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

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

4021-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

2

Notes

to

Schedule

of

Investments

19

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

October

31,

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

UTEX

Industries,

Inc.

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

United

States

120,386

$

4,755,247

1

.10

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

104,009

3,120

0.00

†

a

Oil

&

Gas

Exploration

&

Production

a

Talos

Energy,

Inc.

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

United

States

213,184

2,178,741

0

.50

a

Total

Common

Stocks

(Cost

$

15,206,567

)

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

6,937,108

1

.60

Management

Investment

Companies

Asset

Management

&

Custody

Banks

b,c

Franklin

Senior

Loan

ETF

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

United

States

112,166

2,733,485

0

.63

Invesco

Senior

Loan

ETF

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

United

States

109,000

2,287,910

0

.53

5,021,395

1

.16

Total

Management

Investment

Companies

(Cost

$

5,112,483

)

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

5,021,395

1

.16

Preferred

Stocks

Leisure

Facilities

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

246,320

36,948

0

.01

a

Total

Preferred

Stocks

(Cost

$

332,425

)

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

36,948

0

.01

Warrants

a

a

a

a

a

Warrants

Industrial

Machinery

&

Supplies

&

Components

a,d

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

1

0.00

†

Total

Warrants

(Cost

$

–

)

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

1

0.00

†

Principal

Amount

*

a

Corporate

Bonds

Advertising

e

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29

%

,

4/15/29

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

United

States

1,200,000

1,122,281

0

.26

Aerospace

&

Defense

e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/29

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

United

States

1,500,000

1,524,434

0

.35

Air

Freight

&

Logistics

e

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

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

United

States

1,950,000

1,947,836

0

.45

Automotive

Parts

&

Equipment

e

Tenneco,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

11/17/28

United

States

1,500,000

1,390,248

0

.32

Cargo

Ground

Transportation

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

460,777

0

.11

Casinos

&

Gaming

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

1,400,000

1,420,636

0

.33

e

Great

Canadian

Gaming

Corp.

,

Senior

Secured

Note

,

Reg

S,

8.75

%

,

11/15/29

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

Canada

250,000

250,000

0

.06

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)

Casinos

&

Gaming

(continued)

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

400,000

$

393,299

0

.09

2,063,935

0

.48

Diversified

Chemicals

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

1,100,000

1,054,401

0

.24

Health

Care

Facilities

e

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

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

United

States

1,500,000

1,499,032

0

.35

Health

Care

Services

e,f

Radiology

Partners,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

7.775

%

,

1/31/29

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

United

States

1,718,476

1,671,624

0

.38

Health

Care

Supplies

e

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

320,000

336,134

0

.08

Independent

Power

Producers

&

Energy

Traders

e

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

United

States

1,100,000

1,060,167

0

.25

Integrated

Telecommunication

Services

e

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.125

%

,

7/15/29

.......

France

800,000

599,271

0

.14

Senior

Secured

Note

,

144A,

5.5

%

,

10/15/29

........

France

1,270,000

952,352

0

.22

1,551,623

0

.36

Investment

Banking

&

Brokerage

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

........

United

States

800,000

757,503

0

.18

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

......

United

States

568,000

568,723

0

.13

1,326,226

0

.31

IT

Consulting

&

Other

Services

e

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

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

United

States

600,000

624,499

0

.14

Movies

&

Entertainment

e

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

600,000

622,713

0

.14

Multi-line

Insurance

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

529,400

498,342

0

.12

Passenger

Airlines

e

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/27

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

United

States

1,200,000

1,183,180

0

.27

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

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

United

States

1,300,000

1,367,024

0

.32

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.........

United

States

494,649

493,524

0

.11

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

158,208

157,471

0

.04

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

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

United

States

1,165,000

1,145,609

0

.26

4,346,808

1

.00

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

e

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

....

United

States

392,000

$

390,312

0

.09

Publishing

e

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

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

United

States

100,000

102,509

0

.02

Security

&

Alarm

Services

e

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

500,000

509,269

0

.12

e

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

9.75

%

,

7/15/27

.........

United

States

1,600,000

1,604,966

0

.37

2,114,235

0

.49

Wireless

Telecommunication

Services

e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

360,000

310,930

0

.07

Total

Corporate

Bonds

(Cost

$

26,155,094

)

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

26,019,066

6

.01

Senior

Floating

Rate

Interests

g

Advertising

h

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.935

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

United

States

3,425,837

3,408,383

0

.79

MH

Sub

I

LLC

(Micro

Holding

Corp.),

Second

Lien,

2021

Replacement

CME

Term

Loan

,

10.935

%

,

(

1-month

SOFR

+

6.25

%

),

2/23/29

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

United

States

700,000

687,970

0

.16

4,096,353

0

.95

a

a

a

a

a

a

g

Aerospace

&

Defense

Bleriot

US

Bidco,

Inc.,

First

Lien,

2023

CME

Term

Loan

,

7.854

%

,

(

3-month

SOFR

+

3.25

%

),

10/31/30

.......

United

States

89,062

89,388

0

.02

h

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

CME

Term

Loan

B2

,

6.033

%

,

(

12-month

SOFR

+

2.25

%

),

10/27/31

...

United

States

164,511

164,819

0

.04

h

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.027

%

,

(

12-month

SOFR

+

2.25

%

),

10/27/31

...

United

States

432,504

433,315

0

.10

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

7.365

%

,

(

3-month

SOFR

+

2.5

%

),

2/28/31

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

United

States

2,992,500

2,998,695

0

.69

3,686,217

0

.85

a

a

a

a

a

a

g

Air

Freight

&

Logistics

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

9.085

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

2,972,523

2,973,043

0

.69

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.354

%

,

(

3-month

SOFR

+

3.75

%

),

3/18/30

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

United

States

2,599,118

2,611,957

0

.60

5,585,000

1

.29

a

a

a

a

a

a

Airport

Services

g

LaserShip,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.365

%

,

(

3-month

SOFR

+

4.5

%

),

5/08/28

.........

