Franklin Floating Rate Master Trust NPORT-P Franklin Floating Rate Master Series (Apr 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

2

Notes

to

Schedule

of

Investments

20

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2024

Franklin

Floating

Rate

Master

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

Common

Stocks

Industrial

Machinery

&

Supplies

&

Components

a

UTEX

Industries,

Inc.

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

United

States

120,386

$

6,199,879

1

.34

a

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

18,981

0

.01

a

Oil

&

Gas

Exploration

&

Production

a,b,c

Talos

Energy,

Inc.

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

United

States

213,184

2,782,310

0

.60

a

Total

Common

Stocks

(Cost

$

15,205,486

)

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

9,001,170

1

.95

Management

Investment

Companies

Asset

Management

&

Custody

Banks

d

Franklin

Senior

Loan

ETF

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

United

States

281,166

6,859,045

1

.49

Invesco

Senior

Loan

ETF

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

United

States

289,186

6,087,365

1

.32

12,946,410

2

.81

Total

Management

Investment

Companies

(Cost

$

13,304,935

)

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

12,946,410

2

.81

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

3,695

0.00

†

a

Total

Preferred

Stocks

(Cost

$

332,425

)

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

3,695

0.00

†

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

&

Supplies

&

Components

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

60

0.00

†

Total

Warrants

(Cost

$

–

)

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

60

0.00

†

Principal

Amount

*

a

Corporate

Bonds

Air

Freight

&

Logistics

e,f

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

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

United

States

1,650,000

1,633,941

0

.36

Automotive

Parts

&

Equipment

f

Tenneco,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

11/17/28

United

States

1,500,000

1,403,068

0

.31

Cable

&

Satellite

f

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

...

United

States

1,100,000

1,026,192

0

.22

Cargo

Ground

Transportation

f

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

437,755

0

.10

Casinos

&

Gaming

f

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

1,400,000

1,380,300

0

.30

f

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

400,000

378,121

0

.08

1,758,421

0

.38

Construction

Materials

f

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

5.2

%

,

9/17/30

.

Mexico

750,000

710,586

0

.15

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Chemicals

f

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

1,100,000

$

1,023,977

0

.22

Environmental

&

Facilities

Services

f

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

9/01/28

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

United

States

900,000

809,989

0

.18

Health

Care

Services

f

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

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

United

States

453,000

369,597

0

.08

f,g

Radiology

Partners,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

8.5

%

,

1/31/29

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

United

States

1,299,802

1,191,973

0

.26

1,561,570

0

.34

Health

Care

Supplies

f

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

320,000

330,880

0

.07

Independent

Power

Producers

&

Energy

Traders

f

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

United

States

1,100,000

1,028,179

0

.22

Integrated

Telecommunication

Services

f

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.125

%

,

7/15/29

.......

France

800,000

522,252

0

.11

Senior

Secured

Note

,

144A,

5.5

%

,

10/15/29

........

France

1,270,000

832,828

0

.18

1,355,080

0

.29

Investment

Banking

&

Brokerage

f

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

800,000

728,287

0

.16

Movies

&

Entertainment

f

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

600,000

614,437

0

.13

Multi-line

Insurance

f

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

529,400

474,723

0

.10

Oil

&

Gas

Storage

&

Transportation

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..

United

States

450,000

430,504

0

.09

Paper

&

Plastic

Packaging

Products

&

Materials

f

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

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

United

States

375,000

345,499

0

.08

f

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

800,000

743,028

0

.16

1,088,527

0

.24

Passenger

Airlines

f

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

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

United

States

1,300,000

1,354,986

0

.30

f

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.........

United

States

659,532

652,488

0

.14

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

237,312

234,086

0

.05

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

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

United

States

1,165,000

1,121,667

0

.24

3,363,227

0

.73

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Corporate

Bonds

(continued)

Personal

Care

Products

f

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

....

United

States

392,000

$

384,824

0

.08

Security

&

Alarm

Services

f

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/26

..

United

States

1,350,000

1,347,801

0

.29

Specialized

Consumer

Services

f

WW

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

4/15/29

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

United

States

1,381,000

578,977

0

.13

Wireless

Telecommunication

Services

f

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

360,000

294,408

0

.06

Total

Corporate

Bonds

(Cost

$

23,863,440

)

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

22,385,353

4

.85

Senior

Floating

Rate

Interests

Advertising

h

,i

MH

Sub

I

LLC

(Micro

Holding

Corp.)

,

First

Lien,

2023

May

Incremental

CME

Term

Loan

,

9.566

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

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

United

States

3,344,193

3,337,355

0

.72

Aerospace

&

Defense

g

Alloy

FinCo

Ltd.

,

Term

Loan,

B

,

PIK,

14

%

,

3/06/25

.....

United

Kingdom

5,016,084

4,224,797

0

.91

i

Dynasty

Acquisition

Co.,

Inc.

,

2024

Specified

Refinancing

CME

Term

Loan,

B-1

,

8.829

%

,

(

1-month

SOFR

+

3.5

%

),

8/24/28

.........

United

States

417,440

419,907

0

.09

2024

Specified

Refinancing

CME

Term

Loan,

B-2

,

8.829

%

,

(

1-month

SOFR

+

3.5

%

),

8/24/28

.........

United

States

160,954

161,905

0

.04

4,806,609

1

.04

a

a

a

a

a

a

i

Air

Freight

&

Logistics

h

GN

Loanco

LLC

,

CME

Term

Loan,

B

,

9.816

%

,

(

1-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

2,972,523

2,901,004

0

.63

Kenan

Advantage

Group,

Inc.

(The)

,

U.S.

CME

Term

Loan,

B3

,

9.066

%

,

(

1-month

SOFR

+

3.75

%

),

1/25/29

United

States

2,387,183

2,391,027

0

.52

Rand

Parent

LLC

,

First

Lien,

CME

Term

Loan,

B

,

9.559

%

,

(

3-month

SOFR

+

4.25

%

),

3/17/30

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

United

States

2,858,304

2,876,354

0

.62

8,168,385

1

.77

a

a

a

a

a

a

i

Airport

Services

First

Student

Bidco,

Inc.

,

Initial

CME

Term

Loan,

B

,

8.564

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

1,761,569

1,766,113

0

.38

Initial

CME

Term

Loan,

C

,

8.564

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

535,746

537,129

0

.12

h

LaserShip,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

10.071

%

,

(

3-month

SOFR

+

4.5

%

),

5/07/28

........

United

States

3,399,985

3,195,986

0

.69

5,499,228

1

.19

a

a

a

a

a

a

Alternative

Carriers

i

Zayo

Group

Holdings,

Inc.

,

Initial

Dollar

CME

Term

Loan

,

8.43

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

...........

United

States

623,553

540,835

0

.12

Aluminum

i

Arsenal

AIC

Parent

LLC

,

2024

CME

Term

Loan,

B

,

9.08

%

,

(

1-month

SOFR

+

3.75

%

),

8/18/30

.........

United

States

585,790

590,916

0

.13

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Apparel,

Accessories

&

Luxury

Goods

Champ

Acquisition

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

11.064

%

,

(

3-month

SOFR

+

5.5

%

),

12/19/25

..

United

States

1,446,080

$

1,454,670

0

.32

Hanesbrands,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.066

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

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

United

States

1,790,955

1,794,680

0

.39

Tory

Burch

LLC

,

Initial

CME

Term

Loan,

B

,

8.692

%

,

(

1-month

SOFR

+

3.25

%

),

4/16/28

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

United

States

572,563

573,754

0

.12

3,823,104

0

.83

a

a

a

a

a

a

i

Application

Software

AppLovin

Corp.

,

2024

Initial

CME

Term

Loan

,

7.816

%

,

(

1-month

SOFR

+

2.5

%

),

8/16/30

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

United

States

1,801,967

1,803,724

0

.39

Amendment

No.

10-I

Replacement

CME

Term

Loan

,

7.816

%

,

(

1-month

SOFR

+

2.5

%

),

10/25/28

........

