Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Master Series (Apr 2023 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

11

Notes

to

Schedules

of

Investments

27

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2023

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

14.4%

Ground

Transportation

0.2%

a,b,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

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

Australia

7,733,610

$

774,027

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

88,077

18,936

Machinery

0.5%

b

UTEX

Industries,

Inc.

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

United

States

32,616

2,125,487

Oil,

Gas

&

Consumable

Fuels

13.7%

c

Quarternorth

Energy

Holding,

Inc.

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

United

States

401,118

56,022,747

Total

Common

Stocks

(Cost

$51,447,945)

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

58,941,197

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

208,597

4,172

b

Total

Preferred

Stocks

(Cost

$281,502)

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

4,172

Warrants

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.,

2/20/49

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

United

States

2,796

9,426

Total

Warrants

(Cost

$–)

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

9,426

Principal

Amount

*

Senior

Floating

Rate

Interests

79.5%

Aerospace

&

Defense

1.7%

d,e

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

7,805,135

6,789,492

Air

Freight

&

Logistics

0.2%

e

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.127

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

775,480

729,195

e

Automobile

Components

3.5%

Adient

US

LLC

,

CME

Term

Loan,

B1

,

8.347

%

,

(

1-month

SOFR

+

3.25

%

),

4/10/28

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

United

States

903,034

904,303

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/04/28

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

United

States

1,696,060

1,617,838

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan,

10.252%,

(6-month

SOFR

+

5%),

3/30/27

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

United

States

5,413,936

5,258,286

Second

Lien,

2021

Term

Loan,

13.602%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

2,000,000

1,775,840

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

9.525

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

3,067,384

2,962,909

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

8.409

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

...........

United

States

1,911,919

1,908,334

14,427,510

a

a

a

a

a

a

Automobiles

0.6%

e,f

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.657

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

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

United

States

2,761,435

2,398,997

e

Beverages

0.9%

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

8.76

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

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

United

States

3,606,194

1,498,843

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

Beverages

(continued)

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.659

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

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

United

States

2,058,115

$

1,955,724

3,454,567

a

a

a

a

a

a

Building

Products

0.8%

e

Quikrete

Holdings,

Inc.

,

First

Lien,

Fourth

Amendment

Term

Loan,

B1

,

8.025

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/19/29

...........

United

States

3,257,569

3,248,676

e

Capital

Markets

1.6%

Citadel

Securities

LP

,

2021

CME

Term

Loan,

7.597%,

(1-month

SOFR

+

2.5%),

2/02/28

United

States

2,996,073

2,980,149

CME

Term

Loan,

B1,

8.097%,

(1-month

SOFR

+

3%),

2/02/28

..

United

States

411,930

411,415

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/07/28

...

United

States

486,189

471,209

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

7.775

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

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

United

States

1,300,785

1,297,637

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B

,

8.584

%

,

(

1-month

SOFR

+

3.75

%

),

7/31/28

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

United

Kingdom

1,513,256

1,475,811

6,636,221

a

a

a

a

a

a

e

Chemicals

6.4%

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

Dollar

Facility

CME

Term

Loan,

B4

,

7.898

%

,

(

3-month

SOFR

+

3

%

),

12/20/29

.....

United

States

900,000

903,798

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.91

%

,

(

3-month

SOFR

+

3.75

%

),

12/29/27

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

United

States

817,384

627,342

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

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

United

States

2,725,899

2,685,010

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

9.454%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

3,205,775

2,883,194

Second

Lien,

Initial

CME

Term

Loan,

12.502%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

1,325,581

1,102,440

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

7.847

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

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

United

Kingdom

3,399,446

3,390,097

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

8.657

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

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

Luxembourg

2,784,375

2,784,375

LSF11

A5

Holdco

LLC

,

CME

Term

Loan,

8.597%,

(1-month

SOFR

+

3.5%),

10/15/28

...

United

States

357,638

347,177

Fourth

Amendment

Incremental

CME

Term

Loan,

B,

9.332%,

(1-month

SOFR

+

4.25%),

10/15/28

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

United

States

1,238,095

1,222,099

Nouryon

Finance

BV

,

2023

CME

Term

Loan

,

8.99

%

,

(

3-month

SOFR

+

4

%

),

4/03/28

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

Netherlands

976,563

975,342

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.304

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

4,977,225

4,377,569

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

5,113,443

5,016,364

26,314,807

a

a

a

a

a

a

e

Commercial

Services

&

Supplies

5.7%

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

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

United

States

3,263,010

3,152,442

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

8.906

%

,

(

3-month

SOFR

+

4%;

3-month

SOFR

+

4%

),

2/15/29

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

United

States

685,818

660,099

APX

Group,

Inc.

,

Initial

Term

Loan

,

8.25

%

,

(

3-month

USD

LIBOR

+

2.25%;

3-month

USD

LIBOR

+

3.25%

),

7/10/28

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

United

States

3,015,914

3,018,372

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.898

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

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

United

States

1,641,872

1,616,735

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

Commercial

Services

&

Supplies

(continued)

Indicor

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.398

%

,

(

3-month

SOFR

+

4.5

%

),

11/22/29

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

United

States

593,946

$

591,164

Madison

IAQ

LLC

,

Term

Loan

,

8.302

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

1,092,911

1,054,102

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.097

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

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

United

States

9,694,942

9,313,252

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

7.608

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

9/23/26

United

States

2,834,304

2,832,972

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

8.986

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

1,055,385

873,906

23,113,044

a

a

a

a

a

a

Communications

Equipment

0.5%

e

CommScope,

Inc.

,

Initial

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

2,374,160

2,205,595

Construction

&

Engineering

0.5%

e

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.34

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

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

United

States

2,069,195

2,034,071

Consumer

Staples

Distribution

&

Retail

1.3%

e

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

11.01

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

5,636,640

5,242,075

e

Containers

&

Packaging

2.8%

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

8.672

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

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

United

States

2,798,938

2,766,792

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.129

%

,

(

6-month

SOFR

+

4.75

%

),

2/12/26

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

Luxembourg

2,766,097

2,555,182

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

8.803

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

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

United

States

3,100,000

3,094,916

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.347

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

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

United

States

2,962,406

2,937,048

11,353,938

a

a

a

a

a

a

Diversified

Consumer

Services

0.1%

e

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

8.732

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

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

United

States

578,704

573,238

e

Diversified

Telecommunication

Services

0.9%

Altice

France

SA

,

USD

CME

Term

Loan,

B14

,

10.486

%

,

(

3-month

SOFR

+

5.5

%

),

8/15/28

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

France

496,718

468,572

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.332

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

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

United

States

3,689,838

3,245,618

3,714,190

a

a

a

a

a

a

Electrical

Equipment

0.3%

e

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.332

%

,

(

1-month

SOFR

+

4.25

%

),

5/13/29

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

United

States

1,387,775

1,388,642

Entertainment

0.5%

e

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

7.775

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,828,321

1,818,037

e

Financial

Services

1.0%

Mercury

Borrower,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

11.375

%

,

(

1-month

USD

LIBOR

+

6.5

%

),

8/02/29

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

United

States

500,000

451,563

f

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

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

United

States

1,640,784

1,119,835

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

Financial

Services

(continued)

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

2,479,487

$

2,480,268

4,051,666

a

a

a

a

a

a

Food

Products

0.6%

e

B&G

Foods,

Inc.

,

Tranche

Term

Loan,

B4

,

7.525

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

10/10/26

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

United

States

2,377,536

2,305,152

Ground

Transportation

1.2%

e

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C,

8.582%,

(1-month

SOFR

+

3.5%),

3/16/29

..

United

States

2,378,481

2,383,678

New

CME

Term

Loan,

B,

6.847%,

(1-month

SOFR

+

1.75%),

8/06/27

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

United

States

2,707,023

2,688,696

5,072,374

a

a

a

a

a

a

e

Health

Care

Equipment

&

Supplies

0.6%

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

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

United

States

1,755,854

1,706,717

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

10.332

%

,

(

1-month

SOFR

+

5.25

%

),

12/15/27

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

United

States

748,239

693,681

2,400,398

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

5.6%

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan

,

8.4

%

,

(

1-month

USD

LIBOR

+

3.375

%

),

12/23/27

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

United

States

3,184,512

3,010,367

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

8.703

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

7/17/28

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

United

States

1,836,385

1,591,632

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.084

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

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

United

States

1,233,468

1,188,446

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.459

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

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

United

States

3,233,450

3,206,935

FINThrive

Software

Intermediate

Holdings,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

11.775

%

,

(

1-month

USD

LIBOR

+

6.75

%

),

12/17/29

.

United

States

763,254

546,204

Global

Medical

Response,

Inc.

,

2018

New

Term

Loan

,

9.203

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

3/14/25

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

United

States

1,183,318

735,580

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.24

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

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

United

States

1,275,777

1,231,444

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

9.203

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

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

United

States

1,819,773

1,568,044

National

Mentor

Holdings,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

12.248

%

,

(

3-month

SOFR

+

7.25

%

),

3/02/29

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

United

States

2,000,000

1,200,000

Pacific

Dental

Services

LLC

,

Term

Loan

,

8.51

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

1,452,176

1,449,148

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.09

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

11/15/28

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

United

States

830,466

817,440

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.347

%

,

(

1-month

SOFR

+

4.25

%

),

7/09/25

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

United

States

3,680,774

2,729,901

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.098

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

1,943,277

1,849,757

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

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

United

States

1,702,966

1,701,638

22,826,536

a

a

a

a

a

a

Health

Care

Technology

0.2%

e

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.464

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

875,048

822,855

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

Hotels,

Restaurants

&

Leisure

3.1%

d

24

Hour

Fitness

Worldwide,

Inc.

