On April 20, 2016, Saba Capital Management, L.P. announced that it has engaged and may continue to engage in discussions with Franklin Limited Duration Income Trust and the Board of Directors of the Company regarding the long-term performance of the Company and the trading of the shares at a discount to the Company's net asset value. Saba Capital Management continued that on April 20, 2016, it has sent a letter to the Company containing a stockholder proposal requesting that the Board of Directors consider authorizing a self-tender for all outstanding shares of the Company at or close to net asset value. In addition, Saba Capital Management stated that if more than 50% of the Company's outstanding shares are submitted for tender, the tender offer should be cancelled and the Company should be liquidated or converted into an open-end mutual fund.
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, floating-rate corporate loans and mortgage-and other asset-backed securities. It invests in various sectors, which include aerospace and defense, airlines, auto components, automobiles, banks, beverage, biotechnology, building products, capital markets, chemicals, commercial services and supplies, construction and engineering, containers and packaging, distributors, electric utilities, entertainment, insurance, media, metals and mining, Internet and direct marketing retail, information technology services, oil, gas and consumable fuels, paper and forest products, and wireless telecommunication services. The Fund's investment manager is Franklin Advisers, Inc.
FRANKLIN LIMITED DURATION INCOME TRUST 
