Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Master Series (Oct 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

132-Q1PH

See

Notes

to

Statements

of

Investments.

1

Statement

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

2

Franklin

Floating

Rate

Master

Series

13

Notes

to

Statements

of

Investments

29

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited),

October

31,

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

7.8%

Hotels,

Restaurants

&

Leisure

0.0%

†

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

88,077

$

183,508

Machinery

0.2%

a

UTEX

Industries,

Inc.

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

United

States

32,616

1,630,800

Oil,

Gas

&

Consumable

Fuels

5.2%

a,b

Quarternorth

Energy

Holding,

Inc.

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

United

States

331,161

34,606,325

Paper

&

Forest

Products

2.3%

a,b,c,d

Appvion

Operations,

Inc.

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

United

States

597,419

15,319,853

Road

&

Rail

0.1%

a,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

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

Australia

7,733,610

923,324

Total

Common

Stocks

(Cost

$77,847,044)

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

52,663,810

Preferred

Stocks

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

208,597

625,791

a

Total

Preferred

Stocks

(Cost

$281,502)

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

625,791

Warrants

Warrants

2.6%

Machinery

0.0%

†

a,c

UTEX

Industries,

Inc.,

2/20/49

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

United

States

2,796

5,958

Oil,

Gas

&

Consumable

Fuels

2.6%

a,b

Quarternorth

Energy

Holding,

Inc.,

2/01/49

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

United

States

157,945

17,216,005

Total

Warrants

(Cost

$—)

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

17,221,963

Principal

Amount

*

Corporate

Bonds

2.2%

Road

&

Rail

2.2%

c,e

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

14,108,720

14,449,822

Total

Corporate

Bonds

(Cost

$16,118,292)

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

14,449,822

a

f

Senior

Floating

Rate

Interests

85.6%

Aerospace

&

Defense

1.4%

AI

Convoy

(Luxembourg)

SARL

,

USD

Term

Loan,

B

,

4.5

%

,

(

2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%

),

1/18/27

....

Luxembourg

2,167,147

2,174,429

e

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

5,371,180

5,367,366

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

1,360,304

1,331,044

2020

Term

Loan,

B2,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

731,346

715,615

9,588,454

a

a

a

a

a

a

Air

Freight

&

Logistics

0.5%

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

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

United

States

3,346,188

3,348,280

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

4.1%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

2,081,462

$

2,170,580

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

1,741,860

1,762,545

Allegiant

Travel

Co.

,

Replacement

Term

Loan

,

3.124

%

,

(

3-month

USD

LIBOR

+

3

%

),

2/05/24

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

United

States

2,069,190

2,059,496

American

Airlines,

Inc.

,

2018

Replacement

Term

Loan

,

1.838

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

6/27/25

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

United

States

8,785,510

8,520,320

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

6,872,134

6,773,896

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/20/27

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

United

States

1,946,261

2,074,928

United

AirLines,

Inc.

,

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

4,027,263

4,089,826

27,451,591

a

a

a

a

a

a

Auto

Components

2.5%

Adient

US

LLC

,

Term

Loan,

B1

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/10/28

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

United

States

5,446,350

5,455,091

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/04/28

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

United

States

674,830

675,673

First

Brands

Group

LLC

,

First

Lien,

2021

Term

Loan,

6%,

(3-month

USD

LIBOR

+

5%),

3/30/27

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

United

States

4,758,472

4,810,815

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

2,000,000

2,025,000

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

1,723,498

1,731,572

Truck

Hero,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/28

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

United

States

1,783,854

1,778,280

16,476,431

a

a

a

a

a

a

Automobiles

1.8%

American

Trailer

World

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/03/28

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

United

States

3,657,889

3,647,610

Thor

Industries,

Inc.

,

USD

Term

Loan,

B1

,

3.125

%

,

(

1-month

USD

LIBOR

+

3

%

),

2/01/26

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

United

States

8,336,941

8,360,410

12,008,020

a

a

a

a

a

a

Banks

0.8%

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

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

United

Kingdom

5,274,532

5,255,200

Beverages

0.8%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

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

United

States

3,661,111

3,631,383

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

United

States

1,545,284

1,544,936

5,176,319

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.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Capital

Markets

1.9%

Citadel

Securities

LP

,

2021

Term

Loan

,

2.587

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/02/28

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

United

States

3,243,451

$

3,219,384

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

....

United

States

2,004,975

2,006,740

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

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

United

States

2,828,341

2,802,277

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

4,955,852

12,984,253

a

a

a

a

a

a

Chemicals

2.4%

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

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

United

States

2,744,237

2,744,237

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

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

United

States

3,980,758

3,935,975

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

3.25

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

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

United

Kingdom

868,758

869,662

g

LSF11

A5

Holdco

LLC

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/15/28

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

United

States

361,250

361,322

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

..........

United

States

1,330,974

1,329,038

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

5,063,416

5,073,694

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

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

United

States

1,608,632

1,609,637

15,923,565

a

a

a

a

a

a

Commercial

Services

&

Supplies

3.0%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/12/28

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

United

States

1,800,000

1,801,314

APX

Group,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

7/10/28

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

United

States

2,072,058

2,068,173

CCI

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/17/27

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

United

States

1,833,523

1,841,362

Madison

IAQ

LLC

,

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

1,512,627

1,511,364

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

4,245,651

4,243,485

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

1,071,538

1,076,044

g

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

5.126

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

7,598,498

7,315,112

19,856,854

a

a

a

a

a

a

Communications

Equipment

0.4%

CommScope,

Inc.

,

Initial

Term

Loan

,

3.337

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,713,378

2,681,591

Construction

&

Engineering

0.4%

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

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

United

States

2,402,973

2,403,357

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)

Construction

Materials

0.6%

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

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

United

States

1,890,497

$

1,885,336

White

Cap

Buyer

LLC

,

Initial

Closing

Date

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/19/27

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

United

States

2,051,831

2,058,827

3,944,163

a

a

a

a

a

a

Containers

&

Packaging

2.1%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

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

United

States

2,841,888

2,852,759

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

5.25

%

,

(

6-month

USD

LIBOR

+

4.75

%

),

2/12/26

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

Luxembourg

1,974,234

1,969,298

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

3.337

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

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

United

States

8,212,878

8,010,143

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/24/28

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

United

States

1,378,215

1,377,643

14,209,843

a

a

a

a

a

a

Diversified

Consumer

Services

0.7%

KUEHG

Corp.

,

Term

Loan,

B3

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

3,813,493

3,785,139

WW

International,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

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

United

States

997,500

987,316

4,772,455

a

a

a

a

a

a

Diversified

Financial

Services

1.7%

g,h

Astra

Acquisition

Corp.

,

Term

Loan

,

TBD,

10/25/28

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

United

States

2,957,276

2,887,040

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

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

United

States

3,162,974

3,158,230

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/28

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

United

States

1,661,935

1,658,046

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

4.087

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

3,530,335

3,540,626

11,243,942

a

a

a

a

a

a

Diversified

Telecommunication

Services

1.3%

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

4.125

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

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

France

2,317,229

2,310,949

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan

,

4.337

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/29/25

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

United

States

6,689,621

6,421,434

8,732,383

a

a

a

a

a

a

Electric

Utilities

0.1%

Astoria

Energy

LLC

,

2020

Advance

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

12/10/27

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

United

States

732,169

734,849

Electronic

Equipment,

Instruments

&

Components

0.3%

Verifone

Systems,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.129

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/20/25

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

United

States

2,269,152

2,225,822

Energy

Equipment

&

Services

0.1%

Brand

Energy

&

Infrastructure

Services,

Inc.

,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

6/21/24

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

United

States

997,396

990,584

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)

Entertainment

1.6%

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

3.83

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

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

France

5,119,037

$

5,111,563

Diamond

Sports

Group

LLC

,

Term

Loan

,

3.34

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/24/26

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

United

States

5,888,572

3,135,665

Lions

Gate

Capital

Holdings

LLC

,

2023

Term

Loan,

A

,

1.837

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

3/22/23

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

United

States

698,044

695,427

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

2.84

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

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

United

States

1,988,021

1,954,334

10,896,989

a

a

a

a

a

a

Food

&

Staples

Retailing

0.8%

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

6.084

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

5,752,196

5,395,071

Food

Products

0.2%

g,h

Primary

Products

Finance

LLC

,

Term

Loan

,

TBD,

1/01/38

.......

