4/22/25

..

8

8

992361813.UG.FTS.B,

29.47%,

4/22/25

..

1,267

1,334

992366927.UG.FTS.B,

29.47%,

4/22/25

..

199

210

992374140.UG.FTS.B,

29.47%,

4/22/25

..

211

219

992417168.UG.FTS.B,

29.47%,

4/22/25

..

124

131

992465343.UG.FTS.B,

29.47%,

4/22/25

..

29

29

992468980.UG.FTS.B,

29.47%,

4/22/25

..

113

120

992516460.UG.FTS.B,

29.47%,

4/22/25

..

128

97

992519663.UG.FTS.B,

29.47%,

4/22/25

..

80

85

992620607.UG.FTS.B,

29.47%,

4/22/25

..

434

448

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

103

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992363747.UG.FTS.B,

29.48%,

4/22/25

..

$

111

$

117

992365388.UG.FTS.B,

29.48%,

4/22/25

..

126

(4)

992365747.UG.FTS.B,

29.48%,

4/22/25

..

594

628

992367302.UG.FTS.B,

29.48%,

4/22/25

..

167

170

992368637.UG.FTS.B,

29.48%,

4/22/25

..

274

277

992376821.UG.FTS.B,

29.48%,

4/22/25

..

1,099

1,143

992395931.UG.FTS.B,

29.48%,

4/22/25

..

267

282

992397007.UG.FTS.B,

29.48%,

4/22/25

..

118

115

992508696.UG.FTS.B,

29.48%,

4/22/25

..

71

10

992528527.UG.FTS.B,

29.48%,

4/22/25

..

147

156

992583285.UG.FTS.B,

29.48%,

4/22/25

..

185

192

992583905.UG.FTS.B,

29.48%,

4/22/25

..

59

59

992603797.UG.FTS.B,

29.48%,

4/22/25

..

17

17

992624421.UG.FTS.B,

29.48%,

4/22/25

..

145

151

992361706.UG.FTS.B,

29.49%,

4/22/25

..

315

326

992362460.UG.FTS.B,

29.49%,

4/22/25

..

328

347

992362463.UG.FTS.B,

29.49%,

4/22/25

..

164

174

992363263.UG.FTS.B,

29.49%,

4/22/25

..

159

12

992363472.UG.FTS.B,

29.49%,

4/22/25

..

245

255

992363958.UG.FTS.B,

29.49%,

4/22/25

..

274

(9)

992364260.UG.FTS.B,

29.49%,

4/22/25

..

456

(32)

992364268.UG.FTS.B,

29.49%,

4/22/25

..

103

108

992364295.UG.FTS.B,

29.49%,

4/22/25

..

110

117

992364470.UG.FTS.B,

29.49%,

4/22/25

..

168

172

992364952.UG.FTS.B,

29.49%,

4/22/25

..

152

158

992365260.UG.FTS.B,

29.49%,

4/22/25

..

344

347

992365707.UG.FTS.B,

29.49%,

4/22/25

..

1,086

75

992366019.UG.FTS.B,

29.49%,

4/22/25

..

51

53

992366822.UG.FTS.B,

29.49%,

4/22/25

..

2,151

2,288

992367245.UG.FTS.B,

29.49%,

4/22/25

..

–

–

992367592.UG.FTS.B,

29.49%,

4/22/25

..

6

6

992368082.UG.FTS.B,

29.49%,

4/22/25

..

841

852

992368168.UG.FTS.B,

29.49%,

4/22/25

..

245

(9)

992368665.UG.FTS.B,

29.49%,

4/22/25

..

429

28

992369526.UG.FTS.B,

29.49%,

4/22/25

..

286

292

992369742.UG.FTS.B,

29.49%,

4/22/25

..

873

62

992369764.UG.FTS.B,

29.49%,

4/22/25

..

1,382

1,419

992370530.UG.FTS.B,

29.49%,

4/22/25

..

111

9

992373418.UG.FTS.B,

29.49%,

4/22/25

..

167

177

992375318.UG.FTS.B,

29.49%,

4/22/25

..

123

17

992375769.UG.FTS.B,

29.49%,

4/22/25

..

48

48

992376987.UG.FTS.B,

29.49%,

4/22/25

..

95

101

992377029.UG.FTS.B,

29.49%,

4/22/25

..

60

63

992377107.UG.FTS.B,

29.49%,

4/22/25

..

1,215

1,260

992377212.UG.FTS.B,

29.49%,

4/22/25

..

193

204

992380732.UG.FTS.B,

29.49%,

4/22/25

..

272

287

992380897.UG.FTS.B,

29.49%,

4/22/25

..

216

227

992382341.UG.FTS.B,

29.49%,

4/22/25

..

73

77

992382649.UG.FTS.B,

29.49%,

4/22/25

..

190

192

992382696.UG.FTS.B,

29.49%,

4/22/25

..

101

106

992383220.UG.FTS.B,

29.49%,

4/22/25

..

553

41

992385494.UG.FTS.B,

29.49%,

4/22/25

..

148

148

992387430.UG.FTS.B,

29.49%,

4/22/25

..

158

168

992387814.UG.FTS.B,

29.49%,

4/22/25

..

79

80

992388932.UG.FTS.B,

29.49%,

4/22/25

..

160

170

992389714.UG.FTS.B,

29.49%,

4/22/25

..

134

141

992390198.UG.FTS.B,

29.49%,

4/22/25

..

44

45

992390795.UG.FTS.B,

29.49%,

4/22/25

..

125

132

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992392038.UG.FTS.B,

29.49%,

4/22/25

..

$

41

$

42

992392406.UG.FTS.B,

29.49%,

4/22/25

..

42

43

992392491.UG.FTS.B,

29.49%,

4/22/25

..

238

251

992393084.UG.FTS.B,

29.49%,

4/22/25

..

164

166

992393945.UG.FTS.B,

29.49%,

4/22/25

..

20

20

992395091.UG.FTS.B,

29.49%,

4/22/25

..

198

209

992395729.UG.FTS.B,

29.49%,

4/22/25

..

251

222

992395985.UG.FTS.B,

29.49%,

4/22/25

..

595

591

992396468.UG.FTS.B,

29.49%,

4/22/25

..

435

458

992397329.UG.FTS.B,

29.49%,

4/22/25

..

143

147

992397999.UG.FTS.B,

29.49%,

4/22/25

..

86

90

992398581.UG.FTS.B,

29.49%,

4/22/25

..

340

24

992399168.UG.FTS.B,

29.49%,

4/22/25

..

29

30

992399427.UG.FTS.B,

29.49%,

4/22/25

..

152

155

992399453.UG.FTS.B,

29.49%,

4/22/25

..

208

215

992399844.UG.FTS.B,

29.49%,

4/22/25

..

657

692

992402039.UG.FTS.B,

29.49%,

4/22/25

..

17

17

992402040.UG.FTS.B,

29.49%,

4/22/25

..

419

436

992404011.UG.FTS.B,

29.49%,

4/22/25

..

56

58

992410164.UG.FTS.B,

29.49%,

4/22/25

..

1,254

1,275

992410696.UG.FTS.B,

29.49%,

4/22/25

..

106

106

992414935.UG.FTS.B,

29.49%,

4/22/25

..

716

754

992416396.UG.FTS.B,

29.49%,

4/22/25

..

191

201

992416593.UG.FTS.B,

29.49%,

4/22/25

..

669

51

992416636.UG.FTS.B,

29.49%,

4/22/25

..

896

(32)

992416738.UG.FTS.B,

29.49%,

4/22/25

..

1,567

117

992416748.UG.FTS.B,

29.49%,

4/22/25

..

479

509

992418463.UG.FTS.B,

29.49%,

4/22/25

..

466

(14)

992419339.UG.FTS.B,

29.49%,

4/22/25

..

23

24

992419369.UG.FTS.B,

29.49%,

4/22/25

..

269

277

992419799.UG.FTS.B,

29.49%,

4/22/25

..

123

129

992420242.UG.FTS.B,

29.49%,

4/22/25

..

157

164

992420248.UG.FTS.B,

29.49%,

4/22/25

..

129

136

992422521.UG.FTS.B,

29.49%,

4/22/25

..

107

111

992427395.UG.FTS.B,

29.49%,

4/22/25

..

119

127

992427949.UG.FTS.B,

29.49%,

4/22/25

..

96

101

992430463.UG.FTS.B,

29.49%,

4/22/25

..

54

55

992432540.UG.FTS.B,

29.49%,

4/22/25

..

203

214

992432910.UG.FTS.B,

29.49%,

4/22/25

..

1,835

1,936

992434494.UG.FTS.B,

29.49%,

4/22/25

..

169

173

992435188.UG.FTS.B,

29.49%,

4/22/25

..

177

175

992438752.UG.FTS.B,

29.49%,

4/22/25

..

447

471

992444712.UG.FTS.B,

29.49%,

4/22/25

..

2,152

2,288

992445035.UG.FTS.B,

29.49%,

4/22/25

..

717

747

992445486.UG.FTS.B,

29.49%,

4/22/25

..

251

267

992448379.UG.FTS.B,

29.49%,

4/22/25

..

117

125

992451074.UG.FTS.B,

29.49%,

4/22/25

..

53

54

992451949.UG.FTS.B,

29.49%,

4/22/25

..

–

–

992452116.UG.FTS.B,

29.49%,

4/22/25

..

–

–

992454195.UG.FTS.B,

29.49%,

4/22/25

..

58

60

992455844.UG.FTS.B,

29.49%,

4/22/25

..

3,393

3,531

992456989.UG.FTS.B,

29.49%,

4/22/25

..

564

(20)

992464276.UG.FTS.B,

29.49%,

4/22/25

..

170

171

992469449.UG.FTS.B,

29.49%,

4/22/25

..

31

31

992472424.UG.FTS.B,

29.49%,

4/22/25

..

313

318

992472851.UG.FTS.B,

29.49%,

4/22/25

..

18

18

992473215.UG.FTS.B,

29.49%,

4/22/25

..

19

19

992475726.UG.FTS.B,

29.49%,

4/22/25

..

163

174

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

104

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992477452.UG.FTS.B,

29.49%,

4/22/25

..

$

532

$

556

992477516.UG.FTS.B,

29.49%,

4/22/25

..

88

92

992479682.UG.FTS.B,

29.49%,

4/22/25

..

210

222

992484017.UG.FTS.B,

29.49%,

4/22/25

..

429

452

992485283.UG.FTS.B,

29.49%,

4/22/25

..

51

52

992485527.UG.FTS.B,

29.49%,

4/22/25

..

215

226

992487374.UG.FTS.B,

29.49%,

4/22/25

..

179

187

992487705.UG.FTS.B,

29.49%,

4/22/25

..

402

419

992487970.UG.FTS.B,

29.49%,

4/22/25

..

16

16

992488959.UG.FTS.B,

29.49%,

4/22/25

..

336

333

992494128.UG.FTS.B,

29.49%,

4/22/25

..

215

225

992495417.UG.FTS.B,

29.49%,

4/22/25

..

123

128

992496171.UG.FTS.B,

29.49%,

4/22/25

..

357

376

992497034.UG.FTS.B,

29.49%,

4/22/25

..

104

109

992500651.UG.FTS.B,

29.49%,

4/22/25

..

22

22

992502694.UG.FTS.B,

29.49%,

4/22/25

..

163

166

992508820.UG.FTS.B,

29.49%,

4/22/25

..

239

253

992509371.UG.FTS.B,

29.49%,

4/22/25

..

46

48

992514658.UG.FTS.B,

29.49%,

4/22/25

..

30

30

992514855.UG.FTS.B,

29.49%,

4/22/25

..

107

113

992515474.UG.FTS.B,

29.49%,

4/22/25

..

993

1,048

992515660.UG.FTS.B,

29.49%,

4/22/25

..

250

264

992516313.UG.FTS.B,

29.49%,

4/22/25

..

356

377

992516427.UG.FTS.B,

29.49%,

4/22/25

..

121

16

992519259.UG.FTS.B,

29.49%,

4/22/25

..

196

202

992519839.UG.FTS.B,

29.49%,

4/22/25

..

287

300

992523134.UG.FTS.B,

29.49%,

4/22/25

..

229

242

992525909.UG.FTS.B,

29.49%,

4/22/25

..

266

280

992529240.UG.FTS.B,

29.49%,

4/22/25

..

201

209

992532351.UG.FTS.B,

29.49%,

4/22/25

..

498

519

992534566.UG.FTS.B,

29.49%,

4/22/25

..

604

636

992539629.UG.FTS.B,

29.49%,

4/22/25

..

19

19

992541032.UG.FTS.B,

29.49%,

4/22/25

..

74

77

992545069.UG.FTS.B,

29.49%,

4/22/25

..

126

133

992552564.UG.FTS.B,

29.49%,

4/22/25

..

355

367

992552626.UG.FTS.B,

29.49%,

4/22/25

..

350

372

992564506.UG.FTS.B,

29.49%,

4/22/25

..

496

521

992564584.UG.FTS.B,

29.49%,

4/22/25

..

705

707

992567188.UG.FTS.B,

29.49%,

4/22/25

..

55

58

992573503.UG.FTS.B,

29.49%,

4/22/25

..

40

41

992573800.UG.FTS.B,

29.49%,

4/22/25

..

174

181

992575177.UG.FTS.B,

29.49%,

4/22/25

..

733

769

992575189.UG.FTS.B,

29.49%,

4/22/25

..

716

50

992584017.UG.FTS.B,

29.49%,

4/22/25

..

138

144

992586194.UG.FTS.B,

29.49%,

4/22/25

..

48

48

992590467.UG.FTS.B,

29.49%,

4/22/25

..

42

42

992594428.UG.FTS.B,

29.49%,

4/22/25

..

660

692

992595569.UG.FTS.B,

29.49%,

4/22/25

..

391

406

992596925.UG.FTS.B,

29.49%,

4/22/25

..

17

17

992597371.UG.FTS.B,

29.49%,

4/22/25

..

236

238

992602719.UG.FTS.B,

29.49%,

4/22/25

..

365

380

992607665.UG.FTS.B,

29.49%,

4/22/25

..

94

98

992611173.UG.FTS.B,

29.49%,

4/22/25

..

75

66

992611652.UG.FTS.B,

29.49%,

4/22/25

..

71

73

992615760.UG.FTS.B,

29.49%,

4/22/25

..

233

241

992620880.UG.FTS.B,

29.49%,

4/22/25

..

24

24

992622043.UG.FTS.B,

29.49%,

4/22/25

..

769

779

992622644.UG.FTS.B,

29.49%,

4/22/25

..

808

822

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992624887.UG.FTS.B,

29.49%,

4/22/25

..

$

283

$

294

992625452.UG.FTS.B,

29.49%,

4/22/25

..

35

36

992626537.UG.FTS.B,

29.49%,

4/22/25

..

512

512

992626804.UG.FTS.B,

29.49%,

4/22/25

..

212

222

992631098.UG.FTS.B,

29.49%,

4/22/25

..

708

735

992633754.UG.FTS.B,

29.49%,

4/22/25

..

20

1

992239074.UG.FTS.B,

28.98%,

5/08/25

..

131

92

992055451.UG.FTS.B,

29.47%,

5/08/25

..

181

24

992182530.UG.FTS.B,

19.99%,

5/09/25

..

175

177

992135526.UG.FTS.B,

28.98%,

5/09/25

..

1,221

865

992377615.UG.FTS.B,

29.49%,

5/20/25

..

505

37

992096689.UG.FTS.B,

28.98%,

5/23/25

..

188

139

992083964.UG.FTS.B,

29.49%,

6/08/25

..

88

66

992282384.UG.FTS.B,

16.99%,

6/09/25

..

782

799

992335769.UG.FTS.B,

19.21%,

6/11/25

..

1,671

1,137

992308738.UG.FTS.B,

27.95%,

6/14/25

..

1,461

988

992084833.UG.FTS.B,

29.49%,

6/20/25

..

162

21

991857129.UG.FTS.B,

28.98%,

6/24/25

..

94

64

992226851.UG.FTS.B,

29.49%,

7/07/25

..

276

197

992005280.UG.FTS.B,

28.98%,

7/08/25

..

171

125

992032851.UG.FTS.B,

29.49%,

7/08/25

..

1,118

801

992010964.UG.FTS.B,

28.98%,

7/09/25

..

383

52

992061641.UG.FTS.B,

28.98%,

7/09/25

..

104

75

992189172.UG.FTS.B,

28.98%,

7/09/25

..

1,428

1,012

991984558.UG.FTS.B,

29.49%,

7/09/25

..

250

183

992018172.UG.FTS.B,

29.49%,

7/09/25

..

811

574

992510309.UG.FTS.B,

28.98%,

7/18/25

..

574

404

992172097.UG.FTS.B,

29.46%,

7/20/25

..

118

83

992085153.UG.FTS.B,

29.49%,

7/20/25

..

3,555

2,650

992128514.UG.FTS.B,

29.49%,

7/20/25

..

1,403

1,003

992362680.UG.FTS.B,

29.49%,

7/20/25

..

156

21

992183546.UG.FTS.B,

24.95%,

7/30/25

..

197

150

992331622.UG.FTS.B,

23.95%,

8/10/25

..

216

154

992288991.UG.FTS.B,

29.49%,

8/12/25

..

111

115

992329160.UG.FTS.B,

16.99%,

8/16/25

..

1,603

1,077

992400112.UG.FTS.B,

19.99%,

8/17/25

..

319

230

992454935.UG.FTS.B,

28.98%,

8/18/25

..

100

7

992550289.UG.FTS.B,

29.46%,

8/18/25

..

192

136

992339116.UG.FTS.B,

29.49%,

8/18/25

..

997

709

992385553.UG.FTS.B,

29.49%,

8/18/25

..

123

92

992550826.UG.FTS.B,

29.49%,

8/18/25

..

129

95

992452704.UG.FTS.B,

19.99%,

8/19/25

..

195

137

992573827.UG.FTS.B,

19.99%,

8/19/25

..

1,785

1,242

992401655.UG.FTS.B,

29.49%,

8/19/25

..

953

716

992075322.UG.FTS.B,

19.99%,

8/20/25

..

211

148

992153089.UG.FTS.B,

19.99%,

8/20/25

..

204

2

992124027.UG.FTS.B,

22.97%,

8/20/25

..

440

311

992413480.UG.FTS.B,

28.98%,

8/20/25

..

677

484

992382150.UG.FTS.B,

29.49%,

8/20/25

..

310

234

992447478.UG.FTS.B,

29.49%,

8/20/25

..

95

68

991965134.UG.FTS.B,

28.98%,

9/08/25

..

146

104

991995404.UG.FTS.B,

29.45%,

9/08/25

..

153

108

992199894.UG.FTS.B,

29.45%,

9/08/25

..

235

166

992019770.UG.FTS.B,

29.49%,

9/08/25

..

328

241

992217988.UG.FTS.B,

28.98%,

9/09/25

..

753

48

991981036.UG.FTS.B,

29.49%,

9/09/25

..

162

119

992335011.UG.FTS.B,

28.98%,

9/17/25

..

559

390

992344998.UG.FTS.B,

19.99%,

9/18/25

..

1,355

943

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

105

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992360397.UG.FTS.B,

29.47%,

9/18/25

..

$

126

$

91

992126884.UG.FTS.B,

Zero

Cpn,

9/20/25

.

91

6

992218353.UG.FTS.B,

28.98%,

9/20/25

..

1,530

1,091

992379331.UG.FTS.B,

15.97%,

10/06/25

.

1,547

995

992427018.UG.FTS.B,

28.98%,

10/18/25

.

199

(4)

992377002.UG.FTS.B,

29.49%,

10/19/25

.

205

142

992076402.UG.FTS.B,

28.98%,

10/20/25

.

447

308

992495731.UG.FTS.B,

28.98%,

10/20/25

.

790

559

992391876.UG.FTS.B,

29.49%,

10/20/25

.

181

122

992228441.UG.FTS.B,

29.49%,

11/09/25

.

955

(20)

992247751.UG.FTS.B,

29.49%,

11/09/25

.

118

(4)

992363299.UG.FTS.B,

28.98%,

11/20/25

.

305

209

991873289.UG.FTS.B,

19.21%,

11/25/25

.

1,716

1,097

992386280.UG.FTS.B,

15.97%,

12/06/25

.

3,175

2,066

992002435.UG.FTS.B,

28.98%,

12/08/25

.

243

171

991995550.UG.FTS.B,

26.94%,

12/09/25

.

1,663

1,154

992335983.UG.FTS.B,

29.49%,

12/18/25

.

309

20

992204783.UG.FTS.B,

29.48%,

12/19/25

.

1,680

1,147

992011909.UG.FTS.B,

29.49%,

1/09/26

..

399

278

992236730.UG.FTS.B,

29.49%,

1/09/26

..

195

133

992278017.UG.FTS.B,

21.46%,

1/11/26

..

724

517

992299528.UG.FTS.B,

21.46%,

1/11/26

..

174

116

992255191.UG.FTS.B,

29.49%,

1/11/26

..

248

171

992079044.UG.FTS.B,

29.46%,

1/18/26

..

2,081

147

992177492.UG.FTS.B,

28.98%,

1/20/26

..

590

410

992343611.UG.FTS.B,

29.46%,

2/18/26

..

1,758

123

992092477.UG.FTS.B,

22.95%,

2/20/26

..

4,686

3,199

992596176.UG.FTS.B,

28.98%,

2/20/26

..

429

292

992372039.UG.FTS.B,

15.99%,

3/08/26

..

194

121

992059226.UG.FTS.B,

29.45%,

3/18/26

..

1,191

857

992493681.UG.FTS.B,

29.48%,

3/19/26

..

1,675

1,129

992434362.UG.FTS.B,

29.48%,

3/20/26

..

184

127

992368058.UG.FTS.B,

29.45%,

4/18/26

..

2,578

1,604

992410221.UG.FTS.B,

27.95%,

4/20/26

..

369

288

992368754.UG.FTS.B,

29.45%,

4/20/26

..

2,792

1,997

992120732.UG.FTS.B,

29.49%,

4/20/26

..

418

(6)

992435978.UG.FTS.B,

29.49%,

4/20/26

..

257

166

992088318.UG.FTS,

0.17%,

6/01/26

.....

111

109

992349348.UG.FTS.B,

16.99%,

7/08/26

..

282

173

992100478.UG.FTS.B,

29.49%,

8/09/26

..

295

218

992156587.UG.FTS.B,

29.49%,

9/09/26

..

220

135

992238434.UG.FTS.B,

28.98%,

9/12/26

..

708

451

992120980.UG.FTS.B,

29.49%,

9/19/26

..

571

582

992074090.UG.FTS.B,

22.36%,

3/11/27

..

2,304

431

992076610.UG.FTS.B,

22.36%,

3/11/27

..

2,914

545

991980740.UG.FTS.B,

22.36%,

3/12/27

..

610

40

992225456.UG.FTS.B,

22.36%,

3/12/27

..

700

721

992220224.UG.FTS.B,

19.99%,

4/04/27

..

2,393

2,478

992227359.UG.FTS.B,

19.99%,

4/04/27

..

86

88

992239940.UG.FTS.B,

15.99%,

4/08/27

..

1,050

1,090

992322764.UG.FTS.B,

16.99%,

4/09/27

..

21

21

992288301.UG.FTS.B,

22.36%,

4/11/27

..

1,383

90

992277625.UG.FTS.B,

15.99%,

4/13/27

..

1,223

1,256

992296704.UG.FTS.B,

16.99%,

4/15/27

..

2,267

2,356

992451656.UG.FTS.B,

16.99%,

4/15/27

..

808

806

992388025.UG.FTS.B,

21.99%,

4/15/27

..

1,038

1,080

992394335.UG.FTS.B,

19.99%,

4/20/27

..

212

221

992413089.UG.FTS.B,

19.99%,

4/21/27

..

3,991

4,134

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992367182.UG.FTS.B,

Zero

Cpn,

6/18/27

.

$

–

$

–

992250137.UG.FTS.B,

Zero

Cpn,

7/09/27

.

–

–

991996130.UG.FTS.B,

29.49%,

10/09/27

.

–

–

992468268.UG.FTS.B,

29.49%,

10/19/27

.

–

–

992384297.UG.FTS.B,

29.49%,

10/20/27

.

–

–

992553647.UG.FTS.B,

29.49%,

10/20/27

.

–

–

992109536.UG.FTS.B,

29.49%,

11/20/27

.

–

–

992138635.UG.FTS.B,

29.49%,

11/20/27

.

–

–

992193819.UG.FTS.B,

22.36%,

11/29/27

.

166

93

992131978.UG.FTS.B,

29.46%,

12/08/27

.

–

–

992298625.UG.FTS.B,

20.47%,

12/12/27

.

–

–

992588454.UG.FTS.B,

29.49%,

12/17/27

.

–

–

992548955.UG.FTS.B,

28.98%,

12/20/27

.

–

–

992309051.UG.FTS.B,

29.49%,

12/20/27

.

–

–

992451388.UG.FTS.B,

29.49%,

12/20/27

.

–

–

991864614.UG.FTS.B,

29.49%,

12/24/27

.

–

–

992214041.UG.FTS.B,

21.46%,

1/01/28

..

–

–

991989435.UG.FTS.B,

29.49%,

1/08/28

..

5

5

992141694.UG.FTS.B,

29.49%,

1/08/28

..

–

–

992074861.UG.FTS.B,

28.98%,

1/09/28

..

–

–

992052748.UG.FTS.B,

29.49%,

1/09/28

..

–

–

992140000.UG.FTS.B,

29.49%,

1/20/28

..

–

–

992494028.UG.FTS.B,

29.49%,

1/20/28

..

–

–

992003469.UG.FTS.B,

29.49%,

2/08/28

..

–

–

992162561.UG.FTS.B,

Zero

Cpn,

2/09/28

.

12

1

992443633.UG.FTS.B,

28.98%,

2/18/28

..

–

–

992362885.UG.FTS.B,

28.48%,

2/20/28

..

–

–

992365170.UG.FTS.B,

29.48%,

2/20/28

..

–

–

992375134.UG.FTS.B,

29.48%,

2/20/28

..

–

–

992615020.UG.FTS.B,

29.48%,

2/20/28

..

–

–

992420593.UG.FTS.B,

29.49%,

2/20/28

..

–

–

992501719.UG.FTS.B,

29.49%,

2/20/28

..

–

–

991879489.UG.FTS.B,

28.98%,

2/25/28

..

37

38

992099646.UG.FTS.B,

29.49%,

3/08/28

..

3

–

992226480.UG.FTS.B,

Zero

Cpn,

3/12/28

.

5

–

992075660.UG.FTS.B,

29.49%,

3/18/28

..

–

–

992356471.UG.FTS.B,

29.49%,

3/18/28

..

6

–

992225170.UG.FTS.B,

Zero

Cpn,

3/20/28

.

8

1

992366952.UG.FTS.B,

Zero

Cpn,

3/20/28

.

8

–

992041733.UG.FTS.B,

Zero

Cpn,

4/07/28

.

13

1

992382889.UG.FTS.B,

Zero

Cpn,

4/18/28

.

10

1

992343941.UG.FTS.B,

29.49%,

4/18/28

..

–

–

992098932.UG.FTS.B,

29.49%,

4/20/28

..

1

1

992456644.UG.FTS.B,

29.49%,

4/20/28

..

1

–

992544772.UG.FTS.B,

29.49%,

4/20/28

..

–

–

992602763.UG.FTS.B,

29.49%,

4/20/28

..

6

–

992608539.UG.FTS.B,

29.49%,

4/20/28

..

14

1

992335772.UG.FTS.B,

16.49%,

4/27/28

..

12

1

992006952.UG.FTS.B,

29.49%,

5/08/28

..

–

–

992072402.UG.FTS.B,

28.98%,

5/09/28

..

–

–

992392981.UG.FTS.B,

29.49%,

5/18/28

..

2

–

992078026.UG.FTS.B,

29.49%,

5/20/28

..

–

–

992085871.UG.FTS.B,

29.49%,

5/20/28

..

–

–

992161174.UG.FTS.B,

29.49%,

5/20/28

..

6

–

992364019.UG.FTS.B,

29.49%,

5/20/28

..

10

–

992472450.UG.FTS.B,

29.49%,

5/20/28

..

1

1

992549029.UG.FTS.B,

29.49%,

5/20/28

..

5

1

992170007.UG.FTS.B,

29.48%,

6/08/28

..

14

6

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

106

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992490130.UG.FTS.B,

Zero

Cpn,

6/18/28

.

$

21

$

1

992333658.UG.FTS.B,

29.49%,

6/18/28

..

7

7

992088108.UG.FTS.B,

29.47%,

6/20/28

..

7

1

992079165.UG.FTS.B,

29.49%,

6/20/28

..

1

1

992215920.UG.FTS.B,

29.49%,

6/20/28

..

39

40

992376523.UG.FTS.B,

17.49%,

7/01/28

..

2

–

992009284.UG.FTS.B,

14.98%,

7/02/28

..

2

2

992210289.UG.FTS.B,

15.47%,

7/04/28

..

4

4

992245686.UG.FTS.B,

17.97%,

7/06/28

..

4

4

992061176.UG.FTS.B,

27.95%,

7/06/28

..

5

5

991958857.UG.FTS.B,

28.98%,

7/06/28

..

4

4

991954714.UG.FTS.B,

28.98%,

7/07/28

..

1

1

992050795.UG.FTS.B,

29.49%,

7/07/28

..

1

1

992073177.UG.FTS.B,

Zero

Cpn,

7/08/28

.

27

2

991992817.UG.FTS.B,

26.44%,

7/08/28

..

3

3

992027009.UG.FTS.B,

28.98%,

7/08/28

..

–

–

992053411.UG.FTS.B,

28.98%,

7/08/28

..

2

2

991990345.UG.FTS.B,

29.47%,

7/08/28

..

–

–

991967839.UG.FTS.B,

29.49%,

7/08/28

..

3

3

991998856.UG.FTS.B,

29.49%,

7/08/28

..

–

–

992010608.UG.FTS.B,

29.49%,

7/08/28

..

13

1

992101184.UG.FTS.B,

29.49%,

7/08/28

..

2

2

992030321.UG.FTS.B,

28.98%,

7/09/28

..

–

–

992041049.UG.FTS.B,

29.48%,

7/09/28

..

15

1

991980595.UG.FTS.B,

29.49%,

7/09/28

..

2

2

992031381.UG.FTS.B,

29.49%,

7/09/28

..

17

1

992110922.UG.FTS.B,

29.49%,

7/09/28

..

2

2

992151786.UG.FTS.B,

29.49%,

7/09/28

..

8

4

992280355.UG.FTS.B,

16.49%,

7/10/28

..

1

1

992351798.UG.FTS.B,

15.97%,

7/11/28

..

2

2

992306455.UG.FTS.B,

19.3%,

7/11/28

...

2

2

992250031.UG.FTS.B,

29.49%,

7/11/28

..

5

5

992243835.UG.FTS.B,

28.98%,

7/12/28

..

1

1

992232683.UG.FTS.B,

29.47%,

7/12/28

..

4

4

992307006.UG.FTS.B,

29.49%,

7/12/28

..

19

1

992305164.UG.FTS.B,

29.46%,

7/13/28

..

13

2

992307184.UG.FTS.B,

21.46%,

7/14/28

..

4

4

992404296.UG.FTS.B,

28.48%,

7/18/28

..

2

2

992411415.UG.FTS.B,

28.98%,

7/18/28

..

33

(1)

992339161.UG.FTS.B,

29.45%,

7/18/28

..

1

1

992059207.UG.FTS.B,

29.48%,

7/18/28

..

–

–

992153825.UG.FTS.B,

29.49%,

7/18/28

..

17

1

992340942.UG.FTS.B,

29.49%,

7/18/28

..

2

2

992422385.UG.FTS.B,

29.49%,

7/18/28

..

3

3

992588453.UG.FTS.B,

29.49%,

7/18/28

..

4

4

992371285.UG.FTS.B,

29.49%,

7/19/28

..

12

12

992138822.UG.FTS.B,

Zero

Cpn,

7/20/28

.

2

–

992075525.UG.FTS.B,

19.99%,

7/20/28

..

12

3

992083363.UG.FTS.B,

19.99%,

7/20/28

..

3

3

992220049.UG.FTS.B,

19.99%,

7/20/28

..

4

4

992404710.UG.FTS.B,

19.99%,

7/20/28

..

6

6

992497346.UG.FTS.B,

19.99%,

7/20/28

..

–

–

992562046.UG.FTS.B,

28.48%,

7/20/28

..

2

2

992105037.UG.FTS.B,

28.98%,

7/20/28

..

2

2

992119188.UG.FTS.B,

28.98%,

7/20/28

..

1

1

992278239.UG.FTS.B,

28.98%,

7/20/28

..

2

2

992230512.UG.FTS.B,

29.45%,

7/20/28

..

3

3

992405466.UG.FTS.B,

29.47%,

7/20/28

..

2

2

Description

Principal

Amount

Value

Upgrade,

Inc.

-

Card

(continued)

992084960.UG.FTS.B,

29.48%,

7/20/28

..

$

1

$

1

992194496.UG.FTS.B,

29.48%,

7/20/28

..

5

4

992235251.UG.FTS.B,

29.48%,

7/20/28

..

–

–

992418819.UG.FTS.B,

29.48%,

7/20/28

..

–

–

992106340.UG.FTS.B,

29.49%,

7/20/28

..

21

–

992118662.UG.FTS.B,

29.49%,

7/20/28

..

2

2

992201914.UG.FTS.B,

29.49%,

7/20/28

..

2

2

992345916.UG.FTS.B,

29.49%,

7/20/28

..

14

14

992364981.UG.FTS.B,

29.49%,

7/20/28

..

2

2

992368062.UG.FTS.B,

29.49%,

7/20/28

..

3

4

992368106.UG.FTS.B,

29.49%,

7/20/28

..

4

4

992368134.UG.FTS.B,

29.49%,

7/20/28

..

3

3

992370516.UG.FTS.B,

29.49%,

7/20/28

..

1

2

992373724.UG.FTS.B,

29.49%,

7/20/28

..

1

1

992406953.UG.FTS.B,

29.49%,

7/20/28

..

1

1

992488594.UG.FTS.B,

29.49%,

7/20/28

..

9

9

992492893.UG.FTS.B,

29.49%,

7/20/28

..

21

(1)

992509276.UG.FTS.B,

29.49%,

7/20/28

..

–

–

992514830.UG.FTS.B,

29.49%,

7/20/28

..

3

3

992590556.UG.FTS.B,

29.49%,

7/20/28

..

10

2

991858326.UG.FTS.B,

28.98%,

7/24/28

..

4

4

992181699.UG.FTS.B,

15.99%,

7/28/28

..

1

1

992072585.UG.FTS.B,

27.95%,

4/08/32

..

30

31

991989457.UG.FTS.B,

29.49%,

4/08/32

..

6

6

992078124.UG.FTS.B,

29.49%,

4/08/32

..

7

7

992339560.UG.FTS.B,

15%,

6/29/32

.....

8

8

1,154,664

Upstart

Network,

Inc.

L1720742.UP.FTS.B,

7.25%,

9/16/24

....

1,595

1,580

L1711624.UP.FTS.B,

7.44%,

9/16/24

.....

9,942

9,841

FW1721052.UP.FTS.B,

11.93%,

9/16/24

..

4,389

1,208

L1721566.UP.FTS.B,

14.24%,

9/16/24

....

3,748

3,762

L1714038.UP.FTS.B,

16.16%,

9/16/24

....

761

764

L1721462.UP.FTS.B,

19.22%,

9/16/24

....

5,175

4,931

L1720892.UP.FTS.B,

21.47%,

9/16/24

....

551

154

L1721851.UP.FTS.B,

22.85%,

9/16/24

....

148

140

L1720552.UP.FTS.B,

23.67%,

9/16/24

....

2,964

212

L1721525.UP.FTS.B,

24.83%,

9/16/24

....

2,894

2,814

L1722286.UP.FTS.B,

26.68%,

9/16/24

....

2,028

145

FW1721072.UP.FTS.B,

27.91%,

9/16/24

..

2,588

2,588

FW1720347.UP.FTS.B,

28.7%,

9/16/24

...

773

773

FW1722168.UP.FTS.B,

28.72%,

9/16/24

..

2,604

2,605

L1894225.UP.FTS.B,

6.03%,

10/21/24

....

16,337

16,178

L1894457.UP.FTS.B,

10.23%,

10/21/24

...

1,833

1,822

L1895825.UP.FTS.B,

11.61%,

10/21/24

...

3,411

3,401

L1894309.UP.FTS.B,

13.29%,

10/21/24

...

1,727

1,722

L1895049.UP.FTS.B,

13.93%,

10/21/24

...

2,642

2,526

L1891692.UP.FTS.B,

14.71%,

10/21/24

...

1,380

1,345

L1878535.UP.FTS.B,

15.12%,

10/21/24

...

2,496

2,507

L1890791.UP.FTS.B,

16.66%,

10/21/24

...

2,669

2,558

L1893536.UP.FTS.B,

16.96%,

10/21/24

...

2,519

2,530

L1893727.UP.FTS.B,

17.94%,

10/21/24

...

868

872

FW1892688.UP.FTS.B,

18.33%,

10/21/24

.

8,106

8,139

FW1895268.UP.FTS.B,

18.48%,

10/21/24

.

2,722

2,602

FW1894732.UP.FTS.B,

18.56%,

10/21/24

.

2,051

2,060

FW1892653.UP.FTS.B,

19.01%,

10/21/24

.

1,647

1,649

L1892162.UP.FTS.B,

19.36%,

10/21/24

...

3,759

3,766

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

107

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1892628.UP.FTS.B,

19.64%,

10/21/24

...

$

2,490

$

2,381

FW1891505.UP.FTS.B,

21.84%,

10/21/24

.

2,025

296

FW1892240.UP.FTS.B,

22.75%,

10/21/24

.

2,108

2,109

L1895185.UP.FTS.B,

23.97%,

10/21/24

...

2,428

2,424

FW1891670.UP.FTS.B,

25.4%,

10/21/24

..

1,849

1,849

FW1893899.UP.FTS.B,

29.21%,

10/21/24

.

5,182

5,186

FW1893137.UP.FTS.B,

29.93%,

10/21/24

.

2,801

2,794

L2016917.UP.FTS.B,

6.51%,

11/10/24

....

3,463

3,427

L2018233.UP.FTS.B,

7.02%,

11/10/24

....

3,750

3,712

L2015136.UP.FTS.B,

8.39%,

11/10/24

....

18,674

18,562

L2016733.UP.FTS.B,

9.09%,

11/10/24

....

4,694

4,662

L2016728.UP.FTS.B,

9.29%,

11/10/24

....

3,412

3,390

L2016577.UP.FTS.B,

10.96%,

11/10/24

...

1,026

1,020

L2016209.UP.FTS.B,

12.12%,

11/10/24

...

1,551

1,543

L2015678.UP.FTS.B,

12.54%,

11/10/24

...

5,222

5,185

L1985791.UP.FTS.B,

12.67%,

11/10/24

...

1,189

1,181

FW2016328.UP.FTS.B,

12.86%,

11/10/24

.

1,559

1,551

L2018339.UP.FTS.B,

13.97%,

11/10/24

...

2,881

2,866

L2017406.UP.FTS.B,

14.45%,

11/10/24

...

3,416

3,398

FW2018454.UP.FTS.B,

14.63%,

11/10/24

.

618

614

FW2001495.UP.FTS.B,

15.25%,

11/10/24

.

751

444

L2017093.UP.FTS.B,

16.12%,

11/10/24

...

638

638

L2016139.UP.FTS.B,

16.33%,

11/10/24

...

10,724

10,698

FW2007066.UP.FTS.B,

17.61%,

11/10/24

.

847

503

L2018393.UP.FTS.B,

21.57%,

11/10/24

...

3,308

3,293

FW2016840.UP.FTS.B,

22.02%,

11/10/24

.

995

991

L2016819.UP.FTS.B,

23.01%,

11/10/24

...

1,113

1,114

L2016119.UP.FTS.B,

23.12%,

11/10/24

...

1,782

1,774

L2016919.UP.FTS.B,

23.32%,

11/10/24

...

778

775

FW2017274.UP.FTS.B,

23.62%,

11/10/24

.

1,397

1,390

FW2018024.UP.FTS.B,

26.15%,

11/10/24

.

1,579

1,568

FW2015791.UP.FTS.B,

26.34%,

11/10/24

.

568

566

FW2016322.UP.FTS.B,

27.44%,

11/10/24

.

1,358

3

FW2017278.UP.FTS.B,

27.94%,

11/10/24

.

2,116

150

FW2016457.UP.FTS.B,

29.16%,

11/10/24

.

1,619

1,612

L2111723.UP.FTS.B,

6.93%,

11/24/24

....

1,991

1,974

L2110121.UP.FTS.B,

7.71%,

11/24/24

....

10,012

9,967

FW2112318.UP.FTS.B,

7.86%,

11/24/24

..

798

792

L2111193.UP.FTS.B,

8.01%,

11/24/24

....

7,529

7,496

L2111318.UP.FTS.B,

8.45%,

11/24/24

....

4,482

4,462

L2111794.UP.FTS.B,

11.5%,

11/24/24

....

5,061

5,045

L2111648.UP.FTS.B,

14.96%,

11/24/24

...

1,161

1,166

L2111810.UP.FTS.B,

15.22%,

11/24/24

...

831

830

L2110559.UP.FTS.B,

17.14%,

11/24/24

...

2,352

2,360

FW2112100.UP.FTS.B,

17.32%,

11/24/24

.

4,288

4,307

L2111033.UP.FTS.B,

18.33%,

11/24/24

...

1,297

52

FW2110153.UP.FTS.B,

19.9%,

11/24/24

..

1,393

100

L2111135.UP.FTS.B,

21.95%,

11/24/24

...

2,214

2,217

L2110276.UP.FTS.B,

22.36%,

11/24/24

...

647

643

FW2109663.UP.FTS.B,

25.71%,

11/24/24

.

995

987

FW2111730.UP.FTS.B,

27.96%,

11/24/24

.

1,885

1,881

FW2110571.UP.FTS.B,

29.18%,

11/24/24

.

2,660

2,663

FW2111612.UP.FTS.B,

21.02%,

11/26/24

.

3,850

3,868

L2261401.UP.FTS.B,

6.66%,

12/16/24

....

5,232

5,181

L2261540.UP.FTS.B,

8.28%,

12/16/24

....

3,450

3,428

L2216224.UP.FTS.B,

8.42%,

12/16/24

....

2,816

2,798

L2265364.UP.FTS.B,

8.65%,

12/16/24

....

3,475

255

L2229763.UP.FTS.B,

9.3%,

12/16/24

....

535

531

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2266512.UP.FTS.B,

9.35%,

12/16/24

....

$

14,491

$

14,399

L2265007.UP.FTS.B,

9.44%,

12/16/24

....

803

796

L2265915.UP.FTS.B,

9.6%,

12/16/24

....

1,607

1,597

FW2264785.UP.FTS.B,

11.52%,

12/16/24

.

1,103

1,094

L2259209.UP.FTS.B,

12.08%,

12/16/24

...

2,724

2,709

L2262614.UP.FTS.B,

13.43%,

12/16/24

...

5,498

5,468

L2211679.UP.FTS.B,

14.71%,

12/16/24

...

21,420

1,572

L2262597.UP.FTS.B,

16.24%,

12/16/24

...

2,583

2,464

L2259776.UP.FTS.B,

16.46%,

12/16/24

...

3,939

3,928

L2261806.UP.FTS.B,

16.6%,

12/16/24

....

2,159

158

L2261925.UP.FTS.B,

16.82%,

12/16/24

...

1,225

1,225

L2266042.UP.FTS.B,

17.15%,

12/16/24

...

5,492

1,548

FW2264850.UP.FTS.B,

18.52%,

12/16/24

.

1,705

1,705

L2262131.UP.FTS.B,

19.12%,

12/16/24

...

3,423

3,424

L2261606.UP.FTS.B,

19.86%,

12/16/24

...

3,439

3,440

L2265833.UP.FTS.B,

20.21%,

12/16/24

...

862

862

FW2261706.UP.FTS.B,

20.22%,

12/16/24

.

3,142

888

FW2266070.UP.FTS.B,

21.07%,

12/16/24

.

1,444

1,444

FW2261259.UP.FTS.B,

22.38%,

12/16/24

.

2,199

2,189

L2250028.UP.FTS.B,

23.42%,

12/16/24

...

2,695

2,696

FW2264809.UP.FTS.B,

24.15%,

12/16/24

.

589

584

FW2263709.UP.FTS.B,

25.03%,

12/16/24

.

2,370

2,352

FW2266287.UP.FTS.B,

26.84%,

12/16/24

.

959

952

FW2262386.UP.FTS.B,

27.26%,

12/16/24

.

599

597

FW2262628.UP.FTS.B,

27.26%,

12/16/24

.

1,945

1,931

FW2266872.UP.FTS.B,

27.8%,

12/16/24

..

3,006

2,994

FW2266398.UP.FTS.B,

28.01%,

12/16/24

.

9,597

2,755

FW2262409.UP.FTS.B,

28.42%,

12/16/24

.

3,226

934

FW2266624.UP.FTS.B,

28.53%,

12/16/24

.

784

780

FW2263769.UP.FTS.B,

28.64%,

12/16/24

.

3,606

1,038

FW2263191.UP.FTS.B,

28.73%,

12/16/24

.

4,143

4,114

L2270141.UP.FTS.B,

5.94%,

12/17/24

....

2,611

2,585

L2268724.UP.FTS.B,

5.97%,

12/17/24

....

702

694

L2268969.UP.FTS.B,

7.2%,

12/17/24

....

1,850

1,831

L2267343.UP.FTS.B,

7.39%,

12/17/24

....

791

786

L2271135.UP.FTS.B,

7.67%,

12/17/24

....

1,057

1,050

L2269231.UP.FTS.B,

7.89%,

12/17/24

....

10,286

10,218

L2267347.UP.FTS.B,

8.86%,

12/17/24

....

1,068

1,060

L2269156.UP.FTS.B,

9.26%,

12/17/24

....

1,069

1,062

L2271183.UP.FTS.B,

9.8%,

12/17/24

.....

1,552

215

L2269100.UP.FTS.B,

10.48%,

12/17/24

...

3,233

3,216

FW2269087.UP.FTS.B,

11.05%,

12/17/24

.

9,742

9,671

L2269792.UP.FTS.B,

12.02%,

12/17/24

...

3,695

3,674

FW2268004.UP.FTS.B,

12.87%,

12/17/24

.

936

930

L2269551.UP.FTS.B,

13.05%,

12/17/24

...

1,371

1,364

L2270701.UP.FTS.B,

13.05%,

12/17/24

...

