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)
 
Alison Baur, 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: 1/31/23
 
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.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
Your
Fund’s
Expenses
Franklin
Floating
Rate
Master
Series
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
8/1/22
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,041.10
$2.73
$1,022.53
$2.70
0.53%
Franklin
Floating
Rate
Master
Trust
Financial
Highlights
Franklin
Floating
Rate
Master
Series
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.00
$7.38
$6.99
$8.18
$8.54
$8.69
Income
from
investment
operations
a
:
Net
investment
income
..............
0.259
b
0.292
b
0.301
b
0.415
0.460
0.398
Net
realized
and
unrealized
gains
(losses)
0.020
(0.341)
0.417
(1.141)
(0.378)
(0.156)
Total
from
investment
operations
........
0.279
(0.049)
0.718
(0.726)
0.082
0.242
Less
distributions
from:
Net
investment
income
..............
(0.279)
(0.331)
(0.328)
(0.464)
(0.442)
(0.392)
Net
asset
value,
end
of
period
..........
$7.00
$7.00
$7.38
$6.99
$8.18
$8.54
Total
return
c
.......................
4.11%
(0.73)%
10.51%
(9.13)%
0.98%
2.73%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.57%
0.57%
0.61%
0.58%
0.55%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.53%
0.53%
e
0.53%
e
0.53%
e
0.53%
e
0.53%
e
Net
investment
income
...............
7.39%
4.01%
4.19%
5.41%
5.29%
4.60%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$475,755
$616,607
$430,129
$394,720
$1,054,679
$1,760,544
Portfolio
turnover
rate
................
4.18%
32.84%
74.82%
16.80%
27.92%
f
49.97%
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,
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
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Floating
Rate
Master
Series
franklintempleton.com
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
$
7,945,476
1.67
a
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
104,009
26,938
0.00
†
a
Oil
&
Gas
Exploration
&
Production
Quarternorth
Energy
Holding,
Inc.
.................
United
States
111,779
15,537,282
3.27
Trucking
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...........
Australia
5,879,078
912,943
0.19
a
Total
Common
Stocks
(Cost
$25,422,296)
...............................
24,422,639
5.13
Management
Investment
Companies
Asset
Management
&
Custody
Banks
c
Franklin
Floating
Rate
Income
Fund
...............
United
States
461,717
3,592,155
0.76
c
Franklin
Senior
Loan
ETF
.......................
United
States
393,148
9,409,997
1.98
Invesco
Senior
Loan
ETF
.......................
United
States
117,471
2,479,813
0.52
15,481,965
3.26
Total
Management
Investment
Companies
(Cost
$17,002,302)
.............
15,481,965
3.26
Preferred
Stocks
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
246,320
3,695
0.00
†
a
Total
Preferred
Stocks
(Cost
$332,425)
..................................
3,695
0.00
†
Warrants
a
a
a
a
a
Warrants
Industrial
Machinery
a,b
UTEX
Industries,
Inc.
,
2/20/49
....................
United
States
321
1,716
0.00
†
Total
Warrants
(Cost
$–)
...............................................
1,716
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
1,668,482
0.35
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
....................
United
States
1,146,000
1,132,640
0.24
d
United
Airlines,
Inc.,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
...................................
United
States
1,165,000
1,107,362
0.23
3,908,484
0.82
Broadcasting
d
Univision
Communications,
Inc.,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
........................
United
States
400,000
390,178
0.08
Cable
&
Satellite
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.,
Senior
Secured
Note,
144A,
5.875%,
8/15/27
...
United
States
2,100,000
1,905,288
0.40
d
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.,
Senior
Secured
Note,
144A,
4.5%,
9/15/26
..............
United
States
600,000
460,500
0.10
2,365,788
0.50
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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)
Casinos
&
Gaming
d
International
Game
Technology
plc,
Senior
Secured
Note,
144A,
5.25%,
1/15/29
.........................
United
States
900,000
$
864,860
0.18
Communications
Equipment
d
CommScope,
Inc.,
Senior
Secured
Note,
144A,
4.75%,
9/01/29
...................................
United
States
692,300
577,129
0.12
Construction
Materials
d
Cemex
SAB
de
CV,
Senior
Bond,
144A,
5.2%,
9/17/30
.
Mexico
750,000
702,369
0.15
Diversified
Chemicals
d
SCIH
Salt
Holdings,
Inc.,
Senior
Secured
Note,
144A,
4.875%,
5/01/28
.............................
United
States
1,100,000
969,425
0.20
Environmental
&
Facilities
Services
d
GFL
Environmental,
Inc.,
Senior
Secured
Note,
144A,
3.5%,
9/01/28
..............................
Canada
900,000
803,781
0.17
Health
Care
Services
d
MPH
Acquisition
Holdings
LLC,
Senior
Secured
Note,
144A,
5.5%,
9/01/28
.........................
United
States
453,000
376,665
0.08
Independent
Power
Producers
&
Energy
Traders
d
Calpine
Corp.,
Senior
Secured
Note,
144A,
4.5%,
2/15/28
United
States
1,800,000
1,663,596
0.35
Integrated
Telecommunication
Services
d
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.125%,
7/15/29
.......
France
800,000
628,968
0.14
Senior
Secured
Note,
144A,
5.5%,
10/15/29
........
France
1,270,000
1,005,784
0.21
1,634,752
0.35
Investment
Banking
&
Brokerage
d
Jane
Street
Group
/
JSG
Finance,
Inc.,
Senior
Secured
Note,
144A,
4.5%,
11/15/29
....................
United
States
800,000
715,279
0.15
Metal
&
Glass
Containers
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.,
Senior
Secured
Note,
144A,
4.125%,
8/15/26
...
United
States
1,900,000
1,736,334
0.37
Movies
&
Entertainment
d
Banijay
Entertainment
SASU,
Senior
Secured
Note,
144A,
5.375%,
3/01/25
........................
France
500,000
483,120
0.10
Multi-line
Insurance
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.,
Senior
Secured
Note,
144A,
4.25%,
2/15/29
....................
United
States
529,400
440,334
0.09
Office
Services
&
Supplies
Pitney
Bowes,
Inc.,
Senior
Bond,
4.625%,
3/15/24
.....
United
States
314,000
304,894
0.06
Oil
&
Gas
Equipment
&
Services
d
Weatherford
International
Ltd.,
Senior
Secured
Note,
144A,
6.5%,
9/15/28
.........................
United
States
241,100
240,155
0.05
Oil
&
Gas
Storage
&
Transportation
Cheniere
Energy,
Inc.,
Senior
Note,
4.625%,
10/15/28
..
United
States
450,000
429,032
0.09
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
333,719
0.07
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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)
Paper
Packaging
(continued)
d
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC,
Senior
Secured
Note,
144A,
4%,
10/15/27
..................................
United
States
800,000
$
719,120
0.15
1,052,839
0.22
Specialized
Consumer
Services
d
WW
International,
Inc.,
Senior
Secured
Note,
144A,
4.5%,
4/15/29
..............................
United
States
1,200,000
640,797
0.14
Specialty
Chemicals
d
ASP
Unifrax
Holdings,
Inc.,
Senior
Secured
Note,
144A,
5.25%,
9/30/28
.............................
United
States
645,200
553,568
0.12
Specialty
Stores
d
99
Escrow
Issuer,
Inc.,
Senior
Secured
Note,
144A,
7.5%,
1/15/26
...................................
United
States
580,645
281,381
0.06
Trucking
d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.,
Senior
Secured
Note,
144A,
4%,
7/31/29
...............
United
States
500,000
416,952
0.09
b,e
Onsite
Rental
Group
Operations
Pty.
Ltd.,
PIK,
6.1%,
10/26/23
..................................
Australia
10,725,759
11,527,399
2.42
11,944,351
2.51
Wireless
Telecommunication
Services
d
Vmed
O2
UK
Financing
I
plc,
Senior
Secured
Bond,
144A,
4.25%,
1/31/31
.........................
United
Kingdom
360,000
301,090
0.06
Total
Corporate
Bonds
(Cost
$37,773,526)
...............................
33,380,201
7.02
f
Senior
Floating
Rate
Interests
Advertising
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
8.325
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%
),
8/21/26
.......................
United
States
1,667,092
1,589,989
0.33
Aerospace
&
Defense
e,g
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
.......................
United
Kingdom
4,462,986
3,646,818
0.77
Air
Freight
&
Logistics
g
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
Term
Loan,
B1
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/24/26
.....
United
States
2,941,295
2,914,941
0.61
g
Airlines
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
9.558
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.............................
United
States
1,513,781
1,556,825
0.33
Air
Canada
,
Term
Loan
,
8.13
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
..............................
Canada
2,479,787
2,486,420
0.52
American
Airlines,
Inc.
,
2018
Replacement
Term
Loan
,
6.267
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
6/27/25
....
United
States
3,116,653
3,061,691
0.64
Kestrel
Bidco,
Inc.
,
Term
Loan
,
7.508
%
,
(
1-month
USD
LIBOR
+
3
%
),
12/11/26
.......................
Canada
4,667,596
4,495,782
0.95
United
AirLines,
Inc.
,
Term
Loan,
B
,
8.568
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
4/21/28
..................
United
States
3,360,218
3,366,484
0.71
14,967,202
3.15
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Airport
Services
First
Student
Bidco,
Inc.
,
Initial
Term
Loan,
B,
7.726%,
(3-month
USD
LIBOR
+
3%),
7/21/28
...............................
United
States
1,785,495
$
1,690,024
0.36
Initial
Term
Loan,
C,
7.726%,
(3-month
USD
LIBOR
+
3%),
7/21/28
...............................
United
States
665,733
630,136
0.13
LaserShip,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.23
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...........
United
States
2,737,693
2,055,419
0.43
4,375,579
0.92
a
a
a
a
a
a
Alternative
Carriers
g
Zayo
Group
Holdings,
Inc.
,
Initial
Dollar
Term
Loan
,
7.57
%
,
(
1-month
USD
LIBOR
+
3
%
),
3/09/27
.......
United
States
623,553
525,468
0.11
g
Apparel,
Accessories
&
Luxury
Goods
Champ
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
10.23
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
12/19/25
....
United
States
1,969,196
1,970,437
0.41
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/16/28
...................
United
States
579,923
559,988
0.12
2,530,425
0.53
a
a
a
a
a
a
g
Application
Software
Central
Parent,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.08
%
,
(
3-month
SOFR
+
4.5
%
),
7/06/29
................
United
States
617,143
616,662
0.13
Cloudera,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
10/08/28
.....................
United
States
2,521,200
2,430,525
0.51
Second
Lien,
Initial
Term
Loan,
10.57%,
(1-month
USD
LIBOR
+
6%),
10/08/29
.......................
United
States
918,595
810,660
0.17
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/16/28
United
States
892,445
824,396
0.17
ECI
Macola/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
United
States
1,430,227
1,408,180
0.30
Epicor
Software
Corp.
,
Term
Loan,
C
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
7/30/27
..................
United
States
2,939,505
2,892,165
0.61
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
8.443
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
..............................
United
States
5,119,121
5,036,472
1.06
GoTo
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.297
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..........
United
States
2,167,620
1,216,577
0.26
IGT
Holding
IV
AB
,
Term
Loan,
B2
,
8.13
%
,
(
3-month
USD
LIBOR
+
3.4
%
),
3/31/28
.......................
Sweden
506,757
506,757
0.11
Mitchell
International,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.415%,
(3-month
USD
LIBOR
+
3.75%),
10/15/28
.....................
United
States
2,177,238
2,084,368
0.44
Second
Lien,
Initial
Term
Loan,
11.235%,
(3-month
USD
LIBOR
+
6.5%),
10/15/29
..................
United
States
142,857
122,880
0.02
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/02/28
.............
United
States
1,890,713
1,799,430
0.38
UKG,
Inc.
,
First
Lien,
2021-2
Incremental
Term
Loan,
8.032%,
(3-month
USD
LIBOR
+
3.25%),
5/04/26
..........
United
States
1,922,468
1,894,362
0.40
First
Lien,
Initial
Term
Loan,
8.575%,
(3-month
USD
LIBOR
+
3.75%),
5/04/26
......................