United

States

1,149,092

1,155,199

Health

Care

Equipment

&

Supplies

0.5%

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

1,307,227

1,310,658

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

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

United

States

1,773,590

1,776,916

3,087,574

a

a

a

a

a

a

Health

Care

Providers

&

Services

8.4%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

3.625%,

(1-month

USD

LIBOR

+

3.125%),

12/23/27

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

United

States

4,240,850

4,215,341

Amendment

No.

5

Incremental

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

12/23/27

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

United

States

1,110,319

1,111,112

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/17/28

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

United

States

1,741,898

1,741,218

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/08/27

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

United

States

3,484,972

3,494,921

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

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

United

States

4,063,600

4,086,742

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

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

United

States

2,198,926

2,192,055

Heartland

Dental

LLC

,

2021

Incremental

Term

Loan

,

4.086

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/30/25

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

United

States

1,883,156

1,881,584

ICON

plc

,

Term

Loan

,

3

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

7/03/28

.

Luxembourg

1,286,180

1,287,788

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

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

United

States

2,250,508

2,199,253

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

3,693,994

3,676,540

First

Lien,

Initial

Term

Loan,

C,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

116,618

116,067

Second

Lien,

Initial

Term

Loan,

8%,

(3-month

USD

LIBOR

+

7.25%),

3/02/29

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

United

States

2,000,000

2,011,250

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)

Health

Care

Providers

&

Services

(continued)

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

3.837

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

7,327,138

$

7,301,932

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

3.586

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

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

United

States

2,453,068

2,446,641

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

4.121

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/22/26

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

United

States

1,566,079

1,568,366

g

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

4.335

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

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

United

States

3,660,774

3,661,030

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

2,375,893

2,377,532

g

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

5.125

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

6,725,285

6,689,978

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.087

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

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

United

States

4,450,017

4,461,164

56,520,514

a

a

a

a

a

a

Hotels,

Restaurants

&

Leisure

2.2%

e

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

5.146

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

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

United

States

4,074,492

3,028,500

Bally's

Corp.

,

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

3,792,159

3,793,107

Caesars

Resort

Collection

LLC

,

Term

Loan,

B

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

12/23/24

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

United

States

2,547,778

2,538,580

Golden

Nugget,

Inc.

,

Initial

Term

Loan,

B

,

3.25

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

10/04/23

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

United

States

2,165,840

2,157,815

IRB

Holding

Corp.

,

Fourth

Amendment

Incremental

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/15/27

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

United

States

728,352

729,201

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

1,304,991

1,313,311

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

1,425,390

1,426,345

14,986,859

a

a

a

a

a

a

Household

Durables

1.1%

g,h

Astro

One

Acquisition

Corp.

,

Term

Loan

,

TBD,

10/20/28

.........

United

States

2,400,000

2,386,512

Osmosis

Buyer

Ltd.

,

Initial

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

7/31/28

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

United

States

2,664,353

2,677,395

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,984,410

1,983,785

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

7/21/28

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

United

States

704,706

702,884

7,750,576

a

a

a

a

a

a

Household

Products

0.3%

c,e,i

FGI

Operating

Co.

LLC

,

Term

Loan

,

11

%

,

PIK,

(

3-month

USD

LIBOR

+

10

%

),

5/16/22

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

United

States

13,747,598

1,852,861

Insurance

2.8%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

1,826,096

1,805,095

First

Lien,

2021-1

Additional

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

913,043

911,519

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

3.337%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

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

United

States

4,150,538

4,120,488

2020

New

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

11/05/27

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

United

States

548,413

548,413

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)

Insurance

(continued)

Alliant

Holdings

Intermediate

LLC,

(continued)

g,h

Term

Loan,

B4,

TBD,

11/19/27

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

United

States

1,827,905

$

1,826,305

AssuredPartners,

Inc.

,

2020

February

Refinancing

Term

Loan,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

2,350,411

2,337,683

2021

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...

United

States

1,007,937

1,006,803

Asurion

LLC

,

Second

Lien,

New

Term

Loan,

B3,

5.337%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

41,007

40,901

g

Second

Lien,

New

Term

Loan,

B4,

5.337%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

6,440,140

6,419,339

19,016,546

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

0.3%

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

1,424,313

1,429,063

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

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

United

States

793,798

792,005

2,221,068

a

a

a

a

a

a

IT

Services

8.7%

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.337

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

4/23/26

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

United

States

5,005,806

5,004,755

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

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

United

States

1,908,600

1,902,636

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

13,575,154

13,018,980

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

11,037,961

10,230,865

Barracuda

Networks,

Inc.

,

First

Lien,

2020

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/12/25

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

United

States

3,274,148

3,283,201

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

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

United

States

6,311,451

6,334,677

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

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

United

Kingdom

2,114,186

2,124,101

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

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

United

States

3,763,362

3,777,174

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

4.09

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

10,095,233

10,120,471

Thrasio

LLC

,

Initial

Term

Loan

,

8

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

2,244,347

2,244,347

58,041,207

a

a

a

a

a

a

Leisure

Products

0.5%

g

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

3,450,176

3,412,448

Life

Sciences

Tools

&

Services

0.2%

ICON

plc

,

U.S.

Term

Loan

,

3

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

7/03/28

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

Ireland

320,453

320,853

g,h

Parexel

International

Corp.

,

Term

Loan

,

TBD,

8/11/28

..........

United

States

838,855

840,369

1,161,222

a

a

a

a

a

a

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)

Machinery

0.8%

g

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

794,297

$

796,613

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/01/28

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

United

States

1,148,483

1,142,384

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

4

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

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

Germany

2,734,972

2,742,876

UTEX

Industries,

Inc.

,

First

Out

Term

Loan,

8.5%,

(1-month

USD

LIBOR

+

7%),

12/03/24

United

States

185,712

187,260

e

Second

Out

Term

Loan,

5.75%,

PIK,

(1-month

USD

LIBOR

+

3.75%),

12/03/25

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

United

States

210,079

208,133

5,077,266

a

a

a

a

a

a

Media

4.6%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

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

United

States

5,344,068

5,378,296

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

3.629

%

,

(

2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

6,200,195

6,110,385

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.34

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

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

United

States

976,982

956,681

g

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

5.25

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

7/28/28

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

United

States

5,248,572

5,217,946

g,h

Radiate

Holdco

LLC

,

Covenant-lite

Term

Loan,

B

,

TBD,

9/25/26

...

United

States

4,053,538

4,048,248

Radiate

HoldCo

LLC

,

Term

Loan,

B

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/25/26

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

United

States

671,275

670,399

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

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

United

States

2,904,120

2,907,750

g,h

Term

Loan,

B,

TBD,

5/05/28

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

United

States

2,000,000

2,001,560

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

3.34

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

3,556,664

3,559,385

30,850,650

a

a

a

a

a

a

Metals

&

Mining

0.8%

g

U.S.

Silica

Co.

,

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

5,216,607

5,125,316

Multiline

Retail

0.2%

Franchise

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

3/10/26

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

United

States

1,280,249

1,289,851

Oil,

Gas

&

Consumable

Fuels

2.2%

b

Quarternorth

Energy

Holding,

Inc.

,

Second

Lien,

Initial

New

Term

Loan

,

9

%

,

(

3-month

USD

LIBOR

+

8

%

),

8/27/26

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

United

States

14,898,885

15,001,314

Personal

Products

0.9%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

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

United

States

476,115

476,660

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.337

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

1,922,373

1,898,343

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

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

Luxembourg

3,542,200

3,553,730

5,928,733

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.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Pharmaceuticals

0.3%

Bausch

Health

Cos.,

Inc.

,

Initial

Term

Loan

,

3.087

%

,

(

1-month

USD

LIBOR

+

3

%

),

6/02/25

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

United

States

558,676

$

558,039

Organon

&

Co.

,

Dollar

Term

Loan

,

3.5

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

1,396,500

1,401,450

1,959,489

a

a

a

a

a

a

Professional

Services

0.5%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

938,902

944,479

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

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

United

States

790,620

791,956

g,h

Medical

Solutions

LLC

,

Term

Loan

,

TBD,

10/06/28

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

United

States

1,081,634

1,083,662

UKG,

Inc.