1,371

1,364

L2268204.UP.FTS.B,

14.83%,

12/17/24

...

554

551

FW2268289.UP.FTS.B,

15.32%,

12/17/24

.

1,113

1,114

FW2269010.UP.FTS.B,

16.43%,

12/17/24

.

4,490

4,478

FW2269098.UP.FTS.B,

17.2%,

12/17/24

..

564

564

L2270546.UP.FTS.B,

18.98%,

12/17/24

...

2,850

2,852

FW2270407.UP.FTS.B,

19.41%,

12/17/24

.

2,598

2,592

FW2268218.UP.FTS.B,

21.52%,

12/17/24

.

2,514

2,428

L2267793.UP.FTS.B,

22.13%,

12/17/24

...

3,642

3,457

FW2266634.UP.FTS.B,

22.58%,

12/17/24

.

1,768

128

FW2267972.UP.FTS.B,

23.15%,

12/17/24

.

612

582

FW2270368.UP.FTS.B,

26.16%,

12/17/24

.

6,057

434

FW2271067.UP.FTS.B,

26.83%,

12/17/24

.

2,391

2,382

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

108

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2269631.UP.FTS.B,

28.28%,

12/17/24

.

$

4,024

$

4,008

FW2270326.UP.FTS.B,

28.75%,

12/17/24

.

963

914

FW2265384.UP.FTS.B,

29.1%,

12/17/24

..

914

907

FW2271142.UP.FTS.B,

29.18%,

12/17/24

.

606

604

L2262060.UP.FTS.B,

13.31%,

12/22/24

...

1,928

1,917

L2268276.UP.FTS.B,

21.79%,

12/23/24

...

2,906

2,895

L2473622.UP.FTS.B,

7.13%,

1/20/25

....

7,314

7,244

L2473725.UP.FTS.B,

7.25%,

1/20/25

....

1,550

1,535

L2472694.UP.FTS.B,

7.39%,

1/20/25

....

8,936

8,877

L2474338.UP.FTS.B,

7.49%,

1/20/25

....

3,339

3,304

FW2474019.UP.FTS.B,

7.98%,

1/20/25

...

1,991

1,972

L2471304.UP.FTS.B,

8.33%,

1/20/25

....

558

555

L2473962.UP.FTS.B,

9.13%,

1/20/25

....

4,210

4,183

L2475664.UP.FTS.B,

9.31%,

1/20/25

....

2,810

2,792

L2473054.UP.FTS.B,

10.94%,

1/20/25

....

625

619

L2473468.UP.FTS.B,

13.72%,

1/20/25

....

17,340

17,246

L2470533.UP.FTS.B,

13.91%,

1/20/25

....

1,103

1,095

L2474001.UP.FTS.B,

17.2%,

1/20/25

....

20,196

20,183

FW2471736.UP.FTS.B,

17.65%,

1/20/25

..

2,001

1,999

L2471359.UP.FTS.B,

19.95%,

1/20/25

....

2,336

2,334

FW2474339.UP.FTS.B,

22.4%,

1/20/25

...

482

477

L2475291.UP.FTS.B,

22.47%,

1/20/25

....

1,210

1,204

FW2471424.UP.FTS.B,

26.66%,

1/20/25

..

1,870

1,862

FW2473893.UP.FTS.B,

26.7%,

1/20/25

...

686

683

FW2473351.UP.FTS.B,

27.4%,

1/20/25

...

2,003

1,994

FW2472771.UP.FTS.B,

28.59%,

1/20/25

..

1,323

1,317

L2477325.UP.FTS.B,

5.03%,

1/21/25

....

24,553

24,316

L2478162.UP.FTS.B,

5.21%,

1/21/25

....

2,689

2,661

FW2481417.UP.FTS.B,

5.45%,

1/21/25

...

12,070

11,381

L2480101.UP.FTS.B,

5.52%,

1/21/25

....

1,919

1,900

L2477182.UP.FTS.B,

5.56%,

1/21/25

....

823

815

L2479581.UP.FTS.B,

5.69%,

1/21/25

....

5,093

4,914

L2479087.UP.FTS.B,

6.05%,

1/21/25

....

2,902

2,733

L2478352.UP.FTS.B,

6.09%,

1/21/25

....

1,576

1,559

L2480415.UP.FTS.B,

6.21%,

1/21/25

....

2,313

2,180

FW2476655.UP.FTS.B,

6.3%,

1/21/25

....

6,612

6,549

L2455913.UP.FTS.B,

6.4%,

1/21/25

.....

5,806

5,469

L2480190.UP.FTS.B,

6.98%,

1/21/25

....

3,321

3,289

L2480122.UP.FTS.B,

7.02%,

1/21/25

....

995

985

L2478511.UP.FTS.B,

7.09%,

1/21/25

.....

2,678

2,651

FW2478250.UP.FTS.B,

7.15%,

1/21/25

...

5,541

5,488

FW2480938.UP.FTS.B,

7.33%,

1/21/25

...

2,977

812

L2479650.UP.FTS.B,

7.87%,

1/21/25

....

2,232

2,214

L2481282.UP.FTS.B,

9.2%,

1/21/25

.....

495

491

FW2478471.UP.FTS.B,

9.25%,

1/21/25

...

2,247

2,233

L2480424.UP.FTS.B,

9.27%,

1/21/25

....

8,428

8,373

L2475861.UP.FTS.B,

9.49%,

1/21/25

....

5,618

5,582

L2476979.UP.FTS.B,

9.95%,

1/21/25

....

3,386

3,365

L2480429.UP.FTS.B,

10.33%,

1/21/25

....

1,806

1,795

L2477601.UP.FTS.B,

10.36%,

1/21/25

....

567

562

L2480719.UP.FTS.B,

10.39%,

1/21/25

....

5,659

5,623

L2479062.UP.FTS.B,

10.79%,

1/21/25

....

1,455

106

FW2481731.UP.FTS.B,

11.13%,

1/21/25

..

2,108

574

FW2479385.UP.FTS.B,

11.38%,

1/21/25

..

5,696

5,665

L2474988.UP.FTS.B,

11.93%,

1/21/25

....

8,232

8,188

L2478459.UP.FTS.B,

12.7%,

1/21/25

....

2,129

2,114

L2476209.UP.FTS.B,

13.15%,

1/21/25

....

412

408

L2479789.UP.FTS.B,

13.9%,

1/21/25

....

5,670

5,641

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2474275.UP.FTS.B,

16.61%,

1/21/25

....

$

1,412

$

1,412

L2478515.UP.FTS.B,

17.23%,

1/21/25

....

9,410

9,410

L2473348.UP.FTS.B,

17.39%,

1/21/25

....

10,811

10,308

FW2475769.UP.FTS.B,

19.11%,

1/21/25

..

3,284

3,285

FW2477321.UP.FTS.B,

21.33%,

1/21/25

..

1,207

1,202

FW2478818.UP.FTS.B,

22.45%,

1/21/25

..

6,981

213

FW2480050.UP.FTS.B,

22.48%,

1/21/25

..

896

890

L2475641.UP.FTS.B,

23.24%,

1/21/25

....

605

602

L2478720.UP.FTS.B,

23.41%,

1/21/25

....

3,516

290

FW2481202.UP.FTS.B,

23.65%,

1/21/25

..

7,883

7,847

FW2476942.UP.FTS.B,

24.18%,

1/21/25

..

2,588

2,455

FW2481245.UP.FTS.B,

25.29%,

1/21/25

..

1,856

1,849

FW2475936.UP.FTS.B,

29.09%,

1/21/25

..

3,621

3,604

L1720797.UP.FTS.B,

13.29%,

2/16/25

....

1,697

1,681

FW1721123.UP.FTS.B,

26.58%,

2/16/25

..

1,134

323

L2653951.UP.FTS.B,

6.48%,

2/18/25

....

3,762

3,724

FW2655218.UP.FTS.B,

7.75%,

2/18/25

...

3,210

3,186

L2655641.UP.FTS.B,

8.17%,

2/18/25

....

5,859

5,807

L2653470.UP.FTS.B,

9.9%,

2/18/25

.....

887

881

L2653301.UP.FTS.B,

10.24%,

2/18/25

....

1,488

1,476

FW2653772.UP.FTS.B,

12.73%,

2/18/25

..

2,813

2,792

L2655802.UP.FTS.B,

13.7%,

2/18/25

....

25,770

25,603

L2653391.UP.FTS.B,

13.94%,

2/18/25

....

3,735

338

L2657793.UP.FTS.B,

13.98%,

2/18/25

....

4,664

4,634

FW2657387.UP.FTS.B,

15.36%,

2/18/25

..

3,663

3,656

L2617545.UP.FTS.B,

16.16%,

2/18/25

....

7,751

7,728

FW2655306.UP.FTS.B,

16.76%,

2/18/25

..

616

614

L2653186.UP.FTS.B,

16.89%,

2/18/25

....

3,940

3,922

L2655104.UP.FTS.B,

17.75%,

2/18/25

....

2,712

2,689

L2657566.UP.FTS.B,

18.69%,

2/18/25

....

4,896

1,359

FW2657575.UP.FTS.B,

20.06%,

2/18/25

..

1,128

1,126

FW2653011.UP.FTS.B,

20.27%,

2/18/25

..

1,856

1,848

L2655839.UP.FTS.B,

20.67%,

2/18/25

....

3,172

3,158

L2656549.UP.FTS.B,

21.62%,

2/18/25

....

5,408

5,383

FW2657763.UP.FTS.B,

25.51%,

2/18/25

..

1,290

1,282

FW2655547.UP.FTS.B,

26.23%,

2/18/25

..

10,796

10,713

FW2651300.UP.FTS.B,

26.41%,

2/18/25

..

6,309

6,260

FW2653018.UP.FTS.B,

28.19%,

2/18/25

..

3,895

3,859

FW2655008.UP.FTS.B,

28.32%,

2/18/25

..

2,619

2,602

L2789474.UP.FTS.B,

5.35%,

3/14/25

....

30,142

29,804

L2789842.UP.FTS.B,

5.91%,

3/14/25

....

886

877

L2783988.UP.FTS.B,

5.98%,

3/14/25

....

3,113

3,080

FW2782638.UP.FTS.B,

6.35%,

3/14/25

...

1,819

1,799

L2789162.UP.FTS.B,

6.79%,

3/14/25

....

3,336

3,301

L2781429.UP.FTS.B,

7.28%,

3/14/25

....

3,049

3,015

L2790004.UP.FTS.B,

7.29%,

3/14/25

....

671

663

FW2780242.UP.FTS.B,

7.32%,

3/14/25

...

3,660

3,619

L2780817.UP.FTS.B,

8.23%,

3/14/25

....

9,223

9,131

L2779758.UP.FTS.B,

8.44%,

3/14/25

....

6,570

6,503

L2708925.UP.FTS.B,

8.54%,

3/14/25

....

9,829

9,730

L2783157.UP.FTS.B,

8.64%,

3/14/25

....

1,926

1,906

L2782839.UP.FTS.B,

8.65%,

3/14/25

....

11,741

11,623

L2790033.UP.FTS.B,

8.96%,

3/14/25

....

4,557

4,511

L2788652.UP.FTS.B,

9.29%,

3/14/25

....

21,527

21,339

FW2780431.UP.FTS.B,

9.37%,

3/14/25

...

1,234

1,222

L2786390.UP.FTS.B,

9.45%,

3/14/25

....

5,854

5,800

L2787312.UP.FTS.B,

9.5%,

3/14/25

.....

3,106

3,077

FW2789186.UP.FTS.B,

9.55%,

3/14/25

...

3,090

3,059

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

109

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2785539.UP.FTS.B,

9.79%,

3/14/25

....

$

601

$

595

L2782831.UP.FTS.B,

9.91%,

3/14/25

....

24,697

24,483

FW2781202.UP.FTS.B,

9.95%,

3/14/25

...

5,278

5,231

L2787472.UP.FTS.B,

9.97%,

3/14/25

....

5,699

5,642

L2787034.UP.FTS.B,

10%,

3/14/25

......

10,036

9,935

L2784267.UP.FTS.B,

10.12%,

3/14/25

....

1,302

1,289

L2784498.UP.FTS.B,

10.44%,

3/14/25

....

31,057

30,746

L2785595.UP.FTS.B,

11.03%,

3/14/25

....

8,102

8,021

L2789559.UP.FTS.B,

11.03%,

3/14/25

....

582

577

FW2790618.UP.FTS.B,

11.07%,

3/14/25

..

1,870

1,852

L2782966.UP.FTS.B,

11.1%,

3/14/25

.....

935

925

L2784868.UP.FTS.B,

11.13%,

3/14/25

....

3,120

3,091

L2783479.UP.FTS.B,

11.22%,

3/14/25

....

6,592

6,536

L2781507.UP.FTS.B,

11.44%,

3/14/25

....

3,373

3,339

FW2785947.UP.FTS.B,

11.48%,

3/14/25

..

2,687

2,660

L2785788.UP.FTS.B,

11.62%,

3/14/25

....

27,513

27,240

FW2782834.UP.FTS.B,

11.66%,

3/14/25

..

6,828

6,770

L2788361.UP.FTS.B,

11.71%,

3/14/25

....

4,817

4,769

FW2789650.UP.FTS.B,

11.79%,

3/14/25

..

626

620

L2782511.UP.FTS.B,

12.01%,

3/14/25

....

2,068

2,047

L2783638.UP.FTS.B,

12.12%,

3/14/25

....

5,017

4,967

L2781981.UP.FTS.B,

12.17%,

3/14/25

....

627

621

FW2790770.UP.FTS.B,

12.38%,

3/14/25

..

5,338

5,285

L2785153.UP.FTS.B,

12.45%,

3/14/25

....

4,146

4,105

L2785167.UP.FTS.B,

12.55%,

3/14/25

....

6,286

6,224

FW2783254.UP.FTS.B,

12.63%,

3/14/25

..

3,749

3,717

L2783321.UP.FTS.B,

13.02%,

3/14/25

....

630

624

L2784984.UP.FTS.B,

13.04%,

3/14/25

....

133

131

L2779841.UP.FTS.B,

13.12%,

3/14/25

....

6,330

6,268

FW2788740.UP.FTS.B,

13.18%,

3/14/25

..

5,827

5,775

L2786541.UP.FTS.B,

13.29%,

3/14/25

....

7,574

7,500

L2781476.UP.FTS.B,

13.87%,

3/14/25

....

19,129

18,134

L2785233.UP.FTS.B,

13.96%,

3/14/25

....

1,793

1,777

L2785794.UP.FTS.B,

14%,

3/14/25

......

1,584

1,569

L2782270.UP.FTS.B,

14.18%,

3/14/25

....

951

942

L2783992.UP.FTS.B,

14.35%,

3/14/25

....

3,175

3,144

L2783494.UP.FTS.B,

14.52%,

3/14/25

....

8,834

8,747

L2789562.UP.FTS.B,

14.72%,

3/14/25

....

3,800

3,780

FW2782628.UP.FTS.B,

14.81%,

3/14/25

..

5,483

5,452

FW2784953.UP.FTS.B,

14.86%,

3/14/25

..

9,744

9,663

FW2785548.UP.FTS.B,

14.88%,

3/14/25

..

2,738

2,711

L2781813.UP.FTS.B,

14.88%,

3/14/25

....

5,186

5,158

L2781432.UP.FTS.B,

14.97%,

3/14/25

....

6,308

6,255

L2786094.UP.FTS.B,

14.97%,

3/14/25

....

2,410

2,391

L2781532.UP.FTS.B,

15.01%,

3/14/25

....

3,823

3,786

FW2788311.UP.FTS.B,

15.07%,

3/14/25

..

4,590

4,551

L2782136.UP.FTS.B,

15.09%,

3/14/25

....

1,265

1,254

L2778950.UP.FTS.B,

15.29%,

3/14/25

....

5,872

5,823

FW2783963.UP.FTS.B,

15.58%,

3/14/25

..

14,054

13,942

L2789802.UP.FTS.B,

15.69%,

3/14/25

....

1,600

1,586

L2782299.UP.FTS.B,

15.8%,

3/14/25

....

685

681

L2783447.UP.FTS.B,

16.16%,

3/14/25

....

9,619

9,525

L2784731.UP.FTS.B,

16.18%,

3/14/25

....

13,660

13,527

FW2788810.UP.FTS.B,

16.29%,

3/14/25

..

1,604

1,591

FW2785887.UP.FTS.B,

16.41%,

3/14/25

..

1,991

1,974

L2782850.UP.FTS.B,

16.52%,

3/14/25

....

6,429

6,376

FW2783979.UP.FTS.B,

16.68%,

3/14/25

..

4,822

4,774

L2784318.UP.FTS.B,

16.69%,

3/14/25

....

3,859

3,821

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2784821.UP.FTS.B,

16.79%,

3/14/25

....

$

7,471

$

7,416

L2783908.UP.FTS.B,

16.9%,

3/14/25

....

3,541

3,512

FW2784509.UP.FTS.B,

16.95%,

3/14/25

..

4,861

1,328

FW2782202.UP.FTS.B,

17.05%,

3/14/25

..

644

639

L2783618.UP.FTS.B,

17.2%,

3/14/25

....

3,869

3,837

L2786224.UP.FTS.B,

17.23%,

3/14/25

....

7,037

6,979

L2786989.UP.FTS.B,

17.31%,

3/14/25

....

5,484

5,439

FW2779702.UP.FTS.B,

17.41%,

3/14/25

..

4,261

4,226

L2786076.UP.FTS.B,

17.41%,

3/14/25

....

5,810

5,762

L2781269.UP.FTS.B,

17.46%,

3/14/25

....

3,152

3,134

L2788162.UP.FTS.B,

17.53%,

3/14/25

....

3,006

2,977

L2780503.UP.FTS.B,

17.92%,

3/14/25

....

1,295

1,284

L2786774.UP.FTS.B,

18.02%,

3/14/25

....

2,229

2,213

FW2789882.UP.FTS.B,

18.22%,

3/14/25

..

253

249

L2766917.UP.FTS.B,

18.31%,

3/14/25

....

473

467

FW2789731.UP.FTS.B,

18.32%,

3/14/25

..

3,244

3,217

L2786748.UP.FTS.B,

18.37%,

3/14/25

....

6,943

6,886

L2788322.UP.FTS.B,

18.8%,

3/14/25

....

1,502

1,490

L2779959.UP.FTS.B,

18.94%,

3/14/25

....

870

77

FW2784761.UP.FTS.B,

18.96%,

3/14/25

..

11,323

11,222

L2783772.UP.FTS.B,

19.16%,

3/14/25

....

6,516

6,462

FW2778977.UP.FTS.B,

19.75%,

3/14/25

..

798

115

L2784153.UP.FTS.B,

19.87%,

3/14/25

....

6,104

442

L2780057.UP.FTS.B,

19.94%,

3/14/25

....

3,250

3,232

L2782253.UP.FTS.B,

20.12%,

3/14/25

....

8,040

582

L2780437.UP.FTS.B,

20.28%,

3/14/25

....

1,565

1,546

L2785203.UP.FTS.B,

20.46%,

3/14/25

....

3,634

3,605

L2780756.UP.FTS.B,

20.48%,

3/14/25

....

722

716

L2785534.UP.FTS.B,

20.67%,

3/14/25

....

1,445

1,433

L2781043.UP.FTS.B,

20.76%,

3/14/25

....

8,672

8,219

FW2783539.UP.FTS.B,

20.82%,

3/14/25

..

5,551

5,484

L2780491.UP.FTS.B,

20.92%,

3/14/25

....

13,863

13,347

L2786126.UP.FTS.B,

20.92%,

3/14/25

....

4,965

4,931

FW2782841.UP.FTS.B,

20.97%,

3/14/25

..

9,601

9,496

FW2783839.UP.FTS.B,

21.06%,

3/14/25

..

658

649

L2785016.UP.FTS.B,

21.17%,

3/14/25

....

1,331

1,314

FW2781273.UP.FTS.B,

21.18%,

3/14/25

..

4,939

4,873

L2782241.UP.FTS.B,

21.23%,

3/14/25

....

2,418

2,284

FW2784134.UP.FTS.B,

21.24%,

3/14/25

..

1,449

1,430

L2785725.UP.FTS.B,

21.29%,

3/14/25

....

988

980

L2787109.UP.FTS.B,

21.35%,

3/14/25

....

4,553

4,504

L2782350.UP.FTS.B,

21.46%,

3/14/25

....

989

976

L2781274.UP.FTS.B,

21.7%,

3/14/25

....

1,453

1,433

L2787578.UP.FTS.B,

21.76%,

3/14/25

....

3,963

3,910

L2764146.UP.FTS.B,

21.8%,

3/14/25

....

3,964

3,932

L2784966.UP.FTS.B,

21.92%,

3/14/25

....

462

456

L2781446.UP.FTS.B,

21.97%,

3/14/25

....

5,951

5,872

L2789525.UP.FTS.B,

21.99%,

3/14/25

....

909

65

L2782964.UP.FTS.B,

22.07%,

3/14/25

....

1,323

1,306

L2781760.UP.FTS.B,

22.09%,

3/14/25

....

8,662

8,550

FW2781316.UP.FTS.B,

22.36%,

3/14/25

..

13,251

13,075

L2782582.UP.FTS.B,

22.37%,

3/14/25

....

3,644

3,596

L2782645.UP.FTS.B,

22.52%,

3/14/25

....

9,947

9,815

FW2785697.UP.FTS.B,

22.53%,

3/14/25

..

3,183

3,141

FW2787008.UP.FTS.B,

22.54%,

3/14/25

..

2,391

2,355

FW2787563.UP.FTS.B,

22.68%,

3/14/25

..

1,991

1,965

L2782764.UP.FTS.B,

22.75%,

3/14/25

....

7,702

7,600

L2779839.UP.FTS.B,

22.77%,

3/14/25

....

5,358

1,524

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

110

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2785249.UP.FTS.B,

22.94%,

3/14/25

..

$

4,629

$

4,580

FW2780300.UP.FTS.B,

22.97%,

3/14/25

..

5,446

5,364

FW2780584.UP.FTS.B,

23.25%,

3/14/25

..

1,395

1,370

L2783469.UP.FTS.B,

23.3%,

3/14/25

....

5,729

1,631

L2789538.UP.FTS.B,

23.38%,

3/14/25

....

16,654

16,519

L2780571.UP.FTS.B,

23.44%,

3/14/25

....

2,867

2,829

L2785522.UP.FTS.B,

24.27%,

3/14/25

....

6,531

6,479

FW2787195.UP.FTS.B,

24.53%,

3/14/25

..

7,389

7,295

FW2780513.UP.FTS.B,

24.57%,

3/14/25

..

20,207

19,944

FW2785447.UP.FTS.B,

24.58%,

3/14/25

..

2,087

2,062

FW2783940.UP.FTS.B,

24.74%,

3/14/25

..

631

627

FW2787085.UP.FTS.B,

24.9%,

3/14/25

...

2,019

1,992

FW2788926.UP.FTS.B,

24.92%,

3/14/25

..

8,257

1,239

FW2790447.UP.FTS.B,

25.02%,

3/14/25

..

2,216

2,186

L2783518.UP.FTS.B,

25.17%,

3/14/25

....

4,570

4,510

FW2788009.UP.FTS.B,

25.24%,

3/14/25

..

18,732

18,512

FW2784542.UP.FTS.B,

25.52%,

3/14/25

..

2,558

2,524

FW2789028.UP.FTS.B,

25.9%,

3/14/25

...

3,344

3,308

FW2785977.UP.FTS.B,

25.94%,

3/14/25

..

7,354

7,257

FW2784372.UP.FTS.B,

26.05%,

3/14/25

..

5,307

783

FW2789498.UP.FTS.B,

26.58%,

3/14/25

..

1,253

1,238

FW2786035.UP.FTS.B,

26.63%,

3/14/25

..

3,727

3,678

FW2779777.UP.FTS.B,

26.66%,

3/14/25

..

3,047

3,006

FW2785381.UP.FTS.B,

26.83%,

3/14/25

..

1,133

1,121

L2780006.UP.FTS.B,

27.11%,

3/14/25

....

5,089

5,022

FW2783896.UP.FTS.B,

27.54%,

3/14/25

..

4,011

601

L2781349.UP.FTS.B,

28.09%,

3/14/25

....

4,116

4,063

FW2787819.UP.FTS.B,

28.48%,

3/14/25

..

751

741

FW2780476.UP.FTS.B,

28.97%,

3/14/25

..

4,816

4,765

FW2788507.UP.FTS.B,

29.01%,

3/14/25

..

3,955

3,911

FW2784820.UP.FTS.B,

29.05%,

3/14/25

..

2,042

2,021

FW2779949.UP.FTS.B,

29.18%,

3/14/25

..

4,112

4,058

FW2783771.UP.FTS.B,

32.99%,

3/14/25

..

1,535

1,515

FW2789039.UP.FTS.B,

33.98%,

3/14/25

..

4,696

4,635

FW1892377.UP.FTS.B,

22.87%,

3/21/25

..

1,562

1,478

FW1893365.UP.FTS.B,

26.97%,

3/21/25

..

6,331

6,282

L2017667.UP.FTS.B,

9.13%,

4/10/25

....

1,028

1,016

L2018443.UP.FTS.B,

13.86%,

4/10/25

....

1,056

1,044

L2018006.UP.FTS.B,

14.87%,

4/10/25

....

1,058

1,055

L2932200.UP.FTS.B,

5.67%,

4/11/25

.....

694

686

L2932027.UP.FTS.B,

6.02%,

4/11/25

.....

4,111

4,063

L2929905.UP.FTS.B,

6.33%,

4/11/25

.....

1,579

1,562

FW2932159.UP.FTS.B,

6.87%,

4/11/25

...

9,531

9,422

FW2931104.UP.FTS.B,

7.38%,

4/11/25

...

1,593

1,575

L2932158.UP.FTS.B,

7.54%,

4/11/25

.....

2,920

2,887

FW2928116.UP.FTS.B,

7.7%,

4/11/25

....

4,087

4,040

L2928687.UP.FTS.B,

8.44%,

4/11/25

.....

9,758

9,659

L2881416.UP.FTS.B,

8.75%,

4/11/25

.....

4,492

4,449

L2932299.UP.FTS.B,

9.07%,

4/11/25

.....

772

763

L2929932.UP.FTS.B,

9.99%,

4/11/25

.....

7,621

7,548

L2931770.UP.FTS.B,

10.22%,

4/11/25

....

2,329

2,304

FW2928017.UP.FTS.B,

10.52%,

4/11/25

..

3,434

3,397

L2928585.UP.FTS.B,

10.96%,

4/11/25

....

148

146

L2931320.UP.FTS.B,

11.14%,

4/11/25

....

1,951

1,929

L2929414.UP.FTS.B,

11.34%,

4/11/25

....

1,221

1,208

L2930901.UP.FTS.B,

12.11%,

4/11/25

....

1,465

1,450

L2929881.UP.FTS.B,

12.38%,

4/11/25

....

4,992

4,937

L2932133.UP.FTS.B,

13.25%,

4/11/25

....

1,446

1,430

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2930188.UP.FTS.B,

13.77%,

4/11/25

....

$

2,242

$

2,217

FW2928039.UP.FTS.B,

14.66%,

4/11/25

..

1,655

1,637

L2931839.UP.FTS.B,

14.95%,

4/11/25

....

3,974

3,943

L2929736.UP.FTS.B,

16.03%,

4/11/25

....

11,334

11,210

L2930942.UP.FTS.B,

16.24%,

4/11/25

....

3,337

3,302

FW2931434.UP.FTS.B,

17.18%,

4/11/25

..

1,074

1,064

L2930012.UP.FTS.B,

17.63%,

4/11/25

....

6,250

6,184

L2931233.UP.FTS.B,

18.54%,

4/11/25

....

14,651

14,495

L2930233.UP.FTS.B,

18.91%,

4/11/25

....

6,482

6,424

FW2932065.UP.FTS.B,

19.22%,

4/11/25

..

1,355

1,341

L2930078.UP.FTS.B,

19.74%,

4/11/25

....

3,770

536

L2927973.UP.FTS.B,

20.64%,

4/11/25

....

2,046

2,024

L2930402.UP.FTS.B,

20.69%,

4/11/25

....

4,936

4,889

L2927919.UP.FTS.B,

20.78%,

4/11/25

....

2,416

175

L2930083.UP.FTS.B,

20.84%,

4/11/25

....

745

735

L2929619.UP.FTS.B,

21.46%,

4/11/25

....

2,055

2,023

L2931062.UP.FTS.B,

21.64%,

4/11/25

....

4,112

4,069

FW2930608.UP.FTS.B,

21.67%,

4/11/25

..

19,376

19,227

L2929114.UP.FTS.B,

22.42%,

4/11/25

....

3,519

3,484

FW2928704.UP.FTS.B,

22.56%,

4/11/25

..

6,211

6,157

FW2927971.UP.FTS.B,

22.83%,

4/11/25

..

1,935

1,904

L2930633.UP.FTS.B,

23.01%,

4/11/25

....

1,105

1,093

FW2930179.UP.FTS.B,

24.14%,

4/11/25

..

693

686

FW2927993.UP.FTS.B,

24.47%,

4/11/25

..

1,389

1,374

FW2929588.UP.FTS.B,

24.98%,

4/11/25

..

3,759

3,700

FW2929190.UP.FTS.B,

25.18%,

4/11/25

..

1,542

1,512

L2929252.UP.FTS.B,

25.98%,

4/11/25

....

4,476

4,405

FW2929319.UP.FTS.B,

26.2%,

4/11/25

...

2,846

2,803

L2928046.UP.FTS.B,

27.24%,

4/11/25

....

7,393

7,281

FW2929773.UP.FTS.B,

27.44%,

4/11/25

..

7,040

6,928

FW2927991.UP.FTS.B,

28.1%,

4/11/25

...

6,499

6,399

FW2924920.UP.FTS.B,

28.52%,

4/11/25

..

639

629

FW2930422.UP.FTS.B,

29.23%,

4/11/25

..

5,890

5,797

L2936152.UP.FTS.B,

6.5%,

4/12/25

.....

3,424

3,385

FW2936118.UP.FTS.B,

7.86%,

4/12/25

...

1,277

1,263

L2934109.UP.FTS.B,

8%,

4/12/25

.......

3,197

3,162

L2932714.UP.FTS.B,

8.81%,

4/12/25

....

4,174

4,129

L2933699.UP.FTS.B,

9.94%,

4/12/25

....

6,912

6,838

L2933980.UP.FTS.B,

10%,

4/12/25

......

3,231

3,200

L2933392.UP.FTS.B,

10.34%,

4/12/25

....

2,028

2,008

FW2936226.UP.FTS.B,

10.54%,

4/12/25

..

2,556

2,526

L2934235.UP.FTS.B,

10.92%,

4/12/25

....

6,948

6,874

L2932547.UP.FTS.B,

10.94%,

4/12/25

....

4,170

4,126

L2932991.UP.FTS.B,

11.24%,

4/12/25

....

716

708

L2934413.UP.FTS.B,

11.35%,

4/12/25

....

285

281

L2933998.UP.FTS.B,

12.66%,

4/12/25

....

3,490

3,455

L2934843.UP.FTS.B,

12.97%,

4/12/25

....

1,112

1,102

L2934103.UP.FTS.B,

13.2%,

4/12/25

....

5,760

5,706

L2933972.UP.FTS.B,

13.4%,

4/12/25

....

4,977

4,928

L2933861.UP.FTS.B,

13.75%,

4/12/25

....

2,122

2,100

L2933759.UP.FTS.B,

13.93%,

4/12/25

....

1,649

1,631

L2933133.UP.FTS.B,

13.94%,

4/12/25

....

21,686

21,463

FW2933363.UP.FTS.B,

14.89%,

4/12/25

..

2,100

2,079

FW2932473.UP.FTS.B,

15.91%,

4/12/25

..

10,862

10,745

L2932884.UP.FTS.B,

16.22%,

4/12/25

....

5,038

1,371

FW2934865.UP.FTS.B,

16.54%,

4/12/25

..

1,718

107

L2934820.UP.FTS.B,

17.41%,

4/12/25

....

7,976

7,916

L2935513.UP.FTS.B,

17.97%,

4/12/25

....

4,713

4,664

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

111

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2931304.UP.FTS.B,

18.2%,

4/12/25

....

$

2,966

$

2,934

L2933460.UP.FTS.B,

18.4%,

4/12/25

....

1,687

1,669

L2928766.UP.FTS.B,

18.41%,

4/12/25

....

4,030

3,999

L2934158.UP.FTS.B,

18.51%,

4/12/25

....

2,228

2,205

L2933159.UP.FTS.B,

18.53%,

4/12/25

....

13,576

13,439

FW2933691.UP.FTS.B,

18.64%,

4/12/25

..

7,886

7,807

L2935652.UP.FTS.B,

19.04%,

4/12/25

....

6,768

6,698

FW2934964.UP.FTS.B,

19.17%,

4/12/25

..

1,490

1,467

L2933024.UP.FTS.B,

19.59%,

4/12/25

....

2,987

2,956

L2933730.UP.FTS.B,

20.46%,

4/12/25

....

817

811

FW2933966.UP.FTS.B,

21.23%,

4/12/25

..

6,840

6,735

FW2935725.UP.FTS.B,

21.56%,

4/12/25

..

12,126

11,939

L2934180.UP.FTS.B,

22.43%,

4/12/25

....

1,400

1,378

FW2934705.UP.FTS.B,

22.66%,

4/12/25

..

8,278

8,151

FW2933074.UP.FTS.B,

22.74%,

4/12/25

..

9,301

9,157

L2932376.UP.FTS.B,

23.39%,

4/12/25

....

6,297

456

FW2932854.UP.FTS.B,

25.66%,

4/12/25

..

11,292

11,145

FW2900575.UP.FTS.B,

25.78%,

4/12/25

..

5,327

5,246

FW2931971.UP.FTS.B,

25.79%,

4/12/25

..

2,297

2,268

L2934922.UP.FTS.B,

26.29%,

4/12/25

....

4,601

327

FW2932613.UP.FTS.B,

27%,

4/12/25

....

3,513

3,459

FW2783344.UP.FTS.B,

32.05%,

4/14/25

..

603

42

FW2931763.UP.FTS.B,

17.53%,

4/18/25

..

2,355

2,337

L2112331.UP.FTS.B,

15.71%,

4/24/25

....

1,302

1,294

FW2111253.UP.FTS.B,

27.22%,

4/24/25

..

1,594

(39)

FW2110774.UP.FTS.B,

28.89%,

4/24/25

..

8,469

8,380

L2260646.UP.FTS.B,

11.94%,

5/16/25

....

3,294

3,269

L2265667.UP.FTS.B,

19.73%,

5/16/25

....

14,317

14,191

L2265891.UP.FTS.B,

23.63%,

5/16/25

....

2,658

2,621

FW2261375.UP.FTS.B,

28.5%,

5/16/25

...

831

237

FW2166539.UP.FTS.B,

28.95%,

5/16/25

..

10,736

10,586

L2270930.UP.FTS.B,

20.12%,

5/17/25

....

5,475

1,562

L2481166.UP.FTS.B,

5.6%,

6/21/25

......

8,632

2,305

L2480634.UP.FTS.B,

10.14%,

6/21/25

....

7,165

6,732

FW2481101.UP.FTS.B,

11.5%,

6/21/25

...

1,313

1,298

L2478954.UP.FTS.B,

13.18%,

6/21/25

....

2,340

2,205

L2657454.UP.FTS.B,

20.2%,

7/18/25

....

3,695

541

FW2653083.UP.FTS.B,

23.65%,

7/18/25

..

4,105

294

FW2656373.UP.FTS.B,

28.99%,

7/18/25

..

2,401

2,262

L2789819.UP.FTS.B,

14.63%,

8/14/25

....

9,693

9,568

L2785530.UP.FTS.B,

18.7%,

8/14/25

....

3,952

3,899

L2785622.UP.FTS.B,

19.86%,

8/14/25

....

4,871

4,797

L2784074.UP.FTS.B,

23.45%,

8/14/25

....

3,195

2,999

FW2782084.UP.FTS.B,

27.29%,

8/14/25

..

6,380

1,837

FW2782934.UP.FTS.B,

28.68%,

8/14/25

..

3,590

3,365

L2017782.UP.FTS.B,

13.67%,

9/10/25

....

2,102

2,079

L2928094.UP.FTS.B,

14.5%,

9/11/25

.....

1,464

1,445

L2931251.UP.FTS.B,

19.65%,

9/11/25

....

1,947

276

L2928985.UP.FTS.B,

21.29%,

9/11/25

....

3,794

3,739

FW2930025.UP.FTS.B,

24.38%,

9/11/25

..

4,551

4,465

FW2928685.UP.FTS.B,

30.47%,

9/11/25

..

2,530

2,485

L2269599.UP.FTS.B,

7.84%,

10/17/25

....

1,816

1,793

FW2267398.UP.FTS.B,

15.02%,

10/17/25

.

3,738

3,731

L2268053.UP.FTS.B,

20.24%,

10/17/25

...

5,498

5,192

FW2473618.UP.FTS.B,

10.51%,

11/20/25

.

3,739

271

L2474828.UP.FTS.B,

10.25%,

11/21/25

...

1,938

1,920

L2477335.UP.FTS.B,

9.18%,

12/06/25

....

9,272

9,179

L2783169.UP.FTS.B,

6.72%,

1/14/26

....

17,566

17,346

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2780647.UP.FTS.B,

19.08%,

1/14/26

..

$

7,107

$

7,026

FW2787943.UP.FTS.B,

23.37%,

1/14/26

..

7,158

7,017

L2931052.UP.FTS.B,

15.78%,

2/11/26

....

2,732

2,694

L1695146.UP.FTS.B,

9.05%,

9/16/26

....

11,189

11,105

L1721236.UP.FTS.B,

9.48%,

9/16/26

....

8,424

8,361

FW1721203.UP.FTS.B,

9.61%,

9/16/26

...

5,607

5,565

FW1720766.UP.FTS.B,

10.27%,

9/16/26

..

10,593

10,514

L1721509.UP.FTS.B,

11.2%,

9/16/26

.....

14,221

14,116

FW1720612.UP.FTS.B,

11.37%,

9/16/26

..

8,543

8,480

L1722234.UP.FTS.B,

12.18%,

9/16/26

....

7,170

7,111

FW1721436.UP.FTS.B,

14.47%,

9/16/26

..

18,536

18,358

L1720338.UP.FTS.B,

15.39%,

9/16/26

....

11,200

10,571

L1721497.UP.FTS.B,

16.37%,

9/16/26

....

5,898

5,855

FW1720748.UP.FTS.B,

16.61%,

9/16/26

..

3,693

3,666

L1721580.UP.FTS.B,

17.18%,

9/16/26

....

1,112

1,104

L1721613.UP.FTS.B,

17.32%,

9/16/26

....

5,968

854

L1722493.UP.FTS.B,

18.38%,

9/16/26

....

10,460

10,384

FW1721771.UP.FTS.B,

20.18%,

9/16/26

..

4,535

4,544

L1722523.UP.FTS.B,

21.72%,

9/16/26

....

2,670

2,675

FW1722389.UP.FTS.B,

21.83%,

9/16/26

..

19,276

19,285

L1722117.UP.FTS.B,

23.46%,

9/16/26

....

7,709

7,725

L1719755.UP.FTS.B,

25.09%,

9/16/26

....

2,559

2,538

L1720842.UP.FTS.B,

25.22%,

9/16/26

....

1,282

368

L1721003.UP.FTS.B,

25.67%,

9/16/26

....

6,648

6,654

FW1720056.UP.FTS.B,

25.74%,

9/16/26

..

8,522

2,477

FW1720865.UP.FTS.B,

26.03%,

9/16/26

..

1,878

1,882

L1701780.UP.FTS.B,

26.48%,

9/16/26

....

7,708

7,721

L1716847.UP.FTS.B,

26.49%,

9/16/26

....

5,107

4,869

FW1721156.UP.FTS.B,

26.95%,

9/16/26

..

17,300

17,335

FW1720620.UP.FTS.B,

27.29%,

9/16/26

..

6,303

6,316

FW1720421.UP.FTS.B,

27.95%,

9/16/26

..

4,747

4,757

FW1722591.UP.FTS.B,

28.03%,

9/16/26

..

4,403

670

FW1722554.UP.FTS.B,

28.88%,

9/16/26

..

1,325

1,326

FW1700325.UP.FTS.B,

30.13%,

9/16/26

..

985

939

FW1720986.UP.FTS.B,

30.57%,

9/16/26

..

743

742

FW1720294.UP.FTS.B,

30.66%,

9/16/26

..

2,005

2,009

FW1720288.UP.FTS.B,

31.89%,

9/16/26

..

5,673

393

FW1716737.UP.FTS.B,

16.3%,

9/23/26

...

2,221

2,205

L1859672.UP.FTS.B,

7.74%,

10/21/26

....

10,627

10,544

L1892951.UP.FTS.B,

14.33%,

10/21/26

...

3,177

3,148

L1893967.UP.FTS.B,

14.49%,

10/21/26

...

1,448

1,438

FW1892411.UP.FTS.B,

14.52%,

10/21/26

.

18,571

18,443

L1894153.UP.FTS.B,

14.72%,

10/21/26

...

11,998

867

L1894936.UP.FTS.B,

16.25%,

10/21/26

...

4,515

4,477

FW1895480.UP.FTS.B,

16.41%,

10/21/26

.

9,776

9,704

L1890982.UP.FTS.B,

16.75%,

10/21/26

...

5,275

5,239

L1893975.UP.FTS.B,

17.21%,

10/21/26

...

8,162

8,107

FW1894387.UP.FTS.B,

17.87%,

10/21/26

.

4,532

4,497

L1891449.UP.FTS.B,

18.06%,

10/21/26

...

13,565

980

FW1894844.UP.FTS.B,

18.47%,

10/21/26

.

17,547

17,386

FW1896078.UP.FTS.B,

18.57%,

10/21/26

.

4,809

4,532

L1894129.UP.FTS.B,

19.51%,

10/21/26

...

2,493

2,475

L1892072.UP.FTS.B,

19.65%,

10/21/26

...

4,216

4,185

L1889041.UP.FTS.B,

19.76%,

10/21/26

...

1,152

1,143

L1892098.UP.FTS.B,

20.43%,

10/21/26

...

4,433

320

L1890899.UP.FTS.B,

20.85%,

10/21/26

...

7,727

7,748

L1894090.UP.FTS.B,

22.26%,

10/21/26

...

9,693

9,575

FW1892319.UP.FTS.B,

22.95%,

10/21/26

.

1,215

1,200

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

112

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L1891077.UP.FTS.B,

23.49%,

10/21/26

...

$

15,425

$

15,085

FW1895679.UP.FTS.B,

24.08%,

10/21/26

.

2,254

160

L1895099.UP.FTS.B,

24.25%,

10/21/26

...

3,782

3,757

L1893140.UP.FTS.B,

24.95%,

10/21/26

...

1,584

1,585

L1893569.UP.FTS.B,

25.34%,

10/21/26

...

2,664

2,631

L1890870.UP.FTS.B,

25.37%,

10/21/26

...

4,149

4,153

L1896072.UP.FTS.B,

25.44%,

10/21/26

...

2,849

2,721

L1890828.UP.FTS.B,

25.46%,

10/21/26

...

3,411

3,420

L1896094.UP.FTS.B,

25.49%,

10/21/26

...

6,058

6,072

FW1892106.UP.FTS.B,

26.33%,

10/21/26

.

3,984

3,995

FW1893402.UP.FTS.B,

27.14%,

10/21/26

.

4,801

4,815

L1892234.UP.FTS.B,

27.37%,

10/21/26

...

9,614

9,641

FW1891795.UP.FTS.B,

28.39%,

10/21/26

.

8,439

8,045

FW1892884.UP.FTS.B,

28.78%,

10/21/26

.

1,922

1,926

FW1893982.UP.FTS.B,

28.82%,

10/21/26

.

3,390

3,400

FW1892210.UP.FTS.B,

28.91%,

10/21/26

.

5,483

383

FW1891950.UP.FTS.B,

29.07%,

10/21/26

.

40,201

40,297

FW1894326.UP.FTS.B,

29.68%,

10/21/26

.

9,236

(46)

FW1893145.UP.FTS.B,

30.26%,

10/21/26

.

9,186

648

FW1890831.UP.FTS.B,

30.45%,

10/21/26

.

5,280

372

FW1894061.UP.FTS.B,

30.74%,

10/21/26

.

4,305

666

FW1890284.UP.FTS.B,

30.97%,

10/21/26

.

1,630

1,634

FW1894842.UP.FTS.B,

31.16%,

10/21/26

.

3,571

3,411

FW1892685.UP.FTS.B,

31.39%,

10/21/26

.

2,252

156

L1890702.UP.FTS.B,

25.43%,

11/05/26

...

4,799

4,806

L2015861.UP.FTS.B,

9.46%,

11/10/26

....

6,957

6,901

L2016805.UP.FTS.B,

10.63%,

11/10/26

...

6,644

6,585

L2016181.UP.FTS.B,

10.7%,

11/10/26

....

3,682

3,649

L2015997.UP.FTS.B,

10.83%,

11/10/26

...

5,118

5,071

L2000658.UP.FTS.B,

11.67%,

11/10/26

...

13,697

13,574

L2018385.UP.FTS.B,

12.32%,

11/10/26

...

17,106

4,331

FW2017263.UP.FTS.B,

13.09%,

11/10/26

.

18,749

18,585

L2016863.UP.FTS.B,

13.15%,

11/10/26

...

3,752

3,719

L2017795.UP.FTS.B,

13.15%,

11/10/26

...

3,752

3,719

FW2015303.UP.FTS.B,

13.44%,

11/10/26

.

37,700

37,341

L2016861.UP.FTS.B,

14.32%,

11/10/26

...

12,473

12,365

L2016549.UP.FTS.B,

14.78%,

11/10/26

...

4,453

4,413

L2017584.UP.FTS.B,

14.88%,

11/10/26

...

6,827

6,759

L2016090.UP.FTS.B,

15.07%,

11/10/26

...

9,591

9,488

L2016450.UP.FTS.B,

15.84%,

11/10/26

...

5,875

5,817

FW2017922.UP.FTS.B,

16.45%,

11/10/26

.

11,463

11,364

FW2016602.UP.FTS.B,

16.55%,

11/10/26

.

9,196

9,104

FW2018016.UP.FTS.B,

16.76%,

11/10/26

.

15,263

15,107

L2017432.UP.FTS.B,

16.76%,

11/10/26

...

2,772

2,741

L2016538.UP.FTS.B,

16.85%,

11/10/26

...

3,595

488

L2016124.UP.FTS.B,

17.83%,

11/10/26

...

5,440

5,370

L2015741.UP.FTS.B,

18.37%,

11/10/26

...