United

States

4,924,448

2,129,824

0

.49

g

Alternative

Carriers

h

Zayo

Group

Holdings,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.935

%

,

(

1-month

SOFR

+

4.25

%

),

3/09/27

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

United

States

1,097,954

1,047,174

0

.24

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.796

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

.

United

States

1,623,553

1,529,573

0

.35

2,576,747

0

.59

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

See

Notes

to

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)

g

Apparel,

Accessories

&

Luxury

Goods

h

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.446

%

,

(

1-month

SOFR

+

2.75

%

),

12/21/28

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

United

States

962,618

$

965,689

0

.22

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.071

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

.........

United

States

1,562,821

1,539,214

0

.36

Hanesbrands,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.435

%

,

(

1-month

SOFR

+

3.75

%

),

3/08/30

........

United

States

1,024,314

1,033,277

0

.24

3,538,180

0

.82

a

a

a

a

a

a

Application

Software

g

AppLovin

Corp.,

First

Lien,

Amendment

No.

1

Replacement

CME

Term

Loan,

10-I

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

10/25/28

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

United

States

995,000

997,696

0

.23

g

AppLovin

Corp.,

First

Lien,

Delayed

Draw

CME

Term

Loan,

B

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

8/16/30

..

United

States

1,094,711

1,097,207

0

.25

g

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

New

Dollar

CME

Term

Loan

,

8.335

%

,

(

3-month

SOFR

+

3.75

%

),

7/30/31

United

States

2,000,000

1,997,070

0

.46

g

Central

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.854

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

........

United

States

4,661,007

4,632,668

1

.07

g

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dolla

CME

Term

Loan,

B

,

8.604

%

,

(

3-month

SOFR

+

4

%

),

3/30/29

United

States

3,384,643

3,387,723

0

.78

g

Cloud

Software

Group,

Inc.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

9.104

%

,

(

3-month

SOFR

+

4.5

%

),

3/21/31

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

United

States

454,545

455,077

0

.11

g

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.535

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

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

United

States

1,190,813

1,175,184

0

.27

g

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.365

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

.........

United

States

789,848

790,693

0

.18

g

Cornerstone

OnDemand,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.55

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

...

United

States

876,709

826,667

0

.19

g

ECI

Macola/Max

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.842

%

,

(

3-month

SOFR

+

3.25

%

),

5/09/30

.

United

States

1,899,866

1,907,133

0

.44

g

,h

,i

Epicor

Software

Corp.,

First

Lien,

2024

Delayed

Draw

CME

Term

Loan

,

7.957

%

,

(

1-month

SOFR

+

3.25

%

),

5/30/31

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

United

States

38,606

38,765

0

.01

g

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

8.095

%

,

(

1-month

SOFR

+

3.25

%

),

5/30/31

........

United

States

3,233,514

3,246,820

0

.75

g

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B2

,

8.259

%

,

(

1-month

SOFR

+

3.5

%

),

3/03/28

.........

United

States

327,919

329,108

0

.08

g

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

2024

Incremental

Dollar

CME

Term

Loan

,

8.71

%

,

(

1-month

SOFR

+

3.75

%

),

12/01/27

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

United

States

918,462

921,690

0

.21

g

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

12/01/27

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

United

States

398,971

400,373

0

.09

g

Genesys

Cloud

Services

Holdings

II

LLC,

First

Lien,

Dollar

CME

Term

Loan,

B4

,

8.345

%

,

(

1-month

SOFR

+

3.5

%

),

12/01/27

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

United

States

3,260,180

3,271,640

0

.76

g

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B2

,

3.662

%

,

(

1-day

SOFR

+

3.4

%

),

3/31/28

...........

Sweden

992,602

996,945

0

.23

g

,h

PointClickCare

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.447

%

,

(

12-month

SOFR

+

3.25

%

),

10/10/31

Canada

666,667

668,750

0

.15

g

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.847

%

,

(

3-month

SOFR

+

4

%

),

6/02/28

..........

United

States

1,234,500

1,227,593

0

.28

g

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.335

%

,

(

3-month

SOFR

+

3.75

%

),

10/28/30

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

United

States

1,892,377

1,901,518

0

.44

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)

Application

Software

(continued)

g

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.147

%

,

(

3-month

SOFR

+

3.5

%

),

7/16/31

....

United

States

2,289,541

$

2,295,070

0

.53

g

Project

Ruby

Ultimate

Parent

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

3/10/28

...

United

States

445,522

447,565

0

.10

g

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.935

%

,

(

1-month

SOFR

+

4.75

%

),

11/28/28

.......

United

States

1,361,022

1,365,003

0

.32

g

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.617

%

,

(

3-month

SOFR

+

3

%

),

2/10/31

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

United

States

3,878,478

3,887,262

0

.90

g

VS

Buyer

LLC,

First

Lien,

2024

Initial

CME

Term

Loan

,

8.036

%

,

(

1-month

SOFR

+

3.25

%

),

4/14/31

........

United

States

455,479

456,618

0

.11

h

,j

Zelis

Payments

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

TBD,

10/01/31

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

United

States

1,879,195

1,873,322

0

.43

40,595,160

9

.37

a

a

a

a

a

a

g

Asset

Management

&

Custody

Banks

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

4/07/28

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

United

States

2,713,462

2,716,637

0

.63

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.33

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

...........

United

States

1,192,504

1,188,235

0

.28

GTCR

Everest

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.604

%

,

(

3-month

SOFR

+

3

%

),

9/05/31

......

United

States

696,517

695,086

0

.16

f

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

9.585

%

,

(

3-month

SOFR

+

5

%

),

5/28/27

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

United

States

2,538,539

2,300,889

0

.53

6,900,847

1

.60

a

a

a

a

a

a

g

Automotive

Parts

&

Equipment

Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.435

%

,

(

1-month

SOFR

+

2.75

%

),

1/31/31

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

United

States

1,175,187

1,179,782

0

.27

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

5/06/30

....

United

States

585,616

587,499

0

.14

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.854

%

,

(

3-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

391,776

380,219

0

.09

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.615

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

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

United

States

424,777

407,830

0

.09

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.847

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

......

