Fund Description: Franklin Limited Duration Income Trust, formerly Franklin Templeton Limited Duration Income Trust, is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Franklin Limited Duration Income Trust seeks high current income and capital appreciation through investment in high yield corporate bonds, floating rate bank loans and mortgage and other asset backed securities. FUND STRATEGY: Under normal market conditions, Franklin Advisers, Inc., the Fund’s investment adviser, expects the Fund to maintain an estimated average portfolio duration of between two and five years (including the effect of anticipated leverage). Initially, the Fund is expected to have an estimated average portfolio duration of approximately three to four years (including the effect of anticipated leverage). Under normal market conditions, the Fund expects to maintain a weighted average portfolio credit quality of investment grade. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in debt securities and other income-producing instruments, allocated primarily among three distinct investment categories: (1) mortgage-backed securities and other asset-backed securities; (2) bank loans made to corporate and other business entities; and (3) below investment grade debt securities and other income-producing instruments. There is no limitation on the percentage of the Fund’s assets that may be allocated to each of these investment categories; provided that, under normal market conditions, the Fund will invest at least 25% of its total assets in each category. Under normal circumstances, the Fund’s allocation to the investment category of mortgage-backed and other asset-backed securities will be primarily composed of investments in mortgage-backed securities. FUND MANAGEMENT: The fund's investment advisor is Franklin Advisors, Inc., a wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN) whose primary business is the Franklin Templeton Group.