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: 1/31/24
 
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
184/366
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
8/1/23
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
a
Annualized
Expense
Ratio
2
$1,000
$1,068.60
$2.76
$1,022.47
$2.69
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,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.13
$7.00
$7.38
$6.99
$8.18
$8.54
Income
from
investment
operations
a
:
Net
investment
income
..............
0.329
b
0.567
b
0.292
b
0.301
b
0.415
0.460
Net
realized
and
unrealized
gains
(losses)
0.150
0.165
(0.341)
0.417
(1.141)
(0.378)
Total
from
investment
operations
........
0.479
0.732
(0.049)
0.718
(0.726)
0.082
Less
distributions
from:
Net
investment
income
..............
(0.349)
(0.602)
(0.331)
(0.328)
(0.464)
(0.442)
Net
asset
value,
end
of
period
..........
$7.26
$7.13
$7.00
$7.38
$6.99
$8.18
Total
return
c
.......................
6.86%
11.00%
(0.73)%
10.51%
(9.13)%
0.98%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.57%
0.56%
0.57%
0.61%
0.58%
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
...............
9.11%
8.11%
4.01%
4.19%
5.41%
5.29%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$432,068
$389,707
$616,607
$430,129
$394,720
$1,054,679
Portfolio
turnover
rate
................
13.78%
11.36%
32.84%
74.82%
16.80%
27.92%
f
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,
2024
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
&
Supplies
&
Components
a
UTEX
Industries,
Inc.
..........................
United
States
120,386
$
7,604,362
1
.76
a
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
104,009
18,982
0.00
†
a
Oil
&
Gas
Exploration
&
Production
Quarternorth
Energy
Holding,
Inc.
.................
United
States
111,779
18,792,844
4
.35
Total
Common
Stocks
(Cost
$
23,022,766
)
...............................
26,416,188
6
.11
Management
Investment
Companies
Asset
Management
&
Custody
Banks
b
Franklin
Senior
Loan
ETF
.......................
United
States
281,166
6,818,275
1
.58
Invesco
Senior
Loan
ETF
.......................
United
States
289,186
6,075,798
1
.41
12,894,073
2
.99
Total
Management
Investment
Companies
(Cost
$
13,304,935
)
.............
12,894,073
2
.99
Preferred
Stocks
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
246,320
3,695
0.00
†
a
Total
Preferred
Stocks
(Cost
$
332,425
)
..................................
3,695
0.00
†
Warrants
a
a
a
a
a
Warrants
Industrial
Machinery
&
Supplies
&
Components
a,c
UTEX
Industries,
Inc.
,
2/20/49
....................
United
States
321
233
0.00
†
Total
Warrants
(Cost
$
–
)
...............................................
233
0.00
†
Principal
Amount
*
a
Corporate
Bonds
Air
Freight
&
Logistics
d
Rand
Parent
LLC
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/30
...................................
United
States
1,450,000
1,436,639
0
.33
Cable
&
Satellite
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
...
United
States
1,100,000
1,046,574
0
.24
d
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
9/15/26
..............
United
States
600,000
464,565
0
.11
1,511,139
0
.35
Cargo
Ground
Transportation
d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
...............
United
States
500,000
440,547
0
.10
Casinos
&
Gaming
d
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.........................
United
States
400,000
390,657
0
.09
Construction
Materials
d
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
5.2
%
,
9/17/30
.
Mexico
750,000
731,221
0
.17
Diversified
Chemicals
d
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
.............................
United
States
1,100,000
1,022,516
0
.24
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)
Environmental
&
Facilities
Services
d
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
3.5
%
,
9/01/28
..............................
Canada
900,000
$
815,502
0
.19
Health
Care
Services
d
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.5
%
,
9/01/28
.........................
United
States
453,000
402,606
0
.10
d
RP
Escrow
Issuer
LLC
,
Senior
Secured
Note
,
144A,
5.25
%
,
12/15/25
.............................
United
States
1,450,000
1,306,392
0
.30
1,708,998
0
.40
Health
Care
Supplies
d
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
.......................
United
States
320,000
332,422
0
.08
Independent
Power
Producers
&
Energy
Traders
d
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
United
States
1,100,000
1,046,911
0
.24
Integrated
Telecommunication
Services
d
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.125
%
,
7/15/29
.......
France
800,000
585,584
0
.13
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
........
France
1,270,000
937,265
0
.22
1,522,849
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
732,143
0
.17
Metal,
Glass
&
Plastic
Containers
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
...
United
States
900,000
809,186
0
.19
Movies
&
Entertainment
d
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
........................
France
600,000
620,791
0
.14
Multi-line
Insurance
d
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
2/15/29
....................
United
States
529,400
475,191
0
.11
Oil
&
Gas
Storage
&
Transportation
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
4.625
%
,
10/15/28
..................................
United
States
450,000
435,676
0
.10
Paper
&
Plastic
Packaging
Products
&
Materials
d
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
............................
United
States
375,000
350,250
0
.08
d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
..................................
United
States
800,000
746,652
0
.17
1,096,902
0
.25
Passenger
Airlines
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
..............................
United
States
1,300,000
1,378,829
0
.32
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.........
United
States
741,974
734,466
0
.17
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
....................
United
States
276,864
273,673
0
.06
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)
Passenger
Airlines
(continued)
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
...................................
United
States
1,165,000
$
1,124,872
0
.26
3,511,840
0
.81
Personal
Care
Products
d
Coty,
Inc.
,
Senior
Secured
Note
,
144A,
5
%
,
4/15/26
....
United
States
392,000
385,497
0
.09
Security
&
Alarm
Services
d
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/26
..
United
States
1,850,000
1,824,607
0
.42
Specialized
Consumer
Services
d
WW
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
4/15/29
..............................
United
States
1,892,000
890,583
0
.21
Wireless
Telecommunication
Services
d
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
.........................
United
Kingdom
360,000
315,118
0
.07
Total
Corporate
Bonds
(Cost
$
23,404,068
)
...............................
22,056,935
5
.10
e
Senior
Floating
Rate
Interests
f
Advertising
Clear
Channel
Outdoor
Holdings,
Inc.
,
CME
Term
Loan,
B
,
9.074
%
,
(
3-month
SOFR
+
3.5
%
),
8/21/26
.......
United
States
87,032
86,170
0
.02
g
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.583
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
......................
United
States
2,050,854
2,011,919
0
.47
2,098,089
0
.49
a
a
a
a
a
a
f
Aerospace
&
Defense
h
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
.......................
United
Kingdom
5,358,668
4,593,825
1
.07
Dynasty
Acquisition
Co.,
Inc.
,
2023
Specified
Refinancing
CME
Term
Loan,
B1
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
8/24/28
..........
United
States
338,838
339,473
0
.08
2023
Specified
Refinancing
CME
Term
Loan,
B2
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
8/24/28
..........
United
States
145,216
145,489
0
.03
5,078,787
1
.18
a
a
a
a
a
a
f
Air
Freight
&
Logistics
GN
Loanco
LLC
,
CME
Term
Loan,
B
,
9.833
%
,
(
1-month
SOFR
+
4.5
%
),
12/19/30
......................
United
States
2,123,529
2,085,486
0
.48
g
Kenan
Advantage
Group,
Inc.
(The)
,
U.S.
CME
Term
Loan,
B3
,
9.086
%
,
(
1-month
SOFR
+
3.75
%
),
1/25/29
United
States
2,387,183
2,390,167
0
.56
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.598
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
...............
United
States
2,865,522
2,860,379
0
.66
7,336,032
1
.70
a
a
a
a
a
a
f
Airport
Services
First
Student
Bidco,
Inc.
,
Initial
CME
Term
Loan,
B
,
8.61
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
...............................
United
States
1,766,411
1,748,200
0
.40
Initial
CME
Term
Loan,
C
,
8.61
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
...............................
United
States
535,746
530,223
0
.12
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.396
%
,
(
6-month
SOFR
+
4.5
%
),
5/07/28
........
United
States
3,107,934
2,841,553
0
.66
5,119,976
1
.18
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
e
Senior
Floating
Rate
Interests
(continued)
Alternative
Carriers
f
Zayo
Group
Holdings,
Inc.
,
Initial
Dollar
CME
Term
Loan
,
8.447
%
,
(
1-month
SOFR
+
3
%
),
3/09/27
..........
United
States
623,553
$
530,048
0
.12
Aluminum
f
Arsenal
AIC
Parent
LLC
,
CME
Term
Loan,
B
,
9.833
%
,
(
1-month
SOFR
+
4.5
%
),
8/18/30
................
