N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-09869
 
Franklin Floating Rate Master Trust
(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 7/31
 
Date of reporting period: 1/31/22
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)
 
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
Your
Fund’s
Expenses
Franklin
Floating
Rate
Master
Series
1
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
8/1/21
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,026.40
$2.69
$1,022.55
$2.68
0.53%
Franklin
Floating
Rate
Master
Trust
Financial
Highlights
Franklin
Floating
Rate
Master
Series
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.38
$6.99
$8.18
$8.54
$8.69
$8.47
Income
from
investment
operations
a
:
Net
investment
income
..............
0.136
b
0.301
b
0.415
0.460
0.398
0.332
Net
realized
and
unrealized
gains
(losses)
0.053
0.417
(1.141)
(0.378)
(0.156)
0.221
Total
from
investment
operations
........
0.189
0.718
(0.726)
0.082
0.242
0.553
Less
distributions
from:
Net
investment
income
..............
(0.153)
(0.328)
(0.464)
(0.442)
(0.392)
(0.333)
Net
asset
value,
end
of
period
..........
$7.42
$7.38
$6.99
$8.18
$8.54
$8.69
Total
return
c
.......................
2.64%
10.51%
(9.13)%
0.98%
2.73%
6.71%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.57%
0.61%
0.58%
0.55%
0.55%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.54
%
0.53%
0.53%
0.53%
0.53%
0.53%
Net
investment
income
...............
3.65%
4.19%
5.41%
5.29%
4.60%
3.78%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$570,270
$430,129
$394,720
$1,054,679
$1,760,544
$2,090,626
Portfolio
turnover
rate
................
18.50%
74.82%
16.80%
27.92%
f
49.97%
67.00%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
securities
delivered
as
a
result
of
in-kind
transactions.
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited),
January
31,
2022
Franklin
Floating
Rate
Master
Series
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
a
Country
Shares
a
Value
%
of
Net
Assets
a
Common
Stocks
Industrial
Machinery
a
UTEX
Industries,
Inc.
..........................
United
States
120,386
$
6,561,037
1.15
a
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
104,009
136,512
0.02
a
Oil
&
Gas
Exploration
&
Production
a
Quarternorth
Energy
Holding,
Inc.
.................
United
States
111,779
11,662,238
2.05
a
Trucking
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...........
Australia
5,879,078
196,311
0.03
a
Total
Common
Stocks
(Cost
$25,422,296)
...............................
18,556,098
3.25
Management
Investment
Companies
Asset
Management
&
Custody
Banks
c
Franklin
Floating
Rate
Income
Fund
...............
United
States
461,717
3,762,990
0.66
c
Franklin
Liberty
Senior
Loan
ETF
.................
United
States
578,288
14,436,960
2.53
Invesco
Senior
Loan
ETF
.......................
United
States
117,471
2,582,012
0.46
20,781,962
3.65
Total
Management
Investment
Companies
(Cost
$21,674,774)
.............
20,781,962
3.65
Preferred
Stocks
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
246,320
569,615
0.10
a
Total
Preferred
Stocks
(Cost
$332,425)
..................................
569,615
0.10
Warrants
a
a
a
a
a
Warrants
Industrial
Machinery
a,b
UTEX
Industries,
Inc.
,
2/20/49
....................
United
States
321
914
0.00
Total
Warrants
(Cost
$–)
...............................................
914
0.00
Principal
Amount
*
a
Corporate
Bonds
Airlines
d
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
..............
United
States
1,700,000
1,743,205
0.30
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
....................
United
States
1,250,000
1,297,913
0.23
d
United
Airlines,
Inc.,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
...................................
United
States
165,000
164,071
0.03
3,205,189
0.56
Broadcasting
d
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.,
Senior
Secured
Note,
144A,
5.375%,
8/15/26
...
United
States
1,840,000
854,082
0.15
d
Univision
Communications,
Inc.,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
........................
United
States
400,000
403,552
0.07
1,257,634
0.22
Communications
Equipment
d
CommScope
,
Inc.,
Senior
Secured
Note,
144A,
4.75%,
9/01/29
...................................
United
States
692,300
664,196
0.12
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
Corporate
Bonds
(continued)
Construction
Materials
d
Cemex
SAB
de
CV,
Senior
Bond,
144A,
5.2%,
9/17/30
.
Mexico
750,000
$
773,903
0.13
Diversified
Chemicals
d
SCIH
Salt
Holdings,
Inc.,
Senior
Secured
Note,
144A,
4.875%,
5/01/28
.............................
United
States
1,100,000
1,033,868
0.18
Independent
Power
Producers
&
Energy
Traders
d
Talen
Energy
Supply
LLC,
Senior
Secured
Note,
144A,
6.625%,
1/15/28
.............................
United
States
444,000
391,701
0.07
Integrated
Telecommunication
Services
d
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.125%,
7/15/29
.......
France
800,000
743,916
0.13
Senior
Secured
Note,
144A,
5.5%,
10/15/29
........
France
1,270,000
1,205,433
0.21
1,949,349
0.34
Multi-line
Insurance
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.,
Senior
Secured
Note,
144A,
4.25%,
2/15/29
....................
United
States
529,400
500,580
0.09
Oil
&
Gas
Equipment
&
Services
d
Weatherford
International
Ltd.,
Senior
Secured
Note,
144A,
6.5%,
9/15/28
.........................
United
States
241,100
250,463
0.04
Oil
&
Gas
Storage
&
Transportation
Cheniere
Energy,
Inc.,
Senior
Secured
Note,
4.625%,
10/15/28
..................................
United
States
450,000
457,499
0.08
Paper
Packaging
d
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.,
Senior
Secured
Note,
144A,
4.375%,
10/15/28
............................
United
States
375,000
359,608
0.06
d
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC/Reynolds
Group
Holdings
Ltd.,
Senior
Secured
Note,
144A,
4%,
10/15/27
.........
United
States
800,000
757,600
0.13
1,117,208
0.19
Specialized
Consumer
Services
d
WW
International,
Inc.,
Senior
Secured
Note,
144A,
4.5%,
4/15/29
..............................
United
States
1,200,000
1,063,440
0.19
Specialized
Finance
d
MPH
Acquisition
Holdings
LLC,
Senior
Secured
Note,
144A,
5.5%,
9/01/28
.........................
United
States
453,000
435,614
0.08
Specialty
Chemicals
d
ASP
Unifrax
Holdings,
Inc.,
Senior
Secured
Note,
144A,
5.25%,
9/30/28
.............................
United
States
645,200
635,128
0.11
Specialty
Stores
d
99
Escrow
Issuer,
Inc.,
Senior
Secured
Note,
144A,
7.5%,
1/15/26
...................................
United
States
600,000
455,343
0.08
Trucking
d
First
Student
Bidco
,
Inc.
/
First
Transit
Parent,
Inc.,
Senior
Secured
Note,
144A,
4%,
7/31/29
...............
United
States
500,000
474,590
0.09
b,e
Onsite
Rental
Group
Operations
Pty.
Ltd.,
PIK,
6.1%,
10/26/23
..................................
Australia
10,725,759
10,907,804
1.91
11,382,394
2.00
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
d
Vmed
O2
UK
Financing
I
plc,
Senior
Secured
Bond,
144A,
4.25%,
1/31/31
.........................
United
Kingdom
360,000
$
334,116
0.06
Total
Corporate
Bonds
(Cost
$28,724,808)
...............................
25,907,625
4.54
f,g
Senior
Floating
Rate
Interests
Advertising
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
3.799
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%
),
8/21/26
.......................
United
States
2,862,705
2,827,465
0.50
Aerospace
&
Defense
AI
Convoy
(Luxembourg)
SARL
,
USD
Term
Loan,
B
,
4.5
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
1/18/27
......
Luxembourg
1,215,907
1,220,297
0.21
e
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
.......................
United
Kingdom
3,396,512
3,523,661
0.62
h,i
Cobham
Ultra
US
Co-Borrower
LLC
,
Term
Loan
,
TBD,
11/17/28
..................................
United
States
838,926
838,796
0.15
Dynasty
Acquisition
Co.,
Inc.
,
2020
Term
Loan,
B1,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..............................
United
States
1,935,349
1,899,061
0.33
2020
Term
Loan,
B2,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..............................
United
States
1,040,510
1,021,001
0.18
Vertex
Aerospace
Services
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/06/28
.
United
States
2,387,283
2,391,019
0.42
10,893,835
1.91
a
a
a
a
a
a
Air
Freight
&
Logistics
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
Term
Loan,
B1
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/24/26
......
United
States
2,050,605
2,058,295
0.36
Airlines
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.............................
United
States
1,013,781
1,053,770
0.18
Air
Canada
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
..............................
Canada
992,248
997,001
0.18
Allegiant
Travel
Co.
,
Replacement
Term
Loan
,
3.158
%
,
(
3-month
USD
LIBOR
+
3
%
),
2/05/24
.............
United
States
986,979
986,362
0.17
American
Airlines,
Inc.
,
2017
Term
Loan,
B,
2.106%,
(1-month
USD
LIBOR
+
2%),
12/15/23
..............................
United
States
445,313
441,187
0.08
2018
Replacement
Term
Loan,
1.855%,
(1-month
USD
LIBOR
+
1.75%),
6/27/25
......................
United
States
1,392,347
1,352,024
0.23
Kestrel
Bidco
,
Inc.
,
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3
%
),
12/11/26
.............................
Canada
3,712,651
3,633,238
0.64
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.)
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/20/27
....
United
States
956,180
1,011,222
0.18
i
United
AirLines
,
Inc.
,
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
4/21/28
......................
United
States
3,394,418
3,403,838
0.60
12,878,642
2.26
a
a
a
a
a
a
Airport
Services
First
Student
Bidco
,
Inc.
,
Initial
Term
Loan,
B,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
...............................
United
States
338,733
337,322
0.06
Initial
Term
Loan,
C,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
...............................
United
States
125,036
124,515
0.02
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Airport
Services
(continued)
i
LaserShip
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...........
United
States
1,665,417
$
1,671,662
0.29
2,133,499
0.37
a
a
a
a
a
a
Alternative
Carriers
Zayo
Group
Holdings,
Inc.
,
Initial
Dollar
Term
Loan
,
3.105
%
,
(
1-month
USD
LIBOR
+
3
%
),
3/09/27
......
United
States
623,553
615,711
0.11
Apparel,
Accessories
&
Luxury
Goods
Champ
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
5.691
%
,
(
3-month
USD
LIBOR
+
5.5%;
6-month
USD
LIBOR
+
5.5%
),
12/19/25
......................
United
States
1,006,610
1,009,655
0.17
i
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
3.5
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/16/28
....................
United
States
1,924,242
1,923,039
0.34
2,932,694
0.51
a
a
a
a
a
a
Application
Software
Cloudera,
Inc.
,
i
First
Lien,
Initial
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
10/08/28
.....................
United
States
2,546,667
2,546,272
0.45
Second
Lien,
Initial
Term
Loan,
6.5%,
(1-month
USD
LIBOR
+
6%),
10/08/29
.......................
United
States
918,595
920,892
0.16
Cornerstone
OnDemand
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/16/28
United
States
2,607,229
2,603,970
0.46
i
ECI
Macola
/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
United
States
2,862,658
2,867,582
0.50
i
Epicor
Software
Corp.
,
Term
Loan,
C
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
7/30/27
......................
United
States
2,424,692
2,421,977
0.43
i
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
..................................
United
States
4,171,732
4,177,614
0.73
IGT
Holding
IV
AB
,
Term
Loan,
B2
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
.......................
Sweden
1,822,077
1,822,077
0.32
LogMeIn,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.856
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..........
United
States
2,189,739
2,175,068
0.38
Mitchell
International,
Inc.
,
i
First
Lien,
Initial
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
10/15/28
.....................
United
States
3,502,603
3,480,449
0.61
Second
Lien,
Initial
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.5%),
10/15/29
......................
United
States
142,857
144,316
0.03
i
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/02/28
.............
United
States
5,047,357
5,053,666
0.89
i
Project
Alpha
Intermediate
Holding,
Inc.
,
2021
Refinancing
Term
Loan
,
4.3
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/26/24
...............................
United
States
2,830,652
2,833,837
0.50
i
RealPage
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/24/28
..........
United
States
2,646,639
2,637,812
0.46
i
Rocket
Software,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/28/25
...
United
States
1,793,878
1,790,290
0.31
UKG,
Inc.
,
First
Lien,
2021-2
Incremental
Term
Loan,
3.75%,
(3-month
USD
LIBOR
+
3.25%),
5/04/26
..........
United
States
1,941,887
1,939,673
0.34
i
First
Lien,
Initial
Term
Loan,
3.855%,
(1-month
USD
LIBOR
+
3.75%),
5/04/26
......................
United
States
1,638,568
1,638,429
0.29
Second
Lien,
2021
Incremental
Term
Loan,
5.75%,
(3-month
USD
LIBOR
+
5.25%),
5/03/27
..........
United
States
482,315
487,539
0.08
39,541,463
6.94
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Asset
Management
&
Custody
Banks
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/07/28
..............................
United
States
2,585,579
$
2,582,489
0.45
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
5/30/25
...................................
United
States
3,518,950
3,518,950
0.62
6,101,439
1.07
a
a
a
a
a
a
Auto
Parts
&
Equipment
Adient
US
LLC
,
Term
Loan,
B1
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/10/28
.......................
United
States
1,950,200
1,952,842
0.34
Clarios
Global
LP
,
First
Lien,
Amendment
No.
1
Dollar
Term
Loan
,
3.355
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/30/26
...................................
