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Form NPORT-P FRANKLIN FLOATING RATE For: Apr 30

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10. ORCL


June 23, 2021 2:02 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001109441
          XXXXXXXX
        
      
      
      
      
        S000052547
        C000165007
      
      
      
    
  
  
    
      Franklin Floating Rate Master Trust
      811-09869
      0001109441
      549300W87VC8PPTC1L66
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin Floating Rate Income Fund
      S000052547
      54930015GEYCPTF23X96
      2021-07-31
      2021-04-30
      N
    
    
      736422944.26
      119747438.37
      616675505.89
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      127558280.30000000
      0.00000000
      0.00000000
      68635541.20000000
      
        
          AUD
          
          
        
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Organon & Co.
        N/A
        Organon & Co., Term Loan
        N/A
        
          
        
        1400000.00000000
        PA
        USD
        1397956.00000000
        0.226692318188
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-08
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JetBlue Airways Corp.
        54930070J9H97ZO93T57
        JetBlue Airways Corp., Term Loan
        47714FAL8
        
          
          
        
        552891.33000000
        PA
        USD
        568441.40000000
        0.092178365213
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-06-17
          Variable
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AssuredPartners, Inc.
        549300HNDSDQWQ3L2P80
        AssuredPartners, Inc., Term Loan
        04621HAP8
        
          
          
        
        247500.00000000
        PA
        USD
        248335.31000000
        0.040270013585
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-12
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSM Bakery Solutions Ltd.
        N/A
        CSM Bakery Solutions Ltd., Second Lien Term Loan
        60001PAD9
        
          
          
        
        10295434.43000000
        PA
        USD
        10207511.42000000
        1.655248396037
        Long
        LON
        CORP
        US
        N
        
        2
        
          2021-07-05
          Variable
          11.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JBS USA Lux SA
        N/A
        JBS USA Lux SA, Term Loan
        46611VAU9
        
          
          
        
        2423003.87000000
        PA
        USD
        2419345.13000000
        0.392320613822
        Long
        LON
        CORP
        LU
        N
        
        2
        
          2026-05-01
          Variable
          2.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenan Advantage Group, Inc. (The)
        N/A
        Kenan Advantage Group, Inc. (The), Term Loan B1
        48853UBE9
        
          
          
        
        2493750.00000000
        PA
        USD
        2487964.50000000
        0.403447919730
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-03-24
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virgin Media Bristol LLC
        N/A
        Virgin Media Bristol LLC, Term Loan Q
        G9368PBE3
        
          
          
        
        3556664.17000000
        PA
        USD
        3556077.32000000
        0.576652921355
        Long
        LON
        CORP
        US
        N
        
        2
        
          2029-01-31
          Variable
          2.62650000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aramark Intermediate HoldCo Corp.
        N/A
        Aramark Intermediate HoldCo Corp., Term Loan B4
        03852JAR2
        
          
          
        
        3861000.00000000
        PA
        USD
        3813142.91000000
        0.618338635729
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-01-15
          Variable
          1.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russell Investments US Institutional Holdco, Inc.
        N/A
        Russell Investments US Institutional Holdco, Inc., Term Loan
        78249LAD2
        
          
          
        
        4931956.29000000
        PA
        USD
        4888801.67000000
        0.792767285761
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-05-30
          Variable
          4.50000000
          N
          Y
          N
        
        
          N
          N
          N
        
      
      
        Altice France SA
        5493001ZMCICV4N02J21
        Altice France SA, Term Loan B
        F6628DAM6
        
          
          
        
        2329173.21000000
        PA
        USD
        2327507.85000000
        0.377428295395
        Long
        LON
        CORP
        FR
        N
        
        2
        
          2026-08-14
          Variable
          4.19763000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LegalZoom.com, Inc.
        N/A
        LegalZoom.com, Inc., First Lien Term Loan
        52471BAJ5
        
          
          
        
        7190240.81000000
        PA
        USD
        7195885.15000000
        1.166883568630
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-11-21
          Variable
          4.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Phoenix Guarantor, Inc.
        N/A
        Phoenix Guarantor, Inc., First Lien Term Loan B1
        71913BAE2
        
          
          
        
        2376799.29000000
        PA
        USD
        2352187.53000000
        0.381430348300
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-03-05
          Variable
          3.35750000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cardtronics USA, Inc.
        N/A
        Cardtronics USA, Inc., Term Loan
        14161JAB0
        
          
          
        
        1813146.44000000
        PA
        USD
        1818132.59000000
        0.294828085862
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-06-29
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Resort Collection LLC
        549300V3UCT773B1KR38
        Caesars Resort Collection LLC, Term Loan B1
        12769LAD1
        
          
          
        
        1133041.42000000
        PA
        USD
        1137936.16000000
        0.184527543113
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-07-21
          Variable
          4.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quest Software US Holdings, Inc.
        N/A
        Quest Software US Holdings, Inc., First Lien Term Loan
        74834YAH5
        
          
          
        
        7532124.83000000
        PA
        USD
        7536267.50000000
        1.222079915290
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-05-16
          Variable
          4.43550000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jane Street Group LLC
        5493002N1IVX6KHGYO08
        Jane Street Group LLC, Term Loan
        47077DAG5
        
          
          
        
        2842589.09000000
        PA
        USD
        2821625.00000000
        0.457554252285
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-01-26
          Variable
          2.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SkyMiles IP Ltd. / Delta Air Lines, Inc.
        N/A
        SkyMiles IP Ltd. / Delta Air Lines, Inc., Term Loan
        24736CBS2
        
          
          
        
        2046261.06000000
        PA
        USD
        2152165.30000000
        0.348994775930
        Long
        LON
        CORP
        KY
        
        N
        
        2
        
          2027-10-20
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NIC Acquisition Corp. CPC Acquisition Corp. and Gardner-Gibson Acquisition Corp.
        N/A
        NIC Acquisition Corp. CPC Acquisition Corp. and Gardner-Gibson Acquisition Corp.
        N/A
        
          
        
        250000.00000000
        PA
        USD
        246250.00000000
        0.039931860054
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-12-01
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Peraton Corp.
        549300EQPCK07ZW63836
        Peraton Corp., First Lien Term Loan B
        71360HAB3
        
          
          
        
        1355998.81000000
        PA
        USD
        1357225.99000000
        0.220087546373
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-02-01
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gray Television, Inc.
        529900TM5726KDN7UU35
        Gray Television, Inc., Term Loan C
        389376AY0
        
          
          
        
        3179030.30000000
        PA
        USD
        3163357.68000000
        0.512969568239
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-01-02
          Variable
          2.61513000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Anesthesia Partners, Inc.
        549300J001GMNRO7SQ51
        U.S. Anesthesia Partners, Inc., First Lien Term Loan
        90350HAF6
        
          
          
        
        2019745.16000000
        PA
        USD
        1993377.39000000
        0.323245754203
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-06-23
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kestrel Bidco, Inc.
        N/A
        Kestrel Bidco, Inc., Term Loan
        C4927UAB8
        
          
          
        
        6907106.18000000
        PA
        USD
        6698269.82000000
        1.086190347439
        Long
        LON
        CORP
        CA
        N
        
        2
        
          2026-12-11
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADMI Corp.
        N/A
        ADMI Corp., Term Loan
        00709LAH0
        
          
          
        
        6062160.36000000
        PA
        USD
        6021756.06000000
        0.976486985859
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-23
          Variable
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        eResearchTechnology, Inc.
        2549003SUFVGC903CK03
        eResearchTechnology, Inc., First Lien Term Loan
        29481PAH4
        
          
          
        
        4082077.93000000
        PA
        USD
        4096834.64000000
        0.664342040647
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-04
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Playtika Holding Corp.
        N/A
        Playtika Holding Corp., Term Loan B1
        72814CAF5
        
          
          
        
        1994382.15000000
        PA
        USD
        1986284.96000000
        0.322095646904
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-13
          Variable
          2.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCIH Salt Holdings, Inc.
        N/A
        SCIH Salt Holdings, Inc., First Lien Term Loan
        78397GAC5
        
          
          
        
        3748449.62000000
        PA
        USD
        3742826.95000000
        0.606936211062
        Long
        LON
        CORP
        US
        N
        
        2
        
          2038-01-02
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asurion LLC
        N/A
        Asurion LLC, Second Lien Term Loan B3
        04649VAZ3
        
          
          
        
        101007.18000000
        PA
        USD
        102623.29000000
        0.016641376059
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-01-31
          Variable
          5.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verscend Holding Corp.
        N/A
        Verscend Holding Corp., Term Loan B
        92531HAB3
        
          
          
        
        0.00990000
        PA
        USD
        0.01000000
        0.000000001621
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-08-27
          Variable
          4.60850000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zayo Group Holdings, Inc.
        529900Z6OTS7RT0V0I47
        Zayo Group Holdings, Inc., Term Loan
        98919XAB7
        
          
          
        
        2023457.02000000
        PA
        USD
        2005751.77000000
        0.325252381656
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-03-09
          Variable
          3.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyland Software, Inc.
        N/A
        Hyland Software, Inc., First Lien Term Loan
        44908XAT5
        
          
          
        
        407619.07000000
        PA
        USD
        408466.92000000
        0.066236929487
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-07-01
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altra Industrial Motion Corp.
        NQ0NIXPGW4YKG4MWM571
        Altra Industrial Motion Corp., Term Loan
        02208HAB4
        
          
          
        
        2970260.27000000
        PA
        USD
        2961453.45000000
        0.480228811054
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-10-01
          Variable
          2.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Mentor Holdings, Inc.
        N/A
        National Mentor Holdings, Inc., Second Lien Term Loan
        63689EAW5
        
          
          
        
        2000000.00000000
        PA
        USD
        2030000.00000000
        0.329184470699
        Long
        LON
        CORP
        US
        N
        
        2
        
          2029-03-02
          Variable
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Surf Holdings SARL
        N/A
        Surf Holdings SARL, First Lien Term Loan
        86875TAB3
        
          
          
        
        6410018.59000000
        PA
        USD
        6358289.74000000
        1.031059232817
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-03-05
          Variable
          3.67550000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EFS Cogen Holdings I LLC
        549300KDKPYR8NXXKI52
        EFS Cogen Holdings I LLC, Term Loan B
        26844HAJ6
        
          
          
        
        678956.29000000
        PA
        USD
        678487.81000000
        0.110023473207
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-10-01
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cushman & Wakefield U.S. Borrower LLC
        N/A
        Cushman & Wakefield U.S. Borrower LLC, Term Loan
        23340DAP7
        
          
          
        
        8856160.91000000
        PA
        USD
        8670757.18000000
        1.406048577766
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-08-21
          Variable
          2.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onsite Rental Group Operations Pty. Ltd.
        5493008YQUVFPVW2VW35
        Onsite Rental Group Operations Pty. Ltd.
        N/A
        
          
        
        7733610.00000000
        NS
        
        0.00000000
        0.000000
        Long
        EC
        CORP
        AU
        N
        
        3
        
          N
          N
          N
        
      
      
        Nielsen Finance LLC
        N/A
        Nielsen Finance LLC, Term Loan B5
        65409YBK0
        
          
        
        601890.12000000
        PA
        USD
        604592.61000000
        0.098040639562
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-06-04
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Franchise Group, Inc.
        N/A
        Franchise Group, Inc., First Lien Term Loan
        35180YAB9
        
          
        
        1570000.00000000
        PA
        USD
        1576876.60000000
        0.255706053660
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-03-10
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onsite Rental Group Operations Pty. Ltd.
        5493008YQUVFPVW2VW35
        Onsite Rental Group Operations Pty. Ltd.
        N/A
        
          
        
        14108720.00000000
        PA
        USD
        13023745.46000000
        2.111928451123
        Long
        DBT
        CORP
        AU
        N
        
        3
        
          2023-10-26
          None
          0.00000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        MA Financeco., LLC
        N/A
        MA Financeco., LLC, Term Loan B4
        55280FAL5
        
          
          
        
        245312.50000000
        PA
        USD
        247049.31000000
        0.040061476034
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-06-05
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citadel Securities LP
        N/A
        Citadel Securities LP, Term Loan B
        17288YAD4
        
          
          
        
        3360000.00000000
        PA
        USD
        3333758.40000000
        0.540601721352
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-02-02
          Variable
          2.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Michaels Companies, Inc. (The)
        N/A
        Michaels Companies, Inc. (The), Term Loan B
        59408UAB3
        
          
          
        
        2670000.00000000
        PA
        USD
        2661656.25000000
        0.431613745734
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-15
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Edelman Financial Center LLC (The)
        N/A
        Edelman Financial Center LLC (The), First Lien Term Loan
        27943UAK2
        
          
          
        
        1710000.00000000
        PA
        USD
        1705092.30000000
        0.276497490773
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-07
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Horizon Therapeutics USA, Inc.
        N/A
        Horizon Therapeutics USA, Inc., Term Loan
        44055UAC9
        
          
          
        
        1431809.80000000
        PA
        USD
        1428051.30000000
        0.231572567154
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-05-22
          Variable
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Silica Co.
        549300LB0THBBEFBXE82
        U.S. Silica Co., Term Loan
        90343KAR3
        
          
          
        
        3550774.23000000
        PA
        USD
        3416963.30000000
        0.554094214439
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-05-01
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sunshine Luxembourg VII SARL
        254900CHQOBZNYV4DY60
        Sunshine Luxembourg VII SARL, Term Loan B
        L8908YAE8
        
          
          
        
        3560000.00000000
        PA
        USD
        3565553.60000000
        0.578189593383
        Long
        LON
        CORP
        LU
        N
        
        2
        
          2026-10-01
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Astoria Energy LLC
        N/A
        Astoria Energy LLC, Term Loan B
        04626LAE9
        
          
          
        
        839130.97000000
        PA
        USD
        841228.80000000
        0.136413525746
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-10
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Brands Group LLC
        N/A
        First Brands Group LLC, First Lien Term Loan
        31935HAD9
        
          
        
        5213331.00000000
        PA
        USD
        5251362.25000000
        0.851560050600
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-03-30
          Variable
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        William Morris Endeavor Entertainment LLC / IMG Worldwide Holdings LLC
        5493008R7J9HEQ30DZ33
        William Morris Endeavor Entertainment LLC / IMG Worldwide Holdings LLC, First Lien Term Loan B1
        96925HAF9
        
          
          
        
        1998742.08000000
        PA
        USD
        1956278.80000000
        0.317229852866
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-05-18
          Variable
          2.90261500
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BWay Holding Co.
        549300DNGHXL0OMHW304
        BWay Holding Co., Term Loan
        05604XAP1
        
          
          
        
        9562553.24070000
        PA
        USD
        9253252.46000000
        1.500505917880
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-04-03
          Variable
          3.44263000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Radiate HoldCo LLC
        5493000GQJ5RDX9DNJ71
        Radiate HoldCo LLC, Term Loan B
        75025KAF5
        
          
          
        
        774908.12000000
        PA
        USD
        776605.17000000
        0.125934168388
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-09-25
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ventia Midco Pty. Ltd.
        N/A
        Ventia Midco Pty. Ltd., Term Loan B
        Q5642FAE1
        
          
          
        
        7178118.77000000
        PA
        USD
        7200586.28000000
        1.167645903108
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2026-05-21
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies, Inc.
        KOO0397YRO83WY5MGD97
        Bausch Health Companies, Inc., Term Loan
        C9413PAZ6
        
          
          
        
        652943.33000000
        PA
        USD
        652580.95000000
        0.105822420992
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-06-02
          Variable
          3.10850000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shearer's Foods LLC
        549300AQWIJSYS2CIH04
        Shearer's Foods LLC, First Lien Term Loan
        82087UAL1
        
          
          
        
        500750.67000000
        PA
        USD
        500971.00000000
        0.081237376094
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-09-23
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Security Services Borrower LLC
        549300O6QPZVWXV2DC15
        Prime Security Services Borrower LLC, First Lien Term Loan B1
        03765VAK6
        
          
          
        
        4266985.59000000
        PA
        USD
        4265513.48000000
        0.691694973978
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-09-23
          Variable
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alliant Holdings Intermediate LLC
        5493006Q26653NF8SI73
        Alliant Holdings Intermediate LLC, Term Loan
        01881UAE5
        
          
          
        
        4171987.41000000
        PA
        USD
        4125532.33000000
        0.668995653402
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-05-09
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Univision Communications, Inc.
        N/A
        Univision Communications, Inc., First Lien Term Loan
        914908AY4
        
          
          
        
        2911398.69000000
        PA
        USD
        2920831.62000000
        0.473641581691
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-03-15
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woof Holdings, Inc.
        N/A
        Woof Holdings, Inc., First Lien Term Loan
        98082EAB0
        
          
          
        
        741028.95000000
        PA
        USD
        740102.66000000
        0.120014927288
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-21
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Trailer World Corp.
        N/A
        American Trailer World Corp., Term Loan B
        03028BAB3
        
          
          
        
        1770685.80000000
        PA
        USD
        1758512.34000000
        0.285160075794
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-03
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allegiant Travel Co.
        N/A
        Allegiant Travel Co., Term Loan
        01748LAE8
        
          
          
        
        3587493.58000000
        PA
        USD
        3563565.00000000
        0.577867122329
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-02-05
          Variable
          3.19763000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KUEHG Corp. / KC MergerSub, Inc.
        549300YNT566T1NYJX62
        KUEHG Corp (fka KC MergerSub, Inc.), Term Loan B3
        48244EAJ3
        
          
          
        
        2229076.93000000
        PA
        USD
        2204991.75000000
        0.357561104493
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-02-21
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Veritas US, Inc.
        N/A
        Veritas US, Inc., Term Loan B
        G9341JAN0
        
          
          
        
        4887232.17600000
        PA
        USD
        4930606.36000000
        0.799546327510
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-09-01
          Variable
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AAdvantage Loyality IP Ltd. / American Airlines, Inc.
        N/A
        AAdvantage Loyality IP Ltd. / American Airlines, Inc., Term Loan
        02376CBJ3
        