United

States

2,254,995

2,198,981

0

.51

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

10.514

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

2,316,845

2,257,186

0

.52

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.347

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

...

United

States

1,871,447

1,752,142

0

.41

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan

,

8.685

%

,

(

1-month

SOFR

+

4

%

),

11/09/27

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

United

States

227,533

228,671

0

.05

TI

Group

Automotive

Systems

LLC,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

8.05

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

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

United

States

991,781

994,260

0

.23

9,986,570

2

.31

a

a

a

a

a

a

Automotive

Retail

g

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

...........

United

States

1,747,993

1,727,481

0

.40

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)

g

Broadcasting

Gray

Television,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.786

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

..........

United

States

2,535,756

$

2,392,765

0

.55

iHeartCommunications,

Inc.,

First

Lien,

CME

Term

Loan

,

7.8

%

,

(

1-month

SOFR

+

3

%

),

5/01/26

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

United

States

2,634,564

2,232,437

0

.51

iHeartCommunications,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

8.05

%

,

(

1-month

SOFR

+

3.25

%

),

5/01/26

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

United

States

300,000

251,439

0

.06

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

7.3

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

...........

United

States

469,013

469,520

0

.11

Univision

Communications,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.05

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

United

States

872,818

861,908

0

.20

6,208,069

1

.43

a

a

a

a

a

a

Broadline

Retail

g

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5

,

7.604

%

,

(

3-month

SOFR

+

3

%

),

7/01/31

..........

Netherlands

1,707,942

1,712,750

0

.40

g

Building

Products

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

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

United

States

524,825

527,257

0

.12

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

9.304

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

..

United

States

821,918

818,470

0

.19

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

8.154

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

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

United

States

923,932

909,671

0

.21

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.557

%

,

(

3-month

SOFR

+

2.5

%

),

5/31/30

.......

United

States

327,558

327,558

0

.08

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

3/28/31

.

United

States

1,545,229

1,551,897

0

.36

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

4/14/31

.........

United

States

882,661

883,354

0

.20

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.935

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

........

United

States

552,888

553,552

0

.13

Summit

Materials

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.554

%

,

(

1-month

SOFR

+

1.75

%

),

1/12/29

........

United

States

479,518

480,944

0

.11

6,052,703

1

.40

a

a

a

a

a

a

g

Cable

&

Satellite

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

10.097

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

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

United

States

215,192

209,745

0

.05

Virgin

Media

Bristol

LLC,

First

Lien,

Advance

CME

Term

Loan,

Q

,

8.15

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/29

..

United

States

1,788,848

1,746,488

0

.40

1,956,233

0

.45

a

a

a

a

a

a

g

Cargo

Ground

Transportation

Albion

Financing

3

SARL,

First

Lien,

2024

Amended

USD

Term

Loan

,

9.826

%

,

(

3-month

SOFR

+

4.75

%

),

8/17/29

Luxembourg

614,573

617,391

0

.14

First

Student

Bidco,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan,

B

,

7.704

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

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

United

States

1,108,241

1,110,840

0

.26

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.865

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

....

United

States

1,751,883

1,755,273

0

.40

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

7.865

%

,

(

3-month

SOFR

+

3

%

),

7/21/28

....

United

States

535,746

536,783

0

.12

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)

g

Cargo

Ground

Transportation

(continued)

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

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

United

States

2,275,512

$

2,277,879

0

.53

6,298,166

1

.45

a

a

a

a

a

a

g

Casinos

&

Gaming

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.143

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

1,355,502

1,310,601

0

.30

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

7.435

%

,

(

1-month

SOFR

+

2.75

%

),

2/06/30

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

United

States

1,414,204

1,417,442

0

.33

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

8.014

%

,

(

6-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

1,023,827

1,023,807

0

.24

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.536

%

,

(

1-month

SOFR

+

3.75

%

),

1/29/29

.

United

States

2,007,124

2,010,266

0

.46

Flutter

Entertainment

plc,

First

Lien,

CME

Term

Loan,

B

,

6.604

%

,

(

3-month

SOFR

+

2

%

),

11/25/30

..........

Ireland

1,330,934

1,332,265

0

.31

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.034

%

,

(

1-month

SOFR

+

2.25

%

),

4/16/29

United

States

1,677,169

1,678,997

0

.39

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.893

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

........

Canada

2,044,572

2,047,486

0

.47

Penn

National

Gaming,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.535

%

,

(

1-month

SOFR

+

2.75

%

),

5/03/29

......

United

States

1,340,647

1,344,025

0

.31

Raptor

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.015

%

,

(

3-month

SOFR

+

4

%

),

11/01/26

..........

United

States

1,555,853

1,556,436

0

.36

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

8.318

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

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

United

States

1,715,195

1,710,178

0

.39

15,431,503

3

.56

a

a

a

a

a

a

g

Communications

Equipment

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.05

%

,

(

1-month

SOFR

+

3.25

%

),

4/06/26

.........

United

States

1,196,661

1,173,027

0

.27

Delta

Topco,

Inc.,

First

Lien,

Second

Amendment

CME

Term

Loan

,

8.198

%

,

(

6-month

SOFR

+

3.5

%

),

11/30/29

United

States

1,766,968

1,769,911

0

.41

2,942,938

0

.68

a

a

a

a

a

a

g

Construction

&

Engineering

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

9.104

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

.........

United

States

814,091

806,206

0

.18

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

9.071

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

..

United

States

966,019

955,253

0

.22

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.354

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

864,409

849,930

0

.20

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.995

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

...

United

States

385,023

386,528

0

.09

2,997,917

0

.69

a

a

a

a

a

a

Consumer

Finance

g

,h

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan

,

8.153

%

,

(

12-month

SOFR

+

3

%

),

7/18/31

United

States

1,684,665

1,681,506

0

.39

g

Distributors

AIP

RD

Buyer

Corp.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

9.185

%

,

(

1-month

SOFR

+

4.5

%

),

12/22/28

United

States

314,211

315,455

0

.07

BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

8.845

%

,

(

1-month

SOFR

+

4

%

),

12/11/28

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

United

States

1,551,985

1,555,112

0

.36

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)

g

Distributors

(continued)

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

C

,

6.968

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/31

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

United

States

522,368

$

523,455

0

.12

Verde

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.104

%

,

(

3-month

SOFR

+

4.5

%

),

11/30/30

........