United
States
2,000,349
1,993,848
0.35
i
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
10/04/28
.................
United
States
2,158,154
2,158,607
0.38
j
First
Lien,
Delayed
Draw
Dollar
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
10/04/28
.........
United
States
346,604
346,677
0.06
First
Brands
Group
LLC
,
First
Lien,
2021
Term
Loan,
6%,
(3-month
USD
LIBOR
+
5%),
3/30/27
..............................
United
States
1,567,498
1,574,356
0.28
Second
Lien,
2021
Term
Loan,
9.5%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
.......................
United
States
1,500,000
1,514,070
0.26
i
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
11/09/27
..................................
United
States
2,502,668
2,502,668
0.44
TI
Group
Automotive
Systems
LLC
,
Refinancing
US
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/16/26
United
States
596,231
596,606
0.10
i
Truck
Hero,
Inc.
,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/28
......................
United
States
2,726,292
2,723,348
0.48
15,363,022
2.69
a
a
a
a
a
a
Automobile
Manufacturers
i
American
Trailer
World
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/03/28
.
United
States
2,964,456
2,954,273
0.52
Brewers
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
.
United
States
1,342,893
1,287,499
0.23
Broadcasting
Gray
Television,
Inc.
,
Term
Loan,
B2
,
2.602
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
2/07/24
...................
United
States
994,899
993,243
0.17
Nexstar
Media,
Inc.
,
Term
Loan,
B3
,
2.355
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
1/17/24
..................
United
States
437,661
437,387
0.08
Sinclair
Television
Group,
Inc.
,
Term
Loan,
B
,
2.36
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
1/03/24
..........
United
States
611,160
601,229
0.10
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.25%),
3/15/26
.......
United
States
1,047,235
1,047,632
0.18
h,i
First
Lien,
Initial
Term
Loan,
B,
TBD,
1/31/29
.......
United
States
2,106,522
2,107,354
0.37
5,186,845
0.90
a
a
a
a
a
a
Building
Products
Cornerstone
Building
Brands,
Inc.
,
Term
Loan,
B
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/12/28
..........
United
States
950,262
949,815
0.17
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Cable
&
Satellite
CSC
Holdings
LLC
,
March
2017
Refinancing
Term
Loan
,
2.356
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
7/17/25
....
United
States
3,358,838
$
3,316,852
0.58
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
..........
United
States
3,579,929
3,578,246
0.63
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
3.356
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..........
United
States
788,848
788,726
0.14
7,683,824
1.35
a
a
a
a
a
a
Casinos
&
Gaming
i
Bally's
Corp.
,
Term
Loan,
B
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
10/02/28
.....................
United
States
2,500,000
2,501,212
0.44
Caesars
Resort
Collection
LLC
,
Term
Loan,
B,
2.855%,
(1-month
USD
LIBOR
+
2.75%),
12/23/24
..................................
United
States
3,006,774
2,994,236
0.52
Term
Loan,
B1,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
7/21/25
...................................
United
States
341,122
341,335
0.06
i
Fertitta
Entertainment
LLC
,
Initial
Term
Loan,
B
,
4.059
%
,
(
1-month
USD
LIBOR
+
4
%
),
1/27/29
.............
United
States
269,951
271,132
0.05
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
............
United
States
1,881,356
1,886,530
0.33
7,994,445
1.40
a
a
a
a
a
a
Commodity
Chemicals
i
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
.....
United
States
2,594,435
2,581,696
0.45
Communications
Equipment
CommScope
,
Inc.
,
Initial
Term
Loan
,
3.355
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/06/26
..................
United
States
2,551,113
2,510,193
0.44
Construction
&
Engineering
i
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........
United
States
3,163,043
3,159,089
0.55
Construction
Machinery
&
Heavy
Trucks
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/13/28
............
United
States
1,676,271
1,681,510
0.30
Construction
Materials
White
Cap
Buyer
LLC
,
Initial
Closing
Date
Term
Loan
,
6.25
%
,
(
3-month
USD
LIBOR
+
3
%
),
10/19/27
......
United
States
1,434,851
1,436,480
0.25
Data
Processing
&
Outsourced
Services
Pitney
Bowes,
Inc.
,
Refinancing
Term
Loan,
B
,
4.11
%
,
(
1-month
USD
LIBOR
+
4
%
),
3/17/28
.............
United
States
3,076,750
3,083,488
0.54
Diversified
Banks
Finastra
Ltd.
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
6/13/24
...........
United
Kingdom
3,715,916
3,708,447
0.65
Diversified
Chemicals
LSF11
A5
Holdco
LLC
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/15/28
.....................
United
States
976,923
978,755
0.17
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
...................................
United
States
840,892
838,949
0.15
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/16/27
United
States
2,664,002
2,647,831
0.47
4,465,535
0.79
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Diversified
Metals
&
Mining
U.S.
Silica
Co.
,
Term
Loan
,
5
%
,
(
1-month
USD
LIBOR
+
4
%
),
5/01/25
...............................
United
States
2,746,384
$
2,713,770
0.48
Diversified
Support
Services
CCI
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/17/27
.........
United
States
1,430,859
1,434,944
0.25
Revint
Intermediate
II
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
10/15/27
.........
United
States
587,674
589,144
0.10
i
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
....................
United
States
1,694,486
1,696,121
0.30
3,720,209
0.65
a
a
a
a
a
a
Drug
Retail
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
6.105
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
............
United
States
5,158,999
4,866,226
0.86
Education
Services
KUEHG
Corp.
,
Term
Loan,
B3
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
......................
United
States
1,903,703
1,881,496
0.33
i
Learning
Care
Group
(US)
No.
2,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
3/13/25
...................................
United
States
746,124
737,529
0.13
2,619,025
0.46
a
a
a
a
a
a
Electric
Utilities
Astoria
Energy
LLC
,
2020
Advance
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
12/10/27
..........
United
States
393,962
393,580
0.07
Electronic
Equipment
&
Instruments
Verifone
Systems,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.178
%
,
(
3-month
USD
LIBOR
+
4
%
),
8/20/25
......
United
States
899,972
893,664
0.16
Environmental
&
Facilities
Services
Madison
IAQ
LLC
,
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
......................
United
States
1,898,067
1,893,920
0.33
Food
Retail
i
Shearer's
Foods
LLC
,
First
Lien,
Refinancing
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
9/23/27
......
United
States
2,415,435
2,411,244
0.42
General
Merchandise
Stores
Franchise
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
3/10/26
..........
United
States
367,031
367,948
0.07
Health
Care
Equipment
h,i
Bausch
Health
Companies,
Inc.
,
Term
Loan,
B
,
TBD,
1/27/27
...................................
Canada
647,547
643,400
0.11
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/23/28
.........
United
States
2,695,283
2,687,076
0.47
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
12/15/27
.........
United
States
1,228,324
1,229,601
0.22
4,560,077
0.80
a
a
a
a
a
a
Health
Care
Facilities
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan,
3.875%,
(1-month
USD
LIBOR
+
3.375%),
12/23/27
........
United
States
2,259,730
2,247,550
0.39
Amendment
No.
5
Incremental
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
12/23/27
..........
United
States
1,696,572
1,694,630
0.30
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Health
Care
Facilities
(continued)
i
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
7/17/28
United
States
1,815,169
$
1,810,958
0.32
i
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
4%),
12/18/28
.......................
United
States
2,141,900
2,142,575
0.37
Second
Lien,
Initial
Term
Loan,
7.25%,
(3-month
USD
LIBOR
+
6.75%),
12/17/29
.....................
United
States
1,457,038
1,459,471
0.26
Global
Medical
Response,
Inc.
,
2018
New
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
3/14/25
.....
United
States
1,412,777
1,412,777
0.25
i
Heartland
Dental
LLC
,
2021
Incremental
Term
Loan
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
4/30/25
......
United
States
2,493,246
2,496,375
0.44
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/01/28
..
United
States
1,552,923
1,552,682
0.27
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
3.855
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
...................................
United
States
3,295,839
3,294,966
0.58
i
Phoenix
Newco
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/15/28
..........
United
States
2,016,129
2,018,810
0.35
i
Pluto
Acquisition
I,
Inc.
,
First
Lien,
2021
Term
Loan
,
4.175
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/22/26
......
United
States
2,166,830
2,160,330
0.38
22,291,124
3.91
a
a
a
a
a
a
Health
Care
Services
i
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/08/27
.....
United
States
2,551,955
2,555,349
0.45
h
eResearch
Technology,
Inc.
,
Term
Loan
,
TBD,
2/04/27
..
United
States
1,000,000
1,003,750
0.18
eResearchTechnology
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
2/04/27
......
United
States
2,405,986
2,415,393
0.42
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
...................................
United
States
3,160,521
3,130,891
0.55
First
Lien,
Initial
Term
Loan,
C,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
......................
United
States
100,015
99,077
0.02
Phoenix
Guarantor,
Inc.
,
First
Lien,
Term
Loan,
B3
,
3.604
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/05/26
.....
United
States
1,618,471
1,615,161
0.28
i
Radiology
Partners,
Inc.
,
First
Lien,
Term
Loan,
B
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
7/09/25
....
United
States
3,252,299
3,219,548
0.56
Team
Health
Holdings,
Inc.
,
Initial
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
2/06/24
..........
United
States
1,391,920
1,347,726
0.24
i
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
10/01/28
United
States
1,683,984
1,682,670
0.30
U.S.
Renal
Care,
Inc.
,
Initial
Term
Loan
,
5.104
%
,
(
1-month
USD
LIBOR
+
5
%
),
6/26/26
.............
United
States
2,782,720
2,752,278
0.48
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.105
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
.....
United
States
5,259,732
5,259,758
0.92
25,081,601
4.40
a
a
a
a
a
a
Health
Care
Technology
h,i
athenahealth
Group,
Inc.
,
CME
Term
Loan,
B
,
TBD,
1/26/29
...................................
United
States
5,985,507
5,964,318
1.05
athenahealth
,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.4
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
2/11/26
..........
United
States
3,723,294
3,727,949
0.65
9,692,267
1.70
a
a
a
a
a
a
Home
Improvement
Retail
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
......
United
States
2,428,172
2,418,872
0.42
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Home
Improvement
Retail
(continued)
i
SRS
Distribution,
Inc.
,
2021
Refinancing
Term
Loan,
4.269%,
(3-month
USD
LIBOR
+
3.75%),
6/02/28
......................
United
States
2,178,965
$
2,179,869
0.38
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
6/02/28
United
States
143,182
143,361
0.03
4,742,102
0.83
a
a
a
a
a
a
Homefurnishing
Retail
Evergreen
AcqCo
1
LP
,
Initial
Term
Loan
,
6.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
4/26/28
...........
United
States
2,580,375
2,581,459
0.45
Restoration
Hardware,
Inc.
,
Initial
Term
Loan
,
3
%
,
(
3-month
USD
LIBOR
+
2.5
%
),
10/20/28
..........
United
States
1,246,875
1,244,425
0.22
3,825,884
0.67
a
a
a
a
a
a
Hotels,
Resorts
&
Cruise
Lines
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
Term
Loan
,
3.5
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
........
United
States
633,333
632,808
0.11
Household
Appliances
i
Osmosis
Buyer
Ltd.
,
Initial
Term
Loan,
B
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
7/31/28
....................
United
States
2,902,024
2,913,458
0.51
i
VC
GB
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
7/21/28
...........
United
States
2,413,139
2,399,987
0.42
5,313,445
0.93
a
a
a
a
a
a
Household
Products
b,e,k
FGI
Operating
Co.
LLC
,
Term
Loan
,
11
%
,
PIK,
(
6-month
USD
LIBOR
+
10
%
),
5/16/22
...................
United
States
8,953,792
1,206,766
0.21
Housewares
&
Specialties
i
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
6.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
......
United
States
2,600,000
2,596,750
0.46
Human
Resource
&
Employment
Services
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........
United
States
2,000,246
2,004,006
0.35
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
9/29/28
...
United
States
1,160,169
1,162,855
0.20
3,166,861
0.55
a
a
a
a
a
a
Industrial
Machinery
i
Tiger
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/01/28
..........
United
States
2,171,686
2,153,270
0.38
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
4
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...........
Germany
2,181,959
2,186,508
0.38
e
UTEX
Industries,
Inc.
,
Second
Out
Term
Loan
,
5.25
%
,
PIK,
(
1-month
USD
LIBOR
+
3.75
%
),
12/03/25
......
United
States
738,664
734,853
0.13
5,074,631
0.89
a
a
a
a
a
a
Insurance
Brokers
Alliant
Holdings
Intermediate
LLC
,
2018
Initial
Term
Loan,
3.355%,
(1-month
USD
LIBOR
+
3.25%),
5/09/25
...........................
United
States
2,125,939
2,110,484
0.37
New
Term
Loan,
B4,
4%,
(1-month
USD
LIBOR
+
3.5%),
11/05/27
.............................
United
States
1,707,236
1,707,372
0.30
h,i
AssuredPartners
Capital,
Inc.
,
Incremental
Term
Loan
,
TBD,
2/12/27
...............................
United
States
1,300,000
1,299,597
0.23
5,117,453
0.90
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Integrated
Telecommunication
Services
Altice
France
SA
,
USD
Incremental
Term
Loan,
B13
,
4.106
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/14/26
......
France
1,161,801
$
1,159,623
0.20
Global
Tel*Link
Corp.
,
First
Lien,
Term
Loan,
4.355%,
(1-month
USD
LIBOR
+
4.25%),
11/29/25
............................
United
States
4,729,606
4,658,142
0.82
Second
Lien,
Term
Loan,
8.355%,
(1-month
USD
LIBOR
+
8.25%),
11/29/26
.....................