United
States
1,621,805
1,608,522
0.33
Second
Lien,
2021
Incremental
Term
Loan,
10.032%,
(3-month
USD
LIBOR
+
5.25%),
5/03/27
..........
United
States
1,182,315
1,136,707
0.24
24,388,663
5.13
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Asset
Management
&
Custody
Banks
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/07/28
..............................
United
States
1,546,577
$
1,518,259
0.32
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/30/25
...................................
United
States
941,523
924,853
0.20
2,443,112
0.52
a
a
a
a
a
a
g
Auto
Parts
&
Equipment
Adient
US
LLC
,
Term
Loan,
B1
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/10/28
......................
United
States
3,323,296
3,319,142
0.70
Clarios
Global
LP
,
First
Lien,
Amendment
No.
1
Dollar
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/30/26
...................................
United
States
1,800,349
1,798,261
0.38
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/04/28
....
United
States
1,346,212
1,248,450
0.26
First
Brands
Group
LLC
,
2022-II
Incremental
CME
Term
Loan,
10.246%,
(6-month
SOFR
+
5%),
3/30/27
.................
United
States
400,000
386,000
0.08
First
Lien,
2021
CME
Term
Loan,
8.368%,
(3-month
SOFR
+
5%),
3/30/27
.........................
United
States
2,803,640
2,757,380
0.58
Second
Lien,
2021
Term
Loan,
13.602%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
...................
United
States
1,871,447
1,701,267
0.36
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
9.07
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
11/09/27
..................................
United
States
231,640
223,147
0.04
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
Term
Loan
,
7.98
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/16/26
..................................
United
States
1,580,148
1,578,828
0.33
13,012,475
2.73
a
a
a
a
a
a
Automobile
Manufacturers
g
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
...
United
States
3,170,567
2,797,153
0.59
Automotive
Retail
g
RealTruck
Group,
Inc.
,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
1/31/28
..................
United
States
2,890,270
2,608,801
0.55
Brewers
g
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
8.33
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
.
United
States
1,329,430
624,832
0.13
g
Broadcasting
Gray
Television,
Inc.
,
Term
Loan,
B2,
6.871%,
(1-month
USD
LIBOR
+
2.5%),
2/07/24
...................................
United
States
493,291
493,969
0.10
Term
Loan,
D,
7.369%,
(1-month
USD
LIBOR
+
3%),
12/01/28
..................................
United
States
1,669,483
1,666,612
0.35
iHeartCommunications,
Inc.
,
New
Term
Loan
,
7.57
%
,
(
1-month
USD
LIBOR
+
3
%
),
5/01/26
.............
United
States
833,333
822,975
0.17
Nexstar
Media,
Inc.
,
Term
Loan,
B4
,
7.07
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
9/18/26
...................
United
States
885,655
887,129
0.19
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
Term
Loan,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
3/15/26
.....
United
States
1,036,710
1,027,711
0.22
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Broadcasting
(continued)
Univision
Communications,
Inc.
(continued)
First
Lien,
Initial
Term
Loan,
B,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
1/31/29
......................
United
States
1,788,484
$
1,762,936
0.37
6,661,332
1.40
a
a
a
a
a
a
Building
Products
g
Cornerstone
Building
Brands,
Inc.
,
Term
Loan,
B
,
7.709
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/12/28
..........
United
States
940,687
883,192
0.19
g
Cable
&
Satellite
CSC
Holdings
LLC
,
March
2017
Refinancing
Term
Loan
,
6.709
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
7/17/25
....
United
States
2,121,097
2,052,161
0.43
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
.....
United
States
2,839,258
2,379,483
0.50
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
7.709
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..........
United
States
1,788,848
1,792,623
0.38
6,224,267
1.31
a
a
a
a
a
a
Casinos
&
Gaming
g
Bally's
Corp.
,
Term
Loan,
B
,
7.709
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/02/28
.....................
United
States
3,614,367
3,483,581
0.73
h,i
Caesars
Entertainment,
Inc.
,
Term
Loan,
B
,
TBD,
1/20/30
United
States
1,245,256
1,245,704
0.26
g
Caesars
Resort
Collection
LLC
,
Term
Loan,
B,
7.32%,
(1-week
USD
LIBOR
+
2.75%),
12/23/24
..................................
United
States
2,729,861
2,730,966
0.57
Term
Loan,
B1,
8.07%,
(1-week
USD
LIBOR
+
3.5%),
7/21/25
...................................
United
States
757,894
758,804
0.16
g
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
8.561
%
,
(
1-month
SOFR
+
4
%
),
1/27/29
..........
United
States
2,543,150
2,517,896
0.53
g
Flutter
Entertainment
plc
,
Third
Amendment
CME
Term
Loan,
2028
B
,
8.092
%
,
(
3-month
SOFR
+
3.25
%
),
7/22/28
...................................
Ireland
422,670
423,993
0.09
g
Penn
National
Gaming,
Inc.
,
CME
Term
Loan,
B
,
7.411
%
,
(
1-month
SOFR
+
2.75
%
),
5/03/29
...............
United
States
1,364,648
1,365,405
0.29
g
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.753
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
.....
United
States
2,686,478
2,673,891
0.56
g
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.103
%
,
(
3-month
SOFR
+
3.5
%
),
4/04/29
...................................
United
States
2,644,557
2,605,642
0.55
g
Scientific
Games
International,
Inc.
,
Initial
CME
Term
Loan,
B
,
7.578
%
,
(
1-month
SOFR
+
3
%
),
4/14/29
....
United
States
1,698,442
1,699,045
0.36
19,504,927
4.10
a
a
a
a
a
a
Commodity
Chemicals
g
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
......
United
States
2,503,848
2,453,771
0.52
Communications
Equipment
g
CommScope,
Inc.
,
Initial
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/06/26
..................
United
States
1,025,015
1,006,436
0.21
g
Construction
&
Engineering
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.884
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........
United
States
1,836,375
1,788,748
0.38
Zekelman
Industries,
Inc.
,
2020
Term
Loan
,
6.729
%
,
(
3-month
USD
LIBOR
+
2
%
),
1/24/27
.............
United
States
1,391,919
1,383,867
0.29
3,172,615
0.67
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
Construction
Machinery
&
Heavy
Trucks
g
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/13/28
............
United
States
2,542,612
$
2,082,628
0.44
g
Diversified
Chemicals
i
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
.......
Luxembourg
520,000
520,512
0.11
LSF11
A5
Holdco
LLC
,
CME
Term
Loan
,
8.176
%
,
(
1-month
SOFR
+
3.5
%
),
10/15/28
...............
United
States
1,812,413
1,761,820
0.37
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
...................................
United
States
831,991
815,559
0.17
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
8.415
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/16/27
...................................
United
States
1,875,880
1,841,729
0.39
4,939,620
1.04
a
a
a
a
a
a
g
Diversified
Support
Services
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
CME
Term
Loan,
3
,
8.124
%
,
(
3-month
SOFR
+
4
%
),
2/15/29
...................................
United
States
4,753,177
4,696,734
0.99
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.58
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................
United
States
2,299,083
2,261,723
0.48
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
8.765
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
....................
United
States
2,754,255
2,189,302
0.46
9,147,759
1.93
a
a
a
a
a
a
Drug
Retail
g
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
10.354
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
............
United
States
5,342,142
4,961,514
1.04
g
Education
Services
KUEHG
Corp.
,
Term
Loan,
B3
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
......................
United
States
2,166,136
2,111,852
0.44
Learning
Care
Group
(US)
No.
2,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.063
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
3/13/25
...................................
United
States
1,423,648
1,311,536
0.27
3,423,388
0.71
a
a
a
a
a
a
Environmental
&
Facilities
Services
g
Madison
IAQ
LLC
,
Term
Loan
,
7.988
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
......................
United
States
2,372,452
2,275,454
0.48
Food
Retail
g
Shearer's
Foods
LLC
,
First
Lien,
Refinancing
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
9/23/27
......
United
States
708,208
696,966
0.15
g
Health
Care
Equipment
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/23/28
.........
United
States
2,871,075
2,793,111
0.59
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
9.875
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
12/15/27
...
United
States
616,568
590,367
0.12
3,383,478
0.71
a
a
a
a
a
a
g
Health
Care
Facilities
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan,
7.945%,
(1-month
USD
LIBOR
+
3.375%),
12/23/27
........
United
States
1,937,724
1,790,941
0.38
Amendment
No.
5
Incremental
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
12/23/27
.........
United
States
382,847
354,771
0.07
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Health
Care
Facilities
(continued)
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
8.139
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
7/17/28
United
States
2,267,691
$
1,865,176
0.39
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
9.683
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
........
United
States
645,161
631,252
0.13
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.57%,
(1-month
USD
LIBOR
+
4%),
12/18/28
.......................
United
States
1,766,463
1,609,690
0.34
Second
Lien,
Initial
Term
Loan,
11.32%,
(1-month
USD
LIBOR
+
6.75%),
12/17/29
.....................
United
States
357,038
252,940
0.05
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/01/28
United
States
2,877,824
2,788,914
0.59
Pacific
Dental
Services
LLC
,
Term
Loan
,
8.008
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........
United
States
734,408
728,257
0.15
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
...................................
United
States
2,215,220
1,859,201
0.39
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.634
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
11/15/28
...
United
States
2,495,517
2,478,784
0.52
14,359,926
3.01
a
a
a
a
a
a
g
Health
Care
Services
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.125
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
........
United
States
2,526,242
2,499,995
0.53
eResearchTechnology,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.07
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
2/04/27
......
United
States
1,070,688
1,005,295
0.21
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
8.985
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........
United
States
1,927,605
1,739,056
0.37
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.408%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
...................................
United
States
3,128,677
2,309,370
0.48
First
Lien,
Initial
Term
Loan,
C,
8.48%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
......................
United
States
100,015
73,824
0.02
Phoenix
Guarantor,
Inc.
,
First
Lien,
Term
Loan,
B3
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/05/26
......
United
States
1,602,164
1,584,644
0.33
Radiology
Partners,
Inc.
,
First
Lien,
Term
Loan,
B
,
8.797
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
7/09/25
....
United
States
2,002,299
1,739,918
0.37
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.619
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
10/01/28
..................................
United
States
1,667,102
1,594,166
0.33
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.57
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
......
United
States
5,349,723
5,326,345
1.12
17,872,613
3.76
a
a
a
a
a
a
Health
Care
Technology
g
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.012
%
,
(
1-month
SOFR
+
3.5
%
),
2/15/29
................
United
States
5,232,711
4,973,247
1.04
Heavy
Electrical
Equipment
g
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.8
%
,
(
1-month
SOFR
+
4.25
%
),
5/13/29
...........................
United
States
609,274
610,471
0.13
g
Home
Improvement
Retail
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.004
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
...
United
States
1,954,834
1,782,975
0.38
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Home
Improvement
Retail
(continued)
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
8.311
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..................................
United
States
971,636
$
965,563
0.20
2,748,538
0.58
a
a
a
a
a
a
g
Homefurnishing
Retail
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
10.342
%
,
(
3-month
SOFR
+
5.5
%
),
4/26/28
................
United
States
1,805,321
1,790,093
0.38
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
7.911
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
..
United
States
796,750
779,074
0.16
2,569,167
0.54
a
a
a
a
a
a
Hotels,
Resorts
&
Cruise
Lines
g
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
Term
Loan
,
7.57
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
.......
United
States
3,103,165
3,108,425
0.65
Household
Products
g
Energizer
Holdings,
Inc.
,
2020
Term
Loan
,
6.813
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
12/22/27
.........
United
States
662,371
661,957
0.14
g
Housewares
&
Specialties
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
10.23
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
.....
United
States
2,574,000
1,724,580
0.36
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
7.859
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
.........
Netherlands
796,000
734,063
0.16
2,458,643
0.52
a
a
a
a
a
a
g
Human
Resource
&
Employment
Services
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........