United

States

1,966,769

1,953,247

0

.45

4,347,269

1

.00

a

a

a

a

a

a

Diversified

Banks

g

,h

Chrysaor

Bidco

SARL,

First

Lien,

CME

Term

Loan,

B

,

8.737

%

,

(

12-month

SOFR

+

3.5

%

),

7/14/31

........

Luxembourg

475,915

478,056

0

.11

g

Diversified

Chemicals

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

Term

Loan

,

8.497

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

...

Luxembourg

514,800

515,927

0

.12

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

9.035

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

United

States

1,526,460

1,521,697

0

.35

LSF11

A5

Holdco

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

10/16/28

.

United

States

1,635,736

1,644,086

0

.38

Lummus

Technology

Holdings

V

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

12/31/29

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

United

States

818,975

820,957

0

.19

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

8.085

%

,

(

3-month

SOFR

+

3.5

%

),

3/16/27

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

United

States

1,635,013

1,641,054

0

.38

6,143,721

1

.42

a

a

a

a

a

a

Diversified

Financial

Services

g

Mercury

Borrower,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

8/02/28

...........

United

States

1,623,228

1,628,300

0

.38

g

Diversified

Support

Services

APi

Group

DE,

Inc.,

First

Lien,

Repriced

2021

Incremental

CME

Term

Loan

,

6.685

%

,

(

1-month

SOFR

+

2

%

),

1/03/29

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

United

States

106,293

106,363

0

.03

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.604

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

..........

United

States

1,767,039

1,770,042

0

.41

Neptune

BidCo

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.758

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

....

United

States

4,077,292

3,778,284

0

.87

h

PG

Investment

Co.

59

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.604

%

,

(

3-month

SOFR

+

3

%

),

3/26/31

......

Luxembourg

1,170,162

1,173,819

0

.27

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.256

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

..........

United

States

3,853,909

3,366,293

0

.78

10,194,801

2

.36

a

a

a

a

a

a

g

Education

Services

KUEHG

Corp.,

First

Lien,

CME

Term

Loan,

C

,

9.104

%

,

(

3-month

SOFR

+

4.5

%

),

6/12/30

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

United

States

1,831,261

1,837,899

0

.43

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.702

%

,

(

3-month

SOFR

+

4

%

),

8/11/28

United

States

401,935

403,894

0

.09

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

8.604

%

,

(

3-month

SOFR

+

4

%

),

9/30/30

..........

United

States

467,035

470,762

0

.11

2,712,555

0

.63

a

a

a

a

a

a

Electric

Utilities

g

Hamilton

Projects

Acquiror

LLC,

First

Lien,

CME

Term

Loan

,

8.595

%

,

(

1-month

SOFR

+

3.75

%

),

5/30/31

...

United

States

311,232

312,982

0

.07

Electrical

Components

&

Equipment

g

Indicor

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.854

%

,

(

3-month

SOFR

+

3.25

%

),

11/22/29

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

United

States

620,757

621,579

0

.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.

10

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Electronic

Components

g

Coherent

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

7/02/29

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

United

States

334,095

$

334,889

0

.08

g

Environmental

&

Facilities

Services

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.889

%

,

(

6-month

SOFR

+

2.75

%

),

6/21/28

........

United

States

884,853

885,579

0

.20

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing,

CME

Term

Loan,

B

,

7.156

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

1,099,786

1,102,365

0

.26

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing,

CME

Term

Loan,

C

,

7.156

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

60,248

60,390

0

.01

2,048,334

0

.47

a

a

a

a

a

a

g

Health

Care

Equipment

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.935

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

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

United

States

341,997

342,346

0

.08

Medline

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.435

%

,

(

1-month

SOFR

+

2.75

%

),

10/23/28

.......

United

States

2,515,393

2,520,562

0

.58

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.354

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

1,740,870

1,750,123

0

.40

4,613,031

1

.06

a

a

a

a

a

a

g

Health

Care

Facilities

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

8.175

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

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

United

States

1,910,352

1,876,128

0

.43

ADMI

Corp.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.71

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

...

United

States

1,469,149

1,444,541

0

.33

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

10.435

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

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

United

States

335,130

338,062

0

.08

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.907

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

United

States

1,352,083

1,324,534

0

.31

Charlotte

Buyer,

Inc.,

First

Lien,

First

Refinancing

CME

Term

Loan

,

9.573

%

,

(

1-month

SOFR

+

4.75

%

),

2/11/28

United

States

3,131,835

3,161,979

0

.73

Concentra

Health

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.935

%

,

(

1-month

SOFR

+

2.25

%

),

7/26/31

United

States

307,692

308,846

0

.07

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.835

%

,

(

3-month

SOFR

+

4.25

%

),

3/26/29

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

United

States

1,391,613

1,330,730

0

.31

LifePoint

Health,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.632

%

,

(

3-month

SOFR

+

4

%

),

5/19/31

.

United

States

1,105,144

1,108,249

0

.26

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.406

%

,

(

3-month

SOFR

+

3.75

%

),

5/19/31

........

United

States

2,200,000

2,204,268

0

.51

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

8.185

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

...

United

States

1,447,201

1,090,987

0

.25

PAREXEL

International,

Inc.,

First

Lien,

Fifth

Amendment

CME

Term

Loan

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

11/15/28

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

United

States

1,362,026

1,362,857

0

.31

Pathway

Vet

Alliance

LLC,

First

Lien,

2021

Replacement

CME

Term

Loan

,

8.55

%

,

(

1-month

SOFR

+

3.75

%

),

3/31/27

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

United

States

2,776,052

2,413,236

0

.56

Star

Parent,

Inc.,

First

Lien,

CME

Term

Loan

,

8.354

%

,

(

3-month

SOFR

+

3.75

%

),

9/27/30

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

United

States

1,741,250

1,707,957

0

.39

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)

g

Health

Care

Facilities

(continued)

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.495

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

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

United

States

283,476

$

284,454

0

.07

19,956,828

4

.61

a

a

a

a

a

a

g

Health

Care

Services

CNT

Holdings

I

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

8.085

%

,

(

3-month

SOFR

+

3.5

%

),

11/08/27

........