,

First

Lien,

2021

Incremental

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

5/04/26

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

United

States

355,403

356,441

3,176,538

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

321,559

319,850

Road

&

Rail

1.9%

Avis

Budget

Car

Rental

LLC

,

New

Term

Loan,

B

,

1.84

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

8/06/27

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

United

States

5,708,526

5,596,154

Ventia

Midco

Pty.

Ltd.

,

2017

Refinancing

USD

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4

%

),

5/21/26

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

Australia

7,178,119

7,218,531

12,814,685

a

a

a

a

a

a

Software

13.1%

athenahealth,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.377

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

2/11/26

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

United

States

6,945,614

6,976,002

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

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

United

States

6,903,667

6,828,900

g,h

Bali

Finco,

Inc.

,

Term

Loan

,

TBD,

6/30/26

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

United

States

2,278,541

2,245,787

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

1,576,970

1,576,481

Second

Lien,

Initial

Term

Loan,

6.5%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

672,004

674,524

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

3,021,190

3,020,812

DCert

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.087%,

(1-month

USD

LIBOR

+

4%),

10/16/26

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

United

States

5,591,890

5,602,039

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.087%,

(1-month

USD

LIBOR

+

7%),

2/19/29

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

United

States

1,180,457

1,194,369

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

3,798,065

3,814,093

Greeneden

U.S.

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

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

United

States

2,211,642

2,219,239

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

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

United

States

405,529

406,395

Second

Lien,

2021

Refinancing

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

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

United

States

83,333

84,583

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Software

(continued)

g

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

4,901,982

$

4,902,497

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/28

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

Sweden

1,480,910

1,482,761

Ivanti

Software,

Inc.

,

First

Lien,

First

Amendment

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

250,374

250,166

First

Lien,

Initial

Term

Loan,

5.75%,

(3-month

USD

LIBOR

+

4.75%),

12/01/27

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

United

States

4,925,250

4,929,855

LogMeIn,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.834

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

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

United

States

6,469,729

6,468,726

MA

Financeco

LLC

,

Term

Loan,

B4

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

6/05/25

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

United

States

243,750

246,112

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

3,767,000

3,738,860

Second

Lien,

Initial

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

428,571

432,804

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

5,664,900

5,684,784

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.379

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

5/16/25

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

United

States

7,493,499

7,495,522

RealPage,

Inc.

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/24/28

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

United

States

2,250,000

2,247,953

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.337

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

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

United

States

3,110,408

3,104,576

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

5

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

8/11/28

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

United

States

699,104

704,127

Veritas

US,

Inc.

,

2021

Dollar

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

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

United

States

4,862,735

4,887,048

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

6,462,979

6,467,050

87,686,065

a

a

a

a

a

a

Specialty

Retail

3.6%

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

6.5

%

,

(

3-month

USD

LIBOR

+

5.75

%

),

4/26/28

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

United

States

2,018,596

2,035,411

Great

Outdoors

Group

LLC

,

Term

Loan,

B1

,

5

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/06/28

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

United

States

8,055,848

8,092,784

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

7,451,325

7,450,170

Rent-A-Center,

Inc.

,

2021

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/17/28

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

United

States

2,690,033

2,702,650

g,h

Restoration

Hardware,

Inc.

,

Initial

Term

Loan

,

TBD,

10/20/28

.....

United

States

2,489,058

2,489,580

SRS

Distribution,

Inc.

,

2021

Refinancing

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

6/02/28

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

United

States

470,065

470,652

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

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

United

States

637,574

639,172

23,880,419

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

1.1%

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

Term

Loan,

2

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

1/29/27

.......

United

States

1,482,550

1,487,650

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

5.75

%

,

(

3-month

USD

LIBOR

+

5

%

),

7/27/28

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

United

States

6,031,635

5,997,707

7,485,357

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.

12

See

Abbreviations

on

page

37.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

(continued)

Textiles,

Apparel

&

Luxury

Goods

0.8%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

5.662

%

,

(

3-month

USD

LIBOR

+

5.5%;

6-month

USD

LIBOR

+

5.5%

),

12/19/25

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

United

States

2,006,285

$

2,020,490

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/16/28

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

United

States

3,094,875

3,102,891

5,123,381

a

a

a

a

a

a

Transportation

Infrastructure

0.3%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

570,506

567,299

Initial

Term

Loan,

C,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

210,589

209,406

g

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

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

United

States

1,555,387

1,560,255

2,336,960

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$582,389,201)

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

573,561,964

Shares/Units

Escrows

and

Litigation

Trusts

0.0%

c

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

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

United

States

221,427

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$676,636,039)

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

658,523,350

a

Short

Term

Investments

4.0%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

4.0%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

26,610,774

26,610,774

Total

Money

Market

Funds

(Cost

$26,610,774)

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

26,610,774

Total

Short

Term

Investments

(Cost

$26,610,774

)

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

26,610,774

a

Total

Investments

(Cost

$703,246,813)

102.3%

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

$685,134,124

Other

Assets,

less

Liabilities

(2.3)%

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

(15,246,700)

Net

Assets

100.0%

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

$669,887,424

*

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

See

Note

5

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

d

See

Note

4

regarding

restricted

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

7

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Statement

of

Investments

(unaudited),

October

31,

2021

Franklin

Floating

Rate

Master

Series

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

a

UTEX

Industries,

Inc.

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

United

States

120,386

$

6,019,300

1.28

a

Leisure

Facilities

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

216,703

0.04

Oil

&

Gas

Exploration

&

Production

a

Quarternorth

Energy

Holding,

Inc.

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

United

States

121,192

12,664,564

2.69

a

Paper

Products

a,b,c,d

Appvion

Operations,

Inc.

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

United

States

563,596

14,452,508

3.07

a

Trucking

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...........

Australia

5,879,078

701,910

0.15

a

Total

Common

Stocks

(Cost

$44,170,640)

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

34,054,985

7.23

Management

Investment

Companies

Asset

Management

&

Custody

Banks

e

Franklin

Floating

Rate

Income

Fund

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

United

States

461,717

3,762,990

0.80

e

Franklin

Liberty

Senior

Loan

ETF

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

United

States

857,785

21,423,180

4.55

Invesco

Senior

Loan

ETF

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

United

States

72,365

1,597,819

0.34

26,783,989

5.69

Total

Management

Investment

Companies

(Cost

$27,729,256)

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

26,783,989

5.69

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

738,960

0.16

a

Total

Preferred

Stocks

(Cost

$332,425)

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

738,960

0.16

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

684

0.00

†

Total

Warrants

(Cost

$–)

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

684

0.00

†

Principal

Amount

*

a

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

1,785,425

0.38

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

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

United

States

1,250,000

1,334,003

0.28

f

United

Airlines,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

165,000

170,894

0.04

3,290,322

0.70

Broadcasting

f

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.,

Senior

Secured

Note,

144A,

5.375%,

8/15/26

...

United

States

1,840,000

1,043,289

0.22

f

Univision

Communications,

Inc.,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

400,000

406,500

0.09

1,449,789

0.31

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

Communications

Equipment

f

CommScope

,

Inc.,

Senior

Secured

Note,

144A,

4.75%,

9/01/29

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

United

States

692,300

$

680,150

0.14

Construction

Materials

f

Cemex

SAB

de

CV,

Senior

Bond,

144A,

5.2%,

9/17/30

.

Mexico

750,000

813,030

0.17

Diversified

Chemicals

f

SCIH

Salt

Holdings,

Inc.,

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

1,100,000

1,076,625

0.23

Independent

Power

Producers

&

Energy

Traders

f

Talen

Energy

Supply

LLC,

Senior

Secured

Note,

144A,

6.625%,

1/15/28

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

United

States

444,000

420,386

0.09

Integrated

Telecommunication

Services

f

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

.......

France

800,000

780,144

0.17

Senior

Secured

Note,

144A,

5.5%,

10/15/29

........

France

1,270,000

1,246,467

0.26

2,026,611

0.43

Multi-line

Insurance

f

Acrisure

LLC

/

Acrisure

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.25%,

2/15/29

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

United

States

529,400

511,533

0.11

Oil

&

Gas

Equipment

&

Services

f

Weatherford

International

Ltd.,

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

241,100

254,963

0.05

Oil

&

Gas

Storage

&

Transportation

Cheniere

Energy,

Inc.,

Senior

Secured

Note,

4.625%,

10/15/28

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

United

States

450,000

472,478

0.10

Paper

Packaging

f

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

10/15/28

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

United

States

375,000

370,312

0.08

f

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC/Reynolds

Group

Holdings

Ltd.,

Senior

Secured

Note,

144A,

4%,

10/15/27

.........

