Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Income Fund (Apr 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

See

Notes

to

Statements

of

Investments.

1

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

2

Franklin

Floating

Rate

Master

Series

12

Notes

to

Financial

Statements

25

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

Floating

Rate

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

2.4%

Hotels,

Restaurants

&

Leisure

0.1%

a

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

88,077

$

234,858

Machinery

0.2%

a

UTEX

Industries,

Inc.

..................................

United

States

32,616

1,292,409

Paper

&

Forest

Products

2.1%

a,b,c,d

Appvion

Operations,

Inc.

................................

United

States

597,420

13,059,120

Road

&

Rail

0.0%

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...................

Australia

7,733,610

—

Total

Common

Stocks

(Cost

$11,593,902)

......................................

14,586,387

Preferred

Stocks

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

a

24

Hour

Fitness

Worldwide,

Inc.

..........................

United

States

208,597

599,716

a

Total

Preferred

Stocks

(Cost

$281,502)

.........................................

599,716

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.,

2/20/49

............................

United

States

2,796

3,127

Total

Warrants

(Cost

$—)

.....................................................

3,127

Principal

Amount

*

Corporate

Bonds

2.1%

Road

&

Rail

2.1%

b,e

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

14,108,720

13,023,745

Total

Corporate

Bonds

(Cost

$15,404,383)

......................................

13,023,745

a

f

Senior

Floating

Rate

Interests

93.2%

Aerospace

&

Defense

1.6%

AI

Convoy

(Luxembourg)

SARL,

Facility

USD

Term

Loan,

B,

4.5%,

(2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%),

1/18/27

...........................................

Luxembourg

2,184,106

2,185,471

e,g

Alloy

FinCo

Ltd.,

Facility

Term

Loan,

B,

14%,

PIK,

(3-month

USD

LIBOR

+

13.5%),

3/06/25

..............................

United

Kingdom

8,858,938

5,537,285

Dynasty

Acquisition

Co.,

Inc.,

2020

Term

Loan,

B1,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

..........

United

States

1,367,245

1,332,619

B2,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

..........

United

States

735,078

716,462

9,771,837

a

a

a

a

a

a

Air

Freight

&

Logistics

0.4%

Kenan

Advantage

Group,

Inc.

(The),

U.S.

Term

Loan,

B1,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

3/24/26

..................

United

States

2,493,750

2,487,965

Airlines

3.9%

g

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.),

Initial

Term

Loan,

5.5%,

(6-month

USD

LIBOR

+

4.75%),

4/20/28

.........

United

States

2,081,462

2,143,344

Allegiant

Travel

Co.,

Replacement

Term

Loan,

3.198%,

(3-month

USD

LIBOR

+

3%),

2/05/24

............................

United

States

3,587,494

3,563,565

g

American

Airlines,

Inc.,

2018

Replacement

Term

Loan,

1.861%,

(1-month

USD

LIBOR

+

1.75%),

6/27/25

..................

United

States

5,340,000

4,940,194

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

3.75%),

10/20/27

.................

United

States

2,046,261

2,152,165

JetBlue

Airways

Corp.,

Term

Loan,

6.25%,

(3-month

USD

LIBOR

+

5.25%),

6/17/24

.....................................

United

States

552,891

568,441

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Airlines

(continued)

Kestrel

Bidco,

Inc.,

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3%),

12/11/26

..........................................

Canada

6,907,106

$

6,698,270

g

United

AirLines,

Inc.,

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

4/21/28

.....................................

United

States

4,047,500

4,100,624

24,166,603

a

a

a

a

a

a

Auto

Components

3.6%

Adient

US

LLC,

Term

Loan,

B1,

3.61%,

(1-month

USD

LIBOR

+

3.5%),

4/10/28

......................................

United

States

10,190,000

10,196,369

Clarios

Global

LP,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

4/30/26

............

United

States

1,397,339

1,385,287

g

First

Brands

Group

LLC,

First

Lien,

2021

Term

Loan,

6%,

(1-month

USD

LIBOR

+

5%),

3/30/27

............................

United

States

4,862,584

4,898,057

First

Brands

Group

LLC,

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

...................

United

States

2,000,000

2,000,000

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

Term

Loan,

5.25%,

(3-month

USD

LIBOR

+

4.5%),

11/09/27

..................

United

States

1,732,158

1,739,745

Truck

Hero,

Inc.,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

1/31/28

.....................................

United

States

1,792,818

1,792,110

22,011,568

a

a

a

a

a

a

Automobiles

1.6%

American

Trailer

World

Corp.,

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

3/03/28

..................

United

States

1,770,686

1,758,512

Thor

Industries,

Inc.,

Term

Loan,

B1,

3.12%,

(1-month

USD

LIBOR

+

3%),

2/01/26

.......................................

United

States

8,336,941

8,368,205

10,126,717

a

a

a

a

a

a

Banks

0.6%

Finastra

Ltd.,

First

Lien,

Dollar

Term

Loan,

4.5%,

(6-month

USD

LIBOR

+

3.5%),

6/13/24

...............................

United

Kingdom

3,719,614

3,662,332

Beverages

0.5%

City

Brewing

Company

LLC,

First

Lien,

Closing

Date

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.5%),

4/05/28

..............

United

States

1,111,111

1,115,278

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.5%),

3/31/28

...................

United

States

1,649,157

1,645,545

2,760,823

a

a

a

a

a

a

Biotechnology

0.2%

Horizon

Therapeutics

USA,

Inc.,

Seventh

Amendment

Refinancing

Term

Loan,

2.125%,

(1-month

USD

LIBOR

+

2%),

5/22/26

.....

United

States

1,431,810

1,428,051

Capital

Markets

2.5%

Citadel

Securities

LP,

Term

Loan,

B,

2.613%,

(1-month

USD

LIBOR

+

2.5%),

2/02/28

....................................

United

States

3,360,000

3,333,758

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2021

Initial

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

4/07/28

..

United

States

1,710,000

1,705,092

Jane

Street

Group

LLC,

Term

Loan,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

1/26/28

.....................................

United

States

2,842,589

2,821,625

g

Russell

Investments

US

Institutional

Holdco,

Inc.,

2025

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.5%),

5/30/25

..............

United

States

4,931,956

4,888,802

g

Vertical

Midco

GmbH,

USD

Term

Loan,

4.478%,

(6-month

USD

LIBOR

+

4.25%),

6/30/27

..............................

Germany

2,748,698

2,757,123

15,506,400

a

a

a

a

a

a

Chemicals

2.1%

Cyanco

Intermediate

2

Corp.,

First

Lien,

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

3/16/25

...................

United

States

4,188,523

4,164,963

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Chemicals

(continued)

g

INEOS

226

Ltd.,

USD

Term

Loan,

B,

3.25%,

(3-month

USD

LIBOR

+

2.75%),

1/29/26

.....................................

United

Kingdom

870,936

$

868,623

Lummus

Technology

Holdings

V

LLC,

2021

Refinancing

Term

Loan,

B,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

6/30/27

..........

United

States

1,405,076

1,397,467

g,h

NIC

Acquisition

Corp.

/

CPC

Acquisition

Corp.

/

Gardner-Gibson

Acquisition

Corp.,

Term

Loan,

B,

TBD,

12/01/25

.............

United

States

250,000

246,250

NIC

Acquisition

Corp.,

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

12/29/27

....................................

United

States

808,027

809,546

SCIH

Salt

Holdings,

Inc.,

Incremental

Term

Loan,

B1,

4.75%,

(1-month

USD

LIBOR

+

4%),

3/16/27

.....................

United

States

3,748,450

3,742,827

h

Sparta

U.S.

HoldCo

LLC,

Term

Loan,

TBD,

4/28/28

............

United

States

1,608,632

1,600,589

12,830,265

a

a

a

a

a

a

Commercial

Services

&

Supplies

3.4%

CCI

Buyer,

Inc.,

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/17/27

..........................................

United

States

1,922,938

1,928,947

Legalzoom.com,

Inc.,

First

Lien,

2018

Term

Loan,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

11/21/24

..........................

United

States

7,190,241

7,195,885

Prime

Security

Services

Borrower

LLC,

First

Lien,

2021

Refinancing

Term

Loan,

B1,

3.5%,

(1-month

USD

LIBOR

+

2.75%;

3-month

USD

LIBOR

+

2.75%),

9/23/26

..........................

United

States

4,266,986

4,265,513

Spin

Holdco,

Inc.,

Initial

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

3/04/28

.......................................

United

States

1,076,923

1,073,811

Staples,

Inc.,

2019

Refinancing

New

Term

Loan,

B1,

5.205%,

(3-month

USD

LIBOR

+

5%),

4/16/26

.....................

United

States

6,334,057

6,205,001

20,669,157

a

a

a

a

a

a

Communications

Equipment

0.4%

CommScope,

Inc.,

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

4/06/26

...................................

United

States

2,727,222

2,714,022

Construction

Materials

0.6%

g

Park

River

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.25%),

12/28/27

.........................

United

States

1,900,000

1,891,982

White

Cap

Buyer

LLC,

Initial

Closing

Date

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

4%),

10/19/27

....................

United

States

2,062,194

2,065,091

3,957,073

a

a

a

a

a

a

Containers

&

Packaging

1.9%

BWay

Holding

Co.,

Initial

Term

Loan,

3.443%,

(3-month

USD

LIBOR

+

3.25%),

4/03/24

...................................

United

States

9,562,553

9,253,252

g

Kleopatra

Finco

SARL,

USD

Term

Loan,

B,

5.25%,

(6-month

USD

LIBOR

+

4.75%),

2/12/26

..............................

Luxembourg

2,325,775

2,323,589

11,576,841

a

a

a

a

a

a

Diversified

Consumer

Services

0.9%

KUEHG

Corp.,

Term

Loan,

B3,

4.75%,

(3-month

USD

LIBOR

+

3.75%),

2/21/25

.....................................

United

States

2,229,077

2,204,992

g

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.),

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

..................................

United

States

2,044,770

2,018,832

g

WW

International,

Inc.,

Initial

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

4/13/28

....................................

United

States

1,000,000

1,001,125

5,224,949

a

a

a

a

a

a

Diversified

Financial

Services

1.8%

First

Eagle

Holdings,

Inc.,

2020

Refinancing

Term

Loan,

2.703%,

(3-month

USD

LIBOR

+

2.5%),

2/01/27

...................

United

States

5,325,823

5,252,220

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Diversified

Financial

Services

(continued)

g

Jefferies

Finance

LLC,

Closing

Date

Term

Loan,

3.125%,

(1-month

USD

LIBOR

+

3%),

6/03/26

............................

United

States

2,250,691

$

2,231,358

Sabre

GLBL,

Inc.,

2020

Other

Term

Loan,

B,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/17/27

...............................

United

States

251,003

253,710

g

Verscend

Holding

Corp.,

Term

Loan,

B1,

4.113%,

(1-month

USD

LIBOR

+

4%),

8/27/25

................................

United

States

3,539,183

3,543,607

11,280,895

a

a

a

a

a

a

Diversified

Telecommunication

Services

1.4%

Global

Tel

Link,

First

Lien,

Term

Loan,

4.363%,

(1-month

USD

LIBOR

+

4.25%),

11/29/25

.............................

