Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Income Fund (Oct 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1

Schedules

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

2

Franklin

Floating

Rate

Master

Series

12

Notes

to

Schedules

of

Investments

29

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

October

31,

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

8.7%

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

88,077

$

21,799

Machinery

0.5%

a

UTEX

Industries,

Inc.

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

United

States

32,616

2,234,196

Oil,

Gas

&

Consumable

Fuels

8.2%

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

331,161

40,622,361

Road

&

Rail

0.0%

a,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

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

Australia

7,733,610

—

Total

Common

Stocks

(Cost

$42,868,126)

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

42,878,356

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

208,597

156,448

a

Total

Preferred

Stocks

(Cost

$281,502)

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

156,448

Warrants

Warrants

3.0%

Machinery

0.0%

†

a,c

UTEX

Industries,

Inc.,

2/20/49

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

United

States

2,796

28,527

Oil,

Gas

&

Consumable

Fuels

3.0%

a,b

Quarternorth

Energy

Holding,

Inc.,

2/01/49

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

United

States

119,957

14,714,705

Total

Warrants

(Cost

$14,454,819)

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

14,743,232

Principal

Amount

*

Corporate

Bonds

2.8%

Road

&

Rail

2.8%

c,d

Onsite

Rental

Group

Operations

Pty.

Ltd.

,

PIK,

6.1

%

,

10/26/23

...

Australia

14,108,720

13,946,467

Total

Corporate

Bonds

(Cost

$17,638,017)

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

13,946,467

Senior

Floating

Rate

Interests

78.0%

e

Aerospace

&

Defense

1.4%

d

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

7,057,649

6,041,630

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

619,905

583,333

2020

Term

Loan,

B2,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

333,282

313,620

6,938,583

a

a

a

a

a

a

e

Airlines

4.5%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

8.993

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.......

United

States

1,931,462

1,915,943

Air

Canada

,

Term

Loan

,

6.421

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

2,735,006

2,675,465

American

Airlines,

Inc.

,

2018

Replacement

Term

Loan

,

5.346

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

6/27/25

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

United

States

8,694,938

8,242,280

Kestrel

Bidco,

Inc.

,

Term

Loan

,

5.993

%

,

(

1-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

4,061,988

3,567,644

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)

United

AirLines,

Inc.

,

Term

Loan,

B

,

8.108

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

6,112,705

$

5,983,238

22,384,570

a

a

a

a

a

a

e

Auto

Components

2.9%

Adient

US

LLC

,

Term

Loan,

B1

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/10/28

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

United

States

2,406,863

2,333,454

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

7.062

%

,

(

1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%

),

10/04/28

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

United

States

401,513

366,094

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

8.368%,

(6-month

SOFR

+

5%),

3/30/27

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

United

States

5,455,475

5,185,429

Second

Lien,

2021

Term

Loan,

11.871%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

2,000,000

1,800,000

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

8.254

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

3,083,034

2,815,843

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

6.924

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

...........

United

States

1,921,674

1,892,051

14,392,871

a

a

a

a

a

a

e

Automobiles

0.7%

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

6.884

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

1,461,435

1,331,550

Thor

Industries,

Inc.

,

USD

Term

Loan,

B1

,

6.813

%

,

(

1-month

USD

LIBOR

+

3

%

),

2/01/26

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

United

States

2,181,192

2,164,157

3,495,707

a

a

a

a

a

a

Banks

0.0%

†

e

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

6.871

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

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

United

Kingdom

2,752

2,499

e

Beverages

0.9%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

6.8

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/05/28

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

United

States

3,624,500

2,500,905

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.174

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

United

States

2,068,588

1,850,104

4,351,009

a

a

a

a

a

a

Building

Products

1.2%

e,f

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

Term

Loan,

B1

,

6.115

%

,

(

1-month

USD

LIBOR

+

3

%

),

6/11/28

...........

United

States

6,289,173

6,141,535

Capital

Markets

1.3%

e

Citadel

Securities

LP

,

2021

CME

Term

Loan,

5.649%,

(1-month

SOFR

+

2.5%),

2/02/28

United

States

3,011,359

2,990,973

CME

Term

Loan,

B

1,

6.149%,

(1-month

SOFR

+

3%),

2/02/28

..

United

States

414,000

412,621

e

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

....

United

States

488,663

456,658

e

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

5.865

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

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

United

States

1,307,438

1,272,772

Osmosis

Buyer

Ltd.

,

e

2022

Refinancing

CME

Term

Loan,

B,

6.858%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

496,153

462,767

f,g

CME

Term

Loan,

TBD,

7/31/28

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

United

Kingdom

834,802

778,799

6,374,590

a

a

a

a

a

a

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)

e

Chemicals

5.4%

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

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

United

States

1,603,001

$

1,478,368

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

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

United

States

926,113

737,533

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

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

United

States

2,741,833

2,587,263

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

7.413%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

3,221,925

2,759,579

Second

Lien,

Initial

CME

Term

Loan,

11.005%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

1,325,581

1,067,093

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

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

United

Kingdom

5,424,373

5,117,570

INEOS

US

Finance

LLC

,

New

2024

Dollar

Term

Loan

,

5.754

%

,

(

1-month

USD

LIBOR

+

2

%

),

4/01/24

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

Luxembourg

1,984,375

1,971,625

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

7.343

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

359,444

342,820

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

..........

United

States

621,425

582,002

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.494

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

5,002,236

3,919,577

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

8.415

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

5,145,128

4,858,930

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

6.378

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/02/28

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

United

States

1,297,321

1,234,725

26,657,085

a

a

a

a

a

a

e

Commercial

Services

&

Supplies

4.7%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

5/12/28

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

United

States

3,279,573

2,985,149

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

7.392

%

,

(

3-month

SOFR

+

4%;

6-month

SOFR

+

4%

),

2/15/29

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

United

States

689,273

669,166

APX

Group,

Inc.

,

Initial

Term

Loan

,

6.734

%

,

(

3-month

USD

LIBOR

+

2.25%;

3-month

USD

LIBOR

+

3.25%

),

7/10/28

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

United

States

4,036,300

3,724,435

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.553

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

1,650,249

1,586,648

Madison

IAQ

LLC

,

Term

Loan

,

6.815

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

1,098,473

996,556

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

7.76

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

9,744,406

8,818,688

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

6.505

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

United

States

3,853,867

3,805,694

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

7.144

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

1,058,077

935,298

23,521,634

a

a

a

a

a

a

Communications

Equipment

0.5%

e

CommScope,

Inc.

,

Initial

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,386,461

2,282,054

Construction

&

Engineering

0.4%

e

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

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

United

States

2,079,699

1,981,558

e

Containers

&

Packaging

1.8%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

...........

United

States

2,813,255

2,732,697

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

Containers

&

Packaging

(continued)

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

8.259

%

,

(

6-month

SOFR

+

4.75

%

),

2/12/26

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

Luxembourg

2,780,210

$

2,351,599

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

6.378

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

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

United

States

1,033,040

985,262

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

6.719

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/24/28

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

United

States

2,977,444

2,896,636

8,966,194

a

a

a

a

a

a

e

Diversified

Financial

Services

1.4%

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan,

7.188%,

(3-month

USD

LIBOR

+

3.5%),

8/02/28

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

United

States

850,043

799,041

Second

Lien,

Initial

Term

Loan,

10.25%,

(3-month

USD

LIBOR

+

6.5%),

8/02/29

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

United

States

500,000

447,500

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

7.32

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

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

United

States

1,829,011

1,703,266

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/02/28

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

United

States

1,146,575

708,417

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

3,494,644

3,457,513

7,115,737

a

a

a

a

a

a

e

Diversified

Telecommunication

Services

0.7%

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

6.905

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

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

France

498,015

457,967

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan

,

8.477

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

11/29/25

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

United

States

3,709,108

3,248,381

3,706,348

a

a

a

a

a

a

Electrical

Equipment

0.3%

e

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

7.085

%

,

(

1-month

SOFR

+

4.25%;

3-month

SOFR

+

4.25%

),

5/13/29

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

United

States

1,463,882

1,454,733

e

Entertainment

0.6%

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

6.878

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

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

France

988,142

963,285

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,837,649

1,791,828

2,755,113

a

a

a

a

a

a

Food

&

Staples

Retailing

1.0%

e

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

9.48

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

5,729,397

5,218,535

e

Food

Products

0.7%

B&G

Foods,

Inc.

