Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Master Series (Apr 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

132-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

2

Franklin

Floating

Rate

Master

Series

14

Notes

to

Schedules

of

Investments

31

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2022

Franklin

Floating

Rate

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

5.9%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

88,077

$

60,641

Machinery

0.3%

a

UTEX

Industries,

Inc.

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

United

States

32,616

2,397,276

Oil,

Gas

&

Consumable

Fuels

5.6%

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

331,161

43,216,510

Road

&

Rail

0.0%

†

a,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

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

Australia

7,733,610

95,300

Total

Common

Stocks

(Cost

$42,868,126)

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

45,769,727

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

208,597

312,895

a

Total

Preferred

Stocks

(Cost

$281,502)

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

312,895

Warrants

Warrants

2.0%

Machinery

0.0%

†

a,c

UTEX

Industries,

Inc.,

2/20/49

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

United

States

2,796

21,342

Oil,

Gas

&

Consumable

Fuels

2.0%

a,b

Quarternorth

Energy

Holding,

Inc.,

2/01/49

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

United

States

119,957

15,654,389

Total

Warrants

(Cost

$14,454,819)

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

15,675,731

Principal

Amount

*

Corporate

Bonds

1.8%

Road

&

Rail

1.8%

c,d

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

14,108,720

14,194,769

Total

Corporate

Bonds

(Cost

$16,856,740)

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

14,194,769

Senior

Floating

Rate

Interests

86.0%

Aerospace

&

Defense

1.7%

e

AI

Convoy

(Luxembourg)

SARL

,

USD

Term

Loan,

B

,

5.05

%

,

(

2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%

),

1/18/27

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

Luxembourg

2,155,972

2,144,038

d,e

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

5,744,011

5,847,403

f,g

Cobham

Ultra

US

Co-Borrower

LLC

,

Term

Loan

,

TBD,

11/17/28

..

United

States

696,705

692,263

e

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

4.506%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

1,353,364

1,329,186

2020

Term

Loan,

B2,

4.506%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

727,615

714,616

e,g

Vertex

Aerospace

Services

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/06/28

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

United

States

2,538,376

2,534,417

13,261,923

a

a

a

a

a

a

Air

Freight

&

Logistics

0.4%

e

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

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

United

States

3,328,507

3,302,511

e

Airlines

4.6%

g

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.813

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.......

United

States

3,431,462

3,497,707

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Airlines

(continued)

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

3,741,860

$

3,712,861

Allegiant

Travel

Co.

,

Replacement

Term

Loan

,

3.469

%

,

(

3-month

USD

LIBOR

+

3

%

),

2/05/24

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

United

States

2,058,579

2,045,713

American

Airlines,

Inc.

,

2018

Replacement

Term

Loan

,

2.448

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

6/27/25

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

United

States

8,785,510

8,497,565

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

6,837,161

6,631,226

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

2,013,835

United

AirLines,

Inc.

,

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

9,944,494

9,886,865

36,285,772

a

a

a

a

a

a

e

Auto

Components

2.7%

Adient

US

LLC

,

Term

Loan,

B1

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/10/28

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

United

States

5,419,050

5,386,888

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan,

4.717%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

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

United

States

338,830

331,093

First

Lien,

Delayed

Draw

Dollar

Term

Loan,

4.756%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

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

United

States

64,539

63,065

First

Brands

Group

LLC

,

g

First

Lien,

2021

Term

Loan,

6%,

(3-month

USD

LIBOR

+

5%),

3/30/27

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

United

States

5,985,706

5,987,592

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

2,000,000

2,002,500

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

5,605,013

5,455,555

Truck

Hero,

Inc.

,

Initial

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/28

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

United

States

1,774,890

1,662,184

20,888,877

a

a

a

a

a

a

e

Automobiles

1.2%

American

Trailer

World

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.3

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/03/28

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

United

States

7,152,226

6,691,158

Thor

Industries,

Inc.

,

USD

Term

Loan,

B1

,

3.813

%

,

(

1-month

USD

LIBOR

+

3

%

),

2/01/26

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

United

States

2,757,878

2,741,220

9,432,378

a

a

a

a

a

a

Banks

0.4%

e

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

4.739

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

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

United

Kingdom

3,564,961

3,467,210

e

Beverages

1.3%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

4.469

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

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

United

States

3,642,806

3,430,303

g

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

United

States

7,091,686

6,904,678

10,334,981

a

a

a

a

a

a

Building

Products

0.3%

e,g

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

Term

Loan,

B1

,

3.554

%

,

(

1-week

USD

LIBOR

+

3

%

),

6/11/28

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

United

States

2,010,000

1,961,569

Capital

Markets

2.3%

e

Citadel

Securities

LP

,

2021

Term

Loan

,

3.315

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/02/28

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

United

States

3,227,152

3,206,401

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Capital

Markets

(continued)

e

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/09/27

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

United

States

766,667

$

765,287

e

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

....

United

States

1,994,925

1,982,736

e

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

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

United

States

2,814,092

2,785,951

g

Osmosis

Buyer

Ltd.

,

e

2022

Refinancing

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

7/31/28

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

United

Kingdom

2,997,397

2,957,442

f

Term

Loan,

TBD,

7/31/28

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

United

Kingdom

2,057,024

2,028,740

e,g

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

5/30/25

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

United

States

4,470,615

4,432,838

18,159,395

a

a

a

a

a

a

e

Chemicals

4.9%

g

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

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

United

States

4,414,380

4,289,034

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

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

United

States

3,737,903

3,551,007

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

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

United

States

5,906,640

5,829,854

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

5.022%,

(1-month

SOFR

+

4.5%),

3/15/29

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

United

States

2,200,000

2,130,326

Second

Lien,

Initial

CME

Term

Loan,

8.01%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

1,325,581

1,272,558

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

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

United

Kingdom

5,652,343

5,601,133

g

INEOS

US

Finance

LLC

,

New

2024

Dollar

Term

Loan

,

2.764

%

,

(

1-month

USD

LIBOR

+

2

%

),

4/01/24

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

Luxembourg

1,994,792

1,988,099

LSF11

A5

Holdco

LLC

,

Term

Loan

,

4.315

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

10/15/28

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

United

States

361,250

355,922

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

..........

United

States

825,272

797,522

g

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

5.287

%

,

(

3-month

SOFR

+

4.25

%

),

4/21/29

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

United

States

4,152,236

3,918,673

g

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

7,186,023

6,962,969

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

8/02/28

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

United

States

1,604,610

1,596,082

38,293,179

a

a

a

a

a

a

e

Commercial

Services

&

Supplies

3.4%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

5/12/28

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

United

States

3,597,652

3,509,959

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

4.647

%

,

(

3-month

USD

LIBOR

+

4%;

6-month

USD

LIBOR

+

4%

),

2/15/29

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

United

States

4,430,917

4,413,194

APX

Group,

Inc.

,

Initial

Term

Loan

,

4.052

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

2.5%

),

7/10/28

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

United

States

4,056,685

4,017,132

CCI

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/17/27

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

United

States

7,168,246

7,076,421

Madison

IAQ

LLC

,

Term

Loan

,

4.524

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

1,505,045

1,462,715

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

3.5

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

.

United

States

4,224,316

4,179,728

Revint

Intermediate

II

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/15/27

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

United

States

781,390

781,195

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Commercial

Services

&

Supplies

(continued)

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

1,066,154

$

1,063,089

26,503,433

a

a

a

a

a

a

Communications

Equipment

0.3%

e

CommScope,

Inc.

,

Initial

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,699,534

2,604,713

Construction

&

Engineering

0.3%

e

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

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

United

States

2,390,958

2,368,842

e

Containers

&

Packaging

2.5%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

...........

United

States

2,827,572

2,817,223

g

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

5.554

%

,

(

6-month

USD

LIBOR

+

4.75

%

),

2/12/26

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

Luxembourg

6,869,665

6,176,962

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

3.705

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

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

United

States

7,959,030

7,817,757

g

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/24/28

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

United

States

2,992,481

2,924,791

19,736,733

a

a

a

a

a

a

e

Diversified

Consumer

Services

1.0%

KUEHG

Corp.