3,966

3,900

L2015870.UP.FTS.B,

19.02%,

11/10/26

...

1,164

1,151

L2017365.UP.FTS.B,

19.49%,

11/10/26

...

23,388

23,122

FW2018022.UP.FTS.B,

19.66%,

11/10/26

.

40,167

23,027

L2018057.UP.FTS.B,

20.23%,

11/10/26

...

15,537

15,500

L2012751.UP.FTS.B,

20.27%,

11/10/26

...

8,980

8,865

L2015880.UP.FTS.B,

20.5%,

11/10/26

....

34,499

34,432

L2018362.UP.FTS.B,

20.61%,

11/10/26

...

2,354

2,327

FW2017939.UP.FTS.B,

21.1%,

11/10/26

..

5,507

5,453

L2015455.UP.FTS.B,

21.53%,

11/10/26

...

876

872

L2018199.UP.FTS.B,

22.27%,

11/10/26

...

7,924

7,893

L2016472.UP.FTS.B,

22.49%,

11/10/26

...

9,115

9,011

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2016591.UP.FTS.B,

22.73%,

11/10/26

...

$

3,968

$

3,923

L2015725.UP.FTS.B,

22.82%,

11/10/26

...

1,258

1,255

L2016796.UP.FTS.B,

23.07%,

11/10/26

...

2,634

750

FW2007819.UP.FTS.B,

23.25%,

11/10/26

.

7,887

7,867

L2018147.UP.FTS.B,

23.34%,

11/10/26

...

11,766

11,690

L2018074.UP.FTS.B,

23.36%,

11/10/26

...

4,778

4,769

L2017555.UP.FTS.B,

23.63%,

11/10/26

...

5,839

848

FW2018046.UP.FTS.B,

23.73%,

11/10/26

.

2,883

2,872

L2018486.UP.FTS.B,

23.79%,

11/10/26

...

15,962

15,805

L2010804.UP.FTS.B,

24.21%,

11/10/26

...

11,997

11,974

FW2015624.UP.FTS.B,

24.49%,

11/10/26

.

4,792

4,782

L2017277.UP.FTS.B,

24.63%,

11/10/26

...

1,603

1,600

L2016414.UP.FTS.B,

24.87%,

11/10/26

...

803

801

L2017556.UP.FTS.B,

25.05%,

11/10/26

...

3,127

3,121

L2016122.UP.FTS.B,

25.2%,

11/10/26

....

3,216

3,179

L2017313.UP.FTS.B,

25.23%,

11/10/26

...

3,538

3,531

L2016934.UP.FTS.B,

25.28%,

11/10/26

...

647

637

L2016288.UP.FTS.B,

25.3%,

11/10/26

....

7,239

7,225

L1992755.UP.FTS.B,

25.36%,

11/10/26

...

1,288

1,285

L2016960.UP.FTS.B,

25.39%,

11/10/26

...

885

883

L2010871.UP.FTS.B,

25.45%,

11/10/26

...

763

55

L2017166.UP.FTS.B,

25.5%,

11/10/26

....

4,100

4,068

L2011550.UP.FTS.B,

25.55%,

11/10/26

...

5,516

396

L2018078.UP.FTS.B,

25.62%,

11/10/26

...

3,333

1,970

L2008161.UP.FTS.B,

25.72%,

11/10/26

...

6,404

126

FW2017120.UP.FTS.B,

25.88%,

11/10/26

.

5,825

5,803

FW2017685.UP.FTS.B,

26.05%,

11/10/26

.

8,128

8,099

FW2017724.UP.FTS.B,

26.2%,

11/10/26

..

3,203

3,195

L2017215.UP.FTS.B,

26.46%,

11/10/26

...

4,855

4,845

FW2017665.UP.FTS.B,

26.79%,

11/10/26

.

9,724

9,706

FW2017315.UP.FTS.B,

26.97%,

11/10/26

.

4,398

315

FW2017448.UP.FTS.B,

26.97%,

11/10/26

.

1,641

1,636

FW2017995.UP.FTS.B,

27.09%,

11/10/26

.

4,870

4,861

FW2017395.UP.FTS.B,

27.53%,

11/10/26

.

4,900

4,882

FW2018112.UP.FTS.B,

27.81%,

11/10/26

.

9,553

5,644

FW2015111.UP.FTS.B,

27.96%,

11/10/26

.

2,038

294

FW2018013.UP.FTS.B,

28.12%,

11/10/26

.

3,922

3,852

FW2018097.UP.FTS.B,

28.2%,

11/10/26

..

1,450

1,446

FW2017468.UP.FTS.B,

28.36%,

11/10/26

.

1,634

1,631

FW2017627.UP.FTS.B,

28.75%,

11/10/26

.

6,006

1,726

FW2018328.UP.FTS.B,

28.94%,

11/10/26

.

983

981

FW2017940.UP.FTS.B,

29.24%,

11/10/26

.

2,512

88

FW2017283.UP.FTS.B,

29.28%,

11/10/26

.

4,101

4,093

FW2016668.UP.FTS.B,

29.41%,

11/10/26

.

5,763

5,742

FW2016853.UP.FTS.B,

29.43%,

11/10/26

.

4,075

4,041

FW2015356.UP.FTS.B,

29.53%,

11/10/26

.

746

(9)

FW2017367.UP.FTS.B,

29.54%,

11/10/26

.

24,448

24,092

FW2016021.UP.FTS.B,

29.96%,

11/10/26

.

12,480

12,442

FW2017531.UP.FTS.B,

30.14%,

11/10/26

.

6,176

6,164

FW2015923.UP.FTS.B,

30.28%,

11/10/26

.

6,592

6,580

FW2016098.UP.FTS.B,

30.28%,

11/10/26

.

1,318

1,316

FW2017756.UP.FTS.B,

30.55%,

11/10/26

.

11,387

807

FW2015746.UP.FTS.B,

30.57%,

11/10/26

.

2,393

2,388

FW2017369.UP.FTS.B,

30.83%,

11/10/26

.

2,478

2,474

FW2017102.UP.FTS.B,

30.96%,

11/10/26

.

1,655

1,652

FW2016238.UP.FTS.B,

30.97%,

11/10/26

.

1,834

1,828

FW2014044.UP.FTS.B,

31.01%,

11/10/26

.

3,311

3,305

FW2016392.UP.FTS.B,

31.01%,

11/10/26

.

681

671

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

113

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2015895.UP.FTS.B,

31.02%,

11/10/26

.

$

2,133

$

144

FW2017963.UP.FTS.B,

31.1%,

11/10/26

..

7,774

7,760

FW2015165.UP.FTS.B,

31.13%,

11/10/26

.

1,505

1,501

FW2016440.UP.FTS.B,

31.16%,

11/10/26

.

3,498

3,487

FW2018137.UP.FTS.B,

31.23%,

11/10/26

.

16,635

16,604

FW2015784.UP.FTS.B,

31.24%,

11/10/26

.

1,904

1,900

FW2016681.UP.FTS.B,

31.25%,

11/10/26

.

4,553

4,544

FW2017946.UP.FTS.B,

31.9%,

11/10/26

..

2,086

(80)

FW2017831.UP.FTS.B,

32.03%,

11/10/26

.

6,346

270

FW2018216.UP.FTS.B,

32.18%,

11/10/26

.

3,062

3,055

FW2110828.UP.FTS.B,

6%,

11/24/26

....

1,425

1,431

L2111539.UP.FTS.B,

8.17%,

11/24/26

....

5,807

5,767

L2112207.UP.FTS.B,

9.52%,

11/24/26

....

9,383

9,314

L2111293.UP.FTS.B,

9.98%,

11/24/26

....

9,418

9,349

FW2112522.UP.FTS.B,

10.63%,

11/24/26

.

940

932

L2112534.UP.FTS.B,

11.65%,

11/24/26

...

20,957

20,814

L2110925.UP.FTS.B,

12.01%,

11/24/26

...

22,348

22,196

L2112036.UP.FTS.B,

13.1%,

11/24/26

....

1,125

1,118

L2111515.UP.FTS.B,

13.17%,

11/24/26

...

4,650

1,198

L2109723.UP.FTS.B,

14.71%,

11/24/26

...

34,494

34,213

L2112445.UP.FTS.B,

15.34%,

11/24/26

...

2,282

2,267

L2112051.UP.FTS.B,

15.48%,

11/24/26

...

11,413

11,336

L2107550.UP.FTS.B,

15.75%,

11/24/26

...

1,942

1,925

L2111566.UP.FTS.B,

15.86%,

11/24/26

...

3,816

3,790

L2111428.UP.FTS.B,

15.89%,

11/24/26

...

3,817

3,791

FW2111859.UP.FTS.B,

16.21%,

11/24/26

.

6,501

6,457

L2111758.UP.FTS.B,

16.63%,

11/24/26

...

30,549

30,345

FW2111175.UP.FTS.B,

16.64%,

11/24/26

.

5,059

5,018

L2111907.UP.FTS.B,

16.75%,

11/24/26

...

2,302

2,287

FW2111473.UP.FTS.B,

17.42%,

11/24/26

.

2,987

2,967

FW2112554.UP.FTS.B,

17.97%,

11/24/26

.

23,213

23,027

FW2103098.UP.FTS.B,

18.1%,

11/24/26

..

3,094

3,071

L2112204.UP.FTS.B,

18.12%,

11/24/26

...

4,260

4,227

L2110989.UP.FTS.B,

18.58%,

11/24/26

...

5,429

5,389

L2111067.UP.FTS.B,

18.81%,

11/24/26

...

1,017

1,008

L2111999.UP.FTS.B,

18.81%,

11/24/26

...

7,098

6,999

FW2111909.UP.FTS.B,

19.23%,

11/24/26

.

2,626

2,606

L2111433.UP.FTS.B,

19.56%,

11/24/26

...

3,966

3,930

FW2111564.UP.FTS.B,

19.87%,

11/24/26

.

3,750

3,723

L2110920.UP.FTS.B,

20%,

11/24/26

.....

10,416

10,333

L2110840.UP.FTS.B,

20.27%,

11/24/26

...

3,914

3,926

FW2112337.UP.FTS.B,

20.38%,

11/24/26

.

7,813

7,835

L2110708.UP.FTS.B,

20.56%,

11/24/26

...

5,090

762

FW2103854.UP.FTS.B,

20.73%,

11/24/26

.

13,425

13,289

L2111070.UP.FTS.B,

20.97%,

11/24/26

...

2,755

2,757

FW2110854.UP.FTS.B,

21.25%,

11/24/26

.

4,724

4,690

FW2110697.UP.FTS.B,

21.79%,

11/24/26

.

10,501

10,497

L2111001.UP.FTS.B,

22.12%,

11/24/26

...

1,574

1,578

L2109591.UP.FTS.B,

22.25%,

11/24/26

...

16,340

4,771

L2112213.UP.FTS.B,

22.37%,

11/24/26

...

5,636

5,643

FW2111879.UP.FTS.B,

22.64%,

11/24/26

.

11,900

11,935

L2111918.UP.FTS.B,

22.67%,

11/24/26

...

15,730

15,768

L2111808.UP.FTS.B,

23.39%,

11/24/26

...

2,482

2,485

L2111770.UP.FTS.B,

23.69%,

11/24/26

...

3,028

2,986

L2110705.UP.FTS.B,

24.88%,

11/24/26

...

11,242

11,255

L2111688.UP.FTS.B,

25.07%,

11/24/26

...

2,009

2,015

L2110767.UP.FTS.B,

25.12%,

11/24/26

...

16,460

1,170

L2110949.UP.FTS.B,

25.25%,

11/24/26

...

2,252

2,259

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2111387.UP.FTS.B,

25.36%,

11/24/26

.

$

5,219

$

5,223

L2112349.UP.FTS.B,

25.4%,

11/24/26

....

8,047

8,072

L2111206.UP.FTS.B,

25.46%,

11/24/26

...

1,610

1,615

L2112057.UP.FTS.B,

25.5%,

11/24/26

....

3,135

3,134

L2112241.UP.FTS.B,

25.52%,

11/24/26

...

4,218

1,246

L2111177.UP.FTS.B,

25.59%,

11/24/26

...

5,962

5,980

L2111103.UP.FTS.B,

25.8%,

11/24/26

....

1,948

1,947

FW2110882.UP.FTS.B,

25.83%,

11/24/26

.

6,454

6,474

FW2108311.UP.FTS.B,

26.95%,

11/24/26

.

3,322

3,322

FW2110829.UP.FTS.B,

27.91%,

11/24/26

.

12,601

12,582

FW2111301.UP.FTS.B,

28.21%,

11/24/26

.

4,080

4,093

FW2109993.UP.FTS.B,

28.34%,

11/24/26

.

4,082

4,095

FW2110973.UP.FTS.B,

28.48%,

11/24/26

.

2,622

183

FW2112020.UP.FTS.B,

28.92%,

11/24/26

.

2,515

(37)

FW2112225.UP.FTS.B,

30.05%,

11/24/26

.

1,564

1,569

FW2111978.UP.FTS.B,

30.35%,

11/24/26

.

2,866

2,873

FW2112451.UP.FTS.B,

30.73%,

11/24/26

.

1,486

1,491

FW2111816.UP.FTS.B,

30.78%,

11/24/26

.

1,899

1,905

FW2111418.UP.FTS.B,

30.88%,

11/24/26

.

12,962

12,975

FW2111709.UP.FTS.B,

31.03%,

11/24/26

.

6,212

6,220

FW2110860.UP.FTS.B,

31.09%,

11/24/26

.

3,887

3,900

FW2111832.UP.FTS.B,

31.16%,

11/24/26

.

9,586

9,575

FW2104466.UP.FTS.B,

31.47%,

11/24/26

.

3,480

3,491

FW2112102.UP.FTS.B,

31.76%,

11/24/26

.

6,687

6,706

FW2110871.UP.FTS.B,

31.83%,

11/24/26

.

3,572

251

L2262825.UP.FTS.B,

7.69%,

12/16/26

....

11,086

10,993

FW2264096.UP.FTS.B,

8.01%,

12/16/26

..

6,666

6,611

L2266515.UP.FTS.B,

8.1%,

12/16/26

....

5,554

5,510

L2264632.UP.FTS.B,

8.24%,

12/16/26

....

14,876

14,753

L2233679.UP.FTS.B,

10.15%,

12/16/26

...

4,881

4,843

L2256936.UP.FTS.B,

11.09%,

12/16/26

...

15,108

14,979

L2261890.UP.FTS.B,

11.17%,

12/16/26

...

11,340

11,234

L2265566.UP.FTS.B,

11.83%,

12/16/26

...

11,383

11,287

FW2263431.UP.FTS.B,

12.09%,

12/16/26

.

5,321

5,276

L2264084.UP.FTS.B,

12.97%,

12/16/26

...

1,618

1,603

L2262690.UP.FTS.B,

13.04%,

12/16/26

...

6,499

6,444

L2261612.UP.FTS.B,

13.93%,

12/16/26

...

1,537

1,524

FW2266148.UP.FTS.B,

14.03%,

12/16/26

.

3,845

3,813

FW2263216.UP.FTS.B,

14.33%,

12/16/26

.

770

764

FW2263771.UP.FTS.B,

14.5%,

12/16/26

..

5,797

5,744

L2257039.UP.FTS.B,

14.56%,

12/16/26

...

3,362

203

FW2262525.UP.FTS.B,

14.73%,

12/16/26

.

23,167

22,974

L2266678.UP.FTS.B,

14.84%,

12/16/26

...

10,046

9,962

L2266887.UP.FTS.B,

15.02%,

12/16/26

...

5,415

5,363

FW2266772.UP.FTS.B,

15.05%,

12/16/26

.

6,165

6,105

L2262094.UP.FTS.B,

15.17%,

12/16/26

...

3,871

3,839

L2261820.UP.FTS.B,

15.32%,

12/16/26

...

38,703

38,380

FW2265961.UP.FTS.B,

16.27%,

12/16/26

.

4,650

4,605

L2265506.UP.FTS.B,

16.32%,

12/16/26

...

10,824

10,178

L2261177.UP.FTS.B,

16.49%,

12/16/26

...

5,282

1,420

L2261462.UP.FTS.B,

16.62%,

12/16/26

...

2,576

2,552

L2262249.UP.FTS.B,

16.91%,

12/16/26

...

5,976

862

L2262304.UP.FTS.B,

17.3%,

12/16/26

....

10,189

10,092

L2261255.UP.FTS.B,

17.42%,

12/16/26

...

30,213

29,895

FW2265856.UP.FTS.B,

17.99%,

12/16/26

.

7,007

6,937

L2260722.UP.FTS.B,

18.02%,

12/16/26

...

2,359

2,333

L2262594.UP.FTS.B,

18.44%,

12/16/26

...

789

781

L2265320.UP.FTS.B,

18.67%,

12/16/26

...

790

782

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

114

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2261867.UP.FTS.B,

18.76%,

12/16/26

...

$

2,087

$

298

FW2261853.UP.FTS.B,

18.96%,

12/16/26

.

1,205

1,135

L2262520.UP.FTS.B,

19.39%,

12/16/26

...

4,095

4,045

L2261512.UP.FTS.B,

19.6%,

12/16/26

....

7,937

7,861

L2261469.UP.FTS.B,

19.7%,

12/16/26

....

2,542

2,514

L2260922.UP.FTS.B,

19.74%,

12/16/26

...

5,561

5,554

L2265533.UP.FTS.B,

19.85%,

12/16/26

...

8,151

7,671

L2261927.UP.FTS.B,

19.86%,

12/16/26

...

795

785

L2262271.UP.FTS.B,

20.02%,

12/16/26

...

7,699

7,608

FW2262822.UP.FTS.B,

20.38%,

12/16/26

.

2,391

2,388

L2262115.UP.FTS.B,

20.57%,

12/16/26

...

2,074

2,052

L2264912.UP.FTS.B,

20.76%,

12/16/26

...

3,194

3,160

FW2267215.UP.FTS.B,

20.8%,

12/16/26

..

8,364

1,245

L2266258.UP.FTS.B,

21.36%,

12/16/26

...

4,748

189

L2263510.UP.FTS.B,

21.37%,

12/16/26

...

2,243

2,219

FW2263533.UP.FTS.B,

21.45%,

12/16/26

.

4,021

3,978

FW2266413.UP.FTS.B,

21.62%,

12/16/26

.

11,998

11,884

L2266172.UP.FTS.B,

21.62%,

12/16/26

...

2,807

2,804

FW2265342.UP.FTS.B,

21.77%,

12/16/26

.

2,860

2,855

L2264438.UP.FTS.B,

21.8%,

12/16/26

....

3,869

3,828

FW2242546.UP.FTS.B,

21.96%,

12/16/26

.

8,759

8,664

FW2265692.UP.FTS.B,

22.08%,

12/16/26

.

6,115

5,760

L2251494.UP.FTS.B,

22.87%,

12/16/26

...

2,333

346

L2250660.UP.FTS.B,

23.02%,

12/16/26

...

3,958

283

L2262151.UP.FTS.B,

23.18%,

12/16/26

...

17,368

17,336

L2262515.UP.FTS.B,

23.26%,

12/16/26

...

36,089

36,044

L2263677.UP.FTS.B,

23.33%,

12/16/26

...

12,130

12,114

L2266895.UP.FTS.B,

23.57%,

12/16/26

...

3,241

3,237

L2262668.UP.FTS.B,

24.03%,

12/16/26

...

2,680

2,676

L2160603.UP.FTS.B,

24.28%,

12/16/26

...

2,602

2,598

L2263485.UP.FTS.B,

24.71%,

12/16/26

...

1,630

1,627

FW2263757.UP.FTS.B,

24.74%,

12/16/26

.

6,106

6,098

FW2263559.UP.FTS.B,

24.81%,

12/16/26

.

6,236

5,930

FW2266843.UP.FTS.B,

24.86%,

12/16/26

.

2,446

2,419

L2266381.UP.FTS.B,

25.31%,

12/16/26

...

1,680

121

L2262190.UP.FTS.B,

25.35%,

12/16/26

...

3,351

3,347

L2264771.UP.FTS.B,

25.35%,

12/16/26

...

1,553

1,551

L2265116.UP.FTS.B,

25.37%,

12/16/26

...

1,308

1,306

L2262592.UP.FTS.B,

25.43%,

12/16/26

...

974

965

L2236916.UP.FTS.B,

25.5%,

12/16/26

....

3,272

3,268

L2266958.UP.FTS.B,

25.5%,

12/16/26

....

900

899

FW2265341.UP.FTS.B,

25.64%,

12/16/26

.

8,183

8,173

FW2259738.UP.FTS.B,

26.14%,

12/16/26

.

2,625

2,622

FW2263939.UP.FTS.B,

26.78%,

12/16/26

.

3,291

3,287

FW2262376.UP.FTS.B,

27.09%,

12/16/26

.

1,648

1,646

FW2266619.UP.FTS.B,

27.46%,

12/16/26

.

3,054

3,050

FW2265289.UP.FTS.B,

27.87%,

12/16/26

.

3,018

2,875

FW2262621.UP.FTS.B,

27.92%,

12/16/26

.

6,204

6,196

FW2264546.UP.FTS.B,

28.23%,

12/16/26

.

2,486

2,483

FW2260718.UP.FTS.B,

28.56%,

12/16/26

.

1,659

1,657

FW2263509.UP.FTS.B,

28.65%,

12/16/26

.

8,721

8,693

FW2265850.UP.FTS.B,

28.76%,

12/16/26

.

4,987

4,971

FW2177600.UP.FTS.B,

28.89%,

12/16/26

.

1,828

1,826

FW2264712.UP.FTS.B,

28.97%,

12/16/26

.

2,027

2,023

FW2265353.UP.FTS.B,

29.01%,

12/16/26

.

11,342

11,313

FW2264681.UP.FTS.B,

29.13%,

12/16/26

.

3,327

3,323

FW2261136.UP.FTS.B,

29.72%,

12/16/26

.

5,275

(5)

FW2261815.UP.FTS.B,

29.81%,

12/16/26

.

22,673

1,583

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2258081.UP.FTS.B,

30.3%,

12/16/26

..

$

4,105

$

4,095

FW2262301.UP.FTS.B,

30.52%,

12/16/26

.

4,050

4,038

FW2261708.UP.FTS.B,

30.67%,

12/16/26

.

2,546

2,541

FW2266558.UP.FTS.B,

30.86%,

12/16/26

.

1,677

1,674

FW2262897.UP.FTS.B,

30.96%,

12/16/26

.

3,840

271

FW2265508.UP.FTS.B,

30.96%,

12/16/26

.

2,601

2,593

FW2266459.UP.FTS.B,

30.98%,

12/16/26

.

955

951

FW2260770.UP.FTS.B,

31.08%,

12/16/26

.

1,258

1,257

FW2266146.UP.FTS.B,

31.1%,

12/16/26

..

1,291

377

FW2264279.UP.FTS.B,

31.14%,

12/16/26

.

1,594

1,592

FW2266925.UP.FTS.B,

31.22%,

12/16/26

.

16,036

15,238

FW2266682.UP.FTS.B,

31.23%,

12/16/26

.

3,968

3,772

FW2267010.UP.FTS.B,

31.33%,

12/16/26

.

2,442

2,435

FW2262129.UP.FTS.B,

31.54%,

12/16/26

.

6,111

5,915

FW2270153.UP.FTS.B,

7.21%,

12/17/26

..

3,308

3,282

FW2269719.UP.FTS.B,

7.26%,

12/17/26

..

8,686

8,159

L2269403.UP.FTS.B,

7.47%,

12/17/26

....

11,034

10,947

L2269259.UP.FTS.B,

8.25%,

12/17/26

....

2,225

2,208

L2268096.UP.FTS.B,

8.29%,

12/17/26

....

17,806

17,668

L2268631.UP.FTS.B,

8.37%,

12/17/26

....

5,739

418

L2267269.UP.FTS.B,

8.51%,

12/17/26

....

11,146

11,059

L2269424.UP.FTS.B,

8.98%,

12/17/26

....

8,198

8,135

L2271105.UP.FTS.B,

9.17%,

12/17/26

....

25,263

25,067

FW2267252.UP.FTS.B,

9.41%,

12/17/26

..

5,812

5,766

FW2269726.UP.FTS.B,

9.71%,

12/17/26

..

11,233

11,147

L2266480.UP.FTS.B,

10.61%,

12/17/26

...

2,636

2,614

FW2269561.UP.FTS.B,

11.28%,

12/17/26

.

4,840

4,800

L2263798.UP.FTS.B,

11.32%,

12/17/26

...

20,338

20,168

L2268167.UP.FTS.B,

11.62%,

12/17/26

...

1,872

1,849

L2270002.UP.FTS.B,

11.76%,

12/17/26

...

3,413

3,385

L2269004.UP.FTS.B,

11.83%,

12/17/26

...

9,866

9,783

L2270705.UP.FTS.B,

12.61%,

12/17/26

...

7,625

7,562

L2269154.UP.FTS.B,

12.96%,

12/17/26

...

15,841

4,069

L2267510.UP.FTS.B,

13.34%,

12/17/26

...

8,271

8,203

FW2269825.UP.FTS.B,

13.55%,

12/17/26

.

3,817

3,785

L2264006.UP.FTS.B,

13.57%,

12/17/26

...

7,722

7,654

L2269188.UP.FTS.B,

14.18%,

12/17/26

...

4,157

4,123

FW2259052.UP.FTS.B,

14.44%,

12/17/26

.

5,397

5,352

L2269061.UP.FTS.B,

14.52%,

12/17/26

...

3,452

3,423

L2268637.UP.FTS.B,

14.78%,

12/17/26

...

3,890

3,846

L2267803.UP.FTS.B,

15.27%,

12/17/26

...

4,332

1,114

L2267899.UP.FTS.B,

15.39%,

12/17/26

...

7,752

7,689

FW2269286.UP.FTS.B,

15.6%,

12/17/26

..

22,490

22,291

L2269989.UP.FTS.B,

15.72%,

12/17/26

...

23,302

23,084

L2269665.UP.FTS.B,

16.5%,

12/17/26

....

12,658

12,538

L2267902.UP.FTS.B,

16.76%,

12/17/26

...

9,914

9,834

L2269419.UP.FTS.B,

17%,

12/17/26

.....

7,772

7,688

L2267913.UP.FTS.B,

17.09%,

12/17/26

...

3,906

3,874

FW2270884.UP.FTS.B,

17.41%,

12/17/26

.

12,548

12,431

L2270652.UP.FTS.B,

17.8%,

12/17/26

....

2,201

2,180

FW2267256.UP.FTS.B,

17.83%,

12/17/26

.

7,705

7,618

FW2270802.UP.FTS.B,

17.83%,

12/17/26

.

786

779

L2268164.UP.FTS.B,

18.3%,

12/17/26

....

4,729

4,679

L2270265.UP.FTS.B,

18.3%,

12/17/26

....

1,576

1,562

L2267799.UP.FTS.B,

18.33%,

12/17/26

...

5,611

5,286

FW2267424.UP.FTS.B,

18.94%,

12/17/26

.

3,644

3,596

FW2268753.UP.FTS.B,

19.71%,

12/17/26

.

3,992

3,950

L2268708.UP.FTS.B,

19.88%,

12/17/26

...

3,975

3,932

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

115

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2267947.UP.FTS.B,

20.33%,

12/17/26

.

$

4,809

$

4,796

L2267364.UP.FTS.B,

20.36%,

12/17/26

...

1,753

1,735

L2268745.UP.FTS.B,

20.6%,

12/17/26

....

3,514

3,471

L2268926.UP.FTS.B,

20.65%,

12/17/26

...

21,555

21,327

L2268079.UP.FTS.B,

20.72%,

12/17/26

...

3,199

3,045

L2256028.UP.FTS.B,

20.74%,

12/17/26

...

4,747

4,695

L2270132.UP.FTS.B,

20.75%,

12/17/26

...

1,198

1,188

L2244360.UP.FTS.B,

20.77%,

12/17/26

...

1,198

1,185

L2270631.UP.FTS.B,

21.07%,

12/17/26

...

9,909

2,780

L2269703.UP.FTS.B,

21.08%,

12/17/26

...

2,800

2,797

L2268043.UP.FTS.B,

21.67%,

12/17/26

...

40,381

39,900

FW2269279.UP.FTS.B,

21.88%,

12/17/26

.

11,668

11,640

FW2268457.UP.FTS.B,

22.16%,

12/17/26

.

9,251

9,242

FW2263842.UP.FTS.B,

22.41%,

12/17/26

.

12,457

3,587

L2214006.UP.FTS.B,

22.76%,

12/17/26

...

1,148

1,144

FW2267880.UP.FTS.B,

23.11%,

12/17/26

.

8,083

7,998

FW2271155.UP.FTS.B,

23.14%,

12/17/26

.

9,701

9,692

FW2270621.UP.FTS.B,

23.29%,

12/17/26

.

3,863

3,851

L2267371.UP.FTS.B,

23.36%,

12/17/26

...

1,052

1,051

FW2270716.UP.FTS.B,

24.09%,

12/17/26

.

4,061

4,057

L2269612.UP.FTS.B,

24.24%,

12/17/26

...

2,845

2,843

FW2268352.UP.FTS.B,

24.36%,

12/17/26

.

4,221

4,190

L2267445.UP.FTS.B,

24.36%,

12/17/26

...

9,760

9,751

L2269673.UP.FTS.B,

24.46%,

12/17/26

...

814

813

L2269335.UP.FTS.B,

24.65%,

12/17/26

...

1,955

1,953

L2269672.UP.FTS.B,

24.89%,

12/17/26

...

5,190

4,939

FW2269543.UP.FTS.B,

24.98%,

12/17/26

.

9,382

9,374

L2267853.UP.FTS.B,

25.14%,

12/17/26

...

2,215

642

L2268401.UP.FTS.B,

25.14%,

12/17/26

...

2,791

2,784

L2270209.UP.FTS.B,

25.15%,

12/17/26

...

1,715

1,713

L2268106.UP.FTS.B,

25.26%,

12/17/26

...

18,443

18,425

L2267192.UP.FTS.B,

25.29%,

12/17/26

...

1,716

1,714

L2269322.UP.FTS.B,

25.3%,

12/17/26

....

2,370

2,368

L2268468.UP.FTS.B,

25.32%,

12/17/26

...

3,101

222

L2267659.UP.FTS.B,

25.42%,

12/17/26

...

1,604

1,597

L2270962.UP.FTS.B,

25.74%,

12/17/26

...

2,925

433

FW2268057.UP.FTS.B,

25.81%,

12/17/26

.

1,638

1,637

L2270498.UP.FTS.B,

25.87%,

12/17/26

...

9,543

9,072

L2262513.UP.FTS.B,

25.9%,

12/17/26

....

5,736

5,730

L2265919.UP.FTS.B,

26.09%,

12/17/26

...

2,192

87

FW2271111.UP.FTS.B,

26.4%,

12/17/26

..

4,996

4,986

FW2268918.UP.FTS.B,

26.51%,

12/17/26

.

2,096

1,995

FW2267544.UP.FTS.B,

26.57%,

12/17/26

.

8,221

8,213

FW2265199.UP.FTS.B,

27.31%,

12/17/26

.

4,422

4,411

FW2270167.UP.FTS.B,

27.42%,

12/17/26

.

12,383

12,371

FW2258741.UP.FTS.B,

27.63%,

12/17/26

.

2,231

2,229

FW2260873.UP.FTS.B,

27.95%,

12/17/26

.

1,526

1,519

FW2267234.UP.FTS.B,

28.03%,

12/17/26

.

953

951

FW2267678.UP.FTS.B,

28.34%,

12/17/26

.

2,504

178

FW2270459.UP.FTS.B,

28.48%,

12/17/26

.

9,742

9,643

FW2269324.UP.FTS.B,

28.61%,

12/17/26

.

13,218

927

FW2269400.UP.FTS.B,

29.19%,

12/17/26

.

4,993

4,988

FW2271113.UP.FTS.B,

29.49%,

12/17/26

.

2,931

2,924

FW2269252.UP.FTS.B,

29.77%,

12/17/26

.

4,292

637

FW2268163.UP.FTS.B,

29.95%,

12/17/26

.

3,980

3,965

FW2268908.UP.FTS.B,

29.95%,

12/17/26

.

26,713

26,689

FW2260471.UP.FTS.B,

30.04%,

12/17/26

.

6,378

6,358

FW2260486.UP.FTS.B,

30.33%,

12/17/26

.

12,541

12,529

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2266749.UP.FTS.B,

30.39%,

12/17/26

.

$

1,087

$

1,086

FW2270615.UP.FTS.B,

30.87%,

12/17/26

.

1,342

1,340

FW2269601.UP.FTS.B,

30.92%,

12/17/26

.

1,509

1,507

FW2269865.UP.FTS.B,

30.96%,

12/17/26

.

1,174

1,173

FW2269782.UP.FTS.B,

31.05%,

12/17/26

.

6,794

6,788

FW2270320.UP.FTS.B,

31.1%,

12/17/26

..

1,513

1,508

FW2267969.UP.FTS.B,

31.13%,

12/17/26

.

3,440

3,437

FW2269656.UP.FTS.B,

31.22%,

12/17/26

.

1,343

1,342

FW2269622.UP.FTS.B,

31.24%,

12/17/26

.

923

923

FW2266605.UP.FTS.B,

31.38%,

12/17/26

.

2,016

2,014

FW2267887.UP.FTS.B,

31.51%,

12/17/26

.

4,307

138

L2190467.UP.FTS.B,

13.35%,

12/28/26

...

4,444

612

L2265697.UP.FTS.B,

23.5%,

12/28/26

....

2,448

2,446

FW2475907.UP.FTS.B,

4.84%,

1/20/27

...

31,030

30,814

L2474579.UP.FTS.B,

4.95%,

1/20/27

....

17,744

17,615

L2474331.UP.FTS.B,

5.25%,

1/20/27

....

7,413

7,362

L2471525.UP.FTS.B,

5.57%,

1/20/27

....

29,768

29,558

L2475396.UP.FTS.B,

5.61%,

1/20/27

....

37,215

36,958

L2474959.UP.FTS.B,

5.82%,

1/20/27

....

5,963

5,921

L2475014.UP.FTS.B,

5.92%,

1/20/27

....

795

789

L2472984.UP.FTS.B,

6.81%,

1/20/27

....

2,168

2,151

FW2475429.UP.FTS.B,

7.27%,

1/20/27

...

5,272

5,230

FW2473269.UP.FTS.B,

7.61%,

1/20/27

...

2,814

2,791

L2473931.UP.FTS.B,

7.74%,

1/20/27

....

12,817

12,718

L2452101.UP.FTS.B,

7.79%,

1/20/27

....

8,253

8,194

L2475724.UP.FTS.B,

7.86%,

1/20/27

....

7,505

7,446

L2473450.UP.FTS.B,

8.65%,

1/20/27

....

18,965

18,821

FW2473955.UP.FTS.B,

8.68%,

1/20/27

...

2,957

2,935

FW2473331.UP.FTS.B,

9.04%,

1/20/27

...

13,123

13,018

L2473688.UP.FTS.B,

9.31%,

1/20/27

....

7,617

7,559

L2474865.UP.FTS.B,

9.49%,

1/20/27

....

3,184

3,158

L2474080.UP.FTS.B,

9.61%,

1/20/27

....

7,204

7,149

L2472065.UP.FTS.B,

9.95%,

1/20/27

....

5,735

5,691

FW2472711.UP.FTS.B,

10.61%,

1/20/27

..

3,909

269

L2473817.UP.FTS.B,

10.77%,

1/20/27

....

12,228

12,125

FW2472488.UP.FTS.B,

10.89%,

1/20/27

..

3,845

3,813

FW2475584.UP.FTS.B,

10.93%,

1/20/27

..

4,159

579

L2473418.UP.FTS.B,

10.96%,

1/20/27

....

13,847

13,731

L2474933.UP.FTS.B,

11.24%,

1/20/27

....

22,344

22,159

L2473427.UP.FTS.B,

11.29%,

1/20/27

....

15,415

15,287

L2473112.UP.FTS.B,

11.72%,

1/20/27

....

3,836

3,803

L2475887.UP.FTS.B,

12.32%,

1/20/27

....

7,762

7,692

L2471859.UP.FTS.B,

12.54%,

1/20/27

....

11,647

11,550

L2474658.UP.FTS.B,

12.78%,

1/20/27

....

3,957

3,722

L2471497.UP.FTS.B,

12.88%,

1/20/27

....

5,965

5,609

L2471480.UP.FTS.B,

13.4%,

1/20/27

....

2,275

2,253

L2474789.UP.FTS.B,

13.64%,

1/20/27

....

19,535

19,374

FW2474683.UP.FTS.B,

13.75%,

1/20/27

..

2,881

400

L2474173.UP.FTS.B,

13.96%,

1/20/27

....

3,099

3,073

L2473476.UP.FTS.B,

14%,

1/20/27

......

5,115

5,069

L2471439.UP.FTS.B,

14.4%,

1/20/27

....

863

856

L2472468.UP.FTS.B,

14.46%,

1/20/27

....

4,709

4,670

L2474447.UP.FTS.B,

14.59%,

1/20/27

....

3,456

3,427

L2475352.UP.FTS.B,

14.64%,

1/20/27

....

14,297

14,180

L2475028.UP.FTS.B,

14.75%,

1/20/27

....

3,930

3,898

FW2471019.UP.FTS.B,

15.35%,

1/20/27

..

859

852

L2474491.UP.FTS.B,

15.9%,

1/20/27

....

3,478

3,445

L2471752.UP.FTS.B,

16.14%,

1/20/27

....

4,752

4,707

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

116

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2471789.UP.FTS.B,

16.78%,

1/20/27

....

$

23,544

$

23,343

L2471603.UP.FTS.B,

17.27%,

1/20/27

....

5,020

4,972

L2475868.UP.FTS.B,

18.54%,

1/20/27

....

2,904

111

FW2472357.UP.FTS.B,

18.64%,

1/20/27

..

16,041

15,867

FW2472703.UP.FTS.B,

18.76%,

1/20/27

..

5,620

5,560

L2475296.UP.FTS.B,

18.87%,

1/20/27

....

1,619

1,525

L2472163.UP.FTS.B,

19.55%,

1/20/27

....

3,459

3,419

L2471471.UP.FTS.B,

19.65%,

1/20/27

....

5,622

5,560

L2474729.UP.FTS.B,

20.39%,

1/20/27

....

8,095

8,087

FW2472361.UP.FTS.B,

20.41%,

1/20/27

..

8,582

8,573

L2473064.UP.FTS.B,

21.2%,

1/20/27

....

1,062

1,050

L2473306.UP.FTS.B,

21.55%,

1/20/27

....

4,885

4,832

FW2475846.UP.FTS.B,

23.25%,

1/20/27

..

3,697

3,693

L2471971.UP.FTS.B,

23.61%,

1/20/27

....

4,487

320

FW2474184.UP.FTS.B,

23.79%,

1/20/27

..

3,785

3,781

L2472806.UP.FTS.B,

24.05%,

1/20/27

....

9,932

9,458

FW2473402.UP.FTS.B,

24.11%,

1/20/27

..

14,833

14,816

FW2471587.UP.FTS.B,

24.31%,

1/20/27

..

1,650

1,648

FW2475492.UP.FTS.B,

24.4%,

1/20/27

...

2,618

51

L2475345.UP.FTS.B,

24.61%,

1/20/27

....

4,234

1,196

L2474208.UP.FTS.B,

24.67%,

1/20/27

....

1,295

12

L2472023.UP.FTS.B,

24.83%,

1/20/27

....

2,232

2,230

L2473063.UP.FTS.B,

25.05%,

1/20/27

....

847

806

L2475329.UP.FTS.B,

25.09%,

1/20/27

....

4,139

4,134

L2470742.UP.FTS.B,

25.25%,

1/20/27

....

2,159

2,153

L2471521.UP.FTS.B,

25.28%,

1/20/27

....

684

676

L2471728.UP.FTS.B,

25.34%,

1/20/27

....

8,731

8,319

L2471667.UP.FTS.B,

25.39%,

1/20/27

....

6,465

6,458

L2474715.UP.FTS.B,

25.42%,

1/20/27

....

2,240

2,238

L2474965.UP.FTS.B,

25.47%,

1/20/27

....

1,429

1,361

L2472226.UP.FTS.B,

25.56%,

1/20/27

....

2,737

2,734

FW2472820.UP.FTS.B,

25.64%,

1/20/27

..

2,489

2,487

L2471756.UP.FTS.B,

26.47%,

1/20/27

....

901

878

L2474425.UP.FTS.B,

26.68%,

1/20/27

....

4,168

4,164

FW2472110.UP.FTS.B,

27.03%,

1/20/27

..

10,853

10,840

FW2474738.UP.FTS.B,

27.15%,

1/20/27

..

2,339

2,336

FW2475280.UP.FTS.B,

27.6%,

1/20/27

...

10,461

10,449

L2475015.UP.FTS.B,

27.6%,

1/20/27

....

5,092

4,852

FW2473211.UP.FTS.B,

27.91%,

1/20/27

..

5,112

5,106

L2473038.UP.FTS.B,

28.44%,

1/20/27

....

2,838

831

FW2475609.UP.FTS.B,

28.57%,

1/20/27

..

4,968

4,958

FW2472537.UP.FTS.B,

29.07%,

1/20/27

..

3,584

148

FW2472042.UP.FTS.B,

29.53%,

1/20/27

..

3,184

3,178

FW2475302.UP.FTS.B,

30.28%,

1/20/27

..

4,064

4,059

FW2474444.UP.FTS.B,

30.39%,

1/20/27

..

3,869

3,862

FW2471876.UP.FTS.B,

30.6%,

1/20/27

...

1,441

1,439

FW2473795.UP.FTS.B,

30.76%,

1/20/27

..

1,378

214

FW2473987.UP.FTS.B,

30.82%,

1/20/27

..

5,089

5,083

FW2471934.UP.FTS.B,

30.86%,

1/20/27

..

2,067

608

FW2473631.UP.FTS.B,

30.87%,

1/20/27

..

1,010

1,009

FW2475760.UP.FTS.B,

30.97%,

1/20/27

..

15,280

15,262

FW2474925.UP.FTS.B,

31.01%,

1/20/27

..

1,436

1,389

FW2470766.UP.FTS.B,

31.08%,

1/20/27

..

1,105

1,104

FW2475230.UP.FTS.B,

31.1%,

1/20/27

...

1,262

1,259

FW2471006.UP.FTS.B,

31.15%,

1/20/27

..

1,366

1,360

FW2475753.UP.FTS.B,

31.17%,

1/20/27

..

3,652

3,648

FW2470630.UP.FTS.B,

31.2%,

1/20/27

...

1,549

1,476

FW2417723.UP.FTS.B,

31.22%,

1/20/27

..

5,822

5,802

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2473891.UP.FTS.B,

31.57%,

1/20/27

..

$

6,379

$

6,360

FW2473201.UP.FTS.B,

31.68%,

1/20/27

..

12,518

12,503

FW2471457.UP.FTS.B,

31.71%,

1/20/27

..

1,890

133

L2481582.UP.FTS.B,

4.62%,

1/21/27

....

29,576

29,371

L2478241.UP.FTS.B,

4.87%,

1/21/27

....

15,555

15,447

L2477575.UP.FTS.B,

4.96%,

1/21/27

....

8,148

8,088

L2478449.UP.FTS.B,

5.07%,

1/21/27

....

36,343

36,093

FW2478227.UP.FTS.B,

5.11%,

1/21/27

...

8,160

8,104

L2478495.UP.FTS.B,

5.12%,

1/21/27

....

7,420

7,369

L2446259.UP.FTS.B,

5.18%,

1/21/27

....

7,420

7,369

L2478632.UP.FTS.B,

5.24%,

1/21/27

....

14,850

14,748

L2477767.UP.FTS.B,

5.31%,

1/21/27

....

11,143

11,066

L2478466.UP.FTS.B,

5.39%,

1/21/27

....

8,165

8,109

L2478450.UP.FTS.B,

5.42%,

1/21/27

....

4,461

4,430

L2480061.UP.FTS.B,

5.73%,

1/21/27

....

8,864

8,804

L2459372.UP.FTS.B,

5.76%,

1/21/27

....

11,416

10,723

L2477090.UP.FTS.B,

5.84%,

1/21/27

....

4,472

4,442

L2477803.UP.FTS.B,

6.01%,

1/21/27

....

31,205

30,990

L2477744.UP.FTS.B,

6.17%,

1/21/27

....

27,638

27,450

L2476427.UP.FTS.B,

6.24%,

1/21/27

....

7,473

7,422

FW2476186.UP.FTS.B,

6.33%,

1/21/27

...

18,695

18,567

L2477424.UP.FTS.B,

6.43%,

1/21/27

....

14,964

14,862

L2480644.UP.FTS.B,

6.59%,

1/21/27

....

18,724

18,597

L2480479.UP.FTS.B,

6.6%,

1/21/27

.....

4,794

4,761

L2480622.UP.FTS.B,

6.63%,

1/21/27

....

23,973

23,811

L2479361.UP.FTS.B,

6.78%,

1/21/27

....

15,748

15,641

L2478485.UP.FTS.B,

6.81%,

1/21/27

....

9,290

9,219

L2478510.UP.FTS.B,

7.06%,

1/21/27

....

1,089

1,081

L2461602.UP.FTS.B,

7.51%,

1/21/27

....

37,665

37,379

L2478233.UP.FTS.B,

7.75%,

1/21/27

....

3,018

2,995

FW2480389.UP.FTS.B,

7.87%,

1/21/27

...

5,662

5,620

L2476700.UP.FTS.B,

8.05%,

1/21/27

....

3,223

3,195

L2482145.UP.FTS.B,

8.06%,

1/21/27

....

14,381

14,267

FW2479918.UP.FTS.B,

8.11%,

1/21/27

...

1,509

1,498

L2477326.UP.FTS.B,

8.52%,

1/21/27

....

18,951

18,808

L2480346.UP.FTS.B,

8.56%,

1/21/27

....

1,807

1,793

L2476447.UP.FTS.B,

8.62%,

1/21/27

....

7,349

7,292

L2481499.UP.FTS.B,

9.01%,

1/21/27

....

2,803

2,782

L2477347.UP.FTS.B,

9.48%,

1/21/27

....

1,296

1,287

FW2478172.UP.FTS.B,

9.55%,

1/21/27

...

4,663

4,382

L2477329.UP.FTS.B,

9.62%,

1/21/27

....

6,869

6,817

L2477858.UP.FTS.B,

9.8%,

1/21/27

.....

18,738

18,591

L2450265.UP.FTS.B,

9.85%,

1/21/27

....

3,057

3,034

L2480599.UP.FTS.B,

9.99%,

1/21/27

....

17,443

17,300

FW2479183.UP.FTS.B,

10.05%,

1/21/27

..