United

States

800,000

783,800

0.17

1,154,112

0.25

Specialized

Consumer

Services

f

WW

International,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

4/15/29

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

United

States

1,200,000

1,150,500

0.24

Specialized

Finance

f

MPH

Acquisition

Holdings

LLC,

Senior

Secured

Note,

144A,

5.5%,

9/01/28

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

United

States

453,000

450,410

0.10

Specialty

Chemicals

f

Unifrax

Escrow

Issuer

Corp.,

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

645,200

644,394

0.14

Specialty

Stores

f

99

Escrow

Issuer,

Inc.,

Senior

Secured

Note,

144A,

7.5%,

1/15/26

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

United

States

600,000

540,933

0.12

Trucking

f

First

Student

Bidco

,

Inc.

/

First

Transit

Parent,

Inc.,

Senior

Secured

Note,

144A,

4%,

7/31/29

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

United

States

500,000

489,375

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

15

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Trucking

(continued)

b,g

Onsite

Rental

Group

Operations

Pty.

Ltd.,

PIK,

6.1%,

10/26/23

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

Australia

10,725,759

$

10,985,072

2.34

11,474,447

2.44

Wireless

Telecommunication

Services

f

Vmed

O2

UK

Financing

I

plc,

Senior

Secured

Bond,

144A,

4.25%,

1/31/31

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

United

Kingdom

360,000

350,984

0.07

Total

Corporate

Bonds

(Cost

$28,442,216)

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

26,761,667

5.69

h

Senior

Floating

Rate

Interests

Advertising

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

3.629

%

,

(

2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

3,220,027

3,173,384

0.67

Aerospace

&

Defense

AI

Convoy

(Luxembourg)

SARL

,

USD

Term

Loan,

B

,

4.5

%

,

(

2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%

),

1/18/27

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

Luxembourg

1,219,051

1,223,147

0.26

g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

3,280,862

3,278,532

0.70

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

1,940,299

1,898,563

0.40

2020

Term

Loan,

B2,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

1,043,171

1,020,733

0.22

7,420,975

1.58

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

2,056,292

2,057,578

0.44

Airlines

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

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

United

States

1,013,781

1,057,186

0.22

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

992,248

1,004,031

0.21

Allegiant

Travel

Co.

,

Replacement

Term

Loan

,

3.124

%

,

(

3-month

USD

LIBOR

+

3

%

),

2/05/24

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

United

States

989,516

984,880

0.21

American

Airlines,

Inc.

,

2017

Term

Loan,

B,

2.09%,

(1-month

USD

LIBOR

+

2%),

12/15/23

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

United

States

450,000

444,166

0.09

2018

Replacement

Term

Loan,

1.838%,

(1-month

USD

LIBOR

+

1.75%),

6/27/25

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

United

States

1,092,347

1,059,374

0.23

i

Kestrel

Bidco

,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

3,722,122

3,668,915

0.78

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/20/27

....

United

States

956,180

1,019,393

0.22

United

AirLines

,

Inc.

,

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

999,442

1,014,968

0.22

10,252,913

2.18

a

a

a

a

a

a

Airport

Services

First

Student

Bidco

,

Inc.

,

Initial

Term

Loan,

B,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

338,733

336,829

0.07

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)

Airport

Services

(continued)

First

Student

Bidco,

Inc.,

(continued)

Initial

Term

Loan,

C,

3.5%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

125,036

$

124,333

0.03

i

LaserShip

,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

...........

United

States

1,169,591

1,173,251

0.25

1,634,413

0.35

a

a

a

a

a

a

Alternative

Carriers

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

3.087

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

......

United

States

623,553

614,695

0.13

Apparel,

Accessories

&

Luxury

Goods

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

5.662

%

,

(

3-month

USD

LIBOR

+

5.5%;

6-month

USD

LIBOR

+

5.5%

),

12/19/25

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

United

States

1,020,733

1,027,960

0.22

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/16/28

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

United

States

1,277,444

1,280,752

0.27

2,308,712

0.49

a

a

a

a

a

a

Application

Software

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

1,546,667

1,546,187

0.33

Second

Lien,

Initial

Term

Loan,

6.5%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

918,595

922,040

0.19

Cornerstone

OnDemand

,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/16/28

United

States

2,607,229

2,606,903

0.55

ECI

Macola

/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

United

States

1,867,362

1,875,242

0.40

Epicor

Software

Corp.

,

Term

Loan,

C

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

1,830,831

1,831,334

0.39

Greeneden

U.S.

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

.

United

States

2,889,527

2,899,452

0.61

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/28

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

Sweden

1,326,667

1,328,325

0.28

LogMeIn,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.834

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..........

United

States

2,195,269

2,194,928

0.47

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

2,402,603

2,384,656

0.51

Second

Lien,

Initial

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

142,857

144,268

0.03

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

2,850,000

2,860,004

0.61

Project

Alpha

Intermediate

Holding,

Inc.

,

2021

Refinancing

Term

Loan

,

4.09

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/26/24

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

United

States

1,535,780

1,535,942

0.33

RealPage

,

Inc.

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/24/28

..........

United

States

2,253,272

2,251,221

0.48

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.337

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

...

United

States

795,918

794,426

0.17

UKG,

Inc.

,

First

Lien,

Initial

Term

Loan

,

3.837

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

5/04/26

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

United

States

640,201

641,962

0.14

25,816,890

5.49

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

17

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

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

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

United

States

2,592,075

$

2,594,356

0.55

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

5/30/25

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

United

States

3,518,950

3,535,999

0.75

6,130,355

1.30

a

a

a

a

a

a

Auto

Parts

&

Equipment

Adient

US

LLC

,

Term

Loan,

B1

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/10/28

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

United

States

1,955,100

1,958,238

0.42

Clarios

Global

LP

,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan

,

3.337

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/30/26

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

United

States

2,000,349

1,990,757

0.42

i

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/04/28

....

United

States

1,486,154

1,488,011

0.32

First

Brands

Group

LLC

,

First

Lien,

2021

Term

Loan,

6%,

(3-month

USD

LIBOR

+

5%),

3/30/27

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

United

States

1,121,446

1,133,782

0.24

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

281,250

284,766

0.06

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

606,957

609,800

0.13

TI

Group

Automotive

Systems

LLC

,

Refinancing

US

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

United

States

597,732

598,480

0.13

Truck

Hero,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/28

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

United

States

2,332,152

2,324,864

0.49

10,388,698

2.21

a

a

a

a

a

a

Automobile

Manufacturers

American

Trailer

World

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/03/28

.

United

States

2,220,020

2,213,781

0.47

Thor

Industries,

Inc.

,

USD

Term

Loan,

B1

,

3.125

%

,

(

1-month

USD

LIBOR

+

3

%

),

2/01/26

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

United

States

900,000

902,534

0.19

3,116,315

0.66

a

a

a

a

a

a

Brewers

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

.

United

States

1,346,259

1,335,327

0.28

Broadcasting

Gray

Television,

Inc.

,

Term

Loan,

B2

,

2.332

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

2/07/24

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

United

States

994,899

992,686

0.21

Nexstar

Media,

Inc.

,

Term

Loan,

B3

,

2.337

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

1/17/24

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

United

States

511,218

510,755

0.11

Sinclair

Television

Group,

Inc.

,

Term

Loan,

B

,

2.34

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

1/03/24

..........

United

States

611,160

605,241

0.13

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

.......

United

States

549,866

550,553

0.12

i,j

Term

Loan,

B,

TBD,

5/05/28

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

United

States

2,106,522

2,108,165

0.45

4,767,400

1.02

a

a

a

a

a

a

Building

Products

Cornerstone

Building

Brands,

Inc.

,

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/12/28

..........

United

States

952,655

953,132

0.20

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)

Cable

&

Satellite

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.34

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

.....

United

States

3,367,654

$

3,297,674

0.70

i,j

Radiate

Holdco

LLC

,

Covenant-lite

Term

Loan,

B

,

TBD,

9/25/26

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

United

States

3,079,929

3,075,910

0.65

i

Radiate

HoldCo

LLC

,

Term

Loan,

B

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/25/26

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

United

States

1,524,118

1,522,129

0.32

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

3.34

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

788,848

789,452

0.17

WideOpenWest

Finance

LLC

,

Eighth

Amendment

Term

Loan,

B

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/18/23

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

United

States

1,376,797

1,377,409

0.29

10,062,574

2.13

a

a

a

a

a

a

Casinos

&

Gaming

Bally's

Corp.