United
States
587,258
588,098
0
.14
f
Apparel,
Accessories
&
Luxury
Goods
Champ
Acquisition
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
11.11
%
,
(
3-month
SOFR
+
5.5
%
),
12/19/25
....
United
States
1,476,255
1,483,947
0
.34
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
...............
United
States
1,795,477
1,788,744
0
.42
Tory
Burch
LLC
,
Initial
CME
Term
Loan,
B
,
8.72
%
,
(
1-month
SOFR
+
3.25
%
),
4/16/28
...............
United
States
574,035
570,806
0
.13
3,843,497
0
.89
a
a
a
a
a
a
Application
Software
f
Central
Parent
LLC
,
First
Lien,
2023
Refinancing
CME
Term
Loan
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
7/06/29
.
United
States
2,211,007
2,217,916
0
.51
f
Cloud
Software
Group,
Inc.
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.948
%
,
(
3-month
SOFR
+
4.5
%
),
3/30/29
..
United
States
1,296,721
1,274,436
0
.30
f
Cloudera,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
10/08/28
..............
United
States
1,702,561
1,681,279
0
.39
f
ConnectWise
LLC
,
Initial
CME
Term
Loan
,
8.97
%
,
(
1-month
SOFR
+
3.5
%
),
9/29/28
................
United
States
795,939
796,238
0
.18
f
Cornerstone
OnDemand,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.22
%
,
(
1-month
SOFR
+
3.75
%
),
10/16/28
...
United
States
883,453
860,819
0
.20
f
ECI
Macola/MAX
Holding
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
11/09/27
United
States
1,914,347
1,913,945
0
.44
f
Epicor
Software
Corp.
,
CME
Term
Loan,
C
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
7/30/27
...............
United
States
2,911,998
2,917,312
0
.68
f
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
CME
Term
Loan
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
12/01/27
..............................
United
States
3,277,072
3,284,249
0
.76
f
IGT
Holding
IV
AB
,
CME
Term
Loan,
B2
,
8.972
%
,
(
3-month
SOFR
+
4.75
%
),
3/31/28
...............
Sweden
1,000,317
1,000,317
0
.23
f
Mitchell
International,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.4
%
,
(
3-month
SOFR
+
3.75
%
),
10/15/28
.....................
United
States
1,262,119
1,254,913
0
.29
Second
Lien,
Initial
CME
Term
Loan
,
12.15
%
,
(
3-month
SOFR
+
6.5
%
),
10/15/29
......................
United
States
142,857
142,714
0
.03
f
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.574
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
..........
United
States
2,868,254
2,803,719
0
.65
f
Project
Alpha
Intermediate
Holding,
Inc.
,
Initial
CME
Term
Loan
,
10.063
%
,
(
3-month
SOFR
+
4.75
%
),
10/28/30
.
United
States
1,600,000
1,605,336
0
.37
f
,g
Project
Boost
Purchaser
LLC
,
2021
CME
Term
Loan,
2
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
5/30/26
.........
United
States
1,217,391
1,219,297
0
.28
g
,i
Project
Ruby
Ultimate
Parent
Corp.
,
Incremental
CME
Term
Loan
,
TBD,
3/10/28
......................
United
States
447,761
446,642
0
.10
f
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.083
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......
United
States
719,700
711,473
0
.17
f
Severin
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.563
%
,
(
3-month
SOFR
+
3.25
%
),
8/01/27
...
United
States
230,769
231,317
0
.05
f
UKG,
Inc.
,
First
Lien,
2021-2
Incremental
CME
Term
Loan
,
8.68
%
,
(
3-month
SOFR
+
3.25
%
),
5/04/26
...............
United
States
1,408,100
1,410,297
0
.33
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
e
Senior
Floating
Rate
Interests
(continued)
Application
Software
(continued)
f
UKG,
Inc.
(continued)
First
Lien,
Initial
CME
Term
Loan
,
9.163
%
,
(
3-month
SOFR
+
3.75
%
),
5/04/26
......................
United
States
1,605,042
$
1,607,674
0
.37
27,379,893
6
.33
a
a
a
a
a
a
Asset
Management
&
Custody
Banks
f
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.97
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
..............................
United
States
1,530,876
1,523,114
0
.35
g
,i
GTCR
W
Merger
Sub
LLC
,
USD
CME
Term
Loan,
B
,
TBD,
9/20/30
...............................
United
States
2,319,565
2,322,708
0
.54
f
Russell
Investments
US
Institutional
Holdco,
Inc.
,
2025
CME
Term
Loan
,
8.948
%
,
(
1-month
SOFR
+
3.5
%
),
5/30/25
...................................
United
States
2,436,181
2,295,601
0
.53
6,141,423
1
.42
a
a
a
a
a
a
f
Automobile
Manufacturers
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
...
United
States
2,570,567
2,517,806
0
.58
Thor
Industries,
Inc.
,
USD
CME
Term
Loan,
B2
,
8.083
%
,
(
1-month
SOFR
+
2.75
%
),
11/15/30
..............
United
States
452,691
454,176
0
.11
2,971,982
0
.69
a
a
a
a
a
a
Automotive
Parts
&
Equipment
g
,i
Adient
US
LLC
,
Term
Loan,
B2
,
TBD,
1/26/31
........
United
States
1,581,093
1,586,034
0
.37
f
Clarios
Global
LP
,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.333
%
,
(
1-month
SOFR
+
3
%
),
5/06/30
......
United
States
585,616
586,714
0
.13
f
DexKo
Global,
Inc.
,
First
Lien,
2023
Incremental
CME
Term
Loan
,
9.598
%
,
(
3-month
SOFR
+
4.25
%
),
10/04/28
..............
United
States
394,737
395,108
0
.09
First
Lien,
Closing
Date
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
..............
United
States
1,332,648
1,328,070
0
.31
f
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
.........................
United
States
2,775,104
2,776,270
0
.64
First
Lien,
2022-II
Incremental
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
..........
United
States
1,861,406
1,862,579
0
.43
Second
Lien,
2021
CME
Term
Loan
,
14.074
%
,
(
3-month
SOFR
+
8.5
%
),
3/30/28
................
United
States
1,871,447
1,834,018
0
.43
f
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.933
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
..................................
United
States
229,282
229,713
0
.05
f
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.469
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................
United
States
2,219,895
2,017,052
0
.47
f
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
..................................
United
States
991,781
994,260
0
.23
13,609,818
3
.15
a
a
a
a
a
a
Automotive
Retail
f
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
................
United
States
2,364,679
2,332,011
0
.54
Brewers
f
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.078
%
,
(
3-month
SOFR
+
3.5
%
),
4/05/28
....
United
States
2,209,115
1,689,045
0
.39
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
e
Senior
Floating
Rate
Interests
(continued)
f
Broadcasting
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.467
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
................
United
States
1,652,620
$
1,642,448
0
.38
iHeartCommunications,
Inc.
,
New
CME
Term
Loan
,
8.447
%
,
(
1-month
SOFR
+
3
%
),
5/01/26
...................................
United
States
1,883,333
1,659,151
0
.39
Second
Amendment
Incremental
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
5/01/26
........
United
States
300,000
263,499
0
.06
Nexstar
Media,
Inc.
,
CME
Term
Loan,
B4
,
7.951
%
,
(
1-month
SOFR
+
2.5
%
),
9/18/26
................
United
States
485,655
485,774
0
.11
Univision
Communications,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/29
...................................
United
States
879,532
879,312
0
.20
4,930,184
1
.14
a
a
a
a
a
a
f
Building
Products
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
5/13/29
......................
United
States
607,358
609,380
0
.14
Cornerstone
Building
Brands,
Inc.
,
CME
Term
Loan,
B
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
4/12/28
........
United
States
931,113
925,731
0
.22
g
Summit
Materials
LLC
,
Incremental
Covenant-Lite
CME
Term
Loan,
B
,
7.826
%
,
(
3-month
SOFR
+
2.5
%
),
11/30/28
..................................
United
States
481,928
483,887
0
.11
2,018,998
0
.47
a
a
a
a
a
a
f
Cable
&
Satellite
g
DIRECTV
Financing
LLC
,
2024
Refinancing
CME
Term
Loan,
B
,
10.83
%
,
(
3-month
SOFR
+
5.25
%
),
8/02/29
.
United
States
230,769
230,962
0
.05
Radiate
Holdco
LLC
,
Amendment
No.
6
CME
Term
Loan,
B
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
9/25/26
......
United
States
2,810,578
2,286,869
0
.53
Virgin
Media
Bristol
LLC
,
CME
Term
Loan,
Q
,
8.698
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/29
...............
