Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

4021-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

2

Notes

to

Schedule

of

Investments

18

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

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

Hotels,

Restaurants

&

Leisure

a

24

Hour

Fitness

Worldwide,

Inc.

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

United

States

666,669

$

28,334

0

.01

a

Machinery

b

UTEX

Industries,

Inc.

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

United

States

120,386

5,380,984

1

.19

Oil,

Gas

&

Consumable

Fuels

a

Talos

Energy,

Inc.

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

United

States

213,184

1,466,706

0

.33

a

Total

Common

Stocks

(Cost

$

15,538,992

)

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

6,876,024

1

.53

Management

Investment

Companies

Capital

Markets

c

Franklin

Senior

Loan

ETF

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

United

States

112,166

2,687,497

0

.59

d

Invesco

Senior

Loan

ETF

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

United

States

191,000

3,957,520

0

.88

6,645,017

1

.47

Total

Management

Investment

Companies

(Cost

$

6,846,783

)

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

6,645,017

1

.47

Warrants

a

a

a

a

a

Warrants

Machinery

a,b

UTEX

Industries,

Inc.

,

2/20/49

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

United

States

321

398

0.00

†

Total

Warrants

(Cost

$

–

)

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

398

0.00

†

Principal

Amount

*

a

Corporate

Bonds

Air

Freight

&

Logistics

e

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/30

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

United

States

1,950,000

1,815,563

0

.40

Capital

Markets

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

........

United

States

1,300,000

1,238,843

0

.28

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

......

United

States

1,668,000

1,640,928

0

.36

2,879,771

0

.64

Chemicals

e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

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

United

States

1,100,000

1,054,901

0

.23

Commercial

Services

&

Supplies

e

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

500,000

511,198

0

.11

e

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

9.75

%

,

7/15/27

.........

United

States

1,600,000

1,607,105

0

.36

e

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29

%

,

4/15/29

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

United

States

1,200,000

1,069,470

0

.24

3,187,773

0

.71

Containers

&

Packaging

e

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

100,000

102,332

0

.02

Entertainment

e

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

600,000

615,522

0

.14

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)

Ground

Transportation

d,e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

500,000

$

462,815

0

.10

Health

Care

Equipment

&

Supplies

e

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

320,000

332,816

0

.07

Health

Care

Providers

&

Services

e

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

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

United

States

1,500,000

1,501,683

0

.33

e,f

Radiology

Partners,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

7.775

%

,

1/31/29

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

United

States

1,748,549

1,689,764

0

.38

3,191,447

0

.71

Hotels,

Restaurants

&

Leisure

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

1,400,000

1,408,544

0

.31

e

Great

Canadian

Gaming

Corp.

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

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

Canada

250,000

248,094

0

.05

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

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

United

States

400,000

391,443

0

.09

2,048,081

0

.45

Independent

Power

and

Renewable

Electricity

Producers

e

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

United

States

1,100,000

1,076,820

0

.24

Insurance

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25

%

,

2/15/29

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

United

States

529,400

495,203

0

.11

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

1,700,000

1,689,554

0

.38

Senior

Secured

Note

,

144A,

6.5

%

,

10/01/31

........

United

States

1,500,000

1,498,800

0

.33

3,683,557

0

.82

IT

Services

e

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

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

United

States

600,000

614,086

0

.14

Media

e

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

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

United

States

100,000

102,283

0

.02

Passenger

Airlines

e

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/15/27

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

United

States

1,200,000

1,109,348

0

.25

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

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

United

States

1,300,000

1,325,765

0

.29

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

.........

United

States

629,766

626,094

0

.14

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

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

United

States

79,104

78,394

0

.02

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

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

United

States

1,165,000

1,149,358

0

.25

4,288,959

0

.95

Personal

Care

Products

e

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

5

%

,

4/15/26

....

United

States

392,000

389,723

0

.09

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)

Software

e

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

9

%

,

9/30/29

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

United

States

1,100,000

$

1,109,383

0

.25

Wireless

Telecommunication

Services

e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

360,000

314,503

0

.07

Total

Corporate

Bonds

(Cost

$

27,368,913

)

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

27,270,335

6

.05

Senior

Floating

Rate

Interests

g

Aerospace

&

Defense

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

..

United

States

431,423

429,615

0

.10

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

..

United

States

164,100

163,412

0

.04

Signia

Aerospace

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.321

%

,

(

1-month

SOFR

+

3

%

),

12/11/31

..........

United

States

700,649

694,956

0

.15

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

2/28/31

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

United

States

1,281,771

1,270,614

0

.28

2,558,597

0

.57

a

a

a

a

a

a

g

Air

Freight

&

Logistics

Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.78

%

,

(

3-month

SOFR

+

4.5

%

),

12/19/30

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

United

States

2,972,523

2,694,518

0

.60

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

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

United

States

2,586,122

2,403,477

0

.53

5,097,995

1

.13

a

a

a

a

a

a

g

Automobile

Components

Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

1/31/31

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

United

States

1,169,282

1,146,142

0

.26

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

5/06/30

....