,

Term

Loan,

B3

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

3,793,785

3,762,733

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/15/28

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

United

States

3,880,627

3,839,395

7,602,128

a

a

a

a

a

a

e

Diversified

Financial

Services

1.8%

Astra

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B2

,

6.014

%

,

(

1-month

USD

LIBOR

+

5.25

%

),

10/25/28

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

United

States

2,949,883

2,846,637

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.563%,

(3-month

USD

LIBOR

+

3.5%),

8/02/28

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

United

States

3,155,067

3,115,629

Second

Lien,

Initial

Term

Loan,

7.5%,

(3-month

USD

LIBOR

+

6.5%),

8/02/29

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

United

States

500,000

495,832

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

4.758

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

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

United

States

2,239,256

2,155,642

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/28

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

United

States

1,653,625

1,639,850

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

4.457

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

3,505,632

3,501,618

13,755,208

a

a

a

a

a

a

e

Diversified

Telecommunication

Services

1.1%

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

4.506

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

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

France

2,305,284

2,293,043

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/29/25

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

United

States

6,685,898

6,387,640

8,680,683

a

a

a

a

a

a

Electric

Utilities

0.1%

e

Astoria

Energy

LLC

,

2020

Advance

Term

Loan,

B

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

12/10/27

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

United

States

720,260

711,559

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Electronic

Equipment,

Instruments

&

Components

0.1%

e

Verifone

Systems,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.498

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/20/25

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

United

States

761,331

$

748,487

e

Entertainment

0.9%

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

4.202

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

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

France

5,093,184

5,077,267

g

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,196,977

1,186,133

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

3.52

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

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

United

States

980,003

962,853

7,226,253

a

a

a

a

a

a

Food

&

Staples

Retailing

0.7%

e

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

6.551

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

5,820,912

5,439,642

Food

Products

0.1%

e

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

4.651

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

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

United

States

1,149,092

1,146,075

e

Health

Care

Equipment

&

Supplies

0.6%

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

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

United

States

1,773,590

1,745,781

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

6.313

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

12/15/27

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

United

States

2,760,841

2,754,974

4,500,755

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

6.7%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

4.139%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

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

United

States

4,219,539

4,160,001

Amendment

No.

5

Incremental

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

12/23/27

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

United

States

1,104,767

1,093,443

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

7/17/28

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

United

States

1,733,188

1,705,570

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/08/27

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

United

States

3,467,459

3,436,582

Dermatology

Intermediate

Holdings

III,

Inc.

,

Closing

Date

CME

Term

Loan,

B

,

4.75

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

..........

United

States

944,858

940,134

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

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

United

States

6,689,070

6,675,157

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

1,431,439

1,423,566

Second

Lien,

Initial

Term

Loan,

7.25%,

(6-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

763,254

752,091

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

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

United

States

2,187,612

2,174,706

Heartland

Dental

LLC

,

2021

Incremental

Term

Loan

,

4.632

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/30/25

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

United

States

1,073,717

1,067,586

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/01/28

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

United

States

1,081,634

1,073,522

National

Mentor

Holdings,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

8.26

%

,

(

3-month

USD

LIBOR

+

7.25

%

),

3/02/29

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

United

States

2,000,000

1,930,000

Owens

&

Minor,

Inc.

,

CME

Term

Loan,

B1

,

4.45

%

,

(

1-month

SOFR

+

3.75

%

),

3/29/29

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

United

States

1,167,356

1,172,469

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Health

Care

Providers

&

Services

(continued)

g

Pacific

Dental

Services

LLC

,

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

5/05/28

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

United

States

1,000,000

$

993,440

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

3,799,063

3,771,367

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

4.132

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

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

United

States

2,440,741

2,406,754

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/15/28

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

United

States

838,855

834,203

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

4.846

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

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

United

States

4,080,774

4,023,398

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

2,364,013

2,339,936

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

7,114,886

6,358,929

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

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

United

States

4,427,428

4,428,823

52,761,677

a

a

a

a

a

a

Health

Care

Technology

0.7%

e

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

4.009

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

5,634,053

5,567,149

Hotels,

Restaurants

&

Leisure

3.5%

d,e

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

5.983

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

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

United

States

4,156,847

1,918,039

e

Bally's

Corp.

,

Term

Loan,

B

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

6,545,754

6,493,584

e

Caesars

Resort

Collection

LLC

,

Term

Loan,

B

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

12/23/24

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

United

States

539,751

537,892

e

Fertitta

Entertainment

LLC

,

Initial

Term

Loan,

B

,

4.7

%

,

(

1-month

PRIME

+

4

%

),

1/27/29

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

United

States

2,159,677

2,152,507

e

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/22/28

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

United

States

1,690,401

1,671,384

e,g

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

3.764

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

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

United

States

5,945,063

5,926,484

e

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

3.75

%

,

(

3-month

SOFR

+

3

%

),

12/15/27

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

United

States

724,683

715,853

f,g

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

TBD,

4/21/29

...

United

States

856,868

854,057

e

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.934

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

1,984,991

1,982,758

e,g

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

4.175

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

3,576,320

3,543,757

e

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

3.573

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

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

United

States

1,266,238

1,262,085

e

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

324,576

321,496

27,379,896

a

a

a

a

a

a

e

Household

Durables

0.5%

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

6.506

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

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

United

States

3,735,638

3,597,886

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

7/21/28

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

United

States

702,945

664,159

4,262,045

a

a

a

a

a

a

Household

Products

0.2%

c,d,e,h

FGI

Operating

Co.

LLC

,

Term

Loan

,

11

%

,

PIK,

(

6-month

USD

LIBOR

+

10

%

),

5/16/22

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

United

States

13,747,598

1,717,329

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Insurance

2.7%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

1,816,826

$

1,792,981

First

Lien,

2021-1

Additional

Term

Loan,

4.514%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

1,985,771

1,972,129

First

Lien,

2021-2

Additional

Term

Loan,

5.014%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

1,971,047

1,960,374

Alliant

Holdings

Intermediate

LLC

,

New

Term

Loan,

B4

,

4.051

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/05/27

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

United

States

2,855,810

2,840,288

AssuredPartners,

Inc.

,

2020

February

Refinancing

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

2,338,449

2,311,651

2020

Incremental

CME

Term

Loan,

4.7%,

(1-month

SOFR

+

3.5%),

2/12/27

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

United

States

1,998,750

1,974,015

2021

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

United

States

1,002,885

990,559

Asurion

LLC

,

Second

Lien,

New

Term

Loan,

B3,

6.014%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

41,007

39,854

Second

Lien,

New

Term

Loan,

B4,

6.014%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

7,170,140

6,967,584

20,849,435

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

0.7%

e

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

g

First

Lien,

2020

June

New

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

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

United

States

4,552,205

4,536,705

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

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

United

States

789,664

785,767

5,322,472

a

a

a

a

a

a

e

IT

Services

7.8%

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

4/23/26

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

United

States

5,173,360

5,146,691

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

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

United

States

1,898,985

1,857,179

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

5.506%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

13,504,634

12,910,970

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

11,037,961

10,545,834

Barracuda

Networks,

Inc.

,

First

Lien,

2020

Term

Loan

,

4.733

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/12/25

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

United

States

3,766,929

3,764,971

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

5.006

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

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

United

States

6,279,655

6,271,837

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

5.256

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

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

United

Kingdom

3,936,726

3,912,121

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Amendment

No.

3

CME

Term

Loan

,

4.913

%

,

(

1-month

SOFR

+

4.5

%

),

12/19/25

...........

United

States

876,785

876,785

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

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

United

States

3,676,795

3,656,977

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

4.77

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

10,044,503

9,906,391

Thrasio

LLC

,

Initial

Term

Loan

,

8.006

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

2,233,040

2,199,545

61,049,301

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Leisure

Products

0.4%

e

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

3,432,271

$

3,313,583

Life

Sciences

Tools

&

Services

0.2%

e

ICON

plc

,

Term

Loan,

3.313%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

...

Ireland

1,099,141

1,094,332

U.S.

Term

Loan,

3.313%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

Ireland

273,852

272,653

1,366,985

a

a

a

a

a

a

e

Machinery

1.1%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

3,176,805

3,125,182

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

3.758

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/01/28

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

United

States

2,832,260

2,723,515

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

4.019

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

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

Germany

2,721,314

2,697,788

8,546,485

a

a

a

a

a

a

e

Media

4.9%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

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

United

States

6,683,914

6,581,148

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

4.738

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

3,176,234

3,105,276

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.804

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

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

United

States

3,604,938

3,545,006

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan,

9%,

(1-month

SOFR

+

8%),

5/25/26

United

States

917,896

936,107

Second

Lien,

CME

Term

Loan,

3.656%,

(1-month

SOFR

+

3.25%),

8/24/26

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

United

States

5,858,866

1,988,353

g

Gray

Television,

Inc.

,

Term

Loan,

D

,

3.455

%

,

(

1-month

USD

LIBOR

+

3

%

),

12/01/28

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

United

States

3,980,025

3,959,508

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

5.554

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/28/28

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

United

States

6,329,547

6,219,761

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

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

United

States

3,973,579

3,923,909

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

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

United

States

2,889,563

2,868,571

First

Lien,

Initial

Term

Loan,

B,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

2,000,000

1,979,380

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

3.804

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

3,556,664

3,544,892

38,651,911

a

a

a

a

a

a

Metals

&

Mining

0.7%

e

U.S.

Silica

Co.

,

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

5,188,769

5,143,912

Multiline

Retail

0.2%

e

Franchise

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

3/10/26

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

United

States

1,280,249

1,272,247

e

Oil,

Gas

&

Consumable

Fuels

2.1%

Lucid

Energy

Group

II

Borrower

LLC

,

Initial

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/24/28

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

United

States

1,686,439

1,674,145

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Oil,

Gas

&

Consumable

Fuels

(continued)

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

$

14,982,691

16,656,836

a

a

a

a

a

a

e

Personal

Products

0.9%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

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

United

States

1,546,040

1,515,699

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.701

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

1,848,737

1,804,007

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

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

Luxembourg

3,524,400

3,498,601

6,818,307

a

a

a

a

a

a

Pharmaceuticals

2.5%

Bausch

Health

Cos.,

Inc.