United

States

1,000,000

1,003,250

0

.22

Central

Parent

LLC

,

First

Lien,

2023

Refinancing

CME

Term

Loan

,

9.309

%

,

(

3-month

SOFR

+

4

%

),

7/06/29

.

United

States

2,211,007

2,222,570

0

.48

Cloud

Software

Group,

Inc.

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.909

%

,

(

3-month

SOFR

+

4.5

%

),

3/30/29

..

United

States

1,293,441

1,295,394

0

.28

Cloudera,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

10/08/28

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

United

States

1,698,218

1,692,198

0

.37

ConnectWise

LLC

,

Initial

CME

Term

Loan

,

9.064

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

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

United

States

793,909

796,060

0

.17

Cornerstone

OnDemand,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

...

United

States

881,205

849,261

0

.18

ECI

Macola/Max

Holding

LLC

,

First

Lien,

2024

Extended

CME

Term

Loan

,

9.31

%

,

(

3-month

SOFR

+

3.75

%

),

5/09/30

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

United

States

1,909,413

1,919,963

0

.42

Epicor

Software

Corp.

,

CME

Term

Loan,

C

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

7/30/27

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

United

States

2,904,473

2,920,680

0

.63

h

Flexera

Software

LLC

,

First

Lien,

CME

Term

Loan,

B1

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

.........

United

States

329,567

330,940

0

.07

Genesys

Cloud

Services

Holdings

I

LLC

,

2024

Incremental

No.

2

Dollar

CME

Term

Loan

,

8.816

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

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

United

States

3,268,626

3,287,584

0

.71

Greeneden

U.S.

Holdings

I

LLC

,

2024

Incremental

Dollar

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

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

United

States

920,769

927,390

0

.20

IGT

Holding

IV

AB

,

CME

Term

Loan,

B2

,

8.998

%

,

(

3-month

SOFR

+

4.75

%

),

3/31/28

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

Sweden

997,745

1,002,110

0

.22

Mitchell

International,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.195

%

,

(

1-month

SOFR

+

3.75

%

),

10/15/28

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

United

States

1,258,908

1,262,584

0

.27

Second

Lien,

Initial

CME

Term

Loan

,

11.93

%

,

(

1-month

SOFR

+

6.5

%

),

10/15/29

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

United

States

142,857

143,408

0

.03

Polaris

Newco

LLC

,

First

Lien,

Dollar

CME

Term

Loan

,

9.591

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

..........

United

States

2,860,919

2,847,630

0

.62

Project

Alpha

Intermediate

Holding,

Inc.

,

Initial

CME

Term

Loan

,

10.063

%

,

(

3-month

SOFR

+

4.75

%

),

10/28/30

.

United

States

1,600,000

1,607,896

0

.35

Project

Boost

Purchaser

LLC

,

First

Lien,

2021

CME

Term

Loan,

2

,

8.957

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

5/30/26

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

United

States

1,214,270

1,218,823

0

.26

Project

Ruby

Ultimate

Parent

Corp.

,

Incremental

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

3/10/28

.

United

States

447,761

448,972

0

.10

h

Rocket

Software,

Inc.

,

Extended

Dollar

CME

Term

Loan

,

10.066

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

......

United

States

1,367,896

1,362,233

0

.30

Severin

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.313

%

,

(

3-month

SOFR

+

3

%

),

8/01/27

......

United

States

230,192

231,220

0

.05

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Application

Software

(continued)

UKG,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.814

%

,

(

3-month

SOFR

+

3.5

%

),

2/10/31

.........

United

States

2,688,198

$

2,703,615

0

.59

VS

Buyer

LLC

,

2024

Refinancing

Initial

CME

Term

Loan

,

8.569

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/31

........

United

States

456,621

458,489

0

.10

32,335,994

7

.01

a

a

a

a

a

a

i

Asset

Management

&

Custody

Banks

Edelman

Financial

Engines

Center

LLC

(The)

,

First

Lien,

2021

Initial

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

4/07/28

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

United

States

2,025,668

2,029,254

0

.44

h

First

Eagle

Holdings,

Inc.

,

CME

Term

Loan,

B2

,

8.334

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

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

United

States

1,400,000

1,386,980

0

.30

Russell

Investments

US

Institutional

Holdco,

Inc.

,

2025

CME

Term

Loan

,

8.927

%

,

(

1-month

SOFR

+

3.5

%

),

5/30/25

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

United

States

2,436,181

2,308,586

0

.50

5,724,820

1

.24

a

a

a

a

a

a

i

Automobile

Manufacturers

American

Trailer

World

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

...

United

States

1,970,567

1,936,703

0

.42

Thor

Industries,

Inc.

,

USD

CME

Term

Loan,

B2

,

8.069

%

,

(

1-month

SOFR

+

2.75

%

),

11/15/30

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

United

States

352,093

354,147

0

.08

2,290,850

0

.50

a

a

a

a

a

a

i

Automotive

Parts

&

Equipment

Adient

US

LLC

,

CME

Term

Loan,

B2

,

8.066

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

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

United

States

1,181,093

1,187,737

0

.26

Clarios

Global

LP

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.316

%

,

(

1-month

SOFR

+

3

%

),

5/06/30

......

United

States

585,616

588,363

0

.13

DexKo

Global,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.559

%

,

(

3-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

393,750

393,545

0

.08

First

Lien,

Closing

Date

CME

Term

Loan

,

9.321

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

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

United

States

1,329,257

1,321,554

0

.29

First

Brands

Group

LLC

,

First

Lien,

2021

CME

Term

Loan

,

10.591

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

2,767,971

2,653,100

0

.57

First

Lien,

2022-II

Incremental

CME

Term

Loan

,

10.591

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

..........

United

States

2,929,167

2,814,431

0

.61

Second

Lien,

2021

CME

Term

Loan

,

14.141

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

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

United

States

1,871,447

1,787,232

0

.39

Highline

Aftermarket

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.916

%

,

(

1-month

SOFR

+

4.5

%

),

11/09/27

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

United

States

228,693

229,454

0

.05

Tenneco,

Inc.

,

First

Lien,

CME

Term

Loan,

B

,

10.17

%

,

(

3-month

SOFR

+

5

%

),

11/17/28

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

United

States

2,219,895

2,179,526

0

.47

TI

Group

Automotive

Systems

LLC

,

Refinancing

U.S.

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

991,781

995,916

0

.22

14,150,858

3

.07

a

a

a

a

a

a

Automotive

Retail

i

RealTruck

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

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

United

States

2,358,601

2,345,345

0

.51

i

Broadcasting

Gray

Television,

Inc.

,

CME

Term

Loan,

D

,

8.442

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

1,635,756

1,542,256

0

.33

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Broadcasting

(continued)

iHeartCommunications,

Inc.

,

New

CME

Term

Loan

,

8.43

%

,

(

1-month

SOFR

+

3

%

),

5/01/26

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

United

States

1,883,333

$

1,651,787

0

.36

Second

Amendment

Incremental

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

5/01/26

.........

United

States

300,000

261,891

0

.06

Nexstar

Media,

Inc.

,

CME

Term

Loan,

B4

,

7.93

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

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

United

States

485,655

486,626

0

.11

Univision

Communications,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

877,294

877,022

0

.19

4,819,582

1

.05

a

a

a

a

a

a

i

Building

Products

AZZ,

Inc.

,

Initial

CME

Term

Loan

,

8.566

%

,

(

1-month

SOFR

+

3.25

%

),

5/13/29

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

United

States

560,196

564,297

0

.12

Cornerstone

Building

Brands,

Inc.

,

CME

Term

Loan,

B

,

8.671

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

........

United

States

928,719

912,081

0

.20

EMRLD

Borrower

LP

,

Initial

CME

Term

Loan,

B

,

7.816

%

,

(

1-month

SOFR

+

2.5

%

),

5/31/30

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

United

States

329,208

330,606

0

.07

h

MIWD

Holdco

II

LLC

,

2024

Incremental

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

3/28/31

..........