6,503

6,450

L2477998.UP.FTS.B,

10.21%,

1/21/27

....

15,125

14,996

L2480405.UP.FTS.B,

10.65%,

1/21/27

....

4,607

4,570

FW2478301.UP.FTS.B,

10.7%,

1/21/27

...

5,684

5,642

L2476472.UP.FTS.B,

10.79%,

1/21/27

....

3,842

3,811

FW2480584.UP.FTS.B,

10.82%,

1/21/27

..

4,589

4,551

L2476577.UP.FTS.B,

11.24%,

1/21/27

....

3,085

3,057

FW2480576.UP.FTS.B,

11.26%,

1/21/27

..

18,187

18,038

FW2480948.UP.FTS.B,

11.69%,

1/21/27

..

19,361

19,190

FW2480972.UP.FTS.B,

11.69%,

1/21/27

..

3,863

3,831

L2477410.UP.FTS.B,

11.79%,

1/21/27

....

10,561

10,460

FW2477060.UP.FTS.B,

11.89%,

1/21/27

..

23,183

22,994

L2481328.UP.FTS.B,

12.51%,

1/21/27

....

3,881

3,849

L2479402.UP.FTS.B,

12.63%,

1/21/27

....

5,827

5,780

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

117

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2481147.UP.FTS.B,

12.81%,

1/21/27

..

$

7,775

$

7,712

FW2480666.UP.FTS.B,

12.82%,

1/21/27

..

15,552

15,425

L2480627.UP.FTS.B,

13.09%,

1/21/27

....

4,984

4,944

L2479108.UP.FTS.B,

13.57%,

1/21/27

....

18,741

18,590

L2480452.UP.FTS.B,

14.24%,

1/21/27

....

3,919

3,887

L2480894.UP.FTS.B,

14.25%,

1/21/27

....

9,250

9,176

L2478328.UP.FTS.B,

14.36%,

1/21/27

....

20,300

5,228

L2481349.UP.FTS.B,

14.92%,

1/21/27

....

5,979

5,931

FW2476598.UP.FTS.B,

14.99%,

1/21/27

..

7,884

7,816

FW2479747.UP.FTS.B,

15%,

1/21/27

....

3,936

3,904

FW2476545.UP.FTS.B,

15.04%,

1/21/27

..

7,873

7,810

FW2476940.UP.FTS.B,

15.14%,

1/21/27

..

2,473

2,453

L2472995.UP.FTS.B,

15.34%,

1/21/27

....

2,366

2,344

L2476780.UP.FTS.B,

15.94%,

1/21/27

....

3,956

3,919

FW2477987.UP.FTS.B,

16%,

1/21/27

....

5,696

5,365

L2478528.UP.FTS.B,

16.29%,

1/21/27

....

3,391

3,347

L2481261.UP.FTS.B,

16.32%,

1/21/27

....

362

358

L2480206.UP.FTS.B,

16.56%,

1/21/27

....

27,782

27,560

L2480635.UP.FTS.B,

16.62%,

1/21/27

....

3,970

3,934

L2481665.UP.FTS.B,

17.36%,

1/21/27

....

3,189

3,159

FW2476814.UP.FTS.B,

17.49%,

1/21/27

..

4,092

3,854

FW2480097.UP.FTS.B,

18.93%,

1/21/27

..

2,572

2,548

L2482226.UP.FTS.B,

19.47%,

1/21/27

....

12,894

12,759

FW2477756.UP.FTS.B,

19.8%,

1/21/27

...

1,561

1,533

FW2470384.UP.FTS.B,

19.99%,

1/21/27

..

4,851

4,800

FW2478138.UP.FTS.B,

20.35%,

1/21/27

..

16,148

16,134

L2481444.UP.FTS.B,

20.35%,

1/21/27

....

6,475

6,470

FW2478527.UP.FTS.B,

20.76%,

1/21/27

..

18,229

18,086

L2441362.UP.FTS.B,

20.97%,

1/21/27

....

4,072

4,023

FW2479867.UP.FTS.B,

21.17%,

1/21/27

..

2,600

2,599

L2475998.UP.FTS.B,

21.42%,

1/21/27

....

7,834

559

L2476636.UP.FTS.B,

22.64%,

1/21/27

....

680

675

L2476441.UP.FTS.B,

22.74%,

1/21/27

....

4,504

4,500

L2481616.UP.FTS.B,

22.8%,

1/21/27

....

2,607

2,605

L2475307.UP.FTS.B,

23.31%,

1/21/27

....

1,832

1,746

FW2477308.UP.FTS.B,

23.41%,

1/21/27

..

7,121

7,041

FW2479645.UP.FTS.B,

23.45%,

1/21/27

..

3,428

520

L2476876.UP.FTS.B,

23.51%,

1/21/27

....

3,945

3,942

FW2476171.UP.FTS.B,

24.01%,

1/21/27

..

2,966

2,964

L2476196.UP.FTS.B,

24.05%,

1/21/27

....

1,539

1,527

L2480692.UP.FTS.B,

24.23%,

1/21/27

....

907

906

L2480153.UP.FTS.B,

24.26%,

1/21/27

....

1,112

1,109

FW2476307.UP.FTS.B,

24.31%,

1/21/27

..

1,320

1,319

L2481353.UP.FTS.B,

24.94%,

1/21/27

....

7,130

6,795

L2477192.UP.FTS.B,

25.1%,

1/21/27

....

5,516

5,510

L2477602.UP.FTS.B,

25.12%,

1/21/27

....

3,312

3,277

L2450581.UP.FTS.B,

25.25%,

1/21/27

....

3,810

3,807

L2478464.UP.FTS.B,

25.27%,

1/21/27

....

3,138

225

L2480444.UP.FTS.B,

25.32%,

1/21/27

....

1,656

1,639

L2480238.UP.FTS.B,

25.42%,

1/21/27

....

912

902

L2477171.UP.FTS.B,

25.43%,

1/21/27

....

3,316

3,313

L2477959.UP.FTS.B,

25.85%,

1/21/27

....

8,306

8,299

L2478675.UP.FTS.B,

25.98%,

1/21/27

....

15,898

15,861

L2482239.UP.FTS.B,

26.18%,

1/21/27

....

4,392

310

FW2479519.UP.FTS.B,

26.72%,

1/21/27

..

18,420

17,557

L2476870.UP.FTS.B,

26.94%,

1/21/27

....

2,504

2,477

FW2476597.UP.FTS.B,

26.97%,

1/21/27

..

5,044

4,806

FW2477621.UP.FTS.B,

27.45%,

1/21/27

..

5,353

5,349

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2480795.UP.FTS.B,

27.7%,

1/21/27

...

$

2,344

$

2,342

FW2476474.UP.FTS.B,

28.03%,

1/21/27

..

2,096

2,095

FW2476707.UP.FTS.B,

28.1%,

1/21/27

...

6,710

6,705

FW2477133.UP.FTS.B,

28.1%,

1/21/27

...

7,130

7,124

FW2481757.UP.FTS.B,

28.3%,

1/21/27

...

6,295

6,290

FW2476276.UP.FTS.B,

28.48%,

1/21/27

..

4,718

4,493

FW2477763.UP.FTS.B,

28.51%,

1/21/27

..

7,232

513

FW2478384.UP.FTS.B,

28.67%,

1/21/27

..

1,642

1,639

FW2479323.UP.FTS.B,

28.7%,

1/21/27

...

1,262

1,261

FW2476695.UP.FTS.B,

29.04%,

1/21/27

..

4,593

4,586

FW2480041.UP.FTS.B,

29.19%,

1/21/27

..

913

65

FW2480886.UP.FTS.B,

29.21%,

1/21/27

..

23,910

22,749

FW2481763.UP.FTS.B,

29.55%,

1/21/27

..

4,327

1,273

FW2480439.UP.FTS.B,

29.92%,

1/21/27

..

2,958

2,936

FW2476060.UP.FTS.B,

30.53%,

1/21/27

..

5,083

5,079

FW2481370.UP.FTS.B,

30.57%,

1/21/27

..

1,130

1,077

FW2476388.UP.FTS.B,

30.81%,

1/21/27

..

7,442

7,087

FW2480390.UP.FTS.B,

30.84%,

1/21/27

..

2,554

751

FW2476651.UP.FTS.B,

30.87%,

1/21/27

..

1,054

1,048

FW2479214.UP.FTS.B,

30.9%,

1/21/27

...

9,758

2,913

FW2481906.UP.FTS.B,

30.96%,

1/21/27

..

934

933

FW2480600.UP.FTS.B,

31.1%,

1/21/27

...

3,194

486

FW2476779.UP.FTS.B,

31.12%,

1/21/27

..

934

933

FW2479381.UP.FTS.B,

31.12%,

1/21/27

..

6,113

6,097

FW2477761.UP.FTS.B,

31.16%,

1/21/27

..

1,945

1,942

FW2482179.UP.FTS.B,

31.16%,

1/21/27

..

1,529

1,527

FW2478875.UP.FTS.B,

31.18%,

1/21/27

..

3,361

3,321

FW2477853.UP.FTS.B,

31.19%,

1/21/27

..

11,375

11,365

FW2482160.UP.FTS.B,

31.2%,

1/21/27

...

2,142

637

FW2479301.UP.FTS.B,

31.22%,

1/21/27

..

926

925

FW2480515.UP.FTS.B,

31.22%,

1/21/27

..

1,622

112

FW2482047.UP.FTS.B,

32.18%,

1/21/27

..

12,535

11,953

FW2478961.UP.FTS.B,

33.21%,

1/21/27

..

1,541

1,540

FW2472901.UP.FTS.B,

21.26%,

2/01/27

..

8,253

8,229

FW2478647.UP.FTS.B,

31.06%,

2/02/27

..

4,079

4,071

FW2479731.UP.FTS.B,

10.13%,

2/06/27

..

12,168

12,073

L1720140.UP.FTS.B,

22.6%,

2/16/27

....

14,996

14,926

L1712934.UP.FTS.B,

25.32%,

2/16/27

....

7,078

7,055

FW1720537.UP.FTS.B,

25.44%,

2/16/27

..

4,342

4,320

L1722725.UP.FTS.B,

25.76%,

2/16/27

....

1,301

1,288

L1722547.UP.FTS.B,

26.6%,

2/16/27

....

2,780

2,748

FW1721612.UP.FTS.B,

26.87%,

2/16/27

..

4,346

4,125

FW1722580.UP.FTS.B,

28.29%,

2/16/27

..

2,751

2,745

FW1722218.UP.FTS.B,

29.06%,

2/16/27

..

4,630

4,420

FW1720737.UP.FTS.B,

29.83%,

2/16/27

..

2,429

2,412

FW1720488.UP.FTS.B,

29.98%,

2/16/27

..

899

899

L2656149.UP.FTS.B,

4.9%,

2/18/27

.....

31,623

31,408

L2656376.UP.FTS.B,

5.08%,

2/18/27

....

14,247

14,148

L2654934.UP.FTS.B,

6.41%,

2/18/27

....

9,772

9,705

FW2657802.UP.FTS.B,

7.01%,

2/18/27

...

4,598

4,568

L2657504.UP.FTS.B,

7.74%,

2/18/27

....

6,540

6,489

L2653066.UP.FTS.B,

9.34%,

2/18/27

....

769

762

FW2653627.UP.FTS.B,

9.99%,

2/18/27

...

4,108

4,076

FW2657543.UP.FTS.B,

10.25%,

2/18/27

..

1,561

1,549

FW2657532.UP.FTS.B,

10.48%,

2/18/27

..

15,340

15,214

FW2657539.UP.FTS.B,

10.96%,

2/18/27

..

8,590

8,515

FW2653836.UP.FTS.B,

10.99%,

2/18/27

..

2,485

2,460

L2656455.UP.FTS.B,

11.03%,

2/18/27

....

14,099

13,976

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2655850.UP.FTS.B,

11.44%,

2/18/27

....

$

21,203

$

21,018

FW2655412.UP.FTS.B,

11.77%,

2/18/27

..

11,019

10,923

L2657392.UP.FTS.B,

12.09%,

2/18/27

....

10,959

10,864

L2655901.UP.FTS.B,

12.32%,

2/18/27

....

5,526

5,478

L2654898.UP.FTS.B,

12.38%,

2/18/27

....

20,530

20,353

L2653887.UP.FTS.B,

12.55%,

2/18/27

....

2,924

2,899

FW2653749.UP.FTS.B,

12.56%,

2/18/27

..

4,182

578

L2654736.UP.FTS.B,

12.58%,

2/18/27

....

8,308

8,231

FW2654132.UP.FTS.B,

12.73%,

2/18/27

..

16,773

16,628

FW2653495.UP.FTS.B,

12.88%,

2/18/27

..

6,284

6,024

L2653291.UP.FTS.B,

12.9%,

2/18/27

....

3,052

3,024

FW2654033.UP.FTS.B,

13.1%,

2/18/27

...

5,727

5,673

FW2655119.UP.FTS.B,

13.31%,

2/18/27

..

9,522

9,440

FW2653830.UP.FTS.B,

13.35%,

2/18/27

..

11,986

11,883

FW2656357.UP.FTS.B,

13.79%,

2/18/27

..

8,513

8,440

L2656469.UP.FTS.B,

13.95%,

2/18/27

....

5,197

5,011

FW2657507.UP.FTS.B,

13.96%,

2/18/27

..

2,548

2,526

L2655146.UP.FTS.B,

14.16%,

2/18/27

....

5,920

5,867

FW2657544.UP.FTS.B,

14.38%,

2/18/27

..

15,402

15,270

FW2656039.UP.FTS.B,

14.43%,

2/18/27

..

1,836

1,820

FW2655411.UP.FTS.B,

14.47%,

2/18/27

..

2,142

2,123

L2655911.UP.FTS.B,

14.57%,

2/18/27

....

11,982

11,879

FW2653497.UP.FTS.B,

14.59%,

2/18/27

..

12,783

12,673

L2653926.UP.FTS.B,

14.76%,

2/18/27

....

12,444

12,331

FW2655361.UP.FTS.B,

14.81%,

2/18/27

..

5,199

5,154

FW2656874.UP.FTS.B,

15.48%,

2/18/27

..

2,648

2,621

L2657406.UP.FTS.B,

15.83%,

2/18/27

....

12,863

12,730

L2656610.UP.FTS.B,

15.94%,

2/18/27

....

12,068

11,965

FW2657294.UP.FTS.B,

16.22%,

2/18/27

..

17,456

17,307

FW2652611.UP.FTS.B,

16.26%,

2/18/27

..

1,773

1,755

FW2655943.UP.FTS.B,

16.38%,

2/18/27

..

887

879

FW2655801.UP.FTS.B,

16.39%,

2/18/27

..

4,353

4,309

L2655952.UP.FTS.B,

16.47%,

2/18/27

....

9,679

9,579

L2657168.UP.FTS.B,

16.47%,

2/18/27

....

1,613

1,596

FW2656762.UP.FTS.B,

16.73%,

2/18/27

..

20,189

19,981

FW2654911.UP.FTS.B,

16.77%,

2/18/27

..

1,943

1,921

L2656088.UP.FTS.B,

16.82%,

2/18/27

....

4,282

1,160

L2656733.UP.FTS.B,

17.08%,

2/18/27

....

4,165

1,124

L2657493.UP.FTS.B,

17.25%,

2/18/27

....

20,268

20,036

FW2655755.UP.FTS.B,

17.36%,

2/18/27

..

6,930

6,871

L2656274.UP.FTS.B,

17.4%,

2/18/27

....

1,620

1,601

FW2656859.UP.FTS.B,

17.55%,

2/18/27

..

6,081

6,019

L2648053.UP.FTS.B,

17.58%,

2/18/27

....

5,260

5,206

FW2655219.UP.FTS.B,

17.61%,

2/18/27

..

21,715

21,481

FW2654968.UP.FTS.B,

17.64%,

2/18/27

..

3,164

3,126

FW2657700.UP.FTS.B,

17.81%,

2/18/27

..

10,446

10,309

L2656742.UP.FTS.B,

17.82%,

2/18/27

....

4,537

4,271

FW2655696.UP.FTS.B,

17.99%,

2/18/27

..

4,483

4,218

L2653109.UP.FTS.B,

18.03%,

2/18/27

....

1,219

1,205

L2653689.UP.FTS.B,

18.18%,

2/18/27

....

2,868

2,830

FW2656568.UP.FTS.B,

18.19%,

2/18/27

..

5,608

1,461

L2653164.UP.FTS.B,

18.21%,

2/18/27

....

8,948

8,856

FW2654520.UP.FTS.B,

18.49%,

2/18/27

..

2,688

2,656

L2657353.UP.FTS.B,

18.73%,

2/18/27

....

12,309

12,201

FW2654489.UP.FTS.B,

18.88%,

2/18/27

..

6,692

6,623

L2655430.UP.FTS.B,

19%,

2/18/27

......

24,411

24,115

L2654519.UP.FTS.B,

19.08%,

2/18/27

....

544

535

L2654570.UP.FTS.B,

19.68%,

2/18/27

....

902

893

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2656424.UP.FTS.B,

19.82%,

2/18/27

..

$

2,705

$

2,673

L2655217.UP.FTS.B,

20.04%,

2/18/27

....

10,174

10,070

L2656336.UP.FTS.B,

20.22%,

2/18/27

....

1,417

1,333

FW2654532.UP.FTS.B,

20.37%,

2/18/27

..

7,148

7,069

FW2657187.UP.FTS.B,

20.48%,

2/18/27

..

16,772

16,572

FW2657677.UP.FTS.B,

20.65%,

2/18/27

..

4,526

4,471

L2655606.UP.FTS.B,

20.79%,

2/18/27

....

4,476

321

FW2654620.UP.FTS.B,

20.83%,

2/18/27

..

4,282

4,260

L2656191.UP.FTS.B,

20.98%,

2/18/27

....

3,957

3,940

FW2657310.UP.FTS.B,

21.81%,

2/18/27

..

2,874

2,866

L2656138.UP.FTS.B,

21.85%,

2/18/27

....

34,592

2,466

L2655942.UP.FTS.B,

21.87%,

2/18/27

....

9,929

9,828

L2655022.UP.FTS.B,

22.08%,

2/18/27

....

3,336

3,277

FW2657679.UP.FTS.B,

22.17%,

2/18/27

..

5,577

5,536

L2654476.UP.FTS.B,

22.41%,

2/18/27

....

9,512

1,428

FW2653768.UP.FTS.B,

22.47%,

2/18/27

..

24,940

24,836

L2656298.UP.FTS.B,

22.6%,

2/18/27

....

2,898

71

FW2653494.UP.FTS.B,

22.62%,

2/18/27

..

8,812

629

L2656980.UP.FTS.B,

22.68%,

2/18/27

....

6,643

6,627

L2657169.UP.FTS.B,

22.71%,

2/18/27

....

12,281

12,241

FW2657631.UP.FTS.B,

23.06%,

2/18/27

..

2,258

2,222

L2655993.UP.FTS.B,

23.24%,

2/18/27

....

1,172

84

FW2657375.UP.FTS.B,

23.29%,

2/18/27

..

2,331

2,325

L2657051.UP.FTS.B,

23.78%,

2/18/27

....

1,495

28

FW2657769.UP.FTS.B,

24.23%,

2/18/27

..

9,928

9,902

FW2653982.UP.FTS.B,

24.33%,

2/18/27

..

9,032

9,010

L2657363.UP.FTS.B,

24.67%,

2/18/27

....

4,942

4,929

FW2656663.UP.FTS.B,

24.74%,

2/18/27

..

19,003

2,851

FW2656497.UP.FTS.B,

24.83%,

2/18/27

..

2,724

2,592

FW2656918.UP.FTS.B,

25.32%,

2/18/27

..

5,039

5,026

L2657540.UP.FTS.B,

25.32%,

2/18/27

....

1,429

1,426

L2655238.UP.FTS.B,

25.36%,

2/18/27

....

2,651

2,638

L2655788.UP.FTS.B,

25.63%,

2/18/27

....

3,369

48

FW2654552.UP.FTS.B,

25.75%,

2/18/27

..

4,543

4,532

FW2656585.UP.FTS.B,

25.76%,

2/18/27

..

4,628

4,617

FW2653266.UP.FTS.B,

26.59%,

2/18/27

..

5,909

5,895

FW2656738.UP.FTS.B,

26.73%,

2/18/27

..

9,222

9,200

L2655310.UP.FTS.B,

26.89%,

2/18/27

....

8,452

8,431

FW2657625.UP.FTS.B,

26.98%,

2/18/27

..

6,252

6,232

FW2653485.UP.FTS.B,

27.32%,

2/18/27

..

8,467

8,446

L2655961.UP.FTS.B,

27.71%,

2/18/27

....

1,494

1,488

FW2655208.UP.FTS.B,

28.11%,

2/18/27

..

36,948

36,856

FW2656127.UP.FTS.B,

28.24%,

2/18/27

..

2,209

2,204

FW2653273.UP.FTS.B,

28.29%,

2/18/27

..

21,249

21,196

FW2653857.UP.FTS.B,

28.32%,

2/18/27

..

17,965

17,494

FW2657275.UP.FTS.B,

28.44%,

2/18/27

..

3,387

3,364

FW2657124.UP.FTS.B,

28.84%,

2/18/27

..

7,702

7,649

FW2654274.UP.FTS.B,

29.24%,

2/18/27

..

14,840

1,052

FW2657590.UP.FTS.B,

29.26%,

2/18/27

..

4,469

4,451

FW2654804.UP.FTS.B,

29.69%,

2/18/27

..

5,991

5,976

FW2656448.UP.FTS.B,

29.81%,

2/18/27

..

4,446

4,434

FW2654690.UP.FTS.B,

30.25%,

2/18/27

..

946

942

FW2652797.UP.FTS.B,

30.47%,

2/18/27

..

1,457

1,453

FW2655034.UP.FTS.B,

30.5%,

2/18/27

...

3,428

3,262

FW2656345.UP.FTS.B,

30.5%,

2/18/27

...

2,914

2,907

FW2657689.UP.FTS.B,

30.56%,

2/18/27

..

12,002

11,972

FW2656342.UP.FTS.B,

30.71%,

2/18/27

..

891

886

FW2657586.UP.FTS.B,

30.8%,

2/18/27

...

2,938

207

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

119

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2657094.UP.FTS.B,

30.81%,

2/18/27

..

$

4,805

$

4,793

FW2655259.UP.FTS.B,

30.9%,

2/18/27

...

4,292

4,281

FW2655652.UP.FTS.B,

30.92%,

2/18/27

..

27,299

26,974

FW2653746.UP.FTS.B,

30.93%,

2/18/27

..

1,803

1,799

FW2654029.UP.FTS.B,

30.99%,

2/18/27

..

1,759

1,673

FW2657179.UP.FTS.B,

30.99%,

2/18/27

..

6,061

427

FW2641769.UP.FTS.B,

31.01%,

2/18/27

..

2,249

338

FW2654823.UP.FTS.B,

31.05%,

2/18/27

..

2,307

2,293

FW2654181.UP.FTS.B,

31.06%,

2/18/27

..

859

857

FW2656038.UP.FTS.B,

31.06%,

2/18/27

..

1,232

1,172

FW2652957.UP.FTS.B,

31.1%,

2/18/27

...

1,008

1,004

FW2656050.UP.FTS.B,

31.14%,

2/18/27

..

1,977

1,972

FW2657778.UP.FTS.B,

31.18%,

2/18/27

..

4,276

301

FW2653443.UP.FTS.B,

31.19%,

2/18/27

..

13,075

13,021

FW2657050.UP.FTS.B,

31.21%,

2/18/27

..

3,520

3,511

FW2653784.UP.FTS.B,

31.22%,

2/18/27

..

5,753

5,739

FW2653299.UP.FTS.B,

31.23%,

2/18/27

..

3,698

3,689

FW2620309.UP.FTS.B,

31.31%,

2/18/27

..

14,872

14,835

FW2656784.UP.FTS.B,

31.34%,

2/18/27

..

3,065

907

FW2652650.UP.FTS.B,

31.46%,

2/18/27

..

4,309

4,298

FW2656739.UP.FTS.B,

31.47%,

2/18/27

..

2,252

2,244

FW2655423.UP.FTS.B,

31.75%,

2/18/27

..

7,075

2,080

L2656270.UP.FTS.B,

28.21%,

2/21/27

....

6,757

6,737

FW2655382.UP.FTS.B,

29.8%,

2/25/27

...

6,008

5,995

L2782778.UP.FTS.B,

5.38%,

3/14/27

....

15,472

15,365

FW2779815.UP.FTS.B,

5.52%,

3/14/27

...

5,533

5,492

FW2785873.UP.FTS.B,

5.67%,

3/14/27

...

20,874

20,728

L2786047.UP.FTS.B,

5.71%,

3/14/27

....

3,881

3,854

FW2785225.UP.FTS.B,

5.78%,

3/14/27

...

15,141

15,035

L2785472.UP.FTS.B,

5.82%,

3/14/27

....

6,213

6,170

L2785533.UP.FTS.B,

5.87%,

3/14/27

....

9,069

9,006

FW2725624.UP.FTS.B,

5.92%,

3/14/27

...

38,865

38,594

L2782378.UP.FTS.B,

5.98%,

3/14/27

....

38,821

38,553

L2785586.UP.FTS.B,

6.13%,

3/14/27

....

38,903

38,632

L2785761.UP.FTS.B,

6.14%,

3/14/27

....

31,123

30,906

L2788888.UP.FTS.B,

6.14%,

3/14/27

....

7,759

7,705

L2781494.UP.FTS.B,

6.32%,

3/14/27

....

9,182

9,118

L2783749.UP.FTS.B,

6.39%,

3/14/27

....

5,556

5,514

L2784317.UP.FTS.B,

6.43%,

3/14/27

....

5,066

5,031

L2786287.UP.FTS.B,

6.48%,

3/14/27

....

1,547

1,534

L2780792.UP.FTS.B,

6.49%,

3/14/27

....

22,608

22,451

L2789358.UP.FTS.B,

6.49%,

3/14/27

....

38,855

38,587

L2779720.UP.FTS.B,

6.5%,

3/14/27

.....

22,654

5,405

L2784003.UP.FTS.B,

6.62%,

3/14/27

....

12,873

12,784

L2789856.UP.FTS.B,

6.67%,

3/14/27

....

7,102

7,053

L2786197.UP.FTS.B,

6.8%,

3/14/27

.....

5,060

5,025

L2776276.UP.FTS.B,

6.89%,

3/14/27

....

18,960

18,827

L2785513.UP.FTS.B,

6.9%,

3/14/27

.....

12,581

12,494

L2781885.UP.FTS.B,

7.11%,

3/14/27

.....

14,920

14,818

L2783455.UP.FTS.B,

7.28%,

3/14/27

....

31,873

31,654

L2784258.UP.FTS.B,

7.29%,

3/14/27

....

7,805

7,752

L2781599.UP.FTS.B,

7.38%,

3/14/27

....

4,231

4,202

L2784013.UP.FTS.B,

7.38%,

3/14/27

....

15,569

15,435

FW2784023.UP.FTS.B,

7.45%,

3/14/27

...

29,551

29,348

L2781125.UP.FTS.B,

7.45%,

3/14/27

.....

5,879

5,838

L2783926.UP.FTS.B,

7.49%,

3/14/27

....

14,348

14,249

L2781938.UP.FTS.B,

7.6%,

3/14/27

.....

39,225

38,956

FW2780236.UP.FTS.B,

7.69%,

3/14/27

...

27,472

27,233

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2788438.UP.FTS.B,

7.69%,

3/14/27

...

$

1,727

$

1,715

L2788290.UP.FTS.B,

7.73%,

3/14/27

....

7,479

7,414

L2781769.UP.FTS.B,

7.86%,

3/14/27

....

16,811

16,665

L2784113.UP.FTS.B,

7.9%,

3/14/27

......

8,644

8,569

L2769930.UP.FTS.B,

7.96%,

3/14/27

....

24,367

24,156

FW2784974.UP.FTS.B,

8.13%,

3/14/27

...

36,710

36,393

L2780083.UP.FTS.B,

8.23%,

3/14/27

....

35,407

35,112

FW2781791.UP.FTS.B,

8.25%,

3/14/27

...

24,205

24,004

L2789155.UP.FTS.B,

8.26%,

3/14/27

....

19,685

19,514

L2780176.UP.FTS.B,

8.31%,

3/14/27

....

39,379

39,037

L2764977.UP.FTS.B,

8.36%,

3/14/27

....

8,508

8,434

L2779428.UP.FTS.B,

8.36%,

3/14/27

....

8,272

8,200

L2784617.UP.FTS.B,

8.41%,

3/14/27

....

16,785

16,640

L2782254.UP.FTS.B,

8.42%,

3/14/27

....

6,305

6,262

L2782003.UP.FTS.B,

8.5%,

3/14/27

.....

18,071

17,919

L2787246.UP.FTS.B,

8.5%,

3/14/27

.....

1,971

1,954

FW2783606.UP.FTS.B,

8.52%,

3/14/27

...

11,675

11,574

L2784591.UP.FTS.B,

8.72%,

3/14/27

....

39,469

39,127

FW2780109.UP.FTS.B,

8.73%,

3/14/27

...

11,829

11,731

L2789064.UP.FTS.B,

8.75%,

3/14/27

....

15,666

15,531

L2789316.UP.FTS.B,

8.8%,

3/14/27

.....

39,490

39,149

L2786540.UP.FTS.B,

8.81%,

3/14/27

....

4,264

4,228

FW2782565.UP.FTS.B,

8.84%,

3/14/27

...

11,848

11,746

L2789324.UP.FTS.B,

8.92%,

3/14/27

....

8,342

8,285

L2783739.UP.FTS.B,

8.99%,

3/14/27

....

6,632

6,576

L2785284.UP.FTS.B,

9.11%,

3/14/27

.....

4,271

4,235

L2785081.UP.FTS.B,

9.13%,

3/14/27

....

13,923

13,803

L2780310.UP.FTS.B,

9.24%,

3/14/27

....

14,248

14,125

L2782105.UP.FTS.B,

9.39%,

3/14/27

....

39,613

39,271

L2780047.UP.FTS.B,

9.4%,

3/14/27

.....

21,144

20,969

L2780296.UP.FTS.B,

9.41%,

3/14/27

....

25,511

25,292

L2786749.UP.FTS.B,

9.46%,

3/14/27

....

8,481

8,408

FW2782447.UP.FTS.B,

9.67%,

3/14/27

...

17,455

17,305

L2784348.UP.FTS.B,

9.7%,

3/14/27

.....

6,639

6,583

FW2783021.UP.FTS.B,

9.72%,

3/14/27

...

10,238

10,150

L2779827.UP.FTS.B,

9.72%,

3/14/27

....

9,941

9,856

L2780798.UP.FTS.B,

9.77%,

3/14/27

....

7,145

7,083

L2784962.UP.FTS.B,

9.82%,

3/14/27

....

23,803

23,606

L2786875.UP.FTS.B,

9.85%,

3/14/27

....

22,066

21,883

L2788004.UP.FTS.B,

9.9%,

3/14/27

.....

15,889

15,752

FW2780201.UP.FTS.B,

9.94%,

3/14/27

...

30,056

29,801

FW2781336.UP.FTS.B,

9.97%,

3/14/27

...

10,335

10,265

FW2783844.UP.FTS.B,

10%,

3/14/27

....

3,974

3,940

L2781395.UP.FTS.B,

10.07%,

3/14/27

....

21,548

21,320

FW2780207.UP.FTS.B,

10.09%,

3/14/27

..

7,158

7,082

L2789352.UP.FTS.B,

10.18%,

3/14/27

....

10,342

10,233

L2785217.UP.FTS.B,

10.21%,

3/14/27

....

22,472

22,235

FW2779711.UP.FTS.B,

10.28%,

3/14/27

..

22,095

21,819

FW2780436.UP.FTS.B,

10.28%,

3/14/27

..

4,696

4,656

L2784387.UP.FTS.B,

10.32%,

3/14/27

....

21,019

20,797

L2785592.UP.FTS.B,

10.32%,

3/14/27

....

13,535

13,392

L2782038.UP.FTS.B,

10.33%,

3/14/27

....

39,809

39,468

FW2781353.UP.FTS.B,

10.54%,

3/14/27

..

25,508

25,290

FW2781880.UP.FTS.B,

10.6%,

3/14/27

...

16,745

16,568

L2781419.UP.FTS.B,

10.69%,

3/14/27

....

4,201

574

L2780112.UP.FTS.B,

10.7%,

3/14/27

.....

7,981

7,897

L2784328.UP.FTS.B,

10.71%,

3/14/27

....

34,646

34,283

L2786415.UP.FTS.B,

10.79%,

3/14/27

....

12,152

3,068

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2780382.UP.FTS.B,

10.8%,

3/14/27

...

$

4,310

$

4,265

FW2784241.UP.FTS.B,

10.82%,

3/14/27

..

8,446

8,362

FW2783122.UP.FTS.B,

10.84%,

3/14/27

..

3,193

3,160

L2785568.UP.FTS.B,

10.89%,

3/14/27

....

8,544

8,454

L2785551.UP.FTS.B,

10.91%,

3/14/27

....

9,345

9,246

FW2781725.UP.FTS.B,

11.04%,

3/14/27

..

9,590

9,489

FW2786689.UP.FTS.B,

11.07%,

3/14/27

..

2,638

2,610

L2787329.UP.FTS.B,

11.09%,

3/14/27

....

2,798

2,768

L2786414.UP.FTS.B,

11.1%,

3/14/27

.....

5,196

5,142

L2785769.UP.FTS.B,

11.11%,

3/14/27

....

12,829

12,695

L2780313.UP.FTS.B,

11.15%,

3/14/27

....

39,985

39,563

L2784551.UP.FTS.B,

11.17%,

3/14/27

....

39,926

39,598

FW2790608.UP.FTS.B,

11.2%,

3/14/27

...

5,983

5,924

L2782637.UP.FTS.B,

11.23%,

3/14/27

....

8,000

7,931

L2786841.UP.FTS.B,

11.25%,

3/14/27

....

8,001

7,916

FW2784513.UP.FTS.B,

11.29%,

3/14/27

..

24,940

24,612

FW2783670.UP.FTS.B,

11.3%,

3/14/27

...

8,006

7,922

FW2787754.UP.FTS.B,

11.35%,

3/14/27

..

16,795

16,629

L2780596.UP.FTS.B,

11.42%,

3/14/27

....

9,895

9,795

L2785637.UP.FTS.B,

11.46%,

3/14/27

....

5,607

5,548

L2785144.UP.FTS.B,

11.47%,

3/14/27

....

8,015

7,931

L2786029.UP.FTS.B,

11.5%,

3/14/27

.....

3,203

3,171

L2784105.UP.FTS.B,

11.55%,

3/14/27

....

12,020

11,893

L2781415.UP.FTS.B,

11.61%,

3/14/27

....

8,713

628

FW2782127.UP.FTS.B,

11.62%,

3/14/27

..

9,219

9,122

L2782114.UP.FTS.B,

11.62%,

3/14/27

....

5,612

5,553

L2783581.UP.FTS.B,

11.64%,

3/14/27

....

12,488

3,163

L2787996.UP.FTS.B,

11.64%,

3/14/27

....

12,427

12,322

L2789734.UP.FTS.B,

11.68%,

3/14/27

....

14,500

14,346

L2785328.UP.FTS.B,

11.77%,

3/14/27

....

5,455

5,398

L2779976.UP.FTS.B,

11.78%,

3/14/27

....

5,135

5,091

L2782264.UP.FTS.B,

11.8%,

3/14/27

.....

5,216

5,161

L2781320.UP.FTS.B,

11.83%,

3/14/27

....

24,236

23,981

L2782425.UP.FTS.B,

11.95%,

3/14/27

....

6,030

5,967

L2784459.UP.FTS.B,

12.04%,

3/14/27

....

5,945

5,882

L2784249.UP.FTS.B,

12.05%,

3/14/27

....

28,042

27,763

L2779695.UP.FTS.B,

12.07%,

3/14/27

....

19,284

19,081

L2786241.UP.FTS.B,

12.07%,

3/14/27

....

20,087

19,876

L2781389.UP.FTS.B,

12.12%,

3/14/27

....

16,074

15,905

L2785480.UP.FTS.B,

12.19%,

3/14/27

....

14,403

14,259

L2783293.UP.FTS.B,

12.24%,

3/14/27

....

12,063

11,936

L2781089.UP.FTS.B,

12.27%,

3/14/27

....

4,263

4,218

L2781183.UP.FTS.B,

12.35%,

3/14/27

....

29,064

28,761

FW2699067.UP.FTS.B,

12.38%,

3/14/27

..

12,692

1,736

FW2781045.UP.FTS.B,

12.41%,

3/14/27

..

5,950

5,892

L2789411.UP.FTS.B,

12.41%,

3/14/27

....

6,039

5,976

L2785022.UP.FTS.B,

12.43%,

3/14/27

....

16,100

15,963

L2789283.UP.FTS.B,

12.43%,

3/14/27

....

16,493

16,330

L2783693.UP.FTS.B,

12.45%,

3/14/27

....

5,152

5,098

L2784664.UP.FTS.B,

12.45%,

3/14/27

....

8,695

8,604

L2782955.UP.FTS.B,

12.51%,

3/14/27

....

12,885

12,750

L2784478.UP.FTS.B,

12.55%,

3/14/27

....

4,350

4,304

L2781845.UP.FTS.B,

12.57%,

3/14/27

....

15,809

14,844

FW2785689.UP.FTS.B,

12.59%,

3/14/27

..

1,833

465

L2784205.UP.FTS.B,

12.6%,

3/14/27

....

9,669

9,567

L2782900.UP.FTS.B,

12.63%,

3/14/27

....

9,546

9,451

L2785749.UP.FTS.B,

12.65%,

3/14/27

....

12,088

11,962

FW2785256.UP.FTS.B,

12.69%,

3/14/27

..

39,048

38,647

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2786124.UP.FTS.B,

12.69%,

3/14/27

..

$

7,658

$

7,577

L2784017.UP.FTS.B,

12.7%,

3/14/27

....

1,947

1,927

L2783427.UP.FTS.B,

12.77%,

3/14/27

....

5,647

5,588

L2779872.UP.FTS.B,

12.82%,

3/14/27

....

1,563

1,546

L2780197.UP.FTS.B,

12.84%,

3/14/27

....

12,100

11,973

FW2784873.UP.FTS.B,

12.88%,

3/14/27

..

12,443

12,313

FW2780429.UP.FTS.B,

12.96%,

3/14/27

..

5,150

5,099

L2757291.UP.FTS.B,

12.97%,

3/14/27

....

3,357

3,322

L2781348.UP.FTS.B,

12.98%,

3/14/27

....

12,432

12,302

L2787912.UP.FTS.B,

12.99%,

3/14/27

....

5,166

5,112

L2789648.UP.FTS.B,

12.99%,

3/14/27

....

4,843

4,793

L2759372.UP.FTS.B,

13%,

3/14/27

......

40,367

39,945

L2782861.UP.FTS.B,

13%,

3/14/27

......

2,180

2,157

L2785427.UP.FTS.B,

13.01%,

3/14/27

....

2,008

1,988

L2786071.UP.FTS.B,

13.02%,

3/14/27

....

5,377

5,048

FW2779969.UP.FTS.B,

13.03%,

3/14/27

..

8,074

7,990

L2785265.UP.FTS.B,

13.07%,

3/14/27

....

3,473

3,436

L2789482.UP.FTS.B,

13.14%,

3/14/27

....

15,350

15,190

L2763346.UP.FTS.B,

13.17%,

3/14/27

....

2,667

2,639

L2781033.UP.FTS.B,

13.19%,

3/14/27

....

6,947

6,851

L2789300.UP.FTS.B,

13.2%,

3/14/27

....

10,467

10,363

L2783463.UP.FTS.B,

13.21%,

3/14/27

....

8,648

8,575

L2785549.UP.FTS.B,

13.25%,

3/14/27

....

5,428

5,374

L2785339.UP.FTS.B,

13.26%,

3/14/27

....

10,509

10,399

FW2787932.UP.FTS.B,

13.27%,

3/14/27

..

2,619

2,593

FW2775855.UP.FTS.B,

13.32%,

3/14/27

..

40,402

40,004

L2789460.UP.FTS.B,

13.33%,

3/14/27

....

14,577

14,425

FW2780715.UP.FTS.B,

13.35%,

3/14/27

..

8,128

8,044

L2762745.UP.FTS.B,

13.39%,

3/14/27

....

14,447

14,305

L2778828.UP.FTS.B,

13.39%,

3/14/27

....

25,647

25,379

FW2785848.UP.FTS.B,

13.4%,

3/14/27

...

10,193

10,086

FW2787165.UP.FTS.B,

13.47%,

3/14/27

..

8,084

8,004

L2782603.UP.FTS.B,

13.49%,

3/14/27

....

12,139

12,012

FW2789036.UP.FTS.B,

13.51%,

3/14/27

..

20,640

20,424

L2780870.UP.FTS.B,

13.52%,

3/14/27

....

3,378

3,344

L2785005.UP.FTS.B,

13.54%,

3/14/27

....

12,142

12,016

L2778983.UP.FTS.B,

13.58%,

3/14/27

....

7,775

7,694

FW2785775.UP.FTS.B,

13.59%,

3/14/27

..

19,198

19,008

L2785594.UP.FTS.B,

13.62%,

3/14/27

....

3,077

3,045

L2778942.UP.FTS.B,

13.72%,

3/14/27

....

5,267

5,212

FW2789945.UP.FTS.B,

13.77%,

3/14/27

..

6,889

6,818

L2784118.UP.FTS.B,

13.78%,

3/14/27

....

19,607

19,410

L2785890.UP.FTS.B,

13.83%,

3/14/27

....

10,458

10,349

L2782918.UP.FTS.B,

13.85%,

3/14/27

....

3,730

3,691

L2785818.UP.FTS.B,

13.87%,

3/14/27

....

5,595

5,537

FW2783338.UP.FTS.B,

13.88%,

3/14/27

..

12,986

12,851

L2780785.UP.FTS.B,

13.88%,

3/14/27

....

12,887

12,760

L2776854.UP.FTS.B,

13.89%,

3/14/27

....

20,277

20,066

L2780968.UP.FTS.B,

13.89%,

3/14/27

....

6,063

6,003

L2787639.UP.FTS.B,

13.93%,

3/14/27

....

5,234

5,182

FW2781533.UP.FTS.B,

13.96%,

3/14/27

..

20,686

20,470

L2784724.UP.FTS.B,

14.06%,

3/14/27

....

21,832

21,605

L2785675.UP.FTS.B,

14.06%,

3/14/27

....

5,640

5,584

FW2783613.UP.FTS.B,

14.08%,

3/14/27

..

25,642

3,509

L2780420.UP.FTS.B,

14.17%,

3/14/27

....

9,701

9,605

FW2784641.UP.FTS.B,

14.18%,

3/14/27

..

12,932

12,804

FW2789366.UP.FTS.B,

14.19%,

3/14/27

..

40,607

40,184

L2783211.UP.FTS.B,

14.21%,

3/14/27

....

24,368

24,114

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

121

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2787992.UP.FTS.B,

14.22%,

3/14/27

....

$

5,280

$

5,225

FW2788869.UP.FTS.B,

14.25%,

3/14/27

..

6,012

5,949

L2787570.UP.FTS.B,

14.25%,

3/14/27

....

3,027

2,994

FW2789260.UP.FTS.B,

14.31%,

3/14/27

..

17,309

17,129

L2783095.UP.FTS.B,

14.33%,

3/14/27

....

2,192

2,170

FW2785433.UP.FTS.B,

14.35%,

3/14/27

..

5,275

5,224

L2782210.UP.FTS.B,

14.35%,

3/14/27

....

4,064

4,022

L2788746.UP.FTS.B,

14.35%,

3/14/27

....

8,616

8,526

FW2787191.UP.FTS.B,

14.4%,

3/14/27

...

24,585

24,335

FW2783492.UP.FTS.B,

14.41%,

3/14/27

..

12,196

12,069

FW2790249.UP.FTS.B,

14.41%,

3/14/27

..

5,995

5,935

FW2784749.UP.FTS.B,

14.42%,

3/14/27

..

10,489

10,379

L2782049.UP.FTS.B,

14.43%,

3/14/27

....

11,484

11,365

L2783057.UP.FTS.B,

14.44%,

3/14/27

....

21,596

21,376

L2782438.UP.FTS.B,

14.45%,

3/14/27

....

802

793

L2780531.UP.FTS.B,

14.47%,

3/14/27

....

39,581

39,180

L2784886.UP.FTS.B,

14.47%,

3/14/27

....

8,901

8,812

L2790181.UP.FTS.B,

14.49%,

3/14/27

....

22,460

22,227

L2779895.UP.FTS.B,

14.52%,

3/14/27

....

11,389

11,270

L2780675.UP.FTS.B,

14.56%,

3/14/27

....

895

886

FW2780644.UP.FTS.B,

14.57%,

3/14/27

..

2,034

2,013

L2780671.UP.FTS.B,

14.57%,

3/14/27

....

19,773

19,567

L2787542.UP.FTS.B,

14.57%,

3/14/27

....

8,387

8,301

FW2783925.UP.FTS.B,

14.6%,

3/14/27

...

9,359

9,262

L2785260.UP.FTS.B,

14.63%,

3/14/27

....

21,489

21,265

L2779917.UP.FTS.B,

14.65%,

3/14/27

....

8,547

8,458

FW2790537.UP.FTS.B,

14.66%,

3/14/27

..

20,350

20,139

L2779718.UP.FTS.B,

14.69%,

3/14/27

....

16,368

16,200

FW2787310.UP.FTS.B,

14.7%,

3/14/27

...

812

804

L2785114.UP.FTS.B,

14.72%,

3/14/27

....

9,751

9,655

L2785570.UP.FTS.B,

14.73%,

3/14/27

....

32,573

32,234

FW2785300.UP.FTS.B,

14.74%,

3/14/27

..

40,717

40,293

L2784692.UP.FTS.B,

14.74%,

3/14/27

....

5,700

5,641

L2783467.UP.FTS.B,

14.77%,

3/14/27

....

8,720

8,630

L2781163.UP.FTS.B,

14.78%,

3/14/27

....

6,578

6,513

L2780444.UP.FTS.B,

14.82%,

3/14/27

....

21,544

21,324

L2783852.UP.FTS.B,

14.83%,

3/14/27

....

4,869

4,821

L2788260.UP.FTS.B,

14.88%,

3/14/27

....

3,504

3,467

L2788586.UP.FTS.B,

14.9%,

3/14/27

....

2,038

2,017

L2784500.UP.FTS.B,

14.95%,

3/14/27

....

4,402

4,356

L2790437.UP.FTS.B,

14.98%,

3/14/27

....