,

Tranche

Term

Loan,

B4

,

6.254

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

10/10/26

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

United

States

2,900,000

2,748,214

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

7.709

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

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

United

States

846,969

824,075

3,572,289

a

a

a

a

a

a

e

Health

Care

Equipment

&

Supplies

0.5%

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

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

United

States

1,764,722

1,625,750

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

8.924

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

12/15/27

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

United

States

752,027

676,667

2,302,417

a

a

a

a

a

a

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)

e

Health

Care

Providers

&

Services

6.3%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan

,

7.129

%

,

(

1-month

USD

LIBOR

+

3.375

%

),

12/23/27

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

United

States

3,200,760

$

2,864,680

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan,

7.322%,

(1-month

USD

LIBOR

+

3.75%),

7/17/28

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

United

States

1,724,479

1,394,241

h

First

Lien,

Delayed

Draw

New

Term

Loan,

7.322%,

(1-month

USD

LIBOR

+

3.75%),

7/17/28

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

United

States

121,224

98,010

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.98

%

,

(

3-month

SOFR

+

5.25

%

),

2/11/28

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

United

States

1,236,559

1,173,958

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

7.239

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

3,249,947

3,171,948

Dermatology

Intermediate

Holdings

III,

Inc.

,

Closing

Date

CME

Term

Loan,

7.979%,

(1-month

SOFR

+

4.25%),

4/02/29

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

United

States

942,496

909,509

h

Delayed

Draw

CME

Term

Loan,

7.979%,

(1-month

SOFR

+

4.25%),

4/02/29

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

United

States

85,392

82,403

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.615

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

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

United

States

2,529,831

2,361,446

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

7.754%,

(1-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

227,289

216,493

Second

Lien,

Initial

Term

Loan,

10.504%,

(1-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

763,254

659,833

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

3/14/25

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

United

States

2,026,299

1,579,257

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.377

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/01/28

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

United

States

1,104,491

1,067,904

National

Mentor

Holdings,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

10.93

%

,

(

3-month

USD

LIBOR

+

7.25

%

),

3/02/29

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

United

States

2,000,000

1,375,000

Pacific

Dental

Services

LLC

,

Term

Loan

,

6.98

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

1,459,566

1,417,604

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

1,385,918

1,254,256

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

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

United

States

2,228,414

2,146,063

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

11/15/28

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

United

States

834,661

805,765

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

7.825

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

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

United

States

3,680,774

2,976,163

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.378

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

1,953,141

1,858,541

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

8.115

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

3,756,473

2,352,491

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

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

United

States

1,711,745

1,669,490

31,435,055

a

a

a

a

a

a

Health

Care

Technology

0.2%

e

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

6.967

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

843,533

772,888

e

Hotels,

Restaurants

&

Leisure

3.3%

d

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

13.642

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

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

United

States

4,242,266

436,600

Bally's

Corp.

,

Term

Loan,

B

,

6.55

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

6,911,184

6,440,809

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

6.781

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

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

Ireland

353,107

349,134

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

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

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

United

States

2,731,268

$

2,693,372

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

6.208

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

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

United

States

721,014

703,529

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

6.579

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

655,226

646,793

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

7.602

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

1,780,029

1,734,780

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.097

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

3,576,320

3,376,064

16,381,081

a

a

a

a

a

a

Household

Durables

0.6%

e

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

9.174

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

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

United

States

3,716,913

2,982,822

Insurance

3.4%

e

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

1,807,557

1,683,287

First

Lien,

2021-1

Additional

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

1,676,548

1,567,053

First

Lien,

2021-2

Additional

Term

Loan,

8.004%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

559,935

533,103

e

Alliant

Holdings

Intermediate

LLC

,

New

Term

Loan,

B4

,

6.98

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/05/27

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

United

States

1,393,705

1,347,908

e

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

7.229%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

1,589,759

1,520,708

2020

February

Refinancing

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

2,326,488

2,224,704

2021

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

United

States

698,590

667,677

e

Asurion

LLC

,

New

CME

Term

Loan,

B

10,

7.653%,

(1-month

SOFR

+

4%),

8/19/28

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

United

States

475,000

428,806

Second

Lien,

New

Term

Loan,

B4,

9.004%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

9,070,140

6,364,200

g

HUB

International

Ltd.

,

Term

Loan

,

TBD,

10/30/28

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

United

States

646,552

620,690

16,958,136

a

a

a

a

a

a

IT

Services

5.7%

e

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.32

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/23/26

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

United

States

3,250,875

3,120,840

e

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

8.174%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

5,455,056

4,574,582

Second

Lien,

Initial

Term

Loan,

12.665%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

11,037,961

8,250,876

e

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.229

%

,

(

1-month

SOFR

+

4.5

%

),

8/15/29

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

United

States

1,813,392

1,739,849

e

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

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

United

States

2,956,235

2,817,662

f,g

Go

Daddy

Operating

Co.

LLC

,

CME

Term

Loan

,

TBD,

10/19/29

...

United

States

396,825

393,766

e

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

7.924

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

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

United

Kingdom

2,036,726

1,965,440

e

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

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

United

States

3,457,884

3,336,858

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)

IT

Services

(continued)

e

Thrasio

LLC

,

Initial

Term

Loan

,

11.17

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

2,221,734

$

1,988,452

28,188,325

a

a

a

a

a

a

Leisure

Products

0.1%

e

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

6.741

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

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

United

States

314,366

292,842

Life

Sciences

Tools

&

Services

0.3%

e

ICON

plc

,

Term

Loan,

5.938%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

...

United

States

1,029,001

1,020,192

U.S.

Term

Loan,

5.938%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

United

States

256,376

254,182

1,274,374

a

a

a

a

a

a

e

Machinery

1.1%

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

667,730

544,200

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

6/01/28

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

United

States

2,525,126

2,365,576

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

6.871

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

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

Germany

2,508,224

2,386,738

5,296,514

a

a

a

a

a

a

e

Media

5.0%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

7.814

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

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

United

States

3,258,890

2,893,618

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

5.662

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

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

United

States

8,066,217

7,831,813

Diamond

Sports

Group

LLC

,

Second

Lien,

CME

Term

Loan

,

6.458

%

,

(

1-month

SOFR

+

3.25

%

),

8/24/26

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

United

States

1,840,040

368,008

Gray

Television,

Inc.

,

Term

Loan,

D

,

6.128

%

,

(

1-month

USD

LIBOR

+

3

%

),

12/01/28

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

United

States

3,960,075

3,913,069

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

8.315

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/28/28

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

United

States

2,607,060

2,422,610

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

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

United

States

801,199

735,601

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

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

United

States

1,279,047

1,242,677

First

Lien,

Initial

Term

Loan,

B,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

1,990,000

1,917,862

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

6.662

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

3,556,664

3,510,979

24,836,237

a

a

a

a

a

a

Metals

&

Mining

0.1%

e

U.S.

Silica

Co.

,

Term

Loan

,

7.813

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

311,528

303,229

Personal

Products

0.7%

e

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

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

Luxembourg

3,506,600

3,345,893

e

Pharmaceuticals

4.0%

Bausch

Health

Cos.,

Inc.

,

Second

Amendment

CME

Term

Loan

,

8.624

%

,

(

1-month

SOFR

+

5.25

%

),

2/01/27

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

United

States

3,596,662

2,702,676

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

5.754

%

,

(

1-month

USD

LIBOR

+

2

%

),

11/15/27

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

Spain

3,400,000

3,269,525

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)

e

Pharmaceuticals

(continued)

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

7,791,792

$

7,712,082

Organon

&

Co.

,

Dollar

Term

Loan

,

6.188

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

4,881,447

4,775,177

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

6.329

%

,

(

1-month

SOFR

+

2.5

%

),

4/20/29

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

United

States

1,182,798

1,169,492

19,628,952

a

a

a

a

a

a

e

Professional

Services

0.4%

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.51

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

1,407,118

1,365,489

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/29/28

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

United

States

782,714

761,189

2,126,678

a

a

a

a

a

a

Real

Estate

Management

&

Development

0.0%

†

e

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

218,295

213,967

e

Road

&

Rail

1.7%

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C,

7.329%,

(1-month

SOFR

+

3.5%),

3/16/29

..

United

States

2,390,494

2,373,569

New

Term

Loan,

B,

5.51%,

(1-month

USD

LIBOR

+

1.75%),

8/06/27

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

United

States

5,377,842

5,203,062

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

12/15/28

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

United

States

1,086,337

844,529

8,421,160

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.5%

e

MKS

Instruments,

Inc.