United
States
2,377,062
2,311,692
0.48
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.634
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/29/28
United
States
2,234,765
2,223,457
0.47
4,535,149
0.95
a
a
a
a
a
a
g
Industrial
Machinery
Tiger
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
6/01/28
..........
United
States
2,038,688
1,985,336
0.42
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
6.871
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...........
Germany
1,608,611
1,582,696
0.33
3,568,032
0.75
a
a
a
a
a
a
g
Insurance
Brokers
Alliant
Holdings
Intermediate
LLC
,
2018
Initial
Term
Loan,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
5/09/25
.............................
United
States
2,103,909
2,104,782
0.44
New
Term
Loan,
B4,
8.008%,
(1-month
USD
LIBOR
+
3.5%),
11/05/27
.............................
United
States
1,690,120
1,690,120
0.36
AssuredPartners,
Inc.
,
2020
CME
Term
Loan,
8.061%,
(1-month
SOFR
+
3.5%),
2/12/27
..............................
United
States
1,290,250
1,277,954
0.27
2020
February
Refinancing
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...........
United
States
2,984,570
2,957,828
0.62
2021
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
..............................
United
States
610,883
604,927
0.13
2022-2
CME
Term
Loan,
8.811%,
(1-month
SOFR
+
4.25%),
2/12/27
.............................
United
States
315,000
315,590
0.06
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Insurance
Brokers
(continued)
HUB
International
Ltd.
,
2022
Incremental
CME
Term
Loan
,
8.22
%
,
(
3-month
SOFR
+
4
%
),
11/10/29
......
United
States
362,069
$
362,351
0.08
9,313,552
1.96
a
a
a
a
a
a
Integrated
Telecommunication
Services
g
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan,
9.076%,
(3-month
SOFR
+
4.25%),
11/29/25
............................
United
States
4,486,281
3,947,209
0.83
Second
Lien,
CME
Term
Loan,
14.826%,
(3-month
SOFR
+
10%),
11/29/26
.......................
United
States
2,479,737
1,889,560
0.40
5,836,769
1.23
a
a
a
a
a
a
Interactive
Home
Entertainment
g
Playtika
Holding
Corp.
,
Term
Loan,
B1
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
3/13/28
..................
United
States
1,736,742
1,724,307
0.36
Internet
&
Direct
Marketing
Retail
g
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2020
June
New
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..................
United
States
1,165,825
1,155,624
0.24
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
..........
United
States
1,203,343
1,192,157
0.25
2,347,781
0.49
a
a
a
a
a
a
g
Internet
Services
&
Infrastructure
Arches
Buyer,
Inc.
,
Refinancing
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
12/06/27
.........
United
States
983,935
953,600
0.20
Barracuda
Parent
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.176
%
,
(
3-month
SOFR
+
4.5
%
),
8/15/29
.........
United
States
2,063,966
2,002,791
0.42
Go
Daddy
Operating
Co.
LLC
(GD
Finance
Co.,
Inc.)
,
Amendment
No.
6
CME
Term
Loan
,
7.811
%
,
(
1-month
SOFR
+
3.25
%
),
11/09/29
.....................
United
States
269,841
271,192
0.06
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
8.98
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
8/19/28
.....
United
Kingdom
1,872,334
1,860,632
0.39
Thrasio
LLC
,
Initial
Term
Loan
,
11.17
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
.......................
United
States
886,432
775,628
0.16
5,863,843
1.23
a
a
a
a
a
a
g
Investment
Banking
&
Brokerage
Citadel
Securities
LP
,
2021
CME
Term
Loan,
7.176%,
(1-month
SOFR
+
2.5%),
2/02/28
..............................
United
States
1,773,462
1,771,405
0.37
CME
Term
Loan,
B
1,
7.676%,
(1-month
SOFR
+
3%),
2/02/28
...................................
United
States
478,800
480,598
0.10
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.311
%
,
(
1-month
SOFR
+
3.75
%
),
4/09/27
...................................
United
States
983,404
953,725
0.20
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..........
United
States
1,322,987
1,320,612
0.28
Osmosis
Buyer
Ltd.
,
2022
Incremental
CME
Term
Loan,
B,
7.902%,
(1-month
SOFR
+
3.75%),
7/31/28
...............
United
Kingdom
1,218,990
1,195,878
0.25
2022
Refinancing
CME
Term
Loan,
B,
8.147%,
(1-month
SOFR
+
3.75%),
7/31/28
...............
United
Kingdom
1,114,575
1,090,656
0.23
6,812,874
1.43
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
IT
Consulting
&
Other
Services
Aptean
Acquiror,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.985
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/23/26
....
United
States
1,294,115
$
1,241,076
0.26
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
9.23%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
......................
United
States
4,363,892
3,089,439
0.65
Second
Lien,
Initial
Term
Loan,
13.075%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
.................
United
States
125,000
70,000
0.01
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/01/27
......
United
States
4,235,392
4,144,331
0.87
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/01/28
..................
United
States
4,719,433
4,702,915
0.99
Sitel
Worldwide
Corp.
,
Initial
Dollar
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
8/28/28
..........
France
1,504,126
1,506,322
0.32
14,754,083
3.10
a
a
a
a
a
a
Leisure
Facilities
e,g
24
Hour
Fitness
Worldwide,
Inc.
,
Tranche
1
Term
Loan
,
9.726
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
.
United
States
8,211,649
669,477
0.14
g
Leisure
Products
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
..................
United
States
818,108
814,018
0.17
Motion
Acquisition
Ltd.
,
Term
Loan,
B1,
7.98%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
..................................
United
Kingdom
1,716,706
1,695,428
0.36
Term
Loan,
B2,
7.98%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
..................................
United
Kingdom
244,737
241,703
0.05
2,751,149
0.58
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
g
ICON
plc
,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
...................................
United
States
1,725,463
1,727,628
0.36
U.S.
Term
Loan,
7%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
...................................
United
States
429,900
430,440
0.09
2,158,068
0.45
a
a
a
a
a
a
Metal
&
Glass
Containers
Mauser
Packaging
Solutions
Holding
Co.
,
g
Initial
Term
Loan,
7.619%,
(1-month
USD
LIBOR
+
3.25%),
4/03/24
.............................
United
States
1,487,027
1,476,574
0.31
h,i
Term
Loan,
B,
TBD,
1/01/30
....................
United
States
3,000,000
2,977,500
0.63
4,454,074
0.94
a
a
a
a
a
a
g
Movies
&
Entertainment
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
B1
,
7.43
%
,
(
1-month
USD
LIBOR
+
3
%
),
4/22/26
.......
United
States
638,393
379,729
0.08
Banijay
Entertainment
SAS
,
USD
Term
Loan,
B
,
8.119
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/01/25
..........
France
694,530
694,641
0.15
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
7.262
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
....
United
States
565,069
562,852
0.12
1,637,222
0.35
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
Multi-line
Insurance
g
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/15/27
.......................
United
States
2,162,329
$
2,090,032
0.44
First
Lien,
2021-1
Additional
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
2/15/27
..........
United
States
772,826
747,953
0.16
First
Lien,
2021-2
Additional
Term
Loan,
8.82%,
(1-month
USD
LIBOR
+
4.25%),
2/15/27
..........
United
States
761,538
743,452
0.15
3,581,437
0.75
a
a
a
a
a
a
Office
Services
&
Supplies
g
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
8.676
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
..........
United
States
4,530,637
4,384,796
0.92
Other
Diversified
Financial
Services
g
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/02/28
......
United
States
2,222,766
2,158,861
0.45
g
Packaged
Foods
&
Meats
B&G
Foods,
Inc.
,
Tranche
Term
Loan,
B4
,
6.884
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
10/10/26
..........
United
States
534,809
516,257
0.11
Primary
Products
Finance
LLC
,
CME
Term
Loan,
B
,
8.743
%
,
(
3-month
SOFR
+
4
%
),
4/01/29
..........
United
States
686,207
682,285
0.14
1,198,542
0.25
a
a
a
a
a
a
g
Paper
Packaging
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/01/27
United
States
1,910,231
1,902,208
0.40
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
8.259
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
...............
Luxembourg
1,723,803
1,542,803
0.32
Pactiv
Evergreen,
Inc.
,
U.S.
Term
Loan,
B3
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/24/28
..........
United
States
575,940
574,428
0.12
4,019,439
0.84
a
a
a
a
a
a
g
Personal
Products
Conair
Holdings
LLC
,
First
Lien,
Initial
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
5/17/28
..........
United
States
3,026,859
2,620,397
0.55
Coty,
Inc.
,
USD
Term
Loan,
B
,
6.645
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
4/07/25
......................
United
States
799,879
799,379
0.17
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........
Luxembourg
4,423,342
4,342,616
0.91
7,762,392
1.63
a
a
a
a
a
a
g
Pharmaceuticals
Bausch
Health
Cos.,
Inc.
,
Second
Amendment
CME
Term
Loan
,
9.828
%
,
(
1-month
SOFR
+
5.25
%
),
2/01/27
...
United
States
631,358
488,624
0.10
Grifols
Worldwide
Operations
Ltd.
,
Dollar
Tranche
Term
Loan,
B
,
6.57
%
,
(
1-month
USD
LIBOR
+
2
%
),
11/15/27
Spain
800,000
786,944
0.17
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
......
United
States
3,019,340
3,019,808
0.64
Organon
&
Co.
,
Dollar
Term
Loan
,
7.75
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
........................
United
States
2,062,923
2,063,563
0.43
Perrigo
Co.
plc
,
Initial
CME
Term
Loan,
B
,
7.161
%
,
(
1-month
SOFR
+
2.5
%
),
4/20/29
................
United
States
1,223,975
1,228,565
0.26
PetVet
Care
Centers
LLC
,
First
Lien,
2021
First
Lien
Replacement
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
2/14/25
............................
United
States
1,958,627
1,864,124
0.39
9,451,628
1.99
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
Property
&
Casualty
Insurance
g
Asurion
LLC
,
i
New
CME
Term
Loan,
B
10,
8.68%,
(3-month
SOFR
+
4%),
8/19/28
...............................
United
States
900,000
$
854,649
0.18
New
Term
Loan,
B8,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
12/23/26
............................
United
States
984,294
943,850
0.20
Second
Lien,
New
Term
Loan,
B3,
9.82%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
..................
United
States
2,652,263
2,225,912
0.47
Second
Lien,
New
Term
Loan,
B4,
9.82%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
..................
United
States
2,248,036
1,891,171
0.39
5,915,582
1.24
a
a
a
a
a
a
g
Publishing
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
9.88
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........
United
States
4,239,433
4,052,898
0.85
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
8.316
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/28/28
..........
United
States
2,277,560
2,184,749
0.46
6,237,647
1.31
a
a
a
a
a
a
Real
Estate
Services
g
Cushman
&
Wakefield
US
Borrower
LLC
,
Replacement
Term
Loan
,
7.134
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
8/21/25
...................................
United
States
1,031,439
1,028,954
0.22
Research
&
Consulting
Services
g
Dun
&
Bradstreet
Corp.
(The)
,
Initial
Term
Loan
,
7.767
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
2/06/26
..........
United
States
1,812,789
1,811,983
0.38
g
Restaurants
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
Term
Loan
,
8.82
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/22/28
....
United
States
2,045,812
1,998,288
0.42
IRB
Holding
Corp.
,
2022
Replacement
CME
Term
Loan,
B
,
7.687
%
,
(
3-month
SOFR
+
3
%
),
12/15/27
.......
United
States
1,424,680
1,412,976
0.30
Whatabrands
LLC
,
Initial
Term
Loan,
B
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
8/03/28
..................
United
States
1,589,781
1,576,149
0.33
4,987,413
1.05
a
a
a
a
a
a
g
Security
&
Alarm
Services
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
...
United
States
1,485,816
1,434,169
0.30
APX
Group,
Inc.
,
Initial
Term
Loan
,
7.705
%
,
(
1-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
2.25%
),
7/10/28
...................................
United
States
1,211,988
1,202,753
0.25
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2021
Refinancing
Term
Loan,
B1
,
7.517
%
,
(
3-month
USD
LIBOR
+
2.75
%
),
9/23/26
......................