United
States
2,479,737
2,329,924
0.41
Intrado
Corp.
,
Initial
Term
Loan,
B
,
5
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/10/24
.......................
United
States
1,054,857
991,302
0.17
9,138,991
1.60
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2020
June
New
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..................
United
States
1,483,153
1,477,131
0.26
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
9/13/24
...........
United
States
2,425,517
2,417,646
0.42
3,894,777
0.68
a
a
a
a
a
a
Internet
Services
&
Infrastructure
i
Arches
Buyer,
Inc.
,
Refinancing
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
12/06/27
.........
United
States
2,210,823
2,199,183
0.38
Barracuda
Networks,
Inc.
,
First
Lien,
2020
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/12/25
......
United
States
1,946,296
1,952,174
0.34
i
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
8/19/28
.....
United
Kingdom
2,202,454
2,207,278
0.39
Thrasio
LLC
,
Initial
Term
Loan
,
8
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
.............................
United
States
895,477
891,559
0.16
TIBCO
Software,
Inc.
,
Term
Loan,
B3
,
3.86
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
6/30/26
..................
United
States
1,796,647
1,796,575
0.31
9,046,769
1.58
a
a
a
a
a
a
Investment
Banking
&
Brokerage
Citadel
Securities
LP
,
2021
Term
Loan
,
2.605
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
2/02/28
...................
United
States
1,290,250
1,279,999
0.22
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
4/09/27
...................................
United
States
2,727,837
2,739,553
0.48
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
2.855
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..........
United
States
434,209
429,595
0.08
4,449,147
0.78
a
a
a
a
a
a
IT
Consulting
&
Other
Services
Aptean
Acquiror
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
4/23/26
....
United
States
3,123,660
3,118,085
0.55
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
......................
United
States
4,409,828
4,310,893
0.76
Second
Lien,
Initial
Term
Loan,
9.25%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
.....................
United
States
125,000
120,478
0.02
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/01/27
......
United
States
2,991,362
2,998,840
0.53
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/01/28
..................
United
States
5,450,734
5,457,166
0.96
Sitel
Worldwide
Corp.
,
Initial
Dollar
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
8/28/28
..........
France
2,023,145
2,026,757
0.35
18,032,219
3.17
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Leisure
Facilities
e
24
Hour
Fitness
Worldwide,
Inc.
,
Term
Loan
,
5.22
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
............
United
States
4,860,205
$
3,573,601
0.63
Leisure
Products
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
......................
United
States
2,942,480
2,897,430
0.51
i
Motion
Acquisition
Ltd.
,
Term
Loan,
B1,
3.474%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
............................
United
Kingdom
2,596,866
2,565,795
0.45
Term
Loan,
B2,
3.474%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
............................
United
Kingdom
370,214
365,785
0.06
5,829,010
1.02
a
a
a
a
a
a
Life
&
Health
Insurance
AssuredPartners
,
Inc.
,
2020
February
Refinancing
Term
Loan,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...........
United
States
3,015,338
2,999,568
0.52
2021
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...................................
United
States
617,089
617,669
0.11
3,617,237
0.63
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
ICON
plc
,
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
...................................
Ireland
946,909
946,081
0.17
U.S.
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
.............................
Ireland
235,923
235,716
0.04
1,181,797
0.21
a
a
a
a
a
a
Metal
&
Glass
Containers
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
Term
Loan
,
3.354
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/03/24
United
States
3,422,585
3,395,581
0.60
Movies
&
Entertainment
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
B1
,
3.104
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/22/26
......
United
States
645,026
576,214
0.10
Banijay
Entertainment
SAS
,
USD
Term
Loan,
B
,
3.851
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/01/25
..........
France
2,316,715
2,310,194
0.41
Crown
Finance
US,
Inc.
,
Initial
Dollar
Term
Loan
,
3.5
%
,
(
3-month
USD
LIBOR
+
2.5
%
),
2/28/25
...........
United
States
839,524
640,888
0.11
Diamond
Sports
Group
LLC
,
Term
Loan
,
3.36
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/24/26
..................
United
States
3,536,947
1,462,315
0.26
Lions
Gate
Capital
Holdings
LLC
,
2023
Term
Loan,
A
,
1.855
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
3/22/23
....
United
States
3,275,316
3,267,128
0.57
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
2.86
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
.....
United
States
1,185,445
1,167,498
0.20
9,424,237
1.65
a
a
a
a
a
a
Multi-line
Insurance
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
2/15/27
.......................
United
States
1,835,985
1,816,478
0.32
First
Lien,
2021-1
Additional
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
2/15/27
..........
United
States
780,652
779,676
0.14
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Multi-line
Insurance
(continued)
Acrisure
LLC
(continued)
First
Lien,
2021-2
Additional
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4.25%),
2/15/27
..........
United
States
769,231
$
770,673
0.13
3,366,827
0.59
a
a
a
a
a
a
Oil
&
Gas
Equipment
&
Services
i
Brand
Energy
&
Infrastructure
Services,
Inc.
,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
6/21/24
United
States
1,647,389
1,617,530
0.28
Oil
&
Gas
Storage
&
Transportation
Lucid
Energy
Group
II
Borrower
LLC
,
Initial
Term
Loan
,
5
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
11/24/28
......
United
States
1,500,000
1,500,270
0.26
Other
Diversified
Financial
Services
Astra
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B2
,
5.75
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
10/25/28
.........
United
States
1,673,228
1,657,542
0.29
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
...........
United
States
2,450,211
2,447,148
0.43
4,104,690
0.72
a
a
a
a
a
a
Packaged
Foods
&
Meats
h,i
Primary
Products
Finance
LLC
,
Term
Loan
,
TBD,
10/25/28
..................................
United
States
689,655
695,000
0.12
Paper
Packaging
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/01/27
United
States
1,883,159
1,888,309
0.33
Kleopatra
Finco
SARL
,
USD
Term
Loan,
B
,
5.25
%
,
(
6-month
USD
LIBOR
+
4.75
%
),
2/12/26
..........
Luxembourg
2,256,094
2,247,634
0.39
4,135,943
0.72
a
a
a
a
a
a
Personal
Products
i
Conair
Holdings
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/17/28
..........
United
States
3,067,638
3,070,920
0.54
Coty,
Inc.
,
USD
Term
Loan,
B
,
2.354
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
4/07/25
......................
United
States
842,790
831,353
0.14
i
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........
Luxembourg
4,774,702
4,777,400
0.84
8,679,673
1.52
a
a
a
a
a
a
Pharmaceuticals
Bausch
Health
Cos.,
Inc.
,
Initial
Term
Loan
,
3.104
%
,
(
1-month
USD
LIBOR
+
3
%
),
6/02/25
.............
United
States
972,002
965,524
0.17
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........
United
States
1,580,030
1,582,605
0.28
Organon
&
Co.
,
Dollar
Term
Loan
,
3.5
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
........................
United
States
922,473
923,050
0.16
i
PetVet
Care
Centers
LLC
,
First
Lien,
2021
First
Lien
Replacement
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/14/25
............................
United
States
2,437,763
2,440,055
0.43
5,911,234
1.04
a
a
a
a
a
a
Property
&
Casualty
Insurance
Asurion
LLC
,
New
Term
Loan,
B8,
3.355%,
(1-month
USD
LIBOR
+
3.25%),
12/23/26
............................
United
States
2,610,665
2,595,001
0.45
New
Term
Loan,
B9,
3.355%,
(1-month
USD
LIBOR
+
3.25%),
7/31/27
.............................
United
States
993,633
988,292
0.17
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Property
&
Casualty
Insurance
(continued)
Asurion
LLC
(continued)
i
Second
Lien,
New
Term
Loan,
B3,
5.355%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
..................
United
States
2,652,263
$
2,658,894
0.47
Second
Lien,
New
Term
Loan,
B4,
5.355%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
..................
United
States
2,248,036
2,253,667
0.40
8,495,854
1.49
a
a
a
a
a
a
Publishing
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
5.75
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........
United
States
3,781,108
3,798,501
0.67
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
5.25
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
7/28/28
..........
United
States
2,703,654
2,700,829
0.47
6,499,330
1.14
a
a
a
a
a
a
Real
Estate
Services
Cushman
&
Wakefield
U.S.
Borrower
LLC
,
Replacement
Term
Loan
,
2.855
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
8/21/25
...................................
United
States
1,042,045
1,040,462
0.18
Research
&
Consulting
Services
Dun
&
Bradstreet
Corp.
(The)
,
Initial
Term
Loan
,
3.358
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
2/06/26
..........
United
States
1,180,768
1,177,609
0.21
Restaurants
i
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/22/28
....
United
States
2,425,202
2,431,872
0.43
Golden
Nugget,
Inc.
,
Initial
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.5%;
3-month
USD
LIBOR
+
2.5%
),
10/04/23
.............................
United
States
2,249,693
2,259,771
0.39
IRB
Holding
Corp.
,
Fourth
Amendment
Incremental
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/15/27
United
States
2,443,189
2,447,391
0.43
Whatabrands
LLC
,
Initial
Term
Loan,
B
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/03/28
..................
United
States
1,605,839
1,604,169
0.28
8,743,203
1.53
a
a
a
a
a
a
Retail
REITs
Brookfield
Property
REIT,
Inc.
,
Initial
Term
Loan,
B
,
2.605
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
8/27/25
.....
United
States
1,144,201
1,131,225
0.20
Security
&
Alarm
Services
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/12/28
.....
United
States
3,016,052
3,011,996
0.53
APX
Group,
Inc.
,
Initial
Term
Loan
,
4.001
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
2.5%
),
7/10/28
...................................
United
States
2,280,559
2,279,133
0.40
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2021
Refinancing
Term
Loan,
B1
,
3.5
%
,
(
3-month
USD
LIBOR
+
2.75
%
),
9/23/26
......................
United
States
2,142,497
2,138,480
0.38
7,429,609
1.31
a
a
a
a
a
a
Soft
Drinks
h,i
Naked
Juice
LLC
,
First
Lien,
Delayed
Draw
CME
Term
Loan,
TBD,
1/24/29
...................................
United
States
6,918
6,918
0.00
First
Lien,
Initial
CME
Term
Loan,
TBD,
1/24/29
.....
United
States
119,916
119,916
0.02
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
........
United
States
2,450,210
2,435,178
0.43
2,562,012
0.45
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Specialized
Consumer
Services
Knot
Worldwide,
Inc.
(The)
,
First
Lien,
Initial
Term
Loan
,
4.605
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
12/19/25
....
United
States
1,387,739
$
1,390,626
0.24
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
6-month
USD
LIBOR
+
3.75
%
),
12/15/28
United
States
2,060,853
2,061,708
0.36
Sedgwick
Claims
Management
Services,
Inc.
(Lightning
Cayman
Merger
Sub
Ltd.)
,
2019
Term
Loan,
3.855%,
(1-month
USD
LIBOR
+
3.75%),
9/03/26
.............................
United
States
1,647,040
1,646,530
0.29
Initial
Term
Loan,
3.355%,
(1-month
USD
LIBOR
+
3.25%),
12/31/25
............................
United
States
790,084
785,916
0.14
WW
International,
Inc.
,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/13/28
...................
United
States
760,362
737,360
0.13
6,622,140
1.16
a
a
a
a
a
a
Specialized
Finance
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........
United
States
1,147,125
1,116,445
0.20
Red
Planet
Borrower
LLC
,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/02/28
.........
United
States
2,126,948
2,127,214
0.37
i
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
4.105
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
.............
United
States
4,686,064
4,691,921
0.82
7,935,580
1.39
a
a
a
a
a
a
Specialty
Chemicals
i
ASP
Unifrax
Holdings,
Inc.
,
First
Lien,
USD
Term
Loan
,
3.974
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/12/25
...
United
States
3,091,291
3,067,782
0.54
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/29/27
.........
United
States
1,682,818
1,672,999
0.29
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/29/26
..
United
Kingdom
512,590
512,191
0.09
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
......
United
States
809,375
810,217
0.14
6,063,189
1.06
a
a
a
a
a
a
Specialty
Stores
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........
United
States
1,496,250
1,499,213
0.26
i
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
5
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
..................
United
States
3,209,058
3,168,944
0.56
PetSmart
LLC
,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/11/28
......................
United
States
1,510,536
1,510,302
0.27
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1,
5.132%,
(3-month
USD
LIBOR
+
5%),
4/16/26
.............
United
States
1,230,367
1,177,314
0.21
2019
Refinancing
New
Term
Loan,
B2,
4.632%,
(3-month
USD
LIBOR
+
4.5%),
9/12/24
...........
United
States
1,756,489
1,729,983
0.30
i
Woof
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/21/27
.........
United
States
2,455,181
2,458,250
0.43
11,544,006
2.03
a
a
a
a
a
a
Systems
Software
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
6
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
..........
United
States
1,645,000
1,626,494
0.29
ConnectWise
LLC
,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
9/29/28
.......................
United
States
1,000,000
999,555
0.18
DCert
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.105%,
(1-month
USD
LIBOR
+
4%),
10/16/26
.......................
United
States
4,595,961
4,602,878
0.81
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
f,g
Senior
Floating
Rate
Interests
(continued)
Systems
Software
(continued)
DCert
Buyer,
Inc.
(continued)
i
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
7.105%,
(1-month
USD
LIBOR
+
7%),
2/19/29
......
United
States
1,650,664
$
1,663,869
0.29
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
...........
United
States
2,956,656
2,961,283
0.52
Second
Lien,
2021
Refinancing
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
..........
United
States
30,303
30,606
0.00
Idera
,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/02/28
..................