,

Initial

Dollar

CME

Term

Loan,

B

,

6.317

%

,

(

1-month

SOFR

+

2.75

%

),

8/17/29

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

United

States

2,650,000

2,600,551

e

Software

7.4%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.117

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

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

United

States

2,933,332

2,327,731

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

6.865%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

2,754,646

2,565,264

Second

Lien,

Initial

Term

Loan,

9.115%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

672,004

559,444

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.865

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

608,857

511,948

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

6.903%,

(3-month

SOFR

+

4%),

10/16/26

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

United

States

710,750

686,169

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

9.903%,

(3-month

USD

LIBOR

+

7%),

2/19/29

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

United

States

1,180,457

1,106,088

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

1,066,650

1,035,984

Epicor

Software

Corp.

,

Term

Loan,

C

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

1,774,886

1,693,685

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

........

United

States

1,884,619

1,841,631

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.322

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

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

United

States

4,635,305

2,982,031

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

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

United

States

1,555,768

1,521,199

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

Software

(continued)

Hyland

Software,

Inc.,

(continued)

Second

Lien,

2021

Refinancing

Term

Loan,

10.004%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

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

United

States

83,333

$

80,125

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

7.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

3,855,248

3,539,117

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

7.074

%

,

(

3-month

USD

LIBOR

+

3.4

%

),

3/31/28

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

Sweden

1,116,912

1,083,405

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

7.332%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

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

United

States

2,169,336

1,636,298

First

Lien,

First

Amendment

Term

Loan,

7.144%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

247,857

185,480

McAfee

Corp.

,

CME

Term

Loan,

B1

,

6.87

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

2,372,422

2,178,678

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

6.734%,

(3-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

3,448,917

3,095,592

Second

Lien,

Initial

Term

Loan,

9.57%,

(3-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

428,571

345,536

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

2,797,788

2,563,473

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.494

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

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

United

States

1,734,428

1,291,169

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

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

United

States

2,324,690

2,257,135

UKG,

Inc.

,

Second

Lien,

2021

Incremental

Term

Loan

,

8.998

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/03/27

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

United

States

723,473

670,417

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

8.358

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

788,219

679,185

36,436,784

a

a

a

a

a

a

e

Specialty

Retail

4.9%

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

9.174

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

4/26/28

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

United

States

4,623,814

4,461,980

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

2,794,150

2,639,075

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

7.924

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

3,176,461

2,465,744

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.993

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

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

United

States

2,366,457

2,014,020

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

1/31/28

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

United

States

7,367,491

6,370,117

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

7.079

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

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

United

States

2,700,000

2,565,000

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

7.782

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

1,831,787

1,600,002

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

7.479

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

2,031,300

1,927,835

24,043,773

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.7%

e

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

9.17

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

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

United

States

3,976,356

3,494,223

Textiles,

Apparel

&

Luxury

Goods

0.3%

e

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/16/28

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

United

States

1,596,030

1,466,855

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

See

Abbreviations

on

page

35

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Transportation

Infrastructure

0.4%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

6.642%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

566,227

$

534,275

Initial

Term

Loan,

C,

6.642%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

210,589

198,706

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.377

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

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

United

States

1,339,833

1,071,866

1,804,847

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$420,867,060)

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

385,920,247

Total

Long

Term

Investments

(Cost

$496,109,524)

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

457,644,750

a

Short

Term

Investments

3.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.3%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.86%

.....

United

States

16,089,419

16,089,419

Total

Money

Market

Funds

(Cost

$16,089,419)

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

16,089,419

Total

Short

Term

Investments

(Cost

$16,089,419

)

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

16,089,419

a

Total

Investments

(Cost

$512,198,943)

95.8%

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

$473,734,169

Other

Assets,

less

Liabilities

4.2%

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

21,240,818

Net

Assets

100.0%

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

$494,974,987

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

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

purchased

on

a

delayed

delivery

basis.

g

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.

h

See

Note

4

regarding

unfunded

loan

commitments.

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),

October

31,

2022

Franklin

Floating

Rate

Master

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

a

UTEX

Industries,

Inc.

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

United

States

120,386

$

8,246,441

1.52

a

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

25,742

0.01

a

Oil

&

Gas

Exploration

&

Production

Quarternorth

Energy

Holding,

Inc.

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

United

States

111,779

13,711,539

2.53

Trucking

a,b

Onsite

Rental

Group

Operations

Pty.

Ltd.

...........

Australia

5,879,078

—

0.00

a

Total

Common

Stocks

(Cost

$25,422,296)

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

21,983,722

4.06

Management

Investment

Companies

Asset

Management

&

Custody

Banks

c

Franklin

Floating

Rate

Income

Fund

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

United

States

461,717

3,481,343

0.64

c

Franklin

Senior

Loan

ETF

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

United

States

445,971

10,310,849

1.91

Invesco

Senior

Loan

ETF

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

United

States

117,471

2,433,999

0.45

16,226,191

3.00

Total

Management

Investment

Companies

(Cost

$18,335,424)

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

16,226,191

3.00

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

184,740

0.03

a

Total

Preferred

Stocks

(Cost

$332,425)

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

184,740

0.03

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

3,275

0.00

†

Total

Warrants

(Cost

$–)

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

3,275

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

1,621,684

0.30

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

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

United

States

1,250,000

1,218,552

0.22

d

United

Airlines,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

1,165,000

1,065,413

0.20

3,905,649

0.72

Broadcasting

d

Univision

Communications,

Inc.,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

400,000

387,164

0.07

Cable

&

Satellite

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

...

United

States

2,100,000

1,895,155

0.35

d

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

9/15/26

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

United

States

600,000

508,212

0.10

2,403,367

0.45

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

13

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Casinos

&

Gaming

d

International

Game

Technology

plc,

Senior

Secured

Note,

144A,

5.25%,

1/15/29

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

United

States

900,000

$

837,270

0.16

Communications

Equipment

d

CommScope,

Inc.,

Senior

Secured

Note,

144A,

4.75%,

9/01/29

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

United

States

692,300

586,461

0.11

Construction

Materials

d

Cemex

SAB

de

CV,

Senior

Bond,

144A,

5.2%,

9/17/30

.

Mexico

750,000

639,627

0.12

Diversified

Chemicals

d

SCIH

Salt

Holdings,

Inc.,

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

1,100,000

957,330

0.18

Environmental

&

Facilities

Services

d

GFL

Environmental,

Inc.,

Senior

Secured

Note,

144A,

3.5%,

9/01/28

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

Canada

900,000

765,400

0.14

Independent

Power

Producers

&

Energy

Traders

d

Calpine

Corp.,

Senior

Secured

Note,

144A,

4.5%,

2/15/28

United

States

1,800,000

1,620,545

0.30

Integrated

Telecommunication

Services

d

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

.......

France

800,000

604,000

0.11

Senior

Secured

Note,

144A,

5.5%,

10/15/29

........

France

1,270,000

970,820

0.18

1,574,820

0.29

Investment

Banking

&

Brokerage

d

Jane

Street

Group

/

JSG

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

11/15/29

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

United

States

800,000

708,916

0.13

Metal

&

Glass

Containers

d

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.,

Senior

Secured

Note,

144A,

4.125%,

8/15/26

...

United

States

1,900,000

1,637,905

0.30

Movies

&

Entertainment

d

Banijay

Entertainment

SASU,

Senior

Secured

Note,

144A,

5.375%,

3/01/25

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

France

500,000

464,055

0.09

Multi-line

Insurance

d

Acrisure

LLC

/

Acrisure

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.25%,

2/15/29

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

United

States

529,400

433,224

0.08

Office

Services

&

Supplies

Pitney

Bowes,

Inc.,

Senior

Bond,

4.625%,

3/15/24

.....

United

States

314,000

287,432

0.06

Oil

&

Gas

Equipment

&

Services

d

Weatherford

International

Ltd.,

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

241,100

230,639

0.04

Oil

&

Gas

Storage

&

Transportation

Cheniere

Energy,

Inc.,

Senior

Note,

4.625%,

10/15/28

..

United

States

450,000

416,050

0.08

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

328,644

0.06

d

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC,

Senior

Secured

Note,

144A,

4%,

10/15/27

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

United

States

800,000

710,080

0.13

1,038,724

0.19

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.