United

States

584,152

574,294

0

.13

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

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

United

States

1,609,724

1,580,886

0

.35

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

10/04/28

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

United

States

389,803

362,029

0

.08

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.186

%

,

(

1-month

SOFR

+

3.75

%

),

10/04/28

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

United

States

1,417,470

1,312,400

0

.29

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.552

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

......

United

States

2,243,311

2,091,495

0

.46

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

9.541

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

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

United

States

2,303,892

2,146,939

0

.48

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.052

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

...

United

States

1,871,447

1,595,409

0

.35

10,809,594

2

.40

a

a

a

a

a

a

Beverages

g

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.549

%

,

(

3-month

SOFR

+

2.25

%

),

3/31/28

United

States

1,691,519

1,680,736

0

.37

g

Broadline

Retail

GoodRx,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.072

%

,

(

1-month

SOFR

+

3.75

%

),

7/10/29

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

United

States

1,371,563

1,373,791

0

.30

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

Broadline

Retail

(continued)

h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

10/28/30

........

Netherlands

120,000

$

119,650

0

.03

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/01/31

.........

Netherlands

1,703,672

1,698,885

0

.38

3,192,326

0

.71

a

a

a

a

a

a

g

Building

Products

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

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

United

States

513,034

513,483

0

.11

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.822

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

..

United

States

817,808

677,374

0

.15

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.672

%

,

(

1-month

SOFR

+

3.25

%

),

4/12/28

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

United

States

1,317,072

1,157,008

0

.26

EMRLD

Borrower

LP,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.933

%

,

(

6-month

SOFR

+

2.5

%

),

5/31/30

.......

United

States

325,908

322,670

0

.07

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

3/28/31

.

United

States

1,537,484

1,516,605

0

.34

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

4/14/31

........

United

States

1,002,930

985,634

0

.22

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

........

United

States

1,846,835

1,821,349

0

.40

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/32

........

United

States

1,268,966

1,245,674

0

.28

8,239,797

1

.83

a

a

a

a

a

a

g

Capital

Markets

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.319

%

,

(

1-month

SOFR

+

3

%

),

7/31/28

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

United

States

2,253,421

2,230,346

0

.50

Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.822

%

,

(

1-month

SOFR

+

3.5

%

),

8/09/30

.........

United

States

1,268,720

1,263,677

0

.28

Ascensus

Group

Holdings,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

8/02/28

United

States

1,674,133

1,667,855

0

.37

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.049

%

,

(

3-month

SOFR

+

3.75

%

),

4/09/27

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

United

States

1,452,943

1,380,957

0

.31

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

4/07/28

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

United

States

1,509,679

1,505,988

0

.33

Edelman

Financial

Engines

Center

LLC

(The),

Second

Lien,

2024

Refinancing

CME

Term

Loan

,

9.572

%

,

(

1-month

SOFR

+

5.25

%

),

10/20/28

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

United

States

1,300,000

1,273,188

0

.28

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

..........

United

States

1,186,511

1,184,945

0

.26

GTCR

Everest

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.049

%

,

(

3-month

SOFR

+

2.75

%

),

9/05/31

...

United

States

694,776

691,573

0

.15

Guggenheim

Partners

Investment

Management

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

11/26/31

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

United

States

471,260

471,455

0

.11

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.313

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

.....

United

States

1,650,466

1,630,075

0

.36

f

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

9.28

%

,

(

3-month

SOFR

+

5

%

),

5/28/27

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

United

States

2,545,262

2,379,726

0

.53

15,679,785

3

.48

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

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)

g

Chemicals

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.329

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

.

United

States

1,725,000

$

1,683,720

0

.37

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.859

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

..

United

States

2,344,784

2,217,767

0

.49

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

Luxembourg

512,226

480,724

0

.11

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.672

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

United

States

1,518,789

1,306,159

0

.29

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

2

Refinancing

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

12/31/29

..........

United

States

814,880

814,819

0

.18

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.553

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

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

Netherlands

1,174,582

1,168,709

0

.26

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.28

%

,

(

3-month

SOFR

+

3

%

),

1/31/29

United

States

2,043,684

2,027,539

0

.45

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.642

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

...

United

States

2,445,696

2,197,494

0

.49

11,896,931

2

.64

a

a

a

a

a

a

g

Commercial

Services

&

Supplies

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

8.172

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

United

States

3,809,201

3,809,925

0

.85

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

6/24/30

..........

United

States

323,014

323,518

0

.07

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

..........

United

States

1,757,883

1,760,783

0

.39

h

Madison

IAQ

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.385

%

,

(

12-month

SOFR

+

3.25

%

),

3/29/32

.......

United

States

1,500,000

1,488,285

0

.33

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.762

%

,

(

6-month

SOFR

+

2.5

%

),

6/21/28

.........

United

States

1,782,567

1,768,868

0

.39

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.33

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

.....

United

States

3,124,050

2,765,675

0

.61

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

3/26/31

......

Luxembourg

1,167,236

1,165,485

0

.26

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.072

%

,

(

1-month

SOFR

+

3.75

%

),

3/19/32

........

