FRANKLIN LIMITED DURATION INCOME TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

FRANKLIN LIMITED DURATION INCOME TRUST ("FTF" or the "Fund")

NOTIFICATION OF SOURCES OF DISTRIBUTIONS

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

The Fund's estimated sources of the distribution to be paid on December 29, 2023 and for the fiscal year

2023 year-to-date are as follows:

Estimated Allocations for December Monthly Distribution as of November 30, 2023:

Distribution

Net Investment

Net Realized

Net Realized

Return of

Per Share

Income

Short-Term Capital

Long-Term Capital

Capital

Gains

Gains

$0.0582

$0.0380 (65%)

$0.00 (0%)

$0.00 (0%)

$0.0202 (35%)

Cumulative Estimated Allocations fiscal year-to-date as of November 30, 2023, for the fiscal year ending December 31, 2023:

Distribution

Net Investment

Net Realized

Net Realized

Return of

Per Share

Income

Short-Term Capital

Long-Term Capital

Capital

Gains

Gains

$0.6513

$0.3704 (57%)

$0.00 (0%)

$0.00 (0%)

$0.2809 (43%)

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. FTF estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FTF distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FTF's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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.

Average Annual Total

Annualized

Cumulative Total

Cumulative Fiscal

Return (in relation to

Distribution Rate (as a

Return (in relation

Year-To-Date

the change in net asset

percentage of NAV for

to the change in

Distribution Rate (as

value (NAV) for the 5-

the current fiscal

NAV for the fiscal

a percentage of NAV

year period ended on

period through

period through

as of 11/30/2023)

4

11/30/2023)1

11/30/2023)2

11/30/2023)3

2.33%

9.93%

9.13%

9.26%

Fund Performance and Distribution Rate Information:

  1. Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through November 30, 2023. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.
  2. The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's
    NAV through November 30, 2023.
  3. Cumulative Total Return is the percentage change in the Fund's NAV from December 31, 2022 through November 30, 2023, assuming reinvestment of distributions paid.
  4. The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period (December 31, 2022 through November 30, 2023), as a percentage of the Fund's NAV as of November 30, 2023.

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 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. 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.

For further information on Franklin Limited Duration Income Trust,

please visit our web site at: www.franklintempleton.com

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Franklin Limited Duration Income Trust published this content on 29 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 December 2023 00:06:40 UTC.