United

States

1,398,123

1,403,016

0

.32

eResearchTechnology,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.685

%

,

(

1-month

SOFR

+

4

%

),

2/04/27

.......

United

States

1,051,470

1,055,192

0

.24

h

MPH

Acquisition

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.569

%

,

(

3-month

SOFR

+

4.25

%

),

9/01/28

United

States

2,346,445

1,775,637

0

.41

h

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.52

%

,

(

1-month

SOFR

+

3.75

%

),

3/02/28

United

States

3,439,792

3,383,362

0

.78

h

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.454

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

110,616

108,801

0

.03

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

2/21/31

........

United

States

2,271,490

2,274,523

0

.53

f

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.883

%

,

(

3-month

SOFR

+

3.5

%

),

1/31/29

.....

United

States

2,054,669

2,022,907

0

.47

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.036

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

..

United

States

1,580,724

1,560,278

0

.36

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.435

%

,

(

1-month

SOFR

+

2.75

%

),

10/22/29

..

United

States

880,556

885,051

0

.20

14,468,767

3

.34

a

a

a

a

a

a

Health

Care

Supplies

g

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

8.095

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

........

United

States

592,424

592,795

0

.14

g

Health

Care

Technology

athenahealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

...

United

States

4,608,357

4,601,145

1

.06

Cotiviti,

Inc.,

First

Lien,

Initial

Floating

Rate

CME

Term

Loan

,

7.922

%

,

(

1-month

SOFR

+

3.25

%

),

5/01/31

...

United

States

1,865,625

1,868,545

0

.43

6,469,690

1

.49

a

a

a

a

a

a

g

Home

Improvement

Retail

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.535

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

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

United

States

696,429

690,888

0

.16

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

United

States

1,562,135

1,560,737

0

.36

2,251,625

0

.52

a

a

a

a

a

a

Hotels,

Resorts

&

Cruise

Lines

g

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.185

%

,

(

1-month

SOFR

+

2.5

%

),

8/02/28

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

United

States

926,970

925,232

0

.21

Household

Products

g

Energizer

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.759

%

,

(

1-month

SOFR

+

2

%

),

12/22/27

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

United

States

468,653

470,019

0

.11

Housewares

&

Specialties

g

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.571

%

,

(

3-month

SOFR

+

3.5

%

),

2/25/29

.........

Netherlands

1,574,409

1,571,858

0

.36

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)

g

Human

Resource

&

Employment

Services

CHG

Healthcare

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

9/29/28

..

United

States

789,232

$

792,850

0

.18

CHG

Healthcare

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

9/29/28

..

United

States

814,464

817,099

0

.19

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.05

%

,

(

1-month

SOFR

+

4.25

%

),

3/06/28

.........

United

States

262,041

198,496

0

.05

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.435

%

,

(

1-month

SOFR

+

3.75

%

),

7/18/31

United

States

1,412,180

1,421,896

0

.33

3,230,341

0

.75

a

a

a

a

a

a

g

Independent

Power

Producers

&

Energy

Traders

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.685

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

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

United

States

796,000

792,454

0

.18

Calpine

Corp.,

First

Lien,

CME

Term

Loan

,

6.685

%

,

(

1-month

SOFR

+

2

%

),

1/31/31

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

United

States

995,000

993,304

0

.23

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.596

%

,

(

3-month

SOFR

+

3.5

%

),

5/17/30

..

United

States

731,335

733,883

0

.17

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.596

%

,

(

3-month

SOFR

+

3.5

%

),

5/17/30

..

United

States

169,101

169,690

0

.04

2,689,331

0

.62

a

a

a

a

a

a

g

Industrial

Machinery

&

Supplies

&

Components

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.172

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

.........

United

States

2,487,469

2,442,159

0

.56

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

8.185

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

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

United

States

829,860

834,619

0

.19

Filtration

Group

Corp.,

First

Lien,

2021

Incremental

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

10/23/28

.

United

States

994,872

997,797

0

.23

h

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

8.185

%

,

(

1-month

SOFR

+

3.5

%

),

8/31/28

United

States

1,080,851

1,086,407

0

.25

Tiger

Acquisition

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.694

%

,

(

1-month

SOFR

+

3.25

%

),

6/01/28

........

United

States

1,162,174

1,158,141

0

.27

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

C

,

8.588

%

,

(

6-month

SOFR

+

3.5

%

),

4/30/30

.........

Germany

1,927,183

1,934,478

0

.45

8,453,601

1

.95

a

a

a

a

a

a

g

Insurance

Brokers

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.759

%

,

(

1-month

SOFR

+

3

%

),

9/19/31

.

United

States

1,919,386

1,912,851

0

.44

h

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.185

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

.........

United

States

4,510,888

4,522,481

1

.04

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

6/16/31

.

United

States

902,839

903,186

0

.21

HUB

International

Ltd.,

First

Lien,

2024-1

Incremental

CME

Term

Loan

,

7.367

%

,

(

3-month

SOFR

+

2.75

%

),

6/20/30

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

United

States

3,993,770

4,005,952

0

.92

Truist

Insurance

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.854

%

,

(

3-month

SOFR

+

3.25

%

),

5/06/31

United

States

4,142,574

4,152,951

0

.96

USI,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.354

%

,

(

3-month

SOFR

+

2.75

%

),

9/27/30

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

United

States

1,789,254

1,790,793

0

.41

17,288,214

3

.98

a

a

a

a

a

a

Integrated

Telecommunication

Services

g

Global

Tel*Link

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

12.185

%

,

(

1-month

SOFR

+

7.5

%

),

7/31/29

........

United

States

1,620,000

1,578,828

0

.37

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)

Interactive

Home

Entertainment

g

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.55

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.........

United

States

1,109,391

$

1,109,441

0

.25

Internet

Services

&

Infrastructure

g

Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

....