United

States

449,102

451,722

0

.10

Quikrete

Holdings,

Inc.

,

CME

Term

Loan,

B1

,

7.819

%

,

(

1-month

SOFR

+

2.5

%

),

4/14/31

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

United

States

887,097

888,680

0

.19

CME

Term

Loan,

B2

,

7.569

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

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

United

States

555,667

556,859

0

.12

Summit

Materials

LLC

,

CME

Term

Loan,

B2

,

7.799

%

,

(

3-month

SOFR

+

2.5

%

),

1/12/29

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

United

States

481,928

486,147

0

.11

4,190,392

0

.91

a

a

a

a

a

a

i

Cable

&

Satellite

DIRECTV

Financing

LLC

,

2024

Refinancing

CME

Term

Loan,

B

,

10.68

%

,

(

1-month

SOFR

+

5.25

%

),

8/02/29

.

United

States

225,577

225,968

0

.05

Radiate

Holdco

LLC

,

Amendment

No.

6

CME

Term

Loan,

B

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

9/25/26

.......

United

States

1,008,000

814,938

0

.18

Virgin

Media

Bristol

LLC

,

CME

Term

Loan,

Q

,

8.685

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

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

United

States

1,788,848

1,765,370

0

.38

2,806,276

0

.61

a

a

a

a

a

a

Casinos

&

Gaming

h

,i

Bally's

Corp.

,

CME

Term

Loan,

B

,

8.836

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

3,574,807

3,375,404

0

.73

i

Caesars

Entertainment,

Inc.

,

2023

Incremental

CME

Term

Loan,

B

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

2/06/30

.

United

States

1,481,547

1,486,458

0

.32

Entain

plc

,

CME

Term

Loan

,

10/31/29

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

United

States

1,026,393

1,031,042

0

.22

i

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.069

%

,

(

1-month

SOFR

+

3.75

%

),

1/27/29

........

United

States

2,017,417

2,024,357

0

.44

i

Flutter

Entertainment

plc

,

CME

Term

Loan,

B

,

7.559

%

,

(

3-month

SOFR

+

2.25

%

),

11/25/30

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

Ireland

1,838,896

1,844,477

0

.40

i

Light

&

Wonder

International,

Inc.

,

CME

Term

Loan,

B1

,

8.071

%

,

(

1-month

SOFR

+

2.75

%

),

4/14/29

........

United

States

1,681,372

1,687,206

0

.37

i

Ontario

Gaming

GTA

LP

,

CME

Term

Loan,

B

,

9.559

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

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

Canada

1,150,338

1,158,005

0

.25

i

Penn

National

Gaming,

Inc.

,

CME

Term

Loan,

B

,

8.166

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

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

United

States

1,347,504

1,350,940

0

.29

i

Raptor

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.59

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

...........

United

States

1,563,811

1,571,630

0

.34

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Casinos

&

Gaming

(continued)

i

Scientific

Games

Holdings

LP

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.556

%

,

(

3-month

SOFR

+

3.25

%

),

4/04/29

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

United

States

2,115,195

$

2,118,664

0

.46

17,648,183

3

.82

a

a

a

a

a

a

Commodity

Chemicals

i

Indicor

LLC

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.302

%

,

(

3-month

SOFR

+

4

%

),

11/22/29

..........

United

States

623,876

629,491

0

.14

Communications

Equipment

i

CommScope,

Inc.

,

Initial

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

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

United

States

1,202,959

1,063,621

0

.23

j

Delta

Topco,

Inc.

,

CME

Term

Loan

,

TBD,

12/24/29

.....

United

States

2,778,354

2,783,216

0

.60

3,846,837

0

.83

a

a

a

a

a

a

i

Construction

&

Engineering

Artera

Services

LLC

,

First

Lien,

CME

Term

Loan,

C

,

9.809

%

,

(

3-month

SOFR

+

4.5

%

),

2/15/31

.........

United

States

818,182

826,282

0

.18

h

Brand

Industrial

Services,

Inc.

,

CME

Term

Loan,

C

,

9.819

%

,

(

1-month

SOFR

+

4.5

%

),

8/01/30

.........

United

States

970,874

975,782

0

.21

Chromalloy

Corp.

,

CME

Term

Loan

,

9.058

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/30

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

United

States

866,575

871,991

0

.19

Radar

Bidco

SARL

,

USD

CME

Term

Loan,

B

,

9.558

%

,

(

3-month

SOFR

+

4.25

%

),

4/04/31

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

Luxembourg

487,013

489,448

0

.11

USIC

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.064

%

,

(

3-month

SOFR

+

3.5

%

),

5/12/28

.........

United

States

1,813,130

1,814,562

0

.39

Zekelman

Industries,

Inc.

,

2024

CME

Term

Loan

,

7.568

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

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

United

States

386,958

387,925

0

.08

5,365,990

1

.16

a

a

a

a

a

a

Construction

Machinery

&

Heavy

Transportation

Equipment

i

ASP

Blade

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

9.564

%

,

(

3-month

SOFR

+

4

%

),

10/13/28

..........

United

States

2,512,415

2,198,074

0

.48

i

Distributors

h

AIP

RD

Buyer

Corp.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.818

%

,

(

1-month

SOFR

+

4.5

%

),

12/22/28

United

States

315,789

317,566

0

.07

BCPE

Empire

Holdings,

Inc.

,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

9.316

%

,

(

1-month

SOFR

+

4

%

),

12/11/28

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

United

States

461,538

463,350

0

.10

Core

&

Main

LP

,

CME

Term

Loan,

C

,

7.568

%

,

(

1-month

SOFR

+

2.25

%

),

2/09/31

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

United

States

525,000

527,625

0

.11

1,308,541

0

.28

a

a

a

a

a

a

Diversified

Chemicals

i

INEOS

Quattro

Holdings

UK

Ltd.

,

2029

Dollar

CME

Term

Loan,

B

,

9.666

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

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

United

Kingdom

2,386,261

2,384,769

0

.52

2030

Dollar

CME

Term

Loan,

B

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

3/14/30

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

United

Kingdom

539,402

539,068

0

.11

i

INEOS

US

Finance

LLC

,

2027-II

Dollar

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

11/08/27

.......

Luxembourg

514,800

517,238

0

.11

h

,i

LSF11

A5

Holdco

LLC

,

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

10/15/28

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

United

States

1,644,124

1,648,235

0

.36

i

Lummus

Technology

Holdings

V

LLC

,

2024

CME

Term

Loan,

B

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

..

United

States

823,090

826,979

0

.18

SCIH

Salt

Holdings,

Inc.

,

j

CME

Term

Loan,

B

,

TBD,

3/16/27

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

United

States

300,000

301,125

0

.07

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Diversified

Chemicals

(continued)

SCIH

Salt

Holdings,

Inc.

(continued)

i

First

Lien,

Incremental

CME

Term

Loan,

B1

,

9.442

%

,

(

1-month

SOFR

+

4

%

),

3/16/27

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

United

States

1,846,910

$

1,853,836

0

.40

8,071,250

1

.75

a

a

a

a

a

a

Diversified

Financial

Services

i

Mercury

Borrower,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

8/02/28

..........

United

States

2,534,157

2,535,741

0

.55

i

Diversified

Support

Services

Amentum

Government

Services

Holdings

LLC

,

First

Lien,

CME

Term

Loan,

3

,

9.315

%

,

(

1-month

SOFR

+

4

%

),

2/15/29

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

United

States

2,465,002

2,473,729

0

.54

CCI

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.302

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

..........

United

States

1,776,194

1,777,304

0

.39

h

Neptune

BidCo

US,

Inc.

,

First

Lien,

Dollar

CME

Term

Loan,

B

,

10.406

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

...

United

States

1,097,229

1,032,844

0

.22

PG

Investment

Co.

