UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-17F-2

CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR

INVESTMENTS IN THE CUSTODY OF

MANAGEMENT INVESTMENT COMPANIES

PURSUANT TO RULE N-17F-2 [17 CFR 270.17F-2]

1. Investment Company Act File Number:				Date Examination completed:
811-21357				April 12, 2019

2. State Identification Number:

AL	AK	AZ	AR		CA	CO
CT	DE	DC	FL		GA	HI
ID	IL	IN	IA		KS	KY
LA	ME	MD	MA		MI	MN
MS	MO	MT	NE		NV	NH
NJ	NM	NY	NC		ND	OH
OK	OR	PA	RI		SC	SD
TN	TX	UT	VT		VA	WA
WV	WI	WY	PUERTO RICO

3. Exact name of investment company as specified in registration statement:

Franklin Limited Duration Income Trust




4. Address of principal executive office: (number, street, city, state, zip code)
One Franklin Parkway, San Mateo, CA 94403

[PWC LOGO]

Report of Independent Accountants

To the Board of Trustees of

Franklin Limited Duration Income Trust

Templeton Global Investment Trust

Franklin Real Estate Securities Trust

Franklin Strategic Series

Franklin High Income Trust

Franklin U.S. Government Money Fund

Franklin Templeton Money Fund Trust

Institutional Fiduciary Trust

Franklin Global Trust

Franklin Gold and Precious Metals Fund

Franklin Universal Trust

Templeton China World Fund

Templeton Emerging Markets Fund

Templeton Emerging Markets Income Fund

Templeton Funds

Templeton Global Income Fund

Templeton Global Smaller Companies Fund

Templeton Income Trust

Franklin Custodian Funds

Franklin Strategic Mortgage Portfolio

Franklin Investors Securities Trust

Franklin Templeton Global Trust

Franklin Templeton International Trust

Templeton Developing Markets Trust

Franklin Floating Rate Master Trust

Franklin Fund Allocator Series

Franklin Managed Trust

Franklin Templeton Variable Insurance Products Trust

Templeton Institutional Funds

Franklin ETF Trust

Franklin Managed Trust

and the Board of Directors of:

Templeton Growth Fund, Inc.

Templeton Dragon Fund, Inc.

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that each of the Funds listed in Attachment I, (hereafter referred to as the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) as of November 30, 2018. The Funds’ management is responsible for its assertion and the Funds’ compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of November 30, 2018, and with respect to agreement of security purchases and sales, for the period from June 30, 2018 (the date of our last examination) through November 30, 2018:

Without prior notice to management, confirmation of all securities held by Franklin Templeton Investors Services, Inc., transfer agent as they pertain to the security positions owned by the Funds and held in book entry form
Reconciliation of all such securities to the books and records of the Funds and the transfer agent
Agreement of 55 security purchases and 55 security sales since our last report from the books and records of the Funds to the records of the transfer agent

We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Funds' compliance with specified requirements.

In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2018 with respect to securities reflected in the investment account of the Funds is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Directors and Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/PRICEWATERHOUSECOOPERS, LLP

April 12, 2019

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

Management Statement Regarding Compliance with Certain

Provisions of the Investment Company Act of 1940

We, as members of management of the Franklin Templeton Funds indicated in Attachment I (the “Funds”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds’ compliance with the requirements of subsection (b) and (c) of Rule 17f-2 as of November 30, 2018, and for the periods indicated in Attachment I.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2018, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.

By:

/s/GASTON GARDEY

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer Franklin Funds

Date April 12, 2019

/s/ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer – Templeton Funds

Date April 12, 2019

/s/MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date April 12, 2019

		*Attachment I*
*Fund*		Period
*Franklin Limited Duration Income Trust*		June 30, 2018 - November 30, 2018

*Templeton Global Investment Trust:*
	Templeton Emerging Markets Balanced Fund	June 30, 2018 - November 30, 2018
	Templeton Emerging Markets Small Cap Fund	June 30, 2018 - November 30, 2018
	Templeton Frontier Markets Fund	June 30, 2018 - November 30, 2018
	Templeton Global Balanced Fund	June 30, 2018 - November 30, 2018
	Templeton Dynamic Equity Fund	June 30, 2018 - November 30, 2018

*Franklin Real Estate Securities Trust:*
	Franklin Real Estate Securities Fund	June 30, 2018 - November 30, 2018

*Franklin Strategic Series:*
	Franklin Biotechnology Discovery Fund	June 30, 2018 - November 30, 2018
	Franklin Flexible Alpha Bond Fund	June 30, 2018 - November 30, 2018
	Franklin Select U.S. Equity Fund	June 30, 2018 - November 30, 2018
	Franklin Growth Opportunities Fund	June 30, 2018 - November 30, 2018
	Franklin Natural Resources Fund	June 30, 2018 - November 30, 2018
	Franklin Small Cap Growth Fund	June 30, 2018 - November 30, 2018
	Franklin Small-Mid Cap Growth Fund	June 30, 2018 - November 30, 2018
	Franklin Strategic Income Fund	June 30, 2018 - November 30, 2018

*Franklin High Income Trust:*
	Franklin High Income Fund	June 30, 2018 - November 30, 2018

*Franklin U.S. Government Money Fund*		June 30, 2018 - November 30, 2018

*Franklin Templeton Money Fund Trust*		June 30, 2018 - November 30, 2018
	Franklin Templeton U.S. Government Money Market Fund	June 30, 2018 - November 30, 2018

*Institutional Fiduciary Trust:*
	Money Market Portfolio^a	June 30, 2018 - November 30, 2018