14

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Specialized

Consumer

Services

d

WW

International,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

4/15/29

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

United

States

1,200,000

$

661,454

0.12

Specialized

Finance

d

MPH

Acquisition

Holdings

LLC,

Senior

Secured

Note,

144A,

5.5%,

9/01/28

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

United

States

453,000

392,312

0.07

Specialty

Chemicals

d

ASP

Unifrax

Holdings,

Inc.,

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

645,200

514,654

0.09

Specialty

Stores

d

99

Escrow

Issuer,

Inc.,

Senior

Secured

Note,

144A,

7.5%,

1/15/26

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

United

States

600,000

342,790

0.06

Trucking

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.,

Senior

Secured

Note,

144A,

4%,

7/31/29

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

United

States

500,000

407,500

0.07

b,e

Onsite

Rental

Group

Operations

Pty.

Ltd.,

PIK,

6.1%,

10/26/23

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

Australia

10,725,759

10,602,411

1.96

11,009,911

2.03

Wireless

Telecommunication

Services

d

Vmed

O2

UK

Financing

I

plc,

Senior

Secured

Bond,

144A,

4.25%,

1/31/31

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

United

Kingdom

360,000

286,949

0.05

Total

Corporate

Bonds

(Cost

$37,561,472)

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

32,102,648

5.93

Senior

Floating

Rate

Interests

Advertising

f

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

7.913

%

,

(

1-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

2,571,400

2,362,178

0.44

f

Aerospace

&

Defense

e

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

4,311,003

3,690,391

0.68

Dynasty

Acquisition

Co.,

Inc.

,

2020

Term

Loan,

B1,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

584,237

549,770

0.10

2020

Term

Loan,

B2,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

4/06/26

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

United

States

314,106

295,575

0.06

4,535,736

0.84

a

a

a

a

a

a

Air

Freight

&

Logistics

f

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

....

United

States

2,948,799

2,827,529

0.52

f

Airlines

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

8.993

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

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

United

States

1,513,781

1,501,618

0.27

Air

Canada

,

Term

Loan

,

6.421

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

2,486,017

2,431,897

0.45

American

Airlines,

Inc.

,

2018

Replacement

Term

Loan

,

5.346

%

,

(

1-month

USD

LIBOR

+

1.75

%

),

6/27/25

....

United

States

4,116,653

3,902,340

0.72

Kestrel

Bidco,

Inc.

,

Term

Loan

,

5.993

%

,

(

1-month

USD

LIBOR

+

3

%

),

12/11/26

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

Canada

4,674,728

4,105,814

0.76

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

Senior

Floating

Rate

Interests

(continued)

f

Airlines

(continued)

United

AirLines,

Inc.

,

Term

Loan,

B

,

8.108

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

3,368,768

$

3,297,417

0.61

15,239,086

2.81

a

a

a

a

a

a

f

Airport

Services

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

6.642%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

1,790,004

1,688,994

0.31

Initial

Term

Loan,

C,

6.642%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

665,733

628,165

0.12

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.377

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

...........

United

States

2,744,624

2,195,699

0.40

4,512,858

0.83

a

a

a

a

a

a

Alternative

Carriers

f

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

......

United

States

623,553

508,040

0.09

f

Apparel,

Accessories

&

Luxury

Goods

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

9.174

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

12/19/25

....

United

States

1,998,223

1,942,433

0.36

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/16/28

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

United

States

1,531,394

1,407,451

0.26

3,349,884

0.62

a

a

a

a

a

a

f

Application

Software

Central

Parent,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.112

%

,

(

3-month

SOFR

+

4.5

%

),

7/06/29

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

United

States

617,143

605,571

0.11

Cloudera,

Inc.

,

First

Lien,

Initial

Term

Loan,

6.865%,

(1-month

USD

LIBOR

+

3.75%),

10/08/28

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

United

States

2,527,567

2,353,797

0.43

Second

Lien,

Initial

Term

Loan,

9.115%,

(1-month

USD

LIBOR

+

6%),

10/08/29

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

United

States

918,595

764,730

0.14

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.865

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

1,780,407

1,497,029

0.28

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

2,436,426

2,366,379

0.44

Epicor

Software

Corp.

,

Term

Loan,

C

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

3,448,302

3,290,542

0.61

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

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

United

States

5,728,007

5,597,351

1.03

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.322

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..........

United

States

2,173,150

1,398,053

0.26

IGT

Holding

IV

AB

,

Term

Loan,

B2

,

7.074

%

,

(

3-month

USD

LIBOR

+

3.4

%

),

3/31/28

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

Sweden

1,209,827

1,173,532

0.22

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

6.734%,

(3-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

2,882,722

2,587,402

0.48

Second

Lien,

Initial

Term

Loan,

9.57%,

(3-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

142,857

115,179

0.02

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

4,095,500

3,752,502

0.69

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

Term

Loan,

6.998%,

(3-month

USD

LIBOR

+

3.25%),

5/04/26

..........

United

States

1,927,323

1,864,145

0.35

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

(continued)

f

Application

Software

(continued)

UKG,

Inc.

(continued)

First

Lien,

Initial

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

5/04/26

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

United

States

1,625,996

$

1,584,972

0.29

Second

Lien,

2021

Incremental

Term

Loan,

8.998%,

(3-month

USD

LIBOR

+

5.25%),

5/03/27

..........

United

States

1,182,315

1,095,610

0.20

30,046,794

5.55

a

a

a

a

a

a

f

Asset

Management

&

Custody

Banks

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/07/28

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

United

States

3,253,294

3,040,220

0.56

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/30/25

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

United

States

941,523

870,104

0.16

3,910,324

0.72

a

a

a

a

a

a

f

Auto

Parts

&

Equipment

g

Adient

US

LLC

,

Term

Loan,

B1

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/10/28

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

United

States

3,331,731

3,230,113

0.60

Clarios

Global

LP

,

First

Lien,

Amendment

No.

1

Dollar

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/30/26

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

United

States

1,800,349

1,754,638

0.32

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

7.062

%

,

(

1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%

),

10/04/28

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

United

States

3,055,112

2,785,606

0.52

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

8.368%,

(6-month

SOFR

+

5%),

3/30/27

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

United

States

2,810,774

2,671,641

0.49

Second

Lien,

2021

Term

Loan,

11.871%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

1,871,447

1,684,302

0.31

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

8.254

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

2,483,756

2,268,501

0.42

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

6.924

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

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

United

States

1,584,168

1,559,749

0.29

15,954,550

2.95

a

a

a

a

a

a

Automobile

Manufacturers

f

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

6.884

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

...

United

States

3,170,567

2,888,783

0.53

Automotive

Retail

f

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

1/31/28

...........

United

States

3,897,625

3,369,984

0.62

Brewers

f

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

6.8

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/05/28

..

United

States

1,332,796

919,629

0.17

f

Broadcasting

Diamond

Sports

Group

LLC

,

Second

Lien,

CME

Term

Loan

,

6.458

%

,

(

1-month

SOFR

+

3.25

%

),

8/24/26

...

United

States

1,940,026

388,005

0.07

Gray

Television,

Inc.

,

Term

Loan,

B2,

5.625%,

(1-month

USD

LIBOR

+

2.5%),

2/07/24

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

United

States

744,095

744,795

0.14

Term

Loan,

D,

6.128%,

(1-month

USD

LIBOR

+

3%),

12/01/28

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

United

States

1,673,699

1,653,832

0.30

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)

f

Broadcasting

(continued)

iHeartCommunications,

Inc.

,

New

Term

Loan

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

5/01/26

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

United

States

833,333

$

789,150

0.14

Nexstar

Media,

Inc.

,

Term

Loan,

B4

,

6.254

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

9/18/26

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

United

States

975,281

967,557

0.18

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

....

United

States

1,039,341

1,009,787

0.19

First

Lien,

Initial

Term

Loan,

B,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

2,692,989

2,595,369

0.48

8,148,495

1.50

a

a

a

a

a

a

Building

Products

f

Cornerstone

Building

Brands,

Inc.

,

Term

Loan,

B

,

6.589

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/12/28

..........

United

States

943,081

796,168

0.15

f

Cable

&

Satellite

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

5.662

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

....

United

States

2,627,666

2,551,306

0.47

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

....

United

States

2,846,428

2,613,376

0.48

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

6.662

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

..........

United

States

1,788,848

1,765,870

0.33

6,930,552

1.28

a

a

a

a

a

a

f

Casinos

&

Gaming

Bally's

Corp.

,

Term

Loan,

B

,

6.55

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

4,323,494

4,029,237

0.74

Caesars

Resort

Collection

LLC

,

Term

Loan,

B,

6.504%,

(1-month

USD

LIBOR

+

2.75%),

12/23/24

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

United

States

2,899,129

2,871,703

0.53

Term

Loan,

B1,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

7/21/25

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

United

States

761,290

755,648

0.14

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

7.729

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

..........