,

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

1,700,000

1,700,425

0.36

Caesars

Resort

Collection

LLC

,

Term

Loan,

B,

2.837%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

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

United

States

3,014,604

3,003,721

0.64

Term

Loan,

B1,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

7/21/25

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

United

States

341,986

342,759

0.07

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

1,881,356

1,893,350

0.40

Station

Casinos

LLC

,

Term

Loan,

B1

,

2.5

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

2/08/27

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

United

States

2,305

2,286

0.00

†

6,942,541

1.47

a

a

a

a

a

a

Commodity

Chemicals

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

.....

United

States

1,719,251

1,699,909

0.36

Communications

Equipment

CommScope

,

Inc.

,

Initial

Term

Loan

,

3.337

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,557,638

2,527,675

0.54

Construction

&

Engineering

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........

United

States

2,368,966

2,369,345

0.50

Construction

Machinery

&

Heavy

Trucks

i

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

576,271

577,951

0.12

Construction

Materials

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

......

United

States

1,734,292

1,729,558

0.37

White

Cap

Buyer

LLC

,

Initial

Closing

Date

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/19/27

.......

United

States

1,438,484

1,443,389

0.30

3,172,947

0.67

a

a

a

a

a

a

Data

Processing

&

Outsourced

Services

Neustar

,

Inc.

,

First

Lien,

Term

Loan,

B5

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/08/24

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

United

States

1,766,172

1,771,029

0.38

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

4.09

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

3,084,500

3,092,211

0.66

4,863,240

1.04

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

19

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

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

...........

United

Kingdom

4,528,342

$

4,511,745

0.96

Diversified

Chemicals

LSF11

A5

Holdco

LLC

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/15/28

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

United

States

276,923

276,978

0.06

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

3.587

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

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

United

States

843,117

841,890

0.18

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

United

States

2,672,130

2,677,554

0.57

3,796,422

0.81

a

a

a

a

a

a

Diversified

Metals

&

Mining

U.S.

Silica

Co.

,

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

2,753,576

2,705,388

0.57

Diversified

Support

Services

CCI

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/17/27

.........

United

States

1,434,463

1,440,596

0.31

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

1,097,243

1,101,857

0.23

2,542,453

0.54

a

a

a

a

a

a

Drug

Retail

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

6.084

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

4,969,229

4,660,714

0.99

Education

Services

KUEHG

Corp.

,

Term

Loan,

B3

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

908,635

901,879

0.19

i

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/13/25

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

United

States

748,062

740,219

0.16

1,642,098

0.35

a

a

a

a

a

a

Electric

Utilities

Astoria

Energy

LLC

,

2020

Advance

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

12/10/27

..........

United

States

394,957

396,402

0.08

Electronic

Equipment

&

Instruments

Verifone

Systems,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.129

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/20/25

......

United

States

902,298

885,069

0.19

Environmental

&

Facilities

Services

Madison

IAQ

LLC

,

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

1,902,836

1,901,247

0.40

Food

Retail

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/23/27

......

United

States

568,504

568,792

0.12

General

Merchandise

Stores

Franchise

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

3/10/26

..........

United

States

367,031

369,783

0.08

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)

Health

Care

Equipment

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

...........

United

States

684,000

$

685,795

0.14

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

.........

United

States

2,245,283

2,249,493

0.48

2,935,288

0.62

a

a

a

a

a

a

Health

Care

Facilities

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

3.625%,

(1-month

USD

LIBOR

+

3.125%),

12/23/27

........

United

States

2,265,422

2,251,796

0.48

Amendment

No.

5

Incremental

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

12/23/27

..........

United

States

1,700,824

1,702,040

0.36

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/17/28

United

States

1,006,748

1,006,356

0.21

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

.....

United

States

1,416,421

1,411,994

0.30

Heartland

Dental

LLC

,

2021

Incremental

Term

Loan

,

4.086

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/30/25

......

United

States

1,697,500

1,696,083

0.36

ICON

plc

,

Term

Loan

,

3

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

7/03/28

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

Luxembourg

1,041,577

1,042,879

0.22

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

3.837

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

3,304,162

3,292,796

0.70

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

4.121

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/22/26

......

United

States

771,270

772,396

0.17

13,176,340

2.80

a

a

a

a

a

a

Health

Care

Services

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/08/27

..........

United

States

1,256,871

1,260,460

0.27

eResearchTechnology

,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

......

United

States

2,412,092

2,425,829

0.52

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

..........

United

States

1,150,000

1,123,809

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

3,168,073

3,153,104

0.67

First

Lien,

Initial

Term

Loan,

C,

4.5%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

100,015

99,542

0.02

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

3.586

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

.....

United

States

1,622,547

1,618,296

0.34

i

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

4.335

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

....

United

States

2,452,299

2,452,470

0.52

Team

Health

Holdings,

Inc.

,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

2/06/24

..........

United

States

1,395,573

1,336,840

0.28

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

10/01/28

United

States

888,204

888,817

0.19

i

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

5.125

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

2,789,837

2,775,191

0.59

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.087

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

.....

United

States

5,273,115

5,286,325

1.12

22,420,683

4.76

a

a

a

a

a

a

Home

Improvement

Retail

SRS

Distribution,

Inc.

,

2021

Refinancing

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

6/02/28

.....

United

States

1,584,440

1,586,420

0.34

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)

Homefurnishing

Retail

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

6.5

%

,

(

3-month

USD

LIBOR

+

5.75

%

),

4/26/28

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

United

States

986,842

$

995,063

0.21

Rent-A-Center,

Inc.

,

2021

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/17/28

..........

United

States

486,526

488,808

0.10

i,j

Restoration

Hardware,

Inc.

,

Initial

Term

Loan

,

TBD,

10/20/28

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

United

States

1,250,000

1,250,263

0.27

2,734,134

0.58

a

a

a

a

a

a

Hotels,

Resorts

&

Cruise

Lines

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

3.5

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

........

United

States

634,921

636,825

0.14

Household

Appliances

Osmosis

Buyer

Ltd.

,

Initial

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

7/31/28

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

United

States

1,619,048

1,626,973

0.35

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

7/21/28

...........

United

States

1,513,139

1,509,227

0.32

3,136,200

0.67

a

a

a

a

a

a

Household

Products

b,g,k

FGI

Operating

Co.

LLC

,

Term

Loan

,

11

%

,

PIK,

(

3-month

USD

LIBOR

+

10

%

),

5/16/22

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

United

States

8,953,792

1,206,766

0.26

Housewares

&

Specialties

i,j

Astro

One

Acquisition

Corp.

,

Term

Loan

,

TBD,

10/20/28

United

States

1,900,000

1,889,322

0.40

Human

Resource

&

Employment

Services

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

455,017

457,720

0.10

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

........

United

States

1,163,077

1,165,043

0.25

i,j

Medical

Solutions

LLC

,

Term

Loan

,

TBD,

10/06/28

.....

United

States

796,923

798,417

0.17

UKG,

Inc.

,

First

Lien,

2021

Incremental

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

5/04/26

..........

United

States

1,941,887

1,947,557

0.41

4,368,737

0.93

a

a

a

a

a

a

Industrial

Machinery

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/01/28

..........

United

States

977,143

971,954

0.21

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

4

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...........

Germany

1,387,427

1,391,437

0.30

UTEX

Industries,

Inc.

,

First

Out

Term

Loan,

8.5%,

(1-month

USD

LIBOR

+

7%),

12/03/24

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

United

States

709,060

714,970

0.15

g

Second

Out

Term

Loan,

5.75%,

PIK,

(1-month

USD

LIBOR

+

3.75%),

12/03/25

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

United

States

802,095

794,666

0.17

3,873,027

0.83

a

a

a

a

a

a

Insurance

Brokers

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

3.337%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

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

United

States

2,131,447

2,116,015

0.45

2020

New

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

11/05/27

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

United

States

317,094

317,094

0.07

i,j

Term

Loan,

B4,

TBD,

11/19/27

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

United

States

1,711,514

1,710,017

0.36

4,143,126

0.88

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)

Integrated

Telecommunication

Services

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

4.125

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

......