United

States

1,635,347

1,545,812

0

.36

g

Investment

Banking

&

Brokerage

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.357

%

,

(

1-month

SOFR

+

3.5

%

),

7/31/28

..

United

States

2,259,069

2,265,654

0

.52

Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

8.685

%

,

(

1-month

SOFR

+

4

%

),

8/09/30

..........

United

States

1,271,900

1,266,634

0

.29

Citadel

Securities

LP,

First

Lien,

CME

Term

Loan

,

6.718

%

,

(

1-month

SOFR

+

2

%

),

7/29/30

..........

United

States

1,510,847

1,512,501

0

.35

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.354

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

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

United

States

1,460,570

1,442,649

0

.33

Jane

Street

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

7.46

%

,

(

1-month

SOFR

+

2.5

%

),

1/26/28

..........

United

States

1,079,775

1,079,867

0

.25

WEC

US

Holdings

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

7.422

%

,

(

1-month

SOFR

+

2.75

%

),

1/27/31

........

United

States

1,510,500

1,513,294

0

.35

9,080,599

2

.09

a

a

a

a

a

a

g

IT

Consulting

&

Other

Services

Amazon

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.935

%

,

(

1-month

SOFR

+

2.25

%

),

9/29/31

........

United

States

972,222

973,316

0

.22

f

Aventiv

Technologies

LLC,

Second

Lien,

CME

Term

Loan

,

PIK,

13.915

%

,

(

3-month

SOFR

+

9

%

),

11/03/25

.....

United

States

2,788

850

0.00

†

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.435

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

...

United

States

1,977,218

1,977,633

0

.46

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.704

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

..........

United

States

1,924,107

1,853,877

0

.43

Peraton

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.535

%

,

(

1-month

SOFR

+

3.75

%

),

2/01/28

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

United

States

239,366

232,323

0

.05

Sitel

Worldwide

Corp.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.55

%

,

(

1-month

SOFR

+

3.75

%

),

8/28/28

....

France

1,674,425

1,060,129

0

.24

6,098,128

1

.40

a

a

a

a

a

a

Leisure

Facilities

f

,g

24

Hour

Fitness

Worldwide,

Inc.,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

9.865

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

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

United

States

8,814,658

3,658,083

0

.84

Leisure

Products

g

Recess

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.085

%

,

(

3-month

SOFR

+

4.5

%

),

2/20/30

.........

United

States

107,257

107,919

0

.02

Metal,

Glass

&

Plastic

Containers

g

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

8.172

%

,

(

1-month

SOFR

+

3.5

%

),

4/15/27

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

United

States

1,018,994

1,023,452

0

.24

Movies

&

Entertainment

g

Banijay

Group

US

Holding,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

8.196

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/28

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

France

682,363

684,666

0

.16

Multi-line

Insurance

g

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

8.009

%

,

(

1-month

SOFR

+

3.25

%

),

11/06/30

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

United

States

3,488,519

3,487,438

0

.81

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)

Multi-Sector

Holdings

g

Belfor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

8.435

%

,

(

1-month

SOFR

+

3.75

%

),

11/01/30

....

United

States

139,669

$

140,542

0

.03

Office

Services

&

Supplies

g

Pitney

Bowes,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan,

B

,

8.8

%

,

(

1-month

SOFR

+

4

%

),

3/17/28

......

United

States

3,552,264

3,568,924

0

.82

Oil

&

Gas

Storage

&

Transportation

g

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.844

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

....

United

States

1,261,187

1,263,666

0

.29

g

Other

Specialty

Retail

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

10.785

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

.........

United

States

4,991,642

3,506,628

0

.81

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B1

,

8.55

%

,

(

1-month

SOFR

+

3.75

%

),

3/06/28

......

United

States

1,494,395

1,499,625

0

.34

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

9.115

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

........

United

States

331,109

252,287

0

.06

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.115

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

United

States

3,710,943

3,536,547

0

.82

8,795,087

2

.03

a

a

a

a

a

a

g

Packaged

Foods

&

Meats

Fiesta

Purchaser,

Inc.,

First

Lien,

CME

Term

Loan

,

8.685

%

,

(

1-month

SOFR

+

4

%

),

2/12/31

..........

United

States

759,518

762,563

0

.17

Primary

Products

Finance

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.248

%

,

(

3-month

SOFR

+

3.5

%

),

4/02/29

..

United

States

1,329,351

1,333,977

0

.31

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.318

%

,

(

1-month

SOFR

+

2.5

%

),

3/17/27

United

States

124,238

125,015

0

.03

2,221,555

0

.51

a

a

a

a

a

a

g

Paper

&

Plastic

Packaging

Products

&

Materials

Charter

Next

Generation,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

12/01/27

...

United

States

1,659,423

1,661,589

0

.38

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.723

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

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

Luxembourg

2,535,632

2,379,970

0

.55

LC

Ahab

US

Bidco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.185

%

,

(

1-month

SOFR

+

3.5

%

),

5/01/31

....

United

States

328,228

329,869

0

.08

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.839

%

,

(

3-month

SOFR

+

4

%

),

9/15/28

....

United

States

1,257,191

1,263,087

0

.29

SupplyOne,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.435

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/31

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

United

States

1,451,888

1,455,648

0

.33

7,090,163

1

.63

a

a

a

a

a

a

Paper

Products

g

,h

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.447

%

,

(

12-month

SOFR

+

4.25

%

),

10/10/31

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

United

States

1,000,000

992,190

0

.23

g

Passenger

Airlines

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.629

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

...

United

States

1,059,647

1,091,494

0

.25

Air

Canada,

First

Lien,

CME

Term

Loan

,

7.253

%

,

(

3-month

SOFR

+

2.5

%

),

3/21/31

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

Canada

729,930

731,682

0

.17

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.209

%

,

(

6-month

SOFR

+

2.5

%

),

6/04/29

.........

United

States

900,000

897,750

0

.21

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.385

%

,

(

3-month

SOFR

+

2.75

%

),

2/22/31

........

United

States

995,000

998,463

0

.23

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)

g

Passenger

Airlines

(continued)

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.354

%

,

(

3-month

SOFR

+

3.75

%

),

2/14/31

........