United

States

7,260,608

6,784,711

Zayo

Group

Holdings,

Inc.,

Initial

Dollar

Term

Loan,

3.113%,

(1-month

USD

LIBOR

+

3%),

3/09/27

.....................

United

States

2,023,457

2,005,752

8,790,463

a

a

a

a

a

a

Electric

Utilities

0.3%

Astoria

Energy

LLC,

Advance

(2020)

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.5%),

12/10/27

..........................

United

States

839,131

841,229

EFS

Cogen

Holdings

I

LLC,

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.5%),

10/01/27

...................................

United

States

678,956

678,488

1,519,717

a

a

a

a

a

a

Entertainment

2.1%

g

Banijay

Entertainment

SAS,

Facility

USD

Term

Loan,

B,

3.86%,

(1-month

USD

LIBOR

+

3.75%),

3/01/25

..................

France

5,144,891

5,119,167

Diamond

Sports

Group

LLC,

Term

Loan,

3.37%,

(1-month

USD

LIBOR

+

3.25%),

8/24/26

..............................

United

States

7,422,433

5,332,869

Lions

Gate

Capital

Holdings

LLC,

2026

Term

Loan,

A,

1.863%,

(1-month

USD

LIBOR

+

1.75%),

4/06/26

..................

United

States

734,784

728,813

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC),

First

Lien,

Term

Loan,

B1,

2.903%,

(1-month

USD

LIBOR

+

2.75%;

3-month

USD

LIBOR

+

2.75%),

5/18/25

......

United

States

1,998,742

1,956,279

13,137,128

a

a

a

a

a

a

Food

&

Staples

Retailing

1.5%

Aramark

Intermediate

HoldCo

Corp.,

U.S.

Term

Loan,

B4,

1.863%,

(1-month

USD

LIBOR

+

1.75%),

1/15/27

..................

United

States

3,861,000

3,813,143

GNC

Holdings,

Inc.,

Second

Lien,

Term

Loan,

6.2%,

(3-month

USD

LIBOR

+

6%),

10/07/26

...............................

United

States

6,015,558

5,045,549

Shearer's

Foods

LLC,

First

Lien,

Refinancing

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.5%),

9/23/27

...................

United

States

500,751

500,971

9,359,663

a

a

a

a

a

a

Food

Products

2.0%

e

CSM

Bakery

Solutions

Ltd.,

Second

Lien,

Term

Loan,

11%,

PIK,

(3-month

USD

LIBOR

+

10%),

7/05/21

....................

United

States

10,295,434

10,047,074

JBS

USA

Lux

SA,

New

Term

Loan,

2.113%,

(1-month

USD

LIBOR

+

2%),

5/01/26

.......................................

Luxembourg

2,423,004

2,419,345

12,466,419

a

a

a

a

a

a

Health

Care

Equipment

&

Supplies

0.4%

g,h

Jazz

Pharmaceuticals,

Inc.,

Term

Loan,

TBD,

4/21/28

..........

United

States

1,310,503

1,314,867

g,h

Organon

&

Co.,

Term

Loan,

TBD,

4/08/28

...................

United

States

1,400,000

1,397,956

2,712,823

a

a

a

a

a

a

Health

Care

Providers

&

Services

6.7%

g

ADMI

Corp.,

Amendment

No.

4

Refinancing

Term

Loan,

3.25%,

(1-month

USD

LIBOR

+

2.75%),

12/23/27

.................

United

States

6,062,160

6,021,756

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Health

Care

Providers

&

Services

(continued)

CNT

Holdings

I

Corp.,

First

Lien,

Facility

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

11/08/27

.........................

United

States

3,602,735

$

3,601,330

g

eResearchTechnology,

Inc.,

First

Lien,

Initial

Term

Loan,

5.5%,

(1-month

USD

LIBOR

+

4.5%),

2/04/27

...................

United

States

4,082,078

4,096,835

Gentiva

Health

Services,

Inc.,

First

Lien,

Term

Loan,

B,

2.875%,

(1-month

USD

LIBOR

+

2.75%),

7/02/25

..................

United

States

1,734,189

1,733,105

Global

Medical

Response,

Inc.,

2018

New

Term

Loan,

5.25%,

(3-month

USD

LIBOR

+

4.25%),

3/14/25

..................

United

States

1,194,697

1,196,298

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

.....................................

United

States

3,498,542

3,499,627

C,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

...........

United

States

116,618

116,654

National

Mentor

Holdings,

Inc.,

Second

Lien,

Initial

Term

Loan,

8%,

(3-month

USD

LIBOR

+

7.25%),

3/02/29

..................

United

States

2,000,000

2,030,000

Navicure,

Inc.,

First

Lien,

Initial

Term

Loan,

4.113%,

(1-month

USD

LIBOR

+

4%),

10/22/26

...............................

United

States

4,472,606

4,461,424

g

Pathway

Vet

Alliance

LLC,

First

Lien,

2021

Replacement

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

3/31/27

............

United

States

6,109,213

6,086,304

g

Phoenix

Guarantor,

Inc.,

First

Lien,

Term

Loan,

3.611%,

(1-month

USD

LIBOR

+

3.5%),

3/05/26

.............

United

States

2,720,726

2,700,320

B1,

3.358%,

(1-month

USD

LIBOR

+

3.25%),

3/05/26

.........

United

States

2,376,799

2,352,188

Pluto

Acquisition

I,

Inc.,

First

Lien,

Term

Loan,

B,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

6/22/26

...........................

United

States

517,941

519,883

Pluto

Acquisition

I,

Inc.,

Incremental

Term

Loan,

5.5%,

(1-month

USD

LIBOR

+

5%),

6/22/26

................................

United

States

751,057

756,220

U.S.

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3%),

6/23/24

.....................

United

States

2,019,745

1,993,377

41,165,321

a

a

a

a

a

a

Hotels,

Restaurants

&

Leisure

2.0%

e

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

5.193%,

PIK,

(3-month

USD

LIBOR

+

5%),

12/29/25

....................

United

States

3,992,452

3,517,516

Caesars

Resort

Collection

LLC,

Term

Loan,

B,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

.........

United

States

5,561,013

5,506,766

B1,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

7/21/25

..........

United

States

1,133,041

1,137,936

Golden

Nugget,

Inc.,

Initial

Term

Loan,

B,

3.25%,

(2-month

USD

LIBOR

+

2.5%),

10/04/23

..............................

United

States

1,126,812

1,115,493

IRB

Holding

Corp.,

Fourth

Amendment

Incremental

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.25%),

12/15/27

............

United

States

832,273

831,495

12,109,206

a

a

a

a

a

a

Household

Durables

0.3%

Playtika

Holding

Corp.,

Term

Loan,

B1,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

3/13/28

..............................

United

States

1,994,382

1,986,285

Household

Products

1.0%

b,e,g,i

FGI

Operating

Co.

LLC,

Term

Loan,

12.1%,

PIK,

(3-month

USD

LIBOR

+

11%),

5/16/22

...............................

United

States

16,154,852

5,644,753

Knowlton

Development

Corp.,

Inc.,

2020

Initial

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

12/22/25

.................

Canada

778,776

771,716

6,416,469

a

a

a

a

a

a

Insurance

2.5%

Acrisure

LLC,

First

Lien,

2020

Term

Loan,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

...............................

United

States

1,835,365

1,810,698

g

Alliant

Holdings

Intermediate

LLC,

2018

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

..................

United

States

4,171,987

4,125,532

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Insurance

(continued)

g

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

B3,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

11/05/27

.........................

United

States

710,956

$

711,895

AssuredPartners,

Inc.,

2020

February

Refinancing

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

.............

United

States

4,891,235

4,851,494

AssuredPartners,

Inc.,

2020

June

Incremental

Term

Loan,

5.5%,

(1-month

USD

LIBOR

+

4.5%),

2/12/27

...................

United

States

247,500

248,335

g

Asurion

LLC,

New

Term

Loan,

B8,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

........

United

States

1,906,815

1,896,089

B9,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

7/31/27

.........

United

States

1,523,392

1,514,031

Asurion

LLC,

Second

Lien,

New

Term

Loan,

B3,

5.363%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

..........................

United

States

101,007

102,623

15,260,697

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

0.4%

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

2020

June

New

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

....

United

States

1,531,777

1,533,500

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

United

States

797,933

792,172

2,325,672

a

a

a

a

a

a

IT

Services

7.9%

Arches

Buyer,

Inc.,

Refinancing

Term

Loan,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

12/06/27

.............................

United

States

1,918,215

1,911,224

Aventiv

Technologies

LLC,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

..................

United

States

13,846,192

12,872,667

Aventiv

Technologies

LLC,

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

..................

United

States

11,037,961

9,469,688

Barracuda

Networks,

Inc.,

First

Lien,

2020

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

2/12/25

..................

United

States

3,390,936

3,392,207

g

Gainwell

Acquisition

Corp.,

Term

Loan,

B,

4.75%,

(3-month

USD

LIBOR

+

4%),

10/01/27

...............................

United

States

6,343,247

6,357,138

Informatica

LLC,

Dollar

2020

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

2/25/27

..............................

United

States

306,900

304,667

Peraton

Corp.,

First

Lien,

Term

Loan,

B,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

2/01/28

...................................

United

States

1,355,999

1,357,226

Pitney

Bowes,

Inc.,

Refinancing

Term

Loan,

B,

4.12%,

(1-month

USD

LIBOR

+

4%),

3/17/28

................................

United

States

10,145,963

10,154,384

TIBCO

Software,

Inc.,

Term

Loan,

B3,

3.87%,

(1-month

USD

LIBOR

+

3.75%),

6/30/26

...................................

United

States

2,833,251

2,821,309

48,640,510

a

a

a

a

a

a

Leisure

Products

0.5%

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.),

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.5%),

12/16/24

..........................................

United

States

1,914,069

1,845,488

NASCAR

Holdings

LLC,

Initial

Term

Loan,

2.859%,

(1-month

USD

LIBOR

+

2.75%),

10/19/26

.............................

United

States

1,224,728

1,218,010

3,063,498

a

a

a

a

a

a

Machinery

1.8%

Altra

Industrial

Motion

Corp.,

Term

Loan,

2.113%,

(1-month

USD

LIBOR

+

2%),

10/01/25

...............................

United

States

2,970,260

2,961,453

Navistar,

Inc.,

Term

Loan,

B,

3.61%,

(1-month

USD

LIBOR

+

3.5%),

11/06/24

..........................................

United

States

8,075,510

8,082,576

11,044,029

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Media

4.1%

Cengage

Learning,

Inc.,

2016

Refinancing

Term

Loan,

5.25%,

(2-month

USD

LIBOR

+

4.25%;

3-month

USD

LIBOR

+

4.25%),

6/07/23

...........................................

United

States

5,344,068

$

5,328,196

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

B,

3.685%,

(2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%),

8/21/26

...........................................

United

States

6,231,828

6,051,385

CSC

Holdings

LLC,

March

2017

Refinancing

Term

Loan,

2.365%,

(1-month

USD

LIBOR

+

2.25%),

7/17/25

..................