,

f,g

CME

Term

Loan,

B,

TBD,

1/27/27

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

United

States

3,992,189

3,870,767

e

Initial

Term

Loan,

3.457%,

(1-month

USD

LIBOR

+

3%),

6/02/25

United

States

519,181

517,452

e,g

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

8,682,081

8,679,911

e

Organon

&

Co.

,

Dollar

Term

Loan

,

3.563

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

5,159,833

5,143,735

e,g

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

3.14

%

,

(

1-month

SOFR

+

2.5

%

),

4/20/29

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

United

States

945,485

943,906

e

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

....

United

States

746,589

742,856

19,898,627

a

a

a

a

a

a

e

Professional

Services

0.3%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.76

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

1,414,261

1,409,403

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.998

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

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

United

States

786,667

782,914

2,192,317

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

e

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

319,927

317,157

e

Road

&

Rail

0.5%

Avis

Budget

Car

Rental

LLC

,

New

Term

Loan,

B

,

2.52

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

8/06/27

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

United

States

2,197,287

2,151,967

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

4.758

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

12/15/28

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

United

States

1,392,563

1,374,286

3,526,253

a

a

a

a

a

a

e

Software

10.6%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

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

United

States

7,965,798

7,732,520

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.514%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

3,076,970

3,034,661

Second

Lien,

Initial

Term

Loan,

6.764%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

672,004

655,204

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

4,321,190

4,268,968

DCert

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.764%,

(1-month

USD

LIBOR

+

4%),

10/16/26

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

United

States

5,214,395

5,199,091

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Software

(continued)

DCert

Buyer,

Inc.,

(continued)

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.764%,

(1-month

USD

LIBOR

+

7%),

2/19/29

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

United

States

1,180,457

$

1,171,114

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

3,778,931

3,771,052

g

Epicor

Software

Corp.

,

Term

Loan,

C

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

1,984,962

1,974,948

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

........

United

States

2,194,972

2,190,856

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.304

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

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

United

States

6,775,423

6,525,613

Hyland

Software,

Inc.

,

g

First

Lien,

2018

Refinancing

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

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

United

States

1,964,910

1,960,557

Second

Lien,

2021

Refinancing

Term

Loan,

7.014%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

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

United

States

83,333

83,229

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.52

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

4,877,349

4,824,211

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

Sweden

1,473,468

1,467,029

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

5%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

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

United

States

7,185,250

7,042,120

First

Lien,

First

Amendment

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

249,116

244,488

MA

Financeco

LLC

,

Term

Loan,

B4

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

6/05/25

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

United

States

240,625

239,547

McAfee

Corp.

,

CME

Term

Loan,

B1

,

4.5

%

,

(

1-month

SOFR

+

4

%

),

3/01/29

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

United

States

2,378,368

2,318,908

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

3,767,000

3,713,094

Second

Lien,

Initial

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

428,571

424,875

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

5,869,601

5,818,242

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

3-month

PRIME

+

4.25

%

),

2/01/29

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

United

States

6,088,775

5,987,702

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

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

United

States

3,840,612

3,813,593

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

Term

Loan,

4.212%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

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

United

States

354,514

351,329

Second

Lien,

2021

Incremental

Term

Loan,

6.212%,

(3-month

USD

LIBOR

+

5.25%),

5/03/27

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

United

States

723,473

718,951

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

5.184

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

7,400,009

7,318,793

82,850,695

a

a

a

a

a

a

e

Specialty

Retail

4.4%

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

6.506

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

4/26/28

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

United

States

4,948,681

4,874,451

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

8,015,569

7,954,450

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

5.256

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

7,002,140

6,409,164

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

See

Abbreviations

on

page

37

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Specialty

Retail

(continued)

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.217

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

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

United

States

2,378,477

$

2,264,500

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.256

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/03/28

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

United

States

2,374,005

2,354,716

SRS

Distribution,

Inc.

,

2021

Refinancing

Term

Loan

,

4.019

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/02/28

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

United

States

467,709

452,314

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

5.317

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

7,562,939

7,267,758

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

Term

Loan

,

4.45

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/19/27

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

United

States

2,041,533

1,998,630

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.678

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

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

United

States

634,371

630,936

34,206,919

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.8%

e

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

6.23

%

,

(

3-month

USD

LIBOR

+

5

%

),

7/27/28

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

United

States

6,001,477

5,926,458

e

Textiles,

Apparel

&

Luxury

Goods

0.6%

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

6.506

%

,

(

6-month

USD

LIBOR

+

5.5

%

),

12/19/25

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

United

States

1,876,704

1,876,704

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

3.764

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/16/28

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

United

States

3,079,362

2,991,800

4,868,504

a

a

a

a

a

a

e

Transportation

Infrastructure

0.3%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

3.983%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

569,079

559,334

Initial

Term

Loan,

C,

3.983%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

210,589

206,983

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

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

United

States

1,547,610

1,536,776

2,303,093

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$678,028,320)

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

673,181,899

Total

Long

Term

Investments

(Cost

$752,489,507)

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

749,135,021

a

Short

Term

Investments

10.2%

a

a

Country

Shares

a

Value

a

a

Money

Market

Funds

10.2%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.024%

....

United

States

79,956,027

79,956,027

Total

Money

Market

Funds

(Cost

$79,956,027)

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

79,956,027

Total

Short

Term

Investments

(Cost

$79,956,027

)

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

79,956,027

a

Total

Investments

(Cost

$832,445,534)

105.9%

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

$829,091,048

Other

Assets,

less

Liabilities

(5.9)%

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

(46,430,109)

Net

Assets

100.0%

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

$782,660,939

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

Non-income

producing.

b

See

Note

3

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

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.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2022

Franklin

Floating

Rate

Master

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

a

UTEX

Industries,

Inc.

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

United

States

120,386

$

8,848,371

1.25

a

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

71,610

0.01

a

Oil

&

Gas

Exploration

&

Production

Quarternorth

Energy

Holding,

Inc.

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

United

States

111,779

14,587,159

2.06

Trucking

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...........

Australia

5,879,078

72,447

0.01

a

Total

Common

Stocks

(Cost

$25,422,296)

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

23,579,587

3.33

Management

Investment

Companies

Asset

Management

&

Custody

Banks

c

Franklin

Floating

Rate

Income

Fund

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

United

States

461,717

3,762,990

0.53

c

Franklin

Liberty

Senior

Loan

ETF

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

United

States

578,288

14,179,622

2.00

Invesco

Senior

Loan

ETF

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

United

States

117,471

2,532,675

0.36

20,475,287

2.89

Total

Management

Investment

Companies

(Cost

$21,674,774)

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

20,475,287

2.89

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

369,480

0.05

a

Total

Preferred

Stocks

(Cost

$332,425)

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

369,480

0.05

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

2,450

0.00

†

Total

Warrants

(Cost

$–)

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

2,450

0.00

†

Principal

Amount

*

a

Corporate

Bonds

Airlines

d

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

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

United

States

1,700,000

1,687,105

0.24

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

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

United

States

1,250,000

1,242,699

0.18

d

United

Airlines,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

165,000

159,473

0.02

3,089,277

0.44

Broadcasting

d

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.,

Senior

Secured

Note,

144A,

5.375%,

8/15/26

...

United

States

1,840,000

683,082

0.10

d

Univision

Communications,

Inc.,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

400,000

393,520

0.05

1,076,602

0.15

Communications

Equipment

d

CommScope,

Inc.,

Senior

Secured

Note,

144A,

4.75%,

9/01/29

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

United

States

692,300

579,971

0.08

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Construction

Materials

d

Cemex

SAB

de

CV,

Senior

Bond,

144A,

5.2%,

9/17/30

.

Mexico

750,000

$

707,918

0.10

Diversified

Chemicals

d

SCIH

Salt

Holdings,

Inc.,

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

1,100,000

952,188

0.13

Integrated

Telecommunication

Services

d

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

.......

France

800,000

678,568

0.10

Senior

Secured

Note,

144A,

5.5%,

10/15/29

........

France

1,270,000

1,080,941

0.15

1,759,509

0.25

Multi-line

Insurance

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.25%,

2/15/29

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

United

States

529,400

463,212

0.07

Oil

&

Gas

Equipment

&

Services

d

Weatherford

International

Ltd.,

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

241,100

243,752

0.03

Oil

&

Gas

Storage

&

Transportation

Cheniere

Energy,

Inc.,

Senior

Secured

Note,

4.625%,

10/15/28

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

United

States

450,000

435,946

0.06

Paper

Packaging

d

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

10/15/28

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

United

States

375,000

331,412

0.05

d

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC,

Senior

Secured

Note,

144A,

4%,

10/15/27

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

United

States

800,000

699,124

0.10

1,030,536

0.15

Specialized

Consumer

Services

d

WW

International,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

4/15/29

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

United

States

1,200,000

951,012

0.13

Specialized

Finance

d

MPH

Acquisition

Holdings

LLC,

Senior

Secured

Note,

144A,

5.5%,

9/01/28

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

United

States

453,000

420,357

0.06

Specialty

Chemicals

d

ASP

Unifrax

Holdings,

Inc.,

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

645,200

569,866

0.08

Specialty

Stores

d

99

Escrow

Issuer,

Inc.,

Senior

Secured

Note,

144A,

7.5%,

1/15/26

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

United

States

600,000

390,798

0.06

Trucking

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.,

Senior

Secured

Note,

144A,

4%,

7/31/29

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

United

States

500,000

448,135

0.06

b,e

Onsite

Rental

Group

Operations

Pty.