20,382

20,170

FW2783542.UP.FTS.B,

14.99%,

3/14/27

..

26,907

26,627

L2786162.UP.FTS.B,

15.01%,

3/14/27

....

24,463

24,209

L2789724.UP.FTS.B,

15.01%,

3/14/27

....

3,506

3,470

L2785803.UP.FTS.B,

15.06%,

3/14/27

....

5,709

5,650

L2787981.UP.FTS.B,

15.07%,

3/14/27

....

1,651

1,633

L2790024.UP.FTS.B,

15.07%,

3/14/27

....

1,635

1,618

L2788608.UP.FTS.B,

15.09%,

3/14/27

....

4,402

4,359

FW2781024.UP.FTS.B,

15.1%,

3/14/27

...

4,732

4,682

FW2781451.UP.FTS.B,

15.12%,

3/14/27

..

3,544

3,497

L2789351.UP.FTS.B,

15.12%,

3/14/27

....

12,238

12,111

FW2779319.UP.FTS.B,

15.17%,

3/14/27

..

1,551

1,530

FW2783642.UP.FTS.B,

15.18%,

3/14/27

..

2,693

2,665

L2779837.UP.FTS.B,

15.19%,

3/14/27

....

42,444

11,342

L2785487.UP.FTS.B,

15.19%,

3/14/27

....

32,646

32,307

L2781288.UP.FTS.B,

15.2%,

3/14/27

....

2,449

2,423

L2787335.UP.FTS.B,

15.22%,

3/14/27

....

2,612

2,585

L2782134.UP.FTS.B,

15.23%,

3/14/27

....

9,633

9,503

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2782167.UP.FTS.B,

15.28%,

3/14/27

....

$

26,537

$

26,262

L2782707.UP.FTS.B,

15.34%,

3/14/27

....

34,855

34,493

L2786073.UP.FTS.B,

15.34%,

3/14/27

....

34,712

34,351

L2782112.UP.FTS.B,

15.35%,

3/14/27

....

742

733

FW2788688.UP.FTS.B,

15.38%,

3/14/27

..

8,844

8,753

L2781912.UP.FTS.B,

15.44%,

3/14/27

....

6,871

6,803

FW2785183.UP.FTS.B,

15.45%,

3/14/27

..

16,360

16,191

FW2783726.UP.FTS.B,

15.47%,

3/14/27

..

7,027

6,932

L2782475.UP.FTS.B,

15.49%,

3/14/27

....

9,095

8,537

L2787379.UP.FTS.B,

15.51%,

3/14/27

....

13,161

12,983

L2780102.UP.FTS.B,

15.53%,

3/14/27

....

11,282

11,165

L2752868.UP.FTS.B,

15.54%,

3/14/27

....

17,997

17,810

L2785752.UP.FTS.B,

15.55%,

3/14/27

....

10,182

10,054

FW2783396.UP.FTS.B,

15.6%,

3/14/27

...

16,098

15,919

FW2785292.UP.FTS.B,

15.63%,

3/14/27

..

3,353

3,308

L2785384.UP.FTS.B,

15.63%,

3/14/27

....

19,863

1,439

FW2781102.UP.FTS.B,

15.67%,

3/14/27

..

21,909

21,636

L2779187.UP.FTS.B,

15.67%,

3/14/27

....

26,097

25,745

L2781003.UP.FTS.B,

15.67%,

3/14/27

....

16,900

16,728

FW2780435.UP.FTS.B,

15.71%,

3/14/27

..

4,418

4,373

L2782787.UP.FTS.B,

15.71%,

3/14/27

....

18,655

18,461

L2787103.UP.FTS.B,

15.71%,

3/14/27

....

30,601

30,284

FW2780573.UP.FTS.B,

15.72%,

3/14/27

..

6,942

6,517

FW2785320.UP.FTS.B,

15.73%,

3/14/27

..

3,273

3,239

L2788269.UP.FTS.B,

15.76%,

3/14/27

....

4,337

4,292

L2785537.UP.FTS.B,

15.78%,

3/14/27

....

2,764

2,729

L2780255.UP.FTS.B,

15.79%,

3/14/27

....

35,182

34,834

L2781597.UP.FTS.B,

15.79%,

3/14/27

....

22,018

21,790

L2788017.UP.FTS.B,

15.83%,

3/14/27

....

4,667

4,604

L2787854.UP.FTS.B,

15.85%,

3/14/27

....

2,604

2,569

L2786790.UP.FTS.B,

15.86%,

3/14/27

....

4,421

4,376

L2785504.UP.FTS.B,

15.88%,

3/14/27

....

2,034

2,008

FW2720638.UP.FTS.B,

15.89%,

3/14/27

..

16,467

16,248

FW2782452.UP.FTS.B,

15.89%,

3/14/27

..

8,192

8,107

L2779778.UP.FTS.B,

15.94%,

3/14/27

....

13,926

13,738

L2782963.UP.FTS.B,

15.98%,

3/14/27

....

6,554

6,466

L2789937.UP.FTS.B,

15.99%,

3/14/27

....

4,280

4,236

L2790390.UP.FTS.B,

15.99%,

3/14/27

....

3,277

3,243

L2780035.UP.FTS.B,

16.03%,

3/14/27

....

4,514

4,453

FW2789245.UP.FTS.B,

16.05%,

3/14/27

..

7,386

1,977

L2781166.UP.FTS.B,

16.07%,

3/14/27

....

8,770

8,652

L2782280.UP.FTS.B,

16.08%,

3/14/27

....

11,097

10,983

FW2781445.UP.FTS.B,

16.12%,

3/14/27

..

8,793

8,703

FW2789690.UP.FTS.B,

16.28%,

3/14/27

..

22,119

1,599

L2780955.UP.FTS.B,

16.29%,

3/14/27

....

4,431

4,385

L2779021.UP.FTS.B,

16.32%,

3/14/27

....

5,744

5,666

L2783945.UP.FTS.B,

16.32%,

3/14/27

....

8,271

8,187

L2784177.UP.FTS.B,

16.34%,

3/14/27

....

5,252

5,181

FW2781186.UP.FTS.B,

16.35%,

3/14/27

..

4,104

4,048

L2781334.UP.FTS.B,

16.44%,

3/14/27

....

8,263

8,154

L2785542.UP.FTS.B,

16.46%,

3/14/27

....

4,434

4,374

FW2787232.UP.FTS.B,

16.47%,

3/14/27

..

2,874

2,835

L2788530.UP.FTS.B,

16.48%,

3/14/27

....

20,544

20,268

L2781937.UP.FTS.B,

16.51%,

3/14/27

....

9,862

9,761

L2785787.UP.FTS.B,

16.51%,

3/14/27

....

3,990

3,950

L2781470.UP.FTS.B,

16.53%,

3/14/27

....

9,432

9,338

FW2790130.UP.FTS.B,

16.54%,

3/14/27

..

10,772

783

L2782699.UP.FTS.B,

16.54%,

3/14/27

....

23,001

22,811

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

122

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2788921.UP.FTS.B,

16.56%,

3/14/27

....

$

6,901

$

6,829

L2783496.UP.FTS.B,

16.57%,

3/14/27

....

9,288

9,192

L2784909.UP.FTS.B,

16.61%,

3/14/27

....

3,597

3,551

L2781123.UP.FTS.B,

16.65%,

3/14/27

....

8,175

8,094

FW2786140.UP.FTS.B,

16.66%,

3/14/27

..

2,515

2,474

FW2788768.UP.FTS.B,

16.66%,

3/14/27

..

16,849

16,675

L2781826.UP.FTS.B,

16.66%,

3/14/27

....

1,973

1,952

L2785121.UP.FTS.B,

16.67%,

3/14/27

....

22,637

21,248

L2783524.UP.FTS.B,

16.68%,

3/14/27

....

8,796

8,677

L2786003.UP.FTS.B,

16.71%,

3/14/27

....

2,713

2,676

L2782816.UP.FTS.B,

16.73%,

3/14/27

....

5,382

5,311

FW2785133.UP.FTS.B,

16.75%,

3/14/27

..

16,856

16,682

L2786728.UP.FTS.B,

16.78%,

3/14/27

....

8,224

8,113

FW2782269.UP.FTS.B,

16.79%,

3/14/27

..

3,513

3,478

L2783630.UP.FTS.B,

16.79%,

3/14/27

....

22,650

22,347

L2790588.UP.FTS.B,

16.81%,

3/14/27

....

3,290

3,256

FW2790218.UP.FTS.B,

16.82%,

3/14/27

..

2,879

2,849

FW2783290.UP.FTS.B,

16.83%,

3/14/27

..

6,253

6,188

FW2787453.UP.FTS.B,

16.84%,

3/14/27

..

5,265

5,211

L2781471.UP.FTS.B,

16.84%,

3/14/27

....

905

896

L2790374.UP.FTS.B,

16.87%,

3/14/27

....

6,500

6,412

FW2783637.UP.FTS.B,

16.93%,

3/14/27

..

6,674

6,268

L2782584.UP.FTS.B,

16.94%,

3/14/27

....

14,208

13,333

L2780924.UP.FTS.B,

16.96%,

3/14/27

....

5,737

5,665

L2783856.UP.FTS.B,

16.96%,

3/14/27

....

3,210

3,167

L2783224.UP.FTS.B,

16.97%,

3/14/27

....

3,328

3,280

L2781842.UP.FTS.B,

17.01%,

3/14/27

....

6,175

6,092

FW2779871.UP.FTS.B,

17.03%,

3/14/27

..

13,174

12,996

FW2781271.UP.FTS.B,

17.06%,

3/14/27

..

6,259

6,174

L2787213.UP.FTS.B,

17.06%,

3/14/27

....

37,798

37,408

L2782031.UP.FTS.B,

17.07%,

3/14/27

....

12,370

12,204

L2780352.UP.FTS.B,

17.09%,

3/14/27

....

8,237

8,127

L2780173.UP.FTS.B,

17.14%,

3/14/27

....

134

132

FW2784298.UP.FTS.B,

17.15%,

3/14/27

..

20,584

20,284

FW2780002.UP.FTS.B,

17.17%,

3/14/27

..

2,476

2,443

L2788261.UP.FTS.B,

17.17%,

3/14/27

....

1,071

1,060

L2780146.UP.FTS.B,

17.18%,

3/14/27

....

3,100

831

FW2779719.UP.FTS.B,

17.2%,

3/14/27

...

5,356

5,284

L2786112.UP.FTS.B,

17.23%,

3/14/27

....

2,106

2,021

L2785657.UP.FTS.B,

17.24%,

3/14/27

....

3,627

3,578

FW2785239.UP.FTS.B,

17.27%,

3/14/27

..

2,457

2,426

FW2782814.UP.FTS.B,

17.3%,

3/14/27

...

5,277

5,206

L2785928.UP.FTS.B,

17.3%,

3/14/27

....

41,064

40,550

FW2780342.UP.FTS.B,

17.34%,

3/14/27

..

9,648

700

L2781008.UP.FTS.B,

17.34%,

3/14/27

....

6,105

6,042

L2783179.UP.FTS.B,

17.39%,

3/14/27

....

7,423

7,305

L2783901.UP.FTS.B,

17.4%,

3/14/27

....

13,032

12,825

L2780286.UP.FTS.B,

17.43%,

3/14/27

....

15,673

15,462

L2785862.UP.FTS.B,

17.44%,

3/14/27

....

32,997

32,658

L2790752.UP.FTS.B,

17.44%,

3/14/27

....

3,624

3,469

FW2781874.UP.FTS.B,

17.45%,

3/14/27

..

825

814

L2785327.UP.FTS.B,

17.54%,

3/14/27

....

5,364

5,292

L2780295.UP.FTS.B,

17.55%,

3/14/27

....

4,458

4,398

L2789286.UP.FTS.B,

17.58%,

3/14/27

....

7,573

7,108

FW2780850.UP.FTS.B,

17.6%,

3/14/27

...

12,384

12,217

FW2783200.UP.FTS.B,

17.6%,

3/14/27

...

11,582

11,436

L2784632.UP.FTS.B,

17.63%,

3/14/27

....

6,197

6,133

L2780580.UP.FTS.B,

17.7%,

3/14/27

....

2,891

2,852

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2785162.UP.FTS.B,

17.72%,

3/14/27

....

$

16,520

$

16,257

L2789365.UP.FTS.B,

17.74%,

3/14/27

....

36,537

2,647

L2780144.UP.FTS.B,

17.8%,

3/14/27

....

13,577

13,397

FW2783998.UP.FTS.B,

17.89%,

3/14/27

..

1,649

1,629

FW2784396.UP.FTS.B,

17.89%,

3/14/27

..

3,224

3,173

FW2779862.UP.FTS.B,

17.93%,

3/14/27

..

827

816

L2785495.UP.FTS.B,

17.96%,

3/14/27

....

3,060

3,019

L2785895.UP.FTS.B,

17.97%,

3/14/27

....

19,324

2,824

L2783820.UP.FTS.B,

17.99%,

3/14/27

....

30,967

30,565

L2784843.UP.FTS.B,

18.02%,

3/14/27

....

10,086

9,467

FW2781007.UP.FTS.B,

18.03%,

3/14/27

..

8,668

1,231

L2780829.UP.FTS.B,

18.05%,

3/14/27

....

7,942

7,835

FW2781770.UP.FTS.B,

18.09%,

3/14/27

..

2,704

2,677

L2785717.UP.FTS.B,

18.12%,

3/14/27

....

13,241

13,031

FW2771881.UP.FTS.B,

18.18%,

3/14/27

..

4,139

4,073

FW2780394.UP.FTS.B,

18.18%,

3/14/27

..

7,864

7,739

L2781185.UP.FTS.B,

18.2%,

3/14/27

.....

3,229

3,178

L2762731.UP.FTS.B,

18.21%,

3/14/27

....

5,381

5,326

L2785773.UP.FTS.B,

18.25%,

3/14/27

....

11,180

11,030

L2786738.UP.FTS.B,

18.29%,

3/14/27

....

1,804

1,777

L2784355.UP.FTS.B,

18.3%,

3/14/27

....

2,568

2,533

L2781131.UP.FTS.B,

18.34%,

3/14/27

....

8,698

8,609

L2781333.UP.FTS.B,

18.4%,

3/14/27

....

14,477

14,253

L2782423.UP.FTS.B,

18.4%,

3/14/27

....

10,856

10,710

L2789502.UP.FTS.B,

18.42%,

3/14/27

....

30,765

30,432

L2781963.UP.FTS.B,

18.43%,

3/14/27

....

9,033

8,890

L2789078.UP.FTS.B,

18.45%,

3/14/27

....

3,232

3,181

FW2786891.UP.FTS.B,

18.46%,

3/14/27

..

6,595

476

FW2783747.UP.FTS.B,

18.48%,

3/14/27

..

4,144

4,078

FW2788462.UP.FTS.B,

18.48%,

3/14/27

..

8,289

8,157

FW2780658.UP.FTS.B,

18.49%,

3/14/27

..

12,728

12,560

L2761321.UP.FTS.B,

18.5%,

3/14/27

....

2,337

2,300

L2779732.UP.FTS.B,

18.53%,

3/14/27

....

8,540

8,404

L2788795.UP.FTS.B,

18.58%,

3/14/27

....

8,294

8,232

L2785399.UP.FTS.B,

18.59%,

3/14/27

....

12,714

12,487

L2789629.UP.FTS.B,

18.6%,

3/14/27

....

4,561

4,489

L2780206.UP.FTS.B,

18.66%,

3/14/27

....

8,297

8,165

L2789624.UP.FTS.B,

18.67%,

3/14/27

....

13,275

13,096

FW2780229.UP.FTS.B,

18.68%,

3/14/27

..

2,074

2,041

L2782895.UP.FTS.B,

18.68%,

3/14/27

....

9,080

8,527

FW2782751.UP.FTS.B,

18.72%,

3/14/27

..

8,299

8,167

FW2786391.UP.FTS.B,

18.72%,

3/14/27

..

6,679

6,591

L2783944.UP.FTS.B,

18.73%,

3/14/27

....

8,144

8,015

FW2784433.UP.FTS.B,

18.76%,

3/14/27

..

5,693

5,619

L2783654.UP.FTS.B,

18.81%,

3/14/27

....

10,798

10,631

L2784627.UP.FTS.B,

18.83%,

3/14/27

....

8,267

8,150

L2782107.UP.FTS.B,

18.88%,

3/14/27

....

9,135

8,990

L2781571.UP.FTS.B,

18.92%,

3/14/27

....

9,053

8,910

L2782929.UP.FTS.B,

18.95%,

3/14/27

....

1,956

1,928

FW2787024.UP.FTS.B,

19%,

3/14/27

....

41,545

40,885

FW2790605.UP.FTS.B,

19.02%,

3/14/27

..

26,509

26,238

L2781200.UP.FTS.B,

19.02%,

3/14/27

....

8,678

1,256

FW2784575.UP.FTS.B,

19.03%,

3/14/27

..

12,526

11,755

L2784145.UP.FTS.B,

19.03%,

3/14/27

....

4,570

4,498

L2779673.UP.FTS.B,

19.08%,

3/14/27

....

5,403

5,317

L2789238.UP.FTS.B,

19.09%,

3/14/27

....

7,528

7,410

L2785730.UP.FTS.B,

19.13%,

3/14/27

....

20,748

20,547

FW2754559.UP.FTS.B,

19.14%,

3/14/27

..

20,786

20,507

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

123

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2787713.UP.FTS.B,

19.15%,

3/14/27

..

$

7,184

$

7,083

FW2780787.UP.FTS.B,

19.16%,

3/14/27

..

11,641

11,456

FW2785207.UP.FTS.B,

19.16%,

3/14/27

..

20,764

20,437

L2783530.UP.FTS.B,

19.22%,

3/14/27

....

4,159

4,093

FW2779984.UP.FTS.B,

19.29%,

3/14/27

..

6,696

6,597

L2779286.UP.FTS.B,

19.31%,

3/14/27

....

4,993

4,913

L2780702.UP.FTS.B,

19.32%,

3/14/27

....

18,842

5,220

L2785478.UP.FTS.B,

19.34%,

3/14/27

....

41,611

40,950

FW2784356.UP.FTS.B,

19.36%,

3/14/27

..

10,320

10,215

L2788944.UP.FTS.B,

19.36%,

3/14/27

....

41,612

41,053

L2781072.UP.FTS.B,

19.38%,

3/14/27

....

3,662

3,613

L2787510.UP.FTS.B,

19.38%,

3/14/27

....

17,931

17,663

L2780753.UP.FTS.B,

19.39%,

3/14/27

....

18,946

18,660

L2784108.UP.FTS.B,

19.4%,

3/14/27

....

17,880

17,642

FW2779751.UP.FTS.B,

19.43%,

3/14/27

..

3,330

3,277

L2785370.UP.FTS.B,

19.45%,

3/14/27

....

18,150

17,862

FW2785518.UP.FTS.B,

19.46%,

3/14/27

..

13,655

13,438

L2780125.UP.FTS.B,

19.47%,

3/14/27

....

18,319

18,073

L2790127.UP.FTS.B,

19.48%,

3/14/27

....

8,906

8,787

L2784624.UP.FTS.B,

19.51%,

3/14/27

....

9,782

1,436

L2781083.UP.FTS.B,

19.56%,

3/14/27

....

3,298

3,256

L2784181.UP.FTS.B,

19.58%,

3/14/27

....

20,709

20,401

L2782824.UP.FTS.B,

19.61%,

3/14/27

....

9,082

8,938

L2780902.UP.FTS.B,

19.63%,

3/14/27

....

5,916

5,822

L2785354.UP.FTS.B,

19.65%,

3/14/27

....

3,417

3,371

FW2780425.UP.FTS.B,

19.66%,

3/14/27

..

12,500

12,333

FW2783399.UP.FTS.B,

19.68%,

3/14/27

..

4,825

187

L2780913.UP.FTS.B,

19.68%,

3/14/27

....

5,334

5,263

L2787013.UP.FTS.B,

19.7%,

3/14/27

....

7,172

7,058

L2790185.UP.FTS.B,

19.71%,

3/14/27

....

9,690

9,560

L2782557.UP.FTS.B,

19.73%,

3/14/27

....

9,763

421

L2789528.UP.FTS.B,

19.75%,

3/14/27

....

3,319

3,252

L2776323.UP.FTS.B,

19.76%,

3/14/27

....

13,313

13,114

L2789061.UP.FTS.B,

19.78%,

3/14/27

....

823

806

FW2786060.UP.FTS.B,

19.8%,

3/14/27

...

3,349

3,144

L2784343.UP.FTS.B,

19.81%,

3/14/27

....

4,170

4,103

L2785329.UP.FTS.B,

19.82%,

3/14/27

....

208

205

L2780611.UP.FTS.B,

19.83%,

3/14/27

....

7,256

7,141

FW2784189.UP.FTS.B,

19.91%,

3/14/27

..

8,894

8,552

L2781737.UP.FTS.B,

19.91%,

3/14/27

....

4,134

4,081

L2782045.UP.FTS.B,

19.92%,

3/14/27

....

13,183

13,007

FW2781890.UP.FTS.B,

19.93%,

3/14/27

..

9,850

713

L2782730.UP.FTS.B,

19.94%,

3/14/27

....

8,344

8,211

L2784726.UP.FTS.B,

19.97%,

3/14/27

....

13,687

13,585

L2785429.UP.FTS.B,

20%,

3/14/27

......

3,648

3,594

L2784927.UP.FTS.B,

20.04%,

3/14/27

....

5,037

4,839

FW2785877.UP.FTS.B,

20.08%,

3/14/27

..

4,425

4,366

FW2787084.UP.FTS.B,

20.12%,

3/14/27

..

5,428

5,342

L2788756.UP.FTS.B,

20.13%,

3/14/27

....

13,696

13,595

L2780471.UP.FTS.B,

20.16%,

3/14/27

....

5,012

4,932

L2785428.UP.FTS.B,

20.21%,

3/14/27

....

3,345

3,300

L2779074.UP.FTS.B,

20.27%,

3/14/27

....

4,920

4,709

L2782852.UP.FTS.B,

20.32%,

3/14/27

....

926

919

L2789071.UP.FTS.B,

20.34%,

3/14/27

....

12,548

12,349

FW2780713.UP.FTS.B,

20.36%,

3/14/27

..

14,545

14,314

L2790430.UP.FTS.B,

20.37%,

3/14/27

....

16,873

16,654

L2781217.UP.FTS.B,

20.42%,

3/14/27

....

10,833

10,765

L2782188.UP.FTS.B,

20.46%,

3/14/27

....

12,147

12,062

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2789118.UP.FTS.B,

20.49%,

3/14/27

....

$

12,481

$

12,325

L2783485.UP.FTS.B,

20.5%,

3/14/27

....

12,906

12,112

FW2783065.UP.FTS.B,

20.52%,

3/14/27

..

3,706

3,680

L2779878.UP.FTS.B,

20.54%,

3/14/27

....

11,713

11,594

L2788741.UP.FTS.B,

20.54%,

3/14/27

....

4,685

4,611

FW2784389.UP.FTS.B,

20.56%,

3/14/27

..

2,761

2,741

L2781714.UP.FTS.B,

20.56%,

3/14/27

....

21,999

650

L2782942.UP.FTS.B,

20.56%,

3/14/27

....

8,869

8,728

L2784645.UP.FTS.B,

20.66%,

3/14/27

....

1,689

1,660

FW2785996.UP.FTS.B,

20.67%,

3/14/27

..

4,520

4,449

FW2782809.UP.FTS.B,

20.69%,

3/14/27

..

4,605

4,532

L2781794.UP.FTS.B,

20.69%,

3/14/27

....

11,356

11,177

FW2781564.UP.FTS.B,

20.75%,

3/14/27

..

2,764

2,720

FW2785244.UP.FTS.B,

20.75%,

3/14/27

..

6,360

6,267

L2785821.UP.FTS.B,

20.75%,

3/14/27

....

3,685

3,626

FW2785451.UP.FTS.B,

20.8%,

3/14/27

...

22,912

22,558

FW2787933.UP.FTS.B,

20.81%,

3/14/27

..

643

328

FW2780653.UP.FTS.B,

20.84%,

3/14/27

..

9,158

9,022

L2786023.UP.FTS.B,

20.84%,

3/14/27

....

5,864

5,821

L2786517.UP.FTS.B,

20.9%,

3/14/27

....

13,680

13,463

L2790205.UP.FTS.B,

20.92%,

3/14/27

....

1,425

1,402

FW2780991.UP.FTS.B,

20.95%,

3/14/27

..

7,863

523

L2784917.UP.FTS.B,

20.96%,

3/14/27

....

29,337

28,872

FW2789132.UP.FTS.B,

21%,

3/14/27

....

7,209

7,095

L2780447.UP.FTS.B,

21.03%,

3/14/27

....

3,150

3,109

FW2783376.UP.FTS.B,

21.04%,

3/14/27

..

3,564

3,508

L2784285.UP.FTS.B,

21.04%,

3/14/27

....

2,649

191

L2785009.UP.FTS.B,

21.06%,

3/14/27

....

15,720

1,135

FW2783063.UP.FTS.B,

21.08%,

3/14/27

..

8,387

8,253

L2785764.UP.FTS.B,

21.12%,

3/14/27

....

7,103

7,010

L2762778.UP.FTS.B,

21.15%,

3/14/27

....

5,033

4,953

L2783728.UP.FTS.B,

21.18%,

3/14/27

....

2,769

2,725

L2778435.UP.FTS.B,

21.2%,

3/14/27

....

1,846

1,817

FW2783359.UP.FTS.B,

21.23%,

3/14/27

..

14,266

14,040

L2780075.UP.FTS.B,

21.23%,

3/14/27

....

19,300

19,054

FW2780777.UP.FTS.B,

21.29%,

3/14/27

..

2,772

2,728

L2780757.UP.FTS.B,

21.34%,

3/14/27

....

1,427

1,417

FW2788633.UP.FTS.B,

21.36%,

3/14/27

..

3,422

247

L2785878.UP.FTS.B,

21.36%,

3/14/27

....

1,260

1,250

FW2781871.UP.FTS.B,

21.39%,

3/14/27

..

9,136

8,994

FW2783027.UP.FTS.B,

21.39%,

3/14/27

..

19,005

2,813

L2783471.UP.FTS.B,

21.41%,

3/14/27

....

8,500

7,979

L2787046.UP.FTS.B,

21.46%,

3/14/27

....

1,925

19

L2784388.UP.FTS.B,

21.47%,

3/14/27

....

3,741

3,675

L2784444.UP.FTS.B,

21.47%,

3/14/27

....

3,696

3,638

L2789869.UP.FTS.B,

21.53%,

3/14/27

....

6,470

6,422

FW2789765.UP.FTS.B,

21.55%,

3/14/27

..

17,043

16,141

FW2786256.UP.FTS.B,

21.58%,

3/14/27

..

7,068

6,978

L2782008.UP.FTS.B,

21.58%,

3/14/27

....

1,429

1,418

L2773530.UP.FTS.B,

21.6%,

3/14/27

....

7,565

7,444

L2790163.UP.FTS.B,

21.62%,

3/14/27

....

2,400

2,355

L2785432.UP.FTS.B,

21.63%,

3/14/27

....

6,725

6,657

L2784140.UP.FTS.B,

21.67%,

3/14/27

....

10,114

10,040

L2782992.UP.FTS.B,

21.68%,

3/14/27

....

16,817

16,550

FW2785547.UP.FTS.B,

21.71%,

3/14/27

..

6,559

6,493

FW2783166.UP.FTS.B,

21.74%,

3/14/27

..

748

738

L2788222.UP.FTS.B,

21.74%,

3/14/27

....

10,352

9,812

L2790540.UP.FTS.B,

21.79%,

3/14/27

....

10,095

10,020

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

124

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2785656.UP.FTS.B,

21.86%,

3/14/27

....

$

8,246

$

8,185

FW2789308.UP.FTS.B,

21.87%,

3/14/27

..

4,320

308

FW2784365.UP.FTS.B,

21.9%,

3/14/27

...

926

919

L2781510.UP.FTS.B,

21.9%,

3/14/27

....

4,048

3,881

FW2782801.UP.FTS.B,

21.92%,

3/14/27

..

4,533

4,507

L2782578.UP.FTS.B,

21.93%,

3/14/27

....

8,765

2,454

L2787728.UP.FTS.B,

21.93%,

3/14/27

....

18,349

18,213

FW2780135.UP.FTS.B,

21.97%,

3/14/27

..

9,177

9,109

FW2785285.UP.FTS.B,

22%,

3/14/27

....

8,402

8,297

L2784561.UP.FTS.B,

22.05%,

3/14/27

....

8,019

7,959

FW2784161.UP.FTS.B,

22.07%,

3/14/27

..

5,002

4,697

FW2785552.UP.FTS.B,

22.13%,

3/14/27

..

7,750

7,627

FW2781801.UP.FTS.B,

22.17%,

3/14/27

..

4,687

26

L2783252.UP.FTS.B,

22.19%,

3/14/27

....

3,637

3,614

L2785618.UP.FTS.B,

22.23%,

3/14/27

....

19,215

19,072

L2779978.UP.FTS.B,

22.26%,

3/14/27

....

4,451

98

L2783657.UP.FTS.B,

22.26%,

3/14/27

....

9,187

9,042

L2785258.UP.FTS.B,

22.27%,

3/14/27

....

23,686

23,510

L2780882.UP.FTS.B,

22.29%,

3/14/27

....

7,756

7,698

L2784609.UP.FTS.B,

22.31%,

3/14/27

....

5,396

5,324

L2780097.UP.FTS.B,

22.4%,

3/14/27

....

4,869

4,840

L2781968.UP.FTS.B,

22.4%,

3/14/27

....

8,434

8,371

L2780470.UP.FTS.B,

22.46%,

3/14/27

....

4,218

4,187

L2784446.UP.FTS.B,

22.46%,

3/14/27

....

3,741

3,692

L2780797.UP.FTS.B,

22.54%,

3/14/27

....

5,063

5,026

L2786010.UP.FTS.B,

22.55%,

3/14/27

....

18,585

18,398

FW2790759.UP.FTS.B,

22.58%,

3/14/27

..

8,189

8,128

L2787644.UP.FTS.B,

22.58%,

3/14/27

....

18,570

18,321

FW2784227.UP.FTS.B,

22.62%,

3/14/27

..

3,208

3,184

FW2781920.UP.FTS.B,

22.63%,

3/14/27

..

3,832

85

FW2786125.UP.FTS.B,

22.66%,

3/14/27

..

18,237

18,101

FW2784685.UP.FTS.B,

22.67%,

3/14/27

..

2,098

2,076

FW2784073.UP.FTS.B,

22.68%,

3/14/27

..

16,692

4,648

L2783023.UP.FTS.B,

22.68%,

3/14/27

....

5,923

5,853

FW2784182.UP.FTS.B,

22.7%,

3/14/27

...

6,593

975

L2782562.UP.FTS.B,

22.7%,

3/14/27

....

10,506

3,014

FW2777044.UP.FTS.B,

22.81%,

3/14/27

..

3,333

3,288

FW2753534.UP.FTS.B,

22.82%,

3/14/27

..

8,513

8,402

L2781656.UP.FTS.B,

22.82%,

3/14/27

....

4,560

4,488

L2780837.UP.FTS.B,

22.86%,

3/14/27

....

8,461

8,328

FW2786104.UP.FTS.B,

22.87%,

3/14/27

..

3,297

3,125

FW2781557.UP.FTS.B,

22.9%,

3/14/27

...

42,258

41,944

L2785473.UP.FTS.B,

22.94%,

3/14/27

....

8,458

8,396

FW2782255.UP.FTS.B,

22.97%,

3/14/27

..

8,143

8,084

FW2787840.UP.FTS.B,

22.97%,

3/14/27

..

2,039

2,007

L2785540.UP.FTS.B,

22.99%,

3/14/27

....

3,747

3,721

FW2784934.UP.FTS.B,

23%,

3/14/27

....

17,925

17,792

L2779888.UP.FTS.B,

23%,

3/14/27

......

9,047

8,980

L2787316.UP.FTS.B,

23.04%,

3/14/27

....

14,927

14,144

L2780183.UP.FTS.B,

23.06%,

3/14/27

....

6,784

6,741

L2784662.UP.FTS.B,

23.09%,

3/14/27

....

4,145

4,114

FW2780202.UP.FTS.B,

23.19%,

3/14/27

..

4,694

1,310

L2761841.UP.FTS.B,

23.22%,

3/14/27

....

8,463

8,350

L2784336.UP.FTS.B,

23.23%,

3/14/27

....

10,156

10,081

L2784879.UP.FTS.B,

23.27%,

3/14/27

....

23,875

23,697

L2760019.UP.FTS.B,

23.32%,

3/14/27

....

2,118

2,084

L2783934.UP.FTS.B,

23.32%,

3/14/27

....

9,747

9,676

L2782223.UP.FTS.B,

23.37%,

3/14/27

....

6,351

6,250

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2784660.UP.FTS.B,

23.39%,

3/14/27

..

$

10,769

$

10,690

L2780091.UP.FTS.B,

23.39%,

3/14/27

....

5,726

827

FW2788561.UP.FTS.B,

23.46%,

3/14/27

..

6,862

6,811

FW2782011.UP.FTS.B,

23.47%,

3/14/27

..

5,083

5,045

L2761176.UP.FTS.B,

23.49%,

3/14/27

....

5,068

4,757

L2782909.UP.FTS.B,

23.52%,

3/14/27

....

3,732

3,705

L2786831.UP.FTS.B,

23.53%,

3/14/27

....

2,373

2,355

FW2783910.UP.FTS.B,

23.55%,

3/14/27

..

826

813

L2785861.UP.FTS.B,

23.55%,

3/14/27

....

1,510

1,488

L2781260.UP.FTS.B,

23.57%,

3/14/27

....

3,093

3,070

FW2784430.UP.FTS.B,

23.6%,

3/14/27

...

6,442

6,340

L2785160.UP.FTS.B,

23.61%,

3/14/27

....

3,718

3,663

L2782694.UP.FTS.B,

23.62%,

3/14/27

....

8,707

2,499

FW2780693.UP.FTS.B,

23.64%,

3/14/27

..

1,440

1,429

FW2783416.UP.FTS.B,

23.69%,

3/14/27

..

1,584

114

L2780981.UP.FTS.B,

23.73%,

3/14/27

....

2,120

2,105

FW2782598.UP.FTS.B,

23.76%,

3/14/27

..

3,732

3,704

FW2779943.UP.FTS.B,

23.77%,

3/14/27

..

3,819

3,747

L2777367.UP.FTS.B,

23.84%,

3/14/27

....

7,382

7,328

L2787821.UP.FTS.B,

23.85%,

3/14/27

....

3,083

3,029

FW2781390.UP.FTS.B,

23.87%,

3/14/27

..

2,801

2,780

L2782820.UP.FTS.B,

23.87%,

3/14/27

....

1,130

1,121

L2780834.UP.FTS.B,

23.88%,

3/14/27

....

3,602

3,576

L2755133.UP.FTS.B,

23.9%,

3/14/27

....

9,251

9,182

L2779812.UP.FTS.B,

23.92%,

3/14/27

....

6,367

1,794

L2782516.UP.FTS.B,

23.94%,

3/14/27

....

6,366

6,265

FW2782245.UP.FTS.B,

23.97%,

3/14/27

..

3,226

3,202

L2785033.UP.FTS.B,

23.98%,

3/14/27

....

2,547

2,528

L2782059.UP.FTS.B,

23.99%,

3/14/27

....

6,943

6,580

L2785483.UP.FTS.B,

24.04%,

3/14/27

....

21,218

21,060

FW2783257.UP.FTS.B,

24.06%,

3/14/27

..

2,960

2,943

FW2788985.UP.FTS.B,

24.06%,

3/14/27

..

5,943

5,899

L2785874.UP.FTS.B,

24.08%,

3/14/27

....

7,656

7,600

L2785916.UP.FTS.B,

24.17%,

3/14/27

....

9,232

9,167

FW2783759.UP.FTS.B,

24.2%,

3/14/27

...

1,970

33

FW2789810.UP.FTS.B,

24.24%,

3/14/27

..

1,702

1,689

L2777858.UP.FTS.B,

24.24%,

3/14/27

....

2,975

2,927

FW2786063.UP.FTS.B,

24.27%,

3/14/27

..

13,393

3,879

L2780844.UP.FTS.B,

24.29%,

3/14/27

....

1,275

1,266

FW2780840.UP.FTS.B,

24.31%,

3/14/27

..

26,845

26,644

L2781049.UP.FTS.B,

24.35%,

3/14/27

....

25,218

25,055

FW2785302.UP.FTS.B,

24.36%,

3/14/27

..

6,655

6,607

L2782467.UP.FTS.B,

24.36%,

3/14/27

....

15,306

15,192

FW2784019.UP.FTS.B,

24.41%,

3/14/27

..

2,754

2,737

L2787675.UP.FTS.B,

24.41%,

3/14/27

....

2,807

2,762

L2780368.UP.FTS.B,

24.46%,

3/14/27

....

1,702

1,689

L2785189.UP.FTS.B,

24.51%,

3/14/27

....

29,269

29,052

L2780976.UP.FTS.B,

24.53%,

3/14/27

....

3,446

3,423

L2783176.UP.FTS.B,

24.55%,

3/14/27

....

4,252

4,220

FW2784794.UP.FTS.B,

24.59%,

3/14/27

..

3,405

3,380

L2789217.UP.FTS.B,

24.59%,

3/14/27

....

5,107

5,069

L2785580.UP.FTS.B,

24.64%,

3/14/27

....

906

65

FW2786154.UP.FTS.B,

24.69%,

3/14/27

..

3,714

3,659

FW2784504.UP.FTS.B,

24.71%,

3/14/27

..

3,747

3,719

L2790168.UP.FTS.B,

24.71%,

3/14/27

....

3,183

3,137

L2763354.UP.FTS.B,

24.72%,

3/14/27

....

8,572

8,512

L2780767.UP.FTS.B,

24.74%,

3/14/27

....

3,231

3,212

FW2789200.UP.FTS.B,

24.76%,

3/14/27

..

8,518

8,454

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

125

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2785834.UP.FTS.B,

24.76%,

3/14/27

....

$

21,354

$

21,199

FW2783832.UP.FTS.B,

24.77%,

3/14/27

..

6,995

503

L2782914.UP.FTS.B,

24.81%,

3/14/27

....

4,636

4,606

FW2785616.UP.FTS.B,

24.82%,

3/14/27

..

4,089

4,059

L2781646.UP.FTS.B,

24.82%,

3/14/27

....

1,385

99

L2785436.UP.FTS.B,

24.82%,

3/14/27

....

1,193

1,184

FW2773993.UP.FTS.B,

24.86%,

3/14/27

..

10,220

10,058

L2782406.UP.FTS.B,

24.86%,

3/14/27

....

1,278

1,269

FW2785579.UP.FTS.B,

24.87%,

3/14/27

..

1,387

1,377

L2780171.UP.FTS.B,

24.87%,

3/14/27

....

770

755

L2780108.UP.FTS.B,

24.9%,

3/14/27

....

1,013

1,006

L2786424.UP.FTS.B,

24.9%,

3/14/27

....

2,752

198

FW2789519.UP.FTS.B,

24.91%,

3/14/27

..

2,812

2,792

FW2787364.UP.FTS.B,

24.92%,

3/14/27

..

4,688

4,653

L2784041.UP.FTS.B,

24.92%,

3/14/27

....

4,961

1,426

L2783320.UP.FTS.B,

24.93%,

3/14/27

....

1,705

1,692

L2789092.UP.FTS.B,

24.93%,

3/14/27

....

41,762

41,452

FW2781259.UP.FTS.B,

24.94%,

3/14/27

..

1,769

1,754

FW2786578.UP.FTS.B,

24.96%,

3/14/27

..

3,751

3,723

L2781584.UP.FTS.B,

24.97%,

3/14/27

....

1,542

1,531

FW2789180.UP.FTS.B,

24.98%,

3/14/27

..

3,689

3,665

L2782113.UP.FTS.B,

24.98%,

3/14/27

....

1,481

1,470

L2782951.UP.FTS.B,

24.98%,

3/14/27

....

5,355

378

FW2785281.UP.FTS.B,

25%,

3/14/27

....

1,961

1,946

L2782686.UP.FTS.B,

25%,

3/14/27

......

13,644

13,543

L2788674.UP.FTS.B,

25.02%,

3/14/27

....

943

894

L2762758.UP.FTS.B,

25.04%,

3/14/27

....

2,873

39

L2762807.UP.FTS.B,

25.04%,

3/14/27

....

1,194

1,185

L2782211.UP.FTS.B,

25.12%,

3/14/27

....

3,475

3,453

L2789388.UP.FTS.B,

25.13%,

3/14/27

....

552

542

FW2786218.UP.FTS.B,

25.14%,

3/14/27

..

6,909

6,858

L2781286.UP.FTS.B,

25.14%,

3/14/27

....

2,986

2,963

L2771517.UP.FTS.B,

25.15%,

3/14/27

....

950

67

L2785611.UP.FTS.B,

25.15%,

3/14/27

....

966

139

FW2779775.UP.FTS.B,

25.16%,

3/14/27

..

2,986

2,963

FW2780910.UP.FTS.B,

25.16%,

3/14/27

..

6,400

6,353

FW2784065.UP.FTS.B,

25.17%,

3/14/27

..

11,278

11,100

L2782121.UP.FTS.B,

25.17%,

3/14/27

....

7,165

7,112

L2785652.UP.FTS.B,

25.17%,

3/14/27

....

7,593

7,537

FW2783634.UP.FTS.B,

25.18%,

3/14/27

..

6,741

6,699

FW2784381.UP.FTS.B,

25.18%,

3/14/27

..

1,690

1,673

FW2782493.UP.FTS.B,

25.19%,

3/14/27

..

1,879

1,865

L2783148.UP.FTS.B,

25.19%,

3/14/27

....

4,722

326

L2783409.UP.FTS.B,

25.19%,

3/14/27

....

4,767

4,735

L2784278.UP.FTS.B,

25.19%,

3/14/27

....

1,109

1,101

FW2785903.UP.FTS.B,

25.2%,

3/14/27

...

7,425

7,370

L2783822.UP.FTS.B,

25.2%,

3/14/27

....

1,453

1,442

L2785715.UP.FTS.B,

25.22%,

3/14/27

....

1,278

1,271

L2780085.UP.FTS.B,

25.23%,

3/14/27

....

1,387

1,301

L2785508.UP.FTS.B,

25.24%,

3/14/27

....

2,390

2,372

L2790763.UP.FTS.B,

25.24%,

3/14/27

....

43,044

42,750

L2783094.UP.FTS.B,

25.25%,

3/14/27

....

6,742

6,692

L2785846.UP.FTS.B,

25.26%,

3/14/27

....

11,522

11,436

L2782384.UP.FTS.B,

25.27%,

3/14/27

....

675

664

L2787770.UP.FTS.B,

25.27%,

3/14/27

....

1,010

72

L2780354.UP.FTS.B,

25.29%,

3/14/27

....

13,498

969

L2781929.UP.FTS.B,

25.3%,

3/14/27

....

1,389

1,378

L2785136.UP.FTS.B,

25.3%,

3/14/27

....

2,731

2,711

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2785844.UP.FTS.B,

25.3%,

3/14/27

....

$

2,156

$

27

L2786640.UP.FTS.B,

25.3%,

3/14/27

....

3,856

3,705

FW2781846.UP.FTS.B,

25.31%,

3/14/27

..

10,758

10,679

L2780766.UP.FTS.B,

25.31%,

3/14/27

....

16,731

16,466

L2781289.UP.FTS.B,

25.32%,

3/14/27

....

10,244

10,168

L2781668.UP.FTS.B,

25.32%,

3/14/27

....

1,027

1,012

L2786994.UP.FTS.B,

25.32%,

3/14/27

....

4,014

3,984

L2788135.UP.FTS.B,

25.32%,

3/14/27

....

3,757

3,697

L2789685.UP.FTS.B,

25.32%,

3/14/27

....

2,134

2,118

L2786111.UP.FTS.B,

25.33%,

3/14/27

....

939

932

L2783030.UP.FTS.B,

25.34%,

3/14/27

....

10,395

10,321

L2785122.UP.FTS.B,

25.34%,

3/14/27

....

1,451

1,441

L2779712.UP.FTS.B,

25.35%,

3/14/27

....

2,049

2,034

L2783282.UP.FTS.B,

25.35%,

3/14/27

....

1,357

1,349

FW2784870.UP.FTS.B,

25.36%,

3/14/27

..

6,574

6,525

L2758245.UP.FTS.B,

25.36%,

3/14/27

....

5,496

5,400

L2783459.UP.FTS.B,

25.36%,

3/14/27

....

3,928

3,898

L2782190.UP.FTS.B,

25.37%,

3/14/27

....

1,039

150

L2788621.UP.FTS.B,

25.37%,

3/14/27

....

5,567

832

L2779717.UP.FTS.B,

25.38%,

3/14/27

....

1,366

1,356

L2786791.UP.FTS.B,

25.38%,

3/14/27

....

972

964

L2787407.UP.FTS.B,

25.38%,

3/14/27

....

3,074

3,051

L2780613.UP.FTS.B,

25.39%,

3/14/27

....

5,636

5,594

L2781090.UP.FTS.B,

25.39%,

3/14/27

....

1,453

1,442

L2782789.UP.FTS.B,

25.4%,

3/14/27

....

3,475

243

L2780553.UP.FTS.B,

25.41%,

3/14/27

....

1,281

1,271

L2784514.UP.FTS.B,

25.41%,

3/14/27

....

1,196

1,187

L2788160.UP.FTS.B,

25.41%,

3/14/27

....

3,181

39

FW2786974.UP.FTS.B,

25.42%,

3/14/27

..

2,818

2,798

L2782753.UP.FTS.B,

25.44%,

3/14/27

....

1,653

248

L2782792.UP.FTS.B,

25.44%,

3/14/27

....

4,868

4,832

L2783659.UP.FTS.B,

25.44%,

3/14/27

....

2,391

2,374

L2785196.UP.FTS.B,

25.44%,

3/14/27

....

2,326

2,310

L2789341.UP.FTS.B,

25.44%,

3/14/27

....

854

843

FW2781250.UP.FTS.B,

25.45%,

3/14/27

..

2,136

2,120

L2782387.UP.FTS.B,

25.45%,

3/14/27

....

5,271

374

L2789729.UP.FTS.B,

25.45%,

3/14/27

....

1,025

1,017

L2762162.UP.FTS.B,

25.46%,

3/14/27

....

873

865

L2775042.UP.FTS.B,

25.46%,

3/14/27

....

1,150

1,141

L2780947.UP.FTS.B,

25.46%,

3/14/27

....