United

States

982,097

973,111

Gray

Television,

Inc.,

Term

Loan,

C,

2.615%,

(1-month

USD

LIBOR

+

2.5%),

1/02/26

......................................

United

States

3,179,030

3,163,358

Nexstar

Broadcasting,

Inc.,

Term

Loan,

B4,

2.615%,

(1-month

USD

LIBOR

+

2.5%),

9/18/26

...............................

United

States

860,697

858,063

Nielsen

Finance

LLC,

Dollar

Term

Loan,

B5,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

6/04/25

..............................

United

States

601,890

604,593

Radiate

HoldCo

LLC,

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

9/25/26

......................................

United

States

774,908

776,605

g

Sinclair

Television

Group,

Inc.,

Term

Loan,

B,

2.36%,

(1-month

USD

LIBOR

+

2.25%),

1/03/24

..............................

United

States

835,309

830,088

Univision

Communications,

Inc.,

First

Lien,

2020

Replacement

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

3/15/26

........

United

States

2,911,399

2,920,832

g,h

Virgin

Media

Bristol

LLC,

Term

Loan,

Q,

TBD,

1/31/29

..........

United

States

3,556,664

3,556,077

25,062,308

a

a

a

a

a

a

Metals

&

Mining

0.6%

g

U.S.

Silica

Co.,

Term

Loan,

5%,

(1-month

USD

LIBOR

+

4%),

5/01/25

...........................................

United

States

3,550,774

3,416,963

Multiline

Retail

1.0%

Franchise

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

3/10/26

..........................

United

States

1,570,000

1,576,877

Harbor

Freight

Tools

USA,

Inc.,

Initial

Term

Loan

(2020),

3.75%,

(1-month

USD

LIBOR

+

3%),

10/19/27

....................

United

States

4,806,006

4,808,240

6,385,117

a

a

a

a

a

a

Oil,

Gas

&

Consumable

Fuels

7.2%

Buckeye

Partners

LP,

2021

Term

Loan,

B1,

2.359%,

(1-month

USD

LIBOR

+

2.25%),

11/01/26

.............................

United

States

2,910,095

2,901,786

EG

Group

Ltd.,

Additional

Facility

USD

Term

Loan,

4.203%,

(3-month

USD

LIBOR

+

4%),

2/07/25

............................

United

Kingdom

573,877

566,848

g,j

Fieldwood

Energy

LLC,

Debtor-in-possession

Facility

Term

Loan,

9.75%,

(1-month

USD

LIBOR

+

8.75%),

8/04/21

.............

United

States

7,833,042

8,146,364

i

Fieldwood

Energy

LLC,

First

Lien,

Closing

Date

Term

Loan,

7.251%,

(3-month

USD

LIBOR

+

4.25%),

4/11/22

..................

United

States

65,701,183

25,442,783

b,g,h

Fieldwood

Energy

LLC,

Second

Lien,

Exit

Facility

Term

Loan,

TBD,

3/31/26

...........................................

United

States

7,011,348

6,871,121

g

UTEX

Industries,

Inc.,

First

Out

Term

Loan,

8.5%,

(1-month

USD

LIBOR

+

7%),

12/03/24

...............................

United

States

327,657

330,279

e,g

UTEX

Industries,

Inc.,

Second

Out

Term

Loan,

5.25%,

PIK,

(1-month

USD

LIBOR

+

3.75%),

12/03/25

.........................

United

States

203,101

197,991

44,457,172

a

a

a

a

a

a

Paper

&

Forest

Products

0.7%

d

Appvion

Operations,

Inc.,

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6%),

6/12/26

.......................................

United

States

4,590,875

4,579,398

Personal

Products

0.9%

Coty,

Inc.,

USD

Term

Loan,

B,

2.36%,

(1-month

USD

LIBOR

+

2.25%),

4/07/25

.....................................

United

States

2,351,525

2,261,509

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Personal

Products

(continued)

Sunshine

Luxembourg

VII

SARL,

Term

Loan,

B3,

4.5%,

(3-month

USD

LIBOR

+

3%),

10/01/26

...........................

Luxembourg

3,560,000

$

3,565,554

5,827,063

a

a

a

a

a

a

Pharmaceuticals

0.1%

Bausch

Health

Cos.,

Inc.,

Initial

Term

Loan,

3.109%,

(1-month

USD

LIBOR

+

3%),

6/02/25

................................

United

States

652,943

652,581

Professional

Services

0.4%

CCRR

Parent,

Inc.,

First

Lien,

Initial

Term

Loan,

5%,

(3-month

USD

LIBOR

+

4.25%),

3/06/28

..............................

United

States

943,620

947,158

Dun

&

Bradstreet

Corp.

(The),

Initial

Term

Loan

Borrowing,

B,

3.361%,

(1-month

USD

LIBOR

+

3.25%),

2/06/26

............

United

States

1,077,710

1,072,995

UKG,

Inc.,

First

Lien,

2021

Incremental

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

..........................

United

States

357,193

358,031

2,378,184

a

a

a

a

a

a

Real

Estate

Management

&

Development

1.4%

Cushman

&

Wakefield

U.S.

Borrower

LLC,

Replacement

Term

Loan,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

8/21/25

............

United

States

8,856,161

8,670,757

Road

&

Rail

3.7%

Avis

Budget

Car

Rental

LLC,

New

Term

Loan,

B,

2.37%,

(1-month

USD

LIBOR

+

2.25%),

8/06/27

..........................

United

States

5,737,577

5,625,235

b

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Term

Loan,

B,

5.5%,

(1-month

USD

LIBOR

+

4.5%),

10/26/22

..................

Australia

10,319,296

9,720,104

Ventia

Midco

Pty.

Ltd.,

2017

Refinancing

USD

Term

Loan,

B,

5%,

(3-month

USD

LIBOR

+

4%),

5/21/26

.....................

Australia

7,178,119

7,200,587

22,545,926

a

a

a

a

a

a

Software

11.5%

athenahealth,

Inc.,

First

Lien,

Term

Loan,

B1,

4.453%,

(3-month

USD

LIBOR

+

4.25%),

2/11/26

..............................

United

States

6,980,517

7,013,675

Blackboard,

Inc.,

First

Lien,

Term

Loan,

B5,

7%,

(3-month

USD

LIBOR

+

6%),

6/30/24

................................

United

States

7,369,228

7,373,871

Ceridian

HCM

Holding,

Inc.,

Initial

Term

Loan,

2.587%,

(1-week

USD

LIBOR

+

2.5%),

4/30/25

...............................

United

States

971,962

957,990

DCert

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

4.113%,

(1-month

USD

LIBOR

+

4%),

10/16/26

...........................

United

States

5,720,528

5,728,079

DCert

Buyer,

Inc.,

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.113%,

(1-month

USD

LIBOR

+

7%),

2/19/29

.........

United

States

1,180,457

1,191,034

g

ECI

Macola/MAX

Holding

LLC,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

11/09/27

..................

United

States

1,496,250

1,499,991

Greeneden

U.S.

Holdings

I

LLC,

Term

Loan,

B,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/01/27

...........................

United

States

2,217,199

2,224,682

Hyland

Software,

Inc.,

First

Lien,

2018

Refinancing

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

..............

United

States

407,619

408,467

Hyland

Software,

Inc.,

Second

Lien,

2021

Refinancing

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

...............

United

States

83,333

84,236

g

Idera,

Inc.,

First

Lien,

Term

Loan,

B1,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

.....................................

United

States

1,825,819

1,814,791

g,h

IGT

Holding

IV

AB,

Facility

Term

Loan,

TBD,

3/31/28

...........

Sweden

1,488,352

1,486,491

Ivanti

Software,

Inc.,

First

Lien,

First

Amendment

Term

Loan,

B,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/01/27

..............

United

States

251,632

248,549

Ivanti

Software,

Inc.,

First

Lien,

Initial

Term

Loan,

5.75%,

(3-month

USD

LIBOR

+

4.75%),

12/01/27

.........................

United

States

2,450,000

2,446,938

LogMeIn,

Inc.,

First

Lien,

Initial

Term

Loan,

4.86%,

(1-month

USD

LIBOR

+

4.75%),

8/31/27

..............................

United

States

5,499,809

5,498,077

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Software

(continued)

MA

Financeco

LLC,

Term

Loan,

B4,

5.25%,

(3-month

USD

LIBOR

+

4.25%),

6/05/25

.....................................

United

States

245,313

$

247,049

Mitchell

International,

Inc.,

First

Lien,

Amendment

No.

2

New

Facility

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4.25%),

11/29/24

...

United

States

3,850,150

3,862,990

Perforce

Software,

Inc.,

First

Lien,

New

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

7/01/26

..................

United

States

4,119,504

4,075,302

Quest

Software

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4.436%,

(3-month

USD

LIBOR

+

4.25%),

5/16/25

............

United

States

7,532,125

7,536,268

g

RealPage,

Inc.,

First

Lien,

Initial

Term

Loan,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

4/24/28

..............................

United

States

2,250,000

2,242,271

Sophia

LP,

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

10/07/27

..........................................

United

States

627,507

628,291

Surf

Holdings

SARL,

First

Lien,

Dollar

Term

Loan,

3.676%,

(3-month

USD

LIBOR

+

3.5%),

3/05/27

...........................

Luxembourg

6,410,019

6,358,290

g,h

Syncsort,

Inc.,

Term

Loan,

B,

TBD,

3/19/28

..................

United

States

3,022,500

3,016,833

Veritas

US,

Inc.,

USD

Term

Loan,

B,

6%,

(3-month

USD

LIBOR

+

5%),

9/01/25

.......................................

United

States

4,887,232

4,930,606

70,874,771

a

a

a

a

a

a

Specialty

Retail

3.0%

Great

Outdoors

Group

LLC,

Term

Loan,

B1,

5%,

(3-month

USD

LIBOR

+

4.25%),

3/06/28

..............................

United

States

8,296,432

8,346,998

Michaels

Companies,

Inc.

(The),

Term

Loan,

B,

5%,

(3-month

USD

LIBOR

+

4.25%),

4/15/28

..............................

United

States

2,670,000

2,661,656

PetSmart

LLC,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

2/11/28

.....................................

United

States

2,500,072

2,510,385

Rent-A-Center,

Inc.,

Initial

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4%),

2/17/28

......................................

United

States

2,342,273

2,361,784

g,h

Savers,

Inc.,

Term

Loan,

TBD,

4/21/28

.....................

United

States

2,098,596

2,122,205

Woof

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

12/21/27

.........................

United

States

741,029

740,103

18,743,131

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.8%

Amentum

Government

Services

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

1/29/27

........

United

States

1,576,030

1,569,726

Amentum

Government

Services

Holdings

LLC,

Incremental

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

1/29/27

.........

United

States

1,640,000

1,649,569

Cardtronics

USA,

Inc.,

Initial

Term

Loan,

5%,

(1-month

USD

LIBOR

+

4%),

6/29/27

.......................................

United

States

1,813,146

1,818,133

5,037,428

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.6%

g

Champ

Acquisition

Corp.,

First

Lien,

Initial

Term

Loan,

5.73%,

(3-month

USD

LIBOR

+

5.5%;

6-month

USD

LIBOR

+

5.5%),

12/19/25

..........................................