Ltd.,

PIK,

6.1%,

10/26/23

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

Australia

10,725,759

10,791,175

1.53

11,239,310

1.59

Wireless

Telecommunication

Services

d

Vmed

O2

UK

Financing

I

plc,

Senior

Secured

Bond,

144A,

4.25%,

1/31/31

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

United

Kingdom

360,000

304,974

0.04

Total

Corporate

Bonds

(Cost

$28,558,868)

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

24,215,228

3.42

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

Advertising

f,g

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

4.738

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

3,555,384

$

3,475,956

0.49

Aerospace

&

Defense

g

AI

Convoy

(Luxembourg)

SARL

,

USD

Term

Loan,

B

,

5.05

%

,

(

2-month

USD

LIBOR

+

3.5%;

6-month

USD

LIBOR

+

3.5%

),

1/18/27

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

Luxembourg

1,212,764

1,206,052

0.17

e,g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

3,508,597

3,571,752

0.50

f,h

Cobham

Ultra

US

Co-Borrower

LLC

,

Term

Loan

,

TBD,

11/17/28

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

United

States

838,926

833,578

0.12

g

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

4.506%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

2,449,349

2,405,591

0.34

2020

Term

Loan,

B2,

4.506%,

(3-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

1,316,854

1,293,328

0.18

g

Vertex

Aerospace

Services

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/06/28

United

States

2,387,283

2,383,559

0.34

11,693,860

1.65

a

a

a

a

a

a

Air

Freight

&

Logistics

g

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

....

United

States

3,465,074

3,438,012

0.49

g

Airlines

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.813

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

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

United

States

1,513,781

1,543,005

0.22

Air

Canada

,

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

1,992,248

1,976,808

0.28

Allegiant

Travel

Co.

,

Replacement

Term

Loan

,

3.469

%

,

(

3-month

USD

LIBOR

+

3

%

),

2/05/24

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

United

States

984,442

978,289

0.14

f

American

Airlines,

Inc.

,

2017

Term

Loan,

B,

2.84%,

(3-month

USD

LIBOR

+

2%),

12/15/23

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

United

States

1,300,000

1,289,282

0.18

2018

Replacement

Term

Loan,

2.448%,

(1-month

USD

LIBOR

+

1.75%),

6/27/25

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

United

States

2,492,347

2,410,660

0.34

f

Kestrel

Bidco,

Inc.

,

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

4,102,160

3,978,603

0.56

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

989,378

0.14

United

AirLines,

Inc.

,

Term

Loan,

B

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

3,385,868

3,366,247

0.47

16,532,272

2.33

a

a

a

a

a

a

g

Airport

Services

f

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

3.983%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

1,067,785

1,049,499

0.15

Initial

Term

Loan,

C,

3.983%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

395,137

388,370

0.05

f

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

...........

United

States

2,758,486

2,739,176

0.39

4,177,045

0.59

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Alternative

Carriers

g

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

3.764

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

......

United

States

623,553

$

593,064

0.09

g

Apparel,

Accessories

&

Luxury

Goods

f

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

6.506

%

,

(

6-month

USD

LIBOR

+

5.5

%

),

12/19/25

....

United

States

2,752,420

2,752,420

0.39

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

3.764

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/16/28

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

United

States

2,418,151

2,349,391

0.33

5,101,811

0.72

a

a

a

a

a

a

g

Application

Software

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.514%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

2,546,667

2,511,650

0.35

Second

Lien,

Initial

Term

Loan,

6.764%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

918,595

895,630

0.13

f

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

3,107,229

3,069,678

0.43

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

3,453,914

3,446,713

0.49

f

Epicor

Software

Corp.

,

Term

Loan,

C

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

3,465,895

3,448,410

0.49

f

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

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

United

States

5,757,157

5,746,362

0.81

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.304

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..........

United

States

2,184,209

2,103,678

0.30

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

Sweden

1,817,487

1,809,545

0.26

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.25%,

(3-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

4,302,603

4,241,033

0.60

Second

Lien,

Initial

Term

Loan,

7%,

(3-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

142,857

141,625

0.02

f

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

4.5

%

,

(

1-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

6,921,474

6,860,911

0.97

Project

Alpha

Intermediate

Holding,

Inc.

,

2021

Refinancing

Term

Loan

,

4.77

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/26/24

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

United

States

2,823,504

2,821,034

0.40

RealPage,

Inc.

,

First

Lien,

Initial

Term

Loan

,

3.75

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/24/28

..........

United

States

1,742,261

1,717,495

0.24

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

...

United

States

1,789,266

1,776,679

0.25

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

Term

Loan,

4.212%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

..........

United

States

1,937,032

1,919,628

0.27

First

Lien,

Initial

Term

Loan,

4.756%,

(3-month

USD

LIBOR

+

3.75%),

5/04/26

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

United

States

1,634,377

1,628,591

0.23

Second

Lien,

2021

Incremental

Term

Loan,

6.212%,

(3-month

USD

LIBOR

+

5.25%),

5/03/27

..........

United

States

1,182,315

1,174,926

0.17

45,313,588

6.41

a

a

a

a

a

a

g

Asset

Management

&

Custody

Banks

f

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

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

United

States

4,773,555

4,744,388

0.67

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Asset

Management

&

Custody

Banks

(continued)

f

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

5

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

5/30/25

United

States

3,242,592

$

3,215,192

0.45

7,959,580

1.12

a

a

a

a

a

a

g

Auto

Parts

&

Equipment

Adient

US

LLC

,

Term

Loan,

B1

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/10/28

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

United

States

2,444,044

2,429,538

0.34

f

Clarios

Global

LP

,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/30/26

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

United

States

3,500,349

3,451,502

0.49

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan,

4.717%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

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

United

States

2,578,154

2,519,282

0.35

First

Lien,

Delayed

Draw

Dollar

Term

Loan,

4.756%,

(3-month

USD

LIBOR

+

3.75%),

10/04/28

.........

United

States

491,077

479,863

0.07

First

Brands

Group

LLC

,

f

First

Lien,

2021

Term

Loan,

6%,

(3-month

USD

LIBOR

+

5%),

3/30/27

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

United

States

2,825,042

2,825,932

0.40

Second

Lien,

2021

Term

Loan,

9.5%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

1,871,447

1,873,786

0.27

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

2,496,364

2,429,798

0.34

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

4.256

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

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

United

States

1,592,210

1,579,600

0.22

f

Truck

Hero,

Inc.

,

Initial

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/28

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

United

States

3,917,410

3,668,654

0.52

21,257,955

3.00

a

a

a

a

a

a

Automobile

Manufacturers

g

American

Trailer

World

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.3

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/03/28

..

United

States

4,153,992

3,886,205

0.55

Brewers

g

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

4.469

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

United

States

1,339,527

1,261,386

0.18

g

Broadcasting

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan,

9%,

(1-month

SOFR

+

8%),

5/25/26

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

United

States

840,288

856,960

0.12

Second

Lien,

CME

Term

Loan,

3.656%,

(1-month

SOFR

+

3.25%),

8/24/26

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

United

States

3,528,105

1,197,350

0.17

Gray

Television,

Inc.

,

Term

Loan,

B2,

2.955%,

(1-month

USD

LIBOR

+

2.5%),

2/07/24

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

United

States

994,899

992,899

0.14

f

Term

Loan,

D,

3.455%,

(1-month

USD

LIBOR

+

3%),

12/01/28

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

United

States

1,182,131

1,176,037

0.17

Nexstar

Media,

Inc.

,

Term

Loan,

B3,

3.014%,

(1-month

USD

LIBOR

+

2.25%),

1/17/24

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

United

States

327,325

326,688

0.04

f

Term

Loan,

B4,

2.955%,

(1-month

USD

LIBOR

+

2.5%),

9/18/26

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

United

States

900,000

893,322

0.13

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

....

United

States

1,044,603

1,037,014

0.15

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Broadcasting

(continued)

Univision

Communications,

Inc.

(continued)

First

Lien,

Initial

Term

Loan,

B,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

2,706,522

$

2,678,618

0.38

9,158,888

1.30

a

a

a

a

a

a

Building

Products

g

Cornerstone

Building

Brands,

Inc.

,

Term

Loan,

B

,

3.804

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/12/28

..........

United

States

947,868

893,072

0.13

g

Cable

&

Satellite

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

2.804

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

....