          
          
        
        2081462.34000000
        PA
        USD
        2143344.22000000
        0.347564351028
        Long
        LON
        CORP
        KY
        
        N
        
        2
        
          2028-04-20
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivanti Software, Inc.
        N/A
        Ivanti Software, Inc., First Lien Term Loan
        46583DAB5
        
          
          
        
        2450000.00000000
        PA
        USD
        2446937.50000000
        0.396794988065
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-01
          Variable
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ceridian HCM Holding, Inc.
        549300T64GVCHFJ8L449
        Ceridian HCM Holding, Inc., Term Loan
        15677GAF1
        
          
          
        
        971962.16000000
        PA
        USD
        957990.20000000
        0.155347535429
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-04-30
          Variable
          2.58650000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FGI Operating Co. LLC
        N/A
        FGI Operating Co. LLC, Term Loan
        30252KAF4
        
          
          
        
        16154852.09000000
        PA
        USD
        5644752.65000000
        0.915352174050
        Long
        LON
        CORP
        US
        N
        
        3
        
          2022-05-16
          Variable
          0.00000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Global Tel*Link Corp.
        N/A
        Global Tel*Link Corp., First Lien Term Loan
        37959JAB7
        
          
          
        
        7260607.85990000
        PA
        USD
        6784711.32000000
        1.100207687057
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-11-29
          Variable
          4.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNT Holding I Corp.
        N/A
        CNT Holding I Corp., First Lien Term Loan
        12656AAC3
        
          
          
        
        3602734.83000000
        PA
        USD
        3601329.76000000
        0.583991049685
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-11-08
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TIBCO Software, Inc.
        N/A
        TIBCO Software, Inc., Term Loan B3
        88632NAP5
        
          
          
        
        2833250.89000000
        PA
        USD
        2821308.74000000
        0.457502967614
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-06-30
          Variable
          3.87000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IGT Holding IV AB
        N/A
        IGT Holding IV AB, Term Loan
        W5000CAB3
        
          
          
        
        1488351.65000000
        PA
        USD
        1486491.21000000
        0.241049173479
        Long
        LON
        CORP
        SE
        N
        
        2
        
          2028-03-31
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc., Term Loan B
        18452RAD7
        
          
          
        
        6231828.20000000
        PA
        USD
        6051385.61000000
        0.981291708881
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-08-21
          Variable
          3.68540300
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amentum Government Services Holdings LLC
        N/A
        Amentum Government Services Holdings LLC, First Lien Term Loan
        57776DAB9
        
          
          
        
        1576030.15000000
        PA
        USD
        1569726.03000000
        0.254546518388
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-01-29
          Variable
          3.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blackboard, Inc.
        N/A
        Blackboard, Inc., First Lien Term Loan B5
        09227CAT8
        
          
          
        
        7369227.99000000
        PA
        USD
        7373870.60000000
        1.195745660330
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-06-30
          Variable
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INEOS Styrolution Group GmbH
        N/A
        INEOS Styrolution Group GmbH, Term Loan B
        G4770MAH7
        
          
        
        870935.57000000
        PA
        USD
        868623.24000000
        0.140855803693
        Long
        LON
        CORP
        DE
        N
        
        2
        
          2026-01-29
          Variable
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fieldwood Energy LLC
        549300KTQCELOBO6BF21
        Fieldwood Energy LLC, First Lien Term Loan
        31659HAQ4
        
          
          
        
        65701182.65000000
        PA
        USD
        25442782.98000000
        4.125797560790
        Long
        LON
        CORP
        US
        N
        
        2
        
          2022-04-11
          Variable
          0.00000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Navistar, Inc.
        4EW4JDYTYMZ6D6T42H76
        Navistar, Inc., Term Loan B
        63937YAE1
        
          
          
        
        8096376.57000000
        PA
        USD
        8103460.90000000
        1.314055905026
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-11-06
          Variable
          3.61000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AssuredPartners, Inc.
        N/A
        AssuredPartners, Inc., Term Loan
        04621HAN3
        
          
          
        
        4891235.21000000
        PA
        USD
        4851493.92000000
        0.786717467073
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-12
          Variable
          3.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LogMeIn, Inc.
        549300D12V5KRBV00592
        LogMeIn, Inc., First Lien Term Loan
        54142KAD3
        
          
          
        
        5499809.34000000
        PA
        USD
        5498076.90000000
        0.891567258223
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-08-31
          Variable
          4.86013000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        athenahealth, Inc.
        5493004JZ4RQIZBHP241
        athenahealth, Inc., First Lien Term Loan B1
        04685YAM1
        
          
          
        
        6980517.08000000
        PA
        USD
        7013674.54000000
        1.137336325670
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-02-11
          Variable
          4.45250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UTEX Industries, Inc.
        N/A
        UTEX Industries, Inc.
        N/A
        
          
        
        32616.00000000
        NS
        USD
        1292409.00000000
        0.209576833789
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        AI Convoy (Luxembourg) SARL
        N/A
        AI Convoy (Luxembourg) SARL, Term Loan B
        00135BAC7
        
          
          
        
        2184105.80000000
        PA
        USD
        2185470.87000000
        0.354395601759
        Long
        LON
        CORP
        LU
        N
        
        2
        
          2027-01-18
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Informatica LLC
        N/A
        Informatica LLC, Term Loan
        45673YAB2
        
          
        
        306900.00000000
        PA
        USD
        304667.30000000
        0.049404799945
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-25
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivanti Software, Inc.
        N/A
        Ivanti Software, Inc., First Lien Term Loan
        46583DAF6
        
          
          
        
        251631.92000000
        PA
        USD
        248549.43000000
        0.040304735249
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-01
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oldapco, Inc.
        549300KG8GQ03SX7CT73
        Oldapco, Inc.
        N/A
        
          
        
        597419.59000000
        NS
        USD
        13059120.28000000
        2.117664826196
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        CCRR Parent, Inc.
        N/A
        CCRR Parent, Inc., First Lien Term Loan
        12510MAB5
        
          
          
        
        943619.70000000
        PA
        USD
        947158.27000000
        0.153591031418
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-06
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Adient US LLC
        N/A
        Adient US LLC, Term Loan B1
        00687MAC5
        
          
          
        
        10190000.00000000
        PA
        USD
        10196368.75000000
        1.653441502477
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-10
          Variable
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        White Cap Buyer LLC
        N/A
        White Cap Buyer LLC, Term Loan
        96350TAC4
        
          
          
        
        2062193.61000000
        PA
        USD
        2065090.99000000
        0.334874819945
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-10-19
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CPC Acquisition Corp.
        N/A
        CPC Acquisition Corp., First Lien Term Loan
        12656UAB1
        
          
          
        
        808027.05000000
        PA
        USD
        809546.14000000
        0.131275870740
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-29
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lions Gate Capital Holdings LLC
        N/A
        Lions Gate Capital Holdings LLC, Term Loan A
        53627MAC7
        
          
          
        
        734783.65000000
        PA
        USD
        728813.53000000
        0.118184283799
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-04-06
          Variable
          1.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Klockner Pentaplast GmbH
        N/A
        Klockner Pentaplast GmbH, Term Loan
        49865NAT7
        
          
          
        
        2344154.69000000
        PA
        USD
        2341951.18000000
        0.379770423444
        Long
        LON
        CORP
        LU
        N
        
        2
        
          2026-02-12
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EG Group Ltd.
        549300BY1CRYVPEG9R57
        EG Group Ltd., Term Loan
        N2820EAC2
        
          
          
        
        573877.49990000
        PA
        USD
        566847.50000000
        0.091919898647
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2025-02-07
          Variable
          4.20250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sabre GLBL, Inc.
        F2TJC7HPPHLHU1AQMP98
        Sabre GLBL, Inc., Term Loan B
        78571YBE9
        
          
          
        
        251002.84000000
        PA
        USD
        253709.91000000
        0.041141557849
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-17
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Highline Aftermarket Acquisition LLC
        N/A
        Highline Aftermarket Acquisition LLC, First Lien Term Loan
        43110HAC3
        
          
        
        1732158.30000000
        PA
        USD
        1739745.15000000
        0.282116791308
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-11-09
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        24 Hour Fitness Worldwide, Inc.
        N/A
        24 Hour Fitness Worldwide, Inc., Term Loan
        N/A
        
          
        
        3992451.80000000
        PA
        USD
        3535815.13000000
        0.573367207912
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-12-29
          Variable
          5.19300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jazz Pharmaceuticals, Inc.
        N/A
        Jazz Pharmaceuticals, Inc., Term Loan
        N/A
        
          
        
        1310503.04000000
        PA
        USD
        1314867.02000000
        0.213218622669
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-21
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sinclair Television Group, Inc.
        N/A
        Sinclair Television Group, Inc., Term Loan B
        829229AQ6
        
          
          
        
        835309.06000000
        PA
        USD
        830088.38000000
        0.134606997046
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-01-03
          Variable
          2.36000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GNC Holdings, Inc.
        N/A
        GNC Holdings, Inc., Second Lien Term Loan
        36260UAB8
        
          
          
        
        6015557.54000000
        PA
        USD
        5045548.89000000
        0.818185389529
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-10-07
          Variable
          6.19975000
          N
          Y
          N
        
        
          N
          N
          N
        
      
      
        Champ Acquisition Corp.
        N/A
        Champ Acquisition Corp., First Lien Term Loan
        15807EAC6
        
          
          
        
        2132788.51000000
        PA
        USD
        2132980.46000000
        0.345883765388
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-12-19
          Variable
          5.73036900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alloy Finco Ltd.
        N/A
        Alloy Finco Ltd., Term Loan B
        G0300CAC7
        
          
          
        
        8724808.12000000
        PA
        USD
        5456669.49000000
        0.884852639334
        Long
        LON
        CORP
        JE
        N
        
        2
        
          2025-03-06
          Variable
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truck Hero, Inc.
        54930007KT5CX7XNSD31
        Truck Hero, Inc., Term Loan
        89778PAG2
        
          
          
        
        1792818.08000000
        PA
        USD
        1792109.92000000
        0.290608253916
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-01-31
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        24 Hour Fitness Worldwide, Inc.
        N/A
        24 Hour Fitness Worldwide, Inc.
        N/A
        
          
        
        208597.00000000
        NS
        USD
        599716.38000000
        0.097249910896
        Long
        EP
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Sophia LP
        549300RP8NIJ7FY7OS79
        Sophia LP, Term Loan
        83578BAM5
        
          
          
        
        627507.10000000
        PA
        USD
        628291.48000000
        0.101883644477
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-10-07
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amentum Government Services Holdings LLC
        N/A
        Amentum Government Services Holdings LLC, First Lien Term Loan
        57776DAD5
        
          
          
        
        1640000.00000000
        PA
        USD
        1649569.40000000
        0.267493906316
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-01-29
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        N/A
        Dynasty Acquisition Co., Inc., Term Loan B1
        26812CAE6
        
          
          
        
        1367244.66000000
        PA
        USD
        1332619.19000000
        0.216097311677
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-04-06
          Variable
          3.70250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Triton Water Holdings, Inc.
        N/A
        Triton Water Holdings, Inc., First Lien Term Loan
        89678QAB2
        
          
          
        
        1649156.89000000
        PA
        USD
        1645545.24000000
        0.266841349183
        Long
        LON
        CORP
        ES
        
        N
        
        2
        
          2028-03-31
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Park River Holdings, Inc.
        N/A
        Park River Holdings, Inc., First Lien Term Loan
        70082HAC0
        
          
          
        
        1900000.00000000
        PA
        USD
        1891982.00000000
        0.306803494208
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-28
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golden Nugget, Inc.
        N/A
        Golden Nugget, Inc., Term Loan B
        51508PAG9
        
          
          
        
        1126811.91000000
        PA
        USD
        1115493.08000000
        0.180888176901
        Long
        LON
        CORP
        US
        N
        
        2
        
          2023-10-04
          Variable
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WW International, Inc.
        N/A
        WW International, Inc., Term Loan
        92941PAC7
        
          
          
        
        1000000.00000000
        PA
        USD
        1001125.00000000
        0.162342267600
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-13
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MH Sub I LLC / Micro Holding Corp.
        N/A
        MH Sub I LLC / Micro Holding Corp., First Lien Term Loan
        45567YAJ4
        
          
          
        
        797932.82000000
        PA
        USD
        792171.75000000
        0.128458442476
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-09-13
          Variable
          3.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Remington Outdoor Co., Inc.
        N/A
        Remington Outdoor Co., Inc.
        N/A
        
          
        
        221426.76000000
        NS
        USD
        367931.12000000
        0.059663650734
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        DCert Buyer, Inc.
        N/A
        DCert Buyer, Inc., First Lien Term Loan
        24022KAB5
        
          
          
        
        5720528.02000000
        PA
        USD
        5728079.12000000
        0.928864380908
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-10-16
          Variable
          4.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Partners, LP
        549300C1PQJLVEIUBK50
        Buckeye Partners, LP, Term Loan B1
        11823LAK1
        
          
          
        
        2910094.75000000
        PA
        USD
        2901786.43000000
        0.470553216770
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-11-01
          Variable
          2.35850000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCI Buyer, Inc.
        254900TMV7DAFRQALU04
        CCI Buyer, Inc., Term Loan
        12510EAC1
        
          
          
        
        1922937.62000000
        PA
        USD
        1928946.80000000
        0.312797700180
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-17
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Realpage, Inc.
        N/A
        RealPage, Inc., First Lien Term Loan
        75605VAD4
        
          
          
        
        2250000.00000000
        PA
        USD
        2242271.25000000
        0.363606342165
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-24
          Variable
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navicure, Inc.
        N/A
        Waystar Technologies, Inc., First Lien Term Loan
        63939WAG8
        
          
          
        
        4472606.04000000
        PA
        USD
        4461424.52000000
        0.723463876445
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-10-22
          Variable
          4.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pathway Vet Alliance LLC
        N/A
        Pathway Vet Alliance LLC, First Lien Term Loan
        70323KAE8
        
          
          
        
        6109213.07500000
        PA
        USD
        6086303.53000000
        0.986953993124
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-03-31
          Variable
          3.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fieldwood Energy LLC
        N/A
        Fieldwood Energy LLC, Term Loan
        N/A
        
          
        
        783304.18900000
        PA
        USD
        814636.35700000
        0.132101299503
        Long
        LON
        CORP
        US
        N
        
        2
        
          2021-08-04
          Variable
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cengage Learning, Inc.
        549300BYGM0FWUSVXJ88
        Cengage Learning, Inc., Term Loan
        15134NAE6
        
          
          
        
        5344067.56000000
        PA
        USD
        5328195.68000000
        0.864019347145
        Long
        LON
        CORP
        US
        N
        
        2
        
          2023-06-07
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRB Holding Corp.
        549300HVW4WNWYBXN830
        IRB Holding Corp., Term Loan
        44988LAG2
        
          
          
        
        832272.58000000
        PA
        USD
        831494.41000000
        0.134834998643
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-15
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cyanco Intermediate 2 Corp.
        5493006OSO3M1UC12172
        Cyanco Intermediate 2 Corp., First Lien Term Loan
        23243FAB1
        
          
          
        
        4188523.28000000
        PA
        USD
        4164962.84000000
        0.675389698507
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-03-16
          Variable
          3.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Savers, Inc.
        N/A
        Savers, Inc., Term Loan
        N/A
        
          
        
        2098596.04000000
        PA
        USD
        2122205.25000000
        0.344136459082
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-21
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Phoenix Guarantor, Inc.
        N/A
        Phoenix Guarantor, Inc., Term Loan
        71913BAH5
        
          
          
        
        2720725.82000000
        PA
        USD
        2700320.38000000
        0.437883514783
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-03-05
          Variable
          3.61000900
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UKG, Inc.
        N/A
        UKG, Inc., First Lien Term Loan
        90385KAG6
        
          
          
        
        357193.08000000
        PA
        USD
        358030.70000000
        0.058058200233
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-05-04
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetSmart LLC
        N/A
        PetSmart LLC, Term Loan
        71677HAL9
        
          
        
        2500071.79000000
        PA
        USD
        2510384.59000000
        0.407083557887
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-02-11
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc., Term Loan
        02376CBB0
        
          
          
        
        5340000.00000000
        PA
        USD
        4940194.20000000
        0.801101090089
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-06-27
          Variable
          1.86100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Syncsort, Inc.
        N/A
        Syncsort, Inc., Term Loan B
        N/A
        
          
        
        3022500.00000000
        PA
        USD
        3016832.81000000
        0.489209119088
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-19
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCert Buyer, Inc.
        N/A
        DCert Buyer, Inc., Second Lien Term Loan
        24022KAJ8
        
          
          
        
        1180457.20000000
        PA
        USD
        1191034.10000000
        0.193137896450
        Long
        LON
        CORP
        US
        N
        
        2
        
          2029-02-19
          Variable
          7.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Staples, Inc.
        XQM2JINI1UL7642TU573
        Staples, Inc., Term Loan B1
        855031AQ3
        
          
          
        
        6484057.35990000
        PA
        USD
        6351944.69000000
        1.030030320538
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-04-16
          Variable
          5.20500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mitchell International, Inc.
        5493002RDNIGEM7SSV41
        Mitchell International, Inc., First Lien Term Loan
        60662WAP7
        
          
          
        
        3850150.00000000
        PA
        USD
        3862990.25000000
        0.626421872298
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-11-29
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Caesars Resort Collection LLC
        549300V3UCT773B1KR38
        Caesars Resort Collection LLC, Term Loan B
        12769LAB5
        
          
          
        
        5561013.18000000
        PA
        USD
        5506765.50000000
        0.892976200190
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-12-23
          Variable
          2.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Coty, Inc.
        549300BO9IWPF3S48F93
        Coty, Inc., Term Loan B
        22207EBG8
        
          
          