United
States
3,420,204
3,427,677
0.60
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
5%,
(3-month
USD
LIBOR
+
4.25%),
12/01/27
.........
United
States
1,990,000
1,983,781
0.35
First
Lien,
First
Amendment
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/01/27
............
United
States
93,572
93,104
0.01
Perforce
Software,
Inc.
,
First
Lien,
New
Term
Loan
,
3.855
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
7/01/26
....
United
States
1,788,500
1,779,781
0.31
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
5.139%,
(3-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
4.25%),
5/16/25
...................................
United
States
2,506,414
2,494,396
0.44
h,i
Term
Loan,
B,
TBD,
1/19/29
....................
United
States
3,200,000
3,172,672
0.55
Sovos
Compliance
LLC
,
First
Lien,
Initial
Term
Loan
,
4.803
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
8/11/28
.....
United
States
1,479,985
1,489,235
0.26
i
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
........................
United
States
3,995,683
3,993,186
0.70
30,318,517
5.31
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
Term
Loan,
1,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
1/29/27
............................
United
States
1,383,975
1,387,435
0.24
First
Lien,
Term
Loan,
2,
5.5%,
(3-month
USD
LIBOR
+
4.75%),
1/29/27
.............................
United
States
615,479
617,147
0.11
Electronics
for
Imaging,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.105
%
,
(
1-month
USD
LIBOR
+
5
%
),
7/23/26
......
United
States
1,962,563
1,946,950
0.34
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5
%
),
7/27/28
.............
United
States
2,714,947
2,709,857
0.48
6,661,389
1.17
a
a
a
a
a
a
Trucking
Avis
Budget
Car
Rental
LLC
,
New
Term
Loan,
B
,
1.86
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
8/06/27
..........
United
States
1,392,407
1,378,852
0.24
i
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
12/15/28
United
States
3,955,414
3,964,610
0.70
5,343,462
0.94
a
a
a
a
a
a
Wireless
Telecommunication
Services
h
Syniverse
Holdings,
Inc.
,
Term
Loan
,
TBD,
1/27/29
....
United
States
416,667
412,500
0.07
Total
Senior
Floating
Rate
Interests
(Cost
$478,916,324)
..................
470,785,179
82.56
Shares/Units
Escrows
and
Litigation
Trusts
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
....
United
States
6,589,709
0.00
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Shares/Units
a
Value
%
of
Net
Assets
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
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
$555,070,627)
........................
536,601,393
94.10
a
Short
Term
Investments
a
a
Principal
Amount
*
a
Value
%
of
Net
Assets
aa
aa
aa
aa
aa
aa
Repurchase
Agreements
l
Joint
Repurchase
Agreement,
0.019%,
2/01/22
(Maturity
Value
$92,742,526)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$65,349,166)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$5,380,921)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$22,012,439)
Collateralized
by
U.S.
Government
Agency
Securities,
3.5%
-
4%,
2/20/49
-
6/20/49
and
U.S.
Treasury
Notes,
2.13%
-
2.5%,
11/30/23
-
1/31/24
(valued
at
$94,599,867)
.....................................
92,742,476
92,742,476
16.26
Total
Repurchase
Agreements
(Cost
$92,742,476)
........................
92,742,476
16.26
a
a
a
Total
Short
Term
Investments
(Cost
$92,742,476
)
.........................
92,742,476
16.26
a
Total
Investments
(Cost
$647,813,103)
..................................
$629,343,869
110.36
Other
Assets,
less
Liabilities
...........................................
(59,074,216)
(10.36)
Net
Assets
...........................................................
$570,269,653
100.00
See
Abbreviations
on
page
31
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
14
regarding
fair
value
measurements.
c
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2022,
the
aggregate
value
of
these
securities
was
$14,542,322,
representing
2.6%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
See
Note
1(d)
regarding
senior
floating
rate
interests.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
j
See
Note
13
regarding
unfunded
loan
commitments.
k
See
Note
7
regarding
credit
risk
and
defaulted
securities.
l
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2022
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$536,007,823
Cost
-
Non-controlled
affiliates
(Note
3
d
and
10
)
..................................................
19,062,804
Cost
-
Unaffiliated
repurchase
agreements
......................................................
92,742,476
Value
-
Unaffiliated
issuers
..................................................................
$518,401,443
Value
-
Non-controlled
affiliates
(Note
3
d
and
10
)
.................................................
18,199,950
Value
-
Unaffiliated
repurchase
agreements
......................................................
92,742,476
Cash
....................................................................................
509,528
Receivables:
Investment
securities
sold
...................................................................
1,035,430
Dividends
and
interest
.....................................................................
1,696,575
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
13
)
......................................
5,063
Total
assets
..........................................................................
632,590,465
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
60,189,220
Management
fees
.........................................................................
283,446
Distributions
to
shareholders
.................................................................
1,785,662
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
1
3
)
......................................
808
Accrued
expenses
and
other
liabilities
...........................................................
61,676
Total
liabilities
.........................................................................
62,320,812
Net
assets,
at
value
.................................................................
$570,269,653
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$948,063,574
Total
distributable
earnings
(losses)
.............................................................
(377,793,921)
Net
assets,
at
value
.................................................................
$570,269,653
Shares
outstanding
.........................................................................
76,896,694
Net
asset
value
and
maximum
offering
price
per
share
($570,269,653÷76,896,694
shares
outstanding)
..........
$7.42
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2022
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
Floating
Rate
Master
Series
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$17,163)
Unaffiliated
issuers
........................................................................
$30,946
Non-controlled
affiliates
(Note
3
d
and
10
)
.......................................................
345,445
Interest:
Unaffiliated
issuers:
Payment-in-kind
.........................................................................
330,935
Paid
in
cash
a
...........................................................................
9,403,010
Other
income
..............................................................................
40,816
Total
investment
income
...................................................................
10,151,152
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,280,980
Custodian
fees
(Note
4
)
......................................................................
1,018
Reports
to
shareholders
fees
..................................................................
672
Registration
and
filing
fees
....................................................................
78
Professional
fees
...........................................................................
85,693
Other
....................................................................................
8,371
Total
expenses
.........................................................................
1,376,812
Expense
reductions
(Note
4
)
...............................................................
(89)
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(62,193)
Net
expenses
.........................................................................
1,314,530
Net
investment
income
................................................................
8,836,622
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(11,801,957)
Non-controlled
affiliates
(Note
3
d
and
10
)
......................................................
11,236,531
Net
realized
gain
(loss)
..................................................................
(565,426)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
11,201,068
Non-controlled
affiliates
(Note
3
d
and
10
)
......................................................
(7,621,464)
Unfunded
loan
commitments
.................................................................
2,400
Net
change
in
unrealized
appreciation
(depreciation)
............................................
3,582,004
Net
realized
and
unrealized
gain
(loss)
............................................................
3,016,578
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$11,853,200
a
Includes
amortization
of
premium
and
accretion
of
discount.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Franklin
Floating
Rate
Master
Series
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$8,836,622
$15,201,012
Net
realized
gain
(loss)
.................................................
(565,426)
(69,506,025)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
3,582,004
89,805,803
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
11,853,200
35,500,790
Distributions
to
shareholders
..............................................
(9,920,706)
(16,446,141)
Capital
share
transactions
(Note
2
)
..........................................
138,208,484
16,353,818
Net
increase
(decrease)
in
net
assets
...................................
140,140,978
35,408,467
Net
assets:
Beginning
of
period
.....................................................
430,128,675
394,720,208
End
of
period
..........................................................
$570,269,653
$430,128,675
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Master
Series
22
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Floating
Rate
Master
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
two separate
funds
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Franklin
Floating
Rate
Master
Series
(Fund)
is
included
in
this
report.
The
Fund’s
shares
are
exempt
from
registration
under
the
Securities
Act
of
1933. 
The
following
summarizes
the
Fund's
significant
accounting
policies.
a.
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
Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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
and
exchange
traded
funds
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.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
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,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Joint
Repurchase
Agreement
The
Fund
enters
into
a
joint
repurchase
agreement
whereby
its
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
A
repurchase
agreement
is
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Fund's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
23
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
be
at
least
102%
of
the
dollar
amount
invested
by
the
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Fund,
certain
MRAs
may
permit
the
non-
defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Fund
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the
Fund
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
The
joint
repurchase
agreement
held
by
the Fund
at
period
end,
as
indicated
in
the
Statement
of
Investments,
had
been
entered
into
on
January
31,
2022.
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
Sufficient
assets
have
been
segregated
for
these
securities.
d.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
London
InterBank
Offered
Rate
(LIBOR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
e.
Income
Taxes
The
Fund
is
a
disregarded
entity
for
U.S.
income
tax
purposes.
As
such,
no
provision
has
been
made
for
income
taxes
because
all
income,
expenses,
gains
and
losses
are
allocated
to
a
non-U.S.
beneficial
owner
for
inclusion
in
its
individual
income
tax
return,
as
applicable.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
The
Fund's gross
investment
income
is
distributed
to
the
owner
daily
and
paid
monthly.
Net
capital
gains
(or
losses)
realized
by
the
Fund
will
not
be
distributed.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Joint
Repurchase
Agreement
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
24
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
h.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
January
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.530%
of
the
Fund’s
average
daily
net
assets. 
Six
Months
Ended
January
31,
2022
Year
Ended
July
31,
2021
Shares
Amount
Shares
Amount
Shares
sold
...................................
21,081,340
$156,218,782
16,915,404
$123,712,921
Shares
redeemed
...............................
(2,432,856)
(18,010,298)
(15,104,029)
(107,359,103)
Net
increase
(decrease)
..........................
18,648,484
$138,208,484
1,811,375
$16,353,818
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.530%
Up
to
and
including
$2.5
billion
0.450%
Over
$2.5
billion,
up
to
and
including
$6.5
billion
0.430%
Over
$6.5
billion,
up
to
and
including
$11.5
billion
0.400%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.390%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.380%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.370%
In
excess
of
$21.5
billion
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
25
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Transfer
Agent
Fees
Investor
Services,
under
terms
of
an
agreement,
performs
shareholder
servicing
for
the
Fund
and
is
not
paid
by
the Fund
for
the
services.
d.
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.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
e.
Waiver
and
Expense
Reimbursements
Advisers
has
voluntarily
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
expenses
(excluding
interest
expense,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed
0.53%,
based
on
the
average
net
assets
of
the
Fund.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
period
end.
Advisers
may
discontinue
this
waiver
at
any
time
upon
notice
to
the
Board.
f.
Other
Affiliated
Transactions
At
January
31,
2022,
Franklin
Floating
Rate
Fund,
PLC
owned
100%
of
the
Fund's
outstanding
shares.
Investment
activities
of
this
shareholder
could
have
a
material
impact
on
the
Fund.
4.
Expense
Offset
Arrangement
The
Fund
 has
entered
into
an
arrangement
with
their
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
January
31,
2022
,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
    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
Floating
Rate
Income
Fund
..................
$
3,652,178
$
$
$
$
110,812
$
3,762,990
461,717
$
77,497
Franklin
Liberty
Senior
Loan
ETF
21,343,063
(6,968,578)
(85,226)
147,701
14,436,960
578,288
267,948
Total
Affiliated
Securities
...
$24,995,241
$—
$(6,968,578)
$(85,226)
$258,513
$18,199,950
$345,445
3.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
26
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
5.
Income
Taxes
At
January
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
bond
discounts
and
premiums
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2022,
aggregated
$208,624,373
and
$85,073,951
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
January
31,
2022,
the
Fund
had
78.5%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities,
if
any.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2022,
the
aggregate
value
of
these
securities
was
$1,206,766,
representing
0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Statement
of
Investments.
8.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board
of
Trustees.
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
Cost
of
investments
..........................................................................
$649,018,894
Unrealized
appreciation
........................................................................
$4,791,476
Unrealized
depreciation
........................................................................
(24,466,501)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(19,675,025)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
27
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
10.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
January
31,
2022,
investments
in
“affiliated
companies”
were
as
follows:
11.
Shareholder
Distributions
For
the
period
ended
January
31,
2022,
the
Fund
made
the
following
distributions:
12.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
4,
2022.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
4,
2022,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
3,
2023,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
January
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Master
Series
Non-Controlled
Affiliates
Dividends
Appvion
Operations,
Inc.
$
13,802,215
$
$
(17,243,995)
a
$
11,321,757
$
(7,879,977)
$
b
$
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$13,802,215
$—
$(17,243,995)
11,321,757
(7,879,977)
$—
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
January
31,
2022,
no
longer
held
by
the
Fund.
Payment
Date
Amount
Per
Share
8/31/2021
$0.027019
9/30/2021
0.025269
10/29/2021
0.025218
11/30/2021
0.024634
12/31/2021
0.026303
1/31/2022
0.024612
Total
$0.153055
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
28
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
13.
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
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Statement
of
Investments.
At
January
31,
2022,
unfunded
commitments
were
as
follows:
14.
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
January
31,
2022,
in
valuing
the
Fund's assets
carried
at
fair
value,
is
as
follows:
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Master
Series
athenahealth
Group,
Inc.
$
1,010,901
Aveanna
Healthcare
LLC
422,208
DexKo
Global,
Inc.
64,487
Medical
Solutions
Holdings,
Inc.
295,749
National
Mentor
Holdings,
Inc.
146,040
Osmosis
Buyer
Ltd.
121,907
Sovos
Compliance
LLC
257,177
Thrasio
LLC
896,063
Total
$
3,214,532
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Industrial
Machinery
....................
$
$
6,561,037
$
$
6,561,037
Leisure
Facilities
.......................