United
States
2,815,607
2,817,367
0.59
5,454,289
1.14
a
a
a
a
a
a
Semiconductor
Equipment
g
MKS
Instruments,
Inc.
,
Initial
Dollar
CME
Term
Loan,
B
,
7.362
%
,
(
1-month
SOFR
+
2.75
%
),
8/17/29
........
United
States
498,750
498,972
0.10
g
Soft
Drinks
Naked
Juice
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
7.93
%
,
(
3-month
SOFR
+
3.25
%
),
1/24/29
.........
United
States
723,200
668,378
0.14
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.23
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
......
United
States
1,126,872
1,075,606
0.23
1,743,984
0.37
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Specialized
Consumer
Services
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/15/28
United
States
571,119
$
562,766
0.12
Sedgwick
Claims
Management
Services,
Inc.
(Lightning
Cayman
Merger
Sub
Ltd.)
,
2019
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
9/03/26
.............................
United
States
1,723,751
1,724,828
0.36
Initial
Term
Loan,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
12/31/25
............................
United
States
781,939
779,550
0.17
WW
International,
Inc.
,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/13/28
...................
United
States
760,362
456,848
0.10
3,523,992
0.75
a
a
a
a
a
a
g
Specialized
Finance
Red
Planet
Borrower
LLC
,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/02/28
.........
United
States
1,409,151
937,593
0.20
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
8.57
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
....................
United
States
4,535,782
4,536,984
0.95
5,474,577
1.15
a
a
a
a
a
a
g
Specialty
Chemicals
ASP
Unifrax
Holdings,
Inc.
,
First
Lien,
USD
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/12/25
....
United
States
1,659,422
1,507,137
0.32
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/29/27
....
United
States
1,168,394
966,846
0.20
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
8.934%,
(3-month
SOFR
+
4.5%),
3/15/29
.......................
United
States
2,587,000
2,344,469
0.49
Second
Lien,
Initial
CME
Term
Loan,
12.049%,
(1-month
SOFR
+
7.438%),
3/15/30
..............
United
States
837,209
699,070
0.15
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/29/26
..
United
Kingdom
3,239,943
3,239,133
0.68
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
...............
United
States
4,937,625
4,346,270
0.91
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
7.369
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
......
United
States
1,014
1,013
0.00
†
13,103,938
2.75
a
a
a
a
a
a
g
Specialty
Stores
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........
United
States
1,421,375
1,401,476
0.29
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
8.98
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
..................
United
States
1,478,831
1,364,688
0.29
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.092
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
United
States
2,080,341
2,062,253
0.43
PetSmart
LLC
,
Initial
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
2/11/28
......................
United
States
2,481,305
2,467,869
0.52
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
7.782
%
,
(
3-month
USD
LIBOR
+
5
%
),
4/16/26
......
United
States
1,113,121
1,044,575
0.22
Woof
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.258
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/21/27
.........
United
States
2,428,944
2,319,641
0.49
10,660,502
2.24
a
a
a
a
a
a
g
Systems
Software
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.676
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
....
United
States
632,528
475,977
0.10
DCert
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
8.696%,
(6-month
SOFR
+
4%),
10/16/26
........................
United
States
4,345,127
4,301,350
0.90
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
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
Senior
Floating
Rate
Interests
(continued)
g
Systems
Software
(continued)
DCert
Buyer,
Inc.
(continued)
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
11.696%,
(6-month
USD
LIBOR
+
7%),
2/19/29
.....
United
States
2,050,664
$
1,888,743
0.40
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
...........
United
States
3,115,761
3,112,754
0.65
Second
Lien,
2021
Refinancing
Term
Loan,
10.82%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
..........
United
States
980,303
936,537
0.20
Idera,
Inc.
,
First
Lien,
Term
Loan,
B1
,
8.51
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/02/28
..................
United
States
1,388,754
1,346,223
0.28
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
9.011%,
(3-month
USD
LIBOR
+
4.25%),
12/01/27
...
United
States
2,570,575
2,138,937
0.45
First
Lien,
First
Amendment
Term
Loan,
8.733%,
(3-month
USD
LIBOR
+
4%),
12/01/27
............
United
States
92,629
76,824
0.02
McAfee
Corp.
,
CME
Term
Loan,
B1
,
8.184
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
......................
United
States
2,753,101
2,605,562
0.55
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
United
States
1,791,000
1,543,457
0.32
Sovos
Compliance
LLC
,
First
Lien,
Initial
Term
Loan
,
9.07
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
8/11/28
......
United
States
820,694
793,874
0.17
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
8.818
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
........................
United
States
860,185
758,253
0.16
19,978,491
4.20
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
g
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
9.58
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/27/28
..........
United
States
3,682,692
3,242,076
0.68
g
Trucking
Avis
Budget
Car
Rental
LLC
,
CME
Term
Loan,
C,
8.161%,
(1-month
SOFR
+
3.5%),
3/16/29
...................................
United
States
1,389,500
1,390,660
0.29
New
Term
Loan,
B,
6.32%,
(1-month
USD
LIBOR
+
1.75%),
8/06/27
.............................
United
States
883,300
873,474
0.19
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
8.82
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
12/15/28
United
States
2,120,394
1,822,616
0.38
4,086,750
0.86
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$405,402,148)
..................
383,338,417
80.57
Shares/Units
Escrows
and
Litigation
Trusts
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
....
United
States
6,589,709
—
0.00
a,b
Millennium
Lender
Claim
Trust,
Escrow
Account
......
United
States
6,589,709
—
0.00
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
............................
—
0.00
Total
Long
Term
Investments
(Cost
$485,932,697)
........................
456,628,633
95.98
a
Franklin
Floating
Rate
Master
Trust
Schedule
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
See
Abbreviations
on
page
30
.
Short
Term
Investments
a
a
Principal
Amount
*
a
Value
%
of
Net
Assets
aa
aa
aa
aa
aa
aa
Repurchase
Agreements
j
Joint
Repurchase
Agreement,
4.211%,
2/01/23
(Maturity
Value
$8,774,844)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$3,225,194)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$389,340)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$5,160,310)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.5%
-
4.5%,
6/15/24
-
1/20/52;
U.S.
Government
Agency
Strips,
8/15/33
-
5/15/46;
U.S.
Treasury
Bonds,
Index
Linked,
2%,
1/15/26;
and
U.S.
Treasury
Notes,
0.13%
-
2.25%,
5/15/23
-
8/15/27
(valued
at
$8,961,455)
............
8,773,817
$
8,773,817
1.84
Total
Repurchase
Agreements
(Cost
$8,773,817)
.........................
8,773,817
1.84
a
a
a
Total
Short
Term
Investments
(Cost
$8,773,817
)
..........................
8,773,817
1.84
a
Total
Investments
(Cost
$494,706,514)
..................................
$465,402,450
97.82
Other
Assets,
less
Liabilities
...........................................
10,353,004
2.18
Net
Assets
...........................................................
$475,755,454
100.00
*
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
13
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,
2023,
the
aggregate
value
of
these
securities
was
$21,118,876,
representing
4.4%
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
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
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
1(b)
regarding
joint
repurchase
agreement.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2023
(unaudited)
franklintempleton.com
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
...................................................................
$471,542,365
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
14,390,332
Cost
-
Unaffiliated
repurchase
agreements
......................................................
8,773,817
Value
-
Unaffiliated
issuers
..................................................................
$443,626,481
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
13,002,152
Value
-
Unaffiliated
repurchase
agreements
......................................................
8,773,817
Cash
....................................................................................
2,636,794
Receivables:
Investment
securities
sold
...................................................................
15,752,392
Dividends
and
interest
.....................................................................
2,596,180
Total
assets
..........................................................................
486,387,816
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
6,662,465
Management
fees
.........................................................................
207,083
Trustees'
fees
and
expenses
.................................................................
1,109
Distributions
to
shareholders
.................................................................
3,499,103
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
12
)
......................................
135,039
Accrued
expenses
and
other
liabilities
...........................................................
127,563
Total
liabilities
.........................................................................
10,632,362
Net
assets,
at
value
.................................................................
$475,755,454
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$894,702,835
Total
distributable
earnings
(losses)
.............................................................
(418,947,381)
Net
assets,
at
value
.................................................................
$475,755,454
Shares
outstanding
.........................................................................
67,970,125
Net
asset
value
and
maximum
offering
price
per
share
($475,755,454
÷67,970,125
shares
outstanding)
..........
$7.00
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2023
(unaudited)
franklintempleton.com
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
$21,452)
Unaffiliated
issuers
........................................................................
$772,802
Non-controlled
affiliates
(Note
3
d
)
.............................................................
512,013
Interest:
Unaffiliated
issuers
........................................................................
20,784,907
Total
investment
income
...................................................................
22,069,722
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,477,656
Custodian
fees
(Note
4
)
......................................................................
190
Reports
to
shareholders
fees
..................................................................
452
Professional
fees
...........................................................................
81,059
Trustees'
fees
and
expenses
..................................................................
4,304
Other
....................................................................................
14,024
Total
expenses
.........................................................................
1,577,685
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(100,023)
Net
expenses
.........................................................................
1,477,662
Net
investment
income
................................................................
20,592,060
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(21,671,200)
Non-controlled
affiliates
(Note
3
d
)
...........................................................
(321,101)
Net
realized
gain
(loss)
..................................................................
(21,992,301)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
21,668,275
Non-controlled
affiliates
(Note
3
d
)
...........................................................
465,421
Unfunded
loan
commitments
.................................................................
62,305
Net
change
in
unrealized
appreciation
(depreciation)
............................................
22,196,001
Net
realized
and
unrealized
gain
(loss)
............................................................
203,700
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$20,795,760
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
21
Franklin
Floating
Rate
Master
Series
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$20,592,060
$22,843,645
Net
realized
gain
(loss)
.................................................
(21,992,301)
(4,946,490)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
22,196,001
(29,588,121)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
20,795,760
(11,690,966)
Distributions
to
shareholders
..............................................
(22,057,256)
(26,268,504)
Capital
share
transactions
(Note
2
)
..........................................
(139,590,485)
224,438,230
Net
increase
(decrease)
in
net
assets
...................................
(140,851,981)
186,478,760
Net
assets:
Beginning
of
period
.....................................................
616,607,435
430,128,675
End
of
period
..........................................................
$475,755,454
$616,607,435
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Master
Series
22
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.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
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,
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
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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
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
Schedule
of
Investments,
had
been
entered
into
on
January
31,
2023.
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.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Joint
Repurchase
Agreement
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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.
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,
2023,
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,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Six
Months
Ended
January
31,
2023
Year
Ended
July
31,
2022
Shares
Amount
Shares
Amount
Shares
sold
...................................
1,764,519
$12,261,737
44,481,719
$328,383,729
Shares
redeemed
...............................
(21,907,011)
(151,852,222)
(14,617,312)
(103,945,499)
Net
increase
(decrease)
..........................
(20,142,492)
$(139,590,485)
29,864,407
$224,438,230
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
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
For
the
period
ended
January
31,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 0.530%
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.
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,
2023,
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
fiscal
year
end.
Advisers
may
discontinue
this
waiver
at
any
time
upon
notice
to
the
Board.
f.
Other
Affiliated
Transactions
At
January
31,
2023,
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.
    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
..................
$
3,541,365
$
—
$
—
$
—
$
50,790
$
3,592,155
461,717
$
140,700
Franklin
Senior
Loan
ETF
....
13,667,837
—
(4,351,370)
(321,101)
414,631
9,409,997
393,148
371,313
Total
Affiliated
Securities
...
$17,209,202
$—
$(4,351,370)
$(321,101)
$465,421
$13,002,152
$512,013
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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,
2023,
there
were
no
credits
earned. 
5.
Income
Taxes
At
January
31,
2023,
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
treatment
of
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2023,
aggregated
$21,985,212
and
$154,446,131,
respectively.
7.
Credit Risk
At
January
31,
2023,
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.
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.
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
..........................................................................
$495,648,660
Unrealized
appreciation
........................................................................
$5,466,144
Unrealized
depreciation
........................................................................
(35,712,354)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(30,246,210)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
10.