11,531

11,446

L2781236.UP.FTS.B,

25.46%,

3/14/27

....

1,537

1,526

L2789403.UP.FTS.B,

25.46%,

3/14/27

....

854

848

L2779831.UP.FTS.B,

25.47%,

3/14/27

....

742

104

L2781384.UP.FTS.B,

25.47%,

3/14/27

....

1,818

129

L2783845.UP.FTS.B,

25.47%,

3/14/27

....

5,853

5,813

FW2783798.UP.FTS.B,

25.48%,

3/14/27

..

4,613

4,579

FW2785945.UP.FTS.B,

25.48%,

3/14/27

..

2,308

2,291

L2789644.UP.FTS.B,

25.48%,

3/14/27

....

7,094

7,041

L2781099.UP.FTS.B,

25.49%,

3/14/27

....

1,708

1,696

L2783331.UP.FTS.B,

25.49%,

3/14/27

....

12,799

12,603

L2781097.UP.FTS.B,

25.5%,

3/14/27

....

1,809

1,797

L2781634.UP.FTS.B,

25.5%,

3/14/27

....

10,068

120

L2782100.UP.FTS.B,

25.5%,

3/14/27

....

2,034

144

L2783689.UP.FTS.B,

25.5%,

3/14/27

....

8,426

8,370

L2785003.UP.FTS.B,

25.5%,

3/14/27

....

8,133

2,352

L2787414.UP.FTS.B,

25.5%,

3/14/27

....

1,420

410

L2782131.UP.FTS.B,

25.51%,

3/14/27

....

15,036

14,924

L2783650.UP.FTS.B,

25.51%,

3/14/27

....

2,821

2,800

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

126

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2785441.UP.FTS.B,

25.51%,

3/14/27

....

$

3,246

$

3,222

L2788040.UP.FTS.B,

25.51%,

3/14/27

....

1,954

1,938

FW2785898.UP.FTS.B,

25.52%,

3/14/27

..

2,822

2,801

FW2786678.UP.FTS.B,

25.53%,

3/14/27

..

3,292

3,270

L2783105.UP.FTS.B,

25.53%,

3/14/27

....

1,497

106

L2783570.UP.FTS.B,

25.53%,

3/14/27

....

3,337

3,313

L2784004.UP.FTS.B,

25.53%,

3/14/27

....

2,820

2,799

L2782017.UP.FTS.B,

25.54%,

3/14/27

....

1,799

1,770

FW2779787.UP.FTS.B,

25.55%,

3/14/27

..

11,107

11,025

FW2783441.UP.FTS.B,

25.55%,

3/14/27

..

5,934

70

L2785828.UP.FTS.B,

25.55%,

3/14/27

....

4,699

4,665

L2789121.UP.FTS.B,

25.56%,

3/14/27

....

2,832

2,812

FW2784612.UP.FTS.B,

25.59%,

3/14/27

..

37,607

35,610

FW2787136.UP.FTS.B,

25.59%,

3/14/27

..

18,363

18,237

FW2779971.UP.FTS.B,

25.6%,

3/14/27

...

19,902

5,732

FW2785182.UP.FTS.B,

25.6%,

3/14/27

...

29,569

29,349

FW2788301.UP.FTS.B,

25.6%,

3/14/27

...

4,607

4,574

L2779594.UP.FTS.B,

25.6%,

3/14/27

....

3,076

3,054

L2783555.UP.FTS.B,

25.63%,

3/14/27

....

2,773

2,751

L2781773.UP.FTS.B,

25.64%,

3/14/27

....

4,773

4,735

L2782139.UP.FTS.B,

25.66%,

3/14/27

....

19,299

1,375

L2789273.UP.FTS.B,

25.66%,

3/14/27

....

2,909

2,863

L2779605.UP.FTS.B,

25.67%,

3/14/27

....

1,453

1,442

FW2783690.UP.FTS.B,

25.69%,

3/14/27

..

9,261

9,205

FW2787434.UP.FTS.B,

25.69%,

3/14/27

..

3,420

3,394

FW2783763.UP.FTS.B,

25.71%,

3/14/27

..

4,275

4,243

FW2779444.UP.FTS.B,

25.73%,

3/14/27

..

4,276

4,244

FW2780847.UP.FTS.B,

25.74%,

3/14/27

..

4,136

297

FW2780856.UP.FTS.B,

25.75%,

3/14/27

..

17,516

17,385

FW2787230.UP.FTS.B,

25.75%,

3/14/27

..

6,413

6,366

FW2782144.UP.FTS.B,

25.77%,

3/14/27

..

2,309

2,292

FW2784068.UP.FTS.B,

25.78%,

3/14/27

..

1,245

1,197

L2784093.UP.FTS.B,

25.79%,

3/14/27

....

7,697

7,575

FW2785241.UP.FTS.B,

25.8%,

3/14/27

...

13,239

13,151

FW2789673.UP.FTS.B,

25.81%,

3/14/27

..

3,763

3,735

FW2785161.UP.FTS.B,

25.83%,

3/14/27

..

8,500

8,449

FW2779937.UP.FTS.B,

25.86%,

3/14/27

..

13,442

13,360

FW2785698.UP.FTS.B,

25.86%,

3/14/27

..

10,266

10,190

L2780008.UP.FTS.B,

25.87%,

3/14/27

....

5,391

5,351

L2781526.UP.FTS.B,

25.87%,

3/14/27

....

4,620

4,585

L2780080.UP.FTS.B,

25.88%,

3/14/27

....

8,127

8,067

FW2786039.UP.FTS.B,

25.89%,

3/14/27

..

3,930

3,900

FW2789463.UP.FTS.B,

25.89%,

3/14/27

..

7,444

7,389

FW2780770.UP.FTS.B,

25.9%,

3/14/27

...

8,659

8,582

L2790291.UP.FTS.B,

25.9%,

3/14/27

....

2,937

2,914

L2781244.UP.FTS.B,

25.96%,

3/14/27

....

6,247

6,201

L2786958.UP.FTS.B,

25.96%,

3/14/27

....

5,221

5,182

L2787560.UP.FTS.B,

25.96%,

3/14/27

....

3,088

3,065

FW2790410.UP.FTS.B,

25.97%,

3/14/27

..

2,140

2,124

L2780995.UP.FTS.B,

25.98%,

3/14/27

....

11,811

11,724

L2788615.UP.FTS.B,

25.98%,

3/14/27

....

3,852

3,823

FW2785920.UP.FTS.B,

26.05%,

3/14/27

..

9,246

9,177

L2782923.UP.FTS.B,

26.05%,

3/14/27

....

2,422

173

L2787985.UP.FTS.B,

26.07%,

3/14/27

....

2,059

307

FW2789885.UP.FTS.B,

26.1%,

3/14/27

...

7,492

7,439

L2782453.UP.FTS.B,

26.12%,

3/14/27

....

8,050

7,990

FW2790587.UP.FTS.B,

26.13%,

3/14/27

..

10,042

1,480

L2767489.UP.FTS.B,

26.15%,

3/14/27

....

8,571

614

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2789391.UP.FTS.B,

26.18%,

3/14/27

....

$

2,210

$

2,196

FW2782503.UP.FTS.B,

26.19%,

3/14/27

..

4,771

4,519

L2788594.UP.FTS.B,

26.26%,

3/14/27

....

767

755

FW2781434.UP.FTS.B,

26.27%,

3/14/27

..

34,276

33,732

FW2780132.UP.FTS.B,

26.28%,

3/14/27

..

1,870

1,797

FW2784157.UP.FTS.B,

26.28%,

3/14/27

..

38,315

38,035

L2787642.UP.FTS.B,

26.29%,

3/14/27

....

2,314

2,297

FW2786626.UP.FTS.B,

26.35%,

3/14/27

..

1,902

1,889

FW2781613.UP.FTS.B,

26.4%,

3/14/27

...

2,908

2,891

L2783551.UP.FTS.B,

26.4%,

3/14/27

....

7,287

7,233

FW2782469.UP.FTS.B,

26.41%,

3/14/27

..

10,288

10,211

FW2740721.UP.FTS.B,

26.47%,

3/14/27

..

2,744

2,724

FW2783423.UP.FTS.B,

26.53%,

3/14/27

..

8,238

8,176

L2783137.UP.FTS.B,

26.54%,

3/14/27

....

6,634

973

FW2782876.UP.FTS.B,

26.56%,

3/14/27

..

8,579

8,515

FW2788390.UP.FTS.B,

26.61%,

3/14/27

..

2,556

2,540

FW2782433.UP.FTS.B,

26.73%,

3/14/27

..

4,635

4,601

FW2784337.UP.FTS.B,

26.73%,

3/14/27

..

5,580

5,538

FW2782583.UP.FTS.B,

26.76%,

3/14/27

..

4,139

4,108

FW2781640.UP.FTS.B,

26.82%,

3/14/27

..

19,609

1,385

FW2781134.UP.FTS.B,

26.83%,

3/14/27

..

4,877

4,837

FW2777326.UP.FTS.B,

26.85%,

3/14/27

..

4,186

4,160

FW2783028.UP.FTS.B,

26.85%,

3/14/27

..

9,018

8,951

FW2781537.UP.FTS.B,

26.89%,

3/14/27

..

3,461

3,406

FW2779756.UP.FTS.B,

27.04%,

3/14/27

..

4,641

4,607

FW2789531.UP.FTS.B,

27.05%,

3/14/27

..

12,896

12,800

FW2787704.UP.FTS.B,

27.06%,

3/14/27

..

1,720

1,707

FW2784913.UP.FTS.B,

27.1%,

3/14/27

...

11,634

1,714

FW2785449.UP.FTS.B,

27.1%,

3/14/27

...

8,597

8,533

FW2789171.UP.FTS.B,

27.1%,

3/14/27

...

4,642

4,608

FW2781100.UP.FTS.B,

27.11%,

3/14/27

..

2,808

2,783

FW2785546.UP.FTS.B,

27.15%,

3/14/27

..

4,213

4,182

L2784086.UP.FTS.B,

27.19%,

3/14/27

....

4,017

279

FW2789041.UP.FTS.B,

27.27%,

3/14/27

..

4,574

4,543

FW2784994.UP.FTS.B,

27.31%,

3/14/27

..

4,730

4,694

FW2782365.UP.FTS.B,

27.34%,

3/14/27

..

4,311

4,280

FW2788518.UP.FTS.B,

27.34%,

3/14/27

..

4,221

4,189

FW2780191.UP.FTS.B,

27.35%,

3/14/27

..

3,818

3,792

L2782849.UP.FTS.B,

27.38%,

3/14/27

....

4,131

4,100

FW2779746.UP.FTS.B,

27.4%,

3/14/27

...

8,835

8,366

FW2781187.UP.FTS.B,

27.42%,

3/14/27

..

2,399

2,384

FW2787946.UP.FTS.B,

27.42%,

3/14/27

..

16,368

16,248

L2785536.UP.FTS.B,

27.43%,

3/14/27

....

12,969

12,280

FW2781329.UP.FTS.B,

27.46%,

3/14/27

..

2,152

2,136

FW2782057.UP.FTS.B,

27.48%,

3/14/27

..

9,384

9,314

FW2780427.UP.FTS.B,

27.49%,

3/14/27

..

2,583

2,564

FW2780043.UP.FTS.B,

27.53%,

3/14/27

..

1,717

1,700

FW2780514.UP.FTS.B,

27.64%,

3/14/27

..

4,738

4,703

FW2780278.UP.FTS.B,

27.7%,

3/14/27

...

27,858

27,446

FW2783812.UP.FTS.B,

27.72%,

3/14/27

..

4,608

4,579

FW2784987.UP.FTS.B,

27.75%,

3/14/27

..

13,961

13,857

FW2787204.UP.FTS.B,

27.75%,

3/14/27

..

32,028

31,788

FW2786682.UP.FTS.B,

27.8%,

3/14/27

...

32,801

32,616

FW2782891.UP.FTS.B,

27.85%,

3/14/27

..

8,271

7,840

FW2783303.UP.FTS.B,

27.89%,

3/14/27

..

8,565

8,512

L2786514.UP.FTS.B,

27.96%,

3/14/27

....

1,874

1,862

FW2786087.UP.FTS.B,

27.98%,

3/14/27

..

3,114

3,088

FW2784087.UP.FTS.B,

27.99%,

3/14/27

..

2,608

2,590

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

127

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2783828.UP.FTS.B,

28%,

3/14/27

....

$

6,903

$

6,852

FW2786129.UP.FTS.B,

28%,

3/14/27

....

4,281

4,255

FW2788420.UP.FTS.B,

28.03%,

3/14/27

..

5,608

5,566

FW2785385.UP.FTS.B,

28.06%,

3/14/27

..

6,644

6,595

FW2780403.UP.FTS.B,

28.18%,

3/14/27

..

4,151

4,121

FW2784340.UP.FTS.B,

28.27%,

3/14/27

..

3,058

215

FW2781578.UP.FTS.B,

28.33%,

3/14/27

..

12,265

12,174

FW2789642.UP.FTS.B,

28.34%,

3/14/27

..

8,637

8,573

FW2781808.UP.FTS.B,

28.36%,

3/14/27

..

9,478

9,424

FW2781950.UP.FTS.B,

28.45%,

3/14/27

..

6,049

6,004

FW2784111.UP.FTS.B,

28.45%,

3/14/27

..

5,187

5,149

FW2781108.UP.FTS.B,

28.46%,

3/14/27

..

3,230

3,208

FW2781674.UP.FTS.B,

28.51%,

3/14/27

..

5,618

5,576

FW2786004.UP.FTS.B,

28.57%,

3/14/27

..

10,205

1,500

FW2781987.UP.FTS.B,

28.61%,

3/14/27

..

19,022

18,881

FW2786144.UP.FTS.B,

28.61%,

3/14/27

..

1,795

1,783

FW2790351.UP.FTS.B,

28.63%,

3/14/27

..

4,474

4,239

FW2788124.UP.FTS.B,

28.64%,

3/14/27

..

8,525

8,465

L2788699.UP.FTS.B,

28.65%,

3/14/27

....

5,708

5,666

FW2749985.UP.FTS.B,

28.71%,

3/14/27

..

1,903

1,889

FW2780226.UP.FTS.B,

28.72%,

3/14/27

..

6,487

6,439

FW2787016.UP.FTS.B,

28.75%,

3/14/27

..

12,977

12,880

FW2786938.UP.FTS.B,

28.76%,

3/14/27

..

2,422

2,404

FW2787789.UP.FTS.B,

28.76%,

3/14/27

..

1,254

1,217

FW2785517.UP.FTS.B,

28.82%,

3/14/27

..

18,935

18,806

FW2780172.UP.FTS.B,

28.83%,

3/14/27

..

1,731

1,718

FW2784893.UP.FTS.B,

28.85%,

3/14/27

..

9,433

9,363

FW2783497.UP.FTS.B,

28.87%,

3/14/27

..

3,607

544

FW2784865.UP.FTS.B,

28.89%,

3/14/27

..

942

936

FW2785593.UP.FTS.B,

28.9%,

3/14/27

...

7,344

7,295

FW2789750.UP.FTS.B,

28.92%,

3/14/27

..

3,585

527

FW2787416.UP.FTS.B,

28.94%,

3/14/27

..

1,125

1,117

FW2783990.UP.FTS.B,

28.98%,

3/14/27

..

3,242

229

FW2789827.UP.FTS.B,

29.03%,

3/14/27

..

3,009

2,990

FW2781279.UP.FTS.B,

29.08%,

3/14/27

..

3,116

221

FW2784282.UP.FTS.B,

29.08%,

3/14/27

..

6,504

6,458

FW2781080.UP.FTS.B,

29.1%,

3/14/27

...

1,561

109

FW2783840.UP.FTS.B,

29.11%,

3/14/27

..

17,642

1,253

FW2782994.UP.FTS.B,

29.14%,

3/14/27

..

3,366

3,341

FW2783889.UP.FTS.B,

29.18%,

3/14/27

..

3,958

583

FW2779355.UP.FTS.B,

29.22%,

3/14/27

..

5,050

5,014

FW2781786.UP.FTS.B,

29.22%,

3/14/27

..

1,647

1,634

FW2784027.UP.FTS.B,

29.23%,

3/14/27

..

13,239

13,162

FW2781563.UP.FTS.B,

29.25%,

3/14/27

..

867

860

FW2783263.UP.FTS.B,

29.25%,

3/14/27

..

8,060

8,001

FW2779918.UP.FTS.B,

29.26%,

3/14/27

..

6,067

6,022

FW2785470.UP.FTS.B,

29.28%,

3/14/27

..

7,975

7,915

FW2781164.UP.FTS.B,

29.32%,

3/14/27

..

12,158

12,050

FW2787118.UP.FTS.B,

29.41%,

3/14/27

..

2,515

2,496

FW2779974.UP.FTS.B,

29.47%,

3/14/27

..

3,383

3,358

FW2787970.UP.FTS.B,

29.51%,

3/14/27

..

4,912

(11)

FW2788427.UP.FTS.B,

29.53%,

3/14/27

..

6,489

95

FW2779230.UP.FTS.B,

29.54%,

3/14/27

..

8,676

8,612

FW2785701.UP.FTS.B,

29.6%,

3/14/27

...

1,822

1,809

FW2780605.UP.FTS.B,

29.61%,

3/14/27

..

868

861

FW2786457.UP.FTS.B,

29.64%,

3/14/27

..

4,547

(13)

FW2788443.UP.FTS.B,

29.76%,

3/14/27

..

1,803

1,707

FW2773545.UP.FTS.B,

29.8%,

3/14/27

...

1,809

1,789

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2785457.UP.FTS.B,

29.81%,

3/14/27

..

$

3,803

$

266

FW2783287.UP.FTS.B,

29.91%,

3/14/27

..

4,342

4,309

FW2782094.UP.FTS.B,

29.97%,

3/14/27

..

8,998

1,321

FW2783229.UP.FTS.B,

29.98%,

3/14/27

..

10,428

10,351

FW2789655.UP.FTS.B,

29.98%,

3/14/27

..

13,036

12,939

FW2788528.UP.FTS.B,

30.04%,

3/14/27

..

17,383

17,254

FW2789631.UP.FTS.B,

30.08%,

3/14/27

..

4,022

3,993

FW2788067.UP.FTS.B,

30.09%,

3/14/27

..

5,361

5,328

FW2787874.UP.FTS.B,

30.13%,

3/14/27

..

979

284

FW2788950.UP.FTS.B,

30.14%,

3/14/27

..

10,166

10,096

FW2781683.UP.FTS.B,

30.16%,

3/14/27

..

4,021

593

FW2784092.UP.FTS.B,

30.18%,

3/14/27

..

2,324

162

FW2788570.UP.FTS.B,

30.2%,

3/14/27

...

7,219

7,165

FW2781612.UP.FTS.B,

30.26%,

3/14/27

..

957

950

FW2750613.UP.FTS.B,

30.29%,

3/14/27

..

920

64

FW2786929.UP.FTS.B,

30.3%,

3/14/27

...

8,728

8,665

FW2781150.UP.FTS.B,

30.31%,

3/14/27

..

2,824

(15)

FW2782935.UP.FTS.B,

30.31%,

3/14/27

..

6,891

6,848

FW2785389.UP.FTS.B,

30.36%,

3/14/27

..

3,936

3,909

FW2790079.UP.FTS.B,

30.37%,

3/14/27

..

5,522

385

FW2785341.UP.FTS.B,

30.39%,

3/14/27

..

978

(25)

FW2783523.UP.FTS.B,

30.41%,

3/14/27

..

4,155

4,115

FW2781702.UP.FTS.B,

30.46%,

3/14/27

..

5,136

5,098

FW2790314.UP.FTS.B,

30.48%,

3/14/27

..

9,276

9,209

FW2788285.UP.FTS.B,

30.5%,

3/14/27

...

2,379

2,254

FW2780158.UP.FTS.B,

30.52%,

3/14/27

..

1,564

1,555

FW2780987.UP.FTS.B,

30.55%,

3/14/27

..

954

926

FW2780499.UP.FTS.B,

30.57%,

3/14/27

..

1,485

1,474

FW2789619.UP.FTS.B,

30.58%,

3/14/27

..

1,426

414

FW2781411.UP.FTS.B,

30.59%,

3/14/27

..

788

780

FW2789370.UP.FTS.B,

30.6%,

3/14/27

...

3,919

3,890

FW2781547.UP.FTS.B,

30.61%,

3/14/27

..

938

65

FW2785934.UP.FTS.B,

30.61%,

3/14/27

..

15,939

15,820

FW2789252.UP.FTS.B,

30.65%,

3/14/27

..

17,422

17,293

FW2785351.UP.FTS.B,

30.67%,

3/14/27

..

1,394

1,384

FW2780952.UP.FTS.B,

30.68%,

3/14/27

..

871

865

FW2787603.UP.FTS.B,

30.68%,

3/14/27

..

941

935

FW2781585.UP.FTS.B,

30.69%,

3/14/27

..

1,126

78

FW2785631.UP.FTS.B,

30.69%,

3/14/27

..

1,743

1,730

FW2790266.UP.FTS.B,

30.72%,

3/14/27

..

487

479

FW2783504.UP.FTS.B,

30.73%,

3/14/27

..

2,963

2,941

FW2786209.UP.FTS.B,

30.73%,

3/14/27

..

1,220

1,211

FW2783660.UP.FTS.B,

30.79%,

3/14/27

..

2,266

2,249

FW2780019.UP.FTS.B,

30.81%,

3/14/27

..

1,233

1,225

FW2785523.UP.FTS.B,

30.83%,

3/14/27

..

3,189

3,165

FW2785601.UP.FTS.B,

30.83%,

3/14/27

..

2,066

144

FW2779868.UP.FTS.B,

30.84%,

3/14/27

..

1,309

1,288

FW2784190.UP.FTS.B,

30.84%,

3/14/27

..

1,404

1,392

FW2781128.UP.FTS.B,

30.87%,

3/14/27

..

1,917

1,903

FW2781941.UP.FTS.B,

30.87%,

3/14/27

..

1,569

1,558

FW2783995.UP.FTS.B,

30.88%,

3/14/27

..

3,196

471

FW2782574.UP.FTS.B,

30.89%,

3/14/27

..

9,162

638

FW2789947.UP.FTS.B,

30.89%,

3/14/27

..

3,427

3,395

FW2790078.UP.FTS.B,

30.9%,

3/14/27

...

2,441

2,423

FW2777774.UP.FTS.B,

30.91%,

3/14/27

..

1,163

1,102

FW2783182.UP.FTS.B,

30.92%,

3/14/27

..

1,046

1,039

FW2784494.UP.FTS.B,

30.92%,

3/14/27

..

1,483

1,472

FW2790293.UP.FTS.B,

30.94%,

3/14/27

..

2,355

2,337

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

128

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2783246.UP.FTS.B,

30.95%,

3/14/27

..

$

1,308

$

1,298

FW2784380.UP.FTS.B,

30.95%,

3/14/27

..

959

952

FW2782248.UP.FTS.B,

30.97%,

3/14/27

..

2,415

2,401

FW2782268.UP.FTS.B,

30.97%,

3/14/27

..

998

987

FW2785963.UP.FTS.B,

30.97%,

3/14/27

..

10,030

9,955

FW2786330.UP.FTS.B,

30.97%,

3/14/27

..

16,744

16,620

FW2783531.UP.FTS.B,

30.98%,

3/14/27

..

8,821

8,760

FW2783734.UP.FTS.B,

30.98%,

3/14/27

..

1,919

1,905

FW2784675.UP.FTS.B,

30.98%,

3/14/27

..

1,832

1,818

FW2785442.UP.FTS.B,

30.98%,

3/14/27

..

1,106

77

FW2786195.UP.FTS.B,

30.98%,

3/14/27

..

1,047

1,039

FW2782332.UP.FTS.B,

30.99%,

3/14/27

..

1,477

1,468

FW2786754.UP.FTS.B,

30.99%,

3/14/27

..

1,483

1,472

FW2779939.UP.FTS.B,

31%,

3/14/27

....

712

701

FW2783509.UP.FTS.B,

31.03%,

3/14/27

..

5,409

793

FW2784679.UP.FTS.B,

31.03%,

3/14/27

..

1,996

578

FW2782870.UP.FTS.B,

31.04%,

3/14/27

..

1,027

1,014

FW2787376.UP.FTS.B,

31.04%,

3/14/27

..

2,300

2,284

FW2787448.UP.FTS.B,

31.05%,

3/14/27

..

1,134

1,126

FW2784370.UP.FTS.B,

31.06%,

3/14/27

..

8,292

7,856

FW2790081.UP.FTS.B,

31.07%,

3/14/27

..

1,134

1,126

FW2782355.UP.FTS.B,

31.08%,

3/14/27

..

1,730

1,719

FW2785866.UP.FTS.B,

31.08%,

3/14/27

..

1,047

1,039

FW2787532.UP.FTS.B,

31.09%,

3/14/27

..

969

962

FW2787940.UP.FTS.B,

31.09%,

3/14/27

..

7,237

6,852

FW2788577.UP.FTS.B,

31.09%,

3/14/27

..

1,941

1,839

FW2780732.UP.FTS.B,

31.1%,

3/14/27

...

2,697

191

FW2788870.UP.FTS.B,

31.1%,

3/14/27

...

5,165

5,131

FW2785064.UP.FTS.B,

31.11%,

3/14/27

..

1,047

1,039

FW2781136.UP.FTS.B,

31.12%,

3/14/27

..

3,316

3,291

FW2786131.UP.FTS.B,

31.12%,

3/14/27

..

2,096

308

FW2789294.UP.FTS.B,

31.12%,

3/14/27

..

4,012

3,982

FW2784127.UP.FTS.B,

31.13%,

3/14/27

..

2,402

2,368

FW2781681.UP.FTS.B,

31.14%,

3/14/27

..

1,134

1,126

FW2787239.UP.FTS.B,

31.14%,

3/14/27

..

4,015

3,985

FW2788705.UP.FTS.B,

31.14%,

3/14/27

..

3,833

555

FW2780167.UP.FTS.B,

31.15%,

3/14/27

..

4,200

(34)

FW2781895.UP.FTS.B,

31.15%,

3/14/27

..

1,663

1,651

FW2782102.UP.FTS.B,

31.15%,

3/14/27

..

1,198

83

FW2782284.UP.FTS.B,

31.15%,

3/14/27

..

3,856

3,829

FW2787162.UP.FTS.B,

31.15%,

3/14/27

..

2,968

2,946

FW2780763.UP.FTS.B,

31.16%,

3/14/27

..

1,571

1,559

FW2782887.UP.FTS.B,

31.16%,

3/14/27

..

6,177

5,857

FW2787568.UP.FTS.B,

31.16%,

3/14/27

..

893

260

FW2780136.UP.FTS.B,

31.17%,

3/14/27

..

1,644

(14)

FW2781751.UP.FTS.B,

31.17%,

3/14/27

..

502

35

FW2789715.UP.FTS.B,

31.18%,

3/14/27

..

1,875

1,776

FW2782023.UP.FTS.B,

31.19%,

3/14/27

..

2,007

1,992

FW2782700.UP.FTS.B,

31.19%,

3/14/27

..

5,205

(43)

FW2785357.UP.FTS.B,

31.21%,

3/14/27

..

2,793

2,772

FW2787102.UP.FTS.B,

31.21%,

3/14/27

..

4,190

4,159

FW2781077.UP.FTS.B,

31.22%,

3/14/27

..

960

953

FW2774568.UP.FTS.B,

31.23%,

3/14/27

..

803

(26)

FW2783270.UP.FTS.B,

31.23%,

3/14/27

..

17,637

17,499

FW2783557.UP.FTS.B,

31.23%,

3/14/27

..

3,264

3,241

FW2782281.UP.FTS.B,

31.24%,

3/14/27

..

2,687

2,661

FW2789907.UP.FTS.B,

31.24%,

3/14/27

..

1,056

1,040

FW2783300.UP.FTS.B,

31.25%,

3/14/27

..

2,184

2,167

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2785509.UP.FTS.B,

31.25%,

3/14/27

..

$

3,017

$

2,997

FW2785558.UP.FTS.B,

31.27%,

3/14/27

..

3,667

3,640

FW2779996.UP.FTS.B,

31.38%,

3/14/27

..

3,027

3,007

FW2784473.UP.FTS.B,

31.45%,

3/14/27

..

2,363

2,345

FW2781466.UP.FTS.B,

31.46%,

3/14/27

..

1,485

1,474

FW2787620.UP.FTS.B,

31.48%,

3/14/27

..

15,630

(146)

FW2785379.UP.FTS.B,

31.49%,

3/14/27

..

25,693

7,505

FW2784706.UP.FTS.B,

31.51%,

3/14/27

..

4,282

4,250

FW2780027.UP.FTS.B,

31.52%,

3/14/27

..

2,623

2,604

FW2789305.UP.FTS.B,

31.55%,

3/14/27

..

4,541

4,305

FW2780410.UP.FTS.B,

31.7%,

3/14/27

...

5,689

401

FW2780093.UP.FTS.B,

31.72%,

3/14/27

..

2,275

2,258

FW2781284.UP.FTS.B,

31.75%,

3/14/27

..

2,974

2,952

FW2781775.UP.FTS.B,

31.79%,

3/14/27

..

4,985

4,949

FW2785751.UP.FTS.B,

31.86%,

3/14/27

..

1,750

1,737

FW2780155.UP.FTS.B,

31.91%,

3/14/27

..

2,188

2,171

FW2789903.UP.FTS.B,

31.92%,

3/14/27

..

4,299

4,076

FW2783916.UP.FTS.B,

31.93%,

3/14/27

..

2,975

2,953

FW2781715.UP.FTS.B,

32.21%,

3/14/27

..

5,257

770

FW2790669.UP.FTS.B,

32.4%,

3/14/27

...

4,646

4,611

FW2781161.UP.FTS.B,

32.42%,

3/14/27

..

5,971

5,925

FW2784631.UP.FTS.B,

32.84%,

3/14/27

..

1,317

1,307

FW2788557.UP.FTS.B,

32.99%,

3/14/27

..

1,027

1,019

FW2783388.UP.FTS.B,

33.44%,

3/14/27

..

1,589

111

FW2789113.UP.FTS.B,

34.45%,

3/14/27

..

11,806

(335)

L2780893.UP.FTS.B,

12.86%,

3/15/27

....

802

794

L2782604.UP.FTS.B,

22.2%,

3/15/27

....

5,481

5,401

L2785227.UP.FTS.B,

17.43%,

3/16/27

....

24,028

23,731

L2780204.UP.FTS.B,

20.34%,

3/17/27

....

8,361

8,240

FW2779874.UP.FTS.B,

16.55%,

3/19/27

..

8,211

8,100

FW2788471.UP.FTS.B,

31.09%,

3/19/27

..

2,295

2,278

L2788995.UP.FTS.B,

15.39%,

3/20/27

....

2,696

2,662

L2784421.UP.FTS.B,

22.65%,

3/20/27

....

19,419

19,135

L2785417.UP.FTS.B,

23.7%,

3/20/27

....

1,797

1,765

L1894414.UP.FTS.B,

14.79%,

3/21/27

....

6,463

6,080

L1891212.UP.FTS.B,

19.72%,

3/21/27

....

9,379

9,266

L1895096.UP.FTS.B,

19.8%,

3/21/27

....

8,267

7,773

L2771055.UP.FTS.B,

19.91%,

3/21/27

....

5,840

5,807

L1892599.UP.FTS.B,

22.22%,

3/21/27

....

2,555

2,435

L1892391.UP.FTS.B,

22.31%,

3/21/27

....

906

65

FW1893730.UP.FTS.B,

26.84%,

3/21/27

..

7,589

7,247

FW1892283.UP.FTS.B,

28.56%,

3/21/27

..

16,594

16,554

FW1892275.UP.FTS.B,

31.17%,

3/21/27

..

20,884

19,982

FW1850949.UP.FTS.B,

31.21%,

3/21/27

..

36,135

5,208

L2789596.UP.FTS.B,

19.71%,

3/22/27

....

4,688

4,630

FW2782171.UP.FTS.B,

27.22%,

3/22/27

..

6,068

6,035

FW2780875.UP.FTS.B,

30.81%,

3/22/27

..

2,369

2,356

L2789704.UP.FTS.B,

17.16%,

3/28/27

....

20,731

20,479

FW2780445.UP.FTS.B,

18.66%,

3/28/27

..

14,518

14,305

L2786225.UP.FTS.B,

19.38%,

3/28/27

....

11,488

11,324

FW2784959.UP.FTS.B,

22.93%,

3/28/27

..

9,045

8,992

FW2787432.UP.FTS.B,

24.27%,

3/28/27

..

17,155

17,066

L2018288.UP.FTS.B,

10.67%,

4/10/27

....

13,327

13,184

FW2011916.UP.FTS.B,

16.6%,

4/10/27

...

2,265

2,244

L2017330.UP.FTS.B,

18.21%,

4/10/27

....

4,214

4,155

L2016429.UP.FTS.B,

20.87%,

4/10/27

....

21,366

21,062

FW2016567.UP.FTS.B,

21.23%,

4/10/27

..

4,485

2,555

L2018168.UP.FTS.B,

21.66%,

4/10/27

....

10,781

10,610

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

129

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2016525.UP.FTS.B,

22.77%,

4/10/27

....

$

6,303

$

6,271

L2015796.UP.FTS.B,

24.12%,

4/10/27

....

5,663

3,337

FW2017808.UP.FTS.B,

24.16%,

4/10/27

..

16,777

16,666

L2018248.UP.FTS.B,

24.88%,

4/10/27

....

2,647

2,643

L2015858.UP.FTS.B,

25.48%,

4/10/27

....

6,023

1,684

L2018213.UP.FTS.B,

25.8%,

4/10/27

....

14,819

14,733

FW2018468.UP.FTS.B,

26.52%,

4/10/27

..

18,958

5,381

FW2017752.UP.FTS.B,

26.85%,

4/10/27

..

26,145

25,976

L2931144.UP.FTS.B,

5.51%,

4/11/27

.....

7,116

7,067

FW2930052.UP.FTS.B,

5.58%,

4/11/27

...

15,819

15,709

FW2932165.UP.FTS.B,

5.86%,

4/11/27

...

16,081

15,969

L2928632.UP.FTS.B,

5.88%,

4/11/27

.....

8,397

8,339

L2931142.UP.FTS.B,

5.9%,

4/11/27

......

15,587

15,474

L2931326.UP.FTS.B,

6.18%,

4/11/27

.....

9,898

9,830

L2931374.UP.FTS.B,

7.06%,

4/11/27

.....

5,581

5,542

FW2929692.UP.FTS.B,

7.58%,

4/11/27

...

10,391

10,301

FW2930492.UP.FTS.B,

7.76%,

4/11/27

...

21,841

21,647

L2928415.UP.FTS.B,

7.84%,

4/11/27

.....

28,013

27,764

L2928839.UP.FTS.B,

7.91%,

4/11/27

.....

6,350

6,294

L2929271.UP.FTS.B,

8.07%,

4/11/27

.....

28,847

28,652

L2928297.UP.FTS.B,

8.58%,

4/11/27

.....

20,450

10,460

FW2930354.UP.FTS.B,

8.77%,

4/11/27

...

17,086

16,938

L2929501.UP.FTS.B,

8.87%,

4/11/27

.....

21,562

21,378

L2929733.UP.FTS.B,

9.1%,

4/11/27

......

30,208

29,941

L2928144.UP.FTS.B,

9.39%,

4/11/27

.....

16,300

16,156

FW2928771.UP.FTS.B,

9.46%,

4/11/27

...

40,349

39,992

L2931437.UP.FTS.B,

9.47%,

4/11/27

.....

9,080

559

L2932211.UP.FTS.B,

9.68%,

4/11/27

.....

17,127

16,975

L2931292.UP.FTS.B,

9.71%,

4/11/27

.....

1,369

1,358

L2930583.UP.FTS.B,

9.81%,

4/11/27

.....

36,377

36,056

L2929532.UP.FTS.B,

9.84%,

4/11/27

.....

13,443

13,325

L2931980.UP.FTS.B,

10.2%,

4/11/27

.....

8,748

8,671

L2932135.UP.FTS.B,

10.91%,

4/11/27

....

18,694

18,486

L2930472.UP.FTS.B,

10.98%,

4/11/27

....

894

885

L2928694.UP.FTS.B,

11.02%,

4/11/27

....

13,093

12,947

L2929301.UP.FTS.B,

11.05%,

4/11/27

....

9,191

9,089

FW2931075.UP.FTS.B,

11.12%,

4/11/27

..

10,614

10,498

FW2930918.UP.FTS.B,

11.32%,

4/11/27

..

5,134

698

FW2931457.UP.FTS.B,

11.32%,

4/11/27

..

8,144

8,053

FW2928380.UP.FTS.B,

11.34%,

4/11/27

..

3,095

3,060

L2925082.UP.FTS.B,

11.39%,

4/11/27

....

3,666

3,627

L2929885.UP.FTS.B,

11.42%,

4/11/27

....

35,442

35,132

L2929334.UP.FTS.B,

11.51%,

4/11/27

....

19,481

19,265

L2929504.UP.FTS.B,

11.63%,

4/11/27

....

2,447

2,420

FW2928315.UP.FTS.B,

11.88%,

4/11/27

..

2,698

2,668

L2931774.UP.FTS.B,

11.89%,

4/11/27

....

11,884

11,753

L2930803.UP.FTS.B,

11.99%,

4/11/27

....

13,154

13,008

L2930792.UP.FTS.B,

12.29%,

4/11/27

....

4,091

4,045

L2932192.UP.FTS.B,

12.4%,

4/11/27

.....

24,559

24,286

L2928805.UP.FTS.B,

12.67%,

4/11/27

....

30,293

4,029

L2925660.UP.FTS.B,

12.92%,

4/11/27

....

1,231

1,217

L2930442.UP.FTS.B,

13.06%,

4/11/27

....

14,782

14,618

L2930302.UP.FTS.B,

13.11%,

4/11/27

....

6,078

6,011

L2929574.UP.FTS.B,

13.26%,

4/11/27

....

8,219

8,133

L2927750.UP.FTS.B,

13.53%,

4/11/27

....

6,173

6,105

L2929053.UP.FTS.B,

13.57%,

4/11/27

....

13,352

13,208

L2931141.UP.FTS.B,

14.22%,

4/11/27

....

8,554

8,460

L2930680.UP.FTS.B,

14.64%,

4/11/27

....

395

390

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2931651.UP.FTS.B,

14.66%,

4/11/27

..

$

5,791

$

5,727

L2931110.UP.FTS.B,

14.92%,

4/11/27

....

3,727

3,673

L2928992.UP.FTS.B,

15.03%,

4/11/27

....

8,287

8,195

L2929671.UP.FTS.B,

15.08%,

4/11/27

....

38,014

37,569

L2928247.UP.FTS.B,

15.12%,

4/11/27

....

3,979

3,935

L2928237.UP.FTS.B,

15.14%,

4/11/27

....

35,897

35,501

L2930249.UP.FTS.B,

15.14%,

4/11/27

....

8,954

8,855

FW2928811.UP.FTS.B,

15.33%,

4/11/27

..

4,921

4,853

FW2930646.UP.FTS.B,

15.55%,

4/11/27

..

4,070

4,025

L2930377.UP.FTS.B,

15.57%,

4/11/27

....

14,870

14,663

L2927743.UP.FTS.B,

15.66%,

4/11/27

....

6,232

6,141

L2928343.UP.FTS.B,

15.68%,

4/11/27

....

1,795

1,776

L2928701.UP.FTS.B,

15.72%,

4/11/27

....

3,907

3,866

FW2930346.UP.FTS.B,

15.87%,

4/11/27

..

832

823

L2928179.UP.FTS.B,

15.92%,

4/11/27

....

29,099

28,794

L2928682.UP.FTS.B,

15.94%,

4/11/27

....

10,649

10,493

FW2929957.UP.FTS.B,

16.01%,

4/11/27

..

11,652

11,524

L2929608.UP.FTS.B,

16.07%,

4/11/27

....

830

818

FW2929029.UP.FTS.B,

16.18%,

4/11/27

..

14,597

14,440

L2932260.UP.FTS.B,

16.49%,

4/11/27

....

1,418

1,397

L2930475.UP.FTS.B,

16.55%,

4/11/27

....

5,506

5,426

L2927859.UP.FTS.B,

16.57%,

4/11/27

....

2,753

2,713

L2925173.UP.FTS.B,

16.58%,

4/11/27

....

1,836

1,816

FW2880291.UP.FTS.B,

16.74%,

4/11/27

..

11,836

855

L2927944.UP.FTS.B,

16.84%,

4/11/27

....

707

697

FW2930839.UP.FTS.B,

16.93%,

4/11/27

..

12

8

FW2928717.UP.FTS.B,

16.97%,

4/11/27

..

6,269

6,177

L2928313.UP.FTS.B,

17.03%,

4/11/27

....

9,196

9,062

L2928071.UP.FTS.B,

17.22%,

4/11/27

....

919

906

L2930149.UP.FTS.B,

17.22%,

4/11/27

....

8,256

8,167

L2920414.UP.FTS.B,

17.44%,

4/11/27

....

22,445

22,116

L2928286.UP.FTS.B,

17.5%,

4/11/27

.....

4,081

554

FW2930503.UP.FTS.B,

17.64%,

4/11/27

..

4,213

4,152

L2929835.UP.FTS.B,

17.66%,

4/11/27

....

8,936

8,807

L2929520.UP.FTS.B,

17.74%,

4/11/27

....

12,191

11,982

L2931693.UP.FTS.B,

17.77%,

4/11/27

....

3,691

3,650

L2931697.UP.FTS.B,

18.04%,

4/11/27

....

16,830

16,540

L2930203.UP.FTS.B,

18.11%,

4/11/27

....

33,577

33,217

L2929357.UP.FTS.B,

18.14%,

4/11/27

....

5,048

4,974

FW2928101.UP.FTS.B,

18.34%,

4/11/27

..

2,775

2,726

L2929573.UP.FTS.B,

18.4%,

4/11/27

.....

12,982

3,477

FW2931119.UP.FTS.B,

18.48%,

4/11/27

..

3,113

3,079

L2930797.UP.FTS.B,

18.58%,

4/11/27

....

1,010

992

L2931356.UP.FTS.B,

18.7%,

4/11/27

.....

9,637

5,511

FW2930223.UP.FTS.B,

18.74%,

4/11/27

..

3,218

232

FW2931505.UP.FTS.B,

18.79%,

4/11/27

..

11,793

11,664

FW2928788.UP.FTS.B,

18.9%,

4/11/27

...

3,624

3,571

L2926454.UP.FTS.B,

19.25%,

4/11/27

....

2,718

2,671

L2932213.UP.FTS.B,

19.31%,

4/11/27

....

7,007

6,885

L2929660.UP.FTS.B,

19.43%,

4/11/27

....

2,787

2,739

L2927920.UP.FTS.B,

19.53%,

4/11/27

....

12,675

12,455

FW2928255.UP.FTS.B,

19.6%,

4/11/27

...

5,260

1,455

L2930145.UP.FTS.B,

19.64%,

4/11/27

....

9,714

9,547

FW2928828.UP.FTS.B,

19.68%,

4/11/27

..

3,720

3,656

L2928959.UP.FTS.B,

19.94%,

4/11/27

....

6,777

6,659

FW2931080.UP.FTS.B,

20.11%,

4/11/27

..

9,978

9,815

L2929135.UP.FTS.B,

20.21%,

4/11/27

....

4,661

4,617

L2928908.UP.FTS.B,

20.26%,

4/11/27

....

848

833

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

130

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2931611.UP.FTS.B,

20.6%,

4/11/27

.....

$

13,834

$

13,632

L2929578.UP.FTS.B,

20.69%,

4/11/27

....

18,423

18,250

L2931702.UP.FTS.B,

20.87%,

4/11/27

....

7,659

7,547

L2927893.UP.FTS.B,

20.88%,

4/11/27

....

5,608

5,555

FW2929918.UP.FTS.B,

21.02%,

4/11/27

..

752

743

FW2929809.UP.FTS.B,

21.08%,

4/11/27

..

11,054

10,950

L2928658.UP.FTS.B,

21.27%,

4/11/27

....

847

836

FW2930564.UP.FTS.B,

21.29%,

4/11/27

..

1,689

1,675

L2928922.UP.FTS.B,

21.49%,

4/11/27

....

4,642

4,563

FW2930464.UP.FTS.B,

21.68%,

4/11/27

..

11,047

797

L2931173.UP.FTS.B,

21.74%,

4/11/27

....

2,982

2,958

L2930355.UP.FTS.B,

21.76%,

4/11/27

....

4,263

4,223

FW2927878.UP.FTS.B,

21.78%,

4/11/27

..

4,887

2,898

L2924601.UP.FTS.B,

21.86%,

4/11/27

....

4,097

297

L2931872.UP.FTS.B,

21.94%,

4/11/27

....

24,547

1,434

L2929073.UP.FTS.B,

22.08%,

4/11/27

....

22,708

22,504

L2931630.UP.FTS.B,

22.14%,

4/11/27

....

18,365

18,046

FW2930816.UP.FTS.B,

22.15%,

4/11/27

..

7,954

7,816

L2932038.UP.FTS.B,

22.19%,

4/11/27

....

4,270

4,230

FW2931433.UP.FTS.B,

22.3%,

4/11/27

...

24,952

24,718

L2929277.UP.FTS.B,

22.4%,

4/11/27

.....

8,121

8,044

L2929537.UP.FTS.B,

22.4%,

4/11/27

.....

18,367

10,504

FW2929717.UP.FTS.B,

22.54%,

4/11/27

..

5,543

5,498

L2929355.UP.FTS.B,

22.65%,

4/11/27

....

1,849

1,832

FW2907671.UP.FTS.B,

22.68%,

4/11/27

..

18,321

5,230

FW2930674.UP.FTS.B,

22.96%,

4/11/27

..

12,966

12,840

L2928500.UP.FTS.B,

23.05%,

4/11/27

....

42,527

42,176

L2924972.UP.FTS.B,

23.1%,

4/11/27

.....

10,050

726

FW2928961.UP.FTS.B,

23.12%,

4/11/27

..

4,251

4,216

FW2929214.UP.FTS.B,

23.28%,

4/11/27

..

741

725

L2929169.UP.FTS.B,

23.28%,

4/11/27

....

9,432

2,699

L2932120.UP.FTS.B,

23.29%,

4/11/27

....

4,719

4,674

L2931244.UP.FTS.B,

23.41%,

4/11/27

....

1,881

1,866

L2930990.UP.FTS.B,

23.44%,

4/11/27

....

9,355

9,192

FW2931695.UP.FTS.B,

23.47%,

4/11/27

..