United

States

3,948,447

3,882,804

0.55

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

....

United

States

4,967,479

4,905,386

0.69

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

3.804

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

..........

United

States

788,848

786,237

0.11

9,574,427

1.35

a

a

a

a

a

a

Casinos

&

Gaming

f,g

Bally's

Corp.

,

Term

Loan,

B

,

3.75

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

3,692,000

3,662,575

0.52

g

Caesars

Resort

Collection

LLC

,

f

Term

Loan,

B,

3.514%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

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

United

States

3,597,381

3,584,988

0.51

Term

Loan,

B1,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

7/21/25

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

United

States

1,337,727

1,334,102

0.19

g

Fertitta

Entertainment

LLC

,

Initial

Term

Loan,

B

,

4.7

%

,

(

1-month

PRIME

+

4

%

),

1/27/29

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

United

States

4,819,644

4,803,643

0.68

f,h

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

TBD,

4/21/29

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

United

States

1,371,505

1,367,007

0.19

g

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

4.934

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

.....

United

States

3,251,356

3,247,698

0.46

f,g

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

4.175

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

3,503,315

3,471,417

0.49

g

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

3.573

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

....

United

States

1,706,977

1,701,378

0.24

23,172,808

3.28

a

a

a

a

a

a

Commodity

Chemicals

g

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

.....

United

States

2,587,138

2,553,505

0.36

Communications

Equipment

g

CommScope,

Inc.

,

Initial

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,544,588

2,455,210

0.35

Construction

&

Engineering

g

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........

United

States

3,155,116

3,125,931

0.44

Construction

Machinery

&

Heavy

Trucks

g

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

3,567,856

3,509,879

0.49

Data

Processing

&

Outsourced

Services

g

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

4.77

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

4,565,222

4,502,450

0.64

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Diversified

Banks

g

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

4.739

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

...........

United

Kingdom

4,403,765

$

4,283,013

0.60

g

Diversified

Chemicals

f

LSF11

A5

Holdco

LLC

,

Term

Loan

,

4.315

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

10/15/28

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

United

States

1,826,109

1,799,174

0.25

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

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

United

States

838,666

810,466

0.11

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

United

States

3,254,043

3,153,038

0.45

5,762,678

0.81

a

a

a

a

a

a

Diversified

Metals

&

Mining

g

U.S.

Silica

Co.

,

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

2,738,882

2,715,204

0.38

g

Diversified

Support

Services

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3,

4.647%,

(3-month

USD

LIBOR

+

4%;

6-month

USD

LIBOR

+

4%),

2/15/29

...

United

States

4,777,063

4,757,955

0.67

First

Lien,

Term

Loan,

1,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

1/29/27

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

United

States

1,380,462

1,376,576

0.20

CCI

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/17/27

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

United

States

3,422,217

3,378,379

0.48

Revint

Intermediate

II

LLC

,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/15/27

.........

United

States

586,202

586,055

0.08

f

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

4,582,913

4,569,737

0.64

14,668,702

2.07

a

a

a

a

a

a

Drug

Retail

g

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

6.551

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

5,028,591

4,699,218

0.66

g

Education

Services

KUEHG

Corp.

,

Term

Loan,

B3

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

4,192,813

4,158,494

0.59

f

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.256

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/13/25

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

United

States

2,740,352

2,708,057

0.38

6,866,551

0.97

a

a

a

a

a

a

Electric

Utilities

g

Astoria

Energy

LLC

,

2020

Advance

Term

Loan,

B

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

12/10/27

....

United

States

388,533

383,839

0.05

Electronic

Equipment

&

Instruments

g

Verifone

Systems,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.498

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/20/25

......

United

States

897,647

882,504

0.12

Environmental

&

Facilities

Services

f,g

Madison

IAQ

LLC

,

Term

Loan

,

4.524

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

2,793,298

2,714,736

0.38

Food

Retail

g

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/23/27

.....

United

States

713,628

693,279

0.10

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

General

Merchandise

Stores

g

Franchise

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

3/10/26

..........

United

States

367,031

$

364,737

0.05

Health

Care

Distributors

g

Owens

&

Minor,

Inc.

,

CME

Term

Loan,

B1

,

4.45

%

,

(

1-month

SOFR

+

3.75

%

),

3/29/29

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

United

States

854,271

858,013

0.12

g

Health

Care

Equipment

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

.........

United

States

3,395,283

3,342,045

0.47

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

6.313

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

12/15/27

...

United

States

1,724,003

1,720,339

0.24

5,062,384

0.71

a

a

a

a

a

a

g

Health

Care

Facilities

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

4.139%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

........

United

States

2,254,038

2,222,234

0.31

Amendment

No.

5

Incremental

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

12/23/27

..........

United

States

1,692,320

1,674,973

0.24

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

7/17/28

United

States

2,134,840

2,100,822

0.30

Dermatology

Intermediate

Holdings

III,

Inc.

,

Closing

Date

CME

Term

Loan,

B

,

4.75

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

States

798,941

794,946

0.11

FINThrive

Software

Intermediate

Holdings,

Inc.

,

f

First

Lien,

Initial

Term

Loan,

4.5%,

(3-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

3,086,345

3,069,370

0.44

Second

Lien,

Initial

Term

Loan,

7.25%,

(6-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

1,457,038

1,435,729

0.20

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

5.25

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

.....

United

States

1,409,133

1,400,819

0.20

Heartland

Dental

LLC

,

2021

Incremental

Term

Loan

,

4.632

%

,

(

1-month

USD

LIBOR

+

4

%

),

4/30/25

......

United

States

1,802,777

1,792,483

0.25

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/01/28

..

United

States

2,056,923

2,041,496

0.29

f

Pacific

Dental

Services

LLC

,

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

5/05/28

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

United

States

740,000

735,146

0.10

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

3,287,517

3,263,550

0.46

f

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/15/28

..........

United

States

2,616,129

2,601,623

0.37

Pluto

Acquisition

I,

Inc.

,

First

Lien,

2021

Term

Loan

,

4.508

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/22/26

......

United

States

1,761,386

1,730,562

0.24

24,863,753

3.51

a

a

a

a

a

a

g

Health

Care

Services

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/08/27

.....

United

States

2,545,527

2,522,859

0.36

f

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

......

United

States

4,596,072

4,586,512

0.65

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.653%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

3,152,560

3,036,971

0.43

First

Lien,

Initial

Term

Loan,

C,

4.76%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

100,015

96,348

0.01

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Health

Care

Services

(continued)

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

4.132

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

.....

United

States

1,614,394

$

1,591,913

0.22

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

4.846

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

....

United

States

3,252,299

3,206,571

0.45

Team

Health

Holdings,

Inc.

,

Extended

CME

Term

Loan

,

6.25

%

,

(

1-month

SOFR

+

5.25

%

),

3/02/27

.........

United

States

1,240,829

1,171,033

0.17

f

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

United

States

1,679,763

1,662,655

0.23

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

5.5

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

2,775,604

2,480,696

0.35

f

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.764

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

.....

United

States

6,344,567

6,346,566

0.90

26,702,124

3.77

a

a

a

a

a

a

Health

Care

Technology

g

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

4.009

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

5,985,507

5,914,429

0.84

g

Home

Improvement

Retail

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.217

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

...

United

States

2,422,052

2,305,987

0.33

SRS

Distribution,

Inc.

,

f

2021

Refinancing

Term

Loan,

4.019%,

(3-month

USD

LIBOR

+

3.5%),

6/02/28

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

United

States

2,672,234

2,584,277

0.36

CME

Term

Loan,

4%,

(3-month

SOFR

+

3.5%),

6/02/28

United

States

142,824

138,004

0.02

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

Term

Loan

,

4.45

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/19/27

United

States

1,431,264

1,401,186

0.20

6,429,454

0.91

a

a

a

a

a

a

g

Homefurnishing

Retail

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

6.506

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

4/26/28

...........

United

States

2,573,908

2,535,299

0.36

Restoration

Hardware,

Inc.

,

Initial

Term

Loan

,

3.264

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

10/20/28

..........

United

States

1,243,750

1,198,993

0.17

3,734,292

0.53

a

a

a

a

a

a

Hotels,

Resorts

&

Cruise

Lines

f,g

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

3.764

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

......

United

States

2,626,734

2,618,525

0.37

Household

Appliances

g

VC

GB

Holdings

I

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

7/21/28

.....

United

States

2,407,106

2,274,294

0.32

Household

Products

b,e,g,i

FGI

Operating

Co.

LLC

,

Term

Loan

,

11

%

,

PIK,

(

6-month

USD

LIBOR

+

10

%

),

5/16/22

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

United

States

8,953,792

1,118,494

0.16

g

Housewares

&

Specialties

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

6.506

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

.....

United

States

2,593,500

2,497,865

0.36

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

4

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

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

Netherlands

1,800,000

1,718,100

0.24

4,215,965

0.60

a

a

a

a

a

a

g

Human

Resource

&

Employment

Services

f

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.76

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

2,395,207

2,386,980

0.34

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Human

Resource

&

Employment

Services

(continued)

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.998

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

9/29/28

United

States

3,053,753

$

3,039,186

0.43

5,426,166

0.77

a

a

a

a

a

a

g

Industrial

Machinery

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

3.758

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/01/28

....