Shareholder
Distributions
For
the
period
ended
January
31,
2023,
the
Fund
made
the
following
distributions:
11.
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
3,
2023.
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
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
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,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
12.
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
Schedule
of
Investments.
At
January
31,
2023,
unfunded
commitments
were
as
follows:
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
Payment
Date
Amount
Per
Share
8/31/2022
$0.038958
9/30/2022
0.044271
10/31/2022
0.044248
11/30/2022
0.047111
12/30/2022
0.055289
1/31/2023
0.049488
Total
$0.279365
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Master
Series
athenahealth
Group,
Inc.
$
641,211
Thrasio
LLC
900,000
$
1,541,211
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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,
2023,
in
valuing
the
Fund's assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Industrial
Machinery
....................
$
—
$
7,945,476
$
—
$
7,945,476
Leisure
Facilities
.......................
—
26,938
—
26,938
Oil
&
Gas
Exploration
&
Production
.........
—
15,537,282
—
15,537,282
Trucking
.............................
—
—
912,943
912,943
Management
Investment
Companies
:
Asset
Management
&
Custody
Banks
.......
11,889,810
3,592,155
—
15,481,965
Preferred
Stocks
........................
—
3,695
—
3,695
Warrants
..............................
—
—
1,716
1,716
Corporate
Bonds
:
Airlines
..............................
—
3,908,484
—
3,908,484
Broadcasting
.........................
—
390,178
—
390,178
Cable
&
Satellite
.......................
—
2,365,788
—
2,365,788
Casinos
&
Gaming
.....................
—
864,860
—
864,860
Communications
Equipment
..............
—
577,129
—
577,129
Construction
Materials
..................
—
702,369
—
702,369
Diversified
Chemicals
...................
—
969,425
—
969,425
Environmental
&
Facilities
Services
.........
—
803,781
—
803,781
Health
Care
Services
...................
—
376,665
—
376,665
Independent
Power
Producers
&
Energy
Traders
............................
—
1,663,596
—
1,663,596
Integrated
Telecommunication
Services
......
—
1,634,752
—
1,634,752
Investment
Banking
&
Brokerage
..........
—
715,279
—
715,279
Metal
&
Glass
Containers
................
—
1,736,334
—
1,736,334
Movies
&
Entertainment
.................
—
483,120
—
483,120
Multi-line
Insurance
.....................
—
440,334
—
440,334
Office
Services
&
Supplies
...............
—
304,894
—
304,894
Oil
&
Gas
Equipment
&
Services
...........
—
240,155
—
240,155
Oil
&
Gas
Storage
&
Transportation
.........
—
429,032
—
429,032
Paper
Packaging
......................
—
1,052,839
—
1,052,839
Specialized
Consumer
Services
...........
—
640,797
—
640,797
Specialty
Chemicals
....................
—
553,568
—
553,568
Specialty
Stores
.......................
—
281,381
—
281,381
Trucking
.............................
—
416,952
11,527,399
11,944,351
Wireless
Telecommunication
Services
.......
—
301,090
—
301,090
Senior
Floating
Rate
Interests
...............
—
383,338,417
—
383,338,417
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
—
8,773,817
—
8,773,817
Total
Investments
in
Securities
...........
$11,889,810
$441,070,582
$12,442,058
$465,402,450
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
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,
2023,
the
reconciliation is
as follows:
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,
2023,
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
(continued)
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$—
$135,039
$—
$135,039
$—
$—
$—
$—
Total
Other
Financial
Instruments
.........
$—
$135,039
$—
$135,039
a
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
Balance
at
Beginning
of
Period
Purchases
Sales
a
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
Trucking
..........
$
—
b
$
—
$
—
$
—
$
—
$
—
$
—
$
912,943
$
912,943
$
912,943
Warrants
Industrial
Machinery
..
3,866
—
—
—
—
—
—
(2,150)
1,716
(2,150)
Corporate
Bonds
Trucking
..........
9,656,220
—
—
—
—
559,657
—
1,311,522
11,527,399
1,311,522
Senior
Floating
Rate
Interests
Household
Products
..
1,118,494
—
(310,842)
—
—
—
(8,589,137)
7,781,485
—
—
Escrows
and
Litigation
Trusts
...........
—
b
—
—
—
—
—
—
—
—
b
—
Total
Investments
in
Securities
.
$10,778,580
$—
$(310,842)
$—
$—
$559,657
$(8,589,137)
$10,003,800
$12,442,058
2,222,315
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Assets:
Investments
in
Securities:
Corporate
Bonds:
Trucking
.................
$11,527,399
Discounted
cash
flow
Discount
rate
16.6%
Decrease
Recovery
value
107.5%
Increase
All
Other
Investments
..........
914,659
b,c
Total.
......................
$12,442,058
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
14.
New
Accounting
Pronouncements
In
March
2020,
the 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
and
December
2022,
the
FASB
issued
ASU
No.
2021-01
and
ASU
No.
2022-06,
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
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,
2024.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
In June
2022,
the
FASB
issued
ASU
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
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
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
c
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
Currency
USD
United
States
Dollar
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
ETF
Exchange-Traded
Fund
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
TBD
To
Be
Determined
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
31
franklintempleton.com
Semiannual
Report
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
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
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
8/1/22
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
Ending
Account
Value
1/31/23
Expenses
Paid
During
Period
8/1/22–1/31/23
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,055.60
$3.11
$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,
2023
(unaudited)
Year
Ended
July
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.67
$7.92
$7.34
$8.61
$9.45
$10.04
Income
from
investment
operations
a
:
Net
investment
income
..............
0.313
b
0.355
b
0.334
b
0.412
0.695
0.698
Net
realized
and
unrealized
gains
(losses)
0.104
(0.234)
0.596
(1.227)
(0.827)
(0.588)
Total
from
investment
operations
........
0.417
0.121
0.930
(0.815)
(0.132)
0.110
Less
distributions
from:
Net
investment
income
..............
(0.307)
(0.371)
(0.350)
(0.455)
(0.708)
(0.700)
Net
asset
value,
end
of
period
..........
$7.78
$7.67
$7.92
$7.34
$8.61
$9.45
Total
return
c
.......................
5.56%
1.52%
12.84%
(9.74)%
(1.48)%
1.30%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.67%
0.65%
0.67%
0.73%
0.71%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
Net
investment
income
...............
8.07%
4.41%
4.32%
5.42%
7.66%
7.25%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$510,656
$644,655
$650,531
$202,101
$325,091
$363,071
Portfolio
turnover
rate
................
3.78
%
53.90%
66.93%
f
67.04%
30.93%
55.93%
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
Schedule
of
Investments
(unaudited),
January
31,
2023
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
8.3%
Hotels,
Restaurants
&
Leisure
0.0%
†
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
88,077
$
22,812
Machinery
0.4%
a
UTEX
Industries,
Inc.
..................................
United
States
32,616
2,152,656
Oil,
Gas
&
Consumable
Fuels
7.7%
b
Quarternorth
Energy
Holding,
Inc.
.........................
United
States
281,161
39,081,379
Road
&
Rail
0.2%
a,c
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
7,733,610
1,200,927
Total
Common
Stocks
(Cost
$36,993,126)
......................................
42,457,774
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
208,597
3,129
a
Total
Preferred
Stocks
(Cost
$281,502)
.........................................
3,129
Warrants
Warrants
3.3%
Machinery
0.0%
†
a,c
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
2,796
14,951
Oil,
Gas
&
Consumable
Fuels
3.3%
a,b
Quarternorth
Energy
Holding,
Inc.,
2/01/49
..................
United
States
119,957
16,674,023
Total
Warrants
(Cost
$14,454,819)
.............................................
16,688,974
Principal
Amount
*
Corporate
Bonds
3.0%
Road
&
Rail
3.0%
c,d
Onsite
Rental
Group
Operations
Pty.
Ltd.
,
PIK,
6.1
%
,
10/26/23
...
Australia
14,108,720
15,163,202
Total
Corporate
Bonds
(Cost
$18,044,315)
......................................
15,163,202
e
Senior
Floating
Rate
Interests
78.4%
f
Aerospace
&
Defense
1.3%
d
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
14
%
,
PIK,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
......................................
United
Kingdom
7,306,465
5,970,295
Dynasty
Acquisition
Co.,
Inc.
,
2020
CME
Term
Loan,
B1,
8.161%,
(1-month
SOFR
+
3.5%),
4/06/26
...........................................
United
States
618,307
608,108
2020
CME
Term
Loan,
B2,
8.161%,
(1-month
SOFR
+
3.5%),
4/06/26
...........................................
United
States
332,423
326,940
6,905,343
a
a
a
a
a
a
f
Airlines
4.6%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
Term
Loan
,
9.558
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
4/20/28
.......
United
States
1,931,462
1,986,383
Air
Canada
,
Term
Loan
,
8.13
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
...........................................
Canada
2,728,151
2,735,449
American
Airlines,
Inc.
,
2018
Replacement
Term
Loan
,
6.267
%
,
(
1-month
USD
LIBOR
+
1.75
%
),
6/27/25
..................
United
States
8,694,938
8,541,603
Kestrel
Bidco,
Inc.
,
Term
Loan
,
7.508
%
,
(
1-month
USD
LIBOR
+
3
%
),
12/11/26
......................................
Canada
4,055,791
3,906,497
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
Airlines
(continued)
United
AirLines,
Inc.
,
Term
Loan,
B
,
8.568
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
4/21/28
.....................................
United
States
6,097,191
$
6,108,562
23,278,494
a
a
a
a
a
a
f
Auto
Components
2.9%
Adient
US
LLC
,
Term
Loan,
B1
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/10/28
.....................................
United
States
2,400,770
2,397,769
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/04/28
.................
United
States
400,343
371,270
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan,
8.368%,
(3-month
SOFR
+
5%),
3/30/27
...........................................
United
States
5,441,629
5,351,842
Second
Lien,
2021
Term
Loan,
13.602%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
......................................
United
States
2,000,000
1,818,130
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
9.07
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
11/09/27
.............
United
States
3,075,209
2,962,457
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
Term
Loan
,
7.98
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/16/26
............
United
States
1,916,797
1,915,196
14,816,664
a
a
a
a
a
a
f
Automobiles
0.7%
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
1,461,435
1,289,315
Thor
Industries,
Inc.
,
USD
Term
Loan,
B1
,
7.563
%
,
(
1-month
USD
LIBOR
+
3
%
),
2/01/26
................................
United
States
2,181,192
2,184,605
3,473,920
a
a
a
a
a
a
Banks
0.0%
†
f
Finastra
Ltd.
,
First
Lien,
Dollar
Term
Loan
,
8.325
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
6/13/24
...............................
United
Kingdom
2,744
2,585
f
Beverages
0.7%
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
Term
Loan
,
8.33
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
4/05/28
...................
United
States
3,615,347
1,699,213
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.23
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
3/31/28
...................
United
States
2,063,352
1,969,480
3,668,693
a
a
a
a
a
a
Building
Products
1.2%
f
Quikrete
Holdings,
Inc.
,
First
Lien,
Fourth
Amendment
Term
Loan,
B1
,
7.57
%
,
(
1-month
USD
LIBOR
+
3
%
),
3/18/29
............
United
States
6,273,371
6,259,821
f
Capital
Markets
1.3%
Citadel
Securities
LP
,
2021
CME
Term
Loan,
7.176%,
(1-month
SOFR
+
2.5%),
2/02/28
United
States
3,003,716
3,000,232
CME
Term
Loan,
B
1,
7.676%,
(1-month
SOFR
+
3%),
2/02/28
..
United
States
412,965
414,516
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/07/28
....
United
States
487,426
478,501
Jane
Street
Group
LLC
,
Dollar
Term
Loan
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/26/28
..............................
United
States
1,304,111
1,301,770
Osmosis
Buyer
Ltd.
,
2022
Incremental
CME
Term
Loan,
B,
7.902%,
(1-month
SOFR
+
3.75%),
7/31/28
.....................................
United
Kingdom
1,022,158
1,002,778
2022
Refinancing
CME
Term
Loan,
B,
8.147%,
(1-month
SOFR
+
3.75%),
7/31/28
.....................................