United

States

2,600,000

2,564,250

0

.57

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

6.319

%

,

(

1-month

SOFR

+

2

%

),

10/15/30

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

United

States

1,380,696

1,376,699

0

.31

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.821

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

1,094,287

1,091,551

0

.24

Reworld

Holding

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

C

,

6.821

%

,

(

1-month

SOFR

+

2.5

%

),

11/30/28

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

United

States

60,248

60,098

0

.01

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.562

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

..........

United

States

3,833,941

3,153,129

0

.70

21,328,266

4

.73

a

a

a

a

a

a

Communications

Equipment

g

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

7.069

%

,

(

3-month

SOFR

+

2.75

%

),

11/30/29

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

United

States

2,955,126

2,937,898

0

.65

g

Construction

&

Engineering

Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.799

%

,

(

3-month

SOFR

+

4.5

%

),

2/18/31

.........

United

States

810,000

774,311

0

.17

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

Construction

&

Engineering

(continued)

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.791

%

,

(

3-month

SOFR

+

4.5

%

),

8/01/30

..

United

States

961,165

$

893,792

0

.20

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.038

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

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

United

States

860,076

848,465

0

.19

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.579

%

,

(

1-month

SOFR

+

2.25

%

),

3/15/32

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

United

Kingdom

897,163

893,799

0

.20

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.571

%

,

(

1-month

SOFR

+

2.25

%

),

1/24/31

...

United

States

383,088

382,197

0

.08

3,792,564

0

.84

a

a

a

a

a

a

Consumer

Finance

g

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

B1

,

7.325

%

,

(

TSFR1M

+

3

%

),

11/17/31

......

United

States

1,684,665

1,675,972

0

.37

g

Containers

&

Packaging

h

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.071

%

,

(

1-month

SOFR

+

2.75

%

),

11/29/30

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

United

States

3,545,855

3,539,650

0

.79

h

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.548

%

,

(

3-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

2,323,904

2,307,939

0

.51

h

,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.48

%

,

(

3-month

SOFR

+

3.25

%

),

4/01/32

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

United

States

1,219

1,210

0.00

†

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

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

Luxembourg

2,522,494

2,282,227

0

.51

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.319

%

,

(

1-month

SOFR

+

3

%

),

4/15/27

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

United

States

1,013,821

1,001,361

0

.22

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.282

%

,

(

3-month

SOFR

+

4

%

),

9/15/28

....

United

States

1,250,874

1,234,299

0

.27

SupplyOne,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.072

%

,

(

1-month

SOFR

+

3.75

%

),

4/21/31

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

United

States

1,444,592

1,438,272

0

.32

11,804,958

2

.62

a

a

a

a

a

a

g

Distributors

BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

8

Incremental

CME

Term

Loan

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

12/11/30

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

United

States

1,548,105

1,534,761

0

.34

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

6.27

%

,

(

6-month

SOFR

+

2

%

),

2/10/31

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

United

States

521,062

521,281

0

.12

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

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

United

States

3,089,729

3,069,707

0

.68

5,125,749

1

.14

a

a

a

a

a

a

g

Diversified

Consumer

Services

Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

12/11/28

..........

United

States

1,438,531

1,424,526

0

.32

h

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan

,

10.172

%

,

(

1-month

SOFR

+

5.75

%

),

12/10/29

.

United

States

995,008

981,640

0

.22

KUEHG

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

6/12/30

...

United

States

1,141,818

1,139,375

0

.25

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.288

%

,

(

3-month

SOFR

+

4

%

),

8/11/28

United

States

399,915

398,716

0

.09

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

Diversified

Consumer

Services

(continued)

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.313

%

,

(

3-month

SOFR

+

3

%

),

5/04/28

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

United

States

394,569

$

390,304

0

.09

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

12/07/28

..

United

States

558,211

553,792

0

.12

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

9/30/30

..........

United

States

464,682

464,199

0

.10

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/31

.........

United

States

1,626,672

1,606,794

0

.36

6,959,346

1

.55

a

a

a

a

a

a

g

Diversified

Telecommunication

Services

Global

Tel*Link

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

11.825

%

,

(

1-month

SOFR

+

7.5

%

),

7/31/29

........

United

States

1,611,900

1,523,246

0

.34

Zayo

Group

Holdings,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.572

%

,

(

1-month

SOFR

+

4.25

%

),

3/09/27

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

United

States

1,092,323

1,024,670

0

.23

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.436

%

,

(

1-month

SOFR

+

3

%

),

3/09/27

.

United

States

1,623,553

1,514,978

0

.33

4,062,894

0

.90

a

a

a

a

a

a

Electric

Utilities

g

Hamilton

Projects

Acquiror

LLC,

First

Lien,

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

5/30/31

......

United

States

300,156

301,523

0

.07

g

Electrical

Equipment

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.049

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

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

United

States

788,780

782,864

0

.18

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.574

%

,

(

1-month

SOFR

+

2.25

%

),

1/27/31

........