United

States

2,132,789

2,132,981

Tory

Burch

LLC,

Initial

Term

Loan,

B,

4.5%,

(1-month

USD

LIBOR

+

3.5%),

4/16/28

......................................

United

States

1,602,632

1,592,623

3,725,604

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.4%

Altice

France

SA,

USD

Incremental

Term

Loan,

B13,

4.198%,

(3-month

USD

LIBOR

+

4%),

8/14/26

.....................

France

2,329,173

2,327,508

Total

Senior

Floating

Rate

Interests

(Cost

$636,311,376)

.........................

574,857,309

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

See

Abbreviations

on

page

33

.

a

a

Country

Shares/Units

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.1%

b

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

.................

United

States

221,427

$

367,931

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

367,931

Total

Long

Term

Investments

(Cost

$663,591,163)

...............................

603,438,215

a

Short

Term

Investments

8.2%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

8.2%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

50,531,154

50,531,154

Total

Money

Market

Funds

(Cost

$50,531,154)

..................................

50,531,154

Total

Short

Term

Investments

(Cost

$50,531,154

)

................................

50,531,154

a

Total

Investments

(Cost

$714,122,317)

106.1%

..................................

$653,969,369

Other

Assets,

less

Liabilities

(6.1)%

...........................................

(37,279,607)

Net

Assets

100.0%

...........................................................

$616,689,762

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

c

See

Note

4

regarding

restricted

securities.

d

See

Note

5

regarding

holdings

of

5%

voting

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

j

See

Note

6

regarding

unfunded

loan

commitments.

k

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited),

April

30,2021

Franklin

Floating

Rate

Master

Series

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

a

UTEX

Industries,

Inc.

..........................

United

States

120,386

$

4,770,295

1.26

a

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

..................

United

States

104,009

277,340

0.07

a

Paper

Products

a,b,c,d

Appvion

Operations,

Inc.

........................

United

States

563,596

12,319,757

3.25

a

Trucking

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...........

Australia

5,879,078

—

0.00

a

Total

Common

Stocks

(Cost

$18,304,117)

...............................

17,367,392

4.58

Management

Investment

Companies

Asset

Management

&

Custody

Banks

e

Franklin

Floating

Rate

Income

Fund

...............

United

States

461,717

3,582,920

0.95

e

Franklin

Liberty

Senior

Loan

ETF

.................

United

States

857,785

21,427,469

5.66

Invesco

Senior

Loan

ETF

.......................

United

States

72,365

1,602,885

0.42

26,613,274

7.03

Total

Management

Investment

Companies

(Cost

$27,729,256)

.............

26,613,274

7.03

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

..................

United

States

246,320

708,170

0.19

a

Total

Preferred

Stocks

(Cost

$332,425)

..................................

708,170

0.19

Warrants

%

of

Net

Assets

a

a

a

a

a

Warrants

Industrial

Machinery

a,b

UTEX

Industries,

Inc.

,

2/20/49

....................

United

States

321

359

0.00

†

Total

Warrants

(Cost

$–)

...............................................

359

0.00

†

Principal

Amount

*

%

of

Net

Assets

Corporate

Bonds

Airlines

f

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

1,700,000

1,787,125

0.47

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

....................

United

States

1,250,000

1,341,376

0.35

f

United

Airlines,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

...................................

United

States

165,000

171,430

0.05

3,299,931

0.87

Broadcasting

f

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.,

Senior

Secured

Note,

144A,

5.375%,

8/15/26

...

United

States

1,840,000

1,345,500

0.36

f

Sinclair

Television

Group,

Inc.,

Senior

Secured

Note,

144A,

4.125%,

12/01/30

.......................

United

States

900,000

878,634

0.23

f

Univision

Communications,

Inc.,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

........................

United

States

400,000

407,282

0.11

2,631,416

0.70

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Construction

Materials

f

Cemex

SAB

de

CV,

Senior

Secured

Bond,

144A,

5.2%,

9/17/30

...................................

Mexico

750,000

$

817,129

0.22

Diversified

Chemicals

f

SCIH

Salt

Holdings,

Inc.,

Senior

Secured

Note,

144A,

4.875%,

5/01/28

.............................

United

States

1,100,000

1,098,625

0.29

Independent

Power

Producers

&

Energy

Traders

f

Talen

Energy

Supply

LLC,

Senior

Secured

Note,

144A,

6.625%,

1/15/28

.............................

United

States

444,000

447,523

0.12

Oil

&

Gas

Storage

&

Transportation

f

Cheniere

Energy,

Inc.,

Senior

Secured

Note,

144A,

4.625%,

10/15/28

............................

United

States

450,000

469,755

0.12

Trucking

b,g

Onsite

Rental

Group

Operations

Pty.

Ltd.,

PIK,

6.1%,

10/26/23

..................................

Australia

10,725,759

9,900,937

2.61

Wireless

Telecommunication

Services

f

Vmed

O2

UK

Financing

I

plc,

Senior

Secured

Bond,

144A,

4.25%,

1/31/31

.........................

United

Kingdom

360,000

348,750

0.09

Total

Corporate

Bonds

(Cost

$20,733,766)

...............................

19,014,066

5.02

h

Senior

Floating

Rate

Interests

Advertising

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

B,

3.685%,

(2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%),

8/21/26

.......................

United

States

2,736,455

2,657,221

0.70

Aerospace

&

Defense

AI

Convoy

(Luxembourg)

SARL,

Facility

USD

Term

Loan,

B,

4.5%,

(2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%),

1/18/27

.......................

Luxembourg

1,228,590

1,229,358

0.32

g

Alloy

FinCo

Ltd.,

Facility

Term

Loan,

B,

14%,

PIK,

(3-month

USD

LIBOR

+

13.5%),

3/06/25

..........

United

Kingdom

3,067,905

1,918,729

0.51

i

Dynasty

Acquisition

Co.,

Inc.,

2020

Term

Loan

,

B1,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

..

United

States

1,629,901

1,588,624

0.42

B2,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

..

United

States

876,291

854,099

0.23

5,590,810

1.48

a

a

a

a

a

a

Air

Freight

&

Logistics

Kenan

Advantage

Group,

Inc.

(The),

U.S.

Term

Loan,

B1,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

3/24/26

......

United

States

1,097,250

1,094,704

0.29

Airlines

i

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.),

Initial

Term

Loan,

5.5%,

(6-month

USD

LIBOR

+

4.75%),

4/20/28

.............................

United

States

1,013,781

1,043,921

0.28

Allegiant

Travel

Co.,

Replacement

Term

Loan,

3.198%,

(3-month

USD

LIBOR

+

3%),

2/05/24

.............

United

States

2,899,450

2,880,111

0.76

American

Airlines,

Inc.,

2018

Replacement

Term

Loan,

1.861%,

(1-month

USD

LIBOR

+

1.75%),

6/27/25

....

United

States

750,000

693,847

0.18

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

3.75%),

10/20/27

....

United

States

956,180

1,005,667

0.27

JetBlue

Airways

Corp.,

Term

Loan,

6.25%,

(3-month

USD

LIBOR

+

5.25%),

6/17/24

......................

United

States

423,164

435,066

0.11

i

Kestrel

Bidco,

Inc.,

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3%),

12/11/26

.............................

Canada

3,139,542

3,044,617

0.80

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Airlines

(continued)

i

United

AirLines,

Inc.,

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

4/21/28

......................

United

States

1,004,464

$

1,017,648

0.27

10,120,877

2.67

a

a

a

a

a

a

Alternative

Carriers

Zayo

Group

Holdings,

Inc.,

Initial

Dollar

Term

Loan,

3.113%,

(1-month

USD

LIBOR

+

3%),

3/09/27

......

United

States

623,553

618,097

0.16

Apparel,

Accessories

&

Luxury

Goods

Champ

Acquisition

Corp.,

First

Lien,

Initial

Term

Loan,

5.73%,

(3-month

USD

LIBOR

+

5.5%;

6-month

USD

LIBOR

+

5.5%),

12/19/25

......................

United

States

1,044,020

1,044,114

0.28

Tory

Burch

LLC,

Initial

Term

Loan,

B,

4.5%,

(1-month

USD

LIBOR

+

3.5%),

4/16/28

...................

United

States

580,645

577,019

0.15

1,621,133

0.43

a

a

a

a

a

a

Application

Software

Blackboard,

Inc.,

First

Lien,

Term

Loan,

B5,

7%,

(3-month

USD

LIBOR

+

6%),

6/30/24

....................

United

States

3,203,449

3,205,467

0.85

Ceridian

HCM

Holding,

Inc.,

Initial

Term

Loan,

2.587%,

(1-week

USD

LIBOR

+

2.5%),

4/30/25

............

United

States

691,139

681,204

0.18

i

ECI

Macola/MAX

Holding

LLC,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

11/09/27

United

States

847,875

849,995

0.23

i

Epicor

Software

Corp.,

Term

Loan,

C,

4%,

(1-month

USD

LIBOR

+

3.25%),

7/30/27

......................

United

States

1,140,077

1,139,929

0.30

Greeneden

U.S.

Holdings

I

LLC,

Term

Loan,

B,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/01/27

............

United

States

1,896,787

1,903,189

0.50

i,j

IGT

Holding

IV

AB,

Facility

Term

Loan,

TBD,

3/31/28

...

Sweden

1,333,333

1,331,667

0.35

LogMeIn,

Inc.,

First

Lien,

Initial

Term

Loan,

4.86%,

(1-month

USD

LIBOR

+

4.75%),

8/31/27

..........

United

States

1,706,328

1,705,790

0.45

Mitchell

International,

Inc.,

First

Lien,

Amendment

No.

2

New

Facility

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4.25%),

11/29/24

...........................

United

States

995,000

998,318

0.26

i,j

Mitchell

International,

Inc.,

First

Lien,

Initial

Term

Loan,

TBD,

11/29/24

..............................

United

States

768,201

757,830

0.20

i

Project

Alpha

Intermediate

Holding,

Inc.,

2021

Refinancing

Term

Loan,

4.12%,

(1-month

USD

LIBOR

+

4%),

4/26/24

...............................

United

States

1,543,517

1,541,009

0.41

i

Project

Ruby

Ultimate

Parent

Corp.,

First

Lien,

Closing

Date

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.25%),

3/10/28

...................................

United

States

1,412,949

1,405,001

0.37

i

RealPage,

Inc.,

First

Lien,

Initial

Term

Loan,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

4/24/28

..........

United

States

2,296,129

2,288,242

0.61

Solera

LLC

(Solera

Finance,

Inc.),

Dollar

Term

Loan,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

3/03/23

....

United

States

494,792

492,869

0.13

i

Sophia

LP,

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

10/07/27

............................

United

States

1,222,117

1,223,645

0.32

Surf

Holdings

SARL,

First

Lien,

Dollar

Term

Loan,

3.676%,

(3-month

USD

LIBOR

+

3.5%),

3/05/27

.....

Luxembourg

2,338,013

2,319,145

0.61

i,j

Syncsort,

Inc.,

Term

Loan,

B,

TBD,

3/19/28

..........

United

States

1,529,954

1,527,086

0.40

Ultimate

Software

Group,

Inc.

(The),

First

Lien,

Initial

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

5/04/26

...................................