,

Tranche

1

Term

Loan

,

10.143

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

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

United

States

4,328,011

$

368,696

Bally's

Corp.

,

Term

Loan,

B

,

8.198

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

5,876,367

5,674,661

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

8.025

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

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

United

States

1,720,006

1,714,940

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

8.082

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

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

United

States

719,197

708,683

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.947

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

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

United

States

1,771,106

1,760,409

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.421

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

2,558,438

2,524,858

12,752,247

a

a

a

a

a

a

e

Insurance

4.7%

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

1,798,287

1,723,658

First

Lien,

2021-1

Additional

Term

Loan,

8.775%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

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

United

States

1,668,081

1,602,401

First

Lien,

2021-2

Additional

Term

Loan,

9.275%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

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

United

States

557,114

541,097

Alliant

Holdings

Intermediate

LLC

,

New

Term

Loan,

B4

,

8.51

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

11/05/27

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

United

States

1,386,666

1,376,731

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.482%,

(1-month

SOFR

+

3.5%),

2/12/27

United

States

1,581,770

1,556,730

2020

February

Refinancing

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

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

United

States

2,314,526

2,278,848

2021

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

United

States

695,053

685,496

2022-2

CME

Term

Loan,

9.232%,

(1-month

SOFR

+

4.25%),

2/12/27

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

United

States

680,789

680,364

Asurion

LLC

,

New

CME

Term

Loan,

B10,

8.907%,

(3-month

SOFR

+

4%),

8/19/28

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

United

States

472,625

440,638

New

CME

Term

Loan,

B11,

9.332%,

(1-month

SOFR

+

4.25%),

8/19/28

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

United

States

172,414

160,862

Second

Lien,

New

Term

Loan,

B4,

10.275%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

9,070,140

7,557,513

HUB

International

Ltd.

,

2022

Incremental

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4

%

),

11/10/29

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

United

States

644,935

644,461

19,248,799

a

a

a

a

a

a

e

IT

Services

4.5%

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

9.659%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

5,426,420

3,910,116

Second

Lien,

Initial

Term

Loan,

13.275%,

(1-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

11,037,961

6,098,473

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.998

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

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

United

States

2,941,191

2,841,940

Go

Daddy

Operating

Co.

LLC

(GD

Finance

Co.,

Inc.)

,

Amendment

No.

6

CME

Term

Loan

,

8.232

%

,

(

1-month

SOFR

+

3.25

%

),

11/09/29

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

United

States

395,833

396,734

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

3,440,006

3,376,573

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

IT

Services

(continued)

Thrasio

LLC

,

Initial

Term

Loan

,

12.159

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

2,210,427

$

1,950,702

18,574,538

a

a

a

a

a

a

Leisure

Products

0.0%

†

e

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

8.07

%

,

(

1-month

SOFR

+

3.5

%

),

12/16/24

United

States

188,788

179,034

e

Machinery

1.2%

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

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

United

States

2,505,996

2,438,485

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

8.602

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

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

Germany

2,495,699

2,440,069

4,878,554

a

a

a

a

a

a

e

Media

5.0%

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

9.88

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

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

United

States

2,242,431

2,193,221

CSC

Holdings

LLC

,

2022

Refinancing

CME

Term

Loan

,

9.39

%

,

(

1-month

SOFR

+

4.5

%

),

1/18/28

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

United

States

5,053,552

4,659,804

Gray

Television,

Inc.

,

Term

Loan,

D

,

7.918

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

3,940,125

3,862,544

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

9.823

%

,

(

3-month

USD

LIBOR

+

4.75%;

6-month

USD

LIBOR

+

4.75%

),

7/28/28

..

United

States

2,593,893

2,506,077

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

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

United

States

797,163

662,147

Univision

Communications,

Inc.

,

First

Lien,

2021

Replacement

Converted

Term

Loan,

8.275%,

(1-month

USD

LIBOR

+

3.25%),

3/15/26

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

United

States

1,272,570

1,266,208

First

Lien,

Initial

Term

Loan,

B,

8.275%,

(1-month

USD

LIBOR

+

3.25%),

1/31/29

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

United

States

1,980,000

1,952,161

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

8.198

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

3,556,664

3,526,539

20,628,701

a

a

a

a

a

a

e

Passenger

Airlines

3.6%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

10

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

1,931,462

1,947,281

Air

Canada

,

Term

Loan

,

8.369

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

2,721,297

2,720,031

Kestrel

Bidco,

Inc.

,

Term

Loan

,

8.064

%

,

(

1-month

SOFR

+

3

%

),

12/11/26

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

Canada

4,045,326

3,839,136

United

AirLines,

Inc.

,

Term

Loan,

B

,

8.77

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

6,081,676

6,072,159

14,578,607

a

a

a

a

a

a

e

Personal

Care

Products

0.9%

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

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

United

States

1,296,709

1,216,209

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

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

Luxembourg

2,488,800

2,464,858

3,681,067

a

a

a

a

a

a

e

Pharmaceuticals

3.8%

Bausch

Health

Cos.,

Inc.

,

Second

Amendment

CME

Term

Loan

,

10.24

%

,

(

1-month

SOFR

+

5.25

%

),

2/01/27

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

United

States

3,505,607

2,840,734

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

7.025

%

,

(

1-month

USD

LIBOR

+

2

%

),

11/15/27

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

Spain

3,400,000

3,315,000

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Pharmaceuticals

(continued)

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

5,748,054

$

5,747,019

Organon

&

Co.

,

Dollar

Term

Loan

,

8

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

3,533,958

3,533,234

15,435,987

a

a

a

a

a

a

Professional

Services

0.3%

e

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.78

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

1,399,976

1,354,476

Semiconductors

&

Semiconductor

Equipment

0.6%

e

MKS

Instruments,

Inc.

,

Initial

Dollar

CME

Term

Loan,

B

,

7.814

%

,

(

1-month

SOFR

+

2.75

%

),

8/17/29

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

United

States

2,636,750

2,631,094

e

Software

7.4%

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

10.385

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

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

United

States

2,918,479

2,062,387

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.832%,

(1-month

SOFR

+

3.75%),

10/08/28

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

United

States

2,747,708

2,660,124

Second

Lien,

Initial

CME

Term

Loan,

11.082%,

(1-month

SOFR

+

6%),

10/08/29

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

United

States

672,004

599,203

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.696%,

(6-month

SOFR

+

4%),

10/16/26

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

United

States

707,105

701,767

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

11.696%,

(3-month

USD

LIBOR

+

7%),

2/19/29

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

United

States

1,180,457

1,095,978

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

1,061,222

1,050,058

Epicor

Software

Corp.

,

Term

Loan,

C

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

1,765,831

1,746,389

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

........

United

States

1,875,028

1,860,581

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.59

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

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

United

States

4,611,715

2,853,499

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

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

United

States

1,547,665

1,539,764

Second

Lien,

2021

Refinancing

Term

Loan,

11.275%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

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

United

States

83,333

80,282

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.653

%

,

(

1-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

3,835,678

3,712,936

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

9.212%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

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

United

States

2,158,435

1,745,052

First

Lien,

First

Amendment

Term

Loan,

8.984%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

246,599

197,703

McAfee

Corp.

,

CME

Term

Loan,

B1

,

8.653

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

2,360,530

2,231,551

Mitchell

International,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

11.525

%

,

(

1-month

USD

LIBOR

+

6.5

%

),

10/15/29

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

United

States

428,571

367,033

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

9.159

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

1,287,455

1,196,619

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.076

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

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

United

States

1,725,734

1,485,115

Rocket

Software,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.275

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

11/28/25

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

United

States

2,312,645

2,294,977

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

Software

(continued)

UKG,

Inc.

,

Second

Lien,

2021

Incremental

CME

Term

Loan

,

10.271

%

,

(

3-month

SOFR

+

5.25

%

),

5/03/27

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

United

States

723,473

$

698,755

30,179,773

a

a

a

a

a

a

e

Specialty

Retail

4.6%

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.66

%

,

(

3-month

SOFR

+

5.5

%

),

4/26/28

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

United

States

3,279,129

3,234,041

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

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

United

States

1,782,569

1,771,437

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

9.409

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

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

United

States

2,162,916

1,988,423

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.522

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

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

United

States

2,354,436

2,206,860

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

1/31/28

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

United

States

4,337,727

3,950,606

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

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

United

States

2,686,500

2,507,176

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

9.814

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

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

United

States

1,072,320

971,222

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

8.732

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

..........

United

States

2,021,066

2,007,172

18,636,937

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

0.8%

e

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

9.58

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

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

United

States

3,956,274

3,347,997

e

Textiles,

Apparel

&

Luxury

Goods

0.7%

Hanesbrands,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.557

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

1,500,000

1,495,785

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/16/28

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

United

States

1,587,949

1,478,452

2,974,237

a

a

a

a

a

a

e

Transportation

Infrastructure

0.8%

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

8.143%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

1,507,875

1,440,118

Initial

Term

Loan,

C,

8.143%,

(3-month

USD

LIBOR

+

3%),

7/21/28

United

States

563,658

538,331

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.659

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

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

United

States

1,333,066

1,153,935

3,132,384

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$349,931,006)

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

325,135,708

Total

Long

Term

Investments

(Cost

$401,660,453)

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

384,090,503

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.