Canada

3,036,436

$

3,040,004

0

.70

6,759,393

1

.56

a

a

a

a

a

a

g

Passenger

Ground

Transportation

Savage

Enterprises

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

9/15/28

......

United

States

370,643

372,172

0

.09

Worldwide

Express

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.865

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

......

United

States

1,492,327

1,496,252

0

.35

1,868,424

0

.44

a

a

a

a

a

a

g

Pharmaceuticals

Endo

Finance

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.245

%

,

(

1-month

SOFR

+

4.5

%

),

4/09/31

....

United

States

369,458

370,228

0

.08

Grifols

Worldwide

Operations

Ltd.,

First

Lien,

CME

Term

Loan,

B

,

6.735

%

,

(

3-month

SOFR

+

2

%

),

11/15/27

...

Spain

448,187

436,142

0

.10

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2

,

6.935

%

,

(

1-month

SOFR

+

2.25

%

),

5/05/28

United

States

1,469,792

1,471,629

0

.34

Organon

&

Co.,

First

Lien,

Dollar

CME

Term

Loan

,

7.259

%

,

(

1-month

SOFR

+

2.5

%

),

5/19/31

.........

United

States

868,359

869,444

0

.20

Perrigo

Investments

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.035

%

,

(

1-month

SOFR

+

2.25

%

),

4/20/29

.

United

States

933,931

937,433

0

.22

Southern

Veterinary

Partners

LLC,

First

Lien,

CME

Term

Loan

,

7.027

%

,

(

12-month

SOFR

+

3.25

%

),

10/30/31

.

United

States

517,241

515,948

0

.12

4,600,824

1

.06

a

a

a

a

a

a

g

Property

&

Casualty

Insurance

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

9.035

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

........

United

States

339,655

338,169

0

.08

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B8

,

8.05

%

,

(

1-month

SOFR

+

3.25

%

),

12/23/26

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

United

States

1,215,663

1,216,873

0

.28

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

10.05

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

........

United

States

2,652,263

2,563,691

0

.59

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

10.05

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

........

United

States

3,248,036

3,109,426

0

.72

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.585

%

,

(

3-month

SOFR

+

3

%

),

7/31/31

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

United

States

4,495,882

4,502,446

1

.04

11,730,605

2

.71

a

a

a

a

a

a

g

Publishing

Cengage

Learning,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

9.538

%

,

(

6-month

SOFR

+

4.25

%

),

3/24/31

........

United

States

3,313,509

3,331,037

0

.77

McGraw-Hill

Education,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.604

%

,

(

3-month

SOFR

+

4

%

),

8/01/31

......

United

States

1,760,304

1,770,453

0

.41

5,101,490

1

.18

a

a

a

a

a

a

Real

Estate

Development

g

Greystar

Real

Estate

Partners

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.495

%

,

(

1-month

SOFR

+

2.75

%

),

8/21/30

United

States

399,122

400,618

0

.09

g

Real

Estate

Services

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2023

CME

Term

Loan,

B

,

7.685

%

,

(

1-month

SOFR

+

3

%

),

1/31/30

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

United

States

1,091,508

1,094,925

0

.25

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)

g

Real

Estate

Services

(continued)

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.935

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

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

United

States

104,214

$

104,520

0

.03

1,199,445

0

.28

a

a

a

a

a

a

g

Research

&

Consulting

Services

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.3

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

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

United

States

2,586,667

2,578,350

0

.60

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

CME

Term

Loan,

B

,

7.468

%

,

(

1-month

SOFR

+

2.75

%

),

1/18/29

.

United

States

798,948

801,161

0

.18

Grant

Thornton

LLP,

First

Lien,

Term

Loan,

B

,

8.497

%

,

(

3-month

SOFR

+

3.25

%

),

6/02/31

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

United

Kingdom

777,778

778,964

0

.18

4,158,475

0

.96

a

a

a

a

a

a

g

Restaurants

Flynn

Restaurant

Group

LP,

First

Lien,

CME

Term

Loan

,

9.05

%

,

(

1-month

SOFR

+

4.25

%

),

12/01/28

........

United

States

2,462,053

2,474,560

0

.57

h

Golden

State

Foods

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.447

%

,

(

12-month

SOFR

+

4.25

%

),

10/03/31

......

United

States

847,458

849,047

0

.20

IRB

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.535

%

,

(

1-month

SOFR

+

2.75

%

),

12/15/27

.......

United

States

410,792

411,211

0

.10

Whatabrands

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

7.435

%

,

(

1-month

SOFR

+

2.75

%

),

8/03/28

........

United

States

1,651,512

1,653,204

0

.38

5,388,022

1

.25

a

a

a

a

a

a

g

Security

&

Alarm

Services

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

8.535

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

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

United

States

3,828,938

3,825,683

0

.88

Prime

Security

Services

Borrower

LLC,

First

Lien,

CME

Term

Loan

,

7.107

%

,

(

1-month

SOFR

+

2.25

%

),

10/11/30

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

United

States

1,794,870

1,797,159

0

.42

5,622,842

1

.30

a

a

a

a

a

a

Semiconductor

Materials

&

Equipment

g

MKS

Instruments,

Inc.,

First

Lien,

2024-1

Dollar

CME

Term

Loan,

B

,

6.995

%

,

(

1-month

SOFR

+

2.25

%

),

8/17/29

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

United

States

1,620,281

1,624,331

0

.38

g

Soft

Drinks

&

Non-alcoholic

Beverages

Naked

Juice

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.954

%

,

(

3-month

SOFR

+

3.25

%

),

1/24/29

........

United

States

1,603,628

1,211,236

0

.28

Triton

Water

Holdings,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan

,

8.604

%

,

(

3-month

SOFR

+

4

%

),

3/31/28

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

United

States

165,417

166,210

0

.04

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.115

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/28

...