United

States

2,549,556

2,398,494

0.44

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

6.781

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

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

Ireland

423,729

418,962

0.08

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

6.579

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

1,368,077

1,350,470

0.25

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

7.602

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

.....

United

States

3,243,228

3,160,785

0.58

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.097

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

3,503,315

3,307,147

0.61

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

6.402

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

....

United

States

1,702,709

1,683,911

0.31

19,976,357

3.68

a

a

a

a

a

a

Commodity

Chemicals

f

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

.....

United

States

2,511,145

2,369,579

0.44

Communications

Equipment

f

CommScope,

Inc.

,

Initial

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,531,539

2,420,785

0.45

f

Construction

&

Engineering

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........

United

States

2,441,024

2,325,832

0.43

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)

f

Construction

&

Engineering

(continued)

Zekelman

Industries,

Inc.

,

2020

Term

Loan

,

5.604

%

,

(

3-month

USD

LIBOR

+

2

%

),

1/24/27

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

United

States

1,394,613

$

1,358,004

0.25

3,683,836

0.68

a

a

a

a

a

a

Construction

Machinery

&

Heavy

Trucks

f

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

3,551,027

2,894,087

0.53

Diversified

Banks

f

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

6.871

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

6/13/24

...........

United

Kingdom

1,517,816

1,378,261

0.25

f

Diversified

Chemicals

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

7.343

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

1,816,978

1,732,943

0.32

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

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

United

States

834,216

781,294

0.14

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

8.415

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

2,383,218

2,250,651

0.42

4,764,888

0.88

a

a

a

a

a

a

Diversified

Metals

&

Mining

f

U.S.

Silica

Co.

,

Term

Loan

,

7.813

%

,

(

1-month

USD

LIBOR

+

4

%

),

5/01/25

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

United

States

196,043

190,820

0.04

f

Diversified

Support

Services

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

7.392

%

,

(

3-month

SOFR

+

4%;

6-month

SOFR

+

4%

),

2/15/29

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

United

States

4,765,120

4,626,122

0.85

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

7.553

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

..........

United

States

2,304,933

2,216,101

0.41

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

7.144

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

2,754,255

2,434,651

0.45

9,276,874

1.71

a

a

a

a

a

a

Drug

Retail

f

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

9.48

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

4,949,533

4,508,208

0.84

f

Education

Services

KUEHG

Corp.

,

Term

Loan,

B3

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

3,373,115

3,240,063

0.60

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.586

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/13/25

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

United

States

1,427,385

1,368,505

0.25

4,608,568

0.85

a

a

a

a

a

a

Environmental

&

Facilities

Services

f

Madison

IAQ

LLC

,

Term

Loan

,

6.815

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

2,678,473

2,429,965

0.45

Food

Retail

f

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/23/27

.....

United

States

710,015

661,649

0.12

f

Health

Care

Equipment

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

.........

United

States

3,378,307

3,112,265

0.58

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)

f

Health

Care

Equipment

(continued)

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

8.924

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

12/15/27

...

United

States

618,125

$

556,183

0.10

3,668,448

0.68

a

a

a

a

a

a

f

Health

Care

Facilities

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

7.129%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

........

United

States

1,942,654

1,738,675

0.32

Amendment

No.

5

Incremental

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

12/23/27

.........

United

States

383,816

344,715

0.06

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan,

7.322%,

(1-month

USD

LIBOR

+

3.75%),

7/17/28

..........

United

States

2,124,113

1,717,345

0.32

h

First

Lien,

Delayed

Draw

New

Term

Loan,

7.322%,

(1-month

USD

LIBOR

+

3.75%),

7/17/28

..........

United

States

149,317

120,723

0.02

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.98

%

,

(

3-month

SOFR

+

5.25

%

),

2/11/28

.........

United

States

645,161

612,500

0.11

Dermatology

Intermediate

Holdings

III,

Inc.

,

Closing

Date

CME

Term

Loan,

7.979%,

(1-month

SOFR

+

4.25%),

4/02/29

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

United

States

796,944

769,050

0.14

h

Delayed

Draw

CME

Term

Loan,

7.979%,

(1-month

SOFR

+

4.25%),

4/02/29

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

United

States

72,205

69,678

0.01

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

7.754%,

(1-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

1,770,913

1,686,795

0.31

Second

Lien,

Initial

Term

Loan,

10.504%,

(1-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

974,112

842,119

0.16

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

3/14/25

....

United

States

1,002,883

781,627

0.14

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.377

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

11/01/28

United

States

2,485,203

2,402,880

0.44

Pacific

Dental

Services

LLC

,

Term

Loan

,

6.98

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

736,272

715,104

0.13

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

2,220,871

2,009,888

0.37

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

11/15/28

...

United

States

2,501,803

2,415,190

0.45

16,226,289

2.98

a

a

a

a

a

a

f

Health

Care

Services

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

7.239

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

........

United

States

2,532,670

2,471,886

0.46

eResearchTechnology,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.615

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

2/04/27

.....

United

States

2,176,254

2,031,402

0.38

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

9.434%,

(1-month

USD

LIBOR

+

3.75%;

3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

3,136,638

2,251,604

0.42

First

Lien,

Initial

Term

Loan,

C,

7.43%,

(3-month

USD

LIBOR

+

3.75%),

3/02/28

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

United

States

100,015

71,795

0.01

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

.....

United

States

1,606,240

1,546,882

0.29

Radiology

Partners,

Inc.

,

First

Lien,

Term

Loan,

B

,

7.825

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

7/09/25

....

United

States

3,252,299

2,629,711

0.49

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)

f

Health

Care

Services

(continued)

Team

Health

Holdings,

Inc.

,

Extended

CME

Term

Loan

,

8.979

%

,

(

1-month

SOFR

+

5.25

%

),

3/02/27

........

United

States

1,233,891

$

1,033,384

0.19

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.378

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

1,671,322

1,590,372

0.29

U.S.

Renal

Care,

Inc.

,

Initial

Term

Loan

,

8.115

%

,

(

1-month

USD

LIBOR

+

5

%

),

6/26/26

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

United

States

1,422,998

891,153

0.16

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

.....

United

States

5,813,476

5,669,970

1.05

20,188,159

3.74

a

a

a

a

a

a

Health

Care

Technology

f

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

6.967

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

5,373,489

4,923,460

0.91

Heavy

Electrical

Equipment

f

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

7.085

%

,

(

1-month

SOFR

+

4.25%;

3-month

SOFR

+

4.25%

),

5/13/29

...

United

States

1,955,071

1,942,852

0.36

f

Home

Improvement

Retail

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.993

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

...

United

States

2,409,811

2,050,918

0.38

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

7.479

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

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

United

States

1,424,090

1,351,554

0.25

3,402,472

0.63

a

a

a

a

a

a

f

Homefurnishing

Retail

Evergreen

AcqCo

1

LP

,

Initial

Term

Loan

,

9.174

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

4/26/28

...........

United

States

2,560,974

2,471,339

0.46

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan,

7.079%,

(1-month

SOFR

+

3.25%),

10/20/28

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

United

States

1,300,000

1,235,000

0.23

Initial

Term

Loan,

6.254%,

(1-month

USD

LIBOR

+

2.5%),

10/20/28

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

United

States

1,237,500

1,160,620

0.21

4,866,959

0.90

a

a

a

a

a

a

Hotels,

Resorts

&

Cruise

Lines

f

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

6.754

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

......

United

States

3,111,021

3,067,856

0.57

Household

Products

f,g

Energizer

Holdings,

Inc.

,

2020

Term

Loan

,

5.875

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

12/22/27

.........

United

States

709,296

688,017

0.13

f

Housewares

&

Specialties

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

9.174

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

.....

United

States

2,580,500

2,070,851

0.38

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

6.34

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

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

Netherlands

798,000

666,498

0.13

2,737,349

0.51

a

a

a

a

a

a

f

Human

Resource

&

Employment

Services

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.51

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

2,383,110

2,312,606

0.43

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/29/28

United

States

2,240,422

2,178,811

0.40

4,491,417

0.83

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

21

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Industrial

Machinery

Tiger

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

6.365

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

6/01/28

....

United

States

2,049,037

$

1,919,568

0.36

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

6.871

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...........