10

See

Abbreviations

on

page

32

.

Short

Term

Investments

4.4%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

4.4%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.483%

....

United

States

18,042,332

$

18,042,332

Total

Money

Market

Funds

(Cost

$18,042,332)

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

18,042,332

Total

Short

Term

Investments

(Cost

$18,042,332

)

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

18,042,332

a

Total

Investments

(Cost

$419,702,785)

98.3%

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

$402,132,835

Other

Assets,

less

Liabilities

1.7%

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

7,123,521

Net

Assets

100.0%

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

$409,256,356

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

holdings

of

5%

voting

securities.

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

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2023

Franklin

Floating

Rate

Master

Series

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

&

Supplies

&

Components

a

UTEX

Industries,

Inc.

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

United

States

120,386

$

7,845,194

1.88

a

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

22,362

0.01

a

Oil

&

Gas

Exploration

&

Production

b

Quarternorth

Energy

Holding,

Inc.

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

United

States

111,779

15,611,782

3.74

Passenger

Ground

Transportation

a,b,c

Onsite

Rental

Group

Operations

Pty.

Ltd.

...........

Australia

5,879,078

588,414

0.14

a

Total

Common

Stocks

(Cost

$25,422,296)

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

24,067,752

5.77

Management

Investment

Companies

Asset

Management

&

Custody

Banks

d

Franklin

Senior

Loan

ETF

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

United

States

345,051

8,174,258

1.96

Invesco

Senior

Loan

ETF

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

United

States

117,471

2,452,795

0.59

10,627,053

2.55

Total

Management

Investment

Companies

(Cost

$11,310,275)

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

10,627,053

2.55

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

4,926

0.00

†

a

Total

Preferred

Stocks

(Cost

$332,425)

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

4,926

0.00

†

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

&

Supplies

&

Components

a,c

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

1,082

0.00

†

Total

Warrants

(Cost

$–)

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

1,082

0.00

†

Principal

Amount

*

a

Corporate

Bonds

Broadcasting

e

Univision

Communications,

Inc.,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

400,000

394,384

0.10

Cable

&

Satellite

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

...

United

States

2,100,000

1,845,206

0.44

e

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

9/15/26

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

United

States

600,000

467,579

0.11

2,312,785

0.55

Cargo

Ground

Transportation

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.,

Senior

Secured

Note,

144A,

4%,

7/31/29

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

United

States

500,000

433,889

0.10

Casinos

&

Gaming

e

International

Game

Technology

plc,

Senior

Secured

Note,

144A,

5.25%,

1/15/29

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

United

States

900,000

864,031

0.21

Communications

Equipment

e

CommScope,

Inc.,

Senior

Secured

Note,

144A,

4.75%,

9/01/29

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

United

States

692,300

559,687

0.13

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.

12

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Construction

Materials

e

Cemex

SAB

de

CV,

Senior

Bond,

144A,

5.2%,

9/17/30

.

Mexico

750,000

$

698,724

0.17

Diversified

Chemicals

e

SCIH

Salt

Holdings,

Inc.,

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

1,100,000

991,458

0.24

Environmental

&

Facilities

Services

e

GFL

Environmental,

Inc.,

Senior

Secured

Note,

144A,

3.5%,

9/01/28

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

Canada

900,000

819,055

0.20

Health

Care

Services

e

MPH

Acquisition

Holdings

LLC,

Senior

Secured

Note,

144A,

5.5%,

9/01/28

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

United

States

453,000

346,749

0.08

Independent

Power

Producers

&

Energy

Traders

e

Calpine

Corp.,

Senior

Secured

Note,

144A,

4.5%,

2/15/28

United

States

1,800,000

1,679,225

0.40

Integrated

Telecommunication

Services

e

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.125%,

7/15/29

.......

France

800,000

592,201

0.14

Senior

Secured

Note,

144A,

5.5%,

10/15/29

........

France

1,270,000

951,840

0.23

1,544,041

0.37

Investment

Banking

&

Brokerage

e

Jane

Street

Group

/

JSG

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

11/15/29

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

United

States

800,000

716,771

0.17

Metal,

Glass

&

Plastic

Containers

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.,

Senior

Secured

Note,

144A,

4.125%,

8/15/26

...

United

States

900,000

849,217

0.21

Movies

&

Entertainment

e

Banijay

Entertainment

SASU,

Senior

Secured

Note,

144A,

5.375%,

3/01/25

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

France

500,000

488,120

0.12

Multi-line

Insurance

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.,

Senior

Secured

Note,

144A,

4.25%,

2/15/29

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

United

States

529,400

443,624

0.11

Office

Services

&

Supplies

Pitney

Bowes,

Inc.,

Senior

Bond,

4.625%,

3/15/24

.....

United

States

314,000

309,772

0.07

Oil

&

Gas

Equipment

&

Services

e

Weatherford

International

Ltd.,

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

241,100

241,357

0.06

Oil

&

Gas

Storage

&

Transportation

Cheniere

Energy,

Inc.,

Senior

Note,

4.625%,

10/15/28

..

United

States

450,000

429,345

0.10

Other

Specialty

Retail

e

99

Escrow

Issuer,

Inc.,

Senior

Secured

Note,

144A,

7.5%,

1/15/26

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

United

States

580,645

227,558

0.06

Paper

&

Plastic

Packaging

Products

&

Materials

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

10/15/28

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

United

States

375,000

330,583

0.08

e

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC,

Senior

Secured

Note,

144A,

4%,

10/15/27

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

United

States

800,000

721,004

0.17

1,051,587

0.25

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)

Passenger

Airlines

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

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

United

States

1,700,000

$

1,671,345

0.40

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

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

United

States

1,042,000

1,022,243

0.24

e

United

Airlines,

Inc.,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

1,165,000

1,114,001

0.27

3,807,589

0.91

Specialized

Consumer

Services

e

WW

International,

Inc.,

Senior

Secured

Note,

144A,

4.5%,

4/15/29

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

United

States

1,200,000

766,920

0.18

Specialty

Chemicals

e

ASP

Unifrax

Holdings,

Inc.,

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

645,200

532,290

0.13

Wireless

Telecommunication

Services

e

Vmed

O2

UK

Financing

I

plc,

Senior

Secured

Bond,

144A,

4.25%,

1/31/31

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

United

Kingdom

360,000

298,814

0.07

Total

Corporate

Bonds

(Cost

$23,041,660)

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

20,806,992

4.99

Senior

Floating

Rate

Interests

f

Advertising

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

8.75

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

8/21/26

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

United

States

2,061,751

1,945,994

0.47

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2020

June

New

Term

Loan,

8.775%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

..........

United

States

606,941

604,969

0.14

First

Lien,

Amendment

No.

2

Initial

Term

Loan,

8.775%,

(1-month

USD

LIBOR

+

3.75%),

9/13/24

..........

United

States

1,200,168

1,196,915

0.29

3,747,878

0.90

a

a

a

a

a

a

Aerospace

&

Defense

f,g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

14

%

,

PIK,

(

3-month

USD

LIBOR

+

0.5

%

),

3/06/25

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

United

Kingdom

4,767,588

4,147,205

1.00

f

Air

Freight

&

Logistics

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

Term

Loan,

B1

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/24/26

....

United

States

2,036,088

2,032,270

0.49

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.127

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

2,285,672

2,149,252

0.51

4,181,522

1.00

a

a

a

a

a

a

f

Airport

Services

First

Student

Bidco,

Inc.

,

Initial

Term

Loan,

B,

8.143%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

1,780,939

1,700,913

0.41

Initial

Term

Loan,

C,

8.143%,

(3-month

USD

LIBOR

+

3%),

7/21/28

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

United

States

665,733

635,818

0.15

LaserShip,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.659

%

,

(

3-month

USD

LIBOR

+

4.5

%

),

5/07/28

...........

United

States

2,730,762

2,363,816

0.57

4,700,547

1.13

a

a

a

a

a

a

Alternative

Carriers

f

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

Term

Loan

,

8.025

%

,

(

1-month

USD

LIBOR

+

3

%

),

3/09/27

......

United

States

623,553

508,884

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.

14

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Apparel,

Accessories

&

Luxury

Goods

Champ

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

10.71

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

12/19/25

....

United

States

1,545,886

$

1,548,978

0.37

Tory

Burch

LLC

,

Initial

Term

Loan,

B

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/16/28

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

United

States

578,451

538,564

0.13

2,087,542

0.50

a

a

a

a

a

a

f

Application

Software

Central

Parent,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.148

%

,

(

3-month

SOFR

+

4.25

%

),

7/06/29

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

United

States

615,600

615,763

0.15

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.832%,

(1-month

SOFR

+

3.75%),

10/08/28

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

United

States

2,221,200

2,150,399

0.51

Second

Lien,

Initial

CME

Term

Loan,

11.082%,

(1-month

SOFR

+

6%),

10/08/29

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

United

States

918,595

819,079

0.20

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/16/28

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

United

States

890,197

798,578

0.19

ECI

Macola/MAX

Holding

LLC

,

First

Lien,

Initial

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

11/09/27

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

United

States

1,426,578

1,411,571

0.34

Epicor

Software

Corp.

,

Term

Loan,

C

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

7/30/27

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

United

States

2,931,988

2,899,706

0.70

Genesys

Cloud

Services

Holdings

I

LLC

,

2020

Initial

Dollar

Term

Loan

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

12/01/27

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

United

States

4,098,562

4,066,983

0.98

GoTo

Group,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.59

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

8/31/27

..........