United

States

1,502,929

1,491,191

0

.33

2,274,055

0

.51

a

a

a

a

a

a

g

Electronic

Equipment,

Instruments

&

Components

Coherent

Corp.,

First

Lien,

CME

Term

Loan,

B2

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

7/02/29

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

United

States

315,607

312,714

0

.07

Minimax

Viking

GmbH,

First

Lien,

Senior

(USD)

CME

Term

Loan,

B

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

2/20/32

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

Germany

408,082

407,062

0

.09

719,776

0

.16

a

a

a

a

a

a

g

Entertainment

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.069

%

,

(

1-month

SOFR

+

2.75

%

),

3/01/28

.....

France

616,984

614,411

0

.14

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.186

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

........

United

States

1,103,643

1,080,936

0

.24

UFC

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.58

%

,

(

3-month

SOFR

+

2.25

%

),

11/21/31

........

United

States

4,127,352

4,127,992

0

.91

5,823,339

1

.29

a

a

a

a

a

a

g

Financial

Services

Belfor

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

11/01/30

..........

United

States

1,212,371

1,210,856

0

.27

Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

8.474

%

,

(

3-month

SOFR

+

4.175

%

),

1/31/31

....

United

States

5,180,266

5,175,941

1

.15

Priority

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

9.072

%

,

(

1-month

SOFR

+

4.75

%

),

5/16/31

........

United

States

1,056,958

1,056,958

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

9

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Financial

Services

(continued)

Red

Planet

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.925

%

,

(

1-month

SOFR

+

3.5

%

),

10/02/28

........

United

States

973,474

$

955,221

0

.21

8,398,976

1

.86

a

a

a

a

a

a

Food

Products

g

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

3/17/27

.

United

States

82,826

83,175

0

.02

g

Ground

Transportation

Albion

Financing

3

SARL,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.293

%

,

(

3-month

SOFR

+

3

%

),

8/16/29

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

Luxembourg

611,501

612,076

0

.14

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

.........

United

States

1,751,883

1,746,820

0

.39

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

.........

United

States

1,108,241

1,104,972

0

.24

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

..

United

States

535,746

534,198

0

.12

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

1/25/29

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

United

States

2,264,106

2,227,314

0

.49

f

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

6.061

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

.........

United

States

2,452,633

1,210,511

0

.27

f

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.061

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

.........

United

States

1,776,045

260,849

0

.06

Savage

Enterprises

LLC,

First

Lien,

Refinancing

CME

Term

Loan

,

7.069

%

,

(

1-month

SOFR

+

2.75

%

),

9/15/28

United

States

368,789

368,922

0

.08

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

.

United

States

1,484,655

1,442,275

0

.32

9,507,937

2

.11

a

a

a

a

a

a

g

Health

Care

Equipment

&

Supplies

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.67

%

,

(

1-month

SOFR

+

3.25

%

),

5/10/27

.........

United

States

589,394

583,465

0

.13

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

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

United

States

5,935,334

5,902,245

1

.31

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.049

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

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

United

States

1,732,166

1,734,876

0

.38

8,220,586

1

.82

a

a

a

a

a

a

g

Health

Care

Providers

&

Services

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.811

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

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

United

States

2,399,155

2,300,190

0

.51

ADMI

Corp.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.186

%

,

(

1-month

SOFR

+

3.75

%

),

12/23/27

..

United

States

1,461,576

1,399,459

0

.31

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

10.072

%

,

(

1-month

SOFR

+

5.75

%

),

12/23/27

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

United

States

333,442

329,552

0

.07

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.163

%

,

(

3-month

SOFR

+

3.75

%

),

7/17/28

United

States

4,202,976

4,134,699

0

.92

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.571

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/28

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

United

States

3,271,381

3,260,569

0

.72

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.802

%

,

(

3-month

SOFR

+

2.5

%

),

11/08/32

United

States

2,394,601

2,384,963

0

.53

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)

g

Health

Care

Providers

&

Services

(continued)

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

7/28/31

...

United

States

306,923

$

305,005

0

.07

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.53

%

,

(

3-month

SOFR

+

4.25

%

),

3/26/29

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

United

States

1,384,494

1,284,984

0

.29

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.817

%

,

(

3-month

SOFR

+

3.5

%

),

5/19/31

United

States

1,102,381

1,079,187

0

.24

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.006

%

,

(

3-month

SOFR

+

3.75

%

),

5/19/31

........

United

States

3,391,500

3,334,268

0

.74

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.88

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

....

United

States

1,439,818

879,887

0

.20

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.03

%

,

(

3-month

SOFR

+

3.75

%

),

12/31/30

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

United

States

251,943

249,298

0

.06

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

9.141

%

,

(

3-month

SOFR

+

4.6

%

),

12/31/30

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

United

States

2,088,454

1,670,763

0

.37

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.17

%

,

(

1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%

),

3/02/28

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

United

States

1,966,797

1,881,163

0

.42

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.149

%

,

(

3-month

SOFR

+

3.75

%

),

3/02/28

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

United

States

68,346

65,370

0

.01

Pathway

Vet

Alliance

LLC,

First

Lien,

2021

Replacement

Term

Loan

,

8.34

%

,

(

TSFR3M

+

3.75

%

),

3/31/27

.....