        
        2351525.45000000
        PA
        USD
        2261509.06000000
        0.366725942314
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-04-07
          Variable
          2.36013000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MH Sub I LLC / Micro Holding Corp.
        N/A
        MH Sub I LLC / Micro Holding Corp., First Lien Term Loan
        45567YAL9
        
          
          
        
        1531777.42000000
        PA
        USD
        1533500.67000000
        0.248672219887
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-09-13
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Harbor Freight Tools USA, Inc.
        N/A
        Harbor Freight Tools USA, Inc., Term Loan
        41151PAN5
        
          
          
        
        4806005.59990000
        PA
        USD
        4808240.39000000
        0.779703481665
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-10-19
          Variable
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fieldwood Energy LLC
        N/A
        Fieldwood Energy LLC, Second Lien Term Loan
        N/A
        
          
        
        11762307.48000000
        PA
        USD
        11527061.33000000
        1.869226395389
        Long
        LON
        CORP
        US
        N
        
        3
        
          2026-03-31
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dun & Bradstreet Corp. (The)
        RI37BMPWE56BCJ747E14
        Dun & Bradstreet Corp. (The), Term Loan
        26483NAN0
        
          
          
        
        1077710.19000000
        PA
        USD
        1072995.21000000
        0.173996729195
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-02-06
          Variable
          3.36100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Barracuda Networks, Inc.
        N/A
        Barracuda Networks, Inc., First Lien Term Loan
        06832EAB6
        
          
          
        
        3390935.87000000
        PA
        USD
        3392207.47000000
        0.550079813062
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-02-12
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Eagle Holdings, Inc.
        N/A
        First Eagle Holdings, Inc., Term Loan
        05554JAH0
        
          
          
        
        5325822.52000000
        PA
        USD
        5252219.65000000
        0.851699086445
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-01
          Variable
          2.70250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aventiv Technologies LLC
        N/A
        Aventiv Technologies LLC, First Lien Term Loan
        78410QAB8
        
          
          
        
        13846192.47000000
        PA
        USD
        12872666.68000000
        2.087429540666
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-11-01
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure LLC
        549300R0Z1Q47XRTGO22
        Acrisure LLC, First Lien Term Loan
        00488PAL9
        
          
          
        
        1835365.24000000
        PA
        USD
        1810697.93000000
        0.293622482603
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-02-15
          Variable
          3.70250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City Brewing Company LLC
        N/A
        City Brewing Company LLC, First Lien Term Loan
        17776EAB1
        
          
        
        1111111.11000000
        PA
        USD
        1115277.78000000
        0.180853263888
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-05
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spin Holdco Inc.
        N/A
        Spin Holdco Inc., Term Loan
        84850XAK8
        
          
        
        1076923.08000000
        PA
        USD
        1073810.77000000
        0.174128980273
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-04
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vertical Midco GmbH
        N/A
        Vertical Midco GmbH, Term Loan
        D9000BAB8
        
          
          
        
        2748697.84000000
        PA
        USD
        2757122.60000000
        0.447094553564
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-06-30
          Variable
          4.47763000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pluto Acquisition I, Inc.
        N/A
        Pluto Acquisition I, Inc., First Lien Term Loan
        72941DAD4
        
          
          
        
        751056.50000000
        PA
        USD
        756220.01000000
        0.122628514150
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-06-22
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tory Burch LLC
        N/A
        Tory Burch LLC, Term Loan B
        89148GAF7
        
          
          
        
        1602631.58000000
        PA
        USD
        1592623.15000000
        0.258259511653
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-16
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alliant Holdings Intermediate LLC
        5493006Q26653NF8SI73
        Alliant Holdings Intermediate LLC, Term Loan
        01881UAH8
        
          
          
        
        710955.93000000
        PA
        USD
        711894.39000000
        0.115440678801
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-11-05
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onsite Rental Group Operations Pty. Ltd.
        N/A
        Onsite Rental Group Operations Pty. Ltd., Term Loan B
        N/A
        
          
        
        10319296.04000000
        PA
        USD
        9720104.05000000
        1.576210495983
        Long
        LON
        CORP
        AU
        N
        
        3
        
          2022-10-26
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECi Macola / MAX Holding LLC
        N/A
        ECi Macola / MAX Holding LLC, First Lien Term Loan
        26825UAK7
        
          
          
        
        1496250.00000000
        PA
        USD
        1499990.63000000
        0.243238237237
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-11-09
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United AirLines, Inc.
        N/A
        United AirLines, Inc., Term Loan B
        90932RAJ3
        
          
          
        
        4047500.00000000
        PA
        USD
        4100623.44000000
        0.664956431840
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-04-21
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asurion LLC
        549300KNQVXGIOXWK278
        Asurion LLC, Term Loan B9
        04649VAY6
        
          
          
        
        1523392.48000000
        PA
        USD
        1514031.23000000
        0.245515058655
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-07-31
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rent-A-Center, Inc.
        N/A
        Rent-A-Center, Inc., Term Loan
        76009WAV2
        
          
        
        2342272.78000000
        PA
        USD
        2361783.91000000
        0.382986495724
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-02-17
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Knowlton Development Corp., Inc.
        N/A
        Knowlton Development Corp., Inc., Term Loan
        C4953EAD7
        
          
        
        778775.66000000
        PA
        USD
        771716.06000000
        0.125141351104
        Long
        LON
        CORP
        CA
        N
        
        2
        
          2025-12-22
          Variable
          3.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asurion LLC
        N/A
        Asurion LLC, Term Loan B8
        04649VAX8
        
          
          
        
        1906814.85000000
        PA
        USD
        1896089.02000000
        0.307469487905
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-12-23
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Global Medical Response, Inc.
        N/A
        Global Medical Response, Inc., Term Loan
        00169QAD1
        
          
          
        
        1194697.02000000
        PA
        USD
        1196297.91000000
        0.193991475025
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-03-14
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gainwell Acquisition Corp.
        N/A
        Gainwell Acquisition Corp., First Lien Term Loan B
        59909TAC8
        
          
          
        
        6343246.74580000
        PA
        USD
        6357138.46000000
        1.030872541438
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-10-01
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gentiva Health Services, Inc.
        549300STP29LPEN7S547
        Gentiva Health Services, Inc., First Lien Term Loan B1
        37249UAU0
        
          
          
        
        1734188.60000000
        PA
        USD
        1733104.73000000
        0.281039981878
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-07-02
          Variable
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verscend Holding Corp.
        N/A
        Verscend Holding Corp., Term Loan B1
        92531HAD9
        
          
          
        
        3539183.06010000
        PA
        USD
        3543607.04000000
        0.574630742773
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-08-27
          Variable
          4.11325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sedgwick Claims Management Services, Inc. / Lightning Cayman Merger Sub Ltd.
        549300BIN4DWJG5VWF64
        Sedgwick Claims Management Services, Inc. / Lightning Cayman Merger Sub Ltd., Term Loan
        81527CAL1
        
          
          
        
        2044770.42000000
        PA
        USD
        2018832.51000000
        0.327373552333
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-12-31
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Avis Budget Car Rental LLC
        N/A
        Avis Budget Car Rental LLC, Term Loan B
        05377JAR3
        
          
          
        
        5737576.98000000
        PA
        USD
        5625235.22000000
        0.912187230767
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-08-06
          Variable
          2.37000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banijay Entertainment SAS
        N/A
        Banijay Entertainment SAS, Term Loan B
        F6456UAB9
        
          
          
        
        5144891.08000000
        PA
        USD
        5119166.62000000
        0.830123228684
        Long
        LON
        CORP
        FR
        N
        
        2
        
          2025-03-01
          Variable
          3.86013000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lummus Technology Holdings V LLC
        N/A
        Lummus Technology Holdings V LLC, Term Loan B
        45232UAE8
        
          
          
        
        1405075.61000000
        PA
        USD
        1397467.13000000
        0.226613043108
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-06-30
          Variable
          3.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Utex Industries, Inc.
        N/A
        Utex Industries, Inc., Term Loan A
        91759UAT2
        
          
        
        327657.28000000
        PA
        USD
        330278.54000000
        0.053557914469
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-12-03
          Variable
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Perforce Software, Inc.
        N/A
        Perforce Software, Inc., First Lien Term Loan
        71376GAF8
        
          
          
        
        4119504.09000000
        PA
        USD
        4075301.81000000
        0.660850280427
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-07-01
          Variable
          3.86325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        24 Hour Fitness Worldwide, Inc.
        N/A
        24 Hour Fitness Worldwide, Inc.
        N/A
        
          
        
        88077.00000000
        NS
        USD
        234857.32000000
        0.038084424913
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Misys Ltd.
        549300ZB2RO6QC7YTK71
        Misys Ltd., First Lien Term Loan
        02034DAC1
        
          
          
        
        3719614.30000000
        PA
        USD
        3662332.24000000
        0.593883201946
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-06-13
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hercules Achievement, Inc. / Varsity Brands Holding Co., Inc.
        549300YOKDS0ZSYJRX81
        Hercules Achievement, Inc. / Varsity Brands Holding Co., Inc., First Lien Term Loan
        42703UAG0
        
          
          
        
        1914069.07000000
        PA
        USD
        1845487.98000000
        0.299264031467
        Long
        LON
        CORP
        US
        N
        
        2
        
          2024-12-16
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NASCAR Holdings LLC
        N/A
        NASCAR Holdings LLC, Term Loan
        63108EAB4
        
          
          
        
        1229005.13000000
        PA
        USD
        1222264.04000000
        0.198202138454
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-10-19
          Variable
          2.85850000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Sports Group LLC
        N/A
        Diamond Sports Group LLC, Term Loan
        25277BAB4
        
          
          
        
        7422432.74000000
        PA
        USD
        5332869.48000000
        0.864777249795
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-08-24
          Variable
          3.37000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aventiv Technologies LLC
        N/A
        Aventiv Technologies LLC, Second Lien Term Loan
        78410QAE2
        
          
        
        11037961.08000000
        PA
        USD
        9469687.57000000
        1.535603000208
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-11-01
          Variable
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commscope, Inc.
        724500R0MD16646Q8383
        Commscope, Inc., Term Loan
        20337EAQ4
        
          
          
        
        2727221.55000000
        PA
        USD
        2714021.80000000
        0.440105334828
        Long
        LON
        CORP
        NL
        N
        
        2
        
          2026-04-06
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Great Outdoors Group LLC
        N/A
        Great Outdoors Group LLC, Term Loan B1
        07014QAM3
        
          
          
        
        8296431.74000000
        PA
        USD
        8346998.49000000
        1.353547921115
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-06
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        50201994.02000000
        NS
        USD
        50201994.02000000
        8.140747206676
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hyland Software, Inc.
        N/A
        Hyland Software, Inc., Second Lien Term Loan
        44908XAV0
        
          
          
        
        83333.33000000
        PA
        USD
        84235.83000000
        0.013659668528
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-07-07
          Variable
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Brands Group LLC
        N/A
        First Brands Group LLC, Second Lien Term Loan
        31935HAF4
        
          
        
        2000000.00000000
        PA
        USD
        2000000.00000000
        0.324319675566
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-30
          Variable
          9.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jefferies Finance LLC
        549300SKVB18YSSIDT75
        Jefferies Finance LLC, Term Loan
        47232UAB0
        
          
          
        
        2250691.15000000
        PA
        USD
        2231357.71000000
        0.361836604289
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-06-03
          Variable
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings LLC
        3HG2WD2W22M120IUNG49
        CSC Holdings LLC, Term Loan
        64072UAE2
        
          
          
        
        982097.21000000
        PA
        USD
        973111.02000000
        0.157799525148
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-07-17
          Variable
          2.36463000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pitney Bowes, Inc.
        N/A
        Pitney Bowes, Inc., Term Loan B
        72448FAS4
        
          
          
        
        10145962.73000000
        PA
        USD
        10154383.88000000
        1.646633242769
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-17
          Variable
          4.12000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Appvion Operations, Inc.
        N/A
        Appvion Operations, Inc., Term Loan
        03835HAB3
        
          
          
        
        4590874.63990000
        PA
        USD
        4579397.45000000
        0.742594347636
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-06-12
          Variable
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thor Industries, Inc.
        N/A
        Thor Industries, Inc., Term Loan B1
        88516DAD5
        
          
          
        
        8336941.46000000
        PA
        USD
        8368204.99000000
        1.356986763715
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-02-01
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        549300WM2IKMXZ5LGL49
        Dynasty Acquisition Co., Inc., Term Loan B2
        26812CAF3
        
          
          
        
        735077.82000000
        PA
        USD
        716461.97000000
        0.116181356833
        Long
        LON
        CORP
        CA
        
        N
        
        2
        
          2026-04-06
          Variable
          3.70250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Idera, Inc.
        N/A
        Idera, Inc., First Lien Term Loan B1
        45168RAQ6
        
          
          
        
        1825818.57000000
        PA
        USD
        1814790.63000000
        0.294286154171
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-02
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clarios Global LP
        N/A
        Clarios Global LP, First Lien Term Loan
        C8000CAG8
        
          
          
        
        1397339.27000000
        PA
        USD
        1385287.22000000
        0.224637950878
        Long
        LON
        CORP
        CA
        N
        
        2
        
          2026-04-30
          Variable
          3.36325000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Mentor Holdings, Inc.
        N/A
        National Mentor Holdings, Inc., Term Loan
        63689EAR6
        
          
          
        
        3498542.27000000
        PA
        USD
        3499626.82000000
        0.567498917432
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-02
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greeneden US Holdings I LLC
        549300CVRD4OUCPHWQ42
        Greeneden US Holdings I LLC, Term Loan
        39479UAQ6
        
          
          
        
        2217199.28270000
        PA
        USD
        2224682.33000000
        0.360754125751
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-01
          Variable
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Utex Industries, Inc.
        N/A
        Utex Industries, Inc., Term Loan
        91759UAU9
        
          
        
        203101.32000000
        PA
        USD
        198023.79000000
        0.032111505663
        Long
        LON
        CORP
        US
        N
        
        2
        
          2025-12-03
          Variable
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nexstar Broadcasting, Inc.
        5493006PK6I4I2OOT688
        Nexstar Broadcasting, Inc., Term Loan B4
        65336RAW8
        
          
          
        
        860696.64000000
        PA
        USD
        858062.91000000
        0.139143342293
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-09-18
          Variable
          2.61513000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Utex Industries, Inc
        N/A
        Utex Industries, Inc
        N/A
        
          
        
        2796.00000000
        NS
        USD
        3126.64000000
        0.000507015435
        Long
        
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Arches Buyer Inc.
        N/A
        Arches Buyer Inc., Term Loan
        03952HAD6
        
          
          
        
        1918215.46000000
        PA
        USD
        1911223.56000000
        0.309923702457
        Long
        LON
        CORP
        US
        N
        
        2
        
          2027-12-06
          Variable
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Mentor Holdings, Inc.
        N/A
        National Mentor Holdings, Inc., Term Loan C
        63689EAT2
        
          
          
        
        116618.08000000
        PA
        USD
        116654.23000000
        0.018916631013
        Long
        LON
        CORP
        US
        N
        
        2
        
          2028-03-02
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pluto Acquisition I, Inc.
        N/A
        Pluto Acquisition I, Inc., Term Loan B
        72941DAE2
        
          
          
        
        517941.16000000
        PA
        USD
        519883.44000000
        0.084304214296
        Long
        LON
        CORP
        US
        N
        
        2
        
          2026-06-22
          Variable
          4.61325000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-06-01
      Franklin Floating Rate Master Trust
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer
    