United
States
1,788,848
1,777,802
0
.41
4,295,633
0
.99
a
a
a
a
a
a
Cargo
Ground
Transportation
f
PECF
USS
Intermediate
Holding
III
Corp.
,
Initial
CME
Term
Loan
,
9.824
%
,
(
3-month
SOFR
+
4.25
%
),
12/15/28
..................................
United
States
1,098,710
821,972
0
.19
f
Casinos
&
Gaming
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.829
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
.....................
United
States
2,982,415
2,794,717
0
.65
Caesars
Entertainment,
Inc.
,
2023
Incremental
CME
Term
Loan,
B
,
8.663
%
,
(
3-month
SOFR
+
3.25
%
),
2/06/30
.
United
States
1,485,288
1,486,476
0
.34
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
1/27/29
..........
United
States
2,022,564
2,019,449
0
.47
Flutter
Entertainment
plc
,
CME
Term
Loan,
B
,
7.698
%
,
(
3-month
SOFR
+
2.25
%
),
11/25/30
..................................
Ireland
892,562
890,331
0
.21
Third
Amendment
CME
Term
Loan,
2028
B
,
8.902
%
,
(
3-month
SOFR
+
3.25
%
),
7/22/28
...............
Ireland
176,068
176,399
0
.04
Light
&
Wonder
International,
Inc.
,
CME
Term
Loan,
B1
,
8.083
%
,
(
1-month
SOFR
+
2.75
%
),
4/14/29
........
United
States
1,681,372
1,685,399
0
.39
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.598
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
...............
Canada
788,357
790,328
0
.18
Penn
National
Gaming,
Inc.
,
CME
Term
Loan,
B
,
8.183
%
,
(
1-month
SOFR
+
2.75
%
),
5/03/29
...............
United
States
1,350,933
1,349,474
0
.31
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.633
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
..........
United
States
1,567,790
1,571,553
0
.36
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
e
Senior
Floating
Rate
Interests
(continued)
f
Casinos
&
Gaming
(continued)
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.58
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
...................................
United
States
2,120,564
$
2,106,430
0
.49
14,870,556
3
.44
a
a
a
a
a
a
f
Commodity
Chemicals
Cyanco
Intermediate
2
Corp.
,
Initial
CME
Term
Loan
,
10.087
%
,
(
1-month
SOFR
+
4.75
%
),
7/10/28
.......
United
States
1,985,738
1,987,396
0
.46
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
..........
United
States
625,444
626,560
0
.14
2,613,956
0
.60
a
a
a
a
a
a
Communications
Equipment
f
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
...............
United
States
2,606,109
2,285,049
0
.53
f
Construction
&
Engineering
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.11
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
..........
United
States
1,817,779
1,804,955
0
.42
Zekelman
Industries,
Inc.
,
2020
CME
Term
Loan
,
7.448
%
,
(
1-month
SOFR
+
2
%
),
1/24/27
.................
United
States
386,958
387,890
0
.09
2,192,845
0
.51
a
a
a
a
a
a
Construction
Machinery
&
Heavy
Transportation
Equipment
f
ASP
Blade
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
9.61
%
,
(
3-month
SOFR
+
4
%
),
10/13/28
................
United
States
2,518,454
2,214,489
0
.51
Distributors
f
,g
BCPE
Empire
Holdings,
Inc.
,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
12/11/28
........................
United
States
461,538
461,972
0
.11
f
Diversified
Chemicals
Ineos
Quattro
Holdings
UK
Ltd.
,
2030
Dollar
CME
Term
Loan,
B
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
3/14/30
.
United
Kingdom
540,761
538,957
0
.12
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.206
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
.......
Luxembourg
516,100
513,133
0
.12
LSF11
A5
Holdco
LLC
,
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
10/15/28
...............
United
States
1,248,319
1,245,198
0
.29
Lummus
Technology
Holdings
V
LLC
,
2021
Refinancing
CME
Term
Loan,
B
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
6/30/27
...................................
United
States
823,090
823,712
0
.19
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
...................................
United
States
1,852,704
1,850,508
0
.43
4,971,508
1
.15
a
a
a
a
a
a
Diversified
Financial
Services
f
Mercury
Borrower,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
8/02/28
.........
United
States
2,139,756
2,135,080
0
.49
Diversified
Support
Services
f
Amentum
Government
Services
Holdings
LLC
,
First
Lien,
CME
Term
Loan,
3
,
9.337
%
,
(
1-month
SOFR
+
4
%
),
2/15/29
...................................
United
States
2,471,275
2,475,908
0
.57
f
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
..........
United
States
1,780,772
1,778,706
0
.41
f
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.625
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.................
United
States
3,181,540
2,849,467
0
.66
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
e
Senior
Floating
Rate
Interests
(continued)
Diversified
Support
Services
(continued)
i
Westjet
Loyalty
LP
,
CME
Term
Loan,
B
,
TBD,
2/01/31
..
Canada
1,851,695
$
1,833,178
0
.43
8,937,259
2
.07
a
a
a
a
a
a
f
Education
Services
KUEHG
Corp.
,
Initial
CME
Term
Loan
,
10.348
%
,
(
3-month
SOFR
+
5
%
),
6/12/30
.................
United
States
1,496,250
1,499,714
0
.35
Learning
Care
Group
(US)
No.
2,
Inc.
,
Initial
CME
Term
Loan
,
10.097
%
,
(
1-month
SOFR
+
4.75%;
3-month
SOFR
+
4.75%
),
8/11/28
......................
United
States
404,970
405,932
0
.10
1,905,646
0
.45
a
a
a
a
a
a
f
Environmental
&
Facilities
Services
Covanta
Holding
Corp.
,
2023
Incremental
CME
Term
Loan,
B
,
8.333
%
,
(
1-month
SOFR
+
3
%
),
11/30/28
................
United
States
337,421
337,505
0
.08
2023
Incremental
CME
Term
Loan,
C
,
8.333
%
,
(
1-month
SOFR
+
3
%
),
11/30/28
................
United
States
25,370
25,376
0.00
†
Madison
IAQ
LLC
,
Term
Loan
,
8.701
%
,
(
1-month
USD
LIBOR
+
3.25
%
),
6/21/28
......................
United
States
2,202,303
2,188,671
0
.51
2,551,552
0
.59
a
a
a
a
a
a
Food
Retail
Shearer's
Foods
LLC
,
i
CME
Term
Loan,
B
,
TBD,
10/05/28
...............
United
States
761,421
753,807
0
.17
f
First
Lien,
Refinancing
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
9/23/27
................
United
States
999,443
1,000,748
0
.24
1,754,555
0
.41
a
a
a
a
a
a
Health
Care
Equipment
f
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.748
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
......
United
States
1,008,310
1,006,207
0
.23
f
Health
Care
Facilities
ADMI
Corp.
,
Amendment
No.
10
Extended
CME
Term
Loan
,
11.083
%
,
(
1-month
SOFR
+
5.75
%
),
12/23/27
......
United
States
337,662
335,763
0
.08
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.822
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
......
United
States
1,221,582
1,164,473
0
.27
Amendment
No.
5
Incremental
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
12/23/27
.......
United
States
378,970
363,652
0
.08
Aveanna
Healthcare
LLC
,
First
Lien,
2021
Extended
CME
Term
Loan
,
9.238
%
,
(
3-month
SOFR
+
3.75
%
),
7/17/28
United
States
558,421
525,033
0
.12
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.586
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......
United
States
2,075,652
2,081,194
0
.48
FINThrive
Software
Intermediate
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
12/18/28
........................
United
States
1,452,938
1,227,732
0
.29
Second
Lien,
Initial
CME
Term
Loan
,
12.201
%
,
(
1-month
SOFR
+
6.75
%
),
12/17/29
..............
United
States
357,038
219,445
0
.05
Global
Medical
Response,
Inc.
,
2018
New
CME
Term
Loan
,
9.824
%
,
(
3-month
SOFR
+
4.25
%
),
3/14/25
...
United
States
598,424
513,149
0
.12
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
..................................
United
States
1,458,277
1,320,659
0
.31
Pacific
Dental
Services
LLC
,
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
5/05/28
................
United
States
726,952
728,428
0
.17
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
e
Senior
Floating
Rate
Interests
(continued)
f
Health
Care
Facilities
(continued)
Pathway
Vet
Alliance
LLC
,
First
Lien,
2021
Replacement
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
3/31/27
...................................
United
States
2,797,683
$
2,423,493
0
.56
Phoenix
Newco,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.72
%
,
(
1-month
SOFR
+
3.25
%
),
11/15/28
........
United
States
1,378,953
1,376,939
0
.32
Star
Parent,
Inc.
,
CME
Term
Loan
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
9/27/30
.........................