United

States

2,162,091

1,337,794

0.32

IGT

Holding

IV

AB

,

CME

Term

Loan,

B2

,

8.462

%

,

(

1-month

SOFR

+

3.4

%

),

3/31/28

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

Sweden

505,467

505,151

0.12

Mitchell

International,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.76%,

(1-month

USD

LIBOR

+

3.75%),

10/15/28

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

United

States

2,171,754

2,092,159

0.50

Second

Lien,

Initial

Term

Loan,

11.525%,

(1-month

USD

LIBOR

+

6.5%),

10/15/29

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

United

States

142,857

122,345

0.03

Polaris

Newco

LLC

,

First

Lien,

Dollar

Term

Loan

,

9.159

%

,

(

3-month

USD

LIBOR

+

4

%

),

6/02/28

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

United

States

1,885,927

1,752,865

0.42

UKG,

Inc.

,

First

Lien,

2021-2

Incremental

CME

Term

Loan,

8.271%,

(3-month

SOFR

+

3.25%),

5/04/26

........

United

States

1,418,876

1,383,887

0.33

First

Lien,

Initial

CME

Term

Loan,

8.895%,

(3-month

SOFR

+

3.75%),

5/04/26

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

United

States

1,617,614

1,593,900

0.38

21,550,180

5.17

a

a

a

a

a

a

f

Asset

Management

&

Custody

Banks

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/07/28

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

United

States

1,542,652

1,495,123

0.36

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

CME

Term

Loan

,

8.407

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/25

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

United

States

336,490

328,236

0.08

1,823,359

0.44

a

a

a

a

a

a

Automobile

Manufacturers

f

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.657

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

...

United

States

3,170,567

2,754,430

0.66

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)

Automotive

Parts

&

Equipment

f

Adient

US

LLC

,

CME

Term

Loan,

B1

,

8.347

%

,

(

1-month

SOFR

+

3.25

%

),

4/10/28

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

United

States

1,497,760

$

1,499,864

0.36

Clarios

Global

LP

,

f

First

Lien,

Amendment

No.

1

Dollar

Term

Loan,

8.275%,

(1-month

USD

LIBOR

+

3.25%),

4/30/26

..........

United

States

1,100,349

1,099,546

0.26

h,i

Incremental

CME

Term

Loan,

TBD,

4/20/30

........

United

States

587,084

586,837

0.14

f

DexKo

Global,

Inc.

,

First

Lien,

Closing

Date

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/04/28

...

United

States

1,342,821

1,280,890

0.31

f

First

Brands

Group

LLC

,

2022-II

Incremental

CME

Term

Loan,

10.253%,

(6-month

SOFR

+

5%;

6-month

SOFR

+

5%),

3/30/27

United

States

1,274,000

1,226,225

0.29

First

Lien,

2021

CME

Term

Loan,

10.252%,

(6-month

SOFR

+

5%),

3/30/27

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

United

States

2,789,372

2,709,178

0.65

Second

Lien,

2021

Term

Loan,

13.602%,

(3-month

USD

LIBOR

+

8.5%),

3/30/28

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

United

States

1,871,447

1,661,695

0.40

f

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

Term

Loan

,

9.525

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

11/09/27

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

United

States

231,050

223,181

0.05

f

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

Term

Loan

,

8.409

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/16/26

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

United

States

1,576,127

1,573,171

0.38

11,860,587

2.84

a

a

a

a

a

a

Automotive

Retail

f

RealTruck

Group,

Inc.

,

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

1/31/28

..........

United

States

2,882,916

2,625,630

0.63

Brewers

f

City

Brewing

Co.

LLC

,

First

Lien,

Closing

Date

Term

Loan

,

8.76

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

4/05/28

.

United

States

1,326,065

551,152

0.13

f

Broadcasting

Gray

Television,

Inc.

,

Term

Loan,

D

,

7.918

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

1,665,267

1,632,478

0.39

iHeartCommunications,

Inc.

,

New

Term

Loan

,

8.025

%

,

(

1-month

USD

LIBOR

+

3

%

),

5/01/26

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

United

States

833,333

722,246

0.17

Nexstar

Media,

Inc.

,

Term

Loan,

B4

,

7.525

%

,

(

1-month

USD

LIBOR

+

2.5

%

),

9/18/26

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

United

States

485,655

485,303

0.12

Univision

Communications,

Inc.

,

First

Lien,

Initial

Term

Loan,

B

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

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

United

States

886,246

873,785

0.21

3,713,812

0.89

a

a

a

a

a

a

Building

Products

f

Cornerstone

Building

Brands,

Inc.

,

CME

Term

Loan,

B

,

8.24

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

.........

United

States

938,294

853,613

0.21

f

Cable

&

Satellite

i

CSC

Holdings

LLC

,

March

2017

Refinancing

Term

Loan

,

7.198

%

,

(

1-month

USD

LIBOR

+

2.25

%

),

7/17/25

....

United

States

2,915,781

2,790,037

0.67

Radiate

Holdco

LLC

,

Amendment

No.

6

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/25/26

....

United

States

2,832,088

2,352,417

0.56

Virgin

Media

Bristol

LLC

,

Term

Loan,

Q

,

8.198

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

1/31/29

..........

United

States

1,788,848

1,773,697

0.42

6,916,151

1.65

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Cargo

Ground

Transportation

f

PECF

USS

Intermediate

Holding

III

Corp.

,

Initial

Term

Loan

,

9.522

%

,

(

1-month

USD

LIBOR

+

4.25%;

6-month

USD

LIBOR

+

4.25%

),

12/15/28

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

United

States

2,115,039

$

1,752,733

0.42

f

Casinos

&

Gaming

Bally's

Corp.

,

Term

Loan,

B

,

8.198

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/02/28

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

United

States

3,605,239

3,481,490

0.83

Caesars

Entertainment,

Inc.

,

2023

Incremental

CME

Term

Loan,

B

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

2/06/30

.

United

States

1,245,256

1,242,572

0.30

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

8.982

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

..........

United

States

2,038,003

1,987,063

0.48

Flutter

Entertainment

plc

,

Third

Amendment

CME

Term

Loan,

2028

B

,

8.41

%

,

(

3-month

SOFR

+

3.25

%

),

7/22/28

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

Ireland

421,610

422,764

0.10

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

7.657

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

1,361,219

1,357,135

0.32

Raptor

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.947

%

,

(

3-month

USD

LIBOR

+

4

%

),

11/01/26

.....

United

States

2,679,728

2,663,542

0.64

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.421

%

,

(

3-month

SOFR

+

3.5

%

),

4/04/29

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

United

States

2,637,929

2,603,306

0.62

Scientific

Games

International,

Inc.

,

Initial

CME

Term

Loan,

B

,

7.981

%

,

(

1-month

SOFR

+

3

%

),

4/14/29

....

United

States

1,694,174

1,692,353

0.41

15,450,225

3.70

a

a

a

a

a

a

Commodity

Chemicals

f

Cyanco

Intermediate

2

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/16/25

.....

United

States

2,496,551

2,459,103

0.59

Communications

Equipment

f

CommScope,

Inc.

,

Initial

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

4/06/26

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

United

States

1,022,366

949,778

0.23

f

Construction

&

Engineering

USIC

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.34

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/12/28

...........

United

States

1,831,726

1,800,632

0.43

Zekelman

Industries,

Inc.

,

2020

Term

Loan

,

7.018

%

,

(

3-month

USD

LIBOR

+

2

%

),

1/24/27

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

United

States

890,193

882,284

0.21

2,682,916

0.64

a

a

a

a

a

a

Construction

Machinery

&

Heavy

Transportation

Equipment

f

ASP

Blade

Holdings,

Inc.

,

Initial

Term

Loan

,

9.159

%

,

(

3-month

USD

LIBOR

+

4

%

),

10/13/28

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

United

States

2,536,573

2,165,244

0.52

Diversified

Banks

f,i

Finastra

Ltd.

,

First

Lien,

Dollar

Term

Loan

,

8.611

%

,

(

2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

6/13/24

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

United

Kingdom

1,000,000

955,815

0.23

f

Diversified

Chemicals

Ineos

Quattro

Holdings

UK

Ltd.

,

2030

Dollar

CME

Term

Loan,

B

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

.

United

Kingdom

543,478

543,478

0.13

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

8.657

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

.......

Luxembourg

520,000

520,000

0.12

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.597

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

1,807,848

1,754,968

0.42

Lummus

Technology

Holdings

V

LLC

,

2021

Refinancing

Term

Loan,

B

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

6/30/27

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

United

States

829,766

821,696

0.20

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

Diversified

Chemicals

(continued)

SCIH

Salt

Holdings,

Inc.

,

First

Lien,

Incremental

Term

Loan,

B1

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

3/16/27

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

United

States

1,870,086

$

1,834,582

0.44

5,474,724

1.31

a

a

a

a

a

a

Diversified

Financial

Services

f

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.563

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

8/02/28

.....

United

States

2,217,167

2,174,210

0.52

f

Diversified

Support

Services

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

8.906

%

,

(

3-month

SOFR

+

4%;

3-month

SOFR

+

4%

),

2/15/29

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

United

States

4,192,617

4,035,394

0.97

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.898

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

..........

United

States

1,794,505

1,767,032

0.42

Indicor

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.398

%

,

(

3-month

SOFR

+

4.5

%

),

11/22/29

........