United

States

2,768,841

2,172,391

0

.48

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

A

,

9.28

%

,

(

3-month

SOFR

+

5

%

),

6/30/28

...........

United

States

420,369

416,516

0

.09

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

.........

United

States

960,133

954,996

0

.21

f

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

7.939

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/29

.....

United

States

2,911,570

2,819,855

0

.63

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.07

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

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

United

States

282,051

281,611

0

.06

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.688

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

..

United

States

1,572,576

1,558,518

0

.35

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

10/22/29

..

United

States

875,919

873,729

0

.19

33,636,973

7

.47

a

a

a

a

a

a

g

Health

Care

Technology

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

2/15/29

......

United

States

4,596,571

4,565,705

1

.01

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

2

CME

Term

Loan

,

7.077

%

,

(

3-month

SOFR

+

2.75

%

),

3/26/32

...

United

States

1,200,000

1,176,498

0

.26

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.074

%

,

(

1-month

SOFR

+

2.75

%

),

5/01/31

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

United

States

1,856,297

1,822,652

0

.41

7,564,855

1

.68

a

a

a

a

a

a

g

Hotels,

Restaurants

&

Leisure

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.784

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

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

United

States

1,348,533

1,172,098

0

.26

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.563

%

,

(

3-month

SOFR

+

2.25

%

),

2/06/30

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

United

States

1,227,140

1,213,028

0

.27

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.053

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/29

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

United

Kingdom

1,018,695

1,019,540

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

11

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Hotels,

Restaurants

&

Leisure

(continued)

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.822

%

,

(

1-month

SOFR

+

3.5

%

),

1/29/29

..

United

States

1,996,831

$

1,950,036

0

.43

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.049

%

,

(

3-month

SOFR

+

1.75

%

),

12/02/30

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

Ireland

1,324,229

1,307,266

0

.29

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.305

%

,

(

12-month

SOFR

+

4

%

),

1/28/32

.....

United

States

1,287,714

1,260,755

0

.28

Flynn

Restaurant

Group

LP,

First

Lien,

CME

Term

Loan

,

8.686

%

,

(

1-month

SOFR

+

4.25

%

),

12/01/28

.......

United

States

2,449,395

2,437,148

0

.54

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.571

%

,

(

1-month

SOFR

+

4.25

%

),

12/04/31

..

United

States

843,241

846,028

0

.19

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.053

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

Canada

1,142,356

1,104,087

0

.24

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

8/02/28

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

United

States

919,972

905,096

0

.20

h

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

12/15/27

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

United

States

4,000,765

3,976,080

0

.88

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.57

%

,

(

1-month

SOFR

+

2.25

%

),

4/16/29

.

United

States

1,668,783

1,669,484

0

.37

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.549

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

........

Canada

2,034,272

1,973,753

0

.44

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

5/03/29

.........

United

States

1,333,789

1,331,375

0

.30

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.285

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

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

United

States

1,706,619

1,693,820

0

.38

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.822

%

,

(

1-month

SOFR

+

2.5

%

),

8/03/28

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

United

States

1,647,383

1,640,241

0

.36

25,499,835

5

.66

a

a

a

a

a

a

Household

Durables

g

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

........

Netherlands

1,427,598

1,395,777

0

.31

g

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.322

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

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

United

States

796,000

794,671

0

.18

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.072

%

,

(

1-month

SOFR

+

1.75

%

),

1/31/31

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

United

States

995,000

992,144

0

.22

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.818

%

,

(

3-month

SOFR

+

2.5

%

),

12/11/31

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

United

States

322,063

321,575

0

.07

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.818

%

,

(

3-month

SOFR

+

2.5

%

),

5/17/30

..

United

States

3,221,287

3,217,260

0

.71

5,325,650

1

.18

a

a

a

a

a

a

g

Insurance

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

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

United

States

3,579,548

3,546,008

0

.79

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.073

%

,

(

1-month

SOFR

+

2.75

%

),

9/19/31

United

States

4,408,310

4,382,830

0

.97

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

1/30/32

........

United

States

320,261

319,036

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.

12

a

a

Country

Principal

Amount

*

a

Value

%

of

Net

Assets

a

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Insurance

(continued)

h

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.822

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

.........

United

States

7,780,496

$

7,789,832

1

.73

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.672

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

........

United

States

1,133,870

1,102,082

0

.25

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B8

,

7.686

%

,

(

1-month

SOFR

+

3.25

%

),

12/23/26

.......

United

States

1,107,108

1,100,011

0

.24

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

9.686

%

,

(

1-month

SOFR

+

5.25

%

),

1/31/28

........

United

States

2,652,263

2,486,019

0

.55

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.686

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

........

United

States

3,248,036

2,992,253

0

.66

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

6/16/31

....

United

States

898,313

895,210

0

.20

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.769

%

,

(

3-month

SOFR

+

2.5

%

),

6/20/30

United

States

8,063,552

8,021,137

1

.78

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.313

%

,

(

3-month

SOFR

+

3

%

),

7/31/31

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

United

States

5,710,636

5,690,563

1

.26

Truist

Insurance

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.049

%

,

(

3-month

SOFR

+

2.75

%

),

5/06/31

.