136,512
136,512
Oil
&
Gas
Exploration
&
Production
.........
11,662,238
11,662,238
Paper
Products
........................
Trucking
.............................
196,311
196,311
Management
Investment
Companies
.........
20,781,962
20,781,962
Preferred
Stocks
........................
569,615
569,615
Rights
................................
Warrants
..............................
914
914
Corporate
Bonds
:
Airlines
..............................
3,205,189
3,205,189
Broadcasting
.........................
1,257,634
1,257,634
Communications
Equipment
..............
664,196
664,196
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
29
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
At
January
31,
2022,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
(continued)
Assets:
Corporate
Bonds:
Construction
Materials
..................
$
$
773,903
$
$
773,903
Diversified
Chemicals
...................
1,033,868
1,033,868
Independent
Power
Producers
&
Energy
Traders
............................
391,701
391,701
Integrated
Telecommunication
Services
......
1,949,349
1,949,349
Multi-line
Insurance
.....................
500,580
500,580
Oil
&
Gas
Equipment
&
Services
...........
250,463
250,463
Oil
&
Gas
Storage
&
Transportation
.........
457,499
457,499
Paper
Packaging
......................
1,117,208
1,117,208
Specialized
Consumer
Services
...........
1,063,440
1,063,440
Specialized
Finance
....................
435,614
435,614
Specialty
Chemicals
....................
635,128
635,128
Specialty
Stores
.......................
455,343
455,343
Trucking
.............................
474,590
10,907,804
11,382,394
Wireless
Telecommunication
Services
.......
334,116
334,116
Senior
Floating
Rate
Interests
...............
469,578,413
1,206,766
470,785,179
Escrows
and
Litigation
Trusts
...............
a
Short
Term
Investments
...................
92,742,476
92,742,476
Total
Investments
in
Securities
...........
$20,781,962
$596,250,112
$12,311,795
$629,343,869
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
$
5,063
$
$
5,063
Total
Other
Financial
Instruments
.........
$—
$5,063
$—
$5,063
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$—
$808
$—
$808
Total
Other
Financial
Instruments
.........
$—
$808
$—
$808
a
Includes
securities
determined
to
have
no
value
at
January
31,
2022.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
Paper
Products
.....
$
13,802,215
$
$
(17,243,995)
$
$
$
$
11,321,757
$
(7,879,977)
$
$
Trucking
..........
c
196,311
196,311
196,311
Rights
Oil
&
Gas
Equipment
&
Services
........
499,215
(553,057)
53,842
Warrants
Industrial
Machinery
..
556
358
914
358
Corporate
Bonds
Trucking
..........
10,102,676
514,782
290,346
10,907,804
290,346
14.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
30
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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
January
31,
2022,
are
as
follows:
15.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(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
(continued)
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
Household
Products
..
$
1,497,972
$
$
(291,206)
$
$
$
$
1,750
$
(1,750)
$
1,206,766
$
(244,022)
Escrows
and
Litigation
Trusts
...........
c
(6,606)
6,606
c
Total
Investments
in
Securities
.
$25,902,634
$—
$(18,094,864)
$—
$—
514,782
11,330,113
(7,340,870)
$12,311,795
242,993
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Corporate
Bonds:
Trucking
.................
10,907,804
Discounted
cash
flow
Discount
rate
15.2%
Decrease
Free
cash
flow
$10.9
mil
Increase
Senior
Floating
Rate
Interests:
Household
Products
.........
1,206,766
Recovery
value
Asset
value
estimate
$11.6
mil
Increase
c
All
Other
Investments
.........
197,225
d,e
Total.
......................
$12,311,795
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated
c
d
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
e
Includes
securities
determined
to
have
no
value
at
January
31,
2022.
14.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
31
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
16.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure,
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
ETF
Exchange-Traded
Fund
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
TBD
To
Be
Determined
15.
New
Accounting
Pronouncements
(continued)
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
33
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
FLOATING
RATE
MASTER
TRUST
Franklin
Floating
Rate
Master
Series
(Fund)
At
a
meeting
held
on
February
23,
2021
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Floating
Rate
Master
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
telephonic
contract
renewal
meeting
at
which
the
Independent
Trustees
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters
and,
in
some
cases,
requested
additional
information
from
the
Manager
relating
to
the
contract.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
noted
management’s
continuing
efforts
and
expenditures
in
establishing
effective
business
continuity
plans
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
such
as
cybersecurity
in
the
current
work-from-
home
environment
and
liquidity
risk
management.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
enhancing
services
and
controlling
costs,
as
reflected
in
its
outsourcing
of
certain
administrative
functions,
and
growth
opportunities,
as
evidenced
by
its
recent
acquisition
of
the
Legg
Mason
companies.
The
Board
also
noted
FT’s
attention
focused
on
expanding
the
distribution
opportunities
for
all
funds
in
the
FT
family
of
funds.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
34
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2020.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
loan
participation
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
noted
the
steps
it
was
taking
to
address
the
Fund’s
performance.
The
Board
also
noted
that
the
Fund
does
not
offer
its
shares
to
the
public
and
the
Fund’s
investor
was
exclusively
an
offshore
Irish
feeder
fund.
The
Board
considered
management’s
explanation
and
concluded
that
the
Fund’s
performance
was
acceptable.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
14
other
loan
participation
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
below
the
medians
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2020,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
further
noted
management’s
representation
that
the
profitability
analysis
excluded
the
impact
of
the
recent
acquisition
of
the
Legg
Mason
companies
and
that
management
expects
to
incorporate
the
legacy
Legg
Mason
companies
into
the
profitability
analysis
beginning
next
year.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
upfront
expenditures
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
35
Semiannual
Report
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Liquidity
Risk
Management
Program
Each
of
the
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
SEC
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis).
The
Funds’
Board
of
Trustees
approved
the
appointment
of
the
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
as
the
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
FT
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Investment
Compliance,
Investment
Operations,
Valuation
Committee
and
Product
Management
groups.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
36
Semiannual
Report
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
The
Fund
primarily
holds
investments
where
the
settlement
days
may
exceed
7
calendar
days
and
are
classified
as
“Less
Liquid
Investments”.
Less
Liquid
Investments
are
defined
as
any
investment
reasonably
expected
to
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment,
but
where
the
sale
or
disposition
is
reasonably
expected
to
settle
in
more
than
seven
calendar
days.
The
Fund
established
and
maintained
a
HLIM.
During
the
reporting
period,
the
Fund
maintained
the
necessary
Highly
Liquid
Investments
and
did
not
experience
any
HLIM
shortfalls.
From
time
to
time
issuers
may
enter
varying
stages
of
corporate
reorganization
and
the
Adviser
will
participate
actively
in
the
reorganizations
in
order
to
protect
the
interests
of
the
Fund.
In
connection
with
such
participation,
the
Adviser
receives
material
non-public
information
about
the
issuer
and,
therefore,
may
become
restricted
in
its
ability
to
enter
into
purchase
and
sale
transactions
for
the
Funds
with
respect
to
these
securities.
Becoming
restricted
results
in
a
determination
that
the
positions
are
“illiquid,”
including
for
purposes
of
Rule
22e-4
(the
“Liquidity
Rule”).
At
the
end
of
November
2020,
the
Fund’s
Illiquid
investments
exceeded
15%
of
its
total
net
assets.
This
was
due
to
market
movement
on
certain
illiquid
assets
rather
than
any
actions
by
the
portfolio
management
team
while
certain
issues
were
under
restriction
due
to
material
non-public
information.
In
accordance
with
the
LRMP,
the
Fund
reported
the
information
to
the
SEC
and
the
Program
Administrator
notified
the
Fund’s
Board
of
Trustees
with
a
remediation
plan.
The
remediation
plan
was
approved
by
the
Board
and
the
exceedance
was
remediated
in
early
December
2020.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2021,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2020.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Your
Fund’s
Expenses
Franklin
Floating
Rate
Income
Fund
1
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
8/1/21
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
Ending
Account
Value
1/31/22
Expenses
Paid
During
Period
8/1/21–1/31/22
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,052.50
$3.10
$1,022.18
$3.06
0.60%
Franklin
Floating
Rate
Master
Trust
Financial
Highlights
Franklin
Floating
Rate
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.92
$7.34
$8.61
$9.45
$10.04
$9.83
Income
from
investment
operations
a
:
Net
investment
income
..............
0.157
b
0.334
b
0.412
0.695
0.698
0.686
Net
realized
and
unrealized
gains
(losses)
0.245
0.596
(1.227)
(0.827)
(0.588)
0.214
Total
from
investment
operations
........
0.402
0.930
(0.815)
(0.132)
0.110
0.900
Less
distributions
from:
Net
investment
income
..............
(0.174)
(0.350)
(0.455)
(0.708)
(0.700)
(0.690)
Net
asset
value,
end
of
period
..........
$8.15
$7.92
$7.34
$8.61
$9.45
$10.04
Total
return
c
.......................
5.25%
12.84%
(9.74)%
(1.48)%
1.30%
9.25%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.65%
0.67%
0.73%
0.71%
0.68%
0.69%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
Net
investment
income
...............
3.85%
4.32%
5.42%
7.66%
7.25%
6.82%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$669,449
$650,531
$202,101
$325,091
$363,071
$303,689
Portfolio
turnover
rate
................
27.58%
66.93
%
f
67.04%
30.93%
55.93%
62.11%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited),
January
31,
2022
Franklin
Floating
Rate
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
5.5%
Hotels,
Restaurants
&
Leisure
0.0%
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
88,077
$
115,601
Machinery
0.3%
a
UTEX
Industries,
Inc.
..................................
United
States
32,616
1,777,572
Oil,
Gas
&
Consumable
Fuels
5.2%
a,b
Quarternorth
Energy
Holding,
Inc.
.........................
United
States
331,161
34,551,020
Road
&
Rail
0.0%
a,c
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
7,733,610
258,236
Total
Common
Stocks
(Cost
$42,865,277)
......................................
36,702,429
Preferred
Stocks
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
208,597
482,381
a
Total
Preferred
Stocks
(Cost
$281,502)
.........................................
482,381
Warrants
Warrants
1.8%
Machinery
0.0%
a,c
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
2,796
7,958
Oil,
Gas
&
Consumable
Fuels
1.8%
a,b
Quarternorth
Energy
Holding,
Inc.,
2/01/49
..................
United
States
119,957
12,515,474
Total
Warrants
(Cost
$14,454,819)
.............................................
12,523,432
Principal
Amount
*
Corporate
Bonds
2.1%
Road
&
Rail
2.1%
c,d
Onsite
Rental
Group
Operations
Pty.
Ltd.
,
PIK,
6.1
%
,
10/26/23
...
Australia
14,108,720
14,348,183
Total
Corporate
Bonds
(Cost
$16,489,555)
......................................
14,348,183
e,f
Senior
Floating
Rate
Interests
86.9%
Aerospace
&
Defense
1.8%
AI
Convoy
(Luxembourg)
SARL
,
USD
Term
Loan,
B
,
4.5
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
1/18/27
...........................
Luxembourg
2,161,559
2,169,363
d
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
......................................
United
Kingdom
5,560,514
5,768,671
g,h
Cobham
Ultra
US
Co-Borrower
LLC
,
Term
Loan
,
TBD,
11/17/28
..
United
States
896,705
896,566
Dynasty
Acquisition
Co.,
Inc.
,
2020
Term
Loan,
B1,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
1,356,834
1,331,393
2020
Term
Loan,
B2,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
729,481
715,803
Vertex
Aerospace
Services
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/06/28
..............
United
States
1,538,376
1,540,784
12,422,580
a
a
a
a
a
a
Air
Freight
&
Logistics
0.5%
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
Term
Loan,
B1
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/24/26
..................
United
States
3,336,933
3,349,447
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Airlines
4.5%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.........
United
States
2,081,462
$
2,163,566
Air
Canada
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
...........................................
Canada
1,741,860
1,750,204
Allegiant
Travel
Co.
,
Replacement
Term
Loan
,
3.158
%
,
(
3-month
USD
LIBOR
+
3
%
),
2/05/24
............................
United
States
2,063,884
2,062,594
American
Airlines,
Inc.
,
2018
Replacement
Term
Loan
,
1.855
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
6/27/25
..................
United
States
8,785,510
8,531,082
Kestrel
Bidco,
Inc.
,
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3
%
),
12/11/26
..........................................
Canada
6,854,647
6,708,026
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.)
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/20/27
.................
United
States
1,946,261
2,058,298
United
AirLines,
Inc.
,
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
4/21/28
.....................................
United
States
7,009,606
7,029,058
30,302,828
a
a
a
a
a
a
Auto
Components
2.5%
Adient
US
LLC
,
Term
Loan,
B1
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/10/28
......................................
United
States
5,432,700
5,440,062
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
10/04/28
..................................
United
States
674,830
674,971
h
First
Lien,
Delayed
Draw
Dollar
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
10/04/28
.............................
United
States
108,379
108,402
First
Brands
Group
LLC
,
First
Lien,
2021
Term
Loan,
6%,
(3-month
USD
LIBOR
+
5%),
3/30/27
...........................................
United
States
4,952,874
4,974,543
Second
Lien,
2021
Term
Loan,
9.5%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
......................................
United
States
2,000,000
2,018,760
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
11/09/27
.............
United
States
1,719,167
1,719,167
Truck
Hero,
Inc.
,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/28
.....................................
United
States
1,779,372
1,777,450
16,713,355
a
a
a
a
a
a
Automobiles
1.6%
American
Trailer
World
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/03/28
..................
United
States
4,247,217
4,232,628
Thor
Industries,
Inc.