United

States

643,467

644,519

0.17

24,014,905

6.34

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Asset

Management

&

Custody

Banks

i

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2021

Initial

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

4/07/28

............................

United

States

998,571

$

995,705

0.26

i

Russell

Investments

US

Institutional

Holdco,

Inc.,

2025

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.5%),

5/30/25

...................................

United

States

3,068,950

3,042,097

0.80

4,037,802

1.06

a

a

a

a

a

a

Auto

Parts

&

Equipment

Adient

US

LLC,

Term

Loan,

B1,

3.61%,

(1-month

USD

LIBOR

+

3.5%),

4/10/28

.......................

United

States

1,960,000

1,961,225

0.52

Clarios

Global

LP,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

4/30/26

...................................

United

States

2,289,112

2,269,368

0.60

First

Brands

Group

LLC,

First

Lien,

2021

Term

Loan,

6%,

(1-month

USD

LIBOR

+

5%),

3/30/27

.............

United

States

1,127,082

1,135,304

0.30

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

Term

Loan,

5.25%,

(3-month

USD

LIBOR

+

4.5%),

11/09/27

United

States

610,007

612,678

0.16

TI

Group

Automotive

Systems

LLC,

Refinancing

US

Term

Loan,

3.75%,

(3-month

USD

LIBOR

+

3.25%),

12/16/26

United

States

600,736

600,487

0.16

i

Truck

Hero,

Inc.,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

1/31/28

......................

United

States

1,140,856

1,140,405

0.30

7,719,467

2.04

a

a

a

a

a

a

Automobile

Manufacturers

i

American

Trailer

World

Corp.,

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

3/03/28

.

United

States

1,725,584

1,713,720

0.45

Thor

Industries,

Inc.,

Term

Loan,

B1,

3.12%,

(1-month

USD

LIBOR

+

3%),

2/01/26

....................

United

States

1,300,000

1,304,875

0.35

3,018,595

0.80

a

a

a

a

a

a

Biotechnology

Grifols

Worldwide

Operations

Ltd.,

Dollar

Term

Loan,

B,

2.087%,

(1-week

USD

LIBOR

+

2%),

11/15/27

......

Ireland

657,115

649,907

0.17

Horizon

Therapeutics

USA,

Inc.,

Seventh

Amendment

Refinancing

Term

Loan,

2.125%,

(1-month

USD

LIBOR

+

2%),

5/22/26

..............................

United

States

494,270

492,973

0.13

1,142,880

0.30

a

a

a

a

a

a

Brewers

City

Brewing

Company

LLC,

First

Lien,

Closing

Date

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.5%),

4/05/28

...................................

United

States

646,259

648,682

0.17

Broadcasting

Gray

Television,

Inc.,

Term

Loan,

B2,

2.365%,

(1-month

USD

LIBOR

+

2.25%),

2/07/24

..................

United

States

994,899

990,472

0.26

Nexstar

Broadcasting,

Inc.,

Term

Loan,

B3,

2.356%,

(1-month

USD

LIBOR

+

2.25%),

1/17/24

..........

United

States

1,738,453

1,734,237

0.46

Sinclair

Television

Group,

Inc.,

Term

Loan,

B,

2.36%,

(1-month

USD

LIBOR

+

2.25%),

1/03/24

..........

United

States

1,911,160

1,899,216

0.50

Univision

Communications,

Inc.,

First

Lien,

2020

Replacement

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

3/15/26

...........................

United

States

551,244

553,030

0.15

5,176,955

1.37

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Building

Products

i

Cornerstone

Building

Brands,

Inc.,

Term

Loan,

B,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

4/12/28

..........

United

States

957,442

$

950,262

0.25

Cable

&

Satellite

CSC

Holdings

LLC,

March

2017

Refinancing

Term

Loan,

2.365%,

(1-month

USD

LIBOR

+

2.25%),

7/17/25

....

United

States

4,905,285

4,860,402

1.28

Radiate

HoldCo

LLC,

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

9/25/26

...................

United

States

327,013

327,730

0.09

i,j

Virgin

Media

Bristol

LLC,

Term

Loan,

Q,

TBD,

1/31/29

..

United

States

788,848

788,718

0.21

WideOpenWest

Finance

LLC,

Eighth

Amendment

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.25%),

8/18/23

...................................

United

States

1,035,195

1,035,707

0.27

7,012,557

1.85

a

a

a

a

a

a

Casinos

&

Gaming

Boyd

Gaming

Corp.,

Refinancing

Term

Loan,

B,

2.337%,

(1-week

USD

LIBOR

+

2.25%),

9/15/23

...........

United

States

1,171,420

1,171,420

0.31

Boyd

Gaming

Corp.,

Term

Loan,

A,

3.25%,

(1-week

USD

LIBOR

+

2.75%),

9/15/23

......................

United

States

912,937

915,219

0.24

Caesars

Resort

Collection

LLC,

Term

Loan

,

B,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

.

United

States

2,027,674

2,007,894

0.53

B1,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

7/21/25

..

United

States

343,713

345,198

0.09

Station

Casinos

LLC,

Facility

Term

Loan,

B1,

2.5%,

(1-month

USD

LIBOR

+

2.25%),

2/08/27

..........

United

States

2,314,929

2,286,247

0.61

6,725,978

1.78

a

a

a

a

a

a

Commodity

Chemicals

Cyanco

Intermediate

2

Corp.,

First

Lien,

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

3/16/25

.....

United

States

297,648

295,973

0.08

Communications

Equipment

CommScope,

Inc.,

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

4/06/26

..................

United

States

3,070,687

3,055,825

0.81

Construction

Materials

i

Park

River

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.25%),

12/28/27

......

United

States

1,143,010

1,138,187

0.30

i

White

Cap

Buyer

LLC,

Initial

Closing

Date

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

4%),

10/19/27

.......

United

States

946,250

947,579

0.25

2,085,766

0.55

a

a

a

a

a

a

Consumer

Electronics

Playtika

Holding

Corp.,

Term

Loan,

B1,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

3/13/28

..................

United

States

732,960

729,984

0.19

Data

Processing

&

Outsourced

Services

Neustar,

Inc.,

First

Lien,

Term

Loan,

B5,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

8/08/24

...................

United

States

1,766,172

1,692,037

0.45

Pitney

Bowes,

Inc.,

Refinancing

Term

Loan,

B,

4.12%,

(1-month

USD

LIBOR

+

4%),

3/17/28

.............

United

States

3,100,000

3,102,573

0.82

Tempo

Acquisition

LLC,

Extended

Term

Loan,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

11/02/26

..........

United

States

646,742

646,942

0.17

5,441,552

1.44

a

a

a

a

a

a

Department

Stores

Harbor

Freight

Tools

USA,

Inc.,

Initial

Term

Loan

(2020),

3.75%,

(1-month

USD

LIBOR

+

3%),

10/19/27

......

United

States

369,230

369,401

0.10

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Diversified

Banks

i

Finastra

Ltd.,

First

Lien,

Dollar

Term

Loan,

4.5%,

(6-month

USD

LIBOR

+

3.5%),

6/13/24

...........

United

Kingdom

3,649,355

$

3,593,155

0.95

Diversified

Capital

Markets

Vertical

Midco

GmbH,

USD

Term

Loan,

4.478%,

(6-month

USD

LIBOR

+

4.25%),

6/30/27

..................

Germany

1,230,344

1,234,115

0.33

Diversified

Chemicals

Lummus

Technology

Holdings

V

LLC,

2021

Refinancing

Term

Loan,

B,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

6/30/27

...................................

United

States

890,057

885,237

0.23

SCIH

Salt

Holdings,

Inc.,

Incremental

Term

Loan,

B1,

4.75%,

(1-month

USD

LIBOR

+

4%),

3/16/27

.......

United

States

3,251,136

3,246,259

0.86

4,131,496

1.09

a

a

a

a

a

a

Diversified

Metals

&

Mining

i

U.S.

Silica

Co.,

Term

Loan,

5%,

(1-month

USD

LIBOR

+

4%),

5/01/25

...............................

United

States

2,367,959

2,278,723

0.60

Diversified

Support

Services

Allied

Universal

Holdco

LLC,

Initial

Term

Loan,

4.363%,

(1-month

USD

LIBOR

+

4.25%),

7/10/26

..........

United

States

1,673,612

1,672,566

0.44

CCI

Buyer,

Inc.,

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/17/27

.............................

United

States

241,672

242,427

0.06

Legalzoom.com,

Inc.,

First

Lien,

2018

Term

Loan,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

11/21/24

....

United

States

4,000,612

4,003,752

1.06

5,918,745

1.56

a

a

a

a

a

a

Drug

Retail

GNC

Holdings,

Inc.,

Second

Lien,

Term

Loan,

6.2%,

(3-month

USD

LIBOR

+

6%),

10/07/26

............

United

States

5,196,742

4,358,767

1.15

Education

Services

i

KUEHG

Corp.,

Term

Loan,

B3,

4.75%,

(3-month

USD

LIBOR

+

3.75%),

2/21/25

......................

United

States

1,615,135

1,597,683

0.42

Electric

Utilities

Astoria

Energy

LLC,

Advance

(2020)

Term

Loan,

B,

4.5%,

(3-month

USD

LIBOR

+

3.5%),

12/10/27

..........

United

States

398,508

399,504

0.11

Electronic

Equipment

&

Instruments

Verifone

Systems,

Inc.,

First

Lien,

Initial

Term

Loan,

4.182%,

(3-month

USD

LIBOR

+

4%),

8/20/25

......

United

States

497,449

489,587

0.13

Food

Retail

i

Shearer's

Foods

LLC,

First

Lien,

Refinancing

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.5%),

9/23/27

......

United

States

571,368

571,620

0.15

General

Merchandise

Stores

Franchise

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

3/10/26

..........

United

States

450,099

452,070

0.12

Health

Care

Equipment

i,j

Jazz

Pharmaceuticals,

Inc.,

Term

Loan,

TBD,

4/21/28

..

United

States

685,714

687,998

0.18

Health

Care

Facilities

i

ADMI

Corp.,

Amendment

No.

4

Refinancing

Term

Loan,

3.25%,

(1-month

USD

LIBOR

+

2.75%),

12/23/27

....

United

States

2,276,806

2,261,631

0.60

Global

Medical

Response,

Inc.,

2018

New

Term

Loan,

5.25%,

(3-month

USD

LIBOR

+

4.25%),

3/14/25

.....

United

States

840,117

841,243

0.22

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Health

Care

Facilities

(continued)

i

Pathway

Vet

Alliance

LLC,

First

Lien,

2021

Replacement

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

3/31/27

...................................

United

States

2,863,558

$

2,852,820

0.75

5,955,694

1.57

a

a

a

a

a

a

Health

Care

Services

i

CNT

Holdings

I

Corp.,

First

Lien,

Facility

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

11/08/27

.....

United

States

763,187

762,890

0.20

i

eResearchTechnology,

Inc.,

First

Lien,

Initial

Term

Loan,

5.5%,

(1-month

USD

LIBOR

+

4.5%),

2/04/27

......