United
Kingdom
494,910
484,289
6,682,086
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
Chemicals
6.3%
f
ASP
Unifrax
Holdings,
Inc.
,
First
Lien,
USD
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/12/25
.................
United
States
1,598,838
$
1,452,112
f
Axalta
Coating
Systems
Dutch
Holding
B
BV
,
Dollar
Facility
CME
Term
Loan,
B-4
,
7.506
%
,
(
3-month
SOFR
+
3
%
),
12/20/29
.....
United
States
2,000,000
2,011,250
f
CPC
Acquisition
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
12/29/27
.........................
United
States
923,762
764,413
f
Cyanco
Intermediate
2
Corp.
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/16/25
...................
United
States
2,733,866
2,679,189
f
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
8.934%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
3,213,850
2,912,552
Second
Lien,
Initial
CME
Term
Loan,
12.049%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
1,325,581
1,106,860
f
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
Term
Loan,
B
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
1/29/26
..................
United
Kingdom
5,410,640
5,409,288
f,g
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
2,784,375
2,787,118
LSF11
A5
Holdco
LLC
,
f
CME
Term
Loan,
8.176%,
(1-month
SOFR
+
3.5%),
10/15/28
...
United
States
358,541
348,532
g,h
Incremental
Term
Loan,
B,
TBD,
10/15/28
.................
United
States
1,238,095
1,210,238
f
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
Term
Loan,
B
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
6/30/27
...........
United
States
619,767
607,527
f
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
4,989,731
4,392,136
f
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
8.415
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/16/27
..............
United
States
5,129,285
5,035,907
f
Sparta
U.S.
Holdco
LLC
,
First
Lien,
Initial
Term
Loan
,
7.369
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
.....................
United
States
1,294,053
1,292,435
32,009,557
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
4.8%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
8.411
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
................
United
States
3,271,291
3,157,581
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
CME
Term
Loan,
3
,
8.124
%
,
(
3-month
SOFR
+
4
%
),
2/15/29
............
United
States
687,545
679,381
APX
Group,
Inc.
,
Initial
Term
Loan
,
7.705
%
,
(
1-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
2.25%
),
7/10/28
.............
United
States
4,026,107
3,995,428
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.58
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
1,646,061
1,619,312
Madison
IAQ
LLC
,
Term
Loan
,
7.988
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
6/21/28
.....................................
United
States
1,095,692
1,050,894
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
8.676
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
9,719,674
9,406,798
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2021
Refinancing
Term
Loan,
B1
,
7.517
%
,
(
3-month
USD
LIBOR
+
2.75
%
),
9/23/26
United
States
3,844,086
3,846,488
Spin
Holdco,
Inc.
,
Initial
Term
Loan
,
8.765
%
,
(
3-month
USD
LIBOR
+
4
%
),
3/04/28
.......................................
United
States
1,058,077
841,044
24,596,926
a
a
a
a
a
a
Communications
Equipment
0.4%
f
CommScope,
Inc.
,
Initial
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
4/06/26
.....................................
United
States
2,380,311
2,337,168
Construction
&
Engineering
0.4%
f
USIC
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.884
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/12/28
...........................
United
States
2,074,447
2,020,646
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
Containers
&
Packaging
2.4%
f
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
12/01/27
............
United
States
2,806,096
$
2,794,311
f
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
8.259
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
..............................
Luxembourg
2,773,154
2,481,972
Mauser
Packaging
Solutions
Holding
Co.
,
f
Initial
Term
Loan,
7.619%,
(1-month
USD
LIBOR
+
3.25%),
4/03/24
...........................................
United
States
1,030,314
1,023,071
g,h
Term
Loan,
B,
TBD,
1/01/30
............................
United
States
3,100,000
3,076,750
f
Pactiv
Evergreen,
Inc.
,
U.S.
Term
Loan,
B3
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/24/28
..............................
United
States
2,969,925
2,962,129
12,338,233
a
a
a
a
a
a
f
Diversified
Financial
Services
1.1%
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.25%,
(3-month
USD
LIBOR
+
3.5%),
8/02/28
...........................................
United
States
847,908
823,530
Second
Lien,
Initial
Term
Loan,
11.313%,
(3-month
USD
LIBOR
+
6.5%),
8/02/29
......................................
United
States
500,000
448,750
Red
Planet
Borrower
LLC
,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/02/28
.............................
United
States
1,143,680
760,959
Verscend
Holding
Corp.
,
Term
Loan,
B1
,
8.57
%
,
(
1-month
USD
LIBOR
+
4
%
),
8/27/25
................................
United
States
3,485,797
3,486,720
5,519,959
a
a
a
a
a
a
f
Diversified
Telecommunication
Services
0.7%
Altice
France
SA
,
USD
Incremental
Term
Loan,
B13
,
8.65
%
,
(
3-month
USD
LIBOR
+
4
%
),
8/14/26
.....................
France
496,718
480,575
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
11/29/25
.............................
United
States
3,699,473
3,254,944
3,735,519
a
a
a
a
a
a
Electrical
Equipment
0.3%
f
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.8
%
,
(
1-month
SOFR
+
4.25
%
),
5/13/29
...........................................
United
States
1,392,153
1,394,888
f
Entertainment
0.5%
Banijay
Entertainment
SAS
,
USD
Term
Loan,
B
,
8.119
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/01/25
..........................
France
985,621
985,779
Playtika
Holding
Corp.
,
Term
Loan,
B1
,
7.32
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
3/13/28
...................................
United
States
1,832,985
1,819,861
2,805,640
a
a
a
a
a
a
Food
&
Staples
Retailing
1.1%
f
GNC
Holdings,
Inc.
,
Second
Lien,
Term
Loan
,
10.354
%
,
(
1-month
USD
LIBOR
+
6
%
),
10/07/26
...........................
United
States
6,183,867
5,743,266
f
Food
Products
0.7%
B&G
Foods,
Inc.
,
Tranche
Term
Loan,
B4
,
6.884
%
,
(
1-month
USD
LIBOR
+
2.5
%
),
10/10/26
..............................
United
States
2,636,609
2,545,145
Primary
Products
Finance
LLC
,
CME
Term
Loan,
B
,
8.743
%
,
(
3-month
SOFR
+
4
%
),
4/01/29
.........................
United
States
844,846
840,018
3,385,163
a
a
a
a
a
a
f
Health
Care
Equipment
&
Supplies
0.5%
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/23/28
.............................
United
States
1,760,288
1,712,488
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
Health
Care
Equipment
&
Supplies
(continued)
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
Term
Loan
,
9.875
%
,
(
1-month
USD
LIBOR
+
5.25
%
),
12/15/27
....................................
United
States
750,133
$
718,256
2,430,744
a
a
a
a
a
a
f
Health
Care
Providers
&
Services
6.5%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
Term
Loan
,
7.945
%
,
(
1-month
USD
LIBOR
+
3.375
%
),
12/23/27
................
United
States
3,192,636
2,950,794
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
Term
Loan
,
8.139
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
7/17/28
............
United
States
1,841,044
1,514,259
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
9.683
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
1,236,559
1,209,899
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.125
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
3,241,698
3,208,017
Dermatology
Intermediate
Holdings
III,
Inc.
,
Closing
Date
CME
Term
Loan,
8.573%,
(1-month
SOFR
+
4.25%),
3/30/29
...........................................
United
States
940,134
926,032
g,i
Delayed
Draw
CME
Term
Loan,
8.758%,
(3-month
SOFR
+
4.25%),
3/30/29
.....................................
United
States
170,262
167,708
eResearchTechnology,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.07
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
2/04/27
...................
United
States
2,523,361
2,369,247
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.57%,
(1-month
USD
LIBOR
+
4%),
12/18/28
..........................................
United
States
226,718
206,596
Second
Lien,
Initial
Term
Loan,
11.32%,
(1-month
USD
LIBOR
+
6.75%),
12/17/29
....................................
United
States
763,254
540,720
Global
Medical
Response,
Inc.
,
2018
New
Term
Loan
,
8.82
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
3/14/25
..................
United
States
2,021,032
1,495,563
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/01/28
..................
United
States
1,278,982
1,239,468
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
8.985
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
1,824,392
1,645,939
National
Mentor
Holdings,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
11.98
%
,
(
3-month
USD
LIBOR
+
7.25
%
),
3/02/29
............
United
States
2,000,000
1,315,000
Pacific
Dental
Services
LLC
,
Term
Loan
,
8.008
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...............................
United
States
1,455,871
1,443,678
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/31/27
.............
United
States
1,382,392
1,160,221
Phoenix
Guarantor,
Inc.
,
First
Lien,
Term
Loan,
B3
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
3/05/26
...........................
United
States
2,222,758
2,198,453
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.634
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
11/15/28
.........................
United
States
832,563
826,981
Radiology
Partners,
Inc.
,
First
Lien,
Term
Loan,
B
,
8.797
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
7/09/25
..........................
United
States
3,680,774
3,198,445
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.619
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
10/01/28
.................
United
States
1,948,209
1,862,975
U.S.
Renal
Care,
Inc.
,
Initial
Term
Loan
,
9.438
%
,
(
1-month
USD
LIBOR
+
5
%
),
6/26/26
................................
United
States
3,746,791
2,258,435
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.57
%
,
(
1-month
USD
LIBOR
+
4
%
),
10/22/26
....................
United
States
1,707,356
1,699,894
33,438,324
a
a
a
a
a
a
Health
Care
Technology
0.2%
f
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.012
%
,
(
1-month
SOFR
+
3.5
%
),
2/15/29
...............................
United
States
877,252
833,753
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
Hotels,
Restaurants
&
Leisure
3.3%
d
24
Hour
Fitness
Worldwide,
Inc.
,
Tranche
1
Term
Loan
,
9.726
%
,
PIK,
(
3-month
USD
LIBOR
+
5
%
),
12/29/25
....................
United
States
4,285,160
$
349,360
Bally's
Corp.
,
Term
Loan,
B
,
7.709
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
10/02/28
....................................
United
States
6,893,776
6,644,324
Flutter
Entertainment
plc
,
Third
Amendment
CME
Term
Loan,
2028
B
,
8.092
%
,
(
3-month
SOFR
+
3.25
%
),
7/22/28
..............
Ireland
352,224
353,327
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
Term
Loan
,
7.57
%
,
(
1-month
USD
LIBOR
+
3
%
),
8/02/28
.....................
United
States
2,724,371
2,728,989
IRB
Holding
Corp.
,
2022
Replacement
CME
Term
Loan,
B
,
7.687
%
,
(
3-month
SOFR
+
3
%
),
12/15/27
........................
United
States
721,014
715,090
Penn
National
Gaming,
Inc.
,
CME
Term
Loan,
B
,
7.411
%
,
(
1-month
SOFR
+
2.75
%
),
5/03/29
..............................
United
States
653,584
653,946
Raptor
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.753
%
,
(
3-month
USD
LIBOR
+
4
%
),
11/01/26
...........................
United
States
1,775,568
1,767,249
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.103
%
,
(
3-month
SOFR
+
3.5
%
),
4/04/29
............
United
States
3,567,379
3,514,885
16,727,170
a
a
a
a
a
a
Household
Durables
0.5%
f
Astro
One
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
10.23
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
9/15/28
...................
United
States
3,707,550
2,484,059
f
Insurance
3.8%
Acrisure
LLC
,
First
Lien,
2020
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/15/27
...........................................
United
States
1,802,922
1,742,641
First
Lien,
2021-1
Additional
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
2/15/27
..............................
United
States
1,672,315
1,618,491
First
Lien,
2021-2
Additional
Term
Loan,
8.82%,
(1-month
USD
LIBOR
+
4.25%),
2/15/27
..............................
United
States
558,525
545,260
Alliant
Holdings
Intermediate
LLC
,
New
Term
Loan,
B4
,
8.008
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
11/05/27
..................
United
States
1,390,186
1,390,185
AssuredPartners,
Inc.