United

States

456,882

454,741

0.11

Spin

Holdco,

Inc.

,

Initial

Term

Loan

,

8.986

%

,

(

3-month

USD

LIBOR

+

4

%

),

3/04/28

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

United

States

3,206,076

2,654,775

0.64

8,911,942

2.14

a

a

a

a

a

a

Drug

Retail

f

GNC

Holdings,

Inc.

,

Second

Lien,

Term

Loan

,

11.01

%

,

(

1-month

USD

LIBOR

+

6

%

),

10/07/26

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

United

States

4,869,402

4,528,544

1.08

f

Education

Services

KUEHG

Corp.

,

Term

Loan,

B3

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

2/21/25

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

United

States

1,362,559

1,355,024

0.32

Learning

Care

Group

(US)

No.

2,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.441

%

,

(

1-month

USD

LIBOR

+

3.25%;

3-month

USD

LIBOR

+

3.25%

),

3/13/25

...........

United

States

1,419,911

1,408,815

0.34

2,763,839

0.66

a

a

a

a

a

a

Environmental

&

Facilities

Services

f

Madison

IAQ

LLC

,

Term

Loan

,

8.302

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

6/21/28

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

United

States

2,366,430

2,282,398

0.55

Food

Retail

f

Shearer's

Foods

LLC

,

First

Lien,

Refinancing

CME

Term

Loan

,

8.597

%

,

(

1-month

SOFR

+

3.5

%

),

9/23/27

....

United

States

706,402

692,383

0.17

f

Health

Care

Equipment

Medline

Borrower

LP

,

Initial

Dollar

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

10/23/28

.........

United

States

2,365,102

2,298,915

0.55

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

Term

Loan

,

10.332

%

,

(

1-month

SOFR

+

5.25

%

),

12/15/27

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

United

States

615,011

570,167

0.14

2,869,082

0.69

a

a

a

a

a

a

f

Health

Care

Facilities

ADMI

Corp.

,

Amendment

No.

4

Refinancing

Term

Loan,

8.4%,

(1-month

USD

LIBOR

+

3.375%),

12/23/27

........

United

States

1,932,793

1,827,098

0.44

Amendment

No.

5

Incremental

Term

Loan,

8.775%,

(1-month

USD

LIBOR

+

3.75%),

12/23/27

.........

United

States

381,877

362,148

0.09

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

Term

Loan

,

8.703

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

7/17/28

United

States

1,264,483

1,095,953

0.26

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.084

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

.......

United

States

643,548

620,059

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.

18

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Health

Care

Facilities

(continued)

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

9.025%,

(1-month

USD

LIBOR

+

4%),

12/18/28

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

United

States

964,029

$

833,287

0.20

Second

Lien,

Initial

Term

Loan,

11.775%,

(1-month

USD

LIBOR

+

6.75%),

12/17/29

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

United

States

357,038

255,506

0.06

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.24

%

,

(

3-month

SOFR

+

3.25

%

),

11/01/28

...

United

States

2,870,612

2,770,858

0.66

Pacific

Dental

Services

LLC

,

Term

Loan

,

8.51

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

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

United

States

732,544

731,017

0.18

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/31/27

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

United

States

1,212,120

1,128,029

0.27

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.09

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

11/15/28

..........

United

States

2,090,238

2,057,453

0.49

11,681,408

2.80

a

a

a

a

a

a

f

Health

Care

Services

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.459

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

........

United

States

2,021,086

2,004,513

0.48

eResearchTechnology,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.34

%

,

(

1-month

SOFR

+

4.5

%

),

2/04/27

.....

United

States

1,067,942

1,013,210

0.24

MPH

Acquisition

Holdings

LLC

,

Initial

Term

Loan

,

9.203

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

9/01/28

..........

United

States

1,922,725

1,656,754

0.40

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan,

8.815%,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

..........

United

States

3,120,716

2,402,951

0.57

First

Lien,

Initial

Term

Loan,

C,

8.748%,

(3-month

SOFR

+

3.75%),

3/02/28

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

United

States

100,015

77,012

0.02

Phoenix

Guarantor,

Inc.

,

First

Lien,

Term

Loan,

B3

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

3/05/26

.....

United

States

1,598,087

1,578,111

0.38

Radiology

Partners,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

9.347

%

,

(

1-month

SOFR

+

4.25

%

),

7/09/25

........

United

States

2,002,299

1,485,035

0.36

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.098

%

,

(

1-month

USD

LIBOR

+

4.25

%

),

10/01/28

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

United

States

1,662,881

1,582,855

0.38

Waystar

Technologies,

Inc.

,

First

Lien,

Initial

Term

Loan

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

10/22/26

.....

United

States

4,837,256

4,833,483

1.16

16,633,924

3.99

a

a

a

a

a

a

Health

Care

Technology

f

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.464

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

5,219,563

4,908,243

1.18

Heavy

Electrical

Equipment

f

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

9.332

%

,

(

1-month

SOFR

+

4.25

%

),

5/13/29

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

United

States

607,358

607,738

0.15

f

Home

Improvement

Retail

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.522

%

,

(

3-month

USD

LIBOR

+

3.25

%

),

12/28/27

...

United

States

353,931

331,746

0.08

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

8.732

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

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

United

States

969,183

962,519

0.23

1,294,265

0.31

a

a

a

a

a

a

f

Homefurnishing

Retail

i

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

10.66

%

,

(

3-month

SOFR

+

5.5

%

),

4/26/28

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

United

States

1,569,671

1,548,088

0.37

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

Homefurnishing

Retail

(continued)

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

..

United

States

794,753

$

741,703

0.18

2,289,791

0.55

a

a

a

a

a

a

Hotels,

Resorts

&

Cruise

Lines

f

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

Term

Loan

,

8.025

%

,

(

1-month

USD

LIBOR

+

3

%

),

8/02/28

......

United

States

3,095,309

3,086,193

0.74

Household

Products

f

Energizer

Holdings,

Inc.

,

2020

Term

Loan

,

7.329

%

,

(

1-month

SOFR

+

2.25

%

),

12/22/27

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

United

States

618,453

616,329

0.15

f

Housewares

&

Specialties

Astro

One

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

10.663

%

,

(

3-month

USD

LIBOR

+

5.5

%

),

9/15/28

....

United

States

1,370,530

912,259

0.22

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.373

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

.........

Netherlands

794,000

722,540

0.17

1,634,799

0.39

a

a

a

a

a

a

f

Human

Resource

&

Employment

Services

CCRR

Parent,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.78

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

2,371,013

2,293,955

0.55

CHG

Healthcare

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

9/29/28

United

States

1,830,120

1,821,656

0.44

4,115,611

0.99

a

a

a

a

a

a

Independent

Power

Producers

&

Energy

Traders

h

Talen

Energy

Supply

LLC

,

CME

Term

Loan,

B,

TBD,

12/31/30

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

United

States

208,677

202,417

0.05

CME

Term

Loan,

C,

TBD,

12/31/30

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

United

States

169,101

164,027

0.04

366,444

0.09

a

a

a

a

a

a

f

Industrial

Machinery

&

Supplies

&

Components

i

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

........

United

States

2,233,006

2,172,849

0.52

TK

Elevator

Midco

GmbH

,

USD

Term

Loan,

B1

,

8.602

%

,

(

6-month

USD

LIBOR

+

3.5

%

),

7/30/27

...........

Germany

1,604,589

1,568,823

0.38

3,741,672

0.90

a

a

a

a

a

a

f

Insurance

Brokers

Alliant

Holdings

Intermediate

LLC

,

New

CME

Term

Loan,

B5,

8.376%,

(1-month

SOFR

+

3.5%),

11/05/27

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

United

States

686,191

681,473

0.16

New

Term

Loan,

B4,

8.51%,

(1-month

USD

LIBOR

+

3.5%),

11/05/27

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

United

States

1,685,842

1,673,763

0.40

AssuredPartners,

Inc.

,

2020

CME

Term

Loan,

8.482%,

(1-month

SOFR

+

3.5%),

2/12/27

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

United

States

389,267

383,105

0.09

2020

February

Refinancing

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

2/12/27

...........

United

States

2,976,877

2,930,989

0.70

2022-2

CME

Term

Loan,

9.232%,

(1-month

SOFR

+

4.25%),

2/12/27

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

United

States

314,211

314,014

0.08

HUB

International

Ltd.

,

2022

Incremental

CME

Term

Loan

,

8.728

%

,

(

3-month

SOFR

+

4

%

),

11/10/29

.....

United

States

361,164

360,898

0.09

6,344,242

1.52

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Integrated

Telecommunication

Services

f

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan,

9.332%,

(1-month

SOFR

+

4.25%),

11/29/25

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

United

States

4,474,597

$

3,935,900

0.94

Second

Lien,

CME

Term

Loan,

15.082%,

(1-month

SOFR

+

10%),

11/29/26

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

United

States

2,479,737

1,869,102

0.45

5,805,002

1.39

a

a

a

a

a

a

Interactive

Home

Entertainment

f

Playtika

Holding

Corp.

,

Term

Loan,

B1

,

7.775

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

3/13/28

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

United

States

1,732,323

1,722,579

0.41

f

Internet

Services

&

Infrastructure

Arches

Buyer,

Inc.

,

Refinancing

CME

Term

Loan

,

8.332

%

,

(

1-month

SOFR

+

3.25

%

),

12/06/27

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

United

States

981,425

913,544

0.22

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.545

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

.........

United

States

1,058,807

1,029,853

0.24

Go

Daddy

Operating

Co.