United

States

2,856,232

2,746,567

0.39

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

4.019

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...........

Germany

2,575,504

2,553,238

0.36

5,299,805

0.75

a

a

a

a

a

a

g

Insurance

Brokers

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

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

United

States

2,120,432

2,103,606

0.30

New

Term

Loan,

B4,

4.051%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

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

United

States

1,702,957

1,693,701

0.24

AssuredPartners,

Inc.

,

2020

February

Refinancing

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...........

United

States

3,007,646

2,973,179

0.42

2020

Incremental

CME

Term

Loan,

4.7%,

(1-month

SOFR

+

3.5%),

2/12/27

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

United

States

1,300,000

1,283,912

0.18

2021

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

615,534

607,969

0.09

8,662,367

1.23

a

a

a

a

a

a

g

Integrated

Telecommunication

Services

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

4.506

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

......

France

1,158,799

1,152,646

0.16

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan,

5.014%,

(1-month

USD

LIBOR

+

4.25%),

11/29/25

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

United

States

5,526,529

5,279,990

0.74

Second

Lien,

Term

Loan,

10.413%,

(1-month

USD

LIBOR

+

10%),

11/29/26

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

United

States

2,479,737

2,385,507

0.34

Intrado

Corp.

,

Initial

Term

Loan,

B

,

5

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/10/24

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

United

States

1,036,054

972,814

0.14

9,790,957

1.38

a

a

a

a

a

a

Interactive

Home

Entertainment

f,g

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,350,000

1,337,769

0.19

Internet

&

Direct

Marketing

Retail

g

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

1,878,373

1,871,977

0.26

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

9/13/24

...........

United

States

2,419,184

2,407,245

0.34

4,279,222

0.60

a

a

a

a

a

a

g

Internet

Services

&

Infrastructure

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

.........

United

States

2,205,240

2,156,692

0.30

Barracuda

Networks,

Inc.

,

First

Lien,

2020

Term

Loan

,

4.733

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/12/25

....

United

States

3,019,701

3,018,131

0.43

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

5.256

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

....

United

Kingdom

3,172,334

3,152,507

0.44

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Internet

Services

&

Infrastructure

(continued)

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Amendment

No.

3

CME

Term

Loan

,

4.913

%

,

(

1-month

SOFR

+

4.5

%

),

12/19/25

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

United

States

1,387,739

$

1,387,739

0.20

Thrasio

LLC

,

Initial

Term

Loan

,

8.006

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

893,216

879,818

0.12

TIBCO

Software,

Inc.

,

Term

Loan,

B3

,

4.52

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

6/30/26

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

United

States

1,792,087

1,789,175

0.25

12,384,062

1.74

a

a

a

a

a

a

Investment

Banking

&

Brokerage

g

Citadel

Securities

LP

,

2021

Term

Loan

,

3.315

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

2/02/28

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

United

States

1,287,000

1,278,725

0.18

g

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

Term

Loan

,

4.75

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/09/27

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

United

States

4,716,853

4,708,362

0.67

f,g

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

..........

United

States

1,333,112

1,319,781

0.19

f

Osmosis

Buyer

Ltd.

,

g

2022

Refinancing

Term

Loan,

B,

4.25%,

(1-month

USD

LIBOR

+

3.75%),

7/31/28

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

United

Kingdom

3,021,429

2,981,153

0.42

h

Term

Loan,

TBD,

7/31/28

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

United

Kingdom

995,556

981,866

0.14

11,269,887

1.60

a

a

a

a

a

a

g

IT

Consulting

&

Other

Services

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

4/23/26

....

United

States

3,115,630

3,099,569

0.44

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

5.506%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

4,398,344

4,204,993

0.59

Second

Lien,

Initial

Term

Loan,

9.25%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

125,000

119,427

0.02

f

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

5.006

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

.....

United

States

6,076,990

6,069,424

0.86

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

..........

United

States

6,612,063

6,576,424

0.93

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

4.52

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

8/28/28

..........

France

2,018,075

1,999,317

0.28

22,069,154

3.12

a

a

a

a

a

a

Leisure

Facilities

e,g

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

5.983

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

........

United

States

4,908,807

2,265,005

0.32

g

Leisure

Products

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

4,730,142

4,566,574

0.64

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

4.256%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

3,026,893

2,971,092

0.42

Term

Loan,

B2,

4.256%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

431,520

423,565

0.06

7,961,231

1.12

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

f,g

ICON

plc

,

Term

Loan,

3.313%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

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

Ireland

1,690,653

1,683,256

0.24

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Life

Sciences

Tools

&

Services

(continued)

f,g

ICON

plc

(continued)

U.S.

Term

Loan,

3.313%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

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

Ireland

421,227

$

419,384

0.06

2,102,640

0.30

a

a

a

a

a

a

Metal

&

Glass

Containers

g

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

3.705

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

United

States

3,413,626

3,353,034

0.47

g

Movies

&

Entertainment

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

3.488

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

......

United

States

643,367

576,158

0.08

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

4.202

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

..........

France

2,310,850

2,303,628

0.33

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

3.52

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

.....

United

States

1,182,240

1,161,551

0.16

4,041,337

0.57

a

a

a

a

a

a

Multi-line

Insurance

g

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

2,631,313

2,596,777

0.36

First

Lien,

2021-1

Additional

Term

Loan,

4.514%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

..........

United

States

778,696

773,346

0.11

First

Lien,

2021-2

Additional

Term

Loan,

5.014%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

..........

United

States

767,308

763,153

0.11

4,133,276

0.58

a

a

a

a

a

a

Oil

&

Gas

Equipment

&

Services

g

Brand

Energy

&

Infrastructure

Services,

Inc.

,

Initial

Term

Loan

,

5.396

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

6/21/24

United

States

1,643,076

1,565,868

0.22

Oil

&

Gas

Storage

&

Transportation

g

Lucid

Energy

Group

II

Borrower

LLC

,

Initial

Term

Loan

,

5

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/24/28

......

United

States

1,496,250

1,485,342

0.21

g

Other

Diversified

Financial

Services

Astra

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B2

,

6.014

%

,

(

1-month

USD

LIBOR

+

5.25

%

),

10/25/28

...

United

States

1,669,045

1,610,629

0.23

f

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.563

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

.....

United

States

3,144,085

3,104,784

0.44

4,715,413

0.67

a

a

a

a

a

a

Packaged

Foods

&

Meats

g

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

4.651

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

..........

United

States

689,655

687,845

0.10

g

Paper

Packaging

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

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

United

States

2,377,141

2,368,441

0.33

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

5.554

%

,

(

6-month

USD

LIBOR

+

4.75

%

),

2/12/26

..........

Luxembourg

3,347,641

3,010,081

0.43

f

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/24/28

...........

United

States

2,393,985

2,339,833

0.33

7,718,355

1.09

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Personal

Products

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

....

United

States

4,057,443

$

3,977,816

0.56

Coty,

Inc.

,

USD

Term

Loan,

B

,

2.701

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

838,939

818,641

0.12

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........

Luxembourg

5,460,912

5,420,938

0.76

10,217,395

1.44

a

a

a

a

a

a

Pharmaceuticals

Bausch

Health

Cos.,

Inc.

,

f,h

CME

Term

Loan,

B,

TBD,

1/27/27

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

United

States

647,547

627,852

0.09

g

Initial

Term

Loan,

3.457%,

(1-month

USD

LIBOR

+

3%),

6/02/25

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

United

States

903,288

900,280

0.13

f,g

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

.....

United

States

2,473,799

2,473,180

0.35

g

Organon

&

Co.

,

Dollar

Term

Loan

,

3.563

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

1,722,473

1,717,099

0.24

f,g

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

3.14

%

,

(

1-month

SOFR

+

2.5

%

),

4/20/29

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

United

States

782,807

781,500

0.11

g

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

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

United

States

3,129,738

3,114,090

0.44

9,614,001

1.36

a

a

a

a

a

a

Property

&

Casualty

Insurance

g

Asurion

LLC

,

New

Term

Loan,

B8,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

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

United

States

2,604,072

2,549,830

0.36

New

Term

Loan,

B9,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

7/31/27

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

United

States

991,131

970,069

0.14

Second

Lien,

New

Term

Loan,

B3,

6.014%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

2,652,263

2,577,668

0.36

Second

Lien,

New

Term

Loan,

B4,

6.014%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

2,248,036

2,184,529

0.31

8,282,096

1.17

a

a

a

a

a

a

g

Publishing

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

5.75

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........

United

States

4,271,631

4,205,955

0.59

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

5.554

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/28/28

..........

United

States

2,696,878

2,650,101

0.37

6,856,056

0.96

a

a

a

a

a

a

Real

Estate

Services

g

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

1,039,394

1,030,393

0.15

Research

&

Consulting

Services

f,g

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

3.918

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

..........