United
States
1,750,000
1,711,719
0
.40
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.835
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
........
United
States
284,900
285,791
0
.07
14,277,470
3
.32
a
a
a
a
a
a
f
Health
Care
Services
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.826
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
........
United
States
1,408,688
1,408,103
0
.33
eResearchTechnology,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.947
%
,
(
1-month
SOFR
+
4.5
%
),
2/04/27
....
United
States
1,059,706
1,057,497
0
.25
MPH
Acquisition
Holdings
LLC
,
Initial
CME
Term
Loan
,
9.9
%
,
(
3-month
SOFR
+
4.25
%
),
9/01/28
..........
United
States
1,908,085
1,829,376
0
.42
National
Mentor
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.414
%
,
(
1-month
SOFR
+
3.75%;
3-month
SOFR
+
3.75%
),
3/02/28
...
United
States
1,842,475
1,686,104
0
.39
First
Lien,
Initial
CME
Term
Loan,
C
,
9.198
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
......................
United
States
64,046
58,611
0
.01
Phoenix
Guarantor,
Inc.
,
First
Lien,
CME
Term
Loan,
B3
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
3/05/26
.........
United
States
1,187,903
1,186,958
0
.27
g
Radiology
Partners,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.179
%
,
(
6-month
SOFR
+
4.25
%
),
7/09/25
.......
United
States
2,291,902
2,042,658
0
.47
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.717
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
..................................
United
States
2,196,032
2,079,927
0
.48
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.47
%
,
(
1-month
SOFR
+
4
%
),
10/22/26
......
United
States
3,209,141
3,215,174
0
.74
14,564,408
3
.36
a
a
a
a
a
a
f
Health
Care
Supplies
Bausch
+
Lomb
Corp.
,
Initial
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
5/10/27
...............
United
States
596,970
584,231
0
.14
Medline
Borrower
LP
,
Initial
Dollar
CME
Term
Loan
,
8.451
%
,
(
1-month
SOFR
+
3
%
),
10/23/28
..........
United
States
1,850,973
1,849,908
0
.43
2,434,139
0
.57
a
a
a
a
a
a
Health
Care
Technology
f
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.583
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
...............
United
States
4,043,467
3,995,451
0
.92
Heavy
Electrical
Equipment
f
Vertiv
Group
Corp.
,
CME
Term
Loan,
B1
,
7.967
%
,
(
1-month
SOFR
+
2.5
%
),
3/02/27
................
United
States
492,882
494,014
0
.11
f
Home
Improvement
Retail
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.843
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
..
United
States
351,220
342,000
0
.08
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..................................
United
States
961,822
962,096
0
.22
1,304,096
0
.30
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.
12
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
e
Senior
Floating
Rate
Interests
(continued)
Homefurnishing
Retail
f
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
..
United
States
788,763
$
764,311
0
.18
Hotels,
Resorts
&
Cruise
Lines
f
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
8/02/28
...
United
States
2,574,285
2,573,835
0
.60
Household
Products
f
Energizer
Holdings,
Inc.
,
2020
CME
Term
Loan
,
7.701
%
,
(
1-month
SOFR
+
2.25
%
),
12/22/27
..............
United
States
508,961
508,006
0
.12
Housewares
&
Specialties
f
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.88
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
................
Netherlands
986,489
972,219
0
.22
f
Human
Resource
&
Employment
Services
CCRR
Parent,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
........
United
States
661,637
631,864
0
.15
CHG
Healthcare
Services,
Inc.
,
First
Lien,
2023
Incremental
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
9/29/28
...............
United
States
292,683
292,646
0
.07
First
Lien,
Initial
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
9/29/28
......................
United
States
820,761
819,165
0
.19
1,743,675
0
.41
a
a
a
a
a
a
f
Independent
Power
Producers
&
Energy
Traders
g
Calpine
Construction
Finance
Co.
LP
,
Refinancing
CME
Term
Loan
,
7.606
%
,
(
1-month
SOFR
+
2.25
%
),
7/31/30
United
States
798,000
794,437
0
.18
Talen
Energy
Supply
LLC
,
Initial
CME
Term
Loan,
B
,
9.869
%
,
(
3-month
SOFR
+
4.5
%
),
5/17/30
..............................
United
States
736,889
739,652
0
.17
Initial
CME
Term
Loan,
C
,
9.869
%
,
(
3-month
SOFR
+
4.5
%
),
5/17/30
..............................
United
States
169,101
169,735
0
.04
1,703,824
0
.39
a
a
a
a
a
a
f
Industrial
Machinery
&
Supplies
&
Components
Tiger
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.706
%
,
(
1-month
SOFR
+
3.25
%
),
6/01/28
........
United
States
1,423,683
1,415,234
0
.33
TK
Elevator
Midco
GmbH
,
USD
CME
Term
Loan,
B1
,
9.081
%
,
(
6-month
SOFR
+
3.5
%
),
7/30/27
.........
Germany
1,941,710
1,944,438
0
.45
3,359,672
0
.78
a
a
a
a
a
a
f
Insurance
Brokers
Alliant
Holdings
Intermediate
LLC
,
New
CME
Term
Loan,
B6
,
8.833
%
,
(
1-month
SOFR
+
3.5
%
),
11/06/30
.....
United
States
1,933,891
1,940,118
0
.45
AssuredPartners,
Inc.
,
2020
February
Refinancing
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
2/12/27
................
United
States
2,358,452
2,354,619
0
.55
2023
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
2/12/27
.............................
United
States
311,850
311,883
0
.07
g
HUB
International
Ltd.
,
CME
Term
Loan,
B
,
8.574
%
,
(
3-month
SOFR
+
3.25
%
),
6/20/30
...............
United
States
1,396,395
1,398,797
0
.32
6,005,417
1
.39
a
a
a
a
a
a
Integrated
Telecommunication
Services
f
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.683
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
............................
United
States
3,210,730
3,106,044
0
.72
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
e
Senior
Floating
Rate
Interests
(continued)
Integrated
Telecommunication
Services
(continued)
f
Global
Tel*Link
Corp.
(continued)
Second
Lien,
CME
Term
Loan
,
15.433
%
,
(
1-month
SOFR
+
10
%
),
11/29/26
.......................
United
States
2,479,737
$
2,155,821
0
.50
5,261,865
1
.22
a
a
a
a
a
a
Interactive
Home
Entertainment
f
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
...............
United
States
1,620,598
1,618,151
0
.37
f
Internet
Services
&
Infrastructure
Arches
Buyer,
Inc.
,
Refinancing
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
12/06/27
..............
United
States
1,723,895
1,686,184
0
.39
Barracuda
Parent
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.883
%
,
(
3-month
SOFR
+
4.5
%
),
8/15/29
.........
United
States
1,647,831
1,603,825
0
.37
Hunter
Holdco
3
Ltd.
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.698
%
,
(
3-month
SOFR
+
4.25
%
),
8/19/28
...
United
Kingdom
872,334
871,967
0
.20
Thrasio
LLC
,
Initial
CME
Term
Loan
,
14.61
%
,
(
3-month
SOFR
+
9
%
),
12/18/26
........................
United
States
881,909
410,088
0
.09
4,572,064
1
.05
a
a
a
a
a
a
f
Investment
Banking
&
Brokerage
Aretec
Group,
Inc.
,
CME
Term
Loan,
B1
,
9.933
%
,
(
1-month
SOFR
+
4.5
%
),
8/09/30
................
United
States
1,719,817
1,722,207
0
.40
Citadel
Securities
LP
,
CME
Term
Loan
,
7.97
%
,
(
1-month
SOFR
+
2.5
%
),
7/29/30
.......................
United
States
1,522,264
1,521,891
0
.35
Deerfield
Dakota
Holding
LLC
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
9.098
%
,
(
3-month
SOFR
+
3.75
%
),
4/09/27
...................................
United
States
973,318
957,623
0
.22
g
Jane
Street
Group
LLC
,
2024
Repricing
CME
Term
Loan
,
7.951
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
.........
United
States
1,995,202
1,989,805
0
.46
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B
,
9.105
%
,
(
1-month
SOFR
+
3.75
%
),
7/31/28
...............
United
Kingdom
1,815,137
1,807,450
0
.42
g,j
2023
Incremental
Delayed
Draw
CME
Term
Loan
,
9.606
%
,
(
1-month
SOFR
+
4.25
%
),
7/31/28
........
United
Kingdom
327,812
328,120
0
.08
g
WEC
US
Holdings
Ltd.
,
Term
Loan,
B
,
3.25
%
,
(
1-month
SONIA
+
2.75
%
),
1/17/31
......................