3,026

2,999

FW2928339.UP.FTS.B,

23.55%,

4/11/27

..

23,500

23,289

L2931393.UP.FTS.B,

23.58%,

4/11/27

....

5,582

5,529

L2932212.UP.FTS.B,

23.72%,

4/11/27

....

9,366

9,277

L2928534.UP.FTS.B,

23.8%,

4/11/27

.....

9,373

9,240

FW2931916.UP.FTS.B,

23.85%,

4/11/27

..

5,158

5,109

L2929679.UP.FTS.B,

24.13%,

4/11/27

....

31,783

31,531

FW2928539.UP.FTS.B,

24.21%,

4/11/27

..

8,608

8,527

FW2929160.UP.FTS.B,

24.21%,

4/11/27

..

938

930

L2928472.UP.FTS.B,

24.3%,

4/11/27

.....

5,631

5,557

L2930096.UP.FTS.B,

24.39%,

4/11/27

....

3,446

3,414

FW2929123.UP.FTS.B,

24.4%,

4/11/27

...

5,169

5,079

FW2930547.UP.FTS.B,

24.45%,

4/11/27

..

2,979

436

FW2928927.UP.FTS.B,

24.56%,

4/11/27

..

11,291

11,185

FW2929993.UP.FTS.B,

24.61%,

4/11/27

..

6,595

6,482

L2931286.UP.FTS.B,

24.62%,

4/11/27

....

17,433

17,139

L2931805.UP.FTS.B,

24.68%,

4/11/27

....

582

41

FW2927974.UP.FTS.B,

24.72%,

4/11/27

..

3,183

227

FW2931412.UP.FTS.B,

24.72%,

4/11/27

..

4,660

4,592

L2928852.UP.FTS.B,

24.73%,

4/11/27

....

1,294

1,282

L2929765.UP.FTS.B,

24.83%,

4/11/27

....

778

766

L2932289.UP.FTS.B,

24.85%,

4/11/27

....

2,071

2,051

L2932342.UP.FTS.B,

24.92%,

4/11/27

....

3,116

893

L2928873.UP.FTS.B,

24.96%,

4/11/27

....

832

490

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2931584.UP.FTS.B,

25.02%,

4/11/27

....

$

1,220

$

50

L2928413.UP.FTS.B,

25.03%,

4/11/27

....

1,468

1,454

FW2928348.UP.FTS.B,

25.04%,

4/11/27

..

8,008

7,929

L2927825.UP.FTS.B,

25.04%,

4/11/27

....

1,706

1,688

L2929882.UP.FTS.B,

25.08%,

4/11/27

....

5,281

5,212

L2932152.UP.FTS.B,

25.08%,

4/11/27

....

9,241

9,154

L2930717.UP.FTS.B,

25.09%,

4/11/27

....

1,029

73

L2931976.UP.FTS.B,

25.09%,

4/11/27

....

2,076

2,057

FW2927922.UP.FTS.B,

25.14%,

4/11/27

..

15,591

2,272

L2930146.UP.FTS.B,

25.16%,

4/11/27

....

1,001

991

L2930269.UP.FTS.B,

25.2%,

4/11/27

.....

3,155

225

L2930022.UP.FTS.B,

25.21%,

4/11/27

....

2,074

2,054

L2929652.UP.FTS.B,

25.22%,

4/11/27

....

4,234

4,194

L2928316.UP.FTS.B,

25.25%,

4/11/27

....

3,037

3,010

L2927753.UP.FTS.B,

25.31%,

4/11/27

....

4,682

333

L2929095.UP.FTS.B,

25.31%,

4/11/27

....

2,037

569

L2931438.UP.FTS.B,

25.31%,

4/11/27

....

4,408

4,367

L2927955.UP.FTS.B,

25.33%,

4/11/27

....

874

866

L2930098.UP.FTS.B,

25.33%,

4/11/27

....

10,080

5,962

L2931522.UP.FTS.B,

25.34%,

4/11/27

....

10,892

10,789

L2929568.UP.FTS.B,

25.35%,

4/11/27

....

2,790

(6)

L2931357.UP.FTS.B,

25.35%,

4/11/27

....

1,615

1,593

L2930348.UP.FTS.B,

25.36%,

4/11/27

....

5,619

5,521

L2930363.UP.FTS.B,

25.38%,

4/11/27

....

1,902

1,869

L2931442.UP.FTS.B,

25.38%,

4/11/27

....

3,908

41

L2925217.UP.FTS.B,

25.4%,

4/11/27

.....

2,594

2,570

L2932031.UP.FTS.B,

25.4%,

4/11/27

.....

2,034

143

L2929249.UP.FTS.B,

25.41%,

4/11/27

....

1,383

1,370

L2930160.UP.FTS.B,

25.43%,

4/11/27

....

4,131

602

L2931638.UP.FTS.B,

25.43%,

4/11/27

....

4,282

1,228

L2928774.UP.FTS.B,

25.44%,

4/11/27

....

1,297

1,285

L2931011.UP.FTS.B,

25.45%,

4/11/27

....

1,540

1,527

L2931216.UP.FTS.B,

25.47%,

4/11/27

....

2,335

2,313

FW2932239.UP.FTS.B,

25.48%,

4/11/27

..

9,343

9,255

L2928194.UP.FTS.B,

25.48%,

4/11/27

....

2,671

2,636

L2928800.UP.FTS.B,

25.5%,

4/11/27

.....

2,076

2,040

L2924786.UP.FTS.B,

25.51%,

4/11/27

....

5,363

5,313

L2929869.UP.FTS.B,

25.51%,

4/11/27

....

5,335

5,291

L2929203.UP.FTS.B,

25.67%,

4/11/27

....

17,183

17,040

FW2931488.UP.FTS.B,

25.84%,

4/11/27

..

3,464

3,404

FW2928712.UP.FTS.B,

25.91%,

4/11/27

..

3,251

941

L2930197.UP.FTS.B,

26.2%,

4/11/27

.....

43,360

42,605

FW2928645.UP.FTS.B,

26.24%,

4/11/27

..

2,429

2,386

FW2930122.UP.FTS.B,

26.47%,

4/11/27

..

9,539

9,454

FW2929864.UP.FTS.B,

26.5%,

4/11/27

...

8,550

8,472

L2930852.UP.FTS.B,

26.51%,

4/11/27

....

6,339

6,229

FW2932003.UP.FTS.B,

26.57%,

4/11/27

..

10,190

10,106

FW2927841.UP.FTS.B,

26.89%,

4/11/27

..

3,526

3,487

FW2930544.UP.FTS.B,

27.01%,

4/11/27

..

4,348

4,307

FW2931493.UP.FTS.B,

27.02%,

4/11/27

..

3,963

576

FW2932021.UP.FTS.B,

27.2%,

4/11/27

...

1,383

98

FW2930638.UP.FTS.B,

27.26%,

4/11/27

..

18,454

18,279

FW2929129.UP.FTS.B,

27.27%,

4/11/27

..

14,103

13,969

FW2929703.UP.FTS.B,

27.29%,

4/11/27

..

19,624

5,646

FW2927978.UP.FTS.B,

27.34%,

4/11/27

..

4,360

4,319

FW2928866.UP.FTS.B,

27.4%,

4/11/27

...

6,793

6,729

L2929849.UP.FTS.B,

27.53%,

4/11/27

....

1,753

45

FW2929101.UP.FTS.B,

27.56%,

4/11/27

..

1,220

1,208

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

131

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2928696.UP.FTS.B,

27.59%,

4/11/27

..

$

3,835

$

3,799

FW2929218.UP.FTS.B,

27.65%,

4/11/27

..

4,873

1,409

FW2928485.UP.FTS.B,

27.66%,

4/11/27

..

4,359

4,317

FW2929228.UP.FTS.B,

27.79%,

4/11/27

..

10,466

10,366

FW2929722.UP.FTS.B,

27.8%,

4/11/27

...

1,657

1,628

FW2928012.UP.FTS.B,

28.41%,

4/11/27

..

4,827

4,782

FW2929500.UP.FTS.B,

28.42%,

4/11/27

..

2,548

2,524

FW2929560.UP.FTS.B,

28.47%,

4/11/27

..

26,568

26,302

FW2924868.UP.FTS.B,

28.85%,

4/11/27

..

4,029

3,951

FW2927938.UP.FTS.B,

29.01%,

4/11/27

..

4,530

2,694

FW2930574.UP.FTS.B,

29.3%,

4/11/27

...

7,633

7,561

FW2929935.UP.FTS.B,

29.53%,

4/11/27

..

28,030

27,780

FW2930665.UP.FTS.B,

29.74%,

4/11/27

..

7,142

176

FW2931000.UP.FTS.B,

30.12%,

4/11/27

..

1,778

1,055

FW2929635.UP.FTS.B,

30.45%,

4/11/27

..

968

959

FW2931821.UP.FTS.B,

30.54%,

4/11/27

..

1,585

1,570

FW2928765.UP.FTS.B,

30.58%,

4/11/27

..

4,931

4,884

FW2905761.UP.FTS.B,

30.61%,

4/11/27

..

1,016

(5)

FW2930995.UP.FTS.B,

30.73%,

4/11/27

..

2,290

2,269

FW2925607.UP.FTS.B,

30.77%,

4/11/27

..

2,398

2,369

FW2929924.UP.FTS.B,

30.77%,

4/11/27

..

1,313

1,302

FW2931246.UP.FTS.B,

30.79%,

4/11/27

..

1,442

208

FW2927877.UP.FTS.B,

30.81%,

4/11/27

..

1,576

1,562

FW2928835.UP.FTS.B,

30.88%,

4/11/27

..

7,756

7,683

FW2928958.UP.FTS.B,

30.9%,

4/11/27

...

891

529

FW2929033.UP.FTS.B,

30.91%,

4/11/27

..

4,314

4,272

FW2929535.UP.FTS.B,

30.91%,

4/11/27

..

29,434

29,202

FW2930708.UP.FTS.B,

30.94%,

4/11/27

..

970

960

FW2931261.UP.FTS.B,

30.94%,

4/11/27

..

3,085

3,056

FW2932124.UP.FTS.B,

31.03%,

4/11/27

..

1,412

1,399

FW2931670.UP.FTS.B,

31.06%,

4/11/27

..

2,381

2,358

FW2928834.UP.FTS.B,

31.11%,

4/11/27

..

2,614

2,591

FW2930285.UP.FTS.B,

31.11%,

4/11/27

..

3,263

3,232

FW2929975.UP.FTS.B,

31.14%,

4/11/27

..

1,500

1,486

FW2931962.UP.FTS.B,

31.16%,

4/11/27

..

1,169

1,157

FW2927987.UP.FTS.B,

31.17%,

4/11/27

..

2,627

186

FW2929122.UP.FTS.B,

31.17%,

4/11/27

..

2,131

2,110

FW2927833.UP.FTS.B,

31.18%,

4/11/27

..

1,323

1,311

FW2928577.UP.FTS.B,

31.19%,

4/11/27

..

1,059

1,049

FW2930781.UP.FTS.B,

31.2%,

4/11/27

...

1,149

1,138

FW2929551.UP.FTS.B,

31.21%,

4/11/27

..

1,941

1,923

FW2928856.UP.FTS.B,

31.24%,

4/11/27

..

2,383

2,360

FW2931445.UP.FTS.B,

31.47%,

4/11/27

..

4,106

2,441

FW2932028.UP.FTS.B,

31.51%,

4/11/27

..

10,787

10,683

FW2930602.UP.FTS.B,

32%,

4/11/27

....

10,393

733

FW2932070.UP.FTS.B,

32%,

4/11/27

....

7,795

7,722

FW2929182.UP.FTS.B,

32.25%,

4/11/27

..

26,309

26,059

L2934719.UP.FTS.B,

5.89%,

4/12/27

....

14,209

14,112

L2934939.UP.FTS.B,

5.94%,

4/12/27

....

11,353

11,273

L2934674.UP.FTS.B,

5.99%,

4/12/27

....

6,327

6,284

L2932966.UP.FTS.B,

6.09%,

4/12/27

....

1,926

1,912

L2934096.UP.FTS.B,

6.09%,

4/12/27

....

4,758

4,726

L2935839.UP.FTS.B,

6.13%,

4/12/27

....

4,760

4,727

L2933662.UP.FTS.B,

6.16%,

4/12/27

....

19,835

19,699

L2932593.UP.FTS.B,

6.74%,

4/12/27

....

5,571

5,533

L2932805.UP.FTS.B,

7.25%,

4/12/27

....

11,979

11,898

L2932935.UP.FTS.B,

7.41%,

4/12/27

....

15,971

15,864

L2934028.UP.FTS.B,

8.23%,

4/12/27

....

14,596

14,471

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2932516.UP.FTS.B,

8.41%,

4/12/27

....

$

3,396

$

3,365

L2933064.UP.FTS.B,

8.64%,

4/12/27

....

34,878

34,575

FW2935338.UP.FTS.B,

9.15%,

4/12/27

...

40,197

39,855

FW2933047.UP.FTS.B,

9.38%,

4/12/27

...

4,840

4,798

L2935969.UP.FTS.B,

9.48%,

4/12/27

....

12,107

12,000

L2935039.UP.FTS.B,

9.98%,

4/12/27

....

8,362

8,289

L2935520.UP.FTS.B,

10.08%,

4/12/27

....

4,047

4,012

FW2934452.UP.FTS.B,

10.25%,

4/12/27

..

26,057

25,835

L2933292.UP.FTS.B,

10.46%,

4/12/27

....

16,415

16,234

L2934350.UP.FTS.B,

10.57%,

4/12/27

....

8,913

8,838

L2933334.UP.FTS.B,

10.67%,

4/12/27

....

5,196

5,152

L2934277.UP.FTS.B,

10.75%,

4/12/27

....

864

856

L2933170.UP.FTS.B,

10.92%,

4/12/27

....

19,282

19,116

L2933287.UP.FTS.B,

10.96%,

4/12/27

....

4,878

4,837

FW2934988.UP.FTS.B,

11.01%,

4/12/27

..

12,848

12,707

L2935685.UP.FTS.B,

11.21%,

4/12/27

....

19,193

18,993

L2933802.UP.FTS.B,

11.46%,

4/12/27

....

24,449

24,180

L2934500.UP.FTS.B,

11.56%,

4/12/27

....

30,739

30,472

L2932562.UP.FTS.B,

11.88%,

4/12/27

....

1,960

1,943

FW2928392.UP.FTS.B,

12.26%,

4/12/27

..

40,902

40,477

L2933323.UP.FTS.B,

12.4%,

4/12/27

....

7,753

7,672

L2929979.UP.FTS.B,

12.66%,

4/12/27

....

8,733

8,641

L2933178.UP.FTS.B,

12.88%,

4/12/27

....

5,665

5,603

L2934721.UP.FTS.B,

13.01%,

4/12/27

....

8,210

8,120

L2932728.UP.FTS.B,

13.07%,

4/12/27

....

4,425

4,379

L2932384.UP.FTS.B,

13.22%,

4/12/27

....

2,630

2,601

L2932883.UP.FTS.B,

13.4%,

4/12/27

....

1,809

1,790

L2933032.UP.FTS.B,

13.49%,

4/12/27

....

15,864

15,699

L2934809.UP.FTS.B,

13.61%,

4/12/27

....

4,084

4,041

FW2932832.UP.FTS.B,

13.69%,

4/12/27

..

17,625

17,432

L2934338.UP.FTS.B,

13.77%,

4/12/27

....

7,415

7,334

FW2932546.UP.FTS.B,

13.93%,

4/12/27

..

10,719

10,602

L2926179.UP.FTS.B,

14%,

4/12/27

......

26,641

26,350

L2934323.UP.FTS.B,

14.05%,

4/12/27

....

3,302

3,266

FW2935078.UP.FTS.B,

14.1%,

4/12/27

...

2,701

2,673

FW2933775.UP.FTS.B,

14.2%,

4/12/27

...

6,433

6,366

L2934014.UP.FTS.B,

14.43%,

4/12/27

....

13,388

13,242

L2933672.UP.FTS.B,

14.48%,

4/12/27

....

1,400

1,385

FW2921409.UP.FTS.B,

14.51%,

4/12/27

..

2,642

2,615

L2934357.UP.FTS.B,

14.61%,

4/12/27

....

9,319

670

L2933917.UP.FTS.B,

14.92%,

4/12/27

....

5,798

5,735

L2933149.UP.FTS.B,

14.95%,

4/12/27

....

4,970

4,898

L2934068.UP.FTS.B,

15.16%,

4/12/27

....

4,477

4,429

FW2934620.UP.FTS.B,

15.18%,

4/12/27

..

31,222

30,794

FW2935949.UP.FTS.B,

15.22%,

4/12/27

..

8,294

8,204

L2935025.UP.FTS.B,

15.26%,

4/12/27

....

4,562

4,513

FW2935322.UP.FTS.B,

15.48%,

4/12/27

..

1,495

1,478

L2934951.UP.FTS.B,

15.65%,

4/12/27

....

1,161

1,149

FW2936086.UP.FTS.B,

15.83%,

4/12/27

..

4,549

4,486

L2933684.UP.FTS.B,

15.83%,

4/12/27

....

9,091

8,996

FW2932566.UP.FTS.B,

16.14%,

4/12/27

..

12,461

12,332

L2932973.UP.FTS.B,

16.22%,

4/12/27

....

2,916

2,884

L2934824.UP.FTS.B,

16.29%,

4/12/27

....

5,750

5,667

FW2934062.UP.FTS.B,

16.46%,

4/12/27

..

8,757

8,634

L2934768.UP.FTS.B,

17.04%,

4/12/27

....

4,599

4,533

FW2932938.UP.FTS.B,

17.18%,

4/12/27

..

2,218

84

L2934330.UP.FTS.B,

17.26%,

4/12/27

....

8,954

8,857

L2930904.UP.FTS.B,

17.31%,

4/12/27

....

20,321

20,033

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2934145.UP.FTS.B,

17.34%,

4/12/27

....

$

20,636

$

20,414

FW2928773.UP.FTS.B,

17.37%,

4/12/27

..

5,344

5,271

FW2933266.UP.FTS.B,

17.44%,

4/12/27

..

4,366

615

L2934291.UP.FTS.B,

17.44%,

4/12/27

....

14,238

14,032

L2929039.UP.FTS.B,

17.51%,

4/12/27

....

3,588

3,539

L2933233.UP.FTS.B,

17.55%,

4/12/27

....

11,732

11,605

FW2921340.UP.FTS.B,

18.08%,

4/12/27

..

7,899

7,781

FW2933519.UP.FTS.B,

18.13%,

4/12/27

..

8,149

8,031

FW2932833.UP.FTS.B,

18.37%,

4/12/27

..

8,107

7,970

FW2933186.UP.FTS.B,

18.56%,

4/12/27

..

13,044

12,857

FW2934604.UP.FTS.B,

18.71%,

4/12/27

..

22,821

22,431

L2933956.UP.FTS.B,

18.85%,

4/12/27

....

7,101

7,000

L2932813.UP.FTS.B,

19.07%,

4/12/27

....

10,964

10,777

FW2932434.UP.FTS.B,

19.1%,

4/12/27

...

1,609

1,581

L2935130.UP.FTS.B,

19.21%,

4/12/27

....

4,516

4,454

FW2932660.UP.FTS.B,

19.24%,

4/12/27

..

19,242

18,965

L2934896.UP.FTS.B,

19.43%,

4/12/27

....

19,258

18,980

L2933277.UP.FTS.B,

19.45%,

4/12/27

....

2,281

163

FW2934275.UP.FTS.B,

19.55%,

4/12/27

..

4,069

3,982

L2934998.UP.FTS.B,

19.55%,

4/12/27

....

20,281

19,989

FW2932085.UP.FTS.B,

19.78%,

4/12/27

..

1,429

1,406

FW2935930.UP.FTS.B,

19.97%,

4/12/27

..

7,280

7,176

L2934093.UP.FTS.B,

20.12%,

4/12/27

....

2,795

2,748

L2932535.UP.FTS.B,

20.15%,

4/12/27

....

7,851

7,709

L2934786.UP.FTS.B,

20.82%,

4/12/27

....

8,897

8,754

L2935383.UP.FTS.B,

21.06%,

4/12/27

....

44,896

6,135

FW2932291.UP.FTS.B,

21.33%,

4/12/27

..

8,512

8,366

L2933315.UP.FTS.B,

21.57%,

4/12/27

....

5,027

4,955

L2934722.UP.FTS.B,

21.63%,

4/12/27

....

3,427

3,397

L2933448.UP.FTS.B,

21.75%,

4/12/27

....

1,535

1,521

L2935751.UP.FTS.B,

22.01%,

4/12/27

....

1,809

1,789

L2933788.UP.FTS.B,

22.24%,

4/12/27

....

9,290

658

L2934342.UP.FTS.B,

22.28%,

4/12/27

....

5,039

4,934

FW2932542.UP.FTS.B,

22.3%,

4/12/27

...

14,527

14,395

L2932779.UP.FTS.B,

22.36%,

4/12/27

....

17,094

16,939

L2934510.UP.FTS.B,

22.41%,

4/12/27

....

8,549

8,471

L2935129.UP.FTS.B,

22.75%,

4/12/27

....

6,848

6,731

L2932952.UP.FTS.B,

23.13%,

4/12/27

....

4,688

4,652

L2932379.UP.FTS.B,

23.14%,

4/12/27

....

6,306

6,253

L2933553.UP.FTS.B,

23.26%,

4/12/27

....

8,408

604

FW2934271.UP.FTS.B,

23.29%,

4/12/27

..

10,722

10,625

L2933829.UP.FTS.B,

23.3%,

4/12/27

....

27,107

26,861

FW2929713.UP.FTS.B,

23.5%,

4/12/27

...

1,889

1,871

L2932911.UP.FTS.B,

23.5%,

4/12/27

.....

4,601

4,525

L2932936.UP.FTS.B,

23.51%,

4/12/27

....

8,423

8,305

L2934363.UP.FTS.B,

23.59%,

4/12/27

....

6,735

3,987

L2931006.UP.FTS.B,

23.73%,

4/12/27

....

7,008

6,948

L2934788.UP.FTS.B,

23.77%,

4/12/27

....

6,886

6,773

L2935437.UP.FTS.B,

23.88%,

4/12/27

....

8,598

8,520

L2933915.UP.FTS.B,

23.94%,

4/12/27

....

6,880

6,762

L2933117.UP.FTS.B,

24.09%,

4/12/27

....

1,742

126

FW2933477.UP.FTS.B,

24.15%,

4/12/27

..

22,379

21,994

L2935924.UP.FTS.B,

24.3%,

4/12/27

....

1,282

756

FW2932094.UP.FTS.B,

24.49%,

4/12/27

..

9,393

9,232

FW2933926.UP.FTS.B,

24.54%,

4/12/27

..

25,857

25,623

L2932713.UP.FTS.B,

24.66%,

4/12/27

....

13,883

13,645

L2934015.UP.FTS.B,

24.74%,

4/12/27

....

919

903

FW2932608.UP.FTS.B,

24.82%,

4/12/27

..

4,284

4,214

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2932759.UP.FTS.B,

24.87%,

4/12/27

..

$

6,659

$

6,599

FW2934105.UP.FTS.B,

25.03%,

4/12/27

..

43,172

42,780

L2932978.UP.FTS.B,

25.04%,

4/12/27

....

6,415

6,287

L2934475.UP.FTS.B,

25.05%,

4/12/27

....

864

849

L2934307.UP.FTS.B,

25.18%,

4/12/27

....

1,382

1,370

L2934790.UP.FTS.B,

25.21%,

4/12/27

....

3,051

3,000

L2932951.UP.FTS.B,

25.24%,

4/12/27

....

252

247

L2934017.UP.FTS.B,

25.27%,

4/12/27

....

1,556

1,542

L2934753.UP.FTS.B,

25.27%,

4/12/27

....

1,469

1,444

L2933613.UP.FTS.B,

25.31%,

4/12/27

....

2,179

2,161

L2934270.UP.FTS.B,

25.32%,

4/12/27

....

1,210

1,199

L2933656.UP.FTS.B,

25.33%,

4/12/27

....

1,918

1,902

L2935062.UP.FTS.B,

25.37%,

4/12/27

....

3,200

3,171

L2910258.UP.FTS.B,

25.4%,

4/12/27

....

10,194

724

L2933671.UP.FTS.B,

25.42%,

4/12/27

....

4,064

4,027

L2934221.UP.FTS.B,

25.42%,

4/12/27

....

1,414

838

L2933216.UP.FTS.B,

25.44%,

4/12/27

....

3,113

3,085

L2934526.UP.FTS.B,

25.47%,

4/12/27

....

4,843

4,799

L2935106.UP.FTS.B,

25.47%,

4/12/27

....

1,470

1,457

L2935825.UP.FTS.B,

25.47%,

4/12/27

....

5,708

5,657

L2931662.UP.FTS.B,

25.5%,

4/12/27

....

5,933

5,882

FW2932553.UP.FTS.B,

25.61%,

4/12/27

..

2,423

2,401

FW2933530.UP.FTS.B,

25.87%,

4/12/27

..

1,796

1,778

L2932808.UP.FTS.B,

25.87%,

4/12/27

....

4,964

4,923

L2935140.UP.FTS.B,

25.88%,

4/12/27

....

2,772

2,747

FW2932828.UP.FTS.B,

26.03%,

4/12/27

..

3,120

3,091

L2932763.UP.FTS.B,

26.08%,

4/12/27

....

4,476

2,650

FW2932450.UP.FTS.B,

26.13%,

4/12/27

..

2,861

2,835

L2933446.UP.FTS.B,

26.13%,

4/12/27

....

7,370

7,303

FW2933051.UP.FTS.B,

26.29%,

4/12/27

..

2,371

2,337

FW2934761.UP.FTS.B,

26.44%,

4/12/27

..

5,642

5,590

FW2933272.UP.FTS.B,

26.83%,

4/12/27

..

4,939

2,932

FW2933474.UP.FTS.B,

27.39%,

4/12/27

..

3,211

3,183

FW2934024.UP.FTS.B,

28.16%,

4/12/27

..

37,813

37,468

FW2934728.UP.FTS.B,

29.87%,

4/12/27

..

3,074

3,046

FW2933887.UP.FTS.B,

29.96%,

4/12/27

..

2,197

2,177

FW2932696.UP.FTS.B,

30.54%,

4/12/27

..

14,072

13,964

FW2933837.UP.FTS.B,

30.67%,

4/12/27

..

1,409

1,396

FW2932394.UP.FTS.B,

30.74%,

4/12/27

..

1,842

1,824

FW2932460.UP.FTS.B,

30.82%,

4/12/27

..

1,929

136

FW2932900.UP.FTS.B,

30.82%,

4/12/27

..

3,084

3,056

FW2932657.UP.FTS.B,

30.91%,

4/12/27

..

1,146

1,135

FW2933690.UP.FTS.B,

30.91%,

4/12/27

..

962

67

FW2935752.UP.FTS.B,

30.95%,

4/12/27

..

1,116

78

FW2933070.UP.FTS.B,

30.98%,

4/12/27

..

1,147

1,136

FW2935536.UP.FTS.B,

31.03%,

4/12/27

..

1,402

1,382

FW2932591.UP.FTS.B,

31.06%,

4/12/27

..

1,323

1,311

FW2933622.UP.FTS.B,

31.07%,

4/12/27

..

3,514

3,486

FW2934425.UP.FTS.B,

31.07%,

4/12/27

..

970

961

FW2933386.UP.FTS.B,

31.11%,

4/12/27

..

2,367

343

FW2932838.UP.FTS.B,

31.12%,

4/12/27

..

1,426

1,414

FW2935340.UP.FTS.B,

31.15%,

4/12/27

..

1,386

1,374

FW2934816.UP.FTS.B,

31.17%,

4/12/27

..

7,460

7,395

FW2934569.UP.FTS.B,

31.18%,

4/12/27

..

1,500

1,486

FW2933023.UP.FTS.B,

31.19%,

4/12/27

..

1,059

1,049

FW2933756.UP.FTS.B,

31.19%,

4/12/27

..

7,146

7,081

FW2932550.UP.FTS.B,

31.41%,

4/12/27

..

7,770

7,699

FW2932339.UP.FTS.B,

31.45%,

4/12/27

..

5,552

(39)

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

133

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2934482.UP.FTS.B,

31.52%,

4/12/27

..

$

7,063

$

7,004

FW2934428.UP.FTS.B,

34.69%,

4/12/27

..

29,165

28,904

L2930386.UP.FTS.B,

20.28%,

4/13/27

....

9,055

8,963

L2935927.UP.FTS.B,

14.75%,

4/15/27

....

36,955

36,574

FW2928215.UP.FTS.B,

17.86%,

4/15/27

..

4,624

4,561

FW2921283.UP.FTS.B,

27.6%,

4/16/27

...

2,712

2,691

FW2929902.UP.FTS.B,

27.28%,

4/17/27

..

4,653

4,613

L2925524.UP.FTS.B,

20.35%,

4/20/27

....

8,479

8,343

L2924609.UP.FTS.B,

19.67%,

4/22/27

....

24,236

23,849

L2101761.UP.FTS.B,

19.04%,

4/24/27

....

2,897

2,862

FW2111536.UP.FTS.B,

24.67%,

4/24/27

..

8,369

8,258

L2112103.UP.FTS.B,

24.86%,

4/24/27

....

5,263

5,211

L2110396.UP.FTS.B,

25.33%,

4/24/27

....

4,394

311

FW2111679.UP.FTS.B,

26.7%,

4/24/27

...

9,496

9,390

FW2111589.UP.FTS.B,

30.84%,

4/24/27

..

2,547

2,544

FW2110808.UP.FTS.B,

30.94%,

4/24/27

..

1,451

102

FW2111511.UP.FTS.B,

31.22%,

4/24/27

..

12,169

1,881

L2927958.UP.FTS.B,

15.19%,

4/26/27

....

13,474

13,324

L2266091.UP.FTS.B,

16.62%,

5/16/27

....

8,055

7,583

FW2261915.UP.FTS.B,

18.74%,

5/16/27

..

1,470

1,451

L2264467.UP.FTS.B,

18.83%,

5/16/27

....

17,822

17,548

L2262532.UP.FTS.B,

20.65%,

5/16/27

....

11,420

10,849

FW2262699.UP.FTS.B,

20.92%,

5/16/27

..

4,616

4,551

FW2261298.UP.FTS.B,

21.8%,

5/16/27

...

25,537

24,002

L2264897.UP.FTS.B,

22.07%,

5/16/27

....

8,604

8,508

FW2260888.UP.FTS.B,

23.94%,

5/16/27

..

1,594

1,587

L2266028.UP.FTS.B,

25.49%,

5/16/27

....

14,687

1,043

FW2266879.UP.FTS.B,

28.84%,

5/16/27

..

4,680

(372)

FW2262852.UP.FTS.B,

29.23%,

5/16/27

..

865

61

FW2262937.UP.FTS.B,

29.28%,

5/16/27

..

4,308

4,285

FW2263763.UP.FTS.B,

30.01%,

5/16/27

..

7,190

7,161

FW2266883.UP.FTS.B,

30.32%,

5/16/27

..

13,203

3,843

FW2265797.UP.FTS.B,

31.5%,

5/16/27

...

7,451

1,049

L2270069.UP.FTS.B,

9.27%,

5/17/27

....

5,066

5,020

L2268700.UP.FTS.B,

9.56%,

5/17/27

....

3,236

3,035

L2269986.UP.FTS.B,

11.35%,

5/17/27

....

7,507

545

L2270469.UP.FTS.B,

12.65%,

5/17/27

....

3,118

3,091

L2270155.UP.FTS.B,

14.46%,

5/17/27

....

40,178

39,760

FW2269695.UP.FTS.B,

16.79%,

5/17/27

..

6,173

6,091

L2267939.UP.FTS.B,

17.47%,

5/17/27

....

2,257

2,226

L2267967.UP.FTS.B,

19.43%,

5/17/27

....

13,840

13,825

FW2270380.UP.FTS.B,

20.17%,

5/17/27

..

15,469

15,291

L2269383.UP.FTS.B,

23.1%,

5/17/27

....

3,413

3,399

FW2268690.UP.FTS.B,

25.01%,

5/17/27

..

8,724

1,303

L2269566.UP.FTS.B,

25.42%,

5/17/27

....

4,853

4,842

L2267258.UP.FTS.B,

25.45%,

5/17/27

....

4,110

4,086

FW2271010.UP.FTS.B,

28.2%,

5/17/27

...

2,824

(94)

FW2271092.UP.FTS.B,

30.29%,

5/17/27

..

775

769

L2473325.UP.FTS.B,

8.62%,

6/20/27

....

2,004

1,988

L2473231.UP.FTS.B,

11.36%,

6/20/27

....

5,173

5,122

L2473506.UP.FTS.B,

18.22%,

6/20/27

....

9,155

661

L2474417.UP.FTS.B,

25.31%,

6/20/27

....

2,650

2,629

FW2473799.UP.FTS.B,

27.38%,

6/20/27

..

21,248

1,514

FW2471955.UP.FTS.B,

29.47%,

6/20/27

..

6,290

439

FW2474487.UP.FTS.B,

31.14%,

6/20/27

..

21,848

21,069

FW2475548.UP.FTS.B,

31.69%,

6/20/27

..

4,032

3,844

L2441819.UP.FTS.B,

8.4%,

6/21/27

.....

8,342

8,272

L2476061.UP.FTS.B,

10.91%,

6/21/27

....

20,169

4,967

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2476907.UP.FTS.B,

12.84%,

6/21/27

..

$

3,929

$

286

L2477405.UP.FTS.B,

17.76%,

6/21/27

....

17,911

16,854

FW2478245.UP.FTS.B,

22.19%,

6/21/27

..

4,516

674

L2477866.UP.FTS.B,

25.29%,

6/21/27

....

7,657

7,286

L2476905.UP.FTS.B,

25.37%,

6/21/27

....

77

76

L2480361.UP.FTS.B,

25.41%,

6/21/27

....

13,066

12,983

FW2475730.UP.FTS.B,

25.91%,

6/21/27

..

16,783

(2,447)

FW2480920.UP.FTS.B,

27.54%,

6/21/27

..

4,458

4,245

FW2476973.UP.FTS.B,

28.09%,

6/21/27

..

1,774

1,762

FW2476585.UP.FTS.B,

28.45%,

6/21/27

..

4,847

4,819

FW2478881.UP.FTS.B,

29.78%,

6/21/27

..

16,969

1,199

FW2478988.UP.FTS.B,

31.13%,

6/21/27

..

22,752

21,969

FW2480803.UP.FTS.B,

31.18%,

6/21/27

..

1,172

8

FW2478503.UP.FTS.B,

31.21%,

6/21/27

..

2,595

2,585

FW2479880.UP.FTS.B,

31.51%,

6/21/27

..

3,492

(351)

L2655372.UP.FTS.B,

17.8%,

7/18/27

....

6,712

6,633

L2654244.UP.FTS.B,

19.24%,

7/18/27

....

8,355

8,219

L2657661.UP.FTS.B,

21.21%,

7/18/27

....

38,641

2,804

L2657584.UP.FTS.B,

25.37%,

7/18/27

....

6,998

6,958

FW2653868.UP.FTS.B,

29.69%,

7/18/27

..

6,489

459

FW2655193.UP.FTS.B,

30.68%,

7/18/27

..

9,879

1,365

FW2656456.UP.FTS.B,

31.18%,

7/18/27

..

1,606

236

L2783088.UP.FTS.B,

8.03%,

8/14/27

....

8,897

2,157

FW2788677.UP.FTS.B,

8.13%,

8/14/27

...

15,967

15,823

L2788641.UP.FTS.B,

8.88%,

8/14/27

....

8,459

8,386

FW2781831.UP.FTS.B,

11.07%,

8/14/27

..

1,904

1,887

L2786075.UP.FTS.B,

11.95%,

8/14/27

....

17,092

16,895

L2755118.UP.FTS.B,

12.3%,

8/14/27

.....

10,145

10,032

FW2784584.UP.FTS.B,

12.62%,

8/14/27

..

31,004

30,639

L2790624.UP.FTS.B,

13.63%,

8/14/27

....

10,585

10,466

L2785893.UP.FTS.B,

13.78%,

8/14/27

....

1,821

1,800

L2757062.UP.FTS.B,

14.27%,

8/14/27

....

5,131

4,811

FW2783150.UP.FTS.B,

14.46%,

8/14/27

..

15,643

1,102

L2783815.UP.FTS.B,

14.7%,

8/14/27

....

13,932

13,776

L2787218.UP.FTS.B,

16.02%,

8/14/27

....

21,677

20,341

L2784950.UP.FTS.B,

16.27%,

8/14/27

....

17,110

1,222

L2779779.UP.FTS.B,

16.53%,

8/14/27

....

22,988

633

L2743727.UP.FTS.B,

16.97%,

8/14/27

....

4,751

1,276

L2780752.UP.FTS.B,

17.46%,

8/14/27

....

33,368

32,911

L2786485.UP.FTS.B,

17.46%,

8/14/27

....

14,152

13,945

L2785321.UP.FTS.B,

17.62%,

8/14/27

....

6,173

5,786

L2784502.UP.FTS.B,

17.69%,

8/14/27

....

26,612

26,233

L2782152.UP.FTS.B,

17.81%,

8/14/27

....

2,197

2,166

FW2784943.UP.FTS.B,

17.86%,

8/14/27

..

9,229

9,074

L2768222.UP.FTS.B,

17.92%,

8/14/27

....

21,660

21,341

FW2780686.UP.FTS.B,

18.04%,

8/14/27

..

1,010

999

FW2788100.UP.FTS.B,

18.55%,

8/14/27

..

18,998

17,841

L2781142.UP.FTS.B,

18.71%,

8/14/27

....

5,253

5,175

L2780510.UP.FTS.B,

19.3%,

8/14/27

....

23,629

23,339

L2780974.UP.FTS.B,

19.58%,

8/14/27

....

7,816

7,716

FW2782056.UP.FTS.B,

19.7%,

8/14/27

...

7,092

6,985

FW2779945.UP.FTS.B,

19.77%,

8/14/27

..

5,052

4,974

L2782244.UP.FTS.B,

19.84%,

8/14/27

....

4,760

4,690

L2785975.UP.FTS.B,

20.35%,

8/14/27

....

10,203

10,033

FW2788480.UP.FTS.B,

20.56%,

8/14/27

..

5,644

5,582

FW2786123.UP.FTS.B,

20.87%,

8/14/27

..

2,735

2,709

L2783671.UP.FTS.B,

20.91%,

8/14/27

....

9,951

707

FW2781956.UP.FTS.B,

21.26%,

8/14/27

..

4,697

4,620

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2781849.UP.FTS.B,

21.39%,

8/14/27

..

$

8,879

$

8,722

FW2784824.UP.FTS.B,

21.8%,

8/14/27

...

2,464

2,444

L2782941.UP.FTS.B,

21.84%,

8/14/27

....

2,723

2,696

FW2785231.UP.FTS.B,

21.88%,

8/14/27

..

8,566

8,530

L2786434.UP.FTS.B,

22.26%,

8/14/27

....

30,860

8,486

L2787540.UP.FTS.B,

22.81%,

8/14/27

....

6,995

6,929

L2784944.UP.FTS.B,

23.08%,

8/14/27

....

20,027

19,688

FW2786356.UP.FTS.B,

23.15%,

8/14/27

..

11,629

11,520

L2782075.UP.FTS.B,

23.42%,

8/14/27

....

7,254

6,887

L2785703.UP.FTS.B,

23.84%,

8/14/27

....

44,572

44,130

L2784400.UP.FTS.B,

23.97%,

8/14/27

....

8,673

8,601

L2782866.UP.FTS.B,

24.04%,

8/14/27

....

9,278

9,204

FW2783316.UP.FTS.B,

24.1%,

8/14/27

...

48,225

3,475

FW2789306.UP.FTS.B,

24.13%,

8/14/27

..

26,777

26,528

FW2779891.UP.FTS.B,

24.29%,

8/14/27

..

9,177

(394)

FW2782192.UP.FTS.B,

24.29%,

8/14/27

..

31,836

30,082

FW2780321.UP.FTS.B,

24.37%,

8/14/27

..

5,676

5,368

L2789467.UP.FTS.B,

24.5%,

8/14/27

....

7,161

1,048

FW2787277.UP.FTS.B,

24.63%,

8/14/27

..

9,240

9,181

L2781314.UP.FTS.B,

24.73%,

8/14/27

....

9,700

9,620

FW2784538.UP.FTS.B,

24.77%,

8/14/27

..

4,449

4,407

FW2785575.UP.FTS.B,

24.85%,

8/14/27

..

9,879

9,703

L2787716.UP.FTS.B,

24.94%,

8/14/27

....

1,436

211

L2782622.UP.FTS.B,

24.95%,

8/14/27

....

3,195

78

FW2780263.UP.FTS.B,

25%,

8/14/27

....

4,020

3,983

FW2780348.UP.FTS.B,

25.03%,

8/14/27

..

4,828

4,789

L2788622.UP.FTS.B,

25.12%,

8/14/27

....

7,700

7,633

L2756043.UP.FTS.B,

25.21%,

8/14/27

....

6,702

6,648

L2784058.UP.FTS.B,

25.35%,

8/14/27

....

7,843

2,204

L2789222.UP.FTS.B,

25.36%,

8/14/27

....

1,413

1,403

FW2786988.UP.FTS.B,

25.39%,

8/14/27

..

1,033

297

FW2783702.UP.FTS.B,

25.42%,

8/14/27

..

10,136

9,959

FW2779865.UP.FTS.B,

25.43%,

8/14/27

..

26,262

1,866

FW2784695.UP.FTS.B,

25.44%,

8/14/27

..

5,159

759

L2738355.UP.FTS.B,

25.46%,

8/14/27

....

8,773

8,286

L2781942.UP.FTS.B,

25.47%,

8/14/27

....

2,551

2,519

L2780799.UP.FTS.B,

25.48%,

8/14/27

....

19,463

19,125

L2784786.UP.FTS.B,

25.48%,

8/14/27

....

26,239

25,968

L2771933.UP.FTS.B,

25.49%,

8/14/27

....

1,572

1,474

L2782416.UP.FTS.B,

25.5%,

8/14/27

....

6,037

882

L2787005.UP.FTS.B,

25.63%,

8/14/27

....

14,053

13,263

L2780672.UP.FTS.B,

25.73%,

8/14/27

....

11,272

11,174

L2783948.UP.FTS.B,

25.78%,

8/14/27

....

6,343

6,309

L2782068.UP.FTS.B,

25.85%,

8/14/27

....

20,710

20,525

L2783927.UP.FTS.B,

25.9%,

8/14/27

....

11,627

(290)

FW2790136.UP.FTS.B,

25.92%,

8/14/27

..

32,666

4,687

FW2783121.UP.FTS.B,

26.17%,

8/14/27

..

4,571

4,528

FW2785999.UP.FTS.B,

26.29%,

8/14/27

..

9,195

9,143

FW2784999.UP.FTS.B,

26.58%,

8/14/27

..

5,285

(46)

FW2781116.UP.FTS.B,

26.73%,

8/14/27

..

8,356

(1,383)

FW2785556.UP.FTS.B,

26.76%,

8/14/27

..

6,830

488

FW2785914.UP.FTS.B,

26.81%,

8/14/27

..

3,224

3,090

FW2784070.UP.FTS.B,

26.88%,

8/14/27

..

14,868

14,741

FW2787336.UP.FTS.B,

27.09%,

8/14/27

..

7,093

7,024

FW2780366.UP.FTS.B,

27.22%,

8/14/27

..

2,894

2,867

FW2788769.UP.FTS.B,

27.54%,

8/14/27

..

20,128

19,947

FW2781744.UP.FTS.B,

27.73%,

8/14/27

..

13,851

3,984

FW2789146.UP.FTS.B,

27.73%,

8/14/27

..

3,473

3,439

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2781368.UP.FTS.B,

27.78%,

8/14/27

..

$

2,678

$

189

FW2780370.UP.FTS.B,

27.85%,

8/14/27

..

20,883

1,471

FW2781052.UP.FTS.B,

28.05%,

8/14/27

..

7,174

7,055

FW2788496.UP.FTS.B,

28.72%,

8/14/27

..

7,033

6,977

FW2789128.UP.FTS.B,

29.06%,

8/14/27

..

11,720

11,600

FW2784031.UP.FTS.B,

29.77%,

8/14/27

..

8,778

8,320

FW2784677.UP.FTS.B,

29.98%,

8/14/27

..

924

918

FW2786432.UP.FTS.B,

29.98%,

8/14/27

..

5,559

5,264

FW2787766.UP.FTS.B,

30.16%,

8/14/27

..

5,293

5,012

FW2780369.UP.FTS.B,

30.19%,

8/14/27

..

1,971

138

FW2784272.UP.FTS.B,

30.21%,

8/14/27

..

41,662

39,491

FW2781204.UP.FTS.B,

30.65%,

8/14/27

..

4,742

1,342

FW2779142.UP.FTS.B,

30.78%,

8/14/27

..

4,430

1,258

FW2784402.UP.FTS.B,

30.8%,

8/14/27

...

3,648

3,618

FW2786761.UP.FTS.B,

30.87%,

8/14/27

..

2,251

2,236

FW2788878.UP.FTS.B,

30.91%,

8/14/27

..

2,738

2,711

FW2783458.UP.FTS.B,

30.93%,

8/14/27

..

1,010

1,003

FW2786399.UP.FTS.B,

30.99%,

8/14/27

..

5,824

5,793

FW2782277.UP.FTS.B,

31.03%,

8/14/27

..

3,449

244

FW2782641.UP.FTS.B,

31.04%,

8/14/27

..

2,070

299

FW2786026.UP.FTS.B,

31.07%,

8/14/27

..

12,351

12,242

FW2781707.UP.FTS.B,

31.14%,

8/14/27

..

7,803

2,241

FW2786834.UP.FTS.B,

31.16%,

8/14/27

..

4,494

4,446

FW2782287.UP.FTS.B,

31.17%,

8/14/27

..

1,016

973

FW2784788.UP.FTS.B,

31.17%,

8/14/27

..

6,664

6,600

FW2784384.UP.FTS.B,

31.2%,

8/14/27

...

2,120

2,104

FW2788027.UP.FTS.B,

31.2%,

8/14/27

...

6,106

6,057

FW2788875.UP.FTS.B,

31.21%,

8/14/27

..

12,232

12,148

FW2781391.UP.FTS.B,

31.24%,

8/14/27

..

7,948

7,893

FW2785600.UP.FTS.B,

31.41%,

8/14/27

..

1,723

120

FW2779306.UP.FTS.B,

31.94%,

8/14/27

..

7,590

(421)

FW2780086.UP.FTS.B,

33.32%,

8/14/27

..