  
  XXXX
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
See
Notes
to
Statements
of
Investments.
1
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
2
Franklin
Floating
Rate
Master
Series
12
Notes
to
Financial
Statements
25
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited),
April
30,
2021
Franklin
Floating
Rate
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
2.4%
Hotels,
Restaurants
&
Leisure
0.1%
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
88,077
$
234,858
Machinery
0.2%
a
UTEX
Industries,
Inc.
..................................
United
States
32,616
1,292,409
Paper
&
Forest
Products
2.1%
a,b,c,d
Appvion
Operations,
Inc.
................................
United
States
597,420
13,059,120
Road
&
Rail
0.0%
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
7,733,610
—
Total
Common
Stocks
(Cost
$11,593,902)
......................................
14,586,387
Preferred
Stocks
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
a
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
208,597
599,716
a
Total
Preferred
Stocks
(Cost
$281,502)
.........................................
599,716
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
2,796
3,127
Total
Warrants
(Cost
$—)
.....................................................
3,127
Principal
Amount
*
Corporate
Bonds
2.1%
Road
&
Rail
2.1%
b,e
Onsite
Rental
Group
Operations
Pty.
Ltd.
,
PIK,
6.1
%
,
10/26/23
...
Australia
14,108,720
13,023,745
Total
Corporate
Bonds
(Cost
$15,404,383)
......................................
13,023,745
a
f
Senior
Floating
Rate
Interests
93.2%
Aerospace
&
Defense
1.6%
AI
Convoy
(Luxembourg)
SARL,
Facility
USD
Term
Loan,
B,
4.5%,
(2-month
USD
LIBOR
+
3.5%;
6-month
USD
LIBOR
+
3.5%),
1/18/27
...........................................
Luxembourg
2,184,106
2,185,471
e,g
Alloy
FinCo
Ltd.,
Facility
Term
Loan,
B,
14%,
PIK,
(3-month
USD
LIBOR
+
13.5%),
3/06/25
..............................
United
Kingdom
8,858,938
5,537,285
Dynasty
Acquisition
Co.,
Inc.,
2020
Term
Loan,
B1,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..........
United
States
1,367,245
1,332,619
B2,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..........
United
States
735,078
716,462
9,771,837
a
a
a
a
a
a
Air
Freight
&
Logistics
0.4%
Kenan
Advantage
Group,
Inc.
(The),
U.S.
Term
Loan,
B1,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
3/24/26
..................
United
States
2,493,750
2,487,965
Airlines
3.9%
g
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.),
Initial
Term
Loan,
5.5%,
(6-month
USD
LIBOR
+
4.75%),
4/20/28
.........
United
States
2,081,462
2,143,344
Allegiant
Travel
Co.,
Replacement
Term
Loan,
3.198%,
(3-month
USD
LIBOR
+
3%),
2/05/24
............................
United
States
3,587,494
3,563,565
g
American
Airlines,
Inc.,
2018
Replacement
Term
Loan,
1.861%,
(1-month
USD
LIBOR
+
1.75%),
6/27/25
..................
United
States
5,340,000
4,940,194
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
3.75%),
10/20/27
.................
United
States
2,046,261
2,152,165
JetBlue
Airways
Corp.,
Term
Loan,
6.25%,
(3-month
USD
LIBOR
+
5.25%),
6/17/24
.....................................
United
States
552,891
568,441
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Airlines
(continued)
Kestrel
Bidco,
Inc.,
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3%),
12/11/26
..........................................
Canada
6,907,106
$
6,698,270
g
United
AirLines,
Inc.,
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
4/21/28
.....................................
United
States
4,047,500
4,100,624
24,166,603
a
a
a
a
a
a
Auto
Components
3.6%
Adient
US
LLC,
Term
Loan,
B1,
3.61%,
(1-month
USD
LIBOR
+
3.5%),
4/10/28
......................................
United
States
10,190,000
10,196,369
Clarios
Global
LP,
First
Lien,
Amendment
No.
1
Dollar
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
4/30/26
............
United
States
1,397,339
1,385,287
g
First
Brands
Group
LLC,
First
Lien,
2021
Term
Loan,
6%,
(1-month
USD
LIBOR
+
5%),
3/30/27
............................
United
States
4,862,584
4,898,057
First
Brands
Group
LLC,
Second
Lien,
2021
Term
Loan,
9.5%,
(3-month
USD
LIBOR
+
8.5%),
3/30/28
...................
United
States
2,000,000
2,000,000
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
Term
Loan,
5.25%,
(3-month
USD
LIBOR
+
4.5%),
11/09/27
..................
United
States
1,732,158
1,739,745
Truck
Hero,
Inc.,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
1/31/28
.....................................
United
States
1,792,818
1,792,110
22,011,568
a
a
a
a
a
a
Automobiles
1.6%
American
Trailer
World
Corp.,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
3/03/28
..................
United
States
1,770,686
1,758,512
Thor
Industries,
Inc.,
Term
Loan,
B1,
3.12%,
(1-month
USD
LIBOR
+
3%),
2/01/26
.......................................
United
States
8,336,941
8,368,205
10,126,717
a
a
a
a
a
a
Banks
0.6%
Finastra
Ltd.,
First
Lien,
Dollar
Term
Loan,
4.5%,
(6-month
USD
LIBOR
+
3.5%),
6/13/24
...............................
United
Kingdom
3,719,614
3,662,332
Beverages
0.5%
City
Brewing
Company
LLC,
First
Lien,
Closing
Date
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.5%),
4/05/28
..............
United
States
1,111,111
1,115,278
Triton
Water
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.5%),
3/31/28
...................
United
States
1,649,157
1,645,545
2,760,823
a
a
a
a
a
a
Biotechnology
0.2%
Horizon
Therapeutics
USA,
Inc.,
Seventh
Amendment
Refinancing
Term
Loan,
2.125%,
(1-month
USD
LIBOR
+
2%),
5/22/26
.....
United
States
1,431,810
1,428,051
Capital
Markets
2.5%
Citadel
Securities
LP,
Term
Loan,
B,
2.613%,
(1-month
USD
LIBOR
+
2.5%),
2/02/28
....................................
United
States
3,360,000
3,333,758
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
2021
Initial
Term
Loan,
B,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
4/07/28
..
United
States
1,710,000
1,705,092
Jane
Street
Group
LLC,
Term
Loan,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
1/26/28
.....................................
United
States
2,842,589
2,821,625
g
Russell
Investments
US
Institutional
Holdco,
Inc.,
2025
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.5%),
5/30/25
..............
United
States
4,931,956
4,888,802
g
Vertical
Midco
GmbH,
USD
Term
Loan,
4.478%,
(6-month
USD
LIBOR
+
4.25%),
6/30/27
..............................
Germany
2,748,698
2,757,123
15,506,400
a
a
a
a
a
a
Chemicals
2.1%
Cyanco
Intermediate
2
Corp.,
First
Lien,
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
3/16/25
...................
United
States
4,188,523
4,164,963
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Chemicals
(continued)
g
INEOS
226
Ltd.,
USD
Term
Loan,
B,
3.25%,
(3-month
USD
LIBOR
+
2.75%),
1/29/26
.....................................
United
Kingdom
870,936
$
868,623
Lummus
Technology
Holdings
V
LLC,
2021
Refinancing
Term
Loan,
B,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
6/30/27
..........
United
States
1,405,076
1,397,467
g,h
NIC
Acquisition
Corp.
/
CPC
Acquisition
Corp.
/
Gardner-Gibson
Acquisition
Corp.,
Term
Loan,
B,
TBD,
12/01/25
.............
United
States
250,000
246,250
NIC
Acquisition
Corp.,
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
12/29/27
....................................
United
States
808,027
809,546
SCIH
Salt
Holdings,
Inc.,
Incremental
Term
Loan,
B1,
4.75%,
(1-month
USD
LIBOR
+
4%),
3/16/27
.....................
United
States
3,748,450
3,742,827
h
Sparta
U.S.
HoldCo
LLC,
Term
Loan,
TBD,
4/28/28
............
United
States
1,608,632
1,600,589
12,830,265
a
a
a
a
a
a
Commercial
Services
&
Supplies
3.4%
CCI
Buyer,
Inc.,
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/17/27
..........................................
United
States
1,922,938
1,928,947
Legalzoom.com,
Inc.,
First
Lien,
2018
Term
Loan,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
11/21/24
..........................
United
States
7,190,241
7,195,885
Prime
Security
Services
Borrower
LLC,
First
Lien,
2021
Refinancing
Term
Loan,
B1,
3.5%,
(1-month
USD
LIBOR
+
2.75%;
3-month
USD
LIBOR
+
2.75%),
9/23/26
..........................
United
States
4,266,986
4,265,513
Spin
Holdco,
Inc.,
Initial
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
3/04/28
.......................................
United
States
1,076,923
1,073,811
Staples,
Inc.,
2019
Refinancing
New
Term
Loan,
B1,
5.205%,
(3-month
USD
LIBOR
+
5%),
4/16/26
.....................
United
States
6,334,057
6,205,001
20,669,157
a
a
a
a
a
a
Communications
Equipment
0.4%
CommScope,
Inc.,
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
4/06/26
...................................
United
States
2,727,222
2,714,022
Construction
Materials
0.6%
g
Park
River
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.25%),
12/28/27
.........................
United
States
1,900,000
1,891,982
White
Cap
Buyer
LLC,
Initial
Closing
Date
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
4%),
10/19/27
....................
United
States
2,062,194
2,065,091
3,957,073
a
a
a
a
a
a
Containers
&
Packaging
1.9%
BWay
Holding
Co.,
Initial
Term
Loan,
3.443%,
(3-month
USD
LIBOR
+
3.25%),
4/03/24
...................................
United
States
9,562,553
9,253,252
g
Kleopatra
Finco
SARL,
USD
Term
Loan,
B,
5.25%,
(6-month
USD
LIBOR
+
4.75%),
2/12/26
..............................
Luxembourg
2,325,775
2,323,589
11,576,841
a
a
a
a
a
a
Diversified
Consumer
Services
0.9%
KUEHG
Corp.,
Term
Loan,
B3,
4.75%,
(3-month
USD
LIBOR
+
3.75%),
2/21/25
.....................................
United
States
2,229,077
2,204,992
g
Sedgwick
Claims
Management
Services,
Inc.
(Lightning
Cayman
Merger
Sub
Ltd.),
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
12/31/25
..................................
United
States
2,044,770
2,018,832
g
WW
International,
Inc.,
Initial
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
4/13/28
....................................
United
States
1,000,000
1,001,125
5,224,949
a
a
a
a
a
a
Diversified
Financial
Services
1.8%
First
Eagle
Holdings,
Inc.,
2020
Refinancing
Term
Loan,
2.703%,
(3-month
USD
LIBOR
+
2.5%),
2/01/27
...................
United
States
5,325,823
5,252,220
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Diversified
Financial
Services
(continued)
g
Jefferies
Finance
LLC,
Closing
Date
Term
Loan,
3.125%,
(1-month
USD
LIBOR
+
3%),
6/03/26
............................
United
States
2,250,691
$
2,231,358
Sabre
GLBL,
Inc.,
2020
Other
Term
Loan,
B,
4.75%,
(1-month
USD
LIBOR
+
4%),
12/17/27
...............................
United
States
251,003
253,710
g
Verscend
Holding
Corp.,
Term
Loan,
B1,
4.113%,
(1-month
USD
LIBOR
+
4%),
8/27/25
................................
United
States
3,539,183
3,543,607
11,280,895
a
a
a
a
a
a
Diversified
Telecommunication
Services
1.4%
Global
Tel
Link,
First
Lien,
Term
Loan,
4.363%,
(1-month
USD
LIBOR
+
4.25%),
11/29/25
.............................
United
States
7,260,608
6,784,711
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
3.113%,
(1-month
USD
LIBOR
+
3%),
3/09/27
.....................
United
States
2,023,457
2,005,752
8,790,463
a
a
a
a
a
a
Electric
Utilities
0.3%
Astoria
Energy
LLC,
Advance
(2020)
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.5%),
12/10/27
..........................
United
States
839,131
841,229
EFS
Cogen
Holdings
I
LLC,
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.5%),
10/01/27
...................................
United
States
678,956
678,488
1,519,717
a
a
a
a
a
a
Entertainment
2.1%
g
Banijay
Entertainment
SAS,
Facility
USD
Term
Loan,
B,
3.86%,
(1-month
USD
LIBOR
+
3.75%),
3/01/25
..................
France
5,144,891
5,119,167
Diamond
Sports
Group
LLC,
Term
Loan,
3.37%,
(1-month
USD
LIBOR
+
3.25%),
8/24/26
..............................
United
States
7,422,433
5,332,869
Lions
Gate
Capital
Holdings
LLC,
2026
Term
Loan,
A,
1.863%,
(1-month
USD
LIBOR
+
1.75%),
4/06/26
..................
United
States
734,784
728,813
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC),
First
Lien,
Term
Loan,
B1,
2.903%,
(1-month
USD
LIBOR
+
2.75%;
3-month
USD
LIBOR
+
2.75%),
5/18/25
......
United
States
1,998,742
1,956,279
13,137,128
a
a
a
a
a
a
Food
&
Staples
Retailing
1.5%
Aramark
Intermediate
HoldCo
Corp.,
U.S.
Term
Loan,
B4,
1.863%,
(1-month
USD
LIBOR
+
1.75%),
1/15/27
..................
United
States
3,861,000
3,813,143
GNC
Holdings,
Inc.,
Second
Lien,
Term
Loan,
6.2%,
(3-month
USD
LIBOR
+
6%),
10/07/26
...............................
United
States
6,015,558
5,045,549
Shearer's
Foods
LLC,
First
Lien,
Refinancing
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.5%),
9/23/27
...................
United
States
500,751
500,971
9,359,663
a
a
a
a
a
a
Food
Products
2.0%
e
CSM
Bakery
Solutions
Ltd.,
Second
Lien,
Term
Loan,
11%,
PIK,
(3-month
USD
LIBOR
+
10%),
7/05/21
....................
United
States
10,295,434
10,047,074
JBS
USA
Lux
SA,
New
Term
Loan,
2.113%,
(1-month
USD
LIBOR
+
2%),
5/01/26
.......................................
Luxembourg
2,423,004
2,419,345
12,466,419
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
0.4%
g,h
Jazz
Pharmaceuticals,
Inc.,
Term
Loan,
TBD,
4/21/28
..........
United
States
1,310,503
1,314,867
g,h
Organon
&
Co.,
Term
Loan,
TBD,
4/08/28
...................
United
States
1,400,000
1,397,956
2,712,823
a
a
a
a
a
a
Health
Care
Providers
&
Services
6.7%
g
ADMI
Corp.,
Amendment
No.
4
Refinancing
Term
Loan,
3.25%,
(1-month
USD
LIBOR
+
2.75%),
12/23/27
.................
United
States
6,062,160
6,021,756
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Health
Care
Providers
&
Services
(continued)
CNT
Holdings
I
Corp.,
First
Lien,
Facility
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
11/08/27
.........................
United
States
3,602,735
$
3,601,330
g
eResearchTechnology,
Inc.,
First
Lien,
Initial
Term
Loan,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
2/04/27
...................
United
States
4,082,078
4,096,835
Gentiva
Health
Services,
Inc.,
First
Lien,
Term
Loan,
B,
2.875%,
(1-month
USD
LIBOR
+
2.75%),
7/02/25
..................
United
States
1,734,189
1,733,105
Global
Medical
Response,
Inc.,
2018
New
Term
Loan,
5.25%,
(3-month
USD
LIBOR
+
4.25%),
3/14/25
..................
United
States
1,194,697
1,196,298
National
Mentor
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
.....................................
United
States
3,498,542
3,499,627
C,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
...........
United
States
116,618
116,654
National
Mentor
Holdings,
Inc.,
Second
Lien,
Initial
Term
Loan,
8%,
(3-month
USD
LIBOR
+
7.25%),
3/02/29
..................
United
States
2,000,000
2,030,000
Navicure,
Inc.,
First
Lien,
Initial
Term
Loan,
4.113%,
(1-month
USD
LIBOR
+
4%),
10/22/26
...............................
United
States
4,472,606
4,461,424
g
Pathway
Vet
Alliance
LLC,
First
Lien,
2021
Replacement
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
3/31/27
............
United
States
6,109,213
6,086,304
g
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
3.611%,
(1-month
USD
LIBOR
+
3.5%),
3/05/26
.............
United
States
2,720,726
2,700,320
B1,
3.358%,
(1-month
USD
LIBOR
+
3.25%),
3/05/26
.........
United
States
2,376,799
2,352,188
Pluto
Acquisition
I,
Inc.,
First
Lien,
Term
Loan,
B,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
6/22/26
...........................
United
States
517,941
519,883
Pluto
Acquisition
I,
Inc.,
Incremental
Term
Loan,
5.5%,
(1-month
USD
LIBOR
+
5%),
6/22/26
................................
United
States
751,057
756,220
U.S.
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3%),
6/23/24
.....................
United
States
2,019,745
1,993,377
41,165,321
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
2.0%
e
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan,
5.193%,
PIK,
(3-month
USD
LIBOR
+
5%),
12/29/25
....................
United
States
3,992,452
3,517,516
Caesars
Resort
Collection
LLC,
Term
Loan,
B,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
12/23/24
.........
United
States
5,561,013
5,506,766
B1,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
7/21/25
..........
United
States
1,133,041
1,137,936
Golden
Nugget,
Inc.,
Initial
Term
Loan,
B,
3.25%,
(2-month
USD
LIBOR
+
2.5%),
10/04/23
..............................
United
States
1,126,812
1,115,493
IRB
Holding
Corp.,
Fourth
Amendment
Incremental
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.25%),
12/15/27
............
United
States
832,273
831,495
12,109,206
a
a
a
a
a
a
Household
Durables
0.3%
Playtika
Holding
Corp.,
Term
Loan,
B1,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
3/13/28
..............................
United
States
1,994,382
1,986,285
Household
Products
1.0%
b,e,g,i
FGI
Operating
Co.
LLC,