United
States
214,286
213,415
0
.05
8,540,511
1
.98
a
a
a
a
a
a
f
IT
Consulting
&
Other
Services
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan
,
10.5
%
,
(
3-month
USD
LIBOR
+
5.152
%
),
11/01/24
....................
United
States
4,360,528
3,065,604
0
.71
Second
Lien,
Initial
Term
Loan
,
14.26
%
,
(
3-month
USD
LIBOR
+
8.25
%
),
11/01/25
.....................
United
States
127,417
37,203
0
.01
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.448
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
..........
United
States
3,748,427
3,652,842
0
.85
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
...............
United
States
2,775,697
2,776,086
0
.64
Sitel
Worldwide
Corp.
,
Initial
Dollar
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
8/28/28
........
France
1,687,371
1,632,009
0
.38
11,163,744
2
.59
a
a
a
a
a
a
Leisure
Facilities
f
,h
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan
,
PIK,
10.61
%
,
(
3-month
SOFR
+
5
%
),
12/29/25
..........
United
States
8,549,776
3,807,025
0
.88
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
e
Senior
Floating
Rate
Interests
(continued)
Leisure
Products
f
Motion
Acquisition
Ltd.
,
USD
CME
Term
Loan,
B1
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
11/12/26
............................
United
Kingdom
526,597
$
527,518
0
.12
USD
CME
Term
Loan,
B2
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
11/12/26
............................
United
Kingdom
75,073
75,204
0
.02
602,722
0
.14
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
f
ICON
plc
,
CME
Term
Loan
,
7.86
%
,
(
3-month
SOFR
+
2.25
%
),
7/03/28
...................................
United
States
729,448
731,042
0
.17
U.S.
CME
Term
Loan
,
7.86
%
,
(
3-month
SOFR
+
2.25
%
),
7/03/28
.............................
United
States
181,743
182,140
0
.04
913,182
0
.21
a
a
a
a
a
a
Metal,
Glass
&
Plastic
Containers
f
Mauser
Packaging
Solutions
Holding
Co.
,
Initial
CME
Term
Loan
,
9.355
%
,
(
1-month
SOFR
+
4
%
),
8/14/26
.
United
States
2,735,360
2,743,334
0
.63
f
Movies
&
Entertainment
AMC
Entertainment
Holdings,
Inc.
,
CME
Term
Loan,
B1
,
8.449
%
,
(
1-month
SOFR
+
3
%
),
4/22/26
..........
United
States
631,760
499,880
0
.12
Banijay
Entertainment
SAS
,
USD
CME
Term
Loan,
B
,
9.198
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/28
........
France
687,558
689,600
0
.16
1,189,480
0
.28
a
a
a
a
a
a
Multi-line
Insurance
f
Acrisure
LLC
,
First
Lien,
2020
Term
Loan
,
9.15
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
2/15/27
.......................
United
States
1,592,937
1,588,835
0
.37
First
Lien,
2021-1
Additional
Term
Loan
,
9.4
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/15/27
..................
United
States
1,361,947
1,363,649
0
.32
First
Lien,
2021-2
Additional
Term
Loan
,
9.9
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
2/15/27
..................
United
States
753,846
755,260
0
.17
3,707,744
0
.86
a
a
a
a
a
a
Multi-Sector
Holdings
f
Belfor
Holdings,
Inc.
,
Initial
CME
Term
Loan,
B1
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
11/01/30
..............
United
States
149,495
149,682
0
.03
Office
Services
&
Supplies
f
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
..........
United
States
4,484,523
4,420,058
1
.02
Other
Specialty
Retail
Evergreen
AcqCo
1
LP
,
g,i
CME
Term
Loan,
B
,
TBD,
4/26/28
................
United
States
150,000
150,769
0
.03
f
Initial
CME
Term
Loan
,
10.86
%
,
(
3-month
SOFR
+
5.25
%
),
4/26/28
.............................
United
States
1,149,691
1,155,583
0
.27
f
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.437
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
.........
United
States
5,056,050
4,044,840
0
.94
f
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
........
United
States
1,406,982
1,405,779
0
.33
f
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.86
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
...............
United
States
1,463,818
1,207,650
0
.28
f
,g
Petco
Health
&
Wellness
Co.,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
3/03/28
United
States
1,810,943
1,704,758
0
.39
f
PetSmart
LLC
,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
2/11/28
......................
United
States
667,060
664,908
0
.15
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
e
Senior
Floating
Rate
Interests
(continued)
Other
Specialty
Retail
(continued)
f
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.467
%
,
(
1-month
USD
LIBOR
+
5
%
),
4/16/26
.............
United
States
1,501,586
$
1,421,874
0
.33
2019
Refinancing
New
Term
Loan,
B2
,
9.967
%
,
(
1-month
USD
Synthetic
LIBOR
+
4.5
%
),
9/12/24
....
United
States
1,946,610
1,946,960
0
.45
f
Woof
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
12/21/27
........
United
States
1,556,401
1,273,463
0
.29
14,976,584
3
.46
a
a
a
a
a
a
Packaged
Foods
&
Meats
f
Primary
Products
Finance
LLC
,
CME
Term
Loan,
B
,
9.481
%
,
(
3-month
SOFR
+
4
%
),
4/01/29
..........
United
States
679,310
680,278
0
.16
f
Paper
&
Plastic
Packaging
Products
&
Materials
Charter
Next
Generation,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.836
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
...
United
States
1,672,354
1,666,434
0
.39
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.476
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
......
Luxembourg
1,706,257
1,645,685
0
.38
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
........
United
States
568,649
569,613
0
.13
ProAmpac
PG
Borrower
LLC
,
2023-1
CME
Term
Loan
,
9.821
%
,
(
3-month
SOFR
+
4.5
%
),
9/15/28
.........
United
States
1,033,333
1,036,888
0
.24
4,918,620
1
.14
a
a
a
a
a
a
f
Passenger
Airlines
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.329
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
.............................
United
States
1,286,714
1,320,400
0
.30
Air
Canada
,
CME
Term
Loan
,
9.139
%
,
(
3-month
SOFR
+
3.5
%
),
8/11/28
..............................
Canada
1,263,932
1,266,795
0
.29
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.869
%
,
(
3-month
SOFR
+
3.5
%
),
6/04/29
................
United
States
1,800,000
1,800,189
0
.42
Kestrel
Bidco,
Inc.
,
CME
Term
Loan
,
8.437
%
,
(
1-month
SOFR
+
3
%
),
12/11/26
........................
Canada
1,290,105
1,289,840
0
.30
United
Airlines,
Inc.
,
CME
Term
Loan,
B
,
9.201
%
,
(
1-month
SOFR
+
3.75
%
),
4/21/28
...............
United
States
2,015,376
2,021,836
0
.47
7,699,060
1
.78
a
a
a
a
a
a
Passenger
Ground
Transportation
f
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
..........
United
States
280,077
280,778
0
.06
f
Personal
Care
Products
Conair
Holdings
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
5/17/28
........
United
States
2,694,076
2,628,071
0
.61
Sunshine
Luxembourg
VII
SARL
,
CME
Term
Loan,
B3
,
8.948
%
,
(
3-month
SOFR
+
3.5
%
),
10/01/26
........
Luxembourg
2,992,570
2,997,762
0
.69
5,625,833
1
.30
a
a
a
a
a
a
f
Pharmaceuticals
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.538
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
...
Spain
398,961
389,454
0
.09
Jazz
Pharmaceuticals
plc
,
Additional
Dollar
CME
Term
Loan,
B1
,
8.447
%
,
(
1-month
SOFR
+
3
%
),
5/05/28
...
United
States
2,488,178
2,489,733
0
.58
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.45
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.........................
United
States
1,178,239
1,178,428
0
.27
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
e
Senior
Floating
Rate
Interests
(continued)
f
Pharmaceuticals
(continued)
Perrigo
Co.
plc
,
Initial
CME
Term
Loan,
B
,
7.683
%
,
(
1-month
SOFR
+
2.25
%
),
4/20/29
...............
United
States
1,714,749
$
1,714,037
0
.40
5,771,652
1
.34
a
a
a
a
a
a
Property
&
Casualty
Insurance
f
Asurion
LLC
,
New
CME
Term
Loan,
B10
,
9.433
%
,
(
1-month
SOFR
+
4
%
),
8/19/28
...............................
United
States
890,977
881,141
0
.20
New
CME
Term
Loan,
B11
,
9.683
%
,
(
1-month
SOFR
+
4.25
%
),
8/19/28
.............................
United
States
342,241
338,915
0
.08
New
CME
Term
Loan,
B8
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
12/23/26
............................