United

States

1,419,242

1,424,373

0.38

Gentiva

Health

Services,

Inc.,

First

Lien,

Term

Loan,

B,

2.875%,

(1-month

USD

LIBOR

+

2.75%),

7/02/25

....

United

States

926,416

925,837

0.24

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan

,

4.5%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

......................

United

States

2,650,594

2,651,416

0.70

C,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

...

United

States

88,353

88,380

0.02

Navicure,

Inc.,

First

Lien,

Initial

Term

Loan,

4.113%,

(1-month

USD

LIBOR

+

4%),

10/22/26

............

United

States

3,876,723

3,867,032

1.02

Phoenix

Guarantor,

Inc.,

First

Lien,

Term

Loan

,

3.611%,

(1-month

USD

LIBOR

+

3.5%),

3/05/26

.....

United

States

1,630,701

1,618,470

0.43

B1,

3.358%,

(1-month

USD

LIBOR

+

3.25%),

3/05/26

.

United

States

1,836,924

1,817,903

0.48

Pluto

Acquisition

I,

Inc.,

First

Lien,

Term

Loan,

B,

4.613%,

(1-month

USD

LIBOR

+

4.5%),

6/22/26

...........

United

States

231,958

232,828

0.06

Pluto

Acquisition

I,

Inc.,

Incremental

Term

Loan,

5.5%,

(1-month

USD

LIBOR

+

5%),

6/22/26

.............

United

States

399,683

402,431

0.11

Radiology

Partners,

Inc.,

First

Lien,

Term

Loan,

B,

4.361%,

(1-month

USD

LIBOR

+

4.25%),

7/09/25

....

United

States

400,000

399,156

0.11

i

U.S.

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3%),

6/23/24

.....

United

States

576,154

568,632

0.15

14,759,348

3.90

a

a

a

a

a

a

Health

Care

Supplies

i,j

Organon

&

Co.,

Term

Loan,

TBD,

4/08/28

...........

United

States

956,757

955,360

0.25

Health

Care

Technology

Inovalon

Holdings,

Inc.,

Refinancing

Date

Term

Loan,

2.875%,

(1-month

USD

LIBOR

+

2.75%),

4/02/25

....

United

States

334,828

332,526

0.09

Homefurnishing

Retail

Rent-A-Center,

Inc.,

Initial

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4%),

2/17/28

....................

United

States

488,971

493,045

0.13

i,j

Savers,

Inc.,

Term

Loan,

TBD,

4/21/28

.............

United

States

986,842

997,944

0.26

1,490,989

0.39

a

a

a

a

a

a

Household

Products

b,g,k

FGI

Operating

Co.

LLC,

Term

Loan,

12.1%,

PIK,

(3-month

USD

LIBOR

+

11%),

5/16/22

...................

United

States

10,521,634

3,676,420

0.97

Human

Resource

&

Employment

Services

CCRR

Parent,

Inc.,

First

Lien,

Initial

Term

Loan,

5%,

(3-month

USD

LIBOR

+

4.25%),

3/06/28

..........

United

States

457,303

459,018

0.12

UKG,

Inc.,

First

Lien,

2021

Incremental

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

..........

United

States

701,670

703,315

0.19

1,162,333

0.31

a

a

a

a

a

a

Industrial

Machinery

Navistar,

Inc.,

Term

Loan,

B,

3.61%,

(1-month

USD

LIBOR

+

3.5%),

11/06/24

......................

United

States

5,356,257

5,360,944

1.42

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Insurance

Brokers

Alliant

Holdings

Intermediate

LLC,

2018

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

....

United

States

2,142,462

$

2,118,606

0.56

i

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

B3,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

11/05/27

..........

United

States

318,564

318,985

0.09

2,437,591

0.65

a

a

a

a

a

a

Integrated

Telecommunication

Services

Global

Tel

Link,

First

Lien,

Term

Loan,

4.363%,

(1-month

USD

LIBOR

+

4.25%),

11/29/25

.................

United

States

4,776,304

4,463,242

1.18

Global

Tel

Link,

Second

Lien,

Term

Loan,

8.363%,

(1-month

USD

LIBOR

+

8.25%),

11/29/26

..........

United

States

2,479,737

1,969,841

0.52

West

Corp.,

Initial

Term

Loan,

LOAN

Note,

B,

5%,

(3-month

USD

LIBOR

+

4%),

10/10/24

............

United

States

1,186,475

1,160,087

0.31

7,593,170

2.01

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

i

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

2020

June

New

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

.............................

United

States

949,532

950,601

0.25

i

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

...................

United

States

1,537,466

1,526,365

0.40

2,476,966

0.65

a

a

a

a

a

a

Internet

Services

&

Infrastructure

i

Arches

Buyer,

Inc.,

Refinancing

Term

Loan,

3.75%,

(1-month

USD

LIBOR

+

3.25%),

12/06/27

.........

United

States

570,000

567,922

0.15

i

Barracuda

Networks,

Inc.,

First

Lien,

2020

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

2/12/25

......

United

States

956,027

956,386

0.25

Informatica

LLC,

Dollar

2020

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

2/25/27

..........

United

States

1,445,400

1,434,885

0.38

TIBCO

Software,

Inc.,

Term

Loan,

B3,

3.87%,

(1-month

USD

LIBOR

+

3.75%),

6/30/26

..................

United

States

3,085,239

3,072,235

0.81

6,031,428

1.59

a

a

a

a

a

a

Investment

Banking

&

Brokerage

Citadel

Securities

LP,

Term

Loan,

B,

2.613%,

(1-month

USD

LIBOR

+

2.5%),

2/02/28

...................

United

States

1,300,000

1,289,847

0.34

i

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

4/09/27

...................................

United

States

1,894,304

1,901,114

0.50

Jane

Street

Group

LLC,

Term

Loan,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

1/26/28

..................

United

States

937,498

930,584

0.25

4,121,545

1.09

a

a

a

a

a

a

IT

Consulting

&

Other

Services

i

Aventiv

Technologies

LLC,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

......

United

States

2,637,273

2,451,846

0.65

Conduent,

Inc.,

Term

Loan,

B,

2.613%,

(1-month

USD

LIBOR

+

2.5%),

12/07/23

......................

United

States

232,862

230,359

0.06

Gainwell

Acquisition

Corp.,

Term

Loan,

B,

4.75%,

(3-month

USD

LIBOR

+

4%),

10/01/27

............

United

States

2,134,024

2,138,697

0.56

i

Peraton

Corp.,

First

Lien,

Term

Loan,

B,

4.5%,

(1-month

USD

LIBOR

+

3.75%),

2/01/28

..................

United

States

935,140

935,986

0.25

5,756,888

1.52

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Leisure

Facilities

g

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

5.193%,

PIK,

(3-month

USD

LIBOR

+

5%),

12/29/25

........

United

States

4,714,673

$

4,153,823

1.10

Leisure

Products

i

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.),

First

Lien,

Initial

Term

Loan,

4.5%,

(1-month

USD

LIBOR

+

3.5%),

12/16/24

......................

United

States

1,501,400

1,447,605

0.38

NASCAR

Holdings

LLC,

Initial

Term

Loan,

2.859%,

(1-month

USD

LIBOR

+

2.75%),

10/19/26

.........

United

States

1,349,879

1,342,474

0.36

2,790,079

0.74

a

a

a

a

a

a

Life

&

Health

Insurance

AssuredPartners,

Inc.,

2020

February

Refinancing

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

United

States

2,638,415

2,616,978

0.69

Metal

&

Glass

Containers

i

BWay

Holding

Co.,

Initial

Term

Loan,

3.443%,

(3-month

USD

LIBOR

+

3.25%),

4/03/24

..................

United

States

2,949,464

2,854,064

0.75

Movies

&

Entertainment

i

Banijay

Entertainment

SAS,

Facility

USD

Term

Loan,

B,

3.86%,

(1-month

USD

LIBOR

+

3.75%),

3/01/25

.....

France

1,679,374

1,670,977

0.44

i

Crown

Finance

US,

Inc.,

Initial

Dollar

Term

Loan,

3.5%,

(3-month

USD

LIBOR

+

2.5%),

2/28/25

...........

United

States

847,374

729,686

0.19

Diamond

Sports

Group

LLC,

Term

Loan,

3.37%,

(1-month

USD

LIBOR

+

3.25%),

8/24/26

..................

United

States

3,564,085

2,560,723

0.68

Lions

Gate

Capital

Holdings

LLC,

2026

Term

Loan,

A,

1.863%,

(1-month

USD

LIBOR

+

1.75%),

4/06/26

....

United

States

3,540,883

3,512,113

0.93

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC),

First

Lien,

Term

Loan,

B1,

2.903%,

(1-month

USD

LIBOR

+

2.75%;

3-month

USD

LIBOR

+

2.75%),

5/18/25

......................

United

States

1,195,061

1,169,672

0.31

9,643,171

2.55

a

a

a

a

a

a

Multi-line

Insurance

i

Acrisure

LLC,

First

Lien,

2020

Term

Loan,

3.703%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

...........

United

States

1,350,000

1,331,856

0.35

Office

Services

&

Supplies

Staples,

Inc.,

2019

Refinancing

New

Term

Loan,

B1,

5.205%,

(3-month

USD

LIBOR

+

5%),

4/16/26

......

United

States

1,239,831

1,214,570

0.32

i

Staples,

Inc.,

2019

Refinancing

Term

Loan,

B2,

4.705%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...........

United

States

1,769,313

1,749,037

0.46

2,963,607

0.78

a

a

a

a

a

a

Oil

&

Gas

Exploration

&

Production

k

Fieldwood

Energy

LLC,

First

Lien,

Closing

Date

Term

Loan,

7.251%,

(3-month

USD

LIBOR

+

4.25%),

4/11/22

United

States

25,460,344

9,859,518

2.61

UTEX

Industries,

Inc.,

First

Out

Term

Loan,

8.5%,

(1-month

USD

LIBOR

+

7%),

12/03/24

............

United

States

1,251,016

1,261,025

0.33

g

UTEX

Industries,

Inc.,

Second

Out

Term

Loan,

5.25%,

PIK,

(1-month

USD

LIBOR

+

3.75%),

12/03/25

......

United

States

779,169

759,690

0.20

11,880,233

3.14

a

a

a

a

a

a

Oil

&

Gas

Storage

&

Transportation

Centurion

Pipeline

Co.

LLC,

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

9/29/25

..........

United

States

734,675

731,185

0.19

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Packaged

Foods

&

Meats

g

CSM

Bakery

Solutions

Ltd.,

Second

Lien,

Term

Loan,

11%,

PIK,

(3-month

USD

LIBOR

+

10%),

7/05/21

....

United

States

2,189,357

$

2,136,542

0.56

Paper

Packaging

i

Kleopatra

Finco

SARL,

USD

Term

Loan,

B,

5.25%,

(6-month

USD

LIBOR

+

4.75%),

2/12/26

..........

Luxembourg

1,519,374

1,517,946

0.40

Paper

Products

d

Appvion

Operations,

Inc.,

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6%),

6/12/26

........................

United

States

1,943,307

1,938,448

0.51

Personal

Products

Coty,

Inc.,

USD

Term

Loan,

B,

2.36%,

(1-month

USD

LIBOR

+

2.25%),

4/07/25

......................