59

SARL

,

Initial

CME

Term

Loan

,

8.812

%

,

(

3-month

SOFR

+

3.5

%

),

3/26/31

.........

Luxembourg

801,796

805,637

0

.17

Spin

Holdco,

Inc.

,

Initial

CME

Term

Loan

,

9.585

%

,

(

3-month

SOFR

+

4

%

),

3/04/28

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

United

States

3,673,361

3,253,220

0

.71

9,342,734

2

.03

a

a

a

a

a

a

i

Education

Services

KUEHG

Corp.

,

Initial

CME

Term

Loan

,

10.302

%

,

(

3-month

SOFR

+

5

%

),

6/12/30

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

United

States

1,840,463

1,848,809

0

.40

Learning

Care

Group

(US)

No.

2,

Inc.

,

Initial

CME

Term

Loan

,

10.075

%

,

(

3-month

SOFR

+

4.75

%

),

8/11/28

..

United

States

403,955

405,640

0

.09

Spring

Education

Group,

Inc.

,

Initial

CME

Term

Loan

CME

,

9.309

%

,

(

3-month

SOFR

+

4

%

),

9/29/30

......

United

States

469,388

472,176

0

.10

2,726,625

0

.59

a

a

a

a

a

a

Electronic

Components

i

Coherent

Corp.

,

CME

Term

Loan,

B1

,

7.829

%

,

(

1-month

SOFR

+

2.5

%

),

7/02/29

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

United

States

357,143

359,263

0

.08

i

Environmental

&

Facilities

Services

Covanta

Holding

Corp.

,

2024

Incremental

CME

Term

Loan,

B

,

8.071

%

,

(

1-month

SOFR

+

2.75

%

),

11/30/28

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

United

States

1,102,542

1,105,073

0

.24

2024

Incremental

CME

Term

Loan,

C

,

8.071

%

,

(

1-month

SOFR

+

2.75

%

),

11/30/28

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

United

States

60,248

60,386

0

.01

Madison

IAQ

LLC

,

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

6/21/28

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

United

States

2,196,656

2,200,346

0

.48

3,365,805

0

.73

a

a

a

a

a

a

i

Health

Care

Equipment

Medline

Borrower

LP

,

Refinancing

CME

Term

Loan

,

8.068

%

,

(

1-month

SOFR

+

2.75

%

),

10/23/28

.......

United

States

2,226,279

2,234,672

0

.48

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.)

,

Closing

Date

CME

Term

Loan

,

10.702

%

,

(

3-month

SOFR

+

5.25

%

),

12/15/27

......

United

States

1,005,737

1,009,403

0

.22

3,244,075

0

.70

a

a

a

a

a

a

i

Health

Care

Facilities

ADMI

Corp.

,

Amendment

No.

10

Extended

CME

Term

Loan

,

11.066

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

......

United

States

336,818

339,555

0

.07

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Health

Care

Facilities

(continued)

ADMI

Corp.

(continued)

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.805

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

......

United

States

1,218,442

$

1,177,971

0

.26

h

Amendment

No.

5

Incremental

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

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

United

States

1,476,722

1,429,260

0

.31

Aveanna

Healthcare

LLC

,

First

Lien,

2021

Extended

CME

Term

Loan

,

9.193

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

United

States

556,993

537,412

0

.12

Charlotte

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan,

B

,

10.571

%

,

(

1-month

SOFR

+

5.25

%

),

2/11/28

.......

United

States

2,070,410

2,082,698

0

.45

h

Dermatology

Intermediate

Holdings

III,

Inc.

,

Closing

Date

CME

Term

Loan

,

9.58

%

,

(

3-month

SOFR

+

4.25

%

),

3/30/29

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

United

States

1,398,731

1,365,805

0

.30

FINThrive

Software

Intermediate

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.571

%

,

(

3-month

SOFR

+

4

%

),

12/18/28

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

United

States

1,449,241

1,227,326

0

.27

Second

Lien,

Initial

CME

Term

Loan

,

12.18

%

,

(

1-month

SOFR

+

6.75

%

),

12/17/29

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

United

States

357,038

250,819

0

.05

h

Global

Medical

Response,

Inc.

,

2018

New

CME

Term

Loan

,

9.68

%

,

(

1-month

SOFR

+

4.25

%

),

3/14/25

....

United

States

1,396,848

1,328,752

0

.29

Medical

Solutions

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

11/01/28

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

United

States

1,454,585

1,291,206

0

.28

Pacific

Dental

Services

LLC

,

Refinancing

CME

Term

Loan

,

8.571

%

,

(

1-month

SOFR

+

3.25

%

),

3/15/31

...

United

States

946,474

949,928

0

.20

Pathway

Vet

Alliance

LLC

,

First

Lien,

2021

Replacement

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

3/31/27

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

United

States

2,790,473

2,350,973

0

.51

Phoenix

Newco,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.692

%

,

(

1-month

SOFR

+

3.25

%

),

11/15/28

.......

United

States

1,375,444

1,381,379

0

.30

Star

Parent,

Inc.

,

CME

Term

Loan

,

9.309

%

,

(

3-month

SOFR

+

4

%

),

9/27/30

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

United

States

1,750,000

1,751,645

0

.38

Surgery

Center

Holdings,

Inc.

,

Initial

CME

Term

Loan

,

8.815

%

,

(

1-month

SOFR

+

3.5

%

),

12/19/30

........

United

States

284,900

286,933

0

.06

17,751,662

3

.85

a

a

a

a

a

a

i

Health

Care

Services

CNT

Holdings

I

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

8.83

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

.........

United

States

1,405,166

1,411,707

0

.30

eResearchTechnology,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.93

%

,

(

1-month

SOFR

+

4.5

%

),

2/04/27

.....

United

States

1,056,961

1,061,881

0

.23

MPH

Acquisition

Holdings

LLC

,

Initial

CME

Term

Loan

,

9.855

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

........

United

States

1,903,205

1,768,249

0

.38

h

National

Mentor

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.164

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

3/02/28

...

United

States

2,322,551

2,124,879

0

.46

First

Lien,

Initial

CME

Term

Loan,

C

,

9.159

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

77,984

71,347

0

.02

Phoenix

Guarantor,

Inc.

,

CME

Term

Loan

,

8.577

%

,

(

1-month

SOFR

+

3.25

%

),

2/14/31

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

United

States

2,182,654

2,169,864

0

.47

Radiology

Partners,

Inc.

,

CME

Term

Loan,

B

,

10.587

%

,

(

3-month

SOFR

+

5

%

),

1/31/29

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

United

States

2,054,497

1,976,600

0

.43

U.S.

Anesthesia

Partners,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.692

%

,

(

1-month

SOFR

+

4.25

%

),

10/01/28

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

United

States

2,190,415

2,124,473

0

.46

Waystar

Technologies,

Inc.

,

First

Lien,

2024

Initial

CME

Term

Loan

,

9.316

%

,

(

1-month

SOFR

+

4

%

),

10/22/29

United

States

3,532,700

3,556,987

0

.77

16,265,987

3

.52

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Health

Care

Supplies

i

Bausch

+

Lomb

Corp.

,

Initial

CME

Term

Loan

,

8.669

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

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

United

States

595,455

$

592,555

0

.13

Health

Care

Technology

i

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.566

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

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

United

States

4,033,205

4,031,954

0

.87

h

,j

Cotiviti

Holdings,

Inc.

,

CME

Term

Loan

,

TBD,

2/24/31

..

United

States

1,875,000

1,878,900

0

.41

5,910,854

1

.28

a

a

a

a

a

a

Heavy

Electrical

Equipment

i

Vertiv

Group

Corp.

,

CME

Term

Loan,

B1

,

7.943

%

,

(

1-month

SOFR

+

2.5

%

),

3/02/27

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

United

States

491,647

494,049

0

.11

i

Home

Improvement

Retail

Park

River

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.814

%

,

(

3-month

SOFR

+

3.25

%

),

12/28/27

..

United

States

350,317

346,530

0

.08

SRS

Distribution,

Inc.