,
2020
CME
Term
Loan,
8.061%,
(1-month
SOFR
+
3.5%),
2/12/27
United
States
1,585,764
1,570,652
2020
February
Refinancing
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
...............................
United
States
2,320,507
2,299,715
2021
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
United
States
696,822
690,028
2022-2
CME
Term
Loan,
8.811%,
(1-month
SOFR
+
4.25%),
2/12/27
...........................................
United
States
682,500
683,780
Asurion
LLC
,
New
CME
Term
Loan,
B
10,
8.68%,
(3-month
SOFR
+
4%),
8/19/28
...........................................
United
States
473,813
449,937
Second
Lien,
New
Term
Loan,
B4,
9.82%,
(1-month
USD
LIBOR
+
5.25%),
1/20/29
.....................................
United
States
9,070,140
7,630,301
HUB
International
Ltd.
,
2022
Incremental
CME
Term
Loan
,
8.22
%
,
(
3-month
SOFR
+
4
%
),
11/10/29
........................
United
States
646,552
647,056
19,268,046
a
a
a
a
a
a
f
IT
Services
5.0%
Aptean
Acquiror,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.985
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/23/26
..........................
United
States
3,242,449
3,109,557
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
9.23%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
..........................................
United
States
5,440,738
3,851,798
Second
Lien,
Initial
Term
Loan,
13.075%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
....................................
United
States
11,037,961
6,181,258
Barracuda
Parent
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.176
%
,
(
3-month
SOFR
+
4.5
%
),
8/15/29
........................
United
States
1,813,392
1,759,643
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
IT
Services
(continued)
Gainwell
Acquisition
Corp.
,
First
Lien,
Term
Loan,
B
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/01/27
....................
United
States
2,948,713
$
2,885,316
Go
Daddy
Operating
Co.
LLC
(GD
Finance
Co.,
Inc.)
,
Amendment
No.
6
CME
Term
Loan
,
7.811
%
,
(
1-month
SOFR
+
3.25
%
),
11/09/29
..........................................
United
States
396,825
398,811
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
Term
Loan
,
8.98
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
8/19/28
..................
United
Kingdom
2,036,726
2,023,996
Peraton
Corp.
,
First
Lien,
Term
Loan,
B
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/01/28
..............................
United
States
3,448,945
3,436,874
Thrasio
LLC
,
Initial
Term
Loan
,
11.17
%
,
(
3-month
USD
LIBOR
+
7
%
),
12/18/26
..........................................
United
States
2,216,080
1,939,070
25,586,323
a
a
a
a
a
a
Leisure
Products
0.1%
f
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
..........................................
United
States
313,542
311,974
Life
Sciences
Tools
&
Services
0.2%
f
ICON
plc
,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
......
United
States
982,241
983,474
U.S.
Term
Loan,
7%,
(3-month
USD
LIBOR
+
2.25%),
7/03/28
..
United
States
244,726
245,033
1,228,507
a
a
a
a
a
a
f
Machinery
1.1%
ASP
Blade
Holdings,
Inc.
,
Initial
Term
Loan
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
10/13/28
...............................
United
States
666,148
545,635
Tiger
Acquisition
LLC
,
First
Lien,
Initial
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
6/01/28
..........................
United
States
2,512,373
2,446,624
TK
Elevator
Midco
GmbH
,
USD
Term
Loan,
B1
,
6.871
%
,
(
6-month
USD
LIBOR
+
3.5
%
),
7/30/27
...........................
Germany
2,501,954
2,461,647
5,453,906
a
a
a
a
a
a
f
Media
4.8%
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
9.88
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........................
United
States
3,250,661
3,107,632
CSC
Holdings
LLC
,
2022
Refinancing
CME
Term
Loan
,
8.822
%
,
(
1-month
SOFR
+
4.5
%
),
1/17/28
........................
United
States
8,066,217
7,665,447
Gray
Television,
Inc.
,
Term
Loan,
D
,
7.369
%
,
(
1-month
USD
LIBOR
+
3
%
),
12/01/28
......................................
United
States
3,950,100
3,943,306
McGraw-Hill
Education,
Inc.
,
Initial
Term
Loan
,
8.316
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/28/28
..........................
United
States
2,600,477
2,494,507
Radiate
Holdco
LLC
,
Amendment
No.
6
Term
Loan
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/25/26
..........................
United
States
799,181
669,765
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
Term
Loan,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
3/15/26
..................
United
States
1,275,809
1,264,735
First
Lien,
Initial
Term
Loan,
B,
7.82%,
(1-month
USD
LIBOR
+
3.25%),
1/31/29
.....................................
United
States
1,985,000
1,956,644
Virgin
Media
Bristol
LLC
,
Term
Loan,
Q
,
7.709
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
1/31/29
..............................
United
States
3,556,664
3,564,169
24,666,205
a
a
a
a
a
a
Metals
&
Mining
0.1%
f
U.S.
Silica
Co.
,
Term
Loan
,
8.625
%
,
(
1-month
USD
LIBOR
+
4
%
),
5/01/25
...........................................
United
States
310,590
310,396
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
Personal
Products
0.7%
f
Sunshine
Luxembourg
VII
SARL
,
Term
Loan,
B3
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
10/01/26
.........................
Luxembourg
3,497,700
$
3,433,867
f
Pharmaceuticals
3.9%
Bausch
Health
Cos.,
Inc.
,
Second
Amendment
CME
Term
Loan
,
9.828
%
,
(
1-month
SOFR
+
5.25
%
),
2/01/27
................
United
States
3,551,135
2,748,312
Grifols
Worldwide
Operations
Ltd.
,
Dollar
Tranche
Term
Loan,
B
,
6.57
%
,
(
1-month
USD
LIBOR
+
2
%
),
11/15/27
..............
Spain
3,400,000
3,344,512
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........................
United
States
7,769,923
7,771,127
Organon
&
Co.
,
Dollar
Term
Loan
,
7.75
%
,
(
3-month
USD
LIBOR
+
3
%
),
6/02/28
.......................................
United
States
4,881,447
4,882,960
Perrigo
Co.
plc
,
Initial
CME
Term
Loan,
B
,
7.161
%
,
(
1-month
SOFR
+
2.5
%
),
4/20/29
....................................
United
States
1,179,834
1,184,258
19,931,169
a
a
a
a
a
a
f
Professional
Services
0.4%
CCRR
Parent,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..........................
United
States
1,403,547
1,364,949
CHG
Healthcare
Services,
Inc.
,
First
Lien,
Initial
Term
Loan
,
7.634
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
9/29/28
..................
United
States
780,737
776,787
2,141,736
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.1%
Cushman
&
Wakefield
US
Borrower
LLC
,
g,h
CME
Term
Loan,
TBD,
1/21/30
..........................
United
States
589,454
587,980
f
Replacement
Term
Loan,
7.134%,
(1-month
USD
LIBOR
+
2.75%),
8/21/25
...........................................
United
States
217,735
217,211
805,191
a
a
a
a
a
a
f
Road
&
Rail
1.7%
Avis
Budget
Car
Rental
LLC
,
CME
Term
Loan,
C,
8.161%,
(1-month
SOFR
+
3.5%),
3/16/29
..
United
States
2,384,487
2,386,478
New
Term
Loan,
B,
6.32%,
(1-month
USD
LIBOR
+
1.75%),
8/06/27
...........................................
United
States
5,364,017
5,304,343
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
Term
Loan
,
8.82
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
12/15/28
.................
United
States
1,083,600
931,425
8,622,246
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.5%
f
MKS
Instruments,
Inc.
,
Initial
Dollar
CME
Term
Loan,
B
,
7.362
%
,
(
1-month
SOFR
+
2.75
%
),
8/17/29
.......................
United
States
2,643,375
2,644,551
f
Software
7.3%
Atlas
Purchaser,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.676
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/08/28
..........................
United
States
2,925,905
2,201,744
Cloudera,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.32%,
(1-month
USD
LIBOR
+
3.75%),
10/08/28
....................................
United
States
2,747,708
2,648,886
Second
Lien,
Initial
Term
Loan,
10.57%,
(1-month
USD
LIBOR
+
6%),
10/08/29
......................................
United
States
672,004
593,044
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/16/28
.................
United
States
607,327
561,019
DCert
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
8.696%,
(6-month
SOFR
+
4%),
10/16/26
..........................................
United
States
708,928
701,785
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
11.696%,
(6-month
USD
LIBOR
+
7%),
2/19/29
.....................
United
States
1,180,457
1,087,248
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
Software
(continued)
ECI
Macola/MAX
Holding
LLC
,
First
Lien,
Initial
Term
Loan
,
8.48
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
11/09/27
..................
United
States
1,063,936
$
1,047,535
Epicor
Software
Corp.
,
Term
Loan,
C
,
7.82
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
7/30/27
...................................
United
States
1,770,358
1,741,847
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
Term
Loan
,
8.443
%
,
(
1-month
USD
LIBOR
+
4
%
),
12/01/27
........
United
States
1,881,353
1,850,979
GoTo
Group,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.297
%
,
(
1-month
USD
LIBOR
+
4.75
%
),
8/31/27
..........................
United
States
4,623,510
2,594,945
Hyland
Software,
Inc.
,
First
Lien,
2018
Refinancing
Term
Loan,
8.07%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
...............................
United
States
1,551,716
1,550,219
Second
Lien,
2021
Refinancing
Term
Loan,
10.82%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
..........................
United
States
83,333
79,613
Idera,
Inc.
,
First
Lien,
Term
Loan,
B1
,
8.51
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
3/02/28
...................................
United
States
3,845,463
3,727,696
IGT
Holding
IV
AB
,
Term
Loan,
B2
,
8.13
%
,
(
3-month
USD
LIBOR
+
3.4
%
),
3/31/28
......................................
Sweden
1,114,078
1,114,078
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
Term
Loan,
9.011%,
(3-month
USD
LIBOR
+
4.25%),
12/01/27
.................
United
States
2,163,886
1,800,537
First
Lien,
First
Amendment
Term
Loan,
8.733%,
(3-month
USD
LIBOR
+
4%),
12/01/27
...............................
United
States
247,228
205,046
McAfee
Corp.
,
CME
Term
Loan,
B1
,
8.184
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
2,366,476
2,239,656
Mitchell
International,
Inc.
,
First
Lien,
Initial
Term
Loan,
8.415%,
(3-month
USD
LIBOR
+
3.75%),
10/15/28
....................................
United
States
3,440,251
3,293,507
Second
Lien,
Initial
Term
Loan,
11.235%,
(3-month
USD
LIBOR
+
6.5%),
10/15/29
.....................................
United
States
428,571
368,640
Polaris
Newco
LLC
,
First
Lien,
Dollar
Term
Loan
,
8.73
%
,
(
3-month
USD
LIBOR
+
4
%
),
6/02/28
............................
United
States
2,790,723
2,655,987
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.076
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
................
United
States
1,730,081
1,490,958
Rocket
Software,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.82
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
11/28/25
.........................
United
States
2,318,668
2,294,612
UKG,
Inc.
,
Second
Lien,
2021
Incremental
Term
Loan
,
10.032
%
,
(
3-month
USD
LIBOR
+
5.25
%
),
5/03/27
..................
United
States
723,473
695,565
Vision
Solutions,
Inc.
(Precisely
Software,
Inc.)
,
First
Lien,
Third
Amendment
Term
Loan
,
8.818
%
,
(
3-month
USD
LIBOR
+
4
%
),
4/24/28
...........................................
United
States
786,229
693,060
37,238,206
a
a
a
a
a
a
f
Specialty
Retail
5.0%
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
10.342
%
,
(
3-month
SOFR
+
5.5
%
),
4/26/28
...............................
United
States
4,612,137
4,573,234
Great
Outdoors
Group
LLC
,
Term
Loan,
B2
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
3/06/28
..............................
United
States
2,787,094
2,748,075
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
8.98
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
4/15/28
..............................
United
States
3,168,419
2,923,865
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.004
%
,
(
3-month
USD
LIBOR
+
3.25
%
),
12/28/27
.................
United
States
2,360,446
2,152,928
RealTruck
Group,
Inc.
,
Initial
Term
Loan
,
8.32
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
1/31/28
..............................