Term
Loan,
12.1%,
PIK,
(3-month
USD
LIBOR
+
11%),
5/16/22
...............................
United
States
16,154,852
5,644,753
Knowlton
Development
Corp.,
Inc.,
2020
Initial
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
12/22/25
.................
Canada
778,776
771,716
6,416,469
a
a
a
a
a
a
Insurance
2.5%
Acrisure
LLC,
First
Lien,
2020
Term
Loan,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
2/15/27
...............................
United
States
1,835,365
1,810,698
g
Alliant
Holdings
Intermediate
LLC,
2018
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
5/09/25
..................
United
States
4,171,987
4,125,532
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Insurance
(continued)
g
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
B3,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
11/05/27
.........................
United
States
710,956
$
711,895
AssuredPartners,
Inc.,
2020
February
Refinancing
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
.............
United
States
4,891,235
4,851,494
AssuredPartners,
Inc.,
2020
June
Incremental
Term
Loan,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
2/12/27
...................
United
States
247,500
248,335
g
Asurion
LLC,
New
Term
Loan,
B8,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
12/23/26
........
United
States
1,906,815
1,896,089
B9,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
7/31/27
.........
United
States
1,523,392
1,514,031
Asurion
LLC,
Second
Lien,
New
Term
Loan,
B3,
5.363%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
..........................
United
States
101,007
102,623
15,260,697
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
0.4%
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
2020
June
New
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
....
United
States
1,531,777
1,533,500
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
9/13/24
United
States
797,933
792,172
2,325,672
a
a
a
a
a
a
IT
Services
7.9%
Arches
Buyer,
Inc.,
Refinancing
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
12/06/27
.............................
United
States
1,918,215
1,911,224
Aventiv
Technologies
LLC,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
..................
United
States
13,846,192
12,872,667
Aventiv
Technologies
LLC,
Second
Lien,
Initial
Term
Loan,
9.25%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
..................
United
States
11,037,961
9,469,688
Barracuda
Networks,
Inc.,
First
Lien,
2020
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
2/12/25
..................
United
States
3,390,936
3,392,207
g
Gainwell
Acquisition
Corp.,
Term
Loan,
B,
4.75%,
(3-month
USD
LIBOR
+
4%),
10/01/27
...............................
United
States
6,343,247
6,357,138
Informatica
LLC,
Dollar
2020
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
2/25/27
..............................
United
States
306,900
304,667
Peraton
Corp.,
First
Lien,
Term
Loan,
B,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
2/01/28
...................................
United
States
1,355,999
1,357,226
Pitney
Bowes,
Inc.,
Refinancing
Term
Loan,
B,
4.12%,
(1-month
USD
LIBOR
+
4%),
3/17/28
................................
United
States
10,145,963
10,154,384
TIBCO
Software,
Inc.,
Term
Loan,
B3,
3.87%,
(1-month
USD
LIBOR
+
3.75%),
6/30/26
...................................
United
States
2,833,251
2,821,309
48,640,510
a
a
a
a
a
a
Leisure
Products
0.5%
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.),
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.5%),
12/16/24
..........................................
United
States
1,914,069
1,845,488
NASCAR
Holdings
LLC,
Initial
Term
Loan,
2.859%,
(1-month
USD
LIBOR
+
2.75%),
10/19/26
.............................
United
States
1,224,728
1,218,010
3,063,498
a
a
a
a
a
a
Machinery
1.8%
Altra
Industrial
Motion
Corp.,
Term
Loan,
2.113%,
(1-month
USD
LIBOR
+
2%),
10/01/25
...............................
United
States
2,970,260
2,961,453
Navistar,
Inc.,
Term
Loan,
B,
3.61%,
(1-month
USD
LIBOR
+
3.5%),
11/06/24
..........................................
United
States
8,075,510
8,082,576
11,044,029
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Media
4.1%
Cengage
Learning,
Inc.,
2016
Refinancing
Term
Loan,
5.25%,
(2-month
USD
LIBOR
+
4.25%;
3-month
USD
LIBOR
+
4.25%),
6/07/23
...........................................
United
States
5,344,068
$
5,328,196
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
B,
3.685%,
(2-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%),
8/21/26
...........................................
United
States
6,231,828
6,051,385
CSC
Holdings
LLC,
March
2017
Refinancing
Term
Loan,
2.365%,
(1-month
USD
LIBOR
+
2.25%),
7/17/25
..................
United
States
982,097
973,111
Gray
Television,
Inc.,
Term
Loan,
C,
2.615%,
(1-month
USD
LIBOR
+
2.5%),
1/02/26
......................................
United
States
3,179,030
3,163,358
Nexstar
Broadcasting,
Inc.,
Term
Loan,
B4,
2.615%,
(1-month
USD
LIBOR
+
2.5%),
9/18/26
...............................
United
States
860,697
858,063
Nielsen
Finance
LLC,
Dollar
Term
Loan,
B5,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
6/04/25
..............................
United
States
601,890
604,593
Radiate
HoldCo
LLC,
Term
Loan,
B,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
9/25/26
......................................
United
States
774,908
776,605
g
Sinclair
Television
Group,
Inc.,
Term
Loan,
B,
2.36%,
(1-month
USD
LIBOR
+
2.25%),
1/03/24
..............................
United
States
835,309
830,088
Univision
Communications,
Inc.,
First
Lien,
2020
Replacement
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
3/15/26
........
United
States
2,911,399
2,920,832
g,h
Virgin
Media
Bristol
LLC,
Term
Loan,
Q,
TBD,
1/31/29
..........
United
States
3,556,664
3,556,077
25,062,308
a
a
a
a
a
a
Metals
&
Mining
0.6%
g
U.S.
Silica
Co.,
Term
Loan,
5%,
(1-month
USD
LIBOR
+
4%),
5/01/25
...........................................
United
States
3,550,774
3,416,963
Multiline
Retail
1.0%
Franchise
Group,
Inc.,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.75%),
3/10/26
..........................
United
States
1,570,000
1,576,877
Harbor
Freight
Tools
USA,
Inc.,
Initial
Term
Loan
(2020),
3.75%,
(1-month
USD
LIBOR
+
3%),
10/19/27
....................
United
States
4,806,006
4,808,240
6,385,117
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
7.2%
Buckeye
Partners
LP,
2021
Term
Loan,
B1,
2.359%,
(1-month
USD
LIBOR
+
2.25%),
11/01/26
.............................
United
States
2,910,095
2,901,786
EG
Group
Ltd.,
Additional
Facility
USD
Term
Loan,
4.203%,
(3-month
USD
LIBOR
+
4%),
2/07/25
............................
United
Kingdom
573,877
566,848
g,j
Fieldwood
Energy
LLC,
Debtor-in-possession
Facility
Term
Loan,
9.75%,
(1-month
USD
LIBOR
+
8.75%),
8/04/21
.............
United
States
7,833,042
8,146,364
i
Fieldwood
Energy
LLC,
First
Lien,
Closing
Date
Term
Loan,
7.251%,
(3-month
USD
LIBOR
+
4.25%),
4/11/22
..................
United
States
65,701,183
25,442,783
b,g,h
Fieldwood
Energy
LLC,
Second
Lien,
Exit
Facility
Term
Loan,
TBD,
3/31/26
...........................................
United
States
7,011,348
6,871,121
g
UTEX
Industries,
Inc.,
First
Out
Term
Loan,
8.5%,
(1-month
USD
LIBOR
+
7%),
12/03/24
...............................
United
States
327,657
330,279
e,g
UTEX
Industries,
Inc.,
Second
Out
Term
Loan,
5.25%,
PIK,
(1-month
USD
LIBOR
+
3.75%),
12/03/25
.........................
United
States
203,101
197,991
44,457,172
a
a
a
a
a
a
Paper
&
Forest
Products
0.7%
d
Appvion
Operations,
Inc.,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
6%),
6/12/26
.......................................
United
States
4,590,875
4,579,398
Personal
Products
0.9%
Coty,
Inc.,
USD
Term
Loan,
B,
2.36%,
(1-month
USD
LIBOR
+
2.25%),
4/07/25
.....................................
United
States
2,351,525
2,261,509
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Personal
Products
(continued)
Sunshine
Luxembourg
VII
SARL,
Term
Loan,
B3,
4.5%,
(3-month
USD
LIBOR
+
3%),
10/01/26
...........................
Luxembourg
3,560,000
$
3,565,554
5,827,063
a
a
a
a
a
a
Pharmaceuticals
0.1%
Bausch
Health
Cos.,
Inc.,
Initial
Term
Loan,
3.109%,
(1-month
USD
LIBOR
+
3%),
6/02/25
................................
United
States
652,943
652,581
Professional
Services
0.4%
CCRR
Parent,
Inc.,
First
Lien,
Initial
Term
Loan,
5%,
(3-month
USD
LIBOR
+
4.25%),
3/06/28
..............................
United
States
943,620
947,158
Dun
&
Bradstreet
Corp.
(The),
Initial
Term
Loan
Borrowing,
B,
3.361%,
(1-month
USD
LIBOR
+
3.25%),
2/06/26
............
United
States
1,077,710
1,072,995
UKG,
Inc.,
First
Lien,
2021
Incremental
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.25%),
5/04/26
..........................
United
States
357,193
358,031
2,378,184
a
a
a
a
a
a
Real
Estate
Management
&
Development
1.4%
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Replacement
Term
Loan,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
8/21/25
............
United
States
8,856,161
8,670,757
Road
&
Rail
3.7%
Avis
Budget
Car
Rental
LLC,
New
Term
Loan,
B,
2.37%,
(1-month
USD
LIBOR
+
2.25%),
8/06/27
..........................
United
States
5,737,577
5,625,235
b
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Term
Loan,
B,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
10/26/22
..................
Australia
10,319,296
9,720,104
Ventia
Midco
Pty.
Ltd.,
2017
Refinancing
USD
Term
Loan,
B,
5%,
(3-month
USD
LIBOR
+
4%),
5/21/26
.....................
Australia
7,178,119
7,200,587
22,545,926
a
a
a
a
a
a
Software
11.5%
athenahealth,
Inc.,
First
Lien,
Term
Loan,
B1,
4.453%,
(3-month
USD
LIBOR
+
4.25%),
2/11/26
..............................
United
States
6,980,517
7,013,675
Blackboard,
Inc.,
First
Lien,
Term
Loan,
B5,
7%,
(3-month
USD
LIBOR
+
6%),
6/30/24
................................
United
States
7,369,228
7,373,871
Ceridian
HCM
Holding,
Inc.,
Initial
Term
Loan,
2.587%,
(1-week
USD
LIBOR
+
2.5%),
4/30/25
...............................
United
States
971,962
957,990
DCert
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
4.113%,
(1-month
USD
LIBOR
+
4%),
10/16/26
...........................
United
States
5,720,528
5,728,079
DCert
Buyer,
Inc.,
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
7.113%,
(1-month
USD
LIBOR
+
7%),
2/19/29
.........
United
States
1,180,457
1,191,034
g
ECI
Macola/MAX
Holding
LLC,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
11/09/27
..................
United
States
1,496,250
1,499,991
Greeneden
U.S.
Holdings
I
LLC,
Term
Loan,
B,
4.75%,
(1-month
USD
LIBOR
+
4%),
12/01/27
...........................
United
States
2,217,199
2,224,682
Hyland
Software,
Inc.,
First
Lien,
2018
Refinancing
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
..............
United
States
407,619
408,467
Hyland
Software,
Inc.,
Second
Lien,
2021
Refinancing
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
...............
United
States
83,333
84,236
g
Idera,
Inc.,
First
Lien,
Term
Loan,
B1,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
.....................................
United
States
1,825,819
1,814,791
g,h
IGT
Holding
IV
AB,
Facility
Term
Loan,
TBD,
3/31/28
...........
Sweden
1,488,352
1,486,491
Ivanti
Software,
Inc.,
First
Lien,
First
Amendment
Term
Loan,
B,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/01/27
..............
United
States
251,632
248,549
Ivanti
Software,
Inc.,
First
Lien,
Initial
Term
Loan,
5.75%,
(3-month
USD
LIBOR
+
4.75%),
12/01/27
.........................
United
States
2,450,000
2,446,938
LogMeIn,
Inc.,
First
Lien,
Initial
Term
Loan,
4.86%,
(1-month
USD
LIBOR
+
4.75%),
8/31/27
..............................
United
States
5,499,809
5,498,077
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Software
(continued)
MA
Financeco
LLC,
Term
Loan,
B4,
5.25%,
(3-month
USD
LIBOR
+
4.25%),
6/05/25
.....................................
United
States
245,313
$
247,049
Mitchell
International,
Inc.,
First
Lien,
Amendment
No.
2
New
Facility
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
4.25%),
11/29/24
...
United
States
3,850,150
3,862,990
Perforce
Software,
Inc.,
First
Lien,
New
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
7/01/26
..................
United
States
4,119,504
4,075,302
Quest
Software
US
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.436%,
(3-month
USD
LIBOR
+
4.25%),
5/16/25
............
United
States
7,532,125
7,536,268
g
RealPage,
Inc.,
First
Lien,
Initial
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
4/24/28
..............................
United
States
2,250,000
2,242,271
Sophia
LP,
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
10/07/27
..........................................
United
States
627,507
628,291
Surf
Holdings
SARL,
First
Lien,
Dollar
Term
Loan,
3.676%,
(3-month
USD
LIBOR
+
3.5%),
3/05/27
...........................
Luxembourg
6,410,019
6,358,290
g,h
Syncsort,
Inc.,
Term
Loan,
B,
TBD,
3/19/28
..................
United
States
3,022,500
3,016,833
Veritas
US,
Inc.,
USD
Term
Loan,
B,
6%,
(3-month
USD
LIBOR
+
5%),
9/01/25
.......................................
United
States
4,887,232
4,930,606
70,874,771
a
a
a
a
a
a
Specialty
Retail
3.0%
Great
Outdoors
Group
LLC,
Term
Loan,
B1,
5%,
(3-month
USD
LIBOR
+
4.25%),
3/06/28
..............................
United
States
8,296,432
8,346,998
Michaels
Companies,
Inc.
(The),
Term
Loan,
B,
5%,
(3-month
USD
LIBOR
+
4.25%),
4/15/28
..............................
United
States
2,670,000
2,661,656
PetSmart
LLC,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
2/11/28
.....................................
United
States
2,500,072
2,510,385
Rent-A-Center,
Inc.,
Initial
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
4%),
2/17/28
......................................
United
States
2,342,273
2,361,784
g,h
Savers,
Inc.,
Term
Loan,
TBD,
4/21/28
.....................
United
States
2,098,596
2,122,205
Woof
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
12/21/27
.........................
United
States
741,029
740,103
18,743,131
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.8%
Amentum
Government
Services
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
1/29/27
........
United
States
1,576,030
1,569,726
Amentum
Government
Services
Holdings
LLC,
Incremental
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.75%),
1/29/27
.........
United
States
1,640,000
1,649,569
Cardtronics
USA,
Inc.,
Initial
Term
Loan,
5%,
(1-month
USD
LIBOR
+
4%),
6/29/27
.......................................
United
States
1,813,146
1,818,133
5,037,428
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.6%
g
Champ
Acquisition
Corp.,
First
Lien,
Initial
Term
Loan,
5.73%,
(3-month
USD
LIBOR
+
5.5%;
6-month
USD
LIBOR
+
5.5%),
12/19/25
..........................................
United
States
2,132,789
2,132,981
Tory
Burch
LLC,
Initial
Term
Loan,
B,
4.5%,
(1-month
USD
LIBOR
+
3.5%),
4/16/28
......................................
United
States
1,602,632
1,592,623
3,725,604
a
a
a
a
a
a
Wireless
Telecommunication
Services
0.4%
Altice
France
SA,
USD
Incremental
Term
Loan,
B13,
4.198%,
(3-month
USD
LIBOR
+
4%),
8/14/26
.....................
France
2,329,173
2,327,508
Total
Senior
Floating
Rate
Interests
(Cost
$636,311,376)
.........................
574,857,309
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
See
Abbreviations
on
page
33
.
a
a
Country
Shares/Units
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.1%
b
Remington
Outdoor
Co.,
Inc.,
Litigation
Units
.................
United
States
221,427
$
367,931
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
367,931
Total
Long
Term
Investments
(Cost
$663,591,163)
...............................
603,438,215
a
Short
Term
Investments
8.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
8.2%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
50,531,154
50,531,154
Total
Money
Market
Funds
(Cost
$50,531,154)
..................................
50,531,154
Total
Short
Term
Investments
(Cost
$50,531,154
)
................................
50,531,154
a
Total
Investments
(Cost
$714,122,317)
106.1%
..................................
$653,969,369
Other
Assets,
less
Liabilities
(6.1)%
...........................................
(37,279,607)
Net
Assets
100.0%
...........................................................
$616,689,762
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
c
See
Note
4
regarding
restricted
securities.
d
See
Note
5
regarding
holdings
of
5%
voting
securities.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
See
Note
6
regarding
unfunded
loan
commitments.
k
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited),
April
30,2021
Franklin
Floating
Rate
Master
Series