2,531

2,515

FW2788584.UP.FTS.B,

22.8%,

8/16/27

...

11,675

11,550

L2785554.UP.FTS.B,

23.22%,

8/16/27

....

11,622

10,883

FW2789307.UP.FTS.B,

29.22%,

8/16/27

..

2,357

2,346

FW1890892.UP.FTS.B,

16.8%,

8/21/27

...

7,680

7,555

FW2779425.UP.FTS.B,

21.27%,

8/26/27

..

9,722

9,552

L2783196.UP.FTS.B,

22.61%,

8/28/27

....

42,565

42,230

FW2017549.UP.FTS.B,

31.31%,

9/10/27

..

7,167

4,278

L2931559.UP.FTS.B,

14.36%,

9/11/27

....

34,616

34,207

L2909526.UP.FTS.B,

16.64%,

9/11/27

....

6,120

6,049

L2931231.UP.FTS.B,

16.75%,

9/11/27

....

18,073

17,872

L2930569.UP.FTS.B,

19.46%,

9/11/27

....

19,159

18,950

L2928998.UP.FTS.B,

20.3%,

9/11/27

.....

16,126

15,861

L2929352.UP.FTS.B,

20.34%,

9/11/27

....

8,515

8,363

FW2930169.UP.FTS.B,

21.07%,

9/11/27

..

9,273

2,492

FW2928720.UP.FTS.B,

21.08%,

9/11/27

..

46,589

26,745

L2930159.UP.FTS.B,

21.12%,

9/11/27

....

1,704

(32)

L2929710.UP.FTS.B,

21.35%,

9/11/27

....

10,621

10,494

L2929906.UP.FTS.B,

22.5%,

9/11/27

.....

12,294

890

FW2930789.UP.FTS.B,

24.41%,

9/11/27

..

18,719

2,654

L2928512.UP.FTS.B,

24.85%,

9/11/27

....

9,505

9,393

L2931032.UP.FTS.B,

25.34%,

9/11/27

....

9,021

1,247

L2929019.UP.FTS.B,

25.49%,

9/11/27

....

3,167

3,130

L2928199.UP.FTS.B,

25.64%,

9/11/27

....

3,762

3,704

FW2930454.UP.FTS.B,

25.93%,

9/11/27

..

4,908

4,879

FW2928810.UP.FTS.B,

25.97%,

9/11/27

..

5,201

366

L2930287.UP.FTS.B,

26.84%,

9/11/27

....

14,130

14,026

Franklin

Limited

Duration

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

Limited

Duration

Income

Trust

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

135

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2931158.UP.FTS.B,

26.91%,

9/11/27

..

$

21,574

$

1,526

FW2926514.UP.FTS.B,

27.25%,

9/11/27

..

21,150

12,516

L2929694.UP.FTS.B,

28.25%,

9/11/27

....

3,530

1,020

FW2929186.UP.FTS.B,

28.7%,

9/11/27

...

3,522

3,491

FW2927928.UP.FTS.B,

29.77%,

9/11/27

..

977

967

FW2931217.UP.FTS.B,

29.81%,

9/11/27

..

8,464

8,364

FW2930626.UP.FTS.B,

30.39%,

9/11/27

..

378

372

FW2928155.UP.FTS.B,

30.92%,

9/11/27

..

1,972

1,950

L2934264.UP.FTS.B,

17.04%,

9/12/27

....

5,919

5,833

L2910288.UP.FTS.B,

24.29%,

9/12/27

....

15,327

4,366

FW2933357.UP.FTS.B,

24.77%,

9/12/27

..

3,118

3,084

L2933452.UP.FTS.B,

25.12%,

9/12/27

....

2,111

570

FW2933345.UP.FTS.B,

25.32%,

9/12/27

..

6,919

6,881

FW2932559.UP.FTS.B,

27.07%,

9/12/27

..

12,463

12,383

FW2932656.UP.FTS.B,

27.65%,

9/12/27

..

2,499

2,471

FW2932980.UP.FTS.B,

29.72%,

9/12/27

..

7,687

2,207

FW2933555.UP.FTS.B,

30.59%,

9/12/27

..

1,030

1,022

FW2933743.UP.FTS.B,

30.85%,

9/12/27

..

965

567

FW2932783.UP.FTS.B,

31.23%,

9/12/27

..

10,223

10,100

L2111342.UP.FTS.B,

25.1%,

9/24/27

.....

1,479

1,471

L2111176.UP.FTS.B,

25.44%,

9/24/27

....

3,262

3,253

FW2266529.UP.FTS.B,

27.38%,

10/16/27

.

6,622

6,556

FW2268177.UP.FTS.B,

20.82%,

10/17/27

.

2,954

2,805

FW2269705.UP.FTS.B,

29.7%,

10/17/27

..

4,370

4,359

FW2267501.UP.FTS.B,

31.02%,

10/17/27

.

3,090

3,054

FW2471896.UP.FTS.B,

26.06%,

11/20/27

.

2,411

(60)

FW2479769.UP.FTS.B,

29.92%,

11/21/27

.

18,098

5,268

L2785139.UP.FTS.B,

21.47%,

1/14/28

....

8,482

8,344

L2785264.UP.FTS.B,

23.25%,

1/14/28

....

935

133

L2788591.UP.FTS.B,

23.29%,

1/14/28

....

14,276

14,047

FW2779683.UP.FTS.B,

24.26%,

1/14/28

..

34,824

34,391

L2786161.UP.FTS.B,

25.2%,

1/14/28

....

3,999

3,924

L2762586.UP.FTS.B,

25.31%,

1/14/28

....

11,737

11,107

L2789126.UP.FTS.B,

25.49%,

1/14/28

....

3,619

3,563

FW2788205.UP.FTS.B,

26.7%,

1/14/28

...

9,391

9,294

FW2781921.UP.FTS.B,

27.75%,

1/14/28

..

3,396

3,358

FW2782441.UP.FTS.B,

27.81%,

1/14/28

..

20,711

1,476

FW2785839.UP.FTS.B,

27.97%,

1/14/28

..

12,026

846

FW2782539.UP.FTS.B,

30.4%,

1/14/28

...

23,429

23,210

FW2785651.UP.FTS.B,

30.68%,

1/14/28

..

1,735

1,640

FW2776819.UP.FTS.B,

30.93%,

1/14/28

..

767

733

FW2785617.UP.FTS.B,

30.93%,

1/14/28

..

10,592

10,020

FW2782215.UP.FTS.B,

30.96%,

1/14/28

..

1,249

1,230

FW2786173.UP.FTS.B,

31.15%,

1/14/28

..

9,314

9,175

FW2784038.UP.FTS.B,

32.17%,

1/14/28

..

25,878

25,523

FW2931576.UP.FTS.B,

23.07%,

2/11/28

..

13,692

13,510

FW2931871.UP.FTS.B,

28.6%,

2/11/28

...

14,472

8,619

FW2935110.UP.FTS.B,

8.85%,

2/12/28

...

7,243

585

L2016976.UP.FTS.B,

17.93%,

11/10/28

...

3,039

3,026

L2018384.UP.FTS.B,

24.86%,

11/10/28

...

6,207

6,177

L2471413.UP.FTS.B,

14.77%,

1/20/29

....

21,768

21,670

L2474231.UP.FTS.B,

18.07%,

1/20/29

....

8,495

8,455

L2472122.UP.FTS.B,

18.59%,

1/20/29

....

3,810

3,795

L2475358.UP.FTS.B,

19.49%,

1/20/29

....

5,338

5,316

L2470272.UP.FTS.B,

21.01%,

1/20/29

....

5,381

5,357

L2471993.UP.FTS.B,

21.29%,

1/20/29

....

6,571

6,544

L2473174.UP.FTS.B,

22.65%,

1/20/29

....

8,109

8,075

L2472888.UP.FTS.B,

23.34%,

1/20/29

....

2,800

2,789

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2473102.UP.FTS.B,

23.59%,

1/20/29

....

$

5,425

$

5,399

L2474341.UP.FTS.B,

25.18%,

1/20/29

....

1,000

996

L2472903.UP.FTS.B,

25.78%,

1/20/29

....

1,114

163

L2475105.UP.FTS.B,

26.03%,

1/20/29

....

2,009

2,000

L2477875.UP.FTS.B,

11.39%,

1/21/29

....

8,558

8,522

L2480052.UP.FTS.B,

11.51%,

1/21/29

....

1,842

1,835

L2476569.UP.FTS.B,

12.1%,

1/21/29

....

9,016

8,979

L2481459.UP.FTS.B,

19.4%,

1/21/29

....

17,518

17,441

L2478078.UP.FTS.B,

21.42%,

1/21/29

....

5,215

5,190

L2479722.UP.FTS.B,

22.71%,

1/21/29

....

5,068

5,047

L2478021.UP.FTS.B,

24.55%,

1/21/29

....

9,074

9,033

L2481996.UP.FTS.B,

25.8%,

1/21/29

....

1,367

1,362

L2476521.UP.FTS.B,

26.04%,

1/21/29

....

909

905

L2482022.UP.FTS.B,

26.34%,

1/21/29

....

3,489

505

L2476782.UP.FTS.B,

26.59%,

1/21/29

....

2,214

2,204

L2481172.UP.FTS.B,

26.93%,

1/21/29

....

2,409

700

L2780235.UP.FTS.B,

24.51%,

3/14/29

....

13,820

13,691

L2782783.UP.FTS.B,

25.4%,

3/14/29

....

2,395

169

L2784369.UP.FTS.B,

25.66%,

3/14/29

....

1,666

1,656

L2783362.UP.FTS.B,

25.93%,

3/14/29

....

1,481

1,469

L2781012.UP.FTS.B,

26.33%,

3/14/29

....

7,037

6,973

L2893504.UP.FTS.B,

25.96%,

4/11/29

....

872

863

L2927882.UP.FTS.B,

26.42%,

4/11/29

....

4,243

4,205

L2928275.UP.FTS.B,

26.91%,

4/11/29

....

3,488

3,456

L2899443.UP.FTS.B,

27.44%,

4/11/29

....

28,463

28,242

L2264962.UP.FTS.B,

22.17%,

5/16/29

....

3,068

2,891

L2472044.UP.FTS.B,

25.12%,

6/20/29

....

7,942

7,638

L2473315.UP.FTS.B,

27.03%,

6/20/29

....

7,942

(202)

L2476272.UP.FTS.B,

26.5%,

6/21/29

....

2,231

2,143

L2481405.UP.FTS.B,

27.17%,

6/21/29

....

5,401

5,376

L2781565.UP.FTS.B,

27%,

8/14/29

......

2,511

2,502

L2928953.UP.FTS.B,

25.86%,

9/11/29

....

2,919

2,891

22,476,982

Total

Marketplace

Loans

(Cost

$73,119,694)

....

$67,450,012

Franklin

Limited

Duration

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

Franklin

Limited

Duration

Income

Trust

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$420,397,742

Cost

-

Non-controlled

affiliates

(Note

5

c

)

........................................................

3,126,767

Value

-

Unaffiliated

issuers

..................................................................

$388,667,820

Value

-

Non-controlled

affiliates

(Note

5

c

)

.......................................................

3,126,767

Cash

....................................................................................

25,258,576

Receivables:

Investment

securities

sold

...................................................................

2,253,134

Interest

.................................................................................

4,308,439

Total

assets

..........................................................................

423,614,736

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

24,382,848

Credit

facility

(Note

3)

......................................................................

83,000,000

Management

fees

.........................................................................

239,478

Trustees'

fees

and

expenses

.................................................................

898

Accrued

interest

(Note

3)

...................................................................

404,741

Reverse

repurchase

agreements

(Note

4)

.......................................................

28,203,865

Deposits

from

brokers

for:

Reverse

repurchase

agreements

(Note

4)

.....................................................

384,000

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

10)

......................................

7,601

Accrued

expenses

and

other

liabilities

...........................................................

348,635

Total

liabilities

.........................................................................

136,972,066

Net

assets

applicable

to

common

shares

.................................................

$286,642,670

Net

assets

applicable

to

common

shares

consist

of:

Paid-in

capital

.............................................................................

$373,025,553

Total

distributable

earnings

(losses)

.............................................................

(86,382,883)

Net

assets

applicable

to

common

shares

.................................................

$286,642,670

Common

shares

outstanding

..................................................................

40,405,374

Net

asset

value

per

common

share

.............................................................

$7.09

Franklin

Limited

Duration

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

137

Franklin

Limited

Duration

Income

Trust

Investment

income:

Dividends:

Unaffiliated

issuers

........................................................................

$123,896

Non-controlled

affiliates

(Note

5

c

)

.............................................................

83,344

Interest:

Unaffiliated

issuers

........................................................................

18,393,498

Total

investment

income

...................................................................

18,600,738

Expenses:

Management

fees

(Note

5

a

)

...................................................................

1,469,355

Transfer

agent

fee

s

.........................................................................

15,813

Custodian

fees

(Note

6

)

......................................................................

6,467

Reports

to

shareholders

fees

..................................................................

48,409

Registration

and

filing

fees

....................................................................

21,789

Professional

fees

...........................................................................

113,015

Trustees'

fees

and

expenses

..................................................................

2,142

Marketplace

lending

fees

(Note

1

f

)

..............................................................

634,950

Interest

expense

(Note

3

and

4)

................................................................

3,336,541

Other

....................................................................................

79,360

Total

expenses

.........................................................................

5,727,841

Expense

reductions

(Note

6

)

...............................................................

(2,784)

Expenses

waived/paid

by

affiliates

(Note

5c)

...................................................

(6,942)

Net

expenses

.........................................................................

5,718,115

Net

investment

income

................................................................

12,882,623

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(11,867,073)

Foreign

currency

transactions

................................................................

(13,338)

TBA

sale

commitments

.....................................................................

98,041

Net

realized

gain

(loss)

..................................................................

(11,782,370)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

14,570,058

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(1,500)

Unfunded

loan

commitments

(Note

10)

.........................................................

87,460

Net

change

in

unrealized

appreciation

(depreciation)

............................................

14,656,018

Net

realized

and

unrealized

gain

(loss)

............................................................

2,873,648

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

...................

$15,756,271

Franklin

Limited

Duration

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

Franklin

Limited

Duration

Income

Trust

Six

Months

Ended

June

30,

2023

(unaudited)

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$12,882,623

$24,303,739

Net

realized

gain

(loss)

.................................................

(11,782,370)

(7,581,652)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

14,656,018

(45,953,753)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

......................................................

15,756,271

(29,231,666)

Distributions

to

common

shareholders

.......................................

(14,432,800)

(22,610,267)

Distributions

to

common

shareholders

from

tax

return

of

capital

....................

—

(8,286,675)

Total

distributions

to

common

shareholders

...................................

(14,432,800)

(30,896,942)

Capital

share

transactions

(Note

2

)

..........................................

—

75,010,981

Net

increase

(decrease)

in

net

assets

...................................

1,323,471

14,882,373

Net

assets

applicable

to

common

shares:

Beginning

of

period

.....................................................

285,319,199

270,436,826

End

of

period

..........................................................

$286,642,670

$285,319,199

Franklin

Limited

Duration

Income

Trust

Financial

Statements

Statement

of

Cash

Flows

for

the

six

months

ended

June

30,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

139

Franklin

Limited

Duration

Income

Trust

Cash

flow

from

operating

activities:

Dividends,

interest

and

other

income

received

.....................................................

$

18,402,123

Operating

expenses

paid

.....................................................................

(2,450,782)

Interest

expense

paid

........................................................................

(3,337,652)

Deposits

with

broker

for

reverse

repurchase

agreements

.............................................

(232,000)

Realized

loss

on

foreign

currency

transactions

.....................................................

(13,338)

Purchases

of

long-term

investments

.............................................................

(190,486,539)

Sales

and

maturities

of

long-term

investments

.....................................................

217,064,513

Net

purchases

of

short-term

investments

.........................................................

(1,585,581)

Cash

provided

-

operating

activities

..........................................................

37,360,744

Cash

flow

from

financing

activities:

Net

change

in

reverse

repurchase

agreements

.....................................................

(6,252,505)

Cash

distributions

to

shareholders

..............................................................

(14,432,800)

Cash

used

-

financing

activities

.............................................................

(20,685,305)

Net

increase

(decrease)

in

cash

.................................................................

16,675,439

Cash

at

beginning

of

period

.....................................................................

8,583,137

Cash

at

end

of

period

.........................................................................

$25,258,576

Reconciliation

of

Net

Increase

(Decrease)

in

Net

Assets

resulting

from

Operating

Activities

to

Net

Cash

Provided

by

Operating

Activities

for

the

six

months

ended

June

30,

2023

Net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

....................................

$

15,756,271

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

to

net

cash

provided

by

operating

activities:

Net

amortization

income

..................................................................

(371,156)

Reinvested

dividends

from

non-controlled

affiliates

...............................................

(83,344)

Interest

received

in

the

form

of

securities

......................................................

(92,679)

Decrease

in

dividends

and

interest

receivable

and

other

assets

.....................................

442,743

Decrease

in

cash

on

deposit

with

broker

......................................................

(232,000)

Decrease

in

interest

payable

...............................................................

(1,111)

Decrease

in

payable

to

affiliates,

accrued

expenses,

and

other

liabilities

...............................

(69,208)

Decrease

in

payable

for

investments

purchased

.................................................

(787,251)

Increase

in

receivable

for

investments

sold

.....................................................

(911,085)

Decrease

in

cost

of

investments

.............................................................

38,279,622

Increase

in

unrealized

appreciation

on

investments.

..............................................

(14,570,058)

Net

cash

provided

by

operating

activities

...........................................................

$37,360,744

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

140

franklintempleton.com

Semiannual

Report

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

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

141

franklintempleton.com

Semiannual

Report

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

June

30,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Purchased

on

a

Delayed

Delivery

and

TBA

Basis

The

Fund

purchases

securities

on

a

delayed

delivery

and

to-be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

d.

Mortgage

Dollar

Rolls

The

Fund

enters

into

mortgage

dollar

rolls,

typically

on

a

TBA

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

a

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

on

a

specified

date

and

simultaneously

contracts

to

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

at

a

future

date

and

at

a

predetermined

price.

Gains

or

losses

are

realized

on

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

is

recorded

as

an

unrealized

gain

or

loss

to

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

In

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

is

not

entitled

to

principal

and

interest

paid

on

the

mortgage

backed

securities.

Transactions

in

mortgage

dollar

rolls

are

accounted

for

as

purchases

and

sales

and

may

result

in

an

increase

to

the

Fund's

portfolio

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

142

franklintempleton.com

Semiannual

Report

turnover

rate.

The

risks

of

mortgage

dollar

roll

transactions

include

the

potential

inability

of

the

counterparty

to

fulfill

its

obligations. 

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,

the

London

Interbank

Offered

Rate

(LIBOR),

or

the

Senior

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

June

30,

2023,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

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

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Mortgage

Dollar

Rolls

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

143

franklintempleton.com

Semiannual

Report

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

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

make

monthly

distributions

to

common

shareholders

at

an

annual

minimum

fixed

rate

of

10%,

based

on

the

average

monthly

NAV

of

the

Fund’s

common

shares.

Under

the

policy,

the

Fund

is

managed

with

a

goal

of

generating

as

much

of

the

distribution

as

possible

from

net

investment

income

and

short-term

capital

gains.

The

balance

of

the

distribution

will

then

come

from

long-term

capital

gains

to

the

extent

permitted

and,

if

necessary,

a

return

of

capital.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

h.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

144

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

June

30,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

Since

the

inception

of

the

program,

the

Fund

has

repurchased

a

total

of

242,561

shares.

During

the

period

ended

June

3

0

,

202

3

and

year

ended

December

31,

202

2

,

there

were

no

shares

repurchased

.

Transactions

in

the

Fund’s

shares

were

as

follows:

On

January

14,

2022,

the

Fund

commenced

a

transferrable

rights

offering

to

common

shareholders

of

record

on

January

19,

2022

(re

cord

date),

to

subscribe

for

up

to

an

aggregate

of

10,250,000

of

the

Fund’s

common

shares.

The

offering

expired

on

February

17,

202

2.

Each

record

date

shareholder

received

one

right

for

each

outstanding

whole

common

share

held,

which

entitled

their

holders

to

purchase

one

new

Fund

common

share

for

every

three

rights

held.

In

addition,

record

date

shareholders

who

fully

exercised

their

right

s

(other

than

those

rights

that

could

not

be

exercised

because

they

represented

the

right

to

acquire

less

than

one

common

share)

were

entitled

to

subsc

ribe

for

additional

common

shares

of

the

Fund

that

remained

unsubscribed

as

a

result

of

any

unexercised

rig

hts.

The

subscription

price

per

common

share

was

determined

based

upon

a

formula

equal

to

92.5%

of

the

average

of

the

last

reported

sales

price

of

th

e

Fund’s

common

shares

on

the

NYSE

American

Stock

Exchange

on

the

offering

expiration

date,

and

eac

h

of

the

four

preceding

trading

days,

subject

to

a

minimum

subscription

price

of

90%

of

the

Fund’s

net

asset

value

per

common

share

on

the

offering

expiratio

n

date.

The

rights

holders

subscribed

for

all

10,250,000

common

shares

at

an

average

price

per

share

of

$7.61.

Gross

proceeds

from

the

offering

were

$78,033,340.

The

Fund

received

the

gross

proceeds

of

the

offering

minus

the

dealer

manager

fee

and

other

ex

penses

of

the

offering

totaling

$

3,062,444

.

3.

Credit

Facility

On

April

26,

2023,

the

Fund

entered

into

a

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,

which

matures

on

October

23,

2023.

The

Credit

Facility

provides

a

source

of

funds

to

the

Fund

to

purchase

additional

investments

as

part

of

its

investment

strategy.

Prior

to

April

26,

2023,

the

Fund

had

a

credit

facility

agreement

with

BNP

Paribas

Prime

Brokerage

International

Ltd.,

which

permitted

the

Fund

to

borrow

up

to

a

maximum

commitment

amount

of

$100

million. 

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. 

At

June

30,

2023,

the

Fund

had

outstanding

borrowings

of

$83,000,000,

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

period

ended

June

30,

2023,

were

$83,008,897

and

5.87%,

respectively.

Six

Months

Ended

June

30,

2023

Year

Ended

December

31,

2022

Shares

Amount

Shares

Amount

Shares

sold

...................................

—

—

10,250,000

$74,970,896*

Shares

issued

in

reinvestment

of

distributions

..........

—

—

4,479

40,085

Net

increase

(decrease)

..........................

—

—

10,254,479

$75,010,981

*Net

of

rights

offering

costs

of

$331,277.

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

145

franklintempleton.com

Semiannual

Report

4. Reverse

Repurchase

Agreements 

The

Fund enters

into

reverse

repurchase

agreements,

under

which

the

Fund

sells

securities

in

exchange

for

cash

to

counterparties,

with

a

simultaneous

agreement

to

repurchase

the

same

or

substantially

the

same

security

at

a

mutually

agreed-upon

date

and

price.

Such

a

transaction

is

accounted

for

as

a

secured

borrowing

by

the

Fund,

collateralized

by

securities

for

which

the

Fund

retains

possession.

The

gross

amount

of

cash

received

in

exchange

for

securities

sold

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

counterparties

are

reflected

as

a

payable

for

Reverse

repurchase

agreements

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

on

reverse

repurchase

agreements

are

recorded

as

a

component

of

interest

expense

on

the

Statement

of

Operations.

Reverse

repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(buyers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

reverse

repurchase

agreements.

In

the

event

of

default

by

either

the

buyer

or

the

Fund,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

buyer

may

sell

securities

the Fund

pledged

as

collateral

and

apply

the

proceeds

towards

the

reverse

repurchase

price

and

any

other

amounts

owed

by

the Fund

in

the

event

of

default

by

the

Fund.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

reverse

repurchase

price

owed

by

the

Fund.

The

Fund

monitors

collateral

fair

value

for

the

reverse

repurchase

agreement,

including

accrued

interest,

over

the

life

of

the

agreement,

and

when

necessary,

delivers

or

receives

cash

or

securities

in

order

to

manage

credit

exposure

and

liquidity. 

The

remaining

contractual

maturity

of

the

repurchase

agreements

totaling

$28,227,161

are

up

to

30

days.

The

Fund

pledged

corporate

bonds,

asset-backed

securities,

commercial

mortgage-backed

securities

and

residential

mortgage-backed

securities

as

the

collateral

valued

at

$33,718,054

which

has

been

identified

on

the

Schedule

of

Investments.

Cash

collateral

that

has

been

pledged

to

manage

credit

exposure

and

liquidity

for

reverse

repurchase

agreements

is

reflected

as

a

receivable

for

deposits

with

brokers

for

reverse

repurchase

agreements

on

the

Statement

of

Assets

and

Liabilities. 

For

the period

ended

June

30,

2023,

the

average

borrowings

and

the

average

interest

rate

were

$30,357,474

and

5.8%,

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:

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.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

146

franklintempleton.com

Semiannual

Report

c.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

6.

Expense

Offset

Arrangement

The

Fund

has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

June

30,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. Effective

July

10,

2023,

earned

credits,

if

any,

will

be

recognized

as

income.

7.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Limited

Duration

Income

Trust

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.699%

$

1,457,842

$

58,389,440

$

(56,720,515)

$

—

$

—

$

3,126,767

3,126,767

$

83,344

Total

Affiliated

Securities

...

$1,457,842

$58,389,440

$(56,720,515)

$—

$—

$3,126,767

$83,344

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$5,522,050

Long

term

................................................................................

35,873,635

Total

capital

loss

carryforwards

...............................................................

$41,395,685

5.

Transactions

with

Affiliates

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

147

franklintempleton.com

Semiannual

Report

At

June

30,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

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

and

bond

discounts

and

premiums.

8.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2023,

aggregated

$189,699,288

and

$224,356,261,

respectively.

9.

Credit Risk

and

Defaulted

Securities

At

June

30,

2023,

the

Fund

had

74.1%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

June

30,

2023,

the

aggregate

value

of

these

securities

represents

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.

10.

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

June

30,

2023,

unfunded

commitments

were

as

follows:

11.

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

Cost

of

investments

..........................................................................

$395,640,095

Unrealized

appreciation

........................................................................

$4,847,747

Unrealized

depreciation

........................................................................

(36,506,233)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(31,658,486)

Borrower

Unfunded

Commitment

Franklin

Limited

Duration

Income

Trust

athenahealth

Group,

Inc.

$

217,158

$

217,158

7.

Income

Taxes

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

148

franklintempleton.com

Semiannual

Report

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

June

30,

2023,

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:

Common

Stocks

:

Ground

Transportation

..................

$

—

$

—

$

52,598

$

52,598

Hotels,

Restaurants

&

Leisure

.............

—

3,568

—

3,568

Independent

Power

and

Renewable

Electricity

Producers

..........................

1,019,951

2,067,032

—

3,086,983

Metals

&

Mining

.......................

—

283,097

—

283,097

Oil,

Gas

&

Consumable

Fuels

.............

3,805

304,605

—

308,410

Preferred

Stocks

.........................

—

1,477

—

1,477

Warrants

...............................

1,139

—

—

1,139

Convertible

Bonds

.......................

—

3,683

—

3,683

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

896,411

—

896,411

Automobile

Components

.................

—

3,202,075

—

3,202,075

Automobiles

..........................

—

1,110,633

—

1,110,633

Banks

...............................

—

1,504,830

—

1,504,830

Beverages

...........................

—

600,555

—

600,555

Biotechnology

.........................

—

524,515

—

524,515

Broadline

Retail

.......................

—

1,416,746

—

1,416,746

Building

Products

......................

—

3,750,316

—

3,750,316

Capital

Markets

........................

—

430,749

—

430,749

Chemicals

...........................

—

6,352,299

—

6,352,299

Commercial

Services

&

Supplies

...........

—

2,445,466

—

2,445,466

Construction

&

Engineering

...............

—

1,728,958

—

1,728,958

Consumer

Finance

.....................

—

3,716,029

—

3,716,029

Containers

&

Packaging

.................

—

7,736,670

—

7,736,670

Distributors

...........................

—

822,089

—

822,089

Diversified

Consumer

Services

............

—

1,180,400

—

1,180,400

Diversified

REITs

......................

—

1,923,683

—

1,923,683

Diversified

Telecommunication

Services

.....

—

2,121,226

—

2,121,226

Electric

Utilities

........................

—

1,597,933

—

1,597,933

Electrical

Equipment

....................

—

2,063,646

—

2,063,646

Electronic

Equipment,

Instruments

&

Components

........................

—

425,505

—

425,505

Energy

Equipment

&

Services

.............

—

4,857,809

—

4,857,809

Entertainment

.........................

—

1,962,250

—

1,962,250

Financial

Services

......................

—

1,357,560

—

1,357,560

Food

Products

........................

—

1,304,146

—

1,304,146

Ground

Transportation

..................

—

1,541,012

—

1,541,012

Health

Care

Equipment

&

Supplies

.........

—

1,213,610

—

1,213,610

Health

Care

Providers

&

Services

..........

—

4,285,870

—

4,285,870

Hotel

&

Resort

REITs

...................

—

303,339

—

303,339

Hotels,

Restaurants

&

Leisure

.............

—

11,742,755

—

a

11,742,755

Household

Durables

....................

—

1,333,625

—

1,333,625

11.

Fair

Value

Measurements

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

149

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

June

30,

2023,

the

reconciliation is

as follows:

Level

1

Level

2

Level

3

Total

Franklin

Limited

Duration

Income

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Independent

Power

and

Renewable

Electricity

Producers

..........................

$

—

$

3,002,249

$

—

$

3,002,249

Insurance

............................

—

1,183,695

—

1,183,695

IT

Services

...........................

—

2,491,863

—

2,491,863

Machinery

............................

—

2,973,398

—

2,973,398

Media

...............................

—

5,674,329

—

5,674,329

Metals

&

Mining

.......................

—

1,733,306

—

1,733,306

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

1,415,756

—

1,415,756

Oil,

Gas

&

Consumable

Fuels

.............

—

13,032,743

—

a

13,032,743

Paper

&

Forest

Products

.................

—

262,091

—

262,091

Passenger

Airlines

.....................

—

1,360,311

—

1,360,311

Pharmaceuticals

.......................

—

3,085,641

—

3,085,641

Real

Estate

Management

&

Development

....

—

1,364,108

—

1,364,108

Software

.............................

—

2,887,818

—

2,887,818

Specialized

REITs

......................

—

1,002,762

—

1,002,762

Specialty

Retail

........................

—

1,997,404

—

1,997,404

Textiles,

Apparel

&

Luxury

Goods

..........

—

403,506

—

403,506

Trading

Companies

&

Distributors

..........

—

1,040,256

—

1,040,256

Senior

Floating

Rate

Interests

...............

—

113,714,958

—

113,714,958

Marketplace

Loans

.......................

—

—

67,450,012

67,450,012

Asset-Backed

Securities

...................

—

39,970,005

—

39,970,005

Commercial

Mortgage-Backed

Securities

......

—

2,900,672

—

2,900,672

Mortgage-Backed

Securities

................

—

40,527,272

—

40,527,272

Short

Term

Investments

...................

3,126,767

—

—

3,126,767

Total

Investments

in

Securities

...........

$4,151,662

$320,140,315

b

$67,502,610

$391,794,587

Liabilities:

Other

Financial

Instruments:

Reverse

Repurchase

Agreements

............

$

—

$

28,203,865

$

—

$

28,203,865

Unfunded

Loan

Commitments

...............

—

7,601

—

7,601

Total

Other

Financial

Instruments

.........

$—

$28,211,466

$—

$28,211,466

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$283,097,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Limited

Duration

Income

Trust

Assets:

Investments

in

Securities:

Common

Stocks

:

Ground

Transportation

.

$

44,659

$

53,617

$

(295,988)

$

—

$

—

$

—

$

295,988

$

(45,678)

$

52,598

$

(1,019)

11.

Fair

Value

Measurements

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

150

franklintempleton.com

Semiannual

Report

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

June

30,

2023,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Limited

Duration

Income

Trust

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Oil,

Gas

&

Consumable

Fuels

..........

$

—

c

$

—

$

—

c

$

—

$

—

$

—

$

(1,208,234)

$

1,208,234

$

—

$

—

Corporate

Bonds

:

Ground

Transportation

.

993,522

—

(1,075,108)

—

—

24,543

(169,612)

226,655

—

—

Hotels,

Restaurants

&

Leisure

.........

—

c

—

—

—

—

—

—

—

—

c

—

Oil,

Gas

&

Consumable

Fuels

..........

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Financial

Services

...

75,416,488

12,475,040

(20,352,569)

—

—

—

(952,500)

863,553

67,450,012

(814,951)

Total

Investments

in

Securities

............

$76,454,669

$12,528,657

$(21,723,665)

$—

$—

$24,543

$(2,034,358)

$2,252,764

$67,502,610

$(815,970)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Limited

Duration

Income

Trust

Assets:

Investments

in

Securities:

Marketplace

Loans:

Financial

Services

..........

67,450,012

Discounted

cash

flow

Loss-adjusted

discount

rate

1.0%

-

18.1%

(9.0%)

Decrease

Projected

loss

rate

2.0%

-

84.5%

(14.9%)

Decrease

All

Other

Investments

..........

52,598

c,d

Total

.......................

$67,502,610

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.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

d

Includes

financial

instruments

determined

to

have

no

value.

11.

Fair

Value

Measurements

(continued)

Franklin

Limited

Duration

Income

Trust

Notes

to

Financial

Statements

(unaudited)

151

franklintempleton.com

Semiannual

Report

12.

New

Accounting

Pronouncements

In

March

2020,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021

and

December

2022,

the

FASB

issued

ASU

No.

2021-01

and

ASU

No.

2022-06,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

LIBOR

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2024.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

13.

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

other

than

those

already

disclosed

in

the

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

LIBOR

London

Interbank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Franklin

Limited

Duration

Income

Trust

Important

Information

to

Shareholders

152

franklintempleton.com

Semiannual

Report

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.

Rights

Offering

On

February

23,

2022,

the

Fund

announced

the

final

results

of

its

transferable

rights

offering

(the

“Offer”),

which

resulted

in

the

issuance

of

approximately

10,250,000

additional

common

shares.

The

final

subscription

price

for

the

additional

common

shares

issued

was

$7.61,

which

was

equal

to

90%

of

the

Fund’s

net

asset

value

per

common

share

at

the

close

of

trading

on

the

NYSE

American

on

February

17,

2022.

The

Offer

was

over-subscribed.

The

gross

proceeds

of

the

Offer

were

approximately

$78

million.

The

additional

common

shares

were

issued

on

or

about

February

24,

2022.

Franklin

Limited

Duration

Income

Trust

Annual

Meeting

of

Shareholders

153

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

(the

“Meeting”)

for

Franklin

Limited

Duration

Income

Trust

(Fund)

was

held

on

October

4,

2022.

At

the

Meeting,

shareholders

elected

Harris

J.

Ashton

and

Edith

E.

Holiday

as

Trustees

of

the

Fund

to

hold

office

for

a

three

year

term,

set

to

expire

at

the

2025

Annual

Meeting

of

Shareholders.

These

terms

continue,

however,

until

their

successors

are

duly

elected

and

qualified

or

until

a

Trustee’s

resignation,

retirement,

death

or

removal,

whichever

is

earlier.

The

results

of

the

voting

were

as

follows:

Note:

Terrance

J.

Checki,

Mary

C.

Choksi,

Gregory

E.

Johnson,

Rupert

H.

Johnson,

Jr.,

J.

Michael

Luttig,

Larry

D.

Thompson

and

Valerie

M.

Williams

are

Trustees

of

the

Fund

who

are

currently

serving

and

whose

terms

of

office

continued

after

the

meeting.

Trustee

Nominees

Shares

For

Shares

Withheld

Harris

J.

Ashton

Edith

E.

Holiday

31,672,654

31,668,792

1,405,675

1,409,537

Franklin

Limited

Duration

Income

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

154

franklintempleton.com

Semiannual

Report

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.

Equiniti

Trust

Company,

LLC

(Plan

Agent),

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

acts

as

your

Plan

Agent

in

administering

the

Plan.

The

Agent

will

open

an

account

for

you

under

the

Plan

in

the

same

name

as

your

outstanding

shares

are

registered.

You

are

automatically

enrolled

in

the

Plan

unless

you

elect

to

receive

Distributions

in

cash.

If

you

own

shares

in

your

own

name,

you

should

notify

the

Agent,

in

writing,

if

you

wish

to

receive

Distributions

in

cash.

If

the

Fund

declares

a

Distribution,

you,

as

a

participant

in

the

Plan,

will

automatically

receive

an

equivalent

amount

of

shares

of

the

Fund

purchased

on

your

behalf

by

the

Agent.

If

on

the

payment

date

for

a

Distribution,

the

net

asset

value

per

share

is

equal

to

or

less

than

the

market

price

per

share

plus

estimated

brokerage

commissions,

the

Agent

shall

receive

newly

issued

shares,

including

fractions,

from

the

Fund

for

your

account.

The

number

of

additional

shares

to

be

credited

shall

be

determined

by

dividing

the

dollar

amount

of

the

Distribution

by

the

greater

of

the

net

asset

value

per

share

on

the

payment

date,

or

95%

of

the

then

current

market

price

per

share.

If

the

net

asset

value

per

share

exceeds

the

market

price

plus

estimated

brokerage

commissions

on

the

payment

date

for

a

Distribution,

the

Agent

(or

a

broker-dealer

selected

by

the

Agent)

shall

try,

for

a

purchase

period

of

30

days,

to

apply

the

amount

of

such

Distribution

on

your

shares

(less

your

pro

rata

share

of

brokerage

commissions

incurred)

to

purchase

shares

on

the

open

market.

The

weighted

average

price

(including

brokerage

commissions)

of

all

shares

it

purchases

shall

be

your

allocated

price

per

share.

If,

before

the

Agent

has

completed

its

purchases,

the

market

price

plus

estimated

brokerage

commissions

exceeds

the

net

asset

value

of

the

shares

as

of

the

payment

date,

the

purchase

price

the

Agent

paid

may

exceed

the

net

asset

value

of

the

shares,

resulting

in

the

acquisition

of

fewer

shares

than

if

such

Distribution

had

been

paid

in

shares

issued

by

the

Fund.

Participants

should

note

that

they

will

not

be

able

to

instruct

the

Agent

to

purchase

shares

at

a

specific

time

or

at

a

specific

price.

The

Agent

may

make

open-market

purchases

on

any

securities

exchange

where

shares

are

traded,

in

the

over-the-counter

market

or

in

negotiated

transactions,

and

may

be

on

such

terms

as

to

price,

delivery

and

otherwise

as

the

Agent

shall

determine.

The

market

price

of

shares

on

a

particular

date

shall

be

the

last

sales

price

on

NYSE

MKT,

or,

if

there

is

no

sale

on

the

exchange

on

that

date,

then

the

mean

between

the

closing

bid

and

asked

quotations

on

the

exchange

on

such

date.

The

net

asset

value

per

share

on

a

particular

date

shall

be

the

amount

most

recently

calculated

by

or

on

behalf

of

the

Fund

as

required

by

law.

The

Agent

shall

at

all

times

act

in

good

faith

and

agree

to

use

its

best

efforts

within

reasonable

limits

to

ensure

the

accuracy

of

all

services

performed

under

this

agreement

and

to

comply

with

applicable

law,

but

assumes

no

responsibility

and

shall

not

be

liable

for

loss

or

damage

due

to

errors

unless

such

error

is

caused

by

the

Agent’s

negligence,

bad

faith,

or

willful

misconduct

or

that

of

its

employees.

Your

uninvested

funds

held

by

the

Agent

will

not

bear

interest.

The

Agent

shall

have

no

responsibility

for

the

value

of

shares

acquired.

For

the

purpose

of

cash

investments,

the

Agent

may

commingle

your

funds

with

those

of

other

participants

in

the

same

Fund.

There

is

no

direct

charge

to

participants

for

reinvesting

Distributions,

since

the

Agent’s

fees

are

paid

by

the

Fund.

However,

when

shares

are

purchased

in

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

any

brokerage

commissions

incurred.

If

you

elect

by

notice

to

the

Agent

to

have

it

sell

part

or

all

of

your

shares

and

remit

the

proceeds,

the

Agent

will

deduct

brokerage

commissions

from

the

proceeds.

The

automatic

reinvestment

of

Distributions

does

not

relieve

you

of

any

taxes

that

may

be

payable

on

Distributions.

In

connection

with

the

reinvestment

of

Distributions,

shareholders

generally

will

be

treated

as

having

received

a

Distribution

equal

to

the

cash

Distribution

that

would

have

been

paid.

The

Agent

will

forward

to

you

any

proxy

solicitation

material

and

will

vote

any

shares

so

held

for

you

first

in

accordance

with

the

instructions

set

forth

on

proxies

you

return

to

the

Fund,

and

then

with

respect

to

any

proxies

you

do

not

return

to

the

Fund

in

the

same

portion

as

the

Agent

votes

proxies

the

participants

return

to

the

Fund.

Franklin

Limited

Duration

Income

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

155

franklintempleton.com

Semiannual

Report

As

long

as

you

participate

in

the

Plan,

the

Agent

will

hold

the

shares

it

has

acquired

for

you

in

safekeeping,

in

its

name

or

in

the

name

of

its

nominee.

This

convenience

provides

added

protection

against

loss,

theft

or

inadvertent

destruction

of

certificates.

However,

you

may

request

that

a

certificate

representing

your

Plan

shares

be

issued

to

you.

Upon

your

written

request,

the

Agent

will

deliver

to

you,

without

charge,

a

certificate

or

certificates

for

the

full

shares.

The

Agent

will

send

you

a

confirmation

of

each

acquisition

made

for

your

account

as

soon

as

practicable,

but

not

later

than

60

days

after

the

acquisition

date.

Although

from

time

to

time

you

may

have

an

undivided

fractional

interest

in

a

share

of

the

Fund,

no

certificates

for

a

fractional

share

will

be

issued.

Distributions

on

fractional

shares

will

be

credited

to

your

account.

If

you

terminate

your

account

under

the

Plan,

the

Agent

will

adjust

for

any

such

undivided

fractional

interest

in

cash

at

the

market

value

of

shares

at

the

time

of

termination.

You

may

withdraw

from

the

Plan

at

any

time,

without

penalty,

by

notifying

the

Agent

in

writing

at

the

address

above

or

by

telephone

at

(800)

416-5585.

Such

termination

will

be

effective

with

respect

to

a

Distribution

if

the

Agent

receives

your

notice

prior

to

the

Distribution

record

date.

The

Agent

or

the

Fund

may

terminate

the

Plan

upon

notice

to

you

in

writing

mailed

at

least

30

days

prior

to

any

record

date

for

the

payment

of

any

Distribution.

Upon

any

termination,

the

Agent

will

issue,

without

charge,

stock

certificates

for

all

full

shares

you

own

and

will

convert

any

fractional

shares

you

hold

at

the

time

of

termination

to

cash

at

current

market

price

and

send

you

a

check

for

the

proceeds.

The

Fund

or

the

Agent

may

amend

the

Plan.

You

will

receive

written

notice

at

least

30

days

before

the

effective

date

of

any

amendment.

Franklin

Limited

Duration

Income

Trust

Shareholder

Information

156

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

LIMITED

DURATION

INCOME

TRUST

(Fund)

At

an

in-person

meeting

held

on

April

18,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund

(including

its

share

price

discount

to

net

asset

value);

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

noted

that,

in

2016,

it

had

authorized

an

open-market

share

repurchase

program

pursuant

to

which

the

Fund

may

purchase,

from

time

to

time,

up

to

10%

of

the

Fund’s

common

shares

in

open-market

transactions,

at

the

discretion

of

management.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

Franklin

Templeton

(FT)

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Franklin

Limited

Duration

Income

Trust

Shareholder

Information

157

franklintempleton.com

Semiannual

Report

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

Such

results

are

based

on

net

asset

value

without

regard

to

market

discounts

or

premiums.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

leveraged

closed-end

general

bond

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

the

Fund’s

Performance

Universe.

The

Board

further

noted

management’s

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

noted

that

the

Fund’s

one-year

annualized

income

return

was

above

10.00%

and

in

the

first

quintile

(best)

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

underlying

fund

expenses;

investment-related

expenses;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges

and

for

comparative

consistency,

was

shown

for

the

Fund

and

for

each

other

fund

in

the

Expense

Group,

except

that

for

two

of

the

funds

Class

I

shares

were

shown.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

nine

other

leveraged

closed-end

general

bond

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

Franklin

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Duration

Income

Trust

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Information

158

franklintempleton.com

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Report

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

believes

that

the

Manager’s

ability

to

realize

economies

of

scale

and

the

sharing

of

such

benefit

is

a

more

relevant

consideration

in

the

case

of

an

open-end

fund

whose

size

increases

as

a

result

of

the

continuous

sale

of

its

shares.

A

closed-end

fund,

such

as

the

Fund,

does

not

continuously

offer

shares,

and

growth

following

its

initial

public

offering

will

primarily

result

from

market

appreciation,

which

benefits

its

shareholders.

While

believing

economies

of

scale

to

be

less

of

a

factor

in

the

context

of

a

closed-end

fund,

the

Board

believes

at

some

point

an

increase

in

size

may

lead

to

economies

of

scale

that

would

be

shared

with

the

Fund

and

its

shareholders

and

intends

to

monitor

future

growth

of

the

Fund

accordingly.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period.

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.

FTF

S

08/23

©

2023

Franklin

Templeton

Investments.

All

rights

reserved.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Franklin

Limited

Duration

Income

Trust

Investment

Manager

Transfer

Agent

Franklin

Advisers,

Inc.

(800)

DIAL

BEN

®

/

342-5236

Equiniti

Trust

Company,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

www.equiniti.com

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 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.       N/A  

Item 5. Audit Committee

of Listed Registrants.

Members of the Audit Committee are: Terrence J. Checki, Mary C. Choksi, Edith E. Holiday, J. 
Michael Luttig and Larry D. Thompson
.

Item 6. Schedule of Investments.          N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

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.

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

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

Conflicts of Interest

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

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

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 environmental, social or corporate governance issues throughout the year.

THE PROXY GROUP

The Proxy Group is part of Franklin Templeton’s Global Sustainability Strategy Team’s Stewardship Team. 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 non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines (the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment

Company and

Affiliated Purchasers.  N/A

Item 10

. 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 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                        

Securities lending agent.

The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, Bank of New York Mellon serves as the Fund’s securities lending agent.

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

o Trade finding, execution and settlement

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

o Collateral management and valuation information

o Invoice management and billing from counterparties

For the period ended June 30, 2023, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

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

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

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

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

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

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(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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Franklin Limited Duration Income Trust

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  August 28, 2023

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

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  August 28, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  August 28, 2023