United
States
974,251
971,454
0
.23
Second
Lien,
New
CME
Term
Loan,
B3
,
10.697
%
,
(
1-month
SOFR
+
5.25
%
),
1/31/28
...............
United
States
2,652,263
2,548,069
0
.59
Second
Lien,
New
CME
Term
Loan,
B4
,
10.697
%
,
(
1-month
SOFR
+
5.25
%
),
1/20/29
...............
United
States
2,248,036
2,137,567
0
.49
6,877,146
1
.59
a
a
a
a
a
a
f
Publishing
Cengage
Learning,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.326
%
,
(
3-month
SOFR
+
4.75
%
),
7/14/26
.......
United
States
3,850,926
3,850,521
0
.89
McGraw-Hill
Education,
Inc.
,
Initial
CME
Term
Loan
,
10.197
%
,
(
1-month
SOFR
+
4.75
%
),
7/28/28
.......
United
States
2,648,916
2,638,267
0
.61
6,488,788
1
.50
a
a
a
a
a
a
Real
Estate
Development
Greystar
Real
Estate
Partners
LLC
,
f
CME
Term
Loan
,
9.125
%
,
(
3-month
SOFR
+
3.75
%
),
8/21/30
...................................
United
States
252,133
252,605
0
.06
g,i
Incremental
CME
Term
Loan,
B
,
TBD,
1/01/38
......
United
States
150,000
150,000
0
.03
402,605
0
.09
a
a
a
a
a
a
Real
Estate
Services
f
Cushman
&
Wakefield
US
Borrower
LLC
,
2023-1
Refinancing
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/30
......................
United
States
597,000
593,021
0
.14
2023-2
Refinancing
CME
Term
Loan
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
1/31/30
.........................
United
States
104,475
104,084
0
.02
697,105
0
.16
a
a
a
a
a
a
Research
&
Consulting
Services
f
Dun
&
Bradstreet
Corp.
(The)
,
2022
Incremental
CME
Term
Loan,
B2
,
8.074
%
,
(
1-month
SOFR
+
2.75
%
),
1/18/29
...................................
United
States
802,963
803,665
0
.18
f
Restaurants
Dave
&
Buster's,
Inc.
,
2024
Refinancing
CME
Term
Loan,
B
,
8.625
%
,
(
1-month
SOFR
+
3.25
%
),
6/29/29
......
United
States
493,463
493,875
0
.11
Flynn
Restaurant
Group
LP
,
First
Lien,
2021
CME
Term
Loan
,
9.697
%
,
(
1-month
SOFR
+
4.25
%
),
11/22/28
..
United
States
2,181,816
2,191,590
0
.51
IRB
Holding
Corp.
,
2024
Replacement
CME
Term
Loan,
B
,
8.206
%
,
(
1-month
SOFR
+
2.75
%
),
12/15/27
.....
United
States
412,856
412,482
0
.10
g
Whatabrands
LLC
,
Initial
CME
Term
Loan,
B
,
8.47
%
,
(
1-month
SOFR
+
3
%
),
8/03/28
.................
United
States
1,574,172
1,572,747
0
.36
4,670,694
1
.08
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
17
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
e
Senior
Floating
Rate
Interests
(continued)
f
Security
&
Alarm
Services
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
...
United
States
1,470,770
$
1,454,996
0
.34
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.701
%
,
(
1-month
SOFR
+
3.25%;
3-month
SOFR
+
2.25%
),
7/10/28
...................................
United
States
703,522
703,962
0
.16
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2023
Refinancing
CME
Term
Loan,
B1
,
7.827
%
,
(
3-month
SOFR
+
2.5
%
),
10/13/30
......................
United
States
1,402,876
1,405,598
0
.33
3,564,556
0
.83
a
a
a
a
a
a
Semiconductor
Materials
&
Equipment
f
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.848
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
.........
United
States
1,705,012
1,698,448
0
.39
f
Soft
Drinks
&
Non-alcoholic
Beverages
Naked
Juice
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
8.698
%
,
(
3-month
SOFR
+
3.25
%
),
1/24/29
........
United
States
715,932
679,538
0
.16
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
....
United
States
1,546,619
1,523,420
0
.35
2,202,958
0
.51
a
a
a
a
a
a
Specialized
Consumer
Services
f
Pre-Paid
Legal
Services,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
12/15/28
..
United
States
565,364
563,023
0
.13
f
Sedgwick
Claims
Management
Services,
Inc.
,
2023
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
2/24/28
United
States
3,063,088
3,067,698
0
.71
g
,i
Wand
NewCo
3,
Inc.
,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
TBD,
1/30/32
......................
United
States
230,769
231,166
0
.05
f
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
................
United
States
1,260,362
746,764
0
.17
4,608,651
1
.06
a
a
a
a
a
a
f
Specialized
Finance
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.......
United
States
1,394,882
1,360,770
0
.32
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................
United
States
2,708,007
2,714,290
0
.63
4,075,060
0
.95
a
a
a
a
a
a
f
Specialty
Chemicals
ASP
Unifrax
Holdings,
Inc.
,
First
Lien,
USD
CME
Term
Loan
,
9.248
%
,
(
3-month
SOFR
+
3.75
%
),
12/12/25
..
United
States
2,015,350
1,923,884
0
.45
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
10.022
%
,
(
3-month
SOFR
+
4.5
%
),
3/15/29
.......................
United
States
2,561,000
2,458,266
0
.57
Second
Lien,
Initial
CME
Term
Loan
,
12.87
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
.....................
United
States
837,209
719,581
0
.17
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
CME
Term
Loan,
B
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
1/29/26
.
United
Kingdom
1,323,495
1,323,826
0
.31
Nouryon
Finance
BV
,
Extended
Dollar
CME
Term
Loan
,
9.467
%
,
(
3-month
SOFR
+
4
%
),
4/03/28
..........
Netherlands
1,213,617
1,214,503
0
.28
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.723
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
...............
United
States
3,893,163
3,722,603
0
.86
11,362,663
2
.64
a
a
a
a
a
a
f
Systems
Software
DCert
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.333
%
,
(
1-month
SOFR
+
4
%
),
10/16/26
..........
United
States
1,413,366
1,407,189
0
.33
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
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
e
Senior
Floating
Rate
Interests
(continued)
f
Systems
Software
(continued)
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.277
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...............
United
States
1,374,619
$
1,371,609
0
.32
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan
,
9.839
%
,
(
3-month
SOFR
+
4.25
%
),
12/01/27
.......
United
States
909,300
868,950
0
.20
First
Lien,
First
Amendment
CME
Term
Loan
,
9.591
%
,
(
3-month
SOFR
+
4
%
),
12/01/27
................
United
States
91,686
87,216
0
.02
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.203
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
......................
United
States
2,725,431
2,706,353
0
.63
Precisely
Software,
Inc.
,
First
Lien,
Third
Amendment
CME
Term
Loan
,
9.586
%
,
(
3-month
SOFR
+
4
%
),
4/24/28
...................................
United
States
851,474
842,163
0
.20
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.713
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
United
States
1,276,778
1,013,264
0
.23
Sophos
Holdings
SARL
,
First
Lien,
Dollar
CME
Term
Loan
,
8.948
%
,
(
1-month
SOFR
+
3.5
%
),
3/05/27
....
Luxembourg
1,496,126
1,497,578
0
.35
Sovos
Compliance
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.947
%
,
(
1-month
SOFR
+
4.5
%
),
8/11/28
....
United
States
1,806,331
1,780,709
0
.41
11,575,031
2
.69
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
f
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.645
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
..........
United
States
2,358,564
1,550,767
0
.36
Wireless
Telecommunication
Services
g
,i
Crown
Subsea
Communications
Holding,
Inc.
,
CME
Term
Loan,
B
,
TBD,
1/26/31
........................
United
States
1,129,032
1,131,855
0
.26
Total
Senior
Floating
Rate
Interests
(Cost
$
352,481,639
)
..................
343,739,056
79
.56
Shares/Units
Escrows
and
Litigation
Trusts
a,c
Millennium
Corporate
Claim
Trust,
Escrow
Account
....
United
States
6,589,709
—
0.00
a,c
Millennium
Lender
Claim
Trust,
Escrow
Account
......
United
States
6,589,709
—
0.00
a,c,k
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Escrow
Account
...................................
Australia
5,879,078
—
0.00
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
............................
—
0.00
Total
Long
Term
Investments
(Cost
$
412,545,833
)
........................