United
States
7,348,792
6,633,130
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
7.911
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
2,693,250
2,633,500
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
7.782
%
,
(
3-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
1,827,054
1,714,544
Franklin
Floating
Rate
Master
Trust
Schedule
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
Senior
Floating
Rate
Interests
(continued)
f
Specialty
Retail
(continued)
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
8.311
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
2,026,183
$
2,013,519
25,392,795
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.7%
f
Magenta
Buyer
LLC
,
First
Lien,
Initial
Term
Loan
,
9.58
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/27/28
..........................
United
States
3,966,315
3,491,765
Textiles,
Apparel
&
Luxury
Goods
0.3%
f
Tory
Burch
LLC
,
Initial
Term
Loan,
B
,
8.07
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
4/16/28
......................................
United
States
1,591,990
1,537,265
f
Transportation
Infrastructure
0.3%
First
Student
Bidco,
Inc.
,
Initial
Term
Loan,
B,
7.726%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
564,801
534,601
Initial
Term
Loan,
C,
7.726%,
(3-month
USD
LIBOR
+
3%),
7/21/28
United
States
210,589
199,329
LaserShip,
Inc.
,
First
Lien,
Initial
Term
Loan
,
9.23
%
,
(
3-month
USD
LIBOR
+
4.5
%
),
5/07/28
...............................
United
States
1,336,449
1,003,386
1,737,316
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$427,824,439)
.........................
400,690,085
Total
Long
Term
Investments
(Cost
$497,598,201)
...............................
475,003,164
a
Short
Term
Investments
6.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
6.4%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
32,732,218
32,732,218
Total
Money
Market
Funds
(Cost
$32,732,218)
..................................
32,732,218
Total
Short
Term
Investments
(Cost
$32,732,218
)
................................
32,732,218
a
Total
Investments
(Cost
$530,330,419)
99.4%
...................................
$507,735,382
Other
Assets,
less
Liabilities
0.6%
.............................................
2,920,258
Net
Assets
100.0%
...........................................................
$510,655,640
See
Abbreviations
on
page
25
.
*
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
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
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
See
Note
10
regarding
unfunded
loan
commitments.
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,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$450,350,660
Cost
-
Non-controlled
affiliates
(Note
3
d
and
11
)
..................................................
79,979,759
Value
-
Unaffiliated
issuers
..................................................................
$419,247,762
Value
-
Non-controlled
affiliates
(Note
3
d
and
11
)
..................................................
88,487,620
Cash
....................................................................................
1,928,275
Receivables:
Investment
securities
sold
...................................................................
9,024,493
Interest
.................................................................................
1,936,931
Total
assets
..........................................................................
520,625,081
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
6,322,384
Management
fees
.........................................................................
248,976
Trustees'
fees
and
expenses
.................................................................
567
Distributions
to
shareholders
.................................................................
3,025,408
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
10
)
......................................
275,425
Accrued
expenses
and
other
liabilities
...........................................................
96,681
Total
liabilities
.........................................................................
9,969,441
Net
assets,
at
value
.................................................................
$510,655,640
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$594,484,874
Total
distributable
earnings
(losses)
.............................................................
(83,829,234)
Net
assets,
at
value
.................................................................
$510,655,640
Shares
outstanding
.........................................................................
65,624,675
Net
asset
value
per
share
....................................................................
$7.78
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Franklin
Floating
Rate
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
d
and
11
)
.......................................................
$3,212,243
Interest:
Unaffiliated
issuers
........................................................................
20,338,779
Non-controlled
affiliates
(Note
3
d
and
11
)
.......................................................
384,338
Total
investment
income
...................................................................
23,935,360
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,771,032
Custodian
fees
(Note
4
)
......................................................................
1,380
Reports
to
shareholders
fees
..................................................................
1,088
Registration
and
filing
fees
....................................................................
28
Professional
fees
...........................................................................
48,503
Trustees'
fees
and
expenses
..................................................................
3,089
Other
....................................................................................
16,366
Total
expenses
.........................................................................
1,841,486
Expense
reductions
(Note
4
)
...............................................................
(112)
Expenses
waived/paid
by
affiliates
(Note
3
d
and
3
e
)
..............................................
(184,002)
Net
expenses
.........................................................................
1,657,372
Net
investment
income
................................................................
22,277,988
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(26,688,827)
Non-controlled
affiliates
(Note
3
d
and
11
)
......................................................
15,228,939
Net
realized
gain
(loss)
..................................................................
(11,459,888)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
21,170,696
Non-controlled
affiliates
(Note
3
d
and
11
)
......................................................
(3,009,454)
Unfunded
loan
commitments
.................................................................
(32,625)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
18,128,617
Net
realized
and
unrealized
gain
(loss)
............................................................
6,668,729
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$28,946,717
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
15
Franklin
Floating
Rate
Income
Fund
Six
Months
Ended
January
31,
2023
(unaudited)
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$22,277,988
$30,673,826
Net
realized
gain
(loss)
.................................................
(11,459,888)
(23,009,798)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
18,128,617
(909,670)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
28,946,717
6,754,358
Distributions
to
shareholders
..............................................
(21,716,537)
(32,169,052)
Capital
share
transactions
(Note
2
)
..........................................
(141,229,900)
19,539,259
Net
increase
(decrease)
in
net
assets
...................................
(133,999,720)
(5,875,435)
Net
assets:
Beginning
of
period
.....................................................
644,655,360
650,530,795
End
of
period
..........................................................
$510,655,640
$644,655,360
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Income
Fund
16
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.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
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.
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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
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,
2023,
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)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
January
31,
2023,
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,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
January
31,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 0.641%
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.
Six
Months
Ended
January
31,
2023
Year
Ended
July
31,
2022
Shares
Amount
Shares
Amount
Shares
sold
...................................
—
$—
13,854,680
$112,500,000
Shares
sold
in-kind
..............................
—
—
—
(627,240)
Shares
redeemed
...............................
(18,450,000)
(141,229,900)
(11,950,000)
(92,333,501)
Net
increase
(decrease)
..........................
(18,450,000)
$(141,229,900)
1,904,680
$19,539,259
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)
19
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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,
2023,
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,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
f.
Other
Affiliated
Transactions
At
January
31,
2023,
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.
    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,
3.969%
$
17,187,861
$
193,131,577
$
(177,587,220)
$
—
$
—
$
32,732,218
32,732,218
$
416,304
Total
Affiliated
Securities
...
$17,187,861
$193,131,577
$(177,587,220)
$—
$—
$32,732,218
$416,304
Shares
Percentage
of
Outstanding
Shares
a
Franklin
Strategic
Income
Fund
23,707,540
36.1%
Franklin
Total
Return
Fund
17,709,953
27.0%
Franklin
Low
Duration
Total
Return
Fund
16,696,900
25.4%
Franklin
Floating
Rate
Daily
Access
Fund
4,630,114
7.1%
Franklin
Strategic
Income
VIP
Fund
2,418,451
3.7%
Franklin
Floating
Rate
Master
Series
461,717
0.7%
Total
65,624,675
100.0%
3.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
 At
July
31,
2022,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2023,
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
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
January
31,
2023,
aggregated
$19,418,126,
and
$171,257,041,
respectively.
7.
Credit Risk
At
January
31,
2023,
the
Fund
had
78.2%
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.
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.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$2,244,498
Long
term
................................................................................
100,376,098
Total
capital
loss
carryforwards
...............................................................
$102,620,596
Cost
of
investments
..........................................................................
$532,416,390
Unrealized
appreciation
........................................................................
$13,067,340
Unrealized
depreciation
........................................................................
(37,748,348)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(24,681,008)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
21
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
Schedule
of
Investments.
At
January
31,
2023,
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,
2023,
investments
in
“affiliated
companies”
were
as
follows:
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Income
Fund
athenahealth
Group,
Inc.
$
107,498
Dermatology
Intermediate
Holdings
III,
Inc.
6,347
Thrasio
LLC
2,250,000
$
2,363,845
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Sh
ares/Warrants/
Principal
Amount
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Quarternorth
Energy
Holding
Inc
.......
$
36,551,896
$
—
a
$
(6,950,000)
$
1,074,999
$
8,404,484
$
39,081,379
281,161
$
2,795,939
Quarternorth
Energy
Holding,
Inc.,
2/01/49
13,240,254
—
—
—
3,433,769
16,674,023
119,957
—
Interest
Quarter
n
orth
Energy
Holding
Inc.-Initial
New
Loan
...........
14,847,707
—
a
(14,153,940)
14,153,940
(14,847,707)
—
b
—
384,338
c
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
22
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
3,
2023.
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
3,
2023,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
February
2,
2024,
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,
2023,
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/Warrants/
Principal
Amount
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
(continued)
Non-Controlled
Affiliates
Total
Affiliated
Securities
(Value
is
10.9%
of
Net
Assets)
..........
$64,639,857
$—
$(21,103,940)
$15,228,939
$(3,009,454)
$55,755,402
$3,180,277
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
January
31,
2023,
no
longer
held
by
the
Fund.
c
Includes
non-cash
dividend/interest
received.
11.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
23
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,
2023,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
a
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
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,
2023,
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
.............
$
—
$
22,812
$
—
$
22,812
Machinery
............................
—
2,152,656
—
2,152,656
Oil,
Gas
&
Consumable
Fuels
.............
—
39,081,379
—
39,081,379
Road
&
Rail
..........................
—
—
1,200,927
1,200,927
Preferred
Stocks
.........................
—
3,129
—
3,129
Warrants
:
Machinery
............................
—
—
14,951
14,951
Oil,
Gas
&
Consumable
Fuels
.............
—
16,674,023
—
16,674,023
Corporate
Bonds
........................
—
—
15,163,202
15,163,202
Senior
Floating
Rate
Interests
...............
—
400,690,085
—
400,690,085
Short
Term
Investments
...................
32,732,218
—
—
32,732,218
Total
Investments
in
Securities
...........
$32,732,218
$458,624,084
$16,379,080
$507,735,382
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
—
$
275,425
$
—
$
275,425
Total
Other
Financial
Instruments
.........
$—
$275,425
$—
$275,425
Balance
at
Beginning
of
Period
Purchases
Sales
a
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Road
&
Rail
.......
$
—
b
$—
$
—
$
—
$
—
$
—
$
—
$
1,200,927
$
1,200,927
$
1,200,927
Warrants
:
Machinery
.........
33,671
—
—
—
—
—
—
(18,720)
14,951
(18,720)
Corporate
Bonds
:
Road
&
Rail
.......
12,701,843
—
—
—
—
801,434
—
1,659,925
15,163,202
1,659,925
Senior
Floating
Rate
Interests
:
Household
Products
..
1,717,329
—
(477,266)
—
—
—
(12,953,735)
11,713,672
—
—
Total
Investments
in
Securities
............
$14,452,843
$—
$(477,266)
$—
$—
$801,434
$(12,953,735)
$14,555,804
$16,379,080
$2,842,132
a
Sales
include
all
sales
of
financial
instruments,
maturities,
paydowns
and
financial
instruments
tendered
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
13.
Fair
Value
Measurements
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
24
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,
2023,
are
as
follows:
14.
New
Accounting
Pronouncements
In
March
2020,
the 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
and
December
2022,
the
FASB
issued
ASU
No.
2021-01
and
ASU
No.
2022-06,
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
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,
2024.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
impact
on
the
financial
statements. 
In June
2022,
the
FASB
issued
ASU
No.
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
clarify
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
should
not
be
considered
in
measuring
fair
value.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2023,
with
the
option
of
early
adoption.
Management
has
reviewed
the
requirements
and
believes
that
the
adoption
of
the
ASU
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.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds:
Road
&
Rail
................
$15,163,202
Discounted
cash
flow
Discount
rate
16.6%
Decrease
Recovery
value
107.5%
Increase
All
Other
Investments
..........
 1,215,878
b
Total
.......................
$16,379,080
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
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)
25
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
TBD
To
Be
Determined
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
26
franklintempleton.com
Semiannual
Report
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
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
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
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(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, 2023
 
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, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  March 29, 2023