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
%
of
Net
Assets
a
Common
Stocks
Industrial
Machinery
a
UTEX
Industries,
Inc.
..........................
United
States
120,386
$
4,770,295
1.26
a
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
104,009
277,340
0.07
a
Paper
Products
a,b,c,d
Appvion
Operations,
Inc.
........................
United
States
563,596
12,319,757
3.25
a
Trucking
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...........
Australia
5,879,078
—
0.00
a
Total
Common
Stocks
(Cost
$18,304,117)
...............................
17,367,392
4.58
Management
Investment
Companies
Asset
Management
&
Custody
Banks
e
Franklin
Floating
Rate
Income
Fund
...............
United
States
461,717
3,582,920
0.95
e
Franklin
Liberty
Senior
Loan
ETF
.................
United
States
857,785
21,427,469
5.66
Invesco
Senior
Loan
ETF
.......................
United
States
72,365
1,602,885
0.42
26,613,274
7.03
Total
Management
Investment
Companies
(Cost
$27,729,256)
.............
26,613,274
7.03
Preferred
Stocks
Leisure
Facilities
a
24
Hour
Fitness
Worldwide,
Inc.
..................
United
States
246,320
708,170
0.19
a
Total
Preferred
Stocks
(Cost
$332,425)
..................................
708,170
0.19
Warrants
%
of
Net
Assets
a
a
a
a
a
Warrants
Industrial
Machinery
a,b
UTEX
Industries,
Inc.
,
2/20/49
....................
United
States
321
359
0.00
†
Total
Warrants
(Cost
$–)
...............................................
359
0.00
†
Principal
Amount
*
%
of
Net
Assets
Corporate
Bonds
Airlines
f
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
..............
United
States
1,700,000
1,787,125
0.47
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
....................
United
States
1,250,000
1,341,376
0.35
f
United
Airlines,
Inc.,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
...................................
United
States
165,000
171,430
0.05
3,299,931
0.87
Broadcasting
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.,
Senior
Secured
Note,
144A,
5.375%,
8/15/26
...
United
States
1,840,000
1,345,500
0.36
f
Sinclair
Television
Group,
Inc.,
Senior
Secured
Note,
144A,
4.125%,
12/01/30
.......................
United
States
900,000
878,634
0.23
f
Univision
Communications,
Inc.,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
........................
United
States
400,000
407,282
0.11
2,631,416
0.70
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
Construction
Materials
f
Cemex
SAB
de
CV,
Senior
Secured
Bond,
144A,
5.2%,
9/17/30
...................................
Mexico
750,000
$
817,129
0.22
Diversified
Chemicals
f
SCIH
Salt
Holdings,
Inc.,
Senior
Secured
Note,
144A,
4.875%,
5/01/28
.............................
United
States
1,100,000
1,098,625
0.29
Independent
Power
Producers
&
Energy
Traders
f
Talen
Energy
Supply
LLC,
Senior
Secured
Note,
144A,
6.625%,
1/15/28
.............................
United
States
444,000
447,523
0.12
Oil
&
Gas
Storage
&
Transportation
f
Cheniere
Energy,
Inc.,
Senior
Secured
Note,
144A,
4.625%,
10/15/28
............................
United
States
450,000
469,755
0.12
Trucking
b,g
Onsite
Rental
Group
Operations
Pty.
Ltd.,
PIK,
6.1%,
10/26/23
..................................
Australia
10,725,759
9,900,937
2.61
Wireless
Telecommunication
Services
f
Vmed
O2
UK
Financing
I
plc,
Senior
Secured
Bond,
144A,
4.25%,
1/31/31
.........................
United
Kingdom
360,000
348,750
0.09
Total
Corporate
Bonds
(Cost
$20,733,766)
...............................
19,014,066
5.02
h
Senior
Floating
Rate
Interests
Advertising
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
B,
3.685%,
(2-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
3.5%),
8/21/26
.......................
United
States
2,736,455
2,657,221
0.70
Aerospace
&
Defense
AI
Convoy
(Luxembourg)
SARL,
Facility
USD
Term
Loan,
B,
4.5%,
(2-month
USD
LIBOR
+
3.5%;
6-month
USD
LIBOR
+
3.5%),
1/18/27
.......................
Luxembourg
1,228,590
1,229,358
0.32
g
Alloy
FinCo
Ltd.,
Facility
Term
Loan,
B,
14%,
PIK,
(3-month
USD
LIBOR
+
13.5%),
3/06/25
..........
United
Kingdom
3,067,905
1,918,729
0.51
i
Dynasty
Acquisition
Co.,
Inc.,
2020
Term
Loan
,
B1,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..
United
States
1,629,901
1,588,624
0.42
B2,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
..
United
States
876,291
854,099
0.23
5,590,810
1.48
a
a
a
a
a
a
Air
Freight
&
Logistics
Kenan
Advantage
Group,
Inc.
(The),
U.S.
Term
Loan,
B1,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
3/24/26
......
United
States
1,097,250
1,094,704
0.29
Airlines
i
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.),
Initial
Term
Loan,
5.5%,
(6-month
USD
LIBOR
+
4.75%),
4/20/28
.............................
United
States
1,013,781
1,043,921
0.28
Allegiant
Travel
Co.,
Replacement
Term
Loan,
3.198%,
(3-month
USD
LIBOR
+
3%),
2/05/24
.............
United
States
2,899,450
2,880,111
0.76
American
Airlines,
Inc.,
2018
Replacement
Term
Loan,
1.861%,
(1-month
USD
LIBOR
+
1.75%),
6/27/25
....
United
States
750,000
693,847
0.18
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
3.75%),
10/20/27
....
United
States
956,180
1,005,667
0.27
JetBlue
Airways
Corp.,
Term
Loan,
6.25%,
(3-month
USD
LIBOR
+
5.25%),
6/17/24
......................
United
States
423,164
435,066
0.11
i
Kestrel
Bidco,
Inc.,
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3%),
12/11/26
.............................
Canada
3,139,542
3,044,617
0.80
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Airlines
(continued)
i
United
AirLines,
Inc.,
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
4/21/28
......................
United
States
1,004,464
$
1,017,648
0.27
10,120,877
2.67
a
a
a
a
a
a
Alternative
Carriers
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
3.113%,
(1-month
USD
LIBOR
+
3%),
3/09/27
......
United
States
623,553
618,097
0.16
Apparel,
Accessories
&
Luxury
Goods
Champ
Acquisition
Corp.,
First
Lien,
Initial
Term
Loan,
5.73%,
(3-month
USD
LIBOR
+
5.5%;
6-month
USD
LIBOR
+
5.5%),
12/19/25
......................
United
States
1,044,020
1,044,114
0.28
Tory
Burch
LLC,
Initial
Term
Loan,
B,
4.5%,
(1-month
USD
LIBOR
+
3.5%),
4/16/28
...................
United
States
580,645
577,019
0.15
1,621,133
0.43
a
a
a
a
a
a
Application
Software
Blackboard,
Inc.,
First
Lien,
Term
Loan,
B5,
7%,
(3-month
USD
LIBOR
+
6%),
6/30/24
....................
United
States
3,203,449
3,205,467
0.85
Ceridian
HCM
Holding,
Inc.,
Initial
Term
Loan,
2.587%,
(1-week
USD
LIBOR
+
2.5%),
4/30/25
............
United
States
691,139
681,204
0.18
i
ECI
Macola/MAX
Holding
LLC,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
11/09/27
United
States
847,875
849,995
0.23
i
Epicor
Software
Corp.,
Term
Loan,
C,
4%,
(1-month
USD
LIBOR
+
3.25%),
7/30/27
......................
United
States
1,140,077
1,139,929
0.30
Greeneden
U.S.
Holdings
I
LLC,
Term
Loan,
B,
4.75%,
(1-month
USD
LIBOR
+
4%),
12/01/27
............
United
States
1,896,787
1,903,189
0.50
i,j
IGT
Holding
IV
AB,
Facility
Term
Loan,
TBD,
3/31/28
...
Sweden
1,333,333
1,331,667
0.35
LogMeIn,
Inc.,
First
Lien,
Initial
Term
Loan,
4.86%,
(1-month
USD
LIBOR
+
4.75%),
8/31/27
..........
United
States
1,706,328
1,705,790
0.45
Mitchell
International,
Inc.,
First
Lien,
Amendment
No.
2
New
Facility
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
4.25%),
11/29/24
...........................
United
States
995,000
998,318
0.26
i,j
Mitchell
International,
Inc.,
First
Lien,
Initial
Term
Loan,
TBD,
11/29/24
..............................
United
States
768,201
757,830
0.20
i
Project
Alpha
Intermediate
Holding,
Inc.,
2021
Refinancing
Term
Loan,
4.12%,
(1-month
USD
LIBOR
+
4%),
4/26/24
...............................
United
States
1,543,517
1,541,009
0.41
i
Project
Ruby
Ultimate
Parent
Corp.,
First
Lien,
Closing
Date
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.25%),
3/10/28
...................................
United
States
1,412,949
1,405,001
0.37
i
RealPage,
Inc.,
First
Lien,
Initial
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
4/24/28
..........
United
States
2,296,129
2,288,242
0.61
Solera
LLC
(Solera
Finance,
Inc.),
Dollar
Term
Loan,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
3/03/23
....
United
States
494,792
492,869
0.13
i
Sophia
LP,
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
10/07/27
............................
United
States
1,222,117
1,223,645
0.32
Surf
Holdings
SARL,
First
Lien,
Dollar
Term
Loan,
3.676%,
(3-month
USD
LIBOR
+
3.5%),
3/05/27
.....
Luxembourg
2,338,013
2,319,145
0.61
i,j
Syncsort,
Inc.,
Term
Loan,
B,
TBD,
3/19/28
..........
United
States
1,529,954
1,527,086
0.40
Ultimate
Software
Group,
Inc.
(The),
First
Lien,
Initial
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
5/04/26
...................................
United
States
643,467
644,519
0.17
24,014,905
6.34
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Asset
Management
&
Custody
Banks
i
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
2021
Initial
Term
Loan,
B,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
4/07/28
............................
United
States
998,571
$
995,705
0.26
i
Russell
Investments
US
Institutional
Holdco,
Inc.,
2025
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.5%),
5/30/25
...................................
United
States
3,068,950
3,042,097
0.80
4,037,802
1.06
a
a
a
a
a
a
Auto
Parts
&
Equipment
Adient
US
LLC,
Term
Loan,
B1,
3.61%,
(1-month
USD
LIBOR
+
3.5%),
4/10/28
.......................
United
States
1,960,000
1,961,225
0.52
Clarios
Global
LP,
First
Lien,
Amendment
No.
1
Dollar
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
4/30/26
...................................
United
States
2,289,112
2,269,368
0.60
First
Brands
Group
LLC,
First
Lien,
2021
Term
Loan,
6%,
(1-month
USD
LIBOR
+
5%),
3/30/27
.............
United
States
1,127,082
1,135,304
0.30
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
Term
Loan,
5.25%,
(3-month
USD
LIBOR
+
4.5%),
11/09/27
United
States
610,007
612,678
0.16
TI
Group
Automotive
Systems
LLC,
Refinancing
US
Term
Loan,
3.75%,
(3-month
USD
LIBOR
+
3.25%),
12/16/26
United
States
600,736
600,487
0.16
i
Truck
Hero,
Inc.,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
1/31/28
......................
United
States
1,140,856
1,140,405
0.30
7,719,467
2.04
a
a
a
a
a
a
Automobile
Manufacturers
i
American
Trailer
World
Corp.,
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
3/03/28
.
United
States
1,725,584
1,713,720
0.45
Thor
Industries,
Inc.,
Term
Loan,
B1,
3.12%,
(1-month
USD
LIBOR
+
3%),
2/01/26
....................
United
States
1,300,000
1,304,875
0.35
3,018,595
0.80
a
a
a
a
a
a
Biotechnology
Grifols
Worldwide
Operations
Ltd.,
Dollar
Term
Loan,
B,
2.087%,
(1-week
USD
LIBOR
+
2%),
11/15/27
......
Ireland
657,115
649,907
0.17
Horizon
Therapeutics
USA,
Inc.,
Seventh
Amendment
Refinancing
Term
Loan,
2.125%,
(1-month
USD
LIBOR
+
2%),
5/22/26
..............................
United
States
494,270
492,973
0.13
1,142,880
0.30
a
a
a
a
a
a
Brewers
City
Brewing
Company
LLC,
First
Lien,
Closing
Date
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.5%),
4/05/28
...................................
United
States
646,259
648,682
0.17
Broadcasting
Gray
Television,
Inc.,
Term
Loan,
B2,
2.365%,
(1-month
USD
LIBOR
+
2.25%),
2/07/24
..................
United
States
994,899
990,472
0.26
Nexstar
Broadcasting,
Inc.,
Term
Loan,
B3,
2.356%,
(1-month
USD
LIBOR
+
2.25%),
1/17/24
..........
United
States
1,738,453
1,734,237
0.46
Sinclair
Television
Group,
Inc.,
Term
Loan,
B,
2.36%,
(1-month
USD
LIBOR
+
2.25%),
1/03/24
..........
United
States
1,911,160
1,899,216
0.50
Univision
Communications,
Inc.,
First
Lien,
2020
Replacement
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
3/15/26
...........................
United
States
551,244
553,030
0.15
5,176,955
1.37
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Building
Products
i
Cornerstone
Building
Brands,
Inc.,
Term
Loan,
B,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
4/12/28
..........
United
States
957,442
$
950,262
0.25
Cable
&
Satellite
CSC
Holdings
LLC,
March
2017
Refinancing
Term
Loan,
2.365%,
(1-month
USD
LIBOR
+
2.25%),
7/17/25
....
United
States
4,905,285
4,860,402
1.28
Radiate
HoldCo
LLC,
Term
Loan,
B,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
9/25/26
...................
United
States
327,013
327,730
0.09
i,j
Virgin
Media
Bristol
LLC,
Term
Loan,
Q,
TBD,
1/31/29
..
United
States
788,848
788,718
0.21
WideOpenWest
Finance
LLC,
Eighth
Amendment
Term
Loan,
B,
4.25%,
(1-month
USD
LIBOR
+
3.25%),
8/18/23
...................................
United
States
1,035,195
1,035,707
0.27
7,012,557
1.85
a
a
a
a
a
a
Casinos
&
Gaming
Boyd
Gaming
Corp.,
Refinancing
Term
Loan,
B,
2.337%,
(1-week
USD
LIBOR
+
2.25%),
9/15/23
...........
United
States
1,171,420
1,171,420
0.31
Boyd
Gaming
Corp.,
Term
Loan,
A,
3.25%,
(1-week
USD
LIBOR
+
2.75%),
9/15/23
......................
United
States
912,937
915,219
0.24
Caesars
Resort
Collection
LLC,
Term
Loan
,
B,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
12/23/24
.
United
States
2,027,674
2,007,894
0.53
B1,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
7/21/25
..
United
States
343,713
345,198
0.09
Station
Casinos
LLC,
Facility
Term
Loan,
B1,
2.5%,
(1-month
USD
LIBOR
+
2.25%),
2/08/27
..........
United
States
2,314,929
2,286,247
0.61
6,725,978
1.78
a
a
a
a
a
a
Commodity
Chemicals
Cyanco
Intermediate
2
Corp.,
First
Lien,
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
3/16/25
.....
United
States
297,648
295,973
0.08
Communications
Equipment
CommScope,
Inc.,
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
4/06/26
..................
United
States
3,070,687
3,055,825
0.81
Construction
Materials
i
Park
River
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.25%),
12/28/27
......
United
States
1,143,010
1,138,187
0.30
i
White
Cap
Buyer
LLC,
Initial
Closing
Date
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
4%),
10/19/27
.......
United
States
946,250
947,579
0.25
2,085,766
0.55
a
a
a
a
a
a
Consumer
Electronics
Playtika
Holding
Corp.,
Term
Loan,
B1,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
3/13/28
..................
United
States
732,960
729,984
0.19
Data
Processing
&
Outsourced
Services
Neustar,
Inc.,
First
Lien,
Term
Loan,
B5,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
8/08/24
...................
United
States
1,766,172
1,692,037
0.45
Pitney
Bowes,
Inc.,
Refinancing
Term
Loan,
B,
4.12%,
(1-month
USD
LIBOR
+
4%),
3/17/28
.............
United
States
3,100,000
3,102,573
0.82
Tempo
Acquisition
LLC,
Extended
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
11/02/26
..........
United
States
646,742
646,942
0.17
5,441,552
1.44
a
a
a
a
a
a
Department
Stores
Harbor
Freight
Tools
USA,
Inc.,
Initial
Term
Loan
(2020),
3.75%,
(1-month
USD
LIBOR
+
3%),
10/19/27
......
United
States
369,230
369,401
0.10
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Diversified
Banks
i
Finastra
Ltd.,
First
Lien,
Dollar
Term
Loan,
4.5%,
(6-month
USD
LIBOR
+
3.5%),
6/13/24
...........
United
Kingdom
3,649,355
$
3,593,155
0.95
Diversified
Capital
Markets
Vertical
Midco
GmbH,
USD
Term
Loan,
4.478%,
(6-month
USD
LIBOR
+
4.25%),
6/30/27
..................
Germany
1,230,344
1,234,115
0.33
Diversified
Chemicals
Lummus
Technology
Holdings
V
LLC,
2021
Refinancing
Term
Loan,
B,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
6/30/27
...................................
United
States
890,057
885,237
0.23
SCIH
Salt
Holdings,
Inc.,
Incremental
Term
Loan,
B1,
4.75%,
(1-month
USD
LIBOR
+
4%),
3/16/27
.......
United
States
3,251,136
3,246,259
0.86
4,131,496
1.09
a
a
a
a
a
a
Diversified
Metals
&
Mining
i
U.S.
Silica
Co.,
Term
Loan,
5%,
(1-month
USD
LIBOR
+
4%),
5/01/25
...............................
United
States
2,367,959
2,278,723
0.60
Diversified
Support
Services
Allied
Universal
Holdco
LLC,
Initial
Term
Loan,
4.363%,
(1-month
USD
LIBOR
+
4.25%),
7/10/26
..........
United
States
1,673,612
1,672,566
0.44
CCI
Buyer,
Inc.,
Term
Loan,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/17/27
.............................
United
States
241,672
242,427
0.06
Legalzoom.com,
Inc.,
First
Lien,
2018
Term
Loan,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
11/21/24
....
United
States
4,000,612
4,003,752
1.06
5,918,745
1.56
a
a
a
a
a
a
Drug
Retail
GNC
Holdings,
Inc.,
Second
Lien,
Term
Loan,
6.2%,
(3-month
USD
LIBOR
+
6%),
10/07/26
............
United
States
5,196,742
4,358,767
1.15
Education
Services
i
KUEHG
Corp.,
Term
Loan,
B3,
4.75%,
(3-month
USD
LIBOR
+
3.75%),
2/21/25
......................
United
States
1,615,135
1,597,683
0.42
Electric
Utilities
Astoria
Energy
LLC,
Advance
(2020)
Term
Loan,
B,
4.5%,
(3-month
USD
LIBOR
+
3.5%),
12/10/27
..........
United
States
398,508
399,504
0.11