United

States

247,581

238,104

0.06

i

Sunshine

Luxembourg

VII

SARL,

Term

Loan,

B3,

4.5%,

(3-month

USD

LIBOR

+

3%),

10/01/26

............

Luxembourg

2,998,700

3,003,378

0.80

3,241,482

0.86

a

a

a

a

a

a

Pharmaceuticals

Bausch

Health

Cos.,

Inc.,

Initial

Term

Loan,

3.109%,

(1-month

USD

LIBOR

+

3%),

6/02/25

.............

United

States

1,536,012

1,535,160

0.40

Property

&

Casualty

Insurance

Asurion

LLC,

New

Term

Loan

,

B8,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

United

States

2,630,443

2,615,646

0.69

B9,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

7/31/27

.

United

States

1,001,142

994,990

0.26

Asurion

LLC,

Second

Lien,

New

Term

Loan,

B3,

5.363%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

..........

United

States

52,263

53,099

0.01

3,663,735

0.96

a

a

a

a

a

a

Publishing

Cengage

Learning,

Inc.,

2016

Refinancing

Term

Loan,

5.25%,

(2-month

USD

LIBOR

+

4.25%;

3-month

USD

LIBOR

+

4.25%),

6/07/23

......................

United

States

2,990,584

2,981,702

0.79

Nielsen

Finance

LLC,

Dollar

Term

Loan,

B5,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

6/04/25

..........

United

States

165,992

166,737

0.04

3,148,439

0.83

a

a

a

a

a

a

Railroads

Ventia

Midco

Pty.

Ltd.,

2017

Refinancing

USD

Term

Loan,

B,

5%,

(3-month

USD

LIBOR

+

4%),

5/21/26

.......

Australia

5,460,137

5,477,227

1.45

Real

Estate

Services

Cushman

&

Wakefield

U.S.

Borrower

LLC,

Replacement

Term

Loan,

2.863%,

(1-month

USD

LIBOR

+

2.75%),

8/21/25

...................................

United

States

1,050,000

1,028,018

0.27

Research

&

Consulting

Services

i

Dun

&

Bradstreet

Corp.

(The),

Initial

Term

Loan

Borrowing,

B,

3.361%,

(1-month

USD

LIBOR

+

3.25%),

2/06/26

...................................

United

States

959,338

955,141

0.25

Restaurants

Golden

Nugget,

Inc.,

Initial

Term

Loan,

B,

3.25%,

(2-month

USD

LIBOR

+

2.5%),

10/04/23

..........

United

States

967,533

957,814

0.25

i

IRB

Holding

Corp.,

Fourth

Amendment

Incremental

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.25%),

12/15/27

United

States

1,557,164

1,555,708

0.41

2,513,522

0.66

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Security

&

Alarm

Services

Prime

Security

Services

Borrower

LLC,

First

Lien,

2021

Refinancing

Term

Loan,

B1,

3.5%,

(1-month

USD

LIBOR

+

2.75%;

3-month

USD

LIBOR

+

2.75%),

9/23/26

...................................

United

States

450,145

$

449,989

0.12

Soft

Drinks

i

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4%,

(3-month

USD

LIBOR

+

3.5%),

3/31/28

........

United

States

1,548,990

1,545,598

0.41

Specialized

Consumer

Services

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.),

Initial

Term

Loan,

3.363%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

.........

United

States

496,193

489,899

0.13

WeddingWire,

Inc.,

First

Lien,

Initial

Term

Loan,

4.685%,

(2-month

USD

LIBOR

+

4.5%;

3-month

USD

LIBOR

+

4.5%),

12/19/25

.............................

United

States

598,469

598,473

0.16

i

WW

International,

Inc.,

Initial

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

4/13/28

...................

United

States

754,615

755,464

0.20

1,843,836

0.49

a

a

a

a

a

a

Specialized

Finance

Sabre

GLBL,

Inc.,

2020

Other

Term

Loan,

B,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/17/27

............

United

States

86,678

87,613

0.02

Verscend

Holding

Corp.,

Term

Loan,

B1,

4.113%,

(1-month

USD

LIBOR

+

4%),

8/27/25

.............

United

States

3,003,506

3,007,260

0.80

3,094,873

0.82

a

a

a

a

a

a

Specialty

Chemicals

INEOS

226

Ltd.,

USD

Term

Loan,

B,

3.25%,

(3-month

USD

LIBOR

+

2.75%),

1/29/26

..................

United

Kingdom

515,166

513,799

0.14

i,j

NIC

Acquisition

Corp.

/

CPC

Acquisition

Corp.

/

Gardner-

Gibson

Acquisition

Corp.,

Term

Loan,

B,

TBD,

12/01/25

United

States

372,065

366,484

0.10

i

NIC

Acquisition

Corp.,

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

12/29/27

.....................

United

States

922,468

924,202

0.24

j

Sparta

U.S.

HoldCo

LLC,

Term

Loan,

TBD,

4/28/28

....

United

States

809,375

805,328

0.21

2,609,813

0.69

a

a

a

a

a

a

Specialty

Stores

i

Michaels

Companies,

Inc.

(The),

Term

Loan,

B,

5%,

(3-month

USD

LIBOR

+

4.25%),

4/15/28

..........

United

States

1,530,000

1,525,219

0.40

PetSmart

LLC,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

2/11/28

......................

United

States

518,127

520,264

0.14

i

Woof

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

12/21/27

.........

United

States

760,887

759,936

0.20

2,805,419

0.74

a

a

a

a

a

a

Systems

Software

athenahealth,

Inc.,

First

Lien,

Term

Loan,

B1,

4.453%,

(3-month

USD

LIBOR

+

4.25%),

2/11/26

..........

United

States

3,101,430

3,116,162

0.82

i

DCert

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

4.113%,

(1-month

USD

LIBOR

+

4%),

10/16/26

............

United

States

3,428,007

3,432,532

0.91

DCert

Buyer,

Inc.,

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.113%,

(1-month

USD

LIBOR

+

7%),

2/19/29

..............................

United

States

650,664

656,494

0.17

i

Hyland

Software,

Inc.,

First

Lien,

2018

Refinancing

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

.

United

States

2,275,583

2,280,316

0.60

Hyland

Software,

Inc.,

Second

Lien,

2021

Refinancing

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

...................................

United

States

30,303

30,631

0.01

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Systems

Software

(continued)

i

Idera,

Inc.,

First

Lien,

Term

Loan,

B1,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

..................

United

States

2,091,024

$

2,078,394

0.55

Ivanti

Software,

Inc.,

First

Lien,

First

Amendment

Term

Loan,

B,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/01/27

United

States

94,279

93,124

0.03

Ivanti

Software,

Inc.,

First

Lien,

Initial

Term

Loan,

5.75%,

(3-month

USD

LIBOR

+

4.75%),

12/01/27

.........

United

States

1,000,000

998,750

0.26

Perforce

Software,

Inc.,

First

Lien,

New

Term

Loan,

3.863%,

(1-month

USD

LIBOR

+

3.75%),

7/01/26

....

United

States

1,802,188

1,782,850

0.47

i

Quest

Software

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

4.436%,

(3-month

USD

LIBOR

+

4.25%),

5/16/25

United

States

1,326,610

1,327,340

0.35

15,796,593

4.17

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

Amentum

Government

Services

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

3.613%,

(1-month

USD

LIBOR

+

3.5%),

1/29/27

..............................

United

States

893,250

889,677

0.24

Amentum

Government

Services

Holdings

LLC,

Incremental

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

1/29/27

.............................

United

States

620,130

623,749

0.16

1,513,426

0.40

a

a

a

a

a

a

Trucking

Avis

Budget

Car

Rental

LLC,

New

Term

Loan,

B,

2.37%,

(1-month

USD

LIBOR

+

2.25%),

8/06/27

..........

United

States

2,004,586

1,965,336

0.52

b

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Term

Loan,

B,

5.5%,

(1-month

USD

LIBOR

+

4.5%),

10/26/22

......

Australia

7,844,959

7,389,440

1.95

9,354,776

2.47

a

a

a

a

a

a

Wireless

Telecommunication

Services

Altice

France

SA,

USD

Incremental

Term

Loan,

B13,

4.198%,

(3-month

USD

LIBOR

+

4%),

8/14/26

......

France

1,170,808

1,169,970

0.31

Total

Senior

Floating

Rate

Interests

(Cost

$312,638,346)

..................

288,259,040

76.12

Shares/Units

Escrows

and

Litigation

Trusts

a

99

Escrow

Issuer,

Inc.,

Escrow

Account,

144A

........

United

States

600,000

575,364

0.15

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

—

0.00

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

......

United

States

6,589,709

—

0.00

b

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

.........

United

States

98,704

164,011

0.05

Total

Escrows

and

Litigation

Trusts

(Cost

$599,529)

......................

739,375

0.20

Total

Long

Term

Investments

(Cost

$380,337,439)

........................

352,701,676

93.14

a

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

24

See

Abbreviations

on

page

33

.

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

l

Joint

Repurchase

Agreement,

0.005%,

5/03/21

(Maturity

Value

$65,098,102)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$47,038,587)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$5,757,276)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$12,302,239)

Collateralized

by

U.S.

Government

Agency

Securities,

3%

-

4.5%,

5/20/46

-

11/20/50;

and

U.S.

Treasury

Notes,

1.38%

-

2.88%,

5/31/21

-

3/31/26

(valued

at

$66,398,465)

.....................................

65,098,078

$

65,098,078

17.19

Total

Repurchase

Agreements

(Cost

$65,098,078)

........................

65,098,078

17.19

a

a

a

Total

Short

Term

Investments

(Cost

$65,098,078

)

.........................

65,098,078

17.19

a

Total

Investments

(Cost

$445,435,517)

..................................

$417,799,754

110.33

Other

Assets,

less

Liabilities

...........................................

(39,115,013)

(10.33)

Net

Assets

...........................................................

$378,684,741

100.00

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.01%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

c

See

Note

4

regarding

restricted

securities.

d

See

Note

5

regarding

holdings

of

5%

voting

securities.

e

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2021,

the

aggregate

value

of

these

securities

was

$9,688,493,

representing

2.6%

of

net

assets.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

k

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

l

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

April

30,

2021,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Floating

Rate

Master

Trust

25

Quarterly

Statement

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

1.

Organization

Franklin

Floating

Rate

Master

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

two

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

shares

are

exempt

from

registration

under

the

Securities

Act

of

1933. 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

as

of

4

p.m.

Eastern

time

each

day

the

New

York

Stock

Exchange

(NYSE)

is

open

for

trading.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustee

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

26

Quarterly

Statement

of

Investments

4. Restricted

Securities 

At

April

30,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

5.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

During

the

period

ended

April

30,

2021,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Floating

Rate

Income

Fund

597,420

a

Appvion

Operations,

Inc

.......................

6/14/18-4/12/19

$

7,393,498

$

13,059,120

Total

Restricted

Securities

(Value

is

2.11%

of

Net

Assets)

.............

$7,393,498

$13,059,120

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Floating

Rate

Master

Series

563,596

b

Appvion

Operations,

Inc.

......................

