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Franklin Universal Trust : Limited Duration Income Trust Declares Monthly Distribution

08/22/2021 | 05:10pm EST
Franklin Limited Duration Income Trust Declares Monthly Distribution
From Franklin Templeton
contact Franklin Templeton
Telephone (800) 342-5236

San Mateo, CA, August 20, 2021 - Franklin Limited Duration Income Trust [NYSE American: FTF], a closed-end investment company managed by Franklin Advisers, Inc., announced today a distribution of $0.0776 per common share, payable September 15, 2021, to shareholders of record on August 31, 2021 (Ex-Dividend Date: August 30, 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.

Under the managed distribution plan, to the extent that sufficient investment 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 level. No conclusions should be drawn about the Fund's investment performance from the amount of the Fund's distributions or from the terms of the Fund's managed distribution plan.

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.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders 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 its full fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

The Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. Any such returns of capital will decrease the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, the Fund may have to sell portfolio securities at a less than opportune time.

You may request a copy of the Fund's current Report to Shareholders by contacting Franklin Templeton's Fund Information Department at 1-800/DIAL BEN® (1-800-342-5236) or by visiting franklintempleton.com. All investments involve risks, including possible loss of principal. Interest rate movements and mortgage prepayments will affect the Fund's share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in a fund adjust to a rise in interest rates, the fund's share price may decline. Investments in lower-rated bonds include higher risk of default and loss of principal. The Fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results. For portfolio management discussions, including information regarding the Fund's investment strategies, please view the most recent Annual or Semi-Annual Report to Shareholders which can be found at franklintempleton.com or sec.gov.

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of July 31, 2021. For more information, please visit franklintempleton.com.


Franklin Universal Trust published this content on 20 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2021 14:43:04 UTC.

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Financials (USD)
Sales 2021 14,9 M - -
Net income 2021 30,9 M - -
Net Debt 2021 63,6 M - -
P/E ratio 2021 7,00x
Yield 2021 4,96%
Capitalization 211 M 211 M -
EV / Sales 2020 15,5x
EV / Sales 2021 18,8x
Nbr of Employees -
Free-Float 100,0%
Duration : Period :
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Mean consensus BUY
Number of Analysts 1
Last Close Price 8,38 
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Managers and Directors
Robert G. Kubilis Treasurer, Chief Financial & Accounting Officer
Rupert Harris Johnson Chairman & Senior Vice President
Breda Mary Beckerle Chief Compliance Officer
Matthew T. Hinkle Chief Executive Officer-Finance & Administration
Harris J. Ashton Independent Trustee
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