Electronic
Equipment
&
Instruments
Verifone
Systems,
Inc.,
First
Lien,
Initial
Term
Loan,
4.182%,
(3-month
USD
LIBOR
+
4%),
8/20/25
......
United
States
497,449
489,587
0.13
Food
Retail
i
Shearer's
Foods
LLC,
First
Lien,
Refinancing
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.5%),
9/23/27
......
United
States
571,368
571,620
0.15
General
Merchandise
Stores
Franchise
Group,
Inc.,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.75%),
3/10/26
..........
United
States
450,099
452,070
0.12
Health
Care
Equipment
i,j
Jazz
Pharmaceuticals,
Inc.,
Term
Loan,
TBD,
4/21/28
..
United
States
685,714
687,998
0.18
Health
Care
Facilities
i
ADMI
Corp.,
Amendment
No.
4
Refinancing
Term
Loan,
3.25%,
(1-month
USD
LIBOR
+
2.75%),
12/23/27
....
United
States
2,276,806
2,261,631
0.60
Global
Medical
Response,
Inc.,
2018
New
Term
Loan,
5.25%,
(3-month
USD
LIBOR
+
4.25%),
3/14/25
.....
United
States
840,117
841,243
0.22
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Health
Care
Facilities
(continued)
i
Pathway
Vet
Alliance
LLC,
First
Lien,
2021
Replacement
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
3/31/27
...................................
United
States
2,863,558
$
2,852,820
0.75
5,955,694
1.57
a
a
a
a
a
a
Health
Care
Services
i
CNT
Holdings
I
Corp.,
First
Lien,
Facility
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
11/08/27
.....
United
States
763,187
762,890
0.20
i
eResearchTechnology,
Inc.,
First
Lien,
Initial
Term
Loan,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
2/04/27
......
United
States
1,419,242
1,424,373
0.38
Gentiva
Health
Services,
Inc.,
First
Lien,
Term
Loan,
B,
2.875%,
(1-month
USD
LIBOR
+
2.75%),
7/02/25
....
United
States
926,416
925,837
0.24
National
Mentor
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan
,
4.5%,
(1-month
USD
LIBOR
+
3.75%;
3-month
USD
LIBOR
+
3.75%),
3/02/28
......................
United
States
2,650,594
2,651,416
0.70
C,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
...
United
States
88,353
88,380
0.02
Navicure,
Inc.,
First
Lien,
Initial
Term
Loan,
4.113%,
(1-month
USD
LIBOR
+
4%),
10/22/26
............
United
States
3,876,723
3,867,032
1.02
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan
,
3.611%,
(1-month
USD
LIBOR
+
3.5%),
3/05/26
.....
United
States
1,630,701
1,618,470
0.43
B1,
3.358%,
(1-month
USD
LIBOR
+
3.25%),
3/05/26
.
United
States
1,836,924
1,817,903
0.48
Pluto
Acquisition
I,
Inc.,
First
Lien,
Term
Loan,
B,
4.613%,
(1-month
USD
LIBOR
+
4.5%),
6/22/26
...........
United
States
231,958
232,828
0.06
Pluto
Acquisition
I,
Inc.,
Incremental
Term
Loan,
5.5%,
(1-month
USD
LIBOR
+
5%),
6/22/26
.............
United
States
399,683
402,431
0.11
Radiology
Partners,
Inc.,
First
Lien,
Term
Loan,
B,
4.361%,
(1-month
USD
LIBOR
+
4.25%),
7/09/25
....
United
States
400,000
399,156
0.11
i
U.S.
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3%),
6/23/24
.....
United
States
576,154
568,632
0.15
14,759,348
3.90
a
a
a
a
a
a
Health
Care
Supplies
i,j
Organon
&
Co.,
Term
Loan,
TBD,
4/08/28
...........
United
States
956,757
955,360
0.25
Health
Care
Technology
Inovalon
Holdings,
Inc.,
Refinancing
Date
Term
Loan,
2.875%,
(1-month
USD
LIBOR
+
2.75%),
4/02/25
....
United
States
334,828
332,526
0.09
Homefurnishing
Retail
Rent-A-Center,
Inc.,
Initial
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
4%),
2/17/28
....................
United
States
488,971
493,045
0.13
i,j
Savers,
Inc.,
Term
Loan,
TBD,
4/21/28
.............
United
States
986,842
997,944
0.26
1,490,989
0.39
a
a
a
a
a
a
Household
Products
b,g,k
FGI
Operating
Co.
LLC,
Term
Loan,
12.1%,
PIK,
(3-month
USD
LIBOR
+
11%),
5/16/22
...................
United
States
10,521,634
3,676,420
0.97
Human
Resource
&
Employment
Services
CCRR
Parent,
Inc.,
First
Lien,
Initial
Term
Loan,
5%,
(3-month
USD
LIBOR
+
4.25%),
3/06/28
..........
United
States
457,303
459,018
0.12
UKG,
Inc.,
First
Lien,
2021
Incremental
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.25%),
5/04/26
..........
United
States
701,670
703,315
0.19
1,162,333
0.31
a
a
a
a
a
a
Industrial
Machinery
Navistar,
Inc.,
Term
Loan,
B,
3.61%,
(1-month
USD
LIBOR
+
3.5%),
11/06/24
......................
United
States
5,356,257
5,360,944
1.42
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Insurance
Brokers
Alliant
Holdings
Intermediate
LLC,
2018
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
5/09/25
....
United
States
2,142,462
$
2,118,606
0.56
i
Alliant
Holdings
Intermediate
LLC,
Term
Loan,
B3,
4.25%,
(1-month
USD
LIBOR
+
3.75%),
11/05/27
..........
United
States
318,564
318,985
0.09
2,437,591
0.65
a
a
a
a
a
a
Integrated
Telecommunication
Services
Global
Tel
Link,
First
Lien,
Term
Loan,
4.363%,
(1-month
USD
LIBOR
+
4.25%),
11/29/25
.................
United
States
4,776,304
4,463,242
1.18
Global
Tel
Link,
Second
Lien,
Term
Loan,
8.363%,
(1-month
USD
LIBOR
+
8.25%),
11/29/26
..........
United
States
2,479,737
1,969,841
0.52
West
Corp.,
Initial
Term
Loan,
LOAN
Note,
B,
5%,
(3-month
USD
LIBOR
+
4%),
10/10/24
............
United
States
1,186,475
1,160,087
0.31
7,593,170
2.01
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
i
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
2020
June
New
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
9/13/24
.............................
United
States
949,532
950,601
0.25
i
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
Amendment
No.
2
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
9/13/24
...................
United
States
1,537,466
1,526,365
0.40
2,476,966
0.65
a
a
a
a
a
a
Internet
Services
&
Infrastructure
i
Arches
Buyer,
Inc.,
Refinancing
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
3.25%),
12/06/27
.........
United
States
570,000
567,922
0.15
i
Barracuda
Networks,
Inc.,
First
Lien,
2020
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
2/12/25
......
United
States
956,027
956,386
0.25
Informatica
LLC,
Dollar
2020
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
2/25/27
..........
United
States
1,445,400
1,434,885
0.38
TIBCO
Software,
Inc.,
Term
Loan,
B3,
3.87%,
(1-month
USD
LIBOR
+
3.75%),
6/30/26
..................
United
States
3,085,239
3,072,235
0.81
6,031,428
1.59
a
a
a
a
a
a
Investment
Banking
&
Brokerage
Citadel
Securities
LP,
Term
Loan,
B,
2.613%,
(1-month
USD
LIBOR
+
2.5%),
2/02/28
...................
United
States
1,300,000
1,289,847
0.34
i
Deerfield
Dakota
Holding
LLC,
First
Lien,
Initial
Dollar
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
4/09/27
...................................
United
States
1,894,304
1,901,114
0.50
Jane
Street
Group
LLC,
Term
Loan,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
1/26/28
..................
United
States
937,498
930,584
0.25
4,121,545
1.09
a
a
a
a
a
a
IT
Consulting
&
Other
Services
i
Aventiv
Technologies
LLC,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
......
United
States
2,637,273
2,451,846
0.65
Conduent,
Inc.,
Term
Loan,
B,
2.613%,
(1-month
USD
LIBOR
+
2.5%),
12/07/23
......................
United
States
232,862
230,359
0.06
Gainwell
Acquisition
Corp.,
Term
Loan,
B,
4.75%,
(3-month
USD
LIBOR
+
4%),
10/01/27
............
United
States
2,134,024
2,138,697
0.56
i
Peraton
Corp.,
First
Lien,
Term
Loan,
B,
4.5%,
(1-month
USD
LIBOR
+
3.75%),
2/01/28
..................
United
States
935,140
935,986
0.25
5,756,888
1.52
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Leisure
Facilities
g
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan,
5.193%,
PIK,
(3-month
USD
LIBOR
+
5%),
12/29/25
........
United
States
4,714,673
$
4,153,823
1.10
Leisure
Products
i
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.),
First
Lien,
Initial
Term
Loan,
4.5%,
(1-month
USD
LIBOR
+
3.5%),
12/16/24
......................
United
States
1,501,400
1,447,605
0.38
NASCAR
Holdings
LLC,
Initial
Term
Loan,
2.859%,
(1-month
USD
LIBOR
+
2.75%),
10/19/26
.........
United
States
1,349,879
1,342,474
0.36
2,790,079
0.74
a
a
a
a
a
a
Life
&
Health
Insurance
AssuredPartners,
Inc.,
2020
February
Refinancing
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
United
States
2,638,415
2,616,978
0.69
Metal
&
Glass
Containers
i
BWay
Holding
Co.,
Initial
Term
Loan,
3.443%,
(3-month
USD
LIBOR
+
3.25%),
4/03/24
..................
United
States
2,949,464
2,854,064
0.75
Movies
&
Entertainment
i
Banijay
Entertainment
SAS,
Facility
USD
Term
Loan,
B,
3.86%,
(1-month
USD
LIBOR
+
3.75%),
3/01/25
.....
France
1,679,374
1,670,977
0.44
i
Crown
Finance
US,
Inc.,
Initial
Dollar
Term
Loan,
3.5%,
(3-month
USD
LIBOR
+
2.5%),
2/28/25
...........
United
States
847,374
729,686
0.19
Diamond
Sports
Group
LLC,
Term
Loan,
3.37%,
(1-month
USD
LIBOR
+
3.25%),
8/24/26
..................
United
States
3,564,085
2,560,723
0.68
Lions
Gate
Capital
Holdings
LLC,
2026
Term
Loan,
A,
1.863%,
(1-month
USD
LIBOR
+
1.75%),
4/06/26
....
United
States
3,540,883
3,512,113
0.93
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC),
First
Lien,
Term
Loan,
B1,
2.903%,
(1-month
USD
LIBOR
+
2.75%;
3-month
USD
LIBOR
+
2.75%),
5/18/25
......................
United
States
1,195,061
1,169,672
0.31
9,643,171
2.55
a
a
a
a
a
a
Multi-line
Insurance
i
Acrisure
LLC,
First
Lien,
2020
Term
Loan,
3.703%,
(3-month
USD
LIBOR
+
3.5%),
2/15/27
...........
United
States
1,350,000
1,331,856
0.35
Office
Services
&
Supplies
Staples,
Inc.,
2019
Refinancing
New
Term
Loan,
B1,
5.205%,
(3-month
USD
LIBOR
+
5%),
4/16/26
......
United
States
1,239,831
1,214,570
0.32
i
Staples,
Inc.,
2019
Refinancing
Term
Loan,
B2,
4.705%,
(3-month
USD
LIBOR
+
4.5%),
9/12/24
...........
United
States
1,769,313
1,749,037
0.46
2,963,607
0.78
a
a
a
a
a
a
Oil
&
Gas
Exploration
&
Production
k
Fieldwood
Energy
LLC,
First
Lien,
Closing
Date
Term
Loan,
7.251%,
(3-month
USD
LIBOR
+
4.25%),
4/11/22
United
States
25,460,344
9,859,518
2.61
UTEX
Industries,
Inc.,
First
Out
Term
Loan,
8.5%,
(1-month
USD
LIBOR
+
7%),
12/03/24
............
United
States
1,251,016
1,261,025
0.33
g
UTEX
Industries,
Inc.,
Second
Out
Term
Loan,
5.25%,
PIK,
(1-month
USD
LIBOR
+
3.75%),
12/03/25
......
United
States
779,169
759,690
0.20
11,880,233
3.14
a
a
a
a
a
a
Oil
&
Gas
Storage
&
Transportation
Centurion
Pipeline
Co.
LLC,
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
9/29/25
..........
United
States
734,675
731,185
0.19
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Packaged
Foods
&
Meats
g
CSM
Bakery
Solutions
Ltd.,
Second
Lien,
Term
Loan,
11%,
PIK,
(3-month
USD
LIBOR
+
10%),
7/05/21
....
United
States
2,189,357
$
2,136,542
0.56
Paper
Packaging
i
Kleopatra
Finco
SARL,
USD
Term
Loan,
B,
5.25%,
(6-month
USD
LIBOR
+
4.75%),
2/12/26
..........
Luxembourg
1,519,374
1,517,946
0.40
Paper
Products
d
Appvion
Operations,
Inc.,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
6%),
6/12/26
........................
United
States
1,943,307
1,938,448
0.51
Personal
Products
Coty,
Inc.,
USD
Term
Loan,
B,
2.36%,
(1-month
USD
LIBOR
+
2.25%),
4/07/25
......................
United
States
247,581
238,104
0.06
i
Sunshine
Luxembourg
VII
SARL,
Term
Loan,
B3,
4.5%,
(3-month
USD
LIBOR
+
3%),
10/01/26
............
Luxembourg
2,998,700
3,003,378
0.80
3,241,482
0.86
a
a
a
a
a
a
Pharmaceuticals
Bausch
Health
Cos.,
Inc.,
Initial
Term
Loan,
3.109%,
(1-month
USD
LIBOR
+
3%),
6/02/25
.............
United
States
1,536,012
1,535,160
0.40
Property
&
Casualty
Insurance
Asurion
LLC,
New
Term
Loan
,
B8,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
12/23/26
United
States
2,630,443
2,615,646
0.69
B9,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
7/31/27
.
United
States
1,001,142
994,990
0.26
Asurion
LLC,
Second
Lien,
New
Term
Loan,
B3,
5.363%,
(1-month
USD
LIBOR
+
5.25%),
1/31/28
..........
United
States
52,263
53,099
0.01
3,663,735
0.96
a
a
a
a
a
a
Publishing
Cengage
Learning,
Inc.,
2016
Refinancing
Term
Loan,
5.25%,
(2-month
USD
LIBOR
+
4.25%;
3-month
USD
LIBOR
+
4.25%),
6/07/23
......................
United
States
2,990,584
2,981,702
0.79
Nielsen
Finance
LLC,
Dollar
Term
Loan,
B5,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
6/04/25
..........
United
States
165,992
166,737
0.04
3,148,439
0.83
a
a
a
a
a
a
Railroads
Ventia
Midco
Pty.
Ltd.,
2017
Refinancing
USD
Term
Loan,
B,
5%,
(3-month
USD
LIBOR
+
4%),
5/21/26
.......
Australia
5,460,137
5,477,227
1.45
Real
Estate
Services
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Replacement
Term
Loan,
2.863%,
(1-month
USD
LIBOR
+
2.75%),
8/21/25
...................................
United
States
1,050,000
1,028,018
0.27
Research
&
Consulting
Services
i
Dun
&
Bradstreet
Corp.
(The),
Initial
Term
Loan
Borrowing,
B,
3.361%,
(1-month
USD
LIBOR
+
3.25%),
2/06/26
...................................
United
States
959,338
955,141
0.25
Restaurants
Golden
Nugget,
Inc.,
Initial
Term
Loan,
B,
3.25%,
(2-month
USD
LIBOR
+
2.5%),
10/04/23
..........
United
States
967,533
957,814
0.25
i
IRB
Holding
Corp.,
Fourth
Amendment
Incremental
Term
Loan,
4.25%,
(3-month
USD
LIBOR
+
3.25%),
12/15/27
United
States
1,557,164
1,555,708
0.41
2,513,522
0.66
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Security
&
Alarm
Services
Prime
Security
Services
Borrower
LLC,
First
Lien,
2021
Refinancing
Term
Loan,
B1,
3.5%,
(1-month
USD
LIBOR
+
2.75%;
3-month
USD
LIBOR
+
2.75%),
9/23/26
...................................
United
States
450,145
$
449,989
0.12
Soft
Drinks
i
Triton
Water
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4%,
(3-month
USD
LIBOR
+
3.5%),
3/31/28
........
United
States
1,548,990
1,545,598
0.41
Specialized
Consumer
Services
Sedgwick
Claims
Management
Services,
Inc.
(Lightning
Cayman
Merger
Sub
Ltd.),
Initial
Term
Loan,
3.363%,
(1-month
USD
LIBOR
+
3.25%),
12/31/25
.........
United
States
496,193
489,899
0.13
WeddingWire,
Inc.,
First
Lien,
Initial
Term
Loan,
4.685%,
(2-month
USD
LIBOR
+
4.5%;
3-month
USD
LIBOR
+
4.5%),
12/19/25
.............................
United
States
598,469
598,473
0.16
i
WW
International,
Inc.,
Initial
Term
Loan,
4%,
(1-month
USD
LIBOR
+
3.5%),
4/13/28
...................
United
States
754,615
755,464
0.20
1,843,836
0.49
a
a
a
a
a
a
Specialized
Finance
Sabre
GLBL,
Inc.,
2020
Other
Term
Loan,
B,
4.75%,
(1-month
USD
LIBOR
+
4%),
12/17/27
............
United
States
86,678
87,613
0.02
Verscend
Holding
Corp.,
Term
Loan,
B1,
4.113%,
(1-month
USD
LIBOR
+
4%),
8/27/25
.............
United
States
3,003,506
3,007,260
0.80
3,094,873
0.82
a
a
a
a
a
a
Specialty
Chemicals
INEOS
226
Ltd.,
USD
Term
Loan,
B,
3.25%,
(3-month
USD
LIBOR
+
2.75%),
1/29/26
..................
United
Kingdom
515,166
513,799
0.14
i,j
NIC
Acquisition
Corp.
/
CPC
Acquisition
Corp.
/
Gardner-
Gibson
Acquisition
Corp.,
Term
Loan,
B,
TBD,
12/01/25
United
States
372,065
366,484
0.10
i
NIC
Acquisition
Corp.,
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
12/29/27
.....................
United
States
922,468
924,202
0.24
j
Sparta
U.S.
HoldCo
LLC,
Term
Loan,
TBD,
4/28/28
....
United
States
809,375
805,328
0.21
2,609,813
0.69
a
a
a
a
a
a
Specialty
Stores
i
Michaels
Companies,
Inc.
(The),
Term
Loan,
B,
5%,
(3-month
USD
LIBOR
+
4.25%),
4/15/28
..........
United
States
1,530,000
1,525,219
0.40
PetSmart
LLC,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
2/11/28
......................
United
States
518,127
520,264
0.14
i
Woof
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
12/21/27
.........
United
States
760,887
759,936
0.20
2,805,419
0.74
a
a
a
a
a
a
Systems
Software
athenahealth,
Inc.,
First
Lien,
Term
Loan,
B1,
4.453%,
(3-month
USD
LIBOR
+
4.25%),
2/11/26
..........
United
States
3,101,430
3,116,162
0.82
i
DCert
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
4.113%,
(1-month
USD
LIBOR
+
4%),
10/16/26
............
United
States
3,428,007
3,432,532
0.91
DCert
Buyer,
Inc.,
Second
Lien,
First
Amendment
Refinancing
Term
Loan,
7.113%,
(1-month
USD
LIBOR
+
7%),
2/19/29
..............................
United
States
650,664
656,494
0.17
i
Hyland
Software,
Inc.,
First
Lien,
2018
Refinancing
Term
Loan,
4.25%,
(1-month
USD
LIBOR
+
3.5%),
7/01/24
.
United
States
2,275,583
2,280,316
0.60
Hyland
Software,
Inc.,
Second
Lien,
2021
Refinancing
Term
Loan,
7%,
(1-month
USD
LIBOR
+
6.25%),
7/07/25
...................................
United
States
30,303
30,631
0.01
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
%
of
Net
Assets
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Systems
Software
(continued)
i
Idera,
Inc.,
First
Lien,
Term
Loan,
B1,
4.5%,
(3-month
USD
LIBOR
+
3.75%),
3/02/28
..................
United
States
2,091,024
$
2,078,394
0.55
Ivanti
Software,
Inc.,
First
Lien,
First
Amendment
Term
Loan,
B,
4.75%,
(3-month
USD
LIBOR
+
4%),
12/01/27
United
States
94,279
93,124
0.03
Ivanti
Software,
Inc.,
First
Lien,
Initial
Term
Loan,
5.75%,
(3-month
USD
LIBOR
+
4.75%),
12/01/27
.........
United
States
1,000,000
998,750
0.26
Perforce
Software,
Inc.,
First