United

States

1,877,786

1,866,285

0.26

g

Restaurants

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

Term

Loan

,

5.014

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/22/28

...

United

States

2,962,064

2,928,741

0.41

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

3.75

%

,

(

3-month

SOFR

+

3

%

),

12/15/27

........

United

States

2,437,019

2,407,324

0.34

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Restaurants

(continued)

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

4.014

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

1,601,825

$

1,586,624

0.22

6,922,689

0.97

a

a

a

a

a

a

Retail

REITs

g

Brookfield

Property

REIT,

Inc.

,

Initial

Term

Loan,

B

,

3.3

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

8/27/25

...........

United

States

1,003,768

990,830

0.14

g

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

5/12/28

....

United

States

3,008,493

2,935,161

0.41

APX

Group,

Inc.

,

Initial

Term

Loan

,

4.052

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

2.5%

),

7/10/28

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

United

States

2,474,342

2,450,217

0.35

f

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

3.5

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

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

United

States

2,837,100

2,807,155

0.40

8,192,533

1.16

a

a

a

a

a

a

g

Soft

Drinks

f

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

4.001

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

........

United

States

726,834

714,114

0.10

f

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.506

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

.....

United

States

3,144,055

3,061,146

0.43

3,775,260

0.53

a

a

a

a

a

a

g

Specialized

Consumer

Services

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/15/28

United

States

2,560,853

2,533,644

0.36

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.)

,

f

2019

Term

Loan,

4.514%,

(1-month

USD

LIBOR

+

3.75%),

9/03/26

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

United

States

2,440,765

2,432,052

0.34

Initial

Term

Loan,

4.014%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

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

United

States

788,048

781,566

0.11

WW

International,

Inc.

,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

...........

United

States

760,362

686,606

0.10

6,433,868

0.91

a

a

a

a

a

a

g

Specialized

Finance

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

4.758

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

..........

United

States

1,942,245

1,869,722

0.26

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/28

.........

United

States

2,121,617

2,103,944

0.30

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

4.457

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

5,063,164

5,057,367

0.71

9,031,033

1.27

a

a

a

a

a

a

g

Specialty

Chemicals

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

4.75

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

....

United

States

3,080,392

2,992,924

0.42

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

...

United

States

1,678,579

1,594,650

0.23

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

5.022%,

(1-month

SOFR

+

4.5%),

3/15/29

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

United

States

2,600,000

2,517,658

0.36

Second

Lien,

Initial

CME

Term

Loan,

8.01%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

837,209

803,721

0.11

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Specialty

Chemicals

(continued)

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

3.514

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

..

United

Kingdom

1,708,287

$

1,692,810

0.24

f

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

5.287

%

,

(

3-month

SOFR

+

4.25

%

),

4/21/29

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

United

States

4,700,000

4,435,625

0.63

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

4.25

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

8/02/28

......

United

States

807,352

803,061

0.11

14,840,449

2.10

a

a

a

a

a

a

g

Specialty

Stores

f

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

3,187,242

3,162,940

0.45

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

5.256

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

..........

United

States

3,200,995

2,929,918

0.41

f

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.256

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/03/28

United

States

2,096,222

2,079,190

0.29

PetSmart

LLC

,

Initial

Term

Loan

,

4.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/11/28

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

United

States

3,302,218

3,279,103

0.46

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

5.317%,

(3-month

USD

LIBOR

+

5%),

4/16/26

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

United

States

1,827,212

1,755,896

0.25

f

2019

Refinancing

New

Term

Loan,

B2,

4.817%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...........

United

States

3,251,985

3,210,311

0.45

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.678

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

.........

United

States

3,047,485

3,030,983

0.43

19,448,341

2.74

a

a

a

a

a

a

g

Systems

Software

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

..........

United

States

1,640,867

1,592,814

0.23

ConnectWise

LLC

,

Initial

Term

Loan

,

4.264

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/29/28

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

United

States

997,500

992,423

0.14

f

DCert

Buyer,

Inc.

,

First

Lien,

Initial

Term

Loan,

4.764%,

(1-month

USD

LIBOR

+

4%),

10/16/26

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

United

States

5,382,994

5,367,195

0.76

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

7.764%,

(1-month

USD

LIBOR

+

7%),

2/19/29

......

United

States

2,050,664

2,034,433

0.29

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

4.264%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

...........

United

States

3,946,432

3,937,691

0.56

Second

Lien,

2021

Refinancing

Term

Loan,

7.014%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

..........

United

States

30,303

30,265

0.00

†

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

4.52

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

4,109,826

4,065,049

0.57

Ivanti

Software,

Inc.

,

f

First

Lien,

2021

Specified

Refinancing

Term

Loan,

5%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

.........

United

States

2,590,000

2,538,407

0.36

First

Lien,

First

Amendment

Term

Loan,

4.75%,

(1-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

93,336

91,602

0.01

McAfee

Corp.

,

CME

Term

Loan,

B1

,

4.5

%

,

(

1-month

SOFR

+

4

%

),

3/01/29

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

United

States

2,116,935

2,064,012

0.29

Perforce

Software,

Inc.

,

First

Lien,

New

Term

Loan

,

4.514

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

7/01/26

....

United

States

886,233

876,737

0.12

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

4.75

%

,

(

3-month

PRIME

+

4.25

%

),

2/01/29

....

United

States

3,200,000

3,146,880

0.44

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

5.264

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/11/28

.....

United

States

1,901,589

1,902,911

0.27

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Systems

Software

(continued)

f

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

5.184

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

4,685,669

$

4,634,244

0.65

33,274,663

4.69

a

a

a

a

a

a

g

Technology

Hardware,

Storage

&

Peripherals

Electronics

for

Imaging,

Inc.

,

First

Lien,

Initial

Term

Loan

,

5.764

%

,

(

1-month

USD

LIBOR

+

5

%

),

7/23/26

......

United

States

1,955,828

1,904,077

0.27

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

6.23

%

,

(

3-month

USD

LIBOR

+

5

%

),

7/27/28

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

United

States

2,708,143

2,674,291

0.38

4,578,368

0.65

a

a

a

a

a

a

g

Trucking

Avis

Budget

Car

Rental

LLC

,

New

Term

Loan,

B

,

2.52

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

8/06/27

..........

United

States

890,130

871,771

0.12

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

4.758

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

12/15/28

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

United

States

3,945,525

3,893,741

0.55

4,765,512

0.67

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$597,978,110)

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

582,131,599

82.19

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

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

0.00

Total

Long

Term

Investments

(Cost

$673,966,473)

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

650,773,631

91.88

a

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

j

Joint

Repurchase

Agreement,

0.209%,

5/02/22

(Maturity

Value

$99,542,841)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$58,591,911)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$3,452,146)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$37,498,784)

Collateralized

by

U.S.

Government

Agency

Securities,

1.75%

-

6%,

12/20/24

-

10/20/51;

U.S.

Treasury

Bonds,

7.5%

-

7.63%,

11/15/24

-

2/15/25;

U.S.

Treasury

Notes,

0.38%

-

2%,

10/31/22

-

8/31/27

and

U.S.

Cash

Management

Bill,

Discount

Note,

0.00%,

5/17/22

(valued

at

$101,762,199)

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

99,541,111

99,541,111

14.05

Total

Repurchase

Agreements

(Cost

$99,541,111)

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

99,541,111

14.05

a

a

a

Total

Short

Term

Investments

(Cost

$99,541,111

)

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

99,541,111

14.05

a

Total

Investments

(Cost

$773,507,584)

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

$750,314,742

105.93

Other

Assets,

less

Liabilities

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

(42,031,774)

(5.93)

Net

Assets

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

$708,282,968

100.00

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

See

Abbreviations

on

page

37

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

c

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2022,

the

aggregate

value

of

these

securities

was

$12,988,107,

representing

1.8%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

April

29,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Floating

Rate

Master

Trust

31

Quarterly

Schedules

of

Investments

Notes

to

Schedules

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.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

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

April

30,

2022,

investments

in

“affiliated

companies”

were

as

follows: 

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

32

Quarterly

Schedules

of

Investments

4.

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

Schedule

of

Investments.

At

April

30,

2022,

unfunded

commitments

were

as

follows:

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

$

—

$

(18,278,855)

$

10,885,365

$

(7,237,042)

$

—

a

—

$

—

Quarternorth

Energy

Holding

Inc

.......

—

38,667,723

b

—

—

4,548,787

43,216,510

331,161

1,701,617

Quarternorth

Energy

Holding,

Inc.,

2/01/49

—

19,032,373

(4,178,680)

(398,874)

1,199,570

15,654,389

119,957

—

Interest

QuarterNorth

Energy

Holding

Inc.-Initial

New

Loan

...........

—

—

—

—

14,982,691

14,982,691

14,898,885

901,383

c

Total

Affiliated

Securities

(Value

is

9.4%

of

Net

Assets)

..........

$14,630,532

$57,700,096

$(22,457,535)

$10,486,491

$13,494,006

$73,853,590

$2,603,000

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Appvion

Operations,

Inc.