United

States

1,904,248

1,886,005

0

.42

40,210,986

8

.92

a

a

a

a

a

a

g

IT

Services

Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.78

%

,

(

3-month

SOFR

+

4.5

%

),

8/15/29

.....

United

States

1,627,025

1,364,578

0

.30

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.072

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

...

United

States

1,967,332

1,930,444

0

.43

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.399

%

,

(

3-month

SOFR

+

4

%

),

10/01/27

..........

United

States

1,416,709

1,321,747

0

.29

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

United

States

2,034,858

1,930,571

0

.43

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

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

United

States

2,175,173

1,913,956

0

.43

h

MH

Sub

I

LLC,

Second

Lien,

2021

Replacement

CME

Term

Loan

,

10.575

%

,

(

1-month

SOFR

+

6.25

%

),

2/23/29

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

United

States

1,600,000

1,435,712

0

.32

9,897,008

2

.20

a

a

a

a

a

a

Leisure

Products

g

Recess

Holdings,

Inc.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

8.025

%

,

(

3-month

SOFR

+

3.75

%

),

2/21/30

United

States

106,720

105,937

0

.02

g

Machinery

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.824

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

.........

United

States

2,474,937

2,401,716

0

.53

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

CME

Term

Loan

,

7.825

%

,

(

1-month

SOFR

+

3.5

%

),

8/16/29

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

United

States

825,700

826,158

0

.18

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

10/23/28

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

United

States

3,292,308

3,293,197

0

.73

h

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

9/26/31

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

United

States

998,781

992,539

0

.22

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

5

Refinancing

CME

Term

Loan

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

8/31/28

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

United

States

1,978,149

1,968,951

0

.44

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)

g

Machinery

(continued)

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

C

,

7.737

%

,

(

6-month

SOFR

+

3.5

%

),

4/30/30

.........

Germany

1,917,559

$

1,912,411

0

.43

11,394,972

2

.53

a

a

a

a

a

a

g

Media

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.827

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

3/24/31

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

United

States

806,171

803,789

0

.18

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.791

%

,

(

3-month

SOFR

+

5.25

%

),

8/02/29

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

United

States

204,808

198,741

0

.04

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.438

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

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

United

States

759,471

703,714

0

.16

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.213

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

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

United

States

2,780,866

2,152,849

0

.48

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

8/06/31

......

United

States

656,130

655,369

0

.15

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.936

%

,

(

1-month

SOFR

+

2.5

%

),

9/18/26

.........

United

States

422,355

422,948

0

.09

4,937,410

1

.10

a

a

a

a

a

a

g

Oil,

Gas

&

Consumable

Fuels

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.256

%

,

(

3-month

SOFR

+

3

%

),

10/15/31

..........

United

States

1,197,000

1,197,215

0

.26

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.963

%

,

(

12-month

SOFR

+

2.75

%

),

2/22/30

..

United

States

1,254,769

1,256,024

0

.28

2,453,239

0

.54

a

a

a

a

a

a

Paper

&

Forest

Products

g

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.563

%

,

(

3-month

SOFR

+

4.25

%

),

11/04/31

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

United

States

997,500

957,914

0

.21

g

Passenger

Airlines

h

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.522

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

........

United

States

3,083,958

3,025,440

0

.67

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

........

United

States

891,000

867,798

0

.19

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.275

%

,

(

3-month

SOFR

+

2

%

),

2/24/31

..........

United

States

830,804

829,898

0

.19

4,723,136

1

.05

a

a

a

a

a

a

Personal

Care

Products

g

,h

Opal

LLC,

First

Lien,

CME

Term

Loan

,

7.385

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/32

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

United

States

1,500,000

1,489,695

0

.33

g

Pharmaceuticals

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.322

%

,

(

1-month

SOFR

+

4

%

),

4/23/31

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

United

States

367,611

357,042

0

.08

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.57

%

,

(

1-month

SOFR

+

2.25

%

),

5/19/31

United

States

868,359

833,624

0

.19

Southern

Veterinary

Partners

LLC,

First

Lien,

2024-3

New

CME

Term

Loan

,

7.527

%

,

(

3-month

SOFR

+

3.25

%

),

12/04/31

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

United

States

517,241

516,274

0

.11

1,706,940

0

.38

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

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)

g

Professional

Services

CHG

Healthcare

Services,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan

,

7.313

%

,

(

3-month

SOFR

+

3

%

),

9/29/28

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

United

States

1,595,662

$

1,593,220

0

.35

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.936

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

.........

United

States

2,573,333

2,544,924

0

.57

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2

,

6.57

%

,

(

1-month

SOFR

+

2.25

%

),

1/18/29

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

United

States

794,933

793,442

0

.18

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

6/02/31

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

United

States

773,894

769,057

0

.17

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.825

%

,

(

3-month

SOFR

+

4.25

%

),

3/06/28

........

United

States

260,683

106,011

0

.02

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

3.75

%

),

7/18/31

United

States

1,408,650

1,376,075

0

.31

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

2/14/31

........