Germany

2,562,642

2,438,521

0.45

4,358,089

0.81

a

a

a

a

a

a

Insurance

Brokers

f

Alliant

Holdings

Intermediate

LLC

,

2018

Initial

Term

Loan,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

5/09/25

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

United

States

2,109,416

2,051,903

0.38

New

Term

Loan,

B4,

6.98%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

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

United

States

1,694,399

1,638,721

0.30

f

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

7.229%,

(1-month

SOFR

+

3.5%),

2/12/27

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

United

States

1,293,500

1,237,317

0.23

2020

February

Refinancing

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...........

United

States

2,992,262

2,861,350

0.53

2021

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

612,433

585,333

0.10

i

HUB

International

Ltd.

,

Term

Loan

,

TBD,

10/30/28

.....

United

States

362,069

347,586

0.06

8,722,210

1.60

a

a

a

a

a

a

f

Integrated

Telecommunication

Services

Altice

France

SA

,

USD

Incremental

Term

Loan,

B13

,

6.905

%

,

(

3-month

USD

LIBOR

+

4

%

),

8/14/26

......

France

1,152,795

1,060,093

0.20

Global

Tel*Link

Corp.

,

First

Lien,

Term

Loan,

8.477%,

(3-month

USD

LIBOR

+

4.25%),

11/29/25

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

United

States

5,497,965

4,815,035

0.89

Second

Lien,

CME

Term

Loan,

14.094%,

(3-month

SOFR

+

10%),

11/29/26

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

United

States

2,479,737

2,048,263

0.38

7,923,391

1.47

a

a

a

a

a

a

Interactive

Home

Entertainment

f

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,741,162

1,697,746

0.31

Internet

&

Direct

Marketing

Retail

f

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2020

June

New

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

..........

United

States

1,168,814

1,128,636

0.21

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

..........

United

States

1,206,518

1,165,122

0.21

2,293,758

0.42

a

a

a

a

a

a

Internet

Services

&

Infrastructure

f

Arches

Buyer,

Inc.

,

Refinancing

Term

Loan

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

12/06/27

.........

United

States

983,935

874,575

0.16

f

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.229

%

,

(

1-month

SOFR

+

4.5

%

),

8/15/29

.........

United

States

2,063,966

1,980,262

0.37

g,i

Go

Daddy

Operating

Co.

LLC

,

CME

Term

Loan

,

TBD,

10/19/29

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

United

States

269,841

267,761

0.05

f

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

7.924

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

....

United

Kingdom

1,872,334

1,806,802

0.33

f

Knot

Worldwide,

Inc.

(The)

,

First

Lien,

Amendment

No.

3

CME

Term

Loan

,

8.329

%

,

(

1-month

SOFR

+

4.5

%

),

12/19/25

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

United

States

686,020

674,015

0.12

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)

Internet

Services

&

Infrastructure

(continued)

f

Thrasio

LLC

,

Initial

Term

Loan

,

11.17

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

888,693

$

795,380

0.15

6,398,795

1.18

a

a

a

a

a

a

Investment

Banking

&

Brokerage

f

Citadel

Securities

LP

,

2021

CME

Term

Loan,

5.649%,

(1-month

SOFR

+

2.5%),

2/02/28

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

United

States

1,777,975

1,765,938

0.33

CME

Term

Loan,

B

1,

6.149%,

(1-month

SOFR

+

3%),

2/02/28

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

United

States

480,000

478,401

0.09

f

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

6.784

%

,

(

1-month

SOFR

+

3.75

%

),

4/09/27

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

United

States

4,192,848

3,974,296

0.73

f

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

5.865

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

..........

United

States

1,326,362

1,291,194

0.24

Osmosis

Buyer

Ltd.

,

f

2022

Refinancing

CME

Term

Loan,

B,

6.858%,

(1-month

SOFR

+

3.75%),

7/31/28

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

United

Kingdom

1,117,375

1,042,187

0.19

g,i

CME

Term

Loan,

TBD,

7/31/28

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

United

Kingdom

995,556

928,768

0.17

9,480,784

1.75

a

a

a

a

a

a

f

IT

Consulting

&

Other

Services

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.32

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/23/26

..........

United

States

2,600,857

2,496,823

0.46

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

8.174%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

4,375,376

3,669,169

0.68

Second

Lien,

Initial

Term

Loan,

12.665%,

(3-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

125,000

93,437

0.02

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

7.674

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/01/27

.....

United

States

5,449,258

5,193,824

0.96

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/01/28

..........

United

States

5,181,664

5,000,306

0.92

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

7.51

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

8/28/28

..........

France

2,007,934

1,981,580

0.37

18,435,139

3.41

a

a

a

a

a

a

Leisure

Facilities

e,f,g

24

Hour

Fitness

Worldwide,

Inc.

,

Term

Loan

,

13.642

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

........

United

States

8,129,451

850,955

0.16

f

Leisure

Products

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

6.741

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

12/16/24

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

United

States

2,020,259

1,881,932

0.35

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

6.924%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

2,377,428

2,256,215

0.41

Term

Loan,

B2,

6.924%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

338,931

321,650

0.06

4,459,797

0.82

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

f

ICON

plc

,

Term

Loan,

5.938%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

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

United

States

1,807,604

1,792,131

0.33

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)

Life

Sciences

Tools

&

Services

(continued)

f

ICON

plc

(continued)

U.S.

Term

Loan,

5.938%,

(3-month

USD

LIBOR

+

2.25%),

7/03/28

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

United

States

450,366

$

446,510

0.08

2,238,641

0.41

a

a

a

a

a

a

Metal

&

Glass

Containers

f

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

Term

Loan

,

6.378

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/03/24

United

States

3,394,136

3,237,157

0.60

f

Movies

&

Entertainment

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

6.314

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

......

United

States

640,051

456,677

0.09

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

6.878

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

..........

France

2,299,120

2,241,285

0.41

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

6.51

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

.....

United

States

615,926

602,261

0.11

3,300,223

0.61

a

a

a

a

a

a

Multi-line

Insurance

f

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

2,617,888

2,437,908

0.45

First

Lien,

2021-1

Additional

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

..........

United

States

774,783

724,182

0.13

First

Lien,

2021-2

Additional

Term

Loan,

8.004%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

..........

United

States

763,462

726,877

0.14

3,888,967

0.72

a

a

a

a

a

a

Office

Services

&

Supplies

f

Pitney

Bowes,

Inc.

,

Refinancing

Term

Loan,

B

,

7.76

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/17/28

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

United

States

4,542,165

4,110,659

0.76

Other

Diversified

Financial

Services

f

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.188

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/02/28

.....

United

States

2,228,365

2,094,663

0.39

f

Packaged

Foods

&

Meats

B&G

Foods,

Inc.

,

Tranche

Term

Loan,

B4

,

6.254

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

10/10/26

..........

United

States

588,235

557,447

0.10

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

7.709

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

..........

United

States

687,931

669,336

0.13

1,226,783

0.23

a

a

a

a

a

a

f

Paper

Packaging

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/01/27

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

United

States

2,365,104

2,297,380

0.42

Kleopatra

Finco

SARL

,

USD

Term

Loan,

B

,

8.259

%

,

(

6-month

SOFR

+

4.75

%

),

2/12/26

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

Luxembourg

3,330,733

2,817,251

0.52

Pactiv

Evergreen,

Inc.

,

U.S.

Term

Loan,

B3

,

6.719

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

9/24/28

...........

United

States

2,381,955

2,317,308

0.43

7,431,939

1.37

a

a

a

a

a

a

f

Personal

Products

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

....

United

States

4,037,054

3,425,622

0.63

Coty,

Inc.

,

USD

Term

Loan,

B

,

5.448

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

4/07/25

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

United

States

831,237

814,026

0.15

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)

f

Personal

Products

(continued)

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........

Luxembourg

4,434,597

$

4,231,360

0.78

8,471,008

1.56

a

a

a

a

a

a

f

Pharmaceuticals

Bausch

Health

Cos.,

Inc.

,

Second

Amendment

CME

Term

Loan

,

8.624

%

,

(

1-month

SOFR

+

5.25

%

),

2/01/27

...

United

States

639,453

480,510

0.09

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

5.754

%

,

(

1-month

USD

LIBOR

+

2

%

),

11/15/27

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

Spain

800,000

769,300

0.14

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

.....

United

States

3,027,838

2,996,864

0.55

Organon

&

Co.