6/14/18-4/12/19

$

5,922,237

$

12,319,757

Total

Restricted

Securities

(Value

is

3.25%

of

Net

Assets)

.............

$5,922,237

$12,319,757

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,579,398

as

of

April

30,

2021.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,938,448

as

of

April

30,

2021.

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

27

Quarterly

Statement

of

Investments

6.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Statement

of

Investments.

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Income

Fund

Non-Controlled

Affiliates

Dividends

Appvion

Operations,

Inc

$

4,104,406

$

5,244,852

a

$

—

$

—

$

3,709,862

$

13,059,120

597,420

$

—

Remington

Outdoor

Co.,

Inc.

............

183,046

5,537,935

a

—

(38,843,045)

33,122,064

—

b

—

—

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

.

—

—

—

—

—

—

c

—

—

Interest

Appvion

Operations,

Inc.,

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6%),

6/12/26

......

7,421,154

1,981,927

a

(4,942,445)

a

2,224

116,538

4,579,398

4,590,875

350,520

d

Total

Affiliated

Securities

(Value

is

2.9%

of

Net

Assets)

..........

$11,708,606

$12,764,714

$(4,942,445)

$

(38,840,821)

$

36,948,464

$17,638,518

$350,520

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Appvion

Operations,

Inc.

11,034,433

—

—

—

1,285,324

12,319,757

563,596

—

Remington

Outdoor

Co.,

Inc.

............

262,109

—

—

(43,510,469)

43,248,360

—

b

—

—

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

.

—

—

—

—

—

—

c

—

—

Interest

Appvion

Operations,

Inc.,

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6%),

6/12/26

......

5,483,153

1,377

a

(3,651,747)

a

4,312

101,353

1,938,448

1,943,307

447,341

d

Total

Affiliated

Securities

(Value

is

3.8%

of

Net

Assets)

..........

$16,779,695

$1,377

$(3,651,747)

$

(43,506,157)

$

44,635,037

$14,258,205

$447,341

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

April

30,

2021,

no

longer

held

by

the

fund.

c

As

of

April

30,

2021,

no

longer

an

affiliate.

d

Includes

non-cash

dividend/interest

received.

5.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

28

Quarterly

Statement

of

Investments

At

April

30,

2021,

unfunded

commitments

were

as

follows:

7.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

April

30,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

8. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Income

Fund

Fieldwood

Energy

LLC

$2,300,486

National

Mentor

Holdings

386,033

Peraton

Corp

2,388,591

$5,075,110

Franklin

Floating

Rate

Master

Series

National

Mentor

Holdings

$291,656

Peraton

Corp

1,647,249

$1,938,905

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Floating

Rate

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$12,251,544

$169,489,457

$(131,209,847)

$—

$—

$50,531,154

50,531,154

$968

Total

Affiliated

Securities

....

$12,251,544

$169,489,457

$(131,209,847)

$—

$—

$50,531,154

$968

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

$10,750,395

$—

$(7,344,028)

$(2,480,862)

$2,657,415

$3,582,920

461,717

$159,947

Franklin

Liberty

Senior

Loan

ETF

$22,912,133

$—

$(2,492,248)

$(31,503)

$1,039,087

$21,427,469

857,785

$447,459

Total

Affiliated

Securities

....

$33,662,528

$—

$(9,836,276)

$(2,512,365)

$3,696,502

$25,010,389

$607,406

6.

Unfunded

Loan

Commitments  

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

29

Quarterly

Statement

of

Investments

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

April

30,

2021,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

$

—

$

234,858

$

—

$

234,858

Machinery

............................

—

1,292,409

—

1,292,409

Paper

&

Forest

Products

.................

—

—

13,059,120

13,059,120

Road

&

Rail

..........................

—

—

—

a

—

Preferred

Stocks

........................

—

599,716

—

599,716

Warrants

..............................

—

—

3,127

3,127

Corporate

Bonds

........................

—

—

13,023,745

13,023,745

Senior

Floating

Rate

Interests

...............

—

552,621,331

22,235,978

574,857,309

Escrows

and

Litigation

Trusts

...............

—

—

367,931

367,931

Short

Term

Investments

...................

50,531,154

—

—

50,531,154

Total

Investments

in

Securities

...........

$50,531,154

$554,748,314

$48,689,901

$653,969,369

Other

Financial

Instruments:

Unfunded

Loan

Commitments

..............

$

—

$

172,050

$

—

$

172,050

Total

Other

Financial

Instruments

.........

$—

$172,050

$—

$172,050

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

—

$

—

$

—

Industrial

Machinery

....................

—

4,770,295

—

4,770,295

Leisure

Facilities

.......................

—

277,340

—

277,340

Paper

Products

........................

—

—

12,319,757

12,319,757

Trucking

.............................

—

—

—

a

—

Management

Investment

Companies

.........

26,613,274

—

—

26,613,274

Preferred

Stocks

........................

—

708,170

—

708,170

Warrants

..............................

—

—

359

359

Corporate

Bonds

:

Airlines

..............................

—

3,299,931

—

3,299,931

Broadcasting

.........................

—

2,631,416

—

2,631,416

Construction

Materials

..................

—

817,129

—

817,129

Diversified

Chemicals

...................

—

1,098,625

—

1,098,625

Independent

Power

Producers

&

Energy

Traders

............................

—

447,523

—

447,523

Oil

&

Gas

Storage

&

Transportation

.........

—

469,755

—

469,755

Trucking

.............................

—

—

9,900,937

9,900,937

Wireless

Telecommunication

Services

.......

—

348,750

—

348,750

Senior

Floating

Rate

Interests

...............

—

277,193,180

11,065,860

288,259,040

Escrows

and

Litigation

Trusts

...............

—

575,364

164,011

a

739,375

Short

Term

Investments

...................

—

65,098,078

—

65,098,078

Total

Investments

in

Securities

...........

$26,613,274

$357,735,556

$33,450,924

$417,799,754

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

30

Quarterly

Statement

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At April

30,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$

—

$

8,477

$

—

$

8,477

Total

Other

Financial

Instruments

.........

$—

$8,477

$—

$8,477

a

Includes

securities

determined

to

have

no

value

at

April

30,

2021.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

accretion

(

amortiza

-

tion

)

c

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

.

$

183,046

$

5,537,935

d

$

—

$

—

$

—

$

—

$

(38,843,045)

$

33,122,064

$

—

$

—

Paper

&

Forest

Products

4,104,406

5,244,852

d

—

—

—

—

—

3,709,862

13,059,120

3,709,862

Road

&

Rail

.......

138,088

—

d

—

—

—

—

—

(138,088)

—

e

(138,088)

Warrants

:

Machinery

.........

—

—

d

—

—

—

—

—

3,127

3,127

3,127

Corporate

Bonds

:

Road

&

Rail

.......

7,171,452

5,374,433

d

—

—

—

1,133,483

—

(655,623)

13,023,745

(655,623)

Senior

Floating

Rate

Interests

:

Household

Products

..

—

15,742,180

d

—

—

—

—

—

(10,097,427)

5,644,753

(10,097,427)

Oil,

Gas

&

Consumable

Fuels

..........

—

6,871,121

—

—

—

—

—

—

6,871,121

—

Road

&

Rail

.......

5,584,261

3,960,194

d

—

—

—

(64,416)

—

240,065

9,720,104

240,065

Escrows

and

Litigation

Trusts

...........

—

e

—

d

—

—

—

—

—

367,931

367,931

367,931

Total

Investments

in

Securities

.

$17,181,253

$42,730,715

$—

$—

$—

$1,069,067

$(38,843,045)

$26,551,911

$48,689,901

$(6,570,153)

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

accretion

(

amortiza-

tion

)

c

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a          

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

Aerospace

&

Defense

.

$

262,109

$

—

$

—

$

—

$

—

$

—

$

(43,510,469)

$

43,248,360

$

—

$

—

Paper

Products

.....

11,034,433

—

—

—

—

—

—

1,285,324

12,319,757

1,285,324

Trucking

..........

171,018

—

—

—

—

—

—

(171,018)

—

(171,018)

Warrants

Industrial

Machinery

..

—

—

—

—

—

—

—

359

359

359

Corporate

Bonds

Trucking

..........

8,881,805

—

—

—

—

710,439

—

308,693

9,900,937

308,693

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

31

Quarterly

Statement

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

April

30,

2021,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

accretion

(amortiza-

tion)

c

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a          

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

Household

Products

..

$

13,196,628

$

29,705

$

(7,901,017)

$

—

$

—

$

5,479

$

39,082

$

(1,693,457)

$

3,676,420

$

(3,170,179)

Trucking

..........

6,916,082

—

—

—

—

(133,116)

—

606,474

7,389,440

606,475

Escrows

and

Litigation

Trusts

...........

—

e

—

—

—

—

—

—

164,011

164,01

1

164,011

Total

Investments

in

Securities

.

$40,462,075

$29,705

$(7,901,017)

$—

$—

582,802

(43,471,387)

43,748,746

$33,450,924

(976,335)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

d

Includes

securities

received

as

a

result

of

an

in-kind

transfer.

e

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

32

Quarterly

Statement

of

Investments

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Paper

Products....................

$13,059,120

Discounted

cash

flow

Weighted

average

cost

of

capital

21.5%

Decrease

b

Free

cash

flow

$136.9

mil

Increase

b

Discount

for

lack

of

marketability

8.5%

Decrease

b

Long

term

growth

2.5%

Increase

Corporate

Bonds:

Road

&

Rail....................

13,023,745

Discounted

cash

flow

Discount

rate

15.6%

Decrease

b

Free

cash

flow

$13.0

mil

Increase

Senior

Floating

Rate

Interests:

Household

Products....................

5,644,753

Recovery

value

Asset

value

estimate

$46.7

mil

Increase

b

Road

&

Rail....................

9,720,104 

Discounted

cash

flow

Discount

rate

10.1%

Decrease

b

Free

cash

flow

$11.2

mil

Increase

All

Other

Investments........

 7,242,179

c,d

Total.....................................

$48,689,901

Franklin

Floating

Rate

Masters

Series

Assets:

Investments

in

Securities:

Common

Stocks:

Paper

Products....................

$12,319,757

Discounted

cash

flow

Weighted

average

cost

of

capital

21.5%

Decrease

b

Free

cash

flow

$136.9

mil

Increase

b

Discount

for

lack

of

marketability

8.5%

Decrease

b

Long

term

growth

2.5%

Increase

Corporate

Bonds:

Trucking....................

9,900,937

Discounted

cash

flow

Discount

rate

15.6%

Decrease

b

Free

cash

flow

$9.9

mil

Increase

Senior

Floating

Rate

Interests:

Household

Products....................

3,676,420

Recovery

value

Asset

value

estimate

$46.7

mil

Increase

b

Trucking....................

7,389,440 

Discounted

cash

flow

Discount

rate

10.1%

Decrease

b

Free

cash

flow

$8.5

mil

Increase

All

Other

Investments........

164,370

c,d

Total.....................................

$33,450,924

a

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

33

Quarterly

Statement

of

Investments

9.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

b

Represents

a

significant

impact

to

fair

value

and

net

assets.

c

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

d

Includes

securities

determined

to

have

no

value

at

April

30,

2021.

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

TBD

To

Be

Determined

8. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.