,

2022

Refinancing

CME

Term

Loan

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

6/02/28

........

United

States

897,704

905,061

0

.20

White

Cap

Supply

Holdings

LLC

,

Initial

Closing

Date

CME

Term

Loan

,

9.066

%

,

(

1-month

SOFR

+

3.75

%

),

10/19/27

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

United

States

959,368

963,925

0

.21

2,215,516

0

.49

a

a

a

a

a

a

Homefurnishing

Retail

i

Restoration

Hardware,

Inc.

,

2022

Incremental

CME

Term

Loan

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

..

United

States

786,766

776,931

0

.17

Hotels,

Resorts

&

Cruise

Lines

i

Hilton

Grand

Vacations

Borrower

LLC

,

Initial

CME

Term

Loan

,

7.816

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

....

United

States

2,567,701

2,574,609

0

.56

Household

Products

i

Energizer

Holdings,

Inc.

,

2020

CME

Term

Loan

,

7.68

%

,

(

1-month

SOFR

+

2.25

%

),

12/22/27

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

United

States

504,148

504,987

0

.11

Housewares

&

Specialties

i

Hunter

Douglas

Holding

BV

,

CME

Term

Loan,

B1

,

8.824

%

,

(

3-month

SOFR

+

3.5

%

),

2/26/29

.........

Netherlands

1,582,462

1,574,273

0

.34

i

Human

Resource

&

Employment

Services

CCRR

Parent,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

.........

United

States

659,936

609,339

0

.13

CHG

Healthcare

Services,

Inc.

,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.091

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

9/29/28

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

United

States

291,951

293,776

0

.06

First

Lien,

Initial

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

9/29/28

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

United

States

818,662

821,359

0

.18

1,724,474

0

.37

a

a

a

a

a

a

i

Independent

Power

Producers

&

Energy

Traders

Calpine

Construction

Finance

Co.

LP

,

Refinancing

CME

Term

Loan

,

7.566

%

,

(

1-month

SOFR

+

2.25

%

),

7/31/30

United

States

796,000

796,724

0

.17

h

Calpine

Corp.

,

2019

CME

Term

Loan

,

7.33

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

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

United

States

1,000,000

999,685

0

.22

Talen

Energy

Supply

LLC

,

Initial

CME

Term

Loan,

B

,

9.826

%

,

(

3-month

SOFR

+

4.5

%

),

5/17/30

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

United

States

735,038

738,459

0

.16

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Independent

Power

Producers

&

Energy

Traders

(continued)

Talen

Energy

Supply

LLC

(continued)

Initial

CME

Term

Loan,

C

,

9.826

%

,

(

3-month

SOFR

+

4.5

%

),

5/17/30

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

United

States

169,101

$

169,888

0

.04

2,704,756

0

.59

a

a

a

a

a

a

i

Industrial

Machinery

&

Supplies

&

Components

Crosby

US

Acquisition

Corp.

,

Amendment

No.

3

Replacement

CME

Term

Loan

,

9.316

%

,

(

1-month

SOFR

+

4

%

),

8/16/29

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

United

States

834,030

840,978

0

.18

Tiger

Acquisition

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.668

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

........

United

States

1,416,401

1,406,330

0

.31

TK

Elevator

Midco

GmbH

,

USD

CME

Term

Loan,

B1

,

9.081

%

,

(

6-month

SOFR

+

3.5

%

),

7/30/27

.........

Germany

1,941,710

1,952,020

0

.42

4,199,328

0

.91

a

a

a

a

a

a

Insurance

Brokers

i

Alliant

Holdings

Intermediate

LLC

,

New

CME

Term

Loan,

B6

,

8.819

%

,

(

1-month

SOFR

+

3.5

%

),

11/06/30

.....

United

States

1,929,044

1,938,882

0

.42

h

,i

AssuredPartners,

Inc.

,

2024

CME

Term

Loan

,

8.827

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

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

United

States

1,682,302

1,691,571

0

.37

i

HUB

International

Ltd.

,

2024

Incremental

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

3.25%;

3-month

SOFR

+

3.25%

),

6/20/30

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

United

States

1,396,395

1,405,032

0

.30

h

,j

Truist

Insurance

Holdings

LLC

,

Term

Loan,

B

,

TBD,

3/24/31

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

United

States

1,542,574

1,547,642

0

.34

6,583,127

1

.43

a

a

a

a

a

a

Integrated

Telecommunication

Services

i

Global

Tel*Link

Corp.

,

First

Lien,

CME

Term

Loan

,

9.666

%

,

(

1-month

SOFR

+

4.25

%

),

11/29/25

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

United

States

3,202,280

3,151,236

0

.68

Second

Lien,

CME

Term

Loan

,

15.416

%

,

(

1-month

SOFR

+

10

%

),

11/29/26

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

United

States

2,479,737

2,374,348

0

.52

5,525,584

1

.20

a

a

a

a

a

a

Interactive

Home

Entertainment

i

Playtika

Holding

Corp.

,

CME

Term

Loan,

B1

,

8.18

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

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

United

States

1,616,431

1,619,616

0

.35

i

Internet

Services

&

Infrastructure

Arches

Buyer,

Inc.

,

Refinancing

CME

Term

Loan

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

12/06/27

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

United

States

921,513

891,887

0

.19

Barracuda

Parent

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.814

%

,

(

6-month

SOFR

+

4.5

%

),

8/15/29

.........

United

States

1,643,669

1,646,365

0

.36

2,538,252

0

.55

a

a

a

a

a

a

i

Investment

Banking

&

Brokerage

Aretec

Group,

Inc.

,

CME

Term

Loan,

B1

,

9.916

%

,

(

1-month

SOFR

+

4.5

%

),

8/09/30

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

United

States

1,715,496

1,726,518

0

.38

Citadel

Securities

LP

,

CME

Term

Loan

,

7.566

%

,

(

1-month

SOFR

+

2.25

%

),

7/29/30

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

United

States

1,518,534

1,523,287

0

.33

Deerfield

Dakota

Holding

LLC

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.059

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

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

United

States

1,669,760

1,670,494

0

.36

Jane

Street

Group

LLC

,

2024

Repricing

CME

Term

Loan

,

7.93

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

..........

United

States

1,990,059

1,994,019

0

.43

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Investment

Banking

&

Brokerage

(continued)

Osmosis

Buyer

Ltd.

,

2022

Refinancing

CME

Term

Loan,

B

,

9.324

%

,

(

1-month

SOFR

+

4

%

),

7/31/28

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

United

Kingdom

1,810,530

$

1,818,849

0

.39

2023

Incremental

Delayed

Draw

CME

Term

Loan

,

9.567

%

,

(

1-month

SOFR

+

4.25

%

),

7/31/28

........

United

Kingdom

396,825

399,306

0

.09

WEC

US

Holdings

Ltd.

,

Initial

CME

Term

Loan

,

8.066

%

,

(

1-month

SOFR

+

2.75

%

),

1/27/31

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

United

States

1,514,286

1,517,072

0

.33

10,649,545

2

.31

a

a

a

a

a

a

i

IT

Consulting

&

Other

Services

Aventiv

Technologies

LLC

,

First

Lien,

Second-Out

CME

Term

Loan

,

13.071

%

,

(

3-month

SOFR

+

7.5

%

),

7/31/25

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

United

States

25,895

26,219

0

.01

Second

Lien,

CME

Term

Loan

,

14.221

%

,

(

3-month

SOFR

+

8.912

%

),

11/01/25

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

United

States

129,981

23,885

0.00

†

Gainwell

Acquisition

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.409

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

..........

United

States

3,738,766

3,576,372

0

.78

Peraton

Corp.

,

First

Lien,

CME

Term

Loan,

B

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

2,768,407

2,772,850

0

.60

Sitel

Worldwide

Corp.

,

Initial

Dollar

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

.........