405,110,180
93
.76
a
Short
Term
Investments
a
a
Principal
Amount
*
a
Value
%
of
Net
Assets
aa
aa
aa
aa
aa
aa
Repurchase
Agreements
l
Joint
Repurchase
Agreement
,
5.258
%
,
2/01/24
(Maturity
Value
$
35,581,689
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$4,427,786)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$11,671,861)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$19,482,042)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
11/20/38
-
10/20/53;
U.S.
Treasury
Bonds,
5.5%
-
7.5%,
11/15/24
-
8/15/28;
and
U.S.
Treasury
Notes,
3.63%,
5/15/26
(valued
at
$
36,294,470
)
.............................................
35,576,493
35,576,493
8
.23
Total
Repurchase
Agreements
(Cost
$
35,576,493
)
........................
35,576,493
8
.23
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
19
Short
Term
Investments
(continued)
a
a
Principal
Amount
*
a
Value
%
of
Net
Assets
aa
aa
aa
aa
aa
aa
a
a
a
Total
Short
Term
Investments
(Cost
$
35,576,493
)
.........................
35,576,493
8
.23
a
Total
Investments
(Cost
$
448,122,326
)
..................................
$440,686,673
101
.99
Other
Assets,
less
Liabilities
...........................................
(8,619,065)
(
1
.99
)
Net
Assets
...........................................................
$432,067,608
100.00
See
Abbreviations
on
page
30
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.01%
of
net
assets.
a
Non-income
producing.
b
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
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,
2024,
the
aggregate
value
of
these
securities
was
$21,621,259,
representing
5.0%
of
net
assets.
e
See
Note
1(d)
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(c).
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
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.
j
See
Note
10
regarding
unfunded
loan
commitments.
k
See
Note
7
regarding
holdings
of
5%
voting
securities.
l
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$405,459,826
Cost
-
Non-controlled
affiliates
(Note
3
d
and 
7
)
...................................................
7,086,007
Cost
-
Unaffiliated
repurchase
agreements
......................................................
35,576,493
Value
-
Unaffiliated
issuers
..................................................................
$398,291,905
Value
-
Non-controlled
affiliates
(Note
3
d
and 
7
)
..................................................
6,818,275
Value
-
Unaffiliated
repurchase
agreements
......................................................
35,576,493
Cash
....................................................................................
3,183,274
Receivables:
Investment
securities
sold
...................................................................
2,224,112
Dividends
and
interest
.....................................................................
2,666,278
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
10
)
......................................
65
Total
assets
..........................................................................
448,760,402
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
13,132,844
Management
fees
.........................................................................
170,492
Trustees'
fees
and
expenses
.................................................................
1,006
Distributions
to
shareholders
.................................................................
3,338,017
Accrued
expenses
and
other
liabilities
...........................................................
50,435
Total
liabilities
.........................................................................
16,692,794
Net
assets,
at
value
.................................................................
$432,067,608
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$836,195,738
Total
distributable
earnings
(losses)
.............................................................
(404,128,130)
Net
assets,
at
value
.................................................................
$432,067,608
Shares
outstanding
.........................................................................
59,537,073
Net
asset
value
and
maximum
offering
price
per
share
($432,067,608÷59,537,073
shares
outstanding)
a
..........
$7.26
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
Franklin
Floating
Rate
Master
Series
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$10,311)
Unaffiliated
issuers
........................................................................
$204,556
Non-controlled
affiliates
(Note
3
d
and 
7
)
........................................................
276,121
Interest:
Unaffiliated
issuers
........................................................................
19,731,132
Total
investment
income
...................................................................
20,211,809
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,110,968
Custodian
fees
.............................................................................
2,209
Reports
to
shareholders
fees
..................................................................
801
Professional
fees
...........................................................................
68,334
Trustees'
fees
and
expenses
..................................................................
3,223
Other
....................................................................................
15,425
Total
expenses
.........................................................................
1,200,960
Expenses
waived/paid
by
affiliates
(Note
3
d
and 
3
e
)
..............................................
(89,979)
Net
expenses
.........................................................................
1,110,981
Net
investment
income
................................................................
19,100,828
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(3,070,478)
Non-controlled
affiliates
(Note
3
d
and
7
)
.......................................................
(4,460)
Foreign
currency
transactions
................................................................
(1,420)
Net
realized
gain
(loss)
..................................................................
(3,076,358)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
11,511,439
Non-controlled
affiliates
(Note
3
d
and
7
)
.......................................................
42,954
Unfunded
loan
commitments
.................................................................
9,032
Net
change
in
unrealized
appreciation
(depreciation)
............................................
11,563,425
Net
realized
and
unrealized
gain
(loss)
............................................................
8,487,067
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$27,587,895
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Franklin
Floating
Rate
Master
Series
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$19,100,828
$39,484,253
Net
realized
gain
(loss)
.................................................
(3,076,358)
(24,595,847)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
11,563,425
32,636,091
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
27,587,895
47,524,497
Distributions
to
shareholders
..............................................
(20,259,644)
(41,294,993)
Capital
share
transactions
(Note
2
)
..........................................
35,032,626
(233,130,208)
Net
increase
(decrease)
in
net
assets
...................................
42,360,877
(226,900,704)
Net
assets:
Beginning
of
period
.....................................................
389,706,731
616,607,435
End
of
period
..........................................................
$432,067,608
$389,706,731
Franklin
Floating
Rate
Master
Trust
23
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Master
Series
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 Trust
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)
24
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,
2024.
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), or
the
Secured
Overnight
Financing
Rate
(SOFR).
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.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
in
the
Statement
of
Operations.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Joint
Repurchase
Agreement
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
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,
2024,
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:
Six
Months
Ended
January
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Shares
sold
...................................
20,025,956
$143,726,431
4,408,454
$30,884,222
Shares
redeemed
...............................
(15,139,883)
(108,693,805)
(37,870,071)
(264,014,430)
Net
increase
(decrease)
..........................
4,886,073
$35,032,626
(33,461,617)
$(233,130,208)
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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,
2024,
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,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Floating
Rate
Master
Series
Non-Controlled
Affiliates
Dividends
Franklin
Senior
Loan
ETF
....
$6,781,724
$—
$—
$—
$36,551
$6,818,275
281,166
$276,121
Total
Affiliated
Securities
...
$6,781,724
$—
$—
$—
$36,551
$6,818,275
$276,121
3
.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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,
2024, Franklin
Floating
Rate
Fund,
PLC
owned
100%
of
the
Fund's
outstanding
shares.
Investment
activities
of
this
shareholder
could
have
a
material
impact
on
the
Fund.
4.
Income
Taxes
At
January
31,
2024,
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
wash
sales.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2024,
aggregated
$75,196,878 and
$53,648,130,
respectively. 
6.
Credit
Risk
At
January
31,
2024,
the
Fund
had 78.8% 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.
7.
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,
2024,
investments
in
“affiliated
companies”
were
as
follows:
Cost
of
investments
..........................................................................
$448,947,998
Unrealized
appreciation
........................................................................
$10,985,408
Unrealized
depreciation
........................................................................
(19,246,733)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(8,261,325)
3
.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
8.
Shareholder
Distributions
For
the period
ended
January
31,
2024,
the
Fund
made
the
following
distributions:
9.
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
2,
2024.
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
2,
2024,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
31,
2025,
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,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Master
Series
Non-Controlled
Affiliates
Dividends
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Escrow
Account
....
$
597,306
$
—
$
(599,249)
a
$
(4,460)
$
6,403
$
—
5,879,078
$
—
Quarternorth
Energy
Holding,
Inc.
......
12,812,668
—
—
—
—
b
—
b
—
b
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$13,409,974
$—
$(599,249)
$(4,460)
$6,403
$—
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments
corporate
actions.
b
As
of
January
31,
2024,
no
longer
an
affiliate.
Payment
Date
Amount
Per
Share
8/31/2023
$0.059236
9/29/2023
0.056777
10/31/2023
0.055531
11/30/2023
0.056134
12/29/2023
0.065429
1/31/2024
0.055809
Total
$0.348916
7.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
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,
2024,
unfunded
commitments
were
as
follows:
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Master
Series
Osmosis
Buyer
Ltd.
$
69,013
$
69,013
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
........................
$
—
$
26,416,188
$
—
$
26,416,188
Management
Investment
Companies
.........
12,894,073
—
—
12,894,073
Preferred
Stocks
........................
—
3,695
—
3,695
Warrants
..............................
—
—
233
233
Corporate
Bonds
........................
—
22,056,935
—
22,056,935
Senior
Floating
Rate
Interests
...............
—
343,739,056
—
343,739,056
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
—
35,576,493
—
35,576,493
Total
Investments
in
Securities
...........
$12,894,073
$427,792,367
$233
$440,686,673
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
—
$
65
$
—
$
65
Total
Other
Financial
Instruments
.........