LLC

(GD

Finance

Co.,

Inc.)

,

Amendment

No.

6

CME

Term

Loan

,

8.232

%

,

(

1-month

SOFR

+

3.25

%

),

11/09/29

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

United

States

269,167

269,779

0.06

Hunter

Holdco

3

Ltd.

,

First

Lien,

Initial

Dollar

Term

Loan

,

9.409

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

8/19/28

....

United

Kingdom

872,334

869,063

0.21

Thrasio

LLC

,

Initial

Term

Loan

,

12.159

%

,

(

3-month

USD

LIBOR

+

7

%

),

12/18/26

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

United

States

884,171

780,281

0.19

3,862,520

0.92

a

a

a

a

a

a

f

Investment

Banking

&

Brokerage

Citadel

Securities

LP

,

2021

CME

Term

Loan,

7.597%,

(1-month

SOFR

+

2.5%),

2/02/28

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

United

States

1,768,949

1,759,547

0.42

CME

Term

Loan,

B1,

8.097%,

(1-month

SOFR

+

3%),

2/02/28

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

United

States

477,600

477,003

0.12

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.557

%

,

(

1-month

SOFR

+

3.75

%

),

4/09/27

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

United

States

980,882

949,999

0.23

Jane

Street

Group

LLC

,

Dollar

Term

Loan

,

7.775

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

1/26/28

..........

United

States

1,319,612

1,316,419

0.31

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B

,

8.584

%

,

(

1-month

SOFR

+

3.75

%

),

7/31/28

......

United

Kingdom

1,828,958

1,783,700

0.43

6,286,668

1.51

a

a

a

a

a

a

f

IT

Consulting

&

Other

Services

Aptean

Acquiror,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.157

%

,

(

1-month

SOFR

+

4.25

%

),

4/23/26

........

United

States

1,290,752

1,248,674

0.30

Aventiv

Technologies

LLC

,

First

Lien,

Initial

Term

Loan,

9.659%,

(3-month

USD

LIBOR

+

4.5%),

11/01/24

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

United

States

4,352,408

3,136,215

0.75

Second

Lien,

Initial

Term

Loan,

13.275%,

(1-month

USD

LIBOR

+

8.25%),

11/01/25

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

United

States

125,000

69,062

0.02

Gainwell

Acquisition

Corp.

,

First

Lien,

Term

Loan,

B

,

8.998

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

..........

United

States

3,925,353

3,792,892

0.91

Peraton

Corp.

,

First

Lien,

Term

Loan,

B

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

4,707,202

4,620,401

1.11

Sitel

Worldwide

Corp.

,

Initial

Dollar

Term

Loan

,

8.6

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

8/28/28

..........

France

1,500,318

1,497,355

0.36

14,364,599

3.45

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)

Leisure

Facilities

f,g

24

Hour

Fitness

Worldwide,

Inc.

,

Tranche

1

Term

Loan

,

10.143

%

,

PIK,

(

3-month

USD

LIBOR

+

5

%

),

12/29/25

United

States

8,293,765

$

706,532

0.17

f

Leisure

Products

Hercules

Achievement,

Inc.

(Varsity

Brands

Holding

Co.,

Inc.)

,

First

Lien,

Initial

Term

Loan

,

8.07

%

,

(

1-month

SOFR

+

3.5

%

),

12/16/24

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

United

States

492,593

467,143

0.11

Motion

Acquisition

Ltd.

,

Term

Loan,

B1,

8.409%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

577,465

570,562

0.14

Term

Loan,

B2,

8.409%,

(3-month

USD

LIBOR

+

3.25%),

11/12/26

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

United

Kingdom

82,324

81,340

0.02

1,119,045

0.27

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

f

ICON

plc

,

CME

Term

Loan,

7.41%,

(3-month

SOFR

+

2.25%),

7/03/28

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

United

States

1,622,786

1,624,125

0.39

U.S.

CME

Term

Loan,

7.41%,

(3-month

SOFR

+

2.25%),

7/03/28

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

United

States

404,318

404,652

0.10

2,028,777

0.49

a

a

a

a

a

a

Metal,

Glass

&

Plastic

Containers

f

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

8.803

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

.

United

States

3,000,000

2,995,080

0.72

f

Movies

&

Entertainment

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

B1

,

7.946

%

,

(

1-month

USD

LIBOR

+

3

%

),

4/22/26

......

United

States

636,735

489,815

0.12

Banijay

Entertainment

SAS

,

USD

Term

Loan,

B

,

8.598

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/01/25

..........

France

692,754

690,589

0.17

William

Morris

Endeavor

Entertainment

LLC

(IMG

Worldwide

Holdings

LLC)

,

First

Lien,

Term

Loan,

B1

,

7.78

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

5/18/25

.....

United

States

563,223

562,519

0.13

1,742,923

0.42

a

a

a

a

a

a

Multi-line

Insurance

f

Acrisure

LLC

,

First

Lien,

2020

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

2/15/27

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

United

States

2,156,771

2,067,265

0.49

First

Lien,

2021-1

Additional

Term

Loan,

8.775%,

(1-month

USD

LIBOR

+

3.75%),

2/15/27

..........

United

States

770,870

740,517

0.18

First

Lien,

2021-2

Additional

Term

Loan,

9.275%,

(1-month

USD

LIBOR

+

4.25%),

2/15/27

..........

United

States

759,615

737,776

0.18

3,545,558

0.85

a

a

a

a

a

a

Multi-Sector

Holdings

f,i

Belfor

Holdings,

Inc.

,

First

Lien,

CME

Term

Loan,

B2

,

9.232

%

,

(

1-month

SOFR

+

4.25

%

),

4/06/26

........

United

States

207,547

207,547

0.05

Office

Services

&

Supplies

f

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.097

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

..........

United

States

4,519,108

4,341,191

1.04

f

Other

Specialty

Retail

Great

Outdoors

Group

LLC

,

Term

Loan,

B2

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

3/06/28

..........

United

States

1,417,777

1,408,923

0.34

Michaels

Cos.,

Inc.

(The)

,

Term

Loan,

B

,

9.409

%

,

(

3-month

USD

LIBOR

+

4.25

%

),

4/15/28

..........

United

States

1,475,078

1,356,076

0.33

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)

f

Other

Specialty

Retail

(continued)

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.41

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

United

States

1,645,130

$

1,624,467

0.39

PetSmart

LLC

,

Initial

CME

Term

Loan

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

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

United

States

1,976,276

1,970,101

0.47

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

9.814

%

,

(

3-month

USD

LIBOR

+

5

%

),

4/16/26

......

United

States

1,110,237

1,005,564

0.24

Woof

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.76

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/21/27

.........

United

States

2,422,763

2,350,080

0.56

9,715,211

2.33

a

a

a

a

a

a

Packaged

Foods

&

Meats

f

Primary

Products

Finance

LLC

,

CME

Term

Loan,

B

,

9.04

%

,

(

3-month

SOFR

+

4

%

),

4/01/29

...........

United

States

684,483

677,960

0.16

f

Paper

&

Plastic

Packaging

Products

&

Materials

Charter

Next

Generation,

Inc.

,

First

Lien,

2021

Initial

Term

Loan

,

8.672

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

..

United

States

1,905,358

1,883,475

0.45

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.129

%

,

(

6-month

SOFR

+

4.75

%

),

2/12/26

.......

Luxembourg

1,719,416

1,588,311

0.38

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.347

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

........

United

States

574,482

569,564

0.14

4,041,350

0.97

a

a

a

a

a

a

f

Passenger

Airlines

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

10

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

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

United

States

1,513,781

1,526,179

0.37

Air

Canada

,

Term

Loan

,

8.369

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

8/11/28

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

Canada

2,473,556

2,472,406

0.59

Kestrel

Bidco,

Inc.

,

Term

Loan

,

8.064

%

,

(

1-month

SOFR

+

3

%

),

12/11/26

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

Canada

3,358,907

3,187,704

0.77

United

AirLines,

Inc.

,

Term

Loan,

B

,

8.77

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

4/21/28

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

United

States

3,351,667

3,346,422

0.80

10,532,711

2.53

a

a

a

a

a

a

Passenger

Ground

Transportation

f

Avis

Budget

Car

Rental

LLC

,

CME

Term

Loan,

C,

8.582%,

(1-month

SOFR

+

3.5%),

3/16/29

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

United

States

1,386,000

1,389,029

0.33

New

CME

Term

Loan,

B,

6.847%,

(1-month

SOFR

+

1.75%),

8/06/27

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

United

States

382,312

379,724

0.09

1,768,753

0.42

a

a

a

a

a

a

f

Personal

Care

Products

Conair

Holdings

LLC

,

First

Lien,

Initial

Term

Loan

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

5/17/28

....

United

States

3,767,298

3,533,424

0.85

Sunshine

Luxembourg

VII

SARL

,

Term

Loan,

B3

,

8.909

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/01/26

.........

Luxembourg

3,015,649

2,986,638

0.71

6,520,062

1.56

a

a

a

a

a

a

f

Pharmaceuticals

Bausch

Health

Cos.,

Inc.

,

Second

Amendment

CME

Term

Loan

,

10.24

%

,

(

1-month

SOFR

+

5.25

%

),

2/01/27

...

United

States

623,264

505,056

0.12

Grifols

Worldwide

Operations

Ltd.