,

Dollar

Term

Loan

,

6.188

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

2,062,923

2,018,014

0.37

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

6.329

%

,

(

1-month

SOFR

+

2.5

%

),

4/20/29

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

United

States

1,227,050

1,213,246

0.23

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

7.254

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

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

United

States

3,113,688

2,926,867

0.54

10,404,801

1.92

a

a

a

a

a

a

Property

&

Casualty

Insurance

f

Asurion

LLC

,

New

Term

Loan,

B8,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

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

United

States

2,590,887

2,308,727

0.43

Second

Lien,

New

Term

Loan,

B3,

9.004%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

2,652,263

1,881,462

0.35

Second

Lien,

New

Term

Loan,

B4,

9.004%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

2,248,036

1,577,368

0.29

5,767,557

1.07

a

a

a

a

a

a

f

Publishing

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

7.814

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

....

United

States

4,250,166

3,773,786

0.70

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

8.315

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/28/28

..........

United

States

2,683,326

2,493,480

0.46

6,267,266

1.16

a

a

a

a

a

a

Real

Estate

Services

f

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

Replacement

Term

Loan

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

8/21/25

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

United

States

1,034,091

1,013,590

0.19

Research

&

Consulting

Services

f

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

6.846

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

..........

United

States

1,817,543

1,792,552

0.33

f

Restaurants

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/22/28

...

United

States

2,050,978

1,937,323

0.36

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

6.208

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

.......

United

States

2,424,680

2,365,881

0.44

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

7.004

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

1,593,796

1,518,417

0.28

5,821,621

1.08

a

a

a

a

a

a

f

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

5/12/28

....

United

States

2,993,375

2,724,645

0.50

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)

f

Security

&

Alarm

Services

(continued)

APX

Group,

Inc.

,

Initial

Term

Loan

,

6.734

%

,

(

3-month

USD

LIBOR

+

2.25%;

3-month

USD

LIBOR

+

3.25%

),

7/10/28

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

United

States

1,215,057

$

1,121,175

0.21

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

6.505

%

,

(

3-month

USD

LIBOR

+

2.75

%

),

9/23/26

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

United

States

2,822,772

2,787,487

0.52

6,633,307

1.23

a

a

a

a

a

a

Semiconductor

Equipment

f

MKS

Instruments,

Inc.

,

Initial

Dollar

CME

Term

Loan,

B

,

6.317

%

,

(

1-month

SOFR

+

2.75

%

),

8/17/29

........

United

States

500,000

490,670

0.09

f

Soft

Drinks

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

6.903

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

........

United

States

725,017

664,681

0.12

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.174

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

.....

United

States

2,529,732

2,262,542

0.42

2,927,223

0.54

a

a

a

a

a

a

f

Specialized

Consumer

Services

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.82

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/15/28

United

States

572,557

555,681

0.10

Sedgwick

Claims

Management

Services,

Inc.

(Lightning

Cayman

Merger

Sub

Ltd.)

,

2019

Term

Loan,

7.504%,

(1-month

USD

LIBOR

+

3.75%),

9/03/26

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

United

States

2,428,217

2,372,064

0.44

Initial

Term

Loan,

7.004%,

(1-month

USD

LIBOR

+

3.25%),

12/31/25

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

United

States

783,975

757,935

0.14

WW

International,

Inc.

,

Initial

Term

Loan

,

7.26

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

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

United

States

760,362

495,185

0.09

4,180,865

0.77

a

a

a

a

a

a

f

Specialized

Finance

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

7.32

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

..........

United

States

1,932,485

1,799,627

0.33

Red

Planet

Borrower

LLC

,

Initial

Term

Loan

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/02/28

.........

United

States

1,412,719

872,856

0.16

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

7.754

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

5,047,294

4,993,666

0.92

7,666,149

1.41

a

a

a

a

a

a

f

Specialty

Chemicals

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/12/25

...

United

States

3,067,389

2,828,900

0.52

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

7.424

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/29/27

...

United

States

1,171,367

932,848

0.17

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

7.413%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

2,593,500

2,221,333

0.41

Second

Lien,

Initial

CME

Term

Loan,

11.005%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

837,209

673,953

0.12

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

6.504

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/29/26

..

United

Kingdom

3,248,166

3,064,450

0.57

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.494

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

5,400,000

4,231,251

0.78

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)

f

Specialty

Chemicals

(continued)

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

6.378

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/02/28

....

United

States

1,016

$

967

0.00

†

13,953,702

2.57

a

a

a

a

a

a

f

Specialty

Stores

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

7.504

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

2,324,974

2,195,938

0.41

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

7.924

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

..........

United

States

3,184,869

2,472,270

0.46

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

Term

Loan

,

6.924

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

3/03/28

United

States

2,085,635

2,005,296

0.37

PetSmart

LLC

,

Initial

Term

Loan

,

6.87

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

2/11/28

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

United

States

2,487,603

2,400,027

0.44

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1,

7.782%,

(3-month

USD

LIBOR

+

5%),

4/16/26

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

United

States

1,817,818

1,587,800

0.29

2019

Refinancing

New

Term

Loan,

B2,

7.282%,

(3-month

USD

LIBOR

+

4.5%),

9/12/24

...........

United

States

1,235,265

1,194,607

0.22

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

7.315

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

12/21/27

.........

United

States

2,435,124

2,337,719

0.43

14,193,657

2.62

a

a

a

a

a

a

f

Systems

Software

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.117

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

....

United

States

634,133

503,213

0.09

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

6.903%,

(3-month

SOFR

+

4%),

10/16/26

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

United

States

5,056,297

4,881,425

0.90

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

9.903%,

(3-month

USD

LIBOR

+

7%),

2/19/29

......

United

States

2,050,664

1,921,472

0.36

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

7.254%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

...........

United

States

3,925,984

3,838,749

0.71

Second

Lien,

2021

Refinancing

Term

Loan,

10.004%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

..........

United

States

30,303

29,137

0.00

†

Idera,

Inc.

,

First

Lien,

Term

Loan,

B1

,

7.5

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

3/02/28

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

United

States

2,392,288

2,196,120

0.40

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

7.332%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

...

United

States

2,577,050

1,943,830

0.36

First

Lien,

First

Amendment

Term

Loan,

7.144%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

92,865

69,494

0.01

McAfee

Corp.

,

CME

Term

Loan,

B1

,

6.87

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

2,760,018

2,534,621

0.47

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.494

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

United

States

1,795,500

1,336,633

0.25

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

8.254

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/11/28

.....

United

States

1,722,765

1,671,384

0.31

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

8.358

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

2,564,894

2,210,092

0.41

23,136,170

4.27

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

f

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

9.17

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

..........

United

States

3,692,015

3,244,359

0.60

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)

f

Trucking

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C,

7.329%,

(1-month

SOFR

+

3.5%),

3/16/29

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

United

States

1,393,000

$

1,383,137

0.26

New

Term

Loan,

B,

5.51%,

(1-month

USD

LIBOR

+

1.75%),

8/06/27

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

United

States

885,577

856,796

0.16

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

8.004

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

12/15/28

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

United

States

3,925,748

3,051,916

0.56

5,291,849

0.98

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$483,214,125)

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

445,073,787

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

$564,865,742)

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

515,574,363

95.21

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,

2.999%,

11/01/22

(Maturity

Value

$12,657,018)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$573,742)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$1,180,900)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$10,902,376)

Collateralized

by

U.S.

Government

Agency

Securities,

0.38%

-

5%,

8/25/25

-

8/20/51;

U.S.

Treasury

Bonds,

6.75%,

8/15/26;

and

U.S.

Treasury

Notes,

2%,

8/15/25

(valued

at

$12,909,675)

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

12,655,964

12,655,964

2.34

Total

Repurchase

Agreements

(Cost

$12,655,964)

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

12,655,964

2.34

a

a

a

Total

Short

Term

Investments

(Cost

$12,655,964

)

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

12,655,964

2.34

a

Total

Investments

(Cost

$577,521,706)

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

$528,230,327

97.55

Other

Assets,

less

Liabilities

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

13,280,679

2.45

Net

Assets

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

$541,511,006

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.

28

See

Abbreviations

on

page

35

.

*

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

October

31,

2022,

the

aggregate

value

of

these

securities

was

$20,796,755,

representing

3.8%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

See

Note

4

regarding

unfunded

loan

commitments.

i

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.

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

October

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Floating

Rate

Master

Trust

29

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

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

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. 

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

30

Quarterly

Schedules

of

Investments

3.

Holdings

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

October

31,

2022,

investments

in

“affiliated

companies”

were

as

follows: 

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

Schedules of

Investments.