France

1,683,056

1,262,292

0

.27

7,661,618

1

.66

a

a

a

a

a

a

i

Leisure

Facilities

g

24

Hour

Fitness

Worldwide,

Inc.

,

CME

Term

Loan,

1

,

PIK,

6.571

%

,

(

3-month

SOFR

+

1

%

),

12/29/25

..........

United

States

8,635,274

4,256,636

0

.92

h

SeaWorld

Parks

&

Entertainment,

Inc.

,

CME

Term

Loan,

B2

,

7.816

%

,

(

1-month

SOFR

+

2.5

%

),

8/25/28

......

United

States

470,588

470,981

0

.10

4,727,617

1

.02

a

a

a

a

a

a

Metal,

Glass

&

Plastic

Containers

i

Mauser

Packaging

Solutions

Holding

Co.

,

Initial

CME

Term

Loan

,

9.329

%

,

(

1-month

SOFR

+

4

%

),

8/14/26

.

United

States

2,728,470

2,734,977

0

.59

i

Movies

&

Entertainment

AMC

Entertainment

Holdings,

Inc.

,

CME

Term

Loan,

B1

,

8.433

%

,

(

1-month

SOFR

+

3

%

),

4/22/26

..........

United

States

630,102

548,620

0

.12

Banijay

Entertainment

SAS

,

USD

CME

Term

Loan,

B2

,

8.579

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

........

France

685,826

688,827

0

.15

1,237,447

0

.27

a

a

a

a

a

a

Multi-line

Insurance

i

Acrisure

LLC

,

First

Lien,

2020

Term

Loan

,

0.089

%

,

(

1-month

Synthetic

USD

LIBOR

+

0.035

%

),

2/15/27

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

United

States

1,988,799

1,990,241

0

.43

First

Lien,

2021-1

Additional

Term

Loan

,

9.18

%

,

(

1-month

Synthetic

USD

LIBOR

+

3.75

%

),

2/15/27

...

United

States

1,358,463

1,361,859

0

.30

First

Lien,

2021-2

Additional

Term

Loan

,

9.68

%

,

(

1-month

Synthetic

USD

LIBOR

+

4.25

%

),

2/15/27

...

United

States

751,923

755,371

0

.16

4,107,471

0

.89

a

a

a

a

a

a

Multi-Sector

Holdings

i

Belfor

Holdings,

Inc.

,

Initial

CME

Term

Loan,

B1

,

9.08

%

,

(

1-month

SOFR

+

3.75

%

),

11/01/30

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

United

States

140,416

141,031

0

.03

Office

Services

&

Supplies

i

Pitney

Bowes,

Inc.

,

Refinancing

CME

Term

Loan,

B

,

9.43

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

...........

United

States

4,472,995

4,471,116

0

.97

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Other

Specialty

Retail

Evergreen

AcqCo

1

LP

,

Initial

CME

Term

Loan

,

9.36

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

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

United

States

1,299,691

$

1,307,001

0

.28

GNC

Holdings,

Inc.

,

Second

Lien,

CME

Term

Loan

,

11.427

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

.........

United

States

5,045,639

4,036,511

0

.87

Great

Outdoors

Group

LLC

,

CME

Term

Loan,

B2

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

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

United

States

1,403,383

1,405,762

0

.30

Michaels

Cos.,

Inc.

(The)

,

CME

Term

Loan,

B

,

9.821

%

,

(

3-month

SOFR

+

4.25

%

),

4/15/28

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

United

States

761,859

712,251

0

.15

h

Petco

Health

&

Wellness

Co.,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.821

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

United

States

3,010,943

2,614,899

0

.57

PetSmart

LLC

,

Initial

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

2/11/28

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

United

States

665,349

657,032

0

.14

Staples,

Inc.

,

2019

Refinancing

New

Term

Loan,

B1

,

10.443

%

,

(

1-month

Synthetic

USD

LIBOR

+

5

%

),

4/16/26

.....

United

States

497,655

492,422

0

.11

2019

Refinancing

New

Term

Loan,

B2

,

9.943

%

,

(

1-month

Synthetic

USD

LIBOR

+

4.5

%

),

9/12/24

....

United

States

1,941,514

1,941,514

0

.42

Woof

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.321

%

,

(

3-month

SOFR

+

3.75

%

),

12/21/27

.......

United

States

1,552,400

1,214,761

0

.26

14,382,153

3

.10

a

a

a

a

a

a

i

Packaged

Foods

&

Meats

Fiesta

Purchaser,

Inc.

,

Initial

CME

Term

Loan

,

9.317

%

,

(

1-month

SOFR

+

4

%

),

2/12/31

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

United

States

761,421

765,373

0

.16

Primary

Products

Finance

LLC

,

2024

Replacement

CME

Term

Loan,

B

,

8.952

%

,

(

3-month

SOFR

+

3.5

%

),

4/01/29

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

United

States

677,612

678,602

0

.15

1,443,975

0

.31

a

a

a

a

a

a

Paper

&

Plastic

Packaging

Products

&

Materials

i

Charter

Next

Generation,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.816

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

...

United

States

1,668,044

1,676,201

0

.36

h

,i

Kleopatra

Finco

SARL

,

USD

CME

Term

Loan,

B

,

10.267

%

,

(

6-month

SOFR

+

4.725

%

),

2/12/26

......

Luxembourg

3,051,871

2,767,040

0

.60

h

,i

LC

Ahab

US

Bidco

LLC

,

CME

Term

Loan,

B

,

8.816

%

,

(

1-month

SOFR

+

3.5

%

),

4/11/31

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

United

States

328,228

328,228

0

.07

i

Pactiv

Evergreen,

Inc.

,

U.S.

CME

Term

Loan,

B3

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

9/24/28

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

United

States

568,649

572,320

0

.12

i

ProAmpac

PG

Borrower

LLC

,

2024-1

Refinancing

CME

Term

Loan

,

9.528

%

,

(

1-month

SOFR

+

4%;

3-month

SOFR

+

4%

),

9/15/28

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

United

States

1,263,509

1,273,509

0

.28

h

,j

SupplyOne,

Inc.

,

Seven

Year

CME

Term

Loan,

B

,

TBD,

3/27/31

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

United

States

1,459,184

1,465,568

0

.32

8,082,866

1

.75

a

a

a

a

a

a

i

Passenger

Airlines

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

CME

Term

Loan

,

10.336

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

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

United

States

1,211,025

1,261,107

0

.28

Air

Canada

,

CME

Term

Loan

,

7.833

%

,

(

3-month

SOFR

+

2.5

%

),

3/21/31

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

Canada

733,598

739,558

0

.16

American

Airlines,

Inc.

,

Initial

CME

Term

Loan

,

8.775

%

,

(

6-month

SOFR

+

3.5

%

),

6/04/29

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

United

States

1,800,000

1,808,631

0

.39

Kestrel

Bidco,

Inc.

,

CME

Term

Loan

,

8.418

%

,

(

1-month

SOFR

+

3

%

),

12/11/26

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

Canada

135,150

135,495

0

.03

Initial

CME

Term

Loan

,

9.048

%

,

(

3-month

SOFR

+

3.75

%

),

2/14/31

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

Canada

2,451,695

2,459,222

0

.53

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

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)

i

Passenger

Airlines

(continued)

United

Airlines,

Inc.

,

2024

CME

Term

Loan,

B

,

8.076

%

,

(

3-month

SOFR

+

2.75

%

),

2/22/31

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

United

States

1,000,000

$

1,005,470

0

.22

7,409,483

1

.61

a

a

a

a

a

a

i

Passenger

Ground

Transportation

Avis

Budget

Car

Rental

LLC

,

New

CME

Term

Loan,

C

,

8.416

%

,

(

1-month

SOFR

+

3

%

),

3/16/29

..........

United

States

279,377

278,737

0

.06

h

Savage

Enterprises

LLC

,

Initial

CME

Term

Loan

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

9/15/28

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

United

States

370,675

372,761

0

.08

651,498

0

.14

a

a

a

a

a

a

Personal

Care

Products

i

Conair

Holdings

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

5/17/28

.........

