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Franklin Limited Duration Income Trust (NYSE:FTF), a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0783 per common share, payable May 14, 2021, to shareholders of record on April 30, 2021 (Ex-Dividend Date: April 29, 2021).
The Fund adopted a managed distribution plan and will make monthly distributions to common shareholders at an annual minimum fixed rate of 10 percent, based on the average monthly net asset value (NAV) of the Fund's common shares. The Fund will calculate the average NAV from the previous month based on the number of business days in that month on which the NAV is calculated. The distribution will be calculated as 10 percent of the previous month's average NAV, divided by 12. Management will generally distribute amounts necessary to satisfy the Fund's plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. 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 is no assurance that the plan will be successful in doing so.