,
USD
Term
Loan,
B1
,
3.125
%
,
(
1-month
USD
LIBOR
+
3
%
),
2/01/26
................................
United
States
6,236,941
6,257,212
10,489,840
a
a
a
a
a
a
Banks
0.8%
Finastra
Ltd.
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
6/13/24
...............................
United
Kingdom
5,260,058
5,249,485
Beverages
0.9%
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
...................
United
States
3,651,958
3,501,315
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
...................
United
States
2,269,547
2,255,624
5,756,939
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Capital
Markets
1.9%
Citadel
Securities
LP
,
2021
Term
Loan
,
2.605
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
2/02/28
...............................
United
States
3,235,301
$
3,209,597
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/07/28
....
United
States
1,999,950
1,997,560
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
2.855
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..............................
United
States
2,821,216
2,791,241
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
5/30/25
..............
United
States
4,931,956
4,931,956
12,930,354
a
a
a
a
a
a
Chemicals
2.4%
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/29/27
.........................
United
States
2,737,342
2,721,370
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
...................
United
States
3,923,300
3,904,036
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/29/26
..................
United
Kingdom
866,581
865,905
LSF11
A5
Holdco
LLC
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/15/28
....................................
United
States
361,250
361,927
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
3.605
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
..........
United
States
1,327,461
1,324,395
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/16/27
...............
United
States
5,048,014
5,017,373
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
...................
United
States
1,608,632
1,610,305
15,805,311
a
a
a
a
a
a
Commercial
Services
&
Supplies
2.1%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/12/28
..................
United
States
2,756,691
2,752,983
APX
Group,
Inc.
,
Initial
Term
Loan
,
4.001
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
2.5%
),
7/10/28
...............
United
States
2,066,878
2,065,586
CCI
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/17/27
.............................
United
States
1,828,917
1,834,138
Madison
IAQ
LLC
,
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
.....................................
United
States
1,508,836
1,505,539
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2021
Refinancing
Term
Loan,
B1
,
3.5
%
,
(
3-month
USD
LIBOR
+
2.75
%
),
9/23/26
.
United
States
4,234,983
4,227,042
Revint
Intermediate
II
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
10/15/27
.............................
United
States
783,353
785,312
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
.......................................
United
States
1,068,846
1,069,878
14,240,478
a
a
a
a
a
a
Communications
Equipment
0.4%
CommScope,
Inc.
,
Initial
Term
Loan
,
3.355
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/06/26
...................................
United
States
2,706,456
2,663,044
Construction
&
Engineering
0.4%
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........................
United
States
2,396,965
2,393,969
Construction
Materials
0.3%
White
Cap
Buyer
LLC
,
Initial
Closing
Date
Term
Loan
,
6.25
%
,
(
3-month
USD
LIBOR
+
3
%
),
10/19/27
....................
United
States
2,046,649
2,048,972
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Containers
&
Packaging
1.8%
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/01/27
.............
United
States
2,834,730
$
2,842,483
Kleopatra
Finco
SARL
,
USD
Term
Loan,
B
,
5.25
%
,
(
6-month
USD
LIBOR
+
4.75
%
),
2/12/26
..............................
Luxembourg
2,867,012
2,856,261
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
Term
Loan
,
3.354
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/03/24
..................
United
States
4,949,920
4,910,865
Pactiv
Evergreen,
Inc.
,
U.S.
Term
Loan,
B3
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
9/24/28
...............................
United
States
1,374,769
1,374,130
11,983,739
a
a
a
a
a
a
Diversified
Consumer
Services
1.0%
KUEHG
Corp.
,
Term
Loan,
B3
,
4.75
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
.....................................
United
States
3,803,639
3,759,269
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
6-month
USD
LIBOR
+
3.75
%
),
12/15/28
.................
United
States
1,880,627
1,881,408
WW
International,
Inc.
,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/13/28
....................................
United
States
945,000
916,414
6,557,091
a
a
a
a
a
a
Diversified
Financial
Services
2.1%
Astra
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B2
,
5.75
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
10/25/28
.........................
United
States
2,957,276
2,929,552
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.5%),
8/02/28
...........................................
United
States
3,162,974
3,159,021
h
Second
Lien,
Initial
Term
Loan,
7%,
(3-month
USD
LIBOR
+
6.5%),
8/02/29
...........................................
United
States
500,000
502,657
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
2,244,882
2,184,843
Red
Planet
Borrower
LLC
,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/02/28
.............................
United
States
1,657,780
1,657,987
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
4.105
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
................................
United
States
3,521,487
3,525,889
13,959,949
a
a
a
a
a
a
Diversified
Telecommunication
Services
1.3%
Altice
France
SA
,
USD
Incremental
Term
Loan,
B13
,
4.106
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/14/26
.....................
France
2,311,256
2,306,923
Global
Tel*Link
Corp.
,
First
Lien,
Term
Loan
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/29/25
.............................
United
States
6,689,621
6,588,540
8,895,463
a
a
a
a
a
a
Electric
Utilities
0.1%
Astoria
Energy
LLC
,
2020
Advance
Term
Loan,
B
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
12/10/27
..........................
United
States
730,325
729,617
Electronic
Equipment,
Instruments
&
Components
0.3%
Verifone
Systems,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.178
%
,
(
3-month
USD
LIBOR
+
4
%
),
8/20/25
.....................
United
States
2,263,303
2,247,438
Energy
Equipment
&
Services
0.1%
Brand
Energy
&
Infrastructure
Services,
Inc.
,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
6/21/24
.............
United
States
994,792
976,761
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Entertainment
1.4%
Banijay
Entertainment
SAS
,
USD
Term
Loan,
B
,
3.851
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/01/25
..........................
France
5,106,110
$
5,091,737
Diamond
Sports
Group
LLC
,
Term
Loan
,
3.36
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/24/26
..............................
United
States
5,873,550
2,428,361
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
2.86
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
..............................
United
States
1,982,660
1,952,642
9,472,740
a
a
a
a
a
a
Food
&
Staples
Retailing
0.8%
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
6.105
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
...........................
United
States
5,971,867
5,632,964
Food
Products
0.2%
g,h
Primary
Products
Finance
LLC
,
Term
Loan
,
TBD,
10/25/28
......
United
States
1,149,092
1,157,997
Health
Care
Equipment
&
Supplies
0.6%
g,h
Bausch
Health
Companies,
Inc.
,
Term
Loan,
B
,
TBD,
1/27/27
....
Canada
372,189
369,805
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/23/28
.............................
United
States
1,773,590
1,768,190
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
12/15/27
....................................
United
States
1,817,760
1,819,651
3,957,646
a
a
a
a
a
a
Health
Care
Providers
&
Services
8.5%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan,
3.875%,
(1-month
USD
LIBOR
+
3.375%),
12/23/27
............................
United
States
4,230,194
4,207,393
Amendment
No.
5
Incremental
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
12/23/27
..............................
United
States
1,107,543
1,106,275
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
7/17/28
.............
United
States
1,737,543
1,733,512
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/08/27
..........................
United
States
3,476,216
3,480,839
eResearchTechnology,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
2/04/27
...................
United
States
4,053,313
4,069,161
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
4%),
12/18/28
..........................................
United
States
764,772
765,013
Second
Lien,
Initial
Term
Loan,
7.25%,
(3-month
USD
LIBOR
+
6.75%),
12/17/29
....................................
United
States
763,254
764,529
Global
Medical
Response,
Inc.
,
2018
New
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
3/14/25
..................
United
States
2,193,269
2,193,269
Heartland
Dental
LLC
,
2021
Incremental
Term
Loan
,
4.104
%
,
(
1-month
USD
LIBOR
+
4
%
),
4/30/25
.....................
United
States
1,878,437
1,880,794
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/01/28
..................
United
States
1,081,634
1,081,467
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
...................
United
States
3,685,188
3,650,639
First
Lien,
Initial
Term
Loan,
C,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
.....................................
United
States
116,618
115,525
Second
Lien,
Initial
Term
Loan,
8%,
(3-month
USD
LIBOR
+
7.25%),
3/02/29
.....................................
United
States
2,000,000
2,012,500
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Health
Care
Providers
&
Services
(continued)
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
3.855
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
............
United
States
7,308,681
$
7,306,744
Phoenix
Guarantor,
Inc.
,
First
Lien,
Term
Loan,
B3
,
3.604
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/05/26
...................
United
States
2,446,905
2,441,901
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/15/28
..............................
United
States
838,855
839,970
Pluto
Acquisition
I,
Inc.
,
First
Lien,
2021
Term
Loan
,
4.175
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/22/26
.....................
United
States
1,562,154
1,557,468
Radiology
Partners,
Inc.
,
First
Lien,
Term
Loan,
B
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
7/09/25
..........................
United
States
4,080,774
4,039,680
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
10/01/28
.................
United
States
2,369,953
2,368,104
U.S.
Renal
Care,
Inc.
,
Initial
Term
Loan
,
5.104
%
,
(
1-month
USD
LIBOR
+
5
%
),
6/26/26
................................
United
States
6,708,129
6,634,742
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.105
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
....................
United
States
4,438,723
4,438,745
56,688,270
a
a
a
a
a
a
Health
Care
Technology
1.9%
g,h
athenahealth
Group,
Inc.
,
CME
Term
Loan,
B
,
TBD,
1/26/29
.....
United
States
5,634,053
5,614,109
athenahealth,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.4
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
2/11/26
..............................
United
States
6,928,163
6,936,823
12,550,932
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
2.5%
d
24
Hour
Fitness
Worldwide,
Inc.
,
Term
Loan
,
5.22
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
...........................
United
States
4,115,690
3,026,175
Bally's
Corp.
,
Term
Loan,
B
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
10/02/28
..........................................
United
States
3,792,159
3,793,998
Caesars
Resort
Collection
LLC
,
Term
Loan,
B
,
2.855
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
12/23/24
.........................
United
States
2,541,160
2,530,564
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/22/28
..................
United
States
1,694,638
1,699,298
Golden
Nugget,
Inc.
,
Initial
Term
Loan,
B
,
3.25
%
,
(
1-month
USD
LIBOR
+
2.5%;
3-month
USD
LIBOR
+
2.5%
),
10/04/23
.......
United
States
2,159,677
2,169,352
IRB
Holding
Corp.
,
Fourth
Amendment
Incremental
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/15/27
............
United
States
726,517
727,767
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
...........................
United
States
1,304,991
1,308,580
Whatabrands
LLC
,
Initial
Term
Loan,
B
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/03/28
..............................
United
States
1,425,390
1,423,908
16,679,642
a
a
a
a
a
a
Household
Durables
1.0%
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
6.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
...................
United
States
2,945,000
2,941,319
h
Osmosis
Buyer
Ltd.
,
Initial
Term
Loan,
B
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
7/31/28
................................
United
States
2,800,901
2,811,936
VC
GB
Holdings
I
Corp.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
7/21/28
...........................
United
States
704,706
700,866
6,454,121
a
a
a
a
a
a
Household
Products
0.3%
c,d,i
FGI
Operating
Co.
LLC
,
Term
Loan
,
11
%
,
PIK,
(
6-month
USD
LIBOR
+
10
%
),
5/16/22
.....................................
United
States
13,747,598
1,852,861
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Insurance
2.5%
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
3.724%,
(3-month
USD
LIBOR
+
3.5%),
2/15/27
......................................
United
States
1,821,461
$
1,802,108
First
Lien,
2021-1
Additional
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.75%),
2/15/27
..............................
United
States
910,761
909,622
First
Lien,
2021-2
Additional
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4.25%),
2/15/27
..............................
United
States
1,075,987
1,078,005
Alliant
Holdings
Intermediate
LLC
,
New
Term
Loan,
B4
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/05/27
..................
United
States
1,823,335
1,823,481
g,h
AssuredPartners
Capital,
Inc.
,
Incremental
Term
Loan
,
TBD,
2/12/27
United
States
1,218,750
1,218,372
AssuredPartners,
Inc.
,
2020
February
Refinancing
Term
Loan,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...............................
United
States
2,344,430
2,332,169
2021
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...
United
States
1,005,417
1,006,362
Asurion
LLC
,
Second
Lien,
New
Term
Loan,
B3,
5.355%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
...................................
United
States
41,007
41,109
Second
Lien,
New
Term
Loan,
B4,
5.355%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
...................................
United
States
6,440,140
6,456,273
16,667,501
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
0.5%
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2020
June
New
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..............................
United
States
2,563,788
2,553,379
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
3.605%,
(1-month
USD
LIBOR
+
3.5%),
9/13/24
...........................
United
States
791,731
789,162
3,342,541
a
a
a
a
a
a
IT
Services
8.7%
Aptean
Acquiror,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
4/23/26
..........................
United
States
5,186,694
5,177,436
Arches
Buyer,
Inc.
,
Refinancing
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
12/06/27
.............................
United
States
1,903,793
1,893,769
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
..........................................
United
States
13,539,894
13,236,126
Second
Lien,
Initial
Term
Loan,
9.25%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
....................................
United
States
11,037,961
10,638,608
Barracuda
Networks,
Inc.
,
First
Lien,
2020
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/12/25
..................
United
States
3,265,880
3,275,743
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/01/27
....................
United
States
6,295,553
6,311,292
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
8/19/28
..................
United
Kingdom
1,335,901
1,338,827
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/01/28
...................................
United
States
3,753,906
3,758,336
Pitney
Bowes,
Inc.
,
Refinancing
Term
Loan,
B
,
4.11
%
,
(
1-month
USD
LIBOR
+
4
%
),
3/17/28
................................
United
States
10,069,868
10,091,921
Thrasio
LLC
,
Initial
Term
Loan
,
8
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
..........................................