Lien,
New
Term
Loan,
3.863%,
(1-month
USD
LIBOR
+
3.75%),
7/01/26
....
United
States
1,802,188
1,782,850
0.47
i
Quest
Software
US
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.436%,
(3-month
USD
LIBOR
+
4.25%),
5/16/25
United
States
1,326,610
1,327,340
0.35
15,796,593
4.17
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
Amentum
Government
Services
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
3.613%,
(1-month
USD
LIBOR
+
3.5%),
1/29/27
..............................
United
States
893,250
889,677
0.24
Amentum
Government
Services
Holdings
LLC,
Incremental
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.75%),
1/29/27
.............................
United
States
620,130
623,749
0.16
1,513,426
0.40
a
a
a
a
a
a
Trucking
Avis
Budget
Car
Rental
LLC,
New
Term
Loan,
B,
2.37%,
(1-month
USD
LIBOR
+
2.25%),
8/06/27
..........
United
States
2,004,586
1,965,336
0.52
b
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Term
Loan,
B,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
10/26/22
......
Australia
7,844,959
7,389,440
1.95
9,354,776
2.47
a
a
a
a
a
a
Wireless
Telecommunication
Services
Altice
France
SA,
USD
Incremental
Term
Loan,
B13,
4.198%,
(3-month
USD
LIBOR
+
4%),
8/14/26
......
France
1,170,808
1,169,970
0.31
Total
Senior
Floating
Rate
Interests
(Cost
$312,638,346)
..................
288,259,040
76.12
Shares/Units
Escrows
and
Litigation
Trusts
a
99
Escrow
Issuer,
Inc.,
Escrow
Account,
144A
........
United
States
600,000
575,364
0.15
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
....
United
States
6,589,709
—
0.00
a,b
Millennium
Lender
Claim
Trust,
Escrow
Account
......
United
States
6,589,709
—
0.00
b
Remington
Outdoor
Co.,
Inc.,
Litigation
Units
.........
United
States
98,704
164,011
0.05
Total
Escrows
and
Litigation
Trusts
(Cost
$599,529)
......................
739,375
0.20
Total
Long
Term
Investments
(Cost
$380,337,439)
........................
352,701,676
93.14
a
Franklin
Floating
Rate
Master
Trust
Statement
of
Investments
(unaudited)
Franklin
Floating
Rate
Master
Series
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
See
Abbreviations
on
page
33
.
Short
Term
Investments
a
a
Principal
Amount
*
a
Value
%
of
Net
Assets
aa
aa
aa
aa
aa
aa
Repurchase
Agreements
l
Joint
Repurchase
Agreement,
0.005%,
5/03/21
(Maturity
Value
$65,098,102)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$47,038,587)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$5,757,276)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$12,302,239)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
4.5%,
5/20/46
-
11/20/50;
and
U.S.
Treasury
Notes,
1.38%
-
2.88%,
5/31/21
-
3/31/26
(valued
at
$66,398,465)
.....................................
65,098,078
$
65,098,078
17.19
Total
Repurchase
Agreements
(Cost
$65,098,078)
........................
65,098,078
17.19
a
a
a
Total
Short
Term
Investments
(Cost
$65,098,078
)
.........................
65,098,078
17.19
a
Total
Investments
(Cost
$445,435,517)
..................................
$417,799,754
110.33
Other
Assets,
less
Liabilities
...........................................
(39,115,013)
(10.33)
Net
Assets
...........................................................
$378,684,741
100.00
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.01%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
c
See
Note
4
regarding
restricted
securities.
d
See
Note
5
regarding
holdings
of
5%
voting
securities.
e
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2021,
the
aggregate
value
of
these
securities
was
$9,688,493,
representing
2.6%
of
net
assets.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
k
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
l
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
April
30,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Floating
Rate
Master
Trust
25
Quarterly
Statement
of
Investments
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Franklin
Floating
Rate
Master
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
two
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
shares
are
exempt
from
registration
under
the
Securities
Act
of
1933. 
2. Financial
Instrument
Valuation
The
Funds’
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
Funds
calculate
the
net
asset
value
(NAV)
per
share
as
of
4
p.m.
Eastern
time
each
day
the
New
York
Stock
Exchange
(NYSE)
is
open
for
trading.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustee
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
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
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
26
Quarterly
Statement
of
Investments
4. Restricted
Securities 
At
April
30,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
5.
Holding
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.
During
the
period
ended
April
30,
2021,
investments
in
“affiliated
companies”
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Floating
Rate
Income
Fund
597,420
a
Appvion
Operations,
Inc
.......................
6/14/18-4/12/19
$
7,393,498
$
13,059,120
Total
Restricted
Securities
(Value
is
2.11%
of
Net
Assets)
.............
$7,393,498
$13,059,120
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Floating
Rate
Master
Series
563,596
b
Appvion
Operations,
Inc.
......................
6/14/18-4/12/19
$
5,922,237
$
12,319,757
Total
Restricted
Securities
(Value
is
3.25%
of
Net
Assets)
.............
$5,922,237
$12,319,757
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,579,398
as
of
April
30,
2021.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,938,448
as
of
April
30,
2021.
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
27
Quarterly
Statement
of
Investments
6.
Unfunded
Loan
Commitments  
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Statement
of
Investments.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Appvion
Operations,
Inc
$
4,104,406
$
5,244,852
a
$
—
$
—
$
3,709,862
$
13,059,120
597,420
$
—
Remington
Outdoor
Co.,
Inc.
............
183,046
5,537,935
a
—
(38,843,045)
33,122,064
—
b
—
—
Remington
Outdoor
Co.,
Inc.,
Litigation
Units
.
—
—
—
—
—
—
c
—
—
Interest
Appvion
Operations,
Inc.,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
6%),
6/12/26
......
7,421,154
1,981,927
a
(4,942,445)
a
2,224
116,538
4,579,398
4,590,875
350,520
d
Total
Affiliated
Securities
(Value
is
2.9%
of
Net
Assets)
..........
$11,708,606
$12,764,714
$(4,942,445)
$
(38,840,821)
$
36,948,464
$17,638,518
$350,520
Franklin
Floating
Rate
Master
Series
Non-Controlled
Affiliates
Dividends
Appvion
Operations,
Inc.
11,034,433
—
—
—
1,285,324
12,319,757
563,596
—
Remington
Outdoor
Co.,
Inc.
............
262,109
—
—
(43,510,469)
43,248,360
—
b
—
—
Remington
Outdoor
Co.,
Inc.,
Litigation
Units
.
—
—
—
—
—
—
c
—
—
Interest
Appvion
Operations,
Inc.,
Term
Loan,
7%,
(3-month
USD
LIBOR
+
6%),
6/12/26
......
5,483,153
1,377
a
(3,651,747)
a
4,312
101,353
1,938,448
1,943,307
447,341
d
Total
Affiliated
Securities
(Value
is
3.8%
of
Net
Assets)
..........
$16,779,695
$1,377
$(3,651,747)
$
(43,506,157)
$
44,635,037
$14,258,205
$447,341
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
April
30,
2021,
no
longer
held
by
the
fund.
c
As
of
April
30,
2021,
no
longer
an
affiliate.
d
Includes
non-cash
dividend/interest
received.
5.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
28
Quarterly
Statement
of
Investments
At
April
30,
2021,
unfunded
commitments
were
as
follows:
7.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
8. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
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.)
Borrower
Unfunded
Commitment
Franklin
Floating
Rate
Income
Fund
Fieldwood
Energy
LLC
$2,300,486
National
Mentor
Holdings
386,033
Peraton
Corp
2,388,591
$5,075,110
Franklin
Floating
Rate
Master
Series
National
Mentor
Holdings
$291,656
Peraton
Corp
1,647,249
$1,938,905
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Floating
Rate
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$12,251,544
$169,489,457
$(131,209,847)
$—
$—
$50,531,154
50,531,154
$968
Total
Affiliated
Securities
....
$12,251,544
$169,489,457
$(131,209,847)
$—
$—
$50,531,154
$968
Franklin
Floating
Rate
Master
Series
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
$10,750,395
$—
$(7,344,028)
$(2,480,862)
$2,657,415
$3,582,920
461,717
$159,947
Franklin
Liberty
Senior
Loan
ETF
$22,912,133
$—
$(2,492,248)
$(31,503)
$1,039,087
$21,427,469
857,785
$447,459
Total
Affiliated
Securities
....
$33,662,528
$—
$(9,836,276)
$(2,512,365)
$3,696,502
$25,010,389
$607,406
6.
Unfunded
Loan
Commitments  
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
29
Quarterly
Statement
of
Investments
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
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
April
30,
2021,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Hotels,
Restaurants
&
Leisure
.............
$
—
$
234,858
$
—
$
234,858
Machinery
............................
—
1,292,409
—
1,292,409
Paper
&
Forest
Products
.................
—
—
13,059,120
13,059,120
Road
&
Rail
..........................
—
—
—
a
—
Preferred
Stocks
........................
—
599,716
—
599,716
Warrants
..............................
—
—
3,127
3,127
Corporate
Bonds
........................
—
—
13,023,745
13,023,745
Senior
Floating
Rate
Interests
...............
—
552,621,331
22,235,978
574,857,309
Escrows
and
Litigation
Trusts
...............
—
—
367,931
367,931
Short
Term
Investments
...................
50,531,154
—
—
50,531,154
Total
Investments
in
Securities
...........
$50,531,154
$554,748,314
$48,689,901
$653,969,369
Other
Financial
Instruments:
Unfunded
Loan
Commitments
..............
$
—
$
172,050
$
—
$
172,050
Total
Other
Financial
Instruments
.........
$—
$172,050
$—
$172,050
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
—
$
—
$
—
Industrial
Machinery
....................
—
4,770,295
—
4,770,295
Leisure
Facilities
.......................
—
277,340
—
277,340
Paper
Products
........................
—
—
12,319,757
12,319,757
Trucking
.............................
—
—
—
a
—
Management
Investment
Companies
.........
26,613,274
—
—
26,613,274
Preferred
Stocks
........................
—
708,170
—
708,170
Warrants
..............................
—
—
359
359
Corporate
Bonds
:
Airlines
..............................
—
3,299,931
—
3,299,931
Broadcasting
.........................
—
2,631,416
—
2,631,416
Construction
Materials
..................
—
817,129
—
817,129
Diversified
Chemicals
...................
—
1,098,625
—
1,098,625
Independent
Power
Producers
&
Energy
Traders
............................
—
447,523
—
447,523
Oil
&
Gas
Storage
&
Transportation
.........
—
469,755
—
469,755
Trucking
.............................
—
—
9,900,937
9,900,937
Wireless
Telecommunication
Services
.......
—
348,750
—
348,750
Senior
Floating
Rate
Interests
...............
—
277,193,180
11,065,860
288,259,040
Escrows
and
Litigation
Trusts
...............
—
575,364
164,011
a
739,375
Short
Term
Investments
...................
—
65,098,078
—
65,098,078
Total
Investments
in
Securities
...........
$26,613,274
$357,735,556
$33,450,924
$417,799,754
8. Fair
Value
Measurements 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
30
Quarterly
Statement
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At April
30,
2021,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Floating
Rate
Master
Series
(continued)
Assets:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
—
$
8,477
$
—
$
8,477
Total
Other
Financial
Instruments
.........
$—
$8,477
$—
$8,477
a
Includes
securities
determined
to
have
no
value
at
April
30,
2021.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
accretion
(
amortiza
-
tion
)
c
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
$
183,046
$
5,537,935
d
$
—
$
—
$
—
$
—
$
(38,843,045)
$
33,122,064
$
—
$
—
Paper
&
Forest
Products
4,104,406
5,244,852
d
—
—
—
—
—
3,709,862
13,059,120
3,709,862
Road
&
Rail
.......
138,088
—
d
—
—
—
—
—
(138,088)
—
e
(138,088)
Warrants
:
Machinery
.........
—
—
d
—
—
—
—
—
3,127
3,127
3,127
Corporate
Bonds
:
Road
&
Rail
.......
7,171,452
5,374,433
d
—
—
—
1,133,483
—
(655,623)
13,023,745
(655,623)
Senior
Floating
Rate
Interests
:
Household
Products
..
—
15,742,180
d
—
—
—
—
—
(10,097,427)
5,644,753
(10,097,427)
Oil,
Gas
&
Consumable
Fuels
..........
—
6,871,121
—
—
—
—
—
—
6,871,121
—
Road
&
Rail
.......
5,584,261
3,960,194
d
—
—
—
(64,416)
—
240,065
9,720,104
240,065
Escrows
and
Litigation
Trusts
...........
—
e
—
d
—
—
—
—
—
367,931
367,931
367,931
Total
Investments
in
Securities
.
$17,181,253
$42,730,715
$—
$—
$—
$1,069,067
$(38,843,045)
$26,551,911
$48,689,901
$(6,570,153)
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
accretion
(
amortiza-
tion
)
c
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Series
Assets:
Investments
in
Securities:
Common
Stocks
Aerospace
&
Defense
.
$
262,109
$
—
$
—
$
—
$
—
$
—
$
(43,510,469)
$
43,248,360
$
—
$
—
Paper
Products
.....
11,034,433
—
—
—
—
—
—
1,285,324
12,319,757
1,285,324
Trucking
..........
171,018
—
—
—
—
—
—
(171,018)
—
(171,018)
Warrants
Industrial
Machinery
..
—
—
—
—
—
—
—
359
359
359
Corporate
Bonds
Trucking
..........
8,881,805
—
—
—
—
710,439
—
308,693
9,900,937
308,693
8. Fair
Value
Measurements 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
31
Quarterly
Statement
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
April
30,
2021,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
accretion
(amortiza-
tion)
c
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Floating
Rate
Master
Series
(continued)
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
Household
Products
..
$
13,196,628
$
29,705
$
(7,901,017)
$
—
$
—
$
5,479
$
39,082
$
(1,693,457)
$
3,676,420
$
(3,170,179)
Trucking
..........
6,916,082
—
—
—
—
(133,116)
—
606,474
7,389,440
606,475
Escrows
and
Litigation
Trusts
...........
—
e
—
—
—
—
—
—
164,011
164,01
1
164,011
Total
Investments
in
Securities
.
$40,462,075
$29,705
$(7,901,017)
$—
$—
582,802
(43,471,387)
43,748,746
$33,450,924
(976,335)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
d
Includes
securities
received
as
a
result
of
an
in-kind
transfer.
e
Includes
securities
determined
to
have
no
value.
8. Fair
Value
Measurements 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
32
Quarterly
Statement
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Floating
Rate
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Paper
Products....................
$13,059,120
Discounted
cash
flow
Weighted
average
cost
of
capital
21.5%
Decrease
b
Free
cash
flow
$136.9
mil
Increase
b
Discount
for
lack
of
marketability
8.5%
Decrease
b
Long
term
growth
2.5%
Increase
Corporate
Bonds:
Road
&
Rail....................
13,023,745
Discounted
cash
flow
Discount
rate
15.6%
Decrease
b
Free
cash
flow
$13.0
mil
Increase
Senior
Floating
Rate
Interests:
Household
Products....................
5,644,753
Recovery
value
Asset
value
estimate
$46.7
mil
Increase
b
Road
&
Rail....................
9,720,104 
Discounted
cash
flow
Discount
rate
10.1%
Decrease
b
Free
cash
flow
$11.2
mil
Increase
All
Other
Investments........
 7,242,179
c,d
Total.....................................
$48,689,901
Franklin
Floating
Rate
Masters
Series
Assets:
Investments
in
Securities:
Common
Stocks:
Paper
Products....................
$12,319,757
Discounted
cash
flow
Weighted
average
cost
of
capital
21.5%
Decrease
b
Free
cash
flow
$136.9
mil
Increase
b
Discount
for
lack
of
marketability
8.5%
Decrease
b
Long
term
growth
2.5%
Increase
Corporate
Bonds:
Trucking....................
9,900,937
Discounted
cash
flow
Discount
rate
15.6%
Decrease
b
Free
cash
flow
$9.9
mil
Increase
Senior
Floating
Rate
Interests:
Household
Products....................
3,676,420
Recovery
value
Asset
value
estimate
$46.7
mil
Increase
b
Trucking....................
7,389,440 
Discounted
cash
flow
Discount
rate
10.1%
Decrease
b
Free
cash
flow
$8.5
mil
Increase
All
Other
Investments........
164,370
c,d
Total.....................................
$33,450,924
a
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
8. Fair
Value
Measurements 
(continued)
Franklin
Floating
Rate
Master
Trust
Notes
to
Statements
of
Investments
(unaudited)
33
Quarterly
Statement
of
Investments
9.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
b
Represents
a
significant
impact
to
fair
value
and
net
assets.
c
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
d
Includes
securities
determined
to
have
no
value
at
April
30,
2021.
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
ETF
Exchange-Traded
Fund
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
TBD
To
Be
Determined
8. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 

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