United

States

1,587,186

1,577,980

0

.34

i

Pharmaceuticals

Endo

Luxembourg

Finance

Co.

I

SARL

,

Term

Loan,

B

,

9.828

%

,

(

3-month

SOFR

+

4.5

%

),

4/09/31

.........

United

States

369,458

368,950

0

.08

h

Grifols

Worldwide

Operations

Ltd.

,

Dollar

CME

Term

Loan,

B

,

7.459

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

...

Spain

1,631,255

1,598,125

0

.35

Jazz

Pharmaceuticals

plc

,

Additional

Dollar

CME

Term

Loan,

B1

,

8.43

%

,

(

1-month

SOFR

+

3

%

),

5/05/28

....

United

States

2,481,095

2,498,549

0

.54

Organon

&

Co.

,

Dollar

CME

Term

Loan

,

8.433

%

,

(

1-month

SOFR

+

3

%

),

6/02/28

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

United

States

1,178,239

1,186,157

0

.26

Perrigo

Co.

plc

,

Initial

CME

Term

Loan,

B

,

7.666

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

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

United

States

1,311,420

1,311,833

0

.28

6,963,614

1

.51

a

a

a

a

a

a

Property

&

Casualty

Insurance

i

Asurion

LLC

,

New

CME

Term

Loan,

B10

,

9.416

%

,

(

1-month

SOFR

+

4

%

),

8/19/28

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

United

States

888,722

865,517

0

.19

New

CME

Term

Loan,

B11

,

9.666

%

,

(

1-month

SOFR

+

4.25

%

),

8/19/28

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

United

States

341,379

333,806

0

.07

New

CME

Term

Loan,

B8

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

12/23/26

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

United

States

971,740

951,970

0

.21

Second

Lien,

New

CME

Term

Loan,

B3

,

10.68

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

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

United

States

2,652,263

2,425,587

0

.52

Second

Lien,

New

CME

Term

Loan,

B4

,

10.68

%

,

(

1-month

SOFR

+

5.25

%

),

1/20/29

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

United

States

2,248,036

2,033,067

0

.44

6,609,947

1

.43

a

a

a

a

a

a

i

Publishing

Cengage

Learning,

Inc.

,

CME

Term

Loan,

B

,

9.565

%

,

(

1-month

SOFR

+

4.25

%

),

3/24/31

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

United

States

3,330,160

3,340,866

0

.72

McGraw-Hill

Education,

Inc.

,

Initial

CME

Term

Loan

,

10.18

%

,

(

1-month

SOFR

+

4.75

%

),

7/28/28

........

United

States

2,642,141

2,648,192

0

.57

5,989,058

1

.29

a

a

a

a

a

a

Real

Estate

Development

i

Greystar

Real

Estate

Partners

LLC

,

CME

Term

Loan,

B1

,

8.576

%

,

(

3-month

SOFR

+

3.25

%

),

8/21/30

........

United

States

401,127

402,632

0

.09

Real

Estate

Services

i

Cushman

&

Wakefield

US

Borrower

LLC

,

h

2023-1

Refinancing

CME

Term

Loan

,

8.666

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

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

United

States

1,094,244

1,098,347

0

.24

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Real

Estate

Services

(continued)

i

Cushman

&

Wakefield

US

Borrower

LLC

(continued)

2024-1

CME

Term

Loan

,

9.066

%

,

(

1-month

SOFR

+

3.75

%

),

1/31/30

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

United

States

104,214

$

104,735

0

.02

1,203,082

0

.26

a

a

a

a

a

a

i

Research

&

Consulting

Services

h

CoreLogic,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

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

United

States

2,600,000

2,522,000

0

.55

Dun

&

Bradstreet

Corp.

(The)

,

2022

Incremental

CME

Term

Loan,

B2

,

8.068

%

,

(

1-month

SOFR

+

2.75

%

),

1/18/29

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

United

States

802,963

805,809

0

.17

Inizio

Group

Ltd.

,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

9.659

%

,

(

3-month

SOFR

+

4.25

%

),

8/19/28

........

United

Kingdom

872,334

874,515

0

.19

4,202,324

0

.91

a

a

a

a

a

a

i

Restaurants

Dave

&

Buster's,

Inc.

,

2024

Refinancing

CME

Term

Loan,

B

,

8.625

%

,

(

1-month

SOFR

+

3.25

%

),

6/29/29

......

United

States

492,229

494,555

0

.11

Flynn

Restaurant

Group

LP

,

First

Lien,

2021

CME

Term

Loan

,

9.68

%

,

(

1-month

SOFR

+

4.25

%

),

11/22/28

...

United

States

2,176,250

2,187,371

0

.48

IRB

Holding

Corp.

,

2024

Replacement

CME

Term

Loan,

B

,

8.177

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

.....

United

States

412,856

413,946

0

.09

Whatabrands

LLC

,

Initial

CME

Term

Loan,

B

,

8.68

%

,

(

1-month

SOFR

+

3.25

%

),

8/03/28

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

United

States

2,062,568

2,073,097

0

.45

5,168,969

1

.13

a

a

a

a

a

a

i

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC

,

Initial

U.S.

Dollar

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

...

United

States

2,265,730

2,269,978

0

.49

h

APX

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.194

%

,

(

1-month

SOFR

+

2.75%;

3-month

SOFR

+

1.75%

),

7/10/28

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

United

States

786,338

788,414

0

.17

Prime

Security

Services

Borrower

LLC

,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B1

,

7.579

%

,

(

3-month

SOFR

+

2.25

%

),

10/13/30

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

United

States

1,399,369

1,403,805

0

.30

4,462,197

0

.96

a

a

a

a

a

a

Semiconductor

Materials

&

Equipment

i

MKS

Instruments,

Inc.

,

2023-1

Dollar

CME

Term

Loan,

B

,

7.823

%

,

(

1-month

SOFR

+

2.5

%

),

8/17/29

.........

United

States

2,347,990

2,355,339

0

.51

i

Soft

Drinks

&

Non-alcoholic

Beverages

Naked

Juice

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

8.659

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

........

United

States

1,611,830

1,562,090

0

.34

Triton

Water

Holdings,

Inc.

,

First

Lien,

2024

Incremental

CME

Term

Loan

,

9.302

%

,

(

3-month

SOFR

+

4

%

),

3/31/28

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

United

States

166,250

166,749

0

.04

First

Lien,

Initial

CME

Term

Loan

,

8.814

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

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

United

States

1,542,654

1,538,504

0

.33

3,267,343

0

.71

a

a

a

a

a

a

i

Specialized

Consumer

Services

Pre-Paid

Legal

Services,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.18

%

,

(

1-month

SOFR

+

3.75

%

),

12/15/28

...

United

States

563,970

561,370

0

.12

Sedgwick

Claims

Management

Services,

Inc.

,

2023

CME

Term

Loan

,

9.077

%

,

(

1-month

SOFR

+

3.75

%

),

2/24/28

United

States

3,055,372

3,071,428

0

.67

Wand

NewCo

3,

Inc.

,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

9.066

%

,

(

1-month

SOFR

+

3.75

%

),

1/30/31

United

States

230,769

232,545

0

.05

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

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)

i

Specialized

Consumer

Services

(continued)

WW

International,

Inc.

,

Initial

CME

Term

Loan

,

8.93

%

,

(

1-month

SOFR

+

3.5

%

),

4/13/28

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

United

States

1,260,362

$

576,029

0

.12

4,441,372

0

.96

a

a

a

a

a

a

i

Specialized

Finance

Red

Planet

Borrower

LLC

,

Initial

CME

Term

Loan

,

9.166

%

,

(

1-month

SOFR

+

3.75

%

),

10/02/28

.......

United

States

1,391,314

1,366,709

0

.30

Verscend

Holding

Corp.