United
States
2,238,693
2,228,899
57,950,957
a
a
a
a
a
a
Leisure
Products
0.5%
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
..........................................
United
States
3,441,223
3,388,538
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Life
Sciences
Tools
&
Services
0.2%
ICON
plc
,
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
....
Ireland
1,169,280
$
1,168,257
U.S.
Term
Loan,
2.75%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
Ireland
291,327
291,072
1,459,329
a
a
a
a
a
a
Machinery
0.7%
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/13/28
...............................
United
States
794,297
796,779
Tiger
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
3.75
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/01/28
..........................
United
States
1,145,605
1,135,890
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
4
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...............................
Germany
2,728,134
2,733,822
d
UTEX
Industries,
Inc.
,
Second
Out
Term
Loan
,
5.25
%
,
PIK,
(
1-month
USD
LIBOR
+
3.75
%
),
12/03/25
.........................
United
States
193,466
192,468
4,858,959
a
a
a
a
a
a
Media
4.1%
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
5.75
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........................
United
States
5,330,707
5,355,229
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
3.799
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%
),
8/21/26
...........................................
United
States
3,184,378
3,145,178
CSC
Holdings
LLC
,
March
2017
Refinancing
Term
Loan
,
2.356
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
7/17/25
..................
United
States
974,425
962,244
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
5.25
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
7/28/28
..............................
United
States
5,235,450
5,229,979
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
..........................
United
States
4,053,538
4,051,633
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.25%),
3/15/26
..........................
United
States
2,896,842
2,897,942
g,h
First
Lien,
Initial
Term
Loan,
B,
TBD,
1/31/29
...............
United
States
2,000,000
2,000,790
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
3.356
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..............................
United
States
3,556,664
3,556,113
27,199,108
a
a
a
a
a
a
Metals
&
Mining
0.8%
U.S.
Silica
Co.
,
Term
Loan
,
5
%
,
(
1-month
USD
LIBOR
+
4
%
),
5/01/25
...........................................
United
States
5,202,982
5,141,196
Multiline
Retail
0.2%
Franchise
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
3/10/26
..........................
United
States
1,280,249
1,283,449
Oil,
Gas
&
Consumable
Fuels
2.5%
Lucid
Energy
Group
II
Borrower
LLC
,
Initial
Term
Loan
,
5
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
11/24/28
.........................
United
States
1,690,666
1,690,970
b
Quarternorth
Energy
Holding,
Inc.
,
Second
Lien,
Initial
New
Term
Loan
,
9
%
,
(
3-month
USD
LIBOR
+
8
%
),
8/27/26
.............
United
States
14,898,885
14,978,072
16,669,042
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Personal
Products
0.9%
Conair
Holdings
LLC
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/17/28
..........................
United
States
474,925
$
475,433
Coty,
Inc.
,
USD
Term
Loan,
B
,
2.354
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
4/07/25
.....................................
United
States
1,857,223
1,832,021
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........................
Luxembourg
3,533,300
3,535,296
5,842,750
a
a
a
a
a
a
Pharmaceuticals
0.6%
Bausch
Health
Cos.,
Inc.
,
Initial
Term
Loan
,
3.104
%
,
(
1-month
USD
LIBOR
+
3
%
),
6/02/25
................................
United
States
558,676
554,952
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........................
United
States
1,303,951
1,306,076
Organon
&
Co.
,
Dollar
Term
Loan
,
3.5
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
.......................................
United
States
1,349,833
1,350,677
PetVet
Care
Centers
LLC
,
First
Lien,
2021
First
Lien
Replacement
Term
Loan
,
4.25
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/14/25
....
United
States
748,503
749,207
3,960,912
a
a
a
a
a
a
Professional
Services
0.3%
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/06/28
..............................
United
States
1,417,832
1,420,498
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
9/29/28
...................
United
States
788,643
790,469
2,210,967
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
Cushman
&
Wakefield
U.S.
Borrower
LLC
,
Replacement
Term
Loan
,
2.855
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
8/21/25
............
United
States
320,743
320,256
Road
&
Rail
0.5%
Avis
Budget
Car
Rental
LLC
,
New
Term
Loan,
B
,
1.86
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
8/06/27
..........................
United
States
2,202,906
2,181,461
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
12/15/28
.................
United
States
1,396,053
1,399,299
3,580,760
a
a
a
a
a
a
Software
12.8%
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
6
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
..........................
United
States
7,085,863
7,006,147
Cloudera,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
10/08/28
....................................
United
States
1,576,970
1,576,725
Second
Lien,
Initial
Term
Loan,
6.5%,
(1-month
USD
LIBOR
+
6%),
10/08/29
..........................................
United
States
672,004
673,684
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/16/28
.................
United
States
3,021,190
3,017,413
DCert
Buyer,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.105%,
(1-month
USD
LIBOR
+
4%),
10/16/26
..........................................
United
States
5,577,697
5,586,091
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
7.105%,
(1-month
USD
LIBOR
+
7%),
2/19/29
.....................
United
States
1,180,457
1,189,901
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Software
(continued)
ECI
Macola/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
..................
United
States
3,788,498
$
3,795,014
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
4.75
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
.........
United
States
2,200,529
2,203,631
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
...............................
United
States
404,484
405,116
Second
Lien,
2021
Refinancing
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
..............................
United
States
83,333
84,167
Idera,
Inc.
,
First
Lien,
Term
Loan,
B1
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/02/28
.....................................
United
States
4,889,666
4,900,350
IGT
Holding
IV
AB
,
Term
Loan,
B2
,
4
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
......................................
Sweden
1,477,189
1,477,189
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
5%,
(3-month
USD
LIBOR
+
4.25%),
12/01/27
.........................
United
States
5,325,250
5,308,609
First
Lien,
First
Amendment
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/01/27
...............................
United
States
249,745
248,496
LogMeIn,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.856
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..............................
United
States
6,792,576
6,747,066
MA
Financeco
LLC
,
Term
Loan,
B4
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
6/05/25
.....................................
United
States
240,625
240,926
Mitchell
International,
Inc.
,
First
Lien,
Initial
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
10/15/28
....................................
United
States
3,767,000
3,743,174
Second
Lien,
Initial
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.5%),
10/15/29
..........................................
United
States
428,571
432,947
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/02/28
............................
United
States
5,650,738
5,657,802
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
5.139%,
(3-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
4.25%),
5/16/25
.............
United
States
7,474,185
7,438,347
g,h
Term
Loan,
B,
TBD,
1/19/29
............................
United
States
6,088,775
6,036,777
h
Rocket
Software,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.355
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/28/25
.........................
United
States
3,850,510
3,842,809
Sovos
Compliance
LLC
,
First
Lien,
Initial
Term
Loan
,
4.803
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
8/11/28
...................
United
States
699,104
703,473
UKG,
Inc.
,
First
Lien,
2021-2
Incremental
Term
Loan,
3.75%,
(3-month
USD
LIBOR
+
3.25%),
5/04/26
..............................
United
States
355,403
354,997
Second
Lien,
2021
Incremental
Term
Loan,
5.75%,
(3-month
USD
LIBOR
+
5.25%),
5/03/27
..............................
United
States
723,473
731,308
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
6
%
,
(
3-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
4,850,486
4,850,995
h
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
...........................................
United
States
7,418,602
7,413,965
85,667,119
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
e,f
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
4.8%
Evergreen
AcqCo
1
LP
,
Initial
Term
Loan
,
6.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
4/26/28
...............................
United
States
3,365,661
$
3,367,075
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/06/28
..............................
United
States
8,035,709
8,051,619
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
5
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
...................................
United
States
7,432,650
7,339,742
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
.........................
United
States
2,384,487
2,375,354
Rent-A-Center,
Inc.
,
2021
Initial
Term
Loan
,
3.75
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
2/17/28
..............................
United
States
2,683,274
2,683,274
SRS
Distribution,
Inc.
,
2021
Refinancing
Term
Loan
,
4.269
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
6/02/28
..................
United
States
468,887
469,081
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
5.132
%
,
(
3-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
7,582,381
7,255,429
Woof
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/21/27
.........................
United
States
635,972
636,768
32,178,342
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
1.1%
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
Term
Loan,
2
,
5.5
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
1/29/27
.......
United
States
1,478,825
1,482,832
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5
%
),
7/27/28
............................
United
States
6,016,556
6,005,275
7,488,107
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.8%
Champ
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
5.691
%
,
(
3-month
USD
LIBOR
+
5.5%;
6-month
USD
LIBOR
+
5.5%
),
12/19/25
..........................................
United
States
1,978,569
1,984,554
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
3.5
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/16/28
.......................................
United
States
3,087,118
3,085,189
5,069,743
a
a
a
a
a
a
Transportation
Infrastructure
0.3%
First
Student
Bidco,
Inc.
,
Initial
Term
Loan,
B,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
570,506
568,130
Initial
Term
Loan,
C,
3.5%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
210,589
209,712
LaserShip,
Inc.
,
First
Lien,
Initial
Term
Loan
,
5.25
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...............................
United
States
1,551,498
1,557,316
2,335,158
a
a
a
a
a
a
Wireless
Telecommunication
Services
0.1%
g
Syniverse
Holdings,
Inc.
,
Term
Loan
,
TBD,
1/27/29
............
United
States
647,720
641,243
Total
Senior
Floating
Rate
Interests
(Cost
$576,460,968)
.........................
581,419,810
Total
Long
Term
Investments
(Cost
$650,552,121)
...............................
645,476,235
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Short
Term
Investments
4.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
4.8%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
32,170,617
$
32,170,617
Total
Money
Market
Funds
(Cost
$32,170,617)
..................................
32,170,617
Total
Short
Term
Investments
(Cost
$32,170,617
)
................................
32,170,617
a
Total
Investments
(Cost
$682,722,738)
101.2%
..................................
$677,646,852
Other
Assets,
less
Liabilities
(1.2)%
...........................................
(8,197,611)
Net
Assets
100.0%
...........................................................
$669,449,241
See
Abbreviations
on
page
27
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
11
regarding
holdings
of
5%
voting
securities.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
13
regarding
fair
value
measurements.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
See
Note
1(c)
regarding
senior
floating
rate
interests.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
i
See
Note
7
regarding
credit
risk
and
defaulted
securities.
j
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$597,432,429
Cost
-
Non-controlled
affiliates
(Note
3
d
and
11
)
..................................................
85,290,309
Value
-
Unaffiliated
issuers
..................................................................
$583,431,669
Value
-
Non-controlled
affiliates
(Note
3
d
and
11
)
..................................................
94,215,183
Cash
....................................................................................
951,530
Receivables:
Investment
securities
sold
...................................................................
11,601,612
Interest
.................................................................................
1,936,507
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
10
)
......................................
7,429
Total
assets
..........................................................................
692,143,930
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
20,216,552
Management
fees
.........................................................................
322,782
Distributions
to
shareholders
.................................................................
2,097,888
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
10
)
......................................
752
Accrued
expenses
and
other
liabilities
...........................................................
56,715
Total
liabilities
.........................................................................
22,694,689
Net
assets,
at
value
.................................................................
$669,449,241
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$715,548,275
Total
distributable
earnings
(losses)
.............................................................
(46,099,034)
Net
assets,
at
value
.................................................................
$669,449,241
Shares
outstanding
.........................................................................
82,169,995
Net
asset
value
per
share
....................................................................
$8.15
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Franklin
Floating
Rate
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
d
and
11
)
.......................................................
$1,869
Interest:
Unaffiliated
i
ssuers:
Payment-in-kind
.........................................................................
455,865
Paid
in
cash
a
...........................................................................
13,917,013
Non-controlled
affiliates
(Note
3
d
and
11
)
.......................................................
569,882
Total
investment
income
...................................................................
14,944,629
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,099,544
Custodian
fees
(Note
4
)
......................................................................
424
Reports
to
shareholders
fees
..................................................................
2,191
Registration
and
filing
fees
....................................................................
164
Professional
fees
...........................................................................
63,328
Trustees'
fees
and
expenses
..................................................................
5,254
Other
....................................................................................
15,544
Total
expenses
.........................................................................
2,186,449
Expense
reductions
(Note
4
)
...............................................................
(373)
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(170,760)
Net
expenses
.........................................................................
2,015,316
Net
investment
income
................................................................
12,929,313
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(31,167,081)
Non-controlled
affiliates
(Note
3
d
and
11
)
......................................................
17,056,457
Net
realized
gain
(loss)
..................................................................
(14,110,624)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
33,332,368
Non-controlled
affiliates
(Note
3
d
and
11
)
......................................................
1,687,832
Net
change
in
unrealized
appreciation
(depreciation)
............................................
35,020,200
Net
realized
and
unrealized
gain
(loss)
............................................................
20,909,576
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$33,838,889
a
Includes
amortization
of
premium
and
accretion
of
discount.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Franklin
Floating
Rate
Income
Fund
Six
Months
Ended
January
31,
2022
(unaudited)
Year
Ended
July
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$12,929,313
$16,080,049
Net
realized
gain
(loss)
.................................................
(14,110,624)
(54,691,669)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
35,020,200
80,508,403
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
33,838,889
41,896,783
Distributions
to
shareholders
..............................................
(14,293,203)
(14,641,778)
Capital
share
transactions
(Note
2
)
..........................................
(627,240)
421,174,448
Net
increase
(decrease)
in
net
assets
...................................
18,918,446
448,429,453
Net
assets:
Beginning
of
period
.....................................................
650,530,795
202,101,342
End
of
period
..........................................................
$669,449,241
$650,530,795
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Income
Fund
18
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Floating
Rate
Master
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
two separate
funds
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Franklin
Floating
Rate
Income
Fund
(Fund)
is
included
in
this
report.