United

States

1,534,724

1,537,686

0

.35

2,915,132

0

.67

a

a

a

a

a

a

g

Specialized

Consumer

Services

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2024-2

Incremental

CME

Term

Loan

,

8.185

%

,

(

1-month

SOFR

+

3.5

%

),

5/04/28

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

United

States

395,560

397,044

0

.09

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.55

%

,

(

1-month

SOFR

+

3.75

%

),

12/07/28

...

United

States

561,048

562,137

0

.13

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.905

%

,

(

3-month

SOFR

+

3.25

%

),

1/30/31

........

United

States

660,149

660,974

0

.15

1,620,155

0

.37

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

17

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Specialized

Finance

g

Red

Planet

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.285

%

,

(

1-month

SOFR

+

3.5

%

),

10/02/28

........

United

States

1,981,102

$

1,905,751

0

.44

g

Specialty

Chemicals

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.854

%

,

(

3-month

SOFR

+

3.25

%

),

9/09/31

........

United

States

383,959

385,879

0

.09

Hexion

Holdings

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

9.771

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

.........

United

States

3,237,938

3,241,694

0

.75

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

12.223

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

.

United

States

2,587,209

2,364,709

0

.55

Nouryon

Finance

BV,

First

Lien,

CME

Term

Loan,

B

,

8.628

%

,

(

3-month

SOFR

+

3.5

%

),

4/03/28

.........

Netherlands

1,207,542

1,215,844

0

.28

PMHC

II,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.058

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

3,962,074

3,916,788

0

.90

11,124,914

2

.57

a

a

a

a

a

a

g

Systems

Software

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

8.1

%

,

(

1-month

SOFR

+

3.25

%

),

3/01/29

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

United

States

3,845,415

3,845,684

0

.89

Sovos

Compliance

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.3

%

,

(

1-month

SOFR

+

4.5

%

),

8/11/28

......

United

States

2,090,729

2,092,695

0

.48

Surf

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.359

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

.........

United

States

1,484,506

1,484,402

0

.34

7,422,781

1

.71

a

a

a

a

a

a

Trading

Companies

&

Distributors

g

Foundation

Building

Materials,

Inc.,

First

Lien,

2024

Incremental

CME

Term

Loan

,

9.252

%

,

(

1-month

SOFR

+

4

%

),

1/29/31

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

United

States

2,924,993

2,886,281

0

.67

Transaction

&

Payment

Processing

Services

g

Boost

Newco

Borrower

LLC,

First

Lien,

USD

CME

Term

Loan,

B1

,

7.104

%

,

(

3-month

SOFR

+

2.5

%

),

1/31/31

.

United

States

4,690,994

4,710,063

1

.09

Wireless

Telecommunication

Services

g

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

9.252

%

,

(

3-month

SOFR

+

4

%

),

1/30/31

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

United

States

1,126,210

1,134,133

0

.26

Total

Senior

Floating

Rate

Interests

(Cost

$

379,599,187

)

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

372,528,154

85

.99

Shares/Units

Escrows

and

Litigation

Trusts

a,d

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

—

0.00

a,d

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

$

426,405,756

)

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

410,542,672

94

.77

a

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

See

Abbreviations

on

page

21

.

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

k

Joint

Repurchase

Agreement

,

4.829

%

,

11/01/24

(Maturity

Value

$

18,696,447

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$10,759,431)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$5,785,242)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$2,151,774)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

5.5%,

5/15/27

-

12/20/52;

U.S.

Government

Agency

Strips,

8/15/34

-

8/15/51;

U.S.

Treasury

Bills,

11/05/24

-

6/12/25;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

19,083,766

)

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

18,693,939

$

18,693,939

4

.32

Total

Repurchase

Agreements

(Cost

$

18,693,939

)

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

18,693,939

4

.32

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

c,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

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

United

States

49,000

49,000

0

.01

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

49,000

)

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

49,000

0

.01

Total

Short

Term

Investments

(Cost

$

18,742,939

)

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

18,742,939

4

.33

a

Total

Investments

(Cost

$

445,148,695

)

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

$429,285,611

99

.10

Other

Assets,

less

Liabilities

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

3,909,277

0

.90

Net

Assets

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

$433,194,888

100.00

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.01%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2024.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

October

31,

2024,

the

aggregate

value

of

these

securities

was

$26,019,066,

representing

6.0%

of

net

assets.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

See

Note

3

regarding

unfunded

loan

commitments.

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

October

31,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

19

Quarterly

Schedule

of

Investments

Notes

to

Schedule

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

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. 

3.

Unfunded

Loan

Commitments

The

Fund enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the Schedule

of Investments.

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

20

Quarterly

Schedule

of

Investments

At

October

31,

2024,

unfunded

commitments

were

as

follows:

4.

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

October

31,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

5. 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

October

31,

2024,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Master

Series

ABG

Intermediate

Holdings

2

LLC

$

375,728

Chrysaor

Bidco

SARL

35,196

Epicor

Software

Corp.

340,778

$

751,702

    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

....

$6,866,074

$—

$(4,098,137)

$(161,568)

$127,116

$2,733,485

112,166

$103,242

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.582%

$—

$3,382,000

$(3,333,000)

$—

$—

$49,000

49,000

$1,234

Total

Affiliated

Securities

...

$6,866,074

$3,382,000

$(7,431,137)

$(161,568)

$127,116

$2,782,485

$104,476

3.

Unfunded

Loan

Commitments

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

21

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

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

4,755,247

$

—

$

4,755,247

Leisure

Facilities

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

—

3,120

—

3,120

Oil

&

Gas

Exploration

&

Production

.........

2,178,741

—

—

2,178,741

Management

Investment

Companies

.........

5,021,395

—

—

5,021,395

Preferred

Stocks

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

—

36,948

—

36,948

Warrants

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

—

—

1

1

Corporate

Bonds

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

—

26,019,066

—

26,019,066

Senior

Floating

Rate

Interests

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

—

372,528,154

—

372,528,154

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

49,000

18,693,939

—

18,742,939

Total

Investments

in

Securities

...........

$7,249,136

$422,036,474

$1

$429,285,611

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

2,511

$

—

$

2,511

Total

Other

Financial

Instruments

.........

$—

$2,511

$—

$2,511

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

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

TBD

To

Be

Determined

5. 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.