13,802,215

—

(17,243,995)

11,321,757

(7,879,977)

—

a

—

—

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

..........

$13,802,215

$—

$(17,243,995)

$11,321,757

$(7,879,977)

$—

$—

a

As

of

April

30,

2022,

no

longer

held

by

the

fund.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

C

Includes

non-cash

dividend/interest

received.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Master

Series

athenahealth

Group

Inc.

$

1,014,49

3

Aveanna

Healthcare

LLC

498,969

Dermatology

Intermediate

Holdings

III,

Inc.

149,33

5

Medical

Solutions

Holdings,

Inc.

391,79

5

Osmosis

Buyer

Ltd.

226,263

Perrigo

Co.

plc

447,318

Sovos

Compliance

LLC

329,210

Thrasio

LLC

900,000

$

3,9

57

,

383

3.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

33

Quarterly

Schedules

of

Investments

5.

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

April

30,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

6. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Income

Fund

athenahealth

Group

Inc.

$

954,924

Aveanna

Healthcare

LLC

405,092

Dermatology

Intermediate

Holdings

III,

Inc.

176,609

Medical

Solutions

Holdings,

Inc.

206,02

6

Osmosis

Buyer

Ltd.

467,50

6

Perrigo

Co.

plc

540,277

Thrasio

LLC

2,250,000

$

5

,

000

,

434

    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,

0.024%

$

79,428,569

$

249,922,864

$

(249,395,406)

$

—

$

—

$

79,956,027

79,956,027

$

3,941

Total

Affiliated

Securities

...

$79,428,569

$249,922,864

$(249,395,406)

$—

$—

$79,956,027

$3,941

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

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

$

3,652,178

$

—

$

—

$

—

$

110,812

$

3,762,990

461,717

$

121,345

Franklin

Liberty

Senior

Loan

ETF

21,343,063

—

(6,968,578)

(85,226)

(109,637)

14,179,622

578,288

405,124

Total

Affiliated

Securities

...

$24,995,241

$—

$(6,968,578)

$(85,226)

$1,175

$17,942,612

$526,469

4.

Unfunded

Loan

Commitments  

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

34

Quarterly

Schedules

of

Investments

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

April

30,

2022,

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

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

$

—

$

60,641

$

—

$

60,641

Machinery

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

—

2,397,276

—

2,397,276

Oil,

Gas

&

Consumable

Fuels

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

—

43,216,510

—

43,216,510

Road

&

Rail

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

—

—

95,300

95,300

Preferred

Stocks

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

—

312,895

—

312,895

Warrants

:

Machinery

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

—

—

21,342

21,342

Oil,

Gas

&

Consumable

Fuels

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

—

15,654,389

—

15,654,389

Corporate

Bonds

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

—

—

14,194,769

14,194,769

Senior

Floating

Rate

Interests

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

—

671,464,570

1,717,329

673,181,899

Short

Term

Investments

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

79,956,027

—

—

79,956,027

Total

Investments

in

Securities

...........

$79,956,027

$733,106,281

$16,028,740

$829,091,048

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

3,150

$

—

$

3,150

Total

Other

Financial

Instruments

.........

$—

$3,150

$—

$3,150

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

42,818

$

—

$

42,818

Total

Other

Financial

Instruments

.........

$—

$42,818

$—

$42,818

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

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

$

—

$

8,848,371

$

—

$

8,848,371

Leisure

Facilities

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

—

71,610

—

71,610

Oil

&

Gas

Exploration

&

Production

.........

—

14,587,159

—

14,587,159

Paper

Products

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

—

—

—

—

Trucking

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

—

—

72,447

72,447

Management

Investment

Companies

:

Asset

Management

&

Custody

Banks

.......

16,712,297

3,762,990

—

20,475,287

Preferred

Stocks

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

—

369,480

—

369,480

Rights

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

—

—

—

—

Warrants

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

—

—

2,450

2,450

Corporate

Bonds

:

Airlines

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

—

3,089,277

—

3,089,277

Broadcasting

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

—

1,076,602

—

1,076,602

Communications

Equipment

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

—

579,971

—

579,971

Construction

Materials

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

—

707,918

—

707,918

Diversified

Chemicals

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

—

952,188

—

952,188

Integrated

Telecommunication

Services

......

—

1,759,509

—

1,759,509

Multi-line

Insurance

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

—

463,212

—

463,212

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

35

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At April

30,

2022,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

Corporate

Bonds:

Oil

&

Gas

Equipment

&

Services

...........

$

—

$

243,752

$

—

$

243,752

Oil

&

Gas

Storage

&

Transportation

.........

—

435,946

—

435,946

Paper

Packaging

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

—

1,030,536

—

1,030,536

Specialized

Consumer

Services

...........

—

951,012

—

951,012

Specialized

Finance

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

—

420,357

—

420,357

Specialty

Chemicals

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

—

569,866

—

569,866

Specialty

Stores

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

—

390,798

—

390,798

Trucking

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

—

448,135

10,791,175

11,239,310

Wireless

Telecommunication

Services

.......

—

304,974

—

304,974

Senior

Floating

Rate

Interests

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

—

581,013,105

1,118,494

582,131,599

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

99,541,111

—

99,541,111

Total

Investments

in

Securities

...........

$16,712,297

$721,617,879

$11,984,566

$750,314,742

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

2,671

$

—

$

2,671

Total

Other

Financial

Instruments

.........

$—

$2,671

$—

$2,671

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$

32,201

$—

$32,201

$—

$—

$—

$—

Total

Other

Financial

Instruments

.........

$—

$32,201

$—

$32,201

a

Includes

securities

determined

to

have

no

value

at

April

30,

2022.

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

$

—

$

(18,278,855)

$

—

$

—

$

—

$

10,885,365

$

(7,237,042)

$

—

$

—

Road

&

Rail

.......

—

c

—

—

—

—

—

—

95,300

95,300

95,300

Rights

:

Energy

Equipment

&

Services

........

1,299,513

—

(1,434,946)

—

—

—

—

135,433

—

—

Warrants

:

Machinery

.........

4,846

—

—

—

—

—

—

16,496

21,342

16,496

Corporate

Bonds

:

Road

&

Rail

.......

13,289,113

—

—

—

—

1,099,513

—

(193,857)

14,194,769

(193,857)

Senior

Floating

Rate

Interests

:

Household

Products

..

2,299,977

—

(447,116)

—

—

—

10,297

(145,829)

1,717,329

(510,201)

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

36

Quarterly

Schedules

of

Investments

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.

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

April

30,

2022,

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:

Escrows

and

Litigation

Trusts

...........

$

—

c

$

—

$

(14,820)

$

—

$

—

$

—

$14,820

$—

$

—

$

—

Total

Investments

in

Securities

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

$31,523,981

$—

$(20,175,737)

$—

$—

$1,099,513

$10,910,482

$(7,329,499)

$16,028,740

$(592,262)

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

$

—

$

(17,243,995)

$

—

$

—

$

—

$

11,321,757

$

(7,879,977)

$

—

$

—

Trucking

..........

—

c

—

—

—

—

—

—

72,447

72,447

72,447

Rights

Oil

&

Gas

Equipment

&

Services

........

499,215

—

(553,057)

—

—

—

—

53,842

—

—

Warrants

Industrial

Machinery

..

556

—

—

—

—

—

—

1,894

2,450

1,894

Corporate

Bonds

Trucking

..........

10,102,676

—

—

—

—

772,252

—

(83,753)

10,791,175

(83,753)

Senior

Floating

Rate

Interests

Household

Products

..

1,497,972

—

(291,206)

—

—

—

1,750

(90,022)

1,118,494

—

Escrows

and

Litigation

Trusts

...........

—

c

—

(77,456)

—

—

—

77,456

—

—

c

(332,293)

Total

Investments

in

Securities

.

$25,902,634

$—

$(18,165,714)

$—

$—

772,252

11,400,963

(7,925,569)

$11,984,566

(341,705)

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

37

Quarterly

Schedules

of

Investments

Abbreviations

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Road

&

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

$14,194,769

Discounted

cash

flow

Discount

rate

15.9%

Decrease

Free

cash

flow

$14.2

mil

Increase

Senior

Floating

Rate

Interests:

Household

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

1,717,329

Recovery

value

Asset

value

estimate

$10.8

mil

Increase

b

All

Other

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

 116,642

c

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

$16,028,740

Franklin

Floating

Rate

Masters

Series

Assets:

Investments

in

Securities:

Corporate

Bonds:

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

$10,791,175

Discounted

cash

flow

Discount

rate

15.9%

Decrease

Free

cash

flow

$10.8

mil

Increase

Senior

Floating

Rate

Interests:

Household

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

1,118,494

Recovery

value

Asset

value

estimate

$11.6

mil

Increase

d

All

Other

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

74,897

c,e

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

$11,984,566

a

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

and

net

assets.

c

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.

d

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

e

Includes

securities

determined

to

have

no

value

at

April

30,

2022

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

SOFR

Secured

Overnight

Financing

Rate

TBD

To

Be

Determined

6. 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.