,

Dollar

Tranche

Term

Loan,

B

,

7.025

%

,

(

1-month

USD

LIBOR

+

2

%

),

11/15/27

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

Spain

800,000

780,000

0.19

Jazz

Pharmaceuticals

plc

,

Initial

Dollar

Term

Loan

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

5/05/28

.....

United

States

3,010,842

3,010,300

0.72

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)

f

Pharmaceuticals

(continued)

Organon

&

Co.

,

Dollar

Term

Loan

,

8

%

,

(

3-month

USD

LIBOR

+

3

%

),

6/02/28

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

United

States

1,878,239

$

1,877,854

0.45

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

7.332

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

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

United

States

1,220,900

1,216,834

0.29

PetVet

Care

Centers

LLC

,

First

Lien,

2021

First

Lien

Replacement

Term

Loan

,

8.525

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

2/14/25

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

United

States

1,953,566

1,884,781

0.45

9,274,825

2.22

a

a

a

a

a

a

Property

&

Casualty

Insurance

f

Asurion

LLC

,

New

CME

Term

Loan,

B10,

8.907%,

(3-month

SOFR

+

4%),

8/19/28

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

United

States

897,744

836,985

0.20

New

CME

Term

Loan,

B11,

9.332%,

(1-month

SOFR

+

4.25%),

8/19/28

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

United

States

344,828

321,724

0.08

New

Term

Loan,

B8,

8.275%,

(1-month

USD

LIBOR

+

3.25%),

12/23/26

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

United

States

981,784

919,808

0.22

Second

Lien,

New

Term

Loan,

B3,

10.275%,

(1-month

USD

LIBOR

+

5.25%),

1/31/28

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

United

States

2,652,263

2,229,015

0.53

Second

Lien,

New

Term

Loan,

B4,

10.275%,

(1-month

USD

LIBOR

+

5.25%),

1/20/29

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

United

States

2,248,036

1,873,131

0.45

6,180,663

1.48

a

a

a

a

a

a

f

Publishing

Cengage

Learning,

Inc.

,

First

Lien,

Term

Loan,

B

,

9.88

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/14/26

..........

United

States

3,880,472

3,795,315

0.91

i

McGraw-Hill

Education,

Inc.

,

Initial

Term

Loan

,

9.823

%

,

(

3-month

USD

LIBOR

+

4.75%;

6-month

USD

LIBOR

+

4.75%

),

7/28/28

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

United

States

2,571,794

2,484,726

0.60

6,280,041

1.51

a

a

a

a

a

a

Research

&

Consulting

Services

f

Dun

&

Bradstreet

Corp.

(The)

,

Initial

Term

Loan

,

8.268

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

2/06/26

..........

United

States

1,309,347

1,309,144

0.31

f

Restaurants

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

CME

Term

Loan

,

9.347

%

,

(

1-month

SOFR

+

4.25

%

),

11/22/28

..

United

States

2,040,646

1,986,569

0.48

IRB

Holding

Corp.

,

2022

Replacement

CME

Term

Loan,

B

,

8.082

%

,

(

1-month

SOFR

+

3

%

),

12/15/27

.......

United

States

1,421,091

1,400,314

0.33

Whatabrands

LLC

,

Initial

Term

Loan,

B

,

8.275

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/03/28

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

United

States

1,585,766

1,569,909

0.38

4,956,792

1.19

a

a

a

a

a

a

f

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

...

United

States

1,482,055

1,431,835

0.34

APX

Group,

Inc.

,

Initial

Term

Loan

,

8.25

%

,

(

3-month

USD

LIBOR

+

2.25%;

3-month

USD

LIBOR

+

3.25%

),

7/10/28

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

United

States

1,208,920

1,209,905

0.29

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2021

Refinancing

Term

Loan,

B1

,

7.608

%

,

(

1-month

USD

LIBOR

+

2.75

%

),

9/23/26

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

United

States

2,309,715

2,308,630

0.55

4,950,370

1.18

a

a

a

a

a

a

Semiconductor

Materials

&

Equipment

f

MKS

Instruments,

Inc.

,

Initial

Dollar

CME

Term

Loan,

B

,

7.814

%

,

(

1-month

SOFR

+

2.75

%

),

8/17/29

........

United

States

497,500

496,433

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.

24

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Soft

Drinks

&

Non-alcoholic

Beverages

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.248

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

........

United

States

721,383

$

645,389

0.15

i

Triton

Water

Holdings,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.659

%

,

(

3-month

USD

LIBOR

+

3.5

%

),

3/31/28

.....

United

States

1,558,515

1,480,979

0.36

2,126,368

0.51

a

a

a

a

a

a

f

Specialized

Consumer

Services

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

Term

Loan

,

8.775

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

12/15/28

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

United

States

569,680

561,795

0.13

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

8.732

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

United

States

2,783,467

2,757,178

0.66

WW

International,

Inc.

,

Initial

Term

Loan

,

8.53

%

,

(

1-month

USD

LIBOR

+

3.5

%

),

4/13/28

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

United

States

760,362

521,798

0.13

3,840,771

0.92

a

a

a

a

a

a

f

Specialized

Finance

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

8.832

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

.......

United

States

1,405,584

959,311

0.23

Verscend

Holding

Corp.

,

Term

Loan,

B1

,

9.025

%

,

(

1-month

USD

LIBOR

+

4

%

),

8/27/25

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

United

States

2,728,838

2,729,698

0.66

3,689,009

0.89

a

a

a

a

a

a

f

Specialty

Chemicals

i

ASP

Unifrax

Holdings,

Inc.

,

First

Lien,

USD

CME

Term

Loan

,

8.909

%

,

(

3-month

SOFR

+

3.75

%

),

12/12/25

..

United

States

3,405,101

3,150,314

0.76

CPC

Acquisition

Corp.

,

First

Lien,

Initial

Term

Loan

,

8.91

%

,

(

3-month

SOFR

+

3.75

%

),

12/29/27

........

United

States

1,033,845

793,476

0.19

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

9.454%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

2,580,500

2,320,837

0.55

Second

Lien,

Initial

CME

Term

Loan,

12.502%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

837,209

696,278

0.17

INEOS

Styrolution

Group

GmbH

,

2026

Dollar

Term

Loan,

B

,

7.847

%

,

(

1-month

SOFR

+

2.75

%

),

1/29/26

......

United

Kingdom

1,336,542

1,332,867

0.32

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.304

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

4,925,250

4,331,856

1.04

Sparta

U.S.

Holdco

LLC

,

First

Lien,

Initial

Term

Loan

,

8.098

%

,

(

1-month

USD

LIBOR

+

3.25

%

),

8/02/28

....

United

States

1,011

1,000

0.00

†

12,626,628

3.03

a

a

a

a

a

a

f

Systems

Software

Atlas

Purchaser,

Inc.

,

First

Lien,

Initial

Term

Loan

,

10.385

%

,

(

3-month

USD

LIBOR

+

5.25

%

),

5/08/28

...

United

States

630,922

445,851

0.11

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

8.696%,

(6-month

SOFR

+

4%),

10/16/26

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

United

States

4,333,957

4,301,236

1.03

Second

Lien,

First

Amendment

Refinancing

Term

Loan,

11.696%,

(3-month

USD

LIBOR

+

7%),

2/19/29

.....

United

States

2,050,664

1,903,908

0.46

Hyland

Software,

Inc.

,

First

Lien,

2018

Refinancing

Term

Loan,

8.525%,

(1-month

USD

LIBOR

+

3.5%),

7/01/24

...........

United

States

1,711,281

1,702,545

0.41

Second

Lien,

2021

Refinancing

Term

Loan,

11.275%,

(1-month

USD

LIBOR

+

6.25%),

7/07/25

..........

United

States

980,303

944,414

0.22

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

8.653

%

,

(

1-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

1,385,220

1,340,893

0.32

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

Systems

Software

(continued)

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

9.212%,

(3-month

USD

LIBOR

+

4.25%),

12/01/27

...

United

States

1,716,241

$

1,387,547

0.33

First

Lien,

First

Amendment

Term

Loan,

8.984%,

(3-month

USD

LIBOR

+

4%),

12/01/27

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

United

States

92,393

74,073

0.02

McAfee

Corp.

,

CME

Term

Loan,

B1

,

8.653

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

2,746,183

2,596,132

0.62

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.076

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

United

States

1,786,500

1,537,408

0.37

Sovos

Compliance

LLC

,

First

Lien,

Initial

Term

Loan

,

9.525

%

,

(

1-month

USD

LIBOR

+

4.5

%

),

8/11/28

.....

United

States

818,623

794,973

0.19

Vision

Solutions,

Inc.

(Precisely

Software,

Inc.)

,

First

Lien,

Third

Amendment

Term

Loan

,

9.255

%

,

(

3-month

USD

LIBOR

+

4

%

),

4/24/28

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

United

States

858,007

765,462

0.18

17,794,442

4.26

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

f

Magenta

Buyer

LLC

,

First

Lien,

Initial

Term

Loan

,

9.58

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

7/27/28

..........

United

States

2,376,660

2,011,249

0.48

Total

Senior

Floating

Rate

Interests

(Cost

$364,032,852)

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

342,976,890

82.24

Shares/Units

Escrows

and

Litigation

Trusts

a,c

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

—

0.00

a,c

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

$424,139,508)

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

398,484,695

95.55

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,

4.693%,

5/01/23

(Maturity

Value

$19,847,276)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$10,008,584)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$3,833,700)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$6,004,992)

Collateralized

by

U.S.

Government

and

Agency

Securities,

2%

-

5.5%,

9/6/24

-

10/15/57;

U.S.