*Franklin Global Trust:*
	Franklin Emerging Market Debt Opportunities Fund	June 30, 2018 - November 30, 2018
	Franklin International Growth Fund	June 30, 2018 - November 30, 2018
	Franklin Global Listed Infrastructure Fund	June 30, 2018 - November 30, 2018

*Franklin Gold and Precious Metals Fund*		June 30, 2018 - November 30, 2018

*Franklin Universal Trust*		June 30, 2018 - November 30, 2018

*Templeton China World Fund*		June 30, 2018 - November 30, 2018

*Templeton Emerging Markets Fund*		June 30, 2018 - November 30, 2018

*Templeton Emerging Markets Income Fund*		June 30, 2018 - November 30, 2018

*Templeton Funds:*
	Templeton Foreign Fund	June 30, 2018 - November 30, 2018
	Templeton World Fund	June 30, 2018 - November 30, 2018
	Templeton International Climate Change Fund	June 30, 2018 - November 30, 2018

*Templeton Global Income Fund*		June 30, 2018 - November 30, 2018

*Templeton Global Smaller Companies Fund*		June 30, 2018 - November 30, 2018

*Templeton Growth Fund, Inc.*		June 30, 2018 - November 30, 2018

*Templeton Income Trust:*
	Templeton Emerging Markets Bond Fund	June 30, 2018 - November 30, 2018
	Templeton Global Bond Fund	June 30, 2018 - November 30, 2018
	Templeton Global Total Return Fund	June 30, 2018 - November 30, 2018
	Templeton International Bond Fund	June 30, 2018 - November 30, 2018

*Franklin Custodian Funds:*
	Franklin DynaTech Fund	June 30, 2018 - November 30, 2018
	Franklin Growth Fund	June 30, 2018 - November 30, 2018
	Franklin Income Fund	June 30, 2018 - November 30, 2018
	Franklin U.S. Government Securities Fund	June 30, 2018 - November 30, 2018
	Franklin Utilities Fund	June 30, 2018 - November 30, 2018
	Franklin Focused Growth Fund	June 30, 2018 - November 30, 2018

*Franklin Strategic Mortgage Portfolio*		June 30, 2018 - November 30, 2018

*Franklin Investors Securities Trust:*
	Franklin Adjustable U.S. Government Securities Fund	June 30, 2018 - November 30, 2018
	Franklin Balanced Fund	June 30, 2018 - November 30, 2018
	Franklin Convertible Securities Fund	June 30, 2018 - November 30, 2018
	Franklin Equity Income Fund	June 30, 2018 - November 30, 2018
	Franklin Floating Rate Daily Access Fund	June 30, 2018 - November 30, 2018
	Franklin Low Duration Total Return Fund	June 30, 2018 - November 30, 2018
	Franklin Real Return Fund	June 30, 2018 - November 30, 2018
	Franklin Total Return Fund	June 30, 2018 - November 30, 2018

*Franklin Templeton Global Trust:*
	Templeton Global Currency Fund	June 30, 2018 - November 30, 2018

*Franklin Templeton International Trust:*
	Franklin India Growth Fund	June 30, 2018 - November 30, 2018

*Templeton Developing Markets Trust*		June 30, 2018 - November 30, 2018

*Franklin Fund Allocator Series:*
	Franklin Conservative Allocation Fund	June 30, 2018 - November 30, 2018
	Franklin Corefolio Allocation Fund	June 30, 2018 - November 30, 2018
	Franklin Founding Funds Allocation Fund	June 30, 2018 - November 30, 2018
	Franklin Growth Allocation Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart Retirement Income Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2020 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2025 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2030 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2035 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2040 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2045 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2050 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin LifeSmart 2055 Retirement Target Fund	June 30, 2018 - November 30, 2018
	Franklin Moderate Allocation Fund	June 30, 2018 - November 30, 2018
	Franklin NextStep Conservative Fund	June 30, 2018 - November 30, 2018
	Franklin NextStep Moderate Fund	June 30, 2018 - November 30, 2018
	Franklin NextStep Growth Fund	June 30, 2018 - November 30, 2018
	Franklin Payout 2018 Fund	June 30, 2018 - November 30, 2018
	Franklin Payout 2019Fund	June 30, 2018 - November 30, 2018
	Franklin Payout 2020 Fund	June 30, 2018 - November 30, 2018
	Franklin Payout 2021 Fund	June 30, 2018 - November 30, 2018
	Franklin Payout 2022 Fund	June 30, 2018 - November 30, 2018

*Franklin Templeton Variable Insurance Products Trust:*
	Franklin Flex Cap Growth VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Founding Funds Allocation VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Income VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Mutual Global Discovery VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Mutual Shares VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Rising Dividends VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Small Cap Value VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Small-Mid Cap Growth VIP Fund	June 30, 2018 - November 30, 2018
	Franklin Strategic Income VIP Fund	June 30, 2018 - November 30, 2018
	Franklin VolSmart Allocation VIP Fund	June 30, 2018 - November 30, 2018
	Templeton Developing Markets VIP Fund	June 30, 2018 - November 30, 2018
	Templeton Foreign VIP Fund	June 30, 2018 - November 30, 2018
	Templeton Global Bond VIP Fund	June 30, 2018 - November 30, 2018
	Templeton Global Bond VIP Fund	June 30, 2018 - November 30, 2018

*Templeton Dragon Fund, Inc.*		June 30, 2018 - November 30, 2018

*Templeton Institutional Funds:*
	International Equity Series	June 30, 2018 - November 30, 2018
	Global Equity Series	June 30, 2018 - November 30, 2018

*Franklin ETF Trust:*
	Franklin Liberty Short Duration U.S. Government ETF	June 30, 2018 - November 30, 2018

*Franklin Managed Trust:*
	Franklin Rising Dividends Fund	June 30, 2018 - November 30, 2018