At

October

31,

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

Quarternorth

Energy

Holding

Inc

.......

$

36,551,896

$

—

a

$

—

$

—

$

4,070,46

5

$

40,622,361

331,161

$

1,397,879

Quarternorth

Energy

Holding,

Inc.,

2/01/49

13,240,254

—

—

—

1,474,451

14,714,705

119,957

—

Interest

QuarterNorth

Energy

Holding

Inc.-Initial

New

Loan

...........

14,847,707

—

a

(14,153,940)

14,153,940

(14,847,707)

—

b

—

406,910

c

Total

Affiliated

Securities

(Value

is

11.2%

of

Net

Assets)

..........

$64,639,857

$—

$(14,153,940)

$

14,153,940

$

(9,302,79

1

)

$55,337,066

$1,804,789

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

October

31,

2022,

no

longer

held

by

the

fund.

c

Includes

non-cash

dividend/interest

received.

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Master

Series

athenahealth

Group,

Inc.

$

913,043

Aveanna

Healthcare

LLC

349,279

Dermatology

Intermediate

Holdings

III,

Inc.

77,130

Medical

Solutions

Holdings,

Inc.

399,834

Osmosis

Buyer

Ltd.

226,263

Thrasio

LLC

900,000

$

2,865,549

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Income

Fund

athenahealth

Group,

Inc.

$

143,330

Aveanna

Healthcare

LLC

283,565

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

31

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

October

31,

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.)

• 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. 

Dermatology

Intermediate

Holdings

III,

Inc.

$

91,217

Medical

Solutions

Holdings,

Inc.

177,697

Osmosis

Buyer

Ltd.

189,728

Thrasio

LLC

2,250,000

$

3,135,537

    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,

2.86%

.

$

17,187,861

$

163,756,746

$

(164,855,188)

$

—

$

—

$

16,089,419

16,089,419

$

128,069

Total

Affiliated

Securities

...

$17,187,861

$163,756,746

$(164,855,188)

$—

$—

$16,089,419

$128,069

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

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

$3,541,365

$—

$—

$—

$(60,022)

$3,481,343

461,717

$66,685

Franklin

Senior

Loan

ETF

....

13,667,837

—

(3,104,243)

(235,108)

(17,637)

10,310,849

445,971

177,444

Total

Affiliated

Securities

...

$17,209,202

$—

$(3,104,243)

$(235,108)

$(77,659)

$13,792,192

$244,129

4.

Unfunded

Loan

Commitments  

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

32

Quarterly

Schedules

of

Investments

A

summary

of

inputs

used

as

of

October

31,

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

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

$

—

$

21,799

$

—

$

21,799

Machinery

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

—

2,234,196

—

2,234,196

Oil,

Gas

&

Consumable

Fuels

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

—

40,622,361

—

40,622,361

Road

&

Rail

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

—

—

—

a

—

Preferred

Stocks

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

—

156,448

—

156,448

Warrants

:

Machinery

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

—

—

28,527

28,527

Oil,

Gas

&

Consumable

Fuels

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

—

14,714,705

—

14,714,705

Corporate

Bonds

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

��

—

13,946,467

13,946,467

Senior

Floating

Rate

Interests

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

—

385,920,247

—

385,920,247

Short

Term

Investments

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

16,089,419

—

—

16,089,419

Total

Investments

in

Securities

...........

$16,089,419

$443,669,756

$13,974,994

$473,734,169

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

308,910

$

—

$

308,910

Total

Other

Financial

Instruments

.........

$—

$308,910

$—

$308,910

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

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

$

—

$

8,246,441

$

—

$

8,246,441

Leisure

Facilities

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

—

25,742

—

25,742

Oil

&

Gas

Exploration

&

Production

.........

—

13,711,539

—

13,711,539

Trucking

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

—

—

—

a

—

Management

Investment

Companies

:

Asset

Management

&

Custody

Banks

.......

12,744,848

3,481,343

—

16,226,191

Preferred

Stocks

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

—

184,740

—

184,740

Warrants

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

—

—

3,275

3,275

Corporate

Bonds

:

Airlines

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

—

3,905,649

—

3,905,649

Broadcasting

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

—

387,164

—

387,164

Cable

&

Satellite

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

—

2,403,367

—

2,403,367

Casinos

&

Gaming

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

—

837,270

—

837,270

Communications

Equipment

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

—

586,461

—

586,461

Construction

Materials

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

—

639,627

—

639,627

Diversified

Chemicals

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

—

957,330

—

957,330

Environmental

&

Facilities

Services

.........

—

765,400

—

765,400

Independent

Power

Producers

&

Energy

Traders

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

—

1,620,545

—

1,620,545

Integrated

Telecommunication

Services

......

—

1,574,820

—

1,574,820

Investment

Banking

&

Brokerage

..........

—

708,916

—

708,916

Metal

&

Glass

Containers

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

—

1,637,905

—

1,637,905

Movies

&

Entertainment

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

—

464,055

—

464,055

Multi-line

Insurance

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

—

433,224

—

433,224

Office

Services

&

Supplies

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

—

287,432

—

287,432

Oil

&

Gas

Equipment

&

Services

...........

—

230,639

—

230,639

Oil

&

Gas

Storage

&

Transportation

.........

—

416,050

—

416,050

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

33

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 October

31,

2022,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Paper

Packaging

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

$

—

$

1,038,724

$

—

$

1,038,724

Specialized

Consumer

Services

...........

—

661,454

—

661,454

Specialized

Finance

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

—

392,312

—

392,312

Specialty

Chemicals

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

—

514,654

—

514,654

Specialty

Stores

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

—

342,790

—

342,790

Trucking

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

—

407,500

10,602,411

11,009,911

Wireless

Telecommunication

Services

.......

—

286,949

—

286,949

Senior

Floating

Rate

Interests

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

—

445,073,787

—

445,073,787

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

12,655,964

—

12,655,964

Total

Investments

in

Securities

...........

$12,744,848

$504,879,793

$10,605,686

$528,230,327

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$253,860

$—

$253,860

$—

$—

$—

$—

Total

Other

Financial

Instruments

.........

$—

$253,860

$—

$253,860

a

Includes

securities

determined

to

have

no

value

at

October

31,

2022.

Balance

at

Beginning

of

Period

Purchases

Sales

a

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

:

Road

&

Rail

.......

$

—

b

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

b

$

—

Warrants

:

Machinery

.........

33,671

—

—

—

—

—

—

(5,144)

28,527

(5,144)

Corporate

Bonds

:

Road

&

Rail

.......

12,701,843

—

—

—

—

395,136

—

849,488

13,946,467

849,488

Senior

Floating

Rate

Interests

:

Household

Products

..

1,717,329

—

(477,266)

—

—

—

(12,953,735)

11,713,672

—

—

Total

Investments

in

Securities

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

$14,452,843

$—

$(477,266)

$—

$—

$395,136

$(12,953,735)

$12,558,016

$13,974,994

$844,344

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

34

Quarterly

Schedules

of

Investments

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

b

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

October

31,

2022,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

a

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

Trucking

..........

$

—

b

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

b

$

—

Warrants

Industrial

Machinery

..

3,866

—

—

—

—

—

—

(591)

3,275

(591)

Corporate

Bonds

Trucking

..........

9,656,220

—

—

—

—

276,161

—

670,030

10,602,411

670,030

Senior

Floating

Rate

Interests

Household

Products

..

1,118,494

—

(310,842)

—

—

—

(8,589,137)

7,781,485

—

—

Escrows

and

Litigation

Trusts

...........

—

b

—

—

—

—

—

—

—

—

b

—

Total

Investments

in

Securities

.

$10,778,580

$—

$(310,842)

$—

$—

276,161

(8,589,137)

8,450,924

$10,605,686

$

669,439

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Floating

Rate

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Road

&

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

$13,946,467

Discounted

cash

flow

Discount

rate

16.6%

Decrease

Free

cash

flow

$13.9

mil

Increase

All

Other

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

 28,527

b,c

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

$13,974,994

Franklin

Floating

Rate

Masters

Series

Assets:

Investments

in

Securities:

Corporate

Bonds:

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

$10,602,411

Discounted

cash

flow

Discount

rate

16.6%

Decrease

Free

cash

flow

$10.6

mil

Increase

All

Other

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

3,275

b,c

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

$10,605,686

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

35

Quarterly

Schedules

of

Investments

Abbreviations

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

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.

c

Includes

securities

determined

to

have

no

value

at

October

31,

2022.

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

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.