Canada

3,021,178

2,886,645

0

.64

10,069,374

2

.24

a

a

a

a

a

a

Real

Estate

Management

&

Development

g

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2024-3

CME

Term

Loan

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

1/31/30

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

United

States

101,602

101,772

0

.02

Semiconductors

&

Semiconductor

Equipment

g

MKS

Instruments,

Inc.,

First

Lien,

2025-1

Dollar

CME

Term

Loan,

B

,

6.323

%

,

(

1-month

SOFR

+

2

%

),

8/17/29

United

States

1,548,048

1,540,695

0

.34

g

Software

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

7.322

%

,

(

1-month

SOFR

+

3

%

),

7/30/31

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

United

States

2,000,000

1,963,520

0

.44

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

United

States

4,942,935

4,140,375

0

.92

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

8.049

%

,

(

3-month

SOFR

+

3.75

%

),

3/21/31

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

United

States

1,209,896

1,197,797

0

.27

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan,

B

,

7.799

%

,

(

3-month

SOFR

+

3.5

%

),

3/30/29

..

United

States

3,505,524

3,468,470

0

.77

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.172

%

,

(

1-month

SOFR

+

3.75

%

),

10/09/28

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

United

States

1,882,887

1,858,183

0

.41

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

10.422

%

,

(

1-month

SOFR

+

6

%

),

10/10/29

.........

United

States

1,000,000

944,170

0

.21

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.295

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

..........

United

States

910,530

910,531

0

.20

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.061

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

.........

United

States

785,787

785,461

0

.17

ECI

Macola/Max

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

5/09/30

.

United

States

1,890,319

1,886,538

0

.42

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

5/30/31

........

United

States

2,294,833

2,286,756

0

.51

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B3

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

3/03/28

..........

United

States

327,099

325,873

0

.07

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/32

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

United

States

2,621,257

2,589,854

0

.57

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan

,

7.782

%

,

(

1-day

SOFR

+

3.5

%

),

8/29/31

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

Sweden

987,459

989,928

0

.22

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

Software

(continued)

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.319

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

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

United

States

4,933,051

$

4,650,437

1

.03

PointClickCare

Technologies,

Inc.,

First

Lien,

2024-1

CME

Term

Loan

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

11/03/31

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

Canada

665,000

664,794

0

.15

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.291

%

,

(

3-month

SOFR

+

3.75

%

),

6/02/28

........

United

States

1,228,137

1,187,264

0

.26

h

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.549

%

,

(

6-month

SOFR

+

3.25

%

),

10/28/30

.......

United

States

2,332,773

2,326,136

0

.52

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

7/16/31

......

United

States

2,283,817

2,267,636

0

.50

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.572

%

,

(

1-month

SOFR

+

4.25

%

),

11/28/28

.......

United

States

1,554,552

1,546,127

0

.34

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.935

%

,

(

1-month

SOFR

+

3.5

%

),

3/05/27

.........

United

States

1,476,759

1,477,571

0

.33

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

2

Replacement

CME

Term

Loan

,

8.322

%

,

(

1-month

SOFR

+

4

%

),

8/13/29

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

United

States

2,080,146

2,074,779

0

.46

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.32

%

,

(

1-month

SOFR

+

3

%

),

2/10/31

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

United

States

6,552,253

6,537,379

1

.45

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

5

CME

Term

Loan

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

11/26/31

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

United

States

574,497

564,012

0

.13

46,643,591

10

.35

a

a

a

a

a

a

g

Specialty

Retail

f

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.425

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

.........

United

States

5,077,713

3,452,845

0

.77

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.572

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

......

United

States

1,780,199

1,745,040

0

.39

h

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.811

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

........

United

States

2,026,289

1,125,097

0

.25

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.811

%

,

(

3-month

SOFR

+

3.25

%

),

3/03/28

United

States

3,710,943

3,249,042

0

.72

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.936

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

.........

United

States

620,795

580,732

0

.13

RelaDyne,

Inc.,

First

Lien,

CME

Term

Loan

,

8.325

%

,

(

1-month

SOFR

+

4

%

),

12/23/30

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

United

States

2,268,719

2,268,152

0

.50

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.172

%

,

(

1-month

SOFR

+

3.75

%

),

10/16/28

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

United

States

692,857

649,997

0

.14

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.575

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

United

States

1,558,229

1,522,756

0

.34

14,593,661

3

.24

a

a

a

a

a

a

g

Textiles,

Apparel

&

Luxury

Goods

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.672

%

,

(

1-month

SOFR

+

2.25

%

),

12/21/28

United

States

1,169,460

1,149,948

0

.26

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

.........

United

States

1,554,987

1,419,415

0

.31

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

3/08/32

........

United

States

718,118

713,630

0

.16

3,282,993

0

.73

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

Franklin

Floating

Rate

Master

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

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)

Trading

Companies

&

Distributors

g

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan

,

8.552

%

,

(

3-month

SOFR

+

4

%

),

1/29/31

......