Treasury

Bonds,

Index

Linked,

2%

-

2.38%,

1/15/25

-

1/15/26;

and

U.S.

Treasury

Notes,

0.38%,

7/31/27

(valued

at

$20,247,265)

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

19,839,517

19,839,517

4.76

Total

Repurchase

Agreements

(Cost

$19,839,517)

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

19,839,517

4.76

a

a

a

Total

Short

Term

Investments

(Cost

$19,839,517

)

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

19,839,517

4.76

a

Total

Investments

(Cost

$443,979,025)

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

$418,324,212

100.31

Other

Assets,

less

Liabilities

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

(1,272,881)

(0.31)

Net

Assets

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

$417,051,331

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.

26

See

Abbreviations

on

page

32

.

*

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

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2023,

the

aggregate

value

of

these

securities

was

$20,067,875,

representing

4.8%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

April

30,

2023,

all

repurchase

agreements

had

been

entered

into

on

April

28,

2023.

Franklin

Floating

Rate

Master

Trust

27

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).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.Generally

Accepted

Accounting

Principles

(U.S.GAAP),

including,

but

not

limited

to,

ASC

946.

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,

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)

28

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

April

30,

2023,

investments

in

“affiliated

companies”

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

Held

at

End

of

Period

Investment

Income

Franklin

Floating

Rate

Income

Fund

Non-Controlled

Affiliates

Dividends

Onsite

Rental

Group

Operations

Pty

Ltd

..

$

—

$

—

a

$

—

$

—

$

774,027

$

774,027

7,733,610

$

—

Quarternorth

Energy

Holding

Inc

.......

36,551,896

14,454,81

9

a

(6,950,000)

1,074

,

999

10,891,03

3

56,022,747

401,118

2,795,939

Quarternorth

Energy

Holding,

Inc.,

2/01/49

13,240,254

—

a

(14,454,819)

a

—

1,214,565

—

b

—

—

Interest

QuarterNorth

Energy

Holding

Inc.-Initial

New

Loan

...........

14,847,707

—

(14,153,940)

14,153,940

(14,847,707)

—

b

—

384,338

c

Total

Affiliated

Securities

(Value

is

13.9%

of

Net

Assets)

..........

$64,639,857

$14,454,819

$(35,558,759)

$

15,228,9

39

$

(1,968,08

2

)

$56,796,774

$3,180,277

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Onsite

Rental

Group

Operations

Pty

Ltd

..

$

—

$

—

a

$

—

$

—

$

588,414

$

588,414

5,879,078

$

—

Quarternorth

Energy

Holding

Inc

.......

12,337,607

—

a

—

—

3,274,175

15,611,782

111,779

692,784

Total

Affiliated

Securities

(Value

is

3.9%

of

Net

Assets)

..........

$12,337,607

$—

$—

$

—

$

3,862,589

$16,200,196

$692,784

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

April

30,

2023,

no

longer

held

by

the

fund.

c

Includes

non-cash

dividend/interest

received.

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

29

Quarterly

Schedules

of

Investments

4.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

April

30,

2023,

unfunded

commitments

were

as

follows:

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

April

30,

2023,

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

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Income

Fund

athenahealth

Group,

Inc.

$

107,498

$

107,498

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Master

Series

athenahealth

Group,

Inc.

$

641,211

$

641,211

    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,

4.483%

$

17,187,861

$

271,149,339

$

(270,294,868)

$

—

$

—

$

18,042,332

18,042,332

$

794,595

Total

Affiliated

Securities

...

$17,187,861

$271,149,339

$(270,294,868)

$—

$—

$18,042,332

$794,595

Franklin

Floating

Rate

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Floating

Rate

Income

Fund

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

$

3,541,365

$

—

$

(3,615,239)

$

(862,940)

$

936,814

$

—

—

$

144,845

Franklin

Senior

Loan

ETF

....

13,667,837

—

(5,496,606)

(389,713)

392,740

8,174,258

345,051

537,972

Total

Affiliated

Securities

...

$17,209,202

$—

$(9,111,845)

$(1,252,653)

$1,329,554

$8,174,258

$682,817

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

30

Quarterly

Schedules

of

Investments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

April

30,

2023,

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

:

Ground

Transportation

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

$

—

$

—

$

774,027

$

774,027

Hotels,

Restaurants

&

Leisure

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

—

18,936

—

18,936

Machinery

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

—

2,125,487

—

2,125,487

Oil,

Gas

&

Consumable

Fuels

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

—

56,022,747

—

56,022,747

Preferred

Stocks

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

—

4,172

—

4,172

Warrants

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

—

—

9,426

9,426

Senior

Floating

Rate

Interests

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

—

325,135,708

—

325,135,708

Short

Term

Investments

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

18,042,332

—

—

18,042,332

Total

Investments

in

Securities

...........

$18,042,332

$383,307,050

$783,453

$402,132,835

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

6,412

$

—

$

6,412

Total

Other

Financial

Instruments

.........

$—

$6,412

$—

$6,412

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

7,845,194

$

—

$

7,845,194

Leisure

Facilities

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

—

22,362

—

22,362

Oil

&

Gas

Exploration

&

Production

.........

—

15,611,782

—

15,611,782

Passenger

Ground

Transportation

..........

—

—

588,414

588,414

Management

Investment

Companies

.........

10,627,053

—

—

10,627,053

Preferred

Stocks

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

—

4,926

—

4,926

Warrants

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

—

—

1,082

1,082

Corporate

Bonds

:

Broadcasting

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

—

394,384

—

394,384

Cable

&

Satellite

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

—

2,312,785

—

2,312,785

Cargo

Ground

Transportation

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

—

433,889

—

433,889

Casinos

&

Gaming

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

—

864,031

—

864,031

Communications

Equipment

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

—

559,687

—

559,687

Construction

Materials

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

—

698,724

—

698,724

Diversified

Chemicals

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

—

991,458

—

991,458

Environmental

&

Facilities

Services

.........

—

819,055

—

819,055

Health

Care

Services

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

—

346,749

—

346,749

Independent

Power

Producers

&

Energy

Traders

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

—

1,679,225

—

1,679,225

Integrated

Telecommunication

Services

......

—

1,544,041

—

1,544,041

Investment

Banking

&

Brokerage

..........

—

716,771

—

716,771

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

31

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At April

30,

2023,

the

reconciliations

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Metal,

Glass

&

Plastic

Containers

..........

$

—

$

849,217

$

—

$

849,217

Movies

&

Entertainment

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

—

488,120

—

488,120

Multi-line

Insurance

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

—

443,624

—

443,624

Office

Services

&

Supplies

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

—

309,772

—

309,772

Oil

&

Gas

Equipment

&

Services

...........

—

241,357

—

241,357

Oil

&

Gas

Storage

&

Transportation

.........

—

429,345

—

429,345

Other

Specialty

Retail

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

—

227,558

—

227,558

Paper

&

Plastic

Packaging

Products

&

Materials

—

1,051,587

—

1,051,587

Passenger

Airlines

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

—

3,807,589

—

3,807,589

Passenger

Ground

Transportation

..........

—

—

—

—

Specialized

Consumer

Services

...........

—

766,920

—

766,920

Specialty

Chemicals

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

—

532,290

—

532,290

Wireless

Telecommunication

Services

.......

—

298,814

—

298,814

Senior

Floating

Rate

Interests

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

—

342,976,890

—

342,976,890

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

19,839,517

—

19,839,517

Total

Investments

in

Securities

...........

$10,627,053

$407,107,663

$589,496

$418,324,212

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

—

33,490

—

33,490

Total

Other

Financial

Instruments

.........

$—

$33,490

$—

$33,490

a

Includes

securities

determined

to

have

no

value

at

April

30,

2023.

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

:

Ground

Transportation

.

$

—

b

$

—

$

—

$

—

$

—

$

—

$

—

$

774,027

$

774,027

$

774,027

Warrants

:

Machinery

.........

33,671

—

—

—

—

—

—

(24,245)

9,426

(24,245)

Corporate

Bonds

:

Ground

Transportation

.

12,701,843

—

(16,471,132)

—

—

1,075,979

(1,847,728)

4,541,038

—

—

Senior

Floating

Rate

Interests

:

Household

Products

..

1,717,329

—

(477,266)

—

—

—

(12,953,735)

11,713,672

—

—

Total

Investments

in

Securities

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

$14,452,843

$—

$(16,948,398)

$—

$—

$1,075,979

$(14,801,463)

$17,004,492

$783,453

$749,782

6. Fair

Value

Measurements 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedules

of

Investments

(unaudited)

32

Quarterly

Schedules

of

Investments

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

b

Includes

financial

instruments

determined

to

have

no

value.

Abbreviations

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

Passenger

Ground

Transportation

....

$

—

b

$

—

$

—

$

—

$

—

$

—

$

—

$

588,414

$

588,414

$

588,414

Warrants

Industrial

Machinery

&

Supplies

&

Components

.....

3,866

—

—

—

—

—

—

(2,784)

1,082

(2,784)

Corporate

Bonds

Passenger

Ground

Transportation

....

9,656,220

—

(12,265,481)

—

—

750,962

(1,722,959)

3,581,258

—

—

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

$—

$(12,576,323)

$—

$—

$

750,962

$

(10,312,096)

$

11,948,373

$589,496

$

585,630

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

ETF

Exchange-Traded

Fund

FRN

Floating

Rate

Note

LIBOR

London

Interbank

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.