Franklin Limited Duration Income Trust (the Fund) is a closed-end management investment company. The Fund's primary objective is to provide high, current income, with a secondary objective of capital appreciation. The Fund invests in a diversified mix of fixed income securities, primarily high yield corporate bonds, senior secured floating rate corporate loans and mortgage-and other asset-backed securities. It invests in various sector, which include aerospace and defense, air freight and logistics, airlines, banks, beverage, biotechnology, corporate bonds, chemicals, construction and engineering, containers and packaging, electric utilities, entertainment, insurance, media, metals and mining and wireless telecommunication services. The Fund's investment manager is Franklin Advisers, Inc.