,

CME

Term

Loan,

B1

,

9.445

%

,

(

1-month

SOFR

+

4

%

),

8/27/25

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

United

States

2,701,064

2,704,440

0

.59

4,071,149

0

.89

a

a

a

a

a

a

i

Specialty

Chemicals

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.976

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

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

United

States

2,554,500

2,516,387

0

.54

h

Second

Lien,

Initial

CME

Term

Loan

,

12.853

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

1,837,209

1,649,814

0

.36

Nouryon

Finance

BV

,

Extended

Dollar

CME

Term

Loan

,

9.419

%

,

(

3-month

SOFR

+

4

%

),

4/03/28

..........

Netherlands

1,210,568

1,215,301

0

.26

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.706

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

3,883,307

3,833,911

0

.83

9,215,413

1

.99

a

a

a

a

a

a

i

Systems

Software

DCert

Buyer,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.316

%

,

(

1-month

SOFR

+

4

%

),

10/16/26

..........

United

States

1,409,695

1,407,947

0

.31

Idera,

Inc.

,

First

Lien,

CME

Term

Loan,

B1

,

9.206

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

1,371,085

1,367,548

0

.30

Ivanti

Software,

Inc.

,

First

Lien,

2021

Specified

Refinancing

CME

Term

Loan

,

9.814

%

,

(

3-month

SOFR

+

4.25

%

),

12/01/27

.......

United

States

906,986

844,916

0

.18

First

Lien,

First

Amendment

CME

Term

Loan

,

9.555

%

,

(

3-month

SOFR

+

4

%

),

12/01/27

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

United

States

91,450

84,706

0

.02

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.177

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

2,718,514

2,727,961

0

.59

Precisely

Software,

Inc.

,

First

Lien,

Third

Amendment

CME

Term

Loan

,

9.841

%

,

(

3-month

SOFR

+

4.25

%

),

4/24/28

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

United

States

849,296

847,440

0

.18

Quest

Software

US

Holdings,

Inc.

,

First

Lien,

Initial

CME

Term

Loan

,

9.73

%

,

(

3-month

SOFR

+

4.25

%

),

2/01/29

United

States

1,273,538

900,232

0

.20

Sophos

Holdings

SARL

,

First

Lien,

Dollar

CME

Term

Loan

,

8.933

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

....

Luxembourg

1,492,253

1,497,513

0

.32

Sovos

Compliance

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

9.93

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

.....

United

States

2,201,727

2,179,082

0

.47

11,857,345

2

.57

a

a

a

a

a

a

Technology

Hardware,

Storage

&

Peripherals

i

Magenta

Buyer

LLC

,

First

Lien,

Initial

CME

Term

Loan

,

10.574

%

,

(

3-month

SOFR

+

5

%

),

7/27/28

..........

United

States

2,352,531

1,200,520

0

.26

Transaction

&

Payment

Processing

Services

i

Boost

Newco

Borrower

LLC

,

USD

CME

Term

Loan,

B

,

8.309

%

,

(

3-month

SOFR

+

3

%

),

1/31/31

..........

United

States

2,919,565

2,933,258

0

.63

Wireless

Telecommunication

Services

i

Crown

Subsea

Communications

Holding,

Inc.

,

Initial

CME

Term

Loan

,

10.08

%

,

(

3-month

SOFR

+

4.75

%

),

1/30/31

United

States

1,129,032

1,139,617

0

.25

Total

Senior

Floating

Rate

Interests

(Cost

$

380,259,666

)

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

374,391,674

81

.14

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Shares/Units

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

$

—

0.00

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

......

United

States

6,589,709

—

0.00

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

0.00

Total

Long

Term

Investments

(Cost

$

432,965,952

)

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

418,728,362

90

.75

a

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

k

Joint

Repurchase

Agreement

,

5.25

%

,

5/01/24

(Maturity

Value

$

51,373,130

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$13,272,761)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$18,190,712)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$19,909,657)

Collateralized

by

U.S.

Government

Agency

Securities,

5.5%,

5/20/53;

and

U.S.

Treasury

Notes,

0.63%

-

3.25%,

6/30/27

-

3/31/29

(valued

at

$

52,412,996

)

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

51,365,640

51,365,640

11

.13

Total

Repurchase

Agreements

(Cost

$

51,365,640

)

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

51,365,640

11

.13

a

a

a

a

a

Country

Shares

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

Money

Market

Funds

d,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.006

%

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

United

States

452,000

452,000

0

.10

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

452,000

)

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

452,000

0

.10

Total

Short

Term

Investments

(Cost

$

51,817,640

)

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

51,817,640

11

.23

a

Total

Investments

(Cost

$

484,783,592

)

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

$470,546,002

101

.98

Other

Assets,

less

Liabilities

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

(9,121,335)

(

1

.98

)

Net

Assets

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

$461,424,667

100.00

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

See

Abbreviations

on

page

23

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.01%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

c

See

Note

3

regarding

restricted

securities.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

is

on

loan

at

April

30,

2024.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2024,

the

aggregate

value

of

these

securities

was

$21,954,849,

representing

4.8%

of

net

assets.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

k

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,

2024,

all

repurchase

agreements

had

been

entered

into

on

April

30,

2024.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

20

Quarterly

Schedule

of

Investments

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

one

fund,

Franklin

Floating

Rate

Master

Series

(Fund).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

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

Fund's 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

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

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

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

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 Fund's

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

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

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

Schedule

of

Investments

(unaudited)

21

Quarterly

Schedule

of

Investments

3.

Restricted

Securities

At

April

30,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

April

30,

2024,

investments

in

“affiliated

companies”

were

as

follows: 

1

5.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

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

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

April

30,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Floating

Rate

Master

Series

213,184

Talos

Energy,

Inc.

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

3/04/24

$

2,824,688

$

2,782,310

Total

Restricted

Securities

(Value

is

0.6%

of

Net

Assets)

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

$2,824,688

$2,782,310

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

Master

Series

Non-Controlled

Affiliates

Dividends

Onsite

Rental

Group

Operations

Pty.

Ltd.,

Escrow

Account

....

$

597,306

$

—

$

(752,864)

a

$

149,155

$

6,403

$

—

b

—

$

28,975

c

Quarternorth

Energy

Holding,

Inc.

......

12,812,668

—

(19,606,933)

8,966,047

(2,171,782)

—

b

—

—

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

..........

$13,409,974

$—

$(20,359,797)

$9,115,202

$(2,165,379)

$—

$28,975

a

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

b

As

of

April

30,

2024,

no

longer

held

by

the

fund.

c

Includes

non-cash

dividend/interest

received.

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

22

Quarterly

Schedule

of

Investments

6. Fair

Value

Measurements 

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

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,

2024,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

    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

Master

Series

Non-Controlled

Affiliates

Dividends

Franklin

Senior

Loan

ETF

....

$6,781,724

$—

$—

$—

$77,321

$6,859,045

281,166

$415,178

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.006%

$—

$1,247,000

$(795,000)

$—

$—

$452,000

452,000

$1,894

Total

Affiliated

Securities

...

$6,781,724

$1,247,000

$(795,000)

$—

$77,321

$7,311,045

$417,072

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

6,199,879

$

—

$

6,199,879

Leisure

Facilities

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

—

18,981

—

18,981

Oil

&

Gas

Exploration

&

Production

.........

—

—

2,782,310

2,782,310

Management

Investment

Companies

.........

12,946,410

—

—

12,946,410

Preferred

Stocks

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

—

3,695

—

3,695

Warrants

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

—

—

60

60

Corporate

Bonds

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

—

22,385,353

—

22,385,353

Senior

Floating

Rate

Interests

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

—

374,391,674

—

374,391,674

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

452,000

51,365,640

—

51,817,640

Total

Investments

in

Securities

...........

$13,398,410

$454,365,222

$2,782,370

$470,546,002

5.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

23

Quarterly

Schedule

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.

Abbreviations

a

Includes

financial

instruments

determined

to

have

no

value.

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

ETF

Exchange-Traded

Fund

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

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.