The
Fund’s
shares
are
exempt
from
registration
under
the
Securities
Act
of
1933.
The
following
summarizes
the
Fund’s
significant
accounting
policies.
a.
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
Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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.
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,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
it
may
sell
the
securities
before
the
settlement
date.
c.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
London
InterBank
Offered
Rate
(LIBOR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
d.
Income
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
January
31,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Senior
Floating
Rate
Interests
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
January
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
January
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.625%
of
the
Fund’s
average
daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Transfer
Agent
Fees
Investor
Services,
under
terms
of
an
agreement,
performs
shareholder
servicing
for
the
Fund
and
is
not
paid
by
the Fund
for
the
services.
Six
Months
Ended
January
31,
2022
Year
Ended
July
31,
2021
Shares
Amount
Shares
Amount
Shares
sold
...................................
$—
10,208,758
$132,862,048
Shares
sold
in-kind
..............................
(627,240)
46,568,150
304,271,021
Shares
redeemed
...............................
(2,152,468)
(15,958,621)
Net
increase
(decrease)
..........................
$(627,240)
54,624,440
$421,174,448
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.650%
Up
to
and
including
$500
million
0.550%
Over
$500
million,
up
to
and
including
$1
billion
0.500%
Over
$1
billion,
up
to
and
including
$1.5
billion
0.450%
Over
$1.5
billion,
up
to
and
including
$6.5
billion
0.425%
Over
$6.5
million,
up
to
and
including
$11.5
billion
0.400%
Over
$11.5
billion,
up
to
and
including
$16.5
billion
0.390%
Over
$16.5
billion,
up
to
and
including
$19
billion
0.380%
Over
$19
billion,
up
to
and
including
$21.5
billion
0.370%
In
excess
of
$21.5
billion
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
d.
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.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
e.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed
0.60%,
based
on
the
average
net
assets
until
November
30,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
period
end.
f.
Other
Affiliated
Transactions
At
January
31,
2022,
the
shares
of
the
Fund
were
owned
by
the
following
investment
companies:
a
Investment
activities
of
significant
investment
companies
could
have
a
material
impact
on
the
Fund.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
January
31,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
79,428,569
$
104,839,822
$
(152,097,774)
$
$
$
32,170,617
32,170,617
$
1,869
Total
Affiliated
Securities
...
$79,428,569
$104,839,822
$(152,097,774)
$—
$—
$32,170,617
$1,869
Shares
Percentage
of
Outstanding
Shares
a
Franklin
Strategic
Income
Fund
34,705,988
42.1%
Franklin
Total
Return
Fund
24,116,234
29.4%
Franklin
Low
Duration
Total
Return
Fund
14,835,570
18.1%
Franklin
Floating
Rate
Daily
Access
Fund
4,630,114
5.6%
Franklin
Strategic
Income
VIP
Fund
3,420,372
4.2%
Franklin
Floating
Rate
Master
Series
461,717
0.6%
Total
82,169,995
100.0%
3.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
 At
July
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
wash
sales
and
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2022,
aggregated
$182,799,056
and
$179,386,294,
respectively.
7.
Credit Risk
and
Defaulted
Securities
At
January
31,
2022,
the
Fund
had
87.2%
of
its
portfolio
invested
in
high
yield
securities,
senior
secured
floating
rate
loans,
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
a
defaulted
security
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2022,
the
value
of
these
securities
were
$1,852,861
representing
0.3%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Statement
of
Investments.
8.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board
of
Trustees.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$4,599,536
Long
term
................................................................................
74,491,837
Total
capital
loss
carryforwards
...............................................................
$79,091,373
Cost
of
investments
..........................................................................
$684,294,309
Unrealized
appreciation
........................................................................
$25,898,692
Unrealized
depreciation
........................................................................
(32,546,149)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(6,647,457)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
9.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
10.
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
and
any
unrealized
appreciation
or
depreciation
is
included
in
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Statement
of
Investments.
At
January
31,
2022,
unfunded
commitments
were
as
follows:
11.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
January
31,
2022,
investments
in
“affiliated
companies”
were
as
follows:
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Income
Fund
athenahealth
Group,
Inc.
$
951,544
Aveanna
Healthcare
LLC
404,153
DexKo
Global,
Inc.
20,164
Medical
Solutions
Holdings,
Inc.
205,994
National
Mentor
Holdings,
Inc.
170,283
Osmosis
Buyer
Ltd.
200,614
Sovos
Compliance,
LLC
121,483
Thrasio
LLC
2,240,156
Total
$
4,314,391
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Appvion
Operations,
Inc
.
$
14,630,532
$
$
(18,278,855)
a
$
10,885,365
$
(7,237,042)
$
b
$
Quarternorth
Energy
Holding
,
Inc
.
......
38,664,873
a
(4,113,853)
34,551,020
331,161
Quarternorth
Energy
Holding,
Inc.,
2/01/49
19,032,373
(4,178,680)
(398,874)
(1,939,345)
12,515,474
119,957
Interest
QuarterNorth
Energy
Holding
Inc.-Initial
New
Loan
...........
(6,569,966)
a
6,569,966
14,978,072
14,978,072
14,898,885
569,882
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
12.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matured
on
February
4,
2022.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
4,
2022,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
3,
2023,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
January
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
13.
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)
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
(continued)
Non-Controlled
Affiliates
Total
Affiliated
Securities
(Value
is
9.3%
of
Net
Assets)
..........
$14,630,532
$57,697,246
$(29,027,501)
$
17,056,457
$
1,687,832
$62,044,566
$569,882
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
January
31,
2022,
no
longer
held
by
the
Fund.
11.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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
January
31,
2022,
in
valuing
the
Fund's
assets
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.
At
January
31,
2022,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Hotels,
Restaurants
&
Leisure
.............
$
$
115,601
$
$
115,601
Machinery
............................
1,777,572
1,777,572
Oil,
Gas
&
Consumable
Fuels
.............
34,551,020
34,551,020
Road
&
Rail
..........................
258,236
258,236
Preferred
Stocks
........................
482,381
482,381
Warrants
:
Machinery
............................
7,958
7,958
Oil,
Gas
&
Consumable
Fuels
.............
12,515,474
12,515,474
Corporate
Bonds
........................
14,348,183
14,348,183
Senior
Floating
Rate
Interests
...............
579,566,949
1,852,861
581,419,810
Short
Term
Investments
...................
32,170,617
32,170,617
Total
Investments
in
Securities
...........
$32,170,617
$629,008,997
$16,467,238
$677,646,852
Other
Financial
Instruments:
Unfunded
Loan
Commitments
..............
$
$
7,429
$
$
7,429
Total
Other
Financial
Instruments
.........
$—
$7,429
$—
$7,429
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
$
752
$
$
752
Total
Other
Financial
Instruments
.........
$—
$752
$—
$752
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
$
$
$
$
$
$
$
$
$
$
Paper
&
Forest
Products
14,630,532
(18,278,855)
10,885,365
(7,237,042)
Road
&
Rail
.......
c
258,236
258,236
258,236
Rights
:
Energy
Equipment
&
Services
........
1,299,513
(1,434,946)
135,433
Warrants
:
Machinery
.........
4,846
3,112
7,958
3,112
Corporate
Bonds
:
Road
&
Rail
.......
13,289,113
732,328
326,742
14,348,183
326,742
Senior
Floating
Rate
Interests
:
Household
Products
..
2,299,977
(447,116)
10,297
(10,297)
1,852,861
(374,669)
Road
&
Rail
.......
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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
January
31,
2022,
are
as
follows:
14.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021,
the
FASB
issued
ASU
No.
2021-01,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR)
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Escrows
and
Litigation
Trusts
...........
$
c
$
$
(14,820)
$
$
$
$
14,820
$
$
$
Total
Investments
in
Securities
............
$31,523,981
$—
$(20,175,737)
$—
$—
$732,328
$10,910,482
$(6,523,816)
$16,467,238
$213,421
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds:
Road
&
Rail
................
14,348,183
Discounted
cash
flow
Discount
rate
15.2%
Decrease
Free
cash
flow
$14.3
mil
Increase
Senior
Floating
Rate
Interests:
Household
Products
..........
1,852,861
Recovery
value
Asset
value
estimate
$11.6
mil
Increase
c
All
Other
Investments
..........
 266,194
d
Total
.......................
$16,467,238
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
and
net
assets.
d
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
15.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure,
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
TBD
To
Be
Determined
14.
New
Accounting
Pronouncements
(continued)
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
28
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
FLOATING
RATE
MASTER
TRUST
Franklin
Floating
Rate
Income
Fund
(Fund)
At
a
meeting
held
on
February
23,
2021
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Floating
Rate
Master
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
telephonic
contract
renewal
meeting
at
which
the
Independent
Trustees
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters
and,
in
some
cases,
requested
additional
information
from
the
Manager
relating
to
the
contract.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
noted
management’s
continuing
efforts
and
expenditures
in
establishing
effective
business
continuity
plans
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
such
as
cybersecurity
in
the
current
work-from-
home
environment
and
liquidity
risk
management.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
Franklin
Templeton
(FT)
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
enhancing
services
and
controlling
costs,
as
reflected
in
its
outsourcing
of
certain
administrative
functions,
and
growth
opportunities,
as
evidenced
by
its
recent
acquisition
of
the
Legg
Mason
companies.
The
Board
also
noted
FT’s
attention
focused
on
expanding
the
distribution
opportunities
for
all
funds
in
the
FT
family
of
funds.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
29
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2020.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
loan
participation
funds.
The
Fund
commenced
operations
on
November
6,
2015,
and
thus
has
been
in
operation
for
less
than
10
years.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
noted
that
effective
June
1,
2019,
the
Fund
implemented
a
change
to
its
investment
strategy
that
broadened
the
Fund’s
investment
focus
to
include
floating
rate
securities
of
all
credit
qualities.
Management
also
noted
that
the
Fund
does
not
offer
its
shares
to
the
public
and
that
the
Fund’s
investors
are
exclusively
other
proprietary
funds.
The
Board
considered
management’s
explanation
and
concluded
that
the
Fund’s
performance
was
acceptable.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
13
other
loan
participation
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
equal
to
the
median
of
its
Expense
Group,
and
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2020,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
further
noted
management’s
representation
that
the
profitability
analysis
excluded
the
impact
of
the
recent
acquisition
of
the
Legg
Mason
companies
and
that
management
expects
to
incorporate
the
legacy
Legg
Mason
companies
into
the
profitability
analysis
beginning
next
year.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
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well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
upfront
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
does
not
have
an
asset
size
that
would
likely
enable
the
Fund
to
achieve
economies
of
scale,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Liquidity
Risk
Management
Program
Each
of
the
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
SEC
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis).
The
Funds’
Board
of
Trustees
approved
the
appointment
of
the
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
as
the
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
FT
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Investment
Compliance,
Investment
Operations,
Valuation
Committee
and
Product
Management
groups.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
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the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
The
Fund
primarily
holds
investments
where
the
time
required
to
settle
a
sale
of
the
investment
may
exceed
7
calendar
days
and
are
classified
as
“Less
Liquid
Investments”.
Less
Liquid
Investments
are
defined
as
any
investment
reasonably
expected
to
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment,
but
where
the
sale
or
disposition
is
reasonably
expected
to
settle
in
more
than
seven
calendar
days.
The
Fund
established
and
maintained
a
HLIM.
During
the
reporting
period,
the
Fund
maintained
the
necessary
level
of
Highly
Liquid
Investments
and
did
not
experience
any
HLIM
shortfalls.
From
time
to
time
issuers
may
enter
varying
stages
of
corporate
reorganization
and
the
Adviser
will
participate
actively
in
the
reorganizations
in
order
to
protect
the
interests
of
the
Fund.
In
connection
with
such
participation,
the
Adviser
receives
material
non-public
information
about
the
issuer
and,
therefore,
may
become
restricted
in
its
ability
to
enter
into
purchase
and
sale
transactions
for
the
Funds
with
respect
to
these
securities.
Becoming
restricted
results
in
a
determination
that
the
positions
are
“illiquid,”
including
for
purposes
of
Rule
22e-4
(the
“Liquidity
Rule”).
In
February
2021,
the
Fund’s
Illiquid
investments
exceeded
15%
of
its
total
net
assets.
This
was
due
to
market
movement
on
certain
illiquid
assets
rather
than
any
actions
by
the
portfolio
management
team
while
certain
issues
were
under
restriction
due
to
material
non-public
information.
In
accordance
with
the
LRMP,
the
Fund
reported
the
information
to
the
SEC
and
the
Program
Administrator
notified
the
Fund’s
Board
of
Trustees
with
a
remediation
plan.
The
remediation
plan
was
approved
by
the
Board
and
the
exceedance
was
remediated
in
three
days.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2021,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2020.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4. Principal Accountant Fees and Services
.       
N/A
 
                                                  
 
Item 5.  Audit Committee
of Listed Registrants.       N/A
 
 
Item 6.  Schedule of Investments.                     N/A
 
 
Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.            N/A
 
 
Item 8.  Portfolio Managers of Closed-End Management Investment Companies.                               N/A
 
 
Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers. N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
 Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN FLOATING RATE MASTER TRUST
 
 
By S\Matthew T. Hinkle______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date March 29, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\Matthew T. Hinkle______________________
      Matthew T. Hinkle
      Chief Executive Officer – Finance and Administration
Date March 29, 2022
 
 
By S\Christopher Kings________________________
     Christopher Kings
     Chief Financial Officer, Chief Accounting Officer and Treasurer
Date March 29, 2022