France

1,164,803

$

1,161,647

0.25

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan,

4.337%,

(1-month

USD

LIBOR

+

4.25%),

11/29/25

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

United

States

4,729,606

4,539,996

0.96

Second

Lien,

Term

Loan,

8.337%,

(1-month

USD

LIBOR

+

8.25%),

11/29/26

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

United

States

2,479,737

2,328,473

0.50

Intrado

Corp.

,

Initial

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/10/24

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

United

States

1,054,857

1,037,990

0.22

9,068,106

1.93

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

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

944,749

947,899

0.20

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

...........

United

States

1,529,500

1,526,043

0.32

2,473,942

0.52

a

a

a

a

a

a

Internet

Services

&

Infrastructure

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

.........

United

States

1,314,133

1,310,027

0.28

Barracuda

Networks,

Inc.

,

First

Lien,

2020

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/12/25

......

United

States

951,223

953,853

0.20

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

.....

United

Kingdom

1,219,512

1,225,232

0.26

Thrasio

LLC

,

Initial

Term

Loan

,

8

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

897,739

897,739

0.19

TIBCO

Software,

Inc.

,

Term

Loan,

B3

,

3.84

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

6/30/26

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

United

States

1,801,207

1,773,910

0.38

6,160,761

1.31

a

a

a

a

a

a

Investment

Banking

&

Brokerage

Citadel

Securities

LP

,

2021

Term

Loan

,

2.587

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/02/28

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

United

States

1,293,500

1,283,902

0.28

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/09/27

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

United

States

1,884,761

1,891,838

0.40

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

..........

United

States

435,305

431,294

0.09

3,607,034

0.77

a

a

a

a

a

a

IT

Consulting

&

Other

Services

Aptean

Acquiror

,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.337

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

4/23/26

....

United

States

2,693,095

2,692,529

0.57

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

5.5%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

3,521,312

3,377,044

0.72

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

125,000

115,860

0.02

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

......

United

States

2,998,916

3,009,952

0.64

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

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

United

States

2,724,464

2,734,463

0.58

i

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

8/28/28

..........

France

1,078,216

1,081,418

0.23

13,011,266

2.76

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

23

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.

,

Term

Loan

,

5.146

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

........

United

States

4,811,555

$

3,576,346

0.76

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

2,950,135

2,917,875

0.62

i

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

3.382%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

1,441,935

1,407,797

0.30

Term

Loan,

B2,

3.382%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

205,565

200,698

0.04

4,526,370

0.96

a

a

a

a

a

a

Life

&

Health

Insurance

AssuredPartners

,

Inc.

,

2020

February

Refinancing

Term

Loan,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...........

United

States

3,023,031

3,006,661

0.64

2021

Term

Loan,

4%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

618,635

617,939

0.13

3,624,600

0.77

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

ICON

plc

,

U.S.

Term

Loan

,

3

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

7/03/28

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

Ireland

259,510

259,834

0.05

i,j

Parexel

International

Corp.

,

Term

Loan

,

TBD,

8/11/28

..

United

States

1,216,129

1,218,324

0.26

1,478,158

0.31

a

a

a

a

a

a

Metal

&

Glass

Containers

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

3.337

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

United

States

3,431,545

3,346,837

0.71

Movies

&

Entertainment

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

3.086

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

......

United

States

646,684

598,050

0.13

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

3.83

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

..........

France

1,670,935

1,668,495

0.35

Crown

Finance

US,

Inc.

,

Initial

Dollar

Term

Loan

,

3.5

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

2/28/25

...........

United

States

842,135

698,446

0.15

Diamond

Sports

Group

LLC

,

Term

Loan

,

3.34

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/24/26

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

United

States

3,545,993

1,888,241

0.40

Lions

Gate

Capital

Holdings

LLC

,

2023

Term

Loan,

A

,

1.837

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

3/22/23

....

United

States

3,363,839

3,351,224

0.71

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

2.84

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

.....

United

States

1,188,650

1,168,509

0.25

9,372,965

1.99

a

a

a

a

a

a

Multi-line

Insurance

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

3.632%,

(3-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

1,840,657

1,819,489

0.39

First

Lien,

2021-1

Additional

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

2/15/27

..........

United

States

782,609

781,302

0.16

2,600,791

0.55

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.

24

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Office

Services

&

Supplies

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

5.126%,

(3-month

USD

LIBOR

+

5%),

4/16/26

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

United

States

1,233,522

$

1,187,517

0.25

2019

Refinancing

New

Term

Loan,

B2,

4.626%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...........

United

States

1,760,992

1,721,687

0.37

2,909,204

0.62

a

a

a

a

a

a

Other

Diversified

Financial

Services

i,j

Astra

Acquisition

Corp.

,

Term

Loan

,

TBD,

10/25/28

....

United

States

1,673,228

1,633,489

0.35

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

...........

United

States

2,450,211

2,446,536

0.52

4,080,025

0.87

a

a

a

a

a

a

Packaged

Foods

&

Meats

i,j

Primary

Products

Finance

LLC

,

Term

Loan

,

TBD,

1/01/38

United

States

689,655

693,321

0.15

Paper

Packaging

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

United

States

1,887,914

1,895,136

0.40

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

5.25

%

,

(

6-month

USD

LIBOR

+

4.75

%

),

2/12/26

..........

Luxembourg

1,511,777

1,507,998

0.32

3,403,134

0.72

a

a

a

a

a

a

Personal

Products

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

..........

United

States

1,872,318

1,874,462

0.40

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.337

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

872,354

861,450

0.18

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........

Luxembourg

2,983,706

2,993,419

0.64

5,729,331

1.22

a

a

a

a

a

a

Pharmaceuticals

Bausch

Health

Cos.,

Inc.

,

Initial

Term

Loan

,

3.087

%

,

(

1-month

USD

LIBOR

+

3

%

),

6/02/25

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

United

States

972,002

970,894

0.21

Organon

&

Co.

,

Dollar

Term

Loan

,

3.5

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

954,365

957,748

0.20

1,928,642

0.41

a

a

a

a

a

a

Property

&

Casualty

Insurance

Asurion

LLC

,

New

Term

Loan,

B8,

3.337%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

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

United

States

2,617,257

2,593,951

0.55

New

Term

Loan,

B9,

3.337%,

(1-month

USD

LIBOR

+

3.25%),

7/31/27

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

United

States

996,136

987,629

0.21

Second

Lien,

New

Term

Loan,

B3,

5.337%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

52,263

52,128

0.01

Second

Lien,

New

Term

Loan,

B4,

5.337%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

2,248,036

2,240,774

0.48

5,874,482

1.25

a

a

a

a

a

a

Publishing

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........

United

States

3,790,584

3,814,863

0.81

i

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

5.25

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

7/28/28

..........

United

States

2,209,177

2,196,286

0.47

6,011,149

1.28

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

25

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Railroads

Ventia

Midco

Pty.

Ltd.

,

2017

Refinancing

USD

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4

%

),

5/21/26

.......

Australia

5,460,137

$

5,490,878

1.17

Real

Estate

Services

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

2.837

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

1,044,697

1,039,144

0.22

Research

&

Consulting

Services

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

3.338

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

..........

United

States

1,183,749

1,180,370

0.25

Restaurants

Golden

Nugget,

Inc.

,

Initial

Term

Loan,

B

,

3.25

%

,

(

3-month

USD

LIBOR

+

2.5

%

),

10/04/23

..........

United

States

2,256,112

2,247,754

0.48

IRB

Holding

Corp.

,

Fourth

Amendment

Incremental

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/15/27

United

States

1,549,358

1,551,163

0.33

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

1,605,839

1,606,915

0.34

5,405,832

1.15

a

a

a

a

a

a

Retail

REITs

i

Brookfield

Property

REIT,

Inc.

,

Initial

Term

Loan,

B

,

2.585

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

8/27/25

.....

United

States

1,169,326

1,158,259

0.25

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/12/28

.....

United

States

2,423,612

2,425,381

0.52

APX

Group,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

7/10/28

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

United

States

1,686,275

1,683,113

0.36

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

947,894

947,410

0.20

5,055,904

1.08

a

a

a

a

a

a

Soft

Drinks

i

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

........

United

States

2,233,393

2,232,890

0.48

Specialized

Consumer

Services

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Initial

Term

Loan

,

4.629

%

,

(

2-month

USD

LIBOR

+

4.5%;

3-month

USD

LIBOR

+

4.5%

),

12/19/25

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

United

States

1,391,316

1,393,633

0.29

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.)