United

States

2,910,294

$

2,690,465

0

.60

Wireless

Telecommunication

Services

g

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.324

%

,

(

1-month

SOFR

+

4

%

),

1/30/31

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

United

States

1,120,565

1,122,245

0

.25

Total

Senior

Floating

Rate

Interests

(Cost

$

397,032,932

)

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

383,517,898

85

.12

Shares/Units

Escrows

and

Litigation

Trusts

a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

—

0.00

a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

......

United

States

6,589,709

—

0.00

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

0.00

Total

Long

Term

Investments

(Cost

$

446,787,620

)

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

424,309,672

94

.17

a

Short

Term

Investments

a

a

Principal

Amount

*

a

Value

%

of

Net

Assets

aa

aa

aa

aa

aa

aa

Repurchase

Agreements

j

Joint

Repurchase

Agreement

,

4.354

%

,

5/01/25

(Maturity

Value

$

21,272,000

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$14,144,179)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$2,601,778)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$4,526,043)

Collateralized

by

U.S.

Government

Agency

Securities,

3%

-

6%,

6/20/51

-

2/20/55;

U.S.

Treasury

Bills,

5/22/25

-

12/26/25;

and

U.S.

Treasury

Notes,

4%,

12/15/27

(valued

at

$

21,713,072

)

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

21,269,428

21,269,428

4

.72

Total

Repurchase

Agreements

(Cost

$

21,269,428

)

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

21,269,428

4

.72

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,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

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

United

States

32,000

32,000

0

.01

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

32,000

)

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

32,000

0

.01

Total

Short

Term

Investments

(Cost

$

21,301,428

)

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

21,301,428

4

.73

a

Total

Investments

(Cost

$

468,089,048

)

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

$445,611,100

98

.90

Other

Assets,

less

Liabilities

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

4,975,243

1

.10

Net

Assets

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

$450,586,343

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

17

See

Abbreviations

on

page

21

.

*

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

5

regarding

fair

value

measurements.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

A

portion

or

all

of

the

security

is

on

loan

at

April

30,

2025.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2025,

the

aggregate

value

of

these

securities

was

$27,270,335,

representing

6.1%

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

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,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

18

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. 

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)

19

Quarterly

Schedule

of

Investments

At

April

30,

2025,

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

April

30,

2025,

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)

Borrower

Unfunded

Commitment

Franklin

Floating

Rate

Master

Series

Clydesdale

Acquisition

Holdings,

Inc.

$

39,409

Signia

Aerospace

LLC

58,387

$

97,796

    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

$—

$(4,098,136)

$(161,568)

$81,127

$2,687,497

112,166

$213,209

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$23,883,000

$(23,851,000)

$—

$—

$32,000

32,000

$14,365

Total

Affiliated

Securities

...

$6,866,074

$23,883,000

$(27,949,136)

$(161,568)

$81,127

$2,719,497

$227,574

3.

Unfunded

Loan

Commitments

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

20

Quarterly

Schedule

of

Investments

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,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

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.

Level

1

Level

2

Level

3

Total

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

—

$

5,380,984

$

5,380,984

Leisure

Facilities

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

—

28,334

—

28,334

Oil

&

Gas

Exploration

&

Production

.........

1,466,706

—

—

1,466,706

Management

Investment

Companies

.........

6,645,017

—

—

6,645,017

Warrants

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

—

—

398

398

Corporate

Bonds

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

—

27,270,335

—

27,270,335

Senior

Floating

Rate

Interests

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

—

383,517,898

—

383,517,898

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

32,000

21,269,428

—

21,301,428

Total

Investments

in

Securities

...........

$8,143,723

$432,085,995

$5,381,382

$445,611,100

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$599

$—

$599

$—

$—

$—

$—

Total

Other

Financial

Instruments

.........

$—

$599

$—

$599

a

Includes

financial

instruments

determined

to

have

no

value.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Machinery

.........

$

—

$

—

$

—

$

5,136,509

$

—

$

—

$

—

$

244,475

$

5,380,984

$

244,475

Warrants

:

Machinery

.........

30

—

—

—

—

—

—

368

398

368

Escrows

and

Litigation

Trusts

:

—

b

—

—

—

—

—

—

—

—

b

—

Total

Investments

in

Securities

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

$30

$—

$—

$5,136,509

$—

$—

$—

$244,843

$5,381,382

$244,843

a

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

b

Includes

financial

instruments

determined

to

have

no

value.

5. Fair

Value

Measurements

(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Schedule

of

Investments

(unaudited)

21

Quarterly

Schedule

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

April

30,

2025,

are

as

follows:

Abbreviations

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Floating

Rate

Master

Series

Assets:

Investments

in

Securities:

Common

Stocks:

Machinery.

.

.

.

.

.

.

.

.

.

.

.

$5,380,984

Market

comparables

Discount

for

lack

of

marketability

15.6%

Decrease

EBITDA

$40.1

mil

Increase

EV/EBITDA

multiple

7.1x

Increase

All

Other

Investments

.

.

.

.

398

b,c

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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

$5,381,382

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

b

Includes

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

c

Includes

financial

instruments

determined

to

have

no

value.

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

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

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.