$—
$65
$—
$65
a
Includes
financial
instruments
determined
to
have
no
value.
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Master
Series
(continued)
12.
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. 
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
ETF
Exchange-Traded
Fund
LIBOR
London
Interbank
Offered
Rate
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
TBD
To
Be
Determined
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
31
franklintempleton.com
Semiannual
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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
184/366
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
8/1/23
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$1,018.11
$3.03
$1,022.13
$3.04
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,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.97
$7.67
$7.92
$7.34
$8.61
$9.45
Income
from
investment
operations
a
:
Net
investment
income
..............
0.422
b
0.655
b
0.355
b
0.334
b
0.412
0.695
Net
realized
and
unrealized
gains
(losses)
(7.865)
0.256
(0.234)
0.596
(1.227)
(0.827)
Total
from
investment
operations
........
(7.443)
0.911
0.121
0.930
(0.815)
(0.132)
Less
distributions
from:
Net
investment
income
..............
(0.527)
(0.616)
(0.371)
(0.350)
(0.455)
(0.708)
Net
asset
value,
end
of
period
..........
$—
$7.97
$7.67
$7.92
$7.34
$8.61
Total
return
c
.......................
1.81%
d
12.47%
1.52%
12.84%
(9.74)%
(1.48)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.69%
0.67%
0.65%
0.67%
0.73%
0.71%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.60%
0.60%
f
0.60%
f
0.60%
f
0.60%
f
0.60%
f
Net
investment
income
...............
10.47%
8.43%
4.41%
4.32%
5.42%
7.66%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$—
$409,664
$644,655
$650,531
$202,101
$325,091
Portfolio
turnover
rate
................
8.72%
g
11.14%
53.90%
66.93%
g
67.04%
30.93%
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
Total
return
is
calculated
through
January
19,
2024,
which
was
the
final
day
a
net
asset
value
was
calculated.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
See
Note
3(f).
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
Franklin
Floating
Rate
Income
Fund
Assets:
Cash
....................................................................................
3,712,122
Total
assets
..........................................................................
3,712,122
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
3,145,083
Capital
shares
redeemed
...................................................................
489,667
Management
fees
.........................................................................
66,451
Trustees'
fees
and
expenses
.................................................................
765
Accrued
expenses
and
other
liabilities
...........................................................
10,156
Total
liabilities
.........................................................................
3,712,122
Net
assets,
at
value
.................................................................
$—
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$88,421,464
Total
distributable
earnings
(losses)
.............................................................
(88,421,464)
Net
assets,
at
value
.................................................................
$—
Shares
outstanding
.........................................................................
—
Net
asset
value
per
share
a
....................................................................
$—
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Floating
Rate
Master
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
Franklin
Floating
Rate
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3d
and
7)
........................................................
$710,795
Interest:
Unaffiliated
issuers:
Payment-in-kind
.........................................................................
696,939
Paid
in
cash
a
...........................................................................
9,842,203
Total
investment
income
...................................................................
11,249,937
Expenses:
Management
fees
(Note
3
a
)
...................................................................
657,507
Reports
to
shareholders
fees
..................................................................
9
Professional
fees
...........................................................................
32,171
Trustees'
fees
and
expenses
..................................................................
2,634
Other
....................................................................................
10,259
Total
expenses
.........................................................................
702,580
Expenses
waived/paid
by
affiliates
(Note
3d
and
3e)
..............................................
(95,616)
Net
expenses
.........................................................................
606,964
Net
investment
income
................................................................
10,642,973
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
b
Unaffiliated
issuers
......................................................................
(29,176,753)
Non-controlled
affiliates
(Note
3
d
and
7
)
.......................................................
7,034,597
Foreign
currency
transactions
................................................................
(48)
Net
realized
gain
(loss)
..................................................................
(22,142,204)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
16,981,625
Non-controlled
affiliates
(Note
3
d
and
7
)
.......................................................
(7,332,881)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
9,648,744
Net
realized
and
unrealized
gain
(loss)
............................................................
(12,493,460)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(1,850,487)
a
Includes
amortization
of
premium
and
accretion
of
discount.
b
Includes
losses
from
redemptions
in-kind
(Note
3f).
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
5
Franklin
Floating
Rate
Income
Fund
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$10,642,973
$42,076,702
Net
realized
gain
(loss)
.................................................
(22,142,204)
(16,257,112)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
9,648,744
31,350,335
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(1,850,487)
57,169,925
Distributions
to
shareholders
..............................................
(13,263,109)
(39,425,867)
Capital
share
transactions
(Note
2
)
..........................................
(394,550,206)
(252,735,616)
Net
increase
(decrease)
in
net
assets
...................................
(409,663,802)
(234,991,558)
Net
assets:
Beginning
of
period
.....................................................
409,663,802
644,655,360
End
of
period
..........................................................
$—
$409,663,802
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
Floating
Rate
Income
Fund
6
franklintempleton.com
Semiannual
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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 Trust
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
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.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
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.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
7
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
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,
2024, 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.
d.
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.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
in
the
Statement
of
Operations.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
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.
Foreign
Currency
Translation 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
8
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
e.
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.
f.
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,
2024,
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:
Six
Months
Ended
January
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Shares
issued
in
reinvestment
of
distributions
..........
3,838
30,820
611
4,784
Shares
redeemed
in-kind
(Note
3f)
..................
(27,820,363)
(213,323,907)
—
—
Shares
redeemed
...............................
(23,553,468)
(181,257,119)
(32,705,293)
(252,740,400)
Net
increase
(decrease)
..........................
(51,369,993)
$(394,550,206)
(32,704,682)
$(252,735,616)
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
9
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.647%
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,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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
    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,
5.003%
$48,312,182
$164,017,616
$(212,329,798)
$—
$—
$—
—
$710,795
Total
Affiliated
Securities
...
$48,312,182
$164,017,616
$(212,329,798)
$—
$—
$—
$710,795
3
.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
10
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
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
Funds
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,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
f.
Other
Affiliated
Transactions
During
the
period
ended
January
31,
2024,
the
Franklin
Floating
Rate
Daily
Access
Fund,
Franklin
Low
Duration
Total
Return
Fund,
and
Franklin
Total
Return
Fund,
series
of
Franklin
Investors
Securities
Trust,
and
Franklin
Strategic
Income
Fund,
a
series
of
Franklin
Strategic
Series,
and
Franklin
Strategic
Income
VIP
Fund,
a
series
of
Franklin
Templeton
Variable
Insurance
Products
Trust,
(the
Affiliated
Funds)
fully
redeemed
out
of
the
Fund.
On
August
4,
2023
and
January
22,
2024,
the
Fund
delivered
portfolio
securities
and
cash
that
were
transferred
in-kind
to
the
Affiliated
Funds,
which
included
$10,323,060
of
net
realized
losses.
As
such
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
remaining
shareholders,
they
are
reclassified
from
accumulated
net
realized
losses
to
paid-in
capital.
4.
Upcoming
Liquidation
On
February
26,
2024,
the
Board
approved
a
proposal
to
liquidate
the
Fund.
The
Fund
liquidated
on
February
28,
2024.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2023,
the
capital
loss
carryforwards
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,
foreign
currency
transactions
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2024,
aggregated
$13,781,207 and
$88,480,887,
respectively. Purchases
and
sales
of
investments
excluded
in-kind
transactions
of
$-
and
$196,704,245,
respectively.
7.
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,
2024,
investments
in
“affiliated
companies”
were
as
follows:
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$5,026,060
Long
term
................................................................................
113,977,009
Total
capital
loss
carryforwards
...............................................................
$119,003,069
3
.
Transactions
with
Affiliates
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Financial
Statements
(unaudited)
11
franklintempleton.com
Semiannual
Report
Franklin
Floating
Rate
Income
Fund
(continued)
8.
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
2,
2024.
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.
The
Fund
did
not
renew
the
Global
Credit
Facility.
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,
2024,
the Fund
did
not
use
the
Global
Credit
Facility. 
9.
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.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Onsite
Rental
Group
Operations
Pty
Ltd
..
$
785,724
$
—
$
(788,279)
a
$
(5,867)
$
8,422
$
—
b
—
$
—
Quarternorth
Energy
Holding,
Inc.
......
45,978,151
—
(45,677,312)
7,040,464
(7,341,303)
—
b
—
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$46,763,875
$—
$(46,465,591)
$7,034,597
$(7,332,881)
$—
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
January
31,
2024,
no
longer
held
by
the
fund.
7.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Floating
Rate
Master
Trust
Shareholder
Information
12
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. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  March 28, 2024


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\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  March 28, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  March 28, 2024