,

i

2019

Term

Loan,

3.837%,

(1-month

USD

LIBOR

+

3.75%),

9/03/26

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

United

States

151,263

151,112

0.03

Initial

Term

Loan,

3.337%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

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

United

States

792,120

784,860

0.17

i

WW

International,

Inc.

,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

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

United

States

802,604

794,409

0.17

3,124,014

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.

26

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Specialized

Finance

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/28

.........

United

States

2,132,278

$

2,127,289

0.45

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

4.087

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

2,995,997

3,004,730

0.64

5,132,019

1.09

a

a

a

a

a

a

Specialty

Chemicals

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

3.882

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

...

United

States

795,908

785,760

0.16

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

.........

United

States

1,687,057

1,687,057

0.36

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

3.25

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

..

United

Kingdom

513,878

514,413

0.11

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

......

United

States

809,375

809,881

0.17

3,797,111

0.80

a

a

a

a

a

a

Specialty

Stores

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

5

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

2,024,925

2,024,611

0.43

PetSmart

LLC

,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/11/28

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

United

States

1,516,832

1,520,760

0.32

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

.........

United

States

757,083

758,979

0.16

4,304,350

0.91

a

a

a

a

a

a

Systems

Software

athenahealth

,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.377

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

2/11/26

..........

United

States

3,732,673

3,749,004

0.80

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

..........

United

States

997,500

986,697

0.21

i,j

Bali

Finco

,

Inc.

,

Term

Loan

,

TBD,

6/30/26

...........

United

States

683,761

673,932

0.14

ConnectWise

LLC

,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

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

United

States

1,000,000

1,000,090

0.21

DCert

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.087%,

(1-month

USD

LIBOR

+

4%),

10/16/26

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

United

States

4,607,656

4,616,018

0.98

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.087%,

(1-month

USD

LIBOR

+

7%),

2/19/29

......

United

States

650,664

658,332

0.14

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

4.25%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

...........

United

States

2,264,296

2,269,130

0.48

Second

Lien,

2021

Refinancing

Term

Loan,

7%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

..........

United

States

30,303

30,758

0.01

Idera

,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

3,212,892

3,213,229

0.68

Ivanti

Software,

Inc.

,

First

Lien,

First

Amendment

Term

Loan,

4.75%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

93,807

93,729

0.02

First

Lien,

Initial

Term

Loan,

5.75%,

(3-month

USD

LIBOR

+

4.75%),

12/01/27

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

United

States

1,990,000

1,991,861

0.42

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

27

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

(continued)

Perforce

Software,

Inc.

,

First

Lien,

New

Term

Loan

,

3.837

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/01/26

....

United

States

1,793,063

$

1,781,219

0.38

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.379

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

5/16/25

United

States

1,938,901

1,939,425

0.41

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

5

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

8/11/28

...........

United

States

456,697

459,979

0.10

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

2,220,401

2,221,800

0.47

25,685,203

5.45

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

Term

Loan,

1,

3.587%,

(1-month

USD

LIBOR

+

3.5%),

1/29/27

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

United

States

1,387,487

1,385,177

0.30

First

Lien,

Term

Loan,

2,

5.5%,

(3-month

USD

LIBOR

+

4.75%),

1/29/27

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

United

States

617,029

619,152

0.13

i

Electronics

for

Imaging,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.087

%

,

(

1-month

USD

LIBOR

+

5

%

),

7/23/26

......

United

States

1,346,574

1,267,671

0.27

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

5.75

%

,

(

3-month

USD

LIBOR

+

5

%

),

7/27/28

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

United

States

2,721,752

2,706,442

0.57

5,978,442

1.27

a

a

a

a

a

a

Trucking

Avis

Budget

Car

Rental

LLC

,

New

Term

Loan,

B

,

1.84

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

8/06/27

..........

United

States

1,395,959

1,368,479

0.29

Total

Senior

Floating

Rate

Interests

(Cost

$370,280,776)

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

362,703,309

77.06

Shares/Units

Escrows

and

Litigation

Trusts

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

a,b

Remington

Outdoor

Co.,

Inc.,

Litigation

Units

.........

United

States

98,704

—

0.00

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

0.00

Total

Long

Term

Investments

(Cost

$470,955,313)

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

451,043,594

95.83

a

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

l

Joint

Repurchase

Agreement,

0.02%,

11/01/21

(Maturity

Value

$48,229,612)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$31,819,004)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$5,803,952)

HSBC

Securities

(USA)

Inc.

(Maturity

Value

$10,606,656)

Collateralized

by

U.S.

Government

Agency

Securities,

4%

-

5%,

10/20/40

-

2/20/49;

U.S.

Treasury

Bill,

Discount

Note,

4/28/22;

and

U.S.

Treasury

Note,

2.5%,

1/31/24

(valued

at

$49,230,959)

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

48,229,531

48,229,531

10.25

Total

Repurchase

Agreements

(Cost

$48,229,531)

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

48,229,531

10.25

a

a

a

Total

Short

Term

Investments

(Cost

$48,229,531

)

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

48,229,531

10.25

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.

28

See

Abbreviations

on

page

37

.

a

Total

Investments

(Cost

$519,184,844)

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

$499,273,125

106.08

Other

Assets,

less

Liabilities

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

(28,621,449)

(6.08)

Net

Assets

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

$470,651,676

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

October

31,

2021,

the

aggregate

value

of

these

securities

was

$15,304,117,

representing

3.3%

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

October

31,

2021,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Floating

Rate

Master

Trust

29

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)

30

Quarterly

Statement

of

Investments

4.

Restricted

Securities

At

October

31,

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.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

October

31,

2021,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Floating

Rate

Income

Fund

597,419

Appvion

Operations,

Inc

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

6/14/18

-

4/12/19

$

7,393,490

$

15,319,853

Total

Restricted

Securities

(Value

is

2.3%

of

Net

Assets)

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

$7,393,490

$15,319,853

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Floating

Rate

Master

Series

563,596

Appvion

Operations,

Inc.

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

6/14/18

-

4/12/19

$

5,922,237

$

14,452,508

Total

Restricted

Securities

(Value

is

3.1%

of

Net

Assets)

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

$5,922,237

$14,452,508

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

31

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

Funds

are

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

Statements

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

$

14,630,532

$

—

a

$

—

a

$

—

$

689,321

$

15,319,853

597,419

$

—

Quarternorth

Energy

Holding,

Inc.

......

—

66,253,150

a

—

a

—

(31,646,825)

34,606,325

331,161

—

Quarternorth

Energy

Holding,

Inc.,

2/01/49

—

—

a

—

a

—

17,216,005

17,216,005

157,945

—

Interest

QuarterNorth

Energy

Holding

Inc.-Initial

New

Loan

...........

—

14,600,907

a

—

a

—

400,407

15,001,314

14,898,885

227,208

b

Total

Affiliated

Securities

(Value

is

12.3%

of

Net

Assets)

..........

$14,630,532

$80,854,057

$—

—

(13,341,092)

$82,143,497

$227,208

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Appvion

Operations,

Inc.

13,802,215

—

a

—

a

—

650,29

3

14,452,508

563,596

—

Total

Affiliated

Securities

(Value

is

3.1%

of

Net

Assets)

..........

$13,802,215

$—

$—

—

650,29

3

$14,452,508

$—

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

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)

32

Quarterly

Statement

of

Investments

At

October

31,

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.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Income

Fund

Aveanna

Healthcare

LLC

$404,934

DexKo

Global,

Inc.

128,700

Medical

Solutions

LLC

206,412

National

Mentor

Holdings,

Inc.

171,083

Osmosis

Buyer

Ltd.

334,674

Sovos

Compliance

LLC

121,596

Thrasio

LLC

2,250,000

$3,617,399

Franklin

Floating

Rate

Master

Series

Aveanna

Healthcare

LLC

$234,036

DexKo

Global,

Inc.

283,431

Medical

Solutions

LLC

152,079

National

Mentor

Holdings

Inc.

146,725

Osmosis

Buyer

Ltd.

203,372

Sovos

Compliance

LLC

79,434

Thrasio

LLC

900,000

$1,999,077

    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%

.

$79,428,569

$54,857,238

$(107,675,033)

$—

$—

$26,610,774

26,610,774

$1,098

Total

Affiliated

Securities

...

$79,428,569

$54,857,238

$(107,675,033)

$—

$—

$26,610,774

$1,098

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

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

$3,652,178

$—

$—

$—

$110,812

$3,762,990

461,717

$34,927

Franklin

Liberty

Senior

Loan

ETF

21,343,063

—

—

—

80,117

21,423,180

857,785

192,843

Total

Affiliated

Securities

...

$24,995,241

$—

$—

$—

$190,929

$25,186,170

$227,770

6.

Unfunded

Loan

Commitments  

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

33

Quarterly

Statement

of

Investments

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.)

• 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

October

31,

2021,

in

valuing

the

Funds’

assets

and

liabilities 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

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

$

—

$

183,508

$

—

$

183,508

Machinery

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

—

1,630,800

—

1,630,800

Oil,

Gas

&

Consumable

Fuels

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

—

34,606,325

—

34,606,325

Paper

&

Forest

Products

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

—

—

15,319,853

15,319,853

Road

&

Rail

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

—

—

923,324

923,324

Preferred

Stocks

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

—

625,791

—

625,791

Warrants

:

Machinery

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

—

—

5,958

5,958

Oil,

Gas

&

Consumable

Fuels

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

—

17,216,005

—

17,216,005

Corporate

Bonds

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

—

—

14,449,822

14,449,822

Senior

Floating

Rate

Interests

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

—

571,709,103

1,852,861

573,561,964

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

26,610,774

—

—

26,610,774

Total

Investments

in

Securities

...........

$26,610,774

$625,971,532

$32,551,818

$685,134,124

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

18,905

$

—

$

18,905

Total

Other

Financial

Instruments

.........

$—

$18,905

$—

$18,905

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

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

$

—

$

6,019,300

$

—

$

6,019,300

Leisure

Facilities

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

—

216,703

—

216,703

Oil

&

Gas

Exploration

&

Production

.........

—

12,664,564

—

12,664,564

Paper

Products

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

—

—

14,452,508

14,452,508

Trucking

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

—

—

701,910

701,910

Management

Investment

Companies

.........

26,783,989

—

—

26,783,989

Preferred

Stocks

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

—

738,960

—

738,960

Warrants

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

—

—

684

684

Corporate

Bonds

:

Airlines

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

—

3,290,322

—

3,290,322

Broadcasting

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

—

1,449,789

—

1,449,789

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

34

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 October

31,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

Corporate

Bonds:

Communications

Equipment

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

$

—

$

680,150

$

—

$

680,150

Construction

Materials

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

—

813,030

—

813,030

Diversified

Chemicals

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

—

1,076,625

—

1,076,625

Independent

Power

Producers

&

Energy

Traders

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

—

420,386

—

420,386

Integrated

Telecommunication

Services

......

—

2,026,611

—

2,026,611

Multi-line

Insurance

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

—

511,533

—

511,533

Oil

&

Gas

Equipment

&

Services

...........

—

254,963

—

254,963

Oil

&

Gas

Storage

&

Transportation

.........

—

472,478

—

472,478

Paper

Packaging

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

—

1,154,112

—

1,154,112

Specialized

Consumer

Services

...........

—

1,150,500

—

1,150,500

Specialized

Finance

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

—

450,410

—

450,410

Specialty

Chemicals

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

—

644,394

—

644,394

Specialty

Stores

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

—

540,933

—

540,933

Trucking

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

—

489,375

10,985,072

11,474,447

Wireless

Telecommunication

Services

.......

—

350,984

—

350,984

Senior

Floating

Rate

Interests

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

—

361,496,543

1,206,766

362,703,309

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

48,229,531

—

48,229,531

Total

Investments

in

Securities

...........

$26,783,989

$445,142,196

$27,346,940

$499,273,125

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

9,346

$

—

$

9,346

Total

Other

Financial

Instruments

.........

—

$9,346

—

$9,346

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

—

45

—

45

$—

$—

$—

$—

a

Includes

securities

determined

to

have

no

value

at

October

31,

2021.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

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

:

Paper

&

Forest

Products

$

14,630,532

$

—

$

—

$

—

$

—

$

—

$

—

$

689,321

$

15,319,853

$

689,321

Road

&

Rail

.......

—

c

—

—

—

—

—

—

923,324

923,324

923,324

Rights

:

Energy

Equipment

&

Services

........

1,299,513

—

(1,434,946)

—

—

—

—

135,433

—

—

Warrants

:

Machinery

.........

4,846

—

—

—

—

—

—

1,112

5,958

1,112

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

35

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

October

31,

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)

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

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Corporate

Bonds

:

Road

&

Rail

.......

$

13,289,113

$

—

$

—

$

—

$

—

$

361,065

$

—

$

799,644

$

14,449,822

$

799,644

Senior

Floating

Rate

Interests

:

Household

Products

..

2,299,977

—

(447,116)

—

—

—

10,297

(10,297)

1,852,861

(374,669)

Road

&

Rail

.......

—

—

—

—

—

—

—

—

—

—

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

—

Total

Investments

in

Securities

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

$31,523,981

$—

$(1,882,062)

$—

$—

$361,065

$10,297

$2,538,537

$32,551,818

$2,038,732

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

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

Paper

Products

.....

$

13,802,215

$

—

$

—

$

—

$

—

$

—

$

—

$650,293

$

14,452,508

$

650,294

Trucking

..........

—

c

—

—

—

—

—

—

701,910

701,910

701,910

Rights

Oil

&

Gas

Equipment

&

Services

........

499,215

—

(553,057)

—

—

—

—

53,842

—

—

Warrants

Industrial

Machinery

..

556

—

—

—

—

—

—

$

128

684

128

Corporate

Bonds

Trucking

..........

10,102,676

—

—

—

—

254,023

—

628,373

10,985,072

628,373

Senior

Floating

Rate

Interests

Household

Products

..

1,497,972

—

(291,206)

—

—

—

1,750

(1,750)

1,206,766

(244,022)

Trucking

..........

—

—

—

—

—

—

—

—

—

—

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

—

Total

Investments

in

Securities

.

$25,902,634

$—

$(844,263)

$—

$—

254,023

1,750

2,032,796

$27,346,940

1,736,683

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

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

36

Quarterly

Statement

of

Investments

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Paper

&

Forest

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

$15,319,853

Discounted

cash

flow

Weighted

average

cost

of

capital

21.5%

Decrease

c

Free

cash

flow

$136.7

mil

Increase

c

Discount

for

lack

of

marketability

5.1%

Decrease

c

Long

term

growth

2.5%

Increase

Road

&

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

923,324

Market

comparables

Discount

for

lack

of

marketability

6.9%

Decrease

d

EV

/

EBITDA

multiple

5.6x

-

5.9x

(5.8x)

Increase

c

Corporate

Bonds:

Road

&

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

14,449,822

Discounted

cash

flow

Discount

rate

15.6%

Decrease

c

Free

cash

flow

$14.9

mil

Increase

Senior

Floating

Rate

Interests:

Household

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

1,852,861

Recovery

value

Asset

value

estimate

$11.6

mil

Increase

c

All

Other

Investments..................

 5,958

e,f

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

$32,551,818

Franklin

Floating

Rate

Masters

Series

Assets:

Investments

in

Securities:

Common

Stocks:

Paper

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

$14,452,508

Discounted

cash

flow

Weighted

average

cost

of

capital

21.5%

Decrease

c

Free

cash

flow

$136.7

mil

Increase

c

Discount

for

lack

of

marketability

5.1%

Decrease

c

Long

term

growth

2.5%

Increase

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

701,910

Discount

for

lack

of

marketability

6.9%

Decrease

d

EV

/

EBITDA

multiple

5.6x

-

5.9x

(5.8x)

Increase

c

Corporate

Bonds:

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

10,985,072

Discounted

cash

flow

Discount

rate

15.6%

Decrease

c

Free

cash

flow

$11.3

mil

Increase

Senior

Floating

Rate

Interests:

Household

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

1,206,766

Recovery

value

Asset

value

estimate

$11.6

mil

Increase

c

All

Other

Investments...............

684

e,f

8. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Statements

of

Investments

(unaudited)

37

Quarterly

Statement

of

Investments

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

value

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

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

$27,346,940

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments

b

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

ha

ve

been

indicated.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

d

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

e

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

f

Includes

securities

determined

to

have

no

